New-York tribune. [volume], April 09, 1919, Page 12, Image 12

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

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FINANCIAL B L?EA li i
Tribune Building
i .">4 -Nassau Street
ealth? Markets?Investments
TELEPHONES*
Beekman 3000
Beckman 8243
INVESTMENTS
LEGAL IN
NEW YORK
Trustees of Estates tur
invited fu confer with
u< with respect In Ihr
profcr investment of
lunds.
Merrill,
Lynch
&Co.
7 Wall St.,
New Yoilt
Chicago
Detroit
Members Nato York .Hack Krrkange.
J. K. Rice, Jr. & Co. Buy and Sell
Aeolian Weber Piano & P. Coni. A Pfd.
Altiniiniiiii Co, of America
Atnerinin Alliance Insurance
American Chicle Common
American Cigar Common
American Cyanamid Com, & Pfd.
Amer. District Tel, of N. .1.
American Meter
Hunk ?if .lunliittlnri Co. Stock
K. \v. jtliHH Common
Child? Restaurant Com. & Pfd.
Con. Incntiil ihre Insurance
Crowell & Ttiurlow s. S.
Delaware, I.ml.. & ,V<? .(?to Coal
Empire Steel & Iron Coin. & Pfd.
Famous Players-Laalrj'
Farmers Loan ?V 'l nisi stock
Fraaklln Pire Insurance
tirent American Insurance
Home Insurance
Imperial Oil, Ltd.
Klrby Lumber
Lebigb Valley Coal Sale?
Lima Locomotive Com. & Pfd.
1 one Star (?;>*
Metropolitan Trust Stock
Mbllitnd Securities
Nat'l Park Bank Stock
National Fuel Ohm
N. Y. Title ?V Mortgage Stock
Otis Elevator Com. & Pfd.
Penn. ' i al & C'oke
lt. .1. Reynolds Tobacco Com.
singer Manufacturing
Texas Pacific Coal \- Oil
Washington steel ?t Ordnance
tJeneral Baking Cum. & Pfd.
Remington Typewriter Stocks
J.K.Rice,Jr.&Co.
Phones 4000 to 4010 John. 88 Wall St., N. Y.
investment Opportunities
MARINE SECURITIES
From timo to time v..' offer Invest?
ments in First Mortgage Marine Bonds.
Buch Issui i are underwritten by us and
sold with mir recommendation.
These ?>,..?c/a an: secured 'V Substan*
Hal Cash Equities in Properties,
Liberal Jinking Fund Provisions and
other safeguards which protect in?
vestors. Particulars o.: rt quest.
Buy Victory Note?.
Hannevig & Co.
Marine Financing
Marine Securities
139 Broadway, Now York
Foreign Exchange Letters of Credit
Liberty BondS
/U -?'ii.m?'1'i?foiiv ..ou'/.it tor rauh.
Based on the cio.lno we vnu to-day
600.16 for a 9100?.'.?- Bond, 57 Coupons.
?04.87 for ? 9100?2d ,|"'? Bond, 2 Coupons.
904.05 for a 9100?3d 4V494 Bond, 'I Coupons.
904.70 for a 9100?Ith 414% Bond. 4 C'p'ns.
PUR?Y & CO.,
Tel. John 3174-?-6-7. 84 Pine St., TH. Y.
Robinson & Co.
Investment Securities
26 Exchange Place New York
Uembers New Y?rk Sfoe?? Exchange.
*rtmm i?i-i. ??miiii.?i i_???_--Ji-??-_u_-__?_?___t_
Texas Pacific
Coal & Oil Stock
J.K.Riee,Jr.&Co.
Phones 4000 to 4010 John. 88 Wall St., N. T.
.
STANDARD
WEEKLY f*% WILL I_?
HJIMAK? TT MAILKB
on ;. TO
OTA-TOARD OIL ? INVESTORS
ISSUES 1^ ON REQUEST
CARLH,PFOnZHE!rY_ER&C(X
f'Uon. 4? ,0 1 2-i-? Huma. 23 Broad St.N.?
STOCKS?BONDS
Complet? facllltiea for tlio execution
of orders In any amount
Hartshorne, Fales & Co.
Member? N. Y. Stock Exchange
71 Broadway. Tel. 7610 Bowling Green
IBERTY BONDS?
L1 _________________________
B^_ A' :??.-, -. .?:-.!?? % tv.oih? ?or ?-sill,
^^tu--. ?? Blod Exefsrm trie*?.
We oaid on April ?tit:
%V> 7 . tor J100 .<4% li'.nd with 57 POOpon
' - ij?0 2nd * ', Bond <*l'U -' i lupoii
- ? ? - f'.r S'.'l tin 4'i'J H.I with ?coupon
for 1100 4th . ?4',. /:..n<i with .coupon
? 'au er aend ' ?- registered mall.
SENZ-VAUGHAN & CO.,
115 HROAfJ.V.-.Y. Trlrpbon. 9000 He? toi
L
Bonds for Investment
Harris, Forbes & Co.
PilMi Hlrret. Corner William
NEW YORK
Liggett & Drexel
tt'tnb'rs W tit York K tor It Flr'hnngt
..-?.-???I SUtM Ru.jhrr
?,"/?v ..?i A tip", ittisn
Bi HrtiHtiwnv.rV?tw YrtrU
? ?? i ,i,t,,. ? < . n.,.i.,.i
t?i iiMHiitfiirf Tifiil
"'opyrl?-lit, llin. New Kork Tribune Inc.)
In another day of transactions
compares with 558,449,000 in 1918
market surpassed its performance
:of Monday. On top of its 9% point
advance on Monday, American In?
ternational Corporation stock added
another 5% points to its price, and
again it was the market leader in
?point of volume, exceeding Steel
common and constituting 10 per
cent of the total market activity.
Instead of "hurting" the rest of the
market, the advance in this issue,
though comment ascribed it to rea?
sons peculiar to the purchasers,
seemed to be the signal for pretty
demonstrations in half a dozen
other specialties, among them Burns
; Brothers, which gained 13% points;
?United States Industrial Alcohol, 5
; points, and United States Rubber,
4'h points. Bethlehem Steel issues
?were strong and Steel common
.steady, in the face of a statement
put out by one of the news tickers
Ithat the dividend would be cut from
the present 5 per cent regular and
4 per cent extra basis at the meet?
ing on April 29. The general mar
ket wa3 firm, but the railroad and
copper stocks lagged.
It is interesting to recall that so
long ago as Monday, when the stock
market was advancing, the general
explanation offered was that the
morning papers had indicated pros?
pects of agreement and an early
peace. The Paris dispatches of yes?
terday spoke of disagreement, dis?
sension, delay, resignation; but the
stock market went up just the same.
Most important of all the busi?
ness news of the day was the. gov?
ernment's report of winter wheat.
The indicated condition of 99.8 sur
Ipassed any of the estimates from
? private sources. It is the highest
i April 1 condition reported in thirty
six years and the second highest on
j record. It compares with 78.6 on
j April 1 last year, and with a ten
year average of 82.3 per cent. The
condition entirely reversed the nor?
mal tendency by improving, instead
of declining, from the figure of De
! comber 1 last year. The indicated
winter crop of 837,000,000 bushels
compares with 558,449,000 in 1918,
and with 685,000,000, the previous
record crop, in 1914. The average
condition of rye on April 1 was 90.6
per cent, compared with the ten
year average of 88.6. A record crop
of 101,000,000 busheh is indicated.
This news cannot have been com?
pletely discounted. It represents
perhaps the most important single
factor underlying our prosperity
and the present stock market. The
r
like the situation in normal years,
, it may be positively asserted that
the more wheat he has the more
money he is proportionately certain
|to receive. But that is merely a
question in distribution. The larger
the wheat crop, the greater the ad?
dition to our real wealth, and the
?grenter our prosperity. The more
wheat we grow the more we shall
I sell abroad. Shipping will benciit
?because it carries more. Railroads
I will benefit. The farmer will bene?
fit. And because the farmer bene?
fit?, every industry benefits that
'caters to his needs, Also the farmer
has more money with which to think
i about securities.
If this were a normal year, the
wheat crop would be more widely
appreciated. As it is, we have got
'into the habit of ascribing all things
to political events. We talk of war
demand and peace demand ; of con?
version of plants; of delay over
?peace settlements; of railroads'
temporary financial needs; and we
?slight the most important factor of
all, simply because every one is cer?
tain of it.
The people of the United States,
condemned by the world and by
themselves as the most extravagant
people on earth, are not only en
i gaged at present in saving more
than the people of any other nation
?but the proportion of their saving.1
?to their earnings is probably higbei
i than most of the other principal na
itions. The proof of the statement
|is in our foreign trade. We are pro
'ducing so much more than we con
'sume that we are sending hundred:
of millions of dollars of it abroad
Europe is consuming so much mort
than it produces that it is gettinj
its goods from us. Europe is goinf
into debt; we are extending tht
credits. The rate at which foreigt
countries are going into debt tt
u? was $410,000,000 in Januar:
alone, as indicated only by tangibh
goods, and in February, $353,
000,000.
Volume of money is no test o
national saving. Currency consist
of about four-fifths credit instru
ments, which are not a part o
wealth, but devices for swappini
wealth. Russia has demonstrate!
anew that currency can be pro
duced regardless. There are twi
tests of national saving. One o
them is tho amount of labor am
capital put into productive goods
such as factories, machinery, rail
roads, as compared with the amoun
put directly into consumptiv
| goods. The other is the extent t
I which a nation in its foreign trad
in running into debt to other ni:
Uions, or becoming their creditor.
Call money yesterday opened and re?
newed at &\<? per eent for mixed col?
lateral, declining in the nfternoon 11 rat
to 5',4 per cent and thon to 6, Loan?
on all-industrial collateral were Vj of 1
per cent higher.
Timo money in innctive. Tho mont
interesting development has been the
preference which bunks have been
(showing for longer loans. This is
taken to indicate an expectation of eas?
ier money during the coming summer.
Yesterday. Year ago.
Per cent. Per cent.
Call moncjr:
On mixed collateral 5|/2 5^2
On indus, collateral 6
Time money (mixed collateral):
Sixty days . 5?>i@594 6
Ninety days .5!/2@594 6
Four months .5% 6
Five to six months. 5% 6
Bank Acceptances.? Rutes were un?
changed yesterday.
Thirty Sixty Ninety
Spot dc- days. days. days.
livery: Per cent,Per cent.Per cent.
Eligible
member
banks_4A@4 4'.-4@4ii 4A@4!/4
Eligible
non-mem?
ber banks..4 iV@4 4i"?@4>>'4 4%@4ft
1 Ineligible
; bunk bills.5V4@4^ 5'4@'M? 5?/,@4%
For delivery within thirty days:
Percent.
Eligible member banks.4i7?
Eligible non-member banks.4'/a
; Ineligible bank bills. 6
Discount Rates.?The following table
gives the current rates of tho twelve
Federal Reserve banks on commercial
paper for all periods up to ninety days:
-. -?Miturlt?-,
?. V C! S C C ,. p
:|J? i ; si
: 3 ? 51 : ? fft
? t~ -, i * ,,i
Bouton . 4 494 494
\<'\v York.4 4?4 494
Philadelphia ... 4 434 494
Cleveland .4'?4 494 4?4
Richmond ., 4-34 5 5
Atlanta.4 4?4 494
Chicngo . 4 49-4 494
S?. Louis. 4 494 494
Minneapolis .... 4 4i/4 5
Kansas City. . . . 4'/2 51 4 5(4
Baila? . 4 494 5
San Francisco.. .4 6 6
The Federal Reserva Bank of New
York bas put in force thn following
schedule <iT rediscount fates which
apply to hankers' acceptances: Maturi?
t?? UB to IG days, i per ?flttij IB t?
<') days, inclusivo, 4'4 per centj 81 to
? '1 d?ys, Inclusiva, 4M? per cent.
LONDON, Aimii v gar illvif, 4?'id
as* ?1'in??, ilvtisjr, u'/k per ??fit. Dla
count rntes, short and three-months
bills, .T,'h per cent, (ioltl premium ut
Lisbon, 85.
BOMBAY, April 8.?Tho rate of dis?
count of the Hank of Bombay was fixed
at 6 per cent.
CALCUTTA, April 8.?The rate of
discount of the Hank of Bengal was
fixed at 6 per cent.
Bank Clearings.?Bank clearings yes?
terday were:
Exchanges. Balances.
New York ... .$804,820,943 $71,835,040
?Baltimore . 11,334,050 4,330,531
Boston . 52,258,381 12,782,979
I Philadelphia ... 59,687,475 13,746,671
Rub-Treasury -? Tho Sub-Treasurv
i gained $197,000 from the banks oh
I Monday.
Silver?London, 48"?d, tip %d', New
I York, lui ??c, unchanged; Mexican dol?
lars, 77}?c, unchanged.
| The Dollar in Foreign Exchange
The foreign exchange market yester
| day was tho dullest affair Bince the
I "peg" was removed from sterling,
; francs and Italian lire. Sterling rates
j were steady and there was a slight
| advance in franc3. Neutral exchanges
were quiet.
Closing rates yesterday, compared
with a week ago, follow:
(Quoted dollars to the pound.)
Yes- Week
tcrday. ag-o.
Sterling, demand .$4.65t4 $4.59'/2
'Sterling, cables . 4.66}4 4.60'/2
?Sterling, sixty days_ 4.63 4.56}2
Sterling, ninety days.. 4.61 4.55J/2
(Quoted units to the dollar.)
; Francs, checks . 5.92 6.04'/2
I Francs, cables . 5.90 6.03
? Lire, checks . 7.28 7.17
Lire, cables . 7.25 7.15
?Swiss, checks . 4.98 5.02
Swiss, cables . 4.94 5.00
(Quoted cents to tho unit.)
! Guilders, checks .409a 40' fl
Guilders, cables .40'/2 40} 4
?Rubles, checks .12.00 12.00
'Spain, checks .20.20 20.10
! Spain, cables .20.30 2020
j Sweden, chocks .26.80 26.85
i Sweden, cables _...27.00 27.05
Denmark, checks .25.10 2625
Denmark, cables .25.20 25.45
: Norway, checks .25.80 25*4
Norway, cables .26.00 25.95
Argpntinn, checks .4425 43.35
Argentina, cables .44.40 43}2
India, rupees, checks. .35 2-3 35 2-3
India, rupees, cables,..3594 35*4
India, rupees, cables,
Reserve Hank rate 35.73 38.73
'Nortina!.
HHow In flVCfl the current e?Chang?
Valtl? ?f focli'ii money in dollars ami
I et lit?, lugntin.1 Willi th? iliUiltllc gold
parity, as calculated by the United
States Mint:
Current
exchange Intrinsic
value. value.
Pounds, sterling, .54.58 $4.86%
Francs . 0.16 0.19.3
Guilders . 0.40'i 0.40.2
Lire, chocks . 0.13.5 0.19.3
Crowns (Denmark) ... 0.25.80 0.26.8
Crowns (Sweden) . 0.27.95 C.26.8
| The above rates express the cost of
foreign money in terms of the Ameri?
can dollar. You buy an English pound
sterling, say, at $4.58. The intrinsic
parity in $4.86% per pound. Thus, you
i say 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 is
! greater than the demand in this c?un
: try for pounds with which to settle
l accounts in England.
Relevan tCoiiimcnt
The A. I. C Puzzle
The Street is still puzzled to find an
adequate and suitable explanation for
the sensational strength of American
International Corporation shares. On
I Monday the stock rose 9M? noinls. Ycs
I terday it added another B%. C. A.
| Morse, of Clark, Childs & Co., had the
I following to say yesterday apropos the
'activity in the stock: "It was im
i pressed upon the stockholder:! who
heard the remarks of the chairman at
tho anniu.l meeting that the American
International security interests are
not in any sense speculative holdings,
but they are rather carried with the
idea of the security to the corporation
of a voice in companies whose business
is of a cliaract^-- to permanently pro?
mote the profits of the proprietary con?
cern. This is important because it is
improbable that, American Interna?
tional will ever be desirous of dispos?
ing of these stock investments, or at
any rute until long after the return
of more normal taxes shall have ma?
terially cut down the proportion of the
price realized that would have to be
accounted for as excess profits."
>Vant*Traction Problem Studied
Many of the public utility bankers
(recommend that President Wilson ap?
point a Federal commission to inves?
tigate the traction situation. Although
such a body would have no coercive
power, it is believed that its findings
and recommendations would carry
much weight and lead to constructive
; reforms within the various states.
?Each particular traction problem of
! course is a state or municipal question,
! the bankers say, but the traction issue
? itself is national. The chief value of
| the suggested survey, it is granted,
;; would be educational, but it is suggest
| ed that it might point the. way to fun
? damental changes, Hankers feel that
: maximum service should be made the
public utility ideal, and they contend
? that heavy taxation and fixed incomo
? block the attainment of the ideal.
No Belief Since Armistice
V
No relief has come to the traction
; companies generally since tho signing
I of the armistice, although in a few in
stances fares have been increased.
! Hankers assert that many out-of-town
j companies will fall into bankruptcy
I unless they are aided. The power
| companies have been relieved, how
over, by higher charges. They deal
I with large consumers in most cases
', and their bills arc settled once a
1 month, instead of several times a day,
ns carfare is. The companies which
I supply only li^ht arc not doing so
! well, particularly where they deal with
i homes, where fixed notions regarding
i charges obtain.
"Ill"' Make? Conspicuous D?but
Distillers Securities made its d?but
on tho Stock Exchango yesterday un?
der its new name of United States Food
Product? Corporation, and judging
! from the advance of over 2 points, tho
. chango was regarded as favorable. The
i ticker abbreviation for tho new stock
is IIP, but whether this will be madu
; permanent still to be seems in doubt,,
| ns the Htock of the. United Eucl Gas
Company, another listed security, is
designated by the same letters. The
Stuck Exchange committee on securi?
ties has ruled that transactions in
United States Food Products may be
settled until June 6 by delivery of
either certificates of stock of this cor?
poration or by Distillers' certificates.
After June C> only United States Food
Products certificates will bo a delivery.
Burns Brothers Up 13!/2 Points
Hums Brothers stock furnished the
sensation on the Stock Exchange yester?
day by opening with an overnight ad?
vance of (i'/s points and subsequently in?
creasing that gain to 13% points at tho
closing price of 158Vj. After tho closo
of the market the directors announced
the usual quarterly dividends of 'J,\'2
per cent in cash and 2'a per cent in
stock. Solomon M. Schatzkin, vice
president and a director, answered
inquiries concerning the sudden out?
burst of activity in the company's
stock by giving it as his opinion
that present market quotations did not
even yet reflect the real value behind
the shares. Mr. Schatkin said that
tho profits for the fiscal year ended
April 1, to be reported shortly, would be
greater than in the preceding year,
despite larger reserves( for taxes.
Dilatory Gov't
Holds Up Pavmeni
Of O. & W. Dividend
Unable to Get Rental Man?
agement Has to Post?
pone the Disbursement
oP 1 Per Cent on Stock
Failure of the railroad administra- j
tion to moot its obligations to the rail?
road) Is holding up the payment of
dividends upon tho $58,113,982 common
stock of the New York. Ontario &
Western Railway Company, according
to the annual report Issued to the
stockholders yesterday. The manage?
ment of the rond had planned to pay1
dividends at the rate of 1 per cent n
year. The road earned a surplus of
$713,618, after all charges in 1918,
compared with $977,467 in 1917.
"The directors were dcsirouB of pay?
ing a dividend of 1 per cent upon the
common .stock" said John B. Kerf,
president, in his remarks to tho stock?
holders, "but under the Federal control
act were prohibited from doing so un- I
less the npproval of tho Director Gen?
eral of Railroads was first obtained.
, Application for such approval was
1 made early ?n the year. The director I
! general at first suggested that the
I dividend be limited to otto-half of 1
per cent, but upon reconsideration
upon March 24 consented to the pay?
ment of 1 per cent.
Funda Not Available
"The funds with which to pay a
j dividend must come from the rail
! road administration, as about all the
resources of the company are tied up
in moneys due from that source, but
Congress having failed to pass the
appropriation asked for by the Admin
1 istratton to enable it to meet its obli?
gations, the director general, for the
time being, is unable to make settle?
ment of compensation and other sums
due.
"In view of the uncertainty as to the
time when the director general will be
in a position to settle the deferred
payments due, the directors deem it
inadvisable to borrow money with
which to pay a dividend, if it were pos?
sible to secure a loan on satisfactory
terms, and have decided to postpone
action until such time as the railroad
administration has been put in ?t posi?
tion to pay its debts by the needed
action of Congress."
Under the agreement with the rail?
road administration signed by the com?
pany, the road was to receive an annual
I compensation of $2,103,589 from the
j government, payable in quarterly in?
stallments, with interest at 5 per cent
a year on any such payments that had
been or might be deferred. When the
road was taken over by tho govern?
ment at the end of 1017 W. G. McAdoo,
then director general, took over the
cash in hand of the Ontario & Western,
amounting to $2,427,888.
Has $2,121,720 Coming
Total indebtedness of the railroad
administration to the road on Decem?
ber 31, 1?I1S, was $2,121,720, exclusive
of interest, which lias 'since been re?
duced to $1,478,720 by payments on ac- !
count of compensation, amounting to
$1)43,000. In addition to the cash men?
tioned the director general took over
till material nnd supplies on hand on
December 31, 1017, inventoried at
$1.205,035, but under the agredment
this account will not bo settled until
the termination of Federal control.
Elliott and Bankers Discuss
Financial Problems
Railroad financing problems were dis?
cussed at a luncheon tit tho Downtown
Association yesterday given to bankers
by Howard Elliott, nctlng chairman of
thn Association of Railway Executives
and chairman of the special committee
appointed by the Director General of
Railroads to cooperate with the rail?
road administration in its efforts to
alleviate the condition of the carriers.
All that Mr. Elliott would say at the
conclusion of the conference wan that
there had been a general discussion of
the situation. He regarded it as un?
fortunate that reports had been circu?
lated that bankers had agreed lo finance
tho bulk of the maturities falling due
between now and July 1. No such
agreement, ho said, has been reached.
Cnrbites Fear $1,000 Tax
Brokers doing business on tha Broad
Street curb market were much per?
turbed yesterday over the announce?
ment that the Board of Aldermen had
been asked to consider a resolution
calling for the imposition of a yearly
tax of $1,000 on all curb brokers. Many
said it was unjust that they should be
singled out, and declared that if the
proposed tax wore made effective many
of them would have to quit.
James W. Ball, head' of one of the
largest curb commission brokerage
; firms, .said, however, that he would not
i object to the payment of a tax to tho
j city provided a similar levy were made
| on all other stock brokers.
Significant Relations
Money and Prices?
. . , ?. tvnw. A year ?en
Stock of money gold In the country., $3,034,213,002 $3,041,643,270
Ntareot i>erio.l
.. ... Pfp. 31, mil prprrillnR y*ar.
Loans of all national banks. $9,918,294,000 $9,390,836,000
Their surplus reserve?. 69,466,000 105,977,000
Bills discounted and bought by Fed? i.e-t ween. a year aso
eral Reserve Banks. $2,108,772,000 $900,386,000
Federal Reserve notes in circulation 2,547,670,000 1.479,920,000
Total gold re? erre . 2,150,950,000 1,813,924,000
, - r,, . , VeiKriliij. Prrvlnus dos*. A year am
Average price *f fifty stocka. 84 14 33 24 ?3 g4
average price of twenty-five bonds.. 86 82 86 77
Food cost of living (Annalist indas
84.74
?k tuToro.
I.
number) .305.551 303.161 285.848
General commodity price level (Dun's M?r. i. Ktb i u?T , i91.
Index number). 217.037 220.050 227.977
Production. r8h, n ,Un>31 *.?ms?o
Unfilled U. S. steel orders, tons.6,010,787 6,684.268 9,288,453
Pig iron output (daily average), tona 105,006 106,525 *82 835
1918 Mrlfl, Mtltnftted. V.* 1:117 crop
Wheat crop, bushela. 917.449,000 '536,650,000
Oat crop, bushels. 1,538,350,000 ''.592,740,000
Corn crop, bushels.. 2,582,814,000 3,065,233,000
Cotton, 500 lb. bales . 12,022,601 11,302,375
?-Inrrem? or dai-rtana 1mm yrar hef.-ira?
?-All OU,, l ro?di --.
Distribution t Th'rrjwae. Month o? Jan. 1 to Dae
m Marfil. January. to t H
Gross railroad earning?. 1-6.3% | 39.0% (21.6^
? , , , l.-it wcr-W. <A'rrk hr-lnra. ??ar til tit1?
Bank clearlnga.?4 15.7% I 11.5% I 17.5%
General t
PM'rtur?. .fanrtnrp A -fir a-n
Active cotton spindles. 33.282,593 33,856,472 U592.222
( '(iiniueri-lnl failures (Dun's) ?. r*btitifj \ ttir *?
Number . 6.'9 602 ' ' 1.142
Liabilities .$13,595,471 $11,489,183 $17,0/2.331
Iliilldln? permits (Hrads(rrei's) t f,i?., t.ltl i .,, ,?.,,, ihi?
(128 cities) .$29,890,942 $25,518,111
Whose Cotton?
V?rAREHOUSES in the South
?' are holding cotton for un?
known owner?. This may seem
strange in view of the present
high price?, but the explanation
is simple. This is how it hap?
pened: When the "Buy a Bale
of Cotton" movement was started
in the fall of 1914 many people
who had never even seen a bale
of cotton bought some. The price
was then down around 6 cents a
pound, and the bottom of the
market had virtually dropped
out as the result of the beginning
of the European war. Now this
cotton, which generally is mid?
dling, is worth about 26 cents a
pound. It lias been lying un?
claimed for more than four
years, and mean while the storage
charges are piling up. There is
a considerable amount in Mem?
phis, and the warehouse men are
wondering who has the other end
of the stub which would denote
ownership. The question which
is disturbing thorn is what to do
with it. Eventually it will be
sold for storage, probably, but
then there will be left a consider?
able margin above tho storage
charges. This will be held in
trust until the owner puts in his
claim. Meanwhile the cotton is
taking up space.
Market Opinions
Undervalued
Commenting upon the market posi?
tion of Atlantic, Gulf & West Indies
preferred stock, Lyman D. Smith &
Co. say:
"The stimulating effect of the war
upon Atlantic, Gulf & West Indies
should have a lasting effect, at least a3
far as the preferred issue is concerned.
Net earnings may decline within the
next five years, say, from $40 a ton to
the pre-war figure of around $13. This
is very reasonable to expect. Even so,
the preferred disbursement, on Atlan?
tic, tiulf & West Indies will be taken
care of with about G per cent left for
the common. Meanwhile the company
will still further strengthen its treas
ury position. At the end of 1917, in?
cluding $5,728,218 cash held by the
trustee under the mortgage, the com?
pany showed net current assets of
$24,080,604. Ne?, quick assets since
mounted to around ?:>,.,000,000, enough
to cover the outstanding bonds at par
and preferred stock at more than
present, market price, without consider?
ing a cent (,f value in the company's
ships and terminals. Figured from
any and all investment standard..
Atlantic, Gulf & West Indies preferred
is much undervalued at present
prices."
Bullish on Coppers
I'osr.er & Co. express tho opinion
that, the market for copper metal has
"turned the corner." In other words,
they believe that the downward ten?
dency of prices has been checked. Re?
ferring to individual copper mining
properties they point to Konnecott
Copper on being well fortified against
present emergency, and add:
"A vital point in connection with
Konnecott'?. position in the copper in?
dustry in that it is a very low cost
producer has even been rated at
times an tin? lowest cost, producer in
the business. Konnocott's stability, it
will be seen from the foregoing gen?
eral statement, it not dependent upon
any one set of its properties and or?
ganizations. There ?ire four main
sources from which the corporation
can draw revenues from its Alaskan
production, its South American pro?
duction, its transportation lines and its
holdings of stock in the Utah Copper
Company. Kennecott is well fortified
against the period of depression in the
industry now passing. Its sound or?
ganization, the character of its prop?
erties and its facilities, together with
the inevitable return of good market
conditions, will reasonably assuro its
future and larger prosperity."
Switching Suggested
Not all Stock Exchange houses be?
lieve that the market can keep the
pace set in recent weeks, faced as it is
by the prospect of tighter money con?
ditions during the impending govern?
ment, loan campaign, Wrenn Bros. &
Co. take the stand that ii is not at all
likely that it would be possible during
the next few weeks to finance a bull
movement in stocks, even if banking
and investment interests felt a uni?
versal desire to do ko. "The present,
then." they state, "appears to be the
proper time to exchange from the
stocks of industries which are in a
weak or inflated position into those
of industries which arc either strong
or else well liquidated. Upon this prin?
ciple one might suggest switching from
oils into coppers; from the minor
steels into the mjijor; from common
industrial stocks into the preferreds;
from the Northern rails into the West?
ern and Southern; from the marine
stocks into the tobaccos; from the
chemical issues into the rubbers, and
from the railroad equipments into the
fertilizer issues."
Recommended as a Peace Stock
Tn a circular reviewing the activities
and prospects of the National Acme
Company Edwin S. llooley & Co., mem?
bers of the Stock Exchange, conclude
by saying: "We consider this security
a desirable investment." Prior to that
conclusion the circular states: "This
company is one of the .few industrial
concerns in this country able to do a
capacity business for the past three
years (without soliciting any United
States government business) without
either borrowing any money from
banks or selling any bonds, notes or
preferred stock to the public. This
company has consistently paid 0 per
cent dividends on its stock, and, in ad?
dition to this, has built and paid for,
out of earnings in the last two years,
the lnrgest plant in the world for pro?
ducing duplicate metnl parts. In addi?
tion to this the company has added
substantial amounts each year to it..
surplus account. In addition to mak?
ing parts for the automobile trade the
National Acme Company is deriving a
large and growing business from coh
cerns manufacturing farm tractors and
agricultural implements of all kinds."
One (o Watch
"A low-price industrial hsue which
will hear close Watching." in the o bill
ion of Markup, Morgan ti Co., "is llut
ti'ilek t "f un pu ci y. :if pre'ient selling
around ?pal,??M. Tin? ?.lock bus within
(lie pus! Wet}H of su sold up lu around
?'.'l. and there has been (?videt't'i? of
steady accumulation of this issue for
1
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
Londem Paris
foreign Exchange
Administrator Guardian
Member Federal Reserve Bank and New York Clearing Hause
| jNDKR the authority vested in the War Finance Corpo?
ration, by act of Congress, the Secretary of the
Treasury ha3 announced the following offerings:
$200,000,000
War Finance Corporation 5c/c Bonds
Due April 1, 1920
Offered for Subscription at 100 and interest
These Bonds are issued in denominations of $ 1,000, coupon
form, and are exempt from all local taxes from the Normal
Income Tax, and from Surtaxes and Excess Profit Taxe3
on income from a principal amount not exceeding $5,000.
Can me serve you?
The American Exchange National Bank
128 BROADWAY NEW YORK CITY
i the account of important interests.
i The company is capitalized tit $15,000,
' 000, of which $14,047,200 is outstand
j ing. The stock sold as high as $32
only two years ago, while a decade ago
! the shares were quoted around $70.
1 Dividends were paid on the stock from
? 1902 to 1916, inclusive, at rates rang
I ing from 1 Vfe per cent to 3 per cent per
annum, no payments having been made
j since."
Northern Pacific
Earns $8.11 a Share
1918 Profits Show Sharp De
crease; Large Increase in
Operating Revenues
The net income of the Northern Pa?
cific Railway Company during 1918
was equivalent to $8.11 a share on the
$218,000,000 capital stock, compared
with $11.89 u share earned in 1917.
Last year's nurplus, made public in the
annual report, issued yesterday,
amounted to $20,129,334, a decrease
of $9,873,861,
To the company's Federal compensa?
tion of $30,089,691 there wus added
$8,132,016 other income, bringing the
total Income for the year up to $38,
222,307, a loss of $4,705,624. Interest.,
taxes, depreciation and other charges
aggregating $18,092,972, increased $4,
667,726.
Total operating revenues in 1918, ac?
cording to the Federal income account,
I were $102,908,259, an increase of $14,
682,533. The gain in gross, however,
? was moro than wiped out by an in
! crease of $18,218,441 in operating ex?
penses. Railway tax accruals totalled
; $0,499,718, an increase of $477,415. The
I loas in operating income was $4,009,795.
Shipbuilding Recovering
Output at Rate of 3,000,000
Tons a Year
WASHINGTON, April 8.?American
shipbuilding has recovered largely
from tho temporary decline caused by
the armistice in November.
In the first quarter of this year, it
j was announced to-day, the Bureau of
; Navigation officially numbered 136
I steel seagoing vessels of 580,648 gross
j tons and 107 wooden ships of 227,440
| tons, making a total seagoing tonnage
I for three months of 808,088 gross tons,
I or at a rate of more than 3,000,000
ions a year. The non-seagoing ves
I sels numbered 210, with a tonnage of
! 27,683.
Steady increases in the rflimbers^-al
; lotted by the bureau were seen three
j months of the quarter, 255,756 tons
I being numbered in January, 261,201
! in February and 286,141 in March. The
I best record ever made was last Novem
I ber, when 349,000 tons were, numbered.
During the twelve monthj ended
; March 31 a total of 2,056 merchant
'? vessels of 3,225,521 gross tons, includ
| ing a smail tonnage for foreign owners,
were built in the United States and of
| ficlally numbered. Seagoing steel
| vessels aggregated 538, of 2,178,939
j gross tons; seagoing wooden vessels
| 436, of 916,637 gross tons, and he re
I mainder were non-seagoing craft.
Five concrete ships of 4,419 gross
I tons were numbered.
Grading Offices Opened
j Will Obviate Necessity of Send?
ing Samples to Washington
Offices have been opened by the Bu
I reau df Markets of the United States
! Department of Agriculture in the New
I York Cotton Exchange for the purpose
| of grading and classifying cotton, as
j provided in the Lever amendment to
the cotton futures act. This amend
| ment was signed by Pr?sident Wilson
! on March 4, 1919, and reduced the
' number of grades of cotton from
twenty to (en.
The work will bo in charge of h
board of cotton examiners, composed
of titr?e members. As the worn in?
creases the membership will be en?
larged. The work of the local board is
under the supervision of the chief of
the_ BUfeaU of Markets.
lile quarters taken by tho bnnrd are
those which wer? used for a similar
purpose1 by the dorriniittee of the Out
ton Ktrhntigt? which hntl this work In
flial'Se prior to the signing nf (he
Levee amendment, the grading ?nd
classifying will !??? done un (lie top
UPTOWN OFFICE
42nd St., cor. Madison Ave.
(39 East 42nd Si.)
Telephone 3553 I anderbilt
William S. BriggS, Manager
/ I Broadway New York City
Amer. Chicle
Common Stock
lohn, ?.!'? Wall st . N. T.
National Sugar
Babcock & Wikox
Aesoc. Dry Goods
FREDERIC H. HATCH & CO.
Phone Hector 0840. 7* Broadway. New York.
i 1'rlvain lolepho..ca to Doiton uni l'lilla.fl.hl-.
CITIES SERVICE COMPANY
BANKERS' SHARES
Monthly Distribution
Henry L. Doherty a- Company announce
that the monthly distribution on ('It!'?
Service. Company Bankers' Shares, payable,
.May 1st, 1919, to Hanker..' ?.i.nres of recnr.t
April l.th, 1919. will be 41.1 cents on cadi
ra.ki'rs' Share.
CENTRAL UNION TRUST CO.
of Net* York
80 Broadway
BRANCHC8
Ith Avenus at r.01h Str? ?
M.rtl.o?. Ave. ?? gt ?2nd gtrs?.
5th Avenus at Sflth Street
Capital Surplus and I'ndlvlded
rrollt? ?30,000,CO0.
FINANCIAL MEETINGS
TO THE STOCKHOLDERS OF WYOMING
United on Company: The annual meetii^
, of the stockholders ot Wyoming l altea Oil
i Company will be held on Wednesday, Apnl
16, 191?, at two o'clock P. M? at Room ??0I.
43 Exchange Place, Borough of Manhattan,
i City of New York, N. Y , for the elation of
; directors nivl offlcers for tho ensuing year,
I for the purpose of devising and approving
j some financial plun for the development of
the Company and Its properties, for the giv?
ing of directions and Instructions to th?
officers and director, of the Company for th*
management of the Company, and for tho
sale, mortgage, pledge or other disposition of
the whole or any part of its property, and
for such other business as may lawfully
come before the meeting
Datod, New York, April ?!. 1919.
E. M. HAMILTON, Secretary.
CHICAGO, SAINT PAC--. MINNEAPOUtl
AND OMAHA RAILWAY COMPAN1
NOTICE OF ANNUAL MEETINd
? Th. Annual Meeting of the StockholdSfl
%t the Chicago. Saint Paul, Mlnn?ap-lil
and Omaha Railway Company will be htm
? at the oitfc of the company, In the city "?
i Hudson, Wisconsin, on Wednesday, April
6. 1916. nt 9 o'clock a. m., for the electlog
of directors and the transaction of sues
? other business as may coma befara sali
1 meeting.
Transfer hooks will he closed on Frldaf.
. March 7. 1919. at the close of buslneal
on that day. Rod will Uo reopened ??
Thursday. April '.0. 1919
Daied February 28, 191.
JAMES T. f'l.AJtK. President.
? .10HN 1? CALDWELL, Secretar?.
TIT!': ANNUAL MEETING OF TUB
, : ? ??holders of the Morris Park Estates *?'??
he held at It. office, No. 4.1 Exchange r!scff
Borough <?f Manhattan < , t and State et
I New York, "ii Wednesday, April 9th, 19'*;
?ut 2:30 o .-lock P. M . for the election ?
Directors for tin? ensuing year and for the
transaction of su? h other business as rns.
properly coma before the meeting.
W: S. HOOD, .?eersta-r
floor of tli. exchange, while the re?
petitive- <?!Tices nre Room ~?\ on th*
surond floor. ,
Temporary orernnizntion of the hoard
is as follows: H. C. Slmlr-, chairman;
R. h. Francis nnrl George Butterworth.
It la expected that the honni will start
w(?:l. (?ti c!n. fi?yit?a: ana tr?i_ltif ?" nr~
corrlmiro with the new ttt;. 1 o tir?vrrjf
ro'itvncts to tlnv.
EstHhlishmen't of th? local nfTirM
will du ?...UV >\ith the he?asiU/ "
.? ', . ..... 1. .I'...-I,tn_?