New-York tribune. [volume], May 15, 1919, Page 16, Image 16

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

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FINANCIAL BUREAU s
Tribune Building,
151 Nassau Street
Wealth?Markets?Investments
TELEPHONES:
Beekman 3000
Beekman 8243
MACKAY & CO.
BANKERS
Members of
Ncn> York Stock Exchange
14 WALL STREET
NEW YORK
TELEPHONE?RECTOR 9730
Assured
Income
CITIES SERVICE COM?
PANY'S 84 public utility
and 27 oil subsidiaries afford
the investor the strength of
diversilied investments.
The Company is not subject
to risks encountered by cor-.
porations restricted to a single
line of business.
Preferred dividend was earned
over five times in 1918.
Cities Service Preferred Stock
yields about 7 .' z r'c at present
prices.
Monthly Dividends
Monthly Earning Statement*
Write for Circular T. /.. 103
Henry L. Doherty
8z Company
60 Wail Street
New York
Miller. & Go.
Members
Nev/^brk Stock Exchar^e
Securilic.s Bought for In
vestnacnt or Carried
on Conservative
Margin
120BWADW1X
Brdnc'a Offices
212 FIFTH AVENUE
13 W COR. 26 STRO.T
UQNGACRE BUILDING
N E.CCR 42nd sr 4-BROADWAY
NEWYORK.
?jii!!tiiiiiiiiiiiiiiiiiiiiiiiniifirniiniiiii!?
??? We have prepared a hooklct ~
Ej giving the text of the new ?
? Income Tax Law =
I of the =
? State of New York =
A? va*?< d by th" Legislature fr > h"
State of Nfv.- Vork ;iml awalttns
th^ approvaf* or veto by the tlov
ernor.
EE Residents in this State will he ^
SS afTccted by the New Law, the ???
??; detaila of which are thorough- ~
~ ly given in this booklet sent ~
~ free upon request. ~
E Ask for booklet A?80 =
| WMiamR.(ompton (o. 1
~jj (iavnnmt'iil and Munii ipal linrnf* 5
SOver a (jwiit'r Century thla Ku,sinrAi~
= 14 Wall Mreft, ?w York =
2 St. l^n:" Chicago ???
S Ciminoatl New Orli an.s ?
'FllimilllUllllllllKlllllillMlllllllllllll! "
>
fc\?K.Rice,Jr?&c;o.Buy&SeJl
? American Chicle Com.
|1 Alabama Great So. Ord. & Pfd.
1 Cbilds Co. Com. & Pfd.
H. W. Johns-Maoyille Com.
Int Motor Truck All issue*
Franklin Fire 1ns.
Lawyers Mortgage Stock
Singer Manufacturing Stock
Teiaa Pac. Coal & 0. Stk. & Rti
fi Victor Talking Mach. Com.
J.K.Rice,Jr.&Co.
e? 4010 to 4910 Jnhn. ?,% W?l! St.. N. T.
NATIONAL TIN
CORPORATION
We have prepared a circular de
?eribing the prop?rtiea and meth?
od* of operation of the above Cor?
poration in $/y,ith Dakota which we
ihall be glad to send upon request
J. Robinson-Duff & Co.
U'inbtT* JPntJ r>r,k KtfteH Kichang*
'JeJephorw 0700 Bowiing Oreen
?1 Bxo*Awi {<?* York
The Markets
Yesterday's Record
Transactions, 1,873,900 shares.
Most active day this year.
Most active since 1,966,000 shares i
on February 1, 1917.
Thirty-fourth million-share day this j
year.
Twenty-eighth consecutivc million- j
share day.
Tribune's average price of industrial
stocks rcaches new high level for thc
year.
Tribune's average price of railroad
stocks reaches new high level for the
year.
Gain in industrials since February
8, 22 points.
Gain in railroads since February 8,
6 points.
Back End Foremost
If this market were unique in no
other respect it would be so in the fact
that it began at the rear end and moved
to the front. Where nearly all other
bull markets have begun under the
leadership of "standard" stocks, the
steels and coppers and railroad and
other investment issucs, and linally
ended by spectacular movements in
so-called specialties, this market began
with specialties and moved to thc
standard stocks. That was cxempli
fied again by yesterday's market.
Baldwin
Baldwin Locomotive shares reached
102 yesterday, and, after a reaction to
99%,were still up % of a point on,the
day, in addition to its advance of f>%
points on Tuesday. Reports were
printed of a consolidation of the Bald?
win Locomotive Company and its sub
sidiaries, the Standard Steel Works
Company, the Eddystone Munition
Company and the Southwark Foundry
and Machinery Company, to bc effectcd
before thc close of thc current month.
Kmphasis was laid by tradcrs on the
recent retirement of President Alba
Johnson, who is pictured as having al?
ways stood for a conservative financial
policy.
Francs' New Ix?w
Francs went to a new low record for
thc war period yesterday by selling at
6.37 to thc dollar, compared with a
parity of 5,18 to the dollar. Among
the rcasons suggested for thc move?
ment aro thc rate at which thc 3ank
of France is turning out paper cur
rency, the "gradual withdrawals of
American and British troops from
France and the cessation of their pur
chases, and reports of a removal of
restriction3 on imports to France.
"Tight Money"
The ratd of 6 per cent maintained |
throughout yesterday's market for call j
loans on mixed collateral, and thc bor
rowing of about $2,000,000 on all-in?
dustrial collateral at the close at 1%
per cent, may be taken as an indication
by some that the danger point has been
reached in the stock market, that activ?
ity has absorbed too great an amount
of funds, and that money i3 about to
become tight. Such a conclusion does
not fit in with the money situation. A
better indication of the money mar?
ket is furnished by commercial paper,
which during the last week has become
eonstantly easier, and is now down to a
5 per cent lovel. Tho banks expect to
havo a greater surplus of funds in thc
near future than they have now.
It is quite possible that the banks
have been maintaining call money at
a relativcly high rate, not, because of
scarcity of funds, but because they
feel that the time has come for con
Bervatism in the stock market. A high
call rate in itself has a certain rc
straining effect. The banks are vitally
interested in the stock market, because
the security of their Stock Exchange
collateral is involved.
What Financing Needs
Public tradcrs are taking profits
every day and switching into new is?
sues that show signs of activity. The
technical position of the market, there?
fore, seems to be good. You will note
that new securities are being offered
by various banking houses. There is
p. considcrable amount of new financ?
ing to be done and banking houses in
variably want a buoyant stock market
when bringing out new securities.?E.
X. Wagner <k Co.
Storms Ahead
"All signs fail in a dry time," but, as
a rule, when the storm. does come it
proves to bc a rip-si*>rter. Market
weather might bc described in just this
way. By all the measures of markets
with which we are familiar a very
severe reaction is due. Untold mill
ionB are being lost in absolutely fake
oil, coal, mining and other issues. In >
the Stock Exchange market there are
pyramids galore whose base is become
very small in comparison with the su
perstructure. Stop orders can no long?
er be depended upon, for specialists
often will not take them at all, and
the books of buying orders on the way
down are said to be very light. The
whole world is a factor in the present
market. In a doiten places, from Ver?
sailles around the globe, there might
be sudden happeniijgs to alter the
whole complexion of things.?Clark,
'? Childs & Co.
Cotton Comment
We believe the tendency of the mar
| ket will be toward a gradually higher
( range of vaiues under the lead of the
I new CTOp months, and we would con?
tinue to fator their purchase, especially
during reactions.?S. B. Chapin & Co.
The Peace Treaty
The next test of the market will
; eome with the signing of the peace
treaty. As to this, there are two
schools of thought; perbaps almost
equally logical: One thnt this will be
; tbe signal for industrial revlvnl and
! expanaion Jhat cannot help but stimu
Jiate the market? the other that tha
market has been discounting thc evtfnt
and with its consummation would suf
fcr a- rclapsc. Paradoxical aa it may
seem, it is not at all impossible that
both may bc right; at least, to a lim?
ited extent. No doubt, a good many
stocks have now scored most of the
advance that could bc expected on their
prospects for somctime to come; on
the other hand, it is difficult to be?
lieve that this movement will come to
an end until others, which have lagged
far behind, have also discounted a rc
vival of their business.?Hayden, Stone
& Co.
Money and Credit
Call money opened and renewed at
6 per cent yesterday, compared with
a rate of 5 per cent the day before.
The higher rate, which applied to
mixed collateral, was maintained
throughout the day. Loans on all in?
dustrial collateral ruled at 6Mi per
cent, though about $2;000,000 was
Ioaned on such security at 7% per
cent.
The time money market was quiet,
with a small volume of lending at 5%
per cent for sixty and ninety days.
The ruling rates for money ye.stor
day, compared with a year ago, were as
follows:
Yesterday .Year ago.
Per cent. Per cent.
Call money:
On mixed collateral 6 4
On indus. collateral 6'/2
Time money (mixed collateral):
Sixty days. 5%@6 6
Ninety days.5%@6 6
Four months.5%@6 6
Five to six months. 5%@6 6
Bank Acceptances.?Rates were un
changed yesterday as follows:
Thirty Sixty Ninety
Spot de- . days. days. days.
livery: Per cent.Per ccnt.Per cent.
Eligible
member
banks . ..4i?<3>4 4^4@4*,s 4if,?@4l/4
Eligible
non-mem- '
ber banks.4i"c@4 4,l6@4l/4 4%@4A
Ineligible
bankbills.5'/4@4i/2 5i/4@4l/2 5'/?@4?4
For delivery within thirty days:
Per cent.
Elipriblc member banks. 4 ?;&
Eligible non-member banks.... 41 2
Ineligible bank bills. 6
Bank Clearings.?Bank cicarings yes- j
terday were:
Exchangcs. Balance?.
New York.$769,768,634 $70,411,704
Baltimore . 13,156,905 5.789,298
Boston . 56,163,771 11,977.895
Chicago . 91,494,199 7,191,930
St. Louis. 26,036,977 7,656,665
Silver?London, 54d.; New York,
$1.11; Mexican dollars, 85@90c.
Sub-Treasury ? Thc Sub - Treasurv
gained $996,000 from the banks on I
Tuesday.
The Dollar in Foreign Exchange
French exchange broke sharply again
yesterday, the Paris rate going to 6.35
francs to the dollar for checks and
6.33 for cables, a new low record. j
Italian exchanpe declined in sympathy
with francs, with lire. checks' closing!
at 7.82 and cables at 7.80.
Sterling rates were also lower at
$4.65% for demand bills and $4.66%
for cables. Renewal of veakness in i
the leading cxchaiiRes at this tinic is :
attributed by the bankers to a normal
reaction from the unwarranted recov
ery in the exchangcs of a few weeks
ago. when there was a sharp rehound :
from previous lows, foilowing the rc- ;
moval of all artificial restrictions.
Lately there. has developed fresh specu- I
lative selling of both francs and lire.
(Quoted dollars to tho pounds
Yes- Week
terday. ago.
Sterling, demand .$4.653/S $4.68
Sterling, cables .4.663a 4.C9
Sterling, sisty days... 4.62 4.64'/2
Sterling, ninety days.. 4.60% 4.65J4
(Quoted units to the dollar. I
Francs, checks . 6.35 6.15
Francs, cables . 6.33 6.13
Belgium, francs, checks 6.46 6.40
Belgium, francs, cables 6.44 6.38
Lire, checks . 7.82 7.58
Lire, cables . :. 7.80 7.56
Swi3? francs, checks.. 5.01J/2 5-01
Swiss francs, cables... 4.99 4.38
(Quoted cents to the' unit.)
Guilders, checks .39U 397s
Guilders, cables .397b 40
Sweden, checks .25.70 26.15
Sweden, cables .25.90 25.35
Denmark, checks .24.20 2430
Denmark, cables .24.40 24.70
Norway, checks .25.40 25.30
Norway, cables .25.60 25.50
Pesetas, checks .20.18 20.18
Pesetas, cables .20.28 20.28
Greece, checks .19.20 19.20
Greece, cables .19.23 19.23
Fed. Res.
India, rupees, checks. 35.73 Rate
Japan, yen, checks... .51.75 51'/2
Japan, yen, cables. .. .51.90 51?4
Argentina, checks.99'/2 98%
Argentina, cables.99 98'/4
Brazil, Rio, checks Holiday 27.15
Brazil, Rio, cables Holiday 27.25
Caddo Central
On the Exchange
Shares of Oil Company Ad
nritted to Trading; Other
Listings
Tho $15,000,000 capital stock of the
Caddo Central Oil and Rcfining Corpo?
ration, recently underwritten by a syn
dicate headed by Prichitt & Co.,
of this city, was admitted to trading
on the Stock Exchange by the govern
ing committee at a meeting yester?
day. Previous dealings have been on
the curb market. E. Kirby Smith,
president, in the listing 'application
stated that the company has cighty
four producing wells with a daily
production of 2,000 barrcls a day.
Mr. Kirby also announced that
$1,750,000 has been set aside to build
a new refinery with a capacity of
5,000 barrels per day. Net carnings
of the company last year were $705,
734, compared with $555,455 in 1917.
Other listings announced yesterday
were:
Four hundred and twenty-four
thousand additional lirst mortgage 5
per cent bonds of the Michi
gan Central Railroad; $8,500,000 first
mortgage 5 per cent thirty-year
bonds and $5,223,000 first mortgage
(J per cent forty-ycar bonds of the
West Penn Power Company; $5,592,
000 Guaranty Trust Company certi
ficatcs of deposit, representing thirty
year lirst. real estate and refunding
mortgage 4 per cent bonds of the
New York Railways Company; $891,
000 additional 6 per cent non-cumula
tive second preferred stock of the
United Drug Company; $3,000,000
cumulative 7 per cent preferred stock
of tHtt Owens Bottle Company;
$1,294,200 common stock of the
Pierce Oil Corporation; $6,000,000 ad?
ditional San Francisco terminal first
mortgage 4 per cent bonds of the
Southern Pacific Company; $5,400,000
additional 4 per cent bonds of the
Southern Pacific Company, and $14,
754,000 bonds of the Southern Pacilic
Railroad.
-.???.?.-?
Curb Commission
Rates Increased
Outside Market Makes Advances
Ranging lip to 60
Per Cent
The Xew York Curb Market Associa?
tion yesterday approved a now schedule
of minimum commission rates at in
creases ranging from 10 to G0 per cent
over the rates previously in force. The
new rates are effective to-day. 9
On securities selling at 25 cents and
under 50 cents a share, and at 50 cents
and under $1 a share, the commission
rate on stock bought or sold by persons
outside the brokerage business remains
unchanged at 2 per cent, On securities
selling at $1 to $?'! a share tho commis?
sion rate to outsiders is increased from
$3.12 to $4 a hundred shares. On se?
curities selling at $3 and under $5 the
now rate is $5.50, against. an old rate
of $5 a hundred. On stock selling at $5
and under $10 the now rate is $7.50,
against an old rate of $6.25. A new
rate of $15 a hundrod shares has been
established on stock selling at $10 and
under $125. On stock selling between
$125 and $200 and over the new rate is
$20 a hundred shares, against an old
rate of $12.50.
Pacific Gas and Eleclric's 1918
Report Shows Prospcrous Year
ln the annual report of tho Pacilic
Gas <t Electric Company for the year;
ended December 31, 1918, tho record
gross carnings of $22,595,516 were j
shown, compared with $19,813,381 for.
1917, an increase of $2,782,135. Opcr
ating expensos amounled to $9,740,549.
Aftor $2,870,841 for maintcnancc and I
deprecintion reserve and $:iH(i,000 on
uncollectible accounts, nel from opera
tion was $7,865,187, or $906,496 larger
than for the preceding year. Bond'
and olher interest aggrcgated $1,117,
066, leaving a $4,258,322 balancc. Pre?
ferred stoekholders sharod $1,490,463
in dividends, against $1,47.1,105 dis
trilmted the year before. Surplus was
$1,580,840.
It was pointed out in thc report that
throughout the year the company has I
been free from fioatiiifj debt and has !
conductcd its business on a cash basis. j
At thc close of the year there were no
unpaid obligations except current ac?
counts. There were on Deceraber 31
last, 8,242 stockholdcre, of whom 2,288
were women.
St. Louife Banks Merg^
Three of the largest banks in St.
Louis have consolidated under the
name of the American Union Third
National Bank. with a capital of $10,
000,000, a surplus of $.".,000,000 and un- !
divided profits of $500,000. The in- !
stitutions are the Third National, St.
Louis Union and the Mechanics Ameri- |
can National banks. The total deposits
amount to $121,000, and total resources I
$156,495,173. This merger will give St.
Louis the largest bank west of Chicago.
F. 0. Watts, head of the Third Na- ,
tional, will be president of the new
bank. The executive committeo will
consist of Mr. Watts, Wntker Ilill,
president of the Mechanics American, j
and N. A. McMillao, president of the
St, Louis Union. The bank will lie ^
loeated in the present home of the !
Third National.
u
Signifieant Relations |
Money and Prices:
Stock of money gold in the country.. $3,092,430,916 $3,042,711,222
?.irr?t i>r-:i 1
Loans of all nationa" banks. ?^i?rSh/?49/^ .^"fSJ!"'yoar
Their surplus reserves. *9,6f2*If **222 ?9'139'225-000
Bills discounted and bought by Fed- 76 981,000 75.920.000 I
cral Reserve Banks. $2,136,234,000 $1,204,587,000
Federal Reserve notes in circulation 2,549,552,000 1,526 232 000
Total gold reserve. 2,169,216]oOO lis^OOoioOO
Average price of fifty stocks. v??trd?>. Pmtioui oIom. Aje?r?K?.
Average price of twenty-five bonds.. 90-94 9005 79.46
Food cost of living (Annalist index 8703 86-94 85-66
number) . 318.558 319.917 290991
Ganeral commodity price level (Dun's Mlv , Apr]l,
index number) . 222.193 219.973 2*26.665
Production:
April r.O Mari-li .'11. A yrnrncn
Unfillcd U. S. etccl orders, tons.4,800,685 5,430,572 8,741,882
Plg iron output (daily average), tons ^q7 99,635 * 109,607
Ibls yield, rHtitnited. Tlif 1017 ,'rop.
Wheat crop, bushels. 917,449,000 636,655.000
Oat crop, buahels. 1,638,350,000 1,592,740,000
Corn crop, buahels. 2,582,814,000 3,065,233 000
Cotton. 600 lb. balea. 12,022,601 41,302,375
t-Increaaa ?? decreaa* frere year before-,
?-All CUu 1 roada->
Dihtribution: FourthVrk Month of .Tnn. 1 Io
_ .. , lu Aj>rll. March. Miurh.31.
Gross railroad earnings.?1.88% +2.8% 1 19.5%
Bank clearinga.^1r?? Wcf<M o0/0 '?" &?Sfr
H o.vJvo t 18.1% +16.0%
General:
April. Mnri-H. A VPitr aim
Active cotton splndles.33,312,026 32,642,376 33,734,997
Commercial failnrea (Dun's) . ? ., ,
VnmK.. April. March. A yt? A?0
Number. 543 620 v 905
LinbilUlea ???????????????;??.$11,450,462 $13,595,471 $14,271,849
Building permlta (Bradstreet'i): Aprii. im?. 1 Aprti lrus
(130 cltlM).477,937,649 $46,433,709
Japanese Banks
Seek to Prevent
Trade Collapse
Check on Commercial Ex?
pansion Feared as Result
of Shipping Policy; Pro
jected Merger Held Up
New York Tribune
Washington Btireau
WASHINGTON, May 14.?A report
from the office of the War Trade
Board's representative in Tokio, re- !
ceived here to-day, says, in part:
"The general depression in the Jap
anese business world continues, al
though signs of steadiness in some i
lines were visible during the latter ;
part of March. However, the tone of
most of the markets is nervous, and
the wildest rumors of unfavorable
trade developments, principally from
overseas, are given credence and find
rcsponse ln falling prices. Political
news from Paris, analyzed from the
Japanese viewpoint, has proved any
thing but a strengthening factor to
trade. Chairman Hurlcy's statement
issued in America outlining the policy
of transfer tnd future control of
American shipping was cabled in full j
to the Japanese Foreign Office by
Viscount Ishii in Washington. The
policy embodied in this statement was i
viewed gravely by Japanese shipping
and foreign trade intereits, and was
given an immediate interpretation as |
a serious check to their future devel
opment.
Banks Join Forces
"The policy of the banks has been
to join forces in an effort to avoid
collapse of business; accordingly they
refrained from closing private loans
already floated.
"Every possible stop was taken,
however, by the banks to prcpare
funds for the taxes. and also to be
prepared to meet the demand for
money at the turn of tho fiscal year in
Japan, March 31. Now that this criti
cal period has passed without undue
incident, it is reasonable to oxnect
that there will be more optimism
.-hown on the part of business inter?
ests in Japan, and therefore we may
look for a healthior tone during the
coming months.
"The big projected shipping merger
which has been monopoli/.ing the at
tention of shipping circlcs for the
last few weeks, judging from reports
from all directions, is at a standstill,
The consummation of this hugc mer?
ger of shipbuilding yards and war
time steamship lines, with its project?
ed 600,000 tonnage and 20,000,000 yen
capitalization, according to published
reports, is said to bo dependent upon
tii" favorable rcsponse of the govern?
ment to the demands made by the pro
moters for government. aid.
Demands Called Extravagant
"Interviews attributed to officials in?
dicate that, while the government is
disposed favorably to assist this now
shipping alliance, still there are a
number of extravagant demands made
by the interest ; back of the proposed
combination which must bc moderated
before the government can decide
upon its progress. A portion of the
press and many shipping men, particu
iarly of tho old established service,
assert that the combination will die
'a-borning' due to tho half-hearted in?
terest in the project shown by some
of the promoters* who, it is said, now
rcgard tho proposed merger as a meas?
ure to 'pull tho chostnuts out of the
tire' for several of the largo shipbuild?
ing companies loaded with now ton?
nage, but built to order, which are
seekiivg to capitali/.o this tonnage built
at war-time price to avcrt severo
Offering Winchester
Arms Preferred Stock
Kidder, Peabody & Co. yester?
day announced an offering of 20.000
shares of the lirst preferred cumula
tive 7 per cent stock of the Winchester
Company, which was formed to ac
quiro the stock of the Winchester Rc
peating Arms Company. The offering
prico is 06.55, to net 7.25 per cent.
Louis K. I-iggett, of the United Drug
Company, will be actively interested in
the new company.
Announcement was also made yes- i
terday that the Bankers Trust Com- I
pany, Bernhard, Scholle & Co. and^ i
the'Union Trust Company of Pitts?
burgh have sold $2,500,000 Norfolk &
Western convertible ten-year fi per
cent bonds. The bonds are convertible
at par into common stock of the- com?
pany at the option of the holder.
-?
Yokohama Specie Bank
Capital Now 100,000,000 Yen
At a special meeting held in Yoko?
hama on May 10 the Yokohama Specie
llank decided to increase its capital
from 48,000,000 yen ($24,000,000) to
100,000,000 yen ($50,000,000).
R. Ichinomiyn, manager of the New
York office of the institution, was
elected a director.
Wall Street Items
A $l.noo,flOf) 7 n^r cont convertible serial
gold note lasue, dated March I, 1910, la
bcirrg offered by Counselman F>f Chicago to
investora at prices to yield from 7 ti> 7.60
!>.??- cent. TIiff aFiti'a miiturt' seiially from
May 1, 19-0, lo MajMH, 1U29.
Robert Ij. Montgomery has been- elected
a director of tho Sinelair Oil and Refinlng
Corporation, succeeding the late Theodore
Roosevelt.
Philip P. Gray has been elected treasurer
of tha Irvlng Trust Company.
W. I<. Conwell hua been elected preslFlent
or tho Safety Car Heating &. Lightlng
Company, succeedlng the iaiF> n. M. Dlxoir,
nii'l ,1. A. Dlxon was elected vtce-presl
dent. C. A. Austln anu" F. F. Fttzpatrlck
wore electeil members of the executlvo
committee to flll vacancles. Robert Bar
Ij.nir, c. A. Austln, A. B, Hepburn, K. M,
Butltley, Henry Carse, W. L. Conwell, J.
A. Dlxon, F. P. Fitzpatrlck, B. Gardner,
It. Parmly, C. D. Pope, A. C. Soper and
II. II. Wehrhana were elected directors.
John H. Coffln has become associated
with the firm of Allan A. Ryan &? Co,
Joel Rathbone, second vloc-presldont and
general manager of tho National Surety
Company. sails to-day on a buslnesn trip
to England and Frauoo. Mr. Rathbone,will
bo absent for a month.
Georgo F. Baker, Jr., has been elected
a director of tho General Pleotrle Com?
pany, Biicceedlng the late S. I,. Schoon
inakor, and Charlea flteole takes the placo
of M. P. 'WeBtover, reslgned.
?. AV. fHtrauss & Co. have underwrltten
an Issue of tfiiin.000 first mortgage serlnl
6 per cont honda on the Uopklns Roule
vard Apartment Building.
Bernhard. Hchollo <& Co., ihn Bank
ers Trunt Company nnd the rnion Trust
Company ot Pittsburgh have sold tho
$i,600,000 Norfolk & Weetern convertible
ten-year fi par oent bonda, dated, Septam
, bar X, 1M9? ?nd Au? flaptamter J. 1P38.
This sketch is adapted from one of thc mural decorations in the banking room ofThe National Park Bank
FOUNDED ON SERVICE TO
FUNBAMENTAL ACTIVITIES
1 he National Park Bank was founded on service
to the fundamental business activities of the nation.
It is for this reason that "001?!^^^" "Agricuh
ture," and "Industry" were selected as the subjects
of the three large paintings in our banking room.
W e endeavored to set forth in these three paint?
ings what has been the aim of our bank in thc
financing and developing of these three great factors
in world'Wide commerce.
1 he growth of The National Park Bank has been
in proportion as it has aided thc expansion of the
commercial, industrial and agricultural life of our
country.
We shall be glad to talk over with you any
financial questions pertaining to manutacturing,
mercantile, exporting and importing business.
The
NATIONAL PARK BANK
OF NEW YORK
$4,708,186,463 Life
aiihiiraiu't' in 1918
Ordinary Business Written by
22.'} Companies Shows $726,
839,077 Increase
Two hundred and twonty-three life
insurance companies in the United
States wrote ordinary business aggre
gating $4,708,186,463 in 1918, an in?
crease of 5726,831),077 over 1917, accord?
ing to tho compilation of "Tho
Spectator." New industrial business
written by the same companies reached
an aggregate of $1,076,715,996, an in?
crease of more than $80,000,000.
At the close of 1918 the companies
had $24,287,845,010 of ordinary insur?
ance in force and $5,562,200,701 of in?
dustrial risks in force, the increase in
the. ordinary anrounting to $2,267,020,
813 and the industrial $454,938,213.
Surplus funds of thc insurance com?
panies decreased more than 837,000,000
in thc aggregate against a normal in?
crease of $40,000,000. This was due
to the epidemic of influenza.
Premiums received by thc com?
panies last year amounted to $1,081,
492,533, an increase of $90,251,392;
total income $1,335,857,015, an increase
of $87,739,493. Total payments to
policy holders were S711;146,578, an in?
crease of $421,231,706, compared with
1917.
Stock Exchange Elections
Peter J. Maloney, of Block, Maloney
& Co., was elected a member of the
governing committee of the Stock Ex?
change yesterday. Changes in the
standing comntittees announced were:
Richard Whitney was elected to the
committee on arrangements to suc
ceed Dexter Blagden; Edwin M. Carter,
Henry E. Montgomery and William B.
Potts were elected to the committee
on admisaions; Robert U. Atterbury.l
Winthrop Burr and Louis E. Hatzfeld !
, were elected to the arbitration com?
mittee; Dexter Blagden and William
, T. Floyd were elected to the commit
| tee on business conduct.
Arthur J. Rosenthal and Arthur
Turnbull were elected to the commit?
tee on"commissions; James C. Auchin
closes was elected to the committee on
constitution; S. S. Prince was elected
1 to the committee on insolvencies; II.
G. S. Noble was elected to the law
oemmittee; H. F. Benjamin was
; elected to the committee on quota
tions; Howard Whitney was elected
J to the committee on stock list.
-???-m -
Rail Executives to Meet
Members of the standing committee
of.the Association of Railway Execu?
tives will meet to-morrow morning in
the board room of the New York, New
Haven & Hartford Railroad. according
to an announcement last night by T.
De Witt Cuyler, chairman of the asso?
ciation. This meeting will be followed
in the afternoon by a conference of
the momber-roads.
In view of tho appronching session
of Congress and the expectation that
stops will be taken shortly after it.
convenes to replcntsh lhe railroad re?
volving fund it was understood that
the railway executives will aconsider
matters pertaining to tha financial
needs of the carrlors*
AM. SUGAR R'FG
MeniUers ' ous. Stodi Kxcliajige .,' V V.
74 BROADWAY. N. Y. Phone Rector 4256-7.
n
Liberal Interest
on daily balances.
IVJetropolitan Trust Company
of the City of New York
00 Wall Strerl. 710 Fifth Aven'if
Steel Authority Looks
For Higher Rail Prices
Increase in Demand for Ship
Steel Is Also Pre
dicted
Railroad buying before the end of
the year will be an important factor in
the steel industry, according to this
week's issue of "The Iron Age." Com
menting on the railroad administra
tion's reo.uest for bids on 200,000 tons
of rails, this publication snys there is
little expectation that bids will be made
at lower than $47 at mill for open
hearth rails, the stabilized price. Even
higher bids are hinted at in'view of the
fact that $50 for Bessemer rails and
$52 for open hearth has been named on
a domestic inquiry for 2,750 tons in the
last week.
Both "The Iron Age" and "The Iron
Trade Review" find that the abandon
ment of the industrial board's price
stabilizatiott plan is Jseing hailed with
satisfaction. An increased demand for
ship steel is said to be foreshadowed
by President Wilson's cabled permis
sion to the shipyards to accept con
tracts for foreign account. British
yards have recently taken some large
ordprs for Norway.
"The free swing allowed in the Brit?
ish market since May 1," "The Iroa
Age" says, "has resulted in further
advances. Cleveland found ry iron
quoted at $22 a ton two weeks aeo has
now gone to $34. Makers are" fullv
booked to the end of June. Billets
have brought $68 a ton, or $5 above
the recent export price and $11 above
the British domestic rate. Tin plates
Sf%*8'2??a b?X' aeainst thc APril I,rice
Authoritativc advices on the export
situation, according to "The Iron Trade
Review," accent the probability that
the best trade for this country In iron
and steel is to come from neutral mar?
kets.
Higher Lumber Rates Asked
WASHINGTON, May 14.?Increases
in rates on lumber and other forest
products from Washington, Oregon.
Idaho, and Montana to Canadian des
tinationa were asked to-day in appli
cations filed with the Interstato Com?
merce Commission by the Northern
Paciflo and Great Northern r&ttroads.
Fond Creek
Coal Company
An analysis of the condition nnd
rcsources of this coal mining
company is ready for distribu
tion. Jt contains the latest avail
able facts and iigurcs on prop?
erty holdings, equiprnent, pro?
duction, rcserves, i;icomc, earn?
ings and dividends.
8a ' <^n request for K-385.
HUGHES & DIER
Siocks? Bonds?Grain
eranpr < Chicago Board of Trade
50 Broad St., New York
Sui:e 612-620. Tel. Broad 5140.
Cptown Office, 67 \V. 125th St.
Philadelphia, 1436 Wulnut Stre?t
LiBERTY BONDS
All denominations bought for cn.sh
Based un thc Hosinjj we pay to-dujr
$49.60 f(,r a 850?3%?A Bond. 57 CnupoM
646.57 for ? $50?2d 4% Konil. 1 Cnupoa
$47.45 for a $50?3d 4% Bond, 3 t oupoaa
5>40.78 for u $50-1th 4V40? Bond, 3 t oupoaa}
PURDY & CO.
Tel. John 3174-5-6-7. 34 Pine St.. i.l.
i:
IL
Boncis for Investment
Hsrris, Forbes & Co.
I'uie Street, Corner William
NEW YORK
'CENTRAL UNION TRUST CO.
of Jsew Vors
80 Broadway
BftANCHES
SIM Av<nus it (:0th Str? .
Mtdliop Avar???? at ??d S?r??1
5th Avftin- at 38th Straat
tapitul Burplua and IndivideJ
I'rollU $30,000,000.
CJ^lHut ie0 taaraofUmmardalBmt^S)
fJ5SS9C CHATHAM & PHENIX
/@V, NATIONAL BANK
WfisiSfl&ff ? Capital &. burplui . SJ.Otf -.>#J
IvjMijI^. ? Rfaourcet cv*r . $100.0#9 ?M
?vflotf?r m Bratlwiy, (Slftpr Bltff.)
BANrV-i' And 12 Brancha*
Mark A. Nohle Throdor
NOBLE & CORWI?
25 Broad St. New Vork
Actna Life Bordcn's Conu
Travelers Ins. Otis Elevator
Telephona 1111 Broad