New-York tribune. [volume] (New York [N.Y.]) 1866-1924, January 27, 1920, Image 19

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New-York tribune. [volume], January 27, 1920, Page 19, Image 19
About New-York tribune. [volume] (New York [N.Y.]) 1866-1924

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New-York tribune. [volume] (New York [N.Y.]), 27 Jan. 1920. Chronicling America: Historic American Newspapers. Lib. of Congress. <https://chroniclingamerica.loc.gov/lccn/sn83030214/1920-01-27/ed-1/seq-19/>

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f ; F. Ladd & Co.
investment
Securities
New York
|ellwigsreutter
fc-, %??'.. 5l .. ? ':xchantt
INVESTMENT
SECURITIES
jiBroad Street. >cw York
Telephone Broad ?230
VS
The Conversion
Feature
S;- old New York manu fac?
etting concern is about, to is
ne a 7? ' rm note,
: ble :: to
8rr Preferred Stock
' -'?''.
of Ai ir & Com
of ?
*;? now 8-::ir.?
Sen
j i'
7V!.
George H. Burr & Co.
Invpbtment Securities
12!) BROADWAY, Nl'W YORK
it" rt?-tt?.rd PitUbu'o- Philadelphia
?ut* < St Leuli ti-viimi ***n Francl?oo
READY NOW
1 iigh?Lows
Par
f)i\ ?dends
Capitalization
Ilonden^ed fatt\ and Analysis
! on about 400 cornPante?
in the 272 pages of the
JANUARY ISSUE
of the
INVESTOR'S
POCKET
IHJacHASTERS&CO.
Wall St Ne? York
B==
HUGH ES & Dl ER
- v- . -
.... .-*.'....
V.??>,.,? ...
*
Uptown New York
Branch Offices
;. 509 FIFTH AVE.,
' ' ind I'loor )
:.,,! 4...I *lr'c',<.
HARLEM
67 West 125th Street
?Tatiiani J. Phenli Nal limU Hid?.
--**'"';' Office
:
?i
Hughes & Dicr
LIBERTY BONDS
********
??losing
*??h
?& Jur ?'*?"???? ''?-t' ,*. Bond,
. PL'RDY & CO.,
'olu, 8l7*-8-?-7. 34 Pin? St., W. T
pa
.".."> < onpons
i ? oupon
1 ? ?*ll|l<l!>
,' ? oupou*
l oupoDe
j Financia] Items
: a, btha.1 A
t-,V lUttl .11 ?::? Whit
' ' ; ? . ' - party, V ?;?:?:,
EL.. ** -s to the neT
f.y ' * - s
\- ., ; . ? n of ?S per
' in i" ' '
IS?-7?-"/'' ';??'''???'?? 8t?t? of Mlnneaot?
Km i if In? ?bt? ??? -
Ifcoa?! fa c >rn?oae<*. ol i -.-?
W ?? r.. \\ ... K. Compt n ?
[??to-'*,"' ''' " *' ' ' ? -*'* K? l"
| ?ad ?' ? A ' !? ? ' ?y! * *
J -, ','. !" I s-s * Co., of .**.>?
;Fib ,. J, dl Co. of T-l-iUn.:. '
?Star, ' ''**' *v ' ' ana Man
i *r*~?. :: B ?I 9*i
** , .' ? i in- *??-?..? ly A ..--i
?*?,,,. f ""' >?*"? l, 19; o .,' prl
1 -V. I'M * ?;-.?<? .:. T! ? bondi
The Day's Bond Market
U. S. Government
Transactions
?-?ales
Liberty 3%s. 194i
do ist 4?<.
i??;
J? 19.000
22.000
do id 4s. 1942. 128.000
do 1st 4'*?. 1947.
do 2d 4 Vis, 1942..
do 3d t',s, 1928..
do Ith 4',n. to:*.** .
Victor) I-,?. 1923. .
21. ooo
2,418.000
2."79.000
2,501,000
t,727,000
135.000
Quotations
Hi?h.
Libr.rt^ 3%a ?... 89.00
do ?lit *?. 91.68
do Cd ir
do Ht 4*A
do 2d 4*4?.
Ho .Id 4%s.
do 4th 4%
Victory 4 %s .
do 3 ?is . ..
90.98
??? ".
... 9LU9
. . 93.70
.. . 91.50
.. 98.40
. . 9S.-28
Low.
98.SS
91.66
90.68
9S 10
90.90
93.20
01.20
?S.80
9S.S4
Last.
0S.8S
91 66
90.70
92 20
91.10
93.58
91.46
OS.4 0
ss.rts
Yield.
3.54
4.4?
4.66
4.75
4.87
5.24 '
4.93 ;
. 20
4 'JO '
Net
Ch?e.
?.04
- .10
+ .14
-.18 ?
+ .18
.04
SB
Col ti So t-?i
2.000. . '
10.000.
Col um G & K ;
7,000....
Con Gas cvt T
?hen isaued
?.000.lOO'j,
Den & R G rig 6a
4.000..." 44
Detroit Ediaoir?bol
5s ?o'j.i
1.000. 05
Erle prior lien 4s
,r. 000 5 "'.
2,000. .'...'. 63 *
do if?Mi lien 4n
IS.OOO. 40
6.000. 89 %
1.000. 39?i
0.000. 40
t 4s 3er A
.01
2.000.
2,000...
? 000
10,000 .
]Ontario Tran 5s
- I 2.000. 73
."'1 Ore Short Line I
5.000...
do 4s
?.000_ 82'
Pacific ?; ?? i 5a
? 5.000.82
renn us 1P68
1.000. . .90'
-.000..,. 90%
".000. .. . 901
1 I 10 90 >4
9.0"0. *)0%
5,000... 90%
do 4a 121S
1.000. .... S5
do gen 4ijS
1.0-00.'. S3%
5,000.up. ,
4,000. .. 82%
1,000... S
Bid and Asked Quotations
Closing: Cloaiat
Liberty loans. Yetterda
1 onn
bet H
*v?. 1947. 98.88<SI
98
D
.Si
92 20?Q 92 50 9
4?. 1947... 91.60'/?'
id 4?, 1042. . 90.74?
Ht 4%s. 194
d 4%s, 1942. . 9106*5 Pi.10
3d 4%?, 1928.. 93.54? 9 !.60
4th 4%s, 1938. 91.44? 91 18
Vic 4%s, 1923. 98.36(8 99 I
do 3%s. 192.3 98.36 ? US 10
Pre-war issues
4,000. .
Saturday. do CVt 4 s
98.90? OS.94 10.COO. .
91.68'tf 91.80 Granby Min _
">0.?>4@ 90.74 j 5.000. 9(
13.10? 92 30 G R?> ? W deb B
: 000. si
n Valley 4 ?*s
6.000. ..... ?n
I & M rfg
83% Peru Marquette 5a
: ?' 's ?i ooo. ss
:;*t 2,000. 86%
" Piula Co 5s 19*J '
-.000. 87V,
. 000. S8 "
Reading gen 4s
2,000. 791-4
10.000. 79%
'? I Ark & I. I ' -
i 13.000.
34 ?4
90
90.92? 92.98
93.36? 0:* 40
91 26 1 91.30
?.;i3 98 38
' 8 16 1 98.40
1
'? ,..
S'i
33
2s ?es. '30.100V4?J 101
2s v-o.ip, 'SO,.. 100% . ' .
:is rer. '4h. 89 *- 9
Ms coup. '-?6. 89 f; 92
4s rej-, '26.105%? 106%
4s roup, '25.105%? 106?j
..s fan. c. '36. . . 100 V- 1 "I
2* Tan, r. "56. . .100 c-i It 1
2s Fan. c. '38... 100 ';.? 101
2a Pan. r, 'SS. . .100 g U *.
? s Pan, teg. S S h ' 0
o? Pan. co.i? .... 88 'i '?
P 4?, '34 ,....90
do 4s, '35,... 00 a 9
do 4?. '36. ."' fl 9
D Col I - '65. ... "7 '?? - 07 ? -
I oreigti doit, and Municipal Bond?
ilnlaretst To Be Added)
Bid.
Anglo-French Extern 5s, 1920.. 967.')
Argentine li.:*rn 6s, 1945. 7u ?*
Canada, Dom of. Notes, 1921 . 98%
do 5.S. 1921. 98**
do 1026. 93*?
?jo 1929 . 95%
?Jo 1931. 91%
Chinese Go-- Hu Kg Ry 5s. 1951 47?-,
Cuba Lxtern 5s, 1944. 92
do 5s, Series A. 194**.. 85
do 4%* J94 9. 75S
Dominican Republic 5s, 1958.. 77
City of Lyons 15-yr 6s. 1934... 91%
City nf Maraelllea 15-yr tv>, 1934 91%
City of Bordeaux 15-yr 6*. 1934 9!^
City of Paris 6a, 1921. ... 91%
Jap Gov 4%s, s'Crlins !n, 19?5 74
do 4:-.s. Id Series, 1925- 73%
do 4>, sterling: loan 1931.... 59%
City of Tokio 5a. 1952. ?8%
V K G B & I 5-yr 5%s. 1921.. 94",
do 3-yr 5%s. 1922. 94%
fio 10-yr 5?As, 1939 .04 U
do 20.vr 5 4?. 1937 . 88%
Met Extern strl 5s of "99, 191". 30
do sold 4? of
100 ?100Vi
100 **/ino%
89 to 9a
89 S 92
105Va?106" ?
105V? "? l ?-??;-, * ?
991. 'f? 100%
9S*A?lCi>v*
99 Va? 100%
99%<fl00%
88Vj ? 90'
S5'-.'.i' 90%
92 ? 96
92 @ 06
92 '* 96
i';ed
;??*?.'
71
9S%
98%
94%
96%
68
48%
9? H
87
78
83%
92
32
74%
do 1 ?? ">n
?
III Cet ? .:?'
l?.Oi
1 OOO. .
do 4- 1953
5.000..
?io rfy 4 s
5.000. :?<?:
Indiana Steel 5a
1,000. 92%
Interboro-Met 4%?,
1,000.. .. IS*?:
2.000 . 18%
Interboro R T rff* hi'
2.0OO. ;,;\
1 ooo. . . .-.'?*?
5,000. 51 ?2
4.000.51%
,000. 51V.
Int Agricultural 5s
5.000. 82
lnt Mer Marine 6s
6.000. 93U
3,000. 91
Kansas City So ,is
2.00". '
c
10 poo
-?, 10? .
St I. Ir Mt <*.
do Is Biv <??
3.000 .
St L & S 1* g?
2.000 .
do 4* rer A
11,001
1 000 .
12,000. . .
12.000, ..
5.000....
5.1 00
do 5s ser B
: 11 .
1
; 4 rjO ":
do B'l j b.?
'.>, nnn
. 7-1
G div
. . OS
6774.
68
67%
00
60'.'
00
: ,000
2.000
?io inc 6a
1.000. 41%
3, "00.41 Si
St 1. Swn ron i
4.000., . 51
do Termin??] 5s
3,000. 57' .
St P M & M con lis '
5.00?.105%
%;St P & Kar: City
u" ?*;???-. I Short L 4%s
.. 2-000.. 5?*lii 8,000.63
Kar. City T?srminal 4e St P M 4- M 4*-^s
8.000... . 71 :. I LO^o. 90^
Kingi Co El 4s "Seaboard AI. rfg 4s
L000. 66% 7.000.
?4%
Anglo-French
4,000...
5,000, . .
?
..,*
? 11)
: :' "?"? .
'04, 1951 . ... SO
(?Sales)
Jap 1st ser 4%a
? >'? ?:? 8,000. ??>...
96'? i?r' 2d ser-r1.;?
96 15.000.
''.",.? 10,non.
1.000.
95i| 11.000.
'r> <tlsr loan 4s
96%
96
? n
?'?
95il
96 l
9i ?
95%
96
74%
74
7S?i
74
73%
60
59'
60
000.
2,000...
Argentine G 5s
3,000.'"?
Chin??e Ry ?s
S.000. 4 7
2.000. 4S%
I Bordeaux 6s
t" 000 . . 92%
95%
',4 t..
94%
Cil - ' Lyons
?:??
? Msrsei'ies
. . ?
91 p4
if Paris
3.000. . .
: ,000. . .
1,000. . ?
Don* ta?ada
not.
?o'. - "'
;? 000.
[',000
I
do Sa 1921
96%
96??
96 ?
.'"' ??
3,1 '?>.'..59 ?-.
K of Great Britain
& I 5%s 1921
10,000.95%
1.000...
15,000. .
5.000.
cl.. 5%s 1922
: ,009. . .
* 0 000. .
l 000.'?4\
1,000.. 94%
?' i)00 . . 94%
50. 94%
do r.1,5 1929
? .000. 941-,
3,000. 91%
?12,000_ 94%
,000.94t,1,
, 00 .. 94i:,
' ..<:n.04%
: ,000. 94%
' 000 . . .
500_
2.O0O_
:. 000
10.000. .
do 5%s 1937
5,000.
1,000.
u'oO?
Laek Steel 55 195'1
10.000.94
I.ik* .shore 4s 1928
. B.OOO. 85-4
do gen b1-.
1.000.1,9 a-,
do 4;. 1931
1.000.82U
long Island rfg- 4s
2.0OO, . f,r,
I orillard Co 7:- r?*j,
4,000. ; n-:
I <t N unified 4s
4.000. . si
3,000. 81%
2,000.... so
do At Knox A Cln
div 4,
13.000. 70%
do St Louis 3s
5.000. . . . 50%
Manh-ittan Ry 4?
tax exempt
r,,oon. 5g
Mich On deb 4i
'?' 000 ... . v 1
Midval? Stc'ei 5a
2.00O.<*;;; .
Minn ?t St L con 5s
2,000. 737
M S S M 6 A ti 4 s *
6.OOO. 88%
M K & l 1st. <;?
2.oon...... ri9%
Mo Pacifie 5s 1966
')o adi 4?
4.000. .
2,000. . .
8 000.
Pacifie <-vt
? ,- )
1,000
do rfg; 1?
col <
I.OO'I.
s 000.
1.000.
I do San F T?
1,000, .
South?"1 IV
5,000, .
1.0 ?
do ?
i ? nm*
.108
.103'
103
76 =
7(H(
71
?4Tv
M",
?*-.?
1,000.
sren t:
81 ??
Standard Ga.
2.000.
Terri C ! <t R
4,000.
Third A?' rfg 4
1,000. .
do ndj 5s
1.000
Union Pacifie ?j
&. r: 6;
48*
91
i.OC
000
64
94
94:-?
9 i '? "
94%
88%
do
do
1,000
98*?,
98'i
1931
2 000 . .
5,001.
4.000.
000...
Jap lut st 4 '?a
91 Si
92%
? n
4,0
4.1
RailHa*?.
Am Sm? ling
.
Am 1 & r '*
,'4%
Other
84%
? 000
? ?oo
12.000.
.' ooo.
7.000. .
S of Mexico
2 000.
Y City'4'-s
Ma*
G.OOO.
1 000
2 000 . .
2.0'"i .
do No ???ember
2.000_
do 4'-.s 1963
8,000.
do 4%s 1964
fiOo? ..
89 '
8S%
8?%
88%
. 89
4s___
1957
99%
100
99%
'. 99
.100
. 99
1,000_
! f.
2,00 ?
50 000
?.U?? '.'.'.
N'e.i- Orl Term
2.000_
10.000.
N Y Central V-. "9.".
1,000. 77
do ?i?b 0s
1.000 r,.'
1,000... . 92
1.000. 92
1,000. rr
do ron 4s
R.000.68
2,000 . . * t? ?5
do r'sr ."'?'?
10,000 65
' .'""""? c,c
1,000 .. 65
rio L S *~'.-s
do
11.001
53%
non
do
fg 4s
s :, 000
s,Un Kd or S F 4s
ett- of deposi!
F
Realt- S !
f.Mf,
. r.
000
do r?gis
Y G i
?r?d
L H
^,-,.
p m 4t>
1.000. .
N Y N H & U 6s
1,000.
5,000.
N Y P.ys rfg 4s
1.000.
do adj 5s
L000. ...
X Y Tel del? tis
t 000
1.000. . .
(Corporations
C?m of O? By 6s
do4'
....
Uniled K 11 ?
Pitts 1 - .??
1,000
U S Rubber '??
fi non
.-. .,
1 [non .
".000 .
.' 000
.,..*!,'
r S Smelting
2,000. . .
U S Steel s f
3,000. .
1,000. . . .
I.000.
j 1.0110
I 5,000
Utah row er ?- I.
.101
s
98%
f On. To
U.ral Leathei
M
/"?
S''' >?,
KO-'..
soi,
Cen Pacifie
ri- ' ' a
1 kOO
gtd 4?
V Y w
1
Norfolk * W rrt
80%
100 %
. 0 '
Ya-Chr Chenu'
1 n 000
?. 000.
1,000.
?
;
I
.-. ,,*
82 M
S3
SITi
814
81
7S
lo ci 1 4s
?
4 '? ; 8
000 .... 83
8.000
: 000
, T * S F 4s 196
' Q ,
do ?en 4s
1 ? 000
? 01 0
? 000
0 1
? n
?'. ? 4s stamped
? ?
70
. I, 4s
.??'? ? L let con 4
do L ? N 4i
ra.* ? O tem 6
1. n 0 0. . .
? |>r,n
C'en B F. ci v
v -. 1.000.
82 \Caee & O r*g pi
o_00? 85%
do ev-t 5a
1,000. . . ("8
1,000 . -7 7%
do gen 4%a
5.000.75%
do cvt 41.!?
1 000 . . . TSa*.
LOO?! .' . . . 73%
2.000. . . 73%
A Alton 3'is
1.000. 31
B A Q gen 4s
1,000 . . . . 80%
SS do Illinois 4s
1 000 . 83
"7' fi 000.81
78 . ,000. 81%
do Nebraska 4s
77% 1,000. 91
7 ;% ' ci'-, io.nt 4n
' ?: "00. .. ;. 95\.
do .0:1 4?
3.000
do div \.
83%
*>'-'?. C
'm * .
V i r g i r
-?
92%|Wcst i ortrii
- ?
7: :, Wtsst Maryla
. -,
75% WesM Pacifie
North Pacifia 41*.?.
LO.""''."-.g '
do 4? Western Uni?
5.000.75%, 5,000.
6,000. 75 ? Wilson Co i'
6.000. 75% 1.000 . .
1 ,ono. j ,00*1 .
1,000. 7S '''"'
do "s do cvt ?-'
1.000. : '-? 1,000
??
Keiineeott Copper
Yield Over 7 P. C.
PrttsioVrit of Company Say?
rVrnnml f?>r ihr Metal ?s
increasing
The new issue of $15,000.000 ici
year 7 rri" '?'"-' *-r "-r<*d bondi of the
Kennecott Copper Corpora- on ??'
a banking; i d
i .
-.?T? T?,
?
*? . ' '
o rfg "s
' ,
-,
000 ..
l.OC
' 00 '..
o cvt t '--ja
- poo.
008
' 000.
(io p ! 5;
H
5.000 ,
, ooo
i; ooo.
5.OOO.
do Pitts I.
W Y? !?
j r ',.-.
J ,'..':*
do S iv 3%?
2.000 ?
do (told 4s
' ?00.
5.000. .
ooo.
? ooo ,
: i 00.
Steel 1
. ,
?>,noo
i m w
v ooo.
6$??
64
63 ??
63\
64'j
94%
94%i
? 00
do registered
-O?/o.. . 94%
C G rea* W?*stem la
[?-.'ii* Morgan ?i* Co. a**e being o^iT'-d to ..
n\,B public* at 99%. to yield 7% p<*r cent
67% The bonds will mature Februar>' 1,
67% 1930. The purpose of the isau?
,?:s rsiFo funds to pay off $12,000,000 K?n
., . neoott Copper one-yeat note? mal n
Si March 1 and to provide additional
67% working capital for 'he company.
In a circular to the bankers Stephen
59% ? Birch, president, states that the com
r?lT. , . . _- ; - ,,*i.-i _ ?
I.000...
G*V C M & m P
* ?-.,-,'.
S5% 1,000
a ooo
84% ?r. r-ffir 4%s
8o ; 000
84*4 : ooo
* ooo...
do de'o 4s 19'.14
1.000
61
6 %
fil
60 t.
T. &
01
801,
80'
80",
s it,
SO*.
! 4 000.f.9
8,000. 60
do tfen 4s ser A
3 000. . . . f"\,
1.000. . . . 67
1,000 .. . .61
do ? 4i M S V Sd
2.000. ..... 64
0 A N W a f :.,
5,00o.9fi
'Cbioafro Ry 5s
*> on*1.
2.000.
1,000.
C Tt I * P
1.000.
?.ooo.
I 0,
do rff 4a
12,000
gen 4
pany'p net revenue in 1919 was r.p
proximately $6,293,000. The I'tah Cop?
per Company, 38 per cent of the stock
r^Z i of which is owned ry the Kennecott
corporation, ho said, had :> net work
:r??>' capital or. N o emb? i : !asi ol
?SIS,02!.000. consisting of cash and i
ketable securities.
Mr. Birch pointed o>:.'. that the tend?
ency of the coppei '?.*!**;i",';. lasl year
\n- reflected by the company's q ..;
terlv sales, which increased from
2,601,000 poutid9 in the fii I quarter
to 20,355,000 pound? in the lasi iuar
ter. In the second ciuarter they totaled
9,044.000 pounds and in the third quar
ter S.C96.000 pounds
The buying of copr>c;
" 1919
69%
70
roou R-n. "?rh*- buying of copper which de
?OOo . '.*-t veloped in the latter part of 1919,' said
* f'Oti . .'.'. 65% I Mr, Birch, "has continued this far
1000.!... 66% I into 1920. and sales n*.ade by the coi
5.000. ??% ; por8tion during the year 1919 exceeded
9.000. 66 trttk ?nt'rA nrnri '.ictiol* of that viflr
I, , . .
Brooklyn Kap T
. ?? Bide
64
64%
1*3:.
64 C & West Ind 4s
64** LOW. 58
6?''t;Chile Coprer 7s
s j 5O00.105%
9-:-?; 7000... 105%
97 dof?
, u.?''00. s:
85% C C C g- St I. 4',,?
So 9 000... . 75
8,000. 75%
tic at
? ;
u '
P*
the enf.ro production o: that year.
The outiuok for copper is pr.
It is known that a large latent d ? na id
for copner has accumulated in for? .? 1
countries, especially in Europe, which
American producers will he called upon
to fill. The position of copper with
respect to domestic busir?** ?- also r
a very sound ba^is, consumption, in this
country a: the present time largi
I Consolidated Gas
Earnings Drop to
8-1.112.140 in 1919
Profits for Year Equal Only
$4.11 a Share on the Cap
ital Stork; Operating Ex?
penses Heavily Increased
Net income of the Consolidated Gas.
Company for the year ended December
31, last, after interest charges and
taxes, was $4,112,440, equivalent to
$4.11 a share on the $100,000.000 out?
standing capital stock, compared with
$5.68 a rharr. earned in 1918. After
payment of the regular annual dividend
of 7 per cent there ira? a deficit last
year of $2,909,356, contrasted with a
deficit the preceding year of $1,292,393.
Total income for 1919 amounted to
$5,595,876, a decrease of $1,639,896. In
a statement to stockholders at the
annual meeting yesterday deorge B.
Cortelyou, president of the company,
? ted that while it. had been expected
thi ' earnings from the pa*: business in
! 1919 would h>* less than iv. 1918 r.hc
g off had been worse than had
b? ii .:-.;. ipated, due to the fact that
the prices of material and labor were
oi a con tantly '.inward swi tg most of
the year, ,?; ; at the beginning of 1919
many materials, including gas oil, were
: than at any time during the
year.
"As the result of these conditions,"
, said Mr, Cortelyou, "the cost of manu
I facturing and distributing ca? is sub?
stantially higher to-day than it has
1 been at any t;t;ie, since war was de
i clr.red in L'urope and there, ii no pros
' pect of any improvement in the con?
ditions affecting such costs."
Mr. Cortelyou stated that the in
I orease ?ri operating expenses last year
alone amounted to $2,282,080. The
total increase in the operating
[ penses of the gas and electric coin
panics was $0,234,409. of which $3,301,
12.3 wan due to the greater quantity of
gas and electricity sold. The total in?
crease in operating expenses over 1916
?.vas $22,411,382, about 70 per cent of
which was attributed to ircccased ex
pet s? - . nd taxi - due to the war.
The max:::.un: day's output of the
company in 1919 wa- on December
18 and it amounted to 17*2.249,00n cubic
feet, which exceeded that of the winter
of 1917--18 by 12.172,000 cubic feet.
Th<? combined sales of gas of all the
! companies lust year wero 33,674,972,000
c.ubi<- feet, an increase over li?18 of
2,03 per cent. Sales of electric cur
: rent amounted to 865,388,322 kwt., an
in? reaEe of 14."7 per cent.
Regarding the ".;* to invalidate he
80 per cent gas law, Mr. Cortelyou said
he believed the evidence submitted
justified ? favorable decision for the
1 company.
Lull in Europe's Buying
Shown ii? Exchange Mart
r*
\ ''.:! in Kurcpi an luying in this
?. ? ? : re ? ?''.' ' d cat "1 by con
ditioi ? the foreign .exchange market,
banker? ?aid yest? r? . ' omparatively
rew bills are b< ? ?.. offered for sale,
and this led to the belief tl a1 iVt? was
a slackening of actual commercial
transaction! oui of which they orig?
inate.
The r dicy of 'he Federal Reserve
Hoard, which 1 a ?? - int 'rpreted as
fir. or ng a liquidation of commodit C8
Io r? luce loans against them, has in
i ? or? ?rn purchasers to h"!d off for
rf til ? anticipai loi of lower prices,
il was -aid, and, moreover, many of
the countries have placed orders for
their most imme? ati need.? and prefer
t.i wa ' for .' timi before buying fur?
ther. If these assumptions, made bj
several well informed bankers, are cor?
rect ' would mean that the turning
pi ' ' in the history of America's trade
? ?? '' iropi has definitely come and
itna? t1"' decline in exchange rat? has
al lea I curtailed exports. The figure?
:i- : c month of December revealed a
? pnificani falling off in exports com?
pared with ' ??? ; '?'"? ou month
Despii the ligl ' offering of bills
ye.'day, exchange ral. Londoi
F'a ;? -. ' ? * "? im ?'. Rome and Berlii fun
bled to ne y i i record; I ? rkel
? ? tied ui tsuall; sen I ive and r*c
a. -, ? ., . iahtest ':::''?: pressure.
? iecl m Her i cl osed ai 1.09 pe r
mar Mir \> en kness was a' 11 ibut ed
selling from - p tculativc
i arter the neutral co . nt ries of
Europe, where many individuals were
holdii g marks in anticipation of a huge
?? se The utral banks allowed cus
... i0 carrj marl on a relatively
? ? argil . '-'' ich has been wiped out
!?? : n c llapsc of recenl weeks. In
? I ?* l'ni ted ?l said, mosl o
t ho peculator.? : mark had to hu;
outright, . ???' an ???: ? idered
load1 ' ? t* - ? hem and.
? -re . nab .??-. ??? -..i- .-, - ? ngo of
? " *. ? ha rg i pri<*e
: -. ; .. | , .-? expeci terl ? to
? , _.. . . n ;hi year
... ?eg ;?,, f , p01-| -. i :..
' good ??? uch of
... r,d othei raw mat?ri ils pur
< ? suntrj The demand
for d ir Londoi was fa r j greal
... .--,,, |., ?
Banker; again expre ?ed the v.-**>
? n.>re Mas i * ea soi to believe
? m f ni ? tnd ' re I ad i el read ed
bottoi i ? \ .g in ex ?
g l?ale i ay, is du?
flu? ' lat ng belief of speculators
i ? vhei the botti . tear and
a rally is in sight
At tl ? ? *" the .; arket yesterday
: sterling was quoted at $3.6850;
French francs, 12 5; Belgian francs
. ? ?? . . I 09 ?
K internati nal bat tor said that
e was j about developments
i Centra] rope a 1 ai pat? . po?
re vo t i o i . ; . ' .. ; ' ' '" ,
. : the : rend i n w ?tem hli rep--.
Shcr*.vin-\K illiarns Preferred
Stock !- I nderwritteri
'?'. . am Read ?? Co., * ogethei
? i frust Cc mpany an :
? ai noui -i yea :-?;
daj * a i ' ; -- inderwrittei
prefe.rn d 7 pet
. rv " Wi! am
? ? . ; ny, 1 trgest manu
the ?-' ri .
A :-. ? dicate . - be .... :. n < d : ma .
t?a public offering ol as much of the
issue sa is not take* by th? holder;
of the et mpany's ou - ...? I rig 6 pei
? cent and '? per cent ; ref rrei
?' II be gi ?"? . the opportunity tc
. . - the new preferred stock
pa ? ?
'??.-:.'.??
-..??'. : . ; ' - ..
the acquisition of ad i a pr? perties
Oi . ? .-' ? le tie? financing
' . * ?-'. r.. *?*..: ' sho\
n e t q u i c k ? . ' ! t t a i
gil - ti ??. ?? i are on i
i . r.g prefer?
? World-Wide Demand for
Ameriean-Made Products
Practical tt 1, with t.h?
exception oi ei tra Pi wers at *
Jl ..-?', is in the market for Ameri
made autoi .. er i -, ?>< ;:
. ing appan . ? ? jew? try, toile I
, I goods and soap
as men 1 - - . -
ring the last 1
? at on ' ! :
." irtment < the
. Bush '. * . i my. In ? - *-;
? ,-? ratei
g uyers are
.'? perate, mar
?
?".??
Investment
Information
???i ?__?______??._?
In this department Tke Tribune will
throw the light of such information
at is at it? command on the invett
ment problems of its readers. The
utmost care ie used in the compila
tion and presentation of such in?
formation and we believe it to be de.
pendable. Bnt we wish especially to
emphasize to cur readers the fact
that ?en1 development a of sur.k im?
portance as to greatly chana* the
status of n security are constantly
taking place. Therefore, as a matter
of ?elf'-pi otection, the investor should
make it a poirt to keep in close touch
with the affairs of the companies
whose securities he has purchased
and with general developments bear?
ing upon the value, of such securities.
Constant watchfulness is the best
safeguard the investor can possibly
hai?e.
Questions of general interest to
investors will be answered in this
column, in which case only initials
will he used. Others will be an?
swered by mail. Address all in?
quiries, inclosing a stamped, ad?
dressed envelope to Finan?ai Editor,
The Tribune, i5? Nassau Street, New
York City.
In Groups of Three
Question?-I have about S3,000 *o invest
' d am undecided between 10 shares Amen?
ai, sut?ar Refihing preferred at 118, 10
hares General Chemical preferred at 100,
|f'. ?hares United States Kteel preferred ?t
this Hit to yield 6 per cent; or 10 shure.
"imerican Locomotive preferred at lO.j. 10'
shares American Smelting preferred at 100,
10 shares American Woolen preferred at. 105,
thii ?in to yield nearly 7 per cent; or 1n
?hares Allia Chalmers preferred a' 8S, 20
.'??ires Great Northern Ore at 38. 10 --hiiros
Virginia Carolina Chemical preferred at 112,
'his list to yield about S per cent. Would
like your opinion on this selection, or rather
your selection of three sound investment
?"-: i. m m. p.
Answer?Your three groups of stocks
represent just about what you would
expect so far as security c? principa!
is concerned. That is, the list yielding
ii per cent is entitled to a higher rank?
ing than the list yielding 7 per cent,
and so on. The first group are stocks
of companies whoso dividends record
has been good over a long period of
time, and whose margin of earnings
over dividends has been ample The
, second group is not so good, while the
1 third group is not so good as the see.
; ond. How would United States Steel
' preferred, American Woolen preferred
and Virginia Carolina Chemical pre?
ferred do? The jield would be about
6.35 per cent.
Wherein topper Stocks Differ
Question Can you tell me the basic rea?
son for the difference in price between In-;
, spiration Copper and Utah Copper, both of
hich are paying the ?ame dividends'? Is
there any reason other than 'he present cop
i per situation which has Kept th<- Inspiration
stock at its apparently low level? Also let
m<* know the difference in security behind i
??i-- General Motors preferred ..lock ami the ;
G per cent debenture?..?W. P. H
Answer- -There are probably two
reasons for '.he difference in the prices
between Ctah Copper and Inspiration
Copper. First, the amount of
'at pin!., assets applicable to the Hock,
case I'tail show? $11 per ?hare
? '" "'', par value, and Inspiration $"1
..f share of ?!11 par value. Second,
? -,: - ng power. Ctah, for the la*; fom
years showed an aggregate of $65.til.
ehile Inspiration showed, $34.44. All
copper share* have shown the effect
ol the depression in the 'rade. We do
not think that Inspiration has been
affected by any developments other than
this, unless, of course, ?| hp the general
depression in the securities market
There is no difference in the preferred
stock and the debenture stock of the
General Motors Company, other than
that the Intter lias no voting power un?
less earnings foil below 0 per cent p' r
. ; num in any year.
Victoria Oil Company
Question About five years ago I was
foolish 'nough to invest hII m> money
labout ii.i \. ictoria Oil, as 1 was told
it hud great possibilil es. I have, of course
in time learned different. T know thut you
,io not other in giving advice on that c'.a*-.
? f .-?'.?--. nevertheless T ?'ill 'al-e a chance
??' asking if you have heard anvthtng regard
ing recent earnings or activities of ?-aid
rompan: W B
"uiswor?The *>? "**or:a Oi] Company
at the present time appear' to be de
vol ng most of its energies to develop?
ing '- holdings in the Big Sinking
i reek section of Kentucky. The com?
bined production of the company's
wells in this district, and in West Vir?
ginia could not be ascertained nor do
the officials seem disposed to give out
any report on earnings. W. E. Gil
more, chairman of the board of di
?? * rs, we understand, is taking an
'? part in the management of this
coree*:.
Rarltan Refining
Questioi i notice H^llwig it- Kcuter are
??fl'ering I'aritan R*?finin*: Corporation i per
.-? ? and participating '' ear polo bond
.'? ? ,, ? ? , ....,-, |g ?ame to yield about
.'/ ;..t pi,i, Whai is your opinion of these
hi - i? " Do ?"< consider then in the specu?
la! ? das? and i -- lb? good sound inve?
,.,? i_. (?? ;) person ' m? ! rate in^ans*
R M !
Answer?The Raritan Refining 7 per
rent bonds cannot be <*'*'.!:? idered a good
'? ent at presen* for the reason
?ha* this company has not .vet started
operation. The refinery is expected to
tari up about February 1 and we un?
derstand som? good contracta have
been secured. L'ntil the results cov?
ering i. fair!;,' long period are known
these bonds must be considered specu?
lative. You would do better to invest
in securities which have shown the:r
? an. .ng power over a period of years.
$.").000 for Investment
Question 1 have $5,000 for investment
?. lid like M'u to suggest a '..-: of
es where 'he firs: requisite i safety
f principal In your opinion i 'he follow-.
ing list a desirable one Great W.
:? ., ,.- ,; ;?- ,- ? finit mortgage bond
? - Bond and .-? a. per cent preferr? I
Loui ?- G? md Electric Company
?? '. ? u ? i !emb< . ' '''.-? Be ?
?i. ? ri. S M
Vns' rhe securities you suggest
for investment srp not of the highest
'? .. i< Apparently they are safe er ugh
. present The Belgi appear
to offer considerable in the way of
:.* -. r po? sib '. itie ??. bes de: their
- tment attrai t toi , 'oi ' ".?<>*;:?*" ge
- - purchasers oi these bonds in this
ii rj will ben? t. Elect ric Bend and
*? preferred stock appears to be a
? . :stm *. The company is ably
managed, the common stock be ng
tirely owned by tbe General Electric
I ompany. Some of the British internal
? ? offer opportunities for specula?
tive investment. The exchange rate is
.'???. an i shouid : : r se u mdh ilders
ere * ot Id, of course, benefit. We as
lesire a ield < : from ?j per
cent *.' 7 P' '?' cent. Seasoned stocks
ike l nited States Steel preferred, Cen
?:.. Leathei preferred, America:. Car
;-. . -,::> prefei red and Cr.ited
State Rubber pre erred offer opportu
...<?- to obtain such a return with rea
onable safety.
Kntit!i~d to Good Rating;
Que ' n Wiil yo? kii il giv? m? your
oi the guara teed first m rt.-. .
- issued cv the New York Title and
r - Com pal y " Do you c< isidi - I: em
a es.o'1 investment for funtls where ?ecu? ?_?
, f principal with a good return is ??wired,.
-A, E. P
Ar. s-.ver--Tie guaranteed mortgage
certificates of the S? w York Title and
Mortgage Company are entitled to a
:. investment rating
i
Four full columns oj in- \
vestment questions and an- ;
steers are published in The *
Tribune every Surulay. i
HI?H fflZJD?e?Containing the (ROTOX .AOVEDl CT
In 1842, New York City obtained its first adequate water
supply by damming the Crot?n River, 40 miles away, and
bringing the water through an aqueduct embodied in the
"High Bridge" across the Harlem River. The era was one
of remarkable progress. The Merchants' Bank tound its
quarters too cramped to handle its volume of busin?css, and
in 1838?1840 erected a new building on the same site ?
constructed of granite, at a cost ot more than ^40,000; ;<t
that time the finest banking house in the Union. The
Merchants' Bank in 1841 became Government depository
for S ;00,000.00.
Merchants' National Bank
of the City of I{ew Yort^
42 Wall Street
RAYMOND E JONES
7*reHdent
HARRY T. HALL
*'?<??* - 7*re$idertt
FRANK L. HILTON
Vicc-T*resident
OWENE.PAYNTER
Cashier
IRVING & GREGORY
xAss't Cashier
NICH0LA6 P. BRADY
THEODORE E. BURTON
ARTHUR V.DAVIS
EBERHARD FAB ER
BOARD OF DIRECTORS
J. E.ALDRED, Chairman
RAYMOND E.JONES
MINOR C KEITH
ARTHUR G. MEYER
WILLIAM F. NEU
CHARLES E POTTS
CARL F. STURHAHN
GEORGE ZABRJSKT&
NEW ISSUE
$300,000 Preferred
20.000 sharps Common
WILLIAMS TOOL CORPORATION
REGISTRARS AND TRANSFER AGENTS:
Lawyer* Title and Trust Company Commonwealth Tru?t Co. of Pittsburg
New York, N. Y. Pittsburg, Pa.
CAPITALIZATION
N'n bonds or funded indebtedness
8% Cumulative Convertible
Preferred Stock (par $100).
Common Stock (no par value)
Authorized
5300.000
30.000 shares*
Now to be Issued
$300,000
20,000 shares
*Of which 6,000 shares are reserved for conversion of preferred stock.
ORGANIZATION AND BUSINESS?The Williams Tool Corporation?or?
ganized under the laws of Delaware -has acquired the business, plant
and manufacturing assets of the Williams Tool Company of Erie.
Pennsylvania. The principal product of the latter, for eighteen years,
has been the Williams Pipe Threading .Machine, which has long oc?
cupied a prominent position in domestic and foreign markets, and was
awarded the Gold Medal at the Panama Pacific,International Exposi?
tion in San Francisco in 1916. The company has been unable for years
to meet the demand for the Williams Machine. To this has been add
ed the increased requirements occasioned by the abnormal activity in
oil and gas drilling and pipe line construction. It is the compr-ty '? in?
tention to double its production in an endeavor to supply this ??j, .;.-?,;
PROPERTY--Th*-* company owns one of the most valuable ma*?, ,, *,,,
sites in the City of Erie, comprising an entire city block. The u\ -. , Lr?*
are of modern, well lighted construction. The equipment is mod* i, in
good condition and well adapted to the present methods of manufacture.
The present output can be doubled without building extension--, while
the factory arrangement and site are such that large additional expan?
sion can be made with minimum disturbance and rearrangement.
EARNINGS?The net earnings of the company for the four fiscal years end?
ing June 30, 1919, after the deduction of Federal taxes," averaged
$80,308.88 annually. These earnings- without, any further expansion
or increase of production are more than three times the preferred
dividend requirements and show earnings of $2.80 per share (more
than 129c on issue price) on the "Jo.000 shares of common stock, after
provision for preferred dividends.
PREFERRED STOCK PROVISIONS?The preferred stoi k is callable after
January 1st, 1923, ai lO.j and accrued dividend.-. Beginning January
1st. 1922. 20'. of th ne' earnings, after payment < : the preferred
dividends, will be set aside annuall} for the redemption of the pre?
ferred stock. It may be converted at an*, time up to thirty days after
call on the basis of one share of preferred for two shares of common
stock. Adequate restrictions are provided against the issue of Bonds
or additional preferred Steck.
We offer for ?ale when, a? and ?f i?*su<*d and received by us subject to dlotment.
the unsold balance.
Preferred Stock $100 and Accrued Dividend
Common Stock $22 Per Share
IACE W. DAMS & CO.
NEW YORK
-.*? b*er* ot?-?.--* ??? .- .? ,, w.-Acti w*
.-?*'?- is sc pttxJ b ia a? * - <?.
T^L:^^l.Li-:-. v-tjiW^
-?? ,..,--.?
. ? ? ? ?.-,
-,
- ? ?r

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New-York tribune. [volume], January 27, 1920, Page 19, Image 19
About New-York tribune. [volume] (New York [N.Y.]) 1866-1924