New-York tribune. [volume] (New York [N.Y.]) 1866-1924, August 11, 1921, Image 15

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New-York tribune. [volume], August 11, 1921, Page 15, Image 15
About New-York tribune. [volume] (New York [N.Y.]) 1866-1924

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New-York tribune. [volume] (New York [N.Y.]), 11 Aug. 1921. Chronicling America: Historic American Newspapers. Lib. of Congress. <https://chroniclingamerica.loc.gov/lccn/sn83030214/1921-08-11/ed-1/seq-15/>

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ni
How to Grade
Investments
A BOOKLET that tells
how to grade and classify
investments in regard to
their safety
A booklet that explains
the first principles of in?
vesting money in plain
and simple language
Such is our booklet,
'Common Sense in In?
vesting Money'. It will
be valuable toyou.Write
for it today, and specify
BOOKLET B-704
S.W. STRAUS <Sc CO
lNCORrOKATKU , ESTABLISHED lSJl
STRAUS BUILDING
565 Fifth Ave.-at 46th. St.
TtlefJunt Vandemilt 8500
39 years without loss
to anv investor
Western Uni?n Co.
Sells 815,000,000
6V2% Bond Issue
Money Needed to Reimburse
Treasury for Expendi?
tures on Extensions; Se?
curities to Run 15 Years
Kuhn, Loeb & Co. announced yes?
terday the purchase of $15,000,000 of
Western Union Telegraph Company
?ftrer.-year 6V_ per cent non-callable
gold bonds which are being offered to
(iav for public subscription at 99 and
accrued interest to yield more than
656O per cent on the investment if held?
to maturity. *
The purpose of the issue, according
to a letter sent to the bankers by
Hewcomb Carlton, president of the
Western Unie*?, is to reimburse the
treasury ' fl 1 1 impany for expendi?
tures made on account of extensions,
edditk1!*.^ and improvements to its
ment and to provide
fund, for further expansion.
The letti r further ??ays:
"The- W stern Union Telegraph Com?
pany has outstanding $99,786,727 par
ialue of having a present mar?
ket value E approximately $80,000,00 :.
The com) paid dividends on its
rtock uninterruptedly since 1874, and
since 1917 at the rate of 7 per cent
funded debt of the
Western Unioi T< 1? graph Company
and of its subsidiary companies out
t! issue of bonds,
? ? ? . this being
? ? - r ' sue of capital securities
mpany since 1907.
"The net income of *he company,
an ! before pa> -
.? ? on Western Union
ended December
' 120, a mo tinted to $14,634,972, or
bout ?leven times such interest for
the sai , which amounted to
?1,331 .?50. For the six months ended
June 30, 1921, ?Vip net income appli?
cable to bond interest, notwithstand?
ing the- 1 ?ling business depression,
cmounl 567,543, while the bond
:-.-.:?? same period amount??'!
to only $665,925. The net income of
mpany, applicable to interest
. for 'iir- five venr3 ended De?
cember 31, 1920, averaged $1-1.252,238,
ten and one-half times
tere3t charges during the same
I
-?
In i antt ion ib Denied
Application Against Cities Serv?
ice Dividend Fails
The application of Robert B. Rosen
bluth fer an injunction retraining the
Cities Service Company from paying
dividends in scrip instead of cash has
been denied by United States Dis?
trict Judge Kn'A. who, in a de?
cision filed yesterday, held that
in declaring dividends in scrip
instead of in cash the directors
company were within their
; - : e; n of Judge Knov
re fact that the corporation has
fc large surplus, or net profits, doe3 not
kholders to pavment of
- dg.
The court held that any setting aside
of assets to - for the retirement
?'?crip n subordinate classes
of stock is subject to the righto of
holder; , ;' scrip dividends upon the
preferred stock.
?- ? 1
Financial Items
fan!?:- C . be com? associate?!
;?';.'? ' -'? ' ?"? ??"' Co. la their railroad
trailing
: e last four years
, "ri L ? '? Co. has become aj
' M Kee ??-. Co.
, rr*n-< '. ? lander H. Ranks
2*v* " i'.anks dfe
. ? eded ti/
"clalize In the
? and the purchase
Benr.et, member? of the New
. . sued a *p?
n At ? km
nt outl : tor rail
?''-?' ? ? .
' ' " n 1 has been elected a
roritt otton Bxchang-,
ith ? '?? rollna,
,Jr '. ot 'he Cot
port? ?: ..r,p
v-?i**?" ?n Exchange win
Ion to raake
V'..*'* din? Labor
'"?? extra noli ?ay
re? Compa-iy of
y ot J?" 32?..
' ?3 In July,
' ( -
orrespoodi ig
? 1 Corporation
Mierf . ' of ?1.?09.000
"
American Sugar
Passes Dividend
On Common Stoek
Quarterly Disbursement
Omitted for First Time in
20 Wart* ; Stork Breaks to
Lowest Since 1893 Panic
. -
Announcement yesterday that direct- ;
ors of the American Sugar Refining
Company had decided to omit the '
usual quarterly dividend of $1.75 ai
share on the common stock for the j
first time since 1891, when the com- i
pany was organized, came as a surprise |
to ninny in Wall Street, in spite of the !
fact that the action of the stock for
several days had indicated that such
action was probable.
Immediately after the announcement I
the stock sold down to 62%, almost a j
point lower than the previous bottom i
reached this year and the lowest mark j
since the panic of 1S93. Large blocks j
of stock came out on the decline, indi?
cating that many holders had been con?
fident up to the time of the meeting ;
that the directors would see their way
clear to make some kind of payment. :
In fact, many insisted that the divi- |
dend would be reduced but not entirely
omitted. The American Sugar Com?
pany had paid dividends at the rate
of at least 7 per cent on the common
stock since 1901. In 1918 it paid 8%,
and in 1919 and 1920 10 per cent. A'
dividend of 6V2 per cent was paid in 1
1900 and at least 8 per cent from I
1891 to 1899.
The regular quarterly dividend of
$1.75 on the preferred shares was de- 1
clared payable October 3 to stockhold- !
ers of record September 1. After the i
directors' meeting Earl D. Babst, presi- i
dent, said:
"Since the crisis a year ago in the j
sugar industry the American Sugar '?
Refining Company has been without
adequate earnings on its refining oper?
ations. Its income from investments
has decreased also. Meanwhile it has '
taken losses on inventory and by rea- I
son of repudiation of contracts for I
sugar sold to the trade. While condi
tions have improved recently, yet it is I
the judgment of the board of directors '
that a conservative course should be ;
followed. Accordingly, at the meeting
to-day of the directors it was decided ,
to omit the dividend on the common ;
stock for the present. The dividend !
on the preferred stock was declared.
"The building in Cuba of the raw 1
sugar Central Jaronu is nearing com
plttion, and the new refinery at Balti- '
more will he in operation within nine
months. Both of these properties
should be good earners in normal times
and should greatly increase the effi- ;
ciency of the companv."
-U_:
Day's New Issues
A new issue of $2,000,000 ten-year
7% per cent secured gold bonds of
the United Fuel Gas Company is be?
ing offered by A. B. Leach & Co., Inc.,
at 981/i and interest, yielding 7.75 per
cent. The company holds under lease
or in fee gas rights in 841,000 acres
and oil rights in 400,000 acres in West j
Virginia and Kentucky. Fifty munici?
palities of West Virginia, Ohio and
Kentucky are supplied with gas.
The National City Company, syndi?
cate managers in the $7,500,000 Re?
public of Uruguay bond offering, an?
nounced yesterday that the subscrip?
tion books had ben closed, the issue
having been oversubscribed.
Cables received here from Argentina I
yesterday indicated that for the time !
I being the negotiations for a $50,000,
j 000 Argentine government short-term
j loan are off. Failure to agree upon
j the terms is said to have caused the
hitch.
Watkins & Co. are offering a new
issue of .?175,000 Longmeadow, Mass.,
5 per cent school bonds, dated August
1, 1921, and maturing serially from
i 1922 to 1941, inclusive. The bonds are
; offered on a 5.25 per cent basis to
4.80 per cent basis, according to ma
: turity.
H. L. Allen &. Co. are offering a
new issue of $104,000 City of Fast
Orange^N. J., 5J?? per cent coupon or
registered school bonds. They are ex
j empt from taxation in New Jersey, as
i weil as exempt from all Federal income
1 taxes, and are legal investment for
? savings banks and trust funds in New
York, New Jersey and Connecticut, and
eligible as securities for postal sav?
ings deposits. The bond3 are due 1922
i to 194b\ and yield 5.75 to 5.20 per cent,
; according to maturity.
-at
Street Railway Line
Bankrupt by Jitneys
BAY CITY, Mich., Aug. 10.?The
; Saginaw-Bay City Railway Company,
operating a local system in the two
cities and an interurban line, went into
bankruptcy to-day, and announced that
; service would be suspended at mid
; night to-night. The action was taken
I on petition filed by the Commonwealth
Power, Railway and Light Company
i and two other creditors. Otto Schupp,
; president of the Bank of Saginaw, was
i appointed receiver pending appoint
j ment of a trustee.
Low rates of fare insisted upon by
: the city councils of Saginaw and I!ay
City and jitney bus competition were
declared by John A. Cleveland, vico
pr id( nt of the company, to have made
it impossible to operate the lines at a.
1 profit.
The company's liabilities are <;iven
? as $3,588,851, while the value of its
assets is pieced at $5,000,000.
-.-?
Utah Securities Net Drops
Income account for the year ended
' December 31 of the Utah Securities
Corporation (including undistributed
earnings of its subsidiary, the. Utah
Vi.-i.-rr and Light Company, and subsid?
iaries of the latter company) shows
combined net income of $49,389, against
[$111,674 in the previous year,
The New^VbrkTrust Company
Capital, Surplus c-j5 Undivided
Profits - - - $26,000,000
L C) M G T E R M B O N D S
T?tere are many attractive long term in
r issues in'the market today. Our
?Vf iiities Department makes no charge
?f customers for furnishing information
or for purchases for their account.
Main Offiu
i(> Broad Street
Liben y Q?(t hjlh ?venue Q?(t
-20 Broadway 57th St. ij Fifth Ave.
?A
ors
Ml Jt?O??<
The Market
An easier tone in the bond market j
yesterday was attributed to th? same !
influence which made for unscttle
ment in the stock market. Prices '
Backed off in the case of many issues
which have lately been exhibiting ris
ing strength, although there was no .
veal woakness. The volume of busi?
ness contracted somewhat. An inter?
esting development in the investment
market, i:; the offering to-day of an i
issue of $15,000,000 of Western Union j
Telegraph fifteen year non-callable QVs
per cent bonds, which are being sold |
to investors on a 6.60 per cent yield
basis. These are the best terms any
industrial corporation has obtained in
borrowing new capital in a long time.
Foreign Govt. and Municipal Bond
(Interest to be added)
Rid. asv
City of iiTpn 8s, reta. 99 ;
do Rerne. i|R% !
do Christiania. 98% !
?In Zurich. Mi-, ]t
Argentine Inu-rn 5s, 10-15. 68
Rr-iglan Su.100 t
Kingdom of Belgium fis. 93";
do 7 '-s, 1945.l"l
do Sweden 6s, 1939. 85%
Canada, lio m of, 1 P 2 *?. 02 Vi
do 193!). 93 %
do 1031. Si?,
fine,
00 U
1"1%
Danish 8s. A.inn i
?lo Ss, 1!.inn i
Denmark s s.in? i
Chinese Govt Hu Kug Ry 5s, 1951 47%
tNorway 8s.10'J 3J 1
Cuba extern 5s, 194 1. 78
do 6s, series A, 1949. 76%
do 4 Us. i'.?49. 68
U. S. of Brazil 8s, 1941. 99% 1
Republic of Chile 8s. 98
Dominican R?'p. 5s, 1958. 78 %
French Govt 7%s, 1941, w I.... 95%
Citv ef Lyons 16 yr Os, 1934. ... S3
do Marseilles 15 yr fis. 1934.. 83
do Bordeaux 15 yr 6s, 1934 ... S3
do Copenhagen 25 yr 5Vis, 1 n4-4 ',7
French Govt 8s, 1st issu.'. 99-% 1
French, Parts City fix. 1921.... 99% ;
Gr.vt of Switzerland Ss, 1940.. .105-% l
Japanese Govt 4'?_.*, strl In, 1 r> v: r. mm,
do 4%s 2nd series', 1925. 85%
do 4m. Htr In, 1931. 71 ;i
Japanese Tokyo City 5s, 1952... 62%
Un King Gt B A- 1 5 yr 5%s, M'l f'97H 1
01
M
01 M
4S
03 Vt
7 3 \
68 "i
00
93%
S 3%
, 7 %
no
yr
1 9 2r-.
98'
do 10 yr 5%8, 1929.
do 20 yr 5Vis, 1937.
Mexico ext.in strl 5s of MO, 1945 4
do gold 4s of '04, 1954. 3
King Italy 6 vr 6%s. gold bond
Sao r.-iulo Ss, ct.
88'
86'
S9
93
8 5%
71 \
63 %
inn
99%
89
S 7 %
SHU.
98%
Bid and Asked Quotations
ll'li
Yesterday.
88.44?88.60
S7.74 087.00
87.66 ?87.76
87.84ffi87.94
s 7 72(5 S7.7ti
91.82 ?'( 91.8 fi
8 7. S'M./ 57.90
9 S fi fi ? 9 8. fi S
98.6615 9S.68
Liberty
3%s, 1947 .
1st 4s, 1047.
2.1 4s. 194L' .
1st 4%n, 1947 . . .
2d 4 Us, 1942 ...
.'id 4V,s, 19 28. .. .
4th 4 Vis, 1938. . .
Vic 4 ?is, 19 2 3. . .
do 3%s, 1923. .
Pre-war Issues:
2s ret?. 193?.1 00 % in \ 01 Vi 100%?101%
2s coup, 1930.100%@101% 100%ffM01%
4a reg. 192.~i.104%iiH ? i')41? ?H? ?
4s coup, 1925_104% ff?106 104 U?!! 105
2s Pan c, 1936. .100% ?101% 100% ?101%
2s Pan r, 1936. . .100% ?101% 100% ?101 Vi
Pan r. 1938. . .100% ?8>?01% 100%@101%
Tuesday.
8S.44 (I 88.54
S7.70?S7.00
87.601p 87.70
87.76? m; m, s
87.70@S7.7 1
91.80fft 91.8 6
87.80(0 87.83
98.62 '?/ 98.64
9 S. ti 2 '; 9 s .fi 4
3s Pan reg
3s Pan coup .
Phll 4.1, 1934.
Phil 4s, 1935.
Phll 4s. 193fi.
D Col 3a 1965.
75
?
? ~
..73 ? ?
. . 73 ? ?
. . 78 ? ?
,. . 93 ? ?
Transactions
Liberty 8%s. 1947.
do 2d 4s. 1942.
do 1st 4 % s, 1947...
do 2d 4%s, 1942_
do 3d 4 H s, 1928_
do 4th 4 > ; h, 193?!_
Victory 4% s, 1923....
do 3%B, 1923.
Pales.
$350,000
4,000
66.000
644.000
244,000
900,000
3,119.000
261,000
?
? -
? 81
? 81
? SI
? ?
Yield.
4.23
4.95
6.10
6.20
6.63
6.33
Quotations
High.
Liberty 3%s
do 2d 4s. S7.(V_>
do 1st 4'ia. . . ?7.04
do 3d 4'4s.
do 4th 4 Us.
Victory 4%s
do 3%8 . 98
.78
01.86
87.90
?JS.74
Chinese Ry 5s
1951
1 - 48%
10 .... 48 .
City of Ber?
gen temp
rects 8s 1945
1 .... 99 %
1 .... 99
City of Berne
8s 1945
1 - 98%
City of Bordl
6s 1934
10 - 83%
1 B7f. 82%i
1 _ 8 3'.;!
City of Chris
S? 1945
1 - 99%,
2 .... 9 9 % I
3 .... 99 :
City of Cop?
enhagen 6%s
1944
78%
78
3 _ 7 7 > i
City of Lyons
6s 19 3 4
2 - 83
10 .... 8 3 %
1 600. 82%
City of Mars
6s 193 4
10 _ 83%
City of Paris
6s 1921
2 .... 9S4E
City of Tokio
5m 1962
13 .... 62
1 ....62?.
6 _ 63
Salea
11 _ 99*1 p
17 .... 99%
5 .... 99%
3 .... 9 9 %
1!.100
10 - 99%
7%3 1941
14
95%
103%
i _?oavj
5 _103 Va
1 ....103
K of Sweden
6s 1939
1 - SC%
16
8 S
17
Clly of Zurich
8s 1945
1 ... .100',;
11 ....100 I
10 - 99%
3 ... .100 !
2 .... 99 %
Danish Con M
s f gold 8s!
Ser A 1946
1 ....101%
1 ... M 0 ! Vi !
1 .... 1 ') 1 j
2 ... 100%
95%
95 i-,
95%
3 .... 96%
; i-fif! 9:1
Gov of Switz?
erland s f 88
1940
4 -106
2 ...,105%
Jap 1st serles
4%s 192 5
1 sfif. 85%
1 .... 85f%
25 .... 85' %
2d seil";,
4^a 1926
4 . ... 85 %
stlg loan 4s
1931
6 - 71%
2 - 71
5 _ 71%
5 .... 71%
5 - 71 %
K of Belgium
?Sh 1941
17 ... .100
1 ....100%
13 _100%
Hep of Chill
8s 1941
1 - 93 %
5 - 98%
2 - 98 ?
.'? .... 9 b M
7 .... 9 S
1 s6f. 97 'i
Hep of Cuba
6s 1904
.' . ... 78%
S of S Paulo
t. t 8s 1936
1 .... 98
5 .... 98 %
;.98
6 - 98 y
2 .... 98%
L s7f. 98
U K of Gt Ur
\- 1 5'-is 1921
:, .... 99 s
! 9 2 2
67 .
5 .
I 1929
I 7 .
! 1 -
1 .
? 9 1
? 1 ?
; i .
1937
111 .
io .. . ioo:
1 .... 100 '
4 . . . . 1 "?'??
S? r l: 194?
1 ... 101
:, %a
1923
I")
103
93%
93 I
9 M
2 . 89%
Dominican H
:.., 195?
9 9 a
5 .... 1 00 54
f 7 Vis 1945
S ....101 ' -,
7 -101%
4 ...MOI'.,
3 .... Hl! %
i f.no..in y. ..
i _MM M
< ... i o i
2 .... 94%
9 1
ark 8i
.102
.101 ???;
.103
,101 '
101
.loi ? ;
101 t?
.101
99
98%
89
8.8%
S 9
88%
88%
89
8 7T?
S . 'M
87%
h 7'-i
'- 7 %
87%
S7
of Brazil
1911
78-V,
I s30? 78 Vi
IM. ncli Im |i
8h 1945
10 . 100
.99% K
10] i
: ' ,
M,
101
??I ?
101
:
Itab
.... 100
.... 99%
.... 100
t.'.l . '9%
.... 997?
.... 99*
.... 99 '..
.... 99%
. . . 99%
,,i M? xlcu
194
?? t ?.
15
4 5 %
i
15 it
Railway, Oihcs" Corporations
Adams CXD I 1 .... 80
,.100 Vi
IV...
T Si S K'H
dj Is II
Am T & T
I.K 19 ?..
I".
|00
'< %
in i
? , -,
101
I".)
|9|i
.1 ,i n.p. d
I
, . 41 19
M.
A T /.. :- !??
! i in* Hhorl
Uno (a i IDS
I ,... 75
Cul A Arlv
i !r ! Vie I 965
50 7 9
Jl.-f III
i 1931
_I'll
? ? '.
1.1 .
70
19 26
8 5 Vi
Hw :: %.?? 192 .
- ? ?,
:: 82 V4
p.. i: T of Po
i I) 1 :,
, IOS
! "'M,
I?., i Ii : ' 1 i ! :
19 4 2
S7
la 10
1st
1
, in?
1 . . . . 77 ???
l.lkl\n Ed (,'1
!'..'? .???
?
1.1 10 ?'
1
En lien
If & Power
5 a 1948
W 4s 1921
. . 09'
i 930
5 _ S 9
Bki n n t ;
;, 3
r 4 ?-?
< S'Y X H & H
ion
I : ? ?? n
,. ' , , deb 4a !" 17
'?" ?' Jersey -, .... .,,
? ?? -355 c* ,i,b
? ? ? ' '?- 1947
' ??' n El? c ?i? !j -, -7
-, y i- ,, |.
',. - ," ' '? ?? ctfa : :
I' ub **mmmmmmmmmmmmmmmmmmmmmm*
5.1 194 5
R k 1 y n "l
5s 1950
stamped
Can ."' rthi
H y : !' KOld
1b 7a 1940
1 .... 1 ?vj *.
1941
1
101 l
.102
,101
1 01
.101
___________^H
N V State :::
con 4 '-a 1962
1 ...". 57
: N' Y Teleph
6s 1949
17 . ... 04
4 4? ? 1939
i .... S 2 U
S 1 Ta
82
r i'
93
. '-: i 1
:? ....10:1 | 1
2 .... 1n : ?? ?
i ....103
6%s 19!?", 10
when issued i
99
Kj 6a 1929
1 .... SO
con 5s 1941
. . . 73 -1
?939 '
"?hort Line
Is 105 1
ici ?i r,; 1D36
18 sel I . . . . SS'i.
innr ?v?rf?l|< ; " ?';
i-:'; H?r A i3?i
>00!5 g '" }S
I. ' rf??li'? \v
,' cv ,;:i 1929
! ....103%
! .... 103 >'j
? on la i 990
3 . ... 78?
i .... 771,
No Pac fie i
Per M L'O4 7
5 .('. .10.1 ?4
5 .... 100%
N'o Pacifi CI
North joint
6 t.a 1936
5 .... innr
l.'l . . . 100?
S -too"*
5 .... inn.*,
12 . . . inn-,
. " ??-. .' North Pacific
6 " ?,!'. ' <l4s -'"17
?I '" if-7, i .... 77V
301 '?'*' 4i: 1996
Il i? k? rinh AV :i - :']*>
Is 1953 * ? 76%
7B*5| 1 .. US?. :q -'',7
79Vi Hurt & m rfi ' - 56%
ine I Ka i"-,- 1 . . . . 56 %
Nor States Pr
5s Series A
l
100 ?,
? ' '" ' i
. 1 ??0 ' ,
ioo% ;
. 100H
.1001
Il I i
- ?? '?
84 ?5 | (
"t?
; Trunk it:
of ?'.in s? 7.
1 040
67
Corro
Pase
Ss i!
1
si*
Ch
. . . . 106*i ?: .
. ,v (, con l '?
?s 1939 '11 . ..
1 .... 90*5 i .
v 5s 194'', :; .
1 .... 82*5 5 ...
: v.-, ?
v 4Vas 1930 1 .
1 .... 77 ! 1 .
gn 4Via 1902 Tl] Cen
C ?-. ?iton
rfi* 3s 1949
?????? 4 5 ??,
V4s 1950
3 5-'
temp 1936 '
5 ,...101
' _100%
2 .... 100*5
7 -100%
5 ... 101
4.1 1052
.... 30% 4.1 1933
O & Q gn 1 _ 7
? 1958 , III Steel 4
78%' 1940
in
111 3 % a
1049
79
1
1941
?'- |? I 3d . . 70 I-'.
7uLJ - 80
-,' N?n Bell Tel
7-1 194]
2 .... 1021 ,
1 ... .102%
1 -102 H
S ....102%
1? . . . . 10.i .
1 ....102%
3 . . . .102%
Or A Cal iS
5a 1027
1 .... 01
2 - 90%
Qr Short r, 6a
1022
10 - 00%
4s 1029
? - - *3%
Or-W R rt *
N 4.1 196]
I 25 - 71 14
I S - 71
I 5 .... 7 i ii.
| Pao O fi- K 5s
i^^_
4 1 ?'.,
41 %
i ! ? :
4! ?4
A ! ???
4 2
41 S
41%
42
194!
I*
1
_______ I
1 .... sou
llntbo-Met
? ? . 72% 44s 1056
"?" ' 2 - 161,4
4 - 17 i ?- ? r
Intbo n T rfg 1031
5s 19?) 6 ^mT^^^
27 - 56
1 _ 56 ?
13 .... 65%
7 - 65 %
10 _ 56 (j
In! Arcrlcul
6s 1932
Neb 4s 1027
5 _ 0 0
C <& Erie 1st
5s 1982
2 _ 78*4
2 - 78%
C Ot West 4s
1950
1 .... 51%
5 .... 5 2
1 - 51%
1 _ 52
C M & St P
CV 58 2014
Bl*!' B
2 _ f, 8 14
cv 4%a 1932
78 >i
_ 78
1 . ... 78 14
Pnekard Mot
Car 8a tem
2 - 96%
1 - 05%
Pan-Am Pet
&? Tran 7a
1930
2 - 91
P'-nn 7s lor?O
4 -1031.
? J, - 73 I * -K
Int. Mor Mar! PoM 6",fl
it- la, 1 , i?,36
' 10 ,
til 1941
1 _
1 ?30r.
70%'
79%
70';
rfg 4%a 2014
1 _ 69%
2 .... 5914
Sn 4s 19S9
ser A
5 - 70
?' Mil & St P
4a c M &
Puget Sd
1949
1 .... 60
Chicago Nwr.
7fi 193 0
2 _10214
2 ....102
66% 3 . . .'. 7;, 1." I
66% : Iowa Cent' 4s
65 ??, I 1951
"" " 2 ... 40 !
Kan CAM B
6a 1929
2 .... 84 ,
K C Ft a &]
M 4s 1936
1 - 66%
K.-m City Bo
5s 1950
7 .... 7C1/4 i
3
00 ?,
f? 0 ?.',
99%
9 0 '? ;
99S
99%
9 9 ; -
1950
- 66%
.... 56 V
102^ 1 J .... 66%
10*1 Kelly Spgfd
*?**? "' Tire gold 8e
1931
.102
93 G
. 1 on
. 99%
.100
. :< 0 "v
1
96
io:'3
! hlcago Rj
5.'? 1927
1 .... 64*4
C R I & P gn
4k 19SS
5 - 71 %
20 .... 71 %
rfg 4.s 1934
\':\??'.**;?' ; E . Ph:;,
1 ? l pin ?i?. 1028
|^^???????????
I .... 97
!. ick Stl 5s
10 5 0
1 .... 74
L E A- W 1st
6a 1037
3 - 81%
Lake S 4s
1931
IE..? 3
5s 1968
' ....87%
' - 8 8
2 - 87-lj
K'il 414s ?Oti:,
1 - so?,
1 .... 80% 1
2 .... SO?,
_ 3 - 8 0 M
Pore Maro -,,.
1056
2 - go?
Is 1956
67V,
Co
Chic Union
H ?n i',1 ...s sei
?' 1963
: : Lei im ot ft
i' .... 1 o :.
1 -104%
("hilo Coppei
7s 1923
1 ?1 .... 9 3 %
Le h V'of pa
4a 200.!
Ll rg? tl &
:?:, 1961
21 .... 96%
1" .... 96%
Philip RWay
4n 1937
1 ... 40
Pitts C C *
St L 5h .Sor
A 1070
_, 3 ....83%
Pub Ser of N
J 5a 10:,o
1 - 07%
?r' ? ... 68
R'-adinpr pnl
a ?? : '.? 9 7
Rio <; W 1st
is 1939
?'.. 70
T? I Ark & 1,
l%a 1934
1 ' P4
St T, Ir M &
1 9 " 1
Itj.
881
mmmmmmmmm. &? ?
dlv 1o:n
1 6 _ 68 U
st i. & 3 f .?;
! Ser A 1960
M K
1 900
! 9
I 9 '? -?
\ -, 1,
,
.Monis ,'.?
I : .. 1929
1 . . . 7
.'-..i? Tubo
N ') T .: Mi
104!)
?. y
Roll T
T ? ? ? :
? OUI
',
l.'i.l
1 1.1 , i r I In I) .".
$2,000,000
United Fuel Gas Company
Ten Year Vh% Secured Gold Bonds
Authorized $3,000,000. Outstanding $2,000,000. Dated August 15, 1921. Maturing August 15, 1931. Interest payable February and
August 15th in gold coin in New York. Coupon Bonds in denominations of $500 and $1,000. Registetablc as to principal only.
Callable on any interest date at 107>t and interest during the first three years, at 105 and interest for the ensuing three years and
at 102 and interest for the remaining four years. Interest payable without deduction of the Federal Income Tax to the extent of 2%.
GUARANTY TRUST COMPANY OF NEW YORK, TRUSTEE
For a description of the issue reference is made to a letter signed by Mr. F. W. Crawford,
President of the Company, which is summarized as follows:
BUSINESS?The Company is engaged in the production, wholesaling and distribution of gas,
oil and gasoline. Gas for lighting, heating and fuel purposes is supplied direct to consumers
in over 50 municipalities in West Virginia, Ohio and Kentucky. Large quantities of gas are
also furnished to distributing companies serving such important cities as Cincinnati,
Columbus, Cleveland, Canton, Youngstown, Springfield and Akron, Ohio, Pittsburg, Pa.,
and Louisville, Ky.
PROPERTY?The Company holds, under lease or in fee, gas rights covering over 841,000 acres
of land and oil rights in about one-half of this acreage which is located in thirteen counties
of West Virginia and five counties of Kentucky. The Company now has in operation 706
gas wells and 184 oil wells. The Company also owns extensive pipe line and distributing
systems, a total of about 1508 miles in length and gasoline extraction plants, with all
necessary accessories.
PURPOSE OF ISSUE?The proceeds of this issue of $2,000,000 Ten Year 7X% Secured Gold
Bonds will be used to reimburse the Company for expenditures made and to be made in the
extension and enlargement of its pipe line and distributing systems, and for the acquisition
of additional acreage and the construction of additional extraction plants.
SECURITY?The Bonds presently to be issued, are, in the opinion of Counsel, a direct obliga?
tion of the United Fuel Gas Company, secured by $3,000,000 First Mortgage 6% Twenty
Year Sinking Fund Gold Bonds. The properties upon which the First Mortgage Bonds are
secured have a book value in excess of $69,000,000. The total funded debt outstanding in
the hands of the public (including the Bonds now to be issued) amounts to only $12,447,000.
EARNINGS?Net earnings for the year ended April 30, 1921, are equal to over 7 times all in
t?erest charges including present financing.
SINKING FUND?An annual sinking fund is provided which will be used to the extent of not
exceeding one-half of the amount available in each year in purchasing these Bonds at not
exceeding the then redemption price, the remainder to be used for the retirement of Bonds
by lot. This sinking fund is sufficient to retire approximately 90% of the Bonds before
maturity.
AH legal details relating to the issuance of these Bonds are ?ubj?t to the approval of Messrs. Cravath, Henderson, Lcfnngwell &
de Gcrsdorflf, of New York. Temporary Bonds without coupons, exchangeable for definitive Bonds when
prepared, will be ready for delivery on or about August 16th.
We Recommend these Bonds for Investment
Price 98Va and Interest, Yielding 7.75%
?. B. Leach & Co., Inc.
Investment Securities
62 Cedar Street, New York
Chicago Boston Cleveland Hartford Philadelphia Minneapolis
Pittsburgh ?Scranton Detroit St. Louis Milwaukee Cincinnati
The Inform*tioo and (?euros used in thia advertisement are ??airen from sources which we consider trustworthy, and,
while not guerantraxl, they have been relied upon by us in the purchase of these securities for our own account.
1 _ 76%
C'M 4s 15-19
2 _ 73
2 ....71%
Southern llv
.Mi 1994
11 _ 84
67 %
67>,S,
1 .... 5 ."; s
Stand ?Ml Cal
7m 1931
-103*4
2 .... 103%
:' . . .103-14
2 ....103%
2 M?MM',
Steel A- Tube
7 1 9 5 !
92
& r
Tl Ii ? \
4:? 1960
2,1 n fi
7 S ',
? if g
I 5a 1960
Tklewtr ?'?1
6 % s 1 D :: !
In trim ctfs
Tr-Cy Ry ,'
I. 5a 1923
1 .... 02
Un Paclflo 6
1928
1 _ 99%
I ....100
1 _ 9 9 %
1 _100
1st 4s 1347
1 - Sl%
registered
1 _ 78
rfS 4s 2098
2 .... 77%
1 . . . . 76%
cv 4b 1927
4 .... 85%
10 _
Ln Rd i
F 4s 192
86 \<,
8 5 >i
.f S
6s 1924
1 .... 87',
6s 192 3
1 - 91 %
Virginian R\
6s 1962
13 <
W M.-irvlan?!
4s 1952
West
1922
U S Realtv &
I 5b 1924
.1 _ S 7 V?
V S Rubber
7%a 1930
4 _101%
3 _101%
1 -101%
6s 1947
10 .... 79 '-j
1 _79 %
1 ....79%
!' S Strel 3 f
6s 19?:;
94s.
94 '-j
11
s30f 94
- 94%
s30f 94
.... 9 4 Vi
- 94 %
IMah Row &
I. 6s 1944
6 - SO
Va-Car Chem
temp ri r b
7%s 1932
1 .... Jin
West
1946
10
1 - 79'?
West Shore !?
2036
1 .... 72
West I'nloi
6s 193S
1 . ... SS
4 Us 1950
8 0 '
Westgh Elec
7h 1931
1 _101%
1 ... 101 \
8 .... 101
1 ... .101U
7 _101%
5 .... 1 01
2 ... .101 'R
Wick Spencer
Steel 1st 7s
1935
3 - 90 V,
W'tlson Co 1st
6s 1941
6 .... 8 6 %
8 6 %
8 6 %
86 V4
I
The Tribune print* each day th?
maturity 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 boars, the market price,
nvd the distance of the maturity date.
To figure the precise yield on a bond it
is necessary to use yield tables, but the
approximate yield ran roughly be figured
out by the following formula. Divide
the closing quotation ou. a bond into
the rate of interest it pays, and the re?
sult will be the annual return. If the
lend is wiling below pur you. must
allow also for the appreciation of the
principal. To do this subtract the mar
he* quotation from par, or 100, and di?
vide the remainder by the number ??'
years the bond has to run before ma?
turity. For example, if a t? per cent
bond is selling at 90 and has ten years
to run, the annual return will be 6^6
per rent. Th'' difference between par
and the market price will be lQ^points,
subtracting 90 from 100. Dividing frn
points by ten years the quotient, will be
i. This figure fg to be added to 6.6S,
which is the annual return, and the re
sult 7.66 per cent, will give you the ap?
proximate yield.
Endicott-Johnson Earns
$4.29 Share in 6 Months
For the period from January 1 to
July 2 the Endicott-.Tohnson Coroora
tion reported net profits, after Federal ;
taxes, depreciation and all charges, in?
cluding adjustment of inventories, of
$1.!?57,019, equivalent, after preforreJ. I
di ' nds, tu $4.29 a .shan', ai $50 par
value, earned on the $16,862,995 out?
standing common stock.
This compared with net profita of
$2,075,62?, or $4.73 a share earned on
the i 16,390,000 common stock in th ?
corresponding; period of the prec^dins;
year. \'<m sales amounted to $'26.831 -
551, ngainst $38.677,401. Manufactur?
ing profit netted $3,055,758, c impared
" Ml- $6 51 D.982, Sui plu , after ' divi?
d? i I... totalted $604,613, against $768,
873. Inventorie;! on July 2 stood nl
$16,457,488, compared with $21,079,084.,
k? ? 1A1A City and County of San Francisco 4V2's, due 195! A 0AQ?_
AUgUSt, 191" were sold at 95.13 arid interest to yield about ?t.O'F /U
?? ?.1 HOI City and Counry of San Francisco **P ?'s, due 1951 p yjAd^,
?1 AUgUSt, itf&i are selling at 86.73 and interest to yield about D.*?U-^
Consequently the cost of a $1,000.00 bond was $84.00 more
in 1919 than it is today and the yield to maturity .60';. less.
During the period of unsettled business conditions through which we have
been passing, high grade bonds, from lack of demand, sold at exceedingly
low prices.
Now we have evidences of a decline in interest rate and a growing confidence
resulting in a demand for bends, and as a consequence increases in prices.
To those contemplating investment in municipal bonds, our suggestion
would be to consider the purchase of securities now, when there is oppor?
tunity for excellent investment to yield such attractive, return.
We will send, upon request, circular R-211 descriptive of the new offering of
City and County of San Francisco
Gold 4V2% Water Bonds,
Due July 1, 1945 to 1964, inclusive
at prices to yield about 5.40%
These bonds are a direct obligation of the City and County of San Fran?
cisco, and are a legal investment for Savings Banks and Trust Funds in
New York and other states.
WE RECOMMEND THESE BONDS FOR INVESTMENT
Exempt frcrn all Federal Income Taxes
E. H. ROLLINS & SONS
43 Exchange Place, New York
Boi'.nn Philadelphia Albany Buffalo Chicago San Francii o
Gold From Far East Arrives
Olympic Brings Shipments
From A?ii? and England
Additional shipment-, of ?,*o!?l were
received yesterday on the Olympic,
part of the consignment being from
the Kar East. Tho gold was consigned
as follow..: Kuhn, I,o**b & Co., one
box from England, value ?9,000 sterl?
ing; Barclay, Hazard & Co., cighty-tive
cases, value ?392,473 sterling.
The cold consigned to Barclay,
Hazard & Co. was transshipped from
a P. & O. steam or from Bombay, und
consisted of British sovereigns, Turk?
ish litfi and Indian mint cold. This
metal Korw to various banking con?
cerns in New York, including Kulm,
I.ocb & Co , Guaranty Trust Company,
National City Hank >? id tin* Sumitomo
Bonk Ltd.
Kuhn, Loeb & C< f o been advised
that $325,000 gol?l I dgncd to them,
Available August 15th or September 1st
Assistant to the President
-Successful yourii: man, college educated, with broad, con?
structive business training, i.s available.
?At proscrit is advertising and sales manager of department
store with sales of six millions a year. Assista in the managing,
and has shaped the store's successful sales policy during the
period of depri ssi n. My best reference is the President of the
firm 1 am now" leaving.
Salary should be from $4500 to $(3000.
L 535, Tribune.
i
is coming ?>n th-> Cu tarder Aquitania, i
which will bring their total to $94,360,
ono since January 1. s
Equitable Trut.t Company has been
advised that $1,700,000 gold from
France will be shipped to them on the
French liner France, due to leava is *
few day?.

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New-York tribune. [volume], August 11, 1921, Page 15, Image 15
About New-York tribune. [volume] (New York [N.Y.]) 1866-1924