Newspaper Page Text
15 I Niimhuu Street
Island Oil Facts
1. Over 20,000 liarrels of oil
are beitiy taken daily from
Island's second largest
gusher, which was rumored
to have been shut down.
2. March shipments ? 668,841
3. Fifth 55,000 barrel tank at
Palo Blanco neariog com
pletion. Three additional
tanks under way.
4. Storage oil on hand at noon
April 3rd amounted to 61,
000 barrels. April ship?
ments should equal or ex?
ceed March shipments.
5. Opportunity to increase the
Company's products and
profits affqrded by the for?
mation of the Island Refin
6. Island's new well in Comales
district of Mexico produc?
ing 2(>y> deg. gravity oil,
which surpasses best oil
ever produced in Mexico.
/ will he pleased
to execute your orders.
John J. MacCrum
Member N. Y. Curb Market
25 Broad St., N. Y. Phone: Broad 516
?Our weekly pnMI'-aflon cnnt.ilnn in
the current number timely informa?
tion regarding ;i number of Important
Wilson & Co.
U. S. Rubber
Libby, McNeill & Libby
Bent on request for K-37I
HUGHES & DIER
50 Broad St., New York
Cptown Oftke, 67 W. 125th St.
Philadelphia, 1435 Walnut Street
From time to time we otTer Invest?
ments In First Mortgage Marine Bonds,
Such Issues are underwritten by us and
sold with our recommendation.
These bonds are secured by Substan?
tial Cash Equities in Properti??,
Liberal Jinking Fund Provisions and
other safeguards uhich protect in?
festara. Particulars or. request.
Buy Victory Xotasa
Hannevig & Co.
139 Broadway, New York
Foreign Exchange Letters of Credit
J.K.Rice, Jr.&Co.Buy & Sell
Amer. Chicle Cum. * 1'fal.
Farmen? I nun A- Trust Stock
Franklin Fire Iiuaurunre
Locomobile Co. Deb. 0?
N.w .ler-.-.v Zinc
Tex?? Pacific Coal 4 OH
Phones 4000 to 4010 John. 36 Wall St.. N. T.
AH denominations bounht for cash.
Based on the closing ice pay to-day
$99.16 for n $100?3'?r Bond, 57 Coupons,
$94.37 for a $100?2d ir:- Bond, i Coupons.
.??84.05 for a $100? 3d 4l/?'i Bond, 2 Conpona.
$01.70 for u SUM??ttli ?*>/?% Bond, 4 C'p'ns.
PURDY & CO?
Tel. John 3174-5-0-7. 34 Pine St,, N. T.
All " I bought 'or cash ^^?
based <-. 81 h Eichange trices. ^^
W*> paid on April 5th:
,','> "l ''?' Bond with 57 coupons
?M.8fi for ?100 2nd 4 ?:. Bond with 3 coupons
' ? 1 rd i', B - ,1 with 2 coupons
$95.20 f.,r 1100 Th a ? Boi ! with 4 coupons
Call i registered mall.
SENZ-VAUGHAN & CO.,
115 JUKOADWAY. Telephone 6056 Kector.
FREDERIC H. HATCH & CO.
I'honaa Kasrtor ?310. 74 Hroadway, New York
i'riraU t<s!ep(>o^ei to Boston amd Philadelphia
WEEKLY ?^S WILL B?
? I.MMAKV ^T MAILED
ON * TO
II1MIAKI) Oil. '' INVENTO M
issue? L ON *?*?<*t'wrt
f'aatii. ?? A/-1 i- J* Uroma. ZA tSraaad St. N.I
Liggett & Drexef
Members N?U> York Block Eichung* ?
United State? Rubber
Huinmarij on Application
61 Broadway?New York
105 lla-vonihlr* St., BaMtOH
Bonds for Investment
Harris, Forbes & Co.
VUtfi hireet, C?rner William
- ??-r?-r-^'i-i -- .I'-rr
(Copyright, 19I?. New York Tribune Inc.)
The moat notable financial event
of the week was the unexpected re?
fusal of Director General Hines to
accept as a basis of government pur?
chases the steel prices fixed, under
the suggestion of the Secretary of
Commerce, by the industrial board
and the steel manufacturers. This
resulted in throwing into confusion
the whole situation in regard to
st?el prices, and the industrial
board's whole business programme.
The suggestion put forward at first
was that steel prices might have to
be reduced another $9 or $10 a ton
to meet the view of the Director
General. At the end of the week the
most frequent comment was that the
industrial board's readjustment plan
might have to be abandoned alto?
gether. Yet the, stock market dis?
played remarkable resistance when
the news was most disturbing. ,It
closed the week with a substantial
There does not seem to be much
in the situation to cause alarm. It is
not likely that the Director General
will insist on prices greatly damag?
ing to the steel interests. He has in
the past shown no such disposition.
And if the whole price readjustment
plan is given up, the situation merely
returns to where it was. There is
nothing to fear from allowing the
natural forces of supply and demand
to resume the uninterrupted sway
they exercised before we entered
In the investment market last week
the most significant event was the
manner in which an unexpected of?
fering of $200,000,000 of War Fi?
nance Corporation bonds was fully
subscribed for almost in a day.
There were special inducements to
bring out this remarkable response.
The bonds are indirectly obligations
of the government; they bear 5 per
cent interest; they arc exempt from
the normal income tax, making their
yield to practically all buyers equiv?
alent to 5.40 in a taxable note; they
are fully tax exempt up to $5,000,
and they run for only one year. If
correspondingly liberal terms are
offered on the coming Victory loan
there can be no doubt of its recep?
tion. Another event of the week was
the maturity on Tuesday of the
i $100,000,000 Republic of France
i two-year 5 V? per cent notes.
The rate on call money on mixed
| collateral fell on Friday' to 4 per
I cent, and remained at that quotation
! throughout the day. It is the lowest
! figure at which call money has ruled
I since March 18, the Tuesday imme?
diately following the paying off by
the government of a large issue of
certificates of indebtedness, and
with that exception the lowest since
January 28. The reason for this is
plain. It is concurrent with a high
rate for money lent for fixed pe?
riods. The Victory Loan campaign is
? less than three weeks off; the banks,
j to prepare for it, are withholding
i time loans. This leaves a great deal
more money to be loaned from day
The indications for the immediate
future point to tighter money. The
subscriptions to the $200,000,000 of
I War Finance Corporation one-year
?notes have not yet been accepted;
therefore they have not yet had any
effect on the money market, save to
1 benefit call money at the expense of
1 time money. Next Thursday the
banks will be called, upon to take
: another issue of several hundred
million dollars of Treasury certifi?
cates of indebtedness. It may
be objected that tho banks have
been taking these every two
| weeks or so, and so they have ;
but the certificates do not mature
every two weeks or so. They keep
piling up. The burden on the banks
becomes greater. They have al?
ready taken nearly $5,000,000,000; j
the banks of New York City alone
have taken $1,343,538,000. Until
the government loan campaign
opens, therefore, the likelihood will
favor firmer money.
But what will happen during the
government loan campaign, and af
ter? The campaign is an operation ,
whereby the burden is taken from ;
the banks by the people. It may be j
done by several methods. A private j
individual may subscribe to the loan i
in cash. The cash is usually held in
the form of bank deposits. He with?
draws this cash to buy the bond;
that reduces the bank's r/eserve. But
when the cash is sent in to the gov?
ernment it is returned by the gov?
ernment to the bank. The bank
does not lose. The money becomes a
government deposit instead of a
private deposit; and against a gov?
ernment deposit it is not legally
compulsory to keep a reserve. The
deposit against which the individual
draws a check may be a deposit
against a loan which the bank has
granted him. In that case the
check he draws, redeposited by the
government, simply represents a
shifting of credits. In neither of
these cases do the banks greatly lose
or greatly gain.
Finally comes the instance In
which the bank buys the bonds for
the customer and allows him to pay
off in instalments. But in this in?
stance the bank merely uses its
certificates of indebtedness, which
it already holds, to take tho bonds.
There is then a mere substitution of
one to five year notes for notes hav?
ing a maturity of several months.
; Yet the bank is being paid off in in?
stalments. These instalment pay?
ments bring in cash. Yet, in any
i case, though the situation becomes
I easier, it does so over a long period.
i The payment for the Victory loan
| will be in six monthly instalments.
That should make it necessary for
very few persons to ask the banks
to carry them.
As the payments come in the
government will use them to pay off
maturing certificates of indebted?
ness. But these will not be paid off
all at once, but in a period extend?
ing over months. Meanwhile, it is
not likely that the government's
heavy expenditures will immediately
terminate. New certificates of in?
debtedness issues may make their
appearance. If commercial borrow?
ing remained as it is to-day the ten?
dency would be toward gradual ease
in money rates; but it is more than
likely that commercial borrowing
will begin to revive over that period.
From the standpoint of government
financing it is fortunate that such
borrowing is now so low.
New Half Billion of
Amount To Be Redeemed From
Proceeds of Next Loan Ex?
ceeds Five Billions
WASHINGTON, April 6.?Another
issue of loan certificates of indebted?
ness of $600,000,000 minimum, dated
April 10, and maturing September 9,
bearing 4Vfc per cent interest, was an?
nounced to-day by the Treasury. Sub?
scription books will close April 17.
This is the first issue of loan cer?
tificates for nearly a month, the last
bi-weekly issue having been omitted
from the programme because of the
large oversubscription of previous is?
sues. Including this issue, tho amount
of certificates to be redeemed from
proceeds of the Victorv Liberty loan
is approximately $5,355,000,000.
Cut Net Income of
Railroad Administration Is
Out Nearly $ 1,000,000
on Rentals Which Are
Due From Subsidiaries
In the annual statement of the New
York, New Haven & Hartford Rail?
road Company for the year ended De?
cember 81, 1918, sent to the stock?
holders, it is pointed out that if the
subsidiary companies had paid the
same dividends last year as they did
in 1917 the net incomo of the company
would be substantially $3,000,000, or a
little more than 1 9-10 per cent on
$157,117,900 of capital stock. However,
these dividends have not as yet been
paid and the net income item on the
statement is recorded as $-,043,525.
The most striking difference from'
previous statements is the absence of
operating revenues and expenses from
the income account. The operation of
the railroad during the calendar year
1918 having been performed by the
railroad administration the revenues
are received and the expenses paid by
the Director General.
The corporation receives a specific
rental of $17,095,884, being the aver?
age annual railway operating income
during the three years ended June 30,
1917. It is interesting to note that
the statement records that of this
amount only $1,950,000 was received to
December 31 last. The annual com?
pensation for the year 1919 will be
increased to $17,173,3(56, due to a re?
statement of the company's income by
the Interstate Commerce Commission
and this amount will be still further
increased by approximately $200,000
interest on the expenditures for im?
provement work for 1918.
Subsidiary Rentals Overdue
The income account shows that be?
sides the rental received from the Di?
rector General there is a total of other
income of $5,502,533, making a gross
income of $22,658,417. Compared with
the report for 1917, the income aside
from rentals in 1918 represents a de?
crease of $1,070,173. The expenditures,
being principally rentals of leased
roads, interests on funded debt and in?
terest on unfunded debt, amount to
$20,614,892, an increase of $1,034,806
over 1917. This leaves a net
income applicable to the year of
$2,043,525, or $360,570 less "than in
1917. Had the subsidiary companies
which paid dividends in 1917, paid
the same dividends in 1918, namely,
$949,000, the income would have been
$2,992,525. This dividend income will
come from the subsidiary companies,
i all of whom have completed their con
: tracts with the Director General, when
i he is in funds to pay the rental due
under the contracts and permits the
j dividends to be paid, but not having
! been pand during the calendar year
it could not be included technically as
j a part of the income for 1918.
The expenditures for road improve
| monts for the year amount to $10,
j 074,053, among which was the Thames
River Bridge, which was completed
and put in operation in January of this
year. To carry out the programme of
improvements the company arranged
to borrow $10,000,000 from the Director
General and $3,000,000 from local
The total short term fndebtedness of
the company was $57,024,000, of which
$51,475,000 was loaned by tho govern?
ment- $43,964,000 to refund former
notes, and the balance, to pay for im?
provements, $2,280,000, was borrowed
to make Liberty Loan subscriptions
and $2,995,000 represents short term
notes to local banks.
Increase in Equipment
During tho year the company's
equipment was increased by 1,500 hop?
per coal cars and fifty Santa Fe type
locomotives. For tho coming year the
Federal manager and the company have
agreed that if funds can be secured
on proper terms approximately $7,000,
000 should be expended to continue, the
programme of improvements, the prin?
cipal items being the Cedar Hill yard
and New Haven station improvements,
engine houses and shops in the vicin?
ity of Boston, new and improved
bridges, signal and increased weight of
rail, track material and the completion
of the New Haven-New York telephone
and telegraph cable line.
The company presented its claim for
j additional compensation, as follows:
AvcrnKC annunl excess car hire
paid during the three-year
Interest Ht II per rent on the
cost of ndditions and better?
ments, amounting to $7,214,
02?.08, U> enable the company
to obtain economies from the
use of Santa Fe type of en?
gines in haulm? heavier trains 432,841.56
It also claimed the reasonable ex?
penses of the corporate organization
during the Federal control and any
aavin? in the coat of conducting the
Federal valuation due to the fact that
such valuation was nearly completed.
The company represented that these
expenditures which the stockholders
had made in keeping New Lngland in?
dustries in operation during the period
of congestion and in improving the
property would be enjoyed by the Direc?
tor General during the period of fed?
eral control without compensation to
them. If these claims had b*ayn al?
lowed and the company been permitted
to receive as dividends from its affili?
ated companies the amounts received
during the test period there would have
been a net Income of approximately:
$5,000,000, or a return of nearly ? l-J !
per cent upon the capital stock.
.-? s -
Thrift to Finance
Savings, However, Should
Not Be Used as a Substi?
tute for Productive Work,
By Adolph Lewisohn
ff^HRIFT should not be overdone. It ?
?^ is a fine thing to stop waste, be?
cause resources are thus added to the
community. It is a fine thing to save
a part of one's income, because the sav?
ing habit develops character. But I am
not in harmony with hoarding money
in order to stop working, to cease cre?
ating anything and to live on one's in?
come in idleness.
I like the idea of saving capital so as
to put it to some good use, to do some?
thing helpful with it, to improve so?
cial conditions, to do bigger things with
it than hoarding it up. The German
idea of saving for meanness and mili?
tarism we can do very well without.
How can the savings impulse, fos?
tered by war necessity, be made per?
manent? Thrift is as necessary in
peace times as in war. The war has
shown some things wo can do along
saving1 lines, some things we never
dreamed possible. Various agencies
! organized to improve citizenship stand
, ards, such as the churches, schools,
; Y. M. C. A. and libraries, will doubtless
; keep the thrift message before the peo?
ple after the government loan cam
1 paigns are over.
As chairman of the thrift committee
! of the Y. M. C. A. industrial depart
] ment, international committee, I am
! especially interested in its work. I be
! lieve in the Y. M. C. A., and particu?
larly in its economic programme de?
signed to help men and boys to think
straight about their money matters.
Here is an agency with thousands of
branches all over the country that can
foster and build permanently with the
ideals of our nation's sound economic
doctrines. Tt can conserve, perhaps bet?
ter than any other organized force, the
government's war educational cam?
paigns on thrift. It has a standard?
ized group of activities emphasizing a
broad conception of personal economics
?a thrift of money, muscle, mind and
morals. These activities help a man in
his problems of earning, spending, sav?
ing, investing, giving and in waste elim?
ination. It is a practicaPservice which
meets a universal need in the lives of
men and boys.
Thrift as a Means
To Life's Higher Values
How can thrift benefit industry?
Some business men have thought that
thrifty people will buy less. They have
therefore opposed its promotion. I be?
lieve this is a mistaken idea. The truly
thrifty will spend less on knicknacks,
but will secure better quality in the
necessities of life, and they will spend
more on the higher things of life, such
as recreation, education and art. They
will be more apt to buy a home, pro?
tect their families with insurance and
open accounts in banks, which means
making resources available for indus?
trial development. This might restrict
production in a few lines. It will stim?
ulate it in many lines. Industries are
in favor of thrift, because of this pos?
sibility of increased bank deposits,
which, in turn, means more capital for
industrial development, and also be?
cause, other things being equal, a
thrifty employe is a better worker.
Many employers have found that a
raise in wages was a detriment, be?
cause the workers spent the extra
money in dissipation and were there?
fore less efficient in their jobs. Indus?
trial managers are generally more will?
ing to raise the wages of a group of
employes who are thrifty, realizing
that in this case the extra money will
be used in wise ways that make the
workers better men.
I am a Jew. As a class we are
thrifty. Originally the Jews were farm?
ers back in Abraham's time. But the
land was taken away from them and
they were forced to use their brains
more in making a living. They have
had a hard life as a race, but this has
been a good thing. Their habits of
thrift and abhorrence of waste have
made it. possible for them to succeed as
financiers. But it has not made them
miserly. It has not made them spend
less, but more wisely. As a class you
find them well dressed; you find them
living well; you find them well repre?
sented in educational movements, phil?
anthropic enterprises and civic affairs.
Thrift is the salvation of our na?
tional financial affairs. Large bills will
become due and must bo paid out of
the government's treasury before all
our war obligations will be met. But
I these required ^resources can be se?
cured only as the individuals of our
nntion save and invest in government
securities. A general practico of thrift
by the American people means the sta?
bilizing of the nation's finances.
That there are now 20,000,000 secur?
ity holders in the country ns compared
to 800,000 before the war will have an
?fleet oa AmarlcA'a sev r?le as ?
City of Salt Lake City, Utah
Dp ted April 1, 1919 Due as shown below
Principal and semi-annual interest (April 1 and Octotwr 11 parable at the National Tart Hauk,
New York City. Coupou bonds in the dejiocniiuttioc ot $1,000 each.
EXEMPT FROM FEDERAL INCOME TAX
Legal investment for Savings Banks in Vermont, New Hampshire
.. and Rhode Island. Eligible as security for Postal Savings Deposits
Salt Lake City, the capital of Utah, is the largest and most important citv*in
the State and the principal commercial city between Denver and the Pacific
Coast. The city, in addition to its local industries which are greatly diversi?
fied, is^an important distributing point for the rich territory surrounding it.
Excellent railroad facilities are afforded by the Oregon Short Line. Denver &
Rio Grande, Western Pacific, San Pedro, I^os Angeles & Salt Lake, and the
Salt Lake and Ogden Railways.
Arnotmt Due Optional
$750,000 ApfH 1, 1939 April 1, 1929
250,000 April 1, 1920-1939 bid.
Prices to yield 4.70%
The National City Company Redmond & Co.
National City Bank Building 33 Pine Street
New York New York
; creditor nation. This means that the
common people have learned how to in
> vest their savings in securities. When
industrial bonds are issued to promote
'. large trade undertakings these bonds
will find a ready market among the
rank and tile of our citizens. Anieri
; cans have formed the habit of buying
: securities. It augurs well for the pos
? sibility of tremendous trade expansion
' in foreign fields.
In regard to the labor situation, I
; believe there should be more coopera?
tion between capital and labor. Labor
ought to get a share of the earnings
? in addition to wages. This gets the
workers interested in the enterprise
? and stirs their enthusiasm to help make
it succeed. All my people are inter
I csted in the success of our various
I corporations. They feel they are being
i treated fairly and put themselves
' wholeheatedly into their work. Even
? my ehautFeur operates on this basis.
j It pays to do away with selfishness and
i work for mutual interests.
Of Keeping Records
The influence in my life that helped
me most in forming a right attitude
toward money was my father. 1 have
! his picture hanging in a large frame
; on the wall of my office. He was a
great influence for good in my life.
My lather's family came from Holland
| away back in 1609. .My grandmother
was born in London. As a lad I
j worked in my father's warehouse help
? ing get the merchandise olf the canal
; boats at a very small wage. Five cents
i was a large sum to me in those days.
But I was always taught to keep a
record of my money transactions and
have made this a practice all my life.
I have here on my desk the exact finan?
cial standing of every business with
which 1 am connected, which shows
every cent of yesterday's expenditures.
Fifty-two years ago I came to America,
where I have beoi^ in business ever
since. I have succeeded by operating
my business on the basis of character,
honesty and fair dealing. 1 have put
the best of my brains into my w.>rk,
i have tried to avoid hi'-ge losses, have
: endeavored to make the right connec?
tions, have selected good associates,
t given them a chance to use their
| brains and have treated them well.
I One man I started out at $?,500 a year
I is now getting $50,000. He says ho
1 would rather work for me for nothing
than for any one else for pay.
In my business character is the first
qualification, knowledge second. If an
associate has knowledge but not char?
acter he is absolutely useless. Then he
must have vision knowledge ot whut
is going to be. But he must not mix
vision with knowledge. And, finally, he
must be able to cooperate.
I get my habit of giving away money
from my father. I like to think of this
as investing money in character. I
reaiize it is necessary in some cases to
give money for the poor, but it is like
putting water into a pail that leaks: it
gives a little relief, is soon gone, with
no permanent results. The chicken
i that scratches for its own food is al
] ways better ofT. [ am more interested
i in giving to help create a social order
in which poverty is a rare exception.
I I have been interested in the care of
| dependent children. They arc like
! birds in a cage, unable to'help them?
selves, and must be fed. My idea of
charity is that it should be construc?
Pierce-Arrow Sales (?row
Produced $26,000,000 War
Vehicles in 1918
Gross sales of the fierce-Arrow
Motor Car Company in 1918 amounted
to $41,364,439. This compares with
$32,505,908 in 1017, an increase of
about 27 per cent. Of this amount, ap?
proximately $20,000,000 represented
war business. Net profits after depre?
ciation, etc., were $4,27.'i,l 71.
The tatal production for last year
amounted to 8,636 vehicles, of which
1,168 were passenger cars and 7,467
were trucks. In 1917 the company man?
ufactured a total of 7,703 machines.
Holders of the preferred stock
shared $800,000 in dividends, while
common disbursement totalled $1,562,
500, an increas? of $937,500, as com?
pared with the year before. Ksti
I mated war and excess profits and in?
come taxes caused the deduction of
$1,200,000, leaving a surplus of $103,
240 for the year.
IS. Y. Shipbuilding Shows
Larger Earnings for 1918
The report of the New York Ship?
building Corporation for the year
I ended December 31, 1918, shows loial
i operating income of $2,518,794. To this
'amount income from other sources of
I $106,853 was added, making a $2,024,647
I gross. Reservo of $260,000 was made
to cover claims on account of Interpre
I tation of costs. No reserve was shown
Iin the report for Federal taxes.
Marvin A. Neeland, president, pointed
out in hi* report to the ?tockbj"dor?
Bank and Trust
2 Wall Street, New York
50 Harriman Nat. Bank
100 Nat. Bk. of Commerce
100 American Exch. Nat.
100 Nat. Citizens Bank
50 Chemical Bank
50 Nat. City Bank
50 Imp. & Traders Nat.
100 Irving Nat. Bank
50 First Nat. Bank
50 Liberty Nat. Bank
50 Mechanics & Metals
100 Merchants Nat. Bank
50 Chase Nat. Bank
50 Garfield Nat. Bank
50 Union Exch. Nat.
! 100 Chatham & Ph?nix
Telephone 4848 Recto
50 Coal & Iron Nat.
100 Corn Exch. Bank
100 Farmers L. & T. Co.
100 American Surety Co.
100 Nat. Surety Co.
50 Bankers Trust Co.
50 Guaranty Trust Co.
50 Cent. Union Tr. Co.
50 Equitable Trust Co.
100 Lawyers T. & Tr. Co.
50 Manhattan Co. Bank
50 Metropolitan Tr. Co.
50 New York Trust Co.
50 Realty Associates
50 Mercantile Tr. & Dep.
50 Brooklyn Trust Co.
100 Fidelity Trust Co.
thnt during 1'JIS the output of the
company was three times that of the
year before. He aiso added thai with
the exception of the serious financial
losses on the battleship Idaho the op?
erations of the year were profitable.
Stock Exchange Transactions
Rail Other All
stocks. stocks. stocks.
Last week 521,100 4,052,200 4,573,300
Week bef. 233,100 3,389,800 3,622,900
Year ago. 129,200 937,300 1,066,500
January 1 to date:
1919.5,288,300 45,026,500 50.314,800
1918.4,193,700 29,444,500 33,638,200
1917.5,637,300 47,029,400 52,666,700 |
Last week. before. before.
| U. S. g.$56,095,OOO $45,522,000 $22,192,000
RTds.. 5.377,000 3,181.000 2,071,000
Oth'rs. 18,983,000 14,249,000 4,978,000
All kds 80,455,000 62,952,000 29,241,000
January 1 to date:
U. S. gov'ment.$547,111,000 $165,719,000
Railroads . 55.590.000 44,930,000
Others . 203,354,000 93,932,000
All bonds .806,055.000 304,581,000
Stock and Bond Averages
Last week. Week before.
High. Low. High. Low.
20 Railroads..72.05 71.00 71.50 70.70
:>o Industr'ls..91.17 89.97 90.07 87.93
50 Stocks.83.48 82.38 82.40 81.04
10 Railroads..79.96 79.55 79.97 79.86
10 Industr'ls..95.01 94.92 94.87 94.72
5 utilities...85.24 85.14 86.00 85.30
25 Bonds.87.06 86.84 87.06 86.95
Same week last year:
20 Railroads . 68.55 68.10
30 Industrials . 78.53 77.30
50 Stocks . 74.50 73.62
10 Railroads . 78.87 78.71
10 Industrials . 90.31 89.92
5 Utilities . 86.14 85.96
25 Bonds . 84.82 84.71
January 1 to date:
Jan. 1, 191D Full year
to date 1918
High. Low. High. Low.
10 Railroads. 72.85 68.70 79.15 66.12
30 Industr'ls..91.17 79.20 88.83 73.37
....Stocks.83.48 ' 75.32 84.08 70.30
?10 Railroads. 82.80 79.55 86.57 76.62
I 10 Industr'ls..95.01 93.72 94.08 67.40
? 6 utilities...87.75 84.72 89.02 82.60
I 25 Bonde.87.88 86.84 89.46 .33.62
A BANKER OR
THIS is Vont OPPORTUNITY I offer
for sale my home i:i Montelair, X/??. J r
sey. 30 Minutes from N'ew York Termi?
nals. If.-room house, four bail
heat; large garage; nearly two
land; elevation, 600 feet;
panoramic view of New York Citj
surrounding country. A location un?
equalled within short commuting
of New York. Near Monti
Club and adjoins Essex County Park.
Residence Is modern throughout. Gi
have beautiful tree? and n
of rare shrubbery. A wonderl
ready for imm?diat- occupancy F"oi
frms. photos. ? tc . Inquire < : 1,
Hole. Jr., 86 Cedar Street, Ne?
your own broker.
lOS'-o OF PAR AND INTEREST
THE DENVER CAS AND II ECTRlfl
COMPANY GENERAL MORTGAGE
?T'o GOI,D RONDS.
To the holder? of the bond? secure.! bj :l>?
General Mortgage of The Denver-GM
and Electric lumpuiiv, dated May I.
You are hereby notified that the
pany Intends to pay off and redeei
following numbered outstanding Gei
Mortgage *'-, Bonds, Issued pursuant
terms of the General
Denver Gas and Electric Compai
Trust Company of America 'The Eq
Trust Company of New York, sued
m< rger), dated May 1. 3003: a
plemental Gent ? al Mori i
samo parties, dated Sep erobei 5. ?<?
ONE THOUSAND DOLLAR BONDS
137 1914 2954 3458 ?540 6685
231 1919 8020 359? ?.,1.' 874*
488 2305 3168 3769 4r,;;H B923
500 2570 3200 3875 ?677 701!
830 2624 32(14 4032 4971 ?280
1335 2733 8871 ?109 5075 ??35
1352 2767 3282 4231 5099 ??65
IS59 2787 3285 4323 5517 *<"'
1637 2828 .3290 4404 6366 7609
1782 2851 3408 4505 6403 7851
ONE HUNDRED DOLL\R BONDS
65 30? 513
77 313 523
131 335 S3?
149 429 581
188 4S8 617
245 441 646
280 414 675
The above-numbered bonds will be re?
deemed and paid at th? office of Th?
Equitable Trust Company of New fork,
No. 37 Wall Ptre.t. New York Ctt:
York, on May 1, 1019, at the rate i '
of par, plus accrued Intereat to that dat*<
and upon kuio date all future Interest
upon such bon * will ?ease, and ti e
pon? therefor will be void; of *n of wb ?
you will please take notice
THE DENVER GAS AND ELECTRIC
By FRANK \V. KHl'EAI'KF. President.
INTERNATIONAL PAPER CO.
New York. Man h 36th. IMt.
Tim Hoard of Directora ?ave deel
recular quarterly dividend of one and .'tie.
half per cent 11 Vi9t>) on the prefern I i
tat stock of thi? Company for the quarter
ending March .Tim. 1919. |iayabla Aprl
r.H?. to preferred stock holder? ot t..<l "!
the .lose of buaineaa April sur l?l>. ?'
whleh time the stock transfer book* elOM
for the purpose of the annual meeting or
ttockholdera, to be held April :3rd. i9is. to
reopen at l? o'clock on the morning of April
OWKN 8HKPHEKU. Treasurer.