davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1918-10-19
Stocks Jump to
New Peaks; Huge
Volume of Dealings
Sensational Advances Feat
ure Excited Trading
Turnover Largest in
Two Years

What Wall Street acclaimed as a
victory market broke out on the Stock
Exchange yesterday. Warnings of au-
thorities at home and abroad against
undue optimism regarding the wars
early termination were disregarded.
With buying orders pouring in from
all parts Of the country, prices of a
great majority of issues rose in a
spectacular fashion to the accompani-
ment of excitement such as has not
been witnessed since the elimination
of the boom in the "war brides" two
years ago. This time the so-cnllcd
peace stocks were the favorites.
The movement Of prices WAS eXtrav
than the rapid increase in the volume
of dealings. Transactions totalled L.
59S,700 shares, while the average price
of twenty representative railroad
shares rose from 74.05 Thursday to
1920, and of thirty industrial stocks
from $500 to 1888.
1t was not in the general movement,
however, that the sensational feature
Of the days trading was exhibited.
The wild gyrations of Mexican Pc
This stock, which closed on Thursday
at 157i2, opened at 159, dropped back
to 1881, then advanced to 1872 shortly
after the noon hour and finally ended
the day at 1872, with a net advance Of
24A5 points OH total turnover of a
little more than $4,000 shares. Royal
Dutch shares advanced Is points to
141.
United States Steel. common, which
had been the despair of the bulls all
week, came to life in the last hour,
and during that period made prac-
tically all its gain of AZ points.
Trading in this issue totalled 52s,4oo
shares There has been a wide diver
gence of opinion among traders over
whether to classify Steel as peace
or war stock. and yesterday the bulls
apparently were in the majority.
Substantial advances were also made
by leading railroad issues. Southern
Pacific leading with q net gain of
5$s points. Reading gained,21s, Union
Pacific / X, New York Central 11s,
Delaware and Hudson rs. Chicago
and Northwestern 2. Baltimore and
The suddenness with which the vol
ume Of dealings increased yesterday
caught Wall Street unprepared. AS
a result the machinery of the eX
change and of commission houses was
clogged as it has not been for many
day, and firm partners as we'll as
clerks were compelled to work late to
check up the days sales and make
deliveries. The manager of one i'm
portant firm declared that he was un-
ube to eat lunch until after three
o'clock. The Stock Exchange ticker
tape at the close of the market was
recording transactions that had been
made fifteen minutes before. and it
was nearly 3:15 before the last sale
had been recorded.
New-York tribune., 1918-10-19
Diferential Tax
I'm Revenue Bill
Opposed in Senate
Finance Committee Strikes
Out 6 Per Cent Levy on
Undivided Profits
Especial Dispatch to The Tribunc)

tSpec1dt Dispatch to The Tribunc)
WASHINGTON, Oct. 1s.--The Senate
Finance Committee did its best to-day
to boost the progress of the Liberty
Loan by striking out the dfferential
tax OF 6 per cent on corporation in
come retained in the treasury as sur
plus and undivided profits, as against
the portion distributed as dividends
If the Finance Committee amendment
prevails, there will be level normal
corporation tax OF 12 per cent instead
of IL on distributed income and 1s per
cent on undistributed.
Business men have complained that
this ditferential was harsh, crippling
to sound business and unscentific. The
change vii reduce the revenues $780,
100000. Altogether the Finance Com
mittee has now reduced the "s8 ,000,-
100000 revenue bill' by about $225,-
100000.
The committee adopted an additional
paragraph to the loss compensating
amendment adopted yesterday. by
which the benefits of that amendment
are extended to members of partner
ships and the bcnefciaries of estates
Of trusts.
Section ZIG, relating to credits allow
able III determining the normal tax,
was amended so as to include among
credits the interest received from War
Finance Corporation bonds.
Paragraph 8 OF Section 214, dealing
with the amortization Of war plants,
machinery and equipment, was so
amended as to extend the amortization
privileges to ships.
Mark L. Requa, director of the oil
division of the fuel administration. sub
mitted to the committee seven amend
ments designed to meet the peculiar
problems of taxing the oil producing
industry without discouraging produc-
tion. No action was taken on them.
Officials of the Treasury Department
say that practically the whole drug
trade, as we'll as the manufacturers of
patent medicines in which various mar
cotics are important ingredients, arc
making a vigorous fight against the
narcotic supervision section of the
House bill, and have a good chance of
winning it. A committee appointed by
the Treasury Department, of which
Representative Kainey, of Illinois, is
chairman, made very searching inves-
tigation of the narcotic subject, and
came to the conclusion that one of the
chief mearss of obtaining the drugs is
through the use Of various medicines.
New-York tribune., 1918-10-19
Commodities
| n d u stria s |
Cotton

"hlie conflicting views and rumors
as TO peace prospects were in evidence
again yesterday, the cotton market was
generally steady on trade buying and
1ar1her support from Wall Street
sources. 1t appears that many OF the
Wall Street houses arc inclined to
couple cotton with peace stocks, while
reports from the South indicated that
many holders of spot cotton believe
'hat II peace is concluded prices NAV
go to the Accent level General busi-
ness meanwhile is restricted bv m
certainty rs to Germany's next move.
and yesterdays advance in RESPONSE to
comparatively small buying orders,
"hlch came largely from trade sources.
december contracts sold up to 31c, or
o. points net higher. and closed at
oo.o1, with the general list closing
steady at net advance of 30 to 40
points.
The market opened steady at an ad
vance Of to 20 points in response
to the higher cables, and sold 35 to 81
points net higher during the early
afternoon. Spinners were again re-
Ported TO be fixing prices, and there
was buying here for Liverpool account,
supposedly on the expectation Of
smaller differences. There was some
scattered Southern selling on the ad-
vance, but the offerings from that
source were light and the bulk of The
selling on the late reaction was at
trIbuted to realizing.
:, lhere was some bullish comment on
the rains in Eastern and Central belt
sections, but on the whole there has
been. very little criticism Of weather
conditions SO far this month. Last
year killing frosts had occurred in the
belt before this time OF the season. but
nothing of that sort is now in sight,
and the belief is that cotton is Still
making. This view Of the crop might
bring il more selling were it not for
the apparent firmness Of Southern
holders. and the bullish view Of peace
rossibilitics. Every day brings in re-
ports of increasing mill curtailment
owing to the influenza, and labor con
dltlons 5:,9 aside from that render it un-
likely that the falling off resulting
from the epide mic can be made up
later In the season. Exports yester-
day were 30,056 bales. making 796, $3.50
SO tar this season. against 1,I57.526
last year. Southern spot markets, as
officially reported, were generally un-
changed to so points higher.
Ihe range of prices follows:
New-York tribune., 1918-10-19
Butter, Cheese and Eggs
Bntter.-Receiprs were & an7 nao]

Butter.-Receipus were 6,507 pack.
ages. Creamery, higher than extras
ID, 5Sik q 59c; extras, 92 score. 58c.
irsts, ss to 81 score, 500 57ac; sec,
ends, 80 to 81 score, 53l2M55m &c:
thirds, 49052c; unsalted, higher th ~,
extras, 6oM601ac; extras. 59a 59lsc:
i.rsts, 57@5S12c; seconds. 55M he.
state dairy tubs, finest, 570157hc: GOOD
70 prime, 54tG56c; common to fair Al
q o3c; renovated, extras, 51M5l ihc.
hrsts, 4995Oc; lower grades, 43M48c; !;
imitation creamery, tirsts, 45M46c
laoles, current make, firsts, 413s@42c;
seconds 4oc; lower grades, 38a39;sc
packing stock, current make, No. i. 30
loa4o1sc; No. 2, 391zc; lower GRADES
36W38l2c. "u0'
g. Cheese.-,Rcceipts were 1898 boxes
State, whole milk, fresh flats, specjals
colored, lb, 33 1ac; white, 339 331sc.
average run, colored, 33c; white. 900,
o245c;. lower grades, 3O632c; twins,
specials, 33(G3Shc; average run, 321sc:
lower grades. 30@32c; double daisies
mats, held. specials, 30M32c; average
run, 29(931c; twins, held, specials, 3O@,
oze; edss ave5sgs 5sa2oo rum 2s@alc; lower
MIX. twins, held, S1MS2c; single
held. 500 33c; Young Americas, held
29A !g33c; state. skins, specials, 24la
Ca251ac.; prime to choice, 23a24c: fair
to good, 20ta22c; lower grades, s118c
Eggs.-Receipts were $3.50 packages.
Fresh gathered extras, per dozen, 81
g 5oc; extra tirsts, 54M SIC; firsts, 52Gi
5sc; seconds, 49@51c; dirties, No. /,
a25Caaoc; 40 No. and poorer. 4o@ 44c :;
checks, good to choice, dry, 4O@4oc:
under grades, 35@39c; Refrigerator
srecial marks, fancy, charges paid *
@46Ac; firsts, charges paid, 44045c:
seconds, charges paid, 42M44c; state.
Penn and nearby Western hennerv
whites. fine to fancy, 840 SIC; ord;nsrSy, d;ry
to fine, 7og 83c; gathered whites. ord. ord
nary to. fine, 70@S4c; Pacific Coast
Whites. frsts. to finest, soc; western
snp s1s. ooHthern sto1a n gathered whites, 65M,
slc; state, Penn. and nearby hennerv
browns, 6otG63c; gathered brown 10y a,,S
mixed colors, 5O@6sc. Il an u
New-York tribune., 1918-10-19

ANDREW j. MCCORMACK. Auc.ionesr
REGULAR AUCTION SALE
STOCKS AND BONDS,
BY ADRIAN III. MULLER & son
OFFICE. 50 WILLIAM ST.
WEDNESDAY,. OCT. %. 1915.
at 1890 o'clock, al the
EXCHANGE SALESROOM
NOS. IA AND l6 VESEY STREET
For Account of Executor
$1,000 Phenix Lace Mills OF Phenix, R =
1st Mtg. $50 Bond. 1925.
100 shs International Mineral Co COM
100 shs: International Mineral Co
pTefd.
1000 shs San Isabel Mining & Milling
Co.
For Account OF Whom It May Concern
i04 shs Henry schuftileis Co. common.
100 shs Federal Dyes:uH g Chen!ca!
Corpn. prefd.
$4,000 Yolo Water & Power Co. lst Mtg.
so Bonds.
100 shs Iowa State Savings Bank.
Sioux City. Iowa. Ctf. No. 1T. II
name OF Truett Morgan & Co
80 shs. Holiday Chemical Co.
$4,000 Pacific Sugar Corpn. f.t Mtg &c.
S. F. Interim Gifts.
10 shs. Excelsior Brewing Co.
100 shs. Finance Trading Corpn
common.
112o shs. Queens County Trust Co.
lio sfs. Troy Trust Co. Troy, " =
New-York tribune., 1918-10-19
, u s t e n a nee
Cereals

"heat:-The main problem in the
~heat position at the present time is
the handling Of the immense stocks
which continue to accumulate as q re-
suit of the big movement. Exports con-
tlnue at fair rate, but apparently
shipments are being somewhat cur
tailed by the press of other materials.
and 1T may be considerable period be,
lore the export movement begins to
make much impression on the stocks.
Corn: There was a quiet trade in
the corn market. but prices were Armer.
New-York tribune., 1918-10-19

The Federal Reserve Bank of New
York has put in force the following
schedule of rediscount rates which ap-
ply to bankers acceptances: Maturities
up to Is days, per cent; 1G to 60
days, inclusive, AZ per cent; 81 to 30
days, inclusive, 41a per cent.
Bank Clearlngs.--Bank clearings yes
terday in New York and other cities
we're:
Exchanges. Balances.
New York .ss13,537 $50 $72,371, ,7oe
Boston ..... 65,ee0,008 12,eo6. .956
Philadelphia. 79.7f1,443 22.633, 1874
ST. Louis ..... 29,896,28A e,74s,e56
Sub-Treasury. - The banks gained
$4,000 from the Sub-Treasury yeeter-
day.
Silver-London, 49Md, unchanged;
New York. 1O1 1sc, unchanged; Mexican
dollars, 7Sc, unchanged.
Weeks Bank Clearings.-Bank clear
ings at the principal cities in the
United States this week, according to
"Dun's Review" amount to S5.547 1877
474, decrease of 0.4 per cent as com
pared with the same week last year.
due wholly to smaller exchanges at
New York City, that centre reporting
"a loss of rs per cent.
London Money Market.-LONDON
Oct. 13.-Closing: Money 8 per cent.
Discount rates Short and three
months bills, 8 1872 per cent. Cold
premium at Lisbon, 1870.
New-York tribune., 1918-10-19
Wealth Markets and Commerce
The Traders Opportunity

rVE tho socaed the period of the
fourth Liberty Loan campaign has given Wall Street speula
tors opportunity make lot Yesterday witnessed
the active of the year. with at
notch prices Why put the profits the bonds
the last day the push for victory dollars? This would be
fitting which to invest funds that have been made
result of the Hun attempts to obtain peace while at the
time it would help supplying the that will
plete the defeat Of the Teutonic powers
New-York tribune., 1918-10-19
DIVIDEND NOTICES
pRoDrcTs CoRpc

1UHACCO PRODUCTS CORPORATION
I!le Board OF Directors has declared a
dividend OF $3.50 per share on the Common
Capltai Stock of this Corporation, payable
on November Is, 1915, TO stockholders Of
Der 6. 1915. which dividend is payable in
scrip maturing on November l5 1920, and
bearing interest at the rate OF 7@, per an
mum. Scrip certificates win be mailed.
WILLIAM A. FERGUSON. Secretary.
New-York tribune., 1918-10-19
: TRENTON puTrERIEs COMPANY

y -, Oct. ~. I9lS.
DIVIDEND NO 74
At d Meeting OF the Board OF Directors
held this day, a dividend OF TWO PER
CENT (2cel was declared on the Nom
CUMULATIVE Preferred Stock OF the
Company, payable Oct. 20. 1918, TO stock.
holders OF record O'clock P NJ Oct
u, 1913. Transfer books do not close
c. Z. LAWTON
Secretary and Treasure-
New-York tribune., 1918-10-19
News Digest
Foreign

Paris. Bourse. - PARIS, Oct. 1s.-
Trading was quiet on the Boursc to-
day. Three per cent. rentes, g. francs
for cash. Exchange OH London, 26
francs, s centimes. Five per cent.
loan, IS francs, 55 centimes.
New-York tribune., 1918-10-19

closing with net gains of ia to 1Ssc
Operators were disposed 20 await more
definite news from abroad regarding
the trend of political conditions while
furthermore, the country at large was
deeply concerned in pushing the fourth
Liberty Loan over the top.
Ies'6ay's Previous
New York: close. close. Year ago.
Corn. No. yellow $685. s1.5534 $2oeh
Chicago:
October .......... 1.27la 1926
December ......... 1.16ss 1864 1854
New-York tribune., 1918-10-19
Money and Credit

Although Stock Exchange transac-
tons during the past two days have ex-
cceded the million share limit, there is
yet no indication that the money COM
r.istee going to take steAs in the near
isf9rc 10 curt speculative commit
New-York tribune., 1918-10-19
Corporate Returns

Packard Motor Car Company.-An-
nual report for the year ended August
81 last discloses net income of $5,616,-
7O7, which compares with $5,4OO691 for
the preceding year. Dividends paid
during this period were s1,27O,3SS,
against $1,47o,636 for the year before.
Surplus amounted to $A,346,319.
Wells Fargo l. Co.
May gross ........ $2.e52,493 Inc. $517,24a
Deficit after taxes. 217,262 Inc. 323,571
months gross. -. 13,865,679 Inc. 2,3t1,OO3
Deficit after taxes. 783, ,643 Inc 1,23SO4e
American Express Company
May gross .. $4,319,6o8 Inc. $e15,oa4
Operating income. 12.26o Dec. 1914
months gross 19,761 1927 Inc. 1926. .e93
Deficit after taxes. 849,565 Inc. 1909 ,O37
Adams Express Company
May gross ...... $2.775.041 Inc. S455, 5,es5
Deficit after taxes. 963,324 Inc 861 PIG
months gross. 12.49e, as Inc. ,607, ,565
Deficit after taxes. 4,262,623 Inc 382OS16
Federal Light and Traction Company
August gross ...... $283,05 $3.50, ,227
Net income ....... 1873 1857
l2 months gross. -. 1858, ,46A 2,643 $50
Balance aft. charges 268,7S4 162.e31
New-York tribune., 1918-10-19
CITY INvEsr1Nc coMpaNx

The Board OF Directors have this day de-
clared dividend OF Two per cent. upon the
common stock Of this Company, payable VI
its office on November l. 1915 to holders
OF Common Stock OF record on the books OF
the Company at the close OF business on
October "a, 1918
G. F. GUNTHER. sec'y and Treas.
New-York tribune., 1918-10-19
Sinclair Oil Warrants

In view of the recent rise in Sinclair
Oil stock to 972i attention was drawn
yesterday to the warrants, which are
convertible into stock. The SoO,OOO,OOO
three year per cent notes brought out
last August were accompanied by
stock option emitting the bearer to
purchase twenty-five shares of stock
for each $1,000 of notes at s45
share if purchased before August l,
1919, and at $50 share if bought
thereafter and on or before February
|. 1920. If the stock should sell higher
than s47.50 before next summer the
company, in the event that the note
holders exercised the option of buying
stock, would be placed in sufficient
funds to retire its notes and still have
S3,75O,OOO to add TO working capital.
New-York tribune., 1918-10-19
Relevant Comment
Southern Pacific's Prospects

The upward movement in Southern
Pacific yesterday, according to commits
sion house information, was based on
The realization that the company will
benefit greatly from the restoration of
peaceful conditions in Mexico and on
the possibilities of development of the
California oil properties, If the title to
them is decided favorably to the road
hy the courts. Approximately 10000
acres are involved in this litigation.
During the period OF the Mexican revo-
luton the Southern Pacific Railroad
Company Of Mexico was a constant suf-
ferer from the depredations Of the ban
dts and as consequence many claims
Tor damages have been filed With the
elimination of German influence from
Mexico and the establishment of
friendly interests in power it is now
argued that the company will be able
to realize on these claims to the extent
of several million dollars.
New-York tribune., 1918-10-19
Dollar in Foreign Exchange

The excitement in the Stock Market
did not extend to the foreign exchange
markets, and save for further weak
ness of Swiss francs and display OF
strength in Norway cables and checks
there were no important developments
yesterday. A few ruble checks are
being sold by the Guaranty and Equi-
table Trust companies at Is cents.
These checks are from ten months to
two years old.
Closing rates yesterday, compared
with week ago, follow:
Quoted dollars to the pound>
New-York tribune., 1918-10-19
Dividends
Regular Declarations
Elections

Henry S. Morton has been elected a
yice-pre sident of the Standard Oil Com
pany OF Indiana
New-York tribune., 1918-10-19

The local market for spot cotton
was steady and 80 points higher at
32.85c for middling upland compared
with 3255c the day before and 1855
the year before. There were no sales
Of spot
weston, steady 25 points higher at
steady, unchanged at SIC; sales, 1,2ls
bales. Mobile, stoady, SO points
higher at 30.25; sales, 1856 bales. Savan-
nah, steady, % points higher at 1925:
sales, 775 bales. Norfolk, steady, 25
points higher at 1929; sales, 995 bales.
Augusta, quiet, SO points higher at
30.75; sales, 872 bales. Memphis,
steady, unchanged at $3.50; sales,
1000 bales. Houston, steady, 30 points
higher at $3.50; sales, 6,730 bales.
Little Rock, steady, unchanged at
31.50; sales 269 bales.
The weekly figures of the New York
Cotton Exchange follow:
This week Last year.
Into sight to date. .2,23o.3 .3ss 2.sos .aso
General visible supply. -. 3.6ss,s25 3,2o4.06o
Visible supply American .2,5o9 1928 PISS. .o5o
Increase visible American 114,8so 177.1e5
Spinners takings Ameri-
- can for week ;........ 2a1.s71 2ss .4o7
Takngs American TO
date ,72S.512 t.983 0A6
Yesterdays cotton statistics follow.
Yesterday. Last wk Last yr
Port receipts. %. 2e.442 25.e21 "a. .27s
Exports ....... 3O,O66 1850 151a1
Exports season. 796,o9O 726.7o9 1s7 sos
D. port stdcss soo22 o22 a,s24 1926
Interior receipts. 22,2O0 27.272 1850
Interior shp'ts.. 1920 1882 20 13o
N. Y. arrivals. :. 3,159 d35 dS11
Liverpool Cahes.-Spot cotton
quiet; l point higher at 22.10 for
nn5 m,5ddling :, oon and 21.e5 for good middling.
$4,000, including $4,000 American
Futures opened quiet but steady at II
to % points decline. Closed steady 1s
to 40 points higher. October. 22 40.
November, 21.76; December. 210e.
January, 2o.5S; February, 2o.14
Manchester yarns, irregular; cloths
New-York tribune., 1918-10-19

Oats.-The oats market was compara-
lively quiet, but prices were steady,
closing with net gains Of &c to &c.
The action Of corn had a stimulating
influence on values, and there was
more or less buying by cash interests
which was believed to be against recent
sales probably to the government. Ex-
port demand, however, was still lack
ing, and the tonnage situation is not of
character to hold out expectations Of
much Improvement in the immediate
future.
New-York tribune., 1918-10-19
Telephone
Hanover 651@

ments, in the opinion of prominent
banker.
Ruling rates for money yesterday,
compared with year ago, were as
follows:
Yesterday. Year ago.
Per cent. Per cent.
Call money:
New-York tribune., 1918-10-19
Livestock, Meats, Provisions

Following yestcrtay's prices. compared vis
thoso OF Q year ago:
Yesterday. A year aga
100 ID. 80. sIiso @sis.7s $3.50 @sis.ss
ID. ........... rs II .t2 q 81
100 ID. -. 400 Q 2ioo fa.oo Q f&7s
Dressed vesls. city.
ID . ....... 20 d so 20 % -
Live ewes. 100 Ii. $50 q I.oo 200 -
Prime prime. 100 ID: nas g 1878 1900 -
Dressed mutton.lb IA .te 4, q J!
Dressed lambs, 10 ~ a rs 30 q "a
Hogs. 100 lb....t8.5O @ 1875 1878 q --
Dressed hogs. hs-
con. ID. -. .2s.s@ .2ssS .sss@ ..zsh
Mesa pork. Dbl. 1000 400 4o.00 g AZ
Mess beef, bbl. $500 q $500 sl.c0 q Hce
Lard Mtdttis West.
10. .......... .2o.60 q $3.50 aA>e q osspR
New-York tribune., 1918-10-19

Bank Acceptances.-No change Of i'm
portance was noted in the bank accept
ance market yesterday. Rates were
unchanged as follows:
Thirty Sixty Ninety
Spot de- days. days. days.
livery: Per cent.Per cent Per cent
E | igible
m c m b er
balxs. .4lA@4 43s@4M 43s@44
E igible
non-mem-
Der banks.414@41s 4s@4fs Ais @4h
Ineligible
bank bills.5l4@4s4 5A@4s4 5A@4A
For delivery within thirty days:
Per cent.
Eligible member banks. ....... 4La
Eligible non-member banks .... 4sa
Ineligible bank bills. ..s.. 6
Discount Rates.--The follow:n. table
gives the current rates of the twelve
Federal Reserve banks on commercial
paper for all period. up to ninety days:
New-York tribune., 1918-10-19
American Writing Paper Plan

The plan OF the American Writing
Paper bondholders' committee is un-
derstood to provide for reduction in
the company's authorized bonded debt
from SIT 100000 to $l2,OoO,OOO. There
are $11,00O,0OO of the issue in the
hands of the public. The new issue,
according to report, will be dated Jan
uary ], 1919, and will mature January
I. 1889. Interest on the bonds will be
r per cent up to January 1, 1921, and
thereafter per cent.
New-York tribune., 1918-10-19
Coffee, Sugar, Tea and Cotton.
seed Oil

Current A yeSt
prices. ago.
Tea. Formosa. per h. 80 26
Sugar. granuated. per lb.. 9 8-5
Coffee. Rio No. 7. per b.. 1925 8I4
Cottonseed oil. per b.. 1900
Coffee Futures THE report of the
coffee market will be found in another
column.
Cotton Seed Oil:-The market was
devoid of new feature and prices were
practically unchanged. Holders are
not pressing sales and availale supplies
on the spot are apparently moderate.
Hay and Straw
Yesterday
(Per tom. A year sgo.
Timothy. No. !.
large bales s4ooo@42oo s24oo@2S.oo
No. clover mxd $4,000 $500 2ooo@2f.oo
Rye straw, No. 23.00@ - f6.oo@ -
New-York tribune., 1918-10-19
May Cut Oil Melon

Reports come by way of Philadelphia
that the Atlantic Refining Co. has
taken steps with view to recapital
cation Of its financial structure. Such
action, it is stated, may involve the
distribution of ut least part of the
company's large surplus which on De-
ccmbcr 81, last, amounted to approx
nately S45,OOO,00O. The present CAPT
talization is $5,0OO,0OO. This company
is the only former Standard Oil sub
sidiary that has not cut a melon for
its stockholders since the dissolution
of the parent COMPANY in 1911.