davidaulloa/AmericanStories huggingface dataset:
Free trader-journal. (Ottawa, Ill.) 1916-1920, 1918-11-06

FOR QUICK hlSULTs TRY TEE
WANT" ADS. IN TIM FREE
TRADEK-JOURNA
Free trader-journal. (Ottawa, Ill.) 1916-1920, 1918-11-06
Notice.

Primrose Rink at Morris will Oper
Nov. .. Good music and good floor
Free trader-journal. (Ottawa, Ill.) 1916-1920, 1918-11-06
CHICAGO MARKETS

Chicago market report furnished to
the Free Trader-Journal by w. L.
Etnyre, member of Chicago Board OF
Trade, Moloney building, phone 1c4I
Correspondent Lamson Bros. & Co,
Chicago.
New-York tribune., 1918-07-31
Spice Imports Increase

The demand in South Africa is for
more pepper. end the importation of
spices in general into that region has
increased since the war began, al
though the gain has been more marked
as to price than as to quantity. Pep
per imports increased in value from
s60092 in 1914 to S90.031 in 1917. In
fact, the imports of spices into the
Union Of South Africa during the
calendar year 1917 were valued a.
S257,317, contrasted with a value Of
s164,5os in 1916, s149,os6 in 1916 and
Sll9,448 N 1914. A gain of S76, ,409 in
cloves during the year accounts for
most of this increase. The increase
in quantity was not so marked as was
the rise in value. South Africa's spice
imports in 1917 totalling 1.430 .209
pounds, compared with l,13S $50
pounds IN 1916, 1,21S.473 pounds in
1915 and 1.o4s,750 pounds in 1914.
New-York tribune., 1918-07-31
No More Funds
Needed From Cuban
Sugar Syndicate
International Committee No.
tihes Banks That Crop
Is Financed

Banks throughout the United States,
numbering more than 100, which were
members of the 100000 600 Cuban
sugar syndicate have received notifica-
ton from the International Sugar Com
mittee that the Cuban sugar crop
has been successfully financed and
that the syndicate members will not
be called upon for any additional
funds. IT is estimated that the Amer
lean banks advanced in all approx
mately 100000 to the Cuban plant
ers.
The syndicate will remain in ex-
istence until September 3, when the
last of its ninety day paper reaches
maturity. 1t viii then be liqudated.
The fact that the syndicate was not
called upon to make greater advances
was due to the rapidity with which
the sugar crop was got to market.
banker said yesterday that the cred
it for this was largely due to Herbert
Hoover, head of the United States
Food Administration Board.
New-York tribune., 1918-07-31
May Barter for
Raw Materials at
Ports in Siberia
Safeguards Are Suggested for
Americans Exporting
Wares to Russia

10 protect American exporters who
might participate in the proposed re-
sumption of trade with Russia, impor-
tant trade interests which have been
comforting with the Administration
have suggested that the exchange of
American manufactured goods for Rus
sian raw materials take place at the
Siberian ports of entry, rather than at
the interior centres of distribution.
This recommendation was made to give
added assurance to American exporters
that they would be compensated for
goods they may ship under future gov
ernment direction to that country.
Other recommendations made by the
same group follow:
"The creation Of a special commits
sion on Russian affairs, which should
be given full and complete control of
the development and carrying out of
constructive and comprehensive pro-
gramme in regard to economic assist
ance for Russia. The securing of the
cooperation Of American firms inter.
ested In trading with Russia for the
purpose of sending American merchan-
disc to Russia under the regulation of
the commission, which goods would be
distributed in Russia, especially in ST.
berla, in exchange for Russian raw ma
terials.
The government would undertake to
furnish the firms with the necessary
transportation, proper export licenses
and adequate protection for the land
ing of the goods in the Russian port of
entry. The merchandise would be
shipped to Russia in such a way, that
it would be under the direct control of
the commission, and the merchandise
would not be released until Russian
raw materials of equivalent value were
on hand to be utilized in the payment
Of the merchandise shipped by the
American firms.
at is believed that it may be neces-
sary for the government itself to pro-
vide for some sort of financial clear
ing house which would be in a position
to handle the financing of the Russian
raw materials brought to this country
and Of making proper payments for
American merchandise shipped into
Russia"
New-York tribune., 1918-07-31
Wealth Markets and Commerce
nouncing the increase in wages to the
employees. said:

nouncing the increase in wages to the
employees, said:
"The finance committee of the United
States Steel Corporation, after due con-
sderation. has unanimously voted to
increase the wage rates Of day labor
at the manufacturing plants about 10
per cent, to become effective August l
proximo. Other wage rates will be
cquitably adjusted. except in cases
where advances have been made re-
Gently. Coal mining companies are not
included. Their employees heretofore
received similar advances"
The last increase in wages was made
on April is, when Is per cent. was
added to the wages of the day labor
ers. That added S45 100000 to the pay
roll, SO that the new 10 per cent in
crease granted yesterday makes total
of $7O,O00,O0O added to the payroll so
far this year. In 1917 two general in
creases of 10 per cent each were made.
following three increases in 1916, each
Of substantially the same percentages.
The total payroll expenditure of the
corporation in 1917 was $347,370, 400,
compared with $263,3S5,502 paid in
1916.
AS result of the latest increase, it
is estimated that the daily average
wage of she day laborers Of the cor
poration will be raised to approx
imately 81, compared with 50 day two
years ago.
New-York tribune., 1918-07-31
Third Avenue Rail Revenue

The statement of the Third Avenue
Railway system for June shows operat-
ing revenue of $87o,S5o which COM
pares with s937 $50 for the same period
of the previous year, decrease of s67,-
5o8. Operating expenses totalled ss7o,-
C56, against S857,311 for the CORE
spending month of 1917 Gross income
was Sl47,877, from which deductions
of S239, ,730 were made, leaving a deficit
for the period OF S91 1853. The twelve
months operating revenue amounted to
Slo,Z34, 1855, an increase of S1,26l 1886
ever the same months OF the year be-
fore. After operating expenses of ST.
335,S64, net operating revenue was So.
S9S,62l, compared with S16S4,sO8 for
the preceding twelve months. Deduc-
tions were S2,67s,274, leaving a deficit
for the period of $457,206.
New-York tribune., 1918-07-31

Labor shortages are reported in
every branch of industry, but the
most acute shortage of all is at the
top. There are not enough indus
trial executives and bank officers to
go around. The directors of one
important manufacturing company
have been trying for several months
to find a man capable of filling the
presidency, with the sole result that
several men to whom they have
offered the job have had their sal
aries increased. Another important
institution has been seeking presi-
dent for two months, but without
success. Banks are short of execu-
tives and are unable to fill positions
that command salaries Of from
$4,000 to $4,000 a year. The
shortage of industrial executives is
the result of the great expansion Of
activity and the enlistment Of so
many business leaders in war work
of various kinds, but the shortage
of bank officers is due more to the
fact that until recently men were
not trained to fill such positions.
Other countries, notably England,
through the system of establishing
branch banks throughout the world,
have had what were, in effect, train
ing schools in banking, but until
recently the United States lacked
this advantage. The schools in
banking now conducted by some of
the large local institutions in which
young college men are first trained
in the rudiments Of banking, and
then given practical experience and
responsibility in branches, will
probably relieve the shortage in
time, but meanwhile our banking
activities will be hampered by the
scarcity of men big enough for the
jobs. Banking is much more of
science than it used to be. The big
banker of to-day-the mar COM
manding $4,000 or more-must
know more than the credit standing
of his customers. He must know
the theory of banking and the prac-
tee of it, and he must be an econo-
mist of standing.
New-York tribune., 1918-07-31
Tax Deductions for June
Quarter in Excess of
$9O,OOO,OOO
Big Wage Increase
Laborers Get 10 Per Cent Ad-
vance; Usual Extra
Dividend

The United States Steel Corporation
reported yesterday the largest quar-
tcrly net earnings, before deductions
for Federal income and excess profits
taxes, in its history, showing income
from operations for the three months
ended June 80 last on an annual basis
of more than $600,000,000.
Total net earnings for the quarter
aggregated S153,273,641. Deductions
for Federal taxes totallcd S9O,716,25O,
of which s5S,716,250 represented taxes
levied for the quarter on the basis Of
existing tax laws, and s32,O00,0O0 for
the account of additional taxes which
may be chargeable for the first six
months under the proposed new tax
legislation.
The directors declared the regular
quarterly dividend of IL on the pre-
ferred stock, and the regular quarterly
dividend of IA per cent and an extra
OF per cent on the common stock, the
same amount as has been paid for sew
eral preceding quarters.
Labor is to get an increased portion
OF the Steel Corporations record pros
pcrity, announcement being made after
the meeting of the board of a new in
crease in wages of 10 per cent to be
granted to all day laborers in the en-
ploy Of the corporation. to become cf-
fcctive tomorrow, August 1. This af-
approximately $25OoO,oO0 to tie annual
payroll of the corporation. 1t makes
the seventh increase in wages granted
by the Steel Corporation since the lat
ter part of 1915.
Total net earnings Of s153,273,641
before charges for taxes compared
with $88,516,622 in the first quarter of
the year. The previous record was
established in the corresponding quar-
ter of 1917, when $144, ,49S, ,076 was re-
ported
Dividend Balance 1893 Per Cent
After tax deductions in the last quar-
ter net amounted to S62.557, ,391 After
ether charges, including depreciation,
interest on bonds outstanding and al
lowance for sinking fund, tho balance
available for dividends on the $685.
3O2, 800 common stock was 7.99 per cent.
compared with III per cent in the first
quarter On the basis of its showing
for the quarter The corporation is earn
ing now at the annual rate of about 80
per cent share on the common stock
after all charges. In tho first six
months of the year to date the corpora
ton earned 1920 per cent a share on
the common.
Officials of the Steel CORPORATION ex
planned that the allowance IF Sc2, ,0O0.-
600 for account of additional taxes that
may be charged as result of the ex-
pected increase in Federal taxes applies
in part to the first quarter of the year.
IN which there had previously been al
lowed S3l ,585.19S for taxes. On the
basis Of the allowances made for taxes
IN the first six months the corporation
will pay the government more than
s245 100000 for the calendar vcar of
1918. On the 1917 earnings the cor
poration paid total taxes Of s233, ,4G5.-
Goo Judge Gary said yesterday that
the directors hoped the allowances
made for taxes would take care Of the
additional imposts to be levied by Con-
gress.
The summarized statement of the
corporation for the last quarter com
pared with the corresponding period of
1917 follows:
New-York tribune., 1918-07-31
Offering Canal Bonds

A new issue of s2,500,000 State OF
Louisiana Port Comm ssion serial per
cent canal gold bonds, due from July
l, 1929, to 1858, is being offered jointly
by the William r. Compton Company and
Halsey, Stuart G. Co, it was announced
yesterday The bonds, which sell a.
between 1926 and 1o2.64, yield about
4.S5 per cent Proceeds of the issue
are to be used for the construction and
operation of a navigation canal be-
tween the Mississippi River and Lake
Pontchartraln.
New-York tribune., 1918-07-31
ALLEGATION of Rubber
War Board and Manufactur.
ers Will Confer TODAY

Three hundred rubber manufacture
ers s, from all parts of the United States
Viii meet representatives of the War
i;so draae b1ard sa in New York to-day to
nlScuss the ALLEGATION Of the amount of
rubber to be produced by various plants
tor the next twelve months. Poss;hle
curtallment of the manufacture nc
automobile tires will be another tonic
The conference, which will open with
luncheon at the Waldorf Astor;.
Will be held under the auspices Of the
Rubber Association of America '0
New-York tribune., 1918-07-31
President Wallis Statement

To shareholders of American Tele-
phone and Telegraph securities who
have been fearful regarding the pos
sible effect Of government control on
their holdings Theodore N. Vail, presi-
dent of the company, yesterday uttered
words of encouragement. IL am salts
fed that the government intends TO
the utmost to maintain the SERVICE"
he said in a terse statement to news
agency, to conserve the property for
ton in a full sense" In some quarters
this remark was interpreted to have a
direct bearing on Mr.. Wallis opinion of
the ability of the company to continue
to pay dividends during the period of
government manapement
New-York tribune., 1918-07-31
Money and Credit

Quiet conditions prevailed in the
money market yesterday. At the Stock
Exchange the ruling rates were SIX to
6 per cent, unchanged from Monday.
The banks continued to restrict their
offerings of fixed date funds, and out
side OF an occasional renewal the market
was at 2 standstill. A fair demand for
time accommodation continues, with bor-
New-York tribune., 1918-07-31
The Dollar in Foreign Exchange

The foreign exchange market was
dull yesterday, and fluctuations in rates
were extremely narrow. and unim-
portant. Pesetas were easier, but the
general list remained steady Lire
bills, which we're sold at the highest
price quoted during the last six months
on Monday, were unchanged yesterday.
Closing rates yesterday, compared
with a week ago, follow:
Quoted dollars to the pound)
New-York tribune., 1918-07-31
Relevant Comment
May Separate Swift Business

Reports that the South American
business of Swift g. Co. would be sepa-
rated from the concerns business in
the United States have a basis in fact.
Louis F. Swift, president Of Swift g.
Co., said in Chicago yesterday, when
an inquiry regarding this matter was
made to him: "Directors have plans in
contemplation for separating the South
American business from that of the
United States. No definite plan has
been agreed upon. AS soon as it is
the stockholders and the public will
be notified simultaneously"
New-York tribune., 1918-07-31
Threefold Price Advance

The twenty electric locomotives re-
Gently ordered by the Swiss Federal
government will cost S3,242 600, or
three times as much as would have
been paid before the war.
New-York tribune., 1918-07-31
DIVIDEND NOTICES
UNITED STATES
STEAMSHIP COMPANY

IlIN ~. =
A regular dividend OF por cent ar,
an extra dividend OF one-half Of one PEI
cent have been declared on the Capita
Stock of this Company. payable Septembcr
3d. 1913, to stockholders q record Al tho
close of business on August 10th. 1918
y. IL CAMPBELL. -rcasurer.
New-York tribune., 1918-07-31
CO-PARTNERSHIP NOTICE

July 25th. 1918
Mr. EUGENE A DAY has this day re-
tired from the firm OF Carlisle. Melliex
&, Co. CARLISLE MELLICk GO.
New-York tribune., 1918-07-31
J. MCCORMACK. Auctioneer.
REGULAR AUCTION SALE
STOCKS AND BONDS.
BY ADRIAN X. MULLER a. son.
OFFICE. 55 WILLIAM ST
WEDNESDAY, ,JtfiN Al Io,s

at l2:3O o clock. A. tho
EXCHANGE SALESROON
NOS. l i and Ii NESEY STREET
For Account Of Executors.
100 shs North Birmingham Land Co
For Account Of Whom 1t May Concern.
$50. coo The Cross Country T. r. Co let
Mtge - Bonds. 1851
$50 shs National Oil co. Of Mexico
sh Brown SPIN Wright Co
% shs Twin city Rapid Transit CO.
common
6s7 shs Auto Sales Cum & Chocolat.
Co common Ctf. Of Dep. Assm't
unpaid.
IS shs Hurlburt Motor Truck Co
common.
$4,000 Peterborough Metropolitan Co Coll
Trust AZ % Bonds. 1855.
To Close an Estate.
shs The Matheson Automobile Co.
LIST Prefu.
share The Matheson Automobile Co.
common.
shs Yellow Taxicab Co Pref and
$685. Scrip
shs Berkshire Motor Car Co.
shs- Royal Tourist car Co Prefd
10 s0/l00 Premier Motor Manfg Co I'd
Series Prefd
$40 John c. Barlow & Paul r Club
buck 60 Bond
New-York tribune., 1918-07-31
Telephone
Hanover 6Si4

rowers offering G per cent for loans of
all dates on both classes of collateral.
Ruling rates for money yesterday,
compared with year ago, were as
follows:
Yesterday. Year ago.
Per cent. Per cent.
New-York tribune., 1918-07-31
Expect Chevrolet Absorption

General Motors common stock had
another bad day on the exchange, fall
ing 4as points. 1t closed at 1391a.
which compares with recent high rec
ord of 1853. Action of the stock is said
to indicate that the plan for the alb
sorptlon of the Chevrolet COMPANY
by the General Motors is about to be
consummated. This will mean, Of
course, the release of a large amount
of General Motors stock.
New-York tribune., 1918-07-31

Although an excellent report had
been anticipated, the drift of earn
ings having been foreshadowed by
the Republic and Lackawanna
statements, the Steel Corporations
earnings in the June quarter were
far ahead of expectations. Handi-
capped by labor shortages, and to
lesser extent by inadequacy of
the fuel supply, and with profits
held down by fixed prices and
mounting costs, the Corporation
nevertheless made more money in
the three months than in any pre-
ceding quarter. 1t is an amazing
exhibit, viewed from any angle. TO
Wall Street the report constitutes
the most reassuring news, aside
from the war bulletins, in months
Assuming that the tax deductions
are large enough to cover the in
creases about to be imposed by
Congress, it means that the balance
of earnings after all charges will be
almost twice as much as is required
to covercommon dividend charges on
the present basis. 1t demonstrates,
beyond further dispute, that heavy
taxation does not necessarily spell
the ending of industrial prosperity,
as many persons had feared it
would. Almost 60 per cent Of the
total net earnings were set aside
for taxes, and in the six months the
total tax reserve is equal to more
than half of the earnings. Whether
additional deductions will have to
be made cannot be told until Con-
gress has completed the revenue
measure now in the process of con-
struction, but it is apparent that
under any proposal yet made the
balance Of earnings after taxes will
be large in comparison with that
of any years except 1916 and 1917;
and it may compare favorably even
with the record periods.
Money for speculations has been
in somewhat freer supply this week
and rates have declined slightly, but
it is a temporary ease and is likely
to be followed by a period of strin-
gency more severe than that expert
enced in recent weeks. A promi-
nent banker said yesterday that if
allowed to take it's own course call
money would go to IL per cent in a
short time, and the supply at that
rate would be small Asked for his
opinion as to whether money condi-
tions would exercise an important
restraining influence on the stock
market, he said that for lack of
funds it would be impossible to
conduct a big speculation. Besides,
speculation is non-essential and
the banks have all they can do to
provide funds for purposes con-
nected with the war.
New-York tribune., 1918-07-31
Lorillard & Co. to Issue Stock

To finance the expanding business
of the company, directors of P. Loril-
lard & Co. have voted to issue S6,062,-
24O of authorized and unissued com
mon stock at par. In explaining to
common stockholders in circular let
ter that they may subscribe to one
third of their holdings, as of August 9,
1T asserts that, if the company main
tains its earnings at the present rate,
it will be able to pay the same rate of
regular dividends on its increased com
mon stock as it has paid on that now
outstanding. Subscriptions to the new
stock will be payable at the New York
Trust Company on August 20.
New-York tribune., 1918-07-31

HE above rates express the cost Of
foreign money in terms of the Ameri-
can dollar. You buy an English pound
sterling at, say. s4.7535. The intrinsic
parity is S4.S6Ss per pound. Thus you
say either that pounds are at n dis
count or that dollars are at premium,
which is owing to the fact that in Eng
land the demand for dollars with which
to settle accounts in this country is
greater than the demand in this coun.
try for pounds with which to settle &C.
counts in England
New-York tribune., 1918-07-31
Large put" Transaction

In New Street it was reported yes
terday that large transaction had
been made in the privilege market. 1t
was asserted that three Stock Exchange
houses had sold jointly "put" on
block of 10000 shares of United States
Steel common at 1O5, good for thirty
DAYS. The put, it was said, was taken
py an individual who is large specu-
lative operator. The consideration
paid, was reported at $1375O for one
hundred shares, making the whole
transaction involve $27,50O. One story
was to the effect that the "put" had
been bought as hedge against long
line of Steel common 80
New-York tribune., 1918-07-31

Reserve Bank rate. 1873 1913
Below is given the current exchanges
value of foreign money IN dollars and
cents, together with the intrinsic gold
parity. as calculated by the United
States Mint:
New-York tribune., 1918-07-31

The earnings figures were much n
excess of Wall Street expectations
While it was known that the cornora.
ton was operating at close to capacitv
throughout the quarter and receivino
satisfactory prices for its products. +
was not believed that earnings before
taxes would much exceed $125,O0O, 900.
Judge Gary's Statement.
The statement issued by Judge Gary,
New-York tribune., 1918-07-31

Discount Rates.-Tho following table
gives the current rates of the twelve
Federal Reserve banks on commercial
paper on all periods up to ninety days:
New-York tribune., 1918-07-31

London Money Rates. LONDON,
July 3O.-Money was unchanged at 3
per cent. Discount rates were short
bills and three bills, 1882 per
cent Gold premiums at Lisbon re-
mained 10000.
New-York tribune., 1918-07-31

Sub-Treasury.-The banks gained
s4o9s,o00 from the Sub Treasury yes
terday.
Silver.-Bar silver in London was
4S7sd. unchanged; New York, 995ac,
unchanged; Mexican dollars, TIC. un-
changed.
New-York tribune., 1918-07-31

Commercial Papcr.-This market is
quiet, with q limited volume of dis
counting being done in the better
names at per cent for four to six
months maturitics. Country banks are
the principal buyers of paper at the
present time.
New-York tribune., 1918-07-31

Bank Acceptances.-Slight easier
rates for call money have influenced a
better demand for bank acceptances.
Rates are unchanged, as follows:
Thirty Sixty Ninety
Spot de- days. days. days
livery: Per cent. Per cent. Per cent.
E gible
m m ber
banks. >. .4h@4 4ls@44 4h@4A
E igib]a
non-menl-
Der banks .4l4 @4Is 4ss@4h 49a@4h
n el igihlc
bank bills.5l4@424 5H@4s4 5I4@4s4
For delivery within thirty days:
Per cent.
Eligible member banks ........ A2
Eligible non-member banks..... ~
Ineligible bank hills.
The commonwealth. (Scotland Neck, N.C.) 1896-1929, 1918-01-25
sACRAMENrs FOR MEN OVERSEAS

The war commission Of the Episcopal
church has agreed to raise 100000 by
the last Sunday in January for the pur-
pose Of making the ministry and sacre-
ment Of the church available to our
men in training camps and overseas.
Each diocese is asked to contribute
to the support Of this work and the
Diosese Of North Carolina is asked to
contributed $4,000 as it's share.
The committee appointed to look af-
ter the collection of the portionment of
this and adjoining parishes are Charles
H. Smith, of Scotland Neck, DR.. A. S.
Harrison, Of Enfield and Mr.. Sterling
NJ Gary Of Halifax, as we'll as the rec
tor, Rev. Reuben Meredith, from any
Of whom may be obtained the special
envelopes for this contribution which
will be taken us next Sunday.