Sheet Steel Prices
Down^U. S. Steel
Denies Wage Cut
Corporation Say s Persistent
Rumors of Lower Pay
for Labor Following New
Scale of Costs Are False
Price reductions for sheet steel were
innounced yesterday by tho American
Sheet and Tin Plate Company, a sub?
sidiary of the United States Steel Cor?
poration. The reductions varied from
$7 to $14 a ton on various products.
Earlier this week the United States
Steel Corporation announced price cuts
affecting other lines. Reductions an?
nounced wero No. 10 blue annealed,
from $3.55 a hundred pounds to $3.10;
No. 28. black, from $4.35 to $4, and No.
28, galvsnized, from $5.70 to $5.
Some indopendent companies recent?
ly quoted prices from $2 to $12 a ton
j below these figures, but within the last
few days many of them advanced their
quotations to lcvels practically identi
cal with those announced yesterday.
Simultaneously with the price cut came
reports that the company contemplated
immediate expansion of operations and
th*. rehiring of several hundred men
laid off some time ago.
From Sharon, Pa., was received word
. that the corporation had announced
"early resumption of operations in six?
teen of the thirty hot mills of its plant
' there.
The United States Steel Corporation,
it is understood, intends to reduce its
present schedule for piping and tubes.
Several of the larger independents also
-are said to be considcring further re?
vision.
United States Steel officials denied
, persistent reports in local trade circles
that it intended soon to cut wages.
YOUXGSTOWN, Ohio, April 15.?The
Youngstown Sheet and Tube Company
?.nd the Republic Iron and Steel Com
? pany, independent steel plants, to-day
announced that they would follow re?
ductions said to have becn made by
I the National Tube Company, a United
: States Steel Corporation subsidiary.
The prices which are said in steel
circles here to be quoted now show a
reduction of $10 a ton on standard pipe
and oil country supplies, of 62^ per
cent on black butt weld pipe and of
49 per cent on galvanized.
m?2^f ?hi frlFfi ".--Sixteen hot
iiioi L F?"eH works of tho Amer
ican Sheet and Tin Plate Company here
will be put in operation May 2, Suoer
thMSRu B,t4lhotP,ant". whicl* are half
thc mills of; thc Fnrrcll works.
Day's Neiv Issues
A banking group headed bv Potter
Brothers & Co.. Hemphill, Noyes &
Co., F. S. Smithers & Co., and Merrill,
,/J'h* c"?- has bought an issue of
$4,000,000 8 per cent debenture bonds
of the Marland Oil Company of Dela
Wuro;r \ waa nni?o"nced yesterday,
i ne Marland Oil Company of Delaware
js a holding company, "owning more
than 93 per cent of the capital stock
of the Marland Refining Companv. of
Oklahoma, 97 per cent of the ' Kay
County Gas Company and through the
latter controlling about 7,r> per cent. of
the stock of the Marland Oil Companv
of Mexico.
Tn bohalf of tho syndieate which un
derwrote the $10,000,000 issue of State
of San Paulo S per cent gold bonds,
Speyer & Co. announced yesterday
that all liad been sold.
Subscription books for ths $10,
000,000 Mexican Petroleum Company,
Ltd., tifteen-year convertible 8 per cent
bonds were closed yesterday, Blair &
Co. announced.
A. D. T. Earned $5.47;
Strong Cash Position
Gross Earnings Were Largest
in ihe History of Company;
Net Also Up
The American District Telegraph (of
New Jersey) is controlled througli own
ership of 80 per cent or more of its
stock by the Western Union. lt does
a district messenger business and a
tire alarm and signal business. In 1920
gross operating revenucs were $4,645,
515, an increse of $751,425 over 1919.
Surplus after interest pavments was
$545,045, an increase of $12G,505.
The per cent earned on thc $9,965,
351 common stock was 5.47 in 1920 and
4.20 in 1919. In 1920 total current lia
bilities were $450,317, cash on hand
amounted to $328,275 and bjlls reeeiv
able to $348,475.
The Day's Bond Market
Tke Tribune prints each day the ma- ]
turity datea of all active bondt quoted j
tn 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 price
and the distance of ihe maturity date.
To figure the precise yield on a bond it
il necessary to use yield tables, but the
ipproximate yield can roughly be figured
tut by the following formula: Divide
the closing quotation on a bond into
the rate of interest it pays, and the re
tult will be the annual return. If the
bond is selling below par you must
ellow also for the appreciation of the
principal. To do this subtract the mar?
ket quotation from par, or 100, and di?
vide the remainder by the number of
years the bond has to run before ma?
turity. For example, if a 6 per cent
bond is sellinff at 90 and has ten years
to run, the annual return will be 6.66
per cent. The difference between par
tinet the market price will be 10 points,
iubtracting 90 from 100. Dividing ten
points by ten years, the quotient will be
1. This figure is to bc added to 6.6S,
u-kich is tke annual return, and the re?
sult 7.66 per cent, will give you the <ip
proximate yield.
U. S. Government
Transuctions
Sales. Tield.
Liberty 34s, 1947....-_ $322,000 4.12
do lst 4s, 19:12. 1,000 4.82
do 2d 4s, 1942. 4,000 4.92
do lst 44s, 1947. 75,000 5.10
do 2d 44s. 1942. 1,364.000 5.20
do 3d 44s, 1928. 1.012,000 5.75
do 4th 44s, 19.18. 2,421,000 ' 6.32
Victory 44s. 1923. 1,171,000 5.80
do 2%S, 1923. 318,000 4.S0
Quotations
High. Low. Last.
Liberty 34s .... 90.08 90.02 90.04
do lat 4s. 87.40 87.40 87.40
do 2d 4s. 87.74 87.50 87.74
do lst 44e. 87.74 87.54 87.74
do 2d 44s_ 87.76 87.36 87.64
flo 3d 4 4e.... 90.90 90.60 90,76
do 4th 44s_ 87.86 87.46 87.76
Victory 4%s. 97.64 97.58 97.60
do 34s. 97.64 97.60 97.60
Net
Bid and Asked Quotations
Liberty Bonds. Yesterday.
3Hs. 1947. [email protected]
lst 4s, 1947. 87.60087.80
2d 4s, 1947. 87.60087.74
[email protected]
87.60ST87.68
90.76 ?90.-S0
[email protected]
97.60097.fi2
[email protected]
99401004
9 9% ?1904
Thursday.
Pft.0fiW9O.10
[email protected]
87.32087.46
87.62 @87.70
[email protected]
90.62? 90.6 8
[email protected]
[email protected]
[email protected]
lst 44s, 1947.
2d 4'ts. 1942_
:id 4 4s, 1928_
Uh 44s, 1938...
Vic 4%s, 1923. ...
do 343. 1923. .
Pre-war Issues
2a reg, 1930.
2a coup. 1930.
3a reg, 1946. 89 ? 92
iH coup, 1946. ... S!) ? 92
4a reg, 1925.104>i?1044 10440104
4s coup, 1925_104 4 01044 1014 01044
23 Pan c, 1936... 99401004
2s Pan r, 1936... 99 4? 100 4
!s Pan c, 1938. . . 994 ?1004
2a Pan r, 1938... 994 ?1004
3s Pan reg. 79 4 ? 81
Ss Pan coup. ... 784 ? 81
Phll 4s, 1934.?. . 81' ? 86
Phll 4s, 1935_ 82 ? 86
Phll 4s, 1936. ... 82 ?n 86 82
D Col Cs, 1965.. 92 @ ? 92
Foreign Govt. and Municipal
(Interest to be added)
Bid. Asked.
City of Bergen 8s. rects. 95 95 4
do Barne. 964 97
do Christiania. 964 97
do Zurlch . 96% 97
Argentine intern 5s, 1945. 704
Belgian 83 . 97%
Kingdom of Belgium 69. 904
do 74s, 1945. 9 7
Canada, Dom of, notes, 1921. .. . 99 4
do 1926 . 91
do 1929 . 92
do 1931 . 8 9 89 4
Danlsh 8s. A. 98 4 9*4
^ do B. 98 4 .98 4
Denmark
47
1004
93
83
80 4
704
99 Vi
99% ?1004
99 54 ?100 4
89 (w 92
8 9 ? 92
99 4 ?1004
99 4? 1O0 4
99 4 ?100 4
99401004
79 4? 81
7 8 4 ? 81
82 ? 86
82 ? 86
@ ?
Bonds
714
9S
91
9:4
99%
91 4
uenmark 8s . S94
Chinese Gvt Hu Kug Ry 5s, 1951 46%
Norway 8s.100
Provlnce or Alberta 4 4s. 89 4
v-Uba extern 5s, 1944. 80 4
ao 5s, series A, 1949. 79
do 4 4s. 1949. 69 4
Republic of Chlle 8s. 99
"omltilcan Republic &s, 1958... rn
<-!<y of Lyons 15-yr 6s, 1934....
uo Marsellles 15-vr 6s, 1934..
do Bordeaux 15-vr 6s. 1934..
ao Copenhagen 25-vr 54s '44
"?nch Cvt 8s. lst Issue.
ft*0 Paris City 6s, 1921.
Qvt Swtuerland 8s. 1340.10
Japanese Gvt 4 4s, strl loan. '25 82 4
flO 44s, 2d series, 1925. 82%
2? .I"'. ?terl!"K loan. 1931_ 65 4
,.d* .iok,<> City 5s, 1952. ?0
LnKingGt Br & Ir ~
?? 3-yr 54s. 192...
9o 10-yr 54*. 19-9.
, Oo 2f
Maxico
77
77
77
744
984
97 4
74%
98 4
98
104
82%
King_
s?o Paulo "g
v 8 p?? 3,
6 ???77
5-yr 54s, '21 994 994
95 4
88 4
86
4?
35
?0 20-yr 5 4 s. 1937. ?" Tfc
rtVC? ,eft.Btrl 6s ot '". 1945.. 45 4
?*?.?,& 5;yr ?*<?? *old ^nds 83 4
(Sales)
6s 1934
97 4 ?7H
77 4
7 4
1929
f^mhl ::::?R
lo ?'?? ila C;ty of Zurlol
of Bergen
??4temp rcts
| .... 96
<*& ot'iterni
lM5emP rC,s
rt? "?? 98*4
^y of Bord
?a 1934.
I ??? ?H
'. .... 964
L ?:?? 964
at^f f open
Jf &4s
?5 . 744
??tairh. T4
97
7 - 964
2 - 96 4
2 - 96%
1 - 96 H
l .... 964
Danlsh C M a
f gold 8s ser
A 1546
98 4
3
9*'
99 4
924
58 1926
2 - 91
1931
1 _ 89 4
2 _ 89 4
2 .... 89
1 _ 894
2 _ 89
6 _ 8 9 4
French Rep 8s
1945
98 4
984
98 4
684
98 4
98'i
98 4
98 4
98 4
98 4
98 4
8 4
1 .... 984
1 - 98 4
1 .... 984
6 .... 98 4
1 - 984
J .... 98 4)
2 - 98 4|G of Swlt'/er
aer B 19-j? s |and s f 8s
3 .... 98 4|tenip rcts
-' .... 9?4| 1940
???ini. i? 1 2 9812 1 iftiit
??Cordf!*HDcmCan *4? 1 '.'.'.'.Im
Min taHj0*8 r,ot? 1?21 I 1 ....1044
1 ....103%1
J:ip lst ser
4"%S 1925
int ctfs inir> u K of Gt b i
095
99%
1 . ... 82 Val 1 ? ? ? ? !?0
Sl - 82% 2 - 89%
1 .... 82% K of Italy
2d per 4%s | 6%S ser A
3 .... 82% 1925
5 - 82% . 1 _ Rl%
stlfc loan 4s : 2 .... 83 %
19.11 K of Norway
2 - 65% 8p 1940
7 - 65Va 14 ... .100
51 .... 65% | 1 ... .100%
1 500. 65% 1 ... .100
1 - 65% 5 _100.%
3 . ... 65% 2 ... .100%
E . ... 66 i 2 ... .100
K of Belg Ss.'K of Sweden
1941 | 6k 193 9
1 - 07% L 1 _83
5 . ... 97 Vi 2 . ... 82%
?', Bep of Chile
' 8s 1941
99
9
97%
? f 7%a J PIRep of Cuba
.M rc^s 1945
'i 7 <4
9126
97 Vi
?? 1025
1 - 90 % i
K Denmark 8s.
11 .
4s 1!
1 .
- 84%
f Mex 5s
. . . . 44%
. . . . 4 4*4
. . . . 4 f,
. ... 45 Vi
. ... 4,".%
. . . . 45%
. ... 45%
33%
33 Vi
34%
.",434
34%
1904
12 - 80%
4%8 1949
1 .... 70%
1 - 70%
, 1 - 69%
97>i State of Sao
97 *i ; Paulo a f 8a I 3
97% | 1936 1
12 - 97% N Y f'jty 4%s
1 ..C. . 97%? 1965
1 - 97%' 16 .... 92%
Railway, Other Corporations
Am Smelt 5s '1 3 ....102 1951
1947 . 5 -102%; 4 .... 70%
1 -76% 1 -102%! 1 _ 70V4
}*>.... .76% 5 -102 CStP. M&O
?' s30f. .li | 1 -102% Cs 1930
7 - 76%i 3 -102% 2 . . . 91%
1 - 76% Car Clln & OChlc TJn Stn
Balt & O Swn1 S*1"' 4s ser a! I .... 39*',
5 -10.1% 1630 | 1 .... 36%
6 ... .104 12 ..-."81 1 .... 36 ?A
B'th Stl rfL- ' ?%8 1933 j cv 4s ncr 1")
5a 1942 ? <> .. ?. 97% ;i53
2 - 81% * - 97% 1 .
1 - 82'ii t -?7% 1 .
Bklyn Bd Co 11
5s ser A ' 1 - 97 V, I 6s 1944
194S I 4 - HT,
0 .... 79 gnl 4? 15S7
P.klyn R T 7s' 1 .... 73?
1921 'Chic r.Trv [3
6 - 44%1 1927
ctfs of deposl '?> ? ? ? ? *"'7
3 3 "4
40
97%(Gen El'ec deb
.108%
1 _100%
1 ... . i(ln%
3 ....100%
dfb 69 l'.tC'J
??>%
20 - 43 | 5 .-U_ ?&% , 1 _ 86
?0 - 44 F, .7!S-4LfiJ?.?3 0 ..., 86%
Bush Ter Bf S . .?, W%\0. Trunk Uy
ts 1960 2 .... ?*??* fef CaH*i7s
I 4
a s6f.. 74 ic n t * v rfg
5 .... 74% 4s 1934 , . t
Bush Ter 4s 1 3 _ ??%
1962 I 5 .... ??%
Chl Gaa & B i 1 -i??%
os J9S7 10 - 6S%
1 - 85%, 2 - 67
Can Nor Ry ?, reglstered 1 .3 ....
f gold deb 7s! 1 - 65%.G R A- ln
Interlm rects'C St L & N04%s 1941
1940 4s Mem dlv ' 6 ....
...101%
101%
' 4 ..,.101%
-2 . ...im%
G-Bay & \V
deb ?.
6vi
$2
Hud & M rfg
5s 1967
1 _65%
1 .'. .. 65%
inc 5s 1957
20 _ 36-%
12 _ 36%
111 Cent 5%s
1934
5 - 89.
4s 1952
1 .... 71%
4s 1953
1 _ 6S
C St L ft N O
.it 5s 1953
1 _ 82%
?II f Steel 4%s
1940
1 _ 81%
Intbo-'Met
4%s 1956
2 _ 18 Vi
B _ 19
1 - 19%
4 - 19
ctfs of dep
4 _ 17
25 .... 17 Vi
15 _ 17
5 .... 16%
10 _ 17
5 _ 17 %
1 'I - 17 %
Inlbo R T rfg
5 s 1966
56%
10
561
66Va
56%
50%
57
56%
56%
r'7%
7 - 67%|St B K: K C S
L S 3%s I- 4 Va."? 1941
1998 5 _ 02%
1 . . . , 01%>!Seab A I, con
N Y C & St Ll 6s 1915
lst 4s 13.",7 7 _ 45
3 - 7914! 5 _ 45%
N YDock Co 1 4 _ 46
4s 1951 I adj 5-3 1919
5 - 67V. 20 _ :ll
X Y Gas E l.l rfg 4s 1959
38V4
41
11 & Pwr
1948
2 - 82 Vi
8 2
2
1 .... 8? ,
I>in 4s 1949
2 -67%
X Y X TI & 11
6s 1948
17 .... 60
deb 4s 1956
10 - 40%
1 - 40%
X Y Rys rfg
4s ctfs nf
dep 1940
5 - 20';.
57 % v,l"" 2- "
;,7 N Y Teleph
57 %! 68 1949 ....
57-% | 1 - 90% rfg 4s 1955
571/2 I 1 - 90%) 10 .... 75%
57% i 1 .... 91 (Southern Ry
57'?, 4%s 1939 5s 1994
57% 5 - 81% 7 - 83%
57% 7 .... 81% 12 .... 83
67% N Y AV & Hnl 3 _ 83%
' ' 4%s 1910 ! 4s 1956
1 - 36%) 11 - 57%
1 - 27 (Stand Oil Cal
39%
., .40
S4'..lSinclair C on
cvt 7%S 1025
14 - 92%
1 _ 92%
8 ....82 %
2 .... 92%
6 .... 92%
1 .... 92%
2 .... 92 %
11 .... 92%
So Pac cv 5k
1944
5 _ 88
col 4s 1940
1 _ 68%
cv 4s 1929
8?
57%.
57%
57%
57%
58
58%
58
Int Mer Mai
6s 1911
2 - 80% , . . . , ,
1 .... 80% Nor Pac 4s
Kan City So 1 1997
Nor/ So 6.9 ser
A 1901
4 - 44%
1 .... 44 %
Xorf & West
cv 63 1929
100
1950
13
55 7il 1
55%| 1
7s temp rcts
1931
1 ....102
8 _102%
6 -102%
1 ... .101!!.',
I 5 -102%
16 -100%! 10 -102%
con 4s J90-; (Thlrd Av ucii
76 1 5s 1960
2 - .12
2%
. .. 75':,; rfg 4s 1960
- 7 5-%! 2 - 4 5 %
? ? ? . 75%.; 5 .... 44%
204 7 (Tldewator Oil
1 - 55% 10 - 5*4%) 6%s int ctfs
X C Ft S & |Nwn Bell Tel : 1931
M 6s 1923
5 - 94%
Kan City Ter
4s 1900
1 .... 72".
10 _ 72
Ky <"ent 4s
19S7
1 _ 70%
Lack Stl 5s
1923
2 .... 93%
5s 1950
1 .... 75?n^
1 .... 76% 0r Short Line
1 .... 76 j *? 13-9
L B * West I
lst 5s 1937 I
s 1911
3 .... 99%
2 .... 09
1 ... 09%
6 .... 98%
7 - 98*4
.8 .... 09
2 .... 9 8 %
2 .... 98%
13 - 99
Or * <"al lst
5s 1927
1 - 89%
89V
79'
1 .... 79% ?*"-W RR & | 2 . ...100'i
,ak? Sh 4s' ( N 4s 1961 1 1 _100%
1928 \Ja - 70%IUn Rds ot S
3 .... 84
4s 1931
3 - 81 1^
gnl 8%s 1997
GS 'i
1
7 9"-.
54 .... 79%"
cv 4s 1927
|Un Tank Car
7m 1930
Penn 7s 1010 1 V 4s ctfs of
8 ... .101 deposit 1927
22 -101 1 .... 30
1 ?-.:101% U S Realty &
' ? ..101 I 5s 1924
. .... CP'i _ ' ? ? . . *vi . x 113 Uil
Llggett & m Penn os 1968 1 6 _87%
7s 1944 } - 84%) 2 -"87%
1 -106% ',-84 jU S Rub 7%s
Lorlllard Co I g0,cl 6%s ; 1930
5s 1931 I 1936 j 5 _101%
.. 85
Louis & Nash
7s 193 0
5 -104
4 .103%
uniP.ed 4s
1940
2 .... S2 ,
St L 3s 1980i
3 - 53 % i
1 ..... 63 I
-So Ry joint '
4s 1952
1 - 6C%
1 - 65%
Manhat Rv 4s
1990
95%! 2 -101
? ? ? 95% 1 -101%
? ? . 95% fs 1947
95%
95%
95%
95%
95%
78%
1 - 78%
1 .... 7? %
1 _ 78%
1 .... 78%
U S Steel p f
5s 1963
'? ;1 3 1921
%l
%!
95%,
Mich C deb 4<
1910
Mldvale
5a 1931
99%.
19651
77%
9 5 %
95%
95%
95%
95%
95%
95%
f i %
St %
j 7%8 :S32
8 _ 91%
nn) 4%
G .... 77%
6 - 77%,
Per* Marq 6 s Utth Pwr &
!9t>? ; L 5s 1944
- - 79%' 1 - 80%
P O C '4 St Ll 1 . . . , b0%
' .... 76 I 5s ser A 1970; S .... 80%
9 - 7?%' 1 - Sl%IV?-Car Cneir.
1 .... 76% P'-ib Ser of N temp deb
10 . . . . 76%, J 5s 1959
Minn * St I. , 6 _ 55
4s 1919 , 1 .... 64%! 2
1 - 40%'Rsadlng gnl I 1 _ 92
1 .... 40% 4-9 1997 5s 1923
M K * T lst ! '-? - 78 I 6 _ 92%
*? 1990 | 1 - 77%|Vlrg!nlan Rv
18 - 68 ] 3 -77%' 6s 1962
1 - 68%; 62 - 78 6 _81%
< .... 58% j ? - 7f% Wabash lst 5s
6 - 58% B - 78% 1935
2d 4s ctfs o.'l 1 - 78% 1 _ 85%
d'"P "990 * - 78% Westing E!ec
3 - 37 Rtpub I & S 7s 1931
2 36% on 1949 | l? - 99%
Mo Pac 69 4 -84 %| 1 .,.. ?9%
1923 R?I Ark ft Ll 1 .... 99%
2 - SO i 4%s 1934 1 _ J9%
fnl. 4s 1975 i 1 .... 69 2 99%
11 - 53% |St J * Gr ll 1 .... 99%
3 - 53%! 5s 1947 I 12 _ 83%
1? .... 53% j 3 .... <2%!Wh?e! ft L E
1 - 53% St L Ir Mt fcl 4%s 1918
1 - f.3%] S 4s 1929 1 1 _ 48
l - 5.3%, 5 .... 49%; 1 .... 47%
3 - o4 '4s Riv ft Glf West Md 4s
"M'ltit Pwr os I dlv 1933 i i?6?
*?** I 2 .... ?7%| 2 .... 62%
*J m-v?3%.St I.*;8 F-^aiWest Shore 4s
^?(fct*lljl*?-Wcx: ser X/isftO. 1 2361
*Wa 1967 i il 34ifa.*-*0%; 1 - 71,
v ~ VV V*?: 1*Ci?!*,<,"%!'?":!son Co lst
i-ef ? imp I r '51.. 60% 1 _ sji 14
4'.'S 1955 S \;;.- 60%! cv 6m 1S2S
' ???? ***-K 5 .'.'..6! ! 2 ...84%
New Or Ter 10 .'R0?4 i "l -91
4, 9f'3 ?, r-a I^'viJ'"*1 (Wisoonii'n c
v ? mi. ? ? ?? Wr 0,19281 4s 1049
N O T & Mex 2 ...,'85% i .67
Investment Infornmtion
._ A~-'?-1?-St_
Questions of general interest to <?
vestors vtill be answered in thia c?l
umn, in which case only initials will
be used. Other* will be answered by
mail. Address all inquiries, inclas
ing a stamped, addressed envelops, t*
Financial Editor, The Tribune, iii
Nassau Street, New York City.
One of Barnum's Clicnts Wrltes
Quesilon?Will you Ulndly advise me lf
the stock of the Producers' Development
Company, of Huntlngton, AV. Va., has stny
value whateVer, nnd lf so where I would
be likely to liiul a market for lt? I reallzc
that 1 belong ln the late P, T. Barnum'B
"one every mlnute" class.?E. G. B.
Answer?There is no market for
Producers' Development Company atock.
Twenty shares of it were put up at
auction recently and they brought onlv
$2 for the lot. Par is $50.
Wants His List Pruned
Question?Will you kindly give me your
opinion as to the safety of the followlng
and indleate what oncs you would advtsn
ni nn investment of $1,000 or $2,000 each?
Group 1, bonds (government)?French 8s,
1945; Cnitod Kingdom. 1937; Belgium 7 4s,
1945; ('hilo 8s. Switzerland Ss. Sao Paulo,
1936; Norway 8.s. Denmark 8s. Group 2,
railroad bonds?Colorado & Southern 44s,
1935; Seaboard Air Line Railroad 6s, seriea
A. 1945; Rock Island, Arkansiis & Loulsi
ana Railroad Company gold 4s, 1934; Cen?
tral Vermont Railroad Company refunding
6s, 1930. Clroup 3, industrlals, etc.?Cities
s.-rvice Company seriea J) debenture 7s;
Public Service Company of Northern llli
uo'.s 74s, 1936; Pennsylvanla-Ohlo Power
and Light Company 8s, gold noteg, infl;
American Wrltlng Paper Company, 1939;
Middle West Utilltles Ss. series B, 1940;
Missisulppl River Power, Company S per
L-ent, 16-year. Will you please name four
very dcsirable foreign government bonds.
I'our I'nited States railroad bonds and four
I'nited Statea Industrlals that you would
advise ln the plnco o? such you reject in
the group;; J fcive? 1 prefer 7 per cent to
8 per cent for ten to fifteen or twenty
years.?L. K. M,
Answer?Of the government bonda
we think the United Kingdom 6%8 and
Swiss 8s aro tho best. Of the rail?
roads we favor the Central Vermont,
with the Colorado & Southern second.
Of the public utilities, Mississippi
Rivcr Power 8s are good, we think. In
addition to the two government bonds
named above the Danish 8s and the
Norway 8s are, in our opinion, good.
In addition to the two railroads named
above we think Virginian Railway first
5s, due 1969, and New York Central de?
benture 6s, due 1JT35, are good. In the
industrial public utility group we would
prefor United States Steol sinking fund
5s. due 19685 Montnnn Power first. 6s,
1943, and Standard Oil of California
7s, due 1031, to any containcd in your
list.
On (he Shmly Side
Question - I have nt ttrnea lunii cf monev
comlng In thnt I wlsh to Invest ngnln at
as high a rate, of Income ns la oonslstent
with safety. I would like to know as to
United Krult, Bndlcott-.Iohnson common,
also as to tho Tdnbo T'ower Company 8 per
cent bonds put out last aeaaon. I am on
the ahady nlde of life, so don't want lo
make sny mistakes. ? A. M, B,
Answer -Idnho Power 8 per cent
bonds, due 1930, nre secured by a rten
ernl mortgage junior to the first mort?
gage. but additionnlly secured by the
pledge of an equal amount of first
mortgage f> per cent bonds, due 1947.
Tha property includes five hydro-elec
tric properties, with n combincd ca?
pacity of 33,540 kilowatts. We con?
sider these bonds a good business
man's investment. Your common stocks
are speculative and unsuitable for a
man in your position, we think.
Cities Service and Bankers Shares
Question?Can you ndvlso me about In
vestlng In the followlng; Cltlcn Service
and Cities Service bankers' shares? What.
ls tho dlfferenco in particlpation ln profits
and par value? Great Northern preferred
7 per cent looks attractive to me. Does
the condition of tho road" warrant such a
low quofntion on the market? United
States Steel common, deciaring 5 per cent
dividend. Is this stock watered? 1 am I
considering New Tork, Ontarld & Westorn i
common. paying I per cent, quotation at !
16-17; I'nion Paclflo 4 per cent preferred,
at 67; American Smeltlng 7 per cent pre- j
ferred, 68. Is this not a raro time to In?
vest ln good preferred stocks if one la
willing to walt live to ten years for good I
t lines, when the lntetesf rates will be
lowerod and such stocks will go up??
A. H. D.
Answer ? Cities Service bankers'
shares each represent one-tenth of one
share of Cities Service common stock,
which has been deposited against the
bankers' shares with the Bankers Trust
Company by Henry L. Doherty & Co.
The difference in the income return is
that the full common shares, besides
the cash dividend, receive a stock divi?
dend of 15 per cent a year, payable
monthly, but in the. case of the bank?
ers' shares this stock dividend is con
verted into cash and distributcd as
such monthly. There is no water in
United States Steel stock, according to
the balance sheet. It has a book value
over $250. The rest of the stocks you
mention are selling low for several
reasons; in the case of the rails be?
cause the transportation act has not
worked to the benctit of the carriers, as
Congress intended it should. If you
are thinking of investing, we suggest
that you choosc among the seasoned
issues which we frequcntly mention in
The Tribune.
Invests His Savings in Bonds
Question--! am a man on a. moderate
salary and married. My savings, which
amount lo a few hundred dollars a. year, 1
have been investing in bonds, paying down
a part of the purchase price and borrow
ing the rest from my bank at 6 per cent.
My holdings aro aa follows: Ontario Light
and Power first 5s, $1,000; United King?
dom 5 4s. 1929, $1,200; Kingdom of P.--1
gmiii 7 4s, $500; Western Blectrlc 7s. $500;
Vlrjrinift-Carollna Chemical 74s, $500; St.
Lcuis & San Francisco adjustment 6s, $1,
000; Liberty bonds, $600. Plca.se tell me
what you think of this list, particularly
tho St. Lt/I.is *. San Francisco. 1 bought
this bond knowlng It was not first grade,
but bellevlng It a fair r'.sk, with a chance
fj.- profit. The railroad situation appears
to get worse rather than belter, however,
and I am a bit uneasy.?W. I). C.
Answer?We think the St. Louis &
San Francisco adjustment Cs are specu- j
lative. For a man who invests small I
annual savings we think it would be
better to take tne present loss and jjjet j
into something better. When you can I
get Belgian bonds to yield more than 8 |
per cent, we would ad.vise getting out
of St. Louis & San Francisco adjust?
ment 6s. All your other bonds we con?
sider good. The fertilizer situation
should be watched.
-?-__j j
Four full columns of in?
vestment questions and an
swers are published in Thc
Tribune every Sunday.
Stock Exchange Is
Host to Visitors
From Other Cities
President Rcmick Addresses
Out-of-Town Members at
First Gathering of Its Kind
in History of Institution
Out of town members of the New
York Stock Exchange .o the number of
more than two hundred and thoir part
ners wero guests at the exchange yes?
terday in n get-together meeting, at
which the visitors were given nn op
portunity to view the opening of the
stock market and become acquainted
with the. workings of the machinery
of the big board.
They were received by William H.
Rcmick, president of the exchange, and
other officers and members ol' the
board of governors, Mr. Rcmick de
livcring nn address of welcome in the
governing committee room.
"We want the people in the country
to renlize," declared Mr. Rcmick, "as I
hope you realize, that your governing
committee is doing the utmost. to safe
guard the public in every way possible,
and that the code of cthics and the
sense of fair dealing of the members
of thc exchange is as high as?yes,
higher than?is found in any business
in the country.
"Your members are found in a ma?
jority of the states of the Union and
our influence is felt throughout the
land. Thc gradual dcvclopmcnt of the
country through the railroads and in?
dustrial enterprises was made possible
by the liquid wealth of thc eastern sec?
tion of the country. Securities of
these organizations were granted a
market upon our exchange, and our in?
stitution became and is becoming of
more and more Importance to the great
development of the United States. In
other countries of the world institu?
tions of similar character to ours are
nurtured and safeguarded, not alone by
the government of the country in which
they are located, but by the press and
thc populace at large., They are rec
ognized as an economic necessity per
ft.rming a function of infinite value."
H. G. S. Noble, a former president of
the exchange, told the visitors of the
development and intricacies of the mar?
ket in odd lots of stock. After a visit
to the offices of the Stock Exchange Cor?
poration, where the out-of-town mem?
bers were shown how the new arrange
ment of clearing securities and. loans
works, a buffet luncheon was served in
the Luncheon Club. In the afternoon
addresses were delivered by Samuel F.
Streit, president of the Stock Clearing
Corporation; P^rastus Tefft and John G.
Milburn, counsel oi* the Stock Exchange.
The gathering yesterday' was thc
first of.the kind in the history of the
exchange.
Break in Chile Exchange
Laid to Speculators j
rVrtificial S c a r c i t y of Gold I
Drafts Causcs Inflation;
Rates at Record
SANTIAGO, Chile, April 15. ?There
has been a steady decline in foreign !
exchange rates during the last few I
days, being due, it*is said, to large
speculation in gold drafts sold by the
government, which were bought im?
mediately by speculators. This is as
serted to have created an artificial
scarcity. When the exchange closed
yesterday the quotation on the dollar
was 0 pesos 3 centavos.
Operations by speculators were made
possible by the lack of drafts for the J
payment of bills for nitrate, the sale
of which is almost paralyzed; The !
government sold its gold drafts, which i
were obtained from the railroad loan, |
and speculators bought and held them, |
expecting to resell at an advantage. .
The dollar has reached its highest'.
quotation in Chilean history, making r
commercial transactions virtually im
possiblc. Vigorous action against '?
speculation will be taken, the Minister
of Finance has announced.
-?-.
Liverpool Cotton Statistics
LIVERPOOL, April 15. The weekly J
cotton statistics are: Afloat, 165,000
bales: American. 9:1.000 hnles
Porphyry Copper
Mining Costs Gain;
Salaries Cut 20 P. C.
Production Averaged 17.28c
a Pound, Nevada Consoli
dated Says, Explaining
Closing of Mines April 1
Annual reports issued yesterday by
the porphyry coppcr companies? Utah,
Ray Consolidatcd, Chino and Nevada?
showing smuller profits this year than
last were followed by announcements
of reductions in salaries of employees
of 20 per cent, effective May 1.
Thc reductions applied to those on
other than a daily basis whose salaries
have not already been reduced 20 per
cent this year, provided that such re?
ductions did not bring salary rates
below pre-war levels. Wages of em?
ployees on a daily basis had already
been reduced about 20 per cent.
The annual reports followed closely
tho tentative reports compiled from
quarterly statements issued early in
thc year, whioh showed gross revenue3
equal to or larger in 1920 than in 1919,
but smaller net profits and earnings.
Explaining the closing of mines
April 1, Nevada Consolidated in its
statement to stockholders said:
"Cost of production of refined cop?
pcr, including usual charges for de
prcciation of plant and equipment,
fixed and general expenses and taxes
other than Federal income and profits
taxes, for which no reserves were
creatcd, and after croditing miscel
laneous earnings and value of gold and
silver content or ores, was 17.28 cents
a pound. Excluding charge for de
prcciation, which involved no cash out
lay, net cost was 15.58 cents a pound,
agninst a comparative cost of 14.44
cents in 1919. Advanced cost of fuel
alone, plus freight, is responsible for
fully 1 cent a pound of increase in
production cost of copper. Transporta?
tion costs on blister copper from
smelter to refinery are neariy double
pre-war rates, and effort3 are now in
progress to secure some relief from
these excessive costs by shipping
blister to Paeific Coast ports, and
thence by water to refinery on the At?
lantic seaboard.
"Since the close of the year the
copper metal market has been stagnant,
and, notwithstanding drastic curtail
ment, production during the last few
months has been ir. excess of sales.
This has resulted in a further inorease
of surplus stocks to such an extent
that it became necessary to discon
tinue production entirely until such
time as demand and prices of copper
permit resumption under conditions
that will insure at least some reason
ablc margin of gain as between cost
and selling price. Beginning April 1,
the mines and plants are being closed
down for an indefinite period as rapid
ly as it is possible to clean un ores
and concentrates already in process
and put the property in shut-down
order."
Atlantic Refining Earns
$182 Share on Common
The annual report for 1920 of the
Atlantic Refining Company, issued yes?
terday, shows net profits, after allow
ance for charges and Federal tax, of
^10.513,094. This was equivalent, after
deduction of preferred dividends, to
$18:2.21 a share on $5,000,000 of com?
mon stock, against $177.42 a share. in
1919.
Tho income account compares as
follows:
1920. 1919.
\>t profits .$10,513,694 $8,871,046
Hvidends. 2,376,851 1.000,000
Surplus . 8.136,843 7.871,046
Profit and loss surplus 66,362,073 56,324,453
Cosden Net $13,552,107
Cosden & Co. reported a net income
for the year ended December 31, after
interest and federal taxes but before
depreciation and depletion, of $13,
552,107. Surplus amounted to $11,
321,748. Cash in sinking fund was
giveri as $75,267.
Mscellaneous Markets
Public Utility Securities
73
15
3%
Bid
Ad r & L. 9
do pf... 70
?Am 1. T. 8 9
?do r>f.. . 12
A O & E.101
?do pf.. :>,t; u,
Am P & L 54"
do pf. . .
Am P TJtl
do pf. . .
An, W W.
do lst pf 44
doparpt 6%
Car PR*.L 26
Cnt St El. S
<io pf. . . 45
?CitiesSvc.237
?ilo pf . . . 66%
?<lo pf B 6 Vi
<lo7s (lsU125
do7s dsC 92
(lo7s dsD 8 4'^
do pf B 6%
Col Pwr... 7
do pf... 72
?Ex dividend.
Bid
C P R 4 L 10
do pt... 30
E D E pf 60
E T) E pf. 60
BG&Plst6s 94
do 6s 3 ll 83
doSTrpfs 83
do8?J cn ?
FLftTr 6
do pf. . . 42
G & Kl S.175
do pf. . . 7 0
Nrth St Pr 4 5
?do pf.. 79
Rep Ry I.. & %
do pf. . . 18
So Ca 1 Ed . 9 2
do pf...100
S G & El. 11
do pf. . . 34%
T R \j & r ?%
86V4| do pf. . . 5
6% Un I, & R 23
10 do lst pt 5 9
79 West Pw. 23
1 'do n pf 67
Miscellaneous Stocks
93
8 5
103
7 6
67
6:
130
A sk
14
34
80
48
81
7
20
95
103
?Am Llhr. 7'i 7%
?do pf.. 29 31
Am Mf pf 79% 82%
A M &? F.1S0 200
Am Td pf 3% 3%
Am Typ F 40 4 3
A D T N .r 36 42
Atlas P C 40 45
B B ?fc Slp 80 85
do 2d pf 66 ?
Borden's. .83 8 5
Bush T pf 65 75
Ccllulold..l02% 110
Chi Co pt 95 98
?Clty Inv[ 6? 65
Crk W pf. ? 90
I) I, & W. 87 90
?Ex dividend.
Chemical Stocks
AmCyan.. 24 27 jHook El. . SS
do pf... 50 55 do pref. 65
Caaeln Co ?l 41 Ky Selvay ?
Dow Ch.. ? 200 do praf. ?2
Du Pont.. 8% 9%'Merrlmac. 77
Qr?i?!l! . .130 131 |?Mer C pt 85
lldulfd Co. tt
Bonds
B'.d AsUea.1
Ap Iit 8s. It -rtt DalK7s '21
CCE 6s"i5 13 IS MdUlst is ?S
<Je pf '21 7$ If MRPlsl 6a .6
B F F c 5? 79 II JN O BP 6s 61
T>alE5?'22 99H ? INSP 6s '22 7?
Tobacco Stocks
G "W IIme.166 16a IF R-T. T. 8*
do pf... 95 98 Unlv Loaf.l4?
J8 Toune ?l 1*S IWeym B.158
do pf... ?6 9* do pf... 91
11 * A F.. 91 -.19
Draper C..133
Int sll pf. 90
Llma L pf 85
Nat CslU..10(t
?N J Z w.130
N Co st pf 9 9
P & W pf 9 0
Phelps D.135
Ry BkR P 90
do pf... 8 0
S C B II...59
?Sk Mf r.w 87
StBRM&P. 87
Stoil F pf 94
Valvol pf. 94
W & B. . . 97%
Yale &. T.340
110
133
95
160
100
6 5
?2
90
90
93
100
100
350
?l
lli
10
??
71
90
ii
Bid. Asked.
90 1*0
ft
II
II
13
162
95
Miscellaneous OU Cotnpanies
Atl l.obos.
do pf. ..
Br-Am O.
Cot A Co.
Elk Bsn P
Imprl OU.
Mapn Ptr',140
Merr G Cp 11%
II
27
6%
8%
93
4 iMldw Rfgl41 142
80
2$
6
91
350
12
Mt Prod...l0%
Northw O. 24
1'rrt & Rfs 4!-4
'S Ck Prd 13
Pap RfnR. 4 14
WSOiL %
J10.
New York Bank Stocks
. .nt
..2:1
..145
America .
Atlantic .
Am Exch.
Battcry ,
Bowtry
Bway Cent. 125
Bryant Pk..li?
Bronx Nat..160
Butcb k B.14*
Cent Merch.ISS
Cliuse.319
Chat * Phe.246
Chelsea Ex.100
Chemical ...6*0
City .813
Coal tc Iron.221
Columbia , .110
Colonlal ..
Cbmmerce
?Commrcl .
Cmwith
Corn Exch.
Csmptln.... ?i
Cubn . ?
Knst River. 170
First Nat... 815
Fifth Ave..9i0
Garfield ...220
171
450
160
160
160
160
205
320
.360
.210
.349
.211
191 Gotham ...1J*
32* Greenwich .245
240 Hanover . . .785
Harrlman .34 5
lir.p & Trd.605
Industrial .,175
Irving Natl..lS6
llanhttn Co.l9#
Mch & Met.295
Mtrpltan . .300
Mutual _5)?
"?'N?t Am_1?0
llOJNit B Cuba 80
620:.\ew Nthr ..150
32s N Y County.130
23*|N' Y N B A..4 35
17*|Paclflo .... .300
?iPark.360
2'5'Publlc .2 3')
?|Sjaboard ....220
?iSeoond _<5*
?""Oi,State .21*
1*6 23d Ward..210
1?* i;ntd States.16*
? Union Ex. .160
995 Waih HU..SIt
? YorkvilU ..411
23*
13 V-.
4*i
20*
2?0
795
368
115
185
190
20*
300
310
160
140
450
360
240
17*
17*
Trnat and Surety Companies
Alliance ... 70
Am Surety. 65
Bankers . . ..''OH
Bond ?? llg.214
Bklyn T Co.440
Cent I7nlon..325
Columbia . . 200
Commercial. 1 40
i Equitable ..270'
| Empire T. .300
[ FrmrsL&T. 245
Fidell'" . . .200
Fulton . . . .260
j Ouarnty .... 2:>0
Hudson .... 1 60
KI n ga .6 6 0
Law Mtg ... 1 17
Lawyers . . . 115
Lincoln Tr..lo5
70
315
21S
460
335
300
275
Mfrs.200
Mereantile .290
Meti pltn .. .275
Mtge Hond. 7 5
Mut T W. . .105
N'at Suretv.180
N Y L & T.550
N Y Trust.. 315
N Y Title...116
? I'eoplea .... 275
"55 Realty Asso. 90
? Title Guar. .300
270 U S M &? T.400
205 U S T G. .. 15
17?Untd States.840
? IWeatcheater.HO
122IW & B k M.150
1251
ItS
310
805
8!
125
190
i:u
290
100
310
410
tl
Standard Oil Companies
Anglo-Am 1*6% 17',4;!' O ,t G.4S0
Pralrle P.19:i
Solar Rig.400
Sou P?I* .100
Sou P Oll.225
Southw P 6S
?S O Cal. 74 1.4
*S o Ind.. 73Vi
S O Kan.. 620
S O Ken. .408
S O Neb. .170
? S O N .1.145
do pf. . . 107l-i
S O N Y. .34 5
S O Ohlo..380
dc pC...107
Swan & F. 85
S'/slCn Tk C. .103
do pf... 97
Vac Oll...295
Wshg Oll.. 21
?Par $25.
Insurance Companies
Atlnce.270 2l6]Grt Amer...245
If'Oi Hanover ... 15
325! Home.342
C5INat Llbertyl7?
SlOlNlagara. ...125
? 5'Stuyvesant. .60
485
197
415
103
230
77
73%
630
415
175
150
108
549
390
110
Am
City of N Y.160
Comwlth ..380
Continental 61
Ftd & Phoa.490
Franklin ... 75
Olobe & II 1000
Steel and Ordnance Stocks
Am Brass.170
Atlas Pw.128
?Bab & "WlOU
Carb Steel 2?
do lst pf 70
do 2d pf ?
Colt A ... .36
Du Pont.,137
?dc pf.. 74
East Stcei ?
Bid Ask,
:<>s
28
S5
4 5
38
142
Bid
Em S & L.25
do pf.. . 70
I'Herc P..13 7
do pf... 88
NHes B P. 62
Iscov Mfg.310
jThom Iron 30
Wb Cor...250
Woodwd.. 45
' ?B dividend.
348
Ul
136
71
Ask
30
75
142
65
350
tl
It
!
123
25
?3
Pld.
Sngar Stocks
Car Sufr... 28
Cent' Sug-.. 3%
do pf.. . 25
C Agulrre. 65
Fjrdo new 5 3
Oodehx .. 20
Grt West.240
do pf. . .100
New York City Bonda
Form. Rate, Maturity.
Inter 4 Vis, 1967.
do 4V4s, 1965.
do (4s, 1963.
d o 4 Vi s, 19 57.
do 4^,a. 1966.
do 4'-4 s. 1JS4.
do ?V4S, 19*2.
do 4 Via. 1960.
do 4V4.1, 1930, op 1930.
do 4a, 1959.
do ?s, 195!.
do 4s, 1M7.
Rff 4s. 1955-1956.
do" ?s. 19 35.
Inter 3 4s. I J5 ( .
Coup 3 Vis. 1954 .
Reg 8V4a, 1960-1954 tne...
do 3Vis. 1940-1950, Inc.
_ do iUs, 1921-1930, Inc.
Re? and coupon ilser'.al)
?'-is. 1921-1932, Inc...,
do 4'4s, 1921-1931. lnrc..
New York State Bonda
lasued In coupon and regtstered form
not interchangeable. Coupon bonda regui
terable Bld. Ask. Ytera.
Canal Imp 4 Vis, 1964.101 103 4.36
Hlghw-ay Imp i^s. 1963..101 103 4 36!
Canal Imp 4V4s. 1965.... as 98 4.37,
Highway Imp f'is, 1965.. 96 98 4.37
Barge Can Ter 4 Vi s, 1915. 96 98 4.37
Highway Imp 4s. 1967_ 92 4 94 4.30
Canal Imp <1s, 1967. 924 94 4.30
High Imp 4s. 1960-62 inc. 924 94 4.31
do 4s, .1958.,_ 924 94 4.33
i Canal Imp 4s, 1960-62 tne 924 94 4.31
, Pallsades I S Pk 4s. 1961. 92V4 94 4.31
Barge Can Ter 4s,1942-'46. 924
| Federal and Joint Stock Land Bank
Bonda
I Approx.
Bid. Ask. Yleid.
! F'deral Farm Loan la,
i 1938-1923. 99V4 ?9% 6.04
j Federal Farm Loan 44s,
1939-1924 . 924 93 6.11
Federal Farm Loan 4 4 s,
1938-1923 . 924 93 6.11
Federal Farm Loan 4 4?.
1937-1922 .924 ?3 6.15
Joint Stock Land Bank is.
1939-1924 . 944 9514 6.44
Joint Stock Land Bank 5s
1938-1923 . 944 964 6.46
United Statea Treasnry Certlficates of
Indebtedness
Bid.
May 16. 1921, 5*is.100
?June 16, 1921, 5 H s.100
I'June 13, 1921, 6s.100^
| July 15, 1921, 5VjS.100
j August 16, 1921, 6s.1004
i 'September 16, '21, 54s.100
I ?Septembor 15, 1921, 6?.1C0^
j October 15, 1921, 54s. . .100-rtr
?Doeember 16, 1921, 6s..lO0Vi
j 'March 15. 1922. 54s_100
?Acceptable in payment of taxes due on
i data of maturity. ?
Short Term Securities
Security. Rate, Due. Bid. Aale. Yield.
Alum Co of Am 7s, 1926. 96% 974 7.76
I Amer Cotton Oil 6s, 1924. 89 90 19.66
j Amer Chicle 6s, 1921-22. 91 974 -
do 6s, 1923-25. 80 93 Vi -
; do 6s, 1926-27. 80 874 -
! Amer Tel & Tel 6s, 1922.. 97 Vi 97 4 7-75
1 do Gs. 1924. 964 96Va 7.45
; Amer Thread tis, 1928... 944 93"4 6.80
; Amer-Tobacco 7s, 1921..100 1004 6.7S
do 7s, 1922.100 1004 ?70
do 7s, 1923.100 1004 ?.*0
Anaconda Copper Cs, 1929 86 86% (.49
do 7s, 1929 . 934 934 ??!?
Ang-Am Oll. Ltd, 74s, '25.100 1004 7.40
Armour & Co con* 7s. '30. 964 ?*H 7S0
i Artantie Retintng SVis, '31 994 994 6.75
I Beil Tel of Canada 7s, "25 96 97 7.90
: Bethlehem Steel 7s, 1922. 99 994 7.40
do 7s, 1923. 98 9*4 7.90
Canadian Pacific Ss, 1924. 954 8? 4 7.70
; Cent Argentine Ry 6s, '27 83 85 9.30
i C. R I * Pac Ry 3a, 1922 65 17 1.70
Coniol Gas N T 8s, 1921. 194 UJ'4 7.J0
j Cop Exp Assti, Inc, ia. '23 994 100 4 7.90
00 83,1923 . 994 99 4 8 40
j do 8s, 1924. 994 394 *-49
do 8s, 1925 . 99 4 99 4 8.15
I Cudahy Packing 7a, 1923. 9?4 994 7.35
: He Laval Sep 8a, 1931.... 9*4 ?9 8.07
Fcd Sug Reflnlng *s, '24. 934 944 7-80
B F Goodrlch conv 7a, '25 89 4 PO'i 10.00
Gulf Oii 6s, 1923. 944 954 8.40
do 7s, 1933. P64 ?7 7.40
Hocking Vai 6s. i924. Pl 9l'4 8.90
Humble O & Ref 7s, 1923.. 96 4 97 4 ?.69
Interboro R T con 7s, '21 714 724
Kan City Term ?s? 1923. 964 974 7.20
Kennecott Cop 7?, 1930.. 96 90 4 8.P0
Lao G L lst & ref Ta. 1929 89 4 91 *.60
Lig ft Myers Tob 6s, 1921 99 4 99 4 7.3*
Philadelphia tis, 1922- 96 4 97 4 8.90
Pennsvlvanla 44s. 1921.. 994 ti\ ?
Procter ? Gam 7s, 1922..190 10*4 6 il
do 7s, 1923.1004 1004 ?-5?
Pub Serv N J con 7s, "22. 91 9? ??
R J Revnolds Tob 6s. 1922 98 4 9S4 7.20
Sears Rosbuck 7s, 1921.. 99 4 994 7.50
do 7s. 1322. 964 ??4 9.60
do 7s. 1921. 96 964 ?-?
Sinclair Cor.a 74?. 1925.. 924 924 9-80
Solvay 8s, 1927. 994 1004 ".?0
Southern R'way ts, 1112. 964 9? 10.30
Southwcst BjII T 7s. 1925. 9?4 9*4 7 90
Stand Oll (Catlf) 7a. 1931.1024 1924 6.S?
do N T 7?. 1921-31.191 104
8t P Un Dep gua,r 6 4?.'23. 95 9!
Swift 6a, 1921... 994
do 7a, 1926. 9?4
Texas Co 7s. 1323. 58 4
t'tah Securities 6s, 1922.. 87
Waltham Watch ls. 1924 90
Wesi Elec co?*"7s. '25_ 994
West El ft Mf9>7s, 1931.. 99 4
Executor Trusfee
Ghartered 1822 '?*
The Farmers1 Loan and Trust Company
Nos. 16, 18, 20 & 22 WilLtm Street. \
Branch Offlce, 475 Kffh Avenue
At Forty-first Street
New Tork
London Paria
Foreign Exchange
Administrator Guardian
Member Federal Beserve Ststem and fl ew York Olearing House -
Chicago & Northwestern
Income Shows Decline
The annusl report of the Chicago &
Northwestern Railway Company, cov
tring operations in 1920, issued to the
stockholders yesterday, showed gross
income of $23,811,562, compared with
$24,140,709 in 1919. Gross operating
revenues amounted to $140,755,627. Net
income after all charges other than div
\T.?ran and s,nkir|g funds totaled $12,
454,866, compared with $1.4,088,104 the
year before.
The balance available for the common
stock, after sinking fund provisions
and preferred dividends, was $10,891,
604, compared with $12,190^982 in 1919.
l he road received government compen?
sation in the first two months of the
year and the government guarantv
under the Esch-Cummins act in the fol?
lowing six months so that during the
last four months of the year the road
was operating under its own wontrol.
. -
To Survey Zinc Markets
Department of Commerce Seeks
to Aid Trade
WASHINGTON, April 15. ?Surveys
of conditions in the zinc markets of
the world are to be undertaken by the
Department of Commerce, Secretary
Hoover announced to-day. The situa?
tion in the industry in this country,
where there is at present a 70 per cent
shutdown, is "pretty bad," the Secre?
tary said.
Competition in zinc in foreign mar?
kets is keen, Mr. Hoover said, as the
industry is well defined in groups in
Europe, where America's chief com
petitors are Gfermany, Belgium, France
and England. The Secretary asserted
he did not know what could be done
to help the situation, but it was hoped
the surveys would disclose where
American zinc could J>e most profitably
exported.
-??
Boston Leading Fishing Port
BOSTON, April 15. ? Rank as the
world's greatest fishing port was
claimed for Boston to-day in the forty
sixth annual report of the Boston Fish
Bureau. A total oi 118,558,902 pounds
of all varieties of fresh fish was
landed at the Fish Pier in 1920. These
receipts exceeded by 9,000,000 pounds
those of 1918, the previous bumper
year.
Alaska Gold Deficit
For 1920 $812,991
The report of the Alaska Gold Mines
Company for the year ended Decem
ber 31, issued yesterday, showed a
total deficit, after charges of $812,991,
compared to a deficit of $809,979 in
1919. Mining loss amounted to $275,195
and total operating loss $272,338. Cash
account was given at $13,941, contrastcd
with $40,452.
"lt has become evident," it is-stated
in a report to stockholders, "that it is
only a question of a very short time
before it will be necessary for your
company to discontinue operations as
a mining industry. It seems clear,.that
thc only way it can be hoped to recover
or preserve any great percentage of the
value of power plants, living accommo
dations for employees, plant sites,
wharves, warehouses, shops and other
valuable but for the most part im
movable facilities, is to convert these
to the manufacture of wood pulp or
paper, or both."
-.?__#
Otis Elevator Earnings
Show Large Expansion
The Otis Elevator Company for the
quarter ended March 31, reported yes?
terday net income after charges and
Federal taxes available for dividends
of $1,695,088, equal after preferred
dividends to $13.65 a share on thc94S.
509 shares of common stock outstand?
ing. This is at an annual rate of $54
a share on the stock.
Quarterly earnings a year ago are
not available for comparison, as it was
only in June, 1920, that the company
inaugurated the practice of making
quarterly statements. For the firat
six months of last year, the company
showed net for dividends of $1,550,552,
which compares with $1,295,088 ifor the
first three months of this year. ,
-a
London Wool Auction
LONDON. April 15.?The wool auc?
tion sales closed to-day with offering*
of 5,959 b~les. The demand was good
and merinos and the best crossbredc
finished firm and above the lowest.
During the series merinos declined 10
to 15 per cent, crossbreds 5 to 15 and
Cape of Good Hope and Natal 15.
Thc home trade purchased 19,000 bales,
and the Continent 20,000, while'13,000
were held over.
Markets in Other Cities
alos.
11)0
Baltimore
Open. High.
.... 38% 28%
Benesch
?lo pf. 23 't
Citizens' Bank. 39 s;
Con Pnwer.... 83 "i
Coml Credit... 42%
Coaden pf. 3%
Houston pf.... 79%
Maryland
Lo\v. Last.
30
10 Northern Cent. 6t>
140
1000
1000
1000
4000
5000
2000
Unl Railway.. 9%
Bonds
Brick 5s. 80 %
Con Gaa 6%s.. 74%
Con Pwr 4%s.. 7(5
do 7%s. 97%
Mary! Eloc Gs. 80%
Unl Ry Income. 45
39%
83%
42%
3%
78%
72
66
9%
80%
74%
76
97%
80%
45
39 %
s:\\
42 Vi
?I %
79%
71%
66
9%
80%
74%
76
97%
80%
45
Boston Carb
Btd
.riz Extn.. 2
.riz Sllver. 24
.rlz Tip T. 4
tlk Hawk.. 6
los & Mon..64
alaveras.... 1
hlef Con... 2
'ryslal new.27
>enblgh .... 8
Sagle B B... 2
'ortuna ... .?
lureka Cro.85
adsdan ...40
[oma Oil... 2
ron Bloas. . 12
Ask
3
6a
Bid
Iron Cap
La Rose ,. .15
Majeatic ... 5
Mex Metals.?
Midw Mosa..?
Monarch . . ?
Mutl Dv Tr. 1%
Nat L & Z.?
Nixon . 3
i|Ralni?r ... 7
|Svn Metals.. 7
I Sllver Reef. 4
(Un Ver Ext.25%
IYukon.75
'.19%
83%
3%
79%
9%
80%
74%
76
97%
80%
Ask
6%
19
$lonn
soon
2000
1000
1000
85
30
316
150
50
50
935
50
3'tO
do lst pf
do 2il pf
Wickwlre
A C, W 1 6i
C B y 4s. .
C ft E 4s.
Miss R Pwr 6?. 7^
New Eng T 5s. 84%
Chicago
Am Radiat.ir. 70
Armour pf. . . . 89%
Armour Leath 12%
Boaverboard.. . 15
Brlscoe Mot.. IG
C C & C't Rys %
do pf. 6
Chi El.-v Rys. %
do pf. ?.
Oht Rys Ber 1 . 1-'
do aerles t. . %
Comw Eilison. 108
Contl Motors. . >\ ?;
Gt LaUes D&D R ;
Hupp Motors. 14%
I.ibby . 10',
I.indsay Light 5 7,
N'atl Leather
?;?;
81% 84% 84 4
12%
16%
12%
\:.
108%
6 *
s .
14 'i
10i,
5%
16
12
71
so%
12'4
15%
16
%
'.', t.t
12%
108 108%
fl ?i 6 %
83 83
H % 1 4 %
10 10'.
25 Pick .
17 I
Boston
Mining
32Ahmeek . 48
50 Algomah . 26
50 Arcadlan . 2%
175 Cal & Arlz- 47%
9 Cal & Hecla...225
185 Copper Range. 34
45 Davis Daly- 6
65 East Butte- 8%
15 Island Creek... 86
25 Isle Royale- 19
220 Ke,rr Lake- 3
25 Michigan . 3
40 Mohawk . 40
76 New Cornella.. 14%
35Nlplaslng . 6%
135 North Butte... 10%
150 Pond Creek... 14
20 Shannon . 80
30 St Mary's. 36
1%
48
"34%
56
19
3
3
50
14%
6%
10%
14%
80
36
1%
30 %
40%
2%
1%
18%
90
J7
41
30%
40%
2%
Jft
63
20%
17%
to
? 7
41%
Sl
74
97 \t
36%
17%
100 Sup & Boston
25 Trinlty .
29 U S Smelters..
92 do pf .
lOOUtab Apex....
50 Utah Metals..
85 Victoria .
Railroads
lOBos & Albany.120
28 Boston Elev. .. 62*4
40 Boston * Me.. 20
190 N Y N H & H
2 Old Colony...
7 Prov & Wore.
62 West End_
20 do pf . 51
Miscellaneous
3 Am Agr. 47% 49
27 do pf . 74 "
100 Amoskeag .... 86
6 do pf . 7?
5 Am Sugar. 90%
121 do pf .103
462 Am Tel .106
190 Am Wool. 71%
125 do pf . 97
20 Atl Gulf. 83%
130 Eastern Mfg.. 17% .
330 Eastern S S... 1%^f 1?
50 Eldar . 9
lOGardner Motor 22%
24 0 Gray . 14%
20 Greenfield .... 3!
12 Intl Cot M pf. 83
295 Intl Cement.. 25
f-0 Island OU....'. 4%
?6 J T Connor... 12%
l? Llbby .10
330 Loews . 13%
8 Mass, Gas. 81
17 do pf . 62
7 McElw lst pf.
100 Miss R pwr pf
985 Mex Invest
40 Natl Leather..
40 New Bng Tel..102
llOOrpheum . 25
15 Paeific Mills..160
125 1'unta Sugar.. 42%
513 Swift . 99
340 do Intl. 25
2 United Dru?.,
17 do lst pf...
423 United Prult.
1710 United Shoe..
10 do pf .
60 U S Steel.79% 81 %
310 Ventura . 18 \ %
375Watdorf . 17% ig
185 Warren Bros.. 14 li
47
226
33%
6
8%
6?
19
3
3
49
14%
6%
10%
14
80
36
V*
30
40%
2%
iA
iu
20
1 0 \a
34
6%
8%
56
19
3
3
60
1 1 %
6%
10%
14%
80
36
****
30
40%
1%
62%
20%
17%
60
97
?1%
61
840
30
1200
900
655
250
80
1400
70
750
25%
'%
7%
Plggly WIggly 18%
Public Service *0
Sears Roebuck 7ri
Stewart Warn. 27 'j
Swift & t\,. . . 99
Swift Inter . . 25
Temtor Corn . . 12
Union Carbide 61 %
Wahl . 461,3
Western Knlt. 14
75 Wrigley . 70
Bonds
33000 C C Rya lst 5* 66%
2000 do lst 6s. . . 66
1000 do adj lst 4s 1 9 %
100 So Side El 4%s 67
Detroit
66 Am Light &. T. 88%
120 Autobody . 7ia
1"0 Charcoa/T Iron. 1%
595 Cont Motors.. 6 %
69 Detroit Edlson. 94%
700 Mich Sugar.. . . 7%
700 Nobie Oil pf.. 1.08
110 Packard . 10%
100 Palga Detroit.. 21%
420 Reo . 21
Philadelphia
*?
47%
74
tt ii
f7 76
90% 80 %
103 103
106% 105% 106%
71% 71% 71%
97
86%
17%
li
M
90%
103
?7%
36%
17%
1?
;>o
23 %
7%
22%
15
31
82%
25
4%
13
10%
13%
81
62%
90
64
30
%
22%
14%
31
1%
102
25
160
42%
f*%
?4% 94%
43% 43%
103% 106
35 35
23% 23%
24%
4%
12%
10
13%
81
61
90
?4 64
23% 29
7% 7%
101% 102
25 25
160 160
41% 41%
98% 99%
4%
13
10%
13%
81
62
90
94%
43%
94%
43%
2 Alliance Ir.s. . . 17
115 Am Stores. 53
1 Cramps . 4 4
770 Elcc Storage. .106
120 Gen Asphalt... 61
55 Ins Co N A_ 29 :
60 Laki; Sup Cop. 8
60 Lehigh Nav. . . 65 <
200 Phila R T. ] 7 >; 1
30 Phll Co cuin pf 32%
93 Phll Electric. . 21 % :
277 do pf. 2*2 j
270 Phi! Ins Wire. 51 '?, J
165 Phll Traction.. 51% |
2 Cn Co of N J.166 lt
63 Cn Oas Imp. .. 33 ;
20 do pf. 437^ ,
Bonds
J5000 Phl! El Isl 6a. $3% I
Pittsburgh
10 A Win G Mach 61%
3865 Arkansas Gas. 12%
205 Carnegl-s L&Z. 5%
125 Carbo-H^dro pf 3
20 Cor.sol Ice pf. . 26
308$ Guftey Gil. 12%
100 Marland, Ref.. 2'?
190 Mfrs Lt & H.. 49%
2j Nat Elreproof. 7%
10 Ohio Kuel Oil. 16
265 Ohio Fuel Sup. 47
2: '? uklahoma Gas. 24
?.;2PUts *Jo'tl !???? *?
2000 Pitts Jeronie.. 2c
25 Pitts Plate. Cl. 114
65 W Pa W Pr pf 65
Montreal
Bid Ask'
Ab P ft p 36'4
At Sug R. 29%
Bell Tel. .104'*
B T L 4 P 30 \
Brmp 1'ap 32%
Can Cmnt. 57
Cn Gn B1..10?%
Can S S.. 23
C M & Sm 15%
Dt Un Ry. 7?
Vom Brdg 7?%
Dora Glasa ?
5 1%
44
I0R
19%
67
88%
7',
1%
6%
94%
?%
1 ;.<?
10%
21%
21
17
53%
103%
61%
65
-.!'?
2?%
25%
61
61%
166
3.1
4?%
<"?%
19%
67
91%
7%
1%
C%
941;
7%
LOS
lO'j
21%
21
17
54%
44
108
61%
29
8
65
lVi
21%
26
51%
?
KS
13%
40%
83% 83%
61%
13%
?1%
12%
1%
2h%
13
2%
49%
7%
15
4 7>.i
24
86
114
66
12%
2%
49%
7%
Sv
2*4
114
<5
61 %
1 3 ???.
II*
49%
7%
15
? 7%
24
114
6t
BI4
..o-t,Dom Txtl.qis
29%
23 %
15%
77%
f5
Toronto
. do pf. . . -J7
Lk Woods.?
Lrntd Ltd 92
t>* LM & l> i;i,
Nat Brow X?i*
OslvMllg,205
Rrdn Pap 106
Shwngn... ?
Span Rvr.. 72%
do pf... 81%
Stl Co Cn. 58%
83
40
106%
105
?3
?-2
ba
10H% 10
34%. 24%
23 % 23 %
79% 81%
17% 8
17% 18
14 15
Bid
...15
Atlas .
Balley .
Contaga* ....
Crown Rav.
Dome Lake.
Hargravea...
Holllnger ..
AsVi
20 Mclntyre ...
2 5 'Newrsy .. ..
1% 2"4 Pei Lake."..
% %'Porc Crown
2^5 Prs Eaat D.
- f ? Tk Uughea..
">% 6',? Ttnsktung...
Bid A.ii
? ? V% t
..3^ $
i 10
% %
2 4
% %