Newspaper Page Text
First Mortgages Netting 5*/2%
FOR many .years tfcs Company has made conservative
First Mortgage Loans on improved income producing real
estate in certain of the larger cities throughout the United
LO.MMS average less than 40% of our appraisal, are available
in amounts of $1,000 and upward and net purchasers 5}/2%.
The Company assumes the care of all details in connection
FOR small amounts?multiples of $100-?we offer Mortgage
Participation Certificates, secured by a specific First Mortgage
held in Trust. to net purchasers 5% and 5^%, depending upon
Send for copy of "Questions and Answers,"
describing these unusual mortgages in detail,
MOKTGAOE ATRU5T COMPANT
Capital and Surplus $6,000,000
55 Cedar Street
B'way at 73rd St.
Madison Ave. at 75th St.
125th St. at Eighth Ave.
OFFICERS AND DlkE&TORS
PRESIDENT?Harvey Z. Sites, Hereford, Texas.
(Ib charge of Engineers Petroleum Company's field
operations in Texas.)
VICE-PRESlDENT?Natcher R. France, Blpomville, Ohio.
(France Stone Co., Toledo, Ohio; President Exchange
State Bank, Bloomville, Ohio.)
SECRETARY-TREASURER?Charles W. McKee, Huntington.
(Erie Stone Co.)
D1RECT0R?Richard D. Logart, Toledo, Ohio.
(Attorney for Company.)
DIRECTOR?Wyllys Terry, No. 6 Hanover Street, New York
(D rector New Netherlands Bank and other corpora?
DIRECTOR?Eugene Lamb Richards, No. 15 William Street,
/ (Attorney-at-Law; Former Superintendent of Banks for
CHARACTER OF THE ENTERPRISE.
Mr. N. R. France, president of the Company, who has been
guccessfully identified with the oil industry of the rniddle west
for years, secured large acreages in Texas prior to the present
jintense competitive prices established for acreage; he then
made an.arxangemenfc'-whereby Messrs. Thomas & Ludlow de
velop and drill this'acreage at no expense to the present Com?
pany, thus giving to Engineers Petroleum a most decided
speculative value, without cost to the stockholder.
The financial position of the Company simultaneously was
feecured by the addition of representative business men who
through association with Mr. France in directing the corporate
affairs of the Company built up a substantial cash treasury.
This money has been used, after months- of personal investi
gation by Mr. France and associates, to purchase settled oil
Soductiorl in established territory; from this investment earn
gs approximate ?jO^'c . .; ' ,'
Hence the present situaifon is afforded. The operating and
executive porsonnel of the Comnany have arranged for a most
logical speculative future, whil? earnings are being built up
Ihrough the purchase of production, and a combmation of
earnings and treasury financirg will continue to enlarge this
Company's operations under the same policy.
The stock is listed on the
New York Curb Market
A circular giving complete details on request.
C. W. POPE & CO.
25 Broad St New York CHy
Phone 7110 Broad
John J. MacCrum
H*Sher N. Y, Curb Market Assn.
l? Bro.d St. New York
Phone Broad 516.
** leaarninaMona boiftrht for e*at>
??4te4 on th* eloaUia; we pajr;
S&*!i?"--'*4V,% B*?* i^???
?ilaTai*?_-fiU?4%% Itonrt, ICoapoii.
i PIWDY & CO
I _?*>*?*? 84 rlM ?*? W. T.
BrvfflbKv no 2*
W*w y<,rk. Jawiuary 3. 1S20.
WjWJar nuarterty dlvldamd ->f 11 75 ?,'?r
2*? ?*' VTttatti* CapltaJ 8i/xk ?f ihi?
T'SL*"' ?>?*?. <5?x.l?r?4, p<?y.?t?.? K?--??r.,
* /***? ** tsfawmmaoti </? f???rd *< the
" f rnmi?a%, 4*.r,imry M> S?2#.
9. $, JtCTvOMe^Trcaavraf.
fcVAMS wrm, * onnwAwcK <x>.
t. JM*ta**4 7*?. ia,
*? m**tln* of tfc. fcoard ?/ D!r?etor?
gTi"? ^i**1 * Ordwiftft, CpHtp**),., hell
JJMar. Jan.jary 7th, ,W4. ? ?,<'*r.?rjy
2?a *f 1,4ft i*r ft6*r* waa' d<?l<(red
2* /*t.ni?ry f*v 19S0, t? ?t?y kh'/M.-r?
P? at ??;.?*? <j? intttut? /ahtuary 17th,
*W wfl. rttntfn *p?n'
Wil 8. OICKJJOH, Traamirtr.
SANTA CECILIA SUGAR
Preferred Stock Dlvldend No. 6
Tho regular quarterly dlvidend of one and
'brga-quartera per cent. upon the Preferred
Capital Stock of thlH company h?? been duly
dtclared, payable February 2, 1920, to Pre
. f'-rr"! Stockholders of record at tho cloae of
I butrintefl JanOary 24, .1920. Tranater booku
I will not be closed,
ROBERT I,. DEAN, Treaeurer. .
' tfew York, January 9, 1620.
SANTA CECILIA SUCAR
Common Stock Divtdend No. 2
A dlvldend of one and one-qunrter per cent.
upon the Common Capital Stock of thln com?
pany ha* been duly declared, payable Febru?
ary 2, 1920, to all Common Stockholders of
twort at the cloae of husinesa January 2.
i Transfer booka will not be cltwed.
ROBERT L. DEAN, Treaeurer.
tfew York, January 9, 1920.
UNITED FRUIT COMPANY
DIVIDKND NO. 92
A quarterly dlvldend of two and one-halt
per oent (two and' one-half dollar* per
?hare) on the capital atock of thia Com?
pany haa been declared, payable on Jan
l uary 1.*., 1920, to atockholdera of record al
the c/oav of bualneiui December 20, 1919.
JOHN W. DAMON. Treaaurer.
laicrnat'ona! Agrletittrai Corpontion
New Tork, December 18, 1919.
The Board of Driectora of the Irfterna
tlon:il AKrlcultural Corporatlon haa thl?
day declared a quarterly dlvldend of on
and on?-quaftar i>er c< nt. M'4%) on th
Preferred Stock of the corporatlon, paya
Me January 19th. 1920, to atockholdera
of <r?eord at tho cIoha of buslne?? Deceni
l*e.r ?.I?t. 1919. The trangfer booka wlli
not be cloacd.
JOHN J. WATHON; Jli., Treaaurer.
noticjo. is iinitEP.y uiven that the
Annual Meelina of the Hto'kl?.-Ul? r? of
the WOMAN CITIZEN CORPORATION
will b* held at the offlce of the Company,
No. 171 M.idlnon Avenue. In tho DorouKh
*.f M*?ihaU?o, In the City and State of
N.-w Vork. on the l?th day of January.
1*20, at 10 o'clock A. M., for the purpoa*
<>I elMCtln* dlrectom for the enmmur year
and for tho trarmn'tlon of aueh other
buolrxa* aa m?y properly como before aatd
Diaad New Vork, January 8, 1920.
NOP.A NBVvai.I/, Seoretary.
MHKTINO Or" THR KTOCKHOT.DKftH OF
the Sp<cl?l Korvke Floorln* Corporatlon
will be held at 12 o'clock noon, January
J2?h, iSiso, at 2039 Orand Central T*r
r?ln*l, N?w York City, for tlaetlon of
offlc-re (snd nny other hualnea* which may
be brouabt b?for<j mestlna. Mpeclai Ser
y\f,<? Ffooring Corporatlon, 20X9 Clrmid
Codtral Terriitnal, N*w Tork City.
Petitiona in Banrriptcy ;
Petitiona in bankruptcy filed In the
t nited Mntes District Court Saturday
were as follows:
CHARLES. POTASH?Involutary petition
nied ? against Charles Potash, 16 ' Essex
street. The liabilities and assets are
riot stated. The principal creditors aro
Max Some, Paul Meadow and Morris
Stern. The petitioners' itUorneys are
Mors, MarcUs & WeUfc 233 -Broad-wav. ..
SAMUEL MACHOWJTZ ? Involuritafv
petition filed against Samuel Mnchowltz.
230 East Twenty-fifth Street. The liabil?
ities aw about $5,000 and the asseta nbout
$500. The principal creditors are Ihtvid
Hirsh, $238: Louis Kalmanowlt/, $S39, and
Louis Gursbowltz, $52. The petitioners'
(ittorneys are Cohen, Rosenthal & Shaplro,
21 T'nion Sriuare.
REPUBLIC TRADING COMPANY?
Involuntary petition flled against Republic
Trading Company, 80 South Street. The
?liabilities and assets are not stated. The
principal creditors are Jeromc Harris,
N. and G. Taylor Company and James B.
Stephe.na. ... The petitioners' attorneys art
Lesser Brothers. ?99 Broadway.' '?-,
DAVID WHITESTON'tS?Volunt'ary T.etl
tion filed by David Whltestone, 52 West
Hlth Street. The liabilities are $1,110
and no assets. The principal creditors arfr>
Princess Realty Company, $750: Leopnld
Schwartz, $100, and David Leberman. $ton
The petitioner's attorney la Charles B
Harris, 2' 9 roadwav.
HENRY I. LIPNICK?Voluntary petlMnn
filed by Henry I. Lipnlck, tradtnu as th<
firdhrtell ' Costume Corrrpsnyv-? --04- Kasi
NiBety-fourth Street. The liabilities ?\re
$9,406 and the assets $85. The principal
creditors are Edward .1. Mdohsam, $1,300
M. Georgre Klosty, $650. an 1 W. B. & S.
Dress Company, $638. The petitloner's at?
torney is Benjamin B. Greller, 2S9 Broad?
Schedules in Banruptcy
Schedules In bankruptcy filed ln tho
United States District Court Saturday were
BAER & CO.." INC?Schedules of Baer
&? Co., Inc, 633 FMghth Averrue and *10?
Fifth Avenue. Brooklyn, show liabilities
of $31,726 and assets of $10,000. Tho
principal creditors are Rehwart* A Hel
fand, $2,490; Simon Dress Company.
$2,780, and .T. & M. Yellcn, $5,716. The
petitioners' attorney Is Abraham H. Sara
sohn, 171 Madlson Avenue.
Rectivers in Bankruptcy
Recelvers ln bankruptcy appointed ln
the United States District Court Saturday
were as f ollowg:
SAMUEL MACHOWlf*?Judge John C
Knox, appointed David,Hirsh recelver for.
SamueJMachowitz under a bond of $500.
In New York County
A-storla Veneer Mills and Dock
Co.?S. Rubcnstein . $1,084 92
Apartment Ecjullles Corportftlon
?H, Sugarman . 1.0G0.41
Boslets Dellvery Co., Inc?Gar
ford Mcrtor Truck Co., Inc... 440 54
Cornell, Cbaa. J.?C. G, Koss et al 185.4S
Kg". Pro C?F. A. Richmond &
Co., Inc. d, 146 20
Fishman, Harry. and Sam Shlp
I per?S. Herrnan . 362.83
| Grrgory. James (Auto Sales
Guarnntce Co.)?R Moore .... 11170
! Garflnkle & Simon, Inc?S. War
Hhow . 120.65
1 Glas*a, Sophla?G. Hurwltz; costs ln9.7r.
; OetfftOll, John E?A. Ia. Thornc 625.95
Gullixart, E. J., and Kansas Stataj
P.anlc. Sallna, Kan.?Metropoll?
tan Trust Co, of N Y City_ 6,279.0:!
Hoylo. Matthew W ? A H. Hmltli 127.00
Humphrey, Andrew B.?II. ? El?
liott' . ?;., 370 72
Hall * Ruekel, Inc.?M. M. Hall
et al . 13,452.95
Same?A. Hall .173,192.C')
.Same?Same . 46,635.:>0
Same?M. M. Hall .106.757:77
Kaplon, Annie?Joseph Cohen A
Sons . 5,925.85
Miller, Aaron?York Building Co.,
inc. .'.,...,. 1.46T.3S
Metropolitan Fur Exchange, Inc.
Yf. Lynn et al .*. 1,186.91
M,oore. OeO. W.?Oreat AUnntic.
*?. Pa'?iflc Toa Co. of National
Kurety Co....-,. 110.18
Newman gr Cohen, Inc?M. Hlt
tler et al .,. 286.54
N. Y. Overaeas Co.?A. Wllliam
THE MERCHANTS NATIONAL
BANK of the CITY of NEW YORK
NOT1CE 18 llBKEUY GIVEN that *
apeclal meeting or the stockuoldera at
thia Bank will be held at it* olllc*. No. 43
Wall Street. New York, on January 13,
1620, at one o'clock P. M., lmmodiately
after the close of th* r?gular election of
Slrertora, for tbe purpose of voting on ?
propoailton to llquldale the Bank as ?
National Bank and ot authorlzlng ln writ?
ing the Dtrectorn io axecuie a certlflcata
of organization a* a State; Bank, as r?.
qulrea by the New York Banklng Law
and to take, and to authorize tha Direc?
tors to take, such o'.her action as may h?
ne< essary to cause Its llquldallnn as a
i National Bank to become cffectlve, a.id
| Its corporate < xltitence as a Stata Bank
to h'-Kin: tud to transact such further
ouslncsa as may como before the meeting
. By order of th, Hoard nt I'Mrertora
O. K. PAYNTK.lt, (ashler.
Dated. New York, December 13, 1?J?
ITO TlfK STOCKHOI.BKRH 4)K THE CORN
KXCHANGK BANK OV NKW YORK:
The Annual Meeting of the StockluM^rs
of The Corn Exchange Banlt, New Yorlc
! City, for the election of Directors and In
spa-rtorit of Election for the onsulng ynr.
and for tho transaction of such other bunl
1 nons as may properly be brought Ix'Tore
the meetltiK, will be held at thc Bankin*
House. 13 William Street. Borough of
Mnnhattaji. Cily of New York, on TI'ES
T>AY. JANUARY 20th, 1H20, at 12 o'clock,
| At said meeting a propnsltlon will be
' submitted snd voted upon to Increase tha
; Capital Stock of ?ald llank from Four
I Million two hundred tviousand dollars to
! Four MIIHon six hdndred and twenty
'thousand dollars by the Issua of forty-two
' hurwlrod addlllonal aharca of $100 ea.h.
to b'- offiicd to stockholdcrs nt par ln
prnportlon to the atock ulready held by
Thc polls will be open from 12 o'clook,
Noon, to 1:00 P. M
WALTER B. FREW,
EDWARD 8. MALMAR.
Actlng as Secretary.
D#e#mber 3rd, 11119.
METROrOt.IT * N TRUST COMPANY
of <he CMy of New York,
The annual rneetlng of the Stockholders of
thi* Company for tlie election of Directors
will be held nt the ofTleo of the Company, 60
W/ill Htroet, nt twelvo o'clock noon on tho
t v/enty-flrst day of January. 1920. Th*
slock (nmsfer looks will bs cloHeil at 3
P, M. Jitriusry flih and reopened nt 10 A. M.
Jani'iir- K?rid, 19::o.
OROROK N. IIAKTMANN Heeretarr.
Nuw Vork, January 10th, 1929.
V^iJL. H.X J
From the Ledger of
Wall StreeVs Mistakes
IncMfente in the D^TB^pe^f Stock Exchange
hrms Which Cause, i? the Aggregate, Losses
of Not Less Than $5,000,000 a Year
^ MAN named Baldwin walked into
a Stock Exchange house not long
igo and gave an order to buy 1,000
hares of American Locomotive. Time
3, as the lawyers say. "of the essence"
n the execution of stock market or
ers and in the haste of putting this
ne through some one made a mistake
he representative of the firm on the
<oe* 0f the exchange, instead of buying
?_ thousand "Loco," bought a thousand
Now, the stock of the Baldwin Loco?
motive Works moves quite as swiftly
t times as one of its products does
ytien coupled to an express train. By
he time the brokerage house detected
he wrong execution of Mr. Ba'.dwin's
rder_BaWwin Locomotive had traveled
:P 7Vz points. Following its custom
hen an error in execution is discov
red, the firm immediately sold out the
housand shares at a profit of $7,500
nd went into the market for American
?ocomotive, which meantime had risen
M points. The rrokera had to take a
oss of $1,500 on the latter stock, which
v'ielded the customer that much profit.
it is selddm that the '-'mistakes ac
count" is credited with so nice a turn.
A cynical student of human affairs
once remarked that the story of civili
:;ation is simply a comedy of errors.
Because Wall Street is a human insti
_utK?n-~a fact which many outsiders
. .. ,,to &rasP?**? makes many mistakes.
Aall Street's mistakes in judgmertt and
n opinion have often been heralded by
.ts critics. but few outside the inner
circle have ever examintd \Vall Street's
irstakes in execution, the mechanical
errors of the Street. And yet the lat?
ter are costly, irfdeed. The aggregate
corft to the 600 or more active Stock
Exchange firms exceeds $5,000 000 a
year. If this cstimate is somewhat
-.way from the exact fijure, it errs
through understatement rather than
I'xaggcration. The total would be very
much larger if occasionnlly mistakes,
like the experience of Mr. Baldwin,
were not profitable. to brokers, instead
of costly. Howeycr, over a long period
the dcbits far exceed the credits in the
"mistakes account" which every Stock
Exchange firm keeps.
? If the time is ever reached when
automatic machincry will be able to
do a limited amount of creative think?
ing, as some engineers predict, the
fmuncial district will be nearer an
error-proof condition. The prevalence
of human beings at every step in the
process of transmitting orders to buy
and sell stock and executing them ac
counts for the frequ^ncy of slip-ups.
The familiar epigiam that "to err is
human" is truer nowhere than down in
rhe human mind, psychologists tell us,
is an extremely complicated mechanism,
and members of Wall Street firms who
foot the bills confirm tne conclusion.
If all the clerks and other links in the
machinery of speculation had "one
track" hiirxls of striking simplteity triey
would not write "buy" when trrey mean
"sell," and vice versa, as they now do
every so Often, when their thoughts be
gin to vander from the business at
hand to thc high cost of living, the
prowing independence of women, the
increasing boldness of communists and
the rest of the stuff out of which con
vcrsation is made.
? ,-P.rokeis and their, 'clerks,don "tbe
average. make nine errors for every one
xhe customers make. That is because
*.he customer touches the speculative
process only at the beginning and the
end, in giving the order and receiving
a report on its execution, whereas the
Vroker and his entourage in cases of
telographed orders participate in about
trjti steps-. ?.','..
When a buyer of stocks calls up on
the telephone and instructa his broker
to buy 100 shares of Steel, the order
is often confusod with one to sell. To
avoid misunderstanding, customers
srei.king over the telephone are asked
to cive thc-.r order in this form: "Buy
| 100 Steel. Buy."
son et al . 31,193.32
! Rockwood, Nash?Kldellty and
j Casualty Co., of N. Y. 813.45
IViin i)yke Anto Co., Inc, and M.
\ O. Sulllvan?B. iloylc. 331.35
j Wayburn, Ned?Cauot Hcal Ee
I tate Co. 697.30
j Zlmmerman, Nathan (Zlmnier
nian Trucklng Co.);?J. Murphy 171.60
In Rrotix County
l Prlcrtlander, Hulda?S. Nlre.n
i JJardl. Francisco, as guardlan-?
M. I". Havlano . 115.00
Mhrks. Harry?Armour & Co..-. ., 65.0&
' Now York Formula Corporation?
| S. Wald. 92- 8 4
Radlauer, Abniham?A. A. Heij
irlnw .? '60.70
' Vplence, Vlnocnt?Grois Proa.
Sheet Metul Conlractora, Inc. 910.07
Causes Many Errors
In the catalogue of errors made by
brokers and their employees illegible
handwriting takes a leading place. Per?
haps the old legend that good penman
ship will never make a fortune for you
is true, but bad penmanship has cost
many a Stock Exchange firm large bags
of real money. Take the recent experi?
ence of a firm that has a reputation
!?r exceptional efficiency.
This house bought 1,000 shares of
lobacco Products rights at 14. But
the selling broker wrote his memoran
dum lllegibly to look like 100 shares
and the cierk at his office took it to
mean the smaller figure. In sending
around comparison slips the seller
specified 100 shares and tfae buyer's
cierk O. K'd. it Normaily the buyer's
comparison slip would have haJ to
have been approved also, but in the
pressure of business the double check
was not used. Delivery of stock is
made the next day, but this was mere
ly a contract for rights, and the con?
tract was not delivered until the clerks
got around to it five days later. Then
the broker who bought first discovered
the error, and when he called the at
tention of the seller to it the latter
produced the buyer's stamp of approval
on the comparison slip specifying 100
shares. The broker who actually took
the order on the floor, however, ad
mitted that the requct was 1,900
Meantime the rights had gone up
4 points to 18, and the difference
amounted to $3,000, which the purchns
ing broker had to make good to his
customer. The dispute was settled by
the board of governors of the Stock
Exchange, and the loss divided by the
two brokers. Brokers lose on their
mistakes much more often than they
win, because in most cases they are
acting as agent for their customer
and not principals, and therefore can?
not get the benefit of selling stock at
a price higher than the customer in
structed, although they must make up
any difference on the unfavorable side.
In firms doing a large business, annual
losses incurred through mistakes nor?
maily run from $10,000 to $40,000, al?
though some houses are known to have
lost as much as $25,000 on one mistake.
There are bogus errors as well as
real ones. Floor members of the ex?
change have a sense of humor, and
the new members are the goats of
many practical jokes.
In Phantom Stocks
When a "green" man first trades on
the floor there is usually a thriving busi?
ness in "Pennsylvania preferred,"
"Utah preferred," etc, although in re
ality no such stocks exist. The old
timers, pretending to want to throw
business to the newcomer, dump couht
'ess orders for such non-existing secu?
rities on tho novice, and by the end of
the day he has made tremendous
"paper" commissions. Perspiring from
high tensioned labor during his first
day on the big board, one member, ex?
cited and perplexed, confided to some
of the older brokers that he forgot the
names of brokers who bought and sold
through him. Showing the spirit of
big brothers, they took him to the sec
retary's office and showed him a group
picture of all the members and asked
him to pick out those he had traded
?Another favorite joke on the virgin
trader is to manipulate the indicators
at the various posts. For example,,fche
newcomer may have an order to sell
Steel at 105. He may be busy with
Royal Dutch or some other stocK, and
finally discover that Steel had reached
105 and already gone to 104. Tremen
dously agitated, he will rush to the
Steel post and execute his order at a
point loss. to his firm on each share.
After^he has writhed in shame and dis
gust with himself for not watching the
market more closely, the other mem?
bers will tell him that Steel is really
selling at 105. but that the indicator
had been changed merelv to tease him,
Union Railway Co. and Tlde
water OU Co.?A. C. Hahn- 6,240.55
The first name ia that af the debtor.
the second that of the credltor and date
when Judg-ment was filed:
In New York County
Electric Wcldlng Co. of America,
Irrc.?E. Hannerlg; Jan. 7,
1920 (vacated) . 2811.20
Llebling. Charles?P. Dang; June
2. 1917 . 121.89
Llebling. Charles, and Israel?
S. Levln; Dec. 27, 1912. 170.37
Alford, William J.?W. Harrison;
Dec. 19, 1919 . 7,148.61
Southwtck, Ada H., and Charlea
l.iebllng? Rhinelandcr Real Es
tntn Co.: Mav 6. 1911. 1.181.04
990 State Banks
Branch Offices Opened in
Many Foreign Countries by
Nev/ York Institutions to
Advance American Trade
ALBANY, Jan. ll.?A the close of
1919 there were 910 institutions, firms
and individuals under the supervision
of the New York State Banking De?
partment, with resources of nearly
$8,000,000,000, it was reported to-night
by State Superintendent of Banks
To maintain the position of the
United States in international com?
merce. branch offices have been opened
by New York State banking institutions
in the West Indies and South America
and all along'the Pacific coast of Asia.
In order to make satisfactory exam
inations of our institutions maintaining
foreign branches, it is desirab.e at leas>'.
once each year to examine foreign
branch offices on the same date at
which the examination of the main
office is commenced, and this has been
accomplished by sending a force of
examiners to Europe.
National Banks Converted
Superintendent Skinner reports that
since the close of the European war
there has been a marked recurrence to
the general tendency of national banks
to convert into state banking institu?
tions or consolidate with them. On
this question his report says:
"Froni the revision of the banking
law. in 1914, to the entrance of the
United States into the European war
the conversion of national banks into
state banking institutions or their ab
sorption by state institutions became a
very marked feature of banking inthis
"Since the revision no less than
twenty-six national banks have been
converted into state institutions or
have been absorbed by them, although
during the war such conversions were
not encouraged or at times permitted
by this department, as any disturbancc
of existing banking conditions was
"The last year has been distinguished
by a marked recurrence to this gen?
eral tendency. Nine national banks
were converted into state institutions
during the year or consolidated with
state banking institutions. At least
two such conversions or consolida
t.ions are irt progress."
Branch Banks Opened
Referring to the development of
branch banking in New York State, the
"While there has been a very con
siderable development of branch bank?
ing through the openin<r and main
tenance of branch offices during the
year, this department has endeavored
to be as conservative in the approval
of new branch offices as in the au?
thorization of new institutions. A
number of new branch offices, however,
have been approved in interior cities
of the state, where branch banking, if
practiced at all, has been attempted
only on a very limited scale.
"A large number of branch offices
have been established in other coun?
tries, many of them in the Orient, by
investment companies organized for
the purpose of promoting our foreign
trade, and enabling this country to
retain that position in international
eoirmerce which it for the first time
attained during the European war.
"The sale of Liberty and Victory
bonds to individua's as a result o the
patriotic appeals made to them during,
the war, the general pwnership of se-'
fiirities resultthg froni such" appeals
and the great increase in the wealth
of the country as a result of war activ
ities and opportunities, has resttlted in
a great demand for safe deposit boxes,
and this demand htfs been largely met
by an increase in the branch offices of
New Steel and Wire Company
Formed by Consolidalion
WORCESTER, Mass., Jan. 11.?-Of?
ficial announcement will be made to?
morrow morning of the acquisitipn of
the Wickwire Steel Company, Buffalo,
N. Y., a $5,000,000 corporation, by the
Clinton-Wright Wire Company, a $16,
000.000 Massachusotts corporation.
The consolidated interests, which will
be the second largest steel and wire
industry in ihe world, will be known
as the Wickwire-Spencer Steel Corpora?
tion. with a capitalization of more than
The principal officers will be: Presi?
dent, T. Harry Wickwire, Buffalo; vice- j
president, Ward A. Wickwire, Buffalo;
vice-prcsident and general manager,
George M. Thompson, president of the
Clinton-Wright Wire Company. The
headquarters of the corporation wiil
remain in Worcester.
Price Trend on the New York Stock Market
lhe graph above shows u verage price ol inenty railroad *tocks in one line and thirty industrial Blocks in tlie other on
lhe first business day of each in onth from January,' 1918, to December, 1919, and the weckly high, low and closing average
prices since January 1, 1919. .
iHOTTON GOODS scai to be in ?
stronger positior ?h?n at any time
during 19J9. The wlllingness of buy?
ers to enter into long term contracts
at prevailing or higher prieea is re?
sponsible. The standard 64-60 gray
or unfinished cloth used by the cotton
printers gained a full cent and a half
in price during the week. In the first
nalf of the week large orders for all [
kinds of gray goods were placed at full j
market prices, 22 cents for the 64-60s, I
with deliveries running into July. De-!
spite the efforts of mifi agents to hold ?
future committments to as short a;
pexiod as possible, buyers continue to
press for deliveries far into the future.
Retailers were in the market last
week and endeavoring to pick up more
goods to supply their depleted reserve
-tocks. Jobbers 3 ave smaller stocks !
than usual with which to supply this
demand, and mill agents take orders ?
only under pressure. Most of the or-|
ders going into mills now come from j
the large buyers and users. The little j
buyer has small chance to secure gooas !
from these sources.
Although the continual price ad
vances are not checking buying, large
mill owners and jobbers feel that the
situation is growing more tense. From
the producing end all indications point
to still higher prices, but pressure for*
lower prices is being exerted by the
government and other factors. In re
tail circles advancing prices have not
checked consumption to an extent suf
ficier.t to exert a reaction in the whole
Jobbers and mill agents expect a
rush of business this week coincident
with the meeting of the National
Wholesale Dry Goods Association here,
which will bring most of the jobbers
from other cetiters.to the market.
Raw silks were more active last week
despite the fact that new high record
prices were established. . Silk goods
mills held off buying new stocks of
raw materials as long as possible, and
many of them were forced into the
raw silk market to keep their ma
chinery supplied with materials. Or?
ders were placed for deliveries running
into April, at prices 10 per cent or
more above those of the previous week.
Buyers continued to exert pressure
for more goods against mill agents
and jobbers who have some supplies
on hand. Some retailers were in the
market, and garment manufacturers
also were fair buyers. the fact that
hagglinc with the unions formed tv--> |
principal occupatien of the apparel j
makers having little effect on their i
silk buying activities.
Manufacturers of men's clothingand
necktie makers were ready last weelc
to place large orders for the entire
rroduction of hundreds of looms for
the coming year. Apparently the men's
suit makers intend using greater quan
tities of silk linings than ever before.
Silk manufacturers are working on
the new offerings for fall to be made
within the next two or three weeks.
Higher prices seem unavoidable when
viewed from the labor and raw ma?
terial costs standpoint at present.
Great firmness of prices was exhib
ited in the woolen goods division of the
textile trade last week. in spite of the
du'ness which pre'vailed. Attention is
being centered on the coming offerings
of fabric? for next fall,. and both buy?
ers and Fellers are wondering where
the price level will be. Much depends
upon the attitude taken by the Ameri?
can Woolen Company, and many sellers
frankly admit they are waiting to see
what the trade leader does before shap
ing their own selling policies. Based
on labor costs, wool prices and yarn
prices, cloth prices should bealightly
higher than they $?ere when spring
goods were offered late last ?ummer,
and much higher than when fall goods>>
were offered last February and Marcfc
Some mills in the men's wear divK
sion are still delivering winter weight;
cloths, although the clothing manu?
facturers have swung into spring pro?
duction. The clothing maker? are tak
ing in the late good- and holding them
over for the next wlfiter season.
Women's cloak, suit, skirt and dress
manufacturers are working their way
into the spring manufacturing season j
cautiously. They have not sufficient |
goods on hand to carry them through
the spring reason, and mills. except in j ;
rare cases, are not in a position to ac- ; 1
cept more orders for spring delivery. j i
This will throw the burden of demand >
on the jobbers in case an active season '
in women's outer apparel materializes. i 1
Almost all furs of American origin j
advanced slightly in price last week.
although manufacturing furriers have
just begun buying new stocks from the
dealers. A faifly large volume of busi?
ness was done in the trade, most of the
merchnndisn nassinsr from the hand? "*
the dealers and collectors to the smaller
skin merchants, Some retailers are
buyins; directly from trappers and abip
pers m order ,-to save the profit ex
tracted by the skin dealer. Present
c.p. prices. even though the skin
dealer's profit is baaed on a small per
?ntage, make thts saving eonsiderable.
However, few of the manufacturers are
financially equipped to buy so far
ahead, and will rely on the dealers for
their stocks as they need them.
The New York Fur Auction Sales Cor?
poration postponed the opening of its
winter sale from February 9 to Feb?
ruary 16. This will give the trade a
week between the close of the St. Louis
sale and the opening of the auction in
New York. The Funsten sale in St.
Louis opens on January 26, and is ex?
pected to consume two weeks.
Wages of workers in the apparel
trades is a bone of contention that is
holding up progress into the spring
manufacturing season. Thc c'oak and
suit trade's difficulties appear to be on
the happy way to solution under the
guidance of a special committee ap?
pointed by Governor Smith, who took
a hand. jn tbe proceedings early last
week. Conferences between workers in
the. dress "manufacturing industrv and
their. empleyers are scheduled for this
week. If wage advarces are granted
still higher prices for finished gar
raenta than were at first tigured will
rule during the spring. season.
Some manufacturers have prepared
for a curtailed outnut this sprinjr. Fol?
lowing the fourteen weeks' strike be?
fore the last fall season, manufacturers
rolled up exeess shocks in the face of an
expected shortaee. This is having somo
effect on plans ^or the new season.
In the men's clothing section of the
apparel trades manufacturers are en
rioavorin;x to check cancellatione n
both winter and spring apparel, which
retailers are sending in. Price reduc
tions current in retail stores indicttte
that stocks were amnle to fi'l the de?
mand. Retailers pf both men's and
women's garments appear to be show
ing more of a disnosition to pursue the ,
hand-to-mouth policy of merchandiso
during the comin"- season.
The report that Federal Food Ad
minirtrator Arthur Williams is about
to take stcps to prevent a marked ad?
vance in the cost. of shoes was the
chief topic of dbcussion last week in
the leather industry. Manufacturers
and retailers were confident that after
the investijjation had Iven completed
Mr. Williarrts would agree that an ad?
vance of 50 per cent oti summer shoes
was absolutely necessary.
Authorities in tho trade assert that
everything possible is being done to
prevent increas.cd prices, but that tho
consumer alone rcfuses to cooperate
in making purchases and has made the
ndvar.ee of 50 per cent necessary.
"Fower styles," accordinc: to the hearl
of one of the largest s^oe companies
in America, "would rwult in greater
turrovers and less hasic stock and
would therefore conserve material anc"
capital." The public, however. ia not.
willing to coniine its nurchases to t
few patterns, but insi:ts on many dif
ferent shape?1 and varioties.
"To date, however, the nub'.ic has
disj layed little interest in this con
servrtion plan. A few years ago, when
leather was plentiful, retailcrt wrert
rushed with orders for iow cut shoes;
now. with leather very scarce, cu
tomerr, insist upon high shoes. A more
extensive use of fabrics would also
help the situation. If consumera
woula buy shoes made from leather
that would give good service but which
is produced rom less expen ive hides,
there might still he a plan by which
thc price of footwear would be lowered
instead of advanced. There is an
abundane-e of leather of this type."
Retailers declare that the pul lic. it
passjng judprment ort the proposed ail
vance of ijO per cent, does no: sei i
to clearly undcrstand thnt consumcrs
prices as a rule lag six months bc
hinid; producers' prices. In other word^.
n'.ali'ange or a new level of prices ur>
or down, at the raw material end, re
quires in normal times six months t"
work throuph to the finished end.
From tbe time a hide is purchased i'
may be from six to twelve mon'.hs be
fore it is on the shelves of the ra
^eiler in the form of a shoe Pansen-.
:onsumers' prlr-as ar", Therefore. based
?>n prices pai*? producrs last spring
['hc market advance in raw material
lurinfr last June July and Aupust, due
o excessive foreign demand, will nol
)C fully reflected in prices to the con
umor before the late sprinp and sura
ner of the curren' year.
Owincr to the ehtotic condition o^
he foreign exchange market -ind to
he development of a saner and non
peculative attitude on the part of
>uyers, a weitk^eas has developed In
he prices of hides and skins. As yet
his does not apply to goatskins or
iid leather. If this condition should
?ontinue. it would indicate that the
ide has turned anr* that 'he perk of
irices, as many authorities believe,
tias been reached. Tt must be bo-ni
?n mird.' however. thr?t thc foreijrn de?
mand in the. shape of raw material oi
rinished produet is the key to the Bitu
ition, and if this should resume to
tny large extent a firmer market con
Jition would be inevitable.
Meanwbile, shoe factories are sold
ip well into April. Production per
man is great]v below n"rma' du" tt
he lnck of sktl'ed workers and sl or1
ige of materials. Retail busine=.3 i?
ilso of great. yolume.
With the pa?sin~ of the greatest year
n the history of the jewelry industry
nanufa'ctdrers, jObbers, whoh sa ? i
ind retailers are n^-w in the midst
i busy reconstruction period
:akinpr of inventory the ordering "
tew stocks and the redrfcssing of mai
diow-windows are now in order. Prac
ricaliy every larrfe manufacturer ha
sent .scores of salesmen on the road
ind enormous orders already are bein;;
received. ' Owing to the 'jrcatl;- de
?)leted stocks many of the retailers
.hroughout the country are carry r._
bese salesmen, have s'arted ort I
routes almost a month carlier than in
Much anxiety was caused in thc loea!
iewelry induBtry last week by r port
from Providence stating that pustei i
-ad heen pa-ted throughout the
:aliin:r mass meetings of jewelry work
;rs there for the purpose of der .
i strike." ' Providence manufnet- ????
tfere reported to have been astoi
?t theF.e notices, which were -igi --
'Orgaoization Committee, International
Tewelry W.orkers* T'nion," as officerg of
hat association disc'aimed any knowl
jdge of ..thc strike movement. Hea
3f thia association dec'nred that the
*o-cailed or^nization whose stamp
was printed on the handbills is com
nosed of a group of strikers from New
Vork and the purpose of the meetings
is to organize in Providence alonp;
radical lines and cause discontent
among the iewelr workers in tha*:
city. Although the factories in Provi?
dence have been working on the forty
eight-?hour week basis, compared with
the forty-four hour week in ef--?ct in
New York, manufacturing jewelers in
that cenfer claim that their employes
are satisfied with present conditions.
SilVerware manufacturers reporteri
larger orders on hand at the er.d of th>
week than all of those for thc first two
months of 1939. If this rate o' busi?
ness is to continue throughout 192'.
manufacturers will have to make stren
uous efforts to obtnin a great man/
more skilled workers than are on their
pay rolls at present. As an inducc
ment to attract workers from other in?
dustries to become silversmiths several
of the lar"e companies have advance.I
the aalaries of their employees 20 per
cent. This increase bringa the total
advance since 1918 to 3I< per csnt.