The Wall Street Journal from New York, New York • Page 12

ti 1 THE WILL giiEKT JOUiiN'AL. 13 FRIDAY MORNING, MAY 1C, 1919. CLASSIFIED ADVERTISEMENTS aTKLF WANTED MAUD BOOKKEEPER wanted by an old established New York Stock Exchange firm; must be thoroughly experienced and capable of taking entire charge of bookkeeplnjr department. Only those with such qualifications need apply to Simmons Slade, 5 Nassau Street, New York City. WANTHD SftMXJSUTY SALESMAN hy an old MUbllibid New Haven brokerage home.

Experienced man. on familiar with Connecticut tesrltory preferred. Salary or commission. Box 10 C. Tha Wall Street Journal.

COMPETENT Stock Journal Clerk wanted. Experienced man only need apply. Address Box 12 Tha Wall Street Journal WANTED br New Tork Stock Exchange house. youn man experienced In financial statistical work opportunity for tirht man to eventually take chart of tha statistical department Address Sox 1 C. The Wall Street Journal EXCELLENT positions for experienced Stock Exchange mn: Htock runners, experienced, wanted Immediate'.

Downtown Commercial Service. 50 Broad Street. Room 1023. 1 Privat agency, hours A. M.

to 4 P. M. dally. No registration charf. ACTIVE Stock Exohanice house requires services of two i aaperienoed bookkeeper Good salary and permanent posl-' tiona to right men.

Address Box 6 The Wall Street Journal STATISTICIAN Competent man to take chares of eta-tlatical department of New York Exchange house. Address Box C. Ths wall Street Journal EXPERIENCED Blotter clerk wanted by New Tork Stock Exchana; houee. one who understands making Government reporta Address Box 4 Th Wall Btreet Journal WANTED Competent man to tak charge of Clearing House Department New Tork Stock Exchange house. Address Box 10 A.

Th Wall Btreet Journal WANTED By New York Btock Exchange House, boy 14 to 17. Address Box The Wall Btreet Journal. BOOK-KEEPER, wanted bv Stock Exchange Houe. Must be- thoroughly familiar with routine of such a position. la reply state experience and salary expected.

Address Box 18 Y. Ths Wall Street Journal. ASSISTANT Purchiae end Bales Clerk wanted by N. Y. Stork Exchange House.

Must be thoroughly familiar with 1 routine of such a position. In reply, state experience and salary expected. Address Box 1 Z. The Wall Street Journal. EXPERIENCED comparison clerk call BAKER.

CARRUTHERS PELL, 15 Broad Street. POSITION WASTED-MALE MjN amill avr It KnrwaTx Lrbi change business In all Europucan eountrlrs, bavins; worked on 4 European Stock Exchanges, with wide experience fr arnod number years and capable of organising nnl developing foreign wishes to communicate with Stock Exchange firm desirous of establishing or wanting a man foe. soch department. i Address Box 10 B. The Wall Btreet Journal.

ACCOUNTANT BOOKKEEPER Thoroughly -equipped and experienced offlre man. cps- We tnklng full charge of accounts and relieving prlnrlpil; details Executive, experience. Charucter. education, vision, performance. Immediately available.

Addreaa i Box 13 C. "The Wall Street Jounal. MANAGER of Clearng House or Cashier's nepnrtment drslres -position with Stock Exchange house. Eighteen years' experience. State compensation with snswer.

Address Box 11 C. The Wall Btreet Journal. SlflTTER clerk, exnarlenced on both stock and bond. I olearinc house and ex-clearing blotters, wishes a position with a N. Y.

Btock Exchange firm. Address Box C. Th Wall Btreet Journal BUSINESS OPPORTVKITIEa I Russia-Europe -Far East Export executive, wilh an unusual experience in above countries, and with a definite program to submit, de- sires capital for establishment of an-export business. Only principals considered. Address Box 11 The Wall Street Journal.

PARTNER wanted, with S10.Oon.00 to take half lntrest 'in a high class, well-organised Tailoring buslnesa A wonderful opportunity for a person who could devote couple of hours a day In the business. No experience necessary. Good inoom assured: Address Box a Th Wall Btreet Journal. IRON Or Mining Concern equipped, operating, has on contract large reserves, requires capital, attractive investment Address Box 12 The Wall Btreet Journal. omen space wanted WANTED By responsible Investment broker about 000 square feet office floor space.

Wall Street or Broadway or Broad Immediately south of Walt Address Box 9 The Wall Street Journal. WANTED DRHK room or small office wanted In financial district toy broker In outside securities, preferably with Stock Ex-chang-a firm. Control some Stock Exchange buslnesa Address. Box Th Wall Street Journal WANTED, slightly used: Two sixty-Inch top oak desks; two six-foot oak tables; on foeTr-foot oak table; two mahogany sectional bookcases. Address Box 8 The Wall Btreet Journal BUICK 1917 LIGHT SIX touting; mileage under splendid condition: owner will sell for 8050.

Address Box 0 0, The Wall Street Journal. roR ALB jrnis SALE: Bank tnoludlna' Cap; and Check File. Marvin Safe. otiUlde 4lmenal.as 07 a i lower portion containing; tnro borelar cheats each xMi a 124" and an upper compartment 43" a Bl" a Writ or call EUZABETHPORT BANKING Elisabeth, N. J.

Urjf es Purchase" ot Baby Bonds Ye nlngtnnaolders of Ikonds in the Second Liberty Loan are advised, by the Treasury Department to "cut coupons and buy baby savings division it the Treasury Department is urging all Investors in the dinwmmmt war loans to reinvest the interest earned by their Vmds in Thrift Stamps and War Savings Stamps. Vm(j the Covernment disbursed interest to the amimnt of more than 878,000.000 on the Second Liberty loan and bonds Into, which the Second Loan was con- verted. These bonds draw Interest at ana MONEY AND TREASURY HAS "PEGGED? MONEY MARKET AT WHILE GOVERNMENT FINANCING LASTS IT IS FUTILE TO EXPECT EASIER MONEY THAN THIS Commerieal Paper Broken Try to Place Paper Beloto Banka Are Not Disposed to Break Below This Figure Because Tax Exemption of iM Certificates of Indebtedness It Equiva- lent to a Loan There is a disposition among commercial paper brokers to try to. jplace paper below 1. They say bor rowers are expecting the banks to "loosen up" now that the Victory Loan is out of the way.

They have not been uccessful, however, for the reason that they fail to ap preciate the Government has the loan market "peg-fed' at 6. This it has done through its offerings of Certificate of Indebtedness, bearing 4H interest These certin rates, with their tax exemption, are equivalent to nooat on commercial loans, regardless cf the security of the collateral behind the investment. So long as the banks can buy tax-exempt certificates it is idle to expect them to take paper under 5. And there is no reason to expect a cessation of certificate offerings by the Government for some time to come. Certificates anticipating the Victory Liberty Loan will be on the market until October 7, next when the last seriei matures.

After that, or perhaps before that date, it Is expected the Secretary of the Treasury will have to come into the market for more funds. Although he has announced there will not be another public loan, it is considered a foregone conclusion that the Treasury will provide itself with funds by offering short-term securities that will commend themselves to the bank. These securities are hardly likely to bear interest at leas thsn 4. When people talk of "easy money" ahead they loss tight of the fact that Government financing as a result cf the war is by no means over. The 44 rate established by the Victory Liberty Loan notes for the next three or four years is the culmination of a tendency that has been under way in the investment market for some time, even for a Government security.

Considering the business activity and the world-wide demand for funds for the next few years 5 must be considered "easy money" for som time to come. SENATOR PITTMAN PREDICTS TWENTY YEARS OF IUG1T SILVER sJUffm vsfrcn( iCfnu(H ipffiry urn jt rv Government Will Not Purchase Metal to Replace Melted Silver Dollars Until Demand Abated Senator Pittman of Nevada, belii-ves that the price of silver will rule at a dollar an ounce or above for the next twenty years. The Senator, who was in this city Wednesday, is the author of the Pittman Silver Act, under which the Government melted down and sold to India nearly $300,000,000 in silver dollars. To a representative of Dow, Jones Co. he said: "The situstion in silver is this: The demand for the metal to outstripping the current production by 100, In fect, it has done so for the past seventeen years, as the world's annual output in this period has averaged about 170,000,000 ounces, while the actual demand has been placed at 360,000,000 ounces.

But until the Pittman Art vaa past, there were' a thousand sellers of the metal crmpeting with practically a single buyer, which was the British Government On account of its strategic position the British Government was able to keep the price (f the metal down, in contempt, as it were. This situation was corrected by tha passage of the Pittman Act' The treasure authorised the Government to step in and stabilise the price at a more equitable level from the standpoint of the producers, and break the control which the British Government had heretofore wielded over the market "Under the Pittman Act the Treasury melted down and sold to the British Government for account of India nearly $300,000,000 in silver dollars at an ounce. These coins will some day have to be replaced. But the Government will not commence its purchases until the present demand for silver has abated, and that may not be for some years. Furthermore, it is hardly to be expected that the Government will be able to complete its buying in a year or two.

Its purchases will cover a longer period than that "In the meantime the price of silver cannot decline below $1 an ounce, as the Pittman Act compels the Treasury to buy the metal for recoining silver-dollars at not less than that figure, I do not believe that it will advance much above $1.25, for immediately the established parity of the silver dollars is threatened, as it would be, if the price tended to go beyond $1.29, the Government would ugain interfere and renew the embargo on the export of silver. We may, therefore, expect the price of silver to range somewhat between the extreme limits of $1 and $1.29 perhajwra -period of twenty years." New York Sub-Treasury Paid to Received Banks From Banks Banks May $3,699,000 16,640,000 Lost $2,841,000 Since .18,824,000 23,518,000 Lost 4,694,000 S. Sub-Treasury debit balance at New York Clearing House, Federal Reserve Bank credit balance st New York Clearing House, 347,837,242. Bank Clearings 1919 1918 Changes New York $669,187,662 Inc. $65,998,907 Chicago Boston $57,813.1 28 $53,292,012 Inc.

$4,521,111 St $25,317,028 Inc. $1,411,998 Baltimore $10,909,749 Inc. $115,453 Chicago The State Auditor of Illinois hits issued tall ior the condition of State banks as of Usy 12. EXCHANGE CALL MONEY Call money: Mixed collateral opened at 6, high 6, low 4, renewals 6, niling rate and closed at 6l all industrials' opened at 6tt; high low 6K, renewals 6tt, ruling rata 6tt3, closed at i TIME MONEY The time money market is dull. Banks are holding for 6 on fixed date funds, find borrowers decline to bid higher than 614 for loans.

There Is a fair demand for time money at 54 on industrial collateral, and at 5H on half-and-half aecuritiea. Despite the active stock market, borrowers are reluctant to finance commitments at 6 in the time money market, believing that the call rate will shortly be as low as 5. COMMERCIAL PAPER The commercial paper market is rather quiet, with the better names of regular maturities discounting moderately at 6. Names not so well known frequently move at 5 7c, altough the actual market is 5. Both local and country banks are buyers.

FOREIGN EXCHANGE The foreign exchange market opened with franc checks at 6.35 and lire cables at 7.82. Demand sterling was 4.66H. Guilder cables were quoted 39, Swiss cable i 5.00, peseta cables 20.25, and Stockholm cables 25.90. A generally weak tone prevailed during the morning. Franc checks touched the low record of 6.84 established on the previous day, while lire cables reacted to 7.85, the lowest point reached on the current movement Demand sterling continued its downward trend to 4.65 H.

Among th. neutral exchanges, Scandinavian remittances showed pronounced weakness, Stockholm cables being offered at 25.75. Guilder cables were also lower at 39 13-16. vits cables were quoted 5.00 and peseta cable 20.25. Sterling lost further ground in the afternoon, when the demand rate receded to 4.6514.

Francs were also slighUy lower, establishing a new low record at 6.S6H for checks. There was no quotable change in lire, which continued at 7.85 for cables. Neutral remittance were liken wise generally unchanged. Guilder cables were 39 13-16, Swiss cables 5.00; peseta cables 20.25, and Stockholm cable, 25.75. Open: Sterling Francs Lire Guilders Demand 4.664 6.35 7.84 394 Cables 4.66T4 6.33 7.82 39Ti Noon: Demand 4.65 6.86 7.87 89 Cables 4.66 6.45 7.85 S9il Close: Demand 4.65V.

6.3614 7.87 39H Cables 4.66 6.34 7.85 39 BANK ACCEPTANCES There is little activity in the bank acceptance market due to the firm money market Rates are unchanged, as follows: Spot delivery: 90 Days Eligible member 4rV4V4 Eligible non-member banks 4 4 ft Ineligible bank bills 51424 60 Days 4U04A 4A4 5K4H 30 Days 4A04 For delivery within thirty diys: Eligible member banks 4 A bid. Eligible non-member banks i bid. Ineligible bank bills 6 Sid. UNITED STATES TREASURY 1919: May 13, '19 $61,233,917 56,364,557 This Month Fiscal Year (953.038,731 29,089.756,832 809,750,470 29,478,841,63 Total receipts. Total Surplus Deficit 1918: 1469,360 1143,28861 389,084,764 Toatl 659,055,764 68,210,868 $59534,896 Msy 13, '19 $1,533,367,776 89,302,975 197,119,924 816.467,000 1.195,922,097 1,082,135,193 8.913,423.113 6,959,442,466 1,406,273,689 UfiSZ229fin 975,371,472 Total expend Surplus.

$430,902,167 Apr. 12. '19 $1,794,180,312 43,195,086 811,547,588 934,319,000 1,475,107,870 1,073,553,913 8,635,964,550 6,959,183,414 $222,861,117 May 18, '18 $150.222,913 I 47,015.785 55.738,919 1,230,017.000 General In nstl banks. In Fed Res bks. Loan dep in bks Net War Sav Loans to Allies.

4th Lib Loan. 5,183,329,753 BANK OF ENGLAND London The Bank of England's minimum discount rate remains unchanged at 5. The bank's weekly return compares as follows: This Week Last Week Circulation. 476,487,000 76,781,000 Public deposits 22307,000 23,691,000 Private deposits. .111.790,000 115,161.000 Governmt securities.

46.433,000 49,452,000 Other aeeurities 77.984,000 79.477.000 Reserve 27,636.000 27,695,000 Propor res to 2050 19.50 85,578,000 85,927,000 Bank rate 5 5 Last Year 49,976,000 138,820,000 1 6716,000 10522,000 80,181,003 17.22 i 61,708,000 1 5i BANK OF FRANCE 1 Paris The following are the principal items in this week's statement of the Bank ef France (in francs) May 15, '19 May 8, 19 May 2, 1 Gold 6,648,200.000 6,647,700,000 5,547.200,000 Silver 308,200,000 808,600,000 810,700,000 Circulation ...54,824,300,000 84,429.600,000 84,100,800,000 Deposits ......8,808,000,000 8,438,800,000 884,200,000 Loans A disct. 3,014,900,000 8.027,000.000 Treasury 167,800,000 62,100,000 42,100,000 SILVER Zimmermann 4V Forshsy quote silver at 111114, unhanged; Mexican dollars are quoted at 85, unchanged. LondonBar silver, spot futures 53HL, off XMMtllmilMHtlHIIMHHMMIIMNmMMmMWIHmNIIMHI Before You Moke Your Next Contract for Coal We can be of decided benefit to bik users 61 coal; in the purchase of their, fuel supply Wherever our service has one into effect we have been able to brinA about savings in coal purchase lor manufacturers and railroads. We not only have our own mines, but we contract for ths outpnt of other coal properties. 3 We are in position C3 negotiate for larfce coal contracts on a basis which will involve decided redaction in coal costs and insure on time shipments 5 We also manage and operate mines appraise coal mines do engineering, and' supervise construction An inquiry will bring an explanation of our service Peabody Coal Company 332 So.

Michigan Ave. CHICAGO mrMmtmtrwfMHiiMMiwriiiwtmmifitft' UMlaMIMlHMllMMIIIII.IHIWIIIH r- Liberal Interest on 'daily ba'ances Vetropolitaa Trust Cam pan the Cat ff Ni-w 1 ee wail ss, ne ruta Ama A The National Bank of South Africa, Paid-Up Capital and Rotoree Offers to American banks and bankers its superior f4U-' ties for the extension of trade and commerce between this sonntry and Africa New York Agency, 10 Wall St, R. E. SAUNDERS, Agent CHICAGO jjb'lTc atiiT oi tii tBoeiuor tsi toiii iiiiiem boutim som LONDON JOINT CITY MIDLAND BANK. LIMITED.

Head OBee: 5, Threadneedle St, London. E.C1 Overseas Branca: (5 ft SS, Old Broad St. Loodoa. B.C1 CENTRAL UNION TRUST CO. tw Vrk 80 Broadway BftAJVCRF.S tffc At, at Seta flrrvt Madia) A vs.

at 42a Sib Aveaa at SMh street Capital Surplus and Undivided PreflU $30,000,000 Guaranty Trust Company of New York Capital and Surplus $50,000,000 Resources more than $700,000,000 Geo. V. Ilelme Common Columbia Cirapliophono Standard Gas Electric Kirby Lumber Com. Tfd. BREHUNG COMPANY II riM Slrt.

J. T. Teleha Becter SISS-SlM-SlTl-S AMERICAN CHICLE COMMON AND PREFERRED SEN SEN CHICLETS ft. 129 PYREN1C MANUFACTURING CO. BBSt and Seld A.

HICKS LAWRENCE IS WALL STRKarr TeL IUtr SS4S Northern States Power Chemdler Bros. Co. Members New Tork Stock Eschanse $4 riJfB STKKBT TeL Jefes SSM. NRW TORK Bonds of the Dominion of Canada Barr Members New Ysrfc strk Eachsaa 14 Wall Street Specialists New York New Jersey Securities VAN SANT LEGG SS BROAD STREET. B.

T. TeL BOSS Breed South Porto Sugar Dividend Scrip BOUGHT ASD SOLO T171717T A C( Telr.fceae 6 Beets -(S7 M7 M. VU Rassae SU Nw Trfc Maabrs Trk Stock SUahaae W. trade ia Public UtUUU DODGE ROSS, INC Investment Bankers 704-708 Karris Trast Bldg, 1 1 1 Maaree St CHICAGO Todd Shipyards Now York Shipbuilding vvr.i. 8.

muller CO. 28 Bread St, N. T. Taoaes IU5-4 a4 6071 Bread WANTED Buffalo Susquehanna Iron Deb. 5s Hydraulic Power 5s, 1950-1951 Buffalo General Electric Deb.

6s Buffalo Niag. Falls Elec Lt. Power 53 A. L. Chambers Co.

Buffalo, N. Y. Marine Trust Co. Bldg. VV.

E. HUTTON CO. CO BROADWAY, N. V. Tel.

Reoter 76)79 First National Bank Cincinnati Members T. Rtoek Ksehanva Chlcaa-a Board of Trad N. T. Cottoa Xxchans. Cincinnati Stock Bahang Procter Gamble Indian Refining Com.

Pfd. Ohio State Tel. Com. TM. Cincinnati Gas Transnt.

5s Columbia Gas Elec. 5s It. J. Reynolds Com. -A Am.

feeding Mach. Com. Pfd. American Rolling 31111s Private wires to Cincinnati and LouitvUleZZ Texas Pacific Coal Oil Stock Rights Porto-Rican American Tobacco Co. NEWBORG CO.

Members New Tork Stock Exchange (0 Broadway, New Tork Telephone Becter 4311 PRIVATE WIRE TO ST. LOUIS ColumbiaGraphophone GOODBODY CO. Mesiaera Jfw Vk Stack Ezekass 115 Broadway Telephone New York Hector S120 FRANCIS, BRO. CO. (Established 1877) MEMBERS NEW YORK STOCK EXCHANGt MUNICIPAL.

RAILROAD and CORPORATION BONDS 214 North Fourth St. St Louis Robinson Co. Investment Securities Member New York Stock Exchange tS BZCHAKCB PLACsl TL Hif SS WANTED International Petroleum Co. of Maine Common PATER50N CO. TeL 1985 Rector 20 BROAD ST.

N. Y. J. Hrradaa salth. Cfcaa.

W. Mra, W. II. Barf Smith, Moore Company INVESTMENT BONDS 600 01ie Street St Louis, Ho. Reading: Equipment 45 EVANS, ST1LLMAN CO.

Members New Tork Stock Xiehanga SO BraaSwar. Mw Terk Telepbae Rta SSIS LADD WOOD Msmbers New Tork Stock Exchsnge M'sll St, M. T. Teleha SSO Reeter Quick markets in all Unlisted Securities I lrty1mentyccuritiey IS WAIL STREET NEW YORK Telephones 7248-7249 Bsaover Llsaa Lesi.tlT. sa.

Sid. I'alaa Steel B. Iae Star tias Wratlaaliaase Msrb. Se Trs.lrsl Oil Joaea L.a. Steel B.

Carbea Steel Wricht-Martla fret St. L. Rerkr Mt. a Pae. C- MENSEL B.cTli'Si'riS-ea Private wire to Philadelphia and Plttabursh Sinclair Central American Oil ALFRED R.

RISSE BROADWAY, NEW YORK TeL Br S304 Pittsburgh Securities MOORE. LEONARD LYNCH Members New York a Plttabursh Stock Exchange. FBICK BLDU. XI BRUtDWAt riTTSBUHUM Tel. SSTS Rstv NBW YORK COVEKNMENT MUNICIPAL BONDS YUBLDtNO FROM 4H TO William R.fftmpton fpmpany 7 14 Wall Street, Nsw Ysrfc St.

Lt CtaelaasH Cblesa New hJI 4.