The Sun and the New York herald. [volume] (New York [N.Y.]) 1920-1920, March 18, 1920, Image 13

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The Sun and the New York herald. [volume], March 18, 1920, Image 13
About The Sun and the New York herald. [volume] (New York [N.Y.]) 1920-1920

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The Sun and the New York herald. [volume] (New York [N.Y.]), 18 March 1920. Chronicling America: Historic American Newspapers. Lib. of Congress. <https://chroniclingamerica.loc.gov/lccn/sn83030273/1920-03-18/ed-1/seq-13/>

Newspaper Page Text

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
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26
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63
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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
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16
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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
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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.
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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.

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About The Sun and the New York herald. [volume] (New York [N.Y.]) 1920-1920

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The Sun and the New York herald. [volume], March 18, 1920, Image 13
About The Sun and the New York herald. [volume] (New York [N.Y.]) 1920-1920