Wealth Markets and Commerce
("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%
This list should be of in?
terest to you.
' Send for AX-?7?
The National City
Cerrt*pe*dmi O fices ?? jo C&em
riondr-Short Term N*4e*-A*e*ptmmcm
\ ?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?
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
in any high-grade securities,
stocks or bonds, by depositing
with us small amounts from time
to time. We specialize in
On Margin or Full Payment
Send for Our Booklet 8-10
Suggestions to Investors,
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.
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
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?
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?
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
Ruling rates for money yesterday,
compared with a year ago, were as
Yesterday. Year ago.
On mixed collateral 6 3?4
On industrial col't'l %Vz 4
Tim? money (mixed collateral):
Sixty days. 534(a6 [email protected]'4
Ninety days. 5%@6 [email protected]| 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?
Thirty Sixty Ninety
Spot de- days. clays. days.
livery: Per cent. Per cent. Ter cent.
[email protected] 4}-i?4ft [email protected]"/4
E 1 i tibie
ber [email protected] [email protected]'/4 [email protected]
I n eligible
bankbiIls.5'/[email protected] 5?/[email protected]% 5'/[email protected]
For delivery within thirty days:
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:
- _ 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
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?
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
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
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
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
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.
"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 |
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
! Federal Reserve Bank Will
Publish List of Institutions ?
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
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:
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- :
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
"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
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.
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
??*"?" ?.'?'??'"?''". ?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
l year ago
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
I'nlilled U. S. Steel orders, tons. 8,337,623 8,741,882
Pig iron (daily average), tons. 110,793 111,175
A res ? ago
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
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
Number. Jm ' Ma
Liabilities . . 804 880 ,iiwvf
Building permits (Bradstreet's*)':.^i'.60*:? *13'13-W2 $18,055,153
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
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.
,1 Storks. 18,033.91!).'.!.}
?~ap!t;il Stock .
Surplus Fund nnd Uni
Deposites In Trust. . .
Life Insur anee 1
Annuity Fund .
Interest Due Dep
rimrles G, Thompson
Frederic W. Stevens
Edmund L. Baylies
Henry A. C. Taylor
Columbus O'D. Iselin
W. Emlen Roosevelt
Augustus D, Juillla rd
Cleveland H. Doil?o.
Howa rd Te v i ?
Alfred E Marling
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.
? ? r. P Nash
JOHN C VEDDER, ?nst Becy
ALGERNON J PURDY. Aaat Secy
WILLIAM I: AUSTIN. Asst Becy.
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?
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- ?
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
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
St. Louis.Business good; industries
active; crops excellent; labor condi?
tions nearirg settlement.
Minneapolis?Business good; crops
excellent; industries active; labor con?
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.
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
State Banks in
Plan Country-Wide Associa?
tion for Protection Against
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
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
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
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.
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 $1,413,008 f<
the year ended December 31 last.
Ordnance Inquiry From U. S. Steel
The ordnance department of tl
United States Steel Corporation h
issued inquiries for upward of fo
hundred machine tools for the ne
Neville Island gun and projectile pla
that is now being built for the gover
ment. The Midvale Steel and Ordnan
Company, which is to build a howitz
plant at Nicetown, Philadelphia,
yet closed on about one hundred a
twenty machine tools and twenty-sev
cranes for which it made inquiry s<
eral weeks ago.
Beiy a min Frankhn says:
"/7 V .,?/': v questions ask for deitbtr
J~\. person is often confronted with
problems of investment?questioni
o?" the management of proper:*.' or
doubts concerning the ciii-position
of his estate.
Any depositor c: the Franklin
Trust Company, may bring such
problems to the c mipany's offiter?
with the assurance that I e will re?
ceive the wise, mature and Kir.d'v
counsel or men who have made
these matters a life sti
We take pride in helping the small
account to gr vi and invite accounts
u: ?1 zu. and over.
Send for our i ? .-*. ?et " Small Aictunti."
4? Wail Street, New Y.irk
166 Montague Street, B
569 F ulton Street, Bro
M K Will HIV a WE WILL SELL
40 Galena Signal Com. ^^ 25 Buckeye P. l_
25 Indiana P. L. 8 50 Prairie 0. t G.
25 Ohio Oil 50 Prairie P. L.
50 Vaci/um Oil ^m 50 S. 0. ot N J.
1-1-2-3-4 -? 5t,, N. T.
Robinson & Co.
26 Exchange Place New York
Members .Vev York Stock ?.x?*anc$.
Bonds for Investment
Harris, Fosbss & Co.
Pine Street, < orner William
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
61 Broadway?New York
Boston Philud-ljilila Buffalo
War Savings Stamps
Metropolitan Trust Co.
.60 Wail S?. 716 Fifth At..
UNITED FRUIT COMPANY
DIVIDEND NO. 78
A quarterly dividend it wo per
(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.
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*
i: LANG, S?cr?tai*
FINANCIAL MEETINGS ?
of M idei . ? ',Vl r1"' ,9,j,
'? 7 * W to IB
pofUioo vo l#
?50.000, - hare.
Dated, N V . .! 1 " ,,..*
JOSEPH SUROWIKC. >'reaia?
JOSEPH KOPROW. Secret*?.
MAXWEU. LUSTIG, Couaael.
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