davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1919-04-12
General Motors Adopts
Workers Savings Plan
Employees May Become Share
holders in Company Under
New Scheme

An "employes' savings fund" has been
adopted by the General Motors Cor
poraton, which will afford employees
the opportunity to become stockholders
on partial payment plan. Any one
who has been in the service of the com
pany or its subsidiaries for three
months or moro may pay into the fund
each year an amount not to exceed 10
per cent of his annual wage or salary
and in no event is the amount paid in
to exceed $500.
AS part of the scheme the company
will also establish an "employes' in
vestment fund.- into which win be paid
an amount equal to the total net pay
ment made by the employees. The com
bined funds Will then be divided into
yearly classes, and each class will ma
ture five years from the date of its
formation. The amount paid into each
class of the investment fund viii be
credited over a period of five years,
with the individual employees partici
pating in the spending class in the
savings fund.
The General Motors Corporation. &C
cording to the official announcement of
the savings plan, intends to rcinvest
the investment fund, probably in com
mon stock, "although if this is not
readily obtainablc the investment will
be made in such other securities as in
the discretion of the board Of directors
may seem advisable"
New-York tribune., 1919-04-12
Bankers Agree
To Finance Roads
Another Month
War Finance Corporation
and Private Institutions
Will Have to Lend an
Additional S6O,OOO.O 900

WASHINGTON, April IL Bankers,
railroad executives and Director Gen
eral Hines, in conference to-day.
agreed to cooperate to care for May
financial requirements Of the railroads
along the same lines followed in pro-
viding for April 1 requirements.
Gas a result of the conference" D."
said railroad administration state
ment, "the Director General announced
that the policy with reference to the
April | needs of the companies would
be followed Of issuing his certificates
Of Indebtedness to the railroad COM
panies for amounts due on account Of
rental and other transactions arising
out Of Federal control"
Participating in the conference were
Swagar Sherlcy, new director Of
finance Of the railroad administration;
bankers from various parts Of the
country and officers Of the War
Finance Corporation.
AS soon as details Of the May l re-
quirements can be worked out the War
Finance Corporation will make further
advances to the railroads on security
Of the Director Generals certificates
of Indebtedness.
Requirements of the railroads for
May l obligations amount to about
$10O,OOO,O00 Of which $6O,OOO,OO0 rep
resents debts of the railroad admins
tration due individual railroads, for
which certificates Of indebtedness will
be issued, and $40,OOO,OO0 represents
securities falling. due, which probably
can be extended The War Finance
Corporation and banks consequently
will be called on to furnish about
$60000,O00.
The bankers and railroad executives
attending the conference discussed the
desirability of special session of Con-
gress to deal with the railroad fnan-
cia! situation through an appropriation
which would take care Of obligations
developing after May /. Railroad cx-
ecutives said this discussion was in
formal and that it was generally
assumed by the cQnfcrrccs that a spc-
clal session would be called in May.
No definite recommendation for an
early special session was made.
New-York tribune., 1919-04-12
Wealth. Markets-Investn1ents G IS
RelevantCon1n1ent
The DAVIS Market

1t was another day of declining
prices on the Stock Exchange. The
opening was irregular and some OF
the industrial stocks developed
strength later on, but the whole list
was forced to absorb heavy realizing
sales in the afternoon. These offer
ings caused substantial recessions
from the high prices of the day, and
the closing was highly irregular. Deal
ings again exceeded million shares.
Despite the fact that it was the
second day Of the decline the market
offered stubborn resistance to the sell
ing, and there were times when i'm
portant recoverics took place. Some
of the strong spots were the shipping
shares, the motor and motor acces-
sorics issues, American Linseed, Dome
Mines, Bethlehem Steel and Midvale
Steel. Oils were irregular, Texas Com
pany advancing l u points, while Royal
Dutch fell below 90. Steel common
declined from 50 TO 9712, and closed
I. off, at 98ls.
There was active trading in the
Liberty Loan issues, without much
change in prices. Other bonds were
steady.
New-York tribune., 1919-04-12
Cotton Growers
Not Boosting Price
Says q. S. Report
Production Restricted to
Guard Against Disaster,
Says Secretary Ousley Of
Agriculture Department
Washin gton Bureau
Nc,r HOrl- Tribune


New Y0rl; Tribune
WASHINGTON, April 1.-THE move
ment backed by the Southern Cotton
Growers Association to restrict pro-
duction was declared here to-day to
be animated not by desire to main
tain abnormally high prices through
the creation of an artificial shortage,
duction and resulting disaster to the
cotton industry of the South, in a
statement made by Clarence Ousley,
Assistant Secretary of Agriculture.
Governor Henry j. Allen, of Kansas,
and members of Congress publicly
have charged that the move to cur
tail production was an effort to main
tain high prices, and have further de-
cared that the Southern Cotton Grow
ers' Association in trying to create
an artificial shortage through restrict
of the Sherman act and should be
prosecuted. Thus far the Department
of Justice has taken no action.
Secretary Ousley IN reply states that
the cotton growers of the South face
certain overproduction which may
reach such proportions through the
continued isolataion of European
markets and an abnormally high yield
this year that disaster may follow.
Such development, he points out,
would not only work untold hardship
on the cotton growers, but it
would ruin many banks in the South
which have been carrying the crop by
loans made on the basis of abnormal
war prices.
While the Department of Agriculture
mas not participated directly in the
move to restrict cotton growing in an
ticipation Of this condition, Mr.. Ousley
states, it has ccunsclled the farmers
OF the South TO plant increased acreage
in food and feed crops. Mr.. Ousley's
statcment reads in part:
,,n,A w ME- & the cosy Of producing cotton
under present circumstances has not
been completely calculated for each
region oil the cotton belt, dependable
estimates have been made in several
regions, and at the present price Of
za,3 cents to the farmer cotton affords
but little, if any, profit If the crop of
1919 should exceed consumption by a
million or two bales and add to the
carry-over that much more, the prob
ability is that cotton would decline
considerably below the cost of produc-
ton. That is why cotton farmers are
sollcitious and why bankers and mer-
chants IN the cotton belt who are car
rylng cotton on a credit basis quite
above present quotations are taking
thought of the value of their assets, as
they will necessarily be affected i'm
mediately y by the acreage and later by
the yield of 1919.
"The Department of Agriculture has
not presumed to instruct cotton farm
ers as to the precise acreage they
should plant, but it has taken pains to
inform them. as best it may, as to the
supply and the probable demand, and
has urged that each farmer make sure
the production of his own staple food
and fed supplies, because the hunger
and the disorganization of a large part
of the world are such that food and feed
supplies. will! be in great demand at
high prices"
New-York tribune., 1919-04-12
Organize to Promote
u. S. Mexican Trade
Chamber of Commerce Body
viii Also Work 10 Encour-
age Friendly Relations

The New York Group of the Ameri-
can Chamber of Commerce of Mexico
was formerly launched yesterday to
promote trade between the United
States and Mexico as we'll as to en-
courage friendly relations between the
two countries. The organization was
perfected at luncheon at the McAlpin
Hotel attended by thirty-sx merchants
and manufacturers.
James Carson, of the National Paper
and Type Company was chosen prcsi-
dent Of the new organization. The
other officers are J. A. Lewis, vice
president Of the Irving National Bank,
president; c. K. Austin, of the
General Equipment Company, vice
president, and Manuel Gonzales, Of the
National Association of Manufacturers,
secretary. The parent body is located
in Mexico City, and the new organiza-
tion consists of nonresident members
of that body in all parts Of the Unitcd d
States
New-York tribune., 1919-04-12
Com M @ q les
| N d IL S tri al
Cotton

Cotton was higher yesterday. On
the call prices were up 4 to SO points
above Thursdays closing. Heavy rains
in the eastern belt and strong Liver
pool cables were given as reasons for
the rise. Wall Street houses and ac-
tual consumers bought freely. Towards
midday the market reacted, prices
dropping back to within about l2 points
oil the previous closing. This was said
to be due to liquidation by spectators.
The market soon steadied and business
became quiet. Closing prices showed
net gains of II to 23 points
Improved demand for low grade cot
ton was reported. Cotton yarn dealers
declared that good progress was being
made in educating consumers to the
use of lowgrade yarns. That actual
consumption OF cotton is increasing
was indicated by figures compiled by
the New Orleans Cotton Exchange.
Total exports from ali ports yester-
day were $500 bales. Of this, 60 bales
were going from New Orleans to Eu-
rope and 1916 bales from New York
to Europe, while 1894 bales were 60
ing from Pacific ports to Japan and
China.
The Department of Commerce re-
ported yesterday that exports Of do
mcstic cotton from August I, 1918, to
February 90, 1919, were 3,OS3, 1916 bales.
This figure, when compared with that
for January 81 last, shows exports for
February of ,523 bales.
In the spot market middling upland
was quoted at 2845, decline of 5
points. Last years price on the same
date was 1880. There were no sales.
The range of prices TO rfuture con-
tracts follows:
New-York tribune., 1919-04-12
Sees Increased Public ParticjDat;on

THE activity and strength in the
market" says c. c. West, of T. B.
Kcech e. Co., "is due to increased pub
lie participation. There is a prevail
ing belief that the country is about to
enter upon a period of great CONNER
cial prosperity and Wall Street is dis
counting that consensus of opinion now.
Notwithstanding the fact that the ma
Jorlty of orders are on the buying side
our loans have increased only slightly.
due to the fact that very considerable
part of the stocks bought are taken up.
Inc recent large increase in the stock
holders list OF the United States Steel
Corporation is evidence of this. Pub
llc sentiment is confident and a rise in
market values is not due to manipula-
ton, except in individual cases and to
a small extent. Many corporations are
earning far in excess of their dividend
payments and their stocks would have
been considered cheap at going prices
prior to the war. The present crop
outlook is beyond all precedent, and
large crops are the basis of the coun-
try's prosperity"
New-York tribune., 1919-04-12

Director General Illness state
ment on the subject of steel prices
contains little that is Illuminating.
He says that the steel prices are
excessive. He does not Indicate
how much nor why. Like Secretary
Redfield, he is possessed of the
notion that prices must come mate
rally down; and his ideas 90 be-
yond Secretary Redfeld's. Does he
mean that the present price level
Of $63.49 (the average of eight
leading steel products) is excessive
compared to the prices of $74.33
which the government itself fixed in
war time? Does he mean that it is
excessive compared with the level
of S119.69 reached in July, 1917?
Perhaps he means that the Indus
trial Board prices are excessive in
comparison with the S36.49 level of
1913. But he must surely allow
something for the rise in that period
of 169 per cent in labor costs, which
constitute, according to Judge Gary,
IS per cent of the total cost of pro-
duction.
New-York tribune., 1919-04-12
Iower Freight Rates on
Materials Coz. pnhIic Wo,.L 6

WASHINGTON, April 11-Reduced
rates on road building material for
Federal, state, county or municipal
work were ordered to-day By the rail
road administration. All railroads
were authorized to cut without filing
tariffs, 10 cents a ton from regular
rates exceeding 40 cents ton, On all
shipments of broken, crushed or
ground stone, sand and gravel Stag,
shells, chats and cherts, where the
benefit of the reduction would accrue
to the Federal, state or local govern
ments.
Director General Hines took this ac-
ton after conference with tho depart
ments of Agriculture, Commerce and
Labor, all of which are playing a part
IN the road building campaign and re-
gard 1t as an important feature of the
readJustment period
The reductions are authorized for
the period beginning May l and end
ing December 81, next
New-York tribune., 1919-04-12

a special investigation of it. The
reductions of 10 to IA per cent in
steel prices were rather sharp, con-
sldering that wages were not re-
duced. Mr.. Hines does not say that
the prices are slightly too high. He
says they are "unreasonably high"
That sounds as if he is looking for
something drastic. But can he
expect such reductions in price
without a corresponding reduction
in cost of production, which means
wages? Yet, surely Mr.. Hines does
rot contemplate reduction in
wages. He himself has just raised
railroad wages $65, 100000. The
average wage of men on train crews
IS now $40 week. The average
wage paid in 1918 by the United
States Steel Corporation was S32
a week. Mr.. Hines most certainly
does not want to have steel mill
wages reduced in order that the
railroad administration may effect
savings enabling it to have railroad
wages raised. Or is he Interested
not in the fate of labor as a whole,
but merely in his own workers, leav-
ing the steel companies to manage
theirs as best they can?
New-York tribune., 1919-04-12
Sinclair Oil Shares Active

Sinclair OIL and Refining shares
moved UP to their highest prices ycstcr-
day since their admission to trading
On the Stock Exchange. The top mark
of the session was 50H, and at the
closing quotation of 49la, a net ad-
vance Of 3'2 points had been record
ed. The turnover in the stock was
surpassed only by U. S. Steel and
Bethlehem "B." The opinion in scmi-
official circles was that yesterday s
upswing was caused largely by short
covering by sellers who had concluded
that the recent rise to as had con-
cluded the movement from below 40.
The company has outstanding approx
imately SlS,000,000 of per cent notes,
to which are attached warrants en-
titling the holder of each $1,000 notes
to subscribe to twenty-five shares of
stock at $47.50 a share The notes
with the warrants attached are now
quoted around 105, while those with
the warrants detached sell about s
points under that quotation.
New-York tribune., 1919-04-12
--------------- ---
FINANCIAL BUREAU,
Tribune Building
l54 Nassau Street
Finance . Economics

w ,,0pyrisht 1919. New York Tribune Inc)
Inc net outcome of Yesterdays
irregular market was to leave indus
tr'aI stocks practically unchanged,
and railroad stocks fractionallv
lower The movement in the latter
group was clearly the result of the
increase in wages announced yester-
day morning. The more pessimistic
cite the opinion that an increase in
freight rates is soon absorbed bv an
increase in wages, but an increase
IN wages does not lead to an in
crease IN freight rates. Such opin-
IONS the stock market itself does not
take seriously. But the circle of
wages and rates in recent years has
seemed disquieting.
New-York tribune., 1919-04-12
Bethlehem Steel Common

According to an analysis of the fnan-
clal position of the Bethlehem Steel
Corporation, made by Hirsch, Lilienthal
q Co.. the book value of the common
stock based upon balance sheet figures
approNimates S218 per share, of Which
$l36 ls attributable to the increase in
surplus account between 1915 and 1918.
and the remainder measures the pro
1915 w
New-York tribune., 1919-04-12

The decline in Steel common to
81 u was probably in large part the
result of the weakened technical
position in the stock created by the
driving in of short sellers Yesterday
when the issue reached a high price
for the year at 100sl. It's weakness
contrasted with the 31s point rise
of Bethlehem Steel issues. There
were some rumors that the Bethle-
hem company had offered to sell
steel rails to the government for
less than the Steel Corporation; but
such rumors seemed to have their
basis largely in the stock market
movements.
New-York tribune., 1919-04-12
NO Over Expansion in Loans

Speaking of the general market
situation, Paine, Wcbber & Co. say:
notwithstanding great activity and
the sharp advances in many stocks the
technical position of the market is
surprisingly good in this respect that
tnere are no evidences of over-expan-
sion IN loans of representative broker
age commission houses and no indica-
tions Of pyramiding by clients of such
nrms. Large operators have assumed
ana maintained an aggressive attitude
on tne buying side OF the account. This
etonS'ructive attitude fairly represents
the opinions of well-informed inter-
eStS" '''~i
New-York tribune., 1919-04-12
High Lights

Discussing the market action Of indi
vidual stocks. w. l.. Hensley, of L. W.
Wagner d &C., says: Il like the man
ner IN which Bethlehem Steel acts. 1t
gives the impression that Mr.. Schwab
mad effected coup when he was in
Europe a few weeks ago Operations
IN United States Steel give no encour-
agement to the bullishly inclined, but,
on the contrary, seem to invite fhe
short seller. The technical, as we'll as
the fundamental position of Baldwin
Locomotive and American Hide &.
Leather appear to be exceedingly favor
ablc FOR big advances
New-York tribune., 1919-04-12
Money, Credit and Exchange

Call money was loaned and renewed
yesterday at per cent for mixed col
lateral, and remained at that rate
throughout the day. Loans on all-in-
dustrial collateral were one-half of l
per cent higher.
The time money market is narrow
ana quiet. Loans are mostly confined
to renewals at 524 per cent. Bankers
are asking per cent for new money.
Yesterday. Year ago.
Per cent. Per cent.
New-York tribune., 1919-04-12
Pacific Coas, Jcbbcrs
Export Drygoods Frccl,

A travelling salesman, just returned
70 New York after visiting number
OF Pacific Coast cities, stated yesterday
that Jobbers of drygoods in that sec,
tlon Of the country were doing thriy-
ing trade with Manchuria. the Philip
pines, and tho Pacific ports of South
America. He also asserted that veasoI
space IS more easily obtained on the
Facifc than on the Atlantic Ocean.
New-York tribune., 1919-04-12

Figures which have particular
bearing now that government off,
cials are striving to put into prac-
tice certain price theories, have been
collected by the Boston News Bu-
reau. 1t is the opinion Of the news
bureau that business is going ahead
on the basis Of present high costs.
After the Civil War, it points out,
commodity prices declined from
1886 to 1879 with little interrupt
ton, but never in any one year more
than 8 per cent of the high price
established in 1866. At the time
of the Napoleonic wars, English
commodity prices, which had risen
enormously from 1889, reached
their climax in 1909. From 1909
prices declined until 1924, inter
rupted by sensational rally in
1916 and 1877. In no one year did
prices decline more than lis per
cent from the high of 1909.
New-York tribune., 1919-04-12
Would Take Profits

In their weekly review of the market
Clark, Childs & Co. sum up the situa-
tion in this fashion: "At the momen.
the disposition is to curtail speculative
compliments and to accept reasonable
profits in securities 1t has been too
much speciality market for full safety
and seems to have been in good dcal
of hurry to discount Paris and local
Developments that are still far Off"
New-York tribune., 1919-04-12
Funds for Cotton Export

1t is expected that the $50,ooo,000
cotton exporting corporation, in process
of organization in the South, with
Southern bankers and cotton growers
as its sponsors, will make use Of the
$1,000, 900 600 fund authorized by the
recent Victory Liberty Loan act to
finance American exports. According
to bankers the new cotton corporation
will obtain large credits from the War
Finance Corporation, which will have
charge of the billion dollar export fund
to be raised, which viii enable the cot
ton growers to extend long term
credits TO foreign buyers Of American
cotton.
New-York tribune., 1919-04-12
Steel Issues Favorite

Speculative interest in the market
yesterday convcrged upon Steel com
mon and Bethlehem Steel B. Deal
ings iii Steel approxmated 100000
shares; in Bethlehem around 100000
shares. The latter advanced 8 1s points
net, while Steel common acted rather
"sloppy,' in the parlance Of the Street
There we've enormous profit taking
sales in Steel, and observers said the
stock did we'll TO hold up in the face
Of these offerings.
New-York tribune., 1919-04-12
Market Opinion
4 Political Market

Halliburton Fales, jr., of Hartshorno.
fales d Co., said yesterday: "The
market IS IN similar position to that
existing in the period prior to. the
signing Of the armistice-a market
winch IS likely to have, from now on,
sharp fluctuations with an upward ten,
aency until the signing of the peace
agreement. The market of the last two
;Ion.hs mas been political market,
ments."
New-York tribune., 1919-04-12
Paris BOursc Steady

PARIS, April 11.--Prices were steady
on the Boursc to-day. Three per cent
rcntes, o2 francs 20 ccntimes for cash; !;
exchange on London, 28 francs; 5 per
cent loan, 80 francs l5 centimes. The
dollar ranged from francs 81 confines
10 francs a ccntimcs.
New-York tribune., 1919-04-12
Orchard and Field
"a "a sAiAo a fN
Yesterday \ year ago
Beans ma
livestock, Meats, Provisions

=. Following yestcrday's prices. compared VIZ
those q: a Year ago
yctcrLay yeSr ssa
I've stock. ,eirt -
prime. loo n. si4.co @sts.so $3.50 @sts-@
pr.sScd beef sides. all.
to prime j 90 h 1900 q 1900 u.co 75
Drtssed s,als. city. 80
live ewes leo ID 1905 q i4.oS is.oo q I4ea
irmr. leo b. .t7so a ta.so 2aoo a si.oos,
Dressed mutton. 10 20 G -26 20 q -
Dressed lambs. ely.
10. .......--... .2S o. -5S rs @ ~
EcsS. LOO ID. .2000 "a 2o.50 iS.75 q -
con-" con. ill., '''f' b''' va, .?sno 1850 .1ssi
Atess becs hNl. 80 co % - si.N1 G GN
Mtes pork. bill. -. 81 90 90 $3.50 100 q 5s.W
l-Srd Aid. W. Il. $3.50 q 26.n5 q 2S-is
New-York tribune., 1919-04-12

Perhaps his contention is that the
fixed prices are too high in relation
to present costs of production. But
the Industrial Board ought to know
as much about that question as Mr..
Hines, forsthe Industrial Board made
New-York tribune., 1919-04-12

American commodity prices Brad
streets index number) are already
Oft IL per cent from the high of
1918; British commodity prices
c"London Economist index) are
off 8 per cent. The news bureau
might have added that whereas COM
modify prices have declined per
cent in the five months since the
armlstice, they rose only 2 per cent
IN the first year of the European
war. 1t took four years for them
to double, under the stress of war
conditions.
New-York tribune., 1919-04-12

The above rates express the cost OF
foreign money in terms of the Amcri
can dollar. You buy an English pound
sterling, say, at s4.58. The intrinsic
parity IS $4ssbs per pound Thus, you
say either that pounds are at dis-
count or that dollars arc at a premium
which is owing to the fact that in Eng
land the demand for dollars with which
to settle accounts in this country is
greater than the demand in this coun-
try for pounds with which to settle
accounts in England
New-York tribune., 1919-04-12
Morgans Not Interested in
japanese Shin Concern

A report that j. P. Morgan had
identified himself with group Of
Japanese capitalists in the organization
OF d $100,000,000 Japanese American
steamship concern was denied at the
Offices of Morgan & Co. yesterday.
New-York tribune., 1919-04-12
DIVIDEND NOTICES
;APULPA REFINING COMPANY

New York. April II. 1919.
a dividend Of 214so on the Capital Stock
of this Company has been declared. paya-
BILE May 1st 1919. Transfer Books eiosa
April ls, 1919. and open on May End, 1913.
L y. OPPENHEIAfER. Secretary.