davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1918-03-27
No Change in Steel
Scale Until July |,
President Rules
Prices of Pig Iron and
Scrap Steel Re-
duced

WASHINGTON, March 26.-Prices on
ore, coke, steel and steel products, rec
commended previously by the prce-fix-
ing committee of the War Industries
Board, subject to revision on April /,
were ordered by President Wilson to-
day to be continued in effect until
July J.
From April to July 1, however, the
maximum price of basic pig iron was
ordered reduced from $33 to S32 per
gross ton, and of scrap steel from $50
to $29 per gross ton.
Prices Subject to Change
1t is provided that new contracts call
ing for delivery of these products on or
after July | are not 10 specify a price
except with the understanding that it
IS subject to revision by any authorized
government agency.
The announcement was made after
approval by the President of a recon.
mendation made to aim by the price
liking committee, and all manufacturers
and producers are expected to observe
the maximum prices.
The Council of National Defence
authorized the following statement:
"The President to-day approved the
recommendation of the price fixing
committee of the War Industries
Board that the maximum prices here
tofore fixed by the President on the
rccomm edation of the board upon
ore, coke, steel and steel products,
subject to revision on April l, 1918,
be continued in effect until July l ),
1918. From April l to July /, how
ever, the maximum price of basic pig
iron be reduced from $33 to $32 per
gross ton, and that the maximum
price of scrap steel be reduced from
$50 to 500 per gross ton.
Maximum Charge Likely
"No new contracts calling for de-
livery for any of said commodities or
articles on or after July l, 1918, are
to specify a price unless coupled with
clause making the price subject to
revision by any authorized United
States Government agency, so that all
deliveries after that date shall not
exceed the maximum price then in
force. although ordered or contracted
for in the meantime. 1t is expected
that all manufacturers and producers
will observe the maximum prices now
fixed"
New-York tribune., 1918-03-27
Condition of Bell
System No Cause
For Worry-Vail
Saws 1t Is Unfair to Com
pare 1917 With
1916

Theodore N. Vail, president Of the
American Telephone and Telegraph
Company, at the annual meeting yes
terday told stockholders that they
should not be disturbed by the COM
.paratively poor showing made during
1917, when the dividend requirements
were scarcely more than earned.
"Attempts have been made to dis
credit our financial position and future
prospects by comparisons with last
year." said Mr.. Vail. Last year was
an abnormal year from every stand
point. In the annual report we said
that the plant and staff we're overbur-
dened; that the surplus plant, which is
intended for future growth and emer-
gencies, was brought into use; that as
this increased plant carried no addi
tional capital charges, and the gross
earnings were abnormal, so were the
surplus earnings of the Bell system.
"To get at the real status Of our
business, comparison should be made
with normal years, and these certainly
give no reason for apprehension. To
appreciate fully the value of your
property and its securities you must
take the statements of the Bell system,
as these show the operation of the
whole The statements of the Ameri-
can Telephone and Telegraph Company
show only the financial operations and
the dividends and other receipts from
the associated companies and the oper-
alton of the long distance lines"
Mr.. Vail laid particular emphasis on
his statement that the Bell system can
only be considered as unit, and that
the public has accepted the company's
views everywhere. He added that,
though the system had its period of re-
tardation. it had SO far never gone
backward. and pointed out that one of
the results of regulation by public
commissions has been the limitation of
dividends of subsidiary properties.
Whenever earnings are in excess of
requirements, Mr.. Vail said that if they
are not absorbed by improvements in
service they are invested in plants
which form safeguard against pos
siblc obsolescence on large scale.
He explained that the increase of the
Bell systems surplus and reserve for
1917 was $41500, 900, a greater increase
than for any previous year. The in
crease in outstanding obligations was
$4,000, 900.
At Yesterdays meeting G. D. Milne
was elected a director to fill the
vacancy caused by the death of Richard
Olney.
New-York tribune., 1918-03-27
Tax Discount Not Taxable
Commissioner Roper Rules
That Prepayment Allow
ance Is Exempt

we'll known financial man, who will
pay to the government nearly one mill
ION dollars in taxes, yesterday puzzled
William II. Edwards, Collector of IN
tcrnal Revenue in the Second District
of New York by inquiring whether the
discount allowed on prepayment Of in
come taxes this year would be con-
sdercd as taxable income on next
years return.
After passing the question on to
Commissioner Roper. Mr.. Edwards re-
ccivcd this reply: Discount allowed
on prepayment Of tax this year does
not constitute taxable income for
1913" This ruling is expected to
bring many advance payments as in
terest at the rate Of per cent "A wear
~ allowed on payments made before
June 15
AT the Custom House yesterday one
check in payment of an individuals
income tax amounted to one cent. and
another exceeded $4,000, it was said.
New-York tribune., 1918-03-27
Elections

Charles f. Meek an.l Arthur D. Bright
have been appointed assistant cashiers
Of the American Exchange National
Bank.
w. D. Horton has been elected third
lce-president of the Central Leather
Company, succeeding the late Eugene
Horton, and Max ]. II. Rossbach and
w. w. Heroy were elected directors,
succeeding the late Leopold Rossbach
and Eugene Horton.
George D. Milne, treasurer of the
American Telephone and Telegraph
Company, has been elected director
of that concern.
Clarence D. Johnson, formerly with
the National City Bank, Astor Trust
Company, Mechanics and Metals and
the old Fourth National, has been APP
pointed to the new business depart
ment of the Atlantic National Bank of
New York.
New-York tribune., 1918-03-27
May Permit Increase
IN Size of Bank Notes

WASHINGTON, March 26.-Amend-
1nents to the Federal Reserve act affect
ing reserve requirements of banks in
outlying districts Of reserve or central
reserve cities, allowing increase Of de.
nominations Of Federal Reserve notes
up 70 $io,oooooo and making other
changes in the law, were agreed upon
by the House Banking and Currency
Committee to-day, and the bill embody
ing them will be taken up TO o-morrow oy
tie House.
Under the changes agreed upon re-
seryc Of IL per cent Of demand deposits
il required in the central reserve city,
10 per cent in reserve cities and 7 per
cent in country banks. II bank is
located in the outlying districts Of
central reserye or reserve city, it may
be authorized 70 hold the same reserve
- country bank, Instead Of the 10 or
~ per cent.
New-York tribune., 1918-03-27
Regular Declarations

American Public Utilities Company. -
Quarterly esners & dividend of l1s per cent on the
stockholders of record March 20.
Amoskeag Manufacturing Company. -
Quarterly dividend of IS cents per share, pay
able April to stockholders of record March
26.
Anaconda Copper Mining Company.-Quar-
terly dividend Of 81 per share, payable May
- to stockholders of record April 20. .
Central Leather Company.-Quarterly divi-
cend OF 4 per cent on the common stock.
payable May 10 stockholders of record April
10.
Commonwealth Light & Power Company
Ouarterly dividend OF a per cent the
preferred stock payable April ! to stock
holders Of record March ~.
international Traction Company.-Quarter-
y dividend of ia per cent on the preferred
stock. payable April / to stockholders of rec
ord March 20.
Great Northern Railway Company.-Quar-
tcrly dividend OF $l.75 per share payable
May l to stockholders of record April 8.
Monomac Spinning Company Quarterly
dividend of 81 per share. payable April 2 to
stockholders of record March 25.
Monongahela Valley Traction Company
Dividend of 371a cents per share the pre-
ferred stock, payable April G to stockholders
of record March 80 also a dividend of 81 u
cents per share on the common stock, payable
April 10 to stockholders of record March 30.
Northern Pacific Railway Company
Quarterly dividend Of ~ per cent, payable
May | to stockholders of recoyi April -.
Public Service Corporation of Northern ILL.,
nois.-Quarterly dividends of II per cent on
the preferred and x per cent on the COM
mon stock, both payable May 1 to stockhold-
ers of record April 10.
Rio Tinto Company. Ltd.-Final dividend
of AS shilings.
Chicago Pneumatic Tool Company.-Quar-
terly dividend of u per cent. payable April
25 to stockholders of record April Is.
Central & South American Tel. & Tel.
Company.-~Qu Quarterly dividend of lis per
cent, payable April 10 to stockholders of rec
ord April &.
New Idria Quick Silver Mining Company.
Dividend OF SO cents per share, payable April
l to stockholders of record March 2S
Mexican Telegraph Company Quarterly
dividend of 2is per cent, payable April II to
stockholders of record April TO-
Pierce Arrow Motor Cnr Company.-Divi
dend OF Sl.25 per share on the common
stock, payable May ! to stockholders OF rec
ord April 10.
Washington. Baltimore & Arnnpolis Rail.
way. Dividend of per cent for the current
quarter. payable April l5 to stockholdera Of
record March 80. -
New-York tribune., 1918-03-27
Money and Credit

Bankers we're liberal lenders of call
money at the Stock Exchange yestcr-
day, although the ruling rate advanced
bM per cent owing to the increased
demand. The bankers money commit
tee was not active owing to the fact
that tho supply Of funds from other
sources was entirely adequate to meet
the needs OF the situation.
BROKERS reported broadening in
quiry for fixed date funds. II wns
lcarned yesterday that between $1,000
New-York tribune., 1918-03-27
Good Friday Holiday Unlikely

In view of the Importance attached
to the struggle now taking place on
the Western European battlefront,
there seemed little likelihood yesterday
that the Stock Exchange authorities
will follow the custom of former years
and close on Good Friday. No petition
has yet been started by any of the
members in favor Of closing. The gov
erning committee, however, will prob
ably take Independent action on the
matter at a meeting to-day. 1t is un-
derstood that the banks desire to have
the exchange remain open because of
the possibilities of important develop
ments in the money market. The Pro-
ducc Exchange. however, will be closed.
New-York tribune., 1918-03-27
Dollar in Foreign Exchange

Quiet prevailed in the foreign ex-
change market yesterday, the principal
on Italy. Exchange rates on London
and Paris were firm. Swiss francs were
slightly easier, as was also the case
with scandinavian rates.
Closing rates yesterday, compared
with a week ago, follow:
Quoted dollars to the pound.)
New-York tribune., 1918-03-27

The most disturbing feature of
the Secretary's announcements, in
the opinion of Wall Street men, is
the statement that "it is the belief
of the Secretary that the rate now
proposed is sufficient" and that,
therefore, "in order to put an end to
the expectation of a higher interest
rate" it is proposed that the con-
version privileges shall not be ex-
tended to the new bonds. That
would be equivalent to fixing the
price which the government will pay
for money while the war lasts.
Money, however, is one Of the few
things for which fixed price can
not be successfully maintained, and
we do not believe that even Mr.. Nc
Adoo will be able to sell the billions
upon billions of bonds that must be
sold if the war continues on basis
Of return fixed arbitrarily and with
out consideration of economic condi-
tions. The az per cent rate prob
ably is fair enough for the loan
about to be floated, but to say now
that succeeding issues shall bear
the same rate is absurd. Neither
Mr.. McAdoo nor any one else can
forecast conditions that will prevail
six months or year hence.
New-York tribune., 1918-03-27
Relevant Comment
New Haven Financing

Announcement yesterday that the
New Haven stockholders at the annual
meeting on April II will be asked to
authorize an issue of $16,758,O0O of
q per cent debentures to be exchanged
for an equal amount of similar obli-
cations Of the Providence Securities
Company was regarded as of more
than routine interest in view of the
existing uncertainty over whether the
s43,ooo,o00 of the company's notes
falling due April Is will be taken
care of entirely from the proposed is
sue of new preferred stock. In some
circles the opinion was expressed that
the proposal to exchange New Haven
debentures for the debentures of the
securities company may be part of
possible arrangement with the Fed
eral Railroad Administration by which
the latter might acquire securities of
the New Haven and thus provide at
least part of the funds for meeting
the maturing notes.
New-York tribune., 1918-03-27

Finance Economics

There is little complacency but
much faith in Wall Streets view of
the great battle in progress on the
West front. No disposition to min
imize the Importance of the gains
already made by the Germans is ap-
parent, but confidence in the ability
of the Allied forces to check the ad-
vance before the real objective,
whatever that may be, is attained is
general. That is one reason why
the market advanced yesterday III
the face of news that the British
had lost more ground. The further
recovery of stock prices was not,
however, based on war news, but on
the Liberty Loan announcement.
The amount to be foated was very
much smaller than Wall Street had
expected, even though recent re-
ports had indicated that the earlier
predictions of an eight or ten billion
dollar issue would not be realized.
Naturally the markets will be af-
fected less by a flotation Of three
billions than they would have been
by an offering Of two Or three times
that amount. Moreover, the fact
that the rate is to be Az instead Of
Az per cent tends to minimize the
readjustment of values of existing
securities. The outstanding per
cent issues have been selling at
prices to yield about az per cent,
and consequently the bond market
has been adjusted to that basis.
New-York tribune., 1918-03-27

The above rates express the cost of
foreign money in terms of the Ameri
can dollar. You buy an English pound
sterling at, say, S4.75ia. The intrinsic
parity is $4.S69s per pound. Thus you
say either that pounds are at a discount
or that dollars are at a premium, which
is owing TO the fact that in England
the demand for dollars with Iii to
than the demand in this country for
pounds with which to settle accounts in
ENGLAND
New-York tribune., 1918-03-27
Dutch Failures Increase

For the first time in three years the
weekly reports of business failures in
the Netherlands show increases in COM
parison with the corresponding periods
of the preceding year. For instance,
during the week ended February O.,
1913, the number of failures was twcn-
ty-four. as against eighteen in the cor
responding week of 1917. The preced-
ing several weeks were similar. From
January to February 9, 1918. the num-
ber of failures was ninety eight, against
eighty-fve during the corresponding
period of 1917. The number Of failures
in 1914 was 1,472; in 1915, 1880; in
1916, 1,043; in 1917, 917. Thus in 1917
the rate of decrease was declining, and
now in 1918 it has changed into an
actual increase. The obvious reason
is the decline and practical cessation
Of war profits and the increasing diff
iiculty of carrying on ordinary business
on account Of failing supplies and pro-
hibitive high priccs
New-York tribune., 1918-03-27

The effect Of the loan announce
ment on the outstanding Liberty is
sues was striking. From the open
ing of the market the demand for
the second 4s was extraordinarily
heavy and buying continued on an
impressive scale throughout the ses-
sion. The turnover in this issue was
so large that a new record for trans
actions in bonds was established.
The second 4s moved up to a shade
under 90, but later reacted to a little
above the opening sale and about
three-quarters of a point above the
closing price on Monday. 1t is prob
able that these bonds will go still
higher before the coming loan cam
paign is ended. Indeed, since they
are convertible, it would be surpris-
ing if th-y should fail to sell at or
close to par.
New-York tribune., 1918-03-27
DIVIDEND NOTICES
AIR REDUCTION COMPANY Inc

I'D Broadway. New York March l3 igls
DIVIDEND NO. L.
The Board OF Directors Of this Cou,Dany b.s do
csfet tie regular quarterly dividend o, 81 90 No,
share IN iho Common Stock OF the Compare a.5
the regular quarterly dividend 0. 70 q, thc
lressrfed stock pa able April H. 1919 tn stos,k
holders oi record March s0 1913
". RANDALL secrctarv
New-York tribune., 1918-03-27
Dividends
Extras

United States Steamship Company
An extra dividend of u of l per cent
has been declared, in addition to the BIZ
dividend of l per cent, both
payable May l to stockholders of record
April 10.
New-York tribune., 1918-03-27
The Colorado Power Comn,nv

ine regular quarterly dividend Of one
Common Stock has been declared payabie id
Aprn 10. 1913, to stockholders OF record AZ
the close oi business March 30, 1918,
q. T. WIDLJ Secre,.rv
New-York tribune., 1918-03-27
Once Of the United Gas Imnror.n... q.

~ '" C0InsT sFoad and Arch Streets.
The Directors have this ds~ s., 40, asis.
qua 9ustserly dividend Of two per cent sl 90
pr shs1s!' payable Aprn Is. 1918. to stock.
Ssy.o'tS oi record AT the ciosc Of b,,sine..
-'@teh ~. 1913. Cheeks viii be r,aiien 10
l. W. NORRIS. Treasurer
New-York tribune., 1918-03-27

While there is no doubt that a
S3,000,0 100000 issue of Liberty
bonds can be sold on the terms an
nounced by Mr.. McAdoo, or, for that
matter, that there will be a large
oversubscription, a good many bank
ers and other financial authorities
believe that the rate should have
been Az per cent. That, however, is
a debatable question, though we are
inclined to agree that the higher
rate would have been better. A
banker prominent in the Liberty
Loan organization in this district
said yesterday that the interest rate
did not matter, and that the Ameri-
can people ought to buy the bonds
regardless of the yield. That is
tantamount to saying that those
who are patriotic enough to buy the
bonds should have a part of their
income conscripted for the benefit Of
those who refrain from buying. If
the government, relying on the
patriotism of investors, sells bonds
at lower rate of interest than is
demanded by investment conditions,
it is, in effect, imposing tax on the
bond buyers that ought to be levied
on the whole population.
New-York tribune., 1918-03-27

Below is given the current exchange
value Of foreign money in dollars ana
cents, together with the intrinsic golc
parity, as calculated by the UnitcG
States Mint:
New-York tribune., 1918-03-27
News Digest
New York

New I Ork
Major Childs in France.--Wofo ,sfo
received here yesterday OF tIe II.
arrival in France of Major Hefos. at
Childs, attached to the ordnan's o,y,,s
pnrtment of the United States c,ncsl
Major Childs is member OF ths SsAs "a +
Exchange firm of Clark. Childs = S
New-York tribune., 1918-03-27

Sub-Trcasury.-T banks lost to the
SubTreasury yesterday $1,O45,Ooo.
Silver.--Bars in London were quoted
455sd, off sd; New York. 92lsc, a de-
crease of a,c; Mexican dollars, 74c,
decline Of 1ac.
Canadian Bank Statement. The
statement of the chartered banks of
Canada as of February 2S, compared
with a year ago. follows:
New-York tribune., 1918-03-27

Commercial Paper. - This market
was unchanged, rates holding firm at
6 per cent for the best regular matu
rites.
Bank Acceptances.-Th market for
bank acccptances was somewhat broader
yesterday, but rates were unchanged.
Discount Rates-Official rates of dis
count for each of the twelve Federal
districts are as follows:
New-York tribune., 1918-03-27

600 and s3,oOO,00O has been loaned on
time by the banks in the past two days.
These loans have been for thirty to
sixty days at per cent. Money bro
kers said that these transactions had
not helped the general situation much.
Ruling rates for money yesterday, COM
pared with a year ago, were as follows:
Yesterday, Year ago,
per cent. per cent.
New-York tribune., 1918-03-27

Bank Clearings.-The days bank
clearings at New York and other cities
we're:
Exchanges. Balances.
New York ~ $s24e .440 S6e, e,e73, $50
Boston. 52640,843 13.31e,617
Philadelphia. 52714.342 S577,446
st. Louis. ...... 22,047,t87 4,o71, 1,161
Imperial Valley press., 1918-06-26
MEN IN 1918 CLASS
-W.S
Continued From Page ~

1S7 Benjamin Alvin Peterson, Winter
haven,
1SS Ceil,iuio GalIero, BrawIey,
ISo Robert l.. Don an. El Centre.
100 John Erb, Holtviilo.
lql Toraichi Okamoto, Los Angeles.
1872 John | Rush, Huntington Beach.
192 Jess ". Anderson, Brawley.
l94 NJ. Maeoleo, Byawley.
1876 George w. Merceveau. HsltviIe.
100 Rhea A. Lawson, Fl Centro.
1877 John S, Denny. F. Cont~o.
roa Jar,es A. Smith, Calex1co.
90 owls NJ. Gilson, Brawley.
200 William ]. Bennett Brawley.
Imperial Valley press., 1918-06-26

221 William Smit. Fl Cc@+ro.
222 Kingoro Yanashiro, Brawicy,
223 Karoku Okamoto, Brawley.
224 Louis Fraser, Potholes, Cal.
225 Theodore M Schartz Brawley.
2o6 Harold c. Alice Cantil, Cal.
227 Nick Thomas, Calexico.
228 Paul Acin Holtville.
800 John y. Evans, lmre ial
ESQ Herbert F. Syaub, FL Centre
PSI Cecil c. Steiner, Brawley.
232 Anton r. Kolby II Centric.
'83 Ralrh NJ. SloqGett. Bcawley
.234 Ccnshiro Shibuva, Brawlcy
'285 Lloyd r. De Witt, Fresno,
226 Luther Wilson. Ho'tvillc.
297 SoteGo II. Nistiola Brawley.
s2-4 Jcppy A. Beeson. Fl Centric.
255 Aurustlrs Hill, FL Centre.
.256iFro5 =. t. Wow, Pomona, Cal.
PSF John Nasnaohetti. Fl Centre.
. .o58 James T. Murphy. Fl Centre.
$50 Ceato- Slayton. FL Centre,
PSI Victor CoTtez, Fl Centre.
oc2 Manual Lopez. CaleXico.
263 Ra'ph T. InGold, Holtville.
0G4 Caledonia NJ. Liptor Brawley.
2G5 Harold T, Hall, FL Centre.
..'N so |A.t3-N ~ J. ore, Allt!tI4dls
267 Albert N. Bradford, Russelville,
Ark.
j PCS Grecario Famorvo, Nogales, Mex.
oro Juan Cordova, Calexico.
20 Willie II. Brooks, Ca'eyico.
/ oT1 Francis B. Toler. Seelsv
+ 'o-o Caoroe A. Bashore, FL Centre.
273 Marvin W. Campbell, OklahoIn5
Civ.
274 John 3. Fdinudson Puente, Cal.
o75 Clodon G.. Moody. FL Centre.
77f Tov J. Mathis HoltvilIe,
277 Hubert Mays. Calinatria.
278 Carroll G. Gates. Ho1tville,
90 Alfonso Davila, Calexico.
280 Salomon Truiillo, Riverside.
o01 Sukai0 Chara, Imperial.
go Suvekchi Naveuu~a. Imperial.
283 Carl NcSraddan Saelcy,
7ol Clao w Davis. Brawley.
o95 Stanben N'eh1ns. Santa Ana.
286 Tlovd L Mallory, B-awley.
287 Tnrra1d Rogers. Irnn7r'al.
088 Keil r. Navin, Brawlov.
go Tan-es n. Johnson, III Calltro.
900 Hubert Daily Holtv,llo.
7o1 Sam Psaros, Fl Centre.
700 Francisco T. De Mello Holtville
792 Horert c. Mi'ican. Fl Centre,
294 Fred II. NUding, Cantu, Cal.
295 Paw P Sandifer, Imperial.
Continued on Page
Imperial Valley press., 1918-06-26

Cool white hose for not weather
.-aar-al1 grades-for la lies, at 25c,
soc, 3 pairs for S100, soc and $l.00
TIE pair. Golden Rule Mere. Co., 534
Hvoadway.
Imperial Valley press., 1918-06-26

201 Henry A. Holme, Imperial.
202 Clarence L. Tho npson, CaleHico.
1O3 EuseLio Avila, NOrtmar, Cal.
2C4 William ]. Rice, Wn.erhaven.
eo5 Melvin l. Miller, HolNiIle.
goj Frank N. Jackson, I1npa la
"a- Aubrey c. Narr-ry, Winterhaven
2aS Ha.old T. Scli g, Graw ~.
ga9 Daniel ]. Seor.or Redlauds.
aiO Neville " Cum Eeaw,cy.
F.-er 7. Pi~rla. IFeber.
10 Saauro A-awa. Heher,
Us Hachi:cniro L4eanak,, Les Ange
les.
214 Kanotero NuraEami Brawley.
ae5 Usiti~h; Na' arrura Prnwiey,
2f6 Nasutaro Ts~hisc, P-aW'ey.
OF S-'-eii Nat ,.r n l'r VlaT.
. 7ro T-sn Ar-r'-7 Cali~atria.
80 Ed =. wr'+'--. To't~Tc.
77o v-fr,?~, 2. Clark. Ecl.yi!le.