Newspaper Page Text
The End Of The Year
THE time to take stock of your In?
vestments.
Are your funds wisely placed? Are
they returning the income they should?
Are your holdings sufficiently diversi?
fied?
An analysis of your investments might
suggest the advisability of advantage?
ous changes. Our Bond Department
is here to assist you.
Bankers Trust
Company
Member Federal Reserve System
Downtown Office: Astor Trust Office:
16 Wall Street 5th Ave. at 42nd Street
Benjamin Franklin says:
" Beware of 'small expenses; a small leak zvill sink a great ship."
A Trust Company Like This
is of as great value to you now ?while you are living
?as it wra'.d hz to voir h~'r; af er yoa ar~ g:>:ic.
You ma/ be in poor health cr too busy to care for
the details of your finanoial affairs. In that case, ask
for ths.* particulars of our service in the matter of
voluntary trusts.
Franklin Trun Company
E?tablished 18S8
Neto York Qjf.ces;
46 Wal! Street Madison Ave. ?5' 40th Street
Brooklyn Offices:
166 Montague Street 569 Fulton Street
1001 Wailabout Market
5V2% First Mortgage
Investments
Secured by Improved Real Estate
Details furnished upon request
v UNITED STATES
MORTGAGE & TRUST
COMPANY
Capital and Surplus $6,000,000
55 CEDAR ST.
Broadway Madison Ave. 125th St.
at 73rd St at 75th St. at 8th Ave.
Chase National Bank
Stock & Rights
Smith &(jallatin.
Members New York Stock Exchange
HI Broadway New York City
Bank of England
LONDON. Dec. 4.~The weekly state
*?t of the Bank of England shows
ll1? following changes:
o?ll . ?91.959,510 Ine. ?3 888,753
S? * ?? 22,106,000 Inc. 2.449 000
SS. ??.??? 88,134,000 Inc. 1,440,000
O"?? dip. 20,793 000 Inc. 1,486,000
.??? dep. 146.537 000 Inc. 45,548 000
02rM?.. 84,300,000 Inc. 45,966 000
^"?f sec. 78,808,000 Dec. 1,272,000
t?luJ5!?poFtlon of the bank's reserve
?^*?ity this week is 13.21 per cent;
"*? ?tek U was ItM per cent. j
Dividends
Regular Declaration*
Rate and Payable. Rtock
Period. of R?c.
Amer Car & Fdy S Q .Ian. 1 Dec. 15
do pf. 1% Q Jan. 1 Dec. ir.
Amer Cigar pf.. 1V4 Q Jan. 2 Dec. 1C
Amer Steel Far.. 21? Q Jan. 16 Jan. "J
?o pf. 1% Q Dec. 31 Deo. 15.
Armour Co. pf... 1% CJ Jan. 1 Dec. 15
Clu-Peabody pf..?1.75 Q Jan. 1 Dec. 20
Consumora Pwr pf 1 \<> CJ Jan. 2 Doc. 17
Bloc Ptor Mattery 2 V? Q Jan. a Decir.
do pf. S'i Q Jan. 2 Dec. 15
Ftnnnee Co of Pa ? ?
let pf.$1.75 Q Ja.n- ? Dec. U
Indian Refining.. ti Q Deo. 15 Dec. S
. Do pf.11.7? Q DfS. 1( DH. Si
The Day's Bond Market
U. S. Government
Transactions
i
Liberty 8?4?, 1048. $37*1,000
' . 35,000
568,000
71.000
18.000
3.764.000
8.718,000
6,218 000
3.082,000
do 1st 4?, 1947
do 2d 4?, 1912_
do lit 4V4h, 1947..
do l?t-2d 4%e.
do 2d 4%s. 1912 .
do 3d 4%s, 1928..
do 4th 4%s, 1938..
Victory 4%s, 1928. ?..,..?_
' do 3?4s, 1928. 818,000
Quotations
Yield.
percent
8.65
High.
Liberty 3%s. 99.78
do 1st 4s
do 2d 4?
do lit 4V?n...
94.00
9\30
04.30
do lst-2d 4^8.101.00 101.00 101.00
do 2d 4J4?_1)2.90 ""
do 3d 4 Vin_ 94.90
do 4th 4V?s_93.20
?ictory 4%s..... 99.08
do 3%'b. 99.16
Low.
99.60
93.94
91.60
04.10
92.20
94.18
92.30
98.98
19.00
Laut
99.70
93.94
92.30
94.20
92.c 2
MM
92.68
99.06
99.04
Bid and Asked Quotations
Liberty
3%s, 1947....
ist 4s, 1947. . .
d 4s, 1942. ..
' t 4 U?. 1947,
d 4'is, 1:142.
3d 4 Us, 1928.
th 4V?K. 193S.
Clos;, ig
Yesterday
Bid A?ked
99.70% 99.72
93.94? 94.10
91.22.? 91.30
93.20? 94.30
92.58? 92.62
IM.42? 94.40
92.04? 92.08
4%s, '23. 99.00? 99.08
da :; i.< "23.. 99.008a 99.02
Pre-war issues :
.s reg. 1930-100 ?100%
s coup. 1930.. .
.? rex, ltl4t>..
oa coup, 1940..
Id reif, 192B_
s coup. 1925...
s Pan, c, 1936.
s Pan, r, 1930.
s Pan. c, 1938.
Closing
Wednesday
Bid Asked
99.68? 99.70
93.80? 94.00
91.70(3) 91.76
93.90(?i 94.-00
92.08? 92.10
94.06? 94.08
92.22? 92.2G
98.98tft 99.00
98.90? 98.98
8 Pan,
3s Pan,
's Pun,
Phil 4s.
?nil 4p.
i'hil
i-, 1938.
reg. . ..
L-oup. . .
1934...
19;)5. .,
1930.
99%?100%
9f>v*i(r?;ioovI
88Vi? 90%
88 Vu? 90%
92 <s$ 96
92 ? 96
92 (? 96
D Coi 3a, 1955.. 97 <g?
Foreign t.ov?. and Municipal Bonds
(Interest to be Added)
Bid
Anglo-French Extern 5b, 1920.. 95A
Areontine Intern 5s, 1946. 74
Canada, Dom of, 5s, 1921. 98%
do 1926 . 93
do 1931 . 93V4
ihineee Gov H K Uy 5a, 1951.. ?
Cuba Extern 6s, 1944. 90%
do 5s, Series A. 1949. 83%
do 4V4?. 1949. 76%
Pomink-an Rep Ce, 1968.?
City of Lyons 15-yr 6s 1934... 92%
cty o? Marseilles 15-yr 6s, 1934 92%
City o? Bordeaux, 15-yr 6?, 1934 921?
City of Paris 6s, 1921. 93%
Japan Gov 4%?, sterl In, 1925.. 76
do 4 Vis, 2d series, 1925. ?
do 4s, sterling loan, 1931.... 65
City of Tokio 5b, 1952. 55
U K Gt Br & I ,r)-yr 5%e. 1921 07
do 3-year 5 '/a". 1922. 97 vi*
do 10-year 5%s. 1029. 96%
do 20-year 5 Vis, 1937. 8YVi
Mex Extern strl lis of '99, 1945 30
/ <:o gold 4s of '04, 1954. ?
' (Sales)
Anglo-French 5s , v K of Gt Britain &
Asked
95%
75
88%
93%
03%
62%
92 Mi
???4
2!*
06
92%
92%
79%
73%
?9
03
97 Va
98
96%
83
41%
41%
IM.000.
2/>or)...
11,000,-..
78 000. . .
8000...
19,000.
05%
2,000. 95IS
95%
4,000. ?
Argentino C
LOCO..,- 75 i
City of Lyons 6s |
3,000. 92%,
City of .Marseilles 0s
2,000. 92%l
City of Paris 6s
10,000. 94%'
2.000. 91 !
1,000. 93-%'
Dom Can ".s 1931
1,000. 93%;
1,000. 93%:
Jap 1st ser 4%s I
10.000. 30
do 2d ser 4 %s '
English stm I
3.000. 78 j
do stlg loan 4s I
2,000. 66
a.ooo. os
? 1,000. 09 |
Co French stm j
10,000. 56%
do English stir. j
10.0r<0. 59%.
..64 I
Other
I 6Vis 1921
22:000. 97%
2,0f'0. 97%
2,000. S.'%
15.000. ..... 97
10,000. 97%
do 1922
191,000. 87%
do 1929
3.000. 96%
31,000. 96%
2,000. 96%
294,000. 96%
do 193"
64 000. 88
2,000.
7,000.
2,000.
1,000.
1.000.
4,000. 87%
2,000. 83
20.000. 87%
NYC 4%s 1967
May
10,000.100%
1,000.100
November
2,000.100
do 4%s I960
2,000_. 96%
do 4s 195!)
10,000.91
87%
87%
88
87%
87%
2.000.
Railway,
Adams Exp 4s
1.000. 69 I
Am Ag Ch cv 5s
1,000. 98%
5,000. 9R%<
i;000. 98%I
Am Smelting fis i
20 000. 85%:
Am T & T cv 6s I
5,000. 98%i
4.000. 98%
15,000. 991,4!
5,000. 98%!
15.000. 98%|
2,000. 98%',
7,000. 98Vil
Am T & T col 5h
2,000.. ,
1,000. . .
3,000. ..
1.000. .
ro%|
79%
79%!
79% I
L',000. 80
,000.
80% i
82 I
Corporations
1 Xntbo It T rfg 6?
2,000. 56%
I 17.000. 56
2.000. 56%
9,000. 65%
2,000.6f
3.000. 50%
25,000. 56
29,000. 66%
8,000. 56%
20 000. 66%
10,000. 56
25,000.6f%
14,000. 56
4,000. 56%
6,000. 50%
0.000. 66%
10,000. 56
2,000. 56%
21,000. 56
2.000. 55%
2,000. 56
8.000. 66%
35.000. 56%
20.000. 56%
1.000. 8
do eol 4s
l.ooo. 81%:
Am W P s f 7s I
6,000. 84 j
ArmourTo 4%s |
10,000. 82%
5.000. 82%;
5.000. 82%i
A T & S F gen 4* I
12.000. 7C !
2,000. 76%
2C,000. 70 I
1,000. 75%!
A T & S E-Trans I
Short Line 4s
1,000. 75%
1,000. 75%!
Atl & C A L 5b
5,000. 80%
Atl C L 1st con -1s
5,000. 75%
At C L-L & N 4s
3,000. 69%
5,000. 70 | 8.000. 93?,
Bait & O tem 6? !L?ke_3_4s 1928
20,000..
175,00.). 57
75,000. 66%
23.000. 66%
42,000. 57
15,000.. 56%
Int Mer Mar 6s
8.000. 93%
1.000. 94
K C Et S ?i M 4i
2,000. 00%
Kan City So 3s
1,000. 50
1,000. 55%
Kan City Term ie
10,000. 71%
2,000. 72%
5.000. 72%
2,000. 72%
Lack Steel 5? 1950
3,000. 93%
6,000. 94
8,000. 93%
o? ai
1.000. . .
10,000...
2.000...
2.000. ..
.lo rig 5s
'2.000. . .
2.000. . .
??.,"[?0. . .
7.000...
0.00o. . .
2.000...
10,000...
5,000.. .
12.000. . .
1.000.. .
do cv 4%s i
5,000. 55%
3.000. 56 I
15,000. C6%|
10,000. 50%!
1.000. 56%!
1,000. 50%!
2,000. 56%
5,000. 50% I
5.000. 50% I
11,000. 57 i
6C%I
88%
89
8S%
57
57%
50%
57
56%
60%
56%
56%
57
11,000. 85%
do 4* 1931
i 5,000. 83
20,000. 82%
! du gen 3%s
3.000. 68
I 10.000. 08%
1,000. 08
: Lehigh Val 6s
1,000.100
Leh V n f Pa 4?
, 5,000. 69
? Liggett & M 7s
12,000.109%
? L & N unified 4a
3.000. 81
1,000. 81%
do gold 5? 1937
2,000. 99
do St Louis 6s
1,000. 99
do So Ry joint 4?
1,000. 63%
1,000. 65%
Man Ry 4s tax ex
2,000.56?
04'i
3.000
do gojd 4s
1.000...
2.000.64%
10,000.64%
do p 1 3%a
5,000. 81%
BbH & O-PitU L E
& W Va 4s
3.000. 55
3.non. 55 ' 5,000.59
Midvale Steel 5s
6,000. 83%
1,000. 84 :
3.000. 83
1.000. 83%
1,000. 83 ??
2.000. 82% '
2,000. 83
1.000. 83%
Mil Gas U 4s
6.000. 87
Beth ?teel rfg 6?
5,000. 87%
do p m 5s
2,000. 81%
10,000. 84
Bway & 7th Av 5s
2 000. 48
Bklyn Rap T 7s
0 000. 43
3.O00. 44%
8.00(1. 45%
10 000. 47
5,000. 46%
15.000. 47
1,000. 47U
1.000. 49
10,000. 50
do ctfs of depos
. 9.000. 45
2,000. 44%
1,000.', 49%
do ctfs of dep stpd
2,000. 43%
5,000. 43
10,000. 45
do 5s
7,000.82
1,000.83
Mo Pac eon 6s
1,000. 97%
do 5? 1926
1.000. 8?
3,000. 86%
do gen 4a
12.00'fl. 64%
*,000. 54
3,000. 54%
30,000..,.,. 55
3.000. 54%
N Y Cent deb 6s
13,000. 91%
5,000. ?1%
12,000. 91%
5,000...... 9'J
2,000. 91%
8.000. 91%
2,000. 93
5.000. 91%
do rfg 4 y?*
3,000. 76
do 4s 1934
4.000. 79%
N Y Cent rfg 3%?
1,000. 67%
20,000. 66%
1,000. 68
BMjrft U Elev 5? I N R K of M 4%i
1,000. 61%? July coupon on
8:000.,..,. ?2 7,000. 25
do stomped ' Nat Tube 5?
1,000. 63
Canada So 6s
3.000. 81'*'.
10.000.1. 84%
30,000. 84%
Cal Gas A E 5s
6,000.._ 89%
1,000. 83
On Foundry 6a
2.000. 84%
Ce? of Oa Ry 6i
4,000. 93%
N O T ft Mex 5a
5,000. G0%
N Y Air Brake 6a
2,000. 99
N Y G E L H & P 5s
3,000. 81%
1,000.81%
do p m 4a
7.000. 59%
1,000. 60
1.000.93%'N Y N" H & H fi?
92 M
86
97%?
1,000.
do con 6b
4,000.
C?n Leather 5s
1,000.
Cert Pac gtd 4s
12,000. 74 l>
5.000. 75 |
5,000. 74 V.|
Ches & O cv 5s I
28,000. 79
6.000. 79% I
2.000. 80 *j
5.000. 79'/.!
2,000. 79'i I
12,000. 78%|
do rfg 5s j
2,000. 80%'
do ?ren 4%s I
1,000. 72%|
do cv 4%s
1,000. 70%'
15.000. 71 1
1.000. 70V.I
10,000. 70 '\
C A Alton il%a
8,000. 30 I
C B & Q gen 4s
7,000. 78
n
N Y
IN Y
do
4.000.
5.000.
do deb 4a 1950
1,000. 51 %
St Uya con 4V.s
1,000. 5?
Rys rfg 4?
4,000. 33
5,000. 83%
ctfs of dcpos
10,000. 32%
2,000. 33%
do iidj 5s
9,000. 7
12.000. 0%
do ctfs of depos
1.000. 6%
33.000. 6%
2,000. 6
N Y Tel deb Gs
4.000. 97
10.000.97%
do 4%b
18,000. 81%
8.000. 81%
N Y W Jfc B 4%b
j 8.000. 38%
I 1,000. 3?
i Norf & W eon 4s
1,000. 70%
C B & Q.IU 3%s
1.000. 73
C B ? Q joint 4a
29,000. 93%
3,000. 93%
11,000. 94
C Gt Western 4s
3.000. 51%
1.000. 52
9.000. 51%
1.000. 52
? . 1.000. 61%
C M A St P cv 5s
Series B
1.000. 08 I
do gen 4%?
1.000. 72%
2,000. 72%l
2,000. 72 ' |
J 1000. 71%
do ?cv 4%s
10.000. 68%
' 1.000. 67%|
do rfg 4%s I
16,000. 50%'
15.000. 56%
do gen 4s I
Series A I
3.000. 64% I
6 000. 04%l
4,000. 64%
1,000. 64% I
do d-b 4a 1934 I
1,000. 07 i
C M & St P-C M & !
Pufet Sd 4s I
3,000. 67
O & Nwn g?n 5s
8.000. 96
do gen 4s
1.000. 771/,
Chicago Ry 5s "|
1.000. G3%'
C R I * P gen 4s I
1 000. 71 % I
1,000. 70%!
,do rfg 48
77% Nor Pacific 4s
73,000. 76
10,000. 7?%
30,000. 76
10.100. 76%
1,000. 70%
10,000. 70%
5,000. 7G%
do 3s
2,000. 53%
Ore Short Line 5u
I 1,000. 92%
! do 4s
! 5,000. 79
I Ore?W R R ft N 4s
I 5,000. 6?%
2,000. 09
1 Pac G & E 5a
I 24,000. 82%
jPenn 5s 1908
11,010. 90
5,000. S9%
1,000. 90
5,000. 89%
do 4'*'.s 1921
25.000. 97 %
do con 1 ^.s
4,000."_ 91%
2.000. 91%
1.000. 91V?
do gen 4'/. s
2,000.7.
i.ooo_
9,000_
Pere Mur.) 4s
1,000_
1.000_
Port Ry L & P
1,000.
Pub S of N J 5a
9,000. 54%
3.001). r>4%
5 000.r,5
1,000. 55%
Rend:ng .ren 4s
3.000. SO
5,000. 79%
11.000. 79%
SO
79%
79%
65%
5a
8 000. 64%
1,000. 64**1
0 000. 64s; :
Chleaeo Tin St 4'As'to*
Series A - (St
10.000. 79%i
C & We t Ind 4? j
6.000 , 571/
4,000_.. 86%|
Chile Copper 7e I
1,000.101%:
1.0OO.J0r.%!
5.000.105 I
do 6s I
5.000. 77%
19.000. 7?UI
10,000. 78'*!
3,oOO. 78%|
12.000. 79 I
10,000. 79'Aj
15,000. 80 "l
1.000. 80%!
Comp Tab R 6s '
3,000. 82 !
Con Gas cv? 6s ]
8.000. 98%|
18.000. 09 !
CumbrW! Tel 6s i
_ , 5,000. 80%
Pe! & H ev 5a ?
l.OOO. 84
do rfg 4s I
60,000. 78%i St
Den ft R G oon Is
5,000. 62%
Erie prt Hen 4s
4.000. 54
l.OOO. 54V.
2,000. 62 "
do gen lien 4s
2,000. 43 V.
1.000. 43%!
2.000. 43Vil
do cv 4s Ser D
4,000. 41 V'.l
1.000. 40%!
1,000. 41
F'. W A R G 4s
2.000. 56
Gen Eire deb 6a
l.OOO. 94
Granby Min 6s
stamped
1.000. 96
Hock Val 4%i
6,000. C9V;
Hud ft M rfg Ss "I
1,000. 53%l
10000. 54 I
5,000. 53%!
5.000. 54
do ire 5s j
2,000. 12%]
21.000. fi
R I Ark ft L 4V?s
5.000. 01
Scab Air L rfg 4s
5,000. 38
L I M & S 4i
R'v ft Gulf div
1,000. 66
LO00. 66%
St P M ft M 4%e
2.000. 00%
St L ft ?. F 4s ser A
5.000. 53%
4 000. 54%
18,000. 54%
27.000. 54 u
5,000. 54it
9,000. 54%
do 5s cor B
5,000. 6fi%
2,000. 66%
2,000. 67
22.000...... 6fi%
9,000...... 67
do F.di 6?
5,000.,, . 57
5,000. B7V,
1,000. fis
3,000. 57
do ine 0b
l.ooo. 4>
1.?0. 41%|
l/'OO. 42
3.0O0. 41
Swn Term 5a
1000. r.pi
3.000. , r,s
6.000.; 58V. i
Se V ft N E 4s
14.000. 74%. i
Saab Air T.lne 4g
I.000. 60%
do art? "3
5.000. 3R'4
15,000. 35j "
5.000..'.'.'.'. 3 T% Southern Ry 6s
5,000. 1
111 Central 5%s !
1.000. 90 V. I
15,000. 90 !
do 4a 1953
1,000. 70 i
do St L div 3Us I
5,000. 67%!
Indiana Steel 5a I
6.O00. 93%
Intbo-Mfit 4%s I
20.000. 19%'
20 000. 19 I
1.000. 19%!
100,000. I? Vil un
14,000. in%|un
20.000. 19%l
15 O00. 19%i
20 000. 19% I
1.000. 19%'
17,000. J9%
2,000. 19% |
10.000. 19%l
10 000. 19'*'.'
I.ono. 19%
l.OOO. 19%|
10,000. 19%
1,000. 19%!
24.000. 1C>%'
56,000. 20 1
So Pac'?V cvt 5a
1,000. 99
2 (>(><). 0914
10,000.....! 99%
10.000..,.,'. f.?a,
10,000.100
l.noo.100%
R.OOO.100
do cvt 4s
2,000. 7^%
3.O00.... 7si;,
5.000. ... 7S "
10 000_,. 79
do t*p 4s
1.000. 74%
5,000. 74% I
3.000. 71%
1,000. 74 7Z
1,000. 75 ;
5,000... 74% I
LOO". 75 " j
84%
do ?s
3.000.
8.000. ros,-, ;
loonii. g-) |
3.000.\ 61 >?'. i
3,000. 60% I
Third Av(. rfK 4s
1.000.
4.000.
do ad} Hi
1.000
9 000.
l.OOO.
2,00,-).
10.oro. 28
ion T'?ciflc 6s
2,000.101%
lo 1s< is
1.000. 83 V.
4,000. S3%
17 000 R3U.
14,"00. 83%
1.O00. 83 <W
4.000.
?1RS
43%
29 %
26% I
28%
lO/.oo.
1,000. .
do cvt: -Is
3,000. .
1,000,,
do rrv, 's
1.000.
83%
84
83%
84 '
20.000. ]?I4!Un Rd'ofS >"??
30.000. 19%j ?i-.f, ?f depew
^.000. ?fi
10 000. 20
19,000. 19%
do ctf:i of depos
45,000. 10
10 000. 19%
10.000. 19
2.000. l""u
12,000. 19%
5 000. 19
10,000. 19%
Jntbo P. T rfg 5s
14.000. 5394
1,00't. 53 V.
44.000. 62%
1,000. 62%
15,000. M%
50.000. ?">1 %
31,001.. 61%
5,000. 53
5.000. 63%
1,000. 63%
1,000. 53%
2R1?
26
5,000
6 000. .. ..
n.ooo.
S Rubber 5s
15.000. 85'~.
1,000. K5%
10 000 .. Rfi
'.?V. '
l/.OO J_
1,000. Sc
U S Steel s f
! OOO_
1,000....
4 ?000! '.. .
1,000. 08 :
7,000 .?OS',;
Va-Car fbem 5s
l.OOO. 91%
Virniilnn Ry 5? i
p.OOO. 84
3,000. 83% ?
R.0O0. 8S%
OS
08%
oc:.:
10,000_.. 55 'Wabash ?<\ 5a
29 000. 64% 1.000. 80%
10.000. 64%' West E'eetr:c *>?
10,000. 51%! 6.000.97
100,000. 54%! West Mirvland 4?
80,000. 54%! IO.000. 5*
30,000. 54% 4.000. 52
40 000. 54%I West Pee'fle 5i
io00. 54% 2 000. 80
20 000. 54%| West Sb->re 4s
?9.000. 54V.l 4.000.71%
6,000
54% I
2 nno. 71
20.000. 50
10,000. 5'.%
5,000. 65%
6.000. 56
86%
8! %
i West Tninn
4.000.
do 4'-'.b
_I 5.000. _
l'OOO, ..... r.5-%"1 Wunen Co 1st 6i
20.000. 50 ! V"00. 97%
2,000. 55%. do cv* (Ut
1000. 55%j 2.000. 9_?
2,000. 55%| 7,000. 95%
15.000. 50 ?WUeons-n Cent 4?
28.000. 55%! 1.000. 65
20.000. 65%
6.000. 55%'
3,000. 55%.
2.000. 55%!
10.001 -.; 1
The Am*, 1. an ?Vpreas Company haa
?tven lta employ??'? 20 per oeat bonua.
lu vestment
Information
In toi* department Th? TrUmm? wtll
throw the iig'ut of auo? Information as
f* nt 'i? command on the lnv??.rYnent
prnhlrm? or Its roa.lers. Qnentlnns of
iren.ril Inlcre-t will be an?wor?.l in
Mil? column. Only Initial* will be used.
Other? will be answered by mall.
Addrego all queries, Inclosing a
stammet |iddres*ef1 envelop?, to
>'?*<} Ni'lAI- ?'?TOK. The Tribune.
154 NiiMHtiii Street, Sew York City.
HOLDING THE MARKET.-?This ia
done by buying, aa offered, enough of
the necurily in question to prevent its
decline in price.?Money and Invest?
ments.
Purpose of Voting Trust
Question -1 purchased upon advice
of a broker in October, 1910, 100 aliara*
of Butte Copper and Zinc, represented
by a voting truat certificate, and paid
13% for same. Has this ?tack *ny
intrinsic value and what are It? pos?
sibilities and for what purpose has the
voting tru?t been formed? I am in?
formed that a dividend of 50 cents pov
share has been paid. Kindly inform
me when dividend was paid and th-?
possibilities for future dividends.?
A. L. E.
Answer?The capita! stock was if
poFlted under a voting trust agree?
ment dated February 1, 1915, expiring
January 31 1920. There are three
trustees. This is usually done so that
Elans formed by those in control may
e carried through without danger of
losing control. A dividend of 50 cent:.
a share was paid July 30. 1918, but
none since. The company Is leased to
the Anaconda Copper Mining Company
until 1931, terminable at any time on
Rix months' notice by the Anaconda.
Net. earnings from ores removed on
the Butte propertiei are to be divide'
equally, the Anacunda agreeing to keep
the properties in go?d condition. For
six months, ended June 30, 1919, the
net income was 836.900, equal to an
annual rate of 12 cents a .shore on the
J3.000 000 stock, against $103 in 1918.
Of course, earnings must run consider?
ably higher than this to warrant cDivi
rlends. But ir would appear that the
company's worst troubles are over and
that they had been rather well dis?
counted.
Livingston Oil
Question?Bought Livingston Oil at
3 on November 2. What is your opin?
ion of this stock? Is it highly specu?
lative? Is it true that its promoter;;
have sold their stock? Is the com?
pany producing oil? M. R. G.
Answer?Livingston Oil Corporation
is, like most producing oil companies,
a speculation. We do not know au?
thoritatively whether the promoter;
have sold their stock. The company Is
said to have net interests ( In well
'i otght in and connected, or about to
be connected, with pipe lines approxi?
mating 7,500 barrels ;i day. it is e:
pecfed that pr,;d;tction will reach
20,000 barrels daily within sixty day*.
Two Small Companies
Question?Is the stock issued by
Sequoyah Oil Company and Pennsyl
vania Gasoline of any value whatever?
Won't you kindly advise me?
S. H. M.
Answer?Both Sequoyah Oil and
Pennsylvania Gasoline are small com?
panies, with corresponding earning
powers. The former seil.; for about 50
cents a share and the latter for about
25 cents a share.
Stanton Oil Company
Question?In your column will you
please give me an opinion on Stanton
Oil? When is dividend period, rate and
last dividend??C. M. II.
Answer?The Stanton Oil Company
appears to be a good producer. N >
statement of earnings has been pub?
lished, so it is difficult to tell whethei
or not too much in ihe way of divi?
dends is being paid. The company is ?
said to be expanding, and last spring I
entered the Texas field for the first
t.me. Last dividend was supposed to
have been paid October 20, bu; due to
a mix-up in the stockholders' list the
dividend checks were not sent out
until two or three weeks later. It was
a quarterly dividend of 3 per cent.
Southwestern Pro. and Refining
Question-Will you kindly give me
some information on Southwestern Pro?
ducing and Refining Company??E, J.
Answer?Southwestern Producing and
Refining Company was incorporated in
Merci), 1919, to exploit and operate
oil fields in North Central Texas. The
properties are in tho Kanger-Burk
burnett fields and aggregate about 2,
000 acres. It has its own pipe lines
which extend over an arta of fourteen
miles, and fifty tank cars. Stock $980,
000, par $5. No dividends, and no
financial statement published.
Four full Columns of invest
ment questions and ansicers
are published in The Tribune
every Sunday
Commodities
Cotton
The cotton market was Irregular an.I un?
settled yesterday, In ameasure this may
have reflected a readjustment of accounts
after tho covering of near month shorts
earlier in the week, but there was a good ?
deal of nervousness over tlje Mexican situ?
ation, the threat of a coal shortage
and a more bearish average of sentiment
was noted around the ring. Decembei wan
relatively quiet and easy, suggesting that
the weaker short Interest U...I been prettj
well eliminated, and that delivery closed
at 38.90c bid, or 35 points net lower, Other
months were ver) steady, ?.??it'i last prices
showing a decline of I point to an advance
of 22 points, as compared with the closing
! quotations of Wednesday.
Tho market opened Hrm at an advance
of 16 to 30 points, and sold :;5 to 43 points
net higher during the early trading on
relatively firm cublea, renewed Liverpool
buying an.I a considerable demand trom
brokers with domestic and Japanese trade
connections. Offerings increased around
37.15c for January, however, and the mar?
ket was weaker (luring the afternoon under
local, Wall Street, and New Orleans sell?
ing. Trices broke half a cent or more
from the beat, selling about 12 to 30 points
below Wednesday's closing figures, hut
Januarv and later months rallied In the
late trailing on. renewed Liverpool and
trade buying.
A more optimistic view of th? coal situ?
ation helped the tone of the late market,
according to cotton shippers British ves-i
sels are likely to coal on the other side for
the round trip, If the preuent embargo on;
bunkering continues. Most of the Ship-,
nlng Board vessels are said to be oil burn
ms en p' ? ? r ..... . r-x-nlnnm? ????>;!
to vessels flying the American flag is antic ?
.?atcu .ri ? ? ?? ?? ? ? out.ie.-n ?nuls
have been instructed to run on the basis
of a 48-hour week, and unless the reported
increase lu coal production continues seri?
ous Interference with the country's indus-;
tries is apprehended,
i Two private erop reports were Issued,
'one estimating the yield at 10.-148,000. and
'the other at 10,34",000 bales. Exporta
yesterday were 83,843 bales, making;
?,006,693 bales so far this season, against!
', 1,'S32,199 bales last year.
Southern spot markets as officially re-i
ported were 50 points lower to 2? points
higher, ?-ith a rmall volume of business.
The local ?pot market was steady and
25 points lowei at 39.60c tor mtddlinit. No
sales were reported.
The range o? prices to.lows
Wednesday s
' np?n High Low Close Close
Pec... 39.25 30.50 39.00 38.90 ?39.00 39.36
'jan . 38.90 37.15 36.60 36.9 1 0 36.97 36.72
'March 3? SO 34.'?7 34.30 54.60034.66 34.81
May ! laiaO 33.07 32.55 M.TI?tl"l 32.76
.Tune
;.;;.] O-.i-32.05
JX.v.' IJM 3L96 ?Mi 31?0|3L65 31.55
Sept
2'i.tio? - 29.85
Cotton Statistic? j
Vest, r Last Last
day week year !
a^^::::w5l'??,,,W:?il,"?:Aii
K?p?rts B?a4on.2.005.5D2 I.*?.?? -."?????
lnt receipts .. 36.000 29,430 1?.151
nt shipments. 24,on0 81.1?? IM?
IN. Y. arrlv*U.. U.*S1 M?? ??-?*
Liverpool Cablet?Spot cotton in good
! .inand. nt 39 points aavanoe on the
banl? or 25.52.1 for middling. Sale?, 10,
000, Including 6,000 American. import*.
7,000, none. American. Futures opened
quiet at a decline of 4 po.iitd to an ad?
vance of 5 points. Closed irregular at
a net advance of 4'J points to a de?
.??hie of 24 points. December, 25.Old;
January. 24. Ltd; March, 22.s0d; May.
2'..63; July. 20.71d; October. 18.61d. Man
eneater; Yarns firm; cloths active.
Southern Spot Markets?Gal veston firm,
unchanged at 42.25c: sales. 3,432 bales.
New Orleans steady, unchanged at 40c;
sales, 1.540 bales. Mobile quiet, unchanged
nt 38 50c; sales, 8 bales. Savannah quiet,
50 points lower at 59.50c; sales, nil. Nor?
folk quiet, unchanged at 38.75.-. ?alas, 687
bale?, Augusta steady, 25 nolnts lower at
33.75c; sales. 1.436 bales. Memphis steady,
unchanged at 40c; sales. 1.300 bales.
Houston steady, unchanged at 41.26.01 sales.
2.014. bales. Little Rock quiet, unchanged
at 40.25c; sales, 4M bales. Dallas steady.
5 points higher at 41.55c; ?ale?, 1,960
bales. Montgomery firm. 25 pointa higher
it 38,75c; sales, 170 balea. Kort Worth
steady, 10 points higher at 41.50c; ?alea,
594 balee.
Cereals
Wheat?A slightly easier tone prevailed
m tho wheat market, and prices for spring
wheat In the Minneapolis market de?
clined 5 cents a bust\el. This was
thought to reflect the general decline in
otheta grains during the past two day?
and !*?ay ?too have reflected a leu active
?lem?n.1 for flour. The high prises pre?
vailing for the hard wheat flours have
resulted in a quieter demand from con
sumers, end I* was thought that the of- j
fers by the nraln Corporation to place :
straight flour at the disposal of the con- ;
outlier ta going to have a decided bearing ;
on the future distribution of flour.
Moreover, the drain Corporation yes- ;
terday offered for sale Its export flour .
to any buyer Instead of exclusively to the
Allied governments as heretofore. This j
was done so that the flour trade can re- .
establish Its export connections, and the !
price of flour was placed at 110.50 for
winter wheat straights and $9.50 for
clears from Atlantic ports and 35. cents
less and 50 cents less at Gulf ports and
the Pacific Coaat respectively.
Corn?There was-a feverish market In
corn and after an early upturn of 1 to 2
cents per bushel and a subs?quent decline
of 2Si tu 2%c the market closed irregu?
lar at \%c decline to 1 cent advance. At
best the market was a narrow one and
traders were not disposed, to take heavy
risks either way. Sentiment seemed to
lean a little more to the bear aide owing
to rather more optimistic reports from
| Washington on the coal situation and also
on report? of larger country offers from
. portions of Illinois and Iowa, where there
appeared to be a more plentiful supply of
cars.
Receipts, however, were again small and
the fact that shorts were good buyers
toward the close. demonstrated the fact
that the trade at?, large was sill nervous
over the ?.uesUvu.of the movement and.
LIBERTY BONDS
AH denominations bought for cash
Uaseit on the closing we pay;
$30. II for a Sol)?S^'" Bond. 0? Chapons
$4.1.02 for a $30?2d 4 >/**'? Bond. 1 Coupon
847.20 for a Sfift?Md i*i'.. Bond, 1 Coupon
&44I.I3 for a $30?4tli 4'.^*. Bond. 2 Couihiu*
830.81 for u gfiO?3th 4%?-. Victory lx>au
PURDY Sl CO.,
Tel. John 3174-5-6-7. 34 Pine 8t-. N. T.
consequently not disposed to place too
much confidence In predictions of a
chante in receipts, at least under presfnt
uncertalntain conditions.
Yesterday's Previous Y-ar
New York: close. cloee. <. ; >
Corn No.2yel_?1.72^4, ?L74S* Sl.ttv-%
Chicago :
December. 1.??% 1.44 1.34 Vi
January. Lit 1.35% 1.81
By??Market easier.
Yesterday's Prsvtoua
New York: close cloae
No 2 West 11.8? % IIS?
Flour and Heal?Quotation? were :
Yesterday's Previous
New York: ? close doe?
Minn pat. ?14.00 ?1400
Cornrneal 3.75? 3.99 S.75? 3.00
Bran . . . 4S.SO09e.OO 45.50if4t> en
Rye flour. 8.15? 8.50 7 75? 8 10 I.OOOt.M
Continued on page nineteen
"Foreign Trade Through Foreign Investmente"
A Decided Increase
in Principal and Income
is quite possible for those who take advantage of the present foreign exchange
rates and purchase the internal loans of any one of the allied governments.
We submit the following table which indicates clearly the profits that investors
in French, Belgian and English bonds would receive should exchange return to
normal :
Approximate
Approximate Coat nt Redemption Valu?
Present Coot Normal Rate At Normal Rate
1,000 francs
5% French Victory .
Loan. $90 $175 $193
1,000 franc?
4% French Loan of
1917. $73 $140 $193
1,000 francs
5% Belgian National
Restoration Loan.$114 $200 $193
100 Pound
5% British National
War Loan 1922.$395 $480 $496
* 100 Pourd
4% British Victory
Loan.$325 $403 $486
It will be seen from the above that those who buy at present rates may
eventually receive profits on their principal as follows, even if market prices
should not advance:
5% French Victory Loan.94'/2%
4% French Loan of 1917.9V/Z%
Belgian National Restoration Loan.78 crc
5% British National War Loan 1922.2V/2%
5% British Victory Loan.24 %
In acM lion, if the coupons are withheld and not collected until exchange returns
to normal another substantial profit may be had through increased yield.
As prices are changing constantly, we will advise by telephone or telegraph the
prices of the internal loans of the allied governments, and in addition we wiil
be glad to furnish latest statistical data on request.
;.- .
e Leach & Co., Inc.
Investment Securities v
?2 Cedar St., New York
Chicago Philadelphia Boston Cleveland
Minneapolis Baltimore Pittsburgh Buffalo
AMALGAMATED LEATHER COMPANIES, Inc.
(Formerly F. Blumenthal Company)
Incorporated under the Law? of the State of Delaware
7% CUMULATIVE PREFERRED STOCK
Preferred as to dividends and assets
The whole or any part redeemable on any dividend date at the option of the Company, upon ninety days'
previous notice, at $115 per share and all unpaid accrued dividends.
COLUMBIA TRUST COMPANY, NEW YORK, N. X. MERCANTILE TRUST CO.. NEW YORK, N T
(Transfer ABent) > Registrar)
CAPITALIZATION
7% Cumulative Preferred Stock (Par Value $100) j0 ?e Presently
Dividends Payable Quarterly, Cumulative from Authorized Issued
October 1, 1919. $3,000,000 $5.000,000
Common Stock (Without Par Value). 175,000 Shares 175,000 Shares
Copies of the Prospectus relating to this issue, containing letter from the President, Mr. J. Steven?
Ulman, giving history of the Company, also balance sheet certified by Messrs. Touche, N'iven & Co.,
Public Accountants, setting forth the financial position of the Company as of September 30, 1919 after
reflecting the reclassification of the Capital Stock of the Company and also giving profits for three years
and nine months to September 30, 1919, may be obtained at the offices of the undersigned.
Application will be made in due course to list this Preferred and Common Stock on the New York
Stock Exchange.
Inasmuch as the public has applied in advance for all the stock acquired by the un?
? dersigned, this advertisement appears only as a matter of record.
LEHMAN BROTHERS GOLDMAN, SACHS & CO.
New York City New York City Chicago
Boston San Francisco
