Newspaper Page Text
investment
Information
"*?*? .-?-'-7-1
Questions of general interett to ?m
tt-stor? ?ill be answered in iki? col?
umn, in which ease ok'*/ initial? will
be used. Others wil? be answered btj
mail. Address ail inquines, inclos?
ing ?i stamped, a?drrsstd envelope, to
Financial Editor, The Tribune, li?
Nassau Street, Sew York Ctt?.
Reinvestment of $15,00*9
Q??etlon?Will you kindly sugtres? five
?wund !tvv???*m?tn! bond? for the reinves?
tment of 13 5,660? 1 w-.old consider, se
. urity ?.?f principal in preference to lulereet
~?t?. but feel that 1 should be able at thi?
C*_M to g?4', a yield of 6 per cent or ?lightly
better. I hav? read your report? a? printed
n The Tribune for e..me tim? pas. and am
,??ti?a?d that your advice can tee followed
?.ife.y.?8.
Answer- We recommend the follow?
ing bonds as conservative investment-?:
V'irg.nian Railway 6a, 1962, yielding
about 5.1 per cent; American Te'ephone
ind Telegraph collateral 5s, 1946, y eld
tBf about &? per cent; New York Cen?
tral refunding and improvement 55,
?013, yielding about 6.2 per cent; Ore?
gon Wash ngton Railway A Navigation
?Is, 1961, yielding about 6.2 percent, and
Brooklyn Ed.son 6s, 194S, yielding
?bout 6.2 per cent.
Good, hat Not Gilt-Ed??
Question?Will you kindly give me your
opinion relative to Central Leather 6 per
cent bond?, due ISKS? Are these bond?
strictly C?a?? A. and do you believe that
the price of 98% if? about correct 7 Kindly
_i?o Inform rr.e as to your opinion relativ??
to Central Vermont 6?, 3 920. at 89%?that
?? 10 say, are then** bonds strictly Class A
and is the price about correct??R. N. B.
Answer?If you hold that "Class A"
and "gilt edtje" are synonymous terms
rjur answer is that the Central Leather
5s and Central Verm >nt 6s do not meas?
ure up to your standard. They arc,
however, good investments.
Holds Russian Bonds
Question?If you n.'id been >o unwise as
-o purchase ("y^e Imperial Rus Ian Oovern
n ?nt 6% per cent bonds and ?ti.l held
?hem, what would you advise doing4 with
hem??-a. s. A.
Answer?The answer to this question
will depend on several things. If you
bought these bonds after they passed
into the speculative stage, the question
? s whether Russia is a greater specu?
lative risk now than it was then. The
Russian Soviet government has Bhown
some faint signs of coming to its
?enses. It has taken steps which prob
?bly in time will lead to stability. We
t'lieve the risk is lighter than it was a
'ear ago, for instance, yet the bonds
are still highly speculative. The real
test of the appropriateness of these
bonds as a security for you to hold is
found, if you ask yorself the question,
whether you would buy them at the
present market price and under exist?
ing conditions.
May Use Part of Capital
Question?I seek your advice. I am
?Ixty-flve years of age?retired from bual
iiecMs?no dependents or family except my
?vlfe of aix'y. Besides my country house,
I own, with my wife, the following list
it securities: TOO tsharf-3 American Tele?
phone and Telegraph stock; 60 ehares
American Sugar preferred; 50 shares Bos?
on Ei-vated Common; *iQ shares Ameri?
can Bosch Magneto common; 40 shares
Southern California Edison 6 per cent
-.?referred; 20 shares North American pre?
ferred; ?2,000 New Tork Central deben
*ur?i 6s; $4.000 Liberty bends: 323,000 good
reliable mortgages; 812.000 rentable real
?-?t?te: $36,000 not balance with my
broker. Of this las'. Hem I desire to in- !
.'??si t?0,00?) and seek your advice par
?icularly as to the investment My only
'ndebtedness Is a real estfite mortgage of
?4.000 which It Is my Intention now to
?ay I have a leaning away from bonds
?wing to their possibly Increasing my In- I
dras tax and to the generally small
hid. I need all the Income that I can
fet to live comfortably. So far I have
lot encroached on my capital, but it
night now be suitable to use a small
?ortlon each year as additional Income
?.nd to have this In mind In making the
?rest nt investment. I should especially
?ike to know how you regard the North
Vmerlcan Company preftricd stock. Also
f preferable to exchange a portion of
* he AmerK-an Tele4-hone and Telegraph for
it leaser yielding security and use a por?
t?n of the latter to rnako up the cllf
"erence In income required, or continue
Ith tho American Telephone and Tele?
graph owing to Its good yield and appar?
ent solidity.?J, F. l>.
Answer?The amount you have in
rsted in American Telephone and
Telegraph is out of proportion to the
? izc of your investment as a whole, and
?ve believe that some part of the 200
.shares might well be exchanged. Since
you are p.one to avoid bonds on ac
:ount of the tax feature and the lower
iturn, we feel that in selecting stocks
,*ou should avoid any but good pre
''erred issues and the highest grade
i'ommon stocks. North American pre?
ened is suitable. We suggest that
?on consider for your $20,000 and the
proceeds from the sale o;- part of the
"vmerican Telephone stock, National
"..ead preferred, Endicott-Johnson pre
erred. New York Telephone preferred
and Wfstinghouse preferred or com?
mon. The Boston Elevated common
does not impress us as the kind of
??.tock for you to hold. General Elec
*. ric "special" stock of $10 par value,
elling between 10 and 11 and paying
per cent, would be a good substitute.
>
Consolidated Machine Too!
Question?Win you please advlss me as
j th? safety of purchasing three ?hare?
of ConsoiL-lr-ne-t Machine "rool Corporation
atock at ?100 a share??V?. R.
Answer?The Consolidated Machine
Tool Corporation was incorporated in
June, 1022. for the purpose of acquir?
ing the plants and equipment of six
?nrchinery or tool companies. You are
better able to judge for your elf
whether you can efford to assume the
risk attendent to furnishing capital to a
new organization. We do not consider
the capital stock of this company en?
titled to an investment rating, although
4 he new corporation has been ehowing
steady increases In earnings recently.
Too Many b parate Issne?
Question?To Invest approximately 6100,
-100 wisely into lots of $2,000 to J3.000 per
issue, ?a lint goo ? bonis and preferred
clocks would you recommend to give the
(reitest yield within a business man's
idea of safety? The Idea of investing In
hii?> or forty ?-?sues should reduce risk
?an ' give goo?i high yield from diversified
field. Many thanks in advance for your
?uggestlons.?J, P. H.
Answer ? Although we do not ap?
prove the purchase of even as many
?is thir.y separate issues with a fund
of $100,000, we shall, in compliance with
your request, sug-jest the fo.lowing:
Canadian Northern 7s. 1940; St. Louis
Southwestern 4s, 19;i2; Northern Pa?
cific 6s, 2047; New York Central 6s,
11130; Hudson & Manhattan refund.ng
.'?s, 1957; Southern Railway 6"-_s, 19d6;
Missouri Pacific 6s-, 1949; St. Loj?s
San Francisco prior lien f>*nts, 1942;
Missouri, Kansas & Tcxa? prior l.en
.?s 1962; Duquesne Light 6s, 1949;
Adirondack Power and Light 6s, I960;
Niagara Falls Power 6s, 1950; Net
York hdison 6-?ss, 1941; San Joaquin
Light and Power 6s, 1952; Public Serv?
ice Corporation of New Jersey 5s,
1839; Interna i nal Paper 6s, 1947;
United States Rubber :*>s, 1947; Amer
can Sugar Refining 6s, 1937; Wilson
*_ Co. 6s, 1941; Westing.iouse 7s, 1931;
Packard Mo.or 8s, 19.il; Aluminum
Company of Amer ca 7s, 1935; Ana?
conda Copper 6s, 1929; Bethlehem
Steel 6s, 1948; Standard Oil of Cali?
fornia 7s, 1931; Kennecott Copper 7s,
39LO; Goodrich Tire oHs, lil-ii, and
thirty shares of each of the following
?t.cks: New York Telephone pre?
ferred, Endicott-Johnson preferred,
Western Electric preferred, American
Woo.en preferred, American Ice pre?
ferred and Per? Marquette prior pref?
erence stock.
tour ful! columns of in?
vestment questions and on.
?tcers will be published in
The Tribune every Sunday
and Mon?ay. O.i other days
one full column will appear.
Day's Dealings in Bonds
The Market
Investment banking * circles have
virtually discarded -whatever expect..
i tione have remained of a long-term
j government bond Issue within the next
'two or three months. Facts <s to the
| Treasury's intentions are lacking, but
! the rutlook is for a comMned issue
j o* $600.000,000 or thereabout? of one
j year certificates and short-term notes,
: coupon rates being ?dusted to market
condit'ons existing in mid-December.
Trading in bonds yesterday involved a
substantial aggregate of transactions,
but few changea of moment in quota
ti re. Speculative rail issue? were
still inclined to weakness, while In
; dustrial and traction bonds moved
variously. Foreign government bonds
i and Liberty issues were firm.
T.__n_s-.U_ns
Liberty 3%?, 1947.
i do 3d 4s, 1943.
do 1st 4%s. 1947.
I do 3d ?<4i, 1943 .
! do 3 1 4%a, 192?.
do 4th 4%s, 1931.
Victory 4%s, 1123.
do 4% a, called .
U. S. Treas. 4%a. 1962...
Qnotutiocs
High Lote.
Liberty 3%s_100.30 10..13
do 2d 4s . 37.90 97.90
do 1st 4%s ... 93.38 99.14
do 2d 4 .is_ 97.84 ?7.72
do 3d 4-is. 93.48 .8.36
do 4th 4%s . . . 98.13 98.03
Victory 4%?_100.30 J00.2? 100.10
do 4?Us, called.100.06 100.03 100.08 -
U. .. Treas. 4%s. 99.60 99.40 ?9.40 -
Bid and Asked Quotation?
Yest.rday. Thursday.
3%s, 19S7-'47 I00.1??100.20 100.22? 100.30
1st 4s, 1947_ 98.14.. 38.60
3d 4s. 1?47_ 97.86? 98.00
ist 4%s. 1947.. ?..26fp 9S.34
2d 4>_e, 1?<2.. .7 7..C Si.78
3d 4V?*. 1923.. 98.36? 98.40
4th 4<... 1933
98.12?. 98.40
97,90? ?8.3?
98.2-.4f ?... n
9?.74? 97.82
98.44? ?8.48
?8.08? 93.10
?8.06? 93.10
Vic 4%.. 1923.100.02<v_ 100.08 100.02? 10..08
do 4%?, Cl'd.l00.30?100.32 100.30? 100.34
5.40? 99.4S
U 8 Treas 4%s ?9.42? 99.44
Pre-war Issues:
2s. reg, 1?39...102%?10..
2s, coup, 1930. .102%? 103
3*. reg, 1946. . . 91 @ ?4
3s. coup, 1946.. 91 @ 94
4s. reg. 1926. . .103%?164
4?. coup, 1925..103%? 104
Pan 2s, r?g.'38.1P2%?193%
Pan 2s, eou,'l_.102>i?103%
Pan 2s, reg,'3?.102%?103%
Pan 2e, cou.'38 .102% ? 103 %
Pan 3s. reg.'?l. ?1 ? 93%
Pan 3s, cor.,'61. ?1 ? 03%
P 1 4s. 1934.... ?1 ? 93
P 1 4s, 193S_ 91 O 93
P I 4S. 19,-8. ..91 ? 93
D. of C. 3.65s. ?S ?100
Foreign Govt. and Municipal
(Interest to be added)
Bid. Asked.
Argentine Nat Ovt B-yr 7a.100% 100%
82%
?5%
100%
100%
108%
10?%
do Intern 6a, 1945. S
Belgian 6-yr 6s. ?
do 7%s, 1946...100
do ?s, 1?46.100
Bergen 8s, 1946.108
Berne _.., 1946.108
Bordeaux 6s, 1934. 77% 78%
Brazil 8s, 1941. 97% 97%
Canada 6s, 1926. 99% 99%
do 5%s, 1929.100% 100%
do 6s, 1931. 99 99%
Chile 8s, 1941....102% 103
do 8s, 1926.101% 101%
do 26-yr Se. 1946.102% 103
Chinese Ovt Hu Kug Ry 6s, 1951 60% 61%
Christiania 8s, 1946.107% 103
Copenhagen 6%s. 1?44... ? 88
Cuba extern 6s. 1?44. 95% ?
do 4%n, 194?. 83 It
Czecho-Slovak Rep $s, 1961... 88 88%
D'nmnrk 8s. 1945.191% 109
do 6s, 1942... ?1% ?8%
Danish 8s, A, 1948.107 108
do 8s, B, 1946.107 108
Dutch Hast Indies 6s, 1947...,. 88 92%
do 40-yr 6s. 1962. 92% 92%
Frsmerlcan Industrial Dev.l... 86 88
France 7%s. 1941. 94% 94%
do 8s, 1945. ?8%
Italy 6-yr 6%s. 93%
Japan 4., sterling loan, 1931.. 80%
do 4%s. sterling loan, 1925.. 93%
do 4%s, 2d aeries, 1926. 93
I.yons 16*yr 6s, 1934. 77%
Marseilles 16-yr 6s, 1935. 77%
Mexico exter gold 4s. 1964..... 34%
do sterling 5s, 1946. 49
Neth? riands. ?8%
Norway 8s, 1940.10?% 109
Paris-Lyons Med R R 6s. 73
Porto Alegra. 98
Queensland 6s, 1947......100
do 7b, 1941.108
Rio de Janeiro 8s, 1946. 95
Rio de Janeiro 8s. 1?46. 95
do 26-yr 8s, 1947. 96
San Domingo 6s, 1?88. 94% 98%
San Paulo 8s, 1930. 98% 99
do City 8s. ?*?% ?3
SMne 20-yr gold 7s. 1942. 86 86%
Sweden Gs, 1939.108% 104
Switzerland 8s, 1940.116 11?%
Tokio 6s. 69% ?
CnlUd Kingdom 5%a, 1929.-109% t-0%
do 6%s, 1937.108 103%
Uruguay 8?, 1946.103% 104
Zurich 8s. 1946.Ill "--.a
91
94
80%
93%
93%
78%
78%
85
4?%
96
?S?
?8%
101
109
95%
?5
?IS
U S 4s re*
1925
24 -103
Argentine G
7s 1936
6 _100%
(Sales)
Francs 7s
1943
16
?6%
86%
86%
86%
86%
1
5s 1945
1 _ 83
Canada S 8 col
a f 7s 1942
1 .... ?5
Chinese Ry 6s
1651
17
. .100%
.100%
.100%
..100%
.*0P%|Domlnlcan R
te 1958
B _ ?4%
2 _ 94?
1 _ 94%
6%s 1942
3 _ 87
Dom Can 5%n
89
80%
80%
80%
80%
10-.
Jurg An Unit
M a gar Wks
?s 144T
*
Cy of Bergen
8s 1945
4 ....108%
J _108%
City of Berne
8? 1946
1 _10?%
City of Bord
6? 1(24
4 _ 76
1 .... 78%
2 _ 78%
City of Chris
8s 1945
5 _107%
City of Copen?
hagen 6%s
1944
1 -89
2 _89%
3 a a . a 89
1 _ 88%
c
Cy of Greater
Trague 7%s
1948
notes 1929
12 _100%
1 _100%
6 a.a.lOO7.
2 _100*
6 _100'.
6s m*
1 .... s?%
1931
?9%
99%
?9%
89
98 **
99
98 ??
99
Dut B Ind 6h
1947
1963
33 .
1 .
93%
93%
93
4%s _?1B
2 - ?3%
2d ser 4%s
1925
6 .... ?8
stlg lno 4s
1931
72%
72%
72%
7.%
72%
72%
73%
73
, D _73%
5 _ 73%
City of Lyons
6s 1934
i 6 _ 76%
j 2 - 76%
1 _ 76%
' 1 - 77%
? - 7
City of Mars
6a 1934
; 35 _76%
! 1 - 76 H
2 .... 76
4 .... 77
19 - 78
C Montevideo
Unit 7s 1952
1 _ 80
C of P AJegre
8s 1961
1 .... 98%
Cy of Rio de
Janeiro s f
i 8s 1946
; 6 _ 96
! 8 _ 95
8 - 95%
: 19*7 w 1
1 14 _?6
2 - 96%
Cy of S Paulo
Prazil ts
1936
1 - ?7%
C of Solssons
6s 1.3.
4 _76%
1 .... ?7
City o' Zurich
8s 1946
_ 5 -litH
Compa??a A?
B"a 7%s
19ST
1 - ?9%
. ? a?
C-Tho
_*l_va_. R 8s
, 1951
3 .... ._%
j 3 -8? a
, 2 -88%
1 -St".
1 -?8%
7 - 88%
j Danish C M ?]
; f gold 8? man
A 194?
6 _107%
1 -107
ser B 1*46
34 _107%
X _10?
Deo. r>t Seine
92%
92 %
s f 6s 1662
?rust ret?
6 - 93%
6 - 93%
2 - 93%
1 .... 93%
9 - 93
"3 ....'92%
1 _ 82%
2 Bl.f. ?3
C - 92 >_
-_* - *2*
Framerican I
D 7%s 1937
4 - 86
French Rep Ss
1941
?8%
98 t.
98 V,
98%
9?<.
98%
98'.
98%
98 V
98%
98%
98'
99
98%
99
98?,
6
93?.
93%
. :. ?
93%
93':
S.?
?3%
9 ."*
??%
93?*
931'
93%
? S*.
93 U
93%
S.*
?3 H
? 9%
-76
.... 78%
-75%
_7?
_76%
_ 76
K of Balg 8a
1841
? _100
1 -100%
3 -1?.
a f 7%s 1945
_ _100
1 ....100%
. _100%
85 _109%
1 -100%
6s 1926
2 - SB
K of Denmark
N_ 1946
?4 -103%
1 -10?%
1 ....108%
6s 1942
C - 98%
6 _ 98
1 _ 98%
8 - 08
r. ? 98%
4 .... 98 %
8 - 98%
1 .... 98%
King of Italy
??.s ser A
1625
1 .... 94
K of Nether?
lands 6s 1972
13 - 98
2 .... 96%
26 - 96%
1 -96
6 .... 86%
5 .... 96
K of Norway
8s 1940
3 -109%
1 -10?%
1 -109%
s f II 1962
3 -100
13 - 99%
9 ....100
2 - 99%
1 -100
30 - 99%
2 ....100
K of Sweden
6s 183?
1_ -104
?2 ....103%
rar-Lyons-M
?s 196?
?3%
?4
?4%
?4U
9444
? _?_
64%
?41
? 4?_
?*'?
94<H
?4??
?tat
?4U
.. MU
Hol-Am Lin?
?s 1?_7
< .... 84'*
* .... 86
1 -?<*.
. 1 ... 18%
>'?.-> 1st ser
73
72%
7?%
73%
72
72%
72%
72>
72%
?S
72%
72%
7*%
7??4
73%
73
78%
73%
73%
72%
?1-3
73%
73%
.. 73%
? of BoJivla
Ha 1947
? -?4
1 *.*. ?1%
3 .... ?3%
3 _ is%
Rep of Chile
6s 1928
I ....101%
1 .
4 .
1941
3 .
1 .
!?C.
.161%
.101%
.. 10?V
..102%
i ....102%
t ....19?%
t ....10*".?*.
R?p of Colom
en? tai?
10 _ *??*
Rep r-* Cuba
t* I???
2 .... 98
1S34
2 S3
Rf*p of' Haytl
r?i ser A 4,,l>"
4 t .... ?m
1? .
1 _ 94%
2 _ ??%
Bep of UruB
?? 394?
R _IOS
**' of Queens?
land i f lu
3941
1 _107 '?v
S _lOt
? ....107%
?s 1847
f ?a 19*ia
1 ....98
S '.'.Cl ?I
8wl?s Con.' 8v
1 -MO
I 6 .. .. ** " ? '4
1 -11?
?V K of < *
6%8 392?
8 .
tS .
1 a?
1 .
1*.37
6 .
8 .
\ .
1 .
118 .
0
_ .101'
1 _101
1 _let's,
1 _303
4 ...l?l
S*, ef R. ?;
-' Mil 8a
?<-48
? ,...*>??
S of Sio Pa?.'o
.101?.
.330'-?
.110?*
3 0? ?H
. .101!",
.101?
.101
.103U.
,11 '
..101%
i?|.\
l?--'4
.SOI
. .I? "4
.103%
XT H ot 8r??ll
?s l?4l
1 .... 9T4.
??
p:%
c.,
?7 H
?7
??k
?0
?7
!? . .. . ??
: _?*h
C-<T?e Pec L
mi, ??.'.?
a .... ?ci?.
m _s??)'j
1 _ 90 'm
4 .... 90Vk
? _ ?0H
? 01?
?0H
Large
? '.'.;
i Ci n Ry "flVc
-'? I9E2
' _ ?8-H.
! 1 _ 88*?.
? _ 88%
1 _ 8?H
t S or Mex P??
'145
i?
II
U
? _ 48H
U 1854
9 _ 84H
Un S P Co o?
Copen ta
?!?**7
1 .... 92U
N ? City 4?
l"i>9
I _ 9? ?
Railway, Olhrr Corporations
Adams Exp
4a 19*3
1 _ 80
Am As Ch
7Hs 1941
1 ....103
S ....102*
1 _10?
t _102**
1 ... .102
Am Smelt S
1947
92**
92%
92%
82*??
92%
92%
92
r
I
i
i
l
10
Am Sunr R
6s 1937
4 _102
2 _101 %
7 . .. .101%
Am T * T
cvt 6s 1926
2 _114
col 6s 1946
1 .... 97
1
t
1
Cent Ga con! 4He 1935
la 194f. i 2 _ 86
. - 96% S -86%
Cent Leather lOomnwlth I'd
6s ?9?5 ! s f 6s 1947
8 .... ?81t. 1 . ... 89%
1 _ 98? I 2 _ 88 H
5 - Bt*fe C? Coal of M
it V Eng I Es I960
4s 1961 I . _ 88H
2 _ 62% ! 12 _ 88
Cent r>nc gt ?Consum Pow
4s 1949
8*>%
86%
85'
85 H
85 W
Of
97%
?7%
97H
col 4a 1929
I
1
Am . _
A Eleo Co
6s 1934
2 - 83
Armour Co
4H? 1939
1 _ 89a
5 ...
T A
91
... ?0%
W Wks
89%
a f
S'en 4s 1995
88%
88*4
f-0
23
10 _ _
adj 4s 1995
1 . ... 80 ?H
?tamped
6 .... 80'
3 - 80%
Atl Coast L
7s 1930
1 -108
1st con 4?
1 .... 86W
L A N 4a
1952
80%
80W
- 80%
Ref deL
98%
98
t
7
*
Atl __?
Ss 1938
3 _
6 _
t _
4 ....
Bait A
6? 1929
11 ... .100%
8 -100*!?,
i _100V
1 -3 00%
a -100,.
rfff 6? 1995
98%
Ohio
84
84%
84-*,
84 V
84%
84
84%
84H
- -84^
CVt ?Hs 393
1 -80 %
80
so:.
80',
80',:,
80%
SOW
SO},
80%
4
7
i a
6
?
1
10 _ ..,
gold 4b 194
10 - 81
P 1 3%? 192
4 .... 94
10 _ 9*
1 .... 94%
4 .... 94 ,
1 .... 94H
7 - 94
1 - 94%
P L B A W
V? 4s 19?!
1 - 78'
1 - 78 V
10 - 78?,
P A M div
8%s 1825
16 - 9S
T A C 4?
1969
>n R R
?'k. Co
Oa 6s
1 - 91%
"erro da
Tasco cvt s
ta 1931
2 -323%
Ches (t O cvt
5s 1946
2 .... 91H
13 _ ?1%
91 H
8 _ 91%
1 _ 91 ?4
? .... ?1%
1 - 91%
2 _ 91'
cvt 4 H? 1910
? _ 87 %
2 .... 87%
1 - 87%
g*n 4Ha 399
S - 84 Vi
1 _84
1 - 84%
"hic & AU
8%s 1960
4 - 26 H
28
25%
26
26%
rfff Ss 19?"9
4
i ,
". R
3971
6 ,
60
8*?n 4s
3 . . .
Va"
62
. 62*4
Q El
. .99%
. 9?
, 99',
1958
87*
87H
1949
88%
E II!
Ml
30 ...
*hlc A
6s 1961
2 _79*
1 -79**
8 -79%
?"hic * E 1s
6s 3982
B _ 83%
C Ot West
4s 1959
4 8L,
48%
48%
49%
60
49%
62%
63
60
60%
61
62
62'
- - 621
C & West In
4s 1947
3 - 7.1
C M A St P
cvt 6s ser R
2014
20
70%
70
69"--.
70
69
6s '62 ser C
6 _ ?2
1 - 92%
2 - ?2%
4rn Cork & 3
s f 6a 1942
2 - 94%
'uban Am Su
col Ss 1931
2 _106%
3 -307
6 -306%
Cuba Cane Su
db 8s '30
_88%
.... 88%
.... 88%
_ 88
91% Cuba R R
-*- ' 7%3 3946
3 -104
6s 1S62
1 .... 84%
5 .... 84
I - 84
Del A H 6%s
3937 temp
1 _300%
cv 6s 1916
2 _ 97
' _ 96%
15 _ ?6%
-ARO
Im Es 1928
10 _ 84
rfff Es 3 955
2 -46%
6 _ 46
con 4s 3936
7 _ 73%
Drry D O Cor
"s 3942
6 - 98
Des M A Ft D
'h 3 936
3 _ 44%
Det Edi 1st A
rfg* 6a ser B
'940
1 ....30"%
7 _30'
"ol 6s T.*"4
1 - 88%
rfff 6s 19-;0
3 - 94%
1 .... 94
"?et Rtv T
4%8 3961
2 - 88%
Det U Rva
<%? !?S?
16 _ g*".
*">lamd Mntch
? t deb 7%s
'935
6 -107
'MsMl BCE*
1927
3 .... B?%
donner S'eel
7? sr A '94"
1 -90
B .... 89%
1 .... ?0
1 - 62
^u] A rron P
Ks 1937
C - 99%
'u Pont de N
7%s 1931
4 -...307%
1 ....107%
>nqne?*ne Lt
6s 1949
6 -10? a;
1
102%
.102%
.10"%
O -???A|m?*..*n?**u0a_**
cvt 4%s39-? Vu* VA? &U
6 . .. fisv. ?J?*- 13T>7
66%
66%
6?%
66%
.. 68%
- ?6%
fin 4%s 19R
10 .... 83%
10 - 82%
rfff 4%s 201 '
2 - 63%
?I* Emp?rV'GAE
6 - ?6
6 - 68
Bw 3%? 39'
?1 - 91
Barnsdall C
8a ?r B 193
.1 -101_
Bell T of P?
7b 1S48
1 -108%
Beth Stl con
6s 1?4S
1 .... 98%
1 .... 98%
6 .... 08%
B - 98%
P m Ba 1936
4 .... ?1%
4 -?8
rfsr t? 1942
8 -82
J .... ?2%
Prarten Cop
?? 1831
4 .... 98%
8 .... 97
Bwy A 7th Av
Es 1943
1 - 7? %
Bklyn E<i Ken
7s B?r D 194f
6 -107
3 -107%
gen 6s ser B
1930
a ?103
Bklyn R t
7s 1921
1 .... 87%
ctf? of depos
1 .... 86
2 - 85%
Btamptjd
2 - S3
6? ctfa of
depos
Bklyn U El
?|e??npea
B'i, ??*' i21*
B'ilyn U Gas
6s 1945
J .... 95
?a 1947
3 ....102%
5 ....103
Brler Hill stl
6%? 1942
3 .... 93
? - 92
93%
93
??
92!*
91
92%
92%
5
u
B
l?
G
B
SO
?
?*!
?4
? .... ?3
8 .... ?3%
? -?3
4 -:l4H
Buff R * p
<%? 1967
2 .... ?1%
7 .... 90%
J -?1
?tir C R A N
5s 1934
S .... ?8%
B?i?h Tar R?
Bs I960
1 .... 91%
Camary Suif
l?t ? f 7?
1942
? .... 97'^
Can Oen Ele.
6a ?tr A 1?4
_1 -100
Can Nor Ry
? t trold 7,
394?
10
I
?111%
.111
C?n Ptieb 4
Can South e?
tats
6 - 98'
? .... a?u
? _
3
4s 1825
61?
61%
61%
61
61%
61
61%
61
61%
?n?
deb
8 ,
80%
80
73%
19r>4
69%
'O - 69%
4? C M A P
Sd 1949
1 - $8 %
1 - 69
8%e 198?
8 - 64
'hle Nwn 7?
1930
B _107U
i ....107%
1 ,...107<s,
gen 6b 1987
3 -303%
Sen 4s 198^
2 - 83%
3%s 1987
10 - 75
4 - 75%
3 .... 76
Chic Rwy 6s
1927
4 - 77'?
6 .... 77%
3 .... 77%
1 - 77%
C R 1 & p
gen 4s 1988
$ .... 8i%
3 - 82
1 .... 81%
rfff 4s 1934
2 - 82
1 ?-.. 81%
1 .... 81%
25 .... 82
1 .... 81%
nie Un Stn
6%s ser C
3963
2 -...112%
<%s ser A
1963
4 - 90
1 - 90 V
Chile Copper
7s 1923
109%
94H
9.4%
94%
94%
B A '17
1 .... 93*4
16 - 91%
3 - 91%
2 - 81%
1 - 93%
2 . . . . <i3?<
1 .... 91%
1 - 91-4
2 - 93%
Erle, oon ext
7b 19.10
1 , ...302%
Pr In 4s 1996
1 .... 66%
1 - 66%
6 .... 66%
19 - 55%
en l 4e 1996
1
a
?i
SI
s
t
1
1
46'
-46%
.... 46%
- 46
- 44%
.... 44%
-44%
.... 44%
.... 44U
4s ? A '63
-43%
.... 43%
.... 43%
.... 43%
- 43%
.... 43%
_ 43
-43%
4 3'A
109V
109%
.109%
-103%
.308%
.308*
108%
6? 1932
2 _
10 ....
1 _
5 _
6 ....
a _
i _
6 ....
8 ....
87 _
1 .?
Cln Gas ft e
6%a ?er B
1361
?1 -98
C C C A St L
rf ?s ?er A
1(2?
95%
96%
98%
95%
95
85%
9 5'.4
96%
94%
95
95%
300%
300%
100%
100
Ciev? 8 *_
'%? 1931
_ 8 -96
Col lndUBtria
" i 1934
Co?um G A L*
6s 1937
6 -?7
1 .... 97%
?tamped
I
9
?A
4
1
18
3
4
7 .
cv 4s b B '63
B - 43%
2 - 43%
a ? 4,i%
1 - 43%
1 - 43%
7 - 43%
3 _ 43%
6 - 43%
cv 4b s D '53
44%
44%
44%
44%
44%
4*?%
44
44%
44
43%
43%
43
43
43
"ris A Jer 6b
195r
1 - 91%
E A Pa col
4s 1951
1 - 82%
"omis John??t
Glover?-v RH
4%s 1952
1 - 75%
"?ranci-?-?-. gu
lit 7%s 42
1 -10"%
6 -102
nal H & H
5s 1933
10 .... 88
0..1 H A SA
M A Tar M
ext fis 19"?
1 - 94%
Gen El deb
ta 1940
? 1 -305%
B -105
deb Es 1952
3 ....100
?"?eodrl.*>> Co
6%a 3947
1 _?01
Onodyr Tl
R a f
1 . .
6 ..
'8 ..
1941
2 ...
1
3 00%
.101
.l'?0%
.101
.300%
03
A
97%
97
97%
118%
H5
78%, Gran'hV Mln
95%
95%
85
95%
?5
?s
? 19"8 ?*t?*vd
mmmmmw.- 9*
G Tr??nk Ry
of Can a t
7? l?40
3 _m %
i ... 111 %
a f 6s i?"*
1 _1?"%
1 -30'%
G-sv * Davis
S .... ??*
G. Nor 7s
ser A 1936
21 -10?%
18 .,.10?%
1 .li.U'S-,
1 ....10?V.
S ....10?%
.%? 1963
1 _109*?.
3 ....100%
S ...100?
IIhv Bi H? L
A Pw 6s '?:
1 .... ?3
. .... 13%
Hershey Cho*.
6s 1)43 w I
16 .... 98%
Had A M
r/g Bs 1.*.7
5 -?-%
? _ S3
l .... 8:%
Ino 6s 1967
T _ 69
1 _ S8 Uj
Hvm O A Rfg
Co 6%s '33
6 .... 98
3 .... ?7%
8 _ 97%
1 .... 97%
III Cent 6%s
1936
i ....ne?
6V,s 1934
| _100 V,
4s 1962
2 - E4%
4s 1953
1 _ 80%
rfg 4s 1958
t _ 86
? slOf 86*4
111 C A C St L
A N O Jt 6b
1963
6 _ 94?4
111 Steel 4%s
1940
10 _ ?0%
6 _ 90
In?! Steel ?s
1952
3 _ 99%
Intbo-Met
4%s 1956
ctfs of depos
50 _ 12%.
ctfs of A stp
5 ....103
1 ....103%
4s 1938
3 .... 8814
Mo Kan A. Tx
1st 4s IS'.'O
18 .... m
6 .... ?0%
S _ 81
new adj 5s
?er A
67%
?1K
It*
.8
68%
68*
6B'i
68%
.8N
68 VJ
68-4,
11*4
68
68*4
38%
t 5s -??'.- A
7 .... 83'
p I 4s ser P
1 .... 68%
p l 6s ter C
Il _95%
Mo Pao 6s '49
ser D tem
2 .... 98<_
2 .... ?8%
1 _ 98?i
gen 4* 1875
1 .... ?1%
1 .... .1%
Pac TAT
6s 19S?
3
?1%
?1
90%
91
97%
Mot
tem
.107%
.107%
.107%
Pan-An? P A
Tr.is 7s 1930
1 _102%
1 87M02
5 ....
1 ....
1937
1 _
Psckard
Car 8a
1931
6 .
2 ,
1
8 .
Prnn
4 .
3 .
1 ,
gold
1936
102
7s 1930
.. .109%
.. .110
...109%
6%B
'?_
20
C0
B
In'bo R
13
12H
12%
12 V,
T 7s
1945 w 1
1
C0
3
R
10
10
25
9
1
6s 1941 w i
12 _77'/?
10 _ 77
rfg 6b 19.8
.?H
96%
96?,
96%
98 V
98'i
96 V
96%
9644
-fi
S.
?
5
12
10
?3
6
11
B
20
6
8
1
'4 H
75
75"
75%
75'
75*
7 5 V.
75%
71.
74*-.
75"
75 U
74*.
75
c'fs of depo
62 V
1 _ fi"*.
8 _ ?.?
7 _ ?2S
I .... 62*
1 _ 62".
Mob A Ohio
6a 1947
Monlgy dlv
1 _ 92%
6s 19"7
St Louis dl
1 .. 94%
Mont Power
6s 1943
3 _ 96",
1 _96%
Mont Tram
6 . 1941
6 _8?U
1 _ ?8*.
2 _ 88-4
Morris A Ce
4%s 1939
R . 8?
8 _ 87
'_ _ 871.
N.spn't Eloc
4. 1961
1 _61
N'atl Tube 5 =
?952
3 _ 99?'
3 -100
New ?ETA"
6s ser A 1963
6 _ 67*.
11 _97**
4 _97"
4 - 97 V.
5 _ 97?
9 .... 97T*
* O T A M
6s 1935
14
..109
....108%
.. ..109
1968
_ 99%
-99%
_99%
_ 99%
... .100
1965
80V?
90%
90%
86
4s 1948
3 _?1
Peo G A Coke
of Chic 6s
1947
gn 4%s
4 _
1 _
1
4f?
19.2
1
1
1
Peo
92%
-92%
_93
A B Inc
74 H
7<V
74%
74?
75
74 t.
74 <_
75
74 u
74*.
77
B .... 77*'
8 _77"
2 _ 77 ?K
V T Air B
fis ?928
2 -101
N Y Cent de.
6s 1936
2 -104
S -103 T.
26 _104
22 -103%
1 -104
6s 2013
4s 1990
2 . .27
Phlla Co 6s
ser A 1944
6 _ 99%
7 _99%
1 _ 99%
P C C A St L
5s ser A 1970
2 .... 97%
4%s ser A
1940
1 - 94%
4s ser B 1942
Port Ry Lt &
Pr 7%s 1945
2 _10?
Prod A Renn
Corp 8s 1941
5 _106%
7 -106%
3 _106%
Pub S of N J
6s 1959
1 _ 86
1 .... 86%
Punta Ale 8
tem 7s 1937
11 _105
? -104%
17 _105
10 ... .104
5 _100
4s 1997
1 _
10 S6f.
8.1%
83%
81%
83%
83%
83%
N J
Int A Gt No
art_J 6s ser A
1945 w t
49"
49 U
49
49".
49"
49 -,
49
6
2 _
23 _
1 a. a
1 _
12 _
6 _
Es 1943
6 - 63V
?n' Mer M 6
1941
1 _ 89"
1 .... 89V
1 _ 89"
1 _ 89%
2 _ 89
Tnt Pan rfg
A
20 .
ser
6 .
1 .
3 .
S .
?n^s
1951
S .
86U
3 19--7
...87
... 88%
...87
. . . 86?.
Cent 4s
?5%
96?.
95V
96
9 6 V
9 6%
96
96
37%
3 _ 87
Kwr A Mich
6s 1927
1 ... 7?
K?n City So
5s 1950
4 ... 88
6s 1950
1 . . . .?
V?n ntv Ter
<s 1960
2 . . . 81*.
favser J 7s
i?t m-sr 19'"
Interim re??
11 . . . ,104't
?*~_.]y f*--e1el-?
"?Mee gold 8s
1931
4 _10??'
Feok A D M
D-t 1923
1 ... 91U
La<-1. steel Bs
1950
3 _ 80
20 _ 89%
2 - 90%
T. B A -W
_ .1 6s 1941
2 . . . 88%
Lake Shore
gn 8%s 19<*7
2 - 79%
4s 1873
93%
93 V,
21
a
to
i
10
10
16
50
rfg 4%s 201
1 - 8C
4s 1934
3 - 89VJ
con 4s 1998
2 - 81
Ken !%s 1998
?a - 78'4
M C 8%B
1998
1 .... 77
v Y C A St l
1st 4n 1937
31 - 91'
N Y Sdlson
1st 6%s ser
A 1941
1 -109?
1 -109".
1 -109
1 ....109"
- ... .109 .:
v Y Gas B I.
H A Power
6? 1948
4 - 98 %
N Y Lack A
"**" 4s 1923
2 ... 99
N Y N H A U
6s 1948
1
20 _
Read C
4s 1961
1 _
Remlng Arm
6s 1937
1
3
1
1
Rob A Meyers
f 7s 194.
.... 98%
Rutland Can
1941
... 67%
St L I M & S
5s 1931
? ....
4s 1931
28 _
9'%
91%
I^h V N Y
4%s 1?46
i .... 92%
3 .... 93
Lex A Bast
6s 1965
.1 - 97?.
Liggett A M
7s 1944
10 -117%
Long Island
con 6s 19:<1
-. .... 97%
Gs 1937
2 - 82*.
gnl 4s 1931
1 .... 81
LnrJJlard Co
7s 1944
4 -118?'
La Northwe .
R R 6s 1936
45 - 77
T 1 .*??? 77%
La. A Arkan
6s 1927
1 _ 82
Lou A Nash
7s 1930
2 ....106%
Lou CIn A L
4%s 1931
1 - 97
L A N-f-o Ry
I Jt 4s 195?
5 - 80%
Lou A N 6%s
I ser A 2003
1 ....103
uni 4s 1940
Bl _ 89?.
I Manat? Su Co
I 1st 7%s '42
1 - 96V
1 - 9f%
l Manh Ry 4s
! 1990
! 2 - 64
Msrket St Ry
1st en 5s '24
2 _ 89*.
6 - 8S%
13 .... 89""
Mariana O?l
8s 1936
1 ... 103
7%s s P ''1
? ....103%
7 ... .1071*
MMvsle ,-teel
193?
74 V
1 .... 74
1 . .... 73V
? - 74V
1 .... 73%
? -73
1 - 741.
deb 4s 1956
2 .... 51%
1 - 82
N Y Rys rfg
4s 1942
1 .... 30%
? - 30"
ctfs of depo
1 .... S0V
8 .... 30H
b .... 80V,
S .... 30%
3 -30%
2 .... 31
ad. Bs 1942
9 .... 6%
l :::: .*
ctfa of depos
8 .... 6M
? ??? 6%
N Y State R*
con 4%s 1062
B - 65
3 - ?16 .1
M Y Steam
s ear A 194
87%
94%
94%
95%
95%
1
4n 1929
2 ...
2 ...
1 ...
10 ...
4s Rlv
98%
85%
86
86%
86%
A G
2 .... 83%
2 - 83%
T .... 83%
2 - 83%
!t L A S F
gen 6s 1951
i
4s sei"
S ..
97%
A 1950
. 70%
. 70
. 70U
. 70%
? 70%
70%
70
? _ 70%
6s ser C 19"8
1 ....100
1 -100%
4 -100%
1 -100%
4 ... 100%
adj 6s 1955
b" r
a
t
?
t
N 7
. a. 96?.
... 67%
?*? ?7%
. a. 67 %
TsJeph
76
. 74%
, 75
. 74%
. 75%
. 76
. 74%
. 76%
. 75%
. 76
. 76%
. 76
1980
0 -60%
15 - 60%
16 - 80%
1 .... G0%
5 .... 60%
1 ... 60%
P - 60%
12 - 61
6 -61 Vi
5 -61%
2 ... 81
2 - 60%
1 - .0%
fa ser B 1850
6 ... 88
St L Swn Ter
os I960
10
Inc
.104a
.-04 4,
.104'
.104 4'
.104=
10
?
114
*5
?0
36
6
46
10
88
B
35
10
10 _
"Mi* Kl ?t A L
temp Cs 1961
8 .. . 91*.
4%s 1928
.2 - 8?%
Mllw G. s L
4s 1917
.3 - ?J%
Mlnn A Pt L
rfg Bs li-1
?9
?9%
89",
89"*
89%
8?%
89'?
89%
89*-.
89 V
30
90?-.
?0H
?0
88 <_
4s 1819
3 _
6 _
t _
8B?4
MU
?8%
? _ V
M -HP A S8M
?H .
6s 1141
6 .
1 .
2 .
? .
4 .
194?
f -104%
4'_s 1939
1 a ... 93 '
? - 93*'
B .... 93%
6 - 93*'
N Y W A Pr
4%s 1946
2 - 4 4 4.
I ???? 44%
? .... 44".
9 - 44
1 .... 44".
N'Ugsr. F P
6s 1932
? -102%
5 -102
1 -102%
Bs 1932
1 - 99
Norf So 5s
""r A 1961
R .... 61
Nor A .Y con
4s 1936
1 .... 87%
or Am si ."
ser A 6s 19 .'
Interim e<-->
2 ? 93 v;
1 .... 93*'
4 .... 9?V.
1 .... 83%
1 - 9 .%
1 .... r-V
?3 - 83%
?* or O Tr ?f*
?s ser A ? .4.
?1 .... 93
Nor P?e 8__
ser B 2047
2 ....107*;
*9 -108
2 ....107%
f'K A Imn ',
ser C 19"-'
B - 67%
97
14*4
94%
60%
?0%
| .'-C. 61%
Nor S'ates Pr
5s ser A 1941
.2 .... 91%
6s ser B 194?
10 -loi
1 ....101%
Nwn B?U Te
7s 1841
1 ....10744
i? -107V
10 ....107%
T ....107'.
Ore A Cal lBt
6s 1937
1 -78%
1 -7?
1 - 78%
1st 4s 1989
.77*.
1 -77%
tO -7.%
S'' 4e 198 0
_ .... 70%
? - 71
con 4s 1932
'.* -77%
U - 77%
? -77 <{,
l? _ 77
J -77%
S.iks Co 7s
i.l?
3 ....101%
1 -10. '.
?t -101%
.101
Seaboard A L
col 6s 1946
2 -60%
. 60%
. 61
. 60
a 60 V
. 60%
. 60?.
. 60%
. 60
1959
. 39
39%
1
7 ...
1 '.'.,
1 ...
? .
B ..
rfg 4h
1 ..
B ..
2
10
adj
2
1
39
.... 38%
_ 39
Cs 1949
22
1950
65%
64%
56
64%
64%
54%
64%
- B4
Sinclair C O?l
7s ser A 1917
4s 1997
? _
4 _
3h 2047
1 _
1 ....
H
1
1
Ore
4a
I
15
?
... 99*
. -.100
... 99%
Short L
1929
- ?144
.... ?1%
... ?J V4
Otis Bteel Co
7%s 1*47
?2 -82%
Pac GAB
4s stpd
-100%
-100
a* a. 100%
-100
....100%
-100
-100**
S7?..100
-100
-100%
-100%
S7?..100
-100%
-100
Sin Cr O P
B%s 192B
ser A
2 -98
< .... 87%
1 a ... 98
Sinclair P I_,
t Bs 1942
10
89%
89
88%
- 89%
-89
-88%
.... 88%
-88%
- 88%
.... 88 %
8o C A Ga
%s 1S4S
? * .... ??*_
So Pac evt 4s
192?
1? .... ?1%
86 .... ?l
f .... ?1%
r?K 4s 1866
*? - 86%
Railroads' Earning Power
No. 38?Erie
(Wa present in th? subjoined artiets
the thitty-eiphth of a series of forty
daily discussions of the present earning
power of the leading American steam
railroads. At the request of The Trib?
une, these studies ware undertaken by
the Standard Statistics Company, Inc,
of New York, which has prepared the
papers and is securing a copyright for
them in ?9S?. The thirty-ninth article
will appear to-morrow and will deal
with tho Reading Company.?financio/
Editor.)
St}?Erie Railroad
Erie has mada n bravo struggle for
a good many years laboring under a
heavy burden of funded debt, If the
company had not been bless.d with
an exceptionally able management it
is doubtful if it could have survived
tho vie ssitudes of the yea _ interven?
ing sine?? its last reorganization in
1895. The company has reached a posi?
tion where a few years of prosperity
would go a long way toward placing
it firmly on Its feet, but on the other
hand it is not strong enough to stand
up ugainst many such knocks as it has
rece ved this year.
The underlying divisional bonds ap?
pear to be well protected In any event,
but the junior mortgages must be
classed among the speculative issues.
The various stocks are of course
highly speculative in character. Below
will be found briefly recorded a re?
view and outlook with tabular matter
to accompany it.
Growth of Capitalization and Mileage
?Funded 1st Pf. 2d Pf. Com. Total
Tear. Debt. Stock. Stock. Stock. Cap.
?-Millions of Dollars-,
1913... 3279,8 f47,9 318.0 3112.4 $466,1
1922... 355.8 47,9 16,0 112,4 532,1
17%
?Including- securities of leased lines
whose earnlnKB are Included In the Erie
lncomo accourt.
Erie occupies the position of a weak
road unable to finance its capital neeas
except throu-.v> t'"e issue oc 'n_. ?*.-?. ob?
ligations. During the last decade the
funded debt has increased by approxi?
mately .7 .,000,000 and now agg?.gates
some 67 per cent of total capitali?
zaron.
Between 1912 and 1922 the operated
mile-p-. as incre'?"*>H fro-i 2,268 mues
to 2,309 miles, or 2 per cent.
Estimated Property Value
The estimated value nf *-\a com?
pany's property is $403,000.000, or 24
per cent les., than total capitalization.
Assuming theoretical retirement o?'
funded debt and leased line securities
at par, there would remain no equity
whatever for the common and second
preferred stocks in property value and
not quite $99 a share for the first prc
fer*-o(| stock
The company, however, possesses a
most valuable asset in its ownership
o*" lnr"e nro'-uc ??** coal m'T",s in t*1"
anthracite and bituminous districts of
Pennsylvania. It was the income from
these "mines that enabled Erie, in 1921,
to meet its fixed charges for the year
without incurring a deficit, and the
s.m? will have to hold true f - ? t ?
current year if the company is to
break even. While no official state?
ment has been made regarding the
actual value of these mines, an esti?
mate of $50,000,000 would very likely
be within reason. If this sum were
added to the estimated property value,
as above set forth, there would be
sufficient additional equity to pay off
the second preferred stock at par and
leave approximately $30 a share for
the common.
Growth of Revena??
Gross. Net after Total
Tear. Revenus. Taxes. Income.
191-> $66,500.000 $14.000,000 $17.300.000
? 1922.. 99,000,000 B.000,000 10,500,000
Inc. . " 76% t64% t89-r.
?Estimated. ??Decrease,
Er e's 1922 net income has been
seriously affected by the coal strike
with further complications arising
from the shopmen's strike. During
t--e first part of the year earn!n-rs
were very satisfactory and promised
well* for twelve month?, but as soon
?a the conl strike intervened they be*
pun to decline rapidly, and at the end
of n ne months nil the early Rains
were lost nnd les? t an $13 000 re
rrifiire-? as a bnl*?r>ce f\t*r>r chirHng off
all expenses and the nine month?' pro?
portion of taxes. Neurly 6u per cent
of Erie's freight tonnage Is made u*>
of nnthracito nnd bituminous coal, and
tho Ions of this traffic during the
strlko was a serious randicnp to the
comnnnlv's on**nln?* no*"""4.
It Is probable, now that tho strikes
are out of the way, that earn.ngs lor
tho laut three months will bo better
than normal, but if the company la
to cover its fixed charges for the cur?
rent year it must draw heavily uoori
it? coal subsidiaries. In 1921 Erie
drew down approximately $9,000,000
?"rom its mining subs diaries, and if it
can do equally well this year it
ought to be ablo to squeeze through
with fixed charges just about covered,
provided no further setbacks occur.
Dividend Record
The present company watt incor?
porated in 1895 as a leorganization of
the New York, Lake Erie & Western
sold under foreclosure. The latter
conrmnv wa* n r?organisant*-?n In 1878
of the Erie Railway, which in turn was
a reorganization or the JNew Yota &
Erie chartered in 1832.
The first preferred stock of the pres?
ent company has prioiity in respect to
dividends over the second preferred,
and the latter has oriorlty over t' e
common. Both issues are entitled to
receive non-cumulative diviaencis at
the annual rate of 4 per cent.
In 1901 an nitial dividend of 1%
per cent was paid on the first pre
erred stock, rising by stages to 4 per
cent in 1904 and remaining at that
rate through the first half of 1917.
On the second preferred stock 2 per
cent was paid in 1905, 4 per cent in
1906 and 2 per cent in 1907. No divi?
dends have since been paid on either
preferred issue and nothing has been
paid on the common stock. The above
statement refers to the present com?
pany, chartered in 1896.
Marg n of Safety of Earning!
The margins4 of sarety above inter?
est and preferred dividend require?
ments shown in the table below are
based on tho percentage that income
available for theso purposes could de?
cline and still leave enough to meet
the requirements. Thus in 1912 total
income could have fallen 5 per cent
and still loft sufficient to cover f xed
charges in full and pay 4 per cent on
each of the preferred issues. A drop
of 8 per cent would have met fixed
charges and the dividend requirements
on the first preferred stock, but would
have 'eft nothing fo" t e second pre?
ferred. A drop of 20 per cent would
have left barely enough to cover lixed
charges.
The minus signs indicate the neces?
sity of a corresponding increase n
total income in order to meet require?
ments. In 1922, for example, total
ncome, based on present estimates,
would have to increase 86 per cent to
ewer estimated fixed charges for the
year, or 54 per cent to cover fixed
ch-rges and first ?-?referred requi e
ments, or 60 per cent in order to meet
ixed charges and show 4 per cent on
each of the two nre"erred stock?. As
stated above, there is a possibility
t' at earnings will improv* su i? r? ?
to enable the company, with the help
of income from non-operating sources,
to cover its fixed charge requirements
t' is year. No place is given the com?
mon stock in the table as no dividends
have been pa d on the issue.
Fixed. 1st Pref. 2d Pref.
Tear. Chariraa. Req. Req.
? 1912. -4-20 4-8 4-6
?3913. -1-38 4-29 +26
?1914. --10 ? 8 ?8
1916. --38 429 42?
3936. -f-32 4-21 4-18
1917.13 ? 1 ? B
1318. -434 425 482
1919. 4-30 4*21 4-17
1020. -f-24 4--4 410
1921. 4-16 4- S 4* 1
T1922. ?38 ?64 ?60
?Year ended Juna 30. t Estimated.
4 _86 "4
1 _ 85..
10 s7f.. 85%
8 .... 86?-,
San F*r Term
4_ 1950
5 _ 81%
1 s6f.. 81H
So Rway gen
6.S 1956
3 _101
B _101%
0 _101 Vi
1 _101%
Es 1994
2 _ 961.
10 _ 9544
95 .4
95%
66%
66-4
67
66*4
68%
66 14
87
87V?
4n 1956
1 ...
1 ...
4 ...
2 ...
1
1 ...
18 ...
1 _
MA B 4s
8 _ 74%
4s MoV> A O
div 1938
1 .... 75*.
S P Rico Sug
o' M J 7s
1946
3 .... 97
7 .... 9744
P'anrf Milling
6s 1930
1 _ 97
St Cas A E 6s
1928
3 98 H
Ptknd '?J1 Cal
7i 1331
.105*4
1 _106
1 _105%
2 -105*4
4 _105%
9 _105%
Steel A Tube
7s 1951
2 _101%
1 _101%
S"g Ebt Ore
7s 1S42
5 _ 97%
Term R R A
o' St L 4s
1953
1 _ 79
Third Av 1st
Bs 1937
1 _ 9?
adj Ds 1960
2 _ 65'4
7 _ 55'.
3 _ 55 H
SO _ B S ?4
20 _ 55>A
10 _ 65%
5 _ B5<**
2 ... R _ '
Third Av rrg
4s 1960
4 _ 6'%
Tldew.t.r Oil
6%s 19 .1
1 _102?
7 _102%
1 ....10244
To' Edison 7s
1946
i _106
9 _105%
i*ol St L A W
pr 1 3%s '25
B .... 94
Toi Wal V &
O 4%s sr '31
6 - 95%
Un Bg A Pap
6a sr A 194
10 _ 98
1 .... 98%
Un Fuel G 6_
1938
1 .... 97%
v.'nion Oil Ca?
6s 1942
3 -101%
Union Pacific
?is 1928
1 -105
1st 4s 1947
1 .... 93%
4 -92
8 - 91*4
7 -91%
cv 4s 1927
4 -96
B1 .... 64*.
6 - 94%
2 - 95
rfg 4s 2008
10 _ 84V,
Un'td Drug 8s
1941
1 ....111%
U S Real A I
B'a 1924
5 - 99
B _ 99 s
?? S Rubber
7%s 1930
13 -108
Bs 1947
IB _87-4
6 .... 87%
1 - 87*.
1 - 87Vi
2 slOf 87
1 -87*-'
2 .... 87%
ctfs of de. n
2 .... 87*.
1 - 87%
U S Smelting
6s 1928
_100
Steel
Bs 1963
2 -10*
2 _10* i/.
4 _10 " ti
1 -10*>4
1 .. . .'0?>,'??
I _102
?> . n-t-a.
Ur.it St Rlty
s f 6s !??
? -100
"*.nh T.t A T
*?. 1941
?0 - 88%
1 . a a . 88 H
4 _ 88".
**r. h Pw A L
6 . 1944
6 _90 ?
5 _ 9 0 '4
2 .... 90'i.
B _90 ?4
4 _,90%
Vandalia 4o
s B 1957
IT S
s f
1 _ 85%
Va-Car Chem
7%. s A '37
with war
5 .... 93
1 _92%
1 ..
7s sr
2 ..
1 a .
1 ..
1
92
1947
95%
94%
Virginian Ry
C. 1962
3 -97
7 - 96%
Wabash
1st 6s 1S*9
1 _ 95%
4 _ 96
2d Bs 19*9
"0 - 87
Warner B Ref
ist 7s 1941
8 -103%
3 _103%
1 .. .10244
Wash Wa Pw
6s 1939
1 - 97%
West Mary?d
4. ?bE*
1 _ ?3
1 -62%
1 _ 63
W Pac tem 6s
ser B 1946
2 - 03 44
6s 1946
10 _ 82
1 _ 81 *4
West Pa Pow
6 . 1958
1 -101%
WeRtn Union
6%s 1936
1 _109%
10 -109
Es 1933
2 _ ?6
4%s 1950
1 .... 91
West Shore
4 . 2361
1 - 81%
3 _8'H
1 - a. 81%
Westgh Eleo
7s 1931
? -107
Wick Sp Pteel
l.t 7s 19-5
1 .... 96%
3 - 96
Wilson Co
7%s 1945
8 -10?%
3 ....104%
lot 6s 19*1
1 .... 99%
2 _100
1 _99%
1 - 91%
1 .... 99%
4 .... 99?4
cv 6s 19-8
8 - 94%
10 - 94%
?? . . . . 94*.
Wlnchsst Rep
Arms 7%s
1941
1 a.a.100%
To flrure the precise yield on a bond It
Is necessary to use yield tables, but the
approximate yield can roughly be figured
out by the following formula: Divide the
closing quotation on a bond into tho rate
of the annual return. If the bond is soiling
below par you must allow also for the
appreciation of the principal. To do thla
8 ?bt-rct the market quotations from par,
or 100, and divido '.he remainder by the
n"mber of vears the bond has to run be?
fore maturity. For example, if a ?" per
cent bond Ig Bellini*** at 90 and nas ten
years to run the annual return will be 6.66
per* cent. The difference between par and
the market prlca will ba 10 points, oub
tractlng 90 from 100. Dividing* 10 points
by ten years, the quotient will be 1. This
figure la to ba added to 6.66. which is the
annual return, and the result, 1.66 par
cent, will glvo you tha appro-lmato yield.
B. & M. to Issue Bonds
WASHINGTON, Nov. 24.?The Bos?
ton & Main8 Railroad received Inter?
state Commerce Commission authority
to-day to issue $4,000,000 in 6 per cent
refunding mortgage bonds to be used
paying maturing indebtedness
against some o? its subsidiary corpora?
tions.
Delay I. R ?T. Receivership Suit
Continental Securities Company's ap?
plication for the appointment of a re?
ceiver for the Interborough Rapid
Transit Company because of a threat?
ened default in payment of interest,
which has been pending a long time in
the Federal District Court, was further
adjourned yesterday by judge Julius
M. Mayer until January 26 next. This
postponement was taken with the con?
sent of a.l the parties interested in the
litigation, and with a view to allow the
organization committees to complete
their work.
a
Paris Market Quiet
PARIS, Nov. 24.?Trading was quiet
on the Bourse to-day. Three per cent
rentes, 59 francs 20 centimes; ex?
change on London, 62 francs 86 cen?
times; 5 per cent loan, 76 francs. The
dollar waa quoted at 13 francs 96 cen?
times.
London Market Irregular
LONDON, Nov. 24.?Trading; was quiet
and prices moved irregularly on the 8tock
Exchang-e to-day. Bar gold wa. quoted
at 93b 9d; money was loaned at 1% per
cont. Dlscoun rates were: Short and
thrre-mont.h bills, 2Vi-@2% per cent.
Consols for mon? y were quoted at 66 %,
British 6 per cent loan at 99-H and British
4 Va P'T cent loan at 94%.
Closing stock quotations were:
Atchison.99 V?
B & O . 40Vi|
? ?'anadian Pac. 141
C & O. 66 Vi
Chfr Ort W. 4
8t Paul . 24%
Dnv & R O. ... %
Bric., 11%
do 1st pf. 16 H
Grand Trunk '4
111 Central .106
Louisville. . . . .H*%
MK&T. g<?
N Y Central. ... 90%
-Vorf & Watn... 114
Ont & Wa*.n. ... 20%
Pennsylvania... 46%
Rea.llngr.75^
gou Ry . mu
Sou Pacifie .... 88%
Union Pao .?J9 (Z
l." S Steel.102%
Oe Bef.ra. 12%
Rand Mines_ su
Transactions Yesterday in Listed Stocks
Continued from pre. ed'ng page
HI?--.. ?Arw tSi*. Net
1*-22. 1.22. In $. Sate*. Ooen. W .h. Low, Clo.e. eh??. BM. A?*.
85% 49'/? * Wi-stlnr-ioBW Mfg .. 8"0 58'/4 68% 68% 88'/?-- V* B*'/? 683/4
16-/? 6 _. Wh-inr __ L E .... 3"0 8% 8% 8% 8%+ '/4 8'/a 9
2.% 121/4? do pf . 100 1"% 1334 13% 1A%? '/4 14 16
33% 25 2 Wh.?e FarJe Oil .... 4400 32% 33% 32% 32%+ J/4 32% 33
64 85Mb * Whit? Motor? . 100 47% 47% 47% 47%? % 4'?/? 48
11% 4 ? ffWe Oil . 1700 41/a 4/2 4 4/4+ ?/, 4?/, 4%
21% 8% ? WieV-.Ire-Spencer Stl 800 9 0 8 9 -? 9 01/,
10 4i/g ? Willys Overland .... 1400 6% 5% 6% 6%- B% 6%
60% 27'/? ? Wilson Co . 2?-0 38% 36% 36 38?1 36 38
33% 26 ? Wisconsin Central .. 100 27 27 27 27 - 27 28
223 137 8 Wool-rofh . 8*1? 21?% 211% 210% 210'/*? % 210 216
65% 27% ? Worth Pomp * Mach 400 28 28 27% 27%? % 27% 27ft
79 63% 6 do pf B . 100 63% 63% 63% 63%? % 63 66
11 6 1 Wright Aero . 1100 10 10 10 10 + 54 8% 10
? KV _-,..<._-_..,. * p..-. _,?-_
Day*? New issues
Ames, Emerich & Co. have purchased
and will offer next week an issue of
$800,000 Bedford Pulp and Paper Com?
pany first mortgage twenty-year sink?
ing fund bonds.
George B. Gibbons A Co., Inc., are
offering, to yield 4.16 per cent, a new
Issue of $400,000 City of Port Jervi?,
N. Y., 4tt per cent school bonds, due
1930-'69.
. ?.?
Union Oil Co. Dividend
In Shell Union Stock
Union Oil Company of Delaware di?
rectors have voted to declare a fir t
dividend in dissolution in the form of
one and a half share:?, of non-par com?
mon stock of the Shell Union Oil Cor?
poration for each one share of Union
Oil. This dividend will be payable De?
cember 22 to stockholders of Union Oil
of record December 4, 1922. Transfer
books will be closed from December 24
until December 26, 1922.
This dividend represents the distri?
bution of the bulk of the as eta of the
Union Oil Company of Delaware, and
will probably be followed at some sub?
sequent date by a small final dividend
representing the proceeds of the re?
mainder of the company's assets.
? ? .
U. S. Realty and Improvement
Authorizes Preferred Ispue
United States Realty and Improve?
ment Company stockholders at special
meeting yesterday voted to authorize
an issue of $10,000,000 7 per cent pre?
ferred itock. Of this the right to sub?
scribe to $8,081,400 is now to be of?
fered at par to the company's stock?
holders of record at the close of busi?
ness on Friday, December 8, 1922, in
proportion of one share of such new
stock for each two shares of stock then
held.
The subscription privilege will ex?
pire at the close of business on De?
cember 2t>, ?922. The proceeds of the
issue will be used to retire at n?t ex?
ceeding par and accrued interest the
present $8,384,000 of debenture bonds
maturing J* 'v *, 1924.
Bid and Asked
Following are the closing bid ard
asked quotations of stocks listed on
the Stock Exchange in which there
were no transactions yesterday:
BW A?liea.* Bid Ailed.
Adam? Erp... 75% 7T Int Agrlct?... 6% T
Aim Juneau... 1% 1%| do pr . 28% ??
Bus.. 170
A'b St
All Am Cable. 117
Alle? West... 100% ?
AMI Realty ..71 ?
Al Chalm pr 94% 95%
Amal Sugar. ..91 ?
Am Ag Ch pr 90 ei
Am Bnk Note 87 9*0
do pr . 54% 65
Am Beet S pr. 75 80
Am Botch M. 33% 34%
AB S A F pr,10*> 111
A C * F pr.122% 124
Am Chicle ..5% 6%
do (r . 24 ?
Am Coal _8S ?
Am La France 11% 11%
Am Loco -fa*. 119 121
Am Malt A Q % 1
Aiu Metals... 46% 47
Am Rada pr.118 125
A a ?St It pr..ino% 10!
do pr A_101% 102
Am 8nufT _140 342
do pr . 08 103
Am St Py pr.104% 106
Am Bum T pr 57% 59
Am Tel A C. 61% 82
A T> pr new.105 106
do B .?6 147%
Am W Wks.. 28% 29
do 7 pc pr. 86 89%
Am Wh pr... 87 91
Am Wool pr.10'% 111
Am Wr Pa pr 27
M
Am Z A L.. 14% 18
do pr
Ann Arbor .. 10
do pr . 31
A't Metala... 14
As**_ Rl Co. 1
A D G 1st pr 82
do 2d pr... 88
AT 4 S F pr 90
Atlantic Fruit. IT*
Atlantic Pet.. 22 25
Atlantic Ref.1300 1350
do pr .118 119
Atlas Pcis-der. 155 157
do pr . 90 92
Atlas Taca .. 16% 37
Alt? NIch pr. 84% 86
49%
18
S4
15%
IVi
86
M
81
115
1:0
320
335
110
1 0
Int O N w t. 20 21
tnt Har pr. .318 117
Tnt Nickel pr 73 72%
Int Paper pr. 85% 110
?i 8a t .... 80 ?
>wa Central. 4 H 6
u-i * Kaat..l03 ?
KCFSAM pr.. ?7 67*74
K Ci*y So pr. 53 H r, %
Kayier 1st pr.101 104
Ke'l** Rpr pr. 80% 90
do 8 pc pr. 99 89%
Kelsey Wheel. 8*2 08
Keok & D M. ? 10
do pr . 20 ?
re-ige pr ...111
Ureas ?t Co.. 80
<l?) pr .. .. 105
T.Ike K A W. 30*4 31
Ugg A M pr.117% 322
do B .385 202
Lima Loco pr 310
L.-W B 1st pr.10.3
do 2d pr,..115
Lorlllar?! pr. .112
lackay Cos pr 68% 70
Mac Tr 1st pr 90% 91 '
do M pr... 81 84
Malllr.aiin pr.. 91
Man Sugar pr 78
Manhat Beach %
4Iau Shirt pr.no 120
Mar St Ry... 8 9
do pr . 17
do 2d pr... 23
Mai Motor ct 1%
do 1st pr ct 1
do 2d pr ct 1
May De is', pr.ll?
?lex- Pet pr. 93
Mch Central. 220
ISPA 8 S M 64
do pr . 82
do lsd unes. 65
M K _ T pr. 3
do lie?. 13% 14
do pr new. 37H 38
Mont Pow pr.lll ?
Morris A E?. 77% M
Mullins By pr. ? 91%
ash Mot pr.108 112
h A Chat. 115 125
80
1%
45
*3%
122
08
2.**8
?6
90
67
15*
Auot Sales ?Co 3*4 4%? ?at B? pr... 12C"? J25
d?*? pr . 12 13H|N CAS pr.101 ""
58
Bad Loco pr.117 118%
Bam? 3>a... 44 48
| do pr . t? ?
Batopllas M.. % %
; Bayuk Bro?... 4!)' 55
? do pr .112 U6
i Beech Creek... 8T 41
I Beechnut P pr. 109? _
Beth Steel .. 61*y4 03
do pr . 93% ?6
do 8 pc pr.108 110
Br top St.. 9% 12
do 1st pr... C5% 67
do 2d pr... 2?!?a 27
Bro-rn Shoe... 56 60
do pr . 98 100
Brunswick ... 2-4 8
Buff R _ P. ?2% 71
do pr _92 9"?
Buff A Sus.. 75H SS
do pr .? 51
Bush Term... ? 100
do pr . 97 99%
Cal Pet pr... 90% 91 ?4
Cal & A*ir... 53V. 51
''an 8ou'.h!>m. 51
Carson Hill... 6
Case J I pr.. 80
Case Plow .. 3
Certain 1st pr ?
C g P M _ O 72% 75%
o pr .100 10?
C C C & S L 70
do pr ..... ??
Cl A Pitt?.. 8?
C'-iett Pas... 61
do pr .100
C A S 1st pr 60
do 2d pr... 54
Col Graph pr 10
I Coro Bol A... 47% 48%
do B . 80 45
f*im Cigar pr S3
''<*? Gas Bait. ?
Cont Can pr.10?
Cont Ina Co. 90
C P A S pr.l?O
\f?r*x Carpet... ?T
fru Steel pr. 91
Oeere Co pr.. 71
Dut ?T A Bw. 67
Dot Mack ,. 25
do pr . 40
Det Vn RR.. --
D'amord M..120
1} S 8 A A.. 2%
do pr . 41,4
| Du-ham Hob.. ? 37
d" Pf . T3H S6
"ast Ei>d pr.118
Klkhom C pr. 40
Km Brsnt pr 27
Prie 3d pr... 12
Frte A Pitts.. 53
Fa'rbsnk? ... 13
Fed M A a. 10
do pr . 50
Fis B Oh pr 94
I G???nn Wrm.. 14
?Gen Baking pr.lll
Gen Cigar .. 78% 80
do pr .10-14 no
do pr deb. 103 104%
Gtllll-ind O pr ? 55
Good-lrh pr.. 80 82
Oranby M .. 22%
Gray Davis... 10
Greene C C. 23%
Guar? Bug pr. 92
OMAN pr. 41
Habtrshaw El. 1%
Hack Wat .. 17
do pr
?Hartman Corp. 81
Helme G W..105 ?
.do pr .? 114
Hunde? Mfg .. 16 17
III Cen pr w 1.U1H 114
Indian lief_ 7% y
do pr . 08 ?a
lut R T w i 21 21%
E A S p*. 99 102
."RR M Ut pr 6% 8
??' T C A S L 81 83
do 1st pr... 95 101
do 2d pr... 81 8*0
V T Dock pr 47 H 48
N" T Harlem.. 100
N" Y Shipbldg. 12
N Falls pri pr.107
o-f A W pr 75
Nor Cent _ 73
S- - Steel '?>?*??;
Ohio FHial .. 56
Oui Si vor .. 5%
'*>?h Cire pr. ?
Otis Eleva pr.lOO
34%
60
6?4
01
102
S'eel pr. 40's 45
"Iwrni Bot pr.l06*4 ?
Pacific Coasl.. 10 I Ci
do 1st pr... 35 45
d" 2d pr... 16 80
Pacific Mall.. 13 H
ac Tal A T. 55
P P A R pr. ?
Fenney J C pr.lOO
A E.. 13
94H
99
T1H
eiVi
102
6S
O"
10H
89''
118
110H
93
122%
80
91%
?5
3%
TO
Pern Mar pr. 64*4 88
lor
70
41%
100 !
140% ?
94 !
81
85 1
101 I
? 35
Phila Co 6 pr 40-;
Phil ?one? pr 92
Pitts Cal pr. 97
P?,F W A C.125
do PT .137
"l'ia S eel pr. 92
P A W Va pr 90
"or Rio Tub. 68
Pr St Oar pr.lOO
Pr A Ref pr 42% 43
" O 8 po pr 9*8 300
R.V St Spr. ..110% 113
do pr .117% 118
?ela & Co... 15% 17%
Rem T lit pr.lOO 101%
do 2d pr... 7J 7?
*??na A Bar. .117% 124%
ley To!? _ 80 ?5
do pr .117% US
Jutland Ry .. 28 84
Sear? Roe pr.108% 112
S P R Bu pr. 88 89
Snsldlng pr,..103% 104
Spicer M pr.. 84 92
St?nda-d Mill.12S 1H5
do pr . 94 97
Steel Tub* pr.. 76 73
I **e-n B 8 pr.101% 10.*;
4%'Str?om Carb... 52 " '
tudebaker pr.ll?
4*up S'.eal pr 00
T A P '.d tr.300
Th'rd At nil.. 14
Tdewater Oil. 12?
T??b Prod pr.I06% 10
TBLA W ct.. 65
do pr ct... 54
T-ans A W H 30
Twin C'ty R T 57
do pr . ?
t'nderwood T.130
do pr .114
on Bag A P. 66
Vn Tank _112% 115
do pr .108% 111
'?*- Al'oy St.. 34% 85
I'n CU-ar St. .120 195
do pr .114% 120%
U Drug 1st pr 46 48
V S Express.. 6% 7%
U 8 S A H pr '6%
r} S Tob _56
V R??! Ist pr 97
Va Car Ch pr 60
Va l C A C. 55
Va R A P pr 75
'"?.'t'ae A B. 95
West's? M pr. 73 75
Willy? O pr.. 38% 3S%
?Vilson Co pr 80 87
Woo'.worth pr.l27?% ?
WP A M pr A ? 39
?i
?
21
44
1%
11G%
15%
129
59
82%
59
92
15?H
120
?f?%*
"%
58%
98
79%
DIVIDEND NOTICES
TEX?B ?i;_f Mi;i.PHl*K COMPAX*?'. I
A quarterly distribution of ?1.25 per ?
share has been de lared by the B*>ard ?
of Directors payable on December 15, 1 22.
\ to stockholders ot record at the close o? j
business on December l. l!?23l
Stock..oliera will be advised later ss to?
what portion of said distribution is from j
Free Surplus and wnat iron*. Reserve for ?
Dep etion.
An extra distribution of 75 cen*s per;
share has also been declared by the Hoard j
of I>lre?:tor*. payable from Reservo for ;
Depletion on December 36, 3922, to stock
holder? of record at the close of business ?
on December 1, 1 22.
H. F. J. KNOBL.OCH, Treasurer.
~~ propo^Ils i
PROPOSALS WtLL. BHJ RECEIVED BY ,
the Bureau of ?uppllen and Accounts,
Navy Department, Washinrtton, D. C,
until 10 o'clock a. m., December 5. 1922.
for dellveririir wheat flour, rubber pump
valves, minerai lard oil, calcium carbi le
?and con ?ntrated ye to the navy sappl}
I depot, So. Brooklyn, N. Y., etc. Apply fo? ?
I proposals to the Navy PurchaSins; Office I
?ew *?ork, N. If,, or to the Bureau of Sup- ?
pile? and Acoount?. DAVID POTTER |
? i'iiymaster Oener?) of the Navy. 31 - li -I" ;
FIN?^VCIAL MEETINGS^"
The A?mitt! Me.itln-f of the Kto kholderts
, >f the ROOERS-PyATT SHB3LLAC COM
| l'ANV will be held on Tuesday. December
! 6th. 1922, at 2:30 P. M., ?t the offi.-e of
, ihe Company, et No. 81 Water ?-reut. New
I V^k city.
YAM?* W. BTRNES. ??creta?ry.
_ JB-VNK J?T A T RM KNTS
REPORT ?? rl?^P_**"___S
FR/NK SAKSER STATE Ba??
?A f h - ?-i.-,., c business on ??,,. t,"?*
No.en_v..r, 1922: *5l,i <-*_ w
RESOURCES.
Hptw-Io .
Oth-r currency ?nth _.'.:-.".." ,U* '.'' $6.,n
Jaw* of the United Stat? *
Due fro -, approved r<..?,rv. ' V ' -?*-.?'
posltarlet,, ...._, ??f.,.,, rv* <-*
Due from other bar,Ira. tni.t Vm.' "'*?.il
pan!., and banker?. lr "" cm>*- *?
Stock and bond Invent- . 18sS?l_t?
m?-nte, viz. :
Public ?ecurltte?.,, .il,*?.,,
Privat*. ?-CaurJUes . i ?'?.?!
Lean?, discmint? .,.,; -??.M?j,
?_Mum_1 bot ?.cured v,v *!S
lateral . f ?>
><--?et. , viz. : . -.fate
FurnJt?jre an-1 fl.t-._n-.. $134?,,
A< ' ; -.i"<-| inte. ??? ? ' '?
t,_r<-_ on boote?
( ir,H . ?>f >?,;. !n? M ?.",
?bor? flats .,,,,
A":."-l Interest not -'"??.
entere-1 < t, < r . ?., ;).
cfpfl. of bosinei
above dote. , ... ?.
1 ""* 57
Other ft*S-t?. ~"
_ ;i.-...iK
Total . jr--?
I LIABn.i-.E8. ,S4'M--?
Capital stock. "*' ?
' Su 1 plus: ???'W.A^
Surplus fund. ? .0 ft.n f.
Undivided profits.. V. lM%ft
I Depo.its: ~~~ '"
j aN'ot pref..-red, a?
follow . :
; Mon y orders ?.a!:!re
I transmis-iior, abroad .-.47417
M< ? >?:? o.dor?, awalt.ng
r-'fcind . iii6.
Deposits w.'.-, dr.--?.,;.?
only on pr?s ntatlon
of pa.?. 1. |7] ?|4
Prepaid afanvhip
,-.*?***:**?,. lu?s.?
Du?- trust compa
banks and bankers. 74.019.?
Extend tofat dep..!-?, ??
RedIt':our.T>>. viz.: "",* "Wli^j
Loan, .ecured by oM|.
cation? of United
States .
Other liabilities, viz : . ??"?--_.
It?rer, ea for tsute?,
expense?, etc. 811,0*3.?
Accrued Intel
tered on rook, at
close of business er,
above dsf--. \ 553 M
Accrued Interest net
entered en book? at
cio.e of busines.
above da!e. ? >.,.,,
Other liabilities. ?.8?1 3J
- ?Ml?
Totti.?_.?srss
REPORT OF THE CON'DITKW Of
HFDMAN. HORNBORGK?
'RCBS
I Stock and br-nd -, .,..,.
Public securities .' '".?,?,,
Prlva'e secu-1**- .," "?,!-?
?Accouts receivable .
1 Due ir m foreign bar.ks ' "
and banker?. $..485 91
Due from r .
panics, ban
bankers not InrJ
in preceding -, ;;j j4
-...Hit?
.K
1.4ft.
ISpocJ? .'..
Other currency a'.tJv.ri.e-! by f??
laws of the ?.'njied Sta'.e.. _r?_*.
Foreign currency . l_Mt.t4
I Other assets, viz. :
Accrued Interest not
en ered on boo. s al
. close of busii?>.ss on
above data . T..4I
?- .J.4.
Total .14-.912.M
T-TAIirr-ITIE.
Permanent capltai .t....0..f|
I burplus ... 16,-S1,4$
Deposit?:
Pun,Js h.id awaiting
transmission abroad. 15:' 40
-M.45
Bills payable, mcludi.g Indebted?
ness for money borrowed, repre?
sented by notes, ? ?? - Incale? of
deposit or otherw.se. ...il..;
Total .W*,#_-.#S
H-.ANCL.I_
HENRY J. LEAKE _.-t!or-_r
REOUI.AR _L-CTJOXBW.?
? .M ?v*. _NI) P V.?
BY ADRIAN II. HVJJLEM & SON.
OFFICE, 55 nilaLI-M hTUEkT.
WEDNESDAY, >OVk..IJBEB i9. I.JJ,
: t I.- 0 o'fUi k. . 1 .lie
EJXCHAXGE BALESHOOMS,
nos. 14 ..i,: 1. v?_s_j? eif-EET.
For Account of Whom it Ma>- Ccr:
I40B.0?I) Atlanta, ?' rmlngham & \t.ai
1st & Ref lg. oer.-a "A" aon-S
T-. mj...
_00 _hs lajlor WhartotJ Iron & Ste.
Co
1,000 8hs. Insurance Exchange B-li.i?
Coi-pn.
1.800 shs. Aican Oil Corpn.
26.010 _h... F-athe Fr?res l'honograpli Ce.
?ommm.
388 Bhs. Fathe Frere.i i'h.ni*r_p_ 0(.
p..fd.
150 shs. Pathe Fr?res Phc-iognpi) f>.
8% D?lfnturo.
2,626 shi. Pathe Fr?res Phon<.grs;_ ft
conim' n.
800 tho } a.he Fr?res Phonoer.p_ Ct.
8% Deb? Qtur?.
150 ?h;. PaUie Frcres PhoncgrspJi ft.
8% Deb-ntuie.
$20,000 BufTalo I.a.e Erie Traction Co. SS
& Refdg. u% Uvnds <-:f. of D po?
600 thf?. I'nion OU Co. Ctf. of D p-st\
40.000 ihs. New York Graph.;e Co.. L_t
?6,428.70 Notes of New Y01 .;.-_Dl_ie C?i
Ltd.
30 shs. Empire Cotton OH Co. prefd.
? 12,000 Second Avenue K H. lrt Co_-Jd.
Mtg. 6To Bon...- Ctf.. of DfpofJt.
635 ?hs. Astoria Mah jr. *--,- Co.. lac.
R.ght, title and ? ...,... *" ?n :.?. ?1?.
Astoria M;. ?nc.
1,000 _hs. L'nior ti., Ctf. c:
Deposit.
1,000 shs. Union OJ! Co. prefd.. Ctl. 0
Deposlt.
$12.000 Seaboard Finance * Invtsta?.
Co. 7% Convt. .Votes, ?S3.
$2,000 New York 41 Stamford B. R. t_
M.g. i% Bonds. 1S-1.
80 ens. Columbis __?>icr Truck _r Stf.
ply Co,
200 shs. \TaI??T>rtla Mar.-facturln? 0_
common.
?0 ehs. Dosch Chemical Co. prefd.
28 shs. Dos."h Cha-mi.'-a! Co romn?
100 _hs. Da>tcn Coa!, iron 4 R? pr*H>
100 .h.?. Underwood Computing Of
chine Co. common.
42 _hs. C.avin-A:mour Steel Corp?. '
25 shs?. ?..avin-.-rmour St-.-el Co?_n_.
27 fhs. Forco, Inc.
860 shs. Tyson _? Co rvt?..
606 Fhs. El Triunfo Consolldatefl __??*
Ing Co.
104 ehs. New York Fur Auction Ssl?;
Orp...
200 Fhs Railways Specialty Co.
105.467 fhs. Calavada Copper To. am
$1_.000 Mexicsn Coal & Coke Co. ?-*?
Ctf. of Depo.lt.
60 _hs. Aluminum Ware ManufsiSW*
Ing Co. prefJ
63 slis. Aluminum W_re Manufsct*-"
Ing Co. ?out on.
100 shs. Broth Fi.herles prefd. ^^
600 ehs. Aut? tnotiv.j Directories Csrfti.
11 th.. Nat.oiia.I Na-**-*u! Bants In ?4
26 6h ,. National Nassau Bank I? }??
100 fhs. Cuban Do.i.vn. :_ Sugar ?.
p-*'f<l. -.
BO shs. Subway Centra; Service ?J*
260 Fhs. Ful1-- .-men-ail Foiaio fl-T
Co. common.
60 Fhs. ESdg. mere Crest
1600 Fhs. Pitt-burgh Oil Reflnlng C-T&
?S .hs. Manhattan .Mortgag- Co. ??
mi.n. ?
4 shs. Mctihattan Mo-tgsge Co. pi**
80 18-100 shs. Manhuttiin Moi igage Co. H
-' tJ '? ____ ?-_.
96 shs. Madison Tire ?_ Bubow w
en mm n. _j,
$10.000 Bio.kJ.vn Ferrv Co 1st C?K?B
Mtg. 5 Kc Rmds. Ctf. of Depo"^
$1,2;;5 Tiipo!; Fealty Co., ?nc.. S&% ?**
6-"o Series -a" Bond. _*
100 Fhs. Nat'onaJ Drug Store? t***ir
100 shs. National Dm? Store? V'%.
24,000 shs. Pcj...-? Co a u-rai II* N
c.eiypi? fd.
Hsd'i
o.ety lommon.
<40 shs. Metixpolltsn Sewing
I >.pn.
200 f!is. Paciflc C<*n.t. Co. o'in?*
15 shs. Chatham & Phenlx N?*. w
DIV DEND NOTICES
? OFFICE OF .....nTK?
LOCKWOOD. GREENE & CO.. ..lANAOr.-""
Boitcn. Mass; <jufc {b,
Colony Ti usi Company. Bo.-ton. -"".'"Cj,?.
stockholders of rccoid at th. close or ??
ness Novniifcer 24. 19?2 ,..0
lNTEi.NATiONAl. COTTON -dlI*,L.-?_.
S Harold Ui-<-nc.J>*'?-^^
THE BUCKEYE ?'IPE LINE CO-iFA*
2? Bro.dv.M-. ....
Now Volk. Nov?-?ber l**-1-?V.t?
A special dividend of i:'6.'"0 P*r t nf tk!"
been declared on the Capital ?*;t.ocl?.9}3 tc
Company, pavatle DeceraViNf ???? ?'.Jamst
? totkholders of record at th9 clos? of dub.?-?
-S'ovember S9th, 19_2, ? ?.._,,*,
J. R. FAST. Secre??*7*
~ INDIANA PIPE DiNE COSt?***
_. Broadway. ,SJi.
New York, November I?, ** ?^
A ?pedal dividend ol ?20.00 pt>r ***?&*
been declare?! on the capital k'<*?*,,,?ft p?
Company, pa>abl? De-ember 3<>. "/wg^
stockholders of record at the clou* ? ""
no?? December 1. 1922. _._.?.?*
t s> VAST fliae******^
