New-York tribune. [volume], July 20, 1918, Page 10, Image 10

About New-York tribune. [volume] (New York [N.Y.]) 1866-1924

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Wealth Markets and Co
erce
Finance - Economies
WALL STREET OFFICE: Telophonr:
Mills Building, 15 Broad St. Hanover 6514
The war news which has stimu-j
lated trading in stocks and caused a i
general advance of prices has not!
disturbed the equanimity of the,
bond market, aside from the foreign
government and municipal issues,
which naturally are more sensitive
to news of this character. Railroad
and other corporate bonds have
moved very little and there has been
no pronounced increase in the vol?
ume of sales. Apparently interest
has centred in speculative rather
than investment issues, though any
development pointing to victory
r.hould react on bonds in much the
same way as on stocks, if in a less
spectacular manner. If the counter
offensive of the Allies should meet
with the great success hoped for, it
is probable that bonds would im
improve along with stocks. Mean?
while, the quiet but steady absorp?
tion of bonds, in evidence for some
time past, continues. The buying of
this sort comes chiefly from invest?
ors who are satisfied with the yields
now obtainable and who prefer to
buy at once rather than to defer
action on the chance that prices will
go still lower. They are getting
bonds at what ordinarily would be
considered bargain prices. One
house presents a list of fifteen rail?
road bonds, legal for savings banks
in New York, which at present prices
yield an average of 5.45 per cent.
A list of fifteen industrial bonds
shows an average return of 5.55 per
cent.
While the movement toward
greater economy is not so well de?
fined as it should be, reports from,
various sources indicate that a good
many people are less careless in
their expenditures than they were
a few months ago. The thrift cam?
paign is at least partially successful.
Yet there does not seem to be any
important shrinkage in trade. Wit?
ness the latest statement of Brad
streets on this subject: "Retail
trade," says this commercial agency,
"is quieter than for some weeks
past, but even at that loses nothing
in comparison with the volume of
business doing at this date in other
years." It is obvious that such re?
ports as this?and it is supported
by similar reports from other agen?
cies, bankers and Reserve agents,
and by the undisputed fact that
large distributors find collections re?
markably easy?could not be made
if a large majority of the people had
heeded the government's appeals for
economy.
What has happened apparently is
that while thousands have patriot?
ically retrenched, other thousands
are spending as they never spent
before. This is especially true in
manufacturing centres, where labor
is fully employed at very high
wages. In such places the demand
for goods is big and insistent and
checked only by the inability of re?
tailers to obtain supplies. Those
who formerly bought most liberally
, of high-grade goods are buying
I cheaper things and less of them, but
their places have been filled by
workers with swollen wages, who
buy freely and demand high-priced
goods?largely, perhaps, because
price is the only test of quality they
have. It is too much to expect that
such spenders can be persuaded to
materially restrict their purchases
merely by preaching thrift. The
orgy of spending must be stopped
in other ways. One effective method
of accomplishing this result would
be the levying of heavy taxes on
consumption, such as Congress now
has under consideration.
Money and Credit
Money ruled firm in the local'market
yesterday. At the Stock Exchange call
loans were maintained at 6 to 6Vs per
cent most of the day, with a moderate
volume of business being clone on this
busis.
Offerings of fixed date funds were
?canty, owing to the present policy of
the banks to restrict the extension of
time commitments. Borrowers con?
tinued to bid 6 per cent for loans of all
dates on both classes of collateral.
Ruling rates for money yesterday,
compared with a year ago, were as
follows:
Yesterday. Year ago.
Percent. Percent.
Call money:
On mixed collateral 6 5'/2
On industrial col't'l 6|/2 6
Time money (mixed collateral):
Sixty days. 534@6 AVz
Ninety days. 6^@6 4^@4%
Four months. 5?4@6 4'/2@4%
Five to six months 5%@6 4?4@5
Commercial Paper.?Brokers report
quiet market, with a small amount of
paper moving at 6 per cent for the
best regular maturities.
Silver.?Bar silver in London was
487?d, unchanged; New York, 99%c,
unchanged; Mexican dollars, 7?e, un?
changed.
Sub-Treasury.?The banks lost $54,
00:5 to the Sub-Treasury yesterday.
x -
Discount Rates.?The following table
gives the current rates of the twelve
Federal Reserve banks on commercial
paper on all periods up to ninety days:
,-Maturity-->
o g o ;;
2 w c S
: sS
? ? ri w
?->?
Poston. 4 434 434
New York.4 4% 4%
Philadelphia.... 4 . 4% 4%
Cleveland. 414 434 434
Richmond. 434 5 5
Atlanta. 4 ? 434 434
Chicago. 4 494 5
St. Louis. 4 4% 434
Minneapolis.... 4 4% 5
Kansas City.... 4"/2 5',4 5^4
Dallas.4 4% 5
San Francisco. . 4 49^ 4%
Rank Acceptances.?Rates were un?
changed yesterday as follows:
Thirty Sixty Ninety
Spot de- days. days. days.
livery: Per cent. Per cent. Per cent.
El i gi bl e
m e m b e r
banks_4ft@4 4ft @4'/4 4ft @4>/4
E 1 is ib ) <?>
non-mem?
ber banks.4l4@4!/8 4%@4ft 4%@4ft
I n e 1 i g i b1 e
bankbil!s.5'?4@434 5'4@434 5</4@4%
For delivery within thirty dajs:
Per cent.
Eligible member .banks .4'/J,
Eligible non-member banks.4%
Ineligible bank bills. 6
Bank Clearings.?Bank clearings in
New York and the other principal cities
yesterday were as follows:
Exchanges. Balances.
New York.$605,531,833 $57,001.931
Chicago . 90,534.974 6,154.408
Boston . 58,652,558 11,708,028
St. Louis . 32,110.027 12,580,897
< Rank Clearings.?Bank exchanges at
I the principal clearing house centres of
I the country this week aggregated $5,
831,138,285, according to R. G. Dun &
Co., a decrease of 0."> per cent compared
with a year ago. Average daily bank
1 clearings for the year to date, com
I pared with the corresponding period of
! 1917, follow:
101S. 1917.
? July.$974,582.000 $970,310,000
| June . 951.834,000 903,833,000
May . 942,078,000 892,272,000
?April . 873,208,000 904,421,000
i 1st Quarter... 867,782,000 827,235,000
London Money Market.?LONDON,
July 19.? Money was steady at 2ri per
cent. Discount rates were: Short and
three months' bills, 3 17-32. Gold pre?
mium at Lisbon remained 130.00.
The Dollat in Forcier? Exchange
The foreign ex hange market was
again unresponsive to the influence of
the favorable war news yesterday, and
no significant changes in the quotations
were registered. Swiss cables fluctu?
ated narrowly, and the general list re?
mained steady. The market was again
relatively devoid of activity.
Closing rates yesterday, compared
with i. week ago, follow:
(Quoted dollars to the pound.*
Weok
Yesterday, ago.
Sterling, demand.$4.75ft $4.7535
Sterling, sixty days-4.72% 4.72%
Sterling, cables. 4.76,'t 4.76ft
Sterling, ninety days... 4.71 % 4.72%
(Quoted unit3 to the dollar.)
Francs, checks .5.7P/4 4.71%
?Francs, cables . 5.69'/4 5.69%
?Lire, checks. 8.80% 8.80%
! Lire, cables . 8.79?/4 8.79'/4
| Swiss, checks . 3.95 3.96i/2
| Swiss, cables. 3.92 3.96
) (Quoted cents to the unit.)
'Guilders, checks.51'/2 .51%
i Guilders, cables.51% .51%
I Rubles, cables.13.00 13.00
I Spain, checks.27.50 27.50
1 Spain, cables.27.65 27.70
I Sweden, checks .35.50 35.50
j Sweden, cables . 35.70 35.70
I Denmark, checks.31.10 31.10
I Denmark, cables.31.30 31.30
j Norway, checks .31.45 31.50
| Norway, cables .31.65 31.70
| Argentina, checks.44% ?45'/8
?Argentina, cables.4434 -45%
Ilud?a, rupees, checks.. .37.60 37.70
?India, rupees, cables.. .37.80 37.90
India, rupees, cables,
Reserve blank rate...35.73 35.73
Below is given the current exchange
value of foreign money in dollars and
cents, together with the intrinsic gold
parity, as calculated by the United
I States Mint:
Current
exchange Intrinsic
value. value.
Pounds, sterling.$4.75% $4.86%
?Francs . 0.17.4 0.19.3
?Guilders . 0.5134 0.40.2
I Rubles . 0.13.25 0.51.2
?Lire, checks. 0.11.37 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
si'.y either that pounds are at a dis
; count or that dollars are at a premium,
| which is owing to the fact that in Eng
I 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.
?-9 ?
State Board Approves Sale
TRENTON, N. J., July 19. -The sale
of the property, rights and franchises
of the Wrightstown Water, Light and
Power Company to the Wrightstown
Utilities Corporation at a present value.
of $2,000 by the issue and transfer of
stock of the Hanover Water Company,
also of Wrightstown, Burlington
County, to tho v.due of $2,000 par value,
was approved by the State Board of
Public Utility Commissioners to-dr.y.
Tho board also approved the sale of
tho property, rights and franchises of
the Wrigh wn Utilities Corporation
to the Hanover Water Company for
$2,500. The board also approved the
issue and s^.le of the following secuii
ties by the Hanover company: $8,000
of its capital stock, of which $2,500 is
to be issued to the Wrightstown Utili?
ties Corporatio:., and the remaining
$5,500 is to be used to reimburse th
treasury for capital expenditures made
or to be made, and $10,000 of its ten
year ? per cent bonds to be issued at not
"less than 90 per cent to reimburse its
treasury for capitul expenditures.
Fail to Agree on
Cotton Surplus
Price or Storage
Spinners and Growers in
Deadlock at End of
Conference
WASHINGTON, July 19.?The door
to negotiations between spinner3 and
cotton growers regarding meaifs of
handling the largo surplus of the sta?
ple which is expected this year has
been closed as a result of tho insist?
ence of the Southern delegates on
price stabilization or nothing, it was
learned to-day. Plans to form a con?
ciliatory committee of ten to work out
a compromise programme have failed.
It became known that the represent?
atives from the cotton growing states
had iron-clad instructions to hold out
for the a/ilablishmont of a cotton cor?
poration, whereby the government
would purchase all the surplus of the
forthcoming crop at a fixed price. The
Southern conferrees made it plain that
they could not join a committee with
i broad powers until they received ad
I vanee assurance that the body would
! be committed to the idea of price
! stabilization.
Moreover, the delegation front be
I low the Mason and Dixon line, it was
I ascertained, withheld approval of the
'? proposal to build a chain of large cot?
ton warehouses partially at the gov?
ernment's expense in New York, Bos?
ton, Providence, Fall River and New
Bedford until such time as the North?
ern interests agreed to its request for
price fixing.
The fact that the Southern delegates
were unauthorized to recede from their
stand was brought out when they de
i clined to join a new committee which
! would represent the divergent ele
! ments in the cotton industry, which
' was suggested as the means of formu
: lating an harmonious plan. There
would have been no difficulty in select
'. ing the personnel of such a committee,
i it was said, but the Northern interests
f declined to agree in advance to price
' stabilization. They pointed out that
! the plan would place an excessively
j large burden on the government and
! would make it suffer from a decline
! in the price of the staple, which is con
1 sidered likely, on account of the ex
! pected surplus, instead of the private
| interests who deal in cotton.
As matters now stand, a deadlock
i has been reached. Delegates who op?
posed the proposal to stabilize prices
said nothing could be done until the
Southerners returned home and ex?
plained to the people they represent
that they couid not force their vicw
| point on the others. "Nature will have
to take its course," was the way on?
I delegate answered a query as to what
l the next development was likely to be.
W. P. G. Harding, governor of the
I Federal Reserve Board, would have
I been asked to name the members of the
proposed committee of ten if the va
I rious groups agreed to the formation
| of it. It is understood, however, that
: Mr. Harding suggested that he believed
the War Industries Board, rather than
the Federal Reserve Board, ought to
perform that task.
Cotton Pay in Advance
Foreign Buyers Urged to Help
American Growers
The Cotton States Official Advisory
j Marketing Board, in a statement given
[ out here yesterday, urged the neces
I sity of requiring foreign buyers of
cotton to pay in advance to aid the
' growers to finance their operations.
\ A plea was also made to the govern
j ment for more ships and better rail
| road facilities to carry the next, cot
i ton crop. The board asserts that the
' cost of producing the 1917 cotton crop
I v.-as at least 30 cents a pound.
"We regret," the statement says,
; "that there appears to be a feeling of
! pessimism on the part of some of our
| Southern people with regard to our
j being able to handle successfully the
| maturing cotton crop.
i "We desire to call the attention of
i the public to the fact that the amount
of cotton which will have to be carried
I over from the old crop into the new
will not be as large as it has been many
i times in the recent past. According to
the best authorities, the carry-over of
I American cotton in thi3 country will
| be 3,381,000 bales and in Europe 900,
000 bales, a total of 4,231,000 bales.
This is 3,499,000 bales less than was
carried over in 1915, 775,000 bales less
! than in 1916 and only 331,000 bales
! more than in 1917."
Cotton Commission Rate Stands
Proposed amendments to the New
York Cotton Exchange by-laws affect?
ing the rates of commission were de?
feated by a vote of the members yes- j
terday. The present rate of $20 for
buying and selling 100 bales, which i
now applies to non-members, will I
stand. i
China Borrowing
Depends Upon
U. S. Attitude
State Department Opposed to
American Loan Until Op?
tions Are Abrogated
Washington reports to the effect that
this government has agreed to A loan
to China by American bankers, provid?
ed all existing Chinese loans were can?
celled, were declared to be misleading
by bankers here who have taken part
? in the negotiations with the State Dc
| partment.
"What was probably meant," said a
I banker yesterday, "was that the United
! States government desires that all ex
! isting options on future borrowings by
China must be abrogated before a new
loan financed by American bankers will
be undertaken with the approval of
j the State Department. I do not think
I there is any intention of cancelling
j loans already made to the present Chi
I nese government, except what might be
? arranged in a refunding operation."
Although the details of a loan to
j China are yet to be worked out, it is
| expected that the actual funds will be
j forwarded by the United States and
? Japan with the signatory approval of
i France and Great Britain. The Ameri?
can end of the transaction is under
the direct supervision of banking
groups from New York, Chicago and
Boston.
In the New York group are J. P.
Morgan & Go., Kuhn, Loeb & Co., the
! First National Bank, the National City
'. Bank, the Chase National Bank, the
Guaranty Trust Company and the Na?
tional City Company. Lee, Higginson
, & Co. will look after the Boston and
New England end and the Continental
and Commercial Savings and Trust
Companv. of Chicago, represents tho
Middle West.
Although S50.000.000 has been men?
tioned as the amount of the loan, this,
? according to bankers, has not been deft
I nitely decided.
Relevant Comment
Large Reservoir of Capital
Ready absorption of new security
issues by investors indicates, according.
. to the bankers, that there remains a
large reservoir of capital waiting to be
tapped despite the heavy borrowings
, of the government. The issue of $10,
; 000,000 of five-year 7 per cent notes of
j the Ctuiahy Packing Company, offered
j early yesterday by Lee, Higginson ?
; Co. on a yield basis of slightly better
i than IVi per cent, were all sold by
| night.
-
Investors Buy Rail Shares
Investment buying is said to have
| appeared in a number of railroad
I shares i:i recent days. On Thursday
i there was cash buying of Union Pa
j cific. Yesterday Pennsylvania RaH
road stock was unusually prominent in
I the dealings. Trading in that issue
| aggregated a turnover of 3,500 shares
with a price range of 44 to 43%.
AVar News Affects Paris Notes
City of Paris 6 per cent notes, which
were so strong on Thursday following
the news of the successful Franco
American counter offensive, advanced
still further yesterday. Thev opened
at 89, up 3% points. On subsequent
sales a price of 89% was established,
but the bonds sold off later to 87, clos?
ing at 87%, compared with 85% the
day before. Anglo-French 5 per cent
I bonds were firm.
3,000 Freight Cars for France
Government orders for railroad
j equipment to be used a3 an aid to win
I ning the war continue to be announced.
One of the latest is a contract for 3,000
freight cars awarded the Haskell &
Barber Car Company for shipment to
France. The 7,000 tons of steel re?
quired to complete the order have been
placed with mills in the Chicago dis?
trict.
Sloss-Sheffield's Earnings
With declaration by Sloss-Sheffield
directors yesterday of the regular
quarterly dividend on the common
stock, it was announced that the com?
pany for the first five months of the
current year earned $2,300,000, or at
an annual rate of $51 a share on the
junior shares after preferred dividends
and taxes figured under the present
law. April and May revenue were
somewhat higher than those of the
first three months, which averaged
slightly more than $400,000 a month
i .''S- c,xrpec,ted, that earn'"fCS for the.
last half of the year will be smaller,
because r*f ascending labor and freight]
costs. b
Trustee Files Accounting
NEWARK, N. J., July 19, -The Fidel- !
i y 1 rust Company, as trustee of the I
Daily Advertising Publishing Company
to-day tiled an accounting with Vice
Chancellor Lane, showing $217 84120
on hand to meet $662,827.98 in proved
claims.
Significant Relations
Money and Prices:
Stock of money gold in the country.. $3,043,879,782 $3,08871*1 272
r ii *? il i May 10. 1018 Dre^?r?.0,'"
Loans of all national banks. $9,260,041,000 $8 751 679 000
Their surplus reserves. 114,668,000 '973?98L000
Bills discounted and bought by Fed- r aM _ k
eral Reserve Banks. $1,378,346,000 $335 jboO?O
Federal Reserve notes in circulation.. 1,813.425,000 532508 000
Total gold reserve. 1,960,052,000 1,353.371,000
Average price of fifty stocks. V?'. 12 * ^ 78.33'?"' A *'8624
Average price of twenty-five bonds... 84.53 84.53 9115
Food cost of living (Annalist index Lut week The week befo?
number) . 282.168 281J217 265.614
General commodity price level (Dun's June, ,.
index number) . 224.843 220*665 ^?S?f?
Production:
Unfilled U. S. Steel orders, tons. 8?918.866 8,337,623 1L383 287
May
Pig iron (daily average), tons. 110,793 11U175 "109002
Wheat crop, bushels. '9'8 ?1 [A The 191 r crip.
,, . Uli . 9oi.UuO.CC0 oso pon nnn
Oat crop, bushels. iwnnnnnnn oou,o?o,000
_ . . ' , . I ,OU0,000,000 1 r.o-r ope nnn
Cotton, bales. 1K ,??.? i.-W,?86,000
_. .. .. 1o,o25,000 11,300,254
Distribution:
? Increase or decrraae from year ticfore
M roadj '---;??123 road*
Fourth week Month of "" jan 1 to'
Gross railroad earnings.+16.T% +1o?S% "&%
Bank clearings .Lui w^;, We*gb ffi K" to ?u 1,
General: '"
. .. June. May. A year aio
Active cotton spindles. 33,720,413 33.720.555 33,447,037
Commercial failures (Dun's):
??"S?'. ,U8?4 880 /T"ir,*|8
Labilities.$10,606.741 $13,134,672 $18.055,153
Building permits (Bradstreet s) : ,.,r ,,, s j ? 191
(137 cities) .$38,837,542 $53**853^817
?Less than one-tenth of 1 per cent.
NEW ISSUE
$10,000,000
The Cudahy Packing Company
Five-Year 7% Sinking Fund Gold Notes
Dated July 15, 1918 Due July 15, 1923
Callable cither as a whole or in part for sinking fund at 101 and accrued interest.
Interest payable without deduction for any Federal Income Tax, now or hereafter deductible at the source, not in excess of 2%.
CAPITALIZATION
(Upon Completion of Present Financing)
Authorized Outstanding
First Mortgage 5% Sinking Fund Bonds, due Dec. 1, 1946 $12,000,000 $8,747,800
1% Sinking Fund Notes, due July 15, 1923, (this issue), 10,000,000 10,000,000
6% Preferred Stock, ??,000,000 2,000,000
7% Preferred Stock, 6,550,500 6,550,500
Common Stock, 11,449,500 1],?9,500
The Cudahy Packing Company, originally organized in 1887, is one of the largest packing; house
concerns in the country, having plants in South Omaha, Kansas City, Sioux City, Wichita, Memphis, East
Chicago, Ind., Salt Lake City, and Los Angeles, and distributing branch houses in 97 of the principal cities
of the United States. The business has been successfully and profitably operated for 30 years.
While any of these Notes are outstanding the Company will not issue, guarantee or endorse
any other bonds, debentures, long-time notes or similar securities, except for the
acquisition of additional property and except "purchase money" obligations.
The Company agrees to maintain net quick assets equal to at least 200 per cent, of these
Notes outstanding, and further agrees that during the life of these Notes its total
quick assets shall always be at least 1 V2 times its total current liabili*'*1?-?all as
carefully defined in the Trust Agreement.
"Net quick assets" (working capital) are more than $31,300,000, or more than 3 times
the anfount of these 5-year Notes.
"Fixed assets" (real estate, plants and equipment) are valued at more than $13,900,000
on an ultra-conservative basis, making total net assets (after deducting all liabilities
except funded debt) more than $45,000,000, or 2.4 times the $18,747,300 total
funded debt, including this issue. These assets do not include any valuation for
patents, brands, trade marks or good will.
Net profits before deducting interest charges for the fiscal year ended October 27, 1917,
were $5,979,753, or 3.8 times the $1,549,223 interest charges for that year. This
is after deducting a reserve of $1,090,000 for Federal income and excess profits
taxes, and $766,000 for depreciation.
Average net profits as above stated for last three fiscal years,-were 3.3 times all interest
charges.
Indicated net profits for current fiscal year equal those of 1917.
Annual sinking fund of 15% of the total Notes issued (first payment on or before July 15,
1919) will retire at least $1,500,000 of these Notes in each of the years 1919,
1920, 1921 and 1922, thus paying off at least $6,000,000, or 60% of the entire
?issue, before maturity.
Regular dividends on the preferred stocks and 7% per annum on the common stock are
now being paid.
The business has shown steady growth:
Gross Sales, 1913, $104,408,78?
1914, 109,121,44 S
1915, 116,162,156
1916, 133,960,986
1917, 184,811,000
WE RECOMMEND THESE NOTES FOR INVESTMENT
Price 98 and accrued interest, yielding about 7Vz%
LEE, HIGGINSON & CO. THE NATIONAL CITY COMPANY
ILLINOIS TRUST & SAVINGS BANK THE MERCHANTS LOAN & TRUST CO.
'?fussed by the Capital Issues Committee as not incompatible with the national interest
but without approval of legality, validity, worth or security. Opinion No. A.953."
'Industrial Output
Is Nearing Capacity
?"Dun's Review" Finds Short?
age of Material and Labor
Having Effect
I Production in essential industries is
: fast approaching capacity, according to
observers of trade conditions, and is
limited chiefly by a shortage of labor
and difficulty in receiving supplies of
raw material. In its survey of the i
week "Dun's Review" emphasizes the
great activity in all industrial centres.
"While the factors governing general
business are each week assuming new
and novel phases," says "Dun's Re?
view, "there is a noteworthy measure
of stability and confidence in leading |
trades and industries, and securities i
markets have made prompt and em- j
phatic response to the gratifying devel?
opments in the war zone. The whole j
commercial and financial situation, ul
though by no means devoid of uncer?
tainties and inconveniences, is much
more favorable than might have been
expected in view of the revolutionary
changes encountered, and the various
economic problems and obstacles are
being overcome wjth a minimum of dis?
turbance."
In sketching the same conditions
"Bradstreet's" says: "Industry is ac?
tive beyond all precedent for midsum?
mer, and a favorable feature this week
is the consensus of reports that fuel
supplies have begun to gain relatively
on demand, whereas the contrary has
been the case hitherto. Larger sup?
plies of coal are reported reaching
N'ew England, receipts at the head of
the lakes are larger and the St. Louis
district reports production at its max?
imum, but Chicago reports that slow?
ness of anthracite movement will throw
an additional burden on bituminous
production. Iron and steel mills aro as
close to capacity as the labor supply
will allow, and a sensible revision of
the draft rules to allow coal miners ex?
emption is reported possible."
Fair Terms to Public
P. S. Commission Hears Bank?
ers on Note Prices
James Speyer and Jacob Schiff, at the
final hearing yesterday before the Pub?
lic Service Commission over the appli?
cation of the Interborough Rapid
Transit Company to issue $39,476,000
three-year 7 per cent notes, state?! that
the proposal io issue the notes at 95%
to the bankers and at 98ft or 98^3 to
the public was a fair one under present
money market conditions.
When usked his opinion regarding a
f provision for converting the notes into
| first mortgage 5 per cent bonds at 87V2,
Mr. Schiff said that the success of such
a plan would depend on the condition
of the bond market at the end of three
years. He also stated the duration of the
war would also bu an important factor
in determining the feasibility of the
proposal. Asked if the conversion feat?
ure was desirable under existing con?
ditions, he said :
"Everything is of value. You must
offer to-day every possible inducement
tv the investor."
N. Y. Leads in Capita Debt
Amounts to $176.22 for Each
Inhabitant
WASHINGTON, July 19,?American
cities spent more during 1917 than
they raised by taxation and other
forms of revenue. Director Sam L.
Rogers, of the Bureau of Census,
states, in a report covering the 219
cities having more than 30,000 popula?
tion. In 129 cities the excess of ex?
penditures over revenues amounted to
SC9,461,352, or $3.90 per capita. In 90
cities revenues exceeded expenditures
by $26,976,929, or $1.75 per capita.
Net indebtedness of the 219 cities
aggregated $2,587,882.007, an average
of S77.78 for each inhabitant. New
York has the largest per capita net in?
debtedness, S176.22 per inhabitant.
Philadelphia is next in total net in?
debtedness, but ranks low as to per
capita indebtedness, with an average ?
of S70.?7. St. Louis and Chicago have |
low per capita indebtedness, $25.07 and
$28.70, respectively.
Confer on Plea to Abolish
Export Bilis of Lading
(Special DLipatch to The Tribune)
CHICAGO, July 19.- Tbc Bureau of I
Foreign ami Domestic Commerce has
arranged a meeting here between hank?
ers and shippers located in the West?
ern and Middle Western states to con?
sider and report on th? proposal to
abolish export bills of lading from Chi?
cago. The railroad administration has
asked for a report on the question.
Chicago Expects to Take !
$100,000,000 in Certificates
(Special Dispatch to The Tribune)
CHICAGO, July 19. The time during
which subscriptions will be received in
the leventh Federal Reserve District
tor the latest issue of Treasury certifi?
cates of indebtedness has been ex?
tended a few days. Subscriptions for
?3,000,000 were entered y es te Way. The
total will probably reach $100,1)00,000.
Dividends
Extra
Ludlow Manufacturing Company. -
i An extra dividend of $1, in addition to
| the regular quarterly dividend of
$1.50. Both dividends are payable Sep?
tember 1 to stock of record August 1.
J. G. Brill Company.?Regular quar?
terly dividend of 1 per cent und 1 per
cent additional on account of accumu?
lated dividends, payable August 1 to
stockholders of record July 23.
Regular Declarations
Sloss-Sheflield Steel and Iron Com?
pany.?Regular quarterly dividend of
I]2 per cent on the common stock. The
dividend is payable August 1? to stock
of record August 1.
Dominion Bridge Company.?Regu?
lar quarterly dividend of 2 per cent,
payable August 15 to stock of record
July 31.
Hamilton Manufacturing Company.?
Regular quarterly dividend of ?-2.50 a
share, payable August 15 to stock of
record August 5.
Nash Motors Company. -Regular
quarterly dividend of $1.75 on the pre?
ferred stock, payable August 14 to
stock of record July 20.
Pullman Company. -Regular quar-i
terly dividend of S2 a share, payable
August 15 to stock of record July 31.
Texas Power and Light Company.? ?
Regular quarterly dividend of 1% per
cent on the preferred stock, payable !
August I to stock of record July 20.
Other Declarations
Trenton Potteries Company. The
Trenton Potteries Company declared
a dividend of 1 per cent on the pre
ferred stock, payable July 25 to stock
of record July 18.
Bourne Mills Corporation. The
Bourne Mills Corporation declared a
dividend of 8 per cent, payable August
1 to stock of record July 17.
War Wool Work Increases
BOSTON, July 19. "The Commer?
cial Bulletin" will say to-morrow:
"The valuers under the government
plan are getting well under way on
the nev wool clip valuations and ship?
ments to the mills are increasing. The
new clip is coming forward from the
West in record time. A substantial
increase in the quantity of machinery
; engaged on government orders is re?
vealed by the July 1 returns of tin
National Association of Wool Manu
! facturers.
Pacific Tungsten Co.
Daily shipments are more
than 40 tons of $50 ore.
Circular on Request
J, Robinson-Duff & Co.
Members New York Stock Exchana?
Tel. 8700 Bowling Green?61 Bro?dw?y
r
y Buy
! War Savings Stamps
1 Metropolitan Trust Co.
160 Wall St. 716 Fifti Av..
n
News Digest
Foreign
London Market Cheerful. -LONDON,
July 19.?The stock market to-day, re?
sponding to the excellent war news and
the rise in New York yesterday, dis?
played increased cheerfulness and con?
fidence. Allied bonds, especially Irish.
Freneh and Colonial, were marked
higher, and the leading oils, shippil**1
and Peruvians were prominent. Hoina
rails were assisted by increased divi?
nen.Is, while Marconi and armament
shares were the best of the industrials*
Money was scarcer, necessitating bor
rowing from the Hank of England. Dis?
count rates were steady.
Paris Market Active.?PARIS. July
19.?Trading was active on the Bourse
to-day. Three per cent rentes sold ??
61 francs 80 centimes for cash. -*-*'
change on London was 27 francs W
centimes. Five per cent loan brought
88 francs 55 centimes.
Two Appointed Receivers
TRENTON, N. J.. July 19. Former
Governor James F. Fielder, of J^,rseJ
City, and N iwman Erb, of New i^"'
were to-day appointed Federal re<-*lVj
era of the British-American Chemie?
Company, Inc.. a New York corport
tion with a manufacturing ria,ntct*
Ridgetield Park, X. J. Embrey W.8?
phenson. of Ridgefield Park, wtt?
claims of more than $3,00;i for *??"???
applied for receivers.