New-York tribune. [volume] (New York [N.Y.]) 1866-1924, March 25, 1920, Image 16

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New-York tribune. [volume], March 25, 1920, Page 16, Image 16
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-16/>

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SCC?triTICS OFFERED AND WANTED
?
STANDARD
?
ISSUES
STOCK DIVIDEND
POSSIBILITIES
WE HaVR PREPARED \ CIRCULA**
SH.W?Wa THE PWMTlOr* OF CER?
TAIN OF THE STANOARD OIL COM
PAN IE?.
COPIES FURNISHED ON
REQUEST.
CARL H.PFORZHEIMER & CO
Jl'ealet-M it; Msiularrf Oil Srcnrltie?
?.?i KKOAD ST.. N. V.
Phone? 4860-1---'.-4 Broad
JJtt.Ricc Jr. & Co. Buy, Sel
American C-anami- Coaa. & Pfd.
; Aluminum Co. of America
| American Piano Com. it Pfd.
Air Redaction
Battery Park National Bank
Bank of Manhattan "Rigbts"
; Crowell Publishing Com. & Pfd.
Continental insurance
i Empire Steel it iron Com. & Pfd.
. F.. W. Bliss Common
? Great American Insurance
! Humble Oil & Refining
I Infersoll-Rand Com. & Pfd.
| Kirby Lumber Com. & Pfd.
I Mechanics & Metals "Rights"
National Foel Gas
| N. Y. State Rys. Com. & Pfd. 4 4',,
Niles-Bement-Pond Com.
New Jersey Zinc
Peno?. Coal & Coke
Royal Typewriter Com.
Singer Manufacturing
Sbnite Retail Stores
Texas Pacific Coal & Oh-"
Tidewater Oil
Victor Talking Macbine
Winchester Co. Stocks
J. K.Rice, Jr. & Co.
Phones 4000 to 4010 John. 36 Wall St.. N. X.
Jktfall Sroihera
y|htblir Htiiito Stcatm?
111 Sruaimiaij. 3?. ??.
Denver Gas
& Electric
Company
General 5s 1919
Privat? Phones to Philatlslphla S. Boston
50 Shares of
BURROUGHS
ADDING MACHINE CO.
for sale
ORVIS BROTHERS & CO.
Members is*. V. Stock Exchange,
Co Broadway.
Howling Green 43T;0.
Winchester Co.
Coiimioii
Circular on Request
J.K.Rice, Jr.&Co.
."hones 4000 to 40J0 .lohn. 36 Wall St.. N.Y.
Phelps Dodge Corp.
Woodward Iron
Winchester Corp. (all issues)
FREDERIC H. HATCH & CO.
Established 1R8S
Pilone Reel or 8340. 74 B'way, New V?r_
WIRE IHNMI TIONS
"V>?'on, ri-i.-igy. Philml-lphl? ?ml Montres!.
Mark V Noble Theodore C. <orwI?
NOBLE & CORWIN
to Broad St. New Y?-*U
Gt. Amer. Ins. E. \V. Bliss Com.
Lawyers Mtg. Royal Bak. Pfd.
Telephone lili B:e*d
Offer Railroad Issues
Two railroad equipment issues, the
first brought out in several years, witn
a single exception, will be offered to
the public to-tlay. A syndicate con
istiii!; of the Xational City Company,
Kissel, Kinnicutt ?*. < o, anil l.:**.* Win
: in son &? Co., will bring out approxi?
mately $0,200,000 in n s talmente of
:".Mi?.-MiO each ou railway equinment
certificat 3 o? the Vir^inian Railway.
The certifica to a will boar i) per cent
?*n tliei? '.-.?-. ;;ni? will be offered to
\:?!d 7 por ;? ;.t.
Ti-_* fund ; ..?.!???,. ? will hn used to pay
'?:. . ?? per o-.,t .1? *'?> r03< of new
cq-upmerit which has he*:n ordered by
?he rond. Th- 0 '? ..? . . por co ; will
r*e pa><! : ?,? ou1 .?:' funds h ; ? pos
s<e>a.o* ,". ??!. company,
'?1 the ' Ivnlry "or the cqcipir.cn:
'rust ' n .*"..;; of the Canadian V,^\r.i
'?*"<?? *y. '' - *: ? ? ea'.o headed bv the
1-?.??:.-1. y 'i-:-: Comi'uny was success
uJ, f r.il !"-.!?.-. will offer $1*2,0 10,0 ??> <? '
:? ?':';'?. !*>?] ii a n an Hie ce-tifieiites0
*.. .jfch ? : bo dut i April ,. iy.. ? ,* ,
.')'.?:,!'?>? i. ]'?.?. -. f\p i! ' . ?.i.:.;, in
:::s*t<i.*i:<-! .? ., S?OOOOC, will be sold to
yie?d from C \ ? <?!* p?i cent.
The issu? v.-iii be secured by new
equipment valued nt $15,00,0,000, and
title to this equipment wiU be vested
in the Union Truit Company 0/ Pitts
kvfff'v., as trustee, ar..i wi!! bi leased
te tn.' rallwa; coropa?y,
Ifood Rabbin MtsrehoMers
Askc*:? to Approve Increase
S*ocini>'Jeir. of. the iJood Rubber
Compatiy a :i specie) mcelii? to oc
hold en April 2 ?'ill be asked ?j vote
'?i ir'.re??i ng the ?"t"iowMd comnsoti
Hee* by S?r.OC0,WO3 ii ibla p:u 1 is
?pptO^?'\ clue", ?a v ?I decl'.re a sto**.N
4m4f fld'a/ ?0?>9 r?i r>4t? aiV'44 one
??v? MS>e teatwep 'v* ????R ?an sod
I Slump in Sales
Cuts Profits
Of ?. S. Steel
i lui riling? on Common Stock
in 191.9 Were Equivalent
to $10.14 a Share, Against
$22.08 in 1918
Taxes Drop Quite Heavily
Payments lo Government
Onlv $52,000,000, Com?
pared With $208,281,
104 in the Year Before
On .?i total volume of business
amounting to $1,448,557,837 the United
States St??ol Corporation in 1019 re?
turned a surplus after preferred divi
! deads of $51,57-1,90."), the equivalent of
$10.14 a share on the $508.,302,500 com?
mon stock outstanding*. This, com?
pared with $22.08 a share earned in
1918, $39.15 a share in 1917 and $48 a
share in 1916, when the government
war and excess prolHs taxes had not
yet become operative. The annual re?
port issued to stockholders to-day
showed that:
The gross business compared with
$1,744,312,163 in 1918, the high record.
Federal income and excess profits
taxes were only $52,000.000, contrasted
with S208.2S1.104 in 1918 and $301,161,-,
471 in 1917. !
I
Big Book Value
The book value of the common stock, J
after deducting from the gross assets
capital and current liabilities, except
i he common stock, was equivalent to
$245 a share.
Current assets on December 31 were
$672,295,388 against current liabilities
of $157,071,263, leaving a net working
capital, including $226.796,678 net in?
ventories, of $515,224,125.
Of the current assets $166,726,806 con?
sisted of cash, $159,069,671 of market?
able securities, $88,192,692 of accounts
receivable and $24,755,028 due from the
United States Railroad Administration.
The aggregate tonnage of rolled steel
and oiher finished products shipped to
both the domestic and export trade was
12.243,183 tons, compared with 14,124,
986 tons in 1917.
The total value of all business trans?
acted last year was $1,074,249,645, con?
trasted with $1,288,029,255 in 1917.
The 1919 income, account compared in
detail with the preceding year as
follows:
i ?i l 9 3 n is
X'?t earnings before
charging interest
on bonds and
mortgages ?> f
subsidiary oom- ?
punies:
First quarter.... $.'5,729,3-6 $50,138,031
Second quarter.. 36,5.0,341 64,821,521
Thlrd quarter... 42,327.714 45,211,708
Fourth quarter.. 37,713,256 39,109,843
Total for year. .$152,290,639 --08.-81,104 j
Interest o n out -
standing bond;?
o n d mortgage."?
of sub sldiary
companies . 5,701,576 s,!?:i0,424
Balance of earnings 143,589,062 1 "i9.3T.0.6S0
Charges and allow?
ances for depre?
ciation illld tlciil.' -
tion applied as
follows:
To depreciation
?i n d i oplac??
meiil finals a ml
sinking funds
on Loads of sub?
sidiary conijja
To sinking funds
on I'. S. Steel
C o r p p r atlon ,
bonds . 7,937,107 7,601,425
NX Income . 9S,043,1.6 158,631,856
Deductions:
Int? rest on ?steel
<" o r p o r ation
bonds . 20,509,320 20.891,116
Premiums on bonds
redeemed :
o n subsidiary
<? o m p a n I e s
bonds . 119,030 70,135
On St<;el Corpora?
tion bonds.... M 4,4 1!, 707,681
Balance. 76,800.363 136,902,923
Net bu lance of sun?
dry charges, cred- I
its, ote. 194.218 629.453 ?
Surplus . 76,794,582 137,532,377
i':-- terred stock div?
idends . .5.219,677 25,219,677
Common stock divi?
dends . 25, 115.125 71,162,350 i
Additional allow?
ance io c a v ?? i
amortisation ot
part cost of facil?
ities installed for
production of ai
i ?ci.>s contribu? -
ing lo prosecu?
tion of war. - 12,215,000
I na?t and loss sur
Plus. 26,159,780 28,935.350
1919 1918
(tons) (tons)
Domestic shipments:
Rolled steid and other
finished products.10,310,729 12,384.169
I'Hj- iron, ingots, etc.... 230,560 307,482
Iron ore, ooal, coke. ... 1,767,504 1,009,919
Other materials and by?
products. 167,044 192,925
Univ, Portland cement
Ibbls.). 9, ?18.6 11 7,707,595
hlxport shipments:
Rolled steel ?,n.l other
finished products. 1,932,464 1740.817
Pig iron. Ingots, scrap'. S6r396 ' ]7,120
m her materials and l>\ -
products. 4S.?57 l'.-'ior,
Aggr. tonnage of colt? d
steel and other lln
ished products ship?
ped to both (lome.Klle
?nil expo ft Ilude.12,24:1,183 14.124.986
* Ilnlance of earnings after making al?
lowances for ? stimatcU amount of Fe?
eral income ami excess profits tuxes.
The wide difference in the amount
of common dividends shown above was
clue to the fact that in li>18 9 per cent
was paid in addition to th? regular
distribution of G per cent, which was
?ill that was paid last year.
Year'-; Shipments
Shipments of all classes of products
by the Steel Corporation in 1919 com?
pared with those of the preceding
?j cur :.; follows:
The ~.kj{.'.\ value of the domestic
business dono last year was $909,081,
,..'j. compared with SI, 125,161,264 in
19.18'. J.r.s' year':; export business,
/allied at $165, 167,870, contrasted with
$162,867,991 for 1918. '
Elbert 1?. Gary, chairman of the
board of directors, said in the annual
report, that the prices received during
1919 averaged f.'"..l?j a ton less than in
. tin: preceding year on domestic ship?
ments, and $12.41 a ion'less on export
business. For domestic and export
sfhipmenfj combined the average was
S?.l?) a ion. or S 27 per cent less than
in 1918.
'?in: tot;*.l of charges to and r.llow
-.?? -s from gross receipts and income
'.) I9i9 tu cover exhaustion of
i incru?f., il torioration and obsoles
cenco aviiing from wear and tear of
improvements was $155,094.034, an in?
crease ovo- 191? of, $14,422,819. Ex?
penditures made last year for repairs,
maintenance nr.d general up-keep o:
the Steel Corporation'** properties
were $114,706*221, an increase ovei
191$ of $13,431,S94. Expenditures foi
acquisition of additional properties
new plants and extensions, construc?
tion, etc., equaled ?87,091,513. O? thi:
amount $3S,2P7,85i was charged to in
come.
Kcserve for Inventories
An additional reserve of $38.710,39"
was mr.de from the 1919 earnings i/
cover increased lock-up of workini
enpital m inventories arising from ip
pr?dation in tHo * a';;*- of inventory
mat*rial*, compared with the lUveni
l>r-;- ,ji, 1,015, rn; *>;?iue?. On Decera
1er 31, J910, the total inventories wer,
? ?yt*,?*)').??*, ?m*??**.! *v?tu |ST*,t33,
6?iO ai til? dots o? 1SU.
Public Utility Securities
Stockt
Bl?1
Am r.litht s\ T com.187
?10 pf. 89
Adirondack El Power com.... 11
do pf .?. 7R
?Am Gas & Electric com.125
do pf . 38
Am Power ,?fc Light corn. 63
?do pf . s. 08
Am Public Utilities, com. 7
do pf . ?
Am "Waterworks Electric. S
do participating pf. 3
?lo ist i?r. t'i
Carolina Power tk Light, cum.. ?4
?Jit les Service com .384,
?lo pf . l!9??
do hunkers' certificate.?!. 39*^
do 7 p c series B. 1966.154
Co 7 p c serle? C. 1966.100
Colorado Power com . 14
do pf . 9P
Commonwealth p r * I., com. 17
do )if . 39
Denver Gaa A. Fled lie 5s.*. '
Electric Bond *. Share pf- 98
Kmplr? District Electric pt. . . 65
Federal l.ight 4: Traction com r>
do pf. 42
Gas A- Electric Securities, com. SOU
do pf . 80
Northern Ohio Kleetrlc, com... ?
do pf . ?
Northern Ontario 1. * P. com. 10
do pf . 60
Northern States Power com.... 50
do i>f ..'. 85
Pacific Gas <fr Electric pf. S3
Republic P?y & l.ight Co, com. 17
do pf . r?4
Southern California Edison torn 86
do pf . 99
Stndar?. Cas ?t- Bleetrlc coin., is
do pf . -to
Tennessee Ry L & P com. I'i;
do pf. ?
United Light * Rys, com. 24
do 1st pr . 62
Western Power, com . 17
do pf . |>S
Bonus
Appalach Power 1st us. 65
Cincinnati Gas & Kiec us, I !?5C. 80
Col Gas A- Blec Bs, 1927. 79
Colorado Power, 1953. 75
Dallas Klee 5s, 1922. 99*.;
East Texas Klectrlc 5s, 10 42.... 75
do 7s, 1921 . 99
El Paso Klee col 5s. 79
Oreat West Power 6s, 1946.... NO
Midwest Utilities 5s. 1925. 85
?Miss River Power 1st 5s. 74
North Ont Light fc I* fia. 68
North States Power 6s, 1926.... 14
Asl'fd
192
91
14
79
128
40
?7
72
12
26
.2
37
71
ion
18
95
20
42
7
47
400
85
">?
65
14
55
671.
*Kx dividend.
Sugar Stocks
Card-Am.. 18
do pref. 70
C Aguirre. 94
Fajardo ..148
Gt West..490
do pref.118
Guanta'mo.
Bid. A.k-d.
Bid. Asked.
M al-A m
10
SO
96
152
520
117
79
1.
j ?Mat-Am pt 70
i Michigan.. I I
j Nations I .15!)
iNi Niqueo.250
j I? Cec new 1 4
! do pref. 73
j ?Savannah.. 46
do pref. ?_
Am Cyan
Graselli .
do pref
do pref. 55
By-Pvod ?. 93
I'assin Co. 4.T>
Dow Ch...230
Du P C p. !>
Fed Cheni.100
do pref. ?
.155
. 99
Chemical Stocks
j 30 ,Hook Elee. C5
175 i do pref. 65
100 !Ky Solvay. 80
til) *Mec Co p 91
99 Merrimac.. S.'.1,*
Mulford Co 53
Nieg Alk p 95
Seinet C. .17a
Solv Poe..IS?
16
78
49
70
70
110
10
103
99
Steel and Ordnance Stocks
Am Brass.222
Atlas Pw.155
do pref. 84
Bab & W.118
Bliss, E W.400
Can F&F.195
Carb Stl.. 94
do 1 pf.100
do 2d pf 70
Colts A... 54
D P Pow.315
*E:? dividend
Tobacco Stocks
227
163
87
120
450
_(?_
98
110
57
3-0
East Steel. S 7
Emp S ?fe I 25
do pref. 70
?Here P. .215
?do prof 98
Niles B-P.1J0
do pref. 98
Scov Mfg.435
Thorn Iron 30
Win Cor?.400
Wocdward. 44
39
35
103
114
101
455
Con Foil.. 250
G W Hms.170
do pref. 98
J S Young.130
do pref. 95
MaeA & F.155
P R-A T.135
sao
.180
102
1.38
100
165
140
R ,i Key A.560
doser B.190
?do pref. 105 \ '??
Weym B..170
do pref. 96
Univ Leaf.140
590
515
107 Vs
180
100
Miscellaneous Stork?
Am Chicle 73
do pref. 75
?Am Leath 55
?do pref 91
.?Km Mfg..l65
do pre?. 87'a
Am M&F.100'
Am Th pf. 3V_
Am Typ F 42
A D T K.J 25
A W c pf 94^4
Atlas P C 65
BB?~?S 1 p 80
do 2d pf 95
Bor C Mk.108
Bush T pf T?,
Celluloid .150
Childs Co. 80
do pref. 95
City Invc3 70
Crk W pf. 95
D L & W.168
Draper C.141
F R lstpf 95
Int Sil pf. 94
?Ex dividend.
78
78
70
96
172
90
4
90
155
91
100
75
99
175
145
99
9S
Nat Cash. 120
Lima L pf 90
N J Z wst.285
N Co 1 pf.100
O'Neill pf. 98
Phelps D.230
Phil J Cor 60
do pref. 89
P ??i W pf 9?
R Reis ft C 16
?do pref 83
Ry Bak p.130
do pref. .?>5
?Singer Mg.150
S L im&s 43
?toll S pf.JO'J
S D F pf.100
Stern tt p.107
T&PC&On.llO
Valvol pf.100
V Raalt In. 40
do pref. 80
W & B pf.100
Yale & T.265
130
9.7
295
103
9!)li>
250
65
IS
S5
140
88
155
47
105
102
110
114
104
4.7
84
105
275
New York Bank Stocks
.605
.215
. 205
.42.1
.150
Amer'ca .
Atlanta .
Am Exch.
Battery ..
Bowei y ..
Bryant P.
Bway Cent. 150
Bronx Nat. 15<l
Butch ?fe D. 35
Chase .455
Chat & P..29-,
Chelsea Ex.125
Chemical ..590
Citz Nat...285
City .385
Coal & I. ..24".
Colonial ...350
Commer?a .227
Columbia .. 175
Corn Exch.. 440
Cosmop'tan.HO
Com'clal E..415
Com'wealth. 221
Cuba .170
East River.. 160
Fifth Nat.. 160
Fifth Ave.. 900
First Nat.. .930
Foreign T B. - -
. .230
.200
160
160
160
465
SO
230
ISO
170?
..3611
. 805
.. 205
?iG?rfield N,
? -jGotham .. .
305 (Greenwich
21?JHaiTiman
Hanover .
Industrial
lm & Trad.550
?Irving Nat.3S5
Liberty .. . .400
Lincoln .. . .275
Manila. Co. .250
-- Mech & M. .400
? Metrop'tan .340
? Mutual _490
?95 ?Merchants ..230
? New Neth. .200
? N Y N B A.460
!31 Park .730
-? Pacific _135
? Produce Ex. ?
? Public .345
Seaboard ...650
Second ... .440
?State .210
23d Ward.. 150
Cn States. .185
!i5i|L'nion Ex.. . 175
960!W'cl?ester A.200
SOYorkville ..375
380
S20
58?) ;
."?95 !
115
285 j
425,
3G0 j
240 !
210
4 SO I
700
500 I
Trust and Security Companies
Alliance ... SO
?Am Trust
Am Surety. 73
Bankers . . .37S
Bond & M.220
Bltlyn T Co.500
Cent Union.400
Columbia . .345
Commercial 150
Empire Tr. .300
Equitable . .300
Farm L & T.430
Franklin . .240
Fulton ....25(1
Fidelity ....225
Guaranty
Hamilton
Hudson '
Kings Co
Law Mlg
.367
.6411
. I 25
90|Lawyers T.. l_o
- Lincoln l'r.. 175
78 Manufac'ers.2Q5
386 Mercantile ,310
230|Metropol .. .285
515 MtSfe Bond.. 87
41ii;MutTof W.105
355 Nat Surety.20(1
160JN Y Title.MO
? IN York T. .625
305 N Y I.I&T.725
f lO?PeopIes ....275
250 ?Realty Asso.lO?
260 Title G .?i T.880
235 Un StatesN830
378 U 5? M & T.405
265 U S T Guar 8?>
? -1 Wcstcneste r. ! 30
6C5 VV & BT&M.1-5
1S51
295 !
93 i
125 1
210 !
150
745 1
1,5
860
415
85
1411 !
175
i See New York Title ?rid Mortgage.
i Includes American Trust Company stockt
Insurance Companies
Am Alliance.270 aOOlGreat Am...285 205
City of NY.17.. ?1 Hanover ... ??0
: Con*nwlth..30i* 825 Home .550 560
! Continental. 75 NQjNat Liberty.180
?I-'id * Phoe. - C25 Niagara ...230 2?!
Vranklin .. 85 90 Stuyvesant.. y0 .a
Glofc? & K.80O ?I
Standard Oil Stocks
Bid. Asuett.
Anglo-American Oil Co, Ltd.. 2G',.j 27
I Atlantic Kenning Co.1520 15"45
do pf. 1'2'a 113 Va
i Borne-ScrvuiBer Co. 470 49o
Buckeye Pip.- : !ne. !>~ 100
Chesebrougn Mi's. Co. cous.... 225 240
do pf .. IOC 108
? Continental O,; Co. 5S0 C10
Crescent Pip?* Line Co. *?'?*- :>?
Cumberland Ptpo Line Co. 145 166
Kmrlia Pipo lar.? Co. HO 145
Commenting on the vat vine; condi?
tions in the iron and ?teel industry
last year as reflected in the operations
of the Steel Corporation, Judge Gary
said: "During the first live months
a comparatively small amount of new
business was offered. This was fol?
lowed by an increasing demand and
broadening market for steel products.
During the second half of the year,
however, owing to shortage of labor,
?abor difficulties at a number of the
mills, the general strike in the
bituminous coal industry and insuf?
ficiency of transportation service,
actual mills operations were seriously
handicapped, the output during this
period averaging only 67 per cent of
normal capacity, and in the month of
October it was still lower. For the
entire year 1919 the output of finished
? tseJ fmetfuvta fer ?ftU ? v?r?g?<i 74-6
pat MAI ai ?anatity."
Bid Asked
Cale?a Signal Oil Co, pf, new... 94 98
?to pf old . 100 105
do com . 75 RO
Illinois Pip?! Line Co. 17!? 1*3
Indiana Pipe Line Co. J00 It**
International Pet Co, Ltd. 42 4:)
National Transit Co . 31-A ,32'4
New York Trannlt Co. . ..'. 18*1 1K7
Northern Pipe Line Co. 101 10.?
Ohio Oil Co . 365 30?
IVniiyMi'X Fuel Co. r.S 03
Ppttirln Oll ?- Gas Co. 0H0 "00
Prairie PlpO Lino Co. 200 8U5
Solar Refining Co . 410 4110
Southern Pipo Line Co. H? 'r>n
South I'emi OH Co. 320 3.10
Southwest Pentia Pipe Lines.. ?8 ?0
Standard Oil Co of California. 860 364
Standard Oil Co of Indiana... 840 ** S60
Standard Oil Co of Kansas..,/. 616 840
Standard. OU Co of Kentucky.. 415 440
Standard Oil Co of Nebraska. B!0 640
Standard Oil Co of New Jersev 845 866
do pf . Ill HSV?
: Standard ?III Co of New York. 46i> 405
Standard Oil Co of Ohio. 490 615
; do pf. 107 Hl!>
Swan i- Einen Co . 96 loo
Union Tank Car Co. 125 CO
do pfd. 100 10*2
Vacuum OU Co . 436 415
Washington Oil Co. 37 . 42
Miscellaneous Oil Companies
Atlantic: Lobos Oll Co.. com.. 61
do pf. 115
Et
130
"o??!
S
. 4 4'i
Elk Basin Petroleum Co. 9*6
Houston Oil Co, com. 116
Imperial ? Oil. Ltd. 120
Mugnoila Petroleum Co. 440
Merrltl Oil Corporation. 20V4
Midwest Refining Co . 108
Northwest on Co . 40
Producers & Renners com. 8%
Sapulpa Refining. Co ?. 5V4
New York City Bonds
Security, rate, maturity Bid Ask
Inter 4 Us, 1067. DU?! 97 l?
9%
120
125
400
21
170
Yield
4.64
4.04
4.64
4.64
4.70
4 ' t ?*>'.
4 H,
I960.
I ? 1,0
,p 1930.
ru
91 %
do 4m, ln.'.S..
do 4?, 1957..
Reg 4.--, 1955-19
do 4s, 1936. ni
Inter 3 Vis, 1 954., . . 7
Coupon 3 Vas, 1954. 7
S r, % x ?
4.71
4.71
4.71
4.61
4.66
4.6 0
Re?
1950-11
i, 104o-iii.mi in
Reg itnd coup (serial) 4
1919-1930 fnc .
Reg and coup (serial) 4
1919-1930 ine .
Reg and coup (serial) 4
1919-1932 ine .
.00 4.60' ?
-S,
00 4.60 ?
New York State Bonds
Issued In coupon and registered form
not Interchangeable. Coupon bond* regla
terablc.
Security, rate, maturity Bid Ask
Canal Imp 4V4s, 1964....104 105
Highway Imp 4''.s. 196". 101 105
Canal Imp 4 Vis, 1965... 99 100'.i
Highway Imp 4Via. 19.65.. 99 10* Vi
Ti* Id
4.25
4.24
4.24
Markets in
Baltimore
Open. High.
("rust.
Teres
Credit.
ID'
9'i
9 9 \
j.:i 231
9'i 9*6
12 5 2 2 It
99% 9 9?,
4"
'??,
82%
39i?
44
Sale...
."?0 H.iln
100 Cent!
10 Com?
25 Cosden
326 Celestino
7 Con Pow
56 Con Coal.
273 Da vison .
335 Klkhorn pf. ...
350 Kentucky Oil .
60 do pf. 3',-i 3 ' ;
2751 Indiahoma . . . 9 :;? 10
100 M&M 1st Nat I! ::i)i. SOU
l'omis
$1000 City ?". lis. 77'.. 77'^
1000 Chi Ry 5s. ... t;7 67
1000 (.'on Pwr 4 l*js. 78Vi 7S>i
3000 Cou Cas 4Cs. . 8 3 Vi 83%
2 000 Con Pwr 7s. . . 98 Vi 9S'.j
3000 ? P.y income ts (t -t t
Boston
25 Am Zinc. 19 H 19'i
00 Ahmeek . 67 t,7%
10 Alaska . 2V6 2'-;
7262 BiK Heart_ 11?? ] 1 ??
66 Cal & Ariz... 63 Vi 63',-j
31 Cal &? Hecla. . .360 360
6330 Carson . 25 27
100 Copper Rango 43V6 4.1 VI
600 Davis Daly. . . 10'.', 10",
410 Last Lutte. ... 15 ?'-? 16%
285 Franklin . 3 'j 3 '?
136 Hancock . 6 6
100 Indiana . 7o Tu
525 Island ri-,,-^ . . 45 46' ,
105 Isle Loyal *.2 Vi 32%
680 Kerr Lake. ... ? la .">?
50 .Mass < 'ons ....
95 .Ma-, (lower '.' c S U Si;
1 15 Mohawk. 07 07
.'..', New A rcadian ?"? Vi 3 ' ?
82?,
38%
231
9'i
2 25
99 ?i
82%
39
?1 1
7 8 ? ?'?
83 Vi
98'i
10'j 10','j
1,2 6 2
: 5 0 3 5 o
20(1
Cornel
River
21
60 Nipissing . . . . 11>7* M H17?
395 North Butte.. IG% 10*? On,
:"0 North Lake. . . 50 60 60
95 Qulncy . 57 57 57
50 Lav . 19'? 19 Vi 19'',
100 Seneca . 14?; 11% 14%
5 St. Marys. 49 49 49
:?5 Trinity. 17a l % 1%
1800 Tuoluinne .... SO 80 80
60 U H Smelters. 69U 69Vi 09
20 do pf. 48 IS 47
355 Utah Apex.... 2 Vi 2'?? 2%
100 Utah Cons. . . . 8 Vi H'-j 8Vi
100 Utah Metals. . 2>i 2% 2 Vi
19 Vi
14%
49
1%
80
09
47
Rai Iron iT"?
20 Bosl ,t- Albany.l 26* ?
?15 Most on Kiev. . . .,5
2 )..??- ?<- M pi'
*nt i
', il
; i i N
.. < i
6 \\
.V II
Colon
Il .
si End pi. . 5 1 5 I .,i ., ?
Miscellaneous
:. Am Agr. 91 '.'1 91 ni
<? do pf. 91**? 91 % 91 % 91 %
2300 An*. OU. G% <; ~a 6 Vi 6Vi
95 Amoskeag.160 ?? 1(11 160 160
50 do pf. 81 Vi 81 Vi 81 Vi 81 'i
25 Am .Sugar.131 Vi 13 1 % 130 130
36 do pr.115 Vi 115 Vi 115 Vi 115 Vi
210 Am Tel. 98% 9*?\ 92Vi 97''2
212 Am Wool pf. .. 102 l? 102 '?? 102 '?, 102'?
150 Anglo Am. 10 11 10 11
50 Art Metal. 31 V? 31 % 31'? 3!'i
1065 Century. 3 3 2% 2 s?
100 Kast Boston . . . U 6 ? ? '
105 Eastern s S... 25 25 24 24
100 Lastern M Cf.-. . 30 Vu 30?i 30 30
H4 Bdlson -*.. . 157 " 157 155 155
1400'Elder. 31 Vi ?l% 30% 30%
645 Fairbanks. 72'? 7 3 72 7 2
4 Gen Electric. . 159% 159% 159% 159'?
?1 Gorton. 25' . 25 U 25 ' ? 25 i .
G4 5 <;y.iy.
10 Inl Col M pf.
100 Inl Prodis. . . .
565 l.ibbv.
2530 Mass Gafl. . . /
43 McElwain I pi
70 Mes Inv.
576 Nal Leather.
114 New Eng Tel.
250 Ohio Body. .
150 Orpheum.
2 Pad fie Mills.
,.'i '
:>i
'.su
20 Reece But ll
70 Sha winul.
965 Simms.
;'.nii sie wart.
.",; swiii .
500 do Intl. . . .
I Torrington . . .
l 7? United Drue
315 United Shoe
?I G
V.'k-j 30% :
168 10,s
5 0 Vi 60 Vi j
1 6 l 6
18% lili?
46% 471? ?
12 1 121
16
?nt m?
a!.loi ;
althai
4 25 VValW
20 2 Wiek
Al
19ou A O \V 5s.
2000 i 'arson 7a.
1000 C ,1 <<- S 5s
1000 Sv. ift 5s. .
Boston Curb
Ar., r,,,,.? VVm. o_l...f0M ?_*
Ari_ Silver 1'.g 1 3-16 Houghton Do 70
Blk Hawk..75 86 ilion Bloss...2S 40
Bohemia .. 1*4 1"-. Iron Cap ..II 13
Bos & Mon.72 71 ?Jerome Ver 35 46
Calaveras?? 114 La Rose . . .'?.n 4-,
Chief Con.. Ai '% Majestic 17 "?1
?'on Copper. 1 ?'* 5'?JMex M et als. 15 ?g
Crown Rsv.30 t" 'M1.1 .\loss 55 m
Crystal new.27 30 i.Moj Tungst.10 14
Denbigh ...30 31". Monarch ? 75
Eagle B B..2 1-16 _*4)Nat I. & y. ' -, ?j
Fortuna ...3 s .V< v Doug. 16 ig
Gadsden .. 9:,,- p,; New Baltic. 3 ?*
Referring to the schedule of prices
agreed to with the Industrial Board un
March 21, 1919, he said that these
have since been ordered to "notwith
standing there has been a steadily in?
creasing cost of operation ancl pro?
duction, and the demands of customers
for materials would have permitted
higher prices."
Pay RoH $479,548,040
Labor statistics of the Steel Corpora- 1
lion disclosed that, the pav roll last j
year was $479,548,040, an increase of
$-?6,884,516 over 1918. The average'
.alary or wage an employee a day was !
S6.17. compared with $5.38 in 1918. The 1
average number of employee?? during!
the enth-e year was 252,106, a decrease'
of 16,604 from the 1918 average. The.:
largest, number of employ?es in any;
one month \va- in February, when!
?74.S37 worn op ?h? pmy rol,l, Th'ii I
dwindled tu 211,001 in October, when I
4.15
4.15
4.15
4.16
4.15
Security, rat?, maturity. Bid. Ask. TW*
Barge Can T.r 414?. 1545 ?? -?Jt. Ml
Highway Imp 4s, 1067-?5 ?7
?-ranal Imp 4s. 1967. ?5 97
Highway Imp 4s, 1?59
1963 Inc . ?5 9J.
Highway Imp 4?, 195?- 95 ?7
Canal Imp 4s, 1910-1952
Inc . ?S ?T
Barge Canal Term *4s.
1942 and 1946. IS ? ?
Canal und Highway 3?, .
1965-1959 . on application.
Federal and Joint Stock Land Bank
Bond-t
Federal Farm Loan 4V_s. , _
I9.-19 OP 1924.100 10? H *?"
Feileral Farm Loan 4V.S,
19:iX on 11133. 96 ?4 ?7% 4.71
Federal Farm |.n.n 4V.S, , . _,
1937 op 1922. 9.',4 -714 --71
Federal Farm Loan 4',_s
1987 op 1922... 96% 97% 4.71
?Tolnt Stock Land Bank 5s,
1939 op 1924...-r". 97V_ 9814 6.1
.Tolnt; Stock Land Bank in, ....
1928 op 1923. 96">4 ?-V4 613
Short Term Securities
Am Tot Oil ?s, 1924. 9? 96%
Am Tel ?~ Tel 6s, 1922... 95??. 95%
Am Tel *? Tel 0s, 1924_ 94 94%
Amer Thread Cs. 1928... 9? 100
1920. . 1001,4 100%
1931
1923
Amer
Amer
1 Amer
1 Amer
7s,
fobaeeo
Tobacco
Tobacco
Tobacco
Anaconda ?.'op 6s
Armour t'onv 6s,
Bethlehem Steel
Bethlohefn steel
Canadian Pac Ry
100 *4- 101
100'?. 101 %
1923.. 1.0 V- 101 %
1..9.. 94 Vii 96 U
1920-'24 99 V-i 101
7?, 1922 99% 100
1*8, 1923 99% 100 Vi
i,s. 192 4 9?
Agr Hv 6s. 1937. ... 85 8"
C, B <~ Q ItR .It 4?, 1921 95% 95%
?', ?', C ?fc S L Kv 6s, 1929 8X',_ 89
Cub A Sug 1st lion 6s, '21, 99 Vi 100
I'l-tlBhy Pack Co 7s. 1923 39% 100 Vi
Del ?t Hurt KR 5s. 1920.. 99 99V.
Fed Sug Kef 6s, 1924- 95 96Va
(ten Blectrlc 6s, 1920- 99% 100'/?
Great North Ry 5s, 1920 98?
Cult Oil 6s, 1921. 97V.
??Ulf Oll 6s, 1922. 96%
?Hilf (HI Us. 1923. 96",a
Hock Val P?R 6s. 1924. . . 92
I Interb lisp T eon 7s. 1921
.1 Hold Pack 7s, 1920. . . .
,r Dold Pack 7s, 1931. . . .
.1 Dold Pack 7s. 1922. 99
.r Dold Puck 7s. 192;:. , . . '?<?>
I Kan City Ter Ky 6s. 1923..-97
| Kennecott ?'op 7s, 1930.. 96
ll.acledu O I. Ist&ref7s. '29 95
I Llg &: -Meyers Tob 0s. 1921 98
99
9 g??i
98?.
95
7? 74
99% 100%
?19 i j 100'ii
99 100
?9 100
98
Mollne Plow ',
Molino Plow
Molino Plow
Molino Plow
Molina Plow
N Y ?' P.H 6s.
Philadelphia
s, 1920. .
1?, 1921.
7s, 1922
7s, l92o.
is, 1924.
1920.. . .
1911
9?i
101
98% 101
98% 101.
9S% 101
98% I'll
991
94
051
?nnsylvanlu 4V_s, 1921... 96V. 97
Pro?: Sr Gamble 7s, 192 I. . 100 Vi 100%
I'roc & Gamble 7s, 1922. .100% 101%
Proc <fe Gamble 7s. 1923..101 101%
< Pub Ser of X.I cv 7s, 1922 86% 87'a
P? .T Revnolds Tob 6s. 1922 98 98%
.Southern P?v 6?, 1923. 94 94V.
kStPaul CDep gr 5%s, 1923 96 97
Swift Ch, 1921. 9S% 99
'The Texas 7s, 1923. 99 99%
V India Sug Fin 7s, '29. 93 97
I'tah Securities 6s, 1922. . Mi 87'-.
Other Cities
7.00
7.90
7.65
6.00
6.90
6.20
6.40
6.50
6.65
7.00
6.90
7.00
7.35
7.80
6.00
6.85
6.00
6.9J
6.7o
7.Q5
7.05
?.8 5
6.50
7.45
6.40
6.70
7.00
7.00
6.60
7.40
7.60
?J.8?i
5.9 5
6.20
6.45
6.55
6.811
6.95
8.80
6.20
6.25
6.35
14.40
6.70
6.4 5
6.60
7.46
11.90
Nixon . . .
Onondaga
Orpheum
Pilgrim . .
- Pioneer .
Bngr Petr..??
; Rainier.. 11-16 1 7-11
Bid. Asked, i Bid. Asked.
. 14 17 ?Svn Metals. 19 21
,20 50 ( S W Ml f p. 4 4%
? 21 % 31',4 Silver Reef..12 14
.23 27 iTexana ....23 25
.HOC 1.00 I* Veille E-.37
Yukon
1 !
200
740
220
100
.".(?0
1 10
910
120
2100
20
73 00
6900
10
145
800
250
480
310
2100
22 0 0
::oo
110
?600
27 0
1200
50
6 00
3 45
190
$3000
8000
J000
150
I?,?!
100
?JOO
1 100
H00
J00
140
J!)S
200
28 0
Chicago
Am P?;id new. 8 2 % -8 2 %
do rights . . 1% 2
A D & Conn pf 93V?i 94'j
Armour Lea . . I 7 'g I 7 %
??o pf . 94-".i 95
Armour pf . . 99% 100
Booth p'i-h .12 12
Heaver Board 55'7 55'j
Briscoe . 67 67
Bunte Bros .. 17 ij 17Vi
Bucyrus pf . . 98 93
Chi C <fr. C R.vs t'i ! %
iio pf . 9 :i
Chi Pneu Tool. 109 lO.i
Cildahy .100 100
Com Kdison. .107 107
Cont Motors.. 11% 11%
Deere & Co. pf.100% 100%
Great Lakes. . 88'. 89
Hupp Motor.. 17% 17%
Illinois Brick. 86 88
.1 1 Case Plow 20'4 20%
K C ltv 2d pf 79 79
Libby McNeil. 27 28%
Montgomery W 39% 40
do pf .106
Mitchell . 43'
Nat Leather.. 13?
? ?rpheum .... ::o ?
Public Snrv pf 90
Quak Oats pf. 95'
Reo Motors. . . 27 '
Scars Roebuck.230
Shaw . 89
Stewai t War. 4 1
Stewart Mfg.. 47'
Standard i.%s. 1.9 "j
lo?;
43'
90
95'
230'
8 9
?441
47 '
1 9 '?'
1V?
106
7 00
107
11%
100 V?
88%
17%
8?
19'i
79
58%
106
42 V.
17' .
98
I %
10?
100
107
11%
100%
89
17%
88
19%
79
27 V.
39%
106
?:. o *., :: o 34
230 230 V.
4 4 % 4'4
Swift I n I
Swift <fc Co
Thompson . . . 50
T'-mtor Prod . . 42
I'n Carbide. . . 73
Un Paperboaril 26%
Un Iron Wks. 68
"Wahl . 41V.
Western Knit. 21
Wrigley^. SI
Bonds
Chi Ky, B 5s. 35
South Ell 4 Vjs 66%
Swift 1st 5s. . 89%
Detroit
Charcoal i ron . 4 ',<
I lolUlil SUgar. . 1 S '.a
Con! in Motor. , 1 1 %
Com mei ce .... 15 '??
Detroit Edis. .110%
Ford or Can. 4 18
Federal . 82
Mich Sugar.. . . t ' '.'.
Noble O &? ?1.1.67
Pack Mot Car. 27V4
Reo ?Mot Car. . 27 '.
Lincoln Mot. . 49 Vi
26"
68%
41%
1 9 %
4 1%
120
60
41%
70%
25 Va
68
41
20%
1 9 %
42%
120
50
43
71
2.? ',_
6?
41
20%
80
6 0 '4 66'
8 9 % 89'
1 10'
120
Philadelphia
Am By pf. . . . 58 58
Am Mlg. 8% 8
Am Stores. ... 44 44
Brill . 46 46
EJlec Stg.115 115
Ins Co N A.. 2S% 29
do warrants. 7 V-i 8
do rets J10 pd 18 18
Lan Monotype 81% 81
Lake Superior. 19% 19
Le h Nav. 65 65
Leh Valley.... 45'i 45
I'll Co 6 p c pf. 34 % 35
Penan Salt... . 75 % 75
P R T.'. .. 21% 24
Phil Blec. 25 25
'Tono Belmont . 2-** 2
Tono Mng. 2 % 2
u <; i...
Welsbach .... jo
West more Coal 75
Wem .1er ?SS 40
"Warwick Iron. 8
United Co X .1.175
lim
418
46
115
120
7 S
11%
.68
2 6 Va
5 S
.8 %
43%
4 6
115
28% 28'
50%
.34'
$1000 B?,
1000 Kl
5000 De
2 00 0 d
I0O0 do ?s...
2000 do 4 V. s.
2000 Mar SI E!
18000 I'll El,?,- 1
5?i00 Heading 4
Bonds
win 1st 5s 96",
& Peo 4s. 621"
V Coal 5s 97
62',
97
9 6 i ?.
62V?
72%
100
79
:?i %
73%
7'._
18
81 ',.
19
65
4 5%
21%
24%
96'a
62 %
97
91%
VS%
Pittsburgh
f?ll Mil
Prod.
15
. 118
120
3 ?70
150
580
325
'2 4 0
9600
1500
10
Am Win G M.
Ark N'a' Gas.
Carbobyd pf. .
?'ons Ice.
Guffey-Gillesp.
f?ark-Walk R
I ndpi Brew pf. 14
Kay Co Gas... it?
Lone Star Gas. 35 >t
Marland Ref. . 5%
Mfrs Lt ?S- Ht.. 59 .
Nat Fireproof.. 8
do pf. 15%
Ohio Fuel Oil.. 32
Ohio Fuel Sup. ?3
Oklahoma Gas. 41 %
Pgtl ?1er Cop. . 9c
Pgh Mt Shasta 33
Riverside K Oil 2%
Union Nat lias 124
W Penn T&W.. 15%
do pf. 74
West Air Bl?e..l 14%
West Elec. 53
Bonds
Indpt Brew 6s. 54
1 iv
11 '
1 IS
14'?
35%
15%
3 2
53%
41%
9c
53 _
2%
124
15'
118
14i?
35
?''*
15%
31%
124
14
114 1
53
the worst effects of the strike were
felt.
Judge Gary stated that the 10 per
cent increase in wages which went into
effect on February 1 of this year added
about $45,000,000 to the corporation's
pay roll. Since January, 1915, he said
that the wage rate for common labor
had increased 144 per cent, while the
general average increase in the earn?
ings a day for all employees since that
period was 130 per cent.
At the date of writing the annual
report, Judge Gary said that 66,477
employees had subscribed for 167,407
shares of the common stock under this
year's . stock subscription plan, which
provided that the stock should be of?
fered at $106 a share.
"This i*= the largest subscriot?pn re?
ceived under any offer," be added, "and
compares with subscriptions in pre?
ceding year from 69,830 employ??*, for
? total of 1(8,11? tauroa."
Standard Oil of
N. J. Goes on the
'Big Board9 To-day
Company's Output This
Year Expected to Show an
Increase of 10 Per Ccnt
The governing committee of the Stoclt
Exchange approved yesterday the ap?
plication of the Standard Oil Company
of Now Jersey to list ?s preferred
and common stocks, and trading in
those issues on the "big board?jwill
?tart to-day. Hitherto the o?1* ?""
ket in the shares has been on the
New York Curb and through over-the*
counter transactions. The.listing ap?
plication contains twenty-six pagesi ol
data concerning the parent companj
and its constituent properties, includ;
ing a history of the old Standard Oi.
Trust up to the time of its dissoluttor
in 1912. The total stock listed is $196,
076,000, consisting of $98,338,300 com?
mon and an equal amount of 7 pei
cent cumulative non-voting preferred
There are twenty-eight companies no*
directly owned or controlled by tht
New Jersey corporation.
Statistics of the parent corporatioi
showed that in 1919 it refined 8,812.45'
barrels of naohtha and gasqhne, 8,108,
634 barrels of refined oils, 12,647,251
burrels of gas and fuel oils, 1,857,57<
barrels of lubricating oils, 39,686 ton
of scale wax and 1,781,144 barrels o
other products. The estimated outpu
of the company's refineries for 1920 i
! stated to be about 10 per cent in ex
I cess of last year.
Figures additional to those publisher
I lest July when the company sold it
I new issue of preferred stock showe
a total profit and loss surplus o
December 31, 1918, of $464,204.725. Thi
included net operating earnings fo
that year of $36,358,806 and $19,782,02
received in dividends from affiliate
and other companies. The differenc
between the net value of affiliate
companies and the amount at whic
! they are carried on the books of th
I company on December 31, 1918, wa
I given at $165,939,302,
j Tho gross earnings for 1918 wei
i ,$412,368,085, from which was deductc
j $367,242,517 for operating expense
general taxes and depreciation. Incom
from other sources added $13,782,272 t
j the operating income, while $8.120,95
! was subtracted for general expense
1 leaving- a balance of $50,786,914. Ii
i come and excess profits taxes for 191
paid during 1918 absorbed $14,428,10
Dividends received from other than a
! jiliated companies brought this total v
j to $39,897,062. Earnings of affiliate
i companies, after deducting 1917 tax(
?paid in liiUVwore 838,700,797, makir
'? total net earnings of $77,571,348.
Other securities admitted to tradir
I yesterday included 41,667 addition
I shares of common stock of the Colur
I bia Graphophone Manufacturing Cor
' pany, $18,000,000 interchangeable ce
i tificates for Class A voting stock
I the Barnsdal'I Corporation, t?mpora
: certificates for $2,17.'',495 capital stoi
? of the indiahoma Refining Compan
I 104,827 shares of stock of the Compu
; ing - Tabulating,- Recording Compar
j temporary certificates for 137,5
? shares of Class A slock and 55,6
? Class B shares of the Temtcr Corna:
' Fruit Products Company, t?mpora
\ certificates for $2,500,000 7 per ce
! cumulative preferred stock and 85,0
; ?hares of common stock of the Ph
lips-Jones Corporation, $8,000,000 cum
lative 7 per cent preferred stock a
850,000 shares of common stock
Montgomery Ward & Co., Inc., $1,00
000 additional stock of the Columl
Bank, temporary certificates for $
j 000.000 cumulative 7 per cent prefer?
stock and -200,000 common shares
! H. R. Mallinson & Co.. Inc., and $1
000.000 temporary 6 per cent debentt
bonds of tiie (?enera! EJectric Co
pany.
Plan Permanent Market
For French Gov't Bon?
| Sales of Internal Loans in U.
j Reached 85,000,000 Franc
in Campaign Just Closed
The experiment of formally offer:'
the new French internal bonds,
! decmable at 150, to American subscr
ers may lead to a permanent mar'
| for French internal government boi
\ in the United States. Revised returns
1 the French Financial Commission in
! cated that the hale during the ca
: paign which closed Saturday ni^ht 1
reached 85,000,000 francs in'the Uni
j States. It is believed that subscr
'. tions in France were between 15.0(
i 000.000 and 17,000,000,000.
Even before the sales campaign
j the new French loan'was started mr
bond houses in this country were off
ing French and other internal sect
ties. But practice has revealed s
eral obstacles, the removal of wh
has been the subject of conf
enees which have been recently h
in the financial district. To make
market in French internals in Ji
York more orderly, it has been p
posed that the French governm
' work out a plan in connection with
\ American trust company for the is
! anee of American certificates agai
j French internal bonds. This suggest
would apply t'ne same principle t
j has been used in the case of sevc
foreign corporations, such as Ro
Dutch, Sheil -Transport and Ri
Mines, Ltd., which now have Ameri
shares outstanding.
According to the plan which now
being discussed with a view to act:
the French bonds would be deposi
in trust with the trust company
Pat-is, and the trust company in An
ica would issue the American cer
cates under its own signature. 1
would obviate the delay in awaiting
livery of the French internals fi
France, and would, in the opinion
its sponsor;;, lessen the chances
counterfeiting the foreign bonds, v
which the American public is in
miliar.
If the program is carried out, ap
cation will be made for the listing
the American certificates on the I
York Stock Exchange. The outsts
ing French internal loans which wc
be affected by this plan are 3 per t
perpetual rentes, 3V? per cent amo
zable rentes and the five loans iss
since 1915. The suggested program i
provides a more systematic methoc
cashing in coupons in the present f
tuating exchange market.
Railroad Buying Light
Railroad buying of steel, apart f
the first show of activity in the 1
few days following the return of
lines to private control, has been
appointing, according to "The 1
Age" this week. It is noted that
Rock Island has withdrawn inqui
for all but 500 of 3,250 ears for wl
it was previously in the market.
"The movement of steel is
handicapped by car and fuel sh
ages," this publication adds. "
ending *f government control in A
is expected to bring hip her prices
coal and coke and a 'letter sdp
Coal has been exoorted t higher t
domestic prices. There will be les
that after April 1.
_ "In view of all the handicaps proi
tion continues so large 'that the
cepted estimates of capacity are bi
revised upward. Those in the ti
who have watched for an easing of
called premium prices regard the
ond quarter as tho decisive pe?
Sales aggregating about 12,000 ton
steel making and foundry pig iron 1
been made for export and further s
art pending."
5/2% PRUDENCE-BONDS
mm Th? Kind of a Bm?tha* ?$\
iht Only mZcmd of Its K?nil
J>RuDENC??BONDS art ?eeored
F bf fast mortgages on selected
It-Come-Ptoducing real estate, the
oldest? the strongest, the safest form
ofcinvcstineut in the^rorlct. In addi*
tion? the principal and Interest are
guaranteed by our entire capital and
?orpins. Ulis is unusual, but any
other institution would do the same
if it luid the tame grade o? bond
to offer.
X " KtUDEMCE-BONDS ARE ISS?TED IM DENOMINA?.
N. TOONS OF fioo, $$oo. and ft ,000. TREE FROM
\ 4% NORMAL -FEDERAL TOC?ME TAX.
GUARANTY TRUST COMPANY OP NEW YORK, Truite*
Realty Associates
\ Investment Corporation
Ci>!i_l sn? SarplM . . -. iMoojoeo.o,
31 Nassau St., New York Phone Rector 2/8/
16a Remstn St. ?Brooklyn Phone Main 6480
DIRECTORS: FRANK BAILEY LOUIS J Hm,n?.
Vibres.. I ?tie Guarantee Pre?, ihom_^A? WlTZ
?ad Trot t ?Company no"P*wn-Starr_tt Co,
ANDREW D. BAIRD ^.^1^^^'*
Pre... Williamsbure' Sa?- inga Bank UJSmsbu*-S Sav.
,awBan,S ' CLARENCE H.KELSCT
CHAS. S. BROWN "?resv ?tie Gu?rante.Tad
Chairman or the Board, -trust Company UB
Brown Wheelock Co.. Inc. CLIFFORn ?? vr? or...
?_cce_K>r. to Douglas Rob- v??.?S2P \^.fLSEY
maon. Chat S Brown cite? ' eaUy **?
Company aies'
CLINTON DBURDICR ^fSffpffiTffi,
Second Vice-Prerf.. Title tie.. Inc. "rroper
Guarantee and Trust Co. T?ure /? ..,_
JAMES G. WENTZ
_?WILLIAM M. GREVE ???ctor.ReftltyAssociate?
Vice-Pres.. Realty Asao- WM. H. WIIEELOfK
c__te.In.e_t?ent?o.p. f?-..BrowAr^?2lSo,
Q2 .rookl.n Sav.no ga-y^g?
Send for booklet G 10, "Making Money Where the Savings Banks Make It."
a row? or m v-amawT
! as old as the rnuMBt
Af? AS STKONC
_</ _V<?__> Booklet?
Greater France
and Three French Cities
T7RANCE has accomplished a stu
A pendous task in the last year. A
new breath of life has swept over the
country. Reconstructionisinfull swing.
The latest available facts and figures
of France's remarkable progress are
given in an illustrated booklet which
we have just issued. It also reviews
the resources of France and her co?
lonial possessions, and the commerce
and industry of three of her most
important cities ? Bordeaux, Lyons,
and Marseilles.
This booklet should especiullv in?
terest investors and those trading with
France. Copies will be sent?n request.
Guaranty Trust Company
of New York
140 Broadway
Fifth Ave. Si 43rd St. Madison Ave. & 60th ?St. 268 Grand St.
Capital and Surplus - $50,000,000
Resources more than - - - ?800,000,000
American
International
Corporation
HT HE current number of our Market
Review contains 3n article on
the American International Corpo?
ration, one of the most representa?
tive of American enterprises. Each I
of the diversified interests controlled
by this organization is a conspicuous
success, the management broad
visioned, strong financially and con?
servative.
A copy of this Review will
be sent on request for JC-507.
HUGHES & DIER
Investment Securities
Bonds?drain
? PMla. Stock Exchange
Members ?{ Pitta. Stock Exchange .
I Chicago Board of TraJe
50 Broad St? New York
Suite 612-620. Tel. Broad 6140
Fifth Avenue Office
509 Fifth Ave. Tel. Vanderbllt 9533
Hartem Office
?7 W. 125th St. Tel. Harlem G651
Philadelphia^ 1438 Walnut Street
Clothing Makers Raise Wage?
LONDON", March 1.?An agreement
has been signed by .the Wholesale
Clothing Manufacturers' Federation of
Great Britain and the trade unjon rep?
resentatives by which minimum wages
are increased 125 per cent for men and
300 per cent for -women operatives. This
agreement is the first of its kind in the
clothing industry.
FINANCIAL MEETINGS
SOCTIIEKN PACIFIC COMPA5T.
NOTICE OF MEETING.
165 Broadway, New York. .V. T.
January 2, 111?.
Tli? Annual Meeting of the StocMioMM?
of the Southern Pacific t ompany ?rill M
i held at the office of th:-> i'o;-.ii>3i/ in Aa*
chorago. Jefferson County. K-. rrueky, ?*
. Wednesday. April 7. 1920, ?<? .'iMV'>*
o'clock noon, standard tixnc. toe ti.? ?"?*
lowing purposes, viz:
1. To <*li*.*t fifteen Dli - ?tors
2. To uonsld.r and act upon a'l net*
? tiors and matters which lh?*y ?? -?> ' 'r'*
before the meeting: relating t.. Federal con?
trol of the Company's prop ? under tM
.act of Congress of March 21, 1918
agreement or settlement with it? C-overiv
i ment in respect thereto or relating to tn?
: termination of su?*h Federal control by trs
I return of the prop.-rlie.s ?r otherwise ?r.w
or relating to conditions result-ng from "
I succeeding such Federal control, and r?*
??rally all questions and matte*?'g?*??g
out of or incident to* such control. ter
1 mlnation thereof, or following conditions,
3. To transact all sut h other busl".** ?*** ?
?may legally cene before the meeting.^
eluding the approval and ra'inralion ot *??
; action of the Board <_f Directors and of ""J
, Executive Committee since the last a3,r*?
| meeting of the Stockholders ot tbi? *-om
: Pany. ,...
For the purpose t.f the meeting.? la'
books for the transfer of stock *'" JZ
. closed at 3 o'clock P. .".!.. Tuesday, -"?f"
: 23. 1920. and will be reopened at 1? o?*?
, a. M.. Thursday, April X. 1920
By order o? the Board of Dir" '?<?""*?
HUGH NBILU BetteWt*^
I CHICAGO, SAINT P.W l,. MlSNEAr^.r4'
I AND OMAHA KAII.WAY COMPAS*
NOTICE OF ANNUAL MBBTlNa-^
The Annual Meeting of the f?tooktoiw"
of the Chicsgo, Saint Paul, M ml''*h.ld
. snd Omaha Railway Company will M ?"
at the offlce of trie comyany, in tB* _g?*
of Hudson. Wisconsin, on Wedne*??';
April 14. 1920, at nine o'clock A. -?? ".
the election of directors and. ti.s lr*" ,
I action of sucn ottier business as may *"m
I before said n-.eetlng. ?,.(.
Transfer books will b? clo"*d ?" *.,..
! day, March IS, 1920. at the close c. ?>>???
- Itess on that day. and will bo ?**.'9*a'a
j Thursday, April 15. 1920.
Dated. Februarv 2%, US*. ,. _,
JAMBS T. 11..1RK. Preslrt??*?
JOHN V. CALDVVE1.U Secretsrr
"The Iron Trade Review" statc.thAt
sales of structural steel h^\ ?*',"*
taled tit least 25,000 tuns. ?h? --*":t ',"
can Car and Foundrv Company. l"
stated has closed for 1,500 cars

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New-York tribune. [volume], March 25, 1920, Page 16, Image 16
About New-York tribune. [volume] (New York [N.Y.]) 1866-1924