New-York tribune. [volume], October 03, 1922, Page 17, Image 17

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

Image provided by: Library of Congress, Washington, DC

                
IheNewYorkTrust Company
Capital, Surplus G? Undivided
Profits - - - $27,000,000
CANADIAN EXCHANGE
CANADIAN CURRENCY
Bought and Sold
?00 Broadway
57th St. & Fifth Ave.
?mJiiZ;
An Invitation to the
American Bankers
Association
\A/E welcome the members of the
American Bankers Association and
cordially invite them to avail them?
selves of the facilities of our New
York office.
Direct privait wires to
New Orleans and Atlanta
H?ertua Ban
k& Trust Co. <fy w: W\k
[' B }s A en- Oriearu-Loiusiar.a
Hibernia Securities Company,//
NewYork Office-M-iPine Street
nc.
t-oJelcphonc-?ohn 230$
NEW ORLEANS DALLAS
ATLANTA
ass? ,
To the Visiting Bankers
WELCOME
Porter, Robjent & Co.
Investment Bonds
111 Broadway New York
Telephone Rector 2363
200 Devonshire Street. Boston
LAST NOTICE
To the Holders of
Inter borough-MeH g poli tan Collateral Trust 4Vss% Bonds
and Certificates of Deposit:
Attention is called to the final expiration at the close of
business, Saturday, October 7th, of the time within which these
bonds may be deposited under the Interborough-Manhattan
Plan of Readjustment and elections made to purchase new
Interborough Notes.
October 3, 1922.
l?terborough-Metropolitan Al/2% Bondholders' Committee
GUARANTY TRUST COMPANY OF NEW YORK, Dcposit.ry,
K0 IJroudwa.*,1, NjH? York
Vw York Metal Market
?fcio?Jl? fim' With Straits and Straits
?ttndVi ,.,U0Ud ?t 32"C? 33.25c;
A''r?433c;,M Per ?ntf 32.75
W,r?y?{Jr quiet, standard spot.
**? ?lertw-S . ovember, 1SJ?5@18.*S,
V*?k ?aof'W^^Uc- **?? W?i?t; Ne?
a|p^^/^5^r.?55Ct and ?ast s.
Louis spot, G.30^6.40c. Zinc quiet;
New York s.pot, 7.15c, and East St.
Loi:i^ spot, 6.75(fe6.85c.
??
State Bank Call
ALBANY. Oct. 2.?The State Super?
intendent of Banks has issued a call
for the condition of all state banks,
private banks and trust companies at
the close of business September SO.
Investment
Information
Cuesti?n? of general interest to fa.
?eater? will be answered in this col?
umn, in which ease only ruift'aj? will
9? used. Other? will be answered by
ntmiL Address all inquiries, inelo?.
tng a stamped, addressed envelope, to
Financial Editor, The Tribune, ISU
Nassau Street, New York City.
Not To Be Recommended
Question?Will you pieaae lot tas have
n?nv??l ?1"," ?? ???"?" Oil and Dand Com
Pan> ? i have been advised bv a friend
i -JL??m' nn2 am V?ndorlnt what you would
iwmm-nd :n the mutlir.-M. c. B,
( Answer?The Texon Oil and Land
: Company was incorporated in April
?P* in Delaware. Capital is $2,000
; 000. consisting of share? of a par value
; of |1, all common atock. The eompnny
i own? lar*? acreage leases in Reagen.
I ^Pton? 'r>on and adjoining counties in
t Texas, and mineral leases on 46 080
j acres in Reagert County. ?There arc
j six producing wells in the Burkburnett
\ field. Dividends of 5 per cent were
j paid in April, July and October, 1920.
I also in January, April and November!
I 1921. The privilege of subscribing to
20 per cent of holdings, at 50 cent* a
share, was Offered to stockholders in
{ August, 1921. A stock dividend of 5
per cent was paid in February, 1922;
no cash dividends have been paid this
year. The stock is listed on the curb
and the company is selling its shares
I in the open market. Quotations are
i around 50 cents. The Tcxon Oil and
Land Company shares are entirely
speculative and not recommended.
AVorthlngton Pump
Question?Will you be good enough to
?(?Vise regarding Worthington Pump, ('Um
u.' I own eighty r-hares of thin stork
bought at 0.1?? and TO1*, and hove r*.-elveri
regularly my dividend?, I heard from
rorne sourre?. but 1 don't know whether
they are r*>.Mabie nr not, thai this company
la in dlKlcultiea und may discontinue pay.
lag dlvidmds. lluvo you any Information
that this may be the case??.Mr.?. M. V. c.
Answer?The financial condition of
the Worthington Pump and Machinery
Corporation as reported in its balance
sheet of December 81, 1921, discloses
a strong cash position, with working
capital of $17,154,190. Depression in
business would account for a 40 per?
cent decrease in billings to customers
for 1921 and a consequent decrease
in total income, which was $1.908,977,
as against $2,355,858 for 1?20. An
amount of $1,999,579 was applied in
reduction of inventories, leaving a sur?
plus of $2,518,886 at the end of 1921.
The action of the directors in passing
the dividend on the common shares of
the company may be regarded as con?
servative, and as there, is a funded
debt of only $1.000.000 outstanding,
rumors you have heard do not seem to
be warranted by facts.
Interest Not Yet Cumulative
Question?Kindly advise what you think
the prospects are for lnt-rnattonal ft Oreat
Northern ? p~r cent udluatir.cnt bond*
paying latereat??D. M. W.
Answer?international & Great North?
ern adjustment 0s. 1952, are a specu?
lative bond, and although net earnings
for the first six months of 192:! show
an appreciable gain over last year the
character of the road's business is such
that it cannot be assumed that futuro
earnings will positively assure annual
distribution to the holders of these
bonds. Interest on this issue becomes
cumulative after January 1, 192".
Has Profit in Durant
Question?Will you Kindly let me know
what you think of Durant Moior stock,
and alao .^tar stock, a cat' thu? Durant is
just putting on the market? 1 have, h
few shares of Durant and am thinking of
buying some Star. I bought Durant at
?116, and now it I? li?ted at ?47.?W. B. D
Answer?Presumably you bought
Durant Motor stock on the installment
plan, since you are considering Star
Motor, Inc.. stock, which is being sold
j by Durant Corporation now on the
same plan that Durant slock was mar?
keted. If this is the case you ave not
at liberty to sell the Durant stock, so
it would not matter whether the stock
were selling at 47 or 147 a share -
your "paper" profits would be larger,
but your actual return would be the
same. No dividends are paid on the
; stock, and until the shares are. put on
! a dividend basis your only hope of
| profit is an advance in the stock.
! Whether the shares will be selling
above the price you paid when you are
;.t liberty to make a sale in a matter
of conjecture. The same principle
applies to Star stock. Purchasers on
he installment plan must agree not
o dispose of their stock for two years
tftor completion of payments. Unless
you feel you can afford the additional
??('culative venture you should put
; what funds you have available in in?
vestment j-ecuritits. forgetting the
??hase of enhancement in value.
_
Gulf, Mobile & Northern
Qts.'stion?As a reader of The Tribune
please write me what you think of Gulf.
Mobile & Northern preferred, now about
?j, as a speculation. What Is Its per cent'.'
I understand there are no bonds and a cotii
?>.-iratively arnall deficit and two dividends
due.?H. P.
Answer?Since it is outside the
I province of this column to give advice
| on purely speculative questions, the
I best we can do to comply with your
' request is to set down a few pertinent
j fact? for your guidance and leave any
decision entirely in your hands. It is
not true that the Gulf. Mobile &
; Northern has no bonds outstanding.
The December 81, 1921, balance sheet
shows a funded debt of S4.996.000. In
relation to the amount of stock out?
standing? $11,494,400 preferred and
$11,072,500 common?this debt is very
small. The company has never paid
a dividend on either class of stock.
The preferred is a 6 per cent stock
and dividends became cumulative
on Jaruary 1, 1920, so that the road
owes approximately 15 per cent on
this stock. In 1921 the company
earned less than 40 cents a share on
the preferred, but the improvement
durine 1922 has been such as to indi?
cate a return of about 10 per cent on
the preferred during the full calendar
year.
Needs income
Question?My present Investments ore:
13,000 French Republic 8a, 13-15; i??hf"!
New York Telephone Company 6 % per
cent preferred stock. 20 .hares American
Telephone and Telegraph ??-^?K
v.?..,. ,.?,, ?flnatrs (four shares) iigma
Ame%leknr,TeC.?phone and TelegraphJW
?a^notlT F??43
convert all into five ?^llMonal aharee oi
would ask you to assis me '??e nflO eaSi
,i\n ?f ?v three recurities of IS.OOU eaxn
"? , ,.m V.turn me approximately b per
under high coa,a. ? i?-- ?mtemplated
present in ve.,: men' ? and the,?TOUR? ? ?
increase in the Ameiican o*
Telegraph Company If WgMj"1 g* thIs
you for guidance.?F V. Mc.K
Answer-We feel you nnght well add
five more shares of American Telephone
and Telegraph stock to your present
holdings. For the remaining $6,000
we suggest: $2,000 American Smelting ?
?ad Refining 5s, 1947, yielding about
5.8 per cent; $2,000 Canadian Northern
7s 1940, yielding about 5.9 per cent,
and fifteen shares of Endicott-Johnson
preferred stock, paying 7 per cent and
selling around 115. _?________
Four full columns of in?
vestment questions and an?
swers will be published in
The Tribune every Sunday
and Monday. On other days
one full column will appear*
7%
44%
11
? ~ 8 .?
? 2 2
Prices Rule Firm
In Quiet Trading
On Curb Exchange
Standard Oil Shares Display
Improved Tone and Small
Advances Are Made; Low
Priced Stocks Irregular
An improved toni> marked trading in
curb securities yesterday and prices
ruled firmer. Standard Oil shares dis?
played strength at times and registered
gains, while the low priced issues
moved irregularly. Trading was gen?
erally quiet, ?
Standard of New York recovered 21
points to 565. while Magnolia Petro?
leum advanced strongly. Indiana
shares rallied a point, but Ohio stock
lost 6 points. Vacuum Oil gained 9
points. Southern States recovered n
fraction and Southern Petroleum
moved a point higher.
Industrials moved within a narrow
range. Stutz Motor rallied a point ami
Hayes Wheel gained a fraction, while
Acme Coal advanced 4 points.
Industr?ala
Baje, OpKS.'Hleh. Low. Last.
110? ?A?.-ina Coal. . . ?0 66 "0 !*i
2000 ?Acrn? Packing " 82 ,:,'I ,/?
40 Am l.lg-lit.137 140 186 l<0
non M-K.1 C?ath?r. HVi 16 J*% \**
loi? Hangor Ar pf.. t?6 ?. ?6 J4 ?5* gig
300 Beth steel w I. "1% ??'-i ?};* ?J?
700 Bklyti City Tu. 0% 10 9% }J
100 Br-Aii! Tub res 1 H ?, 1 ? "n l?1* l*".?
1000 Buddy Bud?..? If* !??* *:? i??
?son Car Lischt.... |V4
200 iio pf \v i. . . . 7 %
loocent T*r Sugar IV? i'j ? ? .'
3P0 ?Colo-ibis Km. 80 80 78 78
300 floht. Moior?. . }0 I" '*! ??
1200 CUb D Sugar. . ? 6 ? "
200 Daniela ?Mol ...II 1' J .
It00 Durant Mot... 44 44?, 44 44
lOOC.imliel BrOC.? 43% 43', 43 tt 4? i
400 Cien Aid Coal. B7 '?7 5B?A ?>? s
300 Goodyear pf... 21% 29 ?g *?.
BOO Haves Wheel.. 33% siK 33% 33%
2500 Heyden Chem. "a-'- .]'? .}?* ,;'??
;?i> inter Carbon..
100 l.lbbv McNeill.
200 Lincoln Motors.
300 Macy * Co pf.10? 10914 1W '"?? -
200 Mercer M v te. 2% ??1'* >2?A .-,-J
UliiMpfiibl Iron.. 1W * ??. 10 ?a 10% *?.'?'
100 Milltken Tract. 2% 2% 2% *??*">
.on Nail Leather.. 7"? s 7% *
8? N Jeraav, Zinc. 164 165 154 156
IB?N Y Tel pf... 108% IOS-? 108% 108 %
10 Packard Mol pf88% 88% 88% 88%
2800 Prima Rn H> I % i % ' i? ' r'?
200 rv i-e ne Mf-r, , . 10 10 10 m
?600 Ludio. 4% 4% 4 U ?*?
2000 do pf. 3A 3A 3H '''?
100 Peo Motor Trk 13% 12% 12% 12%
400 St Law Fel?sp. 10% 10% lo 10
1500 Schulte Stores. 62% 53 ?*?'- "'
141)00 ?South C ft I. 4,4 4 4 39
200 Standard Mol. :'?; 3% 3% 3%
200 Swlfl Internat. 23% 23% 23 23
i n Swift .v- ?'.?... ion ion ion 109
100 Tei In leal Prod 6% B % 5% 5%
' ? Tenu El Pow. .16% l-r'% 16% 'r> '??
400 Technicolor Pr. 25% 25% 25% 26%
f.00 Tohacro Prod . 7', 7% 7% 7%
385 Todd Ship. Gl 67 64 CB
soo u s i.t a n . i A i A i % i %
2700 r Prof Sil new. 6% 7 6% 6%
1000 V Retall Candy 6% 7 6% 7
-.oo ?w Bnd Chem . fi.: 63 63 63
6100 Winther M A wi 9% 9?, 9% 9%
Standard Oils
400 Anglo-Am Oil.. 20% 20% 20'. 20%
1500 Atlantic I.??hos. 0 :? X % 9
185 Imp" ' ?il Can.. .111 132 111 111
m Ohio OH.305 :'.or> r*or. 305
30 Prairie pipe. . .268 268 265 2?7
1.0600 S OH of Ind. ..118 118% 117% 118%
1436 S Oil of N Y..536 566 532 565
25 S Oil of Ohio. . i 10 490 490 490
170 Vacuum Oil. ..521 529 521 527
Independent Oils
1000 * Boone Oil. ... 12 12 12 12
?200 "Boston-Wyo. . Hi 96 91 95
.Carlb Synd.. . 5% 5% r.% 6%
175 Cities Service..198 198% 196 198
1110 do pr. 70 70 70 70
100 do pf B. ... 6% 6% 6% 6^4
900 Creole Synd, . 3 3% 3 3%
14000 ?Engineers Pet. 26 27 2? 26
500 Equity Pet pf.. 14% 14% 14% 14%
1800 Federal Oil.... i .'., l ^ 1 1
?.O0 Ollllland Oil... 4% 4% 4% 4'?
TOOOIenrock Oil.. 1? I A 1*S 1-ft
200 Granada Oil... I % 1% I i
7100 Gulf Oil w !.. . 63 63% '12 63%
1000 ?Hudson Oil.,. 14 14 14 14
24-00 Int Petro!. 21 21% 20% 21%
tooo ?Keystone Ran. 40 40 40 40
lOOKirby Pel. 5% 5% 6% 5%
1800 Livingston Pet. 1% 1% 1% 1%
R00 ?Lyons Pel ... . 74 ,74 73 74
100 Magma Oil. . . . 1% 1% 1% 1 %
200 Maracalbo Oil. 17% 17% 17% 17%
100 Ma-ine new. . . f. # fi r,
4'.'5 Magnolia Pet.221 ??fl 222 230
200 Merrltt Oil_ S K 8% 8% 8%
TO? Mexico Oil.;... 1% 1% 1% 1-h.
f.OO Mountain Prod \T,U 15% 16% 15 %
6:'0U Mutual Ref... 11% 11% 11% 11%
100 N Y Oil. 22 22 22 23
?00 N E-.lg Fuel... T8% 80% 78% ?0
100 NOCO Oil. 2 2 2 2
1000 ?Noble Oil. ... 21 21 21 21
300 No Am OIL... 2', 2% 2% 2%
6100 Omar Oil. 1 A 1 % 1% 1 A
700 Pennok Oil..., 7 "?, 7*? 7% 7%
100 Penn Mox. 20 29 29 29
400? ?Red Barks... 22 22 22 22
700 Salt Crk Prod.. 16% 16% 16% 16%
lOOKapu'.pa Re.". 3% 3% 3% 3%
4'10 SeoVioa*-?i. 2 2 2 .2
"00 Shell Union.... 12% 12% 12% 12%
1600 Similis Pel ? ? 10% li 10% l')f?
7000 "South P ft R.. '7 18 17 18
2O0 So Slate's Oil . 18% 18% 18% 18%
intjou ?Texan O A- I.. 51 51 49 50
I'-OO Turman.. 1% 1% 1% 1 %
1804 WIlcox Oil. ... 6 6 5% 6
Mining
500 Alaska-Br Col. "2% 2% 2% 2%
300 Alvarado Min. 5% 6 f. % 6
loo? ?Belcher E-u.. r, r. b s
; 6000 ?Birr Ledge. ... 9 9 S 8
! 13000 ?Bost ft Mont . ? 9. 9 9
1631)0 ?Bos ft M Cons 77 77 73 75
2000 ?Canada Cop.. :( .'I 2 2
500 Canario Cop. . 2% 2 % 2% 2%
S1700 ?Candelaria M. 49 53 49 49
6000 ?Cork Prov.... 18 18 16 15
5000 ?Cons Arizona. 2 2 2 2
S00 Cons Cop M... 4% 4% 4% 4%
: 1000 ?Crown Reserv 27 27 27 27
1000 ?Cop Canyon.. (0 60 6? 60
t 2000 Cone* Silver.. 1A 1% 1A 1%
POO Cresson Gold.. 2% 2% 2% 2%
100 ?Dean Cora...,. 52 52 52 52
600 Drydon (?old.. 9% 9% 19% 9%
3(000 ?Emm? Silver. 2 2 2 2
9000 ?Eur?ka Croe?. :*1 31 30 .".0
.1000 ?rortuna. 12 12 12 lu
2000 ?Gold Deep. .7 7 7 7
! 24500 ?Oolil Dev. 12 1 :i 11 11
, 1000 ?Henrietta SU.. 65 70 6.7 70'
I 16000 ?H*rd Shell. . . 7 S 7 8
2300 ?Hilltop N---V.. 86 S9 So 89
310 Holllnger. 12% 12% 12% 12%
FO0 Howe Bound.,. 3 3 3 3
9000 ?Indap Lead... 46 4S 46 4?
1000 ?Knox Divide.. 4 4 4 4
2000 ?La Roae Mln.. 25 25 25 25
82000 ?Lone Ptar.... 12 14 12 13
5000 ?McNam Cres. 9 10 9 10
1000 ?Marsh Mining 13 13 13 13
"00 Mason Valley.. 1% 1% i i^ 1%
5000 ?Mohican.. L . 2 1 24 21-24
1000 ?Morlngtoivf... 2 2 2 2
4000 ?Nuti?>nal Tin.. :". 23 21 23
2000 ?Nevada Ophlr 20 20 20 20
KOO0 ?N Y Por.-upli e 62 65 60 65
900 New Dominion. 3% 2% 3% 3%
600 Nlpisaln?. 5% f, t,\- r,
'.40OO ?Ohio Copper.. 24 28 24 27
100 Park Utah. . 6% 5% 5% 5%
1000 Rny Hercule?.. !% 1', 1 4a i i^
2000 ?Rex Cons. s 8 8*8
1000 ?Red Hill Flor. 6 5 6 5
i ?con ?Sandstorm K. 5 5 5 6
300 Ho Am P ft Q . 4 % 4% 4'i 4%
IlF000 ?Spenthead. ... 12 12 li 11
1000 ?Stewart Min.. 7 7 7 7'
?2600 "Teck Hughes. 84 90 84 87
2000 ?Tono Cashboy 10 10 10 10
1000 ?Tono Divide. 78 78 7S 78
2300 Tono Ext. 2 % 2>? 2", 314
300 Tono Minina:... 2% 2A 2% 2A
1000 ?Tono Nor Star 8 8 8 8
100 Tint to Stamlard 2% 2% 2% 2%.
500 ?Tuolumne. . . . 53 53 53 53
1200 Unity Oold. .. . 3% 3% 3% 3%
300 Urlted Eastern 1% 1% 1% | %
1000 ?U S ?*oit. 12 12 12 12
100 United V'ard*.. 2'?% 29'i 29% 29%
lOOTVeal Ende... i ft i a I A \X
4000 ?AV End Bxt.. 5 6 6 6
2000 ?Wllbert. 7 7 7 7
6000 ?Yerrlng'on. . . 3 :; ?, :\
200 ?Yukon ?old.. 90 90 90 90
?Sells cents a share.
Bonds
Salef? (000 omitted). Open. High. Low. Last.
?1 Allied Packers 6s 75 76 75 75
5 Aluminum 7s '25.104% 104% 104% 104%
1 Am Cot Oil 6s... 99% 99% 99% 99 4?
6 Am Lt & Tr 6b. .107% 107% 107% 107%
2 do 6s w w.100% 100% 100% 100%
13 Am Tel 6e 1924. .101% 101% 101% 101%
4 Am Tob 7a.101 % 102 101% 102
13 Anaconda Cop 6a.l01% 101% 101% 10!%
10 do 7s 1929.103% 103% 103% 103%
2 Ann-Am O 7%?..103% 103% 103% 103%
10 Armour ft Co 7s. 104% 104% 104% 104 V?
3 Beth Steel 7s '23.106% 108% 106% 106%
1C do 7? 1935.102% 102% 102% 102%
12 Bk'yn V Ga? 6s..105 106 105 i05
1 Can N By e?j 7s.. 110% 110% 110% 110%
12 do eq 5s. 9?% 99% 99% 99%
7 Can Pacific 6s... 101 101 109% lOOt,
?Char Iron 8s.... 96 90 '95 % 95%
1 Cities fier 7s p? 91 91 01 91
?Col Crap 8?. 84% 34% 34% 34%
7 Cons ?as Bait 7s.l09% 109% 10? 109'
7 do 6%s.100% 100% 100 100%
5 Cons Textile 8s. . 98% 98% ?8% 98%
1 Cop Exp ?s '28. .104 104 104 104
J Peere ft Co 7%s.l03 103 103 103
30 Det Cit Oss ?S..102 102 192 lflj
2 Oen Asphalt is. .10* lo-l%ifi?? ?of.i,
K Oulf Oil 7s.103% 103% 103% 101%
2 Hood Rubber 7s. .101 101 101 101
?ai?>i (000 omitted). Open. Ifijrh. Low. Last.
l Hock Valley 6s..100% 100% 100% 10.0.%
16 Inter R T Bs_ 95% 96 95 % 96
II do 8s ctfs. 96% 96% 95'i 95%
9 K City P ft 1. Bs. 93% 93% 93 93
1 Kings Co l.t 6%s.l00% 100% 100% 100%
29 l,aclede '?as 7s.. loi 101% 101 101%
4 LIbbv McNeill 7s.l02-% 102% 102 103
I Liggett W IV 7s. 103'. 103% 103% i03%
1 Manitoba Pow 7s. 98% 98% 98% 98%
:; Nail Acme 7' ;s.. 98 "8 % 98 98 '.
27 NY Nil ft 1! 7h. . 85 86 84 85
4 Phil 1> ?',? w ?.v. 102% 102% 101% 102%
9 Pub Ser N .1 7s..103% 103% io:i'., 103%
(2Roberl Oair 7s.. 98% 99% 98*,* 99
8 Sears-Roe 7s '23.101% 101% 101% 101%
42 Sinclair PL 6s w 1 96 95 95 95
2 Shaw?=heen 7s. ..105 105 105 105
30 Sheffield K 6%s.1"l 101% 101 101
14 8olvay et Cle Ss.iofi 106% 108 )0<i%
6 Sugar St Or 7s.. o;i or- 98% 99
9 S'west Heil 7s. ..102'. 102% 102% 102% |
1 S Oil N Y 7? '28..106% 1?6% 106% 106% i
2 ?In 7s 19211.!08% 108% 108% IOS %
3 do 7s 1931.109% 109% 109'.. 109%
1 ?lo 6%s.109% 109% 109 H 1094,
1 Sun Oil 7a.102% 102% 102% 102%
9 Swift & Co 7a'31.102% 103 102% 102??
16 do 5a w 1. 96% 96% 96%. 96%
6 Tidal Osage 7s.. 104 104 lot un
13 I'll Ion Oil col fin.101% 101% 101% 101%
22 Unit Oil Prod Sa. 98% 99 % 98% 99'.,
I r 3 Hub*!?-?- 6s. . 88% 88% 88% 8S%
B Vacuum Oil 7s..108% 108% 108% 108% :
Foreign Bond? I
7 Argentine 7s.100% 100 % ioo% 100% :
1 Can S .S 7s. 95% 95'.a 95% 9.",% !
lOCoblenz 4s.75 .75 .75 75
Mixing of Neth 6s.. 94% 94% : 1 54% ?
7 Klne of Serb 8s.. 81 81 81 SI
]? Mex Oovt 6s.... 55% 55% 55% 6544
I0NYNH&H fr ta.. 70% 70% 70% 70V4
16 Huas 6%s ctfs... Kl 13 1?* ' I"
3 Swiss Oovl B%S..104% 104'.. 104% 104'-. !
il' s .M.--X 4a... . 39% ;:ri% 39$ 39
Total sa los stock?, 592,000 shares.
Total sales bonds. ?602.000.
Equipment Boiuls
(Quoted on Income percentage basis)
Bid Ask.
A T ft SFe.... 6 1923-'35 5.50 5 20
Ail Coast Linn. 6 1923-'35 5.50 ;. ?0
do . 6% 1923-'36 5.35 6.00
Boston ft Alb.. 4% 1922-'27 5.25 5 00
Bait A- Ohio... 4% 1923-'27 6.20 4.75
?1" . 5 l'.'23-'37 5.30 5.00
do . 6 1923-'?6 5.50 5.25
Bethlehem .Steel 7 1923-'30 6.50 5 5.
Buff R * P.... -tVi-5-6 1923-'35 6.25 4.75
Canadian North. 6-6 1923-'2B 5.75 6 0o
Canadier Pac. 4%-? 1923-'32 6 40 6.00
I C R R Of N J., 6 1923-35 6.50 5.00
Ches ft Ohio . 5%-6-6% 1923-'37 6.50 6.10
Chic ft N W... 4% 1923 5.25 4.5C
do . 6 1923-'35 3.40 6.16
do . t?',i 1925-30 5.40 6.10
CRIA Pac... 4%-S 192.W27 5.25 4.76
do . 6 1923-'35 5.50 6.25
C St L & N O.. 6 1923-'24 5.25 4.75
C St P M ft O.. 6-7 ]<*23-'3i 6 80 6.2?
C M * St P.... 5-6 1923-'86 5.60 4.90
C N 1) & T P.. 4%-6 i:?23-:::, 6.85 6.40
C C C & St L.. 5-6 1523--35 5.50 6.00
Cuba K R. 5-7 1923-'30 8.00 7.00
Del & Hudson. . 6 1922-'35 5.40 6.00
Erle H R. 4%-5-6 l?23-'35 5.75 5.00
(1 Trunk \V?.sin 6 1923-'3G 5.85 5.40
Great Nor Ry.. 6 1323-'35 6.45 6.1S!
Illinois Central. 4 %-5 l!?23-'27 6.25 4.75;
do ..*... 6 19J5-'36 5.60 5.10 ?
do . 5 ?,-,-7 1923-'3? 6.30 6.00
Ind llar Ilelt...C 192.'-'24 5.60 5.25
Kan Cuy Soutn 5 ' 192S-'24 6.60 6.25
do . t? ir>23-'35 6.73 6.25?
Louis ft Nash.. 5 1S23 5.36 5.?-0 1
do. 6 1923-36 5.50 6.15
do . 6% 1925-"!6 6.30 5.00,
Michigan Cea.. 5-C 1923-'36 6.26 6.10J
M St P & S S M. 4%-5 1923-36 6.75 5.25 I
do .6-(>%-7 1923-'.I5 5.75 5.25 |
M K ft T. 5 1923-'24 6.10 6.60
do ..-.. 6 19?3-'3? 6.00 6.60!
Missouri Pacific 8-5% 1923-'35 S 60 f.lS
N Y Central... l%-5 i9;?3-'37 5.10 4.it>
do . 6 1923-'35 6.50 6.20!
do . 7 1923--35 5.25 5.00 ?
N Y Chi & Ht L 5 1923-'37 5.20 4.90 1
M Y N H ft B 4%-5-ti-7 1923-T.7 S.50 f.60 i
Norfolk & West 4% 1923-'34 5.25 4.75!
do . ( I! 38- S5 5.40 6.10 :
North Pacific . 7 192] .'30 5.25 5.00 j
Pac Fruit Exp. 7 l?Z6-'t9 5 25 5 SO ;
Penn G K. 4-1% 1923 5.25 4.75!
Pennsylvania ? 6 t*?3-"3! r? 50 5.'?O ?
P?tte & Lk Erle ti-6% 1923-33 6.36 6.On
Beading Co.... 4%-5 K>23-'37 5.00 4.6o;
Keyboard Air L. 4 %-S-S 1923-'27 6.10 6.7*1
Southern Pac. 4% 1923-'2? 6.25 5.00 !
do . 7 1924':!r. 5 25 6.00 |
8t Louis-S Fran 6-6 !923'35 5?j?) 6.10!
Soulhern Ry-. . 4%-5 1923-'2B S.oO 6.10!
do . * 1'?'?''< ' -5 ?.65 5.35,
do . ?<% *n:".-"'/ 5.25 6.1??
t?Biori Pacifie . .=?-; 1 i..;v :..;?? i.?t?
Virginian By.. ? " ??'? 6:?? 6.1X
Wabu.-.h K H . . 5-6 ?9?4V27 5..J ?,??'
$10,000,000
?Closed Iaaue
The Brier Hill Steel Company
First .Mortgage 5!/2% Bonds
To be dated October 1,1922 To mature October 1,1942
Coupon Bonds of $500 and $1,000 denominations reeisterable as to principal only. Interest payable April 1 and
October 1. Principal and interest payable at main office of Guaranty Trust Company of New York. Redeemable
at the option of the Company in whole or part at any time, upon 30 days notice, at 106% and accrued interest.
Market Fund of $150,000 semi-annually beginning October 1, 1924, to be used for the purchase of Bonds at not
exceeding 103% and accrued interest prior to O-.iober 1, 1927, and 10At/t% and accrued interest thereafter, any
moneys not so used to be credited in reduction of the next payment.
Guaranty Trust Company of New York, Trustee
A letter from Judge James B. Kennedy, Chairman of the Board, copies of
which will be furnished upon request, has been summarized as follows:
The Bonds are to be the direct obligations of The
Brier Hill Steel Company, which was organized in
1912 and purchased the physical properties of four
companies manufacturing merchant pig iron and
sheets. One of these companies, The Brier Hill Iron
& Coal Company, dates back to 1838.
The closed mortgage is to be a direct first lien upon
the real property of the Company and the Bonds are
to be additionally secured through pledge of all
stocks of subsidiaries.
PROPERTY
The depreciated value of the property to be covered
by direct mortgage appears on the books of the
Company at over $24,000,000; stocks to be pledged
of subsidiaries wholly owned have a value shown
on their own books of about $2,300,000, and ore
rights held through other subsidiaries are carried at
an amortized cost of about $2,800,000, making a
total of over $29,000,000 before giving effect to the
proceeds of this issue. These properties, as recently
estimated by independent interests, represent a
present fair value of about $47,000,000.
The Company is a substantial producer of pig iron,
ingots, blooms, billets, bars and plates, its annual
ingot capacity being 720,000 gross tons. It is ateo
one of the largest independent producers of sheets
with an annual capacity of 200,000 net tons.
OPERATIONS AND PURPOSE OF ISSUE
The Company is well integrated in regard to raw
materials. It produces 76% of its coke requirements
and supplies from the mines of its subsidiaries about
72%, of its coking coal. Its ore is obtained almost
entirely from properties of its subsidiaries in the
Mesabi Range.
Of the proceeds of this issue the Company plans to
expend about $5,000,000 for construction of new
mills which should materially increase the stability
of earnings through diversification of products. In
addition to this new construction the Company
plans to expend $1,000,000 in improving one of its
sheet mills, making it one of the best in the country.
The remaining proceeds of the issue will be used to
supply additional working capital.
a
FINANCIAL
Sales and earnings as prepared by the Company from
statements certified by Ernst & Ernst have been as
follows: Net after Taxes
Year Ended Available
December 31 Net Sales Deoreciation for Interest
1915
1916
1917
1918
1919
1920
1921
*Loss.
$10,714,615
25,942,870
51,671,913
41,670,228
24,225,645
44,422,219
12,525,837
$490,768
758,365
2,266,857
5,650,863
1,973,693
2,361,527
1,179,940
$1,260,701
9,466,110
10,634,335
3,643,721
916,171
6,083,156
3,107,478*
For the seven-year average, interest requirements of
this issue were earned over 10 times before deduction
of Federal taxes and over 7 times after such de?
duction.
For eight months ended August 31, 1922, there was
a loss of $118,914 before depreciation. During this
period operations were affected by the coal strike.
At present the Company is operating at 100% of
capacity and it is expected that September will
establish a new record of ingot production.
As shown on the consolidated balance sheet as of
December 31, 1921, current assets were $7,586,500
as compared to current liabilities of $1,442,600, a
current ratio of 5.2 to 1. Funded debt was only
$990,500 and surplus stood at $18,200,000.
It is expected that application will be made to list these Bonds on the New York Stock Ejchange
100 and interest, to yield SVz
o
When, as and if issued and received by us and subject to approval of counsel. Legal details will be passed upon by Messrs. Hine, Kenned?, Manchester,
Conroy & Ford for the Company, and by Messrs. Stetson, Jennings & Russell for the Bankers. It in eipected that temporary Bonds or inteiim receipt?
will be ready for delivery on or about October 24, 1922.
Guaranty Company of New York
140 Broadway
FIFTH AVENUE OFFICE
Fifth Avenue and 44th Street
MADISON AVENUE OFFICE
Madison Avenue and 60th Street
We do not guarantee the statements and figures contained herein, but they arc taken from souues which we beiieve to be reliable
Municipal Bonds
Exempt from all Federal Income Taxes
City of New York
Gold 414% Bonds
Maturing April 15, 1972
Price to yield 4.04%
City of New York
Registered 3]/2% Bonds
Maturing November 1, 1929
Price to yield 4Vs%
City of Newark, N. J.
Gold 4Vz% Improvement Bonds
Maturing April 15, 1930 to 1951
Prices to yield 4.10%
City of Wilmington, Del.
Gold 4V2% Improvement Bonds
Maturing April 1 and October 1, 1949 ? 1951
Prices to yield 4.10%
State of California
Gold 5% Highway Bonds
Maturing July 3, 1944
Price to yield 4.15%
City of Los Angeles, Cal.
5Vfc% Harbor Improvement Bonds
Maturing November 1, ?945
Price to yield 4.30%
City of Sacramento, Cal.
SV?% River Purification Bonds
Maturing January 1, 1928 to 1960
Prices to yield 4.35%
City of Norfolk, Va.
5% Improvement Bonds
Maturing March 1, 1950
Price to yield 4.35%
Descriptive circulars sent upon request
Kissel, Kiimicutt & Co.
Wall Street The Rookery
New'York Chicago