THE SUN AND NEW YORK HERALD, WEDNESDAY, MARCH 3, 1920.
i.
fit.
Exempt, from Federal Income Tax
Municipal Bonds
'Amount. Security,
fc7,MQ York Cotmtr,Pi.,Itoad4y2s
118,860 Bunr Fells, Pt.lmp. 4'2s , ; . , .
12.060 Troy, N. Y., Public Silely Reg. i2
' 35,000 Rensselaer, N. Y., School Iter. 4':i
WColioi,N,Y.,HiihSch(KIBIJ.Rei.4)f
169,000 Wuhintton Subur bin Ssnitir; Dht. Md. S .
125,060 BUnI!a,N. J.,Shw! DiH.5
'30,060 Woedbridje Twp., N.J., Imp. 5. . ,
56,060 Wwdbridxe Twp., N. J., School 5s
1000 Ridftfitld Pit k, N. J., Fundus 5i
M.000 Hsnnepin Co., Minn., Bridie 5i
72,060 New Hinorer Co-, N. C, School 5i
10,000 Laurent County, S. C, Rotd 5i
30,000 HiUildTwp.,N.J.,School5i
166,000 Stale ot South Dakota Rural Credit 5
100,000 ttnolr Co., N. C, Road Imp. S'i.
100,000 Buncombe Co., N. C, Road and Bridge 54i. .
41,000 Miami Conitrfancy Dii., Ohio, 5'ji
100,000 Pertimouth, Vs., Imp. 52a . ;
4J,0fl0,TraTtraB Co., Mirm., Ditch 5a
48,000 Sebrinf , Ohio, Water 42 , ;
20,000 CCffride Park, N. J., Sewer 52
80,000 Concord, N. C, School 6s ,
50,000 Bingham Co., Idaho, Road 5.
Maturity.
..Dec. 10,1948, Opt. 1924
..Not. 1924-39
..Feb. 1922-25
..Jan. 1931-3)
..Sept. 1930-39
,. July 1969 Opt., 1949
..Jan. 1921-60
..Oct. 1925
..Jan. 1922-56
..July 1932
..Sept. 1924-39 '
..July 1928-39
..July 1933
..Apr. 1931-37
..Jan. 15,1932-40
.June 1924-34
.Jin. 1924-46
..Dec. 1933-45
..Feb. 1923
,.Oct. 1925-36
.Apr. 1922-43
,. Mar. 1923-26
.Jan. 1922-42
.July' 1929-33
Yield r
4.10
W
4.60$
4.60
4.60
4.65
4.75
m
4.80
4.80
4.90
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.10
5.10
5.25
95
Exempt from Tax In State where issued.
Descriptive circular on any issue will be furnished on request.
A. B. Leach & Co., Inc.
Investment Securities
62 Cedar St., New York
SAYS BOARD MUST
SELL tiS. VESSELS
Doc. IMS 10O
AmToUaaOa.,7 Nov. 1030 looK loulf
1UUH IU1H
Chicago
Minneapolis
Philadelphia
Baltimore
Boston
Pittsburg
Buffalo
Cleveland
Ihree Requisites
Tv op a
Dependable
banking connection
SAFETY
Choose a bank whose capital and
surplus are indicative of strength,
whose resources are fully ample
to meet the demands that unfor
seen contingencies might impose
upon it, and whose policy is estab
lished on unqualified integrity.
SERVICE .
A Bank whose per
sonnel and facilities
are adequate to meet
the r larger demands
of a constantly ex
panding business,
and whose banking
practice is' both con
structive and progressive.
PRESTIGE
While not as tangible
asthc others, it is no less
important. Associate
yourself with an insti
tution whose character
adds prestige to your
business; whose check
is recognized every
where as a sign of all
that is best in banking.
Capital, Surplus and Undivided Profits, 15, 500, 000
Resources, 5190,000,000
THE
PHILADELPHIA
NATIONAL
BANK
PHILADELPHIA, PA.
$2,400,000.00
CITY OF QUEBEC
THREE OR TEN YEAR GOLD BONDS
Too Agency. Bank of Montreal, 04 Walt Street, New York. Is authorlied to re
wire on behalf of the City of Quebec sealed tenders for the purchase of the under
mentioned securities:
i
1,400,000 three-year Cold Bonds dated 1st of April, 1030, due lit of
April, 1023, bearing interest at the rats of 0 per annum, parable
half yearly on 1st of April and 1st October. Principal and Interest
payable In Cold at the Agenry. BANK OP MONTREAL, 01 Wall Street.
New Tork, or at the option of the holder at the BANK OF MONTREAL,
Ouebeo (St. Rorh Branch). Bonds will be, In denomination of 81,003
each with Interest coupons attached.
OB
3,400,000 ten year Cold Bonds dated 1st April, 1070, due 1st April.
1030, bearing interest at the rate of 0 per annum, payable half yearly
on 1st April and 1st October. Principal sfnd interest payable In Gold
at the Agency, BANK OP MONTREAL, Ot Wall Street, New Tork, or at
the option ot the bolder at the BANK OP MONTREAL. Quebec (St.
Boch Branch). Bonds will be in denomination or SJI.OCO each with
Interest coupons attached.
Tenders may bo made for both three and ten year Bonds or for either, but the City
m 111 only accept one. If any.
Delivery of the Bonds and payment therefor to be raado'at the Agency. Bank of
Montreal, 64 Wall Street. New York. In New York Fund on the 1st of April. 1020.
Tenders must be accompanied by a certified cheque payable to the Agency. Bank of
Monti al. New York, for one per cent, of the total principal sum offered. Tender, mutl
U addressed to tho Aeent,, Dank ef Montreal. 0 I, lFaH Sn et, Neto York, marked "Ttnitr
for' City of Gtbee Bond," and dellreied not later than l: o'clock noon, March the Sth, tV!0.
Tenders must b for the whole amount offered. h(o tender for any part, of the Issuo
or for securities not precisely as described above or varying the terms or payment and
delivery will bo considered. The highest or any bid will not necessarily be accepted.
Any further particulars may be obtained upon application to too Agency, Bank of
Montreal. New York, or to the City Treasurer, Quebec City, Canada.
In Search of Tnrpon,
Palm Beach. Miami, and other points
South aro proving more of an' attraction
Just at present than the market to any
number of Wall Street men. Tho Wall
Street colony, sojourning where tho big;
fish bite will bo augmented within a
few days by tho arrival of Georgo G.
Haven. Lucius Wllmerdlng, Georgo B.
Buchanan and Georgo Sherrer, who left
.New York last night for Miami, from
where they will crulso tho Florida keys
for several days in search of tarpon.
FINANCIAL NOTES.
.10 hit Products
151 1.lbby
4.i Mass Gas
77 Mass Gas pf
ti McElwatn 1st pf.
25 Mex Inv. ,.
Nat Leather ....
M N K Tel
15M Orpheum Circuit
.300 Root
10 Shawmet 6 learn.
US Hwlft
S3 Hwlft Int
25 Torrinston
27 United Dreg...
Mercantile Dank of thn .Americas anoounrei
the opening: at Clrro dc Arils. Cuba, ot n
branch of Its affiliate, the Banco Mercantll
Americano de Cuba.
Chits Conner Conmsnr reports January rro-
dnetlon of 7.508.000 pounds of copper.
lies nam I.. Jiutchinson. lonneriy wim uuue.
Wluuilll & Co.. Is with J. M. Dime & Co.
Co uiublu Trust Company tins been appointed
trustee under a marine equipment troit ef the
International Produets Steinuhlp Company
nrorldlnx for issue of 1036,000 ot 7 per cent.
gold bonds.
Artnur ii. raauocs is wun ine ssies organiu.
tlon of Kesn. Tsrlor & Co. and will represent
them In New Jersey.
Thirteenth monthly distribution en Cities
Service Company bankers shares, payable on
April 1 to stock ot record en March 13, will be
S0.S3 cents a share.
Henry L. Bill, formerly of toe vttnton iam-
pany, has been eleeled vice-president of toe
Nsion Motor Car Cororatlon In charge ot
production.
Xcw York Trust Company Is publishing a
nollee rallliur for offerings of the Wabash Rail
road Company's 5 per cent, first Hen equipment
sinking fuud bonds of 1801 at a price not ex
ceeding 103 and Interest.
Kew iotk MiacK uensngo nss sincsen irom
the lilt llcrre Oil Corporation five year O per
rent, convertible gold notes, due on December
31, 1920, and ten year O per cent, convertible
gold debentures, duo on July 1. 1024.
American Kichangf 'National Bank has been
sppolnted transfer agent of Normal Oil Com
pany capital stock and 'registrar of Rome Wire
Company preferred.
Cansdlan Flasnclal Corporation Is offering
Allen's Montreal Theatre. limited, R Per cent,
cumulative preferred stock with a 23 per cent,
bonus ot common stock, t
Central union Trust comnsnr nss Dccn si-1 ... v:-,
pointed dividend disbursing agent ofcthe rcgulsr ' T,10.b. ... 27
V -.'.rJ,lK .. r'ortuna .... 4
AmTohaceoOo.. .7'
'AmTobaccoCo.. ,7
AmTobaccoOo..,7
AnacondatiopCo.O
ArmoiirJtCoconvd
Heth8teelOorp...7
IletA8tcelOorp..,7
l'anlacHwy. . . ,d
CfnArgentlnelty.0
ChllliirAQHHUi)
cccSsLnoo...a
RubAmSCol la.tl
CudahyrackOo..7
Del&lfudsonRK.S
PedHugltefCo.,.0
OenKIecCo O
OrcatNorlly..,.a'
Guiroiioorp..,,.a
ciuiroucorp a
nuiroiicorp u
ilockValleyltlt, .0
IHTOOconr....7
JDoldl'ackCo. . .7
J )oldlsckCo...7
JDoldi'aekCa...7
JUoldl'ackCo...7
lan(JTerltyCo..O
KennecottUCorp7
LacOLUlst&ref..7
LI(&MTobCo...U
MoUnelluwOo.,,7
MollnellowCo..,7
MollneriowOo...7
M'ollnel'lowOo..
MoilnoPlowCo.,.7
NYCentltlt O
l'hiladejDhlaCo. .0
lYunaylvan1aCo..4H Juus lS.'Jl
lTocaamJo...7
ITocAUamOo. , .7
l'SCofNJconv...?
RJReynTobUo..O
boutbeniltv II
HU'UnUUuar, ..&H Dec, 13.'i3
bwlftiCo tt Aug. 1&J1
ThvW lauFlnCor.7 June 16. 'J
UtkhUucCoa 0 Bcut. ld.'liJ
STANO.UIU OIL.
Itld. Alk.
Amlo-Am...
1101 nehcry..t.
101 a
Nov. 1031
NOV. 10X1
Nov. 1023
Junnl5.'Z0-ll 09
July IA.'3-J no
July 18,'SJ 09
Mar.2.'3t
Keb. 10J7
July 1M1
July 1WJ
Jan. 1031
July 15.23 100
AUg. w
Nov. 10M OS
July 1030 OO
Kept. 1020 OS
July loat 07
July 1MJ 07
July lOiJ 071
Mar. 1031 tiu
Sept. IDiii
Nov. 13,-i')
Nov. 1531
Nov. 1&,'3J
Nov. lo,"U
Nov. 1S3J
Kob. 1030
Jan. 1030
Dec 1(31
dept. 1030
Bept. 1031
bepU 1U33
Bepb 1V3J
Hopt. 1031
Hept.l.V30
FeU. 1U33
Mar. I0t2
Mar. 103J
Mar. 1933
Aug. 1CJJ
Mar. 10X)
BBOBT TEBM NOTES.
Securtt Rata. Due. Bid,
AmCottonOliCo.O nept,3.'2t 9i
n 1 , 1 Atn TetocTeKio., ,0 (fee. vrn
IfaiiKor Dcftiftrnfi K7nn.nnn.nnii AmTei&Teico...fl Feb. wi
1 AmTbreadOo ...
Loss Trobaljly "yVIll Have
to Bo Sustained.
Henry m. Iioblnson, president of the
First Notional Bank ot Los Ancelcs and
chairman of tho bankers' committee on
ship securities, who presided at an or
ganization meeting In 45 Broadway yes
tcrday, told tho assembled bankers that
tho flhlpplnr; Board is commlttod to the
policy of selling tho Government owned
ships, which cost T2.B0,000.000 In round
numbers, and that In his onlnion nh mnrA
than $1,800,000,000 would bo realized. Ho
said that tho opinion In Administration
circles was that tho ships must be sold
on a basis to permit private cntcrprlso
to handle them, nnd that tho bankers
must come to tho asslstanco of the Ship
ping Board in financing- tho purchases
from the Government.
The bankers present at tho meeting
wero appalled by tho problems at stake
as outlined by tho chairman, and thero
wero two prompt refusals to respond to
the Invitation to servo on tho executive
committee The only action taken at tho
meotlng was the appointment of John E.
Barber of Harris. Forbes & Co. as oxecu
tlvo secretary, with an office In 45 Broad
way, and tho selection of John McIIugh,
vice-president of the Mechanics and
Metals Natlonnl Hank : George W.
Hodges of llemlck & Hodges, president
ui mo investment unnKers Association,
una Allen B. Forbes of Harris, Forbes &
W, as members of tho executive com
mlttec, with" power to add others after
consultation with tho chairman.
Daniel G. Wing, president of tho First
National Bank of Boston, and Mortimer
U SehUt of Kuhn, Locb & Co. refused
to servo on the executive committee, tho
former giving no reason and tho latter
stating that on account of tho departure
of Otto 1L Kahn of Kuhn, Loeb & Co.
for three months in Europo he would
navo no -time- to give to the enterprise,
Mr. Schtff also told tho chairman that
all that thT bankers were In a position-
to do was to advise regarding the
financing of individual purchasers ot
the ships and regarding the sale of ship
securities. Ha added that It seemed to
him that the Shipping Board was really
asking tho bankers to formulate a policy
for them to pursue, and that such ac
tion would not be within the power or
knowledge of the bankers. Tho chair
man disclaimed any desire, cm tho part
or the Shipping Board for outside die'
tatlcn and said that what tho Washing
ton authorities wanted was alternative
suggestions for financing the ships.
The comprehensive character of the
work before the committee was Indicated
by the chairmen In the following state
mcnt of problems to be Investigated
1 What Is the world's need for ships?
I What should bo tho maximum ton
nage of our merchant fleet? 3 How
many and what types ot ships
needed to bring tho fleet Into proper
talanco? 4 How should ships required
to balanco tho fleet bo constructed that
is, by the Government for sale later, or
by private operators? 0 What dispo
sition should bo made ot ships now
owned but not needed for a balanced
merchant fleet? 6 Should detlinlte
trade routes be established and on what
basis? 7 What aro tho present ship
values? 8 What aro proper loaning
values? 1
Other questions necessarily concom
Kant for the determination of tho prob
lems would bo some laid down In the
law creating tho Shipping Board. They
are: (a) Investigate tho relative cost
ot building merchant vessels In the
United States and In foreign maritime
countries, (b) The relative cost, ad.
vantages and disadvantages of oper
ating In foreign trade vessels under
United States registry and under foreign
registry, (c) uules under which ves
sels are constructed abroad and the
United States, and the methods of classi
fying and rating same, (d) Tho devel
opment ot an ample American marine
Insurance, (e) The navigation laws and
the rules and regulations thereunder.
(f) Tho legal status of mortgago loans
on vessel property with a view to Im
proving tho security of such loans and
ot encouraging Investment In American
shipping.
MISCELLANEOUS MARKETS'
w 1 ;j , 1
Asked
07
SSJ
161
101 103
1W
l4
101
100J(
100
oH
H3
04
87 a
100
Wl 10OJ
U9jJ 1U1
IM)J 101W
ml ioi)
09 u 101
fKil? mil
liuclieje 111!
Clie Mti:.:2
c Jlle (j iitjtKj
Continental., tao
t.'rea 1 L... 33
Ol'L Inc. no
Kureka 1'UIW
Galena-Sig.. 68
Qal Klg pf. SS
tOal-Slg pf. S3
Illinois I'L.IH
Indiana TZj. K
int retro!... 73
Nat Transit 2914
N Y Trans..l83
North P L..1M
Ohio 330
Pa Mex F... H
Pierce 17
Pierce nf... 91
Prsirle OfcG.Wa
Old. tNcw.'
43J
109
$15
:
iu
1(5
71
103
100
163
99
73
31
1SS
ICS
325
68
U
t3
(10
TOBACCO
Bid.
Pralrlo PL..,::j
Molar KehiUW
South I'
South Ps !3
S W Pa Ph.. S3
tittt or Oil... :i 1
Htd of lnd..CU
Htd of Kan.OW
Sild of Ky...3M
Std of Ncu.OO
Std of N J. .700
a 01 ru pi.ii
Std of N V..390
std of onio.tw
Std of O PI..W8
Swan P.. K
Union Tank.120
Un Tank pi. 100
Vacuum .1...363
Washington. 3
stana auDsia
en bloe'.I.W
Stand old et
an on ....:ia
STOCKS.
Ask.
' 3-3
M0
113
31)3
W
311
(M
000
410
310
710
nK
ESS
63)
103
100
i:3
103
3
3
TOBK
. Form, lUlo and lUtnrlly. PU.
Inter. H. Jnly, 1907 ti
Inter, 4Us, June, lltl.i ti
Inter. 4(u, Hares, 1M3 11
Inter. 4 Ks. Nor., 1H7 tl
Inter. 4Us, Msy. 1917 K
Coupon iit, 1934.193: 91
Coupon 4H. H1S-19!3., ....... 7
Inter 4 lis, April, 19 10
Inter, Vls, March, 1M M
Inter. 4U. JIarch, 1M3 39
Inter. 4 Us, Sept. ISM S3
Inter. 4lts. March. 1WKD... 89
Inter. 4s, May, 19r,3
Inter. 4s, Nor., 1933 S3
Inter. 4s, May, 1057 "
registered 4s, Nor., 19S1....I5H
Itcgtstervd 4s, Nov.. 1934.... tS'A
Registered 4s. Jfor., 13M.... M
Inter. Us, Nov., 1933v 77K
Inter. 3H. Nor., 1934 77ti
Ilcgls. coupon 3s, May, ISM Tits
llONDfl.
Tleli
Ask.Abont.
MU
Mrs
4.H
4.H
4.e
'4.U
M
4.73
4.71
4.73
4.71
4.74
4.47
4.(7
4.(7
4.(7
4.(7
4.60
4.(7
4(7
4.(7
91
tl
91
tl
91
(J
M
t
31
SS
SB
em 1
nid. Asked,
Conpnn 4., 14-U31 4.99 4.0)
Connon 4'is. 1920-19Z3 4.90 4.01
neriitrre.1 3U. 4.(0 4
rtezlltered JW. 1930-1939 4.R0 4.0)
rteilltoml ronnnu Itt,. 1923.1923... 4.10 4
Registered rounon 3Us, Mlt-Mil... 4.(0 4.C4
PeilaterM St. iun.133 4.90 4.00
Iter Istered 3s. 19:5.1910 4.M 4.(0
Itrglstered 3s. 1919-1915 (.00 4.(0
NEW sOtlK STATE BONDS.
TIald
Aik.AbOit.
107
1(7
t7
07
t7
Form, Rate snd Maturity, nid.
Coupon 4Hs. Jan..M904 1M
Itcglatercd 4M. Jaa. WM.. .103V4
Coupon 4i. Sept., 1063 104
Registered 4H, Sept, 33.103Vi
Coupon 4Us. March. 1K5.... 91 Vi
neglstered 4Us. March. 1X3. W
Coupon 4Us. Jan., 13(3 99
RegtsUred 4Hs, Jin.. 1063... 99
Coupon 4s, Jan., 1M7 93
Coupon 4s, March, 1967 S3
Coupon 4s, ISM-C Cl.id .. 93
Registered 4s, 196042. Canal. 91',i
coupon is, it-c, iiitwriy, iv ,,
Regis. 4s. 1938 (2, Highway. 94
Connon 4, Jan.. 194( 93 ..
Registered 4s. Jan.. UK. .. 51 li
Coupon 4s, Jan., 1943 S3 ..
Rejiitercd 4s. Jan.. 1942.... 9Hi
puulic irrii.iTiics.
Sales. High. Low. I.nt.
SO Cities Service 3(4 ZiS 343
1350 Cities Service pf.. WU 70U
19(3 Cities Serv pf 1).. Its C!i
3141 Cities Sev bankers 40 39
41500 Cities Hvc deb B..130 14S
M100 Qtlcs Serv deb C.101H 109
Old. AiK.l
4.13
4.13
4.13
4.13
4.13
TO'
6Ts
39
143
100
nid.
Z6Z
C!s
39
14S
100
Bid. Ask. I
Am Clear.. ..120
Am Cigar p(. to t
A Tob dv 50)180 H
Conley F0U..KO 3UI
G W Helme..U0 1C0;
O W II pf.. 97 101
J S Young.. .137
J S,Y pi 90 100
MscA & Fb. 113 1
Ex dlridenJ.
SCOAR STTOCKS
nid. Ask.
Card-Am ... is
Did. Ask.
lKjPorlo R-A T..IIS
It J Rem A. .310
11 J Reyn II... 400
R J Reyn p(..lM
Unir Leaf 103
Ilnlr Leaf n(.12S
13rWeyman.B ...157
Vteytnan-u pf. n
H5
6 III
433
HI
IDS
204
1(3
100
Card-Am nf ;o
a Agutrre.. Tt
Central 13
Central pf.. (3
Pajardo ....133
Fetters! ....103
Ot west ...400
Ot West nf.113
Guanta'mo. (5
23
10
78
113
110
4'5
119
CS
June Cent.
Mat-Am ...
Mat-Am Df.
IMlChigan
I Nations 1
Bid.
130
40'
co
1154
..130
N Nlanero...233
tt Cecilia ... to
Savannah ... 10
Savannah pf ti
Ask.
is
;
li',
143
ii
43
w
Bid. Ask.
75
Adlron El.. 13 15 Em D El pf (5
Ad El pf.... 77 SO iFed L A Tr. B
Am Li TV.. .183 18S IP It & T pf. 43
(Am L T pf. W 91 Oas A E 8ec350
Am ti ft EI.IU 131 u c ti ii PI. ii
Am GAE pf 33 40 No Ont Lt.. 13
Am P A L.. 63 61
Am PAL pf CO 71
Am P Iltll.. .. M
Am P U pf 33 SO
Am W V7ks 2 6
A WIT 1 pf 47 63
A WW n nf 4 8
Appatach P 2 6
An Pow nf Jt 23
Car P R AL 31 SStf
Cent St EI.. 3 12
C St EI pf.. S3 eo
Col Power.. 13 18
Col Pow pf 93 98
Com PRAL17 30
Com P It A
h pf 37 40
El II A- S pf 83 SI
Ei dlTldend.
CHEMICAL STOCE3.
Bid. Ask. I Bid. Alk.
(No O Lt nf. 43
ao unin ti. ..
No O El nf.
No St Pwr.. ..
N St Pwr pf S3
Rep Ry Lt.. 12
ReD R Lt Df 48
So Cal Ed... H
S Cnl Ed pf 09
Std 0 A E... 17!i
'Std GE nf 37
Tcnn RLAP 1U
T K LAP pf 7
Un Lt ft R...51
UL A It 1 nf El)
West Power, is
W Pow n pf (7
8
4
450
S3
"Vi
(3
IS
SS
53
87
13
43
83
101
191,
40
3
9
17
(3
SI
70
Ani Cran 33
Am Cyan pf. S3
By Prod 107
Casein Co.... 47
Dow Chem...:0
D11 P Ch pf.. 7
Fed Chem....lOO
Fed Chem pf ..
Grasselll 1(0
GrasselU pf..l00
30
Hook FW. ... .-,
671 Hook Elee nf. its
lib
S3!
73
7E
Kv Solvay so .lis
Merck A Co pf 91 97
Mcrrimac S3!4 87W
Mulford Co... S3 U
Niag Alk pf.. J3 100
Semet 8 15;
Solr Proe im ,.
NEW YORK BANK STOCKS.
nid.Ask.
America (10 130
Atlantic ss ...
Am Etch 333 301
nailery ,,.t,.,2s
Bowery 40
nryant Park.. ,150 1(0
uwir L.cn,.,,.,iMi iiu
Bronx Nat,..4.Ui) HO
'much ft D 83
Chase , 430 4101
Cost A P 310 3i0.
Cbelsea Ex 123 ...
Chemical 310 6901
ctlien Nat. ...353 2i
City 175 315
coat iron,,, .7(3 ...
Commerce !27 SB
laioniai in)
Continental ,,,.130
Colombia lis
Corn Kich 430 4(0
i;csmopoiitan...uo
Commercial V. M
CommoRtr'lth...2lS
4JD .....170
East Rlrer 1C0
Fifth Nat...i...JSJ
Ftfth At 900
First Nat gco
Foreign Tr B.. S3
aarOetd Nat
aolham
Greenwich .,
:iSIHarrlmtn ...
. Hanover ....
industrial ..
Imp A Trsd.
Irvine Nat...
Liberty
Lincoln
Manhat Co..
M.-Ii AH...
llttropoman
Mutual m
Mercbams i
New A.riein....au
NYU A 4(0
N Y Co 133
Park f0
Psdfle l
Produce Ex 373
Public 33?
Seaboard tw
Second 4
State 310
33a Ward
United stales. ..iw
Union Ex 113
Wash His 3
Yorkv lie .3
ISO
its
1801
Uld.Ak.
,.2M 3U
,..:oo ;i(
,.713 ...
,,.570 400
..CO 310
'..303 ..
,.530 680
3M
,..400 410
,..173
..250
.433
413
teo
tio
310
4(0
13S
7C0
700
435
199
ltt
Includes one-half share Irvlnz Trust
TRUST AND SURETY COMPANIES.
Hlrt A.li.l
Alllince SO ... Lawyers T,
Atlt IVust iTJnenln Tr...,
Am surety 71 YtlMetropolltan
Rankers 3(0 370IMlre Bond....
Bond ft Mtre..320 730 Mat T ot W.
Brooklyn Tr...600 SIS
Oentral Union.. 405 416
Columbia 333 345
t.ommeraii ,,,
Empire Trurt-..-30
Equitable ...... OS 290IN Y Tltlet,
umers iat..iv oi
Franklin 210 230
Fulton 860 270
Fidelity ,.230 2401
Guaranty 3(5 371
Hamilton 233 2(6
nuason T l( ...
Kings Co (to eto
Lawyers M 120 lis
i-ce f. x. Tine wrr. w.
lOwns all American Trun C.
JIISCELLANEOUa STOCKS.
Bld.Atk
..123 130
..178 ...
..296 103
...17 91
..1W U3
.,203 ...
..300 ...
,200 707
Manufac'rs
Mer t
Nat Rnretr.
Kllilt TT..730 1
New York TT..C0 ...
140 143
Peoples 300 310 J
Realty Asso 110 l."0
Title O ft T....17S 385
United Stales.. .130 8(0
U 8 M & T tor. (IS
II S Title Guar. 80 86
Westchester ....130 140
W ft B T ft M.K3 17S ,
nu.
Am Chicle.. 73
Am CIi nf... 71
Amalg Lth. 88
a ieatn pi. 10
Am Whole
sale Co DfH4U
Am Mfr....i(S
Am Mfg pf. S7tt
Am M A F.10O
Am Type F. 41
ABTCPI. 87
A D T N J. 25
Atlai.P C. 70
Barnh Broa
4 Spin I p 80
Barnh Bros
ft Spin 2 p S3
Bor O Mllk.lOS
Ror C M pf 93
Bnsh T nf.. 74
City Invest. 65
Celluloid ...1(3
Chllds Co... 88
ClilM! pf... 91
Ok W nf... 97
BLftWCo.. 130
Draper Crp.14t
r uk 11 1 pi, s
Int SMr nf. 93
Leh V O S. 83
Asl(.
73
7S
70
93
'98
170
9
ii
ti
3f'
75
75
111
100
79
75
155
91
98
101
1(0
113
100
98
87
Hid. Al(,
Lima Loe pf 93
Nat Casket. .120 130
Norton 1 pf.lOlW int'i
j & nw it.VM .ti
Nwn Uh nf. 09
O'Neill pfi.. 98
P Jones Corp 67
P J Corp pf. S!
Phelps D....230
Pratt ft W p 93
R Rels A Co 18
R R ft Co pf. 80
ity iiaK Pdr.iso
Ry B P pf.. 83
Saf II ft L.. (0
Singer Mfg.. 145
Stern Br pf.103
S l R N&P 40
Rtoll Ch of. .100
TPCaO nw.. 88
v Raalte co
Ine 42
VRCo Inenf 80
Valrollne pf.103
Wen C Kerr 50
W C Kerr nf 80
WAR pf...l0
S D Warren
nr Dref 103 lOJtt
taie ic T....ZC9 773
101
i
ts
360
19
St
140
to
(3
350
108
47
105
92
44
(3
104
(0
8(
103
Ex dividend.
HTCEL AND ORDNANCE STOCKS.
Bid. Ask. Bid. Ask.
Am Brass 203
Atlas Pow,, ..135
Atlas Pow pf 85
USD ft WU....UI
Bliss. E W...40O
Bliss. E W pf 61
Car. F ft P...20O
Carb Steel.... 90
Carb Stl 1 pf.100
Carb Stl 2 pf. 70
Colta Arms... S4
on P Pwil.1.297
ex dividend.
212IEastern steel. 85
ISZIEmp S & 1... 1
K Etnp S ft I pf (3
llOlJIerc P JOO
430'Herc P Pf 9
76iNIIe.B-P
SOS'Niles-B-P pf.,
loO'HcoTlll Mfg..,
llOIThomas Iron.,
73Wlnch Corp..,
67lWoodward
30S
107
30
too
40
90
80
70
210
104
110
"410
33
OUT OF TOWN MARKETS
noSTON.
MINING.
Sales. Open. Uigh.
60 Ahmeek 70 70
10 Anaconda W'i tH
60 Big Heart H
20 Calumet & Ariz.. 6 Hi
42 Calumet ft Hoda.340
615 Carson 21 K
120 Cbiu'o 33t
20 Daly-West 4i
1138 Davis-Daly 10'fc
80 East Butte 12i
10 Hancock 6
SiHelrotia 3V,
60 Indiana 75
1 Island Creek 40
63 Island Creek pf... 78
60 Isle Royalo
60 Kerr Lake
100 Mason Valley ..,
60 May Dower O C,
10 New Cornelia...,
23 Mplselng
23 North llutlc
60 Pond Creek
10 Uulncv
240 MuneriOB ft Boston
10O Tuolumne 82c
3 U 8 Smelting 61
35 U S Smelting pf . 46i
10 Utah Con S!i
30 wolverine 18
RAILROADS.
10 Roston ft AIhsny.134 134
10O lloton Klerated.. 63
13 Boston A Maine.. 33
3 Host ft Maine pf. 44
46 fhlrago Jet pf.... 83
I Maine Central.... 60
190 Mats Electric pf. 11
TO N Y, N 11 & H... 31
63 West End pf 51
Low. Last.
. 31
, 4
, 3tt
, 8
. 20
. lt
. iH
. IS
. 68
4tt
6l'.i
340
:iu
331
4i
lO'.s
13
6
40
78
31
4
SU
S'i
:ou
ny4
H
18
CO
H
82c
64
46i
St
IS
63
33
44
S3
C6
11
Stii
61
MISCELLANEOUS.
5 Am Agr 87
6 Am Agr pf 31
5 Am Oil ft Eng... 6i;
61 Amoskea; 144
24 Amoskeag pt .... 81 !1
60 Am neu Svc... 1
10 Am Sug pf 114';
373 Am T ft T 971,
3 Am Woolen lis
2 Am Woolen pf...W3
10U Boston Mex Pet.. 2U
1(8 Century Steel 4
M Eastern Mfg .... 30
60 Eastern S S
21 K(llwll 1.U
SK) Elder 20
33 General Electric..l6Si
10 Gray ..33
183 Int Portland 18lt
4 int vol Mills pi. 9:vs
87
91
611
140
KM
1
114K
14
118
103
3'
4
30
2014
162
30
(9
US
6IH
340
:i
S3
4i
10
r.
&
iM
75
40
78
31
4
:ii
8
20
11
68
4U
Ka
64
43
SU
IS
121
Ki
34
41
81
68
11
24
63
37
91
Ml
13) Ji
81H
1
1I4H
J7U
116
103
4 .
30
30!J
183
2Si
64
6(H
6114
31H
33
4'i
10
13
6
5!4
73
40
78
31
4
S'l
S.
10
l()s
II
60
4U
82C
61
48
SU
13
K.Sli 165i
55
. 33K
. 71
, 61
. 98
. 33
. 13U
:S
.130.
. 4t
. 68
,1S
55 United Drug 1st pf 60
68 United Fruit...
10O United Shoe
17 United Shoe pf...
IS Ventura
630 Waldorf
lir, Waltham
1Q Warren Bros....
30 Warren R 1st pf .
Mi Wick Wire
,182
:8
, 14
, IS'i
, 38
El
, 63
, 23
BONDS.
J4000 Chleaso S Y 49... 67
4V0U -N li Tet 09 ti
18U
i
33
23i
71
61
98
33
87
33
45i
25
130
4t
135
60
182
43
28
14U
39
51
63
67
83
wt
1M
24
234
704
61
97
S3
13H
S8U
at
43U
118V4 ll?i
41 41
64 6
138 138
60
181
45f
124
63
34
44
S3
66
It
3414
63
87
91
6U
139H
81W
1
114U
'7H
US
103
3
4
SO
30tt
152
28l
15814
S3
9iM
24
23'i
70M
(I
97
33
13!l
87
31U
43U
100 Root ft Tan...... 46 48 46 46
339 Shaw 67 &8 68 68
1300 Stewart Warner.. 4014 41 40 40i
1500 Swift Int 41l 41H 40V4 401,
800 Swift 119 119 lit 11814
45 Thompson 4IK 444 44 41
10 Temptor 421i 42U 421i 43U
1300 Un Carbide 63U 651i 6414 64
1600 Un lrou Works.... 62H 6314 61U 6314
30 Western Knit 19 13 13 is
BONDS.
16000 Armour 414 1214 83V4 S!li S314
Sale.
40il Cont Motor,
DETROIT.
Open. High. Lnw.
" uont ioior... 1 1 ii1 1174
5 Detroit K,llon.Kl3 10I14 104U
iu rora or i;suaaa.ur
1200 IJncoln Motors. 48l
100 Michigan Suzar ll
0.V) Pack Motor Car 211
SO Rco Motor Car. '.'1
-371
.18
Lsnt.
114
1414
372
474J
V
43 4114 45 J
63 62 62
40 40 40
48 4 3 41
111 110 lit
31 .14 34
1714 17 17
63 63 63
S114 33 33
23U 23 23
25 24K 23
61 61 61
33; S3'4 33U
214 :h w,
2H 3U Vi
CO 49U 4914
3414 3414 34H
14
H
33
51
(3
67
S3
43i
26
141f
3814
61
63
tl
SI
BOSTON CURB CLOSING.
Bid. Ask.
Aris Exten. 10 13
Arir Silver. 1U
Black Hawk 80
Kobemla ... Ill
Ikn Mont.. 61
Calaveras .. 33c
Chief Con.. 4H
Con Copper 414
urowu hcs, so
luarterly dlflilend of 1ft per rent,
SECURITY SALESMEN
Several producers who have their own
clientele and who have well demon-
strated selling ability have an oppor-
. tunity of forming valuable connection.
Liberal rommission arrangements. Op
portunity exists for producer to make
large, earnings. Replies confidential.
Steele Exchange Hsuse, Box 372, City Hall Station, N. Y. C.
nu
Wbolesale Corporation preferred, payable ou.f...,. rtlue.
April 1 to stockholders of record on March 1... . nuljulrii ...
M it. Dnan Ma sroulred a ubstantlal Inter. ! t,'T' f
et In the Phillips Petroleum Company and has. i,urhlon""
been levteo; a vu-c-presiueni sou general mnn--njos...
acer of that company. At the annual meeting c ' "
of stockholders of the rompany the .retiring ill- .t.T,nM v..
reetora en-ept O. K. King were reelected. John MHle.tle . .
Msrkle. rretldentof the . S. Msrkle Cooipiny;""'CT"c
Richard II, lllJtlm, Tlec-presMent of the I
Chstbsm and Phenlx .National Bank; 31. 31.
Doan and Clyde Alesander, field directors ot
the rompsny, were added to the hoard.
United States Mortgage and Trust Company
has completed estrnslro alterations and lm
proracents In Us main office In 63 Cedar stmt.
Brown Brothers at Co. announce that to-day's
official subscription price of the new French
Interssl loan of 1920 Is 870.62 a 1,000 franc
bond, based on yeaterday's closing rate of ex-
chatiee.
itoyai nans oi uanaqi nas openea orsncnes
in Santos anu nao i-auio. unuii. inrougn wnK'n
collsctlons In all parts of Brazil may be made
and credits established.
Harris. Forbes ft Cd. and the Nations! City
Compsny'are offering City of PlalntMd. N. J.,
per cent bonds, maturing from 1920 to 1038,
Inclusive, to yield 4.80 per cent., add City ef
New Brunswick, N. J., ft per cent, bonds, ma
iming from 1023 to 1930, lncluilre, to yield
4.W per cent.
Ralph Elsman, vice-president and general
manager of the Kings County Lighting Com.
pany, wSs elected yesterday director of that
company.
Louts ti. Half, who has been In charge
of the Bureau of Markets of tho Depart
ment ot Agriculture for six years, resigned
yesterday, to become managing director of
a cattle exchange and trading company,
organised for trade between the ifnii.rt
States and Booth American countries, par-
3fV
to
ss
u
40
20
1H
'8S I
1
411
60
43
33
9
3H
1U
15
70
40
1114
48
23
T.a Rose 40
Mex Metals. 13
Mid Moss
Molars T... a
Monarch
Nat 1, ft Z.,
Not Doug..,
New Baltic.
INixon ,
Onrndaga .,
Ornheum ...
Pilgrim
noneer
Kannir Pet,
Seven Metals 20
SWMiaml fp 3
Sliver Reef.. 15
Texan a 20
11 Vrrdfi Ex. 37
Yukon 14
Bid. Ask.
5
lt
S
14
IS
stt
8J
60
18
70
12
95
8
37
3l
17
35
17
1
43
ri
311
16
3714
Hi
CHICAGO.
Sales. Open. High. Low. Last.
lOAmn Radiator.... 300 300 300 SCO
300 Albert pick 40 40
3300 Arm Leather 1(11 1(1
600 Arm Leather pf... 94H H
1600 Armour p 7U 7U
40 Booth Fisheries... 10U 1014
60 Booth Fish pf 63 65
100 Bucyrus 21)1 33
ro Bucyrus pf 94 94
43 Beaver Board 63 65
00 Briscoe 4 64
85 Chi City ft C pf... 914 91
SO Chi Pneu Tool.... SO 84
65 Cudaby 8714
300 Cont Motors 13 11 ,
30 Deem pf 10011 100K
10 Holland St. Louis 1714 "14
10 Hart 8 ft M 374 8714
2M Hupp Motors 1314 1314
10 Ills Brick 79 79 79 73
40 J I Case Plow 1(14 1(14 J6I4 im
185 J I Case PI 1st pf. 97 97 H 94
20 J I Case PI 2dlpf. 75 75 75 75
170 Mont Ward.. 33 31 33 33
30 Mont Ward nf.... 10514 16 105U 104
10 suuwrsc uui pi., a
IS Nat- Carbon PL...1U
1100 Nat Leather H
3300 Orpnenm 3314
10 Pub Serv pf tt
130 Quaker Oatn pf,.,. 94
980 Beo Hilar.,.... 341&
31
104
39
118
lira
33
S3
MH
40
4
94
10
65
33!l
94
65
63
80
K14
,1154
100
1714
8714
79
1614
KT4
40
15'4
4H
W4
10
65
ft
65
63H
H
80
'4
100$
37'.'
4B1S
UK
'.'li
'.'I
PHILADELPHIA.
Sales. Open. High. Low. Last
isro Amn stores 4114
0 Amn Gas 52
32 Cambria Iron 40
60 Buff 8iuq Corp pf 48
USEleo Storage BatHO
IS Keystone Tel pf... 34
353 Lake Sup Corp.... 17V4
7 Lehigh Xarlgatlon63
65 Phlla Co 6 pf... 3314
36 Phlla Bap Tr t c 23
338 Phlla Electric 23
10 Phlla Traction.... 61
60 Beading 1st pf.... 33i
25 Tonopali Belmont. 24
lOOOTonopah Mining... 2H
2679 United Oas Imp... 49!i
30 Union Traction.... 3414
BO.VDS.
J1C00 Bald Loon 1st 5s.. 97 97 ' 97 97
4000 Elec & Peo Tr 4s. 6114 6114 6114 6114
1000 Lehlrh Vslley 8..10014 10014 10014 lDOU
3000 Ihlgh Vsl Cosl 5s 97 97 07 97
1000 Phlla Co 1st 5s. ...100 100 100 100
JJ? hlIa EI lst 6s. Ua 1!4 5114 'lis
1000 Penna gen U S9 S3 S9 89
Reading gen 4 79U 7911 79'1 7911
6000 United Ry Inv 6s. 69J4 4314 63J4 S14
DALTI5IORE.
Sale. . Onen. Hlrh. Low. Lat.
10 Arundel Sand Cor 37 37 37 37
110 Cent Ter Sug pf.. ai 9 8: 9
20 Com Credit pf 2214 3314 23'4 334
Cosden S'l 8iJ s j s
160 Cosden pf 4'4 414 4 4
6118 Celestlne 2.03 2.03 5.03 1 03
108 Con Tower 97 97 97 97
W Davison Chem 34'i 34'1 34 34
40 Elkhorn pf 33 33 33 S3
1 Exchange Bank.. 161 161 1(1 J(1
60 Indlohoma 714 714 714 714
SO Mer ft Miners 6tl4 62 6114 63
25 Mt Vernon nf mtZ fwl fall OA
.a. . r 1 r. . . '". . . f
ivj juu v.asuaiu..,,
323 Md C.uimllr rim
20 New Am Casualty
11 Northern Central. 67 67
33 Ponn Water Pow. 7(W 714 76
BUS Fidolity 126 126 12S
BONDS.
12000 Con Coal 6s 9714 S714 T!S
1000 Elkhorn (s 95 96 95
2000 Penn Wat Pow (s 8314 J4 S3',i
6000 United Inc 4s 43 43 43
2000 United Ry 1st 4s.. 6414 (414 64
lOOO United Ry fdg 6s. 57 57 67
l'lTTSDCRO.
Sales. Open. High. Low.
23.V. Arllnsas f!a.. 204 014 S8U
000 Rarnsdalt Corp 50 0114 CO
3 Carbon Hydro.. 214 -i 2U
113 Carbon Hy pf.. 4 4 4
SO Carnegie L ft Z 711 7l 711
000 Gold Bar 3
10.3 fluffer Olll... 27ti
) liar Walker pf. 00
70 Ind Brewlmr nf. ins!
33 Iinn Star On. D.1'4 3514 3314 35V
1016 Msrlsnd Kef... &, 314 & SV
40 Mfre I, ft Heat. 57 614 07 m
70 Nst Fireproof.. 7 T 7 7
RO Ohio Fuel Oil.. S7W 8 274 S
350 Oklahoma Has.. SOU 40 SOU 40
CIS Pitts Brewing.. 514 M4 &!
17700 ritts Jerome..: 15 IS 10 12
483 Pitts Oil ft Oas 15 15 14(4 14
10 Pitts Piste O1..160 100 160 160
270 lUrcr East Oik 214 214 24 21
10 Westing A B... 100 100 100 100
75 Westing EIcc.. C0!4 60H WJ4 00i
BONDS,
40000 Ind Brewing 6s. 01 54 CI Ct
BAN FRANCISCO MINING STOCKS.
DIV1DB.
Bid. Aik.l
Bld
Adanac 2
Bailey 5
Beaver Con. 61
Buffalo ....20
Chamb Fer. 3
Conlagaa .. ..
Crown Res. 34
Foster 3
r' i 1 1 1
.i4,uru ...
Ot North..
Hargraves
HUd Bay...
3'i
..2?;
TORONTO CLOSING.
COBALT.
Ask.) Bid.
4 Rerr Lake... 4.50
I-'t Rose 48
63J4,McK-D-8
Mm, C of O. 1.90
II Nlpissing ....13.00
3.350phlr 3
33 'Peterson L.. 0
5 might of W. 3
2M Silver Loaf.. l
3J TcmUkam .. 43
3K Trelhewey... 45
65 IWettlaUfer.. 3
roncupiNE. ,
3 INewry 10
.. LPorc Crown. 33
3 fl'oro Imp... 1
9Vi'Porc Tlsdale 1
.. 'Itcs E D.... 31i
414'Porc V N T 19Vi
'6.7E Schumacher. 23
23 .ThompKrlst 614
2.07West Dome. 7
KIRRTiAND LAKE.
Klrklsnd L. 70 73 Tcclt Hughes 15
Lake Shore. 1.10 1.181
MISCELLANEOUS.
Boston Crk. .. 21 IWasapika... 10
MONTREAL CLOSING.
, 63
Apex
Davidson ,,
Dome Ext.,
Domt, Lake. 7
Dome M.... 13.00
Gold Reef.. 4
Holllnger C 6.40
Keorn, 21
Mclntyre.... 2.00
Moncta .... 13
Ask.
63
71
3.30
13.75
4
21U
A
44"i
47
3614
.2114
614
9
.. 74V4 744
.. 17t4 17V4
tr 2314 23ts
tok.
Allied Dir.. 1
Alto Dir.... 4
Annes Diy. 1
Belcher Dlv
Belcner Ext 10
Junior
s I Knox
IJtCN
118
30
u
94
39
its
13K
3114
84
UK
Brougher
p ride
Dtv Cons....
Div Ext....
East Dlv....
Gak! Zone..
Hash Tono.
Hennessey...
Horseshoe...
13
2.10
3
61
t
io
1
Bid.
3
Cres... 0
10 IMyra -5
11 tuno
14 Revert
2.20lRceetta
4 irtoyal
62 I Toggery
Silver King..
l"erdl ..,
Victory
4
7
It
t
3
TONOPAM.
1
, 18
. 10
. 7
Cash Boy... 7
Jim Butler. 23
McNamara. 60
Midway .... 13
Klapah Ex. S
X
25
(0
14
10
Mon Con..,,
North Star..
Rescue 18
Atlanta .... 2
Bcotb 4
C O D 2
Comb Frac. 3
Crackerjack. -4
Florence O. 25
Gold Com.. 13
Amparo
Aria United ..
Elen 0
Mayflower... 1
Nev ltlUs... 1
Nev WondU IS
i -
m Zs 1 iiit4r jwmu. - a
limn Ext
West End...
GOLD FIELD.
3 lOreat Bend..
5 (Jnmbo Ext,
3 iRcwanu
4 llne Star..,
10 inert IUlls F,
, 30 lSlirer Pick.,
IS I Spearhead. 1.
MISCELLANEOUS.
l.TSlRocheitcr M 19
ai 1 a an Toy .... s
49 ITecopa 10
Un. Amalg... ..
Whlto Cans. 19
23 W caps Ext 1
a lYertogton.... 3
10
L65
Ask.
4
3
3
6
0
13
II
9
19
ISO
.1.83
'2
8
3
4
6
13
5
23
10
IS
1
II
1
' t
Ames ....
Ames pf..
Asbestos ,
Atl Sugar.
Brazilian
Hromnton.. 75
Can Car.,.. 5
Can Car Pf.101'4
tan mell.. zs
Can S S...,
Can S S pf
'Bid. Ask.
.132
110914
. 93
43
, 7214
, S21i
Cement en
103H Cement pf... 921i
.. iBttroit Un. .104H
96 I Dome Iron.. 70
4214 bpan River.. 834
,. Mian R pf.,124
.. iSteel of Can 7714
,. iRIordan P.. .17(44
.. ii.aurenune.. 8l"i
.. Iltucbec .,
.. Dom Tex
Bid. Ask.
28
...12314
t(14
S3?;
125
179
844
34
123
DIVIDENDS,
Stock ot Fay
record, able.
American Smelters Securi
ties Co. pf. "a" q.
1!4 Mar. 13 Apr. 1
American Smelters Securi
ties Co. pf., "b" q,
, IIUJ. 4 Mnr. is Apr. 1
American Woolen Co. q.
l4Cl Apr. 15
American Woolen Co. pf.,
Q. , Apr. 13
xuuiii riancrics 10. pi., q
..Mar. 13
Apr. 1
Mar. 10
Apr. 1
Apr. 1
Mar. 25
California Oll-Oas Co. 2c. Mar. 1
Cambria Steel Co. a a 11. .Mar. 15
Canadian Car Foundry Co.
Pf.. q. l5i Mar. 26 Apr. 1
Cities Service Co, (Bank
ers shares) m. 60.25c... Mar. 15 Apr 1
Continental Oil ft Refining
mo ifo Mar. C Mar. IS
Erie Lighting Co. pf., q.
1 Mar. IS
Hercules Powder 0. 2.. Mar. 15
Hercules Powder extra
2f. ilar. 15 Mar. 25
Kelly Springfield Tire Co.
6 of., a. 31.50 Mar. IE Am- t
Mexican Pet. Co., q. 12.50.Mar. 13 Apr. 10
Mex. i'et. Co. pr., q. 32.Mar. n Apr. 10
Mill Factors Corp.. 27i..Mar. 20 Apr. 1
Mill Factors Corp "a"
q. i& Mar. 0 Apr, 1
Ohio Cities Oas Co. pf., q '
S1.E0 ilar. 15 Apr. 1
Orpheum Circuit Inc.
(Inl.). q. 60c Mar. 15 Apr. 1
Orpheum Circuit Inc.
Pf (Int.), q. i Mar. 15 Apr.' 1
Pan-Amer. Pet. & Trans., q.
31.50 Mar. II Apr. 10
Pan-Amer: Pet. ft Trans. D., q.
Si. 50 Mar. 13 Apr. 10
Pan-Amer. Pet. & Trans, pf.,
q. $1.75 Mar. 13. Apr. 1
Paths Exchange Inc 20. Feb. 25 Mar. 1
Sears Roebuck Co. pf.,
q. 31.75 Mar. lt Apr. 1
Texas Chief Oil Co. m.
IVitt Mar, t Mar. 20
EX DIVIDEND TABLE.
To-day
Mergenthaler Linotype 14
Thursday
Carter. Wm., Co., pf 1US
Friday-
American Tobacco Securities.. ...... .11.25
Calumet ft Arizona Siloing it. 00
Galveston Houston Elec 83.00
Mackay Company 114
Mackay Company pf 1
McKlnley-Darr-Sawyer It 3i
Pabst Brewing pf 14
Dollars vs. Francs
As 0 result of the decline in the valiie of the franc,
a dollar will now purchase 14 franc3 a3 against ap
proximately 5 francs normally. .
This situation favors the American Investor, who
can now purchase the new 5 Loan at almost one
third' of the cost to the French Subscriber.
To those considering the 'purchase of Franc exchange
this loan .offers a distinct advantage: in that one
receives on the franca purchased an income of 5, and
in addition a possible profit of 50 through the semi
annual drawings at 150 of par.
' Wc are aulhorhti to rcctict subscriptions to the new
Republic of France
5 ReconstructionLoan of 1920
Circular ertrtytMi,
Gude, Winmiir& Co.
Manha Nta York &e$ Exihante
20 Broad Street, New York City
Telephone Rector 8880
BRANCHES
7 Eat 45th Street, New York
Glen Cove, L. I.
SUPERIOR STEEL CORPORATION
Pittsburgh, Pa., February 2. 1JI0.
TO THE STOCKHOLDERS OF THE SUPERIOR STEEL CORPOnATIONt
The results or the operations of the third fiscal year of your Company ended December 31,
1019. are reflected by tho statement submitted herein.
During the paaf year wo have gonu through very delicate conditions, duo to the necessary
reconstruction ofbuslness after three years of war times. We think our Stockholders have reasons
to feel elated over the results obtained during the past year, owing to this reconst ructive condition.
We also had to contend with the general labor troubles In the steel Industry, as well aa the
coal strike, and this Balance Sheet chows that your Company has gone through all of thesa serious
dUTcultlca In a very satisfactory manner. ... , , .
The demand for our product la greater than we ever experienced, and the future Indicates that
very good results will bo obtained during tho coming year.
The Plant Is in the very beat physical condition, a large, number of additions and Improve,
ments have been made during the past year, and further Improvements and extension are in the
course of erection. These Improvements mentioned will Increase our production about ZS per
cent,, and should bo completed about tho middle iif tbo year,
ilnVfcttnlljv.
K. W. HARRISON. JYejitfml.
CONDENSED BALANCE 8TIEET 31ST DECEMBER, 1010
ASSETS
CURRENT:
Cash In Banks and on Hand
U. S. Treasury Certificate! oMndobtedness. Including Ac
crued Interest
Notes apd Accounts Receivable, Net ot Reserves.
INVENTORIES:
Finished and Partly Finished Procucts S459.O64.03
Materials and Supptios 1,068.301.08
J490.0iO.SS
101.701.37
730.812.07
INVESTMENTS:
II. S. Government Liberty Loan Bonds
U. 8. Government War Savings Certificate?!
W. 11. Shlno Coal Co., 1st Mortgsgo Os, due 1923-1023. .
DUE FROM EMPLOYEES ON LIBERTY LOAN SUBSCRIP
TIONS .
TREASURY STOCK ETC.:
1,111 Shares First Preferred at cost
1,403 Shares Second Preferred, at cost
760 Shares Common at cost
Common Slock purchased for Employees balance to bo col
lected..... Cash In Sinking Fund for purchase of Preferred Stock,
DEFERRED CHARGES:
Prepaid Insurance Taxes, Etc '.
rLANT AND EQUIPMENT:
land. Buildings, Power Plant and Furnaces ,
Machinery and Equipment
. V
Loss, Reserve for Depreciation
GOODWILL , ; -
I024.22I.M
870.00
10,000.00
2,427,306.51
C33.013.S4
f H .362,822, 67
1110,211.10
133,800.38
33,508.73
4.237.SO
433.03
S718.223.34
1.700,700.20
W.418.029.83
705,018.14
15.570.SO
SS1.2S0.12
22,610.0
1,713,011.63
2,500,000.00
SS.028.3O.1.S2
LIABILITIES
CURRENT:
Accounts Payablo '
Dividends Payable In February '
Reserve for Taxta (including FedoraUTaxea for 1910, esti
mated) ,
CAPITAL AND SURPLUS
CAPITAL REPRESENTED IN ACCORDANCE WITH THE .
, LAWS OF THE STATE OF VIRGINIA:
First Preferred Convertible 8 Per Cent. Total authorised
and Issued 33.000 shares, far value S100; Total outstand
ing 24,313 shares ,, ,
Second I'rererred Convertible 8 Per Cent. Total authorized
and issued 20,000 aharos, par value 1100: Total outstand
ing 18,47 shares
Common Stock Authorised 115,000 shares par value 1100;
Issued 00,000 shares. Book Value at Formation of the
Company , 11,250,514.70
Sinking Fund used to retire First and Second
Preferred- Stock... , 1,215,833.33
1043.040,08
1 133,548.00
'S5biib7.38 t;43I.703.00
SURPLUS.
12,43100.00
1,817.500.00
2.460,243.03
6.745.348.03
731,253.43
7,476.600.48
18.928.303.53
SUMMARY OF TROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 318T
,. DECEMBER, 1019
SALES , 17.744.921.23
Less Discounts Allowed.
83.643.4H
Net sales
Cost of Ssies.., ,
GrrvM Prnflln . . .
Miscellaneous lncomo
Gross Income
DEDUCTIONS FROM INCOME:
Administrative Expenses
Selling Expenses
Taxes
Plant Depreciation
Idle Plant Expenses
Reserve for Accounts Receivable...
Contributions to Armenian Relief...
17.(10U77.S0
3.940.033.09
!l,7t4,343.l
124.333.4t
1I.83S.377.23
Net Income.
1101,015.02
. 137,924.61
33.004.07
180.000.00
13,722.6.1
35,000.00
.500.00
4S2.107.28
II .356.400.00
SURPLUS ACCOUNT FOR TIIK YEAR ENDED 31ST DECEMBER. 1919
Surplus, 1st January, 1910 ' sni rm 40
Discount on Preferred Stock Purchased ''''' 1S.8'.I
Net income for the year ended 31st December, 1919 1,356,409.90
DISBURSEMENTS AND APPROPRIATIONS OF EARNINGS:
uiviaenaa ,
Sinking Fund. First Preferred Stock. .".'C."!!""! -
Stoking Fund. Second Preferred Stock I...
Reserve for Federal Income and Excess Proflts Taxes. . . . . .
' Surplus 31st December, 1919 '..
11.850,340.25
1588.404.00
105.000.00
60.000.00
374.683.83
1,128,087.83
1731,232.43
December: ioioTTnrt - KrXV ZZT.&.V?. f'"iy,?. ?JH "
.ets forth thn donlnv". ;:;:i.ii S." t mon. mo aoove Dsianco snow twii.v
- - - kuiwiiuiu m t bait cute.
Pittsburgh. I'll.. 22nd Janusrv. 1020.
LYBRAND. ROSS BROS. A MONTGOMERY,
Accountants and Auditors.
Todd Shipyards.
Todd Shipyards, extra,...,
Underwood Typewriter....
Underwood Typswrlter pf.,
Union Bag & Paper
U. S. Worstsd 2d pf. Ins..
. .31.75
,.si.:s
,.$:.oo
..S1.7S
,.tz.00
.i?r.
WIUraT Corporation's Shev Ingr.
Earn In C3 of the Willys Corporation
for 1919. ticcordlne to a statement Is
sued yesterday by J. It. Harbeck, vice
president of the company, amounted to
15,364,683 before, dividends and taxes,
and Its surplus after deducatlon of those
items 3.250,800. Tho figures contained
the results of operations of the con
stituent companies to July I, the date
ot the original consolidated balance
sheet, and for six months thereafter.
Total profits for the last half of the
year after taxes were 3,300,729, or
l nvA I. 1 llm.. t. J,,IJi.J f
...u uitu n iiai, ti ilea wic ui.iuriiu i
qulrcmehls of the authorized 115,000,000
of first preferred stock. The company's
total assets niter deduct Inc liabilities
and reserves. Including taxes, are 151.-
185.618, or J341 a share on the first
.preferred. j
Your Income Tax Statement
Incorrectly Made Out
May Cost You Money
To assist our friends and customers
in preparing their income tax state-
ments, Mr. Morris Metz will be avail
able at our offices each banking day
.from 9 A. M. till 12 M.
The Coal & Iron National Bank
143 Liberty Street, New York
Resources Over $28,000,000
London Market.
London, March 2. Closing Consols
for money, 49, ex Interest ; British G per
cont. loan, 87?4; British ii per cent
loan, 80; Atchison, 117; Baltimore and
Ohio, SS; Canadian Pacific, 176; Chesa
peake and Ohio, 81 ; Chicago Great
Western, la; St Faul, 56: Denver and
Rio Grande,-10'4 ; Erie, 21; Erie first
preferred, 34; Grand Trunk, 64 ; Illinois
Central, K2j Louisville and Nashville,
146; Missouri, Kansas nnd Texas. It:
New York Central, 102; Norfolk nnd
Western, 133 ; Ontario and Western, 2S ;
Pennsylvania, 61; Iteadlng, 106; South
ern Railway, 36; Southern Taclflc,
135; Union Pacific, 166; United States
Steel 137: De' Beers, 29-Ji ; Hand
Mines. 4.
Bar sliver, 8J?4jd. an .ounce; bar gold,
119s. fid.; money, 3li per cent; discount
rates Short and three months' billys
6 per cent; gold premiums at Lisbon,
140.
V
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