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

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"\W ealth
arkets and Co m m e r c e
Baltimore & Ohio Railroad
4Vfe% Equipment
Trust Certificates
Due serially Asril 1, 1J21-27
Itsued under the Philadelphia Plan
CKCt'RED hy standard aqu.?
*-> ment costing <wenty-6ve per
cent. :n execs? of the issue.
The Company has paid dividends
on it? preferred and common
stocks eontinuouily for 18 years.
Price to yield 6%
Srnd for Circular AK-ICd
The National City
Company
Correspondent O fices in ?4 Cities
Bondo-Skort Term Notme-Aeoeptonco?
We Finance
Electric Light. Power and
Street Railway Enterprises with
Rreurds of Established Earnings.
We Offer
Rankers and Investment Dealers
Proven Publie Utility Securities.
Correspondence Solicited
Electric Bond & Share Co.
(Paid-UD Capital and Surplus $21.000,000)
71 Broadway, New York
Why These
Six Investments
1 re particular;:- attractive
just at this time, is shown
in a circular now ready for
distribution. Coplea gladly
sent nn request. Ask for
the Six-Investment circular
B-103.
A. A. Housman & Co.
IN'. T. Stock Exchange
N. Y. Cotton Exchange
N. Y. Coffee & Sugar Ex.
N Y. Produce Exch.
Chicago Board of Trade
20 Broad Street, New York
liranoli Office?28 West 33d St.
STANDARD
IffTH EDITION O CONTAINS
BOOKLET 1 LATEST
FURNISHED I FINANCIAL
ON REQUEST j REPORTS
CARLH.PFORZHEIMER81.Ca
'Phone 4?6n-12-3-4 Broad. 26 Broad St.. N. T.
Adams Express 4s, 1947
Consolidated Ry. 4s, 1956
FREDERIC H. HATCH & CO.
I'hone Rector 6310. 74 Broadway, New York
Private telephone to Boston.
Liggett & Drexel
i/rmbrra New York Stock Bxchang*
Conservative Investments
61 Broadway?New York
Boston Philadelphia Buffalo
///s/ss///y//s////s//////*''////s////sss///ss////////s/.
HARRIMAN NATIONAL BANK
Fifth Avenue & Forty-fourth St.
New York
BANKIN6 HOURS FROM 8 A. M. TO 8 P. M.
SAFE DEPOSIT VAULTS 8 A. M. i0 MIDNIGHT
Dealers Scramble
For Small Supplies
Of Non-Essentials
WASHINGTON, June 9.?Curtail?
ment of the production of less essential
articles has greatly stimulated the de?
mand for them. The monthly business
conditions report of the Federal Re?
serve Board, issued to-night, says re?
tail dealers and consumers clamor for
supplies before they are exhausted and
place abnormally large orders which
manufacturers in most cases are un?
able to fill. This has been true par?
ticularly of the demand for pianos,
talking machines and other musical in?
struments.
Business conditions throughout the
country continue healthy, with war or?
ders tending more and more to crowd
out orders for civilian consumption.
By districts the report shows the fol?
lowing conditions:
Boston -General business good, in?
dustries busy, money rates slight de?
crease.
New York-Business and industries
verv active, imports much restricted,
money rates no material change.
Philadelphia ?-?? Business conditions
good, industries very busy, foreign
trade large, labor supply inadequate.
Cleveland - - Business satisfactory,
labor scarce and wages going up.
Atlanta Business good, labor scarce
and well paid.
Chicago Business conditions good,
most industries running at capacity,
money rates firm.
St. Louis -Business excellent, indus?
trier generally active, labor conditions
improving.
Minneapolis?Business good, labor
conditions fair.
Dallas - General business satisfac?
tory, marked scarcity of labor.
San francisco?Business active, for?
eign trade larg-?, labor conditions more
?tttled.
Finance - Economies
WALL STREET OFFICE: Telephone-.
Mills Building, 15 Broad St. t?anover 6514
War was brought close to our
shores last week by the appearance j
of German submarine raiders off the j
Atlantic Coast, but apart from caus- ?
ing a temporary flurry in the se-1
curity markets early in the week the ;
effect of the latest spectacular feat
of the U-boat3 was of little impor
tance marketwise. Vastly greater
importance was attached to the ;
news from France that the German
drive to the Marne was slowing'
down and the equilibrium between j
the German forces on the one side |
and the Allies on the other had been
reestablished. Toward the end of
the week the advices that American
marines and other military units |
had been thrown into the battle line
occasioned much interest in financial .
quarters, where it is being realized
more and more that the successful
outcome of the war depends pri?
marily on our aid. Stock prices last |
v/eek fluctuated without definite
trend in response to the operations
of professional traders, whose trad?
ing commitments were made without
much regard to what happened in
the news. There was no evidence of
liquidation. Fresh signs of buying
of investment securities were to be
seen, however, and the general feel?
ing among speculators and investors
alike was one of quiet confidence. I
Prospects of a heavy increase in the
tax programme continue to worry
Wall Street, although there is a j
feeling of relief that the matter is ?
to be taken up and thrashed out by
Congress as soon as possible. Finan- |
cial interests may appear to com-i
plain of heavier tax levies, although
really everybody has expected a
large increase as a matter of course.
Investment bonds displayed a con?
fident tone last week, although there
was only a moderate volume of ac?
tivity. High grade railway issues
were in fair demand, while inquiry
for tax exempt municipals continued !
to broaden. Liberty Loan 4s and
4% s sold at new low records in the
middle of the week, with a subse?
quent rally toward the close. For?
eign government issues were steady.
There is evidence of increasing ac?
tivity among bankers to bring out
now issues of securities, and several
small offerings of public utility
notes were made during the course
of the week. This week further of?
ferings are expeoted. As indicating
the broadening of public interest in
bonds and other investment securi?
ties, it is worth noting that trading
in bonds on the New York Stock Ex?
change in May was more active than
in any month since December, 1908.
Of course, the Liberty Loan bonds
accounted for a large portion of the
total turnover in listed bonds, al?
though there was at the same time
a fairly broad market for railway
and miscellaneous bonds. New York
City bonds continue in active de?
mand by investors, who consider
them attractive because of their tax
exempt feature. ?
It is a striking commentary on the
inherent strength of the financial
situation that the banks were able
last week for the first time this year
to make liberal offerings of fixed
date loans on Stock Exchange col?
lateral. That the banks could re?
lease between $15,000,000 and $20,
000,000 for this purpose indicates
how well the plans for meeting the
huge burden of the Federal tax pay?
ing period, already on us, are being
handled by the banks and the Treas
! ury. Last week's time loans were
placed for the most part on a basis
of 6% to 6 per cent, depending upon
! the character of the collateral, and
; the maturities ranged from thirty to
| ninety days. Kelease of such a large
| amount of banking funds for se
! curity market and other uses marks
| a new pqlicy on the part of local
! banks, which for several months
have restricted all offerings of time
I funds and made it necessary for the
i Wall Street stock market to borrow
?on call. Transfer of bank deposits
j from private to government account
i through payment of Federal taxes
; by private individuals and corpora
1 tions has to a degree helped the
! money situation in that it has re
i duced the reserve requirements of
j the banks, for under the special ar
| rangement now in operation as a
i war measure the banks are not re
| quired to carry reserves against
! United States1 government deposits.
i Call money at the Stock Exchange
j last week ruled at about 5 per cent,
I with increasing firmness toward the
! end of the week. A good demand
continued for bank acceptances and
rates were steady.
The Dollar in South America
War's effect on the foreign ex?
change rates between the United
States and South America has been
striking. In virtually all of the
countries in the Southern Hemi?
sphere the dollar is at a discount,
? and in several instances the cur
rericy in the republics to the south
is notoriously unstable. Argentina
and Feru, however, seem to have
quite satisfactory monetary systems.
The fact that the dollar is at a
discount would point to an im?
provement in the proportion be- I
tween our currency and values in ?
those countries as compared to the
United States. This will be easily ?
understood to have been the case ?
in reality, if it is considered that j
these countries have exported more ;
or have obtained higher prices for
their exports and simultaneously re- |
stricted their imports; thus, having |
growing resources at their disposal j
for the development of their natural j
wealth. This process has in various
instances reached a level where the j
claims on the United States could ]
no longer be converted into the local
currency at a profitable level, and
other means had to be devised to re?
store the proportion to a level where?
by the credit balances created by ex?
pert of merchandise would repre?
sent a large equivalent in local cur?
rency of the exporting country.
This> could only be accomplised by
means that would tend to diminish
the relative value of the local cur?
rency; in other words, to increase
the proportion between currency
and value in the country, so that a
larger amount of currency would
cover the same values.
These endeavors have led to a
definite arrangement between Ar?
gentina and the United States gov?
ernment, a feature of which con?
sists in the waiving of the require?
ment that gold be deposited here, as
was done on previous occasions, and
the acceptance of currency deposits
withdrawable in gold at the option
of the Argentine government after
the conclusion of the war. There
against it the Banco de la Naci?n
pays to exporters the equivalent of
the funds deposited here, less a com?
mission of 3 per cent. In other
words, Argentina consents to let
merchandise leave the country with?
out receiving any presently tangible
equivalent in return. That is, it
consents to a modification of the
proportion between its values and
its currency by which credit takes
the place of actual value. There is
also an arrangement between Argen?
tina and France and England, un?
der which credit is given to the lat?
ter two nations up to 200,000,000
pesos in gold, against purchases of
cereals, two-year treasury bills be?
ing deposited in the Argentina le?
gations at Paris and London up to
the amounts availed of under this
credit.
Australian Barley
For the Japanese \
The British commercial attach? at :
Yokahama has stated that owing to a
decreased production of barley In
Japan, due to the cultivation of more ?
wheat acreage, there is a demand for
Australian barley. Purchasers for j
Japan have been very active in these
markets of late. The fact that some
have expressed a willingness to take
malt in preference to barley bears out !
the belief that the Japanese breweries i
desire to augment their stocks of mffV
The restricted shipping, however, pre?
vents any considerable volume moving.
?Commerce Reports.
Market Barometers
Stock Exchange Transactions
Stocks
Rail- Other All
roads. stocks. stock*.
Last week.. 496,900 2,668,800 3,165,700
W'k before. 599,100 2,821,400 3.420,500
Year ago. . . 275,300 4,030,100 4,305,400
January 1 to date:
1918.... 8,521,000 56,493,200 65,014,200
1917... 9,826,700 78,696,800 88,523,500
1916_11,936,100 64,582,100 76,518,200
Bonds
Week Year
Last week. before. before.
U.S. gv.$24,500,000 $29,836,000 -
Railr'ds 2,089,000 1,736,000 $3,117,000
Others. 10,612,000 5,773,000 8,432,000
i All k'ds 37,201,000 37,345,000 11,559,000
January 1 to date:
1918. 1917.
U. S. gov'nts.. $411,359,000 $261,000
Railroads_ 76,681,000 154,143,000
Others . 163,627,000 318,881,000
All bonds_ 646,886,000 475,014,000
Stock and Bond Averages
Stocks (1918)
Last week Week before
High Low High Low
20 Railroads. 69.90 69.45 70.20 69.25
301ndustrMs. 80.60 79.57 80.13 79.13
50 Stocks. .. 76.31 75.52 75.76 75.32
Bonds (1918)
Last week Week before
High Low High Low
10 Railroads. 79.95 79.28 80.12 79.87
10Industr*ls. 91.66 91.61 91.28 91.61
5 Utilities.. 84.95 84.65 85.14 85.00
25 Bonds- 85.57 85.28 85.72 85.65
Stocks (corresponding week 1917)
High Low
20 Railroads . 82.00 80.60
30 Industrials . 97.40 94.37
50 Stocks . 91.24 83.36
Bonds
High Low
10 Railroads . 88.05 87.80
10 Industrials. 94.72 94.33
5 Utilities . 95.62 95.42
25 Bonds . 92.10 92.05
War Fixes New Schedule
For Articles of Commerce
Martial Needs and Shortage of Tonnage Radically Re?
arrange the Relative Importance of Commodities
That Are Bartered in Foreign Trade
? I
War is hard to define. It is so
f.-irreaching that it de(ie3 definition.
Instead of being hedged in by limits,
it is expansive and stretches it3 in?
fluence everywhere.
When the European war started few
people confidently thought, for ex?
ample, that the United States would
be drawn into it. But in the nature
of things sparks of the great Euro?
pean bonfire blew westward across the
Atlantic, and finally America became a
belligerent.
The ramifications of America's war
status seem unending. When the
United States severed friendly rela?
tions with Germany not only her own
national life was colored by the act,
hut also the being of every other na?
tion with which America has relations
was at least slightly altered.
Specific data about specific things
give reality to these gensralities
about war?and help define it. The
statistics of the foreign trade of the
United States offer preciso illustra?
tions of the changes the war has
ordered. A comparison of the record
for the month of March, 1918, with
March, 1917, regarded as a sample, re?
veals adjustments that are striking. In
this case the lelative importance of
the various commodities that figure
in foreign trade was greatly upset, but
the aggregates were little changed.
For example, in March, 1918, the
monthly excess of exports over imports,
as reported in the monthly summary
of foreign commerce of the United
States, was $283,728,560, against $288,
829,074 in March, 1917. Moreover, the
total exports and total imports ap?
proach a parity. The exports in March
this year reached $553,985,699, com?
pared with $531,043,091 in March of
, last year. And the imports in March,
1918, were $242,214,017, against $270,
257,139 in March, 1917.
But though the aggregates were
nearly the same, the practical differ?
ences were immense. The exporter
whose business was cut in half perhaps
got little satisfaction from knowing
that the grand total foreign business
of the country remained the same. On
the other hand, the foreign trade house
? whose business doubled very likely was
[ not disturbed over the thought that its
I gain probably meant that another firm
I which dealt in different commodities
I lost an equal amount.
In a list of the commodities that
showed the widest fluctuation between
the peace month and tho corresponding
war month of this year there were far
1 more decreases than increases, indicat?
ing that where there were gains they
were so large that they overbalanced a
: larger number of declines.
More than two-thirds of the com
! modities on the imports list of fluc
| tuations declined. The following, how
; ever, showed large increases: Corn,
] oats, rice, fertilizer, sisal grass, bags
of jute, burlaps, figs, rails for rail?
roads, cocoanut oils, platinum, bulbs
and roots for plants, silk cocoons and
castile soap. The reason why these
commodities should be imported in
greater quantities than normally seems
self-evident in virtually every case.
Substantial decreases were shown by
I these commodities: Unmanufactured
I cotton goods, yarns, hides and skins,
; pork, precious stones, mother-of-pearl
shells, mushrooms and furniture.
Even these few examples indicate that
the general tendency was to decrease
the imports of the less essentials. Con?
trol over shipping by the United States
and the Allies of course was a potent
influence in drawing the line between
the more essential and the less esseii
tial.
The changes wrought by the war
on exports are no less striking. In?
creases in the quantity of exports of
tho following commodities were feat?
ures: Barley, cornmeal and corn
flour, oatmeal and rolled oats, rye flour,
wheat flour, rice, candles, wood alco
, hoi, sulphate of copper, window glass,
; hides and skins, iron ore, horseshoes,
! cotton gins, sheet iron, canned beef,
i fresh beef, bacon, pickled and cured
beef, butter, condensed and evaporated
milk, animal oils, gasolene, residuum,
news print paner and molaasos. The
effect of the Allies' attempt to feed
themselves in spite of the inten?
sified submarine warfare is shown in
the dominance of foodstuffs among the
increases in exports. Generally speak?
ing, the list of increases certainly in?
cludes genuine rock bottom essentials.
Among the decreases the following
stood out: Freight cars, animal hair,
iron ore, pig iron, metal-working ma?
chinery, radiators, rails of st%el, oil?
cake and oilcake meal, corn oil, plas?
ter, beverages, distilled spirits, manu?
factures of wax, timber, zinc and spel?
ter. In this list it is plain that the
influence of the war was equally felt, in
some cases directly and others indi?
rectly. In many instances the fact of
American belligerency necessitated a
large consumption of the commodities
at home and thereby automatically re?
duced the amount nvailable for ex?
port, Moreover, through its system of
licensing exports the United States
government was able to dictate as to
how the very limited cargo space avail?
able could be used most effectively to?
ward the winning of the war.
In the commodities where the quan?
tities exported or imported in 1918
fluctuated greatly from the 1917 stand?
ard the difference in money value was
often less striking. This is because
of the general rise in prices. For ex?
ample, the import of soya beans in
March, 1918, was hardly more than one
third of that of March, 1917, yet the
money value exceeded one-half. Speci
fically, 57,721,719 pounds were im?
ported in March, 1917, at a valuation
of $4,265,531, and in March, 1918, 21,
866,482 were imported at a valuation
of $2,792,562. Similarly, the imports
of eastiie soap in March, 1.918, were
hardiv more than one-seventh of those
of March, 1917, yet the money value
execded one-third. In March, 1917, 73,
302 pounds of castile soap, valued at
$9,937, were imported, compared with
13,555 pounds, valued ab?3,5'J6, in March
of this year.
In the case of exports the same finan?
cial phenomena exist. Somewhat less
than twice as much bacon was exported
in this March as last, yet the increase
in money value was more than three
and one-half times. In March, 1917,
67,501,712 pounds of bacon, valued at
$12,700,431, were exported, against 155,
603,947 pounds, valued at $43,302,355,
in March, 1918.
Instability is one of the outstanding
characteristics of the war-time for?
eign trade. Other forces than the law
of supply and demand determine to
a great extent which commodities shall
be sent across the seas in large
quantities and which in small. Strik?
ing as is a comparison of the month
preceding the entrance of the United
States into the war with a correspond?
ing month after nearly a year ci strife,
it does not show as radical changes as
a comparison of March, 1918, with
March, 1914, would.
The pressing side of this conditior
of flux from the point of view of in?
terests associated with foreign trade
; is not so much how things have gone
' as whither aro they drifting. Specu?
lation on this subject entails excep?
tional hazards, but the one conclusior
that is inescapable is that condition;
?will neither remain as they are a
present nor revert to those that existee
prior to the snapping of the bonds o
international friendship in 1914. Afte:
the war conditions will not place the
same restrictions on trade betweei
nations as are now fixed by militar;
needs. Moreover, the tastes, th<
capacities, the mode of living, th<
forms of government and the method
of production will be so different afte
the war than they were in the ante
bellum days that a restoration of th
"good old times," whatever they were
is impossible?and undesirable.
*
Short Term Notes
Security, ruto an?! time due. Bid. Asked. Ylnl<
Amer Cotton Oil 5s. 1918_ 99% 99% 5.;
?Amer Cotton OU 5a, 1919_ 96% 971/, 7.;
j American Tel & Tel 0s. 1919.. 99% 99% 6.i
; American Thread 4a. 1919... 98% 99 6.1
i Haiti 4 1)1)1? 11 U 5a. 1918 .. 99% IliO 5 1
? Baltl & Ohio R R 5s, 1919... 98% 99', 6.(
Bethlehem Steel 5s, 1919. 98V, 98V? 7.;
Brooklyn lUp Tr 5s, 1918_ 95% 96% _
tin Northern (is. 1918. 99% IOJ 6.1
fan Pacifie ?s. 1924. 99% 100 6i
Ccn Argentine 8s, 1927. 77% 79 ?
Chi Burling & Quincy is, 1921 93'? 93% 6.
Chi 4 West Indiana 6a, 1918.. 99'/? 99% 7.
Cuban Amer Sugar 6s. 1919... 99% 100 6.
: Cuban Amer Sugar 6a. 1920.. 98% 99'/, 6.
Cuban Aru.-r tiugar <w. 1921.. 9M% 99 6.
Del 4 Hudson Ss, 1920. 97% 97% 5.
Erie Railroad 5?, 1919. 98% 9U% 8.
!? i I Baitu Henning .'is. 1920.. 95 96W 7
Gen Blrctrlo 6a. 1919.100% 100% 5
Gen Electric 6?, 1920.100% 101!, S
i Oen Rubber 5s. 191S. 99"? 99% 5.
j 1 ?rand Tr lly of Can 5?. 1918 98% 100 5
Great No-thorn Ry ta. 1920.. 97% 97% fi
\ Hockliig Valley 8B. 1918. 99% 100 6
1 Kjju City Hy 54a. 1918_ 67 99 7
I Kan? City Ter 4Hs. 1918... 99 99'/, 5.'
; Runs City Ter Ry 44a. 1921.. 94 9S 6
\ Montreal Tr 4 Bower 89. 1919 91 93 12
?New York Cent 5a. 1919. 93'/? 98'/, (
i Pennsylranla 4fes, 1921. 95% 9?*', 5
1'hlla Electric (?a. lS?o. 98% 99% 6,
Proctor 4 OajnMo 7?. 1919_100% 100% 5
Proctor 4 Gamble "a. 1920_100% 101 s
Proctor & Gamble 7a. 1921_100% 101% 6.
Proetnr 4 Girable 7a, 1922_101 101% 8
Proctor 4 Gamble 7?, 1923_101% 102 6.
Pub Benr of N J 5a. 1019.... 9?% 97 6.
Remington Arma 5a, 1919. 9(1% 90% ?
Shawm Water 4 Pow 63, 1919 98% 99% ?
Southern Railway Pa. 1919_ 96% 98% 6
Utah Securt?e? 8a. 1922. ?8 87% 8.
Westlnghouso da, 1919. 99% 99% 7
WtHbmlm ??? ?Vum i* mi? ?m? ?Hi ?
SOME STRIKING CHANGES IN TRADE
CURRENTS
Exports
March, 1918. March, 1917.
Commodity. Quantity. Value. Quantity. Value.
Barley (bushels).2,436,347 $4,066,562 339,921 $481,118
Cornmeal and flour (bbls.) 161,656 1,656,873 37,363 204,025
Window glass (50 sq.ft.) 86,580 412,436 39,454 141,175
Scrap iron (tons). 307 14,622 38,506 892,616
Steel rails (tons). 20,174 293,020 52,323 2,502,533
Canned beef (lbs.)_11,982,302 3,823,006 5,372,144 1,596,449
Cotton seeds (lbs.)_ 1,026,340 25,222 58,273,741 1,159,021
Corn oil (lbs.). 19,300 2,676 746,120 94,826
Distilled spirits (gals.). 289,549 162,234 2,102,772 987,923
Molasses (gals.). 183,791 50,645 71,026 17,199
Imports
Com (bushels). 137,756 $153,125 1,029 $1,674 !
Oats (bushels)....... 157,838 137,775 92,823 52,113
Cotton cloths (yards).. 2,556,902 875,376 7,170,313 1,634,893
Bags of jute (lbs.).... 2,532,690 430,837 1,148,463 80,664
Soya beans (lbs.).21,866,482 57,721,719 57,721,719 4,265,511
Yarns (lbs.). 90,358 62,103 423,757 180,234
Horse hair (lbs.). 282,089 98,371 483,380 , 194,005
Figs (lbs.).4,300,877 298,488 46,255 2,330
Olives (gals.). 41,582 24,389 435,287 193,890
Cocoanut oils.35,473,322 4,038,931 5,088,547 548,254
$1,260,000
Ufica Gas & Electric Co
Refunding and Extension Mortgage 5% Gold Bonds
Dated July 1, 1907. Due July 1, 1957
Interest payable January 1 and ,Tuly 1 in New York.
Not callable. Central Trust Company of New York, Trastee.
Mortgage now closed except for refunding $390,000 divisional bonds.
TAX PROVISIONS.?Exempt from New York State, County and Municipal
Personal Property Taxes. Of the present 4% Normal Federal Income Tax, the
Company pays the 2% Tax deductible at the source.
$3,350,000 bonds of this issue listed on New York Stock Exchange and application
will be made to list the bonds now offered.
The following information Is communicated by officers of the Company:
TheUtica Gas and Electric Company conducts the entire gas business and sub?
stantially all the electric light and power business in Utica, Little Falls, Herkimer,
Whiteboro, and numerous other communities located in the Mohawk Valley, the total
population served being estimated to exceed 150,000.
Practically all the franchises of the Company are, in the opinion of counsel, un?
limited in duration.
Earnings
(Year Ended April 30, 1918)
Gross Earnings .$2,171,707.73
Operating Expenses and Taxes. 1,393,255.77
Net Earnings.$ 778,451.96
Annual interest on Bonded Debt, including the present issue. .. 350,000.00
Balance .$ 428,451.96
Net Earnings Approximately 2VK Times the Above Interest Charge.
The property of the Company represents a large investment over and above the
outstanding bonds.
Dividends have been paid on the Company's $2,000.000 capital stock at the rate
of pot less than 7% per annum for the last nine yeari, the rate since April 15, 1913,
having been 10% per annum, during which last nzmed interval the Company's annual
sales of both gas and electricity have increased over 70%.
We recommend these bonds for investment
Price 89% and interest; yielding about 5.67%
Complete Circular on Request
Harris, Forbes & Company
Pine Street, Corner William, New York
Finding of Capital Issues Committee
"Passed as not incompatible with the interest of the United States, but. without approval of the merits, s:euritv
or legality. Opinion No. A-483. (Signed) Capital Issues Committee of the Federal Reserve ' Board."
Curb Market
Note.?-The Tribuno assumes no responsi?
bility for the accuracy or authenticity of curb
market quotations. Transactions and prices
for the week ended June 8 were reported as
fallows :
Industrials
Net
Sales. High. Low. Last enge.
26800 * Aetna Exploa. 14'/2 1S;8 133/4? %
250 Am B Mfg Co. 5
5 ?Blumenthal Co 95
COO Br-A Tob Betr. 163,8
16o0 B-A Tob Coup. 17' 2
500 ?Burns Br Ice. 24%
BOO ?Car LI & Pur 2%
500 Carwen Steel. . 9
100 Chare I Co pi". 6'/4
5200 Chev M C w i. 128
50 ?City Ser old. .215
6710 ?Cupr p;m Sul.
4600 ?Cuprite Sulph.
7300 Curtiss Aero.. .
4075 ?East Vend Co
450 ?Electric Gun..
300 Ernerson Phon.
280 ?Gil Saf R w i 92'/4
1550 Keystone T&R.
50 ?Lima Loc new
200 "Man Transit..
424 Marconi of Am
3000 ?Maxim Mun. .
300 Nor A P & P..
25 ?Pittsbgh Rolls
4000 ?Poubon Wirel 15
100 ?Reo Motors . . 13(/2
L00*Rep Mot Trk. 3934 39% 3934
16700 .Smith Mot Tr. 1j? V -,
1.25 ?St Jos Lead.. 14V8 145$
1900 ?Standard Mot. 133^ 11i/2
5500 Submarine Bt.. 163,4 16
10000 ?Thio Co of A. 51/4
L1200 ?United Motors 28!/2
1600 *U S Aircr Cor 2'/2
5750 *U S L & H.. 2I/4
8200 U S Stmsh Co. 63,4
10300 ?Wrt-Mar Air. IOI/4
Standard Oil Subsidiaries
Net
Sales. High. Low. Last, chite.
10 Buckeye P L. 94 94 94?2
25 111 Pipe Line. 172 167 167 ?21
1 20 North P L...113 108 108 ?3
;!0Ohio Oil.326 324 324 ?1
97 Prairie O & G.526 495 1)23 +28
40 Prairie P L..266 260 263 ?5
10 So Penn Oil..275 275 275 4- 3
1") St Oil of Cal.216 215 216 ? 3
93 St Oil of N J.545 537 542 4- 4
355 St Oil of N Y.275 267 274 4- 5
200 Union Tank... 100 98>/2 98i/2+ 3
Other Oil Stocks
Net
Sales. High. Low. Last. chge.
2600 ?Allen Oil....
42100 ?Am Ven Oil.
22500 ?Appalach Oil.
21600 ?Barn O & G.
7000 ?Bost-Wyo Oil 22
26(10 ?Cosden Oil. . .
loot) ?Crown Oil...
2100 ?Elk Basin P.
48900 Esm Oil Co...
10400 Federal Oil...
4100 ?Glenrock Oil.
2110 ?Globe Oil_
5200 ?Han O & G.
217011 Houston Oil..
500 ?Inter Pet
36300 ?Island O & T.
2701? ?Kinney Oil . ..
31500 ?Men-it Oil C. 27!/8 21|4 27 ?/S 4- 6% |
Net
Sale". Hitch. Low. Last. chge.
38300 Met Pet . VA M 1 ft + i/4
800 ?Mick: C O&U. 7'/4 6*4 7
62000 ?Midwest Oil..115 103 109 +6
f.00 ?do pf . 1'/4 1V4 1/4 -
1375 ?Midwest Ref. .113 105lya 109 +3
1600 ?Mineral W P. 3 2% 2?8
2700 ?N Y Chino Oil 43 40 43 -
300O *N Y Okla Oil. % % % -
2000 ?Monitor O&R. 68 55 58 -
24500 ?Northwest Oil. 67 59 63+4
12000 ?OkJa Oil . 3 2'/? 3 -
9900 Okla P & R... 714 65a 7' ?4- 5?
50600 Okmul P & R.. 6'4 4?g 5?44+ 14
43"'t() Omar O & G.. 40 30 33 -- 2
?J00 ?Pan-Amer Pet 52 51 51 ?2
2000 Penn Gasolene. ?4 '4 '4- ft
3190?Penn-Ky Oil.. 51* S'/a 6'4? ?/8
10650 ?Penn P & R.. 1 s8 T'a -
7000 ?Queen Oil.... 10 8 10
43100 ?Rice Oil . ft A ft
8050 ?Saptiljia O&R 9'/? 8^4 9 + ?4
.T." Savoy Oil . 8 7 7?1
80"(> Senuoyah O&R. 'J4 U H -
1000 ?Sinclair Gulf. 19l2 18 18 J- 1
7400 ?Stanton Oil... 1?b 1^8 1%? '4
26000 ?Texan? O & R 93 63 93 +18
75000 ?Tuxpam . 4 2'/a 3 ? i/2
7000 ?Un West Oil. . ft A A
9900 ?do new _ 1% 1?4 1??+ '/a
20000 Vacuum G & O A -p. 14 + ?fa
2290 ?Vic Oil new.. 4'/a 33/4
Sale?-. Hieh.
2S900 tAlas-B Col M 65
2500 ?"Am Mines. . 60
G700 ?Am Tin Tun. %
16100 ?tAtlanta - 7
3150 ?Aurora Sil M 6?4
30200 Big Ledge C. 114
3000 ?tBoot?i . 4
5S000 + Boston-Mont.. 51
2000 ?Bradshaw C. Vz
5000 Butte-Det - <h
15400 ?tCal Min-41
369H0 ?Cal & Jer... 1J4
900 Canada Cop... 1}i
CI'JO tCashboy - VA
1600 ?Cer Sil M M. %
2700 Cerro Gordo B VA
1025 ?Coco River M 2>A
7100 Con Ariz Sm. 1%
5700 Con Cop Min. 7
370O ?Con Homestd. ft
1400 ?Copper Val... 1
2700 Cresson Gold. . 4%
14300 ?i El Salv Sil. 73
47400 ?Emma Cop... ft
5600 ?Eureka CM 11|
5000 ?tFortuna C. 32
1650 ?Golden RM. 14
3900 Goidfield Con. A
3000 ?tGo'id Merg.. 2'A
2000 ?vGreat Bend. V?
500 ?Green MM.. }?
1980 Heda Min_ 4ft
47000 ?tHalter G M. 65 &0 62 -
81200 ?tHyp M M.. 26?/2 20 26+4
36200 ?tint Mines... 13 10 12 -
500 ?Iron Blossom. AS AJ *? -
700 ?Jerome Verd. % ft ft? Va
3500 ?Jer Pr?s Cop 14 % %? 14
9500 ?tJim Butler. 72 65 72 -
SlOOtJumbo Ext... 10 9?4 914? Vz
lOuO ?tKewanas ... 4 4 4 -
2500 ?La Leona Sil. */A ?4 3?+ '4
17500 ??Liberty Silver 39 35 35?6
4000 ?tLone Star C. 3'/2 2?4 3 -
4700 Louisiana Con. % "/2 1/2
7500 ?tMarsh Mng.. 414 4 * ? '-4
27900 ?txMons?er Chief 8 6 8+1
59000 ?tMother Lode. 48 37 39?9
70700 ?tNatl Leasing. 3 2</2 3 -
25500 ?tNatl Z & L.. 26 20 21?5
600 ?Nevada Rand. 22 22 22
1100 ?New Cornelia. 18'/2 1814 1814
6300 tNixon Nevada. 61 55 55 -
10300 ?Ohio C n w
10G00 ?Onondaga M.
3500 ?Pac Tungsten.
500 tProvincial M.. 53 52
2200 ?Ray Hercules. 4% 4'/4
"5110 tRcx Con Min. 814 7?4
29300 t Rochester M.. 47 41
FINANCIAL MEETINGS
POTASH KXTRACTION CORPORATION
NOTICE if hereby given that at a spe
cia! meeting of the stockholders of ttt
POTASH EXTRACTION CORPORATION
?Rill be !)Hd at Room 710, No. Z P.rctsr
Street. New York nty, on June 2it>>. 19;*,
at 10:30 o'clock In the forenoon, for Um
purpose of voting on a proposal to '.acre??
the authorize! capital stock of th? corpo?j
lion from on? thousand share?; ,>f the par
value of On-! Hundred Dollars ($Ht.M)
each to two thousand shares of the pe
value of On- Hundred Dollars ($100.f|
each, ?ma lie transaction of such oths
business as nay properly como before stS
meeting.
B*Order o* the Bo?rd of Directors.
GKO. t. bishop.
' President
Datod June Bth. 191?.
?bt
Sale's. Hitrh. Low. Last cl*?
1000 ISan To>r . 11 11 11 - I
lOOo ?tSiSver Pick. .. 5 5 5 4-1
4900 ?tSilver P Con. 72 70 71 ?1
11500 ?Silver E Silv.. }i 3* II?
2300 Standard S-Ld. X A
8400 Stewart . ?j
3500 tSuccess Mng.. 10 9!.2
250 "Tonopah Bel. . 3 2V9
6700Tonopah Ex. ... W?> 1*4 1'/?+
200 ?Tonopah Mn*. 2}i 2H 2.11 ?
1000 Tri-Bui!'on ... V* f? it?
8000 ?tTroy-Arir. ...17 15 16 ?
15300 Un East-rn_ 3JJ 3'4 3=4? rt
6510 ?tlJ S Z & Ld. 25 24 25 -
77500 ?vWard M ?? M. 25 15 25 ?-12
31300 t West End Con 1'i, 83 H'a+H
14500 White tap M. ?3 ii % -
1500 +V/h Caos E?rt. 7 7 7 -
ISOOvWilbert Cop.. 11?/? 11 11!/2+ n
|
9'/i+ K
3 --- !l
Bonds
M
[Pales (000 omitted). Open. Hi*h. Low. chs*
$14 ?A T&T 1-y 6s wt 99% 993A 99%
i 19 ?Beth St 5s 2-yn. 98% 98!* 2*/?
! 6.7 Chicago Elec 6s. 25 25 28 ?S
? 220 ?Can Gov 5s_ 96% 95"7? 96?/4+ W
455 Fed Farm L 5s. .102 101'..'? W2 -?
; 37 ?Gen El 6 p c n .1007? 100% 100ft
1 ?PhUa El 6s w 1 99 99 ? , -
7 ?Proc ? G 7s '22.101'/? 101 lOII* ?
? 10 ?N Y Cen 2-y n 98'/? 98'/4 H?+ M
l?Rus Gov 6%s.. 38 38 38 ? 1
?Unlisted. tSell cents per shar?.
-?
I Trust and Surety Coropanie?
Bid Ask I S"1- *?*?
! Alliance Rt ... 65 75Mamifae . ?* Z
\ Am Surety _ 54 60?Mer T & D ??? "g ,u
! Baukor? . 369 372Mrtr<trtl . ?" *?
I Ikmd & Ute... 180 HK) Mtg Bond .... JJ .S
Brooklyn . 510 551?Mut T of W... ? J
Central . 382 387|.\at Surety ??Se?
! Columbia . 250 2601N Y L I * T B f? ?
Commercial ... 100 ?New York "???!! ?
Kmpire Vrust.. 290 SOO'n Y Title . ? Z
I Kyultabie . 335 343?Peo?'!es . *?? \
I F t t T . 380 390 Queens Co .... - I
Franklin . 233 245 Realty Ait? ? ? ? jjj jj|
Fulton . 260 265 Hcandlnartan ? ? JJ? S
Fidelity . 200 210Title G A T... 2? ^
( Guaranty . 325 335 TransatlauUo .. |H g
Hamilton . 260 270'Pnloti .?K a
ludson Tr _ 140 I45!l'n WaU? ????? "S 5
Irving Trust,. r 8 M * T... ?? ?
? a_ . i_ ma tart it c? Tv.,1-. *? T 39 r
Hudson Tr - 140 145 Pn Mate? ..... tjj ?
620 650 D S Title * 1- M I
85 95'Westchestor .?? J -
90 100 W * B T A M I" "*
60 100
?Includes one-third share Irrln? Trost 8" ?
in? National Bank. .. ... mt
Note?Thou* ?tocka are now quoted ?eus^ -
share, regardless of par talue.
?-~
Germany's Peace Offen*!*?
Despite its savagery in W?r?.j'^w
many's peace offensives are peca?*,i'|
offensive.?Chicago News.
Course of the Bond Market
This graph shows the average prices of ten railroad, ten industrial and five Pn^JJL
ity bonds on the first business day of each month of 1915, 1916 and 1917, and the weekly !?**
ations for the current year to date.

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