New-York tribune. [volume], May 08, 1919, Page 17, Image 17

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

Image provided by: Library of Congress, Washington, DC

                
FINANCIAL BUREAU:
Tribune Building
154 Nassau Street
Wealth?Markets?Investments
TE?LEPHONES:
Bsekman 3000
Beekman 8243
Assured
Income
CITIES SERVICE COM
L- I'ANV'S 84 public utility
and -" oil subsidiaries afford
the investor the strength of
diversified investments.
The Company is not subject
to risks encountered by cor
rorations restricted to a single
line of business.
Preferred dividend was earned
over five times in tots.
Cities Sen-ice Preferred Stock.
yields about ~]?('c at present
prices.
Monthly Dividends
Monthly Earning Statements
Write for Circular T. E. 103
Henry L. .Doherty
& Company
60 Wall Street
New York
| MACKAY&CO.
BANKERS
V
Victory
Liberty
Loan
V
14 Wall Street
New York
Miller. & Go.
/Aembers
NeWxbrk ??ock.Exch?n?e
Securities Bought for In?
vestment or Carried
on Conservative
Margin
?20 BROADWAY
Branch. Offices
212 FIFTH AVENUE
S.V. COR. 26 STREET
LONGACRE BUILDING
N. E.CCR. 42ni ST d- BROADWAY
l"
NEWYORK,
Pennsylvania
Railroad
OUfi Information and
Statistical Department
just prepared an anal?
ysis of the merit of Penn?
sylvania Railroad shares.
This is embodied in a brief
review of the history of
this great railroad from its
organization, and covers
such important points of
interest to investors as
party holdings, mileage
id and operated, in?
come account, balance
sheet, earnings, dividends,
surplus, estimated asset
value of the shares, dis?
tribution of the shares
geographically and market
conditions surrounding the
secoi
Mak M twt-Mi for K?Zil
HUGHES & DIER
aoMera , ru;, p.^o Board Ot Trad?
50 Broad St., New York
&?'.i tii r-l. '?'?'- Kroad 1262-3-4-S.
tpU-wJJ OflVt?, 67 W. J'i?th St.
PhWafltrrV? ?4M WnJELit Str??t
J. K.Rice, Jr. & Co. Buy & Sell
? 'jt 1.- < -i.rii. ,V Pld,
? ?'l??<r?-I,ii*k.y
11,? : rahn
?Jiar Mar O?M
?'.m 'f>nM
MmM?iu} ~jc*:(u'?.\mi.
J'<?... f ??J 4 < OKI!
, ?raitiei <><? * Cum
S Tn^.l-.i- ,?.. ( i.aMfcOfJMvrkA"???^"
J.K,Rice,Jr.&Co.
JEWEL TEA
? % HteeAal ht'.t'r on rviwist.
IM < ?M. ti?,Ot ytr\,*i.?A 'A S X,
'i U CsfKHAOWAV. ?*. V. PU?*? K??i?r ?5?.7.
Murfe A. Noble Xh?,<l?,fi ?. f?rwln
NOBLE & CORWIN
Cha?? N*t. fck. Borden'? Com.
Bank?iA }ry>t Co. 0?ts tl^vator
(Copyrififc*.. 1913. New Yorii TriVunu Inc.) )
Trading yesterday exceeded one
million and a naif shares. More dif?
ferent issues were traded in than
on any previous day in the history
of the exchange, and industrial and
railroad stocks, in the average price.
compilations of The Tribune, both
reached new high records for the ;
year.
The advance in the railroad stocks
incited by the official statement that
an extra session of Congress would
be called for May 19 would pos?
sibly have been much greater had it
not been for the statement of the
director general, in the morning
papers, exhibiting the poor earnings
of the railroads for the first three
months of the year and declaring
that "present conditions are too ab?
normal to serve as a basis for any
general changes in the level of rates ;
and that it is preferable to defer j
action."
But reviving optimism on the rail?
road stocks has deep roots. In the
more narrow market considerations
there is the thought that the railroad
stocks, having risen only one-fourth
or one-third as much as the indus-1
trial stocks in the last three months, j
have so much more prosperity to dis- j
count. Their "technical position" is ;
presumably better. The roads will
this fall have to carry the greatest j
wheat crop on record. The present
temper of Congress is less antag- '
onistic than it has been in years.
Some think a rate increase, even if
delayed, is ultimately inevitable.
And when government war loans
have ceased to provide an outlet for
investment funds dividend-paying
railroad stocks may regain some of
their old attraction.
The distinction should always be
kept in mind between a deficit of the
Money, Credit
At the opening and throughout the
greater part of the Stock Exchange
session, money continued at the re?
markably easy level established Mon?
day. The renewal and ruling rate was
4 per cent. At the very end of the
day rates jumped perpendicularly to 6
per jient. Among explanations were
government operations and withdrawal
of funds by out-of-town banks.
A little time money was loaned and
renewed at 59* per cent for sixty and
ninety days on all industrial collateral.
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 t 334
On indus, collateral i% ?
Time money (mixed collateral):
Sixty days. 5^4 @6 6
Ninety days-.... 5%@6 6
Four months.5%.@S 6
Five to six months. 5%@6 6
Bank Acceptances.?Rates were un?
changed yesterday.
Thirty Sixty Ninety
Spot de- days. days. daya.
livery : Per cent?;?r cent.Per cent.
Eligible
member
banks ....4&@4 4i/4@4A 4rt@4</4
Eligible
non-mem?
ber banks.4A@4 4r?@4,,4 4%@4rt
Ineligible
bank bill3.5i/4@4?/2 5/4@4!/2 5!/4@4%
afor delivery within thirty ?lays:
Per cent.
Eligible member banks.4r*
Sligible non-member baDks... . 4?/?
Ineligible bank bills. ?
Discount Rates.?The following table
gives the current rate3 of the twelve
Federal Reserve banks on commerciai
paper for all periods up to ninety daya:
,-M?turU#-.,
c ?7 g s ?X ~
?0&9 I* 6?
: :-S S ?s
"ft,
:l;f
5- ? ?v1
.. J if
:||b :? i?
Boston . 4 4% 4% ?
New York. 4 *& 4% ?
Philadelphia ... 4 4% 4%
Cleveland . 4'/4 4% 4%.:
Richmond. Ar% 6 5
Atlanta. 4 434 4%
Chicago . 4 43/4 4%;
St. Louis. 4 4% 4-%
Minneapolis .... 4 4% 6
Kansas City_ 4'/a 5?/4 6?4 !
Dallas. A 4% 5
'?rxn Francisco... 4 5 5
The Federal Reserve Bank of New
York haa put in force the following
schedules of rediscount rates whicti
apply to bankers' acceptances: Maturi?
ties up to 10 daye, 4 per cent; 1? to 60
daya, inciunive. 4?4 per cent; 61 to
DO daya, inclusive, 1?4 por cent.
Bank Clearing?.?ttank clearings yes
icjrauy were:
Exchanges. Balances.
New York.$365,250,090 $48,622,397
Boston . 51,973,668 8.07.2,583
Chicago . 84,160.265 7,179,565
Philadelphia .. 73,6.98,957 16,558,198
Silver.----London, 4H%d; down V?d;
N??W York, |L01%; Mexican dolhu-a,
ty^ <??<??. %C. _
Sub-Treaaury. ? The Sub-Treasury
debit bulan?-': at New York Clearing
House was %'A'Jl,h'j).
London Money Market- London, May
( 1.?Cloning: Money, 8% per cent. Dia
i count rau?: Short and tbrec monies'
bill?, 8% per cent. Gold premium a at
Lisbon, U0.0O.
'The Dollar in ?oreigu Evcliau^
Vr?iH'i* ?sxctmnge continued un?iv?'
?pressure in y^atvf day's market, failing
railroads and a deficit of the rail?
road administration. The present
"deficit" of $133,000,000 or $192,
000,000 for the first three months of
this year represents merely the net,
less of the taxpayers to the railway
security holders in that time. There
is no average deficit in the usual
sense?that is, a decline of total re?
ceipts below total expenses; there
is, in fact, a net operating income
for the first quarter of 1919 of :
$39,814,000. The "deficit" of
$133,000,000 is merely the decline
of this figure below the, $173,000,
000 net operating income of the !
average guaranteed earnings for the
first quarters of 1915, 1916 and j
1917. Only the Eastern roads had
a real deficit at the end of the
first three months; it amounted to ;
$3,617,000.
Director General Hines will not
raise rates because conditions are ?
abnormal, and during*the war, under ;
government operation, freight rates j
were raised 25 per cent and passen- ;
ger rates 50 per cent because condi
tions were abnormal.
If there is anything in the argu- \
ment of the American Exchange i
National Bank diere ought to be an j
enormous boom in advertising, j
"Business is to-day told," according
to the bank, "that if it works very
hard?so hard that it can accumu- !
late a gross profit of $5 by the end j
of the day?the government will
take $4 of the $5; this is a final)
analysis of the 80 per cent tax on j
excess profits. By spending that \
$5 for advertising, or for almost
anything that can be conjured up,
the government will virtually be j
financing $4 worth of the transac- |
tion. Business is thus getting its j
advertising and many other thongs I
for 20 cents on the dollar."
and Exchange
to a new low of 6.17 francs to the i
dollar. The closing rate was somewhat
better at 6.15 for checks.
Sterling exchange rates were steady :
with demand bills closing at $4.68 and
cables at $4.69. Neutral exchanges :
were steady as a rule.
(Quoted dollars to the pound.)
Yes- Week '
terday. ago.
Sterling, demand.$4.68 $4.66%
Sterling, cables. 4.69 4l67'/2 j
Sterling, sixty days.. 4.64'/2 4.63%
Sterling, ninety days.. 4.65'.; 4.623.4.
(Quoted units to the dollar.)
Francs, checks. 6.15 6.06'/2
Francs, cables.6.13 6,04'/2
Belgium, francs, checks 6.40
Belgium, francs, cables 6.38
Lire, checks . 7.58 7.49
Lire, cables .7.56 7.47
Swiss, francs, checks.. 5.01 4.94%
Swiss, francs, cables. .. 4.98 4.91 %
(Quoted cents to the unit.)
Guilders, checks.39% 40'4
Guilders, cables.40 40%
Sweden, checks.26.15 26.60
Sweden. cables.26.35 26.75
Denmark, checks .24.50 24.90
Denmark, cables .24.70 25.00
Norway, checks.25.30 25.65
Norway, cables.25.50 25.80
Pesetas, checks .20.18 20.28
Pesetas, cables .20.28 20.38
Greece, checks.1920 ??
Greece, cables.19.23 ??
India, rupees, checks.. Fed. Res. rate
India, rupees, cables.. Fed. Res.rate
Japan, yen, cables....51% -
Japan, yen, cables.51% -
Argentina, checks.9834. -
Argentina, cables .98'4
Brazil, Rio, checks. . .27.15 -
Brazil, Rio, cables_27.25
District Attorney Begins
Inquiry on Stock Firm
Will Examine Accounts of Arm?
strong & Co.. of the Con?
solidated Exchange
An investigation by the District
Attorney's office was begun yesterday
afternoon into the accounts of the Con- j
solidated Stock Exchange firm of
Armstrong &, Co., whose failure was .
announced in the financial district late ;
Monday. Judge Julius Mayer, of the
United States District. Court, earlier in
the day appointed James G. Graham
receiver, following the filing of an in- j
voluntary petition in bankruptcy
against the firm by three creditor's
with aggregate claims of $4,200.
Mr. Graham, who is a lawyer with.'
offices at 21 Nassau Street, said he
had been unable to interview the
principal? of the failed firm, Frederick
Armstrong aud E. D. Newman. At
their offices it was said Mr. Armstrong
had not been there since Monday and
.hat Mr. Newman had been there last
on Tuesday.
Liabilities of the firm, according to
the reccciver, are between $160,000 and
j $170,000, while total assets, so far as
he has been able to learn, are about
$1,200 in cash. Ho said the difference
I between these two items had prompted
I him to make application to the Federal
? Court Cor an order to examine the al
? U-ged bankruptcy under section 21 of
! the bankruptcy law.
The creditors who tiled the bank
?, ruptcy petition against the firm are
? Edward J. Stach, Elliott L. Ward and
Alphonse Rehciser. Henry G. Wind?
horst, of 111 Broadway, is attorney for
the creditors.
The Rise in Commissions
Financial Editor of The Tribune:
Sir: T was very much surprised to
read in The Tribune tin* oi',.:"r morning
an article on the recent raise in com?
missions made by the New York Stock
Exchange. I certainly think the at?
titude taken by The Tribune is very
petty und it is getting in a clasy with
some other paper? who seem to think
it i? the proper thing to bo ulwiijfi
picking on the ???change.
I certainly a.111 very much disap
; pointed in I out paper.
BLAIR S. WILLIAMS
At, William*'? ?sj?t?ciim i* just, and
' wc accept it. - I'inatic?el Editor.
Stocks Reach High
Point for Year on
Broadening Market
Records Smashed When 311
i
Issues Are Traded In;
Industrial Average at
Peak Since War Boom
All records in the history of the
New York Stock Exchange in respect to
the number of individual stocks traded
in were broken yesterday, when 311
different stocks were dealt in. Trans?
actions approximated 1,500,000 shares.
The average price of thirty repre?
sentative industrial stocks touched the
highest level since the great war mar?
kets of 1916. The industrial average
went to 97.47, which compared with a j
high of 88.83 and a low of 73.37 in ;
1918 and a low this year of 79.20.
The average price of the twenty rep?
resentative railroad stocks made a new j
high record for the current year, at ?
74.45. This compared with a high of
79.15 and a low of 66.12 last year. The
low for the railroad average this year
was 68.70, made early in the year.
Speculation in the oil shares pro?
ceeded at a furious pace, a number of
these stocks touching the highest lev?
els in months. Texas Company stock
advanced 16% points, to 250 a share,
and closed at 249%.
Other special groups displayed pro- '
nounccd strength, with Mackay Com- i
panies shares rising 5 points, Atlantic,
Gulf & West Indies 4, Pittsburgh Coal
4^6, Detroit. Edison 3%, Gulf States
Steel 3~s, Sinclair Oil D. Royal Dutch
4 and United States Smelting and Re?
fining ij'-'h. United States Steel com?
mon closed Vi off, at 98:.!.i.
-?
Stock Exchange Adopts
New Commission Rates
Members Approve Higher Sched?
ule Recommended by Gov?
erning Committee
Increases in commission rates to the
public ranging from 20 per cent to 60
per cent will become effective to-day
as a result of a majority vote by mem?
bers of the Stock Exchange on the
recommendation of the governing com?
mittee that the charges be raised to
offset the higher costs of conducting
the business of the brokers.
The members of the exchange, fol?
lowing the action of the governing
committee, had a week in which to
signify their approval. The time limit
expired at 3 o'clock yesterday. The
higher rates now in effect are as fol?
lows:
A charge of $7.50 a hundred shares
on all stocks selling under $10 a share;
$15 per hundred shares on all stocks
selling at $10 a share and above, but
under $125 a share; $20 per hundred
shares on all stocks selling at $125 a
share and above. Minor increases were
made in the commissions affecting
trading between members of the ex?
change.
Market Opinion
American Hide and Leather
The advance in American Hide and
Leather to a ligure 15 point3 higher
than it had ever previously sold un?
questionably foreshadows some definite
action to bp taken in connection with
the accumulated dividends on this is?
sue. The rather large inventories that
the leather companies have been carry?
ing, combined with their small pre-war
earnings, had led a good many to be?
lieve that with the establishment of an
open market there would be danger of
a sharp marking down of inventories
and a reversion to the pre-war level of
earnings. This point^of view is prov?
ing to have been incorrect. On the
contrary, the hide situation is one of
the strongest of that of any commod?
ity, and conditions throughout the
world as affecting this beem to warrant
the expectation of a higher level of
earnings for several years to come.?
Hayden, Stone & Co.
Short Memories
It is remarkable what short memo?
ries some people have. Not so long
ago Cuba Cane was compelled to float
a big bond issue owing to financial
exigencies. Notwithstanding the fact
that this bond issue makes the common
all the more unattractive, unwary in?
vestors have been buying the stock at
high figures. Do they think that in?
creased bond capitalization is a bull
argument??Odd Lot Review.
Would Buy Steel on Dips
General commendation has met the
conservative action of the directora of
the United States Steel Corporation in
conservation of resources. It should ]
be remembered that the company has !
just as much money, and will perhaps
carry to profit and lois a little more
than if the extra disbursement had
been continued. Stockholders are no
poorer; on the contrary, they are bet?
ter protected, and we believe purchases
of United States Steel common made
on breaks during market reactions will
later prove profitable. ?-T. T.. Watson
& Co.
Int. Harvester's
Loss in Russia Is
Heavily Increased
Company Writes Off S10,
487,000 More on Proper?
ties There ; Equipment of
Plant Stolen by Hun
The International Harvester Com- j
pany, now consisting of the Inter?
national Harvester Corporation and
the International Harvester Company
of New Jersey as consolidated last
September, in accordance with the
terms of the settlement of the govern?
ment anti-trust suit, wrote off $10,- ;
487,000 against the 1918 earnings,
according to the annual report issued
to the stockholders yesterday, to covet
the losses sustained on the company's
properties in Russia. The previous
year a similar large loss was charged
off, making the company's estimate of
the depreciation of the Russian proper- ;
ties as a result of the war amount to
$24,205,000.
Profits Larger
The report, covering the 1918 opera
tions of the merged? Harvester com?
panies, shows a profit for the year of |
$14.985,000, compared witn a combined
profit of $12,659,000 in 1917. This I
profit, the report states, represents a |
return of less than 7 per cent on the
net investment in the business, or a
profit of about 11 per cent before
charging off the war losses due to the (
depreciation of Russian assets.
A large part of the earnings in 191* !
came from' the company's steel bust
ness, sales of motor trucks, and gov- ;
ernment contracts. The most impor?
tant of the government contracts in?
volved the erection of eighty-eight by?
product coke ovens at the steel mills
at South Chicago, in order to furnish
the facilities for certain materials
urgently needed by the government in !
making explosives. To provide the
additional supply'?f cual necessary for
the coke plant large expenditures
were required at the company's minen
at Benham, Ky. The construction ot
the plant and the work at the mines
involved a total investment by the
company exceeding $5,500,000.
The report states that on the sale
of farm implements the percentage of
profit to the capital employed in that
branch showed only a? slight variation ;
from former years. Inventories car
ried over to 1919, amounting to more \
than $113,000,000, were abnormally
large, due partly to tue attempt to :
meet the demands of the government
and partly to the high cost of raw ma?
terials and labor and partly to con?
tinued dulness of the implement trade,
due to the belief that prices of ma?
terials and labor would soon recede
after the cessation of hostilities, h
belief, the report says, not yet realized.
Acquires Canadian Company
The company has invaded the Cana?
dian field on an expanding scale by
acquiring toward the end of the year
the entire stock of the Oliver Chilled
Plow Works of Canada, Ltd., at Hamil?
ton, Ont. This property is now in full
operation under Harvester manage?
ment. The company also bought the ,
plant and business of the Parlin &
Orendorff Company at Canton, III.,
another plough concern.
Harold F. McCormick, president of
the company, speaking of the corpora?
tion's foreign investments, says to the
stockholders:
"The Croix works, near Lille, France, :
after four years in German hands, has ,
been restored to French control. The
buildings had suffered little damage,
but the equipment, tools and materials
had been wholly removed or destroyed. ?
New equipment is being secured in the
United Spates and every effort is being
made to resume operations at an early
date.
"The works at Ne.usa. Germany, on
the west bank of the Rhine opposite
Duesseldorf, is undamaged and has I
manufactured implements continuously !
under German control. The plant is
now within the territory controlled by
the army of occupation. Its final dis?
position dependa upon the terms of the j
peace treaty.
"The Russian works at Lubertzy, near ?
Moscow, so far as we are informed, is \
still being operated by the company's '
Russian representatives. Nearly all
the American managers in both the j
manufacturing and sales organizations
were obliged to leave Russia last year.C
At the end of 1918 the company had :
cash of $28,040,060, Liberty Bonds ?
amounting to $9,626,710, and Canadian
and Australasian war bonds, amount- ?
ing to $870,823.
Braden Copper's Revenue
Gains $6,205,304 hi 1918
Operating revenue of the Braden
Copper Company for 1918 showed the
enormous increase of $6,205.304 over
the preceding year. Profits were $7,
557,921, or $1,215,722 larger than those
for 1917. Gross earnings amounted to
$19,147,229. After taxes and charges
surplus was $3,696,880, or equal to
$1.42 a share, par value $5, on the
$12,953,530 capital stock, against $2,
863,111, or $1.10 a share earned the
year before.
Significant Relations
Money and Prices:
Stock of money gold in the country.
Now.
$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 indes hl
number) . 319.917
General commodity price level (Dun'a a?.-: i
index number).219.973
Production: 8J
Unfilled IT. S. steel orders, tons.5,430,572
Mar. 32.
Pig iron output (daily average), tona
Dee. 31. 1?18
$9,918,294,000
69,466.000
La .t ?rook.
$2.136.234,000
2.549,552,000
2.169.216,000
88.26
(36.80
1 week
rrnvloiu ciDM
87.62
86.75
7iie week h. fur?.
315.815
March I.
217.037
Wheat crop, bushels.
Oat crop, bushels....
Corn crop, bushels.. -
Cotton, 500 lb. bales.
99,685
1318 yield, ?utlmaUKl.
917,449,000
1,538,350,000
2,582,814,000
12,022,601
*>b. as.
6.010.787
F?b. 28.
105,006
A ?ear at?.
53.041,643,270
Nearest oerlod
nracdtn? ftar.
$9,390,836,000
105,977.000
A ?ear kra.
$1,204,587.000
1.526,232,000
1,827,000,000
A vear ?so.
76.76
85.45
A year ?aro.
293.383
?iartl t. tais.
280.313
4 j eu tea
9.056,?404
A yeu aa?.
103,648
Tti? 1917 ere?.
636,655,000
1,592,740,000
3,065,233,000
11,302,376
14 mad"
Ttalrtf Week
Distribution: ?_
m April.
Gross railroad earnings.? 2.81 rr
, La?t week.
Bank clearings.-j. 18.1%
General : NUri h
Active cotton splndlw.32,642,376
Commercial failures (Dun's) ?pai.
N umber. 543
Liabilities .$11,450,462
Building pcTmiu (Hradalrect's) : \r?vr.-ii inio
( 128 cities) . $5.9,398,697
IscreiM at ?leer?a? fr?m y??r befor
v -AU Cltu* I ro?
Jioiitb or
I'ubruary.
21.3%
Week boluca.
-I 16.1%
Februarj.
33.282,593
Hugh.
620,
$13,595,471
A year ?go.
33,709,976
$14,271,849
Mtirrh IQ1S.
$59,274,249
TRUST SERVICE AT THIS
I
N order to render its customers a complete banking service.
The National Park Bank has established a Trust Depart'
ment to handle trust business of all kinds.
Not only are the general banking facilities?commercial
and personal?-at the disposal of our customers, but we are
also prepared to render the following additional services :
To Individuals ?
Care for property under living trusts,
Care for securities temporarily or
permanently, . $
Act as guardian for minors and
incompetents,
Act as executor and trustee under will.
To Corporations ?
Act as trustee under corporate
mortgages,
Act as fiscal agent, registrar and
transfer agent of stock and bonds
Act as depositary under reorgani?
sation agreement.
hi c ? tU^tiin JE ?&?' _!' "
We shall be pleased to have the
opportunity of discussing with you
how we can best serve your inter?
ests in our Trust Department.
214 Broadway
ESTABLISHED 1856
Resources over $2,^0,000,000
Higher Prices
Expected in Free
Silver Market
Dealers Predict That New
York Will Succeed Lon?
don as Primary Centre for
Dealings in the Metal
With all the war-time restrictions
removed from the sale and export of
commercial bar silver by government
decree, dealers in the m-tal yesterday
predicted much higher prices in view
of the world shortage in silver. A
price of between $1.01 and S?.02'i an
ounce was quoted in this market, a
slight advance over the-level on Mon- :
day previous to the announcement of
the restoration of free trading in sil- '
ver.
Some dealers went so far as to a
that in the future the central market in
the metal will be transferred from Lon?
don to New York. In the past London
has made the ?.voild's ??rice for silver, |
the other markets merely following the
lead set in that market. Since the be?
ginning of the war New York has as?
sumed a much more important posi- [
tion with respect to establishing the ?
world price for the metal.
China Wants Silver
One of the leading bullion houses in ?
this city estimated yesterday that '
China will come into the American !
market in the course of the next few ?
months for at least 25,000,000 ounces of I
silver. Since August, 1918, when the
embargo upon silver shipments went j
into effect, China has been unable to
buy any silver here, and stocks of the I
metal in that part of the Far East are |
said to be comparatively small.
The Scandinavian countries are also '
short of silver for coinage purposes, j
and will probably buy large supplies i
in the United States. Russia is also j
short of silver, but the replenishment i
of the supply in that country depends, i
the dealer-; say, upon the restoration of'
a stable government.
Under the Pittman act of last year, j
which provided for the melting down of
$350,000,000 of American silver dollars ;
! held in the Treasury against circula
! ting silver certificates, close to $300,- :
000.000 of this silver money was thrown !
', into the melting; pot and made into
! bars. Of this total $200,000,000 worth
! of silver was shipped to the govern- j
; ment of india under an agreement be
? tween the United States government
i and Great Britain. The Pittman act
makes it necessary for the Treasury to
replace at its own discretion the con
i tent of the silver dollars melted down
for export, during the war emergency.
Slump in Output
Production of silver in the United
.States has fallen off sharply since the
signing of the armistice, because the
majority of the big copper producing
companies which have a large output of
silver as a by-product has curtailed op?
erations owing to the fall in copper
; prices. On the average the copper com?
panies of the country are operating on
a basis of less than 50 per cent of ca?
pacity.
The only actual transaction in silver
yesterday in this market was a small
lot that changed hands at $1.02 V?.. The
government is ?quoting a price of
fl.01%. The market is generally at a
standstill, owing to the fact that sellers
1 are inclined to hold their metal for
higher prices.
Beatty Unafraid of
Government Ownership
MONTREAL, Que., May 7.?E. W.
Beatty, president of the Canadian
' Pucific Railway, in a statement to the
shareholders at the annual meeting
here to-day declared the railroads of
the Dominion faced an "unprecedented'*
condition regarding construction, and
; that the Canadian government ra.il
: ways and the Canadian Pacific were the
only ones with resources sufficient to
enable them to provide any great
amount of additional facilities.
Discussing government ownership
' President Beatty said he had no fear
uf it, but that "government ownership
apparently has Home fear of prrvat?
competition under eiiual conditions."
The Canadian Pacific directors, he
1 said, had decided that "n reasonable
amount of additional branch lino coh
,i ruction (0i?mU be started as soon as
? conditions warrant."
I! Great Western Petroleum
Owns leas? on 3,500 acres in the newly proved Lane? Creek
Field of Wyoming.
Its properties are being developed by the Western State? Oil &
Land Company, a subsidiary of the Midwest Refining Company,
Through this affiliation, the development work is-being carried out
by the most experienced oil men in the country.
! Traded in on the New York and Denver markets.
Information on Request.
ANTONIDES & CO. j
I Investment Securities
I First National Bank Building Denver, Colo.
I Relevant Comment
Keeping Up With It
A broker remarked yesterday that i
the stock market was strong, in the
face of idling to take profits, be- j
cause no big firm now cares to take
on new accounts. The reason is sim- ;
ply that Wall Street has Teached the !
mechanical and physical limit of its :
ability to handle business. The broker j
remarked that his own house, by lim- j
iting new business, had so kept abreast ,
wan its accounts that it is not a day
behind. A few years ago, in the mar- !
kets of 1915 and 1916, surplus busi-1
nes.s was so great that many houses
bad to keep their clerical forces at j
work all night, and provide couches for j
them at the offices. Some firms were
two weeks behind. ' It is believed that !
only three or four houses are now in j
anything approaching this condition. ;
Motor Trucks for Highways
Announcement that the War Depart
ment plans to distribute 20,000 motor
trucks to the highway departments of
the various states for use on the pub
lie roads was considered a favorable
development from the viewpoint of the
motor truck manufacturing companies.
Some apprehension liad been mani?
fested lest these surplus trucks of the
army might be dumped on the market
in a manner that would cause unsettle
ment and hurt business. Of the motot
vehicles to be turned over to the indi?
vidual states, 11,000 are new and 9,T)0C
used, bin all are said to be in service- I
able condition.
Memories of the Lusitania
It was just four years ago yesterday ?
that one of the wildest movements ever
witnessed on the Stock Exchange took I
place, as a result of the sinking of the :
Lusitania by the German U-boat 39.
Prices, which had held firm even after
the news of the outrage had reached?
Wall Street, later collapsed, and the
declines in some issues, notably Beth?
lehem Steel, were at times more than
10 points between sales. The subse?
quent recoveries, form one of the in?
teresting chapters in the great bull
market of 1916.
New Stock Listed
The new common stock of the Ameri- I
can Steel Foundries Company was ;
traded in on the Stock Exchange yes- \
j terday for the first time, previous j
! transactions on a "when issued" basis :
having taken place on the curb. The j
i closing price of 3">% was equivalent to
I about 111 for the old stock.
California Packing's Year
Profits from operations for 1918 of
the California Packing Company, after
the deduction of expenses, were S'J.SDt?,
000, a decline of ?1.218.581 from the
preceding year. Income from other
sources amounted to $1,393,279, bring?
ing the total to $3,689,279. After $570,
898 in preferred dividend payments
balance wan equal to $9.20 a share on
the outstanding 338,917 shares of com?
mon stock of no par value. Total in?
come in 1917 was |9,147,910, or $16.89
a shme earned. ('0111111011 slockhn'oi ?
j shared Sl,36<5,?68 in dividends, Unv
1 ing u $1-T62,T13 surplus for the ye?r,
GLENROCK OIL
! eUDAHY PACKING
Latest information in our Weekly
Market Letter, sent ?upon request.
J.ames W. Ball & Co*
1S?,. 67 Exchange PL, N. Y.
?ttATftij, tOO Tern afCeaaamiilSaattm
^s?ry1 CHATHAM & PHENIX
&&% NATIONAL BANK
Wggg?*) . Cxsltal <t Surolua . U.OM <r*S
^B^/K?y' R^Kurcea o??f $I00.0?H,?M
fc*TioS*J? 1? 'ft?tay. (SiflfW WtfT
v &AS?? And 12 Branch?
Liberal Interest
on daily balances.
Metropolitan Trust Company
of the City ?of New Xork
?o Wall street. ?1? Fifth Arena*.
CENTRAL UNION TRUST CO.
of N??T Turk
80 Broadway
BRANCHES
(?4? A ?'?in? ?t (SOIti Mr?:.
M^lmn Aver'.? at ?End ?tr*et '
ith Avenu? it Mtft Stnxrt I
Capital, Surplus and CndlTKM
Prolit* $30,OOU.0?X?.
David W. Bingham. senior director of
the ?'orn EichanRd Hank of New York,
ha? resigned as president, of t.-? ? Saving?
Investment &. Trust Company, of K&st
N. J.. which position h* haa Beta
for twenty years and has been naitttj
chairman of the board of director?, a
.;?<! position, llar-j- It. Thorn*?,
was appointed to euct^eea
Mr. Blngharn as prtsaidfnt
Th" Guaranty Trust Company of KfW
Vor',; will ex? hung??? the outstanding taten*
porary, tea-year, t? per ;?ru convertible
?old bonds of Wilson ?; ?"o. for the defin?-?
UVe bonds if they are presented at^t$
trust department.
I. H. Taylor & Co. have removed their
off;????? t?> til?.' mai?) banking floor ot t
Street
John -M Kos?, formerly vice-preside?*
of the Fourth National ? nk. of Mscqu,
?.?. ha* been elected aaalsUint treantuvi?
?if ill? Guaranty Trust Company of Vew?
Voik and .luun-s 1>. llu:.i ?:,? ,tppotnt*?i
?M?tala pt ?ecratajrv. HanuUcn Canjee.
.lame? H-tUray ?tod It. E. NYhittltMcy wore?
elect? ?! aselstant manases ot the Wa?i?#
department.
Waldron Hopping ht.? b??en etsoted -s*?s?i????l
turv ..r the N- w v.'iK Telephone ?oin^^^H
m-.-owp n h > was secretary ?%<|fi
; ? ?? ureas romurus .?s treasurer.
.i D CaJJery has been ?dded to ttt4M
mid K '.ISUMKfi
Cumpanj'. ^Jj
_Ja