New-York tribune. [volume], May 23, 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
MUNICIPALS
selected from our broad
list of offerings.
Tl*ld 94
Boroogb of Sharon, Pa. 4.40
Akron, Ohio, School Dist 4.65
Miami Com. Dist., Ohio 4.85
Buncombe Co., N. C. 5.00
The National Gty
' Company
Main Ofteot Natiaod Gry *?nk BoiltTia?
Vfhnn Ofic?: Fifth At?. & 4Sr<i St.
Correspondent Otflcts in 50 OitiVs
Ouf Nriu Analysis
Calls Attention to
California
Packing
Common Stock
This company at its in?
corporation acquired the
business and assets of five
Pacific coast food packing
and canning companies
of established reputation,
conducting a business in
essential products having
a world demand.
Earnings for the year
ended February 28, ??l?.
were equivalent to $9.JO
per share upon the out?
standing common stock
and, for the past three
years, $S5 per share.
li'rtte for Analysis R-110
A. A. Housman & Co.
{N'flw York Stock Exchange
New York Cotton Exchang?
N V Coffee & Sugar Exch.
New York Produce Exch.
Chicago Bnar.1 of Trade.
Associate Members of
I ?? pool cotton Ass'n
20 Broad Street, New York
Hranoh Offta?25 West 33d St.
INVESTMENTS
LEGAL IN
NEW YORK
Trustees of Estates are
invited to confer U'ith
m ivith respect to the
proper investment of
fund*.
Merrill,
Lynch
&Co.
120 Broadway
New York
Chicago
Detroit
Mem-bent Sein York Stock Exchange.
Stocks?Bonds
Complete facilities for the exe?
cution of orders in any amount.
Ilartshorne, Fales & Co.
Members .V. V. Stock Exchange
71 Broadway New York
Tel. 7610 Bowling Green
Maury, Rogers & A uchincloss
rS. Y. Ptoek T^chnnire
Member? J.VY Cotton Exchange
l< ?licago Hoard of Trade
25 Broad St., New York, N. Y.
Bonds for Investment
Harris, Forbes & Co.
i'ijue Street. Comer William
NEW YORK
Robinson & Co.
investment Securities
26 Exchang? Placa New York
af ?umber? Hew y irk Stock Kxchang?.
Mark A. NobJ? 'themlorn O. Corwin
NOBLE & CORWIN
125 Broad Ht. Sen York
Lawyer? T. & Tr. Borden'? Com.
Lawyers Mtge. Curtis? Aero Pfd.
Te?*pboa? Uli Broad
The Markets
An Irregular Market
In a market somewhat less active
than that of recent days a few indus?
trial stocks wero bid up violently, in?
cluding steel Issues and oil shares, to
? the accompaniment of rumors of con?
solidation, but a good part of these ;
' sains were lost in the late trading. ]
The market closed with most industrial
' stocks somewhat higher, but tho rail
| road list was weak.
The Trading Record
Thursday was the third day of r*- j
action In a week In the Industrial list.
Prior to that time there had not been
three days of reaction in three weeks.
"
A Rise in Bonds
The most important feature in the \
{
markets of yesterday was the striking ;
advance not only in Liberty bonds but
1 in the whole list of corporate bonds.
i
Such an advance reflects several con
ditions. The bond market has not re
j coived the advance of the stock mar
I ket; it has not gone so far in the
last few months in "discounting" the
future. Its decline has been due al?
most solely to the repeated issues of
, Liberty bonds, absorbing all the sur?
plus investing power of the commu
| nity. We have now seen the last of
these public offerings. Meanwhile the
investing power of the community has
' not only remained as it was- but has
grown enormously, if not in the vol
\ ume of funds, seeking investment, at i
; least in the numbers of educated in
\ vestors. The oversubscription to the
recent issue of Victory notes, which
j will not be accepted, indicates an un?
satisfied investment demand which
: must find its outlet in tho purchase of
bonds already outstanding.
-
Exchange Holiday
When the announcement appeared
yesterday afternoon that the governors ;
of the Stock Exchange had granted the
petition of the members for a holiday
on the Saturday following Memorial
Day, a great cheer went up from the
floor. Doubtless the brokers were not
only glad of getting a three-day per?
sonal holiday at that time, after the ,
great strain of the last month or more, j
but their houses will appreciate the i
opportunity of catching up with ac- '
counts over the end of the month.
Copper Metal
A leading authority in the copper
trade gives it as his opinion that the
big producers have raised the price of
copper after shrewd psycho-analysis.
They believe that more people could
be induced to buy copper at 16 cents
than at 15. Perhaps they took their
cue from the psychology of the stock
market. Regardless of the intrinsic
level, people will buy on a rising mar?
ket who would not buy on a falling
one. The copper men's psychology has
so far been successful.
A confidential report, however, to [
; one of the leading producers indicates
. that sales are still below current rate >
: of production. Sales of copper in ;
: April are given as 90,000,000 pounds;
I sales in the first half of May, 60,000,
! 000 pounds.- These do not represent
deliveries. But the current rate of j
production is estimated at 160,000,000
pounds of crude copper a month, and !
140,000,000 pounds of refined. Stocks
of copper in this country on Febru- I
ary 1, crude and refined, were esti- j
mated to total 1,000,000,000 pounds. ?
These have now increased by about ;
250,000,000. The European surplus is j
placed at 750,000,000 pounds. It is said ,
, that the smaller dealers, mistrusting
the market, are sold far ahead; but:
the big producers have chosen to hold
their stocks.
The Handicap of High Prices
At its present price around 725,
Standard Oil of New Jersey is still
below the high of 803, reached in
1017. It is morally certain that if ten ,
shares of Standard Oil of New Jersey
were now outstanding from every
present one their price wou'd be
higher than 72'?. The public could
afford to indulge. As a general rule, ]
!when the assets behind securities are
considered, it is the dear stocks that j
are moit apt to be cheap and the
cheap that are most apt to be dear. It !
is significant that on the Stock Ex?
change there is but one active stock
Texas Company selling above 200,
though occasionally American Tobacco
and Sears-Roebuck wander in. Texas
Company itself has declared a for?
midable number of stock dividends,1
which keep its price down. When, a
few years ago, Bethlehem Steel com- ?
mon was bid from the 40s to 700, the
directors quickly took action to demo?
cratize the stock by quadrupling the
number of shares outstanding.
-
Stocks and the Library
The market is in a poor position. It |
has discounted all the good news, and
has to confront the bad. The big fac- i
tor is disorganization of the foreign i
exchange market. It is a very serious
matter. Few speculators will give con?
sideration to such things as foreign
exchange, which they do not under?
stand. We believe they will be besieg
tag the Public Library for textbooks
soon.?Clark, Child* & Co.
Royal Dutch
Our London correspondents cable us
that they have it from a director of the i
Royal Dutch that present stockholders !
will be given the right to subscribe to i
one share of new Royal Dutch stock
for each four shares now held. The
subscription price will be par, which is :
about ?14 a share, and our London corre- !
spond.:nts say that the final cash Royal ?
Dutch dividend, to be declared about!
'July 1, will be sufficient to pay for the!
new stock.-? Chandler Uro*. & Co.
Heavy Margins
Marginal requirements of bankers j
; and brokers are so heavy that there|
I seems no likelihood of what is called |
: inverted speculative pyramids. Prior to
the 1907 panic it was a common prac?
tice among many Louses to accept U. S.
Steel and simiiar issues on $5 a share
margin, and "Steel'* in 1008 was selling
nearly as high as it is now. Even
some low priced Issues were taken on
a ?mailer margin and lb was popular to
pyramid profits. This kind of trading
is not in evidence now. Present margin
requirements range from 20 per cent
upward of the selling price of securi?
ties, and these requirements are being
lived up to religiously, so far as; I can
judge.?E. W. Wagner & Co.
Call money opened and renewed at
5% per cent yesterday, compared with
the ruling rate of 6 per cent in the
earlier days of the week. The rate was
maintained throughout the day. Loans
on all Industrial collateral were y? of
1 per cent higher.
Borrowers were bidding 6 per cent
for sixty and ninety day loans on all
industrial collateral, and a little money
was loaned at that figure.
The ruling rates for money yester?
day, compared with a year ago, were
as follows:
Yesterday .Year ago.
Percent. Percent.
Call money:
On mixed collateral 5!^ 5
On indus, collateral 6 5?/2
Time money (mixed collateral):
Sixty dqys. 5%@6 8
Ninety days.5%@6 6
Four months.6%.@6 6
Five to six months. 534@6 6
Bank Acceptances.?Rates were un?
changed yesterday as follows:
Thirty Sixty Ninety
Spot de- / days. days. days.
livery: Per cent.Per cent.Per cent.
Eligible
member
banks ...4A@4 4!4@4rV 4A@4'4
Eligible
non-mem?
ber banks.4A@4 4A@4?4 4%@4A
Ineligible
bank bills.5i4@4i/a 5!4@4!/2 5^@4%
For delivery within thirty days:
Per cent.
Eligible member banks. 4rV
Eligible non-member banks.... 4J/2
Ineligible bank bills. 6
Sub-Treasury. ?? The- Sub-Treasury
gained $78,000 from the banks on
Wednesday.
Silver.?London, 51 ^d; New York,
$1.05%; Mexican dollars, 79%@83%.
Bank Clearings.?New York Clearing
House exchanges yesterday were $753,
178,030; balances, $50,828,356.
London Money Marfcet.?LONDON.
May 22.? Closing: Money, 3% per
cent. Discount rates: Short and three
months' bills. 3% per cent. Gold pre?
miums at Lisbon, 103.
Bank of England.?LONDON, May
22.?The weekly statement of the Bank
of England showed a decrease of
?50.062 in bullion holdings. The pro?
portion of the bank's reserve to lia?
bility this week is 20.10 per cent; last
week it was 20.50 per cent. Other
changes follow:
Gold .?85,533,570 Doc. ?50,032
Reserve . 28,432,000 Dec. 103.000
Notes res'ved 25,171.000 Dec. 141.000
Circulation... 76,529,000 Inc. 53,000
Pub. dep. 20,105,000 Inc.3,297,000
Other dep.. . .110,330,000 Dec.1.146.000
Gov. securities 54,449,000 Doc. 94,000
Other secu't's 81.382,000 Inc.2,398,000
Bank of France.?PARIS. May 22.?
The weekly statement of the Bank of
France shows for the first time in a
number of weeks a falling off in circu?
lation. The. decrease is 190,791,745
francs. Other changes follow (in
francs'):
Gold . 5,459.294 Inc. 527.085
Silver . 306,412 Dec. 883.043
Circulation..34,133,590 Dec. 190,791,745
Gen. deps... 2,794,492 Doc. 108,425,673
Bills dis.... 1,514.916 Doc. 110,247,030 i
Treas. dep... 123,230 Dec. 4,437,153
Advances.... 1,186,761 Dec. 1,785,944
The Dollar in Foreign Exchange
A firmer tone developed in the for?
eign exchange market yesterday when
rates on London and Paris underwent
moderate recoveries from the. low .
levels of the preceding day.
Demand sterling closed at $4.R3'4. up
% cents to the pound, while cables
closed at $4.64, up fig.
French exchange closed at 6.68
francs to the dollar for checks and ,
6.66 for cables, up 5 centimes. Italian
lire continued under pressure, with the
Rome rate f al li tip: to 8.71 lire to the
dollar at the close.
Neutral exchanges wore generally
firmer at advances of 20 to 30 points.
Closing rates yesterday compared
with a week ago follow:
(Quoted dollars to the pound,)
Yes- Week ;
terday. n^o. ;
Sterling, demand .$4.63>"4 $4.65' 4
Sterling, cables . 4.64 4.66'4
Sterling, sixty days... 4.60 4.62
Sterling, ninety days.. 4.58'/2 4.60J/2
(Quoted units to the dollar.)
Francs, checks . 6.68 6.36
Francs, cables . 6.66 6.34
Belgium, francs, checks 6.74 6.47
Belgium, francs, cables 6.72 6.47
Lire, checks . 87.1 7.86
Lire, cables .$6$V2 7.84
Swiss francs, checks. . 5.13 5.03
Swiss francs, cables.. 5.11 5.00^/2
(Quoted cents to the unit.)
Guilders, checks .39iV 39ft
Guilders, cables .393a 3934
Sweden, checks .25.05 25.60
Sweden, cables .25.25 25.S0
Denmark, checks .23.50 24.05
Denmark, cables .23.70 24.25
Norway, checks .24.80 25.20
Norway, cables .25.00 25.40
Pesetas, checks .20.04 20.18
Pesetas, cables .20.12 20.28
India, rupees, checks. .35.73 35.73
Japan, yon, checks ... 51.75 51'/2
Japan, yen, cables. .. .51.90 5134
Argentina, checks . . . 1001 4 99' 4
Argentinn, cables .9934 9834
Brazil, Rio, checks....- 27.15
Brazil, Rio, cables.-27.25
Following are the official rates ;
quoted by the American Relief Admin?
istration on exchange against the coun
tries on which it has supervision over |
all dealings:
Marks to the dollar
Germany. 12.64
Poland . 10.50
Finland . 9.30
Kronen to the dollar
Czecho-Slovakia . 16.50
F. X. B. CIob?, v|co-pr?aldent of the
Bankers Truat Company; OonrR? L. Btorm,
vlco-preiildent of the Tobacco Product?
Corporation; O. Hermann Klnnlcutt. of
KlM?l, Klnnlcutt & Co.; Fletcher Furrd.
troSHurer of tho Sinclair Oil nnd Tlcflnln?
Company, and John B. .stan<:hn"!rl hav?
been ?die?! to th? bnnrd of directors of
ih<- Importers and Exportera Innuranoe
Company.
Cotton Prices
Rise as Mills
Place Big Orders
?r?
Settlement of Textile Strike
Important Factor in the
Market, Which Advances
S5 to $6.50 a Bale
Prices in the cotton market surged
upward yesterday until, at the high
! points of the day, they were from $5
to $6.50 a bale higher than at the
?closing on Wednesday. The movement
| was based on heavy buying by New
England mills and foreign agents, re
? ports of unfavorable crop conditions
! in tho cotton belt and large sales of
I spot cotton at Liverpool. Prices fell
; back somewhat at the end of the day,
but closed with net gains of a cent or
! more.
Buying by the mills for future needs
! was the greatest factor in the mar
j ket's strength. The New England mills
havo been putting off necessary pur?
chases in the hope of lower prices, but
apparently now have come to the con?
clusion that this hope is not likely to
be realized. The sudden settlement of
a strike in Lawrence, Mass., and other
goods centres enables manufacturers
to resume work on the heavy orders
which they have in hand. Demand for
? dry goods is so strong, and the mills
1 so fully sold ahead, that numbers of
; them are declining to accept, orders.
In the last week exporters have placed
unusually large orders for colored cot?
tons. One merchant received orders
for 100,000 pieces for foreign shipment,
one-third of which was for Venezuela.
It is asserted that big shipments will
be made to France in the next month.
Sales of spot cotton at Liverpool
yesterday were 12,000 bales. This was
; the largest day's business since the
beginning of the war. Sales of spot
? cotton in Southern markets also have
been extremely heavy.
An authority on crop conditions said
yesterday that the month of May has
been unusually wet in the South and
that the cotton crop is likely to be
injured by grass. If the grass condi?
tion becomes more or less unmanage
' able on account of labor shortage,
? there will be, he said, what will amount
to a crop failure that is to say, a
I crop of less than 10,000,000 hales.
Range of Prices
Prices yesterday compared with the
day lie fore were:
?Wednesday
HlKll Cow Close Close
M.-i-- . 31.(10 30.50 30.50? - 30.45
July . ... 30.37 80.50 80.01@30.01 29.30
AUKUSI .. 20.78 29.00 29.85?- '?.,8-<?.">
September. 2?.15 29.15 21?.30 S - 28.1!)
October .. 20.10 27.95 28.8!>@28.04 -:j,7!)
December.'. '28.50 27.50 28.45@28.48 27.30
January .. 88.35 27.20 28.30@28.35 27.10
February. 28.00 27.28 28.20(a)- 27.02
j March .....28.15 27.20 28.15? - 20.92
Spot .Market Firm
The local market for spot cotton was
firm and 30 points bisher at 31.55c for
middling upland; sale--, nil.
Southern spot markets follow: Gal
veston steady, 50 points higher at
31.75c; sales, 844 bales. New Orleans
steady, 50 peints higher at 30.38c;
sales, 4,046 bales. Mobile firm, 25
points higher at 20c; sales, 100 hales.
Savannah firm. 50 points higher at 30c;
sales, 2,161 bales. Charleston firm, 50
points higher ?it 20.50c; sales, nil.
Norfolk steady, 53 points higher at
29.13; sales, 1,157 hales. Augusta
steady, 25 points higher at 29.50c;
sales, 5,017 bales. Memphis steady,
100 points higher at 30c; sales, 2,000
bales. St. Louis firm, 25 points higher
at 29.50c; sales, 100 bales. Houston
steady, 55 points higher nt 31.50c;
sales, 5,902 bales. Little Reck quiet,
50 points higher at 29.25c; sales,
1,082 bales.
COTTON STATISTICS
Day Last
Testerrlav. before year.
Pert receipts . 10,920 13,837 0,140
do s?jas?n'.'. 4,154,437 4,090,233 3.429,840
N. Y. stocks .. 101,428 99.701 175,657
Port stocks ,,.1,280,071 1,240,404 1,335,182
Int. ?? ceipts . . 18,322 1 1.799 12,ti71
do shipments 18,279 15,819 18.317
N. Y. arrivals 2,541 890 ('.,397
Liverpool Market
A good inquiry existed for spot, cot?
ton at Liverpool, middling being quoted
11 points higher at L8.55d. Sales 12,000
bales; American S,000 bales. Imports
6,000 bales; American 5,000 bales.
Entures opened steady, 10 to 14 points
higher. Closed strong, at. a net ad?
vance of 37 to 58 points. May, lS.SOd;
July. 18.37d; October, 17.08d; Decem?
ber, 16,G6d; January, 16.46d; Maren,
16.26d. Manchester: Yarns strong and
active. Cloths, a large business doing.
Liverpool Cotton
There was active, trading in spot
cotton at. Liverpool, sales reaching 12,
000 bales. Middling was c/uoted at
18.55. Of the quantity sold 8,000 bales
?were American. Imports were 6,000
bales, 5.000 American. At Manchester
yams were strong and active, and
there was a large business in cloths.
Prices for future contracts were:
Prev,
Open. Close. Close.
May . ) 8.29 1 s SD IS.ai
July . 17.7(1 1S.37 IT 7S
September . 16.31 17.48 17 0::
No Need of Fue *
i
Underwriting by
Gov't, Buswell Says
-?
Profits Only 1.89 Per Cent
of Premium in 1918;
Losses Larger Than in
Any Previous Normal Year
i
F. C. Bushwell, president of the
; National Board of Fire Underwriters,
:. yesterday declared in an address at the
j fifty-third annual convention of the
I Board at the Hotel Astor, that the
! record of the fire insurance companies
for fair dealing was such as to pre?
clude the necessity of any serious con?
sideration of a governmental system of
underwriting in the United States.
Profits, he said, of 144 of the chief
fire insurance companies of the United
?States in 1918, amounted to only 1.S9
: per cent of the $382,561.203 of prom
; iums written, and that last year fire
and lightning losses paid represented
. 45.26 per cent of the premium, ex
, penses reached 39.02 per cent. Taxes
.totalling $16,939,242, or 24.32 per cent
! of the net income, were equivalent to
! two and two-thirds times the under?
writing profit, he added.
Government Control Ineffective
"The results of government control
and operation of great public service
' organizations, both in diminished effi?
ciency and in the vastly increased cost
which the public must ultimately pay
have demonstrated the fallacy of the
plausible arguments of professional
socialists and class-room theories. We
may reasonably hope that experiments
already undertaken will sufficiently
! prove, to the satisfaction of the great
: majority of the safe and sane, that
. the stock fire insurance companies,
properly and adequately supervised as
they are, can and do supply all needed
indemnities against fire loss more ef?
fectively, more economically and more
satisfactorily than any state or gov?
ernment agency could hope to do."
According to a report read for the
! committee of incendiarism and arson
i by N. S. Bartow, chairman, 441 were
convicted for arson in 1918 in the
! states covered by the committees. Of
j those sent to jail it was ascertained
' that 87 committed the crime for re?
venge, 156 because of pyromania and
| other forms of insanity, 20 to conceal
] crime, and 172 to defraud tne insurer.
Fire Losses Great
For the committee on statistics on
the origin of fires, Otho E. Lane, chair?
man, said: "Last year we stated in our
annual report that the fire loss for the
year 1917 was the largest in the
| history of the country, with the
exception of the year of the San
j Francisco conflagration, and it was
, our hope at that time that this loss
would not bo exceeded. As much
: as we regret it, however, we have to
' advise that the loss for the year 191S
exceeded that for the previous year by
approximately $40,000,000 and amount?
ed to $290,959,885, or an increase of
;>1 cents per capita?from $2.42 in 1917
I to $2.76 in 10IS. This is an enormous
I increase, especially in view of the
: fact that no serious conflagration oc?
curred with the exception of the Min?
nesota forest fires, in October last,
which occasioned an estimated loss of
$30,000,000. Even had this conflagra?
tion not occurred the estimated loss
would have exceeded last year'3 total.
No doubt a considerable amount of
! ?he increase is attributed to the tre- .
raendous increase in values."
-?-_
William Farrell & Sou
Head Big Coal Merger
. , _ _ ^
Annual Tonnage of New Con?
cern Estimated at More
Than 2,750,000
The incorporation of William Far?
rell & Son has brought, into being ono
of the largest combinations fo ccal
dealers and distributors in the coun?
try. Among the concerns in the mer-1
gor are William Farrell & Son. Robert
Gordon ?it Son, Inc.; Hencken & Will?
enbrock Company, Thedford-Eltz Coal
Company, S. Trimmer & Sons, Inc.; O.
II. Perry & Sons; Pattison & Bowns,
and Scranton and Wyoming Coal Com?
pany.
The annual tonnage of the new con?
cern has been estimated at more than
2,7.ri0,000. The corporation is capital?
ized at $3,000,000 preferred and 130,000
shares of common of no par value.
The preferred stock was underwrit- !
ton by Ladenburg, Thalman & Co. and
Spencer Trask & Co., and part of the
common stock by J. S. Bache ?fe Co. and
S. Schatzkin. i
S. Z. Mitchell, president of th" Electric
Bond and Share Company; B. P. Currier i
ol Montgomery & Co., nnd .1. F. Shaw, of
Knauih. Nachod K- Kuhne, have been
elected directora of the American Sumatra
1 Company.
Significant Relations
Money and Prices:
Stock of money gold in the country.
Now.
$3,092,430,916
Loans on all national hanks.
Their surplus reserves.
Bills discounted and bought by Fed?
eral Reserve Banks.
Federal Reserve notes in circulation.
Total gold reserve .
Average price of fifty, stocks.
Average price of twenty-live bonds..
Food cost of living (Annalist index
number) .316.856
General commodity price level (Dun's Msy ,
index number) . 222.193
Production:
Cnhlled I". S. steel orders, tons
March 4. Ifllt).
$9,691,187,000
76,981,000
List week.
$2.136,234,000
2,549,552,000
2,169.216,000
Yeattrda?
91.48
87.51
a 7i*r am.
$3.042,711,222
Nearest iierlo?!
preceding year.
$9,139,225,000
75,920,000
A year ??*#
$1,204,687,000
1,526,232,000
L327,OCO,000
u*t
Pig iron output (daily average), tons
Wheat crop, bushels.
Oat crop, bushels.
Corn crop, bushels.
Cotton, 500 lb. bales.
April 31.
4,800,685
April.
82,607
11*1$ ??>!<!. estimated.
917,449,000
1,538,350,000
2,582.814,000
12,022,601
I'rmtons clos?.
91.20
87.48
-'??? wp/-k he.'or*.
318,558
April 1.
219.973
March 31.
5,430,572
March.
99,685
* rear at*.
77.92
85.92
A year am
288.030
A year aso.
226.665
A year age
8,741,882
A year a(to
109,607
The HI" crop
636,655.000
1,592,740,000
3,065,233,000
11,302,375
Distribution :
1C roade
first week Month of
_,.,,. In May. March.
dross railroad earnings.f-2.52% 4-2.8%
Bank clearings.~lV!?% ^5.3%'"'
General: Aprll ? M|Mh "
Active cotton spindles.33,312,026 32,642,376
Commercial failures (Dun's): Apra March.
Number . 543 620
Liabilities . .$11,450,462 $13,595,471
Building permits (Bradstrect's) : April, loin.
(151 cltit-s) .,..$83,168,786
2,500.000
National Association Office Building
New York City
First Mortgage Serial %?/o Bonds
(Safeguarded under the Straus Plan)
Dated May ?. 1010. Interest Coupons due May 1 and November 1.
Principal and Interest payable at the offices of S. W. Straus & Co., Inc.
The borrowing corporation covenants to pay
4% Federal Income Taxes.
SERIAL MATURITIES OR AMORTIZATION
Maturing Amount Maturing Amount Maturing
May 1, 1922 $50,000 May 1, 1925 $65,000 May 1, 1927
May 1, 1923 60,000 Nov. 1, 1925 65,000 Nov. 1, 1927
May 1, 1924 65,000 May 1, 1926 75,000 May 1, 1928
Nov. 1, 1924 65,000 Nov. 1, 1926 S0,000 Nov. 1, 1928
$1,625,000 May 1, 1929
Denominations : $1,000 and $500 bonds in ail maturities;
$100 bonds in 1929 maturity only.
Property Mortgaged: The bonds are a direct closed first mortgage on the land and
building located at 21-31 West 43rd Street, between Fifth and Sixth Avenues, and
running through the block to 24-28 West 44th Street, New York City. The Na?
tional Association Office Building will be twenty stories in height, of the highest type
of fireproof, steel frame, construction, containing shops and offices. The building is
now in course of construct ion, and its completion in accordance with the. plans
and specifications is unconditionally guaranteed to the bondholders bv S. W. Straus
& Co.
Location: The location, on West 43rd and 44th Streets, just off Fifth Avenue, is the
very heart of New York City and is without exception the bc-t district of the metrop?
olis. The demand for office and store space here has long been in excess of the supply,
and owing to the cessation of building operations on account of the war the entire dis?
trict is much under-constructed. Virtually every similar building not only is filled to
capacity but has a long waiting list.
Earnings: We estimate the net annual rental earnings of this property on a conserva?
tive basis at 5355,000. This is nearly two and one-half times the greatest annual
interest charge.
Monthly Deposits: in order to provide systematically for the pavment of both prin?
cipal and interest in cash on the days \\ hen due and make certain that the rental earn?
ings as received each month are applied to the payment of the bonds, monthly deposits
of principal and interest are required. Each monthly deposit is one-twelfth of the total
amount of principal and interest coming due during the year.
Borrowing Corporation: The bonds are the obligation of the National Association
Building Corporation of New York. The president and controlling stockholder is Mr.
James T. Lee, a business man of long experience and excellent reputation in the con?
struction, ownership and operation of New York office buildings.
We have purchased these bonds with our own funds after careful investigation, and
recommend them as a thoroughly safeguarded investmerit.
Price, par and accrued interest to net 6%. Call or write for
Circular No. B 601.
S. W. STRAUS & CO.
ESTABLISHED 18R? INfOliroRATEI)
150 BROADWAY, NEW YORK
CHICAGO PHILADELPHIA SAX FR.AXCI?ro
MINNEAPOLIS DETR' HT
37 Years Without Loss to Any investor
Amount
$100,000
100,000
100,000
50,000
Wall Street Items
At a meeting of the Consolidated Cigar
Corporation yesterday the followl ig ?lire?
tors were elected: \V. R. Joyce, I >. A
Holmes, C, Ft. Ford, Julius ! :?
T. P. Werner, Samuel Gilbert, l >. Emil
Kline and SV. A. Tucker. The officers n?
the new company were elected ia '
Samuel ?liibert. president; D En
vice-president, and W A Tucker,
man of the board Application ?-ill be
made to list, bol h t he preferred and - ? ?
mon stocks on the New 5Tork >.
change.
Henry EJ. Cooper and s. M. Si I i
resigned yesterday from the boai I
rectors of i he Burns Brol he rs ?
at the annual meeting of the ??? i
H. II. Barnes was elected to the board.
T. Fred Aspden, vice-president of the
American Foreign Banking Corporation,
has resigned to acccpl the vici .;?
of tho Park-Union For? Ign Ban . ? .. i >r
poratlon. He will begin his new duties
un June 1,
The Latest Oil Merger
One of the principals of the Wall
Street group which is working on plans
for merging a number of oil companies,
including the Sinclair Oil and Refining
?mil Sinclair Gulf properties, is Colonel
William B. Thompson. It was learned
yesterday that an official announce?
ment of the consolidation will prob?
ably be made within a few days.
The Sholan Oil Corporation, the
name tentatively driven to the proposed
new holding company, was referred to
in the columns of Tho Tribune on May
16. According to current report
authorized capital stock will be in the
neighborhood of $100,000,000.
Propose Increase in
Irving Bank Stock
Announcement was made yesterday
of a proposed increase in the capital
stock of the Irving National Bank from
54,500,000 to $6,000,000. A special
meeting of t'ne stockholders will be
held on June 20 to vote on the in?
crease.
Of the 15,000 shares of new stock to
be issued, 11,250 shares will be offered
to stockholders at par, ?10(). at the
rate of one share for each four now
held. The right to subscribe expires
July 21. The remaining 3,750 shares
of the new stock are to he sold or dis?
posed of at the discretion of the board
of directors at a price not less than
the book value.
Paris Bourse Quotations
FARIS, May 22. -Prices wen- ?regu?
lar on fh?> Bourse to-day. Three per
cent rentes 62 francs 30 centime.! for
cash. Exchange on London 30 franc i
ST? centimes. Five per cent loan 88
francs 20 centimes.
The dollar ranged from 6 francs 57
centimes to 6 francs 09 centimes.
1 i
Com. & Pfd.
Bought?Sold?Quoted
Circular on request.
:ph e. higgins
Specialist
52 Broadway 20 Broad St.
?Hs*
< lui b Phone 5316 Broad
Phone 3518 Rector
J.K.Rice, Jr.&Co.?uy&SeJ I
\merican Bieter
Bunkers Tru^t Stock
Continental Ins.
1 'hiiiciii- Plnjcrs-Lasky
Franklin l'ire Ins.
lull Motor Truck all issues
Lone IStar Gas
Midi;? iifl Securities
Vit'! lee & Co'al Ist Pfd. & _'nd Pfd.
Niles-liement-Pond Com.
Penn. < oal 4 Coke
Splitdorf Kit-.-. Com. & Pfd.
Tesas Pae. Coal & Oil StU. 4 liights
J.K.Riee,Jr.&Co.
? ? 1010 .lohn. 36 Wall St., N. Y.
AMER. SUMATRA TOB.
Meml ? Cons. Sto? k Ex? h of'N Y
74 BROADWAY 1845 BROADWAY
Phono Roctor 4108 Phone Col. 227-8.
Stock Exchange Seats
Are Sold for S85.000
Two memberships on the New Yofk
Stock Exchange were Bold yesterday nt
$85,000 each, the highest price paid
since 1010, when a seat brought
|94,000.
Tiie seat of Henry Weial, deceased,
was old to Sidney R. Curtis, and that
of \Y. Forbes Morgan, jr., to Constan?
tino Hutchins. Tho seat of I. S. Tilney
was transferred to A. Heyward Mc
Alpin without consideration.
The new high price for mcmbcr.shipi
represented an advance of $5,000 over
tho price of last week.
LfBERTY Bonds
.? ; icnoi
'?'' """"?'>"":""' bought for cash
Based on the closing -. ? pay to-.Iay
850.01 for a $50?3%% R??j
Hi!5 ?"p a ?5??3d 4%% Bond
?4,..i,i fora $60?4th 4?4% Bond
PURDY & CO.
Tel. John 3174-5-6-7. 34 Fine St.. N. ?.
? T ( oupon?
1 ( i?ui>on
2 < OUDOn?
3 Coupon?
STANDARD
WEEKLY
SUMMARY
ON
STANDARD OIL
ISSUES
O
mit. be
MAILED
TO
IW ESTORS
ON REQUEST
f?ARL H .?FOriZHE f ME T? &C0>
r-hone 4860-1-2-3-4 Broad. 2.1 Broad M..N.T.
Franklin
TRUST CO
? &tob?*ed lS88
v r Ojjtces; 4'". Wall St. Madison Av 4 ?0 PL
? OjJ?? ea : l'"-i Montacue St. 669 Pulton St.
1001 tVallabout Marke:
n
Liberal Interest
on daily balances.
Metropolitan Trust Company
of ?he City of New York
fin Wall Street. 716 KIKu Arena?"