davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1918-03-09
Need Steel-Price
Rise, Says Clarke
Aid for High Cost Producer
Asked to Insure Maxi
mum OUTPUT

A rise in prices that will enable the
highest cost manufacturers to earn a
reasonable profit is urged by E. A. S.
Clarke, president of the Lackawanna
Steel Company, in his annual report
to stockholders, as a means Of Keeping
the manufacture Of the commodity up
to the maximum which is so necessary
for Americas war making machine.
"a basis Of prices that will permit
the highest cost manufacturer will Sc
cure the maximum production" he
said, (which is so essential to the win
ing of the war and which cannot be
had unless prices are such that every
manufacturer will have at least q liv-
ing profit. The final net profits of all
will be levelled by the war excess
profits tax.
"Costs of production have increased
very greatly, due to higher prices of
supplies used, and to the increases in
wages. which have been general
throughout the industry, and some ad-
justment of prices may be necessary
in order that manufacturers whose
costs are highest may continue to op-
crate without loss.
"Shipments decreased about 735 pei
cent as against those of 1916, but this
is due to reduced shipments of pig
iron following the sale of your Le-
banon properties to the Bethlehem
Steel Company. Average price pei
gross ton Of $64.4O received therefor
is $2291 more than in 1916, an increase
of 54.84 per cent. Shipments OF
rolled steel products were 1.184,86a
tons, an increase of 1,402 tons ovel
1916, and were the largest in youl
company's history.
"Your company received during 1917
from mines which it owns or is in.
terested in, and from otner sources
2,1O5,434 gross tons of iron ore anc
produced a total of 859,776 gross tons
of coke and 975,198 gross tons of pig
iron. 1t also produced 89,592 gross tons
of Bessemer ingots and 1,492,775 gross
tons of open hearth ingots, total Of
] 1,5s2.967 gross tons of steel ingots Of
all kinds"
The net profits for the year ended
December 81 last were reported as SIG.
1O6,976, after expenses and charges, in
cluding $10,040000 estimated allowance
for Federal excess profits and income
taxes. These earnings were equal tt
$3.50 share, compared with S34.S1
a share earned in 1916.
New-York tribune., 1918-03-09
Big Copper Mines
Need No Increase
Ir, Fixed Price
But Smaller Companies
Should Get More, Promi-
nent Engineer Says

No increase in the price fixed for
sure the maintenance Of output by
large mines at the maximum permitted
by labor and transportation conditions.
This was the striking statement made
yesterday by prominent mining en-
gineer associated with one of the great
copper companies.
"Prices for labor and material have
advanced substantially since the price
was fixed" this authority said, "but the
margin between cost and selling price
is still ample. Even after deduction Of
excess profits taxes the large produc-
ers are making profits about equal to
those of normal times.
Some Curtaifment
az is nevertheless true" he con-
tinued, chat production has been cur
tailed in some degree as result of the
liking of prices. While the output of
the large mines has been cut in the last
year, it has been owing to labor unrest
and trans sportation congestion rather
than to price fixing. Producers have
tions, for patriotic as we'll as for self
mines, working on low grade ore, have
had to suspend or reduce operations.
Others are treating only the higher
grade ores, because those of low cop
per content do not yield n profit at % 1a
cents q pound"
Stocks If the metal were relatively
small at present, he said, but the de-
mand is still urgent and tending to cx-
pand, and it will, thelafore, be neccs-
sary to maintain and bring in high
production if an adequate supply of the
metal is secured, and that cannot be
done at the price now prevailing.
Special Price for Small Mines
'I believe that it would be desirable,
though not absolutely necessary, to in
crease the price to IS cents a pound,
even for the large companies" he
added, "but in any event the govern
ment should take steps without delay
to make special price arrangements for
the small, high-cost producers, which
cannot now be operated at q profit.
II see no reason why the cost Of pro-
ducton for such mines should not be
determined and it can be determined
with reasonable accuracy and speed
and price made on the basis of such
cost in each case. Certainly the large
producers would raise no objection to
such plan. inasmuch as the demand
for the metal is so great that they
would be able to sell all they can pro-
ducc at just as large profit, More
over they understand that the vital
thing is to obtain maximum produc-
ton, and arc patriotic enough to regard
considerations of profit as of secondary
Importance"
New-York tribune., 1918-03-09
Bonds
Arrange to Meet
Maturing Notes Of
New Haven r. r,
Reported That Government
Will Provide Funds for
$43.OOO,OOO Issue

Announcement is expected shortly
after the passage of the railroad bill
that the government will provide funds
to meet the obligations Of the New
York, New Haven e. Hartford Railroad
that mature on May / next. Originally
these consisted>of $45, 100000 of notes,
but the total has been reduced to s43,-
100000 owing to the purchase by the
company in the open market Of $2,000,-
600 Of the securities.
A tentative plan for government
financing of the New Haven's needs, 1t
is understood, was recently reached in
Washington after a conference Of the
roads bankers and the Director Gen
eral of Railroads.
1t is also stated that the government
plan to supply the New Haven with
funds provides for an amount consider
ably in excess of the total required for
the approaching maturity. The sum
heard in banking circles yesterday was
s55, ,oOO,O 900. This would enable the
provement programme, which it has
been unable to do owing to inability to
borrow money in the open market.
This will be the first important financ-
ing under that clause of the railroad
bill covering maturing obligations of
the carriers, which states:
"For the purpose of providing funds
requisite for maturing obligations or
for other legal and proper expenditures
or for reorganizing railroads in receiv-
crship, carriers may issue such bonds,
notes, equipment trust certificates,
stock and other forms of securities as
the President may first approve as con-
sistent with the public interest.
"The President may out of the re-
volving fund purchase for the United
States al or any part of such securi-
ties at prices not exceeding par, and
may sell such securities whenever in
his judgment it is desirable at prices
not less than the cost thereof"
Before the government took over the
railroads, on January 1, the problem of
meeting the New Haven's maturity was
, considered one of the most seriou. the
company has ever had to face. With
Federal control, however, the aspect of
thc roads affairs has changed greatly
Now that it has been practically ar
ranged that the notes will be provided
Tor by the government, the plan to is
/ sue preferred stock to pay them off. il
is expected, will be dropped.
New-York tribune., 1918-03-09

itate the shipment of hides and skins
to the United States, but found little
encouragement for the near future.
Farmers are not allowed to kill calves
for a period of three years, and only
small quantities of other hides and
skins are being bartered by the rails
ers. Old stocks are held in interior
warehouses and by spectators, but
there are no important supplies of
hides and skins in or near Vladivostok.
The business stagnation in Rus
sia, explains Mr.. Preston, is due
in part to the depreciation of the ruble
and to restrictions on the banks. Trans
fer of money by banks from one city
to another is forbidden, and depositors
are not allowed to draw more than $50
rubles at time. In ordinary times
250 rubles is equal to a trife more
than S125, but is worth great deal
less now.
New-York tribune., 1918-03-09
The Dollar in Foreign Exchange

A sharp recovery in exchange on
Italy furnished the outstanding feature
in the local market, the rate rising 90
points to S.73 lire to the dollar.
Spanish pesetas continued their adj
vance, rising to 2452 cents, a new high
record. The rest Of the market showed
no important change.
Closing rates yesterday, compared
with week ago, are given in the table
below American bankers have sus-
pended all dealings in German and Aus
trian exchange, so that daily quotations
fo- either marks or kroncn are no
longer available
New-York tribune., 1918-03-09
New York
Cerro de Pasco Operating as Usual

Cerro de Pasco Operating as Usual
"A cable message received here by
the Cerro de Pasco Mining Company
yesterday from its agents in Peru said
that the recent report that the COM
pany's mines, in the copper and silver
producing region northeast of Lima,
had shut down was untrue. The mines
were operating as usual, the message
declared. and labor conditions were re-
ported to be good. A news dispatch
sent from Lima on March said the
company's mines had suspended opera
tlons and that more than 1900 men
were out of employment.
New-York tribune., 1918-03-09
Certificates Oversubscribed

Figures made public by the Federal
Reserve Bank yesterday showed that
the New York districts subscription to
the recent s5OOOO0,oO0 Offering of Az
per cent Treasury certificates Of in
debtedness amounted to S199, 9,715,O0O,
compared with an allotment of $194,-
100000. In the final allotment of the
country's participation New York's sub
script!on was cut down to SLIT, 800.
New-York tribune., 1918-03-09
Announce Grain Standards

WASHINGTON, March S.-Tcntativc
revised standards for wheat under the
grain standards act were announced
to-day by the Secretary of Agriculture
The standards are less cXacting, espe-
cially with reference to moisture, mkt
ures of wheat Of different classes, in
separable foreign material and rye
mixtures, than are the present stand
a rda
New-York tribune., 1918-03-09
News Digest
Foreign

Paris Bourse.-PARIS, March t.
Three per cent rentes were quoted to-
day at 81 fvancs so centmes for cash.
Exchange on London was 81 francs 20
centimes. Five per cent loan was 81
francs 95 centimes.
New-York tribune., 1918-03-09

Silver.-Bars in London were quoted
at 42Md, up I'D; New York, S5%c, an
increase of 1ac; Mexican dollars, 6s1ac,
an advance of 1ac.
Sub-Treasury.-The banks lost 1885,,
600 to the Sub-Treasury yesterday.
Bank Clearings.-The days bank
clearings at New York and other
cities were:
New-York tribune., 1918-03-09
Relevant Comment
"He Who. Sells What Isn't His'n"

For some time past it has been re-
ported in the gossip of the Street that
the "shorts" in General Motors have
been whipsawed by the insiders in the
stock and badly manhandled on sew
eral occasions. Yelled charges of
manipulation have been made, although
the <matter has never been officially
brought to the attention of the COVER
nors of the institution. Apparently,
however. some of the shorts who had
to settle with the insiders are peeved.
Yesterday The Tribune received an
anonymous letter; purporting to be a
copy of one sent to the board of gov
ernors of the exchange charging foul
tactics. The letter says: do you in
tend to permit a continuance of the
disgraceful tactics on the part of the
General Motors crowd by charging a
premium almost uninterruptedly for
the last few months on short sales or
compel them to abide.by the rule Of the
exchange requiring that a floating sup
ply of stock always be kept available
for trading purposes? Winking at this
fragrant violation will result in legisla-
ton against the exchange in the near
future" The letter was brought to the
attention of governor of the eX
change, who said that whoever sold
stocks short always had to take the
risk of paying premium for the stock
borrowed against the transaction.
Pump Profits Larger
The entry Of the United States into
the war last year brought an expan-
sion in the business Of the Worthing-
ton Pump and Machinery Corporation
far in excess of any volume that was
anticipated, according to the annual
report issued yesterday. To meet the
changed conditions directors have au-
thorized additions and betterments
amounting to So ,796, of which $2,-
658,575 was extended during the year.
Total bookings last year amounted to
SCI, ,130,572. compared with S19,844,452
in 1916. Untitled orders on hand De-
cember 81 totalled S41,834,777, an in
crease Of S32,6OO,O56.
Sales last year amounted to S28,407,-
500, compared with $10,655,576 in 1916.
The company's manufacturing profits
were S6,202,285, which was increased
to $6,254,571 by the addition of other
income. After allowing total deduc-
tions of 81 1922, ,206, including $1,504,857
for Federal income and excess profits
taxes, there was a surplus for 1917 of
So, ,432 1855, compared with a surplus in
1916 Of S1.582,493
New-York tribune., 1918-03-09

More efficient use of railroad equip
ment available is bringing big results
on many lines. The Pennsylvania
Railroad, for example, announces
that through heavier loadings of
freight cars on its lines east of Pitts
burgh saving equivalent to 1862
cars was effected in the month of
December. The average loading in
creased about 51a tons a car, COM
pared with the corresponding month
of 1916, or from 31.70 to 1923 tons.
In 1915 the average load was less
than 20 tons.
A phase Of credit imitation that
has received little attention is this:
As the imitation Is translated into
higher commodity prices the need
of credit for financing trade be-
comes constantly greater, making
further expansion necessary, and
thus producing a vicious spiral, with
the possibility Of collapse of the
structure as the aftermath. The
Corn Exchange National Bank OF
Philadelphia has this to say on the
subject:
Prices Of foodstuFs during the
past two years have advanced from
rs per cent to 100 per cent A yard
Of good unfinished worsted to-day
costs $3.50, against s3.25 & few years
ago
How much more capital is required
to do business to-day than was re-
CURED in 1914 to finance the same
amount Of merchandise? Roughly
speaking, we should say anywhere
from so 10 100 per cent.
Compared with 1914, index figures
covering a wide range Of commodi-
ties show an increase OF about rs
per cent.
IN the three years ending Novem-
Der. 1917, loans, discounts and So
curity holdings Of national banks
expanded about ca per cent
With the issue Of new government
loans this expanding tendency will
continue unless there is contraction
in other directions. The tendency
OF the trade to cover On sales in the
present market has led to buying on
huge and unprecedented scale.
And the consequent tremendous
increase IN trade credit has been
augmented BY subscriptions to hug-
government loans
There IL an apparent idea in vogue
that SO long az credit is obtainable.
why should it not be used? Suppose
we take merchandising proposition
~ an illustration
A merchant buys great quantity
OF goods on credit; he continues to
add another large lot before the first
Is paid for; also third and fourth
lot. He has pyramided his credit
lines because the credit is obtain
able. Well and good; but to 1;a,si-
date those lines he is at the same
time using the credit lines If some
bocy else. This process continues
all around the circle. But the credit
operations OF all are q debt which
must be paid in some way by the in
-diyidual. And the greater the aggrc-
sste OF these credit operations the
E'arer we are TO the point Of in
fa.ion. The less credit used for the
amount Of financing required the
strcnger the base Of the financial
structure and the better We are
ssfeguardcd against initiation and
reaction.
~ In, then, the qnick cancellation
OF credit obligations which viii best
! safeguard the financial position of
1he cafiufru and INC ~ flax. Il.
New-York tribune., 1918-03-09
Money and Credit

Offerings Of call money were some
what lighter yesterday and the ruling
rate at the Stock Exchange advanced
u to per cent. A few loans were
placed on per cent basis.
Outside of few renewals Of out
standing loans at per cent the market
for fixed date funds was. at stand
STILL The demand for time money con-
tinues large, but the banks are not dis
posed to increase their commitments of
fixed maturities.
Ruling rates for money yesterday,
compared with year ago, were as fol-
lows:
Yesterdnv Year 800
New-York tribune., 1918-03-09

Bank of France.-PARIS, March s.
The weekly statement of the Bank of
France showed an increase of 1852, 900
francs in gold holdings. The state
ment, with the changes from the pre-
ceding week, follows. in francs:
Gold .... 5,369,536,0oO Inc. 1,352,c0O
Si'ver.... 257.311,oo0 Inc. 1852 coo
Circult'n.24, ,65o,Co2,oOO Inc 341 10000
Gen dep. 2,657 $4,000 Inc 49,403 600
Bills dis. 2,241. $4,000 Dec. 89,o83 900
Tr's dep 28,975,000 Dec. 23, $4,000
Advances. 1,165, 100000 Inc. 15,530,00O
London Money Market.-LONDON,
March 8.-Money, 2& per cent. Dis
count rates: Short and three months
bills, 1882 per cent.
New-York tribune., 1918-03-09

Bank Clearings.-Clearings through
the banks this week at the principal
cities in the United States aggregated
s5,652 40 ,9oS, according to R. G. Dun
& Co.. an increase of SO per cent, com.
pared with the corresponding week of
1917. The average daily bank exchange
for the year to date, compared with
1917. follow:
New-York tribune., 1918-03-09

Discount Rates.-Oficial rates of
discount for each Of the twelve Fed
eral districts are as follows:
Evening journal., 1918-11-14

their transportation. There is a
dearih OF feedstuns for. dairy cattle
and other stock. not only In this
country. but throughout the world so
that human beings for some months
ahead will feed upon wheat products,
while dairy cattle will benelt by the
released substitutes.
At the same time. the restricted
consumption OF wheat bread is advO-
Gated by the food administration as a
part Of the conservation program,
which must continue. 10 was an
naunced there would be no relaxation
In this general food saving program.
In Withdrawing the substitute regu-
latlOns, however, the food administra-
ton emphasizes the necessity FOR con-
tinued conservation OF all staple foods.
This country VIII be called on in the
coming year TO send at least 20WOOO0
tons OF fo0dstuffs 10 Europe-virtually
the limit OF loading capacity at our
ports This compares with the export
Of ii,920,OOO tons last year-the great
est in our history-and pre-war
normal OF less than 6.OOO,OOO tons.
The administration FIRST compelled
the purchase Of other cereals with
wheat -four January %. 1918, when
the flfty-flfty rule went into effect.
The first compulsory baking regula-
tions were imposed on the trade Feb
ruary 3, when bakers were required
10 mix ) per cent Of other cereals
with their wheat -four. and this grad
ually was increased 10 20 per cent. by
February 2i. Bread containing 20 per
Evening journal., 1918-11-14
DIX MAY become
MILITARY POST
Preparations for Winter
Denote Long-C Continued
Use of Can,onment
NO LET-UP IN
The CAMP ACTIVITIES

CAMP DIX, Wrightstown, N. j.. Nov.
i4.-As likely gateway for American
overseas veterans returning from mill
tary to civil life through the process OF
rehabilitation, while at the same time
continuing as a centre for training re-
placement detachments for us In .Eu-
rope. Camp Dix is preparing for a busy
winter. during which there is every
prospect that the great cantonment
will be filled 10 the limit Of its accom-
mOdations. No official announcement
has been made Of the future OF. the
camp, but because Of its location and
accommodations, many officers are OF
the opinion that for months and per-
haps years, Il will continue as one Of
the most important military posts In
the United states.
In order that there may be no lack OF
fuel during the winter, a big railway
trestle has been completed at the west
ern end OF the freight yards along the
main road. This will permit the stOr-
ing Of a fOur-day emergency supply or
coal supplementing the mountain OF
fuel now stored at the centre OF the
camp. This Will fortify the camp
against discomfort and sickness due to
any fuel shortage that may result from
tle-up OF traffic such as came last
winter. Whether the signing OF an
armlstice Will result in any change In
the program for new buildings hereto
fore deemed necessary for the use OF
the camp has not been disclosed.
The following promotions have been
made in the Detachment Quartermaster
Corps formed here: To be quartermas--
ter sergeant. senior grade, Sergeant
Harry Z. Milan; TO be quartz master
sergeant. Sergeant Rudolph Goodfriend
to be sergeant, first class, Sergeant John
Z. Lackey: to be sergeants. Corporals
George Z. FrOschler, Charles l.. Schuess-
Ter, Morris A. Copeland, Jefferson w.
Obrist. Frank q. Psjerski; to be cor
de Belgique, amounting 10 stO7,OOOOOO'
was trsnswerred to Germany with the
promise Of its return two years after
the war, at the average Of change rate
Evening journal., 1918-11-14
Simple Way to
Ind Dandruff

There Is one sure way that has never
failed 10 remove dandruff at once. and
that Is TO dissolve II. then you destroy
Il entirely. To do this. just get about
four ounces OF plain, common liquid
aryon from any drug store this is all
you will need. aprl- Il at night when
retiring; use enough to moisten the
scalp and rub II in gently with the fn-
ger tips.
BY morning. most II not all, OF yoW
dandruff VIII be gone, and three or four
more applications VIII completely dis
solve and entirely destroy every single
sign and trace Of II. no matter how
much dandrun you may have.
You will find all Itching and digging
OF the scalp Will stop instantly. and
your hair will be luffy. lusirous,
glossy, silky and soft, and look and feel
a hundred times better.
Evening journal., 1918-11-14

pOrals, Prlvates Morse Gordon. Fred A,
Kaul: to be private. first class. John
BOrOwtz. Joseph Cienkiesicz and Gus
taye A. Lauffer
With the centralizing OF police ac-
tlylties under the military police and
the proposed camp provost guard the
main camp guard house VIII be en-
larged for the accommodation Of all
prisoners. A large stOckade with two
guard towers has already been com
pleted as an annex 10 the original camp
prison yard. heavy barbed wire stI:k
on sharpened poles making escape Of
unruly prisoners impossible. All pris-
Oners will hereafter be quartered at
the cent al guard house, including de-
seriers sent here for trial. Soldiers
held for minor Offenses have hereto
fore been held pending a hearing before
the summary court in regimental guard
houses.
A new general court-martial board
for the camp has been appointed by
Major General Scott and includes the
following officers: Lieutenant Colonel
Edward c. Wells, Major Jesse NJ. Prime,
Captains Archie w. Crandall. Howard
w. Robbins and John Clarence Mitchell,
First Lieutenants Karl F. Kesmodel-
Truman II. Dunn and Hollis II. Kirsch,
Second Lieutenants owen McGee and
Robert L. I--vd. Captain j. Joseph
Lilly, Judge Advocate; Captain Joseph
r. Hanley. Captain stephen :. Fitzger,
aid and First Lieutenant Henry J. Rusk,
assistant judge advocates.
With the end Of the war the adiu-
fant general has relieved camD officers
Of the necessity Of sending official tele-
grams in code. Troop movements will
hereafter be reported in plain messages
and the code will be used only on con-
ndential communications.
As far as possible camp authorities
are arranging 10 permit soldiers TO re-
turn 20 their home towns for peace
celebrations Men from PaulsborO and
vicinity attended a victory jubilee there
last evening.
Evening journal., 1918-11-14
wheat IULTS OFF,
full RATION NOW
Victory and Other Flour
Will be Taken by U, S.
from Dealers
ORDER. BY HOOVER
EFFECTIVE TO-DAY

Beginning today bakers and house
wives may use pure wheat Hour Niit-
out substitutes In making bread and
other -four products.
II had been intended originally that
the abolition Of the wheat substitute
rule would take place on January f.,
but, In view Of the shortage Of food
for cattle. Il was deemed wise 10 abOl-
ist the substitute rule at once.
This action Is due TO the fact the
accumulated stocks OF wheat in Aus
iralla. India and South America i'm
mediately become available. so far as
II is possible to obtain shipping for