New-York tribune. [volume], May 06, 1919, Page 13, Image 13

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

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arkets
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it oak markst eommitm^nta and
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and ma?e gratia. Special
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[ Chicago Board of Trade
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?!
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BEST
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Investment
VICTORY NOTES
to net 4 3=4vo
We shall be glad to take
care of your subscription.
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Ma.-;.ne Financing
Mar;n?s S-?cuntiw
139 Broadway, Nerw York
Foreign Exchange Le?en of Crcdh
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CUDAHY PACKING
Latest information in otrr Weekly
Market Lrtter. ?cnt ?pon request.
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57 Exchange PL, N.Y.
Texas Pacific
Coal & Oil
Stock & "Rights"
J-K,R?ce,Jr.&Co.
**-.OTi?Br. <,'.: ', to ?010 .r-hn. 88 '?'?"' .. .'?* V.
JEWEL TEA
<vn rfijiHif.
* W- ?V.i.irawf aiXJm lift?
"< Bl?'.?',?dv M y Phon?! Roctor 4219.7
Liberal Interest
r-n daily balances.
?WktropoHtan Trnit Company
?>f th? Ml? ?t S**m tm/k
;i? Fifth Av?
**** * ! 'n1?(.l?r?. r O.rwli
NOBLE & CORWIN
'?:" HrrjtiA ht N>w V?,rk
?W Nati Bk. Babcock ftc Wiiox
fcutim Trust Co. r>t?? EJcvatOT
(Copyright. 1919. New York Tribun? too.)
Stocks even of railroad companies
that are not digging for oil ad?
vanced yesterday. Gains of 2*4
points in Canadian Pacific, 3H in
Norfolk & Western, 4 in Delaware
& Hudson, 4li in Atlantic Coast
Line and 17 in Delaware, Lacka
wanna & Western combined to aid
in an average advance in railroad
shares exceeding: that of industri?is
for one of the few times in many
weeks.
Since the present movement be?
gan in February, the industrial
shares have advanced from three to
four times as much a3 railroad
shares. Time was when the average
of railroad shares sold always
higher than industrials. The indus?
trial stocks pased the railroads in
the fall of 1915; but even so the
advances and declines of railroad and
industrial shares, in swings both
large and minute, have followed each
other closely. The present move?
ment is the first in at least five
years in which industrials have gone
ecstatically up and railroad shares
have remained on virtually the
same leveL The piesent spread of
some 22 points between the two
average levels of prices is the great?
est since 1915 .und the greatest de?
cline of the railroads below the
inc?oi?trials on record.
It is probably the first time in his?
tory that Wall Street looked to the
early convening of Congress as a
bullish fact.
The present market has lasted
three months. In the broadest trad?
ing and greatest activity in years,
it has all the earmarks of a "major
bull movement." Bat in such a mar?
ket stocks usually pass from "strong
hands" to "weak hands." In addi?
tion, certain methods of trading ap?
pear. Stop-loss orders are placed.
Money, Credit
Call money opened and renewed at
4% per cent, and declined during the
day to 3% per cent and then to oV4. per
cent, the lowest rate in more than a
year. No explanation seemed available
save probable .government operations.
Time money was unchanged, with
funds offered and lending at 5?? per
cent for sixty and ninety dayH on all
indnstrial co'.Iateral.
The ruling rates for money yester?
day, compared -with a-year ago, were as
follows:
Yesterday.Year ago.
Pereent. Percent.
Call money:
On mixed collateral <% 3%.
On in dus. collateral 5 ?
Time money (mixed collateral):
8ixty d*ys.._...... 5%@6 8
Ninety days..... 5%@6 6
Four months..........5%.@6 6
Five to six months. 5^i@6 6
Bank Acceptances.?Rates were un?
changed yesterday.
Thirty Sixty Ninety
! Spot de- days. days. days.
livery: Per centP?r cent.Per cent.
I Eligible
member
banks ,...4A@4 4?4@4-rV 4A?4'/4
? Eligible
non-mem?
ber bariks.4-rV@4 4-fV@4?4 4%@4 h
?Ineligible
bank bills?i4@4'/2 $Ya?W* 5i,4@4*4
?for delivery within thirty days:
Per cent
Eligible member banks.4r?
Viigible non-member hanks.4>/2
Ineligible bank billa. 6
Discount Rates,?The following table
gives the current rates of the twelve
Federal Reserve banks on commercial
paper for all periods up to ninety days:
5 ? 2
Serta & e5
- "S- a8 3$
? m 'J* ?
;|?3 :S if
il;? 1 ? j ?
Boston ... 4 ' 4% 4%
New York. ?.? 4 4?i 4%
'Philadelphia ... 4 4% 434
?Clevelaad .Wa *% *%
?Richmond.4% 5 5
Atlanta_.,. 4 4% 434
Chicago .4 43,4 43/4
St Looia.~ 4 4% 4%
.Minneapolis ?..4 4% 5
?Kansas City.... 4'/a Wa 5'/4
Dallas. 4 434 5
San Francisco... 4 5 5
The Federal Reserve Bank of New
York has put in force the following
schedule of rediscount ratea whicn
: apply to bankers' acceptances: Maturi?
ties up to 15 davs, 4 per cent; 16 to 60
days, inclusivo. 4% per cent; 61 to
90 days, inclusive, 4ft per cent
Bank Clearings.??ank clearings yes?
terday were:
Exchanges. Balane???.
New York. _$453.573,057 ?J63.872.379
Boston .- 27,881,679 12,064,773
Chicago_ 97,350 107 9,804,76C
Silver.- -London, 48ttd, unchanged;
New York, 11.01%, unchanged; Mexican
I do?ar?, 7T'/4c, unchanged.
Sub/Trea*nry. ? The Sob-TrsMtiry
gained ?2,2L7,0OO from the banks on
Saturday.
ITie Dollar InForeign Exchange
Exchange rates moved sharplj
Bgainst Paris in this market following
a. ?harp docllus In frnni-s in London
.-?/,-. ng <: lotation was 8.14 \~?
francs to the dollar for cheeks, a now
lew for the ytir, which compares wit*
n raetnit hitch rat? of around 5.45.
?'?-rlJng exchangi? displayed a stTOTJt
ton? and London cablea went U
economics
i
which to the bears are an eternal
temptation. More stock is 1
?with the paper profits of th
vious advance, which .;?
a sight at which the bear also rubs
his hands. Marg
ous as Th-- broker i Hows', an
a decline should i
ask for more mar?
holdings of ?stock compared to his
holdings of cash wo . o large
that he could not furnish it. All
that is the usual process am
usual reason for vicien:
within a bull market. Bu1 I
no present evidence fr m
sion hi :
that stop-loss ordi rs an
t hat pyrs ? - I
that the banks ?are fearsome and
about to "call a halt."
Call money opened at 4^? per
cent yesterday and declined to 2U
per cent. That is 1 I i ??
in more than a yor-.r. The
is pro1 -?
ment operations v ith t]
One b-anki r made .
that the banks had possibly a,
a large amount of funds through
the payment cf initial deposits on
Vitrtory bonds by subscribers. What- .
?aver the explanation, it is remark?
able that such a rate should be pos?
sible in the midst of a $4,500,000,000
government loan campaign, in the
midst of the greatest day to day
stock market speculation in two and
one-half years, and immediately fol?
lowing a week in which
creased $117,000.000 at " " rk
Clearing House banks, the ;??
largest weekly loan ex]
the year.
The dividend on Interr.atior.al
Nickel common stock was ?
yesterday and the stock closed a*;
25%. Its par value is $25; thus
no-dividend stock is selling above
par.
and Exchange
?4.H9%. Neutral exchanges wer?
steady.
Closing ratea yesterday, com]
with a week ago, follow:
(Quoted dollars to the pc'Tnd.)
Yes?
terday, ago.
Sterling, demand .$4.68% $4.67'/a
Sterling, cablea . 4.69% :
Sterling, sixty day? ... 4.5 G' a 4.64%
Sterling, ninety days ..4.64%
(Quoted units to the do
Francs, chocks . 6.14'/2 6.07
Francs, cabios .6.'!2! ? 6.05
Belgium, francs, checks 6.45 6.37
Belgium, franc3, cables 6.43 ?.35
Lire, chocks _ 7.55
Lire, cables . 7.53
Swi?s, francs, diodes.. 4.98 4.98<4
Swiss, francs, cables.. 4.95 4 rK' 2
(Quoted cent3 to the unit.)
Guilders, checks.40J4 4C'4
Guilders, cables...... .-'-Of*- ~r.-\
Sweden, checks .-.2S.40 25?55
Sweden, cables _25 GO 26.76
Denmark, checks ._2^.65 24.90
Denmark, cables _24.05 25."!0
Norway, checks .25.55 25.60
Norway, cables _25.75 25.?0
! Pesetas, checks .20.20
Pesetas, cables .20.30 20.40
?Greece, checks ..._19.26
Greece, cables .19.30 19.16
I India, rupees, cable?. .35.73
?Japan, yen, checks-51.75 51.75
I Japan, yon, cabios ....51.90
Argentina, c h e c k s .90 \/z 99 ' 2
'Argentina, cables -.99 99
Brazil, Rio, c.'?b;??s.27.25 26.S-"
Brazil, Rio, chocks_27.?5 25.70
Unstjueezins Mr. Livermore
About a Siory "Not At All in
3veepin??,, With a Market's
"Dignity"
Financial Edil r of the Tribune
Sirs The article '.r: - r I ;ue of
April 25, 1919, headed "Liv< ra
; Squeezed in Corn," is bcuxi
. n<jt at all in ko? ping
' cf this association an ; Its meml
Inasmuch as we supi
we happen to k:.
: had no interest at
ing tho advance referred to Ii
noction with the Roberts profil of
|f 2,000,000.
I would also K.'iy That there Is no
?truth in this statement eitheT bo fai
i S3 the numbor of bushels and the prof
' it is concerned. Mr. '... i - ?
i member of this association, and ??
i lieve you real ie
S that has existed b? tween our
and the food adi on.
a common unde
' ulation and i
?
-is high as 5
?us much as
officers so far :.
cenverned.
We trust it will bo possible for you
to give some notice of this con
So far us Mr. Livermore is concerned
ho has always coi ith us vol?
untarily, ai:d hafl
not '?'.a
?- f this e:
the City
of Cl ?cago.
White Motor Co. increases
Capital to $20,000,000
The White Motor ( ompany I
cid'??i to Incre tse its caplt il stocl 11
816,000, i00 to
n?"w capital st? ' will b i ?' r
stockholdOTa
share,
- derived by the
ry for i
. ?? -
Ohio I'm-1 Supply Company '?'??
p?ture?, aprecia ???? ?? *.nd
Inga ?or 'tm guatf
161 ?. r.-?r?. |l,8tl ' r<< ' '?'?' '
. $hj 1 "671). Le*vtn? ?. ?urplu? ?<t J*01,7*5.
Restrictions on
Silver Price and
Export Removed
Free Market for Me?al Etab?
li.=hed Throughout World
As Result of Action by
Federal Reserve Board
E ?Restrictions
on the ?; ? I rer and stai
: the pi :e at $1.01% p -
1 to-day by the
?ve Board thus in effect
ree market for silver
the 1
?
.' - t 15
-: rd p?r
. ?
imi
? i,
war, and on
rs was not more than
?
required I
? export of
?
?
-
"This change of the polic I grant?
ing licenses does not I lth th?
tig an application X:
licenses to export sliver bullion o.t
c< in of foreign mintage. Such
applications must, as heretofore, be
fllod through the Federal Reserve
Banks of the appropriate district, but
3uch applications will be freely
granted.
"The Secretary of the Treasury does
not contemplate and further sales of
silver under the Rittman act, except,
nctors of the Mint."
U. S. Steel Buys
Land in New Jer?ev
Subsidiary Takes Over Plot of
54 Acres on Passaic River
The United Stal orporation,
?- ? liary, the Carnegie
teel ; ?? announced
....
N. J., ' the Pas saic
i
, .... ...
? ' '
.ir months
I
?rpora
tion's offic : ?'
' SO Will
just acquired. It
? a ;;ew steei
it.
Tha - agh th"
-
? . n Kear
ikes over
acn ag - it will bave ail
ho I "
:; & New '.
nrii! tho Lincoln Highway and between
? .
f aboul
? d by the Ford MotOT Com
Buys California Oil Land
made yesterday
? " tl ' ?"?.' ? h Peta
-- : - id a thirl
.-? '
in the new
red by the
? y.
said the an
'?! Company
: in a 10,
? ' ed down to
arrels. The
immon
?
......
Money for the Troops
A rmy 'ruck,
? - ?? - : by armed sol
? ? the rear
?
a
. . ... .
?
? - ti by
.' i rt M. Lor I
ince of the Ur
tatos g rmy, who '? ? shipping it to
' will bo distributed
payrolls.
? '
. ??--? erday,
Ingin
... rning troops
cur
Barnes Acts to
Prevent Rise in
Prices of Grains
Corn Slumps Heavily Fol
1 owing Announcement
That Wheat Director Has
Arranged for Imports
Corn prices. af*?r reaching new high
? ? rds again yesterday, collapsed on
the announcement that Julius H.
Barnes, Federal wheat director, had
arranged for importation of Canadian
For ahont ton -.- the inline
was panicky. Gra tl rown on the
_-'-- to get
i y? cent and
. ? , Before the
. ': ay ro-n had fall?
en from $1.73 3 8 to $1.66 and July had
tumbled from $1.72 to $1.62. Values
fell so fast that orders to buy were
: executed 2 cents under the price
named.
According to a dispatch from Min
"r-, Barnes Btated 'hat de
ails of 1
nee
t the ? ?
.
imount of ....
? that rhe Grain
poration had purchased 25,
bushels of wheat from Canada. He
said that a moderate downward re?
vision in the pric?s of foodstuffs is
anticipated and that sufficient whiat
! is available to keep the price of flour
from exceeding $12 a barrel. No radi
? cal price revision can be expected, he
declared, until export demands ?re
greatly reduced.
F:r3t reports of the lifting of the
! embargo on Canadian wheat were exag
\ gerr.ted, and when this was realized
' prices in the corn market rebounded.
Early rumors were that all irr:
bad been removed, an.i this
: an avail f grain to be
the market. Later, when
it became known that only a moderate
Impi r1 rranged for and
that no rad n ' Istuff
prices was expected at present, sup
port was givei larl i I prices
?- led.
market started off yesterday l-\i
to 2; -, the pr vious closing
on news of light receipts of corn and
higher prices for lio?;'-. Pri :es worked
but traders seemed cautions
profit taking n ? - -.ceable.
wore numerous reactions and
Lnaly culmii
cli ared
away pr c? ? shovri 1 net I ?sea for - s
. ? ? ?;;.t cents. May corn
" " i, July at $1.6514 and
Septemh ir at $1.60.
-??,-,
Omit Dividend on
Nickel Common Stock
Action Taken Because of Fall?
ing Off in Business,
Directors State
Directors of the international
? Nicke" - voted yesterday to
omit a quarterly dividend on the
? this time. 7"hree
?- 50 cent.? a shore was
declared, which was a reduction from
last November.
An official statement said:
?''Because of the decreased earn?
ings of the company during tho last
quarter of the fiscal year, due to
? off in the domestic busi
and tho almost entire cessation
and because it
rabie i : irvo the
arces of the company to
Eu. ? -.. tho di?
rectors have deemed It inadvisable
to declare any further distribution
on the " e, and
to pass the d -
? ?? would bo payable
on June I."
mal Nickel, following the
? vidend, declii
fn m 27
; md closed at 25%s,
All Local Exchanges
Wrill Be Closed To-day
All ? hanges in the finan
': " t wil - ised to-day
- the 77th
.;ion. The banks, however,
will remain open as require?i by
i law. The only important do?
mestic market that will be open
for business is the Chicago
Board of Trade. The New Or?
leans Cotton Exchange will be
closed along with the New York
Cotton Ex hange.
_,_
Additional financial news
will he found on Page 15.
Significant Re?a?io
Money and Prices:
Stock of money guid ?n the country.
ns
Loans of a!l national hanks.
olas ri-serves .
tinted and bought by Fed
? Banks.
ral Reserve notes In circulation
otal i reserve.
Average price of ?fty stocks.
\viii of twenty-five bonde..
Food cos' of living (Anr.aliat index
number) .,."3?9.9?7
Genera ity price level (Dun's
index number) .219.973
Productions Siu v?
Unfilled I. S. steel orders, tons.5,43
Mar : I
Iron output (dsiiy average), tons 39,685
Now.
$3,034,213,002
_I. 191?
$9,9! 8,294,000
69,466,000
$2,136,234,000
2,549,552,000
2,169.215,C00
Vwteriiaj
87.62
i
I.a-it -*?(M
A r?ar ?*?.
$3,041,643,270
Der -, '.
pr?erdlng year.
$9.390.836.000
1O5.977.0iX)
A your ?a?
51.204.587.000
1.526.232.000
1,827,000.000
oua cloa* A ysar tea.
75.52
84.98
A 7-Jir mr,
2S3.3S3
April : taia
230.3! 3
trtv:
87.04
E8.?2
.. - ..... Drift?*
315.615
217.037
iTeb 2S
5,010,737
105,006
Wheat crop, bushels.
- ;-? p, bushels. ...
< lorn crop, bushel?-...
Cotton, 500 ib. bales.
11 fin-Li
Third w iol
' ?
.-*2.51<^
Tikis'
Distribution 3
Gross railroad earntngrs.?_^^...
Lank clearings.+ 18.1'
Gen - \:,- ,
ton spindles.32.642.370
: ires (Dun's)
Nu n i tier .^^H_
Liabilities .$11,450,462
Building: penuits (Bradstrcet's): \rt-i, mio
(128 cities) .$58.?98,?97
917,449,000
1.533,350.000
2,332.314.000
12,022,601 ?_
In'.Te??e or deerease frera year b
?-AH C?um 1 ruad
A year ??r?.
9,050,404
A year ?ja.
103.643
rh? 1017 rep
636.655.000
1,592,740.000
3,065.233,000
11,302,375
Ai I
543
Month of
February
? 21 1%
We ii bel re
33,282,593
620
$13,595,471
A year airo.
33,709,976
A y nor ajro.
905
$14.271,849
Min-h 1918.
$59,274,249
j - i
; I
fi
Why You Should Buy
j VICTORY BONDS
N To the Utmost
Patriotism:
It is a patriotic duty to pay the debt of victory?to pay it
fully and to pay it liberally. The money you lend vour Gov?
ernment pays the Army's meal ticket, the Army's pavroi!? tho
Army's transportation bill.
??but if you feel that you are compelled to sacrifice par-- )tism
and look to your own welfare?forget patriotism?look at I
question from a cold-blooded business standpoint.
i
t \ Busirresst
?I
The braks of the country can take this Victory Loan {f?t should
prove necessary?-4mt every bond bought by the banks because
of the failure offtcrtrzen to suppuit the loan means simplv this?
That the pnrehasimg power of your money which you withhold
will decrease accordingly, because bank buying will mean ac,::
tional inflation of currency?more credit liability and hig
prices. It will mean that industry, business and commerce must
suffer because the banks will be unable to loan money in suffi
cient quantities and at a fair rate to the business man. If busin
and industry suffer, every one of us will suffer.
! !!
r. r
, ' Profit:
If you buy your share of these Victory Bonds and thereby
in lowering the cost of living, the increased purchasing; power of
your money will pay for the bonds you buy. it will mean :
lighter burden of taxes in future years.
Think it over in the light of a business proposition from v
Government?then enter your subscription for the loan to vour
j utmost capacity. If you enter your subscription through i
institution we assure you of our most sincere appreciation. Pl<
consider the facilities of our entire organization at you:- di ?:
i ii
! H
"New York will see it through "
The Equitable Trust Company of New York
!
37 Wall Street, New York
New York Offices Foreign Offices
Madison Avenue at 45th Street London: 3 Kfn?r William St,, E.C. i
222 Broadway Paris: 23 Roe de La Paix
? !
I I _
Market Opinion
Still Hope for Laggards
Hayden, Stone ?& C<? say: "The first
j Etage of the rise is, perhaps, over, and
a level has been reached where one
; must expect more frequent and more
severe reactions, but there is no doubt
: . it the public is getting into this mar
- -. :.;at the wave of speculation and
inflation is spreading, and we do not
believe it will run its course until
m iny stocks that have not yet felt its
? influence are selling a good deal
j higher."
"Special Attrartions" to Attra<rt
According to T. L. Watson <& Co.,
'- "future activities are likely to be
largely of the group order, i. e., when
erecial attractions lie in certain lines
' of business, their securities will reflect
it, whether or not ttie general stock
? .ves in accordance."
Middle West Is Obstinate
"Buying of stocks," Nichols & Stone
; state, "is being undertaken on a heavy
; scale by Middle Western and Far West?
ern operators, who cannot be dissuaded
! from their belief in the coming pros
? perity of the country. A survey of
rig conditions carries little of a
i depressing nature, but, on the contrary,
w uld 3eem to afford justification for
' confidence as to both industrial and
commercial conditions."
Question Within a Question
"The Odd Lot Review" says: "The
question as to what Steel common is
v. irth is simply a question as to what
sort of business the corporation is tc
enjoy within, say, the next six moni I
When to Buy
"While we are not incluined par?
ticularly to advocate the purchase o?
'? the motors around present high?
; ricos," Markoe, Morgan &. Co. say.
"we believe that these securities car.
be accumulated profitably on any
si ght react.on from existing levels."
Not in General Class
The following was put on the wire
yesterday by Chandler Brothers & Co.:
"If you think things in general are
1 too high iust now- buy the copper
stocks, Inspiration. Greene Cananea,
Anaconda and Chile. Some of these
days there may be surprising upward
swings in these stocks.
CENTRAL UK10N TRUST CO.
of New Turk
80 Broadway
BRANCHES
Ith Avenu* at MUtt ?trau
MftdlMn Aver ? at ?Und mrw)
8th Anna? st S8th Btnwt
Capital. ttnrplua ?nd rndt-tde4
ProfiU ?30.000.000.
SALT CREEK PRODUCERS
Wyoming's Leading Oil Producing Company
This corporation, controlling the ?
pool, Wyoming, now has a production of i :
daily, al! of which is taken by the Midwest Pefi:
As result of the merger of s?sveral prod
SALT CREEK PRODUCERS ASSOCIAT!
have been effected, while Increased out] it f the i bt?eo
facilitated.
Full Information 01 B.?~-uct
ANTONIDES & CO.
Investment Securities
First National Bank Bldg. Denver, Colo.
?
TODAY
Listed New York Stocks
Orders executed on
Boston Stock Exchange
TELEPHONE RECTOR 2640.
EARNEST E. SMITH & CO.
Earnest E. Smith. A "red 5. Dabnc'y. ', :
MEMBERS NEW YORK & BOSTON STOCK EXCHANGES
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To Every Holder of Railroad Securities:
If you believe that the j*?opl? who
something to say about -what Is to v?
If you want to co-operate In the way to ?
m?sot or your riirhts an a. ?ha re he . ? - or 1 . . ld?sr?
join tri; Railway Investors' League
(A L^wru?? r,f Ir.?-"??*ors not <:or.r..?<-tei3 wltn any other Organization.)
Pre? '
V Prea -
.4 payment oi $2 or more makes you an active r:?r.:r<er.
(Every ?5oil?ar :? ua?e?l In furtherance of.
THE RAILWAY INVESTORS' LEAGUE
01 BROADWAY Statement of principle? pn rvqoast nkw toRK