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New-York tribune. (New York [N.Y.]) 1866-1924, January 15, 1919, Image 12

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Wealth ? Markets ? Investments
Vnrriim* Mllnnee Inoimuice
i ha?e Nat'l Bnuk Sto* k
Kbitiomh Players-Lu.sk}
Farmer* Loan .v Imsi Slork
1 nn.' >-t ir ?,n
Vatkmal l-'url (ia -
\"u i nglaml 1 itcl Oil
?{. '. Reynolds Tolmeco < om. "B."
>i:is< r Vlanufitoltirlna
Standard Oll ..f i alliornla
!?v:iy Pnettt*' Coal & oll
lixa- Pacifle I aml TrnM lll-.
36 '?'. lll St., N. T.
Odd Lots
Write Dept. 10
71 Broadwav. NcwYoaK Citv -
161 Wist I2556ST.N Y. Hasiam Branch
12 N. B"iOAOWA.r . Yonkirs.N.V.
jaCounTSrmtT, Bxoom.vN.NY.
777BroaoStbict. Ncvvakk. .N.J.
IVFKhl.V fj V?IT, RK
rhonp 4860-1-2-S-4 Eroad. 25 Broad Sl.N.T.
Bonds for Investment
Harris, Forbes & Co.
I'inc Mrrct, Corner Williuiu
Liggett & Drexel
Uembers New York Htoek Exchange
Advance Rumely Company ?
Circular on Request
61 Broadwa?T?New York li
105 Devonsblre (St.. Roston K
?=- ,,,v/. yz^ZEsamZZlZBZimzmZ2Z2ME.
Carbo Hydrogen Com.
Empire Steel & Iron Pfd.
Taylor Wharton I. & S. Com.
Phone Rector 8340. "1 Broadway, Xew A'ork
Private telephones to Boston and Philadelphia.
cimplete facilities for the executlon
Hartshorne, Fales & Co.
Members X. Y, Stock Exchange
Du Pont Chemical
Bought, Sold and Quoted
J. Robinson-Duff & Co.
Members New Vork Stocft b'xehange.
Tel. Bowling Green 8700. iil Broadway
Ref und $15,000,000 Issue
Announcement was made yesterday
.'that the issue of $15,000,000 Westing
Miouse Electric and Manufacturing (Tom
.'pany one year 6 per cent notes matur
? ing in February will be refunded by a
new issue running for one year at the
taame rate of interest. Kuhn, Loeb &.
. Co., the company's bankers. stated that
holders of the matunng notes will be
-?Kiven the priviiege of exchanging them
lor a like amount of th" new issue.
According to a statement issued by
Guy E. Tripp, chairman of the com
pr.ny, in connection with the announeo
''?.lcnt of the financing, the corporation
haa on hand unfilled orders amounting
'?'. morc than $95,000,000 exclusive of
^ipproximately $3,500,000 for munitions.
?>'et income for the eight months ended
N'ovpinber .'50, after the pavment of cap
atal stock taxes and all state and mu?
nicipal taxes applicablc to the pa-/mp?it
ol interest, was $19,018,031. The bal
? ?.nce of earnings after interest charges,
t u* before Federal income and excess
?prot.V, taxes, amounted to $17,450..'iol.
| Wall Street Items
A. II. Baldwin, former United States
Commercial Attache in London. and re- '
commercial advisor to the War
"Trade Board, has become assistant to
- 'Allen Walker, manager of the Foreign
I rade Bureau of the Guaranty Trust
' ompany of New York.
Bertram G. Work, president of the'
lyear Rubber Companv, has been
l>clected a director of the Equitable'
I rust Company.
Samuel Rea, formerly president of
tne Pennsylvania Railroad Company,
has been elected president of the New
Vork. Philadelphia & Norfolk Railroad
Company, succeeding William A. Pat?
ton, who retired.
The Fir?t National Bank of New York
and Hemphill. Noyes & Co. arc
offering at 102-/6 an<j interest, to yield
565 p'-r cent, $2,500,000 Cohoes Power
*nd Light Corporation lirst 6 per cent
,j({old bonds, due January 1, 1929.
Samuel Moffitt has been elected a di?
rector of the American Ice Company
-f.succeeding Jay Cooke, :>A, rc-ivigned.
W. Averell Harriman has been clect
"e*i a director of the American .Sure*tv
Coal <
j per can. .
inadditson to regular quarterly dividend
both payable February
?tockbol<i'ir?. of reeofd Febr
Itegufar I)<M-iurations
Burns Rro>*. Coal Company Extra
ilivxlenrf or 'SVi per cent common xtoek
. ? . rceord
I '' ' Q Aprtl 2 Mar i
. ''?' . wm. '4 Ai.ni 2 :.'i... i
/'?' ? I i ,.,. Q \ ,.i, | ,|?? ..,
'<" ,?, ?'??? or. -'-A M.r. ) i..|,; M
C * ijtfl ? ?? '. U . ;;j jliu .,,
i '-.,*?.
T*?h';c Mi ,. '. "nn. .(?? -k
V?Wbm\ ' ? pr. Q 1 ? ?, i .(?,, gn
'?'"ii <'??: i . i, i J .,
July 1 Jii'i. i
Finance - Economies
Mills Building, i5 Broad St. Ilanover 65 14
Il, is intimatcd that our bankersi
will bc encouragecl to rloat several1
large loans for foreign govern?
ments. If this is done it would tend
to tibsorb the surplus of ihe* money j
market possibly for some months!
to come, aml up lo thc time for the
flotation of the now Liberty Loan. .
It- ought to bc done, for there is no
surcr or quicker way of stimulating;
foreign demand and giving that
inipulsc to business which it seems
now to stand in need of. There
seems every promise that tonnage
will be plentiful within a very few
months to come. If this bc true
buying for forward business might
readily begin nov,-. There .seem
ample funds in the market now
for all practical or prospective !
There are many who believe thnt,
there will be no marked rise in the i
stock market before the new Liberty I
Loan is out of thc way. They bc- j
lieve that tlie restrictions of thc
Money Committee will be continued]
until that time, and that any at?
tempt to excite speculation would bc i
severely frowned upon. There would ]
be additional reason for this if I
large foreign loans were also to be j
undertaken. Meanwbilo there seems!
little doubt that a steady absorp-!
tion of the higher grade of securi- I
ties. is steadily going on, which may I
be laying the foundation for a |
broad expansion later in the year. j
Business is business, and mcr-!
chandise is merchandise. Baseball!
is plain merchandise and has its,
own market. The most interesting
Wall Street transaction yesterday
was the purchase of the Giants by!
a curb broker at a reported price j
of around $1,000,000. Quotations!
in baseball are reported as firm and j
upward. There probably never was j
a time when so many people who ;
care for baseball have the price. It
i.s not quite clear why baseball !
stocks should not be quoted, on the
curb at least, and the price on
Giants common might prove, with the j
varying fortunes of the game, a j
highly interesting market plaything.
The further off the prospect for
a strong resumption of Germany's j
large normal purchasing in the cot- \
ton and copper markets the less
prospect for continued high prices!
in these two commodities. Neither
England nor France is probably now !
in shape to effect a very large ex-1
pansion in these two industries. j
Unless, therefore, there should be i
an uncommon demand in the United
States, there seems a scant pros- i
pect of as large takings in these
two lines as many had anticipated. i
In the whole history of corpora- j
tion flotations there probably never :
was a company with quite such a va- \
ried and, as it were, pervasive char-?
ter as that granted to the "United \
States Russian Bureau," attention j
to which was drawn in Monday's de?
bate in Congress. Thc $5,000,000 !
capital of this enterprise, organ- j
ized by the War Trade Board. is said j
to have been contributed by the j
President out of the $100,000,000 <
which Congress appropria'ted to him j
in a lump sum "for national security ]
and defence." It is to be not mere-1
ly a buying, purchasing and export |
enterprise, but may carry on any!
kind of "general mercantile and i
commercial business in any part of
the world." It may go into mining,
agriculture, the cattle business, oil
business, run hotels, buy or build
railways, telegraphs, telephones,
any kind of buildings, run a mort
gage business, construct water pow?
er canals, irrigation systems, go into
seweragc, draluage, piers, docks,
tugs, steamships, and heaven knows
what else. Its immediate business
seems to be to buy and peddle boots
and shoes, soap, clothing and other
articles needed by the much depri
vated Siberians. Wall Street will
regret that the stock of such an
expensive and elastic enterprise as
this should all be held by the mem?
bers of the War Trade Board.
Money and Credit
Call money was in more liberal sup?
ply yesterday -ind rates declined
further. At thc Stock Exchange most
ol the day's busines.-i was done on a
basis of t',7 to ', per cent, ;> reduction
?i '... pcr eent.
Banks offered fairly liberal amount*
of fixed date funds at 5>,i per cent
;?r ninety days and four months per
iods, with some business being done on
this basis.
Uulitij.' rates -ior money yesterday,
compared with a year ago, were as
followi i
Yesterday. Year ago.
I'erecnt. Pcr cent.
<'ail m.ney:
On mixed collat-ral 4>/_ 5
On industrial e'J't'l 5
Time money (mixed collateral):
Sixty days .5'/_^6 5'/2(J?)534
Ninety day* .5'/??#6 &/*<&$%
YOW months ..'/_r<tfi 5'/_(B?5%
Kl ' to six nion'.ii ?.6{4t(g>8 S^.^iB^
tomrn.r.iMl Paper.- Thcio ia a com-1
p*rativ#1y Jarjrc volume ?f buBineaa
moving at i.lic prcsent time on an aver?
age discount bacis of ."? Vss pcr cent.
Som<3 very prime commercial paper is
being placed at 5'/i per cent. Bor
rowiug by commercial houses on paper
is more active.
Bank Acceptances. Brokers report
an active demand t'or acceptances.*!
Rate.; yesterday wcrc unchanged as foi- I
Thirty Sixty Ninety
Spot dc- days. days. days.
livery: Per cent.Pcr cent.Per cent.!
E 1 i s i b 1 e
banks _4ft?4 [email protected] [email protected] \
ber [email protected]^ [email protected],/4 4%@4rV |
bank bills.5'/[email protected] 5'/[email protected] [email protected]
For delivery within 30 days:
Per cent. '
Kligible member banks.4ft
Eligible non-member banks.4ft
lneligiblc bank bills.6.
Discount Rates.-?Tlio following table i
gives thc current. rates of the twelve |
Federal Reserve banks on commercial \
paper for all pcriods up to ninety days: ?
?-M-lurUlea-, !
:_ I
e ff ? ?
~ ?? ^ : o.
? *Bc ':.
:|If :? jj|
Boston .4 4% 4%!
New York.4 4% 4%.
Philadelphia ... 4 4% 4%
Cleveland .4\\ 4% 4%
Richmond .4% 5 5
Atlanta . 4 4% 4%
Chicago .4 494 4%
St. Louis .4 4% 4% |
Minneapolis ... 4 4% 5 j
Kansas City.... 4'/_ 5!4 5J4 :
Dallas . 4 4% 5 j
San Francisco.. 4 5 5
The Federal Reserve Bank of New
York has put in force the following
rchodule of rediscount rates which |
apply to bankers'.acceptances: Ma-j
ttirities up to .5 days, 4 per cent; 16 to
60 days, inclusive, 41, per cent; 61 to
90 days, inclusive, 4'._ per cent.
_ I
Bank Clearings.?Bank clearings yes- j
terday wcrc:
Exchanges. Balances.
New York ....$719,050,300 $64,155,866
Baltimore .... 13,583,317 5,235,814
, Boston . 64,254,979 19,792,629
Chicago . 92,693,936 9,077,801
Philadelphia .. 66,174.052 11,891,651
Pittsburgh_ 20,735,481 7,802,589
Silver.?London, 48ftd, unchanged;
New York, 101 VaC unchanged; Mexican:
dollars, 77J_c unchanged.
Sub-Treasury. ? The Sub-Treasury
gained $727,000 from thc banks on ,
London Money Market. LONDON,
Jan. 14.?Closing: Money, 3 per cent. :
Discount rates for short and three '
months' bills, I! 17-32 per cent. Gold
German Bank Statement.?BERLIN
(via London), Jan. 14.?The statement
of the Imperial Bank of Germany, is- I
sued December 31, shows the follow- ;
ing changes in marks:
Total coin and bullion.dec. 776,000
Gold .dec. 626,000.
Treasury notes .inc. 370,128,000
Notes of other banks.inc. 80,000
Bills discounted.inc. 2,956,916,000
Advances .inc. 3,276,000
Investments .dec. 210,000
Other securities .dec. 222,864,000
Notes in circulation. .inc. 1,063,607,000
Deposits .inc. 1,796,130,000
Other liabilities _inc. 240.009,000
Reserve .dec. 172,000
Total gold holdings, 2,262,003,000
marks. j
Thc Dollar in Foreign Exchange
There was a more active inquiry for j
demand sterling bills in thc local j
market yesterday resulting in a slightl
hardening in the rate. Swiss francs!
continued to display strengih on light I
trading. Other rates were steady. I
Closing rates yesterday, compared!
with a week ago, follow:
(Quoted dollars to the pound.)
Week :
Yesterday. ago ?
Sterling, demand .$4.7580 $4.7585
Sterling, sixty days-4.73' 8 4.71%
; Sterling, cables .4.76ft 4.7655
Sterling, ninety days. . . 4.7134 4.7134
(Quoted units to the dollar.)
Francs, checks . 5.45'/_ 5.45%'
! Francs, cablcs . 5.45 5.44iii
! Lire, checks . 6.37 6.37 i
; Lire, cables . 6.35 6.35
; Swiss, checks . 4.82'/2 4.86 j
Swiss, cablcs . 4.80 4.83
i Quoted cents to thc unit.)
Guilders, checks .42% 42ft
j Gilders, cables .42?.".- 42%
, Sweden, checks .28.95 28.95
* Rubles, checks .13.00 13.00
I Spain, checks .20.15 20.08
j Spain. cables . . . .*.20.20 20.15
: Sweden, cablcs . '..28.95 28.95
i Sweden. checks.29.10 2910
' Denmark, checks.26.70 25.85
Denmark, cables .26.85 26.90
Norway, checks .27.95 28.00
I Norway, cables .28.10 28.15
j Argentine1, checks.45 45',4
[ Argentina, cables .44% 45!<_
, India, rupees, checks. . 35 3-5 35.-5
? India, rupees, cables...35% 35%
; Ir.dia, rupees, cables,
Reserve Bank rate. .35.73 35.73
. Below is given the current exchange
value of foreign money in dollars and
, ccr.'s, together with the intrinsic gold
i parity, as calculatcd l-y the United
: States Mint: ;
exchange Intrinsic
! value. value.
Pounds. sterling.$4.75% $4,865,4
Francs . 0.18.4 0.19.3
Guilders . 0.42% 0.40.2
I Lire. checks . 0.15.6 6.19.3
Crowns lDenmark).... 0.26.75 0.26.8
Crowns (Sweden) . 0.26.''i5 0.26.8
I The above rate* express thc cost ol'
? foreign money iiv torms of the Ameri?
can dollar, You buy an English pound
sterling, say, at $4.78%, Tho intrinsic
parity ih $4.&8S_ per pound. Thus vou?
?ay either that pounds are at a dis-'
' count or that dollars are at a premium j
which la owing to tbe fact that in Eng
btiid the demand for dollars with which i
to settlo accounts ln this country ia1
greater than the demand in this coun?
try for pounds with whicli to oetllc
acccunts in England.
R. E. Jones Will
Be Youngest Bank
Mead in New York
To Succeed Burton as Presi?
dent of Merchants' Na?
tional as Lattcr Becomcs
Chairman; Bank Elections
Raymond E. Jones. first vicc-presi- ;
dent of the Merchants' National Bank,;
will br elected president of that insti- !
tution to-morrow, according to present I
plane of thc dircctor3. Mr. Jones will I
succeed thc Hon. Theodore E. Burton,
who is expected to be made chairman j
of Ihe board, an oflice which will en- |
abie him to carry out. personal plans I
for lecturing on economic and political .
Mr. Jones, who is thirty-four years i
old, will rank as Ihe youngest bank
president in tho linancial district. This i
disUnction was formerly held by Har- |
vcy 1). Gibson as president of the Lib- j
cvt.v National Bank. Mr. Jones came j
to the Merchants' National two years i
ago, when thc bank wns reorganized ns
tho result of a change of control. Be?
fore that time hc wns head of tho Now
York' agency of thc Royal Bank of
Canada. lle is n native New Yorkcr
and has made a specialty of American
banking methods, particularly in their
relations to foreign business.
During 1918 the bank's deposits in?
creased more than $7,000,000 to $29,
780,603. Most of the increase has been
in mercantile accounts. At the annual
meeting of stockholders yesterday the
retiring board of directors was ro
elected. The meeting scheduled for
to-morrow is the regular annual organ?
ization meeting of the board.
At the organization meeting of the
Irving National Bank yesterday, fol- |
lowing the annual meeting, Harry K. !
Ward, formerly first vice-president,
was elected president to succeed Rollin !
P. Grant, who was made vice-chairman !
of the board. John 11. Love, of Graup
ner, Love & Lamprecht, was elected a j
director. l
The First. National Bank announced j
that Francis D. Bartovv, who formerly
held the position of vice-president and ;
cashier, i.s now vice-president, and
Samuel A. Weldon was elected cashier, |
Mr. Weldon waa formerly a major in !
the field artillery. U. S. A.. and was
honorably discharged on December 20.
Changes in the directorate of na- '
tional banks at their annual meetings '?
yesterday were few as compared with
previous years The more important !
National City Bank -Robert S. Lo- !
vett, president of the Union Pacific
Railroad, was added to the board.
Mechanics' and Metals National \
Bank -The vacancy on the board ere- l
ated by the sudden death of George R. !
Sheldon, it was announecd, has not |
been lilled. Other directors were re- I
_ Citizens' National Bank John A. !
Garver, of tho law firm of Sherman & J
Sterling, was elected a director to suc- I
ceed F. M, Bacon, jr.
Coal and Iron National Bank- Ar- :
thur^ Hamilton, of the Central Railroad !
of New Jersey, was elected a director j
to succeed George D. Harris.
Chatham and Phrenix National |
Bank William JI. Strong was added to !
the board.
Atlantic National Bank Rufus W.
Scot and William B. Davis were added I
to tluj board.
New York County National Bank?!
Nicholas Biddle wa.s elected a director
to succeed George R. Walker.
Garfield National Bank Charles S.
Wills and Arthur W. Snow were elected
directors to succeed Frederick T. Fleit
mann ar.d Angier B. Duke.
Bronx National Bank Harry Kohe
retired as director.
Gotham National Bank F. M. Dum
baugh, Victor M. Tyler and J. C. Scat
tergood were added to the board. The
stockholders voted to increase the capi?
tal from .$200.1)00 to $600,000 aud the
surplus from $200,000 to $.125,000.
Harriman National Bank Captain
W. M. Talbot, treasurer of the Ciego
de Avila Sugar Companv, of Havana
Cuba. and.Alvah Miller, of II. G. Craig
& Co.. were elected directors.
National banks that reelected the re?
tiring directors included the Hanover
National Bank, the Liberty Xational
Bank, the National Park Bank, the
Second National Bank. the Sherman
National Bank, the Lincoln National
Bank, the Chase National Bnnk, tha I
National Bank of Commerce, the First !
National Bank. American Exchange '
National Bank, Importers' and Traders' '<
National Bank. the Bank of America !
thc Chemical National Bank. thc Pub?
iic National Bank. the New York Prod j
uce Exchange Bank, the Union Ex?
change Xational Bank, and thc Bank ofl
Xew York, N. B. A.
j Steel Common for
Employes at 92
Price Named for Corporation's
Workers Two Points
Above Market
Thc United States Steel Corporation
has fixed the price at which thc com?
mon stock will be offered to employes
this year at 92. according to an an?
nouncement yesterday by Judge Elbert
II. Gary, chairman ot' the finance com?
mittee. While thc offering is officially
limitcfl to .10,000 share:;, it was learned
that subscriptions in excess of that
amount would be acceptcd.
Placing the price of common stock
above Cie currcnt rfuoted value was an
innovation for the company. ln pre?
vious yeai's it has been customary to
give employes the right to subscribe
at approximately 2 points under thc
market price. This was the case a
year ago, when 92 was also fixed as the
ligure at which lhe employes might.
purchase stock under the corporation's
so-called prolit-sharing plan.
The circular niailo.d to the company's
275,000 workers yesterday stipulated
that soldiers aml sailors in the servico
who were employes and who return to
their former jobs before July I will bc
entitled to subscribe. It was also an
nounced that subscriptions will he re?
ceived until February 28, instead of
January 2!>. as was the case last year.
Prosperity Resis
On Active Buving,
Pierson Asserts
Banker Would Stimulatc
Sales to Avert Depressiou;
Urges Quiek Settlement of
War Contract Disputes
Serious attention must be given at
once to the question of stimulating j
markets, domestic and foreign, if the
present condition of prosperity is to be
maintained and if reasonable hopes for
future prosperity are to be realized, I
Lewis E. Pierson, chairman of the
board of the Irving National Bank, told
thc members of the National Boot and
Shoe Manufacturers'Association in ses?
sion here yesterday.'
"Present merchandise holdings, ac?
cording to the best available informa?
tion," said Mr. Pierson, "are not far
from normal.
Must Increase Consumption
"To a very considerable extent the
question resolves itself into securing a
definite attitude of mind not one that
will be hesitantand uncertain, which
always slows up trade, but rather a
frame of mind which will recogr.ize the
necessity of driving ahead in order
that the wheels may be kept revolving
to the benefit of all. An increase,!
power of absorption of product must
be secured ir. order that the nation's
power to produce may continue to otfer '
employment, which in its turn will!
sti m ti late trade.
"It will not bo enough that jobbera
and wholesalers and retailers gauge
their plans of distribution bv what was
done in the past. A new "situation
new possibilities?new requirements
must be met Our people are richer
than ever before the purchasing ca?
pacity of the individual has been ma
tenally increased by the war, an,! as a
result of war there has been caused
too. ati immensc increase in the num-I
pcr of Americans who are in a nosi
tion to buy frcely. It ig not a question
of our pcople being able to buy more
extensively than in the. past, but rather
of being made to realize the ureent
necessity of so buying."
Would Seil More
The thing lo do, according to Mr
I lerson, is to stimulatc the retail sales
and then to seil more goods, and then
to pass the word all along the line to
sell more and to get every man in anv
way connected with business to realize
that among all the serious problems
which must be encountered br Ameri
can business none is more serious or
more important than the problem of
finding and developing and stimulating
at homc and abroad adequate markets
for American products. Among other
things. he proposed that ;. r_tail
sellmg drive he inaugurated through?
out the country with a view u> stimu?
lating demand for goods.
In the opinion of Mr. Pierson, the
early settlement of the war contract
difflculties arising out of the reported
invahdity of millions of dollars' worth
ot contracts placed by lhe government
would help American business l-'tlv
in meeting the problems of the recon?
struction period. ' recon
Significanl Relations
Money and Prices:
Stock of money gold in the country.. to nfin?c'*n ^^ ijium,
^.030.510,011 $3,040,449,343
Loans of all national banks. ?mo nnV/JjJ'JL "r'vi.n" !
Their surplus reserves. ? 'Id'SS sSs^OOO
Bill- discounted and bought by FeiL ' W'UUJ 95,071,000
eral Reserve Banks. - J^jsi "wl-.
Fedcral Reserve notes in circulation'.'. *2SffSiK W3&42&000
T*.tal go.d reserve. aJIH'SSo 1'2^'280,000
?yi5,000 1,697,533,000
Average price of fifty tstocks. 78 42 7s%o?" A >'e? ?*?
Average price of twenty-five bonds. . 37'g7 c-'or ^?'"'2
Food i'ost of living (Aunafist index ' S5-2?
number) . 297^3 ^"^VTtT A??r.?
General comniodity price level (Dun's Dcc , &**.\n 277.457
index number) .230.375 230.529 220l?!"'
I'nfillcd U. 3. Steel orders, tons.7379 j'52 ?fe? * mr ?K?.
,rf",l>": o.i<"4,053 !'.381 /IS
Tig iron (daiiv av?>ragc), tons. 110.762' I'li'Sntf" *?*-'??
Wheat cron, bushels. "18 'ow'iiWn Th? l?? ??p.
<>?? cw* biirfiet..;-.;: i^aaSSSS , SKSJE
??" ' T ,bu:ih<>,s. 2.5821814:000 'o65 ^ooS
. n./OC^O 11,302,375
?-? -ln. rcjis or dcrr-n.e rrom j.<.4r lj(.,-m?
ni-lriliulioii: rJuithmtt SSiltr' C"M ' co,d*-?
.. ?? . in l'"ct'iul)fr Orlnnr-r -'an. 1 n
Groas railroad earnings. '070 oon? oct. 31.
?3-' o <:o.I)''(i 20 ^"
.. . , Lul wek. WeoU h.'or* v '
Bank clearings. 1?*)'-? 911? ?'" 10.!???.
. '' -1.1 0 19 9"
Active cotton spindlci. 33,652,612 33.121.50/ 33<JEi?8n
Commercial failures tDun's): >?d.lW4,690
Number . Dw??!jltt Nowmb?r. A ?rar ?no
Liabilities . .?,o^?io, . 57? i'0'55
Ituildtng pennils (Brudmreei's):'" ' *12^49'183 $13,815,160 $14,043,710
(136 cities) . i'l'd fiRQ'aR7S' Dwembw, IJI7.
_.[ .$14,669,457 $26,213,458
Dress aml Waisl
Makers iu Omibine
To Resisi Workers
FormCorporation to Finance
Xr eakcr Manufacturers
Shroiiirh Period of Jnae
livity ii Strike Is Called
A plan for making powerful every
!,; i; ':: tlie cha n of dress and waist
manufacturers, who are ready Lo resisi
so the utmosl what they regard as the
unfair demands of their employes j
through their own branch of the Inter?
national Ladics' Garment Workers'!
Union, has been worked out. On thc
eve of a threatened strike affecting
more than .5,000 workers the D. and \V.
Merchandise Sale; Corporation, with a
nominal capitalization of ?100,000, has
been launched "i:i order to extend
financial aid lo Ih- weakest producers
ni the industry who nrr.-ln otherwise
find it impossible to face a suspension
ac! ivity .- uch as
e indust ry."
Bruno L. Stern,
impany, thc presi
poralion, told Tin
might socn come in
of tho Aero Waisl
lent nf the now cor
Tribu ie yesterday
that thc entire resources nf thc dress
and waist manufacturers of tlie city
stood behind the new mutual benefit
corporation. "iu _asc it becomes neces?
sary, as seems certain," he said, "to
test thc strength of the contending par?
ties in thi- labor dispute, the new cor?
poration will give financial assistance |
to manufacturers who, becau.e of a
heavy accumulation of merchandise or
for other reasons. are unable to hold
out. The money wil! be extended in the
form of loans, and millions of dollars
will ]><s forthcoming if necessary."
'lhe new corporation is said to b<> I
representative of thc entire producing!
side of the industry, which is more!
loosely associated in thc Dress and I
Waist Manufacturers' Association. Max!
J. Shapiro is treasurer of the new or-I
ganization, and besides himself and Mr.'
'???. the directors include Harry B.!
of Rosen Brothers; Samuel!
Bernsteih, of the B. N. C. Waist Co,?
pany, and Morris Weiss, of Gross &
\\eiss, president of the Manufacturers'
Associut ion,
Besides placing the financial re?
sources of al! tho manufacturers at
the disposal of each producing unit,
Mr. Stern has declared that the new
instrument would probably eventuaBy
!>c used as a selling agency. 'Ihe full
technique of this aspoct of the cor?
poration has not yet been formulated,
he said.
The first move in the threatened
strike of the 35,000 workers in the
needle trades of Xew York was made
by a member of the Manufacturers'
Association yesterday.
The firm of Son & Ash, 105 Madison
Av..nue. loeked out 150 girls employed
there because, it was asserted, they
were going to take part in the t.hreat
ened walkout next week. Alfred G.
Son, ;i member of the firm, is vice
president of the Waist and Dress
Manufacturers' Association.
The union, it was announced bv Ben?
jamin Schlessinger, its president, has
completed all preparations for the
strike, but* has informed the manu?
facturers that. the union always will
be ready to make a prompt settlement.
Units of the workers wil! vote on the
question of a strike on Thursday and
Friday, and a mass meeting of tlie en?
tire organized group wil! be held Sat?
urday night. The manufacturers will
meet at thc Oak Room at the Hotel
Martinique tb-night to discuss the situ?
The protocol which kept the industry
in peace for six years expired on Dc
cember "I last. inasmuch as the em?
ployers declined lo accept the new de?
mands of th" workers, who asked ior a
forty-four-hour week. a 1.") per cent
wage increase an,! permission to have
union representatives visit individual
shops once a month. \\>. opposing these
demands as ruinous to lhe industry,
t'nc employers point ,mt tha) Samuel
Gompers, presidenl oi' tlie American
Federation of Labor, recently called the
organization tn whicli their workers
belong an instrument ?f the Bolshevik
element in American labor.
Cuban Sujjar llrop
Worth $500,000,000
I^laiul's Banking Facilities Are
Sufficient to Finance
Cuba's 1918-'19 sugar crop. now
beginning to come on thc market, is
worth approximately $500,000,000, while
the current tobacco crop is valued at
?200,000,000, according to Walter Van
Deuscn, assi'3tanl manager of thc Mer- '?
cantilc Bank ol" tho Americas, who re?
turned yesterday from tlie island.
whero ho went in connection with the
establishment of thc new Banco Mer
cantil Americano dc Cuba.
Botween $200,000,000 aiid $300,000,
000 will be needed to finance ihcse
crops, in thc opinion of Mr. Van Deu?
scn, who said yesterday that tho isl
and's banking facilities are adequate
to meet tlie situation. as a result of thc
i; creased activity of American bank?
ing intercsts in that field. !t wiil nol
be necessary, according to Mr, Van
Deuscn, to organize a syndicate such
as was formed last year to finance the
island's sugar crop, when Xew York
banking institutions placed $100,000,
000 at the disposal of tlie Cuban sugar
"Conditions ia the island are gener?
ally favorable," said Mr. Van Deusen.
"The wages being paid in al! branchea
01 business, especially in tlie sugar in?
dustry, are very high, and this -^ives
to the ordinary laboring clai s a lar<?_
i urchasing power which in turn bene
lits the jobbing and ' retail stores.
American business houses are making
strong efforts to hold the trade 0f
Cuba. ninety per cent of which has
come to this country during thc pas't
lew years. I'hej ,..;:. however, have
to meet s trong competitio from Eng.
1 ish and Sna.i i. h ma mi fucf tl rer
"T.here bnyg beei
banking inst it ot ion
recently, but the
the island wilr make i_
them, as, Cuba needs
amount of foreign finai
to enable her to ir ndl<
i loi . j, .
ii g
mber ,. ?' n'i w
lized ii, Cuba
irospcrity of
m for all .
i order
properly the
are pro lu :od
l?|' . ,;;?"" '? ?"" ;' Awiericano
oa, organ i ..." tho uuspices
'" ''" "r"1'1".'.. '. ..j tho Amer?
icas und the Guaranty I'rnst Company,
m capituhzed al $2,600,000 und haa al
toady opened for busiiioa.'iii lluvuna.
"h your
in order?"
"Thc Management
of Your Estate" is a
sixlccn page booklet
describing the ser?
vices performed by
this company.
1 his booklet will interest every man who is giving
thought to the safeguarding of his business and per
sonal interests. We will gladiy mail you a copy
upon request.
Address Trust Pr part ment
Central Union Trust Company
80 Broadway 54 Wall Street
TMaxa Hr.-inch
758 Fifth Arenae
42n?l Street Branrb
Medison At*. & 42od St.
Stb *tf. BmumIi
4M Flfth At*m>
Capital, Surplu* and Undivided Profits $30,000,00$
We advise the purchase
and are making a Specialty of
lovernment Bonds
and are prepared, at any time, to
buy or sell large or small lots.
deler, Peabody & Co.
Ilii Bevoiis&ire St. 17 Wall St
Executor ' Trustee
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 Paris
Foreign Exchange
Administrator G-uardian
Member Federal Reserve Bank and New York Clearinir House
Severe Slunip in
Dye Trade Reported
Since tlie signing of the armistice
business in American dyestuffs has
dropped fully 70 poi- cent, according
to Dr. J. Merritt Mathews, a recog
nizetl trade authority. The supplying
cl dyes for civilian purposes is the
present object 0f the industry, but
grave problems are involved in this*l
cjuestion, because all the colors de?
manded by Uie manufacturers of tox
'.ik-h for civilian clothing arc not ye1
made in the United States. The pres?
ent situation waa brought about by
the withdrawnl of the government fi'om
ihe market as n large pWchaser. As
n result. it ia stated that the industry
to-day faccs a crisis upon the outcome
of which 7* pcml'- its entire future.
rhe indu< try has be< n buill up since
Ihe war began, with the object of mak?
ing the lliiited Statea independent of
Germany foi its dyestuffa and wresting
from thal eountrv the monopoiy it en
joyed in that field.
Dyc manufacturcrs ar< asking that
the government license tho importation j
" dye.stulTs*. The demand is made as
a protecticn against anj sudden influx i
<?>' German *'. es*. This would be in line
with the s '? | taken for tho same pur?
pose in Knj and. France and Italy.
There is .r^ ? a demand for tarilT re?
vision on tho pait of dye mar.ufactur
i :" ? 1 ho present tui tfl', it is a -. rted,
iio not nfford euflicient protection to
i ii ? newly boi n indui try.
Apprehonsion over the future of tho
dyestufYs industry in retarding to a
great extent the pin., of manufactur?
ers for meeting the tromi i d< ui civilian
tlcmand foi* dyes which has nrUcn vince
thc Biffninlt of thc nrmts.1 c . Thc de
mobilixation of thouaandi of men from :
ihe urincd foicta of the nation bia |
created .-. sudden and urgent dcinsnd
for civilian clothes, for the dyeing ot
which -1- - '??'
i >'i. _,. r.. : ic?\reii, ui ???
statea t ustoma Service. *ere
'I h i . report is now in th*
hands ot *.'>h- Wayi and Means Ccn>
i.l ihe House of /Icpr.scnU
: ives.
News Digest
Paria Bourse. PARIS, Jan. !'
Trading waa active on the Bou.r?f tc
day. Three per cent rer.tes. ti'i fraajj*
t'or cash; exchange on London. g
francs B8 centimes; ."> pcr cent Io?n. ?
francs 40 centimos.
INcw York
Rayal Dutch Dividend Received.-TN
Equitable I'nm Compsn> Hisnountf*
t it ha ? rcce'ived for flj
i ibutlon to the holders of Royal B?!*J
< o'mpnny American and New Yof*
shares u di\ idend amonnting to ?'-'?''.
on caeh of those shares, The _ti\ '^__*?
will be distributcd to holders of rrc??
January .s < u February b provided t?
"., my income tsx certidojtoj W
been ft led on or before that dittr.

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