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It, TUE" SUN AW;:NEW TOEK""HERALBrTHUKSDAY,' FEBRUARY r 12," 19207 An Efficient Bank When we plan for or-, ganization or accounting systems, we think not in terms of cost but in terms of the most effi cient results. GARFIELD NATIONAL BANK 23DSTRBtr.WHtftt FIFTH AVENUE CKOaW S SKOABWAY " Great American Insurance Co. "Rights" Bankers Trust Co. Equitable Trust Co. Chase Nat'l Bank BOUGHT AND SOLD HOLMES, BULKLEY & WARDROP MEMBERS New York Stock Exchange Piltihurth Stock Exchange Union Bink Bid;. 61 Broadwiy Pitliburgh New yirk a little book most investors find valuable Condensed facts and analysts on aboot 400c6m'pahles 272 pages-rcurrent statistics high low records par-dividends capitalisation officers etc. INVESTOR'S POCKET February issue now ready v Gratis ton rrqvest for C-SSO, R.MACMASTERS&CO. Mtmhtrs Consolidated Slock Exeh., Tf, Y. 69 Wall St. New York llanmtr 9iJ, Ground Floor HELLW1G&JREUTTER Mtmkn oj A'fte York Sleek Exxhangi (N VESTMENT SECURITIES 25 rread Street, New Yorh Telephone BroaJ 6239 Graham, Parsons X CoJ INVESTMENT SECURITIES 435 Cleitnut St. . 115 Broadwiy IhiUdVpria fi"tr York l!cor 01K.it Ap-ier. It. ': 'fraction uties Service Western Power I H.F.McConnell&Co. Members S. Y. Slock Exchange I W n-nay, y,y. Tel. Bowl. Green 5080-89 EUROPE SELMS. SECURITIES AGAIN Rise in tho American Dollar Abroad and Slump of Foreign Exclianjro Is Cause RECENT STOCK GAINS CUT liquidating Movement Pol lows Movo to Bring About Credit Contraction. On account of tho rlso In tho dollar as expressed. In European exchange nnd tho depreciation In foreign currencies,, largo sales of American securities hold j abroad are being consummated dally and mey.aro expected to centlnuo until thoro Is a substantial rlso In foreign cur rencies as expressed In terms of tho dollar, or there Is nothing left In Europe. In tho shape- of American securities which can bo disposed pf hero. Ono house alono reported yesterday that Its sales for Europoan account range from an aggregate dally valuo of $500,000 to $1,000,000. This European liquidation added to American liqui dation, Impelled by the belief that It was .tlmo to discount a recession In commod ity prlcea as well as by the practice of selling to register stock losses for 1n conift tax purpose, lias been sufficient to wipe put 80 per cent, of atjgregato gains mado In the 1010 bull market, as evi denced by stock aventgea On the other hand tho current sta bility of European exchange with Its tendency at tho "moment toward a firm trend ha8 resulted from the creation of dollars here through tho sales of securi ties held abroad, The whole liquidating movement, -which some authorities as sert has-nearly run Its cycle, followed recent steps to bring about credit con traction and the decision of the authorities at Washington not to extend Government credits abroad.4 The decline In the value of foreign currencies as expressed In terms of the dollar has reached a point whero the Governments of two European countries have taken steps to end speculation In exchange. By royal decree In Belgium , all exchange transactions are vised by the Minister of Finance and the Minister of (foreign Affairs. In Italy the Min ister or the Treasury, according to a cabltf received yesterday by the Guar anty Trust Company, has Issued orders suspending stock market operations In rorelgn exchange. IlelKlnm Places Restriction. The first details of the royal decree In Belgium received by cable yesterday snow tnat dealing In foreign - stocks, bonds and money Is prohibited, except In tho case of bona . Ado commercial op erations. No transaction whatever In foreign securities Is permitted In Bel glum unless Justified by economic necen slty. Sterling exchange yesterday, rallied moderately, but the aggregate of trans actions In It were small owing to delay of cables. One Institution received- It London closing quotations three and one-half hours later than, normal, and there were more tfr less lengthy Inter ruptions to lie cable service to and from Europe throughout the day, A nlore chcpjrfufc aspect, to tho sterling and Eu--ropean situation In general was given yesterday by , the Royal Bank of Can ada, which gave to Xnt Sutf and New York Herald a communication, which It had Juft received from Walter Leaf, managing director of the London Coun ,ty, Westminster and Parr's Bank, Ltd. The letter, after stating that the at. titude taken by Sir George Palsh does not In any way represent the views of tho financial world "on this sldej" nays that the recent memorandum signed by. representative men In European coun tries and'the. United States and presented to the British Government represents tho best opinion In the. buelneas world. "You will see." the letter coptlnues; "that, far from coming as petitioners- to. America, we.. fully recognize that we have got to shoulder our Own burden, We are ready' to do .so. We are con fident In our power to- hold, our ground without asking any such gigantic cred its as nave oeen recently spoaen oi. Views of American Hanker. This view of England's position is CHANDLER MOTOR EARNINGS INCREASE Annual Report Discloses Cain in Year. A very substantial Increase In the earnings of tho Chandler Motor Com pany during tho last year waa disclosed yesterday when Its annual report, of operations' for that period was Issued. The report showed not profits, after depreciation, Interest chnrgow and ex penses, but before taxes, of $5,052,255, or $26.91 a Bharo on 210,000 shares of ltd no par value common stock, which was nt tho rato of $80.73 a share on tho old stock of $100 par value, split up' three for one during the year. Thoso figures contrast with profits of $2,194, 618, or $31',35 a share on the Chandler old stock, earned In tho preceding year. Total Income for the year was 16, 853,139, or more than double those of 1918, and charges for depreciation, &c totalled $1,200,884, against $858,151 In 1918. Dividends paid In 1919 were $1,330,000 and tho final surplus for tho year $4,322,265. "Business came to us In large volume," said P. C. Chandler, president of tho company, In his report to tho stockholders, "not only from our own country but from practically all foreign countries whero embargoes did not oxlst. No doubt we shall have diffi culties to contend with In tho way of shortage of materials and possibly with trufllo conditions, but In spite of these tho management expects tho company will largely Increase for tho year and that It will have a moro successful and prosperous year than any heretofore." W00LW0RTH HAS RECORD BUSINESS FEW STEEL MILLS WORK AT CAPACITY Fuel and Labor Shortages and Railroad Embargoes Cause . of Retrenchment. MOST SHOW 80 PER CENT. Buying Pre'ssnro Is Still Insis tent and Consequently Prices Advance. Chain fjtore Company Reports Not' Sales of $119,49G,107 During 1919. MMMMSiMaMMaMM Commonwealth Pr. Ry. & Lt. Preferred John V. Dunne & Co. 44 Broad l St, New Yorh Telephone Broad 23H GERMAN Cin BONDS GERMAN INDUSTRIALS Prices upon applicaUon. E. H. WOLFES Phone John 1845. 34 Pine St., N. Y Guaranty Trust Company of New York Cpiial nd Surplus . .' . $50,000,000 esourcei more than . . . IdOOiOOO.OOO shared by a partner In an Important" banking house, which l.as close Euro pean connections. lie stAted yestqrday that, all financial operations of the, 'Brit ish and French Government were being sniped; "with- -a- view of caring 'for the $5OO',i)06;O0.n 'Anglo-French 'loan, which matures rjext November. . He said that retirements' of the Anglo-French bonds' by purchase In the open market have been substantial and that .In his opinion when the time for refunding the loan camo to hand, the amount' of new se curities to be sold would not greatly exceed $230,000,000. In addition' to the liquidation lrt 'the securities markets here yesterday, the movement was accompanied by rumors that industrial corporations feared can cellation of sales contracts provided a real recession In commodity prices made Its' appearance.. No evidence of any actual contract cancellations could be found, but bankers thought It probablo that such cancellations would make their appearance in the near future. Bankers reported yesterday that they ware taking special care in making loans, and instances' of Institutions which turned down what promised to bo lucra tive business because the deposits .had a string tied to them In the shape of a. desire to create loans were found; It was alfo learned that Greece was" in the market- for a substantial credit, estimating .heY needs at $20,000,000' to $25,QOO,000. The granting of such a loan under present circumstances la said to be Improbable, although tho principal banks of Greece may nego tiate Individual loans for the sake" of imports from tho United States. A loan of $5,090,000 to Rumania also Is; under discussion, . . During 1919 the F. W. Woolworth Com pany, which operates a chain of five and ten cent stores throughout tho country, established a new record of business, Its net sales for that year aggregating $119,4.96,107, an lncreaso of moro than $12,000,000, compared with thoso of 1913, when net sales were $107,179,411. i according to Its annual report, Issued yesterday. Not only was there a sub stantial lncreaso In Its gross business, but the corporation's earnings for tho year Jumped almost "5 per cent. After payment of all charges, war taxes and regular dividends on its preferred stock, there was (eft a surplus of $8,554,435. equivalent to $17.11 a sharo on Its com mon stock outstanding, against $4,981, 507 or $9.96 a Bhare In 1918. Nor was the gain confined to tho In come account The, corporation also Had' gained liberally In 'net working capit.nl nt tho epd of, ,191?... On Decem ber 31 Us current' asricts totalled $22 563,613, and Its current liabilities. $2,570',510, leaving .net working capital of $19,990,073. At the end of 1918 tho company's net working capital was $1S,T 018,594. Inventories as of December 31, 1919, wero lower than at the end ot 1918, and totalled $17,248,973, against $18,131,812. An Increase of about 800 par cent, was shoWn In fho cash account, which stood nt $4,845,555 at the close of 1919,. against tl.2a9.722 for the last previous year. Netlncome.ror 1919 was $119,496,107, against $107,179,411 In 191S and $98. 102.S5S In 1917. Net Income after all charges except Federal taxes was $10, 861,556,, against $7,088,716 in 191S and $9,252,349 in 1917. Federal taxes totalled $323,121. a decline of about $300,000 from the $1,232:209 'paid In 1918. Preferred dlvJdends,an'd;common-j dividends were unchanged at $875,003 and $4,000,000 respectively, making the final surplus for tho year $4,554,435, against $98.1,607 In 1918 and $4,239,832 In 1917, Thus tho corporation's surplus was brought up to $25,144,435, or ap proximately $50 a share on Its com mon stock on December 31. URGES ACCEPTANCE OFRAILROAD BILL S. Davies Warfield Appeal's to managers of Lines. ISSUE OVERSUBSCRIBED. . , IlccelTe Keaneata for 933.000,000 General Electric Bond. J. P. Morgan & Co. and Lee. Hlggin son .& Co.,- ayndlcae managers, . an nounco that subscriptions totalling moro than' $33,000,000 were received for .$15, 000,000 of General Electrlo Company twenty year $ her cent, gold debenture bonds offered, for .subscription by them on Monday, ' Allotments of the bonds will be mado on the following basis: $100 to $2,000 inclusive, In full; $2,100 to $5,000 In clusive, $2,00,0 each; $5,100 to $10,000 Inclusive. 40 per cent, minimum $2,000 : $10,100 to $$5,000))ncluslve, 30 per cent.,,1 mlnlmirm lltM' UK Iflfl try tKO flftn In 'I elusive, 20 per cent., minimum' $7,500; $50,100 and up, 10 per cent, minimum. $10,000. . , Democratic objections In Congress to trie. . cummlns-Esch bill have renewed cunpstty. as to tho attitude of the As sociation of Railway Executives to ward, tho legislation as 'agreed' upon by Ibo conferees on tho bill.. While,. T. 'Dewitt Cuyler, chairman of flio'Rallway Executives Association, has.-Intimated that no further effort will be made to oppose the fixed percentage return and regulation or excess earnings, when the conference report reaches the Seriate and House, the paat opposition te these features has been vigorous. S. Davlerf Warfield, president of the. . . '.win lanuti v. W 1 1 L 1 n VI I14LI1 road Securities, .which from tho outset contended for these fundamentals which are now incuiueu in me agreement of the conferees; seems to exoect this aoj position to continue, for In a statement mado after a meeting of the committee of the Security Holders Association 'Mr. Warfield said; "It Is to be hoped that the opposition of those elements which have been ac tlv6 throughout tho consideration of this legislation will not be continued. Tho situation upon the return of the rail roads under existing conditions will be difficult enough. unless thero Is cooperation on the part of the managers of tho railroads along lines more consistent 'with the spirit of tho .proposed legislation' "than has been observed In certain 'quarters in the past the responsibility for un satisfactory results must b shared by the railroads and, their owners, and will not rent exclusively upon. the Cp'PSress and the commission, which have been cliArgcdand at .times unjustly with" responsibility for results unsatisfactory both; to the public and to the investor,"' UNITED HtUIT NET. IS' UP. 31 ay Drill In Tatriplco Oil Fields. Wabhinoto.v, Feb,. 11, Permits to The report of- the United Frutt.Com- pany for' fifteen months ended on De cember 31 shows net Income, after In terest and taxes, ot $.20,-163,517; or $40.07 a sharo on its capital stock, or at the annual rate' of approximately $36 a share, against $28.01 earned In the last preceding twelvo months. Total Income for the fifteen- montlia was $33,386,308, and Interest charges and taxes, a little more than $lff,000,00u, making net Income for tho period $29, 163.517. Dividends of $6,289,562 wern paid, an lncreaso ot more than $2,000,000 compared with thoso of the last previous twelve months. The final surplus was $13,873,955, and the total profit and loss surplus on December 31 $49,109,732. Allls-Chnlmers neports. ' The., Allis-Chalmers Manufacturing Company, reports fpr'.the last quarter of 1919. net -profits, after all. expenses and continue drilling In the Tampico oil reserve lor Federal, laxos, of $70,434; nMn hnvn been rranted several Anwr. or $1.85 a share- on. .Its common stock lean companies by the Mexican Govern-' -tler payment of preferred dividends." vnent pending the passage of laws cor- ine ocst snowing or. me periou. mo re erlng oil concessions, according t) cf- port discloses, was In October, whoa flcfal advices to-day from Tampico. T.io i sales .billed totalled $2,310,278 and not permYn will release, about 68,000 barrels profits $200,222. In . November sales pf petroleum dally from proved wells'' bllted aggregated $1;923,018 and net stopped by Carrania'a previous decrees profits $236,308. Unfilled orders -on hand forbidding work In the field. In addi- at'tha otis of the year amounted to ap Uon, Workirin-besln b'a fUty riiwTrtlli proximately $16,90,0,0,00.. Fuel shortage, labor scarcity and railroad embargoes havo added to tho difficulties under which tho steel manu facturing corporations havo been work ing for the last few weeks, according to weekly trado reviews, and conse quently most producers aro operating at 80 per cent of normal capacity or less. Only a few have been able to exceed that point Insistent buying pressure continues, prices havo been noticeably affected by that condition and Increases of $5 to $25 a ton havo been made In tho cost of Bomo steel products. Iron and steel manufacturers have paid little attention to adverse condi tion ot tho foreign exchange becauso demand for their products on domestic order has been r,o grent that were ex changes moro favorable to European buying but few foreign orders coud bo handled. Some finished material piled In producers' yards In tho last few weeks has been removed, especially In the i'lttsburg district and tho Mahon ing Valley district reports coal' ship ments are much better this week. "Tho obstacles to production,' says the fron Age, "have been heightened this week. Numerous railroad em bargoes have been piled on top of tho car and fuel scarcity and tho contin ued labor shortage. Tho threatening railroad strlko is not calculated to dampen the eagerness of buyers not yet covered. 'Tho result Is that few producers arc operating at a better rato than 80 per ccjnt. of Ingot capacity. Without some betterment In car movements activity will be curtailed not alone among pig Iron meters, some of whom ore even "now running Intermittently, but Among merchant pig Iron furnaces. "Meanwhile .Insistent buying pressure for both pig Iron and steel augments tho strength of prices. These aro al most .anything. Whereas two or three weeks ago It appeared that finished "steel was .temporarily remaining' .at the level of tho first weeks of 1919, so far as tho 'bulk ot sales for second quarter de livery was concerned, now rt- definite level hns disappeared and business Is dpnp at $5, $10. and over $25 a ton above the fixed prices' of tho war- period, "An important feature of most of the business' entered by the Independent steel makers Is that it is of a definite nature as contrasted with contracts which do not become actual orders until specifications aro forthcoming. Thus the steel trade may be regarded as In n strong position to withstand any on slaught of pessimism. "Contrary to. fhe general impression, tho violent adverse' changes in pechange iooktu upon to check exports to Europe are of no great concern .to Iron and steel exporters. .Their tookings represent four to five nioqtha of the tonnage available for foreign shipments and are for coun tries In connection wifh which exchange tias not, suffered a. great variation from trie, normal. The f roi Trade Review says : "Flnan Cial .disturbances of the week have cast no shadow tippn the Iron and steel mar ket, The.gap .ha't .measure's the excess of,. demand over-supply Js as wide as. ever and continues to bo reflected by tho in tense eagerness with which buyers nre BceKing material regardless of price. In some lines, In fact, the week has been marked by the sharpest pressure for ton nage'thattae mHla yet have experienced, This has been' notably true of Eastern Plato mills, whero the volume tif -business-forced to be refused: bv producers nas Dcen .noa,vier than in any previous weeK. . "The shortage of cars, fuel and .semi finished steel are a prcdomlnatlns factor,' but the- situation In this respect Is be ginning to improve. Makers havo suc ceeded In moving a considerable portion of rolled material piled In mill yards In recent weeks, especially In the Pittsburg district. CoaJ shipments to the Mahon- mg.V alley ara better this week'." BROWN BROTHERS & CO. Fhfladelphlj Established IBIS 'NEW YORK (Bolton City of Copenhagen 't ' ' 5,H External Loan of 1919 " ' ' Al firtkent market prlcu '' Bonds drawn for redemption in 1925 yield 10,20 Bonds drawn for redemption in 1930 yield 8.40 ; Bonds drawn for redemption in 1935 yield 7.75 Average yield 8.10 BROWN, SHIPLEY & COMPANY founders Court, Lothbury LONDON, E. O. EktabUshad 1810 Office for Trsrolera 123 l'sll Mall, LONDON. S. W. Your Incentive to Save And Invest Conservatively - THE interest of tho investing public is .concentrat ing more and more upon tho sccuritj'' markets, . It is well that this should bo so. It is well that men generally should realizo moro fully- than thoy do that the security markets are a barometer of condi tions in commerce and industry. This barometer indi cates today tho need for the exercise of proper caution, tho practice of thrift, the working to the utmost of every man and every dollar. Nations, municipalities, commerce and industry, all need money, All aro now offering their securities on terms so liberal that, every . thinking man has the strongest incentive to save, and invest to the limit of hia. ability. The, judicious selec tion of theso. securities is n matter of, knowledge and discrimination. Our experience of forty years -is at your service. Send for Circular No. lo83 ' ' "Conservative Investment!"' . " ' ' ' - Spencer Trask & Co. 25 Broad Street, New York Albany Boston' Chicago Members '. New York and Chicago Stock' Exchanges"- Clotlnf-, Bid. Atk. Kxchanep Active In London; Co.vdok, - Feb. 11. Foreign exchange. nun m.-i3 wmay were acuve, DUt con tinea to legitimate trade requirements. iur excrumge movea narrowiv around $3.36, The quotations for Bel gian and. -French exchange showed fur- tner improvement, but Italian exchance was slightly depreciated. I'nrls limine Trudluu. Paris, Feb. 11. Trading was Irregu lar on the Bourse to-day :' 3- ner cent. rentes! '57 franc '73 centimes )"exchtige on London, 48 francs 75 centimes' 5 iier cent, loan, 87 francs 65 centimes; dollar, n rrancs n centimes, London 'Money Mnrkrt. LoN'DOfr, Feb. 11, ClosingBar sil ver 83u. an ounce. Har gold, 123s. Money, 4 VI per cent. Discount Rates Short and three months bills, 5 E 13-16 rfcr cent. Gold premiums' at Lisbon 140. , FINANCIAL NOTES. .Parian Bon Combany have Iwued. a cam. pltjcl rtyjpf .dctalbaml quotations on foreign yovcrniuem prtuiii,". Eouitsble, Trust Company ha -beon p. pointed transfer ajrent of tho .Standard Oil Company "of Ohio common anil lutfernvl stock and disbursing srent for its divi dends.. ' ' "' - rcnm W: Davison. DrFsldent of thn Central Union Trust Company has been elect' Corporation In place of James N. 'Wallace, aAppicatloTi has been made to the New York Stock Exchanro to list 57S,000 of. addi tional Dayton Tower A Urht Compahy per cent 'cumulative, preferred stock. frtW 'At Pasco Copper Company pro-' traced .In January M16.0OO pounds .of cop per, -'aint,5,8K.0M pound In.'Oanuary, 1!1. A netltion -r pninr arcuiip on. tn noor of the New Tork.Cbtton BXchanrs asking its Hoard ot Marlarers not to open that exenanw on Saturday. Sidney 8. Shlenker and Atwood Vjolelt, Jr . have been elected members of the New York Cotton Exchanp. In 11)19 tmU lendlnyi by compinio op eratln? the Morris Plan of Industrial loans throushout the United States nhowcd an In, rraue of nearly (0 per cent compared with their 191 showlnza. Tho total for the twelve Romanics was, 125.6K.05J, an average of "whit Oil' Corporation has made a conlraet siih ih tthi Comoaiur whereby the latter'a nine Unea will run from the West Columbia field of Texas to Houston 1,000,000 barrels of Oil which the Wihte Corporation has In stor age In ma vve vuiujuui ucm. The cable laylnr steamship Colonla, ot S00O tons, has arrived at uantos, BraxlL with" 2,(00 miles of. new cables to connect Santos and Bio do Janeiro with the present All America Cable system at Montevideo and Buenos Aires. It la expected that the new cables will bo in operation about March VI, thus proviain uito cuuioiuuicauon who RtSinrwr TraA &' Co. hava iobued a dr. 'cular Bhowlnir at a glance how earnings of more important rauroam umier iecerat con trol compared wwi compensauon re relved by the road from tho Gownnieht hud how Per share earnings, raalntsnance. ex penses, dividend paymenu and prlcea during Federal control "compare with thoro of the EU year period before Government operation. American Kxchanga Natrona Bank has Is sued a booklet on tha cloaed shop. Mechanics and Metal National Bank has issued vfcooklat. enUUed "Seventy. Polots on lG(i 30 44 64 50 9 21 36 62 37V4 37 rr us 93 70 li 99 74 10J 14 39 Vi 90 mi 30 40 25H 13U 89 5? 69 hi 51 '4 U" 45' 7 6H no 29 52 M, 40 72. 69 38 404 36 11 24 35 35 Rl 93 16 NEW YORK STOCK EXCHANGE PRICES. Continued, font frrcecllnj; Page. (Open-) High-1 Low- I Cloi ) Inf. est. 1 eat. I Ing. Kit. 50 ! 166 no 31 44 10 65 52 7 10 21 37 63 40 ,39. 43 120 73 100 71 101 76 107 5 40 95 66 24 53 53 89 22 16 86 U 100-i 109 78 -39 19 65 32 C7 37 44 100 100 95 15 1P 23 14 6 12 11 77 35 67 205 89 18 50 120 60 83 106 43 9 166 SO '25 1C 90 54 69 53 MJ '60 30' 62 41 73 70 38 40 37 14 25 5.5 35 51 99 16 91 57 55 90 22 77 17 83 103 111. In'4 90 1954 .65 34 70 39 45 101 101 ,95 16 15 26 10 lio 4 c 7 5 7 1 10 6 2' 27 C6 20 55 27 170 '28 111 66 41 129 SO 5: 71 P '4 2 50c ;5, .lOOOjJIaxwell Motor 1st pf . . . 600 Maxwell M 1st pf ctfs,. 21600Mexican Petroleum '1000 Miami' CoDner 17500lMiddlo States. Oil, 15 6 13 11 78 68 130 89 18 6C ISO 61 83 107 44 9 169 27 67 20 58 32 176 mi 112 66 42 133 50 1200 600 1000 2000 '4200 ' 100 200 200 400 1200 ioo: 400 100 '1100 900 400 1000 6600 BOO 300 100 7700, 400 300! 100 6900 30)00 9600 10? 74C0 J 000 400 2100 1000 100 21300 2900 1000 6700 1600 200 10300 100 3100 23300 200 3700 500 200 1600 100 1500 100 1100 2700 '306 1300 2300 jm 3009 15500 100 1600 100 400 60000 600 5.20 12500 1200 3800 400 2300 2100 2500! .200 300 100 3500 38300 1000 600 29700 4200 800 100 2900 65SC0 1600 800 '2800 11100 200 600! 4400 ES00 8000 1300 300 200 6600! 15400 400 1400 500 100 1 74c "6 20 5 2.50 8 io 4 4 7! 3 2200Mldvalo Steel & Orel,.. 700 Mlit'neap'olt.'& $1 h new 100 Minn. St R A S"S"M.,.. 100 M, 8 P & 3 S M leased I, 1600 Missouri, KJin. & Tex... 1200 Missouri,. Ka.ri "& Tex pf 5200!Mlssouri Pacific Missouri Pacific pt. .... Montana,. Power ..v...,., Mulllns. Body ..','.;..,'. National Acmo Co...'"..,L. National Aniline Ghfcm. National Biscuit Cp. :-.'.'. . .National i;ioak & ftuit... Nat Cloak & Suit pf National Conduit & Crtb c .National Enam stamp. Nat Bnan & Stamp pf. National Lead Co National IcaJ Co p-", Nit R c-YMex. 2.d'pt. J,. VpvnfLi Cnn fVivmer. New Orleans. Tx S.Jlejc. isevv iorK ait jtsraKe. ... . Ncjv Vork CentraJ .-. ,. , , . Now York. Chic & St L.. New York Dock.' New. York Dock pf . . . . . , New York, N H & II..,,, New York, Ont & West.- Norfolk & Western, North American Co 4 Northern Paolflc Nova Scot a- S S: C. . . . Ohio Cities1 dair.:. . '. .. . . Ohirr Fuel'SunirtvA .-. .-. . Oklahoma Prod & Hit.., Ontario Sllve'r-'Mlrilng. . . Otis Elevator Otis Steel......:...;.... Owens Bottle Co Pacific Tel & Tel Pan-Am Petrol & T. . ... . Pan-Am Petrol & T B.... Psirrlsh & Bingham Pennsylvania R It. ...... Peoples Gas, Chicago.... Peoria & Eastern, Pere -Marquette. ., ... . . Pettlbone Mulllken Co... Philadelphia Co Pierco-Arrow .Motor . . . Picrce-Arrow Motor- pf... Pierco Oil Corp. ......... Pierce Oil Corp pf Pitta, C. C & St Louis.... Pittsburg' Coal of Pa Pittsburg Coal of Pa j)f. . Pittsburg & West Va Pittsburg & West Va pf. Pond Creek Coal,. , , Pressed Steel Car....'. .... . Pressed Steel -Car; pjt; Pullman Co. ......... v... Piinta Alegro Si'ignf...... Railway Steel Spring..,. Ray Consol Cop....,.'...,. Heading Reading 2d pf. Remington Typewriter.. . Replogle Steel Republic Motor Truck... . Republic Iron & Sfelel. . . . Republic Iron & Steel pf. Royal Dutch Co N T.-,.. . St Joseph Lead, St Louis & Sap -Fran.... St LouIs.&.5an Fran p'f,. St Louis southwestern.. St Louis Southwest ,Pf. . Saxon Motor- r Seaboard Air. Line. ...... Seaboard Air Line of.... Shaltuek Arlr. Cop Shell Trans & Trading. . Sinclair uonsoi un...... Sloss-Sheffleld S & I. . . . South P R Sugar Southern Pacific Southern Railway ...... Southern Railway. pf.... Standard Milling Co Stromberg Carburetor... Stuaebeiker Corp Stutz Motor Superior Steel Corp Tcnn Cop & Chem Texas Co Texas Co full paid-,.... Texas Co 30 p c paid. . . . Teps & Pacific.'. .'...... Tobacco Products ....... Transcontinental Oil .... Transue & Williams Steel Twln City R T Underwood Typewriter . Union Oil Union Pacific Union Pacific pf. ....... United Alloy. Sttel , United Druff Co United" Drug CJo'lst jjf . 49 48 165 22 - 29 '44 10 65 - 50 7 8. 22 37 - 62. . ,36 52. 114 71 97 8 I 70 99 75 106 4 39 98 65 25 30 45 24 16 90 52 68 I. 51 Am 122 30 53 37 75 i IV 39 37 11 25 35 ' 36 ' 53 99 16 89 50 63 89 22 70 ; 16U 88' ' 103 110,' 78 ' 90 : . m 66 84 72, 39 45 102 100 95 . 15 16 s 24 15 . 6 76 35 68. 216 90 18 62 120 63' 87 110, 44 9 163 168 153 63 21 5S SO' 170 28 114 66 43 133 50 7 48 166 22 44 10 -05 60 7 -10 -22 37 .62 41 ,'37. 62 114 71 .97 8 71 99 75 106 U 40 .98 i6 25 32 45 16 90 6.2 70 63 42 46 ,7 .7'. 126' 30 53 37 75 71 40 40 37 11. 25 3 36." 55 99 . 16 90 62. B4 89 22 70 16 89 ' 103, "0 80 90c 19 66 34 72 39 45 1041 101 96 15 16 24 H 25 15 6 13 11 73 36 8 90 6 120 . 64 83: 110, 44 914 1M 159 161 .28. 70 1 65 30. 170 26i 114 66 43 133 50 47 47 161 21 28 44 10 65 50 -.7 8 21 36 62 38 35 47 114 70 97 8. 70 99 74 49 48 166 31 30 44 1Q 65 50 7 , 9 21 36 63 38 .31' 1141 70 97 8 70 99 70 Set Calais 1 ,-f -1 " 3 1 106fl06 .'4 14 39 95 65 24 30 45 23 16 90 52 00 vi 60 40 46 7H ,-6 12 29 62 37 72 68 38 40 36 11 24 35 3S 51 98 16H 89 50 53. 89 21 70 16 86 103 110 78 89 19 64 34 67 39 45 100 100 93 15 15 24 ' 11 21 14 6 13 11 76 35 67 200 88 18 20 60 83 106 43 9 186 158 16S 26 67 20 54 28 170 27 110 66 40 127 0 ,4 H 40 95 65 24 30 45 16 90 52 69. 51 '41 46 2 6 124 ZB 52 37 72 j, on 38 40 36 11 24 35 35 51 98 16 89 62 63 89 22 70 16 86 103 HQ 7S ,.89 .65 34 ,67 39 45 f00 101 .90 24 r14 26 14 , 6 13 11 78 35 .67 2.05 89 ..18 50 120 60 lK8 43 9 166 169, 161 27 67 20 65. 28 no 28 112 . 66 41 137 50 1 1 3 6 4 1 2 3 9i 5 V 1 3 . 5 - 1 1 - 3 2 1 V5l 1 2 -'-2 1 t- 3 1 6 -3 2 4 6 -.! u -T. 1 ,-7 XH f; 7 mm , 1 1 . , 2 T-2 25 ' 1 1 .-2 20 3 i3 1 1 0 4 -r 4 .- 1 -M 1 1 8 ?4 Sixtieth Annual Statement of tho HOME LIFE INSURANCE COMPANY 250 BROADWAY, NEW YORK January 1st, 1020 ASSETS INVESTED IN BONDS AND STOCKS. INVESTED IN LOANS ON BONDS & MORTGAGES- REAL ESTATE , LOANS TO POLICYHOLDERS.. OTHER ASSETS TOTAL ADMITTED ASSETS. .$21,274,053 . 7,315,062 . 1,500,000 . 6.211,449 . 1,480,171 .$37,760,735 LIABILITIES .INSURANCE RESERVE FUND. RESERVE FOR DEFERRED DIVIDENDS. RESERVE FOR OTHER LIABILITIES. CONTINGENT RESERVE FUND. .$33,246,501 . 2,686,231 . 1,308,100 537,804 INSURANCE RECORD INSURANCE IN FORCE DEC. 31 it, 1919. GAIN IN INSURANCE IN FORCE NEW INSURANCE (PAID FOR) 1919. ii u ii ii 1918 $185,753,819 27,045,527 . 40,009,308' 24,510,078 OFFICERS DIMS TV. flLADmrf. lit VIce-rreildeot ft Secretary IIK.VRY MOW, 2nd Vice-President ft Actuary GEOROB TV. MUBEAT, trrtTlcs-Proildsnt to Sopt, of Acents ITILUAMB. OAYLOBD, Assistant Secretary FBANK H, TQIMDUS, miXIASf A. UAnSDALL, rrcsldsnt rnaJiK W. CTTAFIX, 81. D. Caihltr Wm. A. Nub JDlisW.OIadwfn Martin Jooat S. Le Grand Bten Coartlandt P. Dlton Francis I-nine Medleal Director CHESTER. F. 8. WH1TNBT, M. D. Associate Medltal Director nEBDERT N. SHEFrABD, Aulitaut Actuary imiJAM J. CAMEBON, Assistant Attaarr nOTTABD VAN SINDEBB.V, Counsel DIRECTORS tTllllsm A. Marshall Tra. G. Low, Jr. Blebard M. IIo WlUltm J. Mathesen Bobert it. Ftcrrtpont Georio TV. Unrrar ntnrr llatt EtbelberlldeLow Howard Van Slodarta B. nanratd Eerrr WllUamVan sickle VTaltsr E. Vnw Change of Title TRADESMENS BANK Corner Westchester Avenue and So. Boulevard, , , Bronx, New York' City; "V"-" -i. . ) M - . fx t . . . v formerly WESTCHESTER AVENUE BANK Officers Charles L.. Lee President - Itumoll D. Smith , Vice. I'ros. &. Cashier .'. Edcar II. Lee Vico I'rcsldont. rrsnf'A- Rpa; Vice l'rosldei mcor ent . , Deposits over $3,000,000.00 . '.Fetruary'.jl, 1920, ' READJUSTMENT OF Maxwell Motor Company, Inc. . . " '" AND OF " v , Chalmers Motor Corporaticfti . . "the'time for the 'deposit of .stock of Maxwell Motor. Company', Inc., ' ana Ul .Vjiijiunt-ra muiur vurjuciii.iuii auu ui ure oia ici uiib. i xcar Gold Noteaol Chalmersbtof C6mpany.jin.der the Plan and Agreemenlof Readjustment has been extended to ahd-including APRIL 30, 1920. t Gopiea pi the Plan may, be obtidned'froWtho 'secfetafy.xif thd;cpm-. mittee. Dated, New York, February 4, 1920. t ' , i HARRY BRONNKR, Chairman, JAMES C. HltADV, 401IN R. MOIIKON, . ' ... t pi.TON PARKS,-- . " ' JUI.ES 8. 1IACIIE, llUtill CIIALAIEKS, 1, IIOKACIi IIARUING, Commute. ': - . , ( f i-. I' .'" .J. '..:t ' ' . '.I . O. BMttrGITES. Becretanr;!v if ; 80 liroadnajrf New,York.Cltr.-j T WANTED An -Executive - . : " - with real enterprising initiative to handle an organization of f rom',400, to 600 salesmen and women, which will b6 put. jn the field'- to cell one ofthe most meritorious propositions yet submitted- to tho public ' This is an enterprise to sell oil land leases, the proceeds of which are to go to a First National Bank and this proposition has the backing of the bankers and individual capitalists ot absolute integrity and, some of tho oremost citizens in tho State of Texas. AH corre9pondenco'ireatdd'in strict confidence. Remunera tion based on 'actual results. Address P. O. box 99', 'Wallet, station, . vCloslns;.-, Dir. Hid. I Ask. In , 178 1182 I 12 8 10 .. 21M 23 "8W 9 3 Jo '45W 5 .55 15SH 2 8'3i 8 42 43?4 .. 05 Va 8 62 63 B 44 4t IVt ' 96H 96 6 110 110 7 70 70 6 9 10 .. 44 43 .. 60 61 4 106 107 8 79 82 6 . 7 7 .. 21 21 .. 14 16 47 49 .. ' 9 9 .. 21 22 33 85' 7 108 110 7 494 50 4 9 10 .. 16 13' .. 51 51 4 24 24 ,' 1 86 90 7 68 70 5 125' 126 S 71 73."' .. 70 73 - 6 j'l Sales. 1 1400lUnlted Fruit Company. 100 United Ry' Investment. 200 United i;y. invest pr... 18900 United Retail Stores,... 100 U S C 1 Pipe & Fdy. . . . 200 U S C I Vipo & F Pf--. 2700 U S Food Prod Corp... 8900 U S ind Alcohol 1300 U S Realty & imp 25000 U S RiibbM'.. 600 U S.Smeltin'g.iR & M...., 200 U S gruelling-, R & M pf, 134700 U S gteel 1200 U S-Steel pr 3200 Utah Copper . 100 Utah'Sec Corp 5600 Vanadium Orp 1700 Va-Carollna Chem 100 Vn-'Carplina Chem pf.... 300 Va Iron, Coal & Coke..., 3100 Wabash . .". 2000 Wabash pf A...i 100 Wabash pf B 200 Wells Paw Express. . . , 8700 Western Maryland '400 Western Pacific 200 Western Union Tel 100 Wcstinghouse A Brake... 5600 Westtngliouse E & M.... 1400 Wheeling & Lake Erie... 200 Wheel & Luko Erio pf.v 6600 White Motor 13500 Willys-Overland 100 Willys-Overland pf . 600 Wilson & Co .'. 900 Woolworth. F W . ... 2SQ0 Worthington Pump 100 Worthington Pump pf B, Opcn-lIIIih- how. Clos- Net Int. f ' est. st. int. Clwgf .. 177 179,, 176 1177 I 9 9 9 9 22 22 22 22 TO - 71 68. 68 3 16 16 16 16 45 45 45 45 .. 57 57U S5-- 55 2 87 38 S3 83 4 43 44 42 43 98 99 95.' 95 3 62 63 62. 63 45 45 45 45 97 9; '96 96 110 110 110 110 70 71 .70 70, 9 9' 9 ,9 - 45 45 43 J44 60 ' '61' 60 .60 108 108. 108 108 80 SO 80 SO 2 7 7 7 7 .. 21 21 20 21 14 14 14 .14 -1 49 49 49, 49 1 9 9 ' 9 .9 ' 21 21 21 21 84 84 83 -83 1 109 109' 109 109 -r 2 50 50 49 49 - 10 10 0 10 , 18, 16 16 16 52, '5'J 60 ' 51 25 25 24 2 '86 86 86 86 .68 89 68 69 1 122 122 120 120 3 76 76 71 71 1 4 70 -70 70 70f 3 h 1 i i f I 1 22 vyi- fvrfn- i-st r-. br j- v1, .jfj.ulx ' ' ".f !