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New-York tribune. (New York [N.Y.]) 1866-1924, February 03, 1920, Image 19

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W. F. Ladd & Co.
Investment
Securities
New York
1
?*t
HUGHES & DIER
Stocks?Bonds?Grain
MEMBERS
Philadelphia S took Exchange
nttsbv.rgh Stock KxcKangs
Ch'.caoo Board of Trade
Investment
Securities
DOWNTOWN
50 Broad Street
Telephone Broad 5140
FIFTH AVENUE
509 Fifth Avenue
Telephone Vanderbilt 9.5.?J
HARLEM
67 W. 125th Street
Telephone Harlem 5651
Railroads Need
850.000 Cars in
Next Three Years
I 'resident of American Car;
& Foundry Convinced Ar
rangement for Financing
| Huge Orders Will Be Made
!| Ra road freight and passenger ?ai
- ? ta over 1920, 1921 and 1922
. -"ach a total of approximateiy
jj s. onoO cars, according to W. II.
i^'oodin, president of the American
"T ar and Foundry Company, who ex
I pressed the conviction yesterday that
arrangements will he made for
financing this mormous volume of
fipipment. This la the biggest amount
? business ever before faced bv the
ar building companies. Mr. Woodin
?-.tod.
To nihk?? up the carrent shortage will
ecess -.a-- the man ;"act.ure of 240,
? -' * ? new cars, Mr. Woodin estimated.
while 283,000 will bo needed for re
placements. Nearly 300,000 cars will
ne iveded to care for increased busi- j
j ::ess. He : aid that there were a mim
?? * or ?ndu that have
ei ? . had to i lose down because of
shortage of cars. Commenting ;
irth? r on i equipment outlook, Mr. .
| tyoodin said :
t "! re i return from Europe 1
ai ' mor? impressed
| '?"!? the fact that there is a very
.' cr?ai ? equipment orders
? "wail ' - the ? i pm? : companies in
le railroads of every
?"?'?'?" the world are greatly in
i ornot ces, car? and rails,
; nd, a In - ist be kept in condition
carry on mercial require
y_ytcnta of these countries, vast pur-'
kW.ha ? bo made aloi^- these
lltmes. ' do rot want to appear too
?j optimistic, but 1 cannot help seeing
trei endou! world requirements in
? thei commod itie?a "
Mr Woodin Baid thai the recent j
|j purchase by the American Car and j
'???'' ' i par.y of a substantial |
[Jtock : terest in the Canadian Car and
jlroandrj Companj was made ?n direct
j response to the requebt. of Sir Henry
I Ora; - madiai Minister of Finance,
? that American industrial and financial
. utercsts should make investments in
[I Canada. V th( last meeting of the.
I] Canadiai i ar Company's board of di?
ll rectors Mr. Woodin was elected chair
; man of tl a executive committee, while
Vndrew Fletcher, president of the
fi American Lokomotive Company, and
,{ Louia A. i larke, president of the
; American Exchange National Bank,
1} ?ere made directors.
ij "The plants of the Canadian Car and
}j foundry Company," said Mr. Woodin,
!! "sre in excellent condition. The corn?
il !*ny is ?n a position to do a great deal
j] '*' work, and if the very great demand
? 5 '"r railroad equipment that is neces
jj*ary to carry on the railroads of Can
?j^> materialises this company should
p5"e Trry prosperous for some time to
i come."
| % British Banking
Systems to Combine
| negotiations for the merger of the
j two largest British banking systems
J derating in South America are near
?completion, cable advices from London
T'wterday indicated. The combined
a?sttF of the institutions exceed ?80,
000,000.
? |ho Anglo-South American Bank,
LW., which has an agency in this city,
>* the larger of the two institutions.
*** Bank of New York acts as repre?
sentative in New York of the British
"Wank of South America, Ltd., the other
. 'ystem participating in the contetn
? J>1?W consolidation. The latter chain
^!'banks has four branches in Brazil,
^ere the Anglo-South American Bank
K Mt no direct represeatation, and the
\ -?*lt*r has branche? in Chile and in
'?Pain, where the other bank has no
? Minches.
?s? Tb? object of the raergar is to forge
*'*.?ew banking instrument that will
*W**t} branches In all the important
*?untries of Sjrath America, and, which
** a result of the i/nibn, will have en
?""?red resources and hence increased
?a* (over.
?Maiit
U. S. Government
Transaction?
Sala?.
Liberty 3%s, 1947. $838.000
rio 1st 4s, 1947. 85,000
do 2d 4a, 1943. 231,000
do 1st 4%s, 194V. 62.000
do 2d 4%s. 194: -1,819,000
do 3d 4 "?8, 192?.2,780,000
do 4th 4%a, 198SJ..... 8.621,000
Victory 4%a. 1923.2,268,000
do 3%?, 1923.5,589.000
Quotations
Liberty 3%a....
do lut 4a.
do 2d 4a.
do lat 4%s...
do 2d 4'??s...
do 3d 4^,?...
do 4th 4??s...
Victory 4-%?...
do 3% s.
High.
98.38
91.8?
90.20
9.1.52
90.38
?3.10
90.76
98.10
98.00
Last.
98.20
91.28
90.16
91.46
90.34
93. ?4
90.60
97.98
97.88
Low.
?8.18
91.22
90.0?
?1.46
90.U
92.96
90.64
97.88
97.86
Bid and Asked Quotations
Closing
Liberty loan?. Yesterday.
8%s, 1947.98.22? 98.?O
1st 4?. 1947.... 91.28(5 91.82
2d 4?. 1912- 90.06? 90.16
1"t 4V?S, 1947. ?1.46? 91.50
2d 4%?. 1942.. 90.30? 90.34
3d 4%$, 1928. 93.00? ?3.04
4th 4%s, 1938. 90.56? 90.60
Vic. 4%s, 1923. 97.94
Vic. 3%s. 1923. 97.94
Pro-war issues :
Cs rep, '30.100 %
2s coup, '30.100%
3s rear, "46. 80
3s coup, '46.89
4s r*g, '25.105*4
4s coup, '25.106%
2a Pan, c, '36. ..100
Yield.
3.68
4.65
4.67
4.80,
4.62
6.?7
4.9?
5.32
4.23
Nat
Chi?.
?.04
?.10
?.14
?.04
-t-.H
-f.04
?.18
?.04
?.18
C'oa?nr
Saturday.
98.20? 98.14
97.98
97.98
Pan,
2s Pan,
r, '36..
100
100
2a Pan, r, '38... 100
8s Pun, re*. 88
3a Pan, coup. ... 88
Phil 4s. '34. 90
do 4?, '35.80
do 4s, *30.90
V. Col. 3s, '65.. 97
Foreign I'ovt. and Municipal Bonds
(Interest Te Be Added)
Bid. Asked.
Anglo-French Extern 5s, 1920.. 95% ?5A
Argentine Intern 5s, 1945. "^"W "
Canada. Dom of, notes, 1921... 97% 98
do 6s. 1921. 97% 97% j
do 1926 . 93% 94
(lo'lc'l. 93R4 P4%
do 1931. 91% 91% i
Chinese Gov Hu Kg Rv 5s, 1951 464, 48
Cuba Extern 6s, 1944. 92% 93
do 5s. Series A, 1949. 86 87
do 4%a, 1949. 761-i 76% !
Dominican Rep 5s. 1958. . 77 8?%
City of Lyons 15-yr 6a, 1984... 90% ?0%
City cf Marseilles 15-yr 6a. 1934 90% 90%
City of Bordeaux 15-yr 6s. 1934. 90% 90%
FVench. Paris City 6.x, 1921_ 90 91
Jap Gov 4%s, string In, 1925.. 78% 78%
do Hi?, 2d scr, 1925. 71% 71%
do 4s, string In. 1931. 68 68% ;
Jap, Tokio Citv 5a, 1952. 58 59
U K G B & ? ?-yr 5%e, 1921. . 94% 95
do 3-yr 5%s, 1922. 93% 93%
do 10-yr 5%8, 1929. 93% 93%
do 20-yr 5%s, 1937. 87% 87%
Mexico Kxt strl 5s of "?9. 1945. ? 35
Mexico Ext gold Is of '04,- 1954 ? 35
(Saleo)
,Jap 1st scr 4 '-.s
12,000... :. ??
1,000. 72%
5.000. 72%
do 2d ser 4 %?
10.000. 72
2,000. 72%
17,000. 7 2
3,000. 71%
du stlg loan 4?
1.000. 59
1.000. 58%
3,000. 58?
3.000. 58%
500. 59%
2.000. 58%
K of Great Britain
& 1 5%8 1921
10.000. ?4%
3.000. 94Vj
20,000. 94%
do 5%s 1922
25.000. 93%
5.000. 93%
8,000. 93%
do 6%s 1929
50,000. 93&?,
2,000. 98%
5,000. 93%
51.000. 93??
53.000. 93%
do 5V,s 1937
4,000. 87%
1,000. 871-,
1.000. . 87%
4,000. . 87%
1.000. 87"
Anglo-French
30.000. 95%
11.000. 95%
26,000.95%
90,000. 95%
58,000. 95 A
154,000. 96%
Argentine G 5a
5,000. 74
City of Bordeaux 6*
2,000. 90%
City of Lyons 6s
2,000. 90%
1.000. 60%
City of Marseilles 6s
1.000. 90%
City of Paris 6s
1,000. 90%
1,000. 91
1.000. ?0%
1,000. 90%
5,000. 90?
1.000. 90%'
City of Tokio 5s
4.000.58%
1,000. 58
Dom Canada G'-s
notes 1921
2.0OO. . . .
do 6? ?<? 19-9
3 000. .
28%
r.r.n.
94%
94!,
94?
: 0.000.
1,000. 94%
1.000. 94
1,000. ''4%
1,000. 94
do 5s 1921
5.000. 97% N
1,000. 97%
do 5s 1931
10,000. 91%
10,000. 91%
6.000. 91%
.Jap 1st ser 4%s
6,000. 73%'
5.000. 73 '
1,000. 721*-'
5,000. 73
5.000. 72%
0.000... . . 72%;
5.O00. 72%'
3 000
7,000.
Y City 4%s
May
4.000.
do "November
'.OOO. . .
8.000
87 *,j
98%
99 Vi
do 4'
.000.
106;
99%
99%
5.0OO. . .
do 4'-g '96
5.00O. . .
2,000. ..
do 4s 1959
44.000. 88
98?
Railway? Other Corporations
Am Ag Oh cvt 5s |Cen R It of N' J
5,000. 98'^
do deb 5a
2,000. 98
Am Smelting 5?
2.000. 84%
?,0O0. 84H
10,000. 84 '/,
Am T & T cvt 6s
15,000. 99
2.000. ?8%
3.000. 99
4.000. 98%
5,000. 99
do col 5a
fi.OOO. .... 82
1 "00. 81%
2 000. 81%
do 4 %s
1,000. ... 85
do col 4-5
1,000. 78 .
Am W P s t 7a
2,000. 83
ATAS F gen 4s
5,000. 76%
^ 000. 76%
2)000.. 76%
g OOO. 7t;'??
1.000. 77%
do cvt 4s 1955
1.000. 67%,C
do cvt 4s 1960
1.000. S5
Atl C L 1st con 4a C
",000. 76%'
3;000. 76%
do I. & N 4s
1,000. 69%,
Bait & O tem 6b
1,000. 83%;
1 000. 84 !
10,000. 83%!
2,000. 83%:
6,000. 83% j
14,000. 83%:
37 000. 84 IC
4.000. 83%
2.000. 99%
Ches & O gen 4 Va?
4.000. 75%
4,000. 75%
do cvt 6s
4.000. 78%
5,000. 78%
1.000. 78%
2,000. 78%
? 10,000. 78%
5,000. 78%
18,000. 78%
do cvt 4%s
2 000. 78%
1.000. 73%
'.000. 73?*
2.000. 73%
C & AltOIl 3*^3
2.000_ 30%
O B A Q gen 4s
4.000. 79
? do joint 4?
21,000. 94%
10.000. 94%
TO,000. 94%
:,r.,000. 94%
5.000.-94
2,000 . 94 %
24.000. 94'^
7.000. 94
Great Western 4?
1.000. 64%
1,000. 54%
M & St P cvt 5s
ser B
1,000.
do cvt 4 %b
7.000.
2,000.
do 4s 1925
1,000.
do (leb 4s 1924
2,000......
do gen 4s ser A
14,000. 67
? N W-3%8
4,000. 65
67%
68
67%
1%
59
60%;
60%:
co%;c
60%
80%
60.00
do rfg
1 OOO. 62
1.000. 62%
1 000. 62%
1,000. 62
6,000. 63
do cvt 4%s
19 000. 60"^
6.000..
4,000. .
3,000..
1.000..
do p 1 3%
1,000..
11,000. 80
2.000_- 79
do gold 4s
1.000. 64
5.000. 63%
do Pitts LE*
W Va 4s
3,000. 55
1,000.54%
do Sw 3%s
18,000.70
10.000.69%
do T A 0 4s
8.000. 48%
Beth Steel p m 5s
1.000.?84%!
83% ?O R I & P gen 4?
6.000. 72
do rfg 4 s
3.000.64%
2.000.
2.000.
7,000.
.000.
64%
64%
il
1,000. 64
64%
64%
7.000.
5.000.
West Ind 4s
1.000."87%
Chile Copper 7s
26,000.104%
do 6s
4.000.80%
10,000...... 80
Cin Leb A Nor 4a
2.000.71'A
On Gaa cvt 7s
when issued
16,000.99%
1.000..99%
1.000.100
9.000.?97?
1.000.99
7,000.997/
10,000.100
10.000.9914
1,000.100
8.000.M4%
1,000.~5
Braden Coppeir 6a
13.000.91%
Brooklyn Rap T 7s
1,000. 46
Brooklyn U G*a 5s
9.000.73
Rnsh Term Bid* 5?
17.000. 79
Cen of G? Ry ?s
1,000.89%
1.000. 89%
5,000.89K
??o non 5s
1.000...... 85
Cen Faciflo ?td 4?
2.000. 73%
3,000. 73
j-.OOO. 72% i
d? 5% *
1.000. 80
do Short Line 4s
1,000...-.? 8?
Cumberland Tel 6s
8,000. 85
Den ARO con 4s
6.000. 63
do rfg 5a
2.000.43%
Erie prior Hen 4a
4.000. 82
do gen lien 4?
3.000.89%
1.000.40
3,000.40%
do cvt 4s ser B
2.000. 84ft
do cvt 4a aex D
8,000.88%
10.000.88
4.000. 38%
Gen Elee deb 5s
1.000.
Hud A M rfg 6a
R.000
9?%
S.004...?..? S?
ng
Hud * M rfe o? tat L Ir Mt A S i?
10.000..67^4 RlT * O div
S.OOO.67 1,000. ?7??
, 7.OOO.67?4ISt Ii A 8 F 4? wir A
do ino 6a 13.000. 67
1.000. 15.V' 1.000. 06*4
S.0O0. 15U 26,000. 67
111 Cen C St L * N 1,000...... r-fiTi
O Joint 6s ! ?,000. 57
.7.000. 8aa4 i do 5i orr B
Interboro-Met 4Vj? 1.000. 67%
etfs of deposit B.00O. ?7
- ^ 3,000. 17 ?,000. ?7\i
Interboro R T rf* 5s I ?.000. 67
1.000.60^4 2.000. 67*i
1.000. 60tf do 6? ?er O
1.000. 6OH1 1.000. ?514
14.000.60?k 12.000. 85
1.000. BOH I 8,000_ 8<V?
??e SA00:. 6?Vi <*<> ? 6?
U?t ArHcultursl 6s 30,000. fiO'i
9.O00. 80 ! 1.000. 60
Int Mer Marina 6s i">.000. 60%
2.000.._9S?K.! 1.000. 60%
1.000. 9? ; 3.000. ?0A?
2,000. 60%
do inc 6s
6.000. 42*4,
6.000. i?
,000_1! 92};
K O Ft S ft M 4a
3.000. 6B??
Kanaan City 80 5i
6.000.70 , 1,000.41%
S.OOO.70\! 2,000...... 42?4
. 2.000. 70UI 2.000.42
00*? 9,000. 42s?
_ 1.000.66 ! 13,000...... 431*
Kan City Terminal 4* IS? L Swn Terra 5s
S.00O. 7*9, 1.000. B7Vj
Kentucky Cert 4b 3t P M A M 4 Vis
_ , 2,000.87 ! 1.000. 90
Keolcuk A D M Be San An A A P 4?
_, 3.000. 70 6,000....... 69%
King? Co El 4a
1.000.65
8,000...... 61
Lack Steel 6s 1950
P.00O. ?4
Lake Shore 4? 1?81
Seiota V A N E 4s
1,000. -.5M, !
aea.boe.rd A L rfjt 4s I
8.000. 46
do aoj 4s ex interest ?
^^^^^^^^_ 4^000.85%
5.000.81%| LOW.35 |
. : 6.000>.82 ' 1,000.-? 35Vj 1
Lehteh Vall?or6? a.OOO. 85 :
_? 3,000.100 ?So Pacific ert 6s
Linrett A M 7? 2,000.103
_ ^ 1.000.HOU 35.000.103Wj I
L A N unifted 4? 15,000.103*; ?
7.000. 80V 1.000.103%!
w 3,000. 80Vi| 3,000.10:r,4 j
Manhattan Ry 4a 5.000.10:1% i
1.000.66% I do ci-t 4a
.. 32,000.67%' 2,000.79% I
?o tax exempt I 20,000. 79'
MJ 10.000. 58 I 8,000. 78%
Mich But? T 5? 8,000. ;?%
Mfdvale Steel 5? ? do life 4?
?.. 1-000.84% 3,000. 76%
Mran A St L 4a 10,000. 76% I
M ? 6.000.88 7,000.764 ?
? K A T Urt *? do San F Term 4?
6,000. 6? S.OOO. 73%
Mo Paciflo 6s 1865 2.000_73% i
4.000. 82*?,Sontnern IW 8s
1.000. 8S I 9.000.. S4*4
do ?en 4s 3,000.. . 84%
3.000. 66% 1,000. 84%
6.000. 66%i 3,000. 84%
4.000.06%: do 4?
5.000.66% 2,04)0..58
MwUna Powtr Si 10.000.58U !
vT ^iP.00.8*%i 1.000. 58
N Otl T A M*x 6s ?Tea? Co cvt 6s
o,000. 95 ' 2,000.103 I
N Y Central deb 6? ?' 5.000.103%
2.000. 9?j%: 1.000.103
-4,000. 92 Third Av adj Ss
5,000. 92%' 10.000... ?9 1
1.000.92% Toi A Ohio On
1.000- 9'.:%' West div 5?
do rfe 4U? 1,000. 80%
9,000. 77 'Toi St L A W 4a " '
(Jo rtg 3%s 3,000. 44 U. |
6,000. 66% Union Pacific 6*
1.000.66%. 1.000.101% ;
2.000. 66 '\000.101%
N V G E L H A P Bs1 5.000. .101 '
7.000. 81',;: do cvt 4s
N Y Lack A W 6e 1,000. *6%
6.000.100 : n.000 ...86
N Y O A W 1st 4s do 1st 4s
1,000.B9% ^.000.si?; ;
?V V Tel deb 6s ' < ",000. . . .81%
5,000. 92%' 11,000. . . S2
?.coo.... . 92% i.ooo.. .s:^ ;
?.000. 92 do rfir 4s
1,000. 92% 2,000. .. . 74% ;
do 4%s 1.000. 74L. ,
1,000. 80% 5,000. 74%
1.000. 80 .United Rv Inv 5s
Norfolk A W cvt Hs Pitt? issue
10 000.102~i 30.0OO.. .. 71%
do div 4s ''US Realtv A T 5?
5.000. 75% 3.000. :8% i
Nor Parlflo 4s T.000. 78-?
3,000... . 76 ' 31.000... 7g
3,000. . . 751?,C S Rubber 7s
1,000. 75% 10,000.. . 102%
do 3s | do 5s
4,000... ... 63U ?J5,ft(V?''; 85% 1
1.00O. ... 53 I 000. 8?
. -'.000. 5c% 0,000. S5%
15.000. 62% j 2.000. 85%
Nor States Power 6s 3,000. 85%
1.000. 82% S.000'. . . . 85U,
Ore Ry *? Nav 4s 5,000... 86
2,000. 77% 5.O00. S3%
Ore Shorr Line 4s 1.000. 86
3.000. 81%; 3.000. 85%
5,000. 81 US Steel s f 5s
PaHflc O & E 5s 7.000. 971..
4.000. 81 3,000. .. .97%
Penn 6? U'68 7.000.. '.:'.,
15.000. 89% 2,000.. . . 97H
3.000.. ... 83 1.000. . 97%
do 4%s 1921 4,000 ... . 97%
10,000. 97% Virriniaii Ry 6s
do gen 41-.S 7,000. Rl
3,000. ... 81 l.oon .. *?,
! .000_'.'. 80% We bash 1st 6s
3 000. . . sosj R.oor.. 88'A
4.000. 80%; do 2d 5i
do 4s 1948 4.000. ?0
1.000. 83% West Maryland 4b
5,000. 83 i 7.000. 50%
*Vre Marquette 5s West Pacific 5s
1.000. 88 25,000.... 82?'.
1,000. 85%. 2.000. 821,^
Phila Co r>* 1922 ?.ooo. %2'-K
1,000. 88 4.000. s.:???
Reading gren 4s .Wheel * L E 4%s
1,000. 80%! 1,000. 61
R I Ark A L 4%s 2.000_ -<v
2.000. 61%' do cor. 4s
1,000. 61 j 2,000. .">'?-.
Rio G W 1st 4s 'Wilson Co 1st 6
1.000. 62 S.OOO. . .98
S? L Ir Mt t S 5s ' do cvt fis
1.000. 00 . 1.00O. . ?(
5 000. 88 ' 2,000. 94V,
Ipswitch Mill* Increapra
Capital Stock to $6,000.000
Stockholders of the Ip.Twitcn Mills
a* a special meeting; yesterday ap- ?
proved the retirement of the $350,000
preferred stock now outstanding, and
an Increase In the capital ?tock of the
company to a total par value of
$6,000,000 to consist of $3,000,000 eom
mon and $3,000,000 preferred of a new
class. It ia proposed to issue at this
time $1,500,000 par value of the new
preferred for cash, and with the pro?
ceeds retire the present outstanding
S referred and reduce the floating in
ebtednestf. The balance of the new
preferred and all of the common will
| be held for issues aa the needs of the
I company warrant it.
i a
|
German Bank Statement
BERLIN, Feb. 2.?The weekly state
ment of t??? Imperial Bank of Germany '
! aa of January 23 ?bow? the following
I changes:
INCUBASES
Marks
I Coin. UII.000
! Oold in han?. ?5*-6Pn
Treatrurv notes. 1?4,T23,000
Note? of other banks.. ? .67T.0OO
j Securities . i?!'iH,00ft
Circulation . S01.040.00n
I Liabilities . 151.?30,000 '
DECREASES
Bills ?iseetmted. l,S0?,7?7,JD0
A.dv?noe. .H'!'000
Investmente . ? .??'??4'000
Deposit? .??\\.-- ???80,114.600
The total gold holdings were 1,089.
624,000 mark?.
? ?
Kansaa City Southern
??oerober fresa --?."H.. ?^' IW'IU
Bs.1 avftar taxes.. 873.011 Inc. 341.221
Neto?r.lnoo?e. 818.MJ Inc. 814.480
Is moa ?rosa...18.1".??T X>eo. 3is,409
Bal after tax?e.. 2,1??.?*6 Deo. 83?.7i3
Netoper ?n"Se. 1.817,871 I>e*. t6*,rP8
Nash^Ue, Chat. & St. I^>uis
December ?row ..ll.?0?.4ll Pec. $84.196
Bal. after taxes-. ??;*?* S iJ4.3o4
Net open income. ?.Jl? gee. IM,*
1? moa rreee...??.?**??* g??- J-"*?^
n>i ?Yter tax?e.- SSS.sT? l'ec zbs?ino
?oto7srTia?o?m- l?M? Pee- t.W.Wii
P?re Marquette
ri.rember ?roas ..$8,0Tt,?70 Ino. ??3.097
Kitooar. loc?me. ?*-!** P911- ?78.TS9
MI ?ST ?TO??....?M?*", ?nc- ?.4M1SI
Bal. isfter ta???.. M*!-??? ?ri?- ?lot.?s.
Net ?perVlBOoma. a.US.IM Ino. a,|?M0?
Western Pacific
Deoember fra? ??*1*>*1?!}JS jfSS' **??.*1*
BaT after laxe?. ? ?".470 Ino MM11
svt op?r. income. 4W.S1? inc. ?S1,548
ia me?, ?rbs?.. .IS.W7.??: Ino. ?,j91 M4
PhI. after taxe... ?.^?i }??. 94?.SS1
N?t oper. income. 3,b4?.49? inc 371,103
Investment
Information i
Questions of general interest to
investors will be answered in this ?
column, in whick case only initial? |
will be used. Others will be an- |
twered by mail. Addrctie all in
Suiries, mclosinff a stamped, ad?
ressai envelope to Financial Editor,
Tk? Tribune, 16b Nassau Strait, New
York City.
Not In Investment Class
Question?Would like to know if in your '
opinion Utah Copper. Butt? Copper and
Z'tna and Butte und Superior ?took? would ?
be considered a (rood Investment? ?E. W. G. I
Answer- None of the, stocks you :
mention is entitled to an investment
rating. Utah Copper, the best of the j
three, pays dividends largely in ac- \
cordance with earnings. The very
nature of the companies' business en?
titles the stock to but one classifica?
tion, a speculation.
Stockholders in Dark
Question?t own 100 shares each of the
followlnp; stock.?, at, $1 u share- Osag? Na?
tion Oil Syndicate, Inc. : Crude Oil Producing
and Refinintr Company. Could you please
tell me what chunco I have of getting out
with my money on these Btocka? Also the
production df any) und chances for a'divi?
dend? G. A. F.
Answer The two oi! stocks you men?
tion are nothing more than specula?
tions. The companies do not issue reg?
ular reports of operations, so .stock?
holders arc kept largely in the dark.
So many oil companies were formed
during 1919 that it is almost impossible
for any one to keep track of them. We
have no definite information on which
to base an opinion on either of these
stocks.
Hercules Oil
Question-?I should like to yn<_ advice on
Hercules Oil through your information col?
umn. From u reliable source I have heard
it will be a good buy when trading begins
in it on New York Curb, but would prefer
more definite information. ?J. G.
Answer--We have no independent in?
formation on H?rcules Oil. Those who
aro undertaking to float the stock quite
naturally tell what a remarkable out?
look the company has. Perhaps it has.
The whole affair is a speculation: If
you are prepared to go into it on those
termB, you may derive some excite?
ment- possibly even some profit. Do
not, nowe.ver, purchase o ! Rtocka as
investments.
Anglo-French Bonds
Question - Pleas? g!vu nie your opinion of
(he Anglo-French five-year boni which
matures in October ICO. bearing Interest
n: the :?????? of 5 per cent but quoted as
actually yielding 10 tier cent. Would
consider ?tin? n saie investment? F. P. S
Answer- Anglo-French bonds issued
to the amount of $500,000,000 an.- of?
fering a very high yield on account
of the fact that these countries have
not completed their budgets. Their
expenses stil! exceed their revenues.
There is a condition on the exchange
market which h!?o acts against them,
and similar issues, although they are
not actually affected bo' exchange rates.
The bond must be considered as some
what speculative until something more
definite is known about the future
financing of these countries. We do
not mean to imp!;, that the bonds will
not be paid to those holders so uc
siiing it. They will be in all proba?
bility. Many corporations have been
selling thp bonds recently. These cor?
porations subscribed to the bunds when
first issued as a matter of expediency.
This probably accounts, in a large
measure, for their heaviness.
It Doesn't Work Oat
Question?I would appreciate any infor?
mation you can give me on the following
e-vchanjrr matter: I wanted ?o ser?! C100
to a. relative in Ireland, and '.vas advised by
the postoffice thai they charged the normal
exchange rat'? of $4.87?,a ?'? pound, which
foi the ?100 would be $487.50. Now, I
can get a bunk draff for ?100 for nbout
$370, the currenl rate of exchange being
about $3.20. Now. here i" the question:
Does the British postal system handle their
exchange in the -anie manner as the t'nited
States? In other words, can u person go
to a British postofflcc with ?100 and send
me monej orders for $487.50'/ If such is
thy case then 1 can take .: at $487.50 and
gel n bank draft for abcit ?131 at the
current la'e of $3.70, thereby making ?31
profit, due to -be difference in t-he rates.
Am I corree' 7- .1 .T. W.
- Answer Exchange between New
York and London is maintained by
ihe postal authorities of the United
States arid Great Britain at $4.871<!
per pound sterling. The London post
office will se'ii you a limit of ?100
payable in New York, ai $4.87 ?*. bul
they now charge a poundage, the latest
reported being 5 sh Ilings and 7 pence
per pound. This probably varies with
ihe movements of sterling exchange.
While there might be profit in doing
what has occured to you, neverthe?
less it is nor, likely that the profit
would be large enough ;o warrant it.
Anent Additional Margin
Qu??iinn -Your investment Information in
The Tribune is wy interesting, but I still
have h question thft 1 have bo far seen no
answer to. If a client buys a certain amount
cf a str>?-', listed on Lhe New Vork exchange
and placea a stop less on 'he transaction at
a point near the end of the mars n posted
this ?toi) losa point being agreeable t.-> the
broker, can 'he broker demand additional
margin if 'he stock in question drops to
near the stop lo?s point previously set ' )'
this additional margin is not posted, ci the
broker ?ell out the client at ai y point
above which the stop loss Is set? This uik'-s
in the, fact that all interest, etc.. are paid
up. The atock in question is American Ship
and Commerce. Of late a rumor has been
heard that there Is a large amount of Aus?
trian money mixed up in this company and
that it. was going to b? Bubje?ted to a trev -
eminent, investigation. Can you advise if
there is any foundation to the above rumor
and as to "what the future possibilities of
this stock ma-' be? J. H, W.
Answer?There are no rules govern?
ing stich matters as you mention. It
is a question of mutually satisfactory
arrangements between client and brok?
er. We see no reason why the broker
should not ask for additional margin.
There are no telling what the stock ;
might do. H could very easily open
some morning several points below i
the stock price. If the additional mar- |
gin was not posted the broker could ?
close out the account after due no?
tice had been given. We have not
been able to verify the rumor regard?
ing American Ship and Commerce. The
company's stock was floated at a time
when speculation was rife, it prob?
ably sold at a figure out of proportion
to its real value. The only earnings
report is that of Cramp Shipbuilding-,
a subsidiary concern. The stock is a
pure speculation.
Boston and Montana Mining
Question?Will you kindly give me what
information you can on Boston and, Montana
Mining Company on the curb? The par
value of this stock is $5 ; it is now selling
at 72 cents. Do you think it is a good buy
at thia price??A. S.
Answer?Boston and Montana Is re?
ported to be shipping 175 tons of ore
weekly. This ore is said to be aver?
aging about $50 a ton in copper and
silver. The company recently an?
nounced that its net smelter returns
are averaging about $1,000 a day on
shipments of ore being made over its
new road. Hopes are entertained that
this amount will soon be doubled. The
stock, however, ia a ?ure speculation,
as are most stocks of this character.
We do not advise regarding specula- .
tion.
Four full columna of in?
vestment questions and an- j
steers are published in The
Tribune every Sunday.
i_'._Jl
Curl) Market
Inactive; Drive
On Prices Fails
Metropolitan Petroleum Ad?
vances on Report That
Litigation I? Settled;
Other OilaJVary in Trend
The market on the curb yesterday
was an eTtremoiy dull affair, without a
definite trend. In somo parts of the
oil list a stronger tone developed early,
hut gains were .not well held. Profes?
sionals tried to knock prices down in
the early afternoon, when tight money
affected stocks on the big board. They
wcro not very BUccessfut, and did not
carry their campaign for lower price?
far.
Reiteration of the reports that the
litigntion between the "Metropolitan
Petroleum and Island Oil and Trans?
port has been settled resulted in an
advance in the stock of the former to 1,
n new high price for the movement. Ac
i cording to curb gossip, in addition to
' ?retting a block of 260,000 shares of
Inland Oil the Metropolitan Company
will re?oive $170,000 in cash from the
treasury of the Island Oil. An official
announcement \~ expected soon. List?
ing of Island Oil on the New ?fork Stock
Exchungo i" understood to have been
held up pending the outcome of the liti?
gation, which has been under way for
three years.
An increased volume of trading in
Gum Cove Oil caused an advance in
that issue to 3. Cario Syndicate, after
celling at 44, dropped back to 42%. A
drive against Simms Petroleum pushed
the stock below 50, hut it rallied well.
In the mining department Gold Zone
Divide was strong, with an advance, of
?t i'ont? to 34. Other mining issues were
steady.
Industrials
Sales. Oyen. High. Low. Last.
1200 ?Acme Coal ... 1 V? 1 'S? 3 4> 1'.j
3400 ?Aetna Kxp .. 9% 9% 9% 9%
300 ?Aluminum M. 35% 35% 35 So1,
100 ?Amal Tire Co. 14% 14% 14% L4%
000 Amer Candy... 1"% 10% I01?? 10%
KOOAm Safety Re.-. 13% 13% 13% 13%
pf>0 \m Writing: P 12% 12% 12% 12%
475 ?Atlantic Fruit 35 35 35 35
i)00 ?Br-A (hem C. 9 0 9 9
100 ?Br-A T coup.. 1,9% 1.9% 19% 19%
' ' Mo r:.;. 7% 7% 6% 6%
liOO do reg ... 19 19% 19 1?%
100 ?do reu rta. .7 7 7 7
200 ?Car f.t & P . . 3 3% n 3%
500 ?Parrel 1 Coa!.. 45 45 44 45
1700 ?Cen? Asphalt.. 115% 115% 114 114%
8000 ?Geni Mo w i.. 82% 32% 31 32
1900 ?Goldwyn Pict. 3: 31 30 31
300 Grape-Ola t \ IA 1% IA
i ??? do pf ... M? 1?8 i% U?
!00 Indian Packing 17 ?7 17 '.7
0 'Kay Co Ca.- . . 2%R 2% 2 % 2%
:fiO0 ?Keystone So!.. 12% 18% L3 13%
00 Lima Loco ... 8fl 80 80 ?0
.'Lino Mo Cl A 52 ... 61% 51%
1200 ?Locomob n wi 24% 24% 24*4 "vh
? 00 Marconi of Am 5% 5% 5% o%
300 N V Shipbuild. 46% 46% 48% 46%
2i. No Am I* & P. 6 6 5% 6
.?Orpheum Circ. 32% 3.'! 82% a.*?
100 *PatohoK-P wi, 41 41 41 41
100 i Perfection Tire 4% 5 t% 4^
100 ?Press I & R.. 2% 2% 2% 2%
1200 "Rath.. Co wi... 2% 2% .'% 2%
17.00 ?Republic Rub. 0% 5% 5 7.%
200 ?Spicer Mfg ..113% 113% 111% 111%
ROO ?Stanwood Rub 16% 17 1?% 17
' " ?Stearna M. n., 40 40 39 3'9
If.OO Submarine Boat 14?. 15 14% L5
100 ?Tillotson Mf?. 24 24 24 2.4
600 ?Union Carbide 73% 73% 72% 72%
IfiOO ?1! S H Sp T., 40 40% 38% 39-,
1000 ?Unit Pic Prod 14% 15 I 1% 15
1200 Unit Profit Sh. 2% 2% 2% 2%
5600 *Un R St; Can. 16% 16% 15 15
1600 TJ S Steamship 3% 3% 3% 8%
. T S Transport 12% 12% 12% 12%
300 ?Will & Baum. 29% 29% 29% 2*9%
tOO ?Willys 1st pf.100 100 100 100
Standard Oils
6o ?Vacuum Oil.. 429 423 429
le ?Prairie P I... --- 261 261 261
20 ?Std Oil N Y.. ? 434 433 4::4
Other Oils
2850 ?Allen Oil - 1% 1% 1% 1%
700 ?Alliance O&R 16 16% 16 16%
2 10 'Allied Oil . . . % % {l %
1500'?Amalg Royalty % % ?s %
2200 tAnna B W O. 68 70 68 70
200 "Ark Nat Gas. 30 30 29% 29%
,->. " * Uarnsdall Coi-p 55% 55% 55% 55%
400 ?Bei! Pet _ 1 1 1 1
1 ?BoOne Oi'. ... 5% 5% 4 4
500 ?Bost-Mex Oil. 2% 2% 2% 2%
L6?00 ?tBosUWyo Oil 1% 1% 1% 1%
. ?Brazos Oil Cp 20 20 18% 18%
./?'?i Rurknett Van Cl 2% 2% 2% 2%
1600 ?Carib Synd... 41 4 4 42 42%
200 ?Circle Oil ... 4% 4% 4% 4^,
1000 ?Cities Service. 42% 42% 42% 42%
1000 'Colombia Errier 16 16 15% 15%
300 ?Cont Ref _ 4 4 4 4
1500 ?Coaden & Co. . .9 9% 9 9
800 ?Cushinu Pet.. 2% 2% 2% 2%
. ?Dominion Oil. 22 22% 20% 20%
100 ?Duquesne Oil. 6 fi 5% 5%
00 ?Gilllland Oil. . 4 1 44 43% 43%
10 ?Elk Basin Pet 9% 9% 9% 9%
1700 Engineers Pet. 1% 1% 1% 1%
100 ?Earner O & G % % % %
50H ?Federal Oil .. 3% 3% 3% 3%
.00 ?Glenrock Oil. 3% 3% 3% 3%
100 ?Guf-Gii O pf. 3:'% 37% 33% 33%
1000 ?Gum Cove Oil 2% 3 2% C
2500 ?Honje O H of T 3% 3% 3 3%
300 Horno Pet of D 3% 3% 3% 3%
100 ?Houston Oil. 11R 120 118 120/
? ?Hudson Oil . . 1% IA I,-? 1%
1300 ?Internat Pet.. 67% 67% 66% 66%
? I ?Invincible Oil 34 34 32 33
1600 ?Island O A Tr 5% 5% 5% 5%
900'?King Pet Cp.. 2% 2% 2% 2%
1000 Livmjjston Oil. 1% 1% 1% 1%
1300 ?Magma Oil.... ii% 6% 5% ?
1 Manhattan Oi!. 35% 35% 34 34,
?500 ?Mcrritt Oil... 21 21% 21 21'.*
:. ?Metex Pet. ... 4% t% 4% 4%
. Met Petroleum. 3% 1 3% 3%
100 Mexico Oil_ 2% 2% 2% 2%
600 ?Midwest-Tex... % % % %
1000 North Am Oil. 4% 4% 4% 4'%
2000 ?Ohio Ranger. 11 % 1
10 10 ?Phillips Pet. . 42% 43 42 42
2000 ?Prod & Ref.. 9% 9% 9% 9%
-'?'Ryan Pet..,. 3% 8% 8% 3%
1100 ?Red Rock Oil. 1% 1% 1% 1%
2500 "Sait Ck Prod. 50 53% 50 53%
800 Seaboard O&G. 7. 5 4% 5
1100 Sequoyah O&R % % ,t, %
1500*Skelly Oil ... 11% 11% 11% 11%
25000 ?Simms i'et. . . 50% 50% 49% 50%
1 .0 '? Mo rts. 1% 1% 1% 1%
200 So States Cons. 1% 1% 1% 1%
?00 Spencer Pet.. 19 19 18% 18%
8 10 Steiner Oil. ... 15 15 14% 15
2300 ?Superior Oil.. 12% 12% 11% 12%
? 10 ?Texas Co wi.. 51% 61% 51% 61%
8300 ?Texon O & L. 1% 1% lu, 1%
100 ?Tex-Pac C&O.U1 112 110 ' 110
4000Tex-Ran P&R. 1% 1% 1 1
li.oo ?Tropical Oil.. 20 20% 19% 20
-?'Victoria Oil.. 1% 1% 1% IV,
1900 ?Vulcan Oil .. 8% 8% 8% 8%
200 Wayland m&G. 4>% 4% 4% 4%
. 200 ?Whelan Oil. .. 1 1 1 1 '" '
2500 ?White OIL... 35 36% 35% 35%
100 ?W Rock Wat.. 7 7 7 7
Mining
IKOO Alaska-Br C M. 1 '? f| 1
6400 Amer Hond M. 1% 2% 1% 2%
loO ?America Min. 1 il? If? 1^ IA
600 ?Arizona Silver 3% -3% 3% 3%
2i.*t Atlanta .... 3 3 2% 2%
8700 ?tRelcher Diap) 21 23 21 22
8400 ?tBelcher B(ap) 80 22 20 21
2200 Biff Ledge- % % % %
2700 ?tBooth . 6 6 fi 6
5000 tHost & Mont. 74 74 72 73
2500 '-Caledonia ..38 39 38 S8
600 Canada Copper ljV IA 1% 1%
3200 ?Cundelaria Sil % % % %
800 ?Carson Hill Q 29 29% 28 28%
200 ?Cons Vir Silv 7% 7% 7% 7%
200 ?De Beer Con M 42% 42% 42% 42%
11200 ?Divide Exten. [I *f il %
600 ?Forty-nine M. 1% 1% 1% 1%
6500 ?Gold Zone Div 30 34 30 33
1500 ?Golden Gate.. 1% 1% 1% 1%
3600 ?+G?ldfield Con 12 13 12 13
8700 ?tGoldfield Dev 9% 10 9% 10
1500 ?TGoldfield Mer 3%, 4 3% 4
2300 ?Hasbrouck D. 4 6 4 %
650 Hecla Mining.. 4% 4% 4% 4%
1600'titan Butler.. 26 26 25 26
1 2000 tjumbo Exten. 7 7 6 7
17.00 ?tKewanaa ... 3 3 3 3
2000 ?tKnox Divide. 10 10 9 10
lOOO Louisiana Con? % % % %
2300 *tMarsh Min.. 23 25 23 24
100 Mason Valley . 2% 2% 2% 2%
4000 ?tMacN Or M. % A % A
16000 ?tMclIam Min. <* il % %
100 Motherlode Cop 5% 5% 6% 5%
1000Mur-M M Ltd. 76 76 76 76
900 ?Nat Tin Corp. 11% 11% 11% 11%
4500 ?Nevada Ophir 38 40 38 40
jOONipiMimr M... 11% 11% 11% 11%
? 1700 Ophir Silver M 1% 1% 1% lft
1500 Prince Con.... 11 tl it
lOO Rand Min Ltd. 40 40 40 40
3000 tReX Cons. 8 8 8 8
12600 Roper-Group M % % A %
?J00 Heneett Copper. 17% 17% 17% 17%
1700 ?Silver D Min.. ' % % ? %j
R000S?T K of Aris. % if % ?| I
l^ni) ?fSilver K Div " 7 7 7 I
r
O^C me UPFecJRJB0tVeRT--i83i
As its name implies, the "Bouwerie" was originally aYountry
drive of the early Dutch settlers. Later it became part of the
"High Road" to Boston and the interior ? the stage route
starting from lower Broadway, through Park Row and Chatham
Street and thence through the Bowery. Its development into
a business street started with the opening of a dry goods store
in the Bowery shortly after the Revolution; but it long re?
tained a residential character, and was the site of many hand?
some houses. In 1803, Isaac Jones and P. G. Stuyvesant,
both merchants in the Bowery, were sufficiently prominent
to become original stockholders in the Merchants' Bank.
Merchants' National Bank
of the City of tfew Ybrk^
42 Wall Street
RAYMOND E. JONES HARRY T. HALL FRANK L. HILTON
'President Vice-President Pice-President
OWENE.PAYNTER IRVINGS. GREGORY
Cashier %rfss't Cashier
NICHOLAS F. BRADY
THEODORE E. BURTON
ARTHUR V. DAVIS
EBERHARD FABER.
BOARD OF DIRECTORS
J. E. ALDRED, Chairman
RAYMOND E.JONES
MINOR C. KEITH
ARTHUR C. MEYER
WILLIAM F. NEU
CHARLES EPOTTS
CARL F. STURH AHN
GEORGE 2ABRISI?
1
THE DOMINION BANK
Established 1671
CANADA
Head Offioa, Toronto
BOARD OF DIRECTORS
Sir EDMUND B. OSLER, Toronto, President
f Vice-Presidenta
A. W. AUSTIN, Toronto
Sir AUGUSTUS M. NANTON, Winnipeg
/AMES CARRUTHERS Montreal
R. J. CHRISTIE Toronio
Sir JOHN C. EATON Toronto
E. W. HAMBER Vancouver
H. W. HUTCHINSON Wintupeg
WILMOT L. MATTHEWS Toronto
r. s. Mclaughlin Oshawa
W. W. NEAR Toronto
A. T. REID Toronto
H. H. WILLIAMS Toronto
Clarence A. Bogert. General Manager
Condensed Statement as at 31st December, 1919
LIABILITIES
Deposit? by the PaWe . . .
Dae to other Banks ....
Do? to Dominion Government
Noies in ?raolardot? ....
Sundry LiabflHe?.
$U',414.057.55
. 1.852,867.3?
. 5,000,000.00
. 9,525,809.00
. 7,972,.5'89.84
TOTAL PUBLIC LlABiLrTTF.S $129.765,123.7?
Capital. 6,000,000.0?
Reserve Fand and Undivided Pronto 7,739,796.05
II43J04.919.S2
ASSETS
Cash on Hand.
Deposit with Centra! Gold Reserve?
Due by other Banks . ? ...
Government Securities ....
Other Investments .......
Ca!l and Snort Loans.
TOTAL QUICK ASSETS
Commercial Loans . .
Bar.k Premises ....
Sundry Assets . * . .
$17,824,568.69
4.100,000,00
9,978,5*0.91
. 11,137,764.00
. 3,982,957.4$
. 14.05 i,5 38JO
. $70,075,379.33
. 66,521,304.15
? 3,407,180.30
1 JO 1,055.82
1143.504,919.82
Branches and Correspondents throughout Canada
London, Eng,, Branch New York Agency
n Cornhill E. C. 3
S. L. JONES, Manager
51 Broadway,
C. S. HOWARD, Aient
Sale?. Open. High. Low. Lust
3500 ?? Silver Pjek.. o 7 5 t?.',
2300 Stand Sil Lead. ?4 H :"? "*?
27(1/) ?tSuccess Min. R t? 5 *"
2500 ?Sutherland D. 3 4 3 ?
250 *Tono Belmont. S 3 :.''?? 3
6100 ?Tono Dlvid?.. 3 3V? 3 , 3
750 Tono Extension 2% 2% "% '?*~?
-S 24, 244 '
520 United Eastern 4 4 3t| 4
320 ?Tono Mining.. 2*5 24, 2% 2%
3000 ?+U S Cont M. 9% 10 9% 10
400 Unity Gold M.. 8% 8% ?% 8% i
1500 ?Utah Revenue 1% 2 1% 3
14300 ?''Viet D ?ap). 17 21 17 20
700 +Waeh G Qts.. 9S 9fi Kg 99
I ?00+\V End Cons.. 2 2 ltf 2
1.200 tW Cap? Muv. 11 12 11 12
300 ?Whit? Knob ni 1% 14? 1% 1*4,
1500 tWilberi. Min.. 7 7 6 7
Bonds
Sales '000 omitted). Open. High. Low. Last.
84 7 ?Allied Pack 6s.. 81V? 82 80 82<~
15?Atl Fruit 7s.. 97 97 97 97
5 ?Belg Gvt 6s,'21. 98% 98% 98% *%*t
30 ?Bel? 6s, '25_ 96 S64| 95% 96
1 ?Cop 6%i,'44, w? 81% 81% 81% 81%
1 ?Inter R T 7?... 67 67 67 67
15 ?Buss Gvt f>%n.. 81% 31% 80 30
1 ?Rus? Gvt 6%?.. 31% 82 31% 32
II ?Swiss Gvt 5%s. 89 89 88% 68%
?Unlisted. tSells cents per share.
Financial Items
Peth B. French, formerly associated '
with Herriek, Berg A, Co., and Arthur R. j
Ktttte. formerly arnliated with Kean, Tay- ,
lor * Co., hays, formed a partnership un?
der the name., of French * Kittle to deal !
In InveatmeOt securities, with offices at !
120 Broadway.
The ninth annual trust companies' ban- !
quet will be held at the Waldorf-Astoria I
on February 20, Trust company men from
all par:? of the country will take part. In
the conference and many matters and
problems of importance will be discussed.
The Cincinnati, Ohio. 6 per cent bonds
for 11,260.004 have been sold to a syndi?
cs.!? composed of Harris, Forbes ?t
Co., the National City Company. Remlek.
Hodge & Co., Bstabrook * Co. and Hay
den. Miller & Co., who are offering them
at price? to yield 4.g0 per cent.
At the annual meeting of stockholders
of the Bndlcott Johnson Corporation dl.
rectora and officers were re-elected. Th>
meetlni was adjourned until the second
"Seventy Points on the Income Tax"
We have prepared a booklet answering a aeries
of typical questions arising among individual? and
corporations in the preparation of their income
tax returns. Solutions are presented for seventy
common errors made in calculating payments.
A copy of this booklri H>t1l be srnt on regaesf'
THE MECHANICS & METALS NATIONAL ?ANK
of the City of New York
20 Nassau Street
Capital, Surplus and Profit?.$18,000,000
Monday in March, when tn?- annual repor*.
which Is in the course of preparation, will
be submitted.
The Columbia Trust Company has been
appointed transfer agent and the American
Exchange N'atlonaJ Bank as registrar for
the Associated Welding Company. Inc.,
stock.
At the directors' meeting of the Con?
tinental Guaranty Corporation on January
26 s. dividend was declared at the rate of
2 per cent for the quarter. There was
also declared an interim dividend of 3. per
-ent on the new stock, which was tasnisd
December 30. 1919. Both dividend? were
payable Februsry 3, 1910.
.toseph Egbert, formerly associated with
hi Mahksrs Trust Company has opened
in office at 10 Wall Street to deal in in
?. 'Stment securities.
rames De Witt, for the last fourteen
yare associated with Cyrua J I.awrenr?
St Son?. Is?? been admitted to ?eneral
partnership ia that concern.
E. K. Patt?rson and John VF. runner
have been ?lected vico ?president ? of H T.
; H?nts * Co
! Chicago, Indiana ?$r Louiftville
| Dmmb?r gros? ..$1,077,9? Inc. ?*?.<:*
1 Deficit after taza? ti.?43 ' Im. 14?.7M
I Net oper. deficit. TS.940t*Ind. 77.133
12 moa. ?roa?._1?.?B5,?:: Inc. l.s?S,S?3
[Bai. after taxe?.. l,0??.rt>4 Deo. SHUT
?Net oper. Income. ?03,3*7 De<- 311.17?
C, St. P., M. & O
'December groa? .f%4Y2.tSP Ine. |;s?t~T
t Bal. after tax*?,. 32.4*1 Dae. JOup.?iX
Met op?r Income. t? ITS Dec 121 ?
MS no?, ?rosa. g?!7,T3j,eil Inc. ?. *?*'.**?<
; Bal. after taxe?". J.1?M.?7? De? It* S?!
1 Net oper. Income 2,677,24? Inc. ??.?i?

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