New-York tribune. [volume], March 19, 1920, Page 17, Image 17

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

Image provided by: Library of Congress, Washington, DC

                
Pneumatic Tool Shows Smailer
Surplus on Larger Earnings
Although net earnings ef the Chicago
Pneumatic Tool Company for 1819 in?
creased $988,001 over the preceding
rear the surplus declined $79,026 to
169,879. Losees resulting from the sale
>f the company's motor truck depart
nent was the reason for this slump, ac
ording to the annual report issued yes
erd&y to stockholders. This extra loss
tas placed at $1,095,271.
N'et profits last year, after provlding
or Federal taxes and depreciation,
rare $2,271,214, which eompares with
1.283,213 In the preceding year. Net
-come after extraordinary losses had
"fii deducted was $1,175,943. After in
erest of $547,216 and sinking fund re
i?rves of $168,000 hsd been taken eare
if, balance available for dividends was
1489,061, equivalent to $7.58 a share,
:i00 par. earned on the $6,448300 capi
al stock, against $585,833, or $8,30 a
hare, in 1918. Dividends paymenta ab
orbed $419,172 of this amount, leaving
i $69,879 balance to be added to the
urplns account.
Rldtard W. Saundara haa raalgned as
? ihlor of tho National Bank of Com
narca tn New Torlt and haa be?n aucc?eo>d
?y Roy H. P&ismore, formerly assistant
Chemical National
Ba^k to Combine
With the Citizens'
New Institution, With Re?
sources of $200,000,000,
Will Be Largest Commer?
cial Bank in United States
The Chemical Nstfonal Bank and
the Citlsens' National Bank yesterday
completed plans for merging the two
institutiona under the name of the
former. The consolidated bank will be
the largest bank ln the conntry trans?
acting a strictly commercial business.
It will have total resources of $200,
000,000, a capital of $4,600,000. a surplus
of $18,500,000, undivided profits of ap?
proximately $1,000,000 and gross de?
posits of $140,000,000.
Action of the directors of the Chemi?
cal Bank in voting to merge with an?
other bank is the flrst step of this kind
taken since it was established in 1824.
While other great banks in New York
and other cities have voted to combine
ttheir rosoruces, the bank in which the
late Hetty Green was largely interested
has maintained a policy of going it
alone.
In announcing the merger plan to the
employees and officers of the bank
Percy H. Johnston, president, said that
a consolidation with the Citizens,' Na?
tional was decided upon ab a result of
the general trend toward greater units
in banking, not oly in the United
States but in foreign countries as well.
In bringing the Citisena* National from
320 Broadway to the present quarters
of the Chemical National, at 270 Broad?
way, he said that the floor space and
other facilities of the latter institution
will be greatly enlarged. The merger
is expected to become operative about
May 8, before which time the stock?
holders are expected to formally ap?
prove the consolidation.
The principal officers of the merged
institutions will be Herbert K. Twiteh
ell, chairman of the board; Mr. John?
ston. president, and Edwin S. Schenck,
first vice-president. Other officers of
the two banks will remain as at
present.
The Chemical Bank first began busi?
ness as a chemical manufacturing com?
pany. Its charter included a banking
privilefe and the chemical end of the
business was soon abandoned. The
bank was the only one ln the United
States that during the panic of 1857
maintained specie payments, with the
exception of one or two small banks
in the interior having only moderate
liabilitles.
imhiiihomiioiii
>?????????????<>?????
Benjarnin Frari^in says:
nWe may give advice, but we cannot givz conduct."
Bringing Capital ?^
Opportunity Together
QUR INDUSTRIAL DEPARTMENT
is constantly in touch with capital and
opportunity vainLy searching for each other.
One of Its functfons is to bring such capital
and opportunity together.
To the legitimate seeker of either investment
opportunity or additional capital, the facilities
of this department are available.
Franklin TruSt Company
Established itlt v
New Tork & Brooklyn
<???????<?? ???**oi ????????? 't ft ? ????oo?o??e"fr?o?ooooti?
CONSIDER YOUR
STAR SALESMAN
Fifteenth sf a stria sf^essageson ths pn
pendness of Albert Frsnk & G>. to meet the new
adrertising demands af Finance end Business.
;N many quarters, due to the increas -
ing scarcity of man power, Sales
Literature is being called upon
actually to make sales, not merely
to pave the way for the salesman.
For this reason, Printing is being
LL, purchased and judged by standards
very similar to those that determine the selection
of a salesman.
Would you send a salesman forth shabbtiy at
ttred? When employed as a Fine Art, Printing
offers unending possibilities for dressing each
message distinctively.
Why not standardize your printing with the
assistance of an organization possessing the re*
cipienfs viewpoint? The IMntmg Director of
tW? Agency never asks the prlnter fWhat isyour
lowest price?", but assures himself that the printer
has grasped his idea and can turn out on time an
effective job at a reasonable profit.
?...., , , '??.>?('.
MORE THAN AN AQBNCY SERVICE
tALBBRT FfcANIC & CtoMPANY
ADVBRTISINa
BeaWerStres*
krwyotkCity
rhe Dayls Bond Market
U. S. GoTernment
Transactlons
Sales,
Liberty 3%s. 1947...
do lat 4a, 1947
do 2d 4a, 1942_
do lat 4%ai 1947..
do 2d 414s, 1942..
do 3d 4%b, 1928..
do 4th 4%a. 1938.
Victory 4?4a, 1928...
do 8%a, 1923.
$1,469,000
56,000
119,000
68,000
1.228.4fl0
1,369,000
4,088,000
1.429,000
1,081.000
Yield.
8.68
4.60
4.74
4.85
4.98
5.87
5.18
6.43
4.47
Quotation*
High.
Liberty 8%s.97.20
do lat 4a.90.60
do 2d 4e. 89.50
3a Pan, reg .
8s Pan, coup..
Phil 4a, ?84...
Phil 4a. '36...
Phil 4s. '36...
D. Coi 3s, '65.
Bid and Asked Quotationa
Liberty bonda.
3%a. 1947.
lat 4a. 1947...
2d 4a, 1942_
lat 4%a. 1947..
2d 4*4b. 1943..
8d 4%8, 1928..
4th 4%a, 1938. _
Vie 4%s. 1923. 97.00
do 3%?, 1923 97.56
Pre-war Issues
2a reg. '30.100%
2a coup, '80.100%
8a reg-. "46.89
3s coup,* '46.89
4a reg, '25..106
4a coup, '25.108
2a Pan. c, '86... 100
2a Pan, r. "86...100
2a Pan. c, '38... 100
2a Pan, r, '38...100
Foreign Govt. and Municipal Bonds
(Interest To Ba Added)
Bid. Asked.
Anglo-French Extern 6a, 1920.. 97 A 97%
Argentine Intern 5a 1915. 72% 73
Canada, Dom or. notea. 1921.. 97% 98
do 6e, 1921. 97 97%
do 1926.92 93%
do 1929 .93% 93%
do 1931.?....,.., 91*4 91%
Chinese Gov Hu Kug Ky Ss, 1951 46 45%
Cuba Extern 6a. 1944. 91 91%
do Extern 5a. Series A. 1949. 84 92%
do Extern 4%a. 1949. 73% 75
Dominican Ren 6s, 1968. 78% 80
City of Lyons ?-jt 6s, 1984... 8914 Sd%
City of Marseillea 15-yr 6s, 1934 89 ? 89%
City of Bordeaux 15-yr 6s, 1934. 89% 89%
City of Copenh 25-yr 5%s, 1944 79% 79%
City of Paris 6s, 1921. 90 90%
Jap Gov 4%s strlng loan, 1926 76% 76
do 4%s, 2d series, 1925.74% 75
do 4s, sterling loan, 1931_60% 60%
City of Tokio 6b. 1952. 57 58%
U K Gt Br & I 5-yr 5%a. 1921. 95% 96
do 3-year 6%s, 1922. 91% 92%
do 10-year 5%b, 1!?29. 90 90%
do 20-year 5%s. 1937. 88% 88%
Mex Extern Itrl 5s of '99.1945. 30 32%
Mex Extern gold 4s of '04, 1954, 21 29
(Sales)
Anglo-French 5s
tJap 1st ser 4%s
:e
10.000. 97ft
1.000. 97% |
2.000. 97rV!
10,000. 97%
500. 97%'
24,000. 97%;
19.000. 97Ai
54.000. 97%
9,000. 97*1
21,000. 97%:
1,000. 97%
Chineso Ry 5s
-'.000. 46%|
City of Bordeaux 63
1,000. 89%; Rep of Cuba 6a 1904
1,000. 89% 1,000. 91
City of Copenh 5%? j 4.000_.. 90%
500?. 80 i do 4%s
City of Lyons 6a I 1,000.73%
1.000. 89% U K of Gt Britain ft
6,000
do 2d ser 4%a
10.000-.. 76%
14,000. 76%
107,000. 76%
2,000.s30f.. 74%
do stlg loan 4s
1.000. 60%
1.000. 60
4 2.000.s30f.. 60%
18,000. 6014
25,000.s30f.. 60%
25.000.sSOf.. 59%
25,000.a30f.. 60
55%
City of Paris 6b
22,000. 90 I
8,000. 90%i
lfi.000. 90 j
Dom Can 5%s
? notes 1921
8.000. 98 1
do 1929
3,000. 93%i
do 68 1921
1.000. 97
do 1931
2.000. 91%!
Jap 1st. ser 4%s
3.000. 75%'
5,000. 75%
5,000. 75%
2.000. 76
1,000. 75%;
1.000. 75%
25,000.i75%|
3 87000. 75% N Y
37.000. 76
10,000. 76%
4,000. 76%
1,000. 75%
15,000. 74%
3.000.s30f.. 75%
5%s 1921
14.000. 96
5,000. 96%
11.000.96
1,000. 95%
20,000. 96
do 1922
2,000...... 92
1.000. 92%
19,000. 92
do 1929
4.000. 90%
3,000. 90%
2.000. 90%
do 1937
6,000.88
3,000.87%
3,000. 88
2,000.C... 88%
' 9,000. 88%
2.000. 88%
C 4%a 1957
96
November
1,000....,
do 4%s 1965
1.000. 66%
do 4%a 1960
2,000.90%
Railway, Other Corporations
Adams Exp 4s .
1.000. 56
1.000. 55%
Am Ag Ch cv 5a
2.000. 94
Am Smelting 5s
1,000. 82%
Am T & T cv 6a
1,000. 98%
8,000. 98
1.000. 98%
5.0C0. 98%!
6.000. 98%:
2,000. 98%!
1.000. 98%i
8.000. 98% j
19.000. 98%:
1.000. 98%'
do 00! 5s
2.000. 82%!
C ft Alton 3%b
7,000. 85%
8,000. 35%
1.000.35%
C B & Q-lll 3%a
1,000. 71%
C B & Q Joint 4a
6,000. 94%
6,000. 94%
2,000. 94%
1,000.94%
2,000.94%
5,000.94%
1.000. 94%
26,000.94%
45,000. 94%
20,00(1. 94%
7,000. 95
C & E 111 rg 4a
2,000. 28%
10,000. 82% C Gt Western 4a
1,000. 82%
7,000. 82%
Armour Co 4%a
2,000. 82
1.000. 82%
1,000. 81%
A T & S F adi 4s
stamped
1,000. 68%
do gen 4s
8,000. 77%
1,000. 77%
2,000. 77%
*. 2,000. 77%
1.000. 77%
1,000. 77%
3,000. 77%
C L 1st con 4s
19,000. 76
At C L-L & N 4s
5,000. 67%
Balt & Ohio 6s
1,000. 86%
7.000. 86%
1,000. 86%
oniZ
Atl
5.000. 86 Vi
3.000.86%
do cv 4%s
8,000.64%
2,000. 66
1,000.64%
6.000.64%
10,000. 64%
2.000.64%
1.000.64%
uo rfg Es
1,000.64%
do p 1 3%s
12,000. 83%
do gold 4s
2,000.64%
Balt ft O-Pitta L E ft
W Va 4a
14.000.67
Balt A O Sw 8%a
2.000.73%
11,000.78
3,000. 73%
Balt ft O T & C 4s
2.000.49
Beth Stl p m 5a
1,000.84%
Bklyn Rap T 7a
ctfs of depoa atpd
10.000.42
Bosh Ter Bdg 6a
6,000.
Cen Ga con 5a
5,000. 65:
1,000. 65%
5,000. 55%
M A St P cv 6s
Seriea B
4,000. 70
do cv 4%?
1,000. 72%
2,000. 72
do rfg 4%a
2,000. 60%
9,000. 61
8,000. 61%
61%
3.000. 81%
Can Leather 5a
17.000. 94U
Cen Pac gtd 4a
1.000. 72%
2,000. a80f.. 72%
6.000. 72%
Ches ft O cv 5a
6,000...... 79%
4,000. 79
2.000
2,000. 61
23,000. 60%
do 4b 1925
1,000. 77%
do 3%s
1.000...... 58%
C ft Nwn gen 5s
2,000. 95%
C R I & P gen 4s
1,000.72%
do rfg 4s
1.000.J67%
7,000.67%
3.000.67%
,1,000.67%
3,000. 67%
1,000. 67%
Chicago Un St* 4%a
Seriea' A
2,000. 80%
2,000. 80%
C ft West Ind 4s
3,000. 59%
1.000. 60%
1,000. eo%
6.000. 60
1,000. 60%
Chila Copper 7a
4.000.102%
16,000.103
do 6a
9,000.79
5.000. 79%
61,000. 79%
Coi Induatrt 5b
3.000.74
Coi ft So lat 4a
10,000. 82%
do 4%a
2.000.72%
2,000.72%
5,000...... ?2%
76%: Con Gaa tem 7a
13,000.100"
2.000
do gen 4%s
2,000.
1,000.
1.000.
do cv 4%a
1,000......
6.000.
6,000.
C B ft Q gen 4a
79s
5.000.100%
4.000.100%
1,000.100%
12,000.100%
Den ft R G imp 5s
1.000. 64%
1,000. 65
do eon 4a
6,000. 64
do rfg 5a
2,000.42%
2,000.8301. 48
10,000..42%
3,000.48%
Detor Edlson rta 5a
y%m...... ?7%
iDetr Rh* T 4%?
2.000.77
!BrSe 1st een 7a
8*
69
?7%
do nrl Hen 4s
iTooo......
do gen lien 4a
8,000.46%
do cv 4a Ser A
1.000.40
1.000.39
de cv 4a Ser B
7,000.4Q
do cv 4a Ser D
1,000.43
1.000.43%
2,000.4?2
Q Bay & W deb B
_ 2.000. 10
Hud * M rfg 5a
2.000.68%
11.000...... 69
do Inc 5b
8,000. \fu
1.000.iI2
8,000.18%
_, 1.000.3gi?
Hi Cent rfg 4a
5.000.,. 73%
. ?.000.: 72?
do 4s 1962 -
1.000....
4.000....
1.000....
de 4a 1953
? ._ 1.000....
Xntbo-Met 4%a
2,000.65%
8.000...:.. 65%
Int Agrlcul 5a
2.000., 80%
Int Mer Mar 6a
2,000.89
Iowa Central 4a
_ 6,000.43%
K C Pt S ft M 4a *
2,000.65%
? 2.000. 65%
Kan City So 8a
2,000. 69%
3,000. 70
do 3a
2O00 a30f. 64%
Kan City Ter 4a
1,000_.. 70%
Lack Stl 6a 1950
10,000.89
. 10.000.90
Lake 8 4a 19S1
36,000.82%
do gen 3%s
1.000."... 68
Lehigh Val 6s
1,000.100%
2.000.100%
3,000...... 100%
LerUlard Co 7a
L ft Jett Brldge 4s
3.000.64
L ft K unlfled 4a
10.000.81%
6,000.81%
L ft N-At Knoxv ft
Cin div 4a
7,000. 69
L ft N-Southern Ry
Joint 4a
1,000....
Manhat Ry 4a
2,000.55%
Midvale Steel 6a
4.000. 82%
1.000.82%
2,000.83%,
Min ft St L con 5s
1.000.73%;
do rfg 5s
8.000. 63
2,000. 52%
5,000. 52
6,000. 62%
M St P ft S S M 4s "'.
3,000. 79% i
K ft T 1st 4b j
1.000.57%!
67%|
78%
79
48%
C4%
M
3,000.C.
1,000.
1,000,
57%
67%
do 2d 4s ctfs of deplso Pac San F
2,000...... 81
60,000. 80%
? 25,000.80%
Pere Marq 6a
1.000.85%
1.000. 86
j 3,000.85%
do 4b
8,000. 82%
Phil* Co 6a 1922
4,000. 87%
Pub Ser of N J 6b
2,000.62%
2,000.62
Reading gen 4a
l.OOO.
9,000.
Rio Q W coi 4a
6,000.
R I Ark & L 4%a
13,000.61%
4,000.a80f.. 61%
6,000. 61%
1.000..63
St L Ir Mi ft S 4b
2,000.74%
do 4? Riv ft G div
2,000. 68%
St L ft 8 F gen 6s
2.000.91%
do 4a Ser A
9,000.68%
do 6s Ser B
1.000.68%
5,000.69
do 6a Ser C
4,000.86%
1,000.87
do adi 6a,
6.000.'..... 65%
1,000.65%
6.000.C5%
10,000.66
dd ino 6s
3.000.49%
7,000. 49
1,000.49%
3,000.49%
7,000.49
St L Swn er 5s
2.000.56%
St L Swn 1st 4s
3,000.. 63
do con 4a
1,000.56
1,000.56%
St P * Kan City
Short L 4%a
2,000.64%
2,000.63%
St P M & M> 4a
E Minn div
1,000. 78
Seab Air L rfg 4s
1.000. 45%
, 9.000.45
do adj 5a
10,000.38
1,000.87%
1.000. 87%
2,000.37%
1,000. 37%
So Pacific cv 5s
22,000.103
7,000.103%
10.000.103%
26.000.103%
600.103%
10,000.104%
12,000.104
1,000.103%
1,000.104%
30,000.104
l.OOO.103%
1.000.103%
do cv 4s
2.000. 78%
1.000. 79
2.000. 78%
do rfg 4 s
1.000. 74%
9.000. 75
do coi 4s
6.000. 69%
2.000. 69%
1.000. 69%
2,000. 69%
1,000. 30
Mo Pac con 6s
4,000. 97%
do gen 4a
1,000. 56%!
3.000. 56%,
2,000. 56%'
1,000. 56%;
27,000. 66%
Morris & Co 4%b
3,000. 81
Natl Tube 5s
3,000. fiou,
N Or T ft Mex 6s
1.000. 94%
do 6s
1-000. 54%!Texaj. Co .
10.000. 54%! 22.000
Terminal 4s
14,000. 70%
Southern Ry 5s
1,000. 84%
3.000. 84rs
do 4s
10,000. 58%
5.000. 58%
1,000. 58%
do 5s Memphis div
12,000. 82
Tenn Copper 6s
3,000. 94%
Term R R Assn of
St L 4a
1,000. 71
6s
104%
M v r'00?i VV "tti? St'L ft W 4s
N Y Cen deb 6s 1,000. 46
J.000.,92 ,Un Pacific Cs
6,000.>91%
3.000. ftl?
J.000. 91%
3.000. P2
10,000. 91%
do rfg 4%s
. 7.000. 76%
do con 4s
9,000. 70V
do 4s 1934
1.000.s30f.. 76
5,000.77
do rfg 3%b
101
101%
,000
.000
do 1st 4s
3,000.s30f.. 8i%
25,000. 82%
50,000. 82%
1,000. 82%
do cv 4*
26.000. 84%
12.000. 84%
2.000. 84%
do rfg 4s
10.000. 72%
1.000...... 65%|Un Rd of S F 4s
N Y C-L S 3%a
registered
1.000. 68
N Y C-M C 3%e
1,000. 61
N Y N H & H 6s
5,000. 76%!
5,000. 76%
5,000. 76%
N Y O & W 1st 4s
3.000. 60 '?
N Y & Queens El Lgt
ft Pwr 6a
1,000. 81 I
N Y Tele deb 6s
1.000. 96 '
2,000.95%
3,000.95%
14,000. 95%
do 4%b
tfs of depos
20,000. 30
8,000. 29%
10,000. 29%
2,000. 29%
U S Realty & 1 5a
1,000. 79
6,000. 79%
15,000. 79%
10,000. "9%
U S Rubber 7s
1,000.102%
4,000.102%
do 5s
10,000...... 84%
?2,000. 84%
e.OOO. 84 %
10,000. 84%
1,000. 84%
6.000. 84%
?r ,, W.000. 79%|U S Smelting 8s
N Y W ft Bn 4%e , 2,000.... .102%
1.000. 40% ;U S Steel 1 f 6s
Norf ft W cv Ca
3,000.102%
Nor Pacific 4b
5,000. 75
1,000. 74%
do ,1s
2,000. 53%
4,000. 53%
1.000. 63%
Nor States Pr 5s
1,000. 79%
Or Short Line 4a
6,000. 80%
1,000. 81
2,000. 80%
5,000.81%
do 5b
7.000. 91%
Pacific T & T 5s
6,000. 85
Penn 68 1968
10,000. 89
2,000. 88%
do gen 4%a
1.000. 80%
4,000. 81
15,000. 96%
2.000. 96% '
7,000. 96 V.,
1.000. 06% I
4,000. 96% '
1,000. 96%'i
Utah Pwr & L 5s
1,000. 81%;
1,000. 81%
1,000. 81%
1,000. $1
Virginlan Ry 5s
1.000. 82
1.000. 82%
Wabash 1st 5a
6,000. 88%
West Maryland 4a
9,000. 62%
West Pacific 5s
2,000. 82
Weat Shore 4s
registered
2,000. 69
Whl ft L E con 4s
6.000. 64%
1.000. 54%
10.000. 80%! Wilson Co cv 6s
26,000. 80% 1,000. 91%
15,000. 80% 5,000. 92
14.000.77% ?-10.000...._.. STU
Steel Foundries to
Pay Stock Dividend
The intention of directora of the
American Steel Foyndries Company
to declare a stock dividend equivalent
to $2 a share, at par value $33.33, on
the common stock at the next meeting
early in May was announced by R. P.
Lamont following the meeting of di?
rectors yesterday afternoon.
In a statement to stockholders Mr.
Lamont said: "The recent Supreme
Court decision, together with the com?
mon stockholders' action authorizing
the increase in common stock from $17,
184,000, consisting of 615,520 shares,
$88.83 par, to $25,000,000, consisting of
760,000 shares, $83.33 par, opens the
way for a distribution to common stock?
holders of some of the company's sur?
plus in the form of a stock dividend
without increasing the cash working
capital, all of which is needed in the
business. It is the intention of the
board at its meeting to declare a stock
dividend on the common stock of $2
a r.hare.
"Railways and car builders are
placing orders in volume and the three
ldle plants of the company are being
prepared for operation when required.
The company's principal subsidiary, the
Griffin Wheel Company, is running at
eapaeity, and the automobile spring
plant st Detroit is making rapid prog?
ress toward eorapletion."
A steek dividend of $2 a ahsre would
be equivalent to s 6 per eent distribu?
tion at par. Earnings of ths company
for ths ft"t ooarter, direeters stated,
are very satisfactory.
Betirtng officers and directors were
reileeted.
Investment
Information
-??- i..
Questions ol general inter*** te
ssjjtmn, in which caae onltt initiola
vill ba used. Otksrs asdl R"si
swared 6* nuuL Address aU fe.
extiriee Wcloetng m sieWpX e%
V?t'2Lfnvel0*9 '? **????fe7tiditor.
Yo*rkCitT' H* N*?* St?"^"?
Tobacco Products Leada This Group
Question?Whlch of these stocks offer tha
bsst and safest chance for a hustoiilnknl
American Ice prefemd. TobaWProdaSs
SSS??l,oroErefwrre<U daltfornU l4*roESn
preferred, Chicago. Rock Island SPaeWo
preferred, California Paeking, Cuba S2t
Sugar preferred 7?T. H.
Answer?From an investment view?
point we should rank Tobacco Products
preferred flrst of those you mention,
after which would come Cuba Cane
Sugar preferred. California Petroleum
preferred, American Ice preferred. with
Rock Island 7 per cent preferred, To?
bacco Products and California Paeking
next in order. Tobacco Products pre?
ferred is, in our opinion, entitled to a
very fair investment rating, while the
others are all more or less speculative.
Southern Railway 4a
Question?Kindly let me know what you
think of Southern Railway 4s, now selling- at
about 58. Are they g-ood security and when
do they mature??H. J. H.
AnBwer? Southern Railway general 4
per cent bonds are due April 1, 1966.
There are outstanding $61,888,000 and
depo8ited as collateral for notes $43,
600,000. It is in effect a general mort?
gage on the entire property, besides
being secured by deposit of certain
collateral, consisting of railroads and
terminal stocks and bonds. Prior liens
amount to $188,664,000. The bond is a
fair one only, as you may see by the
above description, although there does
not appear to be any present reason
why the interest is not safe.
All in Speculative Class
Question?I would appreciate it greatly if
you would give me your opinion ef tha In?
vestment possibilities of Ohio Cities Gas
common, Midvsle Steel common, Inspiration
Copper.?J. W. "
Answer?All tho stocks you mention
offer speculative investment opportunt
ties, but if you mean that you desire
to know what their course in the se?
curities market will be, we cannot be
of much help to you. At present Ohio
Cities Gas is probably the best earner,
although from the very nature of the
company's business the stock is specu?
lative. Stocks such as these usually
follow the general market.
Peoria & Eastern Income Bonds
Question?Some years ago I purchased
Peoria & Eastern income bonds. No inter?
est has been paid thereon for a number of
years. Can you kivc any information in
relation thereto, and whether, under the cir
oumstanres, it. would not be better to sell the
baine and take the loss, rather than wait for
a prospective advance in price??J. E. M.
Answer?Peoria & Eastern appears
to be far from paying anything on its
income bonds. There is perhaps a
speculative feature to the bonds on the
theory that they may join in with any
advance which the low priced rails may
enjoy.
Assets Rcalization Company
Question?As I am thinking of buying
shares of the Assets Realty Company. which
are around $3.!!5. would appreciate all the
information you can give me of this com- I
pany.?H. W.
Answer-- The Assets Realization Com
pany (not Realty Company) was formed i
to take over the affairs of companies
which had failed for the purpose of
liquidating their assets; also to under
take the rehabilitation of weak corpo
rations in need of financial assistance.
The company is now in process of
liquidation. During 1918 the company
reduced the amount of notets and ac?
counts payable $343,837. In 1916 the
common capital stock was reduced from
$9,990,000 to $999,000 by reduction of
the par value from $100 to $10. This in
no way affects the liquidating value
of the shares, however. The profit and
lass deficit on December 31, 1918, was
$970,875. The company is said to have
some valuablc rights in the oil flelds
of Texas. ' A committee has been work?
ing on the matter and is expected to
make a report soon. The stock, in our
opinion, is a pure speculation.
Information Is Lacking
Question?I am holding stocks in Allied,
Skelly and Trtnlty Oil. Are these wells pro?
ducing? What are the proupects in the
future? Why is Allied bought so heavily
aiul still very low? Why is Boston-Mon
tana so low when they are supposed to be
producing? When does Loft's expect to pay
dividend??H. S.
Answer?All three of the oil com?
panies you mention are producing com?
panies, but it is difficult to obtain defi?
nite information regarding their oper?
ations and earnings. Most oil stocks
have been depressed because of the
weakness of the general market. We
consider the stocks of these companies
highly speculative, particularly so until
stockholders are kept informed as to
operations. Boston and Montana is de?
pressed, as are most metal stocks.
When the demand becomes more ap?
parent for the metal the stock may do
better. Loft's, Inc, should net earn?
ings for three months of 42 cents a
share, or at the annual rate of $1.68.
Earnings should be better than this be?
fore any expectations of a dividend
are entertained.
Sonthwestern P. & R. Company
Question?Would appreciate veryvmuch any
information that you can give me regard?
ing the Southwestern Producing and Re
fining Company of Texas?H. J. D.
Answer ? The Southwestern Pro?
ducing and Reflnlng Company was in
corporated March, 1919, to exploit and
operate oil fields in north central
Texas. Properties are located in the
Ranger, Burkburnett fields, aggregat
ing about 2,000 acres. Company has its
own pipe lines, which extend over an
area of fourteen miles. It owns fifty
tank cars. There is no funded debt.
Capital is $980,000, par $5. No finan?
cial statement available.
Interest Regularly Paid
Question?What information can you give
me regarding bonds of the Columbus Rail?
way Power and Light Company, 1940, which
I purchased four or flve years ago at 97Mi?
I am interested to know their present mar?
ket value and your opinion of them as an
investment.?E. H. Ji
Answer?Colmbus Railway Light and
Power Company has not shown very
, substantial earnings of late. Interest
has been regularly paid, but the mar?
gin over charges has been so narrow
as to cause many investors to sell, with
the result that the bonds are now
quoted in the neighborhood of 70 per
cent. The company, we are informed,
will probably be able to pull through
its troubles._
Good Yield; Littlo Anxiety
Question?I have $2,000 to invest Will
you kindly let me know through your valu
; able eolumn in The New York Tribune
how this money can be invested to the best
advantage, both as to Income and safety ?
?C. M.
Answer^?We believe the best medium
for investlng your funds in in Liberty
bonds. They will cause you very little
anxiety. The yield, too, is large, about
5 per cent per annum, and we believe
they will sell considerably higher some
day.
Four full columns af in*
veslment question* and am>
swers are published in The
Tribune every Sunday.
"Foreign Trade Through Foreign Inveatmente"
The Fmancial Strength.
. of Great Britain
THERE can be but one result of an investigation of the national wealth,
debt, income, exports and imports of each one of tne Allies?Great
Britain is without doubt strongest financially.
British exchange has suftered less than any of the others and it is reasonable
to believe will be the first to approach normai. The Chancellor of the British
Exchequer recently announced that the British Government is resolved to
avoid all new borrowings and to establish an adequate sinking fund and to stop
currency inflation. He also announced that the $500,000,000 Anglo-French
Loan would be paid off at maturity.
It is obvious that in view of these conditions, while British Government Internal
Loans do not offer as great speculative possmilib'es as the internal loans of some
of the other nations, the British bonds will supply better investments in addition
to offering profits ranging from 29% to 80%.
We have prepared an interesting pamphlet which gives full information re
.garding each one of the British Government Infrraal Loans. There is a com?
plete table showing the date of each issue, the amount outstanding, interest
rates, maturities, the present approximate yield on bonds delivered here, ap?
proximate yield with exchange at normai, approximate profit on redemption if
bonds are held until maturity and exchange returns to normai.
Americans who invest in British bonds which are paying a good income have
- reasonable assurance of substantial profits and have the satisf action of taking
the most logical way of improving exchange rates and in turn the export trade
of America with Great Britain.
For present aad future retereaee eur new pamphlet abttuld be tm
the hands of every banker. manufacturer, exporter aad Investor.
Comptlmentary copy sent on request for Circular No. T-8I.
as>
A. B. Leach & Co. Inc.
Investment Securities
62 Cedar Street, New York
Chicago
Minneapolis
Philadelphia
Baltimore
Boston
Pittsburgh
Buffalo
Cleveland
Commodities
Cotton
The'market. showed continued strength
yosterday, with all months making: new
high raeorSs for the aeasott eacept July,
which mad? new high ground for the
inovom?nt. A recount of the local cer
tlflcateri stock showing 3,000 bales less
available here Jfor, delivery on contract
than previously supposed, which reduced
the amount to only 1,220 bales. evidently
increased the uneasiness of May and July
shorts. May sold up to 38.26, or 55 points
if.t higher. and closed at 88.01. with the
general Hat closing at a net advance of
14 to 39 points. June contracts, which
had been rultng nomlnally some 225
pointa below May, were forced up to
37.45 by the purchase of one lot and
were 200 pointa net higher at the close,
or only 66 points below May.
Thc market opened firm at an advance
of 9 to 19 points on the correctlon in
the local atock, whlctt was due to the
fact that cotton had been shlpped out
whioh the warehouses had not previously
reported, the strength of Liverpool and
continued unf&vorable weather ln the
South. There was reallxlng enough to
cau?? aetbacka of 10 to 15 points during
the middle of the morning, but all offer
lnga were readtly absorbed and active
months sold 43 to 81 pointa net higher
during the early afternoon. Proflt-taking
then became a little more active and the
?lose was several points ofT from the best.
with late sentiment rather more unset
tted over the German situation.
There were further raina in the East?
ern belt, which promoted the buying of
early new-crop deliveries, but the feature
was the demand for old cropa. There
appeared to be enough March for eale
at 40.23 to supply the Immediate demand,
but the price was held well up to that
ltgure, and tho talk is that there ls still
a conslderable interest outstanding. Pri?
vate cables aald that Liverpool waa
easier at the start owing to less faror
able political news from Qermany and
fear of tight money, but had advanced
on tho announcement of an unchanged
bank rate and the, development of a
better spot demand. Southern spot mar?
kets as offlcially reported were un?
changed to 6<r points higher.
The local spot market was ateady and
unchanged at 41c for mlddllng. No sales
were reported.
The range of pricea follows:
Wedneaday's
Open. High. Low. Close. close.
March. 40.24 40.29 40.20 40.29? - 40.15
May- 87.85 38.26 37.85 38.01?38.06 37.71
37.45 37.45 37.45 37.46
June.
July.
Oct..
Dec..
Jan..
36.46
34.95 35.45 34.90 35.23^35.26 34.84
31.95 32.35 31.96 32.06?- 31.92
31.12 31.43 31.11 31.20(g) - 31.00
30.65 30.92 30.65 30.iJ5@30.78 30.60
Sonthern spot markets?Galveston ateadv.
25 pointa higher at 43c; sales, 776 bal?-s.
New Orleans flrm, unchanged at 41c;
sales. 2,027 bslcs. Mobile uomlnal. un?
changed at 39.50c; sales. 18 bales. Mvxra
nah steady, 25 pointa higher at 4<*.7ic
sales, 1,279 bales. Charleston flrm, un?
changed at 40c; sales, 2,500 bal>?s JWil
mlngton dull, unchanged at 39c; salesl nil.
Norfolk quiet, 50 points higher at SESOc;
sales. 224 bales. Baltimore nominal. un
ehanged at 40.50c; sales, nil. Augusta
steady, unchanged at 40.25c; sales 64 7
bales. Memphls steady. unchanged at
40.60c; sales, 1,200 bales. St. Louis
steady, 60 points higher at 41c; salea, nll
Houston steady. 60 points higher at; 42c
sales. 915 baler * tie Rock steady, 25
points higher a o; sales. 652 Sales.
Pall. steady. 20 ? j higher at 4i55c
sales. 1.76o bales. .montgomery flrra, :;s
points higher at 39.63c; sales. 279 l?uh>?
r.?rA Worlh steady, 25 points highw at
43.26c; sales, 1.200 bales.
Cotton Statistics '
_ . Yesterday Last wk. Laat ?
Port receipts... 88.668 40.338 8
Exports . 48,661 48,028 ?'
Export season..4,794,633 4.637,509 3 2?2
N. Y. stocks- 44,413 51,724 S2
Port stocks.1,812,994 1,845,060 1,30-6'
Interior receipts 10,000 16.111 \i
Interior shipmts 13.000 18,543 ri
N. Y. arrivals... 176 6,171 1,
Contlautd en aeat page
499
447
fill
9M
9(s9
045
591
460
To Security Owners
THE Trust Department of this Company offers a
Custody Service to owners of securities which rclieves
them of all routine eare, their holdings being always under
their direct control, and subject to their orders. The advan?
tage* of this service are:
Safety
We guarantce the physical safety of securities deposited with us.
Availability
The owner, whether at home or absent from the city, may
direct the sale, deposit or delivery of his securities upon order,
with the same ease with which he handles a checking account.
Routine Care t
We handie all details in connection- with the collection, dis
bursement, or reinvestment of income and principal. ?
Infonnatioti;
We endeavor to furnish information as to called bonds;
"rights"; extraordinary, increased, reduced, and passed divi?
dends; appointment of receivers, protective and reorganization
committees; opportunities to sell bonds to sinking funds; etc
Investment Service
We report upon the condition of investments, when requested,
giving the suggestions of specialists in investment matters.
Our booklet, " The Care of Sieurities" which we shall be pleased
to send on request, describes the service in detatl.
Guaranty Trust Company of New York.
140 Broadway
FIFTH AVE. OFFICE
Flfth Ave. & 43n! St.
MADISON AVE. OFFICE
Madison Avtv * SOth SC
Capital and Surplus $56,000,000
GRAND ST. OFFICE
268 Grand Str??tt
$800yoot\ooo
?