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About Morning Oregonian. (Portland, Or.) 1861-1937 | View Entire Issue (April 25, 1917)
THE MORNING OREGONTAX. WEDNESDAY. APRIL- 23. 1917. " 3 FIRST LOAN TO BE IE TO ENGLAND 1 $200,000,000 Raised by Sale of Treasury Certificates to Be Called at Once. WILSON SIGNS BOND BILL First Issue Under $7,000,000,000 Authorization Will Be for $2, 000,000,000, With Second Is sue in Four or Six Months. WASHINGTON, April 24. The United Ftates will lend Great Britain $200. 000,000 probably tomorrow as the first loan to any of the entente govern ments under the $7,000,000,000 finance law signed today by President Wilson. The money for this loan will be available out of the proceeds of the $250,000,000 of Treasury certificates of Indebtedness, due June 30. and just placed with the banks of the country through the Kederal Reserve Board. Secretary McAdoo will call for the proceeds of this Issue tomorrow morn ing, and as soon as the money is de posited in the various Federal reserve banks it will be available for the Gov ernment's purposes. The British loan will be made as soon thereafter as the necessary formalities of transfer can be completed. There is no disposition on the part of the American Government to insist upon the formal observance of tech nicalities which would tend to delay negotiations. The money will be placed to the credit of Great Britain's government speedily, probably without waiting for the arrival here from Lon don of British bonds, to be deposited In the American Treasury as security. First Offer $2,000,000,000. Tentative plans under consideration toy Administration officials call for the Issue of $2,000,000,000 in bonds as the $2, 000, 000, 010 In bonds as the first first public offering under the $7,000. 000,000 war revenue law signed by President Wilson today, to be followed by a second issue in from four to six months and possibly a third there after. While the whole programme is sub ject to revision, it is understood that officials also are seriously considering the advisability of collecting the pro ceeds of -he first issue in install ments, SO days apart and lasting over a. "eriod of frc i four to six months. Should the first issue be $2,000,000, 000 and the Installment feature be adopted. It Is likely that subscribers will be given four months in which to pay for the bonds. This would bring revenue into the treasury at the rate of $500,000,000 a month, ample, it is be lieved from preliminary estimates, to meet the needs of the allies in this country as well as American military and naval expenses until the new tax ation measure shall begin to produce revenue. Allies to Get Bulk. Indications are that the first Issue will be divided among Great Britain, France, Russia and Italy, and that some portion of it will be reserved for American military needs, the big pro portion, however, going to the allies. In this connection, it was pointed out tonight that little, if any, of the cum lent the allies will be spent abroad. Virtually the entire loan to the allies will be spent in this country for food stuffs, munitions and other supplies. The proposal to permit subscribers to pay for their bond3 in Installments covering a period of four months has been suggested by banking interests and others to Secretary McAdoo with strong indorsement. Gradual, payment, proponents of the plan declare, would result in minimum disturbance to present financial conditions, and would tend to prevent derangement of the money markets. First Loan Oversubscribed. The entire proceeds of the first Issue of bonds, it is thought, will not be needed in one lump sum for the estab lishment of credits, to the allies here, nor for the military needs of the Unit ed States. Estimates place the total of such needs for loans to the allies and for the American military and naval establishments at $350,000,000 to $500, 000,000 a month for the next few months, the higher figure being the cum which the Government would re ceive monthly in subscriptions to the Issue, should the installment feature be adopted. Subscriptions to the first offering made under the $7,000,000,000 measure $200,000,000 in Treasury certificates cf indebtedness expiring June 30 have passed the $250,000,000 mark, resulting in a decision by Secretary McAdoo, an nounced today, to increase the issue to $250,000,000. The proceeds will be called for tomorrow. Subscription books were closed at 10 A. M. today by the Federal Reserve Banks. As ex pected, the New York Reserve Bank leads all others in the amount subscribed. trol. Only two British machines failed to return to their base. There has been little activity on the Russian and Roumanian fronts. General Maude's troops have cap tured the railroad station of Samara, on the Tigris River, some 75 miles northwest of Bagdad, and 16 locomo tives and 224 railroad cars. Heavy cas ualties were inflicted by the British on the Turks and many prisoners were taken during the advance on Samara. In Palestine the Turks apparently purpose, to make a stand against a further advance by the British through the Holy Land toward Jerusalem. From Gaza southeastward toward Beersheba the Ottomans have been reinforced and are holding a strongly entrenched position. From Gorizia to the head of the Ad riatic Sea violent artillery duels are in progress between the Austrians and the Italians. At several points in this region during a let-up in the firing the Italians sallied forth and by the surprise attacks occupied advanced Austrian positions and made prisoners of the defenders. In the Sugana Val ley extensive Austrian troop move ments are being carried out, possibly with the intention of opening an of fensive in this region. The guns are roaring in a mighty duel. Along the entire Macedonian front reciprocal bombardments are taking place. The only infantry attack is re ported by the Bulgarian war office, which says that the British between Lake Xoiran and the Vardar River, fol lowing an intense drum fire, delivered a thrust, but were repulsed. The British Admiralty expresses the belief that a German torpedoboat de stroyer has been sunk in the North Sea off the Belgian coast by a bomb dropped by a British naval aircraft, one of three which attacked five enemy de stroyers. Only four of the destroyers are reported to have returned to Zee-brugge. PUBLISHERS PLEDGE THEIR AID IN WAR oaoi o a o I0E301 lOEXOl Hearty Support of Government and Cause of Freedom Is Expressed. WILSCN'S NAME CHEERED STEEL MELON GROWS US1TED STATES CORPORATION HAS EXTRA 3 PER CEST DITIDEYD, Progress of the War. THERE was a diminution in the in tensity of the fighting between the British and German armies Tuesday, although battles of great fierceness continued. In these, according to the British official communication, the ad vantage rested with the English. Southeast of Arras the British made progress between the Sensee River and Monchy-le-Preux, driving their lines to within a stone's urow of the villages of Fontalne-les-Croisllles and Cherisy and straightening out the sharp salient there. Northeast of Arras, in the Gavrelle sector, the Germans threw a strong counter attack against the British, but the British guns raked the German line and drove It back in disorder and played shells upon the men in their hurried retreat. Since Monday more than 2000 Ger mans from numerous divisions have been made prisoner by the Brltis" and Btill others are awaiting transfer to the prisoner camps. Business for Quarter Exceeds Some Previous Years Prices Tend Up ward, Say Chairman Gary. NEW YORK, April 24. All previous high records of the United States Steel Corporation, both as to earnings and dividends, were surpassed in the first quarterly report for the current year, issued today. Earning!! reached $113,121,018, more than the corporation has earned in a full year in some instances, and an extra dividend of 3 per cent was de clared on the common stock in addi tion to the regular quarterly dividend of 14 per cent and 1 per cent on the preferred. The disbursement on the common amounts to more than $21,602, 000. The 8 per cent extra makes up, with about 1 per cent to spare, for the de ferred dividends during 1914 and 1913. The three months' total earnings of $113,121,018 are an increase of $7,152, 671 over the final quarter of last year, and the net income of $103,330,194 rep resents a gain of $7,008,584. The sur plus for the quarter was $69,836,981. On the basis of these figures, earn ings of the common stock were at the annual rate of about $72 per share, as against $66.50 in the December quarter. March wa the banner month of the first quarter, earnings amounting to $43,630,422. Regarding trade prospects. Chairman E. H. Gary said after today's meeting of the board of directors: "There is no let-up in general trade conditions. Prices show a tendency to advance. MILITARY ROADS URGED SENATOR CHAMBERLAIX DECLARES PACIFIC COAST NEEDS WORK. Proposal to Hard-surface Highways In Oregon Is Highly Approved. Strategic Valne Emphasised. OREGONIAN NEWS BUREAU. Wash ington, April 24. (Special.) Senator Chamberlain today expressed his hearty approval of the proposal to build hard-surfaced modern roads in Oregon paralleling the Pacific Coast. He de clared that such roads through all the Pacific Coast states would be of the greatest military importance. "While not familiar with the details of the Oregon road plan," said Senator Chamberlain, "as I understand it, that plan will provide roads which, from a military standpoint, are most neces sary. But, as a matter of fact, we snould nave such roads paralleling the Coast line from Canada to Mexico. First-class hard-surfaced roads would afford ready facility for transporting Dotn troops ana supplies up and down the Pacific Coast in the event of mill tary activity on that Coast and would greatly augment the railroad. "Roads such as these would have the highest stragetic value and ought to be built, but I do not believe the Fed eral Government at this time has the money to bi.ild them. Food Prices Kise In Chile. SANTIAGO, Chile, April 24. Ex tremely high prices are prevailing in Chile for wheat, peas, beans and other tarinaceous foods. The continued rise in prices has led to an agitation by various elements, notably the labor parties, which is being reflected in the press, to urge upon the government prohibition upon exports of such prod ucts. No infantry attack has developed from the artillery preparation the French have been making all along their front for several days. Tuesday the Germans were heavily bombarded on various sectors from St. Quentin to the Cham pagne. Among the booty captured by the French during the recent engage ments on the plateau of the Chemin-Des-Dames, northeast of Soissons, are four of the famous 105-millimeter Ger man howitzers. Selling: Combine Bill Offered. WASHINGTON. April 24. The Ad ministration bill to permit American concerns to combine for foreign sell ing without violating the Sherman anti-trust law was favorably reported today by the House Judiciary committee. Associated Press Members Elect Of ficers Censorship and High Cost of Print Paper Will Be Topic Today. NEW YORK, April 24. Newspaper publishers from all parts of the coun try, assembled here today for the an nual meeting of The Associated Press, passed a resolution pledging their "hearty support of the effort of the ex ecutives of the Government to carry out effectively the mandate of the Nation," expressed in the war resolution passed by Congress on April 6. Reading at the luncheon of a tele gram from President Wilson, expressing regret that his duties prevented him from being present to exchange with those assembled "the pledges of un questioning loyalty and devotion to the people of the Government not only, but to the cause of freedom everywhere," was followed by prolonged applause. Joseph H. Choate and ex-Judge, Peter S. Grosscup were the principal speak ers. Frank B. Noyes, President of the Association, was toastmaster. Publishers Sing Patriotic Songs. The room in which the luncheon was held was decorated with the National Colors and behind the toastmaster was the Presidential flag and a miniature statue of Liberty. Soon after the guests were seated the lights were turned off while four marines hoisted the flags of the United States, Great BrltAin and France to masts so constructed that compressed air kept the colors waving. "The Star Spangled Banner was sung by members, and this was followed by "God Save the King and the "Marsel-lalse." Mr. Choate was warmly applauded when he declared he believed "the spirit of Abraham Lincoln had led us into this war." He pictured President Wilson as "our chosen leader" and urged all to stand by him. Ex-Judge Grosscup as serted that the war had developed a new feeling, a new attitude, a new recognition of the common man. "This thought of service, this idea of service, is rising like a golden halo, un til .it is covering the cause of this war from one end of the world to the other and is enshrining, enfranchising the common man as, after all, the object of all existence," he said. Support Is Promised. The resolution passed at the asso ciation's business session follows: "Resolved by The Associated Press in annual session assembled, "That as loyal citizens of the United States, we hereby pledge our hearty support of the effort of the executive of the Government to carry out effect ively the mandate of the Nation as ex pressed in the war resolution adopted by the Congress on April 6, 1917. " The following were re-elected mem bers of the board of directors: Frank B. Noyes, Washington, D. C, Star; W. L. McLean, Philadelphia Bulletin; Adolph S. Ochs, New York Times; A. C. Weiss, Duluth, Minn., Herald, and John R. Rathom, Providence, R. I., Journal. Advisory boards elected included: Central Division. J. L. Sturtevant, Marshall, Wis., Record-Herald, chair man; J. C. Seacrest, Lincoln, Neb., State Journal, secretary; H. J. Allen, Wichita, Kan., Beacon; William F. Meag, Youngs town, O., Vindicator; J. H. McKeever, Aberdeen, S. D., Daily American. Western Division. A. N. McKay, Salt Lake City Tribune, chairman; Scott C. Bone, Seattle Post-Intelligencer, secre tary; S. A. Perkins, Tacoma, Wash., Ledger; J. R. Knowland, Oakland, Cal., Tribune; I. N. Stevens, Pueblo, Colo., Chieftain. Members of the new nominating com mittee include: Central Division. P. E. Burton, Jop lin. Mo., News-Herald; Ernest Bross, Terre Haute, Ind., Star. Western Division. J. O. Hayes, San Jose, Cal., -Mercury-Herald; R. A. Crothers, San Francisco Bulletin. On the auditing committee O. D. Brandenburg, Madison, Wis., Democrat, will represent the Central Division and Calvin Cobb, Boise, Idaho, Statesman, the Western Division. President Noyes Speaks. President Noyes. of the Associated Press, in his address at the luncheon today said: "In the past it has been necessary on like occasions for me to explain the constraint the Associated Press was un der to observe the strict neutrality on all controversial points due to the va ried and manifold opinions of its membership. "Today, thank God, this is not only not necessary, but the contrary is true, for no trace of neutrality is coursing in our veins but red blood and red blood alone. "Today neutrality has been cast aside and we, in common with all true Amer icans, are standing with our cousins to the north and those across the sea. who, under many flags, are battling 'that government of the people, by the people, for the people shall not perish from the earth.' "Never have the splendid ideals, not alone of our country, but of the world, of democracy been more greatly stated than on a night but a few weeks past in the Capitol building at Washington Calmly, deliberately, wisely, our chosen leader has assembled behind him a united Nation, anxious to 3o its full part in this terrible ordeal by battle. taking its place side by side with those others whose blood and treasure have been so freely spent, "highly resolved that these dead shall not have died in vain.' "In every past great National crisis The British Royal Flying Corps is taking full advantage of the beautiful Spring weather for operations against German aviators. Monday in fights in the air 15 German aircraft were shot down by the British, while 24 others were last seen after engagements diving- earthward, completely out of con- T A R Last Times Today. Mary Miles Minter In a Wholesome American Drama, The Gentle Intruder and the Fascinating Second Chapter of "THE MYSTERY OF THE DOUBLE CROSS" INNOVATION TRUNKS PICTORIAL REVIEW. PATTERNS InrnattWotfc Merchandise ofoJ Merit Only IOE301 lomoi torso o D o S New C. B. Corsets are here I Ask Dr. Dallas about our special $5.00 eyeglasses o Months from now you'll hear talk of this Sale of silk SPORT DRESSES at $ 1 4. 85 Everyone of the dresses included in this sale event is worthy of a price well above $14.85! There are just four models included each of the models, though, comes in two or more color combinations. The one at the left is of solid colored crepe de chine; the next has blouse of taffeta and skirt trimmings of natural colored pongee; the third is of crepe de chine, the blouse brightly colored, the skirt pure white; the one at the right is of pongee with touches of color for trimmings! A full range of sizes to start the sale with! Third floor Llpman, Wolfe & Co. D o o D o o D G o D o o D o D o n IOE IOE301 O IOEXO that we have met God has raised up a leader truly great, who has typified America, her hopes and ideals. In this day of National peril he has not failed us. "I give you the health of the Presi dent of the United States, Woodrow Wilson." Publishers Meet Today. ' Editors, publishers and advertising men from all parts of the United States and from Canada are here for the meet ing of the Associated Press and the American Newspaper Publishers' Asso ciation. The members of the Associ ated Press met this morning and the opening session of the A. N. P. A. will be held tomorrow. The censorship and the high cost of print paper will be discussed. The fourth annual report of the bu reau of advertising of the American Newspaper Publishers' Association shows that the newspapers of the coun try during 1916 gained $20,000,000 in advertising over the preceding year. while the magazines showed a gain of S3, 000.000. Universal Training Indorsed. The New Tork Business Publishers' Association last night unanimously adopted resolutions indorsing universal military training and service and pledging support to the Government in the sale of war bonds. DIVER WAR MAY BE CURBED Concessions by Germany to Spain Already Are Reported. CHRTSTIANIA. via London, April 24. The Norgens Handels Siofartstidende says that as a result of reports by German Ministers and Consuls in neu tral countries to the German govern ment, the latter probably will draft new regulations governing the ruthless submarine war upon neutral shipping. Spain, the newspaper adds,, already has obtained concessions. 30,000,000 EGGS HELD SPECCLATIOS IX MARKET FOR BUTTER ALSO CHARGED, Investigator Suggests Investigation to Cause Break In Prices. "Trust" Evidence Not Found. CHICAGO, April 24. According to Herbert A. Emerson, who has been to the Pacific Coast investigating food conditions for John J. Dillon, commis sioner of the State of New Tork, there are between 30.000.000 and 36.000,000 eggs on the tracks in Chicago, held by speculators to keep up high prices. Mr. Emerson said that the Pacific Coast States this year, instead of im porting eggs as they have done gen erally, will have a surplus of 75.000 to 100. 00u cases to sell. Mr. Emerson said he had no evi dence of an "egg trust." but said he is sure there is a "mighty close under standing" between the big dealers and was confident an investigation would cause a break in prices. "The butter situation is a parallel."' he said. "The Pacific Coast this yea will be able to ship East a surplus of 150 cars of butter. 24,000 pounds to the car. Four years ago the Coast Import ed 200 cars." Educators Favor Conscription. HELENA, Mont., April 24. Fifty educators from colleges and high schools of the state summoned for a conference here by Chancellor E. C. Elliott, of the University of Montana, acting as a member of the state council of defense, went on record for selective conscription, and telegraphed Mon tana's Congressional delegation asking them so to vote. i (.in u Mill II mam w l-iua A yjU M fill l r HWHII IM ;vHv h I r For All Shortening and Frying Uses In VEGETOLE, the' housewife who rebels at paying today's lard prices, finds an alternative, that adequately meets her needs. This pure, all-vegetable, fat, produced by our economical methods to help keeD household expenses at true-value levels, makes the . . t most appetizing pie-crust ncn ana naKy the lightest biscuits, the most delicious cake. Or for frying, it assures perfect digestibility thorough cooking without the food becoming fat-saturated. And because its smoking point is 150 degrees above the temperature required in use, there is - no chance of an odor-filled kitchen and house. VEGETOLE'S economy in use is only rivaled by its low first cost. You can't go wrong in using; VEGETOLE. Try VEGETOLE. Prove for yourself by actual use that this utmost in vegetable fat is fully entitled to the Oval Label under which it is sold that in every war it is qualified to take rank with all other famous Armour Quality Products. Your own dealer can supply you with VEGETOLE in pails of four sizes. Bay a Pail Today AR M OJU R CO M PXNX CHAS. II. SOMMER, Mx. 13th and Flanders Sts. Portland. Or. Phone Slain 7S16