davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1918-03-17
Finance Economies

bond prices to higher income
basis. The first and last of these
factors have also exercised an ad-
verse influence on industrial bonds
but there has been an important
modifying influence. That is that,
while confidence in railroad securi-
ties has diminished, industrial Sc
curities have been gaining in favor
largely because asset values have in
creased enormously in many cases.
Earnings have been on an unprece-
dented scale throughout the war
period, and, on the whole, the di-
rectors of industrial enterprises
have exercised commendable eau
ton in the matter of disbursing
profits. Dividends have not in
creased in proportion to earnings {;
on the contrary, earnings frequent
~ have been "ploughed in," thus
putting a firmer foundation beneath
the funded obligations.
New-York tribune., 1918-03-17
Frankfort Defaults
Interest on Bonds of German
Municipality Is Not Paid

An echo of the days before the war
when German municipalities sold their
securities in the American market was
recalled to the attention of the finan-
cal district yesterday by the following
announcement in the weekly bulletin
Of the Stock Exchanges:
"Noticc having been received that
the interest due March /, 1918, on the
City Of Frankfort on-th Main, Ger
many, 3H per cent loan Of 1901, D. R.
W., is not being paid.
"The coNmittee on securities rules
that on and after March 1, 1918, and
until further notice, said bonds must
be dealt in fiat and must carry the
March /, 1918, and subsequent coupons
to be delivery"
These bonds were offered to Ameri
can investors by Speyer e. Co., who
have been paying the interst until pre-
vented from doing so further because
of the trading with the enemy act. The
amount Originally sold here was 12,-
$4,000 marks, or about $3,000,000.
Through sinking fund arrangement,
however, there are now outstanding
only about $40,0 900 of the bonds, SO
that the amount of the March l coupon
amounted to less than S1,400. The in
tcrest was payable in marks.
1t is understood that Speyer e. Co.
asked permission at Washington to pay
the March coupon, but this was not
granted. There have been no dealings
in the bonds on the Stock Exchange
for 4 long time.
New-York tribune., 1918-03-17
New Banks in China

During the last year three new
banks have opened for business in
Shanghai, China, these being Amer
lean, Chinese and Japanese. The lat
ter is a branch of the Mitsui Bank of
Japan, and transacts the usual banking
business. The American bank, known
as the American Oriental Banking
Corporation, was promoted by Amer
lean business men who have been resi-
dents of Shanghai for several years.
1t offers facilities to those of limited
means, allowing checking accounts to
be opened for amountsi as low as $50
and savings accounts as low as 81,
local currency. This bank was incor-
porated at Hartford, Conn, under the
laws of Connecticut, last July, With
capital of $1,000.000
The new Chinese bank is known as
the Chung Foo Union Bank, and has
an authorized capital of $2,000,0o0,
local currency, of which s1,000,000 is
said to have been paid up. Its man
ager is Mr.. Y. r. Sun, who is grad
uate of Brown University. The Bank
of Territorial Development, which
closed it's doors in the year 1916, has
not yet resumed business.
New-York tribune., 1918-03-17
Dividends
REGULAR Declarations

American Manufacturing Co.-Quartery
dividends of i l2 per cent on the common
and "a per cent the preferred stocks,
payable April l to stockholders OF record
March II.
Baltimore Tube Co.-Quartcrly dividend of
3. per cent on the preferred stock. payable
April / to stockholders of record March 20.
Brunswick Bake Collender Co. - Quarterly
dividend of l$. per cent on the preferred
stock, payable April l.
Capital Traction Co. of Washington, D. C.
Quarterly dividend of ! "a per cent, payable
April to stockholders of record March IS.
Central Coal & Coke Co.-Quarterly, divi-
dends of $l.25 share on the preferred and
$50 share on the common stocks, both
payable April Is to stockholders of record
March 81.
Central Foundry Co.-Quarterly dividends
or , per cent on the first preferred and u
per cent on the ordinary preferred stocks.
payable April Is to stockholders Of record
March so.
Cleveland Electric Illuminating Co.-Quar-
terly dividend of ~ per cent on the pre-
ferred stock and per cent on the common
stockholders Of record April ] and the pre-
ferred May ! to stockholders of record
April o.
Edmund & Jones Corporation.-Qu Quarterly
dividends of 25 cents share on the common
and 1%. per cent on the preferred stocks,
both payable April | to stockholders of rec
ord March 20.
Kaufman Department Stores.-Quarterly
dividend of $l.75 share on the preferred
stock, payable April l to stockholders of rec
ord March 30
Sayers-ScovilIe Company.-QuarterIy divi-
dend of 112 per cent on the preferred stock
New-York tribune., 1918-03-17
Dollar in Foreign Exchange

Wild fluctuations in Italian exchange
furnished the outstanding feature of
the local foreign exchange market last
week. The rate on Rome rose sharply
on advices from Italy that the newly
established National Exchange ]nsti-
tute at Rome had been placed in opera
ton and would henceforth supervise all
dealings in lire. Under the new ar
rangement the transfer Of all funds tc
or from italy will be handled by the in
stitutc This will eliminate all deal
ngs of a speculative character.
Italian exchange had touched a rate
Of S97 lire to the dollar the preceding
week, but recovered rapidly on tho
news, climbing on Tuesday to 1876, up
60 points from the preceding day. Sub
scquently there was q reaction and lire
closed at $50. In foreign exchange
circles it was predicted that the Rome
institute would "acg" the lire rate in
the same way that the British and
French governments have stabilized the
rates on sterling and franc bills.
Announcement that the United States
and Great Britain had decided to
requsition all Dutch vessels in Ameri-
can ports brought the market in Dutch
exchange to IA standstill, bankers show
ing disposition to await further de-
velopmcnts before extending their com
mitments. Guilders were strong, clos
ing the week at as cents. Higher priccs
for Russian rubles were quoted in this
market on the news that the German
peace terms had been accepted, al
though there were no actual transac-
tions in exchange on Petrograd.
Much interest was manifested in
European advices to the effect that in
the future commercial intercourse be-
tween Russia and Germany the latter
will accept in payment only the paper
money issued prior to the fall Of the
Gar.
In response to the ratification Of the
commercial agreement between the
United States and Spain exchange on
Madrid displayed pronounced irmncss,
pcBetas rising to 25A cents in the mid
die Of the week, Il new high record for
the war period. At this price pesetas
were at premium of about 80 per
New-York tribune., 1918-03-17
Not an Emergency Method

Aside from the intrinsic value of the
proposal to open the gates for the in
fuX Of fixed number of Chinese it
can hardly be considered a substitute
measure for the idea of mobilzing city
boys. The Chinese farmers, as Mr..
Van Norden points out, will be busy on
their own crops at home for some
months and could not be induced to
leave their homeland until November
at the earliest. Therefore, regardless
OF the merit or demerit of the propo-
sition, it has no relation to the i'm
mediate demand of Americas allies for
food and more food. Mr. Van Norden
thinks that the adoption of his plan
would begin to show results as early as
the following year and that the i'm
provement would be progressive for the
years to come. The entire idea is
predicated on the belief that the United
States in peace as well as war requires
more intensive farming,
New-York tribune., 1918-03-17
Commodities Still Climbing

Extending by slight margin the
gain of the previous month, Dun's in
dex number of wholesale commodity
prices set new high record mark at
22T.977 on March j. This compared
with 227,020 on February / and 1856
'244 on March /, 1917. Compared with
August l, 1914, the index number
shows rise of nearly 80 per cent
On the first Of last month only two of
the seven groups into which the index
number is separated showed recessions
from the beginning of the preceding
month-dairy and garden and clothing.
New-York tribune., 1918-03-17
B. Z. I. Financing

The belief is growing in Wall Street
that the bull; of the S57,735,O00 Brook
lyn Rapid Transit S per cent siS-year
notes due July / next, cannot be
financed except through government
assistance. The attitude of the rail
road administration in the case of the
New Haven notes caused some discus
sion of the possibility that the B. r. T.
may have to finance part of it's ma
turity without the aid of Washing
ton. According tc current report, this
may be accomplished through an offer
ing Of $15,00O,0000 preferred stock
bearing 7 per cent or per cent divi-
dends. If this amount of stock could
be sold it would reduce the amount OF
notes for which the company would be
obliged to look to the government fol
help to about $42,000,0o0.
New-York tribune., 1918-03-17
q nd 9 m m rec
Relevant Comment
Cooperating With the Farmer

Using the employment Office of large
industrial concerns as means of hir-
ing farm labor is suggested by Henry
Ford in letter to The Tribune in re-
sponse to an inquiry about agricultural
labor conditions. The plan is to have
employment managers of factories re-
Ter applicants for jobs who are unavail-
able for themselves to neighboring
farmers: Instead of putting out signs
No Help Wanted Here" on fully sup
Piled factory doors Mr.. Ford, who has
already tried the scheme himself,
would substitute the legend. Farm
Help Wanted" The auto manufacturer
also states i'll his letter that the use
OF farm tractors is expanding as fast
as makers can produce them. Around
Detroit, he says, the farm workers
present salary averages IS month
more than a year ago.
New-York tribune., 1918-03-17
Criticises Labor Department Plan


Warner M. VAN Norden, of the Lotos
Tea Concern, holds put little hope for
the success of the Department of La
boris plan to enroll schoolboys next
week to help on the farms at harvest
time. He uses the immnence of the
governments programme as an oppor-
tunity to reiterate his suggestion that
the importation of Chinese farmers is
the only feasible method of radically
increasing the yield per acre of the
American farm. Mr.. Van Norden would
pave the way for the migration of 10,-
600 tillers of the soil and their wives
from the Orient to this country and
contends that by example the frugal
Asiatics would teach the "wasteful"
American farmers the secret of inten-
sive agriculture
New-York tribune., 1918-03-17
Building Declines

The record of building in the United
States during the month of February
this year is the poorest for the same
period in eleven years. The total value
for the month in 140 American cities
amounted to 1866 1895, a decrease OF
45.9 per cent from the showing in
February, 1917. And it is only half of
the total of such years as 1916. 1914 OF
1909. according to the record published
in "Bradstreet' current issue. SINH
lar declines have taken place in other
belligerent countries
A summary of the monthly returns
of building plans which have been col
lected by the government during the
last seven years from ninety-thrce OF
the principal urban areas in Great
Britain affords useful indication of
the state of the building industry dur
ing that period. At the outbreak of
war, in August 1914, the building trades
suffered good deal of disturbance and
much temporary unemployment ensued
Government contracts quickly brought
the enlistment of large numbers of op-
erativcs, has since kept the uncmploy-
ment figure within very small limits
Meanwhile, Of course, high prices of
raw materials, official restrictions on
new construction and general stagna-
ton in the demand have combined in
causing building operations to decline
sharply in volume. The following ta-
Bile shows for the years 1911-'17 the
estimated value Of building plans ap-
proved by the local authorities of
ninetythrce urban areas.
1911. G14 ,682,327 1915. .G1O.O15.3
1912.... 14,455,171 1916.... 7,218,32a
1913.... 15,734,l74 1917.. 6392, ,975
1914. -. 14,592,839
The population of the districts in
cluded is over 100000.
New-York tribune., 1918-03-17
The population Of the districts il
cluded is over 12,00O.000.
New Haven Rights"

AS a result of the plan of the New
Haven directors to offer stockholders
and holders of the company's per
cent convertible debentures the right
to subscribe to a new issue of $43.-
5SS,3O0 cumulative per cent prefer
red stock. the Stock Exchange COM
committee on securities has ruled that
the present outstanding stock and the
debentures shall be quoted "ex-rights"
on March 20. The rights may be dealt
in on and after that date. Transac-
tions in the rights must be settled on
Tuesday, April 2, after which date the
dealings will be cas- in securities" The
right to subscribe to the new stock ex-
pircs FridaY. April j..
New-York tribune., 1918-03-17
Another Franklin Trust Bonus

In recognition of the present high
cost of living, the Franklin Trust Com
pany yesterday announced that it
would distribute a bonus to all it's
employees receiving salaries not in cx-
cess of $4,000 a year. Ten per cent of
the salary for the quarter ended March
81 will be given to those who get less
those whose salaries range between
$4,000 and $4,000 This bonus is the
second successive quarterly bonus
given by the company, and is in add-
tion to it's annual profit sharing.
New-York tribune., 1918-03-17
Wool Men Disconnected

In its weekly news letter on the wool
situation in this country the First Ma
tional Bank of Boston says: "The
Federal governments announcement
that, under the terms of the War Trade
Boards order of December 1a it would
exercise its option at price per
cent under values of July 80 on i'm
New-York tribune., 1918-03-17

inner councils of the association from
the start. H. D. RUHM,
Treasurer United Oil and Chemical
Corporation and Manager Chemical
Department Marden, Orth & Has
tings Corporation.
New-York tribune., 1918-03-17
State Bank Call

ALBANY, March 16.--A call for the
condition of banks, trust companies
and individual and private banking in
atitutions at the close of business
Thursday, March ID. was issued to-day
by Superintendent Skinner of the State
Banking Department.
New-York tribune., 1918-03-17
Stock and Bond Averages

ports Of wool grading 44-56's, inclu-
sive, was dsconcerting, since it had
been concluded by the trade more or
less generally that the government
had decided that to exercise it's option
would be against public policy" And
to this it adds: "In January, accord
ing to the first monthly census returns
on wool consumption, there we're con-
sumed of all classes and conditions of
wool nearly 54,0OO,0o0 pounds"
New-York tribune., 1918-03-17
Money and Credit

! Loans and discounts of the Clearing
House banks decreased $S1,7140oo to
! S4,266,425, 900 last week, according to
the statement issued yesterday Sur
plus reserves decreased $20,847 ,4SO and
now stand at $34,315,S10. The heavy
Withdrawals of funds from the banks
by the Treasury was reflected in the
statement, the government deposits de-
creasing $1S9,Oo0,00o to s244,251 900.
The statement of the Federal Reserve
Bank of New York showed an increase
of more than $20,OO0,000 in redscounts
by member banks. Total gold reserve
decreased from S63S,7S4,364 to $780,
937,O8S.
The actual condition of member banks
shown by the Clearing House state
ment yesterday follows:
Loans, discounts, invest
ments, etc. $4, ,266, ,42S 900
Cash in vaults of Federal
Reserve members s...... 99,564, 900
Reserve in Federal Re
serve Bank. 5o1,s33,ooo
Reserve in vaults of state
banks and trust Co.'S. 1s,s75,ooo
Reserve in repositories 7,563,OOO
Net demand deposits 80. 3,694,546, 600
Net time deposits. .... POI, ,133,O 600
Circulation ............ 35,O23, 900
Aggregate reserve. 526, 6,371 600
Excess reserve. ........... 34,315,OO0
United States deposits deducted,
244,251, ,0OO
The changes from week ago were:
Loans and discounts. :. Dec. $81 81,714,O0O
Cash in vaults of Federal
Reserve members. Dec. 1,454,OO0
Reserve in Federal Re-
serve Banks Dec 13,285,OOO
Reserve in vaults Of state
banks and trust cos. Inc. $4,000
Reserve in repositories Inc 100000
Net demand deposits. Inc. 53,736,0OO
Net time deposits 80. Inc 100000
Circulation ........ Inc $4,000
Aggregate reserve. Inc. 1902, 900
Excess reserve. Dec 2O,847, ,48o
Discount Rates. - Official rates of
discount for each of the twelve Fed
Il c$, ,o4, f<,11
New-York tribune., 1918-03-17

ne average price Of ten repre-
. .s"'asi7e Industrial bonds is now at
= - same level at which it stood az
{ Nglnning Of 1915. MEANWHILE
acreage price If ten railroad
~aus has droppal more than ten
."''s' a reader asks for an ex-
ae'sr of the apparent discrep-
,' Several major factors have
'0'ned 10 produce this divergence
I, p'Ee movement. In the first
-, the railroad bonds have been
s 800 by taxation, which has re-
- - tne net yield and diverted in
'shs into other channels. In
- g second place, railroad officials
~ ~ constantly and consistently en-
g..a g.'s"a " create the impression
n we railroads were "going To
is.. a'gs," and thereby haye dis
s,.s, a Confidence in vaIucs; and,
y, ss the riae in commodity prices
pFotsuced a readjustrncnt in
New-York tribune., 1918-03-17
Current

fhe above Tatcs express the cost OK
foreign money in terms of the Ameri-
can dollar. Yo- buy an English pound
sterling at, say, ,s4.75h. The intrinsic
parity is $4S69s per pound. Thus you
say either that pounds arc at a discount
is owing to the fact .that in England
the demand for dollars with .'hi-'. 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., 1918-03-17

lnasmuch as the increase in
fright rates just granted by the
laterstate Commerce Commission
vi merely expand the govern
nent's revenues from operation of
'ae carriers, without immediate
profit to the owners Of the rail
! reads, it may appear that the latter
have little interest in the matter.
But it is, nevertheless, of vital i'm :
prtance to the holders Of transpor-
'anon securities, for it indicates a
Nllcy which, if carried out, viii in
Are them adequate compensa-
1sa when government operation IS
asaSdoned. Il is certain that as
ING as the war lasts operating ex-
ssases, and particularly labor, are
gang to mount steadily; and it is
Nao means certain that the defa-
sa Of costs will be as rapid as the
s.a
asation has been. Experience has
@#n that labor seldom relin-
sshes an advantage once it is
aaed; therefore, labor costs are
@sy to remain high for a consid-
ss9le period after the war. The
ssflers would thus be in bad posi-
IN If they should have to meet
gner costs, when private opera
@'h Is resumed, with no increase in
'sss. Fortunately the government
spears 10 have adopted the sound
"aFse Of making the railroads self
,ss.alning, as far as it is possible
70 do 70.
New-York tribune., 1918-03-17

cent. Toward the close of the week the
rate eased off, falling below 25 cents
If you calculate the cost of the dollar
in terms of forcig gn money at par value
that is, as if you were buying dollars
with pounds, marks or francs--its
value at the close of last week, as
compared with a year ago, would be
about as follows:
New-York tribune., 1918-03-17


mon, both payable April l to stockholders Of
record March 20.
Lackawanna Railroad Co. of New Jersey.
Quarterly dividend of / per cent. payable
April l to stockholders Of record March 8.
Michigan Light Co.-Quarterly dividend of
y per cent on the preferred stock. payable
April l to stockholders of record March IS.
National Glue Co.-Quarterly dividends Of
per cent on the common and preferred
stocks, payable April | to stock khoders of
record March Is.
Safety Car Heating & Lighting Co.-Quar-
terly dividend of l u per cent. payable April
| to stockholders of record March 16.
Baltimore Tube Company.-QuarterIy divi-
dends of IA per cent on the common and
preferred stocks, both payable April l.
Central Illinois Public Service.-Quartery
dividend of $l.50 per share on the preferred
stock. payable April 15 to stockholders Of
record March 80.
Ridge Avenue Passenger Railway.--Quar-
terIy dividend Of So per share, payable April l.
YorkvilIe Bank Quarterly dividend of s
per cent, payable April |.
New-York tribune., 1918-03-17

Below is given the current exchange
value Of foreign money in dollars ani
cents. together with the intrinsic go!G
parity, as calculated by the United
States MINT:
New-York tribune., 1918-03-17
.xtraS

+. w. Bliss Company. An extra
dividend of 11A per cent has been de-
clared on the common stock, in addi-
tion to the regular quarterly dividends
Of u per cent on the common and 2
per cent on the preferred stocks, all
dividends payable April / to stockhold-
crs of record March 25
keystone Tire and Rubber. The
company has declared an extra dividend
of onethird Of l per cent on the pre-
ferred stock, in addition to the reg
ular quarterly dividends of per cent
on the preferred and 2 per cent on the
common stocks, all payable April l to
stockholders of record March %.
New-York tribune., 1918-03-17

r is the lAsiiioii ho" "'oS'so "-iio'i 8
.,.so who have a passion for tam
ING with economic laws to dis
;.s affections lightly with the as
zion that new forces have been
:n;ected into the situation by our
anticipation ~, in the war that make
sucb laws imperative. But time
ssnfounds those who deal arbi-
.rorilv with fundamentals. The
United States had hardly entered
.hs war before cry went up in
washington for price fixing. Of
course, it was said, no general ap-
nlcation of the idea was necessary;
Tho restrictions should apply only to
tbe basic products, like copper and
,;rc and iron and steel. But the
,r;ce tinkerers will soon discover,
4 they have not already discovered,
Nat it is not feasible to hold down
ssa price of one commodity while
,,.ouraeing an advance in others
h hinAation on a preposterous scale.
Since prices were fixed for some
.,mmodities others have pursued
t.er upward course without inter-
,uption-Dun's index number for
M first of the current month
ssnding at new high record,
though it includes metals which now
are much lower in price than they
we're last September. That was to
be expected, because depression of
prices in one case tends to raise
prices in others by increasing the
ability of consumers to purchase
other goods. The steel trade and
copper trade and others in which
prices have been fixed have been
caught between the economic mill
stones. Prices for their products
have been depressed; prices of the
Instruments of production which
they must buy, including labor,
have scared. And every rise in
wages and materials needed to pro-
dNe, say, steel is exactly equiva-
lent to cutting the prices of steel
products by so much. That is why
steel makers are planning to ask not
only for higher price, but for
stabilization of manufacturing
costs, as far as it is possible to
stabilize them by fixing prices for
the things they must buy. They
would be thoroughly justified in
making such demand, for, while
the situation is not yet acute, owing
TO the fact that steel profits have
been extraordinarily large, it is
obvious that the producers cannot
long. continue to maintain produc-
ton at the rate necessary to insure
a plentiful supply of steel if they
have to contend with mounting
costs and have no substantial off
set. There is no use lodging the
issue by granting grudging in
ereases from time to time. Either
priee-fxing should be abandoned or
it should be extended to cover all
commodities, and that is practically
impossible, because the price of the
cntrolling commodity-labor-can
nsyer be fixed by decree.