New-York tribune. [volume], March 17, 1920, Page 15, Image 15

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

Image provided by: Library of Congress, Washington, DC

                
Foreign
Government Bonds
are selling to-day at extremely
low prices, due to the unprece?
dented decline in Foreign Ex
^nge. Rates are now show?
ing a strong advancing ten
?eacy and return to normal
conditions would provide un?
usual profits.
Complete details of several
attractive foreign Government
Bonds, purchase of which we
recommend, will be sent upon
request.
lit specialize in all issues of
forngn Government Bonds and
incite your inquiry.
Kelley, Drayton & Co.
UlfTt"
York Stock Fxcthanpf
Lord's Court Building
40 Exchange Place
T hone Broad 3392
Winchester Co.
Common Stock
J.K.Rice.Jr.&Co.
Nones 4000 to 4010 John. 36 Wall St, N/Y.
Argentina Seeks
Extension of Loan
But Banker- litre Arc Expected
to Dom and Payment at
Maturity
Dr. Dominpro E. Saiaberry. Minister
of Finance of Argentina, who has been
in the United States since the holding
o? the Pan-American Financial Con?
ference in January. wiil to-day sail
for Eng and and ?hen return home. Be?
fore departing, Dr. Saiaberry met with
the South American group of banker?
in the ci.ee of J. P. Morgan & Co., and
informed the financiers that his gov
ernrr.tr.-. " "?'? ' like to renew half er all
cf ?;j $ i0,000 loan, which matures
on Mav If next, but that Argentina
would be willing to pay off the loan
with at a refunding operation if the
bankers so recommended.
Although leading members of the
group del ied a decision had yet been
reached, it was reported in the finan?
cia! district that the loan would be
paid off. The balance of trade between
the United States and Argentina has
been in favor of the latter, and S56.
;ri gold has been shipped to
the South American country from New
York since the first of the year. More?
over, .' un I? rstood that the govern?
ment of Argentina still has a large
credit ba i I the Federal Reserve
Bar.V. of New York, which has been
estimated to be $70,000,000. In view
of these facts, bankers realize that
Argentins could easily pay off the en
tir ou, which c nsista of $25,000,000
an.: 5,000,0 0 pounds sterling of bonds,
which wer? issued in 1915. Pract'.ciliy
ail of the h ?nds are now held in this
country.
Despite Argentina's favorable credit
balarlo, the country has a large float
s at home which was
war, and thus far
has not fell ? le to float an internal
loan. If .- ana sterling loan
instead of paid off.
the fui is ti ?eld back could be em
? i out, to reduci the
. . It is said that
??? nee M inii?ter at his
coi fei ? : he South Amerii an
?' ? di ciar d that if the
?aj . ..,- were paid off it would
"?'? '? n internal loan,
? n which would make
? possible would soon
De pa ?? bankers, however,
? izena of Argentina
~"~ a i -. unsympathetic toward
the pn ? nment, which is con- j
J'dered ? radical, and, there- '
?re '?'? ?ious to buy its bonds.
"Bring tl r, the Argentine govern-,
-'-?' " meed itaell mainlv through
,oa"3 from inks.
Asa result of the conference with1
JJr. hi,.a:, rry, It became known that'
tho power of ,?;? cisi?n as to what would
L " ?? ' '-.:-?< maturity was
Mated in New York, and not in Buenos
Ayres.
Big Railroad Fund Is
Inadequate, Experts Say
Entire Amount at Disposal of
Government Needed for
Equipment
Thn $300.000 00 provided by the
Cnmmi a Esch ?aw for rendering finan?
ce aid to the railroads in meeting
?heir needs for new equipment and ad- :
?KHons and betterments is entirely in-,
??"equate for the 1020 requirements,
wording to experts who have made a
?peeia study of the situation.
*"pv :; " railroad circles yesterday
*as teat it would require the entire
*?ou ; ' the di ?posai of the govern
,, r '- -'"?' for equipment needed this
_aL? " would leave at least $200,
t ?"-" ??? ded for additions and bet- ;
??rm^nts. which, it is believed, cannot
to?, *nc,ed in the onen market before (
';-,_. '-?'? be provided.
The railroads will have no credit of
?'^.,! ,,,v'1 tnis >'ear unless speedy ac
fr;,\: ta,{en relative to increasing
? gnt rates," said n leading railroad
wecutive, in discussing their financial
~KPUrem<.nt_. "It annears that thev
befo?,! loi0*1"1 Upon their 0WD credit
,: l !* the opinion of railway execu
,?*? that 'ho ?r>no 000,000 government
_!??* fund should be used for the
| 3o? a8c of equipment. But if this is
i?A . ai w' ' hannen to additions
3S.v'??erinent8? This is a Problem
?K. ? ,v? r;i'l>"oads are facing without
lt,VlSio " r"?,hod of solution."
tl.. . (,<*uipment requirements of
nL ?rriers include 100,000 freight
S%__In 4'000 to ?<000 Passenger cars
*~* ?i?K> L-vromotives. *
G^W?? Sl?ma! Oil to Vote
Oft Increasing Common Stock
tb* r?Tal me?ting of stockholders of
h?M-?ii :."* Si|rnal 0il Company has
^~n ealled for May 17, to take action on
th? i?-110381 of directors to increase
tt3j2ft"i?u>n stock from $20,000,000 to
'it*?.'/"11 t0 issu8 ?6,000,000 of
?????to d5benture bonds, convertible
?I*??; tv0 tbo bolder into common
**i__m 9ystem of allotment has
H?toiV!1nannouncft(i- The company ha?
tSTST . ;n . uni38ued common stock
?^?additional $2,000,000 necessary
-?h_ pf0v,ide<l by the proposed in
B9 stock.
The Week's Bond Market
U. S. Government
Transaction?
Sales,
Liberty 3%?, 1947. 1488.000
do 1st 4s. 1947
do 2d 4?. 1942...
do 1st 4%s, 1947,
do 2d 4i?,, 1942.
do 3d 4%s, 1928.
do 4th 4%s, 1938.
Victory 4%a, 1923...
do 3%?, 1923.
34,000
136.000
134,000
1.118.000
1.609,000
2,281,000
1.064,000
401,000
Yield.
8.74
4.60
4.74
4.86
4.91
B.84
5.10
5.41
4.47
Quotation.
Liberty 8%s....
do 1st 4s.
do 2d 4s.
do 1st 4%s...
do 2d 4%e...
do Sd 4%<<. . .
do 4th 4%a._
Victory 4%a. ?7.70
do 3%?. 97.64 ^^^^^^^^
Bid and Asked Quotations
Claming Closing
Yesterday.
96.10 ,i> 96.14
90.5G@ 90. .0
89.44a ?9.50
90.90? 41.00
89.86(0' 89.90
92.800 92.84
90.04?) 90.08
97.56@ 97.60
97.56? 97.60
97.56$ 97.64
100%<??101
100V4O101
89 @ 93
Liberty bonds
8%a. 1947_
let 4?, 1947_
2d 4s. 1942_
1st 4 .is. 1947..
2d 4%s, 1942..
3d 4%s, 1928..
4th 4%s. 1988.
Vic. 4%s, 1928. _
do 8%s, \V2?. 97.56# 97-&S
Pre-war issues:
2a reg, "30.100%
2s coup. '30.100%
3s reg, '46. 89
3s coup, '46. 89
4s. rep, '25.106
4s coup, '46.106
2s Pan, c. '86. ..100
2s Pan. r, "3....100
2s Pan. c, '38... 100
2? Pan. r. '38..
3s Pan, reg. ...
3s Pan. coop...
Phil 4s. '34_
Phil 4s, *35_
Phil 4s, '36_
D Col 3s. '65..
Foreign Govt. and Municipal Bond?
(Intereat Te Ba Added)
_ Bid
Anclo French Extern 5s, 1920.
Argentine Intern 6s. 1945.
Canada. Dom. of. notes, 1921.
1921. . . .am%%%%m^km9
do. 1926
do, 1929
.100
. 88
. 88
. 90
, 90
. 90
Chile Copper 7e
7.000.102V4
10.000.103
1.000.103 %
7.000.103%
4.000.103U
, 80.000.103
do 6a
22.000.79
80,000.78%
10,000.79%
13.000.79%
64.000.79^
Col ft so 4 %?
6,000. 72.4
1.000. 72%
1,000.83
Con Gna tern 7?"
sj.ooo.100
-H00.100
65.000.100
i-ooo.10?N
1?000.100%
?000.100$
8.000.100 Vi
?-ooo.ioo3
1.000.100%
Den ft R o 4%s
2.000...?.
do con 4a
, 1,000.
do rig 5s
7,000.
_ 6.000. ?,
Detroit Edison col 5s
1933
. 1.000.94
do rfg 5s 1940
._ 1.000.87U,
Detroit Riv T 4%s
67%
64
42%
42%
19,000. 7KU
Distillers (S C 5?
79%
9?
97%
71%
97.?
q7
91%
93%
do. 1931.91%
Chinese Gv Hu Kug Ry 5a, 1961 45
Cuba ExUrn 5a, 1944. 90%
do. Series A, 1949. 84
do 4%s. 1949. 72%
Dominican Ren 5s, 1958. 75
City of Lyons 15-yr 6s, 1934... 89
City of Marseille. 15-yr 6s. 1934 89%
City of Bordeaux 15-yr 6a, 1934 .9%
City of Copen.h 25-yr 6%s, 1944 79%
French. Paris City bs, 1921. 90
Jai Gov 4%s, sterln loan, 1925. 75%
do 4%s, 2d series, 1925.74%
do 4a sterln loan, 1931. 60%
Japanese, Tokio City 5s, 1952.. 56%
U K Gt Br 4 I 5-yr 5%s, 1921. 95%
do 3-yr 5%s, 1922. 91%
do 10-yr 6%s. 1929. 90%
do 20-yr 5%s, la37. 87%
Mex Extern strln 6s of '99, 1945 30
Mex Extern gold 4s of "04, 1954. 21
Ask-d.
97%
72
97%
97%
92%
93%
91%
45%
90%
90%
74
80
89%
89%
89%
79%
90%
76
75%
61
6S%
95%
92
9(5%
88%
82
29
87%;
6*
2 !
2%
Angle-French 5s
11.000. 97
63,000. 97
26,000. 97
3,000. 97
84.000..
28,000. .
Argentine G
10,000_
2.000_
1,000_
Chinese Ry 5s
2.000_
City of Bordeaux 6
2,000. 89%
City of Copenhagen
5%s
4.000. 79%
7,000.79%
4,000.79%
City of Lyons 6a
6.000.
City ci Paris 6s
3. .000.
I 000.
46
93%
97
92%
92%
91%
Dom Canada 5%a
notes 1921
1.000. 97
do 5%a 1929
5,000.
' do 5s 1921
1,000.
do 5s 1926
6,000.
6,000 _
do 5b 1931
4,000.
Jap 1st ser 4%s
2 000.
9.000.
10,000.
11,000.
: t ooo.
1 000.
1)00.
22.0 lO'.sit?f!
0i o
000
,000.
(Sales)
Jap 2d ser 4%s
12.000. 74% j
1.000.s30f. 74% I
10,000.s30f. 74
3.000. 74% ;
5.000. 74% ;
S.000. 74%
2.000. 75
5,000. 7 4% ?
2.000. 75%
do Etlfr loan 4s i
1.000. 60%
12,000. 60
7.000. 59%
5,000. 60
10,000.s30f. 69%
5.000. 60%
15,000.a30f. 59%
4,000.s30f. 59%
13,000.?30*. 60
1.000. 60
1.000.s30f. 59% I
12.000. 60% i
2,000. 60%
1,000. 61
?0% I 16.000. 00% !
90% 5,000.s30f. 00% i
90 21,000. 00% :
90%*Rep.of Cuba 5s 1904 ;
I 1.000. 90%
?U K of Great Britain :
2,000.
Erie 1st con 7s
3.000.
. 8,000. 97
do prior lien 4s
. 2.000.55%
do gen Hen 4s
1.000. 4CU
6.000. 46<t
7.000. 4672
28,000. 47*
M00.i 46%
. a-?00.46%
do cvt 4s eer B
J 8.000. 40
do cvt 4s ser D
2,000. 42%
6,000. 4,-i
2.000. 42%
Florida Cen ft F con
5s1943
2,000.
G*n Eleo deb 5s
2.000.
Georgia Pac 6s
8,000. 94
Havana Klec 6s
_ 1.000.84
Houston Belt 5s
1.000. 79
Hud & M rfg 5s
17,000....
2.000. . .
2.000...
1.00O. ...
do inc 6s
7,000. .
1,000_
111 Central 5%s
3.000. 911
2.000. 9i^
do rfg 4s
10.000_ 7iv;
do 4s 1953
. 2.000. 66%
do C .St L & N O
joint 5a
r .. '.ooo.
Indiana Steel 5s
3,000
m- ?ooo,.:::: o?%i
Illinois Steel 4 %.,
2.000.'. 80% St
5.000.8,,i"|
T . 5000. 80%!
Intcrboro-Met 4%s
1.000. IS %
5.000. 18%
3,0'?0
1.000.
do ctfp of deposi
. A J.OOO. 18%
Mor Pacillc 4a
6.000.76
* 11.000.74%
6.???.76%
do 3?
10.000.63%
6,000.63%
Or? Short Une 4s
1.000.80%
8,000.80%
Ore W R R & N 4s
3,000. 68%
1'aclfio t? & E 5a
1.000.80
1,000.79
Pacific T & T 6a
10,000.86%
Penn con 4%a
8,000. 80%
, 1.000.80%
do 6s 1968
24,000. 89
1.000.89%
1.000.89'
6.000., 89%
6.000.89
do gen 4%s
4.000.81
, MOO.81%
do 4a 1948
1,000.82
Peo Gas & Coke of
Chicago 5s
1.000. 65
Pera Marquette 5s
2.000. 85%
1.000. 85
Prov Sec Co 4s
1.000. 89
__. 1.000. 40
Pub Ser of N J 6s
1.000. 62%
5.000. 62
Reading gen 4s
1.000.78%
4.000.78^
3,000. 79
Rio G W 1st 4s
? . 1.000. 62%
R I Ark & L 4%s
1.000. 61%
4.000. 61%
3,000.62
1,000,s30f, 61%
5,000. 61%
4,000.61%
1.000.B30f. 61%
1.000. 61%
2,000. 61%
2,000. 61%
2.000.61%
St L Ir Mt & S 4b
Riv & Gulf div
1,000. 68%
?St L & S F gen 6s
80%! 1.000.101%
do 4s ser A
8,000. 58%
6.000. 58%
4.000. Bsu
11,000. f>8%
6.000. 58%
1,000. 68%
68%
68%
68?
IS*
18'.
80
58%
68%
69
65%
65%
1,000
1.000...
do 6s ser B
7,000_
do 6s per C
2,000.86%
do adj 6s
3.000
5,000 _
3.000. 65%
do inc Cs
R.000. 49%
7.000. 49%
1,000. 50 '
1.000. 49%
7,000. 49%
3,000. 49%
1.000. 49
L Swn 1st 4s
4,000.63
do con 4s
l.ooo.54
4.000. 55
1.000. 56
P M & M 4%s
1.000. 90
1.000. 90%
2.000. 90%
^^ 2,000. 91
%'San An & A P 4?
18%! 5.000. 56%
18%!Sesbonrd A L adj 5s"
11,000. 38
1,000. 37%
St
wo R T rfp 5s"! 2.000. 38
22.000. 55%,So Beil T & T 5s
.?-000. 55% 1,000. 81%
16,000. ..nu,(So Pacido, cvt 5s
89 V*
90
24.000. 55%
Int Mer Marine 6s
,000
20,000.
ft I 6%s 1921
2.000_
5.000_
1.000_
1,000_
26,000_
1.000_
do 5%s 1922
1,000. 9
96%
96
96%
95%
96
95%
15,000.
10,000.
54,000. 92
do 5'?s 1929
1o,noo. 90%
21,000. po%
9,000. 90%
%s 1937
3.000. 88%
ll.ooo. 87%
91%
91%
do
. . 88
. . 88%
. 87*.
. . SS
1957
)0.s30f.
''O.sSOf.
Railway,
Ala Midland 6s
1,000
_000
3.0 .0. .
",oon
?1.000. .
N V City 4.
May
1.000. 93
d.-> 4' .3 1967
1,000. 96%
do 4%s 1964
? 000_. . 90%
do 4-* 1959
6,000. 86%
. 76 "]
Oilier Corporations
Cen New England is
annn $V?? 1,000. 85
9.% Cen Pacific gtd 4s
?'? -* 3,000. 72%
.?J 1.000. 72%
82% Cen R R & Banking
I^Jq1 Co of Ga 5s
2?';:.* 3.000. so
8-% Chee & Ohio con 6s
1.000. 91%
,000..
1,000..
1,000...
do col 5s
3,000..,
do 11
1.000,.,
2.OOO. . .
do
1,000_
10,0 10...
81%
80 %
_|1 4s
2.Ooo. 78
8,000. 77%
Armour Co 1 %s
1.000. 82%
A T &? S F ?roo. 4s
10,000.s30f. 77
5.000. 77%
6,000. 77%
1.000. 77%
do ad! Is stamped !
1.000. 67%
5,000. 67%
do cvt 4s 1955
7.000. 64
At! C I, 1st con 4s
1 000. 7r,%
9X>0O_:. 75%
1,000. 76
do I, & N 4s
i.ono. cs
2,000. 67%
Bait <-. OHo 6s
3.000. ...
1 ooo . 86
1 000. 87
',000.
000.
ooo.
do cvt 4%s
R.ooo...
2.000...
3.OOO. 65
1,000. 65%
2.000. 65%
i.ono. 65
?.ooo.:..:. 6-1%
R.000. 64%
1 OOO 6.13.,
11.000. 64%
9.00O. 64%
do rffr 5a
",000. R6
8,000. 64%
1,000. 91
24,000. 91 I
do cvt 5s
1,000. 797?
8.000. 79%
, 2.000. 79% ,
do eer, 4%s
4,000. .".... 77 ,'
do cvt i %s ,
6,000.'. 73% i
2.000. 74 i
C & Alton 3%s
1.000. 34% !
1.000. 34% ]
do rfg 3 s
2,000. 47% i
CBiQ joint 4s '
5.000. 94
5.000. 9,-1%
47,000. 94
2fi 000. 9-1% ;
18.000. 94%
10,000. 94% ;
5.000. 94% i
1.000. 94 %
1.000. 94%
29.OO0. 94% j
do Nebraska 4 s
1.000. 88% j
do Illinois 3%a
2 ooo. . . 71% !
66%|0 * E 111 rfg 4s
65%
10.000. 89%!
I 3.000. 89% l
10.OOO. 89% !
i 21,000. 89 |
20.000. 88%
; Kan City So 3s
L ?.000. 55 |
; Kan City Terminal 4s I
8.000. 70%!
: Kentucky Cen 4s
: 2.000. 72%;
: Lack Steel 5s 1950 I
1.000. 88%
1.000. ...... 89
Lake Shore gen 3%s
2,000. 68
Lehigh Valley 6s
; 4,000.100%
? Lehieh V N Y 4%s'
; T. 1.000. 87%
i Liggett & M 7s
; l.ooo.io8%
L Se N So Ry joint 4s
: -.000. 63%
Manhattan Hy 4s
1,000. 5?;1
Mich C'en deb 4s
1,000. 80%
Midvaie Steel 5s
8,000. 83
; Minn & St L 4s
1,000
M St I- &
2.000
: M K & T 1st 4s
7.000.
do . f 4 Us
1,000.
; Mo Pac 5s 1965
? 2,000.
do gen 4s
7.000.
2,000.
I Mobile & Ohio 6s "i
! Monticomery div
? 2,000. 77
Montana Power 6s
2,000. 84%
L, ^1-000. 85
; N Chat & St L 5s
! 6,000.97%
! New Orl Terminal 4s
1,000. Gl
! N Orl T & Mex 5s
10S,000. 54%
i N Y Central deb 6 .
1,000. 92
10.000. 92%
4,000. 9'>
1,000. 92%
6,000. 92
.... 43%
S M 4a
?8%
20
5. t?
102%
103%
500.104%
1.000.102'"
5.000. . . . .' .'10274,
l.ooo.103%
3 ooo 103
6,00....::: 102%
5,000.1027.
4.000.102"%
do cvt 4.
9.O0O. i<\
3.000.. 78%
5.000. 78%
! 000 78%
9.000_'. : 78%
5,000 . 70
1.000....:: 78%
do rff*r 4 s
4.O00. .
1.000. .
10,000. .
liooo..
4.000. .
do col 4 s
1.0Q0.I
do San F Term is
1,000. .
Southern Ry
l.ooo.
1.000..
do Is
1.090 ,
20 on?*)
13.000 .
Tonn C l ft R R
7,000.
Terre R !. Assn
St L 4_
3.000._ 70
Texas Co cvt 6s
17 ooo.104%
23.000.104%
Third Av rfj? 4s
S.ooo. 47V;
do iidi 5s
I 5.000. 30%
2.OOO. 30%
5,000. 30%
5,000. 31
Union ?'.irifie. 6s
1.000.101
1,000.100%
1,000.101
do cvt 4s
2.000. R4v,
3,000. 84
2,000. 84%
Un Rd o? S F 4s
ctfs of. deposit
8,000. 30
j. 1.000. 29
* 9 000 ... SO
74%
74%
74%
U %
74%
6^%
81%
85
58%
58%
5 s
?8
^^^^^^^^^^^^ 10 000 ?Q?
1.000. 92%|Unlted'Ry Inv 5s
3,000. 92 ; Pitts issue
8,000. 91%! . noo 68
2.000. 91 % ?U S Realty & ?'fa
87
86%
87 I
86% I
.000
2 ooo
1,000..
do pold 4 s
4.000. .
1,000 . 64%
do p 1 3%s
7 ooo .
8,000.. .
1 ooo...
l.ooo...
do Pitts L E ft
W Va 4s
2,000. 56%
do Rw 3%s
n ooo . 74
8,000. '.'.'.'.. 73
do T * C. 4s
9,000. 49
1.000. 49%
Beth Steel rfg 5s
fi.OOO. 84?',
do p m 5s
8.000.84%
3.000. 85
4.000. 84%
Srooklyn U Eler Rs
R.000. 62%
do stamped
2,000.?2
.entrai Leather Ss
1.000..??. 94%
16,000. 21% .
do ctfs of deposit
15.000. 25 !
C Great lYestem 4_
1,000. 55%
1,000. 55% ;
C M & St P cvt 5e
ser B
11.000. 71
do gen 4%s 1
1.000. 75%
1,000. 75%
do evt 4 %s
4 000 . . . 72%
13 ooo. 72 j
do rftr 4%s
2.000.61 ,
do gen 4s ser A
1.000.67% !
do 4s 1925
6,000. 78
do deb 4s 1934
4,000. 62
83% C & N W s f 5s
2,000.97
Chicago Ry 5s
3,000.9 .
do rfg 4%s
1.000.78
do 4s 1934
1,000. 75%
do con 4s
1,000. 70
do rfg 3%s
1,000. 65%
6,000. 65%
3.000. 65%
3,000. 65%
3,000. 65%
do rfg 3%s reg
3,000. 64
N Y C & St L deb 4s
7,000. 68
N Y N H * H n-c
deb 4s 1955
1,000.53
do 6s
1.000. 76%
do deb 4s 1956
1.000. 53
N Y O A W 1st 4s
1.000. 60
N Y Te! deb 6s
1,000. 95%
2.000.95%
do 4%s
4.000. 79%
N Y W & Bn 4%s
2.000. 42
Norfolk & Vf cvt 6s
34,000. 78
3,000. 78%
9,000. 78%
29.000. 78%
U S Rul>ber 7s
R.000.102%
do 5 s
7,000. 84%
3,000,.., ri
1.00.. . .... 84%
1.000. 84%
2.000. 84%
2.000. ?-(%
1.000. 84%
U S Smelting 6s
10.000.102%
U S Steel s f 5s
11,000. 96%
1,000. 96%
4,000_ 9 R%
1.000. 96%
15.000. 9R%
?Utah Power & L Rs
1,000. 82%
i Va-Car Chemical Rs
| 2.000.95 V'
iVlrglnlnn Ry 5s
2,000. 81%
1.000. 82%
?Wabash 1st 5?.
2.000. 87%
i 3.000. 88
3.000. 88%
West Electric 5s
R4%!
04%
64%!
64%|
83
83%
83%
1,000. 65%
C K 1 & P gen 4s
2.000. 72%
1.O00. 72
do rfr: 4s
2.000. 67S?
1,00?.67%
15.000.67
2.000.67%
4,000.67
1,000. 67%
7.000. 67%
Chicago Un Station
4%s ser A
?.000. 80%
C C C * 8t L gen 4s
, 10.000. 70
/S St Ixyoia div 4s
NJ 1.000.W
10,000.102 j 7.000 _ 95
l.ooo.102%|West Maryland 4s
6.000.102 ; 1.000. 52%
do con 4s ?West Shore 4s
l.ooo. 75%! 2.000. 72%
5.000. 75% I do reKl'tered
do Pocah C & C 4s ! 8.000. 69
2.000.77%|Westem Union 5s
Nor Pacifie 4s ! l.OOO. 85
5,000.74%iWilson Co 1st 6s
1.0O0. 74%| 2,ooo.97%
1,000. 74% i do cvt ?%
6,000.74 %l 7.000... ? O")!^
1,000.75%' 7.0O-1. 9?7?
^.-5,000. 75%iWl!conF> C 4s
' 2.000.74%' 1/00.67%
'?'" m
To Increase Capital Stock
At a special meetinj. of stockholder* :
of the General Electric Company held
in Schenectady yesterday the increase
in capital stock from $125,000,000 to
$176,000,000 was authorized. Shares
represented at the meeting numbered !
858,040, or more than two-thirds of the '?
capital stoek. A meeting of the board ?
has been called for this afternoon to i
arrange detail? regarding the new la- 1
?u?. i
Investment
Information
<???Mon? y/ ?nerol interett to
?_?---r* mmsJt 8nw^?* *n thia
ooitimn, tu watc* coae only initial?
mit be %t,?d. Oth?r, ?in b? ?**
?U>er?d 6m ?tot/. Addreee all ?iw.
2 ?ms? htchting a ?tamped, ad.
?nv-i*"*1**0 Vi F**anelal Editor.
Th? Tribune, IS? Nn??au Streit, New
York City.
VVabaah Preferred "A*
tb^?Sr'T'l1 roa P^?? t?M m? wh?t is
nrrf/rr?l "A"^1?" "?,*"0 Wnbash Railroad
tW vest ^ 7 UvPald. a div?dend until about
top .t wm7Wr*nKd' *<*umuUted or may it
Ht^?w <L J} 7 ? * havo owned 80ma of thw
stock for over four years.?H. R. R.
Answer-Wabash preferred "A" stock
is non-cumulative. It does, however,
participate with the common and pre?
ferred "B" stocks after these two is?
sues have received 5 ner cent. Until it
as known how the road will make out
under tho now operating conditions the
position of the stock, in our opinion, is
highly speculative.
People's Gas?Chicago Railways
Qutwtion?Can a board of curators change
the rate of divtderod paid upon prrferred
stock 7 What is the pro#p?-ct for holders of
leoples Gas Light and Coke Company re?
funding 5 per cent bonds and Chicago City
Kailway first mortgage 5 per cant bonds ? Is
the principal of these bonds s?reure7 Will
they be likely to Increase in value soon?
Does the fact that the ChlcaKo City Rail?
way ?Company's franchise extends only to the
maturing date of ito first mortgage bond?
afreet the value of these bonds adversely ?
Have you a preference as between these two
issue? 7 Would it be advisable to convert
these bonds Into somi?thing eke at near their
present price? If so, what??N. T. B.
Answer?If earnings do not justify
the declaration of regular preferred
dividends the board of directors may.
of course, reduce or pass the payment.
They may not increase the regular
dividend on preferred stock if that
issue is limited, unless it be that the
stock is cumulative and is in arrears.
Both People's Gas and Chicago Rail?
ways companies have had their
troubles recently, as have many other
public utility corporations. Corpora?
tions of this nature are limited as to
their rates, and operating costs have in?
creased materially. The People's Gas
refunding bonds have been affected, of
course. We believe the bond is fairly
safe, although it never was an issue of
the highest grade. The Chicago Rail?
ways may work out of their difficulties,
although the price of the bond does not
reflect the greatest confidence. When
the franchise of a company does not
extend beyond the life of the bond that
fact almost invariably weakens the po?
sition of the lien. In our opinion Chi?
cago Railways bonds are too specula?
tive to hold for pure investment pur?
poses. We consider the People's Gas
bond the safer of the two. Many first
mortgage bonds of railroads with rela?
tively poor credit, we believe, offer op?
portunities for investment at present
prices. Among these are St. Louis &
San Francisco prior lien 4s, 5s and 6s
Rock Island, Arkansas ?S: Louisiana
4Vjs, Denver & Rio Grande consoli?
dated 4s and 4*?s and Rio Grande
Western first 4s.
Higher Fares Contemplated
Question?Abont three years afro I pur?
chased sume Hudson & Manhattan 5 per cent
adjustment bonds at L'S, and at that time
they paid $l?i on ??ch coupon twice a ya-ir.
Later they did not pay the coupons. They
snld B3 low as 1" and I bought a few at
different tim??s, and my averago is 18'i'.
What is th? prospect of the road paying any?
thing on the coupons in the near future, ar.d
would you hold them until they pay th !
coupons or sell them if they went any
higher? What is the prospect of them going
back to 28 7--C-. B. T.
Answer?The recent rise in the price
of Hudson ?t Manhattan adjustment
bonds was due to the announcement
that the company expects soon to raise
fares from 5 and 7 cents to 8 cents.
Although no payments have been made
on these bonds since 1016, the com?
pany for the twelve months ended Juno
30, 1919. earned an amount equivalent
to the interest for that year. The
bonds would appear to offer speculative
i opportunities, since there is a possi
! bility of a payment on the issue if an
' increased fare is established.
Holdinga Are Diversified
Question?I hold for inve?imont : Armour
?!'L. per rent hon?l-\ hought at 00 : New York
Gas 5 per cent bonds, bought at S1V2; Chi?
cago. Milwaukee & St. Paul Railroad 4 4
percent convertible bonds, bought at 68 ; Chi?
cago, Milwaukee & St. Paul debenture 4
per cents, bought at 71: City of Bordeaux,
bought at 92% : Rochester Heat, Light and
Power 7 per cents, at 92, ami Interborough
5 per cent*, bought at 98. Have $1,000 to
invest, an?! am thinking of buying Inter
borough Rapid Transit. Are preferred
.itocicr better than bonds for investment?
The preferred stocks I have in mind are
Atchison, Topeka & Santa Fe or Virginia
| Carolina Chemical.?T. M. H.
Answer?Of the bonds you hold we
are of the opinion that Armour 4%s,
the New York Gas 5s and the City of
Bordeaux 6s are good investments.
The St. Paul bonds are not high grade,
although we believe them to be safe
enough, particularly when the new
rates are established for the railroads.
The Rochester bond is entitled to fair
ratinp. The Interborougb bonds are
not high grade, as you probably know.
The present low price, however, has
probably discounted the unpleasant sit?
uation. We do not advise your buying
lnt?>rborough Consolidated stock for in?
vestment, if you refer to that issue.
This company is a holding concern, it
is not the operating company. It is a
pure speculation. Many preferred
stockr arc better than some bonds. It
depends entirely upon the securities,
you have in mind. We believe Atchison j
preferred and Virginia-Carolina Chem?
ical preferred are entitled to good in?
vestment ratings.
Gillette Safety Razor
Question?Will you kindly tell me what
you think of Gillette Safety Razor stock as
an investment? Is it quite safe or should it
be classed as speculative? I understand that
it is not listed on the New York Stock Ex?
change but that it is traded in on the curb.
Does that fact affoct Us salablllty? I Im?
agine it would make it more difficult for an
outsider to determine what the stock might
be worth, as the curb prices do not seem
to be published very regularly.?F. C. M.
Answer?Earnings of Gillette Safety
Razor in 1919 were large, $27.38 a share
on the common before Federal taxes.
The company is said to have a large
number of orders on hand, but the
stock, we believe, should be regarded
as a speculative investment, since earn?
ings are subject to fluctuation, accord?
ing to general business conditions.
Stocks listed on the New York Stock
Exchange, as a rule, enjoy a better mar?
ket than those which are not.
Northern Pacific Bonds
Question?Would you consider the North?
ern Pacific 1 per cent, 1997, a safe invest?
ment, or is the 3 per cent general. 2047, a
better buy? Which issue is best soured?
Is Great Northern Ore a good Investment
at present price and when do Umt pay a
dividend??F. H. H.
Answer-?The Northern Pacific prior
lien 4s are a high grade investment
being a first lien on the greater part
of the property. The general lien 3s
are a second lien. They, too, are well
secured, and we regard them as safe.
Great Northern Ore's ?earnings are not
sufficiently in excess of dividends to
entitle the stock to a good investment
rating. The property is valuable and
the stock is probably a good specula?
tive investment. Dividends are de?
clared irregularly.
Four full columna of in?
vestment question* and an
?veers are published in The
Tribune evetN Sunday.
Texas Company Gross
$102,986,597 in 1919
Report to Stock Exchange
Shows Profits of $21.96
a Share
Record gross earnings of $102,986,597
were reported by the Texas Company
for the 1919 calendar year, in a state?
ment issued by the company in connec?
tion with the aale of $85,000,000 three
year ended June SO, 1918, gross earnings
a syndicate of bankers. For the fiscal
year ended June 80,1918, gross earnings
were $80,260,683, the best previous
y oar. *
Deductions from last year's income
included $73,782,480 for operating ex
ponses-, $6,768,228 for sinking fund and
depreciation, $673,512 for replacement
of marine equipment, $3,000,000 re?
served for taxes in addition to those
paid, and doubtful accounts $90,962,
making total deductions of $10,532,701.
- The resultant surplus of $18,671,416
was equivalent to $21.96 a share on the
$85,000,000 capital Btock, compared with
,29.75 a share, earned in tho 1918 fiscal
year on $69,375,000 capital stock. The
company had on December 31, 1919, a
cash balance of $8,718,636.
The offering of $85,000,000 of three
year 7 per cent notes of the Texas
Compony met a quick responso, and it
was unofficially reported that the issue
wa. fully subscribed. This offering
was regarded by bankers as a test
raso, and will lead to the bringing out
next week of other new issues.
it was learned that $3,500,000 or $7,
000,000 of Province of Quebec bonds
will be offered next Monday at a price
to yield 7 per cent. The bonds will
bear 6 per cent interest on their face
und will run for five years.
Ha -n. dal? Corporation Profits
Equivalent to $2.70 a Share
The first annual report of the Barns
dall Corporation, issued yesterday to
stockholders, disclosed net profits for
1919 of $1,406,966, equivalent to $2.70
n share, earned on the $13.000,000
of stock, $25 par value. This amount
was arrived at after deducting all
charges and Federal taxes.
Gross sales in the year amounted to
$4,064,314, from which producing and
ooerating expenses of $1,782,412 were
deducted, leaving $2,281,902 in net in?
come. Other income aggregating $856,
737 was added to this, bringing the
total net earnings to $3,138,059. In?
terest, depreciation, etc., was placed
at $1.531,693. A reservo of $200,000
was made during the year for Federal
taxes. After stockholders had received
..'590,000 in dividends, surplus was
S1.01C.966.
Crucible Steel
Declares 50 P.C.
Stock Dividend
Directors Vote to Distribute
$12,500,000 in Common
at End of April; Regu?
lar Cash Disbursement
The first Important stock dividend
declaration since the decision of the
United States Supreme Court that
stock dividends are not taxable as in?
come took place yesterday in Pitts?
burgh when directors of the Crucible
Steel Company declared a common
stock dividend of 50 per cent, equal to
$12,500,000. At the same time the
board declared the regular quarterly
cash dividend of $3 a share. Both dis- j
tributions are payable April 80 to i
shareholders of record April 13.
Declaration of a 50 per cent common
stock dividend by the Crucible direc?
tors marks the first step in the plan
announced in February for increasing
the authorized common stock capital
from $25,000,000 to $75,000,000 through
the medium of stock dividends. Be?
fore the findings of the Supreme Court
in the stock dividend case were known
the manner and method of distributing
the new stock were still in doubt. Af?
ter the decision had been rendered,
however, H. S. Wilkinson, chairman of
the board, informed The Tribune that
the way had been cleared for declaring
the stock dividends much more quickly
than would have been the case had the
Supreme Court's decision been un?
favorable.
At the recent annual meeting of the
Crucible Steel Company Mr. Wilkinson
told stockholders that "the officers and
directors, after considering the ad?
visability of disbursing large cash divi?
dends to the common stockholders or
keeping the present surplus in the
business, decided to recommend an in?
crease in the common stock by $50,
000,000, which is less than the amount
of the surplus belonging to the com?
mon stock." This surplus resulted
largely from the huge business taken
during the war period.
The average earnings during the fis?
cal years ended August 31, 1916, 1917,
1918 and 1919, was equivalent to $41.89
a share on the $2<>,000,000 common
pt?ck now outstanding. The banner;
year was in 1918, when $48.'25 a share |
was shown for the junior stock issue. '
Earnings for the la3t quarter of 1919
were at an annual rate of $35 a share, i
Freeport Texas Fail?ed
To Earn 1919 Dividends j
The Freeport Texas Company failed'
to enrn by $215,232 dividend disburse-1
Executor Trustee
Chartered 1822
The Farmers' Loan and Trust Company
Nos. 16, 18, 20 & 22 William Street
Branch Office, 475 Fifth Avenue
At Forty-first Street
New York
London Puis
Foreign Exchange
Administrator Guardian
Member Federal Be serve System and New York Clearing House
New Jersey Zinc Company
Circular on Request
Evans, Stillman & Co.
Members of New York Stock Exchange
Telephone Bowling Green 4360 60 Broadway, New York ;
ments of $840,070 in the year ended
November 31 last, according to the an?
nual report issued yesterday to stock?
holders. This deficit compares with a
$3,069,036 surplus after dividends for
the preceding year.
Net profits last year were $1,473,336,
compared with $4,806,310 the year be?
fore. When income from other sources
had been added the total was $1.602,~
417, a falling off of $3,332,533 from the
year ended November 30, 1918. After
Federal taxes, depreciation, amortiza?
tion, etc., iff $977,579 had been deduct?
ed, the balance of $624,828 was equiva?
lent to $1.25 a share earned on the
outstanding 500,000 shares, no ]fir.
This compares with a net income after
depreciation, ordinary taxes and deple?
tion, but before Federal faxes, of $3,
993,040 in the preceding year, equiva?
lent to $7.86 n share. The $215,232
deficit after dividends was deducted
from pr^v'" us surplus of $6,'.'. 4.444.
I leaving a $6,769,212 balance. General
I state and corporation taxes absorbed
$21,307 and other deductions $2,162.
: 339 of that amount, after which a
| profit and loss surplus of $4,599,561 to
! mained.
I Tabulating Company Ratifies
Plan to Increase Capital
Stockholders of the Computing-Tabu
! lating-Recording Company at a special
j meeting yesterday ratified the plan to
ircrease the capital stock from 120,000
shares of $100 par to 200,000 without
par value. It is proposed to have
! shareholders exchange their presen;
i stock for no par value shares on the
basis of share for share.
John B. Ptanchfield was elected a di
rector of the company, succeeding Al?
fred De Buys. Other directors were
$35,000,000
The Texas Company
Three-Year 7% Sinking Fund Gold Notes
Dated March 1, 1920 Due March 1, 1923
Callaba as a whole, or by lot in amounts of not less than $5,000,000, at 101 and interest, at any time on
30 days' notice. Coupon Notes of $1,000 with provision for registration of principal. Interest payable
March 1 and September 1. The Chase National Bank, New York, Trustee. Total authorized issue, $35,000,000.
The Texas Company is one of the largest corporations in the world engaged in the production, refining
and distribution of petroleum and its products.
Security?These Notes will be the direct obligation of The Texas Company and, except for
sundry obligations aggregating approximately $4,200,000, will comprise its only funded
debt upon the redemption of $14,798,000 6% Debentures which the company has
agreed to call for payment on July 1, I 920. Funds for this purpose will be deposited
with the Trustee of these Notes simultaneously with their issue.
Market Equity $250,000,000?The Texas Company's fully paid capital stock outstanding
amounts to $85,000,000, in addition to which the company is issuing $45,000,000
stock, subscribed for by stockholders and employees in January, ? 920, and which will
be fully paid in July, 1920. At present quotations, this aggregate of $130,000,000
stock will represent a market equity of approximately $250,000,000. Dividends have
been paid without interruption since incorporation in 1902, the present rate of 10%
per annum having been paid since 1913.
The Trust Agreement under which these Notes are to be issued will provide that:
Semi-Annual Sinking Fund?Beginning September 1, 1920, the company shall provide a
semi-annual sinking fund of $2,500,000, to be applied by the Trustee on each interest
date, on 30 days' notice, to the purchase of notes tendered, at not to exceed 100 and
interest. On any semi-annual date when sufficient Notes are not tendered, the unex?
pended balance of the $2,500,000 then available will revert to the company.
No Mortgage on Present Property?No mortgage shall be placed on any of the property of
the company now owned or hereafter acquired, other than purchase money mortgages
specifically secured upon properties herea fter acquired.
Quick Assets Always 150% of all Liabilities-?The company shall at all times maintain
quick assets, as defined' in the Trust Agreement, to an amount equal to at least I 50%
of total liabilities, including these Notes and all other indebtedness.
Earnings ?O^A Times Interest?For the fiscal year ended December 31, 1919, the com?
pany reported net income, after all interest charges and provision for Federal Taxes,
equivalent to over 10'/? times annual intesest on this is^ue of Notes, and for the past
Al/2 years average net income equal to nearly 9y2 times such interest.
Purposes of Issue?These Notes are issued i n connection with the acquisition and develop?
ment of additional producing properties, extensions to refineries, construction and
purchase of steamships, laying of new pipe lines and installation of additional market?
ing facilities. ^__
We offer the above Notes for delivery whent as and if issued and received
by us, subject to the approval of legal matters by our counsel.
Price 99 and Interest.' To Net over 7%%
Wm. A. Read & Co. Bankers Trust Company
NEW YORK NEW YORK
Illinois Trust & Savings Bank
% CHICAGO
The information contained in this advertisement has been obtained from sources which
we consider reliable. While not guaranteed, it is accepted by us as accurate.