New-York tribune. [volume], May 12, 1919, Page 16, Image 16

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

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FINANCIAL BUREAU.
Tribune Building
154 Nassau Street
Wealth?Markets?Investments
TELEPHONES?
Beekman 3000
Beekman 8243
NEW TAX FORMS
Partnerships and
Personal Service
Corporation*
Form 1065
Our tax department offers its
services without charge in the
preparation of these returns.
Forms may be had upon re?
quest for AK-224.
TheNationalCity
Company
Main Office: Narra?! City Bank SniMmt
Uptown Office: Fifth Ar?. ft 43rd St.
Correspondent Offices in .',8 Cities
? <
NATIONAL TIN
CORPORATION
We have prepared a circular de?
scribing the properties and meth?
ods of operation of the above Cor?
poration in South Dakota which wo
shall be glad to send upon request
J. Robinson-Duff & Co.
Members New York Stock Exchange
Telephone 8700 Bowling Green
61 Broadway New York
J.K.Rice,Jr.&Co.Buy&SeIl
American Meter i
American Chirle Com. & FM.
Pel., Lack & West. Coal
Famous Players-Lasky
Franklin Insurance
iiulf Oil Corpn.
I.ehieli Valley Coal Sales
Lone Star. C?as
Metropolitan Trust
Midland Securities
Fenn. Coal & Coke
Prairie Oil & tias
Tex. Pac. Coal & OH Stock & "Rights" I
J.K.Rice,Jr.&Co.
''hones 4000 to 4010 John. 36 Wall St., N. T.
Bonds for Investment
Harris, Forbes & Co.
Pine Street. Corner William
NEW YORK
LIBERTY BONDS
Bought and Sold for Cash
At Stock Exohange Prlcee and Interest to dato.
Call or ?end by registered mall.
PURDY & CO.
Tel. John 3174-8-8-7. 84 Pine St.. N. T.
STANDARD
WEEKLY f*H WILT, BE
SUMMARY *V MAILED
ON f TO
STANDARD OIL "' INVESTORS
ISSUES $ ON REQUEST
CARLH.PFORZH?lrVIE??&CO.
Phone [phone] Broad. 35 Broad St,,N\Y,
WE WILL BUY
5M
Superior Water, Light
& Power 1st 4s, 1931
@76
Offerings Wanted
R. A. SOICH & CO.,
Tel. [phone] Wall St., N. V. C.
Int'l Motor Truck
Com.?Ist Pfd.?2nd Pfd.
J.K.Rice, Jr.&Ca.
Phone* 4000 to 4010 John. 86 Wall St.. N. T.
AM. SUGAR RT'G
Circular on request.
\ GOLDBERG & HEIM
IK It Goldbert Milton Helm
Member, Con?. Htock Exchange of N. Y.
| M BROADWAY. N. Y. Phone Rector 4256-7.
STOCKS?BONDS
Complete facilities for thf execution
of or?i?rn In any amount
Hartshorns, Fates & Cc
ttembtrt S. Y. Stock Exrhanoe
?| Broadway. Tel. 7810 BohIIiijc ?Jree.-i.
HARRIMAN NATIONAL BANK
Rfth Avenu? & Forty-fourth St.
New York
BANKING HOURS FROM 8 A. M. TO 8 P. M.
CAFE DEPOSIT VAULTS 8 A. M. TO MIDNIGHT
We Finance
Sleetffe Light, Powrr and
Street Railway Knterpri/ws with
Record? of Established Earning*.
We Offer
Banker? and Investment Dealers
Proven Public Utility Stcurltle*.
Correspondence SoUtitsd
Electric Bond & Share Co.
(PnU-us C??t*?l Md S?r?4M W I.*?.??*>
71 Broadway, New York
(Copyright, 1919, New York Tribune Inc.)
At the close of the market on Fri?
day of last week the advance in the
industrial average exceeded any ad?
vance in a single movement for sev?
eral years. Having gone on for three
months, it was also longer in duration
i than the first phase of any bull mar?
ket in recent years. It has, however,
not been quite as long as several
upward swings since 1901. Sales of
1,774,750 shares on Friday made
that the most active day in two
years. The total trading for the
week established a new high record
for any week in recent years. In the
two-hour session of Saturday trans?
actions exceeded a million shares.
The sharp reactions of 5 and 10
points in the oil group on that day
revealed the dangerous technical
position* into which certain stocks
have been forced; but one of the
j most interesting phases of the pres
? ent movement has been that such
i reactions, while occurring frequently
in special groups of stocks in which
the upward movement has been
wildest, have never extended to the
list as a whole.
According to the prior announce?
ment of the Secretary of the Treas?
ury, the Victory Loan campaign,
just ended, is the last of the great
popular government loan offerings.
There will doubtless be more bor?
rowing, in the form of certificates of
indebtedness offered to the banks,
and these must presumably be
funded into bonds at a later date;
buff it is probable that Secretary
Glass does not expect these to be
great in amount, and believes they
can be handled in the old fashioned
way?that is, offered by the govern?
ment to the banks and disposed of
by the banks to the public, or of?
fered under sealed bids. Or perhaps
the real investment demand for gov?
ernment bonds which has been de?
veloped, educated and awakened in
the last two years, irrespective of
any patriotic element, may prove so
great that the government will offer
bonds in small denominations, so
that any future bond sale will par?
take both of the old fashioned
methods and the methods just de?
veloped.
In any case, the investment mar?
ket may now consider itself as virt
usually relieved, or soon.about to be
relieved, of the altogether unprece?
dented burden which has resulted in
absorbing $20,000,000,000 in two
years. With this out of the way, and
funds free to seek their oldtime
channels, a decided recovery in bond
values would not be surprising. It
was probably speculative anticipa?
tion of such a result which led to the
further increase in private bond
values last week.
The remarkable aspect of last
week's money market was the ease
of rates. Early in the week call
money fell to 3^ per cent, the
lowest figure in two years. This was
doubtless due to a government oper?
ation, and the market returned soon
afterward to 6 per cent, with a rul?
ing rate of 5%. Nevertheless, even
this is remarkable, when one reflects
that during this week the stock mar?
ket was more active than in any
week for several years, and that the
government was launching a huge
financial transaction involving $4,
500,000,000.
It might be contended that the
ease of call money came precisely
because of the banks' uncertainty;
that, not knowing their position and
the heavy demands likely to be made
upon them, they wished to have
I their money only in loans that could
! be instantly recalled, and that this
I left a great surplus for the call
money market. But time money, at
5% per cent, showed no stiffening,
and commercial paper, at 5% per
cent, showed greater ease.
It is believed by some commercial
paper brokers that paper which has
been quoted at 5% and 5Vz per cent
will next week be marked down to 5
and 6 M per cent. That belief is not
based on any great change expected
to be shown in actual financial posi?
tion, as revealed by bank state?
ments, but rather in a psychological
change. The banks will know where
they stand. They will know the ex?
tent to which they have been drawn
upon by depositors subscribing to
the loan. They will know the extent
to which they have had to finance
Victory note holders, and how much
of the loan they themselves will or
will not have to take. This knowl?
edge is expected to lead to the aban?
donment of the abnormal caution
prevailing during the past three
weeks or more.
In the coming months there will
be a gradual repayment of the enor?
mous quantity of outstanding cer?
tificates of indebtedness from the
government to the banks. This will
not necessarily mean a correspond?
ing ease in money rates, for the
government will undoubtedly issue
new certificates of indebtedness,
though probably not in amounts
great enough completely to offset
the paying off of old issues. Deposits
withdrawn from the banks to sub?
scribe to Victory notes will doubt?
less be replaced in the banks. The
general tendency, therefore, should
be for easier money, but certain de?
mands, such as a probable increase
in commercial borrowing, financing
of the railroads, and, as soon as the
treaty of peace is out of the way, !
short time borrowing by European j
governments and private interests, |
and the absorption of funds by long |
time loans to Europe, are factors
not to be overlooked.
-a?
Ban on "High Pressure"
In Life Insurance
Not Blood Pressure, but That
Used to Write Large Vol?
ume of Business
Jesse Phillips, Superintendent of In?
surance, has written a letter to all the
insurance companies operating in this
state, warning them against any high
pressure methods because of the en?
actment of the amendment to the in?
surance law suspending the limitation
regarding new business. He announced I
that he will refuse to suspend the
limitation to any company which in?
dulges in "extravagant or high
pressure methods."
"The enactment of this amendment,"
said Mr. Phillips in"his letter to the
insurance companies, "will not justify I
any company resorting to high-pressure
methods to write a large volume of
business, and I* shall not suspend the
limitation as to any company which in?
dulges in any extravagant practices in
its agency department. No increased
allowances for compensation or other
expenses will be permitted because of
the amendment.
"The limitations of section 96 (of
the insurance law) were intended to
curtail and control extravagant and
high-pressure methods, and life insur?
ance companies are expected to carry i
out the spirit of this section, even '
though the limitations may be tempo?
rarily suspended."
Mr. Phillips said that reports re- !
ceived by him during the month of j
April showed that the phenomenal de- j
mand for life insurance in evidence ?
during the first three months of the !
year still continues. Several companies j
have already written more than 50 per j
cent of their limit for the year.
Price Trend on the New York Stock Market
?9?9T
T rJan-, 1-Peb-, nMar-n rAprn'rMay-i .June] rJniy'i
The graph above ?hows av erage price of twenty railroad stock? in one line and thirty industrial stocks in the other
on the first business day of each month from January, 1915, to December, 1918, and the weekly high, low and cloning average
prices since January 1, 1919.
Mexican Mineral
Output at Rate of
$20,000,000 Monthly
Report for First 9 Months
of 1918 Shows Total Pro
ductioii of $180,000,000
?Concessions Granted
During Year
Financial Bureau
Special Correspondence
MONTEREY, Mexico, May 10.?Inter?
esting statistics in regard to the oper?
ation of mines in Mexico for the year
1918 are continued in a statement just
issued by Leopoldo Lopez, chief of the
bu" u of mines of the Department of
jtry and Commerce. The figures
,o production cover only the first^
.ne months of that year. They show
a total of $180,000,000, or at the rate
of $20,000,000 a month, for the first
nine months.
The figures are as follows, the quan?
tities being given in kilos, equivalent
to two and one-fifth pounds avoirdu?
pois, while the values are in Mexican
money and are equal to one-half the
amount in American gold:
Silver, 1,601,331 kilos, total value,
$65,654,571; gold, 6,185,207 kilos, $3,
244,881; lead, 79,335,629 kilos, $23,800,
688; copper, 65,080,286 kilos, $66,096,
343; zinc, 16,135,131 kilos, $9,036,223;
antimony, 2,208,121 kilos, $2,471,147;
arsenic, 901,512 kilos; tin, 13,537 kilos,
$24,687; mercury, 120,000 kilos, $785,
296; tungsten, 109,419 kilos, $787,273;
graphite, 4,178,686 kilos, $668,589; man?
ganese, 1,889,082 kilos, $458,321; molyb?
denite, 23,761 kilos, $36,038; total $180,
064,982.
The number of mining concessions in
each state, the additional number
granted in 1918 and their area in hec?
tares (2% acres to the hectare) is as
follows:
Aguascalientes, 2,671 mines in ex?
istence, 11 mining concessions granted
in 1918; Lower California, 827 mines,
28 mining concessions; Coahuila, 814
mines, 74 concessions granted; Chi?
huahua, 4,858 mines, 250 concessions
granted; Durango, 3,835 mines, 220 con?
cessions granted; Guanajuato, 1,233
mines, 155 concessions granted; Guer?
rero, 1,024 mines, 34 concessions
granted; Hidalgo, 1,300 mines, 180 con?
cessions granted; Jalisco, 1,802 mines?,
80 concessions granted; Mexico, 853
mines, 4 concessions granted; Micho
acan, 632 mines, 37 concessions grant?
ed; Nuevo Leon, 1,092 mines, 131 con?
cessions granted; Oaxaca, 1,610 mines,
62 concessions granted; Puebla, 259
mines, 31 concessions granted; Quere
taro, 165 mines, 34 concessions grant?
ed; San Luis Potosi, 707 mines, 79 con?
cessions, granted; Sinaloa, 1,600 mines,
135 concessions granted; Sonora, 5,090
mines, 489 concessions granted; Tainau
lipas, 147 mines, 11 concessions grant?
ed; Nayarit, 453 mines, 18 concessions
granted; Vera Cruz, 67 mines, 7 con?
cessions granted; Zacatecas, 2,146
mines, 219 concessions granted; total
number of mines in existence, 33,186;
total number of concessions granted in
1918, 2,289.
The total number of hectares cov?
ered by mining claims prior to 1918
was 452,632, or 1,130,075 acres. Add
the 21,343 hectares (63,357 acres)
granted in 1918, and a grand total of
1,183,437 acres results.
Textiles Sweden Needs
Consul Says There Should Be
Good Market There
Sweden manufactures considerable
quantities of textiles, cottons and
woollens, but as the home output is
insufficient for the country's require?
ments, it is necessary to import goods.
About 500,000 spindles and 13,000 looms
are employed in manufacturing the
coarser kinds of cottons. According
to a consular report toward the latter
part of the year there should be a
market in Sweden for colored goods,
as well as for such fine fabrics as
voiles, lawns and organdies, also for
clothiers' linings and curtain goods.
At present the leading merchants of
the country are well supplied with
goods they bought three years ago, but
which they were unable to obtain be?
cause of the blockade.
Sweden's woollen mills manufacture
only the coarser grades of cloth, such
as plain woven flannels, corduroys and
frieze, so there is an immediate de?
mand for the finer grades of woollen
goods. Even the lower grade woollens
are needed because the Swedes lack
raw materials for .their common fabrics.
Market Barometers
Stock Exchange Transactions
Stocks
Rail Other All
stocks. stocks, stocks.
Last w'k.1,080,800 6,252,100 7,332,900
Week bef.1,355,100 7,108,900 8,464,100
Year ago. 678,800 3,597,800 4,276,600
January 1 to date:
1919.9,997,700 71,994,700 81,992,400
1918.5,159,000 40,931,200 46,090,200
1917.8,063,900 60,657,300 68,715,200
Bonds
Week Year
Last week. before. before.
U. S. g.$43,348,C00 $54,164,000 $9,427,000
RTds.. 6,604,000 6,963,000 3,503,000
Oth'rs. 13,199,000 17,226,000 6,562,000
Allkds 63,151,000 78,335,000 19,492,000
January 1 to date:
1919. 1918.
U. S. gov'ment $794,831,000 $268,318,000
Railroads .... 71,860,000 87,269,000
Others . 266,235,000 122,794,000
AU bonds.1,132,926,000 478.381,000
Stock and Bond Averages
Stocks
Last week. Week before.
High. Low. High. Low.
20 Railroads.74.65 73.90 73.50 72.55
30 Industr'ls.99.97 96.50 96.07 94.33
50 Stocks....89.64 87.62 87.04 85.62
Bonds
10 Railroads.80.27 79.92 79.90 79.73
10 Industr'ls.95.18 94.92 94.85 94.73
5 Utilities.. 84.16 83.86 83.96 83.72
25 Bonds.86.91 86.75 86.62 86.55
Same week last year:
Stocks
High. Low.
20 Railroads .69.75 68.00
30 Industrials .83.07 80.53
50 Stocks .77.68 -75.52
Bonds
10 Railroads . 80.68 79.87
10 Industrials .91.40 91.07
5 Utilities . 85.04 84.94
25 Bonds . 85.81 84.98
January 1 to date:
Stocks
Jan. 1,1919 Full year
to date 1918
High. Low. High. Low.
20 Railroads. 74.65 68.70 79.15 66.12
30 Industr'ls.99.97 79.20 88.83 73.37
50 Stocks_89.64 75.32 84.08 70.30
Bonds
10 Railroads..82.80 79.48 86.57 76.62
10 Industr'ls..95.33 93.72 94.08 67.40
5 Utilities...87.75 83.72 89.02 82.60
25 Bonds.... 87.88 86.53 89.46 83.62
Consolidated
Exchange
[Unit of trade on this exchange, 10 shares]
Following; table gives total transactions for
the week ended May 10, with the high, low
and closing prices :
Sales. High. Low. Last,
50 Ajax Rubber . 92(4 89 89
300 Alaska Juneau. 2 2 2
1C15 Allis-CJialmcrs Mfg . 42% 39 39%
20 Amer Agri Chem_1111/8 110% 110%
1500 Amer Beet Sugar_ 8534 80 81%
3910 American Can . 561-2 64 64
650 Amer Car & Frlry... 99(4 95% 9734
100 Amer Cotton Oil. 5734 5434 55%
230 Amer Druggists Synd 13?/2 12% 13
820 Amer Hide & L.29(/2 27% 2834
926 do pf .118%115 117
770 American Ice. 54(4 49',-i 52'/a
65 do pf . 72% 71% 72%
7470 Amer Internatl . 891/, 86I/4 871a,
920 Amer Linseed . 61% 58% 6034
1940 Amer Locomotivo ... 78% 7434 75
5410 Amer Smelt & Ref.. 76l?? 73'A 75
1285 Amer Steel Fdries... 37% 33?/2 34
80 do pf .1051 a 104% 104%
2080 Amer Sugar Ref.136 1313-2 ISS1/,
15,11 Amer Sumatra Tob. .109*4 1051 ? 108'4
180 Amer Tel & Tel.[phone]%
460 Amor Woolen. 85 6634 8114
200 Amer Writing P pf.. 47?/a 43% 43%
510 Amer Zinc I, & S... 18(/8 16(4 1614
3fil0 Anaconda Cop . 64/? 62% 64
130 Associated Dry Goods 49(4 44(4 49
630 Atch Top & Santn Fe 9534 94(4 94</2
2250 Atlantic Gulf & W 1.17614 15314 1663,4
7335 Baldwin Locomotive. 94% 91% 91%
230 Baltimore & Ohio_ 50% 48% 48%
50 Barrett Co .130(6 130(4 130J,
70 Batopilos Mining ... 134
1570 Beth Steel Class B... 75% 73% 74
900 Brooklyn Rapid Tr.. . 23% 2034 21
2t;0 Butte Copper & Zinc. 1014 914 10
320 Butte & Superior_ 2414 23 23
510 California Packing . . 6714 63% 65(4
14?0 California Petroleum. 33 28 33
360 Canadian Pacific ... .17014 167% 167(4
203OCentl Leather Co_ 8634 80(A 84%
320 Cerro de Pasco Cop.. 41'/8 4014, 4034
650 Chesapeake & Ohio.. 66'/e 64% 64%
730 Chicago Mil & St P. 39(4 38% 38%
13U do pf . 70(4 68% 683/4
690 Chicago Rock I & Pac 27(4 2534 26
1320 Chile Copper . 2414 22% 22%
210 Chino Copper. 37% 3714 3714
940 Colorado Fuel & Iron 46'/3 4314 43(4
130 Columbia Gas & Elec. 47|4~ 4614 46%
30 Consolidated Gas . . . 99% 99'/4 99'/4
1730 Con Products Ref... 6434 61% 62%
3500 Crucible Steel . 72% 69(/2 70fc
3875 Cuba Cane Sugar. . . 39'/8 34 35(4
120 Denver & Rio Grande 8% 714 7(4
340 no pf . 13 10% 10%
20 Dome Mines . 14(4 14(4 14(/4
650 Erie . 18(4 17 173/
310 do 1st pf . 30?/8 29 29
ivya
NEW ISSUE
fetirffcas. Exempt from all Federal income Taxes
$1,113,000
City of Akron, Ohio
5% Sewer and Street Improvement Bonds
Dated April i, 1919 Due Serially As Belo*
Coupon Bonds?Registerabie as to principal 'and interest?Denomination St,000. Principal
and semi-annual interest (April and October 1st) payable at the National Park Bank, New
York City.
Legal Investment for Savings Banks and Trust Funds in New York,
Massachusetts and Connecticut
Eligible to Secure Postal Savings Deposits at 90% of Par Value.
FINANCIAL STATEMENT
Actual Value .w..-.;. $300,000,000
Assessed valuation (1917). 230,450,2,00
Total Bonded Debt (inc. this issue)..;c.:. 10,933,435
Water Debt . $6,919,000
General Sinking Fund.-?jr.>-.?. 258,375
$7,177,375
Net Debt .? -m?:. $3,756,060
Ratio of net debt to assessed valuation approximately \%%
Population (1910 census) 69,065 Population present, est. 175,000
MATURITIES
$33,000 annually April 1, 1920 to 1926 I $28,000 annually April 1, 1940 to 1949
34,000 annually April 1, 1927 to 1939 | 32,000 annually April 1, 1950 to 1954
Offering subject to approval of
Messrs. Squire, Sanders & Dempsey, of Cleveland, as to legality of Issue
Price Any Maturity to Yield 4.625%
Kissel, Kinnicutt & Co. White, Weld & Co.
14 Wall Street, New York 14 Wall Street, New York
William R. Compton Co. Stacy & Br?un
14 Wall Street, New York 5 Nassau Street, New York
?ales. High. Low. Last.
400 Gaston W & Wigmore 30 28?4 28(4
600 General Cigar .72(4 89% 70|/4
2878 General Motors -191?4 180% 191
710 Goodrich (B F) Co.. 73% 7VA "
160 Great Northern pf. . 95(/4 93
1311 Inspiration Copper.. 61%
430 Gt Nor ctfs Ore Prop 46 ?4
200 Interboro Consol ... 4/2
180 do pf. 15%
210 Internat Agricult ... 27 ?4
5900 Internat Mer Mar..
8800 do pf .
2070 International Nickel.
620 International Paper..
10 Jewel Tea . 38'/8 38'/8
126 Kansas City Southern 24 23% 23%
160 Kelly Spring Tire... 126(/4 124'/S 124%
720 Kennecott Copper . . 33'/? 32?/4 32%
186 Keystone Tire & R.. 98% 94% 96
90 Lackawanna Steel . . 73% 71% 73%
750 Lee Rubber & Tire.. 36(4 33% 33%
100 Lehigh Valley . 5634 56 56
280 Maxwell Motors _44 41 Vz 43(4
40 do 2d pf . 31 31 31
21680 Mexican Petroleum. .185 174(/2 180(/2
100 Miami Copper .24 23% 24
1052 Midvale Steel . 46'/8 45 45
1010 Missouri Kan & T.. 11 ?/8 9% 9%
75 do pf .'.. 19'/4 16% 17?/4
0755 Missouri Pacific _ 32% 29'/2 30%
790 Nat Conduit & Cable 20% 18/2 18(/2
310 Nat Enamel & Stapg. 63% 62(4 63
20 National Lead. 74% 74% 74%
40 New York Air Brake. 116(4 114% 114%
820 New York Central... 77% 75% 76%
250 N Y N H & H. 31 %
20 N Y Ont & W.21%
340 Nor Pacific. 95%
6225 Ohio Cities Gas. 49%
695 Ontario Mining. 8%
19870 Okla Pr & Ref. 13%
50 Pacific Mail.40(/4
7275 Pan-Am Pet & Tr. . 93%
150 Pennsylvania R R... 45(4
460 Peo Gas of Chicago. . 52%
500 P?re Marquette _20%
60 Philadelphia Co _41%
495 Pierce-Arrow . 51%
7525 Pierce Oil. 28%
1050 Pittsburgh Coal. 57%
660 Pitts & W Va. 38
230 Pressed Steel Car_ 79%
70 Railway Steel Spring. 88%
205 Ray Consol Cop.20% 20% 20(/s
6085 Reading . 88 85% 86
80 Rep Iron & Steel- 85 82% 86
1110 Royal Duth Am.117%. 108 113%
14085 do New York_117% 106(4 113
970 St' L & S F.25(4 22'/4 23
70 Saxon Motor. 7% 7% 7%
60 Seaboard Air Line. . . 9% 9% 9%
1S860 Sinclair Oil Ref_ 70 60(4 653/4
2645 Southern Pacific.108% 107 107
2085 Southern Railway_ 31% 29(4 29(4
7114 Studebaker . 83 76% 81 %
30 Stutz Motor. 58(4 58(4 58(4
1175 Tenn Cop & Chem.. 17(4 15 15
750 Texas Co.290% 230% 279%
4190 Texas & Pac. 51'/? 44l/? 48%
1480 Tobacco Products ... 91% 88% 88%
1110 Union Pacific.133(4 131 '/? 132
830 United Cigar Storee.137 131% 132%
260 U S C I P & F. 26% 25(/8 25(/8
2500 U S Food Prod. 78(4 75% 76'/2
3430 U S Ind Alcohol-154% 149 154 '
.8900 U S Rubber. 99% 94% 95%
S2830 U S Steel .101 (/8 98(4 99%
380 Utah Copper. 78% 76% 77%
160Va-Car Chemical_ 68(/4 63% 63%
210 Western Maryland... 12 1131 11%
20 Western Union Tel.. 873/4 87% 8734
44 25 Westingh E & M_ 57 54 54(/2
320 White Motors. 62 58% 59
330 Wilson & Co. 86% 84% 85%
2215 Willys-Overland . 34% 33% 34%
20 Worthington Pump.. 69(/2 67(/2 69%
LIBERTY BONDS
$3050 Liberty 3%s.100.08 99.66 100.08
7900 do 2d 4s7. 96.12 95.82 95.84
6550 do 2d 4 Vis.96.38 95.94 95.94
20750 do 3d 4 Vis.96.04 95.54 95.68
20800 do 4th 4 Vis. 94.64 94.18 94.18
Pierce Oil Development Plans
Special CorrcKpondev.ce
WILES STATION, Tex., May 11.?
The Pierce Oil Corporation is making
preparations for storing and transport?
ing big quantities of oil from its wells
in Stephen County. It has installed
loading racks here, constructed five
55,000-barrel steel storage tanks, with
two others of similar capacity under
construction and two more to be built.
With this tank farm finished the com?
pany will have a total storage capacity
here of 500,000 barrels.
New Magnolia Petroleum Well
Special Correspondence
EASTLAND, Tex., May 11. -The
Magnolia Petroleum Company, subsid?
iary of the Standard Oil Company, has
brought in a second producing well in
the southern part of Eastland County.
The oil sand was struck at a depth of
2,675 feet and the daily production iijr
about 800 barrels. The other well of
the company in that locality is also a
good producer.
H. L. Doherty Oil Plan?
RANGER, Tex., May 11.?Henry L.
Doherty, of New York, president of the
Cities Service Company, and associates
will inaugurate soon an extensive plan
of development of their oil land hold?
ings in Central West Texas fields. Mr.
Doherty and others who are interested
with him in these oil land leases are
now making an inspection of the prop
arty.
JJomJbqp
??^pHE GATE OF INDIA" is a term attributed to
JL Bombay by virtue of its being the first important
port reached by vessels from Europe and being the most
important mail line to India.
Next to Calcutta it is India's most important port and city
of commercial importance and population, which in 1911 was
972,892. Its harbor is one of the finest in the world and has
numerous islands and a space fourteen miles long and five
miles wide available for shipping. The city is quite European
in appearance?a hilly promontory enclosing it on one side being
especially devoted to residences for Europeans. The Govern?
ment of India recently made grants to Bombay for improve?
ments of its docjts and harbor.
Bombay has now entered the list as an exporter of leather,
more skins having been shipped direct to the United States
during 1916 than ever before. Japan also made heavy pur?
chases of raw cotton. Very large shipments of oil seeds were
made to England and France, 'and as a result the export ton?
nage from Bombay for 1916 was the highest on record. Imports,
however, were kept down in volume by lack of tonnage and con?
sequent high freights.
HANNEVIG & CO.
139 Broadway, New York
Marine Financing Marine Securities
Foreign Exchange Letters of Credit
We have prepared a booklet giving the text of the new
Income Tax Law
of the
State of New York
As passed by the Legislature of the State of New York
nml awaiting the approval or veto by the Governor.
Residents in this State will be affected by the New
Law, the details of which are thoroughly given in this
booklet, sent free upon request. Ask for Booklet A-80.
William R.fpmpton Company
Government and Municipal Bond*
"Over a Quarter Century in This Bus'meu"
14 Wail Street, New York
St. Louit Cincinnati Chicago New Orlean?
NEW ISSUE
$210,000
City of Albany, N. Y.
4^4% Registered Bonds
Dated May 1, 1919. Due May 1, 1920 to 1939.
Interest payable May 1 and November 1.
Bonds are tsaued $150,000 for City Hall and
160.000 for public Improvement?. They are
free from Koderal and New York State income
tase?. Legal for Having? Bnnks und Trust Funda
Price on application
PAINE, WEBBER & CO.
82 Devonshire Street 25 Broad Street Tilt Reeker?
BOSTON NEW YORK CHICAGO