The Wall Street Journal from New York, New York • Page 6

IT- PUBLIOtJTIL'tTIES Dwicht P. Robinson and Company vena coirmivcT nHsjrcai nuxAaa UTILITIES INDUSTRIALS tt BR0ADW4T RBW YOBK WE FINANCE! Ehwtrie Tmvrrr jtui MkM eatorprlMfl wltk rpr4 establishes caratac Electric Bond and Share Company (Pald-TJp Capital and Surplus 131,500,000.) I Br tmmr, Kmw Ymrk. TRADING EXCHANGE SEATS BRING HIGIIEST TRICES Tremendous Business 4 1H8 Rsfteettd in Value of Membership Record Figures PaidN. Y. Stock Exchange Sale atJfllOfiOO Record prices for memberships in the leading stock and commodity exchanges of the country were established in 1919 The immediate cause for the advance is found in the tremendous increase in transactions the best evidence of which is New York Stock Exchange transactions, which averaged over a million shares dally, Saturdays included, throughout the year.

In 1914 average daily trading was 236,610 shares. Total transactions last year were in excess of 319,000,000 shares, the biggest year's volume on record. The record prices paid for memberships last year were fairly well maintained at the close of 1919. In the ease of the New York Stock Exchange a price of was made for a eeaV and the last transfer for the year was $101,000. This compares with 142,000 in 1914.

Memberships in the Detroit Stock Exchange enjoyed the largest percent increase, 2.900. In 1914 seats on the Detroit market sold at $100 each while today they command The following table gives the 1914 price, high price for 191) and advance with the price for seats at end of 1919 on a number of the leading exchanges: 1914 1919 Advance 1919 July High Over 14 Xast Sale N. Y. Stock Exchange.142,000 $110,000 $68,000 $101,000 X. Co.

Ex. 600 3,500 N. Y. Cotton 12,660 26,000 N. Y.

CoffeVEx. 1,650 8,600 N. Y. iVodocaTTx. 500 4300 Boston Stock I ItlflO 17,000 8,000 8300 25300 8,000 8,700 .17300 -'4300 1300 8300 3300 3,000 30,000 13,350 64)50 8.700 8,900 200 7 1300 2300 1,400 2300 6,000 4,000 4,200 AriL V-r CAA m.

inn eveland Stock 1,000 3.500 Cincinnati Stock Ex. 2,500 3,900 Detroit Stock Ex 100 3,000 Montreal Stock 24,000 30,000 DV TONT DE NEMOURS TO DENY RECENT CHARGES Disclaims Unfair Methods of Competition and Giving Gratuities to Miners for Certain Purposes Also De-. nies Fomenting Strikes a Alleged Wilmington The du Tont Co. will file today with the Federal Trade Commission a dcmul of the charges made recently against it, alleging unfair methods of competition and the use of "tying" contracts. The company denies that it has adopted the practice of giving gratuities to miners as an inducement to influence them to return 'competitors'' powder.

In this connection it states that for a number of years pipes have been distributed gene-rally as an advertising novelty, but they were not given nor were any other gratuities given as an inducement to influence miners not to use blasting powder manufactured by competitors. The company also specifically denies the allegation that it fomented strikes in mines where its powder was not used. 'The reply points out also that the contract v. the Vompany in the Springfield coal field were not made unon the condition that producers should not tin mi manufactured by competitors, but arc simply contracts to supply those producers with powder required for their neeas. EARNINGS OF PUBLIC UTILITIES NORTHERN STATES POWER CO.

Combined earnings of Northern States Power Co. prop erties compare as follows: 1919 1918 Changes November gross after taxes. 12 months' gross Net after taxes. $972,897 411,523 9,726,147 4,095,103 $852,491 Inc. $120,406 407,154 Inc.

4,369 8,227,878 Inc. 1,498,269 3,441,477 Inc. 653,62 WESTERN STATES GAS ft ELECTRIC CO. This subsidiary of Standard Gas ft Electric Co. re ports combined earnings as follows: 1919 1918 Changes Nov gross Net after Uxes 12 tnos gross Net after taxes $169,354 $138,348 Inc.

$31,006 66,705 48,792 Inc. 17,913 1,870,999 1,600,736 Ine. 270,263 778,099 647.241 Inc. 130,858 NEWPORT NEWS ft HAMPTON RY GAS ft ELEC. CO, 1919 1918 Changes November Net titer Surplus after digs Eleven mos.

gross Net after $305,670 $230307 Dec. $24,637 53,329 61,790 Inc. 27,383 30,635 Dec. 2.510,793 1,996,921 Inc. 635,514 536,946 Inc.

872428 317,513 Inc. 1,539 3,252 513,872 98,567 54,613 Surplus aft chgs. Ohio Body Blower Boston Temporary certificates for 100,000 shares of VOhio Body ft Blower Co. have been placed on the Boston tock Exchange list and trading in the issue commences Ub oorning. The stock is without par value.

EXCHANGE SALES LAST YEAR 319,218,100 SHARES DAILY AVERAGE TRADING SHARES HEAVIEST YEAR'S BUSINESS IN HISTORY RECORD MILLION-SHARE DAYS Transactions in stocks on the New York Stock Exchange in 1919 totaled 319,218,100 shires a daily average trading of 1,089,481 sham. Last year trading was the record yearly trading in history of the Exchange. The previous yearly record was in 1906 when shares were sold daily average being 934,240 shares. During last year there were 152 days with sales over 1,000,000 sham; 7 with 2,000,000, and two Saturdays with ver 1,000,000 shares. Last year was the recdrd for million-share days.

The previous was in 1906 with 11 days. Total sales in the year 1918 were 146,765,200 sham: 1917, 191,098,500 shares; 1916, 238,643,022 shares: and 1916, 173,643,022 shares. 1 rIly Bharrt of "tocks traded in on the New York Stock Exchange, the monthly average, the weekly average, and the daily average, follow: i ouu sales Mo. Aver. WU A n.

a 1919.... 1918.... 1917.... 1916.... 1915....

1913.... 1912.... 1911.... 1910.... 1909....

1908.... 1907.... 1906.... 1904.... 1903....

1902.... 1901.... 1900.... 1899.... 1897....

1896.... 1895.... 1894.... 1893.... 1892....

1891.... 1889.... 1888.... 1887.... 1886....

1885... 1884.... 1883.... 1882.... 1881...

1880 1878.... 1877.... 1876.... 1875.... 319318,100 146,306300 191,098,500 238,643,022 173,645,186 48,031333 83,862,689 131,797,115 127376,149 164,045,061 214,692315 197,166,582 197,763,142 284,063,459 261,523,930 187,671,485 158,088,035 188,438,003 265366,687 138,760337 178315389 115,780,078 7,177,132 54,654,096 66,583332 49,075,032 80,977,839 85375,092 69,031,689 71382,885 72,014,600 65,179,106 84346,616 100,802,050 92338347 96,154,971 97349309 116,807371 .114,511348..

89376,693 43332,960 39,926,990 53318337 6,138309 1,089,481 12,192,183 15,924,875 19,886,918 14,471,182 6,003,979 6,94687 10,983,092 10,614,679 13,670,420 17391,017 16,430,548 16,479,428 23,671354 21,793,660 16,639390 13,174,002 15,703466 22,105,567 11,563363 14376357 9,648339 6,431,427 6,554,508 5,548,602 4,089,586 6,748,153 7,150357 6.752,640 6,940340 6.001316 5,431,592 7,078,884 8,400,170 7,711,678 8312,914 8,087,492 9.692372 9341304 845934 6,063318 3322366 4.151,746 3327349 4,484,911 2,813,580 3,674,971 4,589388 3,339,117 1,455,510 1,603,127 2,534,559 2,449,541 3,154,712 4,128,696 3,791,665 8302345 6,462,758 6,029306 8,609,067 3,040,154 2,623307 6,101382 2,668,466 3,432,986 2326,639 1,484,175 1,061,040 1380,446 943.750 1,557366 1,651,444 1327,532 1370,824 1384396 1353,444 1,633,588 1,938.500 1.779.695 1.849.134 1366344 2336.C78 1302,139 1383357 139341 766338 958326 767326 497,640 641370 795,476 675,013 236,610 279,740 436348 433,339 459,510 725303 658,430 657,068 934340 875,532 627,119 633,711 631390 849,791 467,768 605,484 382,355 253,724 181,180 221,944 163383 269,926 286350 230,105 237,409 240,048 217363 283,155 336,006 308,463 320,516 323,499 887,690 381,704 342352 1S231S 16,109 133,089 1,034,979 179,896 Figures, 1897 to 1914, both inclusive, baaed on actual number of business days. For 1896 and preceding years, average figures based on 300 business days to the year. 'exenange closed irom July 30 to December 12. MILLION-SHARE DAYS The record number of one, two and three million- share days on the New York Stock Exchange since 1897 follows: On Two Tbr Oo Tw Thr. tnurn iniirn tniU'aYcar mum icm jpiiia 19 0 0 .114 4 0 .37 1 0 1905 105 0 0 68 10 1 1904 52 4 0 47 0 0 1903 12 0 0 2 0 0 1902.....

41 0 0 0 0 0 1901 83 I 5 0 0 1900 23 0 6 12 0 0 1899 28 0 0 ,24 0 0 1898 0 0 0 ,61 0 0 1877 0 0' 0 41 0 0 957 40 8 vr 1919... 1918... 1917... 1914... 1913...

1912... 1911 1910 1909. 1908. The number of months in the year in which the daily average exceeded one million shares are as follows: Number Number Year of Months Year of Months 1919 1917 1916 1915 1914 1913 1912 1911 1910 1909 1908 Total 8 1907 i 0 1906 3 0 1905 5 4 1904 3 1 1903... 0 1902 i 0 1901 5 0 1900 0 .1899 0 1898 0 1897 1 The highest daily average of sales for one month was April, 1901, the dailv averts heinr 1837..

METAL MARKETS New York Metal Exchange quotes electrolytic coo per as firm, spot and January 19 February and March 19 bid. Lead is strong, spot, January, February and March 7 bid. Spelter is strong, East St. Louis spot, January, Feb ruary ana uarcn vtgwft. London Closing prices on the London Metal Ex change were as follows: Copper: Spot 116, up futures 118.

ud electrolytic spots 124, off electrolytic futures 126, off 2. Sales of spot copper, 200 tons; futures, 1,800 tons. Tin: Spot, 347 10s up 6 futures 349 up 6 Straits 348, up 6 6s. Sales of spot tin, 70 tons; futures, son tons. Lead: Spot 45 15., up 7s.

futures 46 5s, up 10s. Spelter: Spot 58 up 1 12s. futures 59 up ll IDS. is NEWSPAPER SPECIALS Great Britain, through full use of her merchant ma rine in last six months, has transformed herself from a 1 THE WALL Sr'REKrr JOUKNAL, SATURDAY MORNING. JANUARY 3, 1920 debtor to a creditor nation, according to copyright Sun cable.

Britain has not only ceased increasing her bor- London dispatch announces early establishment of rowings abroad, but is supplying her own wants on a cash service between Basra (60 miles' from head of Fer-basis and is financing a considerable part of Europe. Trade Gulf) and Bagdad. Construction Of road is progress- balance against Great Britain at end of 1918 was 000,000, but by doubling her exports and Increasing in-visible income from shipping and banking she has reduced this until now there is practically no current balance against I In view of his request for free hand in funding in-1 tcrest on Allied loans, Secretary Glass has been asked to appear before House Ways and Means Committee and dis- cuss financial relations of United States with foreign na-! tions. Mr. Glass will be asked if interest on loans will be I passed to smaller nations, who in turn have borrowed from Great Britain, France and other larger countries.

Committee also wants to know if Great Britain desires interest on her indebtedness funded. Advisability of extending credits to starving nations of Europe will be discussed. Swiss advices to London say financial situation has become so grave that Swiss Government hss modified code of obligation concerning drawing up of bank balances and balance sheets for 1919, says copyright Sun dispatch. Banks and companies will be allowed to put losses In- i 'MS? i(Vl eCUUe' held by them on credit side of balance sheets. Loss will be debited as a debt that must be paid off in twenty years or reserves can be written down optionally to cover loss.

Austen Chamberlain, British Chancellor of Exchequer, announced British government held 2,000,000 1 share ordi nary shares in Anrlo-Peraian Oil Co. ont of 000.000. It him 1 -w vv. pmviiuv 1U realise piVJSUIWUn VUbsM VIUI" i nary share capital for a further 3,000,000 ordinary, shares or 1 each, on which 1 shilling a share will be paid up at once, says Sun special. Anglo-Persian Oil Co, is chief competitor of Anglo-American, a Standard Oil subsidiary, as a distributor of oil in England.

American Steamship Owners' Association, In letter to Secretary of War Baker, opposes pending bill to place ships now rn use as army transports in competition with private lines. Association says measure is grave menace to development of American merchant marine. From August 1 to December 1 there were added to American merchant marine 1,455,404 gross tons of shipping, a more rapid increase in tonnage than in commerce, and ships are now moving without full freights. In order to raise $2,800,000 loan to complete fixed charges due, Interborough Rapid Transit Co. had to issue $2300,000 sut months' 7 notes and pledge its lart bond and mortgage for $400,000.

Frank Hedley, president of company, says Interborough does not expect to meet obligations in July from 5-cent fare revenue and unless there is some readjustment before Summer there i no way of avoiding receivership. Secretary Tumulty announces President has signed McNary Sugar bill, but regards it as doubtful whether it will be practicable to use powtrs of sugar purchase and distribution, which mearare gives kim discretion to exer die thrciigh SugaxEqualisatioa Board. points that tr-it Cabasy tr cowling Into eevatry now, and prices hav probably reached their peak with tendency to fall in next few weeks. Baltimore Sun quotes "authoritative source' that Prexidont is suffering from mild and retrievable form of "thrombosi" from which he is rapidly recovering. Thrombosis is defined "obstruction 'of blood vessel from clot formed at File of obt President, it is stated, is reasonably able-bodied man today and there i rea.on to believe within a month we will have "a perfectly competent working Sir George Paish aays Europe looks to United State for loans, amount of which he would not state, but referred to as This country must lend to England.

because England is buying here and reselling practically to all Euronr. In commenting on Mr. Painh's statement. Frank A. Vanderlip, former president of National City Bank, said loan of $2,000,000,000 would be sufficient for reconstruction of Europe.

Congress will be abked by A. Mitchell Palmer, Attor ney-General, and former Alien Enemy Property Custodian, to enact legislation for return, of German property seised in this country, amount of which is $600,000,000. About 1150.000,000 has been turned into cash, which sum Mr. Palmer believes will be enough to settle all American claims again s-Germ any. Newsprint consumption for lent quarter of 1919 reached record, showing increase of between 26 and 30 over same period in 1918.

December figures not complete, but in November last 727 publishers used 602 tons newsprint against 123374 tons in November, 1918. Total consumption for 1919, will exceed 1918 by 14. German commercial magnates are satisfied by Su preme Council's derision to exact payment of German cus tom duties on gold basis, says copyright Sun dispatch. They regard Entente's decision as significant concession to German trade in so far as it will provide means to resist excessive import of finished manufactures. Kentucky oil fields have reached capacity of.500,000 barrels, valued at $20,000,000, in the last half century's development, according to annual report of Professor Jillson, State Geologist.

This growth includes 30,000 wells brought i 1 an a in since io, wim i uweippmeni noi yet rcacned. Gas production for 1919 was worth $23,000,000. Secretary Glass characterizes as "ridiculous and idiotic fake" story that Great Britain was to obtain loan from United States. W. P.

G. Harding, Governor of Federal Reserve Board, said "it was new 3 to Board." Sir William Tyrrell, secretary of Viscount Grey, said story had not slightest basis of truth. JroJdent Ebert, in copyright cable to World, say. l8land has launched to date 74 ships, sggregat-Germany face. possibility of civil war in 1920 as result 15 050 deadweight tons, and delivered 64.

of demand of Allies for surrender of former officials and I generals for trial by court martloL He views decline ef i mark with anxiety, but looka with hope to assistance from. United' States. Seven-day agreement, automatically renewable, made by Esthonia and Soviet Russia. Agreement may be tcnul- nated by either party, giving twenty-four hours' notice and Esthonia's constituent assembly meeting last of Jan uary must ratify full armistice, according to Times copy- ft Me. mK at rate of fourteen miles a day on this line, which forms part of famous German-planned "Berlin to Bagdad" route, Three Indian "banks will be consolidated into one ctn tral semi-Government institution to be known as Imperial Bank of India, according to copyright dispatch to Sun.

Capital will be $65,000,000. New institution may adopt policy similar to American Federal Reserve system. Walter Russell and syndicate leased for long term from N. Y. State Realty ft Terminal Co.

for $2,000,000 block bounded by 48th and 49th Streets and Park and Van-derbilt Avenues and will build thereon at cost of studio apartments. Suit for $10,000,000 damages filed in Federal District Court at Wilmington by Gulf, Colorado ft Santa Fe Rail- way ilut CStiet Smlet Knd Empirt Rn, Co. ont of for ddi of fnd oil( beginning in 1915 Soita gating $10,000,000, brought' by Wright rv A for alleged violation of fundamental patent rights, hsve been settled to extent of several million dollars, says Paris dispatch. Secretary of National Council, American Physical Vi Association, says 80,000,000 American wage earners lose average of nine days a year through sickness, amounting to loss of $675,000,000 with cost for medical treatment of $180,000,000. Breaking three-year agreement signed last June, cloak and suit workers' strike for 30 increase in wages and close 42 factories in this city.

Union heads excuse bad faith on usual grounds that members are beyond their control. Public telephones of coin slot type will be installed in subway and elevated stations. Company will pay Interborough and B. R. T.

10 rental on first 60e. received, 6 additional on next 25c and 20 on all receipts above $laday. New China-Japan en banking institution, known as China and Southern Bank, has been established in Formosa, to finance enterprise in Dutch East Indies and South Pacific. It is capitalized at $5,000,000. Berlin dispatch states agreement has been reached on conditions suggested by Herbert Hoover whereby food will be supplied to Central Europe.

Shipments of flour are expected in Hamburg, Jan. 6. Great Britain has received 250 former German ships and will get 100 moreHrr present tonnage exceeds prewar, figure by 5, according to London copyright cable to Chicago Tribune. National Eiaeuit Ce. bought from Baron Aster estate and Bradisk Johnson estate property la vidnlty ef tth Avenue and 15th Street, which, with buildings, is valued at $10,000,000.

William Penn and Fort Pitt hotels of Pittsburgh and Hotel Sherman of Chicago will declare special dividends to stockholders of. stores of whiskey and other liquors. Financial circles in Baltimore believe Secretary of In tenor Lane win succeed lormer Governor Edwin war field as president of Fidelity Deposit Co. of Maryland, Senator. Edge declares American corporations can finance Europe to extent of $3,000,000,000 under his new export trading law without straining their resources.

Comptroller of Currency Williams announces unprecedented increase of approximately 1,000,000,000 in re sources of national banks for year. John McE. Bowman, New York Hotel man, may erect big hotel in Picadilly, London, cn site of Devonshire Houte for which he is now negotiating. Sinking Fund Commision has authorized city to operate ferry between Astoria and East 92nd Street. Service was suspended a year ago.

E. FraneJi Hyde, vice-president of Central Union Trust announces retirement to private life after 56 years of activity. 1 London Stock Exchange will deal in new French lottery bonds which is first time it has permitted trading in lottery issues. Last year was third greatest for building in Chicago's history, with permits issued for 6,523 structures to cost $102,906,150. Howard Elliott, president of Northern Pacific, said railroads in next few years would have to spend large part of which must go for equipment.

S. Rosenbloom Pittsburgh, has chartered fleet aaa Asm at. a i of vessels to snip worui oi wnisaey to loreign i countries. Surgeon-General Blue states in last twenty years general death rate in this country has been reduced from 17.6 to 14.2 per 1,000. Washington, hears Frank L.

Polk, Under-Secretary of State, will resign and resume law practice. Henry P. Davison nominated to succeed Charles Evan Hughes as president Union League Gub. Tugboat crews at Philadelphia' strike for more pay and shorter hours. PHILLIPS PETROLEUM -TROPICAL OIL ALLIED OIL Do you know the latest developments retard ing these companies Their past market record, and how they should act within the near future? Send for free copy of "The Marktt Annalist fori late analysis of these stocks.

Ask for 186-i. SCHMIDT DEERY Members Consolidated tock Exehans New terk MAIN NEW YORK OFFICE 10 Broad St Tel Bread 1771 UPTOWN Ill Fifth Ave. TeL Msrrsy B1U 1551 CLEMENCEAU-HOPE OF EUROPE By Herbert N. Cabson Written for The Wall Street Journal, from London. The msn of the hour in Europe as this New Year opens, is Clemenceau.

Beyond all question, it is Cle-menceau. He alone of the big three Clemenceau, Lloyd George and Wilson, has retained the confidence and control of his nation. He alone has- beaten the socialists in fair fight and united in his own party all the constructive forces of his country. Clemenceau is- not like Lloyd George, who' has no policy beyond the preservation of his bureaucracy. He is not like Wilson, who has a definite policy, hot cannot carry it through.

Clemenceau has a policy to which he bends all France to which he will bend all Europe, if the weight of his 78 years does not prevent him. He dominates Lloyd George as effectively as Lloyd George dominates an audience. At the moment, Clemenceau is in London, holding a most secret and mysterious conference with Lloyd George. A3 the American ambassador, Mr. Davis, was invited' to one of the meetings of this conference, there was probably a discussion concerning the salvage of the League of Nations.

But the point to notice is that this conference was dominated by Clemenceau. He, alone, of all the premiers and presidents of the world, Is not drifting. He has practically taken the chairmanship of the allied nations and he is now the leader of Europe, in the stupendous task of saving Europe from bankruptcy and Bolshevism. Just as British and American armies, during the war, were led by one supreme general of generals Foch so it may be in the coming year. Clemenceau may be the new Foch.

4 Clemenceau has this great advantage he has hie country solidly behind htm. His nost dsn gerous pdHOcal eaemJes have wee-hurled into private life. Fullv Vm- half ot the French aasombly ttow eoaslaU of waw ram. elected to support Clemenceaa and for nothing else. Longuet his great rival, and was almost as dangerous' in France as La Follette is in the United States, haa been swept into the political dust-bin by the people of France.

Lloyd George, on the contrary, has lost control of his coalition government. His ministers notably Sir Auckland Geddes, are jeered even by the rank and file of coalition M. During the past week, two of the government -bills were contemptuously thrown out the coal profits bill and the anti-dumping bill. So hostile was the attitude of Parliament towards thce two bills, that the government was frightened and withdrew them. Doth of these bills, I may say, were rejected because of the increasing lack of confidence inC tho Lloyd Georg government 1 The coal profits bill, which aimed at limiting tha profits of coal companies to 28 cents a ton.

was attacked moiA severely by the labor M. because- it was sup-, posed to bo an insidious attempt to prevent nationalization I of coal mines. The anti-dumping bill was unpopular, even among manufacturers, for the reason that it proposed to put tho control of imports in the hands of a board of 17. This board would have full power to slide tariffs up and down and would havo been a center of corruption and disturbance. Eventually, some form of protection will probably be enacted in Britain, but the British manufacturer prefers free trade to a shambling system of state control.

So, even in England tho star of Clemenceau is in tho ascendant It is being recognized that the old "Tiger" is a good pilot during a storm that he is a man of action and courage, whose help may be very welcome during the peril! of the New Year. Two years ago Europe was looking towards Wilson i today it looks towards Clemenceau. ClmiiROH Ln lk'artmont of Commerce Washington Reappointment of Lincoln Hutchison as commercial attache at London, to succeed Philip B. Kennedy, now director of the Bureau of Foreign and Domestic Commerce, was announced by the Department of Commerce; also the appointment of Philip 8. Smith as trade commissioner to study South American markets for industrial supplies.

Mr. Smith has previously reported on markets for electrical goods in Latin America and in Spain. Ho will meet interested manufacturers in Bos-, ton on January 8, 9, and It); in Philadelphia, January 15 and 16; and in New York January 19, until sailing of the S. S. Vestrls for Buenos Aires.

Ktfyptian Cotton Yield of cotton in Egypt appears to be better than laat year, and production on the 1,621,000 acres ia estimated at the equivalent ef 1,200,000 American bales. Brazilian Senate rejects' bill calling for 1 tax ea foreign capital. Strike of British molders settled, according to copyright Sun dispatch. British shipyards turned out 1,800,000 tons in IfiWv,.