P2JW189000-0-S00100-1--------XA THE WALL STREET JOURNAL. Monday, July 8, 2019 | S1 WSJ A HISTORY OF THE WORLD, AS SEEN THROUGH THE EYES OF THE WALL STREET JOURNAL SINCE ITS DEBUT IN 1889 ILLUSTRATION BY ILLUSTRATION JUSTIN METZ P2JW189000-0-S00200-1--------XA S2 | Monday, July 8, 2019 THE WALL STREET JOURNAL. WSJ | 130 YEARS May 16, 1911 June 20, 1913 EDITOR’S NOTE STANDARD OIL CO. NEW CURRENCY BILL CREATES A FEDERAL RESERVE BOARD. To Our Readers: DISSOLUTION ORDERED BY One hundred and thirty BOARD TO DIVIDE THE COUNTRY INTO TWELVE years ago today, Charles SUPREME COURT. DISTRICTS, EACH TO HAVE A Dow, Edward Jones and FEDERAL RESERVE BANK. (the sadly overlooked) DECREE OF THE CIRCUIT COURT OF APPEALS IS UPHELD WITH BUT VERY SLIGHT MODIFICATIONS Charles Bergstresser pub- Reserve Banks to Have Capital of at Least $5,000,000. lished the first edition of Each National Bank Contributing 20% of its Paid Up Only Change Relieves the Corporation From Immediate The Wall Street Journal Capital—Nine Directors on Each Federal Restraint in Interstate Commerce and Extends Bank—Federal Treasury Notes to the from their office in lower From Thirty Days to Six Months the Time Amount of $500,000,000 Authorized— Manhattan. It was a four- in Which to Dissolve and Qualify as a Foreign Branches to be Permitted. page afternoon newspaper Lawful Body—Opinion By Chief Justice White—Sherman Washington—Features of the new currency state bonds or notes and bills offered to them for Act is Violated. bill, as it stood prior to a conference at the White rediscount by member banks. Federal reserve Washington—The Govern- Justice Harlan says there is House, Wednesday night, are as follows: banks must hold reserve of 33 1-3%. ment won a sweeping victory in not a man in the country who Federal Reserve Board of nine members, Banks with capital of $1,000,000 or more a decision of the United States does not know that the Sherman three to be chosen by the President and the Sen- may establish banks in foreign countries to fur- Supreme Court upholding the anti-trust law never will be ate, three by the Federal Reserve Banks and the ther American commerce. At the conference last decree of the Circuit Court of amended. other three to be Secretary of the Treasury, Secre- night some changes were tentatively urged and Appeals for the Eighth Circuit, He says that the opinion of the tary of Agriculture and Comptroller of Currency. Representative Glass says other changes will be ordering the dissolution of the majority that the anti-trust law Federal Reserve Board to divide country into made before introduction of bill on Monday. Standard Oil Co. The only re- applies only to “unreasonable” twelve or more districts. In each district there will The currency bill is to take effect sixty days Charles Edward spect in which the decree was restraints of trade is contrary to be a Federal Reserve Bank, with at least after its passage. In the interim the Secretary of Dow Jones modified was to relieve the the intent of Congress and to pre- $5,000,000 capital, raised by the national banks in the Treasury, Attorney-General and Comptroller of Standard Oil Corporation from vious decisions of the court. the district. the Currency, acting as an organization committee intended to fill a growing the immediate restraints upon The decision, it is believed, Each of these Federal reserve banks will are to designate from among reserve cities, now need for objective business their activity in interstate com- foreshadows action by the De- have nine directors, three designated by the Fed- authorized by law, a number of cities to be known and financial news in an merce and to extend time from partment of Justice against eral reserve board, three by the national banks as Federal reserve cities, and divide the country emerging market where in- thirty days to six months in other big industrial corpora- holding stock, and three designated by stockhold- into districts, each district to contain one reserve dustry was growing but which they may dissolve the tions, although this may not be ers having no banking connection, but represent- city. In each reserve city there is to be organized was hampered by opaque New Jersey corporation and necessary in view of the sweep- ing the agricultural, commercial and industrial in- a bank to be known, for instance, as the “Federal terests in their respective districts. Reserve Bank of Chicago” etc. and unreliable information. qualify for a re-entry into Inter- ing findings of the Supreme Issue of new Federal reserve notes, limited The number of these institutions is to be not The opportunity for fair, state commerce. Court. Many companies may The opinion was by Chief Jus- take the initiative to conform to to $500,000,000, which Federal reserve banks can less than twelve and may be increased by the or- factual, full reporting and tice White. He stated that modi- the decision of the court. call for by depositing as collateral Government or ganization committee. analysis was clear. fications ordered by the Su- Ever since, The Wall preme Court were very “slight,” Street Journal has occu- and for that reason there was no pied a front-row seat necessity for remanding the chronicling the transfor- case. The order was, therefore, mational story of American made affirming the decree, with capitalism light modifications. and its myr- The decision gave vitality to iad effects the Sherman anti-trust law. It is on the lives all that the Government could of Ameri- have expected, and Attorney- General Wickersham, Solicitor- cans and the General Lehmann and Frank R. world. In no Kellogg, special attorney for the other period government, who were in the of human court, expressed themselves as history has Charles gratified. The general impression the planet Bergstresser is that the court’s decision fore- witnessed shadows a victory for the Gov- change on such a dramatic ernment also in the case against scale and at such a rapid the American Tobacco Co. pace. The Journal has cov- Justice Harlan, in vigorous ered the births and deaths opinion, holds court did not go of tens of thousands of far enough. He agrees with de- cree, but he thinks it should be companies; the creation of more severe. new industries such as au- tos, aerospace, oil and en- tertainment; two world wars and numerous other January 1, 1924 conflicts; profound ad- vances in science and tech- nology; revolutionary so- cial movements; the rise of COMPUTING­ a consumer economy in TABULATING the U.S. and the world; and the march of globalization. TO CHANGE GETTY IMAGES As the story has grown, so have we. From a small ITS NAME August 17, 1914 office in New York, we have become a global oper- Will Be Called PANAMA CANAL OPENED ation, with reporters in International dozens of countries pro- Steamship Ancon, With Officials on Board, First Big Boat ducing stories in many me- Business Machines Through New Water Way diums on multiple plat- Co.—Acquiring New forms for more than 2.6 Devices on Royalty— Panama—The Canal Zone celebrated Saturday the opening of the canal. Festivities, however, were local and sug- million subscribers, the gested little of the international significance of the event. The steamship Ancon, owned by the United States War De- most in our history. 1923 Earnings partment and leased to the Panama Railroad, was chosen as the first big boat to be put through, signalizing the open- Anniversaries provide $13.20 Share ing of the canal to all ships up to 10,000 tons register. moments for reflection; Col. Goethals, builder of the canal and governor of the Zone, was on the bridge of the Ancon, with President Porras, hence the section you hold Computing-Tabulating-Re- of the Republic of Panama. The Ancon was fully loaded with the regular cargo she had brought from New York. in your hands. The stories cording intends shortly to here are only a small selec- change its name to Interna- tion from the many epic tional Business Machines Co. events, people and mo- Negotiations are now in August 5, 1914 new reactions. The selling terial improvement in the en- ments we have covered. progress for the acquisition started in General Electric, tire situation. But we believe they have of two or three important GERMANY WARS ON Westinghouse, U.S. Steel, Commission houses were value, and historical inter- specialty concerns. It is felt American Telephone and active on both sides, buying est, as front-line dis- the new name will better FRANCE; ENGLAND other stocks in this class, and stocks for important operators patches from key moments designate the broadened ac- then spread to the more spec- and selling them for their reg- in our shared history. As tivities. Purchase of these STANDS BY BELGIUM ulative shares. In many of the ular line of customers. you’ll see, in a few cases, companies and their prod- latter the declines were un- While there have been en- that unfortunately means ucts will be largely on a roy- GERMANY GIVEN TWELVE HOURS TO DECLARE ITS usually abrupt. couraging advices from bro- they reflect the prejudices alty basis and so require lit- POSITION TOWARD THE BELGIAN NATION A factor which contributed kers’ offices regarding the and limitations of the tle cash outlay. to the offerings as the day market, there is no sign of a times in which they were Computing at present 100,000 German Troops March to Invade France—Germany Appeals to Italy progressed was the ease with public demand developing at written.