New-York tribune. [volume], April 10, 1919, Page 12, Image 12

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

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FINANCIAL BUREAU?
Tribune Buildin?
154 Nassau Streel
TELEPHONESs
Beekman 3000
Beekman 8213
jMACKAY&CO.
B\NKERS
Members of
j Netv York Stock Exchange
14 WALL STREET
NEW YORK
TELEPkONE?RECTOR 9730
~\
Assured
Income
CITIES SERVICE COM?
PANY'S 75 public utility
and 27 oil subsidiarics afford the
investor the strength of diversi
fied investments.
The Company is not subject to
ri-ks encountered by corporations
restricted to a single line of bus
?
Preferred dividend was earned
over five times in 1918.
Cities Service Preferred Stock
yields about 7/,-o'?b at present
prices.
Monthly Dividends
Monthly Karning Statemeat*
? ? ? -?? r.n.i '
Henry L. Doherty
& Company
*60 Wall Street
New York
K. Ri?2, Jr.& 03. Buyand Sell
Vo [ian Weher r ft P. Com. ft Pfd.
Utiminum < o. ot America
American Mliance Insurance
American Chiclc Common
Americun Cigar Common
American Cyanamid Com. * Pfd.
American District Tel. of N. J.
Vmericnn Meter
Bank of Manhattan Co. Stock
I.. \V. Bliss t ommon
( hilri . Resl uirnnt Com. & Pfd.
( ??:? ii.-..il ! Ire Insurance
'< r. rlter (uni.
' r iwell ft Thnrlow S. s.
Del uvnre, I ack. ft Western Coal
Empire Btcel ft Iron Com. & Pfd.
i amous Playi n-Laslty
Farmers ! oan ft Trust Stock
Franklin Firo Insurance
(irenl Americun Insurance
llome Insurance
Imperial Oil, J.til.
Klrbj Lumber
I eh .;! '. ullej Coal Sales
Litna Locomotive Com. & Pfd.
Lone star t.-.t*
( Mcl ropolitnn Trusl Stock
.Midlund Securities
National Park Bank Stock
National Fuel Gas
N. V. Title ft Mortgage Stock
Otl* EleTator Com. .V Pfd.
y -nr.. oal ft Coke
It. .'. I.eynolds Tobacco Com.
P I. :?-r Manufai t urlng
I Vi \"." Pn. ille Coal x ?'il ?
* Thompson-Starrett < .un. ft Pfd.
I Waslitnicton Steel V tinlnnnce
I General Bakiag Com. & Pfd.
K-rninutoc. Typewriter Stocks
.3.K.Rice,Jr.&Co.
onea 4000 to 4010 John. 88 Wall St.. N. T.
f
Miller. & Go.
Members
NeWibrk StockExchan^e
Securities Bought for In
vestment or Carried
on Conservative
Margin
120 BROADWAY
Branch. Offices
212 FIFTH AVENUE
SWCOR 26 STREET
LONGACRE BUILDING
N.E.COR. 42nd ST 4-BROADWAY
NEWYORK.
"amous Flayers
Lasky Corp. Stock
-?&Rice9Jr.&CG.
? 4000 to 4010 John 36 Wall St.. N. T
t: i-mmMmami*wmmvBammmm?waVBamammmmammamummamBmammBmn?
SBERTY BOND^
? .-**- Aii <ler.cml.'i?tlona bouitit 'or c?jh, <J~J
tiutd on Pf^k BichaoK prlew. '"^
W >? jiald on Aprll 0th :
- - ? th 57 ("oupons
for i I i Co ipona
18 for I I *%% Bond with 1 f???.;? ns
: ? | ;? ; ' ,i Ii ? tl with i ?
C?l) -.-?-. r<-,| nrjal i
:enz-vaughan & co.,
114 bkoauwav. Telephono 6064 Bectoi
Farmers Loan
& Trust Slock
J.K.Rice,Jr.&Co.
PWi?-? 404M U? 40J0 John. li Wall Bt.. N. Y.
Hmtlt A. ffobi* Theodore C. Corwln
NOBLE & CORWfN
?/.", flritu/l M. Nl?M ir.rh
Columbia TruM' Royal BakingPfd.
Bankers Trust Otis Elevator
T?topbOHS Jlll Hritnit
(Cvpyrfght, 1919, N'cw Tork Trlbuno Inc.) A
Whatever may be the future of
the quotation for American Inter?
national Corporation stock, the pur
chaser is at least diversifying his
holdings. When he buys American
[nternational he buys at the same
time Marine preferred, United States
Rubber, Industrial Alcohol, and all
the other stocks the company holds.
The weekly statement of the Bank
of Germany, showing condition as of
March .'-11. is one of the most ominous
statements ever put out by that in?
stitution. Note circulation increased
during the week SL'47,090.QP0. De?
posits, which are merely another
form of credit inflation, increased
$033,773,000, that inci*ease being
more than balanced by increase in
loans. To top all, gold holdings de
lined another 863,078,000. This last
item doubtless l-eflected payment for
foodstuffs.
In its weekly comment "The Iron
Age" makes the point that "all that
* has been said about wage mainten
:e I ;, ignored the fact that 50
per cent operation of mills, as is
tiie case with most independent steel
companies, has already made ln
roads on weekly wage earnings."
The heart revolts at calling labor a
"commodity." It has been legally
decided that it isn't. But economic
forces affect it exactly as they affect
a commodity. And if 50 per cent
operations throw men out of work,
the only choice is to leave those men
out of work, or to take them back
at wages that allow steel companies
to turn out their product cheaply
enough to stimulate demand. The
averave daily iron production in
March was 99,685 tons, compared
with 105,006 in February.
Comparison of our foreign trade
with Great Britain's is instructive.
In the two months of January and
February */e bought $-1-18,000,000 of
goods and sold $1,181,000,000 worth.
Great Britain in those two months
bought $1,207,000,000 of goods and
sold only $471,000,000 worth.
Call money opened ancl renewed at!
?"?'?j per cent yesterday, rising before I
the end of tho season to G per cent.
Loans on all-industrial collateral were
'-.? of 1 por cent higher.
There are only scant offerings of
time funds in the money market. i
Banks are asking 6 per cent for long !
period loar.s, but praetieally all lending
at from one to three month periods is '
at 5% per cent.
Yesterday. Year ago.
Per cent. Per cent..
Call money:
On mixed collateral 5'/2 4
On indus. collateral 6
Time money (rnixed collateral):
Sixty days . 5^@5% 6
Ninety days . 5%@534 6
Four months .5% 6
Five to six months. 5% 6
Bank Acceptances.? Rates were un?
changed yesterday.
Thirty Sixty Ninety
Spot dc- days. days. days.
livcry: Per cent.Per cent.Per cent.
Eligible
member
banks_4ft@4 4%@4-fs 4ft@4%
Eligible
non-mem
ber banks..4ft@4 4ft@4% 4%?4ft
Ineligible
bank bills.;;'., @4% .r)'-.,@l% 5 * 1 @ 4 ?? i
For delivery within thirty days:
Per cent.
Eligible member banks. 4ft
Eligible non-member banks.4^2
Ineligible bank bills. 6
Piscount Rates.?The. following table
gives the current rates of the twelve
Federal Reserve banks on commercial
paper for all periods up to ninety days:
-Mati-rlty---.
BS
: t.,
Boston . 4
; Xew York.4
Philadelphia ... 4
i 'lcveland . 4%
Richmond . 4?4
Atlanta.4
Chicago . 4
? t. Louis. 4
Minneapolis .... 4
Kansas City. . . . 4'/2
Dallas. 4
San Francisco... 4
The. Federal Reserve Bank of New
York hus put m force the following
schedule ot rediscount rates which
apply to bankers" acceptances: Muturi
i ties ud to .15 days, 4 per cent; 16 to
?0 days, incluslve, 4'4 per cent; Cl to
90 days, inclusive. 4% per cent.
Bank Clearings.?Bank clearings yes
; terday were:
Exchanges. Balances.
| New York -$652,506,940 $53,203,491
Baitimore - 11,034,278 4,175,103
j Boston . 46.526,384 12,323,311
'Philadelphia... 64.402,403 15,711,345
Sub-Treasury. ? The Suh-Treasury
gained $507,000 from the banks on
Tuesday.
Silver.?London, 4813d, an increase
of ftd; New York, 101',4c, unchanged;
Mexican dollars, 77%c, unchanged.
London .Money Market.?LONDON,
April,0. -Closing: Bar silver 48 16-16d
por ounce. Money 3 1-8 per cent. Dis
count rates, short and three months
bills, 3 5-8 per cent. Gold premiums
at Lisbon 85.00
German Bank Statement.-?-BERLIN,
via London, April 9.?The statement of
tho Impcrial Bank of Germany for the
week ended March 31, shows the fol?
lowing changes, in marks:
Total coin and bullion Dec. 272,330,000
(;?-<J . Dec. 272,312.000
Treasury notes. Inc. 623,189.000
'? il 10 of other banks Dec. 2,787,000
Bills discounted. Inc .2,593,180,000
Advances . Dec. 931,000
Invcstments . Inc. 417,000
Other securities- Inc. 232,773,000
ln circulation Inc. 988.394.0C0
Deposits . Ine.2,535,093,000
Other liabilities ....Dec. 254,694,000
Total holdings, 1,915,993,000 marks.
'Iln* Dollar iti Foreign Exchange
Tho foreign exchanges devcloped an
easier tendency yesterday in ono of
the dullost markets In weeks.
Sterling rates declined, with demand
bills closing at S4.64V4, compared with
$4.66-^4 on Tuemiay. Rates on Pa.'is
,-,-ere sllghtly lower, while thero was a
furtl ' r de< line in Italian exchange.
The neutral exchanges were steady.
Closing rates yesterday, compared
With a week ngo, follow:
(Quoted dollars to the pound.)
Yes Week
terday ngo.
SterlinJ, demand ....$4.01% $4.62%
KWMns?, Cftbles . 4 00% 4.6'jVi
Sterling, sixty days ... 4.6234
Sterling, ninety days.. 4.61',-2
(Quoted units to the dollar.)
Francs, checks . 5.9b'2
Francs, cables . 4.93'. 2
Fire, checks . 7.29'. 2
Fire, cables . 7.28
Swiss, checks . 4.98
Swiss, cables . 4.95
(Quoted cents to the unit.)
Guilders, checks .40' 4
Guilders, cables .40f.i
'Rubles, checks, .12.C0
Spain, checks .20.20
Spain, cables .20.30
Sweden, checks .26.80
Sweden. cables .27.00
Denmark, checks .25.80
Donmnrk, cables .25.75
Norway, checks .44
Norway, cables .44.15
Argentina, checks.35.65
Argentina, cables ....35.73
India, rupees, checks..35 2-3
India, rupees, cables. . .35%
India, rupees, cables,
Refeerve Bank rate 35.73
4.5934
4.58%
6.05
6.03'. 2
7.07
7.05
5.01
4.98
40 A
40 7,
12.00
20.10
20.20
26.85
27.05
25.30
25.50
25.80
25.00
43.35
431/2
35 2-3
35%
35.73
"Nominal.
Below is given the current exchange (
value nf foreign money in dollars and
cents, together with the intrinsic gold
parity, as calculatsd by tho United
States iUint:
Current
exchange Intrinsic
value. value.
Pounds, sterling, .$4.58 $4.86^;
Francs . 0.16 0. 19.3 j
Guilders . 0.40^ 0.40.21
Fire, check;-, . 0.13.5 0.19.3!
Crowns (Denmark) ... 0.25.80 0.26.8
Crowns (Sweden) _ 0.27.95 0.26.8
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 is $4.8G% per pound. Thus, you
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 tho demand for dollars with which
to settle account." in this country is
greater than the demand in this coun?
try for pounds with- which to settle
accounts in England.
Confers With Bankers
Meyer Tclls of Plans for Finan
cing Rairoads
Eugene Meyer, jr,, managing direc?
tor of the War Finance Corporation,
was in N'ew York yesterday conferring
with bankers about future borrowings
for the corporation and the railroads.
Hc said that the $200,000,000 of one
year 5 per cent notes of lhe corpora?
tion offered last. week have all been
sold and are well distributed.
According to Mr, Meyer, plans have
1 been completed by thr railroad adminis?
tration for the issuance of approxi
I mately $200,000,000 in certificates of
indebtedness, direct obligations of tiie
j railroad administration, which will be
turned over to the raiiway equipment
; companies as payment. for equipment
; that has been purchased for the rail?
roads.
Tlio railroad adminiiHration origi
nally bought $310,000,000 worth of
equipment and still owes the equip?
ment companies in the neighborhood
of $185,000,000. Payment of the
amount due the equipment concerns
pending the appropriation of the
money needed by the new Congress,
will be made in certificates which the
companies can take to the banks und
borrow against.
Rcslrictioiis 011
Short Seiling
Lifted bv Board
Last of War Emergency
Measures Imposed to
Prevent " Bear-Raiding "
Removed by Exchange
Restrictions enforced by the New
York Stock Exchange since November,
1917, to prevent "vicious" short seil?
ing of stocks were summarily removod
yesterday by the governing committee
of the institution.
As a result of this action members
of the exchange or their firms are no
longer required to make daily reports
to the exchange authorities covermg
intimate details of their operations
each day on thc short side of the mar?
ket.
The removal of the restrictions re
stores a free market in stocks and
lifts the last of tho emergency war
time measures enacted by the Stock
Exchange, cooperating with the bankers
and the Federal authorities, to prevent,
unwise speculative activity in securi?
ties
Under the regulations that havo
been nbandoned after being in force
for a year and a half members of the
exchange or their firms, who were bor
rowing stocks either for themselves or
for their customers, were required to
furnish daily at 12 o'clock noon to the
committee on clearing house of the
exchange a list of all stocks borrowed,
together with the names and the
amounts of borrowed stocks and from
whom borrowed. At the same time
they were required to deliver in a
sca'.ed envelope a list of the names of
customers for whose account such
stocks were borrowed and the amount
borrowed by each customer.
The sealed envclopos were inspected
by the committee of business conduct
in its discretion. Members of their
firms were also required to furnish a
list of all loaned stocks, the amounts,
the names of the borrowers of the
same and the amount loaned to each
borrower.
These restrictions were put into
force at a time when stock prices were
breaking wildly on the exchange and
the demoralization threatened financial
disaster. It was charged that there
had been "bear raiding" of a vicious
character by some interests, nnd it was
also alleged that stock market prices
were being depressed in unwarranted
manner by concerted efforts of enemy
aliens. The market continued to de?
cline after the restrictions were put in
fome.
After the market became stabilized
the necessity of daily reports passed,
although up until the present all
houses have complied with the ex?
change requirements in this respect.
???-????,-,
Steel Prices Discussed
At Meeting Held Here
Industrial Board, Rail Adminis?
tration and Trade Interests
Hold Conference
George M. Peek, chairman of the In?
dustrial Board and representative of
the railroad administration, conferred
yesterday with members of the general
committee on iron and steel of the
American Iron and Steel Institute in an
effort to rcacli an agreement on prices
(nr steel rails. The meeting lasted
until late In the afternoon, when the
following joint statement was issued bv
Elbert IT. Gary:
"At the request of George N. Peek
chairman of the industrial board of thc
Department. of Commerce, a meeting
was held between Messrs. R. S. Lovett
Henry Walters and II, li. Sponcer, rep
n enting the railroad administration,
and a few of thc members of the gen?
eral committee of the American Iron
and Steel Institute for the sole purpose
of discussing the subject. of produeing
COSts of certain lines of steel in which"
the railroads are especially interested,
lt was understood that the representa?
tives of the railroad administration
would report tho information obtained
to Direetor General Hines."
This statement discloscd thal Judge
Lovett and Mr. Walters had been ap
pointed a special committee by Direetor
General Hines to represent thc railroad
administration at, yesterday's con?
ference.
Although those present nt yesterday's
meeting referred all inquiries regard
ing tho nature of the discussion' to
.ludge Gary, who refused to claborate
his statement, it, was indicated that 'i
mass of evidence was otTered to nrove
further price concessions on steel rails
would wipe out margin of profit, At?
tention was directed in the trade to
tln- statement by Judge Gary in Tuos
day's Tribune that the United States
Steel Corporation cannot manufacture
steel rails at the low figures suggested
by the railroad administration and
make a profit on the basis of existine
operating costs.
Exchange Closes Good Fridav
The governing committee of the New
lork Stock Exchango voted yesterday
to close the exchango on April 18 Good
I- nday.
Sign Ifi can \ Relations
Money and Prices t
Stock of money gold ln thc conntry.. $3,03+213 002 ?3,m'i?643^70
k^iSJ^S^^::. *j?$& SKSL
Billsdifctounted and bought byFed- uJ'Slk 105,977,000
eral Reserve Banks. $2,108,772,000 $900^86 000
Federal Reserve notes in circulatlra 2,547,670,000 1 479900 00Q
Total roM re?ervo . 2,150,950,000 l!813.924i000
Average nrice ot fifty btocka. '"'"j"1' Previous clow. A year R?0
Average price of twenty-five bonds.. orcc 84'14 73-58
Food cost of living (Annalist indca , ?, ?,.,k 8682 84-80
number) .3O5 551 T" 303161 " A v"" ' "
General commodity price level (Duri's Mar 1 .? 285.848
Index number) . 217.037 22o".050 ""227.977
Production: Peh
Unflllcd U. S. steel orders, tons.6.010,787 6,684,268 9,2*88,453
Fig iron output (daily average), ton. 997685 106.W6 Vos'ftll
VMteat crop. ousheU. '"iffitfSjSSo*' BMflraS&l
Uut crop. buflhele. 1,538,350,000 1 592 mg'SS
Corn crop, busheia. 2,582,814,000 3 065-? ?5
Cotton. 500 lb. bales . 12,022,601 1T.3K
?--Incre?s? or dimiM from r"tr beforc
. '-All i'Iuh, ] ro?d??__
DistribuUonj x&5*% ?ontllo( Ja?f ?3T^
GroHfl railroad earningn. + 8?3% Hh3o!8% l9+21.6?/
Bank clearings. A'ir^o/ w^5*b?? v?rto<u:9?
.4+15.7% +11.5% -(-17.5%
General t
Active cotton spindlea. 33.282.593 33.88M72 33 592 222
Commercial failurea (Dun'n) .,?.,,, r b ?>*,o***??
Number . 629 602*" Vl42*M
LUbililles .$13,595,471 $11,489,183 $17,672,331
Building p.rmitN (Bradstrect's) 1 r,,.r. ,?,., 1 ,-,,
(128 ritlei) .$29,890,912 $28,818,111
Export Company Organized
Du Ponts Form Big Trading
Corporation in Association
With Bonhright & Co.
WILMINGTON, Del., April 0.?Alfred
I. duPont, of this city, has organized a
$12,000,000 corporation to take care of
; import and export trade. The Nemours
! Trading Corporation, as the new or?
ganization is known, will take over the
French-American Constructive Corpor?
ation, the Allied Industrics Corpora?
tion, a New York firm, and the Mer
chants' and Manufacturing Exchange
? of New York, owners of the Grand Cen?
tral Palace.
Branc.h offices of the corporation
have already been established at Lon?
don, Paris, Maniia, Buenos Ayres, Rio
I de Janeiro, Santos, San Paulo, Deme
rara. Surinam, Jamaica. Trinidad, Bar
i bados, St. Lucia, Grenada and St. Vin
I cent. Other offices will be established
I at a later date.
Mr. duPont will personally direct the
; work. Associated with the Nemours
i Trading Corporation will be Bonhright
: & Co., of New York.
Kent Going Abroad
To Study Exchange
May Discuss Credits Here With
Bankers of London, Paris
and Rome
Fred I. Kent, direetor of the Division
of Foreign Exchange of the Federal
Reserve Board, sails in the next few
days for Europe, where he will spend
several weeks, looking over the interna?
tional exchange situation.
While abroad Mr. Kent will visit
England, France and Italy and may pos?
sibly go to Spain. He refused to say
anything about the purpose of his trip
yesterday, although in banking quar
ters it was stated that Mr. Kent would
inaKe a caretul survey of the foreign
exchange situation.
It is also expected that Mr. Kent
will discuss with the bankers in Lon?
don, Paris and Rome the matter of
future credits that are to bo arranged
for the purchase of commodities in fhe
United States. lt is understood that
private interests in Italv are particu
larly desirous of getting loans here
just as soon as possible and that act?
ual negotiations will be undertaken
immediately after thc signing of the
peace treaties at Paris.
Other countries that wil! seck to
arrange credits are Belgium, France
and tho Scandinavian countries.
Lackawanna Sleel Co.
Earns $3.43 a Share
Net earnings after expenses and
taxes of $1,997,001 .were reported by
the Lackawanna Steel Company for the
first quarter of 1919, compared with
$3,140,521 for the corresponding period
After allowing for further charges
aggregating $790,882 for interest, de
, preciation, etc, there was a balance
j of $1,207,109, equivalent to $3.43 a
share earned on stock, compared with
$6.48 a share in the quarter ended
; March 31, 1918.
!( The company had on hand on March
31 unfilled orders amounting to 124,570
gross tons, against 708,100 tons in thc
| corresponding quarter of last year.
Felton, Chairman of the
I'liion Tank Line (ompany
Henry E. Felton, formerly presidenl
of the Union Tank Fine Company, has
been elected chairman of the board of
directors, a newly crcated position
William A. Bartow succeeds Mr. Felton
as president. and E. C. Sicardj was ap
pointcd first vice-president, taking the
place of Mr. Bartow. Elmo !,. Gridley
was elected to the board to succced
Thomas Beaghan, jr.
The report for 1918 disclosed net
earnings of $1,253,019, equivalent to
$10.44 a share earned on the $12,000,000
capital stock. This compares with $3
7O0,f>10, or $30.91 a share in 1917. Divi?
dend dishursements amountcd to $600,
000, leaving a surplus for the year of
$653,019, or $2,456,497 less than that
ol the preeeding year.
Paris Bourse
PARIS, April 9, ? Prices were heavy
"ii the Bouyso to-day. Three per cenl
rcntcs, 62 francs 25 centimcs for cash.
Exchange on London, 27 francs 72 cen
times. Five per cenl loan, 89 ["rancs 27
, centimcs. The dollar ranged from 5
t rancs 95 cenl imes to 6 franc3.
Westinghouse Electric
Srlls British Holdings
A deal involving the sale of the Brit?
ish holdings of the Westinghouse Elec?
tric and Manufacturing Company and
the complction of a commercial alli?
ance for I ho cxpan: ion of its foreign
trade were announced vesterday by
Guy E. Tnpp, chairman of the board
i i directors. Mr. Tripp. who returned
to this country Tuesday from an ex
tended trip abroad, said that the pro?
posed agreement for the sale of the
company's English invcstments call-,
for a cash payment.
In banking circles it was reported
that tho cash offer made for the British
interests of the Westinghouse company
approximatcd $7,000,000. These hold?
ings include securities of the Metro?
politan Wagon, Carriago and Finance
( orporation, Ltd., which were received
by the Ameru-an concern in payment
for stock control 0f the British Elec?
tric and Manufacturing Company, which
was disposed of in May, 1017.
No Cut in Oeean Rates
Although it 'waa reported that the
ocean freight rate to France had been
reduced from $40 to $35 a ton, repre?
sentatives of the leading stcamship
companies yesterday denied that they
had lowered charges. They explained,
however, that some ships chartered for
special voyages were accepting freight
at the lower rate in order to be able
to leave their docks at the scheduled
time and avoid the payment of demur
1 rage.
Brokers interested in tho buying and
seiling 0f ships said that inquiries were
filtering in to this port from Norway
France, Italy, South America and other
parts of the world, but that actual
transactions for tho most part are be?
ing postponed until tho signing of thc
peace treaty and the formulation of an
authoritative programme by the United
States Shipping Board.
Because of tho uncertainty of tho
present situation, shipping mon declaro
they ar<- forced to move in the dark
. and aro unable to see many weeks
ahead.
American Stores Surplus
Drop* Despile Larger Ooss
Gross sales of the American Stores
Company and afflliated companies for
the year ended December .",1 1918
amounted to $62,315,465, or $4,191658
larger than those of the precodingy'ear
Manufacturing expenses wore S..-j'i) 1 H -
770, leaving gross profits of $10,296,696
Foderal nnd state tax deducl ions a V re
gatod $1,086,180, an increase of $434.
132. After $717,034 for preferred divi?
dends and stnkingfund, surplua for the
year was $535,691, or equal to $3.76 a
fiharo on 112,210 shares of common stock
oulMliindmi- of no pnr value.
2 U .\ ?/?
?pnS~S r++-s t5Z^ /Sl
..;;......0-r/
?-?. --'.. ?'?- ?"-'- <*~d?cSn>J%
?. .? . , '.,.-.- ^ '"'*>, 4]-*-*' * < ***..'< j
A
Jt'? *^^ -*-.<??.
his public bv band-u'nttcn letters, but in
1919 u'e must have larger means cf com
munication. By anncunccments m this
and other publications, therefore, we pw
pose making our services and policies
better known.
SOME persons who have read
the advertisements of The
National Park Bank have won
dered why a sixty'three year old
bank. with resources of over
$2 50,000,000 which are constant
ly growing, should advertise.
THE NATIONAL PARK BANK has new facilities
and is expanding old ones, which could be advantage
ously used by many individuals and concerns that do not
know about them. We feel that we should make these
facilities generally known, for the benefit of our customers
and the public as well as for our own.
? /
L>l77..---v<-.v-.^
:-.?: --7 .-- ?--?r-TT'i'.'."".;*':'1. ' ?r-:~.rr^
7
w
E cordially invite conference on commercial bank'
ing, foreign trade, and corporate and personal trusts.
THE
NATIONAL PAR
BANK
Resources over $2,50,000,000
Advance-Rumely
Shares of the Advance-Rumely
(.'ompany havo riisplayed strength. Yes?
terday the common stock advanced IM
points to 33%, and the preferred gained
a fraction. Hirsch-Lilienthal & Co.
point out that the demand for agricul?
tural machinery is likely to be the
greatest in years and the manu?
facturers of such accesories are in line
for a tremendous export movement of
their products. "Among others" they
state "the Advance-Rumely Company is
pre-eminently qualified to cope -.vith
tho present emergency. Both the pre?
ferred aml common shares seem to be
i'i a secure position and with the in
dications of increasing revenues, fur?
ther enhancement in market price
would seem warranted under the cir
cumstances."
Market Resistancc
"Whatever may bo one's personal
views as *,o the circumstances sur
roui ding the stock market's opera
tions at this time." say Nicholas &
Stone, "it is impossible lo gi I away
from the fact of its stubborn resistancc
to all adverse inlluences, and particu
larly to the heavy liquidation which.
in ordinary times, might have brought
about a complete roversal of position."
Predicts Further Advance
Arthur Lipper, of Arthur Lipper &
Co., put this on the wire yesterday be?
fore thc market opened: "1 am in
clined to believe thal thc advance will
go further."
The Cotton Outlook
Springs & Co. say. "It seems just
now highly problematical wheth< r for
1 the fifth year in succession anything
: like a satisfactory crop can bo raised,
' cspecially as it is feared that boli
, v.eevil will prove unusually trouble
some. In all likelihood thc world will
: look to America for cotton and cotton
goods this year as never before."
\e Optimistic and
Conservative, Too,
Is Broker s Advice
OHN II. DAVIS, who for more than
forty years has headed the Stock
Exchange house which bears his
name, said yesteraay in discussing
current conditions:
"There is ample reason for optimism
just now, not only upon the stock
market but upon industry and business
? in fact, upon the nation and
all its material interests. But there is
reason also for conservatism?even
caution. We have emorged from the
great war far richer than ever, with a
commanding creditor position in world
finance and with unprecedented produc
tive capacity to supply the needs of
crippled Europe and of the nations
which formerly were Europe's best cus?
tomers. Our industrial corporations,
-big and little, are disclosing equities
and earning power in relation to which
their securities are obviously chcap.
We are feeling and must continue to
feel the influence of that inflation
which, in spite of restraint, must fol?
low the rapid swelling of our national
debt. Ccrtainly these are conditions
which warrant optimism and bullish
ness. ,
Misusc of Power Disturbing
"But against these factors, one has
to keep well in mind that we have con?
ditions within our own boundarics
which make for unrest and hesitation
and doubt, and present serious obsta
clcs to development and progress. We
are being held back chiefly, 1 think, by
the alarming assumption and misusc of
arbitrary power at Washington, where
something very like despdtism now pre
vails. And it is despotism that is
neither bcnevolent nor fntelligent.
"Thc government is unjustly pro
longing Incfflcient and unprofitable
Federal operation of railroads, tele*
grnphs, telephones nnd other utilities
and busincsses which, when in the
handti of their rightful owners. furn
ished facilities and service beyond
(.ipnre throughout the world. .'lt, |a
openly pursuing the policy of keeping
wages up, marking prices down and
placing upon capital'a consequcntly ro
?Orirted earnings tho hr>nvip-,t of'hnr
','?
Salt Creek Producers' Ass'n
Bought and Sold
Tlie above company represents a consolidation of virtually all the
leading oil producers of lhe great Salt Creek field of Wyoming.
Circular on rcquest.
?
C#
r
1 5 Broad Street New York
7 clephone llanover 7707.
??? iu i inBiiwi wmumBUMUi?
Members of N. Y. Stock Exchanso.
1 >, po ilta recciverl sul i ' lo < heque.
Stock, 13ond and Noti I.si ui ?? i 7
Railroad . ? lusi I ' 'ompanles
I 0 Ighl .?:. I Sold
and conservatlvo advances made thi
DealerB In
n-li ( Ti ? ? -r . 7'", i 'nlori
? re, '-, \\ arrrn St.,
Ave, 16 Courl . ? . Broi
Liberal Interest
on daily balances.
Metropolitan Trust Company
<if thc City of New Vork
f!0 Wall Street. '.Iti fifth Avcnue
CEMTRAL UrilDN TRUST CO.
.if New Vork
80 Broadway
BhANCHLS
5th Avtnus at ^'Jth Strs:.
Modlss? Ave- ' at 42nd Strnel
5th Avfnt:s at 38th Street
Lnolttil Burplutt unil Indivlded
I'rofits $30,000,000.
clcnsome taxation. It is disregardintr;
countless pleas for proper adjustments
ot* cancelled wartime contracts^ it is
breaking implied promises to business
concern.- the International Mecantile
Marine affair is an instance-?and it is
playing fast nnd losc with vastly im?
portant agreements with industrial in
teYests, as the short life of the re?
cently made steel price agreement
serves to show.
"It is not strange, therefore, that
there should be widespread distrust of
the government, and that this distrust
is interfering with business progress.
Also there are sociai unrest and la?
bor arrogance to keep in mind. To be
sure thero is no danger here of the
crude Bolshevism that is threatening
Europe, but nevertheless there is dan
gerous indifference throughout tho
country to the introduction into our
laws of Bol3hcvist principles?chiefly
the destruction of property without
compensation. It is this principle that
will be put into practice when the new
prohibition amendment becomes oper
ative and, in my opinion, this prohibi?
tion law is of fur more importanco and
far more serious in its relation to
property rights than is appreciated by
tho country as a whole. I do not wish
to be thought a pessimist. On the con
trary, I am extremely hopeful nnd con
fident of the future. In due time the
clouds will disappear from our bu dness
skies. Hut while they continue thrent
cninp, I think that conservatiBrn
should temp'er the optimism that is
warrantcd bv underlying conditions."
A Shoe Stock on tho Curb
The listinc; committee of the Ww
"i ork Curb Associotipn yesterday np
provc! for temporary trading tho 120,
000 commor b1 <\ - . f n par value of
?',!) and 150,00 I prof< rrcd slmres of n
par valuo of $100 of th< I ndic >t( John
Bon Corporation, to bo traded ln "whon,
aa and if issued." The Kndieott-John
?ot) Cornnrntion 1b th? laruent Binplo
Features of the
Island Oil
and Transport
Corporation
1 Two wells of a combined pro
duclng capacity ol 17!
barrels per da; .
2 Big surplus acreagc, well lo
c ated i'i proven territory r'f
high ? ielding capacil .
g 3 Large and widely distributed
holdings of potential oil lands.
4 Shortest, and therefore thc
must economical, pipe-line In
.Mexico for the I -.idi ig &
ships at the Gulf l oast.
5 Assured oil reserve to meet
the needs of its deliveries, and
6 well established and %crras
ing marketing com ections.
John J. MaoOrun)
Unlisted Securities
Member X. Y. Curb 7\larket
Association
125 Broad St., N. Y. Phone: Brosd 516
MaWaWa\\\\Wm
American
International
Corporation
Digest of the scope and charac?
ter of the business of this
unique and important company.
Sent oh req%eat for K-3T2.
HUGHES & DIER
Membera \??lB~ 8t?* !:%%rip?
iju Board of ; :a'?
50 Broad St., New York
I'ptown 0?lc<\ 07 W. l?5th Bt.
Philadelphia, 1435 Walnut Street
pni-NTv1 CHATHAM & PHENIX
/V^gv NATfONAL BANK
V^^S) C.plt.l & Surplm . $5.00'>*?
\-&&*V. R-tour-? ov-r . IIM O00.0??
tovnoK*** 149 8toadwry, (Sinjer BUfr)
DaNI*." And 12 Branchet _
Amer. Chicle
Common Stock
J.K.Rice,Jr.&Co
N.t.
manufacturer of shoes in the coun*r?
and just recently decided to adopt *??
corpornte form.