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 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% ' 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 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 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 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.'TADELPHIA. NEWARK. SPRINGFIELD. PROVIDErNCB Sales. Open. High. Low. Last. 4500 Silver K Ariz.. * 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. "