New-York tribune. [volume], June 09, 1919, Page 14, Image 14

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

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FINANCIAL BUREAUi
Tribune Building .
154 Nassau Street
W*eajth--Markets?In vestments
TELEPHONESi
Beekman 3?000
Beekman 8243
r
Westinghouse
Air Brake
An old-established American
corporation wboae remark?
able record deserve? to be
more widely known. Our
analysis outlines the consist?
ent dividend record of the
pa?t twenty-five years, em?
phasizes the irn-reasing di?
versification of produits, the
Importance nivl scope of
Kuropcan business, and shows
the stronjr financial posh'011
of tho company as it emerges
from a period of successful
war business to pursue again
normal linps of output.
We arc prepared to execute
orders In the stock of Tho
Westinghouso Air Rrake
Companv on either the Pitts?
burgh or New York Stock
Exchange.
Circular E-lll ?rut upon request
A. A. Housman & Co.
r New Tork Stock Exchange
I Jew York Cotton Exchange
J N. Y. Coffeo & .Sugar Kxch.
Member: < New York Produce Exeh.
1 Chicngo Board of Irado.
I Associate Members of
*? Liverpool Cotton Ass'n
20 Broad Street, New York
?Rranch Office?25 West 33d St.
JuK .Rice, Jr.&Co.Buy&Sel 1
American Alliance Ins.
American Cigar
American Chicle Com. * Pfd.
American Meter
American Piano Com. A Pfd.
Atlantic Nat'l Bank
Bankers Trnst Co. Stk.
Continental Fire In?.
Del., Luck. A- Welt. Com.
K. Vf. Bliss Com.
Formern Loan ?_ Trnst Co. 8tk.
Fidelity Thenht Ins.
Franklin Fir? Ina.
f'eneral Baking Com. * Pfd.
(treat Ameirlcan Ins.
II. W. Johns-ManvlU? Com.
Home Innurance
? nt'l Motor Stocks
Irving Nat'l Bank Stk.
Kirby Lnmher torn. ?_ Pfd.
Lone Star (?as Stk. & Bight?
Lchigh Ynlley Coal Salea
Mohawk Valley
Midland Securities
Niles-Bement-Pond Com.
Nntlonnl Ice & Coal 1st <_ 2nd Pfd.
Otis Klevator Com.
Pyrene Munufactnring
Pennsylvania Coal 4 Coke
Splltdorf Electric Com.
Seaboard Steel & Manganese
standard Screw Com.
Singer Manufacturing
Texas Pacific Land Trnst
Texas Pacific Coal ?t OU
Victor Talking Machine Com.
Wright-Martin Pfd. |
cir.K.Rice9Jr.&Co.
Phones 4000 to 4010 John. 36 Wall St.. M*. T.
We Finance
Electric Light, Power and
Street Railway Enterprises with
Records of Established Earnings.
We Offer
Bankers and Investment Dealers
Proven Public Utility Securities.
Correspondence Solicited
Electric Bond & Share Co.
(Paid-up Capital and Surplus $23,500,000)
71 Broadway, New York
TEX-KEN OIL
CORP.
WAP ON APPLICATION
Pouch & Cus'?*''*?*?**'.
Telephone Beetor 8360
tx..___;:.__"
fr-?
Shaffer Oil &
Refining Co.
New Subsidiary
J
Standard Gas &
j "
Electric Co.
! ' teUtl circulare
?it rrrjWKl
?jII.M.Byllegby&tt*
l?turporaifd ?j,
- "! B?"l??? 2o?S?L?S?ll.St
piW YOHK CHICAGO
t-J,'_TiTfi??iliTf?Ji__
Liberty bonds
All d?norn'.:nlv,tin b'/u'/lit for m^h
Baisrtt on i>,>: r|ontn_ v.r. pay to-dny
?30.03 for a ?50?-*>/_% Bond, 57 <'.nir>'?.i
ft*.IVt for ? *.-???id t% ? Bond. I Coupon
M?..<4 for a */*,"?"M i ?/?% Bond, 2 touiM.n*
?MJ._K for a *A0?tth4*4% Bond, ? Poupon?
*4?.?3 for a $.',??Sth ?%% Victory l,oa?
PURDY & CO..
Tri. John *l74-r,?.7. M Pino (H.. N. T.
HARRIMAN NATIONAL BANK
Fifth Avenu? 4k Forty-fourth St.
N?w York
fSANKJKB HOURS FaOM 8 A. M. TO 8 P. M.
ttfE0?FO$iTVm?S81ILTO_UOI(i_H?
The Markets
The Week In Stocks
Though last Tuesday witnessed the
first real reaction in the stock market
since its beginning on February 10, the
average price of industrial stocks
closed with net gains at the end of the
week. The result was the seventeenth
; consecutive week of stock market ad
; vanee. That advance, however, can no
i longer be referred to as "uninter
i rupted." The decline of Tuesday was
| not long in duration, but. it was severe
? enough to entitle the closing prices of
i Monday to be considered as a termina
! tion of the first phase of ? the move-;
I ment, and to consider the action since
then as the beginning of the second
phase. From February 8 to the close
on Monday industrial stocks had risen
29 points to 108.60; railroad shares in
the same time had risen less than 9
points to 78.
The Forces Behind
The market on Wednesday and
Thursday completely recovered 'from j
Tuesday's violent decline. That is I
largely explained in two ways. The
basic suggestion for Tuesday's declino
is thought to have been the rise of call
?money to 11 per cent. On Wednesday
it was back to G and 6% per cent, and
did not go above that rate for the rest
of the week, so the alleged cause for
the reaction was removed. From a
technical standpoint it was known that
a great body of persons interested in ?
the market were waiting for the first
reaction in order to buy. This body
was made up, first, of people who had
not previously been in the market, and
second, of people who bad been in the
market and had taken their profits in
the expectation of a reaction. They
conceived this reaction, as their oppor
i tunity to buy again. The greatness of
| this demand was attested on Wednes
! day and Thursday. When prices had
! returned to their Monday closing
levels a good deal of the demand had
! been satisfied, and a good deal of the
demand that had not been satisfied dis?
appeared, for the simple reason that
prices were again at their highest
levels for the. year, and the level of
prices established by the reaction no
longer existed. On Friday and Satur?
day prices fluctuated irregularly, with
no definite trend.
The Completion of "Peace"
The questions now facing the market |
are whether the persons who now have
I stocks will be able to sell them at
?higher prices to another class of buy
ers, and the effect that will be pro
duced by the signing of the peace
treaty. Comment on the latter point
generally assumes that Wall Street al?
ready is fully confident that the treaty
i will be signed, therefore its actual i
j signature will have been discounted.
I Some traders expect a decline similar
? to that which followed the signing of
I the armistice. One question which has
! perhpps received less attention than it
I deserves is, When will the peace treaty
be considered as out of the way? An
| assumption a few months ago consid- ;
ered the date as coincident with the
date on which the Allies themselves
could come to an agreement. Now the j
date is set as that on which the Ger- ;
mans sign the treaty. But it will still j
have to be signed by our own Senate; !
and it will have to be agreed to by the
other participating nations. That will
be a long process. Moreover, the sign?
ing of the treaty will not in itself mean
I the removal of all the war-time trading
! restrictions for which the markets
! have been waiting.
Bond Market
Trading in the bond market last
i week was heavy, but the gains were
small compared with the week before.
The most noteworthy feature was the
sale of the 3% per cent Victory note
issues above par. A good deal of in?
terest was taken on Saturday in the
I statement of William A. Day, of the
', Equitable Life Assurance Society, that
! Secretary Glass had told him the gov
I ernmertt needed more money and would
! have to float more loans. Whether this
i indicated any change in policy, it was
! difficult to decide.
The Money Market
The money market of last week ri?
valled the steck market in the atten
' tion it received. On Monday call loans
| on all-industrial collateral rose to 8
? per cent before the close of the mar
| kct session; shortly after that the rate
, paid was 10 per cent, though only
$1,000,000 passed at that figure. On
' Tuesday call money opened again at 6
per cent, but soon went to 10 per cent
for mixed collateral and 11 per cent
: for all-industrial collateral. The rate
returned the next day to 6 and 'i'i,
and never went above that f'gure dur?
ing the remainder of the week. A pos?
sible explanation of the rise was that
June 3 was the first, day on which it
was permissible to pay in full for al
lotments on subscriptions over $10,000.
Previous to that, only 10 per cent was
acceptable. While the payment was
optional, it is possible that more sub?
scribers elected to pay than the banks
? had counted ot. At the end of the
! week loans at the New York Clearing
i House stood at the highest figure on
record. Their advance for the week
i was $205,000,000, the greatest gain for
| any single week of the year. Yet the
? excess reserve increased $14,790,000,
and net demand deposits fell off $39,
083,000. It is noteworthy that the
only two occasions in the last few
years that call money equalled or ex?
ceeded last week's rate were on July
23, 1917, when the quotation went to
"> per cent, and December 9, 191G,
vhen the figure was 10 per cent. Both
of those dates represented the cul?
mination of rising markets. From an
average price of 104 in December, 1916,
thirty industrial shares fell to 83 in
; February, 1917. From 94 in July, 1917,
to which they had recovered, they fell
to 70 in November, 1917.
The New Price Level
The Mechanics and Met?is National
Rank, in its monthly circular, agrees
with the conclusion now being rapidly
accepted that there is "no present
prospect of the general decline [in
commodity prices] that was predicted
upon the conclusion of the war." The
reasons, it ?Adds, "are readily stated.
The world's demand for goods neces?
sary for human life, the shortage of
thone goods, and the extraordinary
?mount of currency in circulation, ?urn
them up." As for remedies, the bank
is Convinced "now that they will come
slowly. Time alone, and hard work,
,csb ?brinff ?nrop* ?ont o? ?t? present d<s- {
plorable state to the point where its
supply of goods will balance its need;
time alone, and sparing economy, will
wipe out the causes underlying the
prodigious inflation that is now seen.
So long as credit and currency are
based upon Liberty bonds outstanding
in large volume, tbey will exert a direct
effect upon prices, supporting them
against any decline that might other?
wise occur. There are now in actual
circulation $2,500,000,000 Federal Re?
serve notes, as compared with less
than $1,600,000,000 at this time last
year, although the business needs for
currency are diminished."
Market Opinion
Reading
We hear, and tape confirms, Reading
is in for big advance. Segregation of
coasi from the railroad property the
reason. ?C. /. Hudson & Co.
Cotton
We doubt whether the decline in cot?
ton will go much further without some
rally, but over a long range we believe
cotton will sell lower.?Lehman Brothers.
Sticks of Dynamite
This market is not an eminently safe
proposition. The current unreal con?
ditions may continue for a few days;
no one can .-?ay. But all around the
world, in politics, finance, labor and a
multitude of human affairs, stray sticks
of dynamite arc lying, upon one of
which somebody may step any minute
with the effect of upsetting a good deal
of the current equanimity of mankind.
4.S usual, Wall Street is taking too
much for granted. The bull account
is too large, loans are over-extended;
too many houses are far behind in their
accounting work, and the market gen?
erally is not in shape to stand any
surprises, which generally comes in
support of the bears.?Clark, Child's
& Co.
Market Barometers
Stock Exchange Transactions
Stocks
Rail Other All
stocks. stocks. stocks.
Last w'k. 1,342,900 8,451,800 9.794,700:
Week bef. 943,600 5,866,600 6,810,200
Year ago. 396,900 2,653,300 3,050.200
January 1. to date: I
1919-15,255.700 98,453,100 113,708,800
1918.... 8,521,000 56,493,200 65,014,200 ,
1917.... 9.826,700 78,696.800 88,523,500
Bonds
Week Year
Last week. before. before, i
U. S. g.$40,817,G00 $33,661,000 $30,315,000 \
R'I'ds.. 10,546,000 7,621,000 3,607,4001
Oth'rs. 10,934,000 13,821,000 10,263,000
All kds 62,297,000 45,103,000 54,185,000
January 1 to date:
191S. 1918. I
U. S. gov'ment.$ 1,004,434,000 $368,439,000
Railroads ... 104,817,000 98,214,000 '
Others . 313,607,000 150,373,0001
AH bonds... 1,422,858,000 617,026,000;
Stock and Bond Averages
Stocks
Last week. Week before.
High. Low. High. Low. |
20 Railroads. 78.00 76.85 78.30 77.90 i
30 Industr'ls.108.93 105.20 106.40 104.87 1
50 Stocks ... 96.38 93.86 95.16 94.20 j
Bonds
10 Railroads. 31.16 80.68 81.56 81.46 !
10 Industr'ls. 95.75 95.63 95.55 95.25 !
5 Utilities.. 35.42 85.02 85.36 85.26 !
25 Bonds.... 87.81 87.55 37.91 87.74 j
Same week last year:
Stocks
High. Low.
20 Railroads . 69.90 69.45 '
30 Industrials . 80.60 79.57
50 Stocks .-76.31 75.52
Bonds
10 Railroads . 79.89 79.28 !
10 Industrials . 91.66 91.61 j
Utilities . 84.95 84.65
25 Bonds . 85.57 85.28
January 1 to date:
Stocks
Jan. 1,1910 Full year
to date 1918 |
High. Low. High. Low. j
20 Railroads. 78.30 68.70 79.15 66.12 1
30 Industr'ls.108.93 79.20 88.83 73.37
-0 Stocks.... 96.38 75.32 84.08 70.30!
Bonds
10 Railroads..82.80 79.48 86.57 76.62!
10 Industr'ls..95.70 93.72 94.08 67.40
5 Utilities...87.75 83.62 89.02 82.60
25 Bonds ....87.91 86.53 89.46 83.62 i
American Autos
Popular on Streets
Of Faraway Japan
Market Overstocked at Pres?
ent Because Small Nippon?
ese Importers Loaded Up
With Second-Hand Cars
nPHE invasion of Japan by American
automobiles has been going ahead
at a great rate. The growth is re?
markable in view of the condition of
the Japanese road3 and her narrow
streets. There were only a baker's
dozen or so of them *a few years ago.
And to-day the number has increased
to more than 3,000 passenger cars
and some 800 trucks.
Just at the present time the market
i ? overstocked with American cars. This
was brought about by a number of
small Japanese importers who were
new in the business, and who bought
all sorts of cheap and second hand
autos in the American market with the
idea that anything bearing the Amer?
ican trade mark and imported there?
from would find a ready market in
Japan. And these were the men who
dumped the cars on the market, cre?
ating the present condition. They did
not have adequate capital and they
were not in position to hold the cars
for any length of time waiting for a
better market.
The most popular car in Japan
among the American makes is the Ford
of course. Sales Fraser & Co. are the
F'ord Japanese representatives. Ar
overwhelming number of the cars used
for the taxi service in Tokio anc
other cities are Ford cars. In Tokic
alone the Fraser Taxi Company has
more than 150 of them in constant use
Fe-rds command anywhere from ?3,201
to 3,500 yen in Tokio. The impor
duty on tne cars amounts to 35 pe:
cent when they are accompanied b\
the consular certificate of origin, elsi
50 per cent. Therefore a Ford whicl
costs $618.21 f. o. b. San Francise?
commands anywhere from 3,200 t
3,500 yen in Japan. Next to Ford, th
Buick is most popular in Japan at th
present time. The Buick which is sol?
at $1,775 in the U. S. A. commands i
Tokio about 5,000 yen. Next come
the Hudson. A Hudson which is sol
in America for $2,700 commands abou
6,500 yen in Japan.
High priced American cars such a
the Pierce Arrow command a trc
mendous price in the Japanese marke
A car which is being sold in Americ
for $7,000 to $8,000 will bring i
Tokio about 25,000 yen ($12,500 gold
Import duty, which is high enougl
or the freight charges do not expiai
this discrepancy in price. The ret
reason is that only the motor and th
chassis arc imported and the bod
with all its fancy trimmings is mant
factured in Japan. And it is the ver
luxurious furnishing of the interior c
the car which makes the price soar s
high.
-?
Many New National
Bank Charters Aske<
Requests to Increase Capitaliz,
tion Also Come From All
Parts of United States
New York' Tribune
Washington Bureau
WASHINGTON, June 8.?An indie
tion of present prosperity is furnish?
in the announcement of the Trcasu:
Department to-night that since Jan
ary 1 there have been received 312 r
quests for new charters and applic
tions for permission to increase t'
capital of existing national banks. T;
resources of the 7,803 national ban
at present total $21,000,000,000.
Requests for new charters and f
permission to increase capitalizati
came from all over the country. Nir
teen requests were from New Yoi
New Issue
$5,600,000
Nebraska Power Company
(Omaha, Nebraska)
First Mortgage Thirty-Year S% Gold Bonds
?
Dated June 2, 1919. Due June 1, 1949. Interest payable June 1 and December 1. Callable, on four weeks' notice.
at 105 and interest on any date from June 1, 1924 to June 1, 1939, and thereafter at 102^ and interest. Coupon bonds
of $1,000 and $500 denominations. Coupon bonds of $1,000 denomination registerable as to principal and inter?
changeable with fully registered bonds of $1,000 denomination and authorized multiples. Guaranty Trust Comoanr
of New York and F. J. H. Sutton, New York, Trustees.
These Bonds will be a legal investment for Savings Banks in Rhode
Island, New Hampshire and Vermont
The Company will agree to pay any Normal Federal Income Tax which
it may lawfully pay at the source, to an amount not exceeding 2V
The Company will agree to refund, upon application, the present
Pennsylvania Four Mill Tax to holders of these bonds resident in
Pennsylvania who have paid said tax.
For further information regarding the above bonds attention is called to the letter of Mr. E. \V. Hill Vice-President
of the Company, copies of which will be furnished on request and which states that: '
The Nebraska Power Company, organized April 23, 1917, acquired by purchase all the properties assets
and franchises of the former Omaha Electric Light and Power'Company, which, with its predecessor
corporation, had successfully conducted an electric light and power business in Omaha and vicinity for
a period of thirty-two years. ? '
The Company does substantially the entire electric light and power business in the city of Omaha hav?
ing at present an estimated population of 200,000 ; it also supplies at wholesale all the electrical eiierrv
to the local company serving Council Bluffs, Iowa, which has at present a population of approximately
Net Earnings of the Company are over 2>_ times the interest charges
A decision of the United States Supreme Court has held that the Company possesses a franchise ri_-ht
unlimited in time, to distribute electricity for light, heat and power purposes. This franchise in th?
opinion of counsel, covers territory from which the Company derives the very major portion of its
revenue. *
These $5,600,000 First Mortgage Bonds will be secured, in the opinion of counsel, by a first and onlv
mortgage upon the entire physical property, rights and franchises of the Companv, followed bv annrnvi
rnately $1.100,000 unsecured 5% Notes, $3,500,000 7% Preferred Stocks, and $5,000,000 Common Stock"
on which 2l/2% dividends were paid in 1918. *
The replacement value of the Company's physical property, as determined by independent eneineers i?
materially in excess of these bonds. s ' iS
Price 90 and interest; netting about 5.70%
uonds are offered for delivery when, as and if issued and received bv us It is antirinati-H th** ?_mr,?^,, _ _ ...
be available for delivery on or about June 16, 1919. y " ant,clPated that temporary bonds will
We recommend these bonds for investment and shall
be pleased to send complete circular upon request.
Harris, Forbes & Company
. Pin? Street, Corner William, New York
??Tria, Forbes & Company _
incorporated MsxrJs Treat and Ssvlngs
Boston ?m_D?P-ft____t
CMoacs
Send lor a copv of'our
"WEKKI.Y 1NVKSTMK.NT SUMMARY"
It treats the leading- Usted stocks.
Copy of T2 sent on request.
flPLPBERC; fir UgJM
N. M. Goldberg Milton Helm
Members Con.??. Stock Exch. of N. V
74 BROADWAY 1845 BROAOWAY
Tfl. Rector 4108 Tel. Columbu? 227
twenty-two from Pennsylvania, nine
from New Jersey and one from Con?
necticut. The aggregate capital of the
banks making the applications is $29.
033,000.
Applications for eighty-three new
charters were granted by the Controll?
er of the Treasury and 138 applica?
tions for capital increases were ap
piuved. Only one. national bank has
failed since January 1, and only two
have failed since the precedihg Janu?
ary.
Kangc, 1918.
High. Low.
80 42
2G->i 11
62% 25%
70!/, 19
5% VA
n%
72 ?/t
78
89 Vi
31 %
41%
18
82
High.
64
41%
75%
95
4'/.
90
?14--i
89 V
68'/
106
77 %
12
50
11%
.38%
27
53%
95
2%
73
103
8!)
K.r)
46*?
961;.
113%
103
46
17%
90
95
105
91%
61
106
108%
117
?2%
14'/,
103
38%
128%
76 %
76%
114
73
98%
87 ?/,
107%
S %
62'/i
84%
109
94
130
39
7
7
28
15
23
27
Date.
May 23
June
June
Apr
Jan
May
May
June
May
May
June
June
June
June
June
June
May
June
June
Apr
June
Mar
May
June
June
June
June
June
June
Apr
June 2
Mny 27*
May 20
June 5
June
May
Mar
Mil y
May
22
7
7
26
6
6
6
7
7
15
Low.
29%
21
5654
66
3 %
1%
30
81%
99%
98
33
12
62
84%
84 %
90
42%
98%
84%
113
39%
10%
82 Mi
13%
71%
38
54%
52%
44%
85
58
100
I
51
62%
103
92%
105
33%
-Dividend
Date. Rate.
3
13
7
14
11
6
11
3
2
24
24
4
2
21
20
8
. 1
1
24
11
17
o
6
20
II
11
10
The following table gives the essential details of last week's transactions in stocks listed on the New
York Stock Exchange and comparison of the price ranges in 1918 and 1919. High and low prices of the year
are based only on transactions of 100 shares or more. All quotations are in dollars per share. The annual divi?
dend rate, also in dollars per chare, is based on the last regular declaration.
,-?Weekly Hange
Range, 1919
Name of stock. Sales. Open. High.
Adams Express .
Advance Rumely
do preferred.
Ajax
Alaska Cold Mines.. 3400
Alaska Juneau . 7900
Allis Chalmers _ 24100
do preferred. 1800
Am. Agricul. Chem.. . 17500
do prcferrtd. 500
Am. Bank Note_ 200
do preferred. 100
Am. Beet Sugar_ 39700
do preferred. 100
Am. Hosch Magneto.. 19909
Am. Brake Shoe & Fdy 1100
American Can . 76900
Apr
Jan
Jan
Jan
Apr
Jan
Jan
Jun
Jan
Jan
Jan
Jan
Jan
Jan
May
May
Feb
Jan
Feb
Jan
Jan
Jan
Apr
Jan
Jan
Jan
Jan
Feb
Mar
Mar
Jan
Jan
Jan
Apr
Feb
Feb
Feb
Jnn
May
Sales.
1600
28600
4700
Rubber . 19100
7 do preferred. 900
8 Am. Car & Fdy. Co. 44400
7 do preferred. 800
4 Am. Cotton Oil. 27700
.80 Am. Drug Syndicate. . 12300
7 Am. Kxpress . 1500
? Am. Hide & Leather. . 79900
7 do preferred. 34700
? American Ice . 46900
7 do preferred. 12400
4 Am. Intcrn't'l Corp... 89900
? American Linseed . . . 20100
7 do preferred. 3500
5 A. Locomotive . 74000
7 do preferred. 200
? Am. Malting . 11700
? do 1st pref. stpd.. 3200
4 Am. Smelting . . . v . 76300
7 do preferred. 800
6 do preferred A. . . . 480
12 American Snuff. 800
3 Am. Steel Fdy new. . 57900
54
32%
69%
91 Vt
3%
2%
45%
96 %
109%
101 %
44%
47%
84
95
101
91%
59 Vi
104%
10.1 '^
116%
59%
12%
90
37%
124
61 %
74
113
66%
96
86%
107%
3%
58
82 Vt
106%
94
122%
39
59%
41%
75 Vi
"95
3%
Low.
50
32%
69 V*
90
3%
Net
Close, change.
58% + 7%
41% + 8%
75% + 5%
90 ? %
3 % ? %
- li
45%
96%
112'/, .
102%
44%
47 Vi
90
95
105
91%
60
106
108%
117
63%
13%
91
38%
128%
76%
76%
114
73
97%
87 ?/,
107%
4
62%
84%
106%
94
124%
39
43
95
109
100 ?4
11%
47%
82 Vi.
95
98%
91%
56%
103%
103 V,
116%
57 %
12%
88
32'/,
122 Mi
61%
71%
104%
66%
95 ',,
81
107'/i
2%
58
80
105%
93! i
122%
35 %
44%
95%
110%
100'/,
44%
17" -?
89 %
95
103%
91%
59%
106
107!.s
117
62%
12%
90
35%
128
71
75
113%
71%
97%
85 "
107 %
2?%
61 Vi
84
106%
93' ;
121%
37?%
? 1'
+
10',
Continued on following page.
THE MERCHANTS BANK OF CANADA
Statement of Liabilities and Assets at 30th April, 1919.
LIABILITIES
1. To the Shareholders
Capital Stock paid in.\.
Reserve Fund. .
Dividends declared and unpaid.
Balance of Profits as per Profit and Loss Account.
2. To the Public
Notes of the Bank in Circulation.
Deposits not bearing interest.
Deposits bearing interest (including interest accrued to date of
Statement) .
Balances due to other Banks in Canada.
Balances due to Banks and Banking Correspondents in the United
Kingdom and foreign countries.
Bills payable.
Acceptances under Letters of Credit.
Liabilities not included in the^oregoing.
ASSETS
Current t'oin.
Deposit in the Central Gold Reserves.
Dominion Notes.
Notes of other Banks.
Cheques on other Banks.... ?.
Balances due by other Banks in Canada.
Balances due by Banks and Banking Correspondents in the United
Kingdom .
Balances due by Banks and Banking Correspondents elsewhere than in
Canada and the United Kingdom.
Dominion and Provincial Government Securities, not exceeding market
value .j.
Railway and other Bonds, Debentures and Stocks, not exceeding market
value.
Canadian Municipal Securities and British, Foreign and Colonial
Public Seourities other than Canadian.
Call Loans in Canada on Bonds, Debentures and Stocks.
Call Loans elsewhere than in Canada.
*\.
Current Loans and Discounts in Canada (less Rebate of Interest)....
Current Loans and Discounts elsewhere than in Canada (less Rebate
of Interest).
Liabilities of Customers under Letters of Credit as per contra.
Real Estate other than bank premises.
Overdue Debts, estimated loss provided for......
Bank premises at not more than cost (less amounts written off).
Deposit with the Minister for the purposes of the Circulation Fund....
Other Assets not included in the foregoing.
1919
7.000,000.00
7,000,000.00
194,194.00
574,043.32
1918
7,000,000.00
7.000,000.00
176,900.00
437,973.92
$ 14,768,237.32 $ 14,614,873.92
13,316,033.00
43,552,214.61
91,904,993.37
2,614,696.64
105,076.96
??4,1*53.05
12,327,168.00
34,886,747.83
75,946,985.48
1,400,941.75
,i, 161,976.79
598,851.20
$166,725,404.95 $140,937,544.97
$ 4,946,946.33
7,000,000.00
8,405,602.50
985,044.00
6,082,616.99
3,215.80
123,496.50
1,903,040.10
6,005,573.65
4,119,705.32
15,238,399.32
5,134,690.71
2,801,857.72
$ 62,750,188.94
95,874,426.04
332,918.12
464,153.05
782,326.64
386,973.56
5,253,269.48
366.000.00
515.149.12
$ 4,890,061.36
6,000,000.00
5,912,092.50
893,076.00
5,311.786.12
4,704.37
82,580.53
1,357,843.03
5,435,464.66
4,060,204.70
14,589,065.54
5.223.953.88
3,906,648.93
$ 57.667,481.62
76,194,016.15
339,987.29
598,851.20
312,928.11
272.226.60
4,886,438.98
355,000.00
310.615.02
II. MONTAGU ALLAN,
President.
$166,725,404.95 $140,937,544.97
D.
C. MACAROW,
Gtntral Manager.
Report of the Auditor? to the Shareholders of The Merchants Bank of Canada
In accordance with* the provisions of ?ub-Sections 19 and 20 of Section 68 of the Bank Act. we report to the
shareholder? as follows: ?
We have examined the above Balance Sheet with the Book? of Account and other record? at the Chief Office
of the Bank and with the signed return? from the Branche? and Agende? and have checked the caah and verified
the securities of the Rank at the Chief Office against the entrle? In regard thereto in the book? of the Bank ?t
30th April, liilf), and :it it different time during the year and found them to agree with such entrle?. We al?o at?
tended at some of thr Branches during the year and checked the cash and verified the securities held at the date?
of our attendanees and found them to agree with the entrle? In regard thereto In the book? of the Bank.
We have obtained all the Information and explanation? we have required. In our opinion, the tranaaetlon?
of the Hank which have come under our notice have been within the power? of the Bank, and the sbove Balance
Sheet is properly drawn up ?o a? to exhibit a true *_nd correct view of the ?t?te of the Bank'? affair?, according
in the beat of our Information and the explanation? given to u?, and a? ?hown by the books of the Bank.
VIVIAN HARCOURT, )
UOKDON TANS1.BV. S
MONTlUSAl,, 23rd May. 1919 i lof the firm of Delnttte, Plender. Griffith? & Co.?
Auditora.