davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1919-08-02
Rise i'm Cotton
Stopped Only by
Exchange Rules
Market Makes Advance of
Limit Allowed in Five
Minutes After Publication
of Government Report

Such frenzied activity as followed
the publication Of the government re-
port yesterday showing a condition of
67.l probably has never been occa-
stoned by crop forecast in the his
tory of the market. The Exchange
rules provide that trading shall auto
matlcally cease after an advance or de-
cline of 200 points in any one day
This limit was reached within five min
utes after the report was issued, Octo-
Der selling at 34.95, December 35. Is
and January 35c.
While subsequently heavy realizing
caused drop of 100 points from these
levels, buying orders became so num-
erous again in the afternoon that the
maximum prices were once more at
tanned and continued right up to the
close which was very strong, and from
l35 to 148 points above the previous
close
An interesting feature about the re-
port was that it represented the lowest
August condition ever given.
Until II o'clock, when the report was
issued, the market was weak. In fact
the lowest prices since the present de-
cline began, were attained just before
the publication of the report, when Oc-
tober sold at 1926 and December at
1915.
Early Weakness
Wall Street, Liverpool and commits
sion houses were all active sellers
through the first hour, basing their ac-
tions upon the weakness of cables, fav-
orable weather over the belt, weakness
in the stock market and a less active
spot demand. This meant that the
trade went over the report mostly
short of the market and very bearish
on general principals.
Considerable emphasis was placed
upon the widespread protests against
the mounting costs Of living and be-
lief that as result of government ac-
tivity some method would be discov-
cred to furnish relief in this particular
Some believed it meant the end of the
upward movement which has been 60
ing on for long time in stocks and
some of the food commodities. Such a
development would ordinarily affect
cotton also and sentiment previous to
the report was therefore distinctly
bearish, making the market exceeding
ly sensitive to such an extraordin-
arily bullsh factor as the government
report proved to be.
Report Surprise
AS an example of what the trade had
been looking for, it might be pointed
out Cnat only one OF the eleven private
reports issued prior to Friday was as
low as the government condition figure,
the average of all being 69.3 1t was
generally considered that govern
ment figure Of 68 would have been
bullish, but not even the most radical
advocate of higher prices looked for a
condition as low as 67.1.
The explanation of the government
was that boil wcevil and excessive
rains had seriously damaged the crop
1t was expected that the report would
have the effect of greatly strengthen
ing the South, and as many domestic
mills have not yet secured their re-
quirements of raw materials, while ex-
ports are scheduled to show a marked
increase this month, the bear side was
not very popular at the close of the
market yesterday.
The range Of prices follows:
New-York tribune., 1919-08-02
A Listless Market

Despite the better tone displayed by
stocks generally the market yesterday
as on other days this week, lacked the
vigor and the snap that carried for
ward with such momentum when the
rise was at it's full. Whatever the
reason buying power has diminished
to marked extent. The public is not
trading with the enthusiasm of recent
days and the pools are finding it more
difficult to get an outside following.
This has led up to a situation where
the professional traders have been en-
couraged to take more liberties on. the
selling side. Their offerings have been
quite heavy this week. Opinion around
the street as regards the immediate
future of stock prices can hardly be
called optimistic. Most Of the mes
sages that are being sent out by cx-
change houses to their clients are
tinged with conservatism that borders
on pessimism in many cases. The re-
suit has been that many traders who
were active in the market few weeks
ago have sold out their holdings and
are clear of the market
New-York tribune., 1919-08-02
Forecasts Cotton Crop
OF 1l,O16,OO0 Bales
Government Report Shows
Gain of 10000 Bales
in Prospect

WASHINGTON. Aug. IA cotton
production of 11o1e,ooo bales this
year was forecast to-day by tho De-
partment Of Agriculture, basing its
estimate on the condition of the crop
July 25, which it announced as 67.1
per cent Of" normal. This was an
increase of 10000 bales over the fore
cast made q month ago. The condi-
ton of the crop showed decline Of
90 per cent during the month com
pared with the average decline of az
per cent during the period in previous
years.
In statement accompanying its
forecast, the department said boil
weevil damage to cotton probably was
more widespread and serious at this
time than evers before.
Heavy washing rains caused severe
damage in the Carolinas, Georgia,
Florida, Alabama, much of Louisiana
and Mississippi and the eastern and
southern portions of Texas.
Labor is scarce and high priced
and acreage above the average has
been abandoned.
Sea Island cotton in Georgia is being
ploughcd up, and little of that type will
be left by the end of the season.
Condition July 25 by states follows
Virginia, 80; Georgia, ST; Mississippi
So; Arkansas,63; Oklahoma, rs; North
Carolina, 76; South Carolina, II;
Florida, so; Louisiana, 81; Tennessee
ST; California, 100; Alabama, Ga;
Texas, Ct; Missouri, CT, and Arizona
93,
New-York tribune., 1919-08-02
Sinclair Consolidated
Plans Issue of Stock
Intends to Sell $5O,OOO,OOO to
$1OO,OOO,OOO to Provide
Funds for EXPANSION
Funds for Expansion

Upon the completion of plans for
merging the properties of the Sinclair
OIL and Refining Company an( the Sim
clair Gulf Corporation into Cne Sinclair
Consolidated Oil Corporation the new
company, it was learned yesterday,
will undertake to raise between $50
100000 and $100,000,000 to expand its
business in the East and to promote
Its foreign trade operations The ex-
pected financing will probably be done
through the issuance of stock, as it is
understood to be the intention of the
management to begin operations with
no funded debt.
Expenditures Immediately contem-
plated are for the doubling of the ca
pacity of three existing rcineries and
the construction Of three new refineries
on the Atlantic Coast The latter work,
it is stated, Will nccessitatc the build
ing of additional ships and the laying
OF more pipe lines.
announcement was made yesterday
that special meeting of stockholders
of the Sinclair Consolidated Oil Cor
poratlon of Delaware has been called
for August IL to ratify the propose d
sale of all the company's assets to the
Slnclalr Consolidated Oil Corporation
of New York. The New York corpora
ton is to issue in payment for these
assets all of it's capital stock outstand
ing, consisting of 100000 shares, and
IS to assume all the Delaware corpora
tion's liabilities.
The next step in the merger of the
Sinclair properties will be an offer to
the stockholders of the Sinclair Oil and
Refining Company and of the Sinclair
Gulf Corporation to exchange their
holdings for the shares of the new
holding company. This will probably
be done on share for-share basis The
new company has total authorized
capitalization of 100000 shares.
New-York tribune., 1919-08-02
Telephone and Telegraph

American Telephone and Telegraph
shares made no response to the return
OF the properties by the government.
The stock closed at 1O33 u, fractionally
up. That price compares with a high
this year of 1885 and low OF 9ss..
The stock has not acted we'll for weeks,
in fact, it has been entirely out of lins
with the general run of the market
during the period of rising prices. This
has been due mainly to fears that the
return of the property by the govern
ment might make necessary, in view of
the present high costs of operation, a
reduction in the dividend. The COM
pany is paying 8 per cent a year.
Theodore N. Vail, chairman of the
board, in a statement explaining the
position of the company after year
of Federal control, advises the stock
holders to beware of brokers and 9TH
ers who seek to persuade them to cx-
change their telephone stock for other
issues. He also urges the stockholders
New-York tribune., 1919-08-02
U. $. Supremacy Held Sure
Miner Tells Lords War Wasn't
Needed to Put America Ahead


LONDON, Aug. 1.-The United States
was bound to become industrially pre-
eminent, Viscount Miner, the Colonial
Hecretary, declared in an address in
the House of Lords last NIGHT. Its
precminence would have come anv-
way even if the war had not taken
place, he said.
In regard to Great Britain's finan-
cial and industrial position, Lord Mil
ner said 1T was ser IONS, but not dan
gerous. Provided Great Britain re-
mained 6 constitutionally governed.
progressive nation, the dangers. in his
opinion, were social and moral rather
tAan material.
AS to the idea of colonial preference.
the Secretary stated, 1t was not in the
least intended by it to buy or bribe
the dominions.
New-York tribune., 1919-08-02
FINANCIAL MEETING
SINCLAIR CONSOLIDATED
OIL CORPORATION
NOTICE OF


SPECIAL MEETING OF STOCK kHol'oHn ~
To the Stockholders Of -,
Sinclair Consolidated on Corporation ts
copy of a resolution adopted by the Boare
Of Directors of Sinclair Consolidated OF
Corporation "a Delaware G3rp9pa,'on. drs cs,,s, "a
and held on the 3oth day OF July. 1919.
majority Of the whole Board having Votef
in favor of such resolution, namely:
1udgmen Of this Board of Direc-
tors advisable and most for the d
benefit of Sinclair Consolidated OIL
Corporation that said Corporation
should be dissolved and to that END
and required by law that meet
ing of the stockholders of said cor
poration to take action upon this
resolution be-. and 1T hereby is:
called to be held at the office of
said corporation. Rooms s12ss12s
No. 12o Broadway. In the Borough
of Manhattan. City and state of
New York. on the 25th day of Au-
gust 1919. at II o'clock A. NJ, and
that the Secretary of this corpora
tion be. and he hereby Is directed.
within ten days after the adoption
of this resolution. to cause notice
Of the adoption Of this resolution
to be mailed to each stockholder OF
said corporation residing In the
United States and also beginning
within such ten days to cause
nike notice to be inserted M rte mnt In
of New Castle. State of Delaware.
at least three weeks successfully.
once week next preCeulnB tn6
time appointed aforesaid for
said meeting OF stockholders.
Pursuant to such resolution. NOTICE
IS HEREBY GIVEN that a special meet
Yng Of the stockholders OF Sinclair Con
solidated OH Corporation "a Delawar,
Corporation) Will be held on the 25th da.
OF August. 1919. at eleven o'clock in tn,
forenoon. at the office Of the corporation
Rooms 3123-3129. No. 120 Broadway. il
the Borough OF Manhattan. City and Stat
"f New York. for the purpose Of taking
action upon tho foregoing resolution. ant
.or the purpose of considering and de
torp.inipg whether this corporation shall
be dissolved
Transfer. books will be closed at th
close of business August l, 1919 and will
remain closed until the close of business
August 25th 1919. such other date tc
which the foregoing special stockholders
meeting may be adjourned. The transfer
books will be closed permanently upon tn
requisite vote of stockholders to dissolve
Dated. August l. 1919
A. STEINMETZ, Secretary.
BY ORDER of the Board OF Directors
New-York tribune., 1919-08-02
The Investment Demand

Reference is made to the easy ab-
sorption of the great mass of new
securities put upon the market in re-
cent weeks by the Federal Reserve
Board, which says in its August bulle-
tin: IAN investment demand has re-
vealed itself and an unusual amount
of stocks is reported to have been taken
from the market, the consequent de-
crease in supply resulting in further
increase in prices in the face of con-
tinued demand" The board also calls
attention to the continued speculation
at an "unprecedently high level" The
board does not attempt to differentiate
between securities which may be
classed as investments and those which
NAV not.
New-York tribune., 1919-08-02
New Issues and Old

"Too many new issues" said broker
yesterday who was asked to explain
the change in the trend of stock mar
ket values. This is an opinion that
is held by many observers. 1t is a
case of undigested securities, they say,
pointing to the fact that in the first
corporate seven months of 1919 $1,475,-
100000 of new securities have been
placed, or double the amount for the
corresponding period of last year. In
July new corporate securities brought
out reached new high record of $780,
100000, of which 70 per cent consisted
of industrial issues.
New-York tribune., 1919-08-02
Heavy Trading Swells
Stock Tax Receints

ALBANY, Aug. 1.-The volume of tho
July trading on the New York Stock
Exchange was reflected here TO-DAY
when State Controller Travis an
nounced that the stock transfer tax re-
ceipts for the month amounted to
Sl,lS9,999, the highest figure ATTAINED d
SINCE the stock transfer tax law was
enacted, fourteen years ago. Only once
previously, in May of this year, when
the receipts totalled Sill, ,O0O has the
million dollar mark been reached.
New-York tribune., 1919-08-02
The Dollar in Foreign Exchange

Exchange on Germany displayed a
weak tone yesterday, marks falling to
"a cents for checks and 57s for cables,
compared with 6 and 6A on Thursday.
Very little business in marks is being
done and quotations are nominal.
Exchange on London and Paris held
firm in dull market, with demand
sterling closing at $685. Francs
showed no important change.
Quoted dollars to the pound.)
New-York tribune., 1919-08-02
Financial Items

The American Trust Company has been a D
pointed transfer agent OF the stock of
the Eiseman Magnetic Corporation
f. H. Montgomery has been elected
president Of Dunlap K Co. and E. H. FAX
land vice president. Brayton Witherell
was appointed secretary and treasurer.
l.. n. Smith. Horace Canton, r. c. Mont
gomery. Brayton Witherel. e. H. Eak
l.. w. Lissberger, Joel Cobs, Sydney
Bernheim. N. j. Miller. julius Ifchten-
stein, Benjamin Lssberger and Walter
Loewenthal have been elected directors
of the Keystone Tire and Rubber Com
pany.
New-York tribune., 1919-08-02
Not Enough Money

The greatest obstacle in the part of
the speculation for the advance is tie
money situation. There is not enough
credit to go around. That is admitted
by the bankers and brokers alike, and
they see no way Of stretching the avail
able supplies to meet the needs of a
rising market regardless of steps that
may be taken to improve the machinery
of stock market borrowing. The banks
are In the position of having to bow
to the orders Of the Federal Reserve
authorities not to increase the stock
market credit supply as long as legit-
innate business needs are to be filled.
AS matters stand at present indica-
tlons are that stock market credit will
contract rather than expand since the
demands of productive enterprise are
increasing steadily
New-York tribune., 1919-08-02
Financial Bureau.
Telephone Beekman 5000.
Wall Street

This market may soon be called
upon to absorb substantial amounts
OF American securities of foreign
ownership. Although the need for
haste in working out a programme
for financing Europe's purchases
here is plaip and is being constantly
emphasized by the country's leading
financiers, little progress is visible.
The foreign issues which have been
f1oated here are trifling compared
with the credits that must be pro-
vided to save Europe from serious
embarrassment, if not disaster, and
to sustain American prosperity as
we'll. But until adequate measures
to meet the situation are perfected
Europe must rely upon such small
accommodation as she can secure.
and find some other acceptable
means of settling the balance of the
account.
Obviously, one method of settle
ment would be through the sale of
her holdings Of our securities. These
were, of course, greatly diminished
during the war, but doubtless large
blocks are still available; in fact,
considerable amounts already are
on deposit here. Some Of them prob
ably have been sold recently. There
have been indications of such selling
in certain Of the railroad issues.
Fortunately, the market should be
able to take all that might be offered
without serious difficulty. Its posi-
ton is much different than it was on
the eve Of the war, when Europe
poured stocks CT this market in
such quantities that it was deemed
necessary to close the exchange.
New-York tribune., 1919-08-02

Cof1eo Futurcs.-Rcports that tho gov
eminent was to investigate the high cost
or living brought out free selling in the
market yesterday, call prices showing de-
cllnes OF 80 to "A points Later In the
day selling by longs caused further de-
cines which caught stop loss orders. and
lor the balance of the day prices worked
gradually lower, final quot otations being at
net losses of 46 to Sc points.
regarding possible government tnvesti-
stat ssa,ton "a as TO coffee prices in the. United
States II was pointed out that there was
ho hv pron'eerlng; sat,g; the only boarding has been
the United States average far beiow norl II,
MAJ. maj Prices of green coffees are lower
mere than anywhere else in the world and
auture % prices are less than the price Of
actual a. coffee. The control of the market
Is ISL, IN the foreign producing countries, over
wnlch wLlch this government has no Central
IN, ne toasted prices ruling show less than
III me local spot market was irregular
ano so 2ao oweT, T., hlo Is being quoted from 52sc
~ 49, I'c FIRM offers from Santos showed
niue change for London credits yv,t u
fn american credits also about unchangea
Inc range Of prices follows:
New-York tribune., 1919-08-02
Shorts Cover

Explanation for yesterdays partial
recovery in stock prices was simple
enough, without going outside of the
market. The fact was that the pro-
fessionals oversold the industrial list
on Thursday when tight money threw
scare into the spectators for the
advance. With a closed market to- day
it was only natural that there should
be active covering of part of the short
commitments. After the close of the
market a heavy demand for stocks was
reported in the loan crowd where the
shorts borrow to make delivery against
their sales. This made it look as if
short interest Of sizeable proportions
still existed.
New-York tribune., 1919-08-02
Butter, Cheese and Eggs


Butter - Receipts were s.as4 nac,..
eSsrestAmery. higher than extras. lb. Sc
20 20 rs e; extras extras s2 score So hc frsts. s.
10 VI score, 63@56c; seconds. 81 to 81
score, 6o1a q @52iac; lower grades AZ. a.
Sg SgG unssited s,rs higher than extras. s.
57'2c: seconds. $50 55c. state ss as,ry 90 ~ - q
nnest. "a y 55c: good to prime, 81 a S4c.
e9Inon :, n TO fair. 47@5onc; renovated. firsts
ol o o.c lower grades. 40 soc; ladies' rmr.
rent make frsts. 4sG4sc: seconds AZ
We g41c' lower grades. 45Q4sc packing
NS S.ocH; current make. No l. 4sis Q47c,
no. & Aec; lower grades. 43Q4SiAc
g, en- Cheese - Receipts were 1887 boxes
wh,,a S'ae. Wnois MIX, fresh nats. colored o.
cred OF ed, or white. slla gs2Ao; lower grade De-.
; oS q sic; twinss specials, whites. 3S9s3c
coiored. 32H 933c: average run, colorea
or or white, 81 g4sc; lower grades 2s a Solhc
Wisconsin, " as whole milk. twins, fresh, 81 !.
cs Wsx &c; single daisies. white 3aA Q33lac:
coioreo SS4 33Hc; double daisies coloreo
Iresn. San 0S3o; YOUNG Americas. fresh
New-York tribune., 1919-08-02
READING COMPANY



Philadelphia. July q. 1914
me board OF Directors has declared
from the net earnings A Quarterly div
dend or two per cent. t2T) on the Com
mon STOCK OF the Company TO be pad
on aug ust -. 1919. to the stockholders
OF record at the close % business l,f,. et
Iyls- checks will he rlaiied g siockhoid-
ers who have filed dividend orders with
the Treasurer
JAY y HARE Secretary
New-York tribune., 1919-08-02
DIVIDEND NOTICES
Liggest & Myers Tobacco Co.

3 Louis. Mo.-July 29, lqlg
\ quarterly dividend of three per cent
$50 was this day declared upon the Com
mon stock Of LIGGETT s. MYERS
TOBACCO COMPANY. PAYABLE on Sop
temher !. 1919 70 Common stockholdefs
OF record at the close - business on
August L. 1919 Checks VIII be mailed
T. r ANDERSON rreaslrer
New-York tribune., 1919-08-02

Liverpool Cables.-Spot cotton quiet at
68 points decline; middling, l9.Ssd. Sales
5000. American 1000. Imports. e6, 600, all
American. Futures opened easy at 20
to 81 points decline. Closed Irregular and
unsettled. at net advance of S4 to As
points. August, 21.17: October, 21.45, De-
cember 21.bS; January, 21.60; March,
2l.b0; May, 2l.57. Manchester: Yarns and
cloths, quiet
New-York tribune., 1919-08-02
Copenhagen Issue Ready

Copenhagen Issue Ready
Bankers have completed arrange
ments for an issue of $15,0O0,OO of
City of Copenhagen, Denmark, 5h
per cent twenty-five year bonds. 1t is
expected to offer the issue for public
sale on Monday
New-York tribune., 1919-08-02

lnestic demand Is stll in excess of pro
nuctlon and all refiners are sold ahead
uilo w september Tho Sugar Equalization
oass or Cubas, at $3.50 cost and freight.
LOT august loading. This is the first re-
July 19. ~
New-York tribune., 1919-08-02

Eggs.-Receipts were 2s.47s cases Fresh
gathered extras. Dozen $40 55c. extra
hrsts' 81 a 53c; irsts. 47a Soc. seconds a.
g 40, !, under grades, s50s2c; dirtios ~.
!, ~ Y 4uc; No. a4d Poorer 80 ,.
checks. good 70 choice. dry 34r sec. urs.-
grades. 20 a53c. Refrigerator. sD,oIal
narhs, iancy. buyer TO assume chtrea.
&c hGsts /. n 49c. seconds. +ii. u il t.r.
state fennsylvAnia and nearby W..t.rn.
Hthnery whites. hnr 70 fancy. e. n f0.s
i"r % prime. % n 6'c- gath ref s.. .hlt.s.
whites u-n SC. Other Western and r lti.-
erii. gathered whites. go Ste. state e-Ha-
fancy. 5SW62c: gathered brown and ni.a.l
coiors' graded fancy. 55as7c. fair t,
prime A. a 52c
New-York tribune., 1919-08-02
Finance and rade
Business Mems Bureau.
Telephone Bcckman 8243.

not to be influenced by '"any mistaken
or misleading articles depreciating" the
company's securities,