The evening world. Newspaper, August 8, 1919, Page 12

ae a At AO OV eet ee a Oe: PET SA, Spencers aa to ‘Interstate Commerce ‘Commit- , this*tofustry that that ‘equal opportunity my Y ot’ whioh they have boon deprived.” fo \ résuming . pla ‘testimony “Mr.” A joint resolution “declaring that « Ptitmb was asked by Representative Sweet, Republican, lowa, why, if the Government was to own the roada, his Plan did not give it authority to ope- rate, “Because we do not believe in op- eration by any governmental body,” the witness replied. “We do not be- lieve this great industry can be con- ducted by any politica! autocracy. If we leave operation in the hands of political appointees we would placa the railway systoms ultimately in the hands of politictans, and that, we state of anarchy exists in the United States, authorising the President to free interstate matis and trae from further unlawful interference and to adequately protect citizens in tneir propésty, rights” was introduced to- day by: Representative Blanton, Dem- ocrat, Decia | that he wished to sub- @ part of the Railroad Union's [oes in ¢avor of the Plumb ape. ‘epresentative Webster, Republican of Washington introduced into the record @ stack of several hundred form letters addressed to him. All Were printed and identical in word- ing, on letterheads bearing the name of the Brotherhoods of Railway Car- men and Clerks, ‘Wages have been increased, the work day shortened, and labor and the family have had more of the necessities of life under the present gevernment control,” the letters said. Hoe who obstructs. the governmen: Plumb. Says It Fears Political ~ ‘Kutocracy — Threats” to _ Beat Congressmen Read. submit, cannot be aafely done. “The men operating the roads have IN, Ang. §—Organined made « life study of it, We have rovided an in th to actuite ‘not willing to have the Gov- |” ane at f every employee, and in this bill we ‘operate the railroads, because| have removed restrictions placed Not believe so great an indus- upon them by capital,” be conducted by “any political “You believe then,” Mr. Sweet ask “thi 1 i Galena 2 Plumb, author of] orcn'g cat ore neat will give more of an equal opportunity to those en- | in the policy of control or ownership gaged in railroad work?" jomes our direct enemy and shail .- sted Eromamgat the lan ‘We believe it restores to those in | jit Mt shall be ur chief Polley te remove in {tim trom any political line of trust the public has given into hi coping’ ——— BIG OIL MERGER MATURES. New York Financiers Will Con New Sinclair Company. Pi for the consolidation of all the Sinclair properties are rapidly maturing. They merely await the carrying out .of legal technicalities, The Sinclair Consolidated O11 Corpora- tion” of Delaware stockholders will meet Aug. 11 to ratify the proposed sale Of all the corporation's assets to the recently formed Sinclair Consoll- Oil Corporation of New. York. fo Sinclair Guit_ atockholdera wi through the same: proceed| nally all of the unlts will go’ into fhe one big consolidation, which will be controjled some of the Tending 1 intereats of New York. When fed. Sinclair Consolidated will it one of the most extensive jucing systems in the world. ENUINE ail to maweuieel cg RETURN Great whe Flier ‘’Trojan’’ Leave Pier 32.N. R., foot Canal St., 9.30 A. M., W. 132d St. 10 A.M. 2-hour _— etay in Newburgh returning: M. Music, Restaurant BU BsON V NAVIGATION Ce ANY NIGHT DOA’ ALBANY AND TROY, ome 7, M, IDEAL SUNDAY EXCURSION 4 oe ¢ On the Swift, Palatal JAMOND “*BENJ. B. ODELL”’ ccmodapetoniees AUGUST SALE Cy ings at moderate cost. Batt pat mae P.I M. eae eo aie aks a ty LONG ISLAND SOUND Sunday Excursions Where cool sea breezes are enjoyed. Buough time ashore sighteccing. Koubit thie Pha a ee she § ew ell ites Railroad Administration NEWT ENGLAND. STEAMSHIP LINES THE IDEAL TRIP Saturday Afternoon To West Point or Newburgh } HOMER Ramat Babaesses raed ft ira BGUTTER@SONS a ean DIAMOND IMPORTERS (on. wi cere ‘me ‘ODELL leaves "Woot Pott NEW HAVEN ORDERS FREIGHT EMBARGO: STOPS: 102 TRAINS (Continued from First Page.) carry the passengers without accl- dents. At the offices of the New York Central Lines Pitt P, Hand of the publicity forces said the best infor- mation of the officials was that there would be no spread of the shopmen's strike and that the men were greatly impressed by Pres, Wilson's appeal to them to remain at work pending an adjustment. Many of the shop- m™ who had quit work, he said, were returning and it was hoped that all would return within 24 hours. —~— RAILWAY SHOP STRIKERS GO BACK TO WORK RAPIDLY, HEEDING WILSON WARNING Men on tadaioniin B. and O,,|« Norfolk, Pennsylvania and West- ern Lines Return, WASHINGTON, Aug. 8—Roports to the Railroad Administration to-day said that in response to Prosident Wil- son's action o flast night shopmen were rapidly returning to work on the Lackawfnna, Baltimore and Ohio, Norfolk and Western, Western Mary- land, Rock Island and St. Paul Rail- roads and on the Pennsylvania lines west of Pittsburgh. The President, in a letter to Direc-| boon tor General Hines, authorized him to treat with the railroad men regarding wages, but not until all the strikers gave up their unauthorized walkout. ‘The telegraph system of the Rail- road Administration was put at the disposal of the union officers here and peremptory orders that the men should go back to the job went out to 600 local chairmen, Mr. Hines is understodd to consider that two main points are involved in the settlement of wage demands. First, how much has the cost of liv- ing increased beyond the increase in wages; and, second, what are the wages being paid in other industries for the same classes of work? Any advances granted will be pro- portioned to enable the employees to maintain their standard of life and to retain competent men who might otherwise be attracted to other em- PCINGINNATI, Aug. 8—About 100 Big. Four Railroad mechanics re- turned to work here to-day, follow- ine a vote taken by the men last night to rescind their strike resolu- tion of last apeey, - KANSAS CITY, Mo., Aug. 8.—R sponding to the appeals of the heads of their National organizations, striking rallway thopmen of the six federated crafts at a mass meetin; here to-day voted to return to work immediately, a2) SHOPMEN WILL REPLY TO WILSON T0-MORROW; 200 TRAINS CUT OFF |<oxg Strikers’ Leaders Confer on Presi- dent's Demand to Return to Work Before Wage Adjustment, CHICAGO, Aug. &—John D, Saun- ders, Secretary of the Chicago Coun- cll of the Federated Railway Shop- men’s Union, announced to-day that the Executive Board of the organiza- tion was considering President Wil- son's demand that the 300,000 strik- ers return to work before their re- quest for higher wages will be con- sidered by the Federal Government. He said the Executive Board ex- pected to reach a decision on what action will be taken by 5 rt ue fig * oF plan. water. VIA CAPE Cop CANAL Bene Through the Canal Both W. etaaegyt ae Murray 8G. Dal »ROCKAWAY BEACH - aod) STRIVE CATS Pe uel Wait a int WEW YORK -ALBANY . TROY EXCURSIONS C.R.R. of N.J. SUNDAY, AUG. 10 TAKE afta $1.50 additional) Liberty St, &, Jom, oa, & ry 4-Plece Genuine American Walnut Lou of BUFFET, CHINA CLOS } LONG ISLAND souND- » BY DAYLIGHT ¥ Str. Chester W. Chapin To New races Moudays Lf eee, hy Four Plee tee weeds, | ve Wert q LONE. Tishaa ate Foreign Langua Records tor August on Sale, Write for Catalog. Malled FREE WE SELL Columbia Grafonolas on Credit From $25 Up Also Records on Cr With Every Machine “A PICNIC FOR A NICKEL” DYCKMANST.FERRY wa | TO INTERSTATE PARK 2000 FREE BATHHOUSES Best Route Cor Autos to N. REPRESUMENT PA ating INING. TABLE 46 inches b: bad inch io Columbia and Cortina AUGUST FURNITURE SALE LIBERAL CREDIT TERMS TO ALL Our Terms Apply Also to New York, New Jersey, Long Island and Connecticut Is XIV. Period Dining Room Suit: ERVING TABLE, Engiander with cratonne spring and and pillows Apartments Furnished from $75 Upward on Our E _ Payment Plan OPEN MONDAYS AND SATURDAYS UNTIL 10 morrow afternoon. At that time, it is said the union will make @ formal reply to the demand made by Presi- dent Wilson, \Iroad officials announced to-day the discontinuance oft nearly 200 trains by Eastern and Western roads, Freight traffic on nearty all lines continued to be hampered to-day by the walkout of the shopmen and it was asserted by railroad officials that the notice to accept shipments “sub- Jeet to delay” would be changed into an absolute embargo on many com- modities unless conditions roa abdhaal shortly, The New York, New Haven er Hartford Railroad. announced that 102 passenger trains had been drop- ped, all dining and parlor car ser- viee discontinued and the existing time table suspended. The Chesa- peake and Ohio announced that thir- |ty-four passenger trains had been discontinued, the notice being pre- ceded by one of ao limited freight embargo throughout the system. The, Chicago and Northwestern ordered seventeen trains cut from its sched- ule. During the day forty additional passenger trains out of Chicago were| canceled. ‘ Atlanta Considers Ratton! Food Because of Strike. ATLANTA, Ga, Aug. 8—While labor leaders to-day endeavored to striking shop workers back on the job, city officials continued their efforts to conserve limited food sup- plies. | Mayor Key was to resume conferences with grocers and other merchants with a view of placing the | distribution of food and other neces- saries on @ ration basis. An order it ued by the Mayor last pigat vir~ jy commandeered the city’s gaso- line supply. Central shay? Pooceng 9 Cancels Pough- eepsic Trains. PovoHKinpsin, Aug. 8.—An- nouncement was made here to-day by officials of the Central New England Railroad that four trains giving ser. vice to this city hi He Use Ant (Hpecial to The Brening World.) GREENWICH, Conn., Aug. 8.—The railroad strike has tied up trains here and New York commutérs have pressed automobil Into # erie A strik threatened at the Cos C and the entire electric sys! ao and Greenwich may Ls shut Moekel Plat; 8.—All em- ployees of the Nickel Pinte Railroad car shops- here are on strike to-day, ipl oh ing the potest of 600 machinists, irmen other shop craft this was being conducted to-day by shop- men of the New York Central shops at Albany, said to be the it on the system. Boilermakers have almost unanimously in favor of the strike, it was sald. pe: Massa Rai COLOMBIAN TREATY HELD UP WASHINGTON, Aug. 8.—A Presiden- tlal decree issued by the Colomblan Government on June 20, declaring the petroleum lands of Colombla to be “the proverty Of the nation,” was laid before nate Foreign Relations Committee torday and resulted ip indefinite post- Ponement ef committee approval of the y of which State Department, vast American oil holdings in Colombia would be treatened with ation, members of the committee said ‘The closest mment supervision in all oll operations complicated licensing sya! ia stains Su tte POLICE UNION REJECTED, The Patrolmen's Benevolent A: clation of Jersey City, comprising 90 per cent. of the Jersey City force, adopted ‘resolutions to-day, declaring the formation of a labor union, proposed, would Be the dest interests of me force and rganization, tion for a ‘police labor union was said to hay Sificers of the American Fede Labor. SARATOGA ENTRIES. oo SARATOGA SPRINGS, N, Y., Aug. 8. —The entries for to-morr: as follows RACE—The Platinbung ‘handicap ; g(r tore enol and war a taiionge fe, 100; Cromwell, 1054 Tetagoog. lack, 100; Out thie Way, 1:0; Aasuine, 111; Haat gl em. 180; Toe “Bughiouse, 138; 1a, MTRD RACE—The oo aeons = o ix furlongs. —Upwot, 122 he today for Olde fe ead. War F 08: Betrerkule ‘ai Pit i h Wand iar, 108 LACE—Gallin. for two and ab —Henslove, 108 Patan! Bagh Mint Ot Meckatasre, 10T T okie; five a, 1 Cosden & Company, regular quar- terly of 1 3-4 per cent, on preferred stock, payable Sept. 1. United Cigar Stores Company, regular quarterl: of 18-4 per cent. on preferred stock, payable Sept. 15. Studebuker Corporation, regular quarterly on preferred and common, paid Sept. 2 NOTES. A. C, Rucker has purchased a cotton Greene-Cananea’s July production to- talled 2,200,000 pounds copper, against 3,000,000’ in’ June and 3,000,000 FINANCIAL NEWS WALL STREET News and Gossip of To-Day’s Market—Present and Fu- ture Prices. ‘The bear campaign to bring about complete demoralization in the stock market continued to-day and price fluctuations were sensational in the extreme. sessions witnessed in many years In- cldentally, the volume of transactions was the largest of the year, being well above the 2,000,000 share marks. | Many of the leading issues showed ‘over-night advances of 2 and & points, This firmness was maintaine throughout the first hour, and th belief spread house traders that the bear attack had ceased. However, shortly after 11 o'clock a new avalanche of selfing orders! struck the market. Not only were earlier gains ~iped out, but nearly all of the leading stocks, made new low records for the present downward | movement, Yesterday the steel stocks were subjected to. most pressure. To-day the attack was shifted to food, leath- er, and railroad shares, At no time was there evidence of inside support discernible in the latter group. Such prominent issues as Union Pacific, Southern Pacific and Reading fol- lowed yesterday's losses with further declines of three and four points. Brokers sent out new hurried calls for additional margin on customer's contracts, Inability or reluct ance on the part of these customers to put up required funds, and the conse- quent selling out of accounts “at the market” helped to precipicate the de- cline, Just before noon prices of some of the highly speculative issues slumped badly. For instance, U. 8. Rubber, whcih sold as high as 1281-2 shortly after the opening, fell back to 1201-4. Corn Products dropped from 801-2 to 72, Studebaker from 1041-2 to 100, and Baldwin from 1065-8 to 991-2. arly in the afternoon those groups working ‘in specailties gained new courage, There seemed to be par- ticularly good buying of U. 8. Steel. Tho opinion ‘spread that banking in- stitutions were giving the market substantial support. At any rate, certain of the industrial and equip- ment shares rallied from 4 to 8 points. American Car and Foundry was conspicuously fluenced by the poor porphyry com- panies’ statement for July, The upward movement in the late afternoon was not impeded by a gur- risingly poor Government report on ondition of the growing crops, Much to the astonishment of Wail Street the total indicated wheat crop Is now 223,000,000 busheis less than was in- dicated a month ago. The tone of the market at the close was irregular. Opinions as to the immediate outlook are very much mixed. It is everywhere admitted that the inside position of the mar- ket has been immensely improved and that it is now in a position to offer a much greater resistance to further bear attacks of to additional unfavorable announcements. It is now known that the sensa- tional break in the stock market late yesterday afternoon was due to one of the most daring bear raids in the history of the Stock Exchange. Very receAtly an operator known in the financial district as the “Boy Plunger” gathered around him @ speculative group with imment financial resources and dt was d termined to attack the market. Con- ditions were deemed particularly propitious, In fact they could hardly be more favorable from the bear viewpoint, The market was in @ weak technical position owing to pub- Me over-speculation and tight money conditions, Also the labor outlook was ominous, On Monday, when it was publicly announced that the railroad brother- hoods had decided to force, if possible, Government ownership of railways and alao force a division of profits with labor, the “Boy Plunger” and his group began their attack. Monday's semi-panicky market conditions were largely due to their selling, On Tuecs- day their position was further fortified by the official announcement that the efforts of practically all branches of the Federal Government will be bent toward bringing down the country’s price structure. But late Tuesday and on Wednes- day there was much institutional buying in the market, and the public, in the bellef that the financial storm had passed again, began to purchase stocks, Many of the losses recorded on Monday and Tuesday were re- gained. The newly formed bear group were beginning to find their position uncomfortable, New and aggressive measures be- ‘ame necessary. Therefore, in the last hour yesterday, they launched another vigorous attack on prices. U. 8, Steel was the particular object of assault. And the success attending the efforts of this bear group can be measured by the fact that Steel, re- garded as the real market leader, lost over 6 points. It was soon discovered that the market practically honeycombed with stop-loss orders, and values be- gan to melt away. The public, in an effort to save something from the wreckage, gave orders to sell “at | the market.” ‘This, of course, added to the confusion, ‘Leading specula- favorites lost trom 6 to 15 points. Ofte, ‘ jAt. Gut & w. I, It was one of tho wildest ©. M. & St. qmongst commission | , CLOSING STOCK QUOTATIONS. #8 eeeeice! Baktwin Loco. Balt, & Ohio: Bots, Geel B Brookiyn R. T. Cal, Petroleum. Cres, & Ot Li ltteer le eeeeteeee ee FERC SE RR ESE Chino Copper Com Prod, Co... Crucible Steel. Keic Genersi Motors Co. ‘The opening was generally higher. reat Nor Or eeeerrsees inapiration Capper. Interboro Con Interboro Con, pt 10% 111% 1 (175 20% 26% 8% WO 6 n Th 20% 9th Penngpirania Bi Pitta, & West V ee eeecerse FFttteLete dle tL Ch iede delet iether TODAY'S PRICES Total sales stocks, 2, 071,800. OILS ON THE CURB. Opened steady. Simms Petroleum, 31 8-4—821-2; Glenrock Oll, 53-4— 57-8; Houston Oil, 118—126; Hudson Ou, 11-818. Island Oll, 6 67-8; Cities Service, 44—441-2; Shell Transport, 68—68 5-8; Cosden, 101-2 —103-4; Transcontinental Oil, 431-2 Amalgamated Royalty, 11-4— Allied Packers, 55—60; British- Regis- Sin- Oul, in. Lie! American Corporation, 22—23 tered, 22—23; Omar Oil, T7—' clair Gulf, 52—521-2; Victor! 21-8—2 3. ‘The close was weak. Sinclair Cons 51 1-4. off 11-4; Transe Oil 43 142 off 1-4; Com Pet 54 1-4 off 3-4, THE CURB. Opened steady. Indian Packing, 39-39 1-2; Retail Candy, 16—28; Le- high Valley Coal, 87. Curtiss, 15—1 Fisk Rubber, 411-4—42; Colonial Tire, 40—41; Hupp Motor, 12 1-2—1) Savold Tire, 60—62; Aetna, 91-2—10; Submarine Boat, 15 —16; Wright-Martin, 48-4—5 1-4; United Retail Stores rights, 16-13; L.L. Packers, 55-—60. The close was irregular, Am. Ship 43 5-8 up 1 1-2; Allied Packers 58; Tob. Pro, Exp, 36 off. THE METAL MARKET. ‘The Metal Exchange quotes Elec- trolytic Copper weak, spot and Aug. offered 21.50; Sept, 22; Oct, 22 1-4; Ps 50 Sept., 5.5075; Oct., Bela st: 6.7026.10 and’ Dec., 6.75 a 6.00, Spelter weak, B, St, L. spot and Aug., 7.004 7,80; Dec. 7.1040; Oct., 7 1-64.45; Nov. 7.16050; Nov., 7.15 a50; Jan, 7.17 1-20 7.55, MONEY. Call money, mixed collateral, 5 per BANKING AND FINANCIAL. <<< mnt, at industrial, 5-142 per cont In the afternoon the rate was 5 pet cent. for beth kinds of collaterals, EXCHANGE. aa i Francs Improved after the mor J the check rate advancing to 7.80, treme pressure carried the lire ehedkt rate down to 9.02, but later i feagw= ered to 9.00. Swiss pables were lower GRAIN. Range for the day at Chicagod!( uh at EARNINGS. 8. H, Kress & Co., July, s1,redesr, ! increase, $185,072; 7 months, $12,278,898, S Every Friday since 1903" through dull times bd panic conditions nye or by ‘kets “boomed,” we 08 Foc lished, regularly, our Market Letter, covering tho: ly and comprehensively oa and wer Aa i... Oils, Industrials, , Mihing and Curb Sec: No one interested in the market, eitler as an investor or speculator, should fail to place his name on our mailing list, to receive a of this full-of-value publication, > Comparison will the unusual merit and glib ot te WEEKLY MAREES LETTER.” Copy V $0 om request, a8. A, Stoneham & Go,, * ech Street, New York, Chirage—petrat west ‘Hartford—Phil Established 1003, $1,000—ITS EARNING POWER See the illumi: ating article on this sub, in current ‘The Market This publication contains weekly interesting Se bee cers than @ iw Al AND | lowe CURB BOOK Copies of the hand Scinond, obliga- tion upon request for 122—No, $8 SCHMIDT & DEERY Members Consolidated Stock Exchange New Main Offi Yorke Ottiees to St [es flee. G28 Widener Interest in flush and or settled production, reported to date, approximately 7,500 Barrels Oil Daily Total Capitalization $3,000,000, Outstanding $2,671,940, | Over 20,000 Acres, Texas, Oklahoma. Pipe Lines. Refineries, : Large Earnings. Dividends 3% Quarterly, Listed on the New York Curb Descriptive Cirewar and Maps on Request. C.D Knarr d2.aCo, Esteblished 1900 Investment Broxers Sincer Bupine TEL. OORTLANDT—2543-4-5, 6273-4-5 The statements herein, while not guaranteed, have been obtained ‘rom what we consider to be ‘eliable and authorilative sources New Yorr ments should be. sending us their request. .er tape at times was a full The | silve production was hes heen ae ne i 1..uut hour behind the actual market, | Transactions from 2.30 to 8 o'clock amounted to mare thai shares, or at the rate of more 4,000,000 shares. Discriminating investors can secure STANDARD OILS | We have made a careful study of the situation and prepared a special treatise on these wonderful companies explaining what their near-future move- a a copy by L, L. WINKELMAN & CO, STOCK BROKERS, 44 Broad St., New York Telephone 6470 Broad.