New-York tribune. [volume], April 24, 1919, Page 13, Image 13

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
Now York
COUPONS
Pavable at Our Office
Mav I. 1919
CARTHAGE GAS COMPANY
lst 6s. 1926
DENVER GAS & ELEC. LIGHT CO.
ht & Ref. 5s. 1931
THE DLWER GAS & ELEC. CO.
Gen"! 5s. 1949
EMPIRE DISTRICT ELECTRIC CO.
Isl 5s. 1949
LACOMBE ELECTRIC CO.
ht 5s, 1921
TRUMBULL PUBLIC SERVICE CO.
Three Year Mortgage 7% Notes, 1921
EMPIRE GAS & FUEL CO.
lst 6s. 1926
Henry L. Doherty
& Company
60 Wall Street New York
Miller. & 60.
/Aembers
NevAbrk StockExchange
Securities Bought for In?
vestment or Carried
on Conservative
Margin
120 BROADWAY
Brdnch. Offices
212 FIFTH AVENUE
5M/C0R 26 STRCEr
LONGACRE BUILDING
N t COR 42nd. 5T A- DRJAC*/AV
NEWYDRK,
Chile Copper
\ REVJ! \\ oi thc potcn
, tialitics oi tlie Chilc
Coppei Company has been
prcpared l?\ our Informa
tion antl Statistical depart?
ment aml i read) for dis?
tribution.
This important cn ininii ?
enterpi ise. is unal).. i us to ire
rctervex, production and possi
biliiirv ol 1,Ium.nr developn e it,
1 ? 1
HUGHES & DIER
:.[.. Excl an**
1(0 Bi m.| of Tra'la
50 Broad St., New York
I'ptovm Office?r,T Weat 126th St.
, 1435 Wi
J-K.Rice,Jr.&CQ.Buy&Sej 1
Aeolian \\*),rr riauo & rianoU
\mti li an < liii l?
American Mftpr
American [*iano
Banker* 'Inut Mork
Oiiliin Rentaurant
ramoti* l'la>er?-r.a?ky
IjIiIiiv Phenis Innurance
Jranklln ln?uranc?
t-etier:,\ Baklng
linn," Inouram >?
Ubixh \ .ilU-% ( <>*1 Halei
Metropolitan Trurt Ktoi ?>
Midlarirl s?-r nritlea
NattonaJ r uel i.ai
KUes.Hement-f'ond
?? ' fiernold* Tobacco
jnBfer Manufacturing
Mand .ni -, fw
Teran Paelftc . <>;il 4 Oll "BJajbtV
J.lLRice.Jr.&Co.
I5?iw? <i'iO io i .-. wall st. N. y.
C??TRAL UHION TRUST CO.
of .New Yorli
80 Broadway
BRA N C M U
M? *?.r, ... ,. ?)th 8tra ,
KwJIlf A??- * ?t 42(14 ?1r*?l
Sth ????? ?i Jgth 8tr*?t
"?->t?IUi Buirptaa and Lndlvtded
ffofji. ?%0,0O0.Q0o.
JEWEL TEA
Kf't/il itf.r r/n re'jueit
CSUd9>MlGJ5LHEJM
f' *?? 0?Mbw? HiHon ?*'i?
i ?4?. >r? Cow IKoeli >?:?'?! ?,*? </f W. r.
I ?*0A0WAY. N. Y. f-hoaa B?Ur ?MI-/.
"0BLE & CORWIN
38 Uroart ht. New york
J*** Nat'J Bk. Babcock&Wilcox
K**r*\ Union Tr. Otis Elevator
Tel-Vione, lill Ilroad
(Copyright, 1919, New York Tribune Inc.) i
It took tiie wildest speculation in
Wall Street history to movc the
average price of :;n industrial
stocks up to the peak attained at
lhe end of 191 (5. Aml during the
subsequent decline of sume 35
points the market was almost as
full of thrills. Thej advance of
about LV> points sincc?j;on has heen
singulaiiy devoid W sensation.
What would happen if the public
should get excited about ftocks
again and begin to buy them on ;i
gorgeous scale?
Perhaps there never was a specu?
lation big enough to produce a
series of million share days with so
little expansion of the loan account
as has taken place in tiie last two
months. The* inference is that,
stocks are pretty well paid for.
That is a kind of crisis insurance.
It is the opinion of one competent
observer that all railroad bonds are
good and cheaper than they are
likely to be again.
While it sounds very gloomy to
tell that copper is piling up in large
quantities on top of an accumula
tion already abnormal, owing to
disinclination of buyers to take
more than enough for their immedi?
ate need3, there is another side to
the story. In a sense, accumulating
copper now is like putting money
Money, Credit
Call money was in liberal supply at
tho Stock Exchange yesterday, and
loans secured by a mixture of railroad
and industrial collateral held at 5 per
cent all day long. Loans against in?
dustrial collateral were made on a
basis of 5% to li per cent, with the
ruling rate 5%.
The ruling rates for money yesterday,
compared with a year ago, were as
follows:
Yesterday. Year ago.
Per cent. Per cent.
Call money;
On mixed collateral 5 4
On indus. collateral 51 2
Time money (mixad collateral):
Sixty days. 534(o>6 6
Ninety days. 534@6 6
Four months. 5%@6 5
Five to six months. 534@6 6
Bank Acceptances.?Rates were un?
changed yesterday.
Thirty Sixty Ninety
Spot de- day?. days. days.
liverv: Per cent.Per cent.Per cent.
Eligible
member
banks ,...4ft@4 4'^@4<;,5 4<.B5@4I4
Eligible
non-mom
bvr banks.4A@4 4ft@4J4 438@4i'V
Ineligible
bankbills.5!4@4J/2 5>/4@4</a 5', ;<,@4?i
I'or delivery within thirty days:
Per cent.
Eligible rnember banks. 4ft
Eligible non-member banks. 4!/j>
Ineligible bank bills. 6
Discount uatcs.? Tho foliowing table
gives the current rates of the twelve
Federal Rcsorvo banks on commercial
papor for all perloda up to ninety daya;
-Mtiurllj ?-,
K
1:5
: E
ia
?... ; h : ;
Boston . 4 434 4%
Kew York..4 4 ' i 4^4
Philadelphia ...4 ?'' i '^a,
Clovoland . 4'/4 4'<4 4^
Kii-linioiid . 4 '4 B 6
Atlanta. 4 4'.i 434
Chicago . 4 4'.j 4'.;
St. I.ouis. 4 4'4 4^4
Minnnapolis .... 4 4I4 5
Kanaaa City-4>/, 61 4 Wa
Dallas. 4 4:<4 5
J-.an Franciaco... 4 5 5
The Federal Reserve Bank of New
York has put in force the foliowing
schedule of rediscount rates which
apply to bankers' acceptances: Maturi
tie 1 up to 15 days, 4 per cent; IG to GO
days, inclusive, 4Vi pfr cent; 61 to
90 daya, inclusive, 4% per cent.
Bank Cleanngs.?Dank clearings yes?
terday were:
Exchanges. Balances.
New York.$713,124,261 $54,110,488
Baltimore . 12,895,393 b,512,837
Boston . 50,475,091 11,834,744
Chicago . 86,004,040 7,020,552
Philadelphia ... 68,473,964 14,366,347
Silver. London, 48%d, unchanged;
N'ew York, $1.01%, unchanged; Mexi
tan dollars, 77V&C, unchanged.
Sub-Treasury. The Sub-Treasury
gained $367,000 from the banks on
Tuesday.
London Money Market. LONDON,
Apnl 23. Closing rate for money, 'I'-'k
per cent; diacount rates for short. and
three months' bills, 3% per cent; gold
premiunis at Lisbon, 92.00.
Dollar Iti Foreign Exchange
Exchange on London developed a
(itronger tone yesterday and demand
?terling rose % to $4.65%.
Ratea on Paris eascd off with check
franca failing from 6.00% to the dol?
lar to 6.03%. Italian lire were slight?
ly lower.
Neutral exchanges moved narrowly
and showed no important chango.
A leading international banker cx
preased tha opinion yesterday that not
much change could be looked for in
the foreign exchanges unnl after the
peace treaties have been signed and In?
ternational trado begina to get back
Into the normal channels.
? 1 Closing rates yesterday, compared
1 v/ith a W?ek ago, follow:
(Quoted dollars to the pound.)
Yen- VVefk
t*rday. ago.
Bterling, demand.$4.65% $4.65
Sterllng, eabloa. 4.66(/4 4.66
Sterllng, sixty days.... 4.62% 4.62i/4
|8terllng, ninety days.. 4.811-2 4.81
in tho bank, sinee when orders do
flood in thc metal will be on the
shelves ready for delivery with pro?
duction and refining costs paid.
A leading machinery manufact?
urer has quiotly gone on produc
ing, putting the goods in storage.
He is ready to take the cream of
the boom he sces ahead.
Standard Oil workers have dis
covered what cconomists have been
preaching for generations; namely,
that the way to inereased wages is
through inereased production. If
all workers should aclopt the dis
covery, war debts soon would be.
spoken of in the past tense.
If prices fall much, ho must
wages. And if wages fall, purchas
ing powor necessarily will decline.
But labor seldom relinquish.es an
advantage without a bitter strug?
gle. Just now there is a tendency
to coddle the worker, who?so it is
argued?might otherwise turn Bol
shevist.
If the volume of America's for?
eign trade were in proportion to the
vast publicity it gets, domestic
trade would seem, small in compari
son. But foreign trade is perhaps
one-twentieth as large as home
trade. Think what would happen
if domestic trade should become a
fad. too.
arid Exchange
(Quoted units to thc dollar.)
Francs, checks. ?.Qtyz 5.98
Francs. cables. 6.011 2 5.96
Lire, checks. 7.44 " 7.42
Lire, cables. 7.42 7.40
Swiss, checks. 4.95 4.97
Swiss, cables.. 4.931 2 4.94
(Quoted cents to the unit.)
Guilders, checks.40' 8 40' 4
Guilders, cables.40-.'i 40'/,,
'Rubles, checks.12.00 12.00
Spain, checks.20.20 20.12
Spain, cables.20.30 2022
Sweden, checks.26.65 26.55
Sweden, cables.26.80 26.75
Denmark, checks.24.90 24.90
Denmark, cables. 25.05 25.10
Norway, checks.25.65 25.65
Norway, cables.25.80 25.85
Argentina, checks.44.15 44.10
Argentina, cables.44.25 44.25
India, rupees, checks . .35.55 35.55
India, rupees, cables.. .35.70 35.63
India, rupees, cables,
Reserve Bank rate...35.73 35.73
"Nominal.
Below is given thc current exchange
value of foreign money in dollars and
cents. together with thc intrinsic gold
parity, as calculated by the United
States Mint:
Current
exchange Intrinsic
value. value.
Pounds, sterling .$4.65 $4.86'^
Francs . 0.16 0.19.3
Guilders . 0.401 R 0.40.2
Lire, checks . 0.13.5 0.19.3
Crown s (Denmark).0.25.65 0.26.8
Crowns (Sweden) .0.26.55 0.26.8
The above rates cxpress the cost <'f
foreign money in terms of tlie Amori
can dollar. Vou buy an English pound
sterling, say, at (4.65. Tho intrinsic
parity is $4.86% per pound. Thus you
say either that pounds are at a ois*
count or thnt dollars are at n premium,
which is owing to tho fact that in Eng?
land the domand for dollars with which
to M'tile accounts in this country la
greater than tho domand in this coun
try for pounds with which lo sottlo
accounta ln Knglnnd.
N\ ha! < hile Ollghl to Do
"Thia Chilo Coppor ought lo cn u|>
ton points," said Clarcnco J. Ilousmnn,
of A. A, Housman k Co., yoster
day. "It is worth twico as much im
Cerro de Pasco."
Loan as a Market Factor
James B. Clews, of Henry Clcws
*-" Co., summarized the market
situation yesterday as follows: "Vari?
ous reasons are ascribed for the mar?
ket':; strength this week, which is more
general than any of the reeent upward
movements. It is safe to say, how?
ever, that the chiel factor is the
knowledge that the last war loan of the
government will soon bc out of tho
way and that there is every indication
it will be oversubscribed. Following
this it is believed that there will be
distinct improvement in the money
market. With plentiful supplies as
: 'iied in the future and obtainable at
reduced rates, good dividend stocks
yielding large returns will he liftcd
out of the market, thus further re
ducing the floating supply."
An "Investment Par Exrellence"
According to a message put on the
wire yesterday by Chandler Bros. &
Co. "United States Steel common, foi
the long pull, seema to bo an invest?
ment par excellence."
Strcngthening National Lead
"It is probable," said Clark, Childi
&, Co. yesterday, "that when the af
fairs of the Unitod States Cartridgi
Company, which is about .'.o per cent
owned by the National Lead Company
are settled up and tho government con
tracts of the cartridge company an
adjusted, there will be a further con
i sidorablc addition to the current fman
: cial strength of National Lead. An
other company in which tho Nationa
Lead has about .'!I por cent interest i
the Buker (.'astor Oil Company, whicl
, hus been a largo carner during tin- war
I and whose government contracts an
i now in process of adjustment. A com
pany that also will benefit hy the Bakoi
Castor Oll Company adjustment witl
the government is the Am.'nenn Lin
sccd.
Many Still Cheap
E, W. Wagncr & Co. said yesterday:
"Continued buillish specialty opera
tlons may bo uiiticipaicd. Tho market
um li wholi has not had a greal ad
vimcf. There are many stocks that an
' still eompiiratively cheap."
Big Steel Plant
May Close, Is Report
Reductions tn Wanc* Said to
Have Been Accepted by Work?
ers to Keep Going
It was reported in the financial dia
trict yesterday that the Duluth plant
of the Minnesota Steel Company, a
subsidiary of the I'nited States Steel
Corporation, may close, owing to lacl
of business, The rei orts were not ;
confirmed by Eibcrt li. Gary, who said:
"If it is ti
.'ou will ha\ c to get your
information from lhe Minnesota Steel
Company."
''The iron Age," in this week's issue,,
refers to tho "open market that has
exisl I rccently in steel products,"
" ;' ? has nol been generally recog
,"/"'! i ? ?'? e i! d ,1 not show wide
spread and sensational price cutting.
Tnc industry, according to this pub
hcation, hus been limiting operatioi i
to incoming bu iness. This has mennt j
further i huttii g down of blast fur- :
?'\ i ???? curtailment of working time.
. "'hile all the large steel companies
havo mainlained wages, it is stated
that in some communities some rcduc
tions have been accepted to prevent
shutdowns. A 15 per cent cut was
eited in the case of a Southern manu
facturcr. Concerning current opera-:
tions "The Iron Age" says:
"Generally a 50 per rent operation
or somewhat less is indicated among
the independent companies. The Steel
Corporation is ou a TU per cent basis
in the Chicago district, and is nearer
60 per cent in Pittsburgh and the val !
leys."
Foliowing the advance of 10.,",0 in pig i
iron by British makers, effective May 1,
cables to "The Iron Age" tell of ad
vances in England for the home trade
of $14 a ton in tin plates, $11.65 a ton
in steel bars and $7.50 for steel rails. j
British export prires are also no lons;er j
under government control, but are sub
ject to individual negotiation. Under
the new quotations mill prices of j
plates are $79.2:!, compared with $59.36
per gross ton in the I'nited States. |
Bars in England are $88.54, against.
$52.64 here, and rails $69.90 compared j
with $45 in this country.
"How much ocean carrying charges
absorb this difference," states "The ,
j Iron Age." "is indicated in the search, ;
not yet successful, by a Xew York ex?
port house for a quotation of $52.50,
delivered Xew York, on 6,000 tons of
plate.; to meet. English competition."
"The Iron Trade 1'eview" finds that
the steel situation this week is a little
better than a week ago. The leading
producer in the Chicago district., it is
said, has been entering new tonnage
at about 25 per cent of that being
shipped.
An order for several thousand tons
ol semi-finished steel for export has
been placed by British interests with
an American producer, according to
Dow, Jones <fc Cfo,
Copper Corporalions
Attaek Freight Rates
Claim Made Tariff Increase on
Smeltcr Products Amounts
to 170 Per Cent
WASHINGTON, April 23. Increased
I'rcight rateg put into effect. by the
railroad administration were attacked
to-day by clevon large mining aml
smclting corporations in a complaint
filed with the Interstate Commerce
Commission against Director General
Hines and Federal controlled carriers.
While the general increase was said
to have been only 25 per cent, the com?
plaint alleged tha- the actual advance
on smelter products amounted to 170
per cent. It. was recited further thal
while ihe market prices of mosl articles
of commerce had increased greatly as
a result of war the United States gov?
ernment had lixed thi- price of copper
products al a much less ligurc than had
been the ruling market quotation nnd
that the cost o'.' production of smelter
products also hal advanced more than
7i> per cent
Relicf from tiie allegod unjust nnd
discriminatory rate. aml reparation for
alleged overchai ce i \\ ere asked. It
was ieque I ed al o I ha; i he enrricr t bo
iiijui red I o os! nbl ish ! ransit rnti s
through Baltimore, such as nre in ctTecl
t h rough ot hc i< n li n ing poi nt:.
The COmplninillltS are American
Smolting nnd Rofining Company, Amer:
ean Smelter Securitiei (-ompnn -.
United Stntoa Zinc Company, Gnrlield
Smell ing Compnny, Rultimoro Copper
Smclting and Rolliug i ompany, Uonsoli
dated Klllll IIS City Smell 'in" aml Rclln
ing ? 'oinpnny, Kodr ral l/i nd < lompunj,
Ray ? o<r oliduted i 'opper i 'ompay, i ho
Utah Copper < ompiuiVi ( Riio ?'oppi r
i lompnny, and N'cvauu Com ol idal rd
i lopper * 'ompnnji,
KI- hard V. Ho> t has ln <m eleel
tlircctoi ot thi Al ? ' Oulf i '??? pi iii- ii,
; uccpi ding ll. I; Mn
Thn Union Paeitl llalli nnd l 'r>i p inv
will romove their treanurer h ofllcn oii
April L'8 to 120 Uroadu aj Thi t < an C- r
.-'I Ici -?:" i L- ompanj v. lll alsu bi lu nl
ed al tho Equltable BuildinB
Tho National Ranlt of Commerco ln
New york l.-i. - ; ?. i ,-i :
under the manugcmcnl of Kennelh 11.
Roi key
Relevant Comment
ihe Day's Market
The stock market went into r.cw high
ground yesterday. With United States
Steel common leading th" way, the
whole list moved ahead 0:1 dealings in
excess of a million and a half shares.
The market was very broad. Profit
taking saios were heavy in the after?
noon aml caused some recessions, but
at :he close thc majority ot stocks
tered sub itant ial net ga ? ?.
The featurc of the day wa;
common. Continuing thc strengtl d<
veloped in the closing hour en
day, tho market leader early crossed
par, Heavy buying orders came into
the market 1 hortly after mid-day, push
ing Steel i" ';.;. a new high record for
the movement. in the final hour Steel
was offered fi r sale and it closed at
101, up :'i on tlie day. Bethlehem Steel
common gained l '?- and other iteel
showed proportionate gains. Copper
shares were firm. ln the specialty de?
partment thc strong spots were I'nter
national Paper, Certain-Tecd Products,
Pittsburgh Coal,National Cloakand Suit.
Philadclphia Company, Virginia Caro
jina Chemical, Barretl Company, Amer?
ican Sugar and Contihcntal Can. 0:1s
were irrcgular and rails linn.
Sclling in the afternoon was attrjb
uted to unfavorable advices from Paris
concerning the stand taken hy the
Italian ilelegat.es at the peace confer?
ence, although leading Wall Street
bankers said that Italy was playing a
bold game of bluff.
Bonds, including Liberty Loan >s?ues.
were firm, hut dull.
Maxwell-Chalmers Merger Considered
Elton Parks, a director of the Max
well Motor Company, yesterday con
firmed reports that this concern and
the Chalmers Motor Companv mavcom
binc their interests in a new corpora?
tion. In a statement Mr. Parks said:
"It is true that the respective boards
of. directors of the Maxwell-Chalmers
companies view favorably a combina?
tion of their interests. and those in
control of the affairs of both companies
have been working for that end. but the
matter has not yet progressed suffi
ciently to make an announcement of the
details of any plan, which, 111 the
last. analysis, must be referred to the
respective stockholder3 and accepted
by them before it can become oDei'a
tive." '
Exchange Holiday Monday l ndecided
Whether or nol the Stock Exchange
will be closed next Monday to com
memorate the return of the old "tightin'
69th," has nol yet been decided
Although the city fathers have voted
for a holiday, the exchange governing
committee at its meeting yesterday
took no action on the question of clos?
ing.
Chicago to Hmo Discount Company
Chicago has taken the lead set by
New Vork and i:s planning to have a
! discount company of its own. Reports
to tho financial district yesterday stated
that at the outset the new organization
will have a capital stock of $1,000,000
and a reserve ol $250,000. The stock
? wul he issued at. $125 a share. ,\<
present it ia understood that 90 per
cent of the Chicago discounts are final
ly ncgotiated in New Vork.
Royal Dutch Shares at Parity
Royal Dutch "American" and "New
1 ork" shares sold at a parity for the
firsl time 0.1 the Stock Exchange yes?
terday since Ce latter were taken
from the ciirb market. During the
morning session both issues were
quoted _ ai ;i i'., but for the greater
: Part ol the day they maintained a
spread ol ubout a point. Until re?
cently tne spread was al lea I two
. points and ha ? been more than 5
points, Currenl acl ivitj centres main
'" :" thn "New \ ork" shares, yester?
day a closing price 0f 94-s registering
''?" advance ol 1 s points, A,ccording
to commission house gossip, both New
iork and London are preparing for a
big speculation in Royal Dutch after
peaco has been signed.
Grain Conference Hvw
Officials of }<?:>,! Adminiatra
lion MeH \\ itlt Barnes
""?' ,: ?f the Food Administration
l,r'un ( orporation, including 1 inre
nutntivi-H from all ovi r tho countn
"??rived here yc t, rdav for 1 ,,,,.'? of
conforences with .lu'lius ll. Hariie
'!,"'lv "Ppointed li.d state wheat
tin "--*-?'. ?'ho 1 , to liandlo thn 1010
I'i'op. Quoi liona of policy us well .. 1
!l"' future organization ol th ? it in
corporation will bc diactn ed ,t tho
contcrences, which will be held daih
!??* " mainder ol the wool Vecord
" .Va iii ??'", udvici . il'or are
bl ' '? '"?"'" by the vai.1 1 govon
'??-?'?-nl depar im nl ha- ? . .; Pcc, in
*-"r?sl "' American exportii ? to pi
" Klutting of the food markets of
""', c-quntry by , xpoditing the trans?
portation oi uich commodities abi 0 id
??
Paris Market Steady
PARIS, April 23 Prices were 5teady
0n the Bourso to-day. Three per .t
rentes, 62 francs for cash. Exchange
on London, 28 francs 10 centimes. Live
?rV'" c?.\ loan ,:. francs 35 centimes.
Jno d0,'ar ' '".'"'l from 6 francs to fi
trancs .? centimes.
SigiiificaiitRcIalions
Moiirv and Prices:
*<.>?*
Stock of money gold in the country . $3,034,213.00? fi n !"" ^so,?
tf-0fU* r I.u' -'..'. / U
Loans of all national banks. sn'oiaboidnrn !'' "'""?'?'<"'<
Their surplus rcaerves. *' S?!i???, $9,390,836,000
Bills dlscounted and bought bv Fed'- t, ? l,?k 105.977.000
eral Reserve Banks. .. $2,l'l'9,159,000 $1116 822 000
Federal Reserve notes in eirculntion 2,543,704,000 l\i&9a7nnn
T"l'? eold reserve. 2,162,157,000 I'mzU^W
Average price of fifty stocks. ' oe'o'rV Prto'cUo f'05*1 A v*,lr *-'
Average price of twenty-five bonds.. Cc'r- 4J'"4 74'45
Food coat of living (Annalist indexL?tw?k o0 63 85-13
number). 311.801 Sltaw" * 29V 404
General commodity price level (I)un's April 1
index number) . 219.973 217.037 A:"'280 313
Production:
Unfillcd ftr. S. steel orders, tons.5,430,572 G.o'lO,787 9*0T56r,404
Pig iron'output (daily average), tons 99,685 "105,006 Vm648
Whcat crop, bushels. '"Vi^OfSfn*' TXJV7 "?<>
Oal rrnn . ...hei. 91/,449.000 636.655,000
Uat ?rop, bushels. 1,538,350,000 1 59? 740 c?o
torn crop, bushels. ir,o-)8,.rm ,??'' u,l,oU
Cotton, 500 Ib. bales. ' flO^'SS? 3,0bo,2o3.G00
1~.0-2.601 11,302,375
>-Inrrca** ur UccreiM rmm re?r before
Distribulion: ,???* N[onthof ^
'11 Api I ?
(iross railroad carnlngs..... ' 2.20 -, |-21.3*5 Bb^y
??nk clearings.^% ^kl?. r*?ft?%
General:
Artive cotton splndles.-., r]o ,7R -J ,'??", * ?e" a,ro
Commercial fallures (Dun's) 32,642,376 33.282,b93 33,709.976
Nu"\b?. 629' 602' U42*c"
, '.'?'; ' .$13,595,471 $11,489,183 $17,672 331
Building permits < Hradsf roefs) : r,. ,?,., 9 i/.o/v.JJi
<,28 <-|?'^) .$29,890,942 iSlB.ni
Enemv Stock Traiisl'erred
MONTREAL, April 23.?Justice Du
clos issued an order to-day transfer
..: g stock in the Canadian Pacific Rail
way Companv to the value of $22,1 "
000. held in" New Vork on behalf c ."
i ni my aliens, to the Finance Minister
of ? 'anada.
Application for the transfer was
made on behalf of the department by
the Under Secretary of State under
the consolidated trading with enemy
Commodities
Industrial
Cotton
Crop progress was the governing
factor in the cotton market yesterday.
Prices advanced eariv when the first
sentencea of the weekly Weather
Bureau report werw received, saying
that more moisture and warmcr weath?
er were needed in Texas for satisfac
tory germination and that the growth
of cotton which was up had been re
tarded by cool uights. A little later,
when other parts of the weather report
made it plain that conditions for field
work had been favorable in most local
ities and that planting had made good
progress, the market became heavy. At
the low level, good buying appeared,
and prices advanced until hy mid-after
noon they were nearly $3 ;i bale above
the low marks. The market remained
steady during the rest of the session
aml closed with net gains of 23 to
34 points.
Xews from the Southern spot mar?
kets and the goods trade tended to
restrain selling. The drygoods busi
ne<s continues to improve. Some. large
sales are being made in the Soutlvern
spot markets. Spot sales at Liverpool,
too, are increasing. They amountcd to
7,001) bales yesterday, whereas they
have been running from 3,000 to 4.000
bales. This is taken to mean that
neutral. nations are in the market, now
that the embargo has been removed,
for the purpose of stocking up in anti- ?
cipation of exporting to the Central
Empires later on. Another movement
which is expected to be started, it is
said. by the removal of the embargo,
is the forwarding of more than $10,
000,000 of cotton goods, now stored in
Manchester, to the Scandinavian coun?
tries
The shipping situation is the cause
of some concern. Some observers say
they cannot understand the steadiness
of the market. in view of the difficulty
which exporters are having in obtain
ing freight room. The shipping prob?
lem was emphasized yesterday when
the Shipping Board established" a sur
charge of 25 cents a hundred pounds
on cotton shipped from Atlantic and
Gulf ports to Liverpool and London.
This surchargc was imposed, in lieu of
dem'urrage, because of serious delays
in unloading at the British ports.
In the local market, spot cotton was
quoted at 28.75c, an advance of 25
points. with no sales. The price last
year was 29.40c.
Prices for future contracts follow:
1'l.i' STYLE
r?*\ ious Yea r
,.'. i:
l,l\ 1CRPOOL ' OTTON
i I ? rc w us n n im pro\ ed demand i i
'"i niai kol Ht Livi rpool, Sales ran
up '?<> . ,000 b ilei . w ii h middliiiR tjuotod
ui IS.35 und guod niiddling al 10 .'
Munchester i port od a good bui i
oth und ? uii
Price - for eonl racl i follow:
i;'.| 111' ,i ;.\< i CUNTRACTS
l'i.". ;?"!?- 1 ni i
N...r
April . ix. -ii is 01) is iu ; :\;i
.t '. '?-..;? \i '
" ?. 10.07 10 iu Kt.nl 21.81
lui. 10.38 10,11 M.!:< 21.50
.luly ... . 10.11 15.80 15.90 : i ::
'? ...u ' l . 8!) I ' .',1 15.70 20.00
.-? iKeinb : 15.50 15.20 15.80 -
Suslenaucc
Cereals
Wheat, Milling demand for wheat
and it s >ul ititutes is bri k Local re ?
ccipts yest rday were I f" ??'m ? .
According to the weekly ceath r re
port the lasl week has 1" en unsua ly
favi "able for the development of win
ter vvhea in iractically all sections of
ihe country. Spring wheat is said to
have made satisfactory progress in the
cen ral and \ estern portions of the
belt, but work has been delayed by
wel soil mi Minnesota, Wisconsin and
Iowa.
Corn. Violent advances occurred in
the corn market, net gains fortheday
i " : g r n 3% to o'-R cents. De
mand was urgent, and was based on
wel weather in the West, Europe's re
quircments, light stocks at terminal
markets and higher price* for hogs.
Heavy selling to realize profits was
y absorbed.
Yesterday's Previous Year
New York : r^o-se. rlo r. aco.
Corn. No. 2 yclIow.$1.85 $1.83% ?
i liicago:
May . 1.08 1.64% Sl.27%
. 1.62% I-"'H"rt
?''? : :. 1 ..-.!>'s 1.51 ?
Oats.? Prices went up in sympathy
with corn and on talk of b'ackward
seeding and reduced acreage. Net
gains were from 1 to 1 % cents.
Yesterciay's Previous Year
N'cw York ? . -?? . .... ln{ ,
Oats No, I white.$ .80 S .711 f .08
' I: ic.-u, .?
";'??'?'? .~1T? .70% .81',
.July .71% .711 ?
:'? 'l'i.(iH7? .(i7'M ?
Rye. Market higher.
Yesterday's Previous Yrnr
New York ? close. close. nt-o.
Cash, No, 2 West.91.88 ?l.8? $3.50
Flour and Meal.?Quotations were:
li e terday's Previous Year
New Vork : close. close hgo
Mlnn, sp ; #1 !25@i:t.00 $11.85@12,50 111.00
Cornni, yel S.liafti l.uo ;t.0OCt) 4.00 1.85
Ilyn ft. R.75Sj D.75 8.50@ l).ii."? 13.00
Bran.100 lli 11.7.7,;i 15.50 48.00?- -
Tea
Sales to buyers who have been cut
i out of tha market for .some time are
LLOYDS BANK LIMITED,
witk wfcich u uulg&mted THE CAPITAL & COUNTIES BANK, LIMITED.
Head Office: 71, LOMBARD ST., LONDON, E.C.3
THIS BANK HAS OVER 1,300 OFF1CES IN ENGLArti) & WALES.
Colonial and Foreign Department: 17. CORNHILL. LONDON, E.C. 3.
The Agency of Foreign & Colonial Banks is undertaken.
KRENCH AUXILIARY
LLOYDS BANK (FRANCE & NATIONAL PROVINCIAL BANK < FRANCE^ LIMITED.
The
Pittsburgh & West Virginia
Railway Company
Its progress since organized and present status.
Circular on request
5mith&(jallatin,
Members New York Stock Exchange
111 Broadway New York City
In previous LIBERTY LOAN Issues n<e offered
our services to our clienis without charge
AND WE AGAIN ADVISE
AS A SOUND BUSINESS INVESTMENT
Subscriptions to lhe
NEW VICTORY LOAN
Our srrvices are nt your disposal
I. Ni. Taylor & Co.
Ineorporated
120 Broadway New York
After May lst 1919
Bot,ton
Philnrirlphiii
7 Wail Street, N. Y.
' Irveland
I'.IIMmii h\i
reported, and inquiries are said to be
increasing. Stocks of Pingsueys in this
country are said to be low, and ship
ments on the way from Shanghai will
be urgently needed, it is thought, be?
fore they arrive. A fair business is
being done in Formosia teas, without
change in prices. Quotations for lots ot
50 aml 100 packages follow:
caa;]JLN's
A ?? I
Y'Ster.Uy ?go
Mnyunn, Riinpnwder . 4<^:n lisift 70
Mojune, ImjwrUl . 43959 48#NS
. i. l-ui -? Youi i tfyson.< i. ,..,.,.
W "? ; ?'. Hyson . ? 2 . . 2(| ???.
IMngauey. Oimpowdrr . I'-.c., jsS ,
I'lngjuey, lmptrial . SS?jM8 S8@4S'
I'ii.g u ., Young Uyaon . , 28 '??? i ii - ??
JArANS
'?nflr?J . gn<Si n
U?u>keitflred ... ... :io , ,
? ?" : - ? .
FOKMOSA OOI.OM.
1 !.I .!8@30
Supc-rior . ? ? - ;
''' '?'?? . 4 l ... l 41<gt)J
CONUOU
-. 2S?70 259T0
INDIA
Peko* Sou. ,<?; i ?
j'ehoe .. . .i ,? ii ? . ii
Klowrry Or?nfo Peko?. 44 9*3 44#M
I EYLON
I - I 'i .
I'OkoO. < ? ?l , .r . |
I'ranga Pi i. -? .; ; ,;,? ,,|
1 ?? < ? ? ' l ? -'? i' ??. 41
Uroki ii Ormigfl I'okoe . . II - 8 46@C0 ,
Mn,, Hou... .? ? ,
lir?i ?-. i'eko* , ,-,
I ..,u,-y M-itlix,, i'(.)<,?.. .? ,, /,) 4,., |
nr.i.go l'-k-v . .-. , ,
Uri ki ii I'ekoo . .,. ? u , ?
Odu lu .i rulr>) . cailt ? pouml iiitiipr.
Sugar aml Coftce
SiiRiir. Purchases of raw sugnr v ?
terday wore only 12,000 bags for ship
ment this month. The allotmenl i<>:
come forward thia month, however, isl
heavy. Large arrivals of raw sugar'
continue.
Coffee I'utures. Prices opened at
advances of 6 to 13 points, with con-'
tinued good demand for the December
option. Brazil cables reported the Rio I
and Santos snot markets as strong.
rhe rise carried prices to new high '
levels, December gomg to 16 cents.
rrade interests were the chief buyers".
Kio reported a clearance of 26,000 bag<
fc r the I'nited States.
Prices for future contracts follow: :
... . , Pn vimK Year
"Igli. Low c r Clostn?Ago
IV* . }6-?5 li 80 16 ' -I S~V
,," ???? ''' ' !" ? ? ;,: ' Irt 19 8 44
?''"?''!> .15.90 15.87 is s.Of.T i;.?:, 1575 Ll
Butler, Eggs and Cheese
Butter. Rcceipts were 6,56fi paek
ages. Creamery, hijrher than ex?
tras, lb? 6314@64c; extras, i)2 score
C3c; firsts, 88 to 91 score, 61%@62%c
sec< nds, 83 to 87 score, B9@61c; lower
grades, 56@58c; unsaltcd, higher than
extras, 64%@65c; extras, 63%@64c;
hrsts, 62@63c; seconds, 60@61%c'
?State dairy tubs, finest, 62@63c; good
to pnme, 59<g,61c; common to fair, 47 h
58c; renovated, extras, 61@52c; firsts
?I9v;50c; lower grades, 46@48c; imita
tion creamery, firsts, 48@49c; ladles
current make. firsts, 4G@47c; seconds'
44c; lower gradeB, 42@43ci packing
stock, current make, \o. 1, 43 >; 7; 4.<,<-;
Xo. 2, 42;,/ 42'-jc; lower grades, 38(g J1 c'.
Cheese. Receipts were 6.432 boxes. '
State, whole milk, fresh flats, colored'
lb., 32 . 32%c; white, 32%@32%c; aver?
age run, colored. 31%c; white, 32
''.'/2\c; white, lower grades, 'sOfa1
31c; twins. specials, whites, 32>4 i
"32!2c; colored, 32c; average run,
white, 32c; colored, 31?*c; lower grades,
flatB, held. 36H@39c; twins, held, 36J3 |
839c; Wisconsin. whole milk, twins, l
held, 34@39c; fresh, 32c; single daisies, I
held, 36<a 38c; double daisies, held. 86<g :
3,Sc; freah, 32@32Vic; Young.Americas,I
held, fresh, 33@33%c; state skim, spe?
cials, 22'j-.?'J.'l'jjc; prime to choice, 20
(gj22c; fair to good, 18<g)19e; lower
grades, 6(? 14c.
Eggs. -Receipts were 46,481 cases. I
Fresh gathered. extras, dozen, 47c;
Btornge paeked, extra firsts, 48(5 46Hc;
lirsts, 44H(g'46e; gathered extra firsts,
15(q}45%c; firsts, northcrly sectionsj
LIBBY, McNEILL & LIBBY
SWIFTINTERNATIONAL
Latest mformation in our Weekly
Market Letter, sent upon request.
James W. Ball & Co.
R?rtw04855.o.67 Exchange Place, N.Y.
Texas Pacific
Coal & Oil
Stock & "Rights"
J.K.Rice,Jr.&Co.
i to 4010 John. 30 Wall St.., N. V.
NATIONAL TIN CORP.
- i'r< ular on Rcquett
J. Robinson-Duff & Co.
tlembcre Kew York Stocfc Exchange
Telephone S700 Liowiing c;reen
61 Broadway New York
4
r-*?-.-n
Liberal Interest (
i n daily balances.
Metropolitan Trust Company
of the City of New York
Wall Street. 718 Fifth Avenue.
r&xt? CHATHAM & PHENUt
<?*^ KATIONAL BANK1
>?; Cipilsl & Surplm $5,004 ?*)
^flf^f^s . Rciourcit sver $100.WO.Oll
li ?U-fi'oiij*** ;4| Bfjad^y, (S\tg? Bldi)
DANrW'' And 12 BrancHw
l- * -?. ... _
13Vi@45c; southerly sections, 42@44c;
ceconds and poorer, 89@41V4c; dirtics.
N*"o. 1, 39V&@40"ttc; No. 2 and poorer,
Ic; checks, good to choiee, dry,
39c; under grades. 330a 38c;
state, Pennsylvania and nearby West?
ern hennery whites, fine to fancy, 5] ?
52c; ordinary to prime, 46@50c:
gathered whites, ordinary to fine, 46(<?
50c; Pacific Coast, good to line, 48(<?>
49c; Western and Southern, gathered
whites, 45@50c; -tate, Tennpylvania
and nearby, hennery browns, 48c:
gathered brown and mixed colors, 44(g_
47c; duck eggs, nearby, Indian Run-.
r.cr, fancy, 6CW67c; Baltimorc, 63t*?
C5c; Virginia, 66@66c; Western and
other Southern, good to prime, bb'tt
63c.
Hay and Str:m
YesterS.ny
Timothy, No 1. 1>er,?n AWr??
large bales $41.00?4^.00 $20.00@S1 00
Rye Straw. No. l 15.oogtt5.00 18.00@ ?
OrcUard ai.d Field
n- Yesterday A year im
Heanv tnarrow ' ?"
Oran??*, box ... a.Oog 7..-A S.??# ?jg