davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1919-06-14
Bankers Complete
S40O,O0O,0OO Car
Trust Programme
Plan for Financing Railway
Equipment Purch Ia S e d
Ready for Submission to
the Railway Executives

The bankers appointed recently by
T. De Witt Cuyler, chairman of the
Railway Executives Association, to
formulate a plan for financing the
100000, 900 of railway equipment
which was purchased by the Railway
administration, have reached an agree
ment and will submit report to Mr..
Cuyler next week, it was learned yes
terday Jerome j. Hanauer is chair
man of the committee.
Although the members of the COM
mittee would not divulge the exact
nature of their proposal in advance
Of the submission of their report, the
board features of the scheme of the
issue of investment trust securities
against the equipment became known.
1t represents a description of what
the bankers are willing to do to help
reimburse the Railroad Administration
for the money which it has advanced.
Before it can be translated into an
actual policy it must have the approval
of the individual railroads involved,
of the Railroad Administration, and in
all possibility Congressional action.
The bankers have concurred on the
principle that the Railroad Administra-
tion will have to carry part of the
h,fr
ported that securities amounting to
S2S0,0OO,0OO would be offered to the
public under the suggested plan
against the equipment, which cost
slightly more than s4OO,OOO,O00. Rigid
provisions to protect the investment
against depreciation and for the
amortization are included.
Before anything can be done in this
direction, however, it was pointed out
that a final decision regarding the al
location of equipment which certain
roads have thus far refused to accept
must be reached. Bankers believe
that the roads which up to the present
have held out will be willing to ac-
cept cars, locomotives and other
equipment if they are assured that it
can be financed. Without some ar
rangement such as will be proposed,
many of the roads do not know where
the money will come from to pay for
the equipment.
The amount of money involved is
so large, the bankers fell, that the
ultimate appeal for funds will have
TO be made to the general public, and
they are determined to abstract from
an exceedingly complex and some
what chaotic situation a simple and
safe security. At present they are
concerned mainly with the theory of
the proposition. In the matter of ma
'urity and rate Of interest decision
VIII be reached after the other parties
concerned have accepted a programme
ownership of the equipment, accord.
ing to the bankers plan. it is under.
stood, must rest with the individual
railroads.
New-York tribune., 1919-06-14
Exchange Authorities
Appeal to Banks for Help
as Squeeze in Loans
Breaks Market Wide Open
Stringency Is Temporary
Bankers Look for Relief
After Tax Payments Are
Completed

Yesterday, Friday, the 18th. was
big day for the bears of Wall Street.
A severe squeeze in the call money
market resulting in sensational rise
in the call rate and a swift fall in
stock market prices caused the New
York Stock Exchange authorities to
send out hurry call to a number of
the large banks in the Wall Street
district, urging them to increase the
supply of loanable funds and so re-
lleve the temporary stringency.
This happened in the afternoon after
the interest rate on call loans. by
means of which the bulk of the deal
ings in the stock market is financed.
scared to IL per cent, the highest
rate since July, 1917, when 10 per
cent was quoted for brief period.
The unusual action of the exchange
authorities brought help from the
banks, for within a few minutes after
the appeal had gone forth the call
rate had been broken to per cent.
where it closed. At that, however.
1T was full 3 per cent above the re-
cent average of to 6la per cent, the
~~o-o
has been moving of late
Stock prices tumbled on all sides as
the stiff money rates and the inability
OF the Stock Exchange houses to cover
their loan requirements at reason
able figure forced the liquidation of
large speculative holdings.
The decline started in the second
hour, when money rates showed evil
dences Of moving up, and it continued
with scarcely let up right to the
close. At the end Of the day represen-
tatlve speculative and investment
stocks showed losses ranging from
to II points.
While many Wall Street observers
saw in the further sharp fall in stock
prices, following break earlier in
the week, a result of the recent warn
ing of the Federal Reserve Board
against wild speculation in stocks.
bankers said that the squeeze in money
rates which had precipitated the de-
cline was due to temporary conditions
IN the local money market.
The bankers at the moment are con-
1ronted with the burden of financing
the heavy payments on account of the
second instalment of the Federal
taxes, with the prospect in the imme-
diate future of further large demands
on banking resources due to the heavv
July corporation disbursements.
winch are estimated at $3.50, ,OOO. 900.
IN the case of the heavy tax payments,
1t was pointed out that these funds
would be withdrawn only temporarily
from the banks and would soon find
'heir way back into the regular monev
market channels.
Another factor in the stock market
was SAID to be heavy selling from the
west by operators, who sold out be-
cause OF fear that the threatened strike
ny telegraphers working leased wires
might cut them off from their market.
New-York tribune., 1919-06-14
Stock Increase Planned

Stockholders of the General Cigar
Company, at special meeting to be
held July 7, will be given an opportu-
atty to vote upon proposal to, au-
thorizc $5,000,000 Class B per cent
cumulative sinking fund convertible
preferred stock. OF this it is planned
to offer $4,620,000 to the stockholders
at par on the basis of one share of
new stock for every five held Lehman
Brothers and Goldman, Sachs Co.
are acting as bankers for the company.
The new issue will provide new work
ing capital for the company.
New-York tribune., 1919-06-14
Freight Movements Heavier

WASHINGTON, June 13.-Increasing
business, which it is hoped may offset
the railroad deficit sufficiently to make
an advance in rates unnecessary, was
reported by the railroad admins ira
ton IN statistics for~traffic last week.
In the Central Western region there
was ar increase of 64 per cent over
the corresponding week last year in
the loading of grain, and in the North
west the increase was 100 per cent.
All freight handled in the Southwest
was IL per cent moro than last wear
Cotton is moving freely to the Gulf
coast under promise of additional
steamers. in the East general Freight
movement in subnormal, but ore shin
ments are increasing.
New-York tribune., 1919-06-14
Three Billions Are
Needed to Finance
u. S. Foreign Trade
Must Be Provided by Pri-
vate Initiative to Prevent
Slump in Business, Says
Federal Reserve Bulletin

WASHINGTON, June 13.-More than
$4,000, 900 of new funds must be
provided by private initiative in the
next few months, if the United States
is to continue its export trade at the
present high level, it was estimated to-
Gay by the Federal Reserve Board in
the June issue of the Federal Reserve
Bulletin
Cognlzance was taken of the doubt
expressed by some experts that the
existing level can be maintained with
out serious financial strain With the
supply of capital short of world re-
quirements, additional long term cred
It's to Europe would deprive this coun-
try of needed money, while failure to
extend credit might result in short
ened industry and lessened demand for
labor at home, also retarding Europe's
economic recovery, which is regarded
as necessary to the reestablishment of
normal conditions everywhere.
One essential in the solution vet
to be worked out is believed to be con-
tinued saving by the American people
to increase available capital.
Europe will owe the United States
this year a balance of trade of at
least $3,000,000, 1000. Interest and other
returns on American holdings of for
eign securities were estimated to be
not much below S6OO,OO0,OOO annually.
while the foreign obligations maturing
TINS year will amount to between $780,
100000 and $75o,O0oO00.
ne Treasury's advances to FOREIGN
countries have been limited to $40 .O0O.
100000, Of which $4,000, 100000 has
been expended, and most of the re-
mainder, s5Oo,OOO 900, allocated. An
export credit of $1,OO0,0OO, 900 may be
made available through the war finance
corporation.
Accordingly, it was estimated that
means must be found to finance about
S3,6O0,000,000 of new obligations and
to renew perhaps 100000, 900 of old
ores-a gigantic, probably an unprec-
edented, financial problem" the board
remarked, but one expected to be
solved.
ut remains to be seen how far the
credit of s1,0OOOOO,OOO placed within
reach of the War Finance CORPORATION
can be avaled of in practice" the
board said. "Whatever may be deter
on this score, it is not desirable
that government direction of private
industry should be continued longer.
than is absolutely essential"
Government advances. to other gov
ernments for the purchase of goods in
this country result in indiscriminate
consumption and uneconomic use of
funds, until the continuance of such a
policy means the increase of an in
debtedness "beyond the power of the
debtors to liquidatc"
New-York tribune., 1919-06-14
ID. Irving Mead Heads
New York Bankers Assn

ALBANY, June I'D. Irving Mead,
of Brooklyn, was elected president of
the New York State Bankers Associa-
ton at the closing session o-day
Other officers elected were S. G.. H.
Turner. Elmira, vice-prcsident; Edward
j. Gallicn, New York, secretary, and
Charles II. Bissikummerv, Albany,
treasurer
The association went on record as
favoring the return of the railroads to
private ownership with government re-
Enumeration sufficient to place them on
a paying basis and also increased
streetcar fares where it was necessary.
New-York tribune., 1919-06-14
Wall Street Items

James HecAscher. vice president OF the
IRVING National Bank. wifi sail for Liver
pool Monday on the Adriatic. Mr. Heck
tener VIII make study OF business and
banking conditions In Western Euronc
= ~ the organization meeting of the
@iartin-Parry Corporation j. j. Watson
5f- was elected chairman Of the hoard
and Frederick 81. Small was appointed
president Henry Hopkins. jr.. was
elected secretary ana treasurer and Ron.
9rt J. Barr. waiter Herrick. s. G. Parry,
James y. Shaw. g. NJ Small. Cuy 4.
slTipp, George III. W&ibridge ana ! +
atscn. Jr.. we're ciected directors
NJ the organization meeting yenterdav
o. TAO Asrtin-Parry Corporation John j
" aison jr. ~ss riectcd chairman of the
hcard. Frederick 81. Small was chox.o
presIdent and Henry Hopkins jr.. sec
fstary and treasurer. In addition to ur
" si*on and Mr. Email the following were
fiss~h directors; Eob-rt L. Barr vic.
pretidsnt Chase Securities corporation.
~ after Hcrrich, Of Herrick, Berg a "a
II 9. Parry. OF the Parry Manufaetuyine
company: James f. shaw. Of Kn.uth
Naeacd Kunne; Guy E. Tripp. chair
tnAn Of the Westinghouse Electric e.
saAnufacturinx Company, and George ~
- Aibri'"e. 'ice~ ~president of Eonbrtxht A.
Co, Inc.
New-York tribune., 1919-06-14
Swedish Loan Sold

Managers of the syndicate of Ameri-
can bankers which yestel day and
Thursday offered to the American peo-
pie $25,OOO,0O0 of twen,y-year per
cent bonds CT the Kingdom OF Sweden
announced that the loan had been over
subscribed. The books were closed last
night.
The Swedish loan was the first of
series of European loans that are ex-
pected, and was looked upon as an in
dex of the attitude of the American
public toward foreign securities.
New-York tribune., 1919-06-14
High Money Passed

Bankers are inclined to think that
we have seen the end Of very high
money, at least until the period of a
few days around July l, when semi
annual dividend and interest payments
fall due. The money being paid to the
Government now in taxes is expected
next week to begin finding its way
back into the banks, and the stock
market selling during the week, it is
believed, has reduced the demand from
that quarter. While it is not believed
that money is likely to go below per
cent next week, it is not thought that
there is much chance of its going
above
New-York tribune., 1919-06-14
TELEPHONES
Beekman 5000
Beekman 8243
AETNA EXPLOSIVES COMPANY, Inc.
70 the Holders Of Common Stock
of AETNA EXPLOSIVES COMPANY, INC:

@ s, & & sJ ), ii: 1s s..s % e:s
and accepted by the representatives of large holdings of the various
sssrs H. Prince COMPANY large
5 & sn @ in into an
approved M by the Court under which the stock will be voted for
the result Of able by
fair to all security holders
M The Receiyers George Holt and BENJAMIN od took
RR1mm na 1s ] h @ the % , @
management Which has contributed largely toward bringing
Company present prosperous that Company
pass Immediately into the hands of officers and the
the adoption of the of Settlement
c and the @ at Of the s o 1S5 5 1 Ne Ye I c
where printed obtained They provide
% &C. Common hodsEs d re retain their re- exng holdings and will
N Bondholders will be entitled receive their eighty
five cent in cash their hdnss bonds par for their present
O Preferred stockholders will be entitled receive s2c5 in
bond for each share of preferred
% Of 7 % 1ad Of s p m cdsr, be ead 5 the out uns @
the c"@e init cdm5n p 1pp0sd & % @
and oden;
() Messr approve the personnel of
o the Company with Mr. ods Presidents assuring in
effect continuance of the management
Forms of proxies for the and
the Tns Of sennem will be mailed by stockholders
and Washington Streets Boston, Massachusetts,, IS Broad
executing returning proxies
is important
The Terms Of Settlement qu he carried qhu payment
OF assessment by the tockhoders
New York June IL, 1919.
H. PRINCE g. COMPANY
rse s eanon the @ nd snd to sss and
O Temso O.
GEORGE c. HOLT,
BENJAMIN B. ODELL
of
AETNA EXPLOSIVES COMPANY, INC.
The undersigned being the Committee appointed
and referred
that holders of stock promptly
Mess. F. H. Prince stockm
to ocarryo OUT of
GEORGE MURRAY BROOKS,
JAMES N. ROSENBERC
SAMUEL STRASBOURGER,
HENRY WOLLMAN,
commit
New-York tribune., 1919-06-14
On the Paris Bourse

PARIS, June 13-Trading was irreg-
ular on the Bourse to-day. Three per
cent rates were quoted at 61 francs
30 centlmes: Exchange on London al
20 francs 33 centimes and the 5 ner
cent loan at SO francs centimes. The
dollar was quoted at francs 3o.h
confines to francs 351s ccntimes.
New-York tribune., 1919-06-14
The Longer View

The outlook for peace is distinctly
good, and with business the world over
now beginning to expand when stock
market liquidation has run it's course
the way will be paved for bigger and
broader market-Block, Maloney & Co.
New-York tribune., 1919-06-14
II. +. Goodrich

The market price of 3. f. Goodrich
not only with its true worth but with
the market level Of the stock Of the
company's chief competitor. Present
conditions and considerations lead us to
the opinion that Goodrich shares will
show further and marked improvement
in market lcvcls.~-Pooner & Co.
New-York tribune., 1919-06-14
Market Opinion
Over -BNlled Specialties

1t IS the over-bulled specialties, which
include certain motor, oil, tobacco, tire
and rubber shares, that bankers and
brokers and conservative investors now
look askance upon.-E. w. Wagner
e Co.
New-York tribune., 1919-06-14
The Dollar in Foreign Exchange

Exchange rates were steady in dull
market yesterday. Sterling and francs
both displayed fair degree of frmness,
while the neutral exchanges showed no
important changes.
Quoted dollars to the pound)
New-York tribune., 1919-06-14
What II Needs

The market is distinctly modcrating
it's pace. 1t will require some unex-
pectcd bull news to start it again ac-
lively. 1t viii! have to be more than the
German signature 70 the peace treaty,
New-York tribune., 1919-06-14

We think the market is going to be
made to look pretty "sick" before Sc
curities are a buy for another big for
ward ovement.-Hornblo1oer e Weeks.
New-York tribune., 1919-06-14
Gold 10 Peru

The Mercantile Bank of the Ameri-
cas- engaged $l,O0C,000 in gold bars at
the Assay Office yesterday for export
to Peru.
New-York tribune., 1919-06-14
Open. High. Low. Last.

Sales Open. High. Low. Last
1900 +Cosden & Co. 1924 1913 1oIa 1oNa
1900 20" *G'9a *Gurrmzn m 4, Pet : 15s 1Is y
2SSS *EiE EiI'Is Bssi" SIN Pet 1e]s 1o7ss 1oz 1o&s
10000 *fEsmeralda o II II IS IS
62oo *Glenrock Oil: 6s4 ga 6as 6Is
1900 *fGulfportO&R SO 30 81 SO
765 Scum Cove Oi.123 1873 121 121
1900 SSS :#srs *Hsme Pet q % 11 M 1s 1s'4 i
ZOO *Houston olls't n OIL. 12o 12o 11s 11s
sc" 500 Hudson Oil dd5s odd5s oddss dg77s
300 *Ken Oil & r. Is 2s 2e 2e
1900 Stance CIR Roy 13s 13s "a 13s
1900 *Merritt Oil. .2e7s 2ess % y
100 20 Ai!5s2S! sss,Fsn Poi I'll !s g? !s q? &c g.
250o midwest Ref. 1888 183 177 178
1000 sN1id SITS OIL c 1s4 1s4 1ss 1s4
5000 5000 .Midwest-T \. Oil 17s 1}s t1s "a
5000 5SS *+Northw So s' Oil: 50 "a 60 80 s. 81
10000 1""S +9%sr iona o]Ssf5 3 Sc s s. s1s s.
$500 *pennock Oil. 1919 1914 14Eo 14sz
$500 +Ptts-Texas :. 1osa 1924 1922 10Is
l05oo prod &. Ref. aaa s5s So 8Is
50
10000 *A-H "a p) "a y, 81
5000 *Ranger Oil . II 1"
, 2900 2900 *Rickard 7 Co 18 1872 17La 19H
400 fSailer o & G VA 1Is
5000 salt Crk Pro. 61Io 617S SOL 6nsL
1000 Seq & r. r. Sc = 5S
5000 *S:nclair c. Oil 80 so 40 5no
300 %Sinclair G G.. 6OZs 62 SO 5eN
10000 TSouthwest Oil Sc 68 Sc 66E
1900 *Swn Pr & Ref 5M 5M 5Na 5M
1900 *Stanton Oil liz ~ ~ ~
500 *Tex-Ken Oil. 4s4 4sa az 4sE
100 *Tex Nat Pet. 81 81 81 81
5000 "Tex-R P 4 r s. 5i+ IsI az
2000 "Tex Pro & R. 77a 77s ~ 7z*
800 *TeI O & r Il ze az 'ls
1000 "Tcx Steer Oil 5% - sf 7S
1000 *Texon O g. 7, II - a9 as
$500 *Tex-Ycrk Pro o@ oiE 17s o7s
1900 *+Un Tex Pet. 81 63|e soIs So
140C *Vic Oil NV stk PSI o5l o,I oa/
500 *Virl, r O & G is ~3s
1000 *"Y'' Oil & G.. 10 IL }S =
New-York tribune., 1919-06-14

Following are the official rates
quoted by the American Relief Admin
istration on exchange against the coun-
tries on which it has supervision over
all dealings:
New-York tribune., 1919-06-14
Wealth-Markets-Investments ents
How 1t VIII Look

which is a foregone Clark,
Childs e Co.
New-York tribune., 1919-06-14
Sales.

Sales.
10000 *1MacNam Mg
1900 INN Of A "a .
1l7o0 *TMagma Chief
200 Mason Valley.
.500 iMckin-Dar
1900 *TMother Lode
5000 *Nat Tin Corp
1000 *TNev D Ia p)
$500 "TNev Ophir M
5000 Nipissing NJ &C
2500 *TNixou New. .
800 *Onond Mines
1000 Rex Cons Ming
5000 *fRoyal Divide.
1900 Seneca Cop c.. .
600 *Silver Dol M
1880 *TSilver X Div
10000 SiIv X of Al'2
GOO Stand Silver-L .
$500 Stewart
5000 @TSuth Divide.
100 zion Belmont .
1900 *Toncpah Div
1900 Tonopah Ext.
1000 Un Min of MeN
500 sfU S Cont NJ
1900 Unity G III Co
62O0 *Vic Div tap,
5000 fWh Caps Nil
100 *Wh X Cop pr
1000 fWilbert Min
1900 *Wilson Sill NJ
New-York tribune., 1919-06-14
Money and Credit
Bank Clearjngs.-Bank clearings YES
Sub-Treasurv The Snb-T

Sub-Treasury. - The Sub Treasury
lost $5,127,oOO to the banks on Thurs
day.
Silver.-London, 54d; New York,
S.10&; Mexican dollars, S5MS9c.
LONDON, June 13.-Money, pa per
cent Discount rates, short bills, 3A
per cent; three months bills, SIS per
cent. Gold premiums at Lisbon, $50.
New-York tribune., 1919-06-14
Curb Market

Note'-Ihe Tribune assumes no resnonsi-
o'l'ty Tor the accuracy or authenticity op
cufb market quotations. Transact ions and
prices Yesterday were reported as follows
New-York tribune., 1919-06-14
Standard Oil
Other Oil Stocks

Sales. Omen. H;ch - -
5Voo 9oo0 .alien aiie o,l 80 3ss 3a4 3sa 3aa
5000 'Amalga Roy. IVA 1as 1N 93Is
1000 *Barnett o & G - - ~ ~
700 Boone Oil - ~ 11iS 4ole 1ofS
$4,000 'tBost-Wyo Oil so 66< f0/S see|2
100 Canaan O&G "a IL %
$500 *Circle Oil 80. AZ Ass AIs -
soOo 1V0 .Cn,n,h SsI sn sos@ 1894 1888 3ssa
,S0o0 CSa,;s .w,.n 4 T.; oO GOA 55a4 59L4
A-o03 So"''"e"'ai rex 1873 14La 12L, 1894
New-York tribune., 1919-06-14
Bonds

*Unlisted. Fsells cents per share.
New-York tribune., 1919-06-14

Consolidated Exchange
Unit of trade on this exchange, 10 shares1
Transactions end prices yesterday for tho
more active shares follow:
New-York tribune., 1919-12-19
Franklin K. Lane

The announcement Of Franklin K.
Lane that he is soon to hand in his
resignation as Secretary Of the In
terror has been read with great re-
gret Amid the wreck of regulations
marking the present Administration
Mr.. Lane is an exception. He has
steadily grown in the public's re-
spect, and good many things would
be better if he had been more called
into counsel
Mr.. Lane was one Of the few mem
bers of the Administration who
"saw" the war early. He did not say
its issues did not concern US and its
result could not affect us. He did not
need to be educated into sound views.
He educated himself, and thus had a
disposition to educate others.
In his own special department to
whose duties he devoted himself he
saw the country as a whole and
helped to carry on the work of con-
servation, interrupted during the
Ballinger regime, which was begun
during the Roosevelt Administration
He regarded national development
largely, and his clarifying reports
will furnish inspiration and instruc
tion to the oncoming generation.
New-York tribune., 1919-12-19
Attacking the Dry Amendment

Some of the arguments against the
"constitutionality Of the Federal
prohibition amendment raise novel
issues When is a change in the Con-
stitution unconstitutional?
An amendment may, of course, be
attacked and set aside on the ground
that it was not adopted in accordance
with the provisions Of Article Y, gov
erning the submission and passage
of amendments For instance, the
courts have given conflicting deci-
sions as to the Interpretation Of the
word" legislature" in this article.
Did the Constitution mean to indicate
the organized law-making assembly
which each state maintains, or did it
mean to include the whole legislative
power vested in the people of a state
sometimes exercised directly in the
way Of referendums? The ratiiica-
ton given by the Ohio Legislature
was held to be insufficient and the
Eighteenth Amendment was re-
ferred to the voters of the state at
the last election. Apparently the
voters reversed the Legislatures ac-
ton.
The question whether the forms of
ratification have been observed is. of
course, an open one. The Supreme
Court must eventually pass on it..
But when the Attorney General of
Rhode Island says that the Eigh-
feenth Amendment is, in itself, IAN
unconstitutional and revolutionary
proposal" and therefore invalid,
what is he driving at? Article
", governing amendments. barred
amendments, prior to 1908, which
would affect the slave trade and the
levy of direct taxes. 1t also bars
amendments depriving any state of
equal suffrage in the Senate without
the states consent.
Beyond these limitations how can
an amendment be inherently "uncon-
stitutional'? The sovereign power
behind the Constitution is the people
Of the United States. 1--WE, the peo-
ple," ordsined the Constitution and
retain the authority to amend it. If
an extreme view is taken of the
scope of sovereignty it might be
argued that the sovereign is not even
bound to respect the limitations on
amendment imposed in Article V.
AS matter of morals it might re-
spect them. But is there any valid
political or legal restraint, except as
70 procedure?
The fight against the Eighteenth
New-York tribune., 1919-12-19
Buying OFF Bolshevism

Appealing for the relief of 10
100000 persons in Central Europe
outside of Germany who are in acute
distress, Mr.. Hoover predicts, if food
is not furnished. the creation of an
other cesspool like Russia
The appeal of Mr.. Hoover prop
erly reaches every heart. To think
Of millions starving is to make
Christmas plenty seem bitter. More
over, his practical suggestion that
the Grain Corporation be authorized
to sell on credit its surplus Of grain
and flour to Finland, Poland, Aus
tHa and other regions of distress
seems abundantly justified. There
will be little complaint if part of the
food leaks into Germany to save
women and children. When human
hands are raised in supplication for
help the heart answers in only one
way.
But the special argument used by
Mr.. Hoover is hardly TO be rated as
a happy one. 1t seems to imply,
if largess is not given, that in some
way the starving will be justified in