South Bend news-times. (South Bend, Ind.) 1913-1938, 1918-09-22
Notes of the Financial World

The schedule OF new prices fixed
by the war industries board for pig
iron and ore for the last quarter
OF the year were sent 20 Pres't Will
son yesterday for his approval
Members OF the committee refused
20 divulge the prices liked. but il
is understood there were no
changes outside OF an advance Of
25 cents a ton in iron ore. Pig iron
men ask for change in basinC
point from furnace 20 Pittsburgh
and Birmingham. and il is expect
ed this request viii be granted. Chi
cago may also be made a basing
point. This question VIII be decid-
ed az today's session.
II is understood that the United
States Rubber company has applied
10 the capital issues committee for
permission 20 issue $6,000,0 900 five
year seven per cent notes with So
100000 of its first refunding bonds
as collateral
Samuel Untermyer has present
ed TO Director Cen. McAdoo the
proposal OF the National AssOcia-
ton Of Security Owners that a
friendly suit be arranged TO test
/ the validity of the governments
standard railroad contract. 1t is
understood that the railroad admin
istration will refuse to comply with
the suggestion.
The National Association OF Cred
it Men has sent petition to Direc-
tor Gen. McAdoo requesting that
railroads settle for their purchases
with trade acceptances. This. the
petition pointed out. would utilize
the credit of the railroads in a man
Iner fitting into the federal banking
system and at the same time afford
the best method of giving the
stamp of government approval TO
the use of the acceptance in settle
ment of merchandise obligations
A grain control committee has
l been named for the railways in
Chicago, consisting of J. NJ! Brink
/ erhoff as chairman, Fred thinner
man. railroad traffic assistant. and
| j. II. Cherry, representing the
transportation division OF the food
administration. Similar committees
have been named for other railway
! centers.
Ship tonnage actually delivered 10
the emergency fleet corporation so
far this year amounts TO 1.S11,000
tons. with 2.596. 900 tons launched
and keels laid for 4,103,0O more
While the New York market was
rather dull there was underlying
strength and generally good feel
ing. Nothing but restrictions on
money lending appears to stand in
the way of higher prices. But the
federal reserve board and the
banks. are expected for some time
to hold their purse strings rather
tightly and while the market can
advance it Will not be by the leaps
which characterize a bull market in
an easy money period.
Sec'y McAdoo. by insisting that
there was no necessity for increas-
ing the volume Of taxes this year
beyond $4,000, 600, 900. helped SEN
timent in the market, since il APP
peared the secretary was DESTROYS
Of maintaining the status quo in
sentiment, money and securities.
His object is to aid in the fiOta-
ton Of the next Liberty loan.
There is some speculation as 70
the volume of earnings which the
United States Steel corporation Will
show for the quarter 10 end Sept !
30. It is figured that with the in
crease in fre!ghts and wages and
with the plants operating at capac- /
ity a somewhat smaller return
should he shown. The net. how |
ever will depend in the end on the !
amount charged out for taxes.
Following the regular monthly !