New-York tribune. [volume], April 15, 1919, Page 16, Image 16

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

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FINANCIAL BUREAU i
Tribune Huilriin::
154 "Nassau Strorl
MMMHMMHMLW
Wealth
arkets?Investment
TELEPHONES i
Beekman 3000
Beekman 8243
Mauri)
Rogers &
Auchincloss
Stocks
Bonds
Cotton
Grain
Member?
N. Y. Stock Excruangr?
N. Y. Cotton Exc*S?ngr?
Chicago Bosn-d of Trade
25 Broad St.
1
Miller. & Go.
/Aembers
Nev/Ybrk ?Stock Exchange
Securities Bought for In?
vestment or Carried
on Conservative
Margin
120 BROADWAY
Brdhch Offices
212 FIFTH AVENUE
5NV.COR.26 STREET
LONGACRE BUILDING
N E COR 42nd ST A-BROADWAY
jNEWYORK
Hercules
Company
(Par Value $10.00)
Monthly Dividends of 1%
parry owns a reflnory and
rea of leases In
tho "Rijjiffrr, Texan Oil Fields."
Price to net about 12%
i'md for full detail?, Circular 7f T R. !
Farson,Son&Co.
Membi ra New Yorfc Stock Exchange
115 Broadway, New York, N. Y.
The
s MARKET REVIEW
r>ur -weekly publication contains sev?
eral articles on securities of current
mark'-i interest, im ludjng
Westinghouse Electric
Pierce-Arrow
American Woolen
Chile Copper
Willys-Overland
.v,'enl cm request for K-374.
HUGHES & DIER
,, . SPhlla Stock Exchange
Members ,r!)i.6r? ,, ,inl ,., -,.,., J(,
50 Broad St., New York
Uptown Office. t?7 W. l'<?5tb St.
Philadelphia, 1435 Walnut titrent
"St. Paul"
We have p-rr;,arr<i an analytic ni
reviev. cot ??'???? 'I -
pov-?.- ?tul potential pos.iitHIiluM
of thie Train-continental Rol road
?Vyatr.-n. ( opy II 12 on request
?
L W. Wagner & Co.
Setabluhtd 1BH7, Chicago.
( t.'-vo York .Stock Kzrknno*
atemben', Heu York Cotton Kxcfcanp?
I Chicai/w ?Sourd ot 1 runt
83 NEW HT. NEW YORK
?Mrui Arm d 42<i St.
106 W'-nt HZiI 8t.
tmrt St.. Brooklyn
?10 Broad .St., .v. v ar '<
Midland
Securities
J.K.Rice,Jr.&Co.
Phob? I0M to 4-jio Jetan ?* wan Ht. N. r
LIBERTY BONDC
?or Gar roa c:ash. ?^1
8
We will pay To ?lay
rp? it?
SENZ-VAlXiHAN & CO.,
11? BROA?WAV. Telephone. ?y>.v; Itector.
Mark A. .Volile TbeodoM C, t'orwl?
NOBLE & CORWIN
It HronA Ht. New York
Cha** Nati Tex. Pac Coal & Oil
Nat'i ?k. Commerce Otis Elevator
Telephon? lilt HrnwH
(?"""mlutU. 1?1?. Now TofX TrV'.i.m IOC I
The primary causo for strength
ln yesterday's market was undoubl
odly tho jilcMJwiiit surprises In tho
Victory loan announcement. In ud
' (Iltlon tu that, report? of progr?s!
: in tho poaco conference wore tho
moil favorable for some time.
Nctfrthelesa, the character of tho
market was worth analysing, Tho
gr?ai advances were still In spo
'cial issues, largely in those which
had boon bid up ho violently last
week. There were net gains rang?
ing from 4 to more than 7 points
in American Cotton Oil, American
International Corporation, Atlantic
Gulf Steamship, Chandler Motors,
General Motora and Sinclair Oil.
'Several of these stocka, after sim?
ilar advances last week, suffered
sharp reactions. The net result of
the week was to leave both indus?
trial and railroad stocks at a lower
averago price. Such demonstra?
tions in specialties are familiar oc?
currences in great rising markets.
But they are also often indications
of irregularity, profit-taking and
"distribution" and often precede a
setback.
Secretary Glass's tactics are
ideal: To talk only patriotism and
to put the notes on a sound busi?
ness basis.
The first effect of the Victory
loan announcement, aside from its
reaction on the stock market, was
to send down the quotation for the
31? per cent tax-exempt bonds and
to raise the quotation for the other
Liberty issues. The taxable Lib?
erty loan issues had already fallen
to about a 4 9* per cent yield. Their
rise yesterday was due. to the unex?
pectedly small amount of the new
issue. On the other hand, the '? \-?
_ I
; per cent bonds, insofar OS (hey were
used os :i d?vier f<>r escaping laxa
lion, ore somewhat superseded by
Hi.- new tax-exempt note?. Those
notes, hearing .'!?"?? per cent, not
only exceed 1 ho ?! ' t H In Interosl.
but run for only three or four
years, which urc likely fully to
cover the period of high taxation.
if luxation iiiii'i fall unexpectedly
th> :,? can bo converted ?tito i ho 4 %
per cent, issue, In any case, the
holder will recoivo his money in
three or four years from now and
will be free to invest it in taxuble
issues bearing a high interest. The
3 'y per cent bonds run for fifteen
to thirty year?, and the holder will
have them during a period when
income taxe:-! will have fallen and
when the advantages of tax exemp?
tion will be largely lost.
Most important of all is the sur?
prisingly small amount of the loan.
It will not absorb nearly the
amount of funds generally feared.
Estimates ranged between $5,000,
(100,000 and $6,000,000,000; the
actual figure asked is $4,500,000,
000. This has already been more
than subscribed for by the banks
which have taken $5,335,000,000
and have more than the Victorj
; loan amount even when the $600,
j 000,000 of certificates paid off art
j taken into account. The task o:
the public is merely to relieve th<
banks of this burden so i?hey ma;
I be free to perform their primar;
function of financing industry. Tie
1 $4,500,000,000 now asked com
pares with $6,993,000,000 taken o
the last Liberty loan. The term
of the present offer are more lib
! eral. The terms of payment ar
more liberal. Its success cannot b
in doubt, if everyone but do hi
utmost.
Call money continued through yeflter- !
day at the unchanged rate of <i per cent
for loans on mixed collateral. Loans on
all-industrial collateral wen; made at
one-half of 1 per cent higher.
Time money is ofl'errd at 6 per cent ;
hy the banks, with brokers hesitating
to bid more than 5% Pcl' cent for loans ?
of all date?, on all-industrial collateral.
Yesterday. Year ago, I
Ver cent. Per cent. |
Call mone.v.
On mixed collateral 6 3
On indus, collateral 6'/a
Time money (mixed collateral):
Sixty days. 53'4 6
Ninety days . 5% 6
Four months . 534 6
Five to six months. 534 6
Rank Acceptances.?Rates were un- ;
changed yesterday.
Thirty Sixty Ninety ?
Spot de- days. days. days.
livery: Per cent.Per cent.Per cent. \
Eligible
n.ember
banks_4rV(a4 V/^Ah 4Ar?>4y4
Eligible
non-mem?
ber banks..4ri@4 4A@4'/4 4%'np41V
Ineligible
bann biHs.5%@4?4 ??^@4J j 5!4'@4%
For delivery within thirty days:
Per cent.
Eligible member banks. 4rV
Eligible non-member bank.;. 4'/j>
Ineligible bank billa. 6
Discount RateH. -The following table
gives the current rates of the twelve
Federal Reserve banks on commercial
paper for all periods up to ninety days:
.-.-Waturltj-.
1= is
?55
: t Z '' '? ' : ?
Boston . 4 4% 4%
New York.4 4% 43 4
Philadelphia ... 4 4% 4% :
Cleveland .4??j 434 4%
Richmond . 43^ 5 5
Atlanta.4 4?4 434
Chicago .4 4% 4;,4 ,
St. Louis.4 434 4%
Minneapolis .... 4 4ri4 5
Kansas City.... 4'/2 51 4 5'/4
Dallas .4 4% 5
San Francisco... 4 5 5
The roderai Reserve Bank of New
York has put in lorce tho following
schedule ot rediscount rates which
apply 10 bankers' acceptances: Maturi?
ties up to lo days, 4 per cent; 16 te
60 days, inclusivo, 4?4 per cent; 61 to
90 days, inclusive. 4'^ per cent.
Hank Clearings.? Hank clearings yes?
terday were:
Exchanges. Balances.
New York.$467,922,762 $64,695,596
Boston . 43,831,827 16,827,001
Chicago . 90,821,821 7,605,700
Silver.- -London, 4MSd, a decline of
r?d; New York, 101%c, unchanged;
Mexican dollar?, 77?/?c, unchanged.
Suh-Treasury- The Sub-Treasury I
gained $1,310,000 from the banks on
Saturday,
London Money Market. LONDON,
April 14.?Closing. Par silver 48 13
I0d per ounce. Money 8V6 per cent.
Discount rates short and three months'
I * per cent. Cdd premiums at
Lisbon, 86.00.
The Dollar in Foreign Exchange ;
Exchange raten moved within a nar?
row range in a dull market yesterday.
Sterling rate? were a ?hade firmer
while francs declln?d slightly. Ital- '
ian exchange developed a weaker tone.
Neutral exchanges were barely steady.
Closing rates yesterday, compared
with a week ago, follow:
(Quoted dollars to the pound.)
T?i- Week
terday. ago.
Hterli/ig, demand ,_$4.65% $4.65!^
Sterling, cables.4.66% 4.661/4 ,
Sterling, sixty days.... 4.63'/? 4.62J4
Sterling? ninety day??. 4.61% 4.61
)
(Quoted units to the dollar.)
Frai c , chi cks. 6.01 4.95
Francs, cables. 5.99 5.93
Lire, checks. 7.40 7.27
I.;-.', cables. 7.3-1 7.25
Swiss, checks. 4.98 4.98
Swiss, cables. 4.94 4.95
(Quoted cents to the unit.)
Guilders, checks.40' 4 40/(1
rs, - ables.40' 2 !0: ?
'Rubles, checks.12.00 12.00
Spain, checks.20.10 20.25
Spain, cables.20.25 20.35
Sweden, checks.26.60 26.95
. cables.26.80 27.15
Denmark, ein cks.24.90 25.10
Denmark, cables.25.10 25.30
Norway, ch< ck? .25.60 25.90
Norway, cables.25.80 26.10
Arg< ntina, < In cks.441 4 44? 4
Argentina, cables.44 2-5 44 2-5
[nd a, rupi . i ? el i . .35.60 35 2-3
India, rupees, cables.. .35.75 35%
India, rupees, cables,
Reserve Hank rute 35.73 35.73
"Nominal.
Below is given the current exchange
value of foreign money in dollars ami
cents, together with the intrinsic gold
parity, as calculated by tho United
States Mint;
? urrent
exchange Intrinsic
value. value.
rounds, sterling, .$4.58
Francs . 0.16 0.19.3
ders . 0.40!^ 0.40.2
Lire, ( heck-. 0.13.5 0.19.3
Crowns (Denmark) ... 0.25.80 0.26.8
Crowns (Sweden) _ 0.27.95 0.26.8
Gold Eagles for Acceptances
$2,000,000 Deposited for In?
vestment Here
The Guaranty Trust Company yester?
day transferred $2,000,000 in American
gold eagles from it:; vaults to tin
United Slat.es Sub-Treasury for tho
account of the Nodi rlandscho Hank of
Amsterdam, Holland. The funds re?
ceived in exchange for the gold will
be used by the Dutch hank in the pur?
chase of banker-' acceptances as .an
investment in this market.
The gold turner! in at the Sub-Treas
ui j had le en held in the vaults of the
Guaranty Trust Company for the ac
of the Amsterdam Hank since
early in the war
Vict ory Loan
Sure lo Succeed,
Bankern Assni
Tem?a Fixed liv Ser. <?Ihhs
J
Warmly Approved (il
Financia] District; Believe
?lot h Issues Will Go Over
Bunkern porcolverl In the terms of
the Victory Liberty l,..un, as an
notmced by Secretary Glass, featuros
that would carry tho ili'th great popu
lar llnnnclal efforl of tho war easily
to success. Mori Interviewed In tho
financial district yesterday Indicated
that the character of the notos was a
surprise to thorn.
In common with other folk the
bankers believed that the goal of the
next loan was to be $6,000,000,000, the
same as in tho fourth loan. By lim?
iting the amount sought to $4,500,000,
000 the Treasury will place a much
less strain on the iitvestmcnt market,
it was said. Tho plan of making the
4% note convertible into a :? ,'i-.r> tax
exempt note was generally compli?
mented,
"Excellent," Mitchell Says
Charles E. Mitchell, president of the
National City ' ompany, praised the
decisions of the Secretary of the
Treasury. "I think that Mr. Class
has made excellent decisions," he said,
"both in regard to tho amount and
the rates. The rates on the two issues
are such that they should prove par
ticularly attractive to all classes of
investors. It is difficult to say which
of the two issues will produce the
greater subscriptions, but I think both
will be big "
Jam.-. N Wallace, president of the
Central Union Trust Company, said:
"The terms of the Victory Liberty
Loan, which arc very favorable indeed,
should insure its success."
Thorough Investigation Made
J, S, Alexander, presiden! of" the
National Hank of Commerce, said:
? flic Si cri ta r.1- of I he Treasury, in t lie
exercise of tho discretion vested in
him by the Congress, lias fixed terms
of the Victory Liberty Loan which
should prove satisfactory to all con?
cerned, lie has, over a period of many
weeks, sought the \ lew s of * hcughl C i !
and . \?"'' ienci d men in i very section
ol the count ry, and has given en n ful
d. ral ?on to the ?nnurm ral ?
gi si ions made !.. him.
"The terms as announced represent
a sound judgment based on n com?
plete understanding bf the many and
varied conditions which required con
idei :.. .un.''
Walter !?'. Frey;, president of the
Corn !'-.. ange Bai !-. sai 1 :
"The terms ol nre such as
will appeal t.. all classes of investors,
large and small. The amount, the rato
and the ?ntcrchanj lability of the con?
version privilege, to say nothing of the
character of the security itself makes
?: - loan, ( -' in; mind, one of t he most.
ideal invest ment .--. r i ff. red to Lin
public.
"From a purely investment stand?
point, to those liable to pay the normal
income tax, the \% m les are equiva?
lent to the ind?vidual of a '< per cenl
i nvcsl ment and t o coi pora i paying
10 per cent normal ti -?. I hej nre i [ii .
alei to ? :: investment . elding 5 per
cent.
I he off. ring mowt :)' : ract '. \ a and I
l.( I icvo t he pub! ic will so cons ?der i'."
F. le ?artow, vice-president of the
! . ' ; Nat ?ona 1 Hank, said : "Til ore : ?
little question bul ?^fiat tho Victory
Conn will bo a success owing to tho
? : off i ring, - atl rn " i ve ral e
and the shorl maturity. Tho terms of
1 h V?ctor; : sin havi . 'ady reflected
Strength in prices for out tanding Lib?
erty bonds. "
Alexander J. Ilemphill, chairman of
the board of directors of the Guaranty
I" ru - :. ! lorn pany, said :
"I am very agreeably surprised in
the terms of the Victory Liberty 1 oan,
which appear to be more favorable
than we had been led to expect."'
Mort imer ? . Seh i(T said :
"TI " ?i-vn: - of the Victoi y loan are
' ii' :. '? complete mece ? of
tho offering. No one need hesitate to
?nvi ' to the limit in tho new notes,
and I look for a great popular r<>
: pense.''
Why the Marine
Deal Fell Through
WASHINGTON, April 14.?Withdraw?
al by the United States government of
its offer for the purchasi of the Ameri?
can-owned interest in British tonnage
hold t?y the Diternational Mercantile
Marine and which a British syndicate
previously desired to buy was .] 14,. to
conditions surrounding tho company's
contracts with the British government,
ii was 1. arm .1 to-day that Great
Britain had tho right to requisition
the fleet at any tuno, and this govern?
ment did not wish to acquire property
with the eon! r..] virtually resting else?
where. There was also said t.. bo some
doubt as to tho legality of the Ship
ping Board acquiring stock, although
there is no doubt of its authority to
buy or build ship .
Significant Relations
"Ioncv and Prices?
A y-nr
Stock of money gold in the ?-?nntry.. $3,034,213,002 $3,041,643,270
r ,. ., , i. i r)"r ?!:' ,r,ln preced?as rear.
Loan? of all national tonlis. $9,918,294,000 $9,390,836,000
Their surplus reserves. 69,406,000 105,977,000
Billa discounted and bought by Few? i.im >, k a year
era! Reserve Banks. $2,186,514,000 ? 1.031,664.000
Federal Reserve notes 'n circul?t!?? 2.548.588.000 1,499,377,000
Total goM retire ., 2,142.880,000 2.142,080,000
Average price ni fifty stock?.
Veaterday. Provloua rio??. A jrar a;;o.
,"" 83.63 83.24 73 82
Average price of twenty-live bonds.. g6x1 g ?
i-ood cost of living (Annalist indeK , ?,. .,?,.,,
i-H In
number) .311.804 305.551 288.881
General commodity price level (Dun's AfBr i i i, i iUr i m.
Index number) . 217.037 220.050 227.977
Production: ?nr ,, , A w
Unfilled U. S. steel orders, tons.5,430,572 6.010,787 9,056,404
Mar 31 1'.:. 2fl A year n?o
Pig iron output (dally average), tona 99,685 105,006 103,648
lais ?I?M, r iimuted. The lOli crop
Wheat crop, bushels. 917,449,000 636,653,000
Oat crop, bushels. 1,538,350,000 1,592,740,000
Corn crop, bushels-. 2,582.814,000 3.065.233,000
Cotton, 500 lb. bales ... 12.022,601 11,302,375
r??? Iricrea?? or dmrrrum from yr/ir befara
,-All Claai 1 road?-...,
Distribution! Fourth week Month of Jan I to
? ?? , , in .Mhp-Ii rVbruary. l-i, a?
Gross railroad earnings.., J2.9% 21.3? '30.2"'
ImJ m I fl .? before' Y.-?r to/'la "
Bank elenrings., (-21.1% | 15.7'', | 17.1%
(?encrai j
rebruar? January a year a ...
Active colt,m spindle?. 33,282,593 33.856.472 33,592,222
Commercial lailures (Dun's) Mardi February A year ago
Number . 629 602 1,142 "
Liabilities .$13,595.471 $11,489,183 $17,672,331
fiuilritng permits (Hradstreet's) : faDruary. Win Pabruwj mi
(128 titles) .$29.890,942 ? $25,518.111
Receiver Cuts
Iiitei'.M>ro-Coii.
Expense Bill
Only Ihrer Oi?icrr-M on
Corporation's I* a y r o I I
Now; Shontf I.OH?I1K Sal?
ary of $250 a Month
Scaling down the running expense?
of tho bankrupi Interborough Consoli?
dated Corporation, tho holding com?
pany of the Intorborough Rapid Tran?
sit Company, Binco the appointment of
a receiver has resulted in the clipping
0 If of a $250 a month salary paid to
Theodore 1'. Shonts, it whs announced
yesterday.
Before the receivership the office ex
ponses of the company, etc., were $41,
434 a month, but they have been since
reduced to $3,721. Under the present
control of the company there are only
three paid officers, Horace H. Fisher,
secretary; John IL Campbell, treas?
urer, and E. F, J, Gaynor, auditor, each
01 v. hum receive,; $31.25 a month.
Appraisal Impossible
James R. Sheffield, receiver for the
Interborough Consolidated, filed yes?
terday his report in tho United States
District Cofirt covering the results
of his examination into the assets ana
liabilities of the bankrupt corporation.
lie stated in his report that the assets
for the most part are unknown as to
value, ni nee many of the securities
listed as assets are made up of stocks
and bonds which are impossible of ap?
praisal at this time.
Tho report, shows that the Interbor
ough Consolidated has deposits amount
in;: to $544,96*! in hanks, unliquidated
claims of $124,029, and bills and notes
and securities receivable amounting to
? i.30i 000. Total liabilities are given
at $09,685,264 by the receiver, of which
$67,825,600 consists of bonds issued to
the Empire Trust Company, as succes?
sor trustee to the Windsor Trust Com?
pany, which are secured by $33.91 Li,000
stocV of the Interborough "Rapid Tran
?' H Company,
fhe reporl shows in the liability
statement four items that have prior?
ity claims against the company total!
inK $571,381, The first consists of
; : ' owed to unknown holders of In
tcrborough-Metropolitan A1/? percent
collateral Must bonds, the debts being
? ' claims matured up to October
1918, amounting to $432,112.50 in the
aggregate. In addition there is $57,330
owing on preferred stock of the Inter
borough-Metropolitan, $47,751 due in
taxes to the Federal govern nient, and
$40,181 due New York State in taxes.
Principal Bondholders
Among the principal holders of the
Interborough-Metropolitan 4Va per
cent, bonds are Spencer Trask & Co
$264,000; Lou ? Elkins Sinkler, $100,000''
' ?rnelius \ anderbilt,, $870,000 ' and
$100,000; August Belmont, $1,928,000"
dent and Fellows 0f Harvard
$200,000; b\ W. Savin &
the account of Mary
?100.000; It. S. Wilson
account of Mrs. Grace C
$00,000. and the same
iny for Richard T. Wilson
? 10.000. Other holders are the First
National Bank, the Equitable Life As?
surance Society, Chase National Hank
and J. P. Morgan & Co.
In tho asset, column there is listed
persona! property consisting of de
"and notes of the Metropolitan Secu?
rities Company in favor of the Inter
i ' i Met ropolitan for nearlv $5 -
000,000. Listed as collateral are share's
stated ?"? ; having no value, of the
',!' ' ' : " ?tan -'' root Raihvaj - ( lonmnny
'? ib c! arios, now nan of Mu
Vork Railways, and of the Third and
Second Avenue lines. Also listed are
'?? mand note i to the extent of $1 -
300,000 of the Rapid Tear sil Subway
Construction Company. A loan at ?%
P' ?'' cent made to the Interborough
Rapid Transit Company evidenced by a
vouchei for $500,000 falls due March
!'.). 1920.
1 niversity,
Co., for
!?'. Jacob .
& Co.. for
Va nderbilt,
Market Opinion
Good Buying of "Loco"
"There has been quiet but very good
buying of American Locomotive shares
m the market recently," say Marko,:.
"organ & o "the accumulation in
this stock being for the account of
prominent banking ?ntorests, who are
m clos ? touch with
fairs."
trie company's af
C(
No Danger of Tjght Money
n the opimo,, of Chandler Bros &
no long period of tight money can
' ;??:><' ?'! present, after such an enormous
inflation of world .-redit has been
Coated, as now exists. They point out
hat conservative attention should be
'?ll"i'1 already to the ver- important
stock marke, advance in man^direc?
tions, although it must be acknowledged
tnerc are no serious danger signals
perceptible as yet.
"Soup"?Investment Machine
capital stock. This is $3.17 a share in
... ,..."V"""1 'oquirements. the
Southern Pacific Company is tho largest
.ilg]?J..a,nd owner in the United States,
>-e.;s of dividend requirements. The
ic Com
tier in
total holdings comprising 10 978
000 acre .'
Cnvolntile, but Attractive
"While Westinghouse Electric does
not move with tho same velocity ?
s;>me of the other specialties in the
stock market," T. L. Watson & Co
'?'''? 'I has behind It material value'
:":'! Pays good dividends on tho monev
invested. !. takes care of itself even
with money at G per cent."
Laundry Work?
1'he O.l.l Lot Review has this bit. of i
comment to offer: "There ?a no room1
[or doubt as to the character of the
?''?'?sent, market. The public is in the
market hook, line and ?.inker; there is
no doubt about that. Down in Wail
Streot the laundry w. workVng merrily
away, hut it is outside buving which
is doing the business."
Corporate Returns
Steel Company (,r Canada Annual re.
nor ror 1918 shows profil att?r wttr
<J?s of $i.,..:.v i:ai. comparec? with J,;
' '?"'?" for the preceding yeftr. Surplus
' '"? ,?' 'l.nr.? wns equivalent, after
'"' rtcduotlon of ?4M.7U in Droforr?rt
i .500.000 common ato, It. Thl? compares
Al"> ?32.0C i, ?luir., in mi? (Jomm,?n
llvldon-l? aggregated $880 000 "!"'"""
?entrai Coal anil Coke Company?aros?
uriiiiH for the year eiei?,i December -ii
"ho.r'fo^Vi,6.88'!"; ?,r f"?.?B4 larg.r than
linn? for til? yr>nr boforo. ICximnm?,.. |?.
ereit, eto.. amounted to ?210.(184. le?vlnu
eit earnliiKS of ?1,1116,568. ' ns
LONDON JOINT C?TY AND
MIDLAND BANK LIMITED.
HEAD OFFICE: 5, THREADNEEDLE ST., LONDON, E.C. 2.
Subscribed Capital - ? . ? ? . m ?.$172 144 000
Uncalled Capital -----... 136,281,000
Pasd-Up Capital and Reserve Fund - 71 726 000
Deposits ... - """"- - -$1,674,492,000
Cash in hand and at Bank of England - 318 780 000
Money at Call and at Short Notice -.-???. 329 045 000
Investments. 308?o03,000
Bills of Exchange *. 196,246,000
Advances on Current and other Accounts ? 496 068 000
Advances on War Loans - - - - . - . 71 091 000
Overseas Branch : 65 & 66, Old Broad Street, EX. 2.
Sir EDWARD H. HOLDEN, Bart., Chairman
St. Louis Transit Company
5% Twenty Year improvement Bonds
A Receiver for the United Railways Company of St. Louis has been
appointed. Immediate deposit of the above described Bonds is therefore
of paramount importance. Cooperation upon the part of all holders will
greatly contribute toward a successful settlement.
Deposit may be made on or before May 10, 1919.
Committee:
EDWIN M. BULKLEY, Chairman. '
EDWARDS WHITAKER, Vice-Chairman
F. J. L1SMAN,
CHARLES S. LUDLAM,
GEORGE L. EDWARDS.
Counsel:
MASTEN & NICHOLS, New York.
SAMUEL A. MITCHELL, St. Louis.
Secretary:
W. LORNE SCOVIL,
25 Broad Street, New York.
J.O?GC,Jr.&Co. Buy & Sel
American Chicle Common
American Cigar Common
Auto Sales Corp.
Ameriran Piano Com. & Pfd.
Battery Park Nat'l Bank Stock
Childs Restaurant Com. & Ptd.
Continental Insurance
Famous Players-Lasky
Franklin Fire Insurance
Farmers Loan & Trust Stock
Fidelity Ph?nix Insurance
Great American Insurance
Home Insurance
Metropolitan Trust Stock
Mechanics & Metals Bank Stock
Midland Securities
N. Y. Life Insurance & Trust Stock
N. Y. Title & Mortgage Stock
Niles-Bement-Pond
Porto Rican-Amer. Tobacco
Remington Typewriter Stocks
Royal Baking Pow. Com. & Pfd.
Singer Manufacturing
Sun Oil
Texas Pacific Coal & Oil
Title Guaranty & Trust Stock
PI,..nos 1000 to 4110 John.
Banks to Advance
?30,000,000 to Meet
Railroads' Needs
Will Provide Half of Funds
for May I Requirements.
Balance To Be Met by
War Finance Corporation
Bankers arc prepared to take care
of approximately half the May I re?
quirements of the railr..ails, which
have been officially estimated at about
$100,000,000, not including the $36,
000,000 for additions and betterments
which the railroad administration will
furnish. The War Finance Corpora?
tion will advance funds for the re?
maining $00,000,000 needed by the end
of the month.
In making loans to the carriers so
that there will bo no default on ap?
proaching maturities or interest and
dividend disbursements, bankers said
yesterday that they would be following!
tho policy established in regard to the
April 1 obligations. At that time the
total was place! by Direct? r General
Hines at $77,000,000, and about $34,
000,000 was handled through bankers
direct, while tho War Finance Cor?
poration loaned on the i. o. a.'s iss led
by the railroad administrtaion.
Plans of the government, the rail?
roads and bankers, provide for an ex?
tension of the May 1 maturities the
principal of which falls due then.
Those are estimated at $12,077,865.
The largest maturity is an issue of
$5,250,000 general mortgage 5 per cent
bonds of tho South Carolina & Georgia
Railroad, a subsidiary of tho .Southern
Railway. The bulk of tho maturities
aro equipment trust issues.
-m
Wilson & Co. Declare
Dividend on Common
Directors of Wilson & Co. yesterday
declared an initial quarterly dividen,!
of VA per cant on the $20,000,000
mon stock, placing it on an annual G
pi r cent basis. In announcing the
inauguration of dividends by the com?
pany Thomas E, Wilson, pr?sident,
stated that a larger distribution was
warranted by the earnings, but the di?
rectors deemed it advisable to adopt
a conservativo policy. ,.,
Petroleum
We have in preparation a letter
discussing- the prospects and possi?
bilities of this Company which we
will send on request for Circular
No. H-45.
Hartshorne, Fates & Co.
Members N. Y. Stock Exchange
: l BROADWAY TEX. 7G10 BOWITNO GRETCN
Salt Creek Producers' Ass'n
Bought and Sold
ihr above company represents a consolidation of virtually all the
ading oil producers of the great Salt Creek field of Wyoming.
Circular on request.
Wm. G. Gallagher
15 Broad Street New York
Telephone ifanoier 7707.
CENTRAL UNION TRUST CO.
.if >i."\v York
80 Broadway
BRANCHES
Sth Avenu? at 60th Str?:.
Midlio* Aver - at ?2nd 8tr?*l
5th Awnue at S8th Street
lapltal Surplus and I'ndirlded
rriilll? $30,000,00?.
Rom ick indorsed for
President of Exchange
Reeonimended to Sneeeed H. G.
S. Noble, Who Is to Re?
tire May 12
II. G. S. Noble -will retire as presi
dent of the Stork Exchange at the
annual meeting on May 12, after having
served for the last five years. Acting
on the wish of Mr. Nobie not to serve
another term, the nominating commit?
tee has prepared a new ticket, which
recommends William II. Remick, of
Remick, Hodges & Co., to succeed to
tho presidency. Mr. Remick now is a
governor of tho exchange and also
chairman of the committee on commis?
se
lin full ticket of the nominating
, in addition to the new can?
for president, includes Warrant
B. Nash for treasurer; for trustoes of
the gratuity fund, Henry K. Tomroy
and Charles M. Neweombe; for mem?
bers of tho governing committee, to
servo your years. Hamilton F. Benja
J.K.Rice,Jr.&Co?
Phones 40*1 to 4010 John. S* Wall PU. X. T.
JEWEL TEA
S-prcial lettrr on r*<n?e*t.
N M. Goldtert Milton t^'-m
Member? Con?. Stock Evcfcuii? of K. T
T4 BROADWAY. H. Y. Phase Rector4251-7.
n
Liberal Interest
on daily balances.
Metropolitan Trust Company
of the. City of New Vork
Oil Wall Street. *l? Fifth Avena*?.
min, S. I* Cromwell. Jerome J. Pamsif.
Bayard Dominick. H. G. S. Noble, Ar?
thur J. Rosenthal, Newton E. Stotrt,
Arthu? Turnball, Richard Whitney ?"*
Willi* XX. Wood.