New-York tribune. [volume], June 12, 1919, Page 18, Image 18

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

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FINANCIAL mjREAUi
Tribune Building
154 Nassau Street
Wealth?Markets?Investments
TELEPHONESi
Beekman 3000
Beekman 8243
MACKAY & CO.
BANKERS
Members of
A'cb> York Stock tzxchunge
Bank Cr Trust Co.
Stocks
Bor.ght and Sold
\ 14 WALL STREET
NEW YORK
TELEPHONE -RECTOR 9730
m?
A Remarkable
Record of Earnings
Dividends paid to Preferred
Stockholders of Cities Service
Company increase*. from $o31,
S87.09 in 1911 to S*^^*v?"4->0 in
1918.
Jn 1911, Cities Service Company
earned requirements for pay?
ment of Preferred Dividends 1.77
times over. In 1918 the earnings
were $Va times over the Preferred
Dividend reqairements.
Cities Service
Preferred Stock
?t present prices yields 7y_%.
Investors receive monthly divi?
dends, and monthly statements
of earnings which enable them to
keep in close tonch with the
company's financial progress.
" White for Circular T. E.-4 descrioing
Citiea Service Preferred Btock.
Henry L. Doherty
& Company
64 Wall Street, New York
f
Miller. &6o.
Members
NeWibrk SfockExcban^e
Securities Bonght for In?
vestment or Carried
on Conservative
Margin
'EOBr^DWBY
Brdnch. Offices
212 FIFTH AVENUE
;^ COR 26 OTREET
LONGACREBUIUJING
H E.COR. 42r*t ST 6r BROADWASr"
L.
MEWYDRK.
JJLRIce.Jr.&Co.Buy&Sell
American Cyanamid
American Malting Com.
American Cigar Com. & Pf.
Bankers Trust Co. Stk.
E. W. Bliss Com.
Int'l Motor Truck
Kirby Lumber
Nafl Ice & Coal lst & 2nd Pf.
Pyrcnc Manufacturing
Singer Manufacturing
Texas Pacific Coal & OU
Texas Pacific Land Trust \
Victor Tallting Machine H
Wright-Martin Pf. f
J.K.Rice,Jr.&Co.
Phon.s .000 to 4010 John. 36 Wall St.. N. T.
>
INTERNATIONAL
NICKEL
We have just prepared an
bnalysis of the affairs of this im?
portant metal corporation cover
Mg business operations, earnings,
finances, dividends and prospect?.
Sent on rtquett for K-396.
HUGHES & DIER
Stock*?Bond*?Grain
M?mh->~ .^i1* 8,ocVt Kxchang*
(Cnlcago Bourd of Tradt
SO Broad St., New York
6u!tf .12-... _ Trl. Brr.ad .140.
t'.'Hown Offlce. 67 W. 1.5th St.
.'htU-leipbla. : ._?> Wi.lnu. btritt
Liberty bonds
A'.l denomiuattont bought t<,i oath
_.<..<?<. on the cioHifie im vuu to-day
S.??.0? for it S..0?:.'/_?'. Itond .. *.?.
WS..0 for a S50-..,., 4%% %%, lS?POM
PURDY & CO.f
*>.. John St .4-..a-7. M riM Nt N f
NOBLE & CORWIN
I W Broad M. New Vork
I Lawyers T. & T. Phelps Dodge
I Bankers Trust Otis Elevator
I Tfllrphoa* ?Ilt Broa*
The Markets
Stock Movement
Yesterday's stock market began with
a considerable decline at the opening,
hesitated, recovered, and broke again,
and in the second hour declines of 2
to 7 points set in. At this level trad?
ing became dull. Then, following re?
cent prccedent, there was a sharp up
turn at the close of tlie day. At the
end of the session gains and losses
fairly balanced each other; neither
were striking.
An indication of the range of prices
can be glimpsed from the extreme per
formar.ces. Though American Wooien
common closed unchanged, it fell at
one time during the session to llOMt,
recovering to 115. Atlantic Gulf and
West Indies was off only Vz point at
thc end of the day. biit its closing
price of 178, compared with a low quo
tation during the session of 172V..
Studcbaker, oiT 2Vjs points, had falien
to -OS1^ before recovering to 106V4.
lt was merely a repetition of thc
ancient phenomenon that thc stocks
which rose the fastest fell the fastest.
There was perhaps the most marked
falling off in activity since the million
share period began. Trading was less
than 1,400,000 shares, compared with |
nearly 1.900,000 on Tuesday. Never- j
theles.s, it was thc forty-fifth consecu- |
tive million-sharc day, a new Stock j
Exchange record.
The Tobaccos
The tobacco shares scored yester?
day's most prominent, and almost the
only prominent, advances. American
Sumatra was up 2Vs points, Lorillard
4V., United Cigar Stores 7Vj. The in
citing reason was the project of the
United Ketail Stores Corporation, in
volving some of the companies, which
it is said is going to dot Europe, South
America and thc Orient with retail
storps, dealing not only in tobacco
products, but in more general mer?
chandise.
Money Conditions
Call money yesterday again passed
the 6 per cent "resistance point," and
loaned at 8 and 8Vi per cent in the
closing hali-hour. The amount pass
ing at that figure waa not great. It
is estimated that about $25,000,000 was
withdrawn from the banks by the gov?
ernment on Tuesday, an amount which
is expected soon to find its way back
to them again. There iB talk of
another government withdrawal to?
morrow. Two problems facing the
banks are the quarterly installment on
income taxes, due on Monday, and the
July first dividend and interest dis
bursements. Banks frequently lend
out sixty and ninety day time money
to mature around the middle of June
j or a little later, so that it will be
available for such payments if the
j money market does not happen to be
in a sonnd position.
There is very little time money out
i standing now, and very Httle obtain
{able. Brokers who usnally strive to
' maintain a proportion around three
' fifths time money to two parts call
; now regard themselves as fortunate lf
j they have two parts time to three parts
call. The great proportionate volume
of call money naturally makes the mar?
ket more sensitive to call money fluc
tuations than when only a normal pro
i portion of loans are on call. The
i banks have a cerrespondingly greater
i control over affairs.
Steel Stock Holders
Holders of United States Steel com?
mon stock as of record May 29, the
day of the closing of the books for the
iJune dividend, numbered 71,071. This
compares with 78,018 in the previous
quarter and 72,779 at the end of No?
vember. It is the first time in two
years that thc number of holders of
the common stock has shown a decline.
Some commentators scem to think this
means that investors during the last
'. few months have been selling their
i stock to the Street, where it has been
| gathered Into loan envelopes. But such
deductions are not always rellable.
? No Holiday Satorday
The governors of the Stock Exchange
' have refused a petition to close the
exchange this coming Saturday. The
signers urged the closine with the pur?
pose of allowing Stock Exchange houses
. to catch up with their aceounts over
! the end of the month, prior to sending
out monthly statements. The petition
for closing the exchange on all Satur
days during July and August has not
yet been passed upon.
Rock Island Dividends
The refu*al of the railroad adminis?
tration to allow the Rock Island to de
clar" dividends on its two preferred
stocks recalls an interesting incident
of December, 1917. It was then that
the President took over the railroads
and made the announcement that divi?
dends paid before government opera?
tion would bc continued. A few days
before the railroads were taken over
the Rock Island directors met and de?
clared dividends on the first and second
preferred stocks, though neither issue
had paid a dividend in four years. The
present opposition of the railroad ad?
ministration is not ostensibly based on
that incident, but on the fact that no
contract has been signed between the
road and thc railroad administration,
and that the road ought to be using its
money lo finance improvements.
Market Opinion
The Discouraglng Feature
The most discouraging feature of
Tucsday's market was not thc reaction
following the money warning, which
was a pcrfectly natural development for
which evcrybody who sees fit to risk
being in this market was prepared.
Rithor, the disappointment was greater
in the inability of copper and uilver
stocKH to rully following the wide
spread bullishness with respect to cop?
per prices and silver export pool which
had been corefully whispered about on
Monday. -Ilornbtowcr & Weeka.
Credit Control
A lot of stocks are for sale, and the
, buying power is reduced by the check
?'to the rcckless speculative furor.
i] Washington's warnifi^ as to the specu
lativ.r exceases cannot be ignored. A
modif'-ed form of cotitrol of bank
credits may be expected.?Clarke, Childe
& Co.
Bonds and Stocks
Invarlably when tha bond market
broadens and shows ? distinct npward
trend after a boiling stock market it !
means that money is going in invest- i
ments and out of speculativc channels.
New bond offerings are increasing to
make further demands upon the money \
supply.?E. N. Wagner & Co.
Cotton
Mainly on technical grounds cotton
showed considerable improvement, but
we adhere to our opinion that it is not
advisable to go Ion?; on cotton at pres?
ent prices. In fact, wc prefer sales on
any sharp rallies.?Josephthal & Co.
International Harvester Company
The book value of the common stock
based upon thc last report amounts to
$185, whereas if to this value were
added the recoverable value of assets,
perhaps arbitrarily written off, and a
portion of the anpropriatcd surplus, the
value of the common would more
closely approximate $220 a share. At
this time of writing the common stock
is selling at a market price of $135.?
Hirsch, Lilienthal & Co.
American Sumatra
American Sumatra has been way be?
hind the market, and has not started
to get active until the last few days.
The present movement is being con?
ducted by the same powerful interests
which put thc stock above 140 on its
tirst great move. The only reason why
Sumatra has not previously joined in
the advance is beeause the principal in?
terests wanted to see the new financing
completed.?Merrill, Lynch & Co.
Money and Credit
Call money opened and renewed yes?
terday at 6 per cent for mixed col?
lateral and 6% per cent for all-indus
trial collateral. Shortly before the
close the rate went to 8 and 8% per
cent. Not a great deal was put out at
these figures.
Limited amounts of time money are
offering and lending at 6 per cent for
two and three months periods on all
industrial collateral. Renewals are
made at 5% per cent.
The ruling rates for money yester?
day, compared with a year ago, were
as follows:
Yesterday Year ngo.
Per cent. Per cent,
Call money:
On mixed collateral 6 6
On indus. collateral 6[/2 6J/2
Time money (mixed collateral):
Sixty days . 5%@6 6%@6
Ninety days . 5%@6 5%@6
Four months . 5%@6 6%@6
Five to six months. 5%@6 6%@6
Bank Acceptances.?Rates were tin
changed yesterday as follows:
Thirty Sixty Ninety
Spot de- days. days. days.
livery: Per cent Per cent Per cent
Eligible
member
banks ...4ft@4 4J4@4tV 4ft@4'/4
Eligible
non-mem
ber banks.4ft@4 4ft@4"4 4%@4A
Ineligible
bank bills.5!^@4'/2 5'/4@4!/2 5J4@4%
For delivery within thirty days:
Per cent.
Eligible member banks. 4r*
Eligible non-member banks.4!/j>
Ineligible bank bills. 6
Bank Clearings.?Bank clearings yes?
terday were:
Exchanges Balances
New York.$867,995,301 $58,951,701
Boston . 66,017,352 13,156,228
Chicago . 96,837,935 9,140,747
Philadelphia ... 73,541,293 17,127,462
Silver.?London, 5414d; New York,
$1.11%; Mexican dollars, 85%@89%.
Sob-Treasnry. ? The Sub-Treasury
gained $938,000 from the bank3 on
Tuesday.
London Money Market.?LONDON,
June 11.?Closing?Money, 2% per cent.
Discount rates?Short bills, 8% per
cent; three months' bills, 3% per cent.
Gold premiums at Lisbon, 150.00.
The Dollar in Foreign Exchange
Exchange moved against London, !
Paris and Rome in this market yes- i
terday.
Demand sterling rates dropped from j
$4.62% to $4.61^4. Francs were slight?
ly lower at 6.46 to the dollar.
Exchange on Sweden was firmer on
the announcement of the arrangement
of a $25,000,000 Swedish government
loan in this market.
(Quoted dollars to thc pound.)
Week ]
Yesterday ago.
Sterling, demand.$4.6134 '$4.6178
Sterling, cables. 4.623/4 4.627'8 ',
Sterling, sixty days.. . . 4.613,4 4.5833
Sterling, ninety days.. 4.603/4 4.57
(Quoted units to the dollar.)
Francs, checks. 6.46 6.51
Francs, cables. 6.44 6.49
Belgium, francs, checks 6.55 6.67
Belgium, francs, cables 6.53 6.65
Lire, checks. 7.91 8.07
Lire, cables. 7.88 8.05
Swiss francs, cheffks... 5.30 5.25
Swiss francs, cables... 5.28 5.23
(Quoted cents to the unit.)
Guilders, checks.39! 8 3&7/a
Guilders, cables.39 39;1.
Sweden, checks.25.75 25.55
Sweden, cables.25.90 25.75
Denmark, checks.23.60 23.45
Denmark, cables.23.80 23.65
Norway, checks.25.20 25.30
Norway, cables.25.40 25.40
Pesetas, checks.19.95 19.99
Pesetas, cables.20.03 20.04
Japan, yen, checks.51.65 513-4
Japan, yen, cables.51.80 51?a
Argentina, checks.100J4 100(,4
Argentina, cables.100 99%
Brazil, Rio, checks-28 28
Brazil, Rio, cables-28! '8 28! s
Following are the official rates
quoted by the American Relief Admin?
istration on exchange against tho coun?
tries on which it has Bupervision over
all dealing.:
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
Lei to the dollar
Rumanla . 9.35
M. I. Reo/ia. J. I- Ileplogle and Frank
Ktelnhart havo been elected directors of
the Hlnclalr OU and Ilennlna- Company,
aueceedlns C. A. Lockard, J?? a. U. W'ald
aclejre. and J. C. Hj.wk.na.
Sweden Gets
$25,000,000
Credit Here
Syndicate Underwrites Bonds
and Will Offer Them to
Public To-day; Other Is
sues Expected to Follow
To Be Spent in U. S.
Proceeds of Loan Will Be
Used to Finance Purchases
of American Commodities
The Kingdom of Sweden has ob
tained a $25,000,000 loan in this coun?
try. Charles E. Mitchell, president
of thre National City Company, yester?
day afternoon announeed that a syn?
dicate headed by the National City, be?
ginning to-day, would offer for public
subscription twenty-year 6 per cent
bonds, which constitute a direct gen?
eral "credit obligation of the Swedish
government, whose faith and credit
are pledged for the prompt payment
of principal and interest."
The proceeds of the loan, it was
said, are to be used wholly in the
United States for the purchase of com?
modities, chiefly foodstuffs. Bankers
associated with the underwriting syn?
dicate declared that Sweden has heavy
deposits here, but is borrowing now to
get into an extremely strong position
in regard to the purchase of commodi?
ties. It was said that Sweden was asK
ing for the funds at this time to get
ahead of the other European nations,
nearly all of whom are expected to
seek credit in this country.
Switzerland to Get Funda
Since the signing of the armistice
the Belgian credit of $50,000,000 and
the flotation of $10,000,000 of the.City of
Rio de Janeiro bonds have constituted
the only two pieces of foreign linanc
gin. The loan to Sweden is regarded
in the financial district as the forerun
ner of a series to the European neu
trals and belligerents, which will be a
practical expression of America's new
position as a creditor nation. Switzer?
land is expected to be the next bor
rower. It is reported that she will get
between $20,000,000 and $25,000,000 at
5% per cent. The Danes have feelers
out in tho money market at present
and the Czecho-Slovaks are carrying on
negotiations, but it is - the belief of
bankers that the Czechs' loan will not
be consummated until after peace has
been formally proclaimed.
The flotation of the Swedish bonds
will be carried on on a national scale.
In addition to the syndicate members,
bond distribution agencies in many
cities have been enlisted in the sell?
ing organization. Besides the National
City Company, the syndicate consists
of Kuhn, Loeb & Co., the Guaranty
Trust Company, the First National
Bank, Brown Brothers, Lee, Higginson
& Co., Kidder, Teabody & Co., Conti?
nent Trust and Savings Bank of Chi?
cago, Mellen National Bank of Pitts?
burgh, Union Trust Company of Pitts?
burgh, First National Bank of St. Paul
and the Anglo-London and Paris Na?
tional Bank of San Francisco.
Yield 6.05 Per Cent
The bonds will be offered at 99%,
to yield G.05 per cent in coupon bonds'
in denomination of $1,000. They are
redeemable, as a whole, on June 15,
1029, or any subsequent interest dats!
at 102 and accrued interest. Principal
and interest are payable at the Na?
tional City Bank.
Sweden's last appearance in the
American money market was in Decem?
ber, 1014, when she borrowed $5,000,
000 on two-year 6 per cent notes. In
addition tn foodstuffs, Swedtn will use
the proceeds of the present loan for
other commodities, especially machin?
ery and cotton.
At present the exchange rate is
slightly against Sweden, being 25.75
cents to the kroner, compared with a
parity of 26.8 and 35 about n year ago.
-?-?--_
Gold to South America
Heavy applications for gold for ship
ment lo South America were made
yesterday. The National City Bank
applied for permission to ship $3,000,
000 to Argentina. Davis & Co. ap?
plied for license to ship a total of
$7,500,000 gold to Argentina and
Uruguay for account of banks in
Buenos Ayres and Montev-Jco.
Japanese bankers are also negoti
ating for gold, and substantial ship
ments will shortly be made to Tokio.
350,000 Shares
Indiahoma Refining Company
OF OKLAHOMA
Capitalization $3,000,000
Par Value $5
BALTIMORE TRANSFER AGENT, EQUTTABLE TRUST COMPANY
BALTIMORE REGISTRAR, BALTIMORE TRUST COMPANY
ST. LOUIS TRANSFER AGENT, ST. LOUIS UNION TRUST COMPANY
ST. LOUIS REGISTRAR, MISSISSIPPI VALLEY TRUST COMPANY
Application will be made to list this stock on the Baltimore Stock Exchange, the St. Louis Stock Exchange
and the New York Curb Association. v_ __ _ _ ,-.,...^j
From letter of Mr. E. E. Schock, President, we summarize aa follows:
1. The Indiahoma Refining Company is one of the old, well established and successful oil pro.
ducmg and refining companies operating in the Middle West
2. Net earnings for the past three years average over 24 per cenL on the capitalaaikm.
3. Current assets double the current liabilities.
4. Sufficient cash working capital.
5. Extremely high standing of the Company as well as the rndLivkluals comprismg its managesnent,
who will remain in office as heretof ore. i
6. Assured continued successful operation of the Company.
7. Opportunlty for large increased earnings from Company's acreage and wells now drilling.
8. Appraked value of tangible physical assets approximately $500,000 more than the total capi?
talization. *,?-.>?<... ? :"^eH%^ **&fctt,
9. Dividends at the rate of 12 per cent. per annum have been paid for the past foor years.
Its refineries at East St. Louis and Okmulgee are in a.high state of physical condition and efficiency.
In addition to it3 refineries, the Company owns 1 30 miles of pipe lines, 205 steel tank cars of 8000 and
10,000 gallons capacity, steel tank storage capacity for approximately 500,000 barrels of oil, and has under lease
an additional 405 steel tank cars, 25 5 of which will revert to the Company upon the exprration of the lease in 1921.
The Company has present settled production of over 600 barrels of erude oil per day, and owns leases on over
8000 acres of well located land in Oklahoma, Kansas, Louisiana and Texas, on part of which 10 wells are now
drilling, all of which should reach the oil sands within the next 60 days. v. / ;> H ..-^; , ;;;v,
MANAGEMENT ! .?? ? ;>?
Mr. E. E. Schock, St. Louis, President, is an experienced oil man of long standmg, and fs active in the opera?
tion and management of the Company. He was for several years President of the Western Refiners' Association,
ancLenjoys an enviable position in the oil trade.
Mr. A. W. Gieske, Baltimore, Vice-President, has been successfully engaged in the oil busines for a number
of years. Mr. J. A. Berninghaus, Vice-President, was formerly Vice-Preeident of the Central National Bank of
Sl Louis, and is now director in that institution. Mr. W. O. Schock, Secretary, Sl Louis, is also President of the
City Trust Company of Sl Louis. '
Price $5.00 per Share
Subacxiptiona will b? received by the nndenagned for allotment if, when and as recerred, the right being reeerved, bowerei*,
to reject any or all eubacriptiona or allot an amount smaller than that appHed for.
Potter Brothers & Company
6 NASSAU ST. NEW YORK
G, H. Walker & Co. Babcock, Rushton & Co. Moorehead & Elmore
ST. LOUIS, MO. CHICAGO, ILL. WASHINGTON. D. C
Members ,- . Vfembera
New York Stock Exchange ? Vnrt^l,V p?#.t,???. New York Stock E*ek*?f?
St Louis Stock Exchange ^CWcTgo^ock^ch^f Washington Stock Exchang*
West & Co. o. n ? p Poe & Davies
PHILADELPHIA, PA. DimOIlS, U&y OZ. V^O. BALTIMORE. MD.
Members CHICAGO, ILL. ___ ? Member.
New York Stock Exchange New York Stock Exchange
Philadelphia Stock Exchange _. M5mbe,rs . ?, . Baltimore Stock Exchanfe
Chicago Board of Trade
Claude Meeker i p r> q E. R. Diggs & Co.
columbus, ohio Jo? * ? Cappeau oons troy, n. y.
McClain & Co. pittsburgh, pa. Weedon & Co.
M4Sibers
LANCASTER, PA. Pittsburgh Stock Exchange PROVIDENCE, R. L
The foregoing statements and figures are based irpon information obtained from reliable
sources and. while in no way guaranteed, are correct to the best of our knowledge and belief.
Spain to Issue
$300,000,000 Loan
Leglsltaion has been enacted in Spain
providing for the issuance of 1,656,000,
000 pesetas ($3(30,000,000) of perpetual
internal debt bonds bearing 4 per cent
interest to refund the present Spanish
treasury debt of 892,935,500 pesetas
maturing shortly and provide 357,000,
000 pesetas for the rcquisition of the
budget. The new bonds are to be in
six denominations, ranging from 500
to 50,000 pesetas. Tho Bank of Spain
will negotiate tho loan on behalf o[
the treasury by public subscrip?
tion, beginning June 16. The bonds
will be ofTered at 754 per cent of
nominal value. Four per cent treasury
certificates of 1919 and 4% per cen't
certiticat.es maturing July 1, 1920, will
be accepted in payment.
Significant Relation
s
Money and Prices:
Stock of money gold in the country..
$3,092,730,918
A ynir ago.
13,042,711,222
Loans on .11 national banks......... $?Si,wJSm $6l'S'io
Their surplus reserves. 7f.an.fw. ion,tu:o,\jw
Bills dlscountcd and bought by Fed- Uatwelk 75,920,000
eral Reserve banfcs. ?2.136,234,600 $1 2^*587 000
Federal Reserve notes in circulation 2,549,552,000 1 526'232 000
Total gold reserve. 2,160,216,000 1,327W.000
Average price of fifty stocks. ^XjSO' *"*$$"- ^T
Average price of twenty-five bonds.. 87.46 87 36 84 95
Food cost of living (Annalist index t,.,. w,,k t*-_ ?. x.'.
number) . 305.430 309.961 279 295
General commodity price level (Dun's May l Aorl, ,
index number). 222.193 219.973 22^66*5
Production)
Unfilled U. S. steel orders, tons. 4,282,3.0 4,8ob",685 ^7,623
Pig iron output (daily average), tons 6'8,002 82,607 VlTl75
..tl , . u l 191S Jirld. rstlltliteU. The 1917 cron
Wheat crop, bushels. 917,449,000 636 655 000
Oat crop, bushels. 1,538,350,000 1 592V4OOOO
Corn crop, bushels. 2,582,814,000 3 065-_.33'ooi_
Cotton. 500-lb. bales. 12,022,601 \\%2&l
,-Increase or decreaie from year heforo
Distribution. -?r?idV ' ^ u"? l ro?J--.
Gross railroad carningn. +8.06% +4.5% + 154<7
Last ??ik. Week tiefore TW t- h..
Bank clearings. +33.8% +15.9% +122%
General:
Active cotton splnd.es. 33*3P.2,026 32,84?376 3*3734*997
Commercial fallures (Dun's): ' '"'
Number . "*'? **"? lnu?
Liabillties 31 543 880
Building pemlV?'(Bnditnet'i)i'''a *l!i?,5?;?51 *11'45?.4?2 $13,134,672
<1t" ?'"">. *83?i6V89 M03
Curb Brokers Form
Realty Association
Company With Capitalization
of $750,000 Gets
' Charter
Flans of the New York Curb Market
Association to move from the Broad
Street curb market to nn inclosed ex?
change progressed further yesterday
when the New York Curb Market Realty
Associates, Inc, was incorporated at Al?
bany with a capital of $750,000, all sub- j
scribed. The incorporators were John j
L. McCormack, Edgar M. Williamson, ?
Herbert G. Einstein, William Hoffman
and George Winchell.
The article;. of incorporation pro
vided that the stock, which has a par ;
value of $100 a share, shall be issued
only to members of the Curb Market :
Association. Figuring on the basis of I
500 members, the average holding I
will be fifteen shares. The proceeds
from the sale of the stock will pro- j
vide the initial cost of obtaining hous
ing facilities. Whatever else is needed,:
it is understood, will be borrowed i'rom |
tlie banks.
E. R. McCormick, chairman of the
association, said yesterday that while
no definite site has yet been secured,
the proposed curb market exchange
will bo located somewhere between
William Street and Broadway and Wall
and Beaver street3. A series of con
ferences have begun which will result
in the selection of a definite site.
'?The stock of the New York Curb
Market Realty Associates, Inc," Mr.
McCormick added, "will be tied up go
that it cannot bo traded in. The asso?
ciation will also be in a position where
it can call at par at any time the stock
held by any member. If any member of
the association sells his seat at any
time he also has to sell his stock."
-_
Paris Bourse Quiet
PARIS, June 11.?Trading on the
Bourse to-day was calm. Three per
cent rentes were quoted at 62 francs
30 centimes for cash; exchange on
London nt 29 francs 70 centimes and
the 5 per cent loan at 88 francs 5 cen?
times. The dollar was quoted at from
fi francs 40 centimes to 6 francs 45
centimes.
Mining Dividends
Sixteen American mining and netal
lurgical companies paid $5,616,244 to
their stockholders in dividends ln May,
compared with $10,543,897 paid by
tw?nty companies in May, 1918.
Orders accepted ISout
for July delivery
GUARANTEED
First Mortgage Certificates
Paying 5l4 Per Cent.
Sccurcd by First Mortgage on Improved New York City Properr
Issued in Amounts of $100 and Upward
Free from Pcmonal Taxatlon
Legal Investments for Trust Funds.
Send for Booklet ?
New York Title and Mortgage Company j
CAPITAL AND SURPLUS $4,000,000.
135 Broadway, New York 203 Montague St., Brooklyn j;
'Phone 6880 Cortlandt 'Phone 7100 Main V
When Buying Real Estate Conault Va Relatire to Title Examination f
BUY?SELL
PRODUCERS & REFINERS
CORPORATION
COMMON STOCK
CIRCCLAB ON APPLICATION
CARL H. PFORZHEIMER & CO.
DEALERS IN STANDARD OIL SECURITIES
25 BROAD STREET TeL Bread ?86C-.-i-s-4 NEW YORK
Send Jor a eopy of our
'WEEKLY INVESTMENT BCMMABY"
lt tre-ata the lnadlnff listed atoclca,
Cop\f of T2 sent on requut
GOL-DBERGjfr. H EJM
N. M. Ooldbsri Mllton Hi-m
ritHPlAgWAX.. IMC BRQADWAV ,
UL n-ter am U\ C_.nm.ui td
Liberal Interest
on dai!y balances.
Metropolitaa Tnut Cra>pu.y
? ef the City et Now Yerk
J? Well Mfeet, Wt rutk Am?f