New-York tribune. [volume], March 26, 1920, Page 17, Image 17

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

Image provided by: Library of Congress, Washington, DC

                
Stalr*ity
Those who prefer a
thott Hm<e ?ecuriry whose
early m-turity assure? lit?
tle or no depreciation in
market price nun-* ?ecuTe
full particular? of a note
iwue yielding 7 per cent.
by requesting circular
??R-r"
The note? are remark?
ably secured, issued by a
$100,000.000 corporation,
whose earnings for the
last five years averaged
more than 12 time? the re?
quired note interest.
Robert C. Mayer & Co.
Investment Bankers
Equitable Building
New York
Tel. Rector 6770
Record Copper
Consumption in
The Past Year
John D. Ryan Says World
Used About 2,970,000,
000 Pounds; Stocks inj
Europe Now at Minimum '
Despite the varying conditions in the
topper industry, due primarily to the |
sudden ending of the war, the ?world's
consumption of the metal during the
"?ut twelve months ?was approximately
?2,970,000,000 pounds, a total in exc?s i
of the production for any year in the
history of the trade, including the war
years.
This figure, showing the consumption
of the last year, was contained in a i
statement issued yesterday by John D. '
Byan in his capacity as president of
the Copper Export Association, which
has jus* completed a compilation In?
dicating that copper stocks in Europe
asve been reduced to the absolute
minimum with which those countries
an carry on business.
Made Study of Situation
"A year ago this month," ?aid Mr.
Ryan, "the representatives of the Cop?
per Export Association visited the
countries of Europe, excepting the Cen?
tral Empires and Russia, that are im?
portant in the consumption of copper
and made the most accurate possible
determinations as to stocks of the.
metal en hand in the form of raw cop- ?
per and scrap which was left as a re
f_ll : the manufacture of munitions.
"From the most definite figures ob
air.abie covering the year's business,
ioth production and consumption, in
4is country and the countries of
Europe, excluding the Central Empires
sad Russia, we are now able to deter- ,
toe quite accurately what the con- '?
(Oft r was during the year ending
r.? thi. month and what is the state
?"the industry as regards stocks of
?nishcd metal "on hand, and, further,
whit is the prospect for the year ahead.
"Our committee reported that the
stocks on hand at that time, exclud?
ing the Central Empires and Russia,
aggregated about 545,000.000 pounds of
new copper and ."55,000,000 pounds of
topper in scrap. This amount included
about 70,000,000 pounds of copper be
ongir.g to the foreign governments
".ich were then held on this side, but
:ave since been exported, and 75,000,
00 pounds of Australian copper that
'.-d been accumulated by the British
wvemmer.t and left in Australia for
sck of snipping during the war, mak
?~g a tota! of available stocks in those
tountries of 930,000,000 pounds.
"The production for the year out
iide of the United States refineries was
?bout 450,000,000 pounds, and through
'be United States refineries 1,800,000,
Wfl pounds; the stock of copper pur
?a&sed by producers from the United
Satis government surplus was 100,
'?0,000 pounds, and the copper con
f-ts of the government stocks of scrap '
-the hands of manufacturers 150,000,-!
"00 pounds, milking a total of European
!'.ocks, world's production and stocks
acquired from the government of 3,430,
50,000 pounds.
"From this must be deducted an in
'ease in the refinery stocks of the
?oited States of 240,000,000 pounds,
2?*?d the estimated stocks of copper and
^??P in Eurone of 220.000,000 pounds,
Ta total of 4S0.O00.000 pounds, leav
p-. an apparent world's consumption
' 2,970,000,000 pounds, which is in ex?
cess of the production for any year in
?story, including the war years.
Stocks at "Absolute Minimum"
The fact that the consumption In
m year has reduced the stocks in:
w^??8 t0 the absolute minimum with ;
iBlc" these countries can carry on i
??es?, and has wiped out all the1
W'ernments' -urplus stocks, with only i
filial consumption in Germany.!
*aich has heretofore been, outside of!
??- cntted States, the principal copper j
?rooming nation of the world, leaves
?? metal situation such that the only |
-rel? .V'ai!ab'e for new consumption '
, ?I k-v tbe American producers,
?hi e_amoun? unsold is not more
? ?n sufficient to furnish a reasonable ;
If d cons?dering the world's needs." ;
'or yan 8a'd that Plans under way !
t? ? ' !R cred?ts to European buy-:
?v.nt cvrper were progressing. In the j
m.l ."at a definite arrangement is ?
W* y_ which cred?ts will be ad-i
Vi f, h.e said that foreign buyers !
ros..? lm -^ t0 31-_ times as much ,
Si??*8 tht-J' have been buying. The ??
nestle consumption of copper dur
g ?e last half of 1919, according to
,.J..?yat}> was equal to the world I
?on of any of the pr*?-war
*n.
^toond Match Earned
0 S12.81 a Share in 1919
? * total volui"? of business ag-1
Co?&tlng $3'556'399 ???? Diamond Match i
ttpany in 1?J returned a Mt in. j
? tL^l ^t*?3?^- equivalent to $12.811
*J AV'*T.hlch compares with $2,058,- <
-?on?? 13 a E are- in 191* Th'S :
mSk\ Tas re&ched after deducting ;
wio?\ La rePail"8, renewals, depreci- !
h?trJ. ?serves and $500,000 for
g"?i taxes.
*ifif0l?er" recei^d $1,857,208 in1
??on?? j-dur,n? the year, the same
**kn? d?,?.ra,but?d the Vear before. I
??Svf $816.^08 was added to the
*-?ot.i . PICV10US surplus, bringing
W ft ? $2-'-?5'787.
!k \'L^zg was elected a director of ;
^ ?X-!myX lucce<>dir'? tb0 Ir'te o.\
?itxtecL other directors were re- ?
^50,000 Gold Shipment
^?oa?i '25.0'000 ?'*oId* ?*k
j?^000 thu, t?r this week, was
^?Y withdrawn from the Sub?
ir. _L 5hIPm?nfc to Cuba, and!
iy^colnjj waa withdrawn
U. S. Government
Transaction?
Salea.
Liberty S%s, 1M7. $381,000
do 1st 4?. 104T. 93,000
do 2d 4s. 1948. 220,000
do 1st 4%s. 1947- 93,000
do 2d 4%e. 1942. 988.000
do 3d V?e, 19?8. 1,674.000
do 4th 4%s. 1938.... 3.?41.000
Victory 4%s, 1023. 730.00O
do 3%s. 1923. 861,000
Quotations
Liberty 3%s..
do 1st is...
do 2d 4s. . .
do Is? 4%s.
do Id 4V.
do 3d 4%s.
do ?th 4%s
Victory 4%s. 9
do 3%s..
Hi?h.
97.60
90.60
$9.48
90.80
89.90
92.78
89.90
60
.60
Low.
97.40
?0.30
89.30
90.50
S9.62
92.56
89.64
97.50
97.4S
Lut.
97.40
90.40
89.42
90.50
89.76
92.68
89.70
97.54
97.66
Yield.
3.65
4.61
4.74
4.85
6.00
f.. 12
5.45
4.46
Net
eh??.
?.10
~.2n
?.06
?.40
?.14
?.08
?]08
?.08
Bid and Asked Quotations
Closing
Wednesday.
Liberty bonds
8%s, 1947.
1st 4s. 1947...
2.1 4s, 1942....
1st 4%s, 1947.
2d 4%s. 1942..
3d 414s. 1928.
4th 4 ?4s. 193S. 89.66
Vic 4%s, 1923. 97.50
do 3%s, 1923 97.50
Pre-war Issues :
2s re?, 1930.101
2s coup, 1930_101
33 regr. 1946. 89
Ss coup, 1946_ 89
4e re?, 1925.106
4s coup, 1925_106
2s Pan, c, 1936.. 101
2s Pan, r, 1936..101
2s Pan, c, T38..10L
2? Pan, r, 1938.. 101
3s Pan, re?..
3s Pan, coup.... 85
Phil 4s. 1934_85
Phil 4s, 1935.... 85
Phil 4s. 1936...
D. Col 3s, 1965.. 97
Foreign Govt. and Municipal Bonds
(Interest To B? Added)
Anglo-French Extern 6s, 1920.. 97
Argentine Intern 5s, 1945. 72
Canada, Pom of. notes. 1921.. 9?
do 5s. 1921. 96
do 1926 . 92 "
do 1929. 94%
40 1931.,. 90%
Chinese Gov Hu Kug Ry 5s, 1951 44^4
Cuba Extern 5s, 1944. 91
do F.xtern 5s. Series A, 1949.. 83%
do Extern 4Vis. 1949. 73%
Dominican Rep 5s. 1958. 78%
City of Lyons 15-yr 6s, 1934.. 89
City of Marseilles 15-yr 6s, 1934 89
City of Bordeaux 15-yr 6s. 1934 89
City of Copenh 25-yr 5%?, 1944 79 ty
City of Paris 6s, 1921. SP-'?i
Jap Gov 4%s, string loan, 1925 77
do -Has, 2d series, 1925. 76%
do 4s, sterling loan, 1931_ 63%
City of Tokio 5s, 1952. 57%
U K G B & I 5-yr 54a, 1921. . 95
do 3-year 5%s, 1922. 92*4
do 10-yr 5%s, 1929. 89U
do 20-year 5%s, 1937. 87%
Mex Extern strl 5s of '99, 1915. 30
do gold 4s of 1954. 23
(Sties)
Jap
Bid. Asked.
ftt
76 %
63 %
58
95%
92%
90
87%
31
28%
i-f.
45 j
43%>
45 !
Anglo-French 5s
5,000.
5,000. 97?
179.00'). 9714
12,000. 97,\
85,000. 97%
Argentine G 5a
8,000.
Chinese Ry 5s
4,000.
24.000. s30f.
2,000.
City of Bordeaux 6s ?
3,000. 89
City of Copenh 5%s '
2,000. 79U
6,000. 7914
3.000. 79%
City of Lyons 6s
6,000. 89
City of Marseilles 63
4.000. 89
City of Paris Cs
23,000.90
10,000. 89%
6,000. 90
1.000.
City of^Tokio 6s
6,000. 5714
Dom Can 5%s notes
1921
11,000. 98%
98%
76%
76 Vs
do
do
94%
94%
97% j
96%
91
9074
,000.
1929 '
.000. ..
3,000. . .
1921
5,000...
5,000. ..
10.000. ..
do 1911
1,000. ..
10,000...
1,000. 91 "
10 000. 90!*,
4,000. 90%'
Jap 1st ser 4%s
1,000. 76%'
2,000. 77
10,000. 76%:
2.00.0. 77%
7.000. 77%
10,000. 77
8,000.77%
3,000. 77% U
1,000. 77% :
6.000. 77%
do 2d ser 4%s !
2,000. 76%
!d ser 4%s
1.000.
3,000.
2,000.
1,000.
25.00".
du st!p loan 4a
1,000. 62%
8.000. 62%
20,000. 62%
25,000. 62%
24.000. 63
19,000. 63%
20,000. 63%
5.000. 64 "
51.000. 63%
5.000.s30f.. ?2%
25.ooo.g30f.. 63
18.000. 63%
22,000. 63%
15,000. 63%
15.000. 63%
5,000. 64
8.000.s30f.. 63%
6,000. 63%
2.000. 63%
89%<U K of Gt Britain 4c
i I G%s 1921
5,000. 95%
2,000. 95%
10,000. 95%
10.000. 95%
8,000. 95%
10.000. 95V>
do 3 922
1,000.92%
20.000. 92%
5J000. 92 4
5,000. 92%
10.000. 92%
do 1929
20.000
10,000
2,000. 89
do 1937
6,000
7,000
6,000
1,000. 87^
89%
80%
88
87%
15,000...
2,000.
1,000.
500.
9,000.
S of Mex 6s
11.000, c30f..
25.000.sS0f..80%
6,000. 31%
3,000. 31
87%
87%
87%
88%
87%
30%
1.000. 76% N Y C 4%s 1957
.000.
6.000.s30f..
2.000.
5.000. 77
2,000. 77%!
60,000.s30f.. 76%'
77
76%;
76%
May
1.000. 97
do 4%s 1960
l.ooo.91%
do 4s 1957
9,000. 86%
Railwav, Other Corporations
Beth Stepl rfg 5s
9,000. 85
I 1,000. 83%
do 1st 5s
3,000.92%
! do p m 5s
1,000. 83T
Alaska Gold M 6s
Series B
4,000. 15%
1,000. 16
Am Smelting 5s
1,000. 8.1%
4,000. 82%
3,000. 81%.Bklyn Rap Tr 6s
5 000. 82 I 2,000. 31
6.000. 81% Bklyn U Elev 6s
Am T & T cv 6s I 2,000. 62
1,000. 97%,Bklyn U Gas 6s
1,000.97% 1 1.000. 74
4 000. 97, S iBush Ter Bid 6s
3,000. 97% 2.000.76%
5 000. 97 Cen Ga con 6s
1,000. 96% 1 6,000. 83
1,000. 96%|Cen Leather 5s
do col 5s
1.000. 81%
7 000...... 81 s>.
15,000. 81%
do 4%s
1,000. 81%
4,000. 82
do col 4s
16.000. 77%
1,000.
1,000.
do cv 4s
5,000.
Ann Arbor 4s
1.000.
Armour Co 4%s
?7,000.
1,000.
1.000.
2.000.
5,000.
A T & S F gen 4s
r%
77%
68%
58
82
82%
82
81%
S2*s
%
m
Atl
Atl
At
2,000
4,000
1,000....
& C A L 5s
4,000. 88%
C Ii 1st con 4s
2,000. 75%
C L-L & N 4s
10.000. 95
Cen Pac gtd 4s
9,000. 72%
2,000. 72%
Cen R R of N J 5s
1.000. 99
Che* & O cv 6s
3,000. 79
8.000. 78%
2.000."8%
do gen 4%s
1,000. 75%
do cv 4%s
4.000. 73%
G A Alton rfg 8s
1.000. 47%
do 3%s
3,000.36
C B & Q gen 4s
5,000. 75%
0 B & Q-Ill 3%s
! 1,000. 71
C B & Q joint 4s
1.000. 95
2,000. 95%
11.000. 95
10.000. 94%
10,000. ?4%
1,000. 95
9,000. 94%
1,000. 94%
1,000. <JI%'C M & St P gen 4%s
10,000. 67%
1,000. 67%!
1.000. 67%:
Bait & Ohio 6s
4,000. 86%;
10,000. 86 (
4.000. 86%:
1,000. 86%
6,000. 86
2.000. 86%
do cv 4%s
5,000. 64%!
13,000. C4%!
6.000. 64%i
6,000. 64%
. do rfg 5s
2,000.64%
1,000. 64%
75%
5%
:,fl00
?o 20M 4s
5.000...
4,000. . .
do P 1 '?
'.00'
i..s
64%;
I
64%;
64 (,
83%]
18,000. 83
3.000. 82%
Bait & O-Pitta L E
* Va 4s
2,000.66%
1.000. 57
1.000. 66%
Bait & O Swn 3%s
1,000. 73%
??,000.73%
10,000.?S
2.000.
3.000....
do cv 4%s
1,000. 72
5,000. 71%
2,000. 71%
1.000. 71%
do rfg 4%s
1.000.60%
do gen 4s Series A
8.000.66%
do 4s C M A Pu Sd
1.000. 63
1,000. ?2%
do 5? C A P W div
1.000. 96%
1,000. 97
3.000. 98
1.000. 97%
1,000. 98
2,0i 0. 98%
3,000. 98%
3 & N">*n gen 5s
4,000.. 95%
1.000. 94%
do ext 4s
2.000. 87%
3 B I A P rfg 4s
9.000. 66%
3,000.
2 000.
5,000.
1,000.
0.000.
.000,
2.000.
o ?on
66%
66%
66%
66%
66%
66%
??%
CMeaeo By Sa
2.000.66%
Chicago Un SU 4V.B
Serie? A
6,000.. 80%
1,000. 78V
C A West Ind 4s *
_.? 6,000.59%
Chile Copper 7s
, 6.000.102%
do 6s
6,000.7!)
M00. 78%
? 14,000. 79
C C C & St L ?en 4s
? . 9,000. 67%
Col Industrl 5s
? 10,000. 73
Col A So 1st 4s
. 3.000. 83
do 4W*s
10,000. 72%
Con Gns tem 7s
2,000.300%
2000.100%
N Y Tola deb ??
1,000.95%
2,000.94.%
1,000.95%
do 4%j
2,000.70%
1,000. 79
N Y W A Bn 4%t
4.000..48
2.000.41%
Norf A W ov Os
1,000.101
1,000.101%
Norf A W Pocah Coal
A Coke 4?
1.000.77%
Nor Paciflo 4a
3,000.74%
2,000.76
11,000. 7<%
4,000.764
3.000.?30f.. 74
. $.000.?4% I
do 3a m?
5.000.63% I
1nnftft .- 6,000. 53 '
3?*??.100?4;Or By & Nav 4s
??000.loi I 2,000. 75%
?-000.100% Or Short Line 4s
8.000.ioo%| 5,000. 80%
.[?.000.100%.Pacifie Gas A E 6s
10.000.100%! 5,000.79%
" "' ?Pacifie T ft T 5s
? 9.000.84%
Penn 5s 1968
1,000.89
11.000. 89%
1.000. 80
4,000 .... 89%
Penn gen 4%s
Corn Pr 5s 1934
_. 65,000. 99
Den & R o imp 5s
68
42%,
42%
42%
43%!
1.000 .
do rfg 5s
7.000. .
?.000..
25,000,.
7,000.
Detr Edison rfg 5s
1940
1,000. 88
Erie & Jersey 6s
_ _ 1.000. 88%
?j T V & G con 5s
_ , L000. 87%
trie gen lien 4s
12,000. 45
? 17.000. 45^
do cv 4s Ser A
2,000.39
do cv 4s Ser D
1.000. 41%
12,000.80
19,000. 79% |
Peo Gas & Coke of
Chicago 5s
1,000.
P?re Marcj 5a
1,000.
3.000.
3,000.
Phila Co 5s 1922
1.000. 87%
Reading gen 4s
7,000. 78V
Repub I & S 6s
.1.000. 89%^
C4%1
85%
8511
86
........*n-/S| / J..WU. BUM?
Florida Cen A P con'R 1 Ark & L 4%s
6s 1943 1.000. 62%
1,000.80T4! 1.000- ?9.i2
80%'
Gen Elee tem 6s
1,000. 99s/
5,000. 99%
6,000. 99%
10,000.99
99%
99
13,00!_
7.000.;
5,000.
5,000.
36,000.
10.000.
Gen F/lee deb 5s
3,000.
?8%
98%
98%
88%
1,000. 62%
1,000. 62%
1,000. 62
8.000. 62% '
6,000. 62
9,000. 61%
15,000. 61%
?st L Ir Mt & S 5s "
1.000. 88
do 4s
2,000. 74a?
7,00.0. 74 *
do 4s Riv A Gulf d
1,000. ..... 67V
1,000. 88%lSt L A"S f'Vs Ser A
Granby Mining 6s i
1.000. 92 I
Hud & M rfg 5s
1,000. 68 Uj
1,000. 58
do i ne 5s
260.000. ?S%!
3,000. 18%
III Central 6%s
5,000.,_93 i*i
1.000. 91
do 4s 1953
3,000. 68%
1.000. 67%!
Ill Cen Cairo Bdge 4s
1,0000. 72%!
Ill Cen & C St L &
N O joint 5s
3.000.80%
111 Steel 4%s
1.000. 80%
Indiana Steel 5s
3.00(1. 91%
Intbo-V-t 4%s i
3,000. 17%! .
20,000. 18'4.St L Swn Ter 5s
12.000. 1S%; 1.000. 57%
do ctfs of depos Senb Air L adj 5s
1.000. 18 1 2,000. 37%
Intbo R T rfg 5s do rfg 4s
3 000, . .. 54% 5.000.
1.000...... 64%ISo Pacifie cv 5s
8.000. BSV
10.000. 582
2,000. 5S??
1.000. 68%
6,000. 68%
. V'OOO. 58%
do 5s Ser B
4,000. 69
. 1.000. 69%
do hs Ser C
6,000. 87
, 10,000. 86%
do adj 6s
3,000. ;.. . 6."
1,000. (su,
3.000. 65
1,000. 61 ai
1,000. 64 C
"10.000. 64%
1.000
do, inc 6s
<.ono.
13.000.
2,000.
20,000
64
4
4
47
4 S
%
45%
2.000. 54%i
16.000. 54%
13.000.54%'
Int AKriful 5s
5,000. 80 ;
Int Mer Mar 6s
35,000. 89%
10,000. 89?*I
Iowa Central 4s
2.000. 43%|
Kan City So 3s
8.000. 65
Kan City Ter 4s
1,000. 70%!
2.000. 71
2,000. 70%
K C Ft S & M 6s
1.000. 99
do 4 s
10,000 . 64%
Lack Stl 5s 1923 ?
12,000. 93 j
Lake S 4s 1928 ?_
, i.ooo.85%: Looo....;; 58'u,
do 4s 1931 ?Term R R Assn of
1.000. 83 St L 4%e
t m ?'0*?-0-??*?*? 8-%L L000. 82%
Lehigh Val 6s ?Tex? Co cv 6s
10,000.100%' 10,000.. 104E4
3.000.100%?Third Av rfa*'4?
i.ooo.?oo ?.ooo.. T. 4 eu
_, 5,000.100%! 4,000.... ' 46
Liggett & M 5s .Toi A O C 1st'6s
4,000. 84% 2.000 ttav
Lorillard Co 7s '* ! Toi St L & w 4g h
4.000.109%| 2,000."fi
Un Pacifio 6s
10,000. 102V.
2.000.102%
13,000.102 ^
8,000. 102%
An i*0?'.102%
do ev 4s
2.000. 781i
13.000. 7R ??
1,000. 78%
do rfg 4s *
1.000. 75
2,000. 74%
, 2.000. 74%
do col 4s
4.000.s30f.. 69
2,000. 69
Southern Ry 68
4.000. 85%
2.000. 85
do 4s
2,000.
2,000.
58%
68%
iwoo:::::: ?s*
do 5s
1,000. 85
LAN unified 4s
10,000. 81%
T . 3.000. 81%
L A N-At Knoxv A
Cin div 4s
1,000. 71
Manhat Ry 4s
3,000.66
Midvalo Steel 5s
4,000.10074
4.?00....::i02*
do cv 4 s
2,000..
9.000...
do 1st 4s
6.000..,
8,000....
do rfg 4s
1.000...
84
84%
82%
.i? cieei os i i.'.'UU.... 7">T?
10.000.81%;Untd Ry Inv 6s
MU L SA West 6s | Pitts Issue
1,000. 99
Minn A st L 4s "
2.000. 43
M K A T 1st 4s
1.000. 57%
3.000.s30f.. 67
6,000.57V
do 2d 4s
1,000.29
do B f 4%s
5,000. 25
Mo Pac 5s 1965
2,000. 80
do Ken 4s
20,000. 5554.
1.000. 56
Mobile A Ohio 5s
St Louis div
3.000. 75%
Montana Pw 5? ?_
4.000. 85V. u ?? V
N Enamel A S 5s : S fe
5 000. 96%
Nat! Tube 6s
1*000. 68H
TT 2.000. 68 *
Un Rd of S F 4s
ctfs of depos
10,000.29
U S Realty A I 6S
2,000. 79
1.000..".... go
1.000. 7974
8,000...... 79
6,000. 791/;
US Rubber 7a *
do of0.101*
10.000. 84 %
LOOO.84%
2.000. 84 2
4.000. 84%
3.000. 84%
L000. S4H
'melting 6s
1,000.102
U S Steel s f 5s
7,000. _
6,000.830f.. 95?
7.000. 96*
Pooo. get,
4,000. 96 8
L?00. 96U
1.000. ??^
11,000. 91%
N Or? T A Meat 5s
20.010. 53%
N Y Cen deb 6s
3,000. 01S/.
2.000,. 81%
1.000. 01 ".TTi . -?--. *
3,000. 91 Si Utah Pwr A L 6s "
1.000. 91% ,, ?-.000. si
5,000. 9i% Va Ry a Pwt 5s
2.000. 92 L. _3;OO0. 65
do 4s 3 934 Virginian Ry 58
3.O00.76 L, , 2*?00. 81
1,000. 76% Wabash 1st 6s
13,000.76 I Rn'"1. 8"%
do con 4s |_ . 4,000. 88
2,000. 70% Wabash Om 1st 3%s
1,000. 7014. 2.000. 55U
. 11*000. 69% West F'-trio 5s
do rfg 3%s 4.000. 95s/
1.000. 65%' 2.UUI... 'H
1.000. 66 | 5,000_.. osa*.
N Y C A St L 1st 4s I 12,000. <}6U
LOTO. 78% 10,000. a??
N Y Cn T. S 3%s j West Maryland 4s
LOOO. 69 1.000. 62%;
xr v l'mi,-? V, 689s W N y * P ?*t 6s *
N Y Gas E L H A 1,000. 89
Power 5s (West Pacific 5s
1,000.81% 1 000., go
do pur mon 4s ?West Shor*a'4s"
2,000. 64%' 5.000..., 7ou
l.^o. *k. ?Wilson Co cv 6a
LOOO.64%, 15"oo.... Q13,.
NYNHAH6S 1.000. 91% ?
1,000. 75% 26.000... flii?
,5%j 1.000.i 91%
1.000.
United Gas Improvement
Reports Deficit for 1919
The United Gas Improvement Com?
pany in the year ended December 81,
1919, reported a deficit %?ter dividends
of $1,097,044, which compares with a
$214,125 surplus in the preceding year.
The reason for this loss, according to
th? annual report issued yesterday tp
stockholders, was the drop in gross
income from $7,867,037 in 1918 to
$6,481,687 in 1919.
Expenses, taxes, etc., aggregated
$2,696,347 in the year, or $74,181 less
than in the year before. Balance of
$3,875,340 was equivalent to $3.10 a
share earned on the capital stock, corn?
pared with $5,096,509, or $4.17 a snare,
in the preceding year. After dividends
had absorbed $4,882,884, a lota of 41,
investment
Information
Questions of general interest to
investors will be answered in this
column, in which caie only initials
will be used. Others will be an
swered by mail. Address all in?
quiries, inclosing a stamped, ad
dressed envelope, to Financial Editor,
The Tribune, 154 Nassau Street, New
York City.
A Wise Change
Question?T hold 200 shares Baltlmor? A
Ohio common stock, purchased at a timn I
believer its dividend secure. I am consider
in? exchanging to Commonwealth Power.
Railway nnd Lit?ht preferred, which I ?nder
stand has for some months past been earn?
ing at the rate of 10 per cent or better, al
tKougli paying nt present script dividends
only. In your opinion would the exchange
be n wise on??? 1 can learn nothing that is
not extremely pessimistic regarding Balti?
more & Ohio common stock?T. H- __
Answer?The Commonwealth Power,
Railway and Light Company in 1919
showed great improvement in earnings
over 1918. The net figures ware
$1,341,948, against $126,277, respec?
tively. While scrip dividends on the
preferred are still being maintained
it appears probable that cash dividends
may be reinaugurated if savings are
maintained. From an investment
standpoint the change from Baltimore
& Ohio would be such a3 to consider?
ably improve your position. Baltimore
did very badly during government
operation, yet it may show marked im- '
provement in the future.
New Capital on Old Baals
Question?It often happens that a corpora?
tion with large capitalization and assets in?
troduces a new stock issue. Does it operate
with this new capitalization separately or in
conjunction with the old issues? If in con?
junction with the old issues what denomina?
tion does it make in relation to new issues?
?-J. B.
Answer?When a corporation issues
new capital stock it stands on an equal
footing with the old capitalization un?
less expressly stated to the contrary.
Keeping in Touch
Question?In following: your advice to
keep "in touch with affairs and watch your
investments," would fuch a publication as
"The Odd Lots Review" keep one sufficient?
ly informed on standard investment.1? Are
the following in the investment class if
held until maturity? Baltimore & Ohio
Southwestern 3%s, 1925, and ?St. Louis &
?San Francisco priorlien 6s, 1028. The yield
seems large for safety. Are they issued in
$100 bonds??F. R.
Answer?"The Odd Lot Review" prob?
ably will give you considerable infor?
mation regarding securities. We mean
by "keeping in touch with affairs" that
one should read the daily papers, par?
ticularly following the course of polit?
ical events, watch the actions of the
money market, the Federal eReserv
statements and read the reports of the
various corporations as they are issued,
comparing them with previous ones. In
this way you will very likely see the
tendency of business conditions. Dunn
and Bradstreets' reports, too, are of
great help. Baltimore & Ohio South?
western ?>Vz per cent bonds are a first
collateral lien on the western end of
the Baltimore & Ohio systems to St.
Louis. We regard them as safe at
present. The St. Louis & ?5an Fran?
cisco 6 per cnt bonds, 1920, are se?
cured by first mortgage on a part of
the property. While not of the highest
grade, the bonds appear to us to be
worthy of consideration. We believe
they will be paid at maturity. The
Baltimore & Galo bonds are in $500
and $1,000 denominations; the 'Frisco
6s in $100, $250, $500 and $1,000.
Pressed Steel Car
Question?Please express your opinion of
Pressed Steel Car common as an investment
stock,?T.. E. W.
Answer?Pressed Steel Car common
stock is not an investment issue. Earn?
ings aro said to be large at present,
and tho stock yields well, but it is
subject to violent fluctuations, and
dividends are subject to change at any
time in conforming with earnings. It
may be a good .?-peculation, but should
not be bought, strictly for investment.
Ray Consolidated
Question?I am thinking of buying* 200
shares Ray Consolidated Copper. Do you
consider this a sound investment??A. B.
Answer?This stock is, in our opin?
ion, speculative. Ray Consolidated,
however, is one of the companies which
should be among the first to benefit
from improvement in the demand for
copper metal.
Rand Mines, Ltd.
Question?I am thinking of buying shares
of the Rand Mines, Ltd., stock, also bonds
ofthe Kingdom of Belgium. Do you ?Ln.nk
this a good and sound investment??M. F.
Answer?Rand Mines stock is not, in
our opinion, a sound investment, but a
speculation. The company has been
very prosperous, to be sure, but divi?
dends are subject to change and your
income would not, be stable. The Bel?
gium bonds, we think, offer good spec?
ulative investment opportunities. Bel?
gium is coming back to normal rapidly.
Some Good Rails
Question?I have $1,000 to invest. Please
send me your recommendation on railroad
securities.?F. M. C.
Answer?We believe the following
railroad stocks offer good investment
opportunities: Atchison, Topeka &
Santa Fe preferred, Union Pacific pre?
ferred, Reading first p:eferred, Nor?
folk & Western preferred and Chicago
& North Western preferred.
Rock Island?P?re Marquette
Question?Would appreciate greatly any
information that you can give me regarding
the following o.uestions : Chicago, Rock Isl?
and & Pacific Railway has two preferred
stocks, a 6 per cent and a 7 per cent. Has
either a preference over the other, and since
the drastic reorganization are they not fair?
ly safe or a bit more so 7 P?re Marquette
Railway Company preferred, not paying divi?
dends, selling near 48. seems to roe able to
pay the 5 per cent at any time. What do
you think of its chances of going on a divi?
dend basis within a year and future out?
look? How about the prospective money
panio we hear of each day??A. B. L.
Answer?Both classes of preferred
stocks of Rock Island share alike
in the distribution of assets upon in?
solvency or dissolution. The 7 percent
preferred has preference over the 6
per cent nreferred as to dividends to
the extent of 1 per cent in any fiscal
year, after the payment of which both
rank equally as to further divi?
dends. Both are 5 per cent cumulative.
For 1919 the road did not earn the
dividends on these issues, yet they
have been paid on account of the gov?
ernment ?guaranty which covered them.
We regard the railroad situation as
still a matter of specu'ation. While
legislation is out of the way, it re?
mains to be seen how the roads will
operate under that legislation. It is
our opinion that Rock Island will do
better, but it is only our opinion. We
do not regard these stocks as being in
the investment class as yet. Pere
Marquette showed net operating in?
come of $6,680.358 for 1919, against a
guaranty of $3,748,196. The road has
decided not to sign up with the gov?
ernment for the ensuing six motnhs.
There is a good margin of earnings
over dividend requirements on the pre?
ferred issue. Much, however, depends
upon how the road will fare in the
future. We regard this stock, however,
as offering considerable in the way of
speculative possibilities. In our judg?
ment, the present relative ease of
money will not last long.
Four full columns of in
vestment question? and an?
swer? are puftisheet in The
\t Tribune every Sunttay?
._??
$25,000,000
Western Electric Company
INCORPORATED
Five Year 7% Convertible Gold Bonds
Dated April 1, 1920 Due April 1, 192S
Coupon bonds In d?nominations o? $100, $500 and $1,000, registerable as to principal only. Callable oa
any interest date, upon 80 days' notice, at following prices and accrued Interest: 103 to and
Including April 1, 1922; 102 thereafter to and Including April 1, 1923; and 101
thereafter to and Including October 1. 1924.
? Convertible, at the option of the holder, at any time between April 2, 1922, and
October 1, 1924, both dates inclusive, into the 7% Cumulative Preferred
Stock of the Company, par for par. If called for redemption,
Bonds may nevertheless be converted if presented
at least 10 days before the redemption date.
The Chase National Bank, New York, Trustee.
CAPITALIZATION
[. (Upon Completion of Present Financing)
Authorized Outstanding
Fbrm Year 7% Convertible Gold Bonds (this issue)..$35,000,000 $25,000,000
First Mortgage 5% Gold Bonds, due December 31, 1922 15,000,000 15,000,000
Preferred Stock, 7% Cumulative. 50,000,000 None
Common stock, of no par value.500,000 shares 350,000 shares
From a letter of Mr. Charles G. Du Bois, President^ ive further sur-varize as follows:
BUSINESS: The business was established in 1869. It antedates by
several years the oldest electrical manufacturing companies now
engaged in business. It is the largest telephone manufacturing
concern in the world and the largest electrical jobbing house. Its
principal sales are in the United States, but its products are sold
in all countries where telephones are used. Plants are in Chicago
and New York. Total number of employees 27,584, Sales
in 1919 were $135,722,000.
ASSETS: Net assets, after deducting all indebtedness, except Funded
Debt, are $100,513,066 or 2l/2 times the $40,000,000 total
funded debt, including these Bonds. Net current assets alone
are $77,993,609 or 1.95 times the total funded debt
1 EARNINGS: Net earnings applicable to interest charges for year
1919 were $6,119,210 or 2.45 times the $2,500,000 annual inter?
est charges on the total funded debt, including these Bonds. Aver?
age net earnings for last three years were 2.67 times these charges.
DIVIDENDS: Company has paid regular and substantial dividends
continuously for many years?not less than $8 per share per
annum on its common stock since 1886, and $10 per share since
1917.
COVENANTS: No mortgage or lien (other than purchase money
obligations) may be created without equally securing these bonds,
except that the Company may issue not exceeding $15,000,000
mortgage bonds to refund the existing first mortgage issue.
The Company will at all times maintain net assets other than
plant account as defined in the indenture (after deducting all
liabilities except funded debt) equal to at least 150 per cent of its
total funded debt including these bonds and the first mortgage
bonds.
WE RECOMMEND THESE BONDS FOR INVESTMENT
Price 98% and interest, yielding about 7.35%
XU legal details in connection with this Issue will be. passed upon by Messrs. Ropes, Gray, Boyden S
Perkins, Boston, for us, and by Messrs. Catting, Moore ? Sidley, Chicago, for the Company.
Temporary negotiable receipts wiXl be delivered exchangeable for definitive Bonds, tchen, as and if issued
and received by us.
LEE, HIGGINSON & CO.
BANKERS TRUST COMPANY GUARANTY TRUST COMPANY
New York of New York
The above /statements, while not guaranteed, are based upon
Information and advice which we believe accurate and reliable.
\
FINANCIAL MEETINGS
NOTICE OF A SPECIAL MEETING
of the
STOCKHOLDERS OF FEED E. ROSE
BROCK & CO., INC.
A special Meeting of the Stockholders
of the Fred E. Rosebrock ?S. Co., Inc., will
be held at the office of the Company. 380
363 Washington Street. In the Borough of
-..?.nhatian. City, County and Slate of New
York, April 16th, 1920, at 3:00 o'clock in
th. afternoon of said day, for the purpose
of considering: and acting upon a resolu?
tion adopted by the Board of Directors of
tho Company at a Special Meeting held
on the 0th day of March. 19.0, by which
said resolution the Board of Directors In
their opinion deem it advisable that the
corporation be forthwith dissolved.
By order of the Board of Director?*.
OTTO LBMMERMAN. Secretary.
Dated, New York, March 9ih, 1930.
CHICAGO. SAINT PAUL. ?HNNEAFOI-C?
AND OMAHA RAILWAY COMPANY.
NOTICE OF ANNUAL MEETINO.
The Annual Meeting of the Stockholders
of the Chicago, Saint Paul. MlnneapoU?
and Omaha Railway Company will be held
at the office of the company, in the city
of Hudson, Wisconsin, on Wednesday,
April 14, 1920, at nine o'clock A. M-, for
the election of directors and the trans
acton of sucn other business a? may corns
bafore ?aid meeting.
Transfer books will b? closed on Frl?
day, March 13. 1320, at the close of busi?
ness on that day, and will be reopened ea
Thursday, April 15, 1.30.
Dated. February 2., 1910.
JAMBS T. CLARK. Preside*-,
| JOHN D. CALDWELL Secretary
: NOTICE IS HEREBY GIVEN THAT THE
Annual Meeting of the Stockholders of
BRAZILIAN TOBACCO CORPORATION.
; for the purpose of election of officers and
! the transaction of such other business as
! may properly come before the meeting,
I will be held at the Home Office of the
1 corporation. 511 Fifth Avenus, New Tork,
? y T. ?in the ?th day of April. 1930. at
I ?wo o'clock P. M.
FINANCIAL MEETINGS
SOUTHERN PACIFIC COMPANY.
NOTICE OF MEETING.
165 Broadway, New York, N. Y.
January 2, 1920.
The Annual Meeting of the Stockholder?
of the Southern Pacific? Company will be
held at the office of this Company in An?
chorage, J-fCerson County, Kentucky, on
Wednesday. April 7, 1920. at twelve
O'clock noon, standard time, for the fol?
lowing purpose-, vl_:
1. To elect fifteen Directora
2. To consider and act upon all ques?
tions and matters which they legally com?
before the meeting relating to Federal con?
trol of the Company's properties under the
act of Congress of March 21. l?jl_, or any
agreement or settlement with the Govern?
ment In respect thereto or relating to the
termination of such Federal control by the
return of the properties or otherwise, and/
or relating to conditions resulttng from or
succeeding euch Federal control, and gen?
erally all questions and matters growing
out of or incident to such control, ter?
mination thireot, or following conditions,
3. To transact all such other business as
may legally co-ne before the meeting. In?
cluding the approval and ratification of ail
action of the Board tf Directors and of the
Executive Committee since the last annual
meeting of the Stockholders of this Com?
pany.
For the purpose of the meeting, the
books for the transfer of stock will be
closed at 3 o'clock P. J.?., Tuesday, March
23, 1920, and will be reopened at 10 o'clock
A M.. Thursday, April 8. 1920.
By order of the Board of Dtro?tors?
HUGH NEILL. Secretary.
DIVmEND^OT-CES
OLEVELAND. CINCINNATI. CHICAGO
A ST. LOUIS RY. CO.
Grand Central Terminal, N. Y., Mar. 22, 1920.
A dividend of ONE AND ONE-QUAR?
TER PER CENT (11.36 per ?hare) on the
Preferred Stock of this Company has been
declfltf-wd payable on Tuesday. Apr. 30. 1930.
to stockholders of record at the close of
business on Tuesday, Mar. 30, 1920.
MILTON a BARGJ-R,
DIVIDEND NOTICES
THE
Citizens National Bank i
OF NEW YORK
New York, March ISth, 1920.
The Board of Directors has declared
a quarterly dividend of three per cent. \
(3%), payable on and after April 1st, j
1920, to stockholders of record at the \
close of business March 25th, 1920.
ALBION K. CHAPMAN. Cashier.
GENERAL MOTOKS CORPORATION.
The Board of Director? of Genera! Mo- I
tor? Corporation has declared a dividend ;
of 11.50 a share on the preferred stock, a
dividend of 51.50 a share on the ftc de
bentura stock, a dividend of $1.75 a. shsr* ;
on the 7e* debenture stock and a cllvi- !
dend of 26c a ahare In cash and one- i
fortieth of a share in stock on the new
common stock without par value.
The dividend on the old common stoc!? I
of the par value of $100 a share i? at the ]
rate of $2.50 a ?hare In cash and one- I
fourth cf a share, of common stock with- I
out par valu**.
Dividends are payable on May 1, lf20, to '
holders of record at the close of business ''
April B. 15 20.
Non-dividend' paying warrants will h*>
irhued for fractional shares, which may
b.* exchanged at any time for definite
stock certificates when presented !n
amounts equal to whole numbers or ?shares
future dividend? on the common stock
wi!i bo paid only on the ne.v shareu ?ith
out par value.
M. U PRB.N'SKr, Treasurer.
March -25, 1320.
>?W~YOKK. ONTARIO A WESTERN
RAILWAY COMPANY
~v t, ? *?e?^Toril? March 9, mo.
The Board ot Dlf ctora ha? this day de?
clared a dividend 9. one per cent, on the
common ?tock. payable April 13, 19S0. to
stockholders of record at noon, March 87.!
DIVIDEND NOTICES
232nd Dividend
CHARTERED 1799
OF
THE MANHATTAN COMPANY
New Yoyk, March 18, 1920
The President and Directors of. the
Vanhattan Company have this day de?
clared a quarterly dividend of SIX PER
CE.VT. on the Capital Stock of this Com?
pany payable April 1st, 1620, to stockhold?
ers of record at 11:00 ,?. JL on Maroh
27th, ?920.
The transfer books will not close.
D. H. PIEKSON, Cashier.
VANADIUM CORPORATION
OF AMERICA
New York. March 18, Iff*.
The Board of Dir-ators have this a--**
declared a quarterly dividend of One V- I
lnr Fifty Cents (,$!._(.) per share, p?yala?
April 15, 19.0, to stockholders of record at
. P. ?M. Apr:! 1. 1920. ?
L. K. LlFFi-NDERFER, Treasurer.
-1
INDIANA PIPE LINE COMPANY.
IS Broadway,
New York, March If. 1930.
A dividend of two -*ol!ars per share he*
been declared on the Capital Stock of th s
Company payable May loth, 1920. to stock?
holders of record at th* close oft busi.
ness April 34th. 1930.
All communications regarding fc-y-rnenr
or change of address should be sent to the
-ndcraigned *i??t later ?.hm. Mi. a.h ie-a