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The Sun and the New York herald. [volume] (New York [N.Y.]) 1920-1920, March 04, 1920, Image 15

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T.HE SUN AND NEW YORK HERALD, THURSDAY, MARCH 4, 1020.
16
I
BRITAIN'S HEV LOAMrlJ'fS'SDGGESTS TRADING
TECHNICAL .SUCCESS
Jlsohcqnor Bond Issuo Brings
Total of $77;000,000 at
New Hate.
ASKED im A .. BILLION
Conversions from Previous
Loans Total $490,000,500,
' a Satisfying Bosult.
Sctclal CabU tl$pot(A to T Box AKD Nw
asp Xw Voaa HMAUJ.
Lonpon. March 1 Tho result of the
Exchequer bond subscriptions, published
to day, shows thai Great Britain won a
technical but not a complete, victory
over the- world epldemlo or high money
rates through her offering of $1,000,000.
000 worth of Exchequer bondB at 594
per cent Tho loan began. 6n January
;o and waB to refund maturtng.lflsuoa ot
I en equal amount
Conversions from old Into the new
Issue totalled iisu.goo.uuu anu casn
eubccrlptlons' were $265,000,000. Thus
there was an undcrsubacrlptlon of $240,
000,000. Thto amount will havo to' bo
raised before December 1 to tako care
cf issues which will mature on that date.
The under-sub'scrlptlon, at first blush,
might be taken us an Indication of tllo
failure of tho Exchequer bond loan,' but
the circumstance In "which tho pefl
jnent was carried out vindicate tho Gov
ernment for refusing to 'continue Indef
initely the policy of raising tho yield, of
r lis new loana.
Iy In many ways this was ono of the
most reniurjuujio toiuia ever uiictgu. i"
the firet place, the Government abolished,
completely all blare of trumpeta and
billboard advertising auch aa waa em
ployed In the war loan. Tho newspa
pers were used moderately, but only for
lUgntlled announcements of the toims of
the iMue. There was no general appeal
oh patriotic Or other grounds' and no
speeches or loan meeting. During the
offering thero waa the Bank rate In
Jreae scaro and hearings on the pro
posed war profit tax reported, while ex
iting Government Issues were depressed:
i These factors, of course,-deterred sub
scriptions to tne new Issue, and besides
tfila conversions Into the new bonds
, -.meant a sacrifice of vleld bv converters.
Ij&ijho could have obtained cash and re
rr fixested It In securities yielding; between
fand 8 per cent, which aro going beg
ging. Because of these extremely un
favorable Influences bankers expected a
tart?1 undersubscrlptlon. Therefore, the
actual conversions and subscriptions,
(mounting to $775,000,000, Is accepted
as a distinct technical success and btara
tot the Judgment of the .advocates of
tie Issue who had no control over
outside factors.
r-
MGERIA PRESENTS
TRADE PROSPECTS
V Development of. Britihh Pro-
iecioraie axpectea.
London, March 3. Tho American
Chamber of Commerce In London draws
the.attentlon of American ffianufaptufers
to the valuablo commercial and Indus
trial prospects of Nigeria, the largest of
Ajjirltlsh protectorate, as outlined In a
recent erricla report Since the linking
up of the northern and southern prov
inces in 1914 the future trade ot tho
country Is believed capable of unlimited
expansion. .
Official statistics show that British
trade In Nigeria, which In 1000 was
valued at t3,000,0'00 a year, had trebled
In 1313, and In 1313, In spite ot tho
tevere effects of the war. It reached lt
highest figure, 17,000.000. Tha chief
Imports consist ot manufactured goods.
utiles, hardware, Sec, salt and hero-
S,The value of native produce exported,
exclusive of tin ore and gold dUst, has
likewise steadily pursued an upward
level. In 1S12 the total, exports
amounted to ,140,840. In 1913 they
deached f,2H.80, and 1917 figures
thon- export value amounting to 6,996,
M0. The principal Nigerian eiports art
raw materials, chiefly oil and oil seeds,
4most Important of the staple exports,
phldes, skins, cotton, cocoa, rubber and
tin ore. In 1917 the quantity of oil and
oil seeds shipped was approximately
C17.100 ton., valued at 15,268,000.
Nigeria Is reported to have a wealth
and variety of products and gooB com
munications by water-and rail. Lagos,
me cliler port, is only aDoui a lonnignts
tvcSS
magnitude of the country's trade and
the number of passengers Is considered
to Justify a direct shipping service.
In regard to cottotl growing possibili
ties of Nigeria on a large aw me
JChamher understands that the problem
5 of Irrigation presents serious tHfflculties.
If scientific methods can be brought to
bear so that cotton can be grown In the
dry season the future of this British
protectorate might become promising
tource for raw cotton o tho United
Kingdom.
PLAN CHANGE OF
FISCAL YEAR DATE
fritish Contemplate June 30
for Trade Statattes.
London, March S. Aa Important
change of the. date fixed pr, closing tle
fiscal trade! year In theitish -Empire
Is contemplated, says the American
(Camber or Commerco In London, and a
charnre to which the United States Is
trtiderstood to be prepared vto conform.
the commercial statistical Moptea
in Wneh ntHnn Ml. THA Hrlllftn r.IIlUUD i
lrt1r Vina tnsl-Avt Vumt1jitt 1tn!frtrmltV If!
!?te. The calendar year la followed In
touth Africa, New Zealand, the tra J
uetuements and most otner unusn
crown colonies, but In Canada and India,
which represent between them nearly
r iw ceiu. oi mo cininioD -
the commercial year c loses on March 81.
.Australia and Newfoundland, with 6
uer cent, of the total imperial iraa,
liavo used June 30 for Industrial
eUtlstlca.
Tho Imperial 'Statistical Conference.
Wlch hes had, this jrubject under con
sideration, has. reached' a practical
l,j agreement for making the calendar year
we commercial statistical year tnrougn
.i
u we empire.
ng;VUnitedlll
complete uniformity In all .English speak-
"ex-v aj uui uiulcu ULskacn niii
w countries.
; Another point considered by the on-i"
terence haB been the claealflcauon of
'fade figures by commodities and groups.
he divisions and subdivisions In the
returns, which have hitherto greatly
--,icu. win- lucewise contorm tor ainer
nt countries.
A change In the method .for estl
h?unj emigration figures Is. also pro-
r'ea, as decennial returns are not con
rreq sufficiently accurate to reflect ex-
isUng condlUon
AtsoclationAahf Government
to Start Tariff Inquiry.
Bpettat Ce$U Dupalch to TUB Bo ASb Kltr
Y0 UtutD. ' Copirltht, 1. ty tut Bcm
as'd Nsw Yob ItstUD.
Londom, March S.--The "Swedish Iron
and Bteel Trad Association hat ad-
"dressed An anDllcatlon to the Bwadish
.kloverhment aaking for an Inquiry with i
me view oi estnoiisning a protective
tariff In favor of the native Iron and
steel Industry. The association aaya thai i
users ot steel in awedefi have been hold-1
i? u? 2?.eJr ?'1M.n.0Pln l? 0.bta,
encaper prices in America, .ngiana ona.
Germany. ThUs far there has been no
cheap steel to come from those coun
tries, the association nays, because
freight rates from America are too high,
and England and German have no sur
plus steel, but when freights decline and
England and Germany have a iteel our
plus the Industry In Sweden will bo
face to face with a competition at home
which will be disastrous.
The association, therefore, asks pro
tection against foreign competition by
IhcreASe ot Import duties or some other
meant.
ASSERT OIL REPORT
IS IMPRACTICABLE,
leaders In British Industry
Not Disturbed by Profiteer
ing Committee Findings.
Sptrtat Cable Dttpateh to Tns Sen xt Nut
York Hsn.iLD. Copyright, 6y Tut Sex
AMb New Yosb Hcbald.
London, March $. Although' tho re.
port of tho Profiteering Commltteo on
Oils excited the greatest public Interest,
especially In view ot their recommenda
tions that the price of petrol bo fixed
at a shilling' lower than tho prevailing
price, leaders In the petroleum Industry
liero to-day characterised tho report as
Impracticable. tlr Charles Oieehway,
chairman of tho Angto-Perslan Oil Com
pany, declared to tho correspondent of
Tim Sun and New York Hhrald here
that the whole report waa "Impracti
cable. . . .
"I am Interested In It because we
have no petrol for sale," ho said. "All
the petrol we can get Is contracted for.
The whole report is impracticable be
cause the British Government cannot
dictate what price Other governments
will allow their producers to sell at '1
would be In general sympathy with the
report If It could be carried out, but It
can't As to the opinion expressed that
a world shortage of petroleum Is likely,
I agree. Regarding the f. o. b. price
New York, which the report said was
too high, that is because producers are
charging more for their oils, but this
does not go as an extra profit cither
to tho Itoyat Dutch, the Standard Oil or
any other company." "
Tho stock market to-day was greatly
perturbed by tho report and oil stocks
took a decided slump, particular pres
sure appearing against the Royal Dutahf
Shells because 'they were montloned In
the report
P, E. Powell, chairman of the Anglo
American Oil Company, who was a wit
ness before the committee, left hero for
New York city a week ago.
AUSTRIAN TOBACCO SCHEME.
N'ctt Financing Company
Has
American Representation,
Sptcfat Corretpondtnce to tat Svn AND Kgw
Yosk Herald.
London, Feb. 17. The Ileonomlo Jt"
flew, quoting t'no Vienna Neus Frele
Prtue, says a very poiVcrful flntnclal
association, In wnish America, Holland,
England and France are reprewnted,
la considering operations In connection
with the Austrkn tobacco monopoly and
has established cbsor relations with tho
Viennese Governmint .
Further etaUsmonts havo confirmed
that report and A bill to give effo'.-t to
the schema has Iteen drafted. The new
tobacco companv naa the Austrian Go
ernment 60,000.000 florin, less 30,000.
000 fiorlna rcpall to extinguish a previ
ous advance, and undertakes to pay the
Government 90 per cent of the profits
after an 3 per cent dlvldond stall have
been declared on its 00.000,000 florins
capital.
LONDON STOCK MARKET.
-
London, March 3. Closing: Consols
for money, 49V1 ! British G per cent
loan, 87: British 44 per cent loan,
79Vt; Atchison, 117: Baltimore and
Ohio, 52; Canadian Pacific, 172; Cheoa
peake and Ohio, 81; Chicago Great
Wetem. 12H : St Paul; C5 : Denver and
! arad..-10M : 10, Srto first
prcierreu. , ui"n Au..n, -.73 . -
nols Central, 122 ; Louisville and Nash
ville, 146; Missouri, Kansas and Texas,
14; New York Central, 102; Norfolk and
Western. 133; Ontario and Western,
27i,4 : Pennsylvania, 61; Reading, 106;
Southern Railway, 36; Southern Pacific,
127; Union Pacific, 166; United States
Steel, 136; De Beers, 29 5 nand Mines,
NO EXPORT BANK NOW.
vrlaa
Plan Held Oft Until More)
Favorable Time.
Sptciat Corrtipondenct to Tnz Sex AKD Ntw
Yoax JIiaitD.
London, Feb. 17. The Swiss corre
spondent of the Financial Time writes
that "the export commltteo of the Swiss
National Economic Department has re-'
solved not to establish in export bank,
but further to develop the. Swiss Co
operative Society to exchange gooda un
til a more certain foundation for an ex
port bank exist-).
The Commlsalon of Taxes of the Swiss
National Council has abandoned the
''.7" '
" " "
Bank of Spain Statement.
Madrid, March 3: The shareholders
6f the Bank of Spain at- their annual
mwllnr to-dav received a renort show-
nK tnat the bank made a net profit of ;
.nearly Ol.uvu.vuu pesetas on capil.n or
' uo.000.000 peseus. Ita gross profit was 1
82000.000 pesetas. The statement show I
that the. bank'a reserves in ro d a nd .
mxt amounted to 3.000.100.000 nesataa.
ahd that Its notes In circulation were
2.O00.S0O.OO0.
French Wheat Crop Good.
Fabis, March 3. Good crop prospects
throughout France are reported by the
... - . ... . . . - l
condition qr the" tinea nems was as good
in eoroary aa it was a year go. ino
' V'"V,.
' lu "" ,"""T tt
while- some Improvement in the barley
and rye harvests Is expected. .
. Paris Market.
Paib March S.-Prlccs were firm on
k. n., a r. ..1 i..
V1 V UVUI owvaue ay v va imiihi
67 franca 90 centimes. Exchange on
tendon. 48 franca 82 centime. S oer
.cent loan, 87 francs 90 centimes ; douitti
liar, 14 franco 20 centimes. Jft,
TRUST IN AUSTRIA'
Vicnncfio Exporter In England
With Projoct for Former
Austria-Hungary.
ASKS
BRITISH
Utn To lr.Jwnrrt flnmllnft nf
" ' ,
Bankers, Merchants and
Manufacturers.
SfiiCtat CorrHWietict to Tns BCH iHB, Nff
Yob BsiiLo.
London, Feb. 17. "Among tho Aua -
trlan commercial men In London " -
Ing to reestablish the economic life of
what was the Austrian Empire, one of
tho most prominent," says the ifdttcaei
ttr Ouardlan, "Is Julius Melnl ot Vienna,
head ef tho great provlilon, manufac
turing, exporting and Importing houie
Which bears his name and which hat lis
branches not only In Vienna but In all
the countries, now Independent, .which
formed the Auatro-Hungarlan Empire.
Ha has a definite project on a largVr
scale than any of the othor visitors.
"Briefly, It Is to found a combine. Or
trading trust, mainly British, of bank
era, merchants and manufacturers to
'buy, sell and manufacture In Austria
and the former Austrian States, or, as
Mr. Melnl calls them, the Succession
States.. This combine would be a co
operative but essentially a private enter
prise, not a Government affair, Aus
trian partners would not be necessary,
except some banks In Vienna and the
other capitals of the Succession States.
The difficulties of the Succession States
In restarting commerce and Industry, or
making a llvjng at all, aro twotold
First they have neither money nor
credit to buy raw materials on which
to start work, and, secondly, they are
now cut off from each other by customs
barriers and restrictions of various
kinds, where formerly they had free
trade and free traffic within the empire.
"The proposed combine could over
come both these difficulty. It could
purchase raw materials In the world
market and supply tho manufacturers
abroad with them, and In due time can
purchase and export the manufactured
artlcw. It can buy In one of tho Suc
cession states and sell In another, thus
restoring the old familiar Channels
through- which trade flowed In the time
of the empire. I asked Mr. Melnl why
this could not be done now by Individual
British firms, and this broght him to
the second difficulty I have mentloned
the new economic barriers between the
states. He replied that individual firms
would not be powerful enough to break
down the restrictions, but that a big
combine could do it, for it would pro
vide each of those countries with the
aw materials andT other commodities
that It wanted only on the condition
that the barriers should po. On the
other hand, the combine must bo a lim
ited company or prlvato concern, not a
governmental nrfalr, for a govern
mental Institution' might perhaps get
Involved In political questions. It would
bo strictly a cooperative trading con
cern, with Its agents In all Succession
Mates and the capital would be found
by the people who wanted to do business
there.
"I asked Mr. Melnt why manufactur
ers especially should be Interested In a
concern which primarily would be sup
plying raw materials, and ha explained
that manufacturers would have their
own special Interest. In the first p!a?e,
there are many manufacturers In Eng
land who are so full up with orders that
they do not know what to do with them.
The Succession States have now cheap
and very good tabor to dispose of. it
would be a good, thing If some or these
manufacturers got some of their sur
plus orders carried out over there. Such
a company would havo no difficulty
with the varying rates of exchange, n
would operate outside the exchanges, or,
rather, would be its own exchange. Its
own buying and selling, exporting and
Importing transactions would balance
each other.
"The project has received great eni
couragement In the city from accepting
houses and other large firms and from
llnanolal and economic authorities. No
small part of Its commercial Importance
is that this group of Independent states,
formerly united in the Austrian Empire,
holds tho key to the commerce ot east
ern Europe generally. There Is a greater
chance now than ever of getting hold
of business In the Balkans, Poland, Rus
sia, tho Ukraine and so on because part
ojf the new Poland, part of the new Ru
mania, part ot the new Ukraine and so
on were once in the Austrian Empire
and their natural commercial relations
are still with these states." '
WILL FINANCE SHIPBUILDING.
Mortgraffe Company to De Formed
to Aid British Industry.
SpttiaX CorrtiponUnc to Tni Bra axd Naw
, Yobs IIssaid. ,
London, Feb. 17. Announcement that
the 'Merchant Marine Slnance Corpora
tion will be Incorporated soon has been
received with a great deal of Interest fn
shipping cjrcles, because It will be prac
tically the- first company organized ex
clusively for financing shipbuilding.
Ship mortgage companies have been
popular In other countries, particularly
Scandinavia and Holland, but have never
gained much ground In England, because
the shipbuilding; operations In this coun
try have been on so large a scale that tho
financing usually was done through
public offerings of the company building
the ships. Tho war stimulated shipbuild
ing on a -still more diverse and larger
scale. The small builders will welcome
such a bank, because of their Inability to
float Issues on the publicans larger
builders can do. Such small builders
will be able to obtain funds by, mort
gaging the ships to the bank and the
bank raise money by selling debentures
against auch mortgages or by other
means.
The directors ot the Merchant Marine
Flnanoe Corporation will be .Sir Fred
erick Hall, chairman ; Sir Edward Moun
tain, chairman and managing director
of the Eagle, Star and British Dominions
Insurance Company; Sir John Esplen, a
director ot Furness, Withy & Co., Ltd.;
J. E. Juthe, chairman of the West Har
tlepool 8team Navigation Company:
TTurrv nreer. M. r.. snmrroan ot n. oc
; V . , vt Umm anil Will.
W- aef' Jh Sa Card W Chan.
tl ftminv
" r - - - -
SIO LMP0RT TIMBER FROM U. S.
Sblpmenta to United KUsdom In
April Froaa Battle Forts.
London, March .3. Large importa
ions of American and Canadian Umber
Into the United Kingdom are expected
;thl9 yeflr the American Chamber
1 1 1 lib iiid uuivvu v
of Commerce In London, una heavy
shipments from Baltic seaports will
start about the middle ot April.
British business men are reported
alarmed at the- lack of port facilities for j
;.lvlnr freak sunnlles of timber. b.
cause large Blocks have been allowed to
accumulate at docks which show few
din. of belnff cleared. TlmDer Imflor.
- w - T
tatlons require skilled labor, ahd special
arraneements, must be made to receive
ha new Khlnmantii or InereaMd eoninuu
on will occur.
CHANGE QUICKLY
TO PEACE WORK
Munition Factory Tarns Into
Automobile Plant.
Spetlbl Corrtipontenct to Tun 8tm ano Naw
Yoax Build.
London, Feb. 17 Wat la regarded
as one of the quickest and most com
pletd transformations from exclusively
war work to exclusively peace work has
been achieved by the Austin Motor
tJOWTltOJUBrlutfi Empire, rumored as negotiating
In, working arrangement with the dan-
Iflfnl Atnlnr Pornnrnttnii In Amfrloa.
1 The plant oovert fltty-threo wree on
ah ebtate of 217 acres at Northfleld,
near Blrm.lhgham. in the work of trane -
ivon an idea ot tne magnitude or tne i - -
task con bo grasped when It le re&llted i undercurrent of dissatisfaction, espi
that from onevshop atone, once used aa i dally In labor quarters, that 'auch a
Sfct Kna2ed0ftw.S! B " further
other machinery fof mahufaeturlng auto-
mobile caru. Rven since the artnlstlce
1 large additions have been made, and tho
jeompafly has ordera on Ita books for
Vm "'X makes
tractors; lorrlea and electric generating
aets,
At a result of the reorganisation, now
practically complete, there are about a
scoro of different shops and depart
rnente. two of the former, reserved for
the machining of engine and transmit-
Bion parts, having together an area of
170,225 square feet Others are In pro
portion according to their place In the
manufacturing eoate. Repairs, replace
ment and wheel shop ore allowed 101,
525 square feet the assembly shop 90,
622 and tile airplane shop 68,900 eqUaro
feet One mess room In the West works
lias seating capacity for 2,400.
CALL FOR BRITISH .
COTTON INCREASES
Agitation to 'Grow More Baw
Material in Empiro Is
Spreading.
Sptdel Cvrttpin&tnc to Tat Stm axd New
Yons BiOAtD.
London, Feb. 17. Whether or not any
other commercial project In the United
Kingdom has received tho widespread
approval that has been accorded pro
posals and report emphasltlng the need
for tho British Empire to become more
self-supporting from the cotton point ot
view Is' doubtful.
Ever since tho report was made by
tho Empire COttOn Growing Committee
In the middle of January there has been
constant agitation for mora cotton
growing within the empire.
The extreme decline In sterling and
restrictions on cotton Imports duo there
to served to reinforce the demand for
Increasing', the home product
Eighty-five per cent of the cotton
used in tha vast spinning mills of Great
Britain comes from America. That eq
great an Industry should be so depen
dent on the product of a foreign country
Is regarded as a very woak link In the
British commercial chain and one which
should be strengthened at the earliest
possible moment.
The Empire Cotton Growing Commit
tee's report showed that any move to
Increase tho home grown production
would depend on the willingness of the
Lancashire mill Interests to lend their
financial support
The heads of that Industry realise tho
difficulties of increasing cotton growing
in the empire and the sums It woutd
cost to reclaim wasto lands In the cli
mates where cotton would grow, to build
railroads, carry out Irrigation projects,
conduct necessary preliminary experi
ments and mobilize experienced help
that would be required In the different
ureas.
In tho face of Uiose difficulties, there
la some division of opinion as to
whether It would be better to go ahead
and sink the money In making tho at
tempt or use it In buying cotton planta
tions In America and Increasing their
output so as to overcomo the agitation
for a smaller American crop. That
move Is generally objected to on the
ground that It Would only postpone the
tlma when Increased home production
would have to be attained. The needs
Of America for her own cotton are In
creasing rapidly, and before many more
years the crop, It is believed, will be al
together Inadequate to satisfy American
and British demand.
II is on that premise that the advo
cates of larger production In the empiro
are laying stress and urging spinners
to give full financial and moral support.
A tax on Imported cotton to raise
funds for tho development work In new
fields Is proposed. Such a tax would bo
extremely small and would not reach
proportions of protective tariff, a Eng.
land could not afford to lay a tax on
ootton tbat would divert It from this
market There Is one reason why the
heavy premium on exchange and con
sequent restriction of cotton Imports
has caused much alarm.
COOPERATIVE BUYING GROWB.
British
Company to All
Small
Trader la Formed.
London, March 3. The American
Chamber of Commerce in London ' In
formed that, a British company, ht Na
tional Union of Traders. Ltd., hrf been
established on a sound financial basis
to give tho Individual storekeeper ad
vantages that tho ilg combine has. It
Is claimed that that, organization wilt
give the proflta of the middlemen to the
traders' In addition to a share f all
profits made and oowor to entn in
healthy competition with company stores.
The new cooperative rompanv tiro.
poses I to appoint expert buyers in very1
branch of the trade to buy on fcchmf of J
......v.o uianiiimiul, BUT-
ing nas i started on the grocery side. Un-lrjh
der existing arrangements the big stores
often deal directly with the mar.ufar-
turer but the proprietor of 7 "St.
atoro la compelUd by-the size of his or-
dera to deal through a, middleman. Mem -
bers of the union firm will be" ehrrged
ltt Be- MnL hmtiiran nn !, ..-..
-- ; i.vuhw
nnnriH mrn-a-ran vntran maw
mil in ii im uuudii ri,nn
unicB uito rroject for Interna-
. . .
tlonal Exchnngo ta Holland.
Special CofrnponSenct to Tas Sci asd Nsw
Yoax Hssald. '
Lowdon, Feb. 17. A despatch from
Holland quotes Xleuwe Courant at Tho
Hague assaying It has learned that pre.
llminary discussions between the Nether,
lands. Bank and Dutch exporters. Im
porters and bankers for tho establish-
ntntt probably at Amsterdam, ot an In
leraanonai clearing- nouso tor the ex
uruurs, um win navo tne mid- Missouri pactnc iku-jj a i.a
dleman'a. profits, Intarest on the opluiMoh'le owo.......iiJ- 4-s s 5.7s
Uiey Invest In the company and V g 3 582 gZ$S& W &
change of goods between-Holland and 'January grots B2.255.im tt, 501,957 ROMAINB rFiortda. bv. it? ...
othar MrantrlM are bilnaT hM . Balance after tate 2.M3.0M 122,U6 moda. craVe. 75cO1.75. SHALLOTS
KSKMkl. l1"" of""" taeeme.. 2.I16.1M lit.m .Louisiana., ICO belie.. O.C0. rlPl.N ; iT
The exchange of goods would be done I IJeaclt. California, crate. 1304: Texas, hsk .
without the aid of money, thus reducing LOUISVILLE AND NASHVILLE. E?3eI-. !SUAm?; SJ1'' .fiSHl
tht, trafla between .countries to a hpi I ...a .... b. '? marrow, bbl,. $404.30.
t,m. Th .h.m. It l i,iu i.
chiefly Intended to aid traders oven.the
dlmcuttlea In connection with the de-,
neg ated monev of tho countrlen nn H,
' . 0 VH au
I Continent. .
I The clearing houso would have
ll.mnchMi In other oauntrlea. Its! tiaaif
office being in iioiiana, ,
ASKS SETTLEMENT
OF LEVY QUESTION
London Banker Urgcto Investi
gation of Pro and Con
Arguments.
Sptoiat Corniponitnet to Tu Bck AND tit
YOSK IUBAtD,
London, Keb. 17, Although agitation
for a capital levy no longer enjoys prom
(nL.'. , ,
;... enmM ' ,
ina, spasmodic discussion.
W. W. Paine, Joint general manager
of Llovdrt Bantt. Wrltlnif (n tha Vimt.
propoM8 that U)9 Govtrnmtnt shoUd
mW the question
question once for alt toy ap
pointing a competent committee of busi
ness men and political economists to
Investigate alt arguments for and
against It
Mr. Palno believed suob a levy alto
gether Impracticable, and It carried out,
he says, would work more harm to In
dustry and commerce than tha continu
ance ot the income tax maitm.
"PeODlo are nftt to unenk At pjihII .a
If vested In tha hands ot comparatively
few persons and could be dealt with
a thing apart and solated from the
trado of the country. That may bo true
to a very limited extent as' regard
try and represents th h.-ini .nm.,1
ings of liundrcda of thousands of In-
yil?,l?nl f Paction, for without
capital In some form or nnother no pro-
duct on in poaslble. You cannot even
beglh to4lll a warden without a spade.
2n2Lt.al .5r.om pre,ent vestment
and apply it In reduction of the national
debt would produce such a dislocation
end disturbance of trade as would In-
burden upon Industry than any to which
t la subjected by the continuance of the
Income tax atJta nrMnt l.vi .V!
nt the very time when bV common con!
sent Increased production Is tho one
'There are other objections, less radl
cal perhaps, but harriiy lees Imporlant
i. every fm of proporty, from
land, ships, stocks and merchandise of
edition, would have to be valued. The
land valuation alone has Uken ten
years.-and Is, I believe, still Incomplete.
How ions will this valuation take, who
Will make It and what will be Its cost?-
"2. Think.' too. of the magnificent op-
untruo as regards nine-tenths of capital !. ',.w'MJ,.ld?,! nv
which Is invested directly or IndTrectly " rumii iWmi',
In tho trade ahd commerco of thn conn. !8&lir is. ' 1 saSis in limn
.u..t,ta BUL.-I. O, VfllUHLlDIl Willi
irsuu inai ino nonesi ana scrupulous
will pay for tho dishonest and unscrupu -
lous.
& iucn a levy win be tho greatest
blow to thrift tha country has ever sus-
tnlned. It la class taxation of the worst
kind, for it singles out the accumulated
savings of tho thrifty and provident.
Which are (o be mulcted largely for the
benefit of those who have lived fully up
In'thelr Inrnmen nn,1 nrhr, illl .
frj 1. 111 T e3,. ?ul
free. Moreover, it will especially hit tho
very class which has suffered moat from
the warthose who have no earnlnr ca.
..a o a . ... .
no earnlne
paclty anil have retired or aro living
upon tne hard earned savings of a lifetime-.
"4. Have tha advocates of tho levy
over thought out how It can be paid? My
capital may constat of a house, a picture
or a stock of leather, la the Govern
ment' going to take one-eighth or one
tenth of my house, picture or leather?
It not, hOWAm I to pay cash? Every
cne will be gelling at the samo time and
there will be no buyers."
METAL MARKET.
March 3. March 9.
Did. Alked. Bid. Asked.
Lead. New York.... i.U
Spelter. N. Y. anpt
Spelter, prime west.
apot t.CA
Spelter, primo West,
April I.SO
Klectrt cop, apot
Kleetro cod. Anril
9.33 9.M
9.10
18.75
I.7S
.... 9.N
i.:r,i .:',,
.... IB,H
.... 11.71
.... $17.00
1I.CO MOO
11.71 1S.M
.... I1W.00
Jl.lb
Qulcklillvcr IM.00
Aruminum H.M Ji.oo
Antimony 11.73 1100
Platinum, an ounce 1155.00
Pig iron. No. 1 X
foundry 17.05 4S.0S
Pig iron. So. 2 (1U-
con I! 04 47.06
Pits Bess iron 41.00
47.W
4I.M
U.6
47.04
COO
OLD llETALS.
Dealers' bujlej prices are as follows:
Copper Cents a poind,
Heavy cut and cradbte 11.(0 1T.W
Itelvy and wire , li.7. oil.il
Llihi and bottom 14.71 IMS
llsarr and macntnerr cOmp.. HM rtH.
nrui. Laavy 10.00 QltM
Draaa. ileal 1.60 1.00
No. 1 clean brass tumlafSMM. 1&.M 10.16
No. 1 romp turnlnis ItTTT.. U7I ejlt.I
tead. heary 7.na7.mi
Tea lead 1.75 a S.S
Ztna scrap s.tn ot.u
LONDON lOTAL UAHKET.
LONDON, March 3. Following are- the clos
ing metal quotations:
t s. d. Changes.
Copper, spot Ill is 0 on i:s ed
Copper, futures ... m IS 0 on 13s
Salea-Spot 100 tons: futures, too tons.
Electro cop spot.... 117 0 0 ....
Klect COD. luiures. in u u
Tin. soot
40 10 0 off II 10s
Tin. futures j..
Straits ....
Bales-6pot, SO
Lead, spot
Lead, futures ..
Spelter, spot ...
Spelter, futures
.... n 10 o off a
.... 409 to o on, n its
tons: futartx, ton tons.
.... 4i o o on u its .
.... CO 6 O off 17s td
.... u o o on it ids
... it 5 o on ii fs
EQUIPMENT TRUSTS.
(The following are quoted on a percent ire
bails.)
ri.m.. Mat. Bate. Bid. Aik.
Baltimore onto.... iOT-n sjs
Haft Roch A PlttS.. 1970-M 4U--6 8.15
1.40
Can Northern -! 4t-t- 7.15
6.60
6.10
6.11
1.60
6.1S
S.90
6.10
I.M
6.70
I.U
E.7S
6.70
6.00
6.17
6.5S
6.SS
6.10
6.00
ts
6.
5.61
6,75
6.25
6.13
1.71
6.00
Can Pad no lsso-u
Cheiapeake A Ohlo..l920-n 44
Chi & Northwestern. 103O-71 4U
(.10
LIS
7.00
CIS
7.71
t.ii
S.15
7.0O
6.K
t.10
1.10
7.00
7.1S
rt 1 A. oM 1-o.?
i's h I XOrZM-ti i
Chlckaaw iuflninr..ifci t
Clete C O st L....UJMJ W
&mft&$3l
nunoU CentEi TSitSw W
1 iouliTllle & Kasn..lgo-tt &
'Xi'",,?' lJSl? W
!aaepolla ot-.lKO-JT -
MtMoun nn i,,iii
Norfolk r Weatrn..l9-14 ,4H .10
NY. NW H U...1910-15 4i4-8- 7.00
'Penn Oen rreiht...i92o.a 4-4H e.pj
Hadlnr Co irai-rf s.15
Seaboard Air Line.,
IKD-V 4W-C-4 7.00
nnrii , lunninr
1520-11 f 7.S
.1910-34 44 S.1S
southern Padfle 1910-34 4H
Southern aallwajr...l9M-M 4H-I I.M
EARNINGS STATEMENT.
CHICAGO, MILWAUKEE AND ST. PAUL.
1910. ilia.
January grots ....41I.S33.S90 U, 193,146
Btlaoci after taxes...... 1.S90.M nJ7,Hl
Nat operating income... 1,127,170, 736,030
UiTNOIS. CENTRAL. "
1920. , , Ul.
Janaary gron 111,255,993 tji.601,95
.,',, J
Balance after taxes 1,206,011 souir
present for evasion and fraud, with the'anot .... ..... V'. "7 llfiCiMS io3i
' cperstlng tnceme.... 1.211J71 'iiTl0Tl?TVfJS,P,?kflHJ!':
I IIUCUIMi VAX.LGT.
- , w
I . ..?r..
1919.
Janaary gross lMzi.uf
H?.7!
?
246.719
Balance after taxes..'.,.. 11.260
Net operating iaccae..,. XlifVl
I .
'jtftatn.
T TO REDEEM STEEL BONDS.
Trustees of sinking Fund Drnvr nt
10 P. C. Permluni 9,000,000.
J. P. Morgan VCo.k aa sinking fund
trustees, have drawn 22,006,000 of
United states Steel Corporation ten to
sixty year 5 per cnt sinking, fund gold
bonds at 10 Per cent, premium for re
demption on May 1.
On April 1, 1013, $18,27,000 ot bonds
were outntandlng, tho balance ot the
2200,000,000 of the original Issue,
amounting to $13,173,000 bonds, having
been purchased In open market for tho
drilling fund.
Bince then eight drawings, Including
the present one, have bum held, and tho
aggregato amount of bonds drawn Is
I12.ES6.000. Thus tho bonds In the sink
ing fund ambunt to $25,709,000, and tho J
amount outstanaing sudjcci mj mmum
drawings $174,241,000.
German Bank Statement,
Hint.tN. Mnrch s.-The weekly state
ment of the Imperial Bahk of Germany i
a of February 23 shows tho following
changes! Increase Coin, 1(899,000
marks! gold, ncoo morns; ircnsmj
notes, 245,804,000 marks: notes of other
banks, 1,056,000 marks; bills discounted,
2,115,000 marks"; Investments, 56,878.000
marks; securitlc. 713,745,000 marks:
circulation. 741,534,000 marks" I liabili
ties, 414,456,000 marks. Decreases
Advances. 3,217,000 marka; deposits,
115,622,000 marks, Total gOld holdings,
1,090,095,000 marks. '
PRODUCE MARKET.
BEANS AND rftAS BBAN8 Marrowi
iMU.ft KL'J'io YVr Tio Yol";6:
&tf.&V.T
at ts. ii Ta. ii s cimromi to fair, VO
?tdium. i9l, ,! . '15
I'Sfh. fr5'n! iV'imh- trTu. o"'
f.,,n.n.r lo.no wio: fair, th
phas scotch. 100 iti.. '?.' Fr!"'
fair $l splits . yelU. green,
tl.5t white, small, Manchurlan, M60
6I t'O'.-"- ,
1 BlOTElWCreumery, higher than extras,
wore. VtiOHc: ffi to IT score,
540 i7e.r wwer grade., too lie. : creamery,
bald, higher than 'r'-,4.V9,1-.:.fl,llJ
Sx!l"' MVMSi,aVA ri .it2dhi&er
0e.; nrsts. 69flle.s soconds, 150
"ci State, dairy, was, finest ,11 I2e.;
good to prime. MO"?.! common to ra r,
tfSM! r.W TlS
imitation creamery, firata, 460
.....am tnftli.. flrata. 4104SC.t
cT: ull. current make, nrata, 4i4Sc:
seconds, lU04Oc: lower gradea,
oacklnc itocV. current maRe, No. 1. JH0',
iil Inwte crades. 3IOIIC.
,1 w. , ..
piaia. HOSlc.f vrag run. Jc.:
'lower grades. I6pi7e.t Twins, held, apj-
tiir.r.s
tate. wnoia tniiK. nciu u.n.
m". TwinY. ajoe.i siagio .laiaiea.
held, loeimc; DouWe Daiaiea. huld, , JV
Sj SmeSJl&Fv
gSS, 'fec "rair "good', lo'oiic.i
i lower grades, 4 etc.
COWONBliEU OIL-Range 6t priced!
t .,1-1. r(A.. Aw
lurch ., 18.W 10.13 l.w ia.vs-iv.vi
1 April ....
I J in, ,
June,.... S0.2O TO.W 20.10 20,30-01) MM
i juir so.a a.2 w.ao zo.ta-M ai.aa
Autut... ai.Ta 20.W 20.50 m.-to vo.m
',,.'im?, SlXen im
Es-HJeelDta'' to-day 717 cl
Th market wPs not fully cleared rested
day, and to-dny with a cautloua buying
?hd rather. liberal offerings the market
has aeel ned on all tradea closing unaet-
tied at the reduction. Fresh gathered,
extras, down. Slft57c; extra nrits. 15c;
nrst. ssn?54c: aeconda. nS!o.; dirties,
50c: checks, ajiod. to choice, dry.
State, Pennsylvania and nearby,
lennery. whltea. extras. IOci firsts
to extra tints, &60S9c.;State. Pennsylvania
and nearby, gathered Whites, flrsta to ex
tra nrsts. ssS9f.; State, Pennsylvania and
nearby Western, white pullets, 310 15c;
Pacific Coast, whites by express, extras,
nrsta to extra flrats, 11010c: firsts. 66
OI7c: pullets, Petaluma, 51 U 55c. other
sections. 525Ici other Western and
Southern, gathered whites, SSOSJiS; State,
Pennsylvania and ricArbr eathered, brown
mixed colors, extras, 16057c; mats to
extra flrsta, 64c.
ll.Otllt AND .MEAL EYE FLOUH
Quiet: fair to trood, t9l.35; choice to
faney, tl.4O06.7S. WHITS CORN FtOUIt
Klrmi I1.I53.95 per 100 lbs. CORN
JIEAL Firm: yellow granulated, 11.75 O
3.SJ' whlta granulated, 13.90. FEED City
steady; bran, 100 lb. aarka, SSI; heavy
middling, do.. ?55: red dog flour, 140 lb.
aacl'.e, 169. Western steady; bran, 100 lb.
aacka, 151051.50; standard mtddllnsa, do..
$56; flour middlings, do., 163; red dog
flour, 140 lb. aacka, 145. Oil meal, 173
a ton.
FRUITS, FRESH APPLES Baldwin,
tl.S0O9.50i Northern Spy. 15010; Ban
Davis. IOS.S0; King. 11.6091; Wlnesao.
I4.SCO9.S0; York Imperial. I1.80O4.50:
Atbimarle Pippin, HOI; dreenlng. ISO
11: Wlneeap, Far Western, box. 1 1.50 U
4. SO; Dellclou. 12.E0O5; Snltienberg, ,
I3.c6a4.50: Rome Beauty, :.to tf 3.75 ;
Newtjwn Plpplh, 1J.50. PBARS
matter. bbl 1105; bu. bale.. 1102.50.
CRANBERRIES LAte varletlea. bbl., II
10 ORANGES Florida, box, 14.1049
7:50- California. 1407.50. STRAWBER
RIES Florida, qt.. 60075c. TANOERINES
Florida, atrap, J38: King- oranges. 14
6.50. grapciruit. i-iorius, box, ,'.ui,
ph-Apples, Porto Rlcan. crate. I2.50W7.
ntUlTS.nitlKn APPLES Evaporated,
State, choice, 2122c.:prlme, lSKQIOUe.;
Yaklmaa, 10021c; California, 1820c:
chogs Inbbls., lb., lOOllo.i waete, old,
'nrObTATOKS-Bermuda. No. 1, bbl.. 113
14; No. 2. I10O12; No. 0. 17ti0; Maine,
inn . isflrn: lflS lbs.. iO.bOaiO: State.
100 lha., i.186; 180 lbs.. ttt.5ttrtl0.G0: 105
lbs., inOlO: Long Island, ISO lbs., 810
11: ins
ids., iv.auviu.itu.
Sweets. Jer
RSV.
Nn. 1. bac. 12.2303
Delawaro and
Maryland. No.
J, DSK.,
rmiviniunn font sieaa, mess,
43: family, 150053c: short clear. I40O46.
Beer steady; mesa, I160H: family. Ilia
23; packet, 117O10; extra India mess. 140 o
43. Itoga steady: bacons, 23Kc: .140 lbs..
21Hc: pics. 23 He. Bellies dull; pickled
clear, 10-12 lbs., 37c; dry aalted, clear, II
20 lbs., 19 c. Oceases.dulll yellow. HO
llUc.; choice house, llHWISc. Pickled
hams steady: regular, 10-12 lbs., ISHc
skinned, 11-20 lha., !5Hc. Tallow eaay;
city special, looae, 14c Lard firm; middle
West. l20.ISO20.9Sj city lard dull: quoted,
20 He nominal: refined lard ateady: con
tinent, 113.50; South America, 111.75;
Braxll kegs, 114.75; compound dull: quoted,
330!4Vic. Stoarlne quiet; city lard
atearlne. 27c; oleo. He
VEGETABLES, 3I1SCBLLANEOU8 AS
PARAGUS California, dot bcBs., 1I0O
30. ARTICHOKES California French,
drum. 114010; box. 17.50O8. BEANS
Florida, Das... Jl: lima Deans, i;uDan,
crate, 13.5005: Florida, bile. 10(98.
BEETS Old, bbl., S3.50Ot.CO; 140 boha.
13W4; loo Dcna,. -..-; liermuoa,
orate. 1 1.50 2.2.1; Florida. 13 0 2.25:
Iiulslana. 100 bchs.. 1500. BRUSSELS
SPROUTS wnr isiana. quart, loas.ic:
California, small drum. 1809. BROCCOLI
Louisiana, bbl.. I10O12. CARROTS
Old. 100 bchs.. 12.50 4: 140 bchs.. 13.23
1.75; Bermuda, crate. 11.23 0 2.25; Louisi
ana, 100 bchs.. 12.5004. CABBAGES
State, bbl., 1445.50; .ton, 10OO83; Flor
ida, bak.. $1.7502.23: bbl. -crate, 13.6006;
State. rd, bbl.. $3.5005: ton. $00083;
bar. $3 0 4.60: Florida, red. bsk.. $2,250
2.751 bbl.-crate. $304.60; Rotterdam. 135
lb. crate. leroo: luu ids.. la.r.ujje: Dan.
Ish. white. 200 lb. erate. tsoe. CAur.T.
FIJWEHS California, crate. 12 5003.60. 1
CHICORY LoulaUna. bbl.. ISOt! Flof. .
Ida. bak.. 1203.50. CELERY California,
erate. 1103: Florida, standard crate.
12.5008.60. ESCAROLE tulalana. bbl'
17(18: Florida, bale, $263.50. ENDIVE
Belgian, lb.. 5C33o. EOO PLANTS Ftor.
Ida. box, 11.6006; Cuban, box. $1(14.
OARLIC Lb.. 1502.V. HORHEnAnlblr
100 lbs.. Imoorted, $10018. KOHLRABI
Louisiana. tOO bchs.. $403- LEEKS,
T.onlslana. 100 bchs.. I9O10. LETTUCE--Flnrlda,
bak., 50c 014: Texas, bak.. $1.75
r2: California, Iceberr, crate, $1.6003.
ONtONS White, tig. lJSfl.30; yaliiw. j; ,
Ofl.23: red. .I.IOllr Spanish, case. 1364
half case. 91. 73 f5 2.25; crate. 11.2301.00.
OKRA Florida, carrier. 4O0: Cuban. 14
AO. OYSTER PLANTS 100 bens., 1109
lH. PEAB Telephone. mll drum. 110
11! Admiral. I9O10. PEPPERS Florid
box, 1308: Cuban. 130550. PARSLEY
I Louisiana, curly, bbl., !2.Mr3.50: nln.
! 4n: Bermuda, erate. I101.CO. PORTU
IOt7KSB KA7-E Bermuda, crate. R0e.ai2
u-rm.iaa. crate, up
trishi 150 lbs.. I2.B0W2.73. TOMATOEaI
"'J. " .l'ia'jrr'V" "t"-. ai.ao
i it niirriTTor unnnirr-Ta n r. m
TADd Tin.!..! IA99 m,m,,r
HERS No. 1. dot.. $2.6003. ENDIVE
Nearby, lb.. 10080c ' TETTUCE Eastern,
itrap7)t.3S41.70: nearby dot heads, lii
itjavc. iiuiiuujio u to. bsjl, ovo,v)s
COFFEE MARKET.
Tho'fcaturo In yesterday's cofteo mat,
kot 'which caused Ita advance was tho
Activity which haa developed In tho
spots. Tho local market opened un
changed to a 3 point advance, but later
In the session firmed up quickly on cov
ering and undoing ot hedges and eomo
local bean turning buyers, The market
closed at net gains for tho day ot 26
to 35 points. Tho local spot market
was firmer at 15o, for Bio 7a.
lUnt-o'of prices i Tttes
tiben. HI ah. Low. Close, day.
March ll.tO 11.10 11.(0 14.4040 11.09
April,,, i 14,50-U 14.11
May ll.CO 14.13 11.50 14.71 II 14.40
JUns, ,, ,,,, ..... ..... ,... 14.9l91 11.64
July 11.77 15.10 14.77 11.03-Ot 11.71
AUf Utttaleaet n tial esltt l its 11.98-93 14.6$
September ll.io 14,11 14.10 14 18-H 14.64
Octobff , 14.17-W 14.69
Norember,, , 11.I7-I9 14.67
December 11.57 14.93 11.67 1(1649 14.63
mmmte"&ASk btatWs"'50
List. Last
Yesterday, week, month.
New York deliveries. ?,o;i 7,ios
10 971
New orlttna dellv... 3L977 .iu
17,177
Total dellrerlos 11,953
New York stock (77,121
Nsw Orleans stock,, 191,033
Etook at all port 770113
11.1S0
641.916
271,111
HO.tM
153,937
tU,050
140.977
AIIUSl ,.(...,, ftlV.WV WU.vw ,u,v-v
Visible Upply 1,149.113 1,173,190 1,215.977
Lait year's vlslble...l,4U.tl7 1,131,118 1,141,111
SECURITIES AT AUCTION.
7 share Bitnlt of America, Cll.
8 shares Hccbuilcs Bank ot Brooklyn, Oft
a share,
t share Nallnmvl Sugar Banning Company
It shirea' f'fifps'-Dod Corporation, 130.
33 shares United 8tate , Natural Gas Com
CS3.O0O
176,000
pany, Btaupod . distribution . on account
each shire 133, in bonda of .tho
n33. in tonus oi wo west vir
ir and Klectrlo Comnany! alsd
rinia vraie
ilOO eaeli; too shires dolden King Mining
Company ot Louisville, Ky.; li shares
Golden King Mining Company of Loula
vlllo, Ky., prefermd: 10 shares southern
Malleable Iron Company; is shares United
States Shipbuilding Compuny preferred;
11 shares United States Shipbuilding Com
pany common: 10 shares Empiro Portland
Cement Company preform!. 3131 lot.
S,000 Texaa and Oklahoma Railroad 1st mori
mi 6 per cent, registered bonds, duo
1913, Bankers Trust Company certificates
of drpo.lt, ISM.
:00 shares Dunn PotroieUm .Corporation. $1.17
jo 13.03 a share. ,
1,000 shares Alpera Chemical Company, 111
lot.
It M0 shares Corn Rxdianre Bank, 449.
100 share Steel and Tubo Company preferred,
88.
40 ahares Eastern Pennsylvania Railways
Company preferred, 17 a aharo.
110 ahares Eastern Pennsylvania Railways
Company common. 11 a share.
1000 ahares Dunn Petroleum Corporation, 11.80
n share. '
i;t.eo pua irom aaie oi certain propenina.
REPORT OF TUB CONDITION OF
THE HANOVER NATIONAL BANK
OF THE OlTY OP NEWYOBK
At New York. In the Statu or New York, at the
dose of business February 28, 1020:
RESOnilCKR.
Loans and discounts , , . . .194,220.141.17
It. S. Rnnds tn aemre eJmitatlnn,
100,000.00
U. B. Bonds to secure U. S. de
posits i
U. S. Bonds Sl ctfs. of Ind, owned
and unplnlaed...
U. S. Bonds detmlted with Supt.
of Banks. N. Y. State In trust , .
Bonds and securities (ether than
U. S.) to secure U. fl. deposits. .
Bonds, securities, etc. .........
Banking bouse
Due from banks and bankers. . .
Checks and other cash Items. . . .
Exchangee for Clearing House. .
Hpode Clold....
OiiOO.COO.OO
0. 320.300.00
350,000.00
1, A20,000.0O
10,IMV4.961. -40
4.728,000.00
4,351,603.03
CM.232.03
11,4.72,942.44
4.101.434.M
WMcrrosji in vault i.uv,
Due from Federal Reserve Bank, 32,015,148.33
Redemption fund and due from
U. 8. Treasurer. . .-, 37,000.00
Customers' liability (acceptances
executed by other banks under
Letters or Credit) W04.51R.tl3
Interest accrued 20S.480.11
1.UV7.334.U7
$160,270,005.80
LIABILITIES.
Capital stock paid In. 13,000.000.00
surplus fund.. 14,000,000.00
Undivided profits. 15,389,300.05
Discount received
but not earned. . 028,903.23
0.0HU20.1R
168,752.03
650,925.-00
100,000.00
geserved for Interest accrued.,
eserved for taxes
National bank notes outstanding.
Due to. banks and
bankers t94.403.912.t9
Individual deposits .
subject to cnocK. 0d,59-i,inz.i3
Dividends unsaid
1 700.00
Demand certifi
cates of deposit.
Certified checks. .
Cashiers' checks
outstanding.. ,.
Other deposits....
A.740.O4
020,649.48
3.031,2101
, 4.297.10
-154.507,663.53
Letters or credit and travelers
checks......
Letters of credit (acceptances
305,916.73
executed by other banks there
under) , 1.S94418.32
1180,270.095.80
State of New York, County ot New York, as.:
I. WM. E. CABLE, Jr.. Cashier of tbo
TT.nnvM Vntlnnaf Tl.ntr ftf fhA Pllv nf Vr
York, do solemnly swear tint tht above state-'
ment u true, to toe ocst oi my Knowledge
and belief.
WILLIAM E. CABLE. Jr.. Cashier.
Subscribed and sworn to before me, this
3rd day of March. 1920.
W. I. THOMAS, Notary Public,
New York County.
Correct Attest:
I WILLIAM WOODWARD.
' ELIJAH P. SMITH.
JOHN P. STEVENS.
103f OF PAR AND INTEREST
Tho Denver Ga and Eectric Company
OENEBAL MORTGAGE 8fl GOLD BONDS.
TO THE HOLDERS OF TUB OONDS
SECURED 11Y THE GENERAL MOST
GAGE OF THE DENVER OAS AND
ELECTRIC COMPANY, DATED MAY
1, 19031
You are hereby notified tbat the Com
pany Intends to pay off and redeem tht
following numbered outstanding Oaneral
Mortgage 1 Bonda, laaued purauant to
the terms of the General Mortgage ot
The Denver Gaa and Electric Company It
tha Trust Company ot America (Tha
Equitable Trust Company ot New York,
auccessor by merger), dated May 1. HOI;
and the supplemental Osneral Mortgage
between the same parties, dated September
l, 1191, to wit:
ONE THOUSAND
DOLLAR BONDS
29S0 SI91 ,6417
2911 4017 4411
2994 4011 6119
1117 4211 1741
1176 4174 lilt
1315 4114 Hit
3171 4416 1917
HIS SOU 7017
34S7 S19I 7111
1501 6371 7111
16 1162 2101
1S1
2111
2117
2494
2IS6
3157
2617
1706
2719
2101
131$
list
1371
1415
114S
TWO HUNDRED FIFTY DOLLAR BONDS
II 41
ONE HUNDRED DOLLAR BONDS
41 111
117
312
157
III
114
469
499
S90
The' above-numbered bonds will be re
deemed and paid at tht office of Tha
Equitable Trust Company of New York,
No. 37 Wall Street. New York City. New
York, on May 1. 1920. at th rate ot lOItt
ot par, plus accrued Interest to that data,
and upas such date all future Interest
upon auch bonda will ceale, and tha
coupons' therefor will be void: ot all if
which you will please take nottet.
The Denver Gas and Electric tight Company.
By FRANK Tf. FRUEAOTT. President.
THE Farmers and Uereaants' National
Bank, located at Uoawttt. la tht State et
Oklahoma. Is closing Ita affairs. All nott
holdera and other creditors ot tbt asaaela
Utn art therefore hereby notified to pitatal
the notia and other claims far payment.
E. IRBY, Cashltr.
Dated: January I. 1914
ELECTIONS AND MEETINGS.
JSlas pbvwIiR cotnrw
Philadelphia, Pa., February 21. 1930.
The annual meeting of tha stockholders
ot Atlaa Powder Company wltl tw held at
the principal ofllae of tha Company In
Delaware. Room 4145, fl. W. corre llth
and Market Streets. Wilmington, Dela
ware, on Tuesday, the llth day of March.
1910, at twelve o'clock noon, for tht elec
tion of Dlrectora, and tor the trantaetlon
of .ut'u other bUilnii. as nuy pro&.ily
corns befort tha meeting. In accordance
with tha Laws ot tht State ot Delaware,
no atock can be voted on at any election
which haa been transferred on tht hooka
ot tha Company within twenty days next
preceding such election.
LbiMnu kj.v, pecromry.
GENERAL ELECTBtO COMPANY,
Notice Is hereby given that a special
meeting ot the, stockholders ot Oeneral
Electric Company will be held at twelve
o'clock, noon, on Tuesday, March II, 1110.
at the office ot the company in Schenec
tady, N. Y., for tht purpose ot voting upon
a nronosltlon to Increaae tht capital atock
ot the company from the present amount
of I13S.O0O.000, conalsting ot 1.230.000 1
aharea Ot tho par value ot 1100 each, to I
1175,000,000, crialstlng of 1,750,000 shares I
lh. n. v. 1 nn , SinA AftpH V
The stock transfer books, closed at tht 1
rl ef buslneaa hours On February 17.
1910. will remain closed until Wednesday,
u...ti 1? 1910.
By order of the Board of Dlrectora: I
M. F. WESTOVR. Secretary. I
Bank of (he Manhattan Company
w sore;, aiarcn I, 1930.
.To the Stockholders of President and Di
rSc,6r,..t l!".. Manhattan Company,
Mease Take Notlcei .
I t mi. , . n .1.. ...... . .. . .
holders i of President and Directors of the
Wanhattan Company will be held at the
office of the Company, Number 10 Wall
Biry'' "l.'h. 1'orouih of Manhattan. City
ljio, t ii o'clock noon, for the purpoaa
of voting upont
, (a) Ana agreement entered Into and
I made by president and Dlrectora of the
Bank of ihe City ot New York, pursuant
to the provisions of tht Banking lav of
the Btafa of New York, for tha merger ot
The Merchants junk of the City of New
York Into President and Directors ot the
Manhattan Company;
. b Anlnorease of the Hoard ot Direc
tors of President and Dlrectora or tha
Jjanhattan Company from fourteen to
t.?i.Tlut.Bl,.c,al Meeting of tne Stoek
holders of President and Directors ef the
"snhattan Company will be held at tha
. 1 . V iv wi"MFnr, numoer sw vu
.Street, In tho Borough of Manhattan, City
I"'-1 m lene VUUVK l' jor IflO DUr-
po3 of authorlilnff the inersft of th
'""iih vuiiip&nr jrom ss,vuu,-
2...'..",0.p.e!lWtv5ulllorl?'l amount, con
lg ot UO.OOdihare. of the par vilue ot
110 each, to IS.OOO.ufio, consisting of 100,.
000 ahares of tlla par value of 110 each,
and to provide, for the disposition of such
Increase and for tho disposition ot 1900
Pt,,,t4, lh P'esent authorised capital
"i0,t..n,t n, nl ret been Issued.
.1 't.tn tranafar booka of president
fhd Dlrectora of the Manhattan Company
w,'.ir.i),..Sl0,.,.,i.t ,h clfi f business
Maroh Sid, 1910, and reopened at the be
ginning of bualneaa. March 11th. 1939.
,ln"n ot the stockholders Is
hV.'!i.i Jhe aon,,Pnylng circular latter
Sf.ri.niJ.vin.kd,l? V""h "d "nt by
direction of lha Hoard of Director.
Dlro'tors' mtJorlllf ot tn Uoara
... ,',STS,PJ!H bXker. Prealdent.
tary? ,E80N, c&ahler and Becre-
L, I. BU PONT OB NKMOl'ltS POWDER,
COMPANY.
Uilmlnglon. Delaware.
..Vi Annual Meeting of the stockholders
ali lha Iv r tli e . . .
.Compjjnj; will bo hold on Monday tha UtH
r'..y m iwBivB o cioc( noon,
at tho DMnclpal oglee of the Company. No.
ft Newark street, Itoboken, Now Jersey, fori
the purpose of electing a Board ot Dlrectora
ahd receiving and acting upon tha reporta
of tha officers, and for tho transaction ot
auch other business as may properly come
before the meeting.
ALEXIS U DU PONT, Secretary.
Tllg ANNUAL MEKT1NO OF TUB
Stockholders of the Leadvlllo Consolidated
Mining Company, for the purpose at eleot-'
Ing a Board of Trustees to serve tor the
ehaulnt year and the transaction at such
other business aa may properly eoate be.
fore it will be held at tho office of the
Company. 74 Cortlandt Street, New YorK
City. N. Y., on Tuesday. March 16th. 1129,
at 1:90 o'clock P. M. Transfer bookn will
close on March 6th and reopen March 17 lh,
1910.
P. J. BURKE, Secretaiy.
TiiK delavvXbkXu'u
New York, February 16. 1119.
A quarterly dividend of TWO AND ONE
QUARTER CK) PER CENT, on the Capl.
tal atock of this Company In favor of stock
holdera of record at the close ot buslneaa
to-day has been declared, payable at tht
office ot this Company. 12 Naasau street, In
thls-Clty. on March 20, 1910, provided that
before aald date there ahatl have been re
ceived from the United States Government
a sum sufficient In the opinion ot the
Prealdent, with other available funds, to
pay tho same, and payable at a later date
when, aa end It such sum shall be so re
ceived. ' Uy order of the Board of Managers.
' W. II. DAVIE3, Treaaurer.
P. LORILLARD COMPANY.
New York. March 3rd. 1120.
Dividends of $1.75 per thars on the
Preferred Stock and $3.00 per share on
tha Common Stock ot P. Lonllard Com
pany have been declared payahlo April
lat. 1920, to atockholders ot record at the
close of bualneaa March 15th, 1919. Checka
will be mailed. ...
The Transfer Books of the Preferred
and Common Stock ot tho Company, which
are now closed for tht purpose of the
annual meeting of tha atockholders, to be
held March 9th, 1920, will reopen at It
o'clock A. 51., March 10th. 1930.
WM. B. RHETT, Treasurer.
P. LORILLARD COMPANY.
Ntw York.- March 3rd. 1920.
Notice Is hereby given that the Tranafer
Booka of tht Reglatered Seven Per Cent.
Bands of this Company will bo cloaed at
3 o'clock P. M.. March. ISth. 1920. tor the
payment of Intcreat thereon, due April 1st,
1130. and wilt be reopened at 10 o'clock
A. U., April 2nd, 1920.
WM. U. RHETT. Treaaurer.
AMERICAN CAR AND FOUNDRY CO.
New York, March 3, 1920.
COMMON CAPITAL STOCK
DIVIDEND NO. 70.
A quarterly dividend of three per cent.
r.t. on the Cuimon Stock ot this Com
pany haa this du, been declared, payable
Thursday, April 1. 1920, to atockholdera
or record at the close, of business Monday,
March 15, 1929.. . t
Checka will be mailed by the duaranty
Trust Company of New York.
1L a WICK. Secretary.
8. S. DELANO. Treasurer.
AMERICAN CAR AND FOUNDRY CO,
New York, March 3. 1910.
PREFERRED CAPITAL STOCK
DIVIDEND NO., H.
A dividend ot one and three-quarters
per cant UK'S) on the Pref erred Stock
of this company has this
payable Thursday. April 1. J0',t?,l,o,c.f:
holders of record at the close of business
M. wa.l.Chb."mal?.d by the Guaranty
Trust Company of New York.
H. C wf(Bcretary.No
TEXAS UNITED OIL CO.
DIVIDEND NO. 8
The regular monthly 2 Jl caah dividend
ana 'an extra S atock h.s
declared payable AprI llth to i all stock
holders of record April 1st. Catexs win
ba mailed from Dallas, Texas.
W. S. PRATT, PRESIDENT
1 West 81th St.. New York.
Columbia Grsphophono Manufacturing Co.
PREFERRED DIVIDEND NO. I.
A quarterly dividend (No. I) of one and
three-quarttrs (1) Per "nt. haa been
declared unon the Preferred capital atock
tt 'the COhfmbla Graphophont l(nufactur
tnaf Company, payable April 1st, 1920, to
itockholdtr, of record at the close of bust,
new March 15th. 1920. Transfer books
will not fecclo.lLvoDDnOPi Tftur.
ColuiBbU Graphoehone Manulacturuif. Co.
COMMON DIVIDEND NO. 8. . .
A quarterly dividend (No. I) or twenty-
record at trfe.S.e of basinets March lit.
iTTransfer
declared a Dmuena ' j,JB te ,
cTo'ee' orfeb.ln5. Mh Tl. U. Checks
wino Sf'Xv. o.,r.arv& Treaaurer.
-W. J. UUIII"."
5: -rrV. March 3rd. 1930-
vm1 la hereby'glven that th. transtsr
..HMrAfD ivy.
AMERICAN snutj 3 1121.
J5S5 d. I w'nfbVmW u'rch
iJi-Sn!Cii,v. irlll remain open.
lru..v. " M. 8- FINCH. Treaaurer. .
I I lFl?thA veNe wBYor SSTto
III ruin a'f-i ai-A.rmifstrsi nr
een'ton th". Prf"rd Stock Two"-
f2.-S.fii ner rfent on the Common Stock ot
Mmc1J. 1930. Check, will be mailed.
E. D. "uniBTlAX. Petfr Trees. .
WEYMAN-BRKTON COMPANY
1107 Broadway.
s&VVnT0 Wot
Weyman-Bruton Company -er. this day
tfiSfZZSi aTtht'clo .' of ouflnea.
March 15. 1920. Checka will, be mailed.
J, I f.l.lillA. AJVW 4 Saw :t

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