New-York tribune. [volume] (New York [N.Y.]) 1866-1924, November 14, 1918, Image 10

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New-York tribune. [volume], November 14, 1918, Page 10, Image 10
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New-York tribune. [volume] (New York [N.Y.]), 14 Nov. 1918. Chronicling America: Historic American Newspapers. Lib. of Congress. <https://chroniclingamerica.loc.gov/lccn/sn83030214/1918-11-14/ed-1/seq-10/>

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Wealth Markets and Commerce
IMackay&Co
Selected List
of desirable
I n v e s tm ents
on application
14 Wall Street
New York
Permanent
Monthly Income
of $25
can be had for
about $4,100
Invested In 50 shares of
CITIES SERVICE
PREFERRED STOCK
Cities Service Company is one
of the largest and strongest Oil
and Public Utility. Organization*
in America. Its stork will
afford a maximum of stability.
Monthly Dividends
Monthly Earnings
Statements
Write for Circular T.E.-90
Henry L. Doherty
&
Company
60 Wall Street
Gulf, Mobile &
Northern Rail oad
Common se.l'ng at about SI0
Preferred selling at about $36
Unusual opportunity to pur?
chase most promising; railroad
shares at far below intrinsic
value. Further Information
upon request.
BOUGHT?SOLD?QUOTED
Carried on conservative margin
E. BUNGE & CO.
Investment Securities
i 44 Broad Street New York
Telephone Broad 6951-6
?lurk A. Noble Theodore C. Corwin
NOBLE & CORWIN
J ?5 Broad St. New York
BANK STOCKS
Will benefit by PEACE.
The refinancing of Europe
will be reflected in the
earnings of the
BANKS AND TRUST CO.'S!
OF NEW YORK
Be prepared to participate
in the increase in values.
Telephone 1111 Broad
K. Rue, Jr. & Co. Buy & bell
American Chicle Com. & Pfd.
American Meter Co.
Famous Players-Lasky
Farmers Loan & Trust Stock
Port Lobos Petroleum
Remington Typewriter Stocks
Singer Manufacturing
Texas Pacific Coal & Oil
White Rock Water Com. 8c Pfd
J.K.Rice,Jr.&Co.
Phoned 4000 to 4010 John. 3K Wall St., N. Y.
Liggett & Drexel
Memlxr? Jiev York Stock Exchange
Conservative Investments
61 Broadway?New York
Boftton Philadelphia Buffalo
CENTRAL ?HUH TRUST CO.
of New York
60 Broadway 54 Wall Street
BRANCH!?
xv Avenu? at 60th Str?:?
Mr.ii.<-,n Avtnia at 42nd Str.at
llh Aveno? at lit h Straat
Capital, Mnrpiu? and rndlvUIed
i*M.m?. sza.ooo.iHiO
egpATHAta ?90 y<? ?fCiamurJatBatata*
ftaxt? CHATHAM ft PHENIX
" NATIONAL BANK
Capita' 4 Surplut . SA.000.000
Rsaaureat aver . $100.000.000
fc?-fu?S^ 149 hmtw?, (?htrw Bitffc)
OanI^? Ami 12 Branch?.
\ Trust Means Confidence f
We art In any ?-?parity bavin? to
do with niant** vihtrtt rellane?
or? lalecrltv la th? cb?of rrquUlle.
Metropolitan Trust Company
?f tf>* City at N?w Vat*
?1 Wall Straat 718 fifth \n.ii
laa
Finance - Economies
WALL STREET OFFICE: Teleohene
Mills Building. 15 Broad St. Hanover 6514
It was hardly six weeks from the
appointment of a committee to con?
sider fixing** a maximum price for
cotton to the order of this same com?
mittee issued yesterday to prohibit
short-selling- of cotton on account
of the precipitate fall in price. This
illustrates the abrupt change which
the sudden ending of the war has
brought about. Other markets and
other industries are in an equal state
of hesitation. But cotton had a
more violent rise during the war
than any other great commodity. At
one time it sold this year at over
five times the low price of 1914. A
natural reaction would tend to be
more vigorous than in commodities
v/hich have been more in restraint.
Cotton averages to sell at around 10
per cent of the wheat price. Thab>
would mean a present corresponding
price for cotton of 22 cents.
-!
The indication that Mr. Hoover
will be made virtually the Interna?
tional Food Controller is significant
of the actual situation that prevails.
Undoubtedly there are large sup-i
plies in Australia and in the East.
And the opening of maritime com?
merce will make these quickly avail?
able. But the imagination does not
readily compass what a food short?
age for the supply of nearly half a
billion people in Europe may mean.
Mr. Ogden Armour, of some expe?
rience and judgment, offers the pre?
diction that food prices will remain
high for the next four years.
"The Black Diamond" offers the
blackest of prophecies as to the
course of coal prices. Government
protection alone will avail to pre?
vent a precipitate fall. ,A wool
manufacturer glooms darkly over
the impending decline in wool. A
cotton factor can plainly foresee cot?
ton prices back at the level of 1914.
Some iron and steel men predict
a sharp lowering of prices in their
trade. And so on through the list.
Each one of these is thinking only
of the great demand brought by the
war in his especial field. There?
fore, with the withdrawal of that
demand, pre-war prices. But in the
largest field of all, that of food
prices, representing 40 per cent of
the average family budget, there
seems no present prospect for a
great lowering; therefore, not much
lowering in the cost of living.
Those who look for a drastic fall
in the price of commodities gener?
ally, must imagine equally a heavy
"liquidation" in wages.. Such a
liquidation has never taken place in
this country. In 1866 a financial
! magazine reported that "wages were
I higher than ever."
The illusion of prices is uncon?
querable. Three billions of dollars
"worth" of imports this year may
represent no greater quantity than,
ff as much as, normal imports of a
billion and a half. And six billions of
exports this year, including vast
stores of munitions and other high
priced goods, may represent in
quantity, outside of foodstuffs, little
more than normal pre-war quanti?
ties. There has been no such actual
expansion of trade as the nominal
figures would suggest.
But a trade balance of three bill?
ion dollars must be settled some?
how. Either in credits ? or gold.
More than ever before, it is a real
balance. The debits for interest
payments, tourists, expenditures and
the like were never so low. Only
the shipping and the insurance bills
are high. Meanwhile we shall have
| to add nearly half a billion in inter
\ est charges. That makes at least
| two and a half billions. Europe can
i not spare its gold ; nor do we want
? it. Credit is the only alternative.
It has been announced that gov
j crnment loans to our allies now
? reach nearly eight billions. And
; private loans foot two billions more.
; By the end of another year the
total may readily be fifteen billions.
; That would make us, as perhaps we
| now are, the record creditor nation
in the world.
Germany may be lacking in food,
but not apparently in money. Al?
though the last war loan wag ac?
counted a failure, subscriptions still
reached two and a half billions of
our money?ten billion marks. This
' does not clearly spell financial ex
! haustion.
At least one distinguished bank?
er, who is never quoted, believes
that the danger of a business de
| pression in the United States as an
j effect of peace is slight. His view
i is rather that we have reason to
,: apprehend a wild outbreak of specu?
lation and expansion. The war has
brought us untohi riches. It has
left us with few burdens. There
has been a powerful check upon
consumption and production in many
linea. We havt.v_in enormous fund
of gold, find the machinery for an
eve ngreater credit expansion than
now exists.
It is a somewhat interesting fact.
that from the period from 1862 to
1868 an average of stock prices on
the New York Stock Exchange
touched low in the week following
Lee's surrender. This was the end
of a long decline which had begun
one year previous.
The indications are that the em?
bargo on a free traffic in gold will
not be immediately lifted. Such a
release would probably, under exist?
ing conditions, lead to extensive
gold exports. But it could only be
for a very short time and to a
relatively small amount. Exchange
rates should in general rule heavily
in favor of this country, possibly
too heavily for our good.
Conditions in the money market
were substantially unchanged yester
Iday. Call loans were made at 6 per
cent on mixed collateral and 6*. per
cent on industrial collateral. Very
little new time money was offered.
The whole question of restrictions on
loans for Stock Exchange purposes
was discussed at a meeting of the new
money committee of the- Association of
Stock Exchange Firms.
Discount Rates.?The following table
gives the current rates of the twelve
Federal Reserve banx-* on commercial
paper for all periods up to ninety days:
-Maturity
? ??
a a"
s& gs.
if i!
: ? : ?
Boston .4 434 4?4,
New York .4 4% 4%
Philadelphia .. ? 4 4% 4'44
Cleveland.4% 4% 4%
Richmond. 43/% 5 5
Atlanta . 4 4% 4%
Chicago . 4 4% 4%
St. Louis . 4 4% 434
Minneapolis .... 4 4% 5
Kansas City ... 4'/2 5'/4 5!/4
Dalian . 4 4% 5
San Francisco.. 4 5 5
The Federal Reserve Bank of New
York has put in forco the following
schedule of rediscount rates which ap?
ply to bankers' acceptances: Maturities
up to 15 days, 4 per cent; 16 to CO
days, inclusive, 4*4 per cent; 61 to 90
days, inclusive, A\*\ per.cent.
Bank Clearings.? Bank clearings yes?
terday in New York and other cities
were:
Exchanges. Balances.
New York ...$688,119.176 $67,137,997
Boston . 31,039,337 11,282,618
Philadelphia .. 65,887,631 16,597,593
Suh-Treasnry?The banks lost $1,-|
016,000 to the Sub-Treasury yesterday, j
Silver.?Loncron. 49\_d, unchanged; j
New York, 101''c. unchanged; Mexican)
dollars, 77V?c, unchanged.
The Dollar in Foreign Exchange
Extremely quiet conditions prevailed
yesterday in the foreign exchange
market and rates showed a steady ten?
dency. Francs reacted somewhat and
the undertone of the neutral exchanges
was a shade firmer. The tone of the
market was due to technical conditions.
Closing rates yesterday, compared
with a week ago, follow:
(Quoted dollars to the pound.)
Week
Yesterdav. ago.
Sterling, demand .$4.76 $4.7585
Sterling, sixty days... 4.7314 4.72%
Sterling, cables.4.7657 4.7660
Sterling, ninety days .. 4.71% 4.71'/_
(Quoted units to the dollar.)
Francs, checks . 5.39! 4 5.44'/2
Francs, cables . 5.Z8>/Z 5.43"/_
Lire, checks . 6.33 6.35
Lire, cables . 6.32 6.34
Swiss, checks . 5.06 5.04
Swiss, cables . 5.04 5.02
(Quoted cents to the unit.)
Guilder-*, checks . 41!? 41'/2
Guilders, cables .41% 41%
'Rubles, cables . 13.00 13.00
Spain, checks . 19.85 20.15
Spain, cables . 19.95 202&
Sweden, checks . 27.60 27.80
Sweden, cables. 27.80 28.00
Denmark, checks.26.60 26.70
Denmark, cables . 26.80 26.S0
Norway, checks.27.00 27.15
Norway, cables .27.20 27.35
Argentina, checks .44% 45 "
Argentina, cables.44% 45'/_
India, rupees, checks...34% 35.60
India, rupees, cables... .34}/_ 35.75
India, rupees, cables,
Reserve Bank rate.. 35.78 35.78
?Nominal.
Below is given the current exchange
value* of foreign /noney ?n dollars and
cents, together with the intrinsic gold
parity, as calcuiutad by the United
States Mint:
?.'urrent
exchange Intrinsic
value. value.
Pounds, sterling ......$4.7595 $4.865_
Francs . 0.17.8 0.19.3
Guilders ....0.41</_ 0.40.2
Rubles. 0.13 0.51.2
Lire, checks .0.13.33 0.19.3
Crowns (Denmark) ... 029.05 0.26.8
Crowns (Sweden) .0.31.75 0.26.8
The above rates express the cost of
foreign money in terms of the Amer?
ican dollar. You buy an English pound
sterling, say, at $4.7695. The intrinsic
parity is J4.8694 per noun?*. Thus you
_ay 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 i?
greater than the demand in this coun
try for pounas with which to settle ac?
counts in England.
Short Selling in
Cotton Forbidden;
Prices Fall Again
Government Body Acts to ?
Prevent "Undue Specu?
lative Activity"
Short selling was forbidden at the i
New York Cotton Exchange yesterday
on orders from the committee on cot- i
ton distribution at Washington, of
which Charles J. Brand, chief of the
Bureau of Market?, is chairman. The ;
action of the committee, it is believed,
was taken as a result of great decline j
o? cotton prices Tuesday, which was |
automatically limited to 200 points by ?
the rules of the exchange.
The absence of short selling failed
to check the slump of prices yester?
day, which closed at a net decline of
from i>0 to 175 points. Although short :
selling was not allowed, short covering
-.vas permiitted and gave the market
more firmness than it otherwise would
have had. Brokers on the exchange at- ;
tributed the falling of prices to hedg- i
ing.
Foreign Selling Restricted
Walter L. Johnson, of Shearson, i
Hammill & Co., president of the ex- '
change, yesterday morning read the ;
following message from the committee
on cotton distribution from the ros
trum of the exchange:
"In order to curb undue speculative ;
activity it becomes necessary at this <
time to prohibit further speculative j
short 3elling on the New York and j
New Orleans cotton exchanges, and the i
members of these exchanges are here- !
by notified that all further speculative !
short sales are prohibited. Hedge
sales may be made on condition that ;
an affidavit from the seller will follow j
that the sale is a bona fide hedge sale :
against the purchase of cotton. No
selling orders from foreign countries I
except in liquidation of long contracts j
are to be executed." i
In inteipreting the last sentence of
the message brokers said that Liver- ;
pool interests had sold between 200,000
and 300.000 bales of cotton in the New |
York market within the last few
weeks and desire dto continue to sell,!
the market. In this connection it was
said that selling orders from Liverpool
yesterday were not executed because of
the new order.
Will Narrow Market
Members of the Cotton Exchange
differed as to the effect of the new
orders on the market, but most agreed !
that it would tend to make the market
relatively narrow, at least until' the
speculative element became willing to
go lor.g. An official of the exchange
said that the raison d'etre of the Cot?
ton Exchange was that it provided cot- !
ton shippers and spinners a hedge !
against future price changes and that ',
inasmuch as the new rules allowed
hedge sales the principal function of
the exchange would not be impaired. t
He added, however, that speculation in
cotton would be almost eliminated by
the barring of short sales.
Exchange members were asked to re?
port immediately all sales made on
Tuesday, stating whether they wer??
executed for mills, for hedging pur?
poses or were purely speculative short
sales. It is understood that this data
is to be forwarded to the Washington
authorities.
The market opened weak yesterday
morning, as many selling orders that
could not be executed on Tuesday be?
cause of the rule which fixes 200 points
as the maximum fluctuation for a sin?
gle day were carried over. The an?
nouncement that short sales were pro?
hibited and much short covering caused
a rally of 125 to 145 points below the
early low level. Except for the de?
mand from shorts there was little sup?
port in evidence, however, and there
was enough liquidation and hedging to
send prices back to approximately the
low level. Southern spots as officially
reported were unchanged to 100 points
lover.
The local market for spot cotton
was quiet and 165 points lower, at
27.75c for middling upland, compared
with 29.40c the day before and 29.70c
for the year before. There were no
sales of spot.
The range of prices follows:
Yee'day'a Tuesday's Year
Hifrh. Low. close. close, ago.
Nov...- 26.25 @- 27.90
Dec... 27.45 26.00 26.25@26.30 27.90 28.22
Jan.. 26.80. 25.50. 25.50r<*25.65. 27.25. 24.17
Feb..- 25.40(g)- 27.05
Mar.. 26.50 25.25 25.25@25.30 26.60 27.21
Apr.. - ? 25.20@- 26.52 -
May.. 26.25 25.00 25.10@25.12 26.52 27.01
June. - - 25.00@ -? 26.35 -
July.. 26.05 24.80 24.92@- 26.35 26.72
Aug.. -.? 24.20@- 25.50
Sept.. 24.50 23.60 23.60(?- 24.60 -
Oct...- 23.10@- 24.00 -
Yesterday's cotton statistics follow:
Yesterday. La*t wk. Lust s r
?Port receipt? .. 24.084 27.138 37,411
?Exports . 22.603 - 2,316
i do season _1,030,848 962,748 1,414,225
N.Y.stocks.... 120.039 123,446 118,317
Port stocks _1,313,8S8 1,298,502 1,161,293
Interior receipts 23 000 33,283 32,300
do shipments. 13,000 26,078 29,373
N. Y. arrivals.. 3.658 12,672 4,215
Southern spot markets follow: Gal
veston, quiet, 50 points lower, at 30c;
sales 130 Dales. ?New Orleans, quiet,
100 points lower, at 29.38; sales 940
bales. Savannah, nominal, unchanged,
at 29.50; sales nu. V. ?imington. steady,
unchanged, at 25.50; sales nil. Nor?
folk, nominal, 75 points lower, at 2?c;
sales nil. Augusta, quiet, 100 points
lower, at 27.1*.; sales 28 bales. Mem?
phis, nominal, unchanged, at 30.50;
sales 150 Dales. St. Louis, quiet, un?
changed, at 30c: sales nil. Houston. |
nominal, unchanged, at 30c; sales 1,600 ,
baies. Little Hock, quiet, unchanged,
at 30c; sales 872 bales.
New Orleans Exchange
Weak After New Ruling,
NEW ORLEANS, Nov. 13.?Prohibi- j
tior. of speculative short selling by the
War Industries Board, announced short- |
ly before the op?;nfng of the local ex- j
change to-day, was followed by a 200- |
point drop in active months, the limit
allowed at one session under the war?
time rule. Some demand wnich soon '
sprang up, however, raised prices 75 |
to 100 points from the bottom.
Relevant Comment
Stock Exchange Partners Meet ?
The new money committee of the
Association of Partners of Stock Ex- j
change Firms met for two hours yes?
terday at its headquarters at 42 Broad?
way. After the conference Albert Mc
Glave, president of the association,
declined to reveal what had been dis?
cussed, but reiterated that the new
committee planned to cooperate with
the other money committees and was
not an "insurgent" body. It was as?
serted that an additional reason for
the formation of the new committee
was the desire of stock exchange
firms to be fully organized to meet
any fundamental changes in the situ
ation which the money committee of I
bankers might decide upon. Brokers i
expressed the belief that sooner or |
later the money restrictions, which ?
were a war-time safeguard, would be \
removed, and declared that every ele j
ment among them wanted to have :
spokesmen to act in their behalf in
making the new adjustments which j
they anticipate. Bankers reiterated ]
their opinion that the government need
for credit would continue to be large,
and the restrictions on stock exchange
loans would continue until the credit
situation becomes easier.
Removing Money Inequities
As a result of the daily hearings
before the committee of five of the
Stock Exchange, at which firms which
believe thftt fixing the level of "loans
on September 16 as the standard to
which the present loans must conform
worked an unusual and inequitable
hardship on them receive an oppor?
tunity to present the facts in the case,
it is understood that the committee, of
which H. G. S. Noble, president, of the
exchange, is chairman, has worked out
u plan to minimize the inequalities in
the situation. Sources in touch with
the plans of the committee indicated
that firms whose borrowings on Sep?
tember 16 were at an exceptionally
low level will be permitted to increase
their present loans in proportion to
their capital, and that firms who?e
loans were inordinately high on that
date will be asked to reduce their
present level below that, of September
16. This adjustment is not expected
substantially to change the aggregate
level of stock exchange loans, but, if
made, will be designed to obviate in?
stance.^ of special hardship. The atti?
tude of the money committee is that
so long as there is no increase in the
aggregate the authorities of the stock
exchange may make any arrangement
in the distribution of the credit avail?
able that seems fair and equitable to
them.
Sumatra Stock Dividend
Directors of the American Sumatra
Tobacco Company did the expected yes?
terday when thjey declared a 15 per
cent common stock dividend. The
amount now outstanding is $6,800,000,
so that increase will add ?1,020,000 to
*1ip. total. During the last two days
the common stock has had a rise of
about 10 poi'Us. presumably discount?
ing yesterday's action of the board.
Bond Market Easier
Bond men explain that, though the
demand for bonds this week has not
kept pace with the sensational advance
that preceded the signing of the Ger?
man armistice terms, good buying of
high grade issues continues. Regard?
ing the matter of future loans to the
Al.ied governments to finance their
reconstruction requirements, there is
a strong belief in investment eircles
here that public offerings of foreign
municipalities and even corporations
would find a ready market in this
country.
G. M. Cohan at Stock Exchange
George M. Cohan, William Collier,
? Sam Bernard and Louis Mann will ap
? pear this afternoon on the floor of the
Stock Exchange, immediately after the
1 close of the market, to auction off
boxes and seats for the performance
to be given at the Metropolitan Opera
i House by the Friars' and Lambs' clubs
I Sunday night in aid of the United War
' Work Campaign.
Significant Relations
Money and Prices:
Stock of money gold In the country
Loans of all national banks.
Their surplut reserve?.
Bills discounted and bought by Fed
Now.
$3,079,094,009
Juno 29. 1918.
$9,260,402,000
152,819,000
ral Reserve Banks. $2.171,760,000
Federal Reserve notes in circulation
Total gold reserve
2.558.196.000
2,046,591,000
A year \gn.
$3.03=1.390.720
Nearest period
previous year.
$8,818,312,000
841.931,000
Aaear aao.
$69,. l0 .000
932,512.000
1,573,377,000
Average price of fifty stocks. 'S?uO*'
Average price of twenty-five bonds.. 89.10
Food eost of living (Annalist index Last wee ;
number) . 283.57..
General commodity price level (Dun's October l.
index number) . 233.22,
Production: <vt ?
Unfilled U. S. Steel orders, tons.8,353.293
October
Pig iron (daily average), tons. 112.482
1918 yield, ??tlmated.
Wheat crop, bushels. 918,920,000
Oat crop, bushels. 1,535,297,000
Corn crop, bushels. 2,717,775,000
Cotton, bales. 11,818,000
The d.v beton?.
82.9.
The wee. Nfort.
283.380
N.-pternlier '
232.882
8.297,905
September.
113.942
A we?, aay.
...93
86.95
A rear as?,
277.100
A year ?go.
219.6/9
A year ago.
9,009.675
A year ago.
K., _0
The 1917 ero?.
650.828,000
1.587,286,000
3,159,494,000
11,300,254
Distribution:
Gross railroad earnings.
f rod'.
Fourth w?vk
*.n October
,-r23.69?
lncrea*? or dei-rease from year before
La?t weck. /
Bank clearings.+ 12.8*~?
General: *-?*_._.
Active cotton ?pindles?.33,524,275
Commercial failures (Dun's) 1 October
Number . 660
Liabilities .$13,980,306
Building permits (Bradstreet's) : geptemb?. m..
(142 cities) .$32,685,282
Month of
..iigu...
+37.1%
Week before.
?r9.1%
-18D roocli
N'or. 1 to '
Aug. 31.
16.4%
Vcar ;o date.
8.1?0
Aurat 31.
23,646.811
September.
674
$17,407,130
A year aso.
33,555,698
A year ago.
1.082
$12,812.012
September, 1917.
$4o,9o9,069
Steel Men Ask
Gov't to Supervise
Transitional Period
Price Control Needed Until
Industry Reaches Peace
Basis
WASHINGTON, Nov. 13.-Continu
ation of government supervision of the
steel industry during the period of I
readjustment to peace conditions was !
recommended to-day by the steel com- j
mittee of the American Iron and Steel i
Instituto at its first meeting with the j
War Industries Board since the sign- j
ing of the armistice.
After the conference, officials in ex- \
plaining the steel committee's recom- !
mendation for continued supervision |
by the War Industries Board said that j
if price control were abandoned and :
the pr.ee of steel decreased tnose who i
stocKed up witu raw and semi-rinished !
materials at the fixed price cou.d not
compete with those who coulu go into !
the market with lower prices prevail- i
ing. On the other hand if the price
should increase manuracturers with i
Stocks on hand would have an advan- <
tage. Government supervision and j
price control, it was explained, will j
prevent any such conditions and stabil- ,
ize the industry until it is on a peace j
basis.
This formal joint statement was I
issued by Bernard M. Baruch, chair- i
man of the War Industries Board, and I
Eluert H. Gary, chairman of the steel
committee, after the meetine:
"The discussion followed general
lines regarding trade conditions, both
of national and international nature, ?
and with the main purpose of preserv?
ing industrial stability.
"The Iron and Steel Institute com?
mittee, in the course of its sugges?
tions, made emphasis upon the point
that a continuation of governmental
supervision of industry for the present
was highly desirable. It was agreed
that many changes in operating con?
ditions of the steel mills will be
necessary in the transition from war
to a peace basis. Some cancellations
and adjustments in war contracts will
follow, but owing to the removal of
many restrictions imposed on non-war
industries and the immediate demands
of such industries and a probable re?
sumption of Federal state and muni?
cipal improvements which had been
tempprarily suspended and the de
demands from abroad for foreign con?
struction, which are a'ready taking
definite shape, it is believed that the
transition can be accomplished in an
orderly and systematic way.
"The discussion was entirely In?
formal, and was characterized chiefly
by a spirit of cooperation between the
board and the industry that was as
strong as that which existed during the
war pressure. Further data and in?
formation is to be gathered and col?
lected for the use of the War Indus?
tries Board for its further confer
nces with this and other industries."'
Commodities
Sustenance
Cereals
Wheat.? There are two prominent
outstanding factors in the wheat situ?
ation at present, namely, the big sur?
plus in the principal producing coun?
tries and the shortage which borders
on famine in Europe. It is estimated that
with the Austrian new crop and the
amount carried over from other crops
there are avai'able in that country
about 250,000.000 bushels; Argentina
has around 166,000,000; India about
100,000.000, and North America at
leant 400,000 000, making a total of
916 000 000 bushels of wheal available
for shipment to Europe
Corn.?The cor? ma**k*"< w--s quiet
with prices firm, closing with net gains
of 1% cents to 2 cents per bushel. The
trade seemed to take a bullish view
of the outlook based on world's re?
quirements. There seemed to be some
question, however, as to whether Eu?
rope will consent to buy corn as long
as wheat is available, and some au?
thorities believe that the world short?
age of fats offers the best outlet for
corn throus-h the medium of hog feed
in-*-. Traders were not disposed to
take a very aggressive stand either
way, and owing to the new phases of
the situation, which have been opened
up by the sisminar of the armistice, a
disposition developed to ;;\vait devel?
opments.
?es'dey's Previous Year
N- w Yor': - ?lose. close, ago
Corn, No. 3 yellow.$1.45% $1.45?? ?
CY.'csko:
November . 1.23 1.21 ?
December ...-. 1.19s? " 1.18'/4 1.19%
Oats.?The market was comparative?
ly quiet, with the undertone firm, and
final quotations were vie to %c net
higher. Exporters were again credited
with making fair'v large purchases of
cash oats in the West for shipment over
the lakes, and the tr?nerai expectation
of a continued large export movement
was the principal sustaining factor in
the- mark?:'.
Ye?terci?yV Previou?
New York : clos?. c!o?e. Year ni'o
Oats, No. 3 white.. .80 .7*1 " .70'/_
rhicngo:
November .73 .721,4 _
December .71?a .70''_ .63'. _
Rye.?Market easy.
Ye9*day*s Previous?
New York : close. close. Year a?o.
Cash, No. 2 West. .$1.73 $1.77 $1.88
Flour and Meal.?Quotations were:
Yes'day's Previous
New York: clo*e. clo'e. Year aso
Flour. Minn., sp. pat..$10.75 $10.75 $11.50
Carnmeal. yel. Kran. 4.25 4.25 4.87l/2
Kye flour, choice. . .9C5;9.50 9?..25 9.85
Butter, Cheese and Eggs
Butter.?Receipts to-day, 12,133 pack?
ages. Creamery, higher than extras,
lb, 63i4@64c; extras, 9_ score, 63c;
firsts, M ?o 91 score, 58%@62i_c; sec?
onds, i'J to *7 scon-, 55@58c; lower
grades, 50(2)64c; unsalted. higher than
extras. 65M?'(! 66c; extras, 64%@65c;
firsts, 60'a.64c; seconds, 59*'?59V_c;
? state dairy tubs, finest, 62io,62',^c;
Kood to prime, 57*?61c; common to
fair, 48'? 56c; renovated, extras, 501.
'f?H.c; firsts, 48@49c; lower grades,
?12'"47e; imitation creamery, firsts, 44
' 15c; ladles, current make, firsts, 40
r ti'*; seconds, 38% <i?39c; lower grades,
17 n 38c; packing ?took, current make.
| No. 1, :'.--? :.8'2c; No. 2, 3l(&o7%c;
, lower ? I'-uU?. 34 ?36!2C.
CHEESE.- Receipts to-day were 6,941
boxes. State, whole milk, fresh flats,
specials, colored, lb., 33@33V_c; white,
, .'i.'i. ;',;i'.c; average run, colored, S'J''"
I 32Vlc; white, :\"'<i *i_ l_c; lower grades,
'30@31%c; twins, specials, 33@33*/_c;
! average run, 32(o32i_c; lower grades,
30@31*>_c; flats, held, specials, 3lV_(?i;
I 33c; average run, 30(<j.31V?c; twins,
held, specials, 31l-_C?33c; average run,
I 29V_'W31,_c; lower grades. 26@29'..c;
i single daisies, held, 32(u.33'^_c; freBh,
35c; double daisies, held. 32<S33i-_c;
Young Americas, fresh, 36%(i37%c;
state skims specials, 24%(g,25Hc;
prime to choice. 23iT24c; fair to good,
20(S"22c; lower grades, 10@18c.
Eggs.?Receipts to-day, as reported
by the New York Mercantile Exchange,
were 11,866 packages. Fresh gathered
extras, per dozen. 70c; extra firsts, 67
(S69c; firsts. 64(<i66c; seconds, 68((f63c;
dirties. No. 1. 47(g.48c; No. 2 and poorer,
42*?T46c; checks, good to choice, dry,
42@44c; under grades, 36'y'41c; re?
frigerator, special marks, fancy,
charges paid, 47(<~?"48c; firsts, charges
paid, 45ii47c; seconds, charges paid,
?2,_(??44V_e; state, Penn. and nearby
Western hennery whites, fine to fancy,
92@96c; ordinary to prime, 75@90c;
gathered whites ordinary to fine, 75(a
94c; pullets, 7Vif78c; Pacific Coast
whites, firsts to finest. 86?90c; West?
ern and Southern gathered whites. 68
(a 90c; state, Penn. and nearby hennery
browns, 70-'n:75c; gathered brown and
mixed colors, 60(V?70c.
Hay and Straw
Yesterday
( Per ton i. A year ago.
Timothy, No. 1,
large balea . . .$33.00@35.00 $31.00@32.00
No. 1 clover mxd 22.00 ?Y27.00 25.00@28.00
Bye straw. No. 1 19.00@20.00 18.00@19.00
-?
Coffee, Sugar, Tea and Cotton?
seed Oil
Current A year
prices. ago.
Tea, Formosa, per lb.30 26
Sugar, granulated, per lb.... 9 8.35
Coffee. Kio No. 7. per lb_*10r.'B 73*
Cottonseed oil, per lb.? 18.50
?Nominal.
Coffee Futures.?Interest in the
market is now centred in expected
developments in Washington, and there
are a number in the trade who are of
the opinion that the exchange will be
reopened for trading not later than
December 1 next. In the meantime the
supply of coffee in this country is
rapidly nearing exhaustion, with the
prices in the producing countries soar?
ing to record-breaking levels, and
local merchants hesitate to import, as
the closed exchange prevents them
from hedging their purchases. There
were arrivals ?of 22,000 bags, with the
amount of Brazil coffee now afloat for
the United States of 300,000 bags.
According to advices received in the
trade here the French government
asked merchants early in October to
make bus for a portion of the 1,200,
000 bags still owned by France in
Santos. Up to October 25 no business
had resulted, but it is possible that
the signing of the armistice will re?
vive interest, and Bra7.il has been sus?
taining the weight of a large tem?
porary surplu. supply because of the
confidence ?ft the reopening of Euro?
pean oulets.
Cottonseed Oil.?Nothing has trans?
pired so far in the cotton oil trade to
indicate any radical difference in con?
ditions arising from the end of the
war. Whether or not the present
regulations in regard to fixed prices
and restricted operations in contracts
will remain in force is not yet appar?
ent, and in consequence business con?
tinues of a routine character.
Livestock, Meats, Provisions
Following are yesterday's prices, compared with
those of a year ago:
Yesterday. A year ago.
Lke =teer?. fa'r to
prim?. 10? lb..$12.73 ?$I7.25 $8.00 ?$I2.50
Drcused beef. sldoB.
lb.17 ? .28 .13 ? .21
Life reals, common
to t,rlme. 100 In. 14.00 @ 20.00 11.00 ? IS.S0
D-cssed veals, city.
lb.20 @ .30 .IS ? .22
Uve rws, 10?) lb. 6.25 @ 10.50 7.00 <!!) 11.00
L re ?anibtj. fair to
prime. 10O lb. .13.00 ? 14.75 14.50 @ 17.40
Dressod mutton, lb...12 ? .20 .18 @ .20
Dressed lamb?, dty.
lh.2! <3> .27 .19 ? .23.?
ri??.'. 100 lb.18.00 @ 10.25 16.75 @ 17.90
? 1)1 ? 'cl bog., b?- *
con, 11). -.26'_@ .2?V, .23%@ .24
Mess perl?. 1,!>1. . .41.50 ?42.00 47.00 6-47 50
Mess beef, bbl ..35.00 @ 36.00 31.00 @ 32.00
! Lar 1. Middle Wwl
lb.27.03 ? 27.15 28.00 ?28.10
Election at Reserve Bank
Members Are to Choose New
Directors
Ballots will be sent on November 13 '
to member banks eligible to elect newj
; directors to the Federal Reserve Bank,
and returns must be in within fifteen
! by member banks for director, for
: b ymember banks for -iirec-tors for
; classes A and B of the Federal Reserve
; Bank c'osed on November 11.
For C'ass A director to represent?
' the stockholding banks of Group 3 the
?following have been nominated: Will?
iam S. Gavitt. president of the Gavitt
National Bank. Lyons. N. Y.; Robert
J. Gross, president of the Merchants'
National Bank, of Dunkirk, N. Y.. and
Charles Smith, president of the Citi-j
zens* National Bank, of Oneonta. N. Y.
For Class B director the following
have been nominated to represent com?
merce, agriculture and industry:
George Alfred Cluett, vice president
of Cluett. Peabody & Co., of Troy, N. Y.;
Mant?n B. Metca fe, woollen manufact?
urer, of Now York, and Leslie R. Palm
| er, lawyer, of Croton-on-the-Hudson.
i at present Class B director.
The term? of the present incumbents
expire on December 31, and the results
! of the election will probably be an?
nounced on December 5.
Extras
Cerro De Pasco Copper Company.
An extra dividend of 25 cents per share
' has been declared in addition to the
rop-ular quarterly dividend of ?1 per
?hare, both payable December 22 to
stockholders of record November 22.
Regular Declarations
Stock?
holders
of
Rate. Period. Payable, record.
! Harb Walker 1 V_ com. Q Dec. 2 Nov. 21
P B & L E. . 3 pr. S-A Dec. 2 Nov. 15
? S Oil of Neb. 10 S-A Dec. 20 Nov. 20
! Un Ciliar_ \'ri pr. Q Dec. 16 Nov. 29
! Am S Tob.-.ir? com. ? Dec. 1 Dec. 31
Cotton Oil Earnings
The annual report of the American
Cotton Oil Company, issued yesterday,
disloses net. profits amounting to $2,
327,994 an increase of $293,952 over the
year before. After interest of $660.i.6*'.
balance available for dividends iva
$1,661 328. Preferred dividends pa:?i
curing the year totalled $611 916, and
common dividends were $809,484. A
surplus of $239,928 was reported after
dividend payments had been made. This
amount is the equivalent to $5.18 per
share on common stock, compared with
$4 55 earned the preceding year.
Consolidated Exchange
(Unit of trade on this exchange, 10 nharec]
Transactions and prices yesterday for the
more active ?hares follow :
Sale*. Open. Hiprh. Low. Cose.
1550 Am Sm & Ret". 89 89'[?', 88 88a.8
1P70 Anaconda Op. 70s? 70?8 69 69*>B
7420 Baldwin Loco.. 82"i_ S4? 4 82'4 83
in.OBeth Steel If... 60 61"*-4 59a.? _v-,
1440Southn Parino . 1051 4 1061., 105 105***
?1513 r S Steel.99'4 99**4 98 9834
?LIBERTY BONDS
Sfilo. Op? n. Hitih. I.ow. Close.
$2500 Liberty 3V_s.101.34 101.40 101.34 101.36
850 ?lo 1st 4.... 98.66 98.56 98 56 98.56
1700 ?lo 2d 4?4s. 98.08 98.08 98.08 98.08
2400 do lat 4 %?AOO 50 100.72 100.50 100.72
1700 ?lo 2d 4-?_s. 99.92 100 00 99.82 99.82
11100 do 3d '.*?.-. 9862 98.62 ?8.48 98.56
1U00 do 4th lus 98.10 98.22 98.10 99-22
?Prieea Include interest.
Higher Commission
Charge by Brokers
Is Recommended
Stock Exchange Governor?
Will Act on Proposals
on November 26
Favorable action on a proposed con,
prehensive revision of the commis'
sion rates charged by brokers on Stoc.
Exchange transactions was reC0
mended to the Board of Gove._<l
yesterday by a special coWmitt*
headed by Bayard Pominick, of th
firm of Dominick & Dominic'k, which
has had the matter under consider?
ation several months. The Governor.
will reach a decision at a meeting 05
November 26, it was announced.
The suggested rates, which ?re de- '
signed to meet the increased cost of
brokerage operations, will remove cer?
tain inequalities, which member? of
the exchange declare are found in th*
prevailing charges, by the substitu?
tion of a sliding scaie instead of the
present uniform basis of commissions
At present a customer of a brokerage
firm who buys or sells one hundred
shares of stock, the unit of trading
pays a commission of % per cent.' It
was also stated that the amount of
the commission will depend on the
market value of the stock bought or
sold. In other words, high-priced is?
sues will command a Utrprer commis?
sion than low-priced securities.
In addition the plan prepared by the
special committee may recommend a
readjustment of the commission?
charged between brokers and between
brokers and out-of-town firms who
do not have representatives m the
floor of the exchange. Under the ex?
isting conditions wire houses fay a
commission of $2 a hundred shares-on
al' stocks se'Mng above SlflO a shire,
while floor traders pay what is term.d
a $1 clearance charge on units of 100
shnres.
The movement to raise the commis?
sion rates on brokera?*-e transactions
was started to offset the higher
operating expenses which have de?
veloped since the beginnine of the
war. Amone; the factors making for
greater costs, it ?b asserted are sal?
ary advances, increased cost of sop
[ plies and heavier wir. tolls.
-?j-___,
Curb Market
Note.- The Tribune assumes no reepomt
bilily for the accuracy or authenticity of etn_
market quotatloi-.s. Trnniiactions and prie?
Wednesday were a? follows:
Industrials
Rales. Open. Hi'-'h. ho-x ?lmi
*lf,00 ?Aetna Explos.. 6% 6% 6&J 6\?
900 Br-A Tob coup. 22! . 22?? 22!. &'?
1000 ?Burn? Ice.45 47 4S 47
.5 ?Citi?s Ser old.301 301 301 301
.60 ?Columbiaville . 11'/4 11 ft 11 11'?
1500 Emerson Phono 2>/2 2*4 2ft ?.'?.
1 25 ?Kreeport Tex .33 33 33 33
3200 Hupp Motor ... 5' ? 5'a *3i 4'c
lOOIntercont Hub.. 12% 1234 12?? 12!.
1100 Keys T?_R com 18 18ft 18 IE .
ffOOO Marconi of Am 5 5 4"*? 45?
210?Relc Equipmt. 11% 11?? 11?'? 113
1800 ?Smith Motor T ft ft ft A
500 ?Steel Alloys . . 6% 6*.? 6?_ 6',
1200 Sub Boat vt ctfs 12 12ft 12 12',.
1200 ?United Motors 33'4 34ft 33% 35",
2700 U S Steamship 4ft 5 4% 6
4100 Wayne Coal . . 3ft 4 3?/? 3}?
3000 ?Wr-Mart Aircr 4ft 4ft 4ft lr%
Standard O?
Sale?. Open. H ich. Lew. Close.
700 ?Anslo-Amer . 18 18 17% 18
170 ?Ohio Oil ... 332 325 325
725 Penn-Mes . - 45 43 43
25 ?Prairie Pipe . . ? 288 288 28?
? 20 ?Standard ' 249 24b 245
240 ?Standard N -l 620 610 61?
160 '.-. ndard N i 295 2W
Other Oil Stocks
Bales.
H00 ?Barnett O A G
2500 ?Cosden & Co. 7*
100 ?Elk Ba-In Pet. 7
8000 ?fEsmernlda O C 4
4800 ?Glennvk Oil., 35",
500 ?tint Pet.. 14'
2500 ?Island OAT.. 3=
3500 Met Pet. 1*
1200 ?Midwest Ref. .137
500 ? ?North w Oil.. 52
7000 Okla Pr& Ref. 9T
8000 tOmor Oi! A G. 19
1500 ?Supulpa O & K. 7ft
800 Security P & R.
2000 Sequoyah O 4- R :
1500 ?Sinclair Guif C 22
1500 ?Sinclair Gulf. 22
1800 ' Stanton Oi!. .
200 ?South O & T
700 ?Victoria O n -
Mining Stocks
5ft 5'-, ,'
5ft 5ft *.*
Si?!_s. 0*>en. Hteh. Um.Ojf
1810 tAlaska-Br CM 42 43 41 ?
1000 ?1-Atlanta . 4'/2 4ft 4ft J?
380O Bi*L Cop Co.. 1*ft 1ft 1rt 1*
23000 -.Boston A Mon.. 50 50 4? "'
35760 *? Caledonia ...42 42 35 ?*?,
6500 ?Cal & Jerome. '.- A '*' ix
1500 Canada Copper. 2 .- V/a -* ?*
.??700 ?tCande'aria Si! 47 47 4? ?
- 0 *<* erbat S M*M V/A 1?*? W* ]]f
2500 Cons Ariz Sm.. 2 2
1000 Cone Cop Mines
5000 Cresson Con CM
1100 ?Denbigh Mm.
50 : Dundee-Ada pi 1 1 ?>. ' , ?j!*
L700 ?Eureka C M Co 1?_ 1?i v* ,
500 First Nat Cop. 2 2 2 *
2000 ?tEortuna Cons 35 40 35 *
600 tGoldfleld Cons. 20 22 2C. ^
300 ?Iron Blossom.
1200 ?t.Iim Butler.. 49
5000 tMcKinlev-Dar. 48 48
800 Maxma Copper. 33ft 35ft 32F? ???
100 Mn-?on Vallev. .4 * * ?
1080 ?fMother I.ode. 42 42
200 NipiBBinR- M C. 8ft 8
5500 tNixon Nevada 36 40
49" 48 ?
42 ?.
8ft **
M. ***
_'""; -wniO ?.??pper.. 'w ** jj:
1100 ?Onon'-afra M.. 44*, 4*? 4ft "?*?
400 ?Ray Here Min. 3ft 4 3?. ?*?
3* ?.
?i.; i*
2000 ?Ohio Copper
ISft 1?
12.*.00 tPorhe-tcr M.. 3?
1000 tSan Toy. 91 , 9'
350 Seneca Cop Cp. 13:ft 133
400 ?Silver Fis Sil
Silver K of Ar
1500 S-nnd Silv-Ld. A ,, '
4000 tPtewarl .... 14 16 1d ,;
200*Tonopah Bel.. 3 . 31'- 3'* ;?
750 Tonopah Ext. . 1 ?? -U ;5*> ,..
1750 United Kastern 4ft 4ft *ft ;?
1000?tlJ S I-d & Z-. 6 7 6 '
6.r.00 ?-t-Ward M ?i M 33 34 31 ?*
500 tWash Gold Q. 81 ? 81 81 \,
3200tWe?t End Con 1ft ^?^ 1A ?
4500 ?W Ut Ex tap) 16 16 16 "
13500 fWh Caps Mg. 20 20 18 w
Bonds
Sale?? (HWnnlMi r'-? " \ " "".?no-i
$30 ?Am Tob 7s *19 .100> _ 100ft 100' - ??"
25 *?io 7s 1920... Do : i*
36 ?do 7- 1921.. . 101ft 101*. '*
.o 'do -?: isas.: .'.??en torn i??*1^
30 "Rfllh St 7 '23 . ?-c ? (ft?i_?(|i
2 TBc. 7 ? 1922... 100ft 100-? ^ *;c.,
:. ?do 7. 1923...100 100 100 k,
fin ?Cnn Govt 5k.... 98' _ 98 - ?* ,?,.?
i??? -?. an ?>um >?.- ? ? ? *" ? ?-., - <nof_ 10'
10 ?Cud I? '28 w i. 100*8 0.'? 00'-? os
2 ?G El fis ?y n -19.100 JO0, ?SS 00*
5 ?do 6. n 1920.. 100 100*100
300 ?Int Rap Tr 7... 98*? 99ft 98 ? _.
125 ?Rus? Govt 5'.s. 70 ?2 ?" n
16 ?do 6 ft? .75ft J5ft T*n 10%
25 ?U S Rubber 7s.. 101ft ?<* p1 *
?UnlUt?d. tSei: cents per share.

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New-York tribune. [volume], November 14, 1918, Page 10, Image 10
About New-York tribune. [volume] (New York [N.Y.]) 1866-1924