New-York tribune. [volume], November 01, 1920, Page 15, Image 15

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

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THE Denver Se Rio Grinde
. pystem, 2,600 miles long,
h covered by three first mort?
gages. Net earnings in 1919
were over twice the interest
charges on these bonds. The
Government guarantee was
over three times those charges
and we estimate that under
the new rates the road will ||
earn, net, more than five
times the interest charges on
Its three first mortgages.
ONE of these bonds yield?
about 8%, due 1949.
jn recommend fM* ttrcur-itg
ft certain classes of investor!
Founded 1797
Seasoned Investments
30 Pin? Street, New York
Banking Begins
at Home
The Garfield National Bank
does not tempt to do busi?
ness ::. a '. the boroughs of
Greater New York. But?it
offers the highest grade of
service to ils neighbors. It
believes in supporting local
industries, and it asks their
: in turn on its record.
We Are I i caxq'jjrtcrs
for Oar Client'
GARFIELD
NATIONAL BANK
FIFTH AVENUE
wijere:23ro Street
crosses broadway
COMP ANY ?
The large sums of rr.oney
spent by the Texas organi?
zation in the past year and
a half for extending pipe
line and tankers facilities
are r.ov-' beginning to be
reflected in earnings. Pro?
duction in the past year
has in?:reased 21 ?> times.
A full page article on the
Company's, activities is pre?
sented in current issue of
the "Financial Forecast,''
which also features
U. S. Steei
Corn Products
Kan. City South.
Internate Petroleum
( ; i .. .' ?? mailed ft re
? ? ' . 52
! ' ?-. - . ? ? X,
y. - - .?.-?? hanj? e/HV
41 ?3K.C \> .'?; x . N EW YORK
. 3 ? x
Winsicw. Lanier & Co.
59 CEDAR STREET
ftEW YORK
THF. I : -,?.'.-. vM, DIVI?
DENDS aim: PAYABLE AT Ol R BANKING
HOL'.SR DI'I . . ?? iNTII ? Y N< ?\ I y
NOVEMBER 1st, 1920.
rgh R. R. Co G?*n Mtfr?
3Hs.
Uas?li .-.- t ? . ,-, larterly
? I : '
Mario.-, ?nunl er Bonds
Pc,r,u"; ?' Water Work?
I
MH EMRER MTU, l?'?O.
inA?napoii,, ma lu, ?s lTond?.
NOVEMBER 21ST, 1920.
jlnrlon County, Inaiana, : -? - - 7;.,.
I
PR1CHITT & OQ
Members N Y ?Stock Exchange
SIXTY BROADWAY
NEW YORK CITY
Nqn???!?c MUTUAL
INSURANCE COMPANY
? ami 6> w.li s^
vew Yovlt- October?, Iff?.
*?? futa? tii,., l li*)tits.
t?** of the ^''^^"''^vcertiflrateiol
?nil pain to ?hi k! "' '''''" w,u b? redeom?d
S?*1 '?praaanUiE?l. ? zh?r??t or *o timar
???M.i.1. l at u,e tirn? of (?ymtal aud
1"?nVl,L?^ 48lx ^r P"-<-"nt p*r
W*?** o ftf,?.'?r^Vr1'"? ""??cata.
fe? Pai.l to th? K >T L.-. L"'a 'i*' ls'lt,? W1"
??fr?de?d of i nil? . C^ck* ,ur ??* <"?!<*
?Jfcwlauw with - ?7iUI n0t> ???'M ?
-_CANTON FLOYD JONB8!8?wteW. ;
JWnrh Banks to Pav 31 <?, p. ? I
S ff ,Fr?? ?urf pay 3 Mi per ?
in? fi -, Kl ",l deE0???. tt?a rate bo- ?
??^ed by an oflicial decree issued '
Investment
Information
Questions of tje-.eral interest to in?
vestors *.cill ?V answered in this col?
umn, in which ease only initials will
be used. Others will be answered by
mail. Address all inquiries, xnelot
tng a ?tamped, addressed envelope, to
Financial 'Kditor, Th? Tribune, lSi
l\'a:;.iau Street, New York City.
An Easy Way to Earn a Dollar
Question- My wlf? anil I have soma
' i ? ' shores of Harvey Crudo Oll, It j
lined to no.1 on the Now York Curb. It ?vent
as high ?,s l 9-1 fl, whatever that means '
We. received n letter from Currier K- Co.,
? ?t Kansas City, stating that as tl,.a lia.I
tin more shares to .???II thev were going
to take it otT the riirl?. Sine., that time
1 have not noticed it being quot? ?I. The stock
on hand held by them was going to bel
held as treasury stock. The y have been !
paying dividend's every month up to last j
July, and they then senl out notices
sajing that the monthly dividend* would
be discontinued and a quarterly ?llvldond :
of at least 4 ixt cent would toko its place. :
About a month ntro they sent out ?i notice
that A. l? Swanson, of Detroit, Mich., !
had bought 5,000,000 Rharos of our in asury .
stock and was s-?iti!,- it at $1 n share.
There was also enclosed with their1
letter a warrant stating that I owned '
so many sitara? a;:.l ?vas entitled by a i
voto of director* to purehaso the samel
amount of shares at $1 per (?'hate; also \
a printed application for the sending of
stocks; also a. printed assignment of j
rights, waiver and release, stating ?
that for the consideration o? the sum;
of $1 1 waive iay prlvllego permanently
of securing additional common stocU
in t ll liar?' y ? t Udo uil < 'ompiin.v, if I
do not subscribe at the present tint I
:. n't know v. hi t to do al it th ; 1 he>
have always paid ill?, demis .ami claim
to have a large production, ?ilso 450 wellB,
tations to sell gas line tank cars anil
-, ilnerles and pipe lines ?n l uni 11 Only
; ,..., ? ? than 50 000 ai r? s of laud und
?? ?es They hod a half-page ad In The
Magazine of Wall Streel stating all these
1 .- ., s Would you ad\ Is? me 10 fell and
how should 1 go about it and what com.
n v. ould '. have to i .... " 17. G X.
Answer If any one will pay you $1
for relinquishing tin? privilege of buying
Harvey Crude Oil stock at $1 a share,
tftke the dollar, It has not sold as high
a- that in some time. The last quo?
tation we saw was 4'd bid and 47 asked
(cents). The stock is too speculative
j for you and your wife to risk any con
? siderable part of your capital on it, in
or.r opinion. It does not command a
ready market, and we do not know how
,! much you could get for it or how much.
comn ission you would have ?,, p? ;,.
: You r-ee now why we always hold that
j marketability is one of the important
features of a good investment.
College Courses in Financ?
fli
; ;
Qupstl >n Kindly 1,-t.
!: vp :-. cours?.'
i-? : merco In New Voris City W. l. s.
Answer?Both New York University
and Columbia, among others, hau
courses in finance and commerce.
Bought Midvale as Investment
i Kindly c: ,-c ! ??? sornp I ?
' rmation ?regarding Mldva ? St? ?J stock,
1 purchased s> :.-.?? ;. ? >.j some i n ? ., ?:
an?l would llko tu know .:' you consider
.- : ' .i -," ,-] investmi lit T ,i. s.
Answer ? Midvale Steel is specula?
tive. Unless you can aifou! ??> specu?
late we il?? not advise your holding it.
We have no news of recent ?!at?- re
ng the company.
Met IVtc and Ko\al Dutch
?u think
.m invp
moi ;
a i ? i*..
of Mexican Petrol? um ? Is
..: t h' presi nl price " WII
me Information :
: -,- h, Neu v rk 3 Whal i
i -. ? 11 es Steel c
ment? II.iv? I* S. Rubbei
based i! SG. I ?o you ud\
... M. i!
Answer Mexican Petroleum, in view
of its wide fluctuations, must be
regarded as speculative. There is
:. dou bt ? ?? - ?? impany has valuable
oil leases in Mexico, and should politi
conditions in that country take a
definite turn for the better this would
probably be reflected in the price of
the shares. Royal Dutch shares are
gei era lly c oni idered : pec ilal ve y at?
tractive because of the policy of the
managi n nt in gi\ ing stockholders
valuabli ub ?? ipl ?on right s at various j
! ' rio Is, Tl ? (?-,. mnany oecun c . much
same pi tion abroad .-. ? Standard
Oil in the ' nited States, Judge Gary
ha ; assun : ? ted Stat? s 3':< pi stock?
holders thai it ; the aim of the man
, agement to maintain the present ."> per
ci ni dividen i i te indcl nitely. 1: is
our opinion thai you ought to ho able
' - gel out ev? n i n United Stal es Rub
1 ? 3 if you an ing to hold i; long
enough and can afford to speculate on
th? outcome.
Thinks Sinclair Stock Is Low
?,"i- ?; ion- A.- II.. hi en reading ? our
1 ; ? . : ?- i-nKth f timi and Und thai
n given, y, uuld ap
' f you ? iirl so me tu buv
f< i i : . I :? - : ?>;..
:: ? ? x. : j. null! I g ? .1
hort i us I bis si oel? .
: ?v al presi nl 11 I i:
Ai ??? r If you should decide to put
your fund? in Sinclair Oil you must
bear in mind that the only chance you
have for a profit is by a rise in the
value of the stock, as the company pays
at present no cash dividends, it has
been the policy of the management to I
put back surplus earnings into the
property, and for the long pull this
should be of benefit to shareholders.
Officials of the company state that cur- ?
rent results from the operations arel
the most satisfactory ever. The shares I
cai not be called an investment issue.
Middle States Highly Speculative i
! 'lease give i
States OU, qui
io you think thi
speculate
i r i i o n o f
ntly for
Answer In view of its past market
experiences, Middle States Oil can be
reg rded as only a speculation. Sev?
eral important brokerage concerns.
however, have recently sent out bullish
advices on the stock, the statement be?
ing made in these quarters that Stand
uni Oil interests were buyers whin the
stock was .-.round 10. Since then there
h en an advance to above 18, but
witl n recent days the market has
fluctuated mostly around 14. Middle
States Oil is listed on the Stock Ex?
change and not on the Curb.
Crucible Steel Dividend Record
, ,... ? ,,, pivase li '. me know ihe fol
,, garding fi u- Ible Stei I conn :
? . . . . - , . |ar< I this year, i 10 rate
and when paid, cost ?of stock, any divi?
dends declared and payable later in the
.?car , .? and how payable, when sales
U>d ex di< idend, how la date asc? ? - I
tained? E. !.. B
Answer- Crucible Steel declared the]
following dividends in 1920: In cash
:: per cent, January 31; :'? per cent,
April 30; 2 per cent, July 31; 2 per
cent. October 30. In stock 50 per
cent, April 30; July<61, 16% per cent;
i?,,,., -it 14,28 per cent. Stocks
dividends, the Stock Exchange rules
that the stock shall not sell ex until
the tinte margins would be affected
adversely.
Scars, Roebuck .Note? Sound
Question- 1 subscribed for $1,000 three
year Sears. Roebuck A Co. 7 per cent gold
notes, Will you advise me if this Is a
safe Investment, because l oonlcinplate
t>u>ing some more??II, 11. <;.
Answer--Wo regard tho Sears, Ror
buck notes as a sound investment. The
company shows large earning power
and interest on these notes is earned
many times over.
Four full columns of in?
vestment questions and an
tticcrs are published in The
Tribune every Sunday.
Industrial Group Shows
Rapid Gain in Finances
i ^ ______ i
Survey of Recent History of Corporate Borrowing
Reveals That Railroads and "Established" Firms
No Longer Have Monopoly in Investment Field
By \ ?arold Stanley, Chairman,
V?ce-President Guaranty Trust Com?
pany of New York
The most cursory survey of the re?
cent history of corporate financing re?
veals as its striking characteristic the
increasing prominence of industrial
issuee, particularly in the two years
since the armistice.
In the past railroads and other utili?
ties have properly liad a practical mo?
nopoly in the field of long-term bond
financing, and until the hist few years
the bulk of industrial financing lias
been with common stock. The princi?
pal industrial bond issues had been
those of companies with heavy invest?
ments in plant or raw materials, such
as big steel, packing or coal companies,
such bonds having frequently been
issue?! in part payment for their plants
or their raw material deposits.
During the war a large amount of
the money raised by industria] concern?
was for the purpose of rapidly expand?
ing plant facilities to meet war-time de
mands, but since the war has beei
chiefly for the purpose of strengthen
ing current asset position.^iecessitatet
by larger and higher priced inventorie?
and the increased amount of goods ii
transit. Plant facilities are now in i
great majority of cases fully ad?quat?
to the country's needs, and new linanr
inir nrnioetn t'",.r further nl.int incienso.
t should be carefully weighed and scruti?
nized. The curving of inventories,
however, remains the most usual pur
i pose of industrial issues, and it is with
! the fact constantly in mind that we
must examine more closely the princi?
ples governing the form and conditions
of such offerings.
With the great increase in industrial
financing in the last few years short
term issues have been the Usual method
of appeal to the investment market,
whether such issues were in the form
of notes or of preferred stock with
heavy sinking funds.
Investment Security Requirements
Capable and interested management
and ownership, marketability of assets
and permanency of earning power, in
the face of actual and potential compe?
tition and changes in the customs and
requirements of society us a whole, are
the prime essentials of an investment
security. It is obviously impossible to
lay down any hard and fast rules as to
what requirements any given issue of
industrial obligations or preferred
stock should meet in order to qualify
as investment securities.
This applies m>t only to the attri?
butes, history and character of the
company as a whole but also in the
covenants and provisions which should
be contained in the issue. In the last
analysis the purpose of restrictive cov
enants is to guard against the danger.'
inherent in speculation and overex
pansion and without hampering th?
company to limit within reasonable an?
proper bounds the issuance of securi
ties having prior claims against asset!
and earnings. If these two purpose!
are kept in mind, it is generally no
difficult to determine what should b?
th?' proper covenants and restriction
for any issue.
The true measure of value of an;
company, whether it. be an industrial
public utility or railroad, is determine!
only after a careful weighing of earn
ing power and assets and the charac
tcristics of the items of which they at
made up. In addition, the question o
management and the industry in whic
the company is engaged are matters c
vital importance, and it is safe to sa
that the longer the life of the ?ssu
the more carefully should all thes
3natters be scrutinized and the moi
carefully (though not necessarily mor
stringently) should the provisions c
the i-sue be drawn.
Offering Circulars
The bankers' responsibility to the ii
vesting public renders it essential tin
sufficient information be given in co?
nection with the offering of an issue ?
securities to allow it to be judged I
tin- same general consideration th
governed the banker in assuring hii
self of the integrity of the compai
and that dictated the structure of ti
issue. The dependence of the invest
on the company's current assets for
?yj> security renders the inclusion of
an ad?quat?? balance sheet, one of Lite
first essentials in contrast with rail?
road offerings in which current assets
have less significance, since the capi?
tal investment is permanent and un?
likely to be liquidated, and the record
of earnings largely tells the .-tory o7
the company's ability to meet it-?
charges. However, though it is some
! what outside the province of this com
! mittce to discuss railroad or utility se?
curities, we believe that circulars de?
scribing railroad or utility issues
! should include either a balance sheet
! or a! least a statement of the working
capital condition as at least indicat
? ing whether additional capital may be
; needed.
; In this connection if. cannot be too
I strongly emphasized that correct, and
ample information on the management
the first consideration of the banker
in passing on a loan should be includ?
ed in every circular. If the importance
, of this factor can be brought, home to
; the public there v. ill be much less
'clamor for blue sky laws and similai
; methods of attempting- to prevent
: J r: tids. During the last few years, in
a period of great industrial expansion
and profit, many improperly f>et up or
r;uestionablc securities have been so!,I
to the public as investments. Many of
these securities have been out-and-out
speculations and some have been cfe
liberat?: frauds. If prospective pur
chasers had inquired about and checke?
up the reputation and ability of thos?
associated in t'..e management of the ~
concerns the sab1 of such securities
would have been almost impossible.
Reduced Requirements
Ir: connection with the rapid devel
opinent and present popularity of in
dustrial securities it is natural tha
the question should be asked, What u
the future? The answer to this is pi i
haps indicated by the likeness that ha
already been traced between the recen
issues of industrial securities and banl
loans. Is it not true that, t lie se sc
curities have been not only analogou
to but also substitutes for bank loan
during a period of increasing busines
when banks have not been equal ;
meeting the rapidly increasing demand
for funds? All estimate, therefore, o
the future volume of similar securi
ties requires an estimate of the rela
lion that may be expected to obtni
between industrial requirements fo
temporary funds and the ability of th
banks to supply them. On the othi
hand, though the necessity for ind .
trial public issue.? will decrease whe
the banks are in easier condition, v?
Ihn inareacd i-.nniilii.ritv nn,l nmrl-ot'
?m y of industrial securit ies will lei d
to influence corporate managers, be- ;
cause of certain obvious advantages, to
;. su?- their securit ies to the public.
A logical consequence of this lire oj
thought leads to a final word of wai i
lntr- In the event erf a period of low r
prices an?l decreased inventories, and
consequently reduced working capital
requirements, some of the companies
which have issued liberal amounts of
preferred stock or notes still having
some time to run are likely to find
themselves with unnecessary laive
amounts of cash. In the face of the
resultant temptation t?? distribute the
surpluses that may have been
up. the protective covenants will have
opportunities to prove their useful?
ness. In such a situation there may
be many cases m which compa
would be well advised to do what
would be insisted on if the funds hao
leen borrowed from banks, viz., liqui?
date. In other words, circumstanc. ?
may very well atise in which it would
be the part of wisdom and con ei .1
tism for companies to avail them - ' -
of th"ir privilege to call their secur?
ities or portions of them, and in such
case; i; will become the duty of the
investment banker to urge such action
on his client companies.
The foregoing discussion of indus?
trial investments is the result of the
studies of the. Industrial Securities Com
mittce of the Investment Bankers' As?
sociation, and is bused on the commit?
tee's mutual report. Mr. Stanley is
chairman of the committee, Financial
Editor. ?
Weekly Curb Market
Industri?is
Net
Jlich. Low. Last. ? hre,
Rxpl.. in", Li Jin. .i,
?; ,.
: :?-? 0 ?Aci
200 ?Allied Puck. . !? 'a II14
200 *.\ ngr-Can Cop l 1
; 00 ?Amal Tire s. 1 ?
L'UO ?Am \V I'apc-r 0 ?
?7 10(1 Autom V S. . 68 \ 60
10 Kordon com 9.1 0.1
400 *Br-Am Chem t, *4 4
: II? I) :w A Tob cou 12'? 124
4 no *.i <; 1 i nil.... 6V4 CV4
2100 ?Car L .-. P .. 3 % 3 V?
60 Carbon Steel.. To To
Csno ?chic Mlpple.. '.17,i 7 '-j
511O Conley Tin r 1S Is
300 *Conl Motoi H, V rs 7 1 i
Li ?1 luFoilt P pf. 75 77.
? 0 ?lamp T .VS. 17 >?, ia\
100 ?Fiirrell ? 'oui . 2 : :. ;
. 1 (I Foil Tel & T . 4 :;-\
I <>0 *< ?arlanil s s . 4 ', 4:,
7- 0 ?f?t n Asphalt. Cl >?,, til's
? 00 ?? ioldwyn Pic. 7 7
4400 ?Here I api a 2.'l ', ?"
3000 ?Hoch Val Pr. - '?,
HlO ?IT ..1" CiU&l . sa, H,
:, : ???? 1 ral racking-. ta, :? 1 ,
00 "It.t Produi tV. ; 1 14
10 ?Good?, - sa Tira 1 0 CO
30 ?do pf. 77 74
1 00 Int ' 'on Kuh . 11 '? in-*
a 100 ?Kay Co Cub.. 1 % 1 '?
: 0 *?. bbyiMoN*!,. 1:: ',,; 12
! 1OO *l .Incoln MC A 31 ::o
1200 ?Locomob n r.% ? ' j
GO 1 ?Max-Ch "A . I ?'? ? 7?
200 ??lo ?IV. 1 ; 10 V4
I : Mel c? r Mol . '.' ???
\ 1 1 ' Munson Fur. 1 . > j I . 4
1 ? -Nat Fir? proot U >/a '?
000 ??lo pref. . . l:; 1 :
?1 00 Nor A I' .?? P 5',i 5V?
; I) . ?N , ! 1,1 ither. 10 10
1 200 ?Phil lnsul W 77 r, ia.'s
7200 Pert c T & H 1 \ 1 A,
16800 ?Radio Co 7 '.. 2
9; 00 ?do pi ? ! .7 ?j, 2!4
?on Repub Bub . 2 1 ",
2800 *K de I' ?' B. . -4 1 la
0 < Roj Ii i'w pf 83 Si Hi
4 ? 0 Submarine Ht 15 11
700 ?Su lit illlrr. . 2? '-j 77
I ; ?Si. ,.: Co Of A -' -4 I \
0 ?Stanw.I It. 2 1 ',
. 11 0 *T i:y J. * P. 7: 1 ?4
200 ?do prel . j
5S00 *Tob Pr Exp. 1 I 1 :.' '-.
21200 l.'n Profit Sh ? ~\ 1 "?
1 n sh;;,-. ard .
200 *U S II Sp T. : 0 ;.k 30
IC00 ?Un Carbide. . 68% 68
6300 l'a Ret ? 'an . . 10-14 I 0
100 ?l'n I7.IS & El. i3 t 'a
?00 U S L & It. . !'?, 'llj
2000 t' S Ship Cor. 3 2t,
1 5000 1 ' S sa- a mship ; ?4 Pa
17100 \\')i\ nn Coal . 1 \ 3 Vj
300 ?Willys Corp. 1 fi 16
27.0 ?i!i? 1st pref C] Vi 66
600 *Weber .?.- Hell 12 IP?.
Pi
6 _
r.8?i-i
' ?"? ?*?? ?
12 H 1
1 ,
3 v, -
7 o
1% 1- t-i
1,
4- 1%
;s
A
2 H -
1 Va - ?
4 it..._. 14
8P4? Vi
14 ? %
2 8 V4 ?- 1
2 ? '4
: - '..
1%?
1%
|i, .
10 4-1
? ' ' . ?/
Standard Oil Subsldaries
3200 Angio-Am Oil 22 21V4 2!',
50 Nu : I Transit . 30 '?0 20
'.>:, Prairie P L. 232 270 232
1 - - . Penn OH. 177 17?; 17 7
!I7D S O of Calif...164 326 3 4 ;
3700 s n of Ind . ..S10 762 7 1 :
777. H ? 1 of N V . ..308 382 2 s?
Other Oils
GOO 3 -ax Oil ... 1 1 1 - I
?14000 ?Allied Oil.. .. 20 1? 20
- 0 'Ark Nail <la* 10H 1 ? 10 ? H
'. 00 Blgheart I'Sli 8i? 8 V4 8 l?
: - ?Boone Oil.. ,. ?Vi l a> 3' 4- J?
29000 ?Bost-AVyo oil 1 \ U ?
82f.00 ?Carlb Svn.l... 1*'* 14?.? 16 ? 2 H
900 ?Cities S 11T a 3 t H 1)4 H 84% + Vt
6000 *<1?. 7Ha.... 96V4 9"?4 ???"->?
200 ?Columb Syml 7 '? 7 7
8000 ?Coluinb Km.. 6 " 4 6 5?*-- H
)O;l00 ?Cushing Pet.. % H Sj -
? 12U0O ?Denny Oil_ 1-\ 1 H 1 <y9 -f- in
; 800 ?Dominion Oil J 0 \. 10 lOtt-f '?
600 "Duquesnb Oil 2'4 2 2 ? 1V4
i 13.700 ?Elk Basin I'.. 9 7? 9*4 !U, - s?
j 1 ??325 Engineers Bet. 1'i 1^, l',-,- A
?/.Af?n ?Kpm.r Q & ?7? s\ i? ??
j 16000 ?Fe?ieral OH... 2% 2V, 2% -
1 49200 ?Feneland Oil. 16%? 15*? 1??,+ *
Pt?U > High How. Last. - li
200 ?fill ?la n l i i i r ??
1 Di ?Ouffi y O ? '.I : i ?"?? 3'-'-, 3 i ', i : .
m.i ?flranada < nl.. 9 '? 9 ? '<.
< 0 ?Hudson Oil .. ,?, 'i 3, -
IS00 ?llercul* ?= Pet 1 '-j 1 ' ! ? 1 ' .
33:--m ?Inter Pel 18 \ 13% 17% ??- 1 %
I 90 ?Lone R i ?us.. 2,1 81 "1 -1-1
? ???;.-. oiiH F'nl ... Y 7? 7i
'Mu.-- ilbo i ?II " ??? . 19', ' '
3. ?Marian?! Oil ??. K ? ' ?
1761 | ' Mailand lief. 8*4 -S'i :"-, - \
81 00 ?Meriitt An'.x, 1 ?f, I ?:. 1 .
li 00 ?Meridian P.cf .". ,'? ?' ?
7'") ?Mex fan O. . l'.' 10 12
431-11 ?M, nut Oil ?' 1.3'; il 14 \
84: n ?Midwest Ref : 70 ! 3 : :;.?? i 4
I 400 ?Midw Tex O. 8 7
20 ?'? ?Mountain Pr. 12 ?, l : ', ! ?4
700 Nor Am l'il . 3 l4 :i
900 ?Nobl -o N .1. i. 's
?Pennok ? 01 . 7 -, fi ?%.: ',
1 200 I'? : Pr of Am. 11% 17 \ 17 '.
; ! 10 ?I'l-oil ? Hi ? . i, m < i
1600 ?Red i: I; i i&a Y Y Y
1 900 ?Rvan C w I. IS 16 ?? IT
7 ?Sail ? "r Cons. 84 29 . : ' ? ' ?
31 0 *.1>? n . 18 V, in?, 1 : \ -
600 ?Sapulpa R?f. r '?? :, ? , 3",? %
47" Savoy Oil .... 10 :?', 2". ?
3l 00 ?Settled Pr C. 2*i 7 7 Y ? 4
i ?a urns Pel 12 :<? \ 10'i 1 \
G 10 ?K ell ? Oil 9"i -',
-? - -,. ? - 13 t . ' ) . : : ' 11s; -3
7. ?Tex-Kan I ill. -\
?Texon O & !.. ?? ', \ -
0 ?Tioi al Oil IS 1 - IS
10 ?1 3 . t Pel . ?? 3 '..,
: i : no ?\ torla Oil. 1 7- 1
ROI ?Vulcan Oil. . ?' ? ' , ' ?
. roo Wh'-lan Oll \ ?i \
: 00 ?w.Iburn O . \ Z\
7000 ?W hii.: . : 3\ : i . 3i,- ?.
.Mining
14300 Aloskn 11 C M Y '?" "?
200 ?AB 31 a- : : I4'?j : i . : ?. ?
'1451 ?Ai - C, ibe ? ?',
4X00 ?Arizona .-:;l v '? ? ft ' ? -
6,100 ?Am Min?-s 1
?tAtlantn ; ' ? 1 1 '.
"... her l ' -? ' . ' - 4
13.300 ?317 li her Ext ~Y- ? 4 'j
?r.fi ?: ni m : - - ? ? <? y
17700 ?t (tooth J 4 '
.... ii IBest ?fe Mont 47 A : A
17X00 *+(' ..:--, M : ? ? : IS
IKOO ?Camlelarla S ,',, ',
I ? I 3 M -. .7 ?'
2200 Con 3 . Silver >? Y Y. ;
I 8700 ?tCorti Rll v. C 4 G2 C 4
Con Copper : ', : -, i
." 101 ? 'i ? sflon i' ? : l -s
7100 ?Darwin Sil
57900 tDivlde E.XI 32 28 28
? I Ml 01 ",
K500 Emma Silver ' ., 2 ?.
'? 1000 ?I IM'-- ka C M G! H
:. ?1 urekfl Holly : ', :??? I .
Kl ?I M \
891)00 ?1 ?> ' c 3'. Il
?fC ? i i ?- : -i b'-?
3 v-.- ????;???.: :
?Ono ' M 4 '. '?
- H.ela Min 4-> 4 ? j ? ,
160 Bon Ain Svn - < . 14 ' t .
77 00 ?-Hlarmill Min 2G 13 2 <
8100 ?Iron [.loss il i ', \ Y
17700 ?t.lim Hutler. 19 Ifi 19
lilunibo Ext. 7 5 ?' ;
B20A ? ,Ki ?.? anas . . 24 1 :?'?
B .;"i ?1 Knox Divhle 7 li 6 ? ? '
500 Kerr Lake ... ' '?'? ?".4 3'..
OSSOO "I.. ne Rtar . 7 5 i
20000 ?tMacN Mu?;. 31 20 :,\
1S400 ?{Marsh Mn? 114 10 11
2800 Mother 1. new : \ '.. '? 3 7? -
Mur M ,'-? 'Y 76 7 3 7 3
7700 ?New Arcad C *'. SH " \
' - Sipiwlng M.. D S". ' '????
4001 ? ?pair s h M ?; , -\
3 0oo Prlnr?- Con ... '? ? '? \ -
: ; - 00 R .-? Vde Cop. : \ 1 \ 1 '-.
7200 il?.v Consol . . 6 5 6 -
22000 Rop< r (?r M . A 's 's -
4200 st i'r-x Con M J '.I -
8500 ?tSilv KB Div 7'-i 2 2 ?
1 1800 ?tSilver Pick. 7 .7 S ?- 1
tl 00 "So A. O ?fi PI. 5 4\ 5 -
1300 Stand SU Ed.. A ? A -
12600 ?tSucoea? Ms. 3 24 3 -
16900 ?fSutherld D. J 1 14-1
Executor ' Trustee
Chartered 1822
The Farmers1 Loan and Trust Company
Nos, 16, 18, 20 & 22 William Street
Branch Office, 475 Fifth Avenue
At Forty-first Street
New York
London Par?B
Foreign Exchange
Administrator Guardian
M?inbor F?deral Eesorve Sjsteru and New York Clearing House
'Ljjw.Ygmp
They Say That Mere Safety
Woirt interest You!
Is thai true?
Do you or do you not belong to the
unthinking thousands who flutter like
moths at the flame of sudden riches and
drop hack burning and broken into the
dark to hug lb. misery of their losses.
To be sale Buy i? udence-Bonds.
We have prepared a oklet describing
Prudence-Bonds in del? I. which we will
send you without any obligation to you.
We pay the 4 9? Normal Federal Income Tax
Ask for Booklet C-84
"Realty Associates!
Investment Corporation
31 Nassau S??N<?w York <-*-'163 Remsen Sr,BtDoUyn
Denominations of *ioo, $300 and *??oo
laranty Trust Company of N'ew Vork, Trustee of This Issue
,prTr*OT-irew*iOTMsr!??????*?a?^^
The undersigned announce the formation
of a co-partnership under the name of
Watson & White
149 Broadway,
Singer Building
to transact a general investment, business.
Theodore S. Watson
E. Laurence White
Telephone: Cortlandt 1204-5-6
November 1. 1920.
1
Stone & Webster
iM'DIU'OIIA'i'Kl)
147 Milk Street 120 Broadway 33 So. Dearborn St.
BOSTON NEW YORK CHICAGO
EXAMINATIONS AND STUDIES
of Industrial and Public Service Properties
REPORTS
on Valuation and Operating Efficiency
-iTrir-TrnT?TM?wmrir Tun ? mim?m
I ', 'Y '3
('nul h , . , ,,,
I l'.illt SI 8'j ? 7 2
7 V '.
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Bonds
Set
l.ast. ? :.:-.-,
; 4 1U0 4
: i ; 85 4 4
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> *?- - . 100 101
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- ?Swift - -. - 1921 ' : \ 974 97 4 -
?-- >!? An i. ? - ' ? .. 7 14 2 4
?: ? , 99 4? 4
? . ?do 2 : ; 98 4 98 4 4
? : . - 9S4 974 98 ? - H
?Sinclair 7 914 91V?
? ? ?"s. 100 4 100 100 ? 4 I
? > *-a, \v ~e\ Y- - 944 94 4 244
36 ?Te-x C 7e';, not?ss 9-,'?, 98 4 rji'i
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i Hi ?Westn Elen 7s. 99 h>! ?-, oo _ >.
1 I ?Wstlngli k; 7a '"??? 9G ?,? a;.V, -
: ? '. '77u ch 8s .. ' 00 \?? 99 ?iri % \
(?crmati Interna! Bonds
<<uuled in Dollars Per 1,00(1 Murk?
Met
Mar! a (0 10 imlt'd) High. ! ow Last
8C Uerlln -I; : I la 12"? ! '.
... - ne Is ..... 17 17. '?. 17 j
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IM ni hi Im 4g :
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Miscellaneous Markets
Public Utility Securities
!a : AsUed
?will ?'????:, P? ?ver .?- Mgbt. ... : : 1?
do |.f . 7.1 7 .
A.mei ?t-an l.lghl A Ti action .10? 11 ?
do pi 80 83
? ? ? , a i ;?, h ,'. Electric 10?
do pr .27 *?
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d u ; f. -.1 Kg
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? ?Vatei ?Voi ..s ? j i ? j
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pf<! ?'?.??.
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pfd . . .4 : 4?!
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re ?1 & P ? il ? 6a ':>;. M "?7
5 p i ci nv note?, 1324 .84 si
I p r ni stock. S4 hi
Federal ?a'; ar f.- Ti r.? tlon .7 9
10 p? . 44 4-?
Gas & Elec Sec.
do p? . 75 ' SS
77 ? th ai tati ?? !???? er . . 4_> 47
do pf . 7S 81
Republic Ry A Light Co. 7 9
Southern California Kdlaun. ti ?J
Paric^Union
tmm banking amomim
56 Wall Street, New York
Capilal (fully paid). St.000.000
Surplus and Undivided Profits, $7."?t.000
SI..in pliai
Pari?
BRANCHES AT
Tokio
San Francisco
Yokohama
Seat?!?
?J \ / ~~r/ ? TT CANADA
Sii". -; u.s.aT^
^.-/"?TOKIO-*?=
Transactions in Exchange
Travelers' Letters of Credit
Commercial Credits
Foreign Collections and Cheques
Acceptances
Transfers of Money
Advances against Collateral for the
Financing of Foreign Business
OFFICERS
Charles A. Holder, President
T. Fred Aspden, Vice-President
E. B. MacKen2ie, Secretary & Treasurer
Reorganization of
ind
any, inc.
aimers ftlotor Corporation
Of the unsecured notes and claims against the Maxwell
Company there have been deposited under the Plan and
Agreement dated September 1, 1920, or have otherwise con?
sented thereto, an aggregate amount estimated to exceed
85% of Baid nute? and claims.
In the judgment of the Committee sufficient stock ha?
been deposited under said .Plan and Agi 'ement (more than
M", of the outstanding 804,524 shares of the Maxwell and
Chalmers Companies) for the purposes thereof, but '.he
Committee desires full opportunity to be j ill si ick
holders to conserve their interests by depositing under said
Plan and Agreement.
The Committee has extended the time for the deposit of
stock and unsecured notes and claims with Central Union
Trust Company of New York, the Dep? Rice,
80 Broadway, New York City, until ;; e ? isiness on
NOVEMBER 15, 1920.
In view of said extension of time for depoi its the tim F >r
exercising the minimum rights of purchase coi ferred bj said
Plan and Agreement has likewise been ext? i i '
of Certificates of Deposit for stock may, until the close of
business on NOVEMBER 15, 1920, present said certificates of
deposit to CENTRAL UNION TRUST COMPANY OF NEW
YORK, Depositary, at its aforesaid office, for proper
inp and make the initial paymei of the
price of said minimum amounts, provided ?uch holders as a
penalty shall pay to said Depositary in addition 25 cents for
each $100 of the amount of said initial payment (and at said
rate for fractions of $100?. said pena li?lly
the equivalent, of interest at the rate of ?' pon the amount
of such initial payment from October 'IT. ; the date on
which such initial payment was due, to N 15, 1920.
The time to file the forms of a] id to
Application Certificates, for new
imum rights of purchase and to make the initial payn ent ? f
an amount equal to $10 in respect of each share of ( la ? '?.
stock so applied for, has 1 een
to the close of business on December I, 1920. It is aid !
that notice of allotment of sto plied for i
un or about December .'., 1920,
Dated, October 28. 1920.
WAT TER P. f rntYST.KK
Chairman
,1 H. HARBECK
Vlc<!-rtialrman
1.?.DO.V B?RBKR
JAMES C. BRADY
HARRY BISON.NEB
? KO M. ?i? r/r r
III (.II < I?A1JWERS
(?EORC.E \V DAVISON
It. V BYEBITT
ItENRY Y. I'OOR
K. I TlMv' .1
K \i.i-m v \\ \Ci il ri
A A. ROST, S? ratarj
! ! PIne Si ree't, Ne
rork '"l'y.
E take pleasure in announcing that the undersigned have this
day formed a co-partnership under the name of
Cameron Blaside & Co.,
Members of .V, - York k ! : hange
60 BROADWAY, NEW YORK
Tiran.-Fi Oftlc?: H Broad St., Ww y0rfc
Bou i tiren i )
to transact a general brokerage business in Stocks and Bonds.
Cameron Blaikie
Schuyler A. Orvis
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null (Jas <t !?'-?- 5a. 191 j s
i pi Cas ?t H 4. 1921 ? ? :
Dallas E i a, 192 2 :? -\
do 7a. 192. . 99 100
El Paso Kl? i 5a .79 r, ?.
?:???? W -el t-i-n Power Is: : h . 774 '. s'x?
31. J .?.-.-? . ? . - . s j \?,t
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n ? ? a ? ?ni : Ig hi * Po .?.-?>? 7-? ?
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Su g at Stocka
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Trust and Surety Companiea
Pi" Asked Bl Asked
Alliance . Y, : Lawyers T ?30 ue
i A . Trusl ?].-.. Ti l S.1
Ain Sur-!.. . 70 74 Manul 1rs I9S 2?':
i'., nkei ?? 145 il-- . 00 j.' i
B mil ?t Mi; ? Me o ne
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Columbia - I Nat Sui,-:-. 200 2 .
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Empire Tr ;i ? -hN V T tle.l I?5
Frmra i. <fe T 163 375JP6oplea . ... 276 2-D
F ilton ... .7 ; - I Rea U3 A ?o : ?<>
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Hamilton ..2:1 iSSlU s M ?- r 3 ??", 40"
; Hulson T. .185 17Cf S T ??y?r. S* *f>
Ktr.t? Co...?30 ?10|Wv?Ueh?'r 136
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