davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-04-20
International Paner.

Regarding the position of the Inter
national Paper Company, WTenn Bros.
& Co. say: at is likely that this
company and other American producers
Of newsprint will soon have to endure
partial return to the highly competi-
tive conditions which existed before the
war. Our exports of newsprint in
creased from S6G00,OO0 pounds in 1913
to 1913, 800, 900 in 1918, mostly because
we We're making up for the decrease in
French paper output consequent upon
the German occupation and for the
great reduction in the European supply
of Swedish wood pulp. From 1915 to
IVY Sweden's exports of dry sulphte
pulp alone decreased more than 2O0,-
100000 pounds, according to consular
reports When industries recover from
the war effects much of our export
market for newsprint will be lost, and
we may expect keener competition from
the Canadian paper mills. In 1913 the
international earned $1S.47 on it's com
mon stock against $34 the previous
year and an average of about 81 just
before the war. The ordinary margin
of profit in the production of news
print Is inadequate, and it ought to pay
IN the long run to exchange the com
mon stock of this company into good
coppers, and exchange the preferred
INTO preferred steelS''
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-04-20
Money, Credit and Exchange

Loans ard discounts of the New York
Clearing House banks contracted $780,
495,00 last week, the total standing at
S4,915, 100000, according to the state
ment issued yesterday. Net demand de-
osits increased 78,503, 900 to $4,01l,-
$4,000.
United States government deposits
with the banks fell from $377, 100000 to
12,649,O00. Surplus reserves at the
end of the week amounted to S56,096,-
800, an increase of 3,079, 03O.
The Federal Reserve Bank of New
York reported gold in it's vaults and to
its credit in the gold settlement fund
amounting to s432,123, O37, against
$780,, 808,864 the week before.
Redscounts and advances of the Re-
serve Bank against government obhga-
tons were $67l, 695, 507, compared with
S492, ,268 the preceding week.
Federal Reserve notes of the bank
outstanding increased $4,000, 600, to
$500, 433 $3.50
Discount Rates.-Inc following table
gives the current rates of the twelve
Federal Reserve banks on commercial
paper for all periods up to ninety DAVIS,
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-04-20

no longer restrict such credits to sixty,
ninety or 100 days and render to
manufacturers and exporters the SER
vice which the present REIMBURSEMENT
period makes imperative.
England and Germany built up
their great foreign trade prior to 1914
largely by maxim six months time the
selling basis for their goods. II we
are to hold our own in foreign trade,
we must profit the experience Of
other coungtries and adapt ourselves
to the needs of the present situation.
The war has taught US many lessons;
peace will teach us more We have
learned, for instance. that our existing
banking system. predicated upon elias
ITCHY, is to-day probably the strongest
in the world But we now need to de-
velop greater elasticity IN our banking
methods, particularly in our point OF
view regarding credits for the foster
ing OF our foreign trade. This is espe-
cally demanded in the selling of our
manufactured articles overseas. al
though it holds true to some extent in
the selling of raw materials also.
"The unpegging of sterling and franc
exchange, recently, has surely made
clear to MS the condition which is
bound to prevail if we continue to in
sst upon the short term credits which
we have held to in the past. When the
British and French governments with
drew their support to sterling and
franc exchange. respectively, the ten
dency, naturally. was to pat the Ameri-
can dollar at premium in England
and France, which means that it takes
more francs and shillings to equal II
dollar and, consequently. less imported
goods can be purchased for an Ameri-
can dollar in those countries than was
possible prior to the unpegging of the
exchanges.
Depreciation in the foreign cx-
changes, Mr.. Sabinx said, will tend to
discourage the buying of American
goods and eventually will result in
serious curtailment of our foreign
trade. unless we counteract that ten
dency by extending credits for a suf-
ticient period to enable purchases of
our products abroad to pay us at a
more convenient time.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-04-20
Cotton Markets Position

The situation in the cotton market is
summarized thus by jerks. Gwynne 4
Co: awhile we are of the opin-
ion that the distant outlook for the
cotton market is rather bright, we arc
aversc to becoming too optimistic for
the immediate future. In the first place
it seems probable that large part OF
the trade may become too hopeful of
immediate results in the shape of q
very large export demand after the set
Element of peace, as evidenced by the
rapidly growing speculative interests or
the long side Secondly, the recent adj
vance Of several hundred points, with
out any appreciable setback, has appa-
rcntly been the means of building ur
an over--large interest on the con
structive side of the market. We
therefore, feel that it is extremely
dangerous to make purchases at the
present time, as any adverse develop
ment might result in sharp decline in
values, owing to the apparent weakness
of the technical position of the mar
ket"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-04-20
Sabin Urges More
Liberal Credits
To Foreign Buyers
Only Way America Can Hold
Her Place in international
Trade, Banker Declares;
More Elasticity Is Needed

Charles H. Sabin, president of the
Guaranty Trust Company, declared
yesterday that America must be pre-
pared to finance foreign purchases of
goods in this market if the country is
to keep its favorable position in in
ternational trade.
Bankers in the United States must
revise their views about foreign Sc
curities, according to Mr.. Sabin, and
must be ready to finance our foreign
trade operations on q long term basis.
"The war literally forced us into
world markets on n scale never before
even dreamed possible. And we are
beginning to realize that our national
prosperity is very materially depend
emit upon the continuation of our vastly
increased production, which exceeds
the requirements OF our own market
and must continue to find an adequate
outlet elsewhere
"But, owing TO the war. other peo-
pies cannot pay us on practically a
cash basis for the goods which they
want to purchase from us and which
they sorely need. Consequently we
must allow them moro time in which
to meet their obligations.
1--WE must revise our point of view
about foreign credits. Our banks can
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-04-20
TELEPHONES:
Beekman 5000
Beeknan 8243
Franklin Sails for
Europe; New Shin
Deal Reported
Mercantile Marine Head F.,
pected to Reopen Negotis.
tons With British Svna;
cate; Talk of Comh;n.

P. A. S. Franklin, president ~ ;,
international Mercantile Marine a..
pany, sailed for Europe yesterdap NJ T,"'
announcement of his departure j.
eluded the statement that his Trim
in connection with business aFs;rs
his company" "
As result of the decision Of a.
United States Shipping Board no, u,
take over the British fleet of tbn 49,.
pany on terms similar to- those s~
viously determined upon between ~ ~
company and syndicate of ErsEss
capitalists, the way was left orua
a resumption of the latter neao, l0t
uons. 1t was reported IN tha sss.a-
eial district that Mr.. Franklin nas
gone to London for that purpose ""'
Report Not Denied
inns report was not denied Nv ,ho..
VINO are convcrsant with lnterna. taSs1
Mercantile Marine affairs. tn" Tns
nne was told it was logical 10 ass a,so'
that the head Of the comnanv S~.,a
ms stay on the other side would . sonmg
out british interests on the mst.ns
OF acquiring the ships and Other @' "
sets OF the English subsidiaries IT, SS
proposal OF this government to become
me buyer provided for the paymen,
TO the American holding companv ~
approximately S130,000. 600. v
1T is the view of shipping exnsr,.
mere that terms as favorable "a tbasS
could not now be arranged. OWN, 80
the decline in shipping rates since Wv W
signing of the armistice and nred;n.
tons that by next fail the SUNNY ~
vessels will be more than annie ~ Sll
the demand. One man who had mncb
10 do with the ALLEGATION of Allied shin.
ping during the war is of the oninior
that the tonnage viii be so great AZ "a
pc drug on the market. The view is
held IN other quarters, however. that
the demand for cargocs VIII be heavv
tor several years to come in view 81
the elaborate plans being formulated At
the peace conference to send food
stuffs to Europe.
Talk of Consolidation
Declaration Of 10 per cent divi.
dend on the preferred stock of the In
ternational Mercantile Marine Com
pony 1"9C IL uISu@y IS peleVed IN some
quarters to indicate the determination
OF the management to remain in bust
ness, no matter what disposition is
made Of the British fleet Should the
latter be sold to an English syndicate
there are grounds for stating that the
company would use part Of the funds TO
pay off the remaining 81 per cent back
dividends on the senior issue OF stock.
1t would also cause no surprise if later
great American shipping combine
were organized, with the International
Mercantile Marine as the nucleus.
Other concerns which have been
mentioned in the gossip Of Wall Street
as likely to join the reported amalgs-
nation are the United Fruit Company.
the Atlantic, Gulf and West Indies
Steamship lines and the Pacific Mail
Steamship Company.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-04-20

Inc Federal Reserve Bank of New
York has put in force the following
schedule of rediscount rates which
apply to bankers acceptances: Maturi-
ties up to is days, per cent; 1s to go
days, inclusive, Az per cent; 81 to
90 days, inclusive, II per cent.
Bank Clearings.-bank clearings yes
rerday were:
New York. 1852, $50 $3s 94o, 23a
Baltimore go. 11,672,719 7,274,714
Philadelphia -. so,765,243 30,19s,9e7
Silyer.-London, 4S}sd, unchanged ::
New York, 101 &C, unchanged; Mexican
dollars, THO, unchanged.
Sub-Treasury. The Sub-Trcasurv
gained s7S4,o0o from the banks on
Friday.
Bank Acceptances.-Rates were m
changed yesterday.
Thirty Sixty Ninety
opot de- days. days. days.
livery: Per cent,Per cent. Per cent.
Eligible
member
banks ....4h@4 4A@4n 4h@4lA
Eligible
non-meH-
Der banks,4h@4 4h@4L4 49a@4h
Ineligible
bank bills5A@4Ia 5L4@4Ia 5I4@434
For delivery within thirty days:
Per cont
Eligible member banks. ....... All
Eligible noD-membcr banks. ~.
Ineligible bank bills
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-04-20
Great Northern Ore
Lamborn & Co. say:

Lamborn & Co. say;
Great Northern Ore certificates
have been comparatively neglected in
the midst of pool activity in much less
desirable issues. There has been quiet
accumulation, however, Of the kind
that preceded the January rise Incl
dental to the 81 dividend declaration.
fhe underlying strength is based on
two premises first, the practical Ger
tainty of another So disbursement to
shareholders, making 81 for the year.
the same as in 1913, which means al,
most 10 per cent on the investments:
second, the possibility of an extra dis.
tributon, something which always an
peais to the spcculatively inclined. The
earnings from ore land leases are run
ming, It IS stated, about $4 per share.
IN addition, the trustees have spent
large sums on development work which
are being repaid by lessees. 1t Is inter
eStlhg to note that liquid assets are
SAID to be over SIS per share, with
equity in the mines very conservntjvelv
figured at $40 per share, This wonld
make the book value SOS. or about 500
more than the prosont market price"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-04-20
Wcsl Columbia Now
Important Oil Field
Rapid Progress Reported in
Development, of District;
Flood of Cheap Oil
Financial Bureau
Gp.-~s,1 H,....

Special Correspondence
WEST COLUMBIA, Tex, April 10
With a daily production Of about
$4,000 barrels the West Columbia oil
field has now taken leading nlaco
among the fields of the Gulf coast
region. At this time there are scventv-
five derricks erected in this field and
more than thirty noles are down be-
low 1000 feet.
Pipe line facilities will be available
soon for the movement of the full out
put OF the different wells The filled
storage tanks now aggregate about
100000 barrels The building Of nd
dltional tanks will be rushed forward
rapidly.
Producers in the West Columbia and
other Gulf coast fields arc somewhat
disturbed over the increasing flood of
cheap Mexican crude oil that is POURING
INTO Texas. 1t is claimed that this biz
influx of foreign oils is having ;ts
effect upon prices of Gulf coast
crude. In order to place the Mexican
product on more equal basis with
the Texas crude petroleum, it is pro-
posed that either the Mexican Govern
ment place a high export duty or the
chlted states an import duty on these
foreign shipments.
The market for Gulf coast crude has
peen stablliSed somewhat by the recent
actlon OF the government in purchasing
1900, 900 barrels of fuel oil for va
navy and the merchant marine at
prices ranging from $l.1O to SIS5 a
barrel. 1t will mean that this quantity
OF OIL now in storage or in throttled
wells will be released and give room
tor additional runs. With additional
government orders for about 5000 900
more barrels in prospect, deliveries to
cover n period of two years. the situa-
ton is much more favorable than it
otherwise would be. operators assert.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-04-20
Gulf Coast Oil Pipe
Lines $50 Miles Long
Value Estimated at $4,000. 900
by the Mexican Gov
eminent
Financial Bureau
Special C0rresDondonrr


TAMPICO, Mexico, April 1S.-Accord-
ing to statement issued by the De-
partment of Communications and Pub
lie Work of the Mexican government.
there are approximately $50 miles Of
oil pipe lines in the Gulf coast region
Many Of these pipe lines have their
terminals at Tampico 1t is estimated
that the pipe lines represent a total
INVESTMENT Of about $4,000 900 gold.
Inc Huasteca Petroleum Company, sub
sidiary of the Mexican Petroleum Com
pany, leads in the amount of mileage
its lines measuring about 225 miles.
the Aguila Oil Company comes next
with 2l2 miles of pipe lines.
Many new pipe lines will be laid
shortly from the different producing
fields under present plans of the
operating companies. During the war
period it was difficult to obtain
material for pipe lines and pumping
stations. This difficulty has been re-,
moved to large extent.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-04-20

Announcement that President Wilson
had requested the industrial board ana
the railroad administration TO settle
their differences over the steel price
programme accepted by the leading
manufacturers was followed yesterday
by spirited advance in Sleel con-.
mon. The stock a. its closing price OF
999s showed net gam Of II, points
The Interpretation placed Oh President
the plan for stabilizing prices ana
would therefore support Secretary Red
fields contentious in the controversy
with the railroad administration.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-04-20
Buffalo, Rochester & Pittsburgh
1913 Surplus S223.o57

For the year ended December 81,
1913, the Buffalo, Rochester g. Pitts
bnrgh Railroad reports total income Of
sS,S5S,ss7, against s5s90e. 076 for the
preceding year. After charges and ap-
propriations balance Of 31,l1s.957 was
equivalent, after deducting $4,000 in
preferred dividends. TO s7.22 a share on
&'o,boo,ooo common stock. This COM
parcs with 81 ,oss. Jos, or 1914 share.
earned in 1917. Holders Of the common
stock shared s525000 in dividend dis
bnrscments, leaving satplus Of $685.
S57.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-04-20

1t was war orders that first gave
us our great prosperity and our
roaring markets Of 1915 and 1916.
The total amount of those war or
ders was reflected in our statements
of foreign trade. Our foreign trade
now--that is, our export trade, or
what we sell abroad-is greater now
than it was at the very highest peaks
of 1915 and 1916. Yet it is not
nearly SO much discussed as the
main factor underlying the market
as it was in those ancient days. The
statement for March shows that
there has been no abatement. Our
exports that month totalled $685.
100000. 1t is the highest total for
March on record. This monthly to-
tai has been only twice exceeded in
all our history-in January last,
when the total was S623, 100000.
and in January, 1917, when it was
$613,000,000. During March we
purchased from abroad only $685.
100000 Of goods. That means that
Europe ran into our debt in March
to the extent of 1887, 100000. In
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-04-20
Combine Cotton Planting
With Oil "WiId-Catting

Special Correspondence
SAN DIEGO, Tex, April 19.-As 4
result of oil development operations
in this section, land which until re-
Gently could be bought for s. to 50
per acre is now selling for SO to Se0
per acre J. L. Crump. of Genoa. ltay,
who is we'll known in the cotton expoi'
trade; A. B. Slack. ". Weathertt,ora;:
H. 8. Dew and Bassett Blakely. all 0,
Houston, have just closed a deal 'oi
the purchase of the Smith CorcoFS.
ranch, situated near here, embraclns
$4,000 acres. The consideration vs.
$1,000, 900 1t is stated that the p9l'
chascrs will Immediately drill nun,
Der OF oil prospecting wells upon .n1
property. They arc preparing TO psN"'
$4,000 acres Of the land iii cotton. g
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-04-20
Wea1th-Mark ts-Inv sim ents
Market Opinion
The Public In

while many industrial stocks have
had big advances" says Byron w. Holt
of Goodbody & Co.. "and while the
public is coming into the market
it is perhaps true not only that the
public has more money than ever be-
fore, but that it is buying more dis
criminatingly and with bigger margins
than usual. That is one reason why
it holds on so doggedly and places SO
few stop orders. The speculatively
mad public has not arrived yet it is
undoubtedly on the way When it
comes the good and the bad stocks
will go up alike and the bank loans
to brokers will amount to new high
records. We sse but little prospect of
much change in the prices of most rail
road, utility, copper and gold mining
stocks. Some of the oil and motor
stocks are getting dangerously high
They are, however, likely to go much
higher"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-04-20
Dollar In Foreign Exchange

Foreign exchanges were dull through
out the last week. Rates moved mar
rowly. and the international bankers
who buy and sell exchange appeared
10 be waiting the outcome of the peace
ments.
Sterling rates remained relatively
hrm, while rates on Paris hardened for
q time around 5.95 francs to the dollar.
Larger offerings of Italian lire bills
caused moderate decline in the rates.
Exchange on the European neutral
countries moved irregularly without
making much net change.
II you calculate the cost of the dol
lar IN terms of foreign money at cur
rent exchange value--that is, if YOU
were buying dollars with pounds.
marks or francs-its value at the close
OF last week, as compared with a year
ago, would be about as follows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-04-20
\ Speciality Market

J. S. Bachc & Co. said yetser-
day: Speculation is confined to a com
paratvoly small number of securities
those pertaining to foods, chemicals,
fuels, etc; the things that are in I'M
mediate demand and cannot wait for
price settlements, as can steels, coppers
and railroads. And these latter are.
consequently, out of the speculative
area for the present, With the energy
concentrated in this way, activity in
sneclaltloN Is liNhle 70 increNAe.'
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-04-20
nnninA Nnrnfinfinns Arc OF

H. NJ Byllcsby 4 Company denied
yesterday that negotiations of the
Standard Gas and Electric Company te
acquire large oil property are Of.
They said: Negotiations have been
pending for some slime looking 70 the
consolidation with the Standard Gas and
Electric Company Of large and long
established oil property, compromising
large acreage. production. complete re.
tning plant. pipe lines. distribution ane
tank cars. These negotiations are siii'
prorrcssingr
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-04-20
Finance Economics

Copyright. 1919, New York Tribune inc
Saturdays stock market proved a
surprise to those who had looked for
continuation of the reaction of
Wednesday and Thursday. The
market was not only strong, but vio-
lently so. In transactions approx
mating. three quarters Of a million
shares advances of 3 to a points
were made in railroad equipment,
automobile company and shipping
shares. Despite the fact that the
upward movement has continued for
ten weeks with practically no inter
ruption, it has become evident that
the outside public has bought all the
stocks that Wall Street wanted to
sell it and has gone ahead. When
the public is in the market predic-
tons based on assumed conditions
within the stock market are perilous.
But on Saturday the market had
before it the March statement of
foreign trade. It's technical condi-
ton would have had to be in n sorry
state indeed to have enabled it to
decline on that.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-04-20

Signs Of increased interest IN the
American security markets. IN foreign
financial centres Were seen yesterday
IN the announcement hy the stock IN
change firm Of pNnchon * COMPANY
that 1t had opened a nrV branch once
in Paris.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-04-20

Most ingenious was Secretary
GLASS; plan of making the two is
sues of Victory Loan notes inter
convertible. There will be one class
of buyer, moderately situated, who
will never think of taking anything
but the 4$4 per cent issue. There
will be another, super-rich, who will
consider only the tax exempt issue.
Between these will be third class,
some Of whom, on their estimate of
future income taxation schedules,
will take the AIS, and others who,
on like estimate, will take the
3As; but both will be on the border
line, and If income taxes drop more
than expected a few purchasers of
the 3Ms will want to convert ;
whereas, if they remain unexpected
ly high, some holders of 424s will
want to convert. In either case the
prices Of the two classes of bonds
will remain practically the same. If
the tax exempt bonds go to a pre-
MUM the AS must go to pre-
MUM with them. The modest holder
will enjoy the same advantage as
the rich
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-04-20
Current

TIC above rates express the cost Of
foreign money in terms of the Amer
can dollar. You buy an English pound
sterling, say, at $4.65. The intrinsic
parity Is S4.S6hs per pound. Thus YOU
say either that pounds are at a dis
count or that dollars are at premium.
which is owing to the fact that in En-
land the demand for dollars with which
To settle accounts in this country is
greater than the demand in this coun9
try for pounds with which to settle
accounts in England.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-04-20

three months our sales to foreign
countries have exceeded our pur-
chases from them by 81, 100000, 900.
That represents only part of the
debt being piled up in our favor. In
terest must be met on $9,000,000,-
600 of loans to our Allies.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-04-20
Nominal.

Below is given the current exchanoo
value Of foreign money in dollars and
cents. together with the intrinsic GOLD
party az calculated by the United
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-04-20

President Wilson cables that he
Cannot say when Congress will be
called, as | do not know myself. y
And he, Judging from Wall Street
market comment, is the only one
who doesn't.