davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1918-03-03
ak Certificate Rate
Of Interest Not Raised

WASHINGTON. March The re-
cent increase from 4 to ! p par cent in
the interest rate on certificates of in
debtedness issued in anticipation of
the third Liberty Loan does not mean
that the per cent rate on the so-called
tax certificates VII be raised, Secre-
tary McAdoo announced to-day
No such increase Is in contcmpla
ton said Secretary McAdoo to-day.
The two issues are Of entirely diff
ferent character and purpose. The GER
tlticates in anticipation of the third
Liberty Loan are not acceptable in pay
ment of income and excess profits
taxes, and, whatever their maturity.
are subject to redemption at the op-
ton of the United States or and after
the first instalment payment date for
the third Liberty Loan, while the tai
certificates are not subject 10 re-
demptionsand arc not acceptable in pay
ment of bond subscriptions"
About SLIPS 100000 OF tax certifi-
Gates have been sold. They viii be re-
ceived in payment Of income and ex-
cess profits taxes when these are due
next June.
New-York tribune., 1918-03-03
February Mining Dividends

Dividends paid in February, 1918. by
twenty-five United States mining aud
metaliurglcal companies making pub
lie reports amount to S12.TG7.Gl1. as
compared with sf2.s12 PCS paid by
Twenty-Five similar companies in Feb
ruary, 1917 Canadian and Mexican
mining companies paid s1.534,9e3 in
February, 1918, rs against S2,fs6.S5l in
1917. The only holding company which
paid in February was the White Knob
Copper and Development Company,
which disbursed $4,000. or sc. n share
Dividends were PASSED this month by
the Wilbert and uecla companics
Total dividends in the first two nonths
Of the year were as follows, the figures
for 1917 being given in parentheses:
United States mining and metalurgicai
companies, S20.2tl,0f3 s26.272.T343:
holding companies. $4,000 ,$l.84o
000); Canadian. Mexican and Central
American companies, S2,71a,261 t$3.-
s26. .le9) :-Enaineorino and Mining
Journal.
New-York tribune., 1918-03-03

THE brief article belo10 aoas pre-
pared by the editor Of "The Ameri-
6an Wool and Cotton Reporter" for
The Tribune.)
We believe thoroughly that any in
crease in food crops in the South will
cause q cutting down of cotton. Say
that the crop OF cotton does not
amount to any greater number Of bales
than that noted this year, or even that
the amount will run down TO 10000, 900
bales. According to reliable figures,
the amount of American cotton avail
able in warehouses at the present rate
OF consumption and exports will not
be much in excess Of 10000 bales on
July 81, 1918. The rate Of world con-
sumption is undoubtedly running at ap-
proximateiy 100000 bales There
fore, II only 100000 bales be raised
the carry-over, together with the new
crop, will be much less than the total
requirements. and the trade Will be
forced to cut down the use.
Who is going to suffer from such
eurtailmcnt? First, thoge who are en-
ployed, and, second, those who need
merchandise for Industrial purposes 1t
must be realized that stocks have been
eut down radically during the last year
Or 30. and that di1tributon is on a
nznd~to- mouth basis; in fact, that the
demand is greater than the supply for
most styles Of goods. This can be
easiiy ascertained by interviewing any
ci the important selling agencies.
80 nucn for war conditions. Now,
now about peace? Have those who ad-
sssed Tn South TO plant more food crops
sshhidered what peace naay 10 TO cot
,.gn--tnat is, what the requirements arc
likely 10 he? And even though war il
tsii In progress, the time must be ap-
k.eaeainE when peace will be. here.
.ns world must depend upon American
s1ston, and what IL no grea. amount is
sssiiabie7 First, it will make prices
sntireiy cut of reason and will prevent
me taxing up of iadustry az xoon ~
.4gnt 70 be noted, and viii be a dis
sisst blow 70 domestic manufacturers
sha ussrs, inasnnch ag H. win force
tsess buying cotton 10 compete, not
-nh ordinary buyers, but with those
40 -" arc ia desperate situation and
=" may BE- Wiling 10 pay prices all
~ ol Fesson fer cotton Eezides,
..aaste hax been much discussion about
- expansion Of The domestic cotton
.oas industry and the production Of
shsndsss 70 be sold II, larger guam.
New-York tribune., 1918-03-03
Wheat Prospect
Is Uncertain, in
The Northwest
Favorable and Adverse
Factors Make Out
look Obscure
Special Corresp0ndeRcel

AINNEAPOLlS, March /. - While
Herbert c. Hoover and his associates
are urging Northwest farmers to plant
wheat, and more wheat, and seeding
time is only thirty days away, the situ-
alton al this writing has each day
grown less favorable to large wheat
acreage.
Unprecedented as have been the con-
ditlons existing all along in the grain
markets. they were never so at vari-
ahce with normal as now. President
Wilson'S recent statement fixing wheat
prices for the 1918 crop at the same
level as those now ruling for the 1917
crop did go long way toward in
snrlng planting of wheat. Obviously
the farmer VINO plants wheat has a
sure thing" His price limit is the
SZ.lf basis in Minneapolis, but that he
Will get in any event. # he plants
other grains he takes chances that a
big crop may knock down the price
There IS limit, nevertheless. to the
application of this insurance idea.
Last year was bad one for crons
IN North Dakota, spring wheat. for
example, averaging only eight bushels
to the acre, while the state in good
season averages fifteen to seventeen
bushels o. higher Nevertheless all
other grains suffered as well, so chat
the comparison here made is a fair
one. And this is what it shows:
Average production, in bushels nor
acre, Of grain in the three states. Min
nesota, North Dakota and South Da-
So'a' in the season 1917 was: Spring
wheat, l3 bushels; barley, 2i5 bush
elsi rye, l475 bushels; oats, 2S.75
bushels; corn. 22.75 bushels.
1t IN q good year the wheat AVERAGE
would be higher, so would the Other
ave eN@ges' SO the comparison stands and
is important in this connection be-
cause farmers are likely TO be inNu-
eheed IN one season by results Of the
season immediately preceding. Last
year. IN short, was not d good wheat
yeat' on the whole. in the Northwest.
But Mr. HooVer's plea for more wheat
comes into the matter in doubtful forn,
when prices are considered. Here are
three ranges Of cash prices in Mime
apolis. for three periods. accurate
within cent at most, allowing for
different grades in which prices some
Tunes vary / or cents or more.
New-York tribune., 1918-03-03
The Dollar in Foreign Exchange

With the exception of Italian OK
change rates, which moved sharply
against Rome, fluctuations in the local
exchange market were narrow, as q
rule, last week, and therefore bore
little significance. London was re-
ported in the market as a seller of lire
bills, with the result that the rate was
forced down to s88 lire to the dollar
the lowest level in many weeks.
Sterling and francs we're steady,
showing practically no variation from
the quotations at the close of the pre-
vious week
If you calculate the cost of the dollar
in terms of foreign 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 year ago, would be about as fol-
lows;
New-York tribune., 1918-03-03
Dividends
Regular Declarations

Arkansas Valley RAILWAY. Light & Power.
Quarterly dividend OF J u per cent on the
preferred stock, payable March - 70 stock
holders Of record February 2S.
Great Atlantic & Pacific Tea Company
Quarterly dividend Of J q per cent on tho
preferred stock, payable Mach to stock
holders Of record February %.
Muskogec Gas & Electric Company.-Qnar-
terly dividend Of ] a per cent the pro-
ferred stock. payable March - 20 stockhold-
ers Of record February g.
National Grocer Company. seni-anrual
dividend of ? per cent on the preferred stock
and quarterly dividend Of > per cent on the
common stock both payable judy / TO stock
holders OF record June 10.
Price Bros. Ltd-Quarterly dividend of
= per cont, payable April ! 70 stockholders
Of record March To-
Western Grocer Company.-Semi-annua
dividends OF per cent on the preferred and
: per cent on the common stocks, both paya-
BE April to Stockholders o. record
March ~.
Sears. Roebuck & Quarterly dividend
oi IA per cent on the preferred stock, paya
BE April 1 to stockholders of record
March 10
CelIuloid Company. Quarterly dividend Of
per cent, payable March 80 to stockholders
Of record March O..
New-York tribune., 1918-03-03
Selling Steel Short

Steel common was subjected to con-
siderable bear selling yesterday by
traders on the theory that much un-
certainty VIII exist while the manu-
tacturers arc trying TO influence the
ar industries Board to revise prices
upward because of increased costs OF
operation since the current prices be
came effective. The present scale Of
prices expires on March 81, and at.the
forthcoming sessions N Washington of
steel men and government officials
strong representations will be made
that an upward revision should take
place 10 offset the greater expense of
operation. Those who sold Steel on
the Stock Exchange in the hope that
they could buy It back at a profit be-
fore the close met with only a small
degree Of success, as the net loss on
the mornings transactions was only
half point, the last sale being 903s.
New-York tribune., 1918-03-03
Relevant Comment
Ltna Explosives Plan

Considerable progress has already
been made on plan to take the Etna
Explosives Company out of receiver
ship. J. &, W Seligman & Co. who
recently announced their intention Of
undertaking the reorganization of the
company, it is reported, have reached
an agreement with the bondholders and
the stockholders, by which they have
consented to waive all their claims as
to sinking funds and accumulated div
idends. The plan, it is also understood,
calls for no assessment on either the
preferred or common stocks. A new
mortgage may be created, under which
present bondholders may exchange at
par fer new 6 per cent bond the
existing thirtyyear bonds. Formal an
nouncement of the details of the plan
is expected next week
New-York tribune., 1918-03-03
Air Brake Weakens

On turnover of 1900 shares New
York Air Brake broke 4%4 points in
Yesterdays two-hour session. to 1874
The weakness was attributed to dis
appointment over the earnings shown
in the 1917 annual report The point
was emphasized in brokerage Offices
that inasmuch as last years rev
enues we're for the most part derived
from the company's regular business
dividends, the present annual rate of
20 per cent could hardly be maintained
in normal times.
New-York tribune., 1918-03-03
New Nickel Coins in Bolivia

Commercial Attache William F. Mon
tavon reports that the Bolivian Ma
tional Congress has authorized the
coinage OF nickel money in denomina-
tions of 3 and ID centavos (about 1.a5
and 3.S9 cents. respectively to the
amount Of 100000 bolvianos t$3S9.-
Se0). The new coins will be in all re-
spects similar 10 the nickel coins now
in circulation in Bolivia
New-York tribune., 1918-03-03
American Shoes in Australia

WASHINGTON. March l-American
shoes are winning their way in Aus
traia, says report issued to-day by
the Bureau of Commerce. Medium and
fne grade American shoes, although
selling at higher prices than other
Shoes on the market, are preferred by
most Australians, and many are quite
willing to pay the difference in price.
For smart American shoes, the report
said, women are willing to pay SIS and
ElS q nair
New-York tribune., 1918-03-03
Current

The above rates express the cost of
foreign money in terms of the Ameri-
can dollar You buy an English pound
sterling at, say, s475fs. The intrinsic
parity is s4.s61s per pound. Thus you
say either that pounds are at discount
or that dollara arc at premium, which
IL owing to the fac. rhat In England
ihe 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., 1918-03-03

As to the effects of imitation upon
the prices of securities, the return
on which is neither fixed nor lin
tied, there are wide differences of
opinion Many believe that a great
rise is inevitable. if initiation were
the only factor in the situation, that
undoubtedly would be the case. But
it happens that, for better or worse,
the government has undertaken to
suspend the operation Of the law
of supply and demand in relation to
certain commodities by fixing prices,
and the tendency apparently is tow
ard the extension of price control
At the same time it is altogether
likely that taxation will tend to in
crease along with imitation, though
not necessarily in the same proper
ton. Thus, there are two prime
factors in the situation-both hav-
ing a direct tendency to restrict
profits-which operate to suspend
for more or less indefinite period
the effects of imitation on security
prices. And perhaps more impor-
tant than either Of these is the cur
tailment of non-essential businesses.
Just what effect this will have on
individual industries or on industry
as whole, no one can foretell; but
the effect is bound to be farreaching.
New-York tribune., 1918-03-03
Money value

AS to rye. corn or barley the differ
ences are aluring. It is a question
whether great many farmers will
not take chance.
1t brings to The front the question.
Did the government, desiring a record
spring wheat acreage planted this
year, maze Il serious mistake in not
putting prize limits on the wheat sub
stitutes. after urging their use in place
of Whnp.H
New-York tribune., 1918-03-03
Money and Credit

Surplus reserves Of the Clearing
House banks were sharply reduced las,
week. failing TO st2,5lo,85O, the low
egt with one exception since the in
augnration Of the Federal Reserve
banking syatcm.
The aesueI condition Of member banks
New-York tribune., 1918-03-03
Cash Prices in Niinneapolj.

observe, IN the table above, the
rise Of wheat TO $L92, the later fixing
Of the 1917 price at S2.17 and its refx-
ing at that figure for the next crop.
But the advance III rye, corn. oats
and barley has been remarkable and
most of it since the Hoover orders re-
Quiring the use Of such grains as wheat
substitutes. Why the price of these
grains we're not regulated no one in
Minneapolis knows. But wheat, be-
cause anchored in price. is to-day by
far the cheapest food Of them all.
One thing is certain. When the 1918
grain crop is in the ground it viii
represent the largest investment by
far that the farmers ever made. Seed
an acre pIoughing an acre and all the
other planting costs will be much
higher
What will the farmer do about it?
There are two arguments favorable
TO wheat.
The first is patriotism The farmer
ought to plant wheat because the coun-
try needs it, The second IS insurance.
Let the war end or what may happen,
the farmer preparing for his spring
crop can to-day take pencil and figure
out his estimated seed and labor costs
and bv putting against it various acre
age yields that he may expect to real
ize under varying weather conditions
tell pretty closely whore he viii get off.
To plant the other grains Is more OF
q gamble Yet crop of oats. rye or
barley all things considered. is more
likely to escape vicssitudes than is
wheat There is y percentage in favor
OF the "gectng in" Of coarse grains
crop as against wheat, based on past
experience, especially of last year.
Suppose than that the Northwest
farmer decides 10 gamble and take a
chance that a big coarse grains crop
VIII put down prices as against the
governments guarantee for wheat, this
is how he would figure it if he took
the average acreage yields last year
and the current Minneapolis prices as
basis:
New-York tribune., 1918-03-03
Coke Shortage Threatens

The "Daily Iron Trade Review
stated yesterday that blast murnaces
recently put in blast in the Pittsburgh
district will soon be forced to bank
again unless the oCnnellsville coke car
shortage is relieved
New-York tribune., 1918-03-03

Under the railroad bill, the car
riers are guaranteed earnings after
operating expenses, including main
tenanoe and taxes, equivalent to ap-
proximately $50 per cent on their
book value, Generally speaking.
therefore, they will be able to make
che usual dividend disbursements.
eou many or those rvads which were
in doubtful position and which,
without relief of some kind, would
soon have been compelled to pass
or reduce dividends, probably will
be able to go on as before. From
now until at least eighteen
months after the war is over the
stockholders will be in a position
almost, If not quite, as secure, as
the bondholders, And yet examina-
ton of the market averages dis
closes this condition: though the de-
cline IN railroad stock prices which
eliminated last December was quite
as precipitate and extensive as the
slump in industrials, the recovery
Of the former since the first
of the year has not been nearly as
pronounced as the upturn in the
latter. This in spite of the fact
that Wall Street has had little doubt
at any time but that railroad earn
ings would be guaranteed in sub
stantlally the manner outlined by
the President. The explanation for
the lack of animation in railroad
stocks probably is this: while rail-
road shareholders, for the time
being, enjoy position, Of safety
comparable with that Of the bond
holders. they necessarily face in
some degree the disadvantages in.
herent in such a position. That is
to say, while income is certain. it
is limited; and as the imitation which
how is inevitable progresses, and
commodity prices rise to even more
fantastic heights, the purchasing
power Of the return on railroad
stocks must shrink steadily. We
have already seen the effects of this
upon bonds.
New-York tribune., 1918-03-03
Cost of one dollar
Vo%

Closing rates yesterday, compared
with a 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
for either marks or kronen are no
longer available.
(Quoted dollars to the pound.)
New-York tribune., 1918-03-03
Elections

Isaac Milbank has been elected a d.
rector Of the Union OH Company, sue
cceding John aGrrigucs.
New-York tribune., 1918-03-03

1ieies throughout the world. How can
sucn . condition be DEVELOPED if the
"a" raw material supply is to be no larger
New-York tribune., 1918-03-03
Federal Reserve Banks

"AolNGlON March A
'ns Federal Reserve
oanAS as at tne close
lor members were s5o2525oo
port compared with that Of the
New-York tribune., 1918-03-03
News Digest
New York

Changes in Stock Exchange Firms.-
Inc following firm changes were an
nounced yesterday in the weekly bulle-
TIN Of the Stock Exchange: Admitted
to Lee, Higginson &, Co., Jerome D.
Green, Barrett Wendell, jr., and James
NOVEL;; admitted to w. II. Newbold's 8
Son d Co., Beauveau Borie, jr.; retired
from Bartlett Brothers e. Co.. Edwin
a. boardman; retired from Holmes,
Buckley & Wardrop, Harold Palmer;
admitted to Sutro Brothers, Alfred
Rau. In accordance with the provision
IN the Stock Exchange constitution
that the nominating committee shall
mold at least three meetings for the
purpose OF suggesting nominees for
the offices and positions which are to
De filled at the annual election on the
second Monday in May, notice was
gwen that these meetings will be held
March 6, 13 and 20.
More British Treasury Bills To Be
Ofered.-1. P. Morgan & Co. will con-
tlnue to offer British Treasury ninety
day bills this week. The discount rate.
1t was announced yesterday, will be s
per cent. the same as last week. Less
than $50 100000 of these bills are now
outstanding, about S1O,OOO,0O0 having
been retired in the recent offerings.
Chatham and Phenix Bank Branch
Moved--The Chatham and Phenix Ma
tional Bank has removed its branch at
West Thirty-third Street to Fifth
Avenue and Thirty third Street. Ow-
ing to the rapid growth of this branch
larger quarters we're necessary.
New-York tribune., 1918-03-03

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., 1918-03-03
~ Wealth Con2noerce
shown by the Clearing House statement
vectnyjav fo11ou,s.

shown by the Clearing House statement
yesterday follows:
Loans, discounts, invest
ments, etc. c.............A A,a12, ,361 900
Cash in vaults of Federal
Reserve members -. s5,733,ooo
Reserve in Federal Re-
serve Bank ............ Ass, ,sos, 900
Reserve in vaults of state
banks and trust Co.'S. 16,258,oOO
Reserve in repositories o,244,OOO
Net demand deposits -. 3,54O, ,7O4, coo
Net time deposits .. 1874, $4,000
Circulation ............ 34,737 900
Aggregate reserve 484.311.OCO
Excess reserve .... 12.51O,85O
United States deposits deducted.
S43a 10000.
The changes from week ago were:
Loans and discounts. :. Inc $51 $40, coo
Cash in vaults Of Federal
Reserve members. Dec. 3,244,oOO
Reserve in Federal Re
serve Bank .Dec. 49,496. GOO
Reserve in vaults of state
banks and trust cos. Dec 1f7.ooO
Reserve in repositories Dec. 2t3.OoO
Net demand deposits. Dec. 33,791 GOO
Net time deposits. Dec 100000
Circulation ..-..,..... Inc. 2S9, 600
Aggregate reserve 49,. Dec. 1926, 600
Excess reserve ......... Dec. 45,275,23O
Acceptance Rates.-Current bid prices
for prime acceptances are as follows:
Thirty Sixty Ninety
Spot delivery: days. days. days.
Eligible member
banks 49,. 4Is9o 4l4qo 4l4%
Eligible nom
member banks 42sso 41a9b 41z%
Ineligible bank
bills ...... SEQ 5Ia9o 51z%
For delivery within thirty days:
Eligible member banks ........ 4Eo%
Eligible non member banks -. 4340o
Ineligible bank bills. ........... 6 %
Discount Rates.-Ofic:al rates OF
discount for each of the twelve Fed.
eral districts are as follows:
New-York tribune., 1918-03-03

come Of sl,739,S20 COR the year endco
S2,l29539 for 1916 Total operating
revenue was 600. compared witt
Sl2, ,765.755 for the previous year Sur
plus available for dividends was
s1,O6S,105, compared with 81 1889, ,047 fol
the year before.
Illinois Public service.-Annual re
port tor the year ended December 81
1917, shows gross earnings of S2AAS.-
O5o. Net earnings amounted to Ss97'-
99o. Surplus after dividends amounted
to S2o,0Sl and total surplus was $2T7,-
6o7.
Pacific Mills. Report for the year
ended December 81 last shows net sales
Of S36,941. .445, compared with S2S,2-4.-
159 for 1915. Net after depreciation,
etc, was $4.475, ,509 compared with
S2,749.T75 for the year before Surplus
after dividends amounted to So 275.50g.
compared with S1,7s9,775 for the pre-
vious year.
Adirondack Electric Power. - Gross
earnings for the year ended December
81. 1917. were 1850, ,765, compared
with S1,512.5l6 for the previous year
Net earnings amounted to S4tS58i.
compared with $565,l52 for the year
before. Surplus was $162,553, com
pared with s306.S64 for 1915.
Fisher Body Corporation Earnings
after interest deductions of the Fishcr
Body Corporation and subsidiary com
pany for the quarter ended January 3
last aggregated S9oI Oh. according to
the report issued yesterday.
Dayton Power & Light Company
1913. 1917
January earnings ...... St95.477 sf77. $50
Net earnings ........... 5t,486 62978
Total income ......-... 54,1f9 69.3A5
Surplus ...........-.... 6,87t e2267
New York. Ontario & Western
lglS. 1911
January gross .-...... S694205 s63352G
Dehcit after taxes. $50 N1f8s61
Dehcit after charges 1o7,19O f9,O09
Surplus.
Sears, Roehuck & Co.
1918 lgf-
February sales ....: sf6.233.8a5 sf5.745,4fs
New-York tribune., 1918-03-03
More British Treasury RilIs To Be
Chatham and Phenix Rank Rranch
Corporation Returns
American Bank Note Company.-

american Bank Note Company.-An-
nual report for the year ended Decem
Der 81, 1917, shows total income of
1924 ,O64. compared with S95l,257 for
1916. Net income amounted to S734,-
053, compared with Ss46,aO4 for the
previous year. Dividends were $685.
481, compared with s449,567 for the
year before. Surplus was $194,572,
compared with 1897 ,237 for 1915.
s. H. kress &, Co.-Net profits for
the year ended December 81 last were
81 ,465 ,461, compared with Sl.354 ,093 for
the previous year. Preferred dividends
amounted to $2S0,0O0, an increase of
$4,000 over the year before. Surplus
was $l,185,461, equal to s9.8S a share,
compared with s1,214,093, or 1896, for
1916.