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The Sun and the New York herald. [volume] (New York [N.Y.]) 1920-1920, March 04, 1920, Image 13

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THE SUN AflD NEW YORK HERALD, THURSDAY", MARCH Ijjgfr
B.
I
A Business'
Bank
Organized and equipped
to render efficient service ,
to mercantile interests,
we strive -to' beia,Bank
for the Builderaof Biisi
ness. ' i
GARFIELD
NATIONAL BANK
23KDSTRfcr.WHCRt
FIFTH AVENUE
CRMS! SROAWVAY.
Frick-Reid
Supply Co.
n .
0 v.umumuve
Preferred Stock
We recommend this preferred
stock for investment.
Price 1023 and accrued
dividend to yield 7.80
HOLMES, BULKLEY
& WARDKOP
MEMBER8
Nta York Stock ErcAonf e '
Pittilutih Slock Exthanit
Union Bank BIdj.
ml L
61 Broadway
New Ywk
HEUW16S1REUTTER
i
hlunkn ttjNcts Ywk Stick Exdanfi
INVESTMENT
SECURITIES
-
V
!25 Broad Street, New Yorfi
Telephone BroaU 6230
Berlin
Leipzig
Hamburg
Frankfort
Dresden
Munich
Cologi
ne
Cobienz
Particulars, Price. FuU Details
8ent Upon Request.
Alio descriptions English, French,
Belgian and Italian Bonds
Sent Upon Request.
Parson, Son & Go.
Members New Yorlc Stock Exchange
115 Broadway) New York
arby Lumber
-ommon and Preferred
I.K.Rice,Jr.&Co.
pones 400O to 4010 John. 30 TfsU Ht., Jf. T,
Amer. Lt. & Traction
Cities Service
United Lt. & Ry.
H.F.McConnell&Co.
Members A". Y. Stock Exchange
"""ar. N.T.Tel. Bowl. Green 4OS0-S9.
MONTGOMERY & CO.
8oJ- CVofei vJreAmd Sloth
JMlidelphli - New York, - Chicago
uBonds far iivtstetii
Harris, Ferkn ft Ct.
Wa Street, Comer TTllllaa, ,
NEW YORK
RAILROADS KEEP
STEEL TRADE BUSY
Return of Linos Necessitates
Nofr Calculations of Fu
turo Tonnage.
' L
STANDARD ATTACKS
OiL CONTROL PLANS
Statement Ilits British Propo
sal to Givo league of Na
tions Power.
PLACE MANY GAIt ORDERS '.SCOUTS PRICE THEORIES
Canadian and Domestic Com
panies Aro Negotiating for
EolUng'Stoclc.
Suggestion Camo From London '
Board of Trado's Central
Committee.
The return ot the -railroads or the
country to their corporations for opera
tion has had the effect of keeping the
steel trade busy with now calculations
of tonnage- that will coma to the mills
In the next two months for railroad ac
count. Some estimates, of the probable
early car contracts, according- to weekly
, trado reviews, have run as high as 100.
, 000. Many actual orders for thousands
of cars, already have been placed, and
Canadian ana domestic rondo nro ncgo-
I iiauns ror new rolling; stock.
' The market for Iron and atcel nrod
ucts Is better stabilized than It has been
ror uevcral weeks. Prices ard showlnjr
icss oi a tendency to skyrocket and, al
though demand for products Is heavy,
buyers are estimating their needs more
conservatively before rushing .Into the
market with their orders; as they have
oeon aoing uuring many recent weeks.
"WMIo buying by the railroads did
nor. wait ror Uieir return to their own
ere," says tho Iron Age, "on March 1, the
steel trado has been busy in the past
tnree days with now calculations of
tonnago that will como to the mills In
uiu nasi iwu monins lor railroad ac
count, Estimates of early car contracts
have gone as high ns 100.000. In actual
orders 2,500 cars for tho Santa Fo U
tho largest Item, and the Erie has
piacea 1,000 box cars. Three Western
roads aro about to buy 1.000 cars cadi.
and the L. & N. and Southern Paclfle
will build 1,000 box care each In their
own. shops. In locomotive orders, too.
a good beginning has been mado. Cana
dian roads aro also negotiating for now
roiling EIOCK.
"The favorable decision in tha Stacl
Corporation suit, though received with
much satisfaction, has not been a mar-
Kct factor. Tho main consideration
throughout tho trade has been tha nrob.
ouia cueci on mm deliveries to non-
raiiroad buyers and on prices ot the
orders tho railroads will place. There
Is a good deal of uncertainty as to the
amount of equipment tho roads can
nnance at once."
Tho Iron Trado Jleiieio says: "Sur
veyed generally, tho Iron and steel mar
ket appears to be better stabilized and
prices to bo under a greater measure of
restraint. Here and there Indications
aro present that producers are more dls
posed to look' up business than to watt
for lt to seek thorn, and In certain lines
some surprising deliveries occasionally
aro tendered. Dwoplte a manifestly
more conservative attitude among both
buyers and seller, however, the ab
sorptive power of the market remafns
striking. Offers of material actually
allable for quick shipment usually And
ready buyer nt exceptional prices.
"Sentiment is strong. -and tho final de
cree by the Supreme Court In the disso
lution proceedings against the Steel Cor
poration Is recognized as a further con
structive factor. That tho decision will
exert any Immediate bearing upon tho
present selling policy of the largest pro
ducer, whidh has been a strict ndherent
tho minimum. prices, is considered un
likely.
"A more cheerful outlook is presented
over the transportation problem which
has been severely harassing operations
for some weeks. Though the actual cet
terment in tho movement of cars and
hence- of -raw and finished materials has
not been pronounced tho situation Is be
ginning to unravel on virtually all sides
and embargoes at many points either
aro being lifted or modified, conges
tion of finishing departments by the In
terruption' to shipments has brought
about considerable marketing of semi
finished material by mills which ordi
narily would have used'thls steel in their
own operations. These sales, especially
of sheet bars, havo run to a round ton
nago in the Pittsburg district, where a
new top price of 990 for March delivery
was paid this week. An automobile
builder paid 9 cents, Pittsburg, for a lot
of 5,000 tons of black sheets."
CONGRATULATES JUDGE GARY.
LIBERTY BONDS
All dennmtn.tlnna KAitrt
itsf1"1 on eloilnr we nays
lulai52-,'4 Bond, 35 Coupons
ltond, l ronpon
nond, 1 Coupon
Bond, S Coupons
Bond. 7 Cooposs
PURDY & CO.
for a MO 3d
'VHorajjo-auugg
K Joan
J. II. Speer Say Steel Decision la
Industrial Event.
J. Ramsey Speer, chairman of the
Pittsburg Iron and Steel Foundries
Company, wired yesterday to Judge El
bert II. Gary, chairman of the United
States Steel Corporation,, his congratu
lations on the decision rendered by the
United States Supreme Court on Mon
day, holding the corporation not to be a
trust
"Tho thanks of the prbducers and
consumers of 'all Iron and steel products
arc wholeheartedly due you," Mr. Speer
said, "for the conservative management
and policy of the corporation which has
made possible tho decision of tho Su
preme Court In your favor. Wo feel
your clear vision in shaping from tho
beginning of tho corporation's existence
a policy ot universal wisdom and fore
sight has contributed largely in making
possible so fortunato a result Your sa
gacious leadership has saved a situation
fraught with far-reaching possibilities.
Wo congratulate you personally, tor
your splendid Contribution and believe
that the decision will rank with the de
cisive events of the Industrial history ot
the world." ,
CUBAN AMERICAN SUGAR PLAN.
for
Director Recommend Scbeme
Ilecaplt Using; Company.
Directors of the Cuban-American
Sugar Company recommended yesterday'
to tho stockholders a plan for 'recapital
ization by which 1,000,000 shares of
now common stock at $10 par value, or
In the event tho New Jersey statutes
are amended to permit It, 1,000,000
shares of no par value. The company's
present capitalization Is 100,000 shares
of $100 par value, and although no de
tails of the directors' proposal have
been announced, It is understood that
present sharesholders will receive ten
shares of new stock for one of old
The New Jersey corporation laws.
unacr wnicn me
The proposal of tho central committee
of tho London Board of Trade for con
trol of tho oil industry of tho world by
the Leaguo of Nations and tho regula
tion of prices received for petroleum
products received a severo setback in a '
statement given out yesterday by the
Standard Oil Company of New Jersey,
the largest of the Standard group. Tho
price theories advanced In tho Board ot
Trado's report were scouted by tho com
pany's statement, which pointed out that
it tha export price, recommended as fair
by tho British committee, wero adhered
to by. American producers it would
moan at prevailing exchange rates -7
cents a gallon for gasolene, f. o, . New
Tork, which, tho company contended, Is
much less than tho cost of tho raw ma
terial and "an economic miracle Is to be
engineered through tho League of Na
tions," f such a plan bo adopted.
"The Standard Oil Company of Now
Jersey," tho statement says, "Is not a
distributer of gasolene or other petro
leum products In the United Kingdom,
but sells these f. o. b. Now York for .
port. For this reason it was directly
concerned In the report mado public
jesucruay. in wnicn uio central commit
to of tho London Board of Trade,
uiv.n . uecn investigating oil prices.
maao certain arastlo criticism. Tho
committee's claim of excess profits In
Uie petroleum Industry appears to bo
rf u mo assumption that a fair
iP ... asolne o- b. Now Tork
wi.h r. .. i ?xceetL " 10 shilling a ton.
wiui British exchango at J 3.40 to the
pound a prico of fL'J sterling a ton
means but slightly more than 21 cents
fZZ mrlca" eMon- Tnat quotation is
ror the product known as No. 1 petrol
" ??roP5 6 degrees gravity gaso-
,h LV3. ,1w PrIco fr sasolone
h ih. t;...V "" :"nuea aoiair
n,viiiT- I ""nmiuee would mean, at
prevailing rates nt t.-. n .'
Kfon fo gasolene 7 T Tnw York
ueU?.dn3 01,3 co"clIon may bo
gauged by tho fact that? tho cost of the
various crudes n-hnn th.,. . u .u "
board ranges from 40 per cent to 100
v. vciiu aoova inf. hmm. .iii
(..cuicuo, lt xne -nuDUshed r.
port is correct, tho TtHtioh u...
SCrlOUSly proposes that thn mr) ,.ol.l.
product which can bo obtained from the
"" ouuma uo soia r. 0 ,t. Now York
at much less than the cost of tho raw
material, and this economic miracle Is to
bo engineered throuirh tha ti,
Nations. " u
The Board of Tradn Invoctttirctrti-. u
of one unnamed eastern producing com
pany which Bells its potrol at 10?4
sterling a ton f. o. b. and makes a good
profit on tho transaction. This. 'Tir.
sumably, Is tho Anglo-Persian Petroleum
Company, Ltd., a producer of Pernlan
crude,- In which tho British Government
noias me controlling interest This
company, wo understand, sells Ifs gaso
lene m ine united Klncdom thraurh
the medium of tho Dutch Shell
which Is maintaining the retail price of
wnicn uio committee complains. If this
Is true. It would seem to bo a slmnlo and
entlroly Internal situation for tho British
Government to adjust by requiring the
group selling the Government gasolene
to name retail prices more in accordance
with the price realized by the Govern
ment's producing company. Under these
circumstances lt Is Idle to criticize the
American exporter for naming a price
f o. b., based on tho market price at the
wells for crude oil plus transportation,
refining and handling expenses.
"me figures, so rar an American
product Is concerned, deal with a sltua.
tlon which may not apply to gasolene
purchased in the Far East and while
American and Mexican companies are
outside of tho control ot his Majesty's
Government, as stated In the cabled re
port, the products or the Government s
own producing company are and can be
dealt witn oy tnem in any way uiey
see fit."
BROWN BROTHERS & CO.
Philadelphia
KtHUIthert 181H
NEW YORK
Boston
FOREIGN SERVICE '
Through' our long established connections abroad,
we are in a position to render complete foreign
service to banks, corporations and firms doing an
international business. Our correspondents include
the strongest and most progressive institutions and
private banks overseas.
BROWN, SHIPLEY & COMPANY
Founder Court Lothbury
LONDON, E. C
EiUbllihed 1110
Office for Traveler
1 Fait Utll, LONDON, S. W.
AMERICAN RADIATOR REPORT.
Earn 823.01 a Snare. Alter All
Charge, In Eleven Month.
Tho American Radiator Company re
ports for eleven months ended on
December 31, having changed Its fiscal
year to correspond with the calendar
year, net prorits after an cnarges and
taxes ot $3,036,347. or (33.01 a sharo on
Its common stock after deducting
dividends on its preferred, against $3.
655,313, or $19.92 a shore earned in the
Immediately preceding twelve month
period.
Preferred dividends paid by the com
pany during eleven months covered by
the report totalled 1210,000, and common
dividends S1.061.5H. tho same in both In
stances as the disbursements for the
preceding year. Tho surplus for tho
eleven months after dividends, was
1861,703, against $181,669 fcr the previous
year, and the total p.'o.'H and loss sur
plus on December 31, 1919, f7."63,t6G.
French Government Bonds
The presenfrvalue of the franc in relation to our dollar
permits the, American investor to purchase the French
Government Bonds on a basis that would show an
exceedingly attractive profit with the return of French
Exchange to par.
Wc have prepared a circular describing- three such issue
which we shall be glad to furnish on request. This
circular includes the French Reconstruction Loan of
1920, which is redeemable in CO years by semi-annual
drawings at Ifi0.
A purchase can be made of
10,000 franc 4s of 1917 for about $540
10,000 " 5s Victory " " 660
10,000 " 5s of 1920 " " ....... 710 '
For paiiicvlart tmi for Circular No. F-6j.
Chandler & Company
INC0RP0RA7CD
35 Pin.e Street, New York
Eoston New Haven Philadelphia Baltimore
We Offer
FIRM GERMAN MUNICIPALITIES
1,000,000 City of Frankfurt a-M at....J8.60 per 1,000 Marks
1.000.000 Citv of Hambtir? 4V-.& at 12.10 oer 1.000
1,000,000 City of Greater Berlin K at 13.50 per, 1,000
1.000.000 Citv of Berlin 4 at 1175 ner 1.000
500,000 City of Cologne at... 15.40 per 1,000
We issue BANK CERTIFICATES of the
LINCOLN TRUST COMPANY
7 WALL STREET
pending the arrival of definite bonds
ALFRED R. RISSE,
Specialist in All Foreign Govt. Bonds
50 Broadway
Telephone: Broad 5204-5-6-7-6581-7468.
ORPHEUM CIRCUIT DIVIDEND.
i
Company Initial Disbursement
80 Cent n Share.
, Directors of tha Orpheum Circuit, Inc.,
met yesterday and declared an Initial
dividend of 50 cents a share on its com
mon stock. Its net earnings for January
were reportod .as 1515,476 and It was
further stated that earnings were in
creasing very satisfactorily. Tho com
pany policy, lt was further mado known.
roiiowing the meeting, on account of
conducting a cash business, will bo to
make liberal distributions in the form
of extra dividend payments In keeping
with its earnings.
Although its present earnings, cash
position and cash In the banks, amount
in(r to' )1, 800,000, warranted a larger
distribution yesterday, its directors
adopted a conservative policy In the caoo
of the circuit's Initial dividend.
Callahan February Ontpat.
The Consolidated Intcrstato Callahan
Jllnlnff Company reports its February
shipments as 5,030,000 pounds of 51.5 per
cent zina concentrates, 3,080,000 of 59
per cent lead concentrates and 33,340
ounces of silver, against Its January
shipments of 8,360,000 pounds of B0 per
cent., zina concenuuies, a.viu.vuu or bs
per cent lead concentrates and 30,400
cunces of sliver. John A- Perclval, pres
ident of the company, Issued yesterday
a statement in which he said that short
age of workers, due to Influenza, and
the fact that February was a short
month caused curtailment of output He
announced also that a new wage ad
vance had been put Into effect by the
company.
NEW YORK STOCK EXCHANGE PRICES.
Continued from Preceding Page.
Cndahy Head Sinclair rteflnlng.
Chicago, March 3. Joseph M. Cudahy.
formerly president of the Cudahy Pack
ing Company, succeeded to-day W. It
Isom as president ot the Sinclair Re
fining Company, the refining and mar
keting subsidiary of tho Sinclair Con
solidated OH Corporation.
FINANCIAL NOTES.
Gold coin has been withdrawn trim ih
Sub-Treuury for export as follows: Two
nunarea ana nny tnouiana dollar for
Cuba and 170,000 for Ceylon.
unaer uie mie -ino itaiiroaa mil ' me
Banker Trust Convoany haa lisued a
pamphlet living a almple expoiltlon ot
me provuioni ana sroaa intent oi the
measure.
Fidelity Trust Company has obtained
the services of representative of the
Federal Income Tat Dtoartment to anlit
cuatomers tad friends la making out Fed
eral Income tax rrporli.
Columbia Trust Company haa ready for
distribution its third edition of "Owner
ship Certificates. Information at . the
source, Wltnholalnt; at tlte Source' I
Company was Inoor- Ke Ynrk nmnn Mrrhlnn nnlilnr fnr
poratea, oo not permit tne Issue of no ."Peciai holiday on Good Friday and the
par vaiue stocK, out mo passaca of "y louowms.
thrco bills pending before the Legisla
ture cf that Ststa would remov that
difficulty.
Bnrnbam A Morrill oAcrlag.
Qcorgo H. Burr & Co. have put-
Brown Brothers & Co. announce that
to-day's official subscription prlco for the
new French Internal loan of l:o, based on
yesterday closing rato ot exchange, Is
170.(7 a 1,000 frano bond.
Mark Sheldon, lllfh Commissioner of
Australia, will address the regular monthly
meeting of the Chamber of Commerce of
the Btate of New York to-day on "Au.
trail' After War Alms." Iteports will be
Introduced by committees favorlnc an In
crease In teachers' salaries and a referen-
chased S500.000 ot first morUrajre con
vertible 7 per cent serial gold bonds of
tho Bumham & Morrill Comnanv. mn.
kturtng 150,000 annually from February dum on ?SM00,000 to complete the State
, A, w fcuiunry 1. AVdU. inclusive.
The company is among the largest fish
an vegetable packers in tho United
Sta.es and, owns seventeen canninir
plants In Maine and twenty-one In Nova
Scotia. Tho bonds will be secured by
a closed first mortgages on all tho com
pany's properties, valued at moro than
8i0,000. They wlU be convertible Into
the company. 7 ser cent cumulative
iweferred stocky'
K'lUltabltf Trust Company has heea annotated
ittt:tr np'iit of Ibe slqpk cf the Cnitileltrla
!srMCmi.inr ot Ncrjila at of March 11.
Corporation Trut Company bis Iweu appointed
rcrtptrnr ct the stuck of tn Camlrlarla lllan
Cuiiipsny of .NVv!t at of Marrh II. V
Kruuk T. Sttntuv nod llrmwu ticbenck bare
furuied a coptrtserthlp as Crank T. Stanton &
Or. Their office ire In SO Broad street aul
tbey will cooUsae to specialise ta wireless te
rm
Admiral Anchor Company have removed to
t Hector afset
-"Closlnr.-, IDIt.
Bid. I Ask. ln S.
17tf 17! 1
74 75 4
32 34 .2
87U 8794 6
98 98H r..2(
1SH 15ft, 1
22 23 ..
15 154 ..
8V, 9 ..
16 18
114 116 7
76 77 74c
33 40
95 95 6
24 24H ..
57H 68 4
fi2 834 7
10 10H ..
179 180 10
35 35
63 63 H 6
24 24H
56 57 E
32 S2H
llli 120 10
68 6U 4
42 4SU 4
184 188 12
07 67 3
45 45 &
63 68 2
79 79 8
99 101 7
44 46 ..
94 95U 8
111 112 8
63 66 6
95 95 5
110 111 7
70 71 ' 6
47 4B-" ..
G4 S4$i 4
106 107 8
82 " 84 6
9 9 ..
27 28 ..
107& 11
24 25
69 60 4
84 86 7
Gu 50 4
61 65 4
12 12 ..
20 21 ..
W 53 4
2S74 24 1
S7 S8 7
66 70 6
78 74 ..
70 T2
.Odd lot
Balea. I
600
2300
100
14900
4900
100
4800
3C0
100
200
100
4000
22200
6800
6700
100
8400
300
7300
2800
6900
14200
200
7200
2500
200
100
300
1900
200
1000
1400
100
200
2900
100
100
29400
400
100
1200
500
200
600
1600
2000
400
300
700
1000
100
500
300
1000
1700
300
200
400
400
hay Consol Cop
Reading
Reading 1st pf -.
Republic Iron & Steel....
Royal Dutch CoNY..,.
St Joseph Lead
St Louis & San Fran
Saxon Motor
Seaboard Air Line
Seaboard Air Lino pf....
Sears Roebuck Co pf....
Sholl Trans & Trading. . .
Sinclair Consol OH
Southern Pacific
Southern Railway
Biromuerp; carburetor. . .
Studebakcr Corp
Tenn Con & Chem
Texas Co
Tcxns & Pacific ...
Tobacco Products
Transcontinental Oil...,
Transue & Wins Steel...
Union Oil
Union Pacific
Union Pacific pf
United Alloy Steel.
United Fru t Company..
United Retail Stores
u S C I Plpo & Fdy nf..
U 8 Food Prod Corp....
U 8 Ind Alcohol
U 8 Ind Alcohol pf
U 8 Realty & Imp.
U 8 Rubber
U 8 Rubber 1st pf.......
U S Smelting, 'R & M.'..
U S Steel
U 8. Steel pf
Utah Copper
Vanadium Corp
2C0!WCuroi!na Chcm
VsvCarollna Chem pf . . . .
Va Iron, Coal St Coko.,..
Wabash ,
Wabash pf A
Western Maryland
Western Pacific
Western Pacific pf
Western Union Tel
Wcstlnghouso E & M....
westing B & M 1st pf..
Wheeling & Lake Erie. .
Wheel & Lnlca Erie pf..
White Motor
Willys Overland
Willys Overland pf
Wilson & co
Worthington Pump
Worthing Pump pi B....
Opes-1 llltU-1 IjOw- I Cloa- I Nt
ln.i eat, est I lne. f Chsase.
17 I 17 17 17
75 76 74 74
33 33 33 33
86 87 86K 87 1
98 98 9r 98 1
15 15 15 15
23 23 22 22
15 15 15 15
9 9 9 9
17 17 17 17 1
116 116 116 116
75V 77 76 77 2
39 40 39 39
96 96 95 96 ?i
24 25 23 34 1
57 57 57 67
82 83 82 83
10 10 10 10
176 181 176 179 3
36 36 34 35 1
65 65 62 63 2
22 24 22 24 1
57 67 67 57
31 32 31 32 1
119 119 118 119
66 66 66 66
43 43 43 43 ..
183 184 183 184 4
67 67 67 67 ..
46 46 46 46 1
"67 C8 66 68 1
79 80 79 79
99 99 99 99
45 46 45 45 1
95 95 84 95, ,
112 , 113 112 112
65 65 65 66
95 95 94 95
111 111 110 110
70 70 70 '70
48 48 48 48
62w ,63vJ 63 63 1
107 107 107 107
81 82 81 83 4
9 9 9 ' 9
28 28 27 27
11 11 10 10
25 25 25 25 1
59 59 69 6S --
85 85 84 84 15
60 60 60 50
65 65 65 65 1
12 12 12 12
21 21 21 21
53 55, 5"", 02
24 " ft ..
SGSa Ai Sii i ;
66 66 6G( 66(
73 74 73 74 9
Hostages to Fortune
"V '-I
ft
i (
T,
"J?!? that hath wife and cMIdrat
hath given hostages to fortune?
THOSE who have children have one of
the strongest incentives for the accumu-"
lition of property. But piling nfra fortune
does not necessarily mean that your financial
future, or that of your fiunily, is secure.
Out of the plenty of the present, you can' set
aside money or property, in a trust fond with
us, as a safeguard against unexpected reverses.
You can retain as much or as little control
of this fuQd as you wish. The trust can be
revoked at wjttl or it may be made irrevocable.
Members of our Trust Department, at
any of our offices, will welcome the oppor
tunity of discussing with you the business
phases of your individual trust problems.
Guaranty Trust Company
0NewYork
140 Broadway
' FrrTa'Avnrcs Aim 43m Sntrrr
' Majbbon- Avurw aro 6otwJStwt
168 GtAtro Stout
'N Cartal arto Stntrtm
50,000,000
ROOVKOB UOU THAU
1800,000,000 j
$5,503,500
The Detroit Edison Compfany
Ten-Year 7 Convertible Debenture Gold Bonds
Dated March 1, 1920. Due March 1, 1930. Interest payable March 1 and September 1. Denominations,
S100 and $1000. Convertible between March 1, 1922, and September 1, 1929, atjhc option ot the ,
holders; into paid-up shares of the Capital Stock of tho Company at par. Redeemable on
or after March 1, 1024, and before March 1, 1928, at 105 and interest, and on ,
or 'after Marchl, 1928, and before maturity at 102 and interest, on
v sixty days' prior notice.
. .
The Detroit Edison Company, incorporated in 1903, does the entire commercial electric lighting
and industrial power business in the City of Detroit, and also serves various dties, villages
and townships tributary to Detroit, the combined population of the territory served being
estimated to exceed 1,100,000. (
There have been issued frorn time to time $16,400,000 Convertible Bonds
(exclusive of the present issue), all of which, except the $4,813,000 still
outstanding, have been converted into Capital Stock of the Company.
There is outstanding $27,805,200 Capital Stock having a market value)
based upon current quotations, of approximately $29,000,000.
Dividends on Capital Stock were inaugurated in 1909, when 2 was
paid in 1910, 5, and from 1911 to 1915, inclusive, 7, In January,
1916, dividends were increased to 8 per annum, the present rate.
Gross earnings have shown substantial' and uninterrupted gains for
the past seventeen calendar years,, having increased from $533,847 for
1903 to $16,498,391 for 1919.
Surplus earnings over mortgage bond interest for the year ended Decem
ber 31, 1919, were equal to over 3 times annual interest requirements
of all of the outstanding Debenture Bonds, including the present issue
of $5,503,500. 4 ( .
Price to yield about 7
", ,;,-r , ' Descriptive Circular Furnished on Request' '"''
Coffin & Burr
Incorporated
61 Broadway, New York
60 State Street, Boston
Spencer Trask & Co.
25 Broad Street, New York
Albany - Boston - Chicago
AU information given herein is from official toilrcu, or from ihost which tec regard as reliable,
but in no event are the statements herein contained to be regarded as representations of the Banker.
DIVIDENDS.
Payable.
Pf.
Am.
1
Apr.
Apr.
Apr.
A?
it. i
Stoek ot
I record.
Amer. Csr & Foundry Co.. .
Amer. Cnr t Foundry Co..
Clear Corp.. pf, Q.
it4 Z Mar. is
'Ts?;. .L.!!t.r.f.0.Hr. !
Amitwmate'wner'c'o., '
inc.. Pf. J. H7..y y,l'V,
aii. snuff Co.. a. 1 ....Mr. 1?
Am. Snu Co.. Pj. a. JSg'SS'
Armour 6 Ccpf. a.
Aseoclated OH Co.. q. J :' "
Barnsall Corp., u. .3Htt..SUr. SI
Consolidated ua, 'J""" .
IJlht & Power, ft. 2 Ji.. Mar. 15
Continental Motor Co., pf.
a. tnr. ...... ...Apr.
Detroit Iron steel to.,
q. 3H v.. .
Detroit Iron Steel
Pf. Q. 1.
Doiiio Mfr-. q, it..
l,orlo or. Bt.ry.
Weetrlo fltor. Battel. -
f U H.,iHV,4lUMII-"'
Apr. 1
Apr. 1
Apr. 1
Apr. 1
Apr. IS
Apr. IS
.'Anr.
Co.,
....Apr. 5
...,Mar. 7
.Mar. :t
Apr. 1
Apr. IS
Apr. IS
Apr. 15
Anr. I
Apr.
Apr.
Apr.
Ayr.
Guaranty Trust Co., q. I.Mar. 1
Oeorre W. Helms Co., q.
1H Mar. 13
Oeorre W. Helme Co.. pf, q.
1 '. Mar. IS
Great Northern Paper Co..
$1,50 Feb. 21
Oreat Northern Paper Co.,
ex. XI Feb. SI
Ilewt, Scnarlner & Marx, pf.
..Mar. 29
Itolland-St. Louis Sutr
Co.. q. 3 Apr. 1
Moo-1 JubbT r,n1.m?t t,.Mr. 10
iiupp Motor t-ar v.o., pi, a,
.Mar. 29
Ilydraullo Stee.1 Co., q, 1Se,Mar. 10
Indian Reflnlnr Co., q, 11. Mar. t
Indian Refining Co., pf, q,
11.76 Mar.
James H. Dunham it Co..
1st pi. q, lttft Mar. 30
James II. Dunham' A Co.,
2d pf. q. Mar. 29
J, I. Case Plow Works, lit
pf, q, l4ft .1 Mar. 1G
3. I. Case Plow Works, 2d
pf. q, 1U It Mar. 16
Michigan Drop Force Corp..
pf., q. IK Mr. IS
National Bank ot Commerce,
N. T.. q. 2 Mar. 20
National Grocer Co., q.
3f,. . Mar. 31
Oklahoma Producing & lie-,
Onln Corp- ' If
Pxke. Dtvl Co, q. ..Mar. JO
p. JJorlllaxd CoU t...Mar. II
Mar. tt
Apr. 1
Apr. 1
Mar. 2
Mar. 3
Mar. 31
Apr. IS
Mar. II
Apr. 1
Apr. 1
Mar. IS
'Mar. II
Apr. 1
Apr. 1
Mar. 21
Mar. 31
Apr. 1
Apr. 1
Mar. 31
Apr. 1
Apr. i
APf. i
P. Lorlllard Co., pf, q.
lr Mar. II
iTuaaen ivaeei .
24 Apr. 1
Qulncy Mlnlnjr Co., q. ll.Mar.
Keo Motor Car. q. 2ti.Mr. 15
Seaman's Oil Co.. a. I ft. .Mar. 15
Sterllnsx Oil & Development
Co., 10c Apr. S
Stewart Mfz. Corp., q. 11.. Mar. 31
Stewart M.fc. Corp., pf, q.
jj Apr. 1J
Union Carbide & Carbon
Corp.. q. 11.31 Mar. (
Weyman - Uruton Co., q.
3W .........Mar. II
Weyman.Bruton Co.,.pf, q.
lir, Mar. II
I.
Apr. 1
Apr. IS
Mar. 3
Apr. 1
Mar. 31
Apr. IS
Apr. 11
my 1
Apr. 1
Apr. 1
Apr. 1
EX DIVIDEND TABLE.
Carter, Win., Co., pf
rriaay ,.,
American Tobacco Seat tits.
Calumet tt. Arlxona Mlnlnr..
naiu.rAn Itnuiian niec......
Mackay Company....
uackay company pi....
McKlnley-Darr-fawyer M....
rht BrewlDI Df..
ti.AA Mhlnvards
odd Shipyards, extra
unaerwooa upewrim. ......
Underwood Typewriter pf
Union Bar Paper.........
U. B. Worsted 3d PU lsa..M.
iiir.
2t::
tt.to
13.00
...lff.
WY.'.'.'.'.'.sC
m '.
, 11.70
It. 25
12.10
I1.TI
U0
MM t .1 9l
V
I 1
r
k
i
ft

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