The evening world. Newspaper, March 4, 1919, Page 17

gbvaersie’ f Lg beet WALL STREET News and Gossip of To-Day’s |4 Market—Present and Fu- ture Prices, OVERNMENT authorities, working in eonjunetion with jonsible fina cial intore beginning an aggressive campaign to stamp eut stock swindling, and to put lan end to the activities of fraud- ulent brokerage hous: The Evening World in readers who have been victimized by stock swindliers or bucket-shops to ind in an account of their Communications ancial Editor, Names of corre pondents will not be used with- out permission, Political developments overshad- owed all else in shaping the course of to-day’s security prices. The fall- ure of the § to take action on the General Deficiency Bill before ad- | jJournment at noon was a distinct di appointment to the market, and] stocks sold off sharply. Rails in par- | tleular were under distinct pressure. | ‘The Deficiency Bill carried an ap- propriation of $750,000,000 to be added to the railroad revolving fund. Un- jess there is an extra session of Con- | gress whereby this and other needed | money legislation is enacted it may be} necessary for certain railroad com- panies to cut dividend disbursements, | and it is certain that proposed equip- | “ment orders will have to be held up| indefinitely. H Another cause for disappointment was the opposition which took con- crete shape in the Senate against the | League of Nations plan as now! drawn, Uncertainty as to future de- yelopments in this connection has an unfavorable effect on sentiment. The market opened generally higher with motor and oil shares again being featured. General Motors, Keliy- Springfield Tire, U, 8. Rubber, Amer- ican Hide and Leather preferred and ‘Tobacco Products were among the most active stocks that made new highs, When it became apparent that the Deficiency bill would not be enacted liquidation developed in railroad and equipment shares, which sold off sharply and caried all other issues with the notable exception of oil stocks with them. Even when the general Hst was weakest ot! shares showed the strong- ost kind of resistance to pressure. Mexican Petroleum sold up more than } points from yesterday's close and Pan-American Petroleum, Royal Duteh and others were distinctly strong in sympathy, An announcement helpful to these shares was that the Mexican Govern- ment had gone on record favoring payment of damages arising from t revolution and that the confiscatory oil law of that country would be amended, After receding from two to three points on Washington political de- velopments raliroad shares rallied somewhat, but at the close they were generally under last night's final prices. To-day’s developments furnished an excellent test of the strength and resourcefulness of pools who have} been operating in indwsirial special- | ules, Bears took advantage of a fa-| vorable opportunity and raided these stocks when Washington news was announced, but the bull cliques op- crating in industrial favorites soon again took command of the situation and midday losses were substan- tially regained in the afternoon ses- sion, American Woolen was a star performer, advancing more than seven points on the announcement that directors had declared an extra/ dividend of 10 per cent, in Liberty Bonds on the common stock. The close was irregular, and copper shares were higher, There: was .no convincing evidence that the courage of the pools operating in these issues had been In any way undermined by the day’s news developments, Railroad generally As is the case every time the stock market has a pronounced upward movement, rumors of varying degrees of importance are flying thick and fast in the financial district, most of which are of a nature to tempt the |heny interests by purchases of stock | made a ruling that the spreading of per cent. but none offered at this rate and little is offered at 5 8-4 per cent. Plenty of money available at 6 per cent. With money rates easier there is better demand for bank acceptances. Rates are unchanged, CLBARINGS: New York, $813,057, | 601; increase, $347,970,142. Sub-Treasury debtor at Clearing House $889,91 Jeral Reserve Bank creditor $26,501,228, EXCHANGE—Swiss Cables reacted | to 4841-2; peseta cables, 21; Stock- holm cables, 28.20; sterling, demand 4.7572 1-2; cables, 4.76 7-16; franc demand \5.455-8; cables, 5.45 5- Swiss fran demand 4.88 1-2; cables, 4.84 1-2; guilders, demand 41; cables, 411-4, | GRAIN—Chicago range for day: | Mav 1 ay Sib MEF ieisees 2 May 29 Jus 15 + % 8 Y. up 2 1-2 to 2 8-8: July, wp 2 Te toe 5-8, COFFEE—Range for to-day ‘Aleonal Aa M4 Puy FET ee # LIBERT¥ BONDS Tate to 90; June 14, 58 to 60; July 14, 20/ ig Has jto 25; August 14, 4 to 7; September 18 3 f09/ 13, 88 to 91; October 13, 80 to 82; 1.00 008 November 13, 71 to 73; December 13, 63 to 65; January 13, 58 to 63; Feb- so on. If an accurate record were |ruary.13, 53 to 55; March 13, 48 to 60. available it would be found that 99.9 |per cent. of these rumors or tips EARNINGS — The Pennsylvania were based on fancy, while only one Jout of every thousand has any foun- | dation in fact. One of the rumors now current is that there is a battle on for control lof the Mexican Petroleum Company. The news is filtering through the “Street” that powerful English in- terests are endeavoring to wrest con- trol of the company from the Do- Railroad has issued its annual report for the year ended Dec. 31, 1918, and shows compensation accrued under Federal control amounted to $65,992,- 740. After deducting rentals, interest, war taxes, &c., the net income was $44,070,899, equal to $4.41 a share—par value—$50 on $49,178,400 capital stock against net income of $39,281,585, or $3.93 a share earned in 1917. Canadian Pacific, 4th week Feb., in the open market. It would be singular if these imaginary [English | $2 pethdl increase, $109,000; from Jan. interests were successful, fo: ‘le Pan- |!» $23,579,000; increase, $3,690,000. P. C. C. & St. L—Year 1918, gross American Petroleum Company owns over 51 per cent, of the stock of the Mexican Petroleum Company. The Pan-American Company, in turn, is controlled by Doheny and his asso- ctates through a majority of the stock. This same rumor did valiant work when Mexican Petroleum was soaring from around par to nearly 200, and it seems not to have lost effectiveness through usage. Another rumor current that would be much more interesting if true. is that there is a battle waging for control of the General Motors Com- pany, This report has received con- | siderable credence, though there 1s no foundation for it. Control of the company, or virtual control, is vested with du Pont interests and there it is likely to stay wntil they decide to dispose of it, The sale of Mercantile Marine's ships, first to the British Government and then to this Government and vice versa through its oft-repeated telling and various versions, promises to be- come ane of the classic rumors of Wall Street. This report has done service no less than a dozen times and is likely to pop up again in new form at any time, ‘There are many other false reports in circulation too numerous to men- tion here. It should be said that the Stock Exchange has strenuously en- income, $11,558,296; decrease, $361,518; net income, $4,729,979; decrease, $1,010,- 178; surplus, $146,574; decrease, $207,574. Pacific Coast Company — Seven months gross, $3,396,209; decrease, $252,364; net aft. exp., $472,484; de- crease, $196,218, Griffin Wheel Company, for 1918, net profits available for division after all deductions, including taxes, were $1,120,099 against $1,143,240 in 1917, DIVIDENDS—Sears-Rocbuck Com- pany, regular quarterly 13-4 per cent. on preferred, payable April 1. Willys-Overland Company, regular quarterly 13-4 per cent. on preferred, payable April 1. The Draper Corporation regular quarterly of $2, payable April 1 Kelly-Springfield ‘Tire Company regular quarterly on preferred, $1.50 per share, payable April 1, American Woolen Company, regular quarterly of $1.75 on the preferred payable April 15. NOTRS—Miami's production in Feb- runry was 4,462,578 pounds of copper, against 6,273,260 In January and 4,969,- 435 in Decem! Anaconda’s February output totalled 12,400,000 pounds, against 15,900,000 in January and 21,900,000 pounds in De-= cember. Phelps, Dodge & Co.'s February out- put, totalled 9,185,000 pounds, againat 11,878,733 in January and 12,563,000 pounds in December. $20,000, as many others HAVE done? HERE is an opportunity for you to make a sound, safe investment in a dividend paying Preferred Stock, yielding eight per cent per But WITH the pre- ' ferred stock goes COMMON stock which means a full share in the PROFITS. year. These are the securities of an es- tablished, very successful and rapidly growing Motor Truck Company whose sales are expanding every week. Its net earnings for LAST year were vis considerably more than the amount of the dividend on the Preferred Stock. The NEW BUSINESS now in hand will earn the Preferred Dividend many times over. The Stock Exchange has admitted to the list American Malting Company, Guaranty Company certificates of de- posit for first preferred stock stamped. WOULD END HOME WORK. deavored to suppress them and has false reports for the purpose of induc- ing people to purchase or sell stocks is an act detrimental to the best in- terests of the Exchange, However, it seems impossible to have a pro- nounced upswing in stock prices without also having a proportionate crop of fake stories. A campaign to abolish home and piece work and to establish the weekly system and the eight hour day for all om tailors throughout the United | States by Sept. 1 was launched by the '| Journeymen Tailors’ Union last night. ready put into operation the weekly system, and the campaign started here will be’ to induce New York firms to do the same. Journeymen tailors have in- corporated in their campaign a plea for better working conditions, stating that they have to furnish werkrooms, ma- chines, tools, and in most cases sewing ‘Total sales stocks 839,800 shares, outsider to purchase stocks, ‘There is a singular contrast, how- ever, between the present rumors and those current in bull markets of other | times. Heretofore bull tips were based on pretty definite statements, even though they are mostly errone- ous. For instance, Keading was sur thereby u test myste stockholders if to segregate vavelling one of the ¢ of the “Street,” and were certain to get a juicy “melo: not that, Union Pacitie was to ¢ tribute its assets to stockholders, which holders of to participate, The latter rumor was mede famous by fact tha it} originated with the President of one of the largest national banks in the country, who was a director of the railroad, and it came very near pre- cipitating one of the hottest financial fights in the history of Wall Street, its passct in the preferred were] Bond transaottons to-day, $12,-] silk, and other thr ad in order to make Ps up garments for the trade 825,000, De CURB—Opened steady. General Asphalt 671-2, up 3-4; Royal Duteh vewia Avenue 5 > 6; Midwest ef g 1501-2 86 to 86; Midwest Fi Male the Rev, Frank |. Hanaom, Chaplaie off 1-2; Sinclair Gulf 293-4, up 1-43 | of the 106th Infantry, who has just ree Roat 14 to 141-2; Houston 79 to $1, {turned from Th ption will | One o'clock prices: As t sold ast gntional © he inne low as 643-4; Peerless, » Up 1; In- | pastor, The hoirs of the eleven churches will sing and addresses ternational Petroleum, 211-8, off 1; ] wii be r nde by the Rev, ‘Dr beechy g Int. € Rubber, 183-4; Nor, Am,|Farrar, the Rev, Dr. Robert J. Keni ool and other pastors P. & Py 4 to 41-8; Sapulpa, 738-8) % to 76-8; Cosden, 77-8 to 8; Royal i Dutch, 85 to 8 n tna, 93-8 to “i BANKING AND FINANCIAL, Br, Am., new, 243-4 to 251-4; Lima, [29 to 1; U. Mtrs, 421-4 to 421-2; Writing Paper, 41-2 to 5; Bt 91-4 t Mrrt 24 tol Uae eae aan a eae Standard Oil pipe line company of a unique character. Its Sinclair, 291-4 to 291-2; Boat 138-4 to 141-2, a The extraordinary earnings, as st the sales price of the stock, nt us in issuing a special letter to oil investors, close w By all the rules which govern sound investments your money is SAFE in the Preferred Stock. The Common Stock may do for you what Billy Grove’s common stock {did for him. Billy Grove was a clerk in the Mich. In 1904 he put $1,000 in the original Downey House, Lansing, issue of Reo Motor stock. To-day his fortune is counted at $119,000. There are many like Billy Grove who * 4 . ane ‘ te apn ‘ ; Your written inquiry to-day will Pay Aerie ga taro Chi aide result in our sending you the facts, PES lala LL, WINKELMAN & 0, | MONEY—Call nixed Men a aay ae A Bd {\ Marit Ae 44 ‘Broad Street ° i TEEEPHO! J “a Dinwet Private V New Y¥: Builds ) BROAD re to Various Marketa, | opened at 5, | 41-2, cent | high | 2, ruling rate Banks lost to Sub-Treasury $836, |000 and since Friday $2,551,000. The time money market quiet with high 5, low 4 wals industrials open at 51 ren¢ 61-2. low 5, cl eney We Specialize Only in DIVIDEND PAYING STOCKS AND BONDS 5 51-2 per cent Other rumors have varied between] a little lending for sixty and ninety dividend increases, industrial con-| day periods at 5 8-4 per cent. on all solidations, acquisition of one rail-|industrial collateral. There are a toad ef copper mine by another and| number of bids in the market at 6 1-2 Our Bervice Is at Your Command. Eugene J. Callahan & Co. 5@ Broad St... N. ¥, Tel. Broad 7447-8, enjoy incomes of thousands of dol- ais every year from the COMMON STOCK which cost them but a few hundred. of automobile concerns A Few Examples. In cight years the investment of $1,000 in stock of the Chalmers Motor Company grew to $16,666 stock and earned $9,297 cash divi- dends. In six years $1,000 stock of the Stutz Motor Car Company of In- diana grew to $2,000 stock and earned $21,750 in cash dividends. In the Hudson Motor Car Company $1,000 stock grew to’ $20,000 stock in FOUR YEARS and in addition the company paid cash dividends which have not been made public. In the Hup Motor Car Company $1,000 stock grew in seven years to $40,000 stock and earned $48,160 cash divi dends. In the Reo Motor Car Company in thirteen years $1,000 stock grew to $12,000 stock and earned $12,850 cash dividends. In addition the com- any in 1913 distributed to its stock Folders $600,000 stock in the Reo Motor Truck Company, equal to a 1%, dividend, and HEN, after- ward, paid a 7°/, cash dividend on the stock of the Truck Company. Due to the rapid growth of the Motor Industry it hae been customary for concerns with large earnings to de- clare stock dividends ta stockholders. Thus a company with 10,000 shares of common stock and net earnings of $3,000,000 for the year would be able to pay a cash dividend of $3,000 to each owner of $1,000 of common stock. But rather than make such an unbalanced payment they would prob- ably—as they frequently do—first increase the capitalization and give each owner of $1,000 of common stock perhaps $10,000 MORE common stock and THEN pay a cash divi- dend of 25%;,, giving him $3,000 in cash on the common stock which he then owned. Its MARKET value, or the price a stock paying such dividends should bring in case the owner wanted to sell it, would prob- ably be about $44,000. One good year with business conditions prosper- ous has enabled not a few automobile companies to make net earnings of OVER $3,000,000. That is how so many comfortable fortunes have grown from very small investments in the MOTOR Industry. That is why it is entirely possible for YOU to place $500 in the Preferred Stock we offer you, have your money safely and soundly invested with an excellent op- portunity to have the COMMON stock which goes with the preferred grow to $20,000 or more in a time not far distant. Motor Truck Profits In the Federal Motor Truck Company $1,000 stock grew in six years to $30,000 stock and earned $12,180 cash dividends, What the automobile concerns did in the way of large earnings the successful Motor Truck Companies arc JUST BE- GINNING TO DO. The war has revolutionized the use of Motor Trucks and the movement of freight, raw material chandise. Every one Motor Trucks won the war, that their wonderful mobility, strength, lasting qualities and great carrying capacity enabled us to arm, equip and maintain over three million men with unheard- of speed and that the armies and peoples of all Europe learned the need and value of Motor Trucks just as we learned it. What few of the general public know is that the vast, but ex- actly tabulalted, records of war use show that a horse or mule CON- SUMES twenty-five per cent as much as it PRODUCES. A standard Mo- tor Truck consumes LESS than ONE PER CENT as much as it produces, and this consumption in- cludes operation, maintenance, repairs and replacements. Moreover, the life of a Motor Truck working at full ca- pacity every day is twice as long as the life of a horse or mule working at full capacity every day. During the war horses working at maximum ca- pacity for ten consecutive days were often killed by the strain of those ten days. Now that the war is over the whole world has waked up to the imperative need of Motor Trucks. Europe has never learned quantity pro- duction of automobiles or trucks. South America, Africa and Asia are not machin- ery manufacturing countries. America is the Motor Truck builder for the world. Unparalleled Demand The demand for trucks for com- mercial use THIS YEAR is greater than ALL the trucks built in this country for private use in the last FOUR YEARS, Just as the freight carrying business of the railroads en- tirely dwarfed the passenger carrying business, so the demand for the freight carrying motor truck is beginning to RUN AWAY from the passenger carrying automobiles. It is becom- ing so that a man CAN have a pleas ure car if he feels he can afford it, but he MUST have a FLEET of Motor Trucks in his business or he cannot hope to equal the low costs of his competitors, At the Chicago and New York Motor Truck Shows just concluded the Truck Company whose stock we offer you was besieged by Truck dealers who sought to place orders for more trucks for THIS YEAR than the company has manufactured in the last THREE years, and their output has been large. You CAN'T turn the clock back ten years and buy the ideal: issue of Reo stock and so run $1,000 into $119,000, like Billy Grove did. But you CAN secure stock in this Motor Truck Company which has the opportunity for growth and earnings in the next three years to a volume which should make pleasure car earnings look SMALL. Assets. The Truck Company has a splendid property of 43 acres within 30 miles of New York City. Its fifteen build- ings are the last word in modern con- struction. The assets directly behind the Preferred Stock we offer you are vastly greater than the outstanding preferred, Its facilities, buildings, machinery and equipment are all com- plete and are ready for an increase of output to FOUR TIMES the present output. Management. Its management consists of men prominent in the Motor Industry since its inception, successful in the extreme and known throughout the nation, They are leaders in the industry and are particularly well known to the best dealers fires Pate the country, whose confidence they possess through many years of fair dealing and mutual profit. The department heads are men who have spent their lifetimes in quantity production and the workmen are of a grade so superior that it would be dif- ficult to duplicate this organization, Type of Truck. The company manufactures a one and one-half ton truck, and records show that 76°; of ALL merchant users and 90%, of ALL farmers require this type of truck. In addition the company manufactures a powerful, sturdy, short coupled chassis which pulls two-wheeled bodies of three and one-half and five ton capacity. Thus i asia EVERY nel of industry, which is why the volume of available orders is so great. Cut out this coupon and mail to us. TORREY & CO., INC., 40 Wall St., Please send me literature and views of factory, property and full particulars of the earnings of the Motor Truck Company whose stock you offer, Name Please quote me on Fill out only if you want a quotation on other securities. Security. There are no ee or other obli- gations ahead of the stock bike: . There is directly behind the kets Stock assets factory buildings, Heel, trucks: process of manufacture and shipments on the road to dealers greater than the total Preferred or now offered. That is why you consider oy! money to be so and soundly invested in this which has a record of paying dividends. Use for the Money. This offering of Preferred and Common stock is to provide funds to increase productioi th the chase of rmatetials, Then isa nae country and abroad, MI AN TIMES more than can i i ang The tot Kaas torthie Be Truck ONE TIMES a output for last year. § Mi derrlans Gasediar ait to by its BEST dealers it will mean an increase over last year’s production of 6,000 Che and ADDITIONAL ape age of a 200,000, to say the demand from many Nona dealers and for export. Its trucks are in use in fifteen foreign countries NOW and repeat bln for export are increasing every week. It is a big year for earnings on the Common stock. It may be chance to do what Billy Grove did. How You Get the Common Stock. Every purchaser of two shares of Preferred stock which is sold at its value of $10.00 is entit! to buy one share of Com< mon stock for $1.00. Thus $63.00 buys six — shares of Preferred three shares of Common. $105.00 buys ten shares of: Preferred and five i shares of Common. $504.00 buys 48 shares of Preferred and 24 shares of Common. $1,008.00 buys 96 shares of Preferred and 48 shares of Common. You can buy on the Partial Payment Plan if — you prefer, ‘ In our opinion there is no offered in the market to-day combines to give you the opportunity of sound, sure, safe i investment mang of yous a high grade 8% th a record o ings and dividends behind it, and at Et: same time the opportunity of a fortune, as Billy Grove hig from the enormous expansion hen ani due to world changes which never CAN occur again in our lifetime. You Can Trade In Other Securities, Torrey & Company are specialists in Automotive Stocks ind Bonds, but we handle other securities as well. Our Pubs | ip, the New York and other markets is large and growing. If you erred have investments in other Stocks or Bonds which yield less than 8°, or if they do not give you very great profit which is offered you oa by the Common Stock of this Trock , Corporation, we shall be glad to quote you the market price on your securities and, if you desire, sell them for you, New York City.