davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1918-05-09
In d u s trials
Cotton

The chief feature in the cotton mar
ket yesterday was the weekly report
of the Weather Bureau. 1t proved dis
appointing to recent sellers, as it en-
phasized unfavorable conditions dur
ing the earlier part of the week rather
than the improvement which occurred
later Some traders, indeed, thought
it almost if not quite as conducive to
an advance in prices as any of the
three preceding weekly statements, and
it's publication was followed by quite
sharp upward trend on covering. Ex-
cept for the demand from shorts, how
ever. there appeared to be little buying
power. and after selling up from 25.03
to 1916, July closed at 25.49. The gen.
eral list closed steady at a net ad-
vance of to 20 points.
The market opened easy at a decline
of 10 to 25 points, and soon sold 20
to 80 points net lower in response to
lower cables and favorable weather
map. There was continued talk of a
weekly report that would tend to
lower prices, but some covering de-
veloped before it's publication, and
more active. Southern spot advices
encouraged the buying movement, and
active months showed net advances of
20 to Al points during the middle of
the afternoon. This made an advance
OF about IS to rs points from the low
level of the morning, and the closing
reactions reflected realizing.
The extremely favorable character
OF the detailed weather reports for
the day probably helped to offset the
influence of the unfavorable weekly
bureau. The trade, however, had been
pretty we'll convinced by the report of
the previous week that there was no
longer any hope for an early start.
Yesterdays statement naturally
strengened this opinion, and the trade
realizes that it has no guarantee of
favorable weather from now on. It is
probable that the trade is becoming
uncertain of the short side and is
more inclined to even up commitments
or to await further Developments
around the present level of prices.
1t was pointed out after the close
yesterday that for four DAYS in sue
cession prices had made new high
marks, counting from the low level Of
last Saturday, feature which created
more confidence among buyers. South
ern spot markets, as officially reported,
were UNCHANGED to 25 points higher.
generally unchanged. Exports for the
day were 25,438 bales, making 3,3O4.-
80 so far this season.
Yester- Day Year
New-York tribune., 1918-05-09
April Output of
Pig Iron Largest
In Eleven Months
Enormous War Needs Drive
Other Demands From
the Market

More pig iron was produced in the
United States in April than in any
previous month since May. 1917. The
gain in production last month over the
previous month was at the rate of 5000
tons day. In April 3,288, ,211 tons were
produced, according to "The Iron Age"
against 3,213,O91 in March.
On May /, with 354 furnaces in blast,
an increase of ten in the month, pro-
duction was at the rate of 109 ,607, "Thc
Iron Age" says, which would mean A.
100000 tons of coke iron in a year. The
production OF coke iron in 1917 was 49,
100000 tons. Incomplete compilations
indicate that the steel ingot production
in April far exceeded that of March.
Possessed for the first time through
official advice Of clear understanding
of the tremendous scope of war de-
mands, "The Iron Trade Review" says,
in touching on the subject uppermost
in the minds of steel men. "iron and
steel makers are acting swiftly to carry
out their plans of 100 per cent output
for government purposes.
"All orders not of strictly war
character are being set aside and plants
are being concentrated exclusively on
priority tonnage. The steel directors
amazing statement at the recent New
York meeting of the steel makers indi-
Gates that direct and indirect require
ments for the government and its al
lies, as at present defined. are approx
mately 20,000,000 TONS"
1t is understood that buying of iron
and steel for non-war use is virtually
stopped. Concentration on war orders
until July /, it is contended by some
steel men, will relieve the situation in
an impOrtant moasl1re
New-York tribune., 1918-05-09
Canada Selling
Securities Here
Adverse Exchange Rate Causes
Liquidation of Investments

Notwithstanding the liquidation that
has taken place in three and a half
years of war there is still consid-
cradle amount of high grade United
States investment securities held in
Canada according to "The Monetary
Times" "Before this war;" says this
authority, "the business in Wall
Street stocks transacted by Montreal
and Toronto brokers probably ex-
coded the business done in Canadian
stocks: Many Canadian capitalists
and financiers were accustomed to
carry considerable lines of United
states stocks; also the wealthy
highly paid executive officials Of large
| United States branch industrials To-
Gated IN this country, naturally leaned
toward United States securities in
making their investments. The pen
atty involved in renting Canadian
money to New York, along with the
very attractive yields obtainable on
high class Canadian bonds, would
have tendency to keep this invest
ment money in the Dominion and to
induce realization of United States Sc
curltles. for the purpose of buying
here. Another point is that a United
States. investor sending money over
here for investment in our municipal
and provincial securities, because of
the premium on New York funds. can
get higher yield on Canadian securi-
ties than the home investors obtain.
A $4,000 check on New York sent
over here to buy Canadian securities.
with exchange around present rates,
would probably count for $1O,15O or
S1o,175 in the settlement; and the
gain in exchange in case of a five
year bond would represent an addition
of more than Il per cent per annum
in the interest yield"
1t is asserted that market reports
i of the last week OR two indicate that
the high premium on United States
money has induced number of
Canadian holders of United States se-
curities to sell them and transfer the
funds to Canada.
New-York tribune., 1918-05-09
Produce Markets-Current

Butter.-Receipts were 6,676 pack
ages. Creamery, higher than extras,
per lb, 46h@47c; extras (92 scorel,
Acc; firsts (88 to 81 score), 43@46hc;
seconds (83 to 81 score), 3S@42c;
thirds, 35@37c; creamery, unsalted,
higher than extras, 4Sh@49c; extras,
Al II @48c; firsts, 44@47c; seconds, 400
43c; state dairy, tubs, finest, 451a Gaze;
good to prime, 43@l45c; common to
fair, 36@l42c; renovated, extras, 39hQ
40c; firsts, 38@39c; lower grades, 34@
BIC; imitation creamery, firsts, 35@
36c; ladies, current make, firsts, 34@)
34hc; seconds, 321ac; lower grades,
31@32c; packing stock, current make,
grades, 2S@3Oc
Cheese.-Receipts were 2,OsS boxes.
State, whole milk, fats, held, colored.
specials, lb, 251z @26c; white, specials,
241s @25c; colored, average run, 24@l
Zoe; white, average run, 24c; fair to
fresh, colored, specials, 23@23he;
average run, 22@221ec; white, average
run, 22@22Ac; lower grades, 2oh@
81 &c; twins, held, colored, specials,
24A @25c; white, specials, 24A (d24lsc;
colored, average run, 24@24Ec; white,
average run, 24c; fresh, specials, 2215c;
average run, 22@22Ac; single daisies,
fresh, 24@24Ac; double daisies, held,
25025Ac; fresh, 231a M24c; Wisconsin,
whole milk, fine to fancy, twins, coll
ored, held, 24@24Ac; fresh, 22A@
22kc; single daisies, colored. held, 70
@z5kc; double daisies, colored, held,
25M2512c: fresh. 231A 0)24c. Young
Americas, held. 27@2711c; fresh, 2Sz
@24Ac; state, skins, twins and fats,
held, specials, 18@19c; fresh, fats,
specials, l7c; twins and cheddars,
fresh, specials, tic; flats, prime TO
choice, 141 1@16hc; twins and cheddars,
prime to choice, 14h@161sc; fair to
good, 11@14c; lower grades, 4@l0c.
Eggs.-Receipts to-day, 1852 cases.
Fresh gathered. extras, per dozen, 3SIg
81 Rc; storage. packed, firsts, $500
37kc; regular packed, extra, firsts,
361a Q37c; regular packed, firsts, S5g
36c; seconds and poorer, 33@34hc;
fresh gathered storage, packed, dirties,
No. /, Sac; No /, regular packed, 33(9
33 hc; No. 2 and poorer, 3l@32hc;
fresh gathered checks. good to choice
dry, 29M31c; under grades, 2542Sc;
state, Pennsylvania and nearby West
ern hennery whites, fine to fancy, ii@
42c; ordinary to prime, SS@soc;
gathered. whites, ordinary to fine. Soeg
4Oc; Western and Southern. gathered
whites, 37@39c; state, Pennsylysnia
and nearby hennery browns. 3S@Sse;
gathered, brown and mixed colors, Sog
BIC; duck eggs, 29@45c; goose eggs
per dozen, 50@60c.
New-York tribune., 1918-05-09
Commodities

from those of Wednesday. The weekly
weather and crop bulletin spoke favoy.
ably regarding the progress of plant.
ing operations, which are working ran.
idly northward. "The Price Currentr
however, said that there is still apprs.
hension over the seed situation. and
that the acreage is likely to be smaller
or account of shortage in labor.
Yesterdays Previous Year
Corn, No. o. yelIows1.ss s'F SIS S5s'e' s,H r.
Chicago:
May sa1y - 12sH e 10 ,3s7, ,ss ,ss.
Oats.-The cats market was active
and prices showed sharp fluctuations,
Early in the day there was heavy sell.
ing, especially of May. owing to
further reports of a weak cash posi-
ton, and that 10000 bushels had been
delivered on May contracts in Chicago.
Exporters were not in evidence, and
the absence of this demand was looked
upon as a distinctly bearish feature.
Crop and weather news was favorable.
The technical position of the market,
however, was believed to be stronger
and prices advanced rapidly, with
shorts on the buying side. The close
was firm, with prices 12c to 1c net
higher.
Yesterdays Previous Year
New York: close. close ago
Corn. No. white. "a "a n
Chicago
May .............. 1874 .72N .ssN
July .............. STA .66s4 IS
Rye.-Market nominal.
Yesterdays Previous Year
New York: close. close sro
Cash, No. West. $2.25 $3.50 s2.N
Flour and Meal.-Quotation were:
Yes days Previous Year
New York: close. close. ago.
Flour. Mimi, spg pat $11.o0 s11.0o $500
Rye -four. choice. 49,. 1925 1890 11.6s
Cornmeal. yellow. gran 500 500 sa.ao
*Kiln dried.
New-York tribune., 1918-05-09
Metals

Of 100000 tons of she'll steel al
ready. allocated for 1918, shipments
thus far. according to the current issue
OF The Iron Age" amount to 100000
tons. The years orders on she'll ac-
count are put at 100000 tons. There
was slight stiffening of lead and spell
ter prices yesterday. In the copper
market conditions continued quiet.
Current prices for the principal
metals, compared with those prevailing
year ago, follow:
Current A year
price. ago.
Pig iron, Bessemer,
Pittsburgh *$36.15 $43.95
Copper, electrolytic, lb *23La .31H
lin, ID. ............. .95 .62La
Lead, lb. ............. .07 ITO .10N
Spelter, East St. Louis,
lb. .............. .07 .o9A
Government prices.
New-York tribune., 1918-05-09
The Dollar in Foreign Exchange

Exchange on Switzerland advanced
sharply again yesterday, Swiss francs
dollar for cable transfers. Exchange
brokers said the supply of Swiss ex-
change was very limited and that COM
paratively small purchases sent the
rate up easily. Balances of local bank
ing institutions in Switzerland are said
to be very small at the present time.
Italian exchange continued it's decline,
lire falling to s.O1, for checks. Ex-
change rates on Paris and London were
steady.
Closing rates yesterday, compared
with week ago. follow:
Quoted dollars to the pound.)
New-York tribune., 1918-05-09
Elections

A. J. Bennett has been elected q di-
rector of the Cerro de Pasco Mining
Company, succeeding Malcolm B. Sloan
The other retiring members of the
board were reelected.
W. j. Jackson has been elected di
rector of the National City Bank of
Chicago.
Peter Mcdonnell has been elected a
director of the New York Produce Ex-
change Safe Deposit and Storage Com
pany, succeeding the late Forrest II.
Parker. ParmlY S. Clapp was elected
New-York tribune., 1918-05-09
New York

Cerro de Pasco Meeting.-After the
annual meeting of stockholders yester-
day it was stated that the company
has 9O8,O00 shares now outstanding,
More than $6,200,000 Of the company's
$10,000,000 per cent bonds have been
converted into stock at $50 a share.
The remainder were redeemed on MAY
l at 105 and interest
Kennecott's April Production.-Last
month the company produced 1886
600 pounds of copper, of which 5,794,-
600 pounds were from Alaska and A.
722,000 pounds from South America.
In March the company's OUTPUT was
11,02O,000 pounds.
Cotton Acceptance Corporation. -
1t was stated yesterday that articles of
incorporation will be filed at Albany
IN the near future for the American
Cotton Acceptance Corporation, with
an initial capital of about $5,O0O,O0O.
The new company will specialize in
handling nlnety-day bankers accept
ances, which, according to present
plans, will be substituted for the pres
ent method of paying for cotton with
sight drafts. 1t is not expected that
the general plan involving this change
will be completed until about June /.
Trading in New Liberty AIS To-
day.-It was announced officially at
the Stock Exchange yesterday that the
new Liberty AZ per cent bonds will
be admitted to list beginning to-day.
Deliveries will be made in the regular
way, that is, bonds sold for cash will
be paid for the day following the date
of sale. The heavy payments to be
made to-day oil account of the first
lnstalment on the third Liberty Loan
are not expected to cause any dis
turbance to the money market because
Of the arrange ments perfected by the
Federal Reserve Bank, which involve
no actual transfer of funds from the
banks vaults.
New-York tribune., 1918-05-09
Denver's Net Smaller

The report Of the Denver & Rio
Grande Railroad Company, coyerino
1917 operations, was issued Yesterday
showing operating revenue OF s28. deg.
1873. compared with s25,4s4, ,488 in 1916.
Net revenue aggregated $8,694. .7O9.
against $10,588,131 the year before
The surplus available for dividends
WAS equal to f4.2l share on $49, 9,775.-
$40 preferred took.
New-York tribune., 1918-05-09
Money and Credit

With the banks called upon to meet
heavy transfers of funds in connection
with the initial payments on account Of
the Liberty Loan to-day, money rates
were firmly maintained yesterday. At
the Stock Exchange call money fiuc-
tuated between and 6 per cent, with
ruling rate of and close of 6.
The opinion was expressed in bank
New-York tribune., 1918-05-09
Stock and Bond Averages
News Digest
Foreign

London Market Quiet. LONDON
May 8::-The stock market was quieter
rejecting the lull on the Western
front: Investment issues were occa-
sionally easier, due to a slackenng de-
mand. Japanese securities were strong
attributed to sinking fund buying
Chlllans hardened in response to a
steady upward movement in the rate
of exchange. Mining shares and oils
declined on realizing, but were readily
absorbed. Industrials ruled steady,
with electric issues in demand.
Paris Bourse.-PARIS, May g.
Trading was active on the Bourse to-
day. Three per cent rentes, So francs
70 centimes for cash; per cent loan
81 francs go centimes. The Bourse
will remain closed tomorrow.
New-York tribune., 1918-05-09
Cereals

Wheat.-The feature of the day in
the wheat trade was the government
crop report, which was published
after 2:15 p. m. The report was a lit
tie disappointing, inasmuch as the
acreage abandoned was 1877 per cent.
compared with ten-year average loss
Of 1899 per cent. In acres this meant
5,778,o00, which brought the area
standing to harvest to 36,392, 900
acres, compared with 27,43o,0O0 last
year. The condition of the crop, how
ever. was higher, being placed at s6.4
per cent, compared with 1876 per cent
in April, and 1872 per cent last year.
On this acreage and condition the
department estimates final weld. pro-
vided climatic conditions and other
factors during the balance of the sea-
son remain normal. at 572, ,539 900 bush
els, compared with a final crop last
year of 418,070,O00.
Recent private estimates have pointed
to yield of about 100000, 900, and last
week the United States Chamber of
Commerce predicted an outturn of
65O.000,0 900 bushels. Many in the trade
are still of the opinion that the Anal
outturn is likely to be considerably in
excess of the government figures
while, moreover, the acreage sown to
spring wheat is believed to show q
large increase over last year, and the
crop has gone into the ground under
exceptionally favorable conditions and
is now making rapid growth.
Corn.--The corn market was weak
and lower early in the day. The July
position in Chicago declined 2 cents a
bushel under liquidation prompted by
exceptionally favorable weather for
planting the new crop and slow spot
demand. When oats rallied, however,
there was active covering, and prices
at the close were only slightly changed
New-York tribune., 1918-05-09
Good Bonds in Better Demand

Investment houses report a better
inquiry for high grade bonds. Prices
of gilt-edged securities of this charac-
ter have undergone Improvement. as a
result Of the broader demand. Bond
issues like Northern Pacific prior lien
4s and general lien IS, Southern Pacific
.refunding 4s, Wisconsin Central gen.
eral 4s and the various Pennsylvania
Railroad bonds were being especially
sought after. Much of the business is
being done over the counter.
New-York tribune., 1918-05-09
Finance Economics
Telephones:
Hanover 6514

ing quarters that a moderate easing of
rates might be looked for shortly. The
Liberty Loan has had the effect, it was
asserted, of bringing forth great deal
OF money that has been boarded. This.
together with the redeposit of govern
ment funds with the banks, is expected
to create greater amount of loanable
funds. Of course, when the time ar
rives, in June, for the payment of the
Federal taxes, increased tension is ex-
pectcd.
There was no change yesterday in
date funds, rates holding firm at 6 per
cent for the regular maturities, with
offerings limited
Ruling rates for money yesterday,
compared with year ago, were as fol-
lows:
Yesterday. Year ago.
Per cent. Per cent.
Call money .......... 6 pa
Time money (mixed collateraD:
Sixty days. 6 1905
Ninety days. 6 1906
Four months. ...... 6 43A@5
Five to six months. 6 1905
Commercial Paper.-This market re-
mains quiet, with q moderate volume of
discounting being done at per cent
for four to six months paper.
Bank Acceptances.-Local and in
terror banks are active purchasers of
eligible bills. Rates were unchanged
yesterday as follows:
Thirty Sixty Ninety
Spot de- days. days. days.
livery: Per cent Per cent Per cent
E e b e
m e m Der
Ell igible
ber '' banks. al ks ks.4A@4Is 42b@4}4 4H@4h
Ineligible
bank blls5A@424 sJz@424 5I4@424
For delivery within thirty days:
Per cent.
Eligible member banks. 4I2
Eligible non-member banks. 45s
Ineligible bank bills. 6
Discount Rates.-The following table
gives the current rates of the twelve
Federal Reserve banks on commercial
paper on all periods up to ninety days:
Maturity
New-York tribune., 1918-05-09
A Discrepancy Explained

The government, under the terms
of the Pittman law, pays 81 an ounce
for all silver purchased. The cur
rent market quotation for the metal
is 99]s cents. Bullion dealers said
yesterday that the discrepancy be-
tween the government price and the
market quotation was due partly to
the fact that the sellers of the metal
to the Treasury must pay the re-
filming charges. 1t was also stated
that much lof the silver bought and
sold in the open market falls short
of the 1,00Q-fine standard set by the
government.
New-York tribune., 1918-05-09
Studebaker's Response

Studebaker's response to the decla-
ration by the directors of the usual
quarterly dividend after the close OF
the market Tuesday was an opening
advance of 1h points yesterday to
1914. This gain, however, was not
held and the closing price of 37A
was only half point above the last
sale of the preceding day.
Distillers' Dividend
Some disappointment was expressed
in commission houses yesterday that
the stock on regular per cent an
nual basis instead of declaring the
usual quarterly dividend of u of 1
per cent and an extra of 1 II per cent.
This was the same distribution that
was made three months ago and makes
two "extras" aggregating 8 per cent
for the last six months. There is rea-
son to believe that the company will
maintain the present rate throughout
an 8 per cent distribution to share
holders. Announcement was made
that the next meeting of directors to
vote on dividends will be held on the
third Thursday in September; and for
tn! following quarter on the third
Thursday in December.
About the Express Merger
Officials Of the leading express
companies here continue to profess
ignorance of the negotiations said to
be under way to merge the important
corporations into a government con-
trolled combination. Dispatches to the
financial district yesterday from
Washington, however, indicated that
G. c. Taylor, president of the Amer
lean Express Company, will be named
head of the consolidated company and
that B. D. Caldwell, president of the
Wells Fargo Company will act in an
advisory capacity. probably as chair
man of the board. The basis on
which the companies will enter the
merger, it was said, would not be
favorable to the Adams Express Com
pany, which purchased the Southern
Express in 1916. Of the reported pur
chase price of s9,00O,000 it was un-
derstood that $7,O00,000 represented
goodwill Inasmuch as it is reported
that the companies will go into the
merger on the basis of book prop
erty values. the Adams may suffer a
considerable loss in the realignment.
New-York tribune., 1918-05-09
Fresh Poultry.--Dressed

Turkeys. - In barrels, dry pess. plssses.
young toms, average best. S2gsss.
young hens, average best, S6@Sos'
poor. 25@2sc: old toms, sS9Soe.
Chickens Fresh, boxes, dry psekseo'
Western, milk fed, heavy weisns
shaggy. 2s@3lc; corn fed, hesss
weights, shaggy, 27@30c; in barren.
Philadelphia and Long Island. nsnes ~.
broilers, 8 to I ib to pAirs esss
r.,.a ~ ,.~. III osluran.
New-York tribune., 1918-05-09

Bank C1earings.@The days. bank
clearings at New York and other cities
were:
Exchanges. Balances.
New York. $780,, ,454,e27 $63, 3,2e3,751
Boston. ........ 46,116402 6,8O1, ,149
Philadelphia. ... 8O,669,514 13,696,56
New-York tribune., 1918-05-09

sFlorida. new. Dbl.
Hay and Straw
Yesterday. A year sse
iPer ton.) (Per tos.f
rss large bales ' ..ssoooesa.oo s2zsoe2secoe
No. clover mxd. 24.oo@26.0o 18o0g wv
Rye straw. No. 1900 1Soo0
New-York tribune., 1918-05-09
Wealth M @
Market Barometers
Stock Exchange Transactions

Stocks
Pail Other All
roads stocks. stocks
Yesterday. /. e. .252, 400 6ee,4OO 921 300
Day before.... $500 841,500 911,50o
Week ago.. 41,4OO 314,3OO 355,7OO
Year ago. -. 224,1O0 64e,400 872,5O0
January I to date:
1918. . .5,298,70O 38,448, 400 43,747, 100
1917. 1884, 900 59,688, 300 67,523, 700
1916. .7,955,000 55,174,500 63,139,500
Bonds
Day Year
Yesterday. before. before.
Gov'nts So, ,274.000 $3,218,000
Rails. ... 1,212,000 $4,000 $1,247, 900
Others. 1,748,o00 1,277,o00 100000
All bonds 5,234,00O 5,184,00O 100000
January ] to date:
1915 1917
Governments. .$295 100000 $235, 900
Railroads. 900. 60.5o5,OOO 133,595, GOO
Others. ....... 118,606,000 278,802, 900
All bonds. 80. 478,948,OOO 4O5, ,782, 900
New-York tribune., 1918-05-09

The above rates express the cost of
foreign money in terms of the Ameri-
can dollar. You buy an English pound
sterling at, say. s4.75%. The. intrinsic
parity is s4.S6% per pound. Thus YOU
say either that pounds are discount
or that dollars are at premium, which
is owing to the fact that in England
the demand for dollars with which to
se..le accounts in this country is greater
pounds with which to settle accounts in IN
England. 80
Paris exchange on London dropped
sharply yesterday to % francs 25H
centimes.
New-York tribune., 1918-05-09

Silver.-Bar silver in London was
49hd, unchanged; New York, 99hc,
unchanged; Mexican dollars, TIC, un-
changed.
Sub-Trcasury.-The banks lost to the
Sub-Treasury yesterday $1,427, 900.
New-York tribune., 1918-05-09

London Money Market. LONDON,
May 8.-Money was in abundant sup
ply and created better demand for
discounts. Money loaned at 21a per
cent; dicount rates, short bills, 3h
per cent; three month bills, Gle per
cent; gold premiums at Lisbon, 130
New-York tribune., 1918-05-09

Continued on pase q. eslAl 3
New-York tribune., 1918-05-09
Orchard and Field

'Florida. new. Dbl.
New-York tribune., 1918-05-09
5 u s t e n a n c e

Government prices.