davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 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
ent 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.
"We must revise our point of view
about foreign credits. Our banks can
New-York tribune., 1919-04-20
TELEPHONES:
Beekman 5000
Beeknan 8243
Franklin Sails for
Europe; New Shin
Deal Reported
Mercantile Marine Head F.,
pected to Reopen Negotis.
tions With British Svna;
cate; Talk of Comh;n.

P. A. S. Franklin, president ot ;,
international Mercantile Marine a..
pany, sailed for Europe yesterdap NJ T,"'
announcement of his departure j.
eluded the statement that his tr;r
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- thoss s~
viously determined upon between ~ ~
company and syndicate of ErsEss
capitalists, the way was left orua
a resumption of the latter ron neao,, l0t
uons. 1t was reported IN tha ss~ sss.a-
eial district that Mr.. Franklin as nas
gone to London for that purpose ""'
Report Not Denied
inns report was not denied hv ,ho..
VINO are convcrsant with lnterna.,avS11 taSs1
Mercantile Marine affairs. tn" S''s' Tns
nne was told it was logical 10 assna'. a,so'
that the head Of the comnanv sssno S~.,a
ms stay on the other side would .as,mg sonmg
out british interests on the mst.ns
OF acquiring the ships and Other h@'"' "
sets OF the English subsidiaries TS, 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 as tbasS
could not now be arranged. OWN, 80
the decline in shipping rates since ,bO W
signing of the armistice and nred;n.
tlons that by next fall 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 of
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 bus
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., 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 ..... 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, 77hc, 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. ....... 4t
Eligible noD-membcr banks. ~.
Ineligible bank bills
New-York tribune., 1919-04-20
Relevant Comment
The Dav's Market

Buying orders for stocks accumu-
lated in large volume over Good Fri
day, and their execution yesterday i'm
parted vigorous strength to the mar
ket. Industrial specialties featured
trading, although standard shares were
also strong.
Steel common advanced ~. net TO
99es, while the other steels were firm.
Coppers We're fractionally higher In tht
Industrial speciality list American Steel
Foundries gained ~ points, National
Enameling ~ United Drug 10, United
Cigar Stores 4, L. s. Cast Iron Pipe
2l8. Harvester 2ls, and loose-Wilc'
IS. United States Food Products
went to ls's up 3ie
There was an active speculation IN
the motor shares, with Studehaker lead
ing at an advance o. 5ts points az 7+'s
Kelsey Wheel galned g, chandler Mo
tors 3, WHY'S Overland pa, Stutz ~
and General Motors Ia Among the
strong oil shares were Mexican Pc
troleum, Royal Dutch and Pierce Oh
Leather shares were prominent. bota
classes of InternationaI Mercantile Ma
rlne stock closed substantially higher
Bonds We're fairly active ami The lib
erty Loan ISSUES about held their own
New-York tribune., 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
ning, It IS stated, about $4 per share.
IN addition, the trustees have spcnt
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 $6S. or about 500
more than the prosont market price"
New-York tribune., 1919-04-20
Wcsl Columbia Now
Important Oil Field
Rapid Progress Reported in
Development, of District;
Flood of Cheap Oil
.Fndncjdi 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 tbo
navy and the merchant marine at
prices ranging from $l.1O to SIS5 a
barrel. 1t will mean that this quantitv
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., 1919-04-20
Gulf Coast Oil Pipe
Lines $50 Miles Long
Value Estimated at $4,000. 900
by the Mexican Gov
crYment
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 75O 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., 1919-04-20
See Steel Price Agreement

Announcement that President Wilson
had requested the industrial board ana
the railroad administration TO settle
their differences over the steel price
programme accepted hy 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., 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 $g74 share.
earned in 1917. Holders Of the common
stock shared s525000 in dividend dig-
bnrscments, leaving satplus Of s233,-
S57.
New-York tribune., 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., 1919-04-20
Combine Cotton Planting
With Oil "WiId-Catting
Financiol Bureau

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;: Z;
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., 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., 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., 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., 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 time 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., 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-
tionS 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-
tion would have had to be in n sorry
state indeed to have enabled it to
decline on that.
New-York tribune., 1919-04-20
OPENS New rarls Omee

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., 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 4%s must go to pre-
MUM with them. The modest holder
will enjoy the same advantage as
the rich
New-York tribune., 1919-04-20
Current

TIC above rates express the cost Of
foreign money in terms of the Amer
can dollar. You buy an English povnd
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., 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., 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., 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.
New-York tribune., 1919-04-20

The problem is a huge one. The
War Finance Corporation is empow-
cred to lend exporters only $1,000,-
100000. That amount would have
been consumed in the last three
months alone. The need for the pri-
vate purchase of foreign securities
and the formation of 'investment
trusts" or holding companies, to ia
cilitate that operation, becomes
more pressing every month. Europe
cannot pay us in gold. At the pres
ent rate Of production it would take
as many years for Foreigners to dig
81 ,l00,000,000 of gold as it has
taken us months to pile that debt up
against them. Europe cannot pay
US in goods until her Industries are
reconstructed. If we would main
tain our marvellous sales abroad we
must extend foreigners credit The
purchase of foreign securities is our
great resource.
New-York tribune., 1919-04-20

Oloslhg rates yesterday, compared
with week ago, follow:
(Quoted dollars to the poundO
New Britain herald., 1919-01-01
OPPOSE BIG NAVY.

Washington, Jan. 1.-That Repub-
licans in Congress will oppose Secre-
tary Daniels naval program on two
points became evident. E.
Firstly, they will, insist, it must
be entirely upon a paper basis, as
present plans cannot be executed for
years.
Secondly, they will assert that Mr..
Daniels submitted his big prospectus
at this psychological moment, expect
ing it to have an effect on the atti-
tude OF Great Britain in the Peace
Conference toward questions of dis
armament and naval supervision.
The Republicans propose this agi-
tation solely for the political advan-
tage that may accrue to them. The
Democrats believe this will prove a
dwindling asset.
A claim that naval experts at the
Peace Conference would discredit the
suggestion by the Secretary that he
wanted the greatest navy in the world
was made by Representative Britton,
Republican member of the committee,
who declared the officers asked for by
Mr.. Daniels are not in correct pro-
portion to the number of enlisted
men, and that the personnei viii be
Too srlaally
New Britain herald., 1919-01-01
Sailor Killed, Another Wounded
and Several Citizens Injured
OUT FOR NEW YEAR FROLIC
Saamen and Soldiers Loot Shop Win
GioWs and Procure Weapons at
Fire to Qucll Disturbance.

Norfolk, Va, Jan. lone sailor
was killed, another dangerously
wounded, and several citizens received
minor injuries early today III a ols-
turbance which started after a mid
night frolic Of enlisted men from the
arny and navy on shore leave.
While the streets III the business
section were filled with crowds cele-
brating the New Year, men in uniform
field UP street cars, hurled missiles
raided restaurants and looted show
windows and pawnshops from which
weapons were obtained. The police
opened fire on number Of men
caught looting jeWelry store window,
after which fighting became more or
less general.
F. II. ROsSen, n seaman, stationed
ct the naval base, died at u hospital
from a bullet wound in the head j.
F. Carroll, & chief petty officer. was
stabbed in the body, and Bryce Gus
ter, q seaman, in the leg. Only one
arrest was made, Charles Haric, Il
seaman, being held on the charge of
housebreaking.
y navy provost guard aided the
police in dispensing the crowds and
Queting the disturbance. According
to the police, appeals to the naval
authorities for further assistance
brought no response.
New Britain herald., 1919-01-01
INSPECTORS LAID OFF.

sSeveral government men at the New
Britain Machine Co. have been laid
off temporarily awaiting the govern
mepts action on the war contracts
now in the hands of the company.
Capt Henry f. Welch, in charge of
the work at the factory, stated today
that the work will probably continue
for some time and these men laid off
now may later be taken on again. A
conference is being held in Washing
ton, at the conclusion of which, an
nouncement as to the policy of the
government regarding these contracts
will be made. If it is decided best to
cancel the orders, it is probable that
the layoff will be gradual, and the
entire force of inspectors will not be
discharged for at least few months.
New Britain herald., 1919-01-01
MISS GhCE PERKINS DEAN.
descendant Elder Brewster of May
now, Passes Away.

Hartford, N. Mrs. Grace Per
kins Dean, Wow of Prof. Philotus
Dean and a finer resident of Pitts
burgh, died 9 her home. 16 Park
lerrace' TINS orning after a brief
illness.
one was oorTin Middletown, April
4, 1929, and wa a direct descendant
of Elder WiIlisu Brewster of ,ba
Mayfiower. \.
Mrs, Dean wasan @ypert eeneoIo-
gist and at one the was Registrar cf
NUN mart chapel d. a. r. of Meri-
den. At the timaof her daatb sha
"aS q nleHlper of tutn Wyllys chap
ter of Hartford anAf Center cl,,rcb
For many yearslr husband was
astronomer at. the keghenv ohsarya-
tory in Pittsburgh III was prinicnaI
OF the Pittsburgh IN school at the
time of his death
Mrs. Dean leaves tkson. woodard
Dean of Chicago, and 4laughter, Mrs
"0fo D. PEARSON OF artford.