New-York tribune. [volume] (New York [N.Y.]) 1866-1924, February 26, 1920, Image 17

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New-York tribune. [volume], February 26, 1920, Page 17, Image 17
About New-York tribune. [volume] (New York [N.Y.]) 1866-1924

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New-York tribune. [volume] (New York [N.Y.]), 26 Feb. 1920. Chronicling America: Historic American Newspapers. Lib. of Congress. <https://chroniclingamerica.loc.gov/lccn/sn83030214/1920-02-26/ed-1/seq-17/>

Newspaper Page Text

W. F. Ladd & Co.
Investment
Securities
New York
Midwest
Refitting
Company
THE remarkable growth of
this Important oil refining
ei e'^riie. from Its moderato be?
ginning In 1S14 to th? present, is
les rlbed In the current number
of our Market Review.
l.V idea of this rapid develop
*? mrnt is pained from the in
;rrase in net earnings, which
were \n 19H $690.580. and in
1917 $11.S76,SS4. The net earn
?>;j.? for 19IS u'ere practically on
c. oar with tliose of 1917 after
. ?itation of income tax.
HPHIS analysis of Midwest Re
* fining touches upon holdings
- arge interests In producing
companies?Increase In refining
i Ity?strength of commer
posltlon due to assured sdp
; ( rude oil through 20-year
contracts with practically all
important oil producers of
Wyoming?and a three-year
, ::'.:an?.',ri of Income account.
Sent on request for K-497
HUGHES & DIEH ;
Storks?Bond?.?Grain
rPhtla. Stock Exchangt
Member?-* Pitts. Stock cr.char.ge
I Chicago Buardc f Trad?
50 Croad St., New Vork
612-SSb Tel. Broad 5140.,
Fifth Avenue Office
. . Ave Tel. Vande.-bllt 9533
Harlem Office
.???: St Tel. Harlem 5f>? i.
del* :?:;>. 143? Walnut Street
BEim tfO?MJb
nninatl"tia bought for cud
?d on t ht closing we jjy
.i ?."o?il1?'??/? Bond, So Coupons
a S:"0? 2d 4*4*/? Bond. 1 Coupon
:?.(?? ,1 fl ,?,, Hood. I Coupon
i :'"?'?l li ''4'" Bond, 2 Coupon?)
S30?'.ili r;iej Bond, 7 Coupons
URiit & LO?
-t.-,.c,,T SI Pine St., K. ?
I
stment Securities
R.C.Megargel&Co.
J7.Pine Street-NecuY?iK.
I ni ted Drup-Earned $14.88
A Share on Common in 1919
??I Drug Company report;1
or : ye ir ended December ?l las.
ir] after all charges of $4,275,004,
lent to $14.88 a share eai netl 01
. ., compared with $2,
? ,21, :. share in 1918.
N, t sal ? 1919 ?? nountt d to c !"?*.
- ; .. ? ??:.; an with $51,028,
receding year. Op?rai ing
- :: 1,026, i aving $19,
-".- - ? 01 her expenses to
11.(507 agains! $12,657 292
Afl er depreciation
taxes, ? of $1,888,673 and exci ? -
profit s, etc., of $1,000,000, sur
.- I
Stocks Kx liividnid
i Sugar I.el . ?a? ex
.! *
i Tel & Cable .: :,
. ,. Pack .:i . ** . ! ?
n Pacific R . .
i' - i-.varo & Hudson. ,
\latcl
Lod? ... : ?-i & 7 Vi ex
........J
Horn ?'< pi
? .v Httsbui Kh U R. -i
at Mol Trui ?- omp Ipi pi . . 3 hi
"' :? p ' ?? ; : . . . ' '.
? Enarn <v Stami .l1-.
i V*oi K Air Braki .3%
''?;.- rfoll & Western i:..? ?'<
" -??? Arma.' '?? and 5 ? \
? '??' -? . luthern (pacifia . . .I Va
? if-ur Stores ? ?'.1 "?;
S < IP? Pdj pf .Hi
.- Indus! Alcohi : .2
eel i on allai.Hi
Rediscount Rate
On Treasury Bills
Advanced to 5 P. C.
Action of Federal Reserve
Bank Removes Differen?
Hal in Favor of Certifi?
cates of Indebtedness
The Federal Reserve Bank of New
Vor', announced lute yesterday after?
noon an increase in the rates on ad?
vances and rediscounts secured by cer?
tificates Of indebtedness from 4-% per
cent to 5 per cent. This change, which
is the first increase since the general
revision upward on January 22 last,
remove? the differential in favor of
certificates of indebtedness as against
bankers' acceptances.
All other rates of discount remain
unchanged. This announcement, made
nfter the board of directors of the
Reserve Bank had been in session, was
in accordance with the general expecta?
tion in the financial district. It was
explained that the latest raise was
part of the general campaign initiated
by the Federal Reserve Board to relieve
the credit strain and discourage over
expansion. Since the January 22
chedule was announced there had
been a large increase in borrowing?)
against certificates of indebtedness as
a result of the favorable rate.
The commercial paper rate remains
at 6 per cent; that on advances and re?
discounts secured by Liberty bonds and
Victory notes 5Vi per cent and that on
backers' acceptances T> per cent.
Sponsors of the acceptance market
have urged the necessity of putting
bankers' acceptances on as favorable
a basis as certificates of indebtedness
for some time, pointing out that the
differential in favor of certificates was
halting the necessary development of
a discount market in this country.
The increase in the rate announced
yesterday revived reports that the
Treasury Department would put out
new certificates' at 5 per cent. Many
bankers are of the opinion that the
Treasury ought in the future to bor?
row at the prevailing market rate and
not under the market, as in the past,
by means of utilizing the machinery of
the Federal Reserve system.
Call money yesterday opened at 7 per
cent and closed at 15 .per cent. Bor?
rowers bid between S'? and 0 per cent
for time money, and extremely little
was lent.
The Phi|ade!phia Federal Reserve
Bank also'increased the rate on ad?
vances and rediscounts secured by cer?
tificates of indebtedness.
a
Steel Makers Not
Seeking Business
"^Yndencv of Buyer.?? to Hold
Aloof Fails? to Move
Manufacturers
Steel makers as *et show little dis?
position to open their books for for?
ward business despite the tendency
pmonir some consumers to take their
chances in waiting for lower prices.
"The decision of one notable pro?
ducer." says "The Iron Age" this werk.
"to sell for second quarter mav, point
toward the end of price advances, as
thf-se bookings will be made at 4 cents
ror plates, shapes and bars, but the
initiative in all negotiations is still
with the buyer. There are signs that
the bulk of third quarter delivery pur?
chases yet to be made will be done at
higher prices thai: are the average,
possibly ?2 a ton above the war level
of prices."
Among the recent inquiries for equip
m< i." from the railroads is one by
the New York Central for 150 locomo?
tives ami l'6'J.t?O cars of which 10,400
are heav steel, part ?hopper cArs and
pan ;.!1 steel box cars. The bock
'sland is inquiring for 35 locomotives'
and 3-.250 cars, The Union Pacific has
bought H!2 locomotives and the St.
Paul wants 100. The Crea; Northern
has ordered 1 000 i h rs and the Soo
Line 300. The Steel Corporation, it
is stated, has undertaken to furnish
22,000 tons for cai < nstructiou and
repairs.
The Santa Fe and the American Re
frigi rator Trai it Company, according
to "1 he Iron Trade Review," are in?
quiring for 5,000 refrigerator ears, re?
quiring about 21,000 tons of material;
the 1.:inoii- Central is a . .?. ? prices on
1,000 gondolas and the Cuba Railroad o*n
700 cars. Steel orders for car repair-a, in?
cluding 26,000 tons in one lot and 5.500
tons for the Pe in ?.. Ivania Ra ilroa 1,
have bi en placed al Ch ?cago.
Orders or. the bo k? of tin plate manu
fat I ur( r - '?' I'M sent are said to ex?
ceed 20 000,000 b ixi : :pi i i enting ov< ?
six months full operation.
Empire Steel & Iron Earned
$ 3 (>. ! (> a Share on Preferred
i oi olidated earnings of the Empin
.St!j. i and h >i Company and the ( Irani
Iron Works for the year ended Decem
bei 31. 1919, disclosed net p ofil -. iftei
ge's and Fi leral taxes, of 5404,105,
equi\ tient to $16.16 a share, $100 pat.
eai ned on the $2 500,0^00 preferred
stock, compared with $484,503, or $19.38
a share, in L918.
Gross income last yeai amounted to
$851,789, a ^falling off from the pre
ceding year of $355,240, Interest, de?
licie1;.: ion, etc., aggregated $3,89, GS1,
leaving a $462,108 net. Federal taxes
were $58.1. a decline oi' $452,000,
Holders of the pr ferred stuck received
$100,000 in dividend payments, after
which a $254 108 surplus remained.
i ?hilds Frlclt arel B. ? Aldi n have
been ..i, cte<l llr'-ctors of l ho N*i i
Western Railroad Company, succeeding
; !,. late Hi nrj ' ' '*'ricl' and William < ;
I?IacDowell, resigned.
Standard Bank of
South Africa, L
"1T7E RECEIVE monthly reports dealing with
* ? trade conditions in South Africa, and will be
glad to send copies to firms interested on application.
Established 57 Years
350 Branches & Agencies
Resources $306,125,415
W. H. M?CINTYRE, Agent
68 Wall Street, New York
^^^mam?mmsm??i^^mm???mm?wmmm?mm?kmmmm??tm?mm?mtW?mJMmm
The Day's Bond Market
At
IJ. S. Government
Transaction?*
?ales.
Liberty 3%*, 1947. $ftfi3,000
do lut 4s, 1947. 79.000
do 2d 4s. 1942. 194,000
do 1st 4%s 1947. 177,000
do 2d 4%s. 1912..
do 3d 4%s. 1928..
do 4th 4%s, 1938..
Victory 4%s, 1 i?23..
do 3%s, 1923.
1,71,6.000
1,774.000
2,163,000
1.810.000
1,679,000
Quotations
Liberty 3'4?
do 1st 4s. .
High.
, 95.70
. 90.60
do 2d 4s. 90.20
do 1st 4%s..
do 2d 4'is..
do 3d 4%8..
4o 4th 4 U?.
Vit-tory 4 %s . .
do 3%a _
91.4 0
90.66
02.82
00.70
07.70
97.70
Low.
04.30
90.20
89.90
91.00
90.34
02.50
00.50
97.56
07.58
Last.
94.50
90.20
89.92
91.12
00.50
92.54
90.64
07.64
07.62
Yield.
3.83
4.61
4.70
4.81
4.94
5.38
5.00
5.31 I
4.35
Net j
Chgc. >
? .42 I
? .60
?.22 I
? -.16 I
?.16 ?
-.28> I
?.06 !
-.06
?.08
C5
Bid and Asked Quotations
Closing Closing
Liberty bonds. Yesterday. Tuesday.
3%s, 1947_ 94.40<tf> 94.50 95.80^ ?5.92
1st 4s, 1047_ 90.20? 90.40 90.405) 90.SO
2d 4s, 1942_89.90? 00.00 Ol.lO?V 91.20
l*t 41,4s, 1047.. 91.16? 01.30 91.28? 91.H0
2d 4V. 1042.. 00.46<( 90.50 90.66((j: 00.70
3d 4%s, 1028.. 92.66? 02.58 02.80.4' 92.82
?tth 4'4s. 1038. 90.60? 00.64 90.70? 90.72
Vic 4%s, 1023. 07.60? 07.64 97.68? 97.70
do 3%s. 1023 97.60? 07.64 97.68? 97.70
Pre-war issues:
?2s reff. '30.100%@101
2s coup, -30.i00Vs?101
.:s rep, '4 6.
Ms coup, '46
4s reg, '25
4s coup, '25. ..,
2s Pan, c, '36. ,
2s Pan, r, '36. .
2s Pan, c. "38..
2s Pan, r, '38. .
os l'an, reg. . . ,
3e l'an. coup. .
Phil 4s, '34_
Phil 4s. '35_
Phil 4s, *36.
D. Col 3s, '65. .
. 80
. 80
.106
.106
.100
.100
;100
.100
. 88
. S8
. 90
. 90
. 90
<$ 92
(a 02
?106 =
?106*
<aioi
#101
(?il 01
(??101
# 01
? 91
(il 95
@ 95
? 05
@ ?
ioo%@ioi
loo'-iT-ioi
80
89
106
106
100
100
100
100
88
38
90
00
00
97
Foreign Govt. and Municipal Bond?
(Interest To Ile Added)
nid.
Anglo-French Extern 5s, 1920.. 95???
? Argaritine Intern 5s. 1045. 72%
Canada, l?om of, Notes, 1021.. 96%
du 5s, 1021. 96%
do 1026 . 03
do 1020 . 93?,,
do 1931 . 01
?Chinese Gov Hu Kug By 5s, 1951 43%
Cuba Extern 5s, 1044. 91
do Extern 5s. series A, 1940. 86
do Extern 4%s, 1049.v 73
; Dominican Rep 5s, 1058. 79
! City of Lyons 15-yr 6s, 1034.. 90%
City of Marseilles 15-yr 6s. 1034 90%
\ City of Bordeaux 15-yr 6s, 1034. 90^
! City of Paris 6s, 1021.
?Jap Gov 4%s, strng??ln, 1925.
do I'2s, 2d series, 1925.
do 4s, string In, 1 931.
! Citv of Tokio 5s, 1052.
'? U K G B & 1 5-yr 5%s, 1921.
do 3-yr 5%s, 1922. 93
do 10-yr 5%s, 1020. 90'
do 20-yr 5%s, 1037.
; M< x Extern ?trl ?s of '90
do Extern gold 4s of '04
C * N W??, j,
. 9 000.95
do 3 Us
, 3.000_
Chicago Ry 6a
_ _ 2.000. 67
CRI*P?n4i
1.000... . 72.-W
5.000....;. 72V?
18.000.... 74 a
do rfg U ?" '**
M00...... 66%
10.000. 65%
7.0a0. . 65
1.000. 64%
5.000.m
12.000. 64 ?V?
1.000. 641,*
1.000.. f,r,
5,000.; r.R-%
10.000. 64%
10 000. 64%
C St P M ft O fit.
1.000.102%
Chicago Un Station
4M:? ?er A
1,000. 78%
C ft \V~t Ind 4.
1.000. 69
20.000. 58%
, 7.000.58
Chile Conner 7s
10.000.102
1.000.101 V,
10 000.ion
10 000.1 no it,
25.000.100%
5.000.101
do 6s
5.000.. 79U,
1.000. 79 "
C C C * St L 4%s
1,000. 76%
2.000. 77
do gen 4s
2,000. f,7
(ijl 92 1,000_.. 66'?'.
M 02 Cleveland S L 4V,S
0fcl06% i 7,000."86
((..106% Colum ? ft E 5s
(<7101 stamped
@101 2.000. 82
(a 101 Comp-Tab-R 6s
((?'101 1,000. 83
<8| 01 Con Gas tern 7s
?( 91 2.000. mo-w.
(i'ii 95 ; i.onn.loo'ij,
((i, 95 2.000.100M
di 05 j 2,000
Of ? 500
6.000.75
do con 4s
1.0U0. 68
do ri? il Va?
3.U00.66
do L S 3%?
10,000. 50%
N Y C & at L deb 4s
1,000. U;t?,a
N Y ti & L, H & P i?.
1,'t/OO. 78
do p m 5?
1,000. 02%
N Y N H ft H 65
lu,000. 75
12,000. 76
3,000. 74%
do deb 3%s 1964
2.000. 45%
N Y O *. W 1st 4s
1,000. til
N Y Rys adj 5s
2,000. G*.,)
N Y Tel deb 6s
6,000. 94%
do 4 ?;H
2,000. 78%
1.000. 70
1,000. 78%
3.0U0. 78-t4
N Y W ?t Bn 4%i
3,000. 431.,
Norfolk & W cvt 0s "
2,000.101%
10,000.101
do con Is
7,000.
Nor 1'acitic 4s
lO.OoO.
6.000. 75'
do 3s
1,000.f,;{?
4,000. 63 '
2,000. 53V*
9,000. 53
Ore Short Line 6s
3,000. 99%
do 4s
6.000. 81 Vi
3,000. 81%
5,0011.81
1,000. SO'..
Ore XV K K ft N 4s "
1.000. 68
Pacific. G & E 5s
74%
75 M?
1,000.
1.000_
6,00U_
.100% Pacific T & T
101 1,00m.
3.000.100% Penn con 4
90%
70%
70%
94 \
Anglo-French
2,000. ..
2,000. . .
4,000. ;h>
1,000. 96
145,000. .
2,000.
3,000. .
3,000, .
53,000.
48;?,000.
12,000.
3,000.
96'
96-4
9t>\-8
96-.?
96%
96%
.10 0.
90v,?
'.16 \ H
96 A
95%
96ft
96%
96 A
96-4
96%
9.6 -h
96%
96-ft
96%
' 1,000. .
Argentine (.
;," 1 I. ..
Ch : 1 ?<? Hy 5
2,000. .
8.000. .
City of Bordeaux 6s
ir,,ooi). 90
t Copenhagen
. 85%
19-15 28
, 1954 28
aies)
? Jap 1st ser 4%s
2,000.
1,000.
2,000.
1,000. s30f.
5,000.s30f.
10,000.
1.000.
3,000.
2,000.
115,000.
do 2d ser 4%s
35.000.
10,000.s30f.
10,000. s30f.
10,000. s30f.
8,000.s30f.
4,000.
10,000. u30f.
do stlp loan ';
5,000.s30f.
1,000.
! 0 000.
5,000.s30f.
2.000, .'....
; Great Rr
I 5%s 1921
Asked.
96%
74
96%
97
93%
94
91%
45%
92%
9uV?
74%
80
90%
90%
90%
91
71
71
94%
94
91
86
31
1,000.lOO-.,,
5.000.100%
Den & R G con 4s
2 000. 623;
15.000. f,2
do imn 5s
10 000. 67
do rfg 5s
5,000. ... 41%
do ctfs of deposit
5.000;. 39
Detroit Riv T 4% p.
2.P00. 75
Detroit Tl Rvs 4V,S
2,000..'.... 64%
Duluth *? Iron R 5s
5.000. 89%
E T V * G con 5s
1.000. 86%
Erie prior lien 4s
6,000.
do 5s 1068
8,000. ..
4,000. ..
3.000.
78'
88%
88%
88.
4 OOO. 883,!
4s
1.000
3,000. . .
do rr? 't^j,
4,000...
10 --'I. . .
1,000. . .
do cvt *s ser A
10.000. 39
do cvt 4s ser B
5.000. 33
11 000. 371,
do cvt 4s ser P
1,000...
5.000...
do gen 4% s
1,000...
2,000...
3,000. . .
1,000...
1.000. .
2,000. . .
Peo Ga-, ft Coke of
Chicago 5s
3,000. 67
Peoric & E 1st 4s
10,000. 51
88'
88%
80%
80%
80-B
80%
80%
80
54% P?re Marquette 4s
54 *-. ; 6,000. 67'
; Reading gen 4s
44 ' 8,000.791
44%|R I Ark Si L 4%s
44
,000.
Rutland Can 4a
1,000... .
?St L Ir Mt ft S
i 10,000.
St L Rk M & P
5,.
72%
71
70%
70%
Of. 70'-j
71
70%
70%
70%
71
71%
71%
70-%
70 %
7o%
70%
62?;
68
lr 000. 40
Fla F*-' <~ 4%s
1,000. 77
Genernl *'iee 3Vis
4" H St L & S F 6s ser C
Hock
Hud
70%
T K
4?%
13?4
1.00
?i .00
City
Vf'4
'Ja >,
1.000. 68
V "~v 4ii.H
2.000.
,'- *?? ,fp. 5,
1 000. fifi??.
fi.ono. 57
ii ono' '. ' . ' ' r,7.i?
1 000. . 5714
d oon ^7
P.00O.. ... [ 56T?
10 000. . 561..
1.000. . .. ; 56
do *?*?- Ss
12.000. 16
O?*?1 rfg 4s
'?' 000 . . ,73
10 0OO. ' 7"i'.
?jn noo ... 7*M'.
?* (^00 72
6 Son . 92
do J? -"?53
5.000.66 V.
lilinoi- -'*eel 41-?s
1,000. ..
InterW-"-Met
3 000...
ni
2,000.
2,000. 85%
do 4s ser A
36,000. 58
10,000. 57*%
1 000. 57%
1,000. 573;
2.000. 5^1.
15 000 58
2,000. 58%
1 000. 58
do 5s ser B
7,0on. 60
30,000. '. .. . 6R' .,
10.Oi)O. 68
do ndj fis
4 OOO . 62
1.000. 63
I.000. fi?.-..
10,000. 62%
80
City ni Lyons Os
City <-f Marseilles fis
: ' 00. ..
City of Tokio
n'oo
' lorn Canada ;
notes 1921
do 5%s 192!
6.000. .. .
. 1,000...
? ,010. .
do r. 1921
81 |
1 R ' ;
10.000.
1 000.
jK
17% St
18
17%
.000,
N y citj
Mav
8/
4',
: 1 00
1966
/?'',
Huiluuv.
A g Ci
01 1 .
' 000 . .
- 'j. ting
I 000, .
T '?? T <?
2,000. .
OiluM
&eh 5s
Corporations
Calif Ga? S 1, o?
do ctfs of deposit
5,OOO. 18
?nterboro R T rfp 5
1,000. B2
10.000. 5.;
10.0 II . . .
10.000
8.000
?'2.000. 52
5.000. 52
5,000. 52
r. 000. 5:;
9,000. 52
;, 000. 5"
1,000.
: 000. 52
1 000. 52
'.OOO. 5-J
4,000. 52
int Mer Marine 6a
3,000. 8;
Iowa Cetitval 4s
31 000
10,000. . .
do inc 'is
2,000 ..
38 000
12.000. .
19.000.
S 00m
. .
r 000...
R.OOO
-, 000
8.000. . .
L Swn 1st 4s
2 ' .
do T( rminal 5s
13, 11
I 10
48
;. -
47%
47
46 V
'4?
St P ft Kan City S
L 4%s
1,000. . . . 6G
Seaboard A L
Is
do
:'???.
2,000.
?
5 100. .
So Pacifie <??
I 1,000 . .
I 42,000.
5,000
10 001 . .
41
10 s?
40%
? 1
39%
100
,100 V.
100
,00 '. .
Katisa;. Citj
lOiOO 1.
do 5 s
1,000. .
'.'? s
rov
?. .
2 00 '
1 :???'?'?'.
; ,000.
col 4s
I OOO.
81% 7,000....
jjl Centra! Leath'
?I Is
Ai.u Arbor '?
A I' &
Cen R R'c
1,000
% Ches
do ndj 4s
'? 00 . .
69
S3%
lt O cvt
4,000_
3;000. .. .
i ,000 . . .
-,. .
2,000. . . .
gen 4%s
6.000
Lack Steel 5s 1923
13 000. 93
L E & West 1st 5s
5,000. 81
Lake SI,..re gen ^Vs
1,01 0. 63
1 000 . . . 07%
1,000. 68
do 4s 1928
3,000. S4
Lehigh Valley 6s
1,000. 00%
1.000. 99%
Liggett & M
2.000. .
do 5s
'....I.
.-. ? 00
do San F Term
3,000. ..
?Southern Ry
5,000. .
2,000. .
.' ? '
: dois'
73%
S4%
84 ?
; 000
14,000
2.OIT
58
8%
do 4s M J" O di*
; ' 001
000.
I.000. 76
1 ' N 4s
:: 000.fi?
1,000.
7 v '? ??
78 II
'.S'
1 i.--.i
76%
Ralt
O tem 6s
84''.
8?%
84
84 ' '?
84
84'.
-s '? 000
8 0'?0.
1 000.
7 .
: 000
do -c Rs
i 1 000. 65
1 000. fil%
1.000. 6",
.1 000 . ri?.
1.000. 65
1 000 .... 64%
do ev* ""S
1 oon. fi?
1 000. fir?i;
22 ono. 6i \t,
1 ono. R4V,
t non . , fi-;i;
1,000. ..'..'. 65
i-o'H 4s
1 noo. 65
5 000 ..'.'.' 6(T
1 00.1. \\[\ '. 64V,
A Ono . 64
do n 1 *t%?
do
oon
14 nno. R"V.
5 000 . 82*<?
de -=- "??'?.s
16 non. 73" 1
.1 non. ni.?-'
R 000 .... 73%
1 oon' "' 73
do r?'??., T, ? &
V "'?? Js
? 000. 57iA
0 non. r."?".
"- 000. 55V.
do T ?? C'4s
'i 000 50
Beth <=*-?' 1st 5s
1 oon._. 94%
do vf- -,<
1 non. 85
nronk1"" "?an T R?
1 000 . SO'-?
p,.^!,'?? V Elev 5s
stamned
< 000 . 61 %
Brook'?- TJ Gas 5"
2,000. 74
1,000. 16%
1,000. 76%
3,000. 76
do cvt 4%?.
2.000. 76V,
5,000. 75%
2 000. 75%
2.000. 75%
1,000. 75%
2.000, . , . 75%
9.000. 75
C & Alton 3%s
8.000. 33
1,000 . 02%
C B .<;- Q Illinois 3%s
4.O00. 71
do Nebraska 4s
12,000. 89%
do joint 4s
4.000. 94%
5 000.94%
5,000. 94%
8.000. 94%
3,000. 94%
5 OOO. 94%
7,000. 94%
2.000. 94
Great Western 4e
5 000. 55%
12.000. 55
M & St P cvt 5s
ser B
3.000. 72%
2,000. 72%
2.000. 72%
do gen 4%s
1.000. 77%
l.OOO. 77'
l.OOO. 76%
do cvt 4 %s
4.000. 71
3,000. 70%
6.000. 71
2.000. 70%
do rfg 4%s
11.000. 60%
32.000. fiO
22.000. 5914
do ren 4s ser A
6.000. 67
l.OOO. 66
do deh 4s 1934
6,000. 63
do 5s C & P W div
2,000. 96
Lonit Island uni 4
i.":"'..
do rfK 4s
2.?OO.
L & N unified 4s
2,000.
1.000.
Mich Con deh 4s
1,000.
Midvale Steel 5s
I,." 0_
109% Tenu Copper
1 3.nii(l..
88 iTexa
& P lsl D
,000.
Thirrl Av rfp 4 s
82%
69 Toi S ' 4 W 4s
10,000. !
80% Toronto H & B 4s
81 ;-: 000. 6
78
141:
rfK
IS
M il v.- Elec P.
Light 5s
2,000. . .
Minn ? St I
5,000. . .
do 4s
2.O00. 42
M St P & S S M 4s
1,000. 7S%
M K A T of T 5s
l.non. 96%
M K * T 1st 4s
Union Pacifie
4,000 .
do lsl I?
: 000.
,000 .
do cvt 4i
85%
do rfg 4fl
United Ry Inv
Pitts issue
000.
3.000. 57%|U S Realty & I
11.000.
do 2d 4s
10,000. 30 '
Mo Pacifie 5s 1965
1.000. 81%:u
do pen 1s
10 000. 57
l.ooo. 56 7<,!
5 o.ifi. . . 5fi-''
,000.
7.000.
9.000.
2 ,ooo.
Rubber 5s
3 000.
5,000.
3 000.
5,000.
74%
74
85
84%
84%
Si
10,000. 56% U S Steel s f 5s
000.
fi On
56*
56?!
4 000.553;
Mobile f- O new 6?
1 000.100
Montana Power Es
4 000, ..... 85=??,
4 000. 8=?%
6.000. 85
1,0.00. 84
Morn* ft Et sex 3%s
3.000. 70
New Orl Termina! 4s
2 000. 62
N Orl T * Mex 6s
10.000. f>3%
N Y Central deb 6s
3.000. 91.
16 000. 92%
12 000. 9?R
5.000. 9"7?
21 000. 92%
2.000. ..... 92%
4.0C0. 92
do rfg. 4%
?> 000 . .
do 4s 1934
4 000. .
2,000..
10 oon. 9fi%
5 000. 96%
3.000. 96V.
1,000. 9fi-~?g
1,000. 96
6 000. 96%
1.000. 96
do registered
500.
Virginian Ry 5?
l.ooo.
5 000 ....
jWabash 1st' 5s
2.000.
? do 2d 5s
2.00O.
West Maryland 4s
1.000. 52
? 3,000. 51 ?A
2,000. 51
West Pacific 5s
1,000. 82
1,000. 81%
1,000. 82'..
2.000. 81%
77*i West. Shore 4s
9,000. 71
75% Wilson Co cvt 6c
75%: . 5.000. 92
95%
8:1%
82%
88U
80%
$25,000,000
Kingdom of Italy
Royal Treasury Five-Year BVf/o Gold Bonds (Series A)
Dated February 1, 1 920 Due February 1, 1925
Principal and interest payable in New York in United States
Gold coin, or, at the option of the holder, principal payable
in Rome in lire at the fixed rate of seven lire per dollar.
Principal and interest payable without deduction for any Italian taxes, present or future
Coupon- bearer bonds in denominations of $50, $100, $500, $1,000
and $5,000, which may be registered as to principal at the Lincoln Trust
Company, New York City.
Application will be made to list the bonds on the New York Stock
Exchange.
The proceeds of the Loan will be used by the Italian Government in
payment for purchases made in the United States, which purchases will
aid greatly in the industrial and economic development of Italy.
To this end a national policy of rigorous economy has already been
adopted.
The privilege of taking payments, at maturity, in Rome at the fixed
rate of seven lire to the dollar adds to a sound and conservative invest?
ment the possibility of a substantial profit in exchange,.
In this connection it should be pointed out that the recent success?
ful flotation of a large domestic loan by the Italian Government and
the increase in the activity of Italian enterprises give substantial evi?
dence of the likelihood of a return of the exchange situation to a more
normal basis.
Price 97%* and Interest
to net about 7-/8%
Payments may be made in full or in instalments
Subscriptions will be received by
KIdder, Peabody & Co.
115 DEVONSHIRE STREET 17 WALL STREET
BOSTON NEW YORK
C ii r h Market
orks [jower as
Selling Increases
List Is Heavy, but Moins lift?
ier Than Market on Stork
Exchange; Wibl Fluctua?
tions in hit. Petroleum
Stocka on the Curb suffered re ;
tively less in the decline y< ?terday
than the issues on tho Exchange. While
pnces worked lower as n rule, the
selling was not --o heavy and urgent
as mighl have been expected in view
the sharp drop on the big board.
One of the weakest spots was Gen
?;.] Motors, when issued, stock, which
dopped from 24% to 23, moving in lire
with the old stock --i the Exchange,
? i :: uffei ed s? vere y.
Die'??? was a \\ ild market in Inter
national Petroleum. It opened '-' point."
iff at t;!, and was subsequently de
i res: ed i o 56 ' ?.?. bul met supj orl
that level and rallied to 58% at the
l< >e. White Oil got down to 26% and
1 ?I not rally, Simni: Pc troleum was
.airly firm.
Ti., ni ws that President Wilson had
signed 1 he oil leasing ' ill, t h ^- ; < by
; ?irowii g open more than a milli n
? tires of land in Wyoming for oil <.!<?
,-elopi nt, came Ioo late to be n :-c;
ni a factor in the market. Boston &
\ mi ;? ( '?'?'??? w hich will be directly
affected by this favorable action, was
steady around 1%. Sal? '.'recle Pro?
el j? ers was off at 18 %.
In the industrial group General As?
phalt was -i weak issue, breaking to
70, a new low. It is now clown about
ndred points from the high price
of 1919. Nortl Am rican Pulp and
Paper was steady.
While much of the selling on the
Curb yesterday vas professional, there
was also considerable liquidation.
Industrials
Sales. Open. High. Low. La
:; I0U ?Acme Coal . . '." , '?S? 21 ' ?.,
: m - a.??;..., Explos S 8^ s
120 ? ?Alumin Mfg. 29% 29% 29 29
(I Am Candj . .. ??' : '.'? . ' ' '- .
:?.?? Am \\ rit Pap.. '
: 600 Armour Leath . ! '?: j 15% '???
IU00 in hi Nichi : 2 I U 24% 23 :a: .
iij do pf. SSV4 SS1
10? *Brit-Am Chem S j S
;. ?Br-Ani Tob cp 18% IS ? ' 18%
. i ' do . rts. .7 : V 7
SOU Car U & Pwr 2% 2 -. :.'..
I 0 'Conlej Tin K. 23% 23% 23% -
.. Gen Asphalt.. Su v 76 77%
;. Gen Mo wi. .. 24% 24% 23 23 A
1200 ?Gen Tractor. .1 1 7s 7t
4900 ?Goldwyn Pict. 26% 27 26
600 Grape-Ola. I% 1% 1% 1 ?< .
?100 do pf. 1Tb 1?8 1 7h 1%
100 ?Havana Tob pf 3 '?> 9 9
100 ?Hook Val Prod 16V* 16% 16% i A ?
7000 Indian Packing 13% M 12% 13
l? 10 -Kay Co Cad.. 1% rl7s 1% ! tk
1200 "Locomob n wi 21 '? = 22 21V4 21%
1000 Marconi of Am 5 5 4*4 -i7!
100 I Mont Ward.... 3! 34% 33 34
TOO ?National Mot. 2% 2% 2*4 2%
1200 No Am P & P 57^ ?Tf? 5% r.r.^
100 ?Ohio HI Body. 30 30 30 30
2000 ?Orpheum Cire. 30% 30% 3? 30*4
20i "' ?i ?Packd Mo pf 95 95 95 95
200 Perfection Tire 4% 414 414 4?^
700 ?Pressm T & It 2 L' 14 2 2
500 ?Radio Co w i. 2% 2% 2% 2%
700 'do pf vv i.. 2% 2% 2% 2%
300 ?Rainier Mo... 31 31% 31 31%
4600 ?Republic Rub 4% 4% 1 I
400 "Hoot & Vaml. 46 46 4,r. 45
3000 Submarino Ht. 12% 13% 12% 12%
805 ?To.ii! Shlpyd?.168 168 160 160
960 ?U S Hi Sp T! 33% 33% 31 31
1000 ?Un Pic Pr C. 12 12% 12 12%
???non Un Profit Shar 2% 2% 2% 2%
8000 ?l'n Ret S Cdy 15 15 14 14%
300 ?C S Distrib.. 54 54 54 54
?non V S Stmih Co. 3 3 2% 2%
500 ?U S Transport 10 10% 10 10%
30000 ?Warren Bros. 60 60 HT 58
BOO Wayne Coal .. 3% 4 3% 3%
600 ?Wm Davies... 42 42 4i% 41%
600 ?Willys 1st pf. 95% 96 95 95
Standard Oils
Sales- Oven. High. Low. La I
1800 ?Anglo-Amor O 25% 26 25% 25%
LO 'Ohio Oil Co.
:?? ?So Penn Oil.
d of N Y
?V uuni Oil
Uyc
x. High. i...
335 335
300 30 i
390 380
383 583
. Lust.
835
.: ' i
380
383
: ? i 'Alliance 0&
00 ? VI ed Oil ....
??, ?.- ; lg Roy?
Vnna Bell Wyo
\. .????<;.'
Other Oils
Open. High. Low. Last.
R. 15 I" A 15
Corp .'':1 : 50%
31
M ?
8%
); -il Pet. . . .
li. ne Oil. .
I0i Koston- .Vyi .
knet V C.
Carib '-'? id..
I ?re . Oil.
? . I ml :? Em
2.C. ! n ,?? Co
. ' ?.?; - Pel. . 2
; i . . 0 12'
.. ? ' ? Duq ?esi i Oil. <i:
. 0 : 13; in Pet 8
2200 En; m ei - E'et.. 1 '
- 'A t , Oil. 1
. .! ::.. I l&G.
: en Oil... 3
? ? Gi ilan ! Oil. . 37
200 G nrock Oil . V
G fey-Gi lesp. : ,
; i' i Oil. A
A ;? i ?en A
n ? -. i ?1. 95
0 A dion Oil.. ?
; i ?Indianern. Rei' V
:: Internal Pi ( . 60
? i? Island O & J r. 5
Ivi Pel Corp 3'
. ,-ingston Oil. I
i ..... ?? ?; . I
: 10 ?Lorn St; Gas 31
M nu O.!.. I
!A l ?Ma ica.l i O.l. I.
: - VIi tritt Oil C A
M Pe?. 3
O.l
? " . ". i i. ; 154
900 ' Midw .-? T (J.I
" i M . P of Me 2
i" i No Am ?; & H. 3
1 i ?P nm ?? . Oii. 7
K ?P p > . ?????- 38
21 I ? Pro i <Si Rel
li A R .ek Oil
1 ?R.< -. Tex Co. . ! '?
. ii Ryan Pel . . 3'i
Sal Crk Prod 50
H ipuh a Refer. .'. A
. i ' .. i;..
. Oil ... im.
-Simms Pet. .. ;;.:>?
50 Sta Con Cp ! ',
51 ? ncer Pi r ('. A A
a iton Oil.. .
C Ste i ? r Oil.
; :
4'
: '
1%
8%
2%
12%
I %
l.%
St
"''??? i
?L \V
lllS.
8%
8'i
I ??
1 "A
3%
;?'?
3%
; ' .
49
?in
36? ,
j 1%
18%
3Vi
A
-%l
148
's
'Texas ( o w :.
100 T .v !? C ?V U. .
A .Ai P & R.
-. ? - i". con d & !..
' I p cal Oil. .
13' " "i i' Ti v 9 Pet.
? V ctoria Oil..
. lean Oil.
: W. ylai 1 O & G
M W hi .. n Oll. .
? ?- 'I ?White Oil.
?Woodburn Oil.
10 Vi
15
10 V?
34
L%
: P
88
I A
1 -,
::?
.. 26%
7 ;
36 M
1 :..
'???'?i
48%
I? "
33%
1%
19 J
10
44%
?
1%
lA
: ' % '
?
;%
4%
1 " ,
26%
6 ?
Mining
Open. High.
Sale?.
'?. -Br Col Me
l?0 * \i'. ir ? linea. 1 1
. 0 f Atlanta ... :??? 2'
B ? : I? (a p) 15 " 16
1000 ' Bel -h K (a M 15 16
700 Big Ledge .... %
4150 Bo VIj ska ... 76
Booth . 5%
25 ? ?a & Mont. 68
' A! donia ... 35
$ ?0 i : nada Copper. I1!
C; ndelaria Sil % %
Carson Hill G 24 25
10 ?!':. hboy . S a. 8'
31 0 ?Con . Vir Silv 5%' 6%
300 Cn son ?An G. 1 7
Low. i.a?t.
' 6%
68
36
1%
66
1ft
\i
21
8
1800 'DeB ier lA.n M 40% 40% 40V.
7! 01 Dh ?de Ex (a p) % }| ?V
1000 El Salvador Sil 3 3
121 0 ?EurtCr M Co. 1 ?, 1 ?>?
4500 ?tEufcka Holly ?J (j
500 ?!?'. rly-nme Mg 1% 1%
7500 "Cold Z Div. .31 32
400 ?Golden Gate. .1 1%
A ' ?fGoldfield Con 1,1 13
43 ' ?tGol Ifield I)ev i;f% 13%
2700 ?fGoldfield Mer 3% 4
26 10 *? Great Hend. . 3 3
375 Hecla Mining.. 4 '-^ 4%
%
1%
;,-t
1%
31
1
13
13
3 ' ?'?
400 ?Hond Am Syn 17% 19% 1
1%
2400 ?Mim Hutler. . 21
1500 Mumbo Exten. 6%
2700 ?fKewanaa ... 3%
? ?TKnojc Divide. S
1000 Louisiana Cons %
400 ?tMacN Cr M. %
I:.n ?tMcNam Min. '?
1000 Mason Valley. 1%
1000 tMcKinl?y-Dar. 61
100 ?Motherlode Cop 5
3%
1
!5'J !
76A|
.". '? ?',
68 "
1ft
"4
24 ??< ?
8%
6%
40% '
%
lft
i
1%
32
i-? ;
13
13
4
3 i
4%
19 I
25 ,
6% :
4 !
fil
%
Sale ?. ""T)pen. High Low. Last
800 Jlurray-M M Ltd 75 75 75 75
600Nipissing Min. 10% 11 10% 11
600 Ophir Silver M 1% 1% 1% 1% |
1700 Prince Cons .. % % ,A %[
200 Rand Mines Ltd 3S 38 3S 38
5 II 0 'Ray Hercule,. IV? i'4 1% 1%
6400 Ropei>-Group M Si % ft %:
?o i ?Silver Dol M. ?', ft ft ?'-.
301 ' Slh -r K of Ariz % % 'j % ;
l. ?-?-Silver King D 5 5 5 5
1250 I ?tSllver Pick. . IS 18 15 16
I.Standard Sil Ld ft ft A Ai
I. ?Stewart Min.. 38 IS 18 18
L200 ?tSuccess Min. 6 6% 6 6%
2000 ?Sutherland n. 4% 4%. ?'?% 4%
350 ?Tono Belmont 2?ii 3 -\?, 2%
1250 ?Tono Divide.. 2ft 2% 2ft 2ft
>' l Tono Exten..". 2% 2% 2ft 2ft
r.'ii... Mining. 2% 2% '?'? ?** 2%
1500 United Eastern 3% 3ij 3% 3%
600 "Utah Revenue 1% 1% 1% 1%
20.!tU S font M 8% 8% 8% 8%
300 Unity Gold M. S s 8 S
2500 ?tVictory D(ap) 11 11 1" 10 ?
900 tWash Gold Q. 98 10" 98 100
3300 ? White Caps M 12 13 12 12
1500 Wiibert Mining 6 6% 6 6
Bonds
Sales (000 omitted). Open. High. Low. last.
$25 ?Allied Pack 6s.. 77 77 70 76
86*AmJ & T. "22. 95% 05% 94% 94%
4 ?Am T & T, '21. 94% 94% 94% 91%
5 *Belg Gvt 6s, '21. 98% 98% 98% 98%
50 ?Belgian 6s, '25. 96% 96% 96% 96% I
5 ?CCC&StL 6s, '29 87% ST7* 87% 87%
105 ?Gen Elec 6s, '4". 98% 98% 97% 97%
15 ?Inter I? T 7-?. . 60 67 65 65
Sale?. Open. High. Low. J.aJt
2 ?Ru.-s Gvt 5%s.. 30 31 30 31
25 ?Russ Gvt 6%s. 31 32 31 32
4 ?Swiss Gvt 5%a. 87%. 87% 87% ^7%
?Unlisted, +Se!!3 cent-? per !.?r?.
New Issues Listed
New issues li.xied on the Stock Ex
change yesterday by thf governing
committee included $67fi,Qp.Q adduiymil
?j per cent cumulative preferred st??l
of the Dayton Power <fc Light Com
puny; temporary certificates lor t,,;.<A,'
shares ($10 pari additional capital
j ock of the Middle States Oil Corpora?
tion; $5 374,100 common, stoe'; B of thi
L.igpei.1 .v Myers Tobacco Com my;
$26,210.800 capita] -nock 'bar $50) of
trie Philadelphia Rapid Transit C?m
panj.
-.- ?
To Extend Syndicate
An extension of the life uf th?
banking syndicate which undrruroic.
the $45,000.000 French cities' [oan o '
fered last fall, ??planned by the mari
iger . it was learned yesteid?.W
Thi original syndicate agreement ex
pire .March 1. Since only about ha.f
of the bonds had been sold up to Feb
ruary 1. the syndicate is to be ex?
tended for :.. indefinite period.
?XX
r^--~S
1
1
M
M
i'i
m
ms^&?2z
":>
Beyond tihe Reach of
C?rct?imm stance
A voluntary trust, established
j[\ with The National Paris
Bank will insure an income for
yourself or your dependents in
future years, no matter how cir?
cumstances may affect your per?
sonal fortune.
Our services asitrustee under
voluntary or "living" trust are
described in a booklet which
we shall be glad to send-you,
"The Trust Department of The
National Park Bank."
National Park Bank
Our trust ojjicer will be
glad to confer with you.
The

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New-York tribune. [volume], February 26, 1920, Page 17, Image 17
About New-York tribune. [volume] (New York [N.Y.]) 1866-1924