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STEEL IS SHOWING
HIGH OUTPUT RATE BROWN BROTHERS & CO. EitablUhed IBIS NEW YORK Philadelphia Boston An Efficient Bank. When we plan for organization or ac counting systems, we think not in terjms of cost but in terms of the most efficient results. NATIONAL BANK 23RoSTftteT.vHtnc FIFTH AVENUE CROSSES OROAOWAV Daily Ingot Production in Fobrunry 142,000 Tons, Al most a Record. : DOUBT PLANS OF STItIKE Fabricated Steel Bookings Are Largest for Two Years and .Mostly for Building. Orders executed in all Pittsburgh Securities Equitable Trust Co. Stock Bought & Sold HOLMES, BULKLEY & WARDROP MEMBERS New York Stock Exchange Pil'.iiurih Stok Exchange Union Bank Bid;. Piltlburgh CI Broadway New York We offer and recommend investment for Syracuse Gas Co. 1st Mortgage 5 Gold Bonds due Jan., 1946 Absoiute first mortgage on property Syracuse Gas Co. all Present price, 85, compares 102 normally. with Carstairs & Go. Investment Securities Member? l'hiladelpiila anil New Yori flock Ktctisiwcj 71 Broadway, N. Y. 1419 Walnut Street Philadelphia Producers express surprlso becauso o! tlio high output ctatlstlcs In tlio Iron nnil steel Industry In view of car and coal shortages, and ottier obstacle, which nro faelnj? steadily surmounted, oecordliit to weekly trado rcvlewt. Steel Ingot production In February averaged 12.000 tons a day, which 1h almost a high record rate, Caution relative to new activities or labor organizers ut various steel works districts, Including Onry, Is heard. Oossln In tlio trade ' has It that the latest strike plans cen tre about May 1. On that point the Iron Atjc says : "Reports of prepara tions for a. second strike have been cir culated for several weeltn, but ttio will ingness of workers to repeat too soon their heavy eacrlllvo of wages Is doubled. "Chicago Is the principal source of rolling stock order." continues that periodical, "those of the week Including 100 locomotives and ,J,00O earn. For tie latter 28.00U tons oi sleel has been placed. The first i.'ill order for next year, 9,000 tons, has been given by tho Missouri racille to tho Colorado mill. "The situation as to automobile sheets remains unaffected by tho Increase In ingot production. Ono Detroit com pany offered $100 per ton at Cloveland for open hearth sheet bars for conver sion. One Ohio steel company made Its March adjustment on sheet barflat $70. "Notwithstanding various reports tho Steel Corporation still adheres to the finished stcol prices of March 21, 1919. Tlie extent to which the American Steel and Wire Company has sold wire prod ucts on the baste of tho price ruling with It at time of delivery does not ap pear, nor is It certain that this policy actually points to an advance In Its prices. Denmark Aiding Reconstruction We have prepared an illustrated booklet on the agriculture, commerce and finances of Denmark thowing the prominent position held by Denmark during the war and her present importance as an exporter of foodstuffs; also Denmark's relation to the expanding Baltic trade. Copy upon Request. BROWN, SHIPLEY & COMPANY L'ltabllihed 1110 Omce for Travels UJ Tri Mail. LONDON. S. W. Founders Court. I.othbury I.OXDO.V, U. C. TEXAS PRODUCTION COMPANY DALLAS, TEXAS Announces to its shareholders that the stock will be withdrawn from the market on April 1st to 10th. Small allotments of (stock arc now being offered at $3.00 per share and the possibilities of the stock arc such as to warrant im mediate participation. L. K. BELCHER & CO., 1416 BROADWAY Suite 403. Phone Bryant 8554. G. F. GETZ HEADS U. S. DISTRIBUTING CORP. New Enterprise Announces Officers and Directors. 7.57 Return On a Safe Conservative Preferred Stock Company established 45 yean ' age Earnings five times dividend re quirements. Handles product which is daily necessity. Safeguards about this security place it in practically the same position as a mortgage bond issue. Strong sinking fund require ments. Price $92.50 and accrued dividend Yielding about 7.57 Circular on Requti'- Scott & Stump Mrmhrri ConxolMnted Stock r.Khame or New York Investment Securities hPECIAI.ISTS IN oni) I.OTS Stock Exchange Building rilll.AIIKU'illA, rt. New Tork Oim O Wall Street Ulrrrl Trlrato Wire pTOLEDO, OHIO; I Secor, Bell & Beck with Members New York Stock Exchange We tnttt vour Injulry on Libbey-Owens Sheet Glass Com. & Pfd. Toledo HomeTelephone 5 Bonds 1922 And nil local tecurttlti. Circular "S-O" on request. Gudner BIdj. Toledo Fabricated Steel ItooUiiiKN Cain. "How little effect high prices nnd more or less delivery uncertainty have had on building work Is Indicated by the large volume of fabricate! steel book Ings, which amounted to vo per cent, o the capacity of the country's shops In February. It Is tho largest month's business for two years, nnd compares with an average rate of contracting over eight years of 53 ir cent. Much of Uiis work goes Into Industrial plant exten sions. "Knclish shinvards are sounding the mnrJtpt for uriwarri of 10.000 tons of tdates on which 4 cents, und possibly 3.73 cents, has been quoted. Of tlie 300.- 000 tons of biiipbuildlns material r- eentlv boucht from ths l-littea siaieb Shipping Hoard 20.00U tons have been sold to Kngiand, fc.000 tons to Italy and 10.000 tons to Japan, with 15,000 tons lillv to no to Scotland. Two Danish Biiiiiiuiiiillnir nrolects have been aban doned on account of high prices. Thus far March has developed a larger export business than was put on me uouua m v,o drat tmif .if February." Tlio Iron Trade kcvkv) says: cmi- ments of Iron and steel are ueginnmg to surmount the various obstacles that hac held them back, nui xnc lmprinc- n.ent Is not suincienuy uronoum'" w lend much encouragement or coiiiiulucc. ... -cU- Iiiih been the flood conditions in the Pittsburg. W heel ing and eastern l-cnnsyivaniii mail'".. ..i.lrli hna further ourtaiieu uruuutwuii. Car and fuel shortages cuu ieiuem the dominating influence, vjn uu m" of finished steel In mill yards still arc growing as the produc ii i,.a,t.i Hhpoil of transportation. A Mr.KecsnorL Pa., plant has 375,000 hn. nf tin tilato awaiting cars. An other interest has 80.000 boxes. A Pitts- hurt wire company nas oeeu uuuumm.ii. Ir over 25 per cent of Its output. The N donal Tube Company lart week man aged to ship all but about 2.000 tons ot Its production. Mahoning Valley plants arc operating on a hand to mouth basis as respects fuel. Priced Vmlcr llcttcr Control. "Ituyers ot steel generally no longer em so unxlous to sizc upon tonnage Cor quick shipment regardless of price as they were a few weeks back. This has tended further to deprive uio mai- ket of some of Its cxcuaoie luiiui-nuiua and wide price nuctuauuns. niiiler better control, su-ti imv" v- v,(Y.i r.nl weakness. Iliui. , , "Talk of recessions in i uuu i appears to be more of rumor than of fact In this connection the astonish ingly large bookings of the merchant furnaces of tho country arc pertinent With but a few stacks missing, statis tics Just compiled by tho Iron Interests show unnilcd orders for merchant Iron as of March 1 we.-c approximately 4 775,000 tons, February's production and shipments by these furnaces were slightly In excess ot 600,000 tons. At this rat, the normal marketable capac ity of tho country Is sold up to Novem ber 1. Total sales of iron In February are shown to h.v.o been more than 1.000.000 tons. Haslc iron continues to demonstrate its true market position at $43, Valley. Structural steel awards In February were tho largest since June, 1918. and,) totalled 171,000 tons, or 05 per cent, of tho fabricating capacity. Contracts this month, however, have been running In considerably less amounts. Indicating that high prices and prolonged deliveries are more effec tive in holding up work. An interest ing development In tho export market is In tho reappearance ot sizable In quiries for pig Iron from Europe, icllect- in; the chortage abroad. -l nesc negotia tions now under way at N'cw York In volve 15,000 to 30,000 tons for tho Continent" Tim fnited States Distributing Corpo ration, formed to distribute essential commodities, as coal, Ire, lumber and building materials, announced yesterday for the first time Its otllcers and di rectors, as follows: President, (ieorge F. Getz, president of the (.Jlobo Coa! Company, Chicago : vice-president and treasurer, I.. J, Hunter, vice-president of uardner Paulson: secretary, Waller K Whittlesey : directors, M. F. Burns, Henry J. Fuller, (Ieorge F. fletz, Harvey D. (llbson, II. M. '. Murphy. F. S. Pea body, Harry T. Peters, J. Ernest Rich ards, S. M. Schatzkln, E. V. It. Thajer, 11. E. Ward and W. C. Watt. The company has $25,000,000 author ized stock, of which $5,000,000 has been Issued. It has two Important sub sidiaries, the Sheridan-Wyoming Coal Company, owning mining properties near Sheridan, Wyo., and the United States Trucking Corporation, which possesses the equipment and facilities of twenty seven concerns handling a large part of the trucking business In nnd about this city. Of the former's cailtallz:itlon of $3,500,000 of first mortgage 7 per cent. debenture bonds, $3,600,000 of debenture per cent, bonds and 50.000 shares of common, nil outstanding, the distributing corporation owns the stock and the de benture bonde. Net earnings of the coal properties for 1320 aro estimated at $1,200,000. Of the capitalization of the trucking company, consisting of $2,000,000 of S per cent, preferred stock an 1 S0,000 shares of common, all outstanding, the parent company owns 11,000 shares nf the common and is a syndicate partici pant to the extent of $1,000,000 in the preferred. Net earnings of the com panies which compose the trucking cot poratlon for tlio year ended August 31 last were approximately $1,250,000. PUBLIC SERVICE TO PAY DIVIDEND Quarterly Common and Pre ferred Are Announced. Ni:w'Anu, March 17. Quarterly dividends"- on Its common nnd pYefcrrcd stock were declared yesterday by the directors of the Public Service Corpora tion, it was announced to-day by Thomas N. McCartcr, president of the corpora tion. Tho common stock dividend was 1 per cent, and the preferred 2 per cent. A previous quarterly common stock divi dend was not declared when the time for It arrived last December, 'The electric company nnd tho gas company," said Mr. MrCarter in a state ment, "are now functioning properly nnd making satisfactory earnings. Tho rail way company has been allowed a rate sulliclent to keep It going: that Is, to enable It to pay its operating expenses a:.d llxed chuges. Tho rate docs not provide sufficient revenue to yield any substantial return upon the Investment of the corporation In the railway com pany's stock. This situation, it is ex pecteii, will be cured during tlie next few months. "Tho railway company has suffered from excessive operating expenses, caused by abnormal weather conditions, The early months of the year are rcla tlvcly lean months in the public utility business, profits being made In the lat ter part of tho year. "The showing of the corporation as a whole for so much of the ear as has elapsed Is so satisfactory and the estl mate of earnings for tlie year so piomls ing that the directors felt justified in taking the action above set forth. The pending quarter will be only the second time in the history of tlie corporation that a dividend declared at this season of the year will have been earned by the corporation in tho quarter to which tlie dividend Is applicable. $2,000,000 Habirshaw Electric Cable Company 7 15-Year Sinking Fund Convertible Gold Debenture Bonds, Series "A" Dated March 1, 1920 Duo March 1, J935 J Interett Payable March 1 and September 1 Jn New York Authorized $3,000,000 To bo presently Issued $2,000,000 Coupon Bonds in $1,000 and $500 denomination, registcrablc as to principal only. Subject to call as a whole or in part at 110 and interest to March I, 1925, thereafter to March I, 1930, at 107 0 interest! thereafter to March I, 1935. at 105 and interest. NEW YORK STOCK EXCHANGE PRICES. Contltuftl from Vrercdina J'noc -C'loslns.-i lilii. I Art III! S.I Sali-5. I lOpen I inc. I Win-ext. 02 A3 26 SS-?i 15 20 U 63 30 63 lS- 75 28H 102 15V. 83'4 mi 18'J S3 3V' 35U !)3 43i 2R14 3S4 16 29 ?i C5 39 Vi 64 77 69 2Si 102?i IIS 84 90T6 mi Drill for New Stock Clearing. Three drills a day are being con ducted In tho new Stock Clearing Cor poration's home In tho basement of the New York Stock Exchange to familiar ize tho brokerage houses nnd their em ployees with tho now method of clearing ! loans and balances. For a short time 'only balances will bo cleared until the '.new Tichlnery shall be running smooth- h hen clearing loans will be Intro ((".dced and tho new corporation will be 'functioning to Its fullest extent. The I drills aro conducted at noon, 2 P. M., ' and 4 :30 P. M. by a well-drilled stair, ! which goes through tho procedure to bo jlolloweout in conducting the new cor poration. The representatives of the 1 various brokerage houses see these , drills, while every move is explained by a lecturer. 81 Vi 37 41 i 98',i 101 Ts 16 23 .!2 65, 1 nVi 78 43V 74 91 1004 24 57 135 71 H 102 Vt 169VJ 10 210 TOBEY & ESRK Memttra N. T. STOCK EXCUANOK WANT CALCO CHEMICAL riillti. Itnplil Trnimlt Snrplim Vi. Tlie Philadelphia Rapid Transit Corn puny reports for 1019 surplus, after all charges and Federal taxes, of $1, 715.S76, equivalent to $2.86 a sharo on It3 capital stock of $50 par value. In 1918 It oarned $2.55 .1 share. Gross earnings were $36,u3v.3If. agAinrt $31. 701.(27. and net earnings $11,615,690, against $11,334,856. Fixed charges amounted to $0.92!l,S13 nnd dlvidnids pild totalled $1.409,2:0, leaving a sur plus lor tlie year of $216,0S6. 41 15 225 70U 95 26Tfc 60 33 121 66 45 50 203 12 27 75U IS 68 96 53 103 67 Vi 47 93 112 74 69: 76 U 27' 10! i'. 82 12 43 97 99 102 16Vs 24 Vi 33 67 18 11 78 43 75 98 100 24 58 150 1 i -t 102 170 10 11 41 16 232 70 96U 27 61 34 122 67 45 51 20 1 13 28 3 62 02nI 12 I 58 25 75 SI 18 68 97 53 109 69 47 100 113; 74 69- 76 o ,1 11 2d fii'Vi 3 1!V r.s si Odd lots 1! 19000' Pan Am Petrol T ! 7 1400!l'on Am Petrol & T 15... 91 1500' Pennsylvania It H I 43 4C0l'cnn Seaboard Steel ' 26 700 People's (ins, Chic 3S 300 Peoria & Eastern I 14 1S0O Perc Marnuetto ' 29 OS 93 43 fit. I doling. Net Chans? 95 91 42 '8 26 100 1500! 23900 1600 Pero Marquette prior nf. 0 Philadelphia Co 39 Pierce Arrow Motor ' 64 Pierce Oil Corp ! 1SK8 38 I 38 i5 14 29 65 ' 39 10 10 4 4 3 12 1300'Pitts, C C A St Louis. 100 Pittsburg Coil of Pa 1600'Pittsburg & West Va.... 7000, Pressed Steel Car lOOi Pullman Co SSOO'Ptinto Allegro Sugar 1600' Railway Steel Sp ex rtiv. 500 Ray Consol Cop 23S00!Reacllnr; 200lRradlr.s 2d pf 1600 Remington Typewriter .. 200,Replogle Steel 2U0Republlc Motor Truck... 36000 Republic Iron & Steel. . . . 200JItepubllc Iron & f-leel pf.. 6200 Royal Dutch Co M Y 100 St Joseph Lead 700'st Louis & San Fran.... lOOjSt Louis Sc Sun Fran pf. 3G0'Savago Arms Corp 4300'Saxon Motor ". 600lShattuck Ariz Cop 7600 Shell Trans & Trading... 13000 Sinclair Consol Oil S00 Sloss-Sheffleld S & I 100 Sloss-Shefflekl S & I pf.. 12400 Southern Pacific 2200 Southern Railway 200'Southcrn Railway pf.... lOOlStandanl Milling Co 2100'Stromberg Carburetor. , 3560O Studcbakor Corp 4200 Sluts: .Motor 100 Tenn Cop & Chcm 20400 Texas Co 500 Texas Co full paid 100 Texas Co 30 p c pf 7000 Texas & Pacific 100 Third Avenue 700 Tide Water Oil 1600 Tobacco Products 400Tobacco Products pf.... S500 Transcontinental Oil.... SOOtTrnnsuc- & Writs Steel.. 1700'L'nIoii Oil.. 900 200 200 100 800 1500 500 5200 100 4600 tTnlon Pacific I'nion Pacific pf United Alloy Steel United Drug Co 1st pf... United Fruit Company. United Ry Investment.. United Ry Invest pf. ... United Retail Stores.... USCI Pipe & Kdry. . . U S Food Prod Corp.... 150C0IU S Ind Alcohol. 300 14900 500 100 49800 300 800 13800 2100 300 400 U S Realty & Imp , U S Rubber , U a Smelting, R & M.... U Smelting. It 5: M pf. U S Steel , U S Steel pf Utah Copper Vanadium Corp Vn-Carollna Chcm Wabash )f A Western Maryland 2500!Wcstern Pacific. 200 600 400! 500 6400 2C0 700j Western Pacific: pf Westlnghotisc K & M. . . Vviievllng Sc Lnl.-o Eric. White Motor ex til v.... Willys-Overland Wilson & Co Vortlilngtoii Pump 5S 2S 9S nr. S2 97 1S S6 SO 43 42 95 98 101 16 23 33 65 18 1t 7S 43 73 93 100 25 58 140 I 71 102 ir.i 10 210 1205 204 41 2Z5 69 95 27 61 33 121 66 45 51 03 13 28 75 18 68 07 53 10 69 47 99 113 74 58 74 2S il 24 63 52 18N. 76 58 28 103 116 84 100 18 86 35 S2 43 42 97 9S 10 16 21 6?i 1S 11 79 43 74 93 5 8 140 71 i--,'4 169 10 212 205 204 42 15 226 70 96 27 61 S4 122 66 45 51 204 13 28 t 29 65 03 V 61 1S 18 68 97 54 109 70 100 113 74 C9 77 2S 11 25 63 62 .....I i.i I, 58 2J 73 SI 58V 25 75 82 2S 115 S2 97 18 84 35 78 43 42 92 98 100 16 23 33 " 65 17 11 77 42 72 93 99 21 58 140 69 99 149 10 207 11. fc, 204 40 13 25 69 93 26 60 33 45 51 202 1.1 27', 74 94 53 106 69 47 98 113 73 56 74 27 10 24 C2 52 12 57 21 80 v 1 v 93 43 26 3S 15 29 65 39 63 18 76 58 28 102 116. 83 99 1S 85 35 S2 43 42 96 9SU 101 10 24 66 T, 18 m 78 74 93 100 24 68 140 71 102 169 10 210 !04 41 15 126 70 I 96 27 00 34 121 66 45 61 02 13 27 4 1', 1 1 .1 i in 18 68 97 53 103 69 47 100 113 73 59 76 27 11 25 62 52 i 12 68 23 75 1 81 1 1 '4 1 1U 3 1 1 Vi 1 , " 1 2 16 1 t 2 17 1 4 2 5 Ti 1 '" Vi u - Vi 4- a; - U 1 1 - 2 1 - Vi 2 2 - Vi ?t " - 1 vi Convertible into Common Stock without par value at the rate of $100 face value of Debentures for four shares of Common Stock to March 1, 1925; for three shares of Common Stock thereafter to March 1, 1930; for two shares of Common Stock thereafter to maturity. GUARANTY TRUST COMPANY OF NEW YORK, TRUSTEE . From a Idler by J. Nelson Shrece, Esq., President of the Company, we summariie as follows: BUSINESS: The constituent companies have been engaged in the manufac ture, and sale of insulated wires and cables for many years. Leading customers include the Western Electric Co., American Telephone and Telegraph Co., New York Edison Company and other large users of electric power. , PURPOSE OF ISSUE: To retire $177,000 par value bonds of Habirshaw Electric Cable Co., Inc., and to provide additional wot king capital, which, due to large growth of business since ending of war, can be utilized to great advantage. PROPERTY: The constituent companies own three large, modem plants advantageously located at Yonkers, N. Y., Bridgeport, Conn., and Neppcrhan, N. Y., having present yearly capacity of over $15,000,000 gross business. SECURITY: No mortgage may be placed upon present property while any of these Debentures arc outstanding, unless ratably securing this issue. Com bined net current assets must always be maintained equal to 115 of these and other Debentures which may be issued. The Company plans to acquire direct title to business and assets of the constituent companies. EARNINGS: For the past four years combined earnings applicable to inter- , est charges on this issue averaged $475,728 per annum. For year ending Decem ber 31, 1920, such earnings arc estimated at $1,300,000, equivalent to over nine times interest requirements on the $2,000,000 Debentures, leaving a balance, after interest, sinking fund, depreciation, preferred dividends and taxes, estimated at $4.70 per share on the 135,000 shares Common Stock of no par value, proposed to be issued. SINKING FUND: A fixed annual Sinking Fund of 3 of the largest amount of Debentures at any time issued will retire at least $60,000 bonds per annum and an additional sinking fund of 10 of net earnings after charges is expected to retire a substantial additional amount annually. When, as and if issued and received by us, temporary bonds will be delivered on or about March 25th exchangeable for permanent engraved bonds when ready. Application will be made to list the Common Stock upon the New York Stock Exchange Wc offer these Bonds, subject to prior Sale, at 98 and Accrued Interest, to Yield-7.20 Potter Brothers & Company 5 Nassau Street, New York This Information and these statistics aro not guaranteed, but have been obtained from sources we believe to be accurate. New Issue $3,000,000 State of Maine Highway and Bridge S Gold Bonds Dated April 1, 1920. Due serially 1921-1931. Principal and interest payable semi annually at the office of the Treasurer of the State, Augusta, Maine. Interest payable emi-annually April 1 and October 1. Coupon bonds in denomination of $1,000. , Tax Exempt in tho State of Mains Exempt from the Federal Income Tax Legal Investment for Savings Banks and Trust Funds in New York, Massachusetts, Connecticut, and Various Other States,. Eligible as Security for Postal Savings Deposits ' v on a 100 Basis Wo recommend thoso bonds for investment Bonds due April 1, 1921 at price to net 5.25 Bonds due April 1, 1922-24 at prices to net 5 fa Bonds due April 1, 192526 at prices to net 4.90 Bonds duo April 1, 1927-29 at prices to net 4.85 Bonds due April 1, 1930-54 at prices to net 4.80 Complete circular on request Harris, Forbes & Co New York E. H. Rollins & Sons New York Coffin & Burr, inc New York Cltlea Service Gro Gntn. Tho Cities Service Company for Feb ruary, 1320, reporten grom income oi $2,111,765. an increase or ish.isu, com pared with that for February, 1919. Net Income available for dividends on the preferred stock for February, 1920, was f 1,881,270, an increase of J322.1SS com pared with that of February, 1919. Tho balance available for rcfcrvet. dividends on common flock and RUrplus was 31. 493,61:. an Incrca&o of J2Sn,7S5 from that of February. 1919. Monthly earn ings of Cities Service Company have been showing a steady Increase since July, 1919, February, 1920, having shown $811,066 moro gross Income than did August, 1919, with an increase in earnings available for payment of pre ferred dividends of $795, dm, mid the in crcaso in balance available for reserve, rivldends on the common stock and sur plus In the six months period was $771,6:9, or more than 100 per cent Selected Canadian Securities Fend for our list of Cana dian Bonds, wih principal and interest payable in New ork as well as Canada. It may solve your problem of transferring money ami save exchange. Send for list. H. B. ROBINSON & CO. .!l?i,J!!..:,n,n JOiw-fwit 1S7 ht. James Street, niontre.it. Founded 1797 Seasoned Investments 30 Pine Street New York Graham, Parson 5 Co, INVESTMENT SECURITIES 4J5Cr.ejtnutSt. Fhilifilphu 115Bridaj N.w York KteUr !!t. MONTGOMERY 6-CO 5Boryi - CVote 's.Prtftmd Stocfu Philadelphia - New York. - Chicago 4 1 4 , v i.