New-York tribune. [volume] (New York [N.Y.]) 1866-1924, March 25, 1920, Image 15

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New-York tribune. [volume], March 25, 1920, Page 15, Image 15
About New-York tribune. [volume] (New York [N.Y.]) 1866-1924

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New-York tribune. [volume] (New York [N.Y.]), 25 March 1920. Chronicling America: Historic American Newspapers. Lib. of Congress. <https://chroniclingamerica.loc.gov/lccn/sn83030214/1920-03-25/ed-1/seq-15/>

Newspaper Page Text

W. F. Ladd & Co.
Investment
Securities
New York
Thirty-Eight
ears
Y?
UOR 38 years no investor
" holding arry bond safe?
guarded under the Straus
Plan has failed to receive
prompt payment of princi
nal in cash at maturity.
I
"DOR 38 years no investor ?j
holding these bonds has
over suffered a day's delay
in the payment o? interest
coupons on the day tine.
Our booklet, "Safety, and
Six Per Cent," will tell you
whv. Write tor it. Ask for?
BOOKLET B-347
SWSTRArS'&CO.
' ROADWAY. XEW YORK.
Thirty-eight years without loss
to any investor.
truca t Possibilities
High Speed Tool
Companies
Increased wages and prices
for raw materials, shorter
hours for labor and lower?
ing of efficiency have raised
manufacturing costs. This
makes necessary a higher
rate of production if prices
of manufacturing goods are
? to be kept within, reason.
Confronted with these conditions,
the manufacturer finds his answer
in ihe installation of high speed
machinery and tools. The high
?peed tool induslry, always profit?
able, now ha3 special attractions
for investors.
Send for our special circular
on t/iis subject.
H. D. Robbins & Co.
INCORPORATED
Investment Securities
31 Broadway , New York
???__? III! ?????| ? -_?_-___-????
FRENCH
GOVT [j VICTORY
BONDS
. PRICE ABOUT $65
TER 1,000 FRANC'S
Far Value at Normal Rate of
Exc-tang?, $193.
Descriptive Circular all fpreign bond
issues on request.
ifarson,Son&Co.
Members ttevr York Stock Exchange
115 Broadway, New York
investment
Securities
KCM
EGARGEL&CO.
27 Pine Street-New York
it?
,?|fc.?_k_i|?',*'?)8' Hou?? of
HENRY CLEWS SCO.
Bn5*?? "f :*' V* S,ofk Kxeliai.Be
i*h l5' ,7 *"<* 19 B??d St.. N. Y.
*VJwt LAl'i'"'*1* ou 'l*I??sit uecount?
?Vi , '? Y;rQ*M*_ S'm-li, Uoiirl and
'?''??i.--*. a'f r'??i'ro_d ami industrial
H??_U. .> ,u*ht *n? Kold ?"^ con
?****$? LatUru of <?redlt .??tied.
LIBERTY BONDS
ift-^?L?*?*??^-S20 *1fth At?.
WSJ*"'**? -, ?6 Warren ?.t.
?W? ?t. ie Court St., Brooklyn.
U. S* Government
Transactions
? Sales.
Liberty VA?. 10?7. *3?I.0??
do 1st 4s. 1947. 60.000
do 2d 4?, 1942. 430.000
do 1st 4 U?. 194J- 58,000
do 2d 4V4?. 1342- 1.761,000
do 3d 4Vi?. 1028_1,978,000
do 4th 4M?. 1938.... 2.881.000
Victory 4-T4?, 1923. 1,320.000
do 3%8. 1923. 661,000
Quotations
Liberty SVje.,,
do 1st 4s....
do 2(1 4s....
do 1st 't-.ia..
do 2d 4 ?4%..
do 3d 4\4?.
do 4th 4Vi?.
Victory 494?..,
do 3%s....,
Hisrh.
ot.?*.:
90.66
89.68
90.90
89.96
. 92.96
. 90.00
97.70
97.61
Low.
97.36
90.40
89.20
90.70
89.80
92.72
89.80
97.4S
97.40
Bid and Asked Quotations
Closing
Wbertv bands.
8*4?. 1047 ....
1st 4s, 1947..
Ud 4s, 1912 ..
? l?t 4*4*5. 1947 .
2d 4\48. 1942 .
;3d 4 ?4s. 1928 .
Uth 4%s. 1038 .
Vic 43,*. 3 928 .
do 3%?. 1923 S
Pro-wnr issues, !
2s reg, 1930.101
L'a cour., 1930_101
?s retr. 1946. 89
lis coup, |846?... S9
! 4s rog. 1925.108
1 4s cotrp, 1928_106
2? Pan, c, 1936. .101
2a Pan. r, 1936..101
:'a Vm, <>, l>i,'tS..."l
2s Pan. r, 1938..101
.'is Pan, reg. 85
Os Pan, coup.... 85
. Phil 4?, 1934_ 85
Phil 4s. 1935.
Closing
Yesterday.
9T.G0(r? 97.60
90.60<? 90.60
89.40<<? 89.46
00.70(r? 90.90
89.86$ 89.90
82.74? 92.76
89.90<? 89.92
87.88*1 97.62
.58(3 97.64
Tuesday.
97.32f?ji 97.40
00.60tyfl .90.60
89.20? 89.28
90.00?? 90.70
89.74?. 89.78
?IS.VS??tI 92.70
89.76(f? 89.80
97.46((tj 97.60
97.44? 97.48
Phil 4s, 1936...
1 D. Cot "s, 1963.
(?102
$102
? 92
if 107
Gf 107
(il 102
S? 102
?moa
?102
fil 88
? 88
ui 02
t? fi 92
fi?, 92
& -
301
101
89
89
J06
10fi
101
101
I c l
101
85
85
85
85
85
97
@ 103
? 103
@ 92
k na
fif 107
?107
M 102
?102
??j 103
(V 102
? 83
? ?8
(Vt 93,
? 93
? 92
? ?
?!,i*
l-'U
US1.
97
da
64 '._
Foreign Govt. and ?Municipal Bonds
(Interest Ta H? Added)
B
l Ancrlo-Freneh Extern 5n, 1020.
Argentine Intern 5?, 1946.
Canada, Don? of, notes, 19_1.
do Bs? 1921.
do 19_8 .
do 1929 ...,.
! do 1931 . ?I
; Chinwe Gv Hu Kusr Ky 6s, 1951 45
; Cuba Kxtern ?'.3, 194?*. , , ,,. 91
do Kxtern 5s, Serie? A. 194'.i., 88%
do Kxtern 4 * ?'-?-. 1949. 73%
Dominican Hon 5?, 1!)58. 75
City ?>f l.voiiB 15-yr fin. 1934, , , , 89
City of Marseilles 15-yr ?s. 1984 89
City of Bordeaux 15-yr t.-, 1934. 89
~" of Coperih 25-yr 6%s, 1944 7914
of Paris -?>, 1821. 89%
(it y _
Jan Gov 4'si?. Btrlng loan. 19.5 TfiB,
do 4 %?>. _d series, 1925. 7.6
do 4s, string loan, 1931. 6
Citv ?>f Tokyo fi?, 1952. 67
U K G B & I 5-yr 5%s, 1921., 05%
do 8-yr 6%>?, 192a. 92 %
?la 10-yr 5%s. 1929. 89%
do 20-yr 5%-, 1937. 871}.
Mex Extern strl 5s of '90, 1945 80%
07 A
97 %.
do gold 4s of 1954,,
(S_Ie_)
Anglo-French 5s
88.0-0.
82,000,,.
f>on. ??7%
10,000... UTA
51,000,, HT i
i.ooo.".!!.'! ?dtJC
53,'10(1. 97*,|
Chint_-a By _s
8.000. 45
-.000. 451,
City of Bordeaux fi*
5.000. 89
City of Copenhagen
S3
Asked,
87%
73 Is
98 U
97%
92W
04%
91 ?
457*
tU's,
83%
74
8?l
89?,
89%
89 Vi
79',.
DO
7f%
70%
62%
58
96
9-?!
90
88
31%
14,090. 76*.
(la.
7(5'4
76%
76.%
5,000. 7f)i?
1,0?0., 7934
City of Lyons 69
6 000 89 _!
City of ?JurVe.?l?s t??*
7.(?lin. 89
City of Paris 6s
12.000
1,000.' 894
9.000, , ,
1 1,000, , . !
Dom Cunada 5
notes 1921
10.000_
do 6 Us 1930
1,000,,-,,
7.000. ., ,
r..0(?i)_
8,000.94%
. i.ono. 04%
do 5? 19_l
10,000, ,,,., 97%
do 5s 192I?
6.0OO. 92
?no 6s 1931,
0.000., 91
Jim let ?er ?Us
6,000.77<i/
??,000.n30f. 77%
1.000 7fl7?
6.000. ..'.]'. v?M.
8.000.?80f.
2.000.oSOf.
coon.
:? 000.
?.000.
I.iioo.
:. 1,000.
20.000 .
>cr 4 J.
9,000. 76V
Railway, Other
Alaska Gold M 6s
ne i- A
2.000. 1RU
6,000. 15%
.?i.ooo. 20
do sur H
11.000. 15
6,000. is%
Allegheny V 4.?
1,000. 83
Am Smoking 6s
I.OOO. 82%
21.0OI?.. go,'
1,000.; go -
Am T ft T cvt 6a
19,000. 0714
do ro! Bu
8,000. R1
3.000. 8?%
? ?i.Coo.ml
do <?ol 4s
4.000. 77t
?\nno'ir Co 4 Us
5.000...., . 82T.
20.000
2.000.
7,000.s30f
25,000.
6,000. s30f
1,000. ,.
3,000. TQJJg
1 1.000. 7fi\.j
10.000. 761,1
do at Ik Joan 4s
3,000. 62%
2,0110. K2H?.
5.000. 02%
28.000.s30f. 02?a
8,000. (?2"2
3.000. 6_%
6.000. fl.JlT
10.000. 6_%
8.000. 62
10,000. fi??"*
4.000.. fli%
2,000.., f,2*X
89% U K of Great Britain
?"?ari & I 6%s 1921
2.000. On?/
10.000. 90
do 6'..'.s 1922
22.000. 92%
do 6%s !9.9
S.OOO, ,,,%, HO i.,,
- IO.OOO, , ; . ,. 89t?t
16.!>00. 89 %
fi 000. 891,
7.000. 89
8 000. 80
do By?? 193/
8.?0Q. 88
8.000. 87%
-.000. 88
5.000. 871_
U S of ?WexIeo 5s
1 000. 81
N Y ?tata 4*"]9R7
9 000. 97 y,
N V City 4%s 1957
May
81 000. 98%
do 4V.A 1907
^^ 2.000. 97 i/
.7 1 do ?< '?', a ?9G0
77% ?..000., 01
77% 50.000. 91'.
7 7 , do 4?, 1058
76% fi.OOn 87
, do 4s 19-.9
2.000,., R7
897?
90 I
98 %
94% ?
94'4 I
94'
%
78%
7 7%!
77'?. '
1.000.
Corporations
3.000. 73%
& Alton 8'/.s
? 8,000...... 86%
B ft Q gen 4s
2,000. 75%
1,000. 76
do lllino,* 8%s
, 1000. 71%
do joint 4s
1.000. 95%
9,000. 96%
1,000. 95{J
2.000. 954
4.0O0. 951,
I.OOi). 95
6.000
6,000. 96
14,000. 95
Great Western 4s
1,000. 55%
1,000. 5514
???.O00. 55%
I. S & E 4'.s
1.000
10 "*
SOU
JB%
95?
. _, 4,000. 81%
i A T ft S V gen 4s "
29.000. 77U
6.000. 77?2
66.000. 77*7
2.000. 77$
. 8.??0. 77
do.ndj -Ci stamped
, 7.000. 69
00 cvt 4s 1955
1.000. 841/
2,000. 65
Atl C L 1st con 4s
l.n90. 75?
. 1.000. 76%
do I. ft N 4s
? , 8.000.?g
Bait ft Ohio 6s
ll.OOfl. 86%
.6.000. 86
8000., 86%
. 14,000. 86
do cvt 4%s
2,000.,_8?*J?
6,000. 64%
do rfiT 6? ""
2,000.m?a
. 11,000. 64$
<io gold 4s
2.000. 64?X
J R.000..64U
<io P 1 3V.e
5.000. 83H
1.000. 83%
1.O00. 83?
do Pitts LEA
W Vf? 4?
1.000.f*?^
7.000. R7^;
2.000. 67%
do T ft C 4s *
2.000. 48<V
Beth Steel rfg ?s
4.000. 85
. 1.0.00. 84%
do p m 5?
6,000. 84
Brooklyn Rap T 7e
6.000. 48
Calif Gn* ft E 5?
.1.000. 88
1.000. 87
Canada So 5s
3 000. 83
Cen of flu Ry 6s
5.0O0. 90
Cent?-?! T.eather 61
!t,''.000. 85
Cen New England 4s
1,000_w . 65
Cen pHei?|c gtd 4s
1.000. 72%
Ches ft Ohio cvt Rs
1.000. 79%
1.000.79 !
do gen 4%9
1.000.78 I
do cvt 4V-B
1.000.73141
82% ?C M ft St P cvt
80
70 U
70%
"I
70%
GO-J?
60%
6or2
?0%
60%
67
ser 1. _
1,000.
5,000.
do gen 4V.3
1.000.."...
do cvt 4l;.s
1.000.....
1,000.
1,000.
5.000.
2.000.
do rfg 4'i?
3.O00. ....
1,000.
1,000.
2.0OO..
2.000.
do 4s 1925
2,000.
do Ren 4s ser
6,000. _.
do 5s C & P W div
2,000. 96%
do 4? O M & P Stl
J.000. 62%
1,000...... 95%
3000.94%
1.000. 94
2.000. 95%
Chicago Ry 63
6,000. Gfi%
7,000. 67
R I ft P rfg 4s
15.000. 67%
1.000. 67%
5.000. 67
4,000. 66%
8,000. 67
26.000. 66%
C ft West Ind 6s
2,000.101
io 4e
5,000. 59V
1,000.60
10,000. 59%
1,000.58
Chile Copper 7s
. 7.000.102V?
do 6?
? 6.000. 78%
1.000.79
C C C ft St L gen 4s
2,000. 67%
Con Gas t<?m 7s
3.000.101%
30.000.101%
6.000.KU%
10.000.101 vv
1.000.IXil "
Cuba R R 6s
1,000. 73
Cumberland Tel 6?
8,000. 83
Den ARG con 4s
15.000.64
?do "ftr 5s
25.000.._43%
I 6.C00...... <M%
8,000.
8.000.
25,000.
16.000.
10,000..,
26.000. .,
42*
42?
mi
^l??S? Edison ?o} 6?
18u3
. 3 000. B3T4
oa r?a 5? 1940
_. 1,000. 874?
Detroit U Rys <u, ?
? . 30.000...... 68
tria prior i?9n 4s
?*,ooo. r.r,t4
. 3.000. 65
do Ken lien 4?
. 1.000. 46
do i*vt 4* ?cr A
1.000. S9i?
. 1.000. 3-M4
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. 1.000. 39
?? CVt 4s ser D
5,000. i"
.. , 2.000. 42U
Hud ? M rfg 5, *
l.O??.
, 21,000.
do inc fia
1.000.
3.000_ JO_
111 Centro] 5i<,8
, 2,000...
do 4a Hi52
. 4.000. 69,.,!
d? 4.' 1953 ? |
1,000.
T . 1.000. ...
Interboro-Mct 4??,?
1.000., j7u
. 1,000... n '
4.000. r.4w
4,000... 54.-/1
Int Mcr Marin? fi.?
,. 12.000. 89 K.
Kansas City So 8a
? 1.000_ 551
^n&oT'rminaI0^|
Kings Cn Kl 4s-' '"'
-. 2.0QO. r,?
Kings Cn E I, a p
P m 45a 1997
T , 3 000.fini/
Lake Shore 4S 1931
1,00o., g,,,
3.000. '? -'-%
68 U
58
M
91??
68? i
68U
2.000 .... *t00%
5.00?.T'. .. 7<)i?
i Laek ,S?r' 5* I960
?."?t.
,, , (1,000. ... 881/
Lehigh Valley 6's M
, 2.000...
<lo con 4'As
' r ,. 5,000.:.. Y?
lehigh V N Y ??;
r. 2,000.Vt??
Liggett & M 7a ?
don?'000.10?
1.000_ ?i,
long Island rfg *s*
1.000,.,.. 647?
f- & N unified 48 *
4.000. tn
^ N Or? fi?iob^
1st Gs
d? .L00T0??.??? loi*
, ?o St Louis 6s -
, ?000...,. 9? ti
do SO Ry joint ?? ?
1000... no.v
Manhattan Ry u M
, 1.000..... E6
?o tax exempt
M.ch?*T-C85^
Mldv?eei-538^l
5.000. oov
1000. ! co.-y
1.0Q0. " sor
MULaJweVtei M
Minn <S- St L 7s
1.000.. ' n*;
do 4*? ?????.
14.000. . ?-i
M St P * S S M 4,
7.000. nSK
10,000... 78!?
2.000..;. 37
M K A T 2d 4s'
6.000. 82
do otfs of deposit
10.000. 5-?v.
Mo Pacific eon 6s '
6.000. no-v
?o 5a 1965 %
5.000. 8"
do jren 4s
1.0 V?. Rfi
1 "00. 553;
7.000 rl(?,
? i non.::::; B5i?
"Ton*r>??*? Power "s
4.0no. S4 1 -,
M0.-.1 A Es?:ex 3v;,s
15.01)0. 69
Nation! Tube'?3
1 OOO. 911;
N Or' T a Mex 5?
15.000. 54
N Y Air Praire 6s
<? 000. ... m
N Y Central deb fis
2.000. 92
1.000! ! ! ! ! ! o? t,!.
1.000. 91?'
3.000. 91 7?
'.ftOO. 9<>
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6 000.... ! ! 91 it
1 000,.....' 91 ni
do rfc 41 ,s
10 000. . 7r,?'
" rmo. -(?
11.000 ..;; tg-v:
(lo * ? 11;*)
r; 900. -ni:
0 OfiO ' ' ' ' ' _,.
9.000! ! !. ! ! -7
r?o rr" 'a
5 non . 7034;
do HV 11:'.s
" noo " ro
N Y O K LH'a P 5s
11.000. 81
do Inir mon 4s
3 000. 64 U
N Y Uv* ndj 03
5.O00. 6>4
N Y R Pv? con 4U,
1.000. B5
N Y Te! deb Oa
1.000...... 95%
1 000.95V?
do 4 y, s
10 000. 78^i
15.000.s30f. 78?
5.000. 79
?.000.?30f. 7874
N Y W ft Bn 4 Via
1.000. 42
Norfolk Bo 5? ser A
3,000. 545;
Norfolk ft W cvt fis
, coco.101%
do con 4s
3,000. 75
do dlv 4a
M 1-000.76
Nor Pacific 4a
41,000. 75
1,000. 71T4
, 3,000.75
do 3b
1.000... ?a.. 53
2.000. 68%
1.000.. 63U
Oro A Caf 1st 5s
i.ooo.nv
? i.ooo. i?iu
Or? Ry A Nav 4s
4,000. 75U
Or? Short Lina 6s
3.000. D0V,
do 4s
1.000. 80i)i
1.000. 80%
Ore W R It & N 4a
i.ooo. on
1,000. 68%
Pacific G A K 5h
2,000. 79Vj
1,000. 80
Pacific T A T 5s
27.000. 84W
Penn 4 Via 1921
5,000.?30f. 90%
j do 6a 1968
3.000. 89H
1.000. 89U
2:1.000. 89'
5,000. 89V?
5.000. 89
do con 4',-s
3,000. 90
10,000. 901'.
2,000. 90Vi
do fren 4 Vi s
1.000. 80
Fco G & C of C 5s
1,000-,.. 64 ? ?
Peor?a & E i no 49
5 000. 23
P?re Marquette 5s
1.000. 85%
1,000. 86
Reading Ken 4s
7.000. 78Vi
1,000. 78U
Rio G W le1 Is
1.000. 63>'.
R I Ark & L 4V*8
6,000."62 ?,4
3,000. 62?A
3.000. 623,
St L Ir Mt. A S 4s
Riv A Gulf div
i.ooo. fis
St LA? F 4s ser A
3.000. 58%
5,000. 58 U
11,00*. 58%
1.000. 5SU
do 5s ser 15
1,000.69
do 6s ser C
1.000. 87%
do adj 6s
l-l.ooo. r.r,
4.000. 6514
1.000. 65V?
1.000. 65V4
1,000. 85
1000. G4%
do Inc 6s
13,000. 4 8
11,000. 48%
12.000. 48%
12.000. 48
2.000. 47=4
St L Swn con 4s
i 2,000. 66
do 1st 4s
1,000. 64
9,000. 63
San An A A P 4s
2,000. 58
Seaboard A L rfff 4a
4,000. 45V?
do atl.i 5s
2,000. 37U
1.000. 37V4
7,000. 37Va
So Pacific evt 5s
10.000.103
25.000.103 Vi
5.000.108%
2,000.103%
15,000.102';.
5,000.102%
do cvt 4s
1,000. 78%
3,000. 78%
2,000. 78%
1,000. 78%
do rfgr 4s
10,000.74i,i.
4,000. 74%"
do San F Torrn 4 s '
6,000. 71
Southern Ry 5s
i 11,000. 85%
2.000. 85V?
I 2,000. 85%
do 4s
12.000. 58%
1,000. 58%
5.000.. r,si.,
I t.,000. r,8.%
! 1.000. 58
: Texas Co cm (is
i 5,000.104%
| . 10,000.104%
?Union Pacific 6s
1.000. 101
! do cvt 4s
1.000. 84'%
do rfpf -Is
10.000. 72V4
1,000. 72%
U S Realty A I Es
1.000. 79%
2.000. 79
U S Rubber 5s
10,000. 84 V4
1,000. 8-11.;.
10.000. 84Vl
?U S Steel t f 5s
50.000. 96
5,000. 9fiVi
4.000. 9<*
Va Mid eren 5s
! ' 1,000. 00
Va Ry ft Power 5s
3.000. 65
Virginian Ry 5s
1.000. 81%
4.000. 81 y.
?Wabash 1st 5s
2.000. 88%
do D A C 5s
1.000. 88%
West Electric 5s
7.000. 95 ??
5,000. 9?
8.000. 96%
West Pacific 5a
1.000. 82
West Shore 4a
1.000. 70%
2,000. 70Vu
Western Union 5a
5,000. 80 U.
Wilson Co 1st Ob
4.000. 96%
1.000. 96VS
do Cvt. H s
2,000. 91%
17.000.. 91%
1 000. 92
3.000. 91%
Pierce-Arrow 1919
Earnings Decline
Company Earned $6.76 a Share;
Common Dividends Discon?
tinued Indefinitely
As a result of operations in the year
ended December SI, 1919, the Picrcc
Arrow Motor Car Company returned
net profits of $2,491,070, equivalent,
after $800,000 in preferred dividerfd.?-,
to $6.76 a share on the 250,000 shares
of common stock, no par, compared
with $2,765,7411, or $7.86 a share, in
1918. This amount was arrived at af?
ter deductions had been made for
eharsres and Federal taxes.
Net ___t*-n_ng_ last remr 8?*q**regated
fS ,181,122, a ?eertxse, of $1,112,050 f*?_?*_.
the year before. Federal taxes ab?
sorbed ??GOfiOQ of thta or just half
the Bjnct-nt paid ?n the pre?re?ilng- year.
After ?i-tereali i_ad b?8?n t*___o ?are of.
the bala__ce etrol?cable to preferred
dividend* w*arj |?_>-SjUOT0, a lets of
$274Ut-71 tram 19113. Co_nrncm ?hare
holders 7??r?i*ired $31-^500 in dividends
-Turing the year, against $1,562.600 Daid
the year before. Balance of $1,378.570
was added to, the balance sheet, bring?
ing the total profit and loss surplus to
$8^71382.
John C. Jay Jr., president, ?n his re?
port to stockholders stated that neces?
sary expansions both in buildings and
machinery have left the company with
facilities in excess of normal require?
ments and some time will be required
to make necessary adjustments for
the proper utilization of these excess
facilities.
"Uncertainties of business following
the armistice and the necessity for
conservatism of the company's cash
resources," Mr. Jay said, "led to a
decision in July to discontinue com?
mon dividends. Directors feel this
policy should be continued until the
company has acquired a cash position
sufficiently strong to enable it to meet
any contingency. Plans for the pres?
ent contemplate increased production
both in passenger ears and in trucks,
which should result In a reduction of
overhead expenses and lower costs."
Investment
Information
Question? of general interest to
investors will bo answered in this
column, in which case only initials
will be used. Others will be an?
swered by mail Address all in
quh'iet. inclosing a stamped, ad?
dressed envelope, to Financial Editor,
The Tribune, 151, Nassau Street, Ne%v
York City.
Large Stock Distribution? Expected
Question?I. am rending every day your
answer to inquiries on finance, and stock?.
Please give me your opinion on exchange
of Southern Pacific Railrond stock for one
of the stocks with large surpluses to dis?
tribute?United Stales Steel, United States
Rubber, Cuban Cane Sugar or Morris A Co.,
for instance. 1 hear Younsstown Sheet and
Tube, capital $50,000,000, can distribute a
400 per cent stock dividend. Give us your
opinion.?S. P.
Answer?Tho latest wave of (sp?cu?
lation in stocks is based largely upon
the hoped-for distribution of part of tho
assets of those corporations which are
supposed to have built up largo sur?
pluses. Fossib.ly this speculation will
lead to overriiscounting tho situation.
You must be careful lor that reason.
It is our opinion that if you make the
change suggested you will bo taking a
good deal of speculative risk. We un?
derstand that the Youngstown Sheet
and Tubo Company has a largo surplus,
but have heard of no d?fini Le plan for
its distribution.
United States Realty Bonds
Question?I am thinking of buying on the
partial payments from John Muir & Co. five
bonds of United Stute** Realty Improvement
is at around iii each (SI00 par value) clue In
1924. What is your candid opinion regaril
insr this issue and would you prefer another
issue in preference to this one? Remember,
aufely first.?A. Z.
? Answer?United States Realty bonds
I are not, in our opinion, a high grade in
| vestment. There aro liens on the vari?
ous properties prior to this issue. At
present the company's earnings are
very good, due to the increased rentals.
We believe the bond, on account of it's
; near due date, offers good speculative
\ investment opportunities, but is not a
pure investment.
Net Coupon Bonds but Notes
Question Kindly inform me whether or
not the American Telephone nnd Telegraph
G per cent, 1922, bonds are coupon bonds.
i When was this issue floated 7 What is the
i security quoted on the face of the-sc bonds.'
What is your opinion of them as an invest?
ment ? Any further details you can give
me rewarding this issue will be greatly ap?
preciated.?K. T. B.
Answer?The securities you refer to
are not coupon bonds but G per cent
notes, $50,000,000 of which wore issued
October 1, 1919, nnd are due October 1,
1022. They were originally offered at
9914 nnd interest, as coupon bonds of
$1,000, $500 and $100 denomination.
! They are redeemable by the company
| at 102 and interest on any interest,
date. The notes are unsecured. The
present price is about 95 to yield 8' i
per cent to maturity. They appear to
offer a rather attractive short term
investment.
Oklahoma Producing and Refining
Question?May I trouble you for an opin?
ion on Oklahoma Producing and Refining
stock as an investment at the market price?
How much are dividends on this :-tock ? How
can I know present conditions of this stock
and ils chnnces for Improvement??R. S. T.
! Answer?The Oklahoma Producing
and Refining Company of America pays
at the rate of 40 cents per annum, par
! value of the shares being; $5. Earn
? ings have been rather good. We
: should not class the stock as an in
| vestment, as the nature of the com
j pany's business doc3 not, in our opin?
ion, admit, this. Keep in touch with
| the company's affairs by reading the
j reports of earnings carefully and com
i pare them with previous ones. These
reports are usually to be found in the
financial columns of the leading news?
papers.
Mines Still Are Productive
Question -Would appreciate your opinion
| of the present and future possibilities as an
j investment or speculation of Hay Copper.
I Chile Copper nnd International Nickel. Also
| would like to know If there is any sign of
these mines being worked out. ? N. O.
I Answer-Almost all copper shares
j have been depressed for some time
past, due to the condition of the trade.
I If the looked for demand from Europe
materializes, as many people beliej/o it
; will, copper stocks, we believe, should
j do better. We do not know of any
basis for tlie idea that the properties
of the companies you mention show
signs of being worked out.
Shows Larger Earning Power
Question -Will you advise me regarding
the prospects and safety of Famous Players
common stock and also Union Dag and Paper
Company '.'--O. T. C.
Answer?Famous Players-Lasky Cor?
poration has shown considerable in?
crease lately in its oarnine; power. For
the forty-eight weeks ended November
29, 1919, surplus before taxes was $3,
887,379, against $1,281,175 for the year
ended December 31, 1918. When the
| recent i4ssue of preferred stocks was
floated the company stated that the
dividend on this issue probably was be?
ing earned about four times. This
would indicate about; $11 earned on th *
I common stock. Union Bn? and Paper
earnings for 1919 have not yet been
published. The earnings in 1010 von*
equal to 48.09 por cent on the stock, in
1917 to 21,27 per cent, and for eleven
months ended December 31, 1918, to
41.43 per cent. Earnings for 1919 are
said to have been between 15 and
20 per cent. Both this stock and
Famous Players we consider specula?
tive, as are most common stocks whose
earnings fluctuate so widely.
No Action on M., K. & T. Bonds
Question--Would very much appreciate in?
formation concerning Missouri. Kansas . &
Texas first mortgage ? per cent bonds, in
default some years, ever since receivership.
There does not seem to be nny plan for re?
organization, and, although the interest
seems to be earned, cm payments are made.
Am the owner of |5,000 of these bonds, and
it is impossible to obtain any definite re?
sults.?Mrs. F. A. S.
Answer?WThen the railroads were
taken over by the government it was
specifically stated that no road in re?
ceivership could be reorganized during
the period of control. That is why you
have heard, nothing about the reorgan?
ization of the Missouri, Kansas &
Texas. No doubt some plan will be an?
nounced before long.
Cumulative Preferred Stock?
Quest'on?Will you kindly explain to mc
the difference between cumulative preferred
stocks and ordinary preferred stocks.' Also
will thank you for your opinion about the
safety of Oklahoma Gas and Electric Com
pany one-year 7 per cent secured gold notes.
and also if you know of any brokerage house
that sells bank stocks on the partial pay?
ment plan. What amount will a hank loan
against the Oklahoma Gas notes as col?
lateral?? E. M. D.
Answer?Cumulative stocks are those ;
whose dividends accrue if they a"re not |
paid. For instance,, if a 7 per cent
stock pays only- 2 per cent in a year, !
then 5 per cent is due on the stock, and :
so on. Tho Oklahoma Gas and Electric
notes are a good investment, in our
opinion. We do not know how much ?
may be borrowed on them. That is a ?
matter of negotiation. We know of no
brokerage house selling bank stocks on j
the partial payment plan._ ?
Four full column? of in?
vestment question? and an*
??vers are published in The
Tribune every Sunday.
Curb Shares
Weaken Under
Severe Pressure
Profit-Taking and Profes?
sional Offerings Cause
Short Recession at Close;
Motor and Oil Stocks Hit
The decline that started on Tuesday
in the outside market stopped for a
while*early yesterday, but was resumed
with renewed vigor in the afternoon.
There was heavy selling in the latter
half of the session, when profit taking
and offerings from the professional
traders forced severe recessions.
A number of the oils were rather
hard hit, and Houston Oil, for which
application is expected to bo made
shortly for listing on the New York
?Stock Exchange?, declined to 115 after
KCtting up to 118. General Asphalt, in
tlui industrial end of the list, tumbled
to 96 from an early high of 103. Texas
Company new stock lost more than 2
points. The Homer field oils nctcd
fairly well on reports of satisfactory
progress in new development work in
that district. Carib Syndicate receded
from 31% to 30.
Mining shares were exceedingly ac?
tive, with minor recessions in the sil?
ver stocks, which yielded in response
to the general movement toward lower
levels. Russian government bonds were
steady at 30.
In the industrial department Cleve?
land Motor, the Chandler Motor sub?
sidian*, was weak, breaking from a
high ?if 80 to a low of 72. It closed at
75. Other Curb motors were under
pressure.
Industrials
gaie-?. Open. Hirh. Low. Last.
7-00 ?Acme Coal... 2% 2% 2% 2%
U200 'Aetna Explo?. 9% 9% 9% 9%
4i?0 *Am Candy.... 9% 9% 9% 9%
700 ?Am Ha fc 3 wi 75 75 74 Va 74.%
400 Am Safe Ka_or lO'/i ]()% 10% 10.%
1500 Armour Leath. 17 17 1K% lfi.%
100 ?Briscoc Motors 68 OS ti8 US
40O *Br-Am OhtSn.. 8 8X8
?too ?Hi-Am Tobcp. 19% 19% 1 !'% 19%
200 do re?. 19% 19% 19% 19%
1300 *Cleve Auto... 7:1 80 72 76
500 Tamil Coal.. 44 44 43 43
13000 *Gen Asphalt.. 10l 103 96 '.li>%
100Q Grape-Ola. 1% 1% M_ ? "v
1000 do pf. 2 f. 2 {* 2 h 2 /.
14000 ?Hercules Pap. 23% 26% 23% 26.%
850?) ?Heydcn Chem. 6% 6% 5% 5%
500 Indian Packing 15% 15BS 15% 15.%
700 Inter Rubber.. 13 13 12 12%
2000**J I C. Plow... 20% 20% lu 1!?
1500 ?Kay Co Gas.. 1% 1% I7'? l.%
300 KeyBtone Sole.. 13% 13% }3% 13%
700 ?Kirby Lumber. 31 32% ill 81%
500 ?Lib McN & L. 27 28 27 28
100 Lima Loco. 80 XU K? X0
100 ?Locomobile (n) 20% 20% 20% 20%
?1500 .Mont Ward.... 40 40 39 39
800 ?Nat Coal & I. 45 45% 4,3% 43%
200 *Niles-B_m-P..112 115 112 114'
1700 No Am P& P. 5% 5% 5% 5%
800 ?Orpheum Cir. 30% 30% 30% 30%
100 Patchogue-Ply. 40% 40^ 40% 40%
600 Perfection Tire 3% 3% 3% 3%
150 '-?iiilips .Iones, fil 65 ?t 65
100 ? pf w i_ 90 90 90 ?JO
2700 "Pressman T&R 5% 5% 5 5''.
80 ?Pyrene Mf?r. . 12 12 12 Vi
1000 ?Usinier Mot.. 42% 43 42 42%
200 ?Standard G & E 19% 19% 19% 19%
100 ?Stand Gas pf. 40 40 40 40
4000 Submarine Kt. 15% !H 15% 15%
1500 ?Sweets Co of A 4% 4% 4% 4%
500 ?Swift Internat 44 4 1 43 43
100 Times Sri A ?S v t 29% 211% 29% 29%
200 ?Tob Pro?! Exp 20 > 20 19% 20
50 ?TodU Shipyds.180 180 180 " 180
Sal?*. Open. Hiirh. Low. Last.
j 2900 ?Triangle Film. % % % V?
600 ?United Motor? 64 64 60% 60%
0500 United Prof Bh 2% 2% 2 2%
700 ?Un PlctPrCp 15 15% 15 15
3000 ?Un Ret St Cndy 15 15 14% 14%
500 ?U S H Sp T. 31% 31 Vi 31 31
1800 U S Steamship. 3 We 2% 3
500 U 8 Transport. 10% 10% 10% 10%
700 ?V Viv'dou Ine. 22% 22% 22 22
300 ?William Davie? 42V& 42% 42% 42%
100?Wyllls Corp.* 24 24 24 24
300 ?do 1st pf... 95% 95% ?5 95%
100 ?do 2d pf.... 74 74 7* 74
Standard Oils
Sale?. Op?n. High. Low. Last.
800 ?Anglo-Am Oil 27 27% 27 27%
100 ?Ohio Oil Co.. ? 370 365 36o
450 ?Stand O (NJ) ? 895 817 ?47
70 ?Stand O (N V) ? 468 455 455
20 ?Vacuum Oil..? 443 437 440
Other Oils . A
! Sale?. Open, High. Low. La?t.
300 ?Allen Oil. 2% 2% 2% *.%
! 15000 ?Allied OH- % % l'f %
I .-IM)!) ?Amala* Royal. 39 39 38 39
i 6800 TA Bell Wyo... 63 67 65 ?6
100 ?Ark Nat Gas.. 30% 30% 30% 30%
! 25000 ?Boone Oil_ 5% 6% 4% 4%
1 6000 ?tBoston-Wyo,. 1*.'? 1% lA 1%
I 1800 ?Carlb Synd... 31 31% 30 30
300 ?Circle Oil. 4 4 3% 4
I 12000 ?Cltie^lBTHh 40 40% 40 40%
500 ?Gnaden & Co.. HV? 9% 9 9%
i 30000 '?Dominion Oil.. 16 16% 14V? 14%
I 800 ?Duquesne Oil.. 6% 6% 0% 6%
i 2800 ?Elk Basin Pet 10% 1014 9% 9%
1800 Engineers Pet.. 1% 1% 1% 1%
5000 ?Ksmeral O&G. % ft % %
D000 ?Federal Oil... 3% 8% 3% 3l,f
lOOFensland Oil... 7% 7% 7% 7Vi
300 'Gllliland Oil.. 44 44 43 43
100 *do pf. 9V 97 97 97
1700*Glcnrock Oil.. 3% 3% 3% 3?,j
700 ?Guffey-Gillesp. 32 32 31 31
200 t H Pet of Den. 3% 3% 3% 3*,{
600 ??Houston Oil..118 118 115 115
3500 ?Hudson Oil... ft A % 'i
2500 ?Internat Pet.. 42 42 40 40^
0200 ?Invincible Oil. 40 40% 39% 39^
1700 *lH!and O & Tr 4% 5 4% 5
MOM ?King Pet Cp.. 3 3% 2% 3
3non ?fl.ance Creek.. 43 43 35 37
200 ?Lone Star Gas. 35% 35% 35 35
1MI0 Magna Oil- 4% 4% 4% 4&j
400 ?Manhattan Oil 22 2,1 22 23
3U00 Met Petroleu.m 3 8% 3 3 Vi
1090 ?Mexico Oil .. 1% 1% 1% 1%
1500 ?Midwest Ref.. 173 173 168 168
20(1 No Am O & Rcf 4% 4% 4% 4'<
700 ?Okla Nat Gas 41 41 40 40 '
2Q0 Omar O & G(n) 5 G 5 6
100 ?Panhandle P&R 18% 18% 18% 18?
200 ?Pennok Oil... 7% 7% 7 7
2000 *PhilP(x) 100% 39' 39 37 37V
1500 ?Prod & Ref.. !?% f?% 8% 0
500 ?Red Rock Oil. 1 J 1 1
7000 ?Ryan Pet_ 3% 4 3&i, 3?
000 Salt Cr Cons Oil 20% 21 20% 21
400 tSalt Cr Prod. 51V? 51% 49'- 50
1500 Sequoyah O & R. ft ft ft ,'
3000 ?Simms Pet .. 34% 34% 34% 34V
2700*Skelly Oil .. llVi 11% 11 11V
300 So St Cons Cp.. 1 % 1% 1% IV
700 Spencer pet Cp 22 22% 22 22V
1100 ?Superior Oil.. 18% 18% 18 18V
12000 ?Texas Co w i. 64% 56 V? 52 52V
1000 Tex & P C&O.H2 113 101 101
1000 Tex-Rang P &R 1% 1% 1% ]l
1200 *Tex-Ken Oil.. 4 4 3% 37
6000 ?Texon Oil & L % % . % %
500 ?Trinity Oil . . ** % % V
2500 ?Tropical Oil.. 21 Va 21% 20% 20",
11000 ?Un Texas Pete J% 1% 1% IV
5100 ?Victoria Oil... 1% 2% 1% 1?
600 ?Vulcan Oil . . 7 7 7 7
6000 ?White Oil ... 32 32% 30% 31
Mining
Sales. ' . Open. High. Low. Lasl
17500 Alask-Br C M. l'A lft 1ft 1,
3500 ?Ariz Silver... 1% 1% % 1
600 ?Am Mines.... 1% 1% 1% 1'
2700 ?tAtlanta . 3% 3% 3% 31
3500 ?tBel D (a p.) 11 12 10 11
4 200 Belch Ex (&p) 13 15 13 13
11000 Bij? Ledge. % % ft '<
2700*tBooth . 6 6 6 6
3900tBost & Mont. 74 74 71 72
7650 ?tCaledonia ... 35 35 34 34
3000 ?Cal & .1er... ft ft ft
4000 ?Candelaria Sil ft ft %
850 ?Carson Hill G 24% 28 24% 25?
1000 Con Arizona... "i % Rs
2000 Con Coppermin 4% 5% 4"'4 5
200 ?Con Vir Silv. 4 4 4 4
12*00 ?Cortex Stiver. 54 55 53 55
?00 ?Do Beer C M. 41 4 1 ? 40 40
May We
These Publications?
"The Trust Department
of The
National Park Bank"
and
uThe Voluntary Trust"
The
National Park Bank
of New York
It-/
M
iA ?i
2200 Dolores Esp... 2% 2% 2% 2%
29500 Div Ext (p>... % ft 34 4.
3000 ?Eureka CMC ft ft ft ft
7500 ?-?-Eureka Holly ft ft % %
2000 El Salv Sllv... 3 S 2% 2%
1650O Emma Silver.. 13 14 12 11
6500 ?Forty-nine M. 1% -1ft 1ft 1%
27500 ?tGold Zone D. 27 33 27 32
700 ?Golden Gate.. % 1 % I
2600 ?iGoUMeld Con 13 13 32 13
13600 ?tGoidfield Dev 7 7 6 7
3700 ????Goldfield Mer 8% 3% 3% 3%
1000 ?tGreiat Bend.. 3 3 2 3
2350HecIa Min. 4% 4ft 4% 4%
300?Hond Am Syn 18% 19 18% 19
3700 ?tJim Butler.. 23 23 22 23
2600 tJumbo Exten.? H 11 10 11
2700?tKew?nas?... 3% 4 3% 4
3700?TKnox Divide. 10 12 10 12
200 La Ro-e Ltd... % % % %
3600 ?tMarsh Min... 18 18 17 18
250 Mason Valley.. 2% 2% 2% 2%
1000 ?Motherlode C. 5% 5% 5% 6%
700Mur-M M Ltd.. 76 77 76 77
200 NipUainB Min.. 11% 11% 11% 11%
4000 Ophir Silver M % <j| %, ,?&
1600 Prince Con- % % \l %
lOOMand M Ltd... 37 37 37 37
3000 ?Red Warrior.. % ft % ft
2000 Rex Cons. 9 9 9 9
9300 Roper-Group M. ft ft % ;ft
700 ?Silver Dol M.. % % % '_
2000 Silver K Ariz.. ft ft ft ft
1400 ?tSilvcr K Div. 7 7 7 7
82500 ?fSilver Pick.. 20 20 14 18
500 Stand gil Lead. ft ft ft ft
2700 ?tSucces. Mln.. 6% 7 6'/?? 7
2720 ?Sutherland D.. 4 5, 4 5
370 'Tono Belmorit. 2% 2 ?V ?.% 2%
16800 ?Tono Divide. . 2% -s -'s 2%
.'MO Timii Exten. .... 2% -'"s 2% - -
450 ?Tono Mituiii-. '2%'* L"_ 2% - i
1200 United Eastern. ?? *%* 4 ? _
1000 ?tu ?s Com M.. S% :?' 8%
12500"*fVict r? <ap> . 8 v 8
1400f.Wash G Qtt., * % 1% 1% !i4
10500 tW End Cons.. 1% 2 1% 1 3
3500 ?W Caps Min.. 1?'. Ils 16
3000 tW C Ext ?api 2% 3% 2% ?%
1400 Wilbert Minion 10 " 1" 9% 10
Bonds
Saies (000 omitted*). Open- Hi?h. Low. La_t?
$25'Allied Pack 6?.. 77 7S 77 , ;
3 ?Am T & T L923. 95% 95% 95% 9*i ?
3 ?Beth S 7f? 1022. KMi luo 100 100
2 ?Beth S I'.'o 1923.100 <L00 1"" 100
25 ?Gen Elec 6s T9?K>'99% 99% 99% 99%
5 ?Rufs Govt fi*...*.. 30 30 30
25 ?Gov of Swed ?-.''*???%. 90% 90 90
7 ".Swiss Gov*_ 6%s. 86% 86% 86% v \
15o ?Tex Co 7'? nt.*.. 99% 99% 99% 99%
"Unlisted. fSell rPiit-, per share.
r 100 Veari of Commercial B.t*KI.I
I2S-21 CHATHAM & PHENIX
NATIONAL BANK
CBpit.il * Surplus KI2.000.MS
Hfi?N^ Resources.$150,000,00*
B..\\K 1-9 Broadway, Singer Hid*.
,?,.r.,._.. And 12 ?rancbM
$12,000,000
Canadian Pacific Railway
Equipment Trust 6% Gold Certificates;
TO BE ISSUED UNDER PHILADELPHIA PLAN .
To be dated April 1, 1920 To mature $500,000 semi-annually October 1, 1920 to April 1, 1932 inclusive
Principal and dividends payable in United State? Gold Coin at The Union Trust Company of Pittsburgh
and Guaranty Trust Company of New York *
The Union Trust Company of Pittsburgh, Trustee
THE 812,000,000 Equipment Trust 6% Gold Cer?
tificates issued under the Philadelphia Plan are
to be specifically secured by standard new railway
equipment costing $16,000,000 delivered. The title
to this equipment is to be vested in the Trustee,
and it will be leased to the Railway Company.
Pending receipt of the equipment, which is to be
delivered in Canada, the Trustee will hold for the
benefit of the Certificate owners 515,000,000 in cash
at the Bank of Montreal, subject to the order of
the Trustee.
The Canadian Pacific has been able to maintain
its earnings on a very substantial basis, in spite of
increased operating costs, as evidenced by the fol?
lowing income accounts reported by the Company:
Years Ended Dec. 31: 1917 1918 1919
Gross Earnings.7777T...TTV... $152,389,335 $167,637,698 $176,929,060
Operating Expenses. 105,843,317 123,035,310 143,996,024
Net Earnings. 46,546,018 . 34,602,388 32,933,036
Other Income.!. 8,744,617 7,984,775 _9.049,343_
Total Income. 55,290,635 42,437,163 41,982,379
Fixed Charges. 10,229,143 10,177,613 10,161,610
Balance after Charges'. $45,061,492 $32,259,660 $31,820,869
Times Charge* Earned. 6.40 4.17 4.13
The dividends on these $12,000,000 6% Equipment
Trust Certificates will be $705,000 in the first year.
Had fixed charges in 1919 been increased by this
amount, total charges would have been earned about
3.85 times, without allowing for any benefit from the
proceeds of this issue.
Dividends have been paid on the ordinary stock of
the Company since 1883 and since 1910 the rate has
been 10% per annum. The equity junior to funded
debt and equipment issues is represented by over
$80,000,000 of 4% preference stock and by ordinary
stock having at present quoted prices an indicated
market value of $320,000,000.
PRICES
. 1920?99%
1921?99H
....'..... 1921?99
. 1922?m*
. 1922?98%
. 1923?98
. 1923?97%
. 1924?97%
Accrued dividend to be added in each ease
At the above prices the first 12 maturities yield approximately 63?%
and the last 12 maturities approximately 6%%
When, as and if issued and received by us and subject to approval of counsel. On or about April 2
purchasers will bo advised as to delivery
October 1.
April 1...
October 1.
April 1...
October 1.
April 1...
October 1.
April I....
1924?97 lj
1925?96%
1925?96%
192*-*?},'
1928?96%
1927?98%
1927?96%
1928?96%
1928-96
1929?95?*
1929?95%
1930?95%
1930-95%
1931?95%
1931?95
1932?94%
Guaranty Trust Company of New York
The Union Trust Company of Pittsburgh Bankers Trust Company, New York
Brown Brothers & Co. White, Weld & Co., New York
Colgate, Parker & Co?, New York
Wc do not guarantee the itatamenti and figures contained herein, but they arc taken iros source? which we believe to be accurate.

New-York tribune. [volume], March 25, 1920, Page 15, Image 15
About New-York tribune. [volume] (New York [N.Y.]) 1866-1924

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New-York tribune. [volume], March 25, 1920, Page 15, Image 15 About New-York tribune. [volume] (New York [N.Y.]) 1866-1924

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New-York tribune. [volume], March 25, 1920, Page 15, Image 15
About New-York tribune. [volume] (New York [N.Y.]) 1866-1924