New-York tribune. [volume], April 03, 1917, Page 12, Image 12

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

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Wealth Markets and Commerce
St. Paul, Minneapolis
& Manitoba
Co-1-.olidatrd Mortt?-r t
1)1 I ,1) 1 > I,
S
-
-
N
Tax Exempt in New York State
-
N N
S
-
Price to yield 4.20? <
Remick, Hodges & Co.
MrnitMi? *?.?>> Vaefc Mori, Kxrhange
14 Wall St., New York
R. I. Dav & C cv
The Market for
Public Utility
Bonds & Notes
is gl
speculative
Por 1 ' " arid bc
c &.c income re
turns a*(. as a rule, bet
trr than f r<
W e 1 Is ? ni r f d it
men*s. standard Pi
Utilities provide a form
of investment eminently
suitable (oi the conser?
vative man or woman.
Send for Circular No
514- A. which contain^
short descriptions of
twelve tested Public
Utility Bonds and Notes.
Villiam P. Bonbright & Co.
14 Wall Street, New York
I onilon Pvil
?\'Ua|*Ui ? .'. ? ?
fy??r?rTr
Safety For
The Investor
\ plus a potad income return
is besl secured in sound
Public Utility Bonds. Theii
liability in a coming inter?
national crisis ic ?imply indi?
cated by their record dur?
ing the piesent w
mail our ? I I'-'J
i,.?
51, to6%co
ii
/|ttBickmorB8[q
III BROADWAY, NY *
Ohio
Gas & Electric Co
First Mortgage 6s, 1946
Price to yield about
5.80
' cular E-,<>'.*7
R?dmond&Go.
33 Pine St. - - New York
g?T\W F /lSt.6
HUTTON&CO
ftOSm YorR Cincmrvam
M. A # u ? ' " . a
emU?, -,
^ ?
Cincinnati
Securities
DIRECT PRIVATE WIRE
Cincinnati Office
OUR WELKLY MARKET LETTER
UPON REQUEST. Addr?.* D-pt. A
60 BROADWAY, NEW YORK
H sfkont Rteiot ?67U
Federal
Farm Loan 4> _s
leaflet M M Hcqttt-i
listing, Poole & Simmon?
Incorporated.
S N?.?.u St., Nrw York.
Finance - Economies
". M I STREET OFFICE: relephone:
Mills 1 ? id St. Hanove? 1*614
11
^ hile il :- anticipated in ? mi
thai <<t:r entry into th? v ai
fol?eme?! l.\ the grant?
ing of large i ired loans to
and Krancc, it
? of Al?
lied ? ... ping their
.1 ;.i meet ihr
tion should the government fail t.?
which was augg
r Harding of the Federal
. Boanl ami approved I.y
'?' our leading hankers ami
mists. Lasl week gold ship
; tish accoui
100 were received at Now York
Philadelphia bj .1. I'. Morgan
?'? i '.. thi \.:? ' . . al agents. I ur
, of $25,000,000 came
ling of the new
Judging from experience, tin sud?
den and large increase in shipments
prepare the money
? another lean in thi
Il . . a1.. ,tit>
. i'hi r Briti li -'
?.' iO.OOO..? n S?300,000,00(?
p ,,.> hi floati -; hortli. unie .- Mio
- ates government hould
financing the
x ' purcha es in this market.
The gold which has been received
> .id !>o
? \ ?? as the basis for
, the larc?!' amount named, on the
oi e.
Some striking figures relating to
British investments in foreign lands
derived therefrom up
to the early months of the war have
Thi.. an from
the compilation of the British In
;. ? mn ?oner* for
'It?. So far a- can be identi?
the income from such invest?
ments amounted in l'.'l 4-'15, the lat?
rst - which details are
available. 1,(535,610, distrib
?
$199.503.800
rations., 150.914.910
-
i 103.138,125
or coupon dealer . 1C0.487.425
worked by Hi I
.......
. om..105.591,350
?
' disc . , figures "The
i] ?.." of London, says
that beyond this total th? re i
? i ? : income fi om abroad ,
cannot be iden- \
as such, and is, therefore, in
the .-urn of $2,587,424,430
appearing under the head of "busi
? I -. ? tc, not nther
wisi deti It includes profits
? d from industrial concerns
at Britain, or jointly
? i! brai ches of banks, insur?
ance companies and mercantile
the United Kingdom;
. ag< of property and other
loans and deposits abroad, and prof?
its ?if all kinds arising from busin ?
lleno abroad by manufacturers, mer?
chants and commission agents resi
??? nt in the United Kingdom.
How the in?'?im?' from ?.versea in?
vestments exclusive of that which
cannot be separately distinguished
? xpanded in recent years is
?i below :
1?:0-'C1. $305.655.000
1906-'06 . 369.405.OCO
19O9-'10. 466.320.C0O
1912-'13. 552.10o.0C0
191V14. 59C.568.515
1914-M5. 659.630,600
? .: covered by the re
1. n at Britain ha- parted with
??? porl mn of thi -?? foreign in?
vestment?, 'rhe;. have been m>!?1 ?.r
pawned to h< Ip pay for the war.
nas rut ofT a large part of the
endf and interest receive?! from
foreign stocks an?! bonds, particu?
larly American investments.
\\ ith business of such large vol?
ume and on such a profitable basis
ai has marked the last quarter, it is
the number of com?
mercial insolvencies in the first quar?
ter of the year should be the small?
, ? eporte i for the period inca
1910. If tif?ui i ?. " available to
show the number of concerns in busi?
?t might '.?' found that th.- per.
centage of mortality for the March
quai ?? ; . ??? a net? l<?w record.
Money and Credit
A loi <>r appi '"..
. i ported by ^he
? nenl was
.,i tor by tha
. itnent.i
' counl Y? ?
<10.llllll.OIII.
? d at ti.r week,
brougl ? ... naporti
1 It IS the Si
influx of srold that i- the ieaduis; in
? in the money market at the
JT? -eut tim?.. lenders, a? a rule, wait.
?I \i stcrday on Cons-re*? and thr I're?
ident.? measage. Kates ?ere un
. d. with loai
(f n t 4 t o. I
... -
.
to ' p?
i ?Il monej ? ? ?
s per cent, im -
oti money
compared with ?. veai ago, were si i
da* 1 ? ; i ,-,;
2' 2?a 2
Time mone i n-.iT.'il i ollateral I :
3' . -> *V. 2' ,o2?.
3'/2>?*3?4?, .
?i ?.i ? I . . 3 <4 <i ' * 3
& to 6 mo 4% :
( nmrner? lai l'aner. Tra
,: i f off?
be ? o? i pap
er ? 'tit.
Officia atei ol di icounl of each
i l leral ? tricts are a.? ft
i?..\ ?
Ov-r Ovi O
1 .*>or :.'
Less to SO '.. 60 t? i
Bo '."i .Z' 2 4 4 4
New York. -I 4 4 1
idelphia.3' ? 4 -1 4
? land . ?> j 4 l'/a 41
Kk'hmond . 4 4 4 4
?;i . 4 4 4 4
go . 3! 2 4 4 4'
St. Lou:-. 3 4 4 -I
? apolis . 4 4 4 41
SS Citj.-1 4' 2 4' 2 41
1'Rlla? , ... . 31 2 4 4 41
Sai Francis? o. 31 ? 4 41 ,-> 41
Hank Clearinr?. I ?
?
Kxcl ai - !
York. . ,?438.753.281 $20.565.85
Baltimon ... 1.910,350 1.287.73
Boston . 4-0.20.968 6.169,96
igo . 89,944.896 8.144.39
St. Louis. 21.442.151 3.103.67
Mil? - Treasury. .Vew Vork bank
? from Sub-Treasury 10,368,000.
Sili cr. Bai - m London,
V? * Vork. 74?i cent?; M? xican dollai ?
'.; ', cen?
(?old ( urrciits. \' . gr (t?te 0
??.'""i '.va - imported from I
rday for the account of J. I'
? ? n . repr? senting the Hri;
i. )"?'? ? : nment. <>f this, $15,.
was ? : ila?cl
11.1 the remaining SI",.,000 wai
;? .1 ,1! the L'i ted State \
? ty, Th?' day's receipt!
1 total for thf year un t?
$295,7l?0,. and >inc?> Januar) I, 1915
0,.'.
Two telegraphic transfer . ?nvolvini
$1,274,1. were made through th<
eai h v to Shu Francisco
ar.il that amoui t of -roUl will In* ex
potted from the Coaat t?i Japan.
Par ( ollectlon of (hecks. Tl
,r by expresa checks on
such ai 'I trust com]
? 1 ci ? Inch heretofore have
refused to remit at par was put
by ihn Federal Re?
serve Marl, of N"e*s Vork, Items drawn
-rill hereaftei I
over their counters for pay
ami if not paid in full will pro
?m prote '. ' onsiderabl? opposition
has developed to the new arrangi
from hank.- which have insisto?! upon
ange i-harg? ? on
t?te i ye terda;
a 1 umber 1
the new schem? have aurcril t.> :.-> il
? ty days. If at the end of
that tim?' they find it disadvantageous
ili?> may withdraw and work oui dif
? arrangements.
Municipal Hond?. in March. Mann
borrowing b) stati and munieipalitie?
restricted, due to the tendenc* of
borrowers to await, wherever possible,
an improvement in the money market.
The recent decline in selling prices of
municipals, ^;.-..; "The Daily Hond
Buyer," of Sew Vork, was well illus?
trated by the sale of 14.400,. City
1 ? and ' is ai prices to \ .?-id
aboul I'.? pei cent. Prior to thi diplo
break with Germany this Mime
old bond?, on a 3J9 per cent
}.,.->-. Il 1- stated that until th?- long
I . \r?ri?: ?.:
ei ntnenl bond inlikely
tli.it the ,11 mil
. ? l
month'i inic ";>l1 loi
$30,773.271-1, at:Biii?t $28,367,696 a yes
:? thi fii ? quartet of '; ?? cui
rent yea were $97,
? ,.
11 :
< iiiiiliiiiui ni Xea York National
Banks, ? , pi nc pal item in th< con?
banki in the ? I
of Sew *i i'i-k on March .',. 1917, I h?
. ? . ' ' last call, a
by their oil ' . < ompil? ?I
? Voi ? ' leai ? : House, wen
Mar? . ' ' . March .. 'I?.
I oil II 9
discount $1.838.737.800 $1.666.119,000
??awful n-. 516.472.500 516,989.900
Agere?, dep 2.762.946.900 2.503.422,000
tcceptanci 50.120.900 21.-i29.0OO
rotal re '? .1.210.018.000 2.938.762.00C
Bob ton Hank Statement. 1 he H
banks, in th? return, rrp?
| 111 .". i ll.lllll?. , . -,?
pared with ? " """ .t weel
Los i and disci eres
000.
The Dollar in Foreign Excha.-t?**e
Little busim
? i . rechange y? rday, pending ?le
mentf al Wat h ington, Rates as a
d ["hose quoti d
I ingei wen nominal.
i ? .- . ' rrdaj, con ;
v. .1, , wei '.. ago, ' e .i fol lots ? :
Wc k
Vest? rdaj ago. ,
il)u..l?rt H"ll?r- la Ihr pniioil.i
,$4.76 $475 ?
Sterling, ixtj da> 4.71' ., 4.71 >_.
? :. .4.76 4.76'?
terlini 4.691 ;? '.691 j
lUuntrrl iinll- In Ihr dellar.)
Franc . demand. 5.83 5.84ta
Franc . ibli . 5.82 5.83 '??
Lire, check!. 7.78' ? 7.76
Lire, <.?li!.". 7.77' -, 7.75
S? i s, checks. 5.041 ?> 5.04
Swi? -. ??.li.i 5.03'.; 5.03
iCJuntrri crnl? prr ; mark?..
?Reichsmark? 72 69
??.. 72' ? 69'g
iQuntrd rents In ihr unit.)
Guilders, ?lu ck? 40
? .1 le 40 -'.0
bles. 23.4b 28.60
?Austrian, kronen, i I '.. 12.00 11.30
Stockholm, ki . ch'k 30.10 29.65
. !.r.. ch'k . 28.90 28.35
21.70 : 1.28
''.'.'.'
?. ii ?iw n the ? i.".lt?
value o? foreign mor?ej in dollai
cnts, together v itl, the inti
I it? n bj '.i-..' i niteJ ;
M ut: '
rrcnl
? ?. hange Inti i
\ all!.'.
, "5 S.4.86r?.
. 0.17 t 0.1? 3
(.uildrr- . 0.10 0.40 2
1. . 0.17 8 0.23.8
Ruble . 0.28.50 0.51 2
Lire, checks. 0.13 0 0.?9 3
1 . r-mark C.28 80 0.26 8
Crowns Sweden)...... 0.30 00 0.26 8
The above rates pn thi cos? ol
torrign money in trrm.i of the Ameri?
can dollar. You buy an Knglish pound
sterlii the intrinsic nar
ity :.- ? 1.86'a i er pound. J hu ), '.ou
?? a dis?
count oi thai ii<-.!1;>i -v are at a pre?
mium, ? ? h ich i o? ing t., the f?" I
in Ei - demand for dollars
with which to settle ?icroj.'it? m this
rountr . eater than tiie demand in
tliir country for pounds ??- i'.h whim to'
settle accounts in England.
No New Money ?n Shift
For Canadian Pacific
The amount of sterl
t he i anadian Paci fie Rs ? ?? ued in
i ondon thai will be i ei ?ued and
in tin- markel in the form of dollar
will, it was learned yesterday,
amounl approximately to $175,000,000.
Completion of this transaction will not
provide the railroad with now money,
hut will aid materially in i\>n ? ?'
of the Hnti?li government to ?tabilize
thi foreign exchange situai
The Canadian g"\ ernmi nl
ed to borrow in Sew Vork with n the
next three months, probably in .lune
Bankers said yesti the amount
of the loan would liki Ij be in the
neighborhood "' $25,000,000, According
to present plan-, there w;il be no pub
ring ol tiie loan, which will
pinl.ably be in i hi' form of shorl term.
?
Significant Relations
Money and Prices: v
Stock of m?nf> gold in Ihr ,?.untr> $2.958.355.434 $2.318.973.327
'
Itian. ?I all national bank- ....... $8.340.626.000 $7.233.929.000
Total rese?e d. c., ?ash in national
h, nk -^ults and on deposit with
r?it?rai Keser*,- hanks? ..., $1,493.433.000 $1.212.960.000
Kali?. Ill I"'* ??*?? ?*eser\f to gross
deposit liabilities of national banks 12.1*? 11.9*,
DiMMata of lede.al He-en e hanks $104.579.000 $61.675.000
Their liability ts* notes, net. 15.941 000 8.903.000
Their gold rc?enc against deposits
and ?irculation. 79'9"* 73.8%
?i* i.-r ???
-.vans? P"-''?* "f 15 railroad sto.k? 114.86 114.65 115.36
\ eras? |.n.c..r 12 industrial Mocks. 98.08 97.40 94.38
246.535 238.875 164.613
Food Mist of li-ing ' \nnalist index
number) ^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Production:
l nhllrd I . S. Steel order?, ions . 11.576.o97 11.474,054 8.568.966
Pig iron (dail> a?cragc>. Ions . 94.180 101.643 106.4bb
Uli?.' ??.lion spindles . 33,117.090 *3.008.609 31.9R0.1'-,O
Th? !'i ...
Wheat era?, bushels . 639.886.000 1.012.000.000
( ?rn crap, bushels . 2.593.241,000 3.055,000,000
I ?.lion reap, bales ten. linlers). 11,356.941 11.068,173
Distribution:
Net shortage ol Ireighl car? . 124.973 109.998
Net surplus of freight ?ars . 20.299
?
Third ?- K h ??'
It n h i?.
? ?
i.ross railroad earnings . 0.1% 15.3% 12.6%
fr?
Bank clearings . 24.5%, 27.8% 19.5-o
iai v rarajro
( ommercial failures .. 1.232 1.165 1.690
Bargaining for
The 1917 Wheat
Crop of Canada
British Authorities Stirred
by Farmers' Refusal of
$1.30 a Bushel
H- IS. RUI w I \\ l i:
I'oronto, April 2. Ihr,,.
I i obabil I hal ,, ? ompi omi c "i ice
will h- i| ? - ?'? ipon bj the Bi
i and I \\e fa i m< i ni W i
? ase of the entiri
rhoat crop of 191* I ?.?? off? t
?....'?;? ? 1 :o a bu I '
? Sorthern ?trade, and |
: ?? ral - for other grad? . at Koi I
m. I i been i e i? et? il Th? I
? l of Agi ?culture, which repn ? ni
? ,
**
? he ? anadiai W i
formed the Dominion government,
which i- acting as intermediary in the
itial ions, thai "the lov.-e t po iblc
i i ce acceptable" would in- s flat i at?
of SI To :, bushel al For! W illiam, oi
preferably a ?? uai antei of pi
min ?mum ol ? i. ma: mum of
J) 90.
ind? ' -
stood, farm
unrea 'ona'ole, and, having
th? r control, .'in'
? qui ppc i ?? M" "in" forceful bai gain
ing.
The official Ottawa view ;,r,j>? ? -,
be thai Ihe fai n
offei of $1 30 arc placing th?
;. in i ?m ?milar to -hat (,f the
? ? ' ? bone of ?\Inch h"
v. a ? a ?ui ?I n a greed) endeavor I i
grasp i looked moi e at
tive,
flaking Sure of Supolv
I e go' ernm? i
? ?i in
.i? upplj of grain from
11" hai est, and to obtain as much
of il ? possible within the empire.'
The ? hole r ..- lable - op of
Australia, foi both the pas) and the
? urrenl ali? idj beeti pur
i ha ed. Mi ' ? res have also
irplu - ? rops of India
and I . add.n, I he govern?
ment i - ca ? 'i foi th? total
Bi ' -h farmer, and has fixed a
per quarter, which
?a equia :?li : it $1.82 a bushel.
The Canadian wheal crop, however.
..- a fai ' porta nee. (?reat
Britain ha orbed by fa
' i;-.adV- ?urplu yield.
" ? of .1 total . i" 157.745,469 bu
? poi ted on I snada during tin
ending March 31, t'jri?;. no less
I iO.ll 1.411 bush? I - '.??'? to the
; h Isles. I-'?>r the several years
immed . ortion
go ng to ?: ? eal Brita li g? r.
Canada has counted on the British mar?
ket : ?? tin a ; 'i Brit - ?n has
ted on i anada
?
'??-.. last l ' , ember
? . ed ? ith tin Wheat ?'"nun. -
-."i . ?? h ?cl i ha? gi ?I ? ith : he pur
, .
Britain, France and Italy, th?.'
proposal that the British government
ihould purchase the available
?. i up of ''anada for I'JlT.
Shortage of Tonnage a Factor
ic amount of l
mportance,
I m tl ? of ocean tonnage .
. mtrj '- grain crop a tremendous
addii i
government. Indeed, il
little shon of imperative thai the iui ?
plus Canadian lupply should be at the j
tole di n" tal of the impel ial authori
n the ?o?d- of S?t George
i r, "under certain conditions it
mighl mean the salvation of the B
and the decisiva factor in the
the war. One vessel on the
Mori i Atlantic route is nearly equal in
carrying capacity to three on the Ind?
ian and Australian route?."
Even this year the remainder of the
1916 harvest, of which many million
bushels >'f wheat are still in Canadian
elevators or in th*- hand- of the pram
gi ?,-,?. . i hemselves, may be one i
effective factors in relieving the
i.i ?tuation in Great Britain during
? month-. A conference ?>n
this lubject has juat been held between
ihe Canadian mil in London
a-iil the imperial authorities, ami it is
report ?i thai the Dominion govei
"may take an) step deemed neci
m the inter? ts of the ?mi.pu?'."
Basis for I'ixing Price
The British government desired nol
onlj t" be certain ef lecurtng the Cana
dian ?-1 ? ? i - of 1917, bul il wanted to de
? prie? "? hi? .i a ould nol I"
-,\? and would allow only a rea ?
margin ovei the coal of produ
The orice having been fixed at 11.82 a
. for cram grown by the British
fai mer, il * i propo ed to pa) I h
-..i the ilanadian harvi
duel ion? for freight and other CO tl "'
n For! \\';l!iam and
England. Th Forl W lliam equivalent
of the fixed British price for domestic
-1 30 .i ou
Sir George F oater ca I led .i n un
representa? owcrs'
organi Uta >a
? . .
.ben
-.?. ha? ' tl ought
?
t ive con ference : mei s
Id ; ' Regii
was debated beh ?
tbougii the meeting was nol unan mous,
the prevailing entimei posed
t" acci ptance < f the pi ice propo
the imperial authorities, .'
?affcr v.i'.s communicated to the Domin
i ernmenl and trau smitti ?I
"
Higher ( ost of I'roduttion
The Bttil .'I?- "i the farmer? ?l not en?
rea onablc Labal
I) scarce, and tie (oat of i
: ..I ably M per cent higher
than it WS i.c war. Admit
of 11.30 a bushel ?ould
th? grain growers a :'a,r margin of
.? ? he; contend that they an
as much entitled to unusual pronta a.? a
result of wat eonditions ai are the mu?
nition manufacturers of Eaatarn t'an
Russian Contracts
Are Smoothed Out
American Can Company Gets
Extension of Time for De?
livery of Shells
\ ?. i ;i i-.'i
king munil
met ? ith diffl? ul
with tha*
..i rangi d ?
final deliveries of foui
month i, m from April SO t., Aug ?
i , p ,,.,. rrnment agri
j ,01 all fini i?. .I ?hei thoiit
j foi the ;? ' mbly of the com?
? pleted ???'
Similar arrangi m? ; I to I i< r Rus?
sian c? ntrai I arc under
1 orth
o and '?l.ii hin? r; com?
.
il fa
on ni' it"' ?
on of
' ?? Bmounl of work : rig capil
reel i approxima! i . ii
i ' the General Electric Com?
? d J5.I.."f" for the
American Can Company.
i ' three i oncei n i a re
to ha ted the man
fa? ' u ' hell bodie - and a largo
-.ii;. of ihi cartridge
. ... ' ifactun o
? ? .- in', m< nt oi
I hi.
Report ? ?uble in complet- i
; .'!1 orders was du
pro German activities in high quarters
:,-i were denied by the American
< 'an ? omnai y. Il ; considered
ojvever, that Am Tican manufact
:-.<i In en alone in having
trouble with Russian contracts, report?
leceived here indicating tha* Hriti?!i
'"ave me* in'li similar diffi?
. ul: es.
The American Can Company has beer?
mall percentage of its
own fuse,, the majority having been
manufactured by rhe Computing, Tab?
ulating and Recording Company, of
nd -he I'artlett-Hay
-. ard ' .m panv, oi Huh ?more.
Protection for
Investors Sought
British Organization Co-oper?
ates with Investment Bank?
ers of America
don, March 21. Plai for the co?
operation of American and British n?
preventing the placing of
unsound ho:>,j issues of foreign govern?
ments either in England or America
hive been approved by the < orporation
of Foreign Bondholders of Great Brit?
rhe proposal was recommended
recently to the Investment Bankars'
\ of America.
< omm nting on it in their annual re?
made public, the council of
rpon lion of Foreign Bondhold
? . ?cd:
"The takes this pi
' ? y would gladly do al!
in then- power to cooperate, and :t
to them that it would be a very
trong we.i pun of defence in the hand-?
against default::'}- gov?
ernments if it wore known that such CO?
? xisted. TI . menta
would then realize that if they failed
?illy with their obligations in this
country they would tin?! difficulties in
? I ' . i " obti ining fresh money in
nited States, und vice versa until
they had returned to tin path of hun
?
Protectioi hold
' : - of foreign securities ia the princi?
pal object of the corporation. Review?
ing the conditions of the laat year, the
reported :
"Tho scrupulous compliance with its
obi g?tions by the government of
Venezuela, the punctual remittance of
the sum required to cover the annual
debt service by Guatemala and the re?
turn to full payments by Colombia and
Liberia are satisfactory feature? of the
year. Costa Rica, too. has provided the
> rhe payment of the
i alf-yearly coupons well ahead of their
due da ?
"Unfortunately, some of the I?atin
American countries have stopped pay
menl altogether, Paraguay, after a
rreditable record extending over some
eighteen years, has complatal]
pended payment of the servie? on ?ta
i sternal debt. Ecuador has continued
m defai.lt dut mg the last year on the
whole of its external obligations. Nica
has been unable to carry out tiie
agreement made with bondholder? in
191*?, This, however, is due to the fact
: to the republic
indar the treaty
? been
Honduras has enfreil on the
ininterrupted de?
. ? i ret ord in this reapeet is
?ii by some of the Southern
latea of Amer in
dition <?f affaira
? ,,... n little ?? . mprovement
during the last j ?
council reported ttne.1 "nine
tea of ?t
?'' 'heir obli
efault
? war. while
Bah?a, Hr.. il. Paraguay, Salvador and
..:;. ara only making part pay?
U. S. Treasury Finances
\ The condition
i .?? close
\,-' balance in general
??95.318.532: total raetipta, $2.
507.706; to rs. $1.791.310.
Tin? i year ia $168
659.757, againat a deficit of $49.187.744
? ?ar, exclusive of Panamo I ?
and public ?lebt transactions.
There wer" 692.736,9241 pounds ?
alued al s?*.-..i .?'...".i". Invo
the American consulate at Santos.
Brasil, for the United States during
1916, comparad with 727.W..OM pounds, j
valued at $62,431,99] t?t Itli.
April
Investmen? Sudeste
Our current general circular
of sound investment bonds
offers
1 Variety of issues
2 -Diversity of maturities
3 Breadth of markets
National and S.vings Banks.
Trustees and individuals will
find issues adapted to their
specific requirements.
Yielding 2.90% to 8.50%
TheNationalCity
Company
National City Bank Building
New York
Wheat Embargo Stops
Gold Flow to Argentina
The outflow of gold ??> Argentina,
which reached such large proportion? a
few month- as?) as to worry the Allied
hanker-, because it was "aking out of
the Ameritan marke? gold that (treat
?i had 'hipped here ;o keep the
apply liquid. iia< been ef?
fectually cheeked, bankers said yester?
day, " action of the Argen?
tine government in placing a strict em?
bargo on the exportation of wheat. Tin?
aused a harp ?irop in exchangi
on Buenos Ayres, which i? now quoted
tin? !;?'are?t the normal level m
month?. Normally 'he Argentine peso
has an exchange 'alue of approxi?
mately 964 cent-. Recently it ??oared
to '.'?' cents, and some $3:>,000.000 in
(-old wa? ?hpped to Argentina as a re?
sult. Yesterday the rate, which has
been gradually declining, waa down
again 10 a level where the pe?o was
worth around its normal value of 9*'j
Centa.
? ?"Id shipments were made to Argen?
tina because the republic was selling
more meiciiandi.se in the I'nited State?
than ' - Hing there. Argentine
exports to the Allied governmen
!';i"ured in the transactions. Now. with
grain exports cut off bj government
decree. Argentine will probably not be
in the position to command gold here
and in other countries for some time to
come.
>
Crop Reports
.- ii ? ? nw t-,
Topcka, Kan-, April '.
The prospect for a lar;,-? -vi-.eat crop,
in Kansas is rapidly ?liminishing be?
nt' eold. dry weather an?! recent
winds. The state cannot produce more
n per cent of an average crop at
'. tl favorable weather hence-i
ftrth !ar$-e acreage* will be planted to
com, barley and the sorghums, and
11 also he an increased acreage
,- Rye is not important in 1
Kansas. .1 C. MOULER.
Secretary Kansas State Board of Ag?
riculture.
.
Springfield, III.. April .'. !
The condition of winter wheat is W
per cent of normal. One-third of the
..i?., leeded has been winter killed.
B. M. DAY i SON.
Secretary Illinois State Boaid of Ag- '
? ?culture.
London Wool Market
London. April 2. The offerings at the
wool auction sales to-day amounted to
6,000 bales. It waa a miscellaneous as?
sortment of medium and lower grades,
which were readily absorbed. American
repr?sentatives will be given an oppor
tunity t.o purchase wool next Wednes?
day.
Cuban Sugar Crop Estimate
The Department of Commerce at
Washington has received the following
cablegram from the American t'onsul
General at Havana: "Inder present
outlook and with ??orn-.a! weather. '_\
."iOO.OOO tons believed to be possible
maximum sugar crop. Fires interrupt?
ed railway traffic and labor disturb
anees have ciused great decrease in
output, estimate of which was to? high
in beginning, owing to character o'
cane in lar-'1 >-?ct;on-. Maximum stated
represents decrease from early esti?
m?t?' of about "'00,000 tons. Little au?
thoritative information is available a?
to amount of decrease attributable to
revolution, but los? of "lOii.oou tons
teems conservative estimate."
Haytian
American
Corporation
?
7?
' 0
Cumulative
Preferred Stock
r ?-- n
Hartshorne & Battelle
??
25 Brosd Street, New York City
Wo Are Specialists In
Marlin Arms
-
?
? ' ? r ' -
? '
'
?
Traded In on New York Curb
GwynneBros
25 Broad St., N. Y. Phon? 1232 IrsW
IlllMllinillRWllIIIlI
w
T" E. ?s ill ?end upon requrst a care
iuily ?elected litt of Railroad and In?
dustrial Securities which under prevail?
ing condition?, ?re ?onsidered e?j. ellenl
in.eitments. and al pie-eni pnce? >?e-Id
a liberal income.
100 SHARE LOTS
ODD LOTS
Careful personal attention will Se
given lo the execution of your ordert,
whether for large amount:, or in Odd
Lots'' that i?. amounts under 100
shares.
Writ i for List \ ' I nvi si meta
NEW ^ORK STOCK EXCHANGI
42 Broadway, New Ytjitl
iiiiiiiiiiiiiiiiiiiii!
Fractional loi Servit.
Orders executed in any amount of Stocks
and Bond* for cash.
*vVe carry 10. 10 or iO share loll of isa*
soned. safe stocks, dealt in on any of fas
! Exchanges, on margin.
On the Consol,dated Lxchange all out
' orders, reports and quotations are transmitted
by signal, affording instantaneous service.
Certified a..? cuntan!*' ?ta'emenl of ?BM
of our books published quarter!}.
Wilson & Chardon
Hti mss i ? it?,.: i itt i i? at S. %
S2 Broadway, New York
Irlrphone llrond 133?
Wright, Slade & Harnickell
Members Ne? York Stock Lxchange
Odd Lots 100 Share Lots
of listed storks and bonds, ?Sought for
calk or carried on conservativr margin
Downtown Uptown
71 Broadway 1834 Broadway
I 0-PARTXERSH1P NOTM E CO-PAETNKWHIP SVtKM
that they hi
da; f< * nod i copartnership u id "<* of
R. C:. MEGARGEL & CO,
to >ac< ? i-.-'i-rAl Investment business at ;: Pine Str?t?tt.
? the offices formerly occupied b) MogaVld \ ? "?
. tirri has been dissolved h> muiuil consent
Telephone John 1800 R. C. MegaTgel
UsuJket Ns* Y?k Stock Esthmtt*
N'e* Ymk< Arnl '? ,,,i; Ralph G. Megapel
-