The sun., 1919-09-12
Ample Foreign Inquiry.

This same official declared that there
IL plenty of foreign business at the dis
posal of the equipment manufacturers
II they choose to take it. The whole
question of the foreign business he de-
clared, has resolved itself down to meth
DDS OF payment. The foreign govern
nents are unable to buy for cash at this
| time, he said, because OF the tremendous
discount here on foreign exchanges.
These purchasers would rather pay for
their equipment in paper which would
mature In five, six or seven years, OPP
Grating on the theory that the exchanges
will have equaliZed by that time. There
is plenty of foreign business he reiter-
ated, If the manufacturers here are will
ing to take any and all kinds of paper.
No progress has been made in the for
nation of a new equipment combination
Tor export business under the Webb act,
it was learned, although seven of the
leading companies are comforting con-
stantly on the plan. IT was learned also
that the Union Tank Line Company,
which has purchased no new equipment
in two or three years has asked the
car building companies for bids on 1000
tank cars the tremendous business in oil
having made this expansion necessary.
Leading equipment manufacturers esti-
mate the probable cost of this order at
between sz,UVU,UUU anu SotuUV,uUu.
Hide and Leather's Plan.
In connection with the rise OF more
than points in Hide and Leather pre-
ferred In the last fifteen minutes OF
trading, 1t was learned that the presi-
dent of the company has selected the
personnel of the committee to decide
on n plan of disqualification to take
care Of the back dividends on the pre-
ferred. 1t is understood that this COM
mittee will report at the October meet
ing. The common advanced rs from
the low Of the day, but it was said
that the issue had by no means re-
sponded to the statement that the new
plan must be equitable to holders of
the common stock owing to the fact that
"A two thirds vote of the Junior issue is
required. One plan under consideration,
which is admitted to be equitable by
some of the common shareholders, is
for the company TO issue in lieu of the
back dividends $500, 900 new preferred
which is the amount of bonds that has
been retired. II this is done the capt.
talization would be S21, 900, 900 preferred
and $11,50O,00o common with an early
prospect Of dividends on the latter ISSUE
The Academic Reporter.
Every now and then there appears
in some contemporary of this column a
long article to the effect that negotia-
tior are about completed for the ex-
tel. on of long term credit to some
European country. AS it is we'll known
that every country in Europe needs all
the credit 1t can get from bankers in
the United States and as it is equally
well known that only bare commercial
requirements can be filled in advance of
the ratification OF the peace treaty,
bankers who sit on the lid where foreign
credits are concerned characterized the
reports of negotiations as academic"
and the term academic reporter" has
entered the nomenolature>o of Wall Street
Outside of the $25,000,000 renewed ac-
ceptance credit to Belgium and the ex-
tension of individually small but collec-
lively large credits in several commercial
lines to every consuming country in
Europe, the efforts are concentrated on
so preparing foreign credits that they
may be concluded as soon as the peace
treaty be ratified and on attempts to
influence investors here to buy securities
and offerings in European markets, TAX
ing advantage of the low exchange.
London Money Market.