The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-12-11
First American Indus
trial to Be Quoted on
French Exchange.
NEWS SENT 1T
UP TWO POINTS
President Morgan Explains How
Government Recognition Of
( Securities Will Help Their
Stability Abroad-Exact-
ing Requirements Are
Easily Passed.

Common stock OF the Virginia Caro-
Nina Chemical Company. the principal
Offices OF which are in Richmond was
listed yesterday for quotation and sale
In the Coulissc department. of the Paris
Bourse. This is the first American In
dustrial stock to be listed for sale
on the French Exchange. and will al
ford large European market for in.
yestment In Virginia Carolina securi-
ties, r.
The company was notified by cable
on Wednesday that 1t had passed the
exacttng requirements OF the French
government, which aims to protect
French investors and at the same time
imposes regulations which insure the
payment to the government of the in,
come tax. The decision By the board
OF governors of the exchange followed
the action of the government more
quickly than was expected at the office
OF the company here. While announced
closing at noon yesterday, the stock
jumped two points In the closing min
utes.
Anords Greater Stability.
President Samuel r Morgan. of the
Virginia Carolina Chemical Company,
last night expressed HIS pleasure at
the prompt action OF the Paris ex-
change authorities and expressed the
hope 3hpt greater stability would
be afforded to the common stock OF the
company through large foreign hold
angS Mr.. Morgan secured the conseni
OF, the directors of the company to
make tho listing effort last June, just
before he went abroad TO take part In
the negotiations with the German gov.
eminent over the potash situation. The
directors consented, but were not hope
fGl. no American Industrial having yet
been listed. although the United States
steel Corporation applied to have it's
stock listed more than a year ago
Railroad stocks in this country are
not listed, despite the efforts OF Mr.
Hartman and others, though some OF
the bonds OF railway companies are
traded in in Paris. The only mining
stock which has yet .been approved by
tho French government Is the Utah
Copper Company, which Is largely trad
ed in abroad, Notwithstanding the pre-
yatling low prices of copper stock in
this country recently.
President NIOrgan's Statement.
1T represents a large part of my
summers work" said President Nor
gan last night. NO one can say what
the full result will be. but believe
we have removed the stones from the
path Of many other American securities
for .oreign listmcnt, and that broad.
or market Will soon be afforded for in
dustrial enterprise in America. We
have SO far only listed our common
stock. not having applied for our bonds
or preferred stock. With our company
there is an ample market in this coun.
! try for the preferred stock. on which
we have never missed a dividend. Bus
tness conditions change, however. and
!. at times we have passed dividends on
I the common stock. and the value has
/ infatuated In consequence. i was told
! by the bankers with whom consulted
while abroad that the French people
| are the wealthiest In the world and
that they arc seeking permanent In
vestment. II they can be made to be-
lteve in our honesty and good purpose
they will buy our stock. not for spec
!, ulative purposes, but as permanent in
.'estment for good times and bao.
Government Gives Consent.
From what ] was told the French
government exercises a careful super
vision over the exchanges The cou-
pons on our common stock are payable
to bearer-not to the individual owner
and we were required to name Paris
banking firm as our fiscal agent In
France. We will also be required to
furnish through our French agent COM
plete reports of our affairs, as shown
/ by examination of certified account
\ ants, and notify the French govern
The purpose is two-fold. The gov
arnment wishes to protect It's people
from unworthy foreign enterprises,
and what is more important to the
government. 1t wishes to insure the
collection of the government income
tax. BY our arrangement, we are re-
/. q,iired to notify the French govern
lnent through our Paris banker before
each dividend of the amount of our
common stock held in rrance. All
dividends in France are paid through
this fiscal agent who pays the gov
eminent In lump the income tax for
all French holdings, The coupons OF
individual holders in France being in
dorsed Free of tax
Well Known AbrOnd.
1.-THE Virginia-Carolina Chemical
Company as a fertilizer manufacturing
concern does some business abroad, but
II is better known In Europe through
the Southern Cotton OIL Company, all
Of the stock Of which is owned by the
Virginia. Carolina Chemical Company.
and which sells the greater part of its
output In Europe; and by the Charles
ton Quarries Company. which ships a
large amount Of stone abroad, The
company is better known through its
subsidiary companies than through the
parent. However, through the usual
banking channels and without any et-
fort on our part. the Virginia Caro-
lima Chemical Company has several
largo blocks of stock held abroad and
iswell known in some circles as a pur-
chaser of potash and as the owner OF
mines and concessions in various coun-
tries In Europe.
IN the publication Of our name
throughout Europe as stock sold on
the Paris Coulisse. My belief is t.....
we have blazed the way and that oul
action will be followed by the listing
OF other American industrials In Paris
am informed that throughout France
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