New-York tribune. [volume], April 17, 1919, Page 12, Image 12

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

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MACKAY & CO.
BANKERS
V
Victory
Liberty
Loan
V
4 Wall Street
New York
Jf?i.
Reserve Stocks
OF OIL are at the lowest
point since 1909. During
last year consumption of crude
oil in the United States ex?
ceeded production by over
58,000,000 barrels.
Cities Service Company
is one of the largest producers
of oil in the United States.
Its Preferred Stock yields
about l7?c?? at present prices.
Dividends of over four million
dollars were paid on the Pre?
ferred in 1918, and the Com?
pany's earnings were over
five times the Preferred divi?
dend requirements.
Monthly Dividend?
Write for Circular T. E. 107
Henry L. Doherty
& Company
60 Wall Street, New York
F=
Miller, &. 60.
Members
NeW^brk SfockExchan^e
Securities Bought for In?
vestment or Carried
on Conservative
Margin
I
iL
120BRO?DW?*
Brdrzh. Offices
212 FIFTH AVENUS
S W COR. 26 STR.cir
LONGACRE BUILDING
N E.COR.?2nd ST O BROAD?**??/
;newyork.
|~
FOR SALE
A trlrgln tract In the upper Anthra?
cite Region of 40 acres of Anthracite
Coal, underlaid with i veins of as fine
a grade of coal au lies In the Anthra?
cite region.
filope has been driven through the
property to the bottom vein, ready Do
9'.art mining coal. Engineers report
over 1,000.000 tors of marketable coal,
and owned In Fee. No lease prop???'.
tlon. Timber enough on property nuffl
clent to mine <h* coa!. Party owning
and offering name for ?ale, retiring
from business Is the only reason f >r
selling.
Property worth over $1.000,000 to
any one wtshli g to < perati I! Worth
$500,000 00 as an Investment by h -
three to l e years C ?ai properties of
this kind getting scarce, ?.'ash propo?
sition will only ; <? considered. No pro?
moters or brokers need answer this.
Onlv purchasers will be cor.H'.dered. For
fur?her Information address
COAL OPERATOR,
c 'o Hotel Commodore,
New York City.
Odd Lots
Write D'pt. 10.
(hisholm &(hapman
Member? New York Stock Bichan;;*
Memoer? New York Cotton Exchange
71 Broadway, New York City
i::'. t ,'-*' ,: ? ' I i;tbst
;, > '';".;.r" '? Him ?st.
..-? '<?/:?'>? .?. < Burt Bt.
'? ?? ? .12 N Broadway
.777B. .;J.J s\7 T
t&\ CHATHAM & PHENIX
f?Q* MAT?0NAL BANK
fc ^^L H"*t",*, ?*?' IIOOOU0 0O?
"Jtl<?y? '* ??i?!. (ttW Ml)
?ANlC? Ana 12 Branr.hot
rv
Liberal interest
on daily balances.
Metropolitan Treat Company
?jf tb? ( ily of New York
??'> ?all V!r>?-l. 716 Fifth Avrnrj?!
Mark A. '?-?'/)? lhr<,<l;rr f ( i.rwln
NOBLE & CORWIN
25 Brom? ht. ?'""?<* York
Cha?; Nat Bk? Babcock & Wilco*
Ontr?l Union Jr. Qtu Elevator
?>l?-til<orj<? 1111 MroHil
li'o??vrtfht. HUB. Nfw YoTli Trltmns Inc.)
With no slackening of its violent
activity, tho stock market yesterday i
was highly irregular. Prices of most j
issues closed with small declines.
Tho general nature of tho trading
was typified by Steel common, which
repeated a performance now famil?
iar. For several weeks it has been
fluctuating narrowly in what Wall
Street calls n "trading area," be?
tween 07 and n fraction and par and !
a fraction. Yesterday it crossed ?
par and approached its high record I
for the year, 100%, but at 100%,
just below tho "resistance point," it !
encountered realizing sales and fell ;
to 98%, a net decline of %. Some :
Much reaction as this, due solely to ?
conditions within the market itself, \
has been widely looked for lately. ?
There was no general news develop- j
ment important enough appreciably !
' to affect prices. The break was laid j
[ to profit-taking; and the profit-tak?
ing was, somewhat questionably,
: laid to the Stock Exchange holiday
| to-morrow.
"The Iron Age" reported yester?
day that "producers are doing little
new business," that for this busi?
ness they "are getting in nearly all
cases the prices named at Washing?
ton on March 20," and that the
"scale of operations is gradually do- ;
dining," the Steel Corporation's !
plants in the Chicago district no^Y
working at 74 per cent of capacity, !
against 80 per cent in the previous i
week. After the close of the market |
the Republic Iron and Steel Com?
pany reported earnings on its com- ?
mon stock for the first three months !
of the present year at $2.26 a share, ?
compared with $9.50 a share a year :
ago. Such earnings will doubtless
be taken as one indication of the
Steel Corporation's profits to be re
ported at the end of the month. ;
Europe is running into our debt
to the extent of several hundred
million dollars a month. If we
would maintain our export trade
we must give Europe the means of
payment. The most businesslike
way of doing this privately is by ,
the purchase of European securi?
ties. But American investors are j
not educated to foreign securities.
It will take them years to acquire
the habit. The need is immediate. I
For this reason financiers here have
advocated the formation of "in- ;
vestment trusts," holding com- j
panies for foreign securities. Paul j
Warburg was one of the first to
suggest this idea. Leopold Fred?
rick, in a statement printed yes?
terday, points out that these have
existed in England, Belgium, Ger?
many and Switzerland for a gen?
eration. The advantage to the
American investor is, first, that his
investment, is greatly divei'sified,
mid, second, that tho securities held
are picked by experts who can give
their entire time to selection and
investigation. Mr. Fredrick thinks
that the Victory loan will be suf?
ficiently absorbed by spring of the
coming year to warrant the forma?
tion of such a trust.
With the dollar at a premium in
all the great European countries,
the purchase of foreign owned
securities by Americans will net an
extra profit to two persons, the
European seller and the American
buyer. Which of the two derive;
the profit, or the main part of the
profit, will depend largely on thi
kind of security bought. Say the
average premium on the dollar, ii
terms of the French franc, is 10 pei
cent, and that a Frenchman has
Steel common shares he wants tc
sell here. If the quotation on Stee
common at the time of sale is IOC
the Frenchman will be able to gel
that in this market. When he draw:
for the money he will be able t<
casli his New York claim for $100 at
$110 in French money.
But if the Frenchman own Euro
pean and not American securities
and wishes to sell them here, he wil
no,t be able to obtain a premium
Eor the American purchaser cai
buy the security at its quotation ii
the French market. If the stock oi
bond of the foreign company is sell
ing in France for the par equiva
lent in francs of $100 tho Amcri
can purchaser's remittance of thai
amount of francs will cost him onlj
$90. The main beneficiary of the
transaction in either case will de
pend upon which side of the watei
the greatest market for the stocl
\-2 on. That is something which in
terests the parties to a particulai
transaction. What is important foi
the whole country is that an excep
tional pecuniary incentive now ex
ists for us to buy securities fron
Europe and for Europe to sell se
curitics to us. That incentive re
sides in the transaction itself, en
tirely apart from its effect in main
taining our export trade.
Further ease was evident in the call
money market yesterday. Rates ruled
below 6 per cent for the first time in
nearly a week. Opening and renewing
at 594, the rate for mixed collateral de?
clined before the end of the day to 5%.
Loans on all-industrial collateral were
one-half of 1 per cent higher.
Banks are offering time funds at 6
per cent, and some loans have been
made at that level. There is a broad
demand at B^i per cent.
Discount Rates.?The following table
gives the current rate3 of the twelve
Federal Reserve banks on commercial
paper for all periods up to ninety days:
,-.-Maturity--,
s'4
h
i pi
: E*?
Boston . 4 4%
New York.4 434
Philadelphia ... 4 434
Cleveland .AY4 4%
Richmond . 4-?4 5
Atlanta.4 "? 43/4
Chicago .4 4^-4
St, Louis.4 4%
Minneapolis .... 4 4-?4
Kansas City_4J/2 5 ?4
Dallas . 4 4%
San Francisco... 4 5
The Federal Reserve Bank of New
York has put in force the following
schedule of rediscount rates which
apply to bankers' acceptances: Maturi?
ties up to \:> days, 4 per cent; 16 to 60
days, inclusive, 4V4 per cent; 61 to
90 days, inclusive, 4'/i per cent.
? a,
R
4%
4%
4%
43/4
5
434
43-4
4%
5
5'/4
5
5
-iiank clearings yes
Bank Clearings
terday were:
Exchanges. Balances
New York _$760,544,819
Baltimore _ 12,980,330
Boston . 66,513,981
Philadelphia... 69,452,697
$51,408,107
5,518,835
14,540,198
14,939,574
Silver. -London, 4Mid, an increase of
r"?d; New York, 101V?c, unchanged;
Mexican dollars. 77'/jC, unchanged.
Sub-Treasury. The Sub-Treasury
gained $1,583,000 from the banks on
Tuesday.
The ruling rates for money yesterday,
compared with a year ago, were as
foi lows:
Yesterday. Year ago.
Percent. Percent.
Call money:
On mixed collateral 5% 3'/j>
On indus, collateral 6'/4
'Time money (mixed collateral):
Sixty days. 5%fa6 6
Ninety days. b%(<?& 6
Four months. 5-3/4??6 5
Five to six months. 5%i<>6 6
Bank Acceptances.? Rates were un?
changed yesterday.
Thirty Sixty Ninety
dayi?. days. days.
Per cent.Per cent.Per cent.
Bpot de?
livery:
Eligible
membe?
bank? .
Elig?bU
non-mem?
ber l/ank?..4/"iip4
ineligible
.4Mi/4 -1/4^41?. 4r,^4</4
4ft?41/4 4%@4A
bant b\]\s.?%@V? 51.?@41i 5"/i@4?%
For delivery within thirty days:
Per cent.
Eligible member banks.4r?
Eligible non-member banks. 4?/2
Ineligible bank bills. 6
Bank of Germany.?BERLIN, via
London, April 16.?The statement of
the Imperial Bank of Germany, issued
April 7, shows the following changes
in marks:
Total coin & bullion Dec. 1.938.COO
Gold . Dec. 2.?G2.000
Treasury notes. Dee. 20.919.COO
Notes of other banks. Dec. 227,COO
Bills discounted_ Dec. 2,618,837,000
Advances . Inc. 2.648.CC0
Investments . Dec. 5.930.00O
Other securities_ Dec. 229,452.000
Notes in circulation Inc. 4.341,000
Deposits . Dec. 3,250,368.000
Other liabilities_ Inc. 371,372,000
Total gold holdings, 1,913,931,000
marks.
London Money Market.?LONDON,
April 16.?Closing: Bar silver, 48 15-16d
per ounce. Money, 3% per cent. Dis?
count rates: Short and three-months
bills, S1:? per cent. Gold premiums at
Lisbon, 92.00.
The Dollar in Foreign Exchange
The principal foreign exchanges dis
played a slightly easier tone yesterday
in a dull market. Both sterling and
francs closed fractionally lower. Ital?
ian lire eased off on increased offer?
ings, while the neutral exchanges were
fairly steady.
Closing rates yesterday, compared
with a week ago, follow:
(Quoted dollars to the pound.)
Yes- Week
terday. ago.
?Sterling, demand.$4.65 $4.64J/2
Sterling, cables. 4.66 4.65" z
Sterling, sixty days. . . . 4.62|,4 4.62:,4
Sterling, ninety days.. 4.61 4.611/2
'Quoted units to the dollar.)
Francs, checks.5.98 5.95'/2
Francs, cables. 5.96 5.93','?
Lire, checks. 7.42 7.29/2
Lire, cables. 7.40 7.28
Swiss, checks. 4.97 4.93
Swiss, cables . 4.94 4.95
(Quoted cents to the unit.)
Guilders, checks.40' 4 40' 4
Guilders, cables. 40iri 40h
?Rubles, checks.12.00 12.00
Spain, checks.20.12 20.20
Spain, cables.20.22 20.30
Sweden, checks. 26.55 26.80
Sweden, cables. 26.75 27.00
Denmark, checks.24.90 25.10
Denmark, cables.25.10 25.20
Norway, checks.25.65 25.80
Norway, cables.25.85 20.00
Argentina, cheeks.44.10 44.00
Argentina, cables.44.25 44 1-5
India, rupees, checks. . .35.60 35 2-3
India, rupees, cables ... 35.75 35'*4
India, rupees, cables,
Reserve Bank rato...35.73 35.73
'Nomina!.
Below is given the current exchange
value of foreign money in dollars and
cent?, together with the intrinsic gold
purity, as calculated by the United
State? Mint:
Current
exchange Intrinsic
valuo. value.
I Pound?, (sterling.$4.58 $4.86?,,
: Franc?. 0.1C 0.19.3
i Guilder? . 0.40' \ 0.40.2
?Lire, cheeks. 0.13.6 0.19.3
Crown? (Denmiirk). 0.25.80 0.26.8
] Crowns ibwcdeiij....!, 0.27.9? 0.28.8
Western Pacifie
Refuses to Aeeept
Government Award
Railroad Demands Moro
Than Double Amount
Fixed by Administration
as S I a n d a r d Return
Making the claim that the company's
"just" compensation under tho Federal
emit ml net should bo $4,557,195, the
cxecutivo committee of the Western
Pacific Railroad has refused to uccept
as its standard return tho average
operating income for the three test
years ended June 30, 1917, which way
$1,917,038.
Steps will be.taken forthwith by the
management to obtain an adjudication
of its claims before a special'board of
referees to be appointed by the Inter
state Commerce Commission in accord?
ance with tho conditions under which
the government took over the operation
of the railroads.
First Fight on Standard
This action of the Western Pacific,
which is the first important attempt
yet made by a railroad to overrule the
decisions of the railroad administration
in the matter of fixing earnings, is ex?
pected to be followed by similar pro?
ceedings from other transportation
companies. The Wabash, the Western
Maryland and the Wheeling & Lake
Crie were mentioned yesterday as be?
ing likely to formally notify tho gov?
ernment shortly that they also would
not accept the compens?t inn deter?
mined upon by the. railroad administra?
tion.
C. M. Levey, president of the West?
ern Pacific, in presenting the claim of
that road for greater compensation
than that awarded by the railroad ad?
ministration in fixing the average for
the three years ended June 30, 1917, as
the standard return, said:
"Thi average is plainly inequitable
as a fair measure of tha company's
just compensation under Federal con?
trol because,
1. During the whole of the test, per?
iod the company's system was in an
undeveloped condition by reason of
its recent construction, and from Marcii
:;, 10 15, to July 1 1, 1916, was in a
receivership and in process of re
organ izal ion ;
2, Since July 14, 1916, the company
has made large expenditures for ad?
ditions and betterments, for branch
lines and for equipment, which were
not reflected in the net. railway operat?
ing income for any part of tho test
period."
"The test period," he added, "com?
prises the fourth, fifth and sixth years
of the operation of the railroad. Dur?
ing the whole of this period the system
was a new enterprise, in an unde?
veloped and unfinished condition, and
thus unable to pi-..vide the facilities
needed t.. get its share of the business
and to meet the tierce competition to
which it was t ubjected.
Claims Average Unfair
"The average for the period is, there?
fore, plainly not a fair measure of the
company's just compensation. It should,
at ?cast, be allowed as compensation
its earnings for the last year of the
test period, amounting to $3,112,62S,
and in addition n fair sum on account
of the earnings of branches and feeders
acquired since July 14, 1916, and a
fair return on account of other ex?
penditures made which have re?
duced '.[...rating expenses and none of
which i?.-, reflected in the test period."
The claim for a total compensation
of $4,557,195 was based on the follow?
ing items :
N'el railway .?;<? i i Ins Income for
year i n . .Tune : 0, 191".*::. 112,028
Est net ? i n Irit; s from branch
linen and other faclllt lea not
i. fie. ted 10)7 . 623,500
I '??< : ease In hire of equipment
on arc.unit of purchase of new
equipment delivered In July, '17 235,888
6 p .'. Int. on new equipment eon -
trncted for prior t.. Dec. 31,
1!>17, but delivered In June and
' ..'. of 191 -. at i ...st of i 1,120,
00? . 247,200
I '. |.|. .'i,'-' Ion on equipment 2 . p.
c. on $ 1,1 20,. 02,701)
Yearly savin? In water service.. 40,11-1
'i ). .-- Int. on $.r>2 !,2S7 capital ex -
i ? ruled i .. ipli !? .1 In 1918 or
worli still In progress. 85,170
G p, c. lui ...i valu, of consl ruc?
tion n utei ia 1 abo ve. noi mal <.n
1 li cembi r 31, 1917, a mount Inii
to $308,200 . 18,492
Loss in express earnings March 1
to June 30, 1917. 20,007
Annual expenses of maintaining
corporate organization. 01,000
Lawyers for tho Western I'acitic i
stated yesterday that in the event j
either the railroad administration or
the company refused ;o accept tho de?
cision of the board of referees ap?
pointed by the interstate Commerce
Commission the questions at issue ?
would then be taken to the Court, of ;
Claims provided for under t'..e Fedora'
control act.
Paris Market Quiet
PARIS, April 16.?Trading was quiet
on the Bourse to-day. Three per cent
rentes, 02 francs 40 centimes for cash.
Exchange on London, 28 francs. Five
per cent loan, 89 francs K2 centimes.
The dollar ranged from 6 francs 97
centimes to 6 francs 2 centimes.
Rail Trouble
A Brake on Real
Bull Market
JULES S. BACHE, of the Stock Ex?
change firm of J. S. Bache & Co.,
in commenting yesterday on tho mar
ket, declared that there can bo no real
"bull" market until railroad values are
stabilized.
"Twenty billion dollars," he paid,
"?ire Invested in railroad securities.
Until recently railroad Issues were
the most popular investment securities.
Unloi ? they are brought up to the
values at which investors bought them
investors will become timid, and that
will bo an unhealthy condition for a
rising market.
"The rise in industrial stocks, par?
ticularly the specialties, in my opinion,
is due largely to the fact that people
cannot afford to sell and realize profits
because of the high taxes. That con?
dition has led to a scarcity of stocks
and has caused the increase in values.
"But the fundamental thing to re?
member is that the best customer of
the industries of the country are the
railroads, and that there can be no
lasting prosperity until something is
done for the roads. If the railroads
are to drift on to bankruptcy, a ";'
lie the case unless Washington
constructively, industrial values i
be directly affected adversely.
"Railroad stocks and bonds have not
been rising. Compared with other se?
curities rails are being given away,
provided the government deals justly
with the railroad problem. I feel that
it is essential for the economic welfare
of the country that every possible in?
fluence in the way of education and
propaganda be brought to bear on the
legislators in Congress to act wisely
and generously."
Market Opinion
The Negative Answer
"People who entertained the idea
that stocks have advanced the utmost !
of their ability abandoned this posi?
tion to-day," said Block, Malone & Co.
yesterday. We had numerous high
records and a large amount of public
buying, which went to show that the
public believes in 'lie market and an?
ticipates higher ?rices with the sign?
ing of peace; also a period of marked
prosperity after war problems have
been left in the background. From
the above it is clear that no common
standards can be used for judging the ?
future. We have been very bullish,
but thought stocks might rest a bit.
The public has answered this in the
negative, and 0:1 President Wilson's
assurance that the German delegates
will be called on April 25, there is gen?
eral confidence that the end is about
Almut West Virginia Railway
Smith & Gallatin say of the Pitts?
burgh & West Virginia Railway Com?
pany: "Dividends on the common
stock at the present time in our opin?
ion should not be considered, for not?
withstanding the strong position of
the company, we do not. know what the
compensation will be from the govern?
ment, nor how soon the coal business,
which is at present poor, will begin to
improve. We confidently expect an im?
provement in tiie coal business, but
until this eventuates and the govern?
ment contract is signed, it would le?
most, unwise and unconservative to
-tart payments on the common stock.
We recommend the holding of Pitts?
burgh & West Virginia preferred as
a high-class railway preferred stock
investment. We recommend the hold?
ing of the common as a potential in?
vestment.''
Siudebaker's Position
According to Hayden, Stone & Co.
the trade position of the Studcbaker
Corporation furnishes an excellent
jarometer of the strong position of the
uitomobile industry as a whole. "Stude
aaker at present," the firm says, "has
forward orders that will absorb
:he maximum production capacity
)f its plant into July. Tho com
i;ny has been obliged to refuse
lelivery of any additional cars until
-lie middle of July, For the past two
iveeks production has been running at
the rate of .1.200 cars per month, or,
say, 50,000 per annum. Product .on dur?
ing the quarter to March .'i L amounted
... 6,500 ears, so that, practical y speak?
ing, Studcbaker is lined up to produce
about 37,000 cars in the nine months
from April 1 to December 31, and a total
of 6,500 cars in the first quarter, a total
for the year of about 43,000 cars."
Impressive Buying
"The buying of the steel shares con?
tinues to be as impressive as ever."
paid E. W. Wagner .?,- Co. yesterday.
'It is intimated thai United States Steel
is being quietly absorbed by multimill?
ionaires with huge incomes who be?
lieve that several years hence, when
.var taxes have been greatly reduced,
.hey will bo able to sell at a consider
iblc profit. If true, the floating sup
ply of United States Steel will bo so
reduced when a genera! demand sets in
for tin? shares we will likely see a tre?
mendous advance. We are in a market
surrounded by unprecedented condi?
tions and which is extremely difficult
to analyze. The conclusion is forced,
however, that constructive operations,
.f not overdone, will result in very con?
siderable profits."
Significant Relations
Money and Prices?
... , Vow. A y^ar are
Otock of monty gold 1b the country.. $3,034,213,002 $3,041,643,270
Near?.?! porioil
, ,, .. ... ^n"r ?U, Ial* preccdlnu year.
Loans of all national brink?. $9,918,294,000 $9,390,836,000
Their surplus reserve?. 69,466,000 1C5.977.000
Bill? discounted and bought by Fe?- Lam ?cok. a year us.,
eral Rmerv? Banks. $2,186.5l4,CC0 $1,031,664,000
Federal Reserve notes '? Hrculatioa 2,548,588.000 1,499,377,000
Total goM referve . 2,142,880,000 2,142,880,000
Average price ?f fifty stocka.
T eater cl ay, Previous clin?. A yfar ano
, ,. . ,"? 84.08 84.42 73.66
Average price of twenty-five bo.ids.. m Q
Food cost of living- (Annalist indes .?., ? , U _. Jbdl
i-r..r?.
number) .311.80} 305.551 288.381
General commodity price level (Dun's Mar l. Feb i liar i 1911
Index number) . 217.037 220.050 227.977
Production i ?,,,, |1>b>28 A
Unfilled U. S. steel orders, tons.5,430.572 6,010,787 9,056.404
Mar :?1 Fell a.s A yi ar ajro.
IMK iron output (daily average), tona 99,685 105,006 103,648
1018 yield, ??eimi.tfi. The 1017 crop
Wheat crop, bushela. 817.-449.000 636.65J 000
Oat crop, bushels.,. 1,538,359,000 1,092.740,000
Corn crop, bushel?. 2,682.814,000 3,065,233,000
Cotton. 500 lb. bales . 12,022,601 11,302,375
. ?- Inireaae or drcreaiie from year before
?-All Claas I roads?-_
Distribution t Fourth1 weok Month of Jtn ? fo
,, , In March '??bruary. ir??|> ???
Gros? railroad earning?. |-12.9% +21.3% . 3o".2%
, , I.?-i ??."??I? Week before, Year !.. da ?
Bank clearing!.4 I 21.1% -f-15.7% | 17.1%
General 1
March. Kelimary. A your arn
Active cotton spindles.32,642,376 33,282,593 ' 33,709,976
Commercial failure? (Dun's) Mnr.:, February A year aco
Number . 629 602 1,142
I.iabilitiea .$13,595,471 $11.439,183 $17,672,331
Building permits (Bradstrrct's) : February IDH February 19H
(128 cities) .$29,890,942 $25,518.111
At the time of each issue we offered our services
to our clients in the making of their patriotic
subscriptions to the four ''Liberty Loans."
WE NOW ADVISE
AS A BUSINESS PROPOSITION
SUBSCRIPTIONS TO THE
NEW VICTORY LIBERTY LOAN
and we shall be glad to make
all arrangements without charge.
KIDDER, PEABODY & CO.
17 Wall Street . 115 Devonshire Street
NEW YORK BOSTON
Sinclair Oil Earns
$8,500,000 in 6 Months
Company Now on a Peace
Basis in Sale of Its
Products
Net earnings of the Sinclair Oil and
Refining Company for lite six months
ended December 31, 1918, were approxi?
mately $8,500,000. In making this an?
nouncement nt the annual meeting of
stockholders yesterday II. F. Sinclair
president, stated this sum was arrived
at. before deducting interest charges
depletion and depreciation, amortiza
tion and Federal taxes. The net earn
ings of the company for the twelve
months ended June 30, last, were $11,
854,733.
In reviewing operations Mr. Sinclai
informed stockholders that the com
pany's interests have been further ex
tended in the Ranger oil field of Texan
by the acquisition, jointly with t!,
roxas & Pacific Con! & Oil Compan
and the Sinclair Gulf Oil Company, ?
valuable leases The-;' properties ar
now being activelj developed, he sa> .
and in his opinion the?, should create a
valuable additional asset of the com?
pany.
"Your company." It? added, "hp
perienced but little difficulty since the
signing of tin- armistice in re;,.,
to a peace basis in the sale of its prod?
ucts. With the exception of fue! oil
little adjustment of tiie market fur its
products lias been necessary."
The board of direcors was increased
from twenty-one to thirty-one member:;
at yesterday's meeting. The new di?
rectors are George II. Flinn, O. M
Gerstung. J. G. Hawkins, .1. (',. Johnson,
1!. W. Kenwell, C. A. Lockhardt, jr.,
K. Porter. W. C. Post, R. W. Ragland,
A. teinmetz and A. G. Waldschlagel.
RelevantCoimiieiit
The Day's Market
Stocks displayed increasing irregu-'
larity yesterday in a broad market.
Dealings were well over a million ,
shares. Specialties made some strik- ',
ing advances, but tiie gains were not
held and the closing range was uneven.
Steel common, in which dealings ap?
proximated 100,000 shares, rose to
'i00!2 in the early trading, met heavy
offerings and closed \s off at 98%.
Other steels were heavy, while the
coppers and railway equipments closed
lower. Among the strong spots were
American Ice, American Woollen, Has
kell Parker, International Nickel, May
Department Stores, U. S. Food Prod?
ucts, Studebaker, and Pacific Coast,
oils were under pressure, notably
Mexican Petroleum and Texas Com?
pany.
Sentiment was helped by the opti
mistic advices from Paris before the
market opened. Afterward traders
were inclined to take profits, and the
offerings, while well absorbed, never?
theless resulted in considerable unset
tlement.
The bond market was active nnd the
Liberty Loan issues were ?irmly main
t a i n e d.
A History of Steel's Earnings
An analysis of the position of the ;
United States Steel Corporation made
by Liggett & Drexel shows that since
the incorporation in 1901 the balance
of surplus applicable to dividends has
aggregated 452.2 per cent on the pre?
ferred stock and 228.20 per cent on the '
common, after paying the preferred.
Cash dividends amounting to 126 per
cent have been paid on the preferred
and 86% per cent on the common. In
the five years period, 1914-'19, the net
working capitul increased 111 pel?
een t.
A Gorgeous Prediction
One of the greatest bankers in New
York expressed tiie opinion in conver?
sation yesterday that the Victory Loan
will be at least .">0 per cent oversub?
scribed, and that before we come to
the formal end of the campaign people
will be standing in line in every bank
in New York attempting to enter sub
scriptions.
Calls London Rumor False
Dispatches to the financial district
from London yesterday reported a rise ;
m "Otis Steel," which was sair to be
predicated on rumors that the Bethle- ,
loin Steel Corporation was buying for ;
?ontrol. An official of the company :
iharacterized the report as false, and
said he stood ready to deny other ru?
mors of a similar nature" as they
may arise."
Farm Loans in Mareh
Total $15,946,000
WASHINGTON, April lti.?During i
March $15,946,000 was loaned to 4,0.i0 ?
'armors by Federal land bnnks on long
ime first mortgages, according to the
nonthly statement of the ?arm Loan
Hoard.
On April 1 tho total amount of mort?
gage loans closed since the establish- j
neuf of the Federal land banks was j
il98,60(.),000, with 79,019 borrowers. i
Salt Creek Producers' Ass'n
Bought and Sold
The above company represents a consolidation of virtually all the
leading oil producers of the great Salt Creek field of Wyoming.
Circular on request.
15 Broad Street New York
Telephone [Innover 7707.
Commonwealth
Petroleum
A discussion of this Company's
prospects ami possibilities is
? contained m our circular H-44.
which ma\) he had on request.
Hartshorne, Fales & Cc
MEMBEItS S. V STOCK EXCHANGE
71 Broadway
Tel. 7610 Bowling Green
jEVvEL TEA
Ed?G
!'"'
?1?V
N. M Goldberg Milton Helm
Members ?' ma SI ?k Exr-1; . f N Y
:4 BROADWAY. N. Y. Plione Rector 4256
JNevada Consolidated
Earnings Decrease
Rising costs of production and lower
prices for copper sold are held largely
responsible for the heavy decline in
the 1918 net earnings of the Nevada
Consolidated Company. Tho annual re?
port disclosed net earnings of $2,350,
376, compared with $8,644.348 for 1917.
The company earned $1.62 a share,
par value $5, on the $9,997,285 capita!
stock, which compares with $4.56 a
share the year before. Gross earnings
of $16,787,656 were realized from a net
production of 76,607,062 pounds? of cop?
per last year. In the preceding year
the production amounted to 82.0-10,508
pounds. This decrease, nearly 7 per
cent, was attributed to the fact that a
considerable proportion of the mill and
smelter was given over to the treat?
ment of custom ores under contract
obligations.
The report to the stockholders
pointed out that the cost of producing
refined copper was 16.6 cents a pound,
against 11.68 cents in the year before.
This is an increase of 42 per cent over
1917 costs. T'ne average price re?
ceived for this copper was 21.019 cents
a pound, compared with 2.1.75 cents in
the preceding year.
-.-.
Republic Steel Profits Slump
Net earnings from operations of the
Republic Iron and Steel Co. for the
quarter ended March 1, 1919, after de?
ducting charges for maintenance and
repairs of plants amounting to $1,298,
708 and provision for excess profits
taxes, etc., were $1,572,475. In the cor?
responding quarter of last year the
net was placed at $3,527,729. After
the deduction of interest charges, de?
preciation, renewals and $437,500 in
preferred dividends, balance was
equivalent to $2.26 a share earned vn
the ?527,191,000 common stock, against
$9.50 a share in the March. 1918, quar?
ter. Hold? rs of the common stock
shared disbursements totalling $40,
865, leaving a $208,591 surplus.
Unfilled orders on hand at the end
of the quarter of finished and semi?
finished products aggregated 114,305
tons, compared with 2011,515 tons on
December 31, 191 s.
Dividen d s
Vacuum Oil Company.?Extra dividend
of 2 per cfiu in addition to regular semi?
annual dividend of 3 per cent, both pay
able May 15 to stockholder? of record
Muy I.
Kosjular Declaration?*
Stockholder?
or
Rato. IVrlo.I Payable, record
H i: Col'dar, 1 ?t com., Q.May 15 May r.
Creason ?; Mln. 10?-... M Muy 10 Apr, SO
Cities Service, '-j com....M .lune 2 May tl.
do '?? pref. M J un? 2 Muy 16
Fairbanks Co., 2 pf. . . Q. Muy 1 Apr. 20
l'i XV, V. A 1... 1*4 pf. Q. May 1 Apr. i
Kollogg Sw'boartl, 2.. ???. Apr. SO Apr. 25
Nat. Blacult, 1*4 oom..tj. July IS Juno 30
do l ?4 pref. Q May 21 May 1 I
Nevada W Mln , f. May ^1
l'a.?. C ?'.?. 1'4 lut pf. Q. May I Apr. ?fi
do 1 ':<! pf..... ?,'. Muy 1 Apr. Uli
Uoudliig Co., 1 1st pf.. y. Juno 12 May 81
J.K.Rhe.Jr.&Co. Biy&s?i?
At ilian-Weber Piano & P. Com. &. Pfd.
| American Chicle Common
American Cigar Common
American Piano Com. & Pfd.
Atlas Portland Cement Pfd.
j Auto Sales Corp.
Battery Park Nat'! Bank Stock
j Childs Restaurant Com. &. Pfd.
I Continental Insurance
Famous Players-Lasky
Farmers Loan & Trust Stock
Fidelity Ph?nix Insurance
Franklin Fire Insurance
Great American Insurance
Home Insurance
Mechanics & Metals Bank Stock
Metropolitan Trust Stock
Midland Securitie?
N. Y. Life Insurance & Trost Stock
N. Y. Title & Mortgage Stock
Ni'es-Bement-Pond
Porto Rican-Amer. Tobacco
Remington Typewriter Stocks
Royal Baking Pow. Com. & Pfd.
Singer Manufacturing
Sun Gil
Texas Pacific Coal & Oil
Ti'.Ie Guaranty & Trust Stock
lice, ?r<
mes 4000 to 4
Vt'e specialize in
Salt Creek
Producers Ass'n
STOCK & SCRIP
Dealt in on New York Curb. ?
Gwynne Bros.
25 Broad St., N. Y. Phone 3232 Broad
BOOTH FISHERIES
We have prepared an analysis
dt this important fishing, can
ningand marketing enterprise,
based on earnings, property
values, stock equities, divi?
dends and financial po:
Sent on request for K-376.
HUGHES & DIER
? . x rhila Stock Ex I
Members ? Chlcag0 Board of Tradt
50 Broad St., New York
Uptown Office. 67 \V. J25tb St.
Philadelphia, 1(37. Walnut Street
Bankers Trust Stk.
Lone Star Gas
Midland Securities
Tex. Pac. Coal & Oil
J.K.Rice,Jr.&Co.
Phones 4000 to 4010 John. 86 Wail St. N. X.
CEHTRAL UNION TRUST CO.
of Maw York
80 Broadway
BRANCHES
lit, Avinu? ?I WWi 8tr?:l
ttMill?-* *??" '? al 42nd MrtM
Bth Avenu? ?tSith Str??t
tanltal hurplur- and l'ndi*W?*
rrottt? ?80,000.000.