Page:The New York Times, 1918-11-11.pdf/16

 

Constructive features came strongly into the foreground of factors affecting the financial and securities' situation last week, the significance of which may be some time in developing fully. In respect of sentimental influence the most important single item affecting stocks and bonds was the great outburst of relief expressed by the American people over the approaching end of the war. True, the exuberance of Thursday was built on sand instead of rock, but underneath the foundation was none the less secure. The report of the actual ending of hostilities and of Germany's surrender proved erroneous, but the vast majority of the public realized that it could have been labeled premature as well as false, for it was clear to all as the week drew to a close that the end was near at hand. The armistice terms were not yet known, but the defeat of the German armies in the west forecast the quick dissipation of Germany's ambitions. At the same time disorders within the German Empire supplied another signboard for anticipating future occurrences. It was a memorable week in an international sense, and contained the elements of memorable achievements at home. Not the least important of the latter was the outline presented by Bernard M. Baruch, head of the War Industries Board, of plans for converting industry gradually from a war to a peace basis, and a statement by Secretary of War Baker on Government contracts.

These Government officials who stand in positions of primary importance in respect to after-war activities, particularly the measures to be used to returning the armies to their former positions in the national life, answered a question that had promoted much anxious thought among bankers and business men. They pointed out that a vast amount of manufacturing in lines of materials used by the military forces much, perforce, be continued so long as the armies remain in Europe and in the home camps. In addition, it was shown that the need for a gradual alternation of industry is being carefully planned, with an eye to the continuation of labor's activities on a broad scale. The making of munitions is to be continued for some time after fighting ceases under the armistice, a measure which has a sound military basis as well as economic support. In other wars an armistice has always been followed by peace, yet the interval is not one in which the cessation of military preparations could safely be discontinued. Mr. Baker said that war contracts had not been canceled, a statement which tended to offset the many rumors heard during the week that substantial progress had already been made by the Government in this direction. Mr. Baruch asserted that the allocation of materials now reserved for war needs would be made among the private manufacturers for civilian consumption when the time arrives in a fashion which would tend to relieve a sudden contraction of operations in one line before the other could be built up. These were items for which the public had been waiting with concern ever since the end of the war came in sight. The problem of returning some 4,000,000 men to their places in industry and business is one which will require great care and foresight. It is one which will call for detailed plans and management, but the outlook was materially brightened last week through the evidence supplied from Washington that preliminary steps are being taken. Doubtless, the machinery will do considerable creaking before it begins to work smoothly; that is to be expected when unprecedented measures have to be applied to a situation containing so many complicated elements. No one may receive assurance that there will not be temporary depression in some departments of manufacturing and trade. It is possible that a period may come when labor cannot be fully employed, but the indications are that such an interval would be brief, to be eliminated as the best business and economic brains of the nation co-operated in a single purpose. The very fact that leaders of industry and of Government have been aroused to the seriousness of the problem is sufficient indication that it will be solved in satisfactory fashion.

The developments of the week which are outlined above appeared to be the more potent factors in the rise of securities. The celebration of Germany's downfall brought that day a powerful upward surge of prices, especially in the railroad stock and bond list, but the after events indicated that more than a temporary flush of triumph had found reflection in the market. The decline of sentiment from a high pitch to a normal level did not bring about a decided reactionary movement on the following day; rather, quotations continued to display more strength than weakness. This was especially true of bonds, the week's net advance in forty representative issues being not far from 3 points. In stocks the uncertainty of the credit situation probably acted to restrain speculative activities even during the time when patriotic enthusiasm was more abundant, and in this respect it was probable that limited credit facilities for the security markets was a good things. The time has not yet arrived for the diversion of increased amounts of dunds to speculation. The Fourth Liberty Loan has still to be paid for in main part, and competent judges of the country's future needs connected with the war are positive that another large loan will be necessary before full attention can be applied to the extension of credit to private undertakings. The Federal Reserve Board emphasized in its November bulletin that the nation will have to conserve its resources in the way of savings and credits for some time after the war ends.

The rise of the Republican Party into the majority interest in both branches of Congress would have received more consideration than it did in financial circles had the election not been held at the moment when war news dominated everything else. Wall Street has always looked with more favor on a Republican than a Democratic majority in Congress, and because of this attitude the election was received with satisfaction. A tempering influence, however, was the knowledge that several months are yet to pass before the result of the voting is evident in Washington, and by the thought, also, that in the reconstruction period the need of the country and of Europe calls for shoulder to shoulder work, irrespective of party. The impending expansion of Republican influence has stimulated the thoughts of bankers and railroad managers in regard to the position of the carriers after the war. In quarters where before election the belief had become fairly well fixed that Government control would not be relinquished at the specified time there is now expectation that plans will be presented to the next Congress for the return of the roads to their owners. The subject is under discussion, the purpose in view being the completion of a comprehensive program for the task of unscrambling the present merger of railroad interests, physical and financial.

 

WASHINGTON, Nov. 10.—Holders of Liberty Bonds are notified in a statement made today from the Treasury Department that interest on registered bonds is playable semi-annually on specified dates by means of checks drawn by the Secretary of the Treasury on the Treasurer of the United States, and also giving the interest payment dates.

The fact that bonds of the First Liberty Loan or bonds of the Second Liberty Loan are converted into bonds bearing a higher rate of interest does not affect the dates on which interest is payable. Such dates remain constant for the loan and are not affected by the act of conversion.

The following are the dates on which interest on the bonds of the several Liberty loans is payable:

On June 15 and Dec. 15, First Liberty Loan 3 1/2 per cent. bonds of 1932-1947; First Liberty Loan converted 4 per cent. bonds of 1933-1947; First Liberty Loan converted 4 1/4 per cent. bonds of 1932-1947; First Liberty Loan second converted 4 1/4 per cent. bonds of 1932-1947.

On May 15 and Nov. 15—Second Liberty Loan 4 per cent. bonds of 1927-1942; Second Liberty Loan converted 4 1/4 per cent. bonds of 1927-1942.

On March 15 and Sept. 15—Third Liberty Loan 4 1/4 per cent. bonds of 1928.

On April 15 and Oct. 15—Fourth Liberty Loan 4 1/4 per cent. bonds of 1933-1938.

In order to prepare for the payment of interest, the transfer books of registered bonds close one full month prior to the interest-payment date and reopen on the day following the respective interest payment dates. During any period when the transfer books for any particular loan are closed no transfers of registered bonds of such loan or interchanges of registered and coupon bonds of such loan will be permitted, but if requests for transfer of any such registered bonds or interchanges of any such registered and coupon bonds are received during any such closed period the requests will receive attention upon the reopening of the books.

As indicated above, the semi-annual interest will be paid to the person in whose name bonds are registered, as shown by the books of the Treasury Department on the date the books close, regardless of any disposition that may be made by the registered holder during the closed period. If coupon bonds are presented for exchange for registered bonds during such closed period, the coupon next due should be detached and collected in the usual manner. If registered bonds are presented for exchange for coupon bonds during such closed periods, interest on such registered bonds will be paid in the usual manner, and the coupon bonds delivered upon such exchange after the reopening of the books will have the coupon maturing on the interest day for which the books were closed and prior coupons detached.

The periods during which the transfer books of registered bonds of the respective Liberty Loans are closed follow:

First Liberty Loan, (including bonds issued upon conversion,) from close of business May 15 to opening of business June 16; from close of business Nov. 15 to opening of business Dec. 16.

Second Liberty Loan, (including bonds issues upon conversaion,) from close of business April 15 to opening of business May 16; from close of business Oct. 15 to opening of business Nov. 16.

Third Liberty Loan, from close of business Feb. 15 to opening of business March 16; from close of business Aug. 15 to opening of business Sept. 16.

Fourth Liberty Loan, from close of business March 15 to opening of business April 16; from close of business Sept. 15 to opening of business Oct. 1.

In case any date for the closing of the transfer books falls on a Sunday or legal holiday the books will be closed on the day preceding such date, and in case any date for the opening of the transfer books falls on a Sunday or legal holiday the books will be opened on the day following such date.

 


 * Ex dividend.

 PURCHASING POWER OF MONEY

When the world is again following its peaceful pursuits, the purchasing power of money should be much greater than today. The man who will profit by this unusual condition is the man who invests now in well secured long-term bonds. By investing in bonds of this character, he not only would receive over a long period of years the unusually high return they now yield, but the purchasing power of his income would be materially increased as commodity prices gradually decline. Let us suggest to you some long-term bonds.

Write for List No. 1219

"Well Secured Long-Term Bonds"

Spencer Trask & Co.

25 Broad Street, New York

ALBANY BOSTON CHICAGO

Members New York Stock Exchange

U.S. Government Bonds Treasury Certificates Foreign Gov't Bonds Municipal Bonds Public Utility Bonds Railroad Bonds Short Time Notes

General Circular 102 under request.

Harris, Forbes & Co

Pine Street, Corner William NEW YORK

EXEMPT FROM ALL FEDERAL INCOME TAXES

JOLIET, ILL., 5s Due September 1, 1919-25

LYNDHURST, N.J., 5s Due July 1, 1919-57

PORTSMOUTH, VA., 6s Due July 1, 1928

ASHEVILLE, N.C., 5 1/4s Due July 1, 1919-57

Prices Upon Application.

R. M. GRANT & CO.

31 NASSAU ST., NEW YORK

BOSTON CHICAGO

United States Rubber Pierce Arrow Motor as Peace Stocks

Send for Special Review A 52

Also Analyses on Sugar Stocks Punta Alegre Cuba Cane Cuban American

Lamborn & Co.

Seven Wall Street New York Tel. 6310 Rector

Philadelphia New Orleans Savannah Havana

Members

N.Y. Stock Ex. N.Y. Produce Ex. ''N.Y. Cotton Ex. N.Y. Cof. & Sug. Ex.'' Chicago Board of Trade London Produce Clearing House, Ltd.

MORGAN & KANE

Members New York Stock Exchange

66 BROADWAY, NEW YORK

Telephone Rector 5741

New York State Bonds

Barr & Schmeltzer

Members New York Stock Exchange 14 Wall St. Specialists. New York.

New Jersey Securities

Outwater & Wells

35 Exchange Place. Tel. 29 Montgomery. Jersey City, N.J.

MERRILL, LYNCH & CO.

7 Wall St.

Jones Bros. Tea Edmunds & Jones Trading Dept.

Far Sighted Investing.

Many investors, who a few months ago were waiting for still lower prices are now buying. This is indicated by the rising tendency of many issues.

The law of supply and demand is reflected in the prices of bonds as in all commodities.

Municipal Bonds

at this time and their Income Tax Exempt feature make them particularly attractive to discriminating investors.

Write for our List B-94 of Municipal Bond Issues Yielding 4 1/2 to 6%

Spitzer, Rorick & Co.

Established 1871

Equitable Bldg., Toledo New York Chicago

[[File:New York Times - 1918.11.11 - 16 - Advert - A. A. Housman Co.png|center|300px|alt= The Readjustment of Security Values

being brought about by world conditions suggests the wisdom of investors keeping posted.

Our Service Department will be glad to advise with you in regard to the outlook for companies whose securities you hold.

You will also find this service valuable when making purchases.

Write or call and consult our Service Department.

A. A. Housman & Co.

Members New York Stock Exchange New York Cotton Exchange N.Y. Coffee & Sugar Exch. New York Produce Exchange Chicago Board of Trade

20 Broad Street, New York

Branch Office—25 West 384 St. ]]

POST-WAR VALUES:

We have issued a Special Bulletin in which the more active and representative securities listed on the New York Stock Exchange have been classified into several groups indicating their respective relations towards present and future financial and economic conditions. Our reasons for these classifications are also set forth.

Copies of this bulletin will be sent free upon request.

J. S. Bache & Co.

Members New York Stock Exchange

42 Broadway, New York.

[[File:New York Times - 1918.11.11 - 16 - Advert - Jenks, Gwynne Co.png|center|300px|alt= WANTED OFFERINGS

New Haven 4%

DEBENTURES DUE 1955-56

Private Wires to HARTFORD WILMINGTON MONTREAL TORONTO

JENKS, GWYNNE & CO

15 BROAD ST

TEL. HANOVER 7474

MEMBERS N.Y. STOCK EXCHANGE AND N.Y. COTTON EXCHANGE. ]]

Listed securities bought and sold for investment or conservative margin account.

B. H. & F. W. Pelzer

Members N.Y. Stock Exchange

Phone Broad 6037. 12 Broadway

Liggett & Drexel

Members New York Stock Exchange

Conservative Investments

61 Broadway—New York Boston Philadelphia Buffalo

F. M. Dyer & Co.

High-Grade Investment Securities

24 Broad Street, New York City

Telephone 3620 Rector, Boston. New Haven.

Municipal Bonds

Exempt from Federal Taxes

Eligible to secure Postal Savings Deposits

Field, Richards & Co

100 Broadway, N. Y. Tel. 1356 Rector. Cincinnati Cleveland Chicago

Prudden & Company

Toledo, Ohio

85 Cedar St., New York

Tel. Cortlandt 5164

Municipal Bonds

Clark, Dodge & Co.

Railroad—Industrial—Public Utility Government—Municipal

Investment Securites

Statistical information regarding securities furnished to investors and trustees.

Security Issues Negotiated

51 Wall Street, New York

Guaranteed First Mortgages

Free from Personal Taxation

We offer Guaranteed First Mortgage Investments On New York City Read Estate at 5$1/2$% to amounts of $100 and up, and also the following mortgages

Details of other offerings in various amounts, with photographs of properties, furnished upon request.

When buying real estate consult us relative to Title Examination. Write for booklet, "The Ideal Investment."

New York Title and Mortgage Company CAPITAL AND SURPLUS MORE THAN $3,000,000

135 Broadway, New York Phone 6880 Cortlandt

203 Montague St., Brooklyn Phone 7100 Male

PEACE INVESTMENTS

A revaluation of many securities will be necessary with conditions obtaining under the peace readjustment. Many of the long term bonds of the Railway and Industrial companies offer great opportunities to obtain investments that will be safe for years to come.

Correspondence with investors invited.

Dominick & Dominick

115 Broadway, New York

Phone 2080 Rector

We Finance Electric Light, Power and Street Railway Enterprises with Records of Established Earnings

We Offer Bankers and Investment Dealers Proven Public Utility Securities

Correspondence solicited

Electric Bond and Share Company (Paid-up Capital and Surplus, $21,000,000)

71 Broadway New York

Exempt from all Federal Income Taxes

Our complete list of Municipal Bonds contains, among many other attractive issues, the following:

We shall be pleased, upon request, to send our latest revised list, G-206, together with full descriptive circulars on any of the above.

William R. Compton Company Government and Municipal Bonds "Over a Quarter Century in this Business." 14 Wall Street, New York

St. Louis Cincinnati Pittsburgh Chicago Jackson, Miss.

 

Notice is hereby given, pursuant to the provisions of Section 4, Article 4, of the Indenture of Trust, under which the above Notes were issued, that the sum now in hand, together with the sum to be paid into the Sinking Fund on December 16, 1918, amounts to Eight hundred twenty-eight thousand, two hundred twenty-five and 74/100 ($828,225.74) dollars.

Sealed offers for the sale of Notes at a price not exceeding accrued interest and 107% of the face amount thereof will be received by the undersigned at any time up to twelve (12) o'clock noon December 10th, 1918, at No. 2 Wall Street, New York City, or No. 177 Montague Street, Brooklyn, New York.

Unless otherwise stated, offers may be accepted pro rata. Offers should be marked "Tender of Todd Shipyards Corporation Notes." Payment for accepted offers will be made December 16th, 1918, at our office, 2 Wall Street, New York, after which date interest on accepted notes will cease.

BROOKLYN TRUST COMPANY.

Trustee under Indenture of Trust.

Dated, New York, Nov. 11, 1918.

NOTICE is given that under the provisions of the Trust Mortgage the following six First Mortgage Five per cent. Gold Coupon Bonds of the Pennsylvania Iron Works Company, for $1,000 each, due November 15, 1921, have been drawn for payment, and will be paid at 105 and interest, at the office of The Land Title and Trust Company, Trustee, Philadelphia, Pa., on November 15, 1918, on which date interest will cease.

Bonds No. 30, 36, 92, 127, 138, 243.

THE LAND TITLE AND TRUST COMPANY, Trustee.

Philadelphia, October 16, 1918.

Please take notice that the property of the Eclipse Tanning Company having been sold for the sum of $190,000 on the foreclosure sale held on the 19th day of September, 1917, by virtue of a decree for sale issued out of the Court of Chancery of New Jersey, in the suit entitled, "United States Mortgage and Trust Company, Complainant, and Eclipse Tanning Company, Defendant," and a Receiver having been appointed to collect the rents, issues and profits of Eclipse Tanning Company in said suit, and said Receiver having paid over to said United States Mortgage & Trust Company the sum of $95.24, the net proceeds of said foreclosure sale, viz., $96,241.15, and said sum of $95.24 are now ready for pro rata distribution among the holders of Prior Lien Gold Bonds and Scrip representing fractional amounts of said bonds of Eclipse Tanning Company, and said net proceeds and said sum of $95.24 will be paid to the holders of said Bonds and Scrip upon presentation thereof at the office of the United States Mortgage & Trust Company, No. 35 Cedar Street, Borough of Manhattan, City of New York, for indorsement thereon of the the payments to which the holders thereof are respectively entitled.

Dated, November 1st, 1918.

UNITED STATES MORTGAGE & TRUST COMPANY, Trustee.

Notice is hereby given that the Transfer Books of this Company will be closed at the office of the Guaranty Trust Company, 140 Broadway, New York, from Nov. 15th to 30th, 1918, both days, inclusive.

J. G. WYLIE, Treasurer.

