Newspaper Page Text
6
THE SUNDAY AMERICAN'S FINANCIAL AND BUSINESS PAGE
New Companies To Be Launched Require Op
timism, Declares Broadan Wall—lndications
Point to Upward Movement in Steel Shares,
B); nROAoAN wl\tL.
EW YORK, June 14—Two ques-
N tions above all others are be
ing asked in the financial dis
trict just now with Increasing in
gistency. The old-time bankers and
professional operators are asking
whether the rise in securities is not
about over and are warning the pub
lic against further purchases. The new
Jeaders in banking and business and
the general public are asking what
gtocks to buy and wonder why any-
Yody should think of selling.
* fach of these extreme partles has
stropg, circumstantial evidence in
favor of its point of view, but the
weight of evidence seems to favor the
public. That there will be a wild
panic some of these days goes without
paying. But panics are merely evi
dence of life, China has no financial
panics. Panies are to American busi
ness life what eramps are to the small
boy who raids the orchard of green
apples—merely proof of too much en»
thusiasm. They hurt, but they teach.
Our greatest accomplishments have
Dbeen born of panieés. I
When the war panic -will arrive is
a matter of guessing at the moment.
Some think it is near, but careful
study of the history seems to justify
a belief that it is two years in the
future, The big crops this year in
sure the country against panic. Therel
may be flare-backs, but nothing per
manent seems possible just nnw.l
The panie, ‘:en it comes, will be
merely a writlug-off of the war losses
0 fthe orwld. All the nations are
pretending at the moment that they
can be paid. They can’t be and they
won't.
If one considers only the 60 or so
stocks that have advanced most
gnrply. it would seem that the end
ust be near. But the great bulk of
pecurities has remained quiet, Spe
cial, and in most cases, sufficient rea
gons can be given for the movements
that have taken place. The supply
of money for trading is abundant and
bank loans have not approached the
danger level. Loans are at the bu-!
Hon-dollar mark, but they were thero‘
before the new banking system was
devised and before there was any in
flation. It ayould take two billlons
of loans to eause trouble under pres
ent conditions,
’ A MONEY TEST.
" The New York bankers made a test
of their own strength recently when
they marked money to 11 per cent.
They started a flood of money to New
mrk from all over the world. Eng
d has already landed $18,000,000
gold here as a result. The feature of
the bank clearances the last few days
has been the great number of out-of -
town checks. The local bankers may
try again, but they have lost the pow.
e'r‘ fio make the stock market do their
‘Furthermore, the bankers are not
unanimous in wanting the market
restrained. Many of them believe the
best interests of the country demand
a perfectly free expression of specu
lative sentiment by the people. They
believe the people should be permit
ted to express in stock market quota
tions the opinions of prices that they
deemed it unwise to express during
the war. The public is trying to ap
praise permanent puno for the first
time in history. It will be an ap
praisal as sensational as the war was.
Action and reaction must balance. To
restrain the market now would be to
“interrupt the swing of returning pros
perity. ¥
Of course, thera may come a had
break in prices any day--a break that
nobody can foresee. There have been
two recently and the market has re
covered because the basic reasons for
the advance are more powerful than
any temporary reason for reaction,
Jt is the tide that is rising. The
surface waves are only of secondary
importance—of no importance at all
except to the small eraft. Urokers are
doing all they can to save the little
people by advising cautlon,
-~ NEW COMPANIES COMING.
. Pesides, many of the hankers are
{nterested in new companies about to
be floated. Several combinations of
great importance are about ready for
announcement. A broad, strong mar
ket is wanted for the reception of
these,
Resignation of President F. A. Van.
derlip from the National City Bank
probably marked the finish of the
struggle between the old conserva-|
tives, of which he was a leader, and
the new aggressive men, of whom his
successor, Jemes A, Stillman, is a
Jeader. |
It ever there was a situation in
America demanding aggressive acton
on the part of bankers and business
men it is now, Great speculative en.
thusiasm is desired and the new lead
ers may be depended on to interpose
no stumbling blocks. The people are
fn the saddle and the wise bankers
will try to do no more than suggest
and turn that speculative sentiment
in certain directions. It would be
fatal to attempt to kill it. That would
cause an lindustrial panie of profound
proportions. The present plan is to
divert speculation gradually from the
mk market {lto commercial and In
trinl lines. To do that the market
must have free swing,
Reawnkening of the steel industry
hax been the x;;m development of
the past week. The head of the rali
road administration lacked imagina
tion and leadership. He had his
ehanes (o be a great man, but scorned
o, and the opgnrtunlty was selzed by
the head of the antomobile industry.
The importance of what Mr, Durant,
of General Motors, did when he or.
dered 345,000 tons of gteel at current
prices is not fully realized by the
public. His aet will stand out In
after years as a turning point from
which great movements will be dated,
Bwift reward has already come to the
motor indugtry and through it to oils
amxd steels,
STEELS MAVEN'T JUMPED.,
. It may be that the motors have
vanced enough, but the steels have
ly moved. There is hardly a steel
¢ that is not selling for leas than
~ its book value, All indications point
the near future, The volume of or-
Id«rs booked is not If importance. The
demand exists in excess of the ability
of the steel companies to fill it, It is
lonly a question of getting the public
‘started to buy. The General Motors
order has broken the deadlock. The
vast crops furnish the means of buy
ing and egiphasize the necessity. |
I In spite of the warnings of persons
who have not studied the oil situa
tion, those stocks are still on the up
ward swing. There are a few swin
dles in oil, but the industry as a whole
is sound and is not being exploited in
the stoek market unreasonably, The
discoveries In Texas are rich beyond
prédent appraisal, , They are already
proved to be the most important out.
wide of Mexico. With a stable govern
ment established in Mexiso, such as
there are assurances will be estab
lished before many months, the world
will have a demonstration of the
vialue of 01l securities that will make
present values look ridiculous. The
general public has obstinately re
fused to believe the truth about the
olls.
As to how much further stocks rep
resenting food and clothing compas«
nles should go is a serious question.
It I 8 not likely that either of these
things will be much cheaper for two
years, There must be another great
crop next year, at least, before any
material relief can be had. But it is
as easy to look ahead to low prices
and smaller profits for such compa
nies as it is to see higher prices and
larger earnings for steel, motor and
01l companies. The whole world ia
changing its clothes now from war to
peace styles—not only the 30,000,000
men in uuiferm, but the countiess
women and children who copied the
militant styles. After that the de
mand will be normal. So uquidnnonl
of such stocks would seem now to be
the wise thing for investors. I
The rails remain to move, and they
will move when released from Gov-I
ernment management—will move as
soon as the terms of ° release nrel
known. The measure defining those
terms is being prepared and will hel
introduced in Congress before many
weeks, Then the big systems, and es
pecially the little roads, will come to
their own. The railroad shareholders
are probably passing through their
darkest hours now. 8o are the trac
‘tion company shareholders, for relief
seems to be in sight for both.
The export boom that has beem pro
gressing, and which I 8 expected te ex
pand, will build up the greéatest busi
ness the New York Central has ever car
ried, according to sources whieh have been
looking into the market possibilities of
the stock. It is intimated that a good
denl of buying of this issue lately has
been based on this feature.
. A »
Indieations of improvement in the cop
per metal industry are expected in active
market eircles to be followed by a sharp
advance in Montara Power stock, which
is now in a better general position than
ever bhefores, It iy said to be the lowest
cost power producer in the United States
n‘nd has attractive speculative possibili
tiea
.
Directors of Submarine Boat will x-roh
ably consider resumption of dividemn at
meetings to be held this month, mo com
pany is in excellent condition a domi
nnunq interests beliave it could well af
ford to resume payments on & conserviae
tive basis of, uy‘ != o:nu quarterly,
It s reported Advance Rumley Com.
pany will retire half of its preferred
stock, «
>
A good Aeal of bullish talk from well |
informed sources about Pan-American Pe.
troleum and orders rgmrud to buy the
stock coming from ngland Another
theory is that Roval Dutch interests are
buying Pan-American.
” 69
An initial Atvidend of 3 per eent for
the quarter was declared recently by
the directors of the Gun Cove 01l and
Refining Company, payable July I§, to
stock of record July 1. The company an
nounces to shareholders that actual drill
ing on two new v‘aun. M.Il start
The Federal Reserve Bank of New York
has received gn additional shipment of
gold amounting to $6,000,000 ‘l:!\e ship
ment 18 part of the recent movemdént to
this renx‘: for the ageount of llhe Brit
ish Gev ment.
Atlantic Gulf and West Indies 01l sub.
sidiary in Mexico s drilling another well, |
and officials expoct that this will be
brought in shortly. Guif interests em;;‘!u-j
#ize that bringing up to date of three
wells with potential daily produetion of
approximately 200,000 barrels, proves be.
yond all guestion value of the land. They
add that in all prohability earnings from
this sourge alone in 1920 will run from
16 to 25 per cent a share on Atlantic
Gulf common Ito(.‘k. .
speculative attention seems to be de
veloping in regard to Bethlehem R, since
the Bchwab statement that the steel outs
‘look Justifivs enlargement of shlggmu fa
cilities to transport ore from ile via
the Panama Canal to the United Rtates
for the use of this company, which is.un
derstood through him to have “the eall”
on large tmnn(r:;cu.ou .nr\hrl abroad.
Genern! strength of the shipping shares
is held due to definite assurances of »
comprehensive and satisfactory shipping
program which will enable private euter
prise to operate I’! l‘ pr:nt. I
The finanein!l statement for the first
quarter was not made public after the
recent moeting of directors of the Amere
ican Bteel! Foundries. It is learned, how
ever, that the net earnings of the guarter
were approximately $1.%50.000. The sure
plus for the avarter after taking care of
taxes and dividends s reported to amount
to $060,400. The smount set aside for
:z:u is sald to amount to about $570,.
5.9 » ‘
A membership on the (‘hlnr RBtock ex
change has been sold for $3,500, ¢
PRELPS DODGE OUTPUTY UP,
Emelter production of the Phelpa M‘:
Corporation in May totnled g.1“.l
pounds of eorpvr. of which RITNT
pounds eame from the mines of the com
pany and 477,000 pounds from the custom
ores, The Mexican properties contributed
1,662,000 pounds to the 7,568.9500 mn«h
total of the company last month, 6
206,000 pounds came from the mines of
the corporation in productions umounto‘
to 8,262,176 pounds, of which 7.,87717
pounds came from the mines of the coms
pany and 385000 pounds from custom
ores. The Mexican propertios a‘vflwud
1,702,000 pounds to the 7.877.1 pounds,
total of the company in April, and 6,135
176 pounds came from the corperation’s
mines in this country. In May of last
the mmelter output of the Phelps
Corporation was 17695453 :
in_the same month of 1917 it smount:
10 16,362,196 pounds. |
HEARST'S SUNDAY AMERICAN - A Newspaper for People Who Think — SUNDAY, JUNE 15 1919. ™
Bohemia Seeks
$25,000,000 Loan
To Buy Cotton
| 7~ HICAGO, June 14.—~The violence
C that has prevailed in the stock
market found a sanctuary for the
day among financial commentators, on
and off the press. Denunciations of
the movement are increasing ip num
ber and intensity. It is particularly
intense with the old guard, to whom the
war with its structural economic
change has taught nothing.
_To offer advice-—especially good ad
vice—lis always fatal; so there will be
resort to a 4 compromise homily; if you
cannot indorse—or condone—what inl
doing on ’'change, suppose you assume
an attitude of wise passiveness, with
its acrqm.nanyln‘ unfixity of opinion,
LOCAL WARNINGS FUTILE.
To atiempt to arrest a spontaneous
‘campaign in securities such as has been
lin being since February is like trying
to resist the irresistible force of nature.
A political or economic cataclysm (a
militant refusal of the Germans to gign
the peace terms) would stop it, but
loud warnings, loan calls, bankers' in-
Iwrventlom and like preclusions are
futile.
| Uther than such a catastrophe as sug
gested, the market may go on unti] it
‘weakens through sheer exhaustion; or,
to alter the metaphor until the fever is
spent. Prudent critics will not essay to
cure a mania with pen and ink; they
will allow the crowd-—-which extends
from ocean to ocean—to have its in
fatuative way.
SITUATION BEYOND CONTROL.
To urge dullness during the summer
months and a resumption of the move
ment in the autumn presupposes an au
thoritative control of the situation—
which it lacks., To demagpd quiet ses
glons until all branches of business will
have met the stock market's discount
is also conditioned on a controllable
market,
To threaten with the many difficul
ties—real and theoretical—with which
the economic world is confronted makes
no impression on my people, who har
bor the optimism that 95 per cent of the
troubles which appear to menace an
individual, a nation or the world never
oceur; a confidence unlikely to be im
paired just now by the important fact
that the once languishing steel and iron
industry is rapidly rising to an activity
and expansion which promises to sur
pass that of the war periad,
ADVANCE NOT STAGGERING,
And what, in the final count, has the
share list scored since it started for
ward? = Comparing yesterday's quota
tions with the range in the first week
of February, industrials in the average
have gained 27 points, while the rails
have improved only 9%. These appre
ciations are from a petty dilapidated
and despondent depth. As to bonds, the
rails and public utilities (which consti
tute 90 per cent of widely distributed
ecoupon securities other than govern
ments) the rise has been less than 4
points, L
So, while the markets have beén
without parallel in points of uninter
rupted heavy turnovers, specific violent
rushes and untutored plarucipauon. L
net result, price-wise, has not been éx
actly staggering. ‘The danger lies in
the massive underschooled trading. In
former hooms financial matadors and
highly skilled professionals have been
to the fore. Today the ordinary man in
the outside thoroughfares is in control
NEW BOMEMIA TO GET LOAN.
Mr. A. Tille, of the Zivnostenska
Bank, Prague, s likely to nucc% in
his mission to borrow $25,000, on
behalf of New HBohemia, or Czecho-
Slavonia., American bankers, who have
been asked to subgcribe, are waliting for
the peace treaty to be signed before af
fixing their signatures to the subscrip
tion list. The terms of the loan are
similar to Belgium's, .
A group of Czecho-Slovanian banks
are the direct borrowers; they are forti
fied by the deposit of $25,000,000 one
gear notes of the Bohemian mpubllc.
he loan I 8 to run for one year only and
the proceeds are to be uged to buy cote
ton in this country for the deplenished
textile mills in Prague—or Praha, to
give the capital its original name, now
revived for the new order,
ESCAPES FROM INDEMNITY.
Mr. Tille (whose bank has deposits of
401,022,456 kronen) reminds prospective
subscribers that the Bohemian repub
lic assumes a proportion of Austria's
pre-war dept only; it is not involve®
in the indemnity to be imposed on Aus
tria and Hungary.
The head of the Zivnostenska Bank
(the largest in Praha) notes further
there {8 beet sugar in Bohemia, val
ved at $100,000,000, soon to be sold.
Again further, Bohemia eitizens have
Awumuatad $2,500000 of French and
British foney which will be put at the
dumll of their government, the latter
to row it for three years at 3% per
| cent interest, which rate and ready
lemllnq attest the faith Bohemians have
in_their regime,
The $25,000,000 loan is to be repaid
in United States currency.
Packing Companies Merge
Into Allied Packers, Inc.
NEW YORK, June 12 —Complete details
of the new packing consolidation, making
the industry comsist of “the big six,” in
stead of the former “big five,” have just
been given out by John A. Hawkinson,
president of the merger, after a confer
ence lasting all day with Eastern bank
lng fnterosts,
'he union of the independent packing
organizations 15 to be known as Allied
Packers, Ine, The company will probably
have an authorized eapitalization of §25,-
000,000 7 per cent preferred stock, 350,000
shares no par value common stock, and
$26,000,000 6 per cent debentures.
The following large independent pack
ing companies are immediately included in
the merger: O, Klinck Packing Company,
Buffalo, N, Y,; Parker, Webbh & Co., De
troit, Mich.; F. Schenk Sons & C'o., Wheel
ing, W. Va.; Bachelder & Snyder, Foston,
Mass.; W. 8. Forbea & Co., Richmond,
Va., Macon Packing Company, Macon,
Ga., and the largest packing company in
Canada. This latter company has in all
five plants,
Mr. Hawkinson, who came here espe
eially to attend the econference, gave out
the following statement:
“Allled Packers, Ine, will have plants
located atrategically to secure the neces
sary supplies of live stock, and for the
distribution of products. The owners or
managers of all the companies taken over
by the conselidation, will have a finan
clal interest in the new company, and will
h;» the active managers of thelr respective
plants,
“Allled Packers, Tne, will have distrib.
uting agencies throuxlmu( England and
Burepe, and will make a special featute
of the export business, as well a 8 cater
ing to the domestic trade®
———————
D.L. & W.Earnings $15.18
Per Share, Re'firt Shows
The Delaware, Lacka a and Western
Railread has tssued its annual report for
the year ended December 31, 1918, which
shows net income after charges of §13,..
§34,012, equivalent to 315618 a share (par
value §6O) earned on the $42.277,000 cap
ital stock. This compares with a surplus
of 815,370,196, or $185.17 & share in the
preceding year,
The Federal operating account shows »
net o‘mm.nx income of $16,011,666, which
was $5.177 644 In excess of the company's
$14,174.629 compensation &8s reported in
corperate income account. 1f the w-m’wny
had received the actual net income of the
rond its -».rnm&e on the stock would bhave
been 317 35 o share.
————
DBETHLENEM STEEL CORPORATION,
The Bethichem Steel tien on Nly
‘t next will pay off § .l».au of its
50000000 7 per cent serinl gold notes,
which due ont the date. The company
in QIN-# o anticipate the payment of
a total 5,000,000 of these notes, ow.
g to n-d liquidation lucident o the
War, i » .
Caribbean Markets Give |
Vast Opportunity to
Exports of Middle West
Heavy Imports hy—alitod States Simplify the
Problem of Financing, Says Foreign
‘ Trade Expert.
By GEORGE W. DOONAN,
Foreign Trade Adviser, Central Trust
Company of Cl\iugo.
HE prospect of future trade with
I Europe is just at present over
shadowing the consideration of
development of commercial relations
with some other sections of the
world,
Whije all eyes are focused on the
developments in Kurope, do not let
us lose sight of the opportunities for
e¢xtension of our business in the
markets that lie practically at our
Goor. Reference is made to the mar
hets surrounding the Caribbean Sea.
The countries in this section in
clude Mexico, the Central American
countries, Colombia, Venezuela and
the West Indies. Our exports to
those countries amount annually to
the neighborhood of §400,000,000. I
UNITED STATES BEST 1
CUSTOMER OF SECTION.
Even more significant is the
amount of material which the United
&tates purchases from these coun
tries. The total imperts are in the
neighborhood of $500,000,000. The
United States purchases between 70
and 80 per cent of the total exports
of the section referred to and sup
plies them between 60 and 70 pe?
cent of the commodities they pur
chase,
We take from them such articles
as coffee, cocoa, cocoanuts, bananas,
oranges, pineapples, grapefrult,
sugar, chicle, tobacco, cigars, grease,
oils, cotton, fibers, rubber, hides,
skifis, hats, dyewoods, mahogany,
cedar, mangrove bark, platinum, cop-~
per, antimeny, lead, zinc and many
other articles.
We purghase these commodities on
a larger gcale than we sell them the
one hundred and sne manufactured
products they require to me=t their
needs. They do comparatively lit
tle manufacturing, and tassiefore
mnust import clothing of all kinds,
many manufactured food products,
| ousehold requirements, . hardware,
office equipment, agriee.turs and
other machinery and equipieut and
other articles required in their every
day life.
REQUIRED EXPORTS »20DUCED
IN THE CHICAGO DISTRICT
The products required By the coun
tries bordering on the Caribbean Sea
are practically all produced in the
Chicago district, and many of the
materials sold by these countries are
consumed here, although not imports
ed direct. . =
With the Mississippl River now|
vtilized for freight shipments from |
St. Louis to New Orleans and the |
prospects of connecting Chigago with |
the Mississippi River system througn I
the construction of a canal, the time
is not far distant when this city I
will have water trapsportation f-vn'
its door with the Caribbean mar- |
kets, goods, of course, being trans-j
shipped at New Orleans. |
The fact that what we buy from |
these countries egualizes in vnluol
what we sell them simplifies the‘
rroblem of financing, as they payi
for the manufactured produets they
must import with exports of un-'
manufactured materials which we re- |
quire, {
COMPETITION FROM EUROPE
AWAKENING TO CHANCE,
These countries are equally at
tractive markets for the manufac
turing nations of Europe, and as the,
Puropean countries are confrontedl
with the problems ot rohabilitatlngi
their finance and industry through
the export of manufactured goods, it
is evident that we must prejare for
competition in these markets, whlchl
has been negligible during the past
few years, I
Proximity gives us an advantage
which we must not overlook in our
quest for other markets,
That our competitors are not over
ooking the importance of these mar
kets is indicated by word from Mex- |
jco that the British Govemment.l
through its consulate in the Clty of,
Mexico, has circularized practically
every merchant and business con
cern in Mexico during the past Lew
weeks, asking them questions that
have a bearing on the marketing of!
British goods and products in Mex- !
jco and the sale of Mexican raw,
materials and cther products in the
British Empire. |
~ Information is gought regarding
the products that merchants are ex-|
porting and {mporting, whether they
transterred their business during the
war to other countries than those/
lmey formerly traded with, 'hl!i
products will be in demand upon the
return to normal conditions, \vhfil
improvements could be made to fa
cilitata trade, such. as transportation,
credits, ete., and the names of com
petitors among enemy and neutral
firms. I
Japan s already making a strong
bid for latin-American trade, nml‘
regular calls are made by Japanese
ships at Pacific Coast ports of Mex
jco and the ports of other Latin-
American countries.
CAPABLE PERSONAL
SOLICITATION DESIRABLE,
Among the factors that have A
‘mm\: on our forelgn business lis
the element of direct and personal,
effort, and this is particularly trus
of our relations with the Ltln-I
American trade. A large percentage
Wouald you be Interested In hane
dling & large Dbloek of Industrial
stock (not mining or oll) for a Wost.
ern corporation? Interests the most
conmervative investor. Address K, A,
Ogden, 624 Symes Dullding, Deuver,
Colorade.
e, DESKS
Nl T, Chaie,
LTS ortice Naree
bl Targe Nloek
< Lowest Prices
HORNE DESK AND VIATURE (O,
$3 N, Pryor St Phone Lvy 1108,
of the effort put forth in sending
catalogues, letters and follow-up let
ters is wasted, as in advertising, un
less the campaign is properly launch
ed and constantly maintained. Busi
ness secured by these methods is
likely to be more or less of transient
value,
Where the line justifies the ex
pense involved, the most satisfac
tory method to deal with the mar
kets surrounding the Caribbean is to
send a capable, reliable traveling
man, speaking Spanish and knowing
the peculiarities and customs of the
people, in order that direct personal
relations may be established.
Too much must not be expected
tfrom the first or foundation trip. It
is with pespect to this point that
many traveling men complain of the
treatment received from their houses,
as the extent to which the personal
element enters in the business life
of the average Latin-American is
difficult for business men of the
United States to grasp. '
Time, cultivation and keen knowl
edge of human nature are required
on the part of the traveler in order
to attain a position where orders are
held for him and are refused to com
petitors. |
If the traveler is backed by his
house and supported by fair and
courtegus treatment accorded to the
customer profitable and stable busi
r.ess relations will be established.
i ————
New York Central Net
Last Year Increases
The New York Central Railroad, ex
cluding the Boston and Albany road, re
ports for the year ending December 31,
1918, during which time the operations of
the road were under Government control,
a net income of $52,230,407. This com
pares with & net income in the preceding
twelve months of $51,090,930, <
p »: i 6 ¢ + -~ ! %
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v o B Ye
ROGERS—the Biggest Baker and Grocer
in the South—with over 100 Stores in
Atlanta—ls only one of the Hundreds of
Big Atlanta Firms that use =~
o o :
MORE ; o~ LESS
MILES W - CARBON
&=
And WOCO OIL Exclusively
Experience has proved they can haul cheaper
with WOCO because WOCO gives more miles,
less carbon and costs the same
FILLING STATIONS
WHITEHALL and STEWART AVE.
Open All Night
19 EAST MITCHELL STREET,
B
'Change Premiums.!
Hurt Trade of
United States I
- LONDON, June 14.—The United States
must buy more foreign securities and
goods to aid the rate of exchange if Ameri
can goods are to be bought here, the
American Chamber of Commerce in London
gays in its summary of Industrial and
commerelal conditions in Great Britain
during May. The shortage of tonnage
continues to keep American goods from
the British market.
The British Board of Trade, it is added.
was attacked in Parliament regarding its
fatlure to decide on a firm export and im
port restriction policy. 7This is one of the
causes of uncertainty making the resul
rection of trade difficult. The Govern
ment's spokesman, in reply, said he hoped
to announce a definite policy when peace
is signed. He declared that the state of
:‘lxohanle would be the ruling considera
on. .
The manufacturers of the United Kine
dom, the summary continues, have request=
ed the Government to give effect to its de
clared policy of perfection to the key in
dustries in order to prevent dumping. The
summary adds:
“Import restrictions on typewriters, rub
ber goods, soap, vacuum cleaners aml mu
sical instruments (except organs and
pianos) were removed. A further relaxa
tion on American boots and shoes is con
sidered likely. No further concessions on
automobiles is expected until September
1 at the earliest.
“Official figures from the Ministry of
Shipping show that the world's total pre
war tonnage was 48,000,000, the share of
Great Britain hemg 18,500,000 and the
United States 1,700,000, At present the
world tonnage is 36,500,000, with Great
Britain having 15,300,000 and the United
States 6,400,000,
“The trades unions have refused to take
over the national shipyards at Chepstow
on the ground that the offer made was
not fair, and that the capitalists already
had refused an offer from private interests.
The question is still open.
“The number of unemployed is decreas
ing slowly. Coal production is dropping
and a shortage is feared both for indus
try and for export. American steel is under
selling British steel in the United King
dom. The Lancashire cotton trade is pick
ing up. Light grain crops are created on
account of the drought and the fruit crops
are uncertain.'”
e —————————
Curb to Have a
“ g 09 *
Police” Committee
With a view to protecting the public
against stock swindlers who take advan
tage of the outside market to palm off
their worthless wares, the New lork Curb
Market Association has appoinfed a wel
fare committee of four members to inves
tigate csmpanies whose standing may be
in doubt, ‘
The Woco oil Company,
x s
CHICAGO, June 14-—" To avoid an ex
cess of short-term financing it is possible
the Government may offer another bond
issue to clear away war claims,” believes
Arthur Reynolds, president of the Conti
nental and Commercial Trust and Savings
Bank of this city. |
“Demand for money is strong; rates
are firm around 5 per cent and 6% per
cent. There are indications that various
interests will require additional working
capital and that considerable refinancing
may be done, all of which will call for
funds and might eramp the banks were
they to attempt to care for the cash
needs of the Government in excess of tax
receipts. Banks are rediscounting some
what freely with the Federal Reserve sys
tem, showing that they are already bor
rowers to quite an extent to meet demands
for credit,
“As viewed from the Middle West the
recent strong advance in call money rates
might be considered partly an outgrowth
of money conditions and partly a warning |
against speculation. i
“Savings deposits are mounting dFSpHPI
the free spending of the general public.
All lines of retail business are good :mnl‘
the demand for both luxuries‘and necessi
ties almost beyond the capacity of thu‘
producers to supply. “The business outlook
is for improvement. Considerable build
ing is under way and more contemplated.”
e e —
ege . ‘
Cities Service to Issue
$25,000,000 6 P. C. Notes
The recently anounced new financing
of the Cities Service Company will be in
the form of $25,000,000 bond-secured sink
ing fund, convertible 6 per tnt notes,
to be issued by its subsidlary, the Empire
Gas and Fuel Company, according to an
nouncement by Henry L. Doherty, of New
York, syndicate managers are forming a
syndicate to underwrite the issue.
The notes will be dated June 15, 1919,
and mature June 15, 1924, and are can
vertible at any time, par for par, into
thg new issue of 8 per cent cumulative
preferred stock of the Empire Gas and
Fuel Compauy. The notes will be offered
at 97%;.
e e I
One of the flights which Kansas City
grain and n\illing interests are expected
up put up at tHhe grain conference with
Julius H. Barnes, in New York, June 10,
is to be directed against the proposition
to advance the guaranteed price of wheat
5¢ at Galveston. The proposed raise of
the Galveston basic from $2.28 to $2.33
a bushel on No. 1 grades is Intended to
facilitate the movement for export ahd
prevent a possible new crop congestion in
Kansas City, I
] -
- I I 1
. pales of War Savings and Thrift Stamps
I:woughout the country for May were but
$6,568,198, a new low record for any
meonth, comparing with $57,956,640 a year
ago Sales by months for the current year
o as follows: January, $70,996,041;
g‘ruary, $15,816,639; March, $10,143,081;
1, $9,572,728, and May, $6,658,198,
A%e first ten days of May were occupled
with the Victory lL.oan campaign and no
efforys were made to push sales of stamps
during that period; in fact, many officials
of the War Savings divisions of the war
loan organization in all reserve districts
centered all their attention on the Victory
Loesn. Stamp sales in the first ten days
of May amounted to $2,850,680 so that in
the remaining 21 days additional sales
were but $3,707,618.
No etffort is being made at present to
push sales merely to establish high rec
ords, Experience of the past year has
demonstrated that stamps sold under
strenuous methods frequently did not stay
sold, as the stamps may easily be re
deomed. While official figures are lacking
redemptions were made so heavily at timas
48’ to reduce net sales to a small amount,
The savings campaign as now being cone
ducted is devoid of the spectacular methe
ods which were followed during the period
of hostilities. The campaign now is as
much a campaign of education as it is of
sales. Officials are getting at the root of
the matter by first teaching the people
the benefits of thrift. The purchase of
stamps will follow as a natural sequence.,
Greater efforts will be made by the Treas
ury Department to induce the 21,000,000
new national bondholders to invest the
interest which they receive on their Lib
erty Bonds in War Savings Stamps. The
next interest day is June 15.
e —————
2 \
Oil Company Sells
Preferred Shares Here
NEW YORK, June 14-—Stock of the
Producers and Refiners Corporation has
been introduced to the public. It has au
thorized and outstanding $3,000,000 of 7
per cent preferred shares of $lO par, and
has authorized $17,000,000 of common
stock $lO par. There is $10,000,000 of the
common issued.
The Producers and Refiners Corporation
has acquired the Pan-American Refinery,
a modern 6,000-barred. plant at West Tule
sa, 0k1a.,, and has made extensive addi--
tions to the leaseholds in Wyoming, Okla
homa and Texas. It operates a 3,000-bar
rel refinery at Blackwell, Oklahoma, owns
400 steel tank cars and has §OO,OOO Itk
rels steel storage capacity,
Its leaseholds embrace approximately
140,000 acres in Oklahoma, Kansas, Texas,
Louisiana, Néew Mexico and Wyoming. The
company is now producing and running
2,600 barrels of erude oil daily from its
properties and has 1,500 barrels daily
production shut in, which will run as
soon as pipe line connections are made.
FILLING STATIONS
MARIETTA and BARTOW STS.
EDGEWOOD and IVY §TS.
PEACHTREE and W. PEACHTREE