davidaulloa/AmericanStories huggingface dataset:
The Lancaster news. [volume] (Lancaster, S.C.) 1905-current, 1918-12-03

Another feature to be embodied
in the bill which the general assem-
bly, will be asked to pass is one that
will remove the nuisance occasioned
by the highways being built to the
corporate limits OF town and there
stopped, leaving from half-a- mile to
two miles of bad road in the edge of
each town, as has formerly been the
universal custom. With the permis-
sion Of the towns and villages
through which the roads will pass
the state highway commission will
assume the burden of building AMI
maintaining the road through the
towns. the title to the streets OF
course, remaining with the towns
Few, if any, towns would object t,
this. Taking Lancaster, for in
stance, it would mean that MAR
street from corporation limit to cor
poration limit would be paved with
out cost to the town, the stree
/ merely being a part of the great con
| crete highway.
The Lancaster news. [volume] (Lancaster, S.C.) 1905-current, 1918-12-03

1t is likewise left to the state
highway commission for determina-
tion as to the location of the main
highways, though this determination
probably will be reached in agree
mept with the state automobile as
sociation.
AS we'll as can be gathered from
the general discussion of the propo-
sition, there will be three main high
ways; one leading from Augusta,
Ga. through Columbia. Camden, Ker-
shaw, Heath Springs and Lancas-
ter to Charlotte; the second. from
Asheville, through Spartanburg
Greenvlle and Columbia to Charles
ton, and the third. from Charleston
through Florence to Wilmington, n
c.. To these main lines will be con
nected the county seats of all coun.
ties not on the main lines by roads
of improved type, probably in some
cases of hard surface. With these
three main arteries and connecting
links with all county seats, it is be.
lieved the proposition will meet with
favor throughout the state.
The Lancaster news. [volume] (Lancaster, S.C.) 1905-current, 1918-12-03

The all-important question of pay
ing the interest and principal Of the
bonds is we'll taken care of in the
plan promulgated by the committee.
First, the general taxpayers will not
be called upon to bear any part Of
the burden, and second, those who
will use the roads most and derive
the most benefit from them are to
pay for them.
There are about $1,000 automo-
biles in the state and it is figured
that they will steadily increase in
number by the end of three years SO
that there will be approximately SO.-
600 cars and trucks in South Caro-
lima. These now pay an average
tax OF $500, and by increasing the
tax to 81 per horsepower. the aver.
age will be about s23. This would
net a revenue of s1,S4O.OOO an
nually, which would be sufficient to
pay the interest and mature the.
bonds. This increased tax would
amount to only about the price of
one tire, and there would be saw
ing through good roads of more
than one tire per car each year.
New-York tribune., 1918-03-10
Last of British
Indigo Is Sold
Government Had Taken Over
Stock at the Beginning Of
the War in 1914

According to the London Board Of
Trade Journal" the brokers employed
to handle the natural indigo purchases
of the British government now report
that the entire stock has been disposed
of and that payment has been received
for the same.
At the outbreak Of the war it was
felt that, owing to the inevitable short
age OF synthetic indigo there might be
a danger of the supply Of the natural
indigo getting into the hands of very
small group. The British government,
in order to insure, as far as possible,
an equitable distribution Of the availa-
BILE supply Of natural indigo, decided
to purchase practically the entire
available supply and allow it to be
gradually sold to the consumers at a
reasonable price. The amount pur-
chased was 267 tons, at gross cost
of $1,759,725 One hundred tons were
sold to the French government, and
the remainder has been gradually dis
posed of to the domestic trade. both
for home consumption and for export.
The accounts show profit without
allowing for interest on the purchase
price, Of $4,000.
Apparently the object of the govern
ment in taking charge Of tho indiro
stocks has been achieved, as at ali
times during the last three years the
trade is reported to have been able to
obtain supplies of natural indigo at a
fair market price.
New-York tribune., 1918-03-10
Colorado Fuels
Payroll Larger
Wage Bill During January
Shows 80 Per Cent
Increase

The extent to which the employees Of
the Colorado Fuel and Iron Company has
benefited by wage advances during the
last two years was indicated by an in
crease Of 80 per cent in the amount of
the January, 1913, payroll over that
for 1917, with an increase Of only Is
per cent in the number of workers en-
ployed. j. +. Welborn, president of the
Colorado Fuel and Iron Company, makes
this statement in his report covering
December 81. The report was issued as
a result of the change in the COM
pany's fiscal year to correspond with
the calendar year.
Gross earnings for the half year were
S2O,739,O30, compared with O,OO4 1886
for the fiscal year ended June 80, last
than operation, the total net income
was $4,123,S75. After deducting fixed
charges, including bond interest, taxes,
sinking and insurance funds, amounting
to 81 ,445,5S6, there remained surplus
of $685. ,2S9. Charges for equipment
renewal, for depletion of coal, iron ore
and limestone reserves and for de-
probation on buildings, machinery and
equipment amounted to 81 OBJ ,172, leav-
ing balance of $1,G47,116. From this
was deducted $593 ,437 for preferred and
common dividends, the remaining ST.
053,679 being carried to profit and loss
account.
Maximum production at the COM
pany's coal properties, Mr.. Wclborn
stated, in the report, was prevented
during the last quarter of 1917 by the
shortage of railroad cars.
New-York tribune., 1918-03-10
Harding Will
Meet Bankers at
Rate Conference
Reserve Governors Attend
ance Result of Trust
Companies Opposition

w. P. G. Harding, governor of the
Federal Reserve Board, has notified
members of the Clearing House COM
mittec that he Will be present at the
meeting of the entire association to-
morrow, at which the resolution calling
for limitation of the interest rate on
bank deposits will come up for dis
cussion. Mr.. Harding's decision to at
tend the meeting is the result of the
organized opposition to the plan that
developed at Fridays conference Of
trust company officials.
Walter f. Frew, chairman of the
Clearing House committee, who was
present at that meeting, called his as
sociates to special conference in the
rooms of the association on Pine Street
yesterday and outlined to them in de-
tail the views of the trnst companies
on the committees proposal which has
been drafted into the form Of an
amendment to the constitution.
Although it is expected that Mr..
Harding will urge quick action on the
plan for the stabilizing of interest
rates, it was decided that no vote will
be taken on the amendment at to-mor-
rows meeting. 1t was intimated yes-
terday that the amendment in its pres
ont form will probably not be adopted,
but that it will be revised to meet
scme Of the objections of the trust
companies. The amendment as it now
stands reads:
"No member of this New York
Clearing Housel association, or bank
or trust company or others clearing
through such members, shall agree to
pay. Or shall pay, directly or indirectly,
on any domestic credit balance or any
certificate of deposit payable on de-
Mand or within thirty days, rate of
interest in excess of per cent less
than The then rate for 90 days redis-
counts at the Federal Reserve Bank of
New York, except that the maximum
rate paid by members shall not in any
case be higher than 3 per cent per
annum"
New-York tribune., 1918-03-10

by the urgent demands of the navy
and army. The pressure has been ag-
gravated, particularly by the growing
requirements of the shipyards from
the scarcity of labor and raw material,
had TO be surmounted, and although
the government lent all the assistance
IN their power, manufacturers found
it impossible to keep pace with the
growing demand.
Considerable progress has been
made with the extension Of works, and
many new furnaces have been blown
in, but the demand for iron and steel
was so overwhelming that commercial
business has been practically negligi-
Bile. and exports, except to France and
Italy, have dwindled almost to nothing
The strain on the industry has greatly
favored the introduction of electric
furnaces. AS for copper, the notable
increase in the production of the metal
has not prevented an unprecedented
rise in price and is an illustration
OF the difficulty that exists in satisfy
ing the present abnormal demand
Produce More Dyestufrs
'The outstanding feature of the oil
trade during 1917 has been the great
demand for all petroleum. products
WHitA NANoSo IA lCSS W SledUlIy III
crease. With Russia and Roumania
still out OF the international market
supplies have not increased in the same
ratio as the demand, which has been
enormous, especially for army pur-
poses The shortage has caused new
exploration work to be undertaken in g
very energetic manner in France and
Italy. In the United States there has
been throughout the year q tremendous
movement Of oil prospectors into
Wyoming, which seems to open a new
and important field"
The production of synthetic dye
stutfs in Great Britain, it says, is
three times as large as before the war
and the prices dropped in 1917 In.
creased consumption of cocoa in the
army, it adds, has led to more thar
double the amount of imports of the
product. Swiss chocolate manufactur
ers are handicapped by a shortage Of
cocoa, milk and sugar
New-York tribune., 1918-03-10

In view of the urgent need Of
wheat, the increase in farm re-
serves of that grain on March 1
compared with a year before would
be gratifying were it not for the
Sfact that stocks elsewhere show no
material appreciation. "The Chron-
icle' estimates the total supply at
about 275, 100000 bushels, approx
imately the same as the supply at
this time last year and but little
more than half the supply remain
ing out of 1915 production on
March l, 1916. Moreover, seeding
requirements probably will be heav-
ier this spring, while prospects for
an adequate supply of harvest
labor are not encouraging. On the
other hand, the response to Mr.
Hoover's appeals for conservation
Of wheat has been remarkable, hav-
ing, it is estimated, resulted in a
reduction of 25 per cent in domestic
consumption. Another favorable
feature is that the winter kill prom
ises to be smaller this year than
last, and therefore a substantial in
crease over the 54O,O0O,OO0 bushel
yield forecast last December is not
improbable
New-York tribune., 1918-03-10

With prices of most commodities
steadily mounting, it is refreshing
to find one staple that is moving in
the opposite direction, although
with the embargo on imports it is
doubtful if this movement will go
much further. The commodity is
silk, generally considered a lux
ury. Before the war broke out in
1914 raw silk imported from Japan
sold around SO a pound. With the
beginning Of hostilities silk rose
spectacularly, going as high as 81
pound. From that level there has
been slump in recent months, and
at the present time the price is
around IS. japanese silk importers
say that so far the American en-
barge has not affected their i'm
ports Of silk.
New-York tribune., 1918-03-10
Plans to Organize All
Jersey Manufacturers
Council Begins Campaign to
Enroll 5000; To Have
Bureau at WASHINGTON

Warren c. King, president of the
Manufacturers Council of the State of
New Jersey, announced yesterday tho
beginning of a campaign to enroll rep
resentatives of every manufacturing
plant in the state. There are more
than three thousand of them. The
plans of the founders of the newly or
ganized Manufacturers Council of New
Jersey do not stop there They hope
that the movement will spread and that
similar bodies will be formed in other
states, bringing the manufacturers Of
the nation in closer touch with govern
ment affairs.
Preliminary arrangements have been
completed by Mr. King for the estab-
lishment of a bureau of the council in
Washington. In this way, it is be-
lieved, government needs can be placed
fairly before the manufacturers, and
the representatives of the manu-
facturers will be on the spot to inform
government officials concerning indus
trial conditions
1t is not intended in any way to in
fringe upon the functions of the Ma
tional Association of Manufacturers or
other national bodies, the organizers
believing that there remain sufficient
tasks to which compact state organiza-
tions of manufacturers can turn their
attention to advantage.
Senator Joseph S. Frelinghuyscn, Of
New Jersey, is said to be heartily in
favor Of the idea, as is the New Jersey
delegation in the House of Represen-
tatives. By fixing annual dues at s25
1t is believed that no manufacturer will
decline to join because of the expense.
Appllcatlons for membership should be
sent to Arthur 4. Barlow, treasurer Of
the Barlow Foundry, Inc, of New
New-York tribune., 1918-03-10

Unless steel trade statistics have
,,.t barometric value--and in the
oost they have rightly been regard
a as the best available indicators
- the drift of business--it is evil
don't that the readjustment of in
dustry to war conditions has gone
very much further than is generally
realized. Apparently the balance
between supply and demand has
been nearly restored in the basic
trade. Untitled orders of the United
ssates Steel Corporation at the be-
Ginning of this month aggregated
9.2SS,453 tons, a decrease during
the month Of 1S9, 400 tons, and
during the period since the United
States entered the war Of 2,S94,629
tons. In that same period the out
NIT of iron and steel fell substan-
tally. Meanwhile there has been
imposed on facilities United States
government orders requiring, it is
estimated, 35 per cent of the ca
pacity of the steel plants. The OBJ
vious inference, therefore, is thai
the demand for what may be
termed "private" consumption has
fallen very heavily-possibly in a
quantity corresponding closely to
the aggregate of the governments
requirements. If it were otherwise
the bookings of steel plants would
almost certainly have expanded ma
terially.
New-York tribune., 1918-03-10
Money and Credit

Local banks strengthened their re-
serves last week, the statement of the
Clearing House Association yesterday
showing an increase of s55,oS2,ooo in
aggregate reserves and an increase of
sfs,s52,4oo in surplus reserves. The
Nster item now stands at $55,163,29
compared with s12,0oo,0oo "a week ago.
Loans and discounts Of the banks in
creased :35,778,000 to total Of s4,-
S4s,l3s,00o last week. This compares
WITH s3,55S, 900 in the correspond
New-York tribune., 1918-03-10

The total shipments of crude rubber
from Para and Manaos, Brazil, during
the month Of December, 1917, amount
ed to 3,120,439 pounds, compared with
9,224 ,671 pounds for the same month in
1916. There were no shipments to Eu-
rope. Exports to the United States in
December, 1916, were 6,S3s,263 pounds,
and to Europe 2,406,408 pounds.
New-York tribune., 1918-03-10
Corporate Returns
pittsburgh &, West Virginia Railway.

Pittsburgh g. West Virginia Railway.
The company reports gross revenue
for the nine months ended December
81 last Of 81 1,907,41S. Net, after taxes,
amounted to $689,506. Surplus, after
charges, was $1,244,357. Gross revenue
for the month of January last was
$202,40 eNt, after taxes, was SlIII9,
and surplus, after charges tor that
month amounted to $46,147.
Jewel Tea Company for the
month of February amounted to ST.
,545, compared with Sl,20s,os' Tor
the same month in 1916. January and
February combined sales were $2,339,-
sos. compared with $2,370,S37 for the
first two months of the preceding year.
Montana Power Company.-Report
for the year ended December 81, 1917,
shows net earnings of $4,889,032, an
increase Of $135,750 over 1916 Gross
earnings amounted to $6,9l2,364, COM
pared With $6,2449O5 for the preceding
year.
General Baking Company.-Net prof
it's for the year ended December 81 last
we're s535,l08, compared with $3.50, ,7S4
for the previous year. Preferred dlvl-
dends amounted to $237 900.
Chicago, st. Paul, Minneapolis & Omaha
January gross .......$1, ,6oo ,Oo7 s1,e62' 'a5S
Deficit after charges "148,285 "183,74
sSurplus.
New Orleans, Texas & Mexico
1918. 1917.
January gross ... $641. 1888 $579, ,004
Net after taxes. 196,oO7 21O,662
SURPLUS .,.... 143.oS3 IA, 1862
Chicago & Northwestern
1918. 1917.
January gross 81 172 ,O06 s8,0Ih.Ooo
Deficit after taxes IS4,bo4 40 l.6oo
Deficit after charges. . 1e75,32o +1.1o2.a84
New-York tribune., 1918-03-10
Call Grain Conference

CHICAGO, March 9.-Representatve
of the Western grain exchanges have
been invited by the Chicago Board of
Trade to attend meeting here March
IA and 15 to discuss grain trade affairs,
especially that part having to do with
"hedging" operations in future mar
kets and the restrictions surrounding
these markets.
New-York tribune., 1918-03-10
Steel Orders Drop
Bookings at End of February
OF 18o,4OO Tons

Untitled orders on the books of the
United States Steel Corporation at the
end Of February totaled 9,2SS,453
tons, compared with 9,l77,S53 tons on
January 81. a decrease of 1S9 400 tons.
The following table gives the untitled
tonnage figures of the corporation for
the first two months of 1918 and the
nrecedinr NcAr'S:
New-York tribune., 1918-03-10
Dollar in Foreign Exchange

Pronounced weakness in Italian ex-
change in the forepart Of the week,
followed by sharp recovery later on,
furnished the principal development in
dull foreign exchange market. The
rate on Rome fell at one time to 8.97
lire to the dollar, new low record
for the war period. Subsequently there
was sharp recovery on buying by
important institutions and the rate ral-
lied to close Of $40 lire to the dollar
for checks. A factor in the severe de-
cline was the paying off in London by
Italy of maturing loans there. London
in turn sold lire exchange bills in this
market. Subsequently the reported
helped sentiment ana was a factor
in bringing about the recovery
According to advices from Rome sub
gcriptions to Italy's five war loans were
estimated in excess of 100000, 900
lire.
Other exchanges fuctuated narrow
ly as rule, with the exception Of
Spanish pesetas, which advanced
strongly, closing the week at 24.60
cents, new high record. The peseta
is normally worth 1913 cents. Inter
national bankers continue to insist that
the exchange problem between the two
countries can be solved only by the
United States obtaining q credit for
800 900, 900 or more in that country.
If you calculate the cost Of the dollar
in terms Of foreign money at par value
that s, as if you were buying dollars
withgounds, marks or francs-~its value
at the close Of last week, as compared
with year ago, would be about as fol-
ioWs:
New-York tribune., 1918-03-10

The above rates express the cost of
foreign money in terms of the Ameri
can dollar. You buy an English pound
sterling at, say, S4.75lSS. The intrinsic
parity is s4.S65s per pound. Thus you
say either that pounds are at discount
or that dollars are at a premium, which
is owing to the fact that in England
the demand for dollars with which to
settle accounts in this country is greater
than the demand in this country for
pounds with which to settle accounts in
ENGLAND.
New-York tribune., 1918-03-10
News Digest
Foreign

Paris Bourse. - PARIS, March g.
Three per cent rentes, 81 francs 30
centimes for cash. Exchange on Lon
don, 27 francs 21 centimcs. Five per
cent loan, 88 francs.
New-York tribune., 1918-03-10
REGULAR Declarations

British American Tobacco Company. --'
Semi-nnnual dividend of 2is per cent on the
preferred stock, payable March ":
Certnin-teed Products Corporations Quar-
terly dividends of IL per cent on the hrst
April / to stockholders of record March 20,
Dodge Manufacturing Company.-Quarter-
ly dividends of "a per cent on the preferred
and i, per cent on the common stock. COM
mon dividend payable March 20 and the pre-
tcrred payable April l..
Duluth-Superior Traction Company. Quar-.
terly dividend OF ] per cent on the preferred
stock and | per cent on the common stock.
both payable April / to stockholders of rec
ord March l6.
SIoss-sheiield Steel & Iron Company
Quarterly dividend Of " per cent on tho
preferred stock. payable April / to stock
holdern of record March Ia.
Standard Screw Company.--Q Quarterly divi-
dend of per cent. payable April l to stock
holders OF record March Ii.
New-York tribune., 1918-03-10
Telepho
Hanover 6514

ing week of 1917. Net demand deposits
OF the banks aggregate s3,635760 600.
an increase during the week of $685.
o56,OOo United States government de-
posits at the end Of the week were
s433.41S,oo0, compared with s43S,140,-
600 a week ago.
The weekly statement of the Federal
Reserve Bank of New York disclosed
an increase of about $1S,000,000 in the
total of bills discounted and bought.
The gold settlement fund showed a.
decrease of about $4,000 ,O00
The actual condition of member banks
shown by the Clearing House statement
yesterday follows:
Loans, discounts, invest
ments, etc. ........... $4, 348, 139 ,OOu
Cash in vaults of Federal
Reserve members .. 101, ,010,00
Reserve in Federal Re-
serve Bank ........ 515,218,0O0
Reserve in vaults of state
banks and trust cos. 80 16.730,0Oo
Reserve in repositories 7,455. 900
Net demand deposits -. 3,635,7e0,0o0
Net time deposits. GUO, w ,UUU
Circulation ......... 34,o88,Oo0
Aggregate reserve ...... 539, ,4O3, 900
Excess reserve ...... $685. ,290
United States deposits deducted,
s433N1s,o00.
The changes from a week ago we're:
Loans and discounts. Inc. 35,778,0OO
Cash in vaults of Federal
Reserve members. Inc. 5,285,000
Reserve in Federal Re-
serve Bank ......... Inc. 55, ,4O9 900
Reserve in vaults of state
banks and trust cos. Inc. 4z2,OOO
Reserve in repositories. Dec. $4,000
Net demand deposits. Inc. 95,O56 600
Net time deposits. ...... Inc. 5,757 900
Aggregate reserve ...... Inc. 55,O82,OO0
Excess reserve .........Inc. 42,652, ,440
Discount Rates. - Official rates Of
discount for each Of the twelve Fed
;o%, ;c4o Foil
New-York tribune., 1918-03-10

The decline in the untitled orders
shown at the end Of February was un-
derstood to have been due largely to
improved dcliYerY.
New-York tribune., 1918-03-10

Acceptance Rates.-Current bid prices
fer prime acceptances are as follows:
Thirty Sixty Ninety
Spot delivery: days. days. days.
Eligible member
banks ....... 4Iaqo 4l40o 4149o
Eligible nom
member banks 4as9o 4ha9o 4129o
Ineligible bank
bills ..... 5H0o 5Ia0o 5Ia9o
For delivery within thirty days:
Eligible member banks. ......... 4Ia9o
Eligible non-member banks.... 4s4%o
Ineligible bank bills s.......... %
Silver.-Bars in London were quoted
at 42% d, unchanged; New York, $3.50,
unchanged; Mexican dollars, eS1@c, un-
changed.
Sub-Treasury. The banks gained
,7S6 from the Sub-Treasury yes
terday
London Money Market.-LONDON,
March 9.-Bar silver, 42Ad per ounce.
Money, 2a4 per cent. Discount rates:
Short and three months bills, 9-16
per cent. Gold premium at Lisbon, 122.
New-York tribune., 1918-03-10
More Dividends in Scrip

Directors of the R. J. Reynolds To-
bacco Company yesterday adopted the
policy of paying dividends in scrip to
aid in strengthening it's working capi-
tai account. Similar action has been
taken recently by other important to-
bacco manufacturing concerns. The
regular quarterly dividend of per
cent and an extra dividend Of 2 per
cent on the common stock are payable
April l to stock of record March 21
The scrip is dated April and will
mature April l, 1920. 1t will bear in
terest at the rate of per cent annual
ly, payable semi i-annually The paper
issued in lieu of the cash dividends
may be redeemed at maturity in the
preferred stock at par or in cash at
the option of the company.