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

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

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L & N
Equip't 6V25
The 6%% Equipment
Trust Notes issued by
the Louisville & Nash?
ville Railroad are a
prime investment.
Wc have left a few of
the long maturities.
Price) ana Details
in Circular RI7
j gobert C. Mayer & Co.
j j Investment Bankers j
Equitable BIdg.
New York
Tel. Rector 6710
J
Bonds for Investment
?arris, Forbes & Go
rfeM Street, C*rn?r VViltUa?
NEW YORK ^
Send for our List of
Safe 7c/o Securities
Glid4?n, Davidge & Co.
U?rr.ber? New York Stock Exchange
20 Broad St., New York.
6 Month** Credit Given
Cuban Sugar Exporters
Two New York Banks in Syn?
dicale Granting Not More Than
$20.000,000 at a Time
Extension of a six months open
? ledit to the .Sugar Financing & Export
Cumpanjr of Cuba, drafts under which
ire to bo secured by sugar stored in
independent warehouses in Cuba or in
process of exportation, vas announced
;ettcrday by a banking syndicate,
i.aucJ by the Guaranty Trust Com-;
psay, the National City Bank and the
Rcyal Bank of Canada.
The principal amount of the drafts
li any one time outstanding are not to
ageregate in excess of $20,000,000.
The drawings of sugar are to be
nade on a basis of $8 a bag and ar.?
t> run not longer than ninety days.
Bills drawn under thi3 credit will be
>ligib!o for rediscount with, or pur?
chased by, Federal Reserve Banks
under the regulations of the Fede?M
1 cserve Board.
Hold Up Oi! Permits
MEXICO CITY, April 14.?Permits
for the exploration and exploitation of 1
petroleum lands in Mexico will be with- \
held by the Department of Commerce j
and Industry until Article '?~ of the I
constitution governing sub-soil rights ?
in this country is given official inter?
pretation, it was declared by Rafael
Zubaran Capmany, head of that de?
partment, last night.
- m
London Wool Auction
LONDON", April 11.?There were 5,841
bales offered at the wool auction sales
to-day. The demand was steady and
prices were unchanged, except for in?
ferior crossbreds, which were easy. The
Pontinent took most, of the Punta
Arenas brought forward. The sales will :
tlesc to-morrow.
Bank of England Statement
LONDON'. April 14.?The weekly
statement of the Bank of "England fol?
lows:
Oold .?128.348,223 Dec. ?126
Reserve . 18,261.000 ine. 67S.OO0
ffotea reserved. 16.543.000 Inc. 5*2*222
Circulation ... 128.537,000 P^c. 878.000,
Public deposita 18.315,000 Dec. H22'22i!
Other ru.pr.sit3 102.216.000 Dec. 10.0S7.OO0 ;
Oov securities. 32.209.000 Tnc . 611.000
Qtaerseeurities 90,600,000 Doc. 14.454.000
The proportion of the bank's reserve
to liability this week is 13.78; last
week it was 12.07. Rate of discount 7
p?r cent.
-? ? i
Bank of France Statement
PARIS, April 14.? The weekly state?
ment of the Bank of France shows the
following changes in francs:
Oold In hand, inc. 516,000
Silver in hand, Inc. *'2?2'222
Hole? in circulation, doc.166.724,000
Treasury deposits, dec. 37,277,000
General deport?, dec.11 4,549,000
Billa dlscountod. dec. 5'2SI'222
Advances, de.-. *4,...0?,O0Q
Bank of Germany Statement
BERLIN, April 14.?The statement of
the Imperial Bank of Germany as of
April 7 shows the following changes in
marks:
1NCR5ASES
N'ot?a of other banks. !2i'222
Advances . 3 4.2T9.0OO
Investments . i,OS4,ooo
DECREASES
eoln . 453,000
'.old ... '. .*. ?.ooo
Treasury notos. ?95.164,000
?ills discounted. 8,64::..M 1.000
Other 1 icurltlea. 262,90i,ooo
?fotes in circulation. 182.027,000
IMposlts .10,592,698.000
'??ther liabilities . 11.740,000
The total gold holdings wore 1,091,602,
?00 marks.
(Quoted on
N'ime.
All Coast T..lne
??It & Ohio...
Beth Steel
?<o?ton * A. . .
Buffalo R & r.
do .
Canadian Nat.
'anadian Nor..
'Canadian Pac.
?<?o .
c c c & st 1/
Equipment Bonds
Of)
J?*? A Ohio. .
'RUp...
<-hi * K w.
? Bt L * N ?.
^* & Hudson.
{'an Citv'soV.
'?win * Naan.
do.
?SPtSSM,
do .
, <* ?.'.'.'.'.'.'.
?Ich Centrai!!
"J C Line?..
_do .
?I ?nt'RR
*7C& St L.
., ?So.
S^N II * H.
C;0"- Pacifia ..
JM Kr Kip...
'"?.sylvan!*..
Uead.Ng Co...
^'aboard. . .
*"?h?ra ??*?'?"
*? ."
????hernRy...
Union PacWc.
?Jflnl*n Ry..
Income
Rate.
4'4
4H-5
4H-5
6
4Vi
6
6H
4^-5
4>*
S
?ft
4V,-?
6V4
4<*-S
6*
7
6
4\,
7
4",
??5
I
4>i-5
percentage basl
Maturity. Bid.
1?22-'3S 6.80
1921 -'27 7.25
1921-'30 7.60
1 "21-T10 7.2r?
1921-'33
1921-'33
1935
1924--29
1921-'32
1921-'2S
1921-'29
1921-'27
1924-36
1921-'27
19?t-'23
1921-'24
1922
192t-'27
1922-':?
1921--24
1921 -'22
1922--3S
1921-'26
ia?E6-'3S
1921-'30
192l-'30
3922--2S
l'J21-'35
1922-'32
1921--26
1931
1921-'2S
192 l--.lt
1921-*30
19?5 'HS
1921-'23
JOSl-'J?
i:?2i-'3i
1921--27
19>'l-'2t?
1924-'.i&
1921-'26
192t-'3i>
???l-'O?
7.25
7.00
8.50
7.15
7.15
7.25
7 25
6.80
7.60
7.25
7.25
7.25
7.50
7.50
7.60
7.2 5
6 80
7.25
7.10
7.25
7.?5
7.10
7. I .'.
7.30
7.00
a.&o
7.00
7.OO
6.90
"..ID
7.0 0
7.6 0
7.00
6.90
7.26
6.80
7.2?
s)
Ask.
6.3 0
6.60
7.00
6.50
6.Ml I
6.ro
6.90
7.00
6.40
6.40
6.50
6 56
ft.30
6.60
6.50
6.50
6.75
6.80
7.36
(.50
6 40 ?
6.35
6.50 1
6.40 !
6.50 !
6 40 ?
6.40 !
6.35 I
6.40 I
e.50
6.25 I
7.26
?.26
6.3?
6.35 j
6-liO
6.20 i
? 30 I
6.75 I
6.40 I
6.SO j
6.50 j
6.30
t.4?
'Discount Rate
Cut by Boston
Bank to 6 P. C.
i _______
?First District Federal Re?
serve Institution Leads
in Lowering Restrictions
on Credit; Tone Easier
I -'
i No Change in Policy Here
Seven of Twelve Have Lower
Scale on Commercial Pa?
per; Bankers Interested
BOSTON', April 14.?The Federal Re?
serve Bank of Boston to-day announced
I a reduction in it? rediscount fate from
? 7 to 6 per cent. The lutter rate has
j been in effect, since last June. At the
same time an increase in the rate on
Treasury certificates from 5'_ to fi per
cent was announced. The official state?
ment issued by the Federal Reserve
bank follows:
"The Federal Reserve Bank of Boston
will, effective to-morrow, April 1.1, re?
duce its discount rate on commercial
?and industria! and other unsecured
i paper from V to 6 per cent. At. the
j same time the discount rate on notes
? secured by Unite.! States sertificales
of indebtedness will be changed from
6?. to 6 per cent. All of the published
discount, rates of the Boston Reserve
Bank will then be uniform at 6 per
cent.
"The last change in the Boston dis?
count rate was on June 4, 1020, when
the 6 per cent commercial rate was
increased to 7 per cent.
lour on 6 Per Cent Level
"By this chango on the part of the
Boston bank seven of the Federal Re?
serve banks now have a G per cent
J rato on commercial paper, five others-?
j New York, Atlanta, Chicago, Mlnne
| apolis and Dalla.-?having a V per cent
rate. Four of the reserve banks?Bos
j ton, Cleveland, Richmond and San
I Francisco?will now have a fiat 6 per
j cent rate for all classes of discount."
This is the first step taken by any
| of the twelve Federal Reserve banks
| toward making it possible for member
i banks to borrow at the central institu?
tions on rediscounts on a more favor
! able basis, and is considered highly sig
! nificant, as reflecting Improvement in
the general credit situation and pos?
sibly foreshadowing similar action by
reserve banks in other districts.
Officials of tho Federal Reserve Bank
of New York discussed credit condi?
tions at a conference at the local bank
; yesterday, but following their usual
! policy would say nothing about dis?
counts. Pierre Jay, agent of tlie bank,
when informed last night of the action
of the Boston bank, would not comment,
upon it. staling that it was one of tho
inflexiblue rules of the local bank for
its officers not to talk about discount
rates.
No Change Foreseen Here
Representative bankers whose opin?
ion was asked concerning the reduc?
tion in discount rates at Boston said
they considered it indicative of the
general trend toward a relaxation in
credit conditions the country over. The
' belief was expressed, however, that it
did not necessarily follow that the New
York Reserve Bank would follow the
action of the Boston bank, since condi?
tions tn the two districts were differ?
ent, and here in New York the member
banks were still heavy borrowers at
the Federal Reserve Bank. Until a con?
siderable further reduction in such
borrowings on rediscount operations
| had been effected it was held that a
reduction in rates in this district was
not likely to be made.
"There is no doubt at all," said o
leading banker, "that conditions in the
credit market are steadily improving
Recovery in the textile industry of New
England has probably held matters ir
? that quarter and has no doubt made
: possible liquidation of bank loans tc
I an extent that has taken considerable
! of the pressure of rediscounting off the
Federal Reserve Bank of Boston. Ir
the New York district there has alsi
been improvement in recent months
bul ?< is a question whether the situ?
ation has relaxed enough to warrant t
reduction in the discount rate of the
lotai bank. It has been my under?
standing that the Federal Reserve
Heard is opposed to any change in the
New York rate for a time at least, ii
being held that to reduce rates here
might bring a renewal of inflation?r}
tendencies."
Campaign Began in 1919
The Federal Reserve Board under
took its campaign of deflation o
bank loans in November, 1919, whet
the first advance in discount rates wai
announced. Afterward three other up
ward revisions were made, finally estab
lishing the 7 per cent rates in thi
principal Federal Reserve district;
early last year. In the New York dis
trict the rediscount rate was market
up from 6 to 7 per cent last Muy, am
it is still maintained on that basis
The Boston rate was advanceel simi
larly the following month.
Recjnt statements of the individua
Reserve banks ?me! for the system as ;
whole have disclosed a steady tendenc;
of late toward a reduction in membe
bank rediscounts, indicating that th
banks were finding it possible, as loan
to customers were liquidated, to pa
olf borrowings at the Reserve institu
tions. At the same time an enormou
influx of gold from abroad has take
place, strengthening the base of th
credit structure greatly and makin
for a more comfortable credit situatio
all around. In the year ended April
the Federal Reserve system has ir
creased its gold reserves from $1,957
190,000 to $2.264.010.000, large!
through importations of the meta
During the same period rediscounts c
the system, representing borrowings b
member banks, have fallen from $2,367
138,000 to $2,154,752,000.
Reserve Chiefs Discuss
U. S. Credit Condition
From The Tribune's Washington Bureau
WASHINGTON, April 14.?Membci
of the Federal Reserve Board discusse
credit conditions to-day with repr<
sentatives of the regional banks, bi
Governor Harding refusod to make at
statement regarding the conference ui
til to-morrow.
Speaking of the reduction of the di
count rate in Boston, Governor Hardii
said it was a local matter that did n
forecast similar action in other di
tricts. He explained that action in ea<
district would depend on the conditie
of the reserves in that district. I
said he didn't know whether the c
would have any pronounced effect.
The Governor explained th,at a les
ening in demands for loans had resul
ed in an increase in reserves in Bosti
to ?nearly 70 per cent.
Financial Item?
rtny C. Osjfood, president of the Invf
ment Banker?' Association of Am?rii
announced tho personnel of the rallro
?ecuritles committee of tho association
follow?: Pierpont V. P?\ics. of the K
ttonal <'ity Company, chairman: Fran?
O Brown, O? Redmond * Co., Now Yoi
.lohn <l. Brogrden, of Btrother. Kroner,
.?', Balttm?. Robert K. causait, of e. i
?nti & Co.. Philadelphia; Wn'.tor Jann
of Montgomery * Co.. Philadelphia; F.
, Ian an of F. ?'- 1.1?"'?" & Co., New Yoi
S' B ?weeey. Flr.t National Bw
"?w York; Charle? S. Sargent Jr..
Ktriiier l"<-?bo.tv ,v Co., New \ork. a
rifncU M Wei* of Whit- W4 4 C
Now Vo.k Allen B. Forbe* of Han
, Forbes <fc Co., ex Qfflol<4?
\
Investment
Information
Questions of general interest te to?
ft stars will be answered in this col?
umn, in which cas? only imitai? teiil
6? used. Others will be answered by
maiL Address all inquiries, ?noloa
ing a stamped, addressed envelope, t*
Financial Editor, The Tribune, lU
Nassau Street, New Y ark City.
Should Season List With Bonds
Question?I fort that ? am In need of
moro safety, regardless of tho high yields
I ?m receiving. I have had most of my
present holding? for some time and ne?
glected to sell and take my profit?. T am
not dependent on tho dividend?, only to re?
invest them na I go, taylng a foundation
for a rainy day. 1 will b? guided by your
recommendation on any change that you
consider reasonably safe. The holding?
are: Thirty ?hare? of Standard Oil of Now
Jersey preferred, 108; fifteen ?hare? United
State? Steel preferred, 105: ten ?hare? Re?
publics Iron and Stel preferred, 90; ten
?hare? .1. t. Case1 Threshing Machine pre?
ferred, 100; ten chares Kndleott-.lohnson
preferred, 103 H : fifteen shares Union Pa
olflc common, lOo1?; ten share? Atohlson
common, SS; twenty-fivo ?hares Philadel?
phia Company common, 3_; thirty-two
share? Pure Oil common, 35Vi; twenty
-hares Freeport Texas common, BAH. My
greatest loss is In Freeport. If you think
It has a possible chance, of course. 1 vrlII
hold It. ns 1 am not in need of Immediate
funds.?J.'t?. P.
Answer?Your preferred stocks arc
all good investments, in our opinion.
Of the common Atchison, Union Pacific
and Philadelphia we have little to fear,
wc think, though, of course, you realize
that in case of trouble the common
stock holders bear the brunt of the loss.
That is what they are for. Pure Oil
and Freeport Texas are speculative.
The latter, a sulphur company, is
branching out into the oil business,
and it remains to be seen how it fares.
We think you ought to season your
list with some bonds. They are selling
at attractive levels now and probably
will rise in price when money cases.
Retiring Investor Should Change
Holdings
Question?1 have sixty shares of Great
Northern stock. I desire to retire from
business, but would like to have an Idea
first as to permanency of Income. What
would you do under like conditions? it'
is th" income 1 want to bo reasonably sure
of.?H. J. K.
Answer?Your Great Northern pre?
ferred stock does not, in our opinion,
offer the stability of income which is
necessary for a man in the position
you describe. If you sold your shares
for about. $4,260 you could reinvest in
safe bonds, such as Canadian Northern
7 per cent debenture, 1940; Belgian 8
per cent, New York Central, 6 per cent
debenture. 1935; Southern Bell Tele?
phone first 5s, 1949, and Western Mary?
land first 4s, 1952 (at about 53). Aj
$1,(100 piece of each of the five would j
cost you about $4,205 and would give i
you a current return of $300. Owner- I
ship of stock imposes on you business '
risks, and as long as you are retiring!
from such concerns so far as your I
personal life is concerned, we think j
you should also divest yourself of in?
vestment risks. Bonds offer you the :
opportunity, but they yield less, of j
course.
At Sea Regarding 'Frisco Bonds
Question?Your investment Information
makes Interesting reading and I have kept
many of your answers. Your answers on
the value of nt. Louis & San Francisco
Railroad bonds seem to vary. You advised
It recently for a woman?a small investor;
also a certain preferred stock. You have
also spoken of it an a weak road and ad?
vised investing otherwise. Would you
consider adjustment 6s. whatever | that
means, as good an investment as Series A?
Have these bonds always paid interest'.'? I
r. a.
Answer The 'Frisco adjustment 6s
are, not as good an investment as the
prior lien Series A of the same road,
which are secured by underlying mort?
gages. They have always paid their in?
terest. We explained recently what
some of our readers thought were in?
consistencies in what we have written
about the various 'Frisco bond issues.
We suggest that you submit to us what?
ever particular investment problems j
you may have. If you try to choose for !
yourself, your letter shows that you J
are likely to go \? '0 ig.
W ornan Investor May Go to Switzerland
Question- I own forty shares of National
Transit, ten shares of Telephone and Tele?
graph, four Rubber preferred und four1
Woolen preferred, $1,000 Victory bond,
$650 north of Liberty bonds and I am
thinking of soiling and Investing all of it
In Swiss S per cent government bonds.
Do you think it would be unwise or un? |
safe? Could you tell mc if. in e-a^e 1 went .
to live in Switzerland, 1 could cash my i
coupon? over there? I am a constant read- I
er Of The Tribune and would appreciate;
your advice very much?Miss. 1'. B.
Anser--Ordinarily we would not'
recommend the sale of a diversified list [
of good securities for purposes of in- j
vestment in one issue of bonds, but the !
fact that you may go to Switzerland to
live would modify our opinion. Wc ;
consider the Swiss 8s as one of the !
safest of foreign government bonds. It
is free from all taxes in Switzerland, ;
we are informed, even if held by a !
resident of Switzerland. You could !
either take your bonds with you and
deposit the coupons in your bank in
Switzerland for collection or you could '
leave the bonds here with one of the ;
banking houses or trust companies with j
instructions to cash the coupons and j
send you a draft at the current rate of
exchange on a Swiss banker.
Would Average in Anglo-American
Question?1 purchased seventy-live shares ?
of Anglo-American ''il, Ltd., at SU and an ;
additional tifty at 28. In your judgment, ?
lakini? into consideration capitalization anil j
earning power, backed by an efficient
management, do you believe $.1i, a share Is !
too high a price for this stock for a long !
pull '.' l'un you advise me to what extent ? he
recent loan of $.c>,fl00.000 floated, by this
company haa benefited the affairs finan?
cially and otherwise of this concern? Tak- !
Ing Into consideration your reluctance to !
advise on speculative issues, but placing ;
Anglo-American Uil _f:ock in a very high j
class of speculative issues, do you h>p any ?
reason why I should hesitate in acquiring
additional stock In this company at a price
around 18'a? This acquisition is based on
my willingness to take u business man's
risk.?R. A. AY.
Answer?We do not believe in aver?
aging except under exceptional condi?
tions, and one of these conditions is
that the trader have the skill and equip- '
ment as well as the training and the
nerve necessary for success in such !
operations. Therefore we are not going ,
to try to advise you about what to do :
in the case of Anglo-American Oil.
Remember that your judgment was
wrong in the first place, anei it may be
Wrong again. A stock like this is just j
as likely to go down as up at any mo- ;
ment. The loan, of course, benefited
the company, but it established a largo '
equity which comes ahead of the stock, I
anel reduces earnings applicable to the I
shares by the amount vf the interest j
charges.
Victor Paige Stock Speculative
Question?I have been advised to buy |
stock of.the Victor Paige Motor Corpora- |
lion. Will you kindly give me your opinion of j
tho above company and also o? the Beadon \
Service. Inc.??T. V. K.
Answer?Victor Paige Motor Com- ;
pany stock is too speculative for in-i
vestment, in our opinion. There was ?
once a time when almost any old tor
new) motor company could make ;
money, but few of tiie best of them '
are doing so now.
Four fu? columns of in*
vestment questions and an?
swers are published in Th?
Tribune every Sunday,
Mexican Petroleum
Sells $10,000,000
Convertible Bonds
Securities Will Be Offered
to Yield About 8.20 P. C.
and Will Run 15 Years;
Sinking Fund Provisions
Public offering of an Issue of $10,
000,000 fifteen-year 8 per cent convert
iblo bonds of tho Mexican Petroleum
Company, Ltd., is being made to-day by
a banking syndicate headed by Blair
& Co., Inc., at 98^, to yield approxi?
mately 8.20 per cent.
Formal announcement of the com?
pletion of the financing, which has been
under negotiations for a fortnight, was
made yesterday. The bonds aro guar?
anteed, principal and interest, by the
Pan-American Petroleum and Trans?
port Company, and are convertible
until May 1, 1981, into Pan-American
"B" stock at $100 a share of $50 par
value. The issue is redeemable in
whole during the first eight years at
lOT'/?, and during the remaining seven
years at a reduction of 1 per cent from
this ligure for each successive year.
Provision is made for a sinking fund
for tho purchase of the bonds, begin?
ning November 1, 1921, sufficient to re?
tire $1,000.000 face value of the bonds
up to 102'?. If the bonds cannot be
obtained at that price $750,000 arc to be
bought up to 105, and if this cannot be
donf> $500,000 aro to be purchased an?
nually up to 107'3. If the bonds are
not available at this f.gure the pur?
chase of $250,000 a year is provided for
up to 110.
Tho proceeds of the issue will give
the company additional working eapi
tal for use in development work and
the financing of oil in storage.
Pay Dividend in Groups
Interborough Payments on Man?
hattan R. R. Irregular
Prank Iledley, president and general
manager of the Interborough Rapid
Transit Company, announced yesterday
that the dividend due April 1 to hold?
ers of Manhattan Railway stock under
the terms of the lease to the Interbor?
ough. will be paid in groups, beginning
to-day. Payments, he said, will con?
tinue in accordance with the financing
ability of the company, but it is an?
ticipated that the entire dividend will
be paid (luring the present, month.
This is tho first time the interbor?
ough has adopted such a policy in
meeting the Manhattan Railway divi?
dend requirements. The last payment
of 1?4 per cent was paid in full on
January ?', the funds having been ob?
tained i. id?r arrangement with the
company's bankers. ?
N. & \Y. Directors Re-elceled
ROANOKE, Va., April 14. -Stock?
holders of the Norfolk & Western Rail- ;
v ay Company at. their annual meeting!
here to-day re?lected all directors, who !
reflected all officers. The company's ?
by-laws were amended so as to abolish
the office of chairman of the board, I
which office has been vacant since the |
death of L. E. Johnson about two
mouths ago.
-?-_
Would Retain Fruit Rules
WASHINGTON, April 14.?General
agreement of Eastern and Western
railroads that present, reconsignment
rules on fruits and vegetables should
stand until February 1, 1922, was ex?
pressed to-day at an Interstate Com?
merce Commission hearing. Southern
roads previously had indicated their
opposition to changes that would pre?
vent unlimited reconsignment.
Canadian Rail Exchange Rate
OTTAWA, April 14.?The Board of
Railway Commissioners ruled to-day
that the rate of exchange in connection
with shipments of freight, between
points in Canada and the United States
fiom April 15 to April ?0, inclusive,
will bo 18Va per cent. The rate of sur?
charge on international passenger busi?
ness will be based on 13 per cent ex?
change.
Day's New Issues
Freeman & Co. will offer to-day
$400,000 par value National Steel Car
Lines Company 8 per cent equipment
trust gold certificates, series A, ma?
turing from November, 1921, to May,
1927, inclusive.
These certificates represent the
initial offer of the National Steel Car
Lines Company. Tho certificates are
to bo secured at approximately 60 per
cent of tho original cost of tho equip?
ment, and will bo unconditionally
guaranteed as to principal and interest
by the indorsement of tho Chestnut &
Smith Corporation, of Tulsa, Okla., one
of the largest manufacturers of blend?
ed gasoline in the Mid-Continent field.
These certificates will bo offered to net
8.40 per cent.
Radio Corporation Shows
$9,000,000 Investment
The Radio Corporation of America
is the only company in this country
I operating high power radio stations
I communicating with other countries.
All of its service was developed in
! 1920. Direct communication by wireless
j is now had between the United States
| and five other countries, Hawaii, Japan,
i England, Norway, Germany and France,
: The American Telephone and Telegraph
? Company has recently become a large
stockholder in the Radio Corporation,
j and the United Fruit Company is also
I a stockholde?
The company has no bonded debt or
: other liabilities except current operat?
ing liabilities. In the annual report
to the stockholders no income account
is included, but a balance sheet as of
i December 31, 1020, bIiows an invest
j ment of $8,901,675 in power stations,
equipment, machinery and tools. Pat
ents, good will, etc., are carried at
? $10,107,982. The company has outstand
! ing $13,525,870 7 per cent preferred
i and $9,611,392 common stock. Current
I liabilities were $1,883,227 cash, and ac
i counts receivable were $8S1,507.
Cut Harvester Price?
10 P. C. Slash Based on Re
diietion in Steel Prices
CHICAGO, April 14.?Basing its ac
| lion upon the recent reduction in steel
prices announced by the United Statea
? Steel Corporation, the International
I Harvester Company to-day announced
a straight 10 per cent reduction on
I products on which steel is the princi
I pal raw material.
> "The reduction on steel came after
our year's product had been provided
for and will have no bearing on the |
manufacturing cost of machines we sell
this year,'' the announcement explain?
er!. "It does establish a lower replace
meut cost, however, and serves as the
basis of a price to which our custom-,
ers are entitled and which we aro will?
ing to iiccep!.1'
The ,reduction applies chiefly to bar-?
vesting machines. !
The company announced reductions j
of from 10 to 15 per cent in machines
made principally of wood and iron on
March 7. The announcement of to?
day's cut said that the new changes
cover all machines not affected by the
March 7 cut.
A. T. & T. Quarterly Report
T'ae American Telephone and Tele- j
graph Company reported net earnings j
for the quarter ended March 31, after |
interest charges, of $13,092,796, equiva- j
lent to S2.95 a share earned on the '
$443,519,100 outstanding capital stock,
compared to a surplus of $13,052,446,
or $2.95 a share earned in the corre?
sponding period of the preceding year.
Total earnings amounted to $26,356,
782, and the surplus after deduction
of dividends $4,224,240.
Western Union Earnings
Net income of the Western Union
Telegraph Company for the quarter
ended March 31, after deduction of in?
terest on bonded debt, was $1,798,500,
compared to $3,566,730 earned in the
corresponding period in 1920, accord?
ing to a statement made public yester?
day. Gross revenues, including divi?
dends and interest, amounted to $26,
430 0C0. contrasted with $29,340,057.
The New\brkTrust Company
with which is consolidated
The Liberty National Bank
of New York
THIS consolidation has brought together two long established
New York banking organizations of Similar traditions and
approximately equal resources and length of service. The com?
bination of the facilities and long experience acquired by each in
its particular field provides an institution complete in scope and
equipment for the transaction of all commercial banking and
trust business.
This Company's lone experience in trust matters enables it
to offer unsurpassed facilities for the administration of all per?
sonal and corporate trusts.
The Company offers to corporations, firms and individuals, a
thoroughly modern and complete commercial banking service,
including a highly developed credit information service,which
is available to customers.
The Company is equipped to render every banking facility to
those engaged in foreign trade, including foreign credit infor?
mation and information concerning foreign markets and trade
opportunities.
At any of our offices listed below, an officer of the Company
will be glad to give to prospective customers more detailed
information regarding our service.
Capital, Surplus and undivided Profits $26,000,000
Main Office
26 Broad Street
Liberty Office Fifth Avenue Office
120 Broadway 57th St. & Fifth Ave.
Member of the Federal Reserve System
Cerro de Paseo Copper
Surplus Equals $1.48;
Surplus of the Cerro de Pasco Cop- j
per Corporation and subsidiaries for
the year ended December 31, after de
preciation, depletion and Federal taxes,
was $1,328,857, equivalent to $1.48 a
share earned on the; 898,230 shares of
capital stock at no par value, accord?
ing to a statement submitted to the
New York Stoik Exchange yesterday.
Sales of copper,' silver and gold
amounted to $12,388,793. Deficit after
dividends was '113,932,810, and profit and
loss surplus $3,281,978. Cash account
stood at $1,2G2,641.
International Cement Keport
The International Cement Corpora?
tion reported a surplus for the year
ended December 31, after charges and
Federal taxes, of $1,700,846, equal to
$G'.33 a share earned on the 26S.396
sitares of capital stock of no par value.
Gross sales amounted to $8,716,986 and
profit and loss surplus $1,367,923.
-?
Beech-Nut Packing Report -
Net profits o? the Beech-Nut Packing
Company and affiliated corporations
for the year ended December 31, after
charges, inventory adjustments and
Federal taxes, were $500,147, according
to a statement issued yesterday. Sales
amounted to $12,050,118 and profit and
loss surplus $4,777,717.
Stone & Webster
INCORPORATED
Eat-Ui?-?d ISS?
147 Mi?k St. 120 Broadway 38 So. Dearborn St.
BOSTON NEW YORK CHICAGO
WHfc tWrty years eirperienc* in th? management and construction
of PnbBc Utility and Induatrial Proparties, ont orpuuxarioa it
prepared to roak?
INVESTIGATIONS AND REPORTS
en
VALUATION AND OPERATING EFFICIENCY
Storage Battery Earnings
Net income of the Electric Storage
Battery Company and its subsidiary,
the Willard Storage Battery Company,
for the year ended December 31, after
inventory adjustments, but before Fed?
eral taxes, was $6,137,091. After de?
duction of estimated Federal taxes the
profits equaled $23.31 a share earned
on the $19,979,325 capital stock, ac?
cording to a statement issued yester?
day. Xet earnings amounted to $7,
549,011, compared to $4,239,791, and
nrolit and loss surnlus S17.466.192.
Plan to Aid Cotton Planters
WASHINGTON, April 14.?A plan to
take advantage of Allied debts to the
United States in providing means to
dispose of the Southern cotton crop
was suggested to President Harding
to-day by Governor-elect Hardwick of
Georgia. He propos?e! that the United
States ask the Allied governments to
underwrite German bonds, to be ac?
cepted in payment of cotton exports
and held as securities against the war
The Day's Bond Market
The Tribune- prints each day the ma*
turity dates of all active bonds quoted
on the New York Stock Exchange. The
return on a bond to the investor depends
upon three factors: the rate of interest
the security bears, the market prico
and the distance of the viaturity date.
To figure the precise yield on a bond it
is necessary to use yield tables, but the
approximate yield can roughly be figured
out by the following formula: Divide
the closing quotation on a bond into
the rate of interest it pays, and the re
8M?? will be the annual return. If the
bond is selling below par you must
allow also for the appreciation of the
principal. To do this subtract the mar?
ket quotation front par, or 100, and di?
vide the remainder by the yiumber of
years the bond has to run before ma?
turity. For example, if a 6 per oent
bond is selling at 90 and has ten yare,
to run, the annual return will be 6.66
per cent. The difference between par
and the market price will be 10 points,
subtracting 90 from 100. Dividing ten
points by trn years, the quotient will be
1. This figure is to be added to 6.66,
which is the annual return, and the re?
sult 7.66 per cent, -will give you the ap
proximato yield.
V. S. Government
Trannnctlong
??les, Yield
Liberty :;'..?. 1947. 176.000 4.12
<lo 2d As. 1042 . 1 5,000 -?.H2
do 1st 4 ',4s, 1947. 20.000 6.10
do 2d 4'4s. 1942. 409.000 5.22
do 8d 4?a, 1928. 633.000 5.75
(lo 4th 4',s, 1938. 735.0011 6.35
Victory 4-\*. 19 23.2,863.000 ,', si)
do 4 ?is, 1933. 316.000 4.77
Quotation?
Nat
High. I,nw. T.3?t. elige.
Liberty S\is. no.10 90.02 90.10 ?.OS
do 2d 4a. R7.&0 87.36 87.36 --0 1
do 1st 4Us.... ?7.70 87.66 ST.KO ?.10
do 2d 4'4s. S7.54 87.36 S7.::i? ?.16
do 3d 4V?8. !'0.74 90.60 90.70 -.01
do 4th 4 Vis_ S7.HS 87.50 S7..f.o ?.1-'
Victory 4\x. 97.66 9T.58 97.60 ?.02
do 3%s. 97.6-1 97.58 '.'7.?4 +.02
Bid and Asked Quotations
Liberty Bonds. Yesterday. Wednesday.
:"'-.??. 1947. on.nfiii-ifi.io 90.06@90.10
1st 4s, 1947. 87.60@87.70 87.50@87.70
2d 4?, 1947. 87.32@87.46 87.40@S7.56
1st 4Ws, 3947- 87.62@87.70 87.62@87.70
2d 4'4s. 1942. 87.3t><h>87.38 87.60@87.66
3d 4 Vis, 1928. 90.62@90.68 90.66@90.70
4th 4'i?. 1938.... 57.50@87.54 87.62@87.66
Vie, 4?4s, 1923,.. 97.60@97.64 ?7.62@97.64
do 3%s,,1923..' 97.60@97.64 97.02(997.G4
I'rc-war issues:
2a r.-g:, 1930. 99?i@100'? 99?4@100H
8s coup, 1930. ?>9**@100>? 99%?100tf
3a res. 194fi. g9 @ 92 89 ,.,. 93
3a coup, 1946.... ?0 ft' 02 89 '?? B2
4s l-pff. l?2.->.10414@104?4 104%(?'104\
4s coup, 19-5-104%@104?? 104%@104??
2s Pan c, 1036... 99*4@100>4 99?4@100*4
8a Pan r, 1936... SO-v^lOO'; 99?4@190?4
?_?.-? r.-.'i <-, 1938 .. 99?4@100V4 99%@100Vi
2s Pau r, 193S... 99*?.'0 100>4 99 \ ?? 100^
2a F'.tn roc. 7 3 <-3 '* SI 7H'-? Si'
Sa Pau coup . . . 7S%@ 81 78%@ hi
Phil 4s, 1934. . . . 82 & ?? X2 ftp 8C
l'hll 4s. 1935.... 82 @ 86 S3 @ 86
Phil 4s, 1936.... 83 ?i> s>; S2 0 86
D Col 2s, 1965.. 92 tf ? 92 @ ?
Foreign Govt. and Municipal Bonds
(Interest to be added)
?._ Bid. Asked.
City of Borgen 8?. rets. 9f, 95'-?
do Bsrne. 9614 97
do Christiania. 96 V? 97
do 2?urich. 5514 96%
Argentina i??rn as, 19i?.v.,.^. ?o>4 ?1?5
Bclerlan Ss. ?t7 ?>?
Kingdom of Belgium Oh. 90%
<lo 7'As, 1945. 97%
Canada. Dom of, notos. 1321_ SO1.?
do 1936. 91%
do 19-29 . 92%
do 1931 . 89%
Danish 8s, A. 98%
do ??. 98%
Denmark 8a. 99
Chin..-" Ovt Hu Kug Ry 5s, 1951 46%
Norway Ss.1 "?)
Province of Alberta 4%s. 89%
Cuba extern 6s, 1941. 80%
do 5s, series A, 1949. 79
do 4 %s, 1949. 69',.
Republic of Chile 8s. 99
Dominican Republic 5s, 10?S... 79
City of Lyons 15-yr 6.s, is:!4... 77
do Marseilles 15-yr us, 199,4.. 77
do Bordeaux 15-yr ?is, 1954.. 77
do Copenhagen 25-yr hi?s, '44 74
French e;\t ss, Is! Issue'.. 98%
do Paris City ?s, \:<2\. 07-.^
elvt Switzerland 8s, 1940.101
Japanese elvt 4'_.s. strl loan, '25 82%
do 4 his, 2d series, 1D_7.. 82 hi
do 4?. sterling loan, 1931. 65%
do Tokio City 5s, 19.",::. 60
Un King eu Br .v.- Ir 5-yr 5%b, '2 t 99%
do 3-yr 5%s, 1922. 9(1
do 10-yr 6%s, 1.929. .MS';
do 20-yr G%s, 1937. 84%
Mexico <'Xt strl 5s of '99. 19 15.. -it 14
do gold 4s of '04, 1954. 33
King Italy 5-yr 6 Vj> % gold bonds S2
Sao X'aulo 8s, Ct_. 97 %
(Sales)
Chinese Ry
I 5s 1945
4 _ 46 U
(500) 46 V2
i? r.
91
97 U
99 H
9 I %
92%
89%
9S%
98 'a
99'b
46%
ion'*
93
83
SO'i
70%
99 V?
SO
7 1 %
9 S ' ?
9 S
104 Vi
82%
82 ?4
65%
60%
99 ?i
95 V*
88%
85
44 %
33 Vi
99 H
9 9Vi
3 .... ;i y l-g
1 .... 99 H
01 % I - 93%
3 .... 9'J V?
89 ;, K of Italy
89% ti'iM .Ser A
1926
t - 4 6 Vi
ICity of Berne 1031
Ss 1945 3
temp reels 2
2 .... 96%'Domlnican 11 19.5
?11 .... 96 % 5ft 1953 4 ....81%
l _ 96%, t - so K of Norway
'< 3 .... 96? Freeh Rep 8s 19*0
C of Borgen ; ?? 1846
. 8S 1945 i 55 .... 93%
| tomp recta ; 5 .... 88%
96^ 11 _ 93%
16 . . . / 9S%(
.100
. lOOii
.100
.100%
??96 ! 16 .../ 9$%' 1 -100
City of Bord ? ;4 ,,H, K of Sweden
I 6s 1931 6 _98a? 6s 1939
2 - .! !? * a5f. S8% s - 8- ?"?
1 7 7 ' 1 1 -i ?> c_
? .. - 7? '(Gov of Swltz i "?? 2-T*>
. :::: "*?*??"<? r?p ???cAi?
City of Chris ! l.mP "?*.., 1 Ss 1941
8S 1945 I '.' ?"? " ''i 47 .... 93
2 ... 96% J '"? "' " C... 99
City of ropeni - - ?!*,!?< .... 93
5Viia 1944 , ' ; ?; -104 R of Cuba
1 74 t?
S':3 ''.'??* Iq_ , , .:.,. ? ot cima
I.??1'--'lJ;< J V,,,^' 4V.S 1949
( .... 74% *V?a 1925 , j . 70,
< ???? 74'* ?? 1 ;;;' ,r '-' s ot s rauio
i'ny of Lyons -','.,?' ' ' -s s f 83 1936
(is 1934 '!-?' , ! 1 _ 97%
n%
City of Mars
! 6s 1934
' - 77'.
C of Paris
6s 1321
29 _ 97',
1 .... 98
: '.4 .... 97%
City of Tokio
5s 1962
1 10 .... 60
City ot Zurich
. gfl 1945
.97
l .... 96%
! Danish Con M
! h f gold S s
? Ser A 134 6
1 .... 9*1;,
6 - 98%
1 _ 98%
2 .... 9?%
1 1500) 9S%
3 _98%
1 .... 98 '?
? r B 1946
S .... 98 %
1 .... 98 \
1 .... 98 hi
2 ....98%
1 .... 98%
Don- Can a Vis;
notes 1921
1
30 ^;r. S2%
1 (500) 82 \
18 .... 82%
ri Ig loan 4s
1931
1.65%
1 .... 65%
1 .... ?5%
S of Belg
Sa 1941
19 _ 97%
1 -? <
V K
& I
1921
.. f 7'v
J P M
:? (500)
l ....
I 1945
FPCts
97 '??
97%
'?" '4
?7%
97%
97%
9T%
1922
07 '/.
97%
97%
Brlt
99%
99 %
99
95%
9 5
95%
9 5
46 .
10 .
8 .
1929
10 - 88%
19 .... s 8%
1 i??O) SS
193 7
4 . . . . 8 < %
'?? .... 86
- 84%
85
3
S 4 ",
3 ? ? ? 'i?%
l a of Mex
4? 195 4
ta ISS
10 ..
5
1929
99%! inim ctf?
07:
I o
90% ,4
80 i? ' ' .?3
90% N Y r ISV.9
1954 May
?3H
.. *i
?
?i g '
93%'
1
4 Vis 1967
i .... sa
Railwav, Other Corporations
Am :-'ine 11
194
1
76%
6
6%
'>%:
1 ....
10 _
I s 3 m_
1 - 76%
Am T & T cv
6s 1925
I
Both Stl 1st
76^4 : 5a 1326
1 .... 90*4
rfg 5s 194 2
I 6 .... 83%
I rm 5s 1936
103% i
. . ,104?_
.103%. rfg 4%s 2014
: ii
i
12
99%
99 4
99%
99 Va
99%
99%
1 - 99%
3 .... 99 V4
1 600. 99 '?
1 .... 99',
78
Bklyn Kd gnl
6s sor B 1931
1 _ 88%
5? sor A 1949
? .... 79
F.klyn R T 7s
1921
1 - 43
5s 19 ?5
7 _ 58
43 1925
4 _72
gnl 4s sor A
1939
2 -66%
5 .... 6? U
Chi Nwn 7s
1930
l _ini
c ....100s;
5 ..C.103%
6%8 1936
4 .... 9 7 '4
1
97%
97%
97%
1 .... 99% Bush Tor 11 g
col 5s 1346 "I 5s 1900
9 - 82%: 2 - 74*4
10 .... 82 Bush Ter cou
4%a 1933 5.4 1955 9_
26 - S7%j I - 68%! gen 5s 19S7
col 4a 1929 i 43 1352 3 .... 93%
10 . ... 78% 1 .... 70 3 .... 93%
2 .... 7S%;Can No Ry s gen 4s 1987
1 . ... 78% I f gold deb 5 .... 73%
7s Intorlm j 3 4s 1987
rects 19 40 i 3 .... 66
2 ... .102%(Chicago Rwy
1 -102%) 5a 1927
1 .... ?1%
9 7 '...
2 - 78%
CV 4s 1936
1 .. 70%
Am W P a t _,_
7s 1939 i 1 _102 !
4 _ 70 6 -102%
Armour Co Cen or Ga, Ry
4%a 1939 '? 6s 1929 j
^^~ 79% |_ - ?? ?? _ss I
".0 a6f.. 79%
a t & a K
2 .... 7 9 %
fill! 4s 1995
?,; %
ailj 4:, stpd
4 , ... 68%
t 600, 67%
Trims Short
Line 4a 1958
1 - 73%
Atl Coast r,
1st ron 4s
1552
C*n Loa 6s
1325
1 .... 89'
S3
64%
65 %
65%
66 K
65%
66
65%
6 5
G 5 %
Cen Pac gtd ' 7
...,. 10 - 72% C R I A P
4a I960 I 3 - 72 4, rfg 4s 1934
3%a 1920 | 2 _66%
1 S.IOf. 77U' 14 .... 66 Si
Cor do Pasco C StL & N O
tem ovt a f 5s 1951
8s 1931 I registered
10 -10S%! 1 _ 88%
4 -107 ?C StP M & O
?0 -106 6s 1930
'hos * O cv 3 ... .100
6a 1945 Chi Un Stn
2 -81%1 6%a Ser C.
19 . .. . 81%l 1963 int etfs
1 s6L. 81% 1 _102%
rfg 6s 1929 ?C ?-. NT?? ?nd
1 ....80%) 4s l'jSf
gnl 4'-?s 2 .. 3?
1992 Thilo Copper
JO .... 76 \ 7s 1323
2 - 75 % ? l _ 9S%
1. * N 4s
1952
i6%
75%
Atl l-'ruit Co
7s tem s f cv
s 7s 1334
1 .... .-..-.
A tl Ref deb
6%a 19S1
19 .... 99%
1 .... 99%
15 - 394
I .... 99%
5 .... 99 'i
Bait A- Ohio
6s 1929
4 - 88%
2.6 .... 88
B' .... 87*4
1 _ 87%
rfg 5s 1995
4
9 4
i.
i 1931
ilion
. 34
1949
. 4 5
C B & Q gnl
I 4s 195S
! 2 .... 93 4
! 2 - 94
Ch O & G
c o ii ,"? a 1952
: 2 ....82
C C C & StL
rf 6s 19 2 9
1 ? . 87 %
,s 1331
_gen 43 1993
2 _ 78% ? ... 67%
2 .... 78% 5 .... 66%
1 .... 79 3 .... 66
S .... 78% Cohim G &. E
III 4a 1943 5s 1927
12 .... 804; 1 ....84
cv 44s 1933 ? B! 34s 1943 ! stamu-d
2 - 65%i 3 - 72 1 - 83
B .... 65%! .i?int 4s 1921|CoI In.lustrl
1 -65 ?i 30 - 98% , 6a 1934
gold 4s 1948 ! 10 -98% l _ 71
2 - 674! 1 - B?%{Col * So 1st
? - 67% :'' - ?5?s! 4s 1329
1 _ 67 4 Chl & B UI 32 ....82%
Pitta I, E 4 , rfg 4s ctfs 4 4a 1965
W Va 4s ? O? der, 196 ! S .... 73%
We.v
lu
19,
B & O T & C
4s 1353
1 _ 58
_K-- ? 101
?3 -50 ; ' 2 ....100%
M & Si I? i t ... .101
cv 5b .sor B S ... .101 V?
1989 1 _101
2 .... 6.3 C\ib Am Sug
62% coi Ss 19.'M
1
_ 33 _65,_
. 53%l 44a 1989 i 2
Bell Tel o? Pa? i _73'-j! 1
7s 1945 ! 1 -73%: 1
1 ....103% CV ?%? 1982 i,l$
.101
..101%
..tot
..101%
...101
10 ... ,100%i 4s 1952
e;:uba e'a Sug \ 3 .... 71%
rfg 4s 1955
t _ 75
74%
?3?;
1 _ 53%
2 _ 53
Nat llvs M ex
4s 1957
27
S3'
83% I
1940
1
Cuba R R 5s Ind Steel 5s
195:
1952
1 .... 72'*;Intbo-Met
Del & Hud 7s 4%s 1956
1930
2 _102%
.102
OV 5s 19 3 5
5 ....!> 1 '.
Den & R O
rfg 5s 195 5
1 ....'44%
10 _ 4 4 %
1 _ 44 Vi
6 .... 11
5 _ 4 4 >.;
Detroit Ed 1st
?- rfg 6s
Ser B 1940
8 _ S B %
rfg 5s 1940
2 _ SOH
Duqueane L.
6? 1949
8 _ 90
1 .... 99'4
E T V & G
con 5s 1956
83% 111 Steel 4V.s , N O T & Men
"a 1935
3 _ 57%
1 _ 6 7 %
N O Ter 4s
1953
1 _ 64
N Y Cen col
7s J P M
intm rets
1930
2 -ino%
3 _lOO'-j
1 ....100%
1 _1 O'l i.4
1 ....100%
deb 6s 1935
20 _ 88
rfg 4%s
2013
76%
18%
2 _ 18
ctfs of dupos
1C _ 16%
10 _17
2 _ 16 %
Intbo R T
44\,| rfg 5s 19?6
i ;
55%
56%
65%
6:i
Erie pr! lien
4s 1936 I
1 _ 52
2 .... 51%
gen lien 4s 1
1996
1 .... 4 o
5 - 89%
3 ....;: 9 %
4 _ 39%
1 .... 39%
rv 4s Ser A
1953
2 - 36%
ov 4s Ser D
1950
3 .... 3 9
1 _ 59%
8 -38%
1 .... 39
56
56%
56
lnt Mfr Mar
6s 1941
1 _ 80%
? .... 80U
3 _80%
1 _ 80%
7nt Pap 5s
1947
I _83
Iowa Cent 4s
1951
6 .... 40
Kan City So
.1 1950
1950
5 5 '-'.
5.-.*,
85%
55%
3 .... 38%
FU Cen * P
con 5s 194 3
1 .... S 9 %
G?-n Elec deb
6s 1940
4 _101
4 _lon%
1 ... .100%
3 _1 00 %
i _ioo?4
deb 5. 1952
i .... S74
5 ....se?,
3%8 19*2
1 _?9%
G Trunk Ry
of t'an s f 7s
1^40 lnt ctfs
1 .... loi ?s
11 ,...101
1 . . ..101%
Bar Rv & P
4* 1954
2 _ 88
Hud fr M rfg
?s 1957
1 .... 65%
1 .... 65
1 - 65%
Kan City Ter
4m 1960
I ....
Kings Co E L
,<? Power 5s
1944
3 . . . . SI'S
T-,.T-k Stl 5s
1923
1 _ 9 4 Vt
36%
86%
3?%
38?
: *\'
91
9 3 V?
Laclede Gas
of St U 1st
5s 1934
Lake Shoro
4s 1931
2 ... SI'*
4 _ 81 %
Lex & E.st
5s 1965
1 _ 85%
La & Ark
19?7
1 ,...68%
L & N unified
4R 1940
6 - 81%
Atl Knox &
ein du- 4a
1955
1 _ 71%
St U 5s 1980
Mich C dob
4s 1940
2 .... 76
4 _ 75
4s 1934
5 .... 76%
rfg 3 Va S
1997
1 _ 67 %
1 .... 67%
L S 3%s
1938
1. _03
1 _ 62%
1 - 60%
10 _ 52
N Y C & St '
L 1st 4s
1937
6 _ 80
d. b 4s 1931
1 _71%
2 .... 71
N Y Gas E L
H A. P 5s
1948
1 _ 82%
p m 4s 1949
1 _ 67%
N Y N H &
H 63 1348
2 _ 60
N Y O & W
1st 4s 1992
I _69
31 - R8
N Y Rys ?fg
t? ctfs of
depos 19u
5 .... 20%
ron 4%S
1962
1
51
Y Teleph
6s 1949
1 _ 99%
4 ... 90%
l .... 90%
5 .... 90%
6 _ 9014
! .... f<0%
.? .... 90%
I - 90%
4 -.s 1989
1 - M%
2 - 81%
M id vale Stl
5s 1931
9
58% I Minn & st i.:
4s 1949
! .... 40%
M K & T 1st
4-? ?990
2 - 8X %
2 .... 81
5 ..<. 81 %
2 .... 80 %
K Y \V & Bn
4%s 1946
1 _?(J%
1 .... 35%
Niagara F P
5s 1932
2 .... 88
Norf & W
CV us 1923
i ;.ioo%
7%i con 4s 1996
6 % ; "
No Pac 4s
8%
2?*?
34 %
55 \
56 W
36%
.-. .; '..
v? ?
56 %
Central
.a 1934
Mo l'a.- gnl
' 4s 1975
2017
15 V,
54
i 4i 1951
1 .. ???Jl
68% Nor State Pr
33%1 5? 1941
53 i\ 1 . ..77%
fi Nwn Bell T?!
63H> I? 1941
Or
99%
'?J I
99%
99 I
99%l
? 9
?9% I
39
1st!
1.
& Ta!
5s 1927
3 - 9014
Or Ry & Nav
4s 1346
3 .... 78%
Or Short
bs 1322
2 - 98*4
4s 1929
79%
R
_^H
* - 70 4
Pac Coast 5s
1 115
1 - 68
Pan G & B
fa 1342
?W K
N 43
10 ....
Pac T &.
1937
18 .
gold
76%
7>i *-,
T 5a
... 84*
. 84
7s 1930
...IOI4
...101
...100%
...101
. ? .100%
1 _ 60*, 2 ....,;;
6 .... 60 4 2 . ... 30%
5 _ 60 10 ...
1 .... 60 -H Tldewtr O
7 .... 60 ?V,s 1W1
5s ar B 1950 interim ctfs
4 - 73% 11 . .. ?5*4
1 .... 73 SO ... ?,r,?Z
6s ar C 192* Tr-Cy Rv & V
! C\.. S7 s 1923
adj 6s ? 955 1 ... 9-1.1
?A 62 4 Un Pacific 6?
13
6 2 4
_^B
6 - 62%
9 - 62
1 - 62 4
inc 6s I960
10 _ 4 6*?
1 .... 46 4
8 - 47
5 - 464?
St L Swn con
la 1532
9?%
13
ev 4s 1927
' ... 83%
1st 4s 1347
2 ....79?
rfg 4s 3008
1 . 7".
It V
- 6"%
5s 1952
? ?
M & M
1 ... 7?4
*,, 'I-,n T?!" '
61% 7? 1930
61 % i ! ...lOflu
6! -, Til P.."! 0f g p.
81 %| <? 1927
tfa of a - a
s .... 3 0 %
3.1
';>
6 5 U
1937 V S RmuV 2
Mont Can lv I 5s iv'i- *
1 -? 101%: 1 .... gT?
4? 1948 I 8 .. ?,2
bbbbbbbbbbbbbW i 7%a
?S??o A L
I 6? 194 5
l'?68
3.,:,
9 S s
95%
45%
<5%
45 ?4
4 H
4., 4
4.5 %
bbI
8
l
8
7?
:;:,o12
S4
4%a 1921
con 44s
1960
10 - f6
s:nl 4 4s
1965
1
s" 19?Y
1 3
bbbbbbbb?
' ' '" ???? "! I' S Bta*l
rfg 4s 19 59 ; ga ,3^'
n.?% ndj 5s 1949
N 3 ....88%
(Sinclair Con r>
? f %a 1931
1
77 4
.2%.
93%
98%
78%
bbbbb|
^M
95%
98%
9s%
9S%
9.1%
4s 194M
6 ... 734'
Peo ? East
lat 4s 1940 :
1 ....69%
ittc 4s 1330 :
?
?3*i L 5s 194 4
5 - IVe
?%
92%
?214,
9 2 H
92 4
'%
S7f.
?0
?m,
794
81
_ . . 92'" y V"
Repub 1 ? S So Bf? T & T 1* m *?!"?, P,*,""
5? 1340 5a 1341 ,,3?,d?|> 7V.%
Phtla Co ;s ?So Paciflo c7;
-- \ 4a 1329
?g ?-?? 92% 2 .... 71%
8 .... 324 ' 5 '<-*
P C C A St ?rfg 4?*1?65 '
1923
91 %
91 %
L 5s ?>or A
1970 :
1 .... si 4
Pub s-.- M J i
5a 1959 '
4 ...64'
Reading gnl
4s 1997
1 - 7<<
1 _7*
1 4s 1949
Rio
... 78%
Gd \V.>*t
1st 43 1939
1 - 63%
cot 4s 1949
1 .... 5 3
R t Ark <fc L
4 4s : .1
1i .... 66 ?
3t L 1 M & j
5 5a 1531
3 .... <i
36%
Vlrfffni
n%
Ry
':'*- Mi93a*8h 2d 6"
T'!' w?rtMarvld1
7, ?? 1953
Ry - ??- 52%
;Weat Pacifie
*3%: 5? 1946
S3 ; 3 _
2 . .,
bjSbbSbSbbI
57%
m
1938 ^Pjjjjjjjjjjjjjjjjjjjjj
Mob k O dlY<Wei,tinith E!
58%, 7? 1931
81%
81%
*' %
31
Stund on <??!
\ ~n 19.31
' temp recta
If lot
3 s7f.l02
?o%
9*%
99%
99*.
??%
4? 1323 3 ?7f.?03 ? 2
6 ,??-.69 4 8 ..,.1 .
'? Riv & a? 111 . .!?. s ..,. ?
<; ? 1 ....103% l .... 88%
- - ?I 1 1'.J4 (S ... 99
SI !- Il* H & 7? 1921 ' M 1941
P ..s 1955 ternp r*ct? 1 .... 89%
, } :??? '? , "; ? ? ? ? 94%1 1 .... 89
StL A S F 4^Tn!rd At a,d<; 1. .... 89%
her A 1940 1 sa 1880 i ev il 1138
* ... ?0% 3 .... tltt'M ~"t4^