davidaulloa/AmericanStories huggingface dataset:
The New York herald., 1921-12-05
CHINA LOAN TALES
NAILED BY LAMONT
Advances Only for Construc-
tive Purposes; Control of
Finances Not Sought.

yhoniss ". I4amon. OF ]. p. Morgan
& Co. in behalf OF the American repre-
sentativ OF the consortiun for loans
to China, gave ont statement yester-
day for the purpose OF mailing what are
,called "i@ccurate statements" After
living a history of the successive STEPS
ktaEen by the consorturl- Mr.. Lamont
pointed ont that tho suggestion was
made more than g year ago thst loan
/ operations would be facilitated by the
issuance of so-called silver bonds IN
China and gold bonds in the other in
VI ,strnent markets.
The consortiunl laid down two pririci-
uees-one that loans be made to the fed
eva, or provincial governments OF China
orSy for constructive purposes; tne otner
tn Ut some machinery must be established
by which assurance could be had tnat
the proceeds Of the loans were expended
for the purposes for which they were in
tended. Discussing the topic Avoid
ance Of Financial Control" Mr. La
months statement said, in part:
Beyond the assertion of this principle
the t.onsortiunl has not gone, and the
state tnent not infrequently made. that
the tonsortiunn seeks the financial con-
troll eE China is entirely without founda-
tion. On the contrary, II seeks 10 aVolo
any possible responsibility beyond that
sof being properly assured that In any
! loan operation that il may undertake 1t
| Is rigtafully discharging its double re-
sponsib6lity: first, that toward the Chi
I, nese people Of providing funds only for
constructive purposes; second. that to-
ward the investment communities OF
| making certain that any loans made by
them to China shall be properly SAFE
| guarded.
"Anotre statement, not infrequentiy
made. that the consortium Is seeking to
force n loan upon China, is exactly con-
trary TO the fact. The consortiun has
Nnever offered a loan to China, and
Chinets friends should understand that
10 loan to China can or will be made by
the cansortiunl except at the expressed
desire ,of the Chinese Government.
.NAga in, the totally erroneous idea
ee.els to have gained credence in cer-
tain Quarters that the banking groups
have themselves the means to Lake
loanst 10 China. On the contrary. the
bank.er1l are entirely dependent upon the
disposition of their respective investment
comim1n tiles. Any conditions, therefore.
that tha banking groups may lay down
as prea edent to any particular loan
operation cannot properly be described
as either harsh or lenient. They are
based sole iy on the manifest necessity of
arranging the loan issue upon lines that
vilt lead investors 30 regard It as a
sound ANA attractive security and to
buy IT.
The New York herald., 1921-12-05
Sc, ,OtpOloOO BONDS SOLD
BY SOUTH PORTO RICO

The sbuth Porto Rico Sugar Company
has solo 10 the Bankers Trust Com
pany. the Guaranty Trust Company and
the Eoxtan lie Trust Company an issue
Of ssQ00,0N' OF 20-year first mortgage
collateral mortgage per cent. sinking
fund gold a,nds, which are being Of
fered for p,ft lie subscription at 95% TO
yield more tl,an T.4o per cent. The
bonds are noa-callable until December
l, 1890.
The South Ia>rto Rico Sugar Company
owns the Genital Romano Company of
Santo Domingo and tho Sosd Porto
Rico Sugar co nlpany Of Ftrto Rico,
which in two sugar factoriea have q
combined annual productive capacity OF
125. 900 tons. Ifl? Central Romano also
has valuable holdings of caro- lands in
Santo Domin9a aggregattng $4,000
acres, of which $4,000 are IN cane culti-
vation.
The proceeds of'the issue will be useti
for the retirement Of current Indebted
ness incurred for capital expenditures
and to supply additional working capi-
tal
The New York herald., 1921-12-05
SVf 4tN9s AVs Ns-FF " ~ ~ =
SWITZERLAND. HOLLAND.

Years Range.
The New York herald., 1921-12-05

S5scscI CGotc TO ISD NDW YoEE EigkALD.
CopHicht. 1891, 6y THB New Ycaz Herald.
New York Herald Bureau.
Berlin, Dec. 4.
"Biack Thursday" a historical day
for German markets. has left an un-
pleasant aftertaste. Competent ohserv-
ers note two significant facts which so
TO prove that there IS q strong and
organized manipulation OF the bourse
which has succeeded in Tnulcting small
investors and spectators.
No sooner had prices reached their
lowest ebb than certain brokers were
able to announce that Tomorrow II will
be different" And different 1t was 10
the extent that by Saturday the dollar
fallen to 1872 on Thursday. and the calm
prediction could be heard that 1t would
soon rise even higher. despite temporary
setbacks.
Another significant fact was that i'm
portant stocks practically disappeared
from the market when the bottom was
reached.
Who it was that directed the raid at
the propitious moment when mora
torium was being urged by Or. Walter
Rathenau in London. has not been
hinted here. but 1t is believed that the
direction OF the movement was not by
German banks, at least. not by then,
alone.
| The annual statement OF the Ailgc-
neine Elektricitaets Gesellschaft shows
q phenomenal arithmetical prosperity
| in comparison with last year, and per-
| mits Is per cent. dividend 70 the
! largest family of stockholders possessed
! by any German corporation. including
| a large block Of American owners. The
| company now proposes to Increase its
! capital stock to 1901, 100000 marks
The gross earnings increased from S0,-
! 100000 marks to 2s7, 900, 600 marks. and
the net earnings from 45,000,000 K
| $4,000, 900 marks.
| The company follows the current Ger
man practice of instituting O. replace
nent account. IN this instance the com
pany has added norninally 100,000.0 00(
marks to the regular replacement funt
| OF 100000 marks. The overhead cost.
1 lHCT63Stu IfOIn lJ,pV,oO 10 olfVV,VV'
marks and taxes from 1900 600 to 2s,0o0,
900 marks. Unless DIR. Walter Rattle
nau becomes Minister of Reconstruction
again when he returns from London hf
| will be reelected to the directorate OF
this company. from which he resigned &c
enter politics.
| The North German Lloyd decided Il
call an annual meeting TO increase lis
capital stock from 25o,0c0.000 marks tc
800 0oo, 900 marks with which to meet in.
creased building costs and give a free
| hand for the extension of commerce
The increase viii be brought out by fssu-
| ing, common and preferred stock. the
| former in shares OF 200 marks, entitled
| to draw dividends In January. The pre-
| ferred stock Is to remain In German
hands to guard against foreigners win
ming control of the company.
| The cost OF living in November for a
| family OF five in Berlin was reckoned al
| 900 marks, making the purchasing
| power of the mark six pfennigs
German Association for Free Trade
has been founded in Frankfort. Several
! OF the most prominent economists and
| financiers are on the council, including
| Prof. Lujo Brentano, DR.. Dernburg
Herr Gothein, Baron Won Siemens, Dr.
| Carl Melchlor, DR.. Won Bosch, Herr
Schwartz OF the Bing Toy Works. Prince
Hatfield and the Duke OF Trachenberg.
The New York herald., 1921-12-05
CHANCE on coRPoRATE NAME.
CHANGE or NAME.

AZ q meeting OF the stockholders OF Greene
a Tnglehart Co., Inc. held on November
cIat. 1871. the following resolution was
passed Resolved, That the company's cor
peratc name be changed from Greene &
i;nglehart Co, Inc. TO NJ. Greene Co. Inc
and the last mentioned name be. and hereby
s.. ahopiod as the corporate name OF this
corporation.
tsignedj MAX GREENE. President.
EDWIN GREENE. Secretary.
The New York herald., 1921-12-05
EEtofT WATER. GAS g. ELECTRIC co
rtIflayr sIO1lsrlt A On TWENTY IIVE YEAE

EELofT WATER, GAS & ELECTRIC co.
FIRST MORTGAGE TWENTY-FIVE YEAR
5go SINKING FUND GOLD BONDS.
Notice Is hereby given, pursuant 70 the
terma OF the Mortgage dated March list,
1912. that the undersigned 9s Trustee. VIII
receive sealed proposals. up TO g 100 7. M. on
70 Il of bonds os above described. sufficient
20 use the sum OF Seventeen Thousand six
Hundred and ssventy-seven Dollars H17.-
G77. .gc).
The undersigned reserves the right 60 ro-
jcct any or all tenders.
THE UNION SAVINGS BANK Z TRUST
COMPANY
OF Cincinnati. Ohio. Trustee,
ny EDGAR STARK,
President & Trust Officsr.
Cincinnati, Ohio, December 5th, 1871.
The New York herald., 1921-12-05
Nnw YORK stock Exchange sales for weel;

Totals .sl31. .sS2 600 $50 lis, 600 s122, ,ss1, 900
ss 20 s4s. 900 % s7s, ,22o. 900 ss.244. .zs2.o 900
Detailed sales OF bonds for weeks ended
December ard November 90:
The New York herald., 1921-12-05
METROPOLITAN TRUST MOVES

The Metropolitan Trust Company
moved yesterday its main office from 20
WAN street to now quarters in the
Equitable Building, 100 Broadway, at
the southeast corner Of Cedar street.
The New York herald., 1921-12-05
NEW ENGLAND MFG. STOCKS.

Special Dearatcb 20 TtIr New YORK fIgRalr
BosroN. Mass, Dec. <.~-Sales OF man
ufacturing stocks in, Boston this weel
included:
10 American Brici, pf.. ~.
3 Ame-icon Glue, 112h.
20 Converse Rubber Shoe pt., 6s.
Draper Corporation, / k2A.
3 Edwards Mfg. 1oM.
Is Hood Rubber, so.
20 Herschel spillman MOTOR pf.. n 20 I2,s.
10 Jessup Moore Paper ust pf.. IS.
Manoinet Mills, III.
20 Marine Hardware, 25.
) Massachusetts Cotton Minis. ifs,s
Merrimack Mfg, ex-dhL, eoM.
I Nashua Mfg, So.
5 Nonquitt Spinning, f08.
Is Plymouth Rubber pt., ~ for the lot
. Plymouth Rubber pf.. $t.7b for tho lot.
. Regal Shoe pf., 75c.
933 Splitdorf Elec., z.
10 Tyler Rubber pf., 81.
81 Westfield River Paper J..
'o0 Wes,field River Papck pf., O.
20 William whitman pf., o..
10 York Mfg. 200.
The New York herald., 1921-12-05
Years Range.
High, $751; May 10. Low. $50. Jan. 4
BERLIN.

Years Range.
High, ss2, May 10. Low, 5.si. Jan. 4
The New York herald., 1921-12-05
FOREIGN EXCHANGE RATES
WEEK ENDING DECEaiBER B.
LONDON.
Years Range.
E!sh. 4.oT%. Dec. /. Low, a:5s,S. Jan. 9.
Cables.
High. s4.0s,s, Dec. 7. Low. $3.50, Jan. ).
PARIS
PARIS.
Demand
Demand

Years Range.
The New York herald., 1921-12-05
BERLIN RECOVERING
FROM BOURSE PANIC
At Lowest on Black Thurs
day. Upturn Predicted for
Next Day.
DOLLAR ROSE 58 MARKS
Important Stocks Practically
Disappeared From Market
During the Crash.
DOLLAR ROSE 5S MARKS

Sssc1cI Cc6lc TO Tsp NBw YoEr rIgsALp.
Copuicht. 1921, by THB New Ycax Herald.
The New York herald., 1921-12-05
STACY q BRAUN MOVE.

Stacy G. Braun have moved their office
from Nassau street to IA Wall street.
The New York herald., 1921-12-05
WEEKS RANGE.

y,rs ~ hon.rea $50 ss s4iLoW. ~ c" ss2.Oi
,,,rs fNeW io' Se4 sTiI,ow. ~ ......... $50. SO
sn,sconnt ner. si .OOc tPremiun, per 81 coo.
The New York herald., 1921-12-05
Cables.

tdT . 1edtI.N
High. 1.s5. Aug. IS. Low, SO. Nova :
New-York tribune., 1921-06-22
Columbia Gas and Electric

Following the meeting of the Co
lumbia Gas and Electric Company, at
which the directors declared the regu-
lar quarterly dividend of $3.50 a share,
it was stated that notwiths standing the
general industrial depression sufficient
new business had boen secured dur
ing the first five months of 1921 to uro-
duce net results practically equal to
tthosea for the corresponding period Of
the preceding year. electrical opera
tlons," the statement added, "are en-
couraglng and show steadily increasin,
returns of both gross and net revenue
Inc ratio of increase of electrical out
PUT mas been growing monthly thus
TAR IN 1921, the gain for June to date
over the same period of 1920 being 18
per cent. The company's cash position
IS strong, with no floating jndebted-
ness nor has the company been a bor-
rover for the last five years. It has
ample resources to meet all anticinatad
construction expenditures during tha
coming year. in addition to dividends
approximately the full dividend re-
quIrements for the year, So. 600 ooo
months" NisI siX
New-York tribune., 1921-06-22
Views ON Cnha

rosvy wdaely divergent views obtain in the
bbspors1ole tbs HS,E banking quarters regarding
some OF the financial leaders boro
are are expressing grave concern over over
tne trend of events in the island re-
public. On the other hand, l'r,r nron,i r?-
n nent banker who has just completed a
careful survey of the Cuban sitna+ion
reached the conclusion that q definita
turn t for the better has been taken and
mat the worst of Cuba's troubles are
behind. The consensus of oninion N
seems to be that whatever the cprrent ,ap,t
situation may be Cuba will have TO
WORK on out most of her problems without
any great amount of outside aid
"Cuba's trouble in the past" observed
one banker yesterday, "has been the
1eellng down there that any time she
goes into difficulty she could cali unon
the States for help" While rumors
persist that loan to Cuba of s5O, ,000 :.
900 to S75,O00,0Oo may be made bv an
American banking group, the best onin-
ION IS that such a commitment is still
I, matter of the hazy future and one
that Is not likely to materialize
New-York tribune., 1921-06-22
Brokers' Loans Reduced

:. Wall Street brokers' loans are be-
heyed to have been marked down to
$6oO,ooo,O0O, the lowest level since the
pre-war years. This condition has been
security prices that has been going on
1or more than year and the liquida-
ton of business generally. 1t is esti-
mated that the current daily turnover
OF call money both on and off the Stock
Exchange Exc is running between $4,000
ooo ana Sl5,000,000, compared with
S40,o00,o00 to $50,OO0,000 during q nor
nal bull" period. The peak of wall
Street brokers' borrowings was reached
IN July, 1919, when they totaled
-$l750,O 100000. 1t was shortly after this
that call money rates on several occa-
SONS SCARED to 25 per cent, causing the
end of the peace" rise in stocks.
The official renewal rate on call money
Yesterday was per cent, the lowest
since October 27, 1919.
New-York tribune., 1921-06-22
I'm Wall Street
Market Decline Checked

1t was evident from the, opening
yesterday TINT substantial buying or
ders were in the market, something
which had not been seen for many
days. Traders continued their ham
rlering tactics, but when they found
that they could make little headway
many of them started to cover, and
this accounted for the substantial re-
covery at the close. A considerable
purt Of the buying, it was said. also
came from banking quarters with the
view of eliminating the feeling Of cx-
treme pessimism that prevailed after
the close of Mondays weak market.
Jacob Field, an old-time trader, made
his appearance on the floor Of the ex-
change for the first time in four years
and bought large blocks of Mexican
Petroleum. 1t was reported that ne
acted for interests identified with the
company.
New-York tribune., 1921-06-22

Reports just received by the Car
Service Division of the American Rail
way Association show a falling off of
80,729 in the number of cars loaded
with revenue freight during the week
ended June 4, compared with the week
preceding. The decline was attributed
chiefly to the observance of Memorial
Day. The total loadings for the week
mentioned were 706,508 cars, 1922
500 cars under the corresponding week
a year ago and 70,102 cars below
the corresponding week of 1919. Re-
ductions we're shown in the loading of
all classes of commodities, the prin-
cipal decreases being in coal and mer-
chandise and miscellaneous freight,
the latter including manufactured
goods.
New-York tribune., 1921-06-22
The Great Northern Dividend


Declaration of the regular quarterly
dividend Of IA per cent by the Great
Northern Railway was followed yester-
day by a net rise of points in the
stock, which closed the market session
at 631a. Like the Northern Pacific,
the Great Northern decided to maintain
it's usual dividend rate because of the
management's faith in the future. The
dividend WIS not earned and therefore
was taken from surplus. The net result
of the company's operations in the first
four months Of the current year was a
deficit of s2,s7S,489, contrasted with
$146,946 net operating income for the
corresponding period of 1920. Gross
revenues showed decline of more than
$4,000, 900, to s26,139,940. For April,
this year, there was an operating def
cit of $68,259.
New-York tribune., 1921-06-22
Tide Water oil-Guffey. Gillespie

possible postponement of the re-
ceivership proceedings against the
Gufey- Gillespie Oil Company by the
Tide Water Oil Company, the controll-
ing interest, was indicated yesterday
if the directors of the former concern
relinquish the reins Of management in
favor of the latter. 1t was said that
one of the chief reasons for the appli-
cation for a receiver was because the
fused to show their books to the Tide
Water interests According to the lat
ter, there was not so much desire to
conceal any of the records but rather
lack of willingness to cooperate
with the Tide Water interests in the
management of the Guffey- Gillespie
affairs
New-York tribune., 1921-06-22
No .sPunitiyeo Overtime

When the II per cent wage reduction
goes into effect on July / it is under
stood that the railroads will also
abolish the so-called punitive overtime
arrangement with their employees,
which under the national agreements
provided for time and half for all
overtime. The new basis, it was said
yesterday, will be straight overtime.
If the workers appeal from that action
to the Labor Board and their plea for
the higher scale is upheld, then the
roads would have to pay the difference
retroactive to July /.
New-York tribune., 1921-06-22
Urges Less Cotton Waste

MANCHESTER, Eng, June 81 (By
The Associated Press ).-Albert Scott,
speaking to-day before the worlds cot
ton conference, which has been trans
ferred to this city from Liverpool for
the second half of the session, urged
cotton spinners to press vigorously for
better ginning, baling and warehous-
ing of American cotton, and less waste
from sampling. American bales, he
declared, we're the object of unfavor-
hln cor. ". NE Nkn .rn,.IA h..a,.
New-York tribune., 1921-06-22
The Dollar i'm Foreign Exchange

Foreign exchange rates continued
their downward trend yesterday, when
sterling was offered in supply here,
and cable rates on London dropped
1B cents to $3.755s. French and
other continental rates also ruled
easier, Belgian fnarcs dropping below
8 cents.
Far Eastern rates turned easier on
the decline in silver quotations, but
South American exchange was frmer
EUROPE
New-York tribune., 1921-06-22
Pierce Oil

The pronounced strength in Pierce
Oil issues yesterday was believed to
foreshadow an early announcement of
the completion of the company's new
financing plan. The common stock rose
2A points net to 912. The preferred
went up four points to So. The financ-
ing under negotiation involves an issue
of S6,000,000 in notes, which will be
purchased by a New York banking
group.
New-York tribune., 1921-06-22
Money and Credit

Despite government Withdrawals yes
terday of S12,1OO,OOO the renewal call
money rate was per cent, the lowest
rate since October 27, 1919. Loans
continued to be made in the outside
market at a and Az per cent. To-
morrow the government will withdraw
S13,987,000 additional from the banks.
Reports were current of increased Of
ferings of time money, but were not
confirmed
New-York tribune., 1921-06-22
Regular
Paris Market Irregular

PARIS, June 21.--Prices were iffss
ular on the Bourse to-day. Three
cent rentes, SO fancs, so centimes. =.
change on London, z6 fanes, 50 cea...s,
mes. Five pc cent loan, So fanes.
cntimes. The dollar wae quoted ~ :
francs, 29is eentimes.
New-York tribune., 1921-06-22
Central Union
rust Co.
CLINTON GILBERT
2 Wall Street, NY. Tel. 4S46 Rector
Dividends
Extra

Extra .,,
Empire Trust Company--Declared nj s1i
of per cent in addition 70 the M r. ~
quarterly dividend of per cent. oo'h o'i.rro-l 70
able June 29 10 stockholders OF is
New-York tribune., 1921-06-22

Az per cent; discount rates, short
bills, SIS per cent; three months bills,
5 Y per cent.
New-York tribune., 1921-06-22
FAR EAST

EAK EAST
| CHINA shanghai par pasett!cd)
Demand ...., .67.00 800 Zoe 90
Gables .,.......,. 81. % 67.50 ZOE so
/ CHINA tHong Kong par unsettled)
Demand .t...5o.00 60.75 1875
Cables ..,.!s, .25 61.00 1913
JAPAN (par 49.S cents a yenD
Demand ,47.871a 4S.00 6l25
Gables 4S.12H 4s25 6l.55
INDIA (par 4S.65 cents a rupee)
ceb1es cemand S4 ..S4a9 49,, st.SS s4SS s955 e
STRAITS SUPPLEMENTS (par SOS cents
dollar)
Demand ,......45.00 4575 4e5o
cables t.,,.,,, 46.26 1900 4S.75
THE AMERICAS
| ARGENTINA tpar i2,44 cents paper
peso)
Demand 4 so.es sos.ss 42.121s
Cables -. r. 'a0.sl seas 42,2S
New-York tribune., 1921-06-22
London Money Market

LONDON, June 21.--Bar silver, a5ssd
per ounce; bar geld. lo9s Id; money,
New-York tribune., 1921-06-22
Transactions Yesterday ina Listed Stocks
Summary of Stock Exchange Dealings

(CopyrIght 1NaI, NcW V
STOCKS
The New York herald., 1921-10-10

fact that there is not a single nation
that does not desire permanent peace.
do not believe that the Washington
gathering will bring disappointment to
the people Of any country, but that, on
the other hand. II will sweep aside
some Of the MISUNDERSTANDING and
solve nearly If not all Of the problems
that now disturb the world"
General Horiuchi Is one of the
Japanese publicists who believes that
England was responsible for suggest
ing the Washington disarmament prof.
ect.
"It is easy to see," he said, "that
England, for various reasons, cannot
protest against tho expansion policy OF
the United States. This is the reason
why Japan should utilize the forth
coming disarmament conference to
expose the plot of America and to re-
move the danger Of American domina-
ton from the earth. Japan is bound
by her duty to propose limitation of
armament because America by her
aggressive policy has forfeited the
right 10 do so. It is true that the
Americans are always clamoring for
justice and peace, but their actions
give the lie to their protestations.
American policy is based on territorial
expansion"
Yukio Ozaki, who was Minister of
Justice in the OlSuma Cabinet, told
me that he believed the apprehension
of the Japanese people regarding the
conference was unfounded.
THE people are mistaken to-day
as they were at the time Commodore
Perry came in 1853 to open up Japan
to foreign commerce." he said land
they will find 1t out. Some of Cur peo-
pie believe America has come forward
with proposals for disarmament purely
for selfish aims and suspect her mo.
tives They will awake to learn that
Americas proposals are sincere and
that we are on the eve of new world
era"
The New York herald., 1921-10-10
SKIMPED
TO MAKE RAIL PROFITS
Executives Say Savings r7::st
Be Spent Later On.

WASHINGTON, Oct. 9.---On practically
complete reports of business on main
line railroads in August the Association
Of Railway Executives finds betterment
in earnings on the country's transporta-
tion system has been due to skimping
OF expenditures on maintenance work.
both on road beds and equipment. A
statement to-day said.
Mainly by virture OF this reduction.
whic-l represents in large measure tho
failure 10 expend money which must
later be put into the properties. the rail-
roads in August OF this year were able
10 show a net operating income OF $780,
zoe, 900. Had they spent the same
amodnt for maintenance during tina;
month that they spent for the same pur-
pose in August. 1920. they would have
had this August an operating deficit OF
$50. 500. 600"
Total expenditures by class one rail-
roads for August. 1921, on maintenance
were estimated at s1s2 100000. or 4S
per cent less than maintenance cxpendi-
lures OF August. 1890.