The sun. [volume] (New York [N.Y.]) 1916-1920, November 09, 1918, Image 8

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The sun. [volume], November 09, 1918, Page 8, Image 8
About The sun. [volume] (New York [N.Y.]) 1916-1920

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The sun. [volume] (New York [N.Y.]), 09 Nov. 1918. Chronicling America: Historic American Newspapers. Lib. of Congress. <https://chroniclingamerica.loc.gov/lccn/sn83030431/1918-11-09/ed-1/seq-8/>

Newspaper Page Text

fJ7V
I,
8
THE SUN, SATURDAY, NOVEMBER 9, 1918.
New War
Revenue Bill
H'e have In course of preparation a
booklet firing In convenient form
Ibrmt of tho provision of the new
War Revcnuo Dill. Including comparl
mm with the Art of 1017. .Income
Tax tsble. War lYotlw Tax example,
iml otbcr lntcrcttlnB;.datr. and atatlo-
Thls toilet will bo ready for dlirtribu
linn within a few days after tho bill
ha been signed by the President. A
the edition will bo limited we MiKRwt
'that those lntcrmto.1 write at once for
complimentary copy.
Ask Sot Booklet DK-40
A. B. Leach & Co.. Inc.
Investment Securities
62 Cedar St., New York
Chicago Iloston Daffalo i(lnncapoll
Philadelphia llaltlmoro .Cleveland
J. K. Rice, Jr. & Go. Buy & Sell
Air Reduction
Amtr. Meter Stock & Bondi
Amtr. Piano Ccm. fit PH.
American Snuff Ccm.
Commonwealth Pr.. Ry. & Lt., Pfd.
DeJ..Uck.&WetCo&l
Famous Playert-Lasky
k Farmer Loan & Truit Stock
Great Northern Paper
Guaranty Truit Stock
Lehigh Valley Coal Salt!
Lone Star Gai
Midland Securities
National Fuel Ga
Penn Coal fit Coke
Port Lobos Petroleum ,
Remington Typewriter Stocks
Singer Manufacturing
' J. Spencer Turner Deb. 6s
Texas Pacific Coal & Oil
Winchester Arms
J.K.Rice,Jr.&Co.
l'lionea 4000 to 4010 John. ! Wall St., N. T.
LlBEKTY BONDS
BOUGH FOR CASH
All Iaauea and Denominations
Bought at Stock Exchange Prices
DIDRICHSEN & CO.
let. John SlH-t-t-7. It Tine St.. N. T.
CENTRAL UNION TRUSi CO.
ot New York
0 Broadway 54 Wall Street
BRANCHES
31 h Avenue at (X)tli Street .
Madison Avenue at 2nd street
Alb Avenue at 3Stb Mreet
Capital, Surplus and Undivided
I'ronia avii.ouo.ooo
FINANCIAL MWS
AND COMMENT
Stock Market Bccovcrs From
Upheaval CaiiBCd by False
Ponco News.
BISE I IN MOST?' SHABES
Traders Torn to Equipments,
"Which Show Substan
tial Gains.
NEW YORK STOCK EXCHANGE PRICES.
Friday, November 8, 1918.
1918.
Day's sales 839,063
Yeur lo dato 121,115,072
1917.
777,353
103,163,037
1916.
2,110,131
175,135.521
r-Cloalns;.-
Hid" Aik.
KLfct110NSY.IJ MHKT1M1S.
TllEAMKRICArCOrTON
65 Uroadway, New York City.
November 7; 1318.
The Annual Meeting of the Stockholder!,
of the AmerlcanvCotton OH Company will
4e held at the principal office ot the Com
i pany, the Refinery, near Guttenberr, Hud
eon county. New Jeraey, on Thursday, the
Oth day of December, 1,18, at 13 o'clock
noon, for the purpose ot electing Directors,
And of maklnr euch amendment, as may
be deemed advisable, of the By-Laws of
the Company, and tor the transaction of
auch other business as may properly come
before the meetlnr.
The Preferred and Common Stock Trans
fer Books will be closed on Thursday, the
34th day of November, 1918. at 3 o'clock
II.. and will remain closed until Friday,
the nth day of December, 1918, at 10
o'clock A. SI.
,Bjr order of the Board of Directors,
V RANDOLPH CATLIN. Secretary.
DID AND ASKED QUOTATIONS.
V. S. Govt. Bonds.
WKerty 3V4s
liberty at 4
Liberty 2d 4
Liberty 4Vs
Liberty 21 4 lis
, Liberty Sd 4V1
Liberty 4th 4&
3s, registered
2a, coupon
71s, coupon, IMS
.la. registered. 1S48
4s, registered
4s, coupon ...,
Zb, Panama, registered..
Ss, Panama, 1938, regis.
,3a, I'snams, coupon
Not. i. Not. 7.
Bid. Asked. Itld.Asked.
99.91 99. W M.90 99.96
98.CW 9S.50 98.30 9S.SO-,
97.50 98.00 98.01 98.10
94.50 98.70 98.30 SS.G0
93.00 9X.0I 98.00 98.0(1
9S.00 98.10 98.0) 98.04
9S.00 98.10 97.94 9S.10
ss
94
3
83
io;
106 !i
88
94
fS
ion;
106' j
93
98
M
lOS'i
1MI
98
93
M
iom
l'i,
13s. Psnama. registered.. SS
Creslnc prices of stocks In which thnre
were no transactions yesterday:
Bid. Asked.
Adams Exp C54 69
X A Ch pf. 964 100
-A Bk Note. 33V S3
dO Pf 43U 46
Am B S pf M 90
A Br Shoe. N 90
do pf lt.1 175
Ala 43 P pf .103 113
Am Coal... 44
A Cot O pf. S3
Amcr-Expr 93
Am Malt.... 41
ao isi pi. 43
do 1 u c. 43
Am 8hlp....lM
Am 8 Sec A 93
Am Ml Fdy KM
Am Snuff.. 90
do pf 80
Am Bug pf.llo
A S Tub pf 83
Am Tel ss C U
Am IV 1 pf 32
, Am Zinc pt 43
A Dry Gds. 13
do 1st pf. 4Vi
do M pf.. 39
Assets Boal 1
At Btr it A S',i
At Coast L.106
AOAWI pf. 61
Bald L pf...l02H
Barrett nf...l04
Beech Crk.. ..
Beth Sl pf 86
Bkn Un Gas 83
.! Drown Shoe 70
do pf 97
Brunswick. 9
Ban B & V 70'i
do pf 90
BumsBr pf410
Hush Terra ..
JluttcricU. . UU
t!al A Aril. G3t,
Can South. 43V
niVJPeMeh. ..
do pf...7.s
'Case pf SO"
O Leath pf.107
CRH of NJ.3O0
o so A T...i:ii
Cert P lpf.. 2Va
Cbt at Alt.. 10
do pf 1
C4NW pf...l2S
Cbl Pneu T 6SU
O St P O 73
du pf 100
CCC&SlLpf 70
ClereAPitts S3
O Teabody. 60
do pf loo
Col & S lpf (3
do 3d pf.. 43
Conip Tab. 31
;on' Cal'an. 8
Con Can pf.W
CrexCamet 40
pul A Sug.13
do of
Tlct Bd1son.W7
Den alia. I
DelAMack.. ..
I)et United. ..
E3S4A pf.. 7
351k Horn V SSH
' do nf
Eiec fltor... U
ErieAIttta. ..
Fed M 9 11
, ilaher Body SJ
L do pf W
Csu Cheni.470
do pf loo
Gen Cls- pf.l4
'.0
96
5
4i
Bid. Asked.
fiooilrloh pf.l03j IP"
ouir sb lpi vi
Jlanman... fo
Karres pf,,10S
JIask & B.. 47
llock Val... M
llomestalto. 90
Snap Co M'i
lot Arrl.... 13s
do nf.. .. tXV,
nt Nick pf 93H
rap ps. u
Hs't.... K
Jewel Tea.. 31
OO (IS....
Korts pf n
gel fly fit w-
87
1C)
100
130
W
m
ss
M
14
62
68',
IS
li
107
Go
103
M
74
103
104
77
107
115
97
16
70',
44
a)
M
90
103
105
874
10H
19
13
W&
130
70
80
73
105
;i
J 3
w
4
1
IS
14
103
112
6
M
;)
8
47
67
70
II
41
K
no
101
134
94
U
ti
lid
"4
li
W
-4
n
91
ii
Kel Wheel . IS
do pf SO
Keo & D M 3
do pf
Kresgo pf...l03
Kress 8 II, K
do pf 103
Laclede Gas 85
L E 4 W Pf 2"
Llgg A My.180
do pf 104
Lse-W 2 pi 92
LortUard....lS5
do pi lor
aiu St ISas.lJO
Man Beach. .
Man Shirt.. 71
do pf.....lOO
Man Supply ..
do 1st pf. ..
Mackay 73
do Pf
Marliu 11... 71
Math Alk.. 30
May Dp St. CI
do pf 101
M Pet pf.103
Mich Cen... b74
MStPitSSM 95
do pf 108
do L L... CO
Mor & Ess. esli
Mon lr pf.101
NaehCt;StL.110
Nat Bis pf.110
Nat Clk 18W
do of 103
NatEiS pf. 88
Nat Ld pf.101
NKofM 1 pt 13
N Y Air n.103
NY LAW. ..
NYCSL 1 pf W
do m pf 4:4
N Y Dock.. 30
do pf 45
Norfolk So. 13
NorlAsW pf. 72
North Am.. 15
Nova S Stl. ..
Ohio Fuel.. 43
Owens B pf . .
Foe Coast. ,42
do 1st pt. 70
do 3d pf.. K
Jao T 4 T. S3
tlo pt
Pero M p p CO
Pet-0dul....
do pt 91
PCC&StL... CS
Pitt CI pf . 82
MUFtWAV..!!!'.
Pitt Stl pf. 91U
Pond Creek 11',-i
PrStlCar pf 95
RnSeclllc. ..
Kens St Sar.113
Scars n pf.115
Sloss-iSh pt 83
SI L 8 w.. a
SoPortoSur.iis
do pf 100
Stand MI11.117
do ,pf..t.. 83
Studebk pf 984
Sup Stl pf. 95
T Pao li T.160
TldowaterO.185
TolSOAW.. 4
do pf 11
Trans & W. 374
Twin Clt pf 70
V Bog lc 1 714
UCitSIs pf.105
L'u Dri 1 pf 47
U S Kxpr.. 14
Un By Inv, 9
do pf 17
UMC.IrP pf 43
II.snitrAIni a
ussmrii pt 4i
IS
to
4
CO
1074
674
lti
kJl
33
ISO
114
W
100
J Si
111
49
'.15
044
a
44
C2
lor,
101S
914
97
112
70
W4
iio
118
1W
92
VA
W
123
70
47
:o4
43
II
ti
to
63
S
1W
60
100
80
24
90
81
40
100
iS
83
IIS
Hi
14
79
130
1M
91
14
1M
110
13!
864
104
101
ISO
210
8
13
33
125
75
115
.".I
H'i
lo',
li
41
Much o tho excitement which at
tended tho violent movements In tho
eleventh hour of Thursday'! session was
absent from yesterday's stock market.
and after a fairly busy first hour, dure
Intr which stocks receded fractionally as
a result of the discovery that tho nrmts-
tlco story had - been premature, quoted
values as represented by Stock Ex-
chango securities assumed a somewhat
moro normal aspect Dealings were
quieter all around, and despite the
Irregular tendency which character
lied the list at tho cIo3lngtho nu
merous sains displayed at the end of
the day furnished rather eloquent tes
timony of tho strength of' tho market's
teoh'nlcal position. Tho financial com
munity In common with tho rest of the
country wau keenly disappointed over
tho way the story turned out, and al
though this feeling was .qulto general
tha fact that the list did not recede very
far showed clearly that Wall Street is
convinced that peace Is at liand In any
event, 1
There was still a Brest deal of discus
sion In Wall Street as to whether the
story did not have at least some founda
tion, and in this connection the publica
tion of the source from which the re
port was obtained lent itself favorably
to this viewpoint But whatever the out
come of tho present negotiations with
the German Government one thing Is
certain, and that Is that no such dem
onstration as was carried on In the
Stock ' Kxchange In tho last hour of
Thursday's session will bo permitted In
the future: that Is to say, so long as
so much of tho burden of financing the
war rests upon the banking fraternity
of tho nation. This much at least Is
clear. That tho market got out of the
control of the money committee tem
porarily goes without saying. At anv
rate Wall Street had. two previous occa-t
Inn. In . I t . , . I
oiutta in iiiisiu esieruay wnen uie same
thing happened, and so far as the pro
fessional element was concerned It was
not disposed to do anything In tho wnv
of new commitments that might bring
about even more drastic restrictions on
speculative operations than those at'
ready In operation. That apparently ac
counted for tho sharp curtailment of ac
tlvlty.
By tliooray of diversion more than
anything else the trading element chitted
us main attention during tho day to
ine equipments, which enjoyed a fairly
substantial rise. But In comparison with
tho movements that took place on tho
preceaing uay the market as. a whole
was a comparatively tame affair, al
though satlsfctory Inasmuch as that
(lay s rise was exceeding v we 1 main
talned. As a matter of fact thero were 1
only one or two weak spots in the
whole lint, and even they wero disposed
to firm as tho sesiJon projressed. Tho
most conspicuous Instance In this con
nection was Bethlehem Steel, which was
heavy from start to finish, despite Its
fractional advanco at the closing. At
the same time Steel common, Mldvalo
and the leather Issues were weaker than
tho average war Issues, although hold
ing well In the main. What was lost
In the way of prices In this department,
however, was more than made up by
the action of Baldwin, American Car and
Foundry and American Locomotive. Tho
bond department was active again and
the trend was upward, hut as In case
of the stock list bonds were disposed
to react slightly after Thursday's sharp
advance.
The money situation was unchanged,
call funds loaning all day at from C
to fii per cent, and so far aa could be
learned there was no meeting of
tho various committees that have taken
lt upon themselves to look after the
money market.' Strength In sterling
and francs continued to feature the for
eign exchange market Itublcs were
strong and nearly all of tho neutral
rates lower. But the most significant
changes were In sterling, where Indica
tions pointed even more strongly than
heretofore that this rate Is about to
break awav. from tho level at which
lt has been pegged from almost tho
start of the war.
22 M
63H
"W
2H
284
81
101
61
46
96
85
42 fi
IS.
76
a
GO
58
404
79
66
100
92 V4
109
8644
112
102.VS
107H
192
97
BOH
95
14
724
OSH
97
89
23
58
67
4!i
2
28
82
102
01
47
96
86
43
15
11
67
58
41
79
67
100
92
110
87
113
103
108,
195
98
50 Ti
96
15
72
09
97
90
110 111
Dir.
in J
Bali-.,
6
3.00
7;
C
7
0
81
587,
60
104"
1
61
103
61
22
41
152
11
24
46
21
64
169
01
37
37
100
61
8T&
27
51
84
100
31
73
85
23
43
40
40
25
40
103
54
47
101
65
88
33
SI
96
117
180
11'
48
14
2$j
35
25
40
30
44
156
132
84
GS
S2
102
32
55
Va-C (1 pf.,1034 in
, a ifc s r.
Wraths 1 pf 61
Wilson pt.. 97
Wlwrth pf.113
Wmlhlngtn CI
do pf A.. 90
do pf It., 64
' 'lit divtdenl.
43
70
100
1
91Vi
67
MONEY AND EXCHANGE.
CALL KATES.
Mixed Collateral. All Tnrinatrl.t.
iiign i wen
Low 6 Low
Last 4 Last
Renewals 6 Renewals
Year's hlrh 0 lYear's high
Year's low ... 3 (Year's low
CALL LOANS ON ACCEPTANCES
Prime member bank acceptances
TIME LOANS.
64
.. 64
.. C4
.. 4
.. 4
.. 34
4ur.
Mixed Collateral.
Sixty days 60
Ninety days Vt
roar monins eas
Five months U
Six months....... Wf
All Industrials.
Sixty days &
60
Ninety davs
Fourth months.
rive months
six months,
COMMERCIAL PAPER.
(U
Prime Indorsed Bills
Receivable.
Sixty days I4i$6
Ninety days... Be
Six months.... tKO
Other Names.
Three to six ,
months (104
AIXEITANC'ES.
90 days. o days, so days.
Bid. Ask. I1"J- Ask. Bid. Ask.
Eligible member
bsnk 44 if, 4", 4'i 4Ji 44
Eligible non- "
member banka. 44 4H 4,, If, 44 4'i
Ineligible banks
bills r.4 6 64 S H4 6
CLEARINO HOUSE STATEMENT.
Clearing House exchanges, (729,716,288; bal
ances, f7l.336.027; Sub-Treasury debit bal.
ancea, 12.635.387; Federal reserve credit bal
ance, 158,887,(90.
DOMESTIO EXCHANGE.
Boston, par; Chicago, par; St. Louis. 260
lEo. discount: San Francisco, par; Montreal,
S20; Cincinnati, par; Minneapolis, loc.
premium.
SILVER PRICES.
Bar silver In New York, tl.01'4. un.
changed; In London, 491M.. unchanged; Mex
ican uouars, tiftc, uncnangeu.
FOREIGN EXCHANGE.
Prev.
close.
4.73C
4.7663
f.44'i
6.44
C.44'j
C.4I
Yesterday's do
JJemancl
or checks
. 4.11M
&4IU
o.4
Sterling High. Low. Last.
Demand... 4.7590 4.7590 4.7190
Cables 4.7SM4 4.7W34 4.76C54
Francs-
Demand... 6.444
Cables 6,44
Normal
raten
ol each.
4.8646 Sterling M
g.1326 Paris
China
Slongkonff ,.M,M
Shanghai .
19.295 Greece
42.11 Holland
4M1 India-Calcutta
Japan
Yokohama ....
Scandinavia
t'openhagen
Stockholm ......
Chrlstianla ,
Spain ,
South America
Illo
Argentina (gold).
uuenos Ayres. ...
llussta
COO rubles
100 rubles
TIME BILLS ON LONDON.
Bankers.! Commercial.
60 day 4.124 60 day 4.71U
SO dars UOUlDtf days iiou
41.14
33.40
10304
784
123
20.00
414
33.78
C.tJ
27.10
27.M
2C.60
ja.H
24.15
44.13
0.75
20.7i
Cables.
4.7C434
(.it
7
J2
sVV.vw
li
15.71
84.75
27.40
.7.10
M.
VO.ii
:3.m
21.00
a.oo ,
81!
53 I
61
104
1
62
104
61
22
43
157
11
24
47
22
66
171
62
38
40
101
61
9
27
52
83 -
106
31
74
86
23
43
41
41
26
40
103
74
57
47
102
&6,
U89
33
81
98
118
185
12
48
14
4
20
35
26
42
45
157
133
85
58
83
103
"-54
56
J
35
67
104
55
9
10
50c
no
1400
1000
400
5100
2200
3000
600
300
400
7700
200
3200
200
900
2100
400
100
COO
300
300
6200
100
22200
200
5000
1500
8300
1800
100
100
200
200
700
11300
600
2200
600
2000
10
32700
4200
700
COO
2500
700
1500
28200
100
1000
200
200
900
1100
1000
100
1800
2700
300
100
1S00
4800
2300
$00
3300
1300
400
11900
Highest.
Acme Tea 1st pf.
Advanco Itumely
Advanco Huinely pf.....
Ajax i lubber
Alaska Gold Minos
Alaska Juneau fl M
AllbvChnlmers Alfg ....
Allls-Chalmora Mfg pf . .
Am Airrlcul Chemical . .
kAm Beet Sugnr
Am can
Am Can pf
Am Car & Foundry
Am Cotton OH
Am Hide & Leather
Am Hide & Leather pf . .
Am Icq
Am lea pf
Am International Corp..
,m l,ltiseed Co
in Linseed Co pf
Am ,ocomotlvc
Am Locomotive) pf .
Am Smelt & lief
Am Smelt & Hef pf
Am Steel Foundries....
Am Sugar, lief.
Am Sumatra Too
Am Tel & Tel
Am Tobacco
Am Tobacco pf now..,.
Am Woolen
Am Woolen pf
Am Zinc, It & Smelt....
Anaconda Copper
Associated Oil Co
A ten, Top & Santa Fe...
Atch. Top & Santa Fo pf
Atl Gulf & W I S S i
Bank ot Commerce
Baldwin Locomotive) Wks
Baltimore & Ohio
Baltimore; & Ohio pf
Barrett Co
Batopllas Mining
Bethlehem Steel
Bethlehem Steel 8 p c'pf
22
68
60
6
2
27
84
102
01
46
97
81
43
14
75
45
66
58;
41
79
05
100
91
109
88
113
104
107
189
98
50
95
15
71
07
97
SS
111
195
79
68
01
103
1
00
103
X2
23
68
CIVU
6
2
28
84
102
01
48
07
80
43
15
76
45
60
58
41
79
07
100
flri
no
89
113
105
108
189
98
60
95
15
73
GS
98
90
11 Hi'
1195
82
59
01
Low
rati
Bethlehem Steel H 02
Booth Fisheries
Brooklyn Itapld Transit..!
Burns Bros
Butto-Copper & Zinc
Butto & Superior Cornier.
Cdllfornla Packing Co . ..
California Petroleum ....
California Petroleum pf..
Canadian Paclllc
Central Leather
Cerro do Pasco Copper...
Cortaln-teed Prod Corp. ..
Chandler Motor.!
iChesapeako & Ohio
Chicago Ot Western ....
Chicago Qt Western pf. .
CI11C. AIll & St 1W.1I
iChlc, Mil & St Paul pf . . .
Chicago & Northwestern.
Chic. Itock Osl & Pac
OOOIChlc, R I & Pac C p c pf.
400 Chic, 11 I & Puc 7 p c pf .
7500 Chllo Copper
SlOOiChlno Copper
lOOlCleve, Cln. Chic & St L. .
600lCol Fuel & Iron
400IColorado & Southern....
1900 Columbia 4J & Elec
COO'Consolldated Clas
lOOiContinontnl Can
100 Continental Insurance...
0300lConi Products P.ef
00 Corn Products Ref pf....
Crucible Steel Co
Crucible Steel Co pf
Cuba Cane Sugar
Cuba Cano Sugar pf
ueero & co pr
Delaware & Hudson
Del, Lack & Western. . . .
Denver & Illo Ur pf.
82
22
58
Cli
4
2
27
83
102
61
16
97
84
43
14
75
44
56
68
40
79
65
100
91
109
86
112
102
107
189
98
60
95
14
71
67
97
SS
110
195
78
r.s
Gl
CI os
In I.
10l'103
3000:
200
11000
3000
300
400
300
800
800
Distillers Socur Corp....
31
65
103
55
9
36
117
29
120jl21
34T 34;
. otx
62 I
5 I
3
4
4
8
12
6
1
10
1400 Dome Mines
100 Duluth, 8 S & AU
14400 Erie
7300 Erie 1st pf
100 Erie 2d pf
200' Federal MIn & Smelt Df.
3100 Gaston, W & Wlgmore..
600 General Clgnr Co...
200 General Electric Co.
6100 General Motor Corp,
600, General Motor Corp pf. .
oUUiuoodrich, Is r
118;
29 V
56
57
40
101
100
72
10
20
63
39
93
98
40
07
30
171
28
43
14
6
12
30
61
79
30
108
15
43
61
8
20
33
82
21
41
23
110
101
46
7
60
34
69
119
49
59
16
40
6
34
49
102
18
48
86
77
68
88
127
7
102
25
91
38
39
79
99
117
15
31
39
61
12
9
23
164
16
37
61
108 i
63
8
-'7
68
58
40
104
106
72
10
20
63
41
101
100
40
69
31
172
28
44
14
6
12
31
61
SO
31
109
15
44
02
9
20
33
83
24
41
24
111
101
46
7
61
35
70
123
49
"60
16
43
6
31
50
102
-18
49
37
SO
68
129
68
25
91
38
39
80
99
119
15
32
49
62
12
10
23
167
16
37
52
108
100 Granby Consol M & S . .
8000 Great Northern pf
2300IGreat North Ore ctfs...,
900Greene Can Cop ex dlv.
lOOlGulf, Mobile & North...
100 Gulf, Mobilo & North pf
200!Gulf States Steel
1100 Illinois Central
3700 Inspiration Con Cop.
2700llntorboro Con Corp
200.1ntcrboro Con Corp pf.,,
HOOllnt Harvester Co now...
2100 Int Mer Marine
12500Int Mer Marine pf
3S00 International Nickel
900i International Paper
100Int Paper pf stp.d
iuu 10 wa central
22
42
154
11
23
47
22
65
170
61
38
37
99
C0i
8
26
62
S5
105
30
73
85
22
42;
40 1
40
25
40
104
73
54
48
102
63
88
32
80
96
116
182
12
48
14
4
19
35
26
41
30
45
150
133
I 83
5S
I S2
100
32
55
! 8
1 33
' 66
.1104
54
9
37
H1S
30
1
C2
101
02
22
42
154
11
24
47
22
05
171
62
38
37
101
01
9
27
52
S5
1
60
103
01
22
41
154
11
23
40
82
23
58
66
4
2
28
83
102
01
46
97
85
43
15
76
45
- 50
58
40
79
66
100
92
110
SG
113
M3
107
189
98
60
95
15
72
08
97
90
111
195
81
59
01
104
1
62
103
61
22
41
154
11
24
46
Net
Chance.
I
1
1
r-Cloalng.-
nM. I A'K.
33 V,
72
70
44
35
16
194
26
19
78
97
l
1 1
47
130
37
1
1
1
2
2
!
3
"
1
2
65 C5
170 '170
00 1 t.-i
37 3S
37.' 37
99!100
60. 01
8 9
26 27
51! 51
84 I 34
10610510C
31 .10! 31
73 !
85 I
22
42l
40
40
25! 25
40 40
10.1 103
3
85!
23
43
40
40
3
85
23
43
40
40
25U
41 '
104
73 I 73 I 73
54 i 51 I 51
4S 47, 47
102ll02 102
l.tii1 14?I l'i
88 88
33, 32
Sl Is0
96 96
117116
IS? iISI
12 11
48
14
4
19H
34
26
41
30
44
156
132
S3
6S
s:
2
ai
21
1
1
-4- i
48
14
4
20
30
20
42
30
45
156
136
85
58
S2
103 100
sa a: 39 u
67 53
S ! 8
33 I 33
66 I 65
103 jl04
53 61
9 8
37 37
119 M17
30 I 29
8S
33
Sl
96
117
182
11
48
14
4
20
33
20
42
30
44
jStiO.
SO.J
1
'
58
82
102
32
55
8
33
Co
104
05
9
37
117
29
'
a
. l
'
I
i
i
21
6
1
l'
103
73
80
1
14
98
94
72
105
49
102
112
90
15
69
68
10
40
25
76
15
29
22
63
92
45
10
21
47
2GTs
85
67
28
33
72
71
44
38
17
194
20
20
78
98
7
16
51
DlTJ JL
In I. Sales
42000Southcrn Railway....
900 Southern Hallway pf.
30400'studebaltcr Corp
2800lHtUtz Mdtor
COO Superior Steel Corp..
400 Tenn Cop & Chem....
2600(Tex;lS CO.
16!
10
136
76
38
104
70
33
148
15
98
96
73
107
50
102
112
91
15
59
09
10
40
20
79
15
31
23
63
92
45 '3
10
24!
48 '
27 ;
S5
6S 1
10
6900 Texas & Piiclllc
200 Third Avenue
10700 Tobacco lToducts
800 Tobacco Products pf.....
200 Tol. St L A W t a ctfs. . .
200 Tol, U & W pf t c ctfs.
100 Twin City R T
600 I'nderwood Typewriter. .
6700 Union IMcinc
600 Union Pacific pf
200 United Alloy Steel
4500 United Cigar Stores
100 United Drug Co
100 United Drug Co 2d pf . . .
100 United Fruit Co
100 U SCI Pipe A Fdry....
2000 U S Tnd Alcohol
100 U H 1ml Alcohol pf
6900 UH Rubber
COO V S Rubber 1st pf
2100 U S Smelting, R & M...
S8200 V S g;eel
250 U S Steel pf
1400 Utah Copper
1400 Utah Sec Corp
200 Vu-Carollna Chem
200 Va Iron, Coal & Coko. . . .
3300 Wabash
2900 WabaBh pf A
600 Whash pf B
100 Wells Fargo Express....
4000 Western Maryland
100 West Maryland 2d pf . . . .
1400 Western FAclflc
700 Western Pacific pf
1600 Western Union Tel
2900 WestlnKhouse E & M . . . .
8001 Wheeling & Lake Erie..
500' Wheeling & L E pf
700,Whlto Motor
28500lwilI:s.Overland
llOOlWIllya-Overland pf
7200'Wilson & Co
100iWlscqii8ln Central
24;i23 1 8' 200!Woolwortli. V W
Opening.
Highest
I 7'
33
71
69
44
37
16
192
24
20
78
97
7
14
48
109
136
75
38
102
75
82
147
15
99
94
73
106
49
102 112
0
14
60
08
10
40
25
76
15
30
21
62
92
45
10
23
47
26
84
05
37
124
34
72
72
45
37
10
195
27
20
79
98
7
14
48
109
137
75
88
104
75
82
147
16
99
94
74
106
60
103
112
91
15
60
68
10
41
25
76
16
SO
23
62
92
45
10
24
17
27
85
69
37
125
Lowest
33
71
69
44
36
16
192
24
20
78
97
7 I
14,
48
109
135
75
38
102
75
82
147
16
98
94
72
106
49.
101
112
90
14
69
68
10
40
25
76
15
30
.21
62
92
45
10
23
47
26
84
05
37
124
Closing.
33
72'
70
44
36'
16
194
261
20
78
97
7
14
48
109
130
75
33
103
75
82
147
15
98
94
72
106
49
102
112
91
15
69
08
10
40
25-
76
16
30
23
62
92
45
10
24
47:
27
85
68
37
125
Nst
Change.
"
1
"?i
1-
li
1
1
1
u
2
4-
1
1
2
1
4-
2
Odd lots, t Dividend deferred pending settlement of railroad contract.
Notts Odd lot transactions are not recorded In separate lino unless sales
were made at prices outside of the regular full lot range.
BONDS IN NEW YORK STOCK EXCHANGE.
Friday, November 8, 1918.
Dai's sales
fe.'isj'
to datet.
RANGE OF
1918.
.. $13,383,000
1.328,184,000
LIBERTY
Open.
. 99.90
1917.
$3,430,000
844,590,000
BONDS.
1910.
$4,840,000
931,940,000
U. S. Liberty 3s (1932-47)
L. K. Liberty 1st conv. 4s fl32-47)
C S. Liberty 2d 4s (1927-42) 97.80
U. S. Liberty 3d 4s (1928) 9S.00
U. S. Llberty lMt conv. 1S (1932-47) 9S.40
U. S. Liberty 2d conv. 4s (1927-42). 9S.00
U. S. Liberty 4tll 4S (1933-38) 98.00
High. Low. Last. XetChffs,
99.98 99.86 99.9S
97.80 97.80 97.80 .20
98.34 98.00 98.00 .02
98.70 98.40 98.70 -f .20
98.10 98.00 98.02 .04
9S.00 98.00 98.00
United States Government Bond Detailed .Transactions.
(Sales In $1,000 lots.)
US Liberty SV CS Lib 1st 4Ws 20 0S.20 10 08.101 40 08.34 100 US.18
117 ou.oo :vo bs.so a fltus 20 ss.oo 10 oa.ao si 98. m
1 90.MI 16 118.40 SO 98.00 .5.1 . . 08.03 .'. 98.24 3.) 11U.10
30 99.92 20 98.WI 12 ... BM)4 2 98.00 111 98.20. 1 98.12
14S 99.UO 14... . 98.70 40 WS.OO 8 9S.08 10 9S.10 32 U3 02
33 99.04 3 98.74 f.0 98 00 is 98.10 1 U.12 25 98.10
84 90.90 5 08.70 23 9S.00 3.. . .98.00 10 9S.14 SO 98.10
18 99.94 13 9S.C8 33 SSOI 73 . .98.10 5 ... 98.18 ISO 9S.00
13 99.90 1... . 9S.f,0 1 .9S.00 25 ., 98.02 140 08.20 10 98.00
ol 99.92 3 . 98 70 13 . K8.IW I) S Lib 3d 41S 82 98.22 100 9S.IH)
J 99.90 U 8 Lib M 4'fs 20 98.01,303 98.00 173 98.20 10 98.00
7 99.94 73. ,....98.00 l!0 . ..98.00 35 98.08 18 98.22 tjs tlh .,h
60 U9.96 91 98.06 40 98.02 ! 1 .. . .93.00 30 98.10 ,,J
.', 99.94 "i! 98 00 S ... 98.00 ' 170 SS.JO 10 08.20 "w "w
47 99.90 10 98.04 2 98.04 1 U8.10 6H 8.14.O0 'JS.OO
127 99.90,103 93.00 10 .. .98.00 2S 98.10 0 98.12
20 9.9 23 98.00 38... .98.02 6 98.14 SOO 08.00'
4" 99.90 10 9S.00 .', ... 98 00 CO 98.24 3 . 98.101
USUbertyld 4a 10 98.04 3.'. VS 00 2 U8.1U .1 . . . 08.12i
u;.80l s ms.00 o us.os 10 9S.22 2 93.10:
Am Forn Sec ts
13 98I2
41 987B
CO 99
AngloFrench ts
Railroad, Industrial, Foreign Government and Other Bonds.
(Sales In $1,000 lots.)
OMABtl'CTj Interb K T ref
120 121 120 121
34
35?,
02 s;
r.a;
6
7
8.18
. . 1
C200iKansas City Southern...! 23
700 Kansas City South pf...1 57
100 Kelly Springfield Tiro.., 5s
10600 Kennecott Copper 39
58 Kings Co E L & P 101
100 Kresge Co. S S 105
900 Lackawanna Steel Co... 73
400 Lake Erie & Western... 10
100!Lee Rubber & Tire 20 !
3300iLhlgli Valley 1 01'
lOOiLoose Wiles Biscuit 40
100 Loose Wiles Bis lstjif... 93
300 Manhattan Elevated 100
4000 Maxwell Motor 39
700!Mnxvell Motor 1st pf.... 9,
700 Max woll Motor 2d pf..... 30
20200 Mexican Petroleum '169
2500 Miami Copper I 28
6500 Mldvalo Steel & Orrt .1 44
3700 Minn & St Louis new.... 14
200 Missouri, Kan & Tex...
300 Missouri, Kan & Tex pf
15000 MlKSOurl Pac I tie
200 Missouri Pacific pf., ....
700 Montana Power .......
300 National Acmo Co
COO National Biscuit Co . . .
1200 .National Conduit & Cable
100 Nat Enam & St ex dlv...;
200 National Lead Co ex dlv.
400iNat R R of Mexico 2d pf.
600 1 Nevada Con Copper
1000, New OrloanH, Tex & Mex
7000 Now York Central
100'New York, Ohio & St L..
5000 New York, N II & Hart.
1000 New York, Ont & West..
200 Norfolk & Western
7300 Northern Pacific
3800 Ohio Cities Gas
200 Ontario Silver Mining....
300 Owens Bottle Mach
300 Pacific Mall
5400 Pan-Amer Petrol &T ...
200 Pan-Amer Petrol & T pf.
2800 Pennsylvania R R
1100 People Gas, Chicago....
1200 Pere Marquette
300 Pere Marquette pf
200 Peoria & Eastern
500 Philadelphia Co
11600 Plerce-Arrow Motor ....
200 Plorco-Arrow Motor pf...
6000 Pierce OH Corp
300 Pittsburg Coal ot Pa.....
7800 Pittsburg & West Va. . . .
100 Pittsburg & West Va pf..
200IPressed Steel Cur
3
3
02 I
5 I
23 i
57 I
68 I
40
104
103
73
10
20
64
40
93
100
41
34
33
02
3
22
57
58
39
104
103
72
10
20
63
10
93
1O0 '
3S7;
G9! 67
31; 30
176 ,109
r 1
1
1
1
1
1
2S
44
14
0
12
31
61
79
31
109
100 Public Service Corp N J.,
300 Pullman Co
3300 Railway Steel Spring....
100 Railway Steel Sp pf....
2200 Ray Consol Cop
16100 Reading
600 Reading 1st pf. ..r
200 Rending 2d pf
8400 Republic Iron & Steel...
300 Repub Iron & Steel pf...
1200 Royal Dutch Co
8300iSt Louis & San Fran....
600St Louis & San F pf
100 St Louis .Southwest pf...
300 Savago Arms Corp,...,.
1400 Saxon Motor
1000 Seaboard Air Lino
300 Seaboard Air Lino pf.,..
300 Sears Roebuck Co
3400 Shattuck Ariz Cop
6400 Sinclair Oil A Rer
100 Hloss-Sheffield S & I
0900 Southern Paclllc
42
-.
Hi
99
46
7
61
34
69
120
49
60
16
40
34
48
102
18
49
33
78
67
90
120
08
102
25
91
37
39
80
1 99
119
i 14
1 SO
! 39
61
11
10
23
166
15
36
53
107;
6 I
12 I
30
61
78
31
108
15 i 15
43' 43'i!
02 1 02'
8' 8
20 1 20:
32 I 33 1
S2! 83
42
21
111
102
47
7
01
35
70
122
49
60
16
40
6
31
60
102
18
49
37
7S
67 "4j
90
127
69
102
25
93"
38
39
80
99
120
15 I
32 !
39
01
12
10
23
167
16
38
62
015 t
113!
13
0
12
20
01
78
30
10S
13
43
02",
8
20
32
1-2
34
33
62
5
23
57
5S
40
101
105
72
10
20
03
40
93
100
40
07
31
172
23
43
14 i
il
12
31
Gl
79
31
10S
15 I
43.
62'
Si
20'
33 I
1
2
"
1
1
1
'
41
24
110
99
40
01
34
09
120
49
60
16
40
r.
" I
31
47'
101
17
49
33
7S
67
90
126
68
102
25
91
37
39
79
99
117
14
30
3!)
61
11
10
23
100
15
36
52
109 1107;
82
41
24
110
101
46
7
61
33
69
122
49
60
16
40
V,S
1 1 i' '
49!
101'
IS
49
36
78
67
90
127
6$
102
25
91
33
39
79
99
117
15
32
39
01
12
10
23
167
16
37
52
1QS
1
1
4- 1
1
'i
U
4
T- 1
4- 4
i- 1
... ii
1
4- IT
u-
100. ,
to. .
15. ...
10..
3 . . ,
111. . ,
4.1...
10. . .
13. . ,
10. .
I".
33..
35..
10. . ,
104 . .
3. .
4 . .
3. .
10. .
3. ,
3. .
1 . .
3. .
10. .
40. .
2J. '.
33. .
35.
. .90
. . .9'',l4
.. .ur.is
. . .90
...9014
. ..9d
. . .UCI4
. . .9V8
. . .9U
. . .9018
. . 90
. . .SOIg
. ..96U
. . .ur
. . .90U
...90
. . .901s!
...9(1
. . .901.4
. ..9AU
. . .90U
. . .90
.. .90U
. 90ls
. . .90
AmSmeltAR (s
A 9134
2.1 .93
AmTitTCT s
03
21. .
IS..
. .101
. .10413
. .104
. .10334
..10234
. . 103
..10313
. . 1113 is
. .IO3I3
I033
0.,
I?!.'
a'.'.
9. .
AmTAT clt 4s
12. .... .8
AmTAT clt Ss
A 9Ct
4 98
Armour 4W
1 ss
1 Ssls
A TAS F ten 4s
z. .
0. .
1 . .
14. .
A. .
3. . .
.80
. .991
. .90
. 89
. .83
. .83
. .90U1
, .98
. ,901s
..90 I
FrenchKcpSbv
POlsi Am Wrltlngl' J
4K
1 8713
1 88
1 864
ChlltlAI'Ily is i
It . . . 82
1... .81
ChlRMPreMs
17
1..
3. .
1. .
10
h '. '.
3. .
3.
. .78lj
.78
.70
.70
,7U
.7914
Tub
,79ljl
79-14
Is IIM
7.....S4ls
29 H
2 84
23 84
Inter bo ro - Met
col trust 4H
1. .
10. .
9.
3.
1 .
$ . .
0. .
1 881.
AttantsKwixtt
North lit
1 95
B O I 1WJ
1 K3l4
6 . ... 89
U A O CT 4Hs
ft Sflia
10 8vH
ns.it.io' gold 4s
11 K4
10 104U
29 104IJ
1 llMStj
3 103-14
J 104
n 104I4
It 104
1 10334
City or Bor
deaux s
1 1003s
10 10034
Cltyofl.yons 6s
10 lOHa
9 101
City or Mar
seille. 68
3 looia
3 lt,01j
City of Irls ei Bkn Kap Tr
21 U41 i .
I 98-B
101 '.19
11 087,
05 , . 0814
United Klngdm
rt'isnew
Chi ct W led is
.07
.07Ij
.03I3
.CSV
.0713
1 69
.U93
1 . 70 1
Chile Copper 6s !
1 89
part paid
10 8S!t '
20 so
3 81
9 ...89lg
Chile Copper 7s
3 .116
CCCASt L 4i,i
4 S4I
Cololn cui Ir Ss
3 70
Col So ext 4to
1 t-tlH
2 8J
10 82U
Bait A O P L F Con (las ct ta
W Va 4s
5. . . . , .'J
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r. . . . .33
Dctb Stl fdg Ss
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belli Stl Ss 1139
9 83
BradVn Copies
1 1071s
DelAHud ct Sj
5 . 07
Deo A Illo (I U
3 74
3 7434
3 75
Detroit Un '-
1 7013
90. ,
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10 97
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Japanese :d4)is!
Uer atd
13. .... .80
1 SOU
NY CltylHsM
May
2 S3
NY Clty4Us60
rrnstcroa
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in MIn
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. .3013
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2 67lj
2 3734
11 38
2 371a
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4 a
16 73
A 753s
lot U Marine la
3 103
Iowa Cent 4s
1 .... .y.a
1 . . . f 51
1 . . .SOU
Kan O S ref Se
1 90
S . ...89U
3 8934
Kan City So Ss
1 2'3
1 l
1 04
Kan CltyTer 4s
1 Ml
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A . . 81
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1 671
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Kr Central 4s
10. 78
L3A MS 4s 1831
5 . . . .901s
Lehigh Val ss
temp rctM
23.
Lex ,
NYChlAStl. 4s
3 82
NY Rys ad 8s
1 . . . 2OI3
NY l!ys fdg 4s
s... 4913
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1 . 78
NY Tel gm 4t
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7 9138
NY Westch'tor
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1 64 S.
1 ftl3
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1st Ss Ser A
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6. f. . . .8934
4.1... .90U
A 89-14
2 . . . .91
Pierce OU es
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3 93
warrants
3 98U
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10734
40 .
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Long 1M sra 4s Pub Sen- Corp
3 851
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Erie ct 4s ser A
35 M
3 35-18
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1 62
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23 ..ml
Ev A T II con !
6 Of !
Gen Bitg 8s ',
3 80
Hud A M fdg
Is Series A
0 . 08 I
13 67 I
IltldAMau adl ,
! '-'O
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95
Lnntt 11 fdg 4b
3 80
3 . .8H3
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1 ....11134
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Lou A Nash 4s
1 8713
3 8014
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2 841-j
UldvalaSteel
1 90I4
20 01
5 . . . .90
1 91
Minn A Stl.
I . AO
a soli
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MoK A Tei 4s
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Mo Pac gin 4
15 fiOli
13 Cf.13
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10: 66I4
11 068
. .66I3
. .66N
. .6OI3
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. .60-18
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Chi Ct West 4s 111 Cent 4s 1931
43 1.0 I 2 8SI
19 07. 'ill Cen rf 4s SS
3. . . . OOI4I 20 SO
3 68 23 8OI3
Oil II j s 1st So! Illinois Stl 4Vis
it aiist i ems
12.
1.
2.
15.
rri.
1.
20.
M11 Pac is 1WH
10 O.IU
31 St VAS 311
con Ss
ft 101
NO Tea A M Sa
25. . ...17
N Y Cen deb 4S
0 .... 88
N Y Cen deb
1...
Ala Mid 1st '
3. US' j
Alaska O cv est
Series 11 1
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3 100 I
OIAStP cv ts
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of N J 5s
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BeuIAS Ss 1041
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1. . .90
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Series A
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l5! '. '. Is.ila
24 80
4. . . : . .853a
1 857a
Southern By s
3 VMl
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0
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717a
ri'j
in
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9
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13 100
TittAPac 1st Ss
2 90
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a so
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4.
GOSSIP OP WALL STREET.
Bond Market Advances.
"continued buying of specialties nnd
high grado bonds yesterday resulted In
new high prices for this movement for
maiiy Issues. Somo railroad tssuea havo
advanced from two to nearly eight points
In tho last two weeks. This Is particu
larly true of tho St. Louis and San
Kranclfcco prior lien A Issue. Quiet pur
chases of Hudson and Manhattan ad
justment Income 6 are ulso reported.
This "company could pay some Interest
on tills Isauo but prefers to build up a
substantial reserve fund. When Increased
fares wero announced for the Hudson
tubes tho refunding 6s wero selling
around 55 and tho adjustment Incomes
at 25. Now the adjustment Incomes are
quoted at 20 nnd the refunding 5s at 68.
Much complaint was heard In brokeraio
offices with regard to the market for the
Fourth Liberty Loan bonds. One broker
said he was unable to nit buying orders
yesterday for from $1,000 to $60,000
of bonds because he could not-obtaln
tho fcecurltlcs. Notwithstanding that the
demand appear' to be greater tlnrfi the
bonds offered the price continues at98,
which Is considered as Indicating kin
indisposition on tho part of somo brolCru
to see tho bonds advance. i
BOND CONVERSION
PERIOD ENDS TO-DAY
r Federal 'ilcscrvo Bank Forces
Enlarged to Handle Last
Day Rush.
HALF 0l LIBERTY is IX
Switching.
The Irregularity of tho general market
yesterday reflected tha switching by
speculators from war stocks Into Issues
that nro expected to benefit from the
declaration of peace. Baldwin Locomo
tive, which at one tlmo was considered
one of tho most prominent In tho war
stock class, seemed to break away from
tho relative heaviness of tljcse Issues
and rose more than two pomts on ac
tive buying, which had much of the
incentive In tlo fact that large orders
aro being placed by tho Itallroad Admin
istration with locomotive companies.
Lovr Priced Hails.
Railroad shares that are selling for a
small number of dollars a share are mid'
lng Increased favor with those Investors
and speculators who itint securities that
nro expected toadvance with the decla
ration of poacaA This was most vividly
Illustrated by theNatrcngth of Erie issues.,
which rose to new high levels for this
movement, and Texas and Paclllc, which
had a sharp rise to a new high mark.
St. Louis and San 1'ranclsco Is being
quietly picked up by persons who expect
the company to make a very favorable
contract with the United States Govern
lrent. Minneapolis and St, Louis Is de
clared to lie In process of accumulation.
In connection with the latter l&suo at
tention Is being directed to tho fact that
under tho plan of readjustment which
was put Into effect In 1916 shareholders
paid In $20 a share for new stock which
13 now being traded In around 14.
Wilson fc Co.
While it Is true that there is specu
lative buying gcjing on In Wilson & Co.
there Is also a fair amount of Investment
buying for cash by persons who con
sider this ono nf tho best peace stocks.
Thu readjustment In business that Is ex
pected to follow tho establishment of
pcaco will not affect tho stocks of tho
packing companies, according to good
Judges of Investment pocurltles. On the
other hand tho business of theso con
cerns is expected to expand, because
with the wur; at an end people aro ex
pccte l to abandon their pledged of con-Hi-rvallon.
Peace Is also expected to re
sult In tho reopening of the markets In
neutral countries and the outlook for
growth In the export branch of the
bucking Industry Is considered very
bright. To take advantage of tho greater
foreign trade it will bo necessary to
hae larger working capital, but tho
Wilson company directors have not de
cided definitely upon the new financing
contemplated by tho company. It Is
understood, honcver, that tho form of
obligation to bo Issued will not bo a
short term note.
A Fond Slock.
Anothrr food stock that is coming
in for no little consideration by per
sons desiring peace fchatvs Is California
Packing. Tho chief market for this
Issue has been In California, but the
quotation has recently been advancing
on the New York Stock Exhangi bc
causo tho business of food companies
is expected to grow at'tur tho war ends.
This company lo tho largest producer of
canned vegetables and fresh and dry
fruits. It is also a largo seller of
canned salmon by reason of Its owner
ship of the Alaska Packers Association.
Callfurnlit Petroleum.
Recent purchase of California Petro
leum th.ires hae been based on the
much Improved position of tho company.
When tho company was formed oil was
selling around 50 cents a barrel In Cali
fornia and subsequently declined to
25 cents a barrel. Tho greater demand
insulting from tho war, howover, has
forced the price to $1.23 a barrel, so
that the company Is now earning more
than ever before. Payment of tho back
dividend of about 9 per cent, on tho
preferred stock is a possibility which
might bo realized If tho company dis
posed of Its largo Inventory of oil, but
tile directors have not taken up In
a formal way the wiping out of these
payments, Tho common stock has been
bought because of tho company's btrong
petition nnd the fact that tho itsuo soils
for a small number of dolluis a share.
American SuuiHtrn,
Tim rtno of about ten points during
tho last few days In American Sumutra
Company stock has been duo as much
to the expectation of action on the 15
per cent, htock dividend as to the tech
nical market position of the company.
Thlf. stock dividend, which waa approved
.by tho capital issues committee, will,
Certificates Duo Dec. 5 Will
Bo Accepted for Second
Loan Payment.
Tills Is tho last day upon which Liberty
bonds of tho 4. percent, denomination can
can bo converted into 4 per cents., nnd
the Federal Reserve Bank for this dln
"trlct has taken on extra help to handlo
tho rush of business that has' been im
posed upon lt because of thoao .who
waited until tho last days to effect their
bond coney rslonji.
The Federal Reserve Bank yesterday
had one of the buBlest days In Its history.
All day lines of bondholders eagerly
stood before the windows, and tho throng
was so largo that extra, attendants were
called in to keep order.-" The rush con
tinued long after tho usual banking
hours!, and the managers and clerks pre
pared themselves for a night of hard
woik to catch up with the rush that al
most had swamped them. At tho sama
time thero was a feeling of annoyance
among many of the bank workers be
cause of tho conditions which the tardy
ones had brought about.
Among those who sought to convert
their bonds yesterday wero many who
were holders of tho 3 por cent bonds of
the First Liberty Ixan. These wore sin
gled out from the lines whenever pooslble
and handed a slip which Informed them
that they had the privilege of convert
ing their bonds Into 4s any time up to
April 24, 1919. This, of course, does not
apply In tho case of holders of Liberty 4.
of the Second and Third loans, whoso
tlmo limit for conversion expires to-day
Arrangements have been made whereby
the banks will have until noon on Mon
day to convert the accumulation of bonds
which havo been placed In their hands for
that purpose to-day. 1
While no figures ns to tho actual
amount of conversions could bo given
out nt the Federal Reserve Bank, lt was
estimated that If tho ratio of conver
sions In this district was being dupli
cated 'In other Federal reservo llstrct8
almost half of tho Liberty Loan 4s
would havo been converted into 4',js.
The Federal Reserve Bank of New
York, n connection with the calling for
payment two weeks before maturity of
certificates of Indebtedness duo Decem
ber 5, also announced yesterday that on
November 21 approximately $4.19,000.
000 certificates will mature and may be
used to make the 20 per cent, payment
on smbscrlpliont! to tho Fourth Lllierty
Loan due on that dute. The leserv
bank says that to the oxtont theso coi
tlticates are applied in bond payment"
payable November 21 tho money situa
tion will be relieved of congestion unJ
stringency.
It was learned unofficially that ap
proximately '$800,000,090 of this dis
trict's $2,000,000,000 subscription to the
Fourth Liberty Loan remains to be paid.
It was pointed out that In the First, Sec
ond and Third Liberty loans the banks
anticipated tho terms of pajmcnt by
practically paying In full for the bond.
on the day of tho Eecond payment. It
was said that If this experience la fol
lowed nearly $800,000,000 will be paid in
to the Government on November 21,
when a payment of only 20 per cent, of
tho entire subscription Is required. In
this ease the maturing certificates will
account for half of tho huge payment.
CONSOLIDATED EXCHANGE.
There was a reactionary tone to t'i
closing of the market yesterday on the
Consolidated Exchange. Tho war stock
wero In supply In the last hour, and the
decline In these Issues had an adverse
Influence on the remainder of tho lls-t
both In the Industrials and the rails. The
best prices were made during the midday
period, when a rally not only stabilized
tho market, but made for a general 'a-;
vanco as tho result of buying orders in
the copper, oil, shipping and motor
stocks. Prices during tho afternoon helu
firm, with minor fluctuations until the
final hour, when selling orders In volume
mado for sharp declines. The one active
stock to show an advance at the clo
was Baldwin, which netted 1 points
closing at SI. Railroad Issues closed
with fractional losses after displaying w
Arm tone throughout tho greater part of
the day. Trading in Liberty Loan bonds
was In fair volume.
London Money Market.
London, Nov. S. Closing Money, 3 U
per cent. Discount rates Short and
three months bills, 3 17-32 per cent- CSold
premium at Lisbon, 100. Consols fot
money; 61m British 5 per cent loan
91 ; British 4 per cent, loan, 93
FINANCIAL NOTES.
Last Hulte Copper Mining Conipar.j
ports output for October of l.s.SA
pounds of copper and 62.0CPO ounces of si.
ver. aa compared with 2.134.778 pounds (.'
copper and (13,504 ounces of Oliver for tl.
previous month.
The output of tho Kennecott Copper
Comunny fur October nniniinl I.-, I n S .
according to W. A. Tucker, vlce-prosl- i '00 pound, against H.5:j.O0U pounds in
104
.loiia
. .101I3
. .104
. 10H3
. 10344
. . 104
. .101
4 . .104I3
LiiionPaclflc 4s
2 S9
111 . . siw-a
3 SOU
Union Pac cv 4s
IS,. . . ..87
UnlonPac ref 4a
i 83
USBealtyAISs
11 CVia
D 8 HubDer ST
JS 87
1 8713
S 87
I 8713
II 87U
3... . 8713
3 87U
O 8 Steel sr Ss
23 tvJ-9
Va Caro Ch 6
3 100
Vlrglidan Ilv In
10 941a
2... . 911..
3 95
Wabash ci Ss
West' aid 4s
1; 00
21 67
5 SS
3 68
WestPaclflo lat
4 80
West Shore 4a
1 80
dent of the company, bo drclared next
WediiOMlay by the directors. Tho decline
hi the market quotation for Sumutra has
resulted In considerable purchases of
odd lolii. These uie declared to hafl
been especially heavy during October. A
director is authority for tho st.ittment
tftat earnings continue to expand.
Copper After Hie War,
The prospects of copper immediately
fcllowing the ond of tho war halo be
come tho subject of renewed, vital dis
cussion In financial circles, and Walter's
Copper Letter has something Interesting
on this point. It says In part: ."Some
closo students of the situation believe
that there will be a considerable period
of business Indecision and inactivity
while, tho reorganization of Industry Is
under way and th,t tho result will bo
a considerable decllno In the prl.'O of
this metal. Othem tako the ground that
tho producing companies will avail
thcmseHcs of puch a pause in demand
to reduce their volume of output, oer
himl their mechanical equipment and
pubh forward their underground develop
ment worn, vwtii general condition)) bo
fuiorablo to tho development of 11 very
largo buying demand the moment that
tho work of reconstruction gets under
way It Is considered Improbable that
producers will offer prices down or nc-
copt bids that call for concessions from
tno prevailing price levels."
Scntember.
'. W. Woohvorth Company's report !or
OitJJer shows aisles of $, 3,11, 234, as com
jMred with lt,ll, 53( -Inst month. Sale"
tor the ten months lrm January '
amounted to $74,4.'1.!30,
Minnmm Copper (.'onipmy produd S0,
cOo puunds of copper l'i October, co.-i-psred
with "::,0u0 pounds hi tlK- nre io 11
month
'jmber.an.l Pipe Mne ( onip.,r..v lin.. .!
cisre.l a dividend of te , alinre on tne oa-.
ital HtiK-u of the cunceri , payuu.u on 1.
cembtr It!
Automatic ripn Hemline Company,
talized nt f l:,0ii0,000, ln been charter.-,
The concern will manufacture tubes, nip
castings nnd fittings.
N Y On 4 Us
3 80U
10 87(3
3 87 iStLSWconts Wis Central 4s
NYOas F.le- Ltl 3 67 10 79
lfttl4 StLSWIs l Wilson A Co s
3 70 1 3 . . 05 1 1 973s
N Y N 11 .ft II Seabd A L adj
ci ts 14... 00
1 04 Seabd Al. ref 4s i
3 tfllsl 3 61
Purl. Market (later.
Paris. Nov. 8. Trading waa quiet on
the liourso to-day. Threo per cent
renter, 62 francs for cash. Exchange
on London, 20 francs 2 1.4 centimes. Five
per cunt, loan, S" fraud CO centimes,
Custom House
Receipt
tho Custom
Receipts for duties at
House yesterday wire $346,968.74, of
which $129,29,1.37 was for merchandise
withdrawn from1 bonded warehouses and
?:17,677 S7 for rc-cr.t '.aiportaUons,
Past I'ust-nnr Illpcrlence.
"The great wars preceding tho present
one," continues Walker's jVlfer, "were
followed by Intense Industrial, actlillv
utnl expulsion. The war that Is now
coming to a close will not leave tho
wo! Id bankrupt and unable to go anead
Industrial!. Apparently it Is lo end in
Bucii a way that lt will bring atcuranco
ot many decade of peace nnd security.
Therefore 't must no assumed that this
war naturally will bo followed by a loner
period of great Industrial nativity and
I prosperity. If this assumption falls wo
alderabla period of industrial prostra
11011. xncre certainly Is no likelihood
that we shall stop at the normal half
way point, if copper production can be
maintained at Its present volume the
after tho war output will be about ?.
per cent, greater than the average of tlo
three years preceding 1914. Ot coji "
It will require active industrial com! -tlons
all over th world to absorb e.i
a volume of output. Those w .10 liae
watched tha treud uf Industry durn.
Ilie war, who have noted tho i-.tent
which Industrial requirements have UtH
deferred and who have been Iniptvs-.n 1
by tho lessons that the war has t.tugh
believe that tho demand for copper will
be very much larger for tho ten yuir
followlng the return of peace than
was before tho war began. They bclle.
that backward countries will bo dev.-'
oped industrially and electrified ; thin
the great established Industrial eoun
tries of tho world will show roniuc.
and Increased energy; that there will !
expansion of productlvo capacity nr..
wonderful Improvements In the Wai
of transportation and oumnrunication
fact that should lw lemembercd ts'.u.n
is that tho supply of 10pp.- 1 an ,1.1 1
comparatively Insufficient almost 1 j
tlnuously for 150 jears. Brief per. xi
of a few months, eaci havo w itne.sp. ..
the metal apparently litabuildant u
ply and selling only 1 to 3 cents .
pound nbovo the cost of oroductlon. a
j an oilier times producers In general ha.
must not expect to return to normal realized net nroflts ramrlna- mi th -.,
rre-war conott.oiis, out rather to a conlfrcm 33 per sent, to 100 rer cent.
J
Kb
1 iWsAiVJiftWr

The sun. [volume], November 09, 1918, Page 8, Image 8
About The sun. [volume] (New York [N.Y.]) 1916-1920

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The sun. [volume], November 09, 1918, Page 8, Image 8 About The sun. [volume] (New York [N.Y.]) 1916-1920

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The sun. [volume], November 09, 1918, Page 8, Image 8
About The sun. [volume] (New York [N.Y.]) 1916-1920