Newark evening star and Newark advertiser., 1915-05-13
FINANCIAL NOTES

HC StAhAASl6H VI lllt
Steam Pump Company yesterday
were stricken from the list of the
New York Stock Exchange as the
result of recent order by the New
Jersey courts dissolying the company
In addition, no registrar and transfer
offices are maintained. This alone
would deprive the securities of a mar.
ket on the exchange under the rules
of that institution. This is the first
time in many years that the ex-
change has had to strike securities
from the list for such a reason. The
Steam Pump concern was founded by
Benjamin Guggenheim, who died on
the Titanic. The company went into
bankruptcy last August The only
course for the security holders to pur-
sue now is to change their securities
for certificates of deposit with the
liquidators of the property.
Equipment business is known to be
disappointingly small, so it must be
assumed that the Baldwin Loco
motive Works is actually doing some
of the work on contracts for shrapnel
that has been talked of, when an
official statement comes from Phila-
delphia that an average of 5,045 men
weekly are busy in its plants now,
tober of last year and total of I. $50
in April 1914. Baldwin stock ad-
vanced to 40 yesterday on pretty
active trading. but closed at 46, with
a net loss for the day of one-half
point. AS lately as April ii was SELL
ing at 80, and in the previous month
its low price for the year. 26s. was
scored. Last week it touched a high
figure of 611s.
The National City Bank. the head
of the syndicate which is Offering In
this country SOS, ,000, 600 of the $50, ,0O0,-
900 five-year per cent. bonds of the
government of Argentine Republic
taken last week by London and
American bankers. announced yester-
day that more than $21, 900, 900 had
been disposed of, leaving less than
81 600, 900 to be sold. The bonds were
offered on Monday at SO and interest
and considering that the Offering fol-
lowed shortly after the sinking of the
Lusitania, it is regarded in bond
circles as noteworthy that so large a
portion should have been placed to
date.
The Manhattan Life Insurance COM
| pany at the annual meeting of stock
holders elected j. Wallace Adams, of
Baltimore, to the board of directors
| At subsequent meeting of directors
| Thomas f. Lovejoy was unanimously
elected president of the company.
| Darwin P. Kingsley president of the
New York Life Insurance Company.
/ and other officers whose terms of
| office have expired, were reelected
| yesterday at the annual meeting OF
| trustees.
The firmer tendency in the money
market that appeared on Monday was
no longer in evidence yesterday. Time
/ loans were generally made at quar-
/ ter OF 1 per cent. lower. and mercan-
! tile paper passed on terms more fav-
orable TO borrowers. Call loans were
renewed at per cent. and were made
as low as ~.
The arrival of the steamer from
Bordeaux bringing a further ship
ment of $5,000.000 in gold direct from
France made $1,000. 900 received from
that source since the Bank of France
began to place its resources at the
service Of the Bank Of England The
effect OF this import of gold had all
ready been discounted in the foreign
exchange market. Sterling closed at
about the same point as on the night
before, while Paris checks were
cheaper
To date the removal OF the French
tariff on steel rails to be used for
military purposes has not Brought a
great deal OF business to American
mills. About 10000 tons were brought
bach in March and none since, ac-
ccrding 70 information circulating IN
the steel trade. The concession made
by the French government affected
onfy rails to be used in facilitating
the work OF the armies, but II seems
as II orders placed In this country
with the tariff off all rail imports
would have been light. Recently
French interests made inquiries for
about 5000 tons OF rails for roads car
rying peaceful traffic. The duty OF
SIS a ton stood in the way OF n sale
at normal prices and the bidders evi-
IDENTIFY did not need the rails badly
enough to accept an offer at a high
figure. II Is said that rail mills of this
south of France are turning out a
substantial tonnage and the orders
they are unable TO flll are going tC
England.
I