davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1919-08-23
Urges Wilson to
Act to Protect
Commerce of u. S.
Senator Owen Tells Presi-
dent Immediate Steps
Must Be Taken to Provide
Europe With Credits Here

WASHINGTON, Aug. 22.-President
Wilson has been urged in letter from
senator Owen, Of Oklahoma. ranking
Democratic member of the Senate Bank
ing Committee, to take steps to protect
the foreign commerce Of tho United
States and bring about an extension
OF credits to cover European purchases.
The letter. as inserted in the Rec
ord, also proposed that means be pro-
vlded to pass upon the validity Of Eu-
ropean securities offered for sale in
the United States.
UNLESS Immediate steps are taken,"
Senator Owen said, "to accomplish
these results, fear serious business
reaction will take place in the United
States by cutting off large part of
our foreign market for our surplus
products, throwing these product back
on the United States and causing a very
SERIOUS recession of prices due to over
production. ! agree that prices should
come down, but the reduction should
be by the elimination of excess profits
artifi,cially placed upon goods and they
snould not come down by cutting down
the wages paid to labor There is u
natural increae in prices in the United
States due to the expansion of our
currency by excess gold imports and
by the development of Federal Reserve
notes against commodities which have
taken the place of gold as basis Of
note ISSUE"
Senator Owen in his letter declared
the New York bankers have opposed
bills pending in Congress which they
claimed would deprive them of the op-
portunity to speculate in foreign ex-
change, and added:
II am opposed to their speculation
to the injury of our industries and
commerce, and l allegs that they have
made millions out of speculation in
foreign exchange to the disadvantage
of American commerce and to the dis
advantage of the American producers
and the American consumers alike.
allege their interest is a private inter
est and that they are not concerned
to deal with the matter from the public
stapdpoint."
Senator Owen asked the President to
request the secretaries of the Treasury
and Commerce and the Federal Reserve
Board to submit Recommendations as
TO what shall be done to protect the
foreign commerce of the United States
and stabilize international exchange,
with a view 60 submitting such reports
and Recommendations to Congress-"
New-York tribune., 1919-08-23
Mexican Official
Reviews Ore Question
Says Old Law Clearly Estab.
fishes Right of Government
Control Over Deposits

MEXICO CITY, Aug. ga complete
history of the Mexican petroleum ques-
ton. including legislation dating back
to she days of Spanish dominion and
continuing Up to rhe Constitution of
1917, together with data concerning
the industry and figures showing prof
is made by oil companies in this coun-
try, has been furnished The Associated
Press By Leon Salinas, Under Secretary
OF commerce and Labor, which depart
ment has charge Of matters pertaining
to petroleum.
Sections Of law enacted since 1893,
accorulng to the statement, establish
Tor the Mexican government the legal
fight TO exercise dominion over coal
and oil deposits and to enact mining
and commercial codes which shall he
binding throughout the republic. Ar
ticle u Of the Constitution OF 1917.
TIE statement says. defines in clear
terms the dominion of the nation, ove.s
hydrocarbons and outlines a svstem
OF concessions for the exploitation and
development of petroleum territory"
Discussing various legal phases Of
the question and giving historical data
concerning the establishment of differ
ent development countries in the re.
public, the statement gives production
figures which show that from 1901 to
1918 approximately 2S6,O00,000 barrels
OF OIL were produced in Mexico each
year. The production during 1918 was
approximately IL per cent of the DO
tential production Of the country. the
statement says, adding that lack Of
transportation has been the reason
why the Mexican oil industry has not
as vet equalled that OF the United
States.
Referring to profits the statement
cites one company which in 1873 re-
eannea net profit Of more than q
100000 pounds sterling, being III per
cent OF the invested capital, which does
not include the increase of value in the
lands controlled by the company.
In conclusion the statement saws;
This analysis is fer the purpose OF
demonstrating that the oil business is
a good one when it is carried out with
the technical and financial means re-
quired by the magnitude of the enter
prise
New-York tribune., 1919-08-23
Crisis Predicted
Unless Germany
Gets More Coal
Investigator Fears American
Competition in Iron; Be-
lieves the Treaty Terms
annot BE Fulfilled

ESSEN, Thursday, Aug. = by The
Associated Press).-A commission CT
experts appointed by the German
bureau Of labor to investigate econo-
mic conditions and working hours in
the coal fields has completed rs ex-
animation OF the Rhenish district, hav-
ing visited six mines and twelve work
ingmens colonies, cress-examining
owners, directors and workers.
Peter Kloeckner, one C the leading
Rhenish industralists, informed the
commission at the hearing held in this
city that the nation was facing an
economic catastrophe. He said that.
even if the Ententes ley q 4e,o00.00o
tons of coal was reduced ore half, Ger
many was heading toward ruin, as the
country cannot dispense 10000, GOO tens
annually
If the Entente powers enforce this
provision he said. I'VE nust extinguish
our blast furnaces, which is tanta-
mount to a cessation of all production.
What little coal there would De let US
would barely suffice 20 operate rail-
roads and lighting plants"
Herr kloeckner opposes further re-
ducton n working hours and s4ltes
the assertion that a miner ear proaace
as much coal N five ard one-haif
hours as in seven. He believes the re-
duction in woTh.n tine IN all indus
trial lines has proved di astro1s 20
the nations economic reVival anG, n'ith
the abolition of piece york, has greatly
curtalled the output n ali branches of
Industry.
In discussing living conditions among
miners, Herr kloeckner told the commits
sion that workingman : home, which
cost 5000 marks Waen Quit ~ peace
time, would now cost 25,0oo marks.
Nevertheless, mine owners are building
homes Tor their men, bat II hey 5clla
ell that are needed the cost VIII be
5000, 900 MARKS. fle pointed ont ne
mines cannot stand such a drain and
that the government cannot De .cx-
pected 10 grant a subsidy, IN view Of
present demand upon the nStIoaal ex-
chequer. he, therefore, proposed that
the government approve Price IN
crease Of ten marks TON. The proceeds
to De devoted to the building Of work
ingmen's homes.
An appeal to miners was made by
Herr Kloeckner. who asked tnat the men
drop their demand for sx-hour day
for the present and contribute the
maximum production which he domes-
TIC and foreign situation demands. One
of the miners who attended the meeting
attempted 10 refute Herr Kloeckner's
conclusion, declaring the miners Rad
not yet recovered from the pnysical
privatiors of The war sufficiently to
permit them working more tnan seven
hours. Herr kloeckner suggested that
the miners take 4 patriotic view Of the
situation and work overtime for the
next three months. lie recommended
that the commission try to enlis, able
! Bodied students in an effort 10 divert
100000 men TO the mines 10 help over
come the present crisis. He believe 3
worknen are gradually overcoming the
hysteria born Of revolutionary condi-
ITEMS and are showing u more reason-
! able Interpretation of their duties to
the nation.
New-York tribune., 1919-08-23
Cereals

"neat-The export movement OF wheat
e'htinIes to increase. and wheat 10 NOV
's very rapidly to the sea aboard for ship
"eh'' Arrivals at this port last week
.'0he were over 2.50o. geo bushels. and
>"ere is also a very heavy movement to
S.ner Atlantic ports Gulf ports are also
ttvvISieiVihg tvSi unusually large quantities, and
cIr,s eAtsoes are being shipped from New
.rvSahs ana Galveston for export.
csn, "e hritish government has taken so per
un nens OF the available tonnage for the ship
asn ,snt or wheat during September. anu Is
re rne sdovement 10 the mills is being some
c,.atl retarded by the car situation. espe-
i.es'y In the American Northwest, and
cssU soo. troubles also interrupting re-
~''pts TO some extent
AeV'ces from the spring wheat belt
go esfn complained of deficient yields ana
1. is euthossty at leas, said that the crop
- ~'ou' DO per cent or normal
Norn--Thc corn market displayed con-
.'oerable strength during the early opera
aon Oh quite active covering prompted by
.ae action of cotton and stocks as well as
On, a. an advance OF so points in live hogs.
issue interests however. were again OF
fo 10. 81, volume, and when longs attempted
o. tdke prorts late in the afternoon prices
Sse way and closed at net unchanged TO
increased orfers OF new corn from Texas
II T. again factor in the situation. and
rs = "a pelieved that the movement of corn
,ae I'm That direction is going to have a oi
chicago.
!. Advicss from the interior said that lead
=, sAoussr1ss are getting all the cash cosn
New-York tribune., 1919-08-23
To Offer Stock
OF COca-Cola Co.
AT $40 a Share
Georgia Trust Company
Opens Quarters Here to
Invite Syndicate Partici-
patton in Big Share Issue

Acting for the group Of New York
financial interests that has acquired
control of the Coca-Cola Company Of
Atlanta, the Trust Company of Georgia
has established quarters at &c Liberty
Street in this city and began Offering
yesterday syndicate participations in
the 100000 shares Of the new COM
pany's common stock. A public offer
ing of the issue is to be made early
next week at $40 a share. The under
writing price is understood to be about
five points lower.
In addition to the common capitalza-
ton, the new company will have $1O,-
100000 cumulative non-voting per
cent preferred stock, which goes to the
sellers of the enterprise as part pay
ment for their interests. Upon COM
pletion of the financing the company
Will have no mortgage on it's properties
nor any other funded debt.
circular prepared by the Trust
Company of Georgia states that sales
Of cocoa-cola for the first seven months
Of 1919 were II, 1,099,56 gallons and
that demand for 10000 900 is indicated
for the, full year. July sales, it
was said, increased III per cent. Net
earnings before taxes for the seven
months were said to be at an annual
rate OF S5,250,0O0.
Under an agreement it is provided
that the common stock of the new COM
pany is to be deposited with the Guar
anty Trust Company under voting
trust for period of five years. The
voting trustees are to include S. c..
Dobbs. vice-president of the Coca-Cola
Company; Z. W. Stetson. vice presi-
dent of the Guaranty Trust Company,
and Ernest Woodruff, president of the
Trust Company of Georgia
Howard Gambler, president of the
Coca-Cola Company of Atlanta, an
nounced late last month that the
present stockholders would receive for
their equity $15,O00.000 in cash in ad-
dition to the preferred stock Of the
new company. The principal stock
holders OF the old company are Mr..
Gambler and his FIVE sons and daughter.
Many years ago, il is understood.
Mr.: Chandler paid $500 for the Coca
Cola formula and rights to its manu-
facture
New-York tribune., 1919-08-23
Britis $ h Experts !
Take Big Slump in
Pound Rate Calmly
See useful Danger signal''
in Unprecedented Decline
OF Sterling in Terms
OF American Money
Ne1o York Tribmns
Eurcpenn Ruyeau

EUROPEAN Ruveaa
.Copyrisht. 1919. New York Tribune Incl
LONDON, Aug. 22.-British financial
experts are not unduly alarmed bv the
decline in the exchange value Of ,ha
pound sterling. at is experiencing a
swing of the pendulum" one saws. "At
a time like this it is unwise to be dog
matte, but there does not seem to be
any reason for alarm about the future
course of events"
Many" says another, point out
that the state Of American exchange
is useful danger signal to the govern
ment and the nation. In manner
which cannot be disguised it shows
how far we are failing in the task of
demobilizing industry and what
dangers lie ahead if this failure con-
tinues."
1t Is fact that nothing can so clear
" convince the average Englishman Of
the country's economic difficulties as
the fall in the value of the pound,
which he has been accustomed to con-
slider immutable. Reports from Amer
ica showing that Lloyd Georges recent
speech was followed by a considera Bile
decl!ne IN the exchange brings home
to the man in the street a conscious
ness OF the serious situation which the
Premier is trying to ward off.
THE Westminster Gazette" outlines
both the false and genuine remedies
available to restore the pound to some
thing like its normal value. Among
the former it cites "shoring up" the
exchange by the creation Of govern
meat credits in America and arrest
ing its fall by prohibiting or restrict
ing imports from America. The true
remedies, according to this paper are:
l. Work harder and produce more.
2. Make every effort to restore
shipping 10 its pre-war efficiency and
to clear the lines of transport which
arc now shockingly blocked on the
railroads and docks.
Let everything come in that can
cheaper life and facilitate production.
The Westminster Gazette" goes on
to say:
"lf by our united effort within the
next few years we can restore the pur-
chasing power of the sovereign to
anything like it's pre-war position
labor will have made the greatest ad-
vance in material prosperity recorded
in history"
The general feeling seems to be that
the pound will not go much lower but
only the most optimistic look for any
ching in the way of q return to it's
S4.86 value.
New-York tribune., 1919-08-23
Form Corporation to
Take Over Kerr Ships

Edward F. Geer, president Of the
American Ship and Commerce Naviga-
tion Corporation, announced yesterday
tnat the newly formed corporation had
been organized to take over the steam
ers of the Kerr Navigation Corpora
ton. Its name will be changed to the
as the existing institution by that name
has been dissolved. The new company
has an authorized issue of 40, 900 shares
Of Glass A stock limited to ST divi-
dends per share, but without voting
rights, and 10000 shares of Class B
stock carrying voting power. Both
classes Of stock are, without par value.
New-York tribune., 1919-08-23
Cotton

The cotton market was Irregular yes
tsrday. A further advance at the opening
net some Southern selling. while there
was evidently disposition among recent
buyers TO take profits after recovery Of
nearly cents . pound from the low levels
Of last Monday. This led to declines, al
though there was no speciat change in the
news and after selling at sl.Se during the
morning. December broke to sl15 in the
ate trading and closed at Sl.27. compared
With 80. the final quotation Of Thurs
day The general market closed steady
act point higher to points lower
The early advance was caused by continue
ton OF the buying movement which had
been fn progress during the previous day
1t was probably encouraged by the TN
prove Dent reported in sterling exchange
rates and wet weathe. in the South. Also
selling for Liverpool account was less ac-
prices were 20 to IS points higher and
active months sold 5s to 81 points above
Thursdays final prices during the middle
Of the morning.
There was little Indication OF trade buy
ing or OF broadening commission house
interest such as would reflect q revival of
SPECULATIVE confidence in permanently
pontment to recent buyers and increased
the inclination to make sure OF existing
profits. with the result that selling be-
came more active. Early advances were
more than lost. prices at one time show
ing ne, decline Of about 10 to IS points.
the close being ! 0 20 IL points up from the
lowest on covering
The buiish view OF the wet weather In
the South was based chiefly on its prob
able influence in respect to insect damage.
Complaints Of insect activity are already
very numerous and the sort OF weather
now reported ls hkeiy TO stimulate them.
Boil worms, army worms and leaf worms
are mentioned as we'll az boil weevil in
the reports now reaching the trade and
It Is apprehended that insect damage this
season Will he the greatest on record
This tends TO Offset tho fact that 1t is
getting too late in tn sc lson for dam
age from drouth, and tnat except for
favorng insects the weather during Au-
gust has been considered better than the
average
Southern spot markets were generally
nnchangea. the exceptions being New Or
leans, which advanced 81 points, and
Baltimore, which was quoted nominal al
slb0 for tniddi!ng
The market for spot cotton at New
york was quiet and unchanged at $3.50
Tor midclng. no sales were reported.
Rance of prices follows:
Wednesday g
New-York tribune., 1919-08-23
Jean de Sieyes Represents
Bank of France Here

Jean de Sieyes has succeeded j. de
Neufize as representative Of the Bank
f France in this country. 1t is under
stood that he will assume charge of
negotiations for industrial credits here
American merchants, it was learned
yesterday, are accommodating bank de-
posits in France at the present low
exchange rates for future use, and
their doing so contributed to the rally
Of rates on Europe yesterday.
New-York tribune., 1919-08-23
Butter, Cheese and Eggs

Butter--~Recelpts were ssl3 packages.
Creamery, higher than extras, pound. bSla
@57c extras 90 score. IS "a @56c; firsts,
IS TO 81 score, 52is @6b'4c: seconds, 81
49Isc unsaited, higher than extras 59la @
SOC: extras 551a9bsc: fra.s. 54 II 057i c /;
seconds So "a Q54c state dairy tubs finest
IS Qhsc good TO prime. 81 @b4 nc; COM
mon to fair 4s25oo: renoXated ,s frsts' 80 q
4Sc: lower grades. 45@ 4sc; packing
stock. current make. No. 4sM o 47c; No.
g. Acc; lower grades. 43Q4o!ac.
whole milk fresh fats. colored or white.
$ols oslo average run. rs y lp3oc. lower
grades, 2092Siao; twins. specials. whites.
80 y q ale; colored. 3o1a @31c average
run. coored or white. 29ls o 3oc: Wiscon
single Daisies white or oolored. q = Z
sac; double Daisies. colorsa. fresh. 29A q
siiac; Young Americas. fresh. S4@34'sc
cheddars. Canadian. In bond, 27h Q2Shc;
state. skins, specials. 22Q s3c: prime to
lower grades. 70lSc.
Eggs - Receipts. l1,a36 cases: Fresh
gathered extras. dozen. t4@e5c: ex-
ira tirsts. 51YSac; frsts. 40 SOC; sec
Snas +2@*so ndsr srases ana s9@slc
80 oQ 3sc: checks. good 70 choice. .slrv. 81 q
$50 under grades, 25 133c; refrigerator
tlrsts, buyer TO assume charges, 46@47c
seconds. 44@ 4bc: state, Pennsylvania and
fancy. 81 o DE: fair 10 prime. so@sse;
sathered whites common to prime, 50 q
ssc Pacific Coast whites. express, 67c
freight SIS q Sac other Western and South.
ern. gatlercd whites, IS @ CSC: state. Penn
M ssssea nsrssy and nsd
oolors. graded. FANCY. ta0bsc1 fair IA
New-York tribune., 1919-08-23
Germany Firm On
Question Of Duties
Insists on Collecting Gold
Equivalent of Old
Tariffs
Ns'o york I'vibuns


copyright 1913 NeT York Tktbans Iac)
BERLIN, Aug. 22-The decision Of
the government to collect customs
duties in the equivalent gold value Of
the old tariffs is meeting with opposition
IN commercial circles, the Hamburg
Chamber of Commerce making pro-
test against the practice. The govern
raent replied that the refusal of the
armies OF occupation TO permit the
collection of equiva sent gold duties
upon goods entering occupied territory
Is regarded as contrary 70 The terms
OF the peace treaty. r Hance the govern
ment will take energetic steps to as
sert It's right to collect the gold duties
and has no intention of reconsidsrinr
its original action. s
New-York tribune., 1919-08-23
Pittsburgh

Stocks
Sales Dpen High Low rast
10 Am Sewer r. 20 20 90 '' 20
55 Am Win Gt. ia liz ia ia
50 Arkansas Gas SO 63 So 90
40 Rarnsdsll Corp 1884 SO s5M SO
10 Carbo-Hyi pf. 81. 31A So 81
80 End Brewing.
10 Mfrs & H. 80 53 So SO
l-02 Alarlund Refg 674 :,
sac Ohio Fuel Sup so so so 90
SSV Oklahoma Gas 3234 33 S2ha SO
5000 Pitts Jer Cop. 10 10 .08 90
1000 Puts Mt Shas 81 81 81 81
200 Pitts Oil d. G. 1872 1917 1872 1879
10 Pitts II Cil. 1e8 1913 I23 I2a
900 Riverside h O. 4Ja AZ AZ
l30 West Elec So 52l2 SO 52i%
Bonds
$1,000 Monon Coal ss.lo7 loz Io7 loz
New-York tribune., 1919-08-23
Transfers TO India.

The Bank of Montreal has been au-
thorized by the Secretary OF State for
India to act as his agent for the purpose
of receiving tenders for the purchase
Of immediate telegraphic transfers in
rupees. Tenders for such immediate
telegraphic transfers will be received
up to I O'Clock Wednesday, August 81,
at the agency, Bank of Montreal, for
total sum Of not exceeding 5000 900
rupees No tender under 3sl2 cents
will be considered.
New-York tribune., 1919-08-23
Commercial Failures

Commercial failures in the United
States, as reported this week by r. G.
Dun & Co., are l04 against i15 last
week and 1888 the spending week
last year. Failures in Canada number
7, against II last week and 16 last
year. Of failures reported this week
in the United States. "a were in the
East, rs South, 80 West and 13 in the
Pacific States, and 81 reported liabil-
tiles Of $4,000 or more, against 81
last week.
New-York tribune., 1919-08-23

Southern Spot Markets - Galveston.
quiet unchanged at 81 90, sales, 800 bales
Mew Orleans, quiet. 81 points higher at
1918; sales $50 bales Mobile. nominal;
unchanged al so 90. sales. nil. Savannah
nnominal: unchanged at 1885, sales nil
charleston. nominal. unchanged at $3.50
gales ut. Wilmington. duh. unchanged at
s9.a sales nil Baltimore. nominal. 100
points points hig her at also sales nil. Augusta
SSaiet; unchanged at $3.50, sales Si4 bales
Mempais, nominal; unchanged at $3.50;
ss se'es 100 bales ST. Louis. nominal. un-
ohansed AT 3S.0o sales. nil. Houston
steady UNCHANGED at 500 sales l.2l4
pass pass Little Rock. quiet. unchanged at
HoO. Sales. l5a bales
n the week end statistics Of the New York
Eottqn kNC hange made the into sight for
the week so.s97 bales. against 75.is2 last
yssaT so far this season 2oi,3Ss. against
.sso'4es las YEAR Spinrcrs takings for
,he week l43,215, against 1908 last year.
70. 20 isr This season i59,7G1. against @79,262
..st la: year Visible supply, all kinds. 4,531.-
40, against 2,Ss2l l5e last year visible
ss.ppiy American, 2.g5t.452. against 1.7S1.-
~ iast year Decrease in visible supply
o. Az kinds for the week. 1858. against
sssstsS ast year American. s2,5ls, against
New-York tribune., 1919-08-23
Ruhlender Resigns; f. N.
Brown Succeeds Him

Henry Ruhlender, chairman of the
board of directors and president of the
St. Louis & San Francisco Railway, has
resigned both offices. He announced
that he intends to devote himself to
his private affairs. E. N. Brown was
elected to succeed Mr.. Ruhlender. Mr.
Brown is now chairman Of the board
will continue to All. He was at one
time president Of the National Rail-
WAYS of Mexico
New-York tribune., 1919-08-23
keystone Tire Stock Dividend

The keystone Tire and Rubber Com
pany announced yesterday that a stock
dividend of Is per cent will be payable
September Is to stock of record on
September 2. 1t was stated that there
is no foundation for the report that
the company is loaded with seconds"
for the reason it is continually in need
of more seconds"
New-York tribune., 1919-08-23
War Finance Corp.
Advances Repaid
Retirement of Loans Aggregat-
ing s20O,285,523 Leaves
Balance of SlO5.707.080

WASHINGTON. Aug. 22.-Advances
Of $200,2s5,523 have been repaid to-
the War Finance Corporation, accord
ing to announcement to-day, leaving
outstanding a balance OF $105, ,797 ,9s9.
The loans have been made to railroads,
public utilities, industries and cattle
growers.
Although the corporation has author
ity to issue 81 000000.000 in bonds for
the financing Of export trade, it is not
expected that any advances for this
purpose will be made before the con-
clusion of peace.
New-York tribune., 1919-08-23
Dividends
Extras

Findlay Ohio Oil Company-An extra
dividend of 81. share in addition to
the regular quarterly dividend OF sl.25
mas been declared by the Fndlay Ohio
OIL Company, both being payable Sep
ternbsr 80 to stockholders of record
August 80.