FINANCIAL BUREAU? Tribune Building 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 ?l Broadvrav. Tel. ?G10 Bowling Green A/aury, Rogers & Auchincloss r~S. V. Storl* TXrhnrifre Member* A N? Y. Cotton Excbange ! 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 *"' ' ' JEWEL TEA 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 ej.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*?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*<