davidaulloa/AmericanStories huggingface dataset:
South Bend news-times. (South Bend, Ind.) 1913-1938, 1918-08-01
GOODRICH PLAYS
MORE POLITICS
This Time He is Favoring
6. 0. P. Soldiers Vote
Board in Indiana.
Nevs.IIne. - -

Nevs-Times Special Service.
INDIANAPOLIS Ind Aug L.
Gov. Goodrich today appointed an
other member of the soldiers vote
commission Clarence Nichols, of
Indianapolis. republican. No ex-
PLANTATION was made as 10 why Mich
ols was appointed
Wher the appointment was given
out the statement was made that the
governor expected 20 name a dem
ocrst within the next few DAYS. The
governor Office made 30 known that
the governor had conferred with
the ohairmen Of the two political
parties before making the appoint
ments
Fred Van Nuys. democratic state
South Bend news-times. (South Bend, Ind.) 1913-1938, 1918-08-01
RETIRED FARMERS NOT
ENTITLED TO FLOUR

News-Times Special Service.
INDIANAPOLIS. Aug. RE
tired farmers who rent their farms
10 tenants are not entitled to receive
the allotted eight pounds Of wheat
-four accorded farmers. according to
Harry E. Barnard, state GOOD ad-
ministrator. today. Only the farmer
who is actively engaged in agricul-
tural activities is accorded the spec
ial eight pounds OF -four offer, Dr.
Barnard stated.
South Bend news-times. (South Bend, Ind.) 1913-1938, 1918-08-01
NEW PASTOR AT FORT WAYNE

NeWs Times Special Service
NIAGARA FALLS. y. y, Aug Z.
The Rev Ira l. Parvin. pastor of
the Church OF Christ IN this city.
preached his farewell sermon 10 his
congregation here He has accepted
tie pastorate OF the Church OF
Christ in Fort Wayne. and viii leave
Niagara Falls Wednesday evening
20 assume his new duties I'm that
g!LL,
South Bend news-times. (South Bend, Ind.) 1913-1938, 1918-08-01
on HOSPITAL BOARD.

News Times Special Service.
INDIANAPOLIS. Aug. John
F Russell of Greensburg. Ind. to-
day was reappointed a member Of
the board OF trustees Of the South
eastern Indiana Hospital for the In
sane BY Gov. Goodrich. Mr.. RusselTs
term expired today, but as a result
of the reappointment he will con-
tinue as a trustee until Aug. l. 1922
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-02
Rubber Consumption
In y. S. Mounts Rapidly

Rubber consumption in the United
States last year was SO per cent greater
than in 1915, double that of 1915, three
times as much as in 1914 and six times
as much as decade ago. A compila-
ton by the National City Bank shows
that while world production increased
from $4,000 tons in 1907 to $4,000
tons in 1917, United States consump-
ton grew from 10000 tons to $4,000
tons in the same period.
In 1907 the United States took Az
per cent of the worlds output and last
year u per cent. The banks state
ment shows that in the worlds output
plantation" rubber increased from
1000 tons in 1907 to 100000 tons last
year, and the wild" rubber output of
the world decreased from $4,000 tons
to $4,000 tons. It is pointed out that
even the rapid increase in world pro-
duction has not kept pace with the
demand in this country. The National
City Banks statement adds:
Rubber imports into, the United
States in the calendar years1917 were
the largest in the history of that trade,
both IN quantity and value, the guam
tlty imported for consumption having
been approximately $4,000 tons.
against $4,000 tons in 1916, the
former high record year, and the value
IN 1917 S233,0O0,00O, against $160,000,-
600 In 1916. Meantime our expectation
OF manufactures of rubber has grown
from S7,O0o,000 decade ago to $685.
100000 IN 1917, while we also re-
exported in crude form nearly $4,000
600 worth of the rubber imported in
1912
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-02
Pierce-Arrow Sales Expand

Owing mainly to war orders from
the United States and Allied govern
mnts, gross sales of the Pierce-Arrow
Motor Car Company last year increased
to So. $50, 90S, compared with $lS.-
687, 2S7 in 1916.
"This increase" said Charles Clifton,
president OF the company, in the an
nual report issued yesterday, "of nearly
70 per cent in volume of gross business
has been accomplished with an increase
In inventory of about SO per cent. In
ventory increased during the year So
l57,729. This increase is due in part TO
the expansion of business and to other
factors, such as higher costs Of raw
materials, larger stocks of raw materis'
on hand and in transit and difficulties
OF Transportation in connection WITH
shipments"
The net manufacturing profit last
year, after $4S7,559 charge for depres
citation, was $4.791, 274. compared with
S4,O76,167 in 1916. After all charges,
including preferred dividends, the BAR
ance was equal to SLID a share On
300 600 shares of common stock of no psr
value. against Sl3.08 a share earned the
previous year. Untitled orders lot
trucks and passenger cars numbers
5,09S on January /, compared with l,SsS
on January /, 1917.
Mr.. Clifton said in the report that
in conformity with the desires OF ing
government the current output OF pas,
senger cars had been materially cur
tailed.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-02
Overland Co. Has
$27,Ooo,oo0 Govt
Orders, WHY'S Says
Adjustment to War Condi-
tions Reduce 1917 Net
Earnings

The way the curtailment of pleasure
car manufacture has released produc-
tive units for the making Of instru-
ments of war is told in the annual
report of the WHY'S Overland Com
pany by John N. WHY'S, the president.
The report was made public yesterday.
"Orders to this company to date, ;"
Mr.. Willys's statement says, "for aero
plane motors and parts amount to in
excess of $12,O00,00O and further heavy
orders are assured. An important ord
nance contract has been undertaken
amounting to over $15,000,000. Nego-
tiations have been completed for a
large munition contract, for the execu-
shops are admirably fitted, and at an
early date the company expects to have
in hand for early delivery substantial
truck orders, which can be handled
without interference with other war
work. The company is thus prepared
to counterfeit any curtailment Of pas
senger car production"
The net earnings for 1917 were not
increased by the war work programme,
but were adversely affected in the Sec
ond half Of the year, when the strain
of factory REIMBURSEMENT was most in
tense. The net income for 1917, after
all charges, including provision for
Federal taxes, were cared for, was &c.
1854, compared with s9,565,7i8 for
1915, decrease of $3,444.174. After
$1,138,341 was allotted fos payment Of
dividend on the preferred stock, the
remainder of the net income was equal
to $316 a share on the 1,575,418 shares
of common stock ($25 par), against
$5.T a share earned in 1916 on 1,490,-
953 shares. The surplus for 1917 was
SEA 301 1884, against $27, 596,594 for 1916.
Commenting further on the bending
of the resources of the company to war
needs. Mr.. WHY'S said: "In the transi-
ton from a peace to war basis the
purchase of a substantial interest in
the Curtis Aeroplane and Motor Cor
poration proved Of distinct strategic
advantage in that, though the Curtiss
Aeroplane and Motor Corporation was
possessed in the summer of 1917 of the
greatest potentialities of any American
aircraft organization, these could not
have been quickly realized for the
emergency needs of the government ex-
cept through tremendous increase in
motor manufacturing capacity. This
the WHY'S Overland Company and it's
allied organizations, with their i'm
mense plants at Toledo, Elnlira, Elyria
and Pontiac, were able to provide and
thus bridge the gap between success
full experimentation and big scale pro-
duction."
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-02
WeaIth and 9 o1n

Between January, 1915, and DC.
tober, 1917, the per capita earnings
of iron and steel workers, according
to figures compiled by the Federal
Bureau of Labor Statistics, in.
creased IS per cent. That is strik-
ing increase, and the mere state
ment creates presumption that
labor in our greatest basic industry
is "war baby too---that it has
waxed fat on war profits. But this
is really an illusion, for even though
wage rates in the industry UNI
doubtedly have advanced more than
the general level of wages in all in
dustries, the steel worker has hardly
more than held his own, for COM
modify prices during the same.
period rose about so per cent on
the average at wholesale and rather
more than that at retail. There
fore, about all of the increase in
wages has been absorbed by the in
crease in the cost of living, and any
fleeing advantage that the steel
worker has gained in the race with
prices has been, in the final analysis,
at the expense of fellow workers in
industries in which the wage ad-
justment has been less facile.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-02
Cotton Prices
Attain New High
Marks for Year
Trade Factors Combine to
Keep Shorts From Max
ing Profit

The spectacle of traders adjusting
themselves to rapid and excited adj
vance in prices was to be observed
yesterday in the local cotton market.
Quotations not only recovered from last
weeks losses, but under the stimula-
ton of varied factors prices scared to
new heights, hanging up high records
for the season. Mag contracts, for ex-
ample, sold $3.50 a bale higher than
the closing price of last Thursday and
$40 a bale above the low level of last
week May closed at the end of the
effervescent trading of the day at 33.4e,
and the general list closed firm at
net advance of SO to 81 points.
Those who sold on the war news last
week were trif1e alarmed by factors
that stood out in cotton circles, and that
accounts for the rise. The failure of
Texas rains to bring in increased offer
ings for sale, the continued absence Of
spot pressure and notable renewal
OF trade demand combined to brighten
the shorts. When they turned to cover
they obviously found few contracts for
sale around the ring. Consequently the
market was exceedingly sensitive to
buying orders.
Despite the reports Of scattered rains
in the Southwest over the holidays, the
opening of the mearket was firm. Under
the impetus of trade demand scattered
selling was readily absorbed. Later,
when covering was more active,
brokers with Western affiliations be-
came conspicuous buyers on the swell
which carried old crop deliveries 80
to 81 points net higher and the new
crop about 81 to IS points above Thurs
days closing figures. Although toward
the end of the trading there was no
change in the trend of the news, closing
prices showed reactions under realiz-
ing.
Rains in the Southwest had been
sufficient to promote further progress
with teamwork and benefit cotton al
ready planted, according to private adj
vices. But neither these reports nor
low weekend figures seemed sufficient
to promote fresh selling for the benefit
of the shorts.
The selling before the holidays
seemed to have left the market in q
good technical position. In face of the
large rise here no prices came from
Liverpool, as the exchange there was
closed, and will be again to-day on
account of the holiday. No exports
were reported yesterday. The exports
for the season so far amount to 4,046,-
$50, against 4,363,823 year ago. South
ern spot markets, as officially reported,
were unchanged to SO points higher.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-02
u. S. Neutral Trade
Continues to Slump
Commerce Officials Seek to
Restore Dollar to a
Parity

WASHINGTON, April L. Americas
falling trade balance. though far from
the point where imports equal exports,
rs being studied intently by officials to
see if the unfavorable effect on foreign
exchange may not be offset and the
dollar be restored to a parity in those
neutral countries where it is worth less
than 100 cents.
Imports for February. the Depart
ment of Commerce announced to-day.
increased SO 100000. white exports de-
clined $56,000,000. compared with Feb
ruary of last year, the totals being
S207,715,540 for imports and S411,786,-
343 for exports. For the first eight
months of the fiscal year imports
amounted to SN841,316,O90, an increase
of $294,000,000 over last year. The ex-
ports were $3,863,348,227, which was
$219, 100000 less than last year. Conse-
quently the trade balance of S2022,-
022,137 is less by $5OO,O0O,OO0 than in
1917.
Much of the loss registered in the
trade balance has been in trade with
Sweden, Mexico, Chile. Argentina,
Brazil and China. Americas trade bal
ance with Spain is favorable, but the
exigencies of Allied finances have
caused the dollar to drop in that coun-
try through payments for large Allied
purchases in exchange on this coun-
try. Some of the loss in the exchange
rate may be made up by the rcstric-
tion on imports recently inaugurated
by the War Trade Board and which
will be extended by lists of other pro-
hibited articles to be issued socn.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-02
Aetna Group Seeks
Appeal From Court Order


Application was made in the United
States Court of Appeals yesterday that
a date be set to hear an appeal from
the order Of Judge Julius M. Mayer in
the Federal district court enjoining
the holding of the annual meeting Of
stockholders during the receivership.
Robert P. Stephenson, special assistant
to the Attorney General, appeared in
court and stated that he had been ad-
viscd that the. War Department is in
tercsted in the company, due to the
large munitions contracts it has placed.
Former Attorney General George w.
Wickersham, representing the interests
favoring the reorganization plan, made
the application to the Court of Appeals
for hearing. John B. Stanchfield
acted as counsel for those opposed to
the plan.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-02
The National City Bank of New

AAO A~eacAO1AoA O1ty oolih VI ANCW
York, one of the few great financial
institutions that has been coura-
geous enough to tell the truth about
the insidious programme of print
ing press finance that is being
foisted on the country by the in
f1ationists now in control at Wash
ington, has this to say in it's monthly
review Of economic conditions:
"The war problem is an industrial
problem. The financial ability re-
quired is dependent upon and cor
responds to the industrial capacity.
If we will develop and properly con :.
serve the latter there will be no
trouble about the former. This
demonstration lights up the whole
problem of financing the war. 1t
establishes confidence. There is no
need for alarm on the subject OF
raising money; no occasion for
doubtful experiments. All that is
required is that the country shall
not expect or attempt to use the
same labor and capital twice at the
same time for different purposes
What it wishes to give to the gov
ernment's service it must not try to
use privately.
''The theory that we must resort
deliberately and designedly to in
fation has not a leg to stand on.
The only sense in which initiation
can be said to be unavoidable is in
the sense that so many people are
ignorant Of the principles of sound
finance and mistaken as to tho
policies which individuals should
pursue in order to assist the gov
eminent that considerable lack Of
effective cooperation is to be ex-
pected."
Spectators and investors are
plainly waiting for a definite turn
in the tide of the battle now being
fought in France. This accounts in
large degree for the period of dul-
ness through which the security
markets are now passing, for al
though the news was more cheerful
yesterday the volume of dealings at
the Stock Exchange was far below
normal, with a total turnover for
the five-hour session of less than
100000 shares. During the first
hour in the afternoon only $4,000
shares changed hands. 1t is not sur
prising that people interested in
securities should hesitate in the mat
ter of making new commitments. In
view of the huge scale on which the
present military operations are be-
ing conducted it is not improbable
that many weeks of hard fighting
are in store for the Allied armies
on this front. While no one any
longer has doubt of the ability Of
the British and French to hold the
enemy, the uncertainty Of the situa-
ton produces hesitancy among the
stock market following. Prices
were generally higher in yesterdays
market, stocks advancing easily on
light dealings.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-02
News Digest
New York

New Oil Comparatively total CAPT
tali2ation Of oil companies in March
with capital of 100000 or more each,
according to figures compiled by "The
Oil Trade Journal" and covering all
states of the Union, approximated
$50 100000, covering seventy compa-
MES, compared with $60,000,0o0 and
fifty-fve companies for February and
with s7o,Qo0,000 and eighty companies
for January.
Central-Union Trust Merger APP
proved. Although the date set for
stockholders of the Central Trust Com
pany to approve the merger of this in
stitution with the Union Trust Com
pany is April II, SO per cent Of the out
standing stock has approved the con-
solidation.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-02
Money and Credit

The banks were more liberal yester-
day with their offerings Of call money,
the ruling rate at the Stock Exchange
declining from 8 to 5h per cent. In
the afternoon, when the demand for
funds was light, the supply Of call
money was the largest in some time,
and the call rate fell to per cent.
The beginning of the new week
brought no change in the time money
situation. Offerings were scant yes
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-02
No Fortnightly Settlements

Reports that the exchange might re-
vert to the method of fortnightly set
Elements to avoid the worst effects of
the extra tax were denied by officials
of the exchange. It was pointed out
that with the money market subject
to heavy calls which the government
might impose at almost any time, any
such method would be too hazardous to
undertake under existing war condi-
tons. Suggestions that the exchange
might resort to fixed dates for de-
liveries of short stock were also de-
clared to be impractical.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-02
Improvidence in Coal Buying

After pointing out that the new zon-
ing system on coal. which went into
effect yesterday, IS Sin its effect more
drastic than the suspension order" the
current issue of ""The Black Diamond"
declares it fortunate that the arrange
ment goes into effect at the duilest
part of the coal year. Gust what the
immediate future will be-" it adds, eis
another question. In some few places.
the domestic buyers have thorough
appreciation Of the dangers ahead.
They are mostly in the East and few
scattering districts in the West. On
the big majority, the people are saying
that next winter is long way off.
They are not buying as safety would
dictate. This is giving such q slug
gish movement to all coal in MANY dis
tricts that the enforced closing Of
mines is moving little further East
each week"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-02
Deficit for Pennsylvania
Railway System Has Severe
Slump in Profits

Operations of the Pennsylvania sys-
tenn in February resulted in q deficit
of $5,702 ,866. bringing the total deficit
for the first two months of the year
up to $12,371,278. In the corresponding
period last year there was surplus
of S4,811 1888.
Total operating revenues in February
were $31 ,5S7 ,644, an increase of S412,-
S72, but operating expenses. including
taxes, amounted to $36,407,749, or &c.
f9S.4S8 above expenses in February,
1917.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-02

Coming under conditions other
than those that now obtain, the an
nouncement that Canada is to cur
tail imports from the United States
to the extent of $15o,0OO,oO0 would
be disturbing; but the proposed en-
barge will apply only to goods not
essential to the prosecution of the
war, the production Of which has al
ready been curtailed by labor short
age and the diversion of manufactur-
ing facilities to war work. It is
the best possible solution of troub-
lesome exchange problem.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-02
Will Pay kahetian Interest

The British Bank of Foreign Trade,
it was learned yesterday, has announced
that the coupon of the Kahetian Rail-
way IL per cent bonds guaranteed by
the Russian government, which fell due
on March 1, will be paid at. the Offices
Of that institution in London. The
amount of these bonds outstanding is
81 1896, 240. A similar delay occurred in
making payment on the Grand Russian
Railway per cent bond interest, which
fell due in February. That was not
paid until February 10.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-02
Corey Criticises Price Fixing

Criticism of the governments policy
of price fixing in the steel industry
is expressed in the annual report to
stockholders of the Midvale Steel and
Ordnance Company by William E.
Corey, chairman, and A. C. Dinkey,
president of the company. "The action
of the government in establishing
prices in September, 1917, has been
disturbing factor; not so much on
account Of the fact of regulation, but
because most of the factors entering
into the cost of manufacture have not
been, and apparently can not be, limited
by the same authority"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-02

c-.a Ciearings.-Thc days bank
clearings at New York were: Ex-
changes, s496,436,259; balances, $685.
50S,691.
Sub-Treasury.-The banks lost to the
Sub-Ireasury yesterday $4,000.
Silver.-Holiday in London. New
York, $3.50, unchanged; Mexican dol
lars, 74c, unchanged.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-02
Dollar in Foreign Exchange

Exchange rates fluctuated narrowly
in dull market yesterday. Italian lire
displayed a slightly easier tone.
Closing rates yesterday, compared
with week ago, follow:
Quoted dollars to the pound.)
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-02

The above rates express the cost Of
foreign money in terms of the Ameri-
can dollar You buy an English pound
sterling at, say, $4.753s The intrinsic
parity is $4:S6% 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 for
pounds with which to settle accounts in
England.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-02
Relevant Comment
Cities Postpone improvements

The volume of municipal financing in
March indicates the extent to which
municipalities in the United States are
postponing unnecessary improvements
that would require the flotation Of new
bond issues. According to the estimate
of "The Daily Bond Buyer" March
sales did not exceed SIC, 100000, which
is less than the amount reported in
February. but slightly more than the
aggregate sales of January.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-02

terday. and the rate on all naturities
was firmly maintained at per cent
Ruling rates for money yesterday.
compared with year ago, were as fol-
lows:
Yesterday. Year ago
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-02
Tax Ruling Worrying Brokers


Wall Street continued to be much
disturbed yesterday over the interpre-
tation placed on the Federal transfer
stamp tax law by the United States
Attorney General, to the effect that the
borrowing and lending of stocks in
volved in short sales is subject to an
impost of So a hundred shares. There
was further talk chat somebody would
appeal from the Attorney Generals de-
cision, but this Somebody" apparently
has not yet had the temerity to come
out in the open. A member of the
Stock Exchange governing committee
said yesterday that no official action
by. that body is contemplated. He
pointed out, however, that the ex-
change would not be responsible for
any individual proceeding in the nature
of making test case of the ruling.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-02

quiet and the rate was unchanged at
per cent for the best regular maturi-
ties.
Bank Acceptances.There was a
good demand for acceptances yester-
day, but rates were unchanged.
Discount Rates.-O Official rates Of dis
count for each of thu twelve Federal
districts are as follows: