The Sun and the New York herald. [volume] (New York [N.Y.]) 1920-1920, May 10, 1920, Image 12

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The Sun and the New York herald. [volume], May 10, 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.]), 10 May 1920. Chronicling America: Historic American Newspapers. Lib. of Congress. <https://chroniclingamerica.loc.gov/lccn/sn83030273/1920-05-10/ed-1/seq-12/>

Newspaper Page Text

THSUN AND NEW YORK HERALD,- MONDAY, MAY
12
JUL
GENERAL
ASPHALT
Annual report revietccd.
Recent market activity
discussed in circular 148.
Sen! upon rejuttt.
ESTABLISHED 1906
41 BROAD ST. NEWYDOTw
mione'.BrtMi. 23
I WAR BRINGS GREAT
wealth TO EGYPT
BONDS IN NEW YORK STOCK; EXCHANGE
1910.
Sales for week.. $75,ei.000
WEEIC ENDED MAY 8, 1820.
mt. mt. I .mo. - ' mt. , :.
$r,828,000 $30.151.000 1 January 1 to date.$l,S84.2J,000 $t,l3,lz,000 4O,(lt,O0O
TmnnvfrifiliPil in Antc-Bcllum M.
nays, Buauen iiipncB Are
Creating Problems.
CQTT0N TRADE GROWING
Has Large Favorable Balance
of Trade, Giving People"
More Buying Power.
GEHTML
AMEllCJM
PETI0LEIM
Bought Bold Qu4td
GkbU m mart.
McDERMOTT & WHITAKEi
44 Broad St., New York
runs Uroad 3334 4731-J.
$100 Will Produce
$15 per year in the participat
ing preferred atock of an estab
lished distributing corpora
tion earning 16 times dividend
requirements, with probability
of liberal extra disbursements.
Details free on request for
Letter J-20'
J. T. KEANE & C6.
44 BROAD ST.. NEW TOB1C
PHONE 1007 BROAD.
The National Bank
of Sooth Africa, Ltd.
Resources Exceed 5287,000,000
10 Wall Street New York
R. E. SAUNDERS. Agent.
sn YisTsssTsssTsssTsssTsssTsssTsssTsssTsss r. h m
'Ur COLON"
4CHN U MCRRILU Mim
OIRIOT ROUTB TO
XENTML Ml SOUTH AMERICA
i Ntw York Offia
H Bread sfaeef ' Fa, Bread 747t
a. i a ii i
NATIONAL BANK OF EGYPT
established unjler, tfrvplla'n Law, June
1191, with, the exclusive right to Issue
Notes payable at Sight, tb bearer.
. CAPITAL ;.....(....... 11,000,000'
Xln 300.000 Sham 6f 110 each, fully paid).
RESERVE FUND 12.000.000
Governor P. T. ROWLATT, Eq. ;
IIBAD OFFICE CAIRO.
' "Bub-Governora J. HOME. D. HORNBBT.
BRANCH ALEXANDRIA.
LONDON AOENCl't
and ? KINGpglXAM gf.. LONDON,
The Hank transacts all 'kinds of banking
' i biilnn.
.Ilod-el-Faraar (Cairo), Hchag, Tantah and
JZagazIr r.d In 'the Soudan at 'Khartoum,
Jort Soudan.
' Office In Earptiat CalroHKaad Office),
ilesandrla, Aaslout, Aaiuan. Denha, BeAl
' filler, Cblbln-cl-Kon, Damanhur.-Fayourn,
. Keneh, Luxor, Manaourah, Mlnlcb, Mouiky
(Cairo), Port Skid; Buaklm.- and the Sub
.'Agencies at El-Obeld. .Tokar and Wad
tlfedanl.
Another cornerstone of British finan
cial strength Is revealed In tho 1910-19J1
! br.t'eet for the administration of Egypt,
submitted by the Financial Adviser at
Cairo, Sir Paul ifarver. The remarks ac
companying- the budget shed Interesting
Might on the transformation wrought In
I that ancient land by the war.
The impoverished suzerain state of
ante-bellum days Is now rich enpugh to
have her problems of Inequitable dis
tribution of wealth derived from the' war
and the concurrent high ctSst of Ilvlne
problem.
The Financial Adviser points out that
Egypt has foreign Investments estimated
at fElS2,ooo,QQv, that private deposits
In her hanks have Increased In Ave years
from E,600,000 to f EJ5,000,000, and
that her mortgage loans have been reduced-
from iE4O.0Q0.O0O to E28,000,000
In that period. The production of cotton
was stimulated greatly by the war, and
Egypt built up ft large favorable trade
balance. That trade has given her peo
ple an additional buying power,' repre
sented pirtly by an Increase In paper
currency, which amounts to ES0,000,
000, Egypt's revenue receipts for the
fiscal year 1919-1820 have been so large
that Instead of an expected deficit of
fEl, 550,000 there will be a surplus of
'fEJ,000,000. (The Egyptian pound Is
worth at par almost exactly 15.)
By the simple device of pegging the
rate of exchange between London and
Esrvnl at a fixed figure and giving Egyp
tian pJtt'r money a cover of British short
dated Treasury bills, the entire Influence
of Egypt's favorable trade balance, her
Increased production and her larger
wealth were exerted In favor of the
English pound Instead of the Egyptian
plaster.
In other words, by giving British
Treasury bills to Egypt In exchange for
commodities, England settled her trade
debt In that quarter without shipping
gold. The Treasury bills were used In
the .same manner as gold would have
been used for currency reserve. As a
result the Egyptian plaster stands at par
In London, but at exactly the same dis
count as the pound sterling In all other
parts of the world.
The British Treasury bills held by
Egypt represent a large part of the for
eign Investments mentioned oy me
Financial Adviser. Eventually, those
bills will .migrate back to London In
cancellation of principal and Interest of
loans extended to Egypt by England for
public and private purposes.
The Egyptian budget, disclosing unex
pectedly large- wealth. Is a striking Illus
tration of how British capital's world
wlde.ramlflcat.Ions were of untold advan
tage 'to the mother country In time 'of
war.
341 liberty 1st is 80.00
637 liberty 3d 4 83.30
640 Liberty 1st 4 Ks; 86.74
803s Liberty 3d 4 M S3 3t
I Ubcrt 2d 4 Ms reg 84.00
0023 Liberty 3d 4 SO.OO
l4460Liberty4til4X 88.8.1
MM Victory 4H , en.60
33 Victory 4 fts reg.., 03.00
S2I7 Victory SN 08 60
High- Low- Clog- ITet r II
est est. Ur. Cb'rs. Rlrb. tew.
02 30 B0 30 01.89 .00 100.40 80.30
84.20 86.001,30 03.884.80
84.00 83.06 .34 02.42 84.30
83.40 MSO-f- .00 M.00 (15.00
84 00 83.16 .34 02.80 84.30
84.08 84.08 84.00 84.06
0.00 89.001.00 04.08 80.00
8340 83.70 .14 01.00 84.00
03 04 06.04 .30 0940 03.00
93.00 03.00 03,00 03.00
03.93 93.03 AO 09.40 93.03
188 ADtio-Frrneh 8S 93)(
16 City of Bordeaux 8s 87K
6 City of Lyons ila 87 Jf
7 City of Mamfllej 6i 871.
110 City of Parts i 00
304 United KlfifBHs 1931... 93f
100 United King H 33 rets. 03ff
230 United King SHs '30 rets. 03
161 United King SKs 1037... 86
94 Dotn Canada BH 1931 . . 07 U
3 Dom Canada 1930, . 00
S4 Dom Canada 1 1921,,.. 07 J.
34 Dom Canada 3s 1026. ... BOH
46 Dom Canada As 1020. . , . 00K
65 Dom Canada fis 1931.... 00
26 Republic of Cuba Ss 1004. 00)4
13 Itepubllc of Cuba 6s 1014. 81 H
34 ItrpubUc of Cuba 4H... 73)(
142 UB of Mexico Cs 33 it
13 ,U 8 of Mexico 4a 30
10 Argentine Oor ts 71 X
10 Dominican Republic 6.., 83 J
37 atyof Copentaagen 6Ks. 76
4 Chinese Got la 44
10O Japanese 1H4HI 76M
193 Japanese 3d 4H 73 K
411 Jspznsss U 32JC
8 vity of Tokyo Ss ia),'
07 IS 08)i H
mi
7
87)f
80M
04J
03 K
90H
83 H
93K
oom
07W
88
80H
R8
00H
80)
73
31
36H
70W
B3
74 H
3H
78K
74M
S3
S3
87K ft
87K H
B7 H
mi H
04W M
03W H
00 )(
86 - )(
07 1M
00 M 8
mi
BOM M
ooh l
80 (
90H H
81 M Hi
73M K
33M !'
30 3
71 - ii
83M 1
73 H -2M
3H H
76K H
78
33 .'
38 1
93.1
WW
03 H
03M,
03
03H
87
87K
87M
88
07) 03M
93 M OOM
98 M
OOM
98M
08 M
OSM
98
07M
93M
93M
86
77
43
37
78
86
80M
34
83
83
71
80H
13 NY State 4M- 100 100
2 Va6iDroirDD4.Coctfa. MH S4M
5 NY City 4M' 1987 May. 04 K 01
0 N Y City 4MelP67 Not. 04M 04
1 N Y City 4H 1963 04 M 04
1 N Y City 4 Mi 1967 93 03
1 N V City 4 Ms 1960 87H 87)
1 N Y City 4s 1937 04M 84)4
1 N Y City 4 1938 83 M 83
1 N Y City 3Ms I9&4 May. OOH 80M
28 N Y City 3a 1964 Nov. 81 ) 79)4
100 7) 107)
,84M M 60
94M K 100M
04M IK 100M
04M H JOOM
03 a 100M
87M H
84M
83M 2M
80M 1M'
80i 3H
SECOND COMMEECE TESTS.
Qaalifleatlon'Examlnatlona to Be
HeJd.IIere In Jane.
examinations for those who wish to
quality as experts In commerce will be
held for the second time In the Cham
ber of Commerce of the Stato or .New
YoYk. 65 Liberty street, between June
17 and 29. Irvine T. BuBh. chairman of
the executive committee or tne cnamoer;
announced yesterday. Applications must
be In by May 15.
Prof. R. C. McCrea of Columbia Uni
versity, who will conduct tho tests, raid
thn has been n steady Increase of In
terest, and that those who pass Junior
or senior graoa examinations win 1
helped to positions In which there will
be real prospect or aavancemeni. Minn
tf-hnnl op rollere training, or studies In
hanVtnor. forelcn exchange, business
forms and foreign trade arc regarded as
essential preparation.
New York and Ilarifard Inuranee btocty.
Did. Asked.
Aetna Casualty it Surety 4flO
tn Insurance Co 470
Aetna Life Ineurance Co 570
Aeaurahce Co. or America u-
American Alliance
Cliv at New York.,.. 205
Continental Jj
Commontrealth 300
fidelity-menu
403
460
soo
Hlnklna- Fnnd I'nrfhaae of
INIKILNATIONAI, AUHICCXTUBAL
, COIITOBATION
1rli. VnHiraffp anil f-Allat.ral fnmt (ZnA flnnri.
Notice li hereby civen that Bankera True: Ipv.nViin
Company, corporate Tnutee under the Flrr, I Glens Falls
ilortrage ot International Agricultural mh t Rutaera
Corporation dated May 1, 112, to Bankers I Great American, new stock
ri ' . 1 , r-nmnanu an .1, V Tl t . I
Trufteej, aecurlor the. First Mortgae-s an')
collateral Truet rivs Per Cent. TwentT
'Tear Sinking rund Gold Bonds of aaid
International Asrieultural Corrjoration will
ijiurchaae for the Sinking: Fund bonda latuM
under slid mortgage to. 'an amount audi
clent to exhauit at nearly aa may be the
um of JS,H.5:rnow,hj!d by said cor
porate Trustee iln .said, sinking fund, and
said corporate Trustee hereby Invltesisealed
affera to b aubmitted to It on or before
i: o'clock noon' May I3 ,1J!0; at Its Cor-
J orate Trust Department. t -Wall Street.
Unhattan. New York City. 'for1 the sale
to It of such bonda. at erlcea to be named
In such offers, whlcri offers 'shall be for
II or any part X the bonds so offered,
provided, howeter,-. that no offers, will be
accepted which shall be for a sum In
ticess of one hundred and three per centum
iivi!) of tnepnncipai amount or euen
onds. and accrued Interest. Notice of
acceptance of offers will be mailed on or
refore Ms.y 14, 1120, to the makers of such
nereor a are accepted, at tne aaareeses
eeignatea Dy tnem, respectively. Delivery
t bonds accepted with all unmatured cou-
I Iiians attached should be made at the office
9ll)f said coroorate Trustee on or before S
'clock P. M.. May 17. 1120. after which
Sjlate Intereat on-accented bonds will cease.
United States Treasury decisions require
hat Kedera-. Income Tak ownership csr
Sjncatea for amount of accrued intereit
Inust accompany auch bonda when pre
"Hented for payment.
Dated at New York this 4th dar of
Uay, 1510 ' '
UA.UHKKH XrlUMI- COal PANT.
' Corporate Trustee".
11. F. WILSON. JR.. Vice-President.
Co.
Hanover
Hartford Fire Ins.
Home
National Liberty
National Fire Ins, Co...
New. York Plate Olats..
Niagara ..'
North River
Northern .
Pacific
Phoenix Insurance. Co...
Standard Fire Ins. Co;.
Btuyvesant- t
Travelers
United States
Westchester
R2S
, 83
, SO
1000
265
, 8'.
, 373
, 530
ISO
470
110
-230
40
.102
'
TO
30
GTS
43
:o
TB
323
3T3
00
53
275
05
585
360
100
490
130
260
45
BO
505
80
73
58.".
ro
33
Chicago, Burlington &
Quincy R. R. Co.
WANTED FOR SINKING FUND
2., B. & Q. Nebraska Extension
Four Per Cent Bonds
. orovided In tha Truer, aforirare of the
ahltaro, Burlington an&i Qutney Railroad
J)ompany, date4 Jlay :, 1113, the sijm of
m $294,410
'n-o Ilondred and Ninety-Four Thousand
sesSeur Ifnndred 'mnA Ten nllM has he.n
fit apart for the purchase for sinking fund
hirposes of Chicago, Burlington and Qalney
R. Cos Nebraska Extension 4 per cent
'onds, doe Mayl, 1927, at the lowest price
.ot to exceed ;110 per cent and accrued
ite'resti '
1. Sealed proposals to lf said Bonds, In
orsed "Proposals of CU B. and Q. Nebraska
xtenslon UondiS.iWlll, be; received by Tha
' nii England Truat Company. Trustee. HI
Devonshire St.. BdJtdn, Mass.. until Tues
iy. Jlay 18, 1830, at ,10 o'clock A. M.. when
le Dias win oe openea ana av accepiea
ds trill be declared.
- Accepted bonds arc to be delivered to and
..Id for by the State Street Trust Co., at
V ofTce. 33 Strf Street, Boston, Mass..
, id Interest on such bonds nlll rrase Hay
1. 1320. '
T. J, IIOtVfi.N. Irrorcrer.
Lo..n. iiiy f, itn.
ORGANIZE FOB PUBLIC GOOD, i
Noted Persons In Institute ef Ap-
" piled Christianity.
Through the Seabury Bociety an
nouncement was made yesterday of the
formlns: of the American Institute of
Airolled Christianity, ft laymen's mow
ment designed "to change the present
dcTilorable attitude of the public mind
which seems to want to get all one can
and give, as. Utile as one" must," Among
the persons mentioned as Interested In
the new movement are Lieut-Col. Theo
dore Booseyelt, Argyll Rosas Parsons,
William TV.'Orr. Frederick Irving Cox,
Edwin H..' Hess, Francis' Stockton Mc
Dlvltt, Cornelius Vanderbllt, Jr., Walter
P. 'Long-. Ephraim M. Youmans, H. C.
Perrin, Joseph A, Banks, D. H. Mc-
Alpln. 3d. H. E. Taylor, oscar w. uir-
hom, James B. wooxan, n. v. ixs
Varennes. Frank K. Zimmerman, a.
Perry Osborn and Mrs. Frank H. Dean.
Ijhe amis or me inamuio tc m mm
man anu women lor vuiuiuccr dci.ii-c
for the public good and to teach scien
tific management of men and things In
relation to God and the public good. As
sociated with the movement In an ad
iHurv canaclty are Bishop Charles
Sumner Burch, the Rev. Dr. S. Parkcs
Cadman, the Re-. J3r. Robert Watson,
&! Rev. Dr. Charles L. Blattery, George
rdon Battle, William Fcllowes Mor
gan, qen. George W. Wlhgate, Major
Gen. John. F. O'Ryan and Dr. John H.
FInley. It Is planned to open a Public
Good Service Station.
Patient Shoots' Himself.
After suffering a year from tuberculo
sis, Msx Bahry, 30 years old, of C35
Backman street, Brooklyn, shot himself
through the head at the Monteflore
Home, Balnbrldge' avenue and Ounhlll
road. The Bronx, yesterday. It could
nor be learned how he obtained posses
sion of the revolver, as he had not been
17 Adams Express 4s B6 86 tfl
1 Alaska Gold eves series B 13) 13M 13H
1 'Albany h Bus 3H Of 67 67
4 AmAgrChemmOTBs,.,. 0O) 80M
4 American Cotton OIIs... 83 83
39 Am Smelt 4 Refining 6s.. 7BM 74);
' 70 Am Tel 4e Tel cv 6s 03 63 M
68 Am Tel at Tel dt 8s 77 74M
1 AmTelftTe.cv4Hs.... 78 78
38 Am Tel a Tel dt 4s 78 74 M
67 Am Writing Paper 7s BOW 70M
3 Ann Arbor 4 7)i 37);
13 Armour 4Me 77 73
6 Atch Top 4t Santa Fecv4e 61 COM
200 AtrhTop4t8PcT4sl06O 80M 80
103 Atch Top & Santa Fegn 4s 72 70 M
6 Atch Top &SF gn 4s reg.. 68H 68 M
30 Atch Top &fl Fad 4s std.. C4M 63 H
2 Atlanta Charlotte is... 84 84
13 Atlantic C Line 4 72 H 71 J
33 Atlantic O Line coitr 4s.. 62 60 K
3 DsJdirtn Locomotive 6a... 06 06
301 Baltimore 4c Ohio 6s 86M 83H
20 Rattlmoreft Ohio 8s 1003. 60 j 38 M
120 Baltimore & Ohio cv4Ms. 60 38M
68 Baltimore ft Oblo gold 49 . 60 68M
47 Baltimore a Ohio 3 Mt.. 81 80M
43 BaltaOhlo8W3Ms.... COM 89
27 BOPLE&WYa4s... MM 63
8 Bait k Ohio TA 04s 43M 4SM
4 Bethlehem Steel rs 6s.... 00 00
11 Bethlehem 8 teelfdg 3s... S3 81
13 Bethlebem Steel 6s 1036. . 80 70
20 Bklyn Rap Trans 7s 40 M
2 BklynRapTran7astmped 33 33
1 Bklyn Rap Trans 7i ctfs.. 37 37
4 Bklyn Rap Trans 4s 22 21 M
15 Brooklyn Union F.l 1st. .. 62 M 61M
4 Bklyn Union El 1st ltd... 62M 61
8 Bush Terminal Es 74 M 73H
2 Bush TBldg 1st guar 6s.. 74 74
0 California Oas & Elec 6s.. 84 H 83 K
21 Central Leather ts 03 OlU
28. Central ot Georgia 6s MH 83
76 Central Pacific 1st 66 M K
0 Central Pacific 8Ms 78 78
3 Central Pacific S L 4 64 COM
0 Central R R of N J Si.... 06 05
0 Chesapeake Ohio 6.... 83 84);
4 Chesapeake Jt Ohio fdEs.. 82 82
106 CbesaaOhlocvBsl046.. 74 H 72
63 ChesaatOhiocv4Ms.... 70M 07
40 Chea4tOhlo4M 70 69);
3 Chi A Alton 3s 44M 44
36 Chi ft Alton 3)S 33 K 32M
334 Chi Burl ft Qulccy Jnt 4s. 04H 04
23 Chi Burl ft Quincy gm 4s. 72M 1
3 Chi Burl ft Quincy HI 4s. 70 78M
2 Chi Burl ft Qy Neb 4s. . . 86H 86H
1 C&EISsUSMtgctfsSstd 62 63
1 Chicago ft Erie 1st T3 72
24 Chi Great West 4s 52 61!,'
14 Chi Mil ft 8t Pauley 6s... 63, 02 H
41 Ch)MUftStPgm4Ms... 72 H 72
60 ChlMftStPconr4Ms... 64M 63M
41 ChiM&8tPfdg4Ms.... 55 54
11 ChlMftStPdeb4s 55 4)(
22 Chi MH ft St P 4s 1025... 72); 71, M
2CM&StP3M. 64K 54H
2 CMftStPCftPW&s.... 96M 04
2 CMftStPWftM 94 04
11 Chi ft N W gen Be 87.H S6M
48 Chi ft N W gen 4s 70 67
1 ChlftKWex4s 86 86
1 Chi a; N Wafts 60); CO);
1 Chi Rat wars 1st 6 62)1 62ft
04 ChlRocklal&PacrMs.. 63 01 ft
8 Chicago St P M ft O 5s... . 84ft 83
,26 Chi Union Sta 4 fts 71 if 70ft
61 Chi ft West Ind 4s 36ft 56
111 Chile Copper 7s 00M 08ft
181 Chile Copper 6i 76 Jf 73
1 C C C ft St L 4ft 74 74
4 C C C ft St L gen 4s 66 63
0 Cleve Short Line 4fts.... 75M 76)X
16 Colorado Industrial dt 5s. 73 73
11 Colorado Southern ex 4 Ms 60); 68ft
1 Columbia Gas ft Elec 8s . . 83 83
6 Comp Tab Rec 6 82 SIM
6 Cento! Coal of Md6i 73ft 73
08 Consolidated Oas 7s 100ft 100
601 Cuba Cane Sugar eonv 7s. 97 )J 05ft
1 Cumberland Tel 6s 81ft 81ft
3 Del ft Hudson cv 5s ., 79 70
0 Del ft Hudson 4 fts 08 06
10 Del ft Hudson ref 4s 70 70
7 Denver ft RtoQrande 6s.. 63ft 63M
43 Denver ft Rio Grande 4s.. 60 30
109 Denver ft Rio Or ref 6... 44!,' 43
1 DesM ft Fort Dodge ex 4s 40 40
10 Detroit Tunnel 4ft!..... . 73); 73ft
3 DetroltUnltedlst4fts... 60 60
2 Distillers See Corp 6s 75 75
3 EastTeun VaftOaconCs 01
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68ft I
85 3
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100ft
97ft
93 M
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83 ft
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1 100
91
,t Erie 1st con 7s.. 07. 07
30 Erie 1st con 4s 60f,' 40);
13 Er!ecY4A 35 34
4 Erie cv 4a B 36); 31ft
10Erlecv4sD 36ft 35ft
11 Erie gen 4s 41 40ft
10 Fkvida East Coast 4 fts.. 77 77
73 General Electric 6 98 97
3 General Electric 6s 83ft " 83ft
1 General Electric 3fts 63 63
2 OranbyMtncvesserA. . 03ft '05ft
1 Great Northern 4 fte 74 74
7 Green Bay ft W deb B.... 7ft 7
18 Hocking Valley 4fts 63ft 62ft
36 Hud ft Man fdg Baser A.. 37ft 65
100 Hudson ft Man ad 20ft 19);
10 ininols Central Sfts...... 83ft 83 '
4 Illinois Central 4s 1933... 63ft 61ft
33 Illinois Central rf 4i 1935. 66ft 65 ft
3 III Cen Cairo Bridge 4s. . . '70 70
81ft ft
70 ft
06
70 4ft
68ft 3M
59 ft
ft - ft
40 2
73ft ft
60 ft
75 3
91 10ft 01
07 ft 08
40 1
34 ft X
34 IK
30ft ft
40ft Jl
77 ft
83 ft
85ft
06 ft
81
70ft
67 ft
48ft
43
83
69
8S
07); x
83ft ;
63 ft
03ft ft
74 1
7 X
63 ft 1ft
67ft -rift
20ft ft
83ft 3ft
63ft 3ft
66ft H
70 .
-1
60
41
41
44
47
80
oo);
07
70
03ft
83ft
10ft
73
60
33 ft
03
73 ft
76ft
80
MM
88ft
93 ft
90ft
06
88
88ft
88K
00
60ft
73
30
28ft
70
70
74ft
43
60
7
S
64
100
60
04
04
04
OS
87ft
84
83ft
78ft
77ft
63
13
67
m
83
74 ft
02ft
74 ft
78
73 ft
77ft
49ft
75
0ft
80
70ft
68ft
63ft
84
71ft
60ft
96
Sift
68
63ft
8
78ft
69
63
45
89 ft
81
79
38
33
30
21ft
B3ft
61
73 ii
74
63
91ft
S3
65 ft
78
60ft
95
84
82
7
67
69 ft
44
39 K
93
71
78
86 ft
52
73
51
62ft
73
63
64
54
70
63f
04
04
86M
67
SO
60ft
02ft
60M
81ft
70ft
56
08M
76
73
62 ft
76ft
72
67ft
81
81 ft
73
09
03ft
81ft
70
00
70
02
69
39
40
73ft
60
75
80ft
.93
49ft
33ft
30
33ft
39
74 ft
07
83
63
00
74
7
03ft
34
13
83
61
63ft
70
High-
Bilea est,
1 rUinolsCenChlJenSs,,. 77ft
10 Illinois BKel 4ft ,.. 74ft
60 Indiana Steel Ss 00ft
406 Intcs RTrafSslOM 54 ft
84 Inter-Met col tr4ftt 17
10 Inter-Met col tr 4 fts ctfs, 16ft
73 Inter. Atr Chemical 8s.,,. 80
81 lot Mer Marias col 8s.... 87
4 Iowa Central 1st 70
3 Iowa Central 4 39ft
4 CanCltrFtSftMas.... 60
11 Kan Qty Southern rf 6s., 63ft
31 Kan City Southern 3s.... 81
64 Kan City Terminal 4s.... 63
10 Keokuk ft Des Moin 1st 64
4 Kings County 4s 63
0 KXngsCo4sstd 63
14 Lack Steel 6s 1933 93ft
3 Lack Steel Ss 1950 00);
3 Laclede Oas 5s 70
64 Lake Shore ft M Bo 4s 28 . 80ft
3 Lake Shore ft M.So 4s 31. 77ft
26 Lehigh Valley 6s 06ft
30 Liggett ft Myers 7s 103
3 Liggett ft Myers 7s reg,', . 103
25 Liggett ft Myers 5s 80ft
1 Long bland con 6s 79
1 Long Island s 1037 63
8 Long Island fdg 4 61ft
45 LoalsruleNashvina4s.. 73ft
1 LfcNAtlKnoiftCln4s. 63
3 Loulsrine ft N St Louis 6s 07ft
3 Louisville 4 N St Louis 3s 50
7 Lou ft N Bo Monon col 4s. 60ft
1 M shooing Coal R R 3s... 03ft
1 Manhattan 4 33
3 Manhattan 4s stamped,., 64
1 Michigan Central 3fts... 60);
7a Mldvale Steel 8a 80ft
1 Mil Lake Shore ft W 1st.. 00ft
3 Minn ft 8t Louis 4s 38ft
12 MInn8tPBSMarie4s. 73
1 Mo Kan ft Oklahoma 6a.. 50
28 Mo Kan ft Texas 4s 64
13 Mo Kan ft Texas fdg 35ft
10 Missouri Padftccon 96);
11 Missouri Pacific 6s 1023.. 87
7 Missouri Pacific Ss 1020. . 83
126 Missouri Pacific gen 4j. .. 63ft
1 Mobile ft Ohio new 6.... 09ft
23 Montana Power 6s 83
Srst
Ch'ge.
Low
est
77ft
71ft
88
81ft
10
15ft
79
88
70
39
69);
Mft
so);
63 ft
65
S3
S3
93
87ft
70
79ft
76ft
03ft 96ft ft 103
101ft 103ft ft 111
Closing.
77ft -3
73J -3ft
89 I ft
63 ft 1M
iK H
15
to j;
86ft ft
70 1
39
60
63
81
63ft
65
63
S3
03ft ft
87); i
70
80ft 1
77 3K
LIBERBNDS GET
MO AIDFROH BANKS
gh. low. uov. mruing Bays i cderai He-
sw 'in
73ft
88
ft
ft
-3 ft
3
84
01 ft
68
19ft
10ft
84 ft
03 ft
71
44
74
73 K
69
76ft
73
Wft
83
04
03 ft
81
87);
83ft
3 Nassau Electric 4s Si
20 National Enamel 5s 03 .
10 NatRysMexlco4fte.... 31
4 New Ort Terminal 4s A... 61
38 New Or! Tex ft Mex 6s. . . 47ft
6 N Y Air Brake cv 6s (6ft
233 N Y Central deb 6s 88M
3 N Y Central 4 fts 70ft
9 N Y Central con 4 66ft
23 NY Central deb 4s 70ft
12 NY Central 3 fts 64
6 NY Cen Lake Shore 3 fts. 87
6 X Y CM ft St L deb 4s... 07ft
4 New York Dock 4i 60
4 NYOasKILUftPSi... 73ft
13 NY Gas El L II ft P 4s.. , 01
1 NY Lark ft Western 1st.. 100
3 N Y Lack ft Went 4s 00
20 NYNHftHcvO 60ft
1 NYNHiH 4U050.... V.
5 N Y Ontario ft West 4s. . . 65ft
21 N Y Railways ad) 5e 6
15 NY Railways ad) 6s ctis.. 0
8 NY Railways rf4e ctfs... 25ft
3 NY State Hallways 4 fts. SO
31 NY Telephone deb 6s.... 80
70 NY Telephone 4ftJ 70
6 N Y Wist ft Boston 4 fts.. 39 X
1 Norfolk Southern 5 50
100
80
70
63
I ft
74ft
63
07ft
48M
69ft
03ft
53
64
66ft
JM
00ft
38ft
73
0
S3
33ft
06ft
87
61
Sift
00ft
81 ft
23
88
21
60
46ft
06ft
87ft
70ft
0ft
69ft
62ft
68
63
60
73 ft
60M
100
00
68
43
64ft
S
6
23
0
88M
74 ft
39
50
100
80ft 1
79 8
63 3
eift ft
74K X
63 -3ft
97ft
48ft -1ft
69ft ft
93
65 1
84 3
66 ft
70),' H
103
80 ft
03
87
etft
4ft
76
100
6bft
63
03 ft
60
70ft"
60ft
6iH
09K 1)4 101
38 X
73 3
SO
63ft X
38ft X
06ft
87 j;
81 3ft
52ft 1
00ft
81 ft -IK
33 3
03
21 4
60ft X
46ft 1
06ft 6ft
87ft ft
70ft
60fti--3M
70ft 1
63ft .ft
67 1
63
60
73 ft
61
100
00
43 ft
83ft
60
60ft
38
07 ft
01
89
AO
103ft
83ft
28
07ft
30
63
03ft
09K
03 ft
79
73
63 ft
70
63
75
07 ft
85
63 ft
K ioi
48
Uft
18
78
83
69
37)4
so);
63
50 ft,
63
63
0
61
91ft
80
70
70);
74 K
06);
101 ft
100
80
70
63
61 ft
74ft
63
97ft
48ft
60 ft
03ft
83 ft
.63
66ft
76).
03ft
36
73
SO
63
3S)i
96ft
66
81
Sift
90
Bcrve'Cannot Keep Up'Priccs
Artificially.
DECLINE DUE TO SELLING
Ho Writes Scirator Owen That
Commerce and Industry of
Country Comes First.
81
23
88
21
00ft
46ft
01
87
70
63
00
63ft
3
63
63
74 W
60ft
00K
00
07);
45
64ft
8
S
25
0
4 Norfolk ft West grn 6s. . .102 M 103ft
1 53 Norfolk ft Western cv 6s. . 97 95 ft
65 Norfolk ft Western 4s.... 69 68
6 Norfolk 4 Wetdlv4s.... 73 73ft
11 Norfolk ft WertPoc 4s.... 72ft 72ft
2 Northern radflc 4 fts..., 71 71.
102 Northern Pacific 4 70ft 09ft
CO Northern Pacific 3s 61 0
3 NorSUPwrlstSsserA.. 74ft 74ft
3 Ontario Power 5s 82 81
2 Oregon ft Cal 1st 5 87ft 87);
2 Oregon RaUway ft N4v.. 70 70
67 Oregon ShorMJno fdg 4j.. 77 73ft
15 Ore Wih RR ft NaT ref 43 65 65
11 Pacific Gas 6s 74ft 74
13 Pacific Tel ft Tel 6S 83 80 ft
3 04
69); ft 76ft
43 1 5J
S4ft 1 61
7ft
5 ft 7ft
25 I 31
SO 1 53
88,'X X - 96M 88ft
76 l)i Sift 74M
39.M 44 84 M
50 J 56 ft 49
102ft X 104ft 102ft
OOM 104ft 05ft
OS X 80 67
73 ft 78)J 73ft
73ft 5); SO 73ft
71 ft
TOM ft
MM X
74 ft 6ft
81 1
87ft ft
70
73ft I
65
75
80ft
1
81ft
60 ft
56ft
85
83
03 ft
81
83
72 ft
SSft
88 ft
70
70 ft
0
74 ft
81
87 ft
68M
76)4
64ft
74
60)1
1401 Iennsylranta7s 101ft 106ft 101ft )s101ft 100ft
104 Pennsylvania 5s 1068 83ft 82
09 Pennsylvania gm 4 fts A.. 76ft 74ft
8 Pennsylvania 4fts 1021... 9ft 96ft
2 Pennsylvania 4fts I960... 83 83ft
15 Pennsylvania 4s 1048 79 79
1 Pennsylvania 4s 1141 reg .. 78 78
2 People's Gas ft Coke fdg Ss 38ft SSft
' 6 Penrla ft Eastern Inc 00J 19
26 Pen Marquette 5s A 80 70ft
2 Pero Marquette 4s B 61 64
1 PhUa Bait ft Wash 4s..'.. 78 78
28 Phil. Co eonv 5s 192 J 88 If 67ft
, 10 PLorillard7 101ft 101
33 PLoriilardSs 80 80
3 P Lorillard Ss reg 79 79
1 PCC48tL4KrrB.. 80 SO
5 Pocahontas Con Col Ss... 80ft 80ft
32 Public Serv Corp KJ 6s.. 60ft 60
00 Reading gen 4ss 70 76ft
36 ResdlngJerscy Cen col 4s 86ft 83ft
42 RloGrande Western 4s... 80ft 50ft
47 Rock Island AT ft L4fta.. 63 01);
10 St Louis ft Iron Mtn 4s... C8 68
17 8tL&IMtnRlvft04s. 64 63);
5 StLRockyMtftPacSs.. 60 89
178 6tLoulaftSF4sserA... 54 52ft
42 8tLoulsft8F5seerR... 65 03ft
38 StLouls&BFCsaerC... 83ft 82
116 St Louis ft 8 FadJ 6s 69ft 56ft
267 St Lpuls ft S F Inc OS 46 43ft
14 8t Louis Southwestern 1st. 61ft 60ft
12 St Louis Southwestern 3s. 54 53
20 St Louis S W cou 4s 51 60ft
4 St Paul ft Kan C Sh L 4 fts 58ft 8ft
4 StPaulM&M4ft S3 ft 85ft
3 San An ft Aransas Pass 4s. 68 57ft
0 Seaboard A Lad J 34); 33ft
8 Seaboard A L ref 4s 44 42ft
1 South Bell Tel ft Tel fis... 81 81
249 Southern Pacific cv 6s. . . . 99)j 98
95 Southern Pacific cv 4s.... 76 74ft
112 Southern Pacific ref 4s. . , . 71 69ft
IS Southern Pacific 4s 63ft C3ft
4 8oPac8anFranter4a... 63ft 63ft
66 Southern Railway Ss 70 78
91 Southern Railway gen 4a.. 6ft S3
3 Tenn Coal I ft R R gen fis. 87ft 86ft
31 Texas Co conv 6s
36 Texas ft Pacific 1st 6s. . .
33 Third Arenuo ad) fis . . . .
4 Third Avenue ref 4s
4 Toledo ft Ohio Cen 1st . .
1 Union Bag ft Paper 5s. .
B5 Union Pacific 10-year Cs.
02 Union Pacific 4
36 Union Pacific conv 4s. . .
27 Union Pacific ref 4s.
83ft
78ft
96);
85
79
78
58ft
20
'80
64
78
88
101ft
80
79
80
80ft
60
70 3 ft
86 1
69ft
81ft ft
68 1
64 ft
lft
ft
)
X
-oft
j;
ft
-3 ft
ft
1
in
-2 ft
60
63 ft
64ft
82W
80ft
45)i
3
X
IX
2K
2ft
61H ft
63 lft
51 1
58ft ft
85ft 1
87); ft
34ft ft
43 lft
81 H
osj;
78 j;
69ft lft
63ft ft
03ft 4
70 ft
68ft -rift
80) ft
04 ft
84 ft
07ft
03ft
80ft
78
67
37
87ft
71
82)(
80
110
83
79
00
82 ft
00
82);
89ft
67
64
73
72
72
60 K
71 ft
87ft
66
SOft
64 ft
SO
soft
66);
02
SOft
74
05 ft
83 ft
70
78
58
IS
70ft
64
78
67
103
83
79
SO
SOft
68 ft
71
76
68
60 ft
68
63ft
67
63 ft
03ft
61
86ft
39ft
60
63
48 ft
69
SOft
60ft S6
41ft 30ft
70
24
41ft
83 ft
89ft
98ft
79ft
81
68)
6 United FuelOas es 00
1 United RR San Fran fdg.. 28ft
68 Un RR S F fdg Un Tr ctfs 23);
31 US Realty ft Invest Ss... 82
,104ft 104ft 104ft
78
23ft
40ft
,83ft
80ft
07ft
79
80
07);
SB
23ft
23
so);
70ft ft
23 lft
41X 1)4
83 ft
so);
ii
A
lft
3.M
3
-4 ft
1
1
08
70
BOft
68ft
00
23ft
33ft
81ft
40
83
H 100
ft 81ft
79 ft
73 ft
78 ft
87ft
61ft
03
103 ft
83
31
Sift
84
BOft
104
SSft
83ft
81
04ft
30
30
84ft
39 ft
80ft
97
74 ft
69ft
C3ft
03 ft
78
00ft
78 ft
23ft
40
83
89)4
97
78 X
80
69
83
SSft
23
74
20 United States Rubber 7s.. 100ft 100ft 100ft ft 103 ft 100)1
107 United States Rubbers.. 0ft 79ft 80 DO TOM
6 United States 8meltlng 6s. 07 ft 07 97ft K 105 07
337 United States Steel sfSs.. 04ft 03ft 02ft 1 00ft 03ft
2 U 8 Steel sf 8s reg 03 03 03 07 03
8 Utah Power 6s 75 74 74 3 85 ft 74
3 Vrglnla-CarolinaOhlsr.. 03ft 03ft 03 1 05 ft Oi
1 Va Iron Coal ft Coke 5s.. 73 76 73 IX 83 ft 75
3 Virginian Railway Ss 75 74ft 75 1 86 ft 73
14 Wabash 1st 83ft 83ft S3 ft ft 81 83
6 Western Electric as 94 94 04 07ft 03ft
11 Western MarylandT4s. . .. 60 49 60 ft 3); 4gft
11 WestNYftPagen4s... 3ft 3J1 63ft r-3ft 63 63ft
25 Western Pacific let 78 77ft 78 84ft 77ft
8 West Shore 4s 68 ft 67ft 67ft' ft 74 ft 04 ft
6 Western Union 4fts 73 74 74ft lft 81ft 74ft
It Wilson 4 Co 1st 6s 88ft 88 SSft ft 08ft 89
35 Wilson ft Co CV 6s 88 86ft 87ft .ft 03ft 86ft
7 Wisconsin Central 4S 63ft 63ft 63ft 1 TO 63ft
Sjrrtal Co Tun 8cn and Nrw Yosk IIdulo.
Wabiiihoton, May S. Gov. Harding,
for tho Federal Reserve Board, has sent
to Senator Owen (Okla.) a pointed re
ply to the Senator's letter complaining
that high Interest rates brought about
by the board had depreciated the mar
ket prices of Liberty bonds.
The Reserve Board states that there
are 121,000,000,000 In Liberty bonds and
Victory notes outstanding, that no arti
ficial manipulation will hold them at
par, and that fewer discount rates on
Liberty bond security would so drilln
the resources of the reserve banks that
these banks would have no funds left to
sustain, much less foster, the commerce
and Industry of the country, which tlfey
aro directed to do by the neservs act.
The present financial and economic
situation 'as It affects Government secur
ities is outlined at length In the letter.
which states :
"A glance at the rediscount rates of all
Federal Reserve banks during tho year
1919 and a study of market quotations
ror Liberty bonas during tne year ougm
to convince any one that the decline In
the market price for Liberty bonds, and
Victory notes has resulted from circum
stances entirely beyond the control of
the Federal neserve- Board or the Fed
eral Reserve banks."
The board cites the discount figures
and shows that for a year, during which
the Government bonds declined, tho Re
serve bank discount rate was on many
of them lower or Just equal to the In
terest coupon value. Support was given
to the statement of Assistant Secretary
of the Treasury Lefnngwell that the real
cause of decline In market value Is tho
spending of bonds by those who bought
for patriotic and not Investment reasons.
General Cauaea of Decline. ,
tiimo fnrta the board states completely
refute Senator Owen's contentions and
hla statements. Covering the general
causes; of de;llne, the board said:
There are about J2r.000.ou,uu oi
Lberty bonds and Victory notes oui-
s'andlng. The cannot oe Drougiu oac
to par "by artificial methods. Experi
ence has shown that Utey couia.noi or
held at par last year by federal ne
fw dim-Hint rates below their coupon
mt and It would be very unwise In the
present circumstances to estaDiisn a uij
count rate on paper secured by the?e
obligations much below the current rates
for money, '
"There Is a worldwide demand .or
capita!, and the demand for bank credit
In this country Tor agricultural, commer
cial and Industrial purposes t Is heavier
than has ever bcert known before: In
vestment demands for new ccnstructlon.
for the maintenance and equipment of
railroads, and for the financing or our
foreign trade are very great In the
face of nil these demands should the
Federal Ruwrve banks have continued
to offer a low discount rate on paper
secured by Government obligations a
rate far below tho current rates for
money thoy would have been over
whelmed with applications for loans on
these aecurltles and the volume would
probably have been eo great as to have
far exceeded their utmost lending power.
"While the Federal Reserve Board is
authorized and empowered by paragraph
(c) of section 11 of tho Federal Reserve
net, under certain conditions, to suspend
tho reserve requirements specified In the
act. It believes that this power is graniea
It for emergoncy purposes, and that It Is
not the Intent of the act that the Federal
Reserve banks be permitted to operate
as a general rule with reserves below the
legal minimum. The board therefore has
taken and must continue to take sucfl
steps 4s In its Judgment may be neces
sary to enable the Federal Reserve
banks to function normally with reserves
not below the minimum required by sec
tion IS of the Federal Reserve act. In
view of the provisions in that section for
the redemption of Federal Reserve notes
outstanding, it Is important that these
reserves be maintained.
Jto Let Vp In Credit Demand.
"Ordinarily In the early months of the
year there Is liquidation and discount
rate work to a lower basis. There has
been no let up, however. In demands upon
banks for credit during the present year: j
the total of discounted and purchased
bills held by all Federal reserve banks
n. iwnmber 28. 1919. amounted to
$2 780,090,000 ; on April 27 tho total was
$2,888,748,000, While some may argue
from this that the advance In discount
rate made by the Federal reserve banks
on Januarv 23 has not been effective, the
board Is firmly of the opinion that had
these advances not been made the de
mands upon the Federal reserve banks
would have been much heavier than they
have been and" that the banks would by
this time have all been below their legal
CORN EXCHANGE
NATIONAL BANK
PHIUDEEPHIA
CJffiSTNuT U SECOND
PHILADELPHIA, May 4, 1920;
RESOURCES
Loans and Investments.. 13009,996.81
Loans on Government
Obligations 14.013,227.34
Due from Dank. 6,010,194.92
Clearing House Ex
changes 2,533.129.80
Cash and Reserve 5,017,773.13
Customers' Liability un
der Letters of Credit
and Acceptances. C,TG6,383.T0
' 173,821.707.03
LIABILITIES
Capital
Surplus and Net Profits.
Unearned Discount......
Reserve for Taxes.,,.,.
Circulation
Deposits
Letters of Credit and Ac
ceptances Rediscounts with Fed
eral Reserve Bank.'..,
12,000,000.00
4,310,356.24
302,151.82
234.070.31
105.000.00
49,140.650.08
6XKJl.420.il
12.63IJT.Q.11
NEWTON W.
873.821, 707,9.1
CORSON.
Cashier.
SANTIAGO ELECTRIC LIGHT & TIIAC-
tiii.n iiinra.ii.
COMPANIA EIXCTKICA DE ALUMBKADO
a TBACCION BE SANTIAGO
First Mortgage Flfty-Ycor 01 Bonds,
cur January 1st, 1939.
Ths Equitable Trust Company of New
York, succrasor to the Trust Company of
America, as Trustee under the Companla
Elcctrleo tin Alumbrado .y Tracclon de
Santiago, Mortgago dated March 27, 1101.
and supplemental Mortgage dated August
21. 1112. hereby Invites offers to the Sink
ing Fund for the sale of bonds Issued under-
said Mortgage to exhaust the sum of
Twenty thousand one hundred and thirty
four dollars nJ forty-nine cents (129,
114.49). Bonds offered at the lowest prices
will be given preference.
Sealed offers Hill be opened at the cfllco
of the undersigned. No. 37 Wall Street.
New York City, at twelve o'clock noon on
May 27, 1120. The right Is reserved to
reject any and all offers.
THE EQUITABLE TRUST COMPANY
OF NEW YORK.
Successor Trustee.
By LTMAN RHOADE3. Vice-President,
Mar 3. 1120.
Uptown Branch of New York
Ftock Exrhangn Firm has open
ing for well connected ASSIS.
TANT MANAGER capable of
taDrcg control of office. Address
T. O.." P. O. Box 822. City
Hal) Station, New York City.
CONGRESS WILL ACT
' ON CAR SHORTAGE
Legislation Sonj?ht to Assist
Koads in Financing New
Freight Eqnipment.
FOUR PERISH AS
FIRE SWEEPS FLAT
Three Are Trapped in Rooms
in East 61st Street.
nntsMo th Institution lately, and had n,i
visitors. Dr, Arthur Ginsberg heard th. awakened by her eons, John and Will
Awakened at 3 o'clock yesterday
morning by. fire, which already wag
sweeping the stairways, tenants of a
four story apartment building at 300
East Sixty-first street, had time only
for their own. safety. Three men who
slept in inside rooms and did not awake
were burped to death. A fourth, who
was rescued, died , later.
The dead are Thomas Long, 60; Tlmo.
thy O'Connor, 60; Thomas Butler, 88
years old, and George Joyce, 42.' Joyce
was, taken to Metropolitan Hospital,
where he died. Long and Joyce were
tenants In a suite rented by Mrsv John
Daly on the third floor. Mrs. Daly was
rhot and hurried In, but Bahrv was rieai.
H was unmarried and had no immediate
Telativca.
lam, and a boarder, Joseph (iulnn,
heard the alarm and ran out with them.
The yoflte. ray In thdr haste they left
the door to the stairway open, and that
Long and Joyce 'Were cut off from
reaching- the tire escape by the flames.
O'.Connor, who lived with two other
boarders in rooms rented, by Mrs. Mary
Byrne and her two sons, on the fourth
floor, met his death In a similar manner.
Long's -body was found In the charred
bed. Joyce 'said he supposed Long had
escaped. He tried to fight, his way to
the stairway and managed to get to the
third, floor, but gave up the attempt to
reach the street and came to a second
floor window, from which he was rescued
by' firemen.
Tho fire was discovered by Martin
(Merman, a New York Edison Company
employee who turned In an alarm and
then ran with a ladder from his repair
wagon to the windows of an apartment
on the second floor, from which ho res
cued Mrs. Mary Bertonl, her daughter
and three boarders. The damage wag
estimated at 110,000. The ground floor
of ths building, from which the fire
started. Is occupied by the Standard
Confectionery Company, The cause of
the Are was not learned.
reserve.
"Durlnff the year 1919 the board tested
the policy' of attempting to control the
credit situation by admonitions and
warnings without raising rates. While
convinced that It is necessary for the
Federal reserve banks to pay the closest
attention to the discount policies of mem
ber banks, and particularly to those
which are large borrowers, and that it Is
their duty to Impress upon the member
banks the necessity for the exercise of a
discriminating judgment In granting
credits, the board feels that the appli
cation of a rate Is a vital factor in credit
control, and It notes with Interest your
view as expressed in the course of your
remarks In the Senate on Friday, April
SO, that "when aggressive borrowing
banks ask in excess oi tneir own reserve
the Federal Reserve Bank Is Justified In
Imposing a rate that will penalise those
banks, thus automatically checking the
abuse V
"While you do not say so In direct
terms, your letter intimates that tho Fed
eral Reserve Board should adjust Its dis
count rates with ths view of sustaining
the market value of Government bonds,
but paragraph (d) of section 14 of the
Federal reserve act provides that rates
ot discount to be charged by the Federal
reserve banks shall' be fixed with a
view of accommodating commerce and
a
ABTHUB H. irniS GETS POST.
it. ii- i a.. . . . , I Business. were raica reuueca wim a
He "Will Be Head of First of Edge vlew of bringing Government bonda back
Law Banks.
The Federal Foreign Banking Associ
ation, the first Of the Edge law banks,
will be headed by Arthur H. Titus, vice
president of the National City Bant
His acceptance of the post was an
nounced yesterday. The association la
to par It is the board's belief that the
desired result would not be attained,
while the demand upon' the Federal re
serve banks' would be so 'great that they
would have left no resources available
for the accommodation of commerce and
business. As a matter of fact the policy
of the Federal Reserve Board to curb' In
flation wlH In the long run result In im-
belnsr formed nMr f h .n.Mti... Droving the market value of Liberty
r,l.. e n .. V s. . bonds, and a contrary policy of furnishing
pices of a strong group of banks and credlt at cheap rates at a time like this
manufacturers for the purpose of faclll- would Impair the market The value of
tatlng- extensions of new forms of a VtomUa to pay a sum certain at a
credit In conducting American business SaJ,, ,.nfla."on
abroad. i which tho board Is trying to controL"
Mr. Titus Is 14 years old. , His first
oanxing connection was with ths Na
tlonal City Bank as a clerk In 18381 Ha
became superintendent of South Ameri
can branches, and In 1)19 wag elected
vice-president For five years he has
been director of the orgaizatton of
branches In Brazil, Argentina, Uruguay
and .Chile.
British Merchants at Trinity.
The party of British merchantswon
tour of the United States attended ser
vices in Trinity Church yesterday. The
Rev. Wllm H. Frere of MIrfleld. Eng.
land, who preached, urged the business
men to devote more time to rellcton
j and less to worldly pleasures.
Special to Tut ScK snd Nzw Yoik Hcuxo.
Washington. May 9. In response to
urgtsnt requests of Western shippers
last week before tho Senate Interstate
Commerce Committee Immediate con
sideration Is to bo given by Congress to
methods of solving the existing short
age in railroad equipment through lib
eralizing the means by which the roads
can be assisted in financing- new re
quirements. Drafting of. legislation
with that end In view Is expected to be
gin this week In the hope of completing
It before both houses recess over the
political conventions.
Conferences between chairman Cum
mins and Each, of. the Senate and House
Interstate Commerce committees respec
tively and members of the Interstate
Commerce Commission are planned for
to-morrow or Tuesday relative to tho
fohn of the relief tb be provided, while
a special meeting of the Senate commit
tee is planned for later in the week.
Hearings were conducted last week
before the Senate committee, but these
have virtually been closed. Among
thoso who appeared were representa
tives of grain dealers and shippers from
the middle Western and Southwestern
States, officials of the Association of
Railway Executives and members of
prominent financial institutions In New
York. - I
Representatives of the railway exec-
utlves tqok exceptions to what they
said has been a widespread Impression
created by published reports of the Sen
ate committee hearings to the effect that
the roads went before Congress on their
own Initiative to ask additional appro
priation of 1500,000,000 from which the
Government would make loans to the
carriers for financing new equipment
The recently enacted transportation act
provided a revolving fund of $300,000.
000, of which about $125,000,000 would
be available for that purpose. This, the
railway executives Bay, Is not Justified
by the facts.
Upon appearing before the committee
representatives ot the railway executives
were asXed regarding the extent of the
shortage in equipment and what was
being done by them to rnaite up me
deficit their plans ior nnanciug; men
requirements and to what extent In their
opinion In view of conditions or tne
financial market the needed funds could
be obtained from, private Investors.
In reply the carriers officials told the
committee that practically orders for
equipment had been placed during 1919
by the Railroad Administration. As a
result they said a substantial shortage
now exists. In order to bring the supply
up to the point it ordinarily would have
been had normal Increases been made
while the roads were under Govern
mental control they estimated that
about 100,000 freight and 4,000 passen
ger cars, together with 2,000 locomo
tives, would be required at. an aggregate
cost of approximately 1610,000.000.
The suggestion was saade that the L
C. C. might find It possible to devoto
perhaps (125,000,000 of the $100,000,000
provided In the transportation act for
making loans to railroads. Aa this
would h Insufficient however, to meet
the amount required for new cars ttca '
other equipment several of ths ofltaMa
recommended that In view of tha preeant
state of the financial markets, it might
be wise for Congress to apprODrlate
about $500,000,000 from which to mako'
loans to the roads. '
COMMONWEALTH OF rENNSTLVA.S'U
,99J. Issus of $30,6Ck09t), Lean
6rle-M 4V..
83.4W.SM. kwir. n-. j.i. , ,ar
8I.640.0M. 6-year, Dae .laJy . iKt,
lS-rear, Hue July I mo,
mt AAA ABA II..- ,-lL T .HI.
A,tM. 15-yer, One Jly 1, ftru.
tl,0M,eM. U-year, Itae Jly l, 1H4.
ft.8M.040. !-Jrar, Dae Joly I, Ills.
fl.8M.8M, Xl-yrar. Due Jaly 1, 1141.
is.eoo.ooo. U.yrar, Dae fair I. 1913.
iiOtM. fS-jear, Due Jaly f, 191V.
ttMM. 30-year. Dae Jaly 1. I3.
FREE FROM THE PERSONAL PROPERTr
TAX IMPOSED DY THE STATE W
PENNSYLVANIA.
EXEMIT FROM TUB NORMAL AND ALL
BU11TAXEO, ALSO EXCESS PROFIT.-)
TAXES OF THE FEDERAL INCOME
TAX UNDER EXISTING LAWS.
Offlco of the Auditor General,
Ilarrtsburar. Ma 10. lrr-1
Sealed proposals will be received by tr.
undersigned . at the offloa of the Auditor
General at HarrUburg, until 12 o'clock not, i,
Wednesday, June 23, 1920, for eighteen
million (16.000.000)1 dollars, loan of the Com
mcmrealtti of Pennsylvania on ths follow
ing conditions:
This Issue ta a part of a loan of 830,000,000.
authorised by an Act approved the 16th oar
of April. 1919, and together wl'h the previous
lesue-SERIES A makes s total of HOr
000. 000. Issued under the authority granted,
The bonds now offered, amountlnit In the
aggregate to 118,000.000.. fill he 'dated Jul
1. 1920. and will bo payable at T Phila
delphia National Bank of Philadelphia. Fis
cal agent or the Commonwealth, In lawful
money on their respective maturity dates,
as follows:
$t,M,M. Jaly 1. 1011. '
11,004,000. Jaly 1. 19K.
$2,90400. Jaly 1, I93S.
St, 004,000. Jaly 1, 1931.
t.0O9,OOO. Jdly 1. 133.
Il.8,000. Jaly I, 1970.
U.090.0M. July I. 1940.
11,000,60. Jaly 1, 1941.
t,Ok,to. Jala- i. 1043.
gt,6M.0OO. July I, 19tC.
tt.099,000. Jaly I,-1939.
Interest at tha rata of four' and ons-Mjr
(4W per centum per annum will be paM
m-mi-annually, on January 1 and July 1, at
lie office of ths Fiscal Agent Of the Cotn-nwnvrraith-
in PnllaOelphU.
All bonda Issued under the provisions of
this Act shall bo exempt from taxation icr
Slate and local purpoaos. . ... .
Certificates In registered form will be
Issued In auch amounts as ths purchasers
may teoulr In the aum of on thousanl
tlOOO) collars, five thousand (3.009) dollar,
ten thousand (19.0001 dollars, fifty thousand
(M.000) dollars, and ono hundred thousand
(100,000) dollars: and In coupon form In the
sum of one thousand (1,000) dollars. Sail
certificates will La tUcrchangcabl as to
'Nrotlab:e Interim Certlfleati will be
lulled If detlrmt. pending the engraving of
'laltlvc certificates, and mar b ohtalntd
from tlw Fiscal Agent on the day that pa7
ment Is made for the loan, or thereafter.
Proposals mint be mad upon the pre
scribed form of blanks, copies of which mav
he obtained upon application at the office ot
the Auditor General, or from tho Ilsjnl
ANo,b!d will be consldtred unles ac.-en-panled
by a cortlf led .cheek o certificate of
deposit drawn to tho orfer of tho Common
wealth of Pennsylvania for an amount equal
to two (2) rr rentum of the principal ef till
Imn for which tt-e.bld Is made.
Cheeks or certificates acrompanylng Wis
not 'accepted wilt be returned by mail to the
bidders within forty-eight (48) hours fron
the time of opening of the bids. Ee-wstts o
surceasful bMders will be applied In rartls '
payment of the amount of tlw loan awarded
to them. No allowance will he ma for
literrst on an admwe payment from tin
time a bid la submitted to tho time of settle.
"settlement for the lean awarded must le
made with Tho Phlladelphle. National JJan.t.
'ral Axent for tne lommoimcira
Pennsylvania. In the following, manner, to
wit
It will be options'. tth Mdder to r.iaVs
settlement In full on-er beforo puy.
si. i i"n tfcree P. If., or make sis partial
(payments, te wit:.
S3 000,040. TbursaarJaiy I, ura. sur"
'f.t 009,000. Monday. August I. 1914, Ti
PKWKSO.e0fl. Wednesday, September 1, ISM.
MOOO?' Friday. October 1, 1910. Three
S3.00O.O6O. Monday, Novrmber 1, 1110.
a.uZi: Wednesday, December 1. 19M,
n.M t If.
I The undersigned rcservo the right to reject
any ana all proposal, ur --",,.,.
any portion of the loan for which bids shall
be received oa mny be deemed for the be.
Interests of the Commonwealth of rennsyl-
Twnh the exception of the 311..000 1 Issue
of 1010 obovo referred to. the State Is free
of all bonded Indebtedness i not now provided
for by moneys In the Sinking Fund. Of the
.foresaid Issue of 812.000.000 the State has
repurchased bonda. to the amount j pf 81. WO.-
These bonds are a legal Inratment for
trust flinds and constitute ono of the satest
and mt deilrable Investments that can be
Ahtalned The wealth of the sovereign Stat
of principal, certainty of. ,e" '
a ready eale for. the bonds at all-times.'
WILLIAM C. BPrtOUL,
Governor.
ifARMO'N M. KEPHART.
( at stats Treasurer.
CHARLES A. BNYDER.
Auditor General.
4JN10N OIL COMPANY OF
CALIFORNIA
, First Lien 5
Twenty-Year Sinking Fond Bonds.
- f.. rnmninr of New YOtK.
Tr'upWotCallto,
2'ry SSTim: tXTt&nil fued
,Triunder for sale to the Sinking Fund ei
,0l-?n accordance with provisions of Article
4, Section 2 of the above Indenture.
Bonds to the aggregate principal amount
of $703,000. ,
2 In accordant with provisions of Article
4, Section 0, of the above Indenture, a
sufficient principal amount of Bonds to
exhaust tha sum of $16,947.18.
Dl,u V. tiwv. , v ...a. ,
signed Trustee at twelve (12) o'clock now
on Monday, way sun, ivv. .uv us" -served
to reject any or all tenders.
OF NEW YORK, Trustee.
By LYMAN RHOADES. Vlce-PresMent.
May 10, 1920.
Copper Canyon
Mining Company
Tho report of the Company will
be mailed on application to the
Company's office, 25 Broad Street,
New York City.
KENNEDY & CO. Et. 1884
BRANCH
627 Brfst&on Ave, Cor. 59th Si
MAIN OFFICE, 74 BROADWAY.
Direct wire to Consolidated Ex. Floor.
ngt?no?AND
' TO THE STOOSHOLDXBfl OF TBI
DELAWARE1 AND HUDSON COMPANT.
Notice Is hereby given that tbs ANNUA!.
MEET1NO ot the Stockholders of TBI
DELAWARE AND HUDSON OOMPANT
will ha held at tha offlce of tb Company.
No. 81 Hassan Strstl, la the Borough ef
Manhattan, City of New York, on TUES
DAY, MAY 11, 1919. at twelve o'clock
noon, for the election of Hanagsrs of Iks
corporation for ths ensuing year, and for
tha transact Ion, of auch other business as
may properly ooma before the meetlag,
including considering and voting upon tki
approval and ratification of all action ef
the Board ot Managers and- EaeeutlTe
Committee since ths last annual meeting
ot stockholders, and all matters referre4 t
In the Annual Report to Stockholders for
the fiscal year ended December 11, 1911.
Ths pons will open at twelve o'clock
noon and remain open for at least one hour.
Stockholders of record at the close of
business May 1, 1910, shall be entitled to
rota at such Annual Meeting.
ey eraer oi me soara or uanagera
P.-M. OLWHANT. Secretary.
in c w aovaw mmrMH atf issf.
TJJE FARMERS LOAN AND TRUST
COMPANY,
18, 19, 20 and S3 William Strset,
New York Otfe
Ths Annual Meetlrur ef tha sA,Ssswjase cf
THE FARMERS LOAN AND TM7ST p&!
PANY for tha slectlon of Dleocvrs
held at the office ot the Company on TOSS
DAY, June 8th, 1920. Polls will, be ep
from twelves o'clock noon to on o'clock F. U.
AUOUB1U8 V. HEELY. Secretary.
THS annual meeting ot the Stockholders
of th Stater Audit Company will be heli
w wn,w u. iav vumpsnr, no. . un..
war. Cltr Of New York. Ooenuah of Man
1 hattan. on the nth day of May, 1110, at 3
CANADIAN WHEAT PRICES TO. tSSS&SSZ
Men of such other business as may prop
erly com before tb meeting.
F. F. BARTROP, Secretary.
, Dated May, t, 1110.
Western Grades Advanced 35 Cts.,
Others 40 Cts., by Board.
Wiiwrpxa, Man., May 9. The nrlee
to mills of all grades of Western wheat
was advanced 85 cents a bushel, and
British Columbia, Ontario and Quebec
wheat 40 cents a bushel, In new regula
tions Issued by the Canadian Wheat
Board, effective, at midnight. May 8.
a no maximum wnoics.H0 prices of
bran end shorto were increased 13 "a
ton.
DISSOLUTION NOTICE.
NOTICE OF DISSOLUTION.
Kottce Is hereby given that the eo-pirCi:
ship heretofore carried oa by George W, T.
.Skinner and Wllllston II. Benedict at 66 De.'
el. and 117 Waahlngton St.. In the City '
New York, has this day been dlS90lrrJ M
mutual consent.
(lEOrtOR W. T. ftKIN'XFii.
11. ir 'I llWe.l'lliJ.J
Usy l. -u. .. s . i --

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The Sun and the New York herald. [volume], May 10, 1920, Page 12, Image 12
About The Sun and the New York herald. [volume] (New York [N.Y.]) 1920-1920