New-York tribune. [volume], March 17, 1921, Page 15, Image 15

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

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Write for
Booklet 446
A NEW financial booklet baa
just been published by S. W.
STRAUS &. CO.-the House
which has a recordof 39years
without los? to any investor.
This booklet shows how you
can secure complete safety
for your savings?and the best
interest rate compatible with
such safety-together with a
thorough investment service
rendered without charge.
You cannot afford to be
without this booklet.
Write today for
BOOKLET B-446
S. W. STRAUS <Sc CO
JWeORPOKATED . ESTABLISHED iSSi
150 Broadway, New York
Tilrpkane CojrTLANi>T 8064
39 years without loss
to any investor
Every
Building contract undertaken
by John W. Ferguson Com?
pany is executed under the
personal supervision of the
directing heads of the or?
ganization.
That is one of the consider?
ations that induce Ferguson
clients to continue "Coming
back to the same contractor".
JOHN W- FERCUSON COMPANY
ENGINEERS &. BUtLWNG CONTKA?rTOR S
PAJERSCN S J NEW YORK NY
?i'V Investor Shoul
Investor's Pocket Manual
172 Page Booklet 9 latiiod Monthly
High and low record? of ! ici ari
?or.dj n-.-i itatistical descriptions oi 400
?orporation?. Will be furnished FREE
ly your own investment house or; request,
OR if not, w? will .?end names
vhieu will lend vou FREE month y coates.
KNANClAL PRESS. 116 Broad St.. N. Y.
Dividends
?-'
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Co $1.50
? '-? pf .$1.25
1%"J?
ream : :. [fg
.1 '-j Ci
tSugar Rfg Co 1 l???
1 r-:.
Harns Br &
:al?nd Creek Coal $1.50
...... $1.59
Kan Cits So Ry pf 1'.?
' - i ?? -- ' ;?
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i! m pf 2<r?
N J I'"?
R?gal Sh ? Co pi i-V j
. $1.23
r 3h Cp 50o
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- : U% - May 16
Pa -
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Apr 15
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Apr ; I
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May 2
May 1
A; :? 1
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Apr 15
Mar 31
Apr I
Apr li
Mar 31
Arr 1
Apr l
Apr 5
Apr 6
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Mar 25
Mar !5
Mar . ;
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Mar 27
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Q Mar 31
MO May 1
MO May 1
Mar 1!)
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Apr : .
Apr l?
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Apr 21
May :
May :
Beard*Irv Heads 3 Companies
ST. AUGUSTINE, Fla., March
"? H, Bea ej vas elected president
?f the Florida East Coast Railway
Company, the Florida East jCoast Car
r?rry Company, operating bel
Key Wet.?, and [lavana, and the Florida
East Coast Hotel Company, af tho an
noal meeting of ?ie directors of the
tare? corporations held here yesterday,
? ?as announced to-day.
London Money Market
LONDON, March 16.? Bar silver,
?l'i?i per ounce; bar gold, 105s Id.
Joney, 6 per cent. Discount rates?
Short bills, 7 per cent; three month
Wls, 6'? per cfcut. Gold premium at
Usbon, 140.
Receivers Named
ForG.W.&W.,IiiCe,j
One of ?\Va Babies'!
Resi&znation of George Gas-,
ton Prelude to Action by
the Directors in Equity; ?.
Odell and Veeder Chosen
Gaston, Williams & Wigmore, Inc.,
which was organised by Wall Street
interests in April, 1916, to do an im?
porting and exporting business with
Europe and tho Far East and later be
i came one of the so-called "war babies,"
1 was placed in receivership late yester
; day afternoon by Judge Julius M.
i Mayer in the Federal District Court.
! Ex-Governor Benjamin B. Odell and ex
' Judge Van Vechtcn Veeder were ap
! pointed receivers with a bond of $25,
? 000. The appointment was made in an
' equity suit brought by the Sumner
Company, of the State of Washington,
machinery manufacturers, with a claim
of $60,000.
The company, the court papers re?
vealed, hns liabilities amounting to ap?
proximately $0.000,000, while assets
, consist of stocks in twenty-five sub?
sidiary companies located all over the
world. The largest of these concerns ?
is Gaston, Williams & Wigmore, Ltd., [
steamship owners "in Canada.
Henry S. Kimball, vice-president of
the New York corporation, said that
the receivership proceedings were de-'
termined upon at a meeting of the
directors on Tuesday, when a resolution
was passed to the effect that the affairs
of the company should be placed under
the jurisdiction of the courts. On
Monday George A. Gaston, who had
n president since the time of the
I company's 'organization, presented his
i je. 'iia:ion.
The resolution passed by the board I
recited that the company was without ;
adequate funds to carry on its bu^l '
r.ess, including salaria, of enrployees
and current indebtedness. In view of I
these conditions the resolution further ?
stated that directors should take such '
steps as wouid prove ultimately bene- :
ficial to stockholders, "whereas all ;
reasonable and available means have
1 " used by the directors and the,
officers of tho. company to avoid a re- j
cer.'i.-rsh'.p without success."
Mr. Kimball told The Tribune last
night that he hoped the receivership
proceedings would facilitate the foT- j
mation of a reorganization plan that
would enable the company to continue
as a going concern. He said that the
company's troubles were due to rea?
sons that are well known to those
conversant with foreign trade.
Gaston, Williams & Wigmore, Inc.,
made large investments in Russia be?
fore the fall of the late Czar and
when the Bolshevists gained the reins
of government these investments had
to be written off at a heavy loss. The
o i] any has been particularly hard
hit by the collapse in the foreign ex
; the last year which has
"a serious depreciation in its
holdings,
company's troubles have been
anticipated by a decline in the mar
ilue of the stock, which is now
quoted on the Stock Exchange around
$2 a share. In 191G when the com?
pany was piling up large war profits
the stock sold as hi^h as 70%
Shortly after the organization of the
Following .?re the clcsing bid and
j asked quotations of stocks listed on the
Stock Exchange in which there were no
ons yesterday:
lk>: Tnbune prints each day the ma?
turity dates of all active bonds quoted
?>n the New York Stock Exchange. The
return on a bond to the investor depends
apon three factors: the rate of interest
the security beo.rs, the market price
the (7^l'^a>:'??', of the maturity date.
??, fo figure the precise yield on a bond it
is necessary to use yield tables, but the
o imate yield cur. roughly be figured
y the following formula: Divide
otatio on a bond into
i/i-' rate of interest it pays, and tht re
u ? vill be the annual return. If 'the
bond is selling below }>ar you must
also for the appreciation of the
il. To do this subtract the mar
otation from par, or 100, and di?
vide the remainder b?j the number of
years the bond has to run before ma?
turity. For example, if a 6 per cent
bond is selling at 90 and has ten years
'.o run, the, annual return will be 6.C6
,\et Ci '. The difference between par
. nd the market price will be 10 points,
subtracting 00 from 100. Dividing ten
point* I years, the. quotient will be
Th ft to be add' d to 6.66,
'?? ? ??? annual return, and. the. re?
di 7.1 ; r cent, will give you the ap
.?"?. ? a te yield.
U. S. Govern ment
I run- act ion?
Sales.
Liberty 3V4s, 1947... . ?277.GOO
do 2d 4m, 1943. 31,000
<lo 1 st 4 V, a, 194'. 212,000
2d 4 "?s, 1942. 1,67; 000
do 3d 4V- 192S.
do 4tn 4 Vi i, 193S. I I
Victory 4%s, 1923. 163
do 3%s, 101 .. s:,':0i
Quotations
? ' ?
lo. -'! 4-. ?? KO
; a al
i ? :
gl oc
1
! 0.14
10
90 1 s
? . 30
!.. . rtj B
i. 194 '.
? 4 v?a
h 4 Un
I ..
.97.30 ?7.24 97.2!
Bid and Asked Quotations
nds. v -'.
o . .
? '
. 38.72 ?
. . 86.SI 86.92
? -
.. ., B7 00
97.2 4 ?
! 24(3 97.26
42
id 4s,
. ... I '? l 7
: i 4 ',H, 19 42
lid 4 H. ?
-? t n 4 ? j.
Vii 4 ?.-. 1923
do 3~;*s. 19 2;
Mondav.
' ? . ' 90.76
67.00 g I . . I
86 -.' @B7 20
i ,3U?S7.50
57.02 i 89.04
90.14 ?j 3 0.16
'? 30 ?>87.24
P7.11S??97.3U
97.28?97.30
$115,000
City of Ottawa, Canada
6% Gold Bonds j
Principal and semi-annual interest January 1st and July 1st payable
in gold in New York City or Ottawa at the option
of the holler. Coupon bonds.
Dated July I. 1920.
The City of Ottawa, in the Province of Ontario, is the
capital of the Dominion of Canada. 1 he financial po?
sition of Ottawa compares favorably with that of the
largest cities on this Continent. 1 he sinking funds ot
the City, as officially reported, amount to over ^ .
I . of the entire outstanding indebtedness and the net
debt is less than 5 % of the assessed valuatton.
Maturing Serially July 1, 1940 to 1945
Prie? to Yield 6.60%
? Hannahs, Ballin & Lee
115 Broadway, New York
11 Telephone Rector 1885
company Charles l? Sabin, president
Of the Guaranty Trust Company, be?
came chairman of the board. He re?
signed that office a few months ago.
Up to a few months ago the com?
pany had pretentious quarters at !59
Broadway, but these were abandoned
when smaller and less expensive of?
fices were taken at 100 West Forty
lirst Street.
*
Day's New Issues
The Pure Oil Company is offering to
j common and preferred phareholders at
i i ar the unsold portion of its $10,000,
j 000 8 per cent convertible preferred
stock. The terms of payment are $25
a share on subscription and the balance
cri or before March 21. This issue was
authorized some time ago and stock?
holders were offered the privilege of
rubscription. The total, however, was
rot taken and a recent statement
showed $2,682,100 of the issue was cut
i-tanding. This left a balance of $7,
^17,900 available for purchase under
the present offering.
Hannahs, Kaliin & Lee are offering !
City of Ottawa, Canada, 6 per cent gold
bonds due serially July 1, 1910 to 1045 I
to yield COO per cent. The principal ;
and interest are payable in New York j
or Ottawa.
Montana Power Earns
$5.13 on Common Stock
Net Available for Dividends in
1920 Inereases S700,000;
Strong Cash Position
The Montana Power Company opcr-'
ates hydro-electric plants with a total :
capacity of 212,340 kilowats and has i
2,028 miles of .transmission line, of
which 741 miles are 100,000 volts ca?
pacity. In 1920 the company earned
$7,928,087 gross .and had $3,057,723
available for dividends after the pay- ?
ment of expenses and taxes.
This compares with $2,295,630 net'
available for dividends in 1919. After
the payment of 7 per cent dividend on i
the $9,671,800 preferred this left $'.13 :
earned on the common stock in the
hands of the public. In 1919 the amount :
earned after preferred dividends was
equal to $3.73 on the then outstanding
common stock. In 1920 the company
paid 3 per cent on the common.
The company had on hand at the end
of the year $1,137,117 cash and $558,
142 accounts pavable.
There were outstanding $22,328,700'
first and.refunding mortgage bonds and
approximately $10,300,000 subsidiary !
company bonds.
Mississippi Bank Closes
CLARKSDALE, Miss., March 16. ? j
The Delta Bank and Trust Company of
this city did not open its doors to-day
and announcement was made that the
bank would remain closed temporarily
pending the recasting of obligations,
The bank is capitalized a1
with a surplus of. $130,000.
Des Alomes Bank Merger
PEP MOINES, Iowa, March 16.?The
De3 Moines National Bank to-day an?
nounced the purchase of the First
Trust and Savings Bank, which has
more than $1.000,000 in deposits. The
I merger will be effective next Monday.
The Day's I
Pre-war Issues
: i reg. 1930. . . . ? '-; 100'? - ? 9
2s i oup, 1030 . . 99 '??? '<> 100 ? ' '. ??? 0 '
3a reg, 194.6 . . . 83 @>' 92 - ? &? 9 2
oup, 1941 19' '92 89
4s, reg, 1925 ... 103% ? 104Va 1" \
Is. coujl, 1925. ... ? ?-.' 108 ?
2s Pan c, 19 16. .100 <g ?fit )00 G 101
?H Pan ' ..100 101 100 '??? 101
2s, Pan i 1938 !?0 ?101 100 M01
is. Pan r. 1938 , ?0J G 101 : "< i 1 I
Pan reg. . ? ??? 80V4 ? ' '
3a Pan coup,... ? ?x 89 Vi - ;
Phil 4s, 1934.... ?-''1- ??: 90 I-'' ' ! 90
Pli I 4s, 191 .-?'.?- '"? '. "
Phil Is. 1936.. ., S9 -' ' o v ? ?90
' list ? I 3b, 1965. 1 I - 93
foreign Govt. and Municipal Bonds
(Interest lo he added)
: Asked
City i ( Bergen ta, reta. i 94
do ! lerni . % :
do Christiania ? I i \
do Zurich. I
argentine In i ? - 1 - ? ? . 71
P. Igian 8e . 97 ?: ,
:. m of Belgium 6a 90 90 '.i
i do 7 Vis, 1945. ! \ '."i
i Canada, Don Inlon of, 6s, 1921.. :?'.'" i 100
do note?, 1921. 99 V? IV*
do 1926. !>0 \ 91
| do 1929. . 93V4 93Vi
do 1931. 8>Va 59
?Danish 8s, A. 96'a 97Vi
lo 8s, B. 96>?! '.'7 Vi
Dei 8a. .. 97 '.i 97-%
Chh es G iv Hu Kug 1: '. a : 40Vi
Norway s s. ' ?
Cuba tterl 1944 79 S0
1 extern 5s, series A, 1949
: . , xtern, 1 ?. 1, 1949 ..... S??i 69!?
of Alberta 4' -s. B?*% !
. Chile ss. 99 Vs
Dominion Republic 5s, 1958... 1 ? ? V2
Ctt> of Lyons 15 ?: r 6s, 1934 74 T,
do Ma rsellles 15 r 6s, iva
d - Bordi aux 15-yr, 6s, 1934
d ) < loponhagen 25- yr, 5 Via ?-. '?
French Govt 8s one issue. . .
? rem h, Par a Cil y 6s, 1921 ,
Oovt. of Switzerland > s, 1940 .
Japanese Gvt. 4V4s, Btl, In., '25
do 4 V=s. 2d serlos, 192i .
do 4a, strlnK. loan. 1931.
do T . 5s, ll-;-. . . .
U. K. (1 B. & I. '? ?
d i 3 yr. 5 Vis, 1922.
do 10-yr. 5 4a, 11)29.
do !0 yr. .<??.-. 1937.
Mexico oxt. Btrl 6s, of ?
do ext. gold 4.H of '04?
K. of It aly 5- :. ? ?, . gold bds
San Paul ??.. ?? i.
'. .
' Chinese I
! 1951
i 4 . . , . 40:,
. 40 V?
.41
C of Bergen
8a tern rets
I 1945
I 4 _ 93%
,-... S3H
, C of Berno b?
tem rets
1945
1 .... ?4%
2 - 94%
12 _ 94
(.Sales)
'? :
5 .... . ? i '
Dom Can Lda .
5V4S notes ?
1931
6 _ 991
1929
1 _93 Vi
12 .... 93V4
1
93 Vi
93 &4
? %
K Denmark
: fs Int ctfs
C of Bord ?b 4 .... Dl I 1945
1934 I 1931 < 2 ....97
8 .... 75 ' I . ... 89
C of'Chrta 8? 4 . SSW 4
1940 r- mlnlcan R :' ???? '". ,
....?:>'* 5s 1958 " ' ' ' '
l .... 96V? i,
(> .... 94% French Rep !' ? ? '? "*
C of Copen- 8s 1945 ',',-,
hagt-n 6%a 4 .... ?SH < / ?' ' *
1344 . - ]7 ,,98 K of Norway
4 .... 72 !? i it ct;.s
? ???? il ? ? :::: ss% ?m
1 ....73% 2 .. ., ?' S i-, ' .
C of Lyons 6a ! 6 _ 98% 2 -98 ':J
1934 2 _ 98% - ? ? v ':'li
4 _ 75 i i .... 98V6 State of Sao
2 .... 7 4%! 3 . ygu ! Paulo s f 8
4 _ 74 4 c . . 98V4 wl 1&3';
C of Mars 6s I 3 . ;..98% - - ?71*
1?I34 I 1 _ 98%L 6 ? ? -v.;'7,''
1 _ 74 1.500.. 99% Rep of Chtla
1 _74% L , c . ' ' 1941
1 - $&\ ; s ? %s J PU 9 of Mex :*
1 _ ?7 IM rets 1945 ' 1945
? _ stsvsr ^^^^^^^
a ? ? ?i
To Begin Clearing
Collateral Loans
On New Plan Here
Radical Changes in Methods
Among Exchange Houses ?
Result From Adoption of
Long Discussed Scheme
.-_
Revolutionary changes in the methods ?
of handling stock market loans be?
tween exchange firms and Wall Street
banks will be inaugurated next Tues
I day, when the Stock Clearing Corpora?
tion, organized more than a year ago
to facilitate clearance of stocks and
bonds, will begin clearing collateral
loans of exchange hou ?es.
The new arrangement, which has
been adopted after many months of in?
vestigation, is expected to eliminate
' much of the overcert ?ication of checks
? necessary under the present system,
? and will also do away largely with the
carrying of securities through the |
streets of the financial district. The
saving in time and the number of men
employed in handling the business is
also expected to be an important item.
The present stock market loan ac?
count, including time and call loans se?
cured by Stock Exchange collateral,
aggregates between $700, 000,000 and
$800,000,000 at present, according to
Federal Reserve Bank of New York
figures, it was stated yesterday by rep
; resentativea of the Stock Clearing Cor
; poration in announcing the new loan
, clearing plan. Of the total outstand?
ing loans of this character demand
loans, subject to call on notice, are
est.mate.1 to constitute 80 per cent.
The daily turnover of loans through
the Stock Exchange money market is
estimated to average approximately
$25,000,000, and this business will in
the future be cleared through the
Clearing Corporation.
Twenty-two Wall Street banking in?
stitutions active in the Stock Exchange
lend.ng market have agreed to coop?
erate with the Clearing Corporation.
Of the twenty-two banks ten to thirteen
handle more than 75 per cent of the
business of lending against stock mar?
ket collateral.
Under the presen', arrangement, when
a brokerage house wants to pay off a
loan it notifies tho bank, tho bank ac?
cepts notice, a check for the amount of
the loan plus the interest, after being
certified, is turned into the lending
bank, whereupon the brokerage house
regains possession of the collateral.
This entails loss of much time, the
carrying of large amounts of securities
through the streets as well as the cer
tincation ol?cnecKS.
With the new system in operation the
banks will have their representatives
jin special booths in the offices of the
j Stock Clearing Corporation in the
! Stock Exchange building, who will tran
'? sact the business direct with represent?
atives of the brokerage houses and the
? tcck ( learing Corpoi ition In the
ci i of a house p tying ol" i loan that
has been called notice wil. be :::v(jn of
intention t; pay off the loan, agree?
ments will be signed, with a list of the
C 11: '''ral involved, which wil; bo sent to
j the banks, showing how much is due. The
! bank will then deliver the securities to
the Stock Clearing Corporation and will
? receive a cheek from the brokerage
i hi ...us'? drawn against the clearing cor
Oll
a
Ma
ket
44% IN Y C 4 Via | '4s 1956
10 . ? ' ', 196E
l .... 83 4
Railway, Other Corporations
I . 96 \ 1 .... 50 % I
, ... ? -, ?? ;, !?: . - la ubai A Sug
? - 96% 1961 col 8s w i
1 : - '. , 6 2 % 19 31
2 ... 96% 1 ....51 100H
1946? Ches & O coi
?^"^^^^? ? : ...100%
. . '?;-?, ? .
4%s 195 Cub'a i
lili 4 _ S2 i vl 'i- b 7s
^^^KiH?:s 1S5:: | ? ...
7S<
- <
"
Cuba R II z.<
195:
; ... :?"%
' . ' b - .
1937
.- A ' ?? :
1951 I . -')
_^B .
-' 102%
-
1 |i
- 15%
ctfs of d
,.42
con 4? :
2 .
. S?Vii 3 . .
tfa of dc-i ?-. FI > >
Il 5k 10 54% 4s 1935
C '1' '?'. est 4; 2 s-'.f 41 Vi
"V '. ig Detr Rlv T
^^^^^^^?^^KI 4%S
.
IV,
i . -, ;
A
A ru Ai: Ch cv *" ^ - ll gl"
: i L 9 2 8
68
:
^_
' , ! '??? r Rys
? ? ? ?- ?--. r- ? ?? .
AU C h 7a
' ? -
7 -1
:
'. ' ".
I ...... 101 Vs
1952
T. S: N 4s
; .
. 65 M
6 ','
... il;:.
??
'
.
1 0 '? ?:
4a ser a
'''_ 3fi4
?: ,... 37
Is ser ..?
' 9
I- ? V,' A DC
94
.101
.....
4. . 99 Va ,;
I . ? i29 deb 5b 1952
19 : o
12
?'s' 19
^1
_, 66 >i,
:. ... 66
6 .... 65%
gold Is 1948
?: . . 1 S *>i
.102
un iss
?? ' -
? .
5 ? .
??:,'. N ir 4Us
1961
..80'
3 Trun'.. Ry
of Can s f 7s
int ctfi
1 ...
1 . . . -1 )1 -j
3 . . ..101'i
lllufl & M rfg
?: 1957
10 ... " '.
Pitta I. K &
v Va 4s
r,- '., i
. .1
^m_
i ? ? r & m
dt v 3 i
1 . .
T &. C 4 s
1959
5 '
.
61% ' '
' : ? > 15
1 ': -4 29
- .if' ?a!c K ,! * '
7s JI'M reta S?1 'a l9f|, '? 14
1946 : - f'-'-' 1
103U rfg 4a 1934 4
: " jo2% ; l ???''? 10
3 102% " - ' "'<
(,|C SPM 4 0|lf
.' '. .
? . ! 13%
' ?
?
37%
-:?
37 -,
37%
3 V ;,
5s 1930 . 17
9 . . . ?l ,iit Central 4s
_ !Ch:<- Vn Stn I
? is i ? C 5 . . . . ?'1 -.
... . ? ? - ' ' ?' ? g 1 ? 1 ? ? .
104 75
?' ,-,-, C ??- W :- 1 ?Intbo-Met
10 If. 1 1 - ? .
"'??'?':?,
B i i T "
5 .... -14
of dep
stpd
B V Elev 5a
1 1C50
. . . '"i*.
Bush ' r Bg
: 5- : i ?
.... 71%
1 . 100
'opper
'.
1 o ? 3 _
93 % BBBBBBBBBBBBBBBBBBBBi
5 _ 93 ! 7 - 17
b - 93% 12 - 17%
6s 1932 ! 10 ....17%
2 _ TO-, 6 -17%
1 _ 70H I 4 - 17%
3 .... 70% 10 ....17%
5 _ 71 Intbo R T ?ig
Can Nor Ry .11 ? ? ?? 7?% *? 1336
f Hold 1b 78|C C C & St L 23
Interim reta *e c i\ & M 8
1940 dlv 1391 1 )
. 101 '?-, : ... ?7% 10
: ,\ So 4%al -
9 , - , '- ''
101% '
101 - .
S t ? 1
Ds 10 i 9 * '
73% 4 ....
Cf-n Ga con 6 ' 1 .... 73% :
1945 'Consol Cas 7e
3 _ 83%] 1825
Cen Bea 5a 6 .... 99%
1 i?.S ? 1 *-.** 9S%
; i
? t
';.
-1
_ I 4 %
.
I :
?
i? ... 51
3 - 8 * %
? ....54%
? .... 54
? ?.? 53%
poratior. the latter charging this
ngainst the broker's account with the
corporation. The check drawn againjt
the clearing corporation takes the place
of the certified check used in the
present system, and thib part of tho
arrangement eliminates the practice of
certification. The bank accepting the
check Is safeguarded against loss by
the $10,000,000 fund turned into the
clearing corporation by the members
doing business there. It. is estimated
that when the new system is working'
smoothly at least two-thirds of the j
certification of checks will be done j
away with.
Elaborate plans for guarding the j
movement of securities between the |
banks and the offices of the clearing
corporation have been made. The Po- i
lice Department is cooperating with the j
corporation and a schedule has been
laid out which provides for special |
protection for the runners carrying
securities and other negotiable paper.
A system of lanes has been made up so
that each bank will be given a special
route through which its messengers
will travel at a certain time each day.
Policemen in the Wall Street district1
will take special precautions in guard?
ing these lanes at the time securities
are scheduled to pass through.
Texas Co. Earnings
Equal $5.98 a Share
Gross Income Increases About
$40,000,000 in the Year;
Balance Makes Gain
The Texas Company in 1920 earned
net profits, after charges and Federal
taxes, of $31,089,372, equivalent to
$5.98 a share, on the $130,000,000 i|par
value $25) capital stock, excluding the
$13,000,000 stock dividend warrants
payable March 31 to stockholders of
record December 10. 1920. This com'
pared with $21.96 a share earned on
$85,000,000 stock of $100 par value out?
standing at the end of 1919.
East year's income account showed
| gross earnings of $142 800,331, against;
i $102,930,597 in 1919. The 1920 income
! account compares with that of the pre
j ceding year as follows:
Tear ?-nded Year ended
Dec. 3!, 1920 Dec. 31, 1919
?Irons earnings...$142.806,331 $102.986,697
'Expenses, etc.... 98,369,496 73.782.4S0
Net earnings... ?44,446,836 $'."'.211.117
, Dep.. Fed. tax, etc. 13,357 164 10,532,701
Balance. $31,089,372 $18,671,416
.Dividends. 12,476.000 7.71S.730
Surplus. $18,614,372 $10,9
Previous surplus.. ?7 505,491 60,000,407
Total surplus... $96,119,863 $7( I 1,0'
| Adjustment cr...' 222,929 6,552,418
Stock dividends.. 13,000,000
P. & L. surplus. $83,34:
-1,-.
I Employees to (ici Stock
Standard Oil of Indiana to Per-i
mit Participation
CHICAGO, March 16.-?Employees of j
the Standard Oil Company of Indiana
will be given opportunity to purchase i
'stock of the corporation, according to
announcement made to-day at the gen?
eral office ?? hi re. Un 'the plan, which '?
becomes effective April 1, emp
will be permitted to subscribe to an
amount of stock equal to 20 per cent
; of their annual salary, provided they
| have been employed by the company at
; least one year. Payments will be de
'. ducted from employees' pay.
:< _ .1 3 ... V'- -, 1 -
T ....54% Nwn Bell Y I 3 -
Mai fa 1941 uthern
Cs 1941 9 ? 96% 5s 1994
: 7 ?-. i. .' 6 % 1 .
ni -r So 1 .... 96Vj| R -
150 .96%
! i -, l .... 96 '
73% 7 .... 96%
: , 1950 " ' Tran 5s
54% 1945
1 i .r.". 1
5514 1 ir *- Cal l3t
2 . .. . 90% ? 7s tem rets
70% Or Ry & Nav 1331
? 71 1s 1946 12 _1
: ?: L .... 78 12 -101%
- . .- Or ?h Lino 4: il .. . .101%
94 '- ' . 101%
. 4 - 79% ! . . . ? i'' ':
, : ' - c ?; .-: : ; . . ? -,
_ 84%
6 - 84%
2 _83 %
? 9 1956
? _ 57 %
4 ... 57%
4s Mob & O
dlv 1938
4 ....58%
Stand Oil Cal
- . ?
E I
1
-
. 1 . Pi r;;, i
S2
82
82%
82
' 997
Lehigb Val 6s
1 :?
1 _ 97%
-
Bdge
1. 1 & N'ash
7 ? 19! 0
.
1 ....103
P 1 R .
I ....65%
Manhat Ry Is
froid 6%a
1336
?? tem reta
_}21
2 .... 94
! ....94%
..101 6 ...04%
Tes * Pac lat
: . ' 5a 2000
0 % ? ???? :r;
1 - 80
' ? ' rhird Av ad.1
57%
-
? ',
31%
~.\
32
.11 %
3 - -
31 %
31 ?<
'
rf? 43 1960
6 .... 4 6
l , , 46 V
Ti l?\vr on
?: ia intm ;! f
:; pt
M ?? "ut :, S V.
? . s 19 3 4 , '?
! . .83 ,
Ml lva ??? Steel i
s 1936 61
. . 7-1 4 . . . .
Mil [. .-' & W 1 ....
? a Ashland f
1921 6 . . .
'?i r, . .
M K & T 1st ti _
1 ...
57 gnl 4',-s
Mo Pac 5s J . .
15 ....
? . \l)* P?re Mar
\ ' - l95fi
?? a
-. t ?
?'? 1 -
95V4
. d RI
r.ona 4Vis|
1948
!
O T f. Mes
fil'..
N v Ut
I ?
1928
1 _ 92 Va
X Y C col Is
JPM itrn
:
.100*4 ig
: 'i
Phlla C<
i:>:2
'?? i H
i
1st (s i?;:
?? ?
Re idlng gal
4-> 1997
l - 80H
Rio G W 1st
;. :
64
: ? :' i. R l Ark <t I.
2 ::::mH 4*sl9346BT<
I ?
r'? 4s 2001
1 . . 7 4 U
Un r. i of :-' F
4s c?.! of rtop
.-> . ..33
4 ...?'??.
9 . . . 3SV4
G .... 33
r S rt^i & i
5s ;?24
r : ? 4
? '* :." . ?6H U a Rub 7'.
'' , 14 . .. 66
L. Ir y & 16 ???
. s 4'a 1 92 ? 1 ???
k; .... 70 2 ,
2 il'.'. 77V4?St li & S F 4s| "" 1S
con 4s 1998 aer A I
; . .70 I ?? - 60
rfg ' Vis 199
6s 1347
99 V,
9 6 Va
1
? '' ,
M C 3Via
1938 1 .... (
1 _ 61 ! 2 . . . . 6 I .
N Y <? ta KL 1" - 60 V?
11 & T Es Sa s B 1960
1948 1 .-'-.
? . . S1V, 16 ? 73
NT N?l 4 11 i 6s a C 1928
6s 154S ! 1 - B6V4.
M .... 81 ; a.11 6s 1955
n-c deb 4s ] 7 ....?'. \
1955
-
T I ' :
42
r ? su s f
' ? 1963
1 .... 94 T?
4 . .. 9 4 %
Va Car Chem
ti-m deb 7Vis
: ? 2
12 _ 91
: _ 92?4
. i .
d"b ?a 195N
: . .
N Y Rya !
4a 1943
10 - I ? ,
". .
1 1942 '.
Va Rj
1923
s 19?:
* |' *?*
: : ? - i n*
W ?? El
1923
?i " ...?).". i . .,
3 . 54| 15 . 47?i West P
N V Telph SsiSt I. Swn con
1949 '? > 4s 1932 T . . glfti j
1 ....89 ! 0 - 61V4 l . ... gi%J i
44? 1539 ?Ter 5s 1952 Weathse El 7s
1 . ... 79 Vi' 3 .... 62V* 1931
4 .... 8<iVS?"ab A L coni s 9?^
1 _ T9H 6a 1945 i 4 ...98*1
1 _ 80 1 .... 46-4! ; .... M*4
4 - 79 H' 1 - *6* 8 _ 954
4 ....80 1 _ 47 1 .... 9 S 4
NY W & Bu 4 _ 4S4 : 15 _ 9HT,
448 1943 1 .... 474 I s .... 9g?
1" _ 37V4 ! .... 47 i ; _ '..
74 adj 53 1949 : 3 .... 98*4
17 .... 3 7 .... "? '-*?.: 1 .. ? S .
tj 6 .... 93*4
1961 1 . " ? .
. i ? ?- - ? p, : & t
:. sv ..?m
: siV4| s .... ss
t . .101% So P. " ' 6s 1328
la 1944 43-19?9 . .88%
'74 2 .... 71 4 Wla C 4s 1949
Nor Pac 4.- . 1 _ TSV? 2 . . .. 6*4
1997 i rfg- 4? 1955
3 .... 754 6 . . . . 754
6fl 1341 29 ?30?. 'o 4
S et Dui.ls
1336
1 ?... ??4
PThe Wealth Of The Soil
The wealth of the soil is intrinsic, and it is
from the soil that America draws her greatest
strength. * Her agriculture is as varied as her
climate. East, west, north, and south a di?
versity of crops springs from her fields and
farm lands?crops that give employment to
millions and food to peoples beyond the seas.
Regardless of how the pendulum of prosperity swings,
the world must continue to be fed, and America will
be called upon with increasing urgency to contribute
her share to the provisioning of mankind.
Concerns whose business it has been to develop and
market the agricultural resources of this country have
received the close co-operation of this bank for a
period of 65 years.
THE
NATIONAL PARK BANK
OF NEW YORK
2/4 'Broadway
Exempt from Federal and ^T^ew York State Income Tax
We Offer
NEW YORK CITY
Short Term Notes
Maturing from May 15, 192: to December 14, 1921
To Yield 5.85% Per Annum
These Notes, being tree from Federal and New York State Income Tax,
yield the investor the equivalent of about 5*/??% to about 23% per
annum, dependent upon income as compared to a taxable investment.
DISCOUNT HOUSE
OF
SALOMON BROS. 6c HUTZLER
MEMBERS NEW YORK STOCK EXCHANGE
27 PINE STREET
NEW YORK
Telephone-John 6300
PHILADELPHIA
BOSTON
American Zinc Reports
Deficit of ?611,071
Tbe American Zinc, Lead & Smelting
tny reported a deficit, after
en: rgos and preforred dividends, for
the year ended December 31, of $f>14,
071, compared to an income of $432,03".
or $5.36 a share, earned in the preced?
ing ypar.
Operating loss amounted to $92,409,
as; .msfc an operating loss of $13,21.0 in
1919.
Equipment Bonds
Nam? Rate. Maturity. Bid. A.?h
? - u-<r ,,'ne ?iS ! 122- -,* ? SO 6 <
? .-. Ohio.. *'_? Hm-'37 7.25 ?
J -? a Steel. ... - 9Hl-'30 7.50 7?fi0
? ? ? ,'-? V. * - 1921 -'30 : 26 6 SO
? H & 1J 4:.;-3 !921-'3? 7.2
,..:., 6 1 92t-'J3 7 25 8.60
??"anailian Nftt. 1935 7.00 I ?0
, lian Nor.. 4%-5-ti 1924-'29 x.?.i 7.00
. ,< idl?n PftO. S 1921---2 7 15 6 40
do. 41. 1921-'24 7.16 ?40
j C '.' C 4 St L V021-'29 7.2? 6.?0
1 rio . 8 ? 921 -' i;7 7.25 6.55
I Cbos !? Ohio.. I i 132i-'3* 6.70 S.30
' ' R I & P. . .
Chi & N W
-, M | I
Del & I
Erie
n
III ' '.-n'irai. . .
do.
Kan City t?o. .
Louis & Nash.
do .
do .
M s P & BSM
do .
do.
Mich Ct-ntral. .
N Y C Lines. .
do .
N Y Ct-nt R R
N Y C & St L.
do . .
N Y N HAU.
Norfolk & W.
Nor Pa
Pac Fr Km' ..
P'cnnsy Ivan i
,v i- t;..
Reading Co. ..
Seaboard . . . .
, Southern Pac.
do .
! Southern By..
I Union Pacific.
Virginia. Ry..
< '?, -,
4 U
5
4 -i-i
4%
4%
5
4'-,-5-6
?Vs
7
?
. 4-4 Va
6 Va
t -4
144)-6-6
7
4%-i
7
<
1921-'
1921
1921-'
1935-'
1921-'
1921-'
1923-'
1921-'
1931-'
ma
1921
1921
19 2 2
1921-'
11)22
1931.
1931
im
1?21
1931
11125
1931.
1931.
1931
1921
1921
1921
1931
13?4
1921
6.SO
J 60
7.2 5
6 90
7 26
7.25
6.90
7.25
7 25
7.15
7.10
7.15
7.SO
6.KO
?>. 50
7.00
7 no
6,'iO
7 15
7.10
7.00
7.50
7.00
6.90
7.10
6.80
7.10
< 7 S
f
6.40
K.sn
? ? .
6 fO
e
6.50 !
F.. 4'1
6.30
6 40 '
? .
6.40 j
6.50!
6.40 ;
6.-40 !
6.30
6.40
6.60
7.00 .
6.2-1 '
t .
? ?
? .
6.30 j
.6.76,
6.40 -
6 ?0
?-60 ,
?25 |
?40 I
Stocks Ex Dividend
Date, ? ,;:- . ???.- c
Mar 18? A". . Brake ?-ho* 4 Fdy. Co..
temp.
Mar. IS? do pf, l'mp.
Mar. 13?Am. T<-1. & T-l. Co- ?
Mai. 17?J. t. C?s-? Plow Work? Co.,
1st pf .
Mar. 19?Chatham 4- Phenlx Nat. Bk .
Mar. is?National Bank of Commerce.
Mar. 11)?Continental Caa Co., Inc....
Mar. 19? do pf.?
Mar. IS?Duiuth Superior Trac. 4^o. pf.
Mar. 17?Endicott-Johnaon Corp.
Mar. 17? do pf.-/'.
Mar. 19?-Fairbanks Co. o% pf.
Mar. 17?Famous Player?-Laeky Corp.
Mar. 19?Oreen Hay *? West R. R. Co
Mar. 19?Hydraulic Steel Co. pf.
Mar 19?S. H. Krau & Co.. pf .
Mar. 3!>?I.oo?.?-\V ?les Blacuit Co
Mar. 18?Manhattan thin Co i
Mar. 19?M., Bt H fi 8.8 U i.
?? ,? :-National > j; . - (
Mar 18?Northern Pacific K. . C
.via r. 19?Ptorc? OH Corp., pf
Mar. 17?Railway 5t?e: Vpr?i>4
Mar. IS?S!o?s-3heff)*?d Hti & Iron pf
Mar. 19?Steel * Tuo* So. of Km . pf
Mar. 17?Tobacco Produc?s Corp pf.
Mar. IS?Twin City Rapid T, I
Mar. 16?United Drue Ci-. . .
Mar. IS?West P%c. R R Corp., pf
l1*
1^*
1
1%