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The Wall Street Journal from New York, New York • Page 10

Location:
New York, New York
Issue Date:
Page:
10
Extracted Article Text (OCR)

I THE WALL STREET JOURNAL. 10 i WEDNESDAY MORNING, SEPTEMBER 25, 1918. Trustee for Institutions The Central Union Trust Company of New York will assume the duties of Treasurer, Assistant Treasurer, or Financial Agent for Charitable, Educational or Religious institutions, and attend to the safeguarding of securities and funds, maintenance of investments, collection of income, payment of bills, etc To the individual-attention of the personal treasurer this Company adds the accumulated experience, financial knowledge and skilled organization of many years of successful administration of trusts. Central Union Trust Company OF NEW YORK 80 Broadway 54 Wall St. BRANCH IS; Fifth Ave, atflOthflt.

Madison Ave. at Fifth Ave. at 88th St Capital, SurpluM and Undivided Profitt $0,000,009 fl iraimuminE3L3 'Government Financing On requrat we wiH een4 booklet dlscuss-" ins; the practice and theory of this subject Address Dept. A-a Metropolitan Trust Company the Ut7 ttK.l.W Wall The National Bank of South Africa, Ltd. Paid-Vft Capital and Reserves flSfiOOftOO Offers to American banks and bankers its superior facilities for the extension of trade and commerce between this country and Africa New York Agency, 10 Wall St, B.

E. SAUNDERS, Agent HARROVIAN NATIONAL BANK Fifth Avenue and Forty-fourth Street New York BANKING HOURS 8 O'CLOCK i. M. TO 8 O'CLOCK P. M.

SAFE DEPOSIT VAULTS OPEN 8 A. M. TO MIDNIGHT to CHICAGO n-utfi, TBI NATIONAL BANK Of TUB REPUBLIC pom oi lit togem mm yooi ipiai it ut tarn CLASSIFIED ADVERTISEMENTS BBLT WANTED MALE CASHIER wanted by Jersey City manufacturing ooncern liow almost entirely ensured In essential war nroductlon: Jnan muat be experienced, capable and industrloun; will nnt consider any applicants except those who are likely to be arlven deferred classification on account of dependents If engaged In essential Industry; salary gioo per month. Address Bos 3 The Wall Street Journal POSITION WAKTED MALE CONNECTION wanted by a-entleman cast draft are. capable of bandHnr anything that requires exceptional familiarity with laws: business and Investment conditions; Initiative Hi executive ability, and responsible manage-inent Of wide business experience, prominently and ex-tennlrsly acquainted throughout Kansas and Missouri; highly educated, character, habits and references unquestioned.

Address riPES. 2828 Trooat Avenue, Kansas City, Missouri. MAN (40), EXTENBrVB BAKKTNO EXPERIENCE. FOREIGN EXCHANGE. LETTERS OF CREDIT, AUDITING AND ITRU8T DEPARTMENTS, NOW TREASURER OF A LARGE EXPORT AND SHIPPING CONCERN.

DESIRES OFFICIAL POSITION FINANCIAL INSTITUTION. A REFERENCES. ADDRESS BOX 4 THB STREET JOURNAL EXPERIENCED PURCHASE BALKS AND TICKET CLERK OPEIT FOB EHQAJGEXENT. Al REFERENCES. ADDRESS OZ IS T.

THB WALL STREET JOURNAL. TOUNO MAN. SI. seeking position with Curb or Stock Exchange House; have four years' experience a book-' keeper and assistant cashier, order best of references. Address, Box TA, The Wall Street Journal.

POSITION WANTED FEMALE STENOGRAPHER, secretary, refined. American, executive, possesses tact Initiative, thoroughly efficient. Address Box 2 The Wall Street Journal. SWITCHBOARD OPERATOR. THREE TEARS' EXPERT-FNCB.

STOCK EXCHANGE HOUSE PREFERRED; ALSO TIPETWRITING; SALARY. $15. ADDRESS BOX 8 A. THE WALL 8TREKT JOURNAL. TELEPHONE operator, 8 years experience Telephone 4 years office work.

Married, 28 years of Salary desired S2O.0O. Address Box 8 The 'Wall Street Journal FOR KENT FOR RENT ONH HALF OF DESIRABLE CURB WIN- DOW TO RESPONSIBLE FIRM OR INDIVIDUAL. ADDRESS BOX 6 A THE WALL STREET JOURNAL Pennsylvania State Bank Call Harrisbug, Pa. Sfrte Banking Commissioner has i3ued a call for report of condition of State banks and trust companies as of September II. -i Silver Zimmermann ft Forshay quote eilTer unchanged, 101H; Mexicaa dollars unchanged, 78 Sharon Brier Hill Steel has blown in its Jeanette llast furnace at Youngstown.

The stack was erected at a cost cf TS.OOO.CCO. MONEY AND SECRETARY M'ADOO LAUNCHES "NEW LOAN CAMPAIGN Continued From Firot Page) the entire loam You bave the privilege, the opportunity, of a glorious service in connection with this -work. It i no less an essential part of war operations than the actual fighting on the front, although it involves no similar measure of sacrifice and carries with it no comparable share of labor and suffering. "No great army can fight in the field under modern conditions of warfare orrless it is supported by other great armies at home, equally strong for the various parts they must perform, and equally coordinated and synchronized in effort with the fighting forces These home armies must be organized for every part of essential war work. We must have an effective army of transportation, an effective army of war industries, an effective army of food and I fuel production, and we must have and maintain all the jtime an effective army for Liberty Loans.

I "While no one thing will win this war, certain things are basic to the war, and, therefore, are of outstanding importance. The Treasury of the United States is basic to the war. There is no activity of the Government engaged in war work, and there are few activities of private I enterprise engaged In war work which do not ultimately transmute their requirements Into demands upon the United States Treasury. The Treasury must at all times be prepared to meet those demands, which invariably take i the form of money payments. Unless the Treasury is strong enough to answer every call instantly and in full, the essential war industries of the Nation may be arrested or slowed down, the vital prosperity of the people may be I imperiled, and the fighting power of the armies in the field may be gravely reduced, with serious possibilities of dis-i aster.

I "Our great national army of Liberty Loan workers composed of men and women alike, spreading over every I State of the Union and responding each time to the-oall to the colors is, therefore, basically one of the most lmpor-jtant of all the armies in the field. As I review the work they hrre 4cne In th past eighteen months, the unselfish patriotism with which they have responded to each call, and their splendid achievements in the three Liberty Loans already subscribed and oversubscribed, I am proud to be a member of that army, and more, than proud to be its commander. No hiBtorian who writes In the future the record of those times can over-exaggerate the importance and effectiveness of the work done by the Liberty Loan army of the United States and by the bankers of America who constitute so large a part of that army. "The Treasury of the United States asks the American people to subscribe to the Fourth Liberty Loan, This money is needed to carry on the war. We cannot lick the Kaiser without it We cannot restore peace to the world and re-establish liberty and democracy without it The money is required for food and clothing and munitions for our Army and Navy; for the ships that must transport these supplies to them; for airplanes to blot out the vision of the Huns in the skies; for the support of the dependent wives and children of our gallant soldiers and sailors who have gone to the front; for the payment or.the life insurance which the Government issues to its heroic men; for the construction of wharves and docks and facilities at home and in France for the military and naval operations; and for loans to our gallant comrades who are fighting shoulder to shoulder with us in this war the Belgians, the Serbians, the Greeks, the Italians, the British, the French, and every other nation which has espoused with us the cause of liberty and humanity "The huge amounts expended by America in this war are not wholly used for destructive purposes.

Great sumi are used for constructive work which will be of permanent value to the American people. "We ore building a great merchant marine. Upoa 'completion it will be the largest, most efficient and modern 'AMMln fiMl fAM Th. vhtrvH nnri terminal lllGKWiailb I'CCb IU vr w. facilities we are constructing in America for the accommodation of this merchant marine are an essential part of it Our commerce after the war will be facilitated by these great national undertakings, and the money used 1 for these purposes is an investment of immeasurable valus to the American people.

The loans to the Allied Governments are represented by obligations of great nations whs will in time repay them. Out of the 30,000,000,000 of. appropriations made by the Congress for the fiscal year 1919, it is probable that $8,000,000,000 to $9,000,000,000 will represent loans to the Allied Governments and expenditures for ships, shipyards, docks, wharves and other facilities which will be salvaged to the American "The bonds of the Fourth Liberty Loan bear 4 per annum. They will mature on October 15, 1938, unless the United States should exercise its reserved right to redeem them on or after October 15, 1933. "The interest on $30,000 of bonds of the Fourth Liberty Loan is exempt, until two years after the termination of the war, from surtaxes and profits and war-profits 'taxes.

The taxpayer who subscribes for $30,009 of these bonds and still holds them at the time of making his tax return will also receive an exemption from such taxes for a like period as to the interest on an aggregate amount of $45,000 of bonds of previous Liberty Loans, and subscribers in lesser amounts will receive a proportion ate similar exemption. These bonds of the Fourth Liberty Loan are also permanently exempt from, all the: Federal, state and municipal taxation, except estate and inheritance taxes. "These bonds are an investment of unquestioned security, and no man who lends his money to his Government by buying Liberty bonds need evtr fear that the principal will not be paid in full maturity, or that the interest will not be paid punctually every six months. Every purchaser, therefore, of a Government bond is doing the wisest possible thing tor his own welfare and prosperity, is contributing to the sucess of our armies in the field, to the restoration of peace nd tht security of liberty and democracy for the future, and, at the same time, is aiding in the construction work of creating a great merchant marine with all of its auxiliaries which will have a per; manent effect upon the prosperity and destiny of the American people. "Who should buy Liberty bonds? Everybody The laboring men and women, the salaried men and women of the country, and the people of moderate means and of large means particularly, should buy Liberty bonds.

They thou! 1 save money and jjut it away now, Tthere 7 EXCHANGE moth nor rust can corrupt, nor thieves break through and steal A Liberty bond complies with these condition, especially if it is registered with the United States Treasury, because if registered, the Treasury will replace it if the owner should lose it or if a thief should steal it "Wages and salaries art higher in America today than ever before in its history. Those who 'spend everything they earn are not only living in a fool's paradise, but they are doing a grievous injury to their country; they are living in a fool's paradise, because the same degree of prosperity cannot be expected continue upon the return of peace, when the inevitable readjustments of all industries must take place; and they are doing their country a grievous injury because it is only by saving that we can provide our Government with the money which it must have to buy the essential supplies for our military forces. "Every dollar saved now and invested in Liberty bonds will be worth much more when peace comes again. Every provident man and woman in the United Statu may find their savings worth twice as much in purchasing power after the war as. now.

How can any one more certainly make money than by saving it now, with assurance of its enormous enhancement in value when normal conditions are restored? "The improvident men and women who fail xspw to save money may find themselves unprovided for if a rainy day accompanies the return of peace, and every one who fails to make provision for this time will add to the difficulty of readjusting the industrial and commercial situation so as to preserve prosperity under peace conditions; whereas every one who has saved and provided for that readjustment will ease the process and contribute to the continued prosperity of the Nation, as well as to the individual welfare of every citizen. "The highest duty of every man and woman in the land, therefore, is to save to protect themselves and their, children against the possibilities of the future, to say nothing of the fact that by such saving they are bringing peace that much nearer and are making that much more certain the saving of thousands of American lives which, otherwise, will have to be destroyed as the prize of victory. "The, same obligation to save money and lend it to the Government rest upon the men of larger means the men of comfortable incomes, and the men of large incomes. The laboring men and the salaried men and women have been appealed to and have responded nobly to the call to buy Liberty Bonds on the instalment plan. Why should not the men of moderate and large means buy bonds also on the instalment plan? -If they have not the ready money in hand, they should anticipate the future, just as the laboring men and the salaried men do, by obligating themselves to take an the bonds they can and to pay for them in instalments.

The Government offers bonds payable in instalment in order; that every class of citizen may make pu-chases within their present and reasonably future income, "The businessmen and the men of comfortable means and incomes who fail to buy to the limit of their ability, even though it involves the payment for their Liberty bonds on the instalment plan, are not only failing to do their full duty, but tncy are negligent of their own and their country's internet Their butincss and welfare depend upon the success of America's army, and they must omit no duty to support that army. "In the Third Liberty Loan, 18,000,000 Americans subscribed for Liberty bonds. It is a very remarkable fact that of this vast number of patriotic Americans, all but 22,500 bought bonds in amounts ranging from $50 to including corporations, bought Liberty bonds of the Third Loan in exiess of $10,000. It would be preposterous to say that there are only 22,500 men, women and corporations in America, able to lend more than S10.COO each to their Government on Liberty bonds. The record of the Third Liberty Loan conclusively shows that the weat mass of the American people, the men and women of small and moderate means, were highly pain-otic and did their duty splendidly, whereas only 22,500 per-stoni and corpsraiions among America's wealthier classes bought bonds above the $10,000 mark, I wouM not Intentionally draw any inferences from these facts which would do injustice to wealthy corporations and to the men and wcoien in America of large and easy circumstances; but these figures at least indicate that they did not respond to the call of the Government in the Third Liberty Loan coramensurately with their ability to help.

An earnest appeal should be made' to them to do more in the Fourth Liberty Loan, not only for their own good, but for the welfare of the Nation. We must largely increase the number of subscribers to the Fourth Loan between $10,000 and $100,000. "We must continue our efforts totapres upon people who buy Liberty bonds that it is the very essence pat triotic duty to keep them to the utmost limit of their ability to do so. In no other way can we meet the colossal demands of the future. Every patriotic American must realize that service to the country is not satisfied by the mere purchase of a Liberty bond to be sold at the first opportunity, but service, genuine service, patriotic service, consists in holding that bond to the limit, making it a sacred duty not to part with it unleai adversity or necca- sity, which cannot be met hi any other way, forces him to sell it "This brings up the point of a more effective and intelligent organization of the bankers and Liberty Loan committee of the country for the purpose of securing a secondary distribution of Liberty bonds after fhe completion of each loan and of stabilizing their value.

We must provide the machinery and the means through which those who have to sell their bonds may do so and get the highest possible price for them, while at the same time protecting the innocent investor against swindlers and unscrupulous und unpatriotic people, who, contrary to the earnest request of the Treasury Department, have induced holders of Liberty bonds to exchange them for stocks or investments of doubtful value. The effect of these operations is to force the Treasury to buy the Liberty bonds which these unscrupulous or unpatriotic people acquire and throw upon the market The Treasury, therefore, must take a part of the money it has borrowed from the American people after so much difficult and patriotic work on the part of bankers and Liberty Loan organizations and buy back these Liberty bonds in order to protect the market and the credit of the Government Thus the Treasury's available resources from the loans are depleted and forced into unworthy channels oftentimes in wildcat enterprises, to the injury of the American people and to the detriment of the war. We must create a healthy public Opinion which will reprehend s'uch practices. ,1 have made frequent ap. peals to Liberty bond purchasers to resist the.

efforts of uwrupulous and designing persons; to refuse to exchange THE LONDON CITY MIDLAND BANK LIMITED. HEAD OFFICE: 5, THKEADNEEDLE LONDOX, E. C. 2 OVERSEAS BRANCH 65 68, OLD BROAD STREET E.C. 2.

Subscribed Capital 1 'aid. up Capital -Reserve Fund 30th June, 1918 Deposit Cash In hand and ht Bunk of England Moiiey at Call and Short Notice Bills of Exchange Investments 'Advances 1 To American Officers proceeding to Europe. This Bank has made arrangement to enable American Officers having accounts with them to cash their Cheques free of charge In France at any Branch of the Bank of France or of the Kocictc Generate and at the Banque Francaise pour le Commerce et l'lndustrie, Paris; In Italy at any Branch of the Banca Commerciale Ital.Iana, and In the Xcar Eas at any Branch of the Imperial Ottoman Bank. Customers have the advantage, of using all or any of the 1.000 Offices of the Bank for their business connections and for their Mail, which will be carefully distributed. Branches are established at all the Camps where American Troops are stationed in England.

Sir EDWARD H. HOLDEN, Bart, Chairman. their bonds upon the advertisements of selfish promoters, merchants or manufacturers who tempt holders of Liberty bonds to give them up in exchange for stocks or bonds of tjuestionsble value or for goods at higher prices than cash prices, and then, in turn, sell the bonds at itss than their par value on the stock exchanges, with all of the evil consequences I have described. "I have repeatedly said that no objection could or should be raised to the sale of Liberty bonds where imperative necessity or adversity make such sales unavoidable; but we should constantly appeal to the intelligent self-interest and patriotism of those who buy Liberty bonds to keep them to the utmost limit of their ability as one of the sacred duties they have to perform in this war." CALL AND TI3IE 3IONEY Call money, mixed collateral opened at high 6, low 6, renewals 6, ruling rate and closed at all industrials opened at 6U, high 6tt7r, low 6'i, renewals 6H, ruling rate WX, and closed at 6H. The time money market continues deadlocked.

No money is offered and maturing loans are being paid. 'There is a broad demand for this class of funds with borrowers bidding6fc for mixed collateral loan? and for all industrial loans of all dates. C03I JIERCIAL FAFEE There is a fair volume of commercial paper appearing in the market which is being absorbed by the present demand. All discounting is at 67c, with the country banks the principal buyers. FOREIGN EXCHANGE The foreign exchange market opened with demand sterling at 4.75 A.

Franc checks were 5.48, Swiss cablei 4.43, and peseta cables 22.87. Whatever business was transscted during the morning was for the most part restricted to pesetas, which firmed up to 22.95 for cables. The other neutrals tended in the other direction, Swiss cables reacting to 4.44 and Stockholm cables to 33.25. Demand sterling was unchanged at 4.7542 and franc checks at 5.43. Trading after midday lacked any feature of interest, rates remaining unchanged throughout the entire list Demand sterling was 4.7542H, franc checks 5.48, peseta cables 22.95 and Swks cables 4.44.

Open: Sterling Francs Swiss Fr. Guilders Demand 4.75,', 5.48 4.45 47 Cables 5.47 4.43 48V Noon: Demand 4.7542 6.48 4.46 47' Cables ..4.7655 5.47 4.41 48V. Close: Demand 4.7542 Vi 5.48 4.45 47 Cables 4.7655 5.47 4.44 48 BANK ACCEPTANCES There is a large volume of bank acceptances appearing in the market, but the demand is small. A number of grata bills are beginning to appear in the market, and it is understood a syndicate of local bankers ii being formed to expedite the handling of the present crop. Rates are unchanged, as follows: Spot Delivery: 90 Days 60 Days SO Days Eligible member 4 H4Vi 44 4Vi4 Eligible non-member banks.

4 A 4 A Ulft 4V44Vfc Ineligible bank 6Vi4 5Vi4 For delivery within thirty days: Eligible member banks 4V4 bid. Eligible noiumember banks 4 bid. Ineligible bank bills 6 bid, New York Sub-Treasury-' Paid to Received Banks From Banks Banks September 23.. $3,842,000 $4,440,000 Lost $598,000 Since Friday. 15,997,000 19,959,000 Lost 8,962,000 U.

Sub-Treasury debit balance at New York Clear- ntt HmiB. 12.0flfi.492: Federal Reserve Ranlr crAt Knlona -r vmmiw at Ne-r York Clearing House, $39,489,542. Bank Clearing' 1S18 1917 New York $626,795,558 Dec. Chicago $90,852,962 $79,166,575 Inc. Philadelphia $65,141,405 $54,730,649 Inc.

Boston $44,297,567 $39,887,731 Inc. St Louis $24,777,822 $22,474,393 Ine. Baltimore $11,512,954 $7,240,601 Inc. Changes $5,821,358 $10,410,756 $4,409,836 $2,303,429 $4,272,453 Domestic Exchange' Montreal New York exchange 20.9375, $51 $134,624,740 23,963,483 21,730,000 $1,181,151,610 268,547,890 144,789,215 163,918.690 193,870,123 437,602,473 Engineering Reports THIS firm, as an or-, ganization of specialists on industrial plant construction, is particularly well qualified to make a 1 professional engineering report on' your property. The Watson Engineering: Co.

Hippodrome, Building, Cleveland, Ohio, Structural Mechanical Architectural FRANCIS, BRO. CO. (Established 1877) MEMBERS NEW YORK STOCK EXCHANGE MUNICIPAL RAILROAD and CORPORATION E0ND3 m.T It. a 1. A S- 4 onu rourin sr.

ax. jjoui? Texas Pacific Coal Oil Lone Star Gas Midland Securities Co. Standard Oil Securities PATERSON CO. Tel 1985 Rector 20 EROAD ST, N. T.

B. H. F. W. PELZER Mesabcrs Kew fork Stock Eaefcaac Listed securities bought and cold for investment or conservative margin account, rksss Brssa 0037 IS BBOADWAT WAWTKD BUFFALO A SUBQUKHANN'A IRON DEB, Of NATIONAL CONDUIT CABLW CO.

NIAGARA FALLS POWER STOCK A. L. CHAMBERS CO. filarine Bsnk Building BUFFALO, N. Y.

Use the Wires Our Expense Reading Equipment 4Js EVANS, STILLMAN CO. Members Nsw Tork Stock Axchans AO BrssSwsr, Rtw 1 rk Telepsaas Ksetsr Sa7t City of St. Louis Bonds Smiili, Moore Company 509 Olive Street St Louis, Ma, New York City Bonds Barr Schmeltzer Members New Tork Stock Exchanie 14 Wall Street Special New York LAIRD COMPANY Specialists in Atlas. Hercules and du Pont Securities du Pont Building Wilmington, Delaware Investment Securities ILrn.U LUi Teleahsa S40O Basts Members Kew Terk Stock Eschsns; SWARIWOUT APFENZELLAft Members Kew York Stock Escfcank PJue Street New York.

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About The Wall Street Journal Archive

Pages Available:
77,728
Years Available:
1889-1923