New-York tribune. [volume], March 06, 1920, Page 15, Image 15

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

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W. F. Ladd & Co.
Investment
Securities
New York
iVDREW j. McCORMACK, Auctioneer.
REGULAR AVCTION SALE
STOCKS AND BONUS
By APKIAN ?I. Ml'I.LKK & SON,
%.rlrn ?- WILLIAM STREET,
VnEDNESDAT, MAKCH tOTH, 1920,
at : - 3C o'clock, ?t the
EXCHANGE SALESROOM.
NOP. H AND 16 VESEY STREET.
JY>? Aeeount of Whom It May Concern:
111 . hs. National 15.Mg? 'Works com?
mon T. C.
100 eha. American Ship & Commerce
Co. common.
SO aha Metropolitas! Trust Co.
20 sh.t. Title Guarantee & Trust Co.
Jl 67-1P0 ehs. Hope Mills Manufactur?
ing Co. common.
Jl 62-i"0 ?hn. Hope Mills Manufactur?
ing Co. prefd.
t! 000 St. Louis Merchant Bridge 1st ?a,
' 1023.
|i 000 Mlssourl faclflo R R Pine Bluff &
We stern 1st 5a 1P?3.
1100 Brunswick & 'Western R. R. lrt
Guar. 4s. 193*.
|(00 N T. * Greenwood Lake Prtor Lien
?s. L946
148 eha. Albany Southern R R prefd.
109 sha. Albany Southern R R. com
niun.
Steel Foundries Plans
Increase in Capital
Stockholders Asked to Vote
Approval of Additional
Common Stock
Stockholders of the American Steel
Foundries Company are asked to vote
at a special meeting March 18 on the
proposal o? the directors to increase
the common stock capitalization from
515,520 shares (par value $33.33 1-3
each) to 750.000 shares. In connection
kith the proposed increase. R. P. La?
ment states in a letter to the common
stockholders that the company has ac?
cumulated a large surplus, which, since
it represor.:* money spent, cannot be
distributed in cash, without reducing
the cash" working capital to less thar
the amount required for the conduct of
the business.
"It may, however, *ery properly be
capitalized through the issuance of
stock." said Mr. Lamont, "which in
turn may be distributed to the stock?
holders as a stock dividend at, say, 5
to 10 per cent a year over the next few
?ears, irrespective of any cash divl
?cnd. that may be paid."
The pamphlet report of the ccm- '
paay for 1910 was issued yesterday.
The income account, which has already
been published, showed a surplus af?
ter charges and Federal taxes of P-.,
210,634, equivalent, after allowing for :
3H per cent preferred dividends for !
six months, to $7.55 a share on the i
common stock.
McCrory Stores Corporation
Reports Larger 1919 Sales*
Sales of the McCrory Store3 Cor?
poration for the year ended December
31, 1919, amounted to .11,487,045, ccm
pared with $9,607,250 In the preceding !
year. Operating expenses were $7,- j
948,686, leaving gross profits of S3,- j
538,350, against ,2,990,025 in 1918. j
After other expenses, taxes, etc., o:' j
?3,074,151 had been deducted balance i
available for dividends totaled $464,
208. Holders of the preferred stock re- |
ceived $79,709 in dividend disburse- j
ments, which compares with $84,740 ;
paid in the year before. Surplus wat i
?3S4,499. 1
Bad Weather
Retards Drilling
Of NewOil Wells
But Completions in Febru?
ary Exceeded Those of
Corresponding Month Last
Year, Despite Conditions
I, -,_
i Oil wells completed in February
?? showed a loss of eighty-seven, com?
; pared with January, wtille total com
? pletions last month were 2,027, with
j new"production of 855,825 barrels, or
i 96.572 barrels less than the output for
j the first month of the year. Oklahoma
! was the only division to report an in
j crease in completions, this section be
! ing credited with 115 more than in
January. Oklahoma also reported a gain
in new production, as did the Gulf
Coast and Wyoming.
"Besides the handicap of a shorter
month," says "The Oil City Derrick" in
a discussion of the February figures,
'the operators in all the districts had
to contend with ohe of the most un?
favorable winter seasons for many
years. Conditions were not favorable
for work in any section, and in some
districts operations were reduced to a
minimum.
"Considering the disadvantages that
^ existed, the ?ebruary report is much
j better than was expected, and far ex
ceeded that for the same month a year
rtR"o. In February, 1919, there were 1,
902 wells completed, credited with a
new production of 154,962 barrels, so
that the present report shows 125 more
completions and practically 200,000 bar
jels greater initial output."
I Included in the completions for Feb
! ruary were 435 dry holes and 153 gas
I producers, an increase of fifteen and
I six respectively. Of the failures one
i third came from Oklahoma and nearly
as many more from Texas and the Gulf
'Coast. Kansas reported fifty-four dry
j holes and the Pennsylvania districts
j forty-three. The Gulf Coast failures
| were about one-half the total comple
, tions in that district.
"New work at the close of February,"
| stated "The Derrick," "made a very
I favorable showing of 2,997 rigs and
6,963 wells drilling. These figures show
an increase of sixty-three rigs and a
:oss of 2SS wells drilling. Compared
with a year ago the new operations
exceed those of February, 1919, by
3,860. The fields to show an increase
in work are Central Ohio, Oklahoma,
North Central Texas, North Louisiana,
Gulf Coast and Wyoming. The largest
decreases are reported from Kansas of
sixty-one and of forty in Kentucky. I
The largest increases were 119 in North
Texas and seventy-two in Oklahoma.
The changes in the other fields were
lijfht and due largely to weather con- j
dition8."
Pacific Gas and Electric
Profits. $5.32 a Share
The Pacific Gas and Electric Com?
pany reports surplus, after all charges
and taxes for the year ended Decem?
ber SI, 1919, of $3,340,353, equivalent,
after the payment of $1,531,023 in
preferred dividends, to $5.32 a share
earned on the common stock, which
compares with $4.G1 a share in the
preceding year.
Gross earnings last vear amounted
to $26,582,687, or $3,987,171 more than
in the year before. After expenses,
etc., had been deducted, net was
$8,833,560, an increase of $458.172. In?
terest charges aggregated $4,285,257
and bond discounts $207,950, leaving
$4,3-10,353 balance. An additional re?
serve of $1,000,000 was set aside for
depreciation, the same amount as de?
ducted in 1918. .Surplus after preferred
dividends, etc., totaled $1,809,330, a
gain ?.? $228,490 over the preceding
year.
Strike of Shoe Machinists
Causes Concern in Trade
The report that 4,200 machinists and
machinists' helpers employed by the
?United Shoe Machinery Company walked
out on a strike yesterday caused con?
siderable comment in the local leather
trade. As this company supplies shoe
making machinery to most of the large
footwear manufacturers, it is thought
that the strike will have an unpleasant
effect on the trade, especially since
many of the mai.ufflcturers had con?
templated building additional units to
their plants, in which many new shoe
making machines were to have been
installed. Inasmuch as it has been
exceedingly difficult for some time to
receive prompt shipments on shoe
making machinery, it is thought that
the strike will cause footwear manu?
facturers to somewhat alter their build?
ing plans.
The CitizensNatiot?ai? Bank
o? New York
320 Broadway '
Condensed Statement to Comptroller?February 28th. 1920.
RESOURCES
Loans and Discounts.?M.^^mM^?. $51,274,209.23
Bankers' Acceptances Discounted........**v*i?-~- ? ???? ?* 947,202.81
U. S. Bonds and Certificates.~*>. .--*??? 3,127,202.64
Other Bonds, Securities, etc._?...-,.. 303,500.00
Due from Federal Keserve Bank, other Banks
and Exchanges. $7,619,088.74 ' rTig
Cash and Keserve with Federal Reserve Bank 6,450,000.99 14,069,089.73
Customers' Liability, Letters of Credit and Acceptances.. 5,555,635.48
Customers' Liability, Account of Loans..?..* ._,. 1,605,000.00
" ' |76,881,839.89
LIABILITIES
Capital Stock.?**_??? *. 13,000,000.00
Surplus Fund...?. 3,000,000.00 $6,000,000.00
Undivided Profits.^.?...~....~~.. 784,881.44
Unearned Disconnt...^? ?..*?.?,........... 422,339.37
Reserved for Taxes. 251,936.36
Circulation . 963,800.00
Kotes and Bills Rediscounted.....* 11,846,301.59
Bills Payable.??? 1,700,000.00
Acceptances of other Banks Guaranteed....?......? 609,611.22
Letters of Credit and Acceptances.?.. 6,248,534.43
Loans for Account of Customers.,.. 1,605,000.00
Deposits :
U. 8. Government...........?*..*...... f 119,000.00 i
* Banks. 3,530,181.59
Individuals_. 42,800,193.89 46,449,375.48
176,881,839.89
OFFICERS
Edwin S. Schenck, President
Garrard Comly, Vice President
Albion K. Chapman, Cashier
Jene M. Smith, Assistant Cashier Clifford R. Dunham, Assistant Cashier
James McAllister, Assistant Cashier Samuel Shaw, Jr, Assistant Cashier
William M. Haines, Assistant Cashier Robert D. Scott Assistant Cashier
Robert B. Raymond, Mgr. Foreign Dept Ernest J. Waterman, Mgr. Trust Dept
DIRECTORS
Edwin 8. Schenck William FeDowes Morgan Otto L. Dotmneridi
Robert B. Hirsch Charles L. Bernhclmer Walton P. Kinsley
Ralph L. Cutter ., Charles Auen Mu?a Howard F. Clark
Darwin P. Kingslay Frank Presbrej* Henry A. Caesar
William & Gray Garrard Comly John A. Garver
The Day's ]
U. S. Government
Transactions
L**^ ?*?., 1047. ?M.OOO
do 2d 4s, 1942. 160,000
do lit 4%s, 1947. 164,000
do 2d ?tys, 1942.1.6.8.000
do 8d 4%s, 1928_?? 1,441,000
?,d? 4th.i*8' 1938.2.658,000
Victory 4%? 1923. 1,963,000
do 8%s, 1923. 614,000
Quotations
Liberty 3%s...
do lit 4a....
do 2d 4s_
do 1st 4%s..
do 2d 4 %s..
ra 3d 4%s..
do 4th 4%s..
Victory 4%?..
do 8%s.
HlRh.
. 95.66
. 90.30
. 89.90
. 91.60
. 89.96
. 92.42
. 90.16
. 97.46
. 97.48
Lo*w.
95.50
90.20
89.40
91.26
89.74
92.34
90.02
97.36
97.36
Ij. it.
95.64
90.22
89.40
91.60
89.80
92.40
90.10
97.42
97.4Q
YMd.
8.77
4.62
4.75
4.80
4.99
5.46
6.10
6.69
4.49
Net
C hpi?.
+ .04
+ .12
?.30
+.24
?.10
?.04
?.02
?.06
Bid and Asked Quotations
Liberty bondi.
3%s, 1947 ....
lit 4s, 1947...
2d 4s. 1942....
Ut 4%s. 1947..
2d 414a, 1942..
3d 4%s, 1928. .
Ith 4 Via, 1938.
Vic. 4%s, 1923.
do 3%s. 1923 97.38(a) 97.48
Pre-war issues:
2s rog, \.0.100%
3s coup. '30.100%
?s rep, '46. 89
3s c .up., '16. 89
3s rcg.? '25.106
?s coup, '25.106
-'s Tun, c, '36... 100
2s Tan, r, '3f. ..100
2s Pan, 0, '38. ..100
2a Pan, r. '38... 100
3s Pan, reg. 88
is Pan, coup
Phil 4s, '34
Phil 4s, '35
Phil 4s, '36
P0
90
90
D Col 3s, '65... 97
<?101
$101
? 92
(<j? 92
?106?
0106^
(<. 101
@101
<?ioi
f?ioi
f<5? 91
(? 91
(<. 95
(g 95
fi. 95
100%<ffll01
100%@101
89 @ 92
89 @ 92
106 (al0.%
106 @106%
100 ?101
100 ((?101
100 ?101
100 @101
88 m 91
83 ?l 91
90 f? 95
90 f? 95
90 @ 95
97 ? ?
Foreign Govt, and Municipal Bonda
(Interest To Be Added)
Bid.
Anglo-French Extern 6?, 1920.. 98
Argentine Intern 6s, 1945.72
Canada, Dom of, notes, 1921... 97
do 5s, 1921. 97%
do 1926 .:. 92%
do 1929 . 93%
do 1931. 911,4
:_inese Gv Hu Kug Ry 5s, 1951 44%
:uba Extern 5s. 1944. 90%
do Extern 5s, Series A, 1949 90,4
do Extern 4%s, 1949. 71V.
Dominican Rep ?s, 1958. 79
_ity of Lyons 15-yr 6s, 1934.. 89%
3ity of Marseilles 15-yr 6s, 1934 89%
;ity of Bordeaux 15-yr 6s, 1934. 89%
.ity of Paris 6s, 1921. 90 Va
Fop Gov 4%8, string In, 1925.. 74V.
do 4 Vis. 2d ser. 1D25. 73
do 4s, string In, 1931. 59%
:?ty of Tokio 6s, 1952. 57%
J K G B & I 6-yr 5%s, 1921.. 95%
do 3-yr 5%s, 1922. 92%
do 10-yr 6%s, 1929. 91
do 20-yr 5%s, 1937. 86
Hex Extern strl Ds of '99, 1945 3Q
do Extern gold 4s of *04, 1954 ?
Asked.
98A
74
97%
97%
92%
93%
91 V.
45%
92
90%
75
80
89%
89%
89%
91
7*1%
73%
60
58
96
92%
91 %
8GV4
39
30
^.nglo-Fren ch 5s
155,000.
9,000.
1,120,000.
argentine G 5s
2,000.
Chinese Ry 5s
4,000.a30f.
l.OOO:.
Mty of Paris 6s
10,000.
0,000.:
36,000.
5,000.
5,000.
15,000.
)om Canada 5%'
notes 1921
6,000.
2,000.
do 5%s 1929
6.000.
1,000.
4,ono.
do 5a 1921
3,000.
do 5s 1926
1,000.
3,000.
1,000.
do 5s 1931
3,000.
1,000.
'ap 1st ser 4%s
5,000.
20.000. s30f.
3,000.
64,000.
25,000.
80,000.
10,ono.s30f.
2,000.s30f.
10.000...:...
2.000. .....
5,000.
2,000.
5.000.
17,000.
5,000.
3.000.
10.000.
20,000.
1,000.
do 2d ser 4%s
5.000.
30.000. s30f.
10.000.
10.000.s30f.
10,000.
10,000.
2,000.
(Sales)
I Jap 2d. ser 4%s
.8 I 2.000. 73%
J8AI 10,000.s30f. 72%
[18 I 10,000. 73
2,000. 72% *
73%! 35.000. 7,'i 1
5,000. 73% t
43% I 6,000. 73%
43% 5.000.X... 73%
7,000.sr30f. 73
90%I 20.000. 72%
90% 19.000. 73
90%! 1,000. 73%
45.000.o30f. 73
do stlg loan 4s
10,000. 59%
57,000.s30f. 59
12.000. s30f. 59%
10.000.s30f. 59%
97% i 6,000.s30f. 69
15,000. 69%
93% 6.M00. 59%
93%I 5,000.s90f. 59%
93% I 2,000. 59%
6.000. 69%
97 % 2,000. 60
IRep of Cuba 5s 1904
92%: 4,000. 90
_,$ U K of Great Britain
y-%| & I 5%s 1921
91%
91%
74%!
74 I
74%
74%!
74% I
7?%
74%
74%
74%:
74%!
74%!
H*\
/o
74%!
74%
75 !
74 V?
74% I
74%i
2,000. 95%
1,000. 95%
1,000. 95%
3,000. 95%
1.000. 95%
8,000. 95%
7,000. 95%
2,000. 90
4,000. 95%
do 5%s 1922
15,000.92%
14,000. 92%
4,000. 92%
2,000. 92%
11.000. .... 92%
do 5%s 1929
8.000. 91
6,000. 91%
1,000. 91
6,000. 91%
do 5%s 1937
25,000. 88
11.000. 86%
-?)-.' 35,000. 86 .,
72% -1-000. 8f5%
72% N Y City 4%s 1957
72% November
73H LOOO. 98%
72% do 4s 1967
73 ' 5,000. 87
Uond Market
Railway, Other Corporations
7 Am Asr Oh dah Ka it ... ?.*?_. .
Am Aar Oh dab 6s
2,000.95
Am Smelting 6a
7.000.82%
Am T & T cvt 6a
19,000.97
3.000.D6%
_, 2.000.96$
do col 6s
2,000. 81
1.000. 81%'
1,000. 81
600.80%
do col 4a
G.000. 78
ATiSPireni,
I. 6,000. 76%
, 600. 78
! do adj 4s stamped
i . 1.000. 68%
Armour Co 4 %s
1 1.000. 83
AU C L 1st con 4a
3.000.75%
1,000.a30f. 76
2,000.761,4
600. 76
6,000. 76%
6,000...... 77
M do L & N 4s
' , 2,000.67%
Bait & Ohio tern 6s
6,000.84
6,000. 84%
4,000. 84%
9,000. 84 ?A
13.000. 85
do rfg 5s
4,000.65%
1,000.65
do cvt 4%s
10.000. 64%
9,000. 64%
1.000. 64
5,000. 64%
5,000. 64
do p 1 3%s
1.000. 82%
12,000. 82'*
1,000. 83
do Sw 3'?.s
3.000. 72%
do T & C 4s
1.000.48%
11.000. 49%
2.000. 49%
Beth Steel p m 5s
2,000.84%
do rfg 5?
_, M 2,000. 85
Braden Copper 6s
10,000. 92%
Calif Gas & E 5s
1,000. 85
6.000. 86
Central Leather 5s
1,000.95
Cen Pacific ltd 4s *
2,000.72
10,000. 72V.
Ches & Ohio cvt 5s
19,000. 7914.
79%
79
,000...
6,000...
do pen 4 % s
0,000...
do ct 5%s
l.ooo.T.
1.000. 74%
1.000. 74%
& Alton 3%a
Lex 6 East 6s
., 3,000.88
Liggett & M 7s
3,000.107%
m. S-0?.IOTA
Manhattan Ry 4s
2.000.66%
2,000.55
do tax exempt
1.000. 65T4
M St P & S S M 4s
1,000.78
Mich Cen deb 4s
3,000.81
Minn & St I, 4a
1.000.41%
M K & T 1st 4a
2.000. 57%
Mo Pacific 6a 1965
10.000. 82
do Ken 4s
7,000. 65%
25.000. 56
10,000. 66%
Montana Power 6s
2,000...... 84'.d
9,000. 85
New Orl Terminal 4?
1.000. 01%
5,000. 01
11,000. 00-71
N Y Central deb fis
13,000. 02 t.'.
1.000. 92%*
10,000. 92%
6,000. 92%
do 4s 1934
8,000. 77%
4,000. 77
do rftt 3% s
1,000. 65%
4,000. 65'*.
N Y Lack & W 6a "
10,000. 99%
N Y N 11* & H 6*4
4,000. to
N Y O & W 1st 4s
4,000. 591A
11,000 . 60
N Y Rys rfg 4s
fi.000. 28
N Y Tel deb 6a
3.000. 04
do 4 %8
10 ?00. 78%
Norfolk ft W cvt 6s
18.000.101
1,000.101%
do fini 4s
15.000. 75%
Nor Pacific 4a
7.000. 75%
do 3s
10.000. 65%
8,000. 64
Ore Ry & Nav 4a
1,000. 75
Ore Short Line 4s
5,0i0. 801..',
4,0"0. 80%
Paeifi- G & E 6b
1.000. 78%
5.000. 79'
Pacifie T & T 6s
6.O0O. 85%
75 iP?mn 5s 19G8
10.000..R8-Ti
74%| do Ken 4U'S
1.000. 81%
fo Js 1948
3.0O0.
RI
5,000. 34 ?P?re Mnmuette 5b
B & Q Illinois 4? I 3.000. 84V.
1.000. 70%!phila Co 5s 1922
4.000.80 2,000. 87%
do joint 4s 1.000. 87%
54.000. 93% l.ooo. 87
2.000. 94 Rendint? ?en 4s
1,000. 7-9%
l.ooo. 79%
l]ooo. 79%
1.000. 79
19 000. 93%
4,000. 93%
4.000. 94 i
93%
5,000. _
1.000. -?3%jRI Ark & L 4%s
1.000. 94 ! 3 non.z r-mj
1.000. ci
L Ir Mt & S 4s
1 000. 93%
fio.ooo. 94
1.000. 94%;
C Great Western 4s I
12,000. 55
4.000. 54%|
C M A St P cvt Bi
serB
30.000. 70%
do cvt 4%s
3,000.71%
2.000. 71%
do rf> 4%s
2,000. 60%
do 4s 1925
1,000.79%
C & N W gen 4s
15.000.76%
do 31,28
fi,000. 64
9,000. 64%
C R I A P gen 4s
2.000. 72
do rfpr 4 s
1.000. G5<,4
5.000. 65%
5.00". 65':.
25.OO0.s30f. 65
1.000. 66
C St P M & O 5a
2,000. 84%
2.000. 85
Chile Copper 7s
5.000.101%?
10,000.101 i
5,000.101%
2.000.101%
30,000.101
9,000.101%!
do Gs _
4,000.79
11.000. 73%
do 4s Riv & G div
1,000. 08
1.000. C7
1.000. 66%
St L t S F 4s ser A
1.000. 58
10 000. s;?.',
21.000. 58
11.000. ',-??',
3.000. 58%
10 000 ,67%
t.?OO. 67%
1.000. 58
1,000. 58%
jUtoO. 67%
3'.W0. 58
?So ?g ?er B
?'.OOO. 68%
3.000. 68%
1.000. 6S
do ndj fis
3,000. fi"u,
2.000. fi3
1 000. 62%
1.000. 63
Ifi.ooo. 62%
l.ooo. 63
21.000. G3%
i do ine fia
3.000. 47?r.
1 000. 47a'.'
10 000. 471;
1 000. 47'?,
4 000. 4714
1.000. 47
fi.000. 47%
jSt L Swn con 4a
10.000. 65
10.000. 79%|RtP & Kan City
31.000. 79%i Short T. 4%s
1.000. 79%| 2 000 " fi*
18,000. 79 5 000. 03
C C C & St L gen 4a St P M * M 4 Us
1,000. 68 ! 8,000.; so
do 4s Cairo div Seahonn-' Air L adi ?
5,000. 75
do St I.ouis div 4s
5.000. 64%
Col Industrial 6s
1.000.72
Comp-Tab-R 6s
2.000. 82
Con Gas tern 7s
1,000.100%
9,000.100%
3.000.100 V
2,000.100?,
r.',ooo.100 %
Den & R G 4%a
3 000. 66
do rfg 5s
8,000..41
do con 4s
1,000. 62%
-8,000. 63
l.ooo.62
l.ooo. 62%
Detroit Riv T 4V>s
2,000.'71%
Detroit U Rys 4%8
2.000. 66%
Erie prior lien 4s
11 000. R314
1.000. 53 *
do ?ren lien 4a
15.000. 45
do cvt 4b ser B
1.000. 30
1.000. 39U
do cvt 4s ser D
16,000. 43
Florida Cen & P con
5s .1943
1.000. 81
Gon Elec deb 6s
1.000. 85%
Havana Klec 5s
5.000. 85%
Hud & M rfg 5s
6.000. 58%
2,000. 5g :
1,000. 6714
3,000. 67%
1.000. 57%
do inc 5s
1.000.17%!
8,000. 18 !
Ill Central 5%s
2,000. 91
1,000.90
do y(k 4s
2.000. 72
do 4? 1951
1.000. 82%
5.000. 83
do 4s 1952
1.000.69
do 4s 1053
1.000. C7%
do 1st "%s
2.000. 72
Illinois S' ?1 4%?
1,000. 82
Indiana Stag] 5s
4.000. 92
Interboro-Met 4%?
2.000^^^^
1.000
? 000
5.000. ?'<"
5.000. SS?',
?.O(>0.ii30f. 3S
6.000. ?v.
5 000. 38%
1.000. ssi.;,
So Pacific cvt 6s
6.000..101%
5.000.100%
do cvt 4s
5 000 . 791/!
6 000.79%
do rf<? 4?
4 MO.
j 000
1.000.
do en! <s
1000.
Southern Ry 6s
74*4
68K
S.tT.
Hi?-',
83%
67".
47V.
10.000.18
9,000. 18%|
1.000. 18%
5 ootl_
3 000 .
2.000.
do -U
Ifi 000
TH".' of St I,
1 000.
Third Kv rf'tr 4?
1 O'.O P.30f
do Pdi 5a
1 000 27 V,
Toi 8t T ? W 4s
6 000 . 47
Union P-clfic 6s
3 000. . . .100%
2.000..... .101
do Ib* 4s
5 000 .. . . 82H
4 000. S:m..',
do cv?' 4 s
1 000. 84%
do rf? 4 s
2,000. 72V.
5 ooo !.,... 72.7*
IB OOo! !...'! 7?-'i'.
4 000 ... 7''"'
89 oon. .'/,['. 'jit.'.
1 000...... 73
Un Rd of S F 4s
ctfs of deposit
63.000. 24%
4.000. 25
U S Realty & I 5s
12.000.7!j>
1.000.75 VA
U 8 Rubber 5a
4.000. 841-'.
i 000. 84
2.000. 84 U
6.000. 84%
5,000. 84%
U S Smelting 6s
10.000.101
?IT S Steel s f 5s
2.000. 9"%
1.000. 97
1,000. 97%
I.0OO. 97%
j 8,000. 97%
Virginian Ry 6a
18%i 2.000.82Bi
- Wabaah 1st 5s
18%!
18%'
7.000.87
do 2d 5a
1.000. 80%
Interboro R T rfg 5s JW?t Maryland 4s
3.000...... 53?,
20.000.5
5,000.
3%!
2%|
?is/ :
10,000. 521*
1.000. 52
6.000. 62%
10 000...;.. 52^ ?Wast P?jciftc 5s
2,000. 63 1.000.81%
5,000. 62% 2.000. 82%
4,000. 62%|W?tern Union 4%s
2 000. 63 6.000. 74%
10.000. 52%! 11000. 75
Int Mer Marino 6s I West Short? 4s
2,000. 90% 2,000. 711*
3.000.a30f. 80 Wheel 4 L E 4%s
K C Ft S * M 4s
1.000.66%
Kan City ?Terminal 4a
9.000.70%
1,000.71
Kings Co El 4s
1,000.Jj7%
1,000.67
La<* Steel 6s 1923L
1.000. -... ?*H
10.000. 53
do eon 4s
1,000. 58
Wilson Co 1st fis
1.0OO. 96%
do cvt 6?
1,000. 91%
i.OOO.91%
Wisconsin ?0 4s
6.000...... 69%
Investment
Information
Question? of general interest to
investor? will bo answered in this
column, in twhkh ease only initiale
will be used. Other? will be an
twered by mail. Address all in
Suine?, inclosing a ?tamped, ad.
ressed envelope to Financial Editor,
The Tribune, 1SU Nassau Streit. New
York City.
Diversity la Desirable j
Quentlon?I have $5,000 to invest and
would ask your kind advice whether to in?
vest thia in 6 per cent mortgages on im?
proved property worth double the amount
of tho piortgage or would you suggest the
following preferred stocks: United States
Steel preferred, 7 per cent, at 11_- Unl!(<l
States Rubber preferred, 8 per cent at 11'" ?
Central Leather preferred, 7 per 'cent, at
,...: ?Woolworth preferred, 8 per cent, at
?c ?> i L< D?U!.laj* new is!!Ue. 7 Per cent, at
100 / I am looking for safety more then
big interest. I cannot afford to ?peculate
Am I sure of my interest on the above men?
t?' nod stocks? Is Pennsylvania Railroad at
43 a good investment??W. V. N.
Answer?Why do you not diversify
your investments by purchasing say a
S2.000 mortage and the remainder in
ton shares each of the following: Cen?
tral Leather preferred, United" States
Steel preferred, United States Rubber
preferred? These companies have long
dividend records and have weathered
years of commercial depression. We
do not cons'der Pennsylvania Railroad
stock a good investment. There is still
uncertainty a? to how the railroads
will fare under the new legislation.
Good Investments
Question?For a sound investment do you
think that General Electric 6 per cent bonds
to expire in 1940 and Standard Oil pre?
ferred of New Jersey are gilt edge? M. S, S.
Answer?Both General Electric 6 per '
cent debentures and Standard Oil of
New Jersey preferred stock, in our
opinion, are entitled to a righ rating
in the investment class.
Timid About Industrials
Question?Would like to have your advice '
on present investments, as well as future
Investment of $3,800. Have at present 8
. hares Union Pacific common, 123% ; 10
shares Northern Pacific. 86%; 20 Bharea
Eoliigh Valley, 54% ; 15 shares Chicago,
Rock Island <_. Pacific 7 per cent, 74% ; 10
.hares American Telephone and Telegraph,
101%, and ??!<) shares Philadelphia Rapid
Transit, 26%. Have always felt timid of
investing in industrials. Know that the pres?
ent market value is below what I paid for
them. Would you advise holding them at
present??H. H.'
Answer?The stocks you have pur?
chased for investment aro not entitled
to a high rating. All, with the ex?
ception of Rock Island, are common
stocks. They are .good properties, but
much depends in the case of the rail?
road stocks on hc*v the companies will
manage under the new legislation. Sea?
soned preferred industrials are not
nearly so speculative as the stocks you
have. United States Steel preferred,
Central Leather preferred, National
Lead preferred and American Car and
Foundry preferred all return from 6
per cent to 6% per cent.
United States Realty?Nipissing
Question?Wll you please give me some
information regarding United States Realty
and Improvement? Can you give me a list
of ?ome of their properties? Do you con?
sider them a good investment at the present
price of the stock? I have been receiving
some booklets about Nipissing Sliver from a
brokerage firm. Is this company owning
Nipi3sing an honest one? I mean, do they
do a square business or are they in the wild?
cat class 7 I see that Nipissiiii** is represented :
as the largest silver producing mine in
America in these booklet!, i? I rememb r
rightly. How do you regard this company?
?O. O.
Answer?United States Realty and '?
Improvement Company owns among
others the Trinity Building, the United
States Realty Building, the Flatiron ;
Building and the Whitehall Building,
all in New York City. Most of these :
properties are mortgaged. Theixs is
also a debenture 5 per cent mortgage,
due .1 ulv 1, 1924, to the extent of $11,
930,000 and $1(5,162,800 stock, par ijilOO. !
The last dividend on the stock was 1
per cent, paid February 1, 1915. Earn- |
ings of the company have shown great ]
improvement since the price of real es- i
tato and rents have advanced. For i
I the year ended April 30, 191?, the com- I
j pany earned $1,480,096 after interest ;
i charges, equal to 9.16 per cent on the i
stock. The stock is not an investment, |
I in our opinion. It may ?offer specula- j
! tive possibilities. The bonds, due in
i about four years, appear to offpr j
; greater possibilities. They sell for
about 75. Nipissing Mines has been a
! good silver producer. The company is
! not by any means the largest in Amer?
ica. For 1918 it produced 3,701,41(5
ounces of silver, while the Anaconda
Copper Company produced 10,967,905
ounces of silver. Nipissing, however, ;
has shown good earning^. It pays 20 j
per cent ($1 a share), with extras of 5 j
per cent, on $6,000,000 capital, par $5. i
There appears to bo a good supply of
! ore reserves. The stock offers specula
l tive possibilities.
Big Loss in St. Paul
Question?About ten years ago I pur?
chased 150 shares of St. Paul Railroad at
about 105 a share. Thia road had a con
tinuous dividend record for many years and
was then presumed to be a good dividend
payer. The fall in the market of this se?
curity to present levels has induced trie to
ask if you would advise its sale and con?
version into preferred slock. The possible
resumption of dividends would, of course, :
first apply to this preferred stock. Since;
the government has paid an average of
three years' income prior to the war, I am |
at ,'i loss to understand why dividends have
been suspended for the last three years, j
-*-j. G. ?.
Answer?The St. Paul road has per-j
formed poorly of late. We are not sure j
that this is entirely the result of gov- j
eminent operation. Its expenditures
for extensions have been enormous,
particularly in electrifying part of the
road. Directors have probably been
wise In not paying dividends. It re?
mains now to be seen how the road
will fare under the new legislation. It
is our opinion that the preferred stock,
considering its price in relation to the
common, is worthy of consideration. ?
Missouri Pacific
Question?Please let me know the status
of Missouri Pacific common stock as a sp?c?
ulative investment when compared with
othe?*j of the lower priced rails in tho same
class. Have the reorganization plans been ;
completed, and will there by any other as
ses.menUT What is the relative ratio be?
tween tho bonded indebtedness and the capi?
tal stock outstanding? What is ratio of ?
the earning? to the interest on bonds??G. C.
Answer?Missouri Pacific stock can?
not be considered an investment in any
sense. It pays no dividends, even on
the preferred issue. The latter is
cumulative, 5 per cent from June 30,
1918, and 'we should say offers better
speculative possibilities than the com?
mon. It is not possible to forecast the
earning power of the company. It re?
mains to be seen how the railroads will
fare under the new legislation. The
reorganization of the Missouri Pacific
was completed long ago. There will bo
no further assessments. Tho total
funded debt of the road is $225,562,620.
The capital is $71,800,100 preferred
and $82,839,500 common stock. Net
after rentals fot 1919 was $4,402,472,
agains* $11,764,562 for 1,918. Bond in?
terest is about $13,000,000 per annum.
Four full columns of in?
vestment questions and an?
swers are published in The
Tribune every Sunday,
? ?
Foreign Securities
and
Foreign Exchange
American investors and banking institutions can benefit
now by purchasing European Securities and Ex?
changes, which are obtainable at most attractive prices.
We specialize in the purchase
and sale of all foreign state, mu?
nicipal and industrial securities.
Josephthal & C?
Members New York Stock Exchange
120 Broadway, New York
Telephone: Rector 5000
Porto Rican Tobacco Earned
$2.77 a Share on Capital
For the year ended December 31,
?i/19, the Porto Rican-American Tobacco
Company returned net profits, after all
chargea and Federal taxes, of $137,934,
equivalent to $2.77 a share, $100 par,
earned on the $4,976,867 capital stock,
compared with $708,878, or $14.28 a
sliare, on the $4,958,850 stock in 1918.
The payment to stockholders of $298.
612 in dividends caused a $160.678
deficit to be made. When this loss
had been deducted from previous sur
?)ius, profit and loss balance amounted
to $1,557,619.
Manufacturers to Advance
Tire Prices 10 to 20 P. C.
A general advance in tire prices will
He made on Monday, March 8, by prac
lically all of the leading manufacturers
in this country. The advance will run
from 10 per cent on fabric tires to
as high as 20 per cent in some in- ?
stances on cord tires.
Canadian Silver at Discount
MINNEAPOLIS March 5.?Canadian j
silver is being discounted at Minne
apolis banks to-day for the first time
in many years. A 20 per cent discount i
m all silver money from the Dominion !
.?as ordered by the Minneapolis Clear?
ing House Association.
Unit?ed Light & Railways
1919 Gross Earnings Gain
Gross earnings of the United Light
and Railways Company for the twelve
months ended January 21, 1920, were
$10,527,905, a $1,056,674 increase over
the year before. From that amount
operating expenses, etc., of $7,579,333
were deducted, leaving a $2,948,574 net,
which compares with $2,795,311 in the
preceding year. Interest and other
charges aggregated $1,803,525. Sur?
plus after all expenses, etc., totaled
$540,132, against $474,358 in the year
ended January 31, 1919, an increase of
$05,775.
Raw Silk Stocks Lower
Than Last Month
Raw silk stocks in warehouses in
New York on March 1, reported to the
Silk Association of America, were 54,
364 bales, compared to 67,824 bales re?
ported on February 1. The silk associa?
tion is compiling the figures monthly to
set at rest rumors regarding the hold?
ing of abnormal stocks in this'market.
Italian raws in New York warehouses
declined from 2,182 bales on February
1 to 1,671 bales on March 1. Japanese
raws declined from 54,504 bales to 44,
033 bale*, while all others, including
China raws, decreased from 11,138 to
8,660. The figures bear out the state?
ment of manufacturers that they are
using up reserve stocks of silks rather
I than purchasing new stocks. The
monthly consumption of silk in the
United States runs more than 25,00')
bales. Without figuring stocks in the
hands of silk manufacturers or throw?
sters, the warehoused supply in New
York is sufficient to run the mills of
the country about two months.
French Internal Loan
Brown Brothers & Co. announce t'int
| the official subscription price on March
i 6 for the new French internal loan of
i 1920, based on the closing rate of ex
| chango March 5, is $72.99 a 1,000-franc
j bond.
-.
Financial Items
George IV. Beckel. formerly associ?t'"1
j with the Lawyers' Mortgage Company ??-<
i .secretary and sales manager of thtir
: Brooklyn office, has become affiliated vrtth
I the New York Stock Exchange firm of
Kissel. Klnnicutt & Co.
The Metropolitan Trust Company has
I been appointed registrar and transfer
I agent for the Hyore Mining and Milling
' Company, a Delaware Corporation and
also trustee under trust Indenture secur?
ing an Issue of $200.000 S per cent sinking;
fund gold notes.
Cleveland Cobb, member of the New
Tork Stock Exchange, and Rector C,
Hutson have been admitted to the Arm of
Smith & Callatln.
Thomaa M. Howell has been electee a
member of the New Tork Cotton Ex?
change.
John D. Ihmels has been appointed an
assistant auditor of the Ouaranty Trust
Company of New York.
THE
CUATHAfl
One Hundred
Years of
Commercial
Banking
%noiw
BaniC
OI?TM?
vCHYOFNEWyDRie
CONDENSED STATEMENT
AS OF THE CLOSE OF BUSINESS
FEBRUARY 28th, 1920
Resources Over
One Hundred
and Fifty
Million Dollars
RESOURCES
Loans and Discount*-$108,054,475.23
United States ?Certificates
of Indebtedness_.. 1,480,000.00
United States Bonds...... 9,943,000.00
Other Stocks and Bonds. . 5,237,713.17
Customers' Liability
Account of Acceptances 4,098,566.26
CASH AND EXCHANGES 27,281,534.86
$156.095,289.52
LIABILITIES
Capital.I. . . $7,000,000.00
Surplus & Undivided Profits 7,238,228.52
Unearned Discount. 808,929.86
Reserve for Taxes and
Interest. 724,248.48
Circulation. 4,341,830.00
Acceptance? executed for
Customers. 4,169,955.75
(after deducting $143,803.31
held by bank)
Bonds Borrowed. 200,000.00
Bills Payable & Rediscounts 8,180,431.94
(with Federal Reserve Bank)
DEPOSITS. 123,431.664.97
$156.095.289.52
Main Office, 149 Broadway, corner Liberty St.
Branches: Battery to Bronx
434 Broadway, Cor. Howard St.
Bowery end Grand St.
Ninth Ave. and 14th St.
?Broadway and 18th St.
Fifth Ave. and 33rd St.
57th St. at 3d At?.
Broadway and 61 ?t St.
86th St- at Lexington Are.
Broadway and 105th St.
Lenox Ave. and 116th St*
125th St. at Lenox Ave.
Broadway and 144th St.
OUR FOREIGN EXCHANGE DEPARTMENT
offers its complete facilities to our customers and friends.
We Invite Your Account