davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1919-08-01
Plan to Ration
Money for Stock
Market Purposes
Bankers and Stock Exchange
Officials Confer ON Credit
Situation; May Appoint
Committee

Bankers and representatives Of the
New York Stock Exchange are working
on plans for rationing the supply of
money available for stock market uses.
After several conferences it has been
tentatively decided to appoint a joint
committee of the Stock Exchange and
the New York Clearing House, which
will receive daily .cports from the
banks as to the amount of money avail
able and will endeavor to apportion
this among the brokers. The proposal
is result of the insistence of the
Federal Reserve Board that credit be
conserved for productive uses, and
that it's use for speculative purposes be
discouraged
The credit situation has been becom
ing increasingly acute. Tremendous
business activity has absorbed funds
rapidly, while advances to foreign
countries have taxed the countrys
banking resources, and it is the general
opinion of bankers that if America is
to provide the credits that are neces-
sary to aid Europe in reconstruction
and to sustain our foreign trade money
must be conserved for essential uses.
by the banks yesterday caused a Sc
we're squeeze in the call money market
in Wall Street, rates on such loans
soaring to 20 per cent in the afternoon,
equalling the high record level made on
the furry of several weeks ago.
The calling Of loans was attributed
to the maturity to-day of the $751;
600 900 Capadian loan and the paying
off at the same time of the $94,5O0,0 900
American Foreign Securities Company
maturity. At the same time the normal
August l corporate requirements added
to the burden of the banks, necessi-
tating the pulling down of outstanding
loans. j. p. Morgan & Co. and other
banking institutions were reported to
be calling in portion of their loans
against Stock Exchange collateral.
Announcement was made during the
day that La2afd Freres, following the
recent action of the FIRST National
Bank and the Guaranty Trust Com
pany, had abolished the diff rental in
rates between mixed collateral and all
industrial call loans.
New-York tribune., 1919-08-01
IeutOns Fear
Trade Starvation
Without U. S. Help
Berlin Bankers Say Ger
many Has Nothing Ac-
ceptable With Which to
Pay for Needed Imports
Ne1D York Tribune
.SDeciuI Cable Service

Copyright 1919 New York Tribune Inc)
BERLIN, July 31.-German bankers
and business men are decidedly de-
spondent over the prospect of re-
establishing business relations with the
United States. The most difficult feat
ure of the situation is that Germany
needs to import enormous quantities of
foodstutfs and raw materials, yet it
has only the smallest stocks of export
goods with which to make payment and
such goods as are available. like dye
stutfs and potash, are still taboo by
the American government
1t is understood that there are large
quantities of dyestuf on hand, but
omparatively little potash, as the coal
strikes and Establishment of minimum
wage for miners have cut the normal
output.
The coal scarcity is also restricting
the production of other sorts Of export
goods.
This situation, which has existed
since the Importation of foodstuffs
began in April, is causing steady pres
sure upon German exchange rates,
which now stand at the record low
water mark in neighboring countries.
Nothing to Pay With
Berlin bankers with whom The Trib-
une correspondent talked to-day said
that Germany has nothing with which
to pay except deprecated banknotas
which, when sold abroad, only increase
the pressure upon the value of the
German currency. They see no hope
for resumption of normal trade unless
they are able to secure a foreign loan
against which they might draw in
paying for imports.
The only place where the floating Of
such loan is regarded as possible is
New York, and it is understood that
various bankers have been taking finan-
clal soundings there but without yet
touching bottom. Within fortnight
the cables have brought reports of a
very definite character about a Ger
man credit loan in Asew York, but all
available information here indicates
that reports of the completion of a
Sl00,0O0,000 loan are premature.
Another difficulty in the way of ex-
porting goods to the United States is
that there are no American consuls
here yet to verify the invoices, and
American consuls in adjacent countries
say they are not authorized to legal
ize German invoices.
New-York tribune., 1919-08-01

and producers. By the necessary
amount Of team play these factors he
believes that Europe can be put on ;ts
feet financially and industrially and at
the same time this country will be
placed in position of unchallenee-
leadership in the business affairs, Of
the world.
In the opinion OF the Guaranty
Trust Company's head the necessary CO.
operation in the creation of loans to
Europe might be obtained if the law
passed by the last Congress appro-
priating $1,o0O,o00.0oO for the exten-
sion of foreign trade were amended
to permit loans to foreign buyers with
New-York tribune., 1919-08-01
Swift & Co. Buy Stock

More than 10000 employees of Swift
q Co. have subscribed to the company's
stock at par under its .prott-sharing
plan. Each employe earning upward Of
$40 week was allowed to purchase one
share of stock; employees earning $40
and up to $50 week could take two
shares, from $50 to $40 a week three
shares; $40 and up to $50 four shares.
and those earning $50 week and over
five shares The stock is to be paid
for at the rate of 81 share per week.
More than $500 of the new sharehold-
erS are women.
New-York tribune., 1919-08-01
Return Mexican Railroads
To Separate Management

MEXICO CITY, July 31.-The Mexi-
can railways and the American
Railway, which systems traverse the
territory between the capital and the
Gulf Of Mexico and the Isthmus, have
been turned back to separate manage
ment. Information from reliable
sources is to the effect that the gov
ernment probably will return the sys-
tens to the private owners within a
month.
national lines since Colonel Pauline
Fontes, former manager of these lines
took over the management of the Ma
tional Railways
New-York tribune., 1919-08-01

the Endorsement of foreign banks ana
foreign governments, and our gov
ernment should assume whatever
credit risk is involved in the situation:
"As there is the twofold purpose o.
promoting American trade and OF
meeting the crying needs of Europe'
and this is in the interest Of our peo-
pie as whole and of Europe as
whole" Mr.. Sabin added. sit seems 70
me to be situation in which govern,
ment responsibility must be assumed
and government leadership, with the 90
operation of our financial and business
institutions, must take up the bardsa
in the general interest. .s
New-York tribune., 1919-08-01
Warburg Going to Europe

Paul M. Warburg, former vice gov
ernor Of the Federal Reserve Board
will sail for Europe tomorrow on the
Rotterdam. At the Offices of Kuhn,
Loeb g. Co.. where Mr.. Warburg was
formerly partner, it was said
that he is going to visit his mother,
who is now in Switzerland. 1t is un-
derstood that while abroad Mr. War
burg will also study the financial sit
uation there.
New-York tribune., 1919-08-01
Paris Market Quiet

PARIS, July 31.-Trading was quiet
on the Bourse to-day. Three per cent
rentes, 81 francs 80 centimes for cash.
Exchange on London, 81 francs "A
centlmes: Five per cent loan, 80 francs.
The dollar ranged from 7 francs 23
centlmes to francs % cen.imes.
New-York tribune., 1919-08-01
Tight Money Upsets Market

Tight money upset the equilibrium of
the Stock Market. Stocks did not act
we'll in the forenoon, and when call
money rates began to soar to record
high levels in the afternoon selling
pressure increased. The majority of
the standard industrial shares showed
substantial net losses at the end of
the day, while the rails were heavy.
Steel common displayed pronounced
weakness, declining 1M points to
1O9 70. 1t sold even lower than that,
at 1O6A, showing a small fractional
recovery at the close Crucible Steel
lost 3 points, Bethlehem Steel "B" d
Republic Steel, IL; Baldwin Locomo-
tive, 3&; American Sumatra, 3; Amer
lean Bosch Magnetic, AS; Strombers
Carburetor, Al; Pacific Gas and Elec-
trio, Az, and New York Dock, 57s.
New-York tribune., 1919-08-01
Money and Credit

Call money rates frightened sharply
yesterday. The ruling rates were s
and 10 per cent, compared with 6 and
61s per cent on Wednesday. Late in
the day the rate on all industrial loans
scared to 20 per cent, equalling the
high record for the year. There were
several contributing factors responsible
for the rise in rates, principally the
payment tomorrow of the $75,OOO,O00
Canadian loan which necessitated the
calling of loans.
The ruling rates for money yesterday,
compared with a year ago. were as
follows:
Yesterday. Year ago.
Per cent. Pcy cent
Call money:
On mixed collateral 8 5N
On indus. collateral 10 s
Time money (mixed collateraD:
Sixty days. 6 6
Ninety days. .... 6
Four months. .... 6
Five to six months. 6
Bank Clearings.-Bank clearings yes
terday were:
Exchanges. Balances.
New York -. 1881 ,2ee,5 $77,890, 1886
Baltimore 49,. 13,869,628 5,711.641
Boston ...... 53,577,3 ,307 2O,O26, ,624
Chicago ...... 93,656,889 e,517,O5o
Philadelphia. 70.613,745 15,341,037
Sub-Treasury. = The Sub Treasury
New-York tribune., 1919-08-01
Neac York Tribune
NQShin1tO11 R1Lronn

WASHINGTON, July 31.-secretarv
OF commerce Redtield says he knows
nothing about the loan reported to be
IN the process of negotiation by Mar
TIN Nordegg. He states that Mr.. Nor
degg came to him the other day and
was directed elsewhere.
New-York tribune., 1919-08-01
The Dollar in Foreign EXCHANGE

French exchange made further re-
covery yesterday, rates on Paris rally
ing to 1926 francs to the dollar for
checks at the close. The improvement
in the market position Of francs is due
to the impending sale Of the $4,000 GOO
French treasury bills in this market
Sterling exchange rates were fairly
steady.
(Quoted dollars to the nOund\
New-York tribune., 1919-08-01
Breadth of the Market

The trading list comprised 297 dif-
ferent stocks, compared with 292 on
Wednesday. Dealings approximated
100000 shares.
New-York tribune., 1919-08-01
Finance and rade
Business Mems Bureau.
Telephone Beckman 8243.

gained s2,42S,oOo from the banks on
Wednesday.
Silver.-London, 55Hd; New York,
SLOTS; Mexican dollars, S3A @s7Ac.
Bank Acceptances.-Rates were un-
changed, as follows:
Thirty Sixty Nine.S
Spot de- days. days. days.
livery: Per cent. Per cent. Per cont,
Eligible
banks. =. 4h@4 4A@4n 42k@4n
Eligible
non-mtm-
Der banks.4"@4 4A@4I4 4a@4ss
Ineligible
bank bills.5M@41a 5A@4h 5I4@4M
For delivery within thirty days:
Per cent
Eligible member banks. ........ All
Ehgible non-member banks .... 4E
Ineligible bank bills.
London Money Market. - LONDON
July 31.-Closing: Money, 27s9o. Dis
count rates: Short bills, 3 37-16@3h % /;
three. months bills, 9-16@39sq6 %. Gold
premiums at Lisbon, 1000.
Bank of England-LONDON July 81
--Ihe statement of the Bank of Eng
land with its changes from a week ago
| follows: 20
Total reserve. .s27 All, 900 Dec s4o8 oot
CIRCULATION. 1887 900 Inc. 493OOC
| Bullion ..... 88,4140OO Inc. 84,291
Other scouts 81,745OOO Dec. 118OOt
Other dep'sts. s.116,5540OO Dec. 5,458OO(
Pub. deposits 17,881,O Dec. 1906 0O(
Gov. secur's. 43,143OOO Dec. 6,679,OO(
Bank of France.-PAR1S, July 81
The statement of the Bank Of France
for the week shows the following
changes from the week before Gr
| francs):
Gold in hand ...... Inc. 647.O01
Notes in circulation... Inc. SO, 124,35E
Treasury deposits -. Dec. 55,047, ,47(
General deposits. ..... Dec. 81 ,695,O3
bills discounted. ..... Inc 83,028,25s
Advances ............ Dec. 4,509,08;
New-York tribune., 1919-08-01
Vacuum Oil Not to Increase Stock

Vacuum Oil Not to Increase Stock
report that the Vacuum Oil Com
pany, one of the so-called Standard
Oil group, is planning to issue a pre-
ferred stock was officially denied yes
terday. The report, which was circu-
lated in the financial district, stated
that the stock increase, if carried out,
would be for the purpose Of financing
the company's foreign trade operation
in 1917 the company earned more than
$62 share on it's $l5,000,0 900 outstand-
ing stock after paying in war taxes the
equivalent of SIT share.
To Offer Belgian Treasury Bills Here
The policy of selling in the American
market Treasury bills of France and
Great Britain will probably be applied
to Belgium in the near future. 1t was
stated in banking circles yesterday that
representative of the Belgian Treas
ury is now on his way to this country
to consummate negotiations to that end.
Bankers regard the Offering here of
this character of foreign security as
a makeshift procedure and favor its
continuation only until the time when
a uniform plan has been adopted. The
manner of selling the Belgian bills
here, it was said yesterday, will be
similar to the plans for Offering the
British and French Treasury bills.
May Change Saxon Plan
Before the afternoon reaction set in
the shares of the Saxon Motor Corpo-
ration yesterday We're bid up briskly
to q ", following the official announce
ment that payment of 20 per cent
on the company's Indebtedness, with
interest, will be. made to-day. In view
cto l.,
reorganization plan recently proposed
will probably be modified. Details of
the changes, however, were not made
public
New-York tribune., 1919-08-01

Bank of France-PAR1S, July 81
The statement Of the Bank of France
for the week shows the following
changes from the week before (in
Evening journal., 1919-09-10

things we have IN the world and the
more you get OF Il. the better
You know when you run real hard
you pant just like a dog-rve seen you
lots OF times, you look so crszy You
pant Ike that cause the air just can't
get In fast enough and you're breathing
fast to get IL In Just as fast as you can
cause you need H. IT'S easier TO get
10 In quickly out OF doors and your
body doesn't have 10 work so hard. So
It's best TO be out OF doors in the sun
shine and air when YOU play And YOU
ought 20 play guess I don't have TO
tell you ihatl Now don't tell me that
the sun doest shine an fhc time.
know il-but even when 10 rains you
can keep the windows oponl
Everybody needs Just lots Of sleep
Nobody wants 20 work an the time and
neither does your body and 10 just
won't.
So go 20 bed oarly-put up your win
dows wide and never be afraid Of air
Bushel Of air. bushels Of air-the more
air the better
And now I'm going TO bed
Good Night.
Evening journal., 1919-09-10

Il don't believe it, said Ruth, as Jack
started out The door looking for Uncle
Ted.
"Wen," returned Jack Il tell you it's
so. Billy Jones showed me The printed
cardboard and said that whenever MS
father and mother wanted 10 ride on
the trains they just show those cards
10 The conductor and they don't nave 10
pay anything at all.
Now what's up?' IL was IncIe
Ted lust coming up the steps. "Nhat
are my little kiddies talking about To-
nght?"
Jack explained it all TO Uncle Ted
and they an sat down after our hero
had promised io tell all about how
many pcoplc are riding on trains With
out paying.
Two weeks ago" began Uncle Ted,
Il told Won an about the RAILROADS ana
what the men want 10 do who run The
trains. Before the government started
running the railroads OF the country
they were run by private companies.
The heads Of the many lines through
out the United states made arrange
ments So that they and members OF
their families could get what are called
passes and ride on the trains without
charge. When the government took
charge Of the railroads It meant that
every man. woman and child In the
United states had an interest in the
roads in some way or another. our
country was al war Every bit OF space
on all trains was needed 10 transport
soldiers and food. When people wanted
10 ride on the trains they not only had
10 pay the usual price for riding and
the usual price for a place. TO sleep in
what are called Pullman cars. but they
also had 10 pay an extra amount Of
money called a tax That Is still true
oday. II want 10 go 10 another city
buy my ticket and pay 3 cents for
every mile 7 travel. and in addition !
pay tax Of per cent on that sum.
n I must travel al night ] must pay
another sum OF money for riding on
sleeping car. and another tax Of s.
ner cent of-that sum in addition. So
vou see. children, % costs lot Of
money 10 travel now
But how about people like Billy
Jones father and mother, who have
passes ." asked Jack
when William Gibbs McAdoo was
Director General Of the Railroads and
also Secretary Of the Treasury, he said
he intended 10 cut down the number OF
free rides oa trains 10 a very few. But 1
. now seems that he did not cut the I
number Of passes down but must have |
allowed a great number TO be given /
out. II It had not been for Senator /
Truman II. Newbcrry. OF Michigan. we /
might never have known Of This mat /
Ter. Senator NcWberry was travelling /
IN a train not long ago, having paid his /
fare and war tax when ne noticed a I
travelling companion who had pass /
good over an tho railroads in the states. /
Tho Senator didn't like this. for the /
railroads arc stil being run by the /
government and ihc people by paying
axes are helping ~ run them When (
10 got back 10 Washington he told the
senate about it and a large number Of
The Senators agreed with him. Mr.
Walker d. Hines is now Director Cen
sral Of Railroads. Mr. McAdoo having
Iuit 10 become lawyer for a company
N moving picture stars including
Charlie Chaplin and Mary Pickford The
Evening journal., 1919-09-10
Uncle Ted's Bed Time Stories
Free Rides on Uncle Sam

senators told Mr.. Hines to send them a
report Of an the passes issued by the
Railroad Administration"
"Can funny Charlie Chaplin ride for
EQlhing?' asked Ruth.
NO, replied Uncle Ted "he cannot
ride for nothing so far as Mr. Hines
report shows, but 10 was discovered
that Mr. NlcAdoo. who no longer has
any more TO do with the railroads than
] lave, has a pass good on every road
IN the country. Mrs AlcAdoo. who Is
a daughter Of President Wilson. Robert
II. McAdoo, a son. and Miss :. NlcAdO0,
a daughter of William q. McAdoo, also
have passes FOR all lines. They are
also able TO ride on sleeping cars for
nothing
Why should they an ride for Moth
Ing when we have 20 pay our fare and
tax besides ?' asked Jack.
"They shouldn't said his Uncle,
"and J will tell you why In a minute.
Now Mr. HIncse report showed also
that 400 passes. good on all lines,
have been given by the railroad admin
isiralion, and up 10 the first Of last
July only ii9 had been taken back,
which shows that i.0Sl people are still
riding on trains without paying any
money This number does not include
passes given TO men actually working
for the railroads, and IL does not in
clude passes given for single trips. IL
does include 1890 wives. daughters.
sons. other relatives and near relatives
Of railroad heads and officials in the
d rfrffe fool Ia.
nothing. and : 096 OF the same kind OF
people riding free on sleeping cars. AL
this may not seem important 20 some
people. but here is why it is wrong.
There is a lot Of talk about having The
government not only keep on running
the railroads, hut take charge Of then
altogether and never turn them bacl
TO the private companies II this were
done many Of th0se in government po-
sitiOns who could do 10 would One'
passes like these In exchange for som
favor 10 help keep them in their public
jobs. What would DE the result? Peo.
pie like myself who are not able 90
help men 10 be elected 10 big positions
in the government would have 10
the burden Of paying the taxes
~ lllahf IL INTNlNlt ANl NNtT"A NHNl'A"
more fortunate TO ride for nothing, just
as IL is now. While / am paying 3
cents a mile and a war tax Of s per
cent. on that sum every time / go any
where, William Gibbs McAd0o and
1000 others can go anywhere in the
United states without paying a cent
toward the high wages they have given
TO railway workmen and the Increased
cost Of running the roads, FOR which
they are largely responsible.
so you see. Jack, IL in the short
time the government has been running
the railroads IL has been possible for
such a thing as this to happen, what
might happen II the government took
control Of the roads FOR all time? Mr.
Hines or whoever would De at the head
Of the railroad administration and
everyone appointed TO work with them
would get these passes for themselves !
md their whole families while the rest |
Df the people Of the country would not |
Dnly pay their fares but in addition pay
.aXes 10 make the passes possible"
Then I don't think the government |
should run the railroads" said Jack.
'The government should not run the
roads, Jack. This pass business and !
Evening journal., 1919-09-10
RETAIL CL0THIERS
PREDICT PRICE CUT

CHICAGO. Sept. To- Delegations 90
The convention of the National Asso-
citation OF Retail Ciolhiers here pre-
dicied a reduction In the price OF
clothing In the near future
"ll's got 10 come" said Fed Levy,
.of Louisville "Wc fellows VIII sing
the loudesl when The change comes.
Men can't Doe induced 90 part with SO
Evening journal., 1919-09-10

or $50 for a business suit. The prin-
cippl reason for the present high
prices is the cost Of labor. There is
really not much pron,eering In clothes
and what little there is we intend to
stop"
The opening session Yesterday was
attended by 500 merchants from every
state in the Union. The organization
rendered ils assistance 10 Attorney
General Palmer and The Senate invesii-
eating committee In their nght against
The high cost Of living.
Evening journal., 1919-09-10

wouldn't. I'd take the air. And II
you got the gold and didn't get the air,
you'd just naturally die and then I'd
get your gold, too. and would have
them both. Ia Ia
It's a funny thing about air It's all
around everywhere and we don't think
much about n. but lis one Of the host
Evening journal., 1919-09-10

Half the cultivated land Of Egypt is
owned by 10000 persons with an aver
age Of i30 acres each. the other half by
100000 persons owning two acres
each
Evening journal., 1919-09-10
Dan Box and GIrls:

many other things have shown that 10
viii not work"
Evening star., 1919-04-25

COLONEL. q. 8. A., ordered away, will rent
his large, attractive room In private Mt Pleas
ant detached home to responsible gentleman;
excellent summer home; on edge Of Zoo Park !;
place NV; phone Col. 7z3A -
Evening star., 1919-04-25
COUNTRY BOARD.

TRAINED NURsE-wul board aud care for
elderly or convalescent patients on nearby
farm: cheerful surrouadinss; eamfortahle
rooms; milk from tested cowsi 30 minutes
Mapls Wood Farm. Silver spring Ma. rhens
Woodside 27-W. &s
Evening star., 1919-04-25

REO-5-pass., 1917 touring: new tires; hna
condition; seat covers; many extras; $3.50. 614
18th NV. 26s
REQ roadster, new; an unusual opportunity to
buy; sold on account of sickness At q great
reduction. 1921 Crittenden st. NV. Col. 1874.
The Alaska daily empire., 1919-02-07
WILSON ATTENDS NIGHT SITTING
 OF COMMISSION
Officially Announced That the Constitution for a League of Nations Is
 Partly Finished.

PARIS, Feb. Tt was officially announced this morning that substan- tially half of the draft of the consti. tuition for the League of Nations has been covered by the Commission deal ing with the question.
 It is declared that the Commission is in accord on questions of the greater importance, concerning the positive functions of the League.
 The Commission will continue nightly sittings.
 President Wilson was present last night throughout three-hour session held.