davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1919-07-26
Senate Finance Committee
Reports Favorably on
Measure as Amended to
SuitFederal Reserve Board
Now Favors U. S. Citizens
Agency Power of Banks Is
Broadened by Permit
ting ID irect Dealing
Er: York Trib,nc
rn sh57; atom RJ9.cn,,


WASHINGTON, July 25.-The bill
introduced by Senator Edge, of New
Jersey permitting the organization un-
der Federal charter of corporations
financed by private capital for the pur-
pose of financing foreign export trade
was favorably reported day to the
Senate, with amendments, by the Com
mittee on Banking and Currency. With
the exception of one, all amendments
were suggested by the Federal Reserve
Board, under the supervision Of which
the corporations would operate.
To meet demand made by Senator
Gronna, Of North Dakota, an amen l.
ment was attached 10 the bill pro-
viding that the controlling interests in
corporations permitted by the bill be
owned entirely by American citizens.
Senator Edge intends to make this
amendment even more stringent by
proposing an amendment that all di-
lectors of the corporations must be
citizens of the United States. The
original bill provided that majority
of the directorate be American citi-
zens.
cluded that "any member bank may
ganzed under this section for the pur-
pose of dealing with any Federal Ec
serve Bank Under an amendment Of
fered by the Federal Reserve Board
this is broadened and strengthened.
This amendment follows:
Notwithstanding the provisions of
Section 19 of the Federal Reserve acG,
any member bank may act as me-
dium or agent for any corporation or
ganized under the provisions of this
section in applying for or receiving
discounts from Federal Reserve
bank, under rules and regulations au-
thorized to be prescribed by it. to per
NIT Federal Reserve banks directly to
extend their facilities in the manner
and to the extent defined IN such reg
ulations to corporations organized un-
der the provisions of this section"
The other amendments were of a
technical nature and did not propose
important alterations of the bill
New-York tribune., 1919-07-26
A Wall Street Sensation

News Of the projected financing the Standard Oil Com
produced mild sensation financial world The asso
Of the Observation-Disclosures groups in the financing the
first Of this character years. gave considerable
in Wall Street.
The fact that the stock be listed the New York
Stock Exchange another surprising development in Standard
Oil history the the Standard Oil always
refused the stock exchange the information
required the admission trading on that board
the all the Standard Oil stocks have dealt in on the
curb market and the counter
he opinion expressed yesterday that the 900 holders
OF Standard of New Jersey stock would fully their prvi
leg subscribe Preferred Present stock Of the
of which there $98 $685. 800 oustandng has an
market value Of $40 share
New-York tribune., 1919-07-26
Bad Cable Service
Handicaps German
Loan Negotiations
Deutsche Bank Cables Agent
Here to Return to Berlin
TO Complete Deal if
Definite Offer Is Made
Neac York Tribune
Special Gable Service
'pnyriphf 1919 New York Tribune Inc


Copyright. 1919. New York Tribune Inc)
BERLIN, July 25.-The Tribune is
informed in German banking circles
that many cablegrams are now arriv-
ing from New York Offering an extern
sion of credits for resuming business
relations with Germany.
These cables come through direct.
The bankers, however, are handi
capped by the fact that direct cable
connection between Berlin and New
York is not yet possible. They mast
be relayed through Copenhagen or
Amsterdam, with results unfavorable
to delicate financial negotiations.
Hence distorted reports get printed
in foreign newspapers.
One of these appeared in this morn
ing's newspapers announcing that a
German financial agent, in behalf of
the Deutsche Bank has arranged IN
New York for credit of S10O,OOO,000
for payment of food exports. Inquiry
at the Deutschc Bank elected III,
answer that the report can hardly be
tluc III SuCIl uCINlIe form because Lns
bank had cabled its agent that if he
had q definite offer in hand he should
come to Berlin to complete the nego-
tiations, owing to the fact that it is
impossible to conduct the matter by
cable.
The bankers say that the difficulty
with this and all similar transactions
is that the Germans have not the dollar
exchange to cover loan upon its
maturity, and see no means of doing so
, without a long term loan, whereas
the transaction in question was for
only three months.
BERLIN, July 25 (By The Associated
Press .-Nego gotiations of the Deutscht
Bank with New York financial institu
Ntions for large loan of unannouncee
proportions are proceeding favorably
according to information in officia
quarters.
For the regulation and maintenance
Of the war loan market and to pre-
vent unjustifiable drops in quotations
a consortium has been formed under
the direction of the Reichsbank with
g government guarantee. All the Other
banks and financial institutions are in
vited to cooperate in the consortium
New-York tribune., 1919-07-26
Cereals

Whent-The recent reports of disappoint
ing yields of winter wheat ana the cvi
dcnccs that the spring wheat crop has lost
much of its fine carly prospect have
created a Very strong market in wheat
and prices arc quoted we'll above the gov
ernment lnlniinuin basis Cash wheat iii
the minneapolis market experionced an
upturn Of e a busnel. with No Northern
quoted at $2S7.
In Winnipeg thero was an advance OF
about Sc for the day, ana the October
position. which opened last Monday when
trading was resumed there at $223 sold
at $3.50.
strong with an advance of &c. which sent
the price to $223. putting the Argentine
markets practically on an even basis with
the government minimum price in Amer
lea
Whether or not the crop losses have
been severe enough to justify the recent
advances IN prices remains to be seen
pearcd that the chances are very much
moro in favor of America marketing It's
wheat crop without TIL, big losses pre-
dlct"d last winter
Corn The corn market Is stnl DOM
mated largely by the weather. The trade
Heema TO think that rains arc essential to
save ne crop although there have been
no reliable reports OF any crop damage 10
TAR Iriccs carly In the day were firm at
to cents higher. owing to the fact
thnt low rains were reported in the belt
what ovcrbought. and later in the day de
vcloped nm easier tone, and prices Tor the
December position declined to below tn,
previous close under liquidatAon
The weather forecast waa not Yer,
promising for rain. but thore wero private
New-York tribune., 1919-07-26
Corn Products Profits Gain
Company Earned $l2.O3
Share Oh Common Stock

Net earnings OF the Corn Products
Refining Company for the six months
ended June SO, 1919, amounted to ST.
996,330, compared with S7,129.0 for
the corresponding period of 1918. These
totals were reached after deducting
charges for maintenance, repairs of
plant and the estimated amount of ex-
cess profits taxes.
Income from other sources aggregat-
ing $190,929 was added to the net earn
ings, bring the total net to S8,1S7,259
which compares with S7,309.336 for the
same period of last year. After inter
est. depreciation, etc, balance of
$7,031, ,459 remained, which, after the
deduction of $1,O43,945 in preferred d
dividend payments was equivalent to
Sl2.03 a share earned on the $40 ,777,333
common stock, against $10.29 a share in
the six months ended June so, 1918
New-York tribune., 1919-07-26
Banking COyness

One of the reasons for the delay IN
closing negotiations for the extension
of credits to German interests is said
to be due to the unwillingness of the
principal banking houses to be identi-
fed with the first bit of German tinan-
cling. Most of the banking firms viii
be glad to participate, it is stated, but
they don't like the idea Of breaking
the ice. With public sentiment as i
is as regards all things GeGrman there
not be good advertising to be CON
nectod with the first credit advance 20
Germans.
New-York tribune., 1919-07-26
Standard Oil and Germany

1t was learned in connection win
the announcement of the new Offering
of Standard preferred that the com
pany officials here are still in the dark
as to the status of the oil industry in
Germany. Until information is avail
able the company Will be unable to go
ahead with its plans in that particular
field Efforts to get detailed informa-
tion from the S Standards official rep
resentative in Paris as to the Ger
man situation have failed SO far, be-
cause of poor cable service. The
company is also without much needed
information regarding the conditions
of its properties in Rumania.
New-York tribune., 1919-07-26
New Treasury Certificate yss,ie

Announcement was made by the Fed
cral Reserve Bank Of New York yestcr-
day that the Treasury Department at
Washington was putting out new is
lie Of Treasury certificates Of indebted
ness bearing interest at 4 p per cent
from August l, and maturing January
1870. The certificates of this issue
Will be known as Series A, 1920, and
will be for a minimum of $500, 900 600.
They are not acceptable in payment Of
taxes or on Victory Loan subscriptions.
New-York tribune., 1919-07-26
Du Points and General Motors

Pierre S. du Pont, chairman cf the
board Of f. l. du Pont de Nemours G.
Co., has cleared up the confusion
that has existed as TO the ownership
of the 276 per cent interest in the
General Motors Corporation, men
toned in the last report Of the 1a
Pont Company. In letter 10 the
stockholders he says: "Your company
owns the equivalent Of 27.G per cent
Of the common stock Of the General
Motors Corporation, the purchase Of
the same having been made by du Pom
American Industries, Inc, all OF
whose stock is owned by r. |. du
Pont de Ncmours & CO. The in
vestment was financed by advances to
du Pont American Industries, Inc, on
open account and the balance due as
of December 81, 1913, appears in the
first item OF the statement and constr
tutes part Of advances to subsidiary
company specifically stated Since
December 81 the acquisition has been
definitely financed through the par
chase by +. /. du Pont de Nemours &
Co. of stock Of du Pont Amcri-
can Industries Inc, in settlement 81
the open account"
New-York tribune., 1919-07-26
Chamberlain Opposes Artificial
Support for the Pound

LONDON, July 25.-J. Austen Cham
bcrlain, Chancellor Of the Exchcquer,
told the House of Commons to-day that
he did not think it would be wise un-
dor present conditions to return to the
policy Of giving artificial support to
the dollar exchange, a policy aban-
doned several months ago.
Constant attention is being given, he
said, to the question of financing es-
scntial Imports from America and the
general financial and economic causes
underlying the adverse conditions in
foreign exchange
New-York tribune., 1919-07-26
Financial Items

Tho Liverpool e. London & Globe Insur-
ancc Company. Ltd. has announced a
prosperity bonus in cash Of 10 per cert on
the salaries Of all present employees of the
company throuG hout thc world.
Canadian Explosives Company Ltd. has
been added to the board of directors of
Tho Allied Packers Inc.
The Guaranty Trust Company of New
York has been appointed registrar of the
common stock of the Indian Packing Cor
poration. and also was appointed transfer
agent Of the stocks Of the American ship
and Commerce Corporation, and the pre-
fcrrcd and class B common of the Pierce
OH Corporation.
New-York tribune., 1919-07-26
Pacific Gas & Electric

We believe that a price advance to
20 would not be at all out OF line. and
have no hesitation in recommending
purchase of the stock. The prospect
tor p'lce appreciation may be consid-
cred excellent, and with this spccula-
tive attraction is combined an adequate
return upon the commitment furnished
by the S. dividend.-A. A. Housman
& Co.
New-York tribune., 1919-07-26
Paris Market Steady

PARIS, July 25.-prces were steady
On the Bourse to-day. Three per cent
rentes, 61 francs 90 centimes for cash.
Exchange on London, 81 francs So cen
times. Five per cent loan. 80 francs 3
centimes. The dollar ranged from 7
francs 1112 centimes to Z francs 1872
centlmes.
New-York tribune., 1919-07-26

,h- day developed 4 rsac;ionary 'sn0s..s, :,
and nnai quotations were 5 10 sc ~
lower. Country offers were net as neS'. -.
as they had been early IN the weeN " ",
the demand was very slow and the "~" :,
was disposed To take bear'sh We"
the poor export outlook Exporters - 8
that prices were still about &C auIvttops
Western basis. while shipping c'""
were against business. ., out
In some sections yields are turhins
New-York tribune., 1919-07-26
AIlis-Chalrnevs Sales LESS

Report Of the Allis-C Chalmers Manu-
featuring Company for the quarter
ended June 80. 1919, disclosed sales
amounting to $7,734.o25, compared with
$9,238,o7o in the corresponding quarter
Of 1918. After Federal taxes and other
charges had been taken cure Of, net
profits were $926,945.
Untitled orders on hand on June 80
amounted to s14,756197, against $685.
3G2007 on June 80, 1918.
New-York tribune., 1919-07-26
81 ,95O,C GOO Marconi Award
Company Wins Suit on Contract
With British Government

LONDON, July 25.-An award of
2590000 ($2.950,00O) damages was given
to the Marconi Company o-day in a
suit for breach OF contract brought
against the government. The contract
was in connection with the construc-
ton of the Imperial Wireless System.
The Marconi Company claimed it
was entitled to e7,18O 900, bas-
ing their claim on provision in the
contract that it was to receive royal
ties amounting to 10 per cent on the
cross receipts from the stations for
the entire period of the contract, which
was to have run for twenty ei"ht
years. The government claimed the
damages payable to the company
amounted to e50,QOO
The Maconi suit was brought. local
officials of the company stated, to COM
pei payment by the British govern
ment for the use during the war Of the
Marconi stations at Poldhu, England
Carnarvon, Wales, and other points
The stations were taken over by the
government shortly after the outbreak
Of the war and still are being used
by it,
New-York tribune., 1919-07-26
Market Opinion
Rally Not Convincing

A forced rally in the market such as
we have seen this last week, following
a period of acute depression, is not
convincing, and the conclusion to which
m unbiased observer is forced is that
he improvement for few days was
only secondary movement, since the
great problems upon which cautionary
adviccs have been predicated for some
little time not only have not been
solved but have even assumed more
serious aspect. Clark, Childs & Co.
New-York tribune., 1919-07-26
New Interests in Allied Packing

approximately 10000 shares of the
common stock Of the Allied Packers,
Inc. is understood to have passed 20
a new financial group, which has plans
for listing the issue on the Stock Ex-
change in the near future. William
McNaster, president Of the Cahadian
Explosives Company, Ltd, and a di-
rector OF the Bank Of Montreal, has
been elected director. The company
was organized early in the summer by
New-York tribune., 1919-07-26
Shipping Shares Show Strength

Recent strength in Pacific Mail has
been accompanied by reports that the
company is planning new shipping
route through the Panama Canal. In
yesterdays market the stock sold as
high as AZ and closed at 40A, up 2la
points. International Mercantile Ma
rine was another shipping share that
showed considerable strength, closing
the day at 1905, up 8 points. 1t is re y,
ported that the Marine Company has
valuable "hidden" assets in lis leases
of dock facilities in New York.
New-York tribune., 1919-07-26
Money and Credit

Offerings of call money were plenti-
full in the local market yesterday and
rates were steady. Loans against
mixed collateral opened and renewed
at per cent and against all industrial
collateral at u. In the afternoon rates
cased off to 52l for mixed collateral
loans.
The ruling rates for money yesterday,
compared with a. year ago. were as
follows:
Yesterday. Year ago
Per cent. PEI cent
New-York tribune., 1919-07-26
ahc Dollar IN Foreign Exchange

Sterling exchange was steady in tone
Yesterday The statement in pariia-
mcnt of j. Austen Chamberlain, Chan
cellor of the EXchcquer, that the gov
ernmcnt had no intention again to
'peg' exchange expressed what bank
ers here understood to be the attitude
Of authorities on the other side Francs
were tirmer yesterday.
New-York tribune., 1919-07-26
Stewart Warner Speedometer

Profits before Federal taxes of the
Stewart Warner Speedometer Company
for the six months ended June 80, 1918,
we're S1.373, 1888, against S944,310. in the
corresponding period of 1918.
New-York tribune., 1919-07-26
Caution

Leave the high speculative favorites
alone, they are still trying to discount
mysterious something which very
likely will never happen.-C. l. Hudson
& Co.
New-York tribune., 1919-07-26
NEW YORK. ONTARIO & VESTER>
EAii-MAN GONpANN

NV G0rk. July =, 1913.
The Board Of Directors has this day de
Jared dividend of one per cent on the
Common Stock payable August 20 1919
20 Stockholders of record at Noon Au-
gust @ 1873.
r. D. RICHARD. Secretary
New-York tribune., 1919-07-26
DIVIDEND NOTICES
EDISON COMPANY. IN
rsIAAIII 4

fsRoOhLh \, y. \.
18TH CONSECUTIVE DIVIDEND
The Board of Directors at a meeting
leld July 2lst. 1919, declared a regular
quarterly dividend OF $500 per share on
he capital stock of tho Company outstand =
ng. payable on September I'd, 1919, to
itocEholders OF record at p. NJ on Au-
sust 2lst, 1919
Checks for the above dividend will be
nailed.
H P. ERWIN. Treasurer
New-York tribune., 1919-07-26
Consolidated EXCHANGE

UNIT of trade on this exchange. 10 shares1
transactions and prices yesterday for tho
more active shares follow:
New-York tribune., 1919-07-26
Financial Bureau.
Telephone Bcekn1an 5000.
Wall Street
Trend Irregular

Stock prices ebbed and flowed yes
terday, advancing in the morning and
declining in the<afternoon. The general
movement was most irregular, with NJ
we'll defined trend. With the backing
and filling of prices came slacken-
ing in the volume of trading. Dea,-
ings fell off sharply and the days
turnover barely exceeded the million
share mark, making it one of the
quictest five hour sessions in week ).
sSuperfcially it looked as if public en-
thusiasm had begun to lag; there
were none of the spectacular perfoi
mances such as Wall Street has be
come accustomed 10 during the long
weeks Of ascending stock prices. Pr
fessiona traders no douot furnished
the guiding hand to the market, buy
ing stocks in the morning and sellin :
them out in the afternoon. The con-
sensus of opinion in the commission
houses indicated general belief that
quieter market is in prospect. Ia
most quarters it is agreed that this
would be good thing for stocks.
New-York tribune., 1919-07-26
nance and rade
Business Mems Bureau.
Telephone Beckman 8243.

an investment group head by Imbrie &
Co., to take over five large in
dependent packing companies.
New-York tribune., 1919-07-26

reports received to the effect that :: VAS
ralnsng in Duluth and cloudnS up ovcr
illinois, Receipts were again small. and
many Complaints are being beard regard
ins the shortage OF ears in the belt WITH
which to move the corn.
Yesterdays Previous Year
New York: close closa ago
Corn, No yellow. Sa.l5A Se.i4 Sl.o3A
Chicago:
July .,.......... 1851 JgiL,
September ....... I.05As I.95i: l.5f
December ........ I.G5Hs I.O6as
Ontr~Thc oats market started n trine
higher in sympathy with corn, but curing
New-York tribune., 1919-07-26
The Standard Oil Offering


The announcement of the Offering
to stockholders of the Standard Oil
Company, of New Jersey, of $100,000;-
900 Of new preferred stock. share for
share, at par, did not come until long
after the market had closed. The news
created a sensation around the Street,
as it marks a new policy on the part
of the Standard Oil interests since it
is the first offering OF stock ever
made In the past the Standard Oil
companies have always raised new
capital for purposes of expansion 81
drawing literally on earnings. There
are about 5000 stockholders Of the
New Jersey Company who have the
tight to subscribe to the new stock.
Needless to say the rights are of con-
siderable value and Wall Street will
probably set a market value on then
on the curb
New-York tribune., 1919-07-26

Southern Spot Mar<ets.-Baltimore NOM
inal, 25 points lower at S5.25c; sales, nil
Augusta quiet. IL points lower at SIC;
sales, 800 bales. Memphis steady, un-
changed at 345Oc: sales ! 200 bales s,
Louis steady, unchanged at sac: sales. nil
Houston steady, Is points lower at "a soc .
safes, olo bales Little Rock quiet, un
changed at 3fc, ios 261 bales. Dallas
steady, 20 points lower al 4.25: sales 1S2
bales. Montgomery firm. unchanged at
@fc, sales, nil Galveston steady. Is
points lower at 35c; sales 2.556 bales
New orleans steady, unchanged At 34.5oc :,
sales 5,10l bales. Mobile nominal un-
changed at SIC; sales. nil. Savannah
quiet. 30 points lower at 3fc: sales. 325
bales. charleston steady. unchanged at
'3''Vc' safes MI. Norfolk steady, un-
changed at sic; sales. Lila bales.
INTO SIGHT STATEMENT
This week. Last year
Into sight for week. 14,i62 187l9
Into sight for season. II, ,l42. 73O 12,716.S65
General visible supply. 4,0O3. 2.0I1 1888
Pee in general visible. 53,l72 133,299
Spinners talings. week 133,263 154,04S
Spinners' takings, seas TO- 1l6. .O35 1888, 166
COTTON STATISTICS
Yestcr- Last Las.
Fort receipts s5,5ss a& Ss,os5 %Sos 1876 $50
Exports sc ason. 5.Sis.Gs5 5.sll,Si6 i,16o, ,672
n Y. stocks... 9o.ioG 9o,267 0l363
Port stocks l.27s,l77 I:oU,5l$ 9s3,osl
y. y. arrivals. 800 12l 1876
Liverpool CabIes.-Spot cotton, fair de-
mand at point advance, middling. 2l 45c.
Sales. 5000; American. 1000 Imports.
l9.000 all American. Futures opened quiet.
ut 4 to points decline Closed II to
"A points lower. July, 2l.69c; Aug. 2l.61c:
Sept. 2l53c; Oct. 2l.55c; Jan. 21s4c
Mar. 21.S3c.
New-York tribune., 1919-07-26
Breadth of the Market

Two hundred and eighty seven DIFF
ferent stocks were traded in on the eX-
change, compared with 3O3 on Thurs
day. Dealings totalled 1,026,000 shares.
New-York tribune., 1919-07-26
Inspiration Consolidated Conner Co

ne Direct ors have declared a dividend Of
i 90 per share, payable Monday, July 2S
sls. TO stockholders Of record at 8 100
o'clock p NJ. Friday, July IL. 1919.
j. w. ALLEN. Treasurer
New York. tune 26 1919
New-York tribune., 1919-07-26
Yesterday. Year ago
Per cent. Pc cent.
Gall rnnnnN :

Call money:
On mixed collateral 6
On indus. collateral 6Ia 6Ia
Time money (mixed collateraD:
Sixty days ......... o34@6
Ninety days ...... 6 524 M6
Four months ..... 534 G06
Five to six months. S3lGr6
changed, as follOWs:
Thirty Sixty Ninevs
Spot de- days. days. days.
livery: Per cent. Per cent Fer cont.
Eligible
banks. 49,. 4as@4 4A@4s 4as@44s
Eligible
ron-mtm-
bcr banbs.4is@4 4%@414 45@49a
Ineligible
bank b;l,s.5I4@4xz 5A@41s 54 a4s4
To- delivery within: thirty days.
Per cen: ::
Eligible member banks ........ Ala
Eligible non -membe. banks Az
Ineligible bank bills. 6
Bank Clearings.-Ba clearings yes
terday wore:
Exchanges Balances.
New York -. s3o1, 1,919,27o $63,674.417
Baltimore ..... 14,528,009 6,023,972
Boston ...... 59949,001 160O3, 400
Philadelphia 68,o6o,67o 16,62o, ,2o8
siivcr.-London, 55,sd New York,
Sl.o734; Mexican dollars, S3&s l7S7$sc.
Sub-Treasury. - The Sub Treasury
gained S24l 600 from the banks on
Thursday.
London Money Markct.-LONDON,
July 25.-Closing Money, 27s per cent.
Discount rates Short bills, 7-16c9
3'2 per cent; three months bills,
3 9-lGW39s per cent. Gold premiums
at Lisbon, 1000
New-York tribune., 1919-07-26
Southern Spot Markets.-Baltimore. n

Ihe local spot market was quiet and 35
points lower, at 35.50c. No sales We're
renOrf ed