New-York tribune. [volume], June 07, 1919, Page 16, Image 16

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

Image provided by: Library of Congress, Washington, DC

                
FINANCIAL BUREAU
Tribune Building
'_154 Nassau Street
i
The Markets
Stock Movement
Prices of some stocks were bid up
violently yesterday morning, but at noon
and at the last hour declines set in
throughout the list. The result was a
highly irregular market, with no appre?
ciable gain or loss in average prices.
There were declines in the two issues
which had recently been bid up most
violently, American Woolen apd Stud?*
baker, but such declines were offset by
gains of 13a* points in Atlantic, Gulf &
West Indies. 8 points in General Motors,
7 points in National Enameling and
Stamping, 4-% points in Pacific Mail,
S-'S in Tobacco Products, and 11% in
Worthington Pump. United States
Rubber common at one time during
the day rose to 119^4, but closed at
117rs, up 2*s. Steel common sold at
Ill's, a new high price for the year.
Banks and the Market
That bankers are not frowning upon
the present market, but pleased with
it, is thought to be indicated by the
large number of stocks in which large
banking institutions are interested, and
which have yet shown no signs of
"distribution."
Who Will They Sell To?
The return of the itock market after
its first real break on Tuesday was
inevitable, because of the psychologi?
cal condition of traders or potential
'raders. After the market had been
rising for some time two things hap?
pened. A lot of people who missed
the market promised themselves that
hey would get in "on the first re?
action." A lot of other traders took
profits, only to see the market advance
further. Pride, if nothing else, pre?
vented a good many of them from en?
tering the market again at the higher
prices, and they, too, promised them
,-e!ves that they would get in again
? hen the reaction in anticipation of
which they had sold actually came. This
potential buying force had grown to
vast proportions *hen the reaction
linaliy came. It seized upon its op?
portunity. Prices have now more than
tecovered. Now that these folk are
"loaded up" with stocks, in the opin?
ion of the cynic, as well as those who
had been loaded up all the time, the
cynic asks who they are going to sell
'heir stocks to on the next break?
it is this line of reasoning which has
ied to the belief in a secondary re?
action. But Tuesday's break proved
to be an opportunity. The next break,
when and if it conies, may also be
looked at in that light.
Marine Earnings
The earning? of the International
Mercantile Marine Company were, it
is said, 100 per cent greater last
April than in the same month of the
year before. This is a result of our
unprecedented exports, which in
April reached the highest figure ,n our
history. The original offer for the
i.ompany's British assets seemed
tempting because it was thought that
such a price was based on war earn?
ings, which could not last. Now it is
coming to be thought that peace earn?
ings for the next few years will be
even greater than war earnings, be?
cause peace trade will be greater.
That accounts for much of the opposi?
tion to the sale.
Who Was For It?
The mere out.-ider, judging by re?
cent development?, resignations and
?.eminent, might imagine that the ac?
ceptance of the British syndicate's
nfFer came as a great surprise to the
Mercantile Marine directors. One be?
gins fo wonder who did favor it. The
vote of the American International
Corporation directors instructing their
officers to vote against the proposal is
expected by some traders to lead to
a possible contest for control of that
corporation.
American Linseed
American Linseed common advanced
3r8 points yesterday, possibly in re?
sponse to the rise of 13 cents a pail?n
in the Lnseed oil market on Thurs?
day and Wednesday. In its last an?
nual report, as of September, 1918, the
company carried linseed oil inventories
at $4,000,000, on a basis of 50 cents
a gallon. Linseed oil is now selling
above SI.80 a gallon. The balance
sheet showed also advances to sub?
sidiary companies of $10,000,000 for
I carying stocks and most of the pro?
ducts included in those were selling
at one-half present prices.
Market Opinion
Spring Rise Culminates
I think we may confidently assume
'hat the spring rise in the stock market
hau practically culminated, and that the
;--':newed activity in general business
!ir.es indicates that from now on public
.ttention will be drawn from the mar
.? t of speculative securities to other
c;:ds of endeavor. The outlook seems to
foreshadow a trading market for six or
-.-ght weeks. Stocks that are selling at
extremely high levels may reasonably
laintain their position because rich
r:.en having big profits, which includes
r.siders, will not sell because of excess
rrofiti taxes? E. W. Wayntr & Co. f
Two-Sided
The after ?ffect of Tuesday's sadden
<.-eak has been benelcia!, as it has
'-rved to check recent indiscriminate
buying and also to show the necessity
<t greater caution against over-trading,
it is expected the market from now on
v.-ill be of a more two-sided character
ind slow down somewhat from the re?
cent heavy trading.?.S*. li. C'h.apin Com?
pany.
labor Trouble?
Stop at Pit? ?burgh, Toledo, Cleveland,
Detroit, Milwaukee and Chicago, and
one must realize that the chief reason
:or market conservatism to-day is the
name as last October, namely, labor, but
for ? more patent reason. Then it was
?B?#s?ant demand for higher wages.
Now there i? the name demand for more
rr.iniy, bat coupled with arrogance that
V.r.own no bounds and morn disturbing
bfCflQM of the anarchistic outbreaks of
the last week,?C'Utrk, Child* & Co.
Three Group?
Our advice is to confine your opera?
tions to those groups of stocks that
year In and year out constitute the r?a!
substance of the market, viz.: the rails,
the steels, and the coppers. Specialties
may command attention sporadically;
but no broad or sustained upward move?
ment can develop that does not ulti?
mately include these three groups.?
Shonnard, Mills & Co.
Money and Credit
Call money opened and renewed at
. 6 per ,cent for mixed collateral yester?
day. The rate declined to ??? per cent
I at the end of the day. Loans on all
j industrial collateral opened at 6% per
?cent, declined to 6V*? but closed at 6%.
I Time money is offered and lending
j at 6 per cent for thirty and sixty days
; on all industrial collateral. Most
I banks are refusing to lend for longer
| periods than three months.
The ruling rates for money yester
I day, compared with a year ago, were
as follows:
Yesterday Year ago.
Percent. Percent
Call money:
On mixed collateral 6 B'/j
On indus, collateral 6j/? 6
Time money (mixed collateral):
Sixty days. 5%@6 6
Ninety days. 5%@6 6
Four months. 5%@B 6
Five to six months 5%@6 6
_
Bank Acceptances.? Rates were un- j
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@4A 4A@4>4
Eligible
non-mem?
ber banks.4A@4 4A@4V4 4%@4A
? Ineligible
bank bills.5!/4@4^ 5/4@4/8 5</4@4%
For delivery within thirty days:
Per cent.
Eligible member banks. 4A
Eligible non-member banks. 4'/2
Ineligible bank bills. 6
Bank Clearings.?Bank clearings yes
terday were:
Exchanges Balances :
New York . .. .$862,359,589 $82,671,888
Boston . 56,267,024 13,045;641 !
Chicago . 94,622,417 9,612,393;
Philadelphia... 68,885,532 14,669,537 j
Silver.?London, 53V?d; New York,;
$1.09?4; Mexican dollars, 84'&88c,
Sub-Treasury. ? The Sub-Treasury !
gained $252,000 from the banks on '
Thursday.
Bank of England.?LONDON, June 6. !
?The weekly statement of the Bank
of England shows an increase in gold
holdings of ?854,000. The nronortinn
of the bank's reserve to liability this ;
week is 18.24 per cent; last week it
was 19.19 per cent. Other changes fol- ?
low:
1913.
Gold .?86,091,058 Inc. ?854,000 :
Reserve . 28,189,000 Dec. 178,000
Circulation .... 78,183,000 Inc. 1,033,000!
Public deposits. 21,442,000 Inc. 408,000
Other deposits.. 127,529,000 Inc. 5,949,000!
Gov. securities.. 66,831,000 Inc. 6,199,000
Other securities 81,800,000 Inc. 324,000
Bank of France.?-PARIS, June 6.? ?
The weekly statement of the Bank of \
France shows an increase in note, cir- i
culation of 309,633,610 francs. Other i
changes follow, in francs:
1919.
Gold . 5.460,620,000 Inc. 574,704 i
Silver . 305,646,000 Dec. 330,474
Circulation .34,370.874,000 Inc. 309,633,610
Gen. deps. . 2,897,529,000 Inc. 101,090,806
Bill.? dis.... 1,644,897,000 Inc. 44,822,656;
Treas. dep.. 38,360,000 Dec. 67,668,204!
Advances .. 1,210,397,000 Inc. 22,460,193
London Money Market. ? LONDON, j
June 6.--Closing: Money, 2% per cent.
Discount rates?-Short bills, 314 per
cent; three months' bills, 3-% per cent.
Gold premiums at Lisbon, 150,00.
The Dollar in Foreign Exchange
Foreign exchange rates were gener?
ally firm in yesterday's market. De?
mand sterling closed at $4.62V?? while
the French rate was 6.46 francs to the
; dollar. Italian lire were steady.
(Quoted dollars to the pound.)
Week
Yesterday ago.
! Sterling, demand .$4.6214 Holiday
' Sterling, cables . 4.63^4 Holiday
'Sterling, sixty days... 4.59 Holiday
Sterling, ninety days.. 4.57% Holiday
(Quoted units to the dollar.)
! Francs, checks . 6.46 Holiday'
Francs, cables . 6.44 Holiday
! Belgium, francs, checks 6.64 Holiday
1 Belgium, francs, cables 6.62 Holiday
Lire, checks . 8.08 Holiday
1 Lire, cables . 8.06 Holiday
. Swiss francs, checks . . 5.26 Holiday
Swiss francs, cables... 5.231. j> Holiday
(Quoted cents to the unit.;
?Guilders, checks .3878 Holiday
i Guilders, cables .39-.7? Holiday
i Sweden, checks .25.45 Holiday
Sweden, cables .25.65 Holiday
Denmark, checks .23.40 Holiday
Denmark, cables .23.60 Holiday
' Norway, checks .25.15 Holiday
'Norway, cables .25.35 Holiday
Pesetas, checks .20.01 Holiday
' Pesetas, cables .20.07 Holiday
Japan, yen, checks....51^4 Holiday
Japan, yen, cables.51 73 Holiday
! Argentina, checks ...100.25 Holiday
Argentina, cablea.9934 Holiday
Brazil, Rio, checks ....28 Holiday
Brazil, Rio, cables.28''8 Holiday
Following are the official rates
i quoted bythe American Relief Adrnin
? istration on exchange against the coun
, tries on which it has supervision over
all dealings:
Marks to the dollar
Germany . 12.65
Poland . 14.25
Finland . 9.65
Kronen to the dollar
Czecho-Slovakia . 15.50
German Austria . 24
Jugo-Slavia. 23
Rank of France
PARIS, June 5.?The weekly state?
ment of the Bank of France shows the
following changes (in francs):
Gold in hand.Inc. 574,704
1 Silver in hand.Dec. 330,474
?Notes in circulation.. Inc. 309,633,610
?Treasury deposit?.Dec. 67,668,204
General deponit?.Inc. 101,090,806
! Bills discounted.Inc. 44,822,656
Advances .Inc. 22,439,193
Deal Denied
Officials of the American Car and
Foundry Company yesterday denied re?
port? that a deal i? on for control of
the Ha?kell St Barker Company. At
j the offices of the latter concern no
?one would discuia the report?.
Wealth
Marine Plan
Opposed by
Big Interests
American International Cor?
poration, Largest Holder
of Stock, Announces It?
self Against Liquidation
Committee for Protection
?Stockholders to Make In
I vestigation of Proposed
j Sale of British Assets
The American International Cor?
poration, the largest holder of Inter?
national Mercantile Marine stock, has
joined forces with those who are
opposing the sale of the company's
British fleet and other English assets
to a London syndicate. Directors an-1
nounced yesterday that they had in- j
structed the executives officers to vote !
against the plan at the special meeting]
of stockholders called for June 16.
Another development aimed to de?
feat the sale was the announcement of j
Daniel W. Blumenthal, of the law firm
of Maurice B. & Daniel W. Blumen- !
thai, that he had been retained by a
stockholders' protective committee "for j
the purpose of investigating the ad- ;
visability of the proposed sale of
British tonnage of the company." Mr.
Blumenthal said that the committee
?is under the impression that it would
be better for the Marine company to
continue in the steamship business!
and instead of decreasing its holdings
to increase them. He declined to di- ?
vulge the personnel of the committee
but stated that E. S. Little, of Chandler
Bros. & Co., had been requested to act
as chairman. Mr. Little later said
that he would not serve.
A. I. C.'s Position
The principal considerations which
influenced the American International
board to take its stand against the sale
of the British tonnage of the I. M. M.
were outlined as follows:
"First, the corporation has made its
considerable investment in the common
and preferred stocks of the Inter?
national Marine Company in pursuance
of its defined purpoi-e to aid in main-(
taining and increasing American
owned ships.
"Second, the fleet is one of the best
in the world to-day, and, if sold, cannot
be duplicated at any price in less than
three years, and then only at a cost of
more than twice the price offered by
the British syndicate.
"Third, this increase in American
controlled tonnage would come at a
time of maximum demand for shipping
facilities at profitable rates; and,
fourth, the sale of the British ships
and assets would almost unavoidably
lead to the liquidation of the American
company as a going concern.
"This would lead to the giving up -
of terminal facilities, dock leases and
the closing of agencies, etc., throughout
the world, all these representing a
business, goodwill and assets estab?
lished in the course of many years
and being of great, in some cases, of,
irreparable, v'ftlue.
? "Under the circumstances, the
American International Corporation
directors did not consider the proposed
transaction advantageous to the stock?
holders of* either company and, there?
fore, decided to vole against it."
Donald Geddes, head of the Stock
Exchange firm of Clark, Dodge & Co.,
one of the I. M. M. directors who has
taken his stand with those who are
opposing the sale of the British ships,
said yesterday that he was not present
at the meeting of the board at which
it was recommended that those vessels
be sold, along with other English
assets, for approximately ?27,000,000.
Geddes Changes View
"During the war," Mr. Geddes added,
"I felt that to sell the British ships
might be a good thing because of the
many uncertainties in the outlook.
With the knowledge that British ex?
cess profits taxes have been reduced
from 80 to ?10 per cent and the im?
provement in current earnings I have
become convinced, however, that the
International Mercantile Marine should
be continued as a going concern.
"I was in the West attending the
annual meeting of the Chicago, Mil?
waukee & St. Paul Railway when the
International Mercantile Marine di?
rectors voted in favor of the sale of
the British assets. Had I been present
I would have voted against it."
Although the name of Frank A.
Vanderlip is still included on the com- [
mittee appointed to solicit proxies for
the special meeting of I. M. M. stock-.
holders at which the proposed plan for?
selling the British assets will be voted
upon, it was stated by friends of Mr.
Vanderlip that he is opposed to the
sale, and that upon his return from
the West he will probably withdraw his
name from the proxy committee. This
action has already been taken by John :
W. Flatten, president of the United
Mortgage and Trust Co., and Frederick
W. Scott of Baltimore.
It was learned in official sources that
the actual earnings of the Inter-!
national Mercantile Marine for April !
were about $3,100,000, or more than \
]00 per cent in excess of the total for
the corresponding month a year ago.
P ! v i d e n d 8
ItfKulitr Declarations
Stkholdrrs
Hat? Period. Payable of r'o'rtl.
Bank of Cuba, 8, S-A .July 1 June 10 i
Cub? Cane H pf $1.76, Q July I June 16
May Dp btr?, l?t pf, 1%, Q July 1 Jump M
do 2d pf, 1 ?%. Q .Oc? 1 Sept 15
do ad pf. ' **. 'J .'?"' - Deo a
Sail <m of N J. 3d pf. ',>? July I r> July 1
Scandinavian Trat, 2V4, Q Juno 30 June H
Springfield B&T pf, 1%, C? July I Juno H
Hiulii Molur, $1.26, <J.luly I Jun^?J
t; S Trum, 28, 8-A.luly I Jun? 10
Wmlworth MfK, 36c, Q... Jun? I? Jun? f.
do pf 76r. Ci.Tun? 30 Jun? no
do 3, H-A .July 1 June 30
Unit?d I, A R pf, ?V4; Q- July I Jun? 14
I no coin, 1, Q.July 1 Juno 14
i?Marke
U.S. May Get
Big Stock of
BritishGold
Dominion Bankers Believe
Huge Hoard Is Being Built
Up in Canada for Ship?
ment to New York City
Coming From the Rand
Indications Are That South
African Output Is Going
Direct to Ottawa
Financial Bureau
Special Correspondence
TORONTO, June 6.?In response to
'? an inquiry made by your representa?
tive the finance department at Ottawa
said that the figures as to the Bank
of England's gold deposited in Ottawa
are confidential.
Prominent Toronto bankers are of
opinion that the depository at Ottawa
has in store a large volume of gold
for account of the Bank of England,
probably in excess of $200,000,000. It
is known that from time to time large
consignments of gold have arrived
in Ottawa.
Now that sterling is no longer
pegged, and in view of the fact that the
sale of British goods to the United
States is limited, only by a steady
stream of gold or by new loans can the
rate on sterling be maintained. Great
Britain will be reluctant to undertake
further credits on a large scale, and
she commands most of the gold out?
put of the world. The. first consider?
ation of the British government will
be to establish a good basis for pur?
chases abroad.
The British Empire produces ap?
proximately $300.000.000 out of the
world's annual output of $450,000,000.
South Africa contributes $200,000,000
and Bank of England statements have
indicated that comparatively little gold
has gone to the United Kingdom. It is
believed that a large proportion of
South Africa's gold output has come
direct to Canada and that the United
States may anticipate a steady flow
of gold from Ottawa on British ac?
count for some time to come.
Renewad shipments of gold from Ot
tawa to New York on account of Great
Britain recalls a financial romance of
the war. When hostilities broke out, :
Great Britain began to purchase enor- ?
mous quantities of materials in the !
United States, which had to be paid for j
in large measure in pold. Britain
wanted to ship gold to Canada direct
from South Africa and cabled to find
out if Ottawa authorities could store
large amounts safely. The new Ottawa
depository, probably the finest in the
world, had just been completed, and I
? he Canadian government was able to I
cable a reply that the government
could store all the Bank of England
could send. During the following few j
months over $1,000,000 was shipped.
-a
Form Big Auto
Body Company
The Martin Parry Corporation, repre- j
senting a consolidation of the Martini
Truck & Body Corporation, of York,
Pa., and the Parry Manufacturing
Company of Indianapolis, Ind., has been
formed with a capital of 100,00(1 shares]
of no par value. Tho company will
go into the manufacture of automobile.!
commercial bodies and parts on an
expanding scale.
At the organization meeting yester-j
clay it was announced that among thej
directors will be Guy E. Tripp, chair?
man of the board of directors of the
Westinghouse Electric & Manufactur?
ing Company, James F. Shaw of
Knauth, Xachod & K?hne, F. M. Small,
former president of the Martin Truck i
Company; S. C. Parry of the Parry,
.Manufacturing Company, Walter Rj
Herrick, of Herrick, Berg & Company,!
and George H. Walbridge of Bonbright?
Company, Inc.
?10,000,000 Credit for Italy
WASHINGTON, June 6.?A credit of
$10,000,000 in favor of Italy was an?
nounced to-day by the Treasury, mak?
ing a total of $1,581,500,000 for that
country, and a total of $0,300,219,124 I
for all the Allies.
ts?Investments
TELEPHONES i
Beekman 3000
Beekman 8243
CentralUnionTrust Company
of New York
. 80 BROADWAY NEW YORK
FIFTH AVE-AT 60"?? ST MADISON AVE-AT 42 *P ST FIFTHAVE-AI 38T-5SI
Capital, Surplus and Undivided Profits Over 30 Million Dollars
A UTHORI2ED to act as Executor, Trustee,
Administrator or Guardian. Receives De'
posits, subject to check, and allows Interest on
Daily Balances. Acts as Transfer Agent, Regis'
trar and Trustee under Mortgages. Receives
securities for safe keeping and collection of income.
s
COMMERCIAL LETTERS
ACCEPTANCES
MEMBER FEDERAL RESERVE SYSTEM
TllllllllllllllllllllllllliillllllllllllllllllllllllllllllllillllllllllllllllllllllllilillllllllllllllllllllllllllllH
Lackawanna Earns
30.35 Per Cent on Stock
J918 Gross Earnings Show In?
crease of $1,879,554 Over
Preceding Year
The Delaware, Lackawanna and
Western Railroad, as a result of opera?
tions in 1918. returned a surplus of
?-?$12,834,052, equal to 30.35 per cent
on the $42,277,000 outstanding capital
.stock, compared with 40.57 per cent
earned in 1917. In calculating last
year's earnings $14,174,529, or 90 per
cent of the government standard re?
turn of $15,749,476, was included in the
income account. In this connection
W. H. Truesdale, president of the com?
pany, in the annual report issued yes?
terday, said:
"There would seem to be no good
reason why the full amount should not
ultimately be collected, as the net oper?
ating income for the year of the com?
pany's lines taken over by the director
general was about $250,000 more than
the full amount of compensation due
the company."
Gross earnings of the D. L. and W.
last year were $68,740,076, a new high
record, as well as being $1,879,554
above the total for 1917. Operating
expenses, however, increased $12,249,
196, so that the operating income of
$15,853,905 showed a falling off of
$856,589. Of the 1918 gross earnings
$19,009,845 was derived from the trans?
portation of coal, $31,287,553 from the
transportation of merchandise freight
and $11,204,813 from the transportation
of passengers.
The increased operating expenses,
Mr. Truesdale informed stockholders,
were due in a large measure to advances
in wages and "changes in conditions of
service made by the Director General
from time, to time throughout the year
and which in many cases dated back to
January 1, 1918; also in part to in?
creased cost of fuel and all materials
and supplies used in the operation and
maintenance of the railway."
Referring to the results of the tak?
ing over of the railroads by the. gov
Significant Relations
Money and Prices s
Stock of money gold in the country. ?
Loans on all national banks.
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-five bonds..
Food cost of living (Annalist index
number).
General commodity price level (Dun's
index number).
Production:
Unfilled U. S. steel orders, tons.
Pig iron output (daily average), tons
Wheat crop, bushels.
Oat crop, bushels.
Corn crop, bushels.
Cotton, 500-lb. bales.
Distribution:
Now.
$3,092,430,916
March 4. 1910.
$9,691,187,000
76,981,000
Last week.
$2,136,234,000
2,549,552,000
2,160,216,000
A yoar m?o.
$3,042,711,222
Nmrrst period
preceding year.
$9,139,225,000
75,920,000
A year aso.
$1.204,587,000
1,526,232,000
1,327,000,000
YrstpMaj.
96.14
87.59
LaM. week.
309.961
May 1
222.193
Prerlouj dosa
96.38
87.66
The week before.
313.041
April 1.
219.973
A ?ear ago.
75.52
85.28
A rear at?.
283.577
A rear ago.
226.665
Gross railroad earnings.
Bank clearings.
General :
Active cotton spindles .
,1 o?l?! ?i,,- March 31. A year ago
4.800,685 5,430,572 8,741,802
JiiVL*. Aprl1 ?* y" ?*o.
68.002 82.607 111.175
lOISyjald,eatirnated. The 1317 crop.
917,?449,0OO 636,655,000
1.538,350,000 1,592,740.000
2,582,814,000 3,065,233,000
12,022,601 * 11,302,375
-Increaae or deereaae from year before-.
,-AU C?as? 1
13 road?
Third week Month of
In May. March.
+ 8.06% -?-2.8%
Last week. Week before.
-t 15.9% +29.4%
Commercial failures (Dun's):
Number .
Liabilities .
Building permits (Bradstreet's) :
(151 cities).
April
33,312,026
M.r.
531
$11,956,651
April, mn,
$83,168,786
March.
32.642,376
April.
543
$11,450,462
A year ajro.
33.734,997
A year if ?.
880
$13,134.672
April, Ml?.
$49,963,803
ernment as having been very disap?
pointing, Mr. Truesdale continued:
"The future status of the railway
companies of the country generally,
both physical and financial, is anything
but reassuring as a result of fhe gov?
ernment's experiment in managing
their properties since January 1, 1918.
The public does not as yet fully realize
or appreciate, nor will it for some time I
to come, how seriously and permanent- I
ly the transportation facilities on
which it has relied in the past to carry
on the commercial and other activities
of the country have been crippled and
their future growth stunted and re?
stricted by what has happened to them !
since they were taken over." i
-*
Tide Water Oil Earned $ 17.69 j
A Share on Stock in 1918
Total income after all charges nd
Federal taxes of the Tide Water Oil
Company for the year ended December
31, 1918, amounted to $5,644,203, or
equal to $17.69 a share earned on the
$31,900,000 capital stock, compared
with $6,986,451, or $21.90 a share, in
1917.
Gross sales were $34,088,200. against ]
$22,959,636 for the year before. Pro?
duction costs were placed at $26,197,
875, which compare with $18,028,762
for the preceding year. Operating
profits aggregated $7,890,375. A de?
duction of $1,767,637 was made during
the year for Federal taxes. Holders
of the stock shared $6,606,925 in divi?
dends last year. i
!N. Y. Railways Foreclosure
Authorized hy Court
Judge Mayer in the United States
District Court yesterday issued an or
der granting permission to the Farm- ;
ers' Loan and Trust Company, as trus?
tee, to bring a foreclosure suit against
the New York Railways Company and
the receiver, Job Hedges.
The Farmers' Loan and Trust Company
is the trustee under the adjustment i
mortgage of January 1, 1912, to secure j
an issue of $33,000,000 thirty-five-year ;
5 per cent income bonds, of which :
$30,616,487 are outstanding. The pro- |
posed action is based on the default \
of interest and also because the street |
railway company has been placed in the j
hands of a receiver.
It is said that the suit is to be j
brought for the purpose of securing ?
all legal rights of the trust company
and that it will not necessarily be
brought to a conclusion.
Wall Street Items \
Reginald H. Fullerton. formerly of Til- |
! lotson <fc WalcoU. has become associated j
j with the bond department of the. Bankers' !
Trust I'omparry. in charge of the munkipal I
i division.
The British-American Chemical Corpo- j
i ration of New Jersey has appointed th?
i Corporation Trust Company Its transfer I
? agent.
Louis S. Tiemann. vice-president of the !
American Exchange National Bank, has
Just returned from an extensive ??ip
abroad, where ho has brerr making a sur?
vey of the foreign situation.
W. R. Brltlon ?- Co are offering at a !
price to yield 5 50 per cent an Issue of long
term first mortgage railroad bonds that
are guaranteed unconditionally by Indorse?
ment of the Province of Alberta and hav?
ing behind also the credit of the Dominion
I of Canada through stock ownership and
| merger Into the Canadian National Rail
| ways.
The fifteenth anniversary of the estab?
lishment of the Investment banking firm
of R. M. Grant & Co was celebrated
at the company's ofltces In New York, Chi?
cago and Boston.
The National City Bank has opened a
new branch office in Pernambuco. Brazil
This is the fifth branch of this institution
In Brazil
Francis S. Haynes has become affiliated
with Reeder & Co., of New York, as
their Danbury, Conn, repreuentatlve.
T. J. Jones has been elected a director
of the Ohio C'tiies Oas Company, succeed?
ing H. M. Worl.. resigned.
i Commodities
Industrials
Cotton j
Liquidation continued in the cotton I
market yesterday and carried prices
down for net losses of $6 to $6.65 a
bale. The closing was at or near the
lowest. October dropped to 27.79, as
compared with its recent high of 32.20,
and July fell to 28.75, as compared
with its high of 32.80. When the mar?
ket opened Liverpool prices were 23 to
28 points under the previous closing,
and sales started at declines of 26 to
49 points. The selling was encour?
aged by improved weather in the cot?
ton belt and by indications of less ac- |
tivity in the goods trades. Whenever
prices rallied there was a fresh out?
burst of selling. The buying power;
was just sufficient to check the de- j
cline from time to time.
While there has been a slackening;
of business in the goods markets, many i
manufacturers have yet to obtain their|
supplies of raw cotton. Telegrams
from Boston said there was an in?
creased inquiry from New England
mill buyers.
Speaking of the weather, an observer
said yesterday that twenty-five years
; ago a wet May, like the one we have
' just had in the cotton belt, would have
meant a short crop. Since then, how- >
ever, methods of cultivation have
changed, and while a wet May is a
great drawback in preventing cultiva?
tion of the crop, and brings weeds,
grass and foul fields, its effects can
be overcome by a moderately dry June
and excellent weather during July and
August.
Exports from all ports yesterday
were 42,746 bales. In the local spot
market middling upland was quoted at
30.35.
Prices for future contracts follow:
Prev.
Open. High. Low. Close. Close.
July... 29.70 20.85 28.75 28.85 30.12
Oct... 28.75 28.8.-? 27.70 27.70@27.86 20.12
Dec... 28.25 28.46 27.45 27.45<?>27.50 28.70
Jan... 27.08 28.17 27.15 27.15@27.20 28.85
Mar... 27.88 27.90 27.00 [e-mail] 28.25
COTTON STATISTICS
Tester- Last Last
day. Week. Tear.
Tort receipts.. 40,050 Holiday 12,283
Exports . 42,745 Holiday 25,851
do season... 4.374.685 Holiday 3.592.389
X T. stocks... 104,203 Holiday 134,97?
Port stocks... 1,349,251 Holiday 1,193,883
Im. receipts... 11,592 Holiday 5,526
do shipments 19.102 Holiday 8.522
N. T. arrivals 3.389 Holiday 4,598
SOUTHERN* SPOT MARKET??
Galveston. . .
New Orleans 31.50 1,272
Mobile -
Savannah
Charleston
Wllmlngon
Norfolk . . .
Baltimore .
New York.
Brunswick
Various
Tester- Stocks
day Sales Stocks year ago
Totals
Interior:
Augusta
Memphis .
St. Louis. .
Houston
Little Roc
250,480 231,377
447.758 3118,093
15,810 13,623
],340.251 1.103,883
160.121
208,713
17.340
24 1.7 ?7
30,028
02,730
360.207
10.061
127.652
37,538
Liverpool Cotton
Spot middling was quoted in the
Liverpool market at 18.96. Sales were
4,000 bales, of which 3,000 were
American. There were no imports.
Business in cloths and yarns at Man?
chester was dull.
Prices for future contracts were:
1" If. Prev. Last
P. M. Close. Close. Year.
June. 10.04
July. 18.45
September... 17.81
i ictober. 17.30
January. 16.01
18.68 18.05 Holidaj
18.28 18.55 Holiday
17.56 17.83 Holiday
17.26 17.54 Holiday
16.78 17.04 Holiday
Sust
enaiice
Cereal?
Wheat. Harvesting of the Kansas
wheat crop, estimated at 218.000,000
bushels, is expected to start in the
Send for s copy of our
"WEEKLY INVESTMENT SUMMART'
It treats the leading listed stocks
Copy of II icnt on request.
GOLDBERG J5L HEIM
N. M. Goldberg Mllt?nlTeiin
Members Cons. Stock K\rh of v y
74 BROADWAY 1845 BROADWAY
Tsl. Rector 4108 Tel. Columuu? 2:;
rjfl^lu- ^ortartafCemmtrdalBenkh^
f?5? CHATHAM & PHEWU
f?S*\ NATIONAL BANK
XBSs?l&W ? Capital & Surplu? . is 00? uO'
InIjP?!' .? Reaourcet ?vrr . $IOO.O?0.i?l
?VrioS^f 149 Brwdwiy. (Slcgir BldL)
I t?AN&> And 12 Branche?
southeastern counties to-day. Receipts
at New York yesterday -were 306,600
bushels.
Corn.?Good weather, liberal re?
ceipts, a drop in hog prices and heavi?
ness in the cattle market combined to
bring about net losses in corn. At tho
close prices were ls? to l"? cent?
lower. Argentine shipments have been
liberal this week, more than 600,000
bushels being destined for the United
States.
Yesterday's Previous Tesr
New York: clos?. clove. hk-%.
Corn.No.2. yellow.$1.101% $1.92% ??
Chicago :
July.1.68% 1.70% $1 S7%
September ....,., 1.50% 1.60% -
December. 1.40% 1.42-% ?
Oats?Slow cash demand, favorable
weather and large country offering*
resulted in lower prices for oats.
Yesterday's Previous Y??f
New York: close. close. ago.
Oats, No. S
whit? ..$0.79 @0.79% $0.79% $0.8%
Chicago:
July .,,.67% .68% .? .'%
September ..?.64% .65% ?-?
December .?,..65% .66% ??
Rye.?Market lower.
Yesterday's Previous Te?r
New York: clos? close. 110.
Cash No. 2 West. .$1.59% $1.64% $196
Flour and Meal.?Quotations were:
Yesterday's Previous Y?Sf
New York: close. clos. ?go.
Min'sp p $11.50@12.00$11.50fi 12.00 $11 W
Cornflour 3.50? 4 00 8.506 4.00 M>7%
Rve flour.c 8.00? 8.75 8.00? 8.75 10 75
Bran, 100
lb ... 40.50? - 40.50?- ??
Continued on page nineteen
Bid and Asked Prices
for Oil Stocks
Co
Co.
Standard Oil Companies
Anglo-American Oil Co., Ltd.
Atlantic Refining to.
Borne-Scrymser ?"o.
Buckeye Pipe Line
CheBbrough Mfg Co.. Cons
I'onunentii ! Oil Co.
Cresc? nl Pipe Line Co
Cumberland Pipe un
Eureka 1".;" Line Co
Galena-Signal OH ? o pf, n ??
Galena Signal Oil Co i f. ol .
Galena-Signal Oil ? "o i oro
Illinois Pipe 1 In.
1 ndlana Pipe Line Co..
International Petroleum
National Transit i. .-> ...
New York Transit Co ..
Northern Pipe I In? Co
Ohio ? ?:l Co. ... ...
Penn- M ex lean K'e
Pi a Irle < ?il an?! ? ;.i ?- '
l'i a:n.. Pine Lin?
Solai Refining Co
Sou: he-, ii pipe Lin
Si-u?h P? nu ??il Co
Southwest Penna Pipe
Standard Oil Co of California
Standard Oil Co, of lmiiana .
Standard Oil Co of Kansas ?O0
Standard Oil Co of Kentucky. 435
Standard t'il Co. of Nebraska. 545
Standard OH Co of New Jersey 740
Standard Oil Co of New York . 880
Standard < >ll Co. of Ohio . 618
Swan St Finch Co. 100
I nion Tan!; Line Co. 136
Vacuum Oil Co. 440
Washington Oil Co.. 43
.MlMoellnnroiUi Oil i.onipunle?.
Cosden & Co. 11'?
Klk Basin Petroleum Co. 10?i
Houston Oil Co., Com.. 125
Imperial O'l Co., Ltd. 425
Magnolia PotroleUV. Co. 400
Merrltt Oil Cornn. 29'a
Midwest Refining Co. 187
; North"en Oil Co. 63
Sapulpa Refining Co. ?%
24?-.
1890
490
io:
315
I :.
170
105
1 15
in;
ist
101
SO'i
. s?
. . . . 185
. . 113
. 383
. 70
160
Son
3*5
. I ??*
33o
Lines 108
27?
805