New-York tribune. [volume], May 10, 1919, Page 17, Image 17

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

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FINANCIAL BUREAU:
Tribune Building
151 Nassau Street
ealth?Markets?Investments
TELEPHONESi
Beekman 3000
Beekman 8243
Invest
in the
Victory
Liberty
Loan
Government Loan Organization
Second Federal Reserve District
Ubutt J/1"" Committee, 1C0 Broadwiy, N.
This space contributed to
Uelp Finish the Job by
Henry Clews & Co.
Hornblower & Weeks
Alfred Loeb & Co.
i>.K.Ri?8,Jr.&Co. Buy&Se'
Amerieau Chlcle Com. i Pfd.
Famoua Players-Lasky
Franklin Inanraace
(.nlf Oil Corp.
Lehlgta Valley t'oal Sale*
Lone star Gas
M.tropolltnn Trust
Slidland Seouritles
lVnn. Coal & Coke
Prairip Oil & Oas
Tei. 1'ac. Coal & Oil Stock & "JRJghts" i
Phones 400n to 4010 John. 36 Wall St., N. T.
^flATit^j. 100T?anofComnerdalBankhe
ffllS1 GHATHAM & PHEK1X
NATIONAL BANK
Capital & Surplm . $5.00Ci oOl
Rriourcci over . SI00.0si8.C3l
fcvrioS*^ 143 Brradwy, (Sifigw BJrfj.)
CvNlvJ' And 12 Sranehas
I RelevaiitComment
The Day's Market
On the broadest trading since the
current advance began the stotfk mar?
ket moved into higher ground again
yesterday. Dealings totalled about
1,800,000 shares. Altogether 315 dif?
ferent issues were dealt in, making the
trading list the largest in the history ol
the Stock Exchange. Oils and shipping
shares provided the chief features.
Texas Company shares created a sen
sation by an advance at the opening.of
22 points at 292. It closed at 286Vi, up
17 points on the day's trading. Royal
Dutch Petroleum issues advanced to
new high levels, while Tide^ater Oil
gained 7% points, Pan-Amencan Pe?
troleum 4% and Oklahoma Relining 2\s.
The market placed a favorable inter
pretation on the restoration of a free
market for steel, following the aban
donment of the stabilization pro
gramme, Steel eommon was actively
traded in on a rising price scale,
touching IOIVs at the top of the move
ment. Steel closed % up at 100Vi.
Other steels were strong, with Sloss
Sheffield gaining %% points net, Lack
awanna Steel 1, and Bethlehem %.
Copper shares were steady. Railroad
shares displayed irreguiar tendencies.
In the specialty list American YVoolen
continued its advance, rising 5 points
to 83; American Tobacco gained 5%,
American Ice 3, Associated Dry Good3
'?'<'.. General Motors 5Va and Mackay
Companies 3.
The bond market was active. Liberty
Loan issues closed at slight recessions.
More Texas Company Stockholders
More than 4,000 individuab now
hold stock in the Texas Companv,
compared with 2,500 in 1915. Mrs.
Deilora R. Cates, of Port Arthur, Tex.,
b?3ds tho list, with an ownersliin of
5o,275 shares, with a value at current
market prices of over $13,000,000. L.
H. Lapham is down for 19,148 shares,
worth approximately $4,600,000.
Davison Back at Desk Soon
H. P. Davison ia, expected to re?
sume his duties as a partner in J. p.
Morgan & Co., within the next
month or six weeks. He has been
padually winding up his work as
head of the American P.ed Cross,
which he undertook at the request of
lent Wilson, shortly after the
United .r;*ates entered the war.
ihomas W. Lamont, another Morgan
partner, who was one of the financial
adv/serg at the peace conference. will
' to h's deask early in July.
-?-9 -,
Want Time for Selling
B. & M. Stock Extended
Federal Trustees Say Plan for
lifthuz Receiverhhip Is
Materializing
'- t?me h ? ich to sell about
"00,000 shares of ato*.* of the Boston
& Maines Railroad was axked in the
? '?! ? Diatrict Court yesterday
by James L. Doherty, of Springfleld,
and other Federal trustee ap
pointed ander tbe dieaofution <:<rrr-,;
?gainat the Xew York, New Havcn &
?1 its eo-defend
ar.'.a 0H Oetober 17, V>\\. The trustcea
J-iroe in v/hich they have
? te aell 251,480 preferred
and 250,254 eommon Khares of
& Maine and certain
' fided to July '.
? n the trasteea ae.sert
late of their appoint
-:ir;flition of the
& Maine has been ?uch that
been irapoaaiblu to diapoea oi
if^e ?fttantiti?? of stock with
I rdat and unreasonable aacri
Wall Street Items
'"' '' ?:??''<, ",n YmM l.efcn el??f't?<l *it
"/ 'b* v<>?\,\,n\ <,t. \hf. y.trnnn
??:??'? '."vortr Comssny *n<1 loh'i
ii-.*i v/?? .,? .KwlMant **vr*t*ry.
--???"???? ? ??-? i>r?al4?nt of th?
?'- l'.?Ut',tin < ?. ;,*r,y, haa r<ial*n?d
I k-v. ii, tjU pt ??-?? tfc ?? of lu,
, .' ?''' ""*>>'?" ,'""? b4#a af?et?4 * vic<?
J*;J" Jv*t*r? >>*? !/*#" ?l?f.tF?<1 pr??l4*nt
\%**?*R w** *t'?'''i""")l aa*lr?i?fl ot tt??
Finance - j
(Coprritht. 1819. New York Tribune Inc.)
Transactions yesterday were the
greatest since the 2,058,000 shares
of February 1, 1917. The record
day on the Exchange ^f 3,336,695
shares in 1901 was also x . May 9.
The practical application of the
Redfield-Hines theory of prices
breaka down just when the theory
itself is also becoming discredited.
Business men a few months ago
were holding back, ref using to stock
up, because they feared sharp de
clines in material prices before they
could make their stocks into finished
goods. Now the Federal Reserve
Board says business has resigned
itself to the present price level, and
is starting to go ahead on it. The
belief that prices would stay up was
voiced aome time ago by Irving
Fisher, who has no superior as an
authority on money and prices. He
based his argument on the increase
in currency which has taken place
since 1914, and thinks that factor
more important and universal than
"war demand."
The National City Bank does not
expect prices to fall, save gradually,
and over a period of years, because,
for one thing, food prices are now
at their highest levels, and cannot
decline until Europe begins again to
furnish its own food needs. Food
prices tend to keep up wages and
wages tend to keep up all other
prices. Theory is supported by facts.
Price investigations for the periods
foilowing the Napoleonic and Civil
Money, Credit
Call money opened and renewed at
5*_ per cent yesterday and declined to
5 per cent in the afternoon. Loans on
! all-industrial collateral were one-half
of 1 per cent higher.
Time money is dull. It is Ioaned
and renewed at 5% per cent for sixty
and ninety days on all-industrial col?
lateral.
The ruling rates for money yest.r
day, compared with a year ago, were as
follows:
Yesterday .Year ago.
Per cent. Per cent.
Call money:
On mixed collateral 5'/2 6
On indus. collateral 6 ?
Time money (mixed collateral):
Sixty days. 5%@6 6
Ninety days. 5?4@6 6
Four months.5%.@8 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 centPor cent.Per cent.
Eligible
member
banks ....4A@4 4Vi@4rt 4A@fH4
Eligible
non-mem
ber banks.4A@4 4A@4i^4%@4rV
Ineligible
bank bills.5!4@4'/2 5^@4j/2 5i/4@4%
ifor delivery within thirty days:
Per cent.
Eligible member banks.4A
rciigible non-member banks. 4'/o
Ineligible bank bills. 6
Discount Rates.?The foliowing table
gives the current rates of the twelve
Federal Reserve banks on commercial
paper for all periods up to ninety days:
i'" ???*UUirl?-,
geoJ nT B.S
Isii p si
? ? 5 . * : p_
:_.-_? . [? jl
B
: I:?
JJoston.4 4% 4%
New York.4 4% 4%
Philadelphia ... 4 4% 4%
Cleveland .4*A 4% 4%
Richmond. 4% 6 6
?Ulanta.4 4% 43^
Chicago .4 4% 4%
St. Louis.4 4% 4%
Minneapolis .... 4 4% 5
l Kansas City-4'/a L'/a tyi
iDallas. 4 4^ 5
jSan Franci.co... 4 5 8
The Federal Reserve Bank of New
j York has put in force the foilowing
I schedule of rcdiscount rates which
apply to bankers' acceptances: Maturi
tics up to 15 days, 4 per cent; 16 to 60
days, inclusive. 4Vi per cent; 61 to
I 90 days, inclusive, 43,-& per cent.
Bank Clearings.?Bank clearlngs yes?
terday were:
Exchnnges. Balances.
New York.$750,686,568 $60,096,061
Baltimore . 11,299,108 4,459,6*19
Boiiton . 50,581,1 j3 13,864,126
Silvcr.- -London, firiVfcd; up 4%d;
New York, 1.05; Mexican dollars. 78*4
@.1%C.
Sub-Trea?ury. ? The Sub-Tr?asury
| Kftined $85,000 from tho bunk. on
| Thursday.
.
London Money Market. -LONDON,
May <?. Cloaing--Money 3V_ per cent.
DiAcotnft rates Khort and thr.c
rnonth.s' bilU, 3% pfir cent. Gold
premiums at I,i?bon, 100.00.
The Dollar in Foreign Exchange
Tho foreign exchange market was
dull yesterday, with no important
change in rates. Hterling and francs
WSTU firmly maintained. Neutral ex
changes diuplayed irregular tenden
ciec.
(Quoted dollars to the pouhd.)
Ye$- Weok
terday. ajjo.
Sterling, dernand.$4.68!/8 $4.67
Sterling, cablea .._4.69'/B 4.68
SUtling, ?!xty dttyn... 4.64% 4M'A
Hterllng, ninety days.. 4.63% 4.63y8
(Quoted ur.itu to the dollar.)
Franca, checkn . 6.16'/;._
Franca, cable* .6.14*/i ?_
Belgium,france, check* ..40 _
Belgium, francs, cable* 6.38 ??
Urn, check*.7.88 7A9
Uss, cable*.7.66 7A7V?
Economics
wars shovv that prices did not return
to their pre-war levels until dozens
of years after peace. More substan
tial of all reassurances, prices now,
with war demand non-cxistent, after
half a year of peace, have declined
only 6 per cent in the aggregate. As
for the future of the steel trade
specifically, it is worth recalling
that Eritish steel makers raised their
prices but a few days ago, though
they Were already higher than those
in America.
Steel common advanced on the
| first day after steel prices were
] fixed and advances on the first day
; after they are unfixed.
On the first two days on which
customers had to pay higher com
missions for their trading, they
bought and sold more stocks than
: on any previous two days in. two
| years.
The greatest obstacle which the
Victory loan has had to encounter
is not ignorance. It is not lack
of knowledge of what the present
loan is to be used for. It is the
"Let the other fellow do it" attitude.
If this attitude were universal the
result would bc obvious; not a dol?
lar would be raised. If the banks
were compeiled to take a large part
of the present loan it would cut off
funds to business, increase the in
flationary tendency, the cost of liv
ing and the amount of labor unrest.
This is the last day to prevent such
a consummation.
and Exchange
Swlss franc., checks.. 5.01'/2 4.96'/2
Swiss francs, cables... 4.99 4.94|/2
(Quoted cents to the unit.)
Guilders, checks .3934 40 3-16
Guilders, cables .3911-16 40%
Sweden, checks .25.60 26.65
Sweden, cables .25.80 26.80
Denmark, checks .24.30 24.65
Denmark, cables .24.50 25.80
Norway, checks .25.30 24.90
Norway, cables . 25.50 25.C0
Pesetas, checks .20.17 20.20
Pesetas, cables .20.27 20.30
India, rupees, checks. .35.73 35.73
Japan, yen, checks.51 Vz -
Japan, yen, cables.51% -
Argentina, checks _9834 44.25
Argentina, cables .98!/2 44.35
Brazil, Rio, checks_27.10
Brazil, Rio, cables _27.20
Below is given the current exchange
value of foreign money in dollars and
cents, together with the intrinsic gold
parity, as calculated by the United
States Mint:
Current
exchange Intrinsic
value. value.
Pounds, sterling .$4.68'/^ $4.86%
Francs . 0.16.2 0.19.3
Guilders . 0.40 0.40.2
Lire, checks . 0.15.2 0.19.3
Crowns (Denmark) ... 0.24.30 0.26.8
Crowns (Sweden) .... 0.25.80 0.26.8
The above rates express the cost of
foreign money in terms of the Ameri?
can dollar. You buy an English pound
sterling, say, at $4.681/4. The intrinsic
parity is $4.68% per pound. Thus, you
say either that. pounds are at a dis?
count or that dollars are at a premium,
which is owing to the fact that in Eng?
land tho demand for dollars with which
to settle accounts in this country is
greater than the demand in is coun?
try for pounds with which to settle
accounts in England.
No Sign of Abatement
We see no sign of abatement in tho
present upswing of stocks and tho vol?
ume of trading promises to continue
large. Further improvement was noted
to-day in the copper trade, sales now
totalling about a million pounds a day.
?- Block, Maloney & Co.
American Woolen
Business appears to have been re
stored to a good basis by the sharp
reduction made in prices which has
been followcd by large orders and re?
storation of higher price levels in some
instances. It is interestin;* for New
England investors and others to note
that this same plaii, which is the usual
economic mcthod, has not worked out
at all in case of the copper mctal
producers, or rather it is taking more
time for accomplishment. There is, of
course, an immense civilian buying pow?
er for woollen goods and a certain suro
demand from civilian. abroad, all of
which must be proniptly mct, while uso
of copper can bc dclayed, as there is
no special buying season for forward
orders and stocks on hand are amply
sufficicnt. Painc, Webber L Co.
Hailing Congress
Probably the present is tho or.ly time
business and flnanco have hailod the
early convention of Congress with sat
isfaction. It is felt that tho railroad
j problem will bo now handled in a busi
nessliko fashion, that a considcrable
Washington influence will bo exerted
in favor of a stecl-price adjustment
or tho creation of an open market in
steel and in other products, and that
thereafter business in thc Street will
turn to the old, tried socurities from
tlie meteoric specialties that lately
have had preference. Clar '., Childs &
Co. _
Advisc Caution
After having been unrcservedly and
continualiy buliiuli for three months
wo aro inclincd to ;idvice caution.
The momentum back of tho mar?
ket and tho instinctivo confidence in
prospority which pi'evails will bo jus?
tifled we think. Prices of good stocks
should bo much higher before tho end
of the year, but with Congress meet?
ing on May 10, ntrong opposition in
some quarters to tho league of nations
and tho possibility of furthor friction
in Europe before peace tr.atios nre act
ually slgned, wo think that people who
havo large prciila aliould tako r.omo o/
them. E. K. Ilutton &. Co.
Paris Market Firni
PAUIS, Mny f), Prices wcro firm on
tho Boursa to-day. Three per'cent
f.nt-S, 02 francs 05 ccntimos for cash.
Exchango on London, 28 francs 94
centimos. Fivc por cent loan, 88 francs
10 centimos. The dollar ranged from 0
f.iuicn H centimos trv (5 frartcs 10
centimos. *
No Further Price
Cuts on Steel,
Judge Gary Says
Head of U. S. Corporation
Looks for Good Business
Despite Views of the
Railroad Administration
Leading steel intercsts are adhering
to the schedule of prices approved by
the industrial board, despite the view
of the railroad administration that they
are not low enough. This policy, in
the opinion of Elbert H. Gary, chair?
man of the United States Steel Cor?
poration, will continue to be the atti?
tude of the manufacturers, because
present costs of production will per
mit of no further cuts in selling prices.
Judge Gary, who, with other mem?
bers of the general committee of the
American Iron anl Steel Institute, con?
ferred with the representatives of the
?railroad administration at the con?
ference in the Hotel Plaza Thursday,
declared yesterday that the steel men
did not intend to enter into any contro
versy with Director General Hines over
the price question.
Judge Gary's Attitude
Referring to the statement of Mr.
Hines, in which he presented figures
purporting to show that the steel com?
panies, on the basis of the industrial
Board's prices, would be able to earn
handsome profits, owing to lower op
erating costs since the signing of the
armistice, Judge Gary said:
"The statement of the Director Gen?
eral, if it had been mado after full ac
quaintance with the facts and figures
and had been accurate in all respects,
woull not, in my opinion, have any
bearing upon the exact present situa?
tion. On the present basis, costs of
production, as shown in the books of
Mie manufacturers and verified by the
Federal Trade Commission, would not
permit any further reductions in the
present'selling prices without lowering
wage rates.
"Our subsidiary companies are
strictly maintaining the scale of prices
approved by the industrial board of the
Department of Commerce, and it seems
to me that will be the attitude of other
manufacturers, for the reason, if for
no other, that their costs of produc?
tion will not allow any further reduc?
tions in selling prices. They have vol
untarily made two sub.stantial reduc?
tions since the armistice was signed."
Judge Gary expressed regret that
the opinions of the railroad administra?
tion and the iron and steel industry
over the matter of prices have. differed.
"It is a time," he added, "when all
interests should cooperato in aiding to
faclitate tho movement for improved
industrial conditions, which is certain
to take place, if it is not already in
evidence."
Sees Good Business Ahead
The head of the Steel Corporation
declared "there has at all times been
an open market in iron and steel, and
opinion to the contrary is a misconcep
tion of the facts."
"There has been no effort," he said,
"to establish fixed prices. The fact
that a seller cannot or will not reduce
his selling price, or that a purchaser
cannot or will not pay the price asked,
does not modify the fact that the mar?
ket is open."
Judge Gary held that despite the un
settlement caused by the controversy
between the industrial board and the
railroad administration there is good
business ahead for the steel manu?
facturers.
"It is for the best interest of the
whole country, producer and consumer,
employer and employe and the general
public, to take advantage of the ex
traordinary resources of the United
States by stnnding together forgreater
progress and prosperity than we have
ever before exnerienced," he added.
-?
Reserve Bank of N. Y.
To Open Buffalo Branch
The Buffalo branch of the Federal
Reserve Bank of New York will open
for business May 15. The officers of
the branch are R. M. Gidney, manager,
and I. W. Waters, acting cashier.
The work of the branch will be car?
ried on under the general direction
and supervision of a board of five
directors, three of whom are appointed
by the federal Reserve Bank of New
York and the other two by the Fed?
eral Reserve Board in Washington.
The directors appointed by the Fed?
eral Reserve Bank aro: Harry T.
Ramsdell, president of the Manufact?
urers and Traders National Bank,
Buffalo; Elliott G. McDougal, presi?
dent of the Bank of Buffalo; Rayi M.
Gidney, manager, formerly assistant
Federal Reserve agcnt at New York.
The directors appointed by the Fed?
eral Reserve Board are: CHfford Hub?
boll, president of the Fidelity Trust
Company, of Buffalo, and Charlcs M.
Dow, president of the National Chnu
iauqua County Bank, of Jamestown,
N. Y.
Want Revolving
Fund Replenished
Bankers and Rail Executives
Want Congre.s to Furnish
Money for Carriers
Bankers and railroad men, at a con?
ference yesterday in the offices of J. P.
Morgan & Co., discussed plans for urg
ing upon Congress, when it meets this
month, to immediately pass the de
nciency measure providing for the re
plenishing of the railroad revolving
fund. The bill which failed of passage
at the last session called for an appro
pnation of $750,000,000, which, it is re?
ported, may be increased to $1,000,000,
000 by the new Congress, a majority of
which will be Republican.
The bankers who attendcd yester?
day s meeting included J. P. Morgan,
Dwight W. Morrow. William H. Porter
and George F. Baker. T. De Witt
Cuyler, chairman of the Association of
ivailway Executives, and its counsel,,
Alfred P. Thom, rcpresented the rail?
roads.
In the discussion it was undorstood
that much stress was laid on the part
the banks have taken in linancing the
needs of the carriers since the last ses?
sion of Congress, and the importance
of relieving th.m of that burden as
speedily as possible.
Figures supplied by the Association
ot Railway Executives disclosed that
since April 1 the railroads, have had to
borrow more than $360,000,000 because
of the railroad administration's inabil
ity to meet its obligations. Of this
sum approximately half was handled
by the banks, either in the form of
direct advances or b/ aiding the com?
panies to obtain extensions of matured
notes. The War Finance Corporation
is tho other medium which has helped
carry the transportation companies
over their financial difficulties.
Unless the new Congress acts by July
1 the banks and the War Finance Cor?
poration will be called upon to finance
an additional $162,000,000 of railroad
obligations falling due at that time.
Of this total $113,000,000 represents
corporate requirements, $34,000,000 se
cured notes and $15,000,000 unsccured
notos.
???-1-??- _
Vauclain Elected
Head of Baldwin
Locomotive Works
Succeeds Alba B. Johnson as
President of Great Indus?
trial Company; No Change
of Policy Contemplated
PHILADELPHIA. May 9.?Phila
delphia's greatest and most famous in?
dustrial concern, the Baldwin Loco?
motive Works, got a new head to-day.
Samuel M. Vauclain was elected
president of the company, succeeding
Alba B. Johnson, whosc resignation
was accepted at a special meeting of
tho board of directors. Mr. Vauclain
had been vico-president. Since January
1, 1883, he has been in the service of
the concern, in increasingly impor?
tant positions. For his work in con
nection with the war, France made
him a Chevalier of the Legion of
Honor.
Retiremerit of Mr. Johnson is not a
surprise to thoso who have been in
close touch with Baldwin Locomotive
Works affairs. In his statement, is?
sued to-day upon his resignation, Mr.
Johnson said that he had had the step
under consideration even before the
war. He intends to devote himself to
the various outside and public in
terests which have been more and
more engaging his attention. Mr.
Johnson had been with the concern
forty-two years.
It is stated that the policies of the
Baldwin Locomotive Works will not be
changed. The concern now has large
orders on hand to be filled and has
every reason to expect its full share
of the new domestic and foreign busi?
ness in locomotive building which is
ahead. Tn the further development of
the business there will be an increas
ing transfer of the big operations to
Eddyston, where tho company soon will
come into possession of great build
ings erected there under lease arrange
ments for the manufacture of army
rifles and shells. The machinery in
such buildings does not come with
them, nor is it, except in very minor
degree, suitable to the purposes of the
Baldwin Locomotive Works.
--??
May Buy Exchange Through
U. S. Relief Administration
Arrangements have been made, it
was announced yesterday at the
Federal Reserve Bank of 'New York,
whereby dcalcrs in exchange who have'
reestablished their bankirig relations
in Germany, German-Austria, Turkey,
Czecho-Slovakia and similar countries
in Central Europe, may purchase ex?
change on these countries from the
American Relief Administration when
ever it is in tho market, for rrmittanee
to their correspondents to cover cables,
demand or money orders which they
may sell directly to their customers
in the ordinary manner without rc
strictions.
Signifieaiit Relations
Money and Prices:
Stock of money gold in the country.. $3,034^13,002 53,04" 643?270
Loans of all national banks. *?'??< i1;^1?* oneidlngytii
Their surplus reserves. *9,9fl2,?!f'222 $9,390,836,000
Bills discounted and bought byFed, ittlfek 105,977,000
eral Reserve Banks. $2,136,234,000 $1,204 587 000
Federal Reserve notes in clreulation 2,549.552,000 1 526Wooo
Total gold reserve. 2,169,216,000 W^OOCMWO
Average price of fifty atocks. '''a'a'til1' '?*>oti?clo*?. *?e?r??*
Average price of twenty-five bonda.. ?,! 892? 77.44
Food coat of living (Annalist indcx , . , 9 8708 85-81
, number). 319.917 315.815 2$ Vq
General commodity price level (Dun's Mm , Anrll , ?o.otw
index number) . 222.193 219.973 226.665
Production:
Mtr. 31 Feb. M. ' ? .... ._,
Unfllled U. S. steel orders, tons.5,430,572 6.010,787 13,056,404
Plg Iron ontput (daily average), tons 82,607 99,685 A109 607
1818 Tlelll. CRtlBlltM]. The 1917 ,'r??
Wheat crop, bushels. 917,449,000 636,655 000
Oat crop, bushels. 1,538,350,000 1,592^740 000
Corn crop, buahela. 2,582,814,000 3 (W233*000
Cotton. 500 lb. balca...... 12,022,601 1l!302375
,-lncrr??e ?r ritcratw fram ye*r before-??
14 roid? '-A" CUM l ro,d*-?
Distributiom ThinTweek Month of Jan ,ta
lii Alini. KutFruary. i.-eh os
Groaa railroad earnlnga.-| 2.51 r'e -| 21.3% -I 30.2%
? i ii J.?it week. Week before. feutoiiitt
Bank cleartnga.+18.1 % +16.1 % " ig.6%
Gencrall Mirrl, Frtruary. ? Ar?r.n.
Active cotton apindlea.82,642,376 33,282,593 33,709,976
Commerelal fallurca (Dun'a) Aprll. Mlirr!L *,,?'?.,
Number. 543 620 905
Llabllitiea ..$11,450,462 $13,595,471 414,271,849
Building permlta (Bradstreet'a): Mlrt.n mo. M?rch 10m.
(128 citlea) .$68,398.69/ $59,274,249
Anaconda Copper
Earnings 17.85
Per Cent in 1918
Mounting Costs of Opera
tion, With Price for Metal
Fixed, Is Cause of
Heavy Decline in Profits
Tho Anaconda Copper Mining Com?
pany, owning and operating some of
the largest American metal properties,
earned 17.85 per cent a s.hai-e on its
$116,562,500 outstanding stock in 1918,
compared with 29.44 per cent earned
in 1917, according to the annual report
issued to the stockholders yesterday.
The drop of more than 11 per cent in
the amount earned a share was due.
the report states, to the higher cost of
; operation and the maintenance of the
| government's fixed price of 23l/_ cents
; a pound for copper.
"Continuance of the fixed price," the
! report states, "of 23V_ cents to July 2,
resulted in a lower price being realized
on the production sold than in the
previous two years. The lack of future
sales necessitated the carrying over
of inventories of unsold metals at the
end of the year, at cc|,t; thus th<
gross income of the company was sub
stantially decreased.
"The increases in wages, freight
charges, cost of supplies and of treat
ing custom ores, and refining metals,
reduced, by comparison with the two
previous years, the net income realized
on the business done."
Production in 1918
In 1918 the Anaconda properties pro
duced 4,918,468 tons of ore, and thc
company's total revenues from all
sources, including sales of metals, sales
of merchandise, royalties, tolls, metals
in process and on hand, and incomes
from investments, amounted to $150,
486,315, compared with $158,954,239 the
year before. Accounts receivable and
cash on hand at the end of the year
totalled $30,702,052, against $27,109,819
in 1917. The company charged off for
depreciation $6,104,185 last year,
against $5,387,436 the year before.
During the course of the year the
Anaconda company bought into an oil
property, getting joint control, with
the Inspiration Consolidated Copper
Company, of the Arizona Oil Company,
in order to protect its fuel oil supply.
upon which the opertaions of the Inter?
national Smelting Company at Miarni
depend. The oil property involves 16C
acres of oil producing territory in the
Bakersfield district of California. The
company's net investment on Arizona
oil stock amounts to $794,668. *
Investments Exceed $8,000,000
In all the Anaconda and its sub
sidiaries expended $8,883,627 on invest?
ment account in 1918, the largest deal
being the acquisition by the Interna?
tional Smelting Company of 630,000 oul
of a total of 1,250,000 shares of thc
Walker Mining Company stock. This
property is located in California, ir
Plumas County.
Total production at Anaconda anc
Great Fails last year amounted to 293,
603,726 pounds of fino copper, 10,967,90t
ounce-s.of silver, and 64,317,622 ounces
of gold.
-a
Say Proposed Tax
On Curb Brokers
Will Ruin Market
Protest Registered Against
Measure at City Hail
Meeting; Fee Reduced
and Bond Eliminated
Declaring that it would have a ten
dency to destroy the market and cre
ate a monopoly of the curb, Morcan J,
O'Brien and Franklin Leonard, jr., at
a meeting of the Committeo on General
Welfare of the Board of Aldermen yes?
terday protested against the adoption
J of the measure introduced by Alder?
man William F. Quinn providing for
the payment of a tax to the city by
curb brokers. As originally introduced
the proposed ordinance provided that
every curb broker should pay a license
fee of $1,000 a year and also give
the city a bond of $25,000 for the ob
scrvance of all financial obligations.
At yesterday's hearing Alderman Col
lins, chairman of the committee, stated
that the measure had been amended
by the introducer so as to make the
license feo $200 and that the bond
provision had been eliminated.
According to Judge O'Brien, the dif
ficulty with the proposed ordinance
would not be in tho amount of the
money charged for the license, but in
the effect it would have upon the oper?
ation of the curb. He said the tax
would lessen the number of brokers
and injure tho financial life of the city
Mr. O'Brien painted out that the busi?
ness of the curb brokers is regulated
by an association that corrects any
I abuse that might happen among its
, members.
Mr. Leonard said that there were
i seventy-five Stock Exchange houses
j members of the curb market and that
there had not been one failure of con
! tract in two years. There are 41E
j members of the association, with 7,401
employes, and any ordinance making it
impossible for these members to dc
, business would be a great misfortunt
1 to the employes, in the opinion of Mr
; Leonard.
"If you want funds from the curt
; market the place to get them is in the
; Legislaturo at Albany," said Mr. Leon
j ard. "We are paying thc state more
| than $20,000 a day on transfers or
I stock, and in the last three months wc
i have paid a total to Federal and state
| government. of $2,977,000. Even or
: light days the transfer tax fees amount
, to upward of $10,000."
Alderman Quinn said it was not thc
purposo of the ordinance to put the
curb market out of business. He hac
been a member of the curb associatior
for three years and knew how the busi?
ness is conducted, he declared. '"I in?
troduced the ordinance at the instiga
tion of certain members of the mar
! ket, and they authorize me to say thal
j if the bond is eliminated and tho fee
reduced to $200 they will favor the
: ordinance," sadi thc alderman.
Tho committeo took tho matter un?
der advisement and probably will re?
port to the Board of Aldermen nexl
Tuesday.
London Promoting
Bank in Colombia
WASHINGTON, May 9.?Five Lon?
don banks havo organized an associa?
tion for the promotion of a bankinj
institation in Colombia, advices froir
Bogota received here today said. Tlu
British Colombian institution will be
known as the English bank and wil
havo headquartors in Bogota, witt
branches at Medellin and Manizeles
The i>ank will be capitalizcd nt $10,
000,000.
To Sell Coast Line Ships
Clyde, Mallory, Ward and N. Y.
& P. R. Companies Are
Involved in Deal
It was reported yesterday that
negotiations are being consummated
for the sale of the Clvde, Mallorv,
Ward and New York and Porto Rico
steamship companies to the Interna?
tional Mercantile Marine Company.
Through the ownership of practically
all of the outstanding stock these com?
panies are controlled by the Atlantic
Gulf and West Indies Steamship Com?
pany. It is understood that the At?
lantic Gulf and West Indies Company
were willing to sell tho ships of th'e
operating companies for $55,000,000.
With about seventy ships with a
dead-weight tonnage of 300,800 tons are
involved in the negotiations which will
not include tankers and certain lowei
tonnage vessels owned direetly by the
company. Of the vessels inc'luded in
the transaction twenty-three are ownec
by tho Clyde Steamship Company
fourteen bv the Mallory Line, twelve
by the Ward Line and twelve by the
New York and Porto Rico Steamshir
company. All the ships have been em"
ploycd in the Atlantic Coast and Guli
service.
Orient's Deniand
Controlling Faetor
In Silver Markel
Price Still Rising Owing to
Pressure of Orders Long
Held Back by American
Embargo on Exports
The future trend of nrices in tht
market for silver metal depends t<
a large extent upon what price th<
Orient is willing to pay to add to its
supplies, according to Handy & Har
man, one of the lcading American bul
lion houses.
China was reported to be in this
market yesterday for a substantia
amount of bar silver, with a bid o!
$1.06 an ounce. American interest!
were bidding $1.05%, while sellers wer<
holding their metal for higher figures
"With the embargo lifted," said i
member of the firm of Handy & Har
man, in discussing the general silvej
situation, "the advance in silver prices
has been occasioned and maintained bj
reason of the fact that those who ha'c
orders for various countries for mint
age and for use in the arts whici
coilld not be filled owing to the re
strictions on exports are now press
ing their accumulated demands upoi
the market. Unless the price at whicl
lndia will take silver advances the out
put of the country will more than sat
isfy the orders coming into the mar
ket. The future of the silver hiarke
depends on what the Far East is will
ing to pay for the metal."
There are no surplus stocks of sil
ver in the United States at present, am
orders for the metal are being fille,
from virgin silver as it comes fron
the mines and the refineries.
Comm
Industrial
Cotton
Cotton prices resumed their ad?
vance yesterday, showing net gains
for the day of 3 7to 67 points. The
market opened higher, and met with
no serious setback. There was con
siderable pr,essure to sell on the early
advance, but prices held up fairlj
well under these offerings, and latei
scored a further rise. Unfavorable
weather, higher prives at Livarpoo
and the proximity of peace were giver
as reasons for the market's strength
October cotton, a its high point oi
25.27, was about a full cent above its
recent low.
Exports were heavier yesterday
Shipments were 52,529 bales from a*I
ports. Exports for the sea3on arenov
within 39,000 bales of the 4,000,001
mark. The Liverpool weekly statistici
show that all stocks of American cot
ton there have decreased 43,000 bales
Improving demand and an upware
price tendency are reported from thi
Boston cotton market. Buyers ap
pear to be more concerncd about de
liveries than price. Some dry good:
men express the belief that the trad<
has pretty well discounted the sign
ing of the peace treaty. A repor
from Paris says Herbert Hoover ane
the Supreme Economie Council an
arranging for the sale of cotton to th<
Czecho-Slovaks.
In the local market, spot cotton wa:
quoted at 29.10, an advance of 3;
points.
Prices for futura contracts follow:
XEW STYLE
Prevloui
Open. Hlsh. Low. CloBe. closo
May. .. 28.20 28.33 -.'8.10 28.33@ - 27.91
July... 20.05 2fi.!)4 26.00 20.90@26.93 20.4,
Oct- 24.80 2.r?.27 24.75 25.23@25.26 24.5'
Dec- 24.40 24.78 24.30 24.75@24.78 24.11
Jan- 24.15 24.40 24.00 24.44@24.48 23.7'
COTTON STATISTIC3
Yester- " Last Las
day. week. vear
Port receipts. 22,084 43,394 6,58'
Exports . 52.529 51,957 15,581
do seaeon... 3,971,200 3,850,240 3,278,87'
N. Y. stocks. 97,763 90,941 165,49*
Port stocks... 1,208,600 1,254.379 1,351,991
Int. recelpts.. 12.397 9,081 0,94<
do shipm'ts. 11,459 12,100 15.S7
X. Y. arrivals. 923 1,691 4,49,
SOUTHEP.N SPOT MAHKETS
YeBte.r- Stocks
Ports: day Sales Stocks Yr-ar a(c<
Gatveston.. - . - 203,128 260.16)
?V Orleana.. 27.63 6,056 898,493 4(19 58;
Moblle .... 27.00 - 18,427 U?,64l
Savannah.. - - SOS.995 209,00!
Charleiton. - - 50,695 4:;,12!
Wilminirton ?- - 59,419 35,521
N'orfolk ... 27.00 1,326 129,509 82,74!
Baltimore... 28.00 - 6,581 32,62'
New York.. - - 97,763 165,461
Prunswlck - - .',-ltiti 19,5U
Various- - - 40,216 83,00
Totals.1,208,666 1,351,90,'
INTERIOR
Ausiieta ... 27.75 14 174.169 113,21
Memphls - - 341,093 367.831
St. Louis... - - 81,075 18,00
Houaton- - - 256.232 162.77
Little ttock - - 44.022 25,98!
Iinn plglit statemen-of New Orleans Cot
ton Kxchantre:
Froin Aupust 1 to May 9.
1019. 191S.
Port rccclpts. 5,100,130 5,843,80!
Ovarlaml to mllla and
Canada. 1.060,713 1,427.50<
Inti irlor stock in rx
cess of AuKUSt 1 . . . . 568,288 578.30'
Southern mill taklN^s. 3.100,000 8,241,71
BruUKht Into Btb'ltt
.lurit:cr 2SJ ilnva to
dato.0,838,139 11.001,32
BruUKht tnto Hlglit
first nlno dnys of
May . 137,031 04,00
Broutfht Into night
for peven duya >-n i
Ing May 8. 120,846 87,18
L1VEUPOOL COTTON
In the Liverpool market, spot mld
dling was tjuuted at 17.19. Sales wer
5,000 bales, of which 4.000 woro Ameri
can. Imports were 1,000 bales, k!
American. Manchester reported a
Int'l Motor f ruck
Corn.?lst Pfd.?2nd Pfd.
J.K.Ricc,Jp.&Co.
Phones 4000 to 4010 John. 86 W?ll 8t. N. T.
JEWEL TEA
Special letter cm retjveat.
?oldb_:rg_6LHejM
N. M. Goldberg MiUen Httaa
Memtxra Cona. Stock E-Changa of N. T.
U BROADWAY. N. Y. Phess RMttr 4.M-7.
ANDREW J. McCORMACK. Auotlonesr.
KBGVLAR AUCTION SALH
STOCKS AND BOND8
By ADKIAN H. SII1.I.EH ? SOH,
OFFICB, 56 WILLIAM ST..
1VKUXKSDAT, MAY' 14, 1*1.,
at 12:30 o'clock, at the
EXCHANGE SALESROOM,
NOS. 14 AND 16 VESBY STRBBT.
For Account of Whora It May Concern:
B0 shs. Llncoln National Bank
6 shs. B. W. Bllss Co. coniraon.
25 shs. United State. Montgag. _c
Trust Co.
. 1,200 shs. Chicago Utllitlea Co. Tem?
porary Ctfs.
$12,000 Chicago Utllltte. Co. 6ft Bond*.
10 shs. United Uai & ffilec Corpn. lat
prefd.
25 shs. Bond _t Mortgags Gnaraxite*
Co.
$5,000 Brooklyn Rapid Transit Co. Mfc
Notes. due July 1, 1918.
$10,000 Yonkera R. R. Co. lst Mtf. ??.
Bonds, 1946.
10 shs. United Gas & Eleo. Corp__ lat
prefd.
200 shs. Trlangle Fllm Corpn. prefd.
2.300 shs. Interborough Consolidated
Corpn. oommon.
1,700 shs. Interborough Conaolldated
Corp. common.
MEETINGS
THB ANNUAL MEETING OF THB
stockholders of the Standard Gas Ltght
Company of the Clt- ot New York will b?
held at the office or the Company, Room
No. 206, No. 130 East 16th Btreet. New York
City, on Wednesday, May 14th, 1919, at 13
o'clock M., for the election of Dlrectors
and the transactior. of auch other business
as may come before the meeting.
JOHN E. SANBORN, Secretary.
Details of American
Sumatra Financing
Julius Lichtenstein, president of the
American Sumatra Tobacco Company,
sent out notice to the stockholders
yesterday giving the details of the pro?
posed new financing of the corporation,
which involves the issuanc. of |6,000,
000 of ten-year 7 per cent sinking fund
convertible debenture bonds.
The new issue will be convertible
into common stock of the company at
par, for a period of thirty days from
the dato of the bonds, and thereafter
at $110 per share. Privilege is to be
given to the holders of the preferred
and common stock to subscnbe after
May 20, 1919, and np to Jtine 10, 191.,
for as much of the issue as shall equal
60 per cent of tho amount of pre?
ferred and common stock outstanding
on May 20.
The issue will be underwritten by
a syndicate consisting of the Chase
Socurities Corporation, Tucker, An
thony & Co. and Montgomery & Co.
Proceeds of the bond sale will be used
for additional working capital in con
nection with the development of the
company's properties.
odities -
active business ln cloths and yarna at
hardening prices.
Prices for future contracts follow:
NBW CONTRACT8
12:16 Prevloue Last
P- >"- Close. close. year.
Yiliy. *6-9B 16.78 16.78 21JW
June. 16.6!) J8.45 16,4. 21.48
J?ly.-. 1640 J6.19 lfU8 200?
August.. 16.04 15.87 15.87 20.49
September.... 15.52 15.87 15.87 20.0.
Sust enance
Cereals
Wheat.?"The Modern Miller" says
winter wheat in some sections will be
seven to ten days nearer to harvest
than normally. Northwestern roillers
have reduced flour prices 50 cents.
Receipts of wheat at New York yes?
terday were 424,200 bushels.
Corn.?Corn prices were vigorously
attacked as a result of the govern
1 ment crop report forecasting enorraous
yields. The fact that the Graln Cor?
poration will import 4,000,000 bushels
of wheat from Canada also had a de
pressing effect. Lower prices for
hogs and flour and larger Argentlne
shipments were other faetors. The
market was heavy and closing price*
were half a cent net higher to S%
cents lower.
Yesterdajre Prevloua Tear
New York: close. olose. ago.
Corn, No. 2 yellow.$1.03 ?1.88*4 ?
Chicago:
May. 1.69% 1.69 fl.27%
, Uuly. 1.63ii 1.68% 1.45$,
September. -.55>W? 1.584S ?
I
?M
Oats.?Oats were under the influ
ence of most of the conditions affect
ing corn. Closing prices were from
J % cent net higher to 1% centg lower.
Yesterday'a Prevloua Year
a?? Tork: close. ? close. ago
Oats. No 3 wh... .79V_@80 .79% M
Chicago:
I May.68%
Uuly. .68
I September.64T_
Rye.?Market lower.
Yesterday'a Prevloua Year
New York: close. close. ago.
Cash. No. 3 WeBt..|1.72 $1.74*4 SXM
Flour and Meal.?Quotations were:
Yesterday'a Prevloua Yea*
New York: close. close. ago.
Minn, ep p.$13.00@13.50$13..5@l_.75 811.00
Corn flour. 4.00? 4.25 4.00@ 4.25 5.00
Rye l'lr, ch 8.75? 9.75 8.75@10.00 15.55
Bran.100 lb 46.25@46.50 46.25 @ 46.50 _
Sugar and Coffee
Current A y?ar
Prices. ago.
Sucar. grranuiateo, per lb. 9 7.45
Sugar, centrffugal, per lb. 7.2$
Coffee, Rio No. 7, per lb. 19*? 8}4
Coffee, Santos No. 4, per lb... 23 ??
Sugar.- Shipments to northern points
! of 125,000 bags of Cuban raw sugar
have been arranged by the Equaliza
tion Board. There is said to be an im
proved demand for refined sugar
throughout the estern section of the
country and export demand is reported
more active.
1 j Coffee Futures.?The coffee market
: was weak yesterday and prices declined
?11 to 49 points for the day. Cables
, ; from Brazil reported Santos shipments
' suspended because of the dock labor
, ers' strike. There were rumors that
j the Brazilian government was quietly
? disposing of some of its holdings. July
coffee broke from 18.71 to 18.20 and
! closed at 18.25, while Pecember fell
l from 17,70 to 17.10 and closed at 1744.
Prices for future contracts follow.
> ..... Previous Vaar
High. Low. Close. eloae. ago.
.luly.. 18.71 18.20 18.25? 18.26 18.71 8?S4
5 Bapt. 18.27 17.70 17.84*17.86 18.25 8.45
;Dec... 17.70 17.10 17.24@17.25 17.70 SJST
Man h 17.50 16.95 17.05@17.10 17.64 ?
s j Cottonsevd Oil?Business in cotton
- , sced oil was dull, with tradcrs appar
Continued on foilowing pags