New-York tribune. [volume], May 24, 1918, Page 12, Image 12

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W ealth Markets and Co m m e r c e
Southern Pacific Co.
4* Convertible Gold Bond?
Du* Jan* 1,1929
'"PH-KSK bend? srs m 4ir*ct
-?? obligttion of the Boutham
Pacific Company and are fol
.?wtd by 9271,929,900 etock, on
which dividend? have been paid
1906. i
Prie? at market, te yield 6H% !
W? recamaaead the above ieaue.
?.'.reblar will bs sent upon
re?ues, for A IT-162.
TheNationalGty
Company
Csvrsspsndsnt 0 flees *s> ss Cities
Ren?s-Short Term Notts-Acceptance
Bonds and
Short-Term
Notes
Yielding About
5% to V??/o ;
Many people would doubtless j
bf only too glad to take ad- j
vantage of today's investment j
opportunities, did they but
know just what selections to
make. Such people should find
or special interest our ?ist of
current Investment offerings,
representing various types of
serurities already held by a
wide circle of conservative in?
vestors.
Write for List No. 595
"Curr.nt In. ?-merit Opportunities."
Spencer Trask&Co.
25 Broad Street, New York
ALBANY BOSTON CHICAGO
Members New York Stock Exchange
THE
STEEL
STOCKS
We hare prepared aa exhauettre
table showing the pelatlra pcsltldn
of the 10 leading steel companies.
Special Circular ?.-30
Sent on request.
E.W. Wagner & Co.
Usmtsrs Ks*s Ysrh Mise* Umshsnss
33 New Street New York
-???as 2B05 B'OSi.
MORGAN & KANE
Members
Nev> York Slock Exchange
?8 BROADWAY. NEW YORK
Telephone Rector 5741
Robinson & Co.
Investment Securities
26 Exchange Place New York
J-rat-MTi new Tor* ?took Brokat*.
A. ?. Housman & Co.
?N. Y. v?tork Kxctaange.
N. Y. 0.-tton Exchange.
N. Y. Coffee & Sugar Ex.
N. Y. Produoe Exchange.
Chicago Board of Trade.
20 Broad Street, New York
Branch Office?2* West 33d St.
Bonds for Investment
Harris, Forbes & Go.
?Mite Street, Censor William
NEW YORK
Liggett & Drexel
Memoers New York Stock Bxchang?
Conservative Investments
61 Broadway?New York
Beato? I'hUarlrlphla Buffalo
Adams Express 4s, 1948
Montreal Tramway Pr. 6s
Utah Securities 6s
FREDERIC H. HATCH & GO.
I'hon? Rector 63-10. 7* Broadway, New York
I'rlvjt .9 telephone to Boston.
Mark A. Noblo Theodore V. Corwin
MOBLE & CORWIN
... Broad St. Now York
Texas Pacific Coal& Oil
RIGHTS
Telephon? 1111 Broad.
Finance - Economies
WALL STREET OFFICE: Telephone:
Mills Building, 15 Broad St. r?anover 6614
Whether or not price fixing is
econmically desirable is merely an
academic question now; we are com?
mitted to it, and the fact must be
accepted even by those who regard
the government's policy in the mat?
ter as a phase of economic insanity.
"TSut in any event there is no good
reason why the price-fixing pro-?
gramme should be lacking in flexi?
bility, as it is. The trouble with
naming a single price, as 23% cents
a pound for copper, is that it must
necessarily be an arbitrary price,
and therefore result in gross injus?
tice, and, what is more important,
in curtailment of production of a
commodity without an ample supply
of which our war programme would
be crippled. A price that allows ab?
surdly high profits to one producer
| may force another, with higher costs
of production, to suspend or reduce
operations, when all the time what
we really need is copper and more
copper, no matter how much it costs.
We are not getting it.
The output of seventeen leading
producers in April was substan?
tially smaller than the output in
March, in spite of the improvement
in transportation and weather con?
ditions. It was even further below
the output in April, 1917. If the
production figures for all. the copper
producers, large and small, were
available, they would probably dis?
close a proportionately greater loss
than the incomplete statistics cited.
Now, this loss was in part avoidable,
being to some extent the result of
shifting labor and shortage such as
is felt in every field of industrial
activity. But in an important de?
gree it was caused by fixing the
price for all producers at 23 Vz cents.
With labor and other costs on the
present inflated basis some of the ?
smaller mines find that they cannot j
operate profitably at -the price j
named ; others, working on ores of \
varying grades, have been compelled I
to abandon or reduce operations on !
the ores of low copper content. The
aggregate loss resulting therefrom
is considerable.
Why, then, should not an adjust?
ment be made on the basis of actual
production costs? It is not sufficient j
to answer to this question with the ;
assertion that it is difficult to obtain
cost figures for individual proper-,
ties. Mining engineers of standing i
assert that, on the contrary, it would |
be a simple matter to do so with !
reasonable accuracy and speed. It
is the only way in which fair treat?
ment can be given to all producers,
while at the same time it would give
assurance of all the copper that
could be produced under limitations
imposed by the labor supply.
The National Conduit and Cable
Company, one of the greatest of
copper consumers, asserts that vast
quantities of copper have'been per?
sistently absorbed for many months,
in consequence of which the accu?
mulation of unsold stocks has been
seriously affected. "Immensity of
demand," the company continues, "is
revealed by the fact that during the
last three years the estimated do?
mestic consumption of new copper
amounted to 3,878,872,303 pounds.
This is considerably more than the
aggregate production by United
States mines in 1913, 1914 and 1915
and is 771,876,643 pounds larger
than the total world's production in
11916.
"These record - breaking figures
may well serve as an object-lesson
of what may be expected in the fu?
ture. It is becoming more and more
a problem of speeding up production,
so that it may keep pace with the
rapid development of world wide
consumption. Those familiar with
the copper industry are imbued with
the conviction that the remarkable
develpoments in world events since
1915 call for a marked increase in
production to meet the marvellous
expansion of demand. If the out?
put is to be ample for all essential
and emergency needs, it is impera?
tive that American mines keep
working at top speed.
Money and Credit
Quiet prevailed im the money market
yesterday and rates remained un?
changed. At the Stock Exchange call
money ruled at 5 to^?-Vi per cent, with
a fair turnover of business.
The market for fixed rate funds con?
tinued void of offerings. Rates were
firm at 8 per cent for all maturities.
Ruling rates for money yesterday,
compared with a year ago, were as fol?
lows:
Yesterday. Year ago.
Percent. Percent.
Call money:
On mixed collateral. 6 2'/2
On industrial col't'l. fy2 3
Time money (mixed collateral):
Sixty days. 6 4 @4</a.
Ninety days. 6 4i4@4'/?
Four months. 6 4'/2@434
Five to six months. 6 4^2@4%
Commercial Paper. ?This market is j
dull. A moderato amount of discount?
ing is being done at 6 per cent for the
best regular maturities, the bulk of the j
demand coming from interior Institu?
tions.
Bank Accept atices.?There is an active
demand for acceptances, with most of
the purchases confined to eligible bills.
Rates were unchanged yesterday, as
follows:
Thirty Sixty Ninety
Spot de- days. days. days.
livery: Per cent. Per cent. Per cent.
E 1 i g ible
member
banks_4?4@4 4A@4A 4A@4"4
Eligible
non-mem?
ber bnnks.4!/4@4^8 4?T.@4!? 4A@4?
Ineligible
bank bills.5!4<?>4% 5'4@4% 5"4@4%
For delivery within thirty days:
Percent.
Eligible member banks. 4J/2
Eligible non-member banks. 4%
Ineligible bank bills. 6
Discount Rates.?The fol. owing table
gives the current rates of the twelve
Federal Reservo banks on commercial
paper on all periods up to ninety days:
,-Maturity-1
_i tr ?,;.?
? " c 3
-_ *? ?.
SB?
Boston. 4 434 4?4
New York. 4 4% 4%
Philadelphia.... 4 4% 4-3/4
Cleveland. 414 4% 434
Richmond. 4?4 434 434
Atlanta. 4 4% 4%
Chicago. 4 434 5
St. Louis. 4 _ 434 43-4
Minneapolis.... 4 ' 4% 5
Kansas City_ 4 4% 4%
Dallas. 4 434 5
San Francisco.. 4 4% 4%
Bank Clearings.?Th_ day's bank clear?
ings at New York and other cities were:
Exchanges. Balances.
New York.$564,238,872 $47,529,509
Boston. 41,483,960 6,817,335
Chicago. 74,382,727 5,761,601
Philadelphia.... 57,402,205 9,829,997
Sub-Treasury. ? The tanks gained
from Sub-Treasury yesterday $9,000.
Silver.?Bar silver in London was
48%d, unchanged; New York, 99Vic, un?
changed; Mexican dollars, 77 c, un?
changed.
Bank of England?LONDON, May 23.
?The weekly statement of the Bank of
England showed an increase in gold
holdings of ?924,859. The proportion of
reserves to liabilities now stands at
18.57 per cent, against 17.22 per cent
last week. The report, with the changes
from a week ago, follows:
Gold.?62,633,046 Inc. ?924,859
Reserve.30,939,000 Inc. 655,000
Notes reserve 30,337,000 Inc. 648,000
Circulation... 50,247,000 Inc. 270,00p
Pub. deposits. 38,242,000 Dec. 3,023,000
Other dep_127,721,000 Dec. 6,220,000
Gov. sec. 55,581,000 Dec. 1,736,000
Other sec_97.852,000 Dec. 8,218,000
London Money Market. ?LONDON,
May 23.?Money, 2V_- per cent; dis?
count rates, short bills, VA per cent;
three months, 3 9-16 per cent. Gold
premium at Lisbon, 130.
Paris Bourse Calm.?PARIS, May 23.
? Trading on the Bourse was calm to?
day. Three per cent rentes were quoted
at 59 francs 75 centimes for cash; ex?
change on London, 27 francs 15^ cen?
times; 5 per cent loan, 87 francs 80
centimes. ?
The Dollar in Foreign Exchange
Fluctuations of the neutral exchanges
furnished the principal feature in the
local market yesterday. Swiss francs,
after an'early decline to 4.11, rallied to
4.07. Dutch guilders closed at 49 cents
after early weakness. Sterling and
francs were steady.
(.losing rates yesterday, compared
with a week ago, follow:
(Quoted dollars to the pound.)
Week
Yesterday, aga.
Sterling demand.$4.75T7. $4.75'/?
Sterling, sixty days.... 4.72 4.72
Sterling, cables.4.76f. 4.76ft
Sterling, ninety days.. 4.70 4.70
(Quoted units to the dollar.)
Francs, checks. 6.71?4 5.71-4
Francs, cables.5.70 5.69%
Lire, checks. 9.07 9.02
Lire, cables. 9.05'/2 9.00
Swiss, checks.4.07 4.02
Swiss, cables. 4.03 3.98
(Quoted rents to the unit.)
Guilders, checks. 49 49%
Guilders, cables. 49>/2 60(4
Rubles, cables ....*... .13.25 13.25
Stockholm, kr., checks.34.25 33.50
Copenhagen, kr., ch'ks.31.00 30.75
Pesetas, checks.27.90 28.00
Below is given the current exchange
value of foreign money in dollars and
cents, together with the intrinsic gold
parity, as calculated fcy the United
States Mint:
Current
exchange Intrinsic
value. value.
Pounds, sterling.$4.75% $4.86%
Francs. 0.17.4 C.19.3
Guilders. 0.50 0.40.2
Rubles .0.13.25 0.51.2
Lire, checks.0.11.25 0.19.3
Crowns (Denmark)... 0.31.00 0.26.8
Crowns (Sweden. 0.34.25 0.26.8
The above rates express the cost of
foreign money in terms of the Ameri?
can dollar. You buy an English pound
sterling t.t, say, $4.75%. Tho intrinsic
parity is $4.86 .? per pound. Thus you
say either that pounds are at a discount
or that dollars are at a premium, which
is owing to the fact that in England
the demand for dollars with which to
settle accounts in this country is
greater than the demand in this coun?
try for pounds with which to settle ac?
counts in England.
_. Elections
W. G, Avery, assistant manager of
the foreign department of the Guar?
anty Trust Company of New York, has
been appointed assistant treasurer of
that concern. Harold F. Greene, Alden
S. Blodget, Charles F. Batchelder,
George L. Burr, Harold D. Bentley and
Gilbert E. Jones were appointed assis?
tant managers of the bond department.
R. E. Whittlesey was appointed chief
statistician, and Hamilton Candee was
appointed New York City sales man?
ager of the bond department.
William C. Fay, formerly receiving
teller of the Fifth Avenue branch ?of
the Union Trust Company of New
York, has been elected assistant man?
ager of that branch.
War Board Asks
No Change in
Price of Copper
Trade Still Expects Re?
vision Upward to Help
Production
WASHINGTON, May 23. ? Recom?
mendation that the maximum price
of copper fixed by the government at
twenty-three and a half cents a pound
at eastern refineries be continued for
seventy-five days beginning June 1,
was made to President Wilson to-day
by the price-fixing committee of tho
War Industries Board.
No official announcement of the ac?
tion was made. Final decision rests
with the resident, who is expected
to issue aP proclamation in a few
days fixing the price for the next
period. The present price expires
May 31. ,
Arizona copper miners to-day asked
Secretary of Labor Wilson to aid them
in obtaining a $1 a day increase in
wages. Producers, they say, claim an
increase cannot be paid unless copper
prices are raised.
Although it was announced from
Washington yesterday that the War
Industries Board as a result of the
conference on Wednesday has virtually
decided to recommend a continuation
of the present price of 23% cents a
pound for copper metal until August
15, representatives of leading interests
in the copper producing and refining
industry asserted that the matter has
not yet been settled definitely and that
negotiations are still in progress be?
tween the government and the copper
trade. According to one of the largest
interests in copper a deadlock now ex?
ists in that the government has refused
to make an upward revision in the fixed
price, while the producers and refiners
are unwilling to do business at that
figure.
Compromise Expected
It is believed that in the end a com
piomise will be effected by means of
which the small high-cost producer of
copper will get a better price for his
metal than the large low-cost producer.
In order words the copper trade looks
for the establishment of a price scale
in which the range is to be governed
entirely by production costs. In this :
way it is believed that the small cop- i
per producing interests will find it pos?
sible to turn out metal at a fair margin !
of profit.
From facts obtained yesterday it ap- j
pears that the refining interests have
been making the strongest plea for an
increase in the government price of
copper on the ground that they are
compelled to charge the producers
more for refining the metal and the ?
producers must obtain a better price |
to meet this increased expense.
The Need for Copper
With regard to the cost of copper |
it is estimated that between 250,-00,- !
000 and 300,000,000 pounds of copper i
produced in the United States costs in j
excess of 20 cents a pound to produce, j
It has been suggested that the oper- '
ators of such properties be granted a i
price above the 23 .??-cent level in order!
to speed up production generally and j
enable present tonnages to be turned
out at a fair profit. That all of the
copper which can possibly be mined
will be needed is recognized by the
government authorities.
Regulating Steel
Industry Expects Government
to Make No Changes
A report reached the financial dis?
trict from Washington yesterday to
the effect that B. M. Baruch, chairman
o fthe War Industries Board, had stated
the government would take over all
steel and regulate the distribution of
what was not required for war pur?
poses. It was not construed in steel
circles here as suggesting that any
change from the present situation
would be made. All efforts, it was
said, are now being put forth to supply
the government's war needs and the
first call is being given to requirements
for military and naval purposes.
The statement made by Judge Elbert
H. Gary, chairman of the United States
Steel Corporation, last Saturday, that
there was no lack of harmony between
the steel trade and the War Industries
Board was referred to as a fair index
of the present situation. As one steel
man put it yesterday, "practically the
entire steel production of the country
will be devoted to war purposes until
otherwise ordered by the government.
This means that there will be no sur?
plus to speak of for the non-essential
consumers. The government could
hardly exercise more complete control
than it is now doing."
Market Barometers
Stock Exchange Transactions
Stocks
Rail- Other All
roads. stocks. stocks.
Yesterday. 104,700 782,800 887,000
Day before 155,600 632,800 788,400
Week ago. 218,900 1,584.300 1,803,200
Year ago.. 104,700 1,007,700 1,112,400
January 1 to date:
1918.... 7,325,600 49,731,900 57.057,500
1917.... 8,995,500 67,758,800 76,754,300
1916.... 10,694,500 61,405,600 72,100,100
Bonds
Week Year
Last week, before. before.
U.S.gov.$3,471,000 $4,424,000 $2,000
Rails.... 560,000 403,000 871,000
Others.. 1.086,000 936,000 1,563,000
All bonds 5,^17,000 5,763,000 2,436,000
January 1 to date:
1918. 1917.
U. S. gov'nts..$351,793,000 $261,000
Railroads. 68,098,000 146,300,000
Others. 145,061,000 300,865,000
All bonds.564,952,000 447,426,000
Stock and Bond Averages
Stocks
Yester- Day Year
day. before, ago.
20 Railroads.69.40 70.85 81_25
30 Industrials.83.60 83.33 87.90
50 Stocks. 77.92 78.16 92.33
Bonds
10 Railroads.80.70 80.65 88.06
10 Industrials.91.52 91.58 94.25
5 Utilities....>... 85.14 85.14 95.56
25 Bonds.?5.92 85.92 92.03
News Digest
i?
Foreign
' London Exchange Cheerful.?LON?
DON, May 23.?Money was in fair de?
mand to-day, but discounts were quiet.
Trading on the Stock Exchange was
cheerful. War loans were firm, and the
Far Eastern stocks were supported on
news of the Chino-Japanese under?
standing. Central American bonds
were firmer, on the bondholders' otfer
to purchase bonds. Shipping securi?
ties were higher and were bought by
investors. Rubber stocks were weak,
through fear that the proposed reduc?
tion in production would affect profits.
-a
New York
Price of Stock Exchange Seats Un?
changed.?The membership of the late
Frederick Nathan was transferred yes?
terday to Julian S. Hess for $53,000,
unchanged from the last previous sale.
John M. Cates was elected a member
of the exchange.
Bank Directors Object to Examina?
tion.?Edward Earl, former president
of the National Nassau Bank of New
York, with Henry C. Miller, John
Munro, A. J. Smith, J. Christy Bell, F.
Monroe Dyer and Arthur C. Dyer, for?
mer directors, yesterday filed objec?
tions in the State Supreme Court to an
examination of themselves ordered by
Justice Greenbaum in a stockholders'
suit begun by W. Rutger J. Planten
for the recovery of $1,000,000. The liti?
gation has been in the courts for two
years, and Planton alleges that by the
action of Earl and the directors prac?
tically all the assets of the bank were
wasted by making loans on poor se?
curity. ? few days ago Planten ob?
tained an order for an examination of
Earl and his former directors. The
papers filed in the Supreme Court show
that the assets of the bank will pay
only about 15 per cent of the stock?
holders' claims.
D. & R. G. Interest Payments.?Alex?
ander R. Baldwin, receiver for the Den?
ver & Rio Grande Railroad, announced
yesterday that under an order of the
United States District Court for Colo?
rado he had deposited with the various
trustees or paying agencies unpaid cou?
pons up to June 1, 1918. He also stated
that all claims for materials, supplies,
etc., represented by vouchers for De?
cember, 1917, or preceding months will
be paid.
Corporate Returns
Dayton Power and Light Company
1918. 1917.
Gross, earnings for April.$188,902 $142,023
Operating expenses. 130,324 95,547
Net income. 17,326 21,833
Surplus . 2,513 7,020
Four months' gross.771,860 636,614
Net income . 77,370 104.195
Surplus . 18,120 44.945
Detroit, Toledo and Ironton
1918. 1917.
March gross earnings.$173,899 $226,583
Net operating deficit. 60,983 ?29,524
Three months' gross.377,633 627,633
Net operating deficit. "01,570 ?60,695
Significant Relations
Money and Prices:
Stock of money gold in the country.
Loans of all national banks.
Bills discounted and bought by Fed?
eral Reserve Banks.
Federal Reserve notes In circulation..
Total gold reserve.?
Average price of fifty stocks.
Average price of twenty-five bonds...
Food cost of living (Annalist index
number) .
General commodity price level (Dan's
index number).
Production :
Unfilled U. S. Steel orders, tons.
PI| Iron (dally average), tons.?.
Wheat crop, bushels.._,....
Corn crop, bushels._.e
Oats crop, bushels.
Cotton crop, bales.,..?....
Now
$3,042,708,319
March 4. 1918.
59,139,225,000
__ast week.
$1,122,151,000
1,569,445,000
1,894,404,000
Yesterday.
77.92
85.92
_-_91 w.. k.
288.030
May 1.
226.665
April 39.
8,741,882
April.
109,607
The day berwt.
78.16
S5.92
The wee* neror?.
290.991
April 1.
230.313
1? 17 yieldjMUjMtfld.
March 31.
9,056,404
March.
103,648
Distribution:
Gross railroad earnings........,,
_- rear in
93,088,904,808
Nearest period
. Prerious year.
$8,712,862,000
$145,023,000
446,501,000
?989,303,000
A year aro.
92.33
92.03
A . ear ?to.
288.164
A year ago.
208.435
April 30. 1317
12,183,083
A year ago.
.11,165
The ID 16 croo
636,318.000
2,566,927,000
1.251,837,000
11.449,930
Bank clearings.
General :
50.828,000
3,159,494,000
1,587,286,000
10,949,000 ^^^^^
First week Month of "' "*"' Jlm rr ?
of May. March ?, ' .' to
+ 10.0% +142% "l'g^
e~?-Increase or deorease from la? i. ?r
Lfjt week ??'??? ??'? zw
? ~..? +18.3%
Active cotton spindles..? .V.. 33 JJjg^
Commercial fallares (Don's) s
Number . Aprtl
Liabilities .> * * " 905
Building permits (Bradstreet's) : $14,271,849
1139 cities- * April. 191S.
tlJ* C,"e8, . $45,520,004
?Gold
fund beg
Week hefor?.
+9.5%
March.
33,789,656
March.
1,142
$17,672,331
Tear to date.
+4.3%
A year ago.
33,268,615
A year ago.
$ 12.5371213
$76,287,287
fund beginning j?^^^ 5nduded in ??"?al
In the 1917 figures. ' purP?"8 ?f comparison it is included
Action on Loan
Of $57,735,000 to
B. R. T. Is Pending
War Finance Corporation
Will Give Decision on Ap?
plication Next Tuesday
The War Finance Corporation, at a
hearing next Tuesday, will finally de?
termine whether or not it will assume
the responsibility of providing for
$57,735,000 Brooklyn Rapid Transit 5
per cent notes that mature on July 1.
This announcement was made yester?
day by Timothy S. Williams, president
of the company, at a special meeting
of stockholders at which was approved
the recent proposal of directors that a
new mortgage, limited to $150,000,000,
should replace the company's first re?
funding gold mortgage, dated July 1,
1902.
Mr. Williams, referring to the ap?
proaching maturity, stated that nego?
tiations have been in progress with
local banking interests and the govern?
ment for several months for the pur?
pose of obtaining assistance. The
notes were issued for subway improve?
ments under contracts with the city.
The Central Trust Company has been
named as the trustee of the new mort?
gage, of which $87,654,000 will be re?
served to replace underlying bonds of
the B. R. T. system. The remainder,
Mr. Williams said, may be issued from
time to time for improvements, exten?
sions, acquisitions of property, etc.
Under the new mortgage directors
are authorized to fix the rate of inter?
est on the bonds as conditions of the
money market warrant. The maximum
rate of interest on the 1902 issue was
4 per cent. It was felt that because of
the existing high rates for loans a
change to a more elastic mortgage was
necessary. In the event that the War
Finance Corporation decides to finance
the company's July note obligation it
is understood that the B. R. T. man?
agement will offer a considerable
amount of the new bonds as collateral.
Because of the fixed rate of interest
on the mortgage executed in 1902 the
company has not issued any of those
bonds since 1909. In the meanwhile
additional property has been acquired,
until there are now deposited with the
trustees as collateral stocks, bonds and
certificates of indebtedness of a par
value of more than $84,400,000. There
are additionally pledged, subject to the
lien of the B. R. T. mortgage of Octo?
ber 1, 1895, securities and stocks of a
par value of $11,605,000, making in all
upwards of $96,000,000 in collateral as?
sets. Against this sum there are only
$3,459,000 of the refunding 4 per cent
bonds outstanding.
The remaining $23,548,000 of bonds
issued under the 1902 mortgage are in
the treasury of the company unsold
or deposited as collateral to loans,
with the exception of $1,761,000 owned
by a constituent company and $93,000
ill process of certification.
At yesterday's meeting of stock?
holders 537,827 shares were represent?
ed in person or by proxy. This was
41.000 more than the two-thirds vote
necessary to ratify the substitute
mortgage.
Relevant Comment
Steel Leads Rally
Steel common furnished fully one
third of the total transactions in yes?
terday's stock market. The specula?
tive favorite moved broadly, opening
at 107% to 107%, declining to 106%,
and rallying to 109% at the close,
where it showed a net gain of l7/8
points. One house close to .he cor?
poration interests was credited with
the execution of a steady stream of
buying orders throughout the session.
In the afternoon, when Steel began to
mount in vigorous fashion, it was re?
ported that a number of other impor?
tant brokerage houses had entered the
market with heavy buying orders. The
character of the buying at the close
is best seen from the fact that the
final transaction in Steel common was
a block of 6,000 bought at 109%, the
top price for the day.
Waste Paper?
A New Street privilege broker of?
fered a call on one hundred shares of
Steel common yesterday, good for
twenty days, at 119%. The price of
the call was $25. At the time the
paper was offered Steel was selling
n the market around 107%.
Tax Talk Causes Irregularity
Early irregularity in the market was
attributed in part to advices from
Washington indicating the likelihood
ot new tax legislation being enacted
before the adjournment of Congress.
_he tax programme that is now beintr
considered covers the current year.
Axle Co. Notes for Sale
The National City Company an
"??u?n?cf yesterday an offering of $2,
000 000 one two and three-year notes
of the Timken-Detroit Axle Company.
?. ?noneTOr notes are beinS offered
at 100 and the two-year notes at 99% to
yield 7 and 7% per cent, respectively.
The proceeds of the issue will be used
to fund notes payable and to increase
cash resources in order that the com?
pany may take care of the enlarged
production urgently required by the
government. The company is the
largest manufacturer in the world of
axles for motor vehicles.
No Baldwin Common Dividend
If the recent rise in Baldwin
Locomotive, common, beyond par, was
predicated in any way on the belief
that directors were about to resume
dividends this hope was dissipated
yesterday when the announcement
came from Philadelphia that the
board had taken no action. Only the
regular semi-annual dividend of 3%
per cent on the preferred stock was
declared. Baldwin broke from 94 to
90Vi in yesterday's stock market and
recovered before the close to 93% for
a net loss of % of a point.
Marine Preferred a Puzzle
The action of Marine preferred
yesterday was puzzling to those who
had bought the stock above 102 in the
belief that definite announcement
would be made in the near future of
the consummation of a plan for trans?
ferring the company's ships flying the
British flag to an English financial
syndicate. Opening strong at 102 and
quickly advancing to 102%, in the
early afternoon the stock broke sharp?
ly until it reached 98%. Then a recov?
ery set in with the closing transaction
at 101, up % of a point over Wednes?
day's last sale.
Westinghouse Co.
Reports Record
Breaking Sale?
But Taxes Make 1917 Net
Earnings Less Than in
Previous Year
The net income of the Westinghouse
Electric & Manufacturing Company
for the fiscal year ended March 31 last,
was $15,405,680, compared with $18,
079,889 a year ago, according to the
annual report issued to-day. The net
manufacturing profit was $15,509,469,
against $17,461,691 a year ago.
The report says that the sales for
the regular products of the company
were larger than in any proviens
year, and the gross earnings, which
amounted to $95,735,406,75, compared
with $89,539,442 a year ago, include $4,
? 636,000 of munitions and shipments
since June 15, 1917, from the Machine
Works, which were formerly the West?
inghouse Machin? Company. It is ex?
plained that the large excess profits
taxes brought the net earnings below
the 1917 figure, although the total vol?
ume of business was greater in the
year ending in March, 1918.
On April 1 last, it is reported, the
unfilled orders on hand of the com?
pany amounted to $147,857,580, of
which $110,185,007 was for the regular
products of the company. And, it is
? explained, none of the facilities hith?
erto used for the peacetime output is
engaged in the manufacture of muni?
tions.
The physical property of the com?
pany was increased during the year.
A new plant, whic>> is about com?
pleted, has been built near Philadel?
phia, and is known as the Essington
j Works. It already employs 3,000 per?
sons, and expects to increase its help
to 5,0Q0 this year. The report says
I that contracts with the government
! for the equipment of cargo ships will
I occupy the capacity of the plant for
I two years. Moreover, a factory, whit h
has been in operation for several
months, was built at Trenton, N. J.,
for the manufacture of incandescent
lights.
In the report of the New England
Westinghouse Company it is said that
the withdrawal of Russia from the war
and the consequent cancellation of the
rifle contracts entered into by the
Russian government "resulted in your
company sustaining a full loss of $5,
000,000, against which a reserve in
that amount was set aside last year."
Orders from the United States gov?
ernment for the manufacture of
Browning guns, however, "enabled the
company to retain its organization,
not only to its own advantage, but es?
pecially to the advantage of our gov?
ernment in having available for im?
mediate use manufacturing facilities
and a trained organization for the
production of machine guns. Deliver?
ies began in April, and are in advance
of the schedule fixed by the contract."
Bid and Asked
Quotations
Closing bid and asked quotations of
all stocks on the New York Stock Ex?
change were as follows:
Adam.. Ex ... 59
i Ac), ltumely . 15
do pr .35
I Alaska Gold . l'A
? Alaska Jun .. I!?
Am Bank Me 35
do pr . 42%
i Am Agr Cliem 351?
i do pr . 84
! Am Beet Sug 73
? do pr .83
| Am Bke Shoo 50
? do pr .151
i Amer Can ... 46?%
do pr . 95'?i
; Am C ft V.. 75.4
! do pr .109
: Am Cities pr. ?
i Am Cotton Oil 41 .4
Am Express . 81
Am Hide & __ 13%
I do pr . 66%
: Amer Ico_31
do pr . 47
: Ain lut Corp. 59%
? Amer Linseed. 40%
Bid.
do pr
Am Loco ..
I do pr ...
i Am Malt .
j do 1st pr
1 Am Slilpbldg. 134
do pr . 90
! Am Smelling. 80%
8"4
45%
65 Kans City S pr 51
15% Kelly Sprgfid 45
36% do pr . 77
l*4|Kenneco't Cop 33
l%|Keo & D M . 2%
38 do pr .?
45 I Kings Co Kl L 90
45 IKress & Co... 55
88 ? do pr .103'4
73'/_,La_ka Steel . 88',?
90 iLacledo Gas .. 82
99 .Lake E ft W 9
170 do pr . 15
47%;Lel-igh Valley 59
9b'/jil/ee Hub ft T 16%
78'/_!_-te ft My Tob. 160
112 I do pr .101
12 ILoose W Biso 22
42.41 do 1st pr .. 85
85 ! do 2d pr .. 63
I3%!L0-Illard. P .16.
67 do pr .104
32%?Louis & NastUlfi
50 ?Mackay Co .. 73
55 do pr . 64%
40'/? Manila. Beach %
80'/4|Manhat Ele- . 99
69%lMa_hi_son Alk 40
99 1 Maxwell Mot. 27%
?'/il do 1st pr .. 54
47 do _<1 pr .. 19 ._
137% May l.cp Str. 51
? I do pr .102
8l%!Mex Tetro ... 96' ',
Asked.
54
46%
87
33%
50
92'i
58
103 ti
88%
88
10! i
25
59'i
17.2
170
103
23
89%
174
1:4
117 '
-I
55
III
us':,
95
29%
93
53.8
I0'_
88'2
108
70
5%
p.- .105.2 106 I do pr
I do pr A ... 89 90 IMlaml Con Cp 29
I Amer Snuff . 90 ? IMichi Central 95
do pr .80 100 IMldvale Steel. 53%
Amer Stl Kdy. 66% 67 M & S L new 9%
Amer Sugar .112% II2%|M S P&SS.M 86
do pr .110 112% do pr .100
Amer Sum .133 133141 do 11 . 50
do pr . 98 99 iMiss K & T. 5.4
Am Tel & Cab 50 60 I do pr . 8
99%,?Mi3sourl Tac. 22%
161 I 1I0 pr . 53
94%|Mont Power . 66%
571/2, do pr . 99
94% Morris ft Es. 65
24 INasliT & Chat. 109
l6%!National Acme 31%
48 Nat Clk & St 50
68% do pr . 90
i%|Nat Con & C 16
15 Nat En ft St 51%
64 do pr . 96
56 Nat Lead _ 57
60% do pr .1001?
85%|KRRMex 1 pr ?
82 I do 21 pr .. 5
l2'/i?Ner Con Cop 20 .-20'
95 |N Or T ft M 21 21!
IIOlilN Y Air Br.136 1381
631/4IN Y Central. 71% 22
94% N Y C & S L 15
103 do lFt pr .. 48
54 do 2d pr .. 39
67%|N Y llock ... 24'/,
90 I do pr . 46
N Y L ft XV ?
\</,y ?NH14 H 401i
on IS Y O & W 20
85 IXorf ft We. tu 104
86%! do pr . 73
lOO'/iiNorth Amer . 41''i
Am T & T .. 99'/2
Am Tob .160
do pr new . 94
Am Wool ... 57%
do pr .94
Am Wr Pa pr 20
Am -5 ft L . 16
do pr . 46
Anaconda ... 68
Assets Heal . %
Asso Dry Gds. 10
do 1st pr . 45
do 2d pr . 39
Asso Oil _59
Atclilson - 8-4 "2
do pr .81 '/a
At Blr ft At. 8%
At Coast I. . 93
At G & W I.I09'/a
do pr . 62
Baldwin Loc. 93%
do pr .100
Bait & Ohio. 53%
j do pr .58
! Barrett Co ... 89'/?
I do pr .IOOi'4 10
! Batopilas Mln. I
Beth Steel .. 88% ~
do Class B. 88'/2
do 7th pr . 86'/?
1 do Sth pr .106
Bklyu Hap T 431i
Rklvn Vn Gas 77
Booth Fish .. 23
Brown Shoo.. 62
do pr .96
Bums Bros . 129
do pr .HO
Brunswick ... 7.4
Buff. K ft P. 62
do pr .?0
Bush Term .. ?
Butte C _- Z i?
23
53%
67
75 I
119
32%
7512
110
I6!i
105%
18
6
18
70
45
25
49
123
4P
21
105
79
45
43%|Nortb l'ao .. 85',, *88
88 I Nova Sco Stl 60
23'/, ?Ohio Fuel ... 41 %
68 Ohio Gaa ... 38?>4
99 Ontario Silver 0%
(30 Pacific Coast. 38
120 do 1st pr .. 68
8%
75
107
97
1014
& Sup 23'/a 24
Butte _ -,
Butterlck Co . s
Cal Packing . 41%
Cal Petro ... 17%
do pr ...... S3
Calu ft Ariz 70
Canada So .. ?
Can Pacific 145
('ase J I pr- ?5
Car. C! ft O.. ?
do pr .?
Cen of N .. .. 198
Central Fdy . 37%
do pr .46%
Cent Death .. 68'/2
do pr .l03'/a
Cen & S A T.I07
Cer de Pa. . 32'/a
Chandler Mot 81'/?
Ches & O ... 57'/a
Chi & Alton . 7%
do pr .?
Chi G. West. 7%
do pr .22
Chi M & S I' 42
il? pr . 74%
Chi A Nw .. 92%
do pr .125
Chi R I & P 21%
do 0 p v. pr 59
do! pc pr 63
C St P M40 70
do pr .100
C C C ft S L 32
do 2d pr .. 55
Pacific Mall . 31
do pr .102%
Pao T % T . 20
do pr .80
Pan A Pet pr 92''?
Pcnn R R ... 43%
Peor?a ft Ea-st 4'',
Peo Gas ft C 46%
Pere Marq pr 56
PC. C &s 1,53
Patt? Mul Co. 35
do 1st pr .. 96
Pierce Arrow . 39%
do pr
95
42
39'',
101,
50
90
80
31 '.'?
25',,
92
93%
44
7
47
58
58
64
100%
40%
97'2
52%
__%
93
29
do pr
64
16%
Chile Cop
Chino c??i
Cluett I'eabdy 50"
Jo pr . 95
Col Fuel ft I 51
,,<1o Pr .100
Col Gas ft K 33%
Col ft South. 22
do 1st pr .48
do _d pr .. 44
Comp Tab ... 38
Con Ga* E L 94
Consol Coal. 85
Consol ?Us . 87
Go? In <*al M 8%
< orn Prod . 42 "
do Pr . 97
Crea < arp ... 47
? rlppie (reek 47
( rui .hi? steel 87%
d? W . 91
?cub? Amsug.i40
do P"- . 95
c-uha lane Sg 31'i
lio nr _?./
Pitts Coal ... 52%
i_ 0 1 do pr . 80
39%IPltt_ Steel pr 89
50 Pitts <_? \V Va 28%
.S?,- L'1" 1>r . 6?V,
04'/,|Pond Cr Coal 181 j
MO Pressed Steel. 60%
33 do pr .93
fS/f f?ifi s<'r* N J.I02
58% Pullman Pa!.. 117
'S ?v ?eel Sprg 54??
20 do pr . 97
7%IRay Con Cop 25%
23 (Reading .... 87
??. do _*' Pr ?. 35
74%l do 2<1 pr .. 36%
93% I Rep Ir ft Stl 88
? 37 do pr .99
22 I Royal Dutch . 80'i
60 jSa.age Atpis . 76
69'/ilSa_ton Motors. 7%
,55 !SI h ft S Fr 12
130 I do pr . 25
34%iSt. L Sthwest 22%
70? I do pr . 37
16', Seaboard A L. 7%
47'/,| do pr . 17
53 (Sears Roebck.138% 141
'_?., Lj? Vt ."B 12"
SI'/aShatt Aril ... 171
9%
105
117% 118%
55
100
25%
87' 2
39
99%
90
80
a
12%
27
23%
39
7%
17%
ilo pr
?ere Co Pr
155 Sinclair Oil .. 281'
33% Sloss-Sheff pr. 90 "
23% Ro PaeMc . .. 83%
50 So Po R Sug.150
4f do pr .100
42'/? South It R .. 23%
102 do pr . 60
80 Standard Mill 98%
90 I do pr . 77%.
9 ?Studebaker ... 42.4
42%| do pr . 75
100 ! KtuU Motors 43
55 ISuperlor Steel 42
55 I do pr .95
88 ITeiin Cop Ch... (7%
9l%iTexa_ ft Pac 16
ISO .Tosas Cora . .151%
110 ?Third Aro RR 19%
r - 31 %l Ttdo Water 0.189
80% 81 To?. Prod? ... 59%
?3 95 1 do pr .93
28%
95 ,
84
180
110 '
23V,
62
103 t
88%
42.2 !
96
45 i
42% ?
101
18
17%
152
20
188
59%
84%
100 Year? trf
Commercial p&??ng
THE
?t t_w>
City d New Terk
Capital & Surplus $5,006,900
Resources over $90,000,000
Charter Member JV. Y. Clearing House
Member Federal Reserve Bank
United States Depository
149 Broadway
(Singer Bid*.)
Cor. Liberty St.
Branche?
SU.
Greenwich and Warren
Bowery and Grand St.
Ninth Avenue and 14th St.
Broadway and 18th St.
N. E. Cor. 5th Ave. & 33d St.
57th Street and Third Avenue.
Broadway and 61st St.
86th St. and Lexington Ave.
Broadway and 105th St.
Lenox Avenue and 116th St.
67 W. 125th St., near Lenox Av.
Broadway and 144th St.
We Invite Your Account
Benjamin Franklin.) jays :
, For want of a nail the ?hoe tuas lost
i For want of a shoe the horse was lost
j For want ef a horse the rider was lost
For want of a rider the message was lost
' For want of ike message the battle was lost "
Deliver the Message
J\, Thrift Stamp is only a nail
but it will help to deliver the message
to the Kaiser and aid in winning
the'War.
Buy some today.
Franklin
TRUST CO.
_I Established l888
46 Will Street, New York
166 Montague Street, Brooklyn
569 Fulton Street, Brooklyn
American
Uniform
Bought?Sold?Quoted
Kiely & Ho r?o n
40 Wall St., N. Y. Pbone John 6330
Electric Bond & Share Pfd.
American Gas & Elec. Pfd.
Western States (.as & El. Pfd.
go. California Edi_on Corn.
Federal !_.. & Trac. Com. 4% Pfd.
Iowa Ky. & I.t. Pfd.
FREDERIC H, HATCH & GO.
Phone Rector 6340. 74 Broadway. New York
Private telephone to Boston.
STANDARD
O
I
m
CARL H.PFORZHEI ME R&CCX
Thone -860-1.2-5-4 Broad. 25 Broad St. N. T.
16TH EDITION
BOOKXET
FCRNISHEM
OX REQUEST
CONTAINS
I_ATEST
FINANCIAL
REPORTS
Your Surplus Funds
deposited with this Company
will earn a liberal interest.
Metropolitan Trust Co.
60 Wall Street
n
el & Hud .108
I> I- & W ...162
'? & K G pr 7?.
Doms Mines . J"A
Urtroii Kills . 104
Hcl In It It . ?
Dl?t Sea ... 61'i
Dnl S S & A 2'1
do nr . 4',?
Eleo St ,r Bat 47
Klk Horn Coal 25'.
.. ??o Pr .37'?
Krle . 15'.?,
d?> 1st pr . 31*?,
do "(1 pr .. 2It,
Ned .1 &. Sm 10
do pr . 35'/,
Fislier Bodv . 32
do pr . 82
Gast Williams 33%
t;.?u Cham ... 172
d? pr .100
Gen Cigar ... 42
<1 o pr _Ai
Ou -?.le??- ..
Gen Motor
do tir ...
Go-vlrleh . .
rr
.148
. I2_',
. 80-V4
. 43
76
<?r__i_.v Mlng 76
Gt N Ore sub. 31%
Greeno Con ('41
Gulf Mo & S 9",
?lo pr . 30',,
Gulf State 8t 8.
1I0 lut pr . 96
no Cd pr .. 78
>!??_ ._ Barker 42
Hartman Crp. 42
?''?itie?take .. 65
Illinois Cent. 95'/,
inspira Coppr 53V?
Uli Corn C?rp 8
do pr . 4M,
Int Harr N J. 127
? lo pr ... . 102'',
?nter Harr Cp 61 .4
, <?? Pr . 92'..
?nter Mer Mar 28'.,
do pr .101
Internat I'ap. 40
do pr st?Kl . 80
do nr ...
Inter Kicks!
nr
Inter Satt
Iowa Cent
Jewell Te? ... ?
do pr . 89
K C KK&M pr 55
Kaua City Sth 17'/?
80
281,
90',
57
2
33
110 ITol St. L West 2
168 I do ct.s. 4
85-1 do pr . 5
8V, doefs pr .. 9
105 ITwln City R T 39
85 do pr .42'/i
CI H i !? t-srvrd 'lyp-.IOO
5 I do pr .104
8 Un Dis A l'a 79
52 'l nion Pac ..121'/,
2B5??; ?lo pr . 70',?
47 U'niU.l AII:>y . 42
l5Si-'nlt-d Cljfar. 90'/4
3l'/j? do pr .103
22' i United Pnig. 70
12 1 do 1? pe .. 48'/a
3? ! do Id pr .. 71
35 I'"'!"?-) K-uH 125','?
t'nltcd Pan Rd 21',
l .. It\ ilIVitllit ?' I
d? pr ... 17'-,
r S C Ir Pipe 14',,
do pr . 42
I' S K_pr-5_.. IS*?
i: s tn Alco.l32'i
_. , do pr .... 95
8U4?U 8 Rlty & lm I2.i
4r. '1 s Hut) _ 57
78'/, I do l.t'pr . .103'.',
78'??U S Sm __ Ref 4(*?i
32 do pr ... 42',
42.?ill S Steel ...I09.4
10 ' do pr .II0'4
38.??I'tah Copper . 81*?
88 .Culi Se. Cid llV?
? I Va Car Oh .. 47%
160 I do pr .106'i
42", IV? Ir CoalAC 72
It
38.?
R7
i no
149'
124
41
23'i
69
I4'i
25
18
54'
[Ws-W-H
75 ! do pr A .
96 I do pr K .
84 Well? Kart-o
8'_'We.t Maryld.
42'/,I do Id Kf ?
128 West Pac ..
67 V?_t I'll' Tel 90.?
98'. .. ?Ii-,- !?? . OH
28*. de.?2
101'? W, ou ??. . 431-?
W/W.? ? A- h K 8?4
62 '? do pr . 19
100 UV'.'.te MotOn. 40'.?
28'.AV?hs Ourld. 20*?
93V, i do pr . 89',
?SW?jWtl ( vu _ 35-1
5 Woornorth ...?14
SS do l * .114'A
?I Wrthgu. V AM 48'.
88 I do pr A ..?M?.i
IS!?! do w B .. M
97
l3?-4
57',
105'.
42'/,
44?-,
109',
III
82
14
48
IOS'',
73
9
42
24
71
14%
29
IS",
56
92
44
72
64'.
?'.
n
41?,
-8'4
SI'?
38
118
117
49",
M
M