davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1918-03-28
Govt. Provides
Funds TO Meet
New Haven Notes
Railroad Administration
Advances $43, ,964, 900 Out
Of Revolving Fund

WASHINGTON, March 27.-As the
f.. big expenditure from the $780,
100000 railroad administration revolv-
ing fund Director General McAdoo to-
night agreed to loan the New York,
New Haven G. Hartford Railroad Com
pany SAB ,964 900 for one year at per
cen interest to meet notes of that
amount maturing April Is.
The company was granted the right
of renewal for one more year on the
same terms. The railroad admlnlstra-
ton will take as collateral for the adj
vance a quantity of securities now
pledged on thc maturing notes, with
The right to sell them at any time and
apply the proceeds on retirement OF
the notes.
This transaction has been under dis
cussion for several weeks between Dl-
rector General McAdoo, John Shelton
Williams, director of finance for The
railroad administration, and officials
of the New Haven, whose financial
predicament was represented as serious
considering the dimcuity of noatlng
Si3 100000 worth CT new securities W
meet the maturing notes.
These securities were issued year
ago at terms which made the interest
cost to the New Haven approximately
Z per cent. The government loan will
mean a saving for the railroad. Of
tcials emphasized the popular lmpor-
tance OF the action, pointing to The
fact that many thousands OF persons
hold small blocks Of New Haven Sc
curities.
~ he rental which the New Haven
system will receive under government
control" said Director General Nc
Adoo in a statement, "has not yet been
definitely ascertained,s but it is esti-
ent to pay all of the company's in
terests, rentals and other fixed
charges. including interest on this new
note issue, and yield a substantial sur
plus each year during the period of
government CONTROL which will be APP
plicable to appointments or other pur
poses.
"Thc director general has investi-
gated this subject carefully and has
given due consideration to past and
present records and earnings and to
the future prospects Of the New Haven
system, whose gross operating revenue
tor the calendar year 1917 amounted to
more than $S5 100000, exclusive of the
earnings of several allied companies.
"Realiz;ng the high Importance Of
maintaining the physical and financial
integrity Of this railroad system, which
controls so largely the entire trans
portation facilities OF several leading
industrial states, which are essential
to the war making functions Of the
nation, and whose lines ere already
being taxed to perform services which
are now more important than ever, and
having proper regard to the security
offered for the loan desired, the d.
rector general has decided to extend
the relief needed"
New-York tribune., 1918-03-28
Pig Iron Price
Cut Expected to
Have Little Effect
Continuous Hearing Of Com
plants May Prove
Disturbing

The Presidents announcement 'i''
the existing prices on iron ana sea
products would obtain until July
was the basis of much discussion U
the trade yesterday. Little surprs
was expressed over the reducNoh =
The scale in basic and Bessemer N
iron, though many persons IN the "
dustry dil not conceal their e'sSF
pointment over the fact that the p's
posal that the new steel prices be 'iS',
for six months or more was lgho'.'
The reaction of the industry to u
Presidents order is reflected IN w
comment of the trade papers.
Little effect upon market OF prou'.
ing conditions" says "The Iron l''s
Review" in its survey Of the wesh
expected from the official price !
ductions in basic and Bcssemef +
iron. These reductions are in acesss
ance with those widely anticipa's',
the industry during the last weeA
to a large extent they have been :
counted. -.sA
"The revisions have been coa.&s,
to steel works raw material, IN VI
to favor the producers of finished -
products. and this applies to nonH.a
grated steel plate producers.
government authorities consi0ers {
more advisable to reduce raw NAV
costs to mills than to inauguraW
granting of increases IN prices
finished steel. -
The industry is disturbed niis
decision of the price committee O
War Industries Board to conduct
tinuous hearings of complaints. a,i i
gestions and requests regarding psa
prices. 1t is believed this Will eag
constant unsettlement of trade eeg
tions and general confusion. whica a,
evitably will react upon the prsss
orderly methods of cooperation bessSf Snf
industry and the government regsV.si "a
prices. A heavy tonnage of basN "a
Bessemer pig iron which was bosetsa. m /.
for second quarter shipment wii :. !.
billed at the new lower prices M
cord with the official price redasus.1
by virtue of the revision clauses u II
contracts"
New-York tribune., 1918-03-28
New Shoes in Holland

a new industry caused by the war
and started in the southern part of
Holland is attracting general notice
and will probably spread over the en-
tire country. II is the making of a
slipper with wooden sole and with the
upper and inner parts formed of va
rlous materials, such as twill corduroy
and cheap wooljen stuffs. All these ma
terials are relatively cheap and vet
make comfortable and durable slippers.
sclllng for the practical equivalent Of
81 pair for the best quality. 1t is
claimed that they can be used generally
wherc the occupation is indoors. Their
cneapness is particuarly appealing in
we" OF the prohibitive prices toward
when SHOES and slippers in the shops
are steadily mounting.
New-York tribune., 1918-03-28

have got more money than ever before
and they're going TO spend it for these
new bonds. In the South the cotton Gro,
yield is good, and the farmer has beef
getting good prices. The South an,
the Middle West should do grea
ceal tor this new loan, and feel the
will. The news from abroad viii hay
an lmpelling effect upon them, Pm con
tident.
"Thc sinking fund provision of tn
loan is all right. Had we had pro
vision like it before we should be il
better and steadier bond shape thar
we have been. AS to the proposal II
legislate still wider latitude witt
respect to the loaning limit if bond
are to be purchased I think it is
good thing that the limitation is as
flexible as it is. 1t might be gooi
thing to increase it."
All to Help
Edwin T. Merrill of the Union Trus,
Company, said: at doesn't make a
particle of difference whether tn.
bankers would like to have the loan
conditions different from those an.
nounccd; the fact is that we're going
to put this loan through just as sue.
ccssfully ana just as surely as the
other two loans were put through
Everybody in this institution and,
feel sure, everybody in every other
bank of the citv will bend every ef.
fort to seeing this loan subscribed fulll
and cxpeditiously."
John A. Noble, vice president of thu
Hartman National Bank. said: This
third Liberty Loan is bound to be !
success. The Hartman National BanI
and all its resources are for its sus1
cess. think this is the case every
where in banking circles. The advane1
Of the Germans will, l think, too, haF1
a strong buying effect The spirit q
the country is more fully aroused thai
ever. Many had not begun to 1ull9
realize the extent Of the war or what
might occur through war until veT
lately. These people may be dependess
upon TO buy more freely than before. '
New-York tribune., 1918-03-28
Expects 100000
Subscribers to
Liberty Loan
Response to Appeal for
War Funds Will Be Over
whelming, Banker Says

America, awakened, will express it
self in the next Liberty Loan cam
paign through 100000 subscribers,
according to an opinion expressed yes
terday by H. X. Twitchell, president
of the Chemical National Bank. In the
sons took bonds, and in the second o.
100000 men, women and children.
In response to q request for his opin-
ion regarding the Third Liberty Loan
Offering, Mr.. Twtchell said at will be
attractive from an investment view
point, though in these times an issue
of bonds by the government for the
purpose these are intended to serve
should be oversubscribcd without re-
gard to the investment feature. These
are times when we must not place too
much weight on dollars and cents.
"a rate of AZ per cent, it would
seem. need not bring about any seri-
Gus disturbance in savings bank de-
posits or in the market for security
investments. The new loan in its con-
vertible feature will serve to place the
previous issues on more satisfactory
basis. in my opinion. there is no
question about it being oversubscribed.
owing to the large number of reople in
this country now personally interested
in the outcome Of the great struggle be-
ing waged in France because some
member of their family is directly par
ticipating in it. There is reason to
expect that there will be $4,000, 600
subscribers to the third Liberty Loan"
Trading Is Lighter
An narticulate reaction of Wall
Street to the new Liberty Loan terms
was again expressed by the sales Of
bonds on the Stock Exchange. Trad
cent bonds continued heavy on the
Stock Exchange yesterday. although
the volume of sales was considerably
below the preceding day. The days
with one block of 1920 900 recorded
in a single sale. The price tendency
was downward, with the last sale at
$3.50. compared with 976O on Tuesday.
Dealings in the first As and the 312s
were light
In recognition of the greater activ
ity that is likely to prevail in all the
existing Liberty Loan issues as re-
suit of the announcement giving the
terms of the next Offering. the Stock
J eshange authorities yesterday adopt
ed regulations that will facilitate de-
llveries of the bonds. Hereafter deal
ings on the Exchange will be handled
through the Stock Exchange clearing
house instead of having deliveries
made by messenger as soon as the
transaction is closed.
Among financial men some criticism
of the particular features of the forth
coming tlotation was repeated. but for
obvious reasons the critics would not
speak for publication. The belief that
the third loan would be great sue
cess, however, was expressed without
any reservation.
G. c. Van Tuyl, .ir., of the Metro
politan Trust Company, said: "The
loan is all right in all of it's pa,Ticu-
lars. We're going to put it through.
we don't have to stand on ceremony
as to how much or how little man
wants to take he's going to subscribe.
vi course, the campaign will be u
success. The people who bought bonds
IN the other drives have been doing
and they'll buy. In fact. some folks
New-York tribune., 1918-03-28
Current

The above rates express the cost of
foreign money in terms of the Ameri
can dollar. You buy an English pound
sterling at, say, S4.75I1s. The intrinsic
parity is S4.S65s per pound. Thus YOU
say either that pounds are at discount
or that dollars are at a premium, which
is owing to the fact that in England
the demand for dollars with III = to
settle accounts in this country is greater
than the demand in this country for
pounds with which to settle accounts in
England
New-York tribune., 1918-03-28
Sales of Steel
Corporation Over
S1,60O,00O, 900 i'm 1917
Net Earnings Equivalent to
$39.1O a Share ON the
Common Stock

Gross sales Of the United States
Steel Corporation in 1917 reached the
record breaking total of 81 ,6S3 1862, ,552.
In 1916 sales aggregated 81 ,231,473,7 ,779.
In 1913 they were S796S94 ,299. Under
the urge of war the worlds largest
corporation did more than twice as
much business as in the last year of
peace; and in spite of lower prices
during larger part Of the year, the
turnover exceeded that of 1916 by
1852, ,48S, ,773.
But the annual report issued to-day
tells different story of net earnings
for the vast expansion in the volume of
sales was not translated into greater
profit. On the contrary. developments
directly attributable to the entrance
OF the United States into the war ro-
suited in decrease of S3S,S35,621 in
the net earnings. The war excess prof
Its tax was responsible for this.
Against earnings there had to be
charged a contribution of S233. .465, ,435
under the governments excess profits
tax law, in addition to S1S,SOO,26O for
other taxes levied against the corpora
ton. The regular taxes in 1916 were
Sl69o7,712, so that last year the total
tax deductions were S235,357.9S3 great
er than such payments in the preceding
year.
Labor Costs Higher
Other factors contributing to the de-
cline in net earnings besides the fxing
of steel prices by the government were
the largely increased cost of labor, raw
material and supplies, and heavier cx-
pendlturcs for current and ordinary
maintenance. The total of all CHARGES
and allowances from gross earnings
lor the year to cover exhaustion of
minerals and deterioration ARISING
from wear and tear and for improve
ments amounted to $136, sos, an in
crease of S31 ,481,226 over 1916. The
total amount of the corporations paw
roll in 1917 was S34737O,4OO, compared
with S263,3S5,502 the preceding wear.
=, One OF the outstanding features of
the report was that the balance shoot
showed cash balance of $184.794.61O
compared with $14S,3947 761 in 1916
lodgings of marketable securities. in
cludlng Liberty bonds and United
states Treasury certificates of indebt-
edness,. totalled $233 ,O47 ,222, an amount
approXlmating the war excess profits
tax. 0' 10
Large Working Capital
o., ne balance sheet also disclosed ag-
against current liabilities of S34O351 ,
300, giving the corporation a net work
ing capital as of December 81, 1917
equal to $459 ,645.S14.
"A comparative summary of the years
income account. as tabu1ated in the
complete pamphlet report, follows:
New-York tribune., 1918-03-28
Dollar in Foreign Exchange

Exchange rates moved narrowly in
quiet market yesterday. A slight in
crease in the offerings of Italian bills
resulted in an easier tone in the rate
on Rome. Spanish pesetas closed
higher after an early decline. Rates
on London and Paris were firm.
Closing rates yesterday, compared
with week ago, follow:
Quoted dollars to the pound)
New-York tribune., 1918-03-28

lin. products shipped
to d~mestic and cx-
port trade ......... 1870, ,1o5 15,542, ,oss
The total value Of the business COW
erng all of the above tonnage for
1917 was S1,205, ,8S2 ,40S compared with
9ooo'204,4o| for the preceding year.
Handicaps on Production
THE output of the properties and
plants of the subsidiary companies in
1917" said Mr.. Gary, "did not quite
reach the record figures OF the prev
ious year, Notwithstanding additions
and extensions completed and .placed
IN operation increased somewhat the
capacity. The decrease in production
and output in 1917, compared with 1916
Is attrlbutable principally to inability
man the plants and to the lack of
adequate transportation service to
furnish the plants with .essary raw
materials and supplies"
The expenditures made by the sub
s1dlary properties of the Steel Cor
poration last year for maintenance and
renewals was $92,G24, 1928 compared with
S69,392,627 in 1916. The bonded debt
at at the close of the year stood at 1885,
pared with 1916.
poration's invcnto ries, after allowing
Tor a reserve of $30,27O,67O for actual
cost or market value of inventory
stocks IN excess of normal nricos
equalled at December 81. 1917 thn
sum of $223,668, ,0s6, an increase Of s41.-
|6',oo2 over the preceding wear. *
pendltures made last year for Tho &C.
QUESTION of additional property ana
lor additions and betterments, lcss
cred!ts Tor properties sold, amounted
to $l2l 1922 .SG2 ''' 'U"
New-York tribune., 1918-03-28

amount cf $500 was withdrawn from
tn ub-Treasury yesterday for ship
ment to Mexico
Bank Clearings.- days bank
clearings at Now York and other cities
were:
N,:cli snges. Balances.
New York. 1851 ,495,581 s57,335, ,241
Boston. ...... iA,37A.175 8.c54.6O3
Chicago. ...... 25352.022 5A2S, 452
Philadcl lphia.. 52,459,557 10,21o,686
Sub-Trcasury.-The banks lost to the
Sub-Treasury yesterday $4,000.
Siiver.--Bars in London were quoted
453sd, off 3d. New York, 921sc, un-
changed; Mexican dollars, 74c, un-
changed.
German Bank Statement.-AMSTEE-
DAM, March 27.-The report of the In
perial German Bank issued March %
shows the following changes Gin
m&rks):
New-York tribune., 1918-03-28

Below is given the current exchange
value Of foreign money in dollars AMI
cents, together with the intrinsic sold
parity, as calculated by the United
States Mint:
New-York tribune., 1918-03-28

, London Money Market. - LONDON
march 27.-Money, 81 per cent. Dis,
tGnn' t;,in rater: Short and three months
at Lisbon, 1875. - '"''S
"oid to Mexico.--Gold coin to the
New-York tribune., 1918-03-28

Though the Secretary of the
Treasury has placed the minimum
amount to be raised by the third
Liberty loan campaign at $1,000
100000, there is good reason for
believing that there will not only
be an oversubscription, but that the
amount allotted will exceed the
$3,S08, ,766,150 placed last fail.
There are many things which favor
! the coming issue and few that mill
tate against it's success. The offering
is as timely as it we'll could be, in
asmuch as it comes during a critical
period on the West front, and there
fore at time when patriotic fer
vor is at a peak. Business condi-
tions have improved greatly since
the industrial upset attending the
fuel crisis reached a climax, and
labor is now we'll employed az con-
stantly increasing wages. More
over, the organization for selling
and distributing the bonds has been
perfected and is certain to do much
more effective work during the COM
ing campaign than it did last time.
The fact that millions of people now
have actual possession of Liberty
bonds and appreciate them as a
means of saving is also an impor-
tant factor that will contribute to
the success of the third loan. It
would not be surprising, in the opin-
ion of a good many financial au-
thorities if the total Of subscriptions
should exceed 5,0OO,0O0,O
In December, for the first time in
more than two years, there was Il
decrease in the volume of freight
transported by American railroads.
Though there were more freight cars
and locomotives in service than ever
before, adverse weather conditions
and stupid priority orders slowed
freight train mileage dropped 6 per
cent, compared with the CORE
spending month Of 1916, and the
number of revenue tons Of freight
carried one mile decreased 2.6 per
cent. In the nine months from
April / to December 81, the roads
rendered service equivalent to NOV
ing 3O3,751, ,995,337 tons of freight
one mile, an increase of 27,196,-
6S3,759 ton miles, or 9.8 per cent.
And yet it is said that the trans
portation system "broke down" un-
der private management!
This statement was issued by the
president of the international Mer-
camille Marine Company and is
printed here as an example of what
an income statement should not be
like:
For the year 1917, the estimated
total net income from steamships
directly owned or operated by Inter
national Mercantile Marine Co., to-
gether with dividends from British
and American subsidiary companies,
and after providing for bond interest,"
estimated taxes, and regular depre-
citation on l. NJ. NJ. Co. American Flag
steamers, was S11,5O0,OO0, compared
with s2o,16o,615 for the previous year
on the same basis.
Just what the reason is, for Civ
ing out statement so meagre in de-
tail as to be almost devoid of value
is not disclosed. Marine still holds
its nosition as the premier rnNsterv
New-York tribune., 1918-03-28

PITt M Genera u C
ArmCo has
in sndamm nfo htyyear
re rcommerc abulnes tnovhod
o Iueof fover$5
on cost and percnta ebaS.A Hheecr
proceeding stsfat md most of the deiun@ae abedof
conr
Hedaudtof Compny' and ofHe
panysm mvn bee enadebyM Mesrs Arthur Yong&
Based duponh the Company show this
Of III kascso
o ooer$ $400OOO0
Debt The Company lad bsndng Notes
1918, half o which paid off in handb
'front.' the procadsE the issue pfoa abank
loan o. 900 made i connect thepmh haseof
wi have mdehednew but
00of Notes.
Earnings The Company which amount
haredt depecit Thentee chaoe
thenewn wuew will be
99L5 and interest,", to yield over 711g7
Bonbright & Company Potter, Choate & Prentice
Kdder, Peabody & Co.
As this senre issue o. Notes has been soM this
adr appears a. dony.
New-York tribune., 1918-03-28
Money and Credit

Most of the call loans at the Stock
Exchange were made yesterday at 6
per cent, compared with 81 the previ-
Gus day. The low rate for the session
was 5s..
Offerings of fixed date funds were
small yesterday. A few loans were re-
ported to have been made against rail
way and industrial securities as col
lateral at per cent for short periods.
Borrowers are bidding per cent for
all maturities.
Ruling rates for money Yesterday
compared with a year ago, were as fol-
lows:
New-York tribune., 1918-03-28

Commercial Paper.-Ths market re-
mains quiet, with the demand coming
principally from the interior. Rates
were unchanged yesterday at per cent
Tor the best regular maturties.
Bank Acceptances.-Quiet conditions
prevailed in the market for bank ac-
ceptances yesterday, with fair de-
nand h stiil reported for eligible mem
"cf oiils. Rates were unchangcd
Discount Rates.-Oficial rates Of dis
count for each Of tha twelve Federal
districts are as follows:
New-York tribune., 1918-03-28

Sub-Trcasury.-The banks lost to the
Sub-Treasury yesterday $4,000.
New-York tribune., 1918-03-28

books at the close of December, E. II.
Gary, chairman Of the board Of direc-
tors, says in the report:
Less Forward Buying
"The conditions prevailing in respect
of governmental regulation of prices,
priority orders on production, and the
demands for war purposes directly and
indirectly Of a large percentage of
the output Of the mills naturally in
tcrfered with forward buying by Gus
toners"
The shipments of all classes of
products to customers during 1917. in
comparison with the shipments of the
preceding year, were as follows:
1917. 1916.
Domestic shipments. Tons Tons
Rolled steel and other
finished products ... 13,196.91O 13,O75, ,295
Pig iron, ingots, spe-
GEL fcrrO and scrap. 534,76S 521S35
Iron ore, coal and coke 999,59O 1,17295S
Other materials and
byproducts ...... 13s,ses 1eo,4s3
Total ............. 14,871,2ee 1888, 3,621
Universal Portland ce-
ment (bb!s.) ...... 1O,3o3759 1O861426
Export shipments.
Rolled stec! ..... 2f73195 2466 793
Pig iron, ingots and
scrap .;... :...... 1870 1886
Other materials 900. 1911 2198
Total ............. 2,1e4,5s5 2.5o1 e27
Aggregate tonnage
rolled steel and other
fin. products shipped
to domestic and cx-
port trade ......... 15,73o,1o5 15,542, ,oss
New-York tribune., 1918-03-28

Bank Clearings.-Thc days bank
clearings at New York and other cities
New-York tribune., 1918-03-28

Just what the reason is, for Civ
ing out statement SO meagre in de-
tail as to be almost devoid of value
is not disclosed. Marine still holds
it's position as the premier mystery
stock.
New-York tribune., 1918-03-28
$8OOO,OOO
Winchester Repeating Arms Company
One-Year 10 Gold Notes
Dated March, DueNfarh
ndG If
Dated March I, 1918

oo7cing Information is summarized from letter signec
President and General Manager Of the Company:
Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1918-12-20
viii Work Through Winter.

f. J. Thrun, machinist for the
Highway department. of Villas county
was busy last week moving the tools
and machinery from the old quarters
on Spruce ST., into the new building
erected by the county last summer on
it's grounds back of the Court house.
The new building was built especially
with view to convenience and etfici-
ency in keeping the road machines up
and in repair during the rush season
and should last for that purpose many
years. Work was started this week
on the Conoyer, State Line highway
to continue through the winter or
until the stretch Of road is covered
with gravel. The Holt Caterpillar
Tractor will be used to haul the trains
of sleighs, using four wheel drive
tractor at each end of the haul to turn
around and place in position the emp
ty rigs.