New-York tribune. [volume] (New York [N.Y.]) 1866-1924, March 13, 1920, Image 15

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New-York tribune. [volume], March 13, 1920, Page 15, Image 15
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New-York tribune. [volume] (New York [N.Y.]), 13 March 1920. Chronicling America: Historic American Newspapers. Lib. of Congress. <https://chroniclingamerica.loc.gov/lccn/sn83030214/1920-03-13/ed-1/seq-15/>

Newspaper Page Text

W. F. Ladd & Co.
Investment
Secur^ies
New York
REC.ri.AR AUCTION SAL.K
STOCK** ANT) H41NUS
?T ADRIAN h!'M?II KR * SON.
?HIXBMit?, MARCH 17, ??SO.
a' ???0 o'cloCTC at the
?XCHANGK PAI.KSKO'JM,
?MAKB I a VES? STRMT.
~" For Account of Executors:
vghs. Pacific Coast Co. 1st prefd.
?sivSvhenectady Hv. Co. 1st Mtg A
?*j Bonds, 194?
55?ii? E tv. Bliss Co. common
tue*? New V - . Investors Corpr.. Ousr
:?< Mtg 4' rl Reg St d. Bonds. 1933
hi ?00 New York Investors Corpn. Ouar.
" ja* Mtg. 4%* Reastd. Bonds, r..
ustt-Betroit A Mackinao Ry. 4?*V Mtg
Bonds. 199S
u{W Automobil? Club ot America 4***
Bonds. 1930.
?tW Indiana Lighting <o 1st Mtg. 4%
Bonds. 195S, __
t-oWT-rig Island R H 6*? l>eb. Bonds
lifH Mobile A Blrrringhani R R. 1st
Mtg ** Bond. 1945.
ItiOSThe Plnewald Co 1st Mtg. Et
Bot.d*?. ?lue ' 5.
lilt?Pittsburgh, Wheel!*.g A Lake Erie
Coal CO. i*~' Mtg, Bonds, i?3l
js?? Peona A- Pek?n Cnlon Ry 4Vt?'<*
Bonds, 1921
{.i ,00 Peora R* Terminal 1st Mtg 4ft
Band*. 193T.
H ?no wabasli K R Omaha Div. ist
Mtg s%% Bonds, 19*1.
M ??!> Western New Tork Farn*.? 1st Mtg
f. Bonds, 193?.
If v, shs Cbateaugay Ore A Iron Co 1st
prefd
174 shs. Chateaugay Ore A Iron Co.
td prefd
11-5 ?ha Denver Union TCater Co con
- f*Ji
fMsh* Denver Union Water Co. prefd.
J ?hs Oreen Psv A We??m R R.
* ?hs. Qrand Rapids A Indiana Ry,
Co.
Tibs International Pulp <"o
:. thf. Illinois Central R. R. leased
In? II stocli
? si*. Int<*rborough P.sr-d Transit Co.
? ?hs International Postal Supply Co.
; I shs. Keokuk & Des Moines R>
comr
4?:.? Keokuk A L'es Moines Ry.
prefd
S sbs. Manhattan Reach Co.
* ?h* New Central Coal Co.
lab. Toi., St. i.ruis & Western R R
Ctf. ol Deposit
T sh? The Taryan Co.
t 6?0 Manhattan Beach Hotel A Land
Co Qenl. NT? 4ft Bond, 1040.
Ter Accauni .' Whom It May Concern;
316 sha Singer Manufacturing. Co.
it shs Texas Pacific foal A Oil Co.
itsha M trop illtan Casualty Co.
!0 sha Fidelity Bond A- Mortgage Co.
1 ?h. New York Caw Institute.
Ltd?sbs < Ity & Suburban Homes Co
iH'-oor 3 #. Sf petroleum Co. 7ft
No(r ? 192"
?hs. I S A M Petroleum Co.
10 ordin?r] ah? Boston A Mexico Pe
'? - ?:. . Trustees
M.OOO.Unlted States 4*ift Victory Loan
Bonds
SO shs Erie R. R. common.
hs. Alaska l'r.?ted Gold Mining Co
; ,:-'' united Cigar Stores Co. prefd.
Ml :ne right title and interest, if any. of
?.-? r^i's-ered holder In and to Ctf,
No 14 of the Ultramares Corpn.
for TO sha o:" eommojp. sto< '...
BANK STATEMENT
REPORT OF THE CONDITION OF
THE BANK OF AMERICA
?i the doss ' ( business on the 28*.h day of
Fthrtttry, 1930:
RESOURCES
Star*ana bend Investments, via. ?.
PobiL lecu-itlea . ... $833.43? 4?
Privat? securities. 2,107.418.11
Reaj eats s owned . 2 060.000.00
Lain? and discounts sec ired hv
?OJlateral . . . 1 J ! 6f "5S4.8?
Ueiis. discounts and bills pur?
chased not ';- ured by collat
KU 14.(06.6*4.19
Oftrd/afts
;.'?;? fron trus! -impanles.
hanks an '? bankers
laecle
IBS) -.-:?? hor ze ! i y *ue
liwj of the L'nited States
?? '-. Items - :.
Exchange? and
libseki f< ? next
earing? $22,309.144.41
fthercash Items 419.?03 46
12.510.71
: S4S.70S.86
462.854.12
'"toll?. ?" Fe,3eral Rese?e
H?nk of New Vbrk
corner.' .-,.-.. |ty ??- aVcept:
"tr ????-., | -,
Accrual interest nol entered
on hook-! p.- los? 0f bug,
?Ms on ?hevf d*-.
22 772.746 S9
?i*5.403 96
8?.300 00
???.64S.333 90
Tstal ^_
MABHVITIE8
?Tittl ?to^k.SI 600 000 00
tors) us:
k *; as fond l? oO'VOOn.OO
'?ii.'.*l-ied profits '. "8".0^t 9*
189 083 ?(
S79
Bus New ynr>
Sttt? savin,,
"?Po?lta subject
??"Hand certlfl
??tes of depoi
*??h!er'i Wmmm
?*,ni!n* ' "?.?74.73
ffUfltf checks. . 795 -171 go
i?P*!d dividends. 4:36400
?* ,,ru? c-om
W-21*? banks.
*na bankers. ., s 507,135.41
*??S?A,lt?-?. ?4.139,573 5?
u I ? ' of '?raf's parable .
id hv0" date or ?uthor
trS?. """"???-?la! lettera of
SsjtoM?t??.; Vi?.":.
Wea for
,jf*?. expenses,
1.174,07? 13
^r-4' 'ir,v?"-"*
gt ?ntered on
yt" a' close
! ?{ business on
ill " d*te
r*m?tec
!i r n ? d dis?
counts
tl6t,l41 01
22,714 00
1?9.?44*19
T?u;
110,801 20
?68.?43!lSS 00
*und for Trad? Agents
Washington, M?rch 12.?B?Pr?>
! . Utl??8 of ? number of business
?w!^tion8 ?PP?ar?d before the
, ?J Appropriation Committee to-dav
?550 onn the ori*inal estimate of
IKhi ' w^ior the commercial agent
w'v? the Department of Com
ItHri?? "?tomd in the annual a?
yj?j?t?on bill recently passed by the
H L2rta,lm?nt ?f the activities of
'??j.1 th?y ?aid. ^ould result
?se .,? tlon in th? ?olume of Amer
' ?a? ?* bu?*ne?? and consequently
^tln- turin? in this country.
M? tk 3u, that business interests
W. ? , of th* t*xa? under the
?"??iLel * ***** declared that a
il**ia?*4i of commercial business
?! A-T1^ would result In a reduction
(^fovernment's Ux income,
i^tota? ?*, ,' "Pre'-iuted %t the
lT?tfi/BcIu.d,d the National Foreifrn
"-?"^UBctl, American Manufacturers'
on. the American Bankers' As>
sj'KI N*tion?1 Automobile Cham
4f?*n,,re* *Bd ehambers of eom
* New Yor? City and SUte. ?
I -...-? ____-_,
Standard Oil
j Stock to Go on
The Exchange
_ o
New Jersey Corporation
Abandon? Traditional
Silence to Find Broader
Market for Its Shares
May Split Stock
Price on Present Basis Too
High to Permit General
Speculative Public to Buy
The New York curb market will lose
its greatest sources of prestige and
the ?Steck Exchange will gain what will
; undoubtedly prove to be one of its
; greatest investment and speculative
mediums as a result of steps being
taken to list on the "big board" both
the $98,338,300 common stock and a
similar amount of 7 per cent cumula?
tive preferred stock of the Standard
Oil Company of New Jersey. Applica?
tion waa**made yesterday to list both
issues.
With the formal approval of the New
Jersey company's application it is be
lieved in the financial district that it
will not be long before action will be
taken toward a splitting up of the
common shares into units that will
afford the small investor an opportu?
nity to buy the ?-lock. At the present
time a majority of the so-called Stand?
ard Oil issues arc selling so high a?
to be placed in a class where only
individuals of largo means can' afford
to invest jn them.
Detailed 'Information Tiled
-Aj? official of the New Jersey cor?
poration statod yesterday that with
' the application to list Ihn shares there
; was a groat mass of information about
.the affairs of the company 'and its
subsidiaries, including balance sheets
income accounts and details connecter
with all the properties: He said that
' this could not be made public, how
, ever, until the listing plans had beer
, formally concluded.
The practice of making public infor
mation regarding its financial condi
tion was inaugurated by the cornpanj
| last July, when the issue of preferred
; stock was created. J. P. Morgan &
Co., a? underwriters, were given i
, complete statement, the first balai.c?
sheet issued by the company sinct
1906. This showed.total assets o?
$562,543,025; plant, stable and floating
equipment, less depreciation, value'
at $249,827,931. ?Stocks in other cor
porations were valued at $23,009,449
government bor.da and other invest
ment securities at $93,452,369, inven
tories of merchandise at $160,505,280
accounts receivable at $151,320,085 ant
cash at $13,201.085. The nominal lia
bilities consisted of $98,838,300, th?
present capital and a $492,315 reservi
for annuities, leaving a surplus, in
ciuding reserve for working capital, o
' $463.712,409.
The balance sheet issued by th?
company in 1906, at the time of tin
government dissolution suit of the so
called Standard Oil trust, showed ne
: assets as of December 31, that yeai
including the thirty-three companie
afterward segregated, of $359,4Q0,193
At the time of the sale of the pre
ferred stock the company disclose**
earnings for 1918, before deduction o
Federal taxe?, amounting to $101,614,
143. Taxes paid in 1918 totaled $44,
830,359, leaving net earnings of $57,
2*B8.784. out of which $19,667,660 wa
paid to stockholders in dividends.
Others May Follow
As a result of the United State
Supreme Court's decision that 'stoc
dividends are not taxable as income i
is believed that not only will the Ne*
Jersey company split up its shares int
s??.aller units, but that other forme
subsidiaries will follow ti similar pre
cedurc or elso declare handsome stoc
dividends. An idea of what this woul
mean to present stockholders may b
gleaned from the following table show
fng yesterday's closing bid and aske
prices for the principal Standard O
1 issues:
Bid Ask?
Atlantic Refining. 1540 161
Continental OH. 620 6i
' Ohio OH. 370 3?
Prairie Oil * Oas. 660 6*
Solar Refining. 335 31
. South Penn Oil . 840 3(
8. O. of ?'alifornta. 340 :i
S. O, of Indiana. 325 8'
S. O. of Kansas. ?15 61
8. O. of Kentucky. 450 4'
Is O. of Nebraska. ft 10 ?':
S. O. of New Jersey. TAU x<
.?. O, ot .New York. 46S 4'
'? S. O. of ?>hlo. 500 fa
Vacuum Oil. ..." . 440 41
. In the week ended March 5, or befoi
the decision of the Supreme Court Wi
announced, these issue.** were sellit
at much lower prices than those abov
'For instance, Atlantic Refining sold ?
low as 1350; Continental Oil, 49i
Prairie Oil and Gas, 575; Standai
Oil of California, 340; Standard O
of Indiana, 670; Standard Oil of Ne
'? Jersev, 704, and Standard Oil of Ne
i York,' 382.
The Atlantic Refining Company
: stock is already listed on the exchang
With the listing of the New Jers?
company's shares it is expected th
other Standard Oil issues will be liste
-_?
Acquire Control of
Air Brake^Compan
Cxincern to Manufacture an
Sell New Device; Officers
Elected
Kidder. Pea?body & Co., John ?. A
vord and George W. Goethals & C
j Inc., have acquired a controlling i
! terest in the Automatic Straight A
' Brake Company. Under their directic
! it was announced yesterday, the" cot
I pany will enter actively into the man
facture and sale of its new device.
The construction of the new bra!
it is asserted, is such that it will gi
?uniform brake cylinder . pressure a
uniform brake resistance simultar
ously on all cars in the train, bo
standard passenger trains and t
modern long freight train. At the sar
< time, the company states, there can
'no undesired emergency application
; the brakes nor failure to release t
j brakes when desired.
John F. Alvord ha* been elected pr?
ident and a director of the compai
and Harry I. Miller and Harry B. Hu
vice-presidents. William L. Benedi
of Kidder, Peabody ?fe Co.; Robert
Graham, of George W. Goethals & C
> Inc.; Edward D. Kenna, Robert Wins
' of Kidder, Peabody & Co.; Carl
i Canter, Harry I. Miller, James D. M?
; timer and Morgan J. O'Brien w<
elected directors.
The stock of the company has be
placed in a five-year voting trust, w
Messrs. Alvord, Benedict. Kenna, M
1er and Mortimer as voting trustees
.a
American Gas 1919 Surplus
Equivalent to $4.41 a Sha
Report of the American Gas Co
pany for the year ended December
1919, disclosed surplus after
charges and Federal taxes of $344,4
equivalent to $4.41 a ?bar? earned
the $7,804,100 capital stock, compai
with $84,003, or $1.07 a share, in 19
Gross earnings ,last year tota
$7,180,482, against $6,524,009 in '
preceding year. Aftar expenses, e
net was ?2,291,175. Other intome
$298,188 was added to that ?mo.
J brineinsr the total to 3^,589,343.
The Day's Bond Market
U. S. Government
Transaction*
- ? .Sales.
Liberty 3?4js. 194". $298,000
, do 1st 4s, 1947. 27,000
do 2d 4s, 1942. 116,000
do 1st 4 Us. 1947_ 84,000
do ?M 4%s. 1942- 1.149.000
do 3d 4%s, 1928_ 1.398,000
do 4th 4%s, 1938.... 2,414,000
Victory 494s, 1923. 938.000
do 394s, 1928. 1,219,000
Quotations
Yield.
:i.72
4.59
4.74
4.85
4.98
6.27
5,10
6.50
4.49
n?ch.
Liberty 3%?. 96.22
do 1st 4s. 90.76
do 2d 4s. 89.C8
I.OV*.
96.06
90.C0
89.40
9?.00
89.78
93.06
90.08
97.28
97.30
Ln.-t
96.06
90.74
89.54
91.10
89.86
93.12
90.14
97.88
97.36
do 1st 4%s_ 91.10
do 2d 4%s_ 89.92
do 3d 414s_ 93.14
do 4th 4%s_ 90.18
Victory 4%s... . 97.42
do 3%a. 97.40
iiid and Asked Quotations
Closing
Yesterday.
9C.04(?; 9fi.ll
90.ro?a 90.70
89.40(?? 89.60
H1.000T) 91.20
89.82<S 89.86
93.08ft? 93.11
90.10(g) 90.14
97.32? 97.38
Net
Chgw.
?.04
+ .04
4- .04
+ .08
?.04
+ .02
+ .02
+ .02
+ .02
O C O & St L St
Louis dlv 4s
1,000_1. 66
1,000...s.. 66 V>
Cleveland S L 4%s
2,000. 86 %
Col & 9th \v 6s
1,000. 40
Col A So 4%s
3.000. 72",
11,000. 72 %
Con Can tern 7s
4,000.._10094
1,000.100%
1.000.100?
10,000.100 TA
6.000.100*4
Den & R G rfg 5s
429?
42 V
42 V
42%;
!
64
Liberty bonds.
3 Vas, 1947 _
1st 4s, 1947_
-'d 4s, 1942.
1st 41-48. 1947..
2d 4%b. 104::.. .
3d 4%g, 1928...
4th 4%s. 1988..
Vic 4 ?is. 1923.
do 394s, 1923 97.84(i
Pre-war issues:
x 2s reg, "30.100%
? 2s coup, "30.100%
3a reg. '46-. 89 (ft
1 3s coup, '46. 89
' 4*i, reg, '25.106
4a coup, '25.106
1 2s Pan, c, '36... 100
, 2s Pan, r. '3C. ..100
- 2s Pan, c, '38. ..100"
2a Pan, r, '38. ..100
3s. Pan. reg. 88
3s Pan, coup_ 88
Phil 4a, '34. 90
1 Phil 4s. '85. !)0
Phil 4s, '36. 90
' D Col 3s, '65. . . 97
97.36
Closing
Thursday.
OG.lOdu. 96.24
90.500 90.70
89.40f('i 89.50
Ol.OOt? 91.30
89.86???: 89.90
93.00O? 93.10
90.08(?j} 90.12
?'V.SOfo) 97.34
97.30? 97.34
S.OOfl_
10.000.
1,000.s30f.
10.000.
2,000.
9,006.
du con 4s
3,000.
Detroit Edison col 5s
1933 I
1,000. 94 %
1,000. 94
Dul & Iron R 5s
1,000. 8994
l'.ne ?reu lien 4s
4.100. 455*?
5,000. 45 V
1,000. 43vJ'
do cvt 4s aer A
N Y O A W 1st 4s
5,000. 61
N Y Rj-8 adj 6s
5,000. 7%
18,000. 7%
do ctf s of deposit
1,000. 7
N Y Tel deb 6s
9 000.95
do 4%s
1.000. 79%
N Y W A Bn 4U*
2,000.41
Norfolk ft W cvt 8s
1.000.102*4
10.000.102
do con 4s
3,000. 75%
.?,.'41 Nor Pacific 4?
4?
3?
100%(??10l '
100%-tflOl
89 f<T- 92
<3> 92
<a 10694 ,
<a 106% I
#101 '
(ffllOl
?ioi
@101
@ 91 ,
& 91 !
(<t 95
<3> 95 ;
I ?5 :
(? ?
4,000. 7594
5,000. 75%
'2,000. 76%
R.000. 7594
1,000. 76%
6,000.s30f.
5.000. 7B
10,000
do 3s I_
5,000. 53%
2,000. 53
Ore A Cat 1st 5s
1,000. 93%
Ore Short Line 4s
2,000. 81 ?4
5,000. 81
?lOre W R R A N 4s
? r.n? ?nv, 1,000. 68%
do?-serB3944! m. l?%
Gt PatrP?war-B.1 L J^' V 79*
,- oOO 89 ?Pacific T4T?8
Hock Valley 4 %? L V00^^? ' ' ' 85^
4 000 71 IPenn hs 1968
70%
Foreign Gort, and Municipal Bonda
(Interest To Be Added)
Bid.
Anglo-French Extern 5s. 1920.. 97%
Argentine Intern 5s. 1945. 71%
Canada, Dom of. notes. 1921... 97%
do 5b. 1921. 97%
<lo 192?. 92%
do 1929 . !t3'j
do 1931. . 91%
Chinese Gv Hu Kug Ry on. 1951 45*0
Cuba Extern 5s, 1944. 01
do, Series A, 1949. 84
do.4Us, 1949 _. 73
Dominican Rep 69. 1958. 75
City of Lyons 15-yr ?s. 1934... 89%
City of Marseilles 15-yr 6s, 1934 89%
City of Bordeaux 15-yr 6s, 1934. 89%
City of Copenh 25-yr 6%s, 1944 7i>%
City of Paris 6s. 1921. 90
Jap Gov 4%s, string loan, 1925.
do 4%s? 2d series, 1925.
do 4s. string loan, 1931.
City of Tokio 5s, 1952.
U K Gt Br A I 5-yr 5 Vas, 1921.
do 3-yr 5%s, 1922.
do 10-yr BVaS, 1929.
do 20-yr 5%s, 1937.
. Mex Extern strln 5s of '99, 1945
do gold 4s of '04, 1954.
(Sales)
Anglo-French 5s Jap
:;,0oo. 97",?
tin.000. 97?
lo.OOO_.. 97%
1.000. 97ji
42.000. 97%
x.000 ... 97%
10,000. 97?!
100,000. 97%
5,000. P7=s :
20,000. 97 ? \
30,000. 97%
7,000. 9794
2.000. 97??I
10,000. 97%
5,000. 97%.
114,000. 97V
74 %
59%
58 %
? 6
92
90 u
87%
30
21
Asked.
97%
97 %
92%
93%
91%
46%
91%
90 Mi
74
7 *.'
9014
90 ?
90% '
79%
90 %
76
. 75
Kl'' .
58%
96%
92%
91
88
32
1.000
Hud & M rfg
1,000. . .
2,000. ..
do inc 5s
17,000. ..
11.000. 18'
4.000. 18
III Central 5Us
1.000. ..... 92
do rfg 4s
5.000.
2,000,
do 4s 195
2,000.
10.000.
2,000. 71
do 4s 1953
1,000. 67
2.000.
Indiana Steel 5s
3,000.92'2
I.OOO. 92%
Infeilioio-Met 4%s
58%
58 V,
18
72 %
72%
G 9
69%
000
10.000.
?,00o.
5,000.
5,000,
5,000, .
20.000.
o;,000.
111,000.
39,000.
20,000.
30,000.
2,000.
10,000.
12,000.
1.000.
5,000. 18%
. 18%
74%
71%
75
1%
A i Ken tine G 6s
8.000. 71
10,000. 71%
in,000. 71 I
Chinese Ry 5s
3,000.'. 45%
1,000Js90f. 45i*i T,
1,000. 45% L
City of Copenhagen
6%a
1.000. 79%:
City of Marseilles (Is
1,000. 90 %
City of Paris fis
9,000. 90%
50.000. 90%
. 22,000. . . 90V'
28.000. 90%
7.0OO. 90 V
5,000. 90%'
1,000. 90 %
55.000. 90%
5,000. 90
City of Tokio 5s
1,000. 68%
Dominican R 5s
60 Yi
6014
60:it
60
79
Dom Canada
notes 1921
1st sei- 4%s
20,001).s30f. 75
6,000.s30f. 75%
6,000. 76
10.000. 75%
I0.000.s30f. 75
1,000. 75%
500. 7fi
10,000. ..... 75' a
do 2d ser 4 Va s
7,000.
30,000.s30f.
S,OHO.
3,000.
500.
18,000.
3,000.
2.000.
do stlg loan 4s
6.000.
3.000_
3.000.
i::, 000.
5,000.s30f. 59=4
K of Great Britain
& f 5Us 1921
I.OOO. 95
13i;000. 96
5,000. 96%
10,000. 96
4,000. 96%
2.000. 96%
19,000. 96
5,000. 96%
do 5'-.s 1
1,000 3_
1,000,....... 02%
4,000. 92
1,000. 92%
do 6 Us 1929
n.Omi. 91
do 5 Us 1937
30/100. . . K7%
8,000. 87%
5?,000. 87%
6,000 87 V?
l.ooo. S7%
KJO. 88
10.00?_
19,000. 19 "
10,000. 18%
65,000. 18%
20,000. ?SM
-'.000. 19
60,000. 19!.,
5.0*0. 19%
35.000. ., , . . 19%
do rtfs of deposit
3,000. 89%
10.000. 89
do gen 4 %s
3.000. 81 %
11,000. 81%
1,000. 81%
do 3%8 8?T A
1,000. 69%
Peor?a A E 1st 4b
5.000....;. 66
P?re Marquette 5s
1.000. 85%
Phila Co 5s 1922
1,000. 87%
Pitta C C 4- St. L
4%s ser A
1,000. 85
!Pub Ser of N J 5s
67 j 2,000. 63%
67U|Reading gen 4s
1,000. 79%
2,000. 79%
2,000. 78%
8.000.slOf. 78-t.
18% l.OOo, ... 79 "
18% litio G W 1st 4s
1S%| l.nOO. 02%
18% R I Ark A L 4%s
18% ."i.OOO.s30f. 61%
18%' ? 2,000. fiji.;
19 I . !0.000.s30f. 61%
19% 11.000... . ... C2
19% . 3,000. 61%
'19% i 3.O00. fti.%
l?% ' 1,000. 611;.
19 St L Ir Mt & S 5*
19% l.OOO. 88
18%| 1,000. 88%
18% I do-Is
18% I 3,000. 74'A
do 4s Riv A G div'
4.000. ?9
1,000. 6$%
Si. LAS P 4s ser A
9,000. 58 %
i.'">oo. 58%
5,000. 58%
1.000. 58%
5,000. 7,8%
[000.
4o,"00..
10,000. .
I 1,000. .
60,000. .
-.000. .
2,000..
Interboro R
22,000. .
1,000. .
:, 000
14,000..
?
_ 19 "I
. ... 1.8%
... 18'i
....19 I
. ... 19% i
. ... 19%;
T rfp '>!> \
. . . . 56%
. . . 56%
. ... 56%
*6%
8?
58%
58%
69%
69* ?
1.000. . .
8,000.
1.000. ..
do f.s ser B
1.00O. . .
9 000...
10,000. 69
do 6s aer C
13,000, . .
5.000. . .
do 11 dj 6s
5,000. . .
5.000.
86%
86%
?4"t
85?i
46,000. 57
1,000. ?r?
92'.
I 000
10,000.
10,000.
: 000
2,000,
35,000.
50,000.
2,000
87,000.
50 000.
i .000.
5,000.
19,000
1,000,
17,000.
30.000
569?
57V,
67%
do
?.1.'00u.u.-..- ? ? 97%?N Y City 4%s 1963
>*>? 1929
1,000_
do 5s J921
5,000. 9
do 5s 1931
1.000
3 000
93%
%
91 %
91%
fi.OOO. 96
do 4%s L966
10.000. DK'..,
do 4%s 1960
1 000. 91
do ti 195S
1.00O.86%
lnt Mer Marino fis
4,000. 89%
Int Paper 5s 194 7
I.OOO. S3
Iowa Central 4^
5,000. 42%
K C Ft S A M 4 s "
2.O0O.(15%
3,0011. 659-,
1,000. . . 65
Kansas City So .rw
3.0OO. . 70
2,000. .
do 3s
2.000.
09%
2,000. 66%
1,000. fi?%
4,000. 63%
2,000. 65%
3,000. 65%
do i.ir 6a
21.000. r,o%
2,000. 50?,
55,00O. 50
5,000. 50%
5.000. 50
7.000. 4934
?I.OOO. 50
2.000. 49 T
2,000. 49%
1J.000. 497
9,000. 50'
St I, Swn Terminal 5s
1.01)0. 57
do 1st 4 s
10,000. 63
do con 4s
Ui 3,000. 65
St P M A M 4s
% Montana ext
% 2,000. 82
% San An 4 A P 4s
2,000. 55%
Seaboard A I, adj 5s
Railway, Other Corporations
Adams Express 4s
2.0011.56
Alb & Susq 3 Us
1,000.". 68
Am Ag Ch deb 5s
2,000. 94
2.000. 96
Smelting
1.000. . .
1,000. .
5.000. . .
5,000, . .
1,00m. . .
1.000. . .
T & T cvt 63
Am
Am
5,000,
2.000.
7,000.
do col 5s
1.000.
5,000,
1,000,
do 4%s
35,000. 81 vj,
Brooklyn Rap T
3,000
4,11011.
10,000 .
5,000.
6.000.
10,000.
do rtfs of deposit
5,000. 45
10.000. 4fii
82%,Ca1if Gas & E 5s
82%' 1.000. 85
82% Cen of Ga Rv fis
82%' 5*000. 90
Cen Pacific gtd 4s
82%
82 U
16
4 5%
47%
47
46
98 I 2.000.
97% 0,000. ,?-,4
!'7%JCen R R of N J 5s
; 2,000. 991.4
82% Ches 4 Ohio con 5s
82 1.000. 90 U
82% ri0 cvt r,s
17,000. 79"
68%
15,000. 81% j
do col 4?
3,000. 78
Armour Co 4%s
1,000. 82%
10.000. ._ 82%
A T A S F gen 4s
3,000. 78
fl.000.s30f. 77
25,000.
6,000.
4,000.
1,000.
do adj 4s
1,000.-_
1,000. 68
do adj 4s stamped
1,000. 68%
9.000. "0*T
2,000.
do cvt 4s 1955
3,000. 64%}
do cvt 4s 1960
2,000.-85 !
Atl C L 1st con 4s ??
, 4.000. 76%l
djo unified 4%s
1,000. 75
1,000. 75%
do L & N 4s
3.000. 68%
6,000. 68
Bait A Ohio 6s
1,000. 86%
2.000. "^_~
17.000. 87
1,000. 86%
do rfjr 5s
6.000. 64%
6,000. 65
2.000. 64%
2.000. 64%
3,000. 64
do cvt 4%s
1,000. 64%
18.000. 64%
1,000. 64%
2,000. 66
22,000.64 %
1,000. 64%
do gold 4s
1,000. 64%
76
76%
74%
83%
83%
74
74%
74
1.000
2,000
5,000.
do p 1 3%s
1.000.
7,000.
do Sw 3 us
1,000.
4,000.
1.000.
do T A C 4b
4,000. 49%
Bath Steal rig 6a
1,000.85
do p m 5?
1.000. 84%
Praden Copper 8s
10,000.93
I Brooklyn U Elev 5s
? stamped
7.000. 79%
8,000. 79%
do (ten 4 %s
1.O0O. . .
2,000, .
do cvt 41?->s
1 000..".
3,000. 74-1,
1.O00. 74%
'"' 5.000. 74
?25?'C & Alton 3Us
77% fi.OOO. 34
1 '%] do rtfr 8s
"^s; 3,000. 46%
?,?, ?C B & Q gen 4s
6->V?| 4.000. 78
1.000. 77%
do Illinois 4s
2.000.80%
do joint 4s
10.000. 93%
16,000. 94
2.000. . 93%
36,000 . 94
10,000. 93%
Great Western 4s
27,000. . . . ; . 56
C M A St P Ken 4'..s
1,000. 75% ;
do cvt* 4 Us
13.000 . 72
4.000. ..... 72V, ,
1,000. 72%
2 000 73 I
7.000. 72
do rfp 4V>s I
22.OO0. 61
15.000. 60% ?
1.000. 61 ? j
do Ken 4s ser A
4,000. 69 !
do 4s 1925
5.000. 77% I
do deb 4s 1934
2.000. 62 I
A N W Ken 5s
5.000. 95%
do een 4s
20,000. 75% i
do8%s
2.000. 66
CR I4P sren 4s
3,000. 72V ,
do rfK 4s
4.000. 67%
14.000. 68% '
4,000. ?714,
1.000. 67?
20.000.s30f. fifi%
2.000. 67 ?4
7,000.. 67
Chicago Urt Station
4%s ser A
3,000. 78
2.000. 79%
C A West Ind 4a
1,000.61
1.000. 60%
-4.000. 61
Chile Cjnoer 7s
1,000.103
1,000. ... . 55%
Kan (.'i'.y Terminal 4s
fi.OOO. . . .71
Lack Sieel 5s 1923
1,000. 93
Ij?ke .Shore 4s 1928
1.000. 87%
do -is 1931
3.000.?82%
do ?en 2Us
1.000. '.... 68%
Lehigh Valley fis
5,000.100%
Lehigh V N Y 4 Us
1.000. 87
Long Island con 5s
1.00O. 91 i._,
do unified Is
1.000. 65%
Lorillard Co 7s
i.ooo.ios
I. 4- N Unified Is
1.000. 81%
4.000. 81 %
do At Know &
Cin div 4s
5,000. 69
do So Ry joint 4s
6.000. 63%
Mich Cen 3%s
2,000. 70%
Midvale Steel 5s
1,000. ..... S3
1.000. 82%
Minn & St L 4s
2,000. 43
1.000. 42%
2,000. 42%
2.000. 42%
3.000. 42%
7.000. 43
1.000-; . 43%
M K & East 5s
13.000. 36
M K A T 1st 4s
11,000. 57%
5,000. 57*?
5.000. 57%
Mo Pacific gen 4s
1,000. 56%
7,000. 56%
3.000. 56%
1.000. 56%
1,000. 56%
Montana Power 6s
1.000. 84%
1.000.85 %
2.000. 85
Morris * Essex 3U
7.000. 69V.
N Orl T ft Mex
9,000. . ,s . 541,
' 28.000. 39
50.000.s30f. 38 U
?1,000. . . 30
l.OOo! ..'..'. 38%
do rfg 4s
5.000.s30f. 45%
So Pacific cvt'5s
10,000.103%
3.000.103 V
21,000.103
10,000.102%
3,000.102%
1.000.102%
11,000.103
do cvt 4?
5.000. 7914
do i-fg 4?
12,00o. 75%
S.OOO. 75
2,000.s30f. 75
Southern Ry 5s
4,000. . . . 85
I.OOO. 84%
do 4s
13,000. 58
. 1.000. 58%
do 4s St Ivouis div
1,000. 66%
T R R A of St L 4Us
10,000. 80~
Texas Co cvt 6s
13.000.103
Third Av adj 5s
11.000. 29%
I 10,000. 28%
2.000. 29%
42,000. 30
71,000. 31
Toi St L A W 4s
1.000. 47
Union Pacifl 6s
2.000.101
5.000.102
do 1st 4s
3.000_ 82%
1,000. 82%
3,000.s30f. 81V.
16,000. .... 82%
do cvt 4s
1,000.
4,000.
1.000.
do rfg 4s
5.000.
Un Rd of S F 4s
ctfs of deposit
1,000. 27 V*
U S Realty A I 6s
12,000. 75%
11.000. 76
U S Rubber 5s
3,000. 84%
11,000. 84%
ll.ooo. 84
1.000. 84%
85
84 %
84%
%
86 Va
N'en* Or! Termina! 4s"?U S Smelting 6s
64%
64
64%
3.000. 61%]
1.000. 61%|U
5.000. 61
N Y Central deb 6s |
1,000. 92V, |
1,000. 92%
1,000. 92%!
17.000. 92%'
1.000. 92%
do rfg 4%s
3.000. 77%
do con 4s
I.OOO. 70
15,000. .
5,000. 69%
do 4s 1934
3,000. 76%
5.000. 76%
I do rig 3%s
1.000. 65%
2,000. 65?i
do L S 3%s
I 2,000.. 58
j N Y Gas E L H A
Power p m 4a
1 1 000. 65%!
N Y N H & H n-c
deb 4< 1955
3,000. 55
do deb 4s 1956
2,000. 54
do cvt deb 3%s
? 1.000. 50
.1,000.4ft
9,000. 48%
000.102
Steel s f 5s
1.00O.._ 96%
1.000. 96%
6,000. 98%
1.000. 96%
5.000. 96%
3 000. 96%
Utah Power A L 5s
4.000. 80%
l.OOO. 81
Virginian Ry 5s
2.000. 82%
69%iWabash 1st 6s
- 2.000. 88
1.000. 89
8.000. 88
West Electric 5s
1.000. 95%
West Pacific 5s
1.000. 82
5 000. 81%
West Shore 4s reif
2.000. 70
Wheel A I, E con 4s
1,000. 55
Wilson Co 1st 6s
8,000.r9?%
1,000.97
) do cvt 6s
1.000.92%
3.000.*. 92%
18,000. 92
SWis C S A Dul 4s
1 1,000.70
A. I.. Valentine has been appointed an
. assistunt comptroller at the home office
I?'5?5.?021* i of the Guaranty Trust Company and Regi
4.000. ......IM jnald Half an assistant secretary at the
Investment
Information
Quettion? et osnsrai interest ti
invetter? will be ?nattered in this
column, in wkieh eoee only initial?
unll be uaed. Other? ?rill be an
?totred by mail, Addrsst all in?
Suiriee. inclosing a ?tamped, ad
rested envelope to Financial Editer.
The Tribune, 1H Ntutau Street. Nets
Yerh City.
Switch Not Advised
Question?Will you kindly give me your
opinion on the following: I own twenty
??hare* of Great Northern Railroad, but as
that company htm not earned its dividends
for the last two years do you think it would
be advisable and the best thing to do to ex?
chango m* Great Northern Railroad for
North?n Pacific Railroad, which Is selling
for about the same price, pays the same rate
of dividend and Is earning It and over, so I
am told. Your advice will be greatly ap?
preciated.- L. P.
Answer--Too much importance
should not be attached to the earnings
\ of roads under government operation.
The railroad administration ran the
railroads in its own way. There was
undoubtedly diversion of traffic and
i other causes which may h\_ve materially
1 changed a road's earning power during
? this period. While Northern Pacific
j did better for the last two years than
l Great Northern, we are not sure that
! there will be such a difference in their
! earnings under private control. We
! are of tho opinion that Great Northern
; will be able to maintain itself under
i the new legislation.
Wants to Speculate, But
Question- Will you kindly let me know
! your opinion of investing $3.000 in low
! priced railroad stocks which are more likely
I tj advance. Name them. Do you consider
J low priced railroad stock a risk of losing ?
I can't afford to take very large chances, as
| my capital is not large.--P. R.
Answer -Our interpretation of in?
vestment is purchasing for income pur
, poses. Speculation is buying for a
rise, with the intention of soiling if a
sufficient rise occurs. If you purchase
low priced railroad stocks you are
therefore speculating. It matters not,
if you buy outright or on margin. It
j is yet to he seen how the railroads will
tare under the new legislation. That
in itself places mo9t railroad stocks in
the speculative class. Many people
purchased railroad stock last fall, be?
lieving them to be cheap. Yet prices
dropped considerably alterward. For
speculative investment purposes we
1 should rather advise the purchase of
certain low priced railroad bonds.
Many of these yield good returns at
present and they are certainly better
secured than low priced railroad stock-,
?A.mong these are ?Missouri Pacific 4 per
cent, Rock Island refunding 5 per cent,
St. Louis ?fe San Francisco prior lien
4s, 5s and 6s and Southern Railway 4s.
Lima Locomotive Preferred
Question- Kindly advise me of th? value
and standing of Lima Locomotive preferred
stock. Mrs. C. C. D.
Answer?The Lima Locomotive Com?
pany does not make public its earnings.
For that reason we cannot form an
opinion on its stock. Regular divi?
dends of 7 per cent are paid on the
preferred, but. none on the common.
1 We are informed that earnings are
sufficient to care for preferred divi?
dends. The present price of the pre
. ferred is between 90 and 95.
Chinese Bonds
Question--Will you kindly advige me re
: garding Chinese Government Hu Kug Rail?
way and City of Tokio, 1951 and 1962 re?
spectively, with regard to security" also
whether payable in New Vork and United
State? currency? What is? your opinion re?
garding the ? safety of this investment??
.1. J. J.
Answer The Chinese Government 5
per cent bonds are due June 15, 1951.
There are outstanding ?6,000,000. Be?
ginning June 15, 1922, an amount suffi?
cient to retire the entire issue by
maturity shall be applied annually to
the redemption of the bonds at par.
The. issue is secured by a first charge
? together with the second series) upon
certain provincial revenues. They are
payable, principal and interest, at the
current, rate of sterling exchange in
New York, London, Paris and Berlin.
The bonds offer speculative invest
opportunities, although we do not re?
gard them as high grade.
New York Air Brake
Question?The writer would appreciate any
inforiyiatlon you can give him with refer
?mce to stock of the New York Air Brake
Company and the preferred stock of the
Great Northern Railroad.?T. B. H.
Answer?New York Air Brake has
$10,000,000 stock, par $100. During the
war period the company's profits were
verv large. In 1916, 82.15 per cent; in
1917, 18.94 per cent; in 1918, 20.52 per
cent; in 1919, 6.24 per cent. The com?
pany paid 6 per cent for years, but in
1916 it was increased to 11^_ per cent;
in 1917 and 1918, 20 per cent; in 1919,
10 per cent. The stock is highly specu?
lative, fluctuating over a wide range.
Great Northern Railway has outstand?
ing $249,478,250 stock; all are class
called preferred. Earnings have fluc?
tuated from 1.98 per cent in 1918 to
1169 per cent in 1913. <. The road has
', not done well under government con?
trol, but this may have been caused by
, several things, such as diversion of
traffic, etc. The road should benefit
under the new legislation, and we be
, lieve it will be able to maintain itself
as it did before the government took
control.
Will Change Its Name
Question?Has the American Ship and
Commerce Navigation Corporation changed
; it? name to the Kerr Navigation Cerpora
i tion and is Kerr Steamship Company. Inc.,
the aame company? Do you think the atock
a purchase at $20 a share? Could you also
| advise me of the earnings of the Midvale Steel
Company for 1919? Would you advwe a
1 purchase at $44 to $45 a share for Invest?
ment?? W. H. L.
Answer?The American Ship and
! Commerce Navigation Corporation will
j change its name to Kerr Navigation
Corporation. We find no record of Kerr
I Steamship Company, so assume it ' is
the same company as the Kerr Naviga
i tion Corporation. This company must
not be confused with the' American
1 Ship and Commerce Corporation, which
is the holding company. ' The naviga?
tion company was organized September
4, 1919, and acquired eight ships owned
by the Kerr company. The considera?
tion was 40,000 shares Class "A" and
35,000 shares Class "B" stock of the
i American Ship and Commerce Naviga
| tion Corporation. The latter has an
authorised capital of 40,000 shares
! Class "A" and 150,000 shares Class
"B" stock of no par, of which 76,000
i shares Class "B" was purchased by
! the American Ship and Commerce Cor
: poration at $100 a share. Th? com
: pany whose stock you mention has as
, yet issued no income statement. Its
income will consist of dividends that
may be received from its interests in
controlled companies, including the one
mentioned above, and the Cramp com
?any, of whitth it owned 72.4 per cent,
fntil such a statement is issued it is,
of course, difficult to form an opinion
on the stock. Midvale Steel showed
earnings of $10,387,418 for 1919, com?
pared with $29,163,408 for 1918. This
is equal to about $6.19 on the capital,
against $14.61 for the year previous.
The stock is speculative and, in our
opinion, not in the investment class.
' Four fu? columns of in?
I vestment questions and an?
steers are published in The
? Tribune every Sunday.
Curb Market
Depressed by
Profit Taking
Heavy Trading in Low-;
PricecJ Oils^ Homers Do'
Better on Report of Bring?
ing In of New Gusher;
i
Heavy ?trading took place'in the low- i
priced oil shares on the Curb yester- j
day. As a whole the market closed i
lower as the result of profit-taking in i
the afternoon whicn wiped out most !
of the early gains.
The Homer field oils did better as a ]
general thing, and Simms developed
strength on advices from Louisiana to
the effect that Shaw well No. 6, which :
ceased flowing some time ago, came
back Thursday with production esti?
mated at 10,000 barrels a day.
Invincible sold up to 87, but reacted
a point in the afternoon. The Lou?
isiana Oil Refining Company, a sub- ]
sidiary of the Invincible, is said to be
moving about 12,000 barrels of oil
daily from its producing properties in
the Homer field. The company has
two four-inch lines from the field to
its loading rack and tank farm. A!
new six-inch line is being laid.
General Asphalt ?after selling up to '
105V. reacted to 102 at the close.;
United States Steamship wag active \
around 3. United Profit Sharing was ?
steady. The annual report of the com
pany just issued shows net profits sub- ;
ject to Federal taxes of $407,130, equal
to 24.8 cents a share on the stock.
Industrials
Sales. Open. High. Low. Lait. I
2800 ?Acme Coal .. 24 2% 2V? 2% !
000 ?Aetna E*p .. 84 -'_ -?_ 84
2S00Amer Saf Ra_ 9% 9% 9V? 9%.
500 Armour Leath 164 16*4 164 16'_
800 ?Benford Au P 24 24 2% 24
300 *Br-Am Ch Cp S 8 8 8
6000 ?Br-A T coup. 194 204 19"?a 20
?1000 ?do righto .. 7 4 7-, 74 7%
1100 ?do reu ... 19% 20 19% 20
ROO ?do reg ft?. 74 74 71.. 74
-'10 ?Butler Bros.. 514 52 514 62
100 ?Car Lt & P.. 2*4 2?? 2<4 2*1
300 ?Conley Tin F lie1- 26% 26*4 284
100 ?Curtiss Aero. 7 74 7 VA
700 *E Coast Fish. 9?. 114 9*4. 114
lOf? Firestone F pf 70 70 70 70
12000 ?Gen Asphalt. .1004 1054 98*4 10::
.'?00 ?Gen Tractor.. % 1. % 1
l-?ii ?Gillette Saf R.177 177 176 176
.-".00 Grape-Ola .... 1*. 1?? 1-% 1%
700 do pf . 2 2ft 2 2ft
luO ?Hall Signal., ti 6 6 6'
1-00 Indian Packing 14*4 16 14% 14%
800 ?Kay Co Gas.. 2 2 1% 14
200 Keystone Sole. 13V4 13% 134 134
100 Lima Locomo.. 90 00 90 90
100 ?Line Mo Cl A r,t) 50 50 B0
100 ?Locomobile in) _n 20 20 20
100? Marconi of Am 3% 5% 5V_ 54
i000 No Am P & P .*,'- 5?, 5% 51.
1500 ?Orpheum Cir. 314 32 314 3lC
IilO Pat-hogue-Ply. 40 40 40' 40
1500 Perfection Tire 4 4 44 4 4
Ciiin ?Pressman T&R 24 34 2t. $U,
1100 ?Radio Co w i 2% 2"g 2*4 2%
1 100 ?do pr w i.. 2% 3 24 3
2800 ?Republic Rub 4?? 4s* 44 4%
100 ??Stand Parts Cp 40 40 10 40
4000 Submarine Bt. 16*-j 171- 16 17
.".00 ?U S H Sp T. I!!'.? 32 " 314 32
500 ?Un Pic Pr Cp 13% 13% 13% 13%
2500 Un Prof Shar. 2% 2% 24 2%
900 ?Un ReStCndy 14% 147/. 1414 141^
100*11 S Distrib. 52 52 62 52
tiuOO U S Steamship 3 Z 2% 24
600 U S Transport 10 4 104 104 104
400 ?William Davies 43 43 42 424
200*Wyllia Corp.. 194 20 194 194
800 ?World Film.. % 4 4 4
1H00 ?do 1st pf.. 1 1 1 1
1500 ?do 2d pf... Vi 4 V. V.
Standard Oils
Sale?. Open. High. Low. Last.
35 ?So Penn Oil.. ?- 343 340 340
85 ?St O Co (Cal) 345 340 340
300 ?St Oil iNJi.. ? 805 790 795
150 ?St O of N Y. . -? 472 465 465
Other Oils
Sales. Open. High. Low. Last.
18000'Allen Oil .... 2*,i 24 2% 2%
60000 ?Allied Oil .... ft 4 ft A
32000 ?AmaJg Roy . . 38 50 38 45
5300 * + Anna B Wy O 8.2 84 82 83
100 ?Associated Oil 1% 1% 1'* 1%
700 ?Boone Oil ... 4 4 4 4 44 4 4
800 *Bost-Mex Oil.. 24 24 2% 24
6000 *+BoRt-Wyo Oil 14 1A 'H 1A
1500 ?Carib Synd . . 29 31 29 29
200 ?Circle Oi! - 3% 3% 3% 3%
2000 ?Cosden & Co.. ?) 1' 8 4 9
600 ?Dominlou Oil. 1? 174 154 16%
700 ?Duquesne Oil. 7 74 7 74
2000 Engineers Pet. 14 14 14 14
12000 ?Elk'Basin Pet. 11 114 104 10%
1500 ?Esmer Oil & G 1% 14 14 I1*
10000 ?Federal Oil .. 3% i 3% 34
1.00 Fensland Oil... 64 6V? 64 64
1000 ?Glcnrock Oil.. 34 3% 34 3"$
800 ?Guffey-Gil O.. 324 32% 32 32
900 Home P of Dvr 34 3% 34 3%
1000 ?Houston Oil. ..120 123 116 116
3300 ?Hudson Oil . . 4 f. A 3s
1500 ?Interna Pet, .70 71 70 71
3800 ?Invincible Oil. 37 37 354 26
3000 ?Isld Oil <_ Tr. 44 6 1% 44
1500 ?tLar.ee Creek. 4 V_ -"a 4
1500 Livingston Oil. P.. .1% 14 1'4
500 ?Lone Star Gas 36 36 35 35
3400 Magna Oil .... 4 4 4 4 4 4 4%
100 ?Manhattan Oil 20 20 20 20
1200 ?Maracaibo Oil. 23 23 204 204
1500 ?Merritt O? Cor 21 21 % 21 214
1010 Met Petrol- 3 34 2 4 3
2050 ?Midwest Ref.175 175 168 170
70O ??Mldwest-Tex O 4 '.: Is '->
1600 No Am O & R 4 4 3% 4
5000 ?Ohio Ranster. 4 % % %
300 ?Okla Nat Gas 39 39 38 38
200 ?Pennok Oil... 7 7 7 7
500 ?Phil Fix) 100% 41 41 404 41
4500?Prod ?fe Ref.. 84 94 84 94
1000 ?Red Rock Oil. 1 411
200 ?Rickard Tex O. 14 14 14 14
3500 ?Ryan Pet ... 24 3 2% 2%
500 ?Salt Cr Prod 52 524 514 ?"'t1
500'Hapulpa Ref. 6 64 6 64
3600 Sequoyah O & R ?_ 1. *'& A
5000 ?Simms Pet .. 35 35% 34% 34%
1000?Skelly Oil ..114 ":!i U 11 v?
100 So Stat Cons Cp 14 IV* 14 14
110Q Spencer Pet Cp 224 -2% 224 224
2500 ?Stanton Oil.. % 4 V. '/_
400 Steiner Oil . . 6 6 5 5
100 ?Texas Chief O 30 30 30 30
10000 ?Texas Co w i 494 51 494 494
800 Tex & P C & O 954 964 94 94
1500Tex-Rang P& R 14 1% 1H 1*8
9200 ?Texon Oil * L 1 1 ~% 1
1000 ?Tropical Oil.. 21 21 20'. 204
2300 ?Un Tex Pete. 14 1 *?_ 1 ? lA
900 ?Victoria Oil.. 1% 1% 14 1**
400 ?Vulcan Oil .. 7 74 7 74
800 ?Whelan Oil.. 1 1 1 1
6000 ?Wht'e Oil .. 29% 31 294 29%
1000 ?Woodbtirn Oil 64 64 64 64
Mining
Sales. Open. High. Low. Last.
3900 Alaak-Br C M. 1A Hi IV. Us
1100 ?Am Mines.... 1A 'A .14 1ft
900'Arirona SUver IV. 1%.1% l*fc
2500 ?+Atlanta . 34 3V_ 3 34
5700?tBelch D (ap) 13 13 '11 12
2500 TBelch Ex(ap) 14 14 12 13
1700 Big Ledge. ft A 4s ?ft
2000 ?tBooth . 6 6 6 6
30?0tBost & Mont. 65 65 62 85
2700 ?tCaledonia ... 35 3* 34 34
400 Canada Cop... 14 -A -'-4 1{f
2000 ?Candelaria Sil. U % it k
2500 ?TCashboy - 8 9 8 9
2200 ?Con Vir 8ilv. 4% 4% 44 44
200 Con Copperm. .1 4 4 4
}200 ?De Beer C M. 414 4H.4 41 414
k'00 Divide Ex <j?. H if A *?
2?00 ?Eureka Cr M. 1ft H* 1A 1*?
14800 ?fEureka Holly. 1 1ft f. 1
500 El Saiv Biiv.. 24 24 2% 2%
900 ?Forty-nine M. 14 14 1% l1
3500?+Gold Zone D. 2S 28 28 27
300 ?Golden Gate. .1111
3700 ?4-Goldfleld Con. 14 14 14 14
15700 ?tGoldfleld Dev 8 8 74 8
2700 ?+Goldflel?l Mer 4 4 34 4
4500 ?fGreat Bend.. 3 3 3 3
31500 ?Harmill Div... 45 65 45 65
375Hecla Min. 4?4 4% 44 4%
400 ?Hond Am Syn 18 184 18 I84
500 ?Iron Blossom. 4 4 *s 4
2700*+Jim Butler... 23 24 23 23
1*500 + Jumbo Ext. . . 9 12 84 11
3700 ?tKewanas ... 4 4 34, 4
6500?tKnox Divide. 13 13 12 12
1000 Louisiana Cons A A A A
i 4000?tMacN Cr M. A A A A
68000 ?tMacNam M.. A % ft it
' 2500 ?tMarsh Min.. 19 19 18 19
200 Murray-MM Ltd 76' 76 76 76
800 NY Hond AR M 134 15 134 I?
1500Nipi?sin? Min. IO4 104 -O*. 10%
700Ophir Sil M.. 14 l'j 1 l's
700 Prince Con . . % il % i.
200 Rand Min Ltd 38 4 39 384 39
9400 Roper-Group M A ft ft H
700 Seneca Copper 15% 15% 14% 154
1100 ?Silver Dol M ft 4 ft Vi
; 3000 Sliver K of A "4 H 4 it
1 26700 ?tSilver Pick. 23 23 18 18
2(rt.O SUnd Silver Ld ft ft ft ft
1 .000 ?f Success Min. 54 51. 64 6V.
; 3500 ?Sutherland D. 6 6 5 6
? 375 ?Tono Belmotit 2% 2Vi 24 24
? 4350 ?Tono Divide.. 2 A 2% 2ft 2ft
B70Tono B-tten... 2ft 2A 2A 24
430 ?Tono Mining.. 2 4 2% 2% 2 A
! 2700 United ___stern 34 4 Z% 34
1000 *fU S Cont M 7 8 7 ?
i asilan ?+v;-?n.._ i-.i_-.\ ? <n ? *
1? ' '??? ' 3? ' ! i
Executor ! Trustee j
Chartered 1822
The Fanners" Loan and Trust Company j
Nos. 16, 18, 20 & 22 William Street .
Branch Office, 475 Fifth Avenue
At Forty-first Street
New York
London Paris
Foreign Exchange l
Administrator Guardian ;
Member Federal Eesexre System and Hew Tork Clearing House
' -, _-ai
Sales. Open. High, Low. Last.
2200tWaab G Qo.. lfV l?t 1? If?
2700 tWeat End Cons 2 2 1% 1%
3500 fWh Caps M.. 17 17 15 16
17000 tWh C Ext (ap) 2Vi 8 2% 3
30500 Wilbert Mining 6% 10 ?% 9
Bonds
Sale? '000 omitted). Open. High. Low. Uaat
?6 ?Allied Packers 6s 77 78 77 78
1 ?Am TAT 1922 94% 95 94% 95
15 ?do 1924 . 94 94% 93% 93%
l??Belg Gv 6s 1S21 97% 97% 97% 97%
6 *do 6s 1925... 95% 95% 95% 95%
50 ?Gen El 6s 1940. 99% 100 99% 99%
5 ?Gov of Swed 6s 91% 91?4? 91% 91%
195 *lnt Rap Tr 7s. 72 75 72 75
1 ?Swiss Gov 5%s. 87 87% 87 87
"Unlisted. fSelle cents per share.
Studebaker Corp.
1919 Net Profits
Reach New Record
; Sale? Amounted to$66.383,
307; Erekme Optimistic
r About Current Year ; Com?
pany Strong Financially
In line with the general prosperity
of the motor industry the Studebatcer
Corporation, in its 1919 annual report
\ showed the largest earnings in its
! history. Profits last year aggregated
1 $9,312,283, equivalent, after the de?
duction of $748,476 in preferred divi
| dends, to $28.54 share, $100 par,
! earned on the $30,000,000 common
' stock, which compares with $3,884,194,
: or $10.38 a share, earned in the preced
! ing year. Additional common stock I
I amounting to $16,000,000 was issued j
in December, 1919, bringing the com- j
', mon stock outstanding at present to j
$45,000,000.
Net sales in the year amounted to
$66,383,307, compared with $52.087,997 :
in 1918 and $61,988,594 in 1915, the j
previous record year. Manufacturing
coats, etc., were placed at $55,099,844,
a $7,829,459 gain over the'-year before.
After interest, etc., of $116,951 and
Federal taxes of $1,854,229 had been
taken care of, balance available for
preferred dividends was $9,312,283. or
, 85,248,089 more than in 1918. Common
'stockholders shared $2,100,000' in
i dividends during the year, against $1,
i 200,000 received the preceding year.
i Surplus after all charges totalled $6,
; 463,808.
i Last year was the first year since
1916 in which the commercial oper
! at ions of the corporation were not
\ curtailed by the manufacture of mil
i itary supplies for war purposes. In
: both 1918 and 1917 the company's
! plants and organization were serving
the government, and its profits from
those operations were considerably
I below normal. Last year's results
; were considerably better, notwith?
standing the fact that commercial
operations were not in full swing
; until spring. Sales for the first six [
'. months of the year amounted to $27,
500,000, while those for the final half
were $38,900,000.
In his report to stockholders A. R.
Erskine, president, said: "The corpo
i ration is in a thoroughly sound financial i
' condition, and its commercial prospects
j were never brighter. Production of ?
: the Detroit plants in the first two ;
months of this year is the greatest on
record, and 198.4 per cent more than
( last year. The South Bend automobile
plants will be in production on the new
light six this spring. Our schedule
for the year calls for a total of 80,000
' cars, which so far as we can see now
will^be sold as fast as they are made.
Orders received in the vehicles division ?
for the first two months are for 10,183
wagons, against 1,480 last year, and
I this department is also oversold. Al?
together considered, the business of
the present year promises to far ex
i ceed in volume and profits anything
heretofore accomplished by the cor?
poration.'
The balance sheet, as of December 31.
1919. shows that the corporation is in |
a strong financial cotidition. Nit '
working capital is placed at $33,911,- \
' 452. an increase of $20,030,719 over
1918. In December, 1919, $15,000,000 1
In common stock was sold, the pro- j
ceeds of which was used to retire $15,
000,000 in short term notes. As a re?
sult of this sale the company now has j
no bonded indebtedness. Cash and |
government bonds and certificates
amount to $7,191,175. in addition the
company has $2,000,000 outstandinj in
short term notes.
Com mod i tie*
Continued from preceding page
Flour and Meal?Quotations were:
Teaterday'? Previous Tear
NewTork: close close ago
Minn, patent SU.12V?- I13.12V4 ?11.20
Cornmeal. . .4.0004.10 4.004T4.10 3.50 (R>3.S5 ;
Hye flour . .9.00 #8.40 9.00 ?9.40 8.1508.50;
Bran.52.00 52 00 45.60 !
Cottonseed Oil
Trading'?n the market was limited en-I
ttrely to May and July poaitlons. -with ae- '?
tlve switching between these ' months. !
Price changes were very feverish, and'
I after rapid fluctuations both ways, the I
; market closed 2 to 9 points higher for :
? the active months, with total sales of ;?$. '
i 100 b?rrela.
The range of prices follows:
Thursday's :
Open High Low. Close. close. .
I Spot...-1?. 00 ?20.00 11.00 i
?April...- 1?.403 20.00 19.33
i May... 20.30 20.42 20.20 2?.30?20.38 20.21:
July... 20.?0 20.70 20.45 20.8la20.53 20.50 1
Aug... --20.60-f 20 83 20.701
Bept...-20.55?20-75 20.50:
Sugar and Coffee *
Current Tear
prleea. ago. j
i Pugar. granulated per !b.'.14?'10 9
Corlea, Rio No. 7. per lb... 14"-? IS1,-,!
I Coffee. Santos No. 4, per lb . 24 19.75 '
Hogar?While the spot price of Cuban
raw sugar remained nominally un
, changed yesterday, at 10c cost and freight,
i or 11.30c duty paid for Centrifugal?,
based upon actual busineas. there were no
firm offers at anywhere near these prices.
! The market was unsettled but ilrmer. with
a moderato buying Interest at 10.25c c. f.
for prompt and March Cubas, and at 10c
f o. b. for March-April Cuba?, but con?
firmation of business at these prices was
lacking, with offerings light and holders
generally firmer in their pretensions. Tte
' tin-d sugar wan unchanged.
Sugar futures closed Arm. at net ad?
vance? of 10 to 43 points, with ?ale?
; of July contracts at 10.75e. A proral
! nent sugar interest was bidding for con
: tracts, but there were few acllerv.
Coffee Future??Ti.e market continued
i without official advices from Brasil yea
i terday, cables being delayed about thirty
< hours. Private cable?, however, seemed
to get through and early in the day Rio
1? were offered direct from Brasil at
I?.50c sterling credit. Voctoria Ts and
is were offered ?I \i %0, to arrive on
nearby steamer?, ex-anip. Firm otters
.n the Tho!.*, however, were aq-ajrey. After
TRUST COMPANY STATEMENTS
Fidelity Trust Company
Chambers and Hudson Streets
New York City
Condensed Statement
February 28, 1920
ASSETS:
Loans and Bills Purchased... $8.015.542.97
Investment? . 4,661.947.12
Bonds Borrowed . 626.000.0"!
Interest Accrued Receivable.. 67.875.fa1
Furniture and" Fi-tures, etc.. . 13.000.Cn
Overdrafts . 351.96
Acceptance? . 272.409..8
Exchange, for Clearing House 660.876.01
Cash on hand and in Banks.. 2,335,166.74
$16,713,170.29
LIABILITIES:
Capital and Surplus.$2,000.000.00
Undivided Profits. 367290.2 >
Estimated Unearned Discount 70,33 3. *? 3
Billa Payable. Federal Re?
serve Bank. 951.00D.Oi">
Bonds Borrowed . 626.00O.CK)
Reserved for Taxes, etc. 43,897.70
Accrued Interest Payable_ 45.692.34
Acceptances . 272.409.85
DEPOSITS:
Banks . $613.979.45
Government. 25.000.00
Individual . 11,697.567.36
- 12,336.546.81
$16.713,170.29
OFFICERS i
S..MCEL 8. CO NOYER.Presiden'
(lohn W? Nix.Vice Prealdent
Andrew M. Mars.Tie* Presiden'
Arthur *fV. Mellen. ... Vice President an.I
Sen- retar-?
E Tilden Matt ox.Vice Pr?sider!
Stephen L. Yiele.A .???.ist suit Sex-retavy
[ Edward A. Dannenberg Aaat. Serreta*-;- *
Credit H_o_c*r
| Charlea R. Butler A ?atetan t Km***/**.*--.
Arthur !.. MeKrnn? Assistant Socretarjr
_BANK STATEMENTS_
REPORT OF THE ?CONDITIOK OF
Redman, Hornborg & Co.
r.-ir-'e Bankers. at the close of business an ?he
28th ?_y of February. 1920.
RESOURCES
Htfl-Jt und bond lni-sunent*. rlt. :
rublin securltiM . J8.:;a in
.?.ccouiits recelTabl? . 31* '.?"
Duo from trust companies, bank?
and banker? not Included 1c
preceding item? .I5*,8_5.*>9
-86.S?5 52
Other currency authorized by tha laws of
the United- States . ..fS". M
Foreign currency . 2S4.?J
Tot?! . .$6..0_8.'.i>
UABILl-IT?S
Pernianent capital .IMOW."'?
Surplus .... .37 * 23. ?tr^
Depoult?
Funds held awaiting transmis?
sion abroad. 2.830 f?.
- ?-2.8S0 V!
Bills payable lncludlnt Indebtedness for
money borrowed, representi-d bjr notes,
certiflcates of deposit or othen-rtie. 5,374 17
Total .??II.02? !?
prices worked 4 to 7 points net hich?
but at this level met scattered offering?
resulting In slight reaction? despite tn?
fact that a special cabie report?'! Santo?
futures 50 to 200 reis higher. Th? loc*'
spot market yean quiet and e.isler, a? 14??'
for Rio "s. Final prices in futur*.? wer?
4 to 8 points net lower.
The range of prl?:es follow?;
Thura
Op?n. High. Low. ?.ios?. eloae
Mar.. ._-14.09$ 14 IS 14.17
May... 14.45 14. S_ 14.3?5 14.?9? 14.40 14 4"
July... 14.75 14.75 14.60 14 *>.? 14.64 14.??
Sept... 14.61 14.52 14.40 14.400114.41 14.17
Nov.... . ?? -14.39fll4.40 14 41
Dec_ 14.45 14.48 J4.40 U.3?? 14.40 14 4?
Batter, Cheese and Kgics
Batter?Receipt- ware Ml. r?'^3?"1
Creamery, higher than extra?, pound. 68 '?
?69c; extraa. 92 ?core, 68c: firsts. .r>o to
M ?core, S61J67</.r; first?. 8S to {<? ?rorf
63?66c; ?econds. 83 to *7 score, 67-3 6>
lower grades. K4@.6c; held, extra?. C-!v
@6*c. first?. 69(36?.-, second*. 64??5SC; un?
called, higher than exiras. 72?72V?e; ??
tr*B, 70S371 He; first?. 65?6ic; ?eeonda,
60?64c; ?tate dairy tub?, fin"?-, ?",5'.?e7c.
good to prima. 59@64c; common to fair,
4??47c; renovated, extra?. 54V?6 5-c; fir??.
i.2?53c. Imitation creamery, flAt?, 46'9
47c; ladle?, current make, firste. 446 45..-,
second*. 40#41c; lower gradea. 88@39-iC
packing ?took, current make. No 1. 40?
40Hc; No 2, S9e: lower gradea. 36? 38'^.
Cheese?Receipts were 3.452 box?s
State, whole milk. h?"'.d flat?, ?pac?ale.
29V??31c; average run. 28?29o; low?
er grades. 14? 37c; twin?, held, ?pe?
dal?, white?. _'.??29V?c; colored, 29 3
30; average run. colored or white. 27',. it
38>.c; lower grade?. 18?27c Wlscona'n.
whole milk, twin?, 27 ?30c; ?Ingle Daisies,
held. "O?-me, double Dal?|e?. held. 28 S
?31a. Young Americas. 32? 33c. State
skims, flats and twlna, held, special?. 18?
21c; fresh epecial?. 17;*; 18c; prim? to
Choice, 13ifl6c; fair to good, 10?l.c
lower grades, 4? 9c.
Egg*?Hecelpt? were ?S.160 cases. Fresh
gathered, ex'ras? dozer. 4??47o: exrr?
first?. 44Vi ?45c ; firsts. 42H?44c; seconds
41?42c; dirties. No. 1, 40?41c; checks,
good to choice, dry. *t5<3 3Sc; fitat?, Per.n <
stylvanla and nearby Western, hennen
whlte?. extra?. 6* ?64c; first? to extra tiret?.
r.0?5.c; gathered whites, first? to extra
flrst?, S0 ??? E2c : "Western white?, under
grade?, 49c. pullet?, 45 ?46c. Pacific Coa*',
white? express, extra firsts to extra?. 62
f53c; flr?t?. 50?51c; pullet?. Petaluma. 46
46c; other section*. 42?44c; other West?
ern and Southern, gathered white?. 4?^eT"
51c; State, Pennsylvania and nearby, hen
nefy brown*, extra?. 49i??0e; gathered
brown and mixed colora, extras, 46?47c,
firsts to extra flrsts. 44?45c; duck eggs.
60 ?75c.
Livestock, Meat?, Provigion?
Taster-ay Tear as*
I Live ateera. fair
to prime. 100
lbs. .?1?.00*U.S0 ?14.26? 13.00
?Dressed beef. .___-_.
1 ??le?, lb.17? ?I .20?.2?',
; Live veal?, com?
mon to prime,
loo it?*. i..6fl?24.oo 17.oo?::.00
Drf s'a - d veal.
! city, lb.3*? -34 .22? .31
j Live owe?. 100
lb?. f.OO? 12-00 9.00? 13.00
Dr-Hed mutton.
city, lb.17? -2 ?!>? .24
Live lambs, fair
to prime, 100
lbs.J?.00?:07i 19.00?.040
Dresaed lamba,
city, lb. .29? .3* .30? .36
Hog?, 100 lbs. .. . 15.25? 16.?5 19.2-,?15.50
Oreaaed h o g ?.
bacon, lb.22l.?-2_ .:i"i.?.2i'?
f?eme beef, bbi,. l^ooig m t>i> *i..bo**34 44
Meaa pprk. bb! 4:00?4S0O 50.5?># _
U ? ?I. Middle

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