davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1918-08-08
Labor Board Ruling
Affects Steel Industry

The most important event of the
week to the steel trade, according to
THE Iron Age" is the War Labor
Board award to Bethlehem Steel Cor
poration maclmnists. The award in
wolves an eight-hour day, collective
bargaining and the revision or discon-
tinuance of the bonus system This
is said to bring up the whole question
OF the use of war exigencies to union
ize open shops and of the extent to
which the carrying out of the plans of
militant unionism is to be put before
united effort to hasten the ending of
the war. That grave consequences are
involved in the handling of the labor
question as related to the steel indus
try is now more evident than ever.
"The Iron Age" says:
I'm respect to steel supply and de-
mand the outcome of the week has
been, first. decision by the War In
dustries Board averse to creating the
additional reservoir of ship steel asked
for by Director General Schwab; sec
ond, the gathering of data showing
that the 33,00O,O0O tons of finished
rolled steel which has been taken as
the present annual capacity of the
country, is considerably too low. In
one stretch of five weeks, chiefly in
May, it is shown that the rate was
close to 38,000,000 tons of finished
products per year
ut appears that the ship steel IN
process or in stock at shipyards and
fabricating plants amounts to about
100000 tons. While the War Indus
tries Board did not consent to increase
the present shipments of $4,000 tons a
week of ship plates by 10000 tons a
week through the next quarter, or
even by the 10000 tons week later
asked for, its members are confident
there will be no break in the shipbuild-
ing programme for lack of steel.
"The deciding influence in the mat
ter was the fear Of members of the
board that the impounding Of addi-
tional definite tonnage for ship pur-
poses might mean the suspension or
small but in the aggregate important
private industries.
ways and means Of increasing steel
production have been carefully studied
But coal and coke labor are still the
key, rather than extensions Of rolling
mill capacity. SO far as the latter is
concerned, probably 100000 tons more
will be ready by Januarysl, chiefly in
plates, but partly in large rounds, the
Steel Corporation now having Il $780,
900 mill for this purpose under CON
Struction in the Pittsburgh district.
New-York tribune., 1918-08-08
Bre ak in Cotton
Prices r esult of
Latest Crop Reports
General List Closes at Net
Declines of 124 TO
14O Points

Developments in the New York Cot
ton Exchange yesterday showed that
the present high mobility OF the market
functions both ways. After prices had
steadily risen up to a point where the
quotations were five cents pound
higher than on last Thursday morning,
there was very snarp break, and the
general list closed at a net decline of
between 124 and 140 points.
Diverse factors caused the reaction to
the skyward tendency of cotton prices
during the previous four trading days
In general, traders took a more opti-
mistic view of weather and crop con-
ditions, and they expressed their new
attitude III lower prices. Moreover, re-
ports of increased offerings from the
South and attempts of local interests to
realize on the rising market likewise
contributed to the decline.
And the weekly report of the
Weather bureau gave those who be-
licved still higher prices were coming
less encouragement than they antic-
progress III eastern sections of the belt
with soma advancement in parts of
South Texas, Arkansas and louisiana
although it noted some deterioration
elsewhere west of the river. Private
advices suggested that the drouth might
be broken over North Texas by this
morning, and there were reports Of an
easier spot basis in the late afternoon.
October contracts sold OFF to 2s.o5,
making net decline of 1870 points, and
closed at 2S.11.
Under realizing and reselling by
some Of Tuesdays buyers the market
opened at decline of so to s. points.
This was followed by a renewal of
covering, in view of the expectation
that the forthcoming government re-
port would push prices upward, but on
bulge of 20 to 60 points offerings in
creased, and the market fe! off notably
before the end of the morning. A sec
ond rally reflected another wave Of
covering during the early afternoon,
but prices quickly sold off again, reach
ing the lowest levels of the day in the
late trading.
The weather report for the Houston
district showed precipitation at only
eight stations in Texas, but there was
laln IN the northeast as well as along
the coast, ana private adviccs that came
during the afternoon indicated that
rams IN the northern part Of the state
might become general overnight. TIE
drouthy conditions in the Southeast
part of Texas were relieved by the
showers OF last week, according to the
governments report, which Indicated also
that good rains in the nor. hern part
would greatly improve the situation.
Inc detailed report showed that there
had been good rains in the dry sections
of Louisiana.
1t was said at the exchange that re-
ports had been received that some
southern bankers were asking holders
TO hedge. apot cotton by sales of fut
ures before they would make loans.
Texas wires said that the movement Of
new crop cotton in the southern Dart
or the state was increasing. Exports
lor the day were 4,l5O bales, making
2o'o97 Tor the season thus far. COM
pared with 1864 during this period
last year. Southern spot markets as
officially reported were 25 points hirher
to 100 points lower.
he closing prices we're:
New-York tribune., 1918-08-08
Heat Touches Par,
But Wall Street
Seeks the Shade
Dominant Stock Market Influ-
ence Yesterday Was Solar
Activity

The dominant influence in the stock
market yesterday was astronomical.
Emanations of heat waves from the
sun controlled the conduct of the
traders throughout the day There was
more atmosphere than action on the
floor of the Stock Exchange, and only
$500 shares were dealt in.
Into virtually every bank, trading
centre and Office of the financial dis
trict, the sinister influence of the ag-
elessive sun found its way. In spite
of the national need for intensified
efforts in all branches OF economic
activity, the solar leader rendered
many OF the leading bank presidents
and Office boys unfit for service.
Curb brokers, whose only protection
from the elements is retreat, were
probably the most hard hit of the dis
organized population of the Wall Street
sector Most of them deserted their
stations and repaired to the beaches and
other reconstruction centres behind
the line. Those who remained until
the market closed at 3 O'Clock were
wlted and deGnergized. Their digits
languidly moved as they signitied their
desire to buy or sell. They displayed
the enthusiasm that might be expected
the South Sea Islands.
theoretically, external conditions
were far more endurable in the Stock
Exchange, for it is admirably equipped
with an excellent refrigerating system.
In fact, the device for artificial cooling
$ thoroughly modern and commcnda bic
in every particular Nothing better
could be desired in this direction. How
ever, for some reason the members
of the exchange have acquired the
habit of speaking of it in the past
tcric interest to them. AS they swell
tered, they recalled to one another
what a comfort the anti-heat system
had been last summer and the summers
that preceded But this year, the re-
frigerating system is doing its part in
the war, and is on a strictly wartime
basis. 1t has deferred to the paramount
need of the government for ammonia,
and now it lies idle.
In view of the persistent onslaught
of the legions of warm vibrations, un-
mtigated by the pipes designed for
cooling, the members of the exchange
tended toward drastic action. The more
militant among them circulated a
petition to suspend business all day
Saturday, and to-day it will be pre-
sented to the board of governors.
Stocks were of only secondary inter
est to the members. The usual leaders
were eclipsed by the new issue of cool
preferred, when and as if issued. Heat,
another very active speciality, reached
par, according to private wires, at 3
o'clock, for the first time in some
thirty-Seven years.
New-York tribune., 1918-08-08
June Quarter Gain
In Midvale Profits
Earned $4.27 a Share on Stock
Against $4.12 a Year
AQo

The Midvale Steel and Ordnance
Company reported yesterday that its
net profits from operations in the three
months ended June 80 last aggregated
Ss,545,443 after war taxes and all other
charges, against sS,258, ,79O in the cor
responding quarter of 1917. This was
equivalent to $4.27 a share earned on
the stock for the quarter, against S4.12
year ago.
Inc report did not give the amount
deducted for Federal war taxes. In
the corresponding quarter of last year
ms charge amounted to $8132,59l.
The company charged off s2,778,4s5 for
depreciation, against s1,758,23 in the
June quarter last year.
Net earnings of the company in the
i,rst SIX months Of the year. after tax
deductions, were s21 ,883,797. compared
with s20,504,255 in the corresponding
period Of 1917.
New-York tribune., 1918-08-08
News Digest


Ldondon Money Firm. - LONDON,
Aug. 1.-THE stock market was firm
all round to-day, but owing TO the
searcity OF sellers business was small.
trices were remarkably firm and tin,
diamond and gold mine shares were
active features. Russian issucs con-
tinued TO advance, and Italian cx~
change improved another point, caus-
ing further advances in Italian bonds.
Paris Market Active PARIS, Aug.
II Tradjng Was very firm on the
Bourse to-day. Three per cent rcntca
sold at ~ francs S5 centrnes for cash.
Excbanre on London VIM II francs 10
centimes, Five per cent loan brought
u francs 5b centimcs.
New-York tribune., 1918-08-08

The above rates express the cost Of
foreign money in terms Of the Ameri-
can dollar. You buy an English pound
sterling at, say. s47535. The intrinsic
parity is $4.865s per pound. Thus you
say either that pounds are at dis
count or that dollars are at a premium
which is owing to the fact that in Eng.
land the demand for dollars with which
to settle accounts in this country is
greater than the demand in this coun.
try for pounds with which to settle &C.
counts in England.
New-York tribune., 1918-08-08
Its Raincoat Skirt Clean

Colonel Samuel P. Colt, president Of
the United States Rubber Companv in
statement given out yesterday in
reference to the publicity centring on
its army contracts for raincoats, said
that the company was innocent of any
misconduct. after the complete in
vestlgaton," he said, 81 am certain
that there is nothing which could re-
ficct IN the slightest degree on the in
tegrlty OF any transaction made by the
representative of the United States
Rubber Company with the government
OR It's rnnroS
New-York tribune., 1918-08-08

Certain bankers, it is said, have
proposed that the War Finance Cor
poration act be amended so the cor
poration could function more as an
underwriting than as lending Or
ganization, on the theory, appar-
emily. that it could thus render
greater service to the essential in
dustries which it was formed to
assist. The suggestion is not one
that is likely to appeal to the Wash
ington authorities. If there were
any assurance that the corporations
experience in the case Of the Bethle-
hem Steel note issue-in which it
made handsome profit and kept
rome of the notes-would be the rule
rather than the exception, then it
might we'll function solely as an
underwriting agency. But invest
ors are not going to buy securities
merely because the corporation has
indorsed them to the extent of un-
derwriting them, and the plain fact
is that if it were to undertake the
underwriting Of the securities of
all the companies seeking funds
through it the corporation would
soon be loaded up with a mass of
unstable issues, many of them of
doubtful value. If any amendment
is made it should take the form of
an increase in the percentage of the
corporations capital that may be
advanced through a single institu-
ton. If that were done bankers
would be able to carry out the plans
that have been under consideration
for meeting the most urgent needs
of the public utilities. No reason
able objection could be made to the
limitation of loans to a single en-
terprise to 10 per cent of the cor
poration's capital, but to place that
limitation on the loans made
through any one intermediary is
vary different matter.
Public utility men, as a rule,
heartily approve the suggestion that
Federal administrator" be ap-
pointed to assist in securing fair
rates for street railways, gas and
electric companies and other public
service corporations. The objec-
tions to this plan seem to come
chiefly from those who mistakenly
assume that the proposal involves
Federal control of the utilities. AS
a matter of fact the administrator"
would have no power whatever, but
only authority to offer advice and
suggestions to state bodies as to the
necessity for increased rates. He
would merely lend moral support
to the movement to secure living
wage for the utilities. At first
thought the appointment of one who
could only act in an advisory capac-
ity might seem to be futile, but it
must be remembered that politics
plays a large part in rate making.
AS things stand at present regula-
tory authorities, who, in not a few
cases, realize that higher rates are
essential in view of the enormous
ly enhanced operating costs. are
unwilling to grant the necessary in
creases because they fear the effects
of such action on their political ca
reers. If, however, they had the
moral backing Of the Federal gov
ernment they would be able to con-
slider questions of rates on their
merits, without regard for their
own selfish interests.
New-York tribune., 1918-08-08
Copper Price Unchanged
Government-Fixed Figure for
Metal Remains at 26 Cents

WASHINGTON. Aug THE maxi
mum price of copper will remain 26
cents pound until November l..
through an agreement understood to
have been reached to-day between the
Prlce-hxing committee of the War In
dustries Board and copper producers.
subject to approval by President vii,
son.
New-York tribune., 1918-08-08
Join Federal Reserve

Formal announcement was made yes
terday of the admission to the Federal
Reserve system of the New Netherland
Bank of New York, the First National
Bank of Canisteo and the County Trust
Company, Of White Plains.
New-York tribune., 1918-08-08
Corporate Returns

+. W. Woolworth Company Report
for for July discloses sales totalling So
60s,142, compared with s7,174.612 for
the corresponding month of last year,
an increase of $1,433,430. Sales for
amounted to s53.989,6 ,627, which com
parcs with S48.6S3,913 for the same
months Of the year before an increase
of S5,3O5.714
New-York tribune., 1918-08-08
Sinclair Oil Earnings

Net earnings Of the Sinclair Oil and
Refining Corporation and its subsidia-
ries in the fiscal year ended June 80
last amounted to s11,S45,733, an in
crease of $916,413 compared with the
preceding twelve months, according to
the annual report made public yester-
day. During the year there was set
aside as reserve for depletion and de-
probation s3,639,703 The balance car
ried to surplus was s5,533,S57
New-York tribune., 1918-08-08
Canadian Labor Board

MONTREAL. Aug. reformation Of
a Railway Labor Board, to administer
the recent wngc award based on the
McAdoo schedule in the United States,
vas announced to-day, following a cor
terence between the Railway War
Board and representatives Of the rail
road mems labor organizations. The
new board will have neneraI iurisdic-
tion over wage and labor problems on
the Dominion's transportation lines.
New-York tribune., 1918-08-08
The Dollar in Foreign Exchange

The foreign exchange market showed
relatively little activity yesterday.
Rates on ALL European markets, except
Spain, were firm and slightly stronger.
Pesetas continued to be easy. rejecting
the belief that efforts to stabilize ex-
change on Spain are likely to- succeed.
Closing rates yesterday. compared
with week ago, follow:
(Quoted dollars to the pound.)
New-York tribune., 1918-08-08

Costonseed Oil Futures ne scsi
ket WAS dull and norman ;,s;csl.l
transactions. Crop reports "ssscticl,
prospects of rain in northefn., Liz /, loss,
Of the Western belt and poss.yi..'; IN be-.
temperatures. which may resu''
tor crnn anNirns
New-York tribune., 1918-08-08
> u S t e n nc e
Cereals

Wheat.-According to "The Price
Current" the quality of winter wheat
so far this season has seldom been
equalled, practically all Of it grading
No. or No ,. with low moisture con-
tent. Ploughing for the 1919 crop is
now under way in the Southwest and
indicates that an area larger than the
last season will be seeded. The gov
ernment report to be issued to-day, is
expected to show a reduced yield. based
on the August condition. There was
some rain reported in Manitoba, with
warm weather forecasted.
Ccrn.-There was considerable irreg-
ularity in the corn market and prices
had a number Of movements during the
day, over a range of about u cents
bushel. Because of rains in Ne
braska and Iowa and parts of Kansas,
and generally cooler weather through
the West, the market opened from 2
to cents lower. There was consider
able stop-loss selling and general liqu;-
by covering and reports that rains in
the belt were insufficient, outside of
Nebraska. The market thereafter was
unsettled, but became stronger follow
ing the bullish weekly weather and
crop bulletin, and in the last hour re-
gained all Of its previous loss, closing
lsc higher to &c net lower.
The report said that the week was
very unfavorable for corn in the lower
Ohio, Central Mississippi and lower
Missuori valleys, as we'll as from the
Central Plains southwark, where
there was a steady deterioration dur
IN the week and much damage to the
crop on uplands. However, the crop
was benefited by rains in Eastern and
some Northern and Western states.
The Missouri State report was like
wise bulish, claiming that corn CON
tinued 20 suffer serious impairment
everywhere.
Yest'day's Previous Year
New York: close. close ago.
Corn. No. yellow .s1.eoa4 $685. s2.42
September .:::... 49,. i:sS 1879 i:sslss SlIs
Oats.-lgnoring continued big re-
celptss and country offerings of new
oats for three, five and ten davs' shin
mcnt. the oats market. after Temporary
easlness at the start with corn. de-
veloped firmness, which lasted all day.
the close being sc to 1c ret higher.
Buying was inspired by reports of a
large cash demand, partly attributed to
export account, partly to the South and
West, as reported by Kansas City. Ar
monr interests were also good buyers
Of September.
Yest'day's Previous Year
New York: close close ago
Oats. No. , white. 1922 .82Ia IS
August ........... .69ls .esIs
September .. $685. .6sss 80
Rye.-Market easier.
Yestdays Previous Year
New \ ork close. close. ago
Cash. No. . West. s1.71 si71 s1.oO
Flour and Meal. Quotations were:
lest days Previous Year
New York: close close. ago
Flour Mimi. spg.. pat.s11.4o $11.4o st3.75
Cornmeal, yellow, gran 40 4.7o 1925
Rye flour. choice ....... 1856 1885 1900
New-York tribune., 1918-08-08

whole milk, fresh. twins. 242,@2n.,
single daisies. 25A4 26l.c: donSis
daisies, 25fa 26c; Young Americas '1s' Ssl'
to to 26 i2c; state, skins, fresh, specisl,
z0la Oi2c;. prime to choice. TN
l92c; fair TO good, l4617c; ,Ow.,
grades. 5013c.
Eggs. Receipts were 1895 case,
Nearby white eggs cleaning up fsirlr
we'll and fine qualities are scarce .ri
firm. Fresh gathered extra. dozen Il: ~
II 47c; regular packed, extra drsts m
q 45c; regular packed. frsts. 3sN .sc
seconds and poorer. 34a S9c; dirts,
No. l, $50 Soc; No. and poorer sSS
34c; checks. good to choice. drv' Az
33c; under grades, 25d 3Oc; stat
Pennsylvania and nearby Wests~
hennery whites. fine to fancy. 57G6or
ordinary to prime. 4SN SEC: gathers
whites, ordinary to fine, 45ta sec; Was.
ern and Southern, gathered whites. q
q 52c; state, Pennsylvania and near by
hennery browns, 49@ SIC; gathers
brown and mixed colors. 3Std47c.
New-York tribune., 1918-08-08
Interborough May Get Loan

Advices received in the financial dis
trict from Washington yesterday were
to the effect that the War Finance
Corporation would probably make a
statement to-day to the bankers and
the management Of the Interborough
Rapid Transit Company regarding its
attitude with respect to loan. 1t was
intimatcd that the War Finance Cor
poration might make a small advance
to the company on the understanding
that the balance of the amount needed
be furnished by the bankers. w. P. G.
Harding, governor of the Federal Re-
serve Board and managing director of
the War Finance Corporation, was in
the city last week comforting with
Mayor Hylan and with the bankers on
the lnterborough matter. The bankers
yesterday said they had no knowledge
Of what the action of the War Finance
Corporation would be- Recently it was
reported that the corporation would
advance s17,oOO,O0o to the INTERIOR
ough, and syndicate, headed by j. P.
Morgan & Co., would take care of the
balance of the financing by underwrit-
ing $2O,0O0000 of per cent convcrti-
Bile notes, to run from one to three
wears
New-York tribune., 1918-08-08
Livestock, Meats, PrcV''''.. :.

Following are yesterdays prices '01'
these q year ago ...,,s,s
Yesterday.
'''fe 100 "Ts7S' IS o''' si7.soasis.Oo $50 e'
Dressed beer SIDES. - "a
lh. .-......-... 10 @ '-' -
l;s ,so ySai'. IS '''' 1900 a 1900 IS" 9 ~ ,,
Dressed vcalS city =, rs ,,S
III .-.-...-.. - y a., "a 6e0 W.
Live ewes LOO lN 500 "a '1-sV I'd
lambs ta!r - eo ,,M NJ
prime i0N n i7.Sn q 10y ,3 X,
Dressed mutton. h rs 6 20 "a !
Dressed lamas. h .2s G ,os sss ,e,so &
Hogs lao ih.... 1000 q so's' ~
Dressed hogs ha- -. cN.s
M'S, '>,' pork. bhl. ao,sa so.es +s;wS sscS ~
Aless beef. bbl. $500 q So'uo -''' -
l.S' ~ . Middle ws.', ,ss.7ss 9 sss,s ss's'' 2
New-York tribune., 1918-08-08

gives the current rates Of the twelve
Federal Reserve banks on commerclal
paper on all periods up to ninety days:
New-York tribune., 1918-08-08
Com I'M O ditie 8

For an account Of trading and
prices on the NeU York Cotton En-
change yesterday see fourth coluWn
New-York tribune., 1918-08-08

Sub-Treasury. The banks lost
day.
Silver.-Bar silver in London was
4Sis. unchanged; New York, 993sc
unchanged; Mexican dollars. 7?c, un-
changed.
London Money Rates. - LONDON,
Aug. money was unchanged at
per cent. Discount rates we're: Short
bills and three month bills 1892 per
cent. Gold premiums at Lisbon re-
manned 1900.
New-York tribune., 1918-08-08

Reserve Bank rate. 1878 1878
Below is given the current exchange
value of foreign money IN dollars and
cents, together with the intrinsic gold
parity. as calculated by the United
States Mint:
New-York tribune., 1918-08-08
Spring Ducklings Long Island 'h'
Pennsylvania, h.. 36c.
Coffee, Sugar, Tea and Cotton
seed Oil

PRICES ya'
For cash: tcenisl =. ~
Tea. Formosa, per b......... 50 sn
Sugar, granulated, per b.. 7:59 81.
Coffee. Rio No. :. per lb..... sY2 .;T
Cottonseed oil. pcr lb........ ''
Coffee Futures Yesterdays maIl.'
was moderately active win ~
trend upward. On the call prices '.s xs.'
s to Is points above the previous ciy:s ~
but the advance was followed by ~, ~
tie liquidation. sending values OF ~
cral points. Later in the day ',I, Me-
was a renewal of buying in the w.
position, indicating possible ne leneIg r.
of interest in the dirtant positions IN,
foreign operators. which sent VIZ ~
sharply upward, the close shoWlns
gains for the day Of / to IS poin.sy p.sy
The official weather report 'huioa.l pas,
rain in all five districts OF Sac y ~
with temperatures moderate. \. i,
pointed out that at this season o. hr
year rain is frequently followed n ~,
cold snap and it is believed al =. -
of the demand for contracts neis
have been based on apprehelhsns,U.r,;
frost. which would be very da'"''
FOr tho Do,l,, fAupv,n~ -