davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1919-06-06
Expects Savings
TOPurc!,ase Good
Foreign Issues

Savings banks of the coun4rv ca, =.
depended upon TO absorb r.ls+s..,1,,
large amount of foreign oblqatio,s
according to Milton ". Harrison. sec
fetary OF the Savings Bank S.c-io, or
the American Bankers Association.
provided they are assured Of tho ahso.
lutte safety and soundness OF the So.
curity offered.
Much has been written Of late"
SAID Mr.. Harrison Yesterday ~of tho
necessity for the absorption of a large
euah'i1F OF foreign obligations b.
american investors. In order 10 lend
staolllty to the international financial
Slupa'on the pressure Of TINS nocos-
Si'y may tend to hasten the day When
ohe funds of savings bank and trustee
investors viii be invested to spb.
s'antlal amount in foreign obligations
AN amendment to the law Of New
YORK state permitting such investment
mas not as yet been proposed to the
Legislature, nor has il been seriously
discussed by the Savings Banks As
soclatlon of the State Of New York.
winch is the authoritative representa-
1--WE body for savings banks Of this
state However, during the last ses-
SION of the Legislature OF Connecti-
cut a oiiI was passed permitting saw
iiigs banks to invest not exceed
ing 10 per cent of their deposits
ana surplus in the obligations of the
government of the Kingdom of Great
britain and Ireland, and the govern
ment of the French people. and the
government of the Dominion Of Canada.
or any OF its provinces, provided such
oDhgadons have a fixed and definite
maturity and shall be the direct OBJ
legations of such government or prov
lnce and that the full faith and credit
OF such government or province shall
DE Pieoged tor It's payment. principal
and interest,"
IL IS py no means certain that the
other mutual savings bank states will
follow the wording of this law. which
would permit investment in the bonds
of British Columbia, for example,
which are not exactly up to the stand
ard OF what savings bank security
should be. The restrictions which viii
be imposed on foreign obligations by
such states as New York and Massa-
chusetts Will doubtless be more clearly
defined, possibly to include such bonds
as those which were issued by the
American Foreign Securities Company
in 1916, which was an issue of $9i,-
100000, dated August /, 1919. for three
years at 5 per cent, secured by the
bonds of foreign governments owned
by the French government under ITS
pledge to the American Foreign Sc
curities Company. 1t is reasonable to
assume that foreign security companies
will be formed with this very purpose
in mind"
The resources of the 625 mutual saw
ings banks in the United States, MI.
Harrison said, are close to $5,00o,0oo'
900. ,.~rf
New-York tribune., 1919-06-06
Mexico to Resume
Negotiations With
New York Bankers
Financial Agent of Carranza
Government Says Plans
for Rehabilitation Wait on
Congressional Legislation

Contrary to the impression that has
spread that the efforts of the Carranza
government to work out a plan with
ne" York fnanciers for the financial
rehaolhtatlon of Mexico have been
abandoned, DR.. Alfredo Catureeli
hhanclal agent of the republic here
SAID yesterday that as soon as the
necessary legislation is enacted bv the
present Congress Luis Cabrera. Secre-
'afy Oh FINANCE. or q representative of
ehe Oaolnet member, will come to New
lork TO resume the negotiations.
kafaelo Nieto, acting Secretary of
Finance, who conferred with bankers
here, returned to Mexico two months
ago and reported to his chief the CON-
dltlons on which Mexico could get
financial assistance.
The present Congress-, which the
president called into extraordinary
session on May /. will consider pro-
posed banking legislation and law to
dlvest the Mexican constitution of it's
retroactive features in regard to oil
lands held by foreigners. The terms
that Mexico could offer in return for
financial aid are contingent on the
passage of these laws.
Dr. Caturegli said that the CONGRESS-
is at present deliberating over a series
OF labor laws providing for the eight
hour day, workmen's compensation.
peaceful picketing and other safe
guards for the rights of workers. The
administration, he added, will ask
Congress for authority to connect the
united railroad lines of Yucatan with
the National Railways of Mexico svs
tenn and to build a new road from
Sonora to Lower California. The gov
ernments ultimate plan, the financial
agent explained, is to get by purchase
the complete ownership of all railroad
lines in Mexico. A foreign loan would
probably be necessary to enable the
government to compensate the owners
OF securities of the lines that have
been taken over
Inc agent declared further that the
government is now building new lines
IN Jalisco and has just finished
line $50 miles long in Zacatecas and
Durango.
Business in Mexico, measured in
coHars, Will be better in 1919 than
ever before and twice as large as in
1914 when the Huerta regime was
overthrown, DR.. Caturegli said Most
OF the goods imported were coming
from the United States.
Regarding the advance of General
Angelo, Dr.. Caturegli expressed skepti
cism and said that reports of his sue
cess were inspired by hostile interests.
He insisted that no military problem
harassed the present administration.
only protracted banditry.
New-York tribune., 1919-06-06
Independent Packers in
$685. 100000 Merger
]. S. Hawkinson Leaves Wilson
& Co. to Head New
Concern

James Imbrie, head of the banking
house Of Imbrie G. Co., announced yes
terday that eight Independent packing
houses would be merged in new
concern capitalized at 5,o0O,O 900. He
further stated that j. S. Hawkinson,
of Chicago, had resigned as vice presi-
dent Of Wilson g. Co. to accept the
presidency of the new concern.
Complete details Of the merger will
not be announced until Mr.. Hawkin-
son arrives in New York next week,
Mr.. Imbrie said.
The new concern is expected to en-
ter into competition with the other big
packing firms in this country and
Europe. Packing plants, it is said, will
be operated in the United States and
Canada, and eventually in other for
eign fields.
F. S. Snyder, head Of the meat divi-
sion and member of the executive COM
mittee of the United States Food Ad-
ministration, is to become an execu-
tive Of the new company, according to
Mr. Imbrie's statement.
New-York tribune., 1919-06-06
New York Central
Fails to Earn Its
Rental Guarantee
Only Half of Compensation
Paid by Government at
End of Year; Revenues
Set New Record

Net income from operations of the
New York Central Railroad in 1918 fell
several million dollars short of the
amount guaranteed the road under the
Federal control agreement, according
to the annual report issued to the
stockholders today
Compensation allowed the company
by the Federal Railroad Admnistra-
tion for the use and control of the
property of the road and it's leased
lines was s55,SO2,63O for the twelve
months ended December 81. whereas
the net income amounted to $52,23O.-
4O7.
At the end of the year there was
due the company from the government
on account of that part of the annual
compensation that had not been paid
$27,672, ,O84.
Railway operating revenues of the
company in 1918 aggregated $3.50, 30
$50, a new high record, and an in
crease of $53 ,0O3,439 over the previous
year. Operating expenses amounted to
S2lO,637 ,848, an increase Of $1,000 ,943
Freight revenues Of the New York
Central increased from $135, ,979,337 in
1917 to $175, ,945 in 1918, while pas
senger revenues increased $1O.3S2, 1875
to S6O,37O,139.
During the year the Director Gen
eral of Railroads allotted to the COM
pany 4,50O freight cars estimated to
cost S3,201 900 and 12O locomotives, es-
timated to cost S6,192,955, a total of
approximately 19,393,955. Of this
equipment 1855 freight cars and ia
locomotives were delivered. The Di-
rector General also allotted the com
pany as lessee Of the Boston and Albany
Railroad, ten locomotives. estimated
to cost 1922, ITO, for use on that road.
The report states that pending the
execution of the agreement between
the Director General of Railroads and
the settlement of accounts thereun-
der, the company borrowed from him
2O,000,o00, for which it gave its 6
per cent demand notes. Of the notes
SO given Sl3,50O,OOO were secured bv
collateral, $6,50O00O being unsecured.
The balance sheet as of December
81 showed cash Of $S,993 ,2SO compared
with $13,407,045 the year before In
vestments in stocks and bonds Of COM
panies apart from the system we're
practically unchanged at $4,000 900.
The report of the Cleveland, Gin
cinnati, Chicago e. St. Louis shows net
income of S16,367 ,653 for 1918, com
pared with the s9,93s ,597 compensation
allowed by the Railroad Admnistra-
ton.
Net income from operations of the
Michigan Central Railroad Company
in 1918 amounted to $l5,711942, an in
crease of s6,S25,555. This compared
with the Federal compensation of SS,-
955, ,1O7.
New-York tribune., 1919-06-06
Syndicate to Underwrite
Empire Gas and Fuel Notes

Plans haTc been completed for the
sale Of S25ooo,ooo bond-sccurcd sink
ing fund convertible per cent notes
Of the Empire Gas and Fuel Company.
the principal oil producing subsidiary
Of the Cities Service Company. Henry
l.. Doherty e. Co., syndicate managers.
are forming a syndicate to underwrite
the new issue.
The notes win be dated June is.
1919, and mature June IL, 1924, and
arc convertible at any time par for
par into fl new issue OF per cent
cumulative preferred stock Of the En-
pire Gas and Fuel Company. The
notes viii be offered at 97H.
Proceeds of the note sale Will he
used in extensions and for develop
mcnt work.
New-York tribune., 1919-06-06
Long Lines Form
To Get Paris Bonds

PARIS, June 5.-The city of Paris
loan was put on sale in 400 Offices to-
day and new queues were seen in the
streets.
Ordinarily only the milk sellers and
tobacconists have lines of patrons be-
lore their doors at opening time. To-
day there was in front of every bank
when IT opened at o'clock lines OF
persons waiting to subscribe to the
new loan.
The issue is for 1,5oO, 100000 francs
at price to yield 4.65 per cent. Hold
ers OF city of Paris short time bonds
were given preference in the exchange
OF their bonds for the new loan and
as result there was only $50 900. .ooO
francs worth of bonds to be sold when
subscriptions opened to-day.
New-York tribune., 1919-06-06
Stock Movement

Yesterdays stock market was highly
irregular at times While some IS
sues were jumping one-half a point
between sales, others wero falling a
point and more between. Toward the
end of the day the entire list became
strong United States Steel sold at
Ito, up 2 points. Throughout the cop
per group were gains os 2 and points
The most active demonstrations were
those in Central Leather with sales of
$4,000 shares at gain of points
Continental Can, which gained 70
points with sales of % 200. Studebaker
which advanced Z, United Cigar Stores
5A, and General Motors 49,
New-York tribune., 1919-06-06
Copper

A prominent interest identified with
the porphyry copper companies yester-
day was quoted as predicting that the
metal would soon go to 20 cents a
pound. He remarked that last month
against production Of 115,O00, 600
pounds at the refneries in this country,
sales were 207,Ooo0oo pounds, thus
working into the surplus He thinks
1t significant that Japan, which has
been producing 800 100000 pounds of
copper year, has just become a buy
er instead Of seller, and has pur-
chased 100000 pounds here. This in
terview may have been partly respon-
sible for yesterdays unusual strength
in the copper shares. But London ad-
vices say that the Australian copper
mines and smelters are closed down
on account Of the large stocks on
hand and the dwindling demand
New-York tribune., 1919-06-06
Stromberg Carburetor Earned
$3.50 a Share Last Year

The Stromberg Carburetor Companv
OF America, Incorporated, reports ne,
profits for the year ended December
81, 1918, of s79,o97, equivalent to s. s.
snare earned on the outstanding 10000
shares of no par value, compared With
S9l8,819, or s6.37 a share, in the nre-
ceding year. No provision has heon
made tor Federal taxation, as the
amount has not been definitely de-
Net sales of the stromberg Motor
DeVlces Company, the entire capitaI
stock of which is held by the strom
herg Carburetor Company. were s2-
loo,3|3. Operating profit after cost Of
sales and expenses was S3s4,7sl.
New-York tribune., 1919-06-06
Maxwell-C Chalmers Plan

Negotiations for the consolidation Of
the Maxwell Motor Company. Inc.
and the Chalmers Motor CORPORATION
were yesterday reported nearer COM
p'etion than at any previous time, and
the terms which the directors of both
companies are considering for the
issue of new stock for the proposed
MAXWELL Chalmers Corporation became
public
If the plan suggested is adopted a
new corporation having approximately
100000 shares of no par value will be
launched, with Maxwell 1st preferred
getting 120 per cent in new stock.
Maxwell 2d preferred 60 per cent and
Maxwell common 70 per cent, and Chal-
mers preferred will get 80 per cent
in new stock and Chalmers common Is
per cent.
New-York tribune., 1919-06-06
Observation-Disclosures

cate which, it IS reported, has offered
to purchase the English assets of the
International Mercantile Marine Com
pany. 1t had been generally assumed
that the Cunard Line was one Of the
leading members of the syndicate. Sir
Alfred said he did not know what
British companies had made the offer.
He made these statements to re-
porters after delivering an address
at the final meeting Of the season
of the Chamber Of Commerce of the
State of New York, where he was the
chief guest
Speaking of the shipping outlook, he
declared:
"The outstanding fact to-day is that
America, with her mercantile marine,
has stepped right into the place which
Germany occupied before the war.
GAS q British ship owner-quite
apart from the ties of blood and bust
ness which unite me to this country
l welcome the change, and l will tell
you why.
"The operation of steamships in for
eign trade is of its very nature inter
national. Lines Under various flags
operating in the same trade must work
together, or in the long run the trade
and prosperity of the world will suf-
fer. With the Germans the scrap of
paper principle was always in the
background; but Americans look upon
business agreements in just the same
light that we do. If we don't mean
to keep them we don't make them.
Moreover, Americans in the past have
always treated all flags alike, without
favor or discrimination, and I believe
that they will continue to do so, be-
cause this is the only basis upon which
international communication can be
freely developed.
THE horrors and suffering of che
great war were brought about by a
narrow and selfish nationalism which
aimed at world domination. l believe
there is higher patriotism which
will make world cooperation its ideal,
and that on the great English-speak-
ing nations is laid the responsibility
OF trying to make that dream come
true"
Sir Alfred represented the employ
ers of marine workers in the threat
ened united strike of the "Triple AL
lance" in Great Britain in February
and March. He narrated the progress
Of the negotiations which led to a
settlement, and said that these con-
cluslons were to be drawn:
Results of Marine Strike
First, employers Of every class of
labor must organize themselves into
associations for dealing with labor
affairs exclusively, with an expert sec
retariat. and there also. should be ma
tional federations of these local as
sociations.
There are three reasons for this:
"To prevent the prehistoric en-
ployer from putting the fat in the fire;
TO prevent the weak employer from
letting you down;
"To enable employers to meet or
ganlzed labor on an equal footing and
without delay.
Second, you must conduct your ne
gotiations i'll such a way that if
strike occurs public opinion will be
on your side. Easier said than done,
perhaps, but real effort to put your
self IN the other fellows place will
go long way to help you.
No great strike can succeed without
support from outside opinion. 1t is the
business Of the employers to make it
clear that they have tried to meet
legitimate demands in an absolutely
fair SDirit -
New-York tribune., 1919-06-06
investment Bankers
Acquire Oil Pronar,;os

J. S. Bache e. Co. and Colgate
Parker & Co., of New York, and Cocb
rane' Harper & Co., of Boston. have
formed syndicate and acquired oil
wells and refining properties in Texas
Oklahoma and Louisiana. New Stool
VIII be issued, it was learned, but de.
tails as to the forthcoming securities G
ana the names of the companies in
vowed are not yet sufficiently formu-
'ated Tor public announcement, it was
said. 90
New-York tribune., 1919-06-06
More Gold From Canada

Gold bars amounting to $500 ooo
arrived at the Assay Office from
ottawa Canada, yesterday for the ac-
count OF j. P Morgan & Co., repre-
sentlng the British government.
This is the second shipment since
'he movement started on Tuesday.
making s12,S0o,ooO that has been
brought IN to date. 1t is understood
'hat the movement will aggregate
about S5O,OOO,OOO. "
New-York tribune., 1919-06-06
Tobacco Products Holders
Get Chance to Suhscr;he

The Tobacco Products Corporation
last night announced that its preferred
and common shareholders of record of
July next would be permitted to sub
scribe share for share for the stock of
the newly organized Tobacco Products
Exports Corporation, which has taken
over the foreign factories and business
or the parent company, at $40 share.
At present the 100000 shares of the
export corporation are held by the
parent organization, which will retain
$4,000 shares. The stock has no par
value.
New-York tribune., 1919-06-06
The Markets
A New High Price

The significant thing about yester-
days stock market is that the loss In
the average prices Of stocks Of Tues
day was more than made up. At
the close Of the day the average of
thirty industrial stocks had actually
reached new high level for the year
and stood at 1OS.SO.
Concerning Secondary Reactions"
Some commentators, who, after the
close on Tuesday, had interpreted the
session as marking the end Of the
present movement, and who had looked
for sagging Of prices and a dimuni-
tion OF activity for a few weeks be-
fore any resumption, were inclined to
alter their views, and wonder whether
Tuesday was not, after all, just a one
day reaction. The rise in call money,
usually assigned as the cause Of the
reaction, had disappeared, and the
rate on Wednesday and yesterday did
not go above six per cent
After such break as Tuesdays,
there is frequently a partial recovery
and then a secondary reaction, "
which, though not as violent as the
first extends over a longer period and
carries prices down even further Bat
this secondary reaction usually comes
for d special reason. On the first
break banking institutions and "strong
interests" put in supporting orders,
to prevent utter decentralization, and
when recovery has set in, they seek
to let go Of these stocks gradually
But there is no evidence that support
ing orders, properly so-called, were
placed in Tuesdays market, and it is
therefore unlikely that strong inter
ests have stocks to sell.
New-York tribune., 1919-06-06
The Dollar in Foreign Exchange

The foreign exchange market was
quiet yesterday and rates were irregu-
lar. Rates on London were firm around
S4-61 7-s for demand bills, but French
exchange declined fractionallv, as did
Italian lire
Neutral exchanges were barely
steady on light trading.
Quoted dollars to the pound.)
New-York tribune., 1919-06-06
Denies Cunnrd Line
Interest in Marine ysooy

Sir Alfred Booth, chairman of the
Cunard and Associated Steamship
Lines, yesterday denied that tn, Gu
nard Line was member of the syndi-
New-York tribune., 1919-06-06
Money and Credit

Call money opened and renewed
yesterday at G per cent for mixed
collateral, and remained at that rate
for the entire session. Loans on all
industrial collateral were unchanged
at ga per cent
A moderate amount of time money
was offered at per cent, but borrow
ers hesitated to bid that figure, and
few loans were made at So.
The ruling rates for money yester
day, compared with a year ago, were
as follows:
New-York tribune., 1919-06-06
Market Opinion
Tremendous Forces

We do not agree with those who as
sert that the present movement of Sc
curities is just II bubble without any
tangible reason or basis in fact. The
truth is that tremendous economic
forces are at work. we sec the same
process AZ was Witnessed after the
Civil War, only the forccn now are
worldwide and Of much greater in
tcnsity. There is a basis here for
continuation Of the present movement
through months TO come.--Huydcn,
Stone 81 Co.
New-York tribune., 1919-06-06
Dividends S
Extras

Fifth Avenue Bank-An extra d,,,,so
OF 90 per cent has been declared in add,'
tlon to the regular quarterly dividend ~
- y per cent. both payable July / TO
st stockholders OF record June so
New-York tribune., 1919-06-06
Observation-Disclosures

/ American Alliance 1ns.
American Cigar
4 American Chicle Com. s. Pfd.
American Meter
4 American Piano Com. S Pfd.
Atlantic Natl Bank
Bankers Trust Co. Stk.
Continental Fire Ins.
Del. Lack. s. West. Com.
f. W. Bliss Com.
Farmers Loan & Trust Co. StS.
Il Fidelity PheniX Ins.
Franklin Fire 1ns.
/ General Baking Com. & Pfd.
Great American Ins.
X. W. Johns Manville Com. II
IntI Motor Stocks
Irving Natl Bank Six.
Kirby Lumber Com. & Pfd.
Home Insurance
Lone Star Gas Stk. & Rigs.
Lehigh Valley Coal Sales
Mohawk Valley
Midland Securities
Niles Benz ent Pond Com.
National Ice & Coal list Il End Pfd.
Otis Elevator Com.
Pyrene manufacturing
Pennsylvania Coal S Cnke
-Splitdorf Electric Com.
SeabOard Steel Manganese
Standard Screw Com.
Singer manufacturing
Texas Pacific Land Trust
Texas Pacific Coal & Oil
Victor Talking Machine Com.
Wrig ht-Martin Pfd.
j. J.k.Rice,JP.&CD,
Phones 4ooo to 4o1o John ss Wall ST. n Y
New-York tribune., 1919-06-06

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 dcalings
New-York tribune., 1919-06-06

Silver.-London, 531sd; New York,
Sl091S Mexican dollars, S4@sSc.
Sub-Treasury. The Sub Treas sury
gained s6,o2O,OOO from the banks on
Wednesday.
New-York tribune., 1919-06-06
No Fundamental Chanve

The situation has not changed fun
danentally and IT will, in my opinion.
be only short time when the market
VIII again be boiling over, IT Is we'll
TO keep IN mind that big insiders can
not unload because they DO not want
70 giTe Up the bulF! Of their profits to
tho government for taxes.-~E. w. Wau-
mer II CO.
Cotton
We think the market has now had
sufficient reaction to favor purchases
New-York tribune., 1919-06-06
London Money Market

LONDON, June 5--Closing rate for
money, 2s4 per cent Discount rates
were: Short bills, 81 per cent; three
month bills, 3as per cent. Gold prem
iuu1s at Lisbon, 10000.
New-York tribune., 1919-06-06

Bank Ciearings.-Bark clea7ings yes
terday we're:
The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-12-26
.FAVORS RENEWAL OF
JAP'-ANCLO ALLIANCE

TOXIC, Dec. 26.--Marauis Shigenobu
Okuma, Japan's venerable statesman is
strongly IN favor of renewal Of tbe
Anglo japanese alliance which expires
in 1921.
Revision of the provisions should be
made In consonance with the REQUIRE
ments Of the new world conditions. he
says, but the fundamental principle OF
the alliance, that both England and
Japan should maintain peace In The Far
East and in India and protect their mu.
tual interests, should remain IN
changed.
"With America and Great Britain as
It's center, the leagLc OF nations can be
said to have greater possibility than
the holy alliance he continues. Con
sequently II both countries act with mu-
tual consideration the league may be
influential. Once these countries run
counter to each other, however, the re-
suits can not be predicted. We can
rot see at present the absolute stabflity
of the league of nations
THE league of nations can not secure
the complete abolition Of armaments
and all the nations are now striving for
the protection Of their national dc
lenses"