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The Sun and the New York herald. [volume] (New York [N.Y.]) 1920-1920, February 17, 1920, Image 15

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THE SUN AND NEW y6rS? HERALD,. TUESDAY, FEBRUARY 17,
XT
. , , , , , :: I, .. .
BAT.nWIN'R PRIM T
INCREASES IN 1919
Not, Is Kqiiivnleut lo .$21.00 n
Sluirc, Against .$21.22 in
I !)!!!, Suy Honor.
WKITK-OI'TS ' A 11 11 LESS.
End of War lirouiflit Hij; Drop
ill J)01lll!K(ili liltHinONH, 1)11 1
' Foreign QniiiH.
Ti'i llulilttln Locomotive Works ilur
K i"l!i iisulo a net profit of ?3,"7C,243,
.iiv,iii'in to $21,118 a spans on Its com
iiitm M'.-li nfior deduction of preferred
div tel. tias Those figures were disclosed
In mo ruport for the year Just Issued by
Ih president, f. SI. Vauclaln. Its net
prolix were $5,752,5113, or, $21. 32 n
flian. in 1DIS. The results of 1919 were
oliumird hMwIthstnndlng a drop of
re.iriv J40.000.000 In gross sales, nc
rounti'd for to a larce extent by bis
declines iii reserves for ilepreclatldn,
tii.en &. Such writeoffs In .1919 as-prfn-'ied
but $3,093,000.' In 1918 more
than $12,500,000 was charged off against
tlw-e rePiTVCS.
The eross business of the company
vhx 307,231, Hgufpst $123,179,251 In
101 n ("OHt of manufucturhiK. selllnu
nml lilmlreil rbarges took $75,405,534 of
f.n iinmuiit, leaving a mxmifacturinK
i.ron n.r i bp year of 9S.S42.211. Othoi
Iiii . .ik P'lKlitly In excess of $1,100,
(On i,.il.mg gross profits for tho year
,.f..r.. ordinary taxes. Interest. &c ,
i.TI. iii.l proiU after deduction of
tiin " us. $s.S7I,243.
It. j'nrs aggregaUng $3,093,000 were
i t , off from that figure. They were
in iii.il ..s follows: One million ninety
ile thousand for depreciation and dc
j.i tci.ii i"ti of accounts, against JT.
In mis and $2,000,000 for
rofi'xo for Kedernl taxes, against 36,
too " m 101S. which brought the com
rn'. net profit for 1919 down to $5,
77C 24 1 Nm which $1,400,000 was paid
In il (I, nds on the piefcrred stocl;, leav
In; ' Ii'luprc available for distribution
mi M,. lonimon of $4,376,243. or $21. Si
- ' I'ivlden.ls of SS'ncr cent..
Paul i m the common stock oaring the
jfur n'..iireil JTOO.'iOO. Thus the.To.rjlus
fur "io veir wa $3,670,243, against
Jiv .:a.'i. the 1918 surplus. I'ncx
p.iui. tl .ipproprlatlons. les write offs for
p.en'- u ul good will, added $970,327 to
tie unltis of $1,907,642 brought for
ward ,n the end of the preceding year,
Br.d thn( items and the 1919 surplus
rniirte tlie to-al profit and loss surplus
pf ti. orporntlon on December 31, 1919,
"4 412.
Tru lonsoliilated balance sheet of the
corpora on at tho close of .tho year
Kim.e.1 a-iet-j snd liabilities of
tu is9,;st. Current assets totalled
$U "2 334 mid cjirrent liabilities $5,
4II5.0S1. leaving worltlng capital in ex
en?., "i $26,000 000. Oi tho total current
m nn the balance rheet. $10.5u3.621
r- presented by Inventories. $7,323,-
$250,0Q0 ad
t73 husslnn deposit,
vances. tlOB.SOd.
Investment in plants of subsidiary
companies and other realty was written
at $4,932,704, of which more, than $4,-
000,000 was charged annliiut tho Ktartd
n rd Hleel Works, $484,7"yi against the
j'.uuysioiie Munitions company, ?ap.i,oiv
against tho Chicago plant and $40,(18
against dwelling Ii6uscs Tbtt corpora
tlon'H plant mid equipment were carried
at 917,022,508 and Its machinery and
fixtures at 913,073,580,
Tho end of tho war-has brought about
a very substantial curtallmunt In tho
amount of business done, by Ualdwln
liOcoinotlvo Works for domcsllo ncrouiit,
hut n large, amount of forulgn business
has been taken, This was Indicated In
the remarks of President Vnurlatn tto
compnnyliiK tho Incomo stntunieul.
CHICAGO TELEPHONE REPORT,
,et Ini'oiiic Af,tor (Jharjrvs. In 11U
, In lfa,0:t2,lN(.
Tho Chlcngo Tolephono Company re
ports for 1919.net Income, after charges,
ot $3,032,180, or $7,38 a share on $40,
000,000 capital stocl; outstanding, Tho
report does not Include revenues accrued
to and expenses borno by the Govern
ment during Federal control, which ran
through the flret seven months of the
year..
Operating revenues totalled $11,796,
39 nnd operating expense) $9,421,701,
leaving net revenuo of $2,374,538, further
reduced by charges for taxes usslgnablo
to oporatlon and for uncollectible reve
nue to $1,574,724, Other Incomo of
$85,245 nnd $2,131,427 credited to the
company's account under Government
contract brought total Income before
charges up to $4,091,397. Deductions
tor Intel est. sinking fund charges nnd
rent and miscellaneous charge reduced
tint amount to $3, 032. ISO. tho net In
come for the year. Dividends of 8 per
cent, paid on its capital stock totalled
$3,200,000. leaving a dellclt for the
year's operation of $167,s20.
BROWN BROTHERS & CO.
Philadelphia
Established 1818
mew York
Boston
Imperial Japanese Government
4i Sterling .Loan (First Series)
Duo February 15, 1925
This loan' is secured by a first charge upon the annual
net revenues of the Imperial Japanese tobacco monop
oly. Principal and iutcrest nrc payable in New York
in gold dollars at the fixed rate of exchange of 4.87 per
pound sterling.
Price to yield about 11.65
BROWN, SHIPLEY & COMPANY
KiUbthhad 1810 '
' Offlct for TraTtlecj
123 l'lil Mali, LONDON, S. Vf
feurden Court. Lothburr
LONDON, t. O.
STREET CAR FARES ADVANCE.
r.n" liv UTOlints reeelvnhte 41 TOO co v..,
r.i, rer-ivable. fi33.620 by marketable
ffurties. ST. 046.457 bv Lthertv hnnri.
u 1(10 Cltli'i. ThrmiKlioiit Cnniitr)-
Incrrnsrn llnvp llrcn Made.
CutcAao, Feb. 16. Stroet car fares In
60 cities throughout the country have
been Increased, nccordlng to figures
given out to-day by tho Illinois Com
mittee of Public Utility Information,
which attributed the advances, directly
to high material and labor costs. In
fifty-nine cities 10 cent fares are being
paid, the report said.
As nn Indication of the "financial
plight" of the electric street railway In
dustry, the committee asserted that In
1919 forty-eight companies having 3,781
miles of track went Into receivers' hands.
and during tho last three years ninety
eight companies, representing approxl-
mulAl.i ulvtlt nf .tin nn,.,.t..B ...llAnnn
...... .v.j . w....i v. ..... .VU1...J o imiv.ibt'-.
had become involved in bankruptcy
covrts. t '
sftkssachusetts led in number of cities
In which fares hud been increased to 10
cents, with thirty-seven, and Pennsyl
vania was second with fourteen paylnrj
that maximum, according to the repoi'..
Twenty-one cities have 8 cent fares,
twenty-one liave 7 cent fares, with n
cent additional for transfers; in have
7 cjnt fares, ton have ( cent city zones,
5 ce.it outside zones with a 2 cent trans
fer charge, and 15S are paying straight
6 cent fares. The remainder of the 460
cities were classified as operating on n
zone basis, with rates ranging upward
from 3 cents.
Foarlh of a
Series
$('
raj.'!
I' ' a
fiird
i by Ilrltlsh bonds, $3,441,020 bv
''urgent -liabilities were accounts
ar.re
. s. .(18.,, 11,; depositors' saving 48. 72S.
fl.666.097: speelil deposit. $1,293,-1 32,875
l'cmiaylvaiiln Crude Oil Market.
Oil Citt. Pa., Feb. 16. Credit hat-
$3.50. Runs, 133.07S ; average.
Shipments, 130,021 : average.
NEW YORK STOCK EXCHANGE PRICES.
Conffmied from Preceding Page.
-ltOut iIMv t
II
42
fi '..
32ii '
lo
r, '
:i
7". -T
'
41
!3tj
2
264
ci
ss-
f.2H
K
sn4i
l
2"V'
IV.
V',:T
110
Ml
91 1,
11
ftiu
"i "
: ,
r, '
17 ,
IV.
u
12 VJ A
S" '30c!
1700 1 Nova Scotia S & C
noOIOhlo Cities Gas
2000 Oklahoma Prod & Uef..
30U
-
74
24
62
52 tj
OOTi
171
9 'ft. I
S4
hi
11 S
19
" !
'.7i', (
r 1
40
ES
S
119
43
1001,
, 9 '
45 !
Hi
ifiii
24',!
12 I
s.1
3HIJ
70
20U
45
5SM,
S3 4
112
45
103
10
1733
100'Otis Elevator
irOOlOUs Steel ; 30Vi
lOfi'Owcns Bottle Co I r,2'i
juuirncinc uevelopmcnt ...
100'Par-iac Gas & Electric.
10300'Pan Am Petrol & T
HfOIP-.. Am Pet & T B
22''-fllPennsylva-la R R. . .
SOOIPenn Seaboard SteeLT..
.'lOOIPeople's Gas, Chic
4700'Pere Martjuetto
100'Prrc Marquette prior pf.
nOOiPhlladelphia Co
ISoOOiPlerce Arrow Motor. . . .
290'Plerce Arrow Motor pf.
2400!Plerco Oil Corp
200Plerce Oil Corp pf
Bfi'lPltiP. C C & St Louis...
ltajPlttsbursr Coal of Pa...
1900 Pittsburg & West Va...
200 Pond Crwk Call
ISOOlPressed Steel Car
3100lpullman Co ,
SOOlPunta Allejrrp Sdgar. .
SOO'Railwny Steel Spring..!
HOOIRay Consol Cop
5700lReadlns
100'Reading 2d pf
400IRep!o?le Steel ,
100Repub:ic Motor Truck..
164&0!Republic Iron & Steel..
S700Royal Dutch N Y cx div
SOOlSt Joseph Lead
3000'St Louis & San Frnn...
200 St Louis Southwest pf..
1!
7 V
r,
6!
. .1
5i
4'
1S00
200
100
3000
Saxon Motor
Seaboard Air Line
Shattuck Ariz Cop
Shell Trans & Trading...
33000iSinclair Consol Oil.
100 Sl03S-ShefTIeld S & I
9300 Southern Pacific
3200 Southern Railway
600 Southern Railway pf..
100 Stewart Warner Speed
2900 Strnmttfrir r'nrlmrotnr
7' 41400Studebaker Corp
5' 400 Stutz Motor
3 200lSuperior Steel Corp....
50lSuperior Stl Corp 1st pf.
224
S
llt4
6:
,4
inn
i.
lM-4
2?
t, ,
174
41
3o
6:i 4
80 V,
414
31,7,
10
224
o
90
2V
115 1
66
41
114
144
i4i
21
s,
UK
47 "
314
594i
MV
43 ,
11
112
64
C34
'16,
HO-1 DOS
cat!'
434
C2 '
j"t
464'
63
74
2241
94
fl
57
J-' in
-J
1 (i
85
I0,
300 Tenn Cod & Chem
5200 Texas Co
3900 Texas & Pacific...
3100 Tobacco Products et rts.
2200 Tobacco Products rts.'.
10600 Transcontinental Oil..,
400Transue & Wms Steel.,
200 Union Big Jc Paper. . . ,
5300 Union Oil...,
5500iUnlon Pacific
900 Union Pacific pf
300 United Alloy Stcrt
100 United Cigar Stores pf
200 United Drug Co...-
600 United Fruit Company..
200 United Ry Invest pf
9709 United Retail Stores
200 U S C I Pipe & Fdry....
100 U S C I. Pipe & Fdry pf .
200 V S Express
900 U S Food Prod Corp
9500 U S Ind Alcohol
600U S Realty & Imp
222o0iU a Rubber.,
100 U S Rubber 1st pf
200 U S Smelting, R & M....
SI500 U S Steel
1400U S Steel pf
2S0OiUtah Copper
3200 Vanadium Corp
1000 Va-Carollna Chem
200 Wabash
600 Wabash pf A
1200 Western -Maryland
400 Western Pacific
100 Western Union Tel
1900 Westlnghouso E & M
1400 Wheeling & Lake Erie...
2500 White Motor
7300 Willys-Overland
100 Willys-Overland pf
400' Wilson & Co
lOOlWoolworth, F W pf
14'iOjWorthington Pump
100Worthlngton Pump pf B,
l(pen- J Heh-1 to-) Cloj- I .Net
I tng. I cut. ' I ett. I Inc. I Chinee.
' 56ii 57! 55 I 5.5 ! 2
43 I 43 12 I 424' Us
. S?i S, 7 - 4
77 i COii U
. '125 1 125 1 12.- 125 I 5
.; 30', 1 SOU' 29 30'i U
I !"'2'.4 52t 52 52V4
.'70 70 I 70 70 1
: 51 51 I 51 51
. 784 78' 75U :,. 3
. 72 74U! 72 73 IU
. 41 4l4.j 40 41
23 2414! 23 23 1
. 33 39 38 3S
. 27 27 26V4 27
.'62 62 I 02 62
. 36 36! 35 35H ' i
.54 54 51 52 2'4
, 99 99T! 99 99 1
18 18 16Ts 17
. 92 92 92 92 1
, 53 55 52 52 3
1 53 54 53 53
. 25 25 24 24
. 19! 19 18W 18 lVt
, 91 91l 89 90
. 110 111I110 111
. S2 S2 1 Sl 82
,92 92 I 91 917,
1 20 20 ! 19 19
. 67 68! 66' 67 1
.31 34 I 31 34
36 36j 36 3G .. ,
45 45 45 45 . ,
104 103 llOOTs 101 -r 3
.98 98 I 96 1 96 3
15 15 13 15
17 18 17 17
22 2 22 00 2H
15 13 13 15 "
6 6 6 6
11 11 11 11 1
79 SI 79 S0 2
39 39 38 3S 2
69 69 69 69 2"
93 93 91 92
20 20 20 '20
52 52 52 52
40 40 40 ' 40 1
59 59 58 58 2
87 87 84 85 3
113 113 110 112 8
44 44 44 44 1
100 100 100 100
10 10 10 10
183 183 177 177 C
29 29 28 28 1
68fc 68 j 66 67 1
li W ..
23 23 21 22 1
53 55i 54 55 1
88 S8 88 SS 1
30 30 28 29 1
113 116 113 115 1
67 67 65 65 1
44 44 41 44
109 109 109 109 1
126 128 126 128
182 183 182 182
23 23 23 23
70 70 68 68 i
18 18 17 17
45 43 45 45
30 31 30 31 -f-
60 60 68 58
85 86 80 80 4
46 46 44 41
99 99 96 96 3'
111 111 111 111
4 64 63 63 1
98 98 9G 96 -, 2
110 110 110 110
70 71 63 69 2
47 48 45 45 2
63 63 62 63
7 7 7 7
22 22 21 21 1
9 9 9 . 9
22 22 22 22
W 84 84 84
50 50 50 . ,50
J0 10 10 10
53 53 32 53
23 25 24 24
87 87 S7 S7 1
70 70 i 6S 2
113 113 113 113
76 7S 72 72 3
71 71 71 71 1
California,
Packing
A. A.
- INVESTMENT POSSIBILITIES
"HILE "Del Monte" quality foods
continue to fulfill every consumer
expectation, the Common Stock of the Cali
fornia Packing Corporation, owner of "Del
Monte", is proving a semi-speculative issue
of unusual merit.
After April 1st next, not more than 462,010
shares of Common Stock will represent the
Corporation's only outstanding capitalization.
On this date, all outstanding unconverted
79o Preferred Stock will be retired at 115
and accrued dividends. Over 60 of the
Preferred is already deposited for conver
sion into Common. Recently, the Common
Stock dividend was increased from $4.00
to $6.00 a share. Considering earning
power and prospects, this rate is most con
servative and strongly safeguarded.
We recommend California Packing Com
mon to the consideration of all investors
desiring to combine in a single issue a
(Satisfactory dividend return with bright
possibilities for price-appreciation.
Send for Circular 33-D
Housman & do.
Cntembtrt Ktw York Slock Exciting
20 BROAD ST. NEW YORK
UPTOWN OFFICE
23 Weat 13rd Street
PHILADELPHIA
Cor. Broad It Chcitnut
Tbt mienentt coatilnril hcrtfi, KIU ml ruiuitcerf. tte bm4
tea loforaition u4 .ii Uc winch we Mine wcuntc ud rtliitlt
TO OFFER FRENCH
. LOAN FEBRUARY 20
Sale to Be Helil Simultaneously
in Principal Reserve"nml
Central Heservo-Cities.
bond, tho rate approximating 14.31
francs a dollar. Should French ex
change return as much as 2 francs
toward normal the rate would make the
bond worth more than $S0.
Circulars printed In French nnd In
FnKlU.li will bo on hand at the ofllces
of banks which are to receive subscrip
tions. There will bo no Immediate at
tempt to havo the French Internal bonds
listed on the New York Stock "Exchange.
FINANCIAL NOTES.
Tho French Internal loan of unlimited
nmount will be offered simultaneously in
the principal reserve and central reserve
cities of the United States, beginning
on Friday morning nnd continuing to
March 20, it was learned yesterday fol
lowing the statement .that the machinery
for the flotation of the loan practically
was completed. Under the ijusplces of
the National City Company, Bro'wn Hros.
: Co., Adrian Iselln & Co.. Ronbrlght
at Co. and possibly Lazar'd Freres. lend
ing financial Institutions In this' city will
rrceivo subscriptions for the bonds In
denominations of 1,000 francs, 2,000
francs, 10,000 francs ar. d20,000 francs.
There Is to be no underwriting syndicate,
tut each bank which makes a sale will
tccelve a commission of half of one per
cent.
Capt. Verge of the French Financial
Mission explained that the proceeds of
the loan would be used to provide funds
for reconstruction of the devastated re
gion of France, to reimburse a portion
of the banknote Issue of the Bank of.
Stmrt W. TVet.b, Henrr I. Kendall. Jolin
M. limer, l'rwl It. Ajtr. Henry 1. flulld nd
Chnrlcn H. WlrRln have become anawlated for
Industrial tnanacrmcnt n Webb, Kendall &
Urure, Inc., uhl-h has nfflten In.Ci Iiruad-
way and In V.W Wanhlnston atret t. Boston.
Northern and. netcni
l offering German
Trading Corporation
atate nnd city bondi.
The offerlnr la the flrat of tlMie boTidn at
firm iirlrrn In this country since the armlttlce
waa Miined. '
Colette, Parker & Co. hue luel n tKmWet
on foreign pm-nimtnt urnrlilos and n com
parison cf Internal and cjrtrrnal loans.
J. S. I'xeatt, Kedernl manager of the St.
Inula and Han Fnuicln-o lt.illm.nl, ban been
elected pretidebt if the (iulf Count llne and
will aaMinie lhat position en March 1, when
the mada are returned lo prlrate control. Ills
beadiiuartei will In- In Hoiiftnu. n. II.
WaiWr rteeted chairman; liny TerrelCJ p
ileeprefldent and wretary. lieorjte E. Var-J
ren ana i an lie uerwwrir, n.itunt aoerctary
and general attorney, reflectively; 1. if,
Ijtuderdole and Fmnli Andrew, treasurer and
general mnnrel, rttiiectlrely.
Kdtrln II. nay. formerly vlce-prenldent of
the Ilattery Park National Huuk, has been
elected treasurer and a member of the txeni.
tire committee of Fowler, Iloyd, Ix-tgbton Jt
Du nut. Inc.
In 1018 small tendings by the eompanlea
operating the Morrla plan of Indntrlal loans
wmuBiMiiii me i nueu siatea bowed an In
crease or eariy per cent., wnimred with
those of IBIS." Of tho total of abont Ji'.Otm,.
.hlt.,'" lent by twelro of tb
103 bank In the system. The .New York
France, and to establish the Govern-1 ZffiR
i
mcnt's floating debt. He estimated that
I' ranee would have to spend 13,000,000,
000 to 19,000,000,00 francs for rehabili
tation of- devastated portions of his
country, and that a largo part of that
sum would bo spent In 1920. He said
that the banknote Issue "of the Bank of
France, which before tho war approxi
mated 6,000,000,000 francs, runs close
to 6,000,000,000.,francs. At least 10 per
cent of that sum Is to- be retired from
the proceeds of the present Internal loan.
The floating debt, which is to be retired,
approximates 5,000,000 francs.
ipt. Verge said that the bonds of the
present Internal loan would bo free from
all French taxation. The S per cent
loan runs for sixty years and Is an amor
tlzable loan. The first coupon will be
for 33 francs a 1,000 and cover the
period from date of subscription to
May 1, and then for the first six months
to November 1. Thereafter the coupons
will be 23 francs a 1,000 semi-annually.
The loan Is reimbursable at tho end of
sixty years at 1B0 a 100 francs. There
will be semi-annual drawings, the first
occurring on September. The nmount
of the drawing will depend on the size
tu Hie ugKtexitle subscriptions-
The cost of the loan to tho French
Government will appi'ixlmate 6 per
cent and the return to the Investor. If
held to maturity, will approximate 3
per cent. The yield, of course, will bo
larger If the bonds be drawn before
maturity. Besides the possibility of ob
tnlnlng 150 in the near future for a
nominal par value of 100, by reason
a fortunate draw, the American Investor
has an opportunity to speculate In ex
change. The dally rate for subscriptions will
be fixed by the French Financial Mis
sion nnd communicated to tho news
papers. . That rate will be based on
the preceding day's closing In the. for
eign exchange market nnd will hold
good for twenty-four hours following the
announcement. At the present rate for
francs an Investor "would have to pay
approximately 370 for a 1,000 francs
M. I-ouls-s loans aggregated
iu ami itnoue Miami's
iiw.
C'lerelsnil
nearly J:
alraoit
,300.000.
rly J2,000.
IM $1,500,-
more than i.i.nmnm
l-3.O00.0Oii and Chicago
Rlfinil'. ..nu,l.
1IUII1UI. Illtl.ilnml . .
Ku.ton topped tl.ow.000 each and sin Vrin.
ffcE."TiKeU',,T5" fel' M "ort of that
n irrV-J'.1, 'or ,h? 'J"1" """Panics
aa J.'S.M.'.iViSi an average, of K IT 671
nt'uw, "''rroratlon hn completed t,
Deposltora or Oklahoma Producing and lie.
l?onraerfe '"''Sng3-
mi!i?r. .VJHW' 'hn of
of I)claware:Xcimhl""f,r,u,," J !,"'PV
IM0M
'foreign trade Through foreign investments"
ir
ssue
Nov Issue
Republic of France
5 Loan of 1920
Free of all present or futura French Taxation.
Redeemable at 150 by semi-annual
drawings in 60 years, beginning Sep
tember 16, 1920. ,
Coupons may be cashed on May 1st and
, November 1st. in New York at the
current rate of the day.
Approximate Price, delivered here, $75
per 1,000 francs, subject to exchange
fluctuations.
At the normal rate of exchange, the same bond
would cost, delivered here, about $195.
Kingdom of Belgium
5 Loan of 1920
Free of all present or future Belgian Taxation.
Redeemable at 150 by annual draw
ings in 75 years, beginning March 1,
1921.
Coupons may be cashed on May 15th
and November 15th in New York at
the'eurrent rate of the day.
. :
Approximate Price, delivered here, $75
per 1,000 trancs, subject to exchange
fluctuations.
7C
At the normal rate of exchange, the same bQnd
Would cost, delivered here, about $195. .
The principal attractions of the above loans are:
1. Drawings, semi-annually and annually, respectively, at J 50
2. Possibility of full profit of exchange on:
(a) Capital invested, (b) Redemption premium, (c) Yield
The following table shows the possible profit to be obtained from the ownership
of a 1,000 franc bond on the basis of exchange gradually returning to normal in,
six years: . f
i
Original Value if Profit on Income in Combined , Yield if Yield if not
Value of Franc Cost per Drawn at Original Dollars Dur- Profit and ' Drawn at Drawn Until
Pariod in cents 1,000 Francs 150 Investment iaa Period , Income 150 Maturity
lyear Tz $75 - $112.50 $37.50 $3.75 $41.25 55.00 ,5.00
2 " 10 75 150 75 8.75 83.75 55.80 6.66
.3 " 12 73 J80 105 14.75 119.75 53.23 6.55
4 " 14 75 210 135 21.75 156.75 52,25 7.25
5 " 16 ' 75 240 165 29.75 (94.75 51.37, . . - -7.93
6 " 19.r ' 75 289.50 214.50 39.40 253.90 .56.42 8.75
10 " 19.: 75 289.50 214.50 78 292.50 39.00 10.40
20 " 19.: 75 289.G0 214.50 174.50 389 26;00 . 11.63
40 " 19.3 .75 289.50 214.50 367.50 582 19-40 12.25
60 " 19.5 75 289.50 214.50 560.50 775 17.224 . 12.45.
75 " 19.3 75 289.S0 214.50 v705.25 " 919.75 1&35 f 12.53
i French bonds redeemed. Bclglan bonds redeemed. '
We suggest considering these issues on account of the above features, which en
able investors not only to obtain the full profit on the return of exchange to nor
mal, but also to secure a substantial increase 'of the capital originally invested
through the semi-annual and annual drawings at 150. We urge these invest
mentsas a means to improve the exchanges, which to our commerce and industry
is of the .greatest and most vital importance at this very moment.
Ask for our new Frtnco-Belgian Circular and PamphleQksM
"Thrift in France" and "Economic Assets of France"
A. Be Leach & Co., Inc.,,
t
Investment ' Securities . j
62 Cedar Street, New York
Philadelphia
Baltimore
Boston
Minneapolis
Chicago
Buffalo
Cleveland
Scranton
a year ago Is
Panr. lncrea aim '"""'""It
Western Union Oil CompanV. J.VL Tl
barrels, or 10 per cent.: l"i tiki i-?.!M 4jP"
'Ilrown Uroa. & Co are .lui.it.....
second edition of th? r booklet tUi ne a
tlonnl Investments," ,cribtaJ Vori?Irli;'
ternal and Internal loans t0"'Sn ex-
Th firm f re V - . .
dliuolved. but " irTitl'i " been
unaar that name. Tho member, of Th. '
new firm in Mu.,. ., '"rinD.er". or .
las Kent. m.mh7r. if .iV"5"j D":
Kichange; Blgetow WattJy
uouuon, jr., v
Taylor, .pedal.
""'r Jiaa; a Bona, m tmn.f.. . i
l!)i),,V;SJ"S,1'!
Wilfred Wood and Henry ft I
announce that the derfnltlve engrVvfa cer.
"1c"5fJ An "Prlor Oil Coren?.fin l
properly Ir.dor.ed. StocCholders are urged
to present certltkalea promptly for . '
during that pirlod PWdVd tKl trawhr
of ownership bs not desired. ,rnr,
MInach. MeN'ell A rn i ,
the opening of their new Wices In IIS
?wduT .,?,dMl ln ln"tn'"t aurltlea.
They will act as correapondenta of Aldred
v o. .
William A, Oelile. formerly with tl,8 i,b
jrly atjonnl rtnnV. has bten appelnted
MacQuold & Cosiy. ctflce manarciT
Making Your Dollar Buy More
Your dollar today buys less food, clothes or shelter, but it buys more
bonds and more income.
It would be necessary to go back nearly fifty years to find an investment
opportunity as remarkable as that offered investors today. In buying
sound bonds at present prices for long time investment the investor will
receive an unusually high return for a period of years, and he will benefit.
' through the increasing purchasing power of his income as commodity
prices decline. i
We own a large list of government, municipal, railroad and corporation
bonds, which, at present market prices yield from 4 to 8. These
bonds have been subjected to our usual careffil investigation and are
offered to investors with our recommendation. We shal be pleased to ,
submit circulars describing a few of these issues if you are interested.
We suggest you ask for Circular "B"-ui
Harris. Forbes & Company
Pin Street, Corner William, New York .
Harris, Forbes ft .Company
Incorporated
Bestea
Harris Trust and Savings Bank
Bond Departmsnt s
Chicago
-State- Taxes Increase.
AMiANr, X. T., Feb. 16. Increased
prorperlty and a larger number of cor-
poratlona doing business in the State
wero Indicated by tho amount ot busi
ness, corporation and f ranch tnxea
received by Comptroller Travis from
July 31, 1919, to January 31, 1920. That
amount, nearly J33.00O.O0O. was approx
imately ? 13,000,000 more than tho re
ceipts for tho correspomllne 1918 period.
lock Island, Ark. &
Louisiana
FIRST 4&s, 1934 '
, These bonds are now
selling on the New York
Exchange between 61
and 62. Yield at this
level about 9.30.
We feel that they pre
sent a splendid invest
ment opportunity at any
figure under 70.
All Orders Executed at Market
Carstairs & Co.
Member Philadelphia and
New York Stock Cictiaojes
71 Broadway, N. Y.
1419 Walnut Street, Phila., Pa.
HENRY CLEWS & CO.
Members of N. Y. Stock Exchange.
11, 13, 13. 17 Jt 10 BHOAO ST.
Deposits received subject to cheque
Stocky Bond & Note Issues of
Railroad & Industrial Companies
Bought and Sold
rnd conservative advance made
thereon.
Dealers in
LIBERTY BONDS
Branch Offices 330 Fifth Are.
SO Union Square. no Warren St.
8S3 Third Are., 10 Court St., Brooklyn.
Mark A. Noble Theodore C. Corwln
NOBLE & CORWIN
S3 Broad St. New York
Great American Ins.
STOCK 86 RIGHTS
Telephone 1111 Bread.
I

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