New-York tribune. [volume], November 22, 1915, Page 10, Image 10

About New-York tribune. [volume] (New York [N.Y.]) 1866-1924

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November
Bord Circular
V.r ? ,1 !./? (,!-a?rd ti ?end a
\ vrmSer General
Bun?! Circalai lo ioveslon oe re
quen bUi ittt nl?e? a
coiri[iirlirn? ve I ?? of carefully ?e
lecled SBOaiopaa, i?ilr? al and pub?
lic ul.'ilv i lip ration bondi,which
we recommend (or investment.
Send for Geneiid virular 9)
Karris, Forbes & Co
Bin* BtT*e?, Corner William
NEW YORK
We Offer
?Jar.adian
Long and Short
Municipal Bonds
To Yic?d 51 to 6? o
Cuentan ?/? xn/riitation.
W. i. Ooler & Co.
OAR STREET
EW YORK
WE TRADE IN
Inter'l Mercantile Marine
Mir'vale Stec!
Peerless T:_c
Hendee Mir
Victoria Oii
Submarine Btftt
atltkfl 'i;>r>n r?
Marke) Rerlee
C.W. HARRIS & CO.
? 50 IPf?D ST., M. ... ,'.:; "rm-e
??_2__n_I!!__^^
a??dard Oil
iecurities
FREDERIC H. HATCH & CO.
??Bon. Bread sun. so Beoai st.. New York.
fT?Ttti? ?-'.?..???? t.. WmXcrn .? I Phlad-lphla.
STANDARD
O
?\ BralDI tRIEX -I ?*> KM Ml oc
Pli.Mfta'inv ?ii n -r?K K
CARLH.PFOR_HEIMER&CO.
1'1,..:?, (- . . . 11! Mal Si N Y.
If you are interested in
Buying Stocks and Bond*
Write for FREE BOOKLET X 2
pi i rtlal Piv.
SHELDON. MORGAN & CO/
i ei kotafe,
tl BrvadWajr, N.? York.
Wm.A.Read&Co.
Investment Bonds
Nassau & Cedar Streets, New York
M Phlladslpbla K'atou LondoD
Amer. Gas & Electric Co.
Amer. Power & Light Co.
Cities Service Co.
Pacific Gas & Else. Co.
Standard Gas & Elec. Co.
Utah Securities Corp.
Western Power Co.
Binghamton Gas Works
1st 5s, 1938
Consolidated Gas (N. J.)
5s, 1936
Madison ? Wis. ) Gas & Elec.
1st 6s, 1926
Lamarche & Coady
Phone 9970 Rector 14 Wall St.
American Brass Co.
Aetna Explosives Co.
Babcock & Wilcox
Du Pont-Hercules-Atlas
Nilt'S-B ment Pond Com.
Safety Car Htg. & Ltg.
Singer Manufacturing Co.
Yale & Towne
Lamarche & Coady
Phone 9970 Rector. 14 Wall St.
Maxim
Munitions
Corporation
J. ROBINSON DIIFF,
'
?ne i
61 Broadway. N. Y.
DIVIDEMM \m. Iniiki,|
UNION PACIFIC RAILROAD CO.
* ?|<iart??rl> III? Wir?,| ,,f
..... r?..n?r. ?-?Mi, ,?r .,,_,, OB .
?? D.I.
I-*??
V'.rk
Ml .,.1?. Janimrr ?, |?m ,,",
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m? 'livid.,,t\
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ipoti ?p.
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I'ftrrr,.! -?'.. k f<l? l<!?-i.i| N., ",?.
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REVIEW OF THE
FINANCIAL WEEK
Stocks Malt and Become
Uncertain?Market for
Bonds Still Strong.
DOUBT OF NATURE
OF BUSINESS UPTURN
Profits from War Need Careful
Handling - Long Term In?
vestment Better.
As securities halted last week and
became uncertain there was more dis?
position to question the nature of this
' present commercial prosperity of which
| the rise in securities had been a fore
' runner. Could it be a permanent up?
turn in business, it was asked, ?vhich
had been stimulated by war's demands,
?vhich existed while the world's wealth
was being wasted in conflict and which
faced the years of readjustment that,
mu?t come with peace ? Evidence from
every side that the tide of trade ?vns at
the flood appeared to some merely the
beginning of inflation that would make
settlement more difficult when the war
??as i
An opportunity, one of the greatest
ever given to any nation, has been
Placed la our hands by this world ??ar.
and we may turn it to incalculable
benefit to ourselves and to the rest of
mankind. The truth would seem to
be that our continued progress rests
with ourselves. A? we use to advan?
tage the good that comes to us from
Europe'? misfortune, wp will be In posi?
tion to resist the iinsettlement that is
to lie expected when it is the needs of
a world bent on repairing war's waste
are must supply. If we keep our bal?
ance, are not led into extravagance by
unusual profit and maintain at its best
the ordinary business of the ration,
we should he able to meet the years
after the war with ??hat, compnred with
the rest of the world, will .- e? in like
continued prosperity
Of the gold that is coming to us from
other nations, a tangible sign of our
strength, such part ??ill later remain
?vith us as our legitimate needs re?
quire. Used as a basis for credits that
develop our resources and that repur
rhas?. from abroad evidence of our debt
in our stork? and bonds, the gold will
: employed. Concentrated through
c ur new banking system it may enable
i u. to make the bill on New York take
i its place permanently beside the bill
1 on London in financing the trade of the
world. Used in reckless capitalization
of temporary profita it may easily be
called back when the trade from ?vhich
profits arose has ceased.
Public Less In Stocks.
How wisely we use our fortune will
be evident later. The great conflict, it
would appear, has still long to run. and
we must carry on our affairs in ac?
cordance ?vith the abnormal needs and
conditions it has created. The securi?
ties market, suffering from a surfeit of
prosperity, Will no doubt have adjusted
ii? affairs and indulge in ne?v excess
before long. It may be hoped, how?
ever, that the uncertain basis on ?vhich
war profits rest will not be quite for?
gotten.
Lor the present 'he great specula
' re public seems to be keeping away
, from the market. War stocks, having
proved they could fall as easily as they
roee, have lael their appeal. Reports
of improvement ifl the market for me?
tallic copper failed to furnish lasting
stimulus to security trading. Exports
of copper are large, 10,000 tons for the
?veek ended Thursday, ?gainst 5,r<00 and
J.500 for the two week?, preceding. The
large selling ageneiei advanced their
price to 19 i eenta s pound and reports
of a big domestic demand for the metal
ware current.
With improved methods of produc?
tion, such high prices for the metal
shoultl mean larg.- profita for estab?
lished compel lea The**** are, how?
ever, no longer public statistics of
of metal on hand and of production to
?how the condition In the copper mar?
ket, and these reports of improvement
failed to carry complete conviction to
trader.?. Copper stocks early in the
week rose, in some cases to their high
OOt ever recorded, but they gave way
rather easily later as trader? took
profits or sold short.
The ?.ar stocks proper, steel com?
panies, equipment concerns engaged
in ordnance work arid so on were de?
cidedly unstabil. Though in many in?
stances it was sho?vn they could be
advanced without much trouble by
those interested in their market
course, it became increasingly d
to distribute stocks at high level?. In?
dustrials no* directly interested in war
contracts did better. The petroleum
issues CHme into some prominence as'
prices for crude oil advanced.
Kailroads lairry Firm.
The railroad list gave a fairly good
account of itself, prices improved slow
ly, but holding well as investment buy
ing ?va? more than sufficient to ab?
sorb such part of the stock returned
from the other side as reached the
market. Railroad earning? all over
the country grow more favorable. Com?
modities are being moved in greatel
?illume to meet the suddenly expand?
ing need-? of business, and this means
more traffic foi the railroad -. I-rom
this grail in gross receipt?, some im
provement ifl rate? and the more effi?
cient antl economical conduct of bus!
r reread on railroad executires in
recent months means a large propor?
tion saved for net.
November is pasing without the cus?
tomary check to security trading caused
liv stringency of funds from crop mov
? | demand. The interior has been
aide to finance the greater part of its
ewfl needs this season. Here call loans
????re. made at from I '-7 to t per cent.
1 irne loans on collateral made last
?eek as low at 21-, per cent for sixty
dayi and '_'?? for six months. Mercan
rer of the best quality ??as taken
per cent,or less, for the short
turitii
This great abundance of money is
till principally Available onlj
time accommodation. The ? ? i r t . ??
term Investment cont
?ras that promise
opportunity of uausual profit and re
organizations and merger? of existing
Companies v.I,,eh are doing largoi b ?
ness because of the war are drawing
? on the supply of available capital. The
needs of warfare, with the urgent de?
mand and prompt payment by bellig
erent nations, have brought greater
chance than u?iia! for such ventures to
attain temporary success. What will
be the condition when readjustment
comes after the ??ar i? Another que
t ion.
Investment (?.ndition- Heiter.
Ordinary small industrial concerns
whose issue? are not dealt in ?,, the
lecurit) exchanges are finding it prar
tieally hapoaeible to market their
bonds ea any reasonable basis. War
logo?, ho?vever, have largely fallen late
a class by themgelve?, Hnd much less
than expected have increased the yield,
on ll.ted bond. The nation, however,'
, ?till shows the shock of war in un
willinj?n-*s of our people to intrust '
their savings for long periods at a !
' ??d rate of return.
Vet, as institution? and individual?,
become H'gsati?fled with holding idle'
th?ir ?UL'lus fund?, the bond market!
bas grown notably strong. Particular
ly ia this true for under'yinir invest?
ment iieue? of strong railroaii?. vkieh
Have Be Improved from las
? r ,?-i - thai thi y are i
? -? .
of before the war. The be
-ir?- limit?-?) in amount si I
?
e>. . RTi'l con- i
serval si boyen The ?up-,
ply that COmei te BS from Kurope i?
not now -T'jfficif-n? U> meet ?uch neeilv
Improvement is no? confined to the?,
gilt-edged ??sues. Railroad hond?. let?.
?v?!l aeeared and railroad stock have
row made ?Treat recovery from their
lowest of the year. There is consid-]
arable new financing to be done by the|
carriers, and the January reinvestment
period is expected to pee a large num?
ber of new bond issues put out In
the bond houses it is trious:!?' 'hat
soma one large surce*?ful offering by
n ?tronp road might, as on previous
occasions, hrintr out a large amount
of investment buyir.:
Proceeds of the Anglo-French loan
arara asada available fei payments here.
relieviag the ?'xchange market ef that
much pressure. There wa? also ac?
complished ?in arrangement hetween
New York and London banks for
?teadyii g exchange through credits
here the amour.* $00.000.000 to ?tnrt
with. Exchange on London and Paru
recover?;! promptly, demand sterling
selling above 4.70 In the pound aga;n.
Hanker-- supported 'he market and bills
irare nol pressed for sale.
[yondon and Fxchange Rate?.
British aothorlties give evidence n'
eoneern over the unfavorable c*
changes, of which that an *' i coun?
try is most conspicuous, To attract
purchasing from abroad to future erar
loans ili.'v will be made fm,. of In
tax t?? fort'iirn holders ?\dd
tionnl means of send
market our secui '
are being Much
aalnipg must be so owned
that tl ? ? ly be drae " oat.
The obvious method of s si <??
ob ln?*ome from foreign securities will
not be used until II
essary, for such discrimination would
seriously ?'and ?n the are] of '
resuming: her position as n great in?
ternational investment market.
Securities returned. credits obtained
and gold shipped might well be suf- :
flcient t'i take care of the government
purchnsos of (?rent Britain and her ;
Allies. The arrangements through
which golrl holdings of France and Rus?
sia were to be placed at the disposal of]
Great Britain for war Aaaaetng ha
far as ha? beer, announced, as yet, been
rn!l?'?l upon to only a small extent It
is not, however, ?jovernment buy me
alone thai hai lowered sterling ? ?'? ?
here.
Private purchases In this country
greatly exceed British shipments tooor
shore?, and eUStOBSBry offsets of our
travellers' expenditures and our other
payments no laager til! the ??ap. Brit?
ish publications contain IDgg?
thai Import duties on luxuries ms
?luce such buying abroad This would
he merely attackiag a symptom and
leaving tin eaaac untouched. Kxpan
sion of currency and credit In Great
Britain would? according to rule. make.
:' b profitable countav te sell te and a.
poor country to buy from.
While deduction? from prices are '
often unsatisfactory, their course in j
Fngland appears to be in accordance
with thil rule. Complaints are seen in I
publication- received here by mail that
the sovereign has the purchasing power
of only I?; shillings. A standard index
ligure of commodity pnce- received by
cable from London shours a ris.- of one
third since just before tha war. With
such evidence of inflation and gold bo
nc unrestricted from Lon
don, exi I ai gi ratei 'nay be expect? I I
continue unfavorable to thai eentre.
-
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It vaut fmk II?
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Cits . Ml
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Gotham N'at. 11?
171
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Am Sirety... 120
Astor . ?10
Banker*' _ 4','
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140
WEEKLY CURB TABLE
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INDUSTRIALS.
Balea
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laa ?' It,
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11
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?4S lleiMie? Mtr
IZB 111.;, f. \ Arrr.? ? ? ?
ft " llouaton 141
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[fit ? ' - ?
M.lM ;? ? i , ??,. * in ||
3 IM Inl Rub Tr ? f? M*4
ISO In; S!. nm P pf :,4 i
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t 1! C<
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Kr< mge e I
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? ? s.?.i . ?? ?f rjBn ? <? 44?,
?
'. ? - il.ma.Mn? Boat
-
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4 4?vi i n iT"f Bt nee l\ 1*4
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M2 ?r??. an? i"ip?> i.
210 Oalena Mb ?>h IM
?.'' in llr* I. w I IM
Tran.lt Ir?
1V> NoMli.rn p I. Ill
tf.7 (ihl.i Oil l"T
SUBSIDIARIES.
:?:
l""4
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111
14?
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LACK OF FUNDS
MAY SETTLE WAR
Hirst Finds Growing Feel?
ing There Will Be No
Military Decision.
LONDON DISCOUNTS
SHOW EASIER TREND
Treasury May Raise All Rates
In *i Per Cent, to Prevent
New War Loan.
By FRANCIS W. HIRST.
EditQC. "I/ondon Kronnmist."
l*e i ?- ;? '? Ifeg IMbem !
London, Nov. 21.- Money and dis?
count rates display an easier ten?
dency, with a small volume of busi?
ness, but a considerable rush for
Treasury bills reported. Thi.? may
justify the Treasury in raisin;,' rate?
tu :i uni form ."i per cent rate, as a
legitimate means.?if carrying ?>n the
war without a fresh loan. Under
the rircumstanires, ihort-bill [.nanea
i preferable tu long-term finanre.
Probably a new short-term loan may
'.(? required, but if so it will not. I
think, b?- issued till February, cer?
tainly not till after New Year's.
Honar Law's speeches point to a
quick decision as to the policy of
both .oif government and the
French. His replies to Trevelyan
and others on iliplomacy, conscrip?
tion and finance have, awakened keen
interest. More and more people be?
lieve that no military decision will
Ie reached, that winter militates
against the Germ?n armies, and that
bnanrial pressure will ?-ml the arar.
We regretfully recognize the diffi?
culty uf helpil g Serbia by direct
means, but diplomat***, aided by our
naval achievements, itoald ulti?
mately restore her autonomy.
Public upiiiititi will support any
: ?derate Ind reaaonable settlement.
Bonar Law ha? emphasized the ne
-.- of public retrenchment anil
i ai promised more thorough bu-i
nesi control of war expenditure. He
rcferretl to the dangerously high
scale of wage.?, which must come
d-.wn with a bang when the loan is
raee have to be cturtafladj he spoke
of the fictitious prosperity ifi fllas
gDW and other places, and said the
Wat of munitions was treble the nor
i ml coat? He was not specially
alarmed aboot tin- exchange.?, which
are now going better, but dwelt upon
the need for maintaining our finan?
?ai stability. A? a whole, the tone
..i his speech was ntisfa**t4*****, as
indicating a better ministerial per
ipective and ? greater reacUneai to
face realities.
The problem of finding gold and
i redit ifi aid of the exchanges will
i'i ubtless be solved. The gold hoard
in Paris is enormous.
SEEKS $1.200.000 LOAN HERE
Shrciepnrl, l.a., Mayer Wishes Money
lo Batid Water Plant.
Dr. S. A. Dichtv n, Mayer of Bhreve
port, La., ia here to Interest Eastern
capitalists m Boating a $1,200,000 mu?
nicipal bond issue
The May? r explained that the . aue
would be'of 1,200 $1,000 ?.-rial beads
issued in 1916 and tlue 1 iar>r>, bearing
i% per cent intenst. The money ?n.l
be usetl in laetalling .. nee city water
plant in piare of the privately owned
and unsatisfactory one whose franchise
has just expired. ShrOVCport is uniler
a commission form of government.
Taken with Wife in Gem Theft.
Flovd Knox. thirty years old, ?vas ar
yesterday, charged with stealing
$2,000 worth of jewelry from the home
of A. J. Thorsen, s promoter, in Rronx
rille. Police I sptain \'an Hureti, of
Bronxville, srrvsited l.un n? he aras
leaving hl dotai. st ?1 H est IS7th
Street, Manhattan. Knox i? accused of
irorking in i>-iit?,u.' with In?- ?vife, n ser?
vant in the Thoreen household, erho is
also under mn -'
STANDARD oil. SIRSIDIVRIKS.
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Executor
Trust?e
Chartered 1822
The Farmers' Loan and Trust Company
Nos. 16, 18. 20 <fc 22 William Street
Branch Office, 475 Fifth Avenue
New York.
LONDON, 15 Cock'rrar St., ?. ??? 26 Old Breed Street, E. 0.
PARIS, 41 Eonlevard Haussmam EEUIN, 56 Vvtaf lei Linden, N. W. 7
Travelers' Letters of Credit. Foreign Exduuige.
Administrator Guardian
STOCK EXCHANGE FOR THE WEEK
??olloming la the usual tat.le ghlng the number et ?hure? of all ?lock*
ealt in for the ?eek ended Nmember 20, together ?ith the highest. lowest -S?
nal prices and the net changes of the ?seek, and the high and km prices of the
dea
I
year 191.'), ??th the high and low prices of the year 1!?14.
Total sales for the week. 4.fi0...t>00. against l?ttjNI a aree* ?(?'?? lhls wt,k
a ?cur ago the Stock Fxchange ?vus cl???-.?!. Kr?.m .laniiarv 1 to date, iVi.noi.sOO,
agaiaal m.isMOO ?n 1114.
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WB BFAl TO ADVISE THAT SLRSCRIRTIOSS,
SUBJECT TO ALLOTMENT, TOR TNT
COMMON STOCK OF THI:
Saxon Motor Company
-vsrill be received by us at the issue price o? 75, 'when,
as, and if issued."
An initial payment of $3.00 per share, for each
share* applied for. must accompany all subscriptions.
The authorized and issued capitalization of the
new company will be $6,000.000. There will be no
Bonds and no Preferred Stock.
No subscriptions will be received before twelve
noon. Monday, November 22d. The books will remain
open until twelve noon. Wednesday. November 24th.
unless closed prior to that time.
Merrill, Lynch & Co.
Seven Wall Street fVn..lisent Rmldinf
r,ew York Detroit
UUi hones iVcifor 4'I40-I-2:I.
Subject to allotment.
?is mentbtrt of the syndicate under:writing the
Saxon Motor Company
We Will accept suuscripHons to its
Capita?! Stock Amounting to $3,000,000
at $75 per share
! No Preferred Stock No Bonded lndebt?dn??i
Uns New Compgny ha? been formed to f?ke over the buiincis ?nd plant of th?
old Saxcn Motor Co., which rank? as the tenth largest nianula?.turer of Automobile? ta
the world, the mark-t ?alue of whose < ommon stock is approximately $ 1,6a)0 p?r ?hare.
Net earnings for the current year, on ? production of 17,000 cgri, gre estuaaloi
gt $850,000; for the year 1916 tfie company n covered both as to orderg ?ad pgrh
for the production of J0.000 carl, on which profits in exiesi of $1 .fnOO.000 ?r?
estimated.
Hie Saxon Car it unique, ?I it meeti th? popular demand at g prie? low?- thaa
?ny competitor in iti rldss.
Reservations may be wired our New York Office at oiir expense, to be follotetd
by ?n inili?! payment of $5 per sh?r? on itock NBOCnbod.
George H, Burr & Co.
BANKERS
120 Broadway, - - - New York
Telephone H740 Recttir
Philadelphia Boston Ciitifo
St. Louis Hartford S-gttle Detroit Sg? Frgge?K.
?s It Fair
to the property you have created, to your family to whom
you will leave It?is it fair to y^our own purpose? tt commit
the many problems incident to the settlement of your estate to
a friend inexperienced in such m.ittrrs?
The Metropolitan Trust Company has maintained in.inter?
ruptedly since 1881, an organization trained in th- handling of
the many intricate problems of trusteeships. This orgdnira
;ion commands ample resources and in every way justifi'i th?
increasing confidence which it is continually receiving.
llooHtl "Its Strikt to You" Will bt stnt upon rtiut?:
?Metropolitan Trust Company
of the City of New York
Q-eorge C. Van Tuyl Jr., Presiden*
All WALL STREET -??ids
DOW, IONES BULLETINS & TiCKERS
Investors read
THE WALL STREET JOURNAL
Big Brothers and Sisters to Meet.
Brothers*1 and
??'tig Siata i ?" ? orrow -
Ln** st ? : r- 101 Court
?. i ? . under the auspices
i ...
\ ? Judgi Wilkin will pre- i
in,I Dr. Ka ne B. Davie ?rill
- apeak, i... volunta .-r "Hur Brot
.nul "Bit - ; then report on
their ? ; in earing for "little
? r" and "little sister."
CONSERVATIVE SECURITY REVIEW
liai .,n Ke.ju-?t ?
C. R. Bergmann & Co.
Imtstmrnt Srcuntiss
r,n nito?.nu \i -**rEW' TOi*
- K'C.'ir -.8*0-1841
FINANCIAL MECTINO*
M.,*... ?. .-?w, ,it \ysta
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STOCK EXCHANGE
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