New-York tribune., 1918-04-25
Stock and Bond Averages
Relevant Comment
Liberty Day in Wall Street

All the exchanges in the financial
district will observe tomorrow, Liberty
Day, by closing at noon, except the Cot
fee Exchange, which will be closed all
day.
Governors of the Stock Exchange at
a meeting yesterday adopted special
resolution embodyng the closing or
ties was advanced accordingly from
2:15 p. m. to 12 o'clock. The other eX-
changes that took similar action for
closing were the Cotton Exchange. the
Consolidated Stock Exchange, the Prod
uce Exchange and the New York Curb
Market Association. The Chicago
Board of Trade and the New Orleans
Cotton Exchange will also observe the
half holiday.
Motor Shares Fall
Following the announcement that
automobile manufacturers will be
asked by the War Industries Board to
bring the production of passenger cars
down to 25 per cent Of normal, motor
stocks were sold freely yesterday.
Chandler broke 21z points to IS. Cen
baker added u: points more to it's
recent decline by closing at 34ss. The
liquidation in this stock has been ac-
CELEBRATED by rumors that the dividend
will be passed at the next meeting of
directors. At 337s, the low price of
the day, the stock broke to the lowest
price since 1914, when it sold at 20.
Gulf States Steel Up 8 Points.
Despite heaviness in United States
Steel, Crucible and Republican, Gulf
States Steel common advanced 9
points on the Stock Exchange
yesterday to 100. after opening
at 1o6: and later dropping to
105. The total transactions for
the past two DAYS have been 1900
shares, a comparatively heavy turn
over. as the stock does not enjoy
broad market. At yesterdays closing
quotation the net gain for the week
thus far recorded was ID points
sumatra Above Par.
American Sumatra shares crossed
par in yesterdays stock market, there
by establishing a new high record
price: At the closing quotation of ssM
the net gain for the session was 35s
points. Tie Federal order putting
ban on the importation, Of leaf tobacco
is considered favorable to this COM
pany. Leaf tobacco has advanced from
80 cents to 81 pound, with indications
that prices will continue high. The
company grows shade grown leaf to-
bacco in Connecticut and Florida.
A Question of Ownership
Delay in the expected report Of the
special committee of bankers appointed
to draw up plans for discount COM
pany with the backing of group
headed by the Guaranty Trust Com
pany is reported to have been due to
lndecision as to whether ownership of
the new bank would be vested entirely
IN local institutions or whether banks
from all over the country would be in
vited to participate in it's operation.
The committee may make public its
matter Of control to the Judgment of
all those interested. Although the Ma
tional City Bank recently announced
that it had no intention of joining in
the movement for new discount COM
pany, recent developments may cause
it to change its decision. The special
committee which is preparing a report
on organization for the bank comprises
John McHugh, president of the
Mechanics and Metals National Bank,
chairman; E. w. Stetson. vice -presi-
dent of the Guaranty Trust Company;
A. M. Anderson, OF j. P. Morgan &
Co., and John f. Rovcnsky, vice
president of the National Bank of
Commerce.
The Other Discount Bank
1t was learned yesterday that the
plans for the organization of the Am
ercan Acceptance Corporation, to deal
exclusively in cotton acceptances, are
linked with the projected operations
of the American Cotton and Grain Ex-
change, which. according to previous
announcement will begin business at
II Wall Street on May l. 1t was stated
that the exchange has nearly 1000
members, consisting largely of South
ern cotton interests. One of the banks
that is interested in the formation of
the Acceptance Company is the Mer-
chants National, of which ex-senator
Theodore A. Burton is president.