New-York tribune. [volume], February 19, 1920, Page 15, Image 15

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

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W. F. Ladd & Co.
Investment
Securities
New York
February
Investment
Suggestions
iseklti TR. 1.
tn rtanest.
George H. Burr & Co.,
Equitable Building
New York
\\ e rt'.ommend
Empire Gas & Fuel Co.
(r, Convertible Gold Note?
of 1921
Exceptional yield
at present quotations
Well Large earn
w.z ; ? Attractive con
vers . lege.
renuest
H. D. Robbins & Co.
?] . .??:: ED
?] Bro New York
By clews & co.
i Members : \ >'? ok Bxchan?*?.
11, IS. 11 & I? ISKOAD ST.
Dtp sits received subject to cheque
Sti &. Note Issues of
[UUroaii \ Industrial Companiei
and Sold
r.d conservative advance?* mad?
thereon.
Dealer? in
?BE.
iJruiicl* UtBcea?820 Fifth Av??
H laios ??(jimr?". 9b W?rrfn St?
MS Third Ave.. 16 Court St., Ur.oktja.
Lithuania Loan Here
Lithuai former Russian
province, now independent, is
(iking i * ? United States,
con*..**. of the other
iati ania hopes to
rough the sale of
er i at ionals and
*>?' * * now r ?dent in the
ted Stal . * i has already
* : attthorities at
o val.
Paris Market
PARIS i ? The Bourse had a
pod torn Three per cent
ites, 51 - centimes. Exchange
L " : * !2 centimes. Five
*r cent . ... . . franca 75 centimes.
?t dollai * * , ? 14 francs 31%
Mathieson alkali's Quarter
_Net ean ng ' the Mathieson A1
"iWorl tarter ended Decem
?f 31, 19 . . 768, After pre
?"ed di\ 34e and charges
"'???' . L09 6?6, equiva
<nt to -, share, $50 par,
pfMd o: ?*oo common stock.
Goodr?ch Sales
Set New Record;
Profits L?irger
Earning* on Common Stock
Ecpial to $25.09 a Share,
Against $23.08 in the
Preceding Year
Sales of the B. F. Goodrich Company
for the year ended December 31, 1919,
were the largest In its history, aggre?
gating $141.343,419, or $17,873,282 more
than those for 1918. Manufacturing
expenses, etc.. amounted to $121,879.
265, an increase of $19,422,936. When
income from other sources had been
added the total was $20,340,214, a fall?
ing off of $1,270,108 from 1918. De?
preciation totaled $1,835,540 and in?
terest on bills payable $1,199,861, leav?
ing net profits after charges, but be?
fore Federal taxes, of $17,804,818,
equivalent after the deduction of $2,
247,000 in preferred dividends to $25.09
a share, $100 par, earned on the $60,
000,000 common stock, against $15,637,
114, or $23.08 a share in the preceding
year.
Holders of the common stock re?
ceived $2,400,000 in dividends daring
the year, the same amount distributed
in 1918. Surplus of $12,657,813 and
other income of $387,000 was added to
the previous balance of $33,394.923,
bringing the total to $46.939,736. From
that amount $177,778 for stock pur?
chases and $5,558,912 in Federal taxes
were deducted, leaving a profit and
loss surplus of $41,203,046, an increase
of $10,583,059 over th? year before.
The report to stockholders states
that never before have the products of
the company given more uniformly
latisfactory service. During the last
year sales have been limited only by
the company's ability to produce.
When the additional manufacturing
facilities which are now in the course i
of construction are brought into pro- I
duction during the coming year the
annual business, according to the re?
port, should exceed $200,000,000.
The consolidated balance sheet as of
December 31, 1919, shows cash in banks
and on hand of $5.491,500; bills re?
ceivable, $44.688; other accounts re?
ceivable, $650,208; trade accounts re?
ceivable after reserve for doubtful ac?
counts, etc.. $23 011,543; bills payable,
general. $22,068.000; bills payabfe se?
cured by deposit of portion United
States Liberty bonds, $2,000,000; ac?
counts payable, $5,864.069; reserves for
contingencies, etc., $3,725,063, and to?
tal assets and liabilities of $175,715,
9,8.
In the report the company sets forth
the details of its proposed recapital?
ization plan, on which stockholders will
vote March 10. The plan provides for
the issuance of $30,000,000 five-year 7
per cent gold notes, convertible
into common stock at $80 a
share. In addition, the authorized com?
mon stock capitalization is to be in?
creased from 600.000 shares of $100 par
value stock to 1.500,000 shares of no
par value stock. Of such 1,500,000
shares of no par value common, 600,000
shares will be exchanged, share for
share, for the present ?100 par value
stock, 125,000 shares will be set aside
;'or sale to Goodrich employees, 375,000
shares will be reserved for issue in con?
nection with the conversion of the
notes, and the remaining 400,000 shares
will be available for future require
ments of the corporation.
Upon approval of the plan, common
stockholders ot record March 15 will
have the right to purchase at the rate
of $100 of notes for each two shares
of common stock held at the price of
$99 for each $100 note, or alternatively
to purchase new common stock at the
rate of one and ,one-?iuarter shares for
each two shares of old stock held, at
$0 a share.
State to Buy Building Here
ALBANY, Feb. 18.?Two appropria?
tion bills, totaling $1,045,000, became
law with the signature of Governor
Smith to-day. One measure appropri?
ates $545,000 for the purchase of the
International Young Men's Christian
Association building, in East Twenty
eighth Street, New York City, as head?
quarters for the State Industrial Com?
mission in that city, an<l the other pro?
vides the State Comptrol'er with $500,
000 for expenses in connection with ad?
ministering the state income tax law.
Financial Items
Th? Bankern Trust Company has been ap?
pointed registrar o? the preferred stock
o? the William Whitman Company, Inc.,
and for the common and preferred stocks
of the Mendee Manufacturing Company.
Stockholders of th? Greenwich Bank
have vote! In increase the capital Btock
from $500,000 to *S,000,000.
B. V. Jones has been elected president
of the Republic Rubber Cpmpany, suc?
ceeding G- E. Norwood
The Harriman National Bank ts now
prepared to deliver the definitive first
mortgage 7 per cent Beria' gold note? of
the General Phonograph Corporation, and
also the definitive first mortgage 7 ?or
rent bonds of the Overman Cushion Tire
Company upon surrender of the respective
outstanding interim certificates.
Edward Wise, president of the United
Cigar tores Company of America, has been
elected a director of V. Vivaudou, Inc.
R?larch Fifteenth
I : day set for the filing of returns for both
and State Income Taxes; later filing incurs a
except under certain special circumstances.
riling of returns of personal income with New
equally as important as the filing of re
oi income with the Federal Government.
ft e have prepared a booklet containing a summary of
tical operations of the New York State Per
Income Tax Law, together with the text of the
Statute. There is also included a list of a large number
entative security issues, with their market
valui as of January 1, 1919,?the date as of which
or loss is computed.
We have also prepared a pamphlet containing a com?
prehensive resume of the practical application of the
Federal Revejiue Act as it affects income received for
f ' ) ear 1919. Tables are provided for ready reference
showing the amount of taxes levied on incomes of
various amounts at the graduated levels, and also show?
ing a comparison of the yield of taxable securities with
the yield of tax-exempt securities.
Upon request we shall be pleased to send to investors
* copy of both the booklei and the pamphlet
We suggest that you ask for circular C-33
Harris, Forbes & Co
Pine Street, Corner William
NEW YORK
The Day's E
U. S. Gov?ernment
Transactions ?, .M
Sal?. Yield.
Liberty 8%?, ?47. $818.000 8-70
do l?t 4s, 1847. 29.000 *??}
do 2d 4s, 1942. 288.000 4.??
do 1st 4%s. 1947. 124,000 4.88
do 2d 4%s, 1942. 961,000 4.92
do 3d 4%s, 1928.1.1B8.000 6.28
do 4th 4%s, 1938. 2,169,000 498
Victory 4%s, 1928. 871.000 6.81
do 3%a, 1923. 1,418,000 4.29
Quotation?
High.
L?b?srty 3%s_96.80
do 1st 4s...... 90.40
do 2d 4s. 90.30
do 1st 4H?
do 2d Via..
do 3d 4%s..
do 4th 4%s..,
Victory 4%s
91.20
90.74
93.18
90.96
97.80
do 3%s . 97.76
Bid and Asked Quotations
Closing Closing
Yesterday.
98.60? 96.70
90,60
90.20
91.04
90.66
90.20a
Tuesday
96.60? 96.70
97.78(0) 97.80
97.74? 97.76
Liberty bonds
3%s, 1947 ....
1st 4s, 1947_
2d 4s. 1942.... 90.10
1st 4%s, 1947. 91.99
2d 4%s, 1942. 90.60
1928. 93.00? 93.04
1??S. 90.96(9 ?0.99
1923 97.78? 97.80
1923 97.70? 97.76
Pre-war issues:
2s re?, '30.100%
2s coup, '80.100%
$s re?, '4*. 89
8? coup, '46. 89
4s reg. '26.106
4s coup, '26.106
2s Pan, e, '38... 100
2s Pan, r, '36... 100
2s Pan, e, '38... 100
2s Pan. r, '88..,108
8s Pan, reg.
3s Pan, coup
Phil 4s, '34.
do 4s, '35
do 4s, '36
D. Col 3s. '66
Foreign Govt. and Municipal Bends
(Interest To Be Added)
Blil
Anglo-French Extern 5s, 1920. 94H
Argentine Intern 6s, 1946.72
Canada, Dom of, Notes, 1921.. 96
do 6s. 1921. 96%
do 1928 . 93%
do 1929. 98%
do 1981. 91%
Chinese Qy Hu Kug Ry 5s. 1961 41
9SS
?ti
90 V?
86%
Asked.
94?4
73
96%
97
98%
91%
48
92%
90%
75
80
90%
90%
90%
80%
72%
68%
64%
93A
90%
90%
89
31
Cuba Extern 6s, 11*44
do 6s, Serin A, 1949_.
do 4%s, 1949.
Dominican Rep 6s. 1958.
City of Lyons 16-yr 6s, 1934
City of Marseilles 16-yr 6s, 1934 90
City of Bordeaux 15-yr ?, 1934. 90 %
City of Paris 6s. 19?1. 90?4
Jap Gov 4%s, sterling, In, 1925 71
do 4%?, 2d ser, 1925. 70?%
do 4g sterling In, 1931. 68%
City of Tokio 6s, 1952. 64
U K G B ft I 5-yr 6%a, 1921.. 93
do 3-yr 5%s, 1922.
do 10-yr 5M(S, 1929.
do 20-yr 5%s, 1937.,.
Mex Extern strl 5s of '99, 1946
do gold 4a 61 '04, 1954.
(Sales)
Anglo-French Be
60.000.94%
47,000.94%
66.000. 94%
16.000.94%
76,000.94%
2.000. 94ft
18,000. 94%
Chinee Ry 5s
3,000. 42
City of Copenhag??n
5%s
1,000. 79%
City of Mars?*ill? 6a
10,000. 90%
5i?S,?'_i'-A- !,0%|Rcp of Cuba 6* 1904
City of Paris 6s ?> non 91V
1,000. 90%
1,000. 90%
??000. 90%
1,000. 90%
City of Tokio 5s
6.000. 55
Dom Canada 5%s
notes 1921
9,000.96
1,000. 9C%
do
2,000.70%
3,000. 70%
1,000. 70*?
10,000. 70%
6,000. 71
2,000.71
do Btig loan 4s
35,000. 67%
15,000.57%
1,000. 68%
5,000. 68
16,000. 67%
11,000. 67%
2,000. 56%
1.000. 68%
91%
92%
>%s 1929
20,000. 93%
20,000. 93%
1.000. 92%
do 6s 1926
12,000.93%
do 5b 1931
1,000.91%
1.000. 91%
Jap let ser 4%s
11,000. 70%
10,000. 70%
20.000. 70%
20.000.70%
15.000.71
ooo.
1,000.
do 4%b
2,000. 75
U K of Gr?*at Britain
& I 6%s 1921
1,000. 93%
7,000. 93%
25,000. 93^
8,000. 93%
6,000. 93rV
do 6%s 1922
' 23,000. 90%
10,000. 90%
1.000. 90%
9.000. 90%
do 6%8 1929
2.000. 91
1,000. 90%
9,000. 90%
do 5%s 1937
12.000..... . 86
10.000. 85%
3,000., 88%
79,000. 86
5,000. 71% N Y City 4%? 1967
3,000. 71
3,000. 71%i
do 2d ?er 4%a
8,000. 70%!
5,000. 70%
2,000. 70% I
2,000. 70%
11,000...... 70%'
May
1,000. 96%
5,000. 96%
1,000.95%
do 4%e 1966
1.000.9fc
do 4s 1957
1,000. 86%
Railway, Other Corporations
81
80%
80%,
77%
AJaeka Gold M 6?
serB
1,000. 13
Am Ag Ch evt 6s
3,000. 99
10,000. 99%
16,000. 99%
5,000. 99%
do deb 5s
7.000. 94
Am T ft T cvt 6s
3,000. 96%
1,000. 97%
1.000. 97%
do col 6s
3,000.
3.000.
1,000.
do col 4s
17.000.
2,000. 78
Am WPsf 7s
1,000. 83%
Armour Co 4%s
1,000. 82%
1,000. 83
6,000...... 82%
13,000. 82%
9,000. 82%
1,000. 83
A T ft S F gen 4?
2,000. 75%
1,000. 76%
2,000. 76
7,000. 75
5,000. 76%
1.000. 75%
12.000. t6
5.000. 76%
3,000. 76%
1,000. 76%
1.000. 76%
1,000. 76%
1.000. 76%
do adj 48
1,000. 66
?Jo cvt 4s 1965
2.000. 65
do cvt 4s 1960
1,000. 85
Atl C L L ft N 4s
1.000. 67
Bait ft O tern 6s
51.000. 82%
6.000. 82%
6.000. 82%
2.000. 83%
4.00O. 83%
19.000. 83%
2.000. 83%
do rfg 6s
1,000. 61%
16,000. 62
2 000. 61%
10,000. 82
5.000. 62%
3,000. 62%
7,000. 62%
do cvt 4%s
10 000. 60%
10.000. 60%
10.000. 60%
8.000. 60%
12.000. 61
2.000. 60%
16.000. 61
10.000. 61%
6,000. 61%
E<?00. 61%
do cvt 4%a reg
5,000. 60
do gold 4s
5,000. 62
1,000. 62%
1.000. 62
3,000. 63
1,000...... 64
2.000. 68%
do p 1 3%s
1,000.72
1,000. 71%
do T ft C 4s
1.000.48%
Beth Steel 1st 6s
2,000.95%
do p m 5s
1,000.83%
do rfg 5a
1,000. 83
Brooklyn Rap T 7b
5,000. 43
4,000. 42%
do ctfs of deposit
12,000. 42%
Calif Gas ft E 5s
7,000. 85
On of Ga Ry 6a
<? 1,000.89
do con 5s
5,000. 83%
C?mtral Leather 6s
3.000.94%
1,000.95
1,000.94%
Cen Pacific gtd 4s
1,000.70%
0,000. 70%
2,000.70%
Ches ft O con 5s
1.000. 89
1,000.90
do rfg 5s
2.000.83
do cvt 53
10,000.78%
6,000. 78%
2,000.78%
5,000.78
do gen 4%a
1,000.73%
9,000.75
1,000.74%
1,000.74%
do cvt 4%s
3.000.72%
8,000. 72
1,000. 72%
l.OOO.72%
1.000.73
C ft Alton 3%s
2,000.80%
33,000.31%
C B ft Q joint 4s
15.000. 93%
2,000. 93%
1,000. 93%
36.000.93%
3.000.93%
2,000. 93%
25.000. 93^
24,000. 93%
5,000. 93%
5,000. 94
l.OOO. 93%
\ 10.000. 94%
6,000. 94
do gen 4s
5,000. 77%
2.000. 78
C Grsst Western 4s
6,000. 64%
1.000. 63%
1.000. 64%
7,000. 64%
C M ft St P ?rvt 6s
2,000. 68
10.000. 68%
1.000. 68>~
15.000. 69
do gen 4%s
3.000. 7514
do cvt 4tu8
51.000. 67%
6.000.
do rfg 4%s
10.000.
68%
68
80%
80%
80%
80%
81
2.000
1.000
5.000
5.000
5.000
8.000
3.000
do Pitts LEA
W Va 4s
23,000.63%
6.000.54
do Sw 3%s
20.000. 67%
58%
,.80%
. 81%
6.000
1.000.
do deb 4s 1934
2.000.67%
68
:.000.
2.000.
16,000.
2.000.
do 3';s
2,000.
58
69
68%
69%
1.0t)0.
65%
do c 4s M ft P Bd
1.000.69%
70?iiC ft N W gen 8s
loud Market
?6%
6,000.
. ?lo 8 h,
cn??%.?a
l' R ' * P im 'i
10,000.71U
? nnn 71??
er
62'
?v
62
62-W
_. .000..
do r?a* 4.
J.000.
20.000.
6,000.,
1.000.,
2.000..
10,000..;;;; ?t
3.000...... fi2
4.000.... ?S
5.000.; B2
H.000..... g}
1.000.eoil
i.ooo.... ?SS
9,000... 8?%
CStl^M ??i,
? 10,000."loa
C * Weat Ind 4?
?4.000."67
?, 8,000. 57i?
Chicago Un 8tatlon
*?%s ser A
2000.... KKSJ
Chile Copo? 7.' *
. ?.000.102
do 6i
6.000. 7714
6.000. 771?
10,000. 7??2
??10.000. 79 "
C C C A St L i?n 4.
1,000. 85ii
Col Industrial 6?
_ . 3,000. 72
Col ft So 4%?
6,000. 70V4
? 2,000...... 71**
Con Gau tem 7b
8.000. 99H
6.000. 9974
12,000. 99?T
62,000. on?
??o.ooo.loo*
1.000. 99?
? 10,000. 9S1?
Cumberland T?V B,
_ , 1.000. gK
Del A H cvt 6.
1.000. giV
1.000. fi5
. 1.000. ?5
"o con 4a
3,000.
do rffl- 5s
1.000.
6.000.,_
? 10,000...;;' 40
Detroit Edison rfg
6a 1940
_ 1.000... gg
Erie prior lien'is
7,000. 4<?%
1.000. BO?
. LOW.. 50
lo Ren Hen 4a
2,000.
. 1.000..;;;
do cvt 4a eer A
, 3.000. 34a?
do cvt 4s ser D
3.000. 37
5,000.. 3?
Georgia Pac 6a"
2,000... 9R8?|
G Bay 4 w'deb B%\
10,000... ft
2.000_;?
Havana Elec 6?
_ 13,000. 85%
??a ft M rf g 6s
6,000. 65
2.000. 66U
1.000_ 60C
111 Central 4s 1963
dor?. ?*
3.000. 70?
10,000. 70
2,000.71
3,000. 70
?lo 4s 1952
. .. 2.000. s874:
Indiana Stee! 6s 1
. . J.000. 9
Interboro-Met 4%s
60 ?4
39 %
40%
74
7314
lia
61%
40 I
40*4
7%i
T.00O.100%
20,000.100%
6,000.100%
6,000.100 %
66,000.100
1,000.100%
Nor Pactflo 4s
2,000. 73%
9,000. 73^5
1,000
1,000
du 8s
2,000
6,000
8.000!
Ontario Power 6s
1,000. 84
4.000. 13%
Ore W R R A N 4s
,000. 67
Pacifie T A T 6a
1,000. 85
Penn Se 1968
2,000. |?it
2.000. 83%
.2,000. ?8?
6.000. ?9
1.000. 89%
87.000. 89%
10,000. 89%
do con 4%s
8,000 ... 90%
do ven 4%s
1.000. 80
do 4s 1906
1.000. 80
P?re Marquette 6s
8,000. 83%
Peor?a * E 1st 4s
2.000. 61%
Reading oren 4s
1,000. 79
4.000. 78%
8,000. 79
Republic t ft S 6s
1,000. 91
Rio G W 1st 4s
2,000. 60
do col 4s
5,000. 60
R I Ark ft L 4%s
5,000. 59%
1.000. 61%
1.000. 62
7.000. 61
St L ?r Mt A S 4?
4,000. 72
6.000. 71
do 4s Rlv A G div
2.000. 66%
St L A R F 6s ser C
8,000. 84
do 4s ser A
10.000. 55%
9,000. 67
11,000. 57%
2.000. 67
60,000. 67
do 5s ser B '
3,000. 66%
1.000. 68%
10.000. 67%
9.000. 67%
100,000. 68
do adj 6a
1,000. 60%
26,000. 60
65.000. 69%
10.000. 60
6,000. 69%
9,000. 60%
10,000. 60%
1,000. 69%
to 000. 60
10,000. t,9U,
40.000. 69V?
do inc 68
2.000. 43
1.000. 42%
4.000. 43
2.000. 17U
4.000... 18":
1.000. 1714 ;
10.000. 18 i
Interboro R T rfg 5s I
10,000. 52%
6,000.
6,000.
1.000.
2.000.
6,000.
8.000.
15.000.
6.000.J_
22.000. 43%
10 000. 434
2.000. 43%
5,000. 43%
St L 8wn 1st 4s
43%
44
43%
43%
43%
43%
44
44%
6,000. 60%
do con 4s
11,000_ 60%
2,000. 51
do Terminal 6s
6 000. 67%
18,000.. 52?2lst P M A M 4%.
43 0i*0 "" k5u.I do 6s Mont Cen div
?*,ooo;;;:" k52l 2,000...... 103
35,000.53
3,000. 52H4
7.000. 621?.:
40.000.63M.
3.000. 63
3.000. 52%
Int Mer Marine 6s
1.000. 88
Iowa Central 4s
? 10.000. 89%
K C Ft S & M 4s
1,000. 65%
1.000.66%
Kansas City So Sa
1.000. 68%
8,000. 68%
1.000. 69
do 3s
? 1,000.65
Kan City Terminal 4s
. . 2,000. 68%
Lake Shore 4s 1928
1,000. 83%
do 4s 1931
2,000. 80
do gen 3%s
1,000.. 68
Lehigh Valley 6s
6,000. 99%
Lehigh V of Pa 4s
1,000.71
Lex A East 6s
1,000.83%
Liggett ft M 7s
3.000.108
Long Island rfg 4a
SO.000. 65
L ft N St Louis 6s
5,000. 98
Manhattan Ry 4s
2,000. 56%
M id vale Steel 6s V
3.000. 83%
1.000.83%
Minn ft St L 4s
6,000_. . 88%
2,000. 39%
2.000. 39%
M K ft T 1st 4s
1,000. 57%
2,000. 67
Mo Pacific 5? 1923
1.000. 88
6,000. 86
do 5s 1926
. MOO. ?5%i
do ren 4s
19.000. 56
2.00(1. 56%
2.001?. 56% !
8.000. 56%!
24.000. 66 '
20,000. 56%
20.000. 56U
1.000. 56%
N Orl T ft Mex 5s
2.000. G?H
New Orl Terminal 4s
1.000. 61%
N Y Central deb 6a
San An ft A P 4s
2,000. 58
Seaboard A L 4s
6,000. 65
do 4s stamped
2,000. 54%
do rig* 4s
2.000. 46
do adj 4s
1,000. 34
1.000. 35
So Bell T ft T 5s
5.000.83%
So Pacific, evt 6s
5.000.100%
5.000.100
2.000.101
8.000.100%
3,000.100%^
do col 5s
5,000.66%
E.O00. 67%
do cvt 4s
4.000. 77%
2.000.78
2.000_*.. 77%
27,000. 78%
18 000. 78
do rf r 4s
2.000. 75
do San F Term 4?
2.000. 72%
3.000. 71%
1.000.73
Southern Ry 4e
??6,000. 57
3.000. 56%
11,000. 57
24.000. 67%
2.000. 56%
2.000. 57%
21,000. 57
do 4b St Louis div
4.000. 66%
Third Av rfg 4s
2.000.46%
1,000. 46%
do adj 6s
24,000. 27
Toi 81 L A W 4?
6,000. 43
Union Pacific 6s
6,000.101%
2,000.100%
1.000.100%
5,000.100%
2.000.100%
1,000.101
do 1st 4a
1.000. 81
5.000. 81%
?.000. 82
20.000. 81%
do cvt 4s
7.000. 84%
1.000. 84%
1.000. 84%
3.000. 84%
do rig 4a
10.000...... 73
10.000. 73
J'000.. ?1% ?Un Rd of S F 4s
10.000'. 91% ctfs of deposit
10.000. 9i%-1 10.000...... 24
68%!
68 |
65%|
65%
do 4s 1934
3.000...
2.000...
8,000...
do con 4s
. 16.000...
2.000...
do rfg 3%s
2.000.7.
8.000..
N Y K H ft H 6s
1.000. 70
do crt deb 3%s
6.000.... . 45
1.000. 44%
4.000. 45
N Y O ft W 1st 4a
1.000. 60%
N Y Tel deb 6s *
7.000.93
2.0A0
6.000
5.000. 23%
76% U S Realty ft I 5*
75% I 40.000.76
75 ?U S Rubber 7s
3.000.101%
2,000.100%
do 5s
2,000.84
1.000. 83%
2,000. 84
U S Smelting (?
1.000.100
U S 8te?l a t 6s
1 000. 96%
16,000. 97
9.000. 96V,
Va-Car Chemical Eh
7.000. 93 s..
Watteah 1st 5s
1.000. 87%
93% ?West Electric 6s
S3 I 6 000. 51
do4%s ?West Maryland 4s
1.000. 78 I 7.000. 61
LOOP. 78K.J 50 000.60%
If?.000. 79% ! West Shore 4s
N Y W * Bn 4%s 1.000. 71
4.000. 37 Wilkes ft Eaat 5s
Norfolk So 5s ser A 1.000. 63
4,000. 50% Wilson Co cvt 6s
Norfolk *?- W cvt 6s - 8.000.92
6000.100^ 1000. 91?:
16,000.100% 1,000. 91%
Butte and Superior Earned
$1.95 a Share in Quarter
For the quarter ended December 31,
1919, the Butte and Superior Mining
Company shows profite after operating
costa and taxeB of $566,984, equivalent
to $1.95 a share earned on the $2,901,
845 eapital stock. $10 par, which com?
par?e with $300,283, or $1.03 a share, in
the preceding quarter and; $96,500, or
33 cents a share, in the corresponding
quarter of 1918. ?
For the twelre months ended Decem?
ber 81 last the company reports total
profits of $1,054,961, equivalent to $3.63 ;
a share, compared with $698,322, or'
$2.40 a share, in the preceding year.
Investment
Information
Quatttena #/ g?nerai interest f
invettore wiU be anewered in thie
?elnmn, in which cate only initiale
will be tusd. Othert will be an
evertd by matl. Addrett all in
?nines, tneloting a ?tamped, ad
?retted envelope to Financial ?diter,
The Tribune, Hi Nateau Street. New
Yorh City.
Inspiration
Question?Will you kindly let me know If
jrou consider Inspiration Copper, common
stock, at 53, a good investment, ?nd If it
is in a position to continue psylng its
present rat? of dividend??H. F. W.
Answer?The Inspiration Consolidat?
ed Copper Company, according to unoffi?
cial reports, about earned its dividend
for $6 a share for 1919. Production for
1919 was about 78,600,000 pound?,
against 98,625,000 for 1918, when $6.96
a share was earned. The stock in our
opinion should be classed as a specula?
tion, rather than an investment.
St. Lonis A 8an Francisco Bonds
Question?Will you please advise whether
you consider Income bond 6s of the St.
Louis ft San Francl?co Railroad a good In?
vestment? Also whether the American Steel
Foundries at 42% is worth ? considering
i from an invwtment standpoint? I have
$1,000 and want to put It into securities
which are paying g?rod dividends and where
the risk is not too great.?C. H. T.
Answer? The St. Louis is doing bet?
ter than most other railroads. The ef?
fect of the proposed railroad legislation
must be known before we can determine
the value of securities. The bonds cer?
tainly are not entitled to a very high
rating. They offer, no doubt, consid?
erable in the way of speculative possi?
bilities. American Steel Foundries is
a good earner. After deducting divi?
dends on the $9,000,000 preferred stock,
? the common for nine months ended
, September 30, 1919, showed an annual
j rate of 16.04 per cent on the $17,184,000
stock. The par value of the junior is
I sue is $33 1-3 a share. This issue is
j entitled to a good speculative invest
! ment rating at present.
Baying In London
Question?As an enthusiastic student of
your columns on Investment Information in
?The New York Tribune, would you kindly
I advise me of the procedure necessary so
that I may buy certain a?ares listed on
the London Stock Exchange 7 Those I am
especially interested in are Shell Oil, Mexi?
can Eagle Oil, Imperial Tobacco Company
of Canada. Can I buy these shares at the
present rate of exchange through some re?
liable New York firm Buch as you murht
recommend, or should I deal direct with
some brokerage firm of repute in London?
Were I to complete a deal in the aforemen?
tioned stocks, how can I best be kept in
touch with their financial standing although
Residing in New York City? Would you
? class the stocks referred to as a fairly good
j investment??J. S. L.
Answer?It would appear to us to be
rather unwise to purchase stocks of
corporations listed in London unless
you have special facilities for keeping
in touch with the market and the af?
fairs of the companies, which appar?
ently is not the case. The stocks you
mention are all very speculative and
subject to wide fluctuations. You could
purchase the stocks through any of
| several firms having foreign connec?
tions and who advertise the fact in
I The Tribune.
Erie Prior Lien 4s
Question ? Plea.se tell me what you think
of equity behind Erie prior lien 4s. Would
they be safe in event of any reorganization?
How do they compare with the St. Louis &
San Francisco 4s, Scries A??M. B.
Answer ?There is no douht that
the Erie Railroad is well supplied with
mortgages on its property. Were the
earnings of the road to* show no im?
provement over those at present it is
doubtful If the prior lien bonds would
go through receivership undisturbed if
by any chance such an unfortunate
thing should happen. The chances are,
however, that earnings will improve.
The bond is entitled to a fair rating
only. We do not consider them as well
secured as the 'Frisco prior lien 4 per
cents.
Contemplates Switching
Question?Bought Missouri Pacific 4 per
cent general mortgage bonds at 60. Have an
idea of selling same and putting proceeds
into Japanese government 4 per cent bond?,
due 1931, or combining the Japanese bonds
with a sprinkling of Hudson & Manhattan
5 per cent income bonds, figuring that each
Japanese bond, if paid at maturity, would
carry two Hudson & Manhattan incomes.
Can you suggest a better speculative invest?
ment in place of the Missouri Pacific 4 por
cent bonds for one who is not altonether
depending on the income??H. C. D.
Answer?Your idea of recouping your
loss in Missouri Pacific bonds is not u
bad one. You frankly admit that it is
a speculation and that you are not de?
pendent upon the income. We think
the Japanese bonds offer a good specu?
lative investment opportunity. We do
not, however, think that the Hudson &
Manhattan bonds offer any better spec?
ulative possibilities than the Missouri
Pacific 4 per cent. The St. Louis &
San Francisco junior liens appear to be
selling at very low levels, as do the
\ bonds of the St. Louis Southern. It
I may be that as the Hudson & Manhat
. tan is a carrier of passengers only,
j an increase in rates will not affect
them as much as other roads.
United Kingdom Bonds
Question?Will you please give what in?
formation you can concerning the various
issues of United Kingdom of Great Britain
and Ireland notes, due 1921, 1922, 192'.',
1937, 5%6? Are any of these secured by
collateral and what is the probability of their
being paid at maturity, or would a holder be
obliged to convert them into national war
bonds 7?W. O. W.
Answer?The tinted Kingdom bonds
of 1921 are secured by collateral. The
others are not. They are all supposed
to be payable when due. If the holder
cares to convert he may do so, but
there is no obligation on his part. The
bonds offer ?rood opportunities to ob?
tain a high yield. There is an element
of speculation.
Buckeye Pipe Line?Goodyear
Question?Please tell me what you think
of Buckeye Pipe Line, Standard Oil sub
isidiary. Also Go<xiyear first preferred i
?per cent stock. Has a person of moderate
'means a good investment or not.?J. W. K..
Answei?While Buckeye Pipe Line's
I savings have not been much in excess
of dividends, the surplus is large, be?
ing about equal to the capital stock,
$10,000,000. The stock, is not entitled
to a good investment rating. Divi
! dends are subject to change, according
to conditions. The Goodyear preferred
t ^tock, on account of the company s
I large earning power, is entitled to a
? good investment rating.
M., K. & T.?D. & R. G.
Question?I most heartily commend the
clearness and emphasis with which you dis?
criminate between investment and specula?
tion in your reply to inquiries. Kindly in?
fo rV me tf th? Missouri Kansas & Texas
RaTroad is earning its first mortgage in
f?ri?t and also what amount of bonds are
junTor ? first! I ?hould be glad to know
if the Denver & Rio Grande is earning in- j
tereat on its refunding ds?O. 1. K.
Answer-The Missouri, Kansas &
TexaB Railway is apparently earning
sufficient to cover interest on the firs
?wu-to-ai?* 4 per cent bonds. Interest ?
rnfhKsue'amounts to about. $1,600,- !
000 per annum. The junior nens are
$20,000,000 second 4 per cent and $10,
421000 general 4^ per cent. The
Denver & Rio Grande did not earn the
interest on the refunding 5 per cents
for ltl?.
Four full columns of in?
vestment questions and an
tteers arm published in The
Tribune every Sunday.
The Services of
The Merchants' National Bank
Are Offered to Subscribers
to the
French 5% National Loan of 1920
BEGINNING February 19th and until March
20th (unless subscriptions are closed at an earlier
date), bonds of the new 5% Amortizable National
Loan issued by the Republic of France under the Law
of December 30th, 1919, may be purchased through this
Bank.
These bonds are sold at par, in Francs, at the cur?
rent rate of French exchange in this market. They are
redeemable by semi-annual drawings (beginning Sep?
tember 16th, 1920) at a premium of 50 per cent.
Available in units of 1,000, 2,000, 10,000 and 20,- .
000 Francs capital par value?costing at the present
exchange about $70.25 per 1,000 Francs.
Principal, interest and premium of this loan are
payable free of French taxes.
To those who desire to purchase French exchange
at its present level, these bonds offer an investment in
Francs?at the same time paying interest at 5%.
Merchants' National Bank
?f the City of New York
42 Wall Street
NEW ISSVB
Republic of France
5% Reconstruction Loan of 1920
Free of all French Taxes, present or future
Interest May 1st?November 1st Due May 1st, 1980
This issue is part of the National Loan offered in France during the
same subscription period. By reason of the present low rate of exchange, the
American investor is hereby given the opportunity of subscribing to the same
bonds at approximately 37cc of the cost to the French subscriber.
Subscription price: Par (1,000 francs for each 1,000 franc bond), payable
in full at, time of subscription at the current rate of exchange on Paris for
the previous day. Subscription books will be open from February 19. 1920,
to March 20, 1920, unless closed at an earlier date'.
The entire issue will be retired at 150^ (or 1,500 francs per 1,000 franc
bond), at or before maturity, by semi-annual drawings beginning September
16, 1920.
The eventual return to normal exchange conditions and the unusual re?
demption feature combine to afford the purchaser a possible profit in excess
of 300% on his investment, in addition to a 5r? interest return.
s
mPrice, on the basis of yesterday's exchange,
approximately $71.03 per 1,000 franc bond.
The undersigned are authorized to receive subscriptions to the above.
GUDE, WINMILL & CO.
Members Neta York Stock Exchange
20 Broad Street, New York
Branche?, 7 East 45th St, N. Y., and Glen Cove, L. L
Labor Board Acts
In Jewelry Strike
In an effort te end the strike of
workers in the jewelry industry, Lieu?
tenant Governor Harry C. Walker ha?
sent letters to the Jewelry Grafts As?
sociation and the United Hebrew Trades
asking that the heads of these organ?
izations appoint committees for the
purpose of having an arbitration con?
ference. In his letter to the crafts as?
sociation Mr. Walker said: "It has
been brought to the attention of the
Governor's Labor Board by Governor
Smith that a strike of long duration
has been in progress in the jewelry in?
dustry in the City of New York. The
prime reason for the appointment of
the Governor's Labor Board and its
principal effort since it has been
brought into existence bas been to
maintain production. It is essential
that if conditions in this country are
to be stabilized there must be every
effort on the part of both workers and
employers to maintain harmonious re?
lations and a steady stream of produc
tion. The Governor's Labor Board,
therefore, requests that you appoint a
committee to confer with them con?
cerning the stHke in your industry, in
an endeavor to see whether the issues
can be clearly set forth and so ad?
justed that work may proceed."
A. Greenstein, of the International
Jewelry Workers' Union, stated yester?
day that white he had heard of the
Governor's action he had no officia!
knowledge of the move of the Labor
Board, as the letter had not been com?
municated to him by th? United He?
brew Trades.