davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1919-07-16
Ford Company May
Cut 1900 Per Cent
Melon ON Stock
New Corporation Chartered
i'm Delaware With $780,
100000 Capital Stock to
Take Over Michigan Co.

Plans Of Henry Ford to make the
Ford Motor Company, now capitalized
at $2,00O,000, $1Oo,000,000 corpor-
alton are now reaching completion as a
result Of the acquisition by Mr. Ford
of all but 1900 shares of the minority
stock, held by James Cousens, million
aire Mayor Of Detroit.
The first step in the transaction was
taken yesterday at Dover, Del, when
Ford interests changed the name of the
Eastern Holding Company, chartered
on July 8, to the Ford Motor Company
and increased the capital from $4,000
to $100,000,000. The assets and busi-
ness Of the Michigan corporation will
be taken over by this concern, accord
ing to banking interests identified with
the recent financing, by which New
York and Boston bankers arranged a
loan of $75,0O0,000 to the Ford COM
pany to enable it to purchase the bulk
Of the minority stock.
In June, 1915, the Ford company
announced that it had increased its
authorized capital stock from $2,000,-
900 to $100,00O,O00 and had declared
stock dividend of $48,000,O0O, or 2,4OO
per cent, but later this action was
rescinded owing to a provision in the
Michigan laws that would not permit
corporation chartered under the laws
of that state to be capitalized at more
than $25,oO0,00O. BY changing the COM
pany's corporate home to Delaware
this difficulty has been surmounted.
If, under the present plans for in
creasing the capital stock, the total
authorized should be issued, the in
crease would be equivalent to 4.900
per cent stock dividend. The increase
also would be tatamount to capitaliz-
ing about half the company's un-
approximately $200,0OO,OO0.
The courts have not yet definitely
determined whether stock dividends
are taxable under the present income
tax law Under the act of 1918 and
the Interpretation thereof by the
Treasury Department, stosk dividend
paid from earnings accumulated sub
sequent to February %, 1918, is sub
ject to a surtaX, but not to the normal
tax.
The question Of the legality of the
tax on stock dividends is now before
the United States Supreme Court in
the so-called McCumber case, and if
the decision of the lower court is con-
tirmed, the government will be unable
to collect tax on dividends paid in
stock. This would relieve the Ford
company from paying any tax on the
S93,000,000 stock dividend until the
stock was sold, and then only in case
it was sold at profit over tho cost
Of the original stock. The McCumber
case has been set for reargument on
October next.
Income tax experts expressed the
opinion yesterday that Mr. Ford had
effected coup by paying for the hold
ings of the minority stockholders in
cash. Under the provisions of the in
come tax law payments to the latter
will probably be subject to the full
surtax of 65 per cent. Prominent
among the minority holders who sold
their stock are the Dodge Brothers,
who for several years have maintained
an attitude hostile to the Ford policies.
New-York tribune., 1919-07-16
Uniform Selling Terms
Rejected by Retailers
Offer Was Made by Mems
Clothing Manu-
facturerS

Offers by the manufacturers of mems
clothing to institute uniform selling
terms in the trade, calling for ten days
net, sixty days extra, for suits, trous-
ers and overcoats and April l dating
for mems summer clothing, were f1atly
rejected by the retailers yesterday.
The new terms were brought up at
meeting between committees represent
ing the National Association Of Cloth
iers and the National Association of
Retail Clothicrs at the Hotel Brevoort.
Ludwig Stein, vice-president of B. Kup-
penheimer & Brothers, Chicago, and
president of the manufacturers organi-
zation, presided at the meeting. The
chief spokesman for the retailers was
William A. Bodenhausen, of St. Joseph,
Mo-, president of the retail association.
About fifteen members Of each asso-
citation were present.
John r. Holt, secretary Of the Ma
tional Association of Clothiers, said
that it is unlikely that any attempt will.
be made by the manufacturers to i'm
pose the new terms on the retailers
against their wishes. At the meeting
the manufacturers presented argu-
ments tending to show that the
retailers as we'll as the manufacturers
would profit by the new terms. At
present few of the mems clothing
WanulactureTS nave similar selling
terms, and often the same house has
different terms for various classes Of
clothing. Most of the houses, though,
sell on regular terms, which give the
retailers lengthy period in which to
pay their bills. The elimination of dis
counts, it was brought out, would re-
suit in slightly lower prices.
The retailers presented a resolution,
adopted at conference Monday, pro-
testing against the action Of some
clothing manufacturers in asking for
advances in prices over the prices
specified in the orders for fall cloth
ing taken earlier in the year. The
manufacturers took no action on the
protest. Several Of the largest manu-
featuring concerns affirmed their in
tention of delivering merchandise at
the prices specified in the order, al
though cloth and labor have advanced
greatly since the orders were taken,
The smaller manufacturers. who saw
they will be forced to take a loss on the
seasons business unless the retailers
grant them relief in advanced prices
over the order prices, will endeavor to
collect the increase they ask and NAV
resort to withholding shipments until
the advances are granted.
The manufacturers association. ac-
cording to Secretary Holt, has decided
to take no stand in the matter. leaving
the question open to settlement be-.
tween individual firms and their cus-
toners.
New-York tribune., 1919-07-16
Electric Road Revenues
Inadequate, Pardee Says
Tells Commission Public Can.
not Continue to Get Service
Under Present Conditions

WASHINGTON, July 15-Under ex-
listing conditions and with revenue
they are now receiving the electric
railways cannot continue to perform
the functions expected of them, John
H. Pardee, president of the American
Electric Railway Association, to-day
told the Federal electric railways COM
mission. The commission was ap-
pointed by President Wilson to investi-
gate the situation confronting local
transportation interests throughout
the country
1T is no longer question of what
return shall be allowed to the owners
of the railways" Mr.. Pardee said;
1T IS question as to what service, if
any, shall be rendered to the public"
Asserting it was not the purpose of
the railways representatives to make
case" before the commission, Mr..
Pardee said they appeared to give the
facts in the situation in the hope that a
solution might be found satisfactory 20
the public, employees and owners alike,
interested, as they all are, in main
tanning good service at reasonable
cost.
Owing to the complete system Of
control and regulation over us by the
public authorities. which both pre-
crlbe our service and control our
rates, we are unable to readjust our
selves to changing conditions as every
other industry not so hampered is
readjusting ITSELF" he said.
Outstanding phases of the situation
demanding attention, he continued, are
the absolutely uneconomic and un-
satisfactory" basis upon which the
relations between the public and the
electric railways have rested since the
inauguration of the enterprise and
placing of many additional burdens
upon companies by the government as
war exigencies without any sort of re-
lief. Included in the war programme,
to which Mr.. Pardee said the electric
railways readily subscribed, were the
raising Of employees wages as much as
100 per cent, the control of the price
and delivery of coal, the fixing of
prices of other commodities, and, in
many cases, the prescribing of SER
vice to be given.
"Cooperation of the public is neces-
sary to the stabilizing of electric rail-
way conditions" Mr.. Pardee said.
that $6,000,000,00O invested in street
railways was in danger of Complete
collapse and dissolution"
"The electric railway industry" Mr..
Trip said, "is faced with three pos
sibilities and the issue will come i'm
mediately. First, there is municipal
ownership; second, private owner
ship and operation testing on a sound
fundamental basis of regulation and
control, and third, absolute disappear
ance of the service"
James W. Welsh and ". J. Clark, OF
New York, were also witnesses to-
day.
New-York tribune., 1919-07-16
Cotton

Domestic selling outweighed foreign buy
Ing yesterday In the New York Cotton Ex-
change and prices at the close Of the day
revealed net losses of so to s5 points Of
ferings here were induced by reports that
eastern belt cotton was selling below the
normal relation to futures and by per-
sistent reports Of more favorable weather
for the nascent crop.
Both foreign and domestic trade inter
ests were believed to be buyers on the de-
ciine. October deliveries sold Off to 34.9o,
or 70 points below the closing prices Of
Monday. and 80 points below the high rec
ora OF Monday afternoon. An afternoon
squirt lifted the price up to $3.50. after
which quotations again receded, with that
delivery closing at 35.05.
me market opened steady, and advanced
cables from Liverpool. Prices then eased
off The report of the Census Bureau
which gave the information that A74,4o7
6ales OF lint cotton had been consumed by
as unfavorable to prices put was less so
than private forecasts. The corresponding
fsure year ago was bl5,s23 bales.
Exports for the day were 22,712 bales
making b,267222 thus far this season, com
pared with 4,076,890 up to this time last
year southern spot markets as officially
reported were so points higher to rs points
lower. Middling quotations in the South
ern markets now range from 80 so to 35 90
with Norfolk yesterday reporting sales Of
sol bales and quoting middling cotton at
80 oO, compared with the closing price of
35.2o for July and the local futures mar
ket.
The local spot market was quiet and so
points lower, at 1910 for mlddling upland
with no sales reported.
The range of prices follows: Monday
open. High. Low. Close Close
New-York tribune., 1919-07-16
Shipyard Strike Retards
British Columbia Schedule

VANCOUVER, British Columbia, Julv
a. Twenty eight vessels, wooden and
steel, have been launched in this prov
m, lnce since tho beginning of the year.
nus lar total tonnage Of 75,50O has
been sent to the water from British
Columbin yards. Last year there were
forty-two ships built and launched with
a total dcadwcight tonnage of $4,000.
me estimated total for this year is
10000 tons. but the present tie-up
owing to the general strike Is throw
ing all the yards far behind their
schedule.
The strike started on June 3 and Is
still in progress. w. l.. Macdonald, the
official wage adjuster. under tho SEN
ntor Robinson agreement, which 10
still In force, announces that dating
back to June /, an increase Of az
cent an hour is awarded all employees
engaged IN the shipyards Of tho prov
1nee. !.
New-York tribune., 1919-07-16
ANDREW J. MCCORMACK. Auctioneer.
REGULAR AUCTION SALE
STOCKS AND BONDS.
BY ADRIAN II. MULLER son,
OFFICE. 55 WILLIAM ST.
WEDNESDAY ,,T-IE 10 1919.

l2 80 o'clock. at the
EXCHANGE SALESROOM
NOS. II AND is VESEY STREET.
District Court of the United states. South.
ern District New York. in the matter
of Toole Henry & Co, Bankrupts:
400 shs. Can Conservation co.
1000 shs. Alaska Standard Copper Mn
ing Co.
23s shs. General Gas Lig Co. Ka.a-
mazoo. Mich
200 shs International & Inter-Conti.
mental Mining & Refining Corpn
200 shs. Nancy Hanks Montana Mining
80 shs. Nevin Electric Survey Co
4o3 shs. Price Hall Petroleum Co
$3.50 Union Dye & Chemical Corpn. >"
year per cent. Prior Lien Notes
90 shs. United Dry Goods Co. common
Certificates of Deposit.
$50 shs. United States Reduction & Re-
e shs. Universal Tool steel Co. LID.
60 shs. Wyoming United OIL Co
For Account of Whom 1t May Concern,
100 shs. Home Savings Bank. Eureka
10 shs. National Newark & Essex
Banking Co, Newark, N. j.
$50 shs. Boston Mexican Petroleum co.
Trustees Ordinary
75 shs. Boston Mexican Petroleum Co
Trustees prefd.
25o shs. Bernice Anthracite Coal Co,
SIS. 900 Bernice Anthracite Coal Co. -
Mtg G per cent S. F. Bonds. 1924.
leo shs. Thomas McLarnon Co.
100 sha. Meade Transfer Co. common.
SnS +atIdS f>crtldHC Nci!ieiiA we
common.
so shs Republic Ry & Light Co COM
mon.
For Account OF Executor:
H.q0o Dry Dock. East Broadway Bat
terry r +. Refdg Income per
cent. ReEstd. Bonds & SIS scrip
20 shs. Manhattan Bridge Three Cent
Line
500 ST. Louis Ore & Steel Co. per
cent. Income Bond.
95 shs. st. Louis Ore & Steel Co.
Sll.8oo Detroit. Toledo & lronton r n
Adj. Mtg. per cent Bonds -
s66.67 scrip
10 shs- Detroit. Toledo Ironton r k'
prefd.
10 shs. Detroit Toledo s Ironton R. RI
common.
$2o, 600 Ohio Southern r. r. 1st Mtg. per
cent. Bonds Ctf OF Deposit.
$4,000 Second Avenue r. r. lst Con Mts'
per cent. Bonds Ctf OF Deposit
12b shs. Grand Tower Mining. Ms. q
transportation Co
~ sha Dickson Manufacturing Co,
200 abs. Chicago 4 Eastern Illinois n.
n. Ctr. OF Deposit
l2s shs. Atlantic National Bank. BreoSS
lyn. Il.
New-York tribune., 1919-07-16
Cereals

WheRt.-No quarantine against wheat
shipments from Illinois. Indiana, West
Virginia. Virginia and Georgia because of
grain decreases In those states wiA be de-
clared at this time by the Federal Hort-
cultural Board. This decision reached
by the board at Washington to-day after
hearings +.
The board held that the situation cre-
ated In Virginia., West Virginia and
Georgia by the appearance Of the eel worm
cally by the state authorities. The depart
ment's experts will hold conferences with
experts from Illinois and Indiana to con-
slider corrective measures against fagsmut
and the take all" disease found in those
states. 1t was explained, however, that if
these measures we're found to be made
Experts heard to-day by the board ex-
pressed the opinion that the diseases In
Illinois and Indiana were brought either
from Europe or Australia in shipments of
seed wheat.
The movement OF wheat from the farm
pectation of the Wheat Director. At any
rate. 1t has been announced. that owing to
tho small movement. there will be no ad-
price for wheat during the next month
The movement, however Is increasing
steadily and, while not up to last years
big movement, is assuming quite sizabe
proportions. The quality OF wheat in the
Southwest Is apparently better than some
authorities had predicted, as weather con
ditions during harvest have been very
favorable.
1t said that there will be a good
deal OF lowgrade wheat. but not enough
to make any serious difference to affect
either local consumption or the volume Of
exports Fewer complaints have been
ceived recently In regard to the progress
Of tho crop in the srng wheat belt.
the weather has been more favorable for
the growth of the crop and not of char
acter to promote a spread Of rust or big ht.
Corn.-A very nervous undertone pre-
vailed in the corn market and after NOV
Ing in a feverish manner. prices closed ir-
regular, ranging from &c lower to Is c
higher, compared with the final of Mon
day. Sentiment seemed to lean a little
more to the bear side, owing to continued
favorable weather for the new crop and a
less active cash demand. The trade was
still inclined to be cautious about taking
chances on the short side, however. and
while many consider the price of Decem
ber corn as exceedingly high for the new
crop the fact that it is selling at 33 cents
under September, had tendency to check
enthusiasm on the selling side. Receipts
were of comparatively fair proportion, but
at best stocks were very light and the
trade seemed to fear repetition of the
recent congestion. Argentine corn was
not offered freely, and business has been
less active since the recent advance in the
Argentine market.
Yesterdays Previous Year
New-York tribune., 1919-07-16
American & British
Manufacturing Company

To he Holders Of eferred dandCo
hereby that the of Reorganization Of this
by the Stockholders duly
declared operative as of July 4, 1919.
Defnve certificates of stock of the corporation be
rights upon present stockholders the
be made effective until after that date.
accordingly hereby notified
respectively entitled
transfer attached the
July 28h and the close of business 5th
NJ.
City N w. with definite signed written statement showing the cleo
ton OF such stock to receive from the Syndicate either
stock the Pn Of which,
be delivered without payment therefor holder
One share of preferred stock, either
a-One one-haf O preferred stock of
the company American & British Manufacturing
Corporation of the total value of $780, and in
= company
b-The of $50 In cash.
One share Of stock, either
a-One-third Of share of common stock in the
company, American British Manufacturing Corpora
ton, without nominal par value;
b-The of 500 in cash.
the OF the failure of the deliver
the referred to- the
the right to extend the definite times above fixed
dated, NesvY York City. N. Y, 27tt 1912
GEORGE C TUYI, Jr.
FRANK H. RAY
C.
Syndicate Managers.
DEWEY LOUCKS, Counsel,
New-York tribune., 1919-07-16
Sugar and Coffee

Curren, Year
Sugar. granulated, per h.. 0 7.45
Sugar. centrifugal, per lb: 7.28 -
Coffee Rio. No. 1. per lb. y. .e81T s1s
Coffee Santos. No. a. per lb. 1884 -
SugAr.--The feature In tho raw sugar
market yesterday was tho announcement
that the Sugar Equalization Board had ad
vanced the (. o. b. price to 6.25o from
1900. The advance docs not affect tho
shipper. who still gets $500 (. o. b. as for
merly. the Sugar Board making the
difference.
The Cuban weekly figures give receipts
at Cuban ports for the week 39.o07 tons,
a decrease of about 5000 tons from tho
previous week. Exports werc SOFAS tons.
showing a fair increase. Stocks We're
Coffee Futurcs-The market yesterday
changed to an advanoo OF II points
Later in tho session further gains were
recorded. This gain, however. was not
tos Gable reported gain In futures there
OF 126 rein the market and prices de-
clined sharply. Final prices we're at net
declines OF to l6 points
Tho local spot market vas In poor de-
mand. with Rio 7ssouoted nominally at
New-York tribune., 1919-07-16

a. syndicate conposeh OF william r.
Compton Company. New YORK Bsnkcrs'
TruM Company. Eew York: Illinois f'rust
Trust Company, Chicago. is Offering new
'ssus OF 1900, 900 city Of Chicago per
cent street obligation coupon bonds due
seT1aii- January !. 1891. 10 1919 inclusive
These bonds are legal Investment for
sAvinEs banks spd trust funds in s.w
Scfhs |AssAchss~rs, ropneefi"ui and
Dtasr Eastern states ann arc eligible 10
secure postal sayinps epoef,s ~ - ,,nt
cent Of par vaias. The bonas may be- nor.
fnnse0 Any maturity ~ Ds.ces ~ yisl1
New-York tribune., 1919-07-16
Will Advance Funds to
Finance Exports of Meats

WASHINGTON, July 15-Applica-
tion will now be received from re-
sponsible American banks and export
ers for advances against cattle and
cattle product shipments. the War
Finance Corporation announced to day.
the purpose being to stimulate expor-
tation and broaden the demand for
these products.
New-York tribune., 1919-07-16
On the Paris Bourse

PARIS, July 15.-Trading on the
Bourse was firm to-day. Three per
cent rentes were quoted at 81 francs
so centimes; exchange on London at
80 francs IS centimes and the 5 per
cent loan at SO francs 75 centimes.
The dollar was quoted at from francs
88 centimes to francs SO centimee.
New-York tribune., 1919-07-16
Cotton Exports From Spain

Consular General Hurst at Barcc-
Iona, Spain. reports that royal order
published July permits the free ex-
port of cotton yarns from Spain.
Royal orders published July author
ize the export of absorbent cotton aad
cotton waste, besides millet up TO
1000 tons.
New-York tribune., 1919-07-16
BANK REPORTS
REPORT OF THE CONDITION OF
.GARFUNKEL & TAUSTER,
Private Bankers.

~ the close OF bCalncsa 90 tho 30th day OF June
1919.
RESOURCES
Stock and bond invest1ncnts. vtn
Public securities s.......,............ So. .089.7
Loans and discounts secured By bond and
moftEsSe. dead other real estate col
lateral ........................ 1000. 90
,oAns. disnodnn and bns purchased not
socurod by collateral ............. 1000 90
Due from utis, conpanes. bsnty and
bsnkczs not included In preceding items l2.2i5 IS
Spectc ....--............. ................. 3293
he United States. ................... 5000 90
foecen currency OBSERVATION-DISCLOSURES. 3T6 %
Cash Items. VIZ:
othe- cash tteus s............ l5aOo
Oaer assess viz
Furniture ard fixtures. os............. 22oo oo
r..., -------------
ioAl. .......................s2S s2S. 973 40
LIABILITIES
s,,-rIs. ~e'N'~' si3.Voo 20
Uessc&s's
DepcsiA subject 70 check . sI0ls3N
Deposlu. suotcc. notice
rtthtrsxabie only co presen-
tatio1 o' pass-bcoxs ..... ls3loD
FUND.- held awaiting transmits
s'oa abroad ........-...... $3.50
--- IL. $50 II
1vtai- Observation-Disclosures 32S, ,a72 40
New-York tribune., 1919-07-16
Bonds
Following is a complete record Of
all transactions IN bonds on the Nesu
York Stock Erchange yesterday:
j. S. Government Bonds
Liberty Issues
Transactions

The following table gives the trans
actions yesterday and the approximate
investment yield in the several Liberty
loan issues at closing New York
Stock Exchange prices:
New-York tribune., 1919-07-16
DIVIDEND NOTICES
THE FAlRBASk
N -

THE FAIRBANKS COMPANY
Tho Board OF Directors has declared out
Of the accrued surplus earnings OF the
Company q quarterly dividend of Two per
cent. fzfe3 on the First Preferred stock OF
the Company payable the first day Of
August, 1912. 20 stockholders OF record at
,hs Close Of business July 20th. THE
TRASsFEK BOOKS WILL not BE
CLOSED.
J. r. PETERS Secretary.
New-York tribune., 1919-07-16
FEDERAL SUGAR REFINING co.

ana Three quarters Per Cent U%G) on
tbs Common Shares and Ono ara One half
Fer Cent. fH%) on tho Preferred Shares
nf fkts Company Will be paid August ist
1919 TO stockholders OF record nj the closs
of business July 2ist. 1919. Transfer
books will not ciosc.
PIERRE J. SMITH. Treasnrer
New-York tribune., 1919-07-16

Employes OF the Steel &. Tube Com
pany Of America have subscribed for $3.50
900 OF the new Issue OF sl7 300 900 cumu-
iative per cent preferred s.oo. wnIcn "a
t.g Deing offered for public subscription by
stated that the bulk of the issue bau al
ready been sold to investors
Fields, Richards & Co. are Offering q
now Issue Of Hamilton County, Ohio. ~
per cent road Improvement coupon hnnds
Hsatuttn9 July l. 1929. In denorninations
OF seoO. at a price OF 1o2 and interest
Yielding 450 per cent '
John Burnham g. Co. of Chicago. ano
Richardson. Hin & Co, OF Boston an
nounce that the syndicate which thnv
a, lornca TO sell the new issue Of American
ferrcd stock has been closed, ali or the
stock having been sold.
AT the regular monthly meeting of the
noard OF directors. held yesterday the fol-
,1b%'ng 10" PROMOTIONS in the organization of
proved pro .d@''ohs, r,, nure,y Company were ap
dent; T. Davidson Brown. to vice-nresi
dent; Ballard Mccall. to Treasurer. s,uart
Johnson to assistant trcapurcr
Tho Metropolitan Trust Company has
been appointed trustee OF the 5000, 0oo
bonds issued by the Island Refining Com
pany.
Chisholm g. Chapman, II Broadway.
members OF the New York Stock TX
change. have distributed. in accordance
with their proht sharing plan for tho six
months ending July l. an average OF two
months salary among their empioycs
Henry L. Doherty e. Co, 60 Wall Street
Now York. and Moorga,e street. London
England. have opened an office at COZ
Aorrlr building. Phiiadelphia Ralph
kunyan has bs"n placed In charge
~ meeting OF the bonrd Of directors
~ ,nc Jcw"l Tea Company. Inc. f. V.
9Ain rnrigncd as PRECEDENT of tho COM
psny hnd elected chairman Of the
board. Raymond Il. Durham WIS elected
president of tho company. Mr. Durham
IL Vice president OF tbs Chicago Savings
Bank aud Trust Company aud during the
ws' var Federal Fpoi Administrator for
Illinois.
Lcc Ii.Gginson 4 Co 1nd ia3ris. Fofhes
e "a are Offering ~ bo0, Vpp f1allua l,owr,
;h4ht "a hlet fIottsNsc o per cent
bonds At DAT and interest