New-York tribune. [volume] (New York [N.Y.]) 1866-1924, February 05, 1920, Image 17

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New-York tribune. [volume], February 05, 1920, Page 17, Image 17
About New-York tribune. [volume] (New York [N.Y.]) 1866-1924

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New-York tribune. [volume] (New York [N.Y.]), 05 Feb. 1920. Chronicling America: Historic American Newspapers. Lib. of Congress. <https://chroniclingamerica.loc.gov/lccn/sn83030214/1920-02-05/ed-1/seq-17/>

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W. F. Ladd & Co.
Investment
Securities
New York
Freeport-Texas
iSuiptv.ir ar,.1 Public Utility)
! Analvsis of largo sulphur re
1 serves, property, holding?, sub
sidiaries, financial position, divi?
dend history and outlook.
Bethlehem Steel
Ontline of the present prosperous
business condition of this gTeat
industrial enterprise and its fu?
ture possibilities.
Inter. Petroleum
Reported acquisition of new
? properties in Columbia.
Heyden Chemical
And the Dye Control Bill.
Invincible Oil
United Cigar Stores
Producers & Refiners
Sent cr. request for K-431
HUGHES & DIER
Stocks?Bond*?Grain
' Phlla Fto? k r.x- hanire
Meir.be.-s A Pitts St? k Exchange
(.Chicago Board of Traia
50 Broad St., New York
?alts ll?-?2(i Tel Broad il4t.
Fifth ATenue OfTire
808 Fifth Ave. Te!. Vanderbllt SE3?
Harlrm Office. 67 VI". li.'uh St.
Philadelphia. Hit, %S alnut ct.-?*?
Income and
Excess Profits
Taxes for 1919
Comprehensive Booklet on Request
George H. Burr & Co..
Equitable Building
New York
Rail Executives
Will Urge 30%
Rate Increase
Advance in Freight Tariffs
Would Add $1,100,000,
000 to Income; Appoint?
ment of Guaranty Trust
Approved
The sub-committee of the Associa?
tion of Railway Executives which has
?>een investigating the financial condi?
tion ci the roads with the view of de?
terminating how much o? an advance in
tre-ght rates is necessary to meet their
:-.eeds after the return to private
ownership, will recommend an increase
of at least 30 per cent, according to
reports in banking circles yesterday.
This figure, it was said, would only be
sufficient to pay the 54 per cent return
on.the property investment as provided
jy the Cummins bill.
A 30 per cent rate advance, it was
Pit.mated, would add about $1,000,000,
"00 to the standard return fixed by the
railroad administration. This sum, it
?*?? pointed out, does not take into ac?
count petitions from the railroad
brotherhoods for higher wages, ag?
gregating $300,000,000.
( Advices received in financial circles
?ndicate that the compromise railroad
Ml] that will be passed by Congress
'd'l contain the following features: A
year's trial of the 5V4 per cent
guarantee clause, with a fifty-fifty
division of the excess earnings above
S per cent; elimination of the Federal
compulsory incorporation clause; cut?
ting out of the labor section and the
provision for a board of transportation,
ice compulsory incorporation clause, it
* understood, will be superseded by a
clause providing for the voluntary
consolidation and Federal incorpora?
tion of different railroad systems.
The recommendation of a sub-com
aiittee of tne steering committee of the
Association of Railway Executives that
^a Guaranty Trust Company be Ap?
pointed the sole trustee under the plan
ay which the carriers are to issue
W80,000,000 of equipment trust certifi?
cates to the railroad administration
?M been approved by practically nil
the sixty-five railroad? involved in this
'?nancing arrangement. All that now
remains to make the plan effective is
T.h? formal approval of Director Geiv
eral Hines and of Swager Shirley, di?
rector of finance of the railroad ad?
ministration.
The members of the Association of
?Railway Executives who were ap?
pointed to serve on the rate committee
"onsiat of T. De Vfitt Cuyler, chair
""?n; Alfred P. Thorn, E. N. Brown.
g- M. Calkins, Howard Elliott, S. M.
{?Hon. Carl R. Crav, J. H. Hustis,
Julius Kruttschnitt, E. E. Loomis, C. H.
Markham Samuel Rea, Bird M. Robin?
son, A. H, Smith, Henrv Walters and
Daniel Willard.
Xaeaaaios A Metals National Bank baa
???a appointai registrar of the atock of
**? Katfoaal Exploration Company.
U. S. Government
Transactions
. ? Sale?.
Liberty 3%?. 1947. $677.000
do lit Is. 1947. ?5,000
do 2d 4?, 1942....... 469,000
do 1st 4's,i, 1947. 146.000
do 2d 4Via, 1942.3,061,000
do 3d 4Us, 1928.3.684,000
do 4th 4%s, IMS-4,810.000
VKtory 4*i?. 1923. 2,229,000
do 3%s, 1923. 3,226,000
Quotation?
nigh.
9;.-,4
9i.ro
90.00
91.46
90.00
Liberty 8%a.
do 1st 4s..
do Cd 4s ...
do 1st 4%s.
do 2d 4Vis.
do 3d 4%s_ 93.00
do 4th 4?i?--. 90.12
Victory 4%s_ 97.90
do 3%s. 98.06 _
Bid and Asked Quotations
Closing
Yesterday.
96.90? 97.10
90.98?. 91.10
89.74? 89.80
Low.
97.10
90.98
89.52
91.16
89.50
92.60
89.72
97.74
97.74
Last.
97.10
90.98
89.80
91.18
90.00
92.92
89.90
97.90
97.96
Yield.
8.72
4.57
4.71
4.81
4.96
6.28
6.00
R.24
4.23
Nat
Chge,
-.64
?.14
?.10
?.34
? .10
?.08
+ .08
Liberty loans.
3%s, 1947_
1st 4s, 1947...
2d 4s. 1942_
1st 4%s, 1947..
2d 44s. 1942..
3d 4Vis, 1928..
4th 4>4s. 1938.
Vie 4%s. 1923.
do 3\js. 1923
Pre-war issu?
2s rear. '30
?s coup. '30
3? rcg. '46
3s coup, '46
4s re*. '25
4s coup
2s Pan,
2s Pan.
2s Pan.
2s Pan,
3s Pan,
3s Pan.
Phil 4s. '34
do 4s. '35. ..
do 4s, '36. ..
I . Col. 33, '65
Closing
Tuesday.
-?.97.7?
91.12? 91.18
89.94? 90.00
91.30? 91.52
5.105%?106% 105%#?10?%
25.105% ?106% 105%? 106%
, '36...100 <?>101 100 #101
'36
c. '38
r, '38
ret?..
coup.
. 100
.100
.100
. 88
. 88
. 90
. 90
. 90
. 97
?101
?10l
?101
? 90
? 90
(it) 95
? 95
? 95
Foreign GoTt. and Municipal Bond?
(Interest To Be Add??)
Bid.
Angle-French Extern 5s. 1920.. 95
Argentine Intern 5s, 1945. 73
Canada, Dom of, noten, 1921_?
do 5s. 1321. 97*4
do 1926. 93%
do 1929. 93%
do 1931..^.. 91%
Cr,in<?o Gov Hu Ky R> ?a. T)51 451,
Cuba Extern 5s, 1944. 92
do 5s, Series A, 1959. 86
do 44s, 1949. 75V?
Dominican Rep 5s, 1958. 76
City cf Lyona 15-yr 6s, 1934... 90%
City of Marseilles 15-yr 6s, 1934 90%
Titv of Bordeaux 15-yr 6s, 1934. 90%
City of Paris 6s. 1921. 89%
Jap Gov 5"as, sterling loan, 1925 68%
do 4 4?. 2d 6er, 1??25. 67
do 4s, sterling !n, 1331. 664
City of Tokio 5s, 1952. 58
U K G B & I 5-yr 5Mjs, 1921.. 93%
do 3-yr 54s, 1922. 93%
do 10-yr 5%s, 1929. 92%
do 20-yr 6Vis, 1937. 86%
Mex Extern strl 5s of "99, 1945 ?
do Extern gold 43 of ^4, 1954 ?
Asked.
95%
74
97%
97%
94
94
91%
46
94
90%
82%
82%
90%
90%
90%
90
69%
68
57
58%
93%
93%
93
86%
35
Anglo. French 5a
8,000.
49,000.
3.000.
155,000.
80.000. 95
108 000. 95A
119,000. 95V4
10.000. 95%
1,000_.. 95 A
1.000. 95%
95%:
95?
95%
10,000.68
2,000. 68%
do stlg loan 4s
1.000.58
5,000.67
7,000. 65%
4.000.56%
5,000. 55%
2,000.57
5,000. 56%
5.000. 55%
78.000. 95 Vi U K of Great Britain
135.000. 95% & I 54? 1921
3,000. 95
Chinese Hy 5s
2.000. 46
City of Bordeaux 6s
8,000. 90H
City of Copenhagen
S Va a
2.000. 80 4
6,000. 80Vi
10.000. 80
City of Lyons 6s
5,000. 90%
City of Marseilles 6s
9,000. 90%
City of Paris 6s
1.000. 90V4
4,000. 90
If?.000. 89%
Dom Canada 5 Va9
not? 1921
1.000. 97%
2,000. 97%
6,000. 97
do 5%s 1929
10.000. 94
6,000. 93%
2.000.94
do 6s 1921
8,000.97%
2.000.97 4
2,000_.. S7%
do 6s 1931
6.000. 91%
1,000. 915,!
10.000. 91%l
Jap 1st ser 44s
37.000. 70
1".000.69% i
3 000. 69%:n
4,000. 69%
5,000. 69%!
l.ooo. 6a i
do 2d Ber 4 4?
2.000. 70%
4.000. 69%
5,000. 69 I
6.000. 6Si?!
5,000. 67%;
6,r>00. 68 I
4,000. 69 ?
6,000. 94%
39.000. 94
2,000. 93%
9,000. 94
35,000. 93*l
14,000. 93%
5,000. 93 4
8,000. 93%
1,000. 931a
do 5 4s 1922
50.000. 93%
28,000. 93%
12.0C0. 94
9,000. 93%
do 6 4s 1929
20,000. 93%
4.000. 93%
20.000. 93%
43.000. 93
5.000. 92%
1.000. 93
4,000. 92%
1.000. 92%
2.0O0_.. 93%
23.000. 92%
do 6%s 1937
43,000. 87%
4.000. 87%
21,000. 87%
48,000. 87
4,000. 8<?%
14.000. 87'
6,000. 86%
3,000. 87
1,000.'. 88%
5,000. 87'
2 000. 86%
5,000. 86u.
Y City 44? 1963
10,000. 981-.
do 4V:S i960
2.000_
do 4'is 1964
1 ooo_
do 4 4s 1966
5 000 ..
do 4s 1157
1,000. 88
do 4s 1959
1,000. 88
93%
93%
93
Railway, Other
Corporations
Alaska Gold M 6e ?Canada So 5s
ser A 4,000. 83
4.000. 16 Cen of Ga Ry 6a
Am Smelting 6s 1,000. 19%
5.000. 83% 'Central leather 6?
? 10.000. 83%! 1.000. 95%
10.000. 84 i 4,000.97
2,000. 83% Cen Pacific gtd 4s
1,000. 72%
Am
1.000. 837*
8,000. 84
T & T cvt? 6s
3.000. 98%
25,000. 98%
3,000. 99
10,000.
do 3 M
16
14?
1,000.80
Ches & O evt 5s
2,000.77%
2,000.78
do gen 4%s
1,000.74%
5,000.74% ,
do evt 44*
3.000...
11,000. 73
1.000. 98%
19.000. 98%
25,000.98
do col 5s
1.000.._81%
do 4 4s
1.00O.84% ,_
do col 4s 3.000. 73%
1,000.77%!C & Alton 3%a
1,000.77%; 1.000.80
Am W P s f 7s 4,000. 29%
2,000. 82% O BtQ joint 4a
Armour Co 4 %9 1,000.?93%
5,000. 84%, 1.000.93%
A T * S F gen 4s 24,000.94
15,000. 76%I 10.000. _93%
4,000. 76% C Great Western 4s
do adj 4s 1.000. 64%
1.000. 69%! 25,000.64
do adj 4s stamped j 1,000. 64%
2,000. 69%' 1,000. 64
Atl C I. 1st con 4s O M 4 St P pn 4%s
29,000. 79 2,000. 75
1.000. 75% do cvt 4%?
do L & N 4s 6,000.67%
6,000.68%
Bait & O tern 6s
9 000.83%
3,000. 83%
J7 000.. 83%
9,000. 83%
26 000. 83%
5,000. 83Va
2 000. 83%
3.000. 83%
14.000. 834
61,000. 83
3.000.84
do rfp 5s
2.000.62
do cvt 4 4a
3.000.60%
10,000. 60%
1,0"0.604
1.000.60%
7,000.604
17.000.60
do gold 4s
1 000.67%
1,000.67%
2,000. 68
do rfg 4%s
2,000. B8%
4.000. 67%
3,000.58
do deb 4s 1934
4.000. 58%
do jren 4a ser A
2.000.67
1,000. 66%
do 6s C 4 P W dlv
5,000. 96%
C & N W gen 4s
6.000.76%
do 8%3
6,000. 64
OH!? P t?? 4a
10.000.64
3,000.64%
4 000.63%
16.000.64
6.000.
29,000. 63%
15.000.64
do p 1 3%s
4,000.79
do Pitta L E A
W Va 4a
7.000. 54
Beth Steel rfg 5a
63% ?C 4k West Ind 4?
1,000.,
84%
l.ooo. 81
do
84%
85
84
84%
84
9.000. .
P m 5s
I l.ooo..
3,000..
l ooo..
4 000 .
10.000. 83%
i Brook'yn Rap T 7s
1,000...
2,000...
1,000. 44
do etfs of deposit
stamped
7.000.....'. 81%
1,000. 83
| Brooklyn IT Gaa 5s
| 1,000.71
! Brooklyn U Elev Ss
1,000.6?
6.000...... ?4
1.000.56%
Chile Copper 7a
6,000.103%
do 6s
10,000.79%
15,000.79%
2,1)00. 794
6,000.79%
1000.79%
1.000.79U
10,000. 79
C 0 C A St L 4%s
8 000.74
Col ? So 4%?
18.000. 70%
do 1st 4s
7.000. 84%
?OOO.84
44%rCon Gas cvt 7s
44 % when issued
1 5.000.100
1,000. 99%
1,000.....'. 99%
2.000.99%
13.000.99%
13.000.99%
6,000.99%
25.000.99%
2,000., ?%
?Own Pr 6a 1W4>
.100%
82 M
do con 4%?
1,000. 90%
do 5a H*Q8
?.',000. 89
?1,000. 88T?i
1,000. 8!)
10.000. 88%
2,000. 8'.?
do nr?'n 4'sa
1,000. 80
l.ooo,. 7:?%
10,000.,_ 79 V?
Pero Marquait? 5s
2.000. 85
I'Mltt Co r>? 1922
l.ooo. 87%
4,000. 87*?
7.000. 87%
P C O & 3t L 3%a
1,000.
81
do
Dal * H cvt 6a
^ ?,000.
1 Den & H o con 4?
T*vi 10'5??.?3
Ene cvt 4a aer B
. 3,000. 33%
do evt 4s ?er D
? 10.000. 38
Ft W & D C Va
j. 1.000.97
Gen Elec deb 5a
2,000. Pf,u
1.000. ?au
2,000. 95
Great Northern 4%?
3.000_ 81%
HudA M rf? 5. ?
l.uOO. r.su,
3,000. 66 t?
_. 5.000...... 56'"
do inc 5a
1,000. 14
111 Central 5'.i?
1,000. ..'... 92?-?
1,000. 92
do rfg: 4s
5,000. 71U
1,000. 72
do 4? 1953
6.000. 65%
Interboro-Met 4%?
3,000. 16%
20,000. 10 u.
1,000. if,
4,000. 164
1.000. lf,u
18,000. 16
do ctfs of deposit
80.000. 16
, . 4.000 . 15%
Interboro R T rfg 5a
60,000. 50
2,000. 40V.
1.000. 49?
1.000. 50
5.000. 49%
5.000. 60
4,000. 4!)%
Int Mer Marine 6a
8,000. 91 U,
1.000. 91%
K C Ft S & M 4?
6,000. 64
Kanaan City So 5a
4,000. 69%
do 3s *
2.000. 6fl
Kan City Terminal 4?
30,000. 70
1,000. 69%
Kentucky Cen 4a
1.000. 73
Keokuk & D M 6b
2,000.70
K?njrs Co El 4a
10,000. 50
Lack Steel 5s 1923
5.000. 93%
do 6a 1950
25.000.93
15.000. 92
Lake Shore 4a 193!
T 10.000. 81%|So Bell T ? T 5s
Lehigh Valley 6s 1,000 . . 85
12.000.100 ?So Pacific cvt 5s
Tub Ser <<f N J 5a
1,000. 66%
1.000. CG
Readlnvt ?on 4 s
5.000. 794
Rio G W litt 4s
1.000. 63
R I Ark & L -His
1,000. 61%
9.H00. CO
Rutland Can 4a
1 non. r>3
St 1. Ir Ml & S 4?
7,00(1. ..... 73
4s Ki & G div
2.000. t;7u?
6,000. 67^
1,000. 67? ?
2 OOi). ?17 4
8.0OO. li?
st I. & S K 6s Her C
15,000. 85
do 5s ser B
3,000. 67
2.1100. 66%
23,000. 06
do 4s -or A
4,000. 56%
3.000. 56%
3,000. 57
1,000. 66%
9,000. 56
7.000. 56? .
2.000. 56
do adj '.a
5.000. 60
6,000. 59%
6,000. 59?
l.noii. 69
1,000. 591/,
4.000.69%
do inc 6:>
20,000. 41
5,1-00. 41 w,
11,000. 41
St L Swn Term 5a
3,000. f,7
do con 4s
1,000. 50
St P M & M 4<??
4.000. 90
Seaboiini A L rf?? 4 s
1,000. 4 5%
10.000. 46
Lehigh V of Pa 4a
3.000. 71%
Lijrarett & M 5a
2,00*1. 87U,
Long Ialand rfff 4s
1.000. 69
L & N -o! 5b 193'
1,000.90%
do unified 4a
6,000. 80%
6.000. 80 "
do St f.ouls 6a
1.000.100
do So Ry joint 4s
5,000. 63%
Manhattan Ry 4a
tax exempt
2.000. 59
Midvalfl Steel 5s
10.000. 84
10.000. 834
Mlnn & Rt L. 4s
1.000..J. .. 38
1,000. 38%
M K t: T 1st 4a
5,000. 58
Mo Pacifie os 1926
.1 000
8,000
do gren 4 a
l.ooo..loiu
1,000. .... .101
.100%
.1004
2,000
17.000
3 000 . . 100%
15.000.100%
6.01 l.100%
do cvt -ls
5 noo. 78%
5,0 o. 78
do rfi' is
fi.ooo. 77
1,000. 764
7,000. 76%
do col 4s
4 ooo. 704
4,000,... 70"
1,000. 69%
do Rnn F Term 4a
1,000. 734
2,000. 72%
Southern Ry 4a
oo.OOO. 58
do 5? Memphis div
5.000. 80%
do 4s Mob & O div
6.000. 5-j4
87% Texaa Co cvt 6a
87 1,000.102
Third Av rfff 1s
5.000. 65%' l.ooo. 47
3.000. 56 do ndi r>s
4 000. 55a; 5000 .. . 2S%
3,000. 55% Toi 40c g?, 5a
6.000. B5?? 5 000 fi"
10.000. 55
Mon tii r a Power 5s
3.00O. 84
N Y Air Brake 63
3 000. 99 |
N Y Central deb 6s
20,000.91%
13.000. 92 ;
6.0O0. 91%
3.000, ... -. 911*,!
?.OOO. ..... 92
1,000. 91%!
do rf> 4 4a
2,000. 76%
do 43 1934
5.000.76%?
do con 4s
2.000. 69%i
do rfc- 3%a
1.000. 66U
N Y N H 4 H 6s
10,000. 70
N Y O ft W 1st 4s
1.000. 60
N Y Tel deb 6a
3.000. 921?
do4i4s
2.?0O. R04
1.000. 79%
2.000. 79u
Norfolk So 5a ser A
3.000. r.oi-?,
Norfo'k fi W gen fis"
1,000.104
do cvt fia
6 000._100
5 000.10?%
18.000.102
do con 4a
10 000.7*5
do div -la
Union T'n< ific Cs
I ?' 0.101
10 .1.101%
2.1 000 .. . .101%
do cvt 4 s
16 000.851?,
1,000 . . . 85%*
5,000. 85
do 1st 4 s
2,000 . . 82%
2.0.T?. 8f
9,000. 82%
do rfrr 4 3
'? ' . 74
6 000 . .. 73%
f ? 5 ? .
2 ooo. 73%
4/ 10,. . . 7,';!-.
Unit??.'! P.v Inv 5a
Pitts Issu?
3,000. 70U
6 000 . 70%
U S Realty & I 5a
6 000. 76
U S Rubber 5a
1/ni...
000
u s
6! OOO
I " OOO
II 000_
?mp'?inc 6;
1,000
Nor PaHf?e 4a
1,000. 741*.
10 000.7-%
10.000. 75
do 3s
3 000. 53
2 000 ... . 52%
1.000. 5
Ore * Cal 1st 5a
2.000. 93%
Ore Sho--^ Line 4a
1 000. 81
4 000. 80%
Ore W R R & N 4s
*> 000 . .. 67^
Penn-4%8 1921
1,000. 97%
85V?
85%
8 5 U
85%
85%
10.'i%
U S Steel s { 5a
21,000.97%
1 OOO. 07
?>'nO0 . ors;
i .000! . . . . . 96iA
18 "00. 07
: 000. . or,v,
1".ooo.96%
75% ?Utah Power fi L 6?
100
83*4
1 nor, . 8314
'?[ West Maryland 4s
1 000. 50%
West Parirle 5s
l.ooo. 81 Vi
% 1 000 .. 81%
4 Wheel A T, E 4U?
1 ooo ,.... 51
Wilson' Co 1st 6s
1 nno. 9?*
6.000' ''.'.'' 9754,
do
2,000....
91%
Bid and Asked
Bid. Asked.!
Al Chata pr ?5
A il a PI. 83
Am Buk Not? 44
do pr . 45
A Boet 8 pr- 85
A B 8 * Jry 87
<Jo pr .168%. 200
A Cot Oil pr ? 87
Am Ice Seo pr 59 60
Am Shlpt>:dg ? 135
Am Snuff Pr- S2 90
Am Sugar pr.118
Am Tel A C BO
A To pr new 95
Am ZU-.c pr.. 50
Ajiu A-tx>r pr 23
AC1 A W I pr 66
Au 8?!m pr.. 29
Bar Loaiher.. ?5
do pr . 914
Barrett Co pr.105
Beth rV.eel... 89
do 7th pr.100
Bku Ed'sou,. 94
Brown Sh pr 95
Buff R A P. 454
1O0
Kress St Co.
95%.TKress pr
4>; ll.aclwlf Om .. ?!!
45% Lake E <t VV. s
do pr . l.'-H
1024
?0
lOOVi L.-W B 1st pr.112
r,orH:ard pr. .106
Mackay Co?... 65
80 ?Maiiatl Sui-ar. ?
135 ' du !>r .. .101
90 -Manhat B.>ivi-n 1
lllhi Mar Rockwell C3
55 M? M 1st pr ?
9T ; do 2d pr .. 25 26
50 .May Do St pr. 105% l'?r4
26 Mex Te:, ?lrlui) 105
TO !\Tlcli Central. 82
S3 MSPASSM 1 ! 60 no
H'i ?Morrla & Ks. TOM? "6
96 IVash & Chat. 104 in
Vat BLs pr. .112 1!6
\ C & H pr.100 102
V E & ? pr loi
Vat L?ail pr.107
VRJ1M lat pr ?
110
jff.R & P. 454 M .NVCA?L Ut. 58
do pr . ? l?? do M pr . 44
iff * Sim... - "0. N* V L A W 85
10!
10?
19
Buff
do pr .
Bush Term..
Can 8out!em
Cent Fdry...
K0 100
41'i
20
54 V Norfolk So ..11
13
do
45
ft Ait?n, o
CAS ATel.ll?
Chi * Alton. 6
do
C A
do pr
CT A Pitts... ?
C8PMAO pr. 90
COOi?Lt?
do pr .63
O * 8 Ht PC 50tt
do 2d pr... 42
Crax Carpet.. 50
Cuba Am Su.420
do pr .100
Deer? Co pr 101
Del Bdl*on..l06
!><* TTn RR. ?
Diamond M..U3
D S B ? A. 3
do P* .-??? .2
Durnam Ho?. 58
do pr .100
Rm Brandt pr 85
Ohio Fuel .. 48* 49
:ot1s Eier or. ? 1 ' K> '-i
Owen* Rot pr ? 100
F:u-ia<? Coast.. 25 60
' do fl pr. .. 4^ 60
Pao M 4 T M 41
?P Ara. Pet pr 175 2iX?
?Per? Mar pr. 47 50
Pet? Mull?... 83 4?
i do lat pr.. .100 ?
P ? W A C.122% Iffl
Pitt? St#*l pr 8? 91
P A W Va pr 70 7S%
Pr 8t Car pr,102H 104
p 8 C N /.. ?3 68
Reading 1st pr 84 K 85
do '.M pr. . 3444 35
'Rem T 1st pr ?I7 10 IV4
RensaeUer . . .102 117
jReab A U... 7 7 4
Seare Roe t>r ? 116
!p-S S & I pr t'O ?.4
S P R Kujrar.2'J5
' do pr .110
62 Standard MOL 135
103 \ do pr . 8.1
85*4 !Slf wan War
Bull John pr.lOOHlOl Studebaltei- pr.101
P M * S pr 31 .?aH|8m> Steelm pr.100
?45
115
150
90
\ 41?4
Flaher Body.. 190 124
do pr . 95 101
Gen Chem.... ? J?5
do pr . ?7 ln0
Oen Cigar pr ?4 ?OJ
do pr d?*; 88 90
?o - pr . W 82
O 8 T It* pr n% 97
Homes'ake .. 61 63
lnt Paper pr SO 107
Int Nlelcel pr 88 90H
low? Ontral. 4 8
KCFSAM pr. 52 W
Kelly Spr pr 93 100
Ke??y \Vh pr 96% 9T?
Keok A D M. 8? ?6
do JW_. ??-???
Kr?sBB 8 8.
do pr ...
A l* .d tr.200
Tidewater 011.193
TSL A W itfs 10
do pr ctfs. 19
T C R T pr --
I'nderwood T. 171
dn pt .ins
LT CUar St..126
do pr . ...Ill
r Drug* 3d pr.1.-')
Va t C * tj 86
Vulran Detin 24
do pr . M*
V Md 21 pr. K,
\V??t'ae M lit. 64
A i:?oti Co pr B5
,\ti t L G ?i li
ftl?. Centra!.. 26
203
12
23
93
175
113
225
110
.144? 160 ?tV?wtworth PT.U24 113U
Dollar at Record
Premium as Slump
In Exchange Grows
Sterling - Fluctuates Wildly
in a Panicky Market;
Banker Says End of tin*
Der line Is in Sight
Tho premium of the American dollar
I yesterday over sterling, franc, lira an I
i mark exchango was the highest on rec
? ord. Tho tumbling; of tho European
i exchanges to unprecedented depths con
j tinned without respite.
Exchange bankers, looking overseas
for some action to help save the situa
j tion from further demoralization,
. feared that the time was near when
tho international exchange market
! would cease to function entirely. One
! of the largest traders in exchange in
| the United StatAs said it was likely
i thnt in certain European countries It
would soon be impossible to buy dol?
lars in the open market, and that con?
tracts would have to bo settled through
negotiation across the seas. Tho ex?
haustion of government credits to Eu
rope and the unwillingness of barks to
o.xtend large credits have been throw?
ing the burilen of financing what trade
has survived on the foreign trade mar?
ket.
Thin Market
The thinness of tho market in ster?
ling, indicating a slump in exports, was
illustrated shortly alter noon, when
relatively small buving orders for ster?
ling reached tho market. Many of tho
exchange hankers were out to lunch,
and there was difficulty, it was said, in
i:<'tt:rrr bills at tho moment. Rates on
Sterling, therefore, leaped from $3.19
to $3.30, but after the midday recess
rates dropped promptly to iJ.'?.L'-t and
closed at $3.2275, compared with $3.3325
yesterday, $3.5150 a week ago and
$4.866 at par.
As a reflex of the break in sterling,
tho dollar was at a premium of 17 per
cent in Montreal, the highest in his?
tory, and Canadian bankers in New
York were of the opinion that no moro
gold was likely to be shipped in tho
near future, because it was thought
that would not correct the disparity, j
It was felt that the recent shipment
of $20,000,000 in gold from Montreal to
New York had failed significantly to
change the situation. The weakness of
the Canadian dollar is attributed to
the fact that it buys in this country
for carh and sells abroad for credit.
In normal times Canada settles hot
debit here with sterling credits ob?
tained by a trade balance in Canada's
favor in England.
At the close of trading yesterday
tho douar, which at par will buy 5.18
lire or francs, would purchase 14.82
French francs, or 14.77 Belgian francs,
< ;? 18.82 lire. German man.'-, normally
worth. 23.9 cents, was qui fid at 1.04
cents. All of these quotations are for
checks.
Sees End of Slump
After the drastic decline yesterday,
which followed a fortnight of pr?cipi?
tai- drops, an olTicer of one of tho
leading banks, who has been of the
(?pinion for three years that European
es ?'. ?? lue for a sharp slump,
yesterday expressed the opinion that
the bottom was now in sig I
"The exchangi j svi ' go lower, in my
opinion," he said, "but we snail soon
turn the corner. Europeans are now
grasping the fact that it is up to them
to help the situation. They arc now
disi ? ng, particularly in England
and France, the placing of severe re?
strictions on imports, and 1 think the
time must bi near when the Europeans
will seriously attempt to balance
their accounts, Before this is done
there will be further declines. The
proposed import restrictions are ex
tremelj drastic, and in France, I be
. 'I Include reduction even of
\vh nt pu h , S."
Other leading financiers were of the
opinion that the Bit i iti m ' ould auto?
matically tend *o correct itself through
the curtailment of imports into Eu?
rope, bu-, thej thought this could be
done through the in erected by
declining exchanges, without govern?
mental decree. Bankers said that
Europe needs must confine its pur?
chases to bare essentials, and thought
they would find means of financing
these.
Those who contend the bottom in the
exchanges will net be reaci ed for some
: r -'? - that Europe, can do little
until the winter is over. In the spring
England, for example, ?a expected to be
ready to export quantities of cotton
goods manufactured oui of raw ma?
terial purchases in the United States.
and, if so, it is believe'd exchange will
be helped. By exporting to countries
like the United States, whose exchange
s at a premium, England will make a
profit out of exchange, whereas now
the dispa ity is costly to her. It was
reported yesterday that some Eng1.!*'!
manufacturers were sh pping small
quantities of raw cotton back to the
United States which had been pur?
chased when sterling exchange was
higher, and thus making a profit,
A survey of the opinion of bankers
regarding the international exchange
ou lo k revealed great uncertainty and
also brought out the fact th it in
certain extremely influential quarters
tha view is still held that the real solu?
tion lies in the extension of huge
credits to Furore by Americans to aid
the Old World to get the processes of
economic life functioning again.
Canadian Bankers
Confer on Exchange
OTTAWA, Feb. 4.?A conference on
the exchange situation was held to-day
by Sir Henry Dayton, Minister of
Finance, and leading bankers of the
! ?mini n ' eaded by ('. A. Bogert pres?
ident of the Canadian Bankers' Asso?
ciation. T e opinion was expressed
that governmental action could do lit?
tle, if anything, to lessen the unprece
dentedly heavy discount on Canadian
money, as the causes are international,
but it was decided to continue close
attention to the subject, in the hopo
that a possible remedy may develop.
Consumers' Power Bonds
National City Comnnny Brings
Out Two Issues To-day
In the face of the falling of security
prices and foreign exchanges, the Na?
tional City Company yesterday an?
nounced that it would offer for public
subscription to-day $5.000,000 of ten
year 7 per cent gold mortgage bonds and
$3,000,000 of 7 per cent debentures of
the Consumers' Power Company, which
serves all of lower Michigan except De?
troit. The bonds will be offered at 98 to
yield more than 7.23 per cent, and the
debentures will be offered to yield 7.75
per cent.
The proceeds of the issue, it was an?
nounced, will be used to reimburse the
company for the retirement of certain
underlying bonds, for capital expendi?
tures already made, and for future con- ?
struction expenditures, including a part
of the cost of a large new steam plant.
The yield of the new issues was cited
by issuing bankers as an illustration of
the present high cost of borrowing, as
in pre-war times, it was said, the com?
pany was able to sell 5 per cent long '.
time' bonds between 96 and 98.
Floating Debt Decreased
WASHINGTON, Feb. 4.?In the last !
five months the total public debt has
shown a decrease of about $930,000.000 ,
and tho floating debt about $730,000- ]
000. Secretary Houston announced to
day in comparative statements of the j
public debt on August 31, 1919, when
the debt reached its peak, and on last .
January 31. The decreases were duel
principally to salvage and taxes. i
Investment
Information
colZln in lk*l an?Wd in thi,
asfi fcf?rra,i- -WAS ?? ?
outnc? tneloemg a etampe?, ad
?r^ed envelope to Financial Editor.
York Cittr MU S?wf' *?*
Livingston Oil Dividend?
Question?Kindly nrlvi?* ?u i.
paper if Livingston Oil| I ! ?A*11 . y?ai
iin.t if fhn^ ho,.., !i.a Kood Investment
Answer-Livingston Oil stock cannot
be considered an investment. While the
company pay, dividends (3 per cent
in cash and 5 per cent in stock were
paid January 1), we have no means
oi judging how conservative tho com?
pany is in this respect. Th* stock is a
speculation.
Little Short Selling on Curb
Question?D? you know of a alngle curb
house that permit? customers to take the
short ?Ide on curb ?hares 7 U there, loin
crowd on t .o curb? As near as I can make
nit. the Public la never allowed to sell them
.ahort. rhat la reserved for curb houaes
through their houne account.?C. S.
Answer?The only way of going
short of curb stocks is to borrow tho
stock beforehand. There is no loan
crowd on the Curb. Perhaps, after
the Curb Is well established in its new
home, the public may be given a
chance to try the short side.
Opinion on Railroad Stocks
Quoation?In your column covering ones
tlona on Btocka and bonds, I wish to make
the following queries. I realize that these
cannot be answered in the absolute, but will
appreciate your opinion: Are the stocka of
the Northern Pacific. Great Northern or
Southern Pacific railroads Kood investment?
for, first, the prospect of a good dividend
lieinir paid after the roada are turned back
to private ownership, and second, Is it prob
able that these stocka will recover consider?
able of their pre-war value? Which of these
stocka do }ou consider beat and are there
other Blocks that stand a little chance of
return or rise in market valu?? among safe
rtocka? Do you consider railroad Btocka a
safe investment at this time??C. A. B.
Answer?We cannot say that railroad
stocks are good investments at this
time. There is far too much uncer?
tainty regarding tho treatment to be
accorded the carriers. A few roads
are doing fairly well under govern?
ment operation. This might be
changed by legislation. Until we know
definitely what Congress and the In?
ter t?te Commerce Commission will do,
all railroad common stocks must be
considered speculative. Northern Pa?
cific and Southern Pacific are not do?
ing so badly at. present. Great North?
ern, on the other hand, is not earning
its dividends. We must remember,
however, that the government is op
erating the roads in its own way.
With constructive legislation and a
substantial increase in rates most of
the roads should be able to maintain
themselves as they did before they
wore taken over. It is not likely the
railroad stocks will sell at the high
prices of pre-war times until taxes
are reduced and money is lower. We
should rank Southern Pacific first, then
Northern Pacific and then Great
Northern. Union Pacific is now earn?
ing inoro than the government guar?
anty.
Pacifis Mail Steamship
Question?A friend of mine is always hol?
lering the praises of the Pacific Mail Stearn
ship Company. Please give me some "dope"
with regard to its possibilities and advise
whether or not it would be a good Invest?
ment for a long pull??E. C. B.
Answer -Pacific Mail Steamship has
outstanding $1,500,000 capital stock,
par $5. The company is jointly con?
trolled by W. R. Grace & Co. and
the American International Corpora?
tion. The entire issue (1,700,000) pre?
ferred stock was redeemed on Septem?
ber 1, 1?18, at $110 a share. Net rev?
enue for the twelve months ending
June 30, 1919, was $1,925,095 before
deduction for Federal taxes and amort?
isation, against $2,007,329 for the pre?
vious year. The company paid 70 per
cent on the common in 1917, 60 per
rent in 1918, and the present rate is
20 per cent on $1 a share. The stock
appears to offer good speculative in?
vestment opportunities, although it
sells for many times its par value.
Not Recommended by Cheapness
Question- i am thinking of buying 30
shares of National Conduit and Cable. Lot
me know the financial circumstances of the
above stocks and what you think about it
as a small investment.?P. J.
Answer?Many people buy securities
viten they sell at very low prices, on
the theory that "cheapness recom?
mends it." National Conduit and
(.'able showed a deficit from operations
for the nine months of 1919 of $859,
188. It cost the company more to man?
ufacture than it received in groas
salev Thi.s happened in 1918 also. It
lias been said that poor contracts with
the government accounted for this
state of affairs. Possibly the future
will show better results. Naturaily,
?1 i stock is a pure gambio at present. ;
U. Ve!. Food Products
Question?Can you tell me what the proa-:
pects are for the United States Food Prod- j
ucts ? Is the recent slump in price due to j
prohibition or to the general elump now pre
vailing? I have five shares of the common'
Mock In your judgment, would it be better ]
to sell now or to wait a few weeks? II
have been told that the company ceaaed to I
be. Identified with the liquor interests some
months ago and that aince its change from
a distilling to R food products corporation
it has b.'en abt* to pay larger dividends than
before. Are theae statements authentic? If,
so. would It not be well to retain the stock?|
When you refer to the internal loana of
France in to-day'a paper (January 25) aa ?
good speculative opportunities, does this
mean that these loans are reasonably safe,
with speculative possibilities, or that the
speculative feature is greater ?han the
safety? Which is the better loan to buy.
the 4 per cent French government loan or
117 cr the ."> per cent French Victory Loan*
Which has the earlier date of maturity??
Mis. D. J. H.
Answer?United States Food Products
has gradually placed itself in a posi
tion where prohibition would have ;
small effect upon it. There was said ;
to be a certain amount of spirits on '
band near the time when the Federal1
amendment went into effect. These
spirits were said to have been ex- j
ported at prices higher than those
carried on the company's books. Prohi?
bition should not now cause the com?
pany an uneasiness. Its products in?
clude cereal food, feed stuffs, yeast,
oil vinegar, grains, beute and mo- ?
lasses For 1918 the company earned
3113 per cent on its $30,774,200,
capital. The report for 1919 has;
not yet been published. Earnings are j
said to be satisfactory, however We
cannot advise you what to do with the
stock because, on account of its spec- I
ulative character, it probably will
move with the general list. The French
loans have an investment value on
account of great ability of the French
people to overcome overwhelming odds.
They have been in tight positions be?
fore and have always demonstrated
their ability to recover. The specula?
tive feature consists of the possible ad?
vantages to be derived in the event of
the increased value of the franc. There
is very little if any choice between the
5 per cent and the 4 per cent bonds
The former is due in 1931, the latter in
1943 and 1944.
Four full columns of in?
vestment questions and an?
steers are published in The
Tribune every Sunday*
Prices Crash as
Selling Wave Hits
Outside Market
Wild Break Comes When
Public Damps Oil Stocks
on Curb; Houston 85 Bid
at One Time
The public was a heavy seller of
stocks on the Curb market yesterday,
where prices gave way sharply all along
the line. Offerings were in large vol?
umes throughout the whole five hours
of trading. While some of the selling
was professional, the bulk of it evi?
dently represented long stock bought
at higher figures and thrown overboard
because of a general feeling of ap?
prehension ?n financial circles over the
outlook.
The market In certain oil and in?
dustrial stocks was completely demor?
alized for a time. In the case of Hous?
ton Oil there was one time during the
day when only 85 was bid for the stock,
while people who wanted to sell wanted
100 or better. They finally got together
and sales were recorded at 92. The
Hosing price was 97 and the high 112.
Houston closed at 115 on Tuesday. Late
Liist year it soid as high as 167.
Another weak spot was General
Asphalt, another one of the mystery
issues. It broke to 100 after selling at
109. The closing price of 101 was 8
points off from the closing the day be?
fore.
The heavy selling in the oils broke
?imms Petroleum from 47% to 41%,
Carib Syndicate from 39 to 34, Gil?i
land Oil from 40% to 38, Invincible
Oil from 37 to 30, International Petro?
leum from 63 to 56 and White Oil from
33 to 27%.
Industrials
Sales. Open. High. Low. Last.
1200 ?Acme Coal .. 1% 1% 1% lU.
4600 ?Aetna Exp ... 8% 8% 7% 7%
1800 ?Aluminum M.. 35 35 33 83
150 ?Am Hawaii S3 75 75 75 75
7500 Amcr Safe Ra? 12% 12% 11% 12
400 Am Writing P. 11% 11% 11% 11 ?A
300 ?Austin N pf.. 90 90 89% 89%
600?Br-A Chem C. 1% 1% 1% 1%
100?Br-Am T coup 18% 18% 18% 18%
2000 ?do rts. 6*3, 6% 6% 64
200 ?Car Lt ft P.. 2% 2% 2% 2%
360 ?Clinton-W W. 31 31 25 25
1100 ?Con! T F w 1. 25 25 23 ?A 24%
700?Farrell Coal.. 43 43 40 41
8500 ?Geni Asphalt.108 109 100 101
1200 ?Gen Mo w i.. 30% 31 20 SO
6600 *Goldwyn Pict. 29% 29% 23 28
1900 Grape-Ola _ 1% Ii* 1% lyj
1300 do pf. 1% 1% 1% 1%
200 ?Ide Collar Co. 35 35 34 31
1400 ?Im T of GB&r 11% 11% 10% 10%
4000 Indian Packing 16% 16% 16 16
4000 ?Kay County O 2 2 1% 2
600 * Keystone Sole! 13% 13% 13 13
500 Lima Loco .... 78 78 75 75
2500 ?Line Mo CI A 61% 51% 5m% 50%
600 ?Loco c, n w i. 24 24 % 23% 24
300 ?Mercer Motor? 30 30 2'.' 29
7000 Mont Ward.... 35% 35% 33% 33%
2000 ?Nati Leather. 14 14 12% 13
1500 No Am P & P. 5% 5% 5% 5%
3200 ?Nunnally Can. 30 30 19 19
2000 ?Orpheum dr. 31% 31% 30% 30%
100 *Patch??'-P <vi. M 40 40 ?>?
8000 Perfection Tire 4% 4% 4% 4%
8?? "Prf-i i ,<- K. i ". 'J. 2
1000 ?Radio Co wi.. 2% 1'% 2% 2%
1700 ?do pf. 2% 2% 2% 2%
1500 ?Republic Rub.. 5 5 4% 4%
200 ?Root & Vand. 51 51 50% 60%
200 ?Spicer Mfgr.,.110 110 100 109
400 ?Stewart Warn 39 39 38 3S
5000 Submarine Boat 14 14 13 13%
2500 ?Swift Internat 46 46 43 43
1200 ?Temt C&F P. 45% 45% *:,
370 ?Todd Ship ...181 ~ 181 170 173
4225 ?U S H ?ipT.. 37% 3d% 36% 3i%
2000 ?Un Pict Prod. 14% 14% 13% 14
4000 ?U RetaU S C. 15 15 It. 14%
16000 U S Steamship 3% 3% 3% 3%
300 ?U S Transport 12 12% 12 12%
200 ?V Vivau Inc.. 19 19 17 17
100 ?W Rock Wat. 7 7 7 7
300 ?Willys 1st pf. 99% 99% 99 99
Standard Oils
"Jales. Open. High. Low. Last.
23 ?Ohio Oil Co.. ? 350 340 310
60 ?Std Oil Cal... ?? 409 405 406
105 ?Std Oil N Y.. ? 418 405 410
140 ?Vacuum OIL. ? 420 400 405
400 ?Alliance O ft R 18% 16% 16%
.10000 ?Allied Oil ... % H %
, 8000 ?Amalg Royalty % % %
' 3200 tAnna Bell Wy 69 70 68 70
200 ?Ark Nat Gas. 25 25 .24 24
2800 ?Barnsdall Corp 54% 54% 53 53
300 ?Bell Pet _ 1 1 1 1
. 5700?Boone Oil ... 4% 4% 4 4%
12000 ?tBost-Wyo Oil 1% 1% 1% lft
3000 Burknett Van C 2% 2% 1% 2
1 330O ?Carib Synd... 39 39 34 35%
15400 ?Cities Service. 41% 41% 38% 38%
lOo ?do pf. 70 70 70 70
200 ?Circle Oil ... 4% 4-% 4% 4%
2000 ?Columbia Emer 14 14 12 12%
! 1200 ?Continent Ref 4% 4% 4 4
I 1000 ?Cosden ft Co. 8% 8% 8% 8%
200 ?Curbing Pet.. 2% 2% 2% 2%
10000 ?Dominion Oil. 16% 16% 13% 14
1100 ?Duqueane Oil. 5 6% 5 5
4000 ?Elk Basin Pet 9% 9% 9 9
3375 Engineers Pet. 1% 1% 1% 1%
4800?Ertel Oil - 1% 1% 1% 1%
1500 ?Federal Oil .. 3% 3% 3% 3%
7000 ?Gilliland Oil.. 40% 40% 33 38
1500 ?do pf . 94% 94% 88 90
1800 ?Glcnroek Oil.. 3'-? 3% 3% 3%
2500 ?Guffey-Gll O.. 32% 32% 30 30%
500 ?Gum Cove Oil 2% 2% 2 2%
700 Home Pet of D. 3% 3% 3% 3%
3000 ?Home OR of T 3% 3% 2% 3
1500 ?Houston Oil. .110 112 92 97
4000 ?Hudson Oil .. 1 1 % %
3500 ?Hughes Pet... 40% 4''% 37% 33%
4500 ?Internat Pet. . 63 63 56 56
2500 ?Invincible Oil 30 30 27 29
10000 ?Island O ft Tr 5% 5% 5% 5%
3100 ?KinK Pet Corp 2% 2% 2% 2%
1000 Livingston Oil. 1% 1% 1% J%
4100 ?Magna Oil... 6 6 ? 5%
3300 Manhattan Oil. 32 32 28 29
1000 ?Maraealbo Oil 21% 21% 20% 20.%'
2000 ?Merritt Oil... 20 20 18% 19%
1500 Met Petroleum. 3% 3% 3% 3%
2000 Mexico Oil- 2% 2% 2% 2%
2500 ?Midwest Ref.. 160 160 156 15,
1200 ?Midwest-Texas % % % % .
700 North Am Oil. 4-% 4% 4% 4% :
600 Omar O&C-, n. 6% 6% 6 6 ,
900 ?Pennok Oil... 7% 7% 7% 7%
3500 ?Phillips Pet.. 40% 40% 37% 37%
3000 ?Prod ft Ref.. 8% 8% 8% 8% |
300 ?Rickard Tex.. 14 1% 1% L%
7000 ?Ryan Pet- 3% 3% 3% 3%!
100 ?Red Rock Oil. 9 9 9 9
3800 tSalt Cr Prod. 53 53 49 60
1400 Seaboard O&G. 5% 5% 4% 5
3000?Skelly Oil.... 10% 11 10% lovt
25000 ?Simma Pet... 47% 47% 41% 41%
200 So State? Cons 1% 1% 1% 1% .
300 ?South O ft Tr 6% 6% 6% 6%:
500 Spencer Pet... 18% 18% 18% 18% j
500 Steiner Oil.... 15 15 16 15
6050 ?Texas Co w i 48 49 46 48
8!00?Texon O ft L. 1% 1% 1% 1%
600 ?Tex-Pac CftO.101 103 97 97
1200Tex-Ran P&R. 1% 1% 1 1%
1200 ?Thraman Oil. 1% 1% 1 1%
1400 ?Trinity Oil... % % % %
1700 ?Tropical Oil.. 39 39% 38% 39%
6700 ?Unit Tex Pete 1% 1% 1 lft
300 ?Victoria Oil.. 1% 1% 1% 1%
2700 ?Vulcan Oil... 7% 7% 7% 7"% ,
600 ?Whelan Oil... 1111
10000 ?White Oil.... 33 33 27% 27%
4000 ?W Eag O&R.. 22 22 19 19
650?Woodburn Oil. 6% 6% 6% 6%
Mining
8500A1-Br Col Met. ? \i % J?
400 Am Hond M C 1% 2 1% 2
100 ?Amer Minea., lft lft lft ift ;
7000 ?Am Tin ft T. % % ft ft i
6700 ?tAtlant*. 3 3 2% 3
5700 ?tBelch D fap) 20 21 19 20
4500 ?tBelch E (a p) 20 20 18 19
3000 Big Ledge- % % ft %
2700'tBooth . 5% 6 5% 6
2000 tBoat ft Mont. 70 70 70 70
2700 ?tCaledonia ... 38 38 35 35
600 Canada Copper, lft lft lft lft
8600 ?Candelaria Sil % % % t?
700 ?Carson Hill G 29% 29% 27% 28%
2600 ?tCaahboy _ 8 9 8 9 i
100 ?Cona Vir Sil.. 7 7 7 7
2000 Creaaon Cona G 2% 2% 1% 2
1500 ?De B Con M.. 19 19 18 18
6600 ?Divide Exten.. t? H % %
2000 El Salvador S.. 3% 3% 3% 3%
3500 ?Eur Cr M Co. 1% 1% lft 1%
2800 ?Forty-nine Mgl% 1% 1% 1%
2700 ?tGold Z Div.. 31 31 30 30
1600 ?Golden Gate.. 1% 1% 1% 1%
2700 ?tGoldfield Con. 14 15 13 14
3500 ?tGoldfield Dev 11 12 11 12
200 ?tGoldneld Mer 3% 3% 3% 3%
2500 *f Great Bend.. 2% 3 2% 3
2250Hecla Mining.. 4% 4% 4% 4ft
1500 ?fJim Butler.. 26 26 25 26
2100tJumb? Exten. 6% 8% 6 C%
625 Kerr Lake .... 4% 4% 4% 4%
2500 ?tKewanaa ... 3 3 3 3
1300 ?tKnox Divide. 10 10 9% 10
1500 ?Louisiana Cona ft ft ft ft
30OO?tMacN Cr M. % % % %
22000 ?tMacNam Min % H ft %
lOOO'tMarah Min... 23 22 22 22
SOOOMaaon Valley.. 2% 2% 2% 2%
200 Motherlode Cop 5% 5% 5% 5%
1200 ?Nat Tin. Cp.. 11% ll% 11 1?% i
??
-.8
Astor Tro?* Of?*? ?I
Ssakcrs Trost CnsiSMf
FOR the convenience of the customers
and friends of our Bond Department
who do not have occasion to visit the finan?
cial district we have increased the facilities
in our Astor Trust Office, at Fifth Avenue
and 42d Street, to provide every service of
our Wall Street Office.
HERE our officers and staff will welcome
an opportunity to advise with you re?
garding your investment problems.
Bankers Trust
Company
Downto-wn Office: Astor Trust O?ficc:
16 Wall Street 5th Ave. at 42nd Street
Sales. Close. High. Low.
2000 ?Nevada Ophlr 40 40 40 40
2500 Nipissing Min. 11*4 UV* 11 ll1*
300 Ophir Silver M l-'*s 1&. 1% 14
1400 Prince Con. ... {} \? ? }|
2000 Rand Min Ltd. 40 40 384 384
5000 tRex Cona_ 3 8 7 ?4
8 tOO Roper-Group M 4 H A 4
10000 Silv K of Ariz. % a* J| 4j
4200 ?tSilv Kin? D. 7 7 7' 7
2500 ?TSilver Pick.. 7 7 7 7
1200 ?So Am G & P 8 8 7 ?a 8
1000 Stan Silv Lead S A iV -'?
2500 ?fSucceas Min. 6 6 64 f>
2700 ?Sutherland D. 3 4 4 4 3 4 4
150 ?Tono Belmont. 2% 2% 24 1'4
1700 ?Tono Divide.. 2% 2% 2S 2>4
2600 Tono Extension 24 24 \2% 2%
350 ?Tono Mining. 2ft 2ft Nr^
1220 United Eastern 4 4 3 g 4
3000*tU S Cont M. 9 10 9 10
3200*?Vict V lapj. 19 19 18 13
?100 +Wa-h G Qtz.. S3 93 33 93
2700 +W End Cons.. 1 }J 1 >? 1% 1}j
2500 tW Caps Min.. 114 12 114 12'
2000 tW C Ext (ap) 24 24 24 24
2600 tWilbert Mm.. 7 ? 64 ?
Bonds
Salea (000 omitted!. Open. High. Low. Last.
?1'>0 ?Allied Pack 8a 81 -1 SO
30 'Am T & T 1322 96 96 95*4 96
1 ?do 1924. '.'0 . 96 96 36
50?Betg Gov 6s "21 tr$7? 98% 98% 98%
10 "do 6s 1325.'. 96 96 95% 95%
5 ?Inter ftao Tr 7s 67 67 654 654
20 ?Rus Gov 543.. 2'.)% 29% 28 28 '
15 ?do 64s _294 294 28 28
15 'Swiss Go* 6%s. 88 88 87 87
?Unlisted. fSells cents per shar*.
Steel Production
Cut by Shortages
Of Fuel and Cars
4Flu' Epidemic Also Retards
Work ; Shipments Far Un?
der Ontput, Trade Author?
ity Says : Jan. Record Good
Car shortage, inadequate coal and
coke supplies and the influenza epi?
demic are operating seriously against
iron and steel production and deliveries.
Because of lack of transportation fa?
cilities "The Iron A^e" this week esti?
mates that 50,000 tons of finished steel
3re piled up in Chicago yards, while it
is said that an Eastern maker has been
forced to store 30,000 tons of structural
steel alone.
"Shipments in some caaes." adds thi^
publication, "do not exceed 25 per cent
of output. One steel plant can operate
only two of its ten furnaces. Barely
50 per cent of the normal shipments of
foundry coke are leaving the Connells
ville district, and at least 25 per cent
of the foundries of Cleveland are shut
down, partly or wholly because of lack
of fuel."
In spite of the railroad difficulties it
is stated that the January performance
of the blast furnaces of the country
are better than any month since ^arch,
1919. A net gain of twenty-eight fur?
naces was made, and a production of
3.015,181 tons, compared with 2,633,268
tons for December. The daily average
was 97,264 tons, or 144 per cent more
than December, which averaged 84,944
tons daily.
The 290 blast furnaces in operation
on February 1 were operating a'-, a
rate of 99,465 tons a day, against 87,945
tons for the 262 furnaces in blast onj
January 1. Semi-finished steel prices!
are said to be mounting wildly. As an
example, it is cited that some sales of
billets have brought as high as $70 a1
ton.
Piling up of finished rolled steel at :
the plants of the Carnegie Steel Com?
pany, according to "The Iron Trade
Review," now amounts to over 150,000
tons. The Illinois Steel Company, it
was said, has five blast furnaces
banked.
Government commandeering of ma?
terials other than rails is looked for
in the industry. Action of this char-!
acter is expected, particularly in plates, ?
shapes and bars for car construction.
The Midvale Steel and Ordnance1
Company, according to "The Iron Trade
Review," has advanced its prices on
standard rails $5 more, to $60 and $62
a ton, respectively, for bessemer and
open hearth sections. January sales
of pig iron, it was stated, were well in
excess of 1,000,000 tons.
? 11 1
Bankers to Promote
Sale of Ship Issues
WASHINGTON, Feb. 4.?Leading
bankers of the conntry were invited
to-day by Chairman Payne of the
Shipping Board to serve on a commit?
tee to interest the investing public in
the value of shipping securities. Mr, 1
Payne said the board was confronted !
with the problem of selling ?hips, the!
aggregate value of which?$2,000,000,- j
000?waa many times the purchasing ;
power of the private shipping interests
and that consequently it was desirable
to educate the people to an appr?cia- :
tien of the relation of the merchant
marine to commerce and industry.
The personnel of the committee fol?
lows:
Henry M. Robinson, of Pasadena,
Calif., chairman; Charles D. Dawes, :
Chicago: George Carfort Clarke, I
FINANCIAL MEETINGS
THE MERCHANTS NATIONAL
BANK of the CITY of NEW YORK
NOTICE IS HEREBY GIViSN ?.hat at a.
meeting of the shareholders of The M..-r
chants National Bank of the Cuy of N ? ?
York, held on January 13, 1920, It wti
determined to tak-^ sucn proceeding? a?
may be necessary or nvenient to or?
ganize this Banking Association as an In?
corporated ban., of che .-itattf of New
V rk o> t:.e name . I The Merchant? Ban?:
of the City of New York; and also that
when this i'.tr.k ahall have i rganlze?
as an Incorp rated bank of the .tuce of
New York proccedlnga be. tiik-n to merg?
It with the Pn 51 I nt ?nd Dir? .: :i at to?
Xj ? hat tan Company.
By order of tne ? iard if Director*.
O. K. I'AYN'TEK. ? ...hier.
Dated New Y irk. January i.i. 1920.
THE ?MERCHANTS NATIONAL
BANK of the CITY of NEW YORK
NOTICE 13 HEREBY CUV EN t:iat at a
I meeting of the shan holders of The Mer
\ cnanta National Bun* of tne City of Ne"
i York, held on January 13, 1920. It w?t
; voted that the. aid Hank so Into liquida
. tlon and be closed anU dissolved.
! All holders of r.o*-8 and other creditor?
lof said Bank:ni; Association are hereb,
I notified tu -present sucn notes and othe-r
I claims agteUtst the Asso. lauon for pay
! ment at t?s Bankinc lit use. Number 43
! Wall Street. New Yo-k City, until Febru
' ary 2->. 1928, ar.d ?hereafter to Its llqui
I mating agLiit. tr? I resld mt and Directora
o? the Man lattan C tnpany. at Number *?
' Wa;: Street, N'e/v Cork City.
By orde?:- of the Boat . ul Director?.
O. E. P.XYNTEK. Caahfer.
Dated New ?uik, January 13. W20
TO THE STOCKHOLDERS OF M. VI?
TELLI & bOS, INC
PLEASE TAKE NOTICE that a meetin*
of the siockhoMors of L. Vltelli ft Son.
rtic, will be hold at the offlre of the cor
poratlon, at No. 71 Nassau Street, In th?
1 Fioroufth of Manhattan, City of New York,
on the 11th day of February, 1929, at 3
P. M., for the purpose of considering ar't
passing upon the agreement entered lnt.i>
by tn? Boat ) of Directors Of ?h!j corpora?
tion with the Board of Din tors of Vite II
t? Company, Inc., tor the <? nsolldatlon of
1, Vitel : <? Son, Inc.. u'th Vltelli it Com?
pany, In , K-. : th . ndltlon?
of consolidations ind -. h ?tner bus!???-?*
In re! tl n thei ? i is i ..?.? iua;s befur?
eaiti rn-- I Ir g
I>at.-.i. New York, January 27th, 1920.
BY ORiJtlt OF THE BOARD OF DI
RECTORS.
WILHELMINA VTTELLL
Secretary.
TO THK STO< KHOL1 ERS OF VITELLI A
COMPANY, INC.:
PLEASE TAKE NOTICE that a meeting
: >f the stockholders of Vltelli A Company.
Irr . will he held at tht ifl of the rorp"
: ration, at 71 N'assa n the Borough
of Manhattan, Cl y of ?? >w fork on tin
lith day of Februa y, 19 0 al 1 V M.. fo
the purpna? rf considering ,r..! passing upoi
the agreement enter? ! Ini '- the Board of
Directors of h!s Corporation n?h the Hoar 1
of Directors of ... Vltelli & Son, Inc., for th?
consolidation of Vitelll & Company. Inc.
with L Vitelll & Son. Ire. and the term?
and conditions of ?-" lations anl sue??
oth'-r business In relation thereto as ma/
come before said m
Dated, New Vorfc J.27th. 19-^.
BY ORDER OF THE BOARD OF Dl
: RECTORS.
WILHELMINA VITELLI.
P?cr.--ary.
| NOTTPR IS HEREBY GIVEN THAT THF:
Annual Meeting of the Stockholder? o.
NAY!.(?P. ft CO., fnc, will ? Held at the
' rompan Va office. No. 120 Broadway, Bor
ough of Manhattan, City of New York, or,
the 18th ?? ???? ?? ?? Pel ru iry 1930 at 2:0^
o"i lock P M . for t.- - K ? ' ?a of Director?
r?,r the ensuing year, for the appointmei
of two Inspectors of Election, and for thi
i transaction of auch other business ,is may
be brought before the m-et!ng.
ROBERT F ERTS, Secretary.
Dated. February ith 1920
FINANCIAL
TO TT?E ITOI DER8 OF EASTERN PF
TI?IH.K1M (OVI'ANY VA i'N ISSUE
FIRST MEN COLLATERAL TRUST
TEN YEAR 7*o HINKINO FIND f.Ol.D
BONDS DUE SEPTEMBER I, 1D2S:
Notice .,-? hereby given i at the under
Blgr.>>d will receive on February llth, 5920.
at 12 o'clock noon, se ii <i tender? or prn
posais of tn- above bonds to be ?jrrend
ered for redemption on Febrtjary 18th,
1U20, at price? not exceeding one hundred
and two and or. ? half per centum (102%%)
of par, plu? accrued In rest, out of noney?
In the .-:? ?ini Fund amounting t< $37.
935.72. Tne rlgl t Is reaerv? l by ? is un
tlersignefi to reje t any or all offer*
COLUMBIA TRUST COMPANY.
Trust??,
By QBOROB E WARREN,
Vice-president,
Dated. February 2, 1920.
MEETING NOTICE
Annual meeting if the American Inati
tute. Thursday, Febroarjr 5th. ?20, at ??
W?st ?6th st.. 8:30 p. m.
ANNUAL ELECTION OF THE AMERICAN
Institute. Feb. 12, 1920. at 29 West H9th ?t.
Polla open 10 A. M. to 8 P. M.
Charles Hayean. R. E. Morris. Fred
Ftrauss, G. H. Kennicott. A'.U-n B.
Forbes, F. W. Allan, Mortimer L.
Sch-ff, J. S. Alexander, and G. W.
Davidson, al! of N>w York; Festus J.
Wade, St. Louis; Daniel G. Wing, Bos?
ton; E'lward L. Robi^^on, BaI-*'-rror<?;
E. D. Morris, Philadelphia; N. H. Latt
mer, Seattle; F. H. GoiT, Cleveland;
Herbert Fleischhacker, San Francisco;
J. E. Bouden jr. New Orleans, s-nd ?L
C. Hulbert, Chicago.
_-?.
Financial Items
Norman J. Toersre and Thoma? Hi???
have been elected directors of the Durham
Hosiery Mills
B. J. Van Tnjren * Co. an-1 4. n T.??<-?i
ft Co . Inc.. ar?'ofT>r!n? 1150 000 B*UevtUe.
N. J.. 5 per cent school bonda, to yield 4.;?
per e m. ,
The Tacony .??ce! Company has oren?<i ?!
branch office tn Chicago under ?b? man
aK-m-nt of Prank B Rill wick, formerly'i
??aociated. With ta? Crucible Steol Com- I
? pany.

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New-York tribune. [volume], February 05, 1920, Page 17, Image 17
About New-York tribune. [volume] (New York [N.Y.]) 1866-1924