New-York tribune. [volume], May 02, 1919, Page 15, Image 15

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

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FINANCIAL BUREAU?
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151 Nassau Street
Wealth?Markets?Investments
TELEPHONES ?
Beekman 3000
Bookman 8243
??!
I^I?E only securities
?*? we urge our clients
to consider at this time
are the Notes of the
VICTORY LOAN
TheNationalGty
Company
%hra Olive ? National Gty Bank Boilifiaf
lye.va OS??: Fifth Are. & 43rd Sl
Ctrrttfendent Offices in 47 Cities
J.K.Rise.Jr.&Go. Buy&Sell
i Amer. Chicle Com. & Pfd.
Famou? Piayers-Lasky
Franklin Insurance
Lehigh Val. Coal Sales
Lone Star Gas
Metropolitan Trust
Midland Securities
Penn. Coal & Coke
Prairie Oil & Ga?
Tex. Pac. Coal & Oil Stk. & Rt?.
3 Texas Pac. Land Trust Ctfs.
J.K.Rice,Jr.&Co.
Phones 4000 to 4010 John. 35 TVal! St.. N. T.
Odd Lots
Write Dipt. 10.
E?SHOLM &?HAPMAH
va Xas*
Members .Veio l'or le Stork Errhanrje
timbera New York Cotton Exchange
71 Broadway New York City
Uptown Office.39 K. 42nd St.
Harlem Office.161 W. 125th St.
Bronx Office.391 E 14.9th St.
Brooklvn Office.32 Court St.
Yonfcers Office.12 N. Broadway
Newark Office.777 Broad St.
We invite your subscription to
the VICTORY LOAN and of?
fer our services without charge.
Harris, Forbss & Co.
Fine Street. Comer AVilliam
NEW YORK
Robinson & Co
Investment Securities
26 Exchange Place New York
Uembere .Veto Y?rk StocH Exchange.
STOCKS?BONDS
Complete facilities for the ?xecutlon
of orders in any amount
Hartshome, Fales S Co.
XmiKr\ 2f. Y. Stocte Exchange
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! Chlca.RO Board uf Trade
25 Broad St-, New York, N. Y.
Wanted Offerings
Texas Pacific
Land Trust Ctfs.
J.K.Rice,Jr.&Co.
Fhar.** 4000 to 4010 John. 35 Wall St, X. Y.
"?1 m *"' ' '
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BperAoJ letter on request.
!*. M. fV,:?yvrt i?stoB Helm
Y.rsz.Y*m Com. Block Exchxnga ot N Y
* BROADWAY, M. Y. Phon? Rtetor 42;e-7.
HARHMAN NATIONAL BANK
F??ti? Avenu, & Forty-fourth St
New York
MINBHOURSm?UH ID 8 P M
SAFF OEPOSiT VADLU 8JL M. TOMIONIEHT
Liberal Interest
on daily balances.
Metropolitan Trait Company
at Uta Mty at 9am York
*> Wall Htrwrt. 710 Fifth Ayeona.
mmrtr. A. KaM* TbaaAota C Curwtn
NOBLE & CORWIN
JS t.rtIA,\ fit. -New York
Qme Nat Bit. Babcock & Wikox
Bankrn Trot Co. Oti? Elevatoi
I'lfjUtmt! 11)1 I',".:i<:
Short Smzion in Pari*
ft?S*? 1AjL> If The Ronrae opened
W ?\ rn' I?41** *n<1 cloned tein
mt*M latar? Tb*re wer? no tran?
mm^Z^^ xbree p?^ eent rent??, ?2
??? wan, r?!> franc? 05 e<?nUm?B.
(.Copyright. 191D, New York Tribun? Inc.)
Despite a small further reaction
in Steel common, The Tribune's
average price of industrial stocks
yesterday reached a new high level
for the year.
Estimates have been published
that the present surplus of copper
in this country is 1,300,000,000
pounds, and in France, England and
Italy, 600,000,000 pounds, a total of
1,900,000,000. Men in the copper
trade object to this method of stat?
ing the surplus. They say there al?
ways is a "surplus" of about 500,
000,000 pounds, representing cop?
per in -process. But it is estimated
by the trade that there ; pres?
ent 700,000,000 pound; ofined
copper accumulated at refineries in
this country. Few attempt to esti?
mate the amount of raw copper
above ground in addition to this.
The pre-war consumption of
American copper averaged about
100,000,000 pounds a month. That
means that the present surplus of
actual refined copper is equal to a
seven months' pre-war supply. But
that is stating the situation in the
best light. Three-quarters of that
pre-war consumption came from
foreign countries. Thus, in 1913,
this country produced 1,226,000,000
pounds of copper, of which 926,
000,000 pounds were sent abroad.
Germany then was our largest cus?
tomer, taking almost exactly a third
of this exported amount. Germany
needs copper; she has an accumu?
lated demand. But there is a block?
ade on, and when that blockade is
lifted producers do not see how Ger?
many is going to be able to pay for
any copper, when her present finan?
cial conditions and the severe in?
demnity demands are considered.
The other leading European coun?
tries have copper surpluses of their
own to think about.
Improvement in the bond market
in the midst of a government loan
campaign is a significant miracle.
Bond houses feel better. Fourth
Liberty 4J/4s yesterday closed at
94.26, compared with 93.34 last
Saturday.
Copper production goes on. The
industry in general is on a basis of
about 50 per cent operations. The
surplus is piling up at a rate vari?
ously estimated at from 75,000,000
to 90.000,000 pounds a month. The
price is around 15 certs a pound, but
the copper people themselves feel
that this price is a bit fictitious.
There is no buying. The price can
be held at any level you choose so
long as you do not care to sell your
product. But the copper producers
do not know that a further
reduction in price would bring
j out any real buying. It simply
' might hurt the market and cause
I further hesitation by consumers.
! Speculators might buy, but the
1 copper companies seem to pre
I fer to do their own speculating at
this level. The market price probably
is below the prevent average cost
j of production. Fifteen cents was
! not a high price, even under pre-war
j costs of production.
One of the reasons why produc?
tion has continued at the present
rate has been solicitude? for labor.
The producers have disliked to shut
down entirely and throw men out of
work. They have, however, reduced
wages without strikes. This has
been partly because the men real?
ized the seriousness of the situation,
and partly because, before reducing
wages on March 1, the producers
talked over the matter with the men
for a month. The men had been
receiving in January $5.90 a day;
in February, $5.15; they accepted a
cut to $4.90 in March. This wage,
however, is on a basis of 18 cent
copper on the present scale, though
copper is selling for only 15 cents.
On the pre-war scale for 15-cent
copper the wage would be only
$3.75 a day.
Call money opened and renewed yes?
terday at 6 per cent, declined to 5%
per cent in the afternoon, and closed
at 5. Loans on all-industrial collateral
were V2 of 1 per cent higher.
In the time money market money is
offered and lending at 5ai per cent for
the shorter periods. Renewals were
also at that rate.
The ruling rates for money yester?
day, compared with a year ago, were as
follows:
Yesterday .Year ago.
Percent. Percent.
Call money:
On mixed collateral 6 4
On indus, collateral 6/2 ?
Time money (mixed collateral):
Sixty days. 5%@6 6
Ninety days.5%@6 6
Four months.5^4@6 6
Five to six month3. 594@6 6
Bank Acceptances.?Rates were un?
changed yesterday.
Thirty Sixty Ninety
Spot de- day3. days. days.
livery: Per centPor cent.Per cent
: Eligible
member
banks ....4A@4 4<4@4A 4A@4'/4
? Eligible
non-mem?
ber banks.4A@4 4A@4J,4 4%@4A
Ineligible
bank billsJ&A@4'/2 5!4@4'/2 5^@4%
if or delivery within thirty days:
Percent
Eligible member bank3.4A
.^ligiblo non-member banks..... 4?^
Ineligible bank bills. 6
risconnt Rates.?The following tablo
gives the current rates of the twelve
Federal Reserve banks on commercial
paper for all periods up to ninety days:
-JUtnriW--^
3S
5
s
Boston . 4""' 434 434
New York.4 4% 4%
Philadelphia ... 4 4% 4%
Cleveland .4'/4 4?4 * 4%
Richmond. 4% 6 5
i Atlanta.4 4% 4%
?Chicago .4 4-% 4%
St Louis.4 4% 494
?Minneapolis .... 4 4^4 6
?Kansas City-4'/a &1/4 W*
Dallas.4 43$ 5
San Francisco... 4 5 6
The Federal Reserve Bank of New
York ha3 put in force the following
; schedule of rediscount rates which
j apply to bankers' acceptances: Maturl
j ties up to 15 days, 4 per cent; 16 to 60
days. Inclusive. 4?? per cent; 61 to
? SO days, inclusive, 4% per cent
Bank Clearings.?Uank clearings yes?
terday were;
Exchanges. Balances.
New York ...$818,856,776 $66,137.286
Baltimore- - 11,668,078 4,106,791
Bost?n . 54,806,377 15,395,639
Chicago . 102^53,713 11,511,123
Philadelphia... 66,520,272 13,442,463
Hnver,~.-London, 48tld, down Ad;
1 iT ork' ?'l-Ol'/fi,unchanged; Mexican
| dollars, 77'Ac, unchanged.
,.?^Tr.*?,*,UPy- ? T?" Sub-Treasury
gained *?15#<JOO from the banks on
Wednesday.
London Mor>j.y Markets-LONDON,
May 1. C osinjf Holiday on the Stock
Exchange to-day. Har sfIver 4813.1(Jd
per ounce. Money, a% peT cent. Dis
eovnt ratflfl Short and three months
bills., 3% per Ceift, Gold premiums at
Lisbon, J00.00.
Bank of England.- -LONDON, May 1.
The w-' >.)y sUternent of the Bank of
I
England shows an. increase in gold
holdings of ?569,435. The proportion
of the bank's reserve to liability this
week is 18.33 per cent; last week it
was 19.32 per cent. Other changes fol?
low:
1919
Gold .?85,685,812 Inc. ?569,435
Reserve. 27,963,000 Dec. 440,000
Notes res'ved 25,493,000 Dec. 444,000
Circulation... 77,151,000 Inc. 999,000
Public dep... 21,931,000 Dec.2,660,000
Other dep.... 124,720,000 Inc. 7,514,000
Gov. secur't's 63,197,000 Inc. 4,863,000
Other secr't's 82,227,000 Inc. 434,000
Bank of France.?PARIS, May 1.?
The weekly statement of the Bank of
France shows the following changes, in
francs :
1919
Gold.... 5,467,736,000 Inc. 933,334
Silver... SO9,760,O0O Inc. 29,553
Circul'n. 34,100,308,000 Inc. 121,861,770
Gen. dep. 2,882,106,000 Inc. 303,762,282
Bills dis. 1,686,369,000 Inc. 19,039,624
Treas.dep. 41,922,000 Inc. 15,216,768
Advances 1,169,086,000 Inc. 6,021,710
The Dollar in Foreign Exchange
There was a better inquiry for
sterling exchange yesterday and rates
on London hardened. Paris exchango
WB3 a shade easier. The neutral ex?
changes were steady.
Closing rates yesterday, compared
with a week ago, follow:
(Quoted dollars to the pound.)
Yes- Week
terday. ago.
Sterling, demand .$4.66% $4.65?/2
Sterling, cables.4.67% 4.66'/2
Sterling, 3ixty days... 4.64?/8 4.62%
Sterling, ninety days.. 4.63 4.61%
(Quoted units to the dollar.)
Francs, checks .6.07 6.07
Francs, cables . 6.05 6.05'/2
Lire, checks . 7.50 7.46?/2
Lire, cables .7.48 7.44'/2
Swiss, checks .4.95 4.97
Swiss, cables .4.92?/2 4.94%
(Quoted cents to the unit.)
Guilders, chocks .40A 40|'a
, Guilders,, cables .40% 40%
! 'Rubles, checks .12X0 12.00
Spain, checks .20.28 20.20
Spain, cables .20.38 20.30
Sweden, checks .26.60 26.60
Sweden, cables .26.75 26.75
Denmark, checks .24.90 24.95
Denmark, cables.25.00 25.10
Norway, checks.25.65 25.60
Norway, cables .25.80 25.80
Argentina, chocks.44.25 44.15
Argentina, cabios.44.35 4425
India, rupees, checks. .35.50 35.55
India, rupees, cables.. .35.65 35.63
India, rupees, cables
Reserve Bank rate..35.73 35.73
'Nominal.
Below is ?riven the current exchange
value of foreign money in dollars and
cents, together with the intrinsic cold
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 .0.40'/a 0.402
Lire, chocks . 0.13.5 0.19.3
Crowns (Denmark).025.65 0.26.8
Crowns (Sweden) .026.55 026.8
The above rates express the cost of
foreign money in terms of the Ameri?
can dollar. You buy an English pound
sterling, say, at $4.65. The intrinsic
parity is 14.86% por pound. Thus you
say either that pounds are at a dis?
count or 'ihat dollars are at a promium,
which is owing to the fact that ii> Eng?
land the demand for dollars with which
to settle accounts in this country is
greater than the demand in this coun
I try for pounds with which to settle
I accounts In England.
I IL S. War Expenses
Increasing Instead
Of Getting Smaller
$1,420,000,000 Laid Out in
April, Two-thirds to Pay
War Bills, One-third to
Help Allies Settle Debts
WASHINGTON, May 1.?Nearly six
months after the signing of the armi?
stice America'3 war expenses not only
are continuing without abatement, ,but
actually are increasing over those of
the last few months. This was shown
to-day by a Treasury report of govern?
ment outlays for April, umounting to
approximately $1,420,000,000, of which
about two-thirds went to pay the na?
tion's direct war bills and one-third
went to the Allies.
The gradual mounting of war ex?
penses from month to month, follow?
ing the big drop from around $2,000,
000,000 a month last December and
January, to $1,189,000,000 in February,
was cited by Treasury officials as a
very substantial reason why the Vic?
tory Loan must bo generously sub?
scribed.
War Debts Settled
The increase in the last two months
is attributed to the gradual settling
of manufacturers' accounts by the War
Department and by the higher demand
of the Allies for credits with which to
p?y bills previously incurred in this
country.
The tremendous outlays in April
raised the United States' actual expen?
ditures since the nation entered the
war to about $30,500,000,000. About
$9,000,000,000 of this has gone to the
Allies. Without war the government's
expenses probably would not have been
more than $3,000,000,000 in the two
years, officials believe. On this bast?,
it is indicated, the government has
passed something like $18,500,000,000
across the counter for war materials,
army equipment and supplies, merchant
ships, navy vessels and the "overhead"
costs of maintaining a big fighting ma?
chine. Through sale of materials on
hand and salvaging of considerable
government property, some officials
hope to get as much as $2,000,000,000.
Net war costs will be reduced by that
sum, whatever it may prove finally
to be.
In April the government checks paid
by the Treasury amounted to about
$982,000,000 for ordinary expenses, in?
cluding about $100,000.000 as interest
on Liberty bonds and certificates of
indebtedness. More than $400,000,000
went to the Allies, a larger sum than
in any month since last October. Near?
ly $11,000,000 went into farm loans.
War Savings Stamp Sale3 Lag
Income to meet these demands came
principally from sale of certificates of
indebtedness, from which about $700,
000,000 was realized in April. Ap?
proximately $100,000,000 came in from
the Victory Loan, $1,003,000 from the
third Liberty loan and $322,000 from
the fourth loan. Taxes brought in
about $425,000,000. Only $18,850,000
was realized from customs duties.
War savings stamps sales for April
were $9,500,000; in March they were
$10,143,000; in February, $15,816,000; in
January $70,996,000. Officials admit
that if sales do not increase materially
the war savings organization would
have to disband.
-,-.
Market Opinion
Urge Caution
Spencer Trask & Co. say: "Consid?
ering that for months the market was
relatively quiet and that stocks
started from the lowest levels touched
in years, the rapid advance so far has
been fully justified. But it is one thing
to drive with a free rein and another
to endanger control in the desire for
speed. We believe that a point is being
approached where extreme caution is
necessary. With ordinary foresight the
advanco can legitimately go consider?
ably further, but if prudence ia cast to
the winds and the public takes the bit
between its teeth we may all too soon
come to grief and lose a race which
has all the prospects of being a record
breaker."
Beware of "Specialists"
"As long as there is no evidence of
approaching money stringency and the
outside buying power continues to ex?
pand," E. W. Wagner & Co. state, "you
will undoubtedly witness bullish spe?
cialty operations. Would be extremely
careful about buying issues that have
had such big advances and which are
now being exploited."
Selling "Ex Cream"
According to Markoe, Morgan & Co.,
"American Steel Foundries shares may
still further discount the favorablo
features of tho reorganization plan,
but if the past is to be taken as a
precedent wo aro inclined to believe
that the speculative 'cream' has been
taken off this issue."
Going Up With the Market
ITH transactions on the New
.York Stock Exchange run?
ning daily in excess of a
million shares?there have been
twenty-six million share clays since
the current rise began in February
?the value of memberships is
rapidly climbing. Yesterday three
seats ' changed hands at $76,000
apiece, an advance of SI,000 over
'he price of the preceding sale, in
1914, when the exchange was closed
because of the outbreak of the
war, exchange sr-ats fell to $34,000.
The highest price on rccoid was
$95,000, made in 1906 when the mar?
ket was booming just prior to the
1907 panic.
Relevant Comment
The Day's Market
Stock market prices developed an up?
ward trend yesterday although the
movement was highly irregular. Trad?
ing proceeded at an active pace, deal?
ings being again well in excess of a
million shares. Sharp recoveries oc?
curred in a number of issues that dis?
played weakness on Wednesday.
There were heavy offerings of Steel
common during the session and that
issue fell to ? new low for the move?
ment of 96Vi. rallying at the close to
97%, where it showed a net loss of 14.
American Steel Foundries closed un?
changed after an early rise to 109 Va.
Other steels were steady.
It'was an active day in the ship?
ping shares, with Atlantic, Gulf & West
Indies advancing 6% points to 148%,
while Marine preferred, which sold on
the $10 dividend, closed 1% up at 110M).
Strong specialties were Kelly Spring?
field Tire, General Cigars, Lee Rubber
Tire, Burns Bros., Brown Shoe, Ameri?
can Ice, United Fruit, and Virginia
Carolina Chemical.
All shares were generally strong, with
Mexican Petroleum and Pan American
Petroleum leading. Royal Dutch shares
were steady.
Bond prices were strong and there
was active trading in the Liberty
Loan issues at substantial advances.
Not Unanimous
Opinion is by no means unanimous in
brokerage circles that the Stock Ex?
change governing committee has acted
wisely in recommending at this time
increases in commission charges to the
public. Despite the statement made in
behalf of the exchange that the cost of
conducting the business of the brokers
practically doubled during the war pe?
riod, in several offices the statement
was made that many firms were never
so prosperous a3 they are to-day. It
was also said that by increasing the
cost of speculating after a succession
of million-share days the exchange laid
itself open to renewed criticism from
those who havo been hostile in the past.
Unconfirmed
Nothing was known at the Mexican
Petroleum offices yesterday about re?
ports that negotiations between the
company and foreign steamship lines
for a supply of fuel oil "are progress?
ing." The reports further stated that
the "plans of the Mexican Petroleum
Company for the handling of this busi?
ness are understood to call for the for?
mation of a British company jointly
owned by Mexican Petroleum and the
big British ship owners." Mexican Pe?
troleum was one of the strongest feat?
ures in yesterday's stock market, the
price at the close being 4 points above
Wednesday's last sale.
New Steel Foundries Stock Ready
New common stock of the American
Steel Foundries Company, which is to
be issued to present shareholders on
the basis of three new shares for one
old, will be available for exchange at
the Equitable Trust Company on May
6, R. P. Lamont, president, announced
after a meeting of the directors yester?
day. After selling at the new high
record price of 109V6 on the Stock Ex?
change yesterday the price receded be?
fore the close to 10?, unchanged from
Wednesday's last sale.
Phila. Co. Gets Gas Rate Increase
Trading in the stock of the Philadel?
phia Company became more spirited
yesterday following the announcement
that the W'est Virginia Public Service
i Commission had granted the company
and other producers of natural gas ini
that state an increase of from 3 to 5
! cents per 1,000 feet in the selling price
for both industrial and privato con?
sumers. The closing price was 41^4,
up J/4.
Bond "Crowd" Divided
The bond "crowd" on the stock ex?
change is now divided into two groups,
one to take care of transactions in
United States Liberty bonds and the
other to handle all other kinds of
bonds. The space on the floor allotted
to trading in bonds has also been en?
larged to accommodate the broadening
market in this class of securities.
Significant Relations
Money and Prices:
Stock of money gold in tho country.,
New.
$3,034,213,002
Loans of all national banks.
Their surplus reserves.
Bills discounted and bought by Fed?
eral Reserve Banks.
Federal Reserve notes in circulation
Total gold reserve.
Average price of fifty stocks.
Average price of twenty-five bonds..
Food cost of living (Annalist index j
number) .3?5.815
General commodity price level (Dun's April t
index number) .219.973
Production: Mu gJ
Unfilled U. S. steel orders, tons.5,430,572
Pig iron output (daily average), tons 99,635
.... , ULI la13 yirl<!
Wheat crop, bushels. ^^^^^
Oat crop, bushels.
Corn crop, bushels.
Cotton, 500 lb. bales.
Dee. 31, 191S
$9,918,294,000
69,466,000
Last Ttrrlt.
$2,136.234.000
2,549,552,000
2,169,216,000
?esterdaj.
86.12
86.62
PrtTlous eins?.
85.62
86.60
.lie week Iwroro.
311.801
March 1.
217.037
_A Tetr a-?
$3,041,643,270
Nearest period
preceding jeax.
$9,390.836,000
105,977,000
A year *Ci?.
$4,204,587,000
1.526,232,000
1,827,000,000
A Tear age.
75.04
85.35
294.419
April 1. I9J8
280.313
Distribution :
Bank clearings.
14 rnadi
_^H Befund week
Gross railroad earnings.(1.89%
Last week.
^^^^^^^^^1.+ 16.1%
General :
Active cotton spindles.
Commercial failures (Dun's)
Number.
Feb. 2S.
6,010,787
B'*b. 2s,
105,006
_limate/1.
917,449,000
1,538,350,000
2,582,814,000
12,022,601 ?_
laurease or decrease from year before
???All Clase 1 road
A year ig?.
9,056,404
A year age.
103,648
The 1917 crop.
636,655,000
1,592,740,000
3,065,233,000
11,302,375
32,642,376
Mardi
629
Liabilities .$13,595,471
Building permits (Bradstrect's) : oi.mary mi?
(128 citica) .$29,890,942
Month nf
February.
121.3%
Week before.
+ 5.1%
Fctinnry.
33,282,593
February.
602
$11,489,183'
COOPERATION WITH OUR
CUSTOMERS
HPHE value of personal ac
quaintance and relationship
between our officers and our cus?
tomers has always been recog?
nized by this institution. It was
foreseen that as the bank grew
larger the tendency might be to
reduce business transactions to
a mere mechanical routine and
thus lose this valuable personal
contact. To overcome this pos
sibility it has been our policy to
keep in close touch with our
customers and to ascertain and
conform whenever possible to
their requirements.
?-,
? T&yi wu **.*?>*?iajs?y irr~i - - ?
s 14 Broadway
Am teerx between the columns of S:. Paul's Chapel
THF
JL JL 1,1 j
Resources over $250,000,000
General Motors
Directors Ask for
Larger Capital
"Want. Shareholders to Au?
thorize $500,000,000 Is
sue Each of Debentures
and Common Stock
Stockholders of the General Motors
Corporation will be asked by the direc?
tors to Sanction an amendment to the
company's charter Increasing the au?
thorized issue of debenture stock to
$500,000,000 and at the same time au?
thorizing an issue of $500,000,000 of
common stock. A special meeting to
vote on the proposition will be held
on June 12.
In making this announcement after
the annual meeting of the directors
held yesterday W. C. Durant, president
of the company, stated that the pur?
pose of asking for an increase in capi?
tal at this time was to make pro?
vision for future financing. He denied
that any negotiations for the purchase
of the Ford, Maxwell or other motor
concerns was contemplated.
It is understood that the directors
will lind it necessary to do some new
financing in the near future to carry
out the extensive plan for improve- ?
ments and expansion recently an?
nounced by Mr. Durant.
At the meeting of the directors !
W. P. Chrysler was elected first vice
president and H. H. Bassett was added
to the board of directors and executive
committees and also appointed gen?
eral manager of the Buick Division.
Mr. Bassett and F. W. Hohensee, gen?
eral manager of production of the
Chevrolet Division, were elected vice
presidents. The board of directors as
now constituted follows:
Pierre S. Du Pont, chairman; H. H.
Bassett, A. G. Bishop, R. H. Collins,
W. L. Day, H. F. Du Pont, Iren?e Du !
Pont, Lammot Du Pont, W. C. Durant, I
J. A. Haskell, F. W. Hohensee, L. G.
Kaufman, J. H. McClement, R. S. Mc?
Laughlin, C. S. Mott, J. J. Raskob, A.
P. Sloan, jr.; Edward Ver Linden and
F. W. Warner.
.-#-.
Shift in Holdings
Of New Haven Stock
List Shows Express Companies
Have Been Selling Heavily
in Last Year
A heavy decline in investment hold?
ings of New York, New Haven & Hart?
ford Railroad stock with a correspond?
ing gain in speculative holdings is re?
vealed in the latest shareholders' list
of the company. The American Ex?
press Company disposed of practically
all its stock in the past year, the books
of the railroad on April 16 showing it
to be the owner of only 625 shares,
compared with 20,234 shares on April
1, 1918, and 35,640 shares on April 1,
1917.
The Adams Express Company in the (
past twelve months sold 10,000 shares j
of New Haven, bringing its total down !
to 14,730 shares. The Mutual Life In- j
surance Company reduced its owner- i
ship by 5,000 shares, to 30,640. The !
late Morton F. Plant was credited with
fi,900 shares in April, 1918, while his
name appears on this year's list with
only 200 shares. F. A. Potter, of New
York, sold half of his former holdings
of 2,000 shares.
Among those who no longer appear
on the New Haven stockholders' list
are H. F. Davis, who formerly held
3,500 shares; John B. Manning, for?
merly credited with 2,105 shares, and
S. D. Babcock, who in April, 1918, had j
1,560 shares. Holdings of the fourteen
directors of the road show a net de?
crease of 350 shares. T. De Witt Cuy
!er reduced his ownership from 6,050
to 5,650 shares; James L. Richards dis?
posed of 300 shares, bringing his total
down to 900; Francis T. Maxwell in?
creased his purchases from 400 to 500
shares, and J. B. R?ssel brought h?3 in?
terest from 50 up to 300 ?hares.
Sixty banking and brokerage firms on
April 16 had on their books 162,511
shares of New Haven stock, an increase
of 31,797 shares, or 25 per cent over a
year ago. In April, 1917, these same
firms held 106,815 shares and in 1916
their holdings totalled 108,015 shares.
J. S. Bache & Co. are down for 14,542
shares contrasted with only 882 shares
a year ago.
?^nx^x-k-mk-x?:"^
I N V E S T !
We will loan you money
on your Victory Loan Notes
SUBSCRIBED THROUGH US BEFORE
MAY ioM on the FOLLOWING TERMS:
4 3"4?/o for 9? days a?id one renewal for
CO days at4 3-4C/0
Franklin Trun Company
Established 1888
New York Off.ces:
46 Wall Street. Madison Ave. & 40th Street
Brooklyn Offices:
166 Montague Street 569 Fulton Street
100 5 Wallabout Market
<?;?>>x^x^x->X"X?x*<<?X"?? *<x??x^?X"X*c<*?x^fr ?^ <?
We specialize in
Salt Creek Producers
STOCK AND SCRIP
Bought and Sold
GWYNNE BROS.
25 Broad St., New York
Telephone Broad 3232
SALT CREEK PRODUCERS
Wyoming's Leading Oil Producing Company
This corporation, controlling the greater part of the Salt Creek
poo!, Wyoming, now has a production of 15,000 barrels of crude oil
daily, all of which is taken by the Midwest Refining Company.
As result of the merger of several producing properties into the
SALT CREEK PRODUCERS ASSOCIATION, economies of operation j
have been effected, while increased output of the field has been I
facilitated.
Full Information on Request
ANTONIDES & CO.
I
Investment Securities
rst National Bank BIdg. Denver, Colo.
New Jersey Zinc Reports
Smaller Net for Quarter
Total income of the New Jersey Zinc
Company for the first quarter of the
current year amounted to $2,855,427,
which compares with $5,338,796 for the
corresponding months of last year.
After $115,000 for interest and reserves
and $570,000 in Federal taxes, net in?
come of $2,170,427 was equivalent to
$6.20 a share earned on the $35.000.000
capital stock. This compares with
$10.29 a share in the March (19181
quarter. Holders of the stock shared
$1,400,000 in dividends, leaving a sur?
plus of $770,427.
. ? ?
Deficit for Dome Mines
The Dome Mines Company, Ltd., in
its nnnual report for 1918 showed n
total loss from operation of $221,082,
which compares with a total income for
the preceding year of $236",459. To
this amount depreciation aggregating
New Mexico &
Arizona Land Co.
TRADED IN
Complete description of this property
upon request.
William C. Orton
Specialist in Reorganization Securitie*^
25 Broad St, N. Y. Phone 7160-1-2 Broad
$231.374 was added, making a deficit of
$455,456. No dividends were paid dur?
ing the year.