The evening world. Newspaper, May 8, 1919, Page 21

WALL STREET News and Gossip of To-Day’s Market—Present and Fu- ture Prices. Representhtives of the Railroad Administration and step! manufac- turera will meet in this city this afternoon and attempt to arrive at 2 agreement regarding steel prices. Representatives of the Board, Stabilization plan will not be present, It is not expected in best posted | Wall Street quarters that the sched- | ule arrived at some tino mgo by steol manufacturers and the Industrics Board will be revised downward. Therefore, unless the Ruallroud Ad= ministration agree? to that schedule Industries which originated the price it is not expected that to-day’ meet- ing will be fruitful of good results Steel manufacturers contend that) they cannot profitably produce tin- ished steel at prices lower than those | named in the agreement made with Bl the Industries Board. Director Gen- | eral Hines of the Railroad Adminis- tration has all along contended that theae prices, particularly with regard to steel rails, are,too high. An in- teresting phase of to-day's discussion witl be the proof agduced by the Rallroad = Administration showing that manufacturers are seeking an wnreasonable profit. As a matter of fact several of the important manufacturers regret that they agreed to the recent schedéle. ‘Trey contend that if that schedule is adhered to they will do business at @ loss on account of the rising 5} wage scale, They now prefer an di open market for all! stcel products. Pending a settlement of the con- troversy steel business Is practically { @ standstill, Incoming orders of R cortain of the large companies is at f, the rate of not more than 20 per cent, ‘of capacity. Operation at some of these mills have been reduced to 40 per cent. of capacity, yet business on their books is showing a gradual) though substantial decline. The unfilled tonnage statement of the Steel Corporation will be made public Saturday. This is expected to be indicative of the business stagna- tion existing in the stool trade. It seems to be the concensus of opinion iN ig Wall Street that this statement 1 show a loss in orders for April amounting ‘to approximately 750,000 tons. Predictions that the Steel Corpora- tion will not earn its 5 per cent. divi- dend in the current quarter probably will prove to be not wide of the mark. And what is true of the Stee! Corpo- ration is likewise true of most of the other large manufacturers, But hold- cra of shares in these companies re- peer | Am, Smelt, & Rot fuse to be seriously disturbed, It isa popuar argument in the financial Jistrict that steel companies have pussed through the Worst phases of current business stagnation; that any change in the situation is bound to be for the better, The theory is that steel business, being flat on its back, has only one way to look, and that is upward. BANKING AND FINANCIAL. Se |par, Ts THE EVENING WORLD, THURSDAY, MAY 8, 1919. yy 195 1-2. STOCK QUOTATIONS 1 P. M. Open, Wied, tow, Last au Am, Locomotive Am, Stoo! Fur: Am, Tol, & Anaconda Minine Ateh,, Kaito, & Ohio. Neth, Steet H etfh Rrvok, Hap, ‘Tras Uetrolem ral Lamthier acting act we Crgaw, Laigh Valley Miami « a Midvale St “ Mo, Macifi 20% Mo, Pacife 20% N.Y, Oontrw NT & NH Nami, Marthe Henn, 1. ae Mitta & West Va Tending Heys, Siew ‘ Gomhery Macsie Souttmen Igilway . Rtuddtaler Co. ‘Texan Communy ‘Tobacco Protunte Unie Meattic Uy, Indue, Alsatal 150 U, 8, Rumtter...... U, S Stent U. 8, Sema yf, Utah Conuer We'toum FE. & LIBERTY BONDS. 3 1-28 98.64, up .O4; Ist 4s 2nd 4s 94.26, off .04; nd 4 1-45 94,21 off 08; 4th 4 14s 94.50, The oi] and tobacco stocks were strongest at the opening. Royal Duteb N. Y. opened at 112 3-8, up 3-4, and Sinclair Oil, 68, up 1, Mexican Pe- troleum was up 3-4 at 177 1-4. United Cigar Stores opened at 137, up 11 Tobacco Prdducts was up 1-2 at %, and then gained another 1-2 to 91 1 In the shipping list’ AUantic Guit made a new record high at 159 1-2, while Marine pfd, opening at 115 1 sold as bigh as 116 1-4. Marine Com mon made a new high for the year at 45 3-4 During the first half hour Atlantic Gulf made another high at 161 1-8, up 31-8, The Marine reacted frac- tionally from opening level American ©, & F. sold up to Wed- nesday’s top price of 4 th Steel was firm and got close up to as Co, sold 269, up 19 1-2. Sincl. made another record high at 68 3-4, United Cigar Stores reacted 11-8 from the top, but recovered most of this loss. Trading was heavier in volume than on Monday and for the first two hours was at daily rate of sha rrett Co sold up 6 1-2 to BANKING AND FINANCIAL, | Capital Stock $3,000,000 In Treasury $2,000,000 foot test. ; counties: —Clay, Y Pinto, this company's holdings. M. M. Jackson, General Mgr. Mineral Wells, Texas. MIDWEST-TEXAS OIL COMPANY Incorporated under Laws of Delaware Initial Offering 250,000 Shares Treasury Stock Company has production in Oklahoma and properties in Kansas, Arkansas and Texa: Well now drilling on Trinity Dome, Jack County, Texas, now down 500 feet with a 15 inch hole, a 3500 TEXAS HORDINGS,. approximately 5000 acres in | rown, Bosque, McCull Menard, Parker and Atascosa—where more than 1000 wells are now being drilled, many of which are close to Stock Now Being Traded in on New York Curb MIDWEST-TEXAS OIL COMPANY Shares $1.00 Each Fully Paid—Non Assessable nts 1 Wise, Eastland, Palo Somervell, McLennan, Norman T. Reynolds, Treas. | 20 Broad St, New York | | spe 15 BROAD STREET Rangeburnett Oil Co. Higher Prices Expected Traded In on New York Curb PAUL A. NEWMAN & CO. ots in Ran ‘Telephone Hanover 1308-4-5-6 cburnett Oil NEW YORK % ing and renewing at 5 8-4 per cent. for 2,000,000}. F. The latest available figures indicate that building contracts in| which this company should partic!- pate for this country in April, wore 53 per cent. greater than the average fo the last nine years. There were indications of pool ac- tivity in tobacco products which sold up 1 1-4 to 91 3-4. Cigar stores s9ld at 137 early in the day and reacted over 2 points. Associated Oils made new high at 4 1-4. Gen. Motors made another high at 185 1-2, up 4 1-4. Maxwell was also strong, and common was up | at 44. CURB. Sinclair Gulf, 61 1-4, up 14; Intercont. Rubber, 31 1 Madwat, 190 to 192; Merritt, 34 5-8; Houston, 130 to 13%. Opened firm ' OUTSIDE MARKETS. | Philadelphia, opened firm. Storage Battery 76 3%, up 5-8; U. G. 1.70; Phila, Elec. 25 1-2, up 1-8 | Boston opened firm. Int. Port Com. § 1-8, off 1-4; May Old Colony, | 5 1-2, up 1-2; United Shoe 4 Call, mixed collateral, leading and) renewing a! 5 1-2 per cent. All in- dustrial 6 per cent The time money market ts quiet and a smali volume of moncy is lend- 60 and 90 days on all industri! col- 1, Mixed money is lending at per cent, for similar perieae CLEARINGS. ik, — $742,868,440, increase Philadelphia, $64,219,591 Boston, $47,67 Now Yc $345,413,61 decrease decrease $1301 GRAIN Openink at Chicago, May corn 188, up 11-2; July 165 1-2, up 5-8 to 11-8; September 15% to 159, off 6-8 to up 4-8; July oats 681 to 683-4, un- changed to up 1-4; September 66 1-4, | off 1-8 to up 1-8 j COTTON Opened heavy. July, 2631, off 19; | Oct., 24.40, off 18; Dec., 23.97, off 14. On first call pric were off $1 a bale, with unimportant trading re- ported. A «ort of swapping proces: went on among the trading element. | Liverpool's lower cables attracted languid attention, but there were | buying orders in the market to meet clling of those inclined to follow | British despatches, The weather var genera! unfavorable. A few notices were out Opened steady 18.75 to 18.80; | September, 18.24 ¢ ; December, 17.69 to 17.71: March, 17.48 to 17.50, EAR Montgumery, War Co.'s Apr ales increased 451-2 per cont, Sales} for the four months of 1919 combined increased 26 per cent. International Harvester Company, yeur 1918, operations of In tional Harvester Company of Jersey and International Harvester Corpora- tion for period Jan, 1, 1918, to Sept. | 19, 1918, on which date these two! companies were merged into Inter- | national Harvester Company—Sur- | plus after charges, taxes and war losses amounted to $14,985,325, equal after preferred’ dividends to $11.73 a| share earned on $80,000,000. Out- standing common stock combined surplus in 1917 was $12,659,000, W. Woolworth: April, $9,138,593, inerease $1,691,260; four months, $:12,- 589,080, Increase $4,206,090, | DIVIDENDS. Pond Co, regular per cent. on pfd, and 2 per cent, on common stocks. Vreferred div is payable May 20, common June 20. Pratt and Whitney, regular quarter- ly of 1 1-2 per cent. on pfd. stock, payable May 20. Eastman K Co., extra div. of 7 1-2 per cent. and regular div, of 1-2 per cent. on common stock and | regutar quarterly div. of 1 1-2 per cent. on preferred stock. Dividends are payable July 1. Niles-Bement- quarterly of 1 ' | Jordan Motor Car Company has de- clared stock dividend of 60 per cent, payable to all common and preferred 1, ‘This ie same rate as last quarter, Southern Pacific Railroad regular quarterly dividend of $1.50 « payable July 1 NOTES Rankers’ Trust Company, as trustee Will receive up to May 19 proposals for the sale of cent. sinkitn Internati rat and refunding 3p d mortgage bonds of t por Company to exhaust the sum of $54,546, The company trusten, Is inviting offers up to May| 8 of first mortgage and collateral trust fold bonds of the International Agricul: | $325,191 Spen 3 |Board of Directors of the Steamship Line NEW STEEL PRICE DEBATE. | Representatives of the Administratio Waldorf-Asto bers of the Steel and Iron Institute to try to reach an agreement as to will confer in the | t will be represent- P. D. 3) rand | Henry Walters, ‘The manufactur semen Will be those who ‘ 4 the Washington confere ate in Mareh, at which prices were 1 upon, These prices su ere rejected by the Railroad Ad is said that a $2 coi rails is acceptable to the A tration, but that the steel n are | Unwilling to compromise on that basis ap there has Deen no deciiue In the producing cost, Railroad \8 not be closed. \ FLIES WITH COTTON BALE 650 MILES IN SIX HOURS Plane Will Take Georgia Material to Lowell, and Carty It Back as Cloth. WASHINGTON, May 8—A fight from Macon, Ga, to Washington 650 miles, was made in six hours and fifteen minutes yesterday by a Martin bombing plane, carrying « bale of cot- ton, The cotton is to be relayed by air- piane to Lowell, Mass, manufactured into cloth and returned by the air route to Macon, where it will be distributed non-stop among Victory Bond cov bth “HYLAN VETOES EQUAL PAY BILL OF GITY TEACHERS Objects Because Measure as Passed in Albany Is Mandatory Legislation, Mayor Hylan has vetoed the Lock- Wood-Ferti¢ bill passed by the Legt ture granting equal pay to women and New York City sed in his statement given out Tuesday, in nee to the me: ©, nevertheles: As W surprise to teachers who ha etive in support of the mi men schoo! t The Mayor's hers in ame been sure and ‘who read hope of its approval by the Mayor in view of th that he had t signed the bill granting equal pay the Borough Presidents, irrespective of the sie of the borough they repre- sent In his memorandum accompanying the veto he objects because the oill is mandatory legislation —————— BANKING AND FINANCIAL. If You Know | A Stock Which | May Advance— do you know how to profit by your knowledge, or do you lose opportu- | nities because you do not understand | The General Rules | of Trading? They are easy to learn, We will send you free a very in sting vest pocket let which explainy { them in simple lan guage and gives easy examples, The market seldom if ever offered such brilliant chances. Get a copy at once without obligation. | Ask for booklet E. W.-474 FINISH | THE JOB. | JONES & BAKER | | SECURITIES | 80 Broad St. 505 Fifth Ave. Td.Bread2910 Tei. Murray HiNTIe | | | NEW YORK Philadelphia Detroit Chicago Direct Private Wires Pictabared Horton | How to Discriminate VERY trader and investor is entitled to and should demand a perfect brokerage service. You should know the facilities of your broker for the prompt, efficient and accurate handling of your in- t ts, uld have prompt and ac- xecution of your o qui ‘ delivery of certificates lnmietiale settlements Paramount to all of these is iable information and suaiyt: @ Wills’ Market Despatch “The Kind of News That Pays Thin ts the seevier which, I, offer nervice celled in, ite ral weeond You are Room expert jo Bone, invited to visit my Loa INTEREST & DIVIDEND NOTICES. | ee Pe ctdvef such stock et ‘tne clges' of busines on Bay 15, 101 Fre Bock fer Books of the Company will WANDOLI'M CATLAN, Secretary AMERICAN CEMETERY NEAR SOISSONS, FRANCE re You Grateful? N the battlefields of France—wherever Yanks served overseas—they gave their all that you might be free—72,000 American boys who loved life and laughter dearly: For you 200,000 fell wounded at the front—tens of thousands maimed for life. A million and a quarter other Amcricans again and again offered their lives for you at Chateau- Thierry, St. Mihiel, in the Argonne and along the Meuse. ‘ Are you grateful? TheA.E. F. will answer that question not by the number of flags you wave as it comes marching home, but by the way you take the new Victory Liberty Loan. The A.E.F. is to- day sizing up the new America to which it is returning by its works and not by its shouting. If there are not more individual subscribers to the Victory Loan than to any previous loan, if it is not more heavily oversubscribed, the A. E, F. will make up its mind once for all that the old saying that republics are ungrateful, is true. It will not listen to any excuses—soldiers never do. It rests with you to show the two million men who fought for you, that you—that America—is grateful. Subscribe to your utmost to the Victory Loan. It is the only practical way you can demonstrate your gratitude to the entire A. E. F. for what it hhs done. And it is the least you can do—to lend to the limit to the country for which it has fought to the limit. A MEMBER OF THE A. E. F. This space contributed to Help Finish the Job by Standard Oil Co. of New York Manufacturers and Refiners of ALL SOCONY Products of Petroleum GOVERNMENT LOAN ORGANIZATION Second Federal LIBERTY 120 Broadway Reserve LOAN Districe COMMITTEE New York rite