New-York tribune. [volume], November 13, 1918, Page 10, Image 10

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

Image provided by: Library of Congress, Washington, DC

                
Wealth Markets and Commerce
PURCHASING POWER
OF MONEY
When the world is again following j
its peaceful pursuits the purchasing '.
power of money should be much I
greater than today. The man who !
will profit by tliis unusual condi
tlon is the man who invests now in '
well secured long-term bonds. By !
investing in bonds of this character,
i he not only would receive over a
1 long period of years the unusually
high return they now yield, but the !
purchasing power of his income '
I would he materially increased as'
i commodity prices gradually de
| oline. Let us suggest to yen some
long-term bonds.
Write for List No. 602
? "Well Secured Long-Term Bonds"
Spencer Trask & Co.
25 Broad Street, New York
ALBANY BOSTON CHICAGO
Mf-nabers Nrw York Stock Exchange
POST-WAR
VALUES :
We have issued a
Special Bulletin in
which the more active
and representative se?
curities listed on the
New York Stock Ex
change have been clas?
sified into several
groups indicating tlieir
respective relations to?
wards present and tu
ture financial and eco?
nomic conditions. Our
reasons for these classi
fications arc also sel
forth.
Copies of thte buletin will
be .*f>nt frei' upon request
J. S. Bache & Co.
Members Nevo York Stork Exchange
42 Broadway, New York
J. K. Rice, Jr. & Co. Buy & Sell
American Piano Com. & Pfd.
Famous Players'Lasky
Farmers Loan & Trust Stocks
Great Amer. Insurance "Rights"
Guaranty TYuft Stock
Lone Star Gas
Port Lobos Petroleum
Remington Typewriter Stocks
Singer Manufacturing
J.K.Rice,Jr.&Co.
rhotips 4000 to 401H J.hn 38 \\ all St., N. Y.
Odd Lots
Write Dept. 10
AjSHOLM &(haPMAN
HIMQtttl HfW VOU? STOCK tXCHANft
MiMii? il? vor? tcT'ON excM*x?a
ri Broadway. NswYorkCitv ?
161 Wist|2StbSr.N.Y, Ha?,** e?A*r,
ft
WiST|Z5?5t.N.Y. ?a?hm Branch
N.Bhoaowat Yonk(RS.N.T.
Court Stmit, Brooklyn.N.V,
78R.OAO Strikt, Nkwaiok.N.J
BONDS
HUGHES & DIER
M?mb?r*
Philadelphia Stock Kt.
Chicas? Kosrd or Trail?
v.o [iroad St.. N?w Yura
L<?rect Privat? Wire*
Bonds for Investment
Harris, Forbes & Co.
Pine 8tr*TT. Corner VVUlUkm
NEW YORK
Liggett & Drexel
Utnbers Sew ?orh etock Mxchani?
Conservative Investment?
61 Broadwsj-?New York
BtvtOD Phlla<t??phla Huffalo
Z2JZZ3Z2?m?ZEZZ?ZZ?ZZL
; pj*OH convenient method of
! ?*? purchasing Odd Lots of
\ Stocks, send for Booklet 11-32.
*|frartgborne ? nycafcta
Member* V. Y. Stock Kschange
j 7Wallstreet rrx. <s% rector
Jones Bros. Tea
Singer Manufacturing
Eastern Steel
FREDERIC H. HATCH & CO.
PtMltr Krrtor 8310. 74 Broatlwny, New ?or*
Privai? t?l?BbOD? 'i< Boston.
STANDARD
trVEKLT K *1 ?l?l. BE
CCMMAKY ^T MAIIKU
ON ? TO
WANDARD OIL ? INVESTORS
ISHCE8 L, OW REQUEST
?CARLH.PFCn^HEltV?^w^^a
Ph?ne ?8.0 1 2-M.4 Hro?..| :;S Broad 81.N.T.
?ARRIMAN NATIONAL BANK
Fifth Avenue A Forty-fourth St.
New York
8AKKN? HCUrSTRDM 8 A M. ?Q 8 P. M.
SAFE OCP0S.? VAtlsvTS 8 A.' M. TO MIDNIGHT
Finance - Economies
WALL STREET OFFICE? Ti?epfione
Mills Buildln?, 15 Broad St. Hanover 6514
As has been forecast in these !
columns, Secretary McAdoo now
makes a positive statement that the
capita] needs of the government will
continue on a heavy scale for an in?
definite time to come. The Secre?
tary speaks of "more Liberty
loans," with the emphasis on the
plural. At the same time Mr.
Hoover makes the prediction that
the needs of Europe will require ;
(ven greater exports of food the ?
coming year than the present year. !
This pretty definitely determines ;
first, no easing of the money market :
for at least some time to come, and, ?
secondly, which is more important,,
no considerable cheapening of food i
prices for a much longer time. If,
the needs of Europe should main?
tain food prices high for a year ori
more, that would mean a high de-,
gree of prosperity in what is still ?
our most important single industry!
and the greatest source of the na- j
tion's buying power.
The war has done one unheard1
of thing. It has raised the average;
of prices all over the world by at !
!c ast 100 per cent. Even in far j
Japan prices have arisen by that;
amount, in Russia from 200 to 300
per cent, in France over 200 per
cent, in England about 140 per cent.1
Roughly, then, this means that the
existing amount of gold must cardyj
the burden of at least twice the nor?
mal amount of trade, credits and
exchanges. In many countries there
will unquestionably be a strong de?
mand for gold. This will be evi?
denced in the exchange rates. It i
is clear that those countries in
which inflation has been least will
be in the best position in the world's
markets. There is no great power
better off in this respect than the
United States. This fact: cannot
I nit have a largo effect upon the
course of prices in this country.
In South American countries,
where heavy issues of paper money
brought about a prolonged fall in
(be value of the currency, the paper
dollars were eventually established
at an arbitrary price, 40 cents in
one country, 20 cents in another
and so on. It will be interesting to
watch the fate of the vast paper
currencies of Germany, Russia,
France and other countries-.
Not the least of the paradoxes
that might ensue from prolonged
social disturbance in Europe, such
as a Socialistic government in Ger?
many might introduce, would be th<;
resumption of heavy foreign invest?
ments in the United States. Some
of the estimated three billions of
our securities held abroad, which
were brought back here, might again
go abroad. European investment
has been notably augmented in the
last few months. Investors on the
other side might regard our securi?
ties as now very cheap.
The financial world cannot, real?
ize what the creation of a hundred
and fifty billions of new govern?
mental securities must mean. That,
sum must exceed the total volume
or market value of all the stocks,
bonds and debentures of all the
countries of Europe in 1914. Even
in the United States the existing
'. volume of li*14 has probably been
augmented by more than one-half.
These securities have been dis?
tributed no tmerely in this coun?
try, but in every country as securi?
ties were never distributed before.
In the United States probably more
than one-third of all the families in
the country are now holders of Lib
t erty bonds. The gross total of sub
! scriptions would suggest even a
higher proportion. And the same
is true of every country in Europe
which was at war. The effect of
this upon the threat of repudiation
must be considerable.
Money and Credit
Call money was in supply fully ade?
quate to the restricted demand yester?
day and rates were 6 per cent on mixed
collateral and 6** per cent on indus?
trial collateral. No new time money
was offered.
Ruling rates for money yesterday.
j compared with a year ago. were as
? follows:
Yesterday. Year ago.
Percent. Per cut.
? Call money:
On mixed collateral 6 4
On industrial cTt'l. 6'/2 ?
? Time money (mixed col lateral 1 :
Sixty days. 6 6V4@5'/a
Ninety days. 6 6'/4@5!/2
Four months. 6 5V'2@53/4
Five to six months. 6 5!4@5%
Commercial Paper.?Discounting is
I going on moderately at 6 per cent f:)r
: all maturities. The local uemand is
i small, with country banks the principal
1 buyers.
Bank Clearings.-- Bank clearings Yes?
terday in New York and other cities
we re :
Exchanges. Balances.
, Now York_$363,307,293 $44,489,859
Philadelphia.. 51,838,190 10,399,895
Sub-Treasury. The banks lost $570,
000 to the Sub-Treasury yesterday.
Discount Rates.?The following table
give.? tho current rates of the twelvu
Federal Reserve banx? on commercial
paper for all periods up to ninety days:
-Maturity
86 Ig gS |c
*F?3 Sg ig
ir?s :| if!
i gga : ?' : ?
Boston .V 434 434
New York .4 4% 4%
Philadelphia .. . 4 4% 434
Cleveland . 4'/4 4% 434
Richmond. 43.4 5 5
Atlanta . 4 4% 434
Chicago . 4 434 43/4
it. Louis . 4 434 434
Minneapolis .... 4 4% 5
Kansas Citv ... 4'/2 5*4 5'/4
Pallas . 4 434 6
San Francisco. .4 5 5
The Federal Reserve Bank of New
York has put in force the following
schedule of rcd.scount rates which ap?
ply to bankers' acceptances: Maturities
up to 15 days, 4 per cent; 16 to Co
day?, incisive, 4 *-i per cent; 61 to 90
days, inclusive, 4V? per cent.
Rank Acceptances.?The bank accept-:
nnce market yesterday was without
feature, with rates unchanged.
Thirty Sixty Ninety
Spot de- days. day;:. days,
livery: Per cent.Per cent,Per cent.
E M g i b 1 e
m e m ber
banks....4!4@4i,"? 4%@4J4 4%@4A
Eligible
nor.-mem
ber banks.4%@4^ 4-5B(?>4A 4'/2@4%
Ineligible
bank bills.5'/2@5 5'/2@5 5'/2@5
Ver delivery within thirty days:
Per cent.
Eligible member banks.?>Vz
Eligible non-member banks.4^a
Ineligible bank bills. 6
Silver.?Loniiron. 49%d, unchanged:
New York, 101 l?c unchanged; Mexican
dollars, 77%c, unchanged.
The Dollar in Foreign Exchange
The movement of rates yesterday in
the foreign exchange market clearly
bore out the prediction of bankers that
quotations on Allied countries would
rise toward par and those on neutral
countries would decline to the normal
when peace came. Sterling, francs and
lire bills were strong and ail the neu?
tral exchanges were weak. The rates
on France yesterday were the most fa?
vorable to that country that have been
quoted in tlii^ market since ?915. The
machinery cf foreign exchange is being
clogge'd by the delay in the transmis?
sion of cables resulting front the heavy
u ;e of the cables by the government.
Closing rates yesterday, compared
with a week ago, follow:
Q 'ited dollars to the pound.)
Week
Yesterday. ago,
Sterling, demand .$4.76 $4.7575
Sterling, sixty days , . . 4.73' ? 4.72"*8
Sterling, cables. 4.7675 1.7675
Sterling, ninety days .. 4.7i '/. 4,71,/2
'Quoted units to the dollar.)
Francs, checks.5.37^^ 5.46'/2
Francs, cables. 5.37 5.45J/2
Lire, checks .6.33 6.36
Lire, cables . 6 52 6.3454
Swiss, cheeks . 5.06 6.03
Swiss, cables . 5.04 5.01
i (Quoted cents to the unit.)
, Guilders, checks.41>4 41%
Guilders, cables.41| > 42' ?
'Rubles, cables , - 13.00 13.00
Spain, checks .19.75 20.15
Spain, cables .19.85 20.25
Sweden, checks .27.60 27.30
Sweden, cables.27.80 28.00
Denmark, check.- .26.60 26.80
Denmark, cables .26.80 27.00
I Norway, checks.27,00 27.30
Norwaj , cables .27.20 27.50
Argentina, checks .44% 45
Argentina, cable; .447lS 451 H
Jnd;:i, rupees, checks, .349a 35.60
1 India, rupees, cables . .. 34' -:, 35.75
India, rupees, cables,
Reserve Bank rate. . 35.78 35.73
j ""Nomina!.
Below is given tin current exchange
! value of foreign money in dollars and
cents, together with the intrinsic gob!
parity, as calculated by the United
. States Mint:
Current
I exchange Tn11 insic
va'uc. va'ue.
Pounds, st< rling .$4.7595 $4.863a
Francs . 0.17.8 0.19.3
Guilders. 0.41! 2 0.40.2
Rubles . C.13 0.51.2
Lire, checks. 0.13.33 0.19.3
l Crowns "Denmark) ... C.29.05 0.26.8
Crowns [Sweden) . 0.3L75 0.26.8
The above rates express the cost oi
foreign monej in terms of the Amer?
ican dollar. You buv an Enerlish pound
sterling, say, at ?4.709?. The intrinsic
parity is -Vt.N'i-, per pouro,. ilia .sou
say cither that pounds are at -'? dis?
count or that dollars are at a premium,
1 which is owing to the fact that in Eng?
land the dementi for dollars with which
to settle accounts in this country i^
greater than the demand in this conn
try for pounds with which to settlt; ac?
counts in England.
Copper Earnings
Better Than Year Ago
Three porphyry copper companies re?
porting yesterday their earnings for
the quarter ended September 30 showed
. substantial increases over the corre
! spending period of 1917. but decreases
' when contrasted with the revenues of
the Juno quarter.
The Utah Copper Company reported
?total profits of $5 310,011. This com?
pared with profits of $6,493,377, equal
to $4 ?i .--liare, in the preceding quarter
and $2,834,225, or $1.7-1 a share, earned
in the September, 1917, quarter, For
1 lie nine months of the current year
the company's profits were $15,614.052,
equivalent to $9.61 a share, compared
with $12.70 a share in the first nine
months of 1917.
The Chino Copper Company in the
September quarter earned total profits
I of $1,035.749, compared with $1,044 524
a year ago and $1,916,513 in the June
' quarter. For the nine months the com?
pany had profits of $4,073.516, equiva?
lent to $4.68 a -hare on the stock, con
I trusted with $9,02 a share earned in the
1 corresponding period of 1917.
I'rotits after Federal taxes as re
i ported by the Ray Consolidated Copper
I Company for the throe .lonths ended
j September 80 were $883,348, equal to
56 cents a share on 1.577,179 shares of
stock, contrasted "with a surplus equal
, to 43 cents a share earned in the cor
j responding period of 1917 and $1.43 a
share earned in the June quarter. For
the nine months ended with September
80 last the profits were equivalent to
$2.69 a share, contrasted1 with $1.96 a
share in the first nine months of 1917,
Gary Foresees
America's Greatest
Era of Prosperity
But Warns of Perils and \
Dangers of Readjust?
ment Period
"For the long future we have reason '?
to believe that the country will be more
progressive and more prosperous than
ever before,'' was the way in which ;
Judge Elbert H. Gary, chairman o' the
United Statas Steel Corporation, yes- i
terday summed up the post-bellum
business outlook. He stressed, how- :
ever, the possibility that the war with
its cost in men and dollars may bring ?
temporary periods of reaction and re- '
adjustments wtih possible economic
demoralization. Against these, he ;
warned, we must be on our guard.
Asked to give his opinion as to the
character 'if the peace terms, he de- j
clared that they should establish equal
protection and opportunity for all. Of i
the economic questions which must be j
faced in the very near future, he said j
the underlying factors will be the i
procuring of food, clothing and shelter '?
for those who have suffered most. Only i
after the people throughout the world i
receive these will they be willing to
consider other matters, he added. Con?
tinuing on the subject of future busi?
ness. Judge Gary said:
''It is probable that after the dec?
laration of peace, when it becomes
evident that purchases or deliveries
for military purposes are reduced in
volume, there will be more or less in?
terruption m the conduct of general
business. Therefore, it is imperative
that we exercise prudence, delibera- ;
tion and courage. .Much depends upon
the attitude and the speech of men. It
is easy to precipitate a feeling of de- |
moralization, and no more difficult to
develop a sentiment of confidence and ;
serenity. |
Prosperity Should Continue
? "I here will be a normal and certain j
volume of business. This should not ;
be increased by unreasonable or un- i
fair means. There will remain the ;
usual avenues, methods and opportuni?
ties for securing and transacting busi- :
ness with old customers and acquaint?
ances. Any soasmodic effort to divert :
or interfere with the natural progress,
or to secure more than a proper share, j
will, as a total n : res ult, imped'' ?
rather than -accelerate prosperity. We
must all trim our sails in accordance!
with the drift und amount of business.
I i all business men recognize condi?
tions and conduct their different lines,
so as to adjust the question.- of supply
and demand on a legimitate basis, all |
will be benefited and may look forward
with confidence. Upon a careful survey
oi the situation it will be found there
are many reasons for believing pros
perity in this country should be con
i inued.
"The I uited States is the richest of
all countries. It possesses one-third
or more of the total wealth of the
world. It lias become the leader of
finance, and in this respect may proper- j
ly exercise ;? commanding influence.
Its natural resources are immense and j
are susceptible of increasing develop
irfent, [f industry is protected and
.fostered in accordance with its merit j
'he war burd ?n surely, even though
gradually, will be lifted. Wo shall be |
i creditor nation with a large interest
income, more virile, more progressive,
j more successful, wiser and better than
ever be'fore.
"And judging the future by the ex
i periertce of the last few years, there
, will br a disposition, on the part, of
? those in authority? to assist rather
; than to attack business effiort. There
i will be study, reflection, friendly I
concern shown in relation to the needs
and requests of enterprise and invest- |
I ment. Legislation and administration!
I will be Pounded on ascertained condi
j tions, deficiencies and requirements.!
Both cap.tal and labor will be protected
and rewarded. 'Employers will lead'
? in the effort to promote the welfare of
; their workmen,
'Cooperation will be seen on every
j hand. Capital and labor will continue
to cooperate with governmental ad- '
ministration, and the latter w;ll rrcip- I
rocate in every practical and proper ]
manner. This spirit has bei n exh bited j
in a marked decree in this country and j
bv other countries during the last four:
years, and its benefits have been de?
monstrated so clearly that they will
not permit a return to the methods of
di structivc competition.
Large Businesses Probable
"As to the volume of business to be j
offered i'.urintr the next few months or j
years, no one can accurately predict, ;
but there are reasons to suppose it !
will be large.
"The government will continue to :
be a large purchaser at reasonable|
nrices for the finishing of incompleted ?
projects and others contemplated fo. !
changes wnich will be incidental to -
peace basis. In this connection it will
he observed that the War Industries
Hoard and other governmental depart?
ments are already considering methods
lor assisting in the readjustment 01
business without serious disturoances ,
or injury to.general conditions.
?'Besiues, there has been in all unes j
of trade with which tno government |
has not been specially interested an
accumulation of orders, which to a ?
large degree, at least, will be placed so j
soon as the supply may justify. And
in order to refill empty warehouses
throughout the country large quanti?
ties of finished materials will be re- ?
quired.
"Moreover, in non-producing coun?
tries it has been impossible to supply
their necessities on account of the war
requirements, and these will commence
to buy as soon as it is practicable, so
that a large increase in exportations
may be expected.
"Extensions and new construction,
which have been necessarily post?
poned for lack of material, will be
taken up.
"And with all this is connected the
thought that as a net result of the
war the volume of cash and cash re?
sources has been increased in a
marked degree and will be expended I
for purposes of expansion and devel?
opment in th?3 rich and growine coun- ?
try. The circulation of money is con- ;
siderably larger than it was at the j
beginning of the war.
Optimism Will Win
"As a general proposition, it is still \
true that the optimist who keeps with j
in the limits of cash or stable cash re- ?
sources will succeed. For the long fu?
ture we have reason to believe that .
the country will be more progressive j
and more prosperous than ever before. I
"It remains for all who have been <
permitted to survive the horrors of
war to enter upon the new era with a.,
united and fraternal spirit and a i
purpose to profit by the experi?neos
of the past and to aid in the establish?
ment of a permanent basis of peace
and prosperity,"
After yesterday's weekly meeting of
the Steel Corporation's finance com?
mittee Judge Gary left for Washing?
ton to attend a meeting of the leaders
in the industry with the War Indus?
tries Board. He said that up to the
present there liad been no cancella?
tions of the corporation's contract?
with tho government.
Relevant Comment
Remington Typewriter Plans
At the request of the holders of a
large percentage of the outstanding
first and second preferred stock of the
Remington Typewriter Company, a
committee has drawn up a pian provid?
ing for a reduction of $4,470,000 in the
present stock and bond liabilities on
the first and second preferred stocks
and for the liquidation of dividends ac?
cumulated to October 1, last. Divi?
dends on the first preferred on that
date amounted to $1,120,000, which the
committee proposes to liquidate, one
half in cash and one-half in 4 Vi per
cent Liberty bonds. Accumulated divi?
dends on the second preferred total
$1,600,000, which it is planned will be
liquidated by delivering to stockhold?
ers voting trust certificates for first
preferred stock to the amount of
$1,000,000, while the balance will be
paid, $300,000 in cash and $300,000 in
4'-i per cent Liberty bonds. The com?
mittee which recommends the adoption
of the pian consists of A. Barton Hep?
burn, C. A- Austin and 1. C. Seamans.
To Restrict Financing Operation?
A banker who was interested in the
organization of the Essential Indus?
tries Finance Corporation, created
especially to aid public utility com?
panies, whose operating costs rose
greatly during the war, ?said yesterday
that in all probability the comprehen?
sive plans originally contemplated will
not. be carried out. He believed com?
panies that woulti have sought aid from
the corporation if the war had contin?
ued will now enter the open market
for funds. The financing company had
an original capitalization of $3,000,000
and ir was said that ultimately this
might reach $20,000,000.
Marine Announcement Delayed
Delay in cable exchanges due to the
congestion between New York and Lon?
don on Monday and yesterday was the
reason assigned for failure of the In?
ternational Mercantile Marine directois
to announce further details of the plan
involving the sale of the company's
British tonnage after a meet.ng yester?
day. P. A. S. Franklin, president,
stated that another meeting would
probably be held later in the week, as
the result of which additional informa?
tion may be made public.
N. Y. Central Loan Extended
The loan of $6.000,000 at 6 per cent
interest which was made to the Xew
York Central Railroad last May by the
Central Union Trust Company, it wa:i
announced yesterday, has been ex?
tended for another six months at the
same rate of interest. At the time the
loan was arranged the railroad admin?
istration stated that the road had not
been able to arrange satisfactory terms
with other bankers.
Significant Relations
Money and Prices:
Stock of money gold In the country $3,079,094,009
, . . June 19. 191.1.
Loans of all national banks. $9,260,402,000
Their surplus, reserves. 152,819.000
Bi'ls discounted and bought by Fed?
eral Reserve Banks .
Federal Reserve notes in circulation
Total gold reserve .
I.ait week.
$?.171.76Q.000
2.558,196,000
2,046,531,000
-_ A year aro.
$3.0?* 390.720
N>?r?t period
proTlous year
$8,818,312,000
841.931.00C
A ?ear ajto.
$691.15^.000
932,512.000
1,573,377.000
Yesterday,
32.98
88.83
Average price of fifty stocks.
Average price of twenty-five bonds..
Food cost of living (Annalist index h
number) . 283.572
General commodity price level (Dun's October i
indes number) . 233.227
Production: o -
Infilled U. S. Steel orders, tons.8,353,293
October.
Pig iron (daily average), tons. 112,482
The dit befora,
84.08
88.68
The week before.
283.380
6epteinber 1.
232.882
3,297,905
September.
113,942
Wheat crop, bushels.
Oat crop, bushels
Corn crop, bushels...
Cotton, bales.
1918 yield. wUmated.
918.920.000
1,535,297,000
2,717,775,000
11,818,000
1 road
Fourt.li wtylt
In OVU'ber
.+23.6%
Distribution:
Gross railroad earnings.
Last week.
Bank clearings. -f 12,8fi
General: .
September SO.
Active cotton ?pindles.33,524,275
Commercial failures (Dun's)t October.
Number . 660
Liabilities .$13.980,306
Building permits (Bradstreefs) : ?^temb,* 19U.
(142 cities) .$32,685,282
Increase or decrease from year befoi
180 roi
A yrni age
67.98
87.19
A y?ar ago
277.100
A year ago
219.679
\ year ago.
9,009.675
A year ago.
10ti. oO
The 1917 cro?
650,828,000
1,587,286,000
3,159,494,000
11,300,254
Month of
August.
+37.1%
Week before.
+ 9.1%
August El.
23,646,811
September.
674
$17/107,130
Tear to daU
+8.1%
A year ago.
33,555,698
A year agw.
1,082
$12,812.012
September. 1917.
$46,959,069
Stock Exchange
Partners Form
Money Committee
"Inequalities" in Present
I Situation Source of
Worry to Brokers
I
New expression was given to the dis- |
satisfaction of many brokers over the !
Stock Exchange ruling that loans be
reduced to the level of September 16.
it was learned yesterday, by the for?
mation of a committee to represent the
members of the Association of Part?
ners of Stock Exchange Firms.
Officially, it was said that the new :
body was chosen to cooperate with the
Money Committee of Bankers ?' the
Committee of Five which the Stock Ex?
chango appointed on November 4 "to
consider the present money situation
with relation to borrowings by mem?
bers and their firms and *o confer with
the loan committee of the banks in re?
gard to the same." Unofficially, it was
reported that the new committee was
organized as a protest against the de?
lay of the previously existing commit?
tees in changing what some critics
maintain are inequities in the present
restrictions on Stock Exchange loans.
The following are members of the
committee just formed: Albert Mc
Clave, of McClave & Co., the president
of the Association of Partners of Stock
Exchange Firms; Sol Wexler, of J. S.
Bache & Co., vice-president of the as?
sociation; James L. Laidlaw, of Laid
law & Co., and John H. Holden, of
Babcock, Rushton & Co.
How the Committees Differ
H. G. S. Noble, president of the Stock
Exchange, is chairman of the Com?
mittee of Five, and his associates are
i Winthrop Burr. H. K. Pomroy, Donald
j G. Geddes and William H. Remick. Al?
though the last two named are mem?
bers of the Association of Partners of
Stock Exchange Firms, it was made
clear yesterday that the Cornmitee of
j Five represents the Stock Exchange as
j such, whereas the new committee rep
j resents the Association solely.
1 In giving voice to their displeasure,
with the ruling making the level of loans
on September 16 the standard to which
present loans must conform several
representative brokers said that they
experienced considerable difficulty in
bringing- their loans to the required
level' although they were receiving
larger margins from their customers
and were keeping their margins on
loans up to :?0 per cent, in ac?
cordance with the money committee's
request, in order that there might be
no "further expansion of credit" ant!
no "undue ?peculation."
Since its appointment the committee
of five, it was authoritatively ascer?
tained last night, has been in steady
touch with the money committee, yet
members say that there has been no
change in the situation. Brokers who
believe the selection of September 16
worked especial hardship on them re?
ceived an opportunity to present the
facts in their case;; before the com?
mittee of five, which holds conferences
daily.
Lid To Be Kept On
From sources close to the money
committee it was learned that the
?signing of the armistice with Ger?
many will probably have no immediate
effect on the restrictive policy of the
money committee and that?in -he par?
lance of the street--the lid will be
kept on. In this connection it was
pointed out that the demands of the
government would continue to tax the
credit capacity of the country for
probably six months at least. By way
of illustration, bankers said that the
government would very likely spend
?1,700,000,000 this month, just as it
had spent about $1,600,000,000 in
October.
Easier Money Expected
I Bankers siso expressed the belief
that, althoagh the credit situation will
probably continue substantially un?
changed for some months, the condi?
tions of the money market would be
somewhat easier. The successful move?
ment of the crops is expected to re?
lease money for other purposes, and
probably nutil February, it is said,
the money narket would bo a trifle
easier, as it normally is toward the
end of the year.
.??
?
?Want Coffee Exchange
To Be Reopened
Alleging that conditions in the cof?
fee trade appear to "be rapidly ap?
proaching a crisis." the board of man?
agers of the New York Coffee ard
Sugar Exchange yesterday sent a te'e
gram to Herbert C. Hoover, of the
food administration, urg'ng that the
exchange be reopened for trading in
coffee.
The telegram stated that "the supply
in this country is nearine; exhau^on,
prices in producing countries are soar?
ing and merchant's here are unwiP'ng
to import bec-uise there is no free
market in w^:ch th y -an hedge their
purchases." The managers asked that
all restrictions o>i contracts b" re?
moved "so as to enable trade to resume
its normal channels." Coffee trading
was suspended on October 18.
International Traction Co.
To Holder? of Collateral Tniot Four Per
rent. Bond? of INTERNATIONAL
TRACTION COMPANY:
Tho undersigned, at the request of the
holders of a large amount of the above
mentioned bond?, will act as a Committee
for the protection of all holders of euch
bonds who shall deposit the same with
them under an agreement now In prepara?
tion.
The serious difficulties In which both
the Traction Company and the Interna?
tional Railway Company already find
themselves, together with the further
troubles which threaten them, sufficiently
prove the need of Imm?diats and united
action on the part of the Traction Com?
pany's bondholders for tho protection of
their Interests.
Notice will lie given of ths completion
of the Protective Agreement and of the
terms of deposit thereunder. Meantime,
holders of bonds are requested to com?
municate with the undersigned through
their counsel named below.
: October IS, 191K.
T. DE WITT CUTLER,
Philadelphia, Pa.
ELLIOTT C. McOOlGAL,
President of Bank of Buffalo,
Buffalo, N. V.
T. E. MITTEN,
President of Philadelphia Rapid Transit
company, Philadelphia, pa.
Cummltte?.
Counsel:
SIMPSON, THACHEH * BARTLETT,
ijli Cedar Street, New York.
JOSEPH O. D?DW5Y.
Fidelity Bid?., Buffalo, N. Y.
Executor Trust*
Chartered 1822
The Farmers' Loan and Trust Company
Nos. 16, 18, 20 & 22 William Street
Branch Office, 475 Fifth Avenue
At Forty-first Street
, New York
London p^
Foreign Exchange
Administrator Ouardi?
Member Federal Bewro Buk and Hew York OWiag How?
Central Union
TrustGdmpany
OFJVEW YORK
SO BROADWAY-- 54 WALL STREET
7$ranch Offices
425-5UlAve. 42- Si & Madison Ave- 706-^Mve.
ACCOUNTS OF BANKS AND BANKERS
RECEIVED UPON FAVORABLE TERMS
yhoroughly equipped to handle
general banking business
and invites accounts of cor?
porations, firms and individuals.
Capitals Surplus and Vnirvtded Profits $29,000,000
iffifiriiiiiiiiitiiiiBtiiiiiiiiiiiiiiiiiitiiiiiiiiisiiiiiiittfiiiiiiiiiiiiiiftfffiiiiiiiiiitftifitt?
Trustees, Executors and Administrators
You can now invest in our
Guaranteed First
Mortgage Certificates
Paying Jf^/o Per cent
Free From Personal Taxation
ISSUED IN AMOUNTS OP' $100 AND UPWARD
Trust funda may now be invested promptly in GUARANTEED
MORTGAGE CERTIFICATES, in any amount, without the usual
delays and loss of interest incident to finding single mortgages for
funds awaiting investment.
A pamphlet containing a copy of this neir lam t<ill be ?tr\t on request
New York Title & Mortgage Company
CAPITAL AND SURPLUS MORE THAN $3,000.000*
135 Broadway, New York 203 Montague St., Brooklyn
?Phono 6880 < ortlandt 'Phone 71WO Main
iiiiii ifiiiif iiiiiiiiiiifiiiiifiiiiiiiiifiiiifitiiviiiiiiiiiiinif iiissiiiifiiiftifiiiiftriiiiiiiitiH
ESTABLISHED 1784.
The Bank of New York
national Banking Association
CONDITION
At the close of business, November 1, 19! S
RESOURCES
Loans and investments .549,214,891.36
Less Customers' Notes secured by U. S Lib?
erty Bonds rediscounted with Federal
Reserve Bank. 6,290,6?5.00
_ 42,924,256.36
U. S. Bonds to secure circulation. J8OO.OO0.00
Other U. S. Bonds and Certificates of Indebtedness. 2,194,212-^
Due from banks and Bankers. 2<So2<.A'<
Customers' Liability on Letters of Credit and Acceptances. . 5,833,977.35
exchanges for Clearing House.,. 14,828,354.0
Cash in vault and Federal Reserve Bank. 6,121,809.96
Total. . $75.204,633.73
LIABILITIES
! Capital . #2,000,000,00
: Surrlus and Undivided Profits. 5,525,476.V
Reserved for Taxes and Unearned Discount. 387,3501
Circulation.?. 767'7K
Letters of Credit and Acceptances. 6,428,16M*
Deposits (Including U. S. Deposits). 59,649,391-6'
Due Federal Reserve Bank secured by Loans caaoo
I on Government Securities. 446.50O.tw
! Total .$75.204,633-"'
DIRECTORS
i Henry D. Cooper Samuel T. Hubbard Charle? Oiney
! Philip T. Dodge Charle? D. Leverich Walter Wood P?"??
Herbert L. Griggs James B. Mabon Samuel Riker, St
Robert C. Hill William J. Matheson Henry C. Sword?
? Eustis L. Hopkins Ogden L. Mill? William H Truo?**?
; WESTFIELD MANUFACTURING COMPANY j
' TO THE HOLDERS OP THE 6% NEBIAL
DKBKNTl'KE GOLD BONOh OP
W ESTF1ELP MANCFACTTRING COM?
PANY:
NOTICE IS HEREBY GIVKN to the hold- .
i era of the 6% Serial Debenture Gold Bond?
: of WestfieM Manufacturing Company se- |
? cured by Trust Agreement dated August I
26th. 1915, between Westfleld Manufactur-j
I lng Coronan y and The Equitable Trust I
j Company of Neu- York, Trustee, that In ae- !
; cordance with the provisions of Article II.
! .Sec. 1. of said Trust Agreement, WestfieM j
j Manufacturing Company has elected to re- !
! deem on December 1, 1918, the next data
| for the payment of Interest, all of said
bonds outstanding at the face value thereof
plus a premium of one per c*nt of ?uch
I face value and interest due December 1.
1918. and that on and after ?aid date ?II
Interest upon said bonde will cease, and
that upon presentation und surrender of
raid bond? with December 1st. 1318, and
subsequent Interest coupon? attached, at
the office of Tho Equitable Trust Company
of New York, 37 Wall Street, New York
City, ?aid bonds and the matured interest
coupons, together with a premium of 1% of
the principal of said bonds, will be paid to
the holders thereof.
The above premium of lit of the prin?
cipal of said bond? will be paid only on the
bonds which do not mature on December
1st, 191 S.
WESTPIELD MANU1WCTURING COM?
PANY.
By WILBUR C. WALKER. President.
STEPHEN C. MILLETT. Treasurer.
Dated October SO, 1918.
FINANCIAL MEETD?G8__^
AT A 'SPECIAL MEETINGr Of' T
stockholders o? the v. B BRO***S?
& EXPORT CO , INC., duly bjW gy*
office of the company. No. ?-'.v i?'i.
Une. New York City, November "?JSp
at 11 o'clock A. M , the following r?*>
tlon was unanimously adopted: ^^
-RESOLVED, That the corporate
of the company be and the s??'?VoaG?
changed from that of L". S. BRO*;,, c i
& EXPORT CO., INC., to the n??"r ?
BROKERAGE & TRADING CO.^WgJ
A. STEDMAN_JAj^ES0N,_8f5^
~1*1?RGkNt1?a7i?b LINOTTPB ?O.^
Notice I? hereby given that W?^
meeting of tho stockholders of i? * , P
thaler Linotype Company will be ??' .*
office or the Company. Tribune B"L'?J^d?;.
154 Nassau Street, New Yor?. on "STT-*
November ?0. 191?. at eleven ?^p,^?*.
for the election of a Board of nU?i ?-?? ##
and for the tran?ac:lon of ?*",>,, o?*'
ness as may properly roroe before -^
Ing. JOS. T. f^^^Jorsf.
Secretary and "r*wy
nrvmKXD NOT1CMB ^a
THK"?AtlONAI ?<*"** 555?
COMPANY OP NEW ?"ifjlJI.
New York. November x-i Lpg*
The Board of Directors of thl? L?j"ga
have this day declared a dividend *>gfc
AND THR?E-QtfARTBJte PER v
<1??*> on the Capital Block: of ??
pany, payable January ?. ,1'*'^ mM^I
holders of record at the close ? ?^J
December ?, I*U. ._A_?- Ljisf"