New-York tribune. [volume], June 03, 1919, Page 16, Image 16

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

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FINANCIAL BIREALi
Tribune Building
1 rii Nassau Street
Wealth?Markets?Investments
TELEPHONES*
Beekman 3000
Beekman 8243
Maury
Rogers &
A uchindoss
Slocks
Bonds
Cotton
Grain
:
i
Members
N. Y. Stock Exr.hange
N. Y. Cotton Exchange
Chicago Board of Trade
25 Broad St.
<'.
MlLLER>&60.
/Aernbers
Ne\V ibrk Stock. Exchange
Sccuritirs Boughl. for In
vestment or C'arried
on (-onservative
Mararin
120BKQADMW
Brdtich Offtcep
212FIFTHAVENIIB
:.vcor 26 street
LONGACREBUILDING
N F. COR. 42nd, ST A-BROADWAY
NEWYDRbL
T"-TTff,*r.1*lR~ I"3TT.n
i Int'l Motor Truck
Ccm., 1st Pfd., 2nd Pfd.
Kirby Lumber
Com. & Pfd.
tone Star Gas
Stcck & Rights
l Midland Securities
| Tex. Pac. Coal & Oil
Stock & Rights
Wright-Martin
Preferred
rI.K.RicefJr.&Co.
Phonps 4000 to 4010 John. 36 Wall St., N T.
COSDEN&CO.
We have just nrepa'red an
malysis ol Cosden & Co., discuss
ing property holdings, transpor
tatian facilities, production, sales.
earnings and dividends.
Srnl o ?..,.?? for K-301.
ftUGHES & DIER
-' " |i i.. ago Board of Trad?
50 Broad St., New York
12 620 Tel Broad 5140,
fptown Offlce, rr, \\. I25t!i St.
I hlladelDhla. M2a Walnut Stre?t
>
Correspondence
Invited
51
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E. W. Wagncr & Co.
fzstablished 18H7, Chicago
- \. ) or) 8t< '? 1. cchanpe
,., ,, b . v. , | orfc CoHon Kxchange
?" ' ? a#o /;..'.-./ o/ 7 ?d"
33 NK\\ ST. NEW VOKK
1 ?? ( -. .. ? St Brooklyn
( ? ?? i, ? ati 81 . V< vark
LlBERTY BONDS
bouyht fur caah
??? cloatng ? // iv t<> <t;?v
S&O.OI t<ir ;i s:.i>?:;>.. Bond, ;,7 CoupoiM
M>.->?. ?i?r .? I150?:<l i - Boiul, I Coupon
xr;.-.!> li.r m *."?<i?'<l l .' Bond, :; ? oudoim
>t',.:H f<,r u *?<!??t J i l ? , ? '? Itonri, 3 Coupon*
MV.&0 for ;i >.".'!??th t K' Viclorv l-oan
PURDY & CO.,
T?l. Jotui 3174-5-0-7. (t ritiB St., N. Y.
?? ? ?!,v of our
OKKK1A IMf.-IMKM M MMAftY"
;??'?: '? ? ,? ' .. ' , .?
G?jy*J?RG_#.HIJM
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74 BBOAOWAY IM4 8R0A0WAV
T?l. (K-'-tor 4I'(* Ttl. Columbm m
H<irk .S. NoM" '1 brodorc f.-. forwlr
NOBLE & CORWIN
(J tr, fjr.u.'! St. N>w Vork
? Bankers Tru*t Bordcn's ('om.
I Lswyera Mtgc. Oti? Llrvator
;- TtUptUmr. llll Hrr>H'l
The Markets
The Stm-k List
It is doubtful whether the stock mar
et advance has been more speetacilar
n any previous day, even in the pres
nt market as it was yesterday. The
'ribune's average price of thirty indus
rial stocks achieved nnother new hic;h
ecord for all time, closing at 108.*>0, j
n advance of 29 points from the c'os- |
ng lisrure of February 8. Some of the |
ndividual gains were startling. Steel |
?ommon, with its dividend off, sold at j
lOVs, the highest price of the year.
Wnorican Bosch Magneto gained 4
'oints; Baldwin Locomotive, 2%; Beth
ehem Steel "B," 4; Butte and Superioj, j
%; Central Leather, 6; Chandler
?lotors, 9; Crucible Steel, 11 Vi; Max
'.ell Motors common and second nre
erred, fi points each; Novo Scotia Stel, !
. li'<z points; Amencan Woolen, 13% ,'
loints; Mcxican Pctroleum, 16 point;>,
?eaching the new high record of 204;
>tromberg Carburetor, 7% points, and
-Uudebaker, lfif,H points to a price of
124%. There was no exnlanation for
?he rise other than that this is a bull
iiarkot, that no bad news had occurred
iver the holiday period, that. a heavy
^hort. interest that had piled up on
["hursday in the premonition of <lis
ister was forced to rcpurchase, and
iir.t from the "public" throughout the
?ountry had come an accumulation of
juying orders.
Tho Motor Group
There has been probably no more
emarkable exhibition in all the present
market than that afforded by the motor
thares. With the exception of General
Motors, not a single stock in the croup
nas had a sharp reaction, yet the ad
vances in this group have been more
;pectacular than any other in the list.
Even the oil shares met reaction a few
,veeks ago. The optimism surrounding
the motor shares has both a positiv?
ind a negative basis? While the unre
icting advances of the past few mo'nths
may he thought by a few to have
:reated a dangerous "technical situa
tion," it is known that the rises in
these shares have also attracted a
heavy short interest. Morepvcr, all
luring 1017 and a good part of 191?
the motors were nie worst sufferers.
Durir.g that period it is believed that
the "woak holders," attracted during
the beom of 19Hi, were siiakcn out, and
the shares fell into the hands of rich
holders and banks. Among the positive
factors in thp present outlook has been
the accumulated demand built up dur?
ing the war period and still unsatisfied,
and the expected demand from the
farming districts when the farmers are
paid S2.25 a bushel for their unprece
dentcd wheat crop.
A Premium for the Victories
The new Victory 4% per cents sold
for the ftrst time on the Stock Ex
change yesterday above par. The
highest figure was 100.02. The buying
which sustains the price is thought to
come from applicants for the notes
who bad their allotments scaled down
by the government. The 3% per cents,
the fully tax-exempt securities inter
convertible with the 43is, were offi
cially traded in on the Stopk Exchanjre
yesterday ror the first time. The
range of price was from 99.98 to par.
Ten Per Cent Call Money
The rate for call loans on mixed
coilateral opened yesterday at fi per
cent, and ruled at that rate through?
out the Stock Exchange session. But
at the very close industrial loans
parted company, and from the usual
premium of '2 to 1 per cent extra
they went to 8 per cent. Shortly aftei
3 o'clock both classes of loans went
to 10 per cent. This is the highest
rate reached for call money in several
years. Only $1,000,000 changed hand?
at that amount, possihly one-twentieth
of the total loans of a day.
Reasons for the Rate
Banking institutions asked about the
rate did not regard it as very im
portant in itself. They thought it
merely a flurry due more or less tc
chance, and some expressed the opin
ion that loans would probably rule to
day at 6 per cent again. There was 1
vvidesprcad opinion in some quarters
that the high rate reflected anothei
instalment on the Victory notes dui
to-dayy. This is erroneous. The nex
payment on the Victory notes of 1(
per cent is not due until July 15. Thi
only significance of June 3 in the Vic
tory Loan merely is that it is the fil'S
day specified for the making publh
of allotments on subscriptions, bu
these already are known in genera)
Some folk affected to see a connectioi
between the call rate and the warnini
published by the National City Banl
in its monthly circular appearing yes
terday that speculation should be kep
in check. and that "the bankers of th
country should recognize that th
present state of credit expansion i
abnormal and not to be accepted a
permanent."
The C'heap Rails
The "long pull" stocks, especial!
the cheap raiiroad stocks which ar
expected to be worth a >;ood deal som
day, which appreciate slowiy over
series of years and independently 0
bull and bcar markets, and whic
mean while pay no dividends, ough
reasonably to be grcat favorites thes
days with the poor-rich iucome ta>
payer. There is no dividend incom
co be taxed, and the kind of prot
expected is not the kind that wiii com
a!l in a wcek or a month, leaving tr
income taxpayer with the problem <
whether he should take his prof'ts an
hcquire a tax charge now or wa
until later.
Market Opinion
Why Loans Are Not High
It is largely because the prices 1
the classes of stocks that usually cou.
most in loans to brokers have not a
vanced much that these loans are n
now dangerously high.
Liberty bonda now constitute on
tlurd or one-fourth of all Wall Strc
banking coilateral. Goodbody & Co.
Pnychology
1 Psychology \? playintc an extraorr
? nary part in the present security ma
ket llrvry CIcwh & Co.
General Motorn
Genera] Motors, to which we ral!
oeria! attention nt 120, under tl
very comtruetive lead^rship of t
Ouponts, who?e plaritt for the furth
development of this corporation's ac- ]
tivities embrace every form of acces
sories on a large ccale, beyond any
previous attcmpt. has already advanced :
to 207, and will furthe.r advance if
nothing unlooked for interferes to
four or five times these figures. Three
years ago this stock advanced to 850,
then considered an extraordinary price;
yet now, with the increasc of capitali
zation five additional phares for one.
the price reprpsents, at 207. 10:55 as !
against 850.- ?Chandler Broa. & Co.
Kates Xcar the C'hecking Poinl
Perhaps the main reason for eaution !
is the iact that rates/ for call loans i
secured by industrial collateral can
rise little further without forcing
liquidation. On the other han.l, the '
activity of the spring trade is now
greater than ever before, ar.d the feel- i
ing of optimism is more widespread.
Wrcnn Bros. & Co.
Money and Credit
Shortly after 3 o'clock yesterday !
afternoon about $1,000,000 was loaned j
at 10 per cent, the highest rate for i
call loans achieved in several years. j
At the close of the stock market some
industrial loans had been made al 8 |
pcr cent, though mixed collateral loans '
still were ;it the ruling rate of (5 per |
cent, al which loans were opened and
rcnewed.
Time funds were offcred in limited
amounts at 5% per cent for sixty and
ninety days, and some loans have been
made at this rate in all industrial
collateral. Mixed money is ofi'ercd at
r>'/2 per cent. with little lending.
The ruling rates l'or money yester?
day, compared with a year ago, were
as follows:
Yesterday .Year ago. i
Per cent. Per cent. j
Call money:
On mixed collateral 6 5
On indus. collateral 6/2 5J/2
Time money (mixed collateral):
Sixty days .53.;@6 6
Ninety days .5?4@6 6
Four months .534@6 6
Five to six months. 5?4@6 6
Bank Clearings.?Bank clearings yes?
terday were:
Exchanges. Balances.
New York _$469,565,019 $69,728,835
j Baltimore _ 21.143.999 9.227,595
iBoston . 42,704,226 15,897,275
Chicago . 90,297,918 7,575.325
Philadelphia... 66,192,171 11,401,570.
London .Money Market. LONDON,
June 2.? Closing: Money, 3 per cent.
Discount rates?Short bills. 3% per
cer.t; three menth bills, 3V6 per cent.
(lold premiums at Lisbon, 115.00.
Bank Aceeptancer,.? Rates were un
changed yesterday ai; follows:
Thirty Sixty Ninety
Spot do- days. days. days.
livery: Per cent.Per cent.Per cent
Eligible
member
banks ...4ft@4 4>4@4vV 4vV@4'/4
Eligible
non-mem
ber banks.4A@J 4i\(g)4l<4 49s@4A
Ineligible
bank bills.5!/4@4'/2 5>/,@4'/2 5'4@4%
For delivery withiti thirty days:
Per cent.
Eligible member banks. 4t'i
Eligible non-member banks.... 4|/a
Ineligible bank bills. 6
Silver.?London, 5;i'8d; New York,
$1.09%; Mexican dollars, 84(&8Sc.
The Dollar in Foreign Exchange
Exchange moved against London and
in favor of Paris in yesterday's market.
The rate for demand sterling was
$4.62% and for cables $-*.*>:?'M. The
French rate was 6.31 francs to the dol?
lar for checks and ti.L'O for cables.
Italian exchange was fairly steady.
Only a light volume of business was
j done in the neulral exchanges, with thr
I tone generally steady.
Closing rates yesterday compared
j with a week ago as follows:
(Quoted dollars to the pound.)
Yei- Weik
terday. ago.
Sterling, demand .$4.62'4 $4.6414
Sterling, cables . 4.631 8 '!.65'.4
Sterling, sixty days... 4.59 4.61
Sterling, ninety days.. 4.571 2 4.59'/2
(Quoted units to the dollar.)
Francs, checks . 6.31 6.51
Francs. cables . 6.29 6.49
Belgium, francs. checks 6.58 6.56
Belgium, francs, cables 6.56 6.54
Lirc, checks . 7.83 8.60
Lire. cables . 7.81 8.58
Swiss francs, checks... 5.181 2 5.12'/2
Swiss francs, cables... 5.16 5.10
(Quoted cents to the unit.)
Guilders, checks .387a 391".<
Guilders, cables .39... 39l2
Sweden, checks .25.35 25.15
Sweden. cables .25.55 25.35
Denmark, checks .23.35 23.40
Denmark, cables .23.55 23.60
Norway, checks .26.05 25.05
Norway, cables .20.05 25.25
Peseta's, checks .10.12 20.C9
Pesetas, cables .- 20.16
Ped.
India, rupees, checks. .35.73 Res. Rate
.Japan, yen, checks... .51% 51.75
?Japan, yen, cables.... 517a 51.90
Argentina, checks-100.25 100.00
Argentina, cables .99.75 99'/2
Brazil, Rio, checks_27.15 27.15
Brazil, Rio, cables_27.25 27.25
Following are tlie olficial ratea
quoted by the American Rclief Admin
istration on exchange against the coun
tries on which it has supervision ovei
all dealings:
Marks to the dollai
Germany . 12.64
I Poland . 10.50
j Finland . 9.65
Kronen to the dollai
Czecho-Slovakia . 23
German Austria . 24
Jugo-Slavia . 23
)f
11 Fisk Kuhhcr <!<>. Io Offer
!t S17.S00.000 in Preferred Stocl
The dircctors of the Fisk Rubbc
Company have voted to offer to stock
holders $15,000,000 new first preferrei
stock and $2,600,000 now second pre
ferred stock. Present first preferrei
stockholdet^i of rccord June 10 ain
second preferred and cornmon stoc
holders of record July 16 will luiv
the right to subscribe. The proceed
will be used to retiro the $4,025,00
outstanding first proferrod stock a
120 and retire the $5,000,000 convort
ie ible first preferred stock at 110, whic
n* will leave $8,475,000 to increasc Lh
cr working capital of the company.
Vtoney at 10 Per
Cent at Close of
Big Stoek Market
\vcrage Price of Industrial
Shares Rises 2.40 Points
to Highest Level Ever
Reacbed
Speculative energy, pent-up by the
three-day holiday on the Stock Ex
change, burst forth yesterday in a vio
lently active and rising ma-ket in
which the industrial stocks soared in
spcclacular lashion, many of the spe
cial issucs jumping 10 to 1G points on
a wild wave of buying.
The average price oT thirty repre
sentative industrial stocks went to
108.60, the highest lovel on record, and
an advance of 2.40 points from the clos- i
inp average of last Thursday, which |
was the previous top.
With the broadening of the specula
tion in industrial stocks came a sharp
tightening of money rates. Stock Ex- !
change houses which tried to negotiate
call loans with the hanks at the close I
of the day found a rate of 10 per cent. j
That represcnted an advance of 3V2 pe- j
cent from the rate that had prevailed
for many weeks, and was the highest :
rate for all money in more than two !
years. About a million dollars loaned J
on the exehange at the 10 per cen?i
rate, the btilk of the day's business in
call money having been arranged at tj',2
per cent.
In the stock market automobile
stocks were whirlcd upward fantasti
cally. Studebaker Corporation stock
made a perpendicular rise of 16%
points to 124%, closing within a frac
tion of yie top. while General Motors
soared 11 points to 220 and Chandlci
Motors 9.
Mexican Petroleum commtn sprang
into the limelight in the oil depart
ment when under active buying in ran
forward 18 points to 201. closing at
20, a high record.
Steel stocks were notably strong.
Crucible Stee! common was a promi
nent feautre with an advance of 11U
points to 95%. United States Steel
common closed 1% points up :.t 109%
and Bethlehem Steel "B" gained 10.
American Woolen common, after a
rontinuous advance dur?ng the pas,
fortnight, added 13% points at 111.
The market developed enormous pro
portions in the closing hour when buy?
ing orders in the motor and stee.
groups appeared in heavy volume. Ir,
the rush some stocks like Crucible
Stee! common jumped a point between ]
sa'.es. Total transactions were in ex-;
cess of 1,700.000 shares.
The hugc de.alinga in the stock ma'
ket during the month of May swelled
the state treasury by $1,111,721, which 1
represented the income from the oper- I
ation of the stock transfcr tax, This is I
the largest amotint netted for a single
month since the tax became operativb
in 1905. The May receipts bring the
total from this source for eleven
months of the current fiscal year to
85,910,462.
DehVit for 'Frisco
Loss Sustained Despite Greatly
Enlarged Revenues
Though showing the record operat
ing revenue of 572,475,313, the St.
Louis and San Francisco Railroad
Conipany, after all expenses, interest,
equipment charges, taxes, etc, reports
a deficii of $2,148,020 for tho year
ended December 31, 1918. Th- main
rcason for this loss was attributed to
the enormous increase in operating ex?
penses of $18,196,491. Tax payments
aggrcgated $2,812,070, compared with
$2,757,344 for the preceding year. Sur
nlus after misccllaneous chaiges of
$125,586 was equivalent to fl.67 a
share earned on the $7,500X00 pre
fcrred stock. In 1917 the company
disclosed a $2,817,788 surplus, which
after allowing for 6 per cent dividend
requirements on the preferred stock,
was equal to 84.75 a share.
Since December 31, 1917, the com
pany has been in negotiation with the
rtilroad administration for a con
tract covering the compensation to be
paid the compar.y, but to date tio
agreement has been reached. The In
terstate Commerce Commission has
tentatively certificd that the average
annual railway operating income of
the company, including subsidiaries,
amounts to S1 n.:;l*".,.r>71.
Foreign Sa!e* of Loeomotivcs
The American Locomotive Company
reported yesterday the closing of con
tracts for ten locomotivcs for Nigeria
and twelve for Corea.
The locomotivcs for Corea will be
built for the Corea government and
will he the Mikado type, wei^hing
206,000 pounds each.
Escapes Tax on
Proeeeds From
Sale of Assets
[. M. M. Stockholders Told
by President Franklin
Burden of Government
Levy Is Shifted to Them
The plan of the International Mer
ttantile Marine Company for selling its
British ships and other assets to an
English syndicate for ?27,000,000, and
the proposal for liquidating the com?
pany by giving shareholders the stock
and share lien certificates of the In?
ternational Navigation Company (Ltd.)
as representing the British assets,
were recommended by the directors
because, in their opinion, only in that
way could payment of a heavy excess
profits tax to this government be
avoided. Under the dissolution ar
rangement proposed by the I. M. M.
board whatever levies are imposed will
fall on the ? individual stockholders
and not the company.
This was made clear at the annual
meeting yestterday in Hoboken by
P. A. S. Franklin, president of the
company, who informed the tew share?
holders present that directors had
been advised by counso] that the only
way to avoid the "heavy income tax
on the transaction would bc to liqui
date the senior shares through the
issuances of share lien certificates of
the International Navigation Company
(Ltd.), which concern, in the event the |
sale of the British assets is approved, '
will be the holder of the .?27,000,000, I
representing the purchase price."
Asks Approval
Mr. Franklin stressed the importance ;
af stockholders approving the liquida
tion plan in the event that they in
tlorsod the recommendation of the di- :
rectors for selling the ships and other
assets. Ile said the two propositions
were closely linked and that the com?
pany would be placed in an awkward
posilion if they indorsed one plan
and not the other. In reply to a
question from a stockholder as to
what nrocess would be adopted in case
the liquidation plan was adopted Mr.
Franklin replied:
"If the shareholders on June 16 vote
to disposc of the assets it will then
be in form for the appointment of a
liquidator, in whose hands the entire
matter of liquidatinu4 the company will
then be. In the event of liquidation
stockholders will receive securities of
the International Navigation Company
(Ltd.), and it will then be up to them
to either hold those securities or con
vert them into cash and stand the
loss of transmitting the funf's from
Europe to this country, and also the
American taxes."
Mr. Franklin stated that it would re- ;
quire a majority vote of the out
standing stock to put through the plan ;
for selling the British fleet, but that
a two-thirds vote would be neces.sary ;
before the company could be liqut
dated. In the latter event the out
standing bonds will first be retired ?
and then the preferred stock at par
with the accumulated dividends of 57
per cent.
John O. Connor, a stockholders. in
terrogated Mr. Franklin concernin^
the advisability of selling the British
rhips at this time. He expressed the
opinion that the "company could af
ford to go along for two years and
after that sink its entire fleet and
still have left $100,000,0000 more than
the British syndicate has otTercd for
the liquid assets and tonnage of the
English companies." Mr. Franklin's
reply to this statement was:
A "Critical Time"
"If the shareholders feel that way
about it they can vote against the prop
osition. We have reached a crucial
period in the history of the Interna?
tional Mercantile Marine. If the share?
holders wish to liquidate the company
they will never hnve a better opportu
nity to do so than at the present time*.
If they wish to continue the operation
of their ships they have a splendiil
opportunity to go ahead.
"But there has been so much back
ing and filling in regard to the pro?
posed sale of the company's British
tonnage that the board of directors
decided to recommend the transaction
and put the matter up to the share?
holders for a decision."
Report for 1918
The annual report of the 1. M. M.
made nublic at yesterday's meeting
showed a protit for 1918," after taxes
and tixed charges, of $12,940,537.
compared with $15,475,985 in 1917.
After deducting $3,301,511 for depreci
ation of steamships last vcar's surplus
was $9,639,02(5, equal to 18.63 per cenx
j on the $51,725,500 oustanding preferred
stock contrnsted with 22.72 per cent
! earncd in the preceding year. The ro
Significant Relations
Money and Priees:
Stock of money gold in the country.
Loans on all nutional banks.
Their surplus reservcs.
Bills discoi.nted and botrght by Fcd
eral Rejerve 3<?nks .
l'ederal Rescrve notes in circulation.
Total gcld rcservn .
Averagc price of (il'ty stocks.
Avcrage price of twenty-live bonds..
Food cosl of living (Annalist index
numbcr) .
Gcneral commodity price level (Dur.'s
index numbcr) ..4.
Production:
N?w.
$3,092,430,916
Mardi 4. inin
$9,691,187,000
76,981,000
$2,136,234,000
2.549,552,000
2,160,216,000
YMttrcli>
96.36
87.81
A r??r ar?.
$3,042,711,222
Nrarest nrriorl
prrci'rtlnit vnar.
$9,139,225,000
75,920,000
A T*?r ?e?
$1.204,?87,C00
1.526,232,000
1,327,0C0,000
t w?.'il
3C9.961
222.193
Aprll 30.
Unfilled U. S. steel orders, tons.4 800 685
82!607
Pig iron output (daily avcrage), tons
\\ heat crop, bushels.
Oat crop, bushels.
Corn crop, bushels.
Cotton, 500 lb. balcs.
1?1X jirlrl. r^ltnialArt
917,449,000
1,538.350,000
2,582,814,000
12.022,601
95.16
87.89
313.041
Aprll 1.
219.973
llar-h 31.
5,430,572
March
99,685
75.62
85.57
283.577
4 yrsr ago.
226.665
A year agn.
3,741,832
A yea? aco
109,607
Tlie 1H17 rtait.
636,655.000
1,592,740,000
3,065,233,000
11,302,375
Dislrihulinn: isroada
Tlilrd wpffk
Groas railroad carnlngs.'^OrpV
Bank cle.irtngs.'"'s'gt
General: . ,
Aprll.
Activc cotton spindlcs.33,312.026
Commerclal fnilurcs (Dun's): 4PrtL
Numbcr . 543
Llabllities . .$11,450,462
Builriing permits (BratlsJreet's) : Aprll. 1MB.
(151 clties).$83,168,786
Month of
Mar.1i.
I 2.8^'r
Week b?fore
, 29.4 %
March.
32,642,376
Uaivb.
620
$13,595,471
? 19.5%
i'??r to dat.
I H.1%
A jrrar a?i>.
33,734,997
* nu ais.
905
$14,271,849
Aprll, 101S
$49,953,803
* The Care of Your Securities
While You Are Away
IF you plan to be away for the summer scason, the care of
your securities in your absence is a mattcr of importancc
to you. By depositing them in our Custody Department:
?collection of your interest and dividends is made
promptlv;
?your investments are kept availabie at all times for
immediate sale, transfer, or other disposition;
??provision can be made for the payment of rents, in?
terest, insurance premiums, allowances, etc.
Let us send you our descriptivc booklet, " The Safe Keefing of
Securities" We shall be glad to give you, at any of our ofrices,
further information, by letter or in person.
Guaranty Trust Company of New York
140 Broadway
FIFTH AVENUE OFFICE MADISON AVENUE OFFICE
Fifth Avenue and 43rd Street Madison Avenue and 60th Street
Capital and Surplus $50,000,000 Resources over $700,000,000
>ort showed the following combined
ncome account of earnings derived
rom the operations of the American,
led Star, White Star, Atlantic Trans
iort and Dominion Lines, together with
lividends receivcd from the Frederick ,
a yland Company, Ltd., and othef
>artly owned companies:
1915 1917
;ross earnings.*$30,151.368 $41,604,203
discel. increase. 4,516.985 9,541,546
Total .$34,688,353 $51.14*5,754
3per. exp. and taxes. 18,938,054 32,871,453
?ixed charges. 2,783,762 2,798,316
rrofit .$12,940,537 $15,475,985
i. S. depreciation... 3,301,511 3,722.476
Surplua . $9,639,026 $11,753,509
*Aftcr providing for British excess profits
luty.
The consolidated balance sheet as of
Jecember 01, last. showed a working
tapital on that date of $36,005,879, of ?
.vhtch $lX,44li,555 was in cash. The
imount paid in taxes and excess prortts
luty in 1!)1S was $15,684,632.
The list of the company's share
tolders on May 12 disclosed the Amer
can International Corporation to bc
the largest holder of the preferred
?tock with 82,715 shares. Frank A.
Vanderlip, president of the National
Jity Bank, and hiember of the Interna?
tional Mercantile Marine Board and '
Finance Committee, was down for one !
share of the preferred. A majority of
the holdings weie speculative, as was
?videnccd by the large amount of bjth
the common and preferred in the
names of Stock Exchange firms.
-?-.
Plan Extension of
K. C, M. & O. Road
Financial Burrux
Special Cnrri'sixindenct!
MONTEREY, Mcxico, June 2.?Ac
cording to announcement by the De
partment of Communications and Pub
lic Works of the Mexican government,
the Kansas City, Mexico & Orient
Railroad system in this country is to
be greatly extended just as soon as
provision can be made by the com?
pany for resuming construction work.
The company has made appli
cation to the Department of Communi?
cations and Public Works for a con
cession to construct branch lines to
Guadalajara, San Luis Potosi. Aguas
calientes and a number of other cities
and towns.
Abbott Returning From Oiina
J. J. Abbott. the Chicago banker,
who went to China early in the year
to look over the ground chere for the
American banking proup, which will
participate in the "Four Power" loan
to be made to the Chinese government,
is now en route to the United States.
On his arrival Mr. Abbott will confer
with the bankers and report his find
ings.
(iossard Co. to Retire Stock
Directors of the H. W. Gossard Com?
pany, Inc, have adopted a resolu
tion to purchase and retire on
August 1, next, the 3.800 shares of
preferred stock outstanding at a price
of $102.50 a share. plus the dividend
of 1% per cent due on that date.
Holders must deposit their shares with
the trcasurcr of the company prior to
August 1. after which date no dividend
will accrue on the issue.
D i v i d e n d s
Extras
l.n ijelle Iron Works Extrn dividend
of I per cenl hi.s been decti.I In addl
lion t,> the reRular '|.jiirt-i ly divtdends
nf i' j,, r cent on the preferred and 1 per
cenl on the common stocks, hii payabte
,Iune ll> to stockholders of record June
30.
Muson Tire aiicl Ruhhpr Company?An
exlra dividend of 1" t>< ?:? cent has been
declared, payable July 15 to stockholders
of record June 10.
Texus nnd I'uciflc Conl Oil Company ?
Extra dividend of 7'.j per cenj In n<i
rlltlon to the regular quartcrly of 1'...
\\ri cent, both payable .lune 30 lo stock?
holders <>f record .lune 15.
Rcgular Derlarations
Stock
flatrand Payable holders
Period nf Rec.
A.l Rumely pf.., 1'j Q July 1 June 16
Ani Ueet Sugnr pf 1 u, g July l Jun?-H
, Armour * i-'o pf. I', <?' July I .lune n
Buffalo Cfcn Blec. t: Q June 30 June2C
Bncyrus ito pf t (,' July 1 Jun?2f
ithos A Ohlo. 2 S-A June 30 June l:
I'onn. Power pf f ?K' June 2 May 21
Oen T * R pf.... I>,g July 1 June ttc
Int SkII. 1 >t> Q July 1 Junel'
N V Trnnslt. $4 Q July 15 June 21
Ohlo ('. Clas pf. .11.25 i?> July 1 Junel
i Dyewood pf..?1.75Q July 1 Junel'
do . $1.60 Q July 1 June 1
Yale .1' Towne -'?Q July 1 June 2(
Etarretl nf N J pf 1% Q July I f. Jun?3i
l do com. '- W July 1 June li
FARRELL COAL
Com. & Pref.
Bought?Sold?Quoted
Circular on request
Specialist
52 Broadway
Curb Phone 5.316 Broad
20 Broad St.
IMionc 3518 Rcctor
German Banker
Says Ternis Will
Paralyze Germany
Heif Nathan Asserts Pro
posed Array of 100,000
Is Too Small to Protect
Foreigii Capital
CF.KTRAL UNION TRUST CO.
jf New Yorfc
80 Broadway
BHANCHES
Ith Avenue at COth *t?-.
Madlio-- Ava.-- at ?2;io ?*r?M
5th Avenii-. at S8th Slraet
Capital Mirplus nml I'ndirlrie*
l'rnlits $30,000,040.
Liberal Interest
on daily balrnces.
Metropolitan Trust Company
of (he Clty of New York
'"> >V:;II Mrr-rt. 71H Kifth ATftii'
pity from America," He'r N'athan ton
cluded, "but it is too late to lalk of
American financial help nov it is only
a moekery."
Undiscussed SleH Prices
New York Tribune
IJuropean Rurtau
(Cipyright, 1919. New York Tribune Inc.)
'Onc may doubt the 8~incerity of this
obvioas bit of propagundn, but it i,-,
inlercsting as an example of the views
now bcing given public expression in
(Jermaii financial cireles.?Financial
Editor.j
BERLIN, May 28 (via Paris. May 30).
-"Financial circles in Germany are Jinlge <iary and ManufacturcrB
hoping that the German counter pro-] WH1 Get Together Only
posals made to tne peace conference at
Versailles will be acccpted by the on Re?JUCft
Entente in order that Germany may Elbert H. Gary, chairman of th*.
have at least a fighting chance,"'said United States gteel Corporalion, com
Henry Nathan, president of the board
of directors of the Dresdner Bank, this mentlnff yesterday on Washington
morning. "The peace tcrms as formu-. reports that Attorney General Palmer
lated by the Allies mean simply, for may consider a new Sherman latv suit
Germany, utter ruin, nothing less," he i against steel producers as a resnlt of
went on. "while the acceptance of the ' submission of identical bids o.i the
counter proposals by the Entente railroad administration's order for
would prove a disposition to permit
the German people to live. On the
other hand, the rejection of those pro?
posals would prove a determination on
the part of the Allies generally, and
France especially. to destroy the Ger?
man people by starvation and poverty,
and would mean the rcmoval of all
prizes for which men work.
"If Germany is forced to sign the
peace tcrms proposed by the Entente
there will be no American or other
foreign capital invested in Germany.
Capital demands reasonable security
and the prospect of a fair return on
money invested. Under the conditions
proposed in the Lntente peace ternis r^'ior",./
foreign capital invested in Germany Company.
can expect no security and can !ook ?"i"n'-,!
for no profits. -ih- iiua
"In the Entente demands we are a'.- Yi""K ha*
lowed an arniy of only 100,000 men. pany.
In our counter proposals we acccpt
the proposal, even though we know that & K*alK?lh
an array of 100,000 is cntirely insuffi- sh,n ln >h
; cient to nreserve order and keep down
: the spread of Bolshevism. which is now
i growing undisturbed. The question
is one that concerns the Allies as well
; as Germany To get money out of
Germany there must be peace and
I order in Germany. For the sake of
the gold they expect to receive from
; Germany the Allies should permit us
: to keep a military force sufficicnt to
; keep down Bolshevism. Denied proper
policc protection foreign capital cannot
come into Germany."
1 Herr Nathan was extremely dubious
! as to the German counter proposals
being accepted by the Allies. "Yet Jaine
; our counter prppositions do not ask late (ln
?JOiyiOO tons of steel rails, said:
"Since the meeting of manufaetuvert
rtnd renresentatives of the Rcilway Be
partment held al the Plaza on May ;,
at the request of the Director Gener-';,
there has been no discussion hatever
between manufactureis concerning
prices nor will there be any unless by
request of the government CTkials,
which is not expected."
Wall Street Items
i i ust ' in ;sir. of >**
appointed i ransfi i agenl
the Elllott-Flsher Com
( haaa
irtner
ll ri
Th
movt
e Bank of British \\ .-.*'
'I from Us old offlces
i. ;<n<l has lakfii !??;<?!'
Beaver Street, ivhere it
entirc giound r.oor.
II Burnhan
>ate & Prentii
ith Doremus
??
The Anicric
poration ):;k t
Btory huihlins
incrc&sing gro
?iRIl 1'.'.
Br
dway.
.?th of its foreign b.i'.'?
ins buslnesa, t h< change was mad?
n Rog
: rs of the N<
?ra has rcmovi
Benkard & C
York Stock K>
1,.-. ???- "'
id I aial
much," he said, "only the smallest mar
gin for opportunity possible to enable
i the German people to live and to pay
: the obligations exacted by the Allies.
: If forced to accept the peace terma
: as. they now stand Germany will be
i absolutely unable to pay such cxtor
i ; tionate demands under the conditions
Icreated by the treaty.
't i "Ou- conl and iron mines in the Saat
i ? district and in Upper Silesia are gone;
j , the agricultural products of East Prus
; j sia are gone; there is no raw material,
? j no fuel for fnctories; our trade ships
( ' nre gone; our colonies are gone; we
i j have a terrible debt to pay. and yet ali
incentive to labor is tnken from tn
bc
ft Co.
i U. Morgnn, fcirm
i o? Charlea P. Britlon &
affillated ? Ith Cai i ? nde
The Park-Uniop Foreign Banklng ' T\
poration formally opencd :i? dooo : ??
buslnesa yesterday Ht t>> Wall Street
itated
, Sniith. ir. for
M Dyer * Co.,
.ith Pouch & Co.
The New Tork Stock tSxchahge
JJewburger, Henderaon * Loeb has opeo
8 hrain-)< ,.ftlr- at S3 Well Thlrl
thtrd Street under the manggement
llarold A. itouso.
American Sujtar .52-??
do pf .1
Elk Horn
do pf .
IllinoU Crntral
! h:s ot
. . tr.'tU'
?hans^
with tha
ha?
t'.iff'.y
i , workmen. Nothing but starvation and UicUde Caa pf .**J
J chaos rnn follow. raemc Mail . ]-'
>i ..n.. , u .. . IU'S Industrial Aleohol.'-A
j1 Iheie seems to be a small voice of u S Cawt Iron Pipe pf .,'**
Stoeks Ex iVishlrntl Yc??tcrHj>T
I.T3