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Wealth Markets and Commerce
July Offerings ("Yi/R July list of bonds and short-term notes con? tains fifty-nine offerings of securities which are attrac? tive at present prices. It also gives condensed descriptions of twelve is? sues viclding from 4.35% to 6.47%. This list should be of in? terest to you. ' Send for AX-?7? The National City Company Cerrt*pe*dmi O fices ?? jo C&em riondr-Short Term N*4e*-A*e*ptmmcm Bonds and Short-Term Notes i \ ?elding About 5% to 73Ac/o Many people would doubtless be only too piad to take ad? vantage of to-dav's investment opportunities did they but j know just what selections to make. Such people should find of special interest our list of current investment offerings, representing various types of securities already held by a : wide circle of conservative In? vestors. Write for List No. 595 "Current InTo.itm.erit Opportunities." Spencer Trask & Co. 25 Broad Street, New York ! ALBANY BOSTON CHICAGO Members New York Stock Exchange You Can Invest in any high-grade securities, stocks or bonds, by depositing with us small amounts from time to time. We specialize in ODD LOTS On Margin or Full Payment Send for Our Booklet 8-10 Suggestions to Investors, ?tfuSHQLM &(hAPMAN MCMRC*!*? H1.W YORK STOCK fXCHANII WCMBtK-S NtW YORK COTTON CXCMAN0.1 71 Broadway. NewYork City ? 161 Wist I25?!iSt.N.Y Harlem Branch \Z N. Broadway , Yonkib?.N.Y, 32 Court Stuckt. Brooklyn,N .V. 777 8ftoAoSYRCi;T, Mcwakh.N.-J. ODD LOTS The service we give to Odd Lot customers is the same as that extended to purchasers of 100 .shares or more. The advantages of trading In Odd Lots nre explained in our booklet 11-37 "Odd Lot I.tiv 1b* igborrcc ?J Ifycabta Humbert ,V. Y. Stofk ?j-ekong? 7 WALL STREET 1 EL. 4it0 RECTOR Fractional Lot Service Orders executed in any amount of Stocks and Konds tor cash. We carry 10, 20, or '>0 share lots of sea? soned safe stocks, deall in on any of the Exchanges on margin. On the Consolidated Lxchange all our or? ders, reports and quotations are transmitted by signal, affording instantaneous service. Certified accountants statement of audit of our books published quarterly. Wilson & Chardon Member? Consolidated Stock Exch ot N*. Y. 52 Broadway, New York Telephon?* liriiii.l 1330 A. A. Housman & Co. / IN. V. Stock Exchange. In. T. Cotton Exchange. Members /n. Y. Coffee & Sugsr Kx. ?S Y. Frodueo ?.xchange. (Chicago Board of Tr.ide 20 Broad Street, New York ?ranch Office?36 West 33d St. ?iiiiiinaan ????mi???iiiiiiw???????im i alark A. Noble Theodore C. Corwin i NOBLE & CORWIN 125 Broad Ht. New York ? ? Bankers Trust Cent. Union Tr. I Guaranty Trust Columbia Trust I Telephone lilt Broad. 1 4 * Finance - Economies WALL STREET OFFICE: Telephone: Muts Building, 15 H road St. Hanover 6514 Under the stimulation of high prices oil producers have made a re? markable record in the last six months. Though handicapped by shortage of labor and supplies and by the fact that the fields were prac? tically blockaded as a result of the severe weather prevailing in Janu? ary and February, the number of new wells completed in the first six months of the year was, according to "The Oil City Derrick," no les? | than 11,833, compared with 10,180 in I the corresponding period of 1917. From these wells 700,052 barrels of I oil were obtained, a very consider? able addition to our annual output. I An encouraging feature of the sta ! tistics is that operations at the end I of the period were expanding stead? ily, the number of completions in June establishing a new record. Oil trade authorities believe that,barring unforeseen developments, 1018 will be the banner year, both in respect to the number of new wells com? pleted and the quantity of new pro? duction. The figures are interesting | in connection with the much debated ? question of the adequacy of the oil ? supply, inasmuch as they indicate that production will probably be sus j tained at or close to the peak estab ! lished last year. "The Derrick's" statistics also I ?how clearly the hazardous character j of the business. Of the 11,833 wells | completed, 2,592, or more than 25 per cent, were dry, and the money spent ! in sinking them was lost. In the i corresponding period a year before ; about 20 per cent of completions were failures and the year before that between 15 and 20 per cent. In? vestors would do well to bear these ; figures in mind when they are so ? licited to buy stock in new venture? ; that, as the "promoters" always claim, are sure to prove big pro? ducers. There was a slight decrease in ! manufacturing activity in May, ac ! cording to statistics just issued by i the New York State Department of ? Labor, for the number of employes j en rhe payrolls cf 1,648 factories cov I ered by the figures was slightly ? smaller than the number employed in j April. In comparison with a year before, however, the statistics show j an increase of 2.2 per cent. In view | of the heavy losses throught the 1 draft, this is a remarkable exhibit, j and indicates plainly that the indus ; tries in this state must have re? cruited much labor from the farms j and from industrial plants in other ? states. It is not surprising, consid I ering the keenness of the competition ! for labor, that the percentage of in j crease in the total of wages paid : should have been more than ten ; times as great as the gain in the j number of employes. The fact that . wages increased 26.5 per cent, how ? ever, would seem to indicate that I labor has profited more since we en? tered the war than has industry. Certainly there has been no corre? sponding general increase in indus? trial profits. A decidedly encouraging part of the bureau's report is that which shows large increases in the number of workers employed by essential in? dustries. Thus factories classified ; under the. heading "firearms, tools ! and cutlery" increased their forces by 75.4 per cent during the year?at an increase of 128.4 per cent in wages?while makers of pig iron and ? rolling mill products employed 5 per ! cent more workers, boat and ship? building companies increased their ? staffs by 51.3 per cent, and machin? ery makers employed 14 per cent ! more men. A number of the indus? tries generally regarded as non-es ! sential suffered severe losses in the ; number of workers employed. Money and Credit , Money rates were firmly maintained : yesterday. At the Stock Exchange the . ruling rates were unchanged at 6 to ? ti 4 per cent. Banks restricted their j offerings, owing to the heavy with j drawals of government funds made ' during the course of the day. The time money market continues I dull, with only a small amount of ! money offering. Kates were steady yesterday. Ruling rates for money yesterday, compared with a year ago, were as follows: Yesterday. Year ago. Percent. Percent. Call money: On mixed collateral 6 3?4 On industrial col't'l %Vz 4 Tim? money (mixed collateral): Sixty days. 534(a6 4@4'4 Ninety days. 5%@6 4@4| 4 Four months. 5%@6 4'/2 Five to six months 5?-4(<?6 A\ ? Commercial Paper.?The demand for commercial paper has slackened. Rates yesterday were unchanged at 6 per, cent for the best regular maturities, i Bank Acceptances.?A fairly large volume ci business is moving in this market. Rates yesterday were as fol? lows: Thirty Sixty Ninety Spot de- days. clays. days. livery: Per cent. Per cent. Ter cent. Eligible m ember banks_4?@4 4}-i?4ft 4A@4"/4 E 1 i tibie non-mem? ber banks.4!4@4K8 4ft@4'/4 4??@4ft I n eligible bankbiIls.5'/4@434 5?/4@4% 5'/4@434 For delivery within thirty days: Percent. Eligible member banks . ^y2 Eligible non-member banks.4^fc lncligiblo bank lolls. 6 Discount Rates.?The following table : gives the current rates of the twelve Federal, Reserve banks on commercial I paper on all periods up to ninety days: ,-Maturity-, - _ d >~ m g?a< a* a~ " ;?' 2,U c r* c: ? - -g 'i: O 'r. O ; "-a? go. <?. i : ?3" : 5 : s Boston. 4 434 434 New York. 4 4% 4% Pihladelphia_ 4 434 434 Cleveland. 4", 4 4% 4% Richmond. 434 5 5 Atlanta. 4 43.i 434 Chicago. 4 434 5 St. Louis. 4 43a 434 Minneapolis.... 4 4% 5 Kansas City.... 4'/? 51.1 5?/4 Dallas.4 4% 5 San Francisco.. 4 434 434 Rank Clearings.?Rank clearings yes? terday in New York and other cities were: Exchanges. Balances. New York.$565,268,179 $81,173,546 Roston . 69.216,443 27.930,287 Chicago . 88,062.942 7,001,224 Philadelphia... 64,404,156 12,392,485 St Louis. 26,039,310 7,514,100 Silver.-?Bar silver in London was 48%d, unchanged; New York, 99%c, unchanged; Mexican dollars, 77c, un? changed. Sub-Treasury.?The banks lost to the Sub-Treasury yesterday $2,534,000. Bank of England..LONDON, July 11.?The weekly statement of the Bank of England showed an increase in gold holdings of ?634,453. The proportion of reserves to liabilities now stands at 10.40 per cent, compared with 15.18 last week. The statement, with the changes from last week, follows: Gold .?65.964,811 Inc. ?634.453 Reserve ... 29,741,000 Inc. 445.000 Notes res... 28,917,C00 Inc. 443,000 Circulation. 55,093,000 Inc. 189,000 Public dep.. 37,651,000 Inc. 164.000 Other dep... 140.540.000 Dec. 11.648,000 Gov. sec... 57,374,000 Dec. 8.859,000 Other sec... 107,904,000 Dec. 3,015,000 Bank of Paris.?PARIS, July 11.? The weekly statement of the Bank of France, with the changes from a week ago, follows, in francs: Gold-5,434,795,000 Inc. S40.000 Silver .. 268,316,000 Inc. 3.009,000 Circ'l'n .,28.434.885,000 Inc. 138,212,000 Gen. dep.36,071.259,GO0 111c. 131,188,000 Bills dis.. 1,095,113,000 Dec.133,549,000 Treas.dep. 24,443,000 Dec. 15,245,000 London Money Market.?LONDON, July 11.?Money was firm at 2% per cent. Discount rates were: Short hills and three-month hills, 3 17-3:2 per cent. Gold premiums at Lisbon stood at 130. The Dollar in Foreign Exchange Exchange rates moved narrowly in the local market yesterday. Dutch guilders continued firm at 52V6 en's for Amsterdam cable transfers. Scan? dinavian rates were steady. Francs and sterling rates were firm. Closing rates yesterday, compared with u week ago, follow: (Quoted dollars to the pound. 1 Week Yesterday, ago. Sterling, demand.$4.7530 $4.7535 Sterling, sixty days- 4.72% 4.72',2 Sterling, cables . 4.76-,'* 4.76i7,t Sterling, ninety days.. 4.72% 4.71'/4 (Quote?. units to the dollar.) Francs, checks . 5.711/.; 5.71?3 Francs, cables . 5.697? 5.697a Lire, checks . 8.805,4 8.803.-. Lire, cables . 8.79'/2 8.79v2 Swiss, cheeks . 3.95 3.97 Swiss, cables . 3.92 3.94 (Quoted cents to the unit.) Guilders, checks.5134 .50'2 Guilders, cables.52', 8 .5Q:!4 Rubies cables.13.00 13.00 Spain, cheeks .27.50 27.60 Spain, cables .27.70 27.75 Sweden, checks .35.50 35.10 Sweden, cables .35.70 35.30 Denmark, checks.31.10 31.05 Denmark, cables .31.30 31.25 Norway, checks .31.50 31.45 Norway, cables ...31.70 31.65 Argentine, checks.45' 8 .4434 India, rupees, checks . .37.80 -3734 India, rupees, cables.38 .38 India, rupees, cables, / Reserve Bank rate.. .35.73 35.73 Below is given the current exchange value of foreign money in dollars and tents, together with the intrinsic gold parity, as calculated by the United States Mint: Current exchange Intrinsic value. value. Pounds, sterling.$4.75*?? C4.8653 Francs . 0.17.4 0.19.3 Guilders . 0.5134 0.40.2 Rubles . 0.1326 0.51.2 , Lire, cheeks . 0.11.25 0.19.3 Crowns (Denmark)_0.31.05 0.26.8 Crowns < Sweden). 0.35.70 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 at, say, $4.75%. The intrinsic parity is $4.86% per pound. Thus you say either that pounds are at a dis? count or that dollars are at a premium, which is owing to the fact that in Eng? land 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. Wheat Area in India The area under wheat cultivation in India at the end of April this year was 35,388,000 acres, according to (he Indian Department of Statistic?. The probable yield is 10,130,000 tons, against 25,461,000 acres r.nd 10,277,000 tons reported in an earlier forecast. Crop conditions arc (?aid to be good in most districts. Stock Exchange Suspends Members Of John Muir & Co. Odd Lot Brokers Barred From Board for Alleged Breach of Rules John Muir, originator of the "partial payment" plan as applied to the pur? chase of securities; his son, Edwin II. Muir, now in the United States army servir?, and Charles A. Burbank, all of the firm of John Muir & Co., "odd lot specialists," were yesterday sus? pended from membership for one year by the governing committee of the New York Stock Exchange for an al , leged broach of ?lie rules of the insti i tution. The difficulty which resulted in the I suspension of the three members of i the exchange arose out of a difference. | of opinion over the status of Charles ! A. Burbank in the Muir firm. Burbank i retired from Muir <fc Co. on June 1, i but Still retains a scat, on the ex? change, for which John Muir, head of the lirm, paid $60,000. Tue Stock Ex? change governing committee charges that John Muir represented Burbank as a member of the firm and caused him to execute orders on the floor of i the exchange for John Muir & Co. and , its customers without charge to the , firm, although Burbank was only "an ostensible member of the firm, and had | no interest in the capital, assets, prolits 1 or losses of said firm." On the basis of this charge the head of the lirm was ! held to have been guilty of an act detrimental to the interest or welfare ! of the exchange. Says Ruling Is Unwarranted I Following the announcement of the suspension from the rostrum of the exchange John Muir issued the follow? ing statement of his position in the. case : "A little over a year nero I was ap? pointed chairman of the Liberty Loan Baby Bond Committee. I made up my mind to give my entire time to this work, and did so. It. was expected that my son, Edwin 11. Muir, the other floor member of my lirm, would go into the army. He has done so. These facts ne? cessitated our having another floor member of the exchange. 1 advanced ('liarles A. Burbank $60,000 to enable him to buy a seat, and he was made a floor member. He was announced as a general partner, and given full au? thority to act as such. The suspension ordered by the governors of the New York Stock Exchange is based on the ' ?fact that Mr. Burbank, instead of re? ceiving a percentage of the profit.--, of our business, received a minimum jruar- I antee and his outside commissions.! This arrangement the governors of the | Stock Exchange have disapproved, 1 do not agree with their reasoning or \ conclusion, and consider the action of j the governors unwarranted. No criti? cism has been made of our relation with our customers. Arrangements have been made by Muir & Co. for the continuance, of their business through the Stock Exchange | firm of Ware & Leland, a Chicago j house with numerous branch offices, ?t j was announced that early yesterday ?1,000 crders for the purchase or pale j of recurities had been transferred from i the Muir lirm to Ware ?s Leland for | execu'ion. Mr. Muir's Explanation According to a lengthy statement is- | sued late in the day by Mr. Muir set- | ting forth in detail his side of the case, the arrangement made by John Muir & Co. with Burbank constituted the lat? ter a general partner. Burbank, ac- ' cording to Mr. Muir, was clothed with | full authority not only to act for the j firm in all respects and to subject the assets of the firm and its members to j liability for his acts, but in office man- j agement and in the right to draw ; money he was clothed with such pow- ? ers as no one excepting a partner wouid ? liave been given. "It never occurred to me," said Mr. j Muir in this statement, "that the mat- j ter of respective incomes of partners was .me which the exchange desired to ' regulate. If it had, Mr. Burbank would j have received not a guarantee but a j percentage of our profits, which, 1 take ; it. would have been an entirely unob- I jectionahlc arrangement, though the j results would 'nave been the same, as those which have actually occurred." Differences arose between Mr. Bur- j bank and the firm which finally result- j ed in the former's retirement on June j I, after which he made connections! with another Stock Exchange house. Mr Burbank, when seen yesterday, said that he would have nothing to say about the action of the Stock Exchange authorities until he had had ill oppor? tunity to consult, with his lawyers. Burbank still holds in his name the Stock Exchange seat purchased by Mr. Muir, and the latter is now endeavor? ing to obtain title to the membership. The announcement of the suspension I of the members of the Muir firm ex- j cited great interest ill Wall Street, I where the house has long been one of the host known in the district by rea? son of its policy of catering to the ! person of small means. Many Banks Fail To Subscribe for 141-2 P.C.Certificates ! Federal Reserve Bank Will Publish List of Institutions ? Aiding Government Only ,ri5 per cent of the 1,045 bank? ing institutions in the Federal Reserve District of New York responded to the urgent plea made by Secretary of the Treasury McAdoo for subscriptions to the recent issue of $750,000.(100 of 'l'a per cent certificates of indebtedness. In other words, according to figures prepared by the Federal Reserve Bank of New York, slightly more than half of the banks in this district did their share in supporting the government in its latest bit, of war financing. Most of the delinquent banks were country institutions. The summary of the subscriptions re ; ceived in this district for the issue ! of certificates dated June 25. 1918, and I due October 24, 191ft, being the first is i sue in anticipation of the Fourth Lib ! erty Loan, follows: Non Sub. Sub. Total National banks. 363 258 621 : State hanks. 108 120 228 Trust companies_.123 73 196 S Totals. 594 451 1,045 'Private subscribers. 70 Savings Bk. subs'b'rs 19 Total subscribers. 683 Rese?e Bank's Formal Statement j A formal statement issued at the i ] Federal Reserve Bank of New York i yesterday said: I "In view of the published request of ?the Secretary of the Treasury, asking i i all banks and trust companies through- I j out the country to cooperate with the i fiscal programme of the government by j | setting aside 2% per cent, of their gross i I resources every two weeks for the pur- I I pose of purchasing short term certifi- i ? cates of indebtedness issued by the ? ? Treasury Department, the Federal Re- ' i serve Bank of New York, in conjunc- | ! tion with most of the Federal reserve I ' banks of other districts, has considered l ? it appropriate to forward to the banks ' of the district lists of all the hanking ! institutions that subscribe to such cer- j i tificates of indebtedness. "These lists will be published from i time to time shortly after each issue i of certificates and will contain a state- ! ' ment of the amounts actually sub- | scribed for each issue by the institu? tions. The purpose of the publication, will be not only to stimulate subscrip? tions to the certificates, but also to af? ford to each institution that is sub? scribing regularly to the certificates in? formation as to the part being played by all the other institutions in our dis- : trict. Probable Effect of Publication "The publication of the list will also doubtless have the effect which is very much desired, of impressing upon the mercantile and other users of banking credit the necessity for curtailing as rigidly as possible their own use of such credit, at their local institutions, in order that the government may have sufficient money in hand to conduct the war. "Although the resources of the mut? ual savings banks located in this dis? trict have not been included in mak? ing up the aggregrate quota, and the savings banks themselves have not been allotted any quotas, many of them, appreciating that these certificates of <he government, having short maturi? ties and bearing interest at the rate of 4^ per cent per annum, are ex? tremely valuable investments for sav? ings banks, have voluntarily subscribed for considerable amounts, and such hanks consequently have been included in the list of subscribers. "In addition to the above there are doubtless many individuals and non banking corporations that purchase the certificates indirectly through the me? dium of the banks; and this course is urged upon all those, desiring to make short-time investments for their sur? plus funds or preparatory investments in anticipation of their subscriptions to the fourth Liberty Loan." The opinion was expressed in Fed? eral Reserve Bank circles yesterday that there will be a much broader par? ticipation by the banks in this district in the new issue of certificates of in? debtedness, subscriptions for which aro now open. Rice Acreage Increases That in Three States Exceeds 1917 Total for U.S. BEAUMONT, Tex., July 11.- Rice acreage in the South this year totals 1,130,717 acres, compared with 978,107 a year ngo, according to the prelimin? ary estimate of the Rice Millers' Asso? ciation. Texas, Louisiana and Arkan? sas acreage exceeds that of the whole country in 1917. Significant Relations Money and Prices: Stock of money gold in the country.. $3,043^79,782 $3,088,7??272 Loans of all national banks. $9,2*60,000,000 Nearest period ??*"?" ?.'?'??'"?''". ?y.i-'fcU.UOO.OOO $8,751,679"0OO Their surplus reserves. 114,000,000 973,981,000 Bills discounted and bought by Fed- t..t- week. a eral Reserve Banks. ? 1,076.782,000 $331*5?f.OOO Federal Reserve notes in circulation.. 1,791,569,000 527,459,000 Total gold reserve. 1,959,110,000 1,317,703,000 88.08 91.06 l year ago 264.789 yesterday. The day befot Average price of fifty stocks. 77.28 77.98 Average price of twenty-flve bonds... 84.51 84.48 Food cost of living (Annalist index Last week. Ti.e ?wk u',,-,. number) . 281217 279.996 General commodity price level (Dun's Mar i a^aHa^La^LM index number) . 224.843 226.665 ^212 585 Production: ^L^La^aa^aaH I'nlilled U. S. Steel orders, tons. 8,337,623 8,741,882 June May. Pig iron (daily average), tons. 110,793 111,175 11,886.591 A res ? ago 1C9.002 Thi Wheat crop, bushels. 1018 rje'd- estinsatwj. ?,??. Oat crop, bushels. ?? ? ????Jf 650,828.000 Cotton, bales.i!. ?""i ^SKS 1-587.286.000 Distribution: . '^?Q0 11'300^4 Gross railroad earnings.Lf^aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaai .+19-6% -10.2% i'o^?1/ Bank clearings . Lmi *<?*'?< Week before 9.0? Tear f.n General: H 6'3% -23.87% +45^ Active cotton spindles . 33.720^55 33746,893 33 ?VTsfi Commercial failures (Dun's): ?'^??u/'.Jb? A year ?i 1,186 Number. Jm ' Ma Liabilities . . 804 880 ,iiwvf Building permits (Bradstreet's*)':.^i'.60*:? *13'13-W2 $18,055,153 .$40,863,724 $68,589,654 C II A K T K ft IC H IN w York Life Ins. and Trust Co. 52 WALL STREET, NEW YORK Grants Annuities Accepts Trusts created by Will or Otherwise Manages Property ?3 Agent for the owners. Allows interest on deposites payable after ten days' notice. Legal Depository for Executors, Trustees and Money in Suit. Accepts only Private Trust? and Declines ell Corporation or other Public Trusts ASSETS. Real Estate . g2.214.55R.01 Bonds and Mortgages. 3,741.601.24 r.oana on Collaterals. 032.675 00 Hills Receivable . 4.S82.368.62 faun In Company's Vaults. 1.813.457.00 Cash on Deposite. 1,369.47181 Accrued Int.. Rents, Suspenso Acc't, &r.. 200,165.62 STATEMENT?At the (lose of Business oo June 20th. 1918. ? I.IAlllMTIF,?. Bond? ,1 Storks. 18,033.91!).'.!.} $32,957,246.68 ?~ap!t;il Stock . Surplus Fund nnd Uni Deposites In Trust. . . Life Insur anee 1 Annuity Fund . Interest Due Dep f i.nwi.noo.oo 4.1R8 ?nt.81 S4.7184I44.14 361.083.42 2.212.313.70 ?lie. 100.01 $32,957,246.68 rimrles G, Thompson Frederic W. Stevens ?tuyvesant Fish Edmund L. Baylies Henry A. C. Taylor Columbus O'D. Iselin W. Emlen Roosevelt Augustus D, Juillla rd Cleveland H. Doil?o. Tilomas Denny Lincoln Cromwell I'-ul Tuckerman TRUSTEES Walter Kerr Howa rd Te v i ? Eugene Delano Alfred E Marling Moses Taylor E Iward M T. wns? HENRY PARISH, Jit,, ?st Vice-Prea. ZEGER W. VAN' ZELM, id Vice-Prca. S. M. H. HOPKINS, Jd Vice-Prea. 1VAI.TKR KEKIt, President IRVING L. ROE. Srrrctary. J. LOUIS VAN ZEL.M, Asst. Secy. F. i-,*.;, r ! J. Han'-y Ken -.- I 'a rlsh Jr. - hank ? ? r. P Nash M -ris -, Jr. JOHN C VEDDER, ?nst Becy ALGERNON J PURDY. Aaat Secy WILLIAM I: AUSTIN. Asst Becy. Trade Booming All Over Country Crops Good, Factories Busy and Wages High, Is Fed? eral Reserve Report WASHINGTON*, July 11.?Business conditions continue active and satis? factory, with general confidence ex? pressed in the future, denoted by lib? eral advance buying, according to the Federal Reserve Board's monthly sum- '? rnary, issued to-day, based on reports i from the twelve Federal Reserve dis? tricts. Labor shortages are emphasized in the reports from every district except the Minneapolis territory, where the situation is described as ''good, al? though the effect of the draft is be? ginning to show itself in the increas? ing: employment of women."' The Kansas City district, which includes a large portion of the wheat belt, re? ports that "the movement of farm labor is being controlled as never be? fore" through the cooperation of the government labor offices. Urops were reported as above nor-| mal in all districts except in the Dallas district, where protracted drouth in? jured severely the small grain crep. General adjustment of business to ; meet governmental requirements, and unexpected ease in meeting tax pay- i ments are universally commented upon. Construction and building have been curtailed everywhere, the sum-j mary indicated, except in cases of gov? ernment requirements for storage and housing. Money rates generally are firm. Conditions in the various dis- ? tricts follow: Boston ?Business active; industries; busy; increased foreign trade; labor i scarce, with wages high. New York General business, very active, with industries engaged to full capacity; large aggregate of foreign ! trade; labor scaicity and high com- ? petitive wage offers resulting in large I turn, **.-<*>? Philadelphia?Labor shortage acute in all lines; business very good; for-I eign trade large; industries very busy. Cleveland ? Business good; crops satisfactory and promising; money, rates increasingly firm. Richmond -Business limited only by labor and supplies; industries profit? ably employed; foreign trade limited by freight room. Atlanta ? Business good; foreign; trad.' unsatisfactory; labor unsettled.; Chicago ?- General business very j active; crops excellent; industries working at capacity and labor very scarce. St. Louis.Business good; industries active; crops excellent; labor condi? tions nearirg settlement. Minneapolis?Business good; crops excellent; industries active; labor con? ditions good. Kansas City Business good; crops good to excellent; construction and building slightly improved; equaliza? tion of farm labor demand and supply. Dallas?Business quite satisfactory; crops fair to good; slight evidence of increase in money rates; shortage of labor in all branches. San Francisco ? Business active; crops good; foreign trade increasing; labor more settled. Corporate Returns Canadian Car and Foundry Company. ! --Report of operations for the seven months ended April 30, 1918, discloses riotits amounting to $2,917,004. De? preciation, etc., totalled $313,221 and interest was $426,746, leaving a sur? plus, before war taxes were deducted, of $2,177,034. The previous surplus was $2,8-10,063, bringing the total sur? plus to $5,017,097. Minneapolis & St. Louis Railroad Company.?Gross earnings for May were $821,524, compared with $9015,230 for the corresponding month of iast year. Deficit after taxes totalled $48, 112, against a surplus for the fame period of the preceding year of $190, 641. Total deficit amounted to $3,600. Gross earnings for the first five months of the current year wore $4,452,571, which compares with $-1,203,120 for the first five months of 1917. Net after taxes was $260,747, compared with $910,122 for the corresponding months of the year before. Total income foi the period totalled $464,695. S. S. Kresge Company. ? Sales foi June amounted to $2,907,273, an in? crease over the same period of tht previous year of $510,759. Sales foi the first half of 1918 were $10,638,282 which compares with $13,217,263 fo the first six months of the precediiif year, an increase of $2,421,019. Tennessee Power Company. - Repor for May shows gross earniiige of $167, 672, an increase over the same montl of last year of $12,630. Net revenui was $74,490, which compa.-es with $70, 331 for the corresponding period of th year before. After interest, etc., o $52,95l, surplus amoun'.o 1 to $21,53S Gross revenue for the twelve month er ded May 31 last whs $2,021.35'. against $1,866,776 for the precedin twelve months. Net earnings totelle $755,479, compared with '737,073 io the same months of the previous yea Interest, etc., was $630,377, leaving sui plus for the twelve months period t $125,102. State Banks in National Union Plan Country-Wide Associa? tion for Protection Against Hostile Legislation Steps toward the organization of a national association of state banks and trust companies will be taken at a meeting of representatives of insti? tutions operating under state charters to be held in St. Louis on Monday next. The project has the backing of the state superintendents of banks in more than half of the states of the union anci the officials of leading state banks in various parts of the country. The constitution has already been drawn up and will be presented to the state bankers at the meeting in St. Louis for their approval. New Jersey delegates to the meeting were chosen by the State Bankers' Association in that state. New York will be represented at the gathering by Charles II. Sabin, presi? dent of the Guaranty Trust Company; Edwin G. Merrill, until recently presi? dent of the Union Trust Company und now vice-chairman of the Central Union Trust Company; Mortimer N. Buckner, president of the New York Trust, Company, and E. P. Maynard, president of the Brooklyn Trust Com? pany. Waiter E. Frew, president of the Corn Exchange Bank, will attend as the delegate representing the state banks. Mr. Merrill stated last nicrht that the ! new association would be more in the i nature of a national council of state ! bankers somewhat similar in scope to the American Bankers' Association, i which includes in its membership na? tional banks. In that capacity, in said, it would cooperate to the fullest with the Federal Reserve Board ami would not in any way contravene im? policies or functions. Sponsors of the plan for the na? tional organization of the state banks are said to be hopeful of getting prac? tically all of the state institutions to come in. The West is particularly interested : in the proposed organization. It is asserted that the new association will ; tend to promote the mutual welfare of its members and oppose a united ' front against any antagonistic l?gis? lation, Federal or otherwise. Relevant Comment _ Expects Strong Money Demand Gates W. McGarrah, president of the Mechanics and Metals National Bank, believes the fact that the business of the country is being carried on under the heavy stress of an enormous vol? ume, together with the promise of rec? ord crops, indicates, from a banking viewpoint, a strong demand for monej in the months ahead. "The Unite( States Treasury is borrowing extern sively," he says, "on certificates of im debtedncss, and will continue to do si until the fourth Liberty Loan is offered It would seem, therefore, the part o wisdom for bankers to study the mono;' situation with the utmost care ami ae courageously, but with caution." Cause of Weakness Cnesplained From the opening of the market ti the close yesterday the Street searchei for a satisfactory explanation for th weakness of stocks, but in vain. Al Aav lore the ouestion most heard i commission houses was, "Why is the market going down?" Some brokers said there was nervousness over the im? minence of the German drive. Others said folks were becoming frightened over the tax prospects. Still others said that a certain operator, generally considered as a plunger, had found him? self carrying more long stock than was comfortable, so he proceeded to unload 50,000 to 100.000 shares. The one out? standing fact was that stocks went down easily, and there seemed to be lit? tle support in the way of buying power. Car and Foundry Settlement According to Nathaniel Curry, presi? dent of the Canadian Car and Foundrj Company, an amicable settlement has been reached between the two group: that have been canvassing for proxie to be voted at the annual meeting nc-x Monday. The shareholders' committee which recently issued a circular charg ing mismanagement, may nominat three directors, who will probably be A Hicks Lawrence, already a director Senator Beaubien, of Montreal, and ? Howard, a trustee of the Equitabl Trust Company. The company's stati ment for the seven months end.-.! Apr 30, issued yesterday, showed a surpk before tax deductions amounting to $2 177,034, compared with $1,413,008 f< the year ended December 31 last. Ordnance Inquiry From U. S. Steel The ordnance department of tl United States Steel Corporation h issued inquiries for upward of fo hundred machine tools for the ne Neville Island gun and projectile pla that is now being built for the gover ment. The Midvale Steel and Ordnan Company, which is to build a howitz plant at Nicetown, Philadelphia, yet closed on about one hundred a twenty machine tools and twenty-sev cranes for which it made inquiry s< eral weeks ago. .:-x-x-:-x-x-:-x-:-x-x?:-k?x?^ Beiy a min Frankhn says: "/7 V .,?/': v questions ask for deitbtr ate answers." Probl ems J~\. person is often confronted with problems of investment?questioni o?" the management of proper:*.' or doubts concerning the ciii-position of his estate. Any depositor c: the Franklin Trust Company, may bring such problems to the c mipany's offiter? with the assurance that I e will re? ceive the wise, mature and Kir.d'v counsel or men who have made these matters a life sti We take pride in helping the small account to gr vi and invite accounts u: ?1 zu. and over. Send for our i ? .-*. ?et " Small Aictunti." Frankjin TRUST CO hiked 1888 4? Wail Street, New Y.irk 166 Montague Street, B 569 F ulton Street, Bro *v*wt*?*v**?^*^-.*****>T***'T**r,^***T*-T**?*^v*^?*"r**c**x*^ STANDARD M K Will HIV a WE WILL SELL 40 Galena Signal Com. ^^ 25 Buckeye P. l_ 25 Indiana P. L. 8 50 Prairie 0. t G. 25 Ohio Oil 50 Prairie P. L. 50 Vaci/um Oil ^m 50 S. 0. ot N J. CARLH.PFOeZHE?MER&CO. 1-1-2-3-4 -? 5t,, N. T. Robinson & Co. Investment. Securities 26 Exchange Place New York Members .Vev York Stock ?.x?*anc$. Bonds for Investment Harris, Fosbss & Co. Pine Street, < orner William NEW YORK Adirondack Klee. Com. ? I'fd. Duquesne Light Pfd. Elec. lion.l i Share Pfd. Connecticut K\. ?. It. Com. Texas l'un. & lt. Ffd. Buffalo General Electric FREDERIC H. HATCH & CO. rhone Hector 0.110. :4 Broadway, New York. Private telephone to 1 ' Liggett & Drexel iirmlirr? New ivrk Ftock Bxchangt Conservativa Investments 61 Broadway?New York Boston Philud-ljilila Buffalo Buy War Savings Stamps Metropolitan Trust Co. .60 Wail S?. 716 Fifth At.. n DIVIDEND NOTICES UNITED FRUIT COMPANY DIVIDEND NO. 78 A quarterly dividend it wo per re-t (two dollars p- r 1 - ' t;,-e cap"*1 et..ok of this Companj haa teen declara* payable on . IS18, to atockhal*1 era o? re? ? ! ?oaa of kuslneal June I'D, : - - JOHN W DAMON, Treasurer. CROCKER-WHEELER COMPANY. Ampere, New Jeraey. At a meeting on July 9, 1918, ih-1 D"**" tors declared the regular quarterly divi? dends of :??'<- on the Preferred and ** on the - Stock, payable JulJ? 15W* 1918. i: LANG, S?cr?tai* FINANCIAL MEETINGS ? KH\>I'Dfrf of M idei . ? ',Vl r1"' ,9,j, '??.,,, T- ii* '? 7 * W to IB pofUioo vo l# I*???** ?50.000, - hare. Dated, N V . .! 1 " ,,..* JOSEPH SUROWIKC. >'reaia? JOSEPH KOPROW. Secret*?. MAXWEU. LUSTIG, Couaael.