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New-York tribune. [volume] (New York [N.Y.]) 1866-1924, November 17, 1913, Image 13

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(tosh to Unload Stocks Each
Time News Indicates U. S.
Have to Fight.
,iaders on Money Market,
Anxious to Make Loans,
jlot Too Eager for a
Rapid Recovery.
[B* ' ' ******* ?
a ? v v 16. Mexico was the
?^ndon. ?**?
var? thi<t moat affected the stork
'" ]a5t week. h\%i now the ner
^^. ?j. n ?? > ? Harly in the week
' jfr A, . ? h produced a
.'dedly eeiler teeilnt, but this effect
"i ?-maten I on Thursday when the
r ? ment published
.??-M Tim?*s" on President Wilson's
;frit]on?, regarding Mexico.
flils littlf* - I '? -'" ! ?rvter
-d thO? ?'?" hM ' ??;,r'"'' somewhat ?*>'
ire, the experience
-he iMl " ' or t**"1**01* months
? gaja ? h an impression on the
that the mere whisper
em and evirybody
.'.yrles to unload stocks. Financial ex
? wy -.revallinp ncrvous
y- |s far ne and tot.-jlly un
m-mary. * there ip n"' much
?un?** of any real fighting in Mexico,
It Is generally believed that the
r..5rh p : will bring ont Its
?in early De*cea*ahejr, and it is
?ought that those anxious to make
prosperity because
?*?? are r*>t too eager for a rapid re
-Ttrr. The Parla and Berlin markets
?? wld both to feel this way.
?"he mor?' market, too, is shaken
rMexira.-. reporta, hut optimists say
at even in t!.e event of a clash with
to Catted St ;tes ?a hypothesis whi?-*h
i-coffed at on all sides) they are by
means Rire it would have m<****e
t-ftoos results than a continuance of
?esent conditions in Mtxico. Every
t-*g--*e-na ? feel that President W?
& Is handling the situation splen
?*:?.*, and with his hand guiding af
. n there la no real reason why busl
?m should be depressed by Mexican
"*5? fac? thnt New York has begun
compet?- for p Id In the open mar
?has induced British financial writ
? to urc- : yal support for the Bank
: En-fliin? especially as South Amer?
ts fold Is now cut off and Indian
slCanadian loans are quite larire.
ntinental money markets are
?Ttledly easier, for the si-rr.ature of
? Tur? -<*roek treaty has had a
*a*ktag effect The P^eichsbank and
? Bar.k of France have hoth added
?Mlatially to their metallic reserves
are imr Inclined to do any
BsJ to i Bank of England
; nt rate.
The only doubt now existing is
*-t-tber if the United Btatea and Ifex
l*""*ae into conflict New York won't
apete actively in the open market
arhtf gold. Sir Edward Paish. edl
laj of "The Statist." says In a cable
'?-?"pstch fr m New York that business
?editions are exceedinplv satisfactory
'-.?oaghout the l*nit?-d States and that
-taiicial pa] rs comment pleasurably
?-this, one of th?-m Baying: "So far as
"-'- internal condition of the United
"?Meals concerned, it seems clear that
?"-??"?"thing is favorable both to the
***cey mark* t bourses and the stork
-"hanges ?-** the world"
?>?"?:ount rat.'s fluctuated last week.
-t have not slid down as anticipated,
t-ty-day bills rule at 5 per cent,
?hta-Maths' billa at 4 15-16 to 5 per
*?t four months' bills at 4 13-1', per
'?and six months* bills at 4 11-10
'** cent. Call money was quoted yes
'""-ty at }?? per cent and weekly
'?"?at 4;, p? r '-ent.
??ai bank'.? reservo increased $**??'??'..
?*. now standing at $133^49.42G.
?dhon de ?? ?. : ?.",:.:?.2K",-mi, now
?-??ndln-f at .**;?:: "#1,320. The propor
y *at wecrve to liabilities rose two
"to*1 ano r,;,i_. r,f.r cent.
Mat a little below 60 par oent on
P corresiif.ridlng week of last year,
** a
?"?amelg Plans to Concentrate
Corps at Four Posts.
[fttMB 7> ? Tribuno Hur?
*Uhln*rt',n Nov. 1<* - It blW been defl
^r decide-i by Secretary Daniela that
* -T^1"* Sr-!"*s marinee shall be kej.t
???-?-I the ships of the navy and not
?7*ed t0 s? "?"? stations The decision
^portant in view of certain apprahen
?In the mai ne corpa that the old
r^t of taking the "wob-footod sol
***' off the ,| i, , rn!j.)lt ljf. carried out
?*Vthe present administration
?J?'Mar>' I,;"''' '* *;l1'' to-day that he
? **n*a a poll for th\- concentration
^""-?"lni'8 at s.v. m! {.oints, doing away,
?jj*'****' ' with th?* smaller de
~**n-e at the various navy yard?.
'jert **'?* '';iv,'*r enouRt? marl
Tv*1* the dutlea which they now do
j * *??* Idea that such ?-on<-i ntratlon
^** *-!'Ve r'r | jjr?-.it?r O-ppor
j2*ty ,''" I military training and
f- DaaleU'i idea I*- to eaubUsn large
??"na po^,, Ht |.hlaf|lll)ill:ii p,.,l8H<.ola.
iJ**Un* an?) ?,n the Pacific Coast The
?-^tl *,a,l("i wouW probably be at San
?2?* In thfiae places marit-wt-s to the
?*tT of a th?jU8and or mote could be
m.am Twiat, twenty-five yea?*, old, a
httnL *iJ,"r'?,?l? wh0 *'?*? orreeted on
j^-ay m-rtit, charged with stabbing to
?Wi**0"1*" hnown a? Mr*. L-oulse
**% of*r""" kl"' ,,:"J K""k"n ?Urreapect
^ ?abj J..V ,? n?. j.r#.n,.n tctrass,
**tL*t?*y r""f""1"1 by Coroner Fain?
^l0't?? Tcrobi prison pending the In-1
?j^. Tl1** stabbing was done In a fur
r?"?. at ?V?i. 118 fc-asf n&th street. \
Rothschilds and Big Banking
Houses Consulted by Ministers
Before Announcing Plan.
Three Per Cent Stamp Duty
Does Not Deter Borrowing
States from Applying
to Paris Market.
B] ?'able to Thr TrllmrK-.)
Part-, Nov. Ifi. ? Th.? Bourse remains
firm, with business still limited to pro?
fession;,! dealings. The JL'60.'?i.O,ono
lo:m met with favorable appreciation.
the only opposition being expressed by
groups Of smaller financiers who fed?
?O?ate ?t loan which shall he "amortls
sahie?i. c. redeemable at fixed ratee
and in fixed amount a.
The Minister of Finance before the
announcement of the loan had con
sulte.l the leading lights of the financial
world Including the Rothschllda ami
the big CTI dll establishments, such as
the ('r?i)it Lyonnais, the Bod?t? ?'.?'?
n'-raie aid the Comptoir d'lCeccmpte,
which haV? ?.?ways been thOTTOUgb glip?
portera of national Prencb finance
The government meanwhile baa prac?
tically vetoed foreign and especially
Balkans loans pending the issu.- of the
bi? i'r? n h loan, The gratifying recep?
tion of the government's loan proposais
ka expected to release funds at pn
tied up and thus ret ore confidence and
After the loan has been finally float? d
it is certain that the period of financial
activity thus opened will continue for
many months, for, with the exception
of a few nations In the north, every '
country in Europe is about to apply
for credit. The French money market,
too, Is becoming ever more the chief
treasury at tha disposal of borrowera
able to offer acceptable terme, and
therefore all conditions likely either to
facilit?t'- or embarrass loan issues are
subject to keen dis.'tissions here.
it will preoccupy financial circles for
some time to come, and will also at?
tract the attention of ordinary capi?
Il m ist ba borne in mind that no is?
sue of foreign state funds e_n bs ef?
fected on the French market until the
state Issuing the stock has first paid
into the hands of the French flscal au?
thorities a rash payment In the shape
mp duty, which hag gradually In?
creased from 1 par ??tit to I1?., and _
per cent. Within the last few months
the amount has grown to '?> per ont of
the nominal total valu, of the loans. It
is practically an import tux, paid by
the del.tor. It is so at least in princi?
ple, because it is not quite char In
fact that a part of the duty does not
fall on th<- capitalist.
This duty is. as a fact, an Increase in
rate Of int. rest, payable by the
borrowing at iti If the stamp duty
were the same on foreign as on the
French market the tax would be of lit
tie eonaequeiK a conditions being
equal, the states anxious to conclude g
loan would make their offen to tha
market willing to grant the Liggett
loans. This Is not the case, however,
for the stamp impost is higher in
Franco than elsewhere in England
the rate stands at 1 per cent and in
<;? rmany a litt.1?- more than one-half of
1 per cent.
At first sight this would place French
b.-.'iiks in an inferior position, for the
dut. would apj.ear to be prohibitive,
nut thg notation of foreign government
loans has always been more frequent
and Important here. Thus it would
geera that the high stamp duty levied
by the Fren? h fisc does not detract
from advantages not found on other
The favorable conditions offered by
the French money market are several.
Perhaps the principal gain of the
French over foreign markets is the
large stock of bullion held ready for
immediate use, while other countries
are often in the throes of monet?r]
difllculties. This is the case at thg
j.resent time, for most European Coun?
tries, even Including England, are feel?
ing the effects of the monetary crisis,
but France alone has preserved her
huge reserves in money ready for em?
Foreign markets are unable to satis?
fy the needs of borrowers and Hritlsh
bankers have decidid not to issue any
foreign state funds until further or?
ders. The Hungarian government waa
only able to conclude a small loan of
(*3O,O00l<XX) by offering to subscribers
a quite exceptional rat?- of interest.
A moderate Rumanian loan, declined
by the French banks on political
grounds, meets with the greatest diffi?
culties in Germany, notwithstanding
the sound financial and economic sit?
uation In Kumania.
The rate of interest on capital in
Franc?- Ig lower than elsewhere as a
direct cotise, punce of this vast res? r v?
of available ?ash. Argentine 4 per
cents an quoted at a higher pnce In
Part- than la London, and Chinese ."?
per cent loans stand almost at par in
th?- French capital. BrasUlan 4 per
cent funds are from four to six points
In favor of Furls.
The cheapness of loans in France
compens?t?-* to g < ?rtain extent for
the import duty of '5 per cent on foreign
novernment sto? k. The possession of
this boarded wealth ready to be drawn
upon by gohrcat States in want of
randy money is of inestimable value.
It is, moreover, doubtful whether th?
abolition of the new | per cent tax on
foreign govermnenl stock issued her?
would n-sult In raising the cost of bor?
rowing, and this, Indeed. Is only an
ln<ldental matter, which could hardly
affect capita--tg whose thief object Is
aflvnntsgeously to invest their idle cap?
ital. I
Now Turk rail money.
New Torfe sixty-day loan??.
Ne? v irk commercial paper.
?'1,1,,-iro time loans.
Boetoa tiata loans.
]>ondon discount rate.'.
It otint rate.
H?-rlin dlecount rate.
New Vork slKht cti-rllnr.
i hloago exchange on New York.
BoetOfl exchnnge.
J'arls exchange on I>mdon.
Berilo exchange .'.''.
United State? Is of 132.1.
BriUah consols . ....
l'l.nr reateo .*'
Cerman imperial 3s..1.........
Bur srnl'I. I.ondon. per ounce.
itiited states Koi.i in London, per oonce.
Bar silver, Ixindon. per ounce.
I_s; week. Previous week MM
I <?;?',
U pretn
" - Hi
?Om. Mpf
'.?,. -, ?
? i
4 U%
If, pr.-Mi.
:.' fr. iac.
: -i
77*. <?<1.
Mi M.
? .<?:.
10 disc
? fr He
:0m. 61 ??!?*.
. ???
Pt.tV ?
na M
Ne. an
At reported by "Tha Financial Chronicle" for the week in!..! Nl
New York .
Roston .
l'hlladelphia ."''.'....'...'..'.'.[.'.'.
Rait I more ...-..'"
I'M. ato .
s- Lo?is. .......!.
New Orleans. .['..'.Y..'.
Seven eitle?, five ?"am. }.- , .
Other title??, five days..'.." '",;,,
Totals all eitle;?, five ?lavs .?.
All cities, one day.
i 1.519 M7
? ?
.einher 16:
,111,IBS. 392
77 791.<1I
4 m%
I disc.
6 disc.
N fr. Wne.
Mm. 44'3pf.
'?" ? (
na 9.1.
l>ec. 14.9
13,"-?,t01, 71
1? -,
' ?
7 1
Tota!? all cites for week . R.440,?3,1!
t ? ttt.ttS
r?ec. 10.7
Dee. hi
I?er 113
Depotitt . it: :;:"non
?'inulatlon .
Gold .
Securities .
Rseenrt ratio (per cent?.
Discount rate (per cent).
:? ?74 MM
3? U7.000
Oel so.
{4:- 7"3.IW1
?> ;-v Q00
;.i ?'?
Nm 1
"v ;-', non
fc.l?i 'H?l
II 4*.
,-_ nn _.
' ' ? :?. i,, ? n Set 1
D-po?lta . ?.. . M.aM Km
I lOO . 000 : Sfifi.100.00fl
f?old . |.<M7.400.0l*-a :
gtlrar . km.700.ooo ??? -??
Dtecounto. etc. i i-.;:. i ..?7,7.?,???? 1,54
'"in to nntes ?per centl. 7".'.
Discount rate (par cent). 4 4 4
ixrnuAL rank or (ieiuiant (marks.
1. t i ? . ? ?
Oeld -1"! M!\?r. I,?M0,IN.<IM 1.(1
.1 discounts.
?'Ir.-ulatlnn . 2.171,100.000 . ' - 0.00
Discount rate (per Mat]. I
Ix?an? on ?all. 1'."<. ?
Leona ether .
Deposits, demand .
ta, other . .?
Hen .
???<r?e, . 10*.70 1 ?- >. .??:
Not *
1 441 4'iO.rnV?
1 (*? ?
\ ogam
I . too ,1.1
Net U
{4, 082.000
a Ms.an
Nov 13
im.wm tea
E 7:: ??
1 :'?".. -
1..07.7'?' tea
1 1
Nov. 10
: 1 ? a*?.t*M
: oil ;
Greet Britain .
nj .
Wetl Indies .
South AI
All other > our.trles.
1913 . J
?, 1912.
Totals, 11*11.
' ?
-. ? .Inn 1 -,
III v.!
' ' ?
M" ?' 0
19::. :
Afrl :i.
? .
? . la. Ruaeta.
(44 ?
-Ti tal vstue*-,
47: 41'V-S
Tho.ie irbo dealre to convert the number of ouncea I ? Into doll?ra
may do so by multiplying tlMLOun?cea by to.g'll In or.1er te arrive al th? number ol
pounds Bterlitit; lor any count**) given, Um % ti ia nasy 1- 1 I i > multiplying
imber at ounoaa by ?*. _ 4 t 1
-. ' '.
action, poui
..?:.. ei ?? 1 poui li .
Export _?lli ? ?;? ? pe in ?
' :-.. rl'n 1 '.inds.
The approximate annual consumption of nil h Mia <>f r.ulx In th>? United
tti Kr?n? toi.?., for a period of thirty-tinea >? are, (??? - ?
foDowing ptatfiii?-nt. Tha reoull haa i".' ?? im
port'-.i to th*? total ;n.?i !? tion sod deducting ti.? util ai
iron production urooo I .
.--. ? . ; . . ' ? ' I
. a . ' ?? Ml
Total Imported .?. '
Deducting t"'_i exporta.
Total eoneumptloa .? . . '
am'j?,' approT-niate conaumptioa a yasi. . M
. 1
.r.'ll??-. :?
? . .
-sports -,f rotd .
lniports of nll\?-r.
. '
i - -
? ?
Com! itstiee table for Ina
S. Hing
; ' ?
P.H.Sumner, Ex-Convict, Again
Rebuked by Court for Impo?
sition on Dying Woman.
The Appellate Division ha? hnnded down
a d.HMon apainst I'eirln Horton Sumner,
an ex-convlct. who I** known as the
' '-pr.-at American Identifier." which defl
1 ,,ii? ly frustrates his attempt to get por,
s.sMon of property at N" H'J-3 Stehblns
avenue. Th.- DfOBI
In 1907 Mis. Aupusi;? S.mimerkorn was
m.iuced. it arai all^eged In court, to marry
Sumner while she was III In bed. and to
transfer lier property to h?m. HI.?* ?soi ;.
few (lavs after the marrlaP". A lew
months later the relatives b. pan to look
up Rumner's re.ord. They learned that
In 1K*7 he had been sent to Sing Sauf tut
.-Ix yean on ft etsarge of prand larceny.
?nd that It was his hahit t.. ??Identify" |
mu.id?s ami outen who met violent |
death.? a?d arar? not Identified by others.
He waa arreeted several times for t*a ?
riling. AH theee thfnps were unknown to j
Mrs. Siirnrin rkurn.
gomner brought a suit to pet **e?ajaa>
Skw Of the property, .lustl.-o l?avi> s?-t {
?aida the tranaCer mud.- by ?Mrs gotn
DM ikorn or gtfaMMr. The court said lh.it
the "identifier" had ?.hlain-d a great in?
fluence OVtMP his wife on aoount ?>f h-r
neoJ-enod wtadlttoa and ap--. and thai
his only aim was to net her property.
The Mgrhov oowt upheld the d.-i-i.-ion ?>f
Justice Davis, ind Snmner brought a
new suit.
Tin- Appellate Dtvtidoo baa dismissed
the -Moond sot. aaytag: MII la the mssne
fraudulent atnaeaa otrpwatl ami c,,n
STktmi ? 1 lv the court in the former action.
and MOW OOUgM t?. BO sustained by O
witness ills? redlted In UN former trial."
President's Proposed Anti-Mon?
opoly Legislation to Include
Drastic Penalties.
'Seven Sisters' Forced Through
in New Jersey Expected
To Be Models for Na?
tional Measures.
?' sahlngton, Nov. If,.-President Wil
Bon'a Intention of going after the trusts
when the currencv hill is out of the way
hHS awakened interest In what he purposes
to ?hi with this pWptaring problem. His
attitude h;?s lerva? to focus attention on
the "Seven sim.ts" that group of anti?
trust hills Mr. Wilson forosd throui*h the
New .1er.?, y Legislature before he ?rent to
Woehtngton, fur these neaaurea more
than anything eis?, rapreoent the FrotA.
dent's ideas nnd will he use?! as models
for the leplslation be will recommend to
< onp*.
President Wilson. In discussing the trust
QU4 ?ti.m, has always maintain. ?1 that guilt
Wa p-rsonal, and that the only way to
s offender was to give him s tern
In Jail, where he eould have pi? ntv of tim?*
tu think oyer an?l nt?>ne for his sins. He
ired that the n?i*re fining of s cor?
poration was only a makeshift, becauoa
an the eorpor?tlon had to do was to in
the price of its product ****?*netent>
h to pay the fine, while continuing to do
bualneea nt the same old stand.
Thus It is thai Indlvhltial r<-sponslh?llty.
with the penalty a term of not more than
thr?-e fears In J>iH and a tin?-, either ?ir
both, ???111 he the hlph sp.i's In th- I'resl
dent'a rer'immendntl.ins t?i Congreso, Just
a* they were made the salient points of
the "*Beven Sist.rs" h?fore he left N?w
Jersey Th.- President holds that a direc?
tor In a ??.ri riration Is Just as culpable .?s
the pres?(i?.nt or ar?'. other officer
Just how sfflcaetoua the '*fto*/en sist.rs"
p. i e a? 11 \??-1 buatera has not yet haen de?
termined, for over in New Jersey, the
home of the biegest trusts In the ooun
try, there have been no pcoaccuttona under
their provision! and none Is rsontetnplated
at th?*. present time, so that their useful?
ness Will RrOi he really determined ?intll
they ate adopte?! hv rongress, with the
President at th?-? hnim directing their ******
Th'-re Is one provision In the first of the
****aeven distara" whtet? win -without doubt
stir uii s hornets' n?-st In ClHUiess. and
that Is tl-.e provision aaenptJng labor
from thn operation of the acte.
T.ahor unions are not specitlealh* e\empt
? i by name, but the Language of the acts
are SUCb as to heave no doubt that unions
? I l rom their prOVlsiOl 11
saya thai the words ?*artiele" an?! "mm
- ' use.] in the a'-f dodning a trust
or combination "shall be construed as
?y**ron**mous with natural products, man
' ? ! products and gOOdO, wans and
- liandise."
"Thirteen" Significant.
Thirteen baa slwaya been the lucky
number of Presid? rit Wilson, and, curlous
ly enough, that one Of th.- "S.veti t*is
?.?t*-'- Which specifically defines what the
nt considera a trust Is known as
? f th? LatWS of IfU This net
also makea the Individua] directors of a
? qually responsible for the II
?f ti.i- i orporal
"A trust la ? i ombinatlofl 01
the act saya, "hot rations, firms
its, any two or more of them, for
the following purpoeea, and auch trust is
? ?? i t . )??? ? '. Indict?
**To create or carry oui leetricfdoM in
trade or to acquire ?? monopoly, either In
retata bu Mee or eons
i , : r red ice the produrtion or In
saae 1 "lea of "ntwebandlae or of any
? ommodity
? To prevent competition In manufa? tur?
lug. making, transporting, selling and
purehaelag of merchandise, produce ?,r
"To Ilx at any standard or figure, w here?
by It*- prl ?? 10 ti-.- pohtk Off consumer
shall la any majmer be (JOntTOlted, any
.-i 111 i- or commodity or merchandise,
produce or comm**Tce intended for sale,
?,. ,.r . OH In this ?-tate or else
?'Ti? make any agreement by which they
directly or Indirectly pr-ciude s free and
unrea*trlctad competition among them?
selves, or any purchaser or consumer, In
ti..- sals or transportation Of any article
or commodity, either by pooling, with?
holding from the market or e-l'.lng at a
Band f rii??*. or In at-.y other manner by
srhich the price might be afF**eted.
"To make any secret oral agreement or
arrive "t an tmdetrstandlng without ex
i reaa agreement by which they ?lin-'-tiy r,r
Indirectly preclude ? free and unrestricted
comp'-titioti among Ihi-ms.lv.s, or any
purchaaor or consum-n*. In the aade or
transportation of anp article, either by
pooling, Withholding fron? the market, or
s.?Ding ?it a tlxed price, or In any other
manner by which the price might be af
4? cted.
? Any person or corporation guilty of vio?
lating any of the provisions of this act
shall be adjudged guilty <>f a mtademeen
or and punished accordingly on convic?
"\Vhene\er an Incorporated Company
shall he t'uilt> Of a violation of ?my of
the provisions of this a?-t. the offence
shnii be deemed to be also that of the
Individual ?lin-ctors of such corporation
Ordering Off doing any Of suih prohibit??!
acts, and. on conviction thereof, they
shall be punish.it accordlm-ly.
"In a?ldlti??n to the punishm? nt which
nasty !>?? Imposed for the misdemeanor the
charter of the offending corporation may
he revok.il in appropriate prooaadlngti by
the Attorney General of this stat..
The "i-Severi Sisters' were the work of
Ch.m?-?-ilor gjdwtn H Walker and ex
Judge llennet Van Syckel. and the I'resl
?Vnt thought so well of tln-lr work that
he risked ?Mr. Walker t?) gO SB Washing?
ton with him as Attorney General. Mr.
Walker declined In explaining the acts
Mr. Walker said that "one Is an act de?
fining trusts and providing for criminal
penalties and for the punishment of cor?
porations, firms and persons violating its
provisions, and Is Intended to promote
free competition In all classes of business.
"It provide? that any combination or
agreement betw?-en two or more corpora?
tions, firms or persons to create restric?
tions In trade, to limit production or ln
< reas- prices, to prevent competition tr?
manufacturing, transporting or selling
any commodity, to fix any standard or
figure Whereby prices to the public shall
In any manner be controlled, to make any
agreem?-nt which shall directly or Indi?
rectly preclude a free and unrestricted
competition among themselves or any
purchasers or consumers, to make any
secret oral agreement or arrive
understanding without express agre
whereby the same thing le accomp
?all these shall constitute flsdeme;
and any corporation or person
thereof shall on conviction be put
accordingly." He continued:
Charters May Bo Revoked.
"It makes the directors of corpor;
ordering or doing any of the proh
acts guilty as individuals, and pre
that in addition to punishment for n
meanor the charter of the offendine
poration may be revoked. The p*
for a misdemeanor in this state I:
prlsonment not exceeding three yea
a fine not exceeding ll/iOO, or bot
the. discretion of the court.
"Another act provides that when
Is Issued by a corporatlon In paymer
property purchased the purchasing
poration must receive lu property or
what the same Is reasonably worl
money at a fair, bona title valuation;
no fictitious stork shall be ii
for profits not yet earned, but
anticip?t?.-; that when stock la
sued on th?; basis of the stocl
any other corporation purchased no |
??hall he Issued therefor In an nn
greater than the sum actually pale
sin-h stock in cash or its equivalent,
vlded that th?? property purchase?
owned by the corporation whose sto?
purchased must be cognate tn chan
and us? to the property used or OOB
plated to be used by the purchasing
porstioa in the direct conduct of Its
proper luisln. ss.
"This still pat?-ta a corporation tn
tend Its business by the purchase of
property. Indad!?g the stock, of anc
COrporStiOB If its business be the S
but prevents the Issuing or watered s
In the transaction. It has nothing t
with holding companies, which are ti
? i ra ?.;irat> ly gad prohibited as to
"It i-? also provided that statement
I ? ? porch?sea ahiilI ba Bled Is the c
of th- B< --. t_| v of State, and that if
certificate thereof ta false In any m
rial respect all the officers who sign
same or participate In making It I
knowledge shall be guilty of a ml
meanor; and If any corporation shall
chas?' propertv or any stock of any o
corporation for the purpose of restr
Ing trade <,r acquiring a monopoly t
corporation and the directors partiel
tug therein aball ba guilty of a ml
"Another act makes it a mlsdemen
for any peraoo to organise any corp?
tlon under the U?:i ?,f this state with
tent to promote or conduct any oh
which is unlawful or Intended to be t
in restraint ol trade or acquiring a
r-opi.lv. gad any persona, tains offic
directora managers or employes ?.f
i su,-h corporation, who ahall operate
control any corporation >r suffer It to
used f..r the promotion of any fraudul
, ??r salas t .1 ohji <-t or In restraint of tr
1 <?r acquiring a monopoly, shall be ri?
..f a misdemeanor
"Another act amenis tha Jersey COT?
ation a?t It Is under this BOC?0?, .?:
stood since l?;.;. that holding compat
era orgudsed. Tin- amendment ;? ??:
that no corporation organised under
laws of 11 .is state shall hereafter t
ChS?S. hold, sell Ol assign the (?hares
the corporate stock of, or any bonds,
curitlea or aridenosa of Indebtednesa <
atad h'- sny Other corporation or corpc
liona, nor sa owner of auch stock exer'
any of the rights, powers or privileges
ownership or vote on any such stock.
"Hut tl,.' a' t ?Iocs not extend to prev
BU? ii holding of stock or exercising
I right of voting thereon by corporate
already holding and owning any s:
stock, tanda securities and evldeaCSS
Indebtednesa it saves rights already
I b ,t preve?is sny corporation fr
engaging in a holding transaction In I
"Another gel saneada Beetion IM of i
New Jersey corporation ?aw, arhleh
one of the sections permitting the merf
<-r consolidation of corporation by ellr
noting from the present provision t
tight of merged corporations to acqu
and bold Um I k. bonds and evidences
tadn? ? of other corporations, et
and Is a complement of the act amendl
Section ;,1 so as to pr?vint merg? d et
poratlons from sagaflag in the busln?
, r holding companies.
Commissioners' Approval Requirec
"Another a'-t provides that before t
merger of any corporation the approv
m writing by t.'ie Hoard of Public I'ti
'..nuitJsstonsra Of this state shall
obtained an.l Bled In tha- office of f
s?- rretsry of Btate, and provides th
every corporation and the directors ther
of procuring or nssentlng to any merg
without obtaining such approval shall
guilty Of a misdemeanor and punishI
op ordlngly.
"This aection In connection with secti?
49 as anleaded in the draft above me
tioned will still permit corporations dolt
! tie taras kind of business to consolid?t
but will prevent the consolidated coi
certi from operating as g holding con
"Another act is one making it a mlsd<
meanor for any corporation, firm or pe
s..n to diger???Bate between different se,
tions, communltieg or cities of the stai
by tailing any commodity or article <
merchandlSO It? one community at a prii
lower than thai at "huh the same con
modlty Is sold lit another section, aft?
due allowance for additional cost I
transportation, when the Intent Is to at
?lire a m?)tnipoly or ?irive a OOmpstit?
out of business. Violation of this act I
also made a misdemeanor. Any compas
may purchase property or the stock e
any other company without limiting I
to milling companies, etc., only to pr?
vent an unfair discrimination again?.
companies that are trading and selim
companies and not mining, manufactur
I In? or producing companies.
| "It la to be borne in mind that this ac
i prevents the purchasing of property o
1 stock by one oerporatioa from aoothei
; tialeoa the property or gtocfc of the seiiini
i company is tha same it; character and ua
\ as the property Dtlltsed l>y the purchas
; Ing company In the direct conduct of It
i own proper business, and provides that I
| certificate of the purchase of property o
1 atocha muet ta elgaed by the directors o
I th.? purchasing company and tiled In thi
I office of the Secretary of State; and It I:
' further provided that any falsity In th?
! statement Is constituted a misdemeanor.'
That the big business interests of th.
country will light this legislation goe:
without saying. Their repr?sentative:
fought It at Trenton, but unsuccessfully
of course.
Charged with attacking Mrs. !.. M
Crow?, manager of an antique ahop at
Fifth avenue and ?th atreet. on Friday
night last, and with stealing Jewelry be?
longing to her, two young men were ar?
raigned before Magistrate House In Vork
vllle court yesterday and were held In
13,000 ball each for trial. The prisoners
described themselves as James Ryan,
nineteen, and James Simons, seventeen,
both living at No. 170 Schermerhorn
street, Hrooklyn. Simons was formerly
1 employed by Mrt. Crowe as an errand
Grain Prices Higher-Cotton De?
clining-Coffee Also Lower.
There has been a general upward ten?
dency In grain markets for the last week,
wheat futures having made substantial
gains and the spot market as well show?
ing higher rulings. There was some ir?
regularity In the early trading, but not
enough to affect the course of prices The
course of the market has been affected
mostly by foreign crop conditions and
the generally accepted Idea that the
t'nifed Kingdom will have to depend
largely on American wheat In the n?ar
future. The Argentine reports serious
crop deterioration; India follows with
similar reports; Russian shipments are
falling off; the available export supply of
Canadian wheat is said to be near its
limit, and the latest figures reduce the
Canadian crop by more than 10.oOO.000
bushels. There were slight recessions at
times, but they appeared to be purely
speculative and not based on any bearish
change in the underl>Ing conditions. At
the close the market was steady, wtth an
upward drift to prices.
Corn was weak ear.y in the week, but
recovered and showed considerable firm?
ness and an advance In prices before the
close. The favorable tenor of the govern?
ment report, which showed a crop 63,000,000
bushels larger than had been expected,
?was counterbalanced by the smallness of
farm reserves. Strength late In the week
was credited partly to a fear that the
government's revised acreage figures, dus
next month, would reduce the crop 100.
"?-0,000 bushels from previous estlmatea.
The availaMs stock of American corn de?
creased last week 1.43S.OOO bushels, against
fl ?lecrease last year at this time of J?4,000.
The arrival of two cargoes of Argentine
corn during the week bad no effect on the
cash situation, although the 371,000 bushels
they brought In raised the aggregate of
imports to more than 1,700,000 bushels.
Oats have sympathized with the other
/rrain?, displaying no individual features,
and the trend has been upward, even
against free arrivals of suppli?e from
Canada. The contract stock In ?Chicago
now amounts to 6,661.000 bushels, against
71,000 a year ago. while the available sup?
ply in this country Is 15,606,000 bushels,
airainst 19.467,000 a year ago.
Cotton Partly Recovera.
There was a pronoun?ed recovery in the
cotton market early last week from the
flump of the previous week, but there was
considerable Irregularity until Friday,
when the recovery from Monday's low
U-vel aggregated 50 to 6J points, with a
slight r<_'R.ct!on Just before the close, which
eras followed by S decline on Saturday of
a t*m points on the general list and 2:i
points on the November option. It was
notel on Saturday that Liverpool had
failed to take advantage of Friday's bulge
to Increase hedge selling, but that offer
It gs had b.-en at>sorhed by purchases
against aplan?is fixing prices, as for
i oasumptiva <i?-mand compared with crop
prospecta bellevera in high priesa still
hold that the world's ?lemand will be for
1,.',""'i mora balee than the estimate!
crop of 13,10Mm. balea The New York
revision committee is to meet on Novem?
ber 19. and some Increase In tha discount?
on low gradea acama to be sspectsd.
The next ginning re?...rt will appear on
, November 21, and as the wrath? r has
i been goo?l some larger figures are aa
, pected. Reviews "f the domestic goods
trade Indicated a fair demand for prompt
shipment at firm prices, but It Is said that
mills are not getting a great deal of for?
ward business and are ready to stimul?t?
It by slight concessions. According to re?
ports from Fall River, It Is only In ex?
ceptional Instances that mills have at
mu^h as a three months' supply of raw
material, and such reports would seem In
line wtth tha last census figures, giving
mills .stocks of only a little over a million
bales on October :U, against consumption
in October of 612,000 bales.
Coffee Declining.
There has been some large liquidation of
long a.-ounts In the coffee market, and
prices have de.clined, especially on new
mi nth options, near months being espe?
cially weak. The firmness recently shown
by BrasilIsa shippers appears to have
passed away, and with recent rains, bene?
ficial to th?? growing crop, there has devel?
oped an Inclination on the part of Brazll
j ian holders to accept reductions In bids,
with reports of fairly liberal purchases.
With much of the lung liquidation cred?
ited to Brazil, local buyers are not in the
mood for aggressive operations, there
I 1 eing considerable nervousness over a
! pooatMs Increase of pressure from Brazil,
basad on unsatisfactory monetary condi?
tions. The spot trade has held quiet, and
demand from the country appears to de?
pend almost entirely upon the. pressure ?6
In mediate needs.
Eggs at Top Prices.
Sharp advances in eggs and butter have?
been the principal features of the country
produce markets, the highest grade of
?ggg having reached a top figure of 6i
cents a dozen wholesale, and held It foi
? ft a days. There waa a slight tendency
toward a little t-asler range in the lata
trading for other grades than the ver/
best, but with the supp.y scant and tha
demaad from those who can afford to pay
auch prices still holding, the market held
firm on the top grade. Dealers have taken
advent?ga of this upturn in the hlgli
grades to boost prices of the?, cheaper
? runs, especially storage goods. There does
not appear to be any scarcity of the lat?
ter, and. so far as can be aeen, the only
excuse for the increases made Is the de?
sire to grab more profits. Importations
of foreign eggs have not been of sufficient
quuntlty or high enough quality to have
any appreciable effect on this market.
Butter also has advanced In prie f?i
practically all grades, although thg In?
crease has not been so great as in tha
case of eggs. Veaetables and small frultt
I have been somewhat firmer, potatoes have
j gone up a little, and other stuff gradad
; as first class has held its previous rata
I where there has been no advance ma_S
Apples are tending higher, especially for
the line table varieties. Uve poultry d??
cllned a little late In the week, and then
hi every prospect of a liberal and com?
paratively cheap supply of turkeys foi
Thanksgiving. An advance of a cent a
pound has been made in the price of na?
tive sides of** dressed beef, but othei
changes In the meat and livestock mar?
kets have been only fractional.
The Tribune's tabulation of the changei
In the average spot wholesale pricea ol
twenty-five articles on the New Yorl
market for the week shows that twelv
advanced, five declined and eight re?
mained at the quotations of the prevloui
Police < 'ommissloner Waldo will speal
this evening to membera of the Kail road
Young Men's Christian Association U
the auditorium at Kighth avenue an!
32d street Several prominent officials o?
the road have accepted Invitations to hi

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