New-York tribune. [volume] (New York [N.Y.]) 1866-1924, April 26, 1919, Image 15

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New-York tribune. [volume], April 26, 1919, Page 15, Image 15
About New-York tribune. [volume] (New York [N.Y.]) 1866-1924

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New-York tribune. [volume] (New York [N.Y.]), 26 April 1919. Chronicling America: Historic American Newspapers. Lib. of Congress. <https://chroniclingamerica.loc.gov/lccn/sn83030214/1919-04-26/ed-1/seq-15/>

Newspaper Page Text

FINANCIAL BUREAU]
Tribune lUiildinp;
I ."> ? Nassau Street
Wealth?Markets?Investments
TELEPHONES:
Beekman 3000
Beekman 8213
Sem T m Tribun? Ina)
Wall Streu, thinks the pro?es
stiling late Thursday was
duo to tho desire
thn e days' interest which
have accrued if Btocka had
carried over until yesterday
& It is on Btich minuti? that
Bional mind works. That
? ?mea fails to under*
" i of public burina
? a acquires a narrow
? ?!. an imaginai Ion which
- ' ! - | .:?'.}. : ,,; \ rut* tlt? ' I _ P ' !
ii'-?l thereby tosed s loi o?
?V.
- ?S ?lav hfiS
1 il.i fei
? ?tien Its glati.r
: .3 !.. f\ | ?? l! if, !'|,'|...tt?<...
itT ai i"- .ram s
i.h.i advert! i?d 1 He
Il n i, i ?i ?
? .i i < i ' ??ne of
? t then, coming
?_ince February l? lu 1006 we
! -i million-share ??aya When
?t. compare the banking resources
of the country now with tho.ne of
'.?06, and the number of issues
:.-ted on the Exchango now with
Money, Credit
Call money yesterday, opening and
renewing at 5% per cent, declined dur
ing the session, first' to 5*4 per cent,
tnd then to 5, at which rate it closed.
A feature of the time money market
was the offering of a comparatively
large amount of funds for a p riod of
six months. Banks are asking 6 per
rent for accommodations.
lending r.f new money, but re?
newals have been made at 5% per cent
for sixty and ninety day periods on all
'?ral.
'? 3 for money yester
with a year aero, were as
iws :
terday.Year apro. i
Per cent.
? ' ne y :
collateral 5' _>
? - ? lateral G
' .ys. 534??6 6
. 534'? 6 6
i '? 6 6
e to fix months. 5%@6 6
Hank Acceptances, Rates were un
? ;ay.
?
de lays, days.
'?' ; ?I l\ 1 VTHU
. . ? I I I
j
r, .
i .
i .
?
m
? i
1 ' <H4
? i , m
1 'IV,
I l'., 4 ; ?I""*
? I !'
/ ' .. -i M
?I'.?. -Il
'i 4'4
i . I?' 4
'?
6
?it.- i
:
' i ' .ii
? , til to
L.
I
Bank ? learinga.?nai.k clearing
Bali
: ' - . $6^,615.179 $61,679,GW_
_ 11,560.602 5,541.135
. 50,187.368 10.904.029
65,260,110 13,954,424
Silver. London, 48iid, down Ad;
H
The Sub-Trea
ban I
Market
Aj . i .? - Bai
'it per
i thr*
per < gold pr<
'J 1m- Dollar in Foreign Exchange
mov? ,1 eharply
;, i " rday.
..; asso
'
I
:
I fro ?6.10.
'l he ether
?'
? ? , compared
ind.)
v.'.? k
?go.
' ' .V? 661/4 ?$4 64-%
4 17 4 4.85%
?^'. ?'-. 4JM??
? <,;>% 4.61'/j.
?
!, 10 ?.OOVz
146 t.W/i
\ ' ? '?? 7At
' 7 A? TAA
?*>?*, cheek?. 4.W/a *>.W/?
those of 190G, the pr?sent market
poems less imposing.
Commercial failures in ehe last
week, according to Pun's compila
tlon, were the smallest in any single
\\t ek in a ko-?-! many years. An un
precedentedly small number of fail?
lir? a has been reported ever since
the I'tritmlriir of the year. The ex?
planation may be that any com
puny that could survive the war
could survive anything. Besides,
business is not as bad as some pes
simlstfl WOUld have if.
Thfl raff* efifl II for franc checks
and fl I I fur mill? -*. ??-ached yester
?lnv, WAS S t"'w low record, below
the low level touched during
Un- v.ur Vestefday's deellae, altei
.-i h i? ?h? i>*. wai lome recovery, wh*?
not theughl te be due to the polltl
? i-i' v< ni? ni. l'an-*. Tim explanation
m th?*. exchange market wa? that
1 I. in h titilil<t-ra welt* rtt-11?nt? to aj>
jily the proeeedi to the purchase of
sterling In the local market. Ster?
ling exchange was lirm. During the
fall in French exchange Italian lire
remained steady, but in the late
session broke to 7.57 for checks and
7.5.3 for cables, with a later rally.
Swiss, cables.-4.92'/_ 4.93
loted cents to the unit.)
Guilders, checks.401 8 40*3!
era, cables.40tV 403a
es, checks.12.00 12.00
Spam, checks.20.20 20.15
Spam, cables.20.30 20.25
Sweden, checks.26.65 26.80
:., cables.26,85 25.75
Denmark, checks. 24.95 24.90
irk, cables.25.15 25.10
Norway, checks.25.65 25.65
Norway, cables....-25.85 25.85
Argentina, checks.44.25 44.10
Argentina, cables.44.35 44.25
India, rupees, checks ... .35.35 35.55
India, rupees, cables... .35.50 35.63
India, rupees, cables
Reserve Bank rate_33.73 35.73
"Nominal.
Below is K?ven ,;
value of foreign money in dollars and
vlth the inti
i ? '.. as calculated by the I'rnted
Mint:
Current
exchange Intrinsic
value. value.
Pounds, sterling .$4.65 $4.86-?8
.0.16 0.19.3
. 0. l?1 n 0.40 2
. 0.13.5 0.19.3
Crowi :i .ark). . . 0.25.65 0.26.8
nj .0.26.55 0.26.8
1 "y in terms of fue \ '.? ? ?
.buy an I ng?i ih pound
. i?' ?4.65. The "itrinsic
. i oui fh
? ? , pound 'in- al a ?In-.
a pi 'in nun.
Ing to i he fin-' Unit |
-, . ., ? ,i r, , .;?
country lu
i, . ? | ? . ?loti ":,i In thl
? .... Ich to ???' i l '??
i i il.?..i
?
Would ll.-rhifv Hiiilrimd*'
Dominion SX ill II?' V-.li.cd in In
ill) HVMlCltl ?Il l?i'illllll liltM*?
i mi , April :; - AI -?
:
1 II I pal Hi i
| . , | i
i, t, . ?..... i i i., turn i , i i,
lOII I "I
thi branch ! rn ?
' . ! | ? .
I ?'I- .
i , . .i f..,- i,, i ithorltj
nul] i,., ? : , ?..,, 11 m
? niiu.(inn ,
m,
?.. , . hell maii - :
! ? . . ,, i ,,ii.i?,. -;.,.,, fl) , Inn ,;
OU 1(1 II . : f I . I? I
Iro powei whH ""i In
? ?. i in. ,| id ,? ini ? in? ni lij i ?i
III ?.,,.; in i i ? .
i . I illlli 1,1, ! |*,tj| II,? I "illlllll"!'
? ?ni .i.i? i ing ill?? da
o( tin ? ! Lawn neu wator
fur the teem railroad?, lit1
?i ,,i. .i not only '"? the hyi
? inn fo? th?- v.i?.?I?- hydro
, ?in-.
The St, Lawrence would develop 2,
hoi e power, and to operate by
city all t he team roads In On*
. oiild require only II 0,000
M? urged that Ontario should
all the watei powers of the
? ? and insist upon its right! .
-?
.\<w Road to Traverse
Central Texas Oil Belt
Financial Bureau
Spt "i- Cot respondones
MIDLAND, Tex., April 25.?T. J. [
O'Donnell, president of the Midland &
?? rn Railroad, which he re?
cently constructed between Midland
miles, is pro?
il new line that is to run
through the heart "f the oil belt of
' - ? ? ral v.. ; '! exaa, The proposed
ioa?l will be about on?* hundred mili-s
. O'Donnell -ays. It will run
south from New Castle to Comanche.
ni ral offices and shops will be
: ai Ranger. '1 ho fact that the
new road will connect with the Mis?
souri. Kansas & Texas at New Castle
leads i" the belief that it will be taken
i ??' operated by that company
anon it? completion. The Midland <%
rn wa ? turned over to the
:?: Pacific by Mr. O'Donnell when
d. lb- also built the railroad
that rui iton outh to La me sa,
. and disposed of the
property to too Atchison, Topcka &
.. bei it was finished. Free
right "f way and liberal cash bonuses
; ?. i, rig donated by the comm .
? ial ed on the route of the pri
( lomanchs Line. Mr. O Don
nell says that the early construction of
? i ?r'-'i
*V\atiirall/ation Tree*1 To lie
Preserved m War Relic
.ralisatlon Tjtoe" at Camp Tay
lor, Kv . under which u<
took the oath of allegiance to
uiti d Btat< i go ?? rnment after
being inducted ut'? military service,
will I,?? preserved as ? historio Jun-i
o, ark ul th? world war.
U. S. Industry
Called Upon to
Back Shipping
Business Men Told World's
Markets Will He Opened
I?y Merchant Fleet Duo
To He the Largest Afloat
Urgetl To He Prepared
Hurley and
National
of Fair
< ill A.;*?. a,., i-,,.ii,.i,.?,
thf_t thl Ai?.r,,?,, ?,r.i, 1,1,1,1 !??,;?. \g
,,i, u,r. threshold ,,r ,,,, em ,,r laterna
iii.nui guprsmasy and ti<?< i?iu buaisesa
antarprlsai el ?Wnariea would Esaattha
fcittlhtli.il ),y !,r.i-?inli,(/ l.-nitlliij ft.? I,..'.
in it,? world', in.'i? v.l.- i,ut.!,, i,< pa tt
iiii.ii! by Edward N iiuri>-y, chairman
of the I In.ted State? : hipping Board,
and James A Far re 11, president of the
United States Steel Corporation ami
chairman of the National Foreign
Trade Council.
The addresses were made at the sixth
annual banquet of the council. Moth
Mr. Hurley and Mr. Farrell sounded a
call to American enterprise to pre?
pare for a period of reconstruction in
international commerce that would find
at its end the permanent establish?
ment of this country in the markets
of Europe, the Far East and South
America.
Mr. Hurley in his address touched
on the merchant marine question, and
then took up the question of trade re?
lations with foreign countries, ur^iri^
that, "fair play" be the standard of his
audience.
U. S. Merchant Marine Established
"The first, object of the National
Trade Council," he said, "was to en?
courage the develo] ment of a great
merchant marine. An American mer?
chant marine is now an accomplished
fact.
"The second object of the organiza?
tion was to urge American manufact?
urers to seek foreign markets. As a
general objective, the council had in
mind th r sound governttiental
policies liiwar?! foreign trad,-. It
no small mea ui e duo to the ci
that the whole country has been awak?
ened to the importance of foreign trade
and to the par* ?t play. In American
prosperity,
i the controlling factoi ii
ment of foi i ign ' rade it
? hop . if our progi nmrao i i com
i?? have sufficient ? hips to move
BO per cent ol our total commi t ce in
A tuertean bol
Mr Hurley said thai the feeling
i'in i their
,,,,. ,,, ? ? ,, .? ni home tifld abi os !
t, ,,i pi,, y lug the ?-'i""' fairly
Agl!ili?i' \t'tn\ \li - tii.Hf.f!?
"I'll " "i" "t' i warned ? I r in* "il" I ol
i upon the
,.,,.,,. , . ,. ,,,,., till : " !- lliai
? . , | |. ,,??!
?! :| , hi!' If? ' ' ! 'I! I"' | tllllltlSl ?.'
0(1 !.. ?--il ? ' I '?. I , It*
I . ,1. . -, I . : , ,, , ,
, ' l.f||
I ,, h| '?' ' ;
; . , ,
i,li
I . . ! ?
I !,, , ' '
ho ad
riot bused
' regard In
,,, i (if ,. rat loi _ t ' "' truel ion
u nuil. I "? laki
Mi Kartell, aflu? i coiint.iny Ihe
i |.p, ?.j
, -
,.??.? hud tell ii}? ho.. Iiulldei ol
i ' , I ,,| ),, , |||| ,| totlllllgl ' "I
II , ,,,,,,,, i ? of "i hi i i'??t lull
en , ,i ih ill, lim ??u? i?. ii,,, ",ii.:
, ., ,,.",.' i ... , tiuld In
I I III!
i, < i IN-,iiiiitiiiiii/tit Hhlpplnii
"||1 I l,< j ,,,lj- n.. ? I, ' ,,! i ,,,,, |,, I ,?,, !
Hi h ? di ?'?ti. i," Ii. ?mi, "ii ..',?
, . iilmjnii ol tii" Iron
ii,,,i ,. ? ,i ihoir 'i 'I'l'iiti; >:
11 oni ? liuci ?i,o. I n i h?' '?'.u ? v. ?
?i,nl.l build ? iii?ii"'r i han th* Rril I
ol tin ible i|i|ili?"i
of Uve mil. and othei -, ,, onod i ?nib* i
handy to the shipyards *,i our i ... tern
. I line; in t ho 'li?s t ha advantage
Bhifted to the other side. With the
appearance of the iron screw steam
ship the maritime supremacy which
Farrell A snore
Trade Council
Play A 1. r o a d
seemed almost within our grasp slip?
ped away, as it appeared, forever.
"Within twenty years from the
time when American ships i
not only 76 per cent of our o.
borne trade, but also a large portion
of the trade between Liverpool and
China, and London and Australia, the
foreigner was carrying 74 p'f
the exports and Imports o<"
State*., and the share left for rVmeri
can ships was only 20 per c* nt In
the cours?' of another twenty years
by 1896- that share bad dropped to
11.7 per cent. And in the fiscal year
ending with June 80, 1914, only ?' 7
per cent of the foreign trad?: was car?
ried In American bottoms."
Capital for faying Shlpa
Mr. Farrell cited a? an indication of
the assurance he felt, for America's
future In the maritime world the ton
rinpe in Ihe coastwise, lake and river
trade This he said was 6,605>701, in
28(809 vessels, and proved that Amer?
itan capital would be Invested freely
in shipping when I? .'??il?i be ihown to
be a profitable business undertaking
As for possible government
chip ?if the merchant marine) Ml I'm
tell laiiated be '.vas utt?lt?f?b
P?cnri i?, It, He pointed oui thai In the
. i ,,.,,? j . "i.i.rner'ilnl ?-.I ? ,,(-,
v-ii.i ?,r Ameti. una .u? ma Itthed ?gai?sl
ii,r i... i,_?i |n tite w.,iId, afid thi
I?, l,? p'?,oipi In ?Ir.? j.:,,,,, i? _,,,,i,. r,i?,
, ,.- fill ,.? ?,,,]' ; ?,. ,( ',,, II..- , gil ,,',! ,",,
,,r pfobabllitie.
"rhaea m?? auftll.lai," b. aald, "wbh h
?i.-, i,,,i usually ferihaomlflij wi.oi? ?,
trovmiiinri,! aaaumaa Ihe fURetloRi of a
pli-.'tit. , I, I . I |,l li-r
16,783,000 Tons Ne*l Vaar
"The oceangoing steel eargo tonnage
now held h our counti lid, "ag
gregati i vi - ? 000 ?l.-,i?!
weight tons, and there an under con
i racl 1,836 vessels ol y 2.5 000 ton i,
.Should the present programme im car?
ried out there will be under the Ameri?
can flag next year 16,732,000 dead?
weight tons of shipping, of which, per?
haps, 14,000,000 tons can be classed
! as oceangoing."
? Discussing the American merchant
! marine in the development of the ex
j port business of the country, Homer !_.
I Ferguson, president of the Newport
, Newa Shipbuilding and Dry Dock Com
; puny, at the morning session of the
! convention, referred to the huge sum
expended by the government in ship?
building during the war as a result of
lack of preparedness. He said the total
already 1 as reached $4,000,*.100. The
value of the? entire seagoing shipping
of the world, he said, do not exc ed
$2,000,000,000. He expressed the view
that the government should immediate?
ly abandon the policy of building ships
at a cost of $200 a ton md ng
at $100 a ton.
,
Market Opinion
Subject to Shock
"While we appear to be favored
n most extraordinary fundamenta! and
ti ? al situation for a con*
rise in prices of leading ? pi culati
securities," said K. W. Wagner <_.? Co,
exei
pur
chasi It wo ! seem t; ?? ?
it? o?d many of the special
ties that have had ar ;??!
i he mai i ? I
? by anj means shod pi i
Book \ aloe ,,r i 'an
'1 he book vari? of Amci
common
-. ! i prepared II i_h. J
& Co., ai ' ? i ,u ,
share, or about tin
market prie* l ??? ? ? ?
, i
"poiril toward higher I
I i ? ' '
end the exci
lief thai
i i,i i ?i i ? , would
? ,,,, ? ,
Ihn
"mi Imiii'?h'i mu? iit.'i??
.' ' .? '.,',,,,
? , ' , ? i ,; , , ,,,,,,,,. 11, ],,..,
i , - , , !
?i i?i| lo Im - I on |
, . , , , !
oi ,, on ' ' r fini
I cm
: , , , I' 1 111 > p r I
i ni prici foi ll inri, I
I.inn. i pi ? ' ' '
I'lii? pre.Iilei
that even if tl
, ,| :, .
I hi I, ,, ' , ? . . ,
.Md '. ' t II
i pi) , ' . ,
' ti.i II* ??' " i debt
I li?les i ?it In
,, lined m | lull .
inii' , prob
ublj II.ily i. i on ' ? |out
V* !," I| Will ? """ l h l**?l*| 'I
, I - , I , l , | l||<|
??"I. WIChL
i , , ,, i or buy i < loci 11 li
H ' It ll
mol i,',,,- I ? , , ' i !,., : ? ,
I , ! , ? ! e- ion ;, ? .-,1 " , ?,,,| ? .
r ?.: ?dai ?-'i morte i
i .,, .
U hui it Looks Like
"It loo! i no ? as though it. will be
more oi an irregular trading market
of a somewhat reactji ;
said S, K. Chap?n ? t'". yesterday.
S i.g it i ?i c a n t R e I a t i o n s
Money and Prices:
Stock of money gold in the country.. $3,034*213,002 $3..^643*270
Loans of all national banks. *_e_i_1?nil?wi jr-?iiug V??V
Their surplus reserves. $ ' ?? ^??rS- $9-390.836.000
Bills discounted and bought by Ted- u?t We?k 105,977.000
eral Reserve Banks. $2,119,159,000 $ 1.H6^22*000
Federal Reserve notes in circulation 2,543,704,000
1.514.287,000
Total gold reserve.... 2,162,157,000 1,833J49',000
Average price of fifty stocks. ^uFilP' '"o ?",-,,-. ?""*? * "*
1 'I . ! ?? , .. K
85.14 8*1.92 74 42
86-61 86.56 85.02
k ': 'ore. A v?*?r .?
Average prhe of twenty-five bonds..
Food cost of living (Annalist indel
number) . 31?.80? ' " 31L804
? General commodity price level (Dun's April i Mm-?**-, i _______________
index number) .219.973 217.037 ""280.313
Production:
291.404
A? rll 1.1!
M_r 31 Feb. 23.
A */r?r 14?.
Fnlilled U. 8. ??trcl orders, tons.5,430,572 6.010,737 9.056,404
Fig iron output (dally average), tons 99,685 105,00-1 A W3 Q4B
Wheat crop, bushels. "'V^ST &V,6o?
Oat crop, bushels. 1,538,350,000 1.590 74o'ooo
<:?rn Cr0J!?? V! ? ,. 2,582,814.000 3.065.233'000
Cotton, 500 Ib. bules. 12,022,601 H.302^75
?????liii-r?**?? ut ?Ici-rrtM from T'.t before
'-All Cl4?a 1 roed?-?_
Distributioni f.^'k MmUl* jAn , .?
,, . In April 1 . '. tt?ry, 1 ,,,
OrosM railroad enrninK?.2.20% |.3% ?0J2a,
.. . < ? ''?i week. We?h y?*r t., ?i_t_
Hank clearings. )5.1% .-,,,,. > 16.6%
General :
Active col ton spi nd los .. .32,642,376 33.282,593 33,709 976
Commercial failures f|lunn) , _.
Number . {.?*) 60C ' 1142
Lisbilities .$13,595,471 $11,489.183 $17.072,331
Building permit? ( Brad ?t reefs ) 1 /v-n-u?,-*-. in? r?-nrn?,r ?m
1 nn
$29,890,942
(128 eitlen) .$29,890,942 $25,518,111
General Electric
Profits Cut to
14.76 P. C in 1.918
Net Earnings Smaller De
spite Large Inerea?e in
Gro?**- Sales; ?-urgp Cancel?
lations Followed Armistice
Armistice
On gfross sales of $218,816,277, com*
pared wrltb $190,926,817 In 1917, the
General EleetrF Company last yar
earned s surplus of $17,104,982, equivla
lenl '-i 14.79 per tient on the $116,
; - I 00 ' ipital stoi 1 In 1917 the e-.m
* Bfhed 20 50 p?f tient on $101,
612,500 ?.''.?-i' outstanding,
th the annual ,.-.[">,? issued y?lt?l
A ('..n',i,, | i,?i,?,n? ,,r i-,,,. i,,,?,,f,
said thai the total value ef ?--?i- ? ??
booked (fl l?ig Wa? ; ' I i.i i-i.'i '..'. sgftlfl?l
. IJ lim in, , ?iliiii- ... ?i, A
? ,.l. -.?.Ir-,el,I,i ,,,,,lii,i, ,,r Innl y*-?!'? |,liai
? .?? ? enteil by i onti ?i tu '.-.'i1 h
i'. ?laii/iiriii Ao ?? remit,
?il ' '-.Tu, raid, in,, mu, .,r pi...i',, i ion
I ?'I i....l?d lh<- iiu.iif-if. p.,In! id the
? ii the B-rmi?l ice
? .;. in ,| on ' II
ol hostilities," he
add.-,I, "resulted in suspensions and
cancellations of orders, estimated, at
.'?i of closing accounts, at $30.
ooo,inn), leaving a balanen ?if approxi
$80,000,000 of unfilled orders at
the end of the year."
Operating charges last year absorbed
139,522 of the gross earnings, leav?
ing a manufacturing profit of $28,375,
766, to which was added $4,1305,315
other income, making the aggregate net
, income equal to $30,604,032, against
$32,403,828 in 1917. The amount set
asido for Federal Income and excess
es in 1918 was $13,500,000,
10 more than in 1917 ?nter?
es! charge's increased from $1,113,001
to $2,877,088 in the two-year period.
The report stated that expenditures
for additional land- buildings, machin?
ery and other equipment last year
997. In view of the fact
?hat a portion of those additions will
used for a considerable time, and
g regard to the high cost of such
ns, Mr. Coffin stated that $15,
224,162 had been written off the plant
* and that $3,1 86,792 would be
included in the cost of unfinished con
?
ii cri ased prices of material and
much higher labor costs have resulted
creasing the inventory accounts,"
led. "After providing proper re?
serves and making adjustments in
crease in market
? i November, 1018, the inven?
tories district warehouses
,i:?l consigment stocks are carried at
? $6,454,370,
? 17."
The book value of th" company's
securit end of I he year was
plac? -I : ' $40, 30.213, an increase of
1,1*0 ' 1917 The principal in
? ? balance of the
? ? ri bonds
o [stock of the Edison
panj. Inc.
Relevant Comment
The Day's Market
markel pi .rked I
, terda !
" itli g "
' '
bid up
i ,,,. ' . - ? ?
., i i, ?,i -.. ,
' ' "" I.!
, ,. ?
,',,.',, | 1
| .'..;,,,'! '"I '
, ' ,
, ' ? i |t||i?i i ,| lini'iily
" i l
i,, 11 , ' ' ' in pol . '
round Dull ?
i ,
I ' l'a? '
i
: I i . , '.'. hill
. ... I , poilll I
il llsl
i ?, liattery, General
,?
' ? -I I " I.i . ? I "
i i
. , i .. .ni
i ' ri en m
l;.,,,,i- ivi i. .. ' I hold
I'llt, | lb, , | I. . ,.. . ? ,
Ni-?* i ??un?? H??,' i-?? Sumatra
11 Uli i..l i.l 11.? Aiiii-i un?, I'miiiil rt?
'. i 11 nv I hill.
? : i - -. .-i inder cm lerntion for new
financing l)? i he i oi poi ?Hion to provide
.nt d t work,
fon ' ? ? ? ? I '.,u ' in? will take
: id n will i???i be
done until after the Victory Liberty
Loan is oui of the way. American
tra hare . were quiet yesterday,
? fractionally higher at 105%.
rhe stock lia- sold this year as high
as 118 and as low as 96 '?*.
A Hill ion for France?
Plans for arranging a $10,000,000,000
commercial credit in this country for
private French interests have been
abandon d, it was learned yesterday.
Ily there were no really official
: i gotiations, an American banker hav
? Paris to look over the situ
()i! his return here he toid a
- banking group that conditions
I I orable to arranging a credit
.,: th time, ii develops, however, that
long rar go discussions are on which
.'?' that the French government
will, in due time, arrange for the flota
tion of long t.-rm bonds to provide
funds for reconstructing the devastated
parts of France. The plan in to have
tment groups in this country
take these bonds. A banker said yes
terday that France might borrow a
billion dollars or mor- here in this
manner, if it can be worked out suc?
cessfully, as is hoped. Negotiations for
nil foreign credits, however, are mark?
ing time pending the ending of the
peace conference and the signing of
in?- treaties.
Steel Institute Directora Meet
Directors of the American Iron and
. teel Ii ' ' met yesterday at the
C I.'. If. Gary, on Fifth Avenue.
and although th" session was a lengthy
?-.ne it. was stated that matters of pub?
lic importance were not discussed. In
connection with the current discussion
abouf Bteel prie? t, however, it is Inter
to note thai in its latest official
bulletin the Department of Labor ?ays
the February index figure of 195 Is
lower than th" February figure fur all
? ?mi modi UK?, wL.-m w?m kUi. On the
basis of production co.ts the Labor
D?parti ''fore appears to rnn
, eider present steel quotations fair.
??The department bulletin says tl
; of the conference on steel prices was
to bring those product- "down to the
: general level of all commoditii " A*
I the time of the signing of the armi?
stice the index figure f"r steel products
28. iin January ? it had dropped
to m 7.
Concerning Ohio (itle? Gas
''laude Meeker, Columbus, '?hi",
broker, was quoted yesterday i
ing the dividend outlook of Ohio
Gas as follows: "The selling of
Ohio Cities Gas stock and th* conse
qui tit decline Is proba on ru
i mors that tiie directors at their meet
, injar on Saturday will voti
nd to -i per ceni I I
rumor so far. but i1 is known that
Buch action lias been discussed by
those prominent in the managen
the ? ' tnpahy. Consei itl financiers
a*".- of ' he oplftlt ti thai . ;
,,,;,,? , ,irv g^jlit
Would in time ini
fot thi " asoh thai lid
j.t?? ? i* hi ?, b?ttel ? " h t ' Il loti ?fid
be eotisldeied mofe .
M* ' ? ? ' Is '., '-i as u 'i,,' ' lot of
dir. ?,itapai
.\,cl?.i? |'.,?in, |??,|,|,?,| Ami,.,ii.r,I
ii,.-. Dlfastoj flanafa] e? ?:,.?ii,.,,,t
liHa tin Hi ?.il;.?-.I Hi a Wr.l?-I.?
l!?,;ii.,i..t In pgj) a ,\\ ',,!, ii.l ,,r 1 (,< i
, .-,,1 ,,i, 11,.- |,i ,-', ; i ,-,| p|.,, ,. i
I Im mm,ml,. ,-ii,,i.i ,,l 11,.- ,- , , , i . ,
pernmitted that 't will refuse i,, acgept
II a ?oiiuiil eompen lation fixed bj th
oro* /,t, and, it need
l i>, mutter to the i ,,urt of Clai
addition t?? the cert ified rei
Jl 000,000 tiie roa.t has an interest
i credit of about $330,000, After all de
I duct ions it is figured that, based on
those figures, earnings for the pre
I ferred are equivalent to approximately
4 per cent.
Royal Dutch Shares Popular
Speculation In the oil stocks wa3
; centred yesterday mainly In the Royal
! Dutch issues, with the result that at
the close of the market both the "New
York" and the "American" shares
showed net gains of i% points each.
In local commission house circles with
, Amsterdam connections it was stated
i that the recent activity and strength
in Royal Dutch was due to the expecta
! tion that the company will offer in the
near future new stocks with attractive
subscription rights. It has already
been unofficially reported this action
1 will be taken in order to raise funds
'? for payment of a controlling interest
i in the Mexican Oil Company. Official
details of the transaction ar,, still
awaited on this side.
? -
Atlantic Gulf Oil
Company Organized
Steamship Line Form* Subfidi
ary to Operate Petroleum
Proper, i r^
Organization of the $20.ono,ono At
Gulf "il Corporation, formed by
the Atlantic Gulf and West Indies
Steamship Lines to operate properties
recently acquired Id the Tampico "?I
Gelds, was completed yesterday with the
I election of officers and a t>t>ur?l of di
i ' ? I, r -.
The officers uro : Joseph i Guffey,
president; William M Zahnlsei
i ??< lidt ' '. Alexander R. Nicol, secre?
tary and treasurer; R C Mac Bain,
lecrel >i ry and assistant ! r* i
i;?,, With the exception of tl ttei
all I he officers are direel -
i o, lude * lalen L. Stone, Fred* i:
i |, ?, her, A. H Gib ion and M l Vln
cetil
i , , .? nttips tiy has airead ronl
foi |,'|, i| ,:,: tullo i ?, ,,.- ?in i and all
m , |uipmenl toi tha complete
on ol iheit plant 'ii
-'???i -.";- '"i ii'iii'.'i?,' ' ?
--,,; |,:, . ;,i,,,'' ',,'.. I Ii-,,,'
ll.Kll l|
Gull h i
? I ??!,,,I ||| | -, - < ,,|. ,,,.
. I.,,, . , I , H||l H Mil (III
Cher? will be nu
nl II
, ,,| ),,,! M ' : '
Mr, H to n i
tin steamship .ipai
board nl ? '? ? annual
' I '
up fi thi oflli tren
In addition '?
m Me den, It we it th
Atlantic, Gull nod West Indie
pan I
ship Hues ' otil roll I Im lud? I;" VI
:,,, . ihe ' !-, ,i, ; :. ?? '.,,, :t ,.,..| i,,, ? ,
Uli ". an.I lllfi U nid
l_x[)iainH Settlement of
Corn I'roilnris Suii
,i.n.tlonl Snyi Company Can
Now <#o Ahiiid V. iih
! f I ? | I I <??, I llll Ill
Settlement of the government ami
tin it suit against the < loi n Producl ?
Refining < Company out of com ?
explained yesterdaj by K T. Bedford,
president, in a letter to stockholders
He said that in accepting ten
the Department of Justice similar to
those imposed upon the International
Harvester Company, Corn Products
was placed in a position where it
go ahead with improvements that
would insure the future of the corn
; pany's business without embarrass
| ment or disturbance.
"The settlement affects only our
i domestic business," Mr. Bedford in?
formed stockholders, "and leaves the
company freo to continue the develop?
ment of its foreign business, which
i previous to the war was t.-uuivalent to
26 per cent of its total Dusineis, and
I in the furtherance and interest of
w'hich your company has spent
, sums of money in establishing sub?
sidiaries and agencies in the principal
cities of the world."
F?,r the quarter ended March 31 the
company reported a surplus after all
charges, Federal taxes and preferred
dividends, amounting to $1,920,327.
This was equivalent to 3.85 per cent
on the $49,777,333 common stock, coni
pared with 5.66 per cent earned in the
corresponding period of 1918. Net
earnings for the March quarter were
$2,967,201, contrasted with $3,912,841!
last year.
Maine to War on Do^fir-h
To Protect Fi-hermen
A bill has been introduced into the
Maine Legislature which has for its
purpose war upon the dogfish. If the
bill passes the state will start a drive
for assistance from the Federal gov?
ernment.
The dogfish ?3 destructive to the fish?
ing industry. Its elimination is im?
portant, not to Maine alone, for our
Maine fish p?o far toward ?supplying the
nation. The Federal government has
every reason to respond favorably to a
call for aid. It is spending huge sums
annually in the propagation of fleh,
and certainly their preservation in ns
Important as their propagation.? Hon
Kor Commercial.
Executor Trustee
Chartered 1822
The Farmers' Loan and.Trust Company
Nos. 16, 18, 20 & 22 William Stri
Branch Office, 475 Fifth Avenue
At Forty-first Street
New York
London Piris
Foreign Exchange
Administrator Guardian
M< : ? ! !' ' . ' I!..?ISO
N*'u \ ?m h? - ? Lease Oil I,?mi?
I IOIII I HIM I Ml|\ l,| I ?M.,!-*
/ i...,?. .?/ ?nr*su
: ! . i April U i I?*- urn
??Ii a t ii? i,, i*. ?,r
r<- ?. ret*I rli hes from n* oil
?!
?
U?0 in- ! aiversit)
? ei.' ol 11,, ?se i ra? i * ai
uated in the hear! of tin proved oil
II .:- announced that the work
of drilling 100 deep test wells upon
the lands . ..rted as soon as
the neci u field equipment can be
assembled. The fact ihn; the 500.000
acres ar?* widely scattered over West
Texas leads to the -'(inclusion on the
part of oil expert** that some of the
tracts at least will becomo oil produc?
ing. Under the lease contract the
university will receive one-eighth of
all the oil that may be produced, in
addition to a substantial amount of
lease money per acre. The university
owns all told 2,000,000 acres of land,
most of which Is situated in the west?
ern part of the state.
Commodities
Industrials
Cotton
Quietness and irregularity ruled in
| the cotton market yesterday. After
; opening at advances of -1 to 33 points,
prices rose on active buying t>> gains
I of 30 to 35 pointe over the preceding
i close. This buying was attributed
chiefly to fhe forecast of colder wea
. 'ein half "f ?ho cot - 1
'on belt. ' 'n tli" ri -? considera!
ferings of cotton came out, and half
advance whs lost, Datei
for ili" trade and Southern account
appeared, and the market moved for
- ward again, 'I"'" i d to bi bus
the distal panese
intercsl session cloi ? I with
m ( gains of 83 to 65
poii ? :
The ?mal I number of M
-.??fui a surpi '."f to m i
ba
??. ?mi.| be tendered bi ? " -? '" ? ?
premiui uly. I ? wa ? .-,ni?l. hovv
r C0l
? ..n tenderable on
t caci is irabli thai hold
? ?
? I
|i ?gh pi nu are liki
Id the opinion of
? ' crop
Coll?n an I ?? il ? d, ?!" v
i ? ? . . ,.,i i.
I,, |hl ' ;: ?II?
no mi- lit., e
,11,'.' | I
'
I
i II? ? '
|
I , . , ' ? '
? I |
ta . . 2.:.*,o 1,370 1
Ma ...- ??''. 122 ?67,242
.-? Louis ... - - 23,481 16,518
, . ...- 261,750 186,421
Little Hock .2.675 828 45,224 34,744
Liverpool Cotton
Sales of spot cotton at Liverpool
bales, of which
were American. Imports were
1,000 bai.-, none -Vmerican. Middling
was quoted at 18.63 Manchester re
yam - and cloths. ?
Prices for future contracts ??.?".low;
EMEUGENl V <'? INTRACT3
i ? i ;, i '
P.M. Cl?
April. 18.30 iH.i.t m :r.
NEW CONTRA
May._ lfi.'-?' 16.74
... 16.40 l'l ?H
July. 18.1 ' IH.17
August. .. 15.90 15.94 If.U'J
13.56 15.58 15.68
Sustenance
('cr?ais
Wheat. Prices in Argentina have i
been declining as the result of in
"1 he Mod? rn Mi 1er"
says * 1 acreage in spring
wheat states -.-.ill be 20 per cent, if
not more, owing to the delay in farm \
work by reason of muddy fields. The [
Northwestern crop will he from two;
three weeks late. With ample
moisture, however, much of the loss j
may be made up. But late wheat in I
ti-.e Northwest Is subject to injury by
black rust and early frost. Additional
?opona of the Hessian fly have bean
,1 from Indiana, Ohio, Maine
and Illinois. Receipts at New York
?av were 165,400 bushels,
(Urn. Corn prices gave an ?ther
hurdling performs - rday. A.fter
ng lower and fluctuating Irtegu
Ciiitiiuteil on 7"'</rt sixteen
Simpson Coal
Co. Stock
H c speciality In this security
E. BUNGE & CO.
44 Broad Street New York City
Phones 6951-t) Brood
Texas Pacific
Coal & Oil
Stock & "Rights"
J.K.Rice, Jr.&Co.
Phones 4000 to 4010 John. 26 Wall St., N'. Y.
NATIONAL TIN CORP.
Circular on Request
J. Robinson-Duff & Co.
Mrmbrrn KetO York Stock Exchange
Telephone ST00 Bowling; ( ?
61 Broadway New York
eft?t?iiAto ttfOtaertefCeaamxercialSanUea
f&?t CHATHAM & PHENIX
/?g?\ NATIONAL BANK
?MJg?%M Cspl'.l ?, Sii'?tul $. (?.8 <??_
?W^a^Mr Hxtnurrrt ?xix . JIDOMUOM .
?V-lotf*? 148 Itndvyr. (SUtpr Bife)
Famous Players?
Lasky Stork
i ? ? ; 'm V.,
JEWEL TEA
CSArPBUSG '< mum
ii-,.,
? ' ? ".
m I in- 1111111111? m ' PIM (Tlli
11, ?.ii | i \. i s, i v
II III ?,nl II II'? I? 111 * III ?Mil
, I t \ | IllllT.'. Ill I M >
'
l<t Ill-till ( .flf-iiiir.ll I'loli.ri i'or
Quarter Hn?v. Sharp iN'ilimi
1(1 it 1 htl ,
p o r 14 '.
'
r than those of the con. i
ing pel a ??' asi year,
preciation, etc ,
leaving a balance of (1,112,114, which,,
after the deduction of $228,124 in pre-!
ferred dividends, was equivalent t?j ;
$5.35 a share on the $16,510,500 com?'
mon stock. This compares with $11.28
a share earned in the March quarter-;
Common dividends totalling?-1
i wire shared by the stocket
iving a $558,606 surplus.
The board of directors of-the com?'
declared the regular quarterly
dividend of 2 per cent on the common
payable on June 2 t-_ stock?
holders of record May 22.
Dividends
Extra*
Standard Oil Company of Indiana??
Exl i ....:,?! ? '
to th - quarterly ?li vMrnd < I
per cei 14 to stock* >i;
r ! Muy 7. . I'
Yale & Town* Manufacturing Com?
pany.?Extrn f ' per cent ;
May ' to ?to* khi Iders of i v; ,i 1
Aj nl 2*.?.
lOgoIur D?clar?t Ion?
Stoc
of .
Rate P* ? Th v-, :
Bret Kl. $3 pf, S-A . M iy 1 Api
?1o ?1.60, S-A.M?y 1 Ait. 21 fi
Il of Broc, 13. Q _Uy ;
. i, pf. Q M ,-- _ Api
titln. 1\ pf
May l Apr. .1 fi
K- v?' i?.? Watch, ? V?. Q. May 1 A|.?
Apr. .A ?
Id ,t Lo, , ?4 ? t. S \ Mav 10 \i
' El M?!?, h 50. Q . -, ni i
Mann O a? _<1 pf, SA ? May ti E
Fenn Kubber, l ?4 pf, y. . i in? 10 *-m'.. ??'X
lio l*i, Q .i -r. - ; i Jun? il %
B A O C rp ?! TO pf. M?y 1 1
Un Wir? Bup, l "4 pf, Q M
.-i.? ri, w
do i !? fi pf. C
Standard O ?_ :?' y. f 4, Q Jui
?'??y xi
'
'

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