New-York tribune. [volume], May 09, 1919, Page 17, Image 17

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

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oan
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This space contributed to
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PENNSYLVANIA
Analysl? of this Important railroad
???_?, covering property, Inrom?, earn?
ing?, dividend?, ?urplijji, e*ttm_ied a 1
?<n value o? ?bar?-? and mark? con
aulOBa, nc-v r'nt-ly tot- <Jil?trtbution.
S*%t cm rottest lor K-S8J.
HUGHES & DIER
""""" (C_k-__Q Board of Trad?
50 Broad St., New York
-O.te S12-42C. Tel. Broad 126Z-8-4-?.
CpUjim Oil!?*?. 67 W. 125th St.
Philadelphia. 1435 Walnut Street
CENTRAL OIL
1 Development Co.
Bought?Sold?Quoted
J. SCHNECK
Speda'ist
20 Broad St. New York
Phone Rector 3518
STOCKS?BONDS
Cataplot* fat-;|j)tl?a f?>r th* ???cutio
of order? in any amount
Hartshorne, Fates & Co.
?tumbara X. Y. titiKik KxvHano*
71 Hroadwai?. Tel. 7?1? Rowling 0r?M
JEWEL TEA
tfptrttil Uttar ?a ?/?.</-??*?
*? M G*\$tm% U&tm ..??.???>
U*m\*rt V?mt, M<>& -WH.V???? ?_ M, r.
I* ? ?*OA0 WAV, N. Y, f h?a* *?,** ?KM* 7.
?Copyright. 1919. New York TMVune Ino.)
The record grows monotonous.
Yesterday was the thirtieth million
shares day of the year. Transactions
of 1,765,900 shares made it the
most active of the year. The Trib?
une's average price of railroad and
industrial stocks both reached new
high levels for the year. A railroad
stock went up 6 points, a woollen
stock 10, and an oil stock 20, all
without causing more than routine
comment.
When some people talk of the
"specialties" they may mean every?
thing but Steel common.
The wheat crop is more miracu?
lous than ever. Yesterday's gov?
ernment report, not appearing un?
til forty-five minutes before the
close of the stock market, showed
a condition of winter wheat on May
1 of 100.5, compared with 99.8 a
month ago, in spite of the general
estimates in the trade that condition
would show some falling off. Aban?
donment of 94,000 acres was the
smallest on record, and compares
with 5,700,000 acres abandoned a
year ago. The condition of 100.5
compares with a ten-year average at
this time of 85.4. To say that it is
the greatest wheat crop in our his?
tory i? the mildest way of stating
it. lhat is why experts point out
that the indicated crop of 900,
000,000 bushels of winter wheat is
greater by 150,000,000 bushels than
any pre-war crop of winter and
spring wheat combined.
So many people lost all restraint
in their desire to get some Texas &
Pacific stock yesterday at a price 6
points above the price of the day
before that 136,000 shares of the
issue changed hands, though there
are only 387,638 altogether out?
standing. At that pace the whole
road could change ownership in less
than three days. Its rate of turn?
over was twelve times as fast as
Steel common's.
It is undeniable that an increase
in bank loans usually accompanies
a great bull market. Recollection
of such experience prompts the un?
dying solicitude for the money mar?
ket. A commission house letter will
say of a morning: "The outlook is
for a continuation of the upward
movement unless money should be?
come tight." Yet current notions of
just how a bull market increases
bank loans are sometimes amazingly
vague. People talk of possible tight
money because we have just had
twenty-one consecutive million
share days. But more activity,
which means the rapidity with which
stocks change hands, need not in
itself cause a dollar's increase in
^tock Exchange loans. No matter
how many times shares are swapped
about, there need be no more in
brokers' loan envelopes at the end
of the day than at the beginning.
And volume of loans must depend
on the volume of stock put up aa
collateral.
As successors to the "oil-rails,"
enter the "silver-coppers."
In four ways can Stock Exchange
loans increase. (1) By a rise in
prices. Loans can increase roughly
in proportion to the percentage in?
crease in the value of stocks, though
they need not necessarily do so. In?
dustrial stocks have advanced in the
last three months from 79 to 98, a
gain of 24 per cent; railroad shares
have advanced only 7 per cent. (2)
By the issue of new securities.
These have been negligible. (3) By
thinner margins. But as the mar?
ket has been going up, margins have
been getting thicker. Instead of
being on brokers' request, it has
been mainly because the customers
themselves were anxious to protect
their positions. (4) Because invest?
ors, tempted by high prices, take
their stocks out of safety deposit
vaults and sell them to the Street,
where they are cai-ried on margin
and used in bank loans. But it has
not yet been demonstrated that this
has been widely going on, or off?
sets the reverse movement. The
chief factor in the present money
market continues to be the Victory
lean and government operations.
Call money opened and renewed at'
5% per cent yesterday, compared with
a ruling rate of 4 per cent on Wednes?
day. In the afternoon the quotation
for mixed collateral fell to 5 per cent.
All industrial loanB were ?_ of 1 per
cent higher.
The time money market was quiet
A small volume of money was loaned
and renewed at 5% per cent for sixty
and ninety days.
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 5'/_ 6
On indus, collateral 6 ?
Time money (mixed collateral):
Sixty days. 5%i5)6 6
Ninety day3. 5%'@6 6
Four months.5%@6 6
Five to six months. 5%@6 6
Bank Acceptances.?Rates were un?
changed yesterday.
Thirty Sixty Ninety
Spot de- days. days. days.
livery: Per centPox cent.Per cent.
Eligible
member
banks ....4A@4 4&@4A 4A@4i/4
Eligible
non-mem?
ber banks.4A@4 4A@4>4 4%?4A
Ineligible
bank bill8.5!4@4>/2 5!4@4'/2 BYA@Ajy4
?/or delivery within thirty days:
Per cent.
Eligible member banks. 4ir
31igible non-member banks.4'/_.
Ineligible bank bills. 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:
3 ? ft
bc:_? ft. _M
?? :h fs *s
i I"? I ? I ?
Boston . 4 '" 4% 4%
New York.4 Wa 4%
Philadelphia ... 4 4% .4%
Cleveland ..... 4'/4 4% 4%
Richmond. 4% 6 5
?Atlanta.4 *M *%
Chicago .4 4% 4%
St. Louis.4 4% 4%
Minneapolis .... 4 4% 6
Kansas City.... 4'/a Wa Wa
Dallas.4 4% 5
San Francisco... 4 5 8
The Federal Reserve Bank of Now
York has put in force the following
schedule of rediscount rates which
apply to bankers' acceptances: Maturi?
ties up to 15 days, 4 per cent; 16 to 60
days, inclusive. t'A per cent; 61 to
90 days, inclusive, 4V4 par cent.
Bank Clearing?*.?Bank clearings yes?
terday were:
Exchanges. Balances.
New York.$742,868,440 $63,035,868
Haltlrnor? . 11,066,934 7,732,495
Boston . 47,672,043 10,702,739
Chicago . 86,221,391 6,286,432
Silver. -London, 48%d; unchanged;
New York, $1<0SK@1,05; Mexican dol?
lars, nW&WAv.
Sub-Treasury. ? The Sub-Tressury
gained 12,826,000 from the banks on
Wednesday.
fixrtk of KiiKl'tiid. London, Muy H.
?'i ? o wttekly ?tatemen t of the' Bank
of England shows an increase in ?gold
holdings of ?251,58,1 over the previous
week. The proportion of the bank's
reserve to liability this week is 19.88
per cent; last week it was 18.38 pet
cent. Other changes follow.
Gold . ?85,937,395 Inc. ?251,533
Reserve ... 23,594,000 Inc. 631,000
Circulation. 76,771.000 Doc. 380.000
Public dept. 23,692,000 Inc. 1,761,000
Other depts. 115,159,000 Dec. 9,561,000
Gov. sec't's. 57,562,000 Doc. 5,635,000
Other sec't's 79,477,000 Dec. 2,750,000
London Money Market.?LONDON,
May 8.?Closing rate for money, 3% per
cent. Discount rates were: Short and
three months bills, 3% per cent, (?old
premium at Lisbon, 110. .
Bank of France.?PARIS, May S.?
The weekly statement of the Bank of
.France shows tho following changes
in francs:
1ucrease.
Circulation ..34,429,663,510 329.355.510
Treas. depos. 21,917,061 *20,004,339
Gen. deposits. 2,946,159,267 64,053,257
Bills disc't'd.. 1,665,107,163 ?21,262,837
Advances .... 1,193,395,386 24,309,386
Gold in hand. 5,458,212,764 476,764
Silver in hand. 307,683,213 ?2,076,787
'Decrease.
The Dollar in Foreign Exchange
The foreign exchange developed
irregular tendencies yesterday. Rates
on Paris and London were firmer
while exchange on the ?Scandinavian
countries cased off on increased
offerings.
(Quoted dollars to the pound.)
Yc3- Week
tcrday. ago.
Sterling, demand.$4.68!8 $4.66%
Sterling cables. 4.69' '8 4.67%,
Sterling, sixty days... 4.64% 4.64| a
Sterling, ninety days.. 4.63% 4.63
(Quoted units to the dollar.)
Francs, checks. 6.16 6.07
Francs, cables. 6.14 6.05
Belgium, francs, checks 6.42 -
Belgium, francs, cables 6.40 ?
Lire, checks. 7.54 7.50
birc, cables. 7.52 7.43
Swiss, francs, checks.. 5.011/? 4.95
Swiss francs, cables... 4.99 4.92M?
(Quoted cents to the unit.)
Guilders, checks .39 13-16 40 3-16
Guilders, cables.40 40%
Sweden, checks.26 26.60
Sweden, cables.26.20 26.75
Denmark, checks.24.30 24.90
Denmark, cables.24.50 25.00
Norway, checks.25.30 25.65
Norway, cables.25.50 25.80
Peseta?, checks.20.19 20.28
Pesetas, cables.20.29 20.38
India, rupees, checks. .35.73 35.73
Japan, yen, checks.51'/2
Japan, yen, cables.51% -
Argentina, checks.98|/2 44.25
Argentina, cables.98 44.35
Brazil, Rio, checks_27.15 -
Brasil, Rio, cables.27.25
_?? . a
To Transfer Oil Properties
Tepctate's Mexican Holdings
<;o to A. G. & W. I.
/?"innncinl Kin run
special Correavondenoe
TAMPICO, Mex., May ?.Final ar
? rangements havo beun made for the
! transfer of the Mexican holdings of the
i Tepetate Petroleum Company of Ti.iti
pico to the Atlantic, Gulf & West Indies
Steamship Company. It is announced
that two subsidiaries will be organized
under tho laws of Mexico to operate.
the properties. One of these new cor?
poration? will bo called the Agwi Refin?
ing Company and the other tho Aftwi
Pipe Lino Company of Mexico. Joseph
E. Gugpey will bo president of the hold?
ing company which is to ne orgnnl?Od
in th?- united State?, Tho clearing of
the right "f way for the pipe lines that
arc to be built to connect the wellt al
Amatlan and Chiconclllou with the ship?
ping terminal? ia now in progress.
900,000,000
Bushels Wheat
Now Forecast
Government Announces Big
Increase in Prospect for
Winter Grain, Exceeding
April by 63,000,000
Rye Jumps 22,000,000
Conditon Reported as 100.5
Per Cent, Which Is High
o*t on Record for May 1
WASHINGTON, May S .?An increase
during April of almost 63,000,000
bushels in the winter wheat prospec?
tive production was shown to-day when
the Department of Agriculture an?
nounced its forecast for a crop of 899,
000,000 bushels, based on conditions
existing May 1, with the promise that !
if conditions continue favorable until I
harvest the crop may exceed 900,000,000
bushels.
Prospective ry production was fore?
cast at 12^,946,000 bushels, an increase
of almost 22,000,000 bushels over the
April forecast.
The acreage is the largest on record !
and the area abandonded from winter j
killing, overflows and other causes is !
extremely low, being 1.1 per cent, j
Growing conditions have been splendid
and the crop from April 1 to May 1 ;
macft an improvement, bringing it to |
100.5 per cent of a normal, which is ;
the highest condition on record for '
May I.
Wheat Prospects by States
The May 1 condition and production
forecast of winter wheat by principal
states follow:
Pennsylvania, condition, 101; pro?
duction, 04,030,000.
Ohio, .103, and 64,705,000.
Indiana, 100, and 55,809,000.
Illinois, 100, and 65,990,000.
Missouri, 101, and 72,423,000.
Nebraska, 101, and 70,700,000.
Kansas, 103, and 197,339,000.
Oklahoma, 102, and 54,134,000.
Production of hay is forecast at
114,930,000 tons, compared with 89,
833,000 tons last year and 98,439,000 ?
tons in 1917. The expected hay acreage i
this year is about 71,224,000 acres,!
consisting of 55,927,000 tame and 15,- ?
297,000 wild. The average condition of :
meadow (hay) lands on May 1 was 94.3, I
compared with 89.6 on May 1 last year
and a ten-year May average of 88.1.
Stocks of hay on farms May 1 are es?
timated at 8,493,000 tons, against 11,
470.000 on May 1 last year, and 11,
803,000 tons, tho live-year average on j
May 1.
The average condition of pastures on
May 1 was 90.3, compared with 83.i
last May and 84.5 the ten-year May
average.
Spring ploughing was 72.7 per cent
completed on M,ay 1, compared with 77.5
per cent last year and a ten-year
average of 70.5.
Spring planting was 61.0 per cent
completed, compared with 60.8 last
year and a 'en-year average og 58.1.
Jn commenting on the report, the |
bureau of crop estimates made this
statement^
"The present condition of 100.5 per j
cent is highest of record for winter |
wheat on May 1. Earlier expectations ;
of a minimum acreage abandonment
have been confirmed, May 1 returns
showing only 1.1 per cent less of acre- !
age from winter-killing, overflown, etc. ;
This insignificant abandonment results '
in an acreage of winter wheat for har
vest of 48,933,000, being one-third
greater than last year, and 62 per cent, i
approaching two-thirds, above the pre?
war five-year average of about 30,- !
000,000 acres.
Greatest of Any Country
"The indicated increase, in fore- j
casted production over tho April 1 >
promise is about 63,000,000 bushels, and !
the ' promise of a round 900,000,000
bushels will, if realized, be the great- |
est ever produced in any country.
"Tho only materially unfavorable j
word comen from Illinois and a few |
nearby states- where a yellowish color
in or oil the wheat over considerable ;
areas has been diagnosed by some au- j
thorities, as a serious fungous disease, j
California alono of the important
wheat states gives thi3 month an un- j
favorable report, having suffered a i
serious deficiency of rainfall that has j
reduced the condition of 85 per cent
and resulted in 10 per cent of aban- j
donment of planted fields. All others ;
show 100 per cent or higher, reaching!
103 in Kansas and 105 in Ohio.
Consolidated Exchange
[Unit of trade on this exchange, 10 share?! '
Transactions and prices yesterday for lh?
more active ?liares follow :
Sales. Open. High. Low. La3t. j
8300 Am Internat. ? ? 87% 89% 87% 89%
1 1-8? Am Smelt & U. 76 76'.'2 75% 75H
lir.HAt G <fc \V I. .159% 165% 159% 165'2
1310 Baldwin Loco.. 03% 94% 93! a ?3^4 ,
560 Cal Pet. 28', 2 30 28'/2 29% !
650 Cent. Leather.. 81 84 81 84 |
790 Crucible Steel.. 71!/2 72% 703,4 71
990 Cuba Cune Sug 37 38 36% 38 !
805 Gen Motors.. ..181"/? 185% 181% 184% :
]590 1nt Mer Mar.. 45% 46 45 46% '
2730 ?1?. pref.116' 118% 115'/8 118%
3920 Mexican Pet...177 181 176%1783/4
3600 Mo Pacific. 30% 32% 30% 32'. 4
2230 Ohio Cities Gaa 48% 48% 47% 48%
L000 Oklahoma Oil.. 10% 10% 10% 10?a :
2530 I'an-Am P & T 87' a 89% 87% 88%
1680 Pierce Oil. 26'/4 26% 26 2b%
1350 Reading . 87% 88 86% 87' 8
J'JlOKtjyal D N Y. .112% 112% 111^ 111%
810 St L & S F-2334 25! 4 23 24% 1
5735 Sinclair Oil_ 68% 70 67% 68! 4
720 Tobacco Prod.. 91% 91% 89% 89% i
1100 TJ S Food P.. 76% 78% 76% 77%,
1050 U S lud Aico. .150% 154?.;2 150% 152% -
27910 U S Steel.94% 100% 99% 99% \
?LIBERTY DOND8
$960 Liberty 2d 4b 65,93 95.92 95.92 95.92 !
600 do 2d 4 ?.?s 96.08 96.08 96.03 96.08 i
8560 do 3d 4 ?4s 95.98 95.98 95.88 95.88
8250 do 4th 4 %a 94.48 94.43 94.42 94.42:
?I'rices include interest.
Oil Flow Increasing
Central West Texas Fields Pro
ducing 164,000 Barrels Daily
Finntit-trtl Bureau
y.?irrit? Ct?rrrkptmdenc? \
AUSTIN, Tex., ?May 8.- Tho central;
west Texas oil fields show a daily:
average increase of production of about!
1,600 b?rrele, or at tho rate of nearly;
560.000 b?rrela a year. The present!
daily production of those fields aggro-'
gates 164,000 barrels. It is expected!
that by the end of the present yeur|
tho total production of the state will j
be at the rate of moro than 150,000,000
b?rrala a year.
C. of V. Compensation
WASHINGTON, May 8.?Tho Central j
Railroad of Vormont will receive $835,- I
000 annual eomponaation from the ??rov
eminent under u contract signed to?
day by Director General Hinea,
Wells F-argo Shows
Deficit for 1918
Transportation Charges De?
cline $25,679,946 During
the Year
The annual report of Wells, Fargo
?_ Co. for the vear ended December
31, 1918, shows a deficit of $2,176 084,
compared with a surplus for the pre- j
ceding year of $1,624,352. Transporta- I
tion charges were $84,116,902. This j
represents the enormous falling o(Y of ;
$25,679,946 in the company's business i
in 1918. Net revenue was $16,379,640. I
To this amount other income of $643,- !
714 was added, bringing the total oper- |
ating revenue to $17,023,354. Operating ?
expenses were $19,993,358, leaving a net ?
loss from operation of $2,970,003.
In the remarks to the stockholders !
B. D. Caldwell, president, estimates I
net income for the calendar year 1919 I
at $780,000, or about 33.4 per cent on the I
capital stock. The balance sheef sur- |
plus of $3,278,369, he says, may be f?r- j
ther reduced by pending claims to the !
extent of $1,000,000. Market deprecia- j
tion in securities and real estate was ?
$2,000,000, exclusive of questionable ;
value of $10,500,000 American Railway j
Express Company's stock and depreci- !
ation in book value of $500,000 stock
in Wells, Fargo & Co.'s Mexican Ex- ;
press. He deems it inadvisable to re- '
sumo payment of dividends until the !
situation clears.
Mr. Caldwell a}so said: "The period i
from January to June, 1918, inclusive, !
was a most difficult one as affecting,
not only the current operations, but j
the future interests of the company.
The loss of its contracts with the ;
railroad adminis .ration for continuing
its individual operation culminated in
an enforced retirement from domestic
express operation and the trans- !
fcr of the company's property used in
the express business to the American
Railway Express Company on June
30, 1918.
"Tho operating conditions of 1917
became progressively worse in 1918,
with the result that the company was
subjected to heavy lorses--the loss j
and damage account alone increasing j
in 1918 100 per cent ever the same
period of the year before and being
four times more than in 1916."
-?
Market Opinion
?-___.______?_?'
Issues That Look Good
Copper issues look good, especially
Inspiration, Chile and Greene-Can
anea. With an open market for silver
metal, the silver issues should be at?
tractive for the pull. Among the good
silver stocks are Anaconda, American
Smelting and some of the good low
priced ones.?Chandler Bros. & Co.
Stocks That Are Moving
The short interest in American Hide
and Leather preferred is said to be still
very large, and talk persists that the
plan for liquidation of the back divi?
dends will soon bo made. Absorption
of the Marine issues had the earmarks
of first magnitude sources. There is
quiet buying of equipment stocks.
Railway Steel Spring is especially
favored.?E. W. Wagner & Co.
Appreciation
Quite r. few people assign the recent
movement in the cotton market to bull
speculation, bul; to our minds the rise i
is the natural result of appreciation of j
cotton itself by trade interests.? Orvis '.
Bros. & Co.
The Liquidated Coppers
We believe that the coppers can be
bought for a good rise. They have
been thoroughly liquidated and there is i
not much stock hanging over the mar- ?
ket.?Wrenn Bros. & Co.
r~?" ' j |
Relevant Comment j
_,_, ;
The Day's Market
The average price of the thirty In?
dustrial stocks and the twenty rail?
road stocks used in The Tribune's daily ]
table advanced to a new high record
for a year yesterday. Tho stock market,
again developed broad proportions with j
dealings in more than 300 stocks and
a turnover of 1,705,900 shares, the I
largest of any session since December, I
1916.
Spectacular advances in many of th? ;
industrial issues featured the day's
trading, which was the twenty-first
consecutive session in which dealings!
have exceeded the million-share mark.
Texas Company created a sensation '.
with an early advance to 269*_, a gain
over Wednesday's closing of 19%
points. The stock later declined to 264, j
but closed strong right at the. top price I
of the day. Other oil shares were ir?
regular. Texas & Pacific, one of the
so-called "oil rails," advanced 6 V?
points to 50%, on dealings of approxi- ]
mately 135,000 shares, making this the !
most active stock on the list.
Other strong industrials were Cuban
American Sugar, General Motors, j
American Woolen, American Ice, May ?
Department ?Stores, Industrial Alcohol,
Central Leather and Barrett Company.
Railroad shares continued firm.
Trading in bonds was somewhat less ?
active and the Liberty Loan issues dis?
played irregularity with tho second, ;
third and fo?.rth, 4VIs closing slightly
lower.
Steel Foundries Dividend
Directors of tho American Steel i
Foundries meet on June 5. It is re- i
ported unofficially that the new com- :
mon stock will be put on an annual
dividend basis of $3 a share at that
time. Earnings of the company in the
first quarter of the year are said to
have approximated $1,400,000, or almost
enough to meet a full year's dividends
at the $3 rate.
Sumatra Financing Plans
Plans for the new financing of the '
American Sumatra Tobacco Company ;
are said to involve the issue of $6,
000,000 of ten-year 7 per cent sinking
fund debenture bonds, convertible into
common stock at par for a period of ;
thirty days after date of issue, and I
thereafter at 110, A syndicale is being
formed to underwrite the issue. The
proceeds of the issue will be used for
development, work.
Dividends !
Extras
Underwood Typewriter Company.?
tOxtra ?.llvldeiul of $i> par share on t ho
common stock lias been declarea, pay?
able In Victory notos, In addition to the
liKiiliir quarterly dividends ot $2 a share
on the common and $1.76 a aliara on the
preferred atocle, all payable July i to
stockholders of record Juno f>.
increases
American International Corporation,?
Th<> rin-iiiiir quarterly dividend hua boon
tnoreaited from no cents a ?hare to $1.20
a ?hare, payable Juno .10 to stockholders
of record 4?"10 !,!
Regular Declarations
Stockholder?
of
Nt.iol?, rale imri period, Payable, rooord,
Mile? BanVt-V'd, LUj i>r.Q. May do m?? ?
?i??. 1 ??. Q, ?i uno 30 .i uno 3
I'ralt ??.Whitney, 2 coiu.Q, M.?y 20 May s
Ho I'aoKIn H 11, $1.1)0...Q. July 1 May 81
Va. Pao K it, $2.lio coin..? July i Juo? 3
At the time of each issue we offered our services
to our clients in the making of ?their patriotic
subscriptions to the four "Liberty Loans."
WE NOW ADVISE
AS A BUSINESS PROPOSITION
SUBSCRIPTIONS TO THE
NEW VICTORY LIBERTY LOAN
and we shall be glad to make
all arrangements without charge.
KIDDER, PEABODY & CO.
17 Wall Street 115 Devonshire Street
NEW YORK BOSTON
Silver Goes to $1.05
Market Goes Higher Here,
While London Is Unchanged
Sales of commercial bar silver were
negotiated in thi3 market yesterday at
$1.03 ^ to $1.05 an ounce, compared
with a quotation of $1.01 % on Wednes?
day. Tho bulk of the silver was taken
by the trade, although some purchases
were made for export.
Dealers in silver said that the fact
that the price of silver in .his market
advanced while there was no change in
London, where the metal held un?
changed around ?Jl.Gl1/., was significant,
in that it indicated that the local mar?
ket was breaking away from the tradi?
tional control exercised over silver by
,tlio English.
Japanese traders are reported to have
been heavy buyers of silver in Mexico
in recent months, shipping the metal in
bond through the United States to
coast ports for consignment to Japan.
Much of this silver will eventually be
resold by the Japanese to Chinese mer?
chants.
LONDON, May 8.?J. Austen Cham?
berlain, Chancellor of the Exchecquer,
announced in the House of Commons
to-day that in view of tho removal'of
the maximum price for silver bullion
in America, an order was issued to-day
for the. removal of the maximum price
in England.
Gulf Pipe Line to Develop
New Deep Water Port
. . Financial Bureau
Special Correspondence
QUINTANA, Tex., May 8.?Extensive
plans for making Quintana a deep
water shipping port for its oil produc?
tion in the West Columbia field have
been adopted by the Gulf Pipe Line
Company. It has purchased a water
front tract of land of ten acres upon
which it will build piers, install load?
ing facilities, pumping station, steel
storage tanks and erect a number of
cottages for its employes. It is stated
that tho company also contemplates
importing Mexican crude oil through
this port.
-?-_?
Burns Bros. Net Profits
Equal to $13.71 a Share
Report of Burns Brothers, coal
dealers, for the year ended March 31,
1919, shows a net business of $21,286,
S70, compared with $20,984,483 for the
year before. Cost of production was
$19,006,789, leaving gross profits of
$2,280,081. From this amount expenses
and taxes aggregating $1,386,013 were
deducted, leaving a $894,068 balance.
Net profits were $1,136,442, equivalent
after $106,435 in preferred dividends,
to $13.71 a share on the $7,508,200
common stock. This compares with
51,449,833, or $1S.6S a share, earned in
the preceding year. Common dividends
paid to stockholders amounted to $719,
407, leaving a surplus of $310,600.
-a-__?.
Chileans Visit Philadelphia
PHILADELPHIA, May 8.?The Chilean
financial commission, which is visiting
the United States with the view of ex?
panding trade relations with Chile,
came here to-day for a two days'
visit. The commissioners were wel?
comed by a committee of business men
and were entertained at dinner at the
Union League. Later they visited the
Baldwin Locomotive Works and the
?"lump shipyard.
Wall Street Items
notiert MfcKelvy, Frank Haskell. Ax
tell J. Bylea and ('harles D. Norton have
been elected directors of the Ti?lewater
Oil Company. Mr. McKelvey was also
elected a third vice-president and Frank
A MurseUUB was appointed assistant
t reasurer.
James D. Callery and George II. Rus?
sell have been elected directors of the
American Window Class Machin? Com?
pany, succeeding Hay Walker, Jr., and
Charles King.
The Bankers' Trust Company has been
appointed trnnsfer aprent for the Dolores
Esperanza Corporation.
.Tillen Mens. Fran!; _, Van Wil. Ramiro
A i tVil, Julius Joseph Runge and Otto Glo
gan have l.n eleoted members of the
New York Coffee and Mugar Exchange.
The governing committee of the New
Yutk Stock Exchange tendered a compli?
mentary dinner at the Union Club last
night to il. U. S. Noble, who Is retiring
as president ??f the ?exchange, after five
years of service.
The NeW York Slock Exchange mem?
bership of W _, Kieni was transferred
yesterday to Uollyday S. Meeds, jr.. for
$76,000.
The membership of Antmn W. l?Rrd ha?
ben transferred i?. William C. Taggard.
.1 M Amory was presented with a bou- !
quel ut' American Beauty rosea yesterday
hy his follow members oti Hie Now York
st.i, l. Exchange. ?Mr. Amory has been a
member of ?he exchange tlfty years.
Charles r.. \u-s and Bdward a. Reynolds,
for.iu with tu? sxport department of
th? M ?? Ini national H ink, have formed
.? partnership undoi Lhu name >?? Hex &.
Reynolds Company to engage In an Im?.
port, export and forwarding business. {
SUGAR
and
Sugar Shares
The war changes everything and makes
NEW VALUES
As railroad values are destroyed or appropriated by
the Government and Labor, INDUSTRIAL VALUES face
great economic changes.
FOOD VALUES are now fundamental throughout
the world.
All industries connected with food production should
be carefully studied by business men and investors.
THE FUTURE WILL BE KNOWN BY THE MAN
WHO KNOWS THE PRESENT.
To Know Values ?Is to Foreseo Prices
The international Sugar Situation is steadily
discussed in the financial news bulletins of
DOW, JONES & CO.
and
THE WALL STREET JOURNAL
See Friday morning's DOW, JONES & CO. BULLETINS
for complete statement of assets underlying the shares
of the
American Sugar Refining Co.
or
THE WALL STREET JOURNAL
Friday Afternoon and Saturday Morning*
Articles on the international sugar situation will follow.
No other source of Information contains the pertinent
financial facts and figures appearing daily in the News
Bulletins y>f Dow, Jones & Co,
Read them\ Study them I
To Know Values Is to Foresee Price?.
Great Western Petroleum
Own? leases on 3,500 ?eres in tho newly proved Lance Creek
Field of Wyoming.
Its properties are being developed by the Western States 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.
Investment Securities
First National Bank Building Denver, Colo.
Franklin
TRUST CO.
Xcw York Office: M wall Street
Brooklyn Offices : 1?* Montague St. 889 Fulton St,
1005 WMUbout M*rh?
J. K.Rice, Jr. & Co. Buy & Sail
American Chicle Com, & Pfd.
Kiunoug Pl(tyer?-l4U>ky
Franklin InMirunco
Gulf Oil ? Krttaing
I.eiilsh Vail?? Coal ?gales
Lone Star Gas
Metropolitan Trust
M ?il la ml ?vcurltiei?
Penn. Coal St Coko
Prairie Oil ?? Go*
Tex. Pao. Coal & Oil Stock A "Ri?hts"
J.K.Rice,Jr.&Co.
Phones 4000 to 4010 John. 3? Wull St.. N. T.
LIBERTY BONDS
Bought and Sold for Cash
At Stork Kxchsni? Price? and Interest to data.
Call or ?end by registered mail.
PURDY & CO.
lei. John 3 lU-?-u-1. 84 Pine SU. JN.
*l
Liberal Interest
on daily balances.
Metropolitan Trust Company
of the City of Jiw York
00 Wall Street. 116 Filth A?