davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-05
High Prices Are
Stimulating the
Output of Oil
Production From Wells
COMPLETED in March Close
to New Record

Record high prices prevailing tor
and development work in all parts OF
the country. The output of petroleum
in March from newly developed wells
was the largest obtained in any one
month since June, 1916. According to
the latest report of the coil City Der
rick" the new production during that
month was 177,308 barrels, an increase
of 1889 barrels over the month of
February. In March 1882 new wells
were completed in the principal fields
of the United States, exceeding the
February developments by 1871
Increase in the output last month
came largely from all the Western
fields, with the lead being taken for
Kansas, where producers only recently
advanced prices for crude to record
levels. In the Kansas fields the pro-
ducers not only completed 362 wells,
which was 14O more than in February,
but they brought forth 62,748 barrels
of new production, which was gain
of 1881 barrels over the last report.
Much of the new output is credited to
several large wells. In Butler County,
six wells were reported making between
1000 and 1000 barrels; one good for
5000, one 10000 and another $4,000
barrels. Most Of these are in Town
ship 1854, which is the banner oil
township of the state.
Oklahoma reported 7O9 completlons
last month, with a new production OF
37,16S barrels. This was an increase
of 264 in the number Of wells and of
9,476 barrels in the output. The aver
age per we'll was smaller than in Feb
ruary and no extraordinarily large pro-
ducers were reported. A few making
above 1000 barrels each were found in
Okmulgee County and one in Kay
County The others were scattered
about the old fields and we're average
wells The wildcat work during the
month was fairly successful.
Wyoming is given credit for seven
teen wells completed during March,
with a new production of LOO barrels:
Nine of the compilations were dry and
one was a gas we'll. Colorado had three
compilations, but they were all failures
At the close of the month this division
was credited with 176 rigs and drilling
wells.
The Gulf Coast reported 1874 compile
tions, or 81 more than in February
The new production amounted to 48,445
barrels, an increase of 28,313 barrels.
Large producers in the Goose Creek
pool and good one at Saratoga helped
to swell the output. The increase in
compilations was partly due to drilling
in some of the wells which had been
DELAYED during the strike.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-05
Elections

S. w. Packard, Lewis A. Riley, Louis
Il. Page, William Carpenter, Edward L.
Welsh, John II. Barnes, Wilson Gather
wood. Daniel B. Wentz and S. Pember-
ton Hutchinson were elected directors
Of the Westmoreland Coal Company at
| the first annual meeting.
j. Perlman, formerly assistant secre-
tary of the New York and Honduras
Rosario Mining Company, has been
elected secretary OF that concern, and
D. Schernikow was elected treasurer.
Carl A. Preim, formerly with Kountze
Brothers, has become associated with
Hornblower & Weeks in their bond de-
partment.
j. Horace Harding has been elected
to the executive committee of the
Southern Pacific, succeeding Robert
Goelet, now in the National Army.
J. B. Newman has become associated
with the New York Stock Exchange firm
of Morgan & Kane.
Minor C. Keith, first vice-president
Of the United Trust Company, has been
elected a director of the Merchants
National Bank.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-05

worth more than the value established
by other current quotations.
That is what, under another name.
the free silver advocates were trying
10 do twenty-five years ago. They
1ailed, for the simple reason that twice
TWO cannot be made five, law or no law.
VI course, those who look upon price
regulation as remedy against prof.
teerlng find much solid argument and
sympathy behind them. But they are
attacking the problem at the wrong
angle: Profteering and speculation can
be checked otherwise, and without
making the innocent suffer with the
guilty. WV
=. Legal declaration that the value of
1he dollar which seeks to purchase a
nushel OF wheat or controlled commod-
ltles sna.! be 100 CENTS when the
va!ue OF the same dollar buying other
enlngs IN the same markets is only
80 cents, does not bring the country
difficult situation.
The impotence of remedies like those
is seen IN what usually happens when
maximum price is put on one class
OF production and other commodities
are lett free to be regulated by COM
petltlon or by supply and demand. For
instance, the farmer, although patri-
otto, has little incentive to raise wheat
at stated price per bushel, when the
same labor, the same area Of ground
and the same effort will yield a crop
OF different kind that will sell much
higher in a free market.
And the worst feature of such price
control, applied generally, is that it
exercises an adverse influence in every
direction. Thus. an unwise estimate
of the value of steel may discourage
or decrease production and thereby
bring about conditions where the out
put is insufficient to meet the demand.
even where communicating is re.
sorted to.
Likewise Legislation may say that
coal is worth no more than maximum
price, and create a partial shutdown
of the industry That actually hap
pened last winter. Coal production did
not tall off because mine owners we're
unpatrlotlc; it decreased because oper-
ators found it absolutely impossible, in
many cases. to continue production
without inviting bankruptcy.
Those who have given the most
thought to the intricate laws of eco
Monies which make or unmake pros.
perty are generally agreed that the
vital factor s 70 accelerate production,
1or production means business activity,
better sources OF supply and wide
spread employment, all of which may
be termed the fountain head from
winch public revenues to carry on the
war are drawn. Interference with
these laws, instead of making better
the condition of individuals and the
country as whole, makes it worse,
We are not saying that the situation
does not warrant supervision, or that
efforts at profiteerng or selfish ex-
ploltation should not be crushed where
they reveal themselves. But Congress,
albeit with good intent, goes at the
delicate mechanism of Wonderfully
complicated economic laws like a man
endeavoring to repair a chronometer
with sledge hammer.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-05
Garfield Raises Coke Price
Increase Authorizes 5P.C for
Fuel Manufactured in East

WASHINGTON, April 4.-Fuel A.
mlnlstrator Garfield to-day AUTHORIZE
an increase of 5 per cent in the bas;c
price of coke manufactured cast ~
the Mississippi River and sold west
OF the Rocky Mountains.
1T was announced that the increased
price is intended to facilitate move.
ment and distribution Of coke in the
Western section of the country nv
meeting the additional expense in,
Cured in shipment. The seller must
assume responsibility for quality and
delivery, extend credit and, carry the
account OF the purchaser in accord
ance with usual trade practices.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-05
Army Expansion
Causes Rise in
Cotton Prices
All Deliveries Quoted at
New High Records for
Season

The cotton market showed even
greater strength and activity yester-
day, with all deliveries making new high
records for the season. May contracts
sold at $3.50 in the late trading and
closed at 34.49, compared with 1881
the previous day, while the general list
closed firm at net advance of so to
rs points. This price movement was
accompanied by reports of an urgent
demand for white cotton, which was
said to be almost unobtainable, not
withstanding that the advance has ex-
tended to the long predicted 35-cent
level in the South. Favorable news as
to the new crop preparations and acre
age prospects appeared to make prac
tically no impression OH sentiment, and
the buying was stimulated by a belief
that the rapid expansion of the army
would mean corresponding increase
in the demand for goods.
The market opened firm at an adj
vance of Is to 26 points, and after
some little irregularity worked rapidly
upward on a continued trade demand,
further covering. and a broadening
volume of buying through commission
houses. There was enough realizing
to cause some irregularity during the
day, but offerings were absorbed on
slight reactions and the best prices
were reached IN the late Iradlng, with
July selling at 1880 and October 3247
This made advances of 200 to 23O
points from the low levels reached on
the break of late last month.
Reports circulating as to the spot
situation were sensationally indica-
tive of a rise in prices. 1t was
claimed in more than one quarter
that the demand for white cotton was
in excess of the supply, and private
wires were received here from Augusta
to the effect that middling was selling
at 351a and strict middling at 36c, with
the demand large. Most of these ad-
vices undoubtedly referred to white
cotton only, but there was nothing
TO indicate any pressure of other
grades on the market. Scattered
Southern selling was noted at times
around the ring, but not in sufficient
volume to attract special attention. A
prominent Alabama firm estimates the
increase in acreage over the belt at
between and II per cent. The de-
tailed weather reports showed good
showers in Arkansas and scattered
showers at few points in Texas, but
the favorable average of the crop news
seemed to be entirely overshadowed by
the strength of goods and spot cotton
Southern markets officially reported
were unchanged to 100 points higher.
No exports were reported for the day !
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-05
Other Cities

Butte and Superior Refused Rehear
lng.-RuTTE, Mont, April 4.-The Cir
cunt Court of Appeals at San Francisco
~ was learned yesterday, has refused
to grant rehearing to the Butte and
Superior company from the appeal Of
Judge Borquin in the suit INVOLVING
ownership to a portion of the famous
Rainbow vein in the Black Rock cla;
OF the latter, in which the Elm Orlm
Mining Company was upheld on ali
points. ~ al
During the month of March tho
Butte and Superior produced 5000 :
600 pounds Of zinc and 2S5, 900 ounces
OF silver, compared with 12.500,ooo
pounds of zinc and 100000 ounces Of
silver in February. ''eS u
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-05
Suggests Adoption OF
NewLaborP Programme
Secretary Wilson lndor'e
War Labor Conference
Boards Recommendation

WASHINGTON, April 4.--Forn s'sf
ton of national war labor pS ;ss,
based on the recent recommending
of the War Labor Conference ,I nSsl
was recommended to President M,'%
to-day by Secretary of Labor Won l;s;ro
The conference board, comPl, ~
Representatives Of capital ana p 49,
and having as members former ..rpt!
dent Taft and Frank 7. Walsh' nj ~
senting the public. drew up -, Il
gramme calling for arbitrau ss,;tsa
labor difficulties to prevent IN {
during the war and setting io ..ssa8
basis of relations which it reconsr n
ed should govern employers aaS
ployes.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-05
S2,00O,000,O0O of Exchange

In the matter of foreign exchange
the report states that from the begin
ming Of the intervention Of the bank in
the foreign exchange market to the
end of December, 1917, the total amount
Of exchange at the disposal of French
trade obtained, either directly by the
Bank of France or through its agency,
exceeded oooooO,ooo. Sales Of ex-
change last year amounted to nearly
OO,O0O,0O0 The greater part of this
exchange was supplied by the French
Treasury out of The advances made by
the British and French treasures. The
bank added to it's deposits 288,000,000
francs in gold during 1917, as result
of the active propaganda by the COM
mittees for gold.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-05
Dominican Auto Boom
Considerable activity has been no

in the automobile market in Santo
Domingo and the situation is so en-
couraging that agents and others in
terested are making preparations in
expectation that the present condi<
tions will not only continue, but even
improve. Tranquility in the political
situation which followed the American
occupation has led to stability in the
business and industrial life of the re-
public, and this has brought about
very encouraging prosperity, which is
finding expression in many ways, ac-
cordng to Consul Clement S. Ed
wards, at San Domingo.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-05
Repairing a Watch
With a Sledge Hammer
(From Tho Financtcrl

If we reduce the situation to the
fcwest possible factors efforts at
price regulation are nothing more than
disguised attempts to bolster or steady
the decreasing value Of the dollar.
In "A normal market, IL two dollars
will buy one bushcI Of wheat, then it is
plain that when Congress says that
only slight advance in price will be
recognized now an the legal exchange
for the same bushcl it Is saying In
cffect that the decreasing dollar is
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-05
u. S. Trade in Hosiery

One of the Australian industries that
have prospered during the war has been
the manufacture of hosiery and
woollen underwear. The OUTPUT of
these factories has increased material
ly since they have been separated from
the woollen and tweed mills. Before
the war Germany enjoyed an excellent
trade here, but now large percentage
Of the imported hosiery comes from
the United States.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-05

When the income and excess
profits tax laws were framed, lit
was estimated that the returns
, would be as follows:
Excess profits tax. 90. 81 ,226, oO0, 900
Corporation income tax. $4,000, 900
Individual income tax. 666,OOO, 900
Total tax on incomes. .$2,427, 100000
Though the returns have not been
tabulated, it is almost sure that the
amount actually paid will be so large
as to make the original estimates
seem absurd. The expectation now
is that the government will receive
at least 100000, and possibly
twice $2,400,O00,0OO from these
taxes. 1t is pointed out, for examp.e,
that the excess profits tax of tho
Steel Corporation was first estimatec
at about $4,000, 900, whereas the
corporation has calculated the tax
at $233, 100000; and what is true Of
that concern applies also to thou
sands of other businesses. Moreover,
the yield from the individual income
tax is likely to surpass all predic-
tions, as is evident from the fact
! that the tax Offices have been over
whelmed with returns. The remark
able part of it is that this enormous
burden has been met cheerfully, the
only complaints being directed at the
obvious inequities, such as the ex-
cess tax on professional incomes. In
deed, many persons making returns
have actually protested that the tax
was too light. Whether that be true
or not, it is certain that those who
asserted that the tax was SO heavy
as to destroy business were wrong.
1t is probable that we could pay the
whole cost of the war by taxation
without seriously gripping business.
At any rate, when the records for
the fiscal years are compiled, it will
be found that the United States has
paid a greater proportion of its war
expenses by taxation than any other
country.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-05
Winter Wheat Improves
Governments Crop Bulletin
Chronicles Betterment in
Nearly All Sections

WASHINGTON, April d Winter
wheat improved in nearly all sections
during March under generally favora-
bic weather, the governments national
weather and crop bulletin to-day an
nounced.
Indications are that the April pro-
duction forecast, to be issued next
Monday will be much more than the
$40 100000 bushels forecast in De-
cember, and may be we'll toward the
672,O00,0 bushel government aim.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-05
Tax EXEMPTIONS in Mexico

AS a measure of encouragement to
the agricultural and mining indus
tries, exemption from import duty has
been granted to all kinds of agricul-
tural and mining machinery by the
admitted into Mexico free of duty
since October 1, 1917. and tine cxemp-
ton is now extended to mining ma
chinery. The period within which
free admission will be granted is to
be determined by later decree.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-05
Dollar in Foreign Exchange

Exchange rates moved sharply in
favor of Spain yesterday, Spanish pese-
tas being quoted at 1914 cents, an over
night advance of more than half a cent.
Brokers reported that the quotation
here had been moved forward, follow
ing sharp upturn in the pcseta rate
in the London market.
Other neutral exchanges were strong.
rates on the scandinavian countries
moving upward, Swedish crowns adj
vancing 1 cent to 34h cents. Swiss
francs rose from 4.32 20 421. The rate
on Italy was somewhat lower.
Sterling exchange displayed strong
tone, with sight drafts on London
quoted at s4.75i5.
Closing rates yesterday, compared
with week ago, follow:
(QuOted dollars tn tho noupd\
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-05
New York

Aetna Explosives Company May Sell
Acid.-Judge Mayer, in the United
States District Court, yesterday, issued
an order authorizing Ex-Governor Ben
!amln B. Odell and ex-Judge George c..
Holt, receivers ct the Aetna Explosives
Company. to make contract with the
French government for the sale of 875.-
600 pounds of picric acid.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-05

The above rates express the cost of
foreign money in terms of the Ameri-
can dollar You buy an English pound
sterling at, say, S4.75s. The intrinsic
parity is S4:S65s per pound. Thus you
say either that pounds are at discount
or that dollars are at premium. which
is owing to the fact that in England
the demand for dollars with which to
settle accounts in this country is greater
than the demand in this country fo,
pounds with which to settle accounts in
England.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-05
London Traders observation-disclosures

London Traders Cheerful.-LONDON
April 1.-The strength and activity of
the war loan, which led the rise in
gilt-edged securities to-day, indicated
the confidence prevailing among the
public and in the stock market gen
orally. The other sections were quiet.
but cheerful. The chief interest was
centred in Cornish tin mines, in which
there was a large turnover at rising
prices. Argentine rails were firm. but
Russian issues were easy.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-05
News Digest
foreign

Trading Dull on Paris Bourse-
PARIS, April A.--Trading was quiet on
the Bourse to-day. Three per cent
rentes sold at 81 francs so confines for
cash. Exchange on London was quoted
at ~ francs 20 centimes. Five per
cent loan brought SO francs 35 cen
times.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-05

In fixing the maturity of the next
bond issue at ten years the Secretary
Of the Treasury selected term that
will meet with general approval. 1t
will make possible the refunding of
the issue at lower rate of interest
within a reasonable time if money
conditions permit, while the price
will not be more stable than that of
long term bond, owing to the fact
that relatively small decline would
produce substantial increase in
yield. 1t also has great advantage
over the fve-year bond, the matur
ity so strongly urged by many bank
ers, in that it insures against the
possibility of refinancing during the
war if the struggle should be con-
tinued longer than is generally ex~
pected.
Pronounced strength of Spanish
exchange has caused revival of re-
ports that the Federal Reserve
Board will shortly take steps to adj
just the abnormal situation now ex
listing. In yesterdays exchange
market Spanish pesetas advanced in
sensational manner, rising to 26A
cents. At this price, which is the
highest of the war period, Spanish
exchange is ruling at premium of
sc per cent. 1t is not unlikely that
the United States government may
seek to obtain substantial credit
from Spain as one way of restoring
the rate to more normal level. The
balance Of trade between this coun-
try and Spain is running heavily in
our favor, but the exchange is ad-
verse owing to the fact that English
and French obligations to Spain are
being settled in the American mar
ket.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-05

Below is given the current exchange
value of foreign money in dollars and
cents, together with the intrinsic gold
States Mint:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-05

s6,4So,1S1,525, compared with $685.,
lo9,272 year ago. Money in circua-
ton on the same date amounted to
S5,240 ,261,5 sol, compared with s4,702,
13O,94l on April l. 1917. and $780,,
53O,6S2 on March l last. The following
table gives the various kinds of money
in circulation on the first of the month
compared with a year ago:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-05

Bank of England.-LONDON, April
4.-The Bank of England reports an n
crease in gold holdings of 9s17,913
reserves to liabilities now stands at
1903 per cent, against 1922 last week
The statement, with the changes from
q Wepk 400 fniln,uc.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-05
Money and Credit

Most of the days call loans at the
Stock Exchange yesterday were made
on 3h per cent basis, UNCHANGED
from. Wednesday. Banks were liberal
in their offerings.
Ihe supply of fixed date funds con-
tlnues to fall far short of the demand
with the result that rates on prac-
tlcally all maturities are held firm at
per cent. About the only business
that is being done is in short matu-
Iltles on a mixture Of railroad and in
duStrlal securities as collateral.
Nuling rates Tor money yesterday,
lows: 40 Ao'-
Yesterday. Year ago
c, Per cent. Per cent,
Cail money. 80 2h
lime money (mixed collateran:
Ninety days.. .....6 335
Four months...... 6 1904
to months. 6
commercial Paper.-This market dis
paaSeu d better tone yesterday, with
somewhat more activity than has been
customary. Of late. Local as we'll as
interior institutions are discountin no
paper and dealers attributed the in,
creased demand to the easier call
money situation. The best paner *
still being discounted on per cent
basis for four and six months matu-
rites.
Bank Acceptances.-The demand for
bank acceptances has resulted in
slightly lower rates for the short motm.
rites. Bid rates were quoted vnstor
day as follows:
Thirty Sixty Ninety
spot delivery: days. days. days.
Eligible member
ban, banks ......... 4A% 42a% 42s%
Bligible non-mem-
Der banks. 49,. 42s% 41a% 41a%
Ineligible bank
% bills .;.......: 5Aqo 5l4% 54%
For delivery within thirty DAVIS.
Eligible member banks. 1884,
Eligible non member banks 431 o.
Ineligible bank bills. q
Discount Rates.-Official rates Of die.
count for each Of tn, twelve Federal
districts are as follows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-05
Relevant Comment
Specializing in Cotton Goods

Discussing the trend of the cotton
goods market for The Tribune, the
editor of "The American Wool and
Cotton Reporter" says:
"Some very large clean-ups have
been reported in cotton goods of late.
Speculative profits, in fact, have not
been obtained in the stock market, but
rather in the cotton goods market.
Some one is going to suffer. or at least
is likely to suffer, by the speculation
which has developed, and which can
only leave prices in a vulnerable posi-
ton and bring about grand crash II
any unfavorable condition develops.
The market is not so strong technically
as it was some time ago. Many have
overbought, or have done what amounts
to overbuying at two-days' price level.
They do not stop to figure that the
price fixing is possible, or that any
thing can develop which will bring
about relatively larger productions or
a decided decline in distribution. Gov
eminent buying has been large, but
this was expected, and it is one of the
reasons why many sellers in the cot
ton goods market expected greater
market strength and higher prices. d.