New-York tribune. [volume], January 26, 1920, Page 13, Image 13

About New-York tribune. [volume] (New York [N.Y.]) 1866-1924

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To Holders of
/
'I
3. P. Morgan & Co. Trust Receipts for
United Kingdom of Great Britain and Ireland
Three Year 5%% Convertible Notes
and
Ten Year 5U% Convertible Bonds
As the deflrjtiv* Votes and Bonds of the above fasue ^
?o! be ready for delivery until on or about March 15 Za Vho
the. months' Interest due February 1, 192o! wUl ^ ^^
J. P. MoBOAar & Co., In New York
Dre?l & Co.. In Philadelphia
or by either of the following of our agents:
Natioxai Shawmt-t Baxk, In Boston
Harm Thcbt & Sayuxqs Bank, In Chicago
?pon presentation of J. P. Morgan & Co. Trust Receipts hereto?
fore delivered (accompanied by a properly executed Federal In
?me Tax Ownership Certificate, Forra No. 1001A) for en?
dorsement of such payment thereon.
Holders may present the Trust Receipts at our office or at
any of the other places of payment above designated, and, as
such holders may request, either
(a) Kay hare the Trust Receipts returned imme?
diately on or after February 1, xvith a check for
the interest duo, or
(M May hare the check for the interest delivered on
or after February 1, and the Trust Receipts re?
tained by tw or our agents for account of the
turner until the definitive Notes and Bonds are
ready for delivery, when such Notes or Bond*
util be forwarded in accordance with instructions
to be given at the time of jnesenting the
? Receipts. *
?'
J. P. MORGAN & CO.
Dated January 24, 1920.
After mont?hs of negotiations
the Tropical Oil Company has
been acquired by the?
International
Petroleum Co.
This means the latter company
is to play an important role
in the cil developments of
Sout'a America.
In the current issue cf the
FINANCIAL FORECAST
comprehensive articles on this
company and the following are
?given:
GENERAL ASPHALT SIMMS PET.
PRODUCERS &. REF. PHILLIPS PET.
BPdTISH-A.MERiCAN TOBACCO
Free on rr^iifst. A*k for No. 55
its Wolfe ? Co.
?STA zusHEi ISC6
4IBR?3AID ST.. HEW\DRK.
I'i-.jnc ?tfoad .05
NRY CLEWS & CO.
Members of
11, 13. 1
N. Y. Stock Kxehanc?,
17 A 19 K KO AD ST.
Deposits received subject to cheque.
Stock, Bond Ar Note Issues of
Railroad 5c Industrial Companie?
Bought and Sold
and conservative
advance!
thereon.
Dealers in
mad?
Branch Offices???k Jb'iflli Av??
SS Colon Sanar?, 06 Warren rH?
?63 laird Ate., IS Court St., tirooklj?*.
WANTED?
BROKER, UNDERWRITER,
SALES ORGANIZATION
10 handle etock ?.?sue of ?ehji and oil
company In McKeesp?lrt flel?l. Has pubetan -
t'.al production, larga acreaga and wells
drilling. Also, three-well partnership propo
sltlon. Addrese Anticlinal, Box iOOO, Tribuno
111
New Treasury Certificates
' Offered for Subscription
WASHINGTON', Jan. 25.?Secretary
Glass announced to-day the offering for
subscriptions of new Treasury certifi?
cates of indebtedness, dated and bear
in? interest from February 2 and pay?
able March 15, with interest at the rato J
of 4V? per cent per annum. The amount j
of the issue was not specified.
The Week's Bond Market
Government and Municipal
Bonds
Wnck',--1920?-,
Sale?. Close. TTIgh. Low.
IfiL'O XT S Lib3%s, 1917 ?ir.ss 100.40 98.50
-""" do 1st 4s, 1947. 91.70 9.?. 18 91.68
do 2d 4s, 1912. 90.r,0 92.42 90.f,0
do lut 4 lia, 1947 92.18 94.00 92.08
do 2d 4%s, 1947.100.SO 101.10 100.SO
do 2d 4%a, 1942 90.96 92.86 90.8"
do 3d 4 ^s, 1928 93.40 95.00
do 4th 4%s. 1938 91.28 93.00
7118.Victory 4%9. 1923 98.36 99.40
7812 do 3%a. 1923,. 98.34 99.40
2344 Anglo-French 6-yr 5s 95}?} 96%
10 Argentine Oov 5b.... 71 73
64 Chinese Gov Ry 5s.. 48% SO
41 City of Bordeaux 6s n 92V?i 92%
30 City of Lyons 6a new. 92% 92%
28 City of Marseilles 6s n 92% 93%
77 City of Paris 6?_ 92% 93
8 City of Tokio 5s_59 61
88 Dom Can 6%anotea '21 98% 98%
"6 do 5%s notes 1929. 96% 97%
Week'
Sales clo?e.
6 Chi Gas Lt & C 1st Es. 81%
22 Chi Gt Western 4s. 54%
"3 C M & StP evt la ser B 67%
1.105
329
1
9754
13960
26870
93 02
91.00
98.28
98.26
95%
70%
4 8%
92%
92%
92%
92
58%
98
98% 97%
. 47 do 5s 1921. 98-/*
19 do 5s 192?. 94%
46 do 5s 1931. 92%
27 Imp Jap 1st 4%s_75
136 do 2d 4%s. 74%
200 do etcr loan 4s.... 59% vi
15 Rep of Cuba 5s 1904. 91% 91%
25 do 4%s . 75% 76
652 UKGB4I f>%8 *21 95% 97
454 do 5%8 1922. 94% 95
457 do 5%s 1929. 94*-- ?"
358 do 5%s 1937. 89
SUSof Mexico 5s_35
1 do 4b . 35 at
21 N Y C 4%s 1957 May.1<>0% lon% a
3 do 4%s 1957 Nov.. 100% 100% 100
1 do 4%s 1963.100 10'l% 99%
4 do 4%s 1965.100% 100% "'"
12 do 4%s 1967.100 100%
1 do 4%o 1960 reg.. 91% 91V
2 do 4%s 1964_
2 do 4s 1956 reg..
I do 4s 1958.
in do 4s 1959.
9 do 3%s 1954 May
92%
82
82
71
90%
43
94%
89
89%
90
81
91
75
73%
59
90%
74%
94%
94
94%
87%
25
35
99%
99 '
99%
91%
90%
91
81
89
89%
89%
81
86%
99%
83%
83
80
83%
?53%
83%
82%
71%
71%
69%
16%
66%
80
78
72%
68
State
5 Va def 6s Br Bros ctfs 55 55 55
Railway and Miscellaneous
Bonds
1 Adams Exp rol tr 4s.. 58 58% 56
29 Am Ar Ch 1st cvt 5s. 98% 99% 98
7 do deb 5s. 98 100
47 Amor Smelting 5s. 84%
174 Am Tel ?& Tel cvt ?a. . 99%
64 do col tr 5s. 82%
a do cvt 4%s. 82%
105 do col 4a. 78%
10 Am Writ Paper s t 7s. 83%
1 Ann Arbor 4s. 53
100 Arrnour & Co re es 4%s 83
96 A T & S F gn 4b. 77
25 do ndj 4s. 69
17 do adj 4s stp. 70%
14 do cvt 4s 1955_... ?8%
32 do cvt 4s I960. 87%
2 do Tr Sh Lino 4a. 74%
10 do 4s, Rocky Mt d... 66%
22 Atl Coant L 1st con 4s. 76%
5 do uni 4 %s. 75
13 do L & N col tr 4s. . 69%
53?) Bull; & Ohio temp 6s.. 85%
76 do re? 5s.. 63
260 do cvt 4%8. 60
7! do sold 4s. 64 '???'? 70
15 do prior lien 3%s.. ..81% 84
2 do 3%s, P J & St ?liv 66% 66%
52 do 4s, P L K & WV ?1 r?: ??,, 61
?18 do 3%.J, Swn ?liv.... 72% 77%
7 do 4h, Toi & ('in ?liv. 45)V? " ?
9 Beth Steel 1st ext 5s.. 1*7 97%
3 do ref 5s. 86 _ 89^
20 do p m 5s. 85% 88%
21 Braden Copper 6s. :?l 91%
23 Bklvn Ranid Tr 7*. 50 50
4 7 do 7s, Tr Co ctfs.... 45% 47
23 do 7s, Tr Co ctfs ft.. 43% 45
2 do on Ba. 33% 33%
2 do cvt 4s. 28 28
2 Bklyn Union El 1st 5s. 02% 63
' 3 Buff Roch & Pitt 4%3. 82 83%
f, Bush Term! Bids: 5s... 80% 82%
15 Cal Gas & Ekv 5s. 88% 90%
4 Centl Dist Telegr 5s... 96 96
29 Cent of Ga Ry 6s. 90% 94
12 do con 5s. 85 88%
39 Centl Leather ?en 5s.. '.??> 97%
1 Centl Now Engld 4s... 58 58
3S Centl Pacific gld 4s- 72% 78
1 do gtd 3%s. 80% 82%
3 Cen RR of N -T 5s reg.100 100
22 Centl Vermont. 1st 4s.. 7?' 7"
8 Ch?es & Ohio con 5s... 93% ''4
108 do cvt 5s. 77% 81%
15 do rip 5s. *r?% 85%
38 do KCi 4%s. 75% 76?
86 do cvt 4 %s. 7.1% 77
10 Chic & Alton rig 3s... 46 49
22 do 3%s . 31% 31%
10 Chic Bur & Q Ren 4s.. 80% 81%
1 do 4s, III dlv. 82 81
5 do ext 4s, Neb div... 91 92
234 do joint 4s. 95 96
2 Chi & E 111 ref & im 4s 20% 21
6 do rfg is, Tr Co ctfs. 21 22
14 Chicago ?& Erie 1st 5s.. 81 84
84%
98%
80
82
77%
81%
50%
82%
76
69
6!-%
68%
87%
7-1%
66? %
76%
69%
k:;%
63
4 9%
'?6 ?%
85 ' :i
85%
91
43%
43
40%
61%
82
80%
88%
96
90%
3r,
95%
58
73%
82'?,
74 %
73%
46
30%
79%
82 '"
90%
94%
20%
21
81
30 do gn 4!-?3. 76%
46 do cvt 4%3. 67%
5 do rfg 4 %s. 58
11 do 4s 1925. 71
17 do deb 4s 1934. 59%
CO do gen 4s ser A. 68
4 ?:?? g?.?n U??s ser B.. .. 60
6 4i? 6?, C & L S div. 97%
6 do dfi, C & P "W div. . 97S
2 Chi & Nwn deb 5s 1933 90%
2 do StLP&Nw gtd 5s. 87
3 do ext 4s. 90
10 do gen 4s. 78
10 do gen 3%s. 65
11 C it I & P Ry gen 4s. 74
156 do rfg 4s. 66
1 C StP M & O deb 5s. . 85
15 Chi Un SU 4%s ser A 81%
29 Chi & West Ind 4s. 58
38 Chile Copper cvt 78....106
144 do col tr 6s. 81%
3 C C C & StL deb 4%s. 75
38 do gen 4s. 6T,%
3 do 4s. C W & M div. 61 %
5 do gen 4s, StL div. . . 64%
1 do col 4s, StL div re? 64
1 Cleveld Short L 4%s... 85%
23 Col Fuel & I gen 5s. . . 85
5 Col Industrial 5s. 73
9 Col & Southn rfg 4%s. 72%
4 Comp-Tab-Rerord Co 6s 86
167 Con (ins cvt 7s wh is. .100
19 do cvt 6s.100
12 Corn Prod 5s, 1931_100%
15 do-s f 5s. 1934.100%
3 Cumberld Tel & Tel 5s. 85
2 Del & Hud cvt 5s. 81
6 do ref 4s. 78
1 Den & Rio Gr imp 5s. . 70%
5 do 4%s .'. 70%
25 do con 4s. 6 1 %
97 <!o rfg 5s. 4 1
21 D & R G rfg 6a T C ctfs 43%
10 Det Edison Co col 5s '33 91'
18 do ref 5s 1940...
3 Det RIv Tunnel 4 %8
2 Dt United Rys 4%s.
2 E Tenn Va & Ga con
3 Erie 3d ext 4%s.._
99 do prior lien 4s. 53
213 do gen Hen is. 40
2 do cvt 4s se.-ies A. .. . 35%
do cvt 4s series B. . . . 36
do cvt 4s series I). . . . 29
7 Ft W & Rio Gr 1st 4s. . 56%
3 Cen Electric deb 5s.... 96
1 Georgia Pac 1st 6s.... 99%
1 Gt Northern 4%a _ 84
1 Gr Bay ?S: WIs deb B.. 8%
15 Havana Electric 6a.... 84%
19 Hock Vn! 1st con 4%s. 69%
7 Houa & Tex Cen gen 4s 93
45 Hu?.l & Man ref 5? ser A 68%
22
89%
76
67
89%
do adj inc 5s.
29 Illinois Central 5%s.,
22 do rfg 4s .
28 do 4s 1952 .
1 do 3s St L div.
14 111 Steel deb 4%3.
1 Indiana Steel 5s.
252 Interboro-Met 5%s ..
11 1 <!o 4 %s Tr Co ctfs.
54'J Interb Rnp Tr ref 5s
2 Internat Agricul 5s . .
91 Inter Mer Mar s f 6s,
3 Inter Paper cvt 5s 193
10 do 5s 1947 .
2 Iowa Central rfg 4s..
8 K C Ft S & Mem 6s.
3?", do 4a .
8 Knn City Southern 5s
22 do 1st. 3s .
30 Kan City Term 1st 4s
8 Kentucky Central Is..
31 Lack Steel 5s 1923.
5 do ,'s 1950.
4 L S & M So gen 3%a.
6 <!o deb 4s 1928.
30 do deb Is 1931.
27 Lehigh Valley 6s.
I?* do con 4 %8.
2 lifhigh Val Coal 5s. . .
1 Liggett it Myers 7a. . .
4 do ?r?s.
1 LonC Isl deb
19 do ref 4s.
2 Lorillard Co
! 2 L & N col
19:
12 L & N col t.r 5s 1931
12 iio gold ,"?s 1937.
14 do unified 4s.
'.' do So Ry M join! 4s
1 do 1- At K & C ?liv.
5 do Ca St Louis div. .
8 do 3s St Louis div . .
4 Man hat Rvy con 4s..
,'i do en Is tax exempt
49 Midvale Steel cvt 4s, .
1 Mil El By & Lt 4%s
2 Minn & St L o>n 5s.
2 do 1st rfg 4b.
M Sfc L & P ext 6s
10 M St P & S S M eon 4s 80%
2 Mo Kan & E 1st 6?.. .
36 Mo Ken & Tex 1st 4s.
20 do 2d 4s.
14 do 2d 48 Tr Co ctfs
3 do rfg 4s.
2 do gen s f 41- a. . .
16%
92%
53
82%
93
19
18
'?1%
S :
93%
41
99%
56%
72%
????? y
93%
93%
09%
S,,
S2%
100 U
81%
9S%
110%
--?19
High.
81%
B*
78%
70
61
72%
63
60
97%
98%
90%
87
80
68%
76%
67%
87%
83
60%
108%
86
77
64 %
62
65%
64
8S%
85%
74
88
101 %
100
100%
100%
85
85%
81
70%
72%
67%
46
43%
91%
90
80
69
90%
92
55
43
27
27%
:!'.?
66%
96%
100
85%
8%
85
73
93
60
16%
95
76%
74%
84
93%
19%
19
57
84%
95%
99%
86%
11
100
ro
75%
20-,
Low.
80
54%
6o%
G8
58
'.'6
97%
go*
90
73
65
73
65%
85
*1%
58
'P
63%
GO
64%
86
99%
99%
II 0%
100%
84%
81%
78
70%
69%
6*%
4 3 ' ?.
43%
94%
87%
76
67
89%
52%
40
56%
93%
99%
81
7%
84
69%
93
58
15%
?2
72%
72%
16%
50%
83
65 %
,(.,-'9
93%
ft
108%
91
83
98%
111
8!'%
G.'
69
109
91
:?S'.,
lM2>
N I '/S
81% 84%
63% 65
76% 7?;%
99% 100
51% 51%
."1 60
59% 60%
81 85%
86
59
29%
1 >?S%
91
16%
si
:::;';"
99%
51
59
59%
S3
74
29%
30
I-??-;-??-?-r-? .' ., -.??- ? ????rr:rjj
i
Low Foreign Exchange j
Favors American Investors ?
American dollars will buy more than double their face value in French, Ital?
ian and Belgian government bonds (internal loans) just now. Even British ?
Victory issues can be had for 79 per cent of their normal exchange value. jj
Europe has taken so many billion dollars' worth of our goods and materials ;.'
? in the last five years and sent us so little in return that exchange has gone
against her. And each drop in values has brought a corresponding increase \
| in the purchasing power of the dollar in Europe.
The following table shows the approximate present cost in dollars of some
representative government bonds. The contrast with the values of the same
? securities at normal exchange rates indicates the possible opportunity for
j profit. All the bonds named are exempt from taxation in the country
of issue when owned by non-residents.
I
Face Value Approximate Cost Value at Same Price g
j of Bond of Bond Now Normal Exchange |
British Victory 4s, Pounds 100 ?308.50 $395
French Victory 5s, Francs 1,000 76.25 168 jj
Italian Consol. War Loan 5s, Lire 1,000 60.80 164 jj
Belgian Restoration 5s, Francs 1,000 85.00 187
i
Our Securities Divisions will furnish information regarding these and other
foreign government bonds, and our facilities are available for their pur- t,
chase. Descriptive circulars and prices sent upon request. f.
IRVING NATIONAL BANK
IRVING TRUST COMPANY |
WOOLWORTH BUILDING, NEW YORK ;
|
Who Is to Blame for
High Cost of Money?
Neither the Government nor the Federal Reserve
Banks, but the Universal Effo-t of Most of Us
to Get Something for Nothing
A E. ADAMS is president of the
First National Bank cf Youngs
town, Ohio, but he is more than just a
money merchant. He. is an economist
of note. And because he labored so
hard in the fight against the policy of
cheap money and plenty of it that pre?
vailed during the war, pointing out
over and over again the evils which un?
limited inflation made inevitable, his
views on the present money situation
aro both interesting and timely.
Therefore we were g!ad of the oppor?
tunity of asking him the other day just
what he thought of conditions. This
was his answer:
"The meaning of the handwriting at
Belshazzar's feast was not more clear
; than is that of the clouds which re?
cently have gathered on the financial
horizon. The orgy of spending and
speculating in which the American
people have been indulging since the
close of the war has expanded the ar?
teries of our credit system to the near
danger point.
"To the immense increase in the out?
standing credits and currency of the
country made necessary by the war
there now has been added a substan?
tial volume called into existence by
the riotous extravagance and almost
unrestrained speculation of the post?
war period, and the strain is on. The
Federal Reserve banks, though still
posseesed of abundant reserve power
: to prevent disaster to essential busi?
ness, are now so low In their reserves
that further expansion, in any ?ub
.?itantial extent is impossible.
"To this, the outstanding fa/rt of the
present financial situation, critics of
tho Federal Reserve system will per?
haps point as proof of the defect.ive
nesa of that system, but this is a mis?
take. It is rather and merely proof
that, though the war may have changed
many other thirds, it lias not changed
human nature. Always we have
reached out as far as we honestly and
fairly, if not always wisely, could
reach out. In all probability we always
will so reach out. And reaching out in
these matters means expending credits.
"That tho system has been expanded ?
to its limit means then, not that the!
Week''--1920-?>
Sales "H ", close. High. Low.
! Mo Pac rfg 5b 1923. . . 03. 91 90V?
7 do rfg 5s 192(5. 89 89% SS<>8
1 do t")? 1961._ Siv? 83% 81%
:?:: do Ken 4a . 57 59 56%
'? Mob & Ohio new 6s.. .101% 102% 101
5 do gen 4s. ;"?7% 59 56
5 Mohawk & Mai 1st ?!?. 75% 75% 76%
8 Mont Pwr Co 5b aer A. 85 ' 85% 8414
! Morris & Essex 3%s... 7?) 70% 70
2 Na-.li Ch & StL con 5s. 96 96% 94',.;
13 Nat Rys of Mexico 4s.. 23% 23% 15
'? Nassau Electric Is.. , . 28 28 26
:- National Tube 5s. 92% 93% 92
13 New Orleans Tcrml 4b. ''?1 65 62%
i N V Air Brake cvt 6s. 99% 99% 99
PI N Y C & II R deb r.?., 92% 93% 91%
7 do ref & imp 4%s... 78 7:? 77
17 do deb 4s 193-1. '. i% 82% 77%
I I el?? ?-on Is. 68 7:: OS
56 do rfg 3%s. 66% 70 66%
1 ! do La Sh col tr 3' .s. 60 62 60
3 do I, S col T 3%s rr-rr 60 60 60
6 rio Mich C col tr 3%s ??'r'1j 61% 60%
1 N Y Ch & StL 1st 4s.. 80 81% 80
5 do deb 4s. 68 71 68
S N Y Dock Co 4s. OS > ?'. 67 66 %
1",N Y (, EL H fi- P col 5a 85 85% 82
2? ?lo vur ni !.;. 63% 64 62%
l N Y A N .1 Teleph 5s. 99% 99% 9'.",,
12 N V N H & H cv ?Ss '-la 71! , 72 67%
10 ?'o deb 3%s L954_ 45 45 45
J \' Y & Northn 5s. 92% 92% 92%
17 N Y On & W 1st ref. 4s 60 60% 59%
5 N Y Rj i ref 4s Tr Co c 28 31 38
19 do i\M 5s. 7% 7% 5%
5 ?lo adj 5s, Tr Co ctfs 7% 7% 6
5 N Y St Rys con 4%s.. 51 52% 50
. 58 do Teleph dob Cs_ 97% 96% 95%
; 35 <lo gen 4%s. SI 81% 79%
1 17 N Y Westch & Bn 4%a 36% 38 31%
91 Norfolk & W cvt 6s.. .102% 104% 102%
I 57 do con 4s. 75% so 75%
;: Nor fi- W 4s PC ft C d'v 7'.'% 79% 7S%
12 North Pac pr urn Is.. 76 80% 76
39 i!?> gen 3s . 53% 7>6 53%
16 Nprth States Pwr 1st 5s Si 85 82%
I Ontario LI & Pwr 5s.. 83 83% 82%
I Ontario Transit 5s.... 77, 75 75
10 Oregon & Cal 1st 5s.. 93% 93% 93%
I Oregon Ry & N con 4? 78 V^ SI 78%
I Or- gon Sh Line con 5s 92% 9,'! 92%
34 do rfg -l:> . 83 85 82
13 Ore-Wash PR & Nav 4s 71 72% 70
16 Pacific Gas &? Elec 5s.. Si 83 81%
IS.", Penn R K con 5s 1968,. 90 94% 90
' 12 do gtd 4%s 1921_ 97':.. 97% 97%
10 do con 4%s . 90% 93% 90%
4.'. do gen 4%s . 81% 85% 81%
4 do gold 4s 1906. 83% S3% 82%
I 1 do con Is 1948. 84% 86% 84
1 do 4s 1952. 80% 82% 8?1%
1 do 3< s ser H 194] . . 71 ' ? 71 '-. 7t%
2 do 3%s ser C 1942.. 7:!% 73% 73%
.". Pw Cas fi- C of Ch 5s 64 61 64
1 TVoria & East 1st -Is... 54% 54% 52%
I 7 Pcve Marq r?.'f 5s. 86% 87% 85%
! do -1- . 71 71% 70%
' 21 Phiia Co deb 5s 1922.. 87% SO S7
1 P CC & SI L 4>~s ser A 90 90 90
12 Puh Service o? N J D.s. 65% M r"?S%
69 Rending gen Is. 79% 81% 79%
1 do gen Is r?'*. 7S% 78% 7^%
2 R 1 fi- Stl col 5a 19-10. 94 96 94
6 Rio Gr & W Is- -Is_ 64% 67 64%
?17 R I Ark- & L 4%s_ 61% 64 61%
22 St L I M & S gen 5s.. 88% 94% 88%
6 do ref 4s. 7 1% 76 74
25 do la R il G div- 6S% 72 68%
! St L .v S F gen 5s L931 91% !U% 91
161 do pr lien -Is ser A. 57V? 59% 57
1 11 do 5s ser H . 68 71% 67%
?107 do ndj 6s. 60% 62 58%
1?H do ?nc 6h. 41% 45? 41
llSt L Swn 1st 4s. 63% 64% ,;1%
1 do Term '5a. 58 59 57%
?; ?1.?n 4a. 51 52 Fr0%
: ]OSt P M ?S- M con 4Vis. 91 92 01
17 do 6s M?in Cent div.106% 106% 106%
1 do 7s Mon Cent div. 94 94 9t
.".1 do ts Mon ext. 83% 8:!% 83
; POS A & A P 1st 4a_ 60% 60% 56%
? Sv V .<- N 1st Is. 7K 77 76
i Seab Air L gold 4s. . . 60 60% 60
10 Seaboard Air 1, rfg 4s 47 -19% 38
29 .1?. adj 6s.. 38 38% 35
F So Heil Tel ?S-. Tel 5s.. 84% 85% 84
262 South Pac cvt 5s.103% 106 102%
116 do cvt te . 79% 81% 70
253 ..'o rfg -Is . 77% 81 77
4 1 do col tr 4s. 70 73 70
33 Soul hern Ry con 5s.... 84% 87% 81%
S3 do gen 4s .9 HP... 59
?', eio 4a M & O div. . . . 57 7.8 ,'.S
1 do 5s St Louis div.. 07% 67% 67%
2 Stand Gas & Elec 6s.. 8S % 88% 88%
21 Tenn C I A R R gen 5s 91% 93 00
10 T R R A of St L rf? 4s 71 73% 70%
: I Texas C?> cvt 6- .103 105% 101%
II Texas & Pac 1st 5s... 84 85 83%
1 1 Thud Avenue rfg 4s.. 19 51% 48%
15 do a?i.i 5s . 29% 30 28%
8 Toi & Ohio Cen 1st Gs. 83% 84 33%
7 T St L & W 50-y 4a '50 46% 46% 44%
?10 I'nion Pacific 6s.101% 103 101%
45 do lsl Is . 83 S5% 82%
31 do cvt Is . 87 88% 86%
59 do ref 4s . 76 SI 76
12Un Ry Jr.v 1st 9s Pitta is 74 75% 72%
: Un R of S P Is T C ctf 28% 29 25%
206 U S Real &? Imp 5:-... Mi 82 76%
17 U S Ral,her 7s.102% 103% 102%
205 do 5s . 8. 90 86%
17 U S Sm R ? M 6a-103 105 103
192 U S Steel s t ?s. 98% 99% 96%
1 rtah & Nor 5s. 91% ..'2% 91%
23 Utah 1'wr & Lt 5s- 84 S5% 82%
I?Va-Car Chemical 5s... 94% 05% '.'I
29 Virginian liwy 5?.... 8t 85% 84
17 Wnhash 1st 5s. 89 91 89
!. do 2d 5s. HO 83 80
2 Washington Term 3%s. 72 72 72
h WcMtcrri Elec 5a. 97% 97% 97
62 Western Maryland 4s.. ."><"?;k 62 50
3W N Y * P wen 4s.. 63 63 63
12 Western Pacific 5s-83% 84% 82%
8 West Shore 4s. 73% 74% 73
2.Weat I'nion col tr 5s.. 86% 86% 84
1?. do reul estates 4%a.. 80 81% 79%
5 W & 1. E '?s:- 5a. 91% 92% 91%
7 do ron 4s. .'7:4 04% 63
1 Wllkea A E 1st 5s. ... 64 55 54
26 Wilson & Co 1st 6s... 97% 98% 96
73 do cvt 6?. 94% '.?6% 9 1%
6 Wisconsin Cent gen 4?. 69% 70 69
system la?cks elasticity, but merely that
we, the 'expanders,' do not ?.now when
to stop reaching: out. The Federal Re?
serve system has more than lived up to
expectations. It la, in fact, the best
banking and currency system ever put
into operation. It is elastic enough to
meet every reasonable and proper need.
It Is sound, scientific and virtually in?
corruptible. But, no matter how elastic
it might have been, we in time would
have crowded it to the limit. We sel?
dom or never curtail those activities
; which make for expansion until and
? unleso vce are obliged to do so. This
| for the reason that these activities r.re
j the, natural and, when not carried to
j the extreme, the perfectly wholesome
i expression of our instinct to progress.
"Money is tight and is going to con
: tinue to bo tight for some time to
! come. The tightness may even become
? po acute as to plow down some essential
?ictivities. This wiil inconvenience
many people and embarrass a few, but
it probably will not be calamitous to
j -any one who has been conducting his
| business or personal affairs on a sound
I basis. In any case it is inevitable, and
, the sooner it is over the better.
j "Furthermore, it is a needed lesson,
' and we will be better off for having
| had it. High prices, high wages, high
1 profits and alluring prospects of even
? higher auch things have destroyed our
| sense of proportion. We are no longer
? content to work diligently, deny our?
| selves and, by saving in a modest way,
? accumul?t? slowly. We wish to get
! rich quickly. Wa wish to do little and
| have much. Wa wish to strive little
I and gain much. But, as these things
? aro inhibited by natural law, we cannol
I realize them, and are merely borrowing
trouble when we try. All the credit
systems ttver devised or dreamed oi
cannot mnke it possible for the humar
: race to get something for nothing. Wt
have been violating the natural law
v.-hich inhibits this, and now we mus
7)uy the penalty. This may be unpieas
ant, but no other experience will re
store our lost sense of proportion. So
iike many another unpleasant happen
ing, it will be beneficial.
J ...
I ?_ I ?
I Executor Trustee |
Chartered 1822
j The Farmers' Loan and Trust Company
Nos. 16, 18, 20 & 22 William Street
Branch Office, 475 Fifth Avenue
At Forty-first Street
New York
London Paris
Foreign Exchange
|j Administrator Guardian
Member .Federal Beserve System ana New York Clearing House
I' - !<
"Another point to be remembered is
that we have no one to blame for it
but ourselves?no one. Some will say
that the government is to blame, for it is
generally believed, if not actually
known, that the government has been
influencing Federal Reserve banks in
the matter of interest rates, and it is
believed also that if the Federal Re?
serve banks had advanced interest
rates some time ago the pinch would
have been averted.
"It is, of course, true-that if the
Federal Reserve banks had advanced
rates a few months ago some of the
financing which has been done in the
mean time would have been left undone,
bat the final result would have been
the same. If such advances in rates
had been very drastic they themselves
would have caused a pinch. If merely
nomirral they would only hate de?
ferred it. Th? government may havt
taken a narrow view of the matter
though we cannot pass Judgment or
this, but whether it did or did not make!
no differonce. Nothing it either conic
have done or could have left undon<
would have affected tho final result. W<
ourselves, and we alone, are to blame
The psychological reaction which tool
place after the signing of the armis
tice left us without poise and withou'
self-control. It drugged the guardia!
of our instinct to reach out; and tha
instinct, running wild, has swept u
swiftly to the end of our tether. I
we aro honest v.o will blame no or.?
except ourselves.
"Now, what it the answer? Obvi
ouslv there is but. one. We must stan?
j up and take the punishment wc de
| serve. We can take it submissively
i and have it hurt little or we can take
; it rebelliously and have It hurt much
; But we must take it. And this meaj-.s
j that the Federal Reserve banks must.
! maintain high interest rates; that all
other banks must insist upon the rr
! duction of loans for speculative and
non-essential purposes; and that tho
business world and people generally
' must expect less and do more. Whether
? we like it or not, whether we wish
it or not, there is no other answer."
-.-,
France Uning More Oil
< The use of crude oil as fuel is ex ?
'panding in France at the insistence
of the Minister of Industrial Recon
i struction. Under the direction of the
j Commissioner General of Fuel Oils ana
? Combustibles a len-jthy program for
j the transformation of furnaces and
| machinery from coal to oil consump?
tion has been planned.
| Oil-burnin??r locomotives already ar?
In use on the Paris-Lyon-Mediterra
nean Railway and the present schedule
calls for the consumption of 1,500
cubic metres of mazout, per month. This
quantity will be progressively in?
creased to 6,500 tons a month by the
end of the year und l?.OOO cubic metres
monthly in 1P21.
LIBERTY BONDS
All denomination* houeht for cash
Based on tin? rloMng w? r?v:
$?9.171 fe>r a ?50?:i%?. Bond, 8ft roope.n?
$-I.V3? for u *.V)?Me) 1 V??,,, Hund. I ??.upon
?-lrt.07 for ll S.Vt?3il 4%'e> Iteind. 1 ?Toeipoii
K4S-73 for a ?5??Jth 4%". liemd. 1 Coupon1?
K4H.93 for i? Sftt)?fttli i%'M llorid, 7 Coupoei?
PURDY & CO.,
i Tel. John 8174-0-6-7. 34 Pino Ht.. HJ. T.
$25,000,000
Cuba Cane Sugar Corporation
Ten Year Seven Per Cent. Convertible Debenture Bonds
Dated January 1, 1920 Due January 1, 1930
Interest payable January 1 and July 1
Convertible on and after January 1, 1922 (or sooner if at any time
permitted by law) on the terms of the indenture into
common stock at $60 per share
Denominations $1,000, $500 and $100 Registerable as to principal
GUARANTY TRUST COMPANY OF NEW YORK, Trustee
Redflfmabl!" In -whole or In p.irt upon fiO days' notice (during- whi??h period the rljht of conversion
continues) at a premium of '.' Mi fe ?lurlntr the first five years, ?if 6% durlr?^ ?he sixth year, of ?ir?
?iurlngr the seventh year, of 3% during the eighth year, of 2% durlnff the ninth year, and of 1 "??
thereafter, but the right of redemption shall not b? exercised until not less than 60 day? ?ft?.
the debenture bond? shall have become convertible.
OUTSTANDING CAPITALIZATION
Ten Year 7% Convertible Debenture Bonds. $25,000,000
7% Cumulative Convertible Perferred Stock?
par value $100. 500,000 share*
Common Stock?without par value. ... 500,000 shares
Reference is made to a letter of B. Braga Rionda, Hsq.t Vice-President
of the Corporation, the salient points of which are summarized below:
(1) The Corporation is the largest single producer of raw sugar in the
world, its output exceeding one-seventh of the ?entire production of
the Island of Cuba.
(2) The Corporation owns and operates sixteen fully equipped sugar mills
with a present working capacity of about 5,000,000 bags (320 lbs.) of
raw sugar. The output for 1918-1919 was 4,319,189 bags and the
estimated output for 1919-1920 is 4,700,000 bags.
(3) The Corporation has no bonded indebtedness other than these Deben?
ture Bonds. It covenants not to create any mortgage upon its present
real property or plants so long as any of the Debenture Bond3 are
outstanding.
(4) The purpose of the issue is to reimburse the treasury of the Corporation
for capital expenditures heretofore made and to provide working
capital.
(5) The net tangible assets as of September 30, 1919 (after giving effect
to the proceeds of sale of the Debenture Bonds), amounted to
$99,587,302, or nearly four times the amount of this bond issue. The
properties could at present be duplicated only for a sum largely in
excess of that figure.
(6) Operating profits, after taxes but before depreciation, have since organ?
ization, December 31, 1915, averaged slightly under $10,000,000 per
annum, equal to 5.71 times the annual interest on the Debenture Bonds.
(7) The Corporation is obtaining for the current crop much higher prices
than existed during the two years of Government control (these prices
f. o. b. Cuban ports were 4 6-10 cents for 1917-1918 and 5 % cents
for 1918-1919), and it is therefore confidently expected that earnings
for the current year will be greatly in excess of those of any previous
year.
(8) The Debenture Bonds will on and after January 1, 1922 (or sooner if
at any time permitted by law) be convertible, on the terms of and in
accordance with the Indenture, into Common Stock at $60 per 6hare.
T.egal matters incident to the issuance of the Debenture Bonds have been under the super?
vision of Messrs. Sullivan ?f Cromtcell for the Corporation and Messrs. Cravath & Hender?
son for ourselves.
Application will be made to list these bonds on the New York Stock Exchange
We recommend these Convertible Debenture Bonds for investment.
Price 100 and accrued interest, yielding 7%
o?
J. &W.SeIigman&Co. Hayden, Stone & Co.
New York New York Boston
Halsey, Stuart & Co., (inc.)
Chicago New York
The above information is not guaranteed, but has been obtained
from sources tvi believe to be accurate and reliable.