OCR Interpretation


The evening post. (New York [N.Y.) 1832-1920, May 14, 1917, Image 10

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Persistent link: http://nyshistoricnewspapers.org/lccn/sn83030384/1917-05-14/ed-1/seq-10/


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r I .. , I' 1 FOREIGN EXCHANGE. Sterling ANOTHER SHARP ADVANCE ,PRICES' TO·DAY. There was actl'e trading In ml from the openlnS' of the maJ ket to-day, 'l:llltl 1t lasteQ. throughout the forenoon 'rhere wns gen~?J al buymg, and it assum. f d a ~ ulume wh,Jcli proved a s\u-pv-ise to the t1ade In v!e~ of the dulness m the trading ~onditwns m the last se\ eral weeks A good deal of the buying seem- ed to come from ttade mterests, although most of lt orlg:matcd will< local and Wall Hheet cumnll!:iston l1ouses The shength the m~•·kel had been showmg throu 0 llout the last half of last wccl< under the ac- cumulation of cont1acts IJY some of too lacge-st mat ket interests had attracted at- tention then to Its well llqmdated posi- tion and tilso the somewhat oversold po. sltlon of. most or the local traders, and the tendency ot holders of the balance of the ~rop In the South to hold, on to It for higher pnces rather than press 1t for sale after thr- rf't C\nt good dechne tn pnces from tllP high Ie\el& ot ear-ly in Aplil. 'Vlth thPse developments causing a mot~ \ltllll~h scntimen\ to pieVaJl among local trade int~Iests, ~outhe1n ,ommisswn ho11sPs find 'Vall StrPet firms identified 'I<Jth lhc cotton trade began to look upon < otton pnces at the close of last week as nllt undul; high for the prevailing condl- ' lions, but. as rd.thPr attt active for fresh inve-stment or speculatn e purchase~ wlth There 2~ 70 29 90 29 2{) 29 40 28 10 28 30 27 00 27 25 21 90 22 05 102 70 29 21) 2940 28 15 the nrw <'I<tP getting a late start and Business, with Germany and AustrJa. thr- a1 rra~e ht 1ng rc:duced moderately suspended slnC'e March 28 Fina\ quota .. from last ;ent\ omolaJ a tea, rather than ttons on that day Berlin. ~9%. VIenna, 1148 ln<rensed !he 10 to 1o per cent so many Th f h I art expe. ••d two months ago would he t\ I I>ar ol lextcdanrge onthEurUopeal n h Jeoun r es, ca cu a e rom e n ted o.nnounred to the cotton trade \ly t Is States Mint's mtrlnslc vti.luatlon of their ttme , j standard coln In terms of American rur- llRng~ ot a~rtce•· rency. ls as tollows· TberPforP an aC'cUtnulntion ot lut; lng t Austria- ••••• _. 20 3 cents to the crown orders appearPd to have d vPlopE:'d. n-.e-1 Denmark ..... ~ •• 28 8 cents to tile h .. rone Sunday the e>erut!on of which at t hr England · · .. · $4 86% to the sovereign • France ...... 5.18'h francs to the doflar ma•ket,_witll Liverpool aho\lng g1eater Germany ..... 95 2 rents to the 4 marks strengtl\ than had boon expc<teii w.\ Holland ...... tO 2 cents to the florin 'nstriJmcntal tn adv.anC'Illg pi I( \' Russia ·51 2 cents to the ruble Spain 19 3 oents to the peseta. sharply many of the-' shorts wPrP fml Pd to co\'' Par of the New YorK exchange on ItalY and Switzerland Is the same as that on Pr!res went -Hf1 33 poi.,td for ~!d)' an•ll F th f ll d , f ranee; e r:nnc, re. an peseta are lulv of tht• \, 0 vop mvnth ftom Stt 1 all valued by the Mint at 19 3 cents, and urda::~ s rlosmg, while the U<.' '' l! 011 ' the number ot en<:b. of them in one dollar months advru•ced 3 5 to 40 points 1 hts Is thcrerore the ,am~ Par of exchnn e t-rought MaY up to 2~. July 20 0 t l )\to I on Norway and on Sweden 1a the sa.r!e Orr 19 u=.. n(>((•mher 19 f.9, Ulrl J muan as on Drnmnrk rh~ .Mint vnluatton of to 19 60 A.s these Ptices (o 1 tht nl\'\\ one German murk Js 238 cents by old l'\\DP monlh'i '!ItO \itbm~ to 11 Illints '1 custom our foreign exchange market or t h .. ~u hhtht'st or Pw SPa 1 11 m,ll h , recl\.ofis rates on the basls of tour marks. pro•at~tal(tng mdudtng c•msldPt ~hh f1 \hI - .,lhng for :-1Pw Orlean~. folluwed 1 It Tradmg Continues Quiet at Pans. marke-t IC'acled 10 to la pomts from thf' top d1ulng tnt..• latr> aft«;>lnvon 11om the pffects t.t Lhl.:::; 'S(IIhng uud the fall1ng- off' in tho ea1ly '.Jral and \\ 111 ~~nt.:t bnytng • '1'-he undertune of Ute> markut, however. \u11t1nu~d tlfln. P\RT\~ \Ia\ 14 TrHd1ng \-d<:: qUif't on thP HoUtSP to da~ Thrf'e per C'Pnt JPnt.Ps 61 flan( !'l centimes for cash Exchange on I..ondon 27 francs 18' centimes Five pel c<'nt loan 87 francs 70 centimes Extra Gulf States Steel DtVidend. TO,DAY'S • O.OSJNG BIC.. 54Y:i 81 g, 30 69 6}~ li 240 120 243~ 81Y:j f I lOu~ 31 .,g~~ ~2 g, i!2 60H 26)4 20).1 !ii i\7 102 8 1 B 54% ~8 110~ gsx 91 120 100 58! 2 39'' ~93. OJ ';i7 8 2l2 15 52 3l 5i 99 15~ I>'• Ios•~ 102}.~ 60 G'• 9!} 6! 6S lOf> }<z 105 1 8'> 57 107 6\> 95 7:-1, i> 103 94 110 4Z 15 75 IS 46 7 's 159 23')i 5[} 83 24 1 8 I COl<( 30 6> 78 30 60 3 21 59 40 131 125 123 .T, .......... ,.., \'- \\'\\\\'>-- -- .. !( • BID AND !_ ASUD 1111. 206 I l 6 80 l~}!i 12 4 ~i (5 6~1 35' • 8 35~ •27 8 4 ; I ll 3 s 387'2 85 '2 31 3 61 h. 65 97J.-ii 102 102 85 108 E4 7 s 17 1 ~ 491\.\ &•~ 56 10912 113~ .. 76 !OJ Z7Y.i 79•. 40 1 8 ID2 36•. 105 37 100 95 97 3 ~)1 49h 104 65 19 49 7 li 50~ £5 21 55 l02J.\l 88 90 38% 115 57 16 I 23' 8 13 134 87~i 24 68 49 12 32 38 2Jl'g 6U 24!. 1191, 8J 5 16 49 106 70 19)1 55 120 118 iil 91 HYs 5 50 !15 125 9R 861t 18 34 18 61 240 120 ~0\1 20 92 64 200 122 124 83 64~8 51 68 ', . • THE BOND MARKET Ilk!. ··~ \Q's ,, 100 9[ \)I 128 3 , '5 r.a 89)4 100 73% 45 6S 61 17. 14 483. 96h 28•. 86~~ 40 4&~~ 159 81 10 I I' ao•. 3ii 16''2 25 :!j 1/:& 43 43 1 4 12 26 Ho 1 2 1.2~, 25 5lh 50 93 91 177 24~., 52!i 63 85 87~i 103 4!3:;: IS•~ 79 133~ 77'4, 41 !3~ 714 I J93i1 53'\' IS 122'~ qa II 54!/z 105 1 --!: 54 10'. n•~ ~3iliJ 97 15~ 17'-i 27 I l 40 9Jit 4~~4 63 111 I 3 1 1 32 71 100 44~. 21t~4 93 1 4 12 101 WI• <3 curb mavket for the Russian Go\' ernme-nt 6'hs and the 5 ¥,s Those bonds are now selhn,g on a basis to ~ 1eld O\er 1• ppr cent. From w;hat was heatd 1n '\all ~ti~Pt to-day, individual mvestors and bond dealers, large and small ate all asl.tng I the same question Has the hqmdatlon run Hs course-? Such a oond1Uon nv 'mlably retlects a A!t'ference of opinion In the present mstanre, on one side, the I bellef Is being expressed ·that the selhng has ceased, that bel!ef bemg based on >the very h1gh incoma 1eturn offer<>d by ms,ny good bonda. In that connection It is being pointed out that the old prior- lien railway Issues are now otterlng 4 'h per cent convertible issues, such as those of the Southern Pac!tlc, as hig-h as 6 per cent , while some of the foreign go:vernment bonds \'!II bring In as much a.§.. 1¥.. per cent. Such large retu;ns In_. dicate tt is being argued by those who thlnlt liqUidation !!r o-.r, that the adjustment has eH•n gone too far But on the other hand !J<'Ople oan be found in mvestment circle-s who argue that prices w1!1 go lower Jn surh qua•· ters It Is being polnf<><l out that bond priC'es m the retent de<\lines hav<\ br.ok~~?n through 1he level <'s1abhshed In the long riSe Wh!l>Jl began In Se-ptembei or 1915 For example, It iS bem,g pointed out thnt the a\ erage price of nearly a h,tlf hun- drod bonds in September of 1915 was 8~ that the long r1se that followed can led the a,;erage pnic:e to 89 that the dechne which began In January or 1917 has now ,gone a fraction undei 8'1 and hence the a\le,tu.gf' pr-i<'P, accordiQg to theo old {'hart thf'ory must go ba('k to 82 th~ startlng point before the liquidation cea•e,; \\ hlle differing widely as to whether or not hqmdation in the bond matkl•t had ccnsccL on o.ne point expert opinion In 28 3 4 bon.d droles was agreed, that Is lhnt .. mp.ny investment bargains could lie p ek- ed up at the e-xtstmg pvice levels 81 133~ 78 41J.\l 97 118 75 52)~ 88 137 84; 20 .o 60 20 123J,i 98~ ll 10) 4~ ;.. Total paym(>nt by Governrn£>nt to N\(>W York State !Janka for the da~, $1 10\ ooo Payment by banks to Slovt>rnrnent $a .. 682 000 Balanr.w on th,e days transac- tions, $4,576 000 paid b:t bank• to o<Hern Total nPt pa,ymeat by hanks to Government s)nce l!'rldlty, $8 BOo 000 against $16,.09,000 patd by ,~overnment to banks for tho corresponding per1od a week ago, and $91.7,000 pal(! by banks to Government a year ~-go, Included in tile for~olng summaiy •• $382,000 reposlted by b'V'ks with the Sub- Treasury tor paYil)ent at lnterlot pomts Total thus deposited since Friday, $3,· 282,000 The ma1ket iS extlemefy quiet, but the tone seems to bo s!lghtl.>' easler It \'\\' slated that May and June l>osltions wete oftered at 6 3-16c, c. and f to New Yotl<, while May was oll'et ed at 6 1 ~c i8 New Orleans In some quarters it was believed that a bid of 6 '.&~ he• e would be acce~ted. Refiners lnd1cated mterest at that price early this morning, but withdrew subse- quent to the decline In future prices. The orily business on Saturday was 10,. 000 bags Porto Ricans, late May ahip- m.lnt, at 6 Uc Further buy,lng Interest was reported at that figure with 6 llOc. generti.lly asl<ed The refined-sugar marl<et Is unchanged, with granulated rJ.nging from 7 \!!< 8¥,c. Quota tlons follow •Nominal 'lo-day •n 2t -.5' 34 •• 3-ll> •6 14((! 6 20 ~-.-.......,-- 24 I' no quotation Lo-day 1 b.:;r.·dlv • Exeoutor Trustee Chattered 1822 \ The Farmers' ~oan and Trust 0Qmpany Nos. 16, 18, 20 & 22 William Street l3ranch Office, 475 Fifth Avenue NewYor:k LONDON Ajlministrator St. Louis, PARIS ' .Foreign Exclunge Guardian Pacific Rllilway ·Company . and' f Iron Mountai11 and Southern Railway Company REORGANIZATION t:o Holders of Certlfieat&s of Depo81t lcll5ued by Cllntral Trmt Ctl!l• pony ol :New York ou Gnarnnty 'l\mst Company ot Ne\ Y Ill'~ London, or Jssuetl or stamped Jiy \iUrnlnlstrntlon Office of Bt:o~• • & Gosman, Am.ster.dam, representlng Stock of 'Ib,e ID~slllll'l Pacific Rail \vay Complllly: Tho Plnn an <I .Agreement or Reorgan~at!on oC the Rall way Companies above m~ntloned, as motifted July Z5, 1916, having heretotore been declared operative, an.d the reprganlzatlon of e!Lid Railway Companies thereunder haviDg been autboJized by the Public Service Commission of the State of MiSsouri, NOTICE lS HEREJBY GIVEN that holders of Ibn above-mentioned eertlficatu of deposit are requiretl (a) to pay on or before May 22, 19li, $49.~:i per share of stock represented thereb::y (being the sum of $5~ z>er share mentioned in sa1d Agreement less an adj11stment for Interest upon the General :Mortgage Four Per Cent. Gold Bonds lss!lable against such payments), Qr (b), at theJr opti.,n, - ... speettvely, to P~J on or before M.ay 1!2, 1917, 'lil.45 per share (being twenty-llv~ poer ~ent. or the sum &o mentioned, less S:1!Ch adjustment for Interest) und tho .ren1ainlng 1&37.60 on or before ::August 22, 1917, with Interest on such deferred payments at the rate or six per cent. per annu.,III. .As provided In said .Agreement, sucla deferred payments wUl bt secured by the stoclt deposited, and a.lso by the General :Mortg!Lge Four Per Cent. Gold Bonds and votlll;g trust certlficates for sto\'lt of the new Mlssonrl Pacific Rallroatt Company, or scrip for tilt eame, and other \benefits to which the holders of such certificates or d~poslt v;oulcl heocome ~ntltled by ~~Inking their payments m 11111 ThE) unders!gDad Reorganization r.Lanagers ha v~ de~lgna_ted .Jit118\ l, 1917, as the date from which such General Mortgage Four- Per Cent Gold Bonds shall bear Interest. Tlte parrnents aforesaid mnst In ener:r CI\Sl'l be aflco)Jipanled bT presentation of such certificates ol d~11oslt for appropriate uotalloa tbefean of snch f)nyntents. Snell payDJents Itt the Uulted Sfjltcs must be made at the oftln ol ('entral Trust Comtlany of :New Yark, I!Ol1Vall Street, New Ynrl: 4)1ty, In current New Yorlt funds, or at !Ita olll.ce ot Mercantile Tpuat Company, 721 Locust Street, St Lou Ia. Missouri, In currant lf~y York funds Cheeks mnet be drnwn tiJ tlte order of tlto Trust Co-lli• van)' to wbleh pn:rrncnt ts made,. and llll!Bt be cerUQed lr required Holders of n1cb certlficu.tes of deposit Vlho shall full t& DIIIk& (lrompt pa1ment cif said sumil, or of :an.y Instalment thereof, on or before the respective l)ates herelnbetlllre fixed there!or, wJJI torlell any nUng trllst certlllcates nnd l10nils, or scrip for the same, to; which they woulll otherwise be eatlUetl, nntl will eca~e- to be entltletl 1.(' any rights or beueftts undor said l'l~an and Agreement. and. '!'fHl JlOt be entitled. to the return of tbel.r deposited stock, or to the r .. payJilent of •ny cash theretofore paid Ill respect thereof, or to bave any t 11 rther interest or right in or in respect oi the sama or Ullcltr said Agreement Pll.ted., New York, April l!l, 1917. KUHN; LOEB &: CO. Rt:.tl•ni1141Mrt Muw.,. To Holde9 of Stoclis. Bontls an~ Clalnu for which I'roTJslon II Diade fn tlte Plan and J.greeml)nt of Bellrganlzatlon' a bote mentlonocd: Referring to tl1e foregoing notice, tllo-;tbne within ll'hlch ttU'IJier deposits of stocks 111111 bonds and assig11ments ot clalllls ma:r be l!lade under the Plan and Agreement o• Beol\.ga;nlzatlon aforesa:fd 18 e:dellcl- t!!d to and Including May 2'.?, 1917. Pa.yment of tbe sumll and at the times and on the terms and conditlon=s stated m said notice, will be required iu. respect of all stock de :posited under this extenafoll. llolders of stoek or bonds not deposltell and of clahns not asslg11ed 011 or before May ~. 1917, will not be entitled to make snch depostl or assignment tltereafter cxcevi in the discretion 11f the RenrgaDba· tlon Managers and 11pon such term£ as tbey may tmpo:se. Dated, New York, J..pr!l 16, 1917.

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