The Birmingham age-herald., 1919-08-01
THEY BELIEVE IN PUBLICITY

Both Chairman Bedford and Presid- ent Teagle are convinced that no longer is it advisable to continue the policy of secrecy which, until the United States Steel corporation astonished old time business men and bankers by the publicity method it adopted, had been the practice with all the great corpora tions. James Stillman several years | before his death realized that the day of publicity had come and although admitting that he personally was still disposed to maintain the old attitude of secrecy and silence nevertheless he was certain that publicity had come to stay.
 Now one of the first things agreed upon by the Standard Oil company, while also recommending the increase I of the company's capita, stock by l hundred millions, was tho .adenti0n of publicity. It has taken sns 3ucs.c aud l stockholders into its cenfidence IL 1 has published balance sheet with ac5.
 companying details which tells sli ' . any one has right to know of the l condition of the company.
 FINANCING IS OWN TRADE | Apparently it is not the purpose of this company to await the organiza-
 l tion of a nationwide syndicate or
 some other corporation like the one l advocated by Senator Edge, for the
 financing of it's export trade For
 t, this one hundred millions of capital 1 which has already been underwritten
 and which in any event would not be compelled to wait any length of time 1 for full subscriptions, is to be used 1 in part in an attempt to gain the Euro l pean trade which was lost by reason of | the war. and also greatly to increase 1 that trade. The hope is to carry that | trade to the point which President Teagle regarded as one easy to gain | and which would have been gained had
 not the world war interferred
 1 Another feature associated with this
 new and from one point of view really sensational development of the com pany's plans. is the adoption of credit l expansion. This in its way is similar I to some features of the play which l Henry F. Davison and others are at- 1 tempting to work out whereby Ameri- 1 ca's export trade can be financed and great credits can be given to the needy nations of the world.
 In the old days this company ex- tended credits to it's customers. in many instances for only thirty days. | Now MT. Bedford says that credits of I this kind may be extended for sixty 1 or even ninety days. Our exporters have found that in order to gain and keep business in South America it is necessary in most instances to grant l long time credits. MT. Bedford is cer- l tain that the extension of credit will greatly facilitate the struggling na- tions of Europe in their attempt to establish themselves upon a firm basis. MT. Bedford must have learned while | in Europe that the opportunities are not very large but are of immediate moment for regaining our oil trade with the continent of Europe and also l for increasing it. The action which has been taken by the directors so | speedily after his return from Europe justifies the inference that he learned that, provided the American exporters act with wisdom and also with celerity l it will be possible to regain and then l to increase this export business. Which | in the asNyregate will be enormous. ANOTHER FEATURE
 Of course those who are interested l in the securities market referred to this immediately after the announcement of the increase of capital stock by a hundred million. present stockholders to have the right to buy as many shares of the new stock as they hold of the old-as one of the best examples of melon cutting Nevertheless in view of the fact that the government stands ready to take large proportion of the gains secured through the sale of any stock it is not deemed probable that those who avail themselves of the privilege of taking new stock at par will offer it for sale even though they may get as much as four hundred for it. Attention is also called to the fact , that heretofore the company has paid l for all it's necessities or improvements I or expansions out of earnings. Now ! the tax exactions of the United States government are so heavy that this can ! not be done Therefore the company l is compelled to appeal 70 it's stock ! holders to furnish new capital aggre gating hundred million The wonder | is whether some other corporations which heretofore financed their inn movements and expansions out of earnings may not in view of the gov- ernment's heavy taxes be compelled to seek new capital. New Eighteen-Inch Gun | London, June 24.--The British admiralty