New-York tribune. [volume], February 18, 1920, Page 19, Image 19

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

Image provided by: Library of Congress, Washington, DC

                
LONDON JOINT CITY & MIDLAND DANK
LIMITED.
ESTABLISHED 1830
Authorised Capital ?45,200,000 . 0.0 Paid-up Capital - ?8,417,335. 0.0
Subscribed Capital ?35,673,585 .10.0 Reserve Fund - ?8,417,335. 0.0
The
WILLIAM GRAHAM RRADSHAW.
r t !'-'- ' v ' LORD AUUEDALK 1-red*.
sir I'KKCV KLLt I'ATFS. Baft U*?Vtt?J.
u'lBKirr ri.v::>; Ill A.S51 El v - , i Impool.
WlUJAM BKNNE?T. J*q tond -
MlLli-VM T BRAND Ksq., London.
u U rXB H x< 81 "N- '-< I-"i.'.< ?
Th. & Hor LORD CAHKOCK ?5 C K . t^nrten.
-rAM.k*V CKKWTOPUKRSON, Ksq., Utmdoh.
iiAVin DAVIK8, Es. , M r u? clinsm,
'te Blgbl Hob. th* kaki, OF DKXR??H C.V.o
London
SAMlrX H
i'Ri:nv.niri
JOHN F. i>
DIRECTORS
Right Hon Rt?QINALP MiKENNA. < hatrttian.
V,n(\.. London, ALEXANDER 11. GOSCHEN, Ecq
London. Deputy Chairtnon,
FRANK i>! Dl.i:Y DOCI?KR, E?q., CU..
Birmingham.
FRKDKRJCK HYNDB VOX. JEao.., Liverpool.
H ?IM!'.:. ., OKB, E*q., Leicester.
,x>HN GLASHHOOK, Ksq . Swansea.
CHAKLKS Gt>\V, tea., London.
8I?t 1IARUV CA?8IK HOLDEN. Huri . 1/xuton.
Lt.-Col. ?M1A1U.K!* K. JOHNSTON, D.S.O.,
M (
Loi
i: iq
London,
HEAD OFFICE:
CHARI.K8 Tin'MAS Mll.IU'ltN
r&KDRRICK WILLIAM NAS1I.
Blrriiinthsm.
. MI tlHAV. Esq. "I
i UYl>?; 1 - .lotnt Managing Directors.
aiu-ini; i :<-.!, c? b.
5, THREADNEEDLE STREET, LONDON, E.C. 2.
>?. L W, WQQLLEY, L RICHARDS, H MARK, .1. i; m TUANAN
The Uiilit Hon. LORD 1'IRUIK. K.P., London
RMMANVLL MK'llr'.L RUpOCANAv'III. ?sq.,
London.
Sir THOMAS IlOYDEN, H?rt . C.H, M IV
Liverpool '
S?r EDWARD D BTERN, DL. I-ondon
EDMUND 11. TVRTHN. Kaq., MI'. Thirsk.
LEWIS u WALTERS, Esq.. Lmdnn.
The liight Hon. Sir Ut'Y KLEETYVooD WILSON.
K. C. B., K.C.M.Q,*, (K'l.K, London.
WILLIAM l.'ITRTrio.MAS WYLKY, Ksq , Coventry.
Sir DAVID YULE, l?imlon.
BALANCE SHEET, 31st December, 1919.
LIABILITIES
Capital paid" up, vu. : ?
??86?.079 Shares of ?12 each,
?2 10?. Od. paid 7,172,697 10
4S7.S55 Fully
paid Shares of
?2 10s. Od. each 1,244,637 10
8,417,335 0
Reserve Fund. 8,417,335 0
Dividend payable on 2nd February, 1920. 53032 2
Balance of Profit and Lois Account, as
below . 726,852 6
18,091,814 8
Carrent, Deposit and other Accounts*. . .371,742,389 0
Acceptance* on account of Customers... 29,014,568 4
0
- I
o !
o
i !
2
3 |
1
5
ASSETS ? ?. i.
Cash in hand (including Gold Coin ?8,000,000) and
Cash it Bank of England. 60,216,796 0 11
Cheques on other Banks m transilu. 8,050,607 8 4
Money ct Call and at Short Notice. 18,439,151 14 4
Investments: ?
War Loans, under cost (of which ?428,067 10s. is
lodged for Public and other Accounts) and
other British Government Securities. 64,216,943 4 3
Stocks Guaranteed by the British Government and
Indian Railway Debentures. 405,383 7 9
British Railway Debenture and Preference Stocks,
British Corporation Stocks. 942,274 9 9
Colonial and Foreign Government Stocks and Bonds. . 1,011,600 5 2
Sundry Investments. 727,227 1 2
Sills of Exchange. 52,889,521 6 11
208,899,504 18
Advances on Current and other Accounts.162,966,744 16
?418.848,771 12 9
Advances on War Loans. 15,589,303 5
Liabilities of Customers for Acceptances. 29,014,568 4
Bank Premises at Head Office and Branches. 3,618,960 8
Belfast Bank Shares: ?
50,000 ?12 10 0 Old Shares ?2 10 0 paid
150,000 ?12 10 0 New Shares ?2 10 0 paid
Cost .?1,237,500 0 0
Less part Premium on Shares
issued . 477,810 0 0 759,690 0 0
?418,848,771 12 9
PROFIT AND LOSS ACCOUNT for th e year ending 31st December, 1919.
Cr.
522,211 11 4
530,292 2 1
To Interim Dividend at the rate of 18
per cent, per annum, less income
Tax, paid 15th July, ?919.
" Dividend at the rate of 18 per cent,
per annum, less Income Tax, pay?
able on 2nd February, 1920.
" Salaries and Bonus to Staff with H.M.
Forces and Bonus to other Members
of the Staff.
"Special "Peace" Bonus to Staff.
" Reserve for Depreciation of War
Loans and Future Contingencies....
" Bank Premises Redemption Fund. . . .
" Balance carried forward to next
account . 726,852
By Balance from last Account.
? s. ?.
675,097 14 7
475,202 14
250,000 0
1,000,000
250,000
Net profits for the year ending 31st December,
1919, after providing for all Bad and Doubtful
Debfs . 3,079,460 19 8
6 2
?3,7r,4,558 14 3
?3,754,558 14 3
y
ENN
' ! Joint Manacling
Directors.
W. >;. BRADSHAW, ? ???,,.. r-hnim^, 8- B- Ml'RRAY,
Chairman A H GOSCHEN, j Deputy Chaxrmen. y HYPE,
F W XASH, .Director. J.' P. DARLING. .
' OF THE AUDITORS TO THE SHAREHOLDERS OF THE LONDON JOINT CITY A MIDLAND BANK LIMITED.
, ?? ordance with the provisions of Subjection :! of Section 113 of the Companies (Consolidation) Act. 1908, we report op follows: ?
We have examined the above Balance Sheet In detail with the Hooks hi Head OflUe. and with the certified Returns from the Branches.
fled i urselves as to the correctness of the Cash Balances, Cheques on oilier Banks in transitu. and the Bills of Exchange, and
. thi ?:?? tneaa of the Money at Cull and Short Notice. We have also verified the Securities representing the Investments .of
? i having obtained ai! the information and explanations we have required, we are of opinion that such Balance Sheet is
? - I B' as to exhibit u true and correct view of the state of the Company's affairs according to the best of our Information und
anatlona given to tts and as ?shown by the books of the Com].any.
WHINNEY, SMITH & WHINNEY, Chartered Accountants,
London. 1 Z'.h January, I9':?. Auditors:
THIS BANK IS THE PROPRIETOR OF THE BELFAST BANKING COMPANY, LIMITED.
NDREV* t McCORMaCK, Auctioneer. 1
REGI *!.,-, R AUCTION SALB
STOI KS AND BONDS
Rt ADRIAN II. Ml I.I.Kit A SON,
? !.. WILLIAM STREET,
WEDNESDAY, lEIl'V IKTU, 1030,
t 15 0 o'cloi k, at * ; ??
E> CHANGE SALESRi '? ?M.
NOB 14 AND 16 VESEV STREET.
LY ORDER OP THE EXECUTORS OP
THE WILL OF
MARGARET OLIVIA SAGB, PEC'D.:
5 aha National Bank of Commerce,
In X. V
?"Orts. Importers & Traders National
N Y
' 0 ens Fifth Avenue Bank. N. T.
S'ew Turk Trusr Co.
60 sha United States Guarantee Co.
; ..- e V , Laeka/wanns. ?S.* Western
: . hie < iuaranteed.
E ?? hi Car & Foundry Co. '?
'
? rorris & $saex Railroad Co
. **? fiu ranteed
II Rensselaer & Saratoga Rail
L'oneld. Dividends Guar
: D .aware & Hudson
136? ivenue Railway Co.
tnd & Pittsburgh Rail
T'r Guaranteed.
10.2"' nhs Minnesota Railway Construe -
* : Co.
?,42: 16,000 Interest In Hastings A Da?
kota Ry. Trust Est?t'.-, created by
- a executed on December 9lli, *
1683 by the Hastings & Dakota Ry,
and Russe . Sagi as Trustee i
" * ist ea Certificates).
For .'-. :ount ot Whom It ?May Concern: I
I sha Mergeiithaler Linotype <.*o.
66 she Twin City Rapid Transit Co. !
Prefd
69 mis. United States Fire Insurance
Co
? MON. V & Baltimore Land & Impt.
1% ?if-li Ctfa
50 shs Siegfried Mining ?o.
li 0 * ?-*. Mining Co ? of Joplln, Mo.,
' - ?? l <?? Bd . due Mch., 1920.
I kawanna Real Estate <*o. 69?
10 year Convt, & Deb, Bds., due
?
<' si Reclaiming & Refining Co.
* * ?
* ?! - Reclaiming A Refining Co.
i 'on n on
KOO shs rude ? -il Producing Co,
Isi Guiana Gold Co.
?. - uth Am. ??..-a.i Gold Co.
irlnam Hydraulic Co. Com
rrade Rai ing Association.
MOO sha Pena Nevada Exploitation Co., j
TO n< -'.OKI's OF
Jeffeno!. & Cleared" Coal & Iron Co.
Second .Mortgage ?% Bonds
-? N K ING FUND NOTICE.'
i rebj g . ? n as pi ovlded in
he indenture dati tl June i 5,
.'?'. sei UFing the above bonds that sealed
ojfei's a-1 be received up to 10 A. M. on
?ends .star, n 16, lli?O, by the United
?ta a Mortgage &? Trust Co., at its orneo,
Cedar Street, New York, for the
?*>?> ; i it a.s Trustee a! the lowest price
"- which Buch bonds shall bo offered, not
"?'?'' ? ' tnd accrued interest, of
* the above bonite to exhaust
of Twenty-nine Thousand, Fifty
* liars and thirty-one cents ($29,.
Offers shall be sealed and endorsed "Of
sals of Jefferson & Cleat-field
*-uai a. Iron Company lf?> Bonils to Sink?
>.\ i- und" and addressed to the TRUST
?BSFFERSON & CLEARFIELD COAL &
IRON COMPANY,
its* ?EO. H CLUNG, Treasurer,
t'i-ted, Rochester, N. ?, February 9, J :*20.
_ DIVIDEND NOTICES
, -, i il-'l-'KE OP
MX'KWOOI?. GnKKMi A CO., MANAGERS
BOSTON. MASS.
?Common sion-l*?
The quarterly dividend of 2% (|1 per
?nare) upon the con.mon stock of Interna?
tional r-(,t,?ri Mills has neun declared pay?
able March 1. mo, at the offlce of the
tranatsr agent?, the Old Colony Trust Com
Pir.y, liuHion, Mass., to all stockholders of
"'"nj <i close of business Feb. i?, isao.
INTERNATIONAL COTTON MILLS,
ALLAN B, GRBJBNOUOH. Treasurer.
,?.,., OFFICE OP
"??HOOI?, GKKKNE St CO., MANAGERS
Jit?j'fi-N, MASS.
- PREFERRED STOCK?
'?!.> l'"""!^^ dividend ot 1%% upon the
{.??,rr*'J stock of'the Internai ional Cotton
y"? ha? been de< lared payable March 1,
fs? ;>** lh* ",ni'e ?f 'he transfer agents, the
uif ?lo,l>' Trust Company. Boston. Mass., to
J" ?loc-kh.il.WN of record ut the close of
f business Feb. 16: ir>20.
. L\*u-.R.\A'I ItiNAL COTTON MILLS.
./-.?ALLAN O. G?JKENOLUH. Treasurer.
FLNANClAL^EETLN?S
THE MERCHANTS NATIONAL
BANK of the CITY of NEW YORK
NOTICE IS HERE3Y GIV?N that at a
meeting of the shareholders of The Mer?
chants National Bank of the City of New
York, held on January 13, 1920, lc was
determined to take auch proceedings as
may ba necessary or < onvenlent to or?
ganize tills Banking Association as an In?
corporated baa., of the Slat? of New
York by t tie name ? ':'. - Merchants Bank
? f the City of New York; and also that
when this Bunk s!::i?? navu been organized
as an incorporated bank pf the State of
New York proceedings be taken to merge
it with the ?'resident -?nd Directors of tin
Me i..-.altan Company.
By order of t lie Board of Director?.
O. E. FA?NTEK, Cannier.
Dated New York, Junuary 13. 19?0.
THE MERCHANT? NATIONAL
BANK of the OSTY of NEW YORK
NOTICE IS HEREBY GIVEN that at a
meeting of the charcholder? ?f The Mer?
chants Natlona: Bank of the City of New
York, held on January 13, 192?, St wu
voted that the aid Batik go Into liquida?
tion and be closed anil dissolved.
All holders of "totes and other creditor?
ef ?aid Banking Association are hereby
notified to present sveh note? and othwj
claims against the Association for pay?
ment at its Banking House. Number 43
Wall Street. New Yo*k City, until Febru?
ary 2S, 1920. and 'hereafter to its liqui?
dating agent, the President and Director?
? f the Manhattan Company, at Number ??
Wall Street, New York City.
By order of the Board of Directora.
O. E. PAYNTER, Cashier.
Dated New York. January 13, 198?.
THE PENNSYLVANIA RAILROAD COM?
PANY.
General Office,
Broad Street Station,
?Philadelphia.. li>(h February, 1920.
The'Annual Meeting of the Stockholders
of this Company will be held on Tu. sday.
the !)th day of March, 1920. at 11 o'clock
A. M, in Witherspoon Hall, 1821 Walnut
Street, Philadelphia, at which meeting the
Annual Report of the Board of Directors
for Ute year ended Slat December, 1919,
and Tuch other subjects as may be prop?
erly presented, will he submitted for con
aid ration and action by the Stockholders.
Stockholders may obtain copjea of 'ho
Annual Report, and the necessary ticket?
of admission to the masting, on and after
the 2nd day of March, 1920, hy personal
application at. or by letter to, the fee< re?
tal y's (?Hice, Room 209, UruaJ Street Sta?
tion, Philadelphia.
LEWIS NEU.SON, Secretary.
PARTNERSHIP NOTICE
NOTICE OF LIMITED PARTNERSHIP ?
The firm of MOKDACNT & HEMMlt.'K,
under that numo, und with a principal placa
of business in New York County, Is to engage
!n the business of the purchase, sale und
underwriting of stocks, bonds and investment
securities generally. Following are the re?
spective names and places of residence of
the partners in said firm, each of whom Is of
fuil age: Frederick S. Mordaunt (General
Partner?, Rlverviev,' Manor, Dobbs Ferry,
N". V. ; Christian D. Hemmlck (General Purt
ner), 28 East 62nd Street, New York City.
N Y. ; Alexander Fielder Clarke 'Special
Partner), 1U2 East 3*nd Street, New York
City, N. Y. Said special partner ha? con
tributad. J?.noo cash to the firm. Said part?
nership Is to begin on January 1, 1920, and
end on January !. 1921. unless sooner termi?
nal ed by the special partner eternising his
right within such year to become a. general
partner.
DIVIDEND NOTICES
UNION BAG & PAPER CORPORATION
New York. February 17. 1?20.
OPARTKRI.Y PIV1DEND
A quarterly dividend of two per cent
has this oay be?n declared upon the stock
of this Corporation, payable March 16,
1920. to the holders of record of the stock
of this Corporation at the elose of bu?i
ness on March 5. 1920. __? _
CHARLES B SANDERS, Secretary.
OFFICE OF
FKUKRA?. MINING & SMKI/nXG CO.
120 Broadway. New York City,
February 16, 19J0.
A dividend of three-fourth? of one per
cent <*?*) on the Preferred ?took of
this'Company, haa to-day beer, declared
payable March 15, 1920, to stockholders of
record at the close of business on B ebruary
34, U20. j L MARTIN, Secretary.
Commodities
Cotton
A nervous and unsettled opening was
followed by advances in the market yes?
terday as a result of trade buying and
renewed covering. May contracts sold up
i from 34.0.*.c to 34.70c, making a net ad
j vanee of 56 points and a recovery of 820
| points from the low level reached on the
i big break early In the month. That posl
I tlon closed at 34.66c, compared with 34.14c
at tlie close of the previoua day, with
! the general market closing steady at a
! net advance of !) to 60 points.
The opening was 3 points higher to 3
! points lower, and the more active posi?
tions Bold 4 to 9 points net lower right
I after the rail under scattering liquidation
! There was also local selling on a belief
! that the short interest had been pretty
i well cove-red on the advance of the pre
? vlous clay and rather vasjue rumors that
I another advance in discount -rate* was
l probable. The offerings were readily ah
! sorbed by an active demand from houses
! with Liverpool connections, however, and
the market turned firmer, with covering
i more active in the late trading because
of the easier call money rates and the
improved tone of the stock market. Ac?
tive months sold 32 to 68 point? net higher,
i and the close was within a few points of
j the best.
Private cables said the relatively firm
showing of Liverpool waa due to near
month buying against spinners calling and
Continental buying of new crop months.
'Some of the advices reaching here from
the South claimed that English import?
ers entered the spot markets again on last
i week's recovery in sterling, and a slight
? improvement was reported in the scatter?
ing demand. Probably a little spot house
selling here early in liquidation of hedges
! was against this business, but there was
j very little selling here for Southern ac
I count, while New Orleans was a good
buyer !n the late trading.
The local spot market was steady and
? -15 points higher at 30.40o for middling.
No saies were reported:
The range of prices follows:
Monday's
Open High Low Close Close
I Feb....- - 37.36 t?-38.38 37.60
j.Mar... 36.40 36.90 36.40 8S.fp@jJ9.88 36.44
April...--'?-86.16?- 34. ?5
I Mary,,. 84.20 84 70 34.06 84.66 ? 3468 34 14
June...-? 83.00$-?? 32.40
July... 31.90*82.60 31.85 82.48? 32.49 31.92
Aug... - - ?i?- 31.60?- 31.00
Sept... - - - SO.?6?- SO.56
Oct... 29.72 30.07 29.70 80.0?i if 30.07 29.76
Nov.... -??-. 29.66? ?? 29.40
Dec... 2924 29.50 29.24 29.60?29 66 SO.25
Jan... 28.99 29.20 28.99 2i.08c5p89.lD ?S.99
. Southern Spot Markets?Gai veston steady,
2D points higher at 41.60c; sales. 760 bales.
Savannah quiet, unchanged at 39.50c; sales,
i ;;14 bales. New Orleans, holiday. Charles?
ton quiet, "0 pointa higher at 40c; sales,
nil. Norfolk steady, 26 points higher at
38.75c; sales, nil. Augusta quiet, 25 points
'higher at 38.60c; sales 1,486 bales. St.
Louis steady, unchanged at 39c. sales, nil.
Houston steady, 26 points higher at 40.25c;
sales, 606 bales. Dallas steady, 49 points
higher at 4t.40c; salea, 1,346 bales. Fort
Worth steady, 30 points higher at 42c;
sales. 800 bales.
COTTON STATISTICS
Tester- Last Last
day. week. year
Port receipts. . . ?2.763 81.138 17.69?
Exports. 4,808 28.229 11.781
Exports season. .4,113,480 4,004,028 2,691,659
N. Y. stocks.... ?8,20* 66.lt,.* 9:1.190
Port stocks.1.460,168 1,369,267 1,377,674
Int. receipts. 21,160 27,117 17,262
Int. shipments. . . 13,950 17,217 12,664
N. Y. arrivais... 1,618 2.687 l,5f,?
Liverpool Cablea -Spot cotton a [,,,,
business doing at 6 points advance on the
basis of 31.04d for middling, Sales, 8,000,
Including 5,000 American- Import?, 14,000;
American, 6,000. Futures opened steady
at 22 to 40 points advance, closed firm at
?38 to 62 points advance. March, 28.7Sd*
'? May, 27,?3d; July, 2?l?d, October, *3.69<2;
: December, 8S.68d. Manchester. yarns,
strong; cloths, good demand.
Cereals
Wheat?The market showed a slightly
firmer tone early in the day, but advices
DIVIDEND NOTICES
^HlTc?L?RADO POWirTc?T
The regular quarterly dividend rf one
and three-uu'arters per sent. O-ti-?O has
been declared on the Preferred Stock pay?
able March 16, 1920, to stoekhold,-rg of
record February 28, 19?0.
A. B, WIDLI, Secretary,
. _.,-i n..pi. if iiin)MHM?ru?,
Rail Equipment
Notes To Be Sold
la Small Blocks
? -
Executives Agree With Fi?
nance Director of R. R.
Administration on Govt.
Purchase? Funding Plan
As the result of recent conferences
in New York between Swagar Shirloy, !
director of finance of the railroad ad- !
ministration, members of the Associa- ?
tion of Railway Executives and bank-'
ers an effort will be made to put into j
operation the plan for financing gov- |
ernment purchase of railroad equip
nient through the medium of the na?
tional equipment, trust, first proposed
lest summer,
Instead of trying to float a blanket
issue of $3s0,00d,0()0 of equipment, trust
certificates, as was originally planned,
it ia intended to sell the certificates in
blocks of $10.000,000 or $20,000,000
from time to time until the railroad ;
administration has been fully reim
bursed for the sums expended on up- '
| proximately 100,000 freight cars and
more than 1,800 locomotives. This
j method of financing, bankers raid yea- !
terday, will be a much fairer way of
disposing of the equipment trust certifi- !
hcates soon to be turned over to the'
: government, by some eighty-two rail- j
; roads.
"If it were left to each individual,
, road to do its own financing," said a
banker who attended the recent con?
ferences with Mr. Shirley, "the weaker
roads would suffer because of the great
impairment of their credit position.
The bankers who are interested in the
I revival of railroad credit felt that the
best way to solve the problem was to I
; put into operation the national equip?
ment, trust drawn up by the Hanauer '
committee last summer by the issuance
of as many equipment trust certificates
; as the market from time to time will
j absorb. The railroad administration
has agreed with us that this plan is j
i the best, as there is unanimity of |
! opinion that it would be impossible to
sell the entire block in one operation."
Trustee Appointed
Copies of the equipment trust agree?
ment between the railroads and the
railroad administration, under which
the roads signify their obligation to
fi.Oj',-, i
.82H
.74 U
from t'<e leading milling centers indicated
less active del..ami, and at the close I
prices remained practically unchanged ,
from those of Monday. Receipts were only
moderate, but In absence of inore than a ?
very small demand for flour, mills were;
not disposed to make purchases. Aa u ;
matter of fart, many of the mills seemed j
to be very well supplied with wheat, and
r-ntly appeared to have been basing
their price for flour more on the amount
of wheat they have on hand und the way'
they are fixed iti regard to orders than on
the price of win at In tin- open market.
The visible supply has declined to very
mod?rate figures compared with la-<t year,
but it 1m thought that there is still quite
large amount of wheat on the farms, and
on this account t h-- March report by 'he
fovernmenl giving the amount of wheat
n farmers' hands will be considered a
.-ory important factor in the situation at
large. Within a short time the condition
he neu* crpp will become more of a
feature, and it Is thought that much will
depend upon the appearance of the crop
with the copilng of growing weather.
<'orn?The market experienced a reac?
tion durirfg yesterday's trading, anil at the
close of the day values were I'-ic to l?,c
net lower. . Tlje demand was less active
and there was more or less liquidation on
the theory that the market had become
overbought on the recent sharp rally. Re
eelpta were again small, and some au
thoritles were strongly ol the opinion that
there is little probability of any serious de?
cline as long as stocks continue of their
present proportions and while country ?
points are over bidding Chicago. At the,
same time, there was a disposition in some ;
quarters to take a bearish view of finan- j
| cial conditions, especially as there was i
, persist-ni rumors That further efforts will
j pe mad-:- to che< k overspei ulatlon in com- ?
modltles, Moreover, country offers wer-2
a trifle better, and with the Western out- I
lut still curtailed it was thought probable I
that Increased pressure migh develop* in !
the cash si: uallon.
Yesterday's Previous Year i
New York : close. close. ago.
Torn. No 2 yellow.$ 1.67'a $l.(iis f? 471; |
Chicago:
March. 1.4 0'-a 1.4 2 1.26
May . 1.33% 1.36 Vi 1.20",,
Ou?s?Exporters appear to have with?
drawn from the market and, in absence
of buying Incentive, -?rices developed an
easier tone and showed net losses for the j
day uf a c< nt a bushel It seemed to be
the impression in export circles that the
demand had been idled for the time be?
ing at least, and some authorities ex?
pressed the opinion that the markst had
been overbought.
Yesterday's Previous Year
New York: close. close. ago
No. 2 white.?1.02 Vi "
Chieago:
May .SI M
July ..,-?.73 Vi
Jtye?Market easy
Yesterday's Previous Year
New York ; close. close. ago.
Vn. 11 West.S1.80V4 ?1.81V4 SI.45
Viour mid Meal??Quotations were:
Yesterday's Previous Year
New York: close. close. ago.
Minn. liaient 812.40 .*!:;,-0 tlO.Xfl
CornmeaJ.. . .3.7603.80 3.7503.80 3.5003.75
Rye flour.. .8.2608.86 8.2608.86 S.0508.60
Bran .$50?$51 $60?J61 $17 I
Cottonseed Oil
The sharp decline in the provision list '
i owing to a statement by packers Indicat?
ing a very serious loss In the export de?
mand, caused a weak market in cotton
oil, with active liquidation. There was '
I good buying on the decline, however.
[ credited to refining interests and late in
? the day the market recovered part of the
early loss, although final quotations were
12'to 20 points net lower. Total sales were
27.SOU barrels.
The range of prices follows:
Monday's
Open. High. Low Dose. close.
Spot... ? ??--19.50(620.85 20.00'
Feb.... -.- 2O.0nifr20.70 20 10
I Mar... 20.70 20 ?0 20.70 20.76020.T? 20X7
May.., 20.7? 20.S2 20.72 20.76@20.78 20.94
I June... 2lan 21.00 21.00 20.90021.OS 21.00
July... 21.o-, 21.17 21.03 21.06021.08 2126
Sept...- - 20.50021.00 21.70
Sugar and Coffee
Current Year
prices ago |
? Sugar, grnnnlateil, per Ib.... 16016 0
! Coffee, Rio No. 7, per lb. 14<S, 164?
I Coffee, Santos No. 4, per lb..24024V? ?
Hugur?In raw .sugar the tendency
continues downward Refiners are HtlU
I holding out of the market and not
shewing thejr, hand as to Just what they
would' pay for ("tiw.s. About the only buy.
Ing Interest in the market at the moment
is that coming from Europe for raws on
an f. 0. b. basis, say &.50c northside t'uba
and U.40e southside ports.
Refined sugar showed no fresh devel?
opments Home small stocks are said to
be accumula-ting In refiners' hands -duo
to tlie Impossibility to move sugar freely
owing to the conditions of the streets and
to the fact that there in an acute short?
age of cars. Prizes were unchanged and
ranged from 15c to It!.60c less 2 per cent
for cash.
The market for sugar futures ruled very
quiet throughout the day, 6 to 15 points
lower, on sules, and closed at declines of
4 to 10 points, with sales of only about
:'00 tons.
Coffee Futures?The market opened un- ;
changed to an advance of 2 points What?
ever bear pressure there may have been ?
from time to time during the day, met. a
healthy demand and prices graduaiiy ;
worked upward, due to private advices re- ?
porting a firmer market in Iiragil and to
the generally very strong statistical posi- I
tion. Trade in-terasts were buyers and!
there was a belief that at least one of the
prominent bears had turned to cover. Ftrm
offers from Hrai?il were scarce and sales
of Santos 4s were reported at 30.10c, April
May shipment, sterling credtt. One Im?
porter stated that no ordinary Santos *
OOffSes were being offered, for stocks were
exhausted In the local spot market the ;
demand showed Improvement, and It Is be?
lieved that as soon as transportation fa?
cilities .again get back to normal business
would be active. Prices advanced to ? :
basis of 14".?o for Rio 7s.
The range of prices follows
.Monday's
Open High Low . Close I
Feb.--14.:u,i*:i2 13.83;
Mar. 14.00 14.28 14.00 14.35014.27 IS.S?'
May. 14.SO 14 57 14.30 U.S1.0 ?4.67 14.30 j
June - - - 14.66? 14.67 14.42 1
July. 14 65 14.85 14.56 I4.7S0H.iO 14.63!
Aug. ?-?? H.74'."! 14.75 14.60
Sept. 14 63 14.80 14.53 14 71014.72 14.49:
Nov.-?? ?? 14.7i0H.74 H.4?
Dee. 14.50 14.7JJ 14 50 M.78014.7? 14.49 !
Jan. -?- ?-? ?-~- 14 70014,'?? 14.40
Butter, Cheese una Eggs
liutter-?Reeetm? wero 7.il S packages.
Creamery, higher than extras, IS., 67V?0|
ago* extras, U 2. scar*. 67c; lima, SO to 91
st-ore. ?J l* 9 66c; ere-t*. f S tp g> seore. 6?0
1 61?C, 8e?or,d??, ?.> to I?7 score, 85 ? 68c; lower
i grades, 51054c; heia, hlgh-sr than ?xtrss.
Hie government In Hie form of the I
equipment trust certificate?, are now
??' ,.t0 ^?.in thi POiM?alon of praa*
tjcally all the carrier companies. Under
'???is arrangement the Guaranty Trust
< ompany has been appointed to act as
the sola trust&e.
Because of the recent changes made
in the railroad bill by the Senate and
Houflo conferees bankers yesterday
took a much more hopeful view of the
( utlook as it affects the carriers.
Among the important changes which it
is believed will aid materially in re?
lieving the credit strain on the roads
was the addition of $200,000,000 to the
revolving fund, bringing the total up
to $500,000,000. It was also stated that
a* the bill how stand? there is little
doubt that all the roads will get the
frl/i per cent of their property valua?
tion through the fixing of rate* by tho
Interstate Commerce Commission.
Change* in the methods of fixing prop?
erly valuations, it was stated, would
bring this about. ?
To Consider Union Demands
T. De "Witt Cuyler, chairman of the
Association of Railway Executives, an?
nounced yesterday the personnel of the
committee that at the request of the
Director General will confer in Wash?
ington to-morrow to consider the wage
demands of the railroad unions. The
list, in addition to Mr. Cuyler, in?
cludes Harry Bronner, president of the
Missouri Pacific: E. N. Brown, pr?si?
d?t, St. Louis & San Francisco; S. T.
Bledsoe, general counsel Atchison,
Topeka & Santa Fe; H. E. Bvram,
president Chicago, Milwaukee & St.
Paul; W. R. Cole, president Nashyille,
Chattanooga & St. ?Louis; Howard
Elliott, president Northern Pacific; S.
M. Felton, president Chicago, Great
Western; W. H. Finley, president Chi?
cago & Northwestern; Carl K. Gray,
president Union Pacific; Charles Hay
den, president Rock Island; J. M. Her?
bert, president St. Louis Southwest?
ern; L. E. Johnson, president Norfolk
& Western; Howard G. Kelley, president
Grand Trunk; Julius Kruttschnitt,
chairman Southern Pacific; E. E.
Loomis, president Lehigh Valley; L. F.
Lor??, president Delaware & Hudson;
Robert S. Lovett, chairman Union Pa?
cific; C. JI. Markham, president Illi?
nois Central; William Church Osborn,
vice-president Detroit, Toledo & Iron
ton; Samuel Rea, president Pennsyl?
vania Railroadj Bird M. Robinson,
president American Short Line Asso?
ciation; W. L. Rose, receiver St. Louis
& Western; A. H. Smith, president
New York Central; F. D. Underwood,
president of the Erie; Henry Walters,
chairman Atlantic Coast Line, and
Daniel Willard, president of the Bal?
timore & Ohio.
fi 1 if 6 3 >? o. ; extra?. 61^@62>?c; firsts, 56@
60c; seconds, 61@5?c; unsaltert, higher
than extras, 70#71r; extras, fiS?69c;
firsts, 6C@66c; seconds, 56@C0c; State
dairy, tubs, finest, 64iSr65cj; good to prime,
58@63?; common to fair, 46<g!67c; reno?
vated, extras, 56c: firsts. 63@64c; Imita?
tion creamery, firsts. 47? 48c; ladles, cur
rept make, firsts, 44@45c; seconds, 41?
42c; lower grades, 30? 40c; packing
stock, current make, No. 1, 41c; No, 2,
i&@40i>.; lower grades, S6@88c.
Cheese?Receipts were 3,383 boxes.
State, whole milk, held flats, specials,
30031c; average run, 28V4@29c; low
elals, 30@Slc; average run, 2SVj29c; low?
er grades, 16 if 27c; Twins, held, specials,
colored or white, 26>^?30e; average run,
-S 4 <tf 2 9c; lower grades, lR@27c; Wiscon?
sin, whole milk, Twins, 27 ? 29 4c ; Single
i'nis'es, fresh or held. 80? 31c; Double
i'alBleH, fresh, 30@31e; held, 284@31o;
Voung Americas, 32@33c; State .?kirns,
fresh, spacials, 17@18c; prime to choice.
14 ?16c; fair to good, ll@!.3c; lower
grades. 4 "( 1 Oe.
Egg??Reclpts were 19,865 cases. Fresh
gathered, extras, doien, 82?63c; extra
firsts, 60@Blc; firsts, 68?B9c; seconds and
poorer, 53?57c; refrigerator llrst?, charges
paid, 49&f>Jfl; seconds, 42?48c; under
grades, lS?HOc; state. Pennsylvania and
nearby Western, hennery whites, extras,
70c; (nrsts to extra firsts, t>6@i>ilc; gath?
ered .Ahites, firsts to extra firsts, 60^
69c; Western whites, under grades, ?3?
65c; pullets. 68#60o; Pacific Coast,
whites, express, extra firsts to extras, 6S'tf
70c; firsts, 944j67c; pullets, Petaluma, 58
?60c; other sections, 66@56c; other West?
ern anil Southern, gathered whites, 60?
67c; state, Pennsylvania and nearby, hen?
nery browns, extras, 64@65c, gathered
brown and mixed colors, extras, 62 ?63c;
ti ruta to extra firsts, 6S@61c.
Livestock, Meats, Provisions
Yesterday. Tear ago.
Live steers, fair
to prime, 100
!bs.I12.00@16.00 ?13.00? 17.75
Dressed beef
sides. lb.17? SZ ,1S@ .27
Live veals, com?
mon to prime,
?00 lb? . 18.00? 25 00 16.00??1.00
Dressed veal
<'lty, lb.30? .37 .22? .30
Live e w e B. 100
lbs . 3.00@12.50 8.00?11.00
Dressed mutton,
rtty, lb.20? .27 .16? .21
Dressed lambs,
city, |b.34? .40 .27? .31
Hogs, 100 lbs... 1E.60@16.50 17.75@18.26
Dive lambs, fair
to prime, 100
lbs. 21.00@23.00 17.00?18.00
Dressd hogs,
bacon, lb.22%?.23% , 2-4 <ff 2 4 ?..)
Mess beef, bbl. . . 16.00?li.00 85.00@38.00
Mess pork, bbl.. 43.00@44.00 49.0?@49.00
Lard, Mid, West,
100 lbs. 20.90@21.00 25.SO? 25.90
Iiitei'atate-f.'allahuii Mining
Resumes F*ayment of Dividend
At the regular quarterly meeting
held yesterday directors of the Con?
solidated Interstate-Callahan Mining
Company resumed the payment of divi?
dends by declaring a dividend of $2 a
share, payable in regular quarterly in?
stalments of 50 cents each on March
.'i0, June 30, September 30 and Decem?
ber SO to stockholders of record March
15, June 15, September 15 and Decem?
ber 15. President Percival also an?
nounced that the management's new
financial program calls for the accumu?
lation of a strong cash reserve from
current surplus earnings, after which
the matter of extra dividend disburse?
ments will be considered.
In his report to stockholders Mr.
Percival said: "The resumption of reg?
ular dividends by the ?ompany reflects
the improved position of the zinc-lead
producers and should be followed by
similar -i^vidend action in the future
by Butte and Superior, American Zinc
and other issues of this group."
? .
Lehigb Coal Earned $4.92
A Share in 1919 on Capital
For the year ended December 31,
1919, the Lehigh Coal and Navigation
Company reports net income after
charges and taxes of $2,874.838, equiva?
lent to $4,92 a share, $50 par, earned
on the $29,173,950 capital stock, com?
pared with $2.805,088 or $4.81 a share
in 1918.
Total revenue last year amounted to
?24.886,907, a falling off from the pre?
ceding year of $950,638, Expenses
aggregated $17,817,897, a decline of
$195,374. After depreciation of $923,
002. $390,996 in depletion and $459,491 !
in reserves, net revenue was $5,295 521,!
a- decrease of $237.716. General ex?
penses amounted to $201,200. Tax pay?
ments during the year totalled $1,037,
253, or $223,403 less than was paid in
the'year before. Surplus, after $1,173,- j
052 for interest and funded debt and
$9,138 for amortization, etc., was $2,- !
874,883, an increase of $69.795.
m
Southern Oil Profits
Put Into Diamonds
Southern jewelry dealers were in the !
'ocal market in Urge numbers pater
day and placed large orders for all !
grades of marchandise. One dealer from
Fort Worth and another from the.
Home'- field, in Louisiana, attracted at- j
t?ntion by their willingness to spend !
almost $100,000 for diamonds. They j
were unable to obtain as many stonoa j
HS they wanted from any of the larger ?
concern*, but by buying from smal
dealers succeeded in getting their full ?
supply- These jewelers declared that j
they needed the diamonds to fill the |
demand from the customers who had |
grown rich in the Texas and Louisiana j
oil field?.
Harri?, Forbes ft Co. are offermi an
Issue p" M?l,55o City of Win?on-3alern,
V C 6 Per cent Improvement bonds, due
'aerl??y February |. 1921, to 1SS0, at a
pri?e, any maturity, La yield aha Per
ceat.
Investment
Information
Question* of panerai interest te
investors will be answered in this
column, in which case only initials
will be used. Others will be an?
swered by matl. Addrsse all in
Suiries. inclosing a stamped, ad'
tessed envelope to Financial Editor.
The Tribune, ISA Nassau Strut, New
XorK City.
General Motors Preferred
Question-Why advise any one to buy s
j preferred stock when, as <in the case of G?n
j eral Motors preferred, such stock can be so
: decidedly weakened by such issues ns the C
; per cent debenture ?nd the new 7 per cent
i preferred stock? Will you kindly explain
i why the old preferred should not rightly be
I entitled to precedence in dividend disburse
[ menU T--H. F.
I Answer?It is stated In the ?f-pital
i stock provisions of the General Motors
; Corporation that in the event of liq
uidatibn the preferred stock and the
debenture stock are entitled pari passu
| to par and dividends. Aa to dividends.
both the preferred and debenture
; stock are preferred pari passu. The
! weakness of the preferred and deben
; ture issues is due to the fact that the
recent financing was not as successful
as had been hoped for.
Not a Wise Change
Question? Appreciating your valued re?
plies and suggestions to correspondents, I :
take the occasion to write for advice con- !
cerning a shift of my holdings, as follows : ;
Sell American, Light and Traction preferred i
at $S0, buy Cities Service preferred at $71.
Have but a limited sum to invest and wish
to keep it where it is fairly safe, but at
best possible rnte of earnings.?W. A. H.
Answer?We do not believe the
change from American Light and Trac?
tion preferred to Cities Service pre?
ferred a wise one. The latter company
is largely engaged in the oil and gas
business, thus rendering its securities
more speculative. Preferred stocks
like Crucible Steel, American Can and
Baldwin Locomotive yield 7 per cent
and over.
Empire Tire and Rubber
Question--Will you kindly send me what?
ever information you have regarding the
common stock of Empire Tire and Rubber I
Corporation? A. K.
Answer?The Empire Tire and Rub?
ber Company has not as yet issued its
report on operations for 1919. The
company's sales are said to have in?
creased materially during the year.
The 7 per cent cumulative dividends on
the preferred stock for 1919 have been
paid up to January i last. We do not
know what was earned on the common
stock. This probably will be shown in
the statement which the company ex?
pects to have ready shortly. The out?
standing capital consists of $1,531,600
preferred and $3,025,290 common.
Safe, but Speculative
Question?Will you kindly let me know
your opinion of investing 1^,000 bonds ;
United Kingdom of Great Britain and Ire
land twenty-year B'-j per cent, due 1937? I|
can't afford to take any chances or specu- ;
late, so do you consider these bonds a good,
sound investment??W. H. A.
Answer?If you cannot afford to take !
any chances or speculate, why do you '
not invest your $2,000 in Victory" or ?
Liberty bonds? The United Kingdom j
bonds, we think, are safe. We have
confidence in Britain's ability to pull
herself through this crisis. Yet there
is an element of speculation attached ;
to her bonds. You eliminate all specu- !
lation if you buy Liberty bonds.
Eggs Mostly in One Basket
Question?I am the owner of forty shares j
of Central Leather Company, bought slight?
ly below 100. Central Leather has, of course, !
followed the rest of the list downward. Is !
the company in your opinion in good, sound ?
condition, enjoying good business and In a I
fair way to continue 5 per cent regular and j
2 per cent extra? Would you advit-e me to
switch into something more substantial, con- I
??dering the fact tjiat the- principal is a |
goodly percentage of myall, qr do you think ;
it will again work up topar?- W. S. A.
Answer?-Central Leather is not a
security, we should say, in which to !
have a goodly part of one's capital in- ?
vested. The company is doing well at !
present, but conditions change sud- j
denly at times, and dividends change,
too. If you will content yourself and
purchase" securities whose earning
power is more stable you would do bet?
ter. How about Central Leather pre?
ferred, yielding almost 7 per cent?
Kansas City Southern
Question - Can you tell me anything as to
! merits of Kansas City Southern common and
? reTunding mortgage 5s; also City Service!
! common ?-?G. J. D.
Answer?While Kansas City Southern ?
I is not earning the amount of its guar- ,
I anty the refunding 5 per cent bonds |
! appear to be safe enough. They are j
i not, of course, high grade, but offer a
very fair investment-for a second!
mortgage. The common stock is a pure :
' speculation. Cities Service Company is
engaged in the oil and iras business,!
and for that reason the stock, in our!
opinion, is speculative. Earnings at
present are large, but show decreases j
; from last year.
Grouping of the Railroads
Question?If Congress passed the railroad :
; bill in such form as to provide for the group- j
I ing of all the railroads into several large |
1 ?ystems, the money-making well managed ;
? roads will have to take over many of the ?
: smaller less successful railroads. Ik it your i
! guess that the bill as finally passed will in- i
i elude this feature? If so, would not the1
' system? operating through the most densely :
| populated section.-- enjoy a distinct advantage
: over those operating in the sparccly settled.
! country? Would it not seem that the New
York Central and Pennsylvania Railroad
! vould enjoy a distinct advantage over even
| sucb successful roads as the 1,'nion Pacific,
I Southern Pacific and Atchison? Would be
! greatly interested in your views on this mat- ?
! ter.?V. W.
Answer?The facts do not bear out ;
i your idea that roads traversing densely !
! populated sections would be more suc?
cessful than t'tiose traversing sparsely
populated section of the country. Since '
| the operation of the carriers by the
? government there have been* so many '?
' things to consider that to arrive at a i
?satisfactory conclusion regarding the
real success of certain systems is now
difficult The government hai* operated j
the roads in its own way. There has
been diversion of trame, causing con-!
siderable dissatisfaction among the :
carriers regarding the use of equip- ?
ment, etc, (Jut of all this, a few roads
have been able to maintain their pre- i
war earnings, and yet you will find in
most cases that these ruuds are the
ones whose earning power has been i
consistently good for many years past, i
Atchison, Southern Pacifie and Lnion'
Pacific all are, and have been, good I
earners for several years. You will !
find, too, that the ratio of operating,
expenses to gross earnings is a great)
factor. Here is the ratio of a few j
large systems for 1918: Atchison, 72-37 !
per cent; New York Central, 7S.23 per.'
cent; Pennsylvania, 90.08 per cent; ;
Southern Pacific. 73.82 per cent; Union!
Pacific, 63.71 per cent. You will note !
that while the gross revenues <-f roads :
like New York Central and Pennsyl?
vania are greater, nevertheless the:
operating costs are of necessity far
more than those of the Western roads j
mentioned above. In all probability
the final railroad bill wilj^^all for the i
grouping of roads in certain sections.
A rate based on property value will j
bp made. Tbe roa,ds may then compete i
for business, with the probable result!
that the strong roads will grow |
stronger.
Four full columns of in?
vestment questions and an?
swers are published in The
Tribune every Sunday?
? *4F, ? ?! ?
Executor Trustee $
Chartered 1822
The Farmers' Loan and Trust Company
Nos, 16, 18, 20 & 22 William Street ?|
Branch Office, 475 Fifth Avenue
At Forty-first Street
New York
Loadoa Paris
Foreign Exchange
Administrator Guardian
Member Federal Rewire System and Sew York Clearing House
Buyers Arrived
Fairchild Service
ABERDEEN, Miss.-- M Bergman Co M.
Bergman, dry goods and notions, Broad?
way Central:
ALBANY?W. M. Whitney Co.; T. F
Hlckey, cotton piece goods; 113 East
Twenty.fourth .Street.
ATLANTA?J. Saul * Co.: J. S?u!. whole
??-a!-- clothing and ?hue?; Cumberland.
ATLANTA?Smith & Higgine; W. H. Hig
gins. silks, cotton piece goods, notions,
etc.; 3161 Broadway.
ATLANTA?Pavirtson-Psxon-Stokes Co.; .T.
V. Wellborn, dresses. 1100 Broadway
BALTIMORE?Vf. Fagori. piece gjods;
Pennsylvania.
BALTIMORE ? American Wholesale Cor
t'oration: G. V geh?rt, notions: M. M.
K i rue he nba un?, ?urg, fur coate. 3?4 Fourth
Avenue,
BALTIMORE?M. P Sc-helnnan & Co :
Net Cohen, dresses: H S. tVesmsn. coats.
suits: Pennsylvania.
Ill.iX >MINGTON. III.-? Msnd#t & Schwartz
man: H. E. Albee. Upholstery and rt.-a
perlep, Herald Square
BOSTON?Weti & 811 verm a?; D. B. Wolf.
ready to wear: Breslln.
BOSTON?W. Ftlene's Son? Co.: F. W.
Phillips, coats and suits; 225 Fifth Ave?
nue.
BOSTON?R. H. White Co.: R M. Dun,
leather goods, toilet goods, notions, etc..
432 Fourth Avenue.
BOSTON?M. Bornstein * Son?: S. S
Bornstein, shoes; Herald Square.
BOSTON?Shepard, Norwell Co.; M. F.
Collins, silks and woolen piece goods,
J. J. Crotty, representative. 220 Fifth
Avenue.
BOSTON?Gllc-hflst Co. (upstairs). Mis:
Wall, infants' w-sar ; Miss Lewis, an
goods; (basement) Mr. Cohen, suits
skirts, dresses; Mr. Winchester, waists
sweaters; 200 Fifth Avenue.
BOSTON?Filene's: Miss Goldlng. mis.??s
Inexpensive silk dresne?. Miss McCroa
Ban. women'8 silk, tricotin? dresses: Mr
Hunting, women s coats; Mr. O'Nell
misses' suits; Mr. Bullock. women'!
suits: A. Miller, men's hosiery, gloves
underwear; (basement). Mr. O'Brien
women's. misses' coats. suits; Misi
Hlckey, corsets; Mrs. Kussanof. ladles
neckwear: Miss Cold-.ng. waists, Mr
Cooper, general merchandise. 225 Fift)
Av?nue.
B <) S T O N?Jordan-Marsh Co.: B. Arm
strong, misses' and women's cottoj
waists; Mr. Daly, women's neckwear
Miss Haugty, misses' suits; Miss M
Mahoney, misses' dresses, ellk dresses
Miss K. J. Button, buttons; 432 Fourti
Avenue.
BUFFALO?B. Slotkin ("*0 ; L Slotkil
ready to wear and millinery; Breslln.
BUFFALO?Adam. Meldrura & Andersoi
'*o.; Mr. Watson, knit goods; 230 Fifll
Avenue.
BUFFALO?Flint & Kent: I. B. Hope
clothing; 220 Fifth Avenue
Bridgeport, Conn.?D. H Meyman
rian Co. : D. H. Meymanrlan Hnd H. ]'
Meymanrlan. carpets and rugs; Alcazai
BRIDGEPORT. Conn ? -Howland Dry Good
Co.; E R. Tlppett, Jewelry, leather good!
silverware; E J. Godfrey, silks, dren
goods; Miss M. Swift, representing; 40
Fourth Avenue.
BRIDGETON. N. J?Quality Shop: A F
Freldes, waists, suits, dresses; Imperia
CANTON. Ohio?L.'Fortun- Co.; T. Fot
tune, general mdse. : Broadway Centra
CHARLESTON, W. Va.?Joseph Schwa
representing; W. E. Hastings, represent
Ing. 44 East Twentv-thlrd Street.
CHICAGO?Carson. Pirie & Scott; R I
Davis, leather goods; 404 Fourth Avenu
CHICAGO ? Sears-Roebuck Co.. W. I
Guerney, cloak?, suits; V. O. Perr
dresses; J. Potasch, waists: D. I.. Atkli
son; W. Oehne, hosiery; E. A. Thomj
s--r.. knit underwear; II. M. Weiss, ovei
coats: H. W. Hoch, ready to wee
rlothlnfr. woolens: US Fifth Avenue.
CHICAGO?Marshall Field Co.; C. (
Banker, linens; R. H. Butcher, velvet)
W. V. Merrlman, women's hosiery; R. I
Rehder. children's hosiery; A W Seege
mens clothing, underwear; I1. D. Tat
youths' clothing;. E. P. Meeharrd and E .
Skinner, men's hats and caps, 11(
Broadway, .
CHICAGO?Keystone Garment Co : M
Plmsteln and ^lr. Aberman, ladie
waists, dresses. Bilk undergarment!
Elk s ("lib.
CINCINNATI ? Kline Bros. Co.; L. Liebe:
man druss-.s, ready to wear; 404 Fourt
Av.-nue.
CLEVELAND?Altfeed & Asador. S V
Altfeed, Jewelry and notions, 310 Cam
Street.
CLEVELAND?M. Englander St Co.; ?
Englander, dresses; Alcazar.
CLEVELAND ? Ames Co.; Mr McGrat!
dolls: 116 West Thirty-second Street; .
Fant!.
CLEVELAND?Higbee Co.; J. D Kr.igh
furs: ?*'i) Fifth Avenue; Syndicate Tra<
ing Co
COVINGTON, Va.?Parker 4 Co.; H. 1
Parker and W. Parker, dry goods ai
Keners I mdse.; Grand.
CYNTHIA NA. Ky.?McDonald Co.; M
McDonald, general merchandise; 11'
Broadway, room 414
DALLAS, Texas?I/. H. Lewis Co.: J.
Mlllis. ready to wear; 72 Leonard Strec
DANVILLE. Va.?M. Halperlan. clothi;
ucl dry (roods; Aberdeen.
DAYTON. Ohio?Rike Kumler Co.; Mart!
M. Rankin. coats, dresses, skirts; Sta
ley Bourne, ready to wear; 225 l*"if
Avenue; Associated Merchandising Co
poratiort
DETROIT ? J Burrows, skirts ar
dresses; Breslln.
DETROIT?J. L. Hudson Co.; R. B. Ta
nahill clothing; 2?T, Fifth Avenue.
DETROIT?J L. Hudson Co.; Miss M. O
borne, dranses, ?25 Fifth Avenue; Ass
ciated Merchandising Corporation.
DETROIT?Kline Garment C0. ; Miss Land
coats; 4 04 Fourth Avenue.
El.MIRA. N. Y?H. F Isr.ard Co; S
Iszard, F. K. Iazard and H. Iszar
silks, piece goods, etc,! F'ennsy!vanls
EMPORTA, Va?Fox & Re?d: F. T Pe
drv e*. od? and clothing; Hvrn<() Sqiiari
ERIE. Pa?-Erie Dry Goods Co.; P. '
Dennlsun, toys, holiday goods; 4
Fourth Avenue.
FALL RIVER. Mas?. ?M. P. and
Rubinstein; L. Rubinstein. Job? In d
goods and clothing; Broadway Ctnit r,
FLINT, Mich.?O. Bush, stationary, et'
Pennsylvania.
GAINBSVILLB, Ga.?Mrs. Oertrude Fr
zier, millinery; Grand.
GOLDSBoRO, N. C.?M. B. Oaslex 4r C,
M. E. ('astex, millinery and iurnlshln-j
Continental
(ntEEN.-Boito, N. C?Brown-Belk Co
B Brown, ready t" wear, Pe-nngylven
GRAND RAPIDS, Mich. ?Herpoish-ln
Co.. E J. Biandt. floor Co verii.g?, 11
Broadway room ?05.
GREENBORO, N. C?Brown-Belk Co :
V. Rrown, ready to wear, dry goods; i
West Thirty-second Street; A. Fantl.
HAGERSTOWN, Md?Barnhart Over
Co.: A W. Barnhart, cotton pleoe goo<
Breslln.
HARRISBURG, Pa. ? Dives, Pomeroy
Stewart; H. Buyer, linens; 230 Fil
Avenue; Syndicate Trading Co
HARTFORD, Conn.?Brown. Thomson C
riamuel sitern, rofects and mu?lin i
derwear, toilet goods; 2?0 Fifth Aven
HARTFORD, Conn.?Sage. Allen Si i
Inc., J. W. Power, house furnlahln
404 Fourth Avenu?.
HARTFORD?Sage A'.Ien; N. J. Hin
dma? goods; T. P. Abolt, rug?, draper!
Miss K. i Sheean, waists, si k pet
co?ta, n?glig?e?; Miss K. Skelly. ' ?far
r
V. Yivaudoti, Inc.
The president's state?
ment, just issued, shows
that this company has
been expanding at an un?
usual rate Po3?tion o?
the shares analyzed in
current issue of our?
Financial Foreront
Other ?seuee trea'.od :
Arkansas Gas
Gill ?land Oil
Republic Rub.
Marl and OH
Houston Oil
S.oa n nteit.
Aik for Kg, ??.
MSWOLF??CO.
41 BR?AD StInEW YOHK
LIBERTY BONDS
All denominations bnutrht ror -aah
Based on the closing we pay:;
848.15 for a S.?O?.T ?% Bond, So Ctropon?
?45.:?? for u *50?"id 4,,.4% Bond, 1 Coupon
$46.35 for u S^O?3d i\A?. linliil, I ( q\ipon
$45.78 for n $M-It h 4V,?. liond. 'i < tin pon*
$48.83 for u *."><)?5th 4?4'"> lio ml, ; loupons
PURDY & CO.,
TeL John 3174-5-6-7. 34 Tine St.. W. T.
CHANGE OF NAME
RESOLVED, Ijy THE STOCKHOLDERS
of Nordenholt and Marre Im. at a Meet?
ing of such corporation, duly convened this
9th day of February, 1920, that th$ cor?
porate r.rtme of said corporation to
changed ?rom that of Nordenhoit ?rid
Marra Inc. to Nordenboli Corporation;
and it is fur'her
RBSOl.\'Kl), That the President of this
corporation b? authorized and directed to
take such act.oii as may be necessary to
.-ft?--t such change of aam?.
wear E. Hoiliater, representing; 404
Fourth Avesiue.
HAKTKORJi?Brown, Thompson * Co : S.
Stern, toilet goods, handkerchiefs, drug?
gist sundries; -JO Fifth Avenue; fcyni -
cate Trading Co.
HAVERHIU,, Mass?Mitchell * Co., Inc.;
C H. Friend, knit underwear, notions,
etc. : A Icazar.
IHGHTOWER, N. J.?Lemuel Black, furs;
lires: in.
HUNTINGTON, "W. Va.?Solof Bros. Co ;
A. Solof, dry goods and clothing; Ell s
Club.
INDIANAPOLIS?Havens & Geddes; 11 O
Wright, notions, ready to wear; 72
Leonard Str*ei
INDIANAPOLIS?rettis Dry Goods Co.;
P. P..ark. ready to wear; 230 Fifth Ave?
nue; Syr. 1. Trdg. Co
IROXTON. Ohio?Cohen Co.; L. Cohen,
clothing; Ellis Club.
JOPLIN. Mu - w ......?n Fleischoker, coats.
and suits. Arlington.
JOPLIN, M? ?WiiUam H. Fleischiger,
ready to wear; ?20 Fifth Avenue, room
610.
JOHNSTOWN. Fa?W. Rabinowltz, cloth?
ing: Broadway Centra!.
KANSAS i'I*ry?John Taylor Dry Good?
Co F. M. Lee. ir.dse. ?tuinas-!. 200
! ' ? ? A \ en up.
LANCASTER, Pa.?Watt & Hhand; H. B.
K hous?furnlshlngs, . iiiru. : v.". ,s.
Sull .-.n co??s. suits, furs; Pa1 r Watts
lirrens, fi<nnels, blankets; *?- Fourth
Avenue.
LANCASTER, Vu Hagrer & Bro : \V. H.
?in,,: k-.-neral mdse.; E. 13 Snyder,
ling; it. Maaterson, gloves, notions,
ids; 404 Fourtl Av< n te
LANCASTER, l'a W Ii Bel tel ?V Co.;
E il. Boittel, racquet store Q
LANSING, Mian.?F. N. Arbaugh Co.;
J. A McKelvey, ready to weai men's
furnishings, clothing; Thomas H in hrey,
woolen piece goods. F. N. Arbough c li?
erai merchandise; 4Z2 Fourth Avenue.
LANS! Ni. Mich i ? ?. _? u . P.
N Arbaugh, general mdse; T. Hu ; -
if? . coll un ,.nil woolen goods; .' - A.
McKflvj furbishing ?
LAWRENCE, Mess- A. H. Sutherland Co. ;
l>. F, Beggt flannels, blai ?
C. Brooks. Bi'u'es A. McCabe, notions,
si,,, underwear; 432 Fourth Avenue.
LEESB1 KG, Va. - Dunnis
Store; Mrs. C. Dunnis, g'-n-'r^i merchan?
dise; Herald Square.
LEWISTON, 41* - !.. Sllverman, dry goods
and v. oim ?? ? atea r >
LYNN, Masa?Goddard Pro- ; .1. I. Ood
dard, n presenting ; 432 Fourth Avenue.
LOUISVILLE?Louis'.llio Fur Goods O ;
S. Goldstein, hosiery, furnishings, i.o
tions; Mies,;.",
LOWELL, Mass.?The Challfotut Co.; Iff
Leary, oarysts and furniture; 220 Fifth
Avenue and Hotel Navarre.
MARTIN'S/'. n.I.R', Va M
Miss it Marks, dry goods and clothing;
Grand.
MEMPHIS, Tenn.?John Gerber; Ana. G.
Aull and F. liruer, ready to weai Mr.
Morlarity, piece gooJs, silks; Miss
batt. :.,illinery ; Mix* Jones. Infants',
children'! wear, n?0 Broadway; John
U. Biggins.
Continued on next page
Refined sillc for
refined judgment
Beaver S i Ik-woven
from pure, lustrous
silk, woven by skilled
craftsmen, w^ytn
kvith the identifying
Kope-Weave Selvage,
known to woman as
the 5-ign nt silken e*.
Lellence.
McL?NE'S
'fiemver tftb+i *Hka
ssMsurna v 'i iir r nsmrnn
Weiss**
463 rourtb Avenue, New York
I J DERBY STYLISH STOUTS L
g^^i^P ?designed scientifically to slenderize the
Wjjg^^ -faN ngure?are featured by progressive
^r stores everywhere. See them in our show?
rooms. Ready for irnmediate delivery.
Immediate D?Iirtrk. 40 W. 32nd St., N. Y.
' ???>*?s-_ I