New-York tribune. [volume], December 20, 1921, Page 15, Image 15

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

Image provided by: Library of Congress, Washington, DC

                
Charles M. Schwab
says:
"Set a time limit for accomplishing tasks.
Smct adherence to this homely principle
yields amazing results."
Procrastination (alias "Tomorrow," nlias "Next Week")
is a cunning highwayman on the road to achievement.
Furnve and watchful, he lurks always "just around the
comer," Few are the travelers whom he has not, at some
stage of the journey, held up and robbed.
But constant vigilance can outwit even so sly a thief as
he. Some men use a "time limit" to lash their intention
fast to their action, and then travel with self-discipline as
body-guard. They add the support of a good business
bank in order that they may never be victimised by Pro?
crastination through lack oi available funds.
, THE
IMPORTERS &. TRADERS
NATIONAL BANK
? OF NEW YORK
Capital. $t.500,000; Sur-p'-us, $7,000,000
Undivided Profits, $1,500,000
Total Resources i44.000. (WO
? /. <_ r. *t*. s., (?j
?""W.J
Invest at fl%% (Guaranteed)
While You Can
Money is becoming cheaper.
L. S Treasury Certificates are selling on a basis
of 3y4%.
The Federal Reserve Bank has reduced its discount
rate to 4 !/_; % ?
Victory notes have been selling above par. The in?
terest, yield of high grade securities is gradually de?
clining as prices rise.
Guaranteed Mortgages are still yielding 5 Yl % ? Now
is the time to buy before they too are affected by the
tendency toward lower interest rates.
The Guarantee of the Lawyers Mortgage Company,
backed by its capital and surplus of $9,000,000;
and its conservative business methods, assures you
absolute safety, and at the present time, 5 '/i ',.
interest.
We offer you Guaranteed First Mortgages and Cer?
tificates on improved New York City Real Estate
worth at least 50r? more than the amount of the
mortgage. Legal for Trustees.
We shall be glad to give you complete information
if you will call at any of our offices or write for
Booklet B-130
'SAFETY LIMITS'
This booklet explains why Lawyers Mortgage Co.
Guaranteed First Mortgages and Certificates are the
mo3t completely safeguarded mortgage investments
in America.
Lawyers Mosomge Co
Capita] and Surplus $9.000.000
59 Liberty Street, New York 184 Montague Street, Brooklyn
4 Herriman Avenue, Jamaica
A'o instance of loss in 28 years. We guarani?' there never shall be.
Tvrrr riTyn
ETERNAL
S0N9S
?F
EUROPE
??'?'lan?
?fti? for ?
''s? ein,,
*? **okle
J-Slt
DUE to the existing
level of foreign ex?
change quotations, the
Government, Munici
Eal and Industria?
ondsof European na?
tions are today selling
at prices that should re?
sult in attracrive profits
when conditions be?
come normal.
"Foreign
Investment for
Americans"
is the title of a new
booklet which discusses
the more popular of the
European bond issues
and suggests how to
take advantage of pre?
vailing exchange rates
thrcrj ?h the purchase
of these securities.
Wm. VL McKenna &. Co.
25 Broadway 25 West 43d St.
NEW YORK
Pater*oa
la Piusburjih,
Ten Popular
Copper Stocks
Among the 20 or more
listed coppers are a num?
ber of issues, popularly re?
garded as the leaders in
this group of securities,
selling at a discount of
*W% to 60% from their
record high price levels.
Statistical report, showing
10 listed stocks, selling at
from $15 to $65 per share,
together with record of
earnings, dividends, book
vaiues, the 1910-1921 highs
and lows, mailed free on
request
Ask for R-675
?-Sk^ERBREMER. ?SiOX
STOCKS ?BONDS
*- __- ?Atauv Office. -
J? BROADWAY - N'FWYORK.
rCUPHONfi - BRXJAO ? ?Si.CS
International
Petroleum
Complete report
on request
Ask i or No. T-56
All active New York
Curb Market Securities
bought, sold, quoted
INQUIRIES INVITED
Rasmtjssen & Co.
Member? N. Y. Curb Harket
STOCKS - BONDS - GRAIN
111 Broadway New York
Tel. Rector 4061
WHAT DO YOU GET
out of the
FINANCIAL PACE?
We are distributing gratia to all
who art Interested ir the financial
pages of. thi papera u practi?
cal and hi ound
"?ok.
it ?xplaina the Blffnlflcance to ihn
Investor of bank clea i ga " ire?,
a ad stee commodity indi? u
eral Reserve ratios, and many
financial factors.
Copy free on request
Ask for B. 17?.
Mosher?M^llace
Stocks - Bond.s - drain
?MEMBERS NCWYORK PnCtJCCB tNLllAMQ?
t?NS?3UaWEO STOCK EXCHAMjE NEWYORK
33 Broadway i 30 E. 42*4 St.
CHOMt. WHIftHAa 1?40 I PHOHCWOidlXBIU 10230
Famous Players
An analysis well worth
reading?other features in
Ask for a MARKET
Copv B-128 OPINION
ft. H. MaoMASTERS & CO.
Mtmbtr' C?r,?o'adalsd Snei Sx?karige 0/ A*. T.
82-84 Broad St. New York
?>uiH) BnadO.lSO. Snttrt Firtt Fits*
Office? iu eight sine? - diroct wiraa
$30,000,000 6 P. C.
Bond Issue Sold
Here by Denmark
?Lower Coupon Rale Due lo
Recent Market Rise; INew
Securities, Maturing in
1941, Offered at 9 i ?' ?_
?-_.
Tlif* Kingdom of lVnmni'k luis sold
un Issue of $30,000,000 fcw-*nty-yenr 6
per cent bond? to the National City
i Company of New York, which i*i offer
rig tin- securities at 9*-""_. to yield 6V?
? ? - cent ( o mal ui ity,
The reduction in tho coupon rate, ai
compared witli previous issues, I :i
result of th>* recent rise in bonds
Practically all of the Importanl I ?
floated here during the last two yi ira
have carried coupon rates of 8 per
.. and were offer.d in many ci
to ?? . v,. ' than 8 per cent. Four
Feen months ago Denmark floated a
$26,000,000 tvrenty-five-year 8 per ?
loan '.n the United State
In obtaining the new D
the bankers here were forced to meet
the stiffest kind of competition Erom
London bankers, who were eager Lo
land thi' business,
The new fis are callable at 105 at
any timo aa a whole, but not in pun.
ipons and bonds are tax exempt in
Denmark and payable in New York
dollars. Heavy subscriptions were re?
el for the n-'\v issue yesterday on
the announcemenl of the offering, and it
is understood that the application! al
ready recorded are in excess of I
amo loan, ins I ? suc?
cess of the offering.
COPENHAGEN, Dec. 19. M
of Finance Neergaard to-day in1
ed a bill in the lower chambi r de?
signe I . o raise a 6 per cenl itate
up to $30,000,000. Under the provi?
sions of the bill bonds w m 1 bi
sued at a minimum cent, re?
ble after twentj years at 105.
Canadian Par i fir
Sells ?25.000.000
I P. C. Bonds Here
Perpetu?is Offered Direct
lo American Investors
for First Time, Marking
New Epoch in Financing
Format announcement was made yes?
terday of the sale by the Canadian
Pacific Rf.ilway Company of *25,000,000
of its consolidated l per cen?
indenture stock, pavai;'.*, principa; i :
erest, in New York to the National
Company of N ??*-- Yoi k and
ranty Trust Company of New York.
The deal was negotiated by the Na
I ? J . Li !., of ("anada.
Formal offering to investors w I
::-a de s Mort ';, .
?rs r tinted out. in < i
tion with the transaction
e prem ier
of the nadian Pacific Ra w
? i ? United
States, h. road ha
to London to bi
The transfer of the financing to
market, therefore, marks a new ep
in American finance and incre
prestige of New York as a woi
cial center rii a
The financii g ( an Pa?
cific has foilov. :
whicl
ture stock, "? lich is ci i i
the Americai practice or c
iar security a fn B*
the nion Par
-
a icur t; is a first charge up:.-: the en
tire undertakii .
pi rati ' : ex pens es and ? ? liarges on
?.rities whit ad bei issued by
the ''anadian Pac-i:'.- prioT to 1889.
These underlying securii
-;n respeci to only 1,642
the Canad an Pacific sy. . ? ??????p.*
the total mileage of the company
is close to 14,000 mile'*. Inclu
the new issue the Canadian Pacific ha
approximately $232 000,000 of the con?
solidated debenture stock outsl
To meet the requirements of the
American investment market the new
debentur*? stock will bear interest
coupons. This is an innovation, since
all of the debenture -stock heretofore
placed in the London market has been
in registered form. The preference
stock has received dividends wit!
interruption since its issuance in '
at the rate of 4 per cent a year.
Canadian Pacific's n ings in
' 20 were $44,119,492, while
--res were $10,775,408. In the first
? nths of the current year net
earnings have increased $1,754,196, or
61* per cent ahead of last year
Montreal Sees \eic Era
In American Financing
Special Dispatch to The Tribune
MONTREAL, De.?. 19.?Newa of the
completion of negotiations by the
an Pacific Railway 'or the sale
of $25,000,000 perpetual 4 per cents was
received with great interest here. This
is the first occasion upon which tfc !
road has made an issue of -
securities on this continent. The offer?
ing is regarded here as a
times indicating
to this side of the world's financing.
The securities to be offered in the
United States are regarded here as bc
;njr a particularly r.no issue and ?"an?
adian? regret only that they will be un
o participa!?, since it ha
impossible to determine a Canadian
price in view of the exchange situation
at the moment. is for h
issue were carried or. entirely in
? anada, the New York interests
represented here by the Nationa I
Company, Ltd.. of Canada, a Canadian
organization affiliated to an extent
[with the National City Company ef New
York.
The president and directors of the
? Canadian Pacir.c seem pleased with the
result. The $26,000,000 issue will in
: crease the outstanding perpetual 4 pe?
cent consolidated debenture stock t<
$232,000,000.
?
Supreme Court Dismisses
Suit Test ins 5c Favo Limi'
WASHINGTON, Dec. 19,?The Louis
ville, Kentucky Railway case was dis
missed by the supreme court to-daj
for want of jurisdiction.
The court did so by refusing t?
answer questions asked by the Circui
Court of Appeals, although it had per
mitted the case to be orally argued.
The circuit court has the eu le pend
ing before it on appeal taken by th?
city of Louisville from the i'nite?
District Court, for West Ken
Tucky, granting the railway compan;
a temporary injunction restraining th
?'rom enforcing a iive-eent fare
": ? circuit court sought to obtain fror
the supreme court instruction?? o
certain questions relating to the bind
:ng effect of the contract with t
under which the railway was grante
its franchise, and in which it wa
stipulated that the fare should be fiv
cents. The railway company ciaime
the confract fare was eonfiscatory, an
is no*?' charging seven cents.
Crot?n Iron Co. Receiver
?JOTRWICH, Conn., Dec. 19.-?P. Perc
of New London, was a*
ointod trustee of the b
Groton Iron Works to-day. This is
C. W. .Morse concern, and Mr. Morse
interests have unsecured claims c
more than a million dollars. The?j
interests wanted president James ?""wat
the temporary receiver, made truste
>il Pri?es Lower
I?? Quiet Trading
On Curb Market
S o in me of Transactions Is?
Smaller and Quotations
Move within Narrow
I ami! as Trend Downward
Prices worked lower on the curb
market \. sterday, when oil shares were
ofl ?red at. concessions. Volume of
ictions was Bmaller and quota?
tions were confined within a narrow
i
lard of Indian:* ?.old off to 90,
Imperial of (imada fell back to 110,
I while Cities Service hanker*--' shares,
International and Anglo-American, lost.
fract ions.
Tobacco Products Export dropped Lo
Magma Copper rose to 25 cents
and Sweets gained a fraction.
industrials
i ipen. Ilisrh. Lo *?' I ??? ?'
1 "? 1 "?_ 1 h 1 %
730(1 ?Ac SU ''??? S3
I M ib i , 2Vi i "4 ' ?'<?
? ' i ?? king ' * 2>i 214 - '*
?? ?_ * '*
1 o p f . -. ' - .* - '
Al I 1 I- 1 *, 1 ?', 1 \ 1 *>|
?
: 10 10 10
- " '? '? ??? Pob . pn l \ 12% 12"*; 12*4
.7 I IB % 120
i,. B. , , 32V? 32% 32*4 22%
h , i :r Fruit fi 4 6% ? % 6%
?I nr : .iirht . 00 00 90 DO
. i ?? ul . ! ? i pf. 107 107 : :
? ? . 2>? 2'-*
Auti '-, " '? -'?
i El - SO ' 75
? ?? (";ii : 12
i-ero i% ?? "4 .> ?*?? S
i . ; pf, 65 BT 6? 6G
Mol 25% ' \ . .
12 Vi 12% 121? : : '.
...
.??;....
16% 16 :?'? *.
\ : ? 'oal. 42*4 43Vs I 4 * ' 1?
i ; 1% ? > l; ' ,
: ? s i :
di pf 271. o 7 l? 2 7". ?? 71_
: ' 00 '> ? l'i 1 IV,
114 10
14
.
I
! , * . .' 'ti . '??
. . ..,. - , ...
2 1. ? ? 214 - "
' 1
? ' -, ,fl . ?>
J
h L? 6 '4
' '> 21?
io 1 ' : . - -, 2%
lb 2i 20 20
??.-?.-..
: -j
I7? 31? *i I**4
? ? '??> 7? 3 14 '?? 1*
21 21 21
2?00 Tobacco Pro 1 ' 4% I t
16 9
10 15
?41 ! -, ?
IS
? ' ! ' ' 1 i Vi J
l'ayne Coa I I
End Ch .
rp : .:
Standard Oils
" '? -1 1?
,78 80
tl?
27S 277 277
9 Prairie 1 ! 225 2-3
mth r 7fl - ? 73'
53 r ?;
. .... ,,,-... .,,,
Ufl 8 Oil of .N . - 37E
.: ? Vacuum Oil : ' . ' : 321 321
Independent Oils
60
11 ? a n 1 e d 1 :
I'.'01 Fui 17 51 4 4 50
. ? %
in tic Pi ? 4*4
i Oil
; . : .
a O
. . ? i ? i ...
- ?* 22 ?
5 8 1? 31
1 204
. ?' '? ? '?' ? i 714
-
: - :. 1 %
? . ? -,
1 -.
9 8
*-. to*-,
;
.. . ? \ 1 :
1
2it? ?Keystoi R 50 SO
? 7 1 7U
1 Magma 1 I . %
' ' 1 ? - ' ' . - < ''B
Imitan O. In . 15 : .
- ? , ! !_, 1 1 _
ridian Pet, 15 16 16 :
<-- ???-, -ii., 3%
6 36
Par IV? i '?- 14 '? Si
1 : ?o M ? _ ; 1
.
? ' ? 13 13 13 13
2 V? 21? 3 2 Vi
trthwest 7 ; 26 26 26
ICOO Omar Oil 73 7s 7: 72
-, : 7 !? 17 ?*? 17 V? 17 V.
6% (Its' 6% 61*.
go
Vi s "h
*od 13 "Si 13*4 13% 13%
t.- - "? lli ? -,
- '?
3800 Sk' 1 5 Va SV, :. Vi
S Pel IV? 1 1 Vi
?So States - *??
?.. ? ?-"..,.? . , j ... ;.. , ,
tag 12% 12 V. 1 -
:.,
a O 71 SI
'S Hi ??*?, "4
?*V* 3 idbun 70 70 70
*y 0 :s 27 30
Mining
g00 A '
5100 ?Big '?? df-i 28 29 26 29
. ... ... , ?g
29800 ?i' ? ? Moni : 92 88 90
lie ,1 n ... 6 'I fl
100 ?( -. & , ?m?! ' " 1C 16 1C
. rizona. 4 1 4 4
... 1 ft i H
. ? * ; (."a ?*, i ; '
B2 Silver " v ' S5 ?7
. . 2<S 24i 2,^ 2*4
.? .1 I ? ? R 6 Vi S "4 8 -..
t. 114 Hi - ',
7 7 6 6
i 7000 *Eur 1 ?roesua 27 27
;: : IS IS
7 ?O0 "Gold IS ... 3 I ? 3
Hold States 52 ;. 52
12 12
? ?5 25
: 4 - 13 14
...,;-?(??
7\ 7 ?t
Sou 11 !'-* -' ??
6000 * i 25 25 27
fumbo Exi ' 2 ; 2
j
.... .. J, -
: 000 "K nox Divid? 7 7
... Rose Mng 7;. _'. ?7 26
: . ? or s Star ... 1 I 1 1
10 li 10
25 '4 2314 2 7 "
: no *v p. 31 ' 30 ?31
7 ...-.-.r. Vallar. l"i I *i 1% 1 ?4 ,
*?? herlodi 1% 5% 7
?do old 7 : 78 7*
...'?? T 1 ?? 55 77
ii000 ?>; , ?- Ophii 4 ! ; :.
Ill Horn i 4 4 4
900 New Dominion 214 2!4 2 ;* 2*4
3601 sing ' '???. 7 Vi 7 7 ?,
? ?Ohio Copper. 11 11 13
24 27
250U *Hei Cons ,. . . ? ? 7 7
vm P A G *k *i ?* l,
er Lead 10 I I io
????,'?? Min.,
*f*u ci ss Min. . ! 11 I
! ?, :7"_ 1 ,r. 1,7
? ? ..no Cash B 6 3 6 ?
5000 ?Ti i9 56 58
i .?? I T** I -'4 I -"
4 *4 E ?< S 4 "j?
"?-i 2 H ,;^( HA
run c'n Verde Exl 30 SO
55 Conl 50 CO M
si End C.. 82 ?7 73 7'.
&t?
Bonds
Sales (000 oml led) O en 7':*i' Low Las'..'
I ? , . .62 54 V? 52 i'4 :- I
_?? ,i . . ? . !.. 14 14 46
i . 103 m:'3-. 102?4
- Am l.t & Tr 8a ?- 96V4 ?(*V_
1 Am Tel *(s 22. 100V? ?.:???.: 80 ,
?? do 6s '24 . 100 - 1? Mr ].'"*- :
" Vnaconda Cop 6s. '-7 97V? *7 97V4 ?
. . 101?i 101?? 10J ?- I**1! '*,
10 Ang-Am O 7Via--10314 103 Vi 103!4 108*4 !
: Umour - Co 7s. 103V? 10314 102 ? 102 Vi
2 Ban--.r!all >s B ? 99 99 99
1 Beaverboar i 5? 7 ? 70 70 7"
100V? 100%
s do 7-. ' 3 !'"'-:3 100Vi U)0 ;- 1"" '-i
? -, ? ? \ ". -j lOOVi
r Paoiflo **s. .100V4 l"0*4 10":? 10?"4
; , ..,,. Bte?*l Ss ? ?- ?(im, lOOVi ?
-: 7 7 50 05
.i. b 81 4 ? 1-, 43 43 1
Cons Gas 7a (0 ?'- l'*"7, 100% 100%
S do BalU? 7s. ...113 103 193 103
ia Textila k's 99% 3^4 99% - ? i
Bxp Bs '24. t?t? 163 !"J*4 103
in." *., 1-14 H 193% 104% '
S Cuban 'r-; 7%s .103V? 103% 103%
$30,000,000
Kingdom of Denmark
Twenty-Year 6' External Gold Bonds
DENMARK
The credit of Denmark ranks
high with the most important
nations of the world.
During the twenty years pre?
ceding the war the Danish gov?
ernment borrowed abroad at
rates from 3% to 4%.
The average yield of five gov?
ernment issues listed in Copen?
hagen was 5.23% on Decem?
ber 2, 1921.
The wealth of Denmark, as
officially estimated before the
war, was nine times the debt
of March 31, 1921. The per
capita debt is one of the lowest
among European nations, being
officially reported as amount?
ing to but $88. Government
owned property, largely reve?
nue producing, is valued at
$418,115,000, which is more
than the total debt of Denmark.
On November 26, ?921, the
National Bank of Denmark had
a ratio of gold cover to circu?
lation of 53.789c> as compartid
with 46.17% on July 31, 1914.
THE ISSUE
Dated January 2, 1922
Du? January 1, 1942
Interest payable January 1 and July 1
upon ? . denomina! ona of < DOS stu! J?OO. r?g;?strrf>b> ne to principal or.r:
Principal, vreml-jm 3rui interest wti be payable In New Torh Cttjr in "'ritisd States
Uoid coin of the prr-Kent standard of weight and Oneness at The Vatlonal Cltx
Ba.nl?: of N-w York, the Pisca* A?e*>t of th? Loan, without <*? Suction for any
Danish lues, uri-s'-nt or futur? Principal, pren luro and infereflt ?il! Se
pajrahifl in rime of war ,..v wall as in time of pear.?.\ Irrespective ' ,l s
? of the ho
BONDS CALLABLE ONLY AS A WHOLE AT 105
on any interest ?date prior to rr.aturity on sixty days' notice
*.* indicating the approximate yield? on these bonds, should the Danish
Government at any time exercise ?.ts option of redemption.
Redemption at end of 5 years at 105, net yield 8.19%
Redemption at end of ?0 years at 105, net yield 7.13 "v
Redemption at end of 15 years at 105, net yield 6.79 "?
These bonds ?re the direct -?b! i ?ration s of the Kingdom of Denmark,
which agrees that if in the future it shall sei', offer for public sub
scnption or in any rmnner dispose of any Bonds or contract any loan
secured by any lien or pledge on or of am* revenues ?r assets of the
State, the service of this Loan sha'! be secured equally and ratably
with such subsequ??nt loan.
We oiler these bonds if. as and when issued and
received by us. subject to approz'al cf counse
94V2 and Interest, to Yield about 6! 2^c to Maturity
Delivery in temporary form is cxpcct?sd on or about January 4, 1922.
Complete Descriptive Circular will be sent on reouest
The Nationa! City Company
Main Office: National City Bank Building
Uptown Office: National City Building. (42nd St. at Madison Ave.)
Offices In more than 50 cides in 'he United Stales and Canada
n rm; 1 n tag i,r??n nb-aint-i. partly by cable, from officiai statements and statistics. "WTaiie ?re do not g%is.ra.n'e? -?-?
be correct. All statistics relating; to foreign money B.re expressed in terme of the Vnite-i states goid dollar at par of exchanat.
- ilea (000 omitti 1). Op? ? HI-fr Uv, Last.
? ('ale?a .- O .
Asphalt 8b i
?i Go -in- b Tire 7s. 9! '? ?? ?* ,?1 A
: <;?: Trunk ? ? ? 10 ' 10 'V*
13 Vi 103 10**4
' Hel na ? % 10 S % 103 %
, 100 % 100
? R T 7s - ? 76 ;?? ,
71 ' j 72 ??
2 Ken.:c tt C i 101 Vi 101 :? '"> S 101%
a i.ib ?.. ? .? ? .. 33% 99 '.
?...-. 90',-? '" ui
S 8? ? - . 98 ., 3S ?4 "" i
' *> ? ? ;us ' - ' ??'?'! 98 ?4 ?**'*
? '
. , -, H ta. G! a ,;? 67'a 68
133 i ?re fron s :,?... 97 % "7 % 9." ??. 9
? . 99
i C 6s i% ? - "-. ? '? '?
. a Blec 6b : ? \ 100*4 100 ?A 100%
1 Troe & G -
Phi pa Pet 7 5.102 102 102
... S4 98"i '.?8ai
n Galr 7a . 37 -. r?7 % 97 67
3eai j-Ro?, ? ?2 ? -,
d? " 19 -, ' '- ' ' Hi '' *??
- ?.-?-sheen 7s. . .
20 - ?-it Bell 7s ..101 101 100 .
HI N Y 7h '26.104% 104% 104 a4
do 7s '27 '. 106 '? 06 !'"'
do 7a 30 [07% 107Vs 107
111) 'i:;f .105' :
; 2 Sun ' 7a ?....??..
? . ?
do 7s 'SI 102 ' ".."'?'.
?Texas 7a l<?0 '-. I ?0 '? 10' ?'? Id ',
ago 7a. 100 ,
;??< : )4 10* 104
rod 7s .'?.??, ;
11 Un Oil P*o I Ss. . 97% fi ?., ' . ?: ,
Ry Hav . ?-..- . .
: Vacuum Oil 7? LOS?*-? 107 I0t ,
' \\ arner Sug 7a 18 -.- '?? ? 96 ?
5 Western Elect 78.103 % 104 103*4 '.??:: %
26 **i*Uaon Co 7%a. 96 ? IS ;t 96 '? 96 .
: V* Inchester 7%a too too 89 "'-. I |<
Foreign Bonds
'3 Argentine 7a... 19% IB yfe fl9T*
1 Fren? h \ let 5a 62 62 62 62
27 Rio Grande 8b. ..100% 100% 100% 100%
3 Russian 5%s_ 12 12 12 '? Z
is. H" ?4 35% 95 9 ?
[oval Dutch Share Ruling
Dividends Not Subject to Taxes
in last Three Years
In a circular to holders of "New
York sharps" and "American shares"
of the Royal Dutch Company, Avery
V. Andrew?, chairman, of the Ameri?
can subsidiaries, states that a ruling
by the Commissioner ?if Internal
Revenue is interpreted to mear
dividends received on the "New York"
and "Am-?iican shares" in 1918, 1919
and 1920 were not subject lo the
United States norma! individual in?
come tax. nor to corporation income
and excess profits taxes in the hands
of the holders of thi se shares.
He further stated that it was proper
for the individua! holders of these
shares to deduct the amount of
d vidends on the shares in making up
their tax returns for the years men?
tioned. Where such deduction was not
made, a claim for refund or credit
may be riled with the internal
ig Bureau. The ruling, it was !
said, does not apply to dividends re
ceived in 1921.
Ajax Rubber Plans Offer
Of 200,000 Shares of Stock
Announcement was made yesterday
that the Ajax Rubber Company, in
connection with the issuance of $3,
000,000 ?fteen-year first mortgage 8
per cent bonds, will offer to stockhold?
ers the right to subscribe to 200,000
shares of no par value capita! stock
at $12.50 a share. The stock has been
underwritten.
F ?r the nine months ended Septem?
ber 80, last, the company sustained a
1 iss after interest charges of $3,966,
4.??. This included inventory write
downs, operating losses und r?serves.
Net sales for the period were $8,037,
382, compared with $17,031,121 for the
fuli year 1920.
Use Care in Greek Shipments
The American Manufacturers' Ex?
port Association has been informed that
it is advisable to ship to Sal?nica,
Greece, only on the basis of cash
aga documents in New York until
12 2 Years of Economic Development & the Bank of the Manhattan Company \
The McCormick Reaper
EHE McCormick Reaper, on
-*- which Cyrus IV. McCormick
took out his first patent in l8jj} was
perhaps the greatest single influence
in the agricultural development of the
West. Large scale farming of a sorr
never dreamed o? in the East was
made possible only by the Reaper
and the other labor saving devices
that followed in its trail.
From the limits of the small
community that New York was,
when the Bank of the Manhattan
Company was founded in 1799,
the service of the Bank has followed
American business through every
stage of its development. Todav,
its service is nation wide and its
range of contacts covers business
activities of almost every conceiv?
able nature.
Bank of the Manhattan Company
yj
%
CiiARTERi'.D
[799
*
Vice-Prtsidtnt?
James McNeil
B. D. F?rster
Harry T. Hau.
Edwin S. Laf?sy
P. A. Rowley
D. H. PlERSON
Frank L. Hilto**
V. W. Smith
?ohn Stewart Baker
40 Wall Street, ?\uw York
OFFICE %S
STEPHEN BAKER RAYMOND E. JONES
"Fres;?tr.; First Vtce-Frer.dent
O. E. PAVNTER, Gukitr
Vrrovnt Office?51 Untan Square, Ntvs York
Brooklyn Q??ices???. John't Plac' and Cypr?ts Bills
??exx.Nt Borough OrncKs? Jaman*, Fiutning. L^ng Island Cryt Far
Reckatvay, Racka-Jiay Park, Rackatvay Btaca, Seatide. R:e intend
Hil!, Elmhurii, Matpeth, Carina, Caliere P??/,
ftrt$d?aven) Rtdgcwmj, Fr$sk Pond
Capital $5,000,000
Surplus and Undivided Profits. $17,520,682.29
A.'s 't Cashiers
W. F. MOORB
I. S. Gregory
H. M. Bucklin
W. A. Rush
Grzo.S. Downing
E. S. Macdonaud
O. G. Alkxandm
C. W. Cajpss
Toronto Is Disturbed
Fears Financial Resource? May
Center in Montreal
TORONTO, Ont., Dec. 13.?Fear that
the proposed absorption of the Mer?
chants' Bank by the Bank of Montreal
may lead to undue centralization of
the Dominion's financial resources in
the City of Montreal were expressed in
financia! circles here to-day.
There also is soma auch feeling in
the West, according to news dispatches.
The depositors and the general pub
? < ??. ???'< protesting :\<nai*ns*i ii*? mer
DIVIDEND NOTICES
VI PISSING MINES < O.. -LTD.
H-art Office, Toronto, ''an", 'a, Dec "? ? *? C i.
The Board of Directors ha? to-day de?
clared a quarterly dividend of THREE
PER CENT and THREE "KP. C K.VT extra,
payabl" January 20. 1922, to sharcholder*
Ol record Dscembsr 31, 1921. Transfer
books <*lo*te December 31, 1931, and raspan
January *-8> 1332.
P i" PEE1FEKR. Treasurer.
i ger, however, as they are guaranteed
full protection.
Holders of Merchants' Bank shares
will lose -?bout $45 per ?hare in the
merger, or & total of about $5.000,000
on the basit of the relative valaea o?
stock of the two'banks before the mer
DIVIDE??? NOTICES
IN DUNA PIPE UNE ro-WPA?TV
18 Brood WM*)-, >ft* York
D.-cember ?th. 1S2?
' ? o? two dollars *>er shs.**? hss
Btmn ?I'-.-.Ared on the ?'.?pi-.a! flock of this
i-oi*:p.r.", pfcyab.e 5*et.ruar> :7th. 1??-.-**. to
storkhoid-jr? n< rece ri fct lise ?-,ott o? tu?.?
:;eB? J.u;u_ry _<tt>, l?...
All comi-nunu-ations regar-iia? paymeiv.
or chins.. ?! a.ldres? should be ?eru to the
undersigned noi istsf thii. February tit..
i-2_.
QSOESa CHWUH-yy. Secretary.
ger was announced. Every two Mer?
chants' Bank shares will be con-re"-*-"-"*-***!
?n^t> one Bank of Montreal s lier**.