New-York tribune. [volume], February 20, 1920, Page 17, Image 17

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

Image provided by: Library of Congress, Washington, DC

                
9*?
Have You Recorded
Your Securities
lor 1920?
A Stack and Bond Register
ihowxng your holding? a? a
glance with income due you
each month, and other im?
portant data, ? invaluable.
If you desire a copy, we
?hall be glad to mail it with
our compliment??or if you
will lend ui a lia? of your
holding*, we will make the
necettary calculation? in the
Reguter for you without
placing you under any obli?
gation.
Address Depi. "R"
Robert C. Mayer & Co.
Investment Bankers
Equitable Building
New York
Tel. Reetor 67??
For Cash
Hundred share lots and odd lots
On Partial Payment Plan
! Hundred ?hare lots and odd lots
?minimum S ?hares,
approved stocks
On Margin
Hundred share lots and odd lots
-?minimum 10 ?hares,
acceptable stocka. ?
John Muir & Qk
Atoatra New York Sleek Enmase*
?1 Broadway
New York
;\ew Funds Will Be Costly
To Roads, Bankers Say
Proposed Law Deemed More
Helpful to Old Issues
Than to New
Bankers yesterday expressed the view
that the tenr.a of the new railroad
bill were more helpful to outstanding
rail securities than to proposed new
financing. At the Stock Exchange there
was more activity in railroad stocks
yesterday than on any previous day
for several years, and increased buy?
ing was reported in the bond market.
Rail stocks moved upward and bond?
also were irm. The latter buying was
mainly by dealers in anticipation of
a public demand.
Investment bankers expect the rail?
roads to come into the market for
funds soon after the return of the
roads to private ownership. They do
not believe it will be possible for the
roads to float any substantial issues
o? stocks, until their position under
:h? rew r?gime is better established
The equipment needs of the roadB are
?itlmated as high as $2,000,000,000, and
banker? predict that the cost of funds
to the roads will be higa. One im?
portant railroad banker said that the
roads would probably have to pay in
?ices? of 8 per cent for short time ac?
commodations, and that financing on
*h? scale needed will be extremely dif?
ficult until individuals of large means
begin to purchase taxable securities
again. They urge a revision of the in?
come tax laws in order that the status
<>t the investment market may be im?
proved.
-?
Hydraulic Steel
Consolidates Interests
The Hydraulic Pressed Steel Car
Company announced yesterday the con?
solidation of ail its interests under
the name of the Hydraulic Pressed
l?teel Car Company of Cleveland. The
individual p.ants will be known as the
Hydraulic Pressed Steel Company, the
Hydraulic Steeicraft Company, the
Cleveland Welding and Manufacturing
Company and the Canton Sheet Steel
Company. The main office? will be
continued at Cleveland, with branch??
at New York, Chicago and Detroit.
Price Changes
Small on Dull
Session on Curb
Slight Advances Made by
Some Oils; Industrials
Decline; Carib Syndicate
Advances After Early Drop
The market on the Curb yesterday
was a rather listless affair with prices
moving narrowly aa a nil? and without
definite trend. Aa a whole the tone
wae irregular. Some of the olla moved
up while a number of industrial issues
closed off. Mining stocks were gen?
erally quiet.
The so-called Homer field oils, not?
ably Gtlliland, Simma, White and In?
vincible displayed a firmer tone on
quiet trading. Advices from Louisi?
ana were to the effect that the Gilll
land has concluded negotiations for
the acquisition of the interest of John
B. Poster, the company's former part?
ner in the Homer field. From these
properties daily runs of oil to pipe
lines, tank cars, and storage are said
to be averaging in excess of 26,000
barrels.
Carib Syndicate after dropping to
80 rallied to 33 on dealings of 2,000
shares. Colombian Emerald closed at
12. N. W. Boss, president of the Co?
lombian Emerald Syndicate Ltd., an*
nounced that the company has just re?
ceived the first shipment of emeralds
of high grade from the ancient Indian
Spanish mines northeast of Bogota.
The weight of the .tneralds received
from the mines comprises a total of
2S0 carats.
In the mining group De Beers held
its gain of the day before on rather
heavy trading. Silver shares were ir?
regular. In the industrial group Gen?
eral Asphalt eased off to 85 after
selling at 88% early in the day.
Industrials
Bale*. Open. High. Low- La?*
8600 ?Aem* Ooal... IV? 1% 1% 1%
800 ?Aetna Expie?. 8 8% 8 8%
400 ?Alumln Mf*.. 29% 80 2? 29%
200 A? Candy.... 10% 10% 10% 10%
8600 Am Saf Rasor. 10% 10% 10% 10%
1100 Armour Leath. 16% 16% 10% 16?4
?300 ?Br-Am Tob ep 18% 19% 18% 19%
6300 ?do rta. 7% 7% 7? 7%
100 ?Car Lt ft Pwr 2% 2% 2% 2%
100 ?Dafoe-Eus Ino 4% 4% 4% 4%
8000 ?Gen Asphalt.. 87 88% 86 85%
8000 ?On Mo wl... 28% 26% 24% 24%
3600 ?Goidwyn Pict. 88 28 26 27
1600 Grape-Ola..... 1% 1% 1% 1%
1100 do pf. 2 2 2 2
2600 ?Hcyden Chem. 4% 5% 4% BM
1000 Hock Val Prod 16% 16% 16% 157*
200 Indian Packing 13% 14 13% 14
600 ?Kay Co Gas.. 1% 1% 1% ?Ti
100 ?Line Mo Cl A. 50% 50% 60% 601-;
400 ?Locomob n wi 21 21 21 21
1100 ?P Lor?lard rt* 7 7 6% 6V?
3000 Marconi of Am 5 5 4% 4*:
1000 Mont Ward.... 35 35 34% 3J>
300NoAmP&P. 5% 6 5% 57)
100 ?Nunnalry Can. 19 19 19 19
1500 ?Orpheum Cire. 29 29 28% 29
100 ?Patchopr-P wl. 41 41 41 41
1200 Perfection Tir? 4% 4% 4% 4-V.
600 ?Radio Co wl.. 2% 2% 2% 2 V.
1000 ?do pf wl... 2% 8% 2% 2^
5000 ?Republic Rub. 3% 3% 3% 3~
100 ?Root ?ft Vand. 44% 44% 44% 44V
600 Submarine Boat. 13 13% 13 13
1400 ?Swift Internat 44 44% 48% 44
800 ?Temt C&F P.. 41% 41% 41% 41?)
2000 ?Triangle Film. % % % V
800 ?U S H Sp T. 34% 34% 84% 34V
1500 ?Un Pict Prod. 11% 12% 11% 12'
2500 Unit Profit Sh. 2% 2% 2% 2V
500 ?U Retail S C. 14 14% 14 14}
2200 U S Distribut.. 51% 64 61% 54
4000 U S Steamship 3 3 2% 27
500 ?U S Transport 10% 10% 10% loi
700 William Davies 42 42 40% 11
200 ?Willy? 1st pf. 9G% 96% 96% 9QV
Standard Oils
Sales. Open. High. Low. Las
in ?Eureka PL.. ? 1U 14;s ? 1 -i.?
130 ?Std Oil Calif. ? 313 312 313
72 ?Std Oil N Y.. ? 404 397 400
10 ?Vacuum Oil.. ? 390 390 290
Other Oils
Sales. Open. High. Low. Las
500 ?Allen Oil. 1% 1% 1% 1?
10000 ?Allied OU.... H i? % -
[ 1500 ?Amate Royal. % % % a
I 6300 +Anna Bell Wyo 66 66 64 65
I 3000 ?Atlantic Pet.. 8 3% 8 3!
100 ?Ark Nat Gas.. 26 26 ?6 28
200 ?Associated Oil 1% 1% 1% 1'
600 ?Barnsdall Cp. 60% 60% 60% 60'
200 ?Bell Pet. 1111
3700 ?Boone Oil_ 4% 4% 4% 4>
10000 ?tBoston Wyo. 1% 1A m 1'.
300 ?Brazo-! Oil,, . 1? 19% 19 19
2000 -Csrib Synd... 33 33% 30 33
200 ?Circie Oil_ 4 4 4 4
1500 ?Cities Ser BT. 40 40 89 39
1500 ?Columbia Em. 12 12 11 12
1200*Cosden & Co.. 8% 8% 8% S
2000 ?Cushins; Pet.. 2% 2% 2% 2
-.0000 ?Dominion Oil. 13% 18% 11% p
1400 ?Duquesne Oil. 6 7% 5% G
1600 ?Elk Bnsin Pet -8% 8% 8% s
3000 Engineers Pet.. 1% 1% 1V4 i
1000 ?Esmeral O&G. % % %
1000 ?Federal Oil... 8% 3% 8% 3
600 ?Giiiiland Oil.. 41 41 39 ' 40
100 ?do pf. 90 90 90 20
700 ?Glenrock Oil.. 8% 3% 3% 8
100 ?Guffey-Gillusp. 27% 27% 27'^! '7
800 ?Gum Cove Oil 2% 2% 2% 2
3000 ?H O R or Tex. 2% 3% 2tJ 3
1400 H Pet of Den.. 3% 3% 8% 3
400 "Houston Oil.. 99 102 9S luv
4000 -Hudson Oil... % 1 7.
1200 ?Internat Pet.. 58% 60 68% 60
1700 ?Invincibls Oil. Jl% ai% 80 3]
600 ?Island O ft T. 6% 6% 6% 5
200 ?Kin? Pet Cp.. 2% 2% 8% 2
12000 ?Lane? Creek. 46 60 46 <?
700 ?Lone Star Gas 33 84 32 -?2
IS YOUR
COPY REMEMBERED?
Eleventh of a series of Messages on the pn.
paredness of Albert Frank cVCo. to meet the new
advertising demands of Finance and 'Business.
HERE is but one way to secure
advertising copy that is unusually
forceful yet refreshingly enter?
taining. First, be certain that the
copy-man you select is able to
write it. Then, place him in pos?
session of all the facts and give
him carte blanche.
Should he now and then tread slightly on your
business toes, point out wherein he errs; don't use
the blue pencil and say nothing* Too often petty
f>ersonal preferences quench the very sparks that
end distinction, force, and likableness to copy.
Remember, it is the reader who rules finally.
We shall be pleased to submit samples of cam?
paign copy recently prepared by our Service
Staff, and to discuss with you the steps neces?
sary in making these advertising campaigns
trulv successful.
MORJB THAN AN AGENCY SERVIO
Albert Pranks*Company
Advertising
Timtty-SixBexnkrStrtjm*'
Jesji*2J9*tmCitf
??????????
. 84% 35%
>? 1% mi
.. 19% 19V?
Bale?. Open. Hitth. L<m. Last.
8000 Uvlnsreton O?. 1% *H lH . i*
1100 Manna Oil.... 6%
1600 Manhattan Oil. 30
400 ?Marar.aibo Oil 18
600 Mcrrltt Oil_ 19
1000 Met Petroleum. 2%
400 Mexico Oil. 2%
866 ?Midwest Ttof..l5l
500 *M Pet of Mo..
600 ?No Am O&K..
600 ?Ohio Kanticr. .
800 Omar O&O, n..
100'Panh Pot pf..
1000 ?Phillips Pet. .
2600 ?Prod & Ref..
400 ?Red Rook Oil.
800 tSnlt Gk Prod.. 60
1100 Seahoard O&G. A
1500 ?Skelly Oil_ 10%
8000 ?Simm? Pet
TOO So States Con?
1200 Spencer Pet... 19?? 19%
1600 ?Stanton Oil... % %
1600 ?Superior Oil.. 14% 1*%
100 ?Texas Chief
400 ?Texas? Co wl.. 47
2600 ?Texas-Ken Oil 3
600Tex-Rang P&R
9200 ?Texon O & L.
1400 ?Trinity Oil...
600 ?Tropical Oil...
230? ?Unit Tex Pet?
700 ?Victoria Oil..
1000 ?Vulcan Oil....
600 ?Whelan Oil.. .
1600 ?W Ea*leO&R 20% 21% 20% 21%
Mining
S600 Alaskn-Br C M. \\
300 ?America M.nes 1
3000 ??Atl.-.nta. 2%
7600 ?tH Ich D ?ap") 16
4600 ?fBelch B Up) 10
2600 Bisr Ledge. ft
2000 * Booth. 6
36(10 tl?o:t ?- Mont. 69
600 Putte N York.. ft
1600 ?-Caledonia. .. 35
1000 ?Cal & Jerome. ft
400 "Carson Hill G. 21 V?
6500 ?tCashhoy. 7 %
200 Cons Copper M. 4'*,
350 ?Cons Vir Silv. 6%
700 Cresson Coas G 1 %
260(1 ?De Peer Con.. 41%
2800 ?Divide Exten.
400 El Salvador Sil 2%
100 ?Foriv-nine M. 1%
7500 ?.Gold Zone D. 30
TOO Golden Gate. .. 1
1600 ?tGoJdfteld Cons 13
3500 **Coldne!d Dev IS
2600 ?tGoldfield Mer SV?
1000 ? ?Great Bend..
760 Hecla Miningr..
1000 ?Iron Blossom..
1200 ?tJim liutler..
1O00 tJumbo Exlcn.
2000 ?tKewana?_
1000 ?vKnox Divida.
1000 La Roee Ltd...
6o0 Louisiana Cons.
4000 ?MncNam Cr M
16000 ?1-MncNain M.
? 2500 ?tMarsh Min. .
600 M-Mog M Ltd.
600 Nipiss ng M.n.
500 fNixon Nev_
8200 Prince Con....
100 Rmd Min Ltd.
125i'0 "Red Warrior. .
6-100 Roper-Gr M...
100 Seneca (Vpper.
1200 ?Silver D I M..
15000 SUv K of Ariz
1000 ?fSilv K Div...
13500 ?tSilver Piek..
inn *So Am G & P
lOO'i Stand Silv Ld.
1000 ?fStewart _
20 0 ?tSucc sa Min.
1000 ?Suth D vide.. .
200 ?Tono Belmont
655!' ?Tonopah Div.
7-"0 Tonopah Ext. .
600 ?Ton. pah M'n.
700 Un ted Eastern
600 ?r tah Revenue.
2000 ?fU S C n Min
2000 ?tVic D (a p).
1700 ?West End Con 2
4 500 tV/h Caps Min 12
1000 +W C Ex (a p) 2
10?U Wilbert Min.m? 7
Bonds
Sales fOOO omitted). Op^.n. High. Low. Last,
0O-.JI o>^8 ?O'.j
? 1 S
14% 14% 14%
i ti
13
8 Vi
ft
IS
2%
3%
1%
9
18
IS
2 A
i
a
9
1?
2
12
2
7
13
8%
A
18
?
6
2%
2 A
2ft
2%
3%
1%
9
18
1%
11
2
7
6
14
8%
A
18
2%
2%
Ig!
a
i?
HI
12
2
7
P20 "Ai;-.d Pack
1 ?Am T & T, '
:: ?Am T ? T
10 *B !g Gvt .is,
3?> ?Belg Gs, '2'..
2 ?CCC&StL Us.
110 ?Gen Elec Gs.
50 ?Inter It T T.
5 ?Swiss Gvt 51
80
95% 95% pr.% 95%
94 % 95 94% 95
9S%
'29 80
'40 97%
.. 67%
?s. 87%
93%
96%
86
DS%
96%
80
97%
65
87%
98%
96 ',?
80
07%
GO
87%
?Lniisted. tSells cents p?r e-.haie.
? .
Western Electric Stock
Increase Is Approved
New Capital Will Consist of
500 Share? o? No Par
Value
Stockholders of the Western Electric
Company at a special mi"t;nq yester?
day approved the proposed plan calling
for an increase in the authorized com?
mon steck from 150,000 shares of no
par value to 500.000 shares. The pro?
posal of the directors involving the
authorization of $"0 000,000 cumulative
i 7 per cent preferred stock, it was an
? nounced, will he net? d upon at another
| special meeting on March 12.
It is intended to offer 210 000 share?
of the newly authorized c immrn stock
to pre cat common stock holders at $180
a share in the ratio of one and one
third new shares for each share now
held. A call for the redemption of the
$;-i0,,000 0O0 pref rred '; per cent now
outstanding will be issued at once, the
callable pi ci being ?'20 a share and
accrued dividends When the new is?
sue of preferred is authorized $35,000,
000 will he issued to take the place of
the nreseni issue.
The new financing in contemplation
will provide i-as'i funds sufficient to
take up $18.000.000 of current floating
debt and will supply funds for further
expansion of the com?an 's business.
After the proposed $"0 oqo.000 in?
crease in the authorized c?ipital stock
of the General Electric Ompary has
been acted upon by the stockholders
at a special meeting called for March
10 it is understood that directors will
make an offering of n part of the new
stock at par. According to reports
current vesterday, the amount will be
about $"12,500,000. Trailing in the
"rights" has already begun on the
Curb, with the market between $3 and
$6 a share.
E. E. Rice jr., president of the com?
pany, ann >unced esterday an increase
of i per cent in the interest rate on
the recent issue of employees' bonds,
bringing the return to holders up to
7 per cent. So far 9,866 employees In
all the p'ants of the company have
subscribed to $1,779.550 of the bonds.
Grand Trunk Railway
Turned Over to Canada
Government fTnd*r Term.? As?
sumes the Debentures of
!ne Comnanv
LONDON, Feb. 19.?The shareholders
of the Grand Trunk railway system,
after much discussion to-day. agreed to
the prorosal to turn over the system,
both in Canada and the United States,
to the Canadian government, the propo?
sition being laid before the stockhold?
ers by Sir Albert Smithers, chairman
of the board of directors. A dozen dis?
senter -? held n meeting later and adopted
a resolution protesting against the terms
accepted.
Under the terms offered by the gov?
ernment the latter agrees to assume
the debentures of the company and also
an issue of 4 per cent guaranteed stock,
the holders o< this <tock to receive in
exchanp-e 4 per cent non-voting certifi?
cates. The common stock and the sev?
eral preferred issues of the company
are to be purchased by the government
at a price to be fixed by arbitretion. The
holders will receive pro rata 4 per cent
non-voting certificates, redeemable at
par at any time after ten years.
1? ' - ?"??
Exchange Seat Prices
Official announcement was made yes?
terday of the purchase of membe< ships
on the Stock Exchange by Arthur W.
Sesselberg and Joseph A. Mahoney,
both employed on the floor of the Ex?
change. Mr. Pesselberg paid $85,000
for bis seat, and Mr. Mahoney $90,000.
Cleveland Cobb bought the member?
ship of George W. Carpenter for $98,
000 The last previous sale of a mem?
bership was $92,000. Edwin Posno?
has been elected te membership ?a the
Ixohange.*
U. S. Government
Transactions
Sales. Yield.
Liberty S%s. 1947. 8268.000 3.70
do 1st ??/1947. 83.000 4.61
do 2d 4s, 1943. 122.000 ,4.68
do 1st 4%s, 1*47. 81,000 4.83,
do 2d 4%s, 1943.... 1.106.000 4.92
do 3d 4%s, 1928.1,152.000 6,29
do 4th 4%e, 1928.... 2,476,000 4.9?
Vlotory 4%s. 1928. 1,699,000 6.81
do 3%s. 1923. 1,346,000 4.2?
Quotation?
High.
Liberty 8%s .... 96.70
do 1st 4s. 90.40
do 2d 4s. 00.30
do 1st 4%t.... 91.00
do 2d 4%s.... 90.68
do 3d 4%s.... ?3.12
do 4th 4%s.... 90.94
Victory 4%s_ ?7.80
do 8%s . ?7.7?
Bid and Asked Quotations
C losing
Yesterday
?6.60? 90.70
90.30W 90.40
90.10?
90.905
Liberty bonds.
I%s, 1947...
1st 4a, 1947..
2d 4s. 1942...
1st 4%s. 1947
2d 4%s, 1942. 90.C.U1?
3d 4V?s, 1928. 92.901
4th 4%s, 1938. 90.80 j
Vic 4%s. 1923. 97.70?
Vic 3%s. 1923. 97.66.^ 97.70
Pre-war issues:
2s rea. "30.100%@101
2s coup, '30.100% $101
8s reg, '46
3s coup. '46.. .'
4s reg, '25_
4s coup, '25...
2s Pan, c, '36.
2s Pan, r, '36.
2s Pan, c, '38.
2s Pan, r, '38,
8s Pan, reg...
3s Pan, coup..
Phil 4s, '34...
do 4s. '35...
do 4i, '36...
D. Col 3s, '65
96.80
?0.20 _
90.100 90.20
91.00(a) 91.04
90.60<?j? 90.GO
93.00(u> 93.04
90.86?U) 90.90
97.78$ 97.80
97.70<y> 97.76
100% (g> 101
100 %@ 101
?9 ? 92 89 ? 92
89 ? 92 89 @ 92
.106 (3)106% 106 0106%
.106 ?106% 106 ?106%
.100 ?101 100 ?101
.100 ?101 100 ?101
.100 ?101 100 ?101
.100 ?101 100 ?101
. 88 ? 91 88 ? 91
. 88 ? 91 88 ? 91
. 90 ? 36 90 ? 95
. 90 ? ?6 90 ? 95
. 90 ? 96 90 O 95
. 97 ? ? 97 ? ?
Foreign Govt. and Municipal Bonds
(Interest T? Be Added)
Bid.
Amrlo-Pnmeh Extern 8a, 1820.. 95%
Argentine Intern 6s, 1848. 72
Canada. Dom of. Note?, 1821.. 96
do 6s, 1?21. 96
do 1928.93
do 1929. 88
do 1931.,.?J
Chinese Gov H K R 5s. 1961... 41
Cuba Extern 6s. 1944.
do 5s, series A. 194?.
do 4%s. 1949.
Dominican Republic 6s, 1958.,
City of Lyons 16-yr 6s, 1934
City of Marseilles 16-yr 6?, 1934 90
City of Bordeaux 15-yr 6s, 1934.
City of Paris 6s. 1921.
Jap Gov 4%s sterling In, 1925..
do 4%s, 2d ser, 1926.
do 4s string In, 1931.,.
City of Tokio 5s, 1952.
U K G B & I 5-yr 5%s, 1921..
do 3-yr 5%s, 1922.
do 10-yr 6%s, 1?29.
do 20-yr 6%s, 1937.
Mex Extern strl 5s of '99, 1945.
do gold 1b of '01, 11154.
(Sales)
Jap 1st ser 4 Vis
15.000. 72%
5.000. 72%
2,000. 72
8,000. 72%
6,000. 72
do 2d ser 4%s
15,000. 71
8,000. 71%
6,000. 72
do stlg loon 4s
6.000. 58%
1.000. 58%
600. 60
5,000. 58%
2.000. 59
3,000. 58%
1.000. 58%
U K of Gt Britain ?
I 6%a 1921
10,010. 03,?,
5.000. (i-j.-i^
71,000....'.. 93%
10.000. 93%
15,000. 94
5,000. 94%
6,000. 04%
9,000. 94
5.000. 94%
do 1922
3.000. 90%
17.000. 90%
15,000. 90%
10,000. 91
2.000. 91%
2.000. 91%
do 1929
6,000. 90%
1.000. 9.1%
2,000. 00%
23.000. 90%
35.000. 90%
do 1937
62,000. SB
12,000. 85%
4,000. 86
10."00. 80%
1 000. 86
5.000. 86%
5,000. 8C%
7,000. 8(1%
31.000. 87
4.000. 87%
1,000. 87%
30,000. 87
6.000. 87%
10.000. 88
1,000. 87
N Y C 4%s 1957
May
1.000...... 95%
do 19G0
1.000. 90
Corporations
Beth Steel rfg 5s
1,000. 83%
4.000. 83%
Bklyn Rap Tr 7s
1,000. 43
do ctfs of depos
11,000. 44%
do ctra of dep sip
1,000. 40
Bklyn U Gas 6s
1,000. 77
C of Gn Ry 6s
1,0^0. 89
3.000. gg%
Cent Leather 5s
1,000. 94%
Cent Pac gtd 4s
13.000. 70%
10.000. 71
Ches & O evt 5s
3.000. 78%
3,000. 79
do gen 4%s
2.000. 74%
do cv* 4 V?s
16,000..".... 73
8,000. 7-!%
8,"00. 73%
2 000. 74
6,000. 73U
2.000. 7?%
6,000. 74
Chic ft Alt 3%s
2.000. ?.2%
C B ft Q gen 4e
1,000. 77
1,000.78
do Jo-'nt 4s
2? ooo _ 95%
SP.001. A4
2.OOO. 93%
Chic Gt West 4s
2.000. 51%
2,000. 64%
10.000. 64%
6.000. 65
C M ft 8t P cvt
6? series B
1,000. 70
2.000.71
do ert 4%s
l.oon. ?g?
4 000. 6?%
2,000.70
?000. 70%
do rt* 4%?
21 000. B?H
lft."00 . 88%
do 4s 1925
10.000.74%
do d?* 4s 1984
? 000. 69%
2.100. 5*
2.0*0 . 60
1.000. 59
C ft Nwn Ben 5s
10,000. ?5%
do gen 4s
1,000. 76%
C R I ft P gen 4s
9.000. 71
l.ooo. 71%
2.000. 71%
1.000. 71
1,000. 71%
6.000. 71
do rf(t 4s
7,000. 63
7.000. 62%
85,000. ?2%
11.000. 62%
2,000.63
8,000. 68
2.000.?3%
80.000.63
8.000.?3%
1.000...... 64%
* West takle
1.00t)...... 67%
Anglo-French 5s
21.000. 94%
8.000. 94%
8,000. 94%
2.000. 94 A,
120.000. 94%
16,000. 94ft
85.000. 94^
4,000. 94ft
61,000. 94%
10.000. 94ft
60,000....... 94 74
105,000. 94?
131,000. 95
14 3,000. 94%
4.000. 94%
10 000. 95
5,000. 94%
75,000. 95
1,000. 94 11
150.000. 95
101,000. 95%I
2,000. 95%
45,000. 05%.
10.000. 95%
25.000. 95% i
Arjrentine G 6s
1,000. 72%
Chinese Ry 5s
1,000. 42
City of Bordeaux 6s
3,000. 90%
600. 90
City of Marseilles fis
8.000. 90%
City of Paris 6s
6,000. 90%
2.000. DO*?
6,000. 90%
City of Tokio 6s
4.000. 54
6,000. 54%
Dom Can 5%s
notes 1929
1.000. 93%
3,000. 93%
1,000. 93%
1,000. 93%
2,000. 93 H
2.000. 93%
2,000. S3 Vi
do 1921
1.000...
do 5s 1926
5,000...
do 1931
1,000...
1,000...
Jap l?t ser 4%s
12.000. 71%
2.000.
10,000.
9?%
93%
91
91 %
71%
71%
Other
4s
68%
Railway,
Adams Exp
2.000.1_
1,000. 56
Am Cot Oil 6s
5,000. 89
Am Dock ft I 6s
1,000. 90%
Am Smelting 5s
1,000. 82%
Am T &? T cvt 6s
1,000. 96%
11,"00. 97
1,000.96%
8.000. 97
do col Ss
l.uuu. 81
1.UU0. 80%
do col 4s
2,000. 78
2,000. 78%
9.000. 78
Am W P s f 7s
1.O00. 82
Ann Arbor 4s
2,000.60%
Armour Co 4%s
6,000. 82%
1.000. 83%
2.000. 82%
1,000. 82%
A T <-i S F Ben 4s
13,000. 78
2.000. 75%
2,000...... 76U.
13.000.77
6.000. 77%
do adj 4s
6,000. ?5%
44,000. 66
to stamped
1.000. 68%
1.000.68
1,000. 67%
1,000.66%
C L 1st eon 4s
Atl
6.000
16,000..
do unified
8.000. .
2.000..
do L ft N
6.000..
Baft ft O tero ?s
44.000. ?0
... 75%
...76
4 Us
... 72%
... 78%
4s
?7
15.000.
23.000..
22-000..
2.000..
do rfn 6s
18.000. .
88%
83%
83%
84%
_ ?3
8,000. 82%
4.000. 63
do cvt 4%s
6.000. 61%
5,000. ?2
6 000. ?1%
8.000. 61%
8,000. 62
1000. ?2%
do t?n1d 4S ^T^
48.000.?3
6.000. 63%
do pr:nr lien iKs ;
6.000. Hi?
l.ooo. toi?
l.ooo. ?iv
1.100. 81%!
8 oon .. 8i ;
13.000. |0%|
6.ooo. 81%l
do PH?s LEA !
W Va 4s
2.000. 84%
2,000. 64%
1.000. 64
__ ?.000...... 84%
?s? Sted rig 8a
Chile Copper 6a
_ 86.UO0.71
?C Oft St L??n 4?
- , 2.000. 60%
Col & So 4%a
2.0U0. 70%
Nor Pacific 8s
5.000. 62%
11,000.51%
2 000.68%
1,000.58
do Ter 6s
M poo.m%
Nor States Pr 5s
1,000. 83
Or Short Line 5s
5,000.91%
do 4s
1,000.82
Or-W RR * N 4?
1,000.67
Penn 4%s 1821
1,000. 97
do con 4%?
2,000.90%
do gen 4%?
2.000. SO
do 5? 1988
4.000.89%
6,000.89
1.000.89%
do 3%? 1941
1.000.69%
Peor?a & E (ne 4s
10,000. 20
1,000. 23
B.000. 24
2,000. 26%
Per? Marq 6s
3.000. 84%
1,000. 85
Phlla Co 6i 1922
2,000. 88
Z. ^HJReadKen'4.- '*
i'l'l.j>0,? 4.000.
Con Go? teia
1.000. 9<)!U
10,000.??S
10.000.99%
_ , 3.000. 99%
Del & U eq 4%8 ?
_ 1.000.....: 96%
Den & It G imp 0?
4.000. U3
1,000. 65
. 2.000. 66 I
do con 4?
3,000. 60%
4,000.61
1,000.62
do 4%s
, 1.000.63%
do rfg 5s
1.0?0. 39
18,000. 40
12.000. 40%
1.000.89%
6.000. 38
6.000. 40%
10,000. 40%
3.000. 41
Dst U Ry, 4%?
1,000. 65
Distiller? S C 5s
2.000. 80%
Erie pri, r lien 4s
1,000. 50%
2.000
4.
2.000. Rl
4,000. 50%
6.000. 53%
do gen lien 4s
2.000. 40%
1,000. 40%
M 3.000. 41%
do cvt -1s ser A
3.000. 34%
do cvt Is ser D
5.000. 39
Fla East C 4%s
1.000. ..... 78
Gen E!ec deb 5s
?
Havana Elee 5s
1,000. 85%
Hud & M rfg 6s
4.000. 55%i
4,000. 55 '
5,000. 64%
1.000. 55%!
ITJ Central 6%e
1,000. 91 !
do rfg 4s
2.000. 71
do 4s 1951
1.000. ?9 i
6,000. 68%!
Intboro-Met 4%s
8.0<H>. 17%!
l.ooo. it%!
l.ooo. 17 ,
lO/.oo. 17%|
p.ooo. 18 :
2<!.ooo. 18%'
20 ooo 18%
io.O'io_.. unjji
4,000. 18%
do ctfs of depo.i
2 000. n?. |
20.000. ... 18
10.000. 17? j
Inteboro R T rfg r,s
2 ono. 53 i
2 ooo. 52%
53.OO0!!'.'.!! 53
20,ooo. r,3%
5.00-,_." 53V
68%
68%
67%
88
68%
?o%!
K C
Kan C
88%
88%
40 :
40%'
_ 79
3.000. 79%
1,000.79%
2,000.79%
1.000. 79%
6,000. 79%
Repub I & S 5a
5,000.90
Rio G W col 4s
2.000. 60
R I Ark & L 4%s
4,000. 60%
5,000. 61
12,000. 62
1.000. 61%
St L ft S F 6s ser C
1.000. 85
do 4s ner A
87,000.67
1.000. 57%
do 5s B?r B
1,000....
2,000_
8.000_
1.000....
2,000....
do ?dj 6s
1.000_
7.000. 60% I
1.000.?0
i 1,000. 60%
10.000. 60%
10,000.61
1,000. 61%
30,000. 61
10.000. 61%
; 1,000. 61
15.000.61%
10.000.61%
?.O00.61%
10.000.62
do inc 6s
8,noo. 43%
2.000. 42%
1.000. 4?%
2,000. 43%
l.ooo. 44
20.000. 45
3.000. 45%
15.000. 45%"
10.000. 45%
6,000. 45
7.000. 45U.
3.000. 4F,%"
70.000. 45%
1,000. 45%
15.C00.45%
11.000. 45%
8t'.000. 46
19,000. 45%
45.000. 46
5.OOO. 46%
4.0?0. 46%
4.000. 47
St L Pwn 1st 4s
5.010. 60%
1 000. Cl
do '?on 4s
4.000. 51
St P * Kan City
Sho-t ?, 4 Vis
2,000. 62
7,000. 63
; Peari Air Line 4?
j stamped
1,000. 65%
1,000. 55%
do rfir 4s
l.ooo. 46
do adj 5s
3.000. 35%
1.000. 35%
6,000.33%
2.OO0. 85%
2.00,1. 37
So Bell T & T 6s
6.000. 83%
So Paeiflr cv' 6s
4,000.100%
3,000.100%
l.ooo.loi
10000.100%
10.000.100%
10 000.100
10,000.101
5.000.101
do fV ?3
11,000.
i 000.
do rfg 4 s
10.000.
6.000.
5,000.!
do col fs
1.000. 67%
8,000. 68
Southern Ry 5s
3.000. 83
do -I?
31.000. 67%
1,000. ._ 58
do 4.? **ob & O div
1.000. 56%
Texas ft V 1st 6s
1 OOO. 83%
Third Av rig 4s
5 000. 46%
do ndi 5s
_I 6,000. 27%
loon. R6%|TTnion Rig 4 P ii
1 000. 56% l.ooo. 90
l.ooo . 56%jUn Paelflc 6s
5,000
Int Mer Mar 8s'
2.000. .
1.000. !_
Iowa Cntral 4s
2.O00.
1.000.
Ft S A M 4s
3.000. 65
1.000. 68
So Ss
1.000. KR
OOO
do 5s
?: ono
1.000
I oooj^^^^
Kan ntv Ter 4s
54 %i
psu
68%
OS
71 if
Knox ft Ohio fis
l.ooo . . . , or,
Lack R*l 5s 1950
25,000. SS
L E ft 'Vest 1st 5?
1.000. SO
Lehiph Val Gs
4.000.100
1 OOO . QriTj,
Liggett * M 5s
l.ooo. 80%
Long I?' rfg 4s
l.ooo. 65%
LorilWd Co 8s
10.000. g7
L & N --ilfied 4s
4.000. 79%
L * K-'-'t Lou 6b
1.000. 98%
do 3s
1 ooo. 40^
Manrrt "v 4a"
l.ooo. 56%
do tii* exempt
l.ooo. 56%
Mich C-- deb 4s
3000. 78
MidvH!<? '"tee.! 5s
1 000. 8?%
12 000. 83?
M L R ft W ext Rs
1 0O(\ . . . r,.>s?
Min ft Ft L rfg ?<i
1 000. 4774
4 O00. 44
do is
3 non. 301?
1 000 . 40
do 6? Pac trxt
5 000.05%
M St T> <?? s S M ?s
1 coo. 78%|
4,000. 78%|
M K '? T 1st 4s
4.000. 67
do a f 4%s
3 OOO. ?"
2,000'. 2?
MOO. ... ! ! 25
Mo Pac "en 4s
lO.ooo. 56
7?%
79
75%
75
N
N
N
N
N
91%
91%
92
92
75%
66%
65
65%
New C-> Ter 4s
1 000 . 61%
N Or' T ft Mex 5s
0 oon 531?
Y Cnn deb 8s
9 oon . 911
?
1 oo^H
25 0O0 . .
do 4? 1034
12 000
do con 4s
1 000
do rifg 3%'
7 000 ..
2 000
Y Cn-M C 3%
1 000 ... 5ovt
Y C ft St L dh t?
1 000. 67
Y r;ns E L H ft
Pow^r r> m 4s
? ono. 61
5.000. 62%
Y N " ft H 61
4 OOO . 60%
4.000. 70
10 or o. 70%
6 000 . 71
dr. dh 3%a 1954
2o*o. 41%
Y T-'-nh 4%s
6.000. 79
5 000. 70%
1 000. 70
8.000. 78%
do d?b 6s
6 000 .93
5,000. 93%
Y W * Bn 4%s
13 0"0. 38
1 000
9.000 _
1 000. 88
l.OOO.. 88%
Norf So Ss ser A
1 000 . 60%
N?rrf ft W er ?s
10 000.100
do
1.000.101
3 000.101%
3 000.toi
15 000.100 %
2 000.101
1.OO0._100%
do 1st <s
1.000. 81%
p 000. 83
10 000. 81%
4 000. 81%
3 0'io. 8'!
5.000 .82%
rfg 4s
4 000 . 72%
6,000.74
1 000 . 73%
1.000. 73
6 OOO . 73%
Un Rrl of S F 4s
ctfs o' dopoe
8 noo. 23%
V S Renlty ft I 5s
IO.000.76
l.ooo. ..... 76%
7.000. 78
X7 S Rubber 7s
1.000.102%
do
5.000. 84"%
7 000. 8i
8 000. 84%
U S Ste?l s f 6s
1 000. 97
19 000.97%
1 oon .97%
2,000.97%
do registered
?00.96%
Utah Pwr ft L 5s
2.0O0. 81%
8,000. 81
V?-Car Chera 6s
6 000 . 93%
Virginian Ry Be
1.000. 82%
2,ooo. 82
Waba<h 1*t 6s
?._._. looo. 87%
6 000 .100%'West Mnryland 4?
1 1 000 .100 I 2.000. 51
97000 .100-i'West Pni'iflo Ss
65 00.100%: 1.000. 81
20OOO.101 : West Fhore 4s
SI
75
do eon 4s
? 000. .
Nor PnHle 4s
28 0*0. 73%
16 000. 74
5*000. 74%
1.000 . 74%
do 8s
8.000. 52
5.000...... 71%
Wilson c0 ijt 0?
1 000. 96
1.000.95%
2.000.9?
do ev 6s
12 000. 92
Wls C-S ft Du) 4s
2.000.68
Cities Service Earnings
Gross earnir.g-s of the Cities Service
i Company for Jniunry were $1,906,782,
! an increase of ?-52.184 over the corre
sponding month of 1919. Net income
applicable to reserves, dividends and
i surpl?-? was $1,696,243, an increase of
$12 374 over the same period of the
: preceding: year. After providing for
dividends on the preferred stock for
1 the month, balance available for re
' serves dividends on ths Common stock,
, 7?, was $1,344,06.?.
French Internal 5% Loan of 1920
These bonds will be a direct obligation of the French Republic. They
are redeemable on interest dates (May 1st and November 1st) by semi?
annual drawings at 1,500 Francs per 1,000-Franc Bond, the whole issue being
redeemed through these operations within sixty years. Bonds not drawn
in this manner are subject to redemption at the option of the Government
at 1,500 Francs per 1,000-Franc Bond at any time. Interest and principal
are payable in Francs.
The bonds will be dated May 1, 1920, and will be issued in denomina?
tions of 1,000, 2,000, 10,000 and 20,000 Francs, but the face of the bonds, in
accordance with the French custom, will indicate the annual income and not
the principal.
Interest is payable May 1st and November 1st. The first coupon will be
paid November 1, 1920, and will be for 35 Francs, which includes the regular
semi-annual coupon of 25 Francs and 10 Francs to cover the interest accrued
to May 1st.
Principal, interest and premium of this loan are payable free of French
taxes.. g ....^X^ttu-J
We are authorized by the French Government to receive subscriptions for
this loan from February 19th until March 20th (unless subscription books are
closed earlier by their order) at the price of 1,000 Francs per 1,000-Franc Bond.
The subscription price is payable in full at the time of subscription at the
current rate of exchange on Paris for the previous day, as fixed by the French
Finance Agency in New York City.
The rate for subscriptions received on FEBRUARY 20th has been fixed
at 13.55, at which rate the price of the bonds is
$73.80 per 1,000 Franc Bond
LAZARD FR?RES
19 Nassau Street New York
We <5o not ?ftiarantee the statements ar.d Agrores presented herein,
but they are taken from sources which we believe to be accurst?.
Commodities
Cotton
The marttet wu less active yesterda
and early declines were followed by rallie
on covering for over the approaching three
day adjournment May contracts sold u
from 33.93 to 34.3?c and closed at 34.30*
with the general list closing steady net 1
points higher to 1 point lower. Ke?a
months were relatively inn during tit
entire day. the advances being led b;
Varch, which showed a premium of 23
points over May at the close, compare
with 225 points at the close of the prevlou
day. The market will be closed from th
[ close of business to-day until next Tueeda
? morning and Tuesday will be the Art
I V arch notice day. Under these ctrcum
I f anees there was evidently a dlsposltlo
: to even up near month commitments, bu
there was hardly enough business In Marcl
tu Indicate ihe'V.-?sef?e'e tit any large scat
: terlng Interest. 'A few bales of cotton hn<
I 1.-en certificated recently, but local broker
expect very few notice? next week.
I The market opened steady at a decllni
! ?>:' 6 to 15 point", with active month? sell
? ?rg some 20 to 32 points net lower short!'
after the call. Liverpool was a moderati
! bnyer of old crop months on the decline
however, and prices soon turned steadlei
1 on covering. Trading did not broaden, but
' there were very few offerings, and the besi
price? were reached late In the afternoon
v hen March sold 20 points and latei
n-.onrths about 5 to 12 points net higher
The close was slightly off from the besi
?inder realising.
Private cables reported a nervous market
? in Liverpool, with prices steadier in thf
I ?ate trading on covering by people whr
I hud sold previously on expectations of ar.
: aiivance In the Hank of England rate.
The local spot market was quiet and
2f points higher at 39.20c for middling up?
land. No sales were reported.
The range of prices Hollows:
Wednesday'?
Open. High. Low. close, close
Feb_- - - 37.16? 37.?9 37.0C
Mirch.. 86.52 36.70 36."8 36.66@38.S9 :<6.50
n ly_ 84,10 34.38 33.93 34.30? - 34.25
July.'.'.'. 32.00 32.22 81.86 82.es<332.10 82.1C
Sept..." 80.66 30 06 30.56 30 50? - 30.35
O.-t- 28.85 29 86 23.65 29.77? - 29.75
NoVi'. .. --20.40?-29.40
Dec_20.12 29.20 29.12 29.25? - 29.25
i Jan_ 28.85 2?.82 28.60 28.82? - 28.7'.
Southern Spot Market???Oalveston qui.-t,
ur changed, at 41.25c; sales. 944 bales.
N.w Orleans steady, unchanged, at 39.75c.
sales, 679 balea. Mobile Quiet, 50 higher.
at 38.60c; sales, 10 bales. Savannah quiet
unchanged, at 39.25c; ?ales nil. Charles?
ton quiet, unchanged, at 39.25c; sales nil
I Augusta eteady. unchanged, at 33.60c,
I sales, 490 bales. Memphis steady, 60
? higher, at 39.50c; sales, 900 bales. St.
! Leu Is quiet, unchanged, at 30c; sales, 46
1 bales. Houston steady, unchanged, at 40 ,
j sales, 30S bales. Little Rock nominal, un?
ie hanged, at 39c; sales, 467 bales. Dalla?
steady, 16 points higher, at 42c; sales,
2.11? balea
Cotton Statistics
Tester- Last Last
diy. week. year.
Port receipt?_ 24,790 Holiday 9.6*1
Elxports . 10,154 " 11,656
Ej ports season. 4,136,.'95 " 1,716 S93
N T. stocks.... 62.948 " 86 657
Port stocks _ 1,463,183 " 1,882,235
Int. receipts.... 15,290 " 16.437
Int. shipments.. 12,770 ** 16.206
N. T. arrival?.. 614 " 1,731
Liverpool Cables?Spot cotton good de?
mand at 29 points decline on the basis of
30 87 for middling. Sales lO.OOn, American
8,(.00. Imports 11,000, Including 7,000
American, futures opened quiet at 9 to
19 points decline. Closed quiet, at 22 to
33 points decline. March, 28.24; May,
?6 7?; July. 86.48; October, 23.33; Decem
b< r, 22.61. Manchester: Yarns firm;
cintas, fair business doing.
Cereals
Wheat?The wheat sit latlon developed
a nervous undertone yesterday and price?
In tho Minneapolis market experienced a
decline of 10c to 18c, making a net loss of
iOc to 2?C during the last two days. The
demand for flour was extremely "dull and
It was quite evident that holders of wheat
wore finding* s very slow demand. Some
think that more pressure Is likely to de
vfllop as the season progresses, and that
the March statement of the amount of
wheat on the farms win show an unusually
large percentage of the crop still in farm?
ers' hands.
Corn?The market was firmer yesterday
an?! price? closed at the top with net gains
of lHc to 2c. Shorts were good buyers
ar.d evidently the market had worked lt
eelf Into a stronger technical position dur?
ing til? recent reaction. Receipt? were
train small and this had considerable In?
fluence, although many leading operators
are Inclined to look with disfavor on the
bull side, as th.-y believe that economic
conditions and the efforts to reduce the
high cost of living are going to have a
very pronounced bearing on values In many
of the commodities Country offers, bow.
ever, were limited and advices from Illi?
nois said that farmers are borrowing
money from the banks to pay their taxes,
rather than to sell their corn, which they
apparently believe should bring at least
$1.40.
Testerday'a Previous Tear
New Tork: close close ago
Corn. No 2 yellow.$1.6? $1.(5 $1.51
Chicago:
March . 1.41 1.39 12??.
May . 1 34 1.32% 1.24V?
Oat??The market was moderately ?
tlve and prlcos were firmer, with net gains
of H? to %e. There were evidences of re?
newed export demand with rumors that
?ales had been made of about 600,000 bale?,
and this caused a general covering move?
ment and discouraged renewed selling. It
was said, however, that Canadian oat? were
available for shipment on the opening of
navigation, and some authorities at least
seamed te think that competition from
Continued of? nsxt page
Inter borough Consolidated
Corporation
To the holders of andeposited
Interborough-Metropolitan Company
Collateral Trust W2% Gold Bond?
Interborough Consolidated Corporation was adjudicated ?
bankrupt on March 28, 19i9. This Committee is advised by
its counsel that the Bankruptcy Act provide* that "claims
?hall not be proved against a bankrupt estate subsequent to
one year after the adjudication," and that the Courts have
held that this period cannot be extended. This Committee
considers it advisable that in addition to any proofs which
may be filed by the Trustee under the Trust Agreement
securing your bonds, proofs of claim be filed by the bond?
holders and. accordingly, the Committee has filed proots on
all of the bonds which have been deposited with it. con?
stituting a majority of the entire issue outstanding A
substantial minority of the bonds, however, have not been
deposited with the Committee or otherwise proved.
It will also be difficult for the Committee to cause trie
?tock of Interboroutrh Rapid Transit Company to be ?old
in enforcement of the Trust Agreement, and to acquirt the
stock for the bene*it of the depositors, while so large an
amount of bonds remain undeposited.
The Committee has therefore extended to March iS, 1920,
the time within which bonds may be deposited without
penalty. After that date deposits will be permittea only
upon such terms and conditions a* the Committee ?u*f
impose.
Bondholder? ?re nrtrt-A immediately to deposit their o<?nds'
with GUARANTY TRUST COMPANY OF NEW YOPK.
the Depositary of the Committee. Agatnst such deposit?
the Depositary will issue its negotiable certificates, whtcB
are listed on the New York Stock Exchange.
New York, February 11, 192ft.
Cravath 8t Henderson, Charles H. Sahm. Chairman,
Counsel, . . ?. ?, u
52 William Street. John McH"?h
New York City. Charles A. Peabody,
John A. Griswold, Charles S Sargent, Jr.,
140 Broadwa^' Frederick Strauss.
New York City. Committe?.
Beryamin Franken says:
"Make no expense but te do good to ttbtrs or yourself!* \%
Actual- Not "Lip" Service
QUR INDUSTRIAL DEPARTMENT
is simply another effort to provide a real
service for our customers.
Through this department we give to all
customers, desiring it, practical co-operation
in all matters of business efficiency and indus?
trial management.
Have you seen our booklet?
}
Franken Trusl Company
,
tut
New Tork & Brooklyn
Ml.<MM.MllMM