The Sun and the New York herald. [volume], May 05, 1920, Image 17

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

Image provided by: The New York Public Library, Astor, Lenox and Tilden Foundation

                
fnhllr liUUg rnaUlf i
111 iJroaIniy. SC.
TKc Offer
to Yield Large Income:
Adir. Elec Pr. Co. 1 PfAStk.
Amer.Pr.&LtCo.65g Pfd, Stk.
Cea. SUtes El. Co. 1 PfiSlk.
Cities Scr. Co. 6 Pfd. Stk.
Con. G.&E.Co.6gPRStk.
Nor. States Pr. Co. 1 PH. Stk,
Nor. Tez. El. Co. Z Com. Stk.
Hep. Rv. St Lt. Co. CJg Pfd. Stk.
Texas El. Ry. Co. 1 Pfd. Stk.
Un. Lt. & Rys. Co. 6 Pfd. Stk.
WesL Pr.Co.6 Pfd. Stk.
Weil. S.G.&E. Co. 1 Pfd. Stk.
j.G.WhileCo.,Inc.,6$gPfd.Slk.
J.G.W.Mgt.Co. 1 PfiSlk.
atf rfconritoPhMarttphU&noMn
TO PLAN FIGHT Of
STOCK SALES TAX
Representatives of Exchanges
of Country to Confer on Con
, grcssional Measure.
KENHECOTT COPPER
SURPLUS LOWERED'
WILL MEET HERE FRIDAY
Proposed Law Would Put Tax
Also on Transactions in
Commodities.
Boport Shows Sixteen Cents
a Share In 1919, Against
$2.50 in 1918.
LABOR TROUBLES BLA3IED ;
FOREIGN
GOVERNMENT
BONDS
Berlin
Colorno 4s
Frankfort 4i
Hambure 4i
Vienna 4s
French Victory Ss $5G
French 4 $46
Italian 5s
$13
StrJftt Creator SU.5M
Farsen.Son&Co.
Jlembe Jew York 8todc ExtSansa
115 Broadway, New York
Pacific
Coal
& Oil
Boiighi-SoldQiioted
TRADED IN ON
NEW YORK CURB
G wynne Bros.
Ti Broid 1370.
SS Broad St., K. V.
Most extensive railroad 'system
in the United State, with small
capitalization per mile, enor
mous surplus and producing oil
lands.
SOUTHERN .
PACIFIC
Analysis and discussion featured
in a full-page report this week.
FUNDAMENTALS
Big factors underlying the mar
ket, money, etc, in pithy brev
ities. OOin rrpiiar ftetum
and ducutsimt ore
r. S. Bte1 Ceocral Asphalt
Amtr. Woolen Menritt Oil
U.S. Rubber tn. Retail Candy
In the Ccrrent Issue
MARKET OPtniOS
Oram cn requej! far C-4J.
R.H. MacMASTERS &G0.
ittattm CoruoUiHtd Siocfc Eicu X V.
82-S4 Broad St. New York
Pfcre Broad fjw Fint ffoer.
Clop Offke: 327 South LaSaDe St
1 R.CMeoargel&Co. I
I hlefmim OH fcaldei 1
1 Frme m rqwet '1
THOMSON
AND
McKINNON
42 Broadway, New York
.New Telephone Number
BROAD 6868
I
FIFTH AVE.
BANK
STOCK
CLINTON GILBERT
iJ Sts N.V.. TeL 448 Radar,
Practioally all atock and commodity
exchanges In the United States will bo
represented at the conference to bo held
on Friday in tha governors' room of the
New York Stock Exchange, when tho
new Congressional plan for a heavy tax
on sales of stocks and commodities will
bo discussed and plans for lighting the
ready a half dozen or more heads of
stock exenanges throughout tsi country
have accepted the Invitation tf William
H. Itemlck. president of the local ex
chanc. to be present at the conference.
Amontr thoso who notlfleil Mr. Hernlck
that they would s.tend the meetlns- are
l'liiiip W. Wrcnn, president of lh Ilos
(uii Stuck KAcituiiye ; Jonn it. Barbour,
president of the Plttstiunx Stock Ex
chance; K. K. Thompson, president of
tho Washington Stock Exehanjro; W, K.
Hutton, president of tho Cincinnati Stock
Exchange; Walter Munro. of the Buf
falo Chamber of Commerce ; V. It. Corn
leg, president of the Hartford Stock Ex
change, and the president of the St
Tn1. RfwV RrcStitw TV T. ITarrtlt.
hatting ptesldent of the Chicago Board
or Traae, nas wired air. untuck wai na
would be unable to attend the confer
ence because of important conferences to
be held in Chicago on Friday. llc Inti
mated that the grain markets were tak
ing up the tax proposals of. their own
volition.
What form the plans of the stock ex
char.se heads will take In combating the
effort to put through tho proposed legis
lation, which would put a tax of 2 cents
cn every 510 d( stoc'.t sales. Is not known.
It Is certain, however, that every effort
to hnvo tha measure killed will be made,
because It Is declared by those who have
Slven the matter serious consideration
fj lmnoH!nn nf n tilr of that
character will kill speculation and con
sequently securities markets. Tho pres
ent open market ror securities win po
ltmtntfrY nflrK- tvi' ftllph a tar. It lS
Aa1rat anil Tint nnlv will fTieCUlatOrS
to forced to discontinue .their trading In
securities, but investors win turn 10
bonds, mortgages, etc.. bcaue, with the
open market for stocks removed, they
will be Inclined to Invest their capital la
more liquid securities.
Anrttir imrnrtant nofnt made Yester
day was the effect of such legislation on
ble wire houses. Tliose houses, operat
ing many long distance telegraph wires
t tav nnnu.it rharfp. -will be forced
to discontinue that kind of business be
cause of the certain decline in tue vol
ume of transactions, which will have the
rr-t nf ciittlnt- th. Vet anrl South oft
from tho Eastern securities market aid
la turn will make impossible tor new or
going Industrial enterprises to distribute
their securitiea in any satisfactory man
ner, Going further along that line. It
was pointed out that such Inability to
..n Afw,i-iti Kt InHitotHAl mrnnratlon
V ' I UM.UV U J - .
va.iM m.V. n1nnt Imnnxldhle the naV
ment of corporations' bank loans, which,
as the next link In thoehaln. would
strike at the Federal Reserve system
through Its rediscounts.
Mr, Itemlck gave out yesterday a
statement setting forth the many Ills
which the passage of the tax measure
would bring down not In Wall Street
and the financial district but on the
whole Industrial and financial structure
f the nation. He said:
-The solvency of the world's busi
ness undertakings depends upon the
world's supply of Working capital
Ing always abundant to finance
trade and commerce- This working
capital consists of two Items; first,
Its bank reserves plus the secondary
bank reserves of money loaned on
call; and secondly, its securities,
which ordinarily are a kind of cash
carried temporarily In invested form.
The total amount of the world's
working capital can only be In
creased through the slow and tedious
processes of annual savings, and the
creation of new wealth as for ex
ample, through new crops, -&c. In
couseguenca It remains practically
constant from year to year.
This fund of working capital la
the very life blood of all trade 'l
all Industry. Anything which di
minishes It, will tend to dislocate, not
only the financial, but the entire
commercial structure of the nation.
In r.o more vital spot could a blow bo
delivered against this supply of
working capital than la the stock ex
changes of the country, for Jt Is their
function to maintain a constant mar
ket for securities. It Is only through
the stock exchanges that securities
wh.cn co'nstltute a secondary money
reserve can be converted Into cash
at a moment's notice, when the needs
and requirements of business dictate
such a course.
'Over f20,000.000,000 worth of
Liberty Joan bonds have been Issued
In this country la the last few years.
These bonds have absorbed the cash
of both Individuals and corporations.
If Liberty bonds could not nt a mo
ment's notice be converted into cash
through the operation of the stock
exchanges It could accurately be Mid
that over JIft.900.000,000 in cash had
been deducted from tho supply of
working capital which Is needed to
carry on the nation's business.
"Apart from Liberty bonds there Is
approximately as much more of our
money tied up In other securities of
our Government and ef private cor
porations. Secretary McAdoo has
estimated that .there were 17.000.000
of Liberty bondholders. Before the
wax lt was commonly estimated that
s 5rtn mo of Investors In
MIC.o ... --'-'
orlvate corporation bonds. Conse
quently about 10.000,000 of our peo
ple altogether have put their cash
savings Into Government and pri
vate corporation securities in the be
lief that they could at any time con
vert their securities Into cash both
for their own Individual needs and
for the business needs of the country.
This enormous number of Investors
are therefore absolutely and solely
dependent upon the maintenance of
a free and open market for securi
ties, without limit to Its operations.
safr as is furnished only in the stock
exchanges of the country.
"With one blow the House Ways
and Mean Commute- now proposes
a tax on the transfer that is to say.
th purchase and sale of these very
securities which constitute the source
of secondary money and working
canltal In the United States.
"Such a proposal, It enacted Into
law would destroy any Incentive for
trading Uuthese securities and heaco
would destroy the market which has
always existed for them. In its pri
mary effects It woutd thus rob the
cC bowers of Liberty bonds
and- all other securities of a means
of converting any of their securltiees
Into cash upon occasion, and as a
ccnscautscs lt would. In Its second
ary effeM. dry P the lorcts cf
credit tn corporations who from time
Immemorial have financed their busi
ness needs by borrowing money from
tMpabas through the eah. of their
ofcUg&Uofi. ' ; " "rf
Operating1 Revenue .Shows
Drop of CIoso to 9,500,
000 in Year.
Tho annual report of the Kennecott
Copper Corporation for IS 19, made pub
lic yesterday, shows a surplus, after all
charges and taxes, of $116,171. equiv
alent to 1( cents a share on Its out
standing common stock of no par value.
That amount contrasts sharply with a
suiMus of t.77,003. or JI.E0 a share,
earned In IMS. Labor difficulties and
n considerably curtailed demand for cop
per are given In the report as the chief
rraxons ror tne wry poor showing made
during the year.
Operal'ng revenue for 1J15. the re
port s!iowR. totalled but iT,.6Z:,ZZi.
otrnRt U05(.;S in ISIS. Notwith
standing thst decline Cf about 60 per
rent. In revenues, the drop In operating
expenses was only about 12.600,000,
those charges aggregating for 1919
J5.091.515, against $5.M0.790 In 191S.
Thus net revonue from operations was
only i:.541.107 in 1919, against J9.3J0.
136 In 1918. But another big cut In
Ihe company's receipts was made In
"other Income," which declined from
J5,:s:,i:6 In 191S to Sl.337.i74 last
year, making total income J3.93S.3S1,
against 114, 67X37:. Interest charges,
taxes. Ac., totalled 180,364, against
S1.04S.30S : depreciation was charged off
at JCSi.853. against $391,231 and de
plellon at J3.387.793. against 56,235.
727. making the surplus for tho year
1146.571, against 36.977.003. Dividends
amounting to J2.7S7.073 were paid in
1!19. Consequently the net result of
the year s operations was a final deficit
of J2.3I0.303, against a surplus of
(1.402.916 In 1918. The total profit and
loss surplus on December 31, 1919, was
17.511.401.
Operations JIuch Curtailed.
Very little ore was mined at Home
of the company's mines during the ysar
as a result of greatly curtailed opera
tions. On that point the report says:
"Due to curtailed operations obtaining
during a great part of the year, the ore
mined at the corporation's properties at
Kennecott and Latouche amounted to
but 426,70$. Production for shipment
tojthe smelter totalled 63.048 tons, conr
tainlng 2S,9SJ,100 pounds of copper.
Metallurgical efficiency at the Ken
necott plant was 94.38 per cent, and nt
the Latouche plant S0.S0 per cent, t tic
average percentage being 91.SS percent.,
or a loss In treatment of J.1S per -nt
of the copper content of the ore mli:iL
"Kennecott ores milled totalled 148.
J6S tons assaying 8.14 per cent copper.
From this there resulted 20.12S tons of
onccntrates assaying 5 J.S9 per cent cop
per, this giving a recover' or SS.91 per
cent, against 84.19 per cent In 1918.
The percentage of the total copper oc
curring In the carbonate form 'was 37.4,
compared with 87.8 In the previous year.
The per ton cost of milling was reduced
from an average of 80 cents In 1513 to
73 cents In 1919.
"In addition to Kennecott ores the
Kennecott mill also treated 33,61! ton
of ore for account of Mother Lode Coali
tion Mines Company. The total recov
ery of copper In all ores treated, milling
and leaching combined, was 93.96 per
cent., this figure exceeding that of 1918
by 5.SS per cent
Had Shortage of Miners.
"Tho labor situation at Kennecott
during 1919 was even further below
standard than durl.i? 1(18. From April
throughout the remaining part of 1919
there was a general shortage of labor,
and particularly miners. The turnovct
In labor was 226 per cent and the aver
age length of employment aoout 6.s
months, making It dUBcult to maintain
an average efficiency of labor. At La
touche labor conditions during the year
were also far from standard, but Im
proved somewhat over those prevailing
during 1918.
"There was received at the smelter
during th year, after allowing for
smelter deductions, 38,577.418 pounds of
deliverable reared copper and 4S2.S92.19
ounces of returnable silver: 26,736,463
pounds of copper and 520. 655.19 ounces
of sliver were settled for during the year
and taken Into profit and loss. Manu
facturing costs of production, due princi
pally to curtailment In operations, higher
labor and material costs and Increase In
transcontinental freight charges were
approximately one-half a cent a pound
of copper delivered greater In 1919 than
during the previous year.
"Due to the lack of demand for copper,
operations at the .mines were curtailed
nuring the. first part of the year to ap
proximately 30 per cent or normal, as
market conditions bettered production
was gradually Increased, but It was not
until the last of the year that the output
was again on a normal basis."
Executor Trustee
Chartered 1822 '
The Paimers Loan and Trust Company
" Nob. 16, 18, 20 & 22 William Street
Branoh Office, 475 Fifth Avenue
-At rorty-firet Street
New York .
London
Aanuniatrator
Foreign Exchango
Paritf
Guardian
Member Federal Eefisrre SjEtem and Hew York Clearing Houaa
You Cannot Afford to
Take a Chance In
Investing Money
TO TAKE a chance is to invite loss.' Make your funds
ico secure. Limit your investments to those
securities which prove by their record that they arc
entitled to your full confidence.
The first mortgage bonds safeguarded under
the Slraus Plan are securities, whose 100
"safety is attested by their record-thirty-eight
years without loss to any investor.
You cannot afford to take a chance in investing money.
You cannot afford neglecting to make a full investigation
into the Straus Plan. Our booklet, "Safety and 6," tells
how tens of thousands of investors have eliminated chance
and found safety, satisfaction, and freedom from care.
Call or write for it today. Ask for
CIRCULAR D-3G5
S.WSTRAUS St GO.
ESTABLISHED 1SS3 INCORPORATED
150 BROADWAY, NEW YORK
I CIUUAUU
dethoit
i buffalo
CLEVELAXD
BOSTON"
WASIIINQTPX
PHILADELPHIA
INDIANAPOLIS
rrrrsBunaii
BAJJ FRAVOISCO
MILWAUKEE
MINNEAPOLIS
Thirty-eight Yiars Without Loss to Any Investor
Customs Receipts $704,435.37.
Tteceipts for duties at the Custom
House yesterday were 8794.435.37, of
which 8116.023.12 was for merchandise
withdrawn from bonded warehouses and
8678,412.25 for recent Importations.
Leather Company Sorplas Off.
The American Hide and Leather Com
pany's report for tho quarter ended on
March 31, Issued yesterday, shows a sur
plus of 8238,138, after charges and Fed.
eral taxes, equal to 81.63 a share on the
813,000,060 of Its preferred stock. In
the last preceding quarter $3.71 a share
wae earned, and In the corresponding'
quarter a year ago the earnings were
equal to 84.73 a share. For nine months
ended on March 31 the surplus, after
charges and Federal taxes, was 81.-
916,484, equal to 314,
812.28 r. share in
period of 1919.
73 a share, against
the correspondicg
Honor Pierre Jay's Birthday.
Pierre Jay, chairman of the board of
the Federal Reserve Bank, had just fin
ished yesterday a conversation with
David Houston, Secretary of the Treas
ury, and W. P. a. Harding, governor of
the Federal Reserve Board, when ha
was summoned by telephone to attend
an 'important" officers' meeting regard
ing ofSce equipment To his surprise
the officers presented him with a silver
Inkstand tn celebration of his fiftieth
birthday. At the offices of tho Federal'
Reserve Bank lt was stated that the.
visit of the Government officials bad no
significance.
NEW YORK STOCK EXCHANGE PRICES.
Continued row Preceding Pent,
r-ClMtn.- JDIt.i
Bid. I Aik. lis t! Sslrs.
Sew Jersey Zlac Income Rises.
The quarterly report of the New Jer
ry zinc Company, covering operations
for the first three months of lS20..showa
net Income, after charges and Federal
taxes, of 32.C28.127. or 37.50 a share on
Its outstanding capital stock, against
87.84 a share earned In the lost preced
ing quarter and with 38.20 a share
earned in the corresponding quarter of
1919. Total Income for the quarter was
$3,173,127. against $3,883,427 In the first
quarter of 1919. Interest and reserve
charges were unchanged at 8UG.G00.
Federal taxes of $430,000 were set aside,
against $870,000, making a net Income
for the quarter $2,628,127. Dividends
were unchanged at $1,400,000, leaving a
surplus for the quarter of $133,127.
95
91
35
40U
25
J3
34?;
62
37
57
16
SO
S3
30H
113. 115
105 104!
! 95 U
:
38
40
26
35
15
62H
SS
57U
16U
85
0
30
93 H
2000
3700,
200
5
1TH
S5i
40
40
701i
91U
a m
93
18
113
1!H
21
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215
94
7$K
.36
95
:i
53
692
92
104
43
73
10
48
10
46
37tf
330
63
15
51
115
95i
Hasraa Oil Iasoea Report.
The Magna Oil and Refining Company
reports for the quarter ended on March jj-js-31
gross income, $591,6671 expenses,. g
$149,340; net Income, $f 30.337; reserves; 441
nnai surplus; v,;iis. ine surp.ua is
equivalent to per cent, on Its outstand
ing .capital stock for the quarter, or at
the annual rate of 24 per cent The re
port states that the company has 119
producing wells In Texas. Oklahoma,
Louisiana and Kansas, which produced
190,344 barrels of oil during the quarter.
Canard Knralnsra Advance.
The Cunard Steamship Company re
ports for the year ended on December r 94
31. 1919. gross earnings or i3.iui.7Z7.
207
21
69H
17
62
88
51
99
10S
19
107
against 3,801.655 In 1918. 3,899.917 In ' 68
1917. and 6.820.251 In 1316. Its net
earnings were 1.724,920. against 1.
207.125 In 1918. The .surplus for 1919
after dividends wis 589,807, against J
173.237 In 1918.
The financial bureaus of
THE SUN AND NEW
YORK HERALD and of
THE EVENING SUN are
now located at 44 Broad
street
81
100
7Ti
23
13
M!
9H-
IK I
84l 53
S3 '.J
17
5
42i
42
73
91
95
96
22
113
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13
24
13T4
31S
10
78
36
68
93
21W
54
$9S
698
105
44
73
106
49
10
46
37
425
64
15
54
118
30
118
63
46
133
208
22
70
18
64
84
52
99
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45
94
107
69
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54
10
Pan Am Petrol &T...
Pan Am Petrol & T B.
Parrish & Bingham..
8420 Pennsylvania u K...
1800 Penn Seaboard Steel.
lOOiPeoples Gas, Chicago.
2600
300
200
12C00
6
7
5.20
74C
6
6
Pere Marouette
Fere Marquette prior pi.
Philadelphia. Co
Plcrco Arrow Motor....
ISOOlPierce Oil Corp
200'Plerce Oil Corp pf..
500
1900
1300
300:
4100
100
700
33100
200
100
700
45000
200
24000
200
too:
13S00
2100
400
100
1200
00
20
!
8
8
S
s
c
2
5
7
6
111
48
10
54
18
81
136
4
111
49
10
65
i!H
7 !
142 1
a.
Odd tots.
Pittsburg Coal of Pa...,
Pittsburg & West Va..
Presced Steci Car
Pullman Co
Punta Allegre Sugar...
Railway Steel Sprintr...
Ray Consol Cop
Readme
Readlntr 1st pf
Reading 2d pf
Remington Typewriter.,
Replogle Steel
Republic Motor Truck..
Republic Iron & Steel.
Republic Iron & Steel pf .
Robert Rcls
Royal Dutch CoXT...
St Louis & San Fran..
St Iiouls Southwestern
st iuis souuiwest'n pr.
hixon Motor ,
Sears Itcebuck Ha .,
200 Shattuck Ariz Copper..,
S200Shell Trans & Trading. .
!0400Sinclair Coasol Oil
!00 Slosg-SheffioM S & I....
12300fSouthern Padflo
2900 Southern Railway
400!Southern Railway pf...,
145 Standard Oil of X J....,
12 Standard Oil of X J...,
2200 Standard Oil of N J pf.,
S00 Stewart Warner Speed. ,
1700 Stromberg Carburetor .,
45800 Studebaker Corp
600 Superior Steel Corp
1500 Tenn Copper & Chem...,
12100 Texas Co
5700 Texas & Pacific
35 Texas Pacific Land Trusl
1109 Tobacco Products
2000 Transcontinental Oil ....
300 Transue & Wms Steel...
100 Union Bag & Paper -,
1100 Union Oil
2200 Union Pacific
lOOIUnion Pacific pf
200United Alloy Steel
100 United Drue Co
1300 United Fruit Company..
100 United Ry Investment pfi
13100 umtea ueiaii stores.
300 U S C I Pipe & Fdy
1400 U S Food Prod Corp....
6900 u s ma Alcohol.
600 U S Realty & Imp
7300 V B Rubber ..k
100 U 8 Rubber 1st pf
100 U S Smelting, R. 4 M...
1C0 U S Smelting. R & M,pf
62200 U S Steel
200 U S Steel pf
1500 Utah Copper
48100 Vanadium Corp
100 Va-Carollna Chem pf...
SOO Wabash
1400 Wabash pf A
100 Wabash pf B
300 Well.-; Fargo Express..,
14C0 Western Maryland ....
lOOOIWeatPrn Parifl
200
200
Western Union Tel
Westingnouse Air Brak;
800'WestInghouse E & M..
SOO
1400 White Motor
10600
300
m
100
Whee&nir a Lake Erie.
WUtys Overland ...
Willys Overland pr.
Wilson & Co
Woolworlh JF W).
roWtM&tOB.fttmp
Otwa-1 nixtt-1 low. Cls- I Net
I lag. tt eat I Ur- Chtrgtt.
96 "96 94 95
92 93 91 92
36 37 36 37 1
40 41 40 40
24 26 24 25 1
33 33 33 33
24 25 24 25
62 63 62 63
38 38 3S 3S 2
58 57 57
16 16 1C 16
86 86 85 85 1
57 59 57 59 1
30 31 30 31 1
99 99 98 99 2
114 115 114 115 4- 2
103 108 103 105 1
93 S3 93 93 -f 1
17 17 17 17
35 87 83 85 1
43 43 43 43
42 42 42 42 -f. 2
70 72 70 70 1
84 92 84 91 -f 8
41 Al 41 41
93 96 94 94
96 96 96 96 1
21 21 21 21
115 116 112 118 2
22 22 22 22
12 12 12 12
23 23 22 23
13 14 13 14
216 216 21G 216
9 9 9 9 ,
79 80 78 78 M
35 36 35 36 i
6S 68 i 68 63 2
94 96 94 95 1
20 21 20 21
54 54 54 54 1
683 695 683 695 12
6S5 700 685 700
103 105 103 105 1
42 43 42 43 1
73 75 72 73 3
107 108 106 106 1
48 49 48 48
10 10 10 10
47 47 46 46
37 38 37 37
352 352 352 252
63 64 63 63
15 13 15 13
52 52 51 51 1 I
115 115 115 115 2 l
30 30 30 30
116 118 116 117 1
62 62 62 62 .
44 41 44 44 -f 1
132 132 132 133 1 ,
205 209 203 20S -f 3 '
21 21 21 21 ..
68 71 68 69
16 17 .16 17
62 64 62 64 1
84 85 83 84 1
53 53 51 61
100 101 93 93
108 108 108 108
62 62 62 62
45 45 45 45
95 95 94 94
107 107 107 107
67 68 e7 68 2
78 83 78 81 3
104 104 104 104 .. ,
8 8 8 8 ..
23 21 23 23 '
16 16 16 16
52 54 52 54 1
9 9 9 9
2 .27 JH 2Ji l
85 85 83 $5 -f-
112 112 111 111 1
49 49 48 43 .
9 10 9 10
55 53 55 55 ..
17 18 17 18
80 81 80 .81 1
(6 ( 66 66 -f
Ml U ! 138 1
(9 70 69 7 4-a j
r.
Cotton
Tha recant consolidation th
Pilot Cotton Mills Co., Raleigh, N. C.
Jas. N. Williamson & Son Ca Burlington, N- C
E1U M. Co., Shdby, N. C
Lynchburg Cotton Mills Co., 'Lynchburg, Vs.
Windsor Print Worb, North AtJaras, Mitt.
Pelham Mfg. Co., Pelhtm. Ca.
Bonham Cotton Mills Co, Bonham. Texas
has resulted in an issue of unusually attractive 1
Convertible Gold Notes, which we recommend as
Safe
Profitable
Inyestments
in its original form, as plucked
from the growing plant, is gen
erally known as the leading
product of the South, and it is
interesting to note that of the
33,000,000 spindles in the United
States, 46 per cent, arc located
below the Mason and Dixon's
line.
While the spindles in northern
mills have in creased 39 per cent,
in twenty years, the spindles in
the South have increased over
Three Hundred and Twelve Per
Cent.
Consolidated Textile Corporation
Three-Year 7 Sinking Fund Convertible Dobenture Notes
Interest April and October 1st - Due April 1st, 1923
Price at market to yield about 7.50
The principal attractiveness of the Notes lies in the Cmversion -
Privilege attached to them. The expansion of actrvifees of the
Corporation under present, favorable conditions points to much
x larger earnings in the future, which should be reflected in a higher
' market value for these Notes because of this Conversion Privilege.
Send for Further Information
Frazier&G.
65 Broadway
New York, N. Y.
Broad and Saruom Streets,
..u ., Philadelphia, Pa.
A
Pittsburgh, Pa"
WUkes-Barre, Pa.
Washington, D..C.
Lebanon, Pa.
19 Seiitfe Stmt
BaHbrwrf, Md.
A DIRECT CENTRAL TAX OBLIGATION COUNTY BOND YltlDlNG
514 FREE FROM ALL FEDERAL INCOME
, TAX, INCLUDING SURTAX
$85,000.00 ,
FALLON COUNTY, MONT.
ROAD BONDS
Dstcd Jan. 1st. 1920 ni OsUoaalJaa. Is. 1930
f Dae January 194
Principal and itmi-annual interal payable at the Conti
nental and Commercial National Bant of Chicago, JU.
FINANCIAL STATEMENT
(As officially reported)
Actual value, estimated $30,000,000.00
Assessed valuation 16,587,764.00 ,
Total bonded debt ,..$516,000
Less sinking fund 32,000
Net bonded debt 484,000.00
Population 7500
Debt about 3 of Assessed Valuation.
FALLON COUNTY, MONTANA, containing 965,175 acres, is situated in the
eastern portion of the State: It was organized in the year 1918 and created from a part
of Caster County, The county contains some of the finest agricultural land in eastern
Montana and large crops of small grains have been produced in past years. Baker, the
county seat, has a population of about 1500. It is a very progressive and to-to-date
city with waterworks, sewers, electric lighting plants and fine schools. Tho bonds are
a direct general tax obligation of the entire county and a tax levy has been provided
sufficient to pay interest and principal of the bonds as they mature. The county has
always paid its obligations promptly. The main line of the Chicago, Milwaukee & St
Paul Railway from Chicago to Seattle bisects the county. The principal industries are
farming and stock raising. Thousands of cattle and sheep are shipped annually from
Fallon County. The country is very fertile and large crops of wheat, oats and small
grains are produced. Legality approved by Judge David F. Simpson of Lancaster, Simp
son, Junell & Dorsey, Minneapolis, Minn.
PRICE PAR AND INTEREST YIELDING 5.50
IN BLOCKS OF $10,000 OR OVER A SPECIAL PRICE OF $9.50
AND INTEREST
Orders May Be Telegraphed at Our Expense
Bond Department
BANKERS TRUST & SAVINGS BANK
Affiliated with
The Bankers National Bank
Combined Capital and Surplua $1,200,000.00
MINNEAPOLIS, MINN.
Atlantic Lobos
LYON AND CO.
MKaSl.,N.T. TeLJefaiSSt
Graham, Parsons X Co,
INVESTMENT SECURITIES
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8ccUr sill's
INVESTMENT SECURITIES
UNDERWRITERS
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