New-York tribune. [volume], May 19, 1919, Page 16, Image 16

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

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The Follow-up System
ALL business people use it. So does the Salva?
tion Army, which is engaged in the greatest
business in the world?the salvage of men.
The Salvation Army is not content to save men
alone. It sees to it that they keep saved. If the
man who has been helped falls?he can come back
again. And the Salvation Army will go after him
and get him if he doesn't come back himself.
The Salvation Army never lets go of anyone.
$13,000,000 Wanted for Humanity
Do YOUR share TODAY.
Salvation Army Home
Service Fund Campaign
May 19 to 26, 1919
This space contributed by The National City Company
L
The Seaboard National Bank
18 Broadway and 5 Beaver Street, New York
Condensed Statement, Close May 12, 1919.
Resources
Liabilities
Loans and Discount..?3G
Overdrafts .
Real Estate .
V. S. Bonds and Certifi?
cates of Indebtedness. . . 12
Bonds. Securities, &c. . . .
Due from Banks (net)...
Due from Federal Re?
serve Bank of New
Tork . 8,
Cash. Exchanges and duo
from U. S. Treasurer. . 15
Customers' Liability Ac?
count of Acceptances
? xecul i d by ; his Bank.
063,
550
.434,
,477
KM
833,
".07
498.76 ;
192.52 |
,000.00
,100.00
,037.00
,688.23 |
103.13
,453.78
300.000.00
Capital .
Surplus and Profits
(earned) .
Unearned Discount .
Circulation .
Reserved for Taxes.
Acceptances executed for
Customers .
U. S. Bonds Borrowed...
Bills Payable and Re?
discounts with Federal
Reserve Bank.
Deposits .
$1,000,000.00
?3,891,251.74
110,010.85
09,907.50
326,770.25
300,000.00
800,000.00
377,110.971.02 ?
OFFICERS
. 5.083.319.50
. 65,090,591.18
$77,110,971.02
i C. C. Thompson, Vice-President.
| B. L. Gil!, Vice-President.
W. K. Cleverl.y, Vice-President.
L. N. DeVausncy, Vice-Prcsidcnt
C. i ?. Marfield, Cashier.
S. G. Bayne, President.
O. M. Jefrerds, Asst. Cashier
C. C. Fisher. Asst. Cashier.
J. D. Smith, Asst. Cashier.
B. J. Dadson, Asst. Cashier.
J. E. Orr, Asst. Cashier.
Samuel G. Bavne
Edw. H. R. Green
Henry C. Folger
Edward }. Cornish
DIRECTORS.
(liarles C. Thompson
Joseph Seep
I Ienry Whiton
Bennett L. Gill
Peter McDonnell
William K. Cleverley
David H. E. Jones
Robert J. Caldwell
To Railroad
Stockholders :
The :"< :?-?? of the fight for recognition of
the In? :-? . i inri? {1 i 1 ?? Hie
Railway Investors' League
is fullj d? icrl I ? h week In
THE ODD LOT REVIEW
?? : i 9 '? ? en d?sign?t? ! the
Leagu? ial organ.
To you, ?.i ?. holder of railroad se
??u::;:. ??. the outcome of the fight
means a ::'":it deal.
Keep Informed. Read The Odd
Lot Ri v Pin ;? dollar to this
advert?s? ment and send it in, and
the ; iper will come to you reg
. ularly for six months (no longer).
Better yet. send in $3 for nix
months' subscription to the
t)?l?l l.ot Review, combined
with :i year's membership in
the Railway Investors' League.
THE ODD LOT REVIEW
' (Mcrit'jrr .1 in'.\t Bureau or Circulations)
01 Broadway New York
HERCULES
PETROLEUM
COMPANY
Now drilling ?i;n Eastland and
Hamilton Counties, '""x.u. Com?
pany owns and operates modern
refinery of Z,',???) barrels daily
capu? Ity.
Price to Yield About 12%
.Send1 for Circular H. T. R.
parson, Son & Co
Members .".'?".?.? l'ork s-o<k Lxchangc
117, Broadway, New York.
. .K.RiccJr.&to.Buy&Se?I
American l?r.iss
Anxrriran Meter
Amcriran Chicle Com.
Alabama <?r.-:it Son, Or?l. & Pfd.
?liilil? < o. ? om. & Pfd.
Pamouh Player?*- I.?inky
II. W. tlohmt-ManvlUe Com.
Int'l Motor Track All l^.ie-4
V'rililklin fir?? Inn.
Lawyers Mortgage Sio.-k
Mexican I'roduclnr ,V Kef.
Niie?,-ltement -,'oiid
Korwieh ?V Worceeter .*f?l.
>'afl Ire ?_ ( oui Ht I'fd. 4 2nd Pfd.
Seovjj Mfg. Co.
hinter Manufacturing ?Stork
.Standard ?Screw
Texaa I'm-. C. & O. Stk. & I1U.
Victor Talki?s Much. Com.
J.K.RieefJr.&Co.
Phone? 4100 to 4010 J?))iri. ri?! Wall St., N. T.
Bonds for investment
Harris, Forbes & Co.
Pin* Ktreet. Corner Wiiliaia
NEW YORK
Liberty Bonds
All denomination* btyii'jht fr,r ?-<???;.
Hated on t>.<? cloning v.r. j,uj U)-ilnr
?HMt? tor a. M??;.'/_?/. It????!, r,7 Gettpen?
%i<if,z tor a %.',ti~tti \-i, jf??i?it, i Coupon
M*.(M('.rii.7D?-M 4'A*/* iiunil. 2 Coupons
?I?.?, for a $.*0?Uli 4'/4*/o Bond, 8 I ?upon?
PURDY & CO.
T*\. John ?l74-&-?-7- ?J? Yin* U? tt. ?.
Plan Big Development
Of Texas Oil Field?
Cities' Service Announces Thai
Statewide Operations Will
Be Started
Financial Bureau
Special Correspondence
DALLAS, Texas, May 18.?Followinj
the recent tour of the Central Wes
Texas oil fields by a delegation of 17
officers and directors of the Cities Ser
vice Company of New York and sub
sidiaries, of which the Empire Oil an
Gas Company is the most importan'
announcement was made hero tha
Texas headquarters of the oil sut
sidiaries will be established in Dalla
It was stated that the lease holding
of the Cities Service Company in tl"
United States embrace 4,000,000 acre
of oil land, proved and prospective, <
which 2,000,000 acres are in Texa
Plans no ware under consideration \
the company for the inauguration ?
what is believed will be the bigge
campaign of development operatio:
ever undertaken in this counti
Strings of drilling outfits are to
scattered from one end of the state
the other, in addition to many ri
that already are in operation, accor
ing to those plans, which also provi
for the enlargement of the Empire (
and Gas Company's plant at Gaini
viilo, having a capacity of 13,000 bi
reis of crude oil a day, and the bui
ing of other refineries. II. L. Doher
president of the Cities Service Co
pany, was at the head of the visiti
delegates.
The Markets
Stocks
Stock market activity last, week
reached a peak on Wednesday in a
session of 1,872,900 shares, the most
active day since the 1,066,000 shares of
the "submarine panic" on February 1,
1917. On Wednesday the average price
of both railroad and industrial stocks,
as shown by The Tribune's compilation,
reached new high levels for the year.
At the close of tho week the indus?
trial shares had reached the highest
price since the peak of the 1916 mar?
ket; the railroad shares on Friday were
tho highest sinco September, 1917.
Trading gradually veered, during tho
week, from industrial to railroad
stocks. The influences which deter?
mined this were the calling of Con?
gress into session on Monday of next
week, when it is expected to begin im?
mediately on the railroad problem;
the sound technical position of the
rails; the turning of profits from oil,
motor and other speculative sharc3
into railroad stocks; increasing atten?
tion to the discrepancy in tho price
levels of railroad shares and indus?
trials, the latter having risen from 79
on February 8 to 101, while the rails
have risen only from 69 to 77, a gain
of 22 points against a gain of 8. In
addition to this the Street may have
begun to feel that it had been too ?
pessimistic; that as conditions could
be no worse they should get better,
and that the, railroads could not fail
to participate in a coming industrial
prosperity, especitilly when they will
be called upon to carry an, unprece?
dented wheat crop.
The Coming Week
The market's advance has now ex?
tended over fourteen weeks. This is
the longest bull market without reac?
tion since 1904, when the period was
nearly seven months. In that market
the advance of the industrials was 26
I points; it has now been 22. Wo. have
; had thirty-six-million-share days since
I the beginning of the year, thirty of
j them consecutive. Next week the mar
j kct will be confronted with events
| which may have decided influence in
: view of its present condition. Con
i gress will convene Monday; the Presi
? dent's address will be read Tuesday;
tho 10 per cent Victory loan payment
will be duo Tuesday; the Germans are
given until Thurs?ay to make their
nnal decision on the peace treaty.
The Bond Market
The Victory loan oversubscription of
$1,500,000,000, announced on Monday,
was important, not only because it will
relieve the banks of the great volume
of government paper that they now
; carry, but because it indicated the
! tremendous investment demand of the
country. That investment power, no
? longer called upon to give its first at
: tention to huge government borrowing,
I will now seek an outlet in private se?
curities. It has already started to, if
last week's bond prices may be taken
r.s an indication. The average pri.-e
of railroad bonds made a sharper ad?
vance than in any previous week this
year. Public utility bonds were also
i remarkably strong. Industrial bond
! prices were irregular.
The Money Market
In view of statements published dur
I ing the week that brokers' loans had
j increased $300,000,000 to $400,000,000,
i and now stood probably at $1,000,000,
j 000, against the volume of $600,000,000
at which they were kept during the
: latter part of the war and up to the
end of January, Saturday's bank state
I ment carried unusual interest. Yel
it showed ? decrease in loans of $8,
032,000 and an excess reserve of $49,
717,820, or $14,094,830 over the previ?
ous week. This does not necessarilj
indicate that Stock Exchange loan;
have actually decreased, or even tha
they have not greatly expanded in tht
past week. Interpretation is compli
catcd by the fact that a governmen
loan campaign involving $4,500,000,00?
was just completed last week; a grea
decrease of loans resulting from thi
may have been reflected. The banks
have probably been keeping in a strong
position for Tuesday'3 Victory note
call.
Few Time Loans
Banks for the last few weeks hive
been asking 6 per cent for time money.
Call money has been cheaper than that,
on the average, and brokers have been
of the opinion that it is more apt to
fall below 6 per cent than to go above.
Not wishing to bo tied up with money
at 6 per cent, their borrowings are now
to a highly unusual extent in call
money and not in time, funds. This
creates, if not a dangerous position,
at least one in which the banks have
unusual control over the market. A
sudden uprush of rates or a sudden
calling of loans would be embarrassing
to those brokers who have not enough
1 time loans to absorb the shock.
The Coming Attack
The bear army ?3 on the lookout to
avail itself of the technical advantage,
linked, if possible,? with somo item of,
news of distinctly unfavorable char
actor. The resources of the public are
by no means exhausted, and are, in
fact, still very great, but the theory of
mass psychology applies to stock mar?
kets as well as to auditorium crowd;.,
and the skill and experience or bear
operators is generally able, if the au?
dience is large enough, to provide an
unwarranted stampede. To the more
sober-minded 'such demonstrations are
not effective and will "not disturb the
appraisal of values, 33 yet being low,
except in those cases, now more or less
numerous, where the pace has carried
prices too far. To these a good-sized
reaction affords opportunity for dis?
criminating purchase or repurchase.?
J. S. Bache & Co.
Market Barometers
Stock Exchange Transactions
Stocks
Rail Other All
stocks. stocks, stocks.
Last w'k.1,642,900 6,980,500 8,623,400
Week bef.1,0S0,?0O 6,252,100 7,332.900
Year ago.1,310,5GO 5.778,800 7,039,300
January 1 to date:
1919. .. .11,640,600 79,595,200 91,235.800
1918.... 6,878,400 46.730.4CO 53,608,800!
1917- 8,601,500 63,937,600 72,535,100
Bonds
Week Year
Last week. before. before.
U. S. g.$42,791,000 $43,348,000 $32,906,000
R'l'ds.. 7,317,000 6,604,000 3,833,000
9th'rs. 21,381.000 13,199,000 11,053,000
\llkds 71,489,000 63,151,000 48,392,000;
January 1 to date:
???j.?. 1918.
U. S. gov'ment $837,615,000 $299,337,000
Railroads .... 79,177.000 90,102,000
Others . 285,625,000 133,313,000
Ail bonds.1,202,417,000 522,752,000
Stock and Bond Averages
Stocks
Last week. Week before.
ili^h. Low. l?i?-h. Low.
20 Railroads. 77.50 73.95 74.65 73.90
,'?0 Industr'ls. 101.27 99.77 99.97 96.50
50 Stocks... 91.76 89.44 29.64 27.62
Bonds
10 Railroads. 81.21 80.43 80.27 79.92
10 Industr'ls. 95.06 94.85 95.18 94.92
5 Utilities.. 85.24 83.62 84.16 33.86
25 Bonds.... 87.54 86.94 86.91 86.75
Same week last year:
Stocks
High. Low.
20 Railroads . 71.20 69.80 j
30 Industrials . 85.17 84.37 !
50 Stocks . 79.58 83.47 j
Bonds
10 Railroads . 80.60 80.51
10 industrials . 91.57 91.18 ?
5 Utilities . 85.02 84.94!
25 Bonds . 85.84 85.66 j
Januar;,' 1 to date:
Stocks
Jan. 1, 1919 Full year
to date L918
tlijih. Low. High. Low.
20 Railroads. 77.50 ?8.70 79.15 66.12
30 Indus-r'ls.101.27 79.20 88.83 73.37
50 ?Stocks... 91.76 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 83.62 89.02 82.60'
25 Bonds.87.88 86.53 89.46 83.62
French Believe
U. S. Is Courting
Germany's Trade
^Convinced American Finan?
cial Circles Are Aiming at
Agreements Unfavorable
to France and Belgium
New York Tribune
Special Cable Service
(Copyright, 1019. Now York Tribune Inc.)
PARIS, May 18.?-In French circles
the chief concern seems to be their
belief that American financial circles
at the Paris conference are aiming for
special agreements with Germany.
"Now that the peace treaty has been
delivered to Germany, it may be per?
missible to say that certain American
linancial interests apparently endeav?
ored to direct America's part therein
not so much in accordance with the
high principles which brought the
country into the war as a desire for a
! future commercial understanding with
i Germany," was the statement made by
' an eminent French economist. He
added unconfirmed rumors, such as one
that accused a certain Norwegian in?
former of American financiers of nego?
tiating with the Bolsheviki, but said
he could not furnish direct instances.
"When the British and the other al
lies of France," he continued, "pro?
posed certain clauses of a commercial
nature justly adverse to Germany tho
American delegation attached thereto
a reservation stipulating that the
clauses should not be effective regard?
ing American trade with enemy coun?
tries.
Bound to Reciprocity
"Then there was the reciprocity
clau80. In it the Allies bound them?
selves not to give or to receive special
favors, but the American delegation
asked that this clause be limited to
live years. What does this mean un?
less the American delegation had in
the back of its head the desire to re?
serve the possibility of a special un?
derstanding and a special r?gime with
Germany ?
"I don't believe that the generous
American people would support this
policy if the financial situation of
France were made clear. It is a fact
that France cannot afford immedately to
open wide the door3 to American prod
nets. Wc owe you money, but how
can we pay it if we buy only American
products, thereby decreasing our own
nroduction? In such a case our ex?
ports would not only fail to compen?
sate for our imports, but would not 1
even be sufficient to pay the interest
on our debt. If America considers
France only as a market for her prod- :
ucts she will be treating France as
Europe treated Turkey before 1914.
Closed to Some Products
"The idea of the best French minds
i is tliat the doors ought immediate!?,
| be opened to certain American prod
; ucts, but for a little time be closed tc
i others, such, for instance, as France
| can produce by her own industries."
Inquiries by The Tribune corres
! pondent show that this belief is f;en
; oral, while the American attitude is .
: steady refusal to admit a good reasor
i for the United States to bind itself tc
' post-war care for the Allies in matters
' of commerce.
There is, however, sympathetic ap
j preciation of the French situation
i The French point out that before the
| war France had not only her agricult?
ure and small industries, but include?:
such centres as Lyons, Saint Etienne
Grenoble and Marseilles, in a regior
where great manufactories flourishcc
under highly enterprising men, con?
ducted by the most moilern methods
The greater part of this prosperity wa:
overturned for the purposes of wai
and must be allowed time to return t?
the purposes of peace. Cooperation i:
the word heard everywhere and in thi
connection the same French exper
said to The Tribune correspondent:
"Since France must again become :
producing country, Americans coul?
produce on French soil, sharing th
benefits of industry organized by ther
together with the French. Co?poratio
could extend to the soil of the Frene
colonies, whose resources are tremen
dous.
U. S. Doesn't Cooperate
"Unfortunately the policy of th
American delegation has not been s
far along the lines of cooperation. Tli
very day of the armistice America
representatives in the various inte
Allied countries refused to contint
their work, saying they had been a]
nointerl for trip tinrnosps nf wnr n r
Price Trend on the New York Stock Market
The graph ahove show? average price of twenty railroad slocks in one line and thirty industrial stocks in the other
on the first busincHs day of eaeh month from January, 1915, to December, 1918, and the weekly high, low and closing average
price? since January 1, 1919.
SPECULATIVE OFFERINGS
SPECULATIVE OFFERINGS
SPECULATIVE OFFERINGS
Subject to Allotment and
Prior to Trading on New York Curb
We Offer 500,000 Shares
Pacific-Wyoming Oil Company
(A Wyoming Corporation)
At Par $1.00 Per Share
Capital Stock $3,000,000 full paid and nonassessable. Issued;, including
this offering, $1,700,000. In Treasury $1,300,000. ' .
This Corporation controls or has royalty interests in 9,780 acres in
the Wyoming oil fields, 3,500 acres of which are located in the
spectacular Lance Creek (Lusk) field and 480 acres at Rock River,
where the Ohio Oil Company has brought in nine successive wells
and where the Midwest Refining Company is now erecting a re?
finery. Based on operating and royalty contracts ALREADY
CONCLUDED the management of the Pacific-Wyoming Oil
Company estimates that
At Least $1,000,000 will be Expended
During the next 12 Months
in the development of a portion of the acreage which it controls or
has royalty interests in by the Carter Oil Co. and Ohio Oil Co. (of
the Standard Oil Group), Midwest Refining Co., Producers & Re?
finers Corp., Kinney Oil Co., and Western States Oil & Land Co.
x'he fact that such highly successful operating companies have
entered into contracts to develop this acreage is practical proof
of its enormous potential value. Substantial cash bonuses have
already been offered to the company for the right to drill on a
portion of the balance of its acreage not yet under contract.
Between 15 and 20 Standard and Rotary drilling rigs are now in
course of erection or en route to the Lance Creek (Lusk) and Rock
River properties in which this company is interested preparatory
to an intensive drilling campaign.
Subscription books for the above offering will be opened May 22nd
?and closed without notice, after which the stock will be traded in on
the open market. The right is reserved to reject any and all applica?
tions and to allot less than the amount applied for. Full payment
must accompany all applications.
Descriptive Circular on Request
E. Bunge & Co.
ESTABI7I SITED 1906
Investment Securities
' .
i
44 Broad Street
Telephones Broad 6951-2-3-4-5-?$
New York City
not for the purposes of peace. The
British disagreed with this policy, and
one of the most eminent British states?
men wrote a memorandum declaring
that the British were willing to con?
tinue their cooperation, at least so far
as the distribution of raw materials
was concerned.
"As a matter of fact, the distribution
of raw materials is vital for Belgium,
France and ?Serbia. For instance, what
would happen to France if it were held
to be improper for the inter-Allied or?
ganization to give her or Belgium a
; prior right to the material necessary
! for reconstruction? Is Germany tc
I have preference ?
Favor Pro War Basis
"American representatives favor ai
immediate return to pre-war condi
tions, and favor the theory of libert;
of commerce and unrestricted com
petition, which would result in dis
crimination against France and Bel
gium. What is wanted more is to lif
the blockade so that the accumulate
products of American industries migh
be sold immediately at the highes
prices under the best conditions, an
they are looking forward to establish
ing a market in what was once the
Central Empires. Of course, the Amer?
ican people want to get rid of over?
production, but their representatives
here have carried this desire to a
point where it becomes a wish for a
commercial understanding with Ger?
many."
Yale Professor Joins Staff
Of Liberty National Bank
James F. McClelland, professor of
mining metallurgy of the Sheffield
Scientific School of Yale University
and a director of engineering research
of the Hammond Laboratory, has
joined the staff of the industrial de
j partment of the Liberty National
Bank of New York.
Mr. McClelland has had wide experi?
ence, from actual prospecting in the
field to practical research work at
Yale, together with his service as head
of the production engineering depart?
ment of the Aircrait Board in Dayton
during the war. He is an expert geolo?
gist and minerologist and is peculiarly
well equipped for his new activities.
He will serve as consulting engineer
?t D 1 Analytiaat review AA-it
_)(, l ail! <*n ?"''?s Ba?r-ad Si/s
? *~ni frrc on request.
E. W. Wagner & Co.
Members S. Y. Utot-k Exchange
33 New Street, New York
r M ml. Av. <i 42?. Sf. il
J 1D7, West >?_?/ ?St.
Branches "S 26 Court 8t., Bkbjn '
- bin Broad ?it., Newark. 7
AM. SUGAR R'F'G
circular on request.
ffOLPBERfi Gi HUM
N. M. Goldberg MUton Helm
Member. Cons. Stock Exchange of N. T.
74 BROADWAY. N. Y. Phot)??. Rector 42587.
$200,000 WANTED
Loan on large piece of waterfront property.
New York; valuation, SI. 000.000; liberal
bonus. Box No. E 147. Tribune.
on questions of industrial research
and production, both for the bank and
for the Liberty Securities Corporation.
NOT A PROMOTION
MEX?CAN-PANUCO OIL COMPANY
Capitalization Authorized and Issued $3,000,000?300,000 Shares?Par Value $10.
Guaranty Trust Co. N. Y. Transfer Agent N. Y. Trust Co. Registrar
1 Production now at rate of 10,000 barrels daily.
2 Proven leases located in celebrated Panuco Field and adjacent to holdings of
Standard Oil Co. of N. J. Texas Company
Empire Refining Royal Dutch Shell Co,
Note: Individual wells on these leases are yielding as high as 50,000 barrels daily.
3 Proceeds of sale of stock to be devoted to ( 1 ) drilling 3 additional wells on leases now
producing; (2) building steel storage and flowtanksand loading racks on the Panuco River;
(3) laying pipe lines to immediately market production, contracts having been let.
Note: Considering that there are ruells yielding in excess of 50,000 barrels daily on acreage directly
adjoining Mexican-Panuco Co.'s holdings, no difficulty should be experienced in increasing present pro?
duction to 100,000 barrels daily. This rvould mean net earnings for the company at the rate of
232% on the entire capitalization per annum.
4 Officers, directors and individuals identified with company include well-known and con?
servative bankers and financiers of recognized standing. No better illustration of confi?
dence in the future of Mexican-Panuco could be manifested than the placing of the stock
of these prominent men in escrow for one year. This in itself is a guarantee against inside
profit taking on the market at high prices during that period.
WE HAVE UNDERWRITTEN $S76,000 OF THIS STOCK AND RECOMMEND THE SAME AS
AN EXCEPTIONALLY ATTRACTIVE SPECULATIVE INVESTMENT
Traded in on New York Curb. Price at Market
A. E. FITKIN & COMPANY
141 BROADWAY, NEW YORK
19 Congre?? St. ?S2 Union Arcade BIdg. Ill W. Monroe St.
Boaton Pittsburgh Chicago