davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1918-04-25
Govt Commanders
Raw Wool Supplies
Price as of July 80 Last Will
Be Paid for Goods in Ma
TONS Warehouses

WASHINGTON, April 24.-The gov
ernment has decided to take over all
raw wool now held in warehouses at
the price prevailing on July 80 last. If
holders do not agree to sell it at that
price the pool will be commandeered.
Wool that is now being clipped in
the West also will be taken. The gov
ernment will use a large part of the
wool for uniforms and will distribute
the remainder among dealers for civil
ian needs. The country's looms, 40 per
cent of whose facilities are now en-
gagged on government work. will be re-
quired to give 60 per cent of their out
put to the government. Civilian con-
sumcrs will get the remainder at fixed
prices.
Major General Goethals, acting quar-
termaster general of the army, recently
sent notices to all the wool producing
centres that 1918 clips should not be
disposed Of within the next thirty days,
during which time the government will
determine it's exact needs.
New-York tribune., 1918-04-25
Oil Jobbers To Be
Put Under License
Policy Will Also Probably Ex-
tend to Manufacturers
and Distributors

AS the result of conferences between
M. L. Requa, director of the oil divi-
sion Of the United States Fuel Admin
istration, with the petroleum war SER
vice committee, the subcommittee rep
rcsenting the jobbing interests and the
subcommittee representing the oil we'll
supply industry, announcement was
made yesterday that decision had
been reached to considerably extend
the licensing feature placing all job
bers Of oil under Federal license. 1t
is is expected that licensing will be fur
ther extended to manufacturers and
distributors.
Mr.. Requa stated that the commit
tees were making every effort to Sc
cure the installation of additional stor-
age facilities by the consumer to pre-
vent the recurrence of the unsatisfac-
tory conditions that existed last winter.
1t developed at the recent conference
Of the oil men that it will be necessary
to secure larger allotment of plates
for the manufacture Of boilers, of which
there is a scarcity.
New-York tribune., 1918-04-25
Bank Investments Limited

WASHINGTON. April "a. - The
House to-day passed bill prepared by
Representative Glass Of Virginia, linn
Associations may invest in a bank or
Office building and site to not more
than its paid in and unimpaired CAPT
tai stock. Other provisions would re-
qure directors of a national bank to
qualify within sixty days after their
selection, would authorize the sigma
ture of bank officers to notes Of issue
to be engraved as we'll as written and
would require banking associations 60
ing into liquidation to deposit with the
Treasury within ninety days, instead of
six months, money sufficient to meet
outstanding circulation.
New-York tribune., 1918-04-25
Heavy Selling
Breaks Price of
Cotton S. a Bale
Unfavorable Weather Re-
port Fails to Check Liqui-
dation in Staple

Under pressure of heavy liquidation
the cotton market broke violently yes
tcrday afternoon, the loss being more
than IS bale in the July and October
positions. The food of selling orders re-
sponsible for the break came in the
afternoon and was largely the result of
reports that Southern exporters, unable
to obtain ocean freight space, were
dumping their holdings. July broke
from 1882 to 27.64 ant closed at 2765
The general list was unsettled at the
close.
The market was steady during the
earlier trading, despite sharp break
in the Liverpool market, which was at
British marine war risks, following the
raid on German submarine bases, and
reports that ocean freight room was
being allotted for cotton shipments
during May. There was, consequently,
very little selling on the cables, and,
after opening on decline of 6 to 20
points, prices quickly rallied, with
active months selling about 5 to II
points net higher before the end Of
the first hour The weekly report of
the Weather Bureau proved quite as
bullish as expected, and the outlook for
renewed rain and low temperatures
was considered very unfavorable.
But these features failed to stimu-
late demand, which was undoubtedly
big disappointment to recent buyers.
At any rate. the advance was checked
by realizing sales, with offerings in
creasing and with the tone becoming
very weak and unsettled in the late
trading. The break of about l16 to
126 points from the high level of the
morning carried prices back to within
25 points of the recent low level in
the case of January contracts, and
closing prices were at just about the
low point of the day.
Reports of a reduction in British
marine war risks were not accompanied
by mention of any definite figures and
was not authoritatively confirmed. The
trade was inclined to believe the re-
ports that the British Shipping Con-
troller had allotted space for 10000
bales in May. After two months with
out allotments this seemed an en-
couraging feature, although the amount
compared un1aVoraDly with the allOt-
ments made earlier in the season.
The weekly report of the Weather
Bureau indicated a great change in the
new crop position, as compared with
two weeks ago. Then the prospect ap-
peared most favorable for an early
start, while yesterdays report said that
planting was behind normal in north
crn sections of the belt Combined
with the outlook for further rains and
low temperatures, this gave the crop
news bullish character, but it seemed
the opinion around the ring that it
was too early in the season for delays
to be of great Importance in the ulti-
mate outcome. No exports were re-
ported. Southern spot markets as Off
clally reported were unchanged to 100
points higher Dallas quoted middling
cotton at 1885, with no business.
New-York tribune., 1918-04-25
Packers to Urge Use
Of Substitute Foods
T SDeciaL C0rreSDondeucc1

IDPeCtUt tCU7TtSPOHue7IC6I
CHICAGO, April 24.-Preparations
are being made by the big packing COM
panies to launch an elaborate campaign
for the. sale of substitute foodstuffs.
Butterine, oleomargarine, prepared
pork and beans, soups and every by-
product or substitute will be pressed
for sale as never before. 1t is hoped
that the campaign will aid the govern
ment's programme of food conservation
and increase the earnings of the pack
ers as we'll.
Important advertising agencies have
been requested by the packing con-
Germs to prepare the material for the
campaign, in which display ADVERTISE
ments in newspapers will be the main
feature
New-York tribune., 1918-04-25
Finance Economics
WALL STREET OFFICE:
Mills Building, Is Broad St.

Loans to business regarded as non
essential have been curtailed very
heavily by many banks, though this
does not show in the statements of
total loans and discounts of the va
rious lending institutions for the
reason that advances to business en-
gagged in war work have been in
creased correspondingly. The sur
prising thing is that this reduction
in ron-essential loans has been ac-
complished without apparent embar
rassment. The commercial mortality
statistics show that credit rcstric-
tions have been applied cautiously
and with good judgment. But the
fact remains that such restrictions
are being gradually tightened.
Whether or not they are to be APP
piled to loans for speculation in
stocks is still an open question,
though there may be some signifi
canoe in the fact that the market in
time loans secured by Stock Ex
change collateral has been extremely
thin for several months, bankers
having shown reluctance to make
such advances. That has been one
Of the chief factors making for dull
ness in the stock market. Bankers
say, however, that they have re-
ceived no intimation, other than the
suggestions contained in the Federal
Reserve Bulletin, that they should
drastically reduce or eliminate loans
for purchasing or carry stocks. Most
of the doubt the wisdom of such a
course.
New-York tribune., 1918-04-25

The above rates express the cost of
foreign money in terms of the Ameri-
can dollar. You buy an English pound
sterling at, say, s4.757s. The intrinsic
parity is s4.S65s 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., 1918-04-25
Telephone Earnings Drop

WASHINGTON, April 24.-Lcading
telephone companies last year earned
$75,96o,219, or $3,OO0,00O less than in
1916, the Interstate Commerce Com
mission reported today. Operating
revenues were $317,975 900, about $34,-
100000 more than the year before, but
expenses increased heavily. Taxes
were $22,000,000, or $4,000 900 more
than the year previous
New-York tribune., 1918-04-25
House Bill Favors Banks

WASHINGTON, April "a. -- The
House to-day passed bill authorizing
National banks in the Federal Reserve
System to engage in fiduciary business
in competition with trust companies.
The effect would be to eliminate dis
elimination whore state laws favor
state institutions. The bill now goes
TO the Senate.
New-York tribune., 1918-04-25
Foreign Trade Bigger

WASHINGTON, April 24.-America's
foreign trade in March effected n par
tial recovery from the decline of recent
months. as shown in statistics issued
to-day by the Bureau of Foreign and
Domestic Commerce. Exports totalled
$531 100000, an increase of $4,000
900 over February. Imports were valued
at $2d2,000,O00. gain Of $3l,O00,0 900.
New-York tribune., 1918-04-25
Produce Markets-Current

Butter. - Receipts were 6,e27 pack
ages. Creamery, higher than extras,
per pound, 44h@45 extras (e2
scorel, 44c; firsts (88 to 81 score),
Al = @431 12c; seconds (83 to 81 score),
3Sh @l41c; thirds, 371s @38c; creamery,
unsalted. higher than extras, 461A6
47c; extras, 45k k@46c; frsts, 43lsM
4oc; seconds, 41@43c; creamery, held,
as TO- quality. 36@42c; state dairy,
41@43c; common to fair, 3664oc;
renovated, extras, 3sA 64oc; firsts,
39@39c; lower grades, 34@37c; imita-
ton creamery, tirsts, 35k@361sc;
ladies'. current make, firsts, 341aM35c;
seconds, 33033hc; lower grades,
81 q @32 72c; packing stock, current
make, No. 1, 33@331hc; No. 2, 32@
32Ac; lower grades, 29@31c.
Cheese.-Receipts were 4,345 boxes.
State, whole milk, flats, held. colored,
specials, per pound, 25@25kc; white,
specials. 24@241ac; colored, average
run, 24(G241Sc; white, average run, 23d
% nc; fair to good, 21@22hc; lower
grades. 16M2012c; fresh, colored. spe-
cials, 221a @23c; white, specials, 220
22Ec; colored, average run, 21ha0l
22c; white, average run, 21h@22c;
twins, held, colored, specials, 24@24 &c;
"hiIe' specials. Z394 t4Zac; colored,
average run, 237 @24c; white, average
run. 23@23hc; fresh. specials, 22c;
average run, &c; double drisies, held,
24la 425c; fresh, 231ac; Wisconsin,
whole milk. fine to fancy. held, twins,
colored, per pound. 231a @24c; white,
23@23 &c; twins, fresh, colored, 22c;
single daisies, 241s(G2 double
daisies, held, 241a @25c; fresh, 23 1ac;
Young Americas, held, 27@271sc;
fresh, 25c; state. skins, held. twins
and fats, specials, per pound, 18@
191sc fresh, fats, specials, 100
tic; twins and cheddars. specials. 16@
tic; fats, primo to choice, 14@15c;
twins and cheddars, prime to choice,
14@15c; fair to good, 11@13c; lower
grades, 4@10c.
Receipts were 2o,673 cases.
Fresh gathered extras, per dozen, $50
3Sihc; storage packed, tirsts, S6as "a
371ac; regular packed. extra tirsts, 36 Il
M37c; frsts, "a 4la@S6c; seconds and
poorer, 32GlS4c; fresh gathered, dirties,
No. 1. 323s @33 lac; No. and poorer,
31@32c; checks. good to choice, dry,
2a@3lc; under grades, 24@2Sc; state,
Pennsylvania and nearby Western,
hennery whites. iine to fancy, 40@4lc;
ordinary to prime, s7@Ssc; gathered
whites. ordinary to fine. 37@<0c;
New-York tribune., 1918-04-25
st e n a n c e
Cereals

Wheat.-Receipts of wheat at prim-
airy points showed slight increase, but
the movement is very light. Exports
during March were officially reported
at 12,207,000 bushels. Bradstreet's Wis
ible showed a decrease of 100000
bushels east of the Rockies, while in
Canada there was a decrease of 2,090,-
600, and the total stocks now in the
United States and Canada were re-
with 112,960,000 last year. The week
ly weather and crop bulletin reported
very favorably on both the winter and
spring whsat crops, and an official of
the food administration was credited
with predicting that Kansas will raise
150,000,000 bushels. The tonnage sit
uation shows some improvement as a
result of new launchings and it is
expected that shipments of wheat and
flour during the balance of the sea-
son will continue heavy and that home
consumption will have to be curtailed
to meet this requirement.
Corn:-The corn market was firm
early in the day, the July position
working up cent bushel from the
previous close. This was followed,
however, by break of two cents and
subsequent rally of one cent, leav-
ing the market at the close practically
unchanged. There was more or less
buying early on reports from the West
that low-grade corn was coming
through the driers in a poor condition
and on further falling off in the
movement. This caused nervousness
on the part of July shorts, and for a
time there was quite active covering.
The market was apparently in a weaker
technical position, and when longs at
tempted to take profits the market de-
vveloped weakness and throughout the
last hour moved in a feverish manner.
Weather and crop advices were fairly
satisfactory, although dry and warmer
weather would be more favorable, as
these conditions would stimulate more
active planting operations.
Yesterdays Previous Year
Corn, No: 8 yellow .s1.e7 s1.ss ' s1.sss%
9aiy %iy : ,:s53s ':s53ss 1:3sN 1:3s. 1:4sg: 14sgg::
Oats. - The market for oats was
slightly higher early with corn, but
later prices eased off and closed weak
with net losses of 4 to 5sc. Exporters
were said to be willing to make mod
crate purchases through Gulf ports, but
they were not disposed to Fay the pre-
iAiA uHS dShSu' 1HIS SHOW o. N0S1CdtlOIl
on the part OF the principal buyers
proved the main depressing factor and
at the present time the market is DOM
mated largely by the attitude of ex-
porters. The weekly weather and crop
bulletin reported favorably or the oats
situation and some private advices from
the extreme Southern part of the coun-
try said that oats would be ready to
cut within the next few weeks.
Yesterdays Previous Yea,
New York close. close. ago
CASH No. 3 white. .98 1872 80
Chicago:
May ............. .s4N s4za .eeL,
July ............. .74ss .74zs .65
Rye.--Market dull
Yesterdays Previous. zen,
Cash. No. 2 West $3.50 $3.50 s2.io o.
FlouE and Neutrality-suspicious. were:
s'day's Previous Year
New York. close. close. ago
Flour; Mimi, spg. pat: :s11.oo s11.oo $500
Rye flour, choice 80. 1890 1906 11.o5
Cornmeal, yellow, gran. 4.85 4.85 s8.oC
sKiln dried
New-York tribune., 1918-04-25
"A Correction

In an article by Ray Vance p'D', ~
in last Sundays Tribune. 1t was ~ :,
that tho third Liberty Loan bonuss 40
exempt from Federal inheritance. y IL
tion. Mr.. Vance calls attention. wee s,ee
fact that this statement was ihCSssbi ID
as the bonds are receivable at e. Psk a
accrued interest for such taxes' pssss
not exempt from the tag.
New-York tribune., 1918-04-25
The Dollar in Foreign Exchange

Exchange rates moved narrowly in
dull market yesterday. Italian lire
rates displayed frmncss. Sterling and
francs were steady. Spanish pesetas
closed at fractional advance.
Closing rates yesterday, compared
with a week ago, follow:
Quoted dollars to the pound.)
New-York tribune., 1918-04-25

Extras
Standard Oil Company of Indiana
The company has declared an e1us
dividend of 8 per cent in addition "
the regular quarterly dividend OF ps'
cent, both payable May 81 to s'oeA-
holders Of record May 6.
Regular Declarations
Amparo Mining Compsny..Qusrtery "a ' \,
idend of 8 per cent. payable May ~
stockholders of record April 80
Brompton Pulp and Paper COMPANY. +.
Quarterly dividend OF u per cent on ..N. s
common stock. payable May TO stocAn''
ers Of record April 80.
Fall River Gas Works Company.,,-ena.. na.nt.
ly dividend of SO per share on tne - ssy -.
stock. payable May l to stockholders oi ~
ord April %.
Pressed Steel Car Company. - ouars~rn l.,san
dividend of S1.75 per share on ,ne NE 'o ~ X.
stock. payable June TO stockhoideis, s,:.;Sepd
ord May IS; also regular quarterly va S'k strk
of SITS per share on the preferresa ,s,c,J
payable May IS to stockholders Oh
May Z. ~.
Pittsburgh Oil and Gas Compan,y.X.sg X.s
terly dividend of per cent. paysonie
to stockholders OF record April So' III.
Smart-Woods Company. - Quarterg .toek
dend of ls4 per cent on the comhlIt' recct
payable June l to stockholders oi
May 90. -
Sierra Pacific Electric Company o. ~ Ssss .
Quarterly dividend OF $3.50 per ~ - .tss.
the preferred stock. payable May !"
holders of record April "a. ssur
Wayland Oil and Gas Comps" y, pr-
annual dividend of 3 per cent on .assfisk VII
ferred stock. payable May IL 70 to,,ssS 4
ers of record May /: also disioshhs. jsss
IL to stockholders of record June !, ~.
Pennsylvania Railroad CompaHy.,. M 8
ly dividend Of 1;s per cent, payapN
to stockholders of record May !. IN.
Standard Milling Company.-Qea...ds ssufk:.
idend of Il per cent on the prcfetIs a reeaid
payable May 81 10 stockholders
May 2l.
New-York tribune., 1918-04-25
Ind u strial
Metals

The tone of the lead market was
easier yesterday despite reports that
imports from Mexico and Canada lad
been embargoed to save freight car
space. Conditions in the copper and
lead markets were unchanged. Current
conditions in the iron and steel mar
kets are reviewed elsewhere in the
financial section of The Tribune.
Current prices for the principal
metals, compared with those prevail
ing year ago, follow:
Current A year
price. ago.
Pig iron, Bessemer.
Pittsburgh ....... *$3e.15 $42.es
Copper, electrolytic,
lb. ..........::...' '.23Ia 80
Tin, ID. ............. 81 .57La
Lead. lb. ............. .o7 .09Is
Spelter, East ST..
Louis, lb. ....... oea4 oszs
Government price.
New-York tribune., 1918-04-25

~ Commodities

Western and Southern. gathered wh,...
3o0SSc; state, Pennsylvania ~ ~
nearby, hennery browns, 37hMao.aa aoa
gathered, brown and mixed coloss' 3.
@37c; duck eggs, 37t650c. %
New-York tribune., 1918-04-25

1t was the general opinion of
bankers and business men with whom
the question was discussed yesterday
tnat the Treasury Department had
made a mistake in disproving the
plan for paying income and excess
profits taxes in instalments. 1t was
pointed out that, even if payment Of
the taxes were deferred in. this way,
the Treasury could in effect secure
the tax fund in advance by issuing
tax certificates. Adoption of the in
stalment plan undoubtedly would
contribute materially to the success
OF the Liberty Loan, and would also
eliminate the possibility of furry
in the money market.
New-York tribune., 1918-04-25
Tc!epho one:
Hanover 6514

day, but rates remained unchanged, as
follows:
Thirty Sixty Ninety
Spot de- days. days. days.
livery: Per cent Per cent. Per cent.
f i & b lie
M m Der
banks ...4N@4 4is@4ls As s@4h
e i.i ibl lie
non mem
Der banks.43a@4is 4is@4iTs 4,s @4is
Ineligiblc
bank bills.514@4a4 sI4@4s4 5A@434
For delivery within thirty days:
Per cent.
Eligible member banks ..... 4I2
Eligible non-member banks. ... 45a
Ineligible bank bills. 6
New-York tribune., 1918-04-25
Coffee, Sugar, Tea and Cotton.
seed Oil

Coffee Futures.-The market was
more active yesterday, with consider.
able liquidation through brokers with
Wall Street and European connections
but offerings were quite readily ab.
sorbed, and after opening at de.
cline of points active months, at
one time, were 3 to 6 points net
higher. Trade interests were credited
with buying on this bulge, but the i'm.
provement was not fully maintained
owing partly to May liquidation. with
the market closing net 5 points lower
to A points higher.
AS the coffee trade has decided to
close the exchange all day on Friday
in order to make Liberty Day hol-
iday, to-day will be the first May no
tice day. This probably hastened liqui..
dation Of the near month, which closed
at $40 after selling off from 828 to
8.21. Later deliveries were better sus-
tained, but showed reactions of some
8 or points from the best.
New-York tribune., 1918-04-25
Money and Credit

The supply of call money was more
plentiful at the Stock Exchange yestcr
day, most OF the days loans being made
on per cent basis, compared with
5M on Tuesday, Toward the close some
money loaned at 3h per cent.
Quiet conditions prevailed in the
market for fixed date funds, with
slight increase in offerings for the
short maturities
Ruling rates for money yesterday,
compared with year ago, were as fol-
lows:
Yesterday. Year ago.
c.,, Per. cent. Per cent.
Call money. ...,.,,.. q 3E2
Time money l.nixed collateraD:
SIXTY days. ....... 8 4
Ninety days. .. 8 4IA
-Four months. .... 8 w
3 10 9 months. 8 4A
Commercial Papcr.-~~1hc demand for
commercial paper is limited. with
prime paper being discounted at 8 pcr
cent for the best regular maturiticg.
Bank Acceptances. A broad dcmnnd
for acccptances was in evidence ycgtcr-
New-York tribune., 1918-04-25

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., 1918-04-25

Reports indicate that the farmers
in the New York Federal Reserve
District are subscribing much more
literally for the third Liberty Loan
than for either Of those which pre-
ceded it. 1t is in the cities that the
loan is tagging. At first thought
that may seem surprising, because
those living in the cities are quite as
prosperous and patriotic as the peo-
pie in the rural districts. But it isn't
the people who are tagging; it is
rather the corporations and other
businesses, particularly the large
manufacturing establishments, which
responded SO generously last Octo-
Ter. The explanation for this ten
dency to hold back is not difficult to
find. Most industries are hard
pressed for funds just now. For
one thing, the banks have been par
ing down loans to non-essentials con-
siderably. For another, it is necessary
for the manufacturers to carry heavy
inventories, and at the high prices
now prevailing that ties up large
amounts Of money. Also collections
are slower than they we're a year
ago, largely owing to the fact that a
substantial part of the manufacture
ing facilities of the country are en-
gagged on work for the government,
and the government is notoriously
slow in paying. And, in addition to
the funds tied up in these ways,
large reserves have to be set up to
meet the heavy tax payments falling
Cue in June. Under the circum-
stances it is not surprising that SUBJ
scriptions have been withheld in the
hose that the loan would be foated
without drawing heavily on the cash
/ t;ils of business. There is no doubt.
however, that manufacturers and
other business men will do their part
toward making the loan a success as
11eely as. they have in the past,
though they may delay until the
eleventh hour.
New-York tribune., 1918-04-25
Live Poultry

Fowis.--Young roostcrs. nearby. Vi,
express, 35c; ducklings, Long Island
via express, 42c; fowls, via express
S6c; fowls, via freight, Ssc; young
roosters, via freight, 35c; old rooster,
via freight, 27c; turkeys, via freipb,
20c; ducks, Western, via freight or es,' sy'
press. 35c; geese, via freight or ey.
press, 20c; guineas, per pair. yia
freight, 81; live pigeons, per pair, via
freight, 100000.
New-York tribune., 1918-04-25

Sub-Treasury.-The banks lost TO
the Sub-Treasury yesterday $256,OOO.
Silver.-Bar silver in London was
49Ad, up I'D; New York, 99%c, an ad-
vance of 1Ac; Mexican dollars, TIC, un-
changed.
London Money Market. - LONDON,
April a. The money situation was
unchanged. Money loaned at 2a4 per
cent. Discount rates: Short bills, 31z
per cent; three months bills, 3 9-16
per cent. Gold premiums at Lisbon,
New-York tribune., 1918-04-25

Discount Rates.-Thc~follow table
gives the current rates of the twelve
Federal Reserve banks on commercial
paper on all periods up to ninety days:
New-York tribune., 1918-04-25

Cottonseed Oil Futures.-The market
continued inactive, with prices nominal
and no business transacted.