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

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

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We Imite Yon To Punch Holes in
I 6% PRUDENCE - BONDS
If Ton Can!
First, Prudence-Bonds are secured
by underlying first mortgages on
selected income-producing proper?
ties.
Second, these properties are selected
by lifetime experts in New York
real estate.
Third, we issue bonds against a first
mortgage only when the building is
actually built. s
Fourth, we lerid conservatively
and through amortization, h a v e
large equities all the time.
Fifth, we guarantee with every dol?
lar of our resources every dollar of
your resources that you invest in
Prudence-Bonds.
There are other exclusive features
in Prudence-Bonds, but suppose
you try to punch holes in these for
a start.
If you can't do it, send for us, and
if you can.do it, send for us, because
we want to know about it.
WE PAY THE 4% NORMAL FEDERAL INCOME TAX
?Send for BoobJet O-60
Realty Associates
Investment Corporation
31 Nassau St., New York Phone Rector 2181
162 Remsen St., Brooklyn Phone Main 6480
PRFDENCTB-BONbS ARE ISSTTEI) IN DE?
NOMINATIONS OF ?100. ?500 AND $1,000.
GUARANTY TRUST COMPANY OF NEW YORK
Trustee of This Issue.
BA.VK STATEMENTS
?lEPOP.T OF THE CONDITION OF THE
?tdttral union trust co_pant
OF NEW rol?
lt tin clos?? of business on the 80th day
of J_e, 1320:
RESOURCES
Stock aad bond investment?*,
rlx.:
Pabilo se-u-ities . $31.343.930.04
Private securities . 20.724.771.83]
Real estate owned. 4.133.7:5.20;
Morts?Ages owned . 1.733,764.00 '
Loan? and discounts secured
by bond and mortgage.
deed or other reai estate
collateral . ??1,186.67
?ans and discounts secured
by other collateral. 84.?82,416.05
Loan?, discounts and bills
purchased not ??cured by
collateral . ?,?41,81?.47
Overdrafts, secured . 8,320.32
Du? from ap?
proved reserve ,_ -.. -.?-_= -
d e p ositarles.
.es? amount of
offsets .$8,079,171.85
Due from truat
e o m p a n les,
banks and
bankers not In?
cluded in pre?
ceding Item .. 1.471.81dl.?
- 10,6*0, TM. 9 5
Specie . . 2.7?2,I??.D0
Other currency authorised
by the Laws of the United
State? . ?05.*30.11
Due from The Federal Be
ier^e Bank of New York
leu offsets . 28.888.???.93
Customers' liability on ac?
ceptance? (see liabilities,
per contra) . 8,879,890.38
Other assets, via. :
Accrued inter?
est entered
on book? at
c 1 o s e o f
. business on
above date.. $1,418,849.93 .
Advanced to
trust? se?
cured . 159.119.15
~- 1.575,4??.98
ToUl .?.$253,969,885.91
LIABILITIES ^^^^^^
Capita! stock .?.tlt.599,990.09
Liurp!'?:
Surplus fund.|15,000,900.90
C n ?it v I ded
profits - 2,521,938.91
- 17,521,938.01
-"?posits: >^^^^^^a___l
deferred, as follows:
Due New Tork
State Sav?
in*? Bank? $3,733,436.20
Other de?
posit? due
a? execu?
tor, admln
Iitra tor,
?T u a rdian.
rece ! v e r,
trustee.
committee
or deposi?
tary . 4,722.381.47
Deposits b y
the State f
New : -k 840,009.00
Deposits b y
the So] ?:?
Intend e n t
o f Banks
, of 8tate o?
N'ew Tork . 48,878.18
Other deposit?
?ecured by
a pledge of
?Usets - 1.849,607.50
?at preferred?
?? follow?:
Deposit? ?ub
i*c t to
?tack .188,429,634.9?
Time de?
posit?, car
tifi c a t ? a
and other
?lepo ?Its,
the pay
went of
which can?
not ??gaily
be required
within thir?
ty days... 4.221,342.41
?Daman 1 cer?
tificate? of
??posit ... L??3,398 45
Cash I e re*
check? out
at?_d i n s
la e ludlnj*
similar
checks of
other offl
D? t r ?j a t
companies,
tanks and
?tankers .. 13.335,131.9?
Istend total deposita_ Xl$,m. 10a.il
Acceptances of draita p?y? x
?J_J at a future date or
author!?d by oommerclal _
?ett?tr? of credit. MT?.??9.S?
???er llabllltl?MP. -Ms.:
??serves for
. taxes. $907,441.2*
?accrued In?
terest en?
tered o n
o o o k s ai
* ? o ?e of
bualnsaa on
above d?t^ 499.131.48
?ai im, a t ? d
tt a ? arned ^f^^*^^^^
Total
J.794.B89.03
.$353,903,8S5.81
?FIXANCIAL
_?-_Pm8T NATIONAL BANK OF
i? ,Va* C?_ron. located at Mount Carroll,
fair. SUt* ?* ?mtaiH ta clostn* ?a af
?jflr AU note holder? and other cr?diter?
m_2*.*??*aoelatloo are therefore h?sreby no
t?r\}o ?reanat the nates and other olalm?
???? Segmenta.
iv,_ ?Wit M. WILDIT. President.
***** 3xw* ?0. mo.
American Ship
& ?Commerce
With the tremendous shortage
in ocean bottoms and the United
States showing signs of going
vigorously after foreign trade,
the future of American Ship &
Commerce Corporation is
worthy of consideration. In the
Cramp plant at Philadelphia
and the Kerr Navigation Com?
pany, its two subsidiaries,
American Ship & Commerce
possesses one of the greatest
shipbuilding properties in the
world and a steamship line that
ranks high among the ocean
carriers.
The current number of our Mar?
ket Review contains an outline
of the development and plans
for espanMon of this enterprise,
which will be sent on request
for JK-541.
HUGHES & DIER
Stocks?Bonds?Grain
( Phlla. 8tock Exchange
., . ] Pitts. Stock Exchange
Member? ?, Chicago Board of Trade
{. N. Y. Produce Exchange
42 New St, New York
Telephone Broad 6149
Fifth Avenue ?Office
60? Fifth Ave. Tel. Vanderbilt 9533
Harlem ?Office
?7 W. 125th St. Tel. Harlem 6651
Philadelphia, 1435 Walnut Street
FINANCIAL MEETINGS
July 14th. 1920.
To the Common Stockholder? of
.SOrTH PORTO RICO SUGAR COl?TANT:
At their special meeting held In Jersey
City on July 1st, 1920, the stockholders
approved and ratified the proposed Increase
of the comnif.n stock of this Company to
$12,500,000, and the appropr?ate amend?
ment of its Amended Certificate of Incor?
poration; the certificate required, by law
to effectuate such Increase of stock ha?
been filed in the office of the Secretary of
State of New Jersey.
?At the meeting of the Board of Direc?
tors held this day. the Board adopted reso?
lutions providing for the transfer from
"Reserve for Working Cajrttal and Im?
provements" account to "Common Capital'
Stock" account of $5,802.800 (in order to
capitaliza a part of the earnings o? the
Company Invested In the La Romana Sugar
factory and other Improvements and de?
velopment) and the full payment of 66,
02a shares of tho new common stock
thereby. The Board also adopted reso?
lutions providing for the distribution of
said 66,038 shares of new common stock
(full-paid and non-aaaesaable) to the com?
mon stockholders, pro rata (one share of
new stock for each share now outstand?
ing), such distribution to be made on
Augujrt ?th, 1020, ?to common stockholder?
of record on July I4th, 1920.
Certificates for thl? new stock will be
mailed to stockholder? on or about August
6th, 1920, and said stock will carry divi?
dends for the current quarter, beginning
July 1st, 1920, and ending September 30th,
1920.
Application will be made for the listing
of this new stock on the New Tork Stock
Exchange.
The common stock transfer book? will
not be closed.
By order of the Board of Directora.
F. M. WELTT. Treasurer.
NOTICE OF A SPECIAL MEETING
of the
STOCKHOLDERS OF MARVIS MAC-IN?
ERT COMPANY, INC.
A Special Meeting of the Stockholders
of the Marvls Machinery Compajjy, Inc.,
will be held at the office of Walter Jef
freya Csa-Un. No. 2 Reetor Street, In the
City of New Tork, Borough of Manhattan,
County and State of Now Tork, Aug. t,
1920, at 3 o'clock in the afternoon of said
day. for the purpose of considering and
acting upon a resolution adopted by the
Board of Directors of the Company at a
Special Meeting held on the 12th day of
April. 1920, by whioh ?said resolution the
Board of Director? in their opinion they
deem it advisable that the corporation be
forthwith dissolved.
By order of the Board of Directora
(Signed) DAVID M. MAHOOD.
Secretary.
Dated New Tork City. July 1. 1920.
NOTICE !? hereby given that a special meet?
ing of the Stockholders of BRISTOL TRAD?
ING CORPORATION will be held at Room
?72, No. ?3 Nassau Street, Borough of Man?
hattan, City of New York on the id day of
August, 1920, at 12 o'clock noon, for th* pur?
pose of voting on a proposition that the cor?
poration be dissolved forthwith.
Secretary.
Dated. JtUty 1?. !?*?
AI1 kb?_> at VemxeeMe Helj?, isas) the reat
leaa kind?heist reached through The
Tribune's Domestic Help Wanted oolumn.
Phone Beekma? 3990.?Advt.
July Cotton Again
Higher, With New
Crop Prices Firm
Spot Month Is Nearly Six
Cents a Pound Above the
Low Level of First No?
tice Day, Late in June
The continued strength of th? July
position, combined with the failure of
bearish crop news to stimulate any
aggressive selling, led to active cover?
ing ia the cotton market late yesterday.
Of the new crop positions October,
which will, be the next active contract
to mature when July is out of the way,
was relatively active and firm, selling
up from 33.38c to- 34.10c, or 73 points
net higher.
Additional July notices, estimated at
2,200 bales, were reported, but made no
.impassion,, and that delivery estab?
lished another new high record, ad?
vancing to 41.35c, or 165 points above
the closing price of Tuesday and more
than 5% cents a pound from the low
level of the first notice day, toward the
end of the month. Closing prices were
at nearly tho best point, with the mar?
ket firm at net advances of 105 to 163
points on the summer months and of 15
to 80 points cn later deliveries.
There was considerable irregularity
during the earlier trading. The open?
ing was 65 points higher on July and
5 to 26 points higher on later months,
but there was scattered selling on a
mid-month condition report of 74.4,
compared with 71.1 toward the end of
June, and later there.-" was also some
selling on th??s? very favorable weekly
review of the Weather Bureau. This
caused reactions from the opening fig?
ures so far as the new crop months
were concerned, but there was no weak?
ening of July and the whole market
worked rapidly higher in the late trad?
ing.
A scattering demand for July was
supplied, presumably by interests hold?
ing the bulk of the remaining contracts,
and the July sellers in some instances
wore rebuying in October at the big
discounts. There was also trade buy
'ing of the earlier new crop deliveries
and a considerable demand from wire
houses with Southern connections.
The Census report showing domestic
mill consumption of 555,521 bales for
the month of June, against 474,330 for
the same month last year, was con?
sidered satisfactory in view of all the
talk of mill curtailment, and pre?
dictions of increased business activity
in the autumn may have contributed to
the advance. So far this month about
' 9,800 bales have been tendered on July
contracts and over 3,000 bales have
been inspected, but the large Southern
spot firms which were said to be stop?
ping the bulk of the notices have been
shipping cotton out, and the cei'tificated
stock is now smaller than it was on
July 1.
Merchants arriving here from the
; Southwest say that they expect a heavy
'August movement, and it is reported
' that a Houston exporter has already
i bought 120 bales of new crop cotton,
? which he is offering for July ship
; ment. The early cotton, however, is of
; the beter grades, which are compara
| tively scarce in the old crop stock.
i Southern spot markets as officially re
: ported were unchanged to 50 points
! higher.
The local market for spot cotton was
i steady and 100 points hlgner at 42c; no
; sales were reported.
The 'range of prices follows:
Tuesday's
Open. High. Lots-. Close. close.
July... 40.75 413 5 40.75 41.35? - 40.30
AUK_ 37.30 37.?0 37.30 38.00 ?1? 38.1 0 BttS7\
Sept... 35.50 35.50 35.50 30.20??- 35.40
Oct_ 33.CO 34.10 "3.38 34.07@34.0S 33.37
jjOT-83.10?- ?2-35
Pec . . 31 90 32.34 31.63 32.30? - 31.78
Jan_ 31.12 31.40 30.8S 31.40?-31.03
p?eb --30.95? - 30.70
March. 30.46 30.08 30.04 30.68? - 30.38
April... - - - 30,40? - 30.05
I May. 29.75 29.93 29.25 29.85?-- 29'.70
I June... 29.20 2J.75 29.20 29.75? - 29.65
SotitInrr. Spot Market?Galveston quiet,
j 50 point? higher at 39c; sales, 460 bales.
New Orleans steady, unchanged at 39c
! saies. 475 bales. Mobile nominal, unchanged
i at 39c; sales, nil. Savannah steady, 25
1 points higher at 41c; sales, nil. Charleston
I steady, unchanged at 40.50c; saies, nil.
i Norfolk quiet, unchanged at 40.50c; sales.
i 22 bales. Augusta quiet, unchanged at
41c; sales. 067 bales. Memphis steady.
! unchanged at 39.50c; sales, 1,000 bales.
Houston steady. 25 points higher at 39c;
sales, 1,021 bales. Little Roclc quiet, un
I changed at 39.60c; sales, 265 bales. Dallas
steady, 10 points higher at 38.95c; sales,
400 bales. Fort Worth steady, 50 points
higher at 39c; sales, 17 bales.
COTTON STATISTICS
Testerday. Last Wk. Last Tr.
Port receipts. . 3,983 7,238 21.418
Exports . 782 5,223 22.712
Exports season-6,233,5?;6 6,203,656 6,282,534
N. Y. 'stocka,. 83,-302 36,432 81,885
Port, stocks. 883.273 1,301,1 39' 1,18?,504
Interior receipts 3,ono 5,000 7,000
Int. shipments. 4.000 6,000 11,000
N. Y. arrivals.. - 257 3,683
Liverpool Cables?Spot cotton dull at 40
points advance; middling, 25.83d. Sales,
8.000; Am?>rican, 2,noO. Imports, nona.
Futures opened steady at 4 to 7 points ad?
vance. Closed steady at a net advance of
7 to 37 points. July, 24.31d; Oct., 22.60d:
Dec, 21.40d; Jan., 21.06d; Mar., 2048d.
Machest?: Yarns and cloths In more de?
mand.
Sharp Break in Corn
On Weather Conditions
The corn market after a short period
of strength at the opening developed
pronounced weakness and at one time
values were down 4% to 6 cents from
the early high point. Weather condi?
tions were looked upon as almost per
! feet for the new crop, and continued
! liberal receipts with a steadily in
? creasing surplus caused a sharp break
| in Western cash markets.
There was active covering at times,
j but on every upturn selling pressure
increased until near the close, when
there was a sustained advance of about
2 cents from the low.
? More favorable weather for spring
wheat with less apprehension of black
rust damage had a noticeable influence
on sentiment, and buyers were very
timid despite the fact that the sharp
break from the advance experienced on
Monday was thought to have strength?
ened the technical position.
In the local cash market No. 2 yellow
corn was auoted at $1.77, cost and
freight New York, ten days' shipment.
Yesterday's Previous Year
New Tork: close close, ago
Corn. No. 2 yellow.11.77 ?1.81% $211%
Chicago:
July . 1.64 tf l.S6?V4 1.93%
September . 1.62% 1.66 1.9554
Oats ? The market followed corn and
after showing an early advance, prices
broke sharply under heavy general sell?
ing. Cash markets in tho West were
again weak owing to increased reoelpts at
Chicago, and the July position showed the
greatest weakness, while tho late months
????ere relatively steady on switching Into
these positions.
Exporters were said to have cancelled
about a million bushels over night. The
local cash market was easy, Nos. 2, 3 and
4 white quoted at SI.28 to il.26- fancy
clipped white, 11.27; ordinary clipped
white, ?1.24. all elevator.
yesterday's Previous Year
New York: close. close. ago
No. 3 wh.S1.23?1.25 |1.J4?1.26 ?0.87?87?A
Chicago:
July.91% .96 % .79%
September .77 >? .78% .79
Bye?Market weaker.
Yesterday's Previo? Year
New York: close. close ago.
No. S Western... .$2.52 $2.66Vi ?1.71H
Flour and Meal?Quotations were:
Yesterday's Previous Year
New York close. close. ago
Mlnn.pat.l3.75?14.50 18.75@14.60 12.12?%
Cornmeal 4.50 4.50 4 87%
Rye flour.ll.00? 11.75 11.00?11.75 S.S5@9-26
Bran.- 62 00 62.00 43.00
Cottonseed Oil
New low records were again established
in the market, and while there was a par?
tial recovery from the lowest of the day
on covering final quotations showed net
losses of 15 to ?30 points. Commission
houses sold freely on every upturn, and
aside from the demand from shorts there
was little disposition to take the buying
side. The consuming demand was again |
of very moderate proportions, while price* !
abroad ?both for .Egyptian oil and other I
vegetable oils were weak. Total sales for !
the day were lfcSOO barrels.
The range <tf price* follows:
_ " Tuesday'?
Open. Hlrh. Low. CTose. eloae.
Spot....- - l?.50?13.00 1?.60
July...- - - 12.20?13.00 18.50
Aug....?: - - - 12.36012.50 12.60 '
Sept... H90 1J.00 12.S0 13.87?12.?2 12.2?
Oct.... IS.?? 18.S8 12.85 il.???
Nov_ 12.25 12.26 12.16 12.26'?
Dec.... 12.60 12.18 12.20 18.45?
J*n_ 12.?5 12.S6 13.20 12.63?
>eb....-12.?0?
Sogar and Coffee
f Current
prices.
Sugar. ?jtnnBulatiMl. Ib.. .1? ?-2*
?Coffee-, ?to No. 7.18%? ?
Coffee. Santos. No. 7... .22% ?8?.22% .28%
Sn-rsu??Receipt* pf raw sugar at TJnlted
States Atlantlo ports for the week were
heavy, being 102,110 tona, compared with
??.8?? a w??ek airo and 66.30? a year ago.
Meltings Increased to CD.000 tens, com?
pared with ?3,000 a week ago and 70,000 a
year ago'. Total stocks amounted to 87,372
tons, against 64,263 last week and 82,467
last year.
The market for raw sugar yesterday
was a little easlel?. After holding out
firm fof 17%o, cost and frelgrht. for some
time Cuban holders came down in price
and met buyers* ideas, resulting In fairly
large business.
At the close Tuesday about ?0,000 bags
of Cubas sold to local refiners, July ship?
ment, at 17tyo, o. and f.. together with
83 000 ba?s of Porto Rico? at 18.66o, 9. 1. f.
There ,wa* also a sale reported
tons o? Javas, July-August ?nipt,
l'Hc. o. 1. t. Yesterday a local
made further purchases of Porto Rico raws,
taklnf 30,000 bags at 18.66c, c. 1. f., and
at the close of the market further offer
lugs were notad which remain unsold.
With foreign sugars cutting in on their
market here Cuban holders apparently are
becoming: a bit unea?jy and are now dis?
posed more to nearly meet buyers' view*.
Refined sugar was unchanged,
toffee Future*?Excopt for one or two
upward spurts ye*terd*y'* coffee market
was again in control of the bears and
prices were depressed. After opening at
?'.felines of 16 to 18 points there were ral?
lies of a few points, but rumors of a lower
Santos market, with unsettled conditions
there, caused further reactions.
There were rumors of the failure of s
fairly prominent commlssarlo and exporter
at Santos, who has not been a large
shipper to the United States, his shipments
being mostly to Europe, and this unsettled
sentiment here, prices breaking into new
low ground for the movement. The de?
cline carried September to 11.64, or about
20 to 40 points net lower on the general
list.
During the mid-afternoon session shorts
covered and prices reached the best of the
day only to sag again, closing at net losses
of 23 to 40 points. Santos is finding it dif?
ficult to sell coffee in competition with
mild grades, and shippers are lowering
prices from day to day In the hope of
reaching a basis which will find buyers.
It was reported that Santos 4s, part
bourbon, sold for future shipment at 16'/4c,
American credit. The local spot market
was very quiet and nominal as to price.
The change in prices follow:
Tuesday's
Open. High. Low. Close. Close.
July. 12.75 12.75 12.50 12.5? ?12.58 12.90
August-? -11.66? 11.70 11.89
Sept. 11.66 11,70 11.64 11.56@11.58 11.79
Oct. 11.75 11.75 11.76 11.69 011.62 11.83
I Nov.-11.62@11.6411.86
I Dec. 11.70 11.8 0 11.62 11.86? 11.67 11.90
: Jan.-11.69?11.71 11.93
? Feb.-11.72@11.74 11.96
; March... 11.85 11.85 11.87 11.74? 11.76 11.99
I April.-1-11.75011.77 12.01
I May. 11.89 11.90 11.75 11.78011.80 12.03
Butter, Cheese and Eggs
Batter?Receipts were 14,791 packages.
I Creamery, higher than extras, per lb., 56%
?67Vic; extras, 92 score. 60 ? 56 ??30 ; firsts,
1 90 to 91 ?core, 54 Va ?55 Vt-c; 88 to 89
I score, 62?54c; seconds, S3 to 87 score, 47
i Volo; lower grades. 45046c; unsalted,
higher than extras, 60060 ijc; extras, 59
; @69V?c; nrBta, 65?5Sc; seconds, 60@53c:
! state, dairy tubs, finest, 55 ?66c; good to
prime, 52054c; common to fair, 44051c;
renovated, extras, 49050c; firsts. 47?48c;
ladles, current make, firsts, 45 0 4'ic; sec
L onda, 41 hit 0 42 Vac; lower gradea, 40?4lc;
; parking stock, No. 1, 42V4c; No. 2, 41?
j 41 He; lower grades, 370 40c.
Chers???Receipts were 1,839 boxes. State,
: whole milk, fr-?sh fiats, colored or whites,
37% 028%c; average run, colored or whites,
26027c; lower grades, 20025c; twins,
fr?sh, specials, 27?34?27%c; average run,
white or colored. 26?26%c; lower grades,
20026c; young Americas, 31 Vi ?32 Vic;
. Daisies, 29 030c; fresh twins, 26 % ? 27 '-4 c ;
Single Daisies, fresh, 27 >>4 @ 28c; double
Daisies, fresh. 27 0 23c; fresh. 30031c;
fresh specials, 15 Vi? l9Vac; prime to choice,
16018c; fair to good, 12@13V?c; lower
grades, 5 010c.
Fgir*? Receipts were 17,723 cases. Fresh
'gathered extras, per doz, 52?53%c; extra
firsta 49061c; firsts, 45048c; seconds, 42?
i 44c; dirties. No. 1, 36037c; No. 2, 26?
i 34c; checks, fair to choice, dry, 31@34c;
I state, Pennsylvania and nearby Western
hennery whites, extras, 63@65c: extra
i rtrsts, 61@62c: firsts, 55???oc; firsts to
?extra firsts, 56?62c; undergrade?, 500
I 54c; Pacific Coast, white, extras, 63?'i5c;
?extra firsts. Cl@62c; firsts, 56?59c; under
jrrades, 50054c; other Western and South?
ern gathered whites. 47 0 58c; state, Penn
: sylvania, and nearby Western, hennery
browns, extra, 54?67c; brown and mixed
; colors, gathered, graded, extras, 52@5SV?ic;
firsts to extra firsts, 45?51c.
Livestock, Meats, Provisions
Yesterday. Year ago.
? Lire steers, fair to
primo, 100 lbs..$14.00?16.80 $14.00016.25
?Dressed beef.
sides, lb.18? .28 .18? .22
1 Live veal, com?
mon to prime,
100 lus. . 15.00@1?.00 17.00@22.00
Dressed vsal,
city, lb.20? .80 .38? .34
Live ewes, 100
lbs. 6.60? 10.00 7.00? 9.60
I Drtased mutton,
city, lb. .14? .23 .12? .30
' Live lamba fair
to prime, 100
lbs. 17.00?18.60 17.50018.60
, Dressed lambs,
city, lb.2S@ .38 .28? .32
j Hogs. 100 lbs... 16.75?17.50 22.00022.50
?Dressed hug*.
bacon, lb.2?T4@.23% .31%? .32
! Mess pork. bbl.. 38.00039.00 84.00036.00
: Mes? beef. bbl.. 18.00019.00 34.00@36.O0
Lard. Middle
West, 100 lbs.. 18.60018.70 35.20@85.S0
100 P. C. Stock Dividend
South Porto Rico Sugar Dir?ec
tors Cut Melon
Directors of the South Porto Rico Sugar
Company have declared a 109 -per cent
common stock dividend on the $5,
600,000 now outstanding, payable Au?
gust 6 to stock of record July 24. Cer
I tificates for the new stock in the pro?
portion of one share for each share
I now outstanding will be' mailed to
> stockholders on Aujrust 6.
The stock dividend, it was announced
1 yesterday, was decided upon in order to
' capitalize part of the surplus earnings
j of the company, which had been in
I vested in La _ Romana sugar factory
? in Santo Domingo and other improve
i ments and developments. The Santo
Domingo property cost in the neigh?
borhood of $9,000,000. The company
is expected to maintain the present $5
quarterly dividend rate on the increased
amount of stock.
?
S?ecurities at Auction
The following securities were sold yes?
terday at the exchange salesrooms of Ad
trian H. Muiler * Son, 14 Vesey Street:
10 Shares Coal Run Land Co.
of West Virginia, 258.85
each, per share. ?3
19 Shares Low Moor Iron Co.
of Virginia, common, $100
each, per share. $4
10 Shares Low Moor Iron Co. *
of Virginia, preferred, $100
each, per share. (8
10 Shares Rush Creek Land
Co. of Wert Virginia,
$54.50 each, per share.... 28
9 Shares Thurmond Land
Co., $109 each, per share. $4
10 Shares Central Union Trust
Co. of N. Y., $100 each_ 370%
1,000 Shares American Shipping
& Export Co., $1 each. ... lot $16
10 Shares Brockton Heel Ce.,
Inc., preferred, $100 each lot $25
10 Shares Brockton Heel Co.,
Inc., common. $100 each. lot $16
$10.000 McWUllams Bros., Inc., 1st
mtge. 5 per cent gold
bonds, due July 15. 1920,
$1,000 each .lot $6,900
800 Shares Hale <fe Kllburn
Corp., common, per share 8 V?i
$6,000 Anglo-American Develop?
ment Co.. subscribers' par?
ticipation certificates, 46
per cent paid. lot $3
407 1-2 Shares Aigoina Central A
Hudson Bay Railway Co,
preferred . lot $30
$1,000 People's Elevating Co. 1st
ratge. 6 per cent bond, due
1939, Interest April and
October .?? $31
$2,000 Bergen Turnpike Co. 1st
mtge. 5 per cent bonds, due
1961. interest January and
July . $31
148,000 United Gas & Electric
Corp., 7 per cent purchase
money certificate* of In?
debtedness. $60
80 Shares Criterion Conces?
sions Corp. preferred. $60
To Quit DayligfaTTime
CHICAGO, July 14.?Daylight saving
time will be abandoned at the Chicago
stock yards to-morrow, it wa? an?
nounced to-day. It was explained that
the necessity for the conformation with j
railroad schedules prompted the change j
and that since the double time standard |
went into effect deliveries have been
running an hour behind the market j
schedules, "causing inconvenience and 1
needless expense in overtime pay."
To Resume Trading
In Wheat Futures
In Chicago To-day
Plans Announced by Board
of Trade to Stabilize the
Market; Bids Expected to
Open at $2.50 to $2.75
CHIICAGO July 14.?Plans for the
resumption of trading in wheat futures,
commencing to-morrow morninjr, were
announced to-day by the directors of
the Board of Trade.
The probable opening price for De?
cember wheat varies from $2.50 to
$2,75 in the opinion of traders. De?
liveries will be quoted for December
and March.
Members were notified that, as the
Lever act continues in force until the
termination cf a state of war with
Germany, the war-tim? supervision of
contracts for future delivery in store
by grade alone will be continued and
applied to such trading in wheat. The
directors authorized the executive of?
ficers to exercise auch supervision
under strict seal of secrecy, with full
power to order curtailments or adjust?
ments whenever the public welfare or
the best interests of the Board of
Trade seem so to require.
Reco?gnizing that the attempt to re?
establish the open market is being
made under abnormal conditions, the
attention of members is called to the
fact that responsibility for the mar?
ket's conduct rests with them. The
directors urge that adequate protec?
tion be behind every contract, since
transportation facilities are far from
ample, crop conditions and world con?
ditions are uncertain, and fluctuations
are expected to be wide compared with
normal conditions.
To-day will undoubtedly mark an
epoch in history of the wheat trade.
Trading operations in wheat futures
will be resumed in all the leading mar?
kets this morning after a suspension
which has extended over a period of
nearly three years.
Sentiment in the market seemed to
lean to the bull side owing to the
pronounced strength in the cash posi?
tion resulting from very small offers
and an insistent export demand. Trad?
ing operations in Chicago will be
limited to the December and March de?
liveries, and it seemed to be the con?
sensus of opinion that December wheat
will open around $2.75. Some seemed
: to think that the price might steadily
: advance to the $3 level, although the
: point was brought out that December
? contracts may not prove attractive to
! European ?buyers inasmuch as new
: Argentine wheat will be ready for ship
j ment early in January.
???
; Steel Producers Fear
More Traffic Troubles
Ft.*el Scarcity and High Cost Add
to Depressive influences of
Car Shortage
Scarcity and soaring prices of fuel
are combining to add to the depressive
effect of the car shortage in the stee!
and iron industry, according to the cur?
rent issue of "The Iron Age." The
ruling_ of tho Interstate Commerce
Commission extending for thirty days
from July 21 its order confining the use
of open-top cars to coal has caused the
greatest anxiety.
"It remains to be seen how far shut?
downs will go which the steel com?
panies said were inevitable if such an
extension came," the paper says. "Some
I relief is given by exempting from the
( order all flat-bottom gondola cars or
I cars which on June 19 had been defi?
nitely taken from coal-carrying serv
I ice, this being one modification asked
I by iron and steel interests. In some
! districts, however, this interpretation
has already been in effect.
"So far as the merchant pig iron
trade is concerned, soaring prices of
fuel have caused as much con?
cern as car troubles, to which high
fuel is chiefly laid. There is an urgent
call in some quarters for a return of
government control of fuel that was
given up on April 1, producers of pig
iron viewing with dismay sales of
prompt coke at $19 this week. The
effect of such prices on dependent in?
dustries will be serious as correspond?
ing levels are reached in pig iron."
"The Iron Trade Review" will say
to-day: "Because of the demoralized
condition of traffic the past few weeks
rolling schedules virtually have been
discarded. Every effort is being made
to minimize the possibility of caneel
lations because of non-delivery. The
urgent importance of this is to be seen
from the official estimate placing the
total mill accumulations of material
ready for shipment at 1,416,727 tons
in four principal producing districts."
-.-?
Incr?aase in Net Income
Colorado & Southern Reports
Earnings in 1919
The Colorado & Southern Railroad
reports for the 1919 calendar year net
income of $1.873,265, to which was add?
ed $128,752 of other income, making a
total of $2,002.017, compared with
$1,924,365 reported for 1918. The gov?
ernment standard return, from which
operating expenses and taxes were de?
ducted, amounted to $1,891,386.
Deductions from the gross income
totaled $686,540 for rentals, interest
charges, etc., leaving a surplus of
$1,315.477 available for dividends,
against $1,155.580 in 1918. The balance ,
after dividends was $676,325, an in
crease of $418,141.
-?
* Offer Utica Gas Bonds
Harris, Forbes <fe Co. announced yes- <
terday an offering of a new issue of I
$1,700,000 Utica Gas & Electric Com- !
pany Thi, per cent five-year general'
mortgage convertible gold bonds. The
securities are being offered at 98 and
interest to yield 8 per cent. They '
mature March 1, 1925, and the pro
ceeda will be used for reimbursing the
company for expenditures made in ad
ditions and extensions to it's hydro
electric plants.
-?
Financial Items
At a meeting of the stockholders of the
BonJ and Mortgage Guarantee Company j
it was voted to increase the capital stock
from $5.000,000 to |6,000.000.
The New York Stock Exchange has ad- j
mitted to list Chicago & Northwestern I
Railway Company temporary ten-year 7 I
per cent secured gold bonds, due June 1, i
1930. The committee on securities has j
ruled that Kansas City Southern Railway ;
Company preferred stock be quoted ex j
dividend to-day.
The Central Union Trust Company of
New York has been appointed registrar
of the preferred and common stocks of the
Thatcher Manufacturing Company.
Munds, Rotfers & Stackpole, members of
the New York Stock Exchange, the New
York Cotton Exchange and the Chicago
Board of Trade, will maintain an office In
the Grand Union Hotel. Saratoga Springs,
New York, during the season beginning
July 19.
At the regular meetlo? of C. H. Wills &
Co. the following officers were elected: C.
H. Wills, president; John R. Lee. first
vtce-presldent; Kirk V. Alexander, second
vice-president; Charles Morgan, third vice
president; P. D. Stone, secretary; F. P.
Brooke, treasurer. The above named an?l
P.obert S. Potter, vice-president of the
National Shswmut Bank, were, elected di?
rectors.
The Bankers Trust Company has been
appointed transfer agent for the preferred
and common stocks of the American Brake |
Shoe and Foundry Company and also for
the common stock of the Davisn Chemical j
Company.
An exchange of Btoes of tho Hocking I
Valley Products Company is now being I
made. The stockholders have been re- |
quested to deposit on and after July IS
the present shares o? stock (par value
$S0) with the Empire Trust Company, re- j
ceivlng therefor three shares of the new
stock issue ? par value $!"0).
The Chase National Bank
of New York
At Close of Business fane 30, 1920
ASSETS
?. S. Bonds and Certificates of Indebtedness. $29,044,280.57
Bonds and Stocks.,. 41,891,254.8?
Customers' Liability account of Acceptances ?and Letters of .
Credit..^. 89,956,239.84
Bills Discounted ..'. 136,260,556.46
Time Loans. 113,485,641.66
Demand Loans.$66,874,289.86
Cash and Due from Banks.95,510,943.19
Fire Per Cent. Fund. 55.000.00
Due from Federal Reserve Bank. 42,222,288.85
- 204,662,471.90
$565,300.441.76
LIABILITIES
Capital Stock..??..$15,000,000.00
Surplus...v, 15,000,000.00
Undivided Profits..>> 7,667,526.29
-?- $37,667,526.29
Circulation. ] ,073,100.00
Deposits :
Individuals.$249,658,933.76
Banks. 137,968,062.85
United States Government.. 126,000.00
-r^- 387,752,996.61
Bills Payable with Federal Reserve Bank.,. 82,759,944.44
Acceptances and Letters of Credit. 19,585,602.54
Contingent Liability on Acceptances Bought and Sold.,. 20,931,904.58
Reserved for T?axes. 2,772,370.30
U. S. Government Securities Borrowed. 12,757,000.00
$565,800,444.76
A. BARTON HEPBURN. ALBERT H. WIGGIN,
ChO?irrnsss* at the Advisory Board. Chairman of the Board of Directors.
EUGENE V. K, THAYER, President.
SAMUEL H. MTLT.EV vice Tree. GEORGE H. SAYLOR, Ass't C_iht??r
EDWARD R. TINKER vice Pr?s. M. HADDEN ?IOWELL, Ase't Ca*hi?r
CARI. 3. SCHM?DLAFP, Th* Pr?s. S. FRED'K TEL LEEN. Ase't Cashier
GERHARD M. ?AHL, Vice Pr?s. SEWALL S. SHAW, Ass't Cashier
REEVE SCHLEY. Vico Fres. LEON H. JOHNSTON, Ass't Cashier
ALFRED C ANDREWS* C__er OTIS EVERETT, Ass't ( a_-iii.-r
CHARLES C. SLADE, Ass't Casbler GEORGE E. SCHOEPPS, Ase't Cashier
EDWXN A. LEE, Ass't Cashier ANDREW G. CAMPBELL, Ass't Cashier
WILLIAM E. PCRDY, Ass't Cash 1er , WILLLAM H. MOORHEAD, Ass't t nah ?er
CHARLES D. SMITH, Ass't Ca?*hier ' CHAS. A. ?HEP.ARDSON, Ass't Cashiex
WILLIAM P. HOLLY, Asm't Cashier ERNEST T. LOVE. Ass't CwsWer
CHARLES E. BERTHOUD, Mjrr. Foreign Dept.
HERMAN KRECH, As?'t Mgr. Foreign Dep't.
DIRECTORS
HENRY W. CANNON CHARLES M. SCHWAB CARX J. SCB?QDJ
A. BARTON HEPBURN SAMUEL H- MILLER GERHARD SE. DAH]
ALBERT H. WIOGIN EDWARD R. TTNKEB -MiKFW FUCT?
JOHN J. MITCHELL EDWARD T. NICHOLS WM. BOYCE THOMPSON
GUY E. TRIPP NEWCOMB CARLTON REEVE SCHLEY
JAMES N. HILL FREDERICK H. ECKER KENNETH F. WOOD
DANIEL C. JAjC?I?VO EUGENE V. R. THAYER H. WENDELL EKDICOTT
WM. M. WOOD
1 I II ?
Every
Traveler Needs
a means of securing money quickly
and easily whenever and wherever
desired.
The Letters of Credit issued by this
Company fulfill these requirements
and in addition serve as an introduc?
tion to our correspondents through
# out the world.
A suggestion: While you are traveling,
deposit your securities with our Trust
DcpartrntMit, ther??by assuring the prompt
collection of income.
FOUR CONVENIENTLY
LOCATED OFFICES
55 Cedar Street
B'w ay at 73rd St.
Madison Ave. at 75th St.
125th St. at Eighth Ave.j
UNITED^ATES
MOPGAGE .?.TRUST CDMFANY
I Capital and Surplus $6,000,000
NEW YORK
Offer 82,500 Shares
American Chicle Stock
Improvement in Mexico Help?
ful to Chewing Gum Industry ;
Seek More Working Capital
A syndicat? consisting of White,
Weed & Co., Hornblower _ Weeks
and Low, Dixon & Co. announced
yesterday an offering of 82,500
Bhares of common stock of the
American Chicle Company at $40
a share. The proceeds of the new
issue are to provide additional work?
ing capital. The gross business of
the company is now more than 350
per cent greater than when the pres?
ent management took control in March
1916.
Darwin R. James, president of the
American Chicle Company, in discuss?
ing the outlook, stated that the
betterment of the political situation
in Mexico is expected to benefit the
chewing-gum industry. "Disturbed con?
ditions in Mexico in the past," said
he, "have been a factor in the adop?
tion by the company of a policy of
turning more and more to Guatemala,
Honduras and Venezuela for chicle.
More than half of this material used
by the company is now obtained from
these states. With improvement in
Mexico that country is again likely
to become the chief source of supply,
as settled political conditions will
benefit production of raw material and
its collection and transport. Th??
size of the interests involved may be
gathered from the fact that pales
of chewing gum amount to $100,000,000
a year, and 9,000,000 pounds of raw
chicle are used in the manufacture
of gum."
?i-.??
World's Gold Production Drops
WASHINGTON", July 14.?Less gold
was produced throughout the world
last year than in 1918, and indications
are that the 1920 output also will show
a reduction, according to the Geological
Survey, which, on incomplete returns,
places the 1919 production at from
$345,000,000 to $350,000,000. World pro?
duction, in 1918 was almost $381,000,000
of which the United States producec
$58,2^5,196. Returns for the first six
months of this year indicated ths
United States production for 1920 prob
ably will be less than $50,000,000.
Oklahoma Leads in Oil
Oklahoma is leading California by ;
scant margin as the largest oil pro
ducing state in the country, accord in,
to a survey of the oil resources of th
two states just completed by the en
gineers of the American Oil Engineer
ing Company of New York. In Okla
homa, the survey shows, there ara *a
present approximately 25,000 wells pre
ducing either oil or gas, with a daii
output in May averaging 28-1,581 bai
reis. California's 9,300 well? produce
a daily average of 2?8,581 barrels i
May.
fcANK STATEMENTS
BEPORT OF THE CONDITION' OP
GARFUNKEL & TA?STER
privatr, banker* at the cl se of business on
??the 30th day of Jum?. 1?20.
RESOURCES
k and boni Investments, viz.:
Public securitirs.$17 472 OS
j Loans an?) disc Hints' s- or? ? by
other collateral. 2.30?.00
Loans, discounts and bills pur?
chased not secured by collateral l!,6fls.9?3
j Accounts receivable . 75.00
' Due from cusi?me;-* for exchange,
money orders and steamship
tickets sold . 2.8??*.37
Overdrafts. 353.n
Dm- from foreign banlts
ami bankers .$1,735.13
Pue from trust -com pa
plea, hanks an<l bank- ?
ers not included in
preceding item? .16.42^.19
-r? 15.158.3J
Deposits with expresa and steam
; ship companies. 600.00
. 37.96
Other .?? .ithorized by the
laws of ihf Btoited States. . . S.000 ?0
. 509.J3
teats . 10.eo
Otl er aaset b, v.?. :
; Furniture and fix?
tures. $2.7*1.00
2 7*1,01
Total.$61,750.0?
LIABILITIES
Permanent capit?U .$15.000.0?)
: ;s. '...<??
D ; sits:
Deposits, subiect 'o
Bck .$32,777.32
I to
notice, withdrawable
only on ; _en ca?
tion of passtVoks. . $.313.04
Funds held a\v?;;:r.;j
transmission abroad. 1.3BT.14
Due steamship com?
panies f'jr tickets
g .1. 87U.S4
- 43.S65.S4
': Other liabilities, viz.:
Cashier's checks. 54.38
Total.$?1.750.09
Canada and Denmark Dispute
Ownership of Arctic Island
OTTAWA, July 14.?Alleged slaugh
! ter by Danish Ecquimaus from Green
\ land of musk ox on Ellesmere Island,
far north of Baffin Land, ha? brought a
, protest from Canada to Denmark, a
claim to the island from Denmark and
a threat to establish a mounted police
post there from Canada.
I Esquimau hunting expeditions brought
establishment of a closed season by the
Canadian government, which claims
non of the island. The British
\ government now has been asked to in
i form Denmark of Canada's intention to
? assert her sovereignty if necessary.
Tampico Oil Workers Strike
MEXICO CITY, July 14.?Ten thou
'? sand workers in the petroleum rieid
around Tampico have struck. The men
; demand a wage increase of 75 per cent.
: The strike will eifect United States in
! terests more seriously than Mexican,
''Excelsior" says.
DIVIDEND NOTICES
GREENE CAN ANEA ?COI'PEK CO.
?J Uroadway, New Yora, N. T.
The Board of Directors of the Gt-ene
Cananea Copper Company has declared s
dividend of 50 cents per share upon its
Capital Stock of the par valu? of $100.00
p?ir ?ihare, payable on August 23, 1S20. to
the holders ?>f each shares of record at th*
clone of bu??!;?s.?i at 3.00 a'ci-ck p m.. Fr?.
day, Aiurus t ?;. 1520 The dividend is i>.iy
aly upon the $100.00 share* into
which Kit* '."a:,tal Stock la dlvid-d .4 '
s'.jckholders who have not converted th? r
holdings Inio ?baros of $100.00 par value
should do so without delay in order thai
they may r?H:e?ve ?Jhelr dividend promptly.
The transfer books will not be closed.
_ ?- VV. ALt.K.N. Tr?_*ur.;r.
New Tork. June 24. 1328.
DIVIDENirTNOTICES ~
KELLY.SPR?HQF1ELD TIRE CO.
Cent. Freier?, d Stock of this Company has
been declared payable Augvwt 16. ?M to
stockholders of record at the close' of
business Aiigisst 3, m?. J *? M
P. A. SEAMAN*. Secretary.
New York. July 7, 19;o.