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The Sun and the New York herald. (New York [N.Y.]) 1920-1920, March 13, 1920, Image 11

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THE SUN 'AND NEW YORK HERALD, SATURDAY, MARCH 13, 1920.
11
CHAMBER MORS
CONSUMPTION TAX
START NEW STdCK
CLEARINGS SOON
Recently Formed Concern
Nearly Ready for Work.
The new Block Clearing Corporation,
formed by the New York Stock Exchange
for facilitating' Ita business and quar
tered on th'o Broad atreet floor of tho tx
chance, la nearlng completion as to equip
ment, furnishings, c, and tho corpora'
INCITES PRESENT WASTE vanced to tlw point at which tjeTtnay
neein 10 instruct the broker and their
nsstsUntsj In tho vtorklnrs of the new
Institution.
-All members of tha exchange linst been
notified that demonstrations will be
Riven dally nt noon and 3 and 4 :30 P.
r. except on Saturdays. It la planned
to start tho new operation!. In ao far
as thoy affect clearing of security bul-
....llf avatetn tllA rflnenl fit thft MC1M atiAA ti1t 1. .... .,ml . . .
KUUib J " ' w.v.b biimi U UlllVICMUjT UU"
customed to tee new corporation and Its
operation.
Itcsolntion Also Urges Adop
, tlon of National Baclgct
and Audit System.
Organization Itecommonds Ho
ped of Excess Profits Tax
7 and Surtax. '
i roflta tax and surtax features of tho In
come tax laws and substituting In their
places a consumption tax on all pur
chases and condemnation of pending
bill contemplating a chango In tho New
York city system of education wero
among the Important matters taken up
yesterday by tho Chnmber of Commerce
or tha Stato of New York. Reports warn
r ad from committees which had Inves
tigated those matters and resolutions
submitted by them adopted.
Probably the most Important of them
a , the reiiort of tho executive com.
niittoo 1 elating to the adaption by the
niinnnl Government of a budget and
fu.rtit system. Tho report recited at
great length the wasteful extravagances
i -.oil under tne present met nod or
lun.roprlatlon nnd recommended. In nd
H t ion to tho adoption of the budget sys
t in, the centralization of Congressional
nppioprlatlons In ono committee. A
-pedal committee of tho chamber will
I., named by Alfred B. Marling, Its
president, to study the principles of
plans submitted and report their eon-
i i.nlons to the chamber, and 'cooperate
villi Congressional committees with the
i. w of furthering prompt legislation of
tint nature
i in- resolution presented by Howard
f hmitn on uenait ot tne executive com
ni 'iee road as follows:
Whereas the continuing heavy de.
mands for Government expenditures
r, 'limit nttempt at scientific analysis of
qulrements or correlation ot work In
i'..ite that greatly needed economies In
in conduct of tho Government cannot
effected under the existing methods;
Whereas It Is feared that unless In
'-'"iRint economy Is secured another
G-iriiment bond Issue will be Inevl.
table, and such a bond lssuo, added to
s prevailing heavy taxes, would prove
digressing In Its consequences to both
'V business and labor interests of the
counlr) . now therefore be it
AVsolrfd, That tho Chamber of Com
n . of tlie State of New York Is con
. iuej that, the need Is Imperative to
rc'.,ibhsh Immediately a national budget
rid audit system, combined with a cen
tr lization of Congressional appropria-
fns In one committee, as the only
rr.i .tns of saving the country from undue
extravagance on the one hand, or penny-
n.ce economies on the other.
l V. Loree, president of the Dela
ware, and Hudson Railroad Company
.,r,l head of tho chamber's committee
! taxation, submitted a lengthy report
of nis committee's investigation of the
t situation. Tho conclusions arrived
1' the committee were lhat the
f.cnt pystem of excess profits taxes
. 1 Mirtaxcs was responsible for a de
e 'I'Hlly disproportionate Increase In
; : . cfi of all commodities and that the
epeal of those features of the Income
t.ix law and the substitution of a con
sumption tax would be the proper
method for relieving the situation.
"As the commodity or raw material
rr.ff"s," tho report said, "from the
r lamer or grower or producer to the
factor, and to on to the manufacturer,
the jobber, tho wholesaler and retailer,
e,h process of distribution witnesses an
fddltlon to the cost at each KtajrA of
; "-ogress of an Indeterminate amount
' ore than sufficient In tha estimate of
caeh Intermediary to cover his excess
I rutits tax, and nil these Increases are
Included in the price paid by the con
miwr for the finished product. Tho
fvccsH profits tax Is an Indirect tax of
W moat Insidious kind."
.-urtaxes and inheritance taxes, the
o Mindttce found, are not levied on a Just
hi 1 . nuitablo basis, and repeal of the
j'it governing the surtax and modlficat
ton of Hip Inheritance tax law were
i' im nended. A moderate consumption
'lie committee concluded, will yield
ify larse revenues without being a bur
ifn. "We believe," It reported, "It would
W w im to fix this tax on tho basis of a.
uniform percentage to bo paid by the
ensmner at the time of purchase. Tho
lyramlding of costs which results from
t e excess profits tax would then dlsap-
URGE COMMERCIAL
ATTACHES' FUNDS
Business Organizations Want
Original Estimate Put
Pack in Bill.
END FIGHT OVEE BANK.
StriiBRle for Control of Roman In
stitution Ceaaei.
!t, March 11. For several weeks
a 1er- struggle to obtain the posses
ion of the majority stock of the Banca
'.ti.nerutale ltallana has teen going on.
i mincial groups chiefly Interested In
' ii Banca Italiana dl Sconto and Glo-'i-nl
Ansaldo & Co. are rivals In try
in? to obtain control of tha Institution.
f'tncK the contest began the price of
s'ares or the Banca Comraerciala has
r.r ?rrt-n Irtft lira n rtftft
The fight ended to-day by an agree-mn-
uirough which Plo Perrone, rep
rwnting Ansaldo & Co.. was appointed
vc.-prejldent of the Banca Commer
' ale, and his brother, Mario, one of Its
l tors. Sharea of the bank fell lm
iiHiateiy oo points on announcement
' 'he settlement.
Washincton, Maroh 12. Itepresenta
tlves of business organizations appeared
to-day bftfore the Senate Appropriations
Committee to urgo that the original
estimate of l,CBO,Ofl(T for the commercial
agent se'rvlco ot tho Department of Com
merce bo restored In the annual appro
priation bill recently passed by the
House. They said the work of the ser
vice was of the utmost importance to
American business Interests and espe
cially exporters.
Any curtailment of the activities of
tho service, they Bald, would result In a
reduction In the volrnna ot American
export business and consequently In
manufacturing In this country. Pointing
out that buslifc) Interests paid tho bulk
of the taxes under tho lncomo tax law,
they declared that n curtailment of com
mercial business necessarily would re
sult in a reduction of the Government's
tax Income
Organizations represented at the hear
ing Included the National Foreign Trade
Council the American Manufacturers
Association, the American Bankers As
sociation, tha National Automobile
Chamber of Commerce nnd Chambers
of Commerce of New York city and
State.
BANKERS FACE LOSS
AS STERLING RISES
COWON MARKET
RISES NEAR CLOSE
Sudden Upturn Comes During
Pinal Hour of Bull and
Narrow Session.
MAttOH 3IAKES RECORD
May Touches NCw nigh Liv
erpool Improves list Hero
Recovers.
The cotton market's feature yesterday
was a rather sudden upturn during the
final hour ot tho day, when a dull and
narrow session turned considerably more
active buying generally Increased. Up
to tho tlmQ of tho rise the market had
moved aimlessly, local professionals fur
nishing the greater part of what busi
ness was transacted. Tho shift In mar
ket trend wns accelerated by a covering
movement by remaining shorts, local,
but moro particularly outsldo. In the
upturn March sold up to 40 cents, the
maximum price for a futures contract In
tho history ot tho Exchange, December
having last year attained the 40 cent
level. May went to a new high record
at 37.07, tho rrse covering 10 to CO
points from Thursday's closing level.
Little of Importance occurred at tho
outset, when the list was 15 points
higher to 12 lower. Early traders In
eluded Liverpool brokers, who were on
both sides, nnd Wall Street Interests,
which sold contracts, tho day's lows car
rying tho rfnrkct 10 to 2." points below
Thursday's finals. There wero recoveries
from tho lowest and during most of tho
forenoon the list ruled geneVally near
Thursday's finals. Liverpool was better
than due during most of the session and
spot business Increased, 5,000 bales
changing hands. Tho weather map con
tinued unfavorable for the next crop.
During the early afternoon there was
no change of Importance In undertone,
which remained steady, but, as business
progressed Into tha last hour, It was
evident that shorts were uneasy about
moro optimistic news regarding tho
peaco treaty that reached Wall Street
from Washington. Room sentiment be
came more or less bullish and tho bear
clement was plainly worried. The ses
sion closed at about tho best level, 30 to
60 points higher. The spot market here
was again unchanged nt 41 cents a
pound.
CONTROL AIB BRAKE COMPANY.
Syndtcnto Pnrclinses Majority In
terest in Automatic Htraluht.
A controlling Interest In tho Auto
matic Straight Air Brako Company liuv
been purchased by Kidder, Peubody A
Co., John P. AJrord and Georgo W.
Goethals A Co., Inc., according to an
nouncement mad yesterday, nnd tho
company, has arranged to enter actively
Into tho' manufacture and salo of Its
new device, which, It Is claimed, will
rovolutlonlre present practices In rail
road train brake control. The construc
tion ot the new brake, It was said, Is
such that It will give uniform brake
cylinder pressure nnd uniform brako re
ststanco simultaneously on nil airs In a
standard passenger train or a long
freight 'train.
The new directors elected to the board
of the company Includo John V. Alvord,
wlm has been mado president of the
company; William L. Benedict of Kid
der, Peabody & Co.; nobert K. Graham
ot George W. Goethals & Co., Inc, ; Ed
ward D, Kenna, formerly president of
tho Atchison Hallway, and Robert Win
sor of KJddcr, Peabody & Co, Other di
rectors are Carl It. Canter, Harry I.
Miller, James D, Mortimer and Morgan
J. O'Brlon. Tho vice-presidents are
Harry I. Miller and Harry U. Hunt The
stock has been placed In a 'live-year
voting trust
LONDON ST00K MARKET.
London, March 12. Closing Consols
for money. 4 Oil : British S percent. lonn,
88V British 44 per cent, loan, SO;
Atchison, 111; Baltimore and Ohio, 47:
Canadian Pnclflc, ICC ; Chesapeake and
Ohio, 78; Chicago Great Western, 12 U ;
St Paul, r,2; Denver and ltlo Grande,
11; Erie, 20; Erie first preferred, 32;
Grand Trunk, C'i; Illinois Central, 121;
Izoulsvlllo and Nnshvlllo, 138 ; Missouri,
Kansas and Texas, 13; New York Cen
tral. 100; Norfolk and Western, 127;
Ontario nnd Western, 27; Pennsylvania,
87 ; Beading, 109 ; Southern Railway, 33 ;
Southern Pacific, 132; Union Pacific,
1C0; United States" Steel, 131; Do Beers,
29'i ; Rand (Mines, 41.
London, MRrch 12. Bar silver. 70d.
an ounce. Bar gold, 11 2s. id. Money,
3 '4 wr cent Discount rites Short
bills. 0 11-16 per cent; three months'
bills, 5 11-lCifir.iji per cent Gold pre
miums at Llsbt i, 140.
Liquidating U. S. Stock
Britain Is Difficult.
in
Bptdal Cable DtrrzW. to Tns Kos ivo Niw
Yohii Hiuid. CtfiriBht, 1K0, bv Tns Sis
iNn Nsv Yoik UcntLD.
London, March 12. Tho great dlffl
ctiKy connected with the liquidation of
British owned American shares through
tho medium of the British Treasury and
J. P. Morgan & Co. was outlined to-day
to the correspondent of The Sun and
Niw Tonic Herald here by an Anglo-
American banker. The procedure Is for
the Treasury to collect from bankers
here the amount of money which would
ba realized In a day by selling shares In
New York and converting dollars Into
sterling at current rates ot exchange.
New York lias been notified to sell
shares, and when dollars ore realized
from such sales, to transfer the funds to
London, tho bankers to be repaid at the
prevailing rate of exchange.
In several Instances recently It has
taken three weeks to put a deal through
n New York. Consequently a London
banker faces a big loss when sterling
is rising because the original payment
by tha banker and repayment by the
Treasury to him are based on the ex
change rate of two days while the money
changes hands. Bankers here. are press
ing the Treasury to mitigate this by
expediting sales In New York and the
transmission of funds to London Immediately.
CALLS LONG ISLAND'S
PAY TO PENNSY FAIR
Port receipt!
Lsporti
Exports, neiMin....
New York toilt5...
Port stoch.
Nnterlor rree!tt ..
uitsnnr unipmeats.
Sew York arrivals.
Urerpool cables
Peters Says Cut in Fares
Would Be Disastrous.
' Hello Iron Net Is Less,
annual report of La Belle Iron
"rlis for 1919. published yesterday,
wws nt profits, after all charges and
'lral taxes, of 2,253,U, or H4.74 a
'w on Its common stock after deduc
n of preferred dividends, against 918.07
In Total tncoma for 1319 was
U.8, against 9,479.123. and net Income
"r provision for exhaustion of mln
"au, general depreciation, adjustments,
was . 152,454, against I7.715.S79.
' amonntea to iW7.86J, against
i.W.03. Dividends of Jl.686.464 wero paid
curing 1919, against $1,983,080 la 1911 Tha
;"l4L,url,luj for U1J w 6W. against
B,KS, and the total profit and loss aur
Jtos of 1213 10,731,O38.
Cast Iron Plpa Shows Zoaa.
The United States Cast Iron Plpa and
vl i7 ComPny reports for 1319 a
wis after Chanrns. hiiwuium anil fnTa
yf 'tt. against surplus of tU.037, or
' - a share on tho outstanding common
r.";, m 1315- N'et operating loss was
against Jl.64l.5Sl profit after maln
"&n e. taxes, adjustments of Invento
iiJ,,'..&c 0theT Income amounted to
., and total income to J8.341 Depre-
m . . r"erva o u4-703 WM Provided
hiUrest charges totalled IS5.J4L mak-
v&.! Ios oa U year's operations
,,33.
The money paid by tho Long Island
Railroad for use of the Pennsylvania
Station Is a rental for offices of J1M.GC0
a year and Si per cent, or tne actual
cost of operating the station. This state
ment was made yesterday by Ralph
Peters, president of tha road, In reply
to charges that the Long Island was
paying1 half tho expcr.ee for tha termi
nal, and that the Long Island service on
the Atlantic avenue division was pur
posely poor. In order to divert traffic
Into the terminal.
Mr. Peters said tha actual operating
expenses of tha station are divided be
tween the Pennsylvania and tha Long
Island In proportion to tha number of
cars handled In and out ot the station.
As to rental ot office space nnd track
age, the Long Island assessment Is
about 6U per cent ot the total cost of
carrying the Investment In the station
and the East River tunnels, said Mr.
Peters. He computed that if tha road
paid rental on the same basis as It pays
tor train operation In the station It
would have paid J3G4.000 In rental In 1919.
Mr. Peters said he thought tha ar
rangement with tha Pennsylvania was
fair, but that tha read could not afford
to pay mora for Its use of the terminal
because ot low revenues. Reduction ot
fares would prove disastrous, he said.
Mirch ....
April
May
June
July
AurtHt ....
jSer u-mber..
I October ...
. November .
Iiccombar ,
Jnuarr ..
February
Spoti:
Opn.
M.6j
Ulch. T.nir.
40.00 S3.G5
36. M 37.03 iUi
3XC
31.23
Z3.G
51.6?
S3. 5
ii.10 J1.S7 Sl.M
Sft.M
to.u
50.00
SI. 00
30
JO. SO
:0.37
30 00
Local, ; New Orleans.
COTTON STATISTICS.
Yr- Lau
Yetter
Clo? day.
31.S3 T
S7.C0 N
tut os
M .75 N
31.2335
S3. X 11
33.7! N
attrs-PT
31.S0 N
S0.95-M
30.60-W
30 35 N
33.60
37 00
:6.u
34.3T,
SV77
11.(15
32.S
SI M
SOW
. to
SO 17
3J!0
day.
37.105
; .til
4,s2.:o
62.71
l.:i5.Mi
10.KK)
11.250
9.5S)
51.910
4, 59.71)
51.347
l,t S7.1
14.733
It
year.
Ul.Hi
s,r?i
S.1M.0JS
K.791
l.sos.cy
S.77S
11.578
177
Enot ration milAt ot r.s
point) advance, on tho bails of :s.5d. for
miaaiini,. sales s.iw. American 1.00O. Im
port! nil. Futures opened ati-aUr at 17 to 31
points ailvawe CIoeil taly st . net de
cline of 6 points to an advance of 11 points.
March, 36. (3d ; Mny, 33 S7d : July. 11.33d.:
Octotxr, 22.4cl. ; December. 21. CM. Manches
ter: 1 ares quiet; cloths firm.
N'eiv Orleans Cotton Murker.
New Orleans, March 12. Cotton
made strong advances to-day on con
tinued unfavorable weather In the bolt.
Last prices wero 4t to 4$ points over
josteniay's flaals, dose: March,
S9.55c; 'XCny, 37.45a; July, f 4.60c. ;
October, 31.75c; December, 31.C3c. Spot
steady, :5 points up: middling 41a
GRAIN MARKET.
Has Nearly 100 Per Cent. Profits.
The United Profit Sharing Corporation
earned In 1919 profits subject to Federal
taxes of $407,199, equivalent to nearly 100
per cent, on Its outstanding capital stock
of 25 cents par value, which Is a little
better than CO per cent earned on the
stock In 1918. Net operating earnings for
1919, including Income from dividends.
&o.. totalled $407,13), against 1311,525, and
dividends tlTWJl, making the surplus for
the year .S284.K9 against 112,617. Tha
total profit and loss surplus on Decem
ber 31 subject to adjustment on account
of Federal taxes was 1452.459.
Liverpool Otitton Statistics,
LrvutrooL, llarch 12. Weekly cotton
ftaiUtlcs
RYE
May
July
CORN-
Impsjrts, 65,000 bales. Amerl-:
can, 4l,ogo; sioc. i.vii.uuu, American, grptember
855,005; lorwarofo, juv.uuu, American, i oats
Corn prices were lower yesterday hs
tho result of heavy profit taking and
some pressure. That profit taking, fol
lowing a good rise in the cereal, did
not come as n surprise to the rade!
Weakness of exchange also accounted
for some selling, especially at the start.
Pressure, however, was light nnd the
market rallied slightly on higher hogs
and short covering. The slight recov
ery was followed by a brief period of
macuvuy, Dotn sides belntr nassive until
after midday, when the market became
nervous ana fluctuations were erratic.
which Indicated good trading by both
sides. The market's tone strengthened,
however, and prices regained much lost
grouno, closing with only slight osses.
Receipts continue Ho remain licht. th
car situation showing no improvement
ana inera is mile chance of lmmdlate
increase. Another factor agnljitt an !n
crease in the movement Is the farmer's
attitude. According to reports, he is
prepared to wait b'or se"!r.g. The
country roads are breaking up and soon
he will ba doing spring work, whl;h will
leave hlra little time to ship grain, and
consequently no large Increaso probably
will come until after the planting, Rye
was lower, due to scattered profit taking
on small export demand reported,
oats were again under the influence
of tha grains and moved within a nar.
row range. There. Is lack of outside In
terest In that cereal, nrofesslonals belnr
bent buyers. Again yesterday there
were reports of reselling by Eastern In
terests. .
Provisions wero dull and firm due to
higher hogs.
CORN In the loetl cath market Do 3
yellow corn wm quoted at J1.77K: No'. 2
mixed, 1.7(U: ooit nd freight. New
York, fifteen days shipment.
OATS The loel cash market mi quiet.
No. 1 white quoted st S1.04; No. 2 white.
I1.0IH; No. t white, IJ.01: No. 4 white
tl.03Ol.03H; fancy clipped white. 11.03;
ordinary clipped white. Jl.03; all elevator.
RYE Market steady; No. 1 Western.
$1.934; t. o. b. New York,
BA11M5Y Market quiet; feeding. 11.40,
and malting, 11.63, f. o. b. New York.
HAY Market ateady; No, 1. J2.4!ffl
3.70; No. 1. S3.4S01.65; No. J, .a:.40.
shlpplnr. 33.lsoi.2S.
IICCKWIIEAT Market quiet; $3.33 rer
100 lbs.
STRAW Market quiet; No. 1 rye, $34 O
II per ton.
1VIIKAT Ineludlnr Hear, exports for
week, according to Bradatreet'a, argretate
I.013.0H bushels, agalnet 1,037,316 the
previous week and 5,141.135 laat year: since
July 1, 104.511,115, aa-alnit 3(1,111.910 lait
aeaaon. Corn exports for the week, 173.
731, against 318,135 Ut week and 7.800
last year; since July 1,.:,S11,(0, agajnst
13,453,1(7 last jeason.
CHICAGO TRICES.
Thnra.
Open. Hiith. Low. Clo.e. day.
.. 174 1 74VJ 171K 173tf 173V4
.. HI 1C3U 155 Jt lit
Exooutor Trustee
Ohartorod 1022
1 t
The Farmers' Loan and Trust Company
jtfos, 16, 18, 20 & 22 William Street
Branch Office, 475 Fifth Avenue
At Forty-first Street
Now York
Lond6n Pariu
Foreign Exohange
Administrator Guardian
Jlombor redoral Roservo Bjetom and New York Cloaring.Honio
Fidelity Trust Company
Chambers and Hudson Streets
New YoriCity
Condensed Statement .
February 28, 1920
ASSETS:
Loans and Dills Purchaied. ... $3,015,542.97
Invwtment 4,681,947.12
Bondj Don-owed 626JD00.00
Inter ct Accrued Receivable... 67,875.61
Furniture and Futurei, etc, . . . 1 3,000.00
Overdrafu 351.96
Acceptance 272.409.88
Exchanges for Clearing Houie, . 680,876.01
Ctih on Hand and in Bank 2.355,166.74
COFFEE MARKET.
Karly yesterday Wo 7's wjre offered
from Draull nt 19.30 stcrllnt: credit nnd
Victoria 7's nnd S's nt cents to ur
rive on nearby BteamahlpB, cs ship.
After opening at nn advance of 1
point tn 4 polntf, prices worked 4 points
to 7 points net lilsher, but at that level
met scattered offerings, resulting In
tllnlit reactions,
The local ppot market was quiet nnd
easier nt 14 cents for Illo 7's. Klnal
prices In futures were 4 points to 8
points net lower.
Kange of prices : Thtira
Open. nijh. Low,
Mrirh ,
April
Mnr
Juno
July
Auruit
September ..
October
November U..
l)ecfmlr ...
January
Cliwe. dir.
14.09-15 14.17
14,35 30 14.33
14.43 14.33 14.36 14.XM0 14.47
14.M-33 14. M
14.75 14.75 14.00 11.63-64 14.CS
11.&1-53 14.5?
14.51 11.53 11.40 14.4Q-41 14.47
.... 11.39-40 14.45
11.39-n 14.41
14.45 14.43 14.49 14.3M0 11.43
11.33-CS 14.37
llllAZIXJAN COFFEE STATISTICS.
I.nit
Testerday. vtri.
New Tork d'Urerlfi. 3.7M
VewOrleana dplltcrlea 14.3U
Total dellrerlea 34,073
New York atocka tM.393
Npw Orleans itock... 133,4?4
Stivk at all porta.... 71i0,777
Afloat tSl.OfO
VUlble lupply 1.S61.77T 1.3M.S44 1.377.3IS
Litl year a TIs. Dir.. .1,173,4 1.4:y,viJ i.iw.i'tu
S.373
14,tr,il
K.745
(57 6(3
3VI.159
307.844
l.at
niitntb.
.0fl
,M5
14.603
634,630
331,733
1.W,S
371,110
Hank ot I-'mnee Statement,
Paws, March 12. The weekly state
ment of the Bank of France shows the
following chances : Gold In hand In
creased 376,000 francs; silver In hand
decreaf-ed 1.553,946 francs: no'es In
circulation Increased 109,067.740 francs;
Treasury deposits decreased 8,117,858
franc?; general deposits decreased 57,
071.250 francs; bills discounted decreased
298.394,5S7 francs ; advances Increased
27,972,011 francs. There were no fresh
advances to the Stato durlnsjthweel;.
To Underwrite OtU Steel.
A syndicate of which William Salo
mon & Co. aro managers Is being or
ganized to undervrlto J5.O0O.00O of 7
per tent, cumulative preferred stock of
the Otis Steel Company. The present
Issue is uclnj? mane to construct ehtht i nri numerous and cover larger territory.
Ucrrca in Nortnwestern ncrcase is
forecasted as a result of scarcity of
farm labor. Montana, however, promises
nn increased ncreage."
".Modern Miller's" Outlook.
Special tn Tiir Srs- i.Nn Nsw Yonit IImup.
Cihcaoo, March 12. According to tlie
Modern Sillier, "weather In the winter
wheat country Is unfavorable nnd un
seasonably cold. Drousht continues In
a larRO part o the belt and plant con
tinues to deteriorate. Kaneas wld show
heavy abandonment of ncreasc r.nd the
promlre In Missouri Is poor. Hiin must
be had in sections of tho Southwert, In
ctudlnp Kansas, Ohlahoma nnd ono or
iwo other States, llessian ny reports
new sheet mills, doubllnjr, the present
Rheet mill capacity, and to provide ap
proximately J2.500.000 of additional
working r.pltdl.
HVE STOCK MAEKET.
NEW YORK STOCK EXCHANGE PRICES.
Continued from Preceding Page.
v-l'loains.-t I lilr I
Bid. I Aok. ln S.I Kala. I
lOpen-1 lllh-
1C I
fit.
fil.ow
I rut.
CIoj-in;.
1 Ket
I Chanel.
7'.' i SI I
io;-l ios I
ion !ior,i.4l
70 77
1941 f2
34H- OS
37
S3
S1H
2G
in
S2
fOTtj' CO
45 u 46
8 !
132 1139
29 i 30
300'ntlonal I-id t'n ox dlv.l 81-! Sl"s SO
60
68
!)2V.
87
414
42'i
22 T8
::s v
29
37 i
63
71
93
SS
43
43
23 i
3S Va
29'(
37l
62
4
4Cc
lSi-jl 18'(,
, 143 14JU
, 143t lU'i
133H 133i
1474 14Ti 143
141S 143H 141
13SH lS't 133
84,000; eiporU, 10,000; sales. 15.000,
American, 11,000. Quantity afloat, all
kinds, 413.000 bade. Quantity afloat,
American. 348,000 bales.
Buenos Aires Grain Xarlcet.
BTJEfOS AIRES. Marti 11. Closlnj price:
i;wa unr.
. 203
3
Sera Scotia Steel Ileportt.
'ova R,H, H,.;. Trn r.,! r"VniBAT-Jron. panicky.
Ila' " !V.J amounts tn lit JtS9 Oil lif
... - 1 iv .. ........
-o n ''"-. ror ISIS, according i:OK-inejTuar.
"annual report made nubile to-dar. Arrll
Boatt, u lhaVn th9 flrrt ten 3KED-lpanlcky.
Terr 1,5. ' W ArtU
7 limited, but unfilled order Mir.lltf
tra?1,er 0,18 at nr Um L?-
. oorxjaarUesa fxtra prrlwa eloiv
17.W
17.CO
SO
70
Mar
Julr
uuu-
May
July
niBS
May ......
Julr
PORK-
July
a
73H
OH
m
MS
7H
3H
TST4
n.TO 31.10 11.(3 31. Tl 11.(1
33.13 33.45 11.13 23.13 13.33
11.70 11.7) 11.47 li t! 11.60
.. 13.10 11.10 U.tl 11.10 13.07
S3 7.30 ....
Mi S.30 ....
Ill M.40 -ro
Kl 33.30 -SO
HY, Lit -43
33.53 13.CS 33.30 35.. 11 35.M
33.40 33.40 35.10 33.10 35.50
INTERIOR -RECEIPTS.
Wheat. Cora. Ost.
v. wi.ooo no.wo soi.ono
...w. . . 31..0CO 7M.000 4M.0O.)
jlJIt year 347,000 110.000 K1.090
Flour. Wheat.
Triterdar .0M U7.000
SSt rear. . mm KUtt
iTnterdir
,I.ut week.
70
r.7
27
19H
97
115
79
98
18
SI
34
74
93
4 I
r.94
29
19
98
117
SO
9S4
18
S4K
34i
75 U
93
99X1100
1G
23 Ti
2S
65
1 1 i
23
79
42H
70
99
24
57 U
35
67
05
139
46
10
198
40
15
67
93
27
59
334
120
66
50
197
11
25
74
18i
66
90
48
104
111
67
98
112
72
10
49
70 '
109
87
9
28U
63
11
So
62
SG
62
64
12
:o
57
25
72
7J i
8TH
7
lOO'.Vational Lead Co tif....!l0S
400'Xovnda Con Cop px dlv.. HI
200'ew York Air Bral'C... 103
6600'Xcw Tork Central 76
300; Nw York, Clilc & St li. . 31
100 X V, Chic & St J, 2d pf . . 50
12200,.V Y. X H & Hart 35
900 Xorfolk Southern 27
200IXorfolk & Western 97
1300'Xorth American Co 5."
4ivui.onnern i acme i -
200 Xovn Srotta S & C 63
3100 Ohio Cities Gan 46
3900'Oklahoma Prod & Itcf...) C'i
lOOiOntnrlo Silver Minin?... 8V2
100 Otis Elevator 134
400 Otla Steel 30
100 Owens Dottlo Co '. 62
100 Puciflc Development 7Q
23200 Pan-Am Pet & T ex dlv. 94
600 Pan-Am V & T B ex dlv. 89
ouuii-arntn c iiinBnam
6300f ennsyivnnia it It I
200 Penn Seaboard Steel 23
600 Peonies Can. Chicago.... 3?
5100lPcro Marqiiotto 29
1400'PhIladelphtn Co 3S"i,
StiSOO'Plerrc-Arrow Motor 65
3200lnerce Oil Corp 19
tuv tuts, u. J it 61 l,ouis n;a
lOOiPlttsburg Coal of Pa 1 6
100
200
600
600
1100
600
1700
25600
16
24
28
G7
16l
18
234
79
42
74
99
25
57
41
68
95
140
49
11
199
16
68
95
27
60
34
121 U
67
44
B0
198
12
26
74
19
67
91
4
105
112
68
98
113
72
10
49
71
111
SS
9
28
64
11
25
63
86
62
65
12H
58
25
73
79
91
ffKLii
5.20
1
8
74c
6
6
'f.
4
4
7
6
3
10
Pittsburg & West Va...
Pond Creek Coal
Pressed Steel Car
Pullman Co
Punta Alefrre Sugar....
Railway Steel Spring. .,
Ray Consol Cop ex dlv.
Readlrur
1100'ReadlnB 2d pf
4001RemInirton Typewriter.,
164001 Republic Iron & Steel...
8400 Royal Dutch Co XT...
200 St Joseph Lead
2000 St Louis & San Fran...
300 St Louis Southwest pf..
200 Savase Arms Corp
6400laxon Motors
300, Seaboard Air Una pf...
19
98
116
81
98
18
84
34
77
95
101 i
104
21
25 W
103 108
11
103
76
35
CO
36
97 V
55
S3
63
46
5
S
134
30
C2
70
95
S9
43
43
23
39
29
3S
66
19
74
57
28
19
98
117
81
98
13
SJ
34
77
95
102
16
24
23-
10
4
4
3
1
crtg,
3001
7000
35300
800
19500
2400
400
100
7800,
40400
3000
300
600
17100
100
200
5S300
2900
2700
100
48200
600
7900
2700
100
100
100
200
1200
600!
8400
600
700
17300
600
21600
100
S00
43600
200
1400
100
100
1200
100
800
300
100
100
2200
100
600
100!
2300
11600
200
2500
100
Sears-Roebuck Co.
Shell Trans & Trading...
Sinclair Consol Oil
Sloss-Shcffleld S 4 I
Southern Pacific
Southern Railway
Southern Railway pf
Stewart Warner Speed..
Stromberg Carburetor. . .
Studebaker Corp
Stutz Motor
Superior Steel Corp
Tenn cop & cnem
Texas Co
Texas Co full pd sub rets
Tex Co 30 d c sub rets.
Texas & Pacific
Third Avenue
Tobacco Products
Tobacco Products pf...
Transcontinental Oil...
Transuo & Wms Steel..
Union Oil
Union Pacific cx dlv...
Union Pacific pf cx dlv
United Alloy Steel
United Drug Co 1st pf.
United Fruit Company.
United Ry Investment.
United Ry Invest pf
United Retail Stores
US C I Pipe &Tdry....
U S Food Prod Corp
U B Ind 'Alcohol
U 6 Realty & Imp
U S Rubber
U S Rubber 1st pf
U S Smelting, R & M....
U S Steel .'.
U S Steel pf
Utah Copper ox dlv
400'Utnh 6oc Corp .
2200 Vanadium Corp....
900!Va-Caro!lna Chem
lOOlVa-Carollna Chet'n pf....
Va Iron, Coal & Coko....
Wabash m
Wabash pf A
Wells Fargo Express.. ...
Western Maryland
Western Pacific
Western Pacific pf
Western Union Tel.......
Woutlnghouse E & M....
Wcstlngh K & M it pf.
Wheeling & Lake Erie...
Wheel & Itkn Krift nr. . .
White Motor
Willys-Overland
Wilson & Co
Worthlngton Puran,
WoTthlngton Pump pf A.
67 li I 671.,
161,1 J:
SO
108
14 14
103 103
18
234
81
43
74 3
100
24
33
60
34
21
97
61
Sl
61
45
5
S
134
29,
62
70
92
87
41
42
23
33
28
37 "i
62
IS vi
74
67
28
19
97
116
78
98
18
83
34
75
92
99
1
23
29
67
16
;
41
67
97
136
46
10
199
190
192
39
13
68
94
27
59
34
122
67
44
50
200
.1 12
25
75
18
67
92
48
107
112
69
99
113
73
10
50
71
109
87
9
28
63
11
.25
62
86
63
64
13
2fii
6? "
lSii 18
134 1232
79
42
70
99
24
57
41
67
95
136
46
10
196
190
192
39
13
67
94
44
74
101
25
67
41
71
98
142
47
10
202
190
192
41
16
69
94
28
60
34
122
67
44
50
200
12
76
18
67
95
60
107
112
69
100
113
74
10
60
71
109
87
9
28
63
11
25
62
86
63
64
13
rt"
59
33
121
67
44
50
200
11
25
,74
18
66
90
4S
104
112
68
98
113
73
10
49
70
109
87
9
28
63
11
25
62
86
52
64
12
".
75
33
50
34
24
97
61
82
61
45
6
8
134
62
70
92
42
23
38
29
37
62
18
74
57
28
19
97
116
78
98
18
84
34
75
93
99
16
23;
29
67
16
18
232
79
42
70
99
24
57
41
67
95
140
47
199
190
192
16
67
94
27
69
34'
121
67
44
60
100
11
25
74
18
66
91
49
105
112
6S
PS
113
73
10
49
70
109
87
9
28
53
HU
25
62
86
62
64
12
2iH4
1
.. I
2
1
1
1
1
2
u
314
u
1
1
1
1
-i
1
1
1
1
-
T
2
1
'i
2
1
2
Ti
4
i
1
4
1
2
2
1
1
'i
l
2
1
H
1
1
?i
"
1
1
1
1
1
1
1
2 '
.
106fW3rthlrurtOB Pump pf B.
72 72 ".2 7-5
83 83 79 79
92 93 92 92
76 76 I 76 75
- 4
1
-
- H
ti
IJPEVKS Receipt, 1,110 head; 41 cam
on ralo; titers alow and 35c. lowar; bulla
nnd mntllum to cood cows dull and eatlnr;
liolngnn cows about alrady; moat of the
etock wns eoli. Ordinary to good ateora,
10 1S.B0 por 100 lbs.; common to choice
bulls, tc.50010.35; 1 extra do., Ill; ordi
nary to cholcn cotta, 34W10. Drrnaed beef
alow at 160 21c. per lb, for native nldca,
Hnlea 3, Snmlera: 30 Virginia ateera,
1,333 lb. average, 113.00; li, 1,333, 313.50;
33. 1,039. 311.50; 13 Pennsylvania, 1.166.
313 (t- 21, 1,333, 311.75! 23, 1.093, 111.35;
16, 193. 311.10; 3, 903. 310.50; 16 Vir
ginia tng. 1.351,. 311.(5; 14 built, 1.737,
110.35; 3, 1.046, 39.50; 3, 1,333, (9, .Vow
ton & Co.: 33 I'rnntyWania ttetrt, 1,364,
313,35; I, 1,005, 311.50: IS, 1,109, 111.35;
I, 944, 110. 76; 3, 1.050, 310; 2 bulla,
I, 710, 310; 14. 1,303, 39,50: 4 cows 387,
It 40. JlcPliereon A Co.: 10 Pannsylvanla
Upon, 1,404, 113.50; 13, 1,093. $13; 34
Virginia. 1,126, 312.33; 1 bull. 460, $10. 31.
II, 1,470, 310.15; 7, I7.C0O9.25; 1 cov,
1,110, 310; 3, 1,253, 39.35; 6, 1.140, 38;
16, 962, IS; 10, 1,000. 17; 6, 900, 14.73;
C, 952, 4. Tobln & Shannon: 16 Penn
nyhanla ateera, 1,294, 118.40; 6, 1,013,111;
1 cow, 913, 15.25; 7 cows and bulla. 84 0
9.25. Myers A Houseman: 15 Virginia
tlff-i, 1.333, 313.50; 17, 1.133, 813.10: 5.
1,00. 311; 30 1'ennaylvanla, 1,395, 313;
1(, 1,260, 111.76; 1 bull, 1.420, UJ; 2.
1.310, 9. Kerns Commission Company:
14 lersoy steer, 1,276, 313 50; 20 Ken
tucky, 1,214, 313: 14 Pennsylvania. 1.144,
11175. J- Shuntierg A .Son: 30 Ohio
ttee's, 1 308, 112.50; 16 cows, 1,181, 310.
Mullen, Stafford & Miller; 7 built, varloua
welshta, I8.S0O9.
C.U.VISS Receipts, 1,470 head: 900 on
tale.1 Good veala eteady; othera entler. Tha
pens wero cleared. Common to prima veals
told at 317i?24 per 100 ht.: cullt, 316; lit
tl calvet, 110013: barnyard calves, 3.10.
City dreeaed vealt ateady at 24W34c. por
lb., country d reused, do., 22(?30a; country
dretied, barnyard and fed calvet, lSS2c.
Pales Newton A Co.: 108 veals, 138 lb.
average, 24 : 100, 130, 823.23:; 88, 111,
123.30; 10. 130. 331. SO: 40, 98. 119; 5, 108.
118; 15, 105, 817. Mullen, Stafford & Mil
ler: 13 veals, 135, 324; 44, 92. 818; 3 culls,
130. SIC. S. Sanders: 12 veals, 136, 333.25 ;
19, 91, 319; 12, 94, 318.50 : 30 culls, 85, IIS.
J. ShanVberg A Soa 77 veals, 130, 824; 2,
100, 130. Tobln A Shannon: 37 veals, 131,
124; 3, 100, 18. Kerns Commlulon Co :
12 veils, 111, 32; 45. 93. 319. H. Judd &
Co.: 31 veals, 131. 123; 44. 118, 321.50; 2
larnvarda. 215. 310. H. II. Mollis: 93 veala,
93, 111.50. McPherson A Co.: 7 veals, 146,
131; 2, 90, 318.
SIIKKF AND LAMDS UecelDta. 2.330
head: one and mo-half cars on ale. Feel
ing ateady. Ordinary eheep told at 19 010
per 100 lbs.; cjlla, 86: common to prime
lambs, 3176 20.76. Dressed mutton quiet,
at 175T20C. per lb.: dressed wethera almost
nominal, at 20W22c: dreised lambs alow,
at 28 (J 34c. Country dressed holhouso
lambs weak, at 16014 per carcass.
Sales Kerna Commladon Co.: 224 Stile
lambs, 77 lb. average, 120.75. J. Shamberg
fv- ton: :o Pennsylvania lambs, 93,
N'rwton & Co : 17 Pennsylvania lambs, 85,
318 (0: 3 eheep, 127, 310, 4, 93, .
HOG1 Receipts, 5,300 head: one ear on
sale. Market ate.idy. Ught to medium
welghta. 316.35 rr 100 lbs.; heavy hogs,
115.36: pigs, JIT. iO; roughs, 313. Country
dr(seii pork dull and unchanged.
81 R. Panders: 17 State hogs, 154 lb.
average, 316.25. JJewton A Co.: 17 Penn
sylvania pig, 190, 313.30; 10 roughs, 233,
313. Kerns Commission Co.: 19 State hogs,
116, 31C.33; 12 roughs. 270, 313.
Lire Stock Mnrket In Other Cities.
KANSAS C1TV, March 12. Hogs Tl
relpts, 2,000, ttroug. Bulk, 319.75 ff 15;
heavies. J13.75UK: mediums. 314-250
15 10' lights. 114. 90015.26; packing tow.
S12J12.75: plga, 312.50tl5.50. Cattle
Rerejptt, 680; steady. Heavy beef eters,
,'holce and prime, 813.60914.83; medium
and good, 312013.60, common. 110.353'
1190; light, good and choice, 311U13.90;
common and medium, $9(811.90: butcher
cattle, heifers, 37.351 13.35: cows 379
II, 75: cannera And cullers. l.26ff ; veal
calvet. 13.7513.S0; feeder steers, 18.63
SP11 65: ttocker eteers, 711.60. Sheep
m-relpte. 250; tteady, Iamb. 116.50
19; cull and common. I12S16 40: yearling
wether, 315 17; ewet. 3H.255J14; culls
nnd common, 8S.25IH; breeding encs.
J9T1D. feeder lambs, 314.73316.75,
4'HK'Af;0, March 12. Hogs Receipts.
22.1)00. 23c. higher. Bulk. S14.50C15.S0;
top fl6; heavy, S14B16.25. medium.
III. TSr 15.90; light. 115.40916; light light,
114 504(15.00; heavy packing sows, smooth,
818(7 13.50: packing towt, rough. $12. 253
12 ".. pig. 113.23014.65. Cattle Re
ceipt. 6,000; weak. Ileef Meers, medium
and heavy, choice and prime, $13,75 9
13.50: medium and good, Jll.513.75;
common. $9.73011.65; light, good nnd
choice, $12.30015; common and medium,
$9.50012.30; butcher cattle, heifers, $7.25
013.35; row. $7.10912.23; cannert and
cutters, $4.7537; veal calves. $1(017;
feedor tteers, $8.78013; atocker tteert,
37.604J11. Sheep Itecelptt, 9,000; steady.
I.iiiibr. $17619.65; culls and common, $14
016.75; ewes, medium, good and choice,
1114114. 60; culls and common, $60 10.75.'
Estrmati-il receipts to-morrow Hogs,
8,000; cattle, 1,000; ahesp, 2,000.
EAST ST. LOl'IS. March 12. Ifngt re
ceipt. $.000; 40c. higher, top. $16: bulk.
$13.30315.90: heavy Wflglit, $14.254H6.40;
medium welgiit. 15.:5U 14.90; light weight,
$15.83018; light llghtt, 813. 29tf 15.90 ; heavy
packtcg to-, smooth, $12 3031S (..packing
tow, rough. $12.33912.75; pigs, 111.600
15.60.
Cattle Receipt. 3(0; ateady. Beef steers,
medium and ntavy weight, choice and
prime, $14.25015: medium and good, $11
014; common, $9.50010.30; light weight,
good and choice, 12.25O14.50; common
nnd medium. $9012rhutcher cattle, heif
ers. I'.ISHJU; cowt, $7,750 11.75 : canr.trs
and cuttert, $4.S0Sl7.25i veal calves, light
and handy weight. $13017, feeder ateers,
$!50Ol ttockert, $7010.50.
.Thep-Rcclpt. 150, steady. Lambs, 34
pound drn. $11,75013.30. cullt and com
mon. $13710017; yearling wethera. 310
17.78; ew medium and choice, $12,250
15; culls aftd common, $50
EAST BUFFALO. March 12 Cattle
Receipt. 400. heavy, alow: light, strong.
Calvea Receipts, 1,300, $3 higher; $CO
$23.50.
Hogs Receipts, 4,800: heavr, 15023c.
higher. Tig. BOc.OU higher; heavy, 316.50
016.35 mixed. $H.;0W16,75; yorkera,
$1.6(016.7(: light, do.. 316016.75; plga.
315.50016; roughs, $13013.50; stags, $80
10.
Sheep and Iarab Receipt!. 4,(00; yearl
ings, 60c higher, at $12 11.50. Others un
changed. 5nr Tlonil Sntea Aid Exchanare.
Pierre Moracehlnl. thu French Vice
Consul, In charge of the French Con
sulate, has received Instructions from
his Government through the Freuch Em
bassy to recelvo without charge at his
office, 10 Bridge etreet, subscriptions
for tha new S per cent amortlzable na
tional French loan. "1 earnestly urge
this Investment," said Mr. Moracehlnl
In making tho announcement, "as a
means ot improving tne raie oc ex
JI6.7I3.I70.29
LIABILITIES: '
Capital and Surplus $2,000,000,00
Undivided fronts ibUWJii
r. . .,t, ' trtin
tstunateu unearned Discount..
Dillt Payable, Federal Reserve
Bank
Bonds Borrowed
Reserved for Taxes, etc
Accrued Interest Payable
Acceptances 272.W9.88
DEPOSITS:
$613.97945
25.000.00
11.697.567.36
70,333.33
951.000.00
626.000.00
43.897.70
45,69234
Banks.,..
Government.
Individual. , .
12.336346.81
$16,713,170.29
OFTICF.IISl
SAMIT.I.S. COVOVKR. . . .
John W. Nix
Andrew If, Mara..
Arthur W. Mcllen...
President
.Vice President
.Vice President
.Vice President
ana wetretary
17. TIIdenMattox Vice President
Stephen I.. Vlele. .. Assistant .Secretary
Udnard A. Uannenherg Assistant Secretary
and Credit .Manager
Charles It. nutter, .. .Assistant Secretary
Arthur I.. McKenna. .Assistant Secretary
ItEPORT OF THE CONDITION OF TIIE
NEMETH STATE BANK
at tho close, of business on tho 2Sth day of
I-rbruary, imo:
RESOURCES.
Stock and bond Investment, vh:.:
lhihllPMCurltlM J11S.974.43
Private wicnrltlM . 25,000.00
Ians ami discounts eccuml by
other collateral 60,950.00
Umiis.'dlscount and bills pur- .
c1i;ih1 nntECcWi by collateral. 2.20I.CRS.3!)
Overdrafts. , 3,1.04
Duo from approved
reserve dcpofltarlc. f
lots amount oi
offsets
Due from trust com
panies, banks and
bankers not In
cluded In preced
ing item
5159,373.23
S0.707.07l
REPORT OF TIIE CONDITION OF
JOHN NEMETH.
change, which Is of the greatest and 1 h dar 0f j-cbruary. 1920:
most vital inipuTiiiiiro At laia moment
240.ai5.S0
SpvIo 3,251.19
Other currency authoriifld by the
Laws of the United States 10S.233.00
Foreign monny 1,659.00
Custom-' liability on acceptances
(sen liabilities, per contra) H5.59I.S1
AccounU mcclvablo 20,413.66
Other assets, ytt.:
Acrrued lntertt not entered on
book at close or ousince. on
above date 1,189.74
Total S2.S50.107.66
LIABILITIES. "
Capital atocfe
Mirpma:
Surplinfund 8200,000.00
Undl Idod profits. . 217.1S0.90
J200.000.00
Deposit:
Not preferred, at
fbllows:
Dcpiwlts cubjoct
u check
Demand cnrtlfl
catpsofdepotlt. .
Other certificates
of deposit ....
Deposits w 1 1 h -drawable
only on
presentation o f,
pasa-books
Caahler'a check.
outstanding. In
eluding similar
checks of other
officer
Certllleti checks..
Due trutt com
panies, banks and
bankers
417,180.90
1905.573.57
2,510.23
6.350.SS
CS4.20S.S5
ir.sis.oi
37,016.02
147.6S2.16
Extend total deposit
Acceptance of draft payable at a
future data or authorized by
commercial letters of credit . . .
Funds awaltitu; disbursement. . .
Other liabilities, viz.:
Hervca for taxes,
fxpenset.etc J24S,556.73
Accrunl interest en
tered on books at
closfl of business
nn above datn. . . . 5,913. 4S
Eatlmatod unearn
ed discounts 24.S55.60
1,801357.67
55,591.31
96,751.97
376,077.78
Total..
.12,850.107.66
REPORT OF THE CONDITION OP THE
M. BERARDINI STATE BANK
at the close or business on the 23th day of
Fobruarj-. 1020:
RESOURCES.
Stock nnd bond Investments, vlr.
Public sccuritle ,
IVlvale securities
Lor and dlinunta secured by
othercollalrral
liar, tllsiwinta an,! bllla pu
chasl not bccurwl by collateral.
Due trom approved
reserve depositaries,
lest amount of oil
sets 825.000.00
Duo from trust com-
fianlet, banks and
isnkcrs not Included
In preceding Item, . . 320 892.Q
8260.449.62
167.478.4,9
74.014.13
I 43S.7: !
("Fther currency aut horited by tha
Laws of the United State,
Ortlflcatea of Indebtedness
Ot her assets, viz. :
Sundry debtors
34S.802.M
,775,33
74.397.80
250.000.00
3.043.60
Total 81,181,716.78
LIABILITIES.
Capital stock 8150,000.00
surplus:
Surplus fund 8650.000.00
Undivided profllt . . . 28.250.16
Deposits:
Not preferred, as follotri:
Deposits subject
to check 883.808.43
Deposits withdraw
able only on pre
sentation of pasa-
booka 121.111.64
CertlCcd checks ... 1,210.00
Unpaid dividends. . 16.786.23
Due trust com
panies, banks and
bankers 122.947.39
678.230.15
Extend total deposits.
Due to steamship companies. . , .
Other liabilities, vis.:
Accounts pa) able
Total
350,843.69
2,663.05
63.99
..81.181,716.78
for the development of the commerce
and Industry of both countries."
Hnblraliaw Klectrle 'OfTerlnsr,'
The Hatdrsliaw Electric Cable Com
pany, recently Incorporated In Delaware
for the purpoee of combining nd con
solidating the Babtrshaw Electric Cable
Conmany Inc., the Blectrlo Cable Com
pany of Bridgvport and the Baro Wire
Company, inc. han sola to a syndicate
headed by Potter Bros, ft Co. 12,000.000
of 7 per cent fifteen year convertible
dobenture gold bonds and 40,000 shares
of common stock, which will be offered
to the public soon.
OnOANISSATION ENOINEER Entire
Sclsntifle nan i.ayoutt. rora Intensive
Progressive Manufacturing Conveyor Sri
terns and Matboda Installed. Ruult
Ouarantted. Peerless and Chandler Plants
or work.
RESOURCES.
Stock and bond Investments, viz.:
Public securities
Mortgages owned
Loans, discounts and bills pur
chased not secured by collateral.
Accounts receivable.
Due from trust eompank?. banks
and bankers not included In pre
ceding items .
Total '
LIABILITIES.
Permanent capital
Surplus
Deposits:
, Deposit, subject to notice, with
drawable only on presentation
of pass-book
Funds awaltlrg dbbursomcnt
Total
810.342.50
12.000.00
400.00
6,434.75
6.802.34
UF-poiiT oVTnni conditio? orxna.
LAWYERS TITLE AND THUSTCa.
at the close, of business on tbe 28th day of
February, 102U.
RESOOTICBS.
Stock and hnndliiTmtment vis.:
labile securities (Ixa)H. value). II.fUO,916.0 l
.Private aocuritle ibook value). a.llUioWW
Ileal irttato owned :t,022,06Jl
Mortgage owned, ., .... 7,70V,M2,9-t
I an and discniinta secured by
Ixmd ami morlgagei dnel or
other real otato collateral. , 4'l9.ir.W
imam ami dUoDuati secured, by . ' '
ether collateral r,019,41.6W
U)an, discounts and bills pur-
rhasod not wicured by twllatoral 3,786,787,60
4ven1raru 0,1183
Duo from appw
ed roservo de-
lKKliarlcw, Inns
amount of ofTaett 11,760,728.34
Due from trust
companies, banks
anil bankers not
Included In onu
ceding Item. ...r 800.00
Bnocla ,
Other currency autborlMd by
thn laws of the United States. .
Cash Items, viz.:
ICxchange and
rhocka for next
day' clearing. 8332.013.50
Other dhh items Jt.07U.69
Due from tbe Federal Reserve
Hank of New York Iota ult.nit.
Customera' liability on accept
ances (see llflbilltlos, por con
tra) ,
Other assets. vU.i
Accrued Interixt
entered on bonlu
at close of busi
ness on abmu
date j:574.0ll.l
Accounts roceiv.
ahln for aetrch,
t It to fnos, etc. , 34.1,916.41
Other assets lH,o:rt.77
1.78I.52A.21
20i.5l,7O
702,169.00
300,0t.l'.
1.03313.70
i
50,000.00
738AM.34
Total , . . .I32.417.504.30
, LIABILITIES ,
Capital stock.. 14,000,000.01)
Surplus:
Huroln ftird... 85.000.000.00
Uiidlv Idod uroflti 0U4.662.0
DepcAlta:
, I'rufiTrMd, as fol
Iowa: Due Now Vork
State tavlngH
bank.
Duo New oic
Statn savins
and loau asr
clatloa and
rnxl It unions .
Other denoelt
due as execu
tor, adminis
trator, guar
dian, receiver,
tntstoe, com
mittee or de
lwsltary Deposit by tho
fetato of Now
York
Other deposits
secured by a
Jilodgoof assot
eposits other
wise preferred,
if any
Not preferred, as
fol Iowa:
Deposits tub
Joct to check..
l turn uujjvaiw,
certificates and
other deposits,
thepajment of
which camios
legally b re
quired within
thirty dais. . .
Demand ccrtld
catcs of deposit
Other certifi
cate of deposit
Deosits with
drawable ooly
on presenta
tion of pasv
Cathler'a checks
similar
checks of other
officers
Certified chock.
Due trust com
panics, bonks
and bankers. .
0,994452.04,
M33.002.24
13,934.61
1,603,533.05
2,063,133.17
103,863.85
311,978.07
14,201.219.73
300,433.56
C34.4S3.9t
5,000.00
91,133.47
2S8.SIW.95
329.293.45
123.433.67
mil o.vabl. Including Indebted
ness for money borrowed, rer
resonled by note. certWcatea
of dopos.lt or otherwise
Rediscounts
Acceirtance o f
drafts payable at
a future date or
authorized by
commercial let
ters of crodlt
Is own accept
.anccs bought in.
Other liabilities, viz.:
Reserved for tax
es, expenses, etc.
Accrued Interest
entered on books
at doss of busi
ness oa abore
date
Estimated un
earned d I a -counts........
21.041.SS1.81
60,000.00
23.000.00
500,000.00
500,000.00
23.000.00
213.038.44
99.647.63
42354,45
356,130.81
TtJtal. .
.83217,894.39
REPORT OF TIIE CONDITION OF
THE BANK OF AMERICA
at tbe close, or business on toa zsin aar oi
February. 190:
Stock and bond Investments, vii.:
Public securities
Privato securities
Ttefll vtf.il a ou ned
Loans and discounts secured by
collators!
iMn. Hlaemtnt. and hlllt nur-
chasiil not secured ba collateral. l.8$.??i'I?
Overdrafts - -
Due from trust companies, banks.
and bankers-
2.I07.4I8.1S
2.050.000.00
12.163.0S4.SJ
Other currency authorised by tht
laws of tha United States
Cash Items, viz.:
Exchange and
checks for uext
day's clearings 822,306.1 44.41
Other cash items. 466.602.46
Duo from the Federal Reserve
Bank or New Vork. .
Customers' liability on accept
ance Other assets, vu.:
Accrued Interest not entered on
books at close of business oo
abuvo date
12,510.71
2,Si8.70.M
43354.79
696.929.00
S3.772.748.W
8-2O5.403.9t
2.004.977.13
83300.01
Total
LIABILITIES.
Capital stock
VtirWiisfund 6,000,000.00
UtHllYldeJ proOts, 189,083.98
Deposit: . .'
Due New ".ork
Stete Savings
Banks . ... 83,829,661.61
Deposits subject ...,,
tocbeck. .. 40,772,480.81
Demand eertlfl-
cat of deposit. 4.279.59
Csthler's chocks
ouutandins. . . 22M74.73
Certified checks. 795,671.39
Unpaid dividends 4J54.00
Due trutt com
panies, tanks.
and bankers . R.607,1 35.41
. .869.943,333.93
J1.300.0OO.0J
732.03.3
Total deposit . -.
Acceptances of tbrfts PThlj
at a luiure uaxv u..
by commercial letters of credit .
Other liabilities, viz.:
Reserves for
taxes, expanse. ,(IU,nl
etc 8158.543.01
Accrued Interart
not entered on
books at clem
of business on
above daw 22.714.00
Estimated un
earned d 1 s -counts
139.344.19
84.139,372.3
3,374.079.11
340.601.3-1
Total.
86o.94U33.tr?
REPORT OF TIIE CONDITION Of
Tbe Russian National SI Vladimir Hems Unlr.
Au'n. Pr 3B2nxer.
231. 333. 233 East ,17th St.. New York. N. V.,
at tbe close of business on February 28. 1920.
lUQUUItlLn.
Stock and bond Investments, vtz.
Public eocuritlos 16,316.25
Loom and dltcounts secured ny
Accounts recelVable.
Duo from rorcign oanks
and bankers $3,871.16
Due from trust compa
nies, banks ana Danker
not (eluded In creced-
J log item. 3.031,67
Foreign currency.
Cuh Items
Other asaett. viz.:
Kurullura and flxturea....
835.979.49
823.000.00
8.4 10.75
I.i95.l3
673.59
335.979.49
The San Miguel National Bank of Ms
Vegas, located at Let Vrgat. In tbe Sum
t New Mexico, Is closing Its a St In. All
f ha note holder and other creditors ef th.
Ell WUI. - , " lauilCS ,atlDSUQ uni,Vt IlIIIBf I1U l
ef Stocks; rapid return to Production basis to prtaent tbe notta sad ethtr clalma for
after war. J RAT P, DBARDOKIT, 2331 1 payraenU
Rldgt Ave, Phllaaslihla, r. y TX X. BOSSINS, Caihltr.
4.330.0O
985.23
9.523.01
3,716.26
782.68
TUI LiABILiTIE's;
Ponnsr.ont capital
Surplus
Deposits: , , .... ,
Deposits eubjeet to check $6q.40
Demand deposit with-
rlrawablo only on pret-
entatkm of past-books. 11,774.3)0
Fundi held awaiting
tranamlsslon abroad. 130.79
Due steamship compa- ,.,
nice for tickets sold 634.00
.. 1.007.60
..J38.949.96
..SIO.OOO.OO
.. 8,315.47
Total
J'KTER S. PllILIPOKF.
18.18449
.8I9.849.94
NOTICK TO 8TOCKH0LDEIUI PAYTOK
C04L, A IRON RJLWAT. CO, Btokheld
nt who have bought Dayten Coal IrOn
Railway Co. stock throogH Rll Ca,
will klndlr ctmmnnlettt wttk 3Mg X T,
111 Sun-lltraJcu

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