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The Sun and the New York herald. [volume] (New York [N.Y.]) 1920-1920, February 20, 1920, Image 13

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THE SUN-AW tfBW Y6RK HERALD, FRIDAY, FEBRUARY 20192Q
J .
Pe Beers Cons.
Mines, Ui.
Controls tlfOioS of As
wcildferatpateteHaKoade. '
Has paid mora than SN?f
n dWdsnda ttflc 1010.
Paid $0 last year on the
English shares of
Pr.
! oof th weridMoBf
eat com penJe.
itttroritMsaJwsyslntsrge
drmottd ore oeWmr; leading
lessee on the Fid and
Loudon SJtota exchangee.
S4f Aentjren win a-aiey
HnMitiHlrmaJyyr,
Bamberger Bro.
Baairt Htm Ttrk Slot Bmomt
69 Bfdwmy, Nm. rA
MYlSOH'STRIPISHT
FOR HONEY COMBINE
r
Member of Morgap Firm la
London Denies Ho Plans
Bigr Financial Project.
WENT TO SIT FOR PICTURE
"Will Go to Red Otobs Conven
tion in Geneva After a
Visit to Paris.
"Banker Road." to called, In
splendid condition should be
come a contender for market
leadership
UNION
PACIFIC
a concise analytic andAlmely dis
cussion also data on
5 LOW PRICED RAILS
(elected for possibilities of doing better
markttwUe under private ownienMp.
FOREIGN CREDITS
A brief article anil a tommery of a
rev rompanlM lh are beneatutg
from the Webb-Potterene Law.
Cub Cane Sugar
Crucible Steel
CalU. Packing
Lima Loco.
Boons Oil
Can. Asphalt
Id tbe Oarrort too
11ABKBT OPINION
crrti en mvat or d-ij,
R. H.MmMASTERS & GO.
tftstotrt CmoUdtlti disc gxeJi, n. r.
9 WaU St New Ycrk
tStncttr Ml Ground Floor
Wt ejir (ot gtvr Cti4iratlei
WESTERN SECURITIES
5ugsr Stocks PuMIc Utilities
Corporation Securitlss
Municipal Bonds.
Wa bar prepared a cor
pnbmeirt resume of tbraa
iccurltlea which combine
Safety
Attract! Yields
Marketability
FurVia Wormatlan en rajtufl
Wilson $ Company
70S 17TH ST. .
Denver, Colorado
Special Letter this week on
WHITE OHL
Recent Special Letter on
Fedetal Oil v. B. BtaamabJB
to. Front Sbertn, N. Am, p7T.
Btrden Chemical eabmarine oat
Ccrdcn M Co. Warn Goal
Copies upon request
ZBTABUSHIO IOOS
Member M-Y Curb Harfest Aocm.
fcs broad an. ncwyork;
Telephone Breed 7171.
TEX-LA-HOMA OIL CO.
CITIES 8EBV. ALL ISSUES
STANDARD OAS ELECT.
AMER. LT. TRACTION
H.F.McConnell&Co.
Members. Y. Slock Exchange
UB'ay,N.Y. Ta.Denl.Orem MtO-SS
Srtdal Calls DftpsieA to Trm SDH Ann Knr
TOSK TtatUUi, Copyright, 1)3), it TBS tV
iro Nsw TaiK IIiiau).
London, .Feb. IS. Tjondon financial
circles were stirred to-day by the state
mant In tho Pall Vail Gaefe that It P.
Davison, member of the bonking firm of
J. P. Morgan 4 Co. of New Tork. had
come to Europe for the express purpose
of organising a great financial combine
which would finance certain Continental
Industries and enable them to compete
for European trade, and, secondly, to or
ganize a great International trading
company, backed by the Morgan Arm
and the Guaranty Trust Company.
When his attention was called to the
report by the correspondent of Tin Sun
and Nsw Tout HEsjLLD here Mr. oavi
son denied It He characterised the re
port as, not rounded on fact Later he
issued a format statement containing a
cateroric&l dental of the report ana In
which he stated that his trip here was
In no way related to any scheme for
financing Europe or any combination in
Europe.
He said he had not seen any London
financial men since his arrival here and
did not expect to do so before leaving
London for Paris early next weex, uo
said he expected to etny in Paris for a
few days before going to Geneva to at
tend the Red Cross convention there.
Will Hare Portrait Painted.
Mr. Davison said that his one object In
coming to London at this time was to
sit for a portrait being paintea ror we
Ued Cross League's headquarters In
nnAVA-
Vnder the projected plan for a trading
company, tho 'Pal! Wall Gasetle eaya
American banks would enter a great
money combine for flnaneliw enter
prises to supply necessities occasioned
by tto war. For example, the news-
nnnr exnlolns. If Belalum. France or
Austria were In search of means for
rehabilitation, the concern Mr. Davison
Is declared to have In mind would be
able, purely from a business viewpoint.
to aid and encourage any sound enter
prise In this connection.
A member of the firm of J. P. Mor
gan & Co. sold yesterday that there
was no truth In the cable from London
saying Mr. Davison's visit to England
Is for the purpose of establishing a
great money combine to finance na
tional and private enterprises of Furope.
It was true, however, that Mr. Davt-
ffn planned to discuss with interests tn
Qreat Britain and France a number of
Important matters, Including the ma
turity next fall of (600,000,000 Anglo-
French bonds.
Financiers With Mr. Davison.
Color was given to the despatch by
the visit to Europe In company with
Mr. Davison of Grayson M. P. Murphy,
president of Foreign Commerce Cor
poration and formerly vice-president
of the Guaranty Trust Company, and
Arthur M. Anderson, president of the
Forelsn Finance Corporation. The
exact scope of these Institutions, which
are private organisations of the Mor
gan group of bankers, has never been
stated, but the outline Indicated that
these companies would Invest money
abroad both for European development
anl for ar lnrrea in trie betwen
European countries and the United
States.
It appirs ci rtin ttiit more or less
Important steps will be taken in the
direction of flnsnctng national and pri
vate enterprises abroad, chiefly on ac
count of the purchasing power of the
dollar as expressed In terras of foreign
exchange.
Union Amer. Cigar
Com. & Pfd.
LIAND CO.
SOFmsSL,N.r. TsLlelS34
Woodward Iran Common
Merrill, Lynch & Co.
, Trad In s Department
120 Broadway, New York
Pbenes Rector 7683 to 03 fact.
NOBLE & CORWIN
IS Bread St. New Term
Met. & Met. Nat, Nile Bern. Com.
Gutranty Twit. Tex. Pae. C &0.
Telephone U1I
APPEOVE QEMTD TfiUHK SALE.
Terra Arranged With Government
Favored by ShajrehoKers.
Bs a Staff Corriipondnt of Tan fltrs akd
New Tosx HsaiiD.
1 Montreal, Feb. 1 The shareholders
of the Grand Trunk Railway Company
havo approved the terms of agreement
of sale arranged by their directors with
the Government of Canada. It remains
for the road to be put under operating
control of a board of Ave and for the
arbitrators to. fix the value of Its com.
mon and preference stocks. Ths operat
ing board of control wilt consist of two
appointed by the Government, two by
the Grand Trunk and one by the four
so appointed. Each side will appoint
on arbitrator, the third having been
named by Parliament The board will
continue to operate the road until all
Its debenture and capita stock has been
formally transferred to the new owners.
Provision was made In the agreement
for purchase and transfer of alt or any
part of the stock after fire years on six
months notice.
The Government assumes liability for
7,000,000 of 5 per csnt debenture
stock, 124,111,115 of 4 per cent deben
ture stock, and 12,100,000 of guaran
teed 4 per cent stock.
LONDON MARKET.
Carib Trading Co.
Coin.. Enteral!
Maguire & Burleigh
7 Wall Street New York
Phtmt HanoMt tin
Jyi.
1. M. TAYLOR &C0.
lacerpersUd
INVESTMENTS
7 Wall Street
r 2r5?J
London, Feb. Is, Closing: Consols for
money, 49; British fi per cent loon,
lT4: British 4 u per cent loan, 13H:
Atchison, 108; Baltimore and Ohio, 44:
Canadian Pacific, 1T4; Chesapeake and
Ohio, 71; Chicago end Orest Western,
11 ; St Paul, 81 : Denver and Rio Grande.
;i0; Erie, lStt; Erie 1st pf, 30; Grand
iTu hk, i n ; Illinois b'enirai, lis ; juouis
villa and Nashville, 14t; Missouri, Kan
sas and Texas, It ; New Tork Central,
102; 'Norfolk and Western, 188; Ontario
and Western, 34: Pennsylvania. SO;
Reading, 103: Southern Railway, Si:
Southern Pacific, 111; Union Pacific
171; United States Steel, 143: Xe Been,
10t: Rand Mines, 4 H.
Bar'sUvsr. Ilttfl. per ounce:' bar gold,
121s. ' Money,- 1 per cent Discount
rates, short and three months bills,
SKll'lf per cast Gold premiums at
Lisbon, 140.
CITIES SERVICE HAS f
CONVERSION PLANl
Cwnpmy Aaytrfg Jmwory
Emrnmgt $tfi08t79&
1
An extension of a part of the con
version privilege has been granted to
heldera of Cities Service Company eerlte
O 7 per cent convertible gold debenturea,
accord Ine; to announcement mode yes
terday following the meeting of Its -directors.
The announcement reads: "Directors
of the Cities Scrvjoe Company have ex
tended to holders of Cities Service com
pany series C 7 per cent convertible
gold debentures the privilege of con
verting on and after March 1, 1120, 10
per cent of the principal amount of the
series C debentures 'held by them on
February 1, 1(30. This extension of
privilege of partial conversion to hold
ers of series C debentures is a continua
tion of the policy adopted In IMMn re.
gsrd to extending the privilege ot par
tial conversion to holders of series R
debentures.
'"Under the ruling of the Commie
stoner of Internal Revenue, where an
owner of a bond exercises the right pro
vided for In the bond of converting the
bond Into stocks of the obligator cor
poration, 'ouch transaction does not re
suit In a realisation of profit or loss,
the tranmctlorf not being closed until
such stock la, sold."
The company's gross earnings In Jan
uary, 1130, were almost up to the high
record of any month In Its history, hav
ing been exceeded by but three months
and being tl,IO$,7ll, an Increase ot 153,
114 compared with those of January,
1911. Its net Income for the month
applicable to reserves dividends and
surplus was 1,69S,243, an Increase of
113,374 compared with figures for Jan
usrr, 1911. After providing for divi
dends on Its preferred stock for the
month the balance available for reserves,
dividends on Its common stock and sur
plus was 31,944,051.
The company's earnings for January,
1130, showed an Increaso of 9141,180 In
gross, ll(t,17t In net Income and fill,
173 In balance for the common stock
compared with December, 1911, figures.
The growth in recent months In Its earn
ings Is shown by the fact that Its Jan
uary, 1110, gross was 44 per cent
larger than Its August, 1919, gross. .
LOAN OFPEACE IS
LAUNCHED IN PARIS
Campaign of New French Issue
Starts With Promiso of
Signal Success.
Sptdal Cablt DttptttK to Tas Bow Aim Hi
Yoax HsaAUt. CopyWffJW, US0, by Tss Be
aro Niw Teas BsaAU.
Paris, Feb. 19. A new French lean,
known as 'the Loan of Peico." was
launched In Paris to-day under auspices
which give every promiso of great suc
cess. Indeed, never at any time not
even during the war was the Inaugura
tion of a new loan tn France attended
by the display of so much enthusiasm
and wide publicity as was this one. The
subscription lists, which were openea
this morning, will be closed on March
30. The bends are free from taxation
and fceor Interest at the rate of five per
cent a year, payable every six months.
The bonds ore In denominations ot 1,000
francs, 3,000 francs, 10,000 francs ana
30,000 francs. They may be purchased
In foreign countries in dollars or pounds
sterling at the rate of exchange fixed
each day.
The loan has two principal objects;
to reduce the amount of paper money tn
circulation In France and to consoli
date the floating debt The extensive
Issue of paper money here (s regarded
as a fundamental cause of the high cost
ot living, and. due to which and to
many other difficulties whclh the nation
Is facing, It la felt to be imperative
that the Treasury be enabled at least
to wipe out Its debt to the Bank of
France, the possibility of achieving
which depends largely on the kind of
responss the people make to the loan
appeal
In financial circles the belief was ex.
pressed to-day that It the loan proves
the success which It promises to be, the
effect will be that the Government can
do wonders toward (establishing normal
conditions In the economic lite ot the
nation.
Such was the keynote of an address
by Frederick Franeols-Marsal, Minister
of Finance, at the Bourse to-day. He'
declared that the existing financial crisis
would be very largely relieved If the
public responded patriotically to the
loan. He spoke of many benefits which
loan subscribers would receive and as
serted that the loan offered unparal
leled advantages In the way of profit
One of the features of the loan an
Innovation which constitutes a great at
traction to many persons Is the guar
antee by the Government ot payment In
sixty years' by drawings of 150 francs
for every 100 franca invested.
One ot the first, official acts ot Prod"
dent Dea cfcanel was to Issue an appeal
to Frenchmen all ever the world to aid 1
France to recover from the effects of the
war and buy liberally the Loan of Peace
bonds. ' i
Bankers to Ballet la Boston.
Harris, Forbes A Co. have purchased
In Boston's financial section a plot from
Federal street to Congress strsst On
that site, which is opposite to their of
fices, they will erect a building for their
exclusive use. Harris, Forbes A Co. oe.
cupy ths first floor of the old John
Honcocs Buuaing. is Federal street
The house has hod a Boston office since
1113.
Barkbsirnett Grade Oil Up.
The fltelner Oil Corporation, operating
In the Burkburnett field, has taken the
Initiative, through ths msnsgemsnt of
Its gathering, pipe lines and loading rock
systems. In advancing ths price ot Burk
burnett crude "oil to $3.35 a barrel, ef
fective from February 17.
Executor
Trustee
Chartered 1822
The Fanners1 Loaa and Trust Company
, Noivl6, 18, 20 & 22,WilUam Street
- Branch Office, 475 Fifth Aveiraa
At Forty-fiwt Street
Now York
LffncUa
Administrator
Foreign Exohwige
faiii
Guardian
Xemtolefcral Beosne 0y5tera ana Hew Tork Cltukg Itiue
lOMILAltD TO OFFER STOCK.
Company Flan Issue to Provide
Mere Werkin Capital.
The need for additional working capl.
tsl with which to meet the continued ad
ance In the prlee of raw materials and
the proposed expansion of the company's
business has resulted In a decision of the
management of the P, Lorlllard Corn
puny to offer new stook In that corpora
t'on to Its common shareholders. The
total of the new stock to be offered will
be HOU.100, which will be taken from
the 99,01MO unissued common stock In
the corporation's treasury. The common
stockholders will be offered the right to
subscribe to the new stock at par.
ihs annual meeting of the stockholders
nil! be held on March 9 and they will be
asked to approve the plan for the sale of
the new stock and the cf ferine of the
remaining 32,021,140 to tho company's em
ployees at not less thsn par.
Bell Telephone ofVa. Reports,
The Bell Telephone Company of Penn
sylvanla reports for 1919 a surplus, after
charges and dividends, of ltl,3(t,
against 1111,742 In the Isst previous re.
port, which covered the seven months'
period ended on July 31, 1913. Its gross
Income tor 1918, excluding all revenues
accrueaT to and expenses borne by the
Government during Federal control, ,was
$11,4(1,891, and Its net Income, after
expenses, 33,111,931. The company's
other Income aggregated $374,974 and
Government compensation $3,253,71$,
making Its total Income $4,717,17$, and
Its Interest charges, depreciation, divi
dends, 4c totalled 14.314,505. Thus Its
final surplus tor the year was 3911,2(1.
Boo AsTutree for Dividend.
Minnxatoub, Feb. 19. Arrange
ments for dividend payments totalling
$3,4(0,000 are being mads for April 15,
officials of the Minneapolis, 8t Paul and
Bault Ste Maria Railroad announced
here to-day. The .dividends are In the
form of Interest on $($,000,000 ot com
mon and preferred end will be made out
of the $10,000,000 annual return Guar
anteed to the road under Federal operation.
REPLACE OLD ORGANIZATION.
Aate.Belle.sa Stast ot new Tessr
Ceatral to Take Caarare,
A. II. Smith, president of the Hew Tork
Central lines, said yesterday that the or
ran nation or the New TerKvenmu
lines as It existed prior to federal con
trol having proved Its effectiveness and
shown Its ability to meet the demands
placed on It by stress ot the war. will
be replaced on March L "The personnel,
vim but fsw exceptions, will be com
posed ot former officers and employees."
ho added.
There are two vacancies to be flued,
one caused br the resignation Of C. F.
Daly, who resigned two months ago as
v.ce-presldent in charge or irarnc, una
Francis Le Bau, who was freight traffic
manager when he died. Detailed an
nouncement of tho personnel will be
mide next Tuesday.
8ell Four Seats on 'Chaasx.
Four memberships In the New Torsi
Stock Exchange have been sold, accord
ing to announcement made at' the ex.
change yesterday, for prices ranging
from 115,000 to $39,000. The last pre
vlous sale was for $12,000. The seat
of Robert B. TCUborne was sold to Harry
A. Maasey for $90,000 ; that of. Daniel
A. Lorlng, Jr., to Arthur W. Sessalburg
for $15,000; that of Ambrose a Henry
to Joseph A, Mohonsy for $10,000, and
that of George W. Carpenter to Cleve
land Cobb for $13,000. Two ot the pur
chaser Arthur W, Sesselburg and
Joseph A. Mshoney, were employed once
on the floor of the New York Stock Ex
change. It was also announced yester
day that Edwin Posner has been elected
a member ot the exchange.
Gain.
Conaamere' Ce. PresHe
The Consumers' Company's annual re
port for 1919 shows gross profits of
$6,533,377, against $$,077,85$, and op.
eratlng expenses. Interest, Sec., of $4,841,.
654. sgslnst $4,374,011, making net In
come for 1919 $741,333, against $103,7(7
In 1118. Its preferred dividend require
ments took $37f.4ls ot that amount and
the balance of $484,107 was transferred
to profit and loss surplus, bringing that
Item up to $1,180,722 on December SI.
NEW YORK STOCK EXCHANGE PRICES.
Continued from Preceding Pairs.
-CleslaS'-t Dir.
ma. i ass. in s.
71
Hairs.
67
7C
56
434
4
is
50
4Ti
79
42 H
22
37
31H
60
63
S7K
B4
179
93H
6U
66
IStt
91U
103
113
(0
93
30
7H4
34tt
35
44
99H
100
101
FINANCIAL VOTES,
QUR Forelrn Department handles
foreifn banking trtnsactiom with
ldiR banks throughout the world.
Guaranty Truit v Company
of New York
CENTRAL UNION TRUST Ct.
of New York
80 Broadway.
. . BRANCHES
Ith ATtnae at eth Street
Uadlsea Annua at tn4 Street
. Aveerae at th Street
CesttaL Sarstsa sN Undivided
Frosts, )0 ,604,000
I Hemic of Baarlaad Btatemaa.
I
' London, Feb. 19. The weekly stats-
meat of the Bank ot England shows the
loupwus coangoBi xeiai reserve de
creased, 1,115,000 ; circulation Increased,
12470,000; bullion Increased, (3,474,301;
other securities increased. 14,143,000;
publlo deposits Increased, (4.335,000;
other deposits Increased, (32,53(,000;
notes. reserve decreased, 11,1(1,000:
Government securities Increased, 1(3,
171,000. The proportion of the bank's
reserve to liability this week Is 17.43 per
cent: last week It was 33.40 per cent
Rate of discount per cent
Paris Market.
Pams, Feb. 19. Prices were easier-on
the Bourse to-day. Three per cent,
rentes, 57 francs 90 centimes; exchange
on London, 47 francs; E per cent loan.
Centra! Vaton Trait Censem; has beta sp
poialra treafter arret la New tars of ttit jre
fsrrtd stock series A, of' (be Sotrvls Will,
teas Corsoasy asa resiatre of tse erefsmd
stoex of tbe Erstst Mate Menlactuiloi
Ait reetsrsaT's meetrat of tbe dire (on of
tea PaelSe Bask 1. 8. Hanlltoe, oaletaat
easnlrr, was elected fc vlce-presldest
DlrMtets or me Falisoiisliia ess BtsdlSf
Rallwir bare elected A.-B. Belrek easts.
trailer se m fierce i. ne wee tanacnr tea
eral auditor of tee Ises Islsad1 sad Feastyl
reals rtllroad la Vm York.
Mew Tork 0?ffe aad Susar Bzetesce will
sot be opea tO"tBerrow,
Steckhole'tre ef tbe Vokaa DetlanlDi Osn
seir bare roted to ratify Its directors' .pits,
under which a eeapmeatee' eettleneat ofitbe
ceraparr's salt aritiurt tbe Bepablks Cfteraleal
Sumsasy wui be audaarKi the Detleaiaf cam.
F; e tssltal ttees Hkriaeed from Mco.oao
to (tmoeo.. after wSIcb tbe Ropeblle Cbm.
teal OMSfaay wSl be scqolred by tee Vslesn
UetlPBlor Otaoaay .
Ilrd'solle I "rowed Steal GMBOesy aaeeeaeet
tbe eeateUdatios ef It latereets as tbe By.
dnslle 8teel Cosraasy of Olerelaad.
niBJberct Brae., memiin ef tbe Kew Terk
8lecX JiKbtap, bare leroed s circular tree.
Ira tbe record of De Beers Ooatol Ulna, Ltd.
&ew York Trust Ceaisr SMOoaees tbat' It
W trepared to Oelltir detbilttrc 6 per seat, ten
$7 francs 75 centimes; dollar, 13 francs ( JVrtr ita a. Jamee Set-art oo, see: tbe
.. mtmrA mm toed of rhe Hnnl n.. mmA
llrctrle Conet-esy oa ssntadtr of oststsadlaa
tetSBorair beads.
T. X. OMpass, fflrw Tort parts rr of P. vT.
Csapnsn Ocm eeeorsKes bis withdrawal from
tbat firm a; .f rebresry Is.
Dooflu M. Hess sasosnces tbe optstaf ef as
laTeitneat btttietst trader bit. same la M
Oeartee PtreetIl)Ua. . He will deal Is hls
Of Donas ana lervi pvcunuci. r. Jiee wee
centimes,
Uobawfc Valley (steataeot Ceajaay.
5 1
4
60c
9
4
5.20
76H
5$
43
S
ES
51
85
(0
21$
39
31
soy
65
374
54H
IS
93U
62
59
29
11
93
103
114
83
84
-St
S5
85
48
99
101
103U
e
16
!4tt
sa
17
29U
71
134
9-4
17U
13
824
40H
73
105
99
34K
67
43
IB
11$
10U
183
8$
14U
fl$H
12
2$U
SSH
40
83
120U
67
48
144
188
10K
SIM
70H
lift
83
48
99
113
4
lilt
73H
10
4ltt
dJH
, fc
36
31
81
so$
37H
eiv
88 ,
sou
14
31
.M
35
6$
81
78U
,73
C-JfeU.
1
T4c
4
30
6
e
8
4
4
7
101
100
8800
100
1000
2400
200
7001
100
17400
300
4100
800
500
48300
800
100
700
6500
600fPierce Oil Corp.
8
3.80
10!
4
4
1
13
Norfolk & Western pf.
Northern Pacific ......
Nova Scotia 8 ft C...
Ohio Cities Gas
Oklahoma Prod & Rof.
Otis Steel
Owcna Bottle Co
Pacific Oos A Electric.
Pan Am Petrol AT...,
Pan Am Petrol TB
Pennsylvania R R
Penn Seaboard Steel,..
People's Oos, Chic
Pero Marnuette
Pere Marquette pf
Pere Marquette prior pf
Philadelphia Co
Pierce Arrow Motor..,.
Ooen.
Pierce Oil Corp pf
Pitts, C, C 4 St Louis....
Pittsburg Coal of Pa pf . .
Pittsburg; is West Va....
Pond Creek Cool
Pressed 8teel Car
Pressed Steel Car pf....
Pullman Oe
Punta Allegro Sugar
Railway Steel Spring...,
Ray Consol Cop
Rending
Reading 1st pf,..,
Reading 2d pf....'
Republic Motor. Truck.,
Republic Iron A Steel, , , ,
Reptrblio Iron A Steel pf,
Royal Dutch Co N Y...,
Rutland R R pf..;
St Joseph Lead...
Bt Louis A 8an Fran...,
Bt Louis A Son Fran pf.,
St Louis Southwestern..,
Ot Louis Southwest pf..,
Savage Arms Corp......
Seaboard Air Line
Seaboard Air Line pf , .
Shattuck Arts Copper.,
Bhell Trans A Trading
Sinclair Consol Oil
aioes-onenieiu o i
Bouth P R Sugar.
Southern Pacific
Southern Railway,
Southern Railway us
Stewart Warner Speed.
Stromberg Carburetor..
Studebaker Corp
BT.UIE MQlOr
Tenn Cop A Chem
Texas co..
100
100
400
6800
soo
700
100
400
700
100
400
20900
800
400
400
31(00
100
6100
300
800
41(00
3200
300
900
100
600
4500
8700
100
1000
14400
800
100
35400
16800
800
200
1400
17200
200
200
3600
MlOOlTexas A Pacific..........
600 Third Avenue.,
3(00 Tobacco Products
200 Tol, Bt I A w cus asp, .
stoo Transcontinental uu
lOOITmnsue A wins steer...
100 Twin City B T
1100 Union Oil
bow union racinc
300 Union Paciflo pr
100 United Alloy Steel
luuiunuea urns- w...
400 United Fruit Company,
300 United Ry Investment
300 United Ry invest pi,
6000 United Retail stores
300 U SCI PiP Fury....
100 U S Food Proa corn
SOWIU H 1M juconoi.
800 u h Realty A imp......
8400 U S Rubber V
loo tj H Rubber lit pr.
400U B smelting, ksu.
100 U 8 Bnwltlfit, R A M pf .
41300 U 8 (Heel
100DIU S Btsal pf -.:
200 Utah Copper
lOOlutarr Sec Corp.........)
izsQivon&eium jotb...
twoiva. Carolina unetn
dseoiwoaasn
iwogiwarjasci pi a..... .......
SMIWafeas st B.
zoo weiia vaiero jwiv'b. . .
lJlSOlWestern Maryiana
r
1300 WeVtern Mary 3d pf
BS0B Watsrn Paalfc
1 800 Western Pacific pt
100 Western Union Tel;
1000 Westlnghouse BAM....
13300 Wheeling A Uke Erie..
340O Wheel A Lake Erie pt...
900 Whits Motor
3900 WlDye-Overland
SOO Wilson G?..
600 Wisconsin Central
TOO Worthlrurton Pump
100WorthtateB Pump pt B.
70
78
66
424
.55
55
51
84
78
42
23
39
29
49
86
87
54
la
92
59
56
27
19
92
101
11
S3
13
20
72
16
34
46
99
101
102
34H
16
.20
29
15
36
70
15
8
.14
10
32
40
71
305
95
22
55
41
60
87
119
10
181
82
13
68
10
23
86
.'13
U8.
68
44
10
38
IS
(Oft
84
43
98
HO
64
46 .
88
110
12
OH
48
64
8
34
17
80
10
19
34
63
85
60
SOft
63
24
69
38
76
73
-70-79
66
43
.55
55
61
85
79
42
28
89
32
50
65
37
64
18
93
59
19
92
101
114
82
93
30
78
3b
85
45
100
101
108
30
18
24
32
15
38
70
15
9
17
10
83
40
71
205
89
24
80
88
120
10
183
88
14
69
33
66
31
83
131
44
180
183
10
33
70
18
60
84
48
100
110
84
48
88
111
73
38
20
60
13
30
37
61
85
60
14
23
64
35
69
30
76
73
Tew.
est J
76
76
66
"A
81
(5
61
82
78
42
33
37
38
49
65
37
63
17
92
69
56
27
18
91
101
118
80
83
30
71
85
84
46
98
101
101
34
Si
19
15
36
70
14
10
82
89
71
205
95
22
65
41
89
96
lis
10
181
33
13
68
10
33
56
Clot-
79
8(
43
6
SI
68
hi
85
79
43
23
87
3W
60
65
37
54
17
92
58
56
29
18
92
101
111
98
30
75
85
85
45
89
101
103
35
16
34
32
.15
28
70
15
9
17
10
82
40
71
205
98
24
87
120
10
182
87
14
Ski
33
56
81
83
120
SB
44
180
133
70
IB
48
89
110
64
46
88
111
3
65
38
30
60
11
SO
37
61
85
lit
l
36
63
30
76
73
Chance.
1
1
1
l
French Internal 5 Loan of 1920
i 1
The$ bonda will be a direct obligation of the French Republic Theyjiro
redeemable on intemt dales (May t and November let) by BomUnnual
dravingo at 1,500 Franca per i.oooFranc Bond, tho whole issue being re
deemed through these operations within sixty years. Bonds not drawn in
, this manner arts subject to redemption at the option of the Government at
1,500 Francs pr j,ooo-Ffanc Bond at any time. Interest and principal are pay.
able In Franca. 1
The bonds will be dated May 1, 190. and will be lisued In denominations
of; t,ooo, 3,ooo, 10000 and 20,000 Francs, but the face of the bonds, In accord
ance with tho French custom, will Indicate the annual Income and not the
principal.
Interest Is payable May let and November 1st, The first coupon will be
paid November I, 1930, and willbe for 35 Francs, which includes the regular
semi-annual coupon of Francs and 10 Francs to cover the interest accrued
toMayist.
PrinclM interest and premium of this loan are payable free of French,
tates.
We are authorised by the French Government to receive subscriptions for.
this loan from "February 19th until March 20th (unless subscription books' are
closed earlier by their order) at the price of 1,000 Francs per i.ooo-Fra'nc Bond.
, The subicrlption price is payable In full at the time of subscription at the
. current rate of exchange on Paris for the previous day, as fixed by the French f
Finance Agency In New York Gty. ,
The rate for subscriptions received on FEBRUARY 20th has been, fixed at
13.55, at which rate the price of the bonds is ' .
$73.80 per 1,000 Franc Bond x '
LAZARD FRERES
19N88uStreat New York
Ws do sot guarantee tbe etateneats sod figures presented herein,
but they are token from sources which ws believe to be accurate.
.''1
J
BIG INVESTMENT OPPORTUNITY
for LARGE or SMALL INVESTORS
INTEREST, CASH COMMISSION AND, STOCK
BONUS IN HIGH CLASS GOING COMPANY
An Automobile and a Motor Body Company, both in operation
since 1014, are prepared to offer attractive terms to obtain $100,000
additional working capital. Tho companies have a highly specialwed
product and wide InterrjaUonai market. Including England, Belgium,
Denmark, Holland. Scandinavia, Bpaln. Greece, Mexico, Cuba. BratU,
Uruguay, the Argentine and British India. The large profit In supply
ing the present demand enables the companies to offer atUactive terms
to an investor who will supply this amount, ail or in part. , The mami-,
torturing plants arc near New York City and a personal invesUgaUon
con be conveniently made. Those who desire to avail themselves of this
opportunity will communicate with
RAILWAYS COMPANY GENERAL
347 Msvdlstta Arcane, New York
kHVIDSMM AMB IMTKBX9T,
tt Beard of BfaeeSenttaa declared
etin SiilliiMlhiil ishlJlfrfiii
On ths rrefame) Steak oee sad tfaree
sjntstors fesssat, teiftd the 113? ctm
secwtlfe etlvl4sw4 wWaset, payable en'
Onftts Cismretsi SJteejk eae w4 three
eiwltttssireeac. fccJiig; 1M 4cfl
seewwre jM4mnA &sreon, psyaMs on
AwU m IKtO s tiss 8tektwMr
of reeerta m jawcK I- tfOO. )
OaAoCoonwea Seaeti est si84ilietval thresJ.
uarters f eae percent,, peysble on;
April JsM ttM e the fMseVhsS4ers
4 twrsl en MrH t WiO,
T'lrerWer Eeeaswffincttio dsaeet.
WANTED An Executive.
Man with therousb auditing and accounting experience, cspsUe of taking
mtkc managtrntnt of the bocuetpini and sccounting depertrotnts of a New
York Stock Eschanjf Wire House. Mutt be fully competent to supervUe daily
routine el uts work and hevs tsptritnee in hsndling loans and collateral. Lib
era saUry to mtn who will meet these retirement.
In replyuia five futl detaUt u to apemnee, age and nationality, rughett
rtftrencta aWutdy ntcuiarr. All replies will be treated strictly Mnhdentisl
Bos S. S. 290, Sun-Herald, 230 Brosdway.
V. ViVaadoii, Inc.
The president's state
nient, just tasued, shows
that this .company hu
been eapanding at ait un.
usual rate. Position ot
the shares analyzed In
current issue of our
Flrumciel Ferecttf
Other Issues tree ted:
Arksnm Ota
Glllllund Oil
lUpubllo Hub.
MmUmd (HI
Houston Oil
Smt upon rrjitrti,
Atk for No, Jt.
rOnEIGH 601TT BONDS
' aix isetnw
BOTJOHT flOLI QUOT1ID
ALFRED R. BI6SE, SpechlCit
M BtBOAOWAT KXW TOSIX
Tel. Broafl me rees.
Tire Nttitul Baik
tf Soitk Africt, Ui.
HWiR Street NswTe
s. k. MmrtHaa, a tost.
farmers acq IMrenanta Itatleaa.
k. leeated at Hoovelftn tho State at
Catsls.ewsiw jw awirs. ausow
lies are
te etS
theretore bereir netiatd te I
is see e1
ether eUfms fer
Betoat Janaarv s. Ills.
a Waox atKOWW ese e his.
ts
w
arr f fee gemeri
trersMy eas wHh
eapumn e.
aeri
P. O. te,
stonolas- moA
1W, tacvewrrrrrvsi aS Uek"
wUs eipertenee ta se5leT sad I rsserol
Msjsj MpMi MSJOSff V. pv ow
WsMetl J
Casteas HevseiResslpts.
ReeetDts-for duUes at ths Custom
treses Testsrday wars (I5T.0JS.8I, or
vWsh (174,1(6.87 was for ntrehaaetse
wttkenm'frem aenaea warenouses ana
1(S9,B36J1, fer rectat unpertaUoBS.
BKTVBUO IRON STXEL COMTAM1.
pnurBHRRD DIVIDEND NO. .
At a meeting ot the Board of Directors
or ine nepuDiio iron e Bitei uempany, tne
resular quarttrlr dividend ef l o
rrtrerrea diock was atoiarta peyeoie
on tbe
Congolidated
IntaUU-Callahan
Minins Company e
(1 Broadway. New Terk City.
Tbe Beard ef Directors ef .Consol
Idatad Intaretate.Callaban Mlnlna
Coeesany has this day declared a
rerolar yearly dlvidtnd of Two Do!
lars ((1-00) per share on Its out
standing capital atook, parable
ritty Centa ((.I0 quarterly; the
flrat etuarttrly dividend to be paid
March ttth, lOtO, to atodcholdtra-.
ef record on Kerch II. 1014. The
transfer books will not close.,
K, T. UsUSBKIN. Treasurer, t
Dated Mew Tork. February IT, HM.
WILLYS COBPOKATION.
?IRST PRJCrERRSX) STOCK DIVIDSND.
NoUce Is hereby etrao tbat on FcbruJT-i
sa.usB.ua oara or vireetors aeeiarea a rrs
ular earierly dlrldend on the rinrt Preferred!
Stock tor the quarter endinf March 1st, ,1
at toe rats oi curat per cent, per an-' j
imMf KJin.ilH, payasio juarcai;
April til'
nuss trotn ifora&tb
1S1, ISSD. 10
1st. 11, to etochheldtre ot record II arch
iitn, int.
The Asaual Heetlns of the seeabeUees
y win
of the Renubllo Iron A Sttel Comoany
be htld at tho oESct of the Company,
II
czebanse Place. Jtrtey City, N. J en
Wednttday. April list. 1H0. at tl e'cleek
in tne rorenoon, tor tne iransacuon or any
and all bualntts that may properly come
before the mtetlnr. Traaeftr books at the
Company, beth Common and Preferred,
will be elostd at I too P. M. March llth.
1110, and re-optntd at IOiOO A. M, en
April 3Ind, ltlft.
COMMON DIVIDEND NO. 14.
At a meeting of tht Board ot Directors
or the Rtpubito iron a
dlvidtnd of 1U on t
was declared payable May 1st, 1110, to
stockholders of rtcerd April 31th. 1110.
Books remain open.
RICHARD JONES, J IV. fieeretary,
Steel Cemnanr,
the Common Stoek
Ike)
Fire
TO inn holders or
and Sefandlag Mortsat o Thlrtr-Yeee?
vo tor Cost. Geld Beads efMe
nmnw light hcat & rom ro.
See rebreary 1, 1H. ,
The Equitable Trust Company ef Jtew
Serk. stueeeesor by mtrser te The Trust
tmpanr ef Amtrica. Trutlte. snitr jaert
att ot the Princeton Us at. Heat A Fewer
Company, dated rebruary 1. lies, hersky
lavltes proposals' for the eals te It Of as
many bonds securtd tbtreby as will es
haurt the sum of Five thouaand two bb.
dred elshty-ave dolitrs and fire . cents
(l.lll.(l) In accordance with ths stsktog
fund previsions of said rnortsase.
Written otters of sale ef eald bends or
say part thtraof at a certain prlee, with
accrued tntereat. tosttber with the benss,
to bt nitd with tht uadirtlsntd Truetit
on or before twelve o'clock noon February
It, 1130. at which time said olttrs will be
opened. The right Is reserved to reject
any and all tenders,,
Dated New Tori N. T.,Fbruorr 4. IM0.
THE EQUITABLE TRUST COMPANT
Ot NStv TORK. successor Trustee.
By bTMArr rhoades, vioe-rrMtaeni.
Pnll
first
bo-lai
I Paid
,ts
rot-
do-e
tbe
Pretemd
such i
dena
tnounu to ss per soars ana eneexs tnere-,
j or .win do raauoa ta such rerisierni wiokii
of rabtcrlptien receipts at the address, ap-ii
pesrlnr en lbs books ot tbe Truiaicr Aget
Iteulnv taroe. .
Dated New Tork. February lith. M. .
WrXLTB CORPORATION.
By C. B. MESTZ, Secretary.
:i
THB CVBAN-AMXRICAN SCOAK COM-
PaSrEBBKD AND COMMON DIVIDKITDa
Tbe Board ot Directors have declaredo
the fotlowlns dividends payable April 1, ,
1110, to stockholder! ot record at the ties-4
ef basinets -earth IB. 1030. ""
On Preferred Stock a quarterly dtvldsndr,
ef ItHt. if
On Common Clock a quarterly dividend J
for the paysMat at tbe 41-iaenlt
-111 PV WW, ,
The transfer boeka will net be closed.
WALTER 3. YREELAND, Secretary. .
New Terk. February 1. 1110. I
THB MBW TeX ADS BRAKE CO.
BUTT-NINTH qUARTERLT DIVIDEND.
The Board ot Directors hat this day di-1
elared a dlrtdtad at TWO AND ONE 3
XALF PBR CENT for the quarter, payable J
March 14 th, 1110. out ot the eurplue at the $
and ef tbe ytr till, te stockholders of
record at the eltae ot butlnttt March Ind,
lilt. The trsBsftr books will not cloit.j J
Chocks for dlvidtnd will be mailed tol
eteckboldtrs at the addrtssts last fur-
ntshtd te the Transfer orace. .5
C. A. STARBUCK, Pretldent.?
Kew Tork, subruary tttn, ine.
CEM0 DE PASCO COffEft fORMRATION
, rtoruary uu, .
A euartsly,DIvldtnd (No. ") of 11.00 I
per snare en wj muiuami ovh-
rM..n hiA tiv daei-.rea rjayable t
en March 1st, 1(10, to stockholders
record at tbe etese ot bualntts en February -
1Mb, 1114.
. Tmt Company,- Dlvidtnd Dlsburslnslt
POSNER AND CO. yuou.
Established 1900 tub mackat companies.
Ill BroadwaV, New York City iged rj. -
rl , . ta aJA The eejuUe enarterly dlrldend of one I
rwuriaary iv per oent en the preferred shares and ,is J
Web to announce that Mr. Alfred ftVl'l' l.Vp
F. Farksr rttires from our firm at the uVe&y coispania win be paid -Apm 1st. j
deae ef buoiness to-day. 1I0. to shareholders of. record ,,
mr. swear at ths eleee of Wslatss. March lh. !
POSNER AND CO. lilt. The traaeftr bootae win not be elesed. J
cT 2. ..1 KDWARD C. PLATT. Trtasnrtr.
Samuel Posnar rsbwary nth. 4tio. r
Walter Deraln Goodale mdwknthalbb unottpt: compantt"
Edwin Posasr ummu XewTeri, February IT,. 1010.
kmbtr ef H. T. Bit aweftssss. . , Wrldrai ST,-
' - r" X rtgalar qsarttrly dividend of JH Per etnt.
i i i ' on tie espMal stock of Merttntbslrr If Mtype
. . auamiuivu Cetaeaay trill be paid on March Si. 1830, to
CCIALOMHmTUNlTY urrTb
. jy... gtfJT Trt Refer Boek. wUl ,fttlwH?
HsAest ausiag sm tjmmtnmmw. ftfrmutaT doe March ut. vm. m AtWic
Asa trjtiwltiwg srselale Is eSerals Aers c, use iuiird Ctopaay riret coaeoii.
eeimseasBS leers sad hs Far sr&s- hSiin"-!,
tort sad Werrlew aidms JL O. 39 Tyjk. en or after MsrA
HersUMleatwMt. . AZtX"
1

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