The Sun and the New York herald. [volume] (New York [N.Y.]) 1920-1920, April 26, 1920, Image 12

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The Sun and the New York herald. [volume], April 26, 1920, Page 12, Image 12
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.]), 26 April 1920. Chronicling America: Historic American Newspapers. Lib. of Congress. <https://chroniclingamerica.loc.gov/lccn/sn83030273/1920-04-26/ed-1/seq-12/>

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THE BPN 'AND NEW YORK HERALD, MONDAY, 'APRHi 26, 1020.
12
MR EARNS 10.88'
PER CENT. IN 1919
Annual Jtcnorfc Shows Horn ns
11.09 Per Cent. During
PAYS 9 P. 0. IX DIVIDENDS
Pinal Profit niid Loss Surplus
Is 923,702,740 for Last
Year.
Tho Delaware: mid Ilud'on Company
tamed 10.13 per cent, on its rnpllal stock
In 1819. aBalnst 11.09 per rent In 1918. nnil
nld 9 per cent In illvIuVmla In 1919,
according to It annual report for 1919, ln
nucd to-day. Final profit und loss kiii'
plus nt the clo.o of 1919 was J2J.TC2.749.
ngalnst $22,9T1Kl nt Its beginning, tho
Increaso tiolnir accounted for by tho nur
plus for tho year nftcr dividends, tho
allowing being based on tho 1'Vderal
rental. L. V. Lorce, president of the
company. In tho general remarks to
stockholders, discusses the domestic ob
stacles to tho lc.itoriitlon of noimnl con
ditions nt homo and alnoail, which, ho
says, delays tho ruHUuipiiuu of bu.lness
prom-ess. His remarks follow In part:
"Tho chief domestic obstacles aro (1)
the extremely low purchasing power of
money, (2) continued nusorptlon of liquid
capital by tho Federal government, and
(3) excessive and badly adjusted taxa
tion. Theso conditions may bo Sepa
rately Indicated, although they aro close
"y related and Interdependent, l'or ox
ample, low purchasing power of money,
commonly suggested by tho popular
phraso 'high cost of living,' Is In part a
oonsequenco of tho unprcccdentctd ex
tent In which high taxes have been made
a, part of tho cost of every productive
process, whllo In come degree tho volume,
of taxation Is necessarily augmented In
order to meet Increased governmental
expenses resulting from tho high level
of prices. ,
"Tho diminished purchasing power of
money Is sufficiently Indicated by tho
Index numbers of wholesale prices com
piled and published by the Bureau of
Labor Statistics of tho United States.
Theso numbers, the year 1913 being used
as tho basis of comparison-!. e 100 per
cent., arc.
Are-age wholesale prices cf all commodities
compared with 1MJ
1MJ 1UOI1517 15
1JI4 10) I IMS -.. 1!
MIS 101 J 1319 212
un i:i
"In considering tho foregoing It is de
alrablo to bear In mjnd that tho prices
of 1913, tho year used as tho basis of tho
comparisons, represented a great ad
vance which had been substantially con
tinuous since 1S9G. Tho prices of 1913 av
eraged moro than tO per cent, higher
than thoso of 18)5 and about IS per cent,
higher than those of 1MB. The upward
movement of prices during tho last half
of tho year 1919 was much moro rapid
than during any previous six months'
period.
"Tho easy conclusion that such ad
vances In prices, to which so far as Uiey
represent necessaries of Hfo all costs of
production must bo adjusted, aro fully
explained by the term "Inflation" will
not suffice Money m circulation In tho
United States has greatly Increased, but
not In the degree rcqulrod by the theory
suggested. The data aro as follows:
Gold and fold
Jnlyl. certificates. Total.
1513 ;-.... .1.612,33S,'08 T3.EC3.72.43
lilt .. 1,017,693.820 3,403,015,427
1315 1,662,951,433 2.SCD,21.674
mt ... 2,OS1,OTJ.K1 4,024,130,K7
1317 2.4M,E6,S86 4,761,175,653
J9UJ 1,935,430.776 6,S79.4r7.434
1919 ... 1.715,173.257 ,SU,oM,K:8
SiV ..... 3,270,166,6:7 6,300,5S!.K6
January 1, 19M.
"While thest figures show very rapid
Increase In tho volume of the circulating
medium. It will be noted that tho Increaso
'fey no means coincides with the Increase
Jn prices, nor was there any accentua
tion of tho rate of Increase In the mone
tary supply which compares with tho
great acceleration In tho upward move
ment of prices that occurred during tho
last half of 1919. Statistics of bank
clearings show, however, that the work
done by the average monetary unit can
be and has been greatly increased, prob
ably to supply tho larger funds required
to do business at tho higher levels of
prices and wages. The figures arc:
Average a 31
Year. Total bmk of money In
clearliisrs. circulation.
1913 (1(9,SI5,7W,600 C0.4X
im n-.,!4-,20i,-."s 45.M
1013 7,S17,56l,G4S U.C2
1316 I"C1,S55.773,C6.J 65.07
1917 16,9'I).3C4.112 64,41
1918 3U2,S54,0.'6.463 61.7s
1319 417.519.523.3iS 71.43
"Although the volumo of money In cir
culation decreased J5,84G,08G,199 on
February 1, 1920, thu llrst two months
..of tho year show an Increase In bank
clearings of 28.50 per cent, to an aggre
gate for the period of $74,832,130,591,
which compares with S3S, 236, 283,740 In
tho oamo portion of 1319. These data
suggest the operation of an Impulse to
ward higher prices other thaa the vol
umo of money in use.' Increases in bank
loans and in Individual deposits have
been roughly proportionate to tho In
creaso in coin and currency circulation.
Such loans, reported by the Comptroller
of the Currency, stood at $15,288,357,
283 In 1914, and at $27,114,262,000 on
Juno 30, 1919, while tho growth In de
posits was from ?1S,51",232,8"9 In 1914
to $33,180,744,000 in 1919.
"Prior to the year 1917, early In which
the United States beeamo engaged in tho
conflict with tho Central Powers of Hu
rope, Federal expenses, not including tho
cost of tho Panama Canal,had never 111
any year reached a total of three-fourths
of a billion dollars. The highest for any
year, 1915, was- $731,399,759, and tho
average for ten years, 1907 to 1916, In
clusive, was $664,214,727. For the flm
eight months of tho current fiscal year,
that Is from July 1, 1919, to February
29, 1920, tho corresponding aggregate
was $4,107,732,751. During February,
1920, those' expenses amounted to $274,
950,739, or at an annual rata In excess
of $3,450,000. Although the expendi
tures for these periods show a notable
reduction below the eight months from
July 1, 1918, to February 28, 1919 (dur
ing a largo part of which warn was
actually , In progress), when tho total
was $11,254,463,355, It was still neccsr
nary to rely heavily upon tho Issuo of
Treasury certificates of Indebtedness
and the proceeds of such Issues covcreu
Into tho Treasury (but used, In part',
,to redeem certificates of tho camo char-
actcr) during tho later period amounted
to $9,709,974,969. Tho total of such
certificates outstanding on October 31,
1919, was $3,733,423,800, representing
14.38 per cent, of tho total Interest bear
ing debt of that date, which was $25,
969,641,615. Banking resources are also
absorbed In loans made to enable pur
chases of United States bonds, these
loans being repeatedly extended. Data
showing the combined resources anil
liabilities of the twelve Federal ltescrve
banks show that the following conditions
existed on the' dates Indicated :
THE WEEKLY CUEB MARKET.
Twelve Federal
Reserve Hanks.
Total reaourcei .. ..
Bills on hand'
Total
Per cent, of re
source Ellis on hand
Total
becured by (iovcrn
ment war obliga
tion
March 11,
1913.
March 12
193).
:.:7,mj,iio jg,127.;o-.,ooo
2.1U.ED2.C01 2,927,613.000
4131
47.7S
2.HJ.50.',M ;.527.6IS,0Ou
Total
Per cent, ot bill
on hand
Otherwise, secured.
Total
Per tent, ot bills
oa band
.. I.TO-.-JI.wo l 515.953 000
,9 it 51 ;s
1 116. t: 1. 000 JI.411.659 O00
"0.77 . 4S.22
INDUSTRIALS.
two Acme Coal 4'i 2'i
Kino Aetna Knploi V,i ',
M Air Reduction ,, 41 41
1140 Allied I'licltlng ., Slli 21
100 Aluminum Hit.. 91 n
200 Am Chlclo 71 67
COO Am Candy X!i U
W0 Am Tub 1) IX! 13
200 Am Writ Paper. i'i,
tm Aim iii, Nichols,. 21 :s
'W Austin, N lit 87 M',i
"0) Armour I.cutlicr.. 16 la"
:o All Fruit U 4
loo Hertford Auto ... :K iS
17C0 Hilt Am Client. .. ,
1300 llr Am Tub reir.. 21'( 21
13100 Hr Am Toll coup "I'i 29Vi
600 Carbon Htccl 1 110
76(iO Car Milit Z't 2
H. .00 J 1 Cao 2J4 o'i
37W Central Tcrrna.,, 7!i C'.,
too Cleveland Auto., 75 71
WOO Col Emerald 7
tu) Clinton W W.. 37 37
I. 'l Conley Tin Foil.. 23 23
100 Colonial lire 4'i s'i
tww 4,'oi (iraf rw 2-H Ps
11.VO Cuban Am Hug... 63 C(
SMCurtlM Arro 8 7V4
OA) l)uvion cn 4J'1 4?"4
li"' libtninion NS old. 's Is
M Krnplre -flci'l 13 35
100 Kmpiro Hteel vt. VI 1
Vli Karrvlt Coal to 4J
42.WMIWI AipliBlt WU 72',i
: (Jen Asphalt lit.. 139 115
J07t' C!i-ii Motors rts.. 2 Pi
f Cold") II l'H'lUrts. W t3',t
10 lien UTactori
TTUi (ir.-iiw Ola
57") CruiH) Ola it....
110') Holly Muur
7(0 Hanna Tnbaivo.
too lliirana Tob pt-..
K0 Hrrvuiel I'aiivr..
IKOi) linden Cliem.,..
7"J Hydraullo Slrcl..
2tM HiKit Valley
40) imperial Tobacto. 10W
Iiuliaii P.uklinr... 11
2jiO Jiilcr uuuiier it;
1.
48
3
9
42
2.1 -3
01 ,.
67 ..
STi ..
12H -13
m; -Hi
23 ..
m -s'.i
16 - t
..
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20H -1
110 -10
14
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7
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37
4'i
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35
112
43
74
113
3
23' i
1
:u
. 61
, Hi
, H
z
"o
37!i
IS'i
4 in) Krstone Hdothrr. IS
00 Ubbj- McNeil . . "!
K IJncoln Motors A. n't
150 Ixjcomobllo 1
l.le Mar I'i
SOO Lima lco J3
1J) Mercer Motors.... i'J'i
6T0 Nor Am Paper... l
2i0 Onihcum Circuit. 32
."00 I'atchonuo Ply... 41
c:ih) Perfection Tire.. 5V1
; Presmaii Tire... 3?4
100 Pyrene Mfir 13
Hadio t'onil 2'i
iimw Hadio Coml lit... "'.j
11410 Kalnlcr Motors.. 47
4500 Itrpub Tiro Jlub 4
4.100 Hocliaway H M-. 12
2M) Santa (Villa a..23Vi
150 Slinrcr Mfj 139
C Hiilcer ills new., a)
50 Standard Parts.. 2i;i
692 Stilt! Mot 730
1(0 Stewart MI 47',i
2SI0 Sub II0.1t 15
3904 Swift Int 41
29100 Sweets Co 2'i
1000 Thllnket Pai kluir lib
1500 Times Si Auto.. 21
200 Toll 1'rrxl exp 17
295 Todd Ship 195U
11900 Trlanjrlu 1'llm ',
2 U S Distributing. 4".
1550 U S lliitti Sj T... 32,
f)Uzold lire !i
3VM V H Hteam "i
600 II H Transport.... 10?,
7600 United Pic l'rod... 6'i
16600 UnttPd Prof Sh.... 31.
16000 United Itet Candy. 16
625 Universal P 2i
700 Union Carbide. ... 66
20U V Vlraudou Inc.. 17'i
10) Wayne Coal 3!i
1700 Wlllja Vuiv 211i
200 Willys Cn 1st pf... W
100 Willys Cp 2fl pf.. 73
1200 World l'llm i
200 WorM l'llm 1st pf. Pi
400 World Film 2d pr. .
ST.VM).UtD OILS.
21W Anclo Am Oil.... 25U 31
Ki Olilo Oil 345 2li)
20 South Peiin Oil. ...310 310
K Stand Oil Cal 313 310
C Wttiiil Oil Ind 740 740
C2 Stand Oil N Y....422 395
lOoi) Sid Oil N J rts... 4'j 4'i
10 Vacuum Oil 393 391
INDEPENDENT OILS.
2;()Aj.n on
92 Allfll Oil
8141) Allied Oil
16500 Amal Itoyalty.
32000 Anne Hells
ISoo Atlantic Gulf..
HO) Ark N'st Gas...
41700 131; Heart
61500 Iloolle Oil
33000 Hob Wyo
1500 11 D Homer
OM llanudall A...
100 llarnsdall B
3TO Carib Synd....
J1CO Central Oil
W0 Circle on.
.t 41
.t 3J
. 30
. 12
. 4!i
.13-16
.
.451
. 47',i
. :s
. 27H
. 3S
2560 Cities Berv 11 ctls. 40t
14510 Coaden & Co Slj
3600 Pel Tex l?s
21910 Dominion Oil 16;
23ll DiKiuciifl 6
7300 Klk Ilasiu Pet.... 10
67(h) Engineer Pet.... 1!4
200') Krtel Oil Pi
ll'M Esmeralda Oil 5 1-16
13200 Federal Oil 3H
lif0 Venaland Oil I'i
RlUiland (111 ."A
600 Gtlllland Oil pf... 92
14&KI Glcnroclt Oil SV4
7101) (Juflcy Cileplo.. S2',i
21500 Granada Oil llLi
1000 Home Oil 21i
130.) Hercules Pet A.... 7
21(0 Houston Oil 103i
9100 Hndion OU 7-15
100 Hughes Petrol.... 8
14100 Int Petrol 38
15500 InrlndWn 43
SiV,00 Iland Oil 6b
tCOO Kay County Gs.. 2lj
4700 King Petroleum... Hi
4:0) Lance Creek t 3.1
23000 I.lringston I'i
im I)ne Star Gas.... Si'.i
7500 Magna Oil 4,i
210 Manhattan Oil.... 10
6XO Maracalbo OU 21'i
31i) Merritt Oil W,
CMC Metex Oil 41
37200 Metro Pet 4Vi
3!yi Mexico Oil 2V
11700 Midwest Kef 165
5100 Stldwt't Tex 'i
270O Noble O Is 0 1 5-U
57l N'o Am Oil 4
3W) Ohio Tuel 33J4
1000 Okla Nat Uai.... 40H
600 Omar Oil 6Ts
162v) Okla It Texas.... Hi
400 Panhandle 16
900 Panhandlo pf SOH
600 rennok Oil 6Si
7600 Phillips Pete 39H
32.V"! Phillips Pets rts.. 2(4
2500 Prod & lief SH
3900 Pitts Tuxas 13
5000 IUhI Itock Oil.... K
1900 Kick ard Texas.... 1H
171(0 llyan OU 31i
H7W Salt Creek Prod.. 4."Aj
too Sapulpa lUf 6',i
2i Savoy Oil 7
1100 Sealioard O & G.. 4
19W Sequoyah OU 7-16
491(H) Sinims Pet 27
940 Shell T & T rts.. 25
17i00 Skelly OU lli
33)0 Southern States.. 1 1
190) Spencer Pet 20i
12500 Stanton Oil '4
301) Stelner Oil 5
C0) Superior Oil 19i
1700 Texo Itaiiger 111
C10O Texas Chief 2.;
347i 'l'exsi Pan Coal... 90
21000 Tex on Oil 1
W Trinity Oil 9-W
2600 Tropical Oil 20
475i United Tex OU... Pi
3300 Valverilo OU 7
500 Victoria 011 new. 1'4
1100O Vulcan 011 5
1750 Whelan 1
121100 Whlln Oil 2SS
500 White Eagle 24
W Woodbnra 0(1
4000 y 011 u
MININ'O.
32700 Alns-Tlr Col 2
2500 American M 1
.1000 Alaska Mines
2000 Am Tin & T
1700 Ariz Silver
14000 Atlanta t
17500 Bclchc Divide. ...t
4r) Helelier Ext
Oton nig Idgc
:c.v Booth
:) Itos & Mnn
l.VM llutte-S V
70CleO Mln
Mm Cal & Jerome...
S.iv) Canada Copper.
K9.) Candelarla M....
llvi Carson Hill
7I0O Cons fop M
!H) 111 vinrlnu..
2V4
ft
t 10
... S
..t 0
.t c-t
... i
..t32
3-16
ir
4?i
3
M70") Cortex Silver.... t 59
l'i
. ft
. 11
. Zii
. 2h
ft
3
tim Cresion Gold
45") Cri-rent McK....
lffl DavU Dalv Cop.
too !)? I1.HTS Mines..
C) Dolores E-peranz
71'.,ffl Divide Ext
75ft) El Silvsilor
2IHX) Km ma Silver 1 1014
2Sft) Eureka i"roeii9..1 15-16
15500 Eureka Holly l'i
9(00 4'i Mlnlnir 1;
47ft)(inlilcn Gat 'i
lSirt) Gold Coin 1 13
2l"l Gold Devel 10
!iff (kild Kewnnns...t 31$
7W Gold Merger t 3
ISI-fl Gold Silr licit. 12
liVn Gold Zonn t 24
Great Bend t 1
r.l'ii !l"ola Mlninr.
10 Hnndurns Syn 19
lN non ninsoni.
Jumbn Exten.
Vt Kerr Uike ...
Keyttone Utah
raw Kimt Divld?.
l.V) n Itoe Mln
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BONDS IN NEW .YORK STOCK EXCHANGE
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Week Ended April 24, 1920.
' 1920. 1919. 1918. I 1020.
Kales for week.. $96,009,000 $07,100,000 $28,201,0001 January 1 to tlatP,$l,240,921,Q0O
1919, 1918.
$1,057,547,000 $420,054,000
High. Jw. Clot. Net , 1930
flilet. tit. est. Inr. Ch'ge. High. lw,
5310 Liberty DM' 03.00 03,00
73 Liberty lit 4 00.00 85.00
104.1 Liberty 3d 4s ,. 80.00 B4.20
S83 Liberty 1st 4 (1 00.10 K3.00
7 Liberty 1st 2d cvtd 4 Ml. 08.00 07.20
10fl71LllHrty 2d 4 ill N0.0S 64.20
lt0-17Llberty3d4Mn ,.. 02.00 00.00 00.00 l.no 04.0S 00.00
27448Mberty 4th 4'f R7.00 84.80 fU.00 1,10 03.00 S4.50
B071 Victory 4M 00.74 00.00 0(1,48 .28 00.40 05.01
B201 Victory 3 00.70 00.00 0(1.50 .43 P0.40 0fi.00
3 United State 4s rrg 100
03.30 .30100.40 03.00
K3.00 4.80 03.88 85.00
R5.02 1,00 02.42 81.20
RO.OO 4.U0 04.00 8.1.00
07.24 ,70 101.10 00.50
f.5,84 1.13 02.80 81.20
103J 100 lOOJf 103 K
1481 Anglo-French R1 00 03
1 Anglo-Vrcncn 5i ntr 07f 07M
SO'Cltyof nordcauxoa R0 K8J'
21 City of Lyons On SOtt 881,'
2(1 City of Marseilles U 80 H 88;
374 Hty of I'-rl- to . ... POM 8(l
24S United Kin-; SKs 1021... 00 05)1
858 United Kins BH '22 rets. D.IJf 02J
427 United Kin 6 '20 rets. 01i 00M
231 United Klns;5)is 1037... 87$ 801"
138 Dom Canada 6M 1031 . . 07) j 07
87 Dora Canada 6s 1021.... 07'f 07
4.1 Dom Canada Bs 1020. ... 01 Jj POH
47 Dom Canada 5s 1029.... OIM 02'
38 Dom Canada .V) 1031. . . . 01 00.1$
13 Hepublir of Cuba 8s 1004. Ol.'f Ol.M
1 3 Itepubtlc of Cuba 4 lit ... 73 J j 73
80 U 8 of Mexico 5s 34 33M
30 V 8 of Mexico 4s 28 27),'
4 Dominican Republic 5s... 83 82$
31 ArKentlne Gov 6a 72 70K
1.1 City of Copenhagen 5M. 0
n.i Chinese Oov 5s 40 44 M
400 Japanese 1st 4M 78 74M
87.1 Japanese 2d 4Hi 701' 7314
074 Japanese 4s 02 M 59M
13 City of Tokyo 5s 57 57
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89 NY City 4 Ms 1003 OS'f 04M
6 N Y City 4h'i 1007 Vi'i 05
B N Y City 4 Ms 10CO 00 88
10 N Y City 4 Ms 1000 00 ES
7 N Y City 4s 1037 83( 84
13 N Y City 4s 1030 "83J' 8.1
13 NY City 3 Ms 1054 Nor. 78i 78
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14 Adams Express 4s 50
4 Alatka Gold cv os series A 10M
O Alarka Gold cv Cn series 11 10),'
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1 AmA-rChemeonvs..., 00'
1 Am AsrChcmdebfis 04M
14 American Dock tc Imp li. 07 '1
52 Am8me!t&neftnlng6s.. 78;
82 Am Tel & Tel cr Os 00
4(1 Am Tel 4: Tel clt 6i 78JJ
9 AmTel&Te.cv4!ii.... 80
60 Am Tel &Telelt4- 75M
S Am Writing Paper 7s 81) J
24 Armour 4 Hs 80J'
3 AtchTop cSantaFecv4s CO
10.1 AtchTop 3: Santa Fegn 4s 73M
1 AtchTop AH Fad 4 J 04
30 At'rh Top S P ad 4s -td.. (Xl.'j
0 A T 4 S F East Okla 4s. . , M
1 AtchTop 3:8 FFh Line 41 71
J Atlanta & Charlotte 6s. . . 84 TJ
3 Atlanta .t Chariot tc 4 Ms. T.S'Ji
4 Atlanta & DamlUo 1st is 00M
50 Atlantic OUne 4s 74 M
1.1 Atlantic C Line coitr 4s.. 03
0 Paldirln Locomotive 5s... 00!'
125 Baltimore & Ohio 0s 83 M
09 Baltimore & Ohio 5 1095. 00);
01 Baltimore & Ohio cv 4 Hs. 00
6.1 Baltimore 3c Ohio goid 4s. 80
30 Baltimore k Ohio 3)ji. . . 81
30 Balt&Ohlo8W3l's.... 70);
i3 II AOPLE &WVa4s... 65J,'
8 Bait k Ohio T&O 4s 40
0 Bethlehem Steel fdg 5s... 82IJ
8 Bethlebem Steel 6s 1936. . 82) j
12 Bradcn Copper fls 80
27 Bklyn Rap Trans 7s 47
0 Bklj-nItapTrans7srfst.. 42
7 Brooklyn Union F.I 1st. . . C3
1 JlulTalo Roch it lltW 3f.. . 80 H
1 Bur Cedar Rap & N con. . 87),
1 Husli Terminal 4s 70
1 California Oaa &Elec 5s.. ar',i
A Central Foundry Cs 72 72
32 Central Leather m 03M 03
12 Central of Georgia Cs 87 87
8 Central of Georgia cn 5s.. 78 77
80 Central raciflc 1st 07M 0.1 M
1 Central raciflc 3 M 78 78
2 Central Pacific BL 4s 05 M "Js
1 Central It It A: II Co Ga 5s 70 79
4 Central II IS of N J 6i. . . . 97M D0)
2 Central R It N J 5s re. . 06)' 05);
64 Chesa & Ohio cv 6s 1940.. 75 M 74 M
C.1 Cheta & Ohio cv4Ms. . . . 09' CM
20 ChesaOhlo4Ms 72M 70JS
1 Chcoa & Ohio R & A 1st. . COlf 66M
9 CM & Alton 3s 44M 4M
80 Chi it Alton 3Ms 33 32
624 Chi Burl k Qulncy int 4s. 04 Jf 94 )
12 Chi Burl k Qulncy gm 4s., "5 71
1 Chi Burl & Qulncy Bl 4s. 79 79
4 Chi Burl & Qulncy ni3Ms 70M 09
1 Chi Burl k Qy Neb 4s. . . 87 Jf 87'
41 Chi Great TVest 4s S2J 51
1 Chi MU&Puget Sound 4i. CO 00
19 Chi Mil tStraulcvS... 0.1) 03 H
31 ChiMll&StPgm4Ms... 73 73
1.1 ChIM 4:8tPeonv4H... 6.1 Jf 05
18 ChlM:8tPrd-4M'-... 58)( 60
24 ChIM & St P deb 4s 0M 55
9 Chi Mil k St P 4s CI); CO
13 Chi Mtl k Pt P 4s 1923.. . 71 it 7.DJ
3 C M & St P 3M- 55 63M
5 CM St I'D k P WSs . . . 05f 93 f
4 Chi Mil k St P Dub 0s.. . 97M 07M
2 Chi & N W gen 5s 91 01
1 C k N TV gen 4s std 704 70Tf
4 Chi k N W deb 1921 97 07
1 Chi 4 N AT s f Si 03 03
10 Chi k N W gen 4s O0M C9JJ
2 Chl&N W3M C2JJ 03
3 C&N1VStLP&NW5s.. 83)f 79
7 Chi Railways 1st 6s 03)1 02J'
8 Chi Rock tsl k Pac 4s. . . 67 06
120 ChiRockIiJ&Facrf4s.. 03M C2)i
18 Chi Union Sta 4Ms 74)i 7J
19 Chi k West Ind 4s 60 50
112 Chile Copper 7s 101f 100
233 Chile Copper 6a 77M 70
3 O C O k St h 4Ms 74 74
3 O O C k St L gen 4s OO 64M
30 C C C k St La!rodlv4s 71 71
9 C C C & St LClnW4:M4s59;' 68J
11 Clcro Short Line 4Ms.... 80)' 70.M
14 Colorado Industrial clt 8s. 73 73
2-1 Colorado Southern ex 4Ms 7() 67),
1 Colorado Southern 4s.... SO); 80);
3 CompTabKecOs 82 82
.1 CnnnnlCnalnfMd.ls 70 737;
157 Coasolldatedaas7s 10OM 100
2 Corn Products 6s 1934... 98W 98i
239 Cuba Cano Sugar conv 7s. 100
3 Del k Hudson cv 6 TOM
11 Del & Hudson ref 4s 74J'
7 Denver 3c Rio Grande 6s.
2 Denver k Rio Or 4Ms...
23 Denver k Rio Grande 4s.
100 Denver A Rio Or ref 5s..
3 Detroit City Gas 6s
5 Detroit Tunnel 4 Ms
7 Distillers Sec Corp5
1 Dulutb & Iron Range 5s. . 87
1 Eait Tenn Va k Ga con 8s 01
O Elgin Jollctfc Eastern lit. 80K
20 Erie 1st con 7s
0 Erie 1st con 4s
30 Erie cv 4s A
2 Erie cv 4s II
20 Erlecv4sD
22 Erie gen 4s
83 General Electric 6i
9 General Electilc3Hs
6 Granby Mln cv 6s ser A . .
1 Granby Mcvfis ser A std.
IS Great Northern 4 )fs
2 Green Bay &W deb B....
1 Havana El Ry conv 6s... 8t)f 84f 184M
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15 Hocking Valley 4 M CO 64 64 3 73 04
3 nouton& Texas Ccn 1st. 89i 69 M 89 M IM 03Jf 89M
8-t Hud &Manfdg5iserA.. 68 M 67; 67M Uf 60 84
2G4 Hudson k Man adj 23 M 21Jf 21 Ui 23 Ji 13
14 Illinois Central 6Mi 83jf 85M 65 M Uf 03 8.1)1
1 Illinois Central 4s 1931... 82 79 M 79,' I 83) 79M
23 mtnols Central 4s 1932... 64 04 64 t 74 f C-t
3 Illinois Central 4s 1933... 03)1 02M 62M Ul 72Ji 03M
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4 Illinois Steel 4 Ml 77
40 Indiana Steel 51 01
678 Inter It T ref 6s 1900 54
102 Inter-Met roltr 4 Ms 18J
178 Inter-Metcoltr4Msctfs, 18
3 Inter AgrChrmlcal 6i.... 81
83 Int Mer Marino col 01.... 1)0
1 Iowa Central 1st
7 Iowa Central li
4 Kan City Ft 8 &M4i..
2.1 Kan City Boutliernrf 8s
H Kan City Rtiutlii-rn 34...
40 Kan City Terminal 4. .
1 Keokuk k Des Molnu 1st 08
3 KOEIL&PC1 1007.... 81
10 Lark St orlfM 1923
109 Ijjrkfitcel6slu50
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13 IaUo Shorn & M So 4s 23
6 Lake Shorn k M So 4s 31
3 Lalio Shore it M So 3 J4.
'2 Leo ltublier & Tiro 7s. . .
.28 Ihlgh Valley 04. ...... .
1.1 Liggett k Myrrs 7s
7 IJi?gctt& Myers 64
1 Ixinir Island con 64
10 Loiut Ikland fdg 4s
40 loulivlllo &Nn-Jivllo4i.
1 LANAtlKiioxiiCluls
3 Loulnlllo& N Stimuli 01 08
0 ton i: N So Monon col 4i. 00H
6(1 Manhattan Is 50
I) Manhattan 4s stamped... 83
0 Michigan State Tel 5i. . . . S4
38 Mldvalo Steel 6i 82
1 .MliiiiAiSltouisii 07.M
1 Minn .t St touli fill 31. . . 48
11 Mian & St Louts. 4s 40!i
49 Mo Kan k Tcxai 4s 57f
20 Mn Kan k Texas "dir. ... 30
23 Mtanurl I'acinomn
11 Missouri Paclflc 61 1"23
1 Missouri Pactflo 5 1903.
89 Missouri l'acldc gen 41, ,
4 Mobile 3: Ohio ot 04....
3 Moblto k Ohio 4
20 Montana Power .Is
17 Morris 3s Co 4Ms
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1 National Starch 6s 03)
1 National Tul6s 89
10 New Orl Terminal 4s A... 03
04 New Orl Tex VMcxSs... 50)1
1 N Y Air Brake cv Cs 00
05 N Y Central deb Os 8SH
10 NY Central 4Ms 73H
11 N Y Central con 4 0S)
22 N Y Central deb 4s 72M
48 N Y Central 3 Mi 0,1)1
2 N Y Central 3M, reg. . . . GIM
8 N Y Cen Lake Shore 3Ms 57
8 N Y Central LkSh 3 Ms rg 87
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2 NY Chi .tat L deb 4s...
12 New York Dock 4i
II N Y Gas Kl h II 1: P5i..
1 N Y Gai I.t L II k 1 41.
0 N Y Lack k Western 1st.
3 N Y Lack k West 4 s
23 K Y N II & II cv Ci
10 N Y N II 3s II 41 1947. . . .
2 N Y N II is II 4i 1953...
2 N Y Ontario is West 41. .
11 N Y Railways rf 4
37 N Y Railways adi Si
12 N Y Railways adj 51 ctfs.
5 N Y'Statn Railways 4Ms.
27 N Y Telephone doll Os. . .
31 NY Telephone 4 Ms
30 N Y West is Boston 4)5s.
2 Norfolk Southern 6s
117 Norfo k Western cv Cs.
10 Norfolk & Western 4i. . . .
139 Northern Pacific 4s
84 Northern Pacific 3.
Northern I'ac Terminal. . . 105 M
6 OriROti is Cal 1st 5s 87Jf
12 Oregon Railway is N 4s. . 72 M
1 Oreyon Short LlneOi. . .. 07
3 Oregon Short Lino 5 SOJi
30 Oregon Short Line fd 4s. 82
10 OrcWsliRRisNavref4 04Ji
48 I'aclCc Gas 5s 78)1
21 Paclflc Tel is Tel 6s 84Ji
109 Pennsylvania 6s 1003. ... 81 Jf
SO Pennsylvania gm 4Ms 75Ji
5 Pennsylvania 4 Ml 1921. . 06f
6 I'tnn-ylvanla 4Ms 1960. . 87)1
1 People's Gai is Coke fdg 54 COJi
0 1'ioria is Eastern Inc 20Ji
21 I'cie Marquette 6s A 81 Ji
1 Pere Marquette) 4i 07
7 Phlla Halt is Wash 4s. . . . 78M
10 Pbila Co conv 5s 1923.... 88 Jf
21 I torillard 7s 103
1 POOi:StL4Ms8erA... SOJf
-1 POOisStL4MsSerB.. 4lJi
5 P Lorillard 5s 83
17 Public Scrv Corp N J 6s.. 02
00 Reading gen 4 74J1
1 Reading-Jersey Cen col 4s 78
3 It.o Grando Western 4s.. 01
1 1 - Grando West coitr 4s 49
C7 Jtk Island Ar is h 4 Ml. 02
5 St touls k Iron Mtn Si . . . 82 Jf
11 St touls it Iron Mtn 4i... 71
10 StLisIMtuRlvisGls.. G4J
2 St Louis Mer Bridge 5s . . . 82 V,
138 Sttouls&SF4si,erA.... 54!f
27 StLouIsisSFSssirll.... 00)1
2.1 St Louis is 3 F Oi ser O.... 83 Jf
63 St touls k SFadJ OS CO
140 St touls is SFIno 01 4IJ1
St touli Southwestern 1st. 02
4 St touls Southwest 2d. . . 45
6 St touls Southwestern 5s.. 63
11 Bt Louis 8 W con 4i 52 .
1 StPMisMMOOl 103M
3 StPaul&IanOShL4JH 60M
7 Ban An it Aransas Pass 4s. 60M
1 Sealioard Air Lino 4s OOJf
3 Seaboard A L 4s stamped.. 8t'f
65 Seaboard A Ladl 30M
14 Seaboard A Lrcf 4i 44M
20 South Bell Tel is Tel 6s .. . 82 Jf
258 Southern Paclflc cv 5s. ...100
68 Southern raciflc cv 4i. ... 70 Jf
82 Southern PadOc ref 4i.... 72
0 Southern raciflc 4i 05M
43 Southern Railway 6i 79Ji
32 Southern Railway gen 4a.. 80f
4 So Ry Mobile k Ohio 4s... 84f
13 Southern Ry St touls 4s.. 03
1 Tennessee Copper Os 01 Ji
1 Terminal Assn St L 5s ... . 83
14 TexasCoconvos lOtJi
5 Texas it Paclflc 1st 5s 75 Ji
18 Third Avenue adj 6s 29
31 Third Avenue ref 4i 40
1 Tol k Ohio O West dlv 6s.. 77M
32 Union Paclflc10-year 6s... 07M
120 Union Paclflc 4s 79M
15 Union I'arlflc conv 4s 83
42 Union l'aclflcref 4s 70
40 UnRRSI'fdgF.qTrctfl. 20 .
2 UnRllSe'fdgUnTrctfs. 24M
5 United Rwy Investment 8s CS
77 US Realty is Invest 6s.... 83Jf
20 United Statin Rubber 7s . . 103
OS United States Rubber 6s.. S2
0 United States Smelting 6s. 100
197 United States Steel if 6s... 04
4 Utah Power 5s 70
1 Virginia-Carolina Ch 6s... 03
7 Va Iron Coal it Coke Bs... 83Jtf
41 Virginian Railway 6i 75
6 Virginia Ry & Power 5s.. 70
10 Wabash 1st 83 M
6 Wabash Omaha 3Ms 51
1 Wabash Terminal 4s 40J
23 Western Electric 5s 05J
31 West em Maryland 4s.... 60J1
2 West NY isPagen43.... 67
5 Western Taclflc 1st SIM
39 West Shore 4 07
1 Western Union 6s 79 Ji
8 Western Union 4 Ms 70
2 WhcclisLakeErio4Ms... 48Ji
6 Wilson is Co 1st 6i 01
40 Wilson is Co cvGi S10
1 Winston-SalemSobnd4s. 02)f
3 Wiicunbiu Central 4s 63 Ji
t Seller 30 days flat.
Low. Cloi. Net ( UJO -i
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07 07J1 2)f 70)1 07
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88)i 88)1 IM 0.1)f 87 Ji
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39 39 Ji 44 37M
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80)1 80)1 K 87M 80 Jf
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51 6.1 Ji 70)1 64
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15709 fcNam3ra 9-18
lwn Masroa Cop 3
7000 .Marsh Jtln t U
2700 Mason Valley :"4
MHO Mother Lode f C3
3401) Mother Lode new f.i
SOCO Murray Mocr....t 7S
imv) National Tin 4',
1WI Nevada Oplnr....t )
rm Nipslng 10'i
ll() Nlxim Xev t IS
iwn North Star t 7
11DI Onliir Silver i
370D ITinee Con t
450 Hand Minos !!
17WI Itex Cons 7H
17f) Rnchester Mlnel.t IS',
Him Huper Croup ,V
:) San Toy t r.
fO Seneca ("oper ... 13
4m Sliver Mount t 73
7W) Nllv King of Am.
-) Silver Klnz Dlv t 4
inroSo Am P O.... 6H
4300 s SUver Lead f,
6-16 ; i
30H so', H
16 17 2
2V, 31 -S
13 63 ..
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74 74 2
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OTWlTonopah Belmont. 34
WO Tono cih Iloy.f 9
t4 Tono Divide l?i
27(1) Tono Ext "ft
loeoTono-Jim It t ii
e0 Tonop Midway.. . 1 13
rj) Tonop jun l i-i6
liW) Tonop Mizpali....t 13
3nnfl Tonop Monuuia.t Ij
4'X) Tonop Ilea KnlM 20
10 Tuolumni) tl
WOO U 8 Continental..! WV,
4930 United Eastern.... 3'i
Jino Unlteil Zinc S;
4300 Victory r ig
1370) West End C
Z,m White Cans t 1
WOO White Caps Ext.t 3
10.7m viltTt ., f ft
6000 ycrritigton t 4
BONDS.
$1-7000 Allied T.vker Cs.. 73
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131
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Am Tel , 'a.. M
Atlant Fruit 7s. 94
An-rlo-Am O TJis-lOOt;
Belc Oov Ci "21..
Kelg Gov bi 'O... S3
Beth" Stl 7s '!.. !OV4
Reth Stl 71 '3...
Consol Tex 7K...10O
c c o & st i os. bj;
Cuban Cano 7S...10O ,
Gooilrleh Tiro 7. 06T4
Kennrrott Cop 7s 934
Inter H T 7s CSV,
N Y Cent 7s w t. PiV.
Pcnn It It 7s lw,
KllflS oov t.5-... 3'
ItURS OOT "4s.... 30
Sinclair 7'is fut
Swedish Gov 6i.. .".'4
Nouth Ilell 7s. . t7'
Swiss Gov 5Hs... M4
Texafl Co 7s.. .. t
Western Elec 7s.. Wli
9.T54 KfH - li
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35 M 3
3i 30 .,
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37'i '7'.', ..
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St 81 3
'',4 M'i '4
fsii Wt - ., ,
Announcing the opening of a New Bank in
the heart of the Uptown Business District
National American Bank
of New York
8 West 40th Street
Capital $1,000,000 Surplus $500,000 :
Member of Federal Reserve System
OFFICERS:
H. I. STEVENS,
Vicc-Preiident and Caihier.
LAWRENCE B.ELLIMAN.
I'caM) Si Klllman, Ileal Kstats
FRANK F. GALLAGHER,
(looilwln-aaUaghcr Sand & Gravel
Corporation
JULIAN M. GERARD.
President
JULIAN M. GERARD, President.
FREDERICK W. GOLLUM.
Assistant Cashier.
DIRECTORS:
WILLIAM B.JOYCE,
lesldont National Surety Com
WILLIAM J. MARTIN,
Foley k Martin, Attorneys
H. I. STEVENS,
Vlco-Protldcnt ana -Jaanier
EDWAKU J. ls.fc.LL Y, ,0Hm jj TQWNE.
Henry Kelly & Sons. Wholesale JV":..''
Produce
JOHN A. McCUTCHEON.
James McCutcheon i Co., Linens
Yalo and Toinia 5If2. Oo.
WILSON HATCH TUCKER.
Director, Lord Ic Taylor
President Empire Stoto Finance Corp.
Commercial and personal accounts invited.
Safe Deposit Vaults. Banking Hours, 9 A. M. to 6 P. M.
Telephone 4195 Murray Hill.
KI.KCTIONS AND MKKTISfiH.
New York. April 31, 1310.
To th Blockltolilert ol
New York Produce Kxchnnffe ltank!
Notice is hereby clven that, pursuant to
resolutions duly ndoplod by tho iloard of
Directors, a special meetlnK of the stoclt
holders of Now Vorle I'roduc'o Uxchanee
Hank will be held at tho ofllco of tho Hank,
No. 10 Broadway, Uorough of Slanhattan,
City of New York, on Tuesday. May 4, 1920,
at twelvo o'clock noon, for tho followluc
purposes:
1, To authorize tho chanso and conver
sion ot Raid Hank Into a National
lianltlnc Ansoclatlon In accordance with
tho provisions of Section 6,164 of tho
Revised Statutes of the United States
as amended by Section S of the Fed-
eral Rosorvo Act, under tho title "Now
York Troduce llxchanso Notional
Bank,"or other appropriate namoi
T. To authorlio the Hoard of Directors of
this Hank to effect such chanso and
conversion of this Hank Into ft National
Dnnltlne Association, to make and to
execute tho Articles of Association and
Organization Certlllcate required to be
mailo or contemplated by said Stat
utes, and also to make and execute all
ether papers and certificates, mid to
dn nil acts necessary to convert this
Hank to the National HanklnB Asso
ciation Into which It Is to be converted
o that tho conversion may be absolute
nnd complete, and to assume ns tho
name of the National Hanklnp- Asso
ciation Into which this Hank Is to be
converted, "New York Producn Ex
change National Bank." or other ap
propriate name; ...
1. To take such other and further action
as may como before said meeting In
relation to said proposed chango and
conversion of this Hank Into a Na
tional Hanking Association.
THOMAS n. NICHOLS, Cashier.
WICKYVIRE SPENCEtt STEEL
CORPORATION
Dividend Notice.
A regular quarterly dividend of : per
cent, will bo paid on the 1st day or .May.
.aha v. -1 l.tH 1Mn.tl m,nre
lu liuiucia " ai.h. -
of this company of record at the closo of
business on tne zznu nay oi prii,
n s f,r-T rn ..t
WICKWIRE SPENCER STEEL
CORPORATION
Dividend Notice.
A regular quarterly dividend of 11 will
t.- ..1 tv,. 1., .lav nt Mnv. 1920. to
holders of Class A Common Shares of this
company of record at the closn of business
on tho 3!nd day of April. 1920.
4. mi.3ir.Jb, xrcasuici.
C0PAitTxr.nsinp notice.
NOllCi: is hereby glrwi that Jolra W. Cutler
Is adi&ltted tu partnership In pur-uance of
tho laws of tho State of Pennsylvania in tlio
firm of Kdwarrt K. Smith Sc lompnny, nt ltll
Cnitnut St.. Philadelphia, Pennsylvania, and
BO Pine St., New Yorfc city, State of New York,
nnd elsowhere, the pirtnets of which firm are:
Albert I- Sniltli. limited; Albert I Smith,
general: Itadllffo Ciiestoi, Charles S. Chestiu,
Albert II. Marckwald, Kdward W. Bucthout
ind John W. Cutler.
ALllKItT T BltlTH.
ItADCLIFPF. CIIiaTON,
tMIAHI.HS H. OHF.STON,
ALIinilT II. MAItCKWAT.D.
KHWAiiD w. hdckhout,
J01LN W. CUTLUll.
April 13. 10M.
DROP IN SHIPBUILDING
FOR PRIVATE LINES
Orders for New Vessels Begin
to Show Decline.
American shipbuilding for private In
terests has reached tho peak, accordlnc
to reports of steel lonnaee) under con
struction received by tho Atlantic Coast
Shipbuilders Association. Tho March
returna show- a much smaller volume of
new orders than In any month since last
October, when tho yards began to tako
on Government contracts on an appre
ciable scale.
Whllo tlio total of eJilps now bulldln-r
Is 280, of 1,337,000 gross tons, this rep
resents a not Increaso of only 80,000 tons
In comparison with tho flfruroa for tho
previous month. It Is far below the
former average monthly gain ot 198,000
gross tons.
Practically all tho new work consists
qt tankers, a disquieting feature, and It
Is apparent that tho demand for cargo
vessels has slumped badly. There has
been a striking growth In tho demand
for oil carrying vessels, 104 bolng un
der way, representing halt tlio total
tonnage building.
The largest amount of building Is at
tha Chester yartla of tho Sun Shipbuild
ing Committee, 11C.289 tons. The
Kearny, N. J., yards of tho Federal
company Is second with 138,000 tons.
Tho Submarine Boat plant nt Newark
has 113,410 under way and tho Bethlo
hem company Is building twenty-nlno
ships of 233,000 tons, but In four yards.
Forty-eight yards are) working on pri
vate contracts.
'
Odd lots. tSells cenU ft Chart.
New York nnd Hartford Insurance
Hid.
Aetna Casualty k .Surety 4110
Aetna Insurance Co 405
Aetna Lite Iuauranca Co C'l)
Assurance Co. of America... 1)3
.Vmerlcan Alllanco 270
City of New York lOV
(.'onunenrai u
Commonwealth "WO
Fldellty-Phenlx 52..
.franklin tc,
tllcns ---alls r.O
Globe & llutgers 1000
Oreat American, new stock.. i'O
Hanover n.
Hartford Flro Inc. Co f.Ti)
Hnrria r,:,.1
National Liberty Imi
National Flro Ins Co -4.-,n
New York Pinto (llass 1141
Niagara :!..
North Illver 40
Northern 1UJ
Pncine 4:,
Phoenix Insurance. Cn 4IC,
Standard Flro Ins. Co.... . 70
Stuyvesant f0
Travelers C7S
United .Stales 43
Westohester 30
Storks.
Asked.
4S5
47..
MO
78
r.75
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MO
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I no
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mo
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r.o
39
ELECTIONS AND MKETINCS.
IntSnational motor
truck corporation
Notice of Special .Meeting of Stockholders.
To Ae SbMotteri of
International Motor 7Vuc Corporation:
Notlco Is hereby given that a special
meeting ot the stockholders cf Interna
tional Motor Truck Corporation, a cor
poration of the State of New York, will bs
held at the office of tho Corporation, No.
2o2 West 64th Ptreet, Uorough of Manhat
tan. City, County and State, of Now York,
on tho 27th day of April, 1920. at 10 o'clock
In tho forenoon, for the purpose of votlnf
upon the following propositions:
(1) To Increaso tho number of shares
or common sto6k which tho Corporation
may lsaun by 238,160 shares, from 0,40
hares of common stock without nomlna,
or par value, to 320,000 shares of com
mon stock without nominal or par valus;
to Increaso tha amount ot the stated
capital of the Corporation by 1,1S5,S00,
from 116,673,900 to 117,860,700 ; and to
amend tho Certificate of Incorporation
of tho Corporation accordingly:
(2) In tho event that said incroaso et
tho number of shares of conimin aiock
which tho Corporation may issuo ahull
be duly authorized, to authorize and
consent to the Issuance of 70,777 of said
adltlonal shares of common stock for
the consideration of IS pec share by h
transfer of 1353,885 from the surplus of
tho Corporation to capital, and the Issu
ance and delivery of said 70.777 shares
ol common stock as a stock dividend to
the holders of tecord of common stock
of the Corporation at the closo of busi
ness on May 7, 1920, pro rata at the rats
of one ahare for each share of common
stock so held by said stockholders at
tho cloe of builners May 7. 19!0:
(3) In tho event that said Increase ot
number of shares of common stock
which tha Corporation may Issuo Is duly
authorized, to authorlio and consent to
the offering of 141,554 or said additional
hares of common stock to "he record
holders of common stock of the Cor-
poratlon at the close of business on May
i, 190. (Including persona entitled to re.
celve shares of such common stock under
tho Plan and Agreement dated July 11.
1919), foi pro rata subscription at the
price of 150 per share, at tho rate of two
shares for each share of common slock
so held by said stockholders at the clois
ot business on May 7, 1920, that Is te
say upon tho basis of their holdings
prior to tho Issuance of tho above men
tioned stock dividend, such aubscrlptlons
to be made on or before May 24, 1S21,
and payment for said sharos to ro n.ads
In four equal Instalments, us follows:
the Ant Instalment upon subscription,
the second Instalment on or before
July 24. 1920, tho third Instalment on
or before September 24, 1920. and th
fourth Instalment on or beforo Novem
ber 24, 1920: ,
it being understood that said offer will
bo mada upon terms to bo prescribed by
tho Board of Directors and that said
offer shall not be extended to holders of
crip representing fractional amounts of
common stock, but that if, on or prior
to May 20. 1920. holders of such acrip
hall surrender tho same nnd receive In
exchange therefor full ahars rt said
common stock and shall tner.,v bncom
record holders of full snares of common
stock, such record holders shall bo en
titled to receive from the Corporation
rights entitling them to subscribe for,
on or prior to May 24, 1520, ono share of
aid additional stock for each -.hare ot
common stock so registered in their
names said rights to be issud at th
time said rcrln Is so surrendered!
(4) To approve an underwriting agree
ment with Hayden, Stone &' Co. for th
formation of a syndicate which will un
derwrite the entire 141,554 shares cf
common stock to be offered to the com
mon stockholders of the company as
aforesaid, and to authorize and consent
to the sale to said syndicate at 350 per
share of ao many ot said 141,554 shares
of common stock as shall not oa sub
scribed for by tho common stockholders
of the Corporation In pursuance of the
offer hereinabove described, paymont for
the shares of common stock which tho
yndlcAte shall be required to uke to be
made In four equal Instalments, payable
as follows:
the first Inatalmeat on or before May
2), 1920, the second Instalment on or
before July 24, 1920, the third Instal
ment on or before September 24. 19;(,
and tho fourth Instalment on or before
November 24. 1920s
said underwriting syndicate to receive a
s?m,mlf;lon.0- rH-4. .upon the "
$7,077,700 of underwriting, and Hayden.
Mote & Co. to receive for their sirvlces
In organising said syndicate, a commis
sion of 133,393;
16) In tha event that the above men
tioned Increase In the number of shares
of common stock which the Corporation
may Issue Is duly authorized, to consent
to the Issuance and sain of 36,393 shares
of common stock to officers, nnents or
employees of the Corporation at any
price not less than 150 per share that
-nay be fixed by the Hoard of Directors,
in their discretion and without regerd
to the market value of said sharis at
the time of such Issuance, and upon such
terms as to payment .as '.he lWrd of
Directors shall deem advisable: and
To take any and all lawful action In con .
nectlon with or Incidental to the oregs.
lng propositions and to consider such
other bLsinesa pertaining to the affairs
of the Corporation as may proporly come
before tho meeting.
The transfer books for the jansf et
stock of the Corporation will jlose at the
close of business on April 24, 1920. and
Will reopen on April 2s. 1920.
By order of the Hoard of Directors.
A. J. BKOSSEAH,
. President
C W. HASELTINE,
Dated. April 10. 1J20. E"'-T
THE HANK OP AMERICA.
New York City. April 1. 1!20. To Ths
Stockholders Of The Hank of America;
Please Tako Notice. I. That a seeds!
meeting ot tho stockholders of The Bank
of America will bo held at the office o!
the Bank, at No. 44 Wall Street. In the
Borough of Manhattan, City of New Y"ork.
on the 27th day Of April. 1920, at 11:30
o'clock In the forenoon, for the purpose of
considering and taking action upon the
following: (1) The approval by tho stock
holders ot an agreement made and.-mtered
Into by Tho Bank of America and Frank
lin Trust Company, npprovod by the tu
perlntendent ot Banks, pursuant to the
provisions ot the Banking Law of the
State of New York for the merger of
Franklin Trust Company Into The Bank
of America. (3) The Increase of the num
ber of Directors of the Hank from nine to
twenty-two. (3) The sale, conveyance and
transfer by Franklin Trust Company t
The Bank of America of all ot the prop
erties, rights, privileges and franchises ot
Franklin Trust Company, subject to the
tatter's liabilities. (4) The amendment ot
the Articles of Association of the Bank In
the following particulars:' (a) Section 1,
of Article 1, now reading as follows: "Sec
tion 1. The name of. this Association shall
be, 'The Bank of America,' and Its busi
ness of discounts and deposits Is to be
carried on in the City of New York.", to
be amended so that as amended It will
read as follows: "Sec. 1. The name of this
Bank shall bo 'Tho Bank ot America' and
Its principal office and place of buslne-s
shall be In tho City of New York and It
may open, occupy or maintain such branch
offices at such places and for the trans
let ton of such buslnos as may be autlio'
Ited by law," (b) Section 2, of Article 1.
now providing (as amended pursuant to
resolution passed at a specla. meeting of
stockholders on October 7, 1895), that the
amount of the capital stock of the Bank
shall be 11, 500,000, consisting ot 15,001
hares of the par value of 3100 each, to be
amended so that as amended It will read
as follows: "Sec. 2. The amount of Its
capital stock shall be Five million Ave
hundred thousand dollars (IS.SftO.OOO) di
vided Into titty-five thousand (55,000)
shares of the par valus of One hundred
dollars (S100) each." (c) Section 1, ot
Article III. now reading as follows:
"Sec. 1. The powers of the Association
shall be exercised and Its business be con
ducted by nl.ie Directors. Every Director
shall be a citizen of the United States nt
America and shall own and hold at all
times. In his own right, at least ten shares
ot the capital stock of the Association.",
to be amended so that as amended It will
read as follows: "Sec. 1. Tne powers ot
the Association shall bo exercised, and Its
business conducted by twenty-two direc
tors. Every director shall be a citizen ot
the United States of America, and shall
own and hold at all times. In his own
right, at least ten (10) shares of the capi
tal stock of the Bank." (d) Article IV,
now reading as follows: "The Board ot
Directors, out ot the funds of the Associ
ation, shall defray all Its expenses, and
twice In each year may declare and pay
such dividends as they may deem expe
dient, and as shall bo lawful, out of the
surplus profit of the Association, to th
Stockholders or their authorized attor
neys: ot which dividends notice shall b
Immediately published, for at least tea
days, in two dally newspaper printed in
the City of Now York. Any Interest ac
cruing on unclaimed dividends shall be
long to the Association.", to be amended
so that as amended It will read as follows:
"Article IV. The Board of Directors, out ot
the funds cf the Bank, shall defray all
Its expenses, and may declare and pay
audi dividends ns they may deem expe
dient, and as shall be lawful, out ot the
surplus profits ot the Bank to the stock
holders or their authorized attorneys. Any
Interest accruing on unclaimed dividends
shall belong to the Bank." (e) Section 3,
ot Article VII, now reading as follows:
"Sec. 3. The President and the Cashier
shall sign all Certificates of Stock to oe
Issued by the Association.", to be amended
so that as amended It will read as follows:
"Sec. 3. The President or any Vice-President
and tha Cashier or any Assistant
Cashier shall slgi all certificate of stock
to be Issued by the Bank." II. That a
special meeting of the stocKholders ot Ths
ll.nl, nf Atnrlf.i nil! hA hl,1 at fhk nff!a
1 of the Bank, at No. 44 Wall Street. In the
Dorougn ox -jannaitan, city ot .ew ior,
on the 27th day ot April, 1920, at 13 :1
o'clock In the afternoon for the purpo-s
of authorizing the Increase of the capital
stock of The Bank of America from 11,500,
000. the present authorized amount, con
sisting c! 13,000 shares of the par valus
ot (100 each, to $5,600,000, consisting ot
55,000 shares ot tho par value of 3100 each,
and the disposition to be mada of such In
ceased capital stock. III. That the stock
transfer book of The Bank of America
will be closed at 8:00 P. M on April 2i,
1920. and re-opened at 10:00 A. M.. on
April 23, 1920. The attention of the stock
holder Is called to the circular letter bear
ing even date herewith and sent by direc
tion of the Board ot Directors. By ordsr
of the Board of Directors.
William II. Perkins, President. Walter U.
Bennet, Cashier and Secretary.
"VETV YORK TELEPHONE COMTANY.
New Y'ork. April 19, 1920.
TO THE STOCKHOLDERS:
Notice la hereby given thnt th7 annual
meeting of the stockholders of the New
Y'ork Telephone Company will bo held at
No. 103 Broadway, Borough of Manhattan,
The City of New York, N. Y on Tuesday,
the 4th day of May, 1920. at IJ o'clock
noon, for the election ot thirteen directors
and three Inspectors of election and the
transaction of uch other business as may
then properly como beforo the meeting.
WALDRON HOITINS, Secretary.
NATIONAL BANK OF EGYPT
Established under Egyptian Law, June
1S98. with tho exclusive right to Issue
Notes payablo at sight, to bearer
CAPITAL C3.000 -
(In 300,000 Shares ot 10 each, fully pa d).
RESERVE FUND f 2.0H "uu
Governor F. T. ROWLATT. Esq.
HEAD OFFICE CAIRO.
Sub-Governors- J. HOME. B. IIORNSBT,
BRANCH ALEXANDRIA.
LONDON ACENCY:
0 and 7 KINO WILLIAM ST., LONDOX,
E. C. 4,
The Dank transacts all kinds of banking
business.
Rod-el-Farag (Cairo), Schar, Tantah and
Zagazlg and la the Soudan at Khartoum.
Port Soudan. ,
Offices In Egypt at Cairo (Head Offlce)
Alexandria, Asslout. Assuan. Benlu. llenl
Suef, Chibln-cl-Koni. Damanhur, Fayoura,
Kcneh, Luxor, Manaourah, Mlnlcb, Mousky
(Cairo), Port Said, Suaklm. and the Sub
Agencies at El-Obeld. Tokar and Wad
v.i. . , April 26, 1920.
Notice Is hereby given that tho Annual
lltA ?5 ,,A?,ak"ol,Ie" o he SOUTH
,h UWt.rl i-!' 'v -Neon-
company, No. 115 llruulnny, in ih Uorough
?J.w,a.nlm".ar; Clly ot Nw Yrk. on. tlift'
10th day of May 1920. nt 10 A. M. for the
unnuat ejection of directors of said company
nnd .if two Inspectors of election to aervn
for the succeeding year nnd for such other
business as may properly como boforo such
moetlnir.
TO THE STOCKHOLDERS Or TUB
DELAWARE AND HUDSON COMI'AM'.
Notice H hereby given that the ANN' AL
MEETINO of the Stockholders of T "
ni.f iit'ise ivn --iinsnv Ml PA'
I will be held at tho office of the Comp
i No. 32 Nssiau Street, In the Poro'JKn o.
I tunhniin. Cltv of New Y'ork. on T' m
DAY. MAY 11. 1920, at twelve 0 '
noon, for tne election of Managers "
corporation for the ensuing year, and io
the transaction of such other business "
may properly como beforo the '
including considering and voting upon n
approval and ratification ot nil orti. n li
the - Hoard of Managers and Ese.u.'.s
Committee nlnce the last annual n -
of stockholders, and nil matters refer-'0
In tho Annual Report to Htc kho' i" -the
fiscal year ended Doeembi" :'.
The polls wilt open at tii'li
noon and remain pi!ii for al lea' one 1
stockholders of record at tin " - "
business May 1. 1920, shall be e:.'
vote at such Annual Meeting.
By order of tho Board nf Manage"
r. -M. OLYPHANT, Se
Vt- fork, March 20, 1J2.
B. C. IIABII.VCE, Secretary.

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The Sun and the New York herald. [volume], April 26, 1920, Page 12, Image 12
About The Sun and the New York herald. [volume] (New York [N.Y.]) 1920-1920