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New-York tribune. (New York [N.Y.]) 1866-1924, November 11, 1918, Image 10

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Wealth Markets and Commerce
J.&Rlce, Jr. & Co. Buy & Sell
Air Reduction
American Meter Stock and Bonds
American Piano Com. and Pfd
American Snuff Com.
Commonwealth Pr., Ry. and lt. Pfd.
Del.. Lack & West. Coal
famous Players-Lasky
Partners Loan c< Trust Stock
Great Anier. Insurance ' Righl
Great Northern Paper
Guaranty Trust Stock
Lehigh Valley Coal Sales
Ivone Star Gas
Midland S?rtirit:ei
N'allons! i'uel Gas
Penn Coal f< Cokr
F'ort Lobos Pctroleu.n
Remington Typewriter Stocks
Singer Manufacturing
|. Sj.rn? ?r Turner Deb. 6?
'Texas Pacific Coal & Oi!
\\ in. liesler Arms I
Vale &. To'Ane Mfg. *
.LK.Ricc,Jr.&Co.
i
We Finance
Electric Ligli! Power and
Strcel 11. iiwii Hitler] rises with
Records of E tublislied I'isriiings.
I
; We Offer
?i Hankers mid Investment Dealers
Il Proven Public L'tiliU Securities.
I ??' '"-'
I Electric Bond & Share Co.
Pald-un Capital ?ml Surnlir $21 .tit
7) Broadway, New York
STANDARD
WBKKI ? C? u" ' ?'
-I IIMAi'i * M Uf.KI)
UN 10
: \ M I S I, 1 > ' ? :: i . 1 .V V K S'l ' O It * '
ISSU! S ?_. on !;l.?M IC;? i
A RL H.PFCttZHE? Mfc ?&CO
II.., ne -18"?-! .'-:?-l Broad. ?'"> Broad St. N.Y.
Adams Express Co,
Coll. Trust 4s, 1947
FREDERIC H. HATCH & GO.
I'lioue Jtertor 6S40. 74 Bruadwa.. , New Vnk
Private telephone to Boston,
Bonds for Investment
Harris, Forbes & Co.
Tine Slree'. Corner Willian?
NEW YORK
Liggett & Orexei
titmber? Veto fork t'tot.V Bxchang*
Conservativa Investment?
61 Broadway?New York
Philadelphia Uuffato
HARRIMAN NATIONAL BANK
'flh Avenue & Forty-fourth St.
New York
^HKN? HGURSFROM 8 A.M. 10 a P.M.
WE DEPOSIT VAULTS 8 A. M. ?0 MIDNIGHT
NOTICE TO BONDHOLDERS
?. .;...?,.;?
. -. \i? ? . ? m: [. . ; i
: .1.1) ;
? x ' ? ? ? ? .. ? i ?llPOIt VTI?.N
. ? .. ? ? ' '? " ?"
? ?' ? . ' I'O H : Il til ' ? 111
Cwupany, 1 ., ,,., .
1 ' ? :? 1. 1917, noli? liercb;
? ?? - i Ste? ? 'urp. ru ti?
'! ?? ? ? ' pa: oft und i.
?. . ?:. ' . oll ? . - ? ... ? ?::? T F.
?'oi; Cei ; . ?? Sei
o.d Bond ...... ,,|- . , ?.,.,
? -. .71
first day of Deccr.i
and o? lid i
f the i . mo int ? :
' to aid first ds ' :
: rremler i
with all paid coupe i
the i 'j ? tompnnv,
.??? , il : ?? I'll! ?'. '?'? ladulphii .
! ' ' ' e.l to bearer, If
lint the
?? '?'..: paj,., ti : ..i. r? -
?? ; tlm ? and place, lii
.as.0 to b ? pa.vab ?? 01 ,.:?
' o . . |
1' c-oml ei ' 91S.
Dated, ?... v... er -JS, ii
PJEJCN SKA.BOARD STEEL, CORPORATION
ii. ' . . .i,.' ,i.-1 \, .-, ?r< :???>.
DIVIDEND NOTICES
?TAXOAKD Hl L UNO (UMl'AM
10 Hall street
PREFERRED STOCK DTVIDEND N'O. ::
X. Y. City, October 23rd, 191-S.
1 ti? Toar I o? Dir? o? ndftr i MU .
?'oi.ipii.'iy have tiiU day declored a quai ?:
?' . of Oi ? ii . " -Hall r ? C.
?Mj'.i upen the Preferred Stock er thin
? .mpany. ?>n;?'? ,..-.-. ol the enrninpa t'.r tli.
? ???? Rt I al j -.. ?. . ?? ;;? ,?..?' er ?oth, i 9] ?
to Preferrifd Su .i?. ?? ol record .
noce of Lu.'?:?. ??:- on November 19th, 11.1S.
JOS A, KN?X Treai ?
STANDARD Mil.Liso COMFAX1
Vj M nil Street
OSIMON BTOCK DIVIDEND Nu. *>
Niw Yorl Clt: October 23rd. 19 IS
' ,;<? Board ol Din or? of the Standard
.'..'kII?k Compi to-day declared ??
?Vmrter?y dividend Of Two I'er Cei?t ?.'.
l.pcn the Common Stock of thla Company,
T..iVi!)!e oil ,\?.'.--ii.i?'.r 30th. 1918, lr? cash, i?>
< ommon Stocltholder? ,?! record at the clo.<e
vf bualm *? S 9th, 1918
' ,i':e'AH Kill lM I : ?
.JO.s. A KXOX, .Secreta.;.
IHK AMERICAN COTTON OIL CO.
. ? l:.,ir'l ? ,,???-.,,'. The Ami
. ?? Oil Col oai f. on ,'ovi mix .- ;. : 'j1-s.
. . : f,? ., . i.ui dividend of Ihre?
'?!.???..?:,.. ...
? :.i pon the I
. to "?'' '???'? ' "?-I'
, . ? ? . . 1911 '.:l. . . ?
..?..'.'? dar ;
i; ? . lo .
';?/,' ,.:.!.? ? . ?
Finance - Economies
WALL STREET OFFICE: Telephone
Milis Buildinsr, 15 Broad St. Hanover 6514
Speculation as to post-war con-!
ditions hold the centre of the stage, j
For a long time to come their focal ;
point will be Washington. This ?
country lias been up till this Avar
relatively i'vtie from governmental
domination. To-day five or six men
at Washington hold the immediate
future of this country in their
hands. First of all comes .Mr. Mc
Adoo, at the head of the railways
and at the head o?' the Treasury.
He may elect for immediate rail?
way rehabilitation and expansion,
or lie may elect to retrench. It is
within his power to continue the
giving of large credits to our allies.
or to stop them short. The extent
of their buying in the markets of
this country largely depends upon
his choice. At the head of the
banks and likewise at the head of
railway finance is the well known
raihvaj financier. Mr. Skelton
Williams. The power exercised
over the banks by the present Con?
troller of. the Currency is almost,
autocratic. With the backing of Mr.
McAdoo and the: assistance of the
Federa! Reserve Board, 'ne has an
almost strangle hold on banking
polie... Th?se five or six men will
determino whether the present po?
icj of low rate, of discount ana
unlimited credit expansion may con?
tinue, or whether a sharp contrae
Li :: :- to lake place. In the
hand- -ii'.-Ai i*. Hoover and the Pres?
iden! Fur at least many months to
'??ne is the control o? the large:
pail of Hi grain and meat trade.
The President has by proclamation
guaranteed the price of wheat, and
therefore of wheat Hour and bread,
lor more than a year to come,
II i in tl e hands or the Pre ?idem
v. ' o! h r we shall continue the pre:
. : p? kcj of lart pure liai -s f
the account of Cor? ign .: ?vornmenl .
In the hands of the President and
Mr. Gompers, very largely, is the
scale of wage.- to be paid Cor the
great number oi' men now engaged
p m government work. Mr. Ba
ruch and bis War Industrie. Board
ma; exercise a potent Lniiuene ?
over {?rices and production in man*,
'lilies For six months after peace is
proclaimed. And there are very large
problems involved in the speed with
which we shall continue shipbuild?
ing, and the disposition of ?hese
?Inns after they arc ready. On all
this vast power Congress can exer?
cise vesy little restraint, even if it
were so minded. And For some time
to come it will continue to be not so
minded.
In a word, the business and tin an
cial centre of this country is now
no longer New York or Wall Street.
For a good while to come it will
continue to be Washington. Thence
?ornes the issue of prosperity 01
disturbance and depression. Then
: little reason to doubt thai with s
;.' i and carefully thought out
.lie*, of credit extension to foreigr
countries, the stea<?\ prosecution oi
shipbuilding, a reasonable expan
? ?en of railway facilities, a libera
policy toward good roads, and ;
healthy reduction in the burden;
? f taxation upon industry, this
country might continue prosperoui
for years to come. Indeed, then
s re not lacking signs to many ob
servers that it might be undulj
;- ospevous-?that there might ensui
a period of wild speculation an<
expansion such as very ofteu fol
lows a great war. When the lid ii
off there will be inevitably a tioo<
of new enterprises, a renewal o
building activity, speculation in rea
estate and an orgy o? red-?es:
overeonfidence. There are not lack
ing prophets of times comparabl?
to those of tiic South Sea bubble
But this, loo. is largely within th?
Price Trend on the New York Stock Market
-??"?1.11?I_1_1_? ? I . .
ine graph a nove shows average price of twenty railroad stocks in one line and thirty
industrial slocks in the other on the first business day of each month from January, 1915, tc
July, VJlb, and the weekly high, low and closing average prices since July 1.
power of the Secretary of the
Treasury and the Federal Reserve
Board to control and check. Prompt
application of high interest rates by
the Federal Reserve banks could
at once retire two billions of redis?
counts, which are now almost pure
inflation. And such a policy would
exercise a farreaching effect upon
the whole banking and credit
structure of the country. Xot at
any time since the Civil War, not
even in the dark days of Re?
sumption, or of free silver and
Bryanism, has it been so largely
given to the Administration m
power deeply to influence the pros?
perous trend of the nation's affairs
and the happiness of its people.
Optimistic forecasts are offered
as to the great demand for locomo?
tives and railway equipment that
will come with peace. It is well
known that our o v. n railway capac?
ity has not kept pace with the in?
creased demands of the last four
years. And that of Germany, Aus?
tria and other warring countries
must be at a low ebb. Of Russin we
know this to be true. If the? Brit?
ish, French and German factories
ai'e kept busy for the next year or
two supplying their dome-tic de?
mand, that will leave a wide field
open lo the companies in the United
States. It is reckoned that some?
thing like ii quarter of the total
Course
of the Bond Market
I'll is graph snows ihe average prices <?l ten railroad, ten industrial and uve public utility
bonds on the first business da> of each month from January. 1915, to July. 1918, and the weekly
fluctuations since July 1.
steel consumption in this country
is absorbed bj our railways. They
are. indeed, the largest i-stee] buyers.
If our export business in railway
equipment and supplies should be
large, the normal percentage might
be considerably increased. In part,
;.t leas', buying .for our railways
will 'ne under the control of the
Federal Railway Administration. A
liberal policy in such purchases, and
in financing tlie railways to make
such purchases, would go \';.r ?o
ii :le over that decrease in the de?
mand for steel which so manj pre
diet with confidence i;? consequence
of the cessation of tli" war's de?
mands, 'liiere seems here oppor?
tunity for highly intelligent action
on the part of the railway adminis?
tration that would be far, indeed,
removed from the normal kind of
governmental interference in mat?
ters of rail transportation.
The extent of our contributions
to i he food supply of Europe, in the
last year or two especially, is in?
dicated in the figures as to the total
exports for the last fiscal year, now
published, and the averages of the
three years preceding the war, In
the twelve months up to the 1st ?f
last July, we wer* shipping three
times the average amount of beef,
nearly twice the usual amount of
pork, twenty times the dairy prod?
ucts, three times the normal amount
of sugar, and nearly double tin.
total quantity of grain. For July
many of these items were double
and even triple the shipments for;
July of the preceding year. In this
time, as is well? known, the total of
farm products in the country, ex?
cept in meat, was but little above
the pre-war averages. This means
that in the last year there has been
a genuine contraction in the amount
of food consumed in the country, a
real food saving. ,This, in the face
of the enormous expansion in the
buying power of the community, is
a notable triumph. It will be in?
teresting to observe how far this
war thrift will continue when the
existing restrictions arc removed,
for it does not appear that there
will be a great, immediate decrease
in this buying power. If there is
not, it is not overly clear as to
where the anticipated decline in the
cost of ??vine; will come. Europe's
demands must run far above nor?
mal for at least a year to come.
With the utter prostration of pro?
duction in Russia, the return of
Germany, with its 70,000,000 to the
world's markets, will ! be an added
factor in the probable demand. It
is a very remarkable fact that for
several years after our Civil War
the price of wheat and some other
commodities averaged much higher
than during the war, in spite of the
return of a million men, in the
North alone, to what was then much
more of a country of farmers and
food producers than this nation is
now.
Bradstreet's figures for bank
clearings fur the whole countrj
show for tiie ten months of thi:
year a total of 'J?!',1 billions as
against 27,1 billions For the same
period last year. Allowing For an
increase In the average price, of
goods uni! f-ervices exchangpd of
?nly In per cent, this would indi?
cate a lessened volume of trade, in
spite of the vast expenditures by
the government, and ail the stimu?
lation that attaches thereto. There,
can be from this only one deduc?
tion, and thut is. that the actual
contraction in many lines of indus?
tries has been considerable. For
otherwise, if there had been any
large expansion in production, this,
?th an unquestionable increase in
the average of all prices, would
have meant a corresponding increase
in bank clearings. As one bit of
evidence for such a contraction,
building permits issued in October
were one-half of those of it year
ago and Jess than one-sixth of those
of October two years ago.
The upturn of money rates last
week to the slablized level of the
last three months indicated that the
easing of conditions for a few days
?was only temporary, as was to be
! expected. 'the payment of large
suii.s on fourth Liberty bonds on
the ?lay the first instalment fell due
: left the banks momentarily with a
, surplus. And, inasmuch as the effec?
tive demand of brokers for call
| money was rigidly limited by the
resti'ictions of the money authori
ties, rates declined. But government '
withdrawals last week changed that
condition and call money was again
put out at 6 per cent on loans se-'
cured by mixed collateral and 6?t?
per cent on loans secured by indus?
trial collateral. Comparatively little j
new time money was offered, and,
most of that which was available was
for thirty days. In response to the
wirespread criticism of fixing fhe
level of loans on September 16 as
the arbitrary standard to which all
present loans for Stock Exchange
purposes had to conform, the board
of governors of the exchange ap?
pointed a committee of five to con?
sider the general situation and to
confer with the bankers who com?
prise the money committee. Ac?
cording to those best informed, the
new committee is seeking to re?
move the inequities in the present
restrictions rather than to have
them rescinded. The brokers' com?
mittee held informal meetings last
week, and. although no public an?
nouncement has been made, it is
probable that it will be ready to com?
municate with the money committee
at its next regular meeting.
Trust and Surety Companies I
Bld.?skci Bid.A&ked
i. -It; ... 65 75;I.inccltl Tr . ?8 100
Am Surety _ 33 tin Ma:iufa?-r . IbO 16a
IJanke'g . .170 380 M?r T & D ... 195 ? ;
I Court mid UU 185 195 Met:??*-.'. . 310 ?
Brooklyn _ 483 503 .Mi* Hoi.cl _ 80 no;
Centn! Union.. 380 390 Mut T of W... 105 125?
Columbia . 270 280|Nat Surety . 1113 190
Cuinmetci?] - ?0 MON y I, l & Tr.. 850 900
?i?,Mr?; 'Int.. 290 300IXeu Tori; T.... 585 595
Equitable . 330 M.v y Title . 50 K0:
Fiirniws T. & T. 16:) 370 people's . 165 275
KranklU, . 325 235!Queens Co _ ? 80:
l-'ii . 240 2eo?Hoalty .Vaso. 53 65 :
?? I ? It* . 209 210,-iosndlnarian ... 290 -
Guaranty . 340 350 Title G ?. T_ 245 25S I
Hamilton . 240 280iTrausatlai.Uc .. 170 180 i
Hudson 1'. H5 UJlVn States .875 910
?living Trust.. - |U S M & T. 395 405;
Kins? Co.t?20 t?O i; S Tltlo Gua.. 35 50
Lawyers M.. .. 3'. 95\Vestcl:(Ktor _ 130 149
I. 'v T . 90 100;W f. H T A SI I6j 175
?includes one-t .- iiiaro Irving Trust.
Consolidated Exchange
Uni' of trade on this ex.hai-._i, 10 ?herraj
following table given total transactions '.'or
the v.,-.:. ended November l), with the hign,
!ov- and ??losing prices!
Sales. ITiJtJ). Low. Last,
360 Alaska Gold Mine.... 3% 6 5%
570 Alaska Juneau . 2% 2"/2 2\ '_
SO Allis-Chalmer. Mi?.. 28% 26% 28>/a
220 Am Beet Sugar.. 62% 58% 62%
2815 American Can . 48' 4 45% 47%
110 Am Car & Foundry.. 86' 4 85% 86'4
30 Am Cotton Oil.42% 42% 42%
U) Am Hide & Leather.. 15% 15 15! 4
250 Am International.58/2 5& 58%
10 American Linseed ... 41% 41' \ 41' _.
SSO Am Locomotive . 67% 64 67'.;
7620 Am Smelt & Ref.94' 8 87% 92%
50 Am Sugar Kef.i 13' 4 113' 4 113' 4
2250 Am Sumatra Tobaceo.105% 95 102%
24 Am Tel & Tel.109 108 108
IH American WoqIcu ... 52 52 52
10 Am Zinc 1. .fc S. 14% 14% 14%
?1235 Anaconda Copper ... 75J4 7?'a 73
..'JOAtch Top & S V. 98 9.^8 97%
720 Atl Cult ?fc \\ 1.111'., 110% 111
8770 Baldwin Locomotive.. 82' ? 77'4 81%
1650 Baltimore A Ohio.... 60(4 56' 4 60%
5230 Beth Steel Class 1!... 64'? 60% 6_
240 Brooklyn R '!'. 41% 38% 41%
20 Butte & Superior.26'8 M'-. 26', s
UOCal Petroleum . 23 22'4 22%
90 Canadian Pacific.1693,, 168% 168%
lOOOCentral Leather . 63% 60' ? 62'-B
370 Ches ?it Ohio.61% 60' 4 61' .
50 Chicago Great West.. 9 9 9
1665 Chic Mil & .St I*.53'- 50's D21 ?
1235 Chic H I & Pac. 32' s 273*8 31'..
L90 Chile Copper . 23% 22 23%
SO Chino Copper.44'4 42'4 44'..;
'" Col lAicl ?v Iroi.JO' , 40' 4 40'4
I 1 Consolidated tin., . . ..103' , 103% 103' '.
LS55 Corn Products Kef... 49'/-. 47% 477/a
2530 Crucible Steel .57 5.'? 55%
M20Cuba Cane Sugar_ 33% 30'/4 33' .
L_0 Distillers Securities.. 50% 47'4 47'4
10 Dome .Mines . 15 15' 15
3890 Erie . 21% 17% 21'8
77o (!?) ]-;t pi' . 36% 33'4 36%
30 General Motors _134 128% 132' 2
50 Good, ich ?B l'i Co.. 59% 595, 59%
2.10 Great Northern pf.. 103% 94% 102'.,
260 do ctfs ?or Ore Prop 32% 31 ' 2 3238
7'ln Inspiration Clipper . . 56 54'.3 56
70 Interboro Consol .... 9'4 9 9
20 do pf . 37% 37% 3734
965 Internat Mer Mar... 31% 29% 293.t
10230 dopt .125% 118'. 4 119'4
530 International Nickel. 35 33% 34%
20 International Paper.. 34' '^ 34% 34' ->
30 Kan City Southern.. 23% 23% 23%
1645 Kennecott Copper ... 41% 39' 7. 40%
20 Lackawanna Steel .. 73 71% 7134
30 Lehigh Valley . 64'4 62' 63'4
220 Maxwell Motors _4134 36 41
20 do 2d pf . 293,4 29% 2934
DS10 Mexican Petroleum. .175'4 160' 2 172
370 Miami Copper . 28% 27% 28%
1360 Midvale Steel . 45% 43% 44%
3060 Missouri Pacific .... 31% 26% 31%
7?o Nat Conduit & Cable 16'4 16% 16%
l470New York Central.. 83% 79'.-. 83%
I960 New Vor': N H & H. 82' -, 39% 42 :
100 New York Ont & W. 24% 24'3 24'4
310 Northern Pacifie ...104 93% 102%
840 Ohio Cities Gas. 47% 45 46%
10 Pacific Mail. 34% 34% 34'?
??"Pan-Am Pet S. T_ 69' 4 66% 69' ;
310 Pennsylvania R R... 50 48% 50
f. People's Cu^, Chicago 61% 59 6034
30 Philadelphia Co .... 3434 34% 3434
790 Pierce-Arrow . 503R 46 50%
1250 Pierce Oil . 18', 17% 18%'
?10 Pittsburgh Coal. 49% 49'2 49%
110 Pittsburgh ?fc W Va. 37'4 35% 36';.
20 Pressed Steel Car- 67% 6738 67'-':
20 Ry ?Steel Spring.691,4 68 69%'
150 Ray Consol topper.. 25% 24% 24% .
6-160 Reading . 92% 88% 91%
880 Republic Iron & St.. 82'4 78% 793 4 :
645 Sinclair Oil Refining. 38% 35% 37%,
13600 Southern Pacific _110% 103% 108
3470 Southern Ry. 343? 3P4 33% j
50 do pf . 70' ?> 70 70% i
5610 Studebaker Co.723* 64% 71 ' !
Si'Tenn Copper & Chcm 16% 16% 1634'
2230 Tobacco Products ... 79% 7534 78% I
900 Union Pacific .137% 132% 136% ?
200 United Cif;ar stores. .104' 4 100% 1033.; i
1260 U S Indus Alcohol. .. 102' 96% 100
1890 U S Rubber. 75 67% 73% ?
132840 U S Steel.104 100' 2 102% :
80 Utah Copper . 91 88', 2 90%!
240 Virginia-Car Chem... 60'4 58'% 5834 :
100 Waba.sh . 1033 10' -, 10" \ '
5" do pf A. 40 40" 40' ~
10 Western Maryland .. 15% 1534 1534 !
160 Westinghouse E & M. 45^. 44 45% !
?"Wilson & Co. 68 68 68 I
29.70 Willys-Overland _28% 24 27' 2 !
LIBERTY BONDS
$12250 Liberty 3>__ _101.40 101.24 100.34 ;
4150 do 1st 4s. 99.76 99.60 99.76,
6000 do 2d 4s. 99.72 99.64 99.72
12800 do 1st 41-is.100.46 99.88 100.40 i
18950 do 2d 4 "?a.100.12 99.78 100.12'
"; "' do 3d 4>4s. 98.82 98.28 98.70
-1S4.0 do lth Ifta_ 98.30 98.08 98.26
Curb Market
Note.?The Tribune assumes no responsi?
bility for the accuracy or authenticity of curb
market quotations. Transactions and prices
for the week ended November 9 were rc
liortcd as follows :
Industrials
Sale?. High., Low. La^t. cl
1-1800 ?Aetna E.vpl... 738 ?' a 6J4?
100 Am W Paper.. 3 3 3 -
?100 Br-A Tob reg.. 22'8 20'v 22'8
13300 do coupon... 23?3 21?8 23; 3-:
2100 ?Burns Bros Ice 52-m 49'2 50b? ?
?JUII Chev .\I C -a- ?.150' ,145 1501'z ???
lGt>2*Cities .Service..297 28G 297 -1
>:,2o *do pf. ?2 70 8.? ?
iiiOii ?Colum Woolen. 12 ll'U 11% ?
I'.iiHi Curttss Aero.. . 20' 2 19 H 20 -
? ? ? Emerson Phon. :?-'?,. 2'4 2' 24
rr.il ?Gen Asphalt. . 37 34 36'/2 '
MU0 ?GilletteSR w i.101'... 101 101' a -
l:!>00 Hupp M Car... 4.'-4 3"."a 4r-4 ?
M00 ?Int Moto:-. . . 37 36 30 -?
300 Intel' Rubber. . W/a ?2''. 13
l200KeystoneT&R 17~a 17'a 17'/8-?
2750 ?Lima Loco n. 46 40 46 -f
2460(1 Marconi of Am ??,4 4?3 ti1 e
411") Nor A P (? P.. 3 2',2 3 -
600 ?Pouisen Wir?.-. 7' 2 7 7'.'2?
1010 ?Relc Equip.... 121/2 11V? 11^2?
I00 "St Joe Lead. . 15 15 15 ?
13500 .Smith M T- A ' 4 Va- -
3300 ?S?eel Alloys C. 673 6'<2 6%+
"1700 Submarine Bt.. 13' ?> 11 12 ?
26000 United Motors. 35% 35 35 -?'
8000 TJ S -Steamship. 5! .\ 47s 5 ?
I000 United Zinc. ... vu ''8 78
17700 Wayne Coal... 4 3"<8 3V
23200 *W-M Aircraft 5' a 4' 8 43-??
Standard Oil Subsidiaries
Net
Sales. High. Low. Last. Chga.
4700 Anglo-Am Oil. 1778 17 17%+ 1'/8
i'l Galena-Sis Oil.100 100 100 -- 1
20 111 Pipe Line..170 170 170 -4
?JO lud Pipe Line. 92 92 92 ?.1
274 Ohio Oil.329 317 327 ?? 8
JO Southern P L.185 185 135 --.9
lOSw Penn P L.287 287 37 -
278 Std Oil of Cal.247 235 245 -'r13
193 Std Oil of N J.617 580 610 : 28
IsT Std Oil of N Y.293 280 293 : 13
110 Vacuum Oil...396 389 396 -26
Other Oil Stocks
Net
Sales. High. Low. Last. Chgs.
5700 "Burnett O & G ft ' 4
1000?Bot?t-Wyo Oil. 21'/2 211 ?
yJOO ?Cosden Oil.. . 7%
30 ?Crystal O & R i;!
600 "Elii Basin Pet 7
10000 ?Esm Oil Co. . 4
1.) ?Federal Oil.. . 21
9400 ?Glenrock Oil. 3=
700 ?Houston Oil. . 79
1350 ?Imp Con Oil. -
3600 ?Inter Pet. 149|
13300 Island O ?t T. 3'?
?j,??, ?Mervitt Oil C 24
34500 Mel Pet. 2\
6500 ?Midwest Oil. .103
5775 ?Midwest Ref..139
2500 ?Northwest Oil 54
23200 Ol:la P & R. .. 10(;
6000 Omar Oil & G. 22
1100 ?Royal Dutch n. 78
1400 ?Sapulpa Oitl 77's
5400 Sequoyah O & R 5/
10900 ?Sinclair Gulf.. 24
11600 ?Stanton Oil... 1 5
5300 ?Texas Co rb... 17
2000 ?Un W Oil n..
2040 ?Vic Oil new. .
Mining Stocks
Sales. High. Low. j
5700 tAlas-Br C M.. 44 43
1100 ?tAmer Mines. 87 86
S500 ?t-Atlanta . 4 3?/2
200 Austin Amazon 'a '8
14900 Big Ledge Cop. V/a
34000 fBoston Mont.. 48 44'
23700 ?tCaledonia M. 47 41
14100 ?Cal & Jerome. A A
3500 Canada Copper. 2! 8 lj?
15200'?tCandelaria S 47 46'
5200 tCa-shboy . 7 5' 2
3300 ?Cerbat S M&M 1'->a 1'a
600 Con Ariz Sm... 134 1U
5100 Con Cop Min.. 5*8 5'4
29500 Cresson Gold.. 6 5
1650 ?Denbigh Mine. H %
9300 ?Eureka C M. . 138 1 '
5020 First Nati Cop. 2'/i 17.?
6000 fGoldfield Cons 20 '17
400 "Golden Ru M =s o?
7500 ?i-Goul Merger 3 2
1000 "vHattie G M. 59 59
3350Hecla Mining.. 614 538
2O0 ?Iron Blossom. ft ft
17700 ?tJim Butler.. 49' 46'
6500 rJumbo E.\t... 10 9
400(1 ?fKewanas ... 4 31 2
12700 IMcKinley-Dar 45 43
410" Magma Copper 34A4 32
5000 ?tMarsh Mug.. 3'-'2 2'/2
-'??"Mason Valley.. 3?8 3'e
71.?tMother Lode 41 39
G000 tNixon Nevada 37 35
410O ?Onond Mines. 4'2 4'.4
1500 ?Ray Hercules. 4 3??
50O ?Red War Min '4 %
13600 fRoch Mines... 34 32'
6100 Seneca c0p C. 15'4 13' 2
2600 ?Silv Fiss Silv. 7a 78
3300 SiK- Kg of Ar. ? , A
15300 Stand Sil Ld. . A ''4.
700 ?Tonopah Bel.. 3'8 2ft
12O0 Tonopah Ex . . . 1 ft 1
220 ?Tonopah Mg.. 3ft 3
200 Trl-Bullion ... ft ft
4S73 United Eastern 4?-2 4' a
7500 tU S Zc & Ld. 7 6
24000 ?tWard M & M 41 38
10350 West End Con. 1ft 1
28100 ?tW Utah Bv.. 17 16
16500 tWh Caps Min. 15'. 2 12'2
Bonds
Sales i'OOO omitted". High. Low. Last
81 ?AT&T 1-y Ce wi.100 100 100
S"*Am Tob 7a 1919.10OJ? 100'4 100'4
"Passed by the Capital ?ssurs Committee as not incompatible ??nth the national interest, bat
without approval of legality, validity, worth or security. Opinion No. A2546."
$3,000,000
The Jacob Dold Packing Co.
7% Serial Gold Notes
Coupon Notes in denomination of $1,000 each. Interst payable May IS and November IS without Mtectha
for any Federal Normal Income Taxes, now or hereafter deductible ?t the source, os> to 4%. To be
dated November 15, 1918. Due serially November 15, 1919 to N-vetnber 15, IMS.
'"pHESE Notes will be the direct obligations of The Jacob Dold Packing
*- Company and will constitute its only obligations outstanding in the hands
of the public. The entire proceeds of this issue will be used in reduction of
present outstanding bank loans and to increase working capital to take care of
an increase in the volume of business which has been urgently requested bv
department? of the United States and Allied Governments.
The average earnings, including those of its subsidiary companies, available
for interest and Federal taxes for the past five and one-half years have been
approximately SI,100,000 per annum, or over five times the maximum annual
interest on these Notes.
Sold to yield from 7% to 7%%, according to maturity.
All the notes having been sold, orders will be executed at pre-ranKng market pricae.
Descriptive Circular will be sent vpon request for AK-187
The National City Company
Mam Office? National City Bank Bail din r
Uptown Office?Fifth Avenue and 43rd Sft.
Corra-ponient Offices im Tfctrrj1-.?* Citwt
?gSfe
Gm?JRD
BANK
PHILADELPHIA, Novemb?:r 1, 1918.
RESOURCES
Loans and Investments. $85,622,4.1.66
Accepunce. and Letters of Credit. 11,260,254.94
Due from Banks. 16,472,454.80
Exchange for Clearing House. 2,640,768.20
Cash and Reserve. 4,495,916.10
$118
LIABILITIES
Capital . $2
Surplus and ?Net Fronts. 5
Reserve for Depreciation in Securities.
Reserve for Taxes.
Circulation . l
Acceptances and Letters of Credit. 11
Due Federal Reserve Bank (Rediscounts and Bills
Payable) . 8
fourth Liberty Bond Payments. 14
Deposits . 74
491,815.76
,000,000
,969,391
374,100
73,145
.075,500
.260,254,
,559,240
.908,140
,272,043
00
55
.07
49
00
94
00
00
.71
$118,491,815.76
JOSEPH WAYNE. ,IK . rr??.id?-nt
Kran Krti>d<ilph, Vi<-e I're>*. & CuMhier Alfred Barratt. Ai.nl. ? aithlei
A. W. I'lrkford. ..N*t. Cashier David 3. Myers, Asut. C'-Nhl.r
Walter 1\ French, Atssi*(ant Cashier
DIRECTORS
KRAXCIS E. REEVES. ( halrman of the B??a?<I
Daniel l?aufrii iVunrin B. Kfnc?, ,Ir. Arthur V. Morton
Rodman E. tirii>eom >Vm. W. Krazier, Jr. \\ llli.in. I T.ra?r
W. Frederick Snyder Georjre 1*. Rosengarten A. J. County
Robert Tohtnil Joseph Wayne, Jr. Wm. I*. Barn?
Wni. Netvhold Ely Evan Randolph Walter S. Thomson
John C.rihhel Morris K. Bockiu.
The Second National Bank
OK THE tITV OI' NEW YOKE
Fifth Avenue
STATEMENT
and 28th Street
OF CONDITION
RESOURCES
Loans, Dis?
counts &
Invest?
ments... S19,271,209.75
Less Bills &
Notes re
discount
ed. 1,350,000.00
United States Bonds to Se?
cure Circulation.
United States Bonds.
Customers' Liability under
Letters of Credit.
Banking House.
Checks and other Cash
Items .
5*% Redemption Fund, and
due from United States
Treasurer.
Reserve in Federal Re?
serve Bank.
Cash, Exchanges for Clear?
ing House and Net
Amount Due from Na?
tional Banks .
Interest Accrued.
liabilities
Capital . $1
Surplus and Undivided
Profits . 4
Reserved for Taxet.
Circulation .
Deposits. 15
j U. S. Deposits. 2
j U. S. Bond Account.
17,921.209.75 j Unearned Discount.
i Other Liabilities.
ooo.ooo.oa
OI8230;5
823*9.7*?
650,000.00
447,613.? ;
812.430.00 '
550.000.00 '
100,000.00
54.383.00 ?
650,000
1,300
54.383,
1,171.950,
416,750.11
54,500,
2,042,381
2,352,612
50.000
.19
00
,Ir hn Altken
H. Blan.-har.i Dom
Thoma. A. Howell
1". Colt Johnson
?ni II. Peaalee
].'v. 1k!?; x. Richardson
$24,715,087.47'
DIRECTORS
Percy A. Rockefeller
William A. Simoneon
Loulfl M. .Starr
James A. Stlllinao
I'er. y S. Straus
$24,715,067.47
Net
Sales. High. Low. Last. chge.
MO ?do 7s 1920. .,101 100'4101 ? '2
125 ?do 7s 1621. . .101' 4 100*4 101'. 4-f- '-4
205 ?do 7s 1922...102' 8 101' 2 102V?-'- ?/*
480 ?do 7s 1923...103 10P4 102**--- ?^
4 ?Armour 6s 1919. 9934 9934 99?4-- V*
40 ?do 6s 1920...100 99-4 100 - 7a
10 ?do 6s 1922... 9978 9934 9978-:- 34
31 ?do 6s 1924... 1007? 99A-4 100' ? ? 1
IG ?Beth S 7? *20 wL100 99?. 9978? "8
11 ?do 7s 1922 wi.100?? 9934100s8- 78
13 ?do 7s 1923 wi.'iCO 997? 100
210 ?Canadian Gv 5s. 98?B 9734 987?- 1'/?
',2'Cudahy 7s'23 wi.101 99?* 100'? + ?2
507 ?Fed Km Ln :.=;.. 1047? 104?B 10478+ 3^,
4 ?G El 6s 2-y n..100 100 100
15 ?do Cs 1920... 100'4 100 100i/*4- '/*
14 ?lit R T 7s w 1. 99 98'4 98'.*
175 ?Run Gov 5?-s.. 70 64 70-4-7
175 ?do 6'^s . 75 72 74'2- 4?/a
2 ?W El 1-y 6s u-i.100'4 100 100'4 1*8
180 ?U S Rubber 7s. 10V 4 99'4 101 -
?Unlisted. rSell cents per ?hare.
New York Bank Stocto
BM.A
! Am.Tl.-nn . 486
! Atlantic . 163
Am Kxcli. 210
Buttery . 190
Bower? . 390
, Brrant P. ISO
! B'ws? On,. 140
i Brom Nat. 150
? Butch & D. 20
that?. .S50
' Chat & P. 235
, Chelsea Ki. 120
? ?'hernie?! .388
Cltz Nut. 215
I Oty . ?13
: Co?! A Iron_208
, Commerce . 185
j ?'..l?ala.; . 350
Continental _ 100
I Columbia . 133
; Corn Rseh. 313
; Cosmopolitan .. 85
Commerc'I E... 300
; Comweajlli _ 180
Cuba . 181
Knit Hirer. 18
nrth Nat. :co
, riflh Are. 700
'First Nat.Ki
Mr* I "tfl
49S'Gar??.!? . ???? 'J? 'J?
ISOt?othiur, ^..?? -
220 Grornvculi .??? S ;t
2IOHan?r3?r. .m ?i?
420 Har.orer ? -,. u? ?I
? In? ft Tr??.2Jk|?
150 Irrliif Na'..g. ?
l?0l.:b*T?y .X?j J* I
_'m?i:.?: o..Js ja
?'Metropolitas ?? S -
400?lutual .f? IX
223 Merci?ant? .?. ;?t
_N V N B A..*g -
193 N Y Co.j2 Jll
ISJ
?!P?rk
185 Prod Ex . ?% 1
323 rut?c . i? tM
100 Khirrearj .?u (i
? rVabord .?S ?I*
200 K?<on? .Tg l??
IM Ktilf ?. ijj -
MSSd W?rd . !j? U*
?.-u:Vnloti Kr .IS ?f
2I0O.Waah HW .Z |0
S?i.iortirn? .""

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