davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1918-10-08
Criticise Lumber
Export Methods
Commerce Department Re
ports Complaints of
Inefficient Grading

WASHINGTON, Oct 7.-Critcisms
of the methods employed in the export
lumber trade Of the United States are
contained in Il report made public to-
day by the Bureau of Foreign aud Do
mestic Commerce, Department of Com
merce.
"Probably tho worst complaints made
against American lumber" says the re-
port, "have been in regard to qualities
and have been due largely to hurried
or otherwise inefficient grading or to
The lack of adequate grading rules rec
ognized by both parties to the con-
tract"
Comparatively few mills in this
country have specialized in cutting for
export trade or have cndeavored 20
market their product abroad them
selves. Lac. of knowledge of condi-
tons in foreign countries has made
direct selling too difficult and expensive
for firms that were selling lumber for
consumption in foreign countries main
ly to get rid Of their surplus stock.
When the war is over the subject of
export trade will be much liveller
one to the lumber industry than 1t ever
has been before, and the constructive
criticisms in the governments report
are aimed solely to assist in the ncces-
sary preparation for meeting condi-
tons as they will exist when the de-
mand for reconstruction materials
makes Itself felt. Some cf the future
competition will come from countries
that have specialized in foreign trade
, for many years. The report describes
in detail the present rather haphazard
system of exporting lumber, points out
its shortcomings and makes practical
suggestions as to methods of develop
| ing the trade.
New-York tribune., 1918-10-08
London Markets Cool to
Gerrr,ony's Peace MoUe

LONDON. Oct 7.-Germany's peace
offer was coollv received on the stock
market to-day. Allied bonds main
tanned their position under the lead
of the French, which rose per cent,
but consols declined similar amount
on account OF profit taking to invest
in war bonds. The Russian mining
group and rubber shares were active
and strong. Shipping and munition
stocks were weak
Money was in good demand and dis
counts were quiet. The feature of
the exchange market was the improve
ment made by sterling exchange on
neutral countries.
New-York tribune., 1918-10-08
Record Rice Crop
Harvest in u. S. in Current
Year Estimated at 1885,
100000 Pounds

The rec crop of the United States
has practically doubled since the be-
ginning Of The war and the crop Of the
current year promises to be the big
gest on record. According to the Ma
tional City Bank, OF New York, the
United States has recently become the
largest rice producer Of the Occidental
world, our total production having
grown from 13G,0O0,0OO pounds in 1890
to 253 100000 in 1900, $4,000 900 in
1914 and l,00S, 100000 in 1917 and =
prospect for 1.136,o 100000 in the cur
rent wear.
The people of the United States have
greatly increased their consumption of
rce with the large increase in produc-
non. The product has doubled in a
lew years, and even quadrupled since
l9Oo. ye; the importations steadily con-
tnue to grow and the exportations.
though increasing, are still less than
the imports, indicating that the actual
consumption at home has kept pace
with the increase IN production al
home Tho importations of rice were
In 1913 45G,000000 pounds, the LARGEST
IN the history Of our own import trade
and double the average of the last fcw
years, while the total exports to for.
eign countries-l96,000,0 900 pounds
plus the 150,000000 pounds sent to
Porto Rico, make the movement out
of the country actually less than that
entering from abroad. indicating that
the consumption by the people Of the
country has more than doubled within
lhe iase fe" years and probably quad
rupled since 1900
New-York tribune., 1918-10-08
Commodities
| n d u strial S
Cotton

The reports Of German peace over
lures failed to cause any change in
the general ruling Of the cotton mar
ket yesterday and prices were gem
orally lower under continued Southern
selling. After a break from 3190 to
31.00 for December, however there
were rallies of 25 or 80 points on
covering or trade buying, with the
close steady net points higher on
October and to 15 points lower on
other deliveries.
The market opened firm at an ad-
vance Of 10 TO So points on covering
and Liverpool buying. This may pos
sibly have been Influenced by tho
favorable war and political news, and
there were some who thought Liver
pool might be buying here against
sales in the English market on the
expectation of narrower differences.
The early demand was soon supplied.
however, by Southern selling, and tho
market then turned easier under liqui-
cation. There was a break Of soma
80 points from the early high Level.
with active months selling 22 to 30
points net lower during the afternoon.
Trade interests were moderate buyers
on scale down, and continued buvinr
on the late rally when there was also
covering accompanied by reports of
Steadier spot basis in the South.
The early selling was ENCOURAGED
nv the cOJ timed blo
the South. The long range forecast
suggested a continuation OF good
weather for the weak, and it seems
the general impression that the crop
is making better than average prog
ress since the end September figures
were compiled. After buying early
Liverpool was considerable seller
later in the morning. supposedly
hedging spot purchases in the South.
New Orleans as we'll as New York has
adopted regulations reducing max
mum daily fluctuations from 300 %
200 points at the request of the Wash
,ngton committees. Reports from the
goods trade indicate that manufact
urers of yarns and goods arc showing
a disposition to sell more freely ov;n.r
% the recent decline in raw material
and feeling that an upward revi-
slcn value next month is becoming.
less likely. Exports yesterday wero
! 6,o2o bales, making 619636 so far this
season, against 910.177 last year.
Southern spot markets, as officially
reported, were unchanged to 80 pcints
! lower.
The range of prices yesterday fol-
New-York tribune., 1918-10-08
Italian Currency Expansion


At the end of July, 1914 the circu-
lation Of government notes in Italy
consisted of 5o0OOo,OOO Of notes guar
antecd by reserve Of 142,O0O.O0O in
gold, a proportion of 26 per cent re-
serve to the actual circulation At
the end of May, 1918, the circulation
of government notes was composed of
1887 100000 of notes, guaranteed by a
reserve Of l66,O00,00O in gold, proper
tion of = per cent reserve to the circu-
latlon. and of 134.000.0n0 Of Treasury
notes guaranteed by a reserve of Co.
cocoon in silver, a proportion of 4o
per cent reserve to the circulation;
on. III all. 2.oI 100000 of Treasury
notes. guaranteed by reserve Of
2232 ,0O9.OON between gold and silver,
which results in proportion Of ii
per cent reserve to the circulation.
New-York tribune., 1918-10-08
Wealth Markets and Commerce
The Least They Can Afford

TN pamphlet explaining the exempt features of fourth
Liberty bonds the Bankers Trust Company Because Of
their attractive ax-exempon corporations and ndvdu
ais whose subject substantial suraXes
profits profits! CANNOT AFFORD to buy less than
$4,000 par value fourth Liberty Loan bonds"
After reviewing the economies resulting from buying Lber
the pamphlet cts
tons prompts emphasize the provision the proposed
bill yet original subscription for
fourth loan bonds of ndsrbued profits of the 1913 which
would be taxable the IS any effects
of onehrd in the upon the amount
of unstrbuted profits this invested All Liberty Loan
bonds invested capital in making returns"
New-York tribune., 1918-10-08
Marine Directors in Session

Directors of the international Mer-
camille Marine Company held special
meeting after the close of the stock
market yesterday to discuss what was
admitted by President p. A. s. Frank
lin were new developments in the pend
ing deal for the sale Of the British as
sets to an English syndicate. M
Franklin added that after the regular
meeting of the finance committee this
afternoon another meeting Of the full
board would probably take place Ma
rine preferred followed it's usual CT
ratio course in the stock market Open
ing at 109 @s. it advanced later to 10 q
and closed at 1885 for a net loss Of
q quarter Of a noint
New-York tribune., 1918-10-08
Wire Stocks Strong

American Telephone e. Telegraph
stock made net gain of 1$t points in
the market yesterday on the announce
ment that the dividend would be main
tanned on the present Yec cent basis
under Federal control as the result Of
an agreement reached between the
company and the government officials.
1t went to 1862 and closed at 1865
That there was not . greater advance
in the stock was due to the fact that
the news was partially discounted
last week, at 9 time when no one
aside from the so-callcd "insiders"
knew what WAS going on. Western
Union rose in sympathy with Tele-
pho0c 4 Telegraph yesterday, with an
advance to 907s, up more than 3 points.
New-York tribune., 1918-10-08
Relevant Comment
Turning Up the Sod

The worlds ploughing record was re-
Gently broken by the Montana Farming
Corporation, the company launched
ing Of Wall Streets leading bankers.
Operated by high school boys the trac-
tors hauling gang ploughs covered 329
acres in ono day. An acre was put in
utes The company, under the man
agement of Thomas D. Campbell, has
begun the development of all the land
available for the growing Of crops on
four Indian reservations in the West
the Grow, the Blackfoot, the Fort
Peck. in Montana, and the Shoshone, in
Wyoming with an approximate area Of
rs 600 900 acres
New-York tribune., 1918-10-08
Help for the Railroads

Announcement by the Director Gen
cral of Railroads that the government
will advance TO the carriers funds at
The rate of per cent to meet mort
gage obligations maturing before July
|, 1919, in the event that other means
of financing fail, was regarded in in
vestmcnt circles as belated recognition
of q situation that should have been
dealt with before. 1t was pointed out
that if the railroad administration had
como forward in time to prevent the
default of the Chicago G. Western Ind
ana notes on September much incon-
veniencc and some unpleasant public
ity would have been prevented.
New-York tribune., 1918-10-08
New Industry for Canada

Steps are being taken by the Ca
madam government, through the Ca
madam War Trade Board, to secure
the establishment in the DOMINION OF
an industry for the manufacturc OF
linen threads and yarns. This is in
accordance with the policy Of cncour
aging flax growing. Hitherto Canada
has been almost entirely dependent
upon Great Britain and the United
States for the manufactured article,
and it is aimed now to provide wider
market fer the raw material.
New-York tribune., 1918-10-08

The local market for spot cotton
vas quiet and 5 points higher at 33l5
for middling upland, compared with
$50 the day before and 27.50 wear
be1ofe. There We're no sales of spot.
Southern spot markets follow: Gal
weston stead y, unchanged at 38.fo;
sa 'es. 5o5 bales. New Orleans steady,
- points over az 32.63; sales, 3.73l
at 3o.63; sales. 2S bales: Savanna;,
,Gulet, = lower at 31Mc: sales. 350
bales. Norfolk quiet, unchanged ~
81 .25; sales. 146 bales. Augusta ouie-
|" points lower at 3l.12: sales q-a
oales. Memphis steady. 80 poin,,
lower at 32c; sales $50 bales. Hous-
,0n steady, unchanged at 32.75: sales.
100 bales. Little Rock steady. 50
points lower at $3.50; sales, POI bales.
Inc days cotton statistics rollow.
New-York tribune., 1918-10-08
Insure Your
Business
Against
Prussian
Piracy
Buy a
'Ziberty" Policy

You have FIRE insurance
life and accident insurance
indemnity insurancc-to safe
guard your business.
But there are other policies
you must have for your own
protection-policies of insur-
ance against the Kaiser. whose
power is the greatest peril and
the greatest force of destruc-
ton in the world to-day.
New-York tribune., 1918-10-08
September Mining Dividends 9

Thirty-siX United States mining and
metallurslcal companies in Septemhar
1918, paid s23,553,456, compared witb
$54,463,S3l paid by 43 companies in thn
corresponding month last year. accord
ing to "Ihe Engineering and Ninino.
Journal Canadian companies nai1
Sf9l .z6o, against s7G0,6o4 last year. and
holdlng companies $293,433. a decreasa
OF 100000 from last year. NA'e
New-York tribune., 1918-10-08
Liberty Bonds Are
the Best Policy

Every Liberty Bond you buy
is a policy of insurance against
the destruction of your free
dom. your happiness, your
home and your livelihood. You
cannot have too much of that
kind of insurance. France and
Belgium and Serbia and Po-
land show what Prussian mill
tarism would do to the United
States if we should fail to
crush it.
New-York tribune., 1918-10-08
Bond Conversions

The bond issue division of the
Federal Reserve Bank of New York
has authorized statement calling at
tentlon to the fact that little more
than mont! is left for the public to
convert It's holdings OF 1 per cent Lib
cfty Loan bonds into AZ per cent
bonds OF the respective issues. The
privilege of conversion of the As ev-
pres on November next.
New-York tribune., 1918-10-08
Committee 10 Continue

Reports given circulation in Wall
Street yesterday that the bankers
money pool will shortly be wound up
were not credited in responsible
quarters it was asserted in BANKING
circles that the committee might be
found useful as money market
shock absorbcr fer a time aftcr the
New-York tribune., 1918-10-08
Brokers Conform to Health Order

The Stock Exchange took official
notice of the new business hours
ordered by the Health Department bv
ruling that brokers' Office hours "shall
De from 9:1o a. m, to 4:3O p. M. and
that II not possible to close at 4:3O D.
m. they shall remain open until 6
D. m :"
New-York tribune., 1918-10-08

The Federal Reserve Bank Of New
York has put in force the following
schedule of rcdiscount rates, which ap-
ply to bankers acceptanccs: Maturities
up to Is days, per cent; 16 to 60
days, inclusive, dH per cent; 6l to 80
days, inclusive, 41a per cent
Bank Acceptances.-Rates yesterday
were unchanged as follows;,
Thirty Sixty Ninety
Spot de- days. days. days.
livery: Per cent. Per cent. Per cent.
E igible
m e m ber
banks. :. .4I4@4 4as@414 4aa@4M
z G b le
non-mem-
Der banks.4I4@4Is 42a@4h 4ss@4h
Ineligible
bank bills.5A@4 514@4s4 5A@4s4
For delivery within thirty days:
Per cent.
Eligible member banks. 4R
Eligible nonmelnber banks. .... 45s
Ineligible bank bills. ...........
New-York tribune., 1918-10-08

The above rates express tie cost OF
foreign money III terms of the Anari-
can dollar. You buy IN English pound
sterling at. say. $4.755o. The intrinsic
parity is s4.Geas per pound Tnus you
say either that pouMGs are at ! Lis.
count CT that dollars arc at premium.
which is owing to the fact that in Eng
land the demand for dollars with which
=" settle accounts in this conntrv is
greater than the demand in this coun-
try for pounds with which to settle ac-
counts in ENGLAND
New-York tribune., 1918-10-08
Regular Declaration,
Active Trading in Paris

PARlS, Oct. 7.-Trading was active
on the Bourse to-day Three per cent
rrentes were quoted g. francs for cash;
,. per cent loan, Ss francs 80 centimes.
Exchange on London was quoted at
rs francs centimes.
New-York tribune., 1918-10-08
FINANCIAL MEETINGS
SOUTHERN PACIFIC COMPANY
NOTICE OF MEETING;
ioH Broadway, New York. n. Y

NOTICE OF MEETING,
io' Broadway. New York ~ r.
4 Special Meeting of the stoolxholdeiss es o,
the Southern Pacific Company Will be held
jefferson County. KENTUCKY, on Wednesday
october o, 1918, at ~ o'clock noon stand.
ard time. for the following purposes. VIZ.
To authorize. approve and ratify On tn.
execution and delivery OF Il contract or con.
tracts between this company separately Or
jointly ".th any one .a,s or more or all Of is
party or parties of the first part. and the
United states. or us retrospective. as
party OK the second part relating to the
use and control OF the railroad and svster,
II transportation and its applrlenance. Of
tbs Company and OF such Of its Drorrie
tary and affiliated companies. - ~ ".
shall lie parties 10 such contract and 70 ths
operation, maintenance and return OF such
nected with or growing out OF .ho taline
owe. OF the saih properties by the Pre.idan,
~ the United States. and CD any action OF
the Board OF Directors Of this Company in
respect thereto. 10 authorize the said Boara
% TO alter. amend or add to such con-
tract. 60 to collect the compensation to r.
pa Id un'.er such contract, aud. Il said cow
tract be jo!r. 10 agree With the othnr
companies parties thereto as to the divi,ion
of said coraptnsatou. and to take ali such
other and further action as tre said Board
shall deem necessary TO secure adeouate
compensation. proper use, operation and
properties so taken over; and generally ~
consider and act upon any and all questions
and matters Incidental u the purposes
aforesaid or growing out os the aforpsa id
Federal Control OF properties OF this Conn
pany and its proprietary ana affiliated com.
panies
For the purposes OF the meeting the book,
for the transfer OF stock Will be closed a, J
O'Clock i. NJ. Tuesday, September "a. 1913.
and Will be reopened az IL O'clock y. NJ
Thursday. october 10. 1918.
BY order OF the Board Of DIrectors.
HUGH NElLL. Secretary.
New-York tribune., 1918-10-08

I1,''verpoo! Cables.-Spot cotton quio.:
n1adiins 90 points lower, at 25.s3d;
sooa .S'o 90 nlddlins 81 points lover. AZ
12.34d. Sales. 1000; American. / .oon
imports, 10000. all American. Futures
opened easy. 81 to 56 points lower:
dlo5ea don3 barely steady, at So to al points
oeciIne. October, 2276d; Novem he
- SD; December, 2o.02d. .ran,isr,.' i,,or
2L18d. Manchester er-Yarns irreguIarss
cloths dull. - 8 ui"i
New-York tribune., 1918-10-08
WALL STREET OFFICE:
Mills Building, IS Broad st.

So-called war stocks arc losing
favor with the speculative element.
Their future is so uncertain that
traders are inclined to leave them
alone. And without the support of
buying orders they decline easily.
That was demonstrated again yes
terday when the whole group re-
acted, several of the more volatile
issues sustaining severe losses on
fairly active trading. At the same
time the Streets finding it difficult
to distinguish between the war
stocks and the peace stocks, and the
effect of this on sentiment is plain
ly reflected in the uncertain move
ment of prices. At best it is a trad
ers' market. SO far there has been
little evidence of any liquidation
resulting from peace prospects.
In London they are experiencing
the same confusion Of sentiment
that is now confronting the Wall
Street security markets. Over there
no one is able to say with any
degree of certainty what will
happen when peace comes. "The
optimists," says "The London
Economist" "base their anticipa-
ton Of lively business upon the
hope that the process of recon-
struction will involve the transfer
of large sums of money into direc-
tions at present difficult to foresee,
while the release of the Stock Ex-
change from the conditions laid
down by the temporary regulations
Of the Treasury and the opening of
markets to freedom Of buying, sell
ing and arbitrage will find ardent
appreciation from the public, and
will result in such a continued rush
of business as to attract members
back to the house, thereby swelling
/ the curtailed profits of the Stock
i|-\NioIlSC do dli lllSCltuCIOll. IL is
urged if the house can find fair
amount of business to do while the
war is raging, cessation of hostili-
ties cannot fail to quicken business
to an extent impossible to measure,
and some Of those who echo such
sentiments have been backing their
opinion by purchases of Stock En-
change shares They are not all
optimists, however, in the Stock
Exchange. There are many equally
! level headed, shrewd and expert
enced men who look with certain
degree of apprehension upon the
possibilities ahead. The reason for
doubt and caution is the attitude
which labor is likely to adopt after
the war. What this will be nobody
can foretell, but that it is likely to
exercise potent influence upon
companies, their profits, dividends
and progress is not denied. Be-
tween optimism and pessimism there
remains body Of Stock Exchange
opinion which listens to both sides
and will not commit itself to any
prophecy one way or the other,
holding that the course Of the war
has brought about so many uneX-
pected happenings that it is waste
of time to attempt to pierce the
prospect that lies ahead. Even the
pessimists, however, readily ac-
knowledge that if such peace is
concluded as will relieve the world
from the fear Of great wars during
this and the next generations, the
influence of such relief will be as
profound as it may prove favorable
New-York tribune., 1918-10-08
Five Big Tobacco
Firms Indicted
For Conspiracy
Fourteen individuals Also
Charged With Restraint
and Intimidation
Case i'm Court To-day
Violations of Sherman Anti
Trust and Wilson Tariff Laws
Held in Indictment
Case i'm Court To-day

Five big tobacco companies and four
teen individuals of this city were in
dictcd yesterday for violation of the
Sherman antitrust and Wilson tariff
laws by the Federal grand jury, sitting
in the Criminal Branch Of the United
States District Court.
The indictments were brought after
an investigatio conducted by Special
United States Attorney Henry A. Cutler
and the defendants have been notified
to appear in court to-day for pleading
The main defendant is the Sumatra
Purchasing Corporation. The other cor
poratc defendants are II. Duys e. Co..
Inc, American Cigar Company, General
Cigar Company, Inc, and the Sumatra
Tobacco Import Corporation. The in
dividual defendants are John II. Duys
Jan N. Nienhuys, Henry NJ. Duys, Bennc
Rosenwald, Abraham Nathan. Samuel
H. Blur, Nathan BLUR. Joseph F. Gull
man, Joseph T. Cullman, ir., Jan H
Krusc. William Quanjer, Hugo Muller
Frederick Hirschorn and Allie Syl-
vester.
Engaged in Conspiracy.
The Sherman law indictment charges
that, since July |. 1916, the defend
ants, who imported from foreign coun
tries 20 per cent of the Sumatra lea
tobacco used i'll the United States as
wrapper for cigars, engaged in {
conspiracy in restraint of foreign ant
interstate trade and commerce.
The indictment explains that. in fur
therance of the alleged conspiracy
the defendants conferred and agreed
among themselves to eliminate al
competition in the purchase Of Su
matra leaf in foreign countries. in the
shipment and the importation of the
leaf into the United States and in its
sale here.
The indictment charges, further, tha
they agreed to prevent others by
threats, intimidation and persuasion
from engaging in the purchase Of the
leaf. Secret agreements and bids are
also charged as methods by which the
defendants, in combination, obtained
control of the Sumatra tobacco indus
try until they had secured 80 per cent
of the trade by the time the indct
ments were filed.
Controlled All Imports
The Wilson tariff law Indictment ex
plains the annual crop Of leaf suitable
for cigar wrapper grown on the lslant
of Sumatra, Dutch East Indies, approx
mates $4,000 bales of l75 pounds each
or 5,950,O00 pounds. The indictmen
charges the defendants with inlportin,
upwards of 22,500 bales or 3,S25,Q0
pounds of this, VII is used in tn,
manufacture of three billion out Of
total of seven and a half billion cigar
in this country annually.
The Sumatra Purchasing Corporation
was formed in this State, according t.
the Indictment, for the purchase Of tn
tobacco, and the Indictment charges tn
General Cigar Company and the Ameri
can Cigar Company were to enter int
contracts with the Sumatra Purchasing
Company, "for the purpose of falsel
and fradulcntly misleading and deceiv
ing, among others, future purchasers 0
leaf tobacco from the Sumatra Tobacc
Import Corporation. as to prices to b
paid by the American Cigar Compan
and the General Cigar Company, TO
tobacco purchased by them"