New-York tribune. [volume] (New York [N.Y.]) 1866-1924, February 25, 1920, Image 13

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New-York tribune. [volume], February 25, 1920, Page 13, Image 13
About New-York tribune. [volume] (New York [N.Y.]) 1866-1924

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New-York tribune. [volume] (New York [N.Y.]), 25 Feb. 1920. Chronicling America: Historic American Newspapers. Lib. of Congress. <https://chroniclingamerica.loc.gov/lccn/sn83030214/1920-02-25/ed-1/seq-13/>

Newspaper Page Text

Foreign
j.
Government Bonds
j are selling to-day at extremely
j low prices, due to the unprece
| dented decline in Foreign Ex
| change. Return to normal
j conditions would provide un
usual profits,
Complete details of ?everai
: attractive foreign Government
Bonds. purchase of which we
i recommend, will bc sent upon
j request.
Kelley, Drayton & Co. |
jlrmbera Xevo York Stock Exchange
LortFs Court Building
40 Exchange Place
Telephone Broad 3392
H !. OFFER
A High Grade
To PREFERRED
STOCK
with hbfrel bonns of Common.
The Company manufactures
a sanitary product which is
cons red by authorities the
rrst .' its kind it: the world.
Its customers include
the largest corporations, Pub?
lic -1 :ational Institu
tions Is Deptrrtments of
the 1 G ivernment,
The ?? is literally
pe I v. ith orders and rc
c.-'.,"-~ "; : necessitates ad
? oi king capital.
?' thr present
:'. ie crm ning over 2^c-'c on
a stoi '-. al ter paying
- on the prelerred.
!? mat on and Blue Book of
f product sent o~. request.
JUDSOH G. WALL ? SONS
::.',i". Bankera \ \ \
10 Wal! St. New York
ie Rector 77. ju
Do ycu know the reasons for
the wide fiuctuations in?
INTERNATIONAL
PA P E
A special analysis on the
? p^d also
INTERESTING ARTICLES
on
RAILROAD LEGISLATION
and how it will affect a few
of the Western roads.
FIVE iNDUSTRIALS
Tif-rit with good poifi
bi.'. - marketwise.
? .on.i on the followiny:
Slnclalr Cons, Nulimiirine Bout
MidvaJf M;i)imn lopjipr
UniiJuin Houston
tie Curr< nl laaue
V IRKBT OPINION
R.H.M?cMASTERSSCO.
Uti ! solidated Stock Exch., S. T.
69 Wall St. New York
' B m Ground Floor
'- _
Carib Syndicate
The acquisition of addi
tional acreage further
strengthens the position of
as the premier oil
| any of South Amer
iea. Outline of the com?
pany's activities given in
' nt issue of our?
Financial Forecast
?which also trcata:
Armour Leather
Tobaeco Prod. Exp.
Simms Petroleum
Producers & Ref.
Sent upon wquext.
A.ah jor No. 5".
MSWOLFESCO.
41BR0AI) ST. NEW YORK*
UBEKIY BOMDS
All denorrunattona boiiRht for c?ab
BaaeJ on tht ilomii we pay:
W1.80 i?r a $o0?3%% Bond, ?5 Coupom
JJM8 for n $00? 3d 4 ' ,?? Bond. 1 Conjwn
S2-S; lOT ? *S0-4th ?'4% H..1H1, 2Coapoii?
*^.?l f?r ;i S;)(>._.-)th 4!Jli% j;oml 7 Cotipons
_ PDRDY & CO.,
^j^Uo 8174-5-6-7. 34 Plne St.. H. T.
Record Gulf Oil Earnings
MMnpany Earus ?32.48 a Share
on Capital in 1919
As & result of operatiunb in the year
s^ded December 31, 1910, tho Gulf Oil
'.orporathm returned the record gross
ea?iingH 0f $97,431,516, or $11,527,211
"">*e than in 1018, the prorlous record
?*?*. Oporating exponsos leoped up
,,ai'd, however, beinj,' placed at $62,
?30,188. an Increase of $12,350,874 over
Lh' Procrdine year. Net proiits were
*M#0l,828, a falling off of $823,608.
snii ri'ciation aggregated $19,305,251
"nd intereat, taxes, etc, $4,535,221,
!*a*ing a $11,460,853 balance, equiva
|5to $32.48 a shure earned on the
* ?!*84,60i) capital ftock, compareu
JPw $12,582,595, or $36.11 a share on
"e 134,837,100 common stock in thr
'(ur- .Lelore" Stockholders reccivec'. $2,
*.blo in dividend pavments, an in
^"ea>e of $22,409 over 1918. After all
!l,'JrW?i taxes, etc., surplus was $9,
?9W40, b decline of $1,144,152.
19iQ0!a"co shcet as of December 81,
*?, disclosed protit and loas surplus
SLfS'.W3,042, which compares with
^?i836,70i" in the preceding year. Capi
*l ?tock was incroased during the
i**r, from $34,837,100 to $85,284,600.
gWI assets and liabilitlea were placed
<*? year before.
The Day's B
U. S. Government
Transactions
Snles.
Liberty 3%s, 1947. $921,000
do lst 4s, 1947. 62,000
do 2d 4s, 1942. 248,001
do lst 4%s, 1947. 147,000
do 2d 4%s, 1942.1,430,000
do 3d 4t?s, 192S. 1,666.000
do 4th 4%s, 1938.2.306,000
Vietory 4%s, 1923..,.. 1,423 000
do 3%s, 1923. 941,000
QuoUtlona
Yletd.
?.74'
4.68
4.60 !
4.S0 j
4.94 :
B.30 ;
4.99 ;
5.31 j
4.30
Liberty 3%s
rio lst 4s.
High.
96.10
90.80
rio 2d 4s. 90.50
do lst 4'4s. .. . 91.50
do 2d 4%R_ 90.80
do 3d 4 '^s_ 92.94
do 4th 4%s_ 91.00
Vietory 4%s _ 97.76
do 3%s . 97.72
Bid and Asked Quotations
Closing
Liberty bonds. Yesterday
Low.
95.80
90..J0
90.14
91.10
90.60
92.76
90.70
97.64
97.66
Last.
90.92
90.80
90.14
91.28
90.66
92.82
90.70
97.70
97.70
Net
Cbge
?.08
-I-.10
-~.B6
+ 48
?.14
?.12
? .30
S'-a, 1947 ...
lst 4b, 1947. ..
2d 4a. 1942. ..
lst 4%s, 1947.
2d 4%s, 1942.
3d 4\s, 192S.
4th 4'4 s, 1938
96.80<? 95.92
90.40? 90.80
91.104? 91.20
?1.28<tf 91.30
?0.66(i() 90.70
92.80? 92.82
90.70? 90.72
Vic 4V*. 1923. 97.68<<i> 97.70
do 3%s. 1923 97.680? 97.70
Pre-war issue;*:
2a it>p. '3,i.100%?101
2s eoup, '30.100%?101
3? reg, '46. 89 (g 92
3a roup, '46. 89
4.-. reg, '?:';,.100
4s eoup, '25.106
2s Pan. c, '36, . .100
2s Pan. r. '36. . .100
2s Pan, e, '38. ..100
2a Pan, r. '38. . J00
3a Pan, reg. 88
3s Pan, eoup. ... 8<
Phil 4s. '34. 90
Phil 4s. '35. 90
PhiT 4s, '36. 90
D. Col 3s. '65... 97
?106%
'<il06%
frVioi
ranoi
@101
@101
? 01
<i 91
(tt. 95
<S> 95
(?? 95
(ffl
Closing
Saturday.
96.00? 96.10
90.40? 90.70
90.80? 90.50
91.20? 91.40
90.70? 90.80
92.92? 92.94
90.96? 01.00
97.70? 97.74
97.66? 97.70
lOO'felOl
lOOUffflOl
89
so
106
1(16
100
100
100
100
88
88
90
90
90
97
? 92
? 92
(,, 106-%
@106%
@101
@101
(dioi
0)101
@,91
fffl 91
fffl 95
? 95
(3l ?
Foreign Govt. and Munlcipal Bonda
(InUrert To Be Addcd)
Bid.
Anglo-French Extern 5s, 1920.. 96%
Argentine Intem 5s, 1945. 72%
Canadit. Dom of, Notes, 1921.. 96%
do 5s, 1021.. 96%
do 1926 . 93
cio 19211 . 93%
rio 1031 . 9P.i
Clvlnes^Oov Hti Kuc Ry 5?. 1951 43
Ouba Extern 5s, 1944. 91
do Exl ???!> 5s, tjeries A, 1949. 90%
do Extern 4%a, I'tW. 73
Dominican Kep 5s, 1958. 79
City of Lyona 15-yr 6s, 1934.. **< >' .t
City of Maraellles 15-yr 6s. 1934 90%
City of Bordeaux 15-yr 6?. 1934. 901.4
City of Paris 6s, 1921. 90%
Jap Gov i%s, strlng ln, 1925.. 71*/a
do 4 ? -2 s. 2d series, 1925. 71%
.lo Is, strlng In, 1931. 58
City of Toklo 5s, 1952. 57
DKGB&l 5-yr 5%s, 1921.. 941,4
do 3-yr 3" -s. 1922. 93
do 10-yr 6%s, 1929.. 90
do 20-yr 5%s, 1937. 86
Mex Extern str! 6s of '99. 1945 28
ilo Extern gold 4s of '04, 1954 ?
(Sales)
iJap 1st sor 41/
Asked.
96*4
74
96%
97
9314
94
91%
13%
92%
90%
74%"
80
90%
90 M
90%
'-? 1%
94%
94
90%
86%
31
City of Bordeaux Re
oon.
10 000.
8,000.
6,000.a30f.
1 .000.
8.000. sSOf.
10.000.
do 2d ser 4%s
OOO.s30f.
6.000.
15,000. sl5f.
10.0 0. 71%
10,000.s30f. 71
12.000.s30f. 7 'T;
j 1,000. 71%
do stlg loan 4s
9 000.59
3,000. 58%
10,000.s30f. 57%
2 .).s30f. 57%
72
71 V
71M
71
71%
k%
? ?0% U K "of (iri-at Britaln"
94%
94%
94%
94%
City of Copenhagen
:??:
10.000. 80
City ?!' Lyona 63
5.000. 90*4
City of Marseilles 6s
,0' .'. 90%
Citv of Paris Ca
17,000.
9,00 ' .
City of Toklo 5s
1.000.s30f, 57
91*4
& I 5%s 1921
17.000_
11.000. .. .
Is- 000. . . .
7.000_
do 5.%s 1929
12,01
10,000... .
f. 000. 90%
1 000. 90%
do 5* -s 1937
in
91%
91 %
86%
Dom Canada 5
notes 1921
4,00 ?
d<^ 5%a 1929
:. 86
'A
ZS
,0C
8",?;
86
?Xl
do
01
1926
15,000.
Jap 1 st ser 4%s
20.000
96% N Y City 4%s 19
Mav
94 ' 20.000. 95%
| do November
93 2 000. 05%
do 4%b 1967
Railway,
Am Smelting 5s
81,000. 82
1,000. 82%
Am T & T cvt 6s
2,.I.
8.000.
. . 72% 1.000. 95%
Olher Corporations
C B & Q joint 4s
5.00a. 04%
5,000. 94%
5,000. 94%
2(1,000. 94%
16,000. 94%
5.OH0. 94%
7% C & E 111 rfg 4s
8 1,000. 21%
7 1,000. 24
C Great Western 4a
' 7 %
do rol
81
81%:
20.001). 78
Am W I' s f 7s
1,000. 82
Armour Co 4%a
2 000. 83
A T & S F cvt *"
196"
3.000.
do rcen 4s
6,000.
1,00m.
5 000.
10,000. sSOf.
Atl C L -lst con
66,000.
do uni 41*'S
2.000.
Balt & O leni 6s
4,000. 84*-'
7.000. 84%
85
78SJ
78%
78
77
4s
76
74
V
,000.
9I000,
6.000.
13 0
5,000.
85
85
8444
8-1 ?"-.
2.000. 84*:
2,000.
do rf? 5s
s;
S4%
64%
65
65%
3,000. 55%
4.000. 55%
4,o00. 55%
1,000. 55
1,000. 55%
1.000. 55
& St P gen 4'
8%
78
78%
64%)
65
65%
65
do CVt I '.jH
11.000. ..
23,000...
'J.'ioo. . .
do gold 4s
14,000. .,
do p I 3 ^a
6,000. ..
2,000. ..
do Pitts I, E &
W Va 4s
5.000. 55%
3.000. 56
2.000. 57
do T * C 4s
1.000. 50
1,000. 4 9%
Beth Steel rfg 5s
2,000. 85
do v m 5s
2.000. 83%
Brooklyn Uap T 7s
1 ono.45
Bur C R & N 5a
3.000. 85%
Cen of Gn. Ry 6s
5.000. 90**
Cen Pacific ^rtd 4s
10 000. 72%
5 000 . ... 72%
?i.oor.. 72%
Cen R R * Banking
Co of Ca 5a
1.000. 80
Cen R R ot N J Rs
1,000. 99
Ches K- O eon 5s #
:: oon.?>0
liOOO. 90%
5,1'00
1,000. ..
1.000.. .
do cvt 4 %a
2,000. 71%
1,000. 71%
1,000. 71
1,000. 72
do rfg 4%e
10.000. 59%
12,000. 59%
267.000. 69%
5,000. 59%
9,000. 69%
10,000. 60
12,000. 59%
9,000. 59%
32.000. 00
do gen -ts ser A
4.000. 67
do 3%s
3.000. 72
6.000. 71%
4,000. 71 ',
do 5s C & Mo R div
1,000. 93%
I do c 4s M & P Kd
1,000. 61
:C R I & P pen 4b
;'>".,
65
65 14
65%
65Vi
1.000.
do rfc 4s
7,oon.
2.000.
26 000
1,000.
83%'Chleapro t'n Station
83% 4%a ser A
2.000.78%
0 & Wesl Ind 4b
8 000. 58
Chile Copper 7s
7,000.105
Ki.OOO.102%
2.000.103
do6s
1,000. 79%
1.000. 80
C C C * St L gen 5?
2,000. 84
do 4 %s
2,000.76
do p-on 4s
1.000. 67
Cleveland S I, 4%?
6.000. 86
Col & So lst 4s
20.000.83
2.000.s30f. 81
do 4U?
10,000.71%
1.000_,. 71
Colum G & E 5s
stamped
1.000.81
4 000.82
Comp-Tah-R 6s
2.000. 83
25 000 .... 90 " iCon Gas tem 7s
do rfg 5s 5.000.101
2 000 ... 83% I 5.000.100'4
de cvt 5s l."00.100 4
4 000 . 80%] 1.000.101
pi 000 80% 6,000.100
75*<>
9,000. 80
do jren 4%s
9 000. 75*
2.000. 77
do cvt 4%fl
3.000.
10 000. 75
19 000. .... 75%
1.000.76
do R * A fliv lst 4s
10 000. 71%
A Al'on SVs
3.ono. 34
00.10114
Den & R G imp 5s
5.000. 67
do eon 4s
5.000. 62%
14.000. 63
do rfir 5s
2.000. 41%
10.000.830f. 40%
274.OO0.s30f. 39
15.000. 42%
2.000.s30f. 89%
10 000. 41%
inooo. 88%|Detrolt Edison ool 5s
6 000. 84 1 1933
B * O Ken 4s 3.000...... 98%
1 000 ... 77 Detrolt Rlv T 4%s
do Nebraska 4s ' 2,000.75
15,0?.&9%l |,000.fift
ond Market
Datroit Riv T 4%s
1,000. 75
Hi T V A G con 6s |
? , 8.000.86%
Erie 1st con 7a
1.000. J?3
do prior lien 4?
4.000. 54%
do ffen llen 4s
9.000. 44%'Pao Gas & Coke of
10,000. 45
1,000. 44%
do cvt 4s aer A
10,000. 89%
3.000. 41
do cvt 4b aer B
3,000_ 40
do cvt 4a aer D
10.000. 40
2.000. 41%
5.000. 48
5,000... .
Fla Enat 0 4%a
o.ono......
Gen Elec deb 5s
2.000
Chieatro 6s
2,000.67
Peoris & E lat 4a
1,000.51%
do ine 4a
1.000. 27
10,000. 26
1.000. 26%
1,000. 26%
1,000. 2G
2.000. 26%
4 2%'Pere Marquotte Bh
1,000. 8R
77 % do 4s
I 4,000.67%
. . 88 (Prov See Co 4s
Great Northorn 4%s ! 8 000 . "2%
4.000. 83% Pub Ser of N .1 5a
2.000. 84 1,000.62%
C. Hay & W deb B 4,000. G2
ex mtrrest Readinp: ren 4a
2,000.10% 2,000 .78%
Havnna Elec 5s " R!o G W eol 4a
2.000. 85 % ,1.000. 50%.
Hud * M rfft 5s 2,000. 60%
20,000. 66% R I Ark A L 4%s
1.000. 57 | 1,000. 02%
do inc 5a 'St T. Ir Mt ft S 4s
10.000. 1G ; Riv A Gulf div
111 Central 5%S 3.000. 0S
1.000. 02 jSt L A S F gen 5a
do 4s 1953 I 3,000. 92K
1.000. 66% do 4a ser A
10,000. fi7 i
3,000. 70 ;
lllinois Steel 4%s
5.000. 80%
Interbnro-Met <U?
10.U00..18%
24.000. 18%
do ctfs of deposit
5,000. IS I
Interboro R T rfg 5a I
16,000. 53
10.000. 53^,1
14,000. 63
Iowa Central 4a
1.000.42 I
Kansaa City So 5a I
8,000. 70 I
8,000. 70%!
5,000. 70%
Lake Shore la 1928 ,
1,000. 84%
do 4s 1931
10,000. 82%
Lehijrh Yalley 63
6,000. 99%
do con 4%s
1,000. 79U
I. A Jeff Brldpe 4s
5.000..... . 64 i
L A N .-so Ry joint 4a
10,000. 04*4
Manhattan Rv 43
1.000. 66%
Mich Central deb 4s '
5,000.77% |
1,000. 78
do 4a 1940
2.000. 77
Mirh State T :">a
1,000. S6
Mldvale Steel 5a
6 000. '.'0
Minn &? St L rfg 5a
5.000. 47"
do 4 .-.
5,000. 42
M K A T 1st 4s
2.1100. 58
do 2d 4s
5.000. 32
5,000,s60f. 29
do s f 4%a ctfs of
deposit
5,000.
l.'iOO.
Mo Paciflo :>? 196f
1,000. St
do uen 4s
3,000. 57
12,000. .".7
1.000. 57
00
4S%
48%
48%
?18
?17 <??
20
25%
15.011_
24.000...
3.050_
36,000_
St L Swn Term 5s
2.1.0!!. :,r,-i;t
do con 4s
5.000. R3%
5.000. 54%
5.000. 54
Seaboarrl A L rfjr 4a
4,000. 47%
6,000.
1,000.
do sd> 6a
1,000. 40
10.000. 40%
1,000. 41
7,000. . . .? . 4 0
."..O110. 41
So Bell T i T 3a
1.000. 8;:-%
So Pacific e\-t 5s
4,000.inn
15,000.mi P-.
1.000.10 1
2,000.100%
do cvt Is
6.000. 78a$
24,000. 78%
IS 000.s30f. 78
I.OOli .... 79%
00i
\u
11 000_
19,000_
Mobilc A O nc
10.000_
do fren 1s
5,000.
do le
58
L A C div
1.000. 69%
Morris & Essex 3%s
4.000. 70
National Tube 5a
1,000. 91%
Orl Term 4s
Naw
2.000. .
1,000.
1,000.
N Ori T & Mex
5,000.
6,000
62
61%
62
15%;
0 o '/2
K Y Central deb 0*
1.000.93
3,000. .
9,000. .
3,000. .
4,000. .
1,000. .
1,000. .
do 4s 1934
2,000. .
1,000. 76
do con 4b
10.000. 67%
do rfg 3%b
9,000. 6?%
2,000. 66
9,000. 66%
1,000. G6%
do I. S 3%s
2.000. 59%
do M C 8%s
1 000. 57
NYGELH&PSs
1,000. 78
N Y N II A H 6s
3,000.
2.000.
N Y Tel deb 6s
do rfK 4a
12.000. 76
8.000. 76%
1,000. 7534
1,000. 7.-.",
5.000. ;:;'._.
do coi 4s
10.000. 68%
do Snn F Term 4s
t.000. 73%
Soutbem Rv 5s
S 000 Si:t
12.000. 84%
do 4a
1'1.000. . . , 5J3?
1,000. 5SU.
1.000. rs%
1.000. r.sr.;,
1.000. 58^;
1.000. 58^
L'o.ooo.giof 5gi:,
T ft R A cf St L ' .
5.000. 69
Texas Co cvt 6s
2,000 100%
n'.'' = : 3.000. ... 100%
92% Third Av adj 5b
92% 2.000 .. , 2S1-'
92%!Tol St'l. AW'4s~
?'?-~K t ftoo. .\r,
92%|Unlon n*iclflc 6s
1 000.101%
do 1?t 4s
H nno.8i5f. 82%
do cvt. 4 a
20 oon si;
6,000..'.;;; 85%
do rf~ 4s
R 000. 75 U,
3 oon " " 73
Un Pd of S F 4a
ctfs f,f deposit
20 000 05
V S Real*y'&'i'5a
1,000.
1.00".
42 000
U R R.-i.l.er 5s
76
74 I 3.000
74% j 5.000.
U S St* -1 a f 5a
R4V?
84
T.nori.
7,000...;.; 9fi%
p.s 000 .... on
3.000. 95"^
2.000. OK".
1.000. . ; . 96%
TJtah Power A I. 5a
1.000. 81%
Va-Car Chemical 6s
5.000. 99
do 6s
1.000. 94S4
1 000. 94U
0,000. 94**,
2,000. 94%
do 4%s
2,000. 79
N Y ftys rfK 4b
1.000. 28%
N Y W A Bn 4%a
1.000. 43
1.000. 44
Norfolk & W cvt 6a
15.000.._101
15.000.101%
6,000.101%
10.000.101%iVInrinian Ry 5a
5,000.101% f.OOO. 8*
2.000.101% 1.000. 83
do 0s New Riv div IVa A Swn con 5s
1,000.108 5.000 . 68
Nor Pacific 4s 'Waba-h 1st 5s
13 000. 75 [ 8 000. 88U
17,000. 75% West FWtric 5s
do3s 6 0O(i. 96%
10,000. 54 West Mni-vland 4s
1 000. 63%| 16,000. R2
Ore A Cal 1st 5s 13 000. f.2%
4.000. 01%,West Pnelfic 5a
Ore Rv A Nav 4a 1 000. 81 %
2,000. 75% 1.000. 81%
Ore Short Line 4a West Shore 4s
5 000. 81%: 2,000. 71%
Ore W R R A N 4s ^Wilson Co 1st 6s
1.000. 68% 4.000. PG
Pacific C A E 6s : do cvt 6s
4,000. 78%; 8,000. 92
U. S. Sugar ExportB Increased
1,000,000,000 Lbe. Last Year
WASHINGTON, Feb. 24.?Although
there were general complaints of n
sugar shortage in this country last
year, exports of the commooity during
that time exceeded those of the year
before bv more than one billion pounda,
according to Department of Commerco
recorda. Exports reached a total of
1,475.407,67S pounds, cempared with
407,296,324 pounds the year before.
One explanation of the increase ad?
vanced by trade experts of the depart
I ment is that England sent much cane
to the United States to be refined and
I reshipped. Exports to that country,
: however, were only 425,170,564 pounds,
j whereas France imported 627,682,116
1 pounds, or nearly half of the total,
I Italy took the third larjjest quantitv,
158,931,947 pounds.
Relaxation of restrictions on ship
> ments by the Allied countries after the
j war is believed here to be largely re
: sponsible for the increased exports.
> .
Liggett & Mvers Tobacro
Profits Fall Off in 1919
Net protitB of the Liggett & Myers
Tobaeco Company for the year ended
? December 31, 1919, were $8,917,231;, n
! falling off from the preceding year of
; tl, 1312,989. /.fter interest and* other
deductions were taken care of balance
of $5,929,036 was equivalent, after $1,
: 575,980 in preferred dividends, to $20.25
] a share, $100 par, earned on the $21,
[496,400 common stock, against $8,154
; 007, or $30.60 a share in 1918. Com
j mon dividend disbursements aggre
i gated $3,439,424, leaving a $918,632 sur
I pln?. Previous balance of $18.8B9,393
| waa added to that amount, makin'g a
$19,763,025 total. No mention ia made
l in tho report of Federal taxes.
Republic Steel
Failed to Eam
Dividend in 1919
Dedining. Prices, Labor
Troubleg and Transporla
tion Shortage Cut Into
Profits, Stockholders Told
The> Republic Iron and Steel Com?
pany ln 1919 failed to eam Its common
dividend by $1,241,491, and the com
pany'fl surplus waa drawn upon to that
cxtent to make up the full distribution
of $1,632,687. In 1918 the comnany
earned a surplus after preferred divi
dends of $7,791,934, equal to $22.22 a
share on the junior stock issue, com?
pared with only $1.43 a share earned
last year.
John A. Topplng, president, ln the
annual report issued late yesterday, ex?
plained that the sharp drop in earning
power in 1919 was due to the following
factors:
The business uncertainty and period
of declining pricea imniodiately follow?
ing the sipning of the armistice.
Operations adversely nffected by la?
bor inefficiency, lack of transportation
and by a series of strikes affecting
both the mills and the mines. which
all contributcd to rising costs of pro
duction.
Output Subnormal
"As a result of these conditions," Mr.
Tepping stated, "a subnormal output
for the year ended December 81, 1919,
followed, the decline in production be?
ing emphasized during the strike period
of tho fourth quarter of the year, whilo
the average production for the year for
all iron and steel products was about
30 per cent less than the preeeding
year."
Mr. Topping informed tho company's
stockholders that, althnugh the not
earnings for 1919 were not sufficient to
satisfy the dividend requirements of
both the preferred and common stocks,
tho directors were of tho oplnion that
accumulated profits warranted a contin
I untion of dividend r^tea authorized,
i ".particularly as an early return to
normal operations and profits was pro
? spective and hns since been realizcd."
He said that tho. company's net work
! in?r balarce at the end of the year
! stood at $23,610,604.
Tho gross volume of business trans
acted by the company lapf year was
$45,872,844, compared with $75,224,110
in 1918 and $78,825,461 in 1917, the rec?
ord your. Th- profits for 1910 were
$5,031,837, from which were deducted
$1,381,220 for depreciation and renew
ii!-. $460,906 for exhaustion of minerals
and $315,112 for excess profits tax and
other (:onti!'.c:r'ticies. In 1918 the com?
pany pairl out $5,680.759 in taxes and
in 1917 $9,878,657. The profit and loss
surplus at the end of the year amount
cd to $33,880,972.
The effect to which output last year
was curtailed by the steel strike and
later by the coal Btrike was disclosed
in the flgures nhowing tho production
of pig iron, which amounted to only
791.507 tons, compared with 1,030,411
tons in 1918 ar.d 1,062,657 tons in 1917,
For the year ended December 31 the
output of finished and semi-finished
products was 702,040 net tons, against
1,024,827 tons the preeeding year and
1,109,829 in 1717.
ln commenting on tho wages paid the
company's employees Mr. Topping said
that present rates were up about 135
per cent, compared with pre-war rates,
whereas the cost of living was esti?
mated not to exceed 82 per cent above
the pre-war costs. The average number
of men employed last year was 11,784,
with a total expended for labor of $21,
406,605. In 1918 $23,747,260 was paid
out to an average of 114,668 employees.
The average earnings a worker last
year were $1,822, compared with $1,017
in 1918.
Unfllled orders of finished and semi
finished steel products on the books of
i the company on December 31 totaletl
I 389,524 tons, compared with 143,38?
I tons on December 31, 1918, and 318,324
! on December 31, 1917.
Lorillanrt jlncome Falls
Cosnpany Earns $17.31 a Share
on Common Stock in 1919
For the year ended December 31,
1919, the P, Lorillard Company, manu?
facturers of ciparettes nnd tobaccos,
i reports net income after Federal taxes.
of $6,242,250, which compares with $9,
202,825 in the preeeding year. From
that amount bond interest of $1,250,
615 was deducted, leaving a $4,991,844
balance, compared with $5,640,145 in
1918.
Hoblers of the preferred stock shared
$.701,532 in dividends, the same amount
paid in the year before. Balance was
equlvalent to $17.81 a share earned on
the $24,246,600 common stock, against
$10.99 a share earned on the $24,246,
100 common stock in the precedinR
year. Common dividend disbursements
aggregated $2,909,586, compared with
$2,454,021 in 1918. After bond prem
iums of $11,467 had been paid, surplus
was $1,272,250. Previous balance of
! $7,164,877 was added to that amount,
bringing the total to $8,444,136.
-?--.., -
Manufacturers Light Gross
Earnings Increased in 1919
The Manufacturers Light and Heat
Company and affiliated companies re?
port for the year ended December ."1
last gross earnings of $10,987,539,
against $9,693,573 in the preeeding
; year. Oporating cxpenses and taxes
' aggregated $7,050,545, leaving $3,936,
j 994 net Other income of $90,313 was
I added to that amount, bringing the
total to $4,027,307, which compares
wilh $3,591,198 in 1918. After interest
of $45,931 and profit and loss debits of
$198,791, balance availahle for divi?
dends was $3,782,585. Dividend pay?
ments of $2,300,000 were made during
the year, compared with $1,840,000 in
the year before. Reserve for depre?
ciation and depletion totaled $1,221,914,
after which a surplus of $260,071 re?
mained.
Buyers Determined to Break
Women's Apparel Market
Buyers for retail establishments
throughout tho country are more de
termined than cver to "break" the
women's apparel market this spring,
Resident buying offices are sending out
letters to their clients advising them
to purchase spring apparel for women
as lightly as possible. Buyers in the
market are asking manufacturers for
reductiona in prices, and, in tho cases
of the smaller manufacturers or job
bers, are succeeding to some extent,
The larger manufacturers and jobbers,
however, are holding their ground. So
far they have not shaded prices and
assert that they will not be stampeded
into doing so.
? ?~
Loosei-Wiles Biscuit Surplus
For the year ended December 81.
1919, the Loose-Wiles Biscuit Com?
pany reports a surplus, after Federal
taxes, of $2,136,569, against $1,053,222
in 1918.
ln his report to stockholders Presi?
dent Hupp said: l,Since the floating
debt has been reduced to a conserva
tive amount conditions are quite favor?
able to consider the payment of back
dividends on the second preferrec
stock, and directors believe that the
company will be in a position to dis
charge accumulated dividends for 191f
and 1916 before or by the end of the
currcnt year, the initial payment to be
i made about May L" *
Investment
lnformation
if,$?.lBUon* t'\?eneral intereat fo
tnticsiors will be annwered in this
C.H!nmJ1' in yfcl"ei fttB0 onlV initials
mil be uaed. Others will be an
iwered by matl. Addreae all in
ffutner incloeing a stamped, ad
?re?ged envelope to Financial Editor.
Ihe Tribune, 1SU Naasau Strnt. Nrw
York City.
Not Evenly Matchcd Pair
Question?Please lot me know what you
consider the proapecUi are for Haakell-Barker
;Xe-NPT:wal3? B?0th FiShe?i,!8' 8nd
Answer?If the expected demand for
! railroad ec|tiipmcnt materializes Has
1 kell and Burker Car Company should
enjoy even greater prosperity than it
has enjoyed rect,ntly. The company
; earned for the year ended January 31.
I 1919, $17.90 a share on the 220,000
; shares of capital. Booth Fisheries earn?
ings have not been very good of late.
Ihe government control of tho indus?
try iB said to have hurt the company
considerably. The outlook is said to be
better, but tho common stock is a pur?
1 spcculation at present.
Shows Operating Deficit
Question?Please tell me what is the pres?
ent condition. etc, of the Alaaka Gold
Mines. Uas thia siock any real value, or is
it simply a hole in the ground??H. E. G.
I Answer? As gold has been the only
metal which did not enjoy an advance
j in price during the war period, and as I
gold mining companies were forced to ?
i pay the advanced rates for operation, a
j good many gold mines have not been
prosporous in the last two or three
I years. Alaska Gold has reported oper?
ating deflcits for some tinvo past. Per
haps the stock wili some day raspond
to an openating profit, but that day
! does not seem very near at hand.
Not Good Investment List
Question?1 have to make considerable In
' veatmentM withln the next aix weeks and I
would greatly appreciate your advire. I
think very well of Canadian Pacific and of
| Union Pacific, and they are selling at low
prices at present. Do you consider them
ennally rellable, and, if not, which would
you advlae? Midvale Steel ia very iow in
price now, bul would you advlae it aa likely
to recover in dividend and market value?
: American Beot Sugar also mnv be desirable
: Oo you regard it o at present price and aa
likely to advance'. - G, D
; Answer- We do nof consider any oi"
the stocks you mention good invest
ments. Their present dividends are noi
assured by any means. The yields are
high, up be sure, and the stocks are at
tractive, perhnps, on that account. Both
Canadian and American railroads are
entering a new phase of operation. II
remains to be s<.'cn how they will [are.
Midvale Steel'a earnings are not much
in excess of dividends, while American
Bect Sugar did not earn the full 8 per
: cent last year. if you s I invesl
: ment do not look for such high yields,
i but bt satis fied ?ith v- hal good, aea
? soned preforred ?" >cks ofl i r.
E. W. Bliss?Crex Carpet
! Question- Will <.,? ,- i indly give me what
infon mtion you can abi ul the E. VV. Blias
! l ompany S i er cenl t i ferrt ' ;toi k, $50
par valuej Dn y consider thi ;? safe in?
vestment? / ? iur op nion on Crea Car?
pet stock for liiveati nt. VV. E. M.
Answer- The 8 per cent preferred
stock of the E VV. Bliss Company is
ontitled, on account of the large earn?
ings of the corporation, to a irood in
i vestment rating. The stock is not list
I ed, and thi? somewhat ntfects its mar
ketability. We should not class Crex
Carpet stock as a good investment.
Dividends are paid at the rate of G per
; cent, while earninps for the last two
years have averaged only sllghtly over
? 8 per cent.
IIu Pont De!)cnture.?
Question Can you please inform me
' whether an investment in du Pont debenturea
I is considered too speculative, and, holding
I some, what. would be the logical fhin^ to do
, with them? Can you give me the present
market; quotation on this stock? Would it
be well to convert them into a more con
servative investment at t'oe same Quotation?
1 hold Northern Pacific ! per cent, Inter
borough Rapid Transit B per cent, Erie
prior lien 4 per cent, Union Pacific 4 per
cent. Would like to know whether it i;
; worth. while, or permissible, to diapose of
j them at their present market value, i hav
I inj: purchased some in 1898 and being taxed
i at their high ratings, which is a double loss.
! After selling them, could l purc.hase then.
I at their present quotations? If it were ille
gal i ccrtainly would not do it. What per
ntnge doea t'ne broker receive for seliing a
000 bond or stock??P. W.
Answer The earnings of the du Pont
company are. large enough to entitle
the 6 per cent debenture stock to a
good rutinf.-. Th" stock is at present
quoted 88 bid, offered at 92. While
you could increase your income by dis
posing ot' it and purchasing other se
curities, it would appenr that you have.
a rather good investment ns it is. The
bonds you hold are so low in price that
it doGs not. seem wise to sell them at
present. You could. however, dispose
of them and rcpurchase them later,
figuring your loss to be npplied on
your 1920 income tax return. The
usual commission on a $1,000 bond is
| $1.25. On stocks the commission is at
j the rate of $7.50 per 100 shares on
j stocks under $10, $15 per 100 sharcj;
between $10 and $125, and $20 per 100
shares on stocks over ?125.
renl
! $1.0
Stock Not Yet Received
Question- 1 bought n\\i\ paid for some stock
of the Farmers Oil and Refining Company
und have noi yet received the stock. Can
you give nic any encouragernent??E. H. S.
Answer?Not knowing under what
| conditions you bought tho stock or
from whom it was purchased, we can
j not be of much assistance to you. Be
l more explicit.
Mnltimoro Tube Company
Question?Will you pleaes give me some
informatlon on the Baltimore Tube Com
I pany of Baltimore? 1 am th- owner of
forty shares <? i preferred purchased at r.n
average rr:e< of $90, part of which is now
! up ns collateral to cover purchase of forty
shares of common at $100, Up'until Oc
! tober they paid i per cent on common, but
' dividend haa been passed and stock waa la I
1 quoted at $59 (common). Would you con?
sider it a safe Investment to purchase more
of the common, taking into eonsideration
their prospects for the future, and not ex
peeting to realize immediately on the in?
vestment??J. w. w.
Answer?When the Baltimore Tube
Company issues its report covering
operatiottii for 1919 the reasons for
' passing the dividends on the common
?? : stock will probably be revealed. The
1 i fact that the dividend was passed. it
| seems to us, is Sufficient evidence that
' the common stock is not a safe invest
j rnent, but merely a speculation.
Could Be Worse Off
' ! Question?I <rw!1 stocks in Standard Oil of
' ; New York Midwest Refining Company and
? AnKlo-American Oil. Have been advised to
. ! f,cn game on account of money market. Do
l vou 'look for B further drop in prices in
' such Stocks as above'. -C. E.
Answer?While there is no denying
: the Bneculative character of the stocks
, I vou QWn, and we would not make any
attempt to forecast the future of the
stock market. you at least should de
I _jve some satisfaction in knowing that
each of the companies named is a good
? rarner and paying dividends. Author
. .ticg state that the outlook for the oil
? industry is bright.
Four full columns of in>
vestment question* and an*
stcers are published in The
Tribune every Sunday.
Prices Weaken
On Professional
Sales 011 Curb
International Petroleum Re
acts After Announccment
of New Stock Issue; Rus?
sian Bonds at New High
Most of the stocks on the curb made
heavy going of it yesterday. Pressure
from the professional bears increased
as the day advanced and caused gen?
eral weakness in the afternoon. In the
main the trend in the outside market
followed that on the big board.
One of tho features of the curb was
International Petroleum, which reacted
after eurly strength. It sold as high
as 64 and closed at 63. Announcemem
was made that. the directors have
voted to issue 1,353,401 shares of com?
mon stock at $5 a share. The new
stock is to be issued on a basis of
sharo for share for the outstanding
preferred and common. This company
is controlled by the Imperial Oil
(Limited), of Canada, a Standard Oil
concern, and recently acquircd control
of the Tropical Oil Company, a Ccrtom
bian operating corporation. The plan
to issue new stock has been under con
sideration for several weeks.
The Homer oils were weak on the
hieak with Simms, reacting to 33%.
Texas Company when issued sold from
?10 to 46. Prospects that th'e Presi?
dent. will s:cn the oil leasing bill
within the next twenty-four hours ac
counted for the firmness disp'ayed by
Boston and Wyoming Oil. Salt Creek
Products yielded about a point.
General Motors, new stock. broke to
its recent low of 2-1 Vi, after selling at
27 around midday. Applicat.ion has
been made to i'tst this new stock on |
the exchange.
In the bond department the Russian
i external 5%'s and 6%s attracted at?
tention by rising several points to 32,
a new high price for tho movement.
Industrials
Sale?. Open. Hteh. L?rw. Last.
3400 *Acme Coal... 2 2% 2 2%
I00*Aetna F.xplos, 8 8 ??
lfid -Allied Pk Inc. 25 25 j-o . 2o
(.""? Aiumm Mfg.. 29% 3" 29J 29%
300AmCandy. 8% 8;* 8% ,?%
2500 Arr, Saf Razor. 11 11% 10% Jl
2000 Arinour Leatb... 15% 15% 1 ?_*. L5%
100 Austin-Nichols. 24T-a ?4% 2-! ?? H'/s
300 *Brit-Am Chem 8 8 8 8
500 *B-ATobrgrts 19% 19% '^' ^"'
Ifi ' ?Car I.t & Pwr "". " -. "?' ' ?? '??? |
?:... *Gen Asphalt.. 86 8' 82% 82%
L0O0O *Gen Mo wi-20% -?'? '-'" * -''"*
\:. *Goldwyn Plct. 21 28 26% 21
1.Grape-Ola. 1% '???'? 1% '3s
1 100 do pt .
Hydrau ie Stl, 32 ::. 32 ?'?
lj iai Packing 14^ 1 ? '/i 13 13%
? '? ay Co Gas. . ' 7< ; '?> ' s '- '.?
? ing ton pf.. 8 9 8 9
I 1 1 ' [jocomob n v\ I. 2" 22 2 21
2500 Vlarconi of Am. 5 t 5 .-',
29 " No Aro P & P. Ii '; ?'? %
10 10 (i -pl mra Circ. 31% :'.: 'k 30% 80%
: ? ? Perfectl >n Tire 1% \% >?'-. '' ?
100 Press T ot R. . 2% 2% 2% 2%
I . ' Radio Co wi.. 2% :: :-. 2% '- 1
1700 *do pf. ?-'.' ? 2% 2Vs 2%
12 i0 Mi in ?- Mo. .. 32' . 33% 30% :ir''.
: 4500 *Republic Ruh I ', 5 4% 4%
! 400 *Root & Vand. 41 ?'.1' i ?;i 46%
i ' ? Sn ) nai ine Boat : ?' ? 13% 13 13
R00 +1 . li .:'.. roi I ? ???: 33% 32 33
, 1400 *Un Pict Prod. 11 Vb 12% 11% '" 1
"nii Profit Sh . % '4 '?' \
3000 !' I' St Candy. 15V'a ^'>'z 14% 10
3000 I S Sti amship 3 .". :'7*
500 *!' S 1 ran port 10 10 10 1"
41 0 *V Vivaud Inc. 1 I 19% 19 19' .
300 *Warren Bros.. 63 63 00 61
2500 Wayne Coal. . . 3% I 3% 1
100 VV Roek Water 6 6 0 <>
100 William Davies. 41% 41'j 4L% 41%
Standard Oils
^ales. Open. High. Low. Last.
,? 20 *Prairie P I,ine ? 235 232 232
80 *Std Oil Cal... -- 313 310 313
rO 'Std Oil N Y.. ? 400 393 393
10 "Vacuum Oil... ? 385 385 285
Other Oils
Sal is. Open. High. Low. Last.
1500 "Allinnce O&R. 15% 16 ? 14 lf.
5000 * Allied Oil. % U 5i \i
1000 ' \m?!t' Royal. % % % %
6200 rAnna Bell Wyo 68 70 6S 69'
400 *Ark Xat Gas.. 25 25 1:5 25
!. 00 *Atlant:c Pet.. 3 S 3% ?'?'??? "'??
500 Barnsdall Corp. 50% 50% 5-u.. BOV2
700 *Bell Pet. 1 1% 1 1 '4
3600 *Boone Oil. '!nv 1% 4VA r
. Boston-Wyo.. 1 -rV 1 ft i1, i ',
8 ' Burknett V C. 1 :;8 1% 1 -g 1-;s
1 . 'Carib Synd... 3:: 3:;:i.t 30V& 30%
2.Circlc Oil. 4% -l1- 4% 1: .
2200 *Cities Serv BT 40 40 39 " 39
9200 *Columbia Em. 12 12% 11% 12'4
2. *Cosden & Co.. 8^4 8% s;4 8U
1 ? 1 "Duquesne Oil. 7 71.4 6% 6U
1000 *Elk Basin Pet 8% 8% S';^ 8%
:: II Engineera Pet.. 1 % 1% 1 ?-. 1%
3(1.'Ertel Oil. 1% 1% 1% 1%
--.Esmeral O&G. m % 14 ti
2000 *Federal Oil, .. 4% l' t -1 4',
200 ?Gilliland' Oil.. 39 40 30 39
1200 *Glenrock Oil.. ::! -. :i :'-s 3 '.t 3%
800 *GufT?y-Gillesp 27% 27:i- 27%
100 ?Gum Covo Oil. L''* 2% 2 2%
300 U Pet of Den.. 3% 3% 3% 3%
8 ? H O R of Tex. 3 3% 3 3
200 *Hoi iton Oil..100 10n 95 95
2500 'Hudson Oil.,. }| ^ % 7
I ?00 ' Internat Pet.. 61 64 61 ' 63
1000 'Island Oil & T 5% 5% 5% 5%
1500 ?King Pet ('p.. 3% 3% 3V4 3%
2.) Livingston Oil. 1% 1% iu 1%
15000 *Lance Creek.. 60 65 60 " 01'
3000 *Magna Oil... 5 r, 4?>, ira
600 Manhattan OU. 26 26 25 26
700*Merritt Oi'... 18% V> 18% 18%
20 l Met Petroleum. 3% 3% 3% HA;
1200 Mexico Oil. 2% 2% 2 2%
1500*Midwest Ref..l55 155 151 154
900 *Midwest-Texas '-> % U, 1...
1000 '.'rl Pet of Me.. 2% 2% 2% ?>??
1.00 *Pennok Oil... 7% 7% 71". 71..,
500 *Phi!lips Pet.. 39 39% 37V, 375T*
2500 ?Prod & Ref.. 8 X ' l4 7%
160 *Ryan Pet. 3% 1 3% 3^
700 rSalt Crk Pro. 50% 50% 4'u... 49'fcT
800 *Sapulpa Refg. 6 ti 5% 5*1
2.Sequoyah O&R. ,'? V, -> 1.
21 10 ?Skelly Oil.... 11# in,; 10K 10%
12000 *Simma Pet.... 35% ;i:,::. 3:!:\ ":?;:??,
600 So Statea Oons. 1% 1% n 1%
400 Spencer Pct... 19% lyu 19% ,1.1'
1500 Stanton Oil. ... -'.. 1.. 1. ' -
300 Steiner Oil_ 12 " 12 n tj _
31 ? 'Superior Oil.. 14 ] 1 14 14
<;500 'Texas Co wi., 49 4'1 j,; 4,
200Tux& Pac C&O 95 ;?? 94 94
lOOOTex-Rang P&R )u \v. 114 iu
18200 ?Texon O A L. l? l| * s
5 " ni > Oil... %
300 *'J i-opical Oil. . 18%
2300 "Unit Tex Pete 1/,
700 " ^'ictoria Oil. . 1%
?<--' ?Vulcan Oil... 8% 8% sv i ?';
1900 Wayland O&G. 4% 4% 4a! 4JI
.Wheian Oil... 1 1 ' '8 2
3000 *W Eagle O&R 20% 22 20^ -A
4000 'White Oil.... 28% 28V, 27? ?
500 *Woodburn Oil. 6% 6'A fiu fiiz
1800 ?"Y" Oi! & Gas A ?l ? >
h ""' '.'8
Mining
00 ?America Min. 1 i 11
^Atlanta .... 2% 2% 2% 21
1 -Belcher Diapi 16 16 15 ifi
"tBelcher E(ap) 16 16 1", ifi
1 ' ! '?'- Le.dge ... i A J- J!
'! n Maska .. 72 76 7" 7.'T<r
Booth . 5U ? ; ' ,'?
2001 fBost & Mont. 69 6:1 br " 6'i
'fCaledonia .. 35 36 35 36
500 Canada Copper IA 1'..; }JL "jl
1800 'Candelaria Sil % ??? U ?
Cashboy _ 8 R 7I4 8 l
Cons Vir Silv. 5% B% -.1" 5:
20 ' 1 esson Com G 1% 2 " 1% "
1500 *De Beer Con M 41% 4l'.i 40 4tjv,
3500 'Divide Exteri. 1B ){ :.. 13
500 El Sa vador .Sil 3 3% 3 3"
2000*Eureka Cr M. 1% l'i 1% 1^
200 *fEureka Holly ^ ^ 4| ij
2350 "i-'ortv-rune Min 1% 1% 1% l1,
2700 ?fGold /.one D 3" 32 30' 32
2500 ?Golden Gate.. 1% 1% 1 1%
2300 "tGoldfield Cons 13 13 12 1^
4500 'tGoldfield Dev 1" 13% 13 13%
, 2700 *tGoldfield Mer 3% 8% 3% 31-".
1500 *tGreat Bend.. 3 3 2 8
720 Heela Mining. 4 A, 4% 4A 4%
1800 *Howe Sound.. 4% 4% 4 4^
20fi *Iron Blossom. ;;s :rg % &i
8000 ?tJba Butler.. 25 25 24 25
2500 Wumbo Exten. 6 7 6 7
1500 ?tKewanas ... 3% 4 3% 4
2300'fKnox Divide. 8% 8% 8' 8'
300 La Roso Ltd... u % A !-J
2000 Louisinna Cons. ?'?* ?,v % rfc
10000 "McNam Cr M % ft % A
3000 *tMacNaro Min S r'8 % r?8
, 2000 *tMarah Min.. 21 21 20' 20
300Maaon Valley.. 2^ 2% 2% 2%
: 2500 ?'.McKinley-Dar. 62 " 62 60 62
800 Mur-M M Ltd.. 75 75 75 75
700Nipi?sing Min..-10% 11 10% 11
1000 rNixon Nevada 14, 14 14 14
700 Ophir Silver M 1% 1% 1% 1%
i 1300 Prince Cou.... \\ % la %
6800 Roper-Group M % % X 1?
1 700 'Silver D Min. A i? A A
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
London Paris
Foreign Exchange
Administrator Guardian
Member Pederal Reserve System and New York Clearing Hoase
^?fllllllllllllltllilllllllllllllilllilftlllllflllllllllllllllllllllltlilllllilllllllflliatlllttllfIH^r
| Security counts in a Bond 1
1 51/2% Guaranteed ?
| First Mortgage Certificates |
E Free from personal taxation. El
E On first mortgage of improved New York City E
E realty. Secured by (I ) the property itself; (2) the
E bond of the borrower; (3) the absolule guarar.tee of
E the New York Titie and Mortgage Co.
~ Can be had in amounts of $100 and up. Legal in
E vestments for Trust Funds.
E Send for Booklet 3-E
1 New York Title & Mortgage Co.
E ?in Manhattan 135 Broadway 'Phone 9560 Rector
E?in Brooklyn 203 Montague St, 'Phone 7100 Main
E ?in Jamaica 375 Fulton St. 'Phone 316 Jamaica E
1 American Trust Co., Depository
E Broadway at Cedar Street, New York City.
~< h n 11131 h n 11! n i f 1111; f:! 11 n 1111 i! f 111 i i ] u ^ s * 111 ? n i n m 1111! i i 1111 f i s i n 1111 f: f 11111 s 111111 f ni
FRANCE
Before the World War
Belore ihe World War one in every three inhabitants
of France was a bank depositor. At ihe same time one in
every ten of ihe population of the United States had a
bank account.
In 1913 France was a leading creditor nation, and
although the war has altered that position for the time
being. the frugal habits of its people will aid materially in
approximating, if not cntirely re-establishing, its former
financial status.
Exchange now is against France, so that its govern?
ment bonds can be purchased by Amencan investors at a
considerable discount, the franc being quoted at less than
half its pre-war value. With the reiurn of French Ex?
change to par an attractive profit would resuit.
,' or particulars send for Circular No. H-63.
Now in our new quarters. with more
room?more convenient of access
One Hundred Fifteen
Emrances on Cedar and Church
Streets.
CHARLES WESLEY & COMPANY
Carretpondente of
Hollister,White& Co.
ikcoroosate;
Investment Securities
Telephones: Cedar & Church Streets
Rector 3901-2-3-4-3 New Vork
BOSTON. PIITI>ADELPHIA. NEWARK. SPRINGFIELD. PROVIDErNCB
Sales. Open. High. Low. Last.
4500 Silver K Ariz.. <? % ij %
? 50 I ' rSilv Kin>* D. 5 5 6 5
3: 50 i *tSilver Pick. . 22 23 15 11
l .--and Si! Lead. ?', -", A
?"l"" 'tStewart. 1h 18 IS 18
Success Min. 6 ?'-:.
??? ' Sutherland D. 5 B "* 5 " 6
25 i Tono Bt Im int. 3 3 :: .
2250 'Tono Divide . 2A 2% 2% 2A
31 I Tono Extension 2% 2% 2% 2A
1250 United Eastern :'~>, A 3% 4
?' 0 M'tah Revenue. 1% 1% ' , 1%
fU s Cont '??!. : ?? 9 9
1 Inity Gold M.. s S 8 8
2700 *fVict D iap' . 13 13 1 | ?
900 ? Wash G Qtz. . 98 100 98 100
50 '\V End Con.-.. i [J 2 1.1 2
2500 -W Caps Min. 11% 12 1> 12
200*WhIte Knob pf 3% 1U j' w
2300 WUbert Mining 5% 8 5$ .;
Bonds
Sales (000 omittedi. Open. High. Low. I.a,t
$30 ?AUied Pack 6s. 78 78 76 76'.,
20?AmT& T 1922. 95% 95% 94% 9444
6 'do 1924 . 95 95 9l\, 94%
12 *Belg Gov 6? 1921 98% 98% 98% 98%
15 "do 6s 1925. . 96% 97 96% 96%
25 *Gen Elec 6s 1940 98% 98% 98% 98%
?1 Gov of Sweden 6s 92 92 91% 91V
3 'Int R T 7s. 65 65 65 " 65
30 *Rus Gov 6%?.. 27% 32 27% 32
50 -do 6%s .,29 32 2:1 " 32
1 "Swiss Gov 5%B, gs 88 87% 87%
?L'niiated. tSella cents per share.
??-?-?_?
Weyinan-Bruton Net Earnings
Equal to $12 Share Common
The Weyman-Bruton Company re?
turned net earnings, after all charges
and Federal taxes, of $1,727,205 in the
year ended December 31, 1C19, equiva
lent, after $328,216 in preferred divi?
dends, to $12 a share. $100 par, earned
: on the $6,623,800 common stock, com-.
pared with $1,487,984, or $21.09 a share
on the $0,520 000 common stock in 1918,,
Holders of the common stock received
, $662,300 in dividend payments, a fa!l
i ing off in disbar*iments of $395,700.
Surplus was 5736.CR9, an increase ot
Vi 259. Previou8 balance of $1,083,
113 was added to that amount, bringn
ing the total to $1,819,802.
?-?
Exports Ip in January
Imports t'or Month Also Show
I.ariie Increase
WASHINGTON', Feb. 24.- Deaptte tha
foreign exchange situation, the trado
balance in favor of the United StatM
increased $267,000,000 in January, fig?
ures made public to-day by the Depart?
ment of Commecce show. Both < x
ports and imports showed an advance,
the value of goods sen* out of tho
country being 5731,000,000 and that o?
those received $474,000,000.
The exports compared with $682,000,
000 in December and $623,000,000 in
January a year a?o. Imports com
pared $381,000,000 in December
and $213,000,000 in January, 1910.
For the seven months of tho fiscal
year bepinning last July 1 exports
totaled $4,504,000,000 and imports $'?,
7Gb,000,000, ieaving a trade balance of
$1,826,000,000. The trade balance for
the corresppnding sc-ven months tbe
year before Vas $J,099,000,000.
Gold importa for the Beven months
period amounted to $38,000,000 as cora
pared with $14,000,000 in 1910. and f\.
borts $319,000,000, against $28,000, 00
last year.
Exports of silver for the same period
amounted to $122,000,000, compared
With 5179,000,000 in the correspondni,.
period the year before.
Gold export.3 for the month of Jan
ary amounted to $47,755,038 and im?
ports to $12,017,661. Silver exports for
the month totaled $24,627,678 and im?
porta $8,8.63,251. "

New-York tribune. [volume], February 25, 1920, Page 13, Image 13
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New-York tribune. [volume], February 25, 1920, Page 13, Image 13
About New-York tribune. [volume] (New York [N.Y.]) 1866-1924