davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1918-05-03
Commission on Scrap Sales
Maximum of 3 IL Per Cent Is
Allowed by Board

E. H. Gary, chairman of the COM
mittee on steel and steel products Of
the American Iron and Steel Institute,
gave out the following yesterday re-
garding dealings in scrap iron and
steel:
Referring to the statement made
by me under date of March %, 1918,
the War Industries Board has author
ized the following ruling in respect of
scrap iron and steel:
"(A) Consumers of scrap iron and
steel employing an agent to purchase
scrap for them may, at their dscre-
ton, pay as compensation for such
service sum not exceeding 31x per
cent of the agreed price at which such
material is to be delivered, in cases
where the agent guarantees the quality
and delivery Of an agreed tonnage of
the material. This compensation shall
be shown as a separate charge in
billing; the material may not be in
voiced at any price. In excess of tho
maximum announced.
(b) Under no circumstances NAV
a dealer or broker split or divide this
extra sum which may be allowed him
by a mill with any other dealer.
broker or producer, and the highest
price that any one under any circum
stances may pay is the maximum price
as stated in the announcement O! the
War Industries Board under dat. Of
March rs, 1882
New-York tribune., 1918-05-03
Exchange Difficulties

It is pointed out by this authority
that If the United States makes direct
loans to the Dominion or it is agreed
that certain limited portion of The
proceeds of American loans to Great
Britain may be expected in Canada the
necessity for the sweeping prohibition
of imports would not be SO pressing
1t is suggested that it might be deerac /
advisable to place restrictions or lin,i-
tations upon the importation from the
United States Of certain items rated as
luxuries or near-luxuries, with the oh
Ject of reducing the expenditures of
Canadians upon such articles and also
as means of further improving the
exchange position. "But the large or
main difficulty in regard to exchange, /"
it is added, would be removed hv an
arrangement providing for successive
credits in New York. placed at our dis
posa! by Great Britain or the United
States government, the funds coming in
either case from the latter party. Ac-
cordlng to this weeks news from Otta-
wa. Canada is officially asking the
American government for 500, 900 900
OF war orders, and it is said that there
IS good prospect of our receiving or
ders to that amount. If these expecta-
t1ons are realized, this development
also will be such as to lessen the
necessity of prohibition of imports"
New-York tribune., 1918-05-03
Forecasts on Steel

Following yesterdays net advance of
= points in Steel common, making a
gain of 3A points in the stock since the
publication of the report for the March
quarter and the declaration again of an
extra dividend of per cent. Wall
Street statisticians busted themselves
with figuring out the earnings for the
current quarter 1t was estimated that
net earnings for April, May and June will
compare favorably with March, which
showed a total of $26,471 ,304 after war
taxes, or at the rate of Approximately
$4,000, 900 for the quarter 1t is diff
cult, however, to accurately forecast.
because of the factors involved in esti-
mating the war taxes. Of course. it fol-
lows that the greater the earnings are
the greater the amount that will have
to be turned over to the government.
New-York tribune., 1918-05-03
Chesapeake & Ohio
Earnings Decrease
Report for 1917 Shows Bal
ance for Stock of SLIPS
a Share

The Chesapeake e. Ohio Railway
Company last year earned $7,066,378
after fixed charges. or the equivalent
of S11.25 share on the S62,792,60
capital stock, compared with $12.21 a
share earned in 1916.
Total operating revenues, according
to the annual report issued yesterday,
amounted to $54, 4,643, ,793, an increase Of
S4809, ,481, but an increase of S5,407,
648 in operating expenses and a jump
of S802,727 in taxes more than wiped
out the gain in gross. The result was
that operating income, which aggre-
gated $14O98,656, fell off 81 ,400,3
Gus income and a gain of $49,184 in
rentals and other payments. however,
were responsible for net decrease of
only S393,541 in the years surplus be-
fore interest charges of $8,589,79 were
deducted
Referring to the decision of the
Chesapeake e. Ohio directors in March,
1916, to appropriate out of net income
for the three years beginning May 1
that year sum of $7,500,000 for ad
ditions and betterments as an Offset to
the dlfference between the price at
which the company's per cent con-
vertiblc thirty-year gold bonds may be
converted, and the amount of stock
issued at less than par, President
George w. Stevens, in the report, said:
"The net income of the company for
the period May l, 1916, to December 81,
1917, aggregated. after payments Of
dividends, S9,268,53o. from which
amount the board has appropriated
s7,500,O 900 on account of expenditures
above mentioned. 1t will be seen that
the company has thus accomplished in
twenty months all that it proposed to
perform in three years in respect to
this matter"
New-York tribune., 1918-05-03
The Case of Mr.. Forbes

The refusal Of Allen b. Forbes. head
Of the bond firm of Harris. Forbes &
Co., to serve as director Of the War
Finance Corporation did not come as a
surprise to his friends in this city.
Owing to Mr.. Forbes's interest in past
flotations by large number of public
utility companies throughout the coun-
try it was said that he felt he might
not be able to do full justice to a po-
sition which required absolute neutral
ity in passing judgment on applications
for loans hereafter made by those con-
Germs. Mr.. Forbes's appointment to
membership on the capital issues COM
mittee of the Federal Reserve Board
was surprise to him, and he accepted
only with considerable reluctance. He
will return to active duties with his
firm. with which he has been dividing
his time with his work at Washington.
New-York tribune., 1918-05-03

About eight months ago one of
the leading steel trade authorities,
after thorough investigation, est-
mated that government require
ments would not absorb more than
20 per cent, and perhaps as little as
S per cent, Of the country's steel
making facilities. That estimate
was generally accepted as accurate
at the time; to-day it looks absurd,
for most of the steel production is
now going to the government, and
still more is being devoted to war
work every day. The Pittsburgh
market report of "The Iron Age"
states that practically 100 per cent
of the following products have been
commandeered or set aside for the
government:
Billets and sheet bars, structural
material, iron and steel bars, sheets,
wire rods. wire products, coldrolled
strip steel. shafting, nuts and bolts,
rivets, wrought pipe and boiler
tubes.
That is, nearly all the principal
products of the steel mills have been
withdrawn from the market and
are no longer available for CONNER
cial projects. 1t is a striking illus
tration of the way that non-essen-
tial businesses have been forced to
give way to war needs, and demon
strates forcibly the fallacy Of the
business as usual propaganda.
Business as usual" without an ade-
quate supply of steel is impossible.
The British Postwar Trade Com
mittee has reported that a general
prohibition of exports to present en-
cmy countries after the war is i'm
practicable. The same thing might
be said of imports from such coun-
tries. But it does not follow that
German trade will flourish as before
the war; on the contrary, it is al
most certain to be crippled seriously
for a decade at least, and perhaps
for a generation or more. No gov
ernmental action will be required to
put the ban on Teuton goods; that
will be done automatically by the
people themselves out Of the bitter
ness that will last for many years,
and if the American people and the
people of France and England and
the other Allied nations refuse to
buy German products, then the en-
pire will be beleaguered economical
ly just as effectively as she now is
in military sense. Trade cannot
be one-sided; Germany can buy
from others only if she can sell to
them. Not in this generation will
there be considerable market for
goods bearing the once familiar
stamp "Made in Germany"
New-York tribune., 1918-05-03
Features in the Rail List

New Haven and Canadian Pacific
were the bright spots in the rail list
yesterday, the former selling ] y points
to 30A and the latter 2A to 140%.
The advance in Canadian Pacific was
connected with the remarks of Lord
Shaughnessy at the annual meeting of
stockholders on Wednesday that the
road was undercap pitalized. New Ha-
ven's rise seemed to be held by the
announcement from Washington that
the Interstate Commerce Commission
had tentatively approved an applica-
ton of the 1oad. for higher fares from
points on its lin&s to interstate destina-
tions.
New-York tribune., 1918-05-03
To Buy Express Stocks

The latest report to reach Wall Street
from Washington concerning the future
status of the express companies is that
the three largest-the American, Wells
Fargo and the Adams--will be COM
pletely absorbed by the railroad admin
istration. which may be expected to
acquire them from the revolving fund
or through the War Finance Corpora
tion. The combined par value of these
companies securities is approximately
S7000O,000. Adams Express closed yes
terday at 65, off 1, while American Ex-
press sold iown to 80 for net loss of
8 points. The last sale of Wells Fargo
was at 71A.
New-York tribune., 1918-05-03
Money and Credit

Larger government Withdrawals
caused a slight hardening in the local
money market yesterday, the rate on
call loans at the Stock Exchange rising
to per cent around midday. Subse-
quently increased offerings eased the
situation and the call market closed
at 3 y, with a ruling rate of per cent
| for the day.
Stagnation prevailed in the market
for fixed date funds. A few loans were
reported as having been placed for
sixtyday periods on industrial securi-
ties at 6 per cent. Sixty-day ma
TURTLES on mixture of railway and
industrial securities as collateral are
quoted firm at per cent bid.
Ruling, rates for money yesterday,
compared with year ago. were as fol-
lows:
Yesterday. Year ago.
Cal, nono Per cent, Per cent.
Time money (mixed collateraD:
Sixty days. .......... q
Ninety days........ 4l4
-Four months. 6 4A@4lA
Five to six months. 6 604N
Commercial Paper.-This market
continued dull yesterday. The best
paper is being discounted in small
SIX months maturities, with little de-
mand for the shorter date paper. In
terror banks are the principal BUYERS,
Bank Acceptances.-The market for
bank acceptances continued active yes
terday, with the demand for eligible
member bills coming from interior as
we'll as local institutions. Rates were
! unchanged, as follows:
Thirty Sivtv N;o.t-
Spot de- days. days. days.
Eiisyy ii'issyi bic Fs' cent Fer cent Per cent
banks: .41s@4 4A@4ls 4h@4a
E iyible
ber banks.47a@4a 4sd@4M Ah@4s
Ineligible
bank bills.5A@4a4 sA@4a4 sM@4M
For delivery within thirty days:
Per cent.
Eligible member banks. ......... AZ
Eligible nonmember banks.... 45a
Ineligible bank bills.
Discount Rates.-The following table
| gives the current rates of the twelve
| Federal Reserve banks on commercial
paper on all periods up to ninety days:
--------- Maturity ----,
Within Is days, IS 61
including men, to to
Der banks col 60 80
lateral notes. days days
inclusive. inclusive.
Boston.... q 434 434
New York. q 43A 4M
Phila.. 4 43A 43M
| Cleveland. az 434 43A
Richmond. AZ 4a4 43l
Atlanta. q '4A 4A
Chicago. 4 434 s
St. Louis. 4 asa 4M
Minn...... q 4al
Kan City. q 4M 4sz
Dallas. 4 43l
| San Fran. q 4M Az
Bank Clearings.-The Jays bank
clcarings at New York and other cities
were:
Balances. Exchanges.
New York. -. .$67s 2t7.729 $67, ,ss5,3ss
Boston. 57,26s,441 1851 1851
Philadelphis.... 72,416,201 15,67s,764
New-York tribune., 1918-05-03

has been elected vice-president Of that
Institution, succeeding the late c. G..
Rawlings.
James NJ. Sheldon has been elected
president of the Mutual Film Corpora
ton, succeeding John R. Freuler, re-
signed
Harvey D. Gibson has been elected
president of the Liberty Securities Cor
poration; Sidney w Noyes. vice-presi-
dent, and Frederick F. McGlynn was
elected secretary and treasurer.
New-York tribune., 1918-05-03
Relevant Comment
From sub-Treasury to Calcutta

Now that the actual shipment of sill
yer to India for United States govern
ment account has begun a steady stream
Of the metal is expected to flow in that
direction to pay for American pur-
chases there. In the local silver trade
yesterday it was asserted that in the
near future approximately 100000
ounces in addition to the metal that
has already been consigned to the Far
East will be started on it's long journey
to Calcutta. Later consignments for
an additional 100000 ounces will fol-
low when the metal becomes available.
New-York tribune., 1918-05-03
New York

kennecott Gets Control Of Mother
ode.-Announcement was made yes
terday that interests identified with the
Kennecott Copper Corporation have Sc
cured a controlling interest in the
Mother Lode Copper Mines Company. of
Alaska. The deal, it was stated, will
involve the formation Of new COM
pany. and new securities will be issued
in place of the stock and bonds of the
acquired concern.
Borough Bank Stockholders Must
Pay Interest.-Stockhol of the Bor-
ough Bank of Brooklyn must pay ap-
proximately $4,000 interest on 100000
demanded from them by the State
Banking Department when it was dis
covered the assets Of the bank would
not cover claims Of depositors. This
was the decision handed down by JUS
tice Callaghan in the Supreme Court in
Brooklyn yesterday. The stockholders
have fought payment of the demands
of the Banking Department, principally
on the point Of interest payment.
New-York tribune., 1918-05-03
New Oil Companies

Eighty new oil companies were in
corporated in the United States in
April with an authorized capitalization
of $35, 100000 according to the monthly
report of the coil Trade Journal" This
compared with the seventy companies
chartered in March with a capital of
Ss0,OOO,000 and fifty-hve companies in
900 600.
New-York tribune., 1918-05-03
The Dollar in Fore:xn Exchange

Exchange on Italy displayed a
slightly firmer tone yesterday, re-
covering to the equivalent of 9.oO1h
lire to the dollar, compared with low
en- Wednesday of 9.o3. Dutch exchange
made further advance. guilders
touching 4SA cents. This is a new
high record for the war period. Other
exchanges were steady.
Closing rates yesterday, compared
with week ago. follow:
Quoted dollars to the pound.)
New-York tribune., 1918-05-03
Current

The above rates express the cost of
foreign money in terms Of the Ameri-
can dollar. You bny an English pound
sterling at, say, s4.75as. The intrinsic
parity is s4.S69s 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 TO,
pounds with which to settle accounts in
England.
New-York tribune., 1918-05-03
News Digest
Foreign

London Market Cheerful-LONDON,
May 2.-The stock market had a de-
cidedly cheerful tone to-day. Gilt
edged securities and also foreign
bonds were in improved demand at
hardening prices. Shipping stocks
were more active and mines were good,
particularly tin. Oils were buoyant
following an advance in petroleum.
and industrials were firm features.
Rubber shares moved irregularly.
Paris Bourse-PARIS, May g.
Trading was more active on the
Bourse to-day. Three per cent rentes,
So francs SO centmes for cash. Five
per cent loan, 81 francs so centimes.
New-York tribune., 1918-05-03
The Silver "Sink Hole"

India has been called the worlds
"sink hole" for precious metals. Mill
ions CT dollars Of silver and gold have
been poured into India and spread
among her 40O,000,00O people and very
little of it has ever returned to general
circulation. Silver men here assert
very little Of the silver that is being
shipped to India on United States gov
ernment account will ever find it's way
back to the regular channels of COM
merce and finance
New-York tribune., 1918-05-03
Erie Mortgage Amendment Approved

-TRENTUN, N. j., May z. The
State Public Utility Commission has
approved the petition of the Erie Rail-
road Company, supplementing it's $15,-
100000 refunding and improvement
mortgage maturing November l.. 1887
approved by the board. amending the
mortgage SO as to reserve to the rail
road company the right to extend the
date Of maturity of any underlying
which the company is liable.
New-York tribune., 1918-05-03
Other Cities

Rock Island Annual Meeting.-CHI-
CAGO, May 2.-Stockholders of the
Chicago, Rock Island & Pacific Rail-
way Company, at their annual meeting
held here to-day, passed resolution
empowering the directors to execute a
contract with the government for op-
Grating the road and "to receive just
compensation during the time in which
the road is under Federal control" The
meeting adjourned until June 3. No
directors we're elected, as the terms of
those elected in October, 1917, 90 not
expire until May, 1919.
New-York tribune., 1918-05-03
Elections

Edwin A. Potter, jr.. has been elected
q director of the Scandinavian Trust
Company and Danforth Cardozo was
elected secretary.
BENJAMIN A. Morton, trust officer of
the Union Trust Company Of New York.
New-York tribune., 1918-05-03
Trow Company Notes Authorized

Judge John C. Knox, in the United
States District Court, yesterday author
lied Edward II. Titus and John B. John
ston, receivers Of the Trow Directory
Printing and Bookbinding Company. to
sorry notes to continue business. The
company's payroll amounts to $4,000
weekly
New-York tribune., 1918-05-03

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., 1918-05-03
Regular Declarations

Canadian Pacific Railroad Company
Quarterly dividend of 2It per cent on the
common stock. payable June 20 to stock
holders of record June /.
Hart. Schaffner & Marx.-Quarterly divi-
dend of l per cent, payable Nay 81 .
stockholders of record May 20.
Lima Locomotive Works.-Senai-aHnun
dividend of 81. per cent on, the preferred
stock. payable May 10 to stockholders a
record April 80.
Pittsburgh & West Virginia Railway
Ccmpany.-Quartcriy dividend Of - rer
cent on the prefererd stock: payable JunA
to stakeholder Of record May Is.
New-York tribune., 1918-05-03

Silver.-Bar silver in London wa.
~, down hd; New York, 9o1s, a dc
cline of sc; Mexican dollars, tic, un
changed
New-York tribune., 1918-05-03

Bank of England.-LONDON May 3.
line weekly statement of the Bank of
England showed an increase of 1855 in
gold bullion. The proportion of re-
serves to liabilities now stands at
1000 per cent, compared with 1874 per
cent week ago. The statement, with
the changes from week ago, follows:
New-York tribune., 1918-05-03

Bank of France.-PARIS, May g
The weekly statement, with the changes
from week ago, follows in francs:
Gold holdings,
5,378,825,ooo Inc. $4,000
Silver holdings,
256,o4o,ooo Inc. 10000
Notes in circulation,
2e,7a4,o55,ooo Inc. 337,s75,ooo
Treasury deposits,
41,o94,oo0 Dec. 1850 900
General deposits,
3,4t3,69e,ooo Inc. 81,247, 900
London Money Market.-LONDON
May 2.--Ihere was large increase in
1he foatlng. supply of money, which
loaned at 2Aper cent. Discount rates
were were quiet; Short bills, 31s per cent;
three months, 1916 per cent. Gold
premium at Lisbon 12N 90
New-York tribune., 1918-05-03
Dividends
Extras

Extras
Manomet Mills Company.-Extra div
idend of 50 per share in addition to
the quarterly dividend of SO per shares
both payable May to stockholders OK
record April 80.
New-York tribune., 1918-05-03

Sub b-Ireasury.-The banks gained
from the Sub-Treasu4y yesterday s349,-
New-York tribune., 1918-05-03

Finance Economies

WALL. STREET OFFICE: Teerhor.
Building,
New-York tribune., 1918-05-03

Bank Clearings.-The iay's bank
clcarings at New York and other cities
were:
Balances. Exchanges.
New York. -. .$679,217.729 $67, ,ss5, ,3ss
Boston. ......... 57,268,44t e,561,8
Philadelphia.... 72,416,201 t5,67s,764
New-York tribune., 1918-05-03
Do
Yourself
This
Favor

You do not think
you are giving away
your money or do
ing somebody else a
big favor when you
buy a house, or an
automobile. You
are doing YOUR
SELF a favor-you
are putting your
money into some
thing you want, and
believe is worth all
1t costs.
Neither are you
giving aW ay your
monev or dOinp
anybody a big favor
when you buy Lib
erty Bonds.
New-York tribune., 1918-10-19
Will Fight to Keep
Children in School
Labor Department Alarmed
by Increase in Number of
Child Workers

WASHINGTON, Oct 1s.-A '"keep
the children in school" CAMPAIGN will
De launched soon by the chidrcn's hu-
reau of the Labor Department rs tbo
next step in its childrens wear pro.
grammc.
with the opening of the schools This
'".' IL was discovered that high wages
offered the children had broken down
'he prejudice against keeping bows and
girls out Of school who did not have to
work. Investigations made in indus
tfial ana commercial centres bv tho
chldren's bureau show that tho num-
per o; scnool children who are worlinp
IS in some places several hundred ncr
cent greater than last year. They also
reveal shat few of the young people are
employed IN work that will give them
experience Of any value The turn
ever III children's jobs is great.
The increased wages have broupht
about another problem, that of well
paid children, to prevent them from
spending foolishly. 1t is possible that
IT some cities a juvenile police NAV be
established to aid in this supervision.
New-York tribune., 1918-10-19
Women Die in Service

Two stars on the suffrage service
flag in national Headquarters, Ill Madi-
son Avenue, were turned to gold yes
terday when the news arrived Of the
death of two women workers in the Ma
tional Associations hospitals in France.
Miss Winifrcd Warder, of the en-
ginecr corps of the gas unit. died Of
influenza on October s in the American
Red Cross hospital in Bordeaux, where
she was lntcrned in ar American mill
tary hospital with the soldiers whom
she went over to serve. Miss Eva
Emmons. a New York City nurse, also
died Of influenza in active service in
the refugee unit Of the Womens Over
seas Hospitals in Labouheyre, France.
New-York tribune., 1918-10-19
Mothers of Fallen
69th Heroes Raise
Gold Service Flag
One Star on Emblem Dedi-
Gated Before Thousands
at Altar of Liberty
Get Big Loan Pledges
More Than SIS, 900, 900 in Sub
scriptions Are Taken in
Twenty-four Hours

The Altar of Liberty. in Madison
Square. was consecrated for an hour
Yesterday by the presence of mothers
of boys of the old 69th Regiment who
have died on the field of honor and
the mothers of boys who are still car
rying on in that regiment. 1t was
Heroes Hour. and flag with a single
gold star was raised in honor of the
dead of the 69th. Prayers were Of
fered for TIE safe return of those re-
naming.
Taps" sounded by the band in muf-
fed tones, was softened bv the re-
strained sobs of the bereaved mothars
sitting there. Then. while Or. Walter
Damrosch played the accompaniment
on piano, Miss Margaret Anglin re-
cited "1n Flanders Fields" Mrs. Rob
ert Bacon. who has four sons in the
service, raised the gold star in honor
Of the 69th fallen heroes.
The mothers of the 69th" raised
more than So,000.00O of Liberty Loan
suoscrlptlons in the twenty four hours
preceding the flag raising. The mothers
themselves made additional subsctip
Vohs OF so'Voo after taking their seats
on the platforms. After the ceremonies
the mothers mingled with the crowd in
the square and escorted eager scores to
nearby Liberty Loan booths.
The heroes hour" address was made
by DR.. L. S. Rowe, Assistant Socreiorv
OF the Treasury, who said, in part:
The dedication of these service flags
IS tribute to the nobility and unscif-
ishness Of American womanhood and
IS symbolic of the moral standards
mat must guide this nation Your
sacrifice, mothers of America. has not
oeen IN yam. Your abnegation, com
bined with the supreme sacrifice made
ny your sons, has given new mean
ing to America and a new dignity TO
American citizenship. Reverentlv we
bow our heads in the presence of youl
sorrow, knowing full we'll that vonr
grief has been sanctitied and in y