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New-York tribune. (New York [N.Y.]) 1866-1924, November 21, 1917, Image 10

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Persistent link: https://chroniclingamerica.loc.gov/lccn/sn83030214/1917-11-21/ed-1/seq-10/

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Wealth Markets an
d Commerce
Ahead of
First Mortgages
Irr an investment which
comes ahcid of all first
moitgafei upon ail the prop?
erty of i c ity. real and per
|, al about 3ro of the
! value of the prop
rrty; the investment to run a
period of years; and the rate
oi interest obtainable up to
. free from all income and
II profits taxes.
Such are Munieipal Bonds,
\J,nii we have handled
almost exclusively 6ince 1871.
Full partieular* on re
<;ueA for Circular T-51
Spitzer, Rorick & Co.
?.iMished 1871
Lquitable Bldg., New York
Toledo Chicafo
Safety and
Seven Per Cent.
Public utility aecuri
ties are growing in
favor. A two and
one-half year note
secured by collat
teral and yielding
-.even per cent is
unusually attractive.
Also a valuable
convertible feature.
A-l, ' r our recommendalion.
E. H. Rollins & Sons
43 Exchange Place New York
Boilon San Franc'aco Chicalo
Investment Bonds
A Glimpse Into
The Future
Wi te for ( ircular No. 584
? ?: iflal Bondi."
SpencerTrask &Co.
Inveatment Securitiea
25 Broad Street, New York
8te?k J_xch_r.Be
. L 10
9?omw?'. Yoaaial J r.
? .UI St. aioom.vN.N Y
?.0.0">r?.?T. K_WA?K.N.J.
A. A. Housman & Co.
!e_ F.xch.nge.
ft** * Hiaaur Bx, '
Cfl F.x'-hanf;.. |
. ' Tra'n.
20 Broad Street, New York
ll.rh oni'**??'.', WMt S3" lt.
Its I'osltion and Froapecls
I I r?r<3'it?t
Toole, Henry & Co.
?\va HxQhanf/.
tafaraj _ New Vorl
High Grade Investment
Knautl] Narfyob&Kuljitf
tquit.hlrr :-'cw York
taamumgm i.m a r.trr. rfa,
Ofl t',\ A l'rxa?r I nrn.
i.) .* Pwwea _ i.i rr.i
1 >.. IWr.l A -Umrr I'fd.
> atrefl-flia Da*. ?om. a rttt
.'?I OflM A Bflfl. Um. a rfd.
? IS-....I mi? so riro./l M., S>w Tnrtu
? ? - ? i ? -. a:a rh;i_uipti_
Bonds for Investment
Harris, Forbes & Co.
Miaa M??l, Cnrmar tV(_t_ae
7% Preferred Stock
to yield about *\%
George H. Burr&Co.
120 Broadway, Naw York
Finance - Economics
MUIs Buildinn, 16 Broad St. Hano-.r ?51"
Further progres* wai madc ycs- (
tcrday in the recovering movement,
in stock prices. With the railway
??hare.- leading, the entire Uat cn
jaycd a vigorous upturn on a sub
staptial increase in activity, the
more representative of the standard
railway and industrial issues at
their best figures of the day show-1
ing gains of 1 to 3 points above the
Monday closing. The rise estab?
lished the wholo list at the highest
prices reached since the decline of
a fortnight ago. The Tribune's av-,
erage of fiftecn railroad stocks at
the close yesterday stood at 91.10,
up 3^2 points from the low record
of the year, 87.82. The' average of
twelve industrial stocks closed at
78.66, compared with a low record
of 75.28. Theso figures compare
with 122.20 a year ago for the rail?
road average and 109.40 for the in?
dustrial average. The popular ex
planation for the recovery in stock
prices is found in the technical posi?
tion of the market rather than in
the current news devclopme"hts.
Cloae observers of the market have
insistcd for several days that the
drastic decline of a fortnight ago
had produced an "oversold condi?
tion," to use the Wall Street expres
sion; that is to say, a short interest
of considerable proportions had
been built up that in due course of j
time would be translated into buy-!
mg power of no little importance. i
Whether this is the true explanation
of the movement ia not important.
What is important is the fact that
for a week or so there has been an
increasing dispesition on the part of ,
the small investor to buy stocks of
good standing and substantial earn
ing power. Many commission houses
have reportod the heaviest small lot
business in months. This buying, it
would seem, has developed because
of the growing belief that many se?
curities have been selling below
their intrinsie valuee as a result of
the unreasoning fear of former
holders, who hastily threw them '
overboard in the wild markets of a
few weeks 'ago. As regards the
railroad situation, the feeling has
become more and more pronounced
in Wall Street that ultimately the |
Interstate Commerce Commission
will grant the railroads a fair meas?
ure of relief in the shape of in?
creased freight rates. The argu
ments on both sides of the case are
in and the matter is now before the
commission for its final decision.
It is a reasonable assumption that
the board will not delay its decision
any longer than is necessary in view
of the general situation.
Outstanding loans of stock ex
changes are now said to be the
smallest in months. This is not sur
prising in view of the liquidation
that has taken place in the securi?
ties market. In this connection the
results obtained from a canvass
made of four large Wall Street com?
mission houses are interesting. They
show that the loans of these houses
are now about 63 per cent under
the maximum loans outstanding
during the bull campaigns of 1915
and 1916. One house reported a
reduction in its loans from $25,000.
000 to $11,000,000. The conclusion
that one would naturally draw from
these loan figures ls that the total
of outstanding margin accounta is
but a fraction of what it was a few
months ago.
Liberty Loan 8 % and 4 per cents
fluctuated widely again yesterday
on active trading. The market ten
dencies of the two issues were di?
rectly opposite to what they were
on Monday, when the 4s dropped
to 97. The 3V_s sold off, declining
at the close to 99, a loss of slightly
less than *m from the day before.
The 4s opened at 97.50, unchanged
from Monday's close, and rose to
97.74. A house which specializes
in the United States government is?
sues has this to say of the current
market movements of the 31.. s
and 4s:
"Instcad of theorizing upon the
question of why the market for
Liberty bonds is quoted at prices
below par, we are surprised that the
price holds up as well as it does. In
our opinion, the characteristics of
the 3 *-_?, coupled with their smaller
volume, will give them a better mar?
ket at a higher price level than the
4s, for the present at least. IVml
, ing ultimate absorption of these
government loans by the investment
public, we will likely witness quota*
tions at variable discount figures
following allotments to subscribers
to each successive loan. The extent
to which these fluctuations develop
will be absolutely dependent upon
supply and demand, which, in turn,
will be influenced by the terms and
rate of interest aflixed to future
i conversion issues."
The fail in the price of the war
loan issuea has brought the sugges
tion from several quarters that a
fund bc established to support the
, market. Banker" gencmily are op
1 posad to any nuch a etep being
taken, pointing out that it is to thu
best interests of everybody to lft
the bonds seek their own level in a
free and open market.
News of thc copper industry is
encouraging. Production, it is stat?
ed, after having falien off badly
owir.g to labor difficulties at thc
minefl, is again on the increase and,
accordin,- to the monthly review of
the National Conduit and Cable
Company, a large consumer of cop?
per. will soon be normal. This
authority says development". during
the next six months are expected to
result in a substantial increase in
shipments from a number of the
prmeipal copper producinf* districts
of the country. Ore reserves, mill
facilities and refinery capacity all
await thfl application of the neces?
sary man power to raise production
to the maximum tonnage. Copper
shipments from the United States in
the first nine months of the year
amounted to 8'JH,680,320 pounds,
an average monthly export of
U'J,180,000 pounds.
Money and Credit
With the money pool out of the mar
kct for the time being a.i a lender of
fund*, call loans were firmly cstab
li^hed on a 5 per cent basis at the
Stock Kxchange yesterday, the bulk of
the $-f.,000,000 put out yesterday beinp
placed on that basis. Only a small
amount was loaned at i\ p< r cent.
OiTerings of fixed date funds contin?
ued light and rates were firmly main?
tained- Brokers quoted fi'-i per cent
for sixty-day loans against Industrial
securities, 6'i to b\ per cent for
ninety days, four, live and six months.
Only a small amoant of new business
was placed.
Ruling rates for money yesterday,
eompared with a year ago, were as fol?
Yesterday. Year ago
Call money.... 5% 2%
Time money (mixed collateral):
CO days.5'[email protected]'/2% 2We
CO days. 5J4#8'/a% 3 %
4 months.... 6l/[email protected]; 3 %
6 to 6 mos.. E^>@5?4% 3 %
Commercial Paper.?Buying of com?
mercial paper was light yesterday, and
rates were firm at 5^ to 6% per cent.
Offieial rates of discount for each of
the twelve Federal districts are as fol?
Over Over .Over
15 or 15 up 30 up f.O up
less to 30 to 60 to 90
Boston.V/p 4 4 4
New York.3 4 4 4
Philadelphia.... 3'/2 4 4 4
Cleveland. V/fl * * *V*
Richmond. V/p 4 4 4
Atianta. 3' 2 4 4 4''-.
Chicago.%*% 4 4 4'/t
St. Louis. V/p 4 4 4
Minneapolis.... 4 4 4 4'/2
Kai^as City.... 4 **Ap 4'2 4'/2
Dallas.3'/2 4 4 4'/2
San Francisco... 3'/2 4 4 4'/b
Bank Clearing*.?The day's clearing
at New York and other cities:
K\rhanKe = . Balances.
New York.$606,239,945 $57,492,119
I.altimore. 8,586,160 1.566,534
Boaton. 50.222.630 6.953,674
Chicago. .96,858,946 7,150,996
Philadelphia.... 59,640^17 8,329,580
St. Louis. 25,943,263 5,513,202
Sub-Treaasniy.? New York banks
gained from tiie Sub-Treasury $1,021,.
SilTer.--Bars in Iaondon. 43?-'.d, a de?
crease of 'id; New York, 65a?4C, off
*>aC; Mr-xican dollars, 6j'ic, down **c.
Sew Corre-ncy Shir-ment Itnle*.?As
a result of the inereased postage rates
the Federal Reserve Rank has issued to
member banks a revised circular on
currency shipments. The new circular
aaya tbat n supply of Paaoral R*fl*rr*
notes ln denominations of $,",, $lfl, S1-''>.
**Z'i and $100 is kept on hand by the
l.nr.k ar.d wil! be shipped to member
banks on request in such denomina
tionn as may be required, the face
amount plus the cost of shipment be-j
ing charged to the member bank's ac- ,
count. Shipment- of gold, gaid nt
???-. silver certiiicates and
tendcr note* may be made to tne ban*
either by express or regi'tertd mail I0f
credit of the member bank's account or
for exchange for Federal Reserve notes.
The bank flrlll pay transportation
charsflfl on gold or gold eertiae_te?,
whether fit or ur.fit for circulation, and
al pj 'nniiah free of fl-POBflfl thfl red
i-ral ReierrVfl note- m flxdw-fa.
Bank of G-rmany. Thfl ?tatement of
? Imperia! Bank of Germany asof.
November IS shows the following
ehanges, in marks:
Total eoin and bullion, inc. 6.403.000
Gold, inc. 1?1'0OJ
Treasury notes, dec. 16.453.000
Notes of other banks, Inc... . 934,000
Billfl discounted, inc.173,092.000
Advancea, inc. 700.000
Investment-/, dec. 6.564,000
Other securities. inc. 42.893.000
Notes ii circulation. dec- 40.492,000
Dcpos.t", ine.196.817.000
Other liabilitics, ine. 44.580,000
Total gold holdings, t,4*i,l*tfi**
I.ondon Money Market. I.ONDON,
N'ov. th. Money was quiet at t pflt
centl Discount rates: Short bills, 4*h
prr cent; thret-month bills, 41. per
tent. Gold premiums at Lisbon, 100.00.
Russian exchange was easy.
The Dollar in Foreign Exchange
Kxchange moved sharply B|
Italy yesterday, tho rate ri.'ing tfl a
new ln\v reeord of K.7K lire u> the dol?
lar. OffflriBga of lire were not heavy,
the market continuinjr it" decline
largel-f ?s the result of th? abflflBCfl ol
buying power. Foreirrn exrhanire brok
! ers said the possibility of th.- T.
i forcfll hreaking throuRli tlu- l"
iirro of I?h!ian defence wa' the prinei
pal efluae of the fresh unscttlement m
the market ffcr lire.
Rate* Oil the Scandinavian countnes
nere flflfllflr. Swcdish crowns declineil
; ecot to -12 cents. Bpaaicb peaetafl
wero firmcr at t*M cents. Francs and
BtflriiBg rate? held steady.
(losing rates yesterday, comparerl
with a u.-ek IgO, are given in tlu- table
below. American bankers bav<
pended all dealings in German BBd
Auatrian exehaage, so that daily qaota*
tions for either marks or kroi.'ii are
no longer r.vailable.
(Quoted dollart to th* poand.)
Yesterday. UB,
Sterling, demard.$4.75* $4-75-11
Sterling, lizty days-4.711 2 4-71' j
Sterling, cables. 4.76m 4.76 ?
Sterling, ninety days. .. 4.69' | 4.69| |
(Quotnt uniu to th* dollar.)
Fiancs, demand. 5.751 % 5.75
Francs, cables. 6.73}B 5.74?8
Lire, checks. 8.78 8.45
Lire, cables. BJ7 8.44
, ehflCkfl. 4.40 4.50
Swiss, cables. 4.37 4.47
(Qootrd c*nt? to tho onlt.i
Guilders, checks. 44'_. 44
Guilders, cables. 45 44'_
iRubles, cables. 12.50 12.60
Stockholm, kr., checks. 42.00 38.00
Coper.hagen, kr., chTcs.. 35.00 32.00
Peeetaa, checks. 23.55 23.40
Helow is given the rurr^r.t exchange
value of foreign money in dollars and
eontfl, togflthflf with tho intrinsie gold
j-arity, flfl calculated by tho L'nited
j States Mint:
exchango Intrinsie
Pounds, sterling....
Rubies .
Lire, checks.
| Crowns (Denmark).
Crowns (Sweden)...
The above rates flzprflflfl thfl <ost of
i foreign money in terms flf the Ameri
' can dollar. Vou buy BB Engliah poaad
yterling at, (-ay. $4.75/*. The intrinsie
parity is $4.m'-'? per pound. Thll
ther that pounds are flt ?'. di
, or that dollars are at a premium. flrhieh
is owing to the fact that in England
' th* demand for dollars with which to
; Bflttlfl aecounts in this country is
, greatOT thnn tho demand in this coun
| try for poondl with flrhieh to settle
i aecounts in Fnrrland.
Mining Interests
Said to Oppose
Deal in Silver
Western mining interests. it was
, stated here yi-terdkv, BN diflSBl '
i with the tentative price announced in
. connection with the government's Bfl*
| gotiations for 100.000.00C ounces of the
j 1918 silver output of American smelt
i ers. It is understood that opposition
j from this quarter is holding up the
I closiig of the contract. The price mr-ii
'tionid in the preliminary negotiations
be'wen the government anrl the BBIfllt*
j ing interests ii said to bfl >?."> cents, New
Vork, and Ktj cents, San Francisco. Ifinl
, officials are expected to visit New York
1 shortly to coiuYr with silver smelting
j interests here.
Mar silver was quoted in the local
mnr.iet yesterday nt BM4 cerjts an
ounce, otT '* from Monday.
Significant Relations
Money and Prices: v_ , .,,. _,
.Stock of money gold in the country. . $3,041,549,041 $2,700,136,976
( .-.-? po* !
Raa* |1 ?- r>p4r',,4:. , .
I,oans *f all national banka. $9,055,000,000 $7,859,837,003
Their surplus renerve. Not available. 891000,000
Bills discounted and bought by Fed- Ualflaa] A...ra?
eral Keserve Banks. $681,719,000 $117,493,000
Federal Keserve notes in circulation 972.585.000 238.670.000
Total gold reserve. 1.584.328,000 '581.802.000
raatfrfaV. T_ ".a 'a-' 4,?. A-'trtf
A.erage prire of 15 railroad atock*. . . 91.10 90.77 1222C
Average prire of 12 industrial wtocks. 78.66 78.12 109.40
Food cost of living (Annali't index ,u. mM. rha ?-?' *??<
numher) . 277.830 ' 276.804 * 208.924
? aa ' '?'-! I a -.ar ar.
t nfilled V. S. Ste*l orders, tons. .. 9,009.675 9,833.477 10,015260
Baa* a ? -tr t*n
Plg iron (daily average), tons. 106.550 104.465 113,189
"? ? - - BaTfltfflkBfJ A M|| aaav
Active cotton apindle*. ?.33,576,922 33,555,698 32,557.717
i- . : , .
tVheat crop. bushels. 659.797,000 639.886,000
Corn <-rop, buahels. 3.191.083,000 2.583.241.000
Oats, bufhels. 1,587.714,000 1,251.992,000
Cotton crop, aalflfl. 12,047,000 11,449,930
Net unfill--d freight ear requiaitions . 70,380 34,605 60.697
Inrraaft Ifceaaff f'-.n .4M ...r
?. Maaf i.i. i ta
Nri.l Saiat 0
..'l r a .. ? ::j r aida roa i.
Gross railroa/l earning*. Z.T, 102*. ?11.9",
Ir.rr.gaj, m -awTfaaa fr.am ;.a' ,r.r
IjUl wrr'. Tl.. mtrlt ?*:?;. 1 r. ? ? ',
Bank rlraring* . 4.6", 32*. 19.3?.
, ?***? - A .??r r*B|
('->?iniereial fallures . . 1,082 963 1.240
?l.oid held b\ Krsrrvr ngenls aaainsl nrrulalion inriuderl in aenem'
fund hejfihnlng June 23, 191/. For purposes of rumpariaon it is iiuludrd
in thn 1916 figure*.
Reserve Board
May Aet to Avoid
Inflation Danger
Preparation for Absorption
of Future Federal Issues of
Securities Considered
WASHINGTON. Nov. 20. General in?
crease of discount rates, with special :
preferenco for commercial paper Bfl-j
cured by Liberty bonds or Treasury |
certificates of indebtedness, was rec-,
ommended to-day by the Federal Re
BC*""*fl Board's advisory council at the
end of its quarteriy conferenee with
the board. Action on the recommenda
?Jon probably will be taken by the
board within two weeks.
Most board members believe that un?
der the ea^y money conditions indi?
cated by the Liberty Loan payments
Ir t week something should be done to
d;scourag'> inflation, promote ?ound
buainess eonditlonfl and prepare for a
health"* kbflorptiOB of future govern?
ment ls.-ues of securities.
Fasy absorption of the second Lib
<rtv LOBB is.^ue was reported by the
bflflkera. Th.-v sairl that ev>n the
ir.ovement of about $1 ,000,000,000 into
Pederal Reserve banks last week from
ihe 1* per- reiit Inatalneat payment
rnpereeptible disturh
I nee Of bOfliaflaa and financial coiidi
? ... -much as the money was re
.ifltrihotfld by the aid ot the Reserve
sy tem.
The country was reported generally
as in healthy *>ronom;c condition, with
especially marked improvrment in the
labor shortage within the last two or
three week'.
Federal Reserve Notes
Increase Currency Total
WASHINGTON, N'ov. 20.?Rapid rise
in tbe amount of currency in circula?
tion was shown to-night In a report by
the Controller of the Currency, John
Skelton Williams, that two-thirds of
thfl outstanding currency consists of
national bank and Federal Reserve
. issued during the year ended
October 31.
Of the |1,848,000,000 PUrrency in the
l'nited States on that date, H.SOl.OOOv
?ed of those tflTfl cl.isses of
notes IflSBfld witiun the year hv the
oller. The larger proportion, or
1976,000,000, was Federal Reserve
notes ar.d |i ' ?ai in lational
bnnk notes. The total of both kindi of
outstanding wai $1,644,0 l0,0l
Mr. Williams explained thal "the
large increase, $G"*">.7-1'*...?. during the
year in the amount of Federal Reserve
outstanding is due main'.y to the
. nefl of Pfldeial Reserve notes
? the depo>it of gold or gold
rates with the Federal Reserve
, the amount of gold ami gold
certiiicates so held October 31, 1917,
being approximately $600,000,000."
During '.he year the Controller's
offico redeemed and destroy.'d "M''l,
0 of currency.
Industrial Alcohol
Subsidiary Is Put
On Peace Basis
Curtis Bay Chemical Company
Reorganized With Big
Thfl l'nited States Industrial Alcohol
Company has reorganized one of i*s
Bnbaidiar*" concerns, the Curtis Bay
Chemical Company, into a new corpo?
ration known as the l'nited States In
al Chemical Company. The rc
organiration is part of the holdi .g
company's projrrammc to establish a
markflt for its products in times of
Since the war began thfl eompa-;y
lias enjoyerl much prosperity, d.ie
Isrgfllj to the demand for ingrediel.ts
used in the manufacture of high cx
p,.-,-..s. Among thflflfl has bflflfl
?cetoae, the base of cordite, whicli iias
Ire.-n BOld ifl large qu.ir.tities to Great
Britain. The company's contract with
the Hritish gOffl-BBMBt, which recent?
ly expired, was not renewed, according
tir otticials, because BO agreement
eould be reached on the price.
With the expiration of this contract
directors of the holdinjr corporation
|?d to rflorgaaiM Iti < Brtli Bay
liary, whose plart is located near
Bfll ti more, m> that it would b? ia a
poaition to manufacture by-products
that will be ln demard when the BSI
i>r over. !t is believed that among
Brill be ? labfltflBtial amount of
ln the reorfranization of the Cortil
Ba) i herniral Company into the
I ted States Industrial Chemical
i ompBBf a roncern with only a nomi
nal capital has been chan.ed into n
eorporfltion v. ith an authorized capi
taliaation of W.000,000 ftrat preferred
. {>;.'".,000 second preferred and
120,000 aharca of common of BO BBl
; value.
The directors of the new compni v
include G. S. BieWflter, William R.
Coe, K. W. Harden. W. S. Kiflfl, A. H.
Larkin. P. J. Mclntosh. H S. Rabena,
R. I'. Tiaaley and II. C. Whltelwr. Wi h
?ception of the last named, all
the?e men are fllflfl lifltfld as directors
of the United States Industrial Alco?
hol lompur.y,
Relevant Facts
Owens Betttfl Machine Company.- Thifl
' company's report for the tiscal year
ended September I'O shows operating
earnings of $'J,H15,769, apainst 18,844.*
787 the previous year. ( Ithflf income, in
eloding dividends anrl interest on stock?-,
and bonds fll Bflll. hrouj-ht the 1017 rev
r ruiei up to $ l.'iti'r.OO.*".. an increase of
|499,8M. Krom this there was deduct
ed 1862,988 for flxpeaflOfl ami 1840,000
i for estimated war taxc*., leaving a sur
!plu? of 08,888,066. This, after flllflflfling
for divuieiiil- aa thfl prflfctTfld atock,
v. a | er|ui\alent tfl |8.67, or 11 .."> per Cfll .,
b ban ou tha 18,884,878 common fltoek,
whieh has a par ?'fllafl of $'j."> a ihare,
Direetera of tha company at a RMflting
? rday doclavod Ba flit ra
difidflBd Of '?-' BOI ii-nt im the eOBUBOB
. ni addition to the regular nuar
terly dividends of 1 xa per cent on thfll
preferrfld aad I pet ceal bb thfl tam
Chirago _ Lislern lllinois. I ndfll
an order of the court in the foreclonurc
?oit hrntiwhl' hv lri? IVn'r,! Trn.l fnm
4, I
panv in behalf of owners ot Chicago &
Kastern Ulinois I per cent purcha
money f.rst lien coal bonds the trur-t
company il applying $1,022,500 receive-l
from Receiver Keller in reduction ot
?he amount found due to the bondhold
ers bv the court. The committee for
the holdT* of these bonds, of which
(i/orjfe C. Van Tuvl. jr.. is chairman,
will make a partial .listributlon to
hoidera of Metropolitan Trust eonipanv
certiticates of deposit of these bonds
tfl the extent of $170 per Sl.OOn bond.
Cleveland Bonda Offered Here. C.'v
of Cleveland 4-i per cent bonds are
being offered in this market to th.
amount of $1,000,000 by Harris. Forb-s
1 t'o. The offering is made for the two
l OB ? iM and 4.60 per cent bas-s,
the lowest price in recent years for this
Earnings of Atlantic
Coast Line Equal
$14.86 a Share
H. L. Borden Is Elected Vice
President of the
Net income of the Atlantic Coast
I.ine for the twelve months ended June
30 last amounted to $10,203,196. an in?
crease over the previous year of ******
42T/.60, and the balance, after the pay?
ment of $9,835 dividends on the pre?
ferred stock, was equal to $14.86 a
lhara on the $68,568,000 of common
stock outstanding. This comparess with
$11 29 a share eamed the year before.
At thfl annual meeting: of stockhold
en, hold at Richmond, Va., the retiring
directors were, reelected, and the di?
rectors elected H. I.. Borden. for many
years secretary of the company. a vice
president to rill a vacancy. Other offi?
cers were reelected. The board also
declared the regular semi-annual divi?
dend of 34 per cent on the common
-tock, payable January 10 to hoidera
of record December 20. The company
will not iaaaa its complete annual re?
port until after the close of the cal
endar fOUt.
The pamphlet report issued yester
dav, covering operations for the twelve
months ended June 30. presented the
following comparison of earnings:
ItlT. Itlf.
Operat, reveaaea $40,408,203 $34,446,110
Operat. expenses 26,790,758 22,797,008
N-t revenues. 13.615,445 11.648,102
Jojum. 1.983.579 1.793.831
1'neol. revenue*. 11.383 15.466
Operat. income 11.620.483 9.838.806
Other income... 4,816.165 3.973275
Gross income. 16,436,647 13,812080
Int., rcntals.ctc. 6233,451 6.056.544
Net income... 10.203.196 7,755,536
PrTd dividends. 9.835 9,835
Balance. 10.193,361 7,746,701
Com. dividends. 4,799.060 3,427,900
Sinking funds... 17.962 16,102
Betterment*.... 38,563 140,541
Surplua. 5.337.775 4,161.158
Bethlehem Steel Pays
Regular Dividend
On Class B Stock
Initial Dividend on New Pre?
ferred Iasue Also
l:\ addition to declar'.ng the regular
quarterly dividend of 24 per cent on
thfl Class A common stock, directors of
thc Bethlehem Steel Corporation yes?
terday disbursed the same amount on
the Class B common stock. An initial
quarterly dividend of 2 per cent on the
new 8 per cent preferred stock was
also doelarod.
Tho Bethlehem Steel Corporation,
like other steel companies, is feeling
the effect of the shortage of railroad
cars ar.d equipment, E. O. Grace. prefi
der.t stated. following the meeting of
..ard. This, b* Iflid, la interfering
to some extent with the shipment of
raw materials to the company's mills.
The only way in which the steel com
paaiflfl can obtain real relief from the
present situation, according to Mr.
Gracfl, is through a strict embargo on
the transportation of products r.ot es?
sential to the conduct of the war. The
lack flf railroad facilities, he said, is
particularly felt in the shipment of
coal and other fuel.
Paris to Develop
Its Port Facilities
Periodical agitation has arisen since
| the seventcenth century in favor of
1 uniting Paris with the sea in & wey
i so as to render the connecting river
? or canal navigable to ships of larg-*
i size. Since the flood of 1910 the prob?
lem has acquired a fresh interest. Bvt
the outbreak of the present war ha*
. i i ..I thfl -ciieme to present itself to
i municipal and nat'onal authoritiea :i ?
one of capital importance, inasmuch ps
the inadequate port facilities an.;
means of communi,-ation have mih'at. d
strongly against the revictualling of the
Pari rogioa on reasonably favorable
terms, writes the American Consul Gen
1 eral at Paris.
Oa Doflomhor 30, l?lfi, the City Coun
i il invited the Prefect of the Bflia* tfl
prepare "a. technical, a.iministrative
and financial prospectus for the realira
tion of the port of Paris," a*. the aad*
time requestinp the provincial govern?
ment to "constitute a committee with
; the object of studying the organization.
? nnd thfl tiriancial r.-gime to M appli.'..
ta thfl port al Paris." Tho ProfflCt fll
rhe Seine on March 23, 1 if 17. ngottai
proCTOfl* a'.oni? fhes*. lines. Preliminary
stu.lies won made by government con,
missions appointed on February 0. 1910,
.<-. I Jaaaary li, Itll, rflflpflctlvly. Oa
; the basis of these the investigation is
United States Trust Co
To Join Federal Reserve
Trustees of the I'nited States Trust
Company of New York, at a special
meeting yesterday. voted to make ap?
plication for memhership in the F...I
.?ral Reserve BTatOBI. The bank has a
capital of $2,000,000 and deposits of
about 171,000,000.
?- ? ? ??.? , *** . ?
Corporation Returns
kanaaa ( ilr Southern
Itll ifltfl
OctSfl** *.?>?- 11.177.941 11.096.041
Net a.Ur taxe.. 351.187 428.030
rhiladrlphia rUp.d Tran.it
1-17 Iflll
Ottflfl** irr,-.. 12.505.820 12.330,064
Net after Ute. 1,087.331 1,086.502
l olumbia (,a. A Klra-trlr
11*17 191|
OeUUOt flre*- |8o5.b14 1712.718.
Net aft.-r tav*. 369.561 345.117
l)a?ton Vomtr A I.icht
I Itll Itll
Octobtr aroaa .1174.3-f- I146.0S4
Vet rntle- ??? . e> Bl*** ,??...
Delaware & Hudson
Officials Deciare
Bears Raid Stock
High Loaning Rate, They Say,
Indicates Large Short
Officials of the Delaware _ Hudson
Railroad Company criticiaed the New I
Vork Stock Exchange authorities yes- '
terday for not taking more energetic
steps to curb bear trading on the stock
of that corporation, to which they at
tribute its recent decline to a new low
record price. The fact that the stock
is loaning at a premium of >3-' on each
100 shares borrowed points, they say,
I to the existence of a large short inter?
est in the issue.
Governors of the Stock Kxchange
I have taken the stand that the position
! of Delaware & Hudson is no different
from that of other railroad stocks.
! The fact that D. _ H. ia loaning at a
! high premium. they say. is because lt
! ia difficult to borrow rather than that
there has been concerted efforts on the
part of market traders to deprcss the
: price of the stock and force real lsqui
I dation. . ., ,
Directors of the Delaware & Hudson
Companv vesterday declined to predict
what action would be taken by the
board at its meeting near the end of
next month. Wall Street has heard ru^
mors that the current annual dividend
rate of 9 per cent would bo reduced.
Return" for thej ten months end*"
with October show a surplus availabio
1 for dividends of "J4.11-.000. equal to 9.0,
per cent on the $42,503,000 stock out
I standing.
News Digest
London Stock Market Firm. LON?
DON", Nov 20. With the possible early
issue of a portion of the French loan,
the imminence of another colonial loan
and so many short-term government
issues available, the gilt-edged section
of the Stock Kxchange maintained "ur
prising firmness to-day and reflected
I the confidenr. feeling over the confer
; ences proceeding with the Allied vis
itors. There were dealings in the new
? war bonds at par and numeroua trans
' actions in sheil oils, rubber and indus
! trial shares at yteady prices.
Paria Boarse. PARI8, Nov. 20,-The
! Bourse was quiet to-day. Three per
cent rentes were quotcd at 69 francs
75 centimes for cash. Kxchange on
London was quoted at 27/_8, and the
i new 5 per cent loan at 87.75.
New York
!' Bronx County** First $1,000,000 Cor
poration. The first corporation to bo
capitalir.ed at $1,000,000 in Bronx Coun?
ty is tho C D. Jackson & Co, Inc,
papers for which were filed in the
County Clcrk's office yesterday by Eid
litz & Hulse, attorneys.
The corporation deals in tho impor
tation and carving of marble, at Lo
cust Avenue and HOth Street, The
Bronx. T'ne torporation papers were
, filed ln Albany on November 9, IMT.
? Shares to the amount of 10,000, at $100
each, have been issued. The amount of
capital invested is given as $500,000,
; to start business. The new concern
has taken over C. D. Jaek_on &. Co.,
which was a co-partner.,hip. There are
flrfl director' Carl I). Jackson. hv.t V.
Jackson. Frank A. Matier. Leonard G.
Daniels and Gustave K. Strauss.
Cotton Exchange Membership Sold. -
W. P. Jenks has purchased for another
i the Cotton Exchange membership of
W. P. McKenzie, and W. McCabe has
purchased the seat of C. Hatch. Each
membership was sold for $12,500, a de?
cline of $1,500 from the previous sale.
Other Cities
Wool Trade Association Meeta,
BOSTON, Nov. 20. -The question of
an adequate wool aupply, particularly
with reference to government r.eeds,
was discussed informally at the an?
nual meeting of the Boston Wool
Trade Association to-day. A commit?
tee of twelve, with Frank W. Hallo
well as chairman, was appointed to
look into the matter and maka a for
mal report at a later meeting. Abra
ham Koshland was elected president of
the association.
Franklin Escher haa been appointed
viee-president and editorial director of
"The Investment Weekly,** of which
George B. Caldwell, former president
of the Investment Banker.' Association,
is president.
Bay State Gaa Company.?WIL
MINGTON. Del? Nov. 20. At the an?
nual meeting of stockholders of the
Bay State Gas Company to-day 2,681,
117 shares were voted unanimou.sly
for the following directors:
Thomas W, Lawson, J. Frank Allee,
W. Harry Miller, K. A. McSweeney, J.
V. McCommons, Newell Bail and S.
John Abbott.
The directors organized by electing
these officers:
President. Thomas W. Lawson; vice
preMdent, J. Frank Allee; treasurer,
W. Harry Miller; secretary, K. A. Mc?
? Dividends
Atlantic ( oaat Line Railroad. Rejrular
semi-annual dlrfclflnd of Z'-, rer cent on the
common -Ur- '<. payable January 10 to etock
holdem of reconl December tg ?
Bethlehem Steel Corporation. - RflfljflJflf
quarteriy dividend of tH pW r?nt on the
common, also an initial quarteriy ilividend ot
2 per cent on the ne-.v * per cent preferred
^to.-k. both payable January - to atoekholde-Ti
ef record December l.">.
(.alena-Sig-nal Oil. Regular quarteriy divi
dervd of $.* en the common ami $2 on the
preferred. payable December .il to ntockhold
ers of record November '.'?.
American Power a l.ifht. Reg-ular quar?
teriy dividend ai I t?er cent on the common
stock. payable December 1 to stockholders of
rei-urd N<>\ember -I.
Northern Ohio Electric. Keirular quarteriy
I'lvidend nf 1- per cent on the preferred
atock. payable December 1 to atockholders of
record November M<
American (.aa. Rflfljflflflf quarteriy dividend
of .1 per cent, payable December 1 to atock
hotdem of record November _'l.
Northern Teiaa Kiertrir. Quarlerly diei
dend of $1 per ahare on th* common ?toek.
payable December 1 to atockholdera of record
N.n ember 1! J.
Cennerticut Tawer. Quarteriy div-dend of
flM per ahare on the preferred stock. pe>
able December 1 to atockholdera of reconl
November B,
Owena Bottle Machine. Rearular quurterW
JIMmami t4 " per cent and Ihe uaual extra of
.1 per cent on the comnioli atock. alao Ihe
' r**J,.*r quartei'lv dividend .rf I *?, per cent on
'the vieirned itflflfc. flflflflfllfl Januaifl I.
StAiUn OU Monthly dividend of 3 per
| cent, payable De-embflr 10 to atockholdera at
Liberty Loan
Baby Bonds
We are continuing to make *
readv market for Lib?rry Loaa
Pf/ifb bonda in $50 and $100 d>
At ihe cloie ol bunneM .estt,
day we were buying $50 Jj .* Ut
nel lh* aeller. irvluding interest,
$49.77 and $100 3' ? m net
W* are buying also ihe $V)
and $100 l.iberly 4rr bonda of
\<H2. Al the close yeaterday ne
4\ere paving for ihe $)0 bonds
$48JP. and for the $100- $%.75.
,Tohn Muir & fo.
Odd Lotj>
Main Ofllee. fll Rrnadna' s. y.
M..I Ara A 4* ?'_ 'UTl Rl BklHL
- a Ma i v- 110 Broad, Naw-tjk
100 We.t I2d S l;- x. ! ?
IXStB St *!.* '.,II A- , ( 0?_
J/emuerj .V V fl|*- V A,
Hr ftM^HflTTS ? HEIHol T -*- ?___? fl.
Utility Publicity
fl iV invegtor in Bylletby
*ia. utility tecaritte* may
always obtam at ?rst hand any
and all information liesired
about the properties back of tha
inv-?stment. w
Complete annual and special
reports enable the most thor*
ough analysis.
Dw-r-ptive and illtutrated hter-rn-e I
upon requaat. *
Ask for Circalar N Y T-Sl *
H.M. Byllesby & Co.
1225 Trinity Bid - , New York
1924-208 So. La Salie St., Chictf*
-aV-"!!11!!"!" *V **.*,**)* - ??" ?*> 1 'laa. *>
I Bonds
~ whose POOWaamOfl nt
l Unaffected By
= a\bnormal Conditions
\\ Ihe value cf nearly e\ery iar?t ?
S ment dependi uponpr*ie-.t or potenbal \\
"Z earning power. This is not true of Z
E The safety of Maaicjflfll BoaJt and I
E the prompt pavmenl cf principal and Z
? intereat are guarantred by the tannj ?
?? power of the cihea issumg them. They 3
_ are eiempt from Federal Income Tu. ?
5 Vt rite for latest litt "V. 82" cf iwi-s I
? yielding from AYi'o to 6'"' and oar I
\\ Booklet "Bonds c. Safe ai Our Citie*.'" ~
1 William R.fimptontVl
_ Municipal Hondt
? Over a fl*flflr**f <"fnfi<rj/ .n I ? liaitaat*!
14 Wall Street, New ,ark
"" St. I.o-i!a ;-14tl
National Fuel Gas
rhonea 4000 to 4.11*1 John. II
wkeklt flj_/ HUT B?
I--I 1 * L> OM KMrW^,
?Phor.a 4S*0-1 I | 4 H- .! I fla**|a*a*
Miliiken Brothers :::^[
To the Hoidera of Ten 1 r?r *n *",****
f.old V .te. of Milliken llroihrr. 'I***
p..r-*e,li laaued under In.le "'"*%",
beremher 20, l*n. r.rt?e*o M^*j;
Brofhera . In. .jrpnrMte.l) ?n.1 '?"rfl,.
Truat ?"nmp*nv ,.f New lork. *"? **
lionat arrip therefor: u, ,.,
Notk* 1. !.- ?>?: t ?"* "??>'? .%"
Brother^ (Ineorperated 1 I - ' * ,l*u*
.lee.-a a...l pay a". tha ? ? - ""?".,?. aa.
*i aaaTafll
? there ? i ?? *zj om* 1
p*>ab!? a: 4J ;.4-.ir,:, ,
Vork. 14) Hroa.lw..- .'^imI
.... f*?-L
!r.:?re>i ar.T'iel the:e.r ,.-. ?< ' '...,. 9*1 j
n-.<:.- <,f matU 4 . . isafaWl
rei'.atere 1 y> ' .. axrtf T
ar * p?%m-nt 1 ' "1,511.
will b* ma :4 ??> 'he - 'VTa.
tn each caae upor. ,? *-*
4.. 4??
inat irma il' . , _,?r?
m ? ? -' . i_ta>f
cel\? p44m?n' ine.'- ' 1 " 1 r~" (M'
npoa ? .rrm.l.-:
rxcembair i. ... ajaw
o- of thei: , ' * ?' * ' -jj ,
on or af , .. -?V-'L
mrnt of tha p ,^^( a*r
v.i-h Int* Ml
ar.num ??> th
r.num :o tn^ ..iftli
lU'ed. N'?. I
CKRTI1 I .':: Of Ml '-"t^W
:ji*. im*] !??
B*. hanaa Mal < ,
lioi. ><?-.> ..rt*** _'
?-ra Cor a n* .W***!
..Kl H,j
within th* nev ? ' "
A quarterly dtvMen iNo " *r',, ???
ahare and ?? extra ,,ltal*_l
P*r aha. -.******.*)
?? I,e,e.M,er lal s,,*****
.;..-..-. f I ??*??? ?
? I ***?' . ,k. r-:*1-*?
.-l.e.r.- ',??!**"
tT? ?.:"\.;;\,:.m:,-;-^^.
Tha annua! meetlBfl -?' ?-????
.if tha rl, uihern an.l ??*"',, .-te?-all-?'
4-ompanv witl h* hald ?' h.' ?,-??
tim.e ,.f lha 1-e.mpany. N<> '" rk,ral
ln ihe < "lt n -.r ' ' , , ir
. her *. 141 ',.!<*?
lha ? .:? 11 ol 1>ii ,.,.a ot
,n ....I r.r th. Ir--"*' t<rc'
Othar hualnra* *a m*i?v coma ^^

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