The Sun and the New York herald. [volume], August 20, 1920, Page 12, Image 12

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

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5?? THE SUN AND NEW YORK HERALD, FRIDAY, AUGUST 20, 1920.
lit . - ,-1 '
Trallroadii, chambers of commerce, r 1 II I
1
MARLAND
REFINING
show
Tunc earnings
increase of 120 over
thoBe of January.
Six months' earning rec
ord completely reviewed.
ASK FOR CIRCULAR HI.
MS Wolfed Co.
ESTABLISHED '.006
41 BROAD ST.. NEW YORK
Phone Broad 20
COAL EMBARGO TO
HASTEN UNLOADING
Tidtfwater shipments Barred
rjnieil Cars Are Emptied
Promptly.
PLAN LESSENS SHORTAGE
Under the management of,
Daniel Willard
BALTIMORE & OHIO
should benctlt from the ran- Increases-
an IntllMil analysis in
MARKET OPINION. Auk for O'M
R.H.MacMASTERS&GO.
Mrmbtn COWoMdatti Mif Kich., . Y,
82-84 Broad St. N"w,Yrk
Phone Bread 610 JIv'kvv"
CHICAGO Mll.WAl.kr.r.
Weekly Market Letter
I .ii Request
iMHUMft
ESTABLISHED 1003
Members N Y Curb Morkct Assn.
tt BROAD ST., NEW YORK.
Active C urb Slocks Carried on Margin.
Railroad Association Order
Affects New York, Philadel
phia and Baltimore.
railroad, chamber of commerce,
board of trade, munlclpalltl arid rep-
resciiiatives or ine. nouin jereey v-i-mutera
Association. (
"Apart from tho confusion and undo
Irablo complications resulting from in
harmonious rate structure eventually'
no anvlnv would result from the general
application of ratca fixed by State au
thority lower than thoan authorised for
Interatate traffic," th comnilaalon raid.
"The revenue Congress haa dei lared tho
loads ahull rccolvo in auch case would
have to be mado up from further In
creases In Interstate traffic. Articles
transported in interstate commerce are
In general use. They reflect the carrying-
charges, and increases in these rates
to mako up deficiencies In intrastate
revenues would affect all."
RATE DECISION HITS
CENTRAL HARDEST
60
Per Cent, of Passenger
Business Is in State.
STANDARD
O
I
L
WEEK I V
M'MMAItY
ON
fjTAMU Itl) Oil
issues
Mil. I. UK
HAILED
TO
INVESTORS
ON RBQVRST
CARLH.PFORZHEIMER&CO.
Phones 4HU0-1-2-3-4 llruud. 23 llroad St. N. V
I. M. TAYLOR & CO.
Incorporated
INVESTMENTS
7 Wall Street
Helton
Philadelphia
Cleveland
Pittsburgh
Washington, Aug. 18, An Immedlatu
embargo on the movement of coal to
ildcwater except upon a deflnlto show
lug that the coal upon arrival at piers
would he unloaded Into vessels with
euaonublo promptness haa been agreed
upon by the railroads, It was announced
'o-da by the. American 1tullron.il Asso
ciation. In an explanatory statement the asso
ciation aiild :
"Chairman Willard of the Association
of Hallway Executives and Col. I). v.
Wentz. president of the National Coal
Association, met in conference yesterday
with representatlvea of the coram laal on
on car service of the Ann rlcun Ilullroud
Association, tidewater coal carrying
lines serving Hampton Roods and the
north, various tidewater COal exchanges
and the American Wholesale Trade Coul
.VHoclatlon to consider what more eirec-
tive means could b adopted to reduce
the accumulation of bituminous coal cars
awaiting transshipment at tidewater.
"The conference unanimously reached
the conclusion that such changes should
la made In the regulations or me iww
w. it.-r Coal Exchange, which handles
I ipments through New York, rhlhidel-p-.ia
and Baltimore, us would result in
penalizing the holding of bituminous coul
by Individual members of the exchange
beyond the lice time permitted In estab
lished coal demurrage tariffs.
"Further than this, the meeting unan
imously agreed thut us the only effective
n.cans of adequately controlling the
situation all tidewater coal carrying lines
should immediately embargo the move
ment of tidewater coal und .sltnultane
uialv nrovide for the acceptance of such
tratfic only upon ; l i mits to be Issued by
tho tidewater bituminous coal terminal
railroad."
RAIL PASSENGER
FARE BOOST DENIED
Continued from First Page.
HARTSHORNE,
FALES & CO.
Member S. Y. Stock KxchantM
71 BROADWAY
Telephone 7810 Bowling Qrten
We have prepared a circular covering
An Exceptional , j
Oil Investment
Com em Request. Ask for B. 3.
Maguire & Burleigh
170 Broadway Now York
Telephone. Carilandt 8578.
FOREIGN GOV'T BONDS
ai.i. inncas
BOUGHT fl OLD QUOTBD.
ALFRED R. RISSE, Specialist
60 BROADWAY. NEW YORK.
Tel. Broad 6184 6M1-74S,.
Bonds for Investment
Harris, Forbes A Co.
Ma Street. Comer Wllila
NEW YORK
The National Bank
of South Africa, Ltd.
Tot Rtiourcet Exceed 1430,000,000
10 Wall Street New York
R.E. SAUNDERS. Agent.
CENTRAL UNION TRUST CO.
of New York,
E0 Broadway.
BRANCHES
6th Avenue at 60th Street
Madison Avenue at 4tnd street
Capital, Surplus and I uillildeu
. Troths s.iii.iiuo.issi.
EQUIPMENT TRUSTS.
the applicant.') present no evidence war
ranttna such b finding."
The application of the railroads as to
tl eight rates cull for an Increase of 40
per cent, on all existing- freight rates,
except rates on fluid milk, cream mid
articles taking the same rates, where
the increase asked to 20 per cent., and
an increase of 40 per cent, for switch
ing, &c.
Show Increase Are Needed.
"The evidence before tho Interstate
Commerce Commlsion," lay the opin
ion, "discloses the necessity of some
vry substantial increase In rates in
order to enable the carriers generally to
meet their obligations to the public und
especially to meet the requirements of
the transportation act of 1920. The
findings on this subject of the Inter
state Commerce Commission, while not
binding upon this commission In the
present proceeding, are not without
strong probative force.
"We have no evidence that the slt
natlon of the petitioning carriers, In so
far ns their purely Intrastate business
within ths State of New York is con
cerned is similar to that of all the car
riers In the Eastern group us to their
entire traffic. We are not, however,
called upon in this proceeding to de
termine finally the Justice or reason
ableness of any or all of the Interstate
rates proposed."
"The evidence before as establishes a
fstr probability, If not a presumption,
that 11 general substantial Increase In
rates is necessary. The Interstate rates,
by permission of the Interstate Com
merce Commission, are to become ef
fcctlve August 26. If the present peti
tion la not granted there will, at the
very best, result a considerable period
ot time during which the interstate In
creases will be effective and the Intra
state rates will remain on the present
basis
"The interstate Increases allowed are
universal and so great In amount thut
there would result a very great dis
parity between interstate and Intrastate
rates. This would nave a uisiuiuuig
Influence on business of all character
iithI the disturbance might prove dis
astrous In some llnea. There would
also result a multitude of unwarranted
discriminations, with violations of the
long and short haul clause and of the
rule that through rates must not ex
ceed the sum of the locals.
The rates of the New York Central
between Albany and Buffalo, to mention
a single Instnnce. would be approximate
ly 40 per tent, lower than those on the
Lackawanna. Lehigh Valley, Krle and
Pennsylvania. The consequences of this
stale of affairs for even a short period
can readily be Imagined.
1. ranted With Reservations
"Hound public policy and commercial
Railroad ofllc lain were not able to say
last night what action would bo taken
In view of the Public Service Commis
sion' Indefinite suspension of tho pro
posed passenger faro Increase granted by
tho Interstate Commerce Commission.
They renewed, however, their prophecy
that constant confusion would result.
A traffic olllolnl of tho New York Cen
tral Railroad estimated that this system j
would bo tliu chief victim and greutest
loser, as fiO per cent, of Its passenger
business la within New Y'ork State und,
accordingly, subject to being held down
to the existing rate of three cents a
mile instead of tho 3.6 rents allowed by
the Interstate Commerce Commission.
Figured on the basis of Its annual pas
senger revenue of $75,000,000, the loss
would he 16,000,000 or $7,000,000 a year,
ho concluded. The suspension dlscrlmln-
ites against the New York Central, he
argued, because so little of its business Is
Interstate.
The Interstate Commereo Commis
sion," said the New Y'ork Central offi
cial, "decided that 1101,000,000 of the
Increased revenues necessary to meet
I he wane advances should be secured
from the passenger business. The freight
rate Increase waa based upon this por
tion of the cost being borne by passengers.
"The additional revenues are neces
sary to provide the railroad service
needed by the country. In tho case of
Net Vork all those roads that tart in
New Jersey will be enabled to charge
the 3.6 cents a mile because the Journey
Is Interstate, while the New York Cen
tral will be subject on It entile lines
Baal to the lower rate."
It Wfll be loft to counsel for the rail
roads to decido the next move, und
whether. In case It Is necessary to put
In all the evidence already presented be
fore the Interstate Commerce Commis
sion, the roads will combine their pre
sentation or be obliged to argue their
cases separately.
Tho same petitions were submitted
yostorday to the l'ubllc Service Commis
sion, First district, In Manhattan, the
proceeding being a more or less per
functory one. However, a hearing was
sot for to-day orr the freight Increases.
The companies filing petitions were the
New Y'ork Central, the Staten Island
Rapid Transit, Smith Hrooklyn Railway.
New Haven and Roston and Westches
ter,
DECISION ON WATER
RATES COMING SOON
Lake and Coastal Shippers
End Testimony.
Washington, Aug. 19 Hearings were
concluded to-day on the application of
about sixty great lakes and coastal
steamship lines tiled with the Shipping
Hoard for rate Increases In conformity
with advances granted the railroads by
the Interstate Commerce .Commission.
The board intends to act on the applica
tions before next Thursday, when the
rail rates become effective.
Representatives of carriers and ship
pers testified to-day, the latter making
no protest against a general Increase for
water carriers, but urging that part of
the additional revenues go for 'increased
facilities."
SEEK SEPARATE CONTRACTS.
Miner to I oil Joint Terms With
Operator.
CutVKLAND, Aug. 19. Miners attend
ing a conference of t lie Joint scale com
mittee of the central competitive field
Chlo, Indiana. Illinois and western Penn
sylvania held a policy meeting this
morning following failure last night of
the Joint conference to agree on the
miners' demands for Increased wages.
Ihey adjourned sine die after votlmt
unanimously that minors In each of the
f'.ur States will seek to make a supple
mental and separate agreement with
operator In the field. Thi practically
disrupts the central field as a basing
point.
Inasmuch a the joint conference was
culled by President Wilson for the pur
lose of adjusting Inequalities existing
!' the present wag scale agreement, op
erators and miners sent separate tele
grams lo the President to-day advising
htm of the failure of the conference to
reach an agreement.
Mn. Commutation Kate i.o I p.
Huston. Aug. 1ft The Department of
Public lillitles to-day authorized all
rail carriers in the Stato to Increase
their rates on twelve ride commutation
t'cketS 20 per cert. The new rates may
become effective on August 26. the date
on which similar advances have been
authorized by the Interstate Commerce
Commission.
.50
7.2.".
7.00
7.00
ii.ni
7.50
7.00
' I
(Quoted on a percentage basis.)
Name. Maturity, Rate. Bid. Asked
Baltimore Ohio. I020-27 4i, 8.75
Bethlehem Hteel . . . 1920-30 7 7.70
Buff, Roch A P.. .11120-33 4H-5-6 7.7.1
Canadian Pacific.. 1020-32 4-ir 8.00
Chicago N W-.. 1020-23 7. tin
Chi. It I I Paciflc.1920-27 4,-5 S.50
Chi, St L N 0 . 1920-24 !t 7. Si
C, 0, O 8t 1 1920-29 ft- S.00
Delaware tc Hud.. 1922 4!4 fJjO
Krle Railroad 1920-27 41,-3 S.75
'.race Stcamhlp..t02O..i4 ti 7 s."
Illinois Central... 1 920-27 4Vi-5 7.02
iBt Pro Hlnaniahlp. I920-2H 7 S.50
Louisville A Nash. 1920-23 f. 7.63
Michigan Central.. 1920-32 5-6 7.110
Mian A St Louis.. 1920-27 5-6 S.00
Mo. Kan A Texas. 1920-24 5 8.60
New Vork On....1920-3.t 4'i-.VI 7.40
Norfolk A West... 1920-24 4Vi 7.62
Northern Purine.. 1921. :in 7 7.25
DISSOLUTION PLAN FILED.
.Method Submitted to llnd Ontslde
Activities of Packer.
Washington, Aug. 19. A plan un-
necesslty both dictate that special per
mission should bo granted, but In grant
ing It the commission does not Indicate
Its approval or disapproval of the rates
continued In tho tariff. These will bo
niiWt to complaint, investigation and
suspension If tho propriety oi suspension fJrl. whk.n the Dlg nvo packers Swift.
in any case is made to appear. Armour, Morris, Wllnon and Cudahy
"The foreicolng applies to freight rates ; ttr,i,i dlsnnao of their stock vnnls in.
?"2 generally with other Incidental special tereats haa been submitted to the Depart
7 on 'charges. In so far as the petition asksment of Justice for approval and prob
6.2 an Increase of 20 per cent. In rates on bly will filed In tho District of Co
7.50 1 fl,,!,! milk, cream and articles taking lumbla Supreme Court by August 31.
JMSjthe same rates, the Interstate Commerce The plan was drawn up In accordance
7 U0 ' Commission treated this traffic on the i with a decree entered In the local courts
7 6fl!..,m hosts as It treated the passenger I early In the year under which the Pack-
fiMl rates, because milk and cream are usual-' er within two years must disassociate
ti u:
N Y. N It a II.... 1020-29 4 V5-8 .."
Pacific Fruit Em. 1925-3.1 7 7.05
Penn (Jen Freight. 1920-23 4-4", 7.40
Readlrtr Co 1920-27 4 7.7.".
gjkkVrd Atr Line ...1920-27 44-5-6 H..VI
Sinclair ltefiidim. . 1920-21 0
Southern Pacific. . 1920-33 4Va-7
Southern Railway. I92H-2A 44-5
Union Pacific IPS !-.' 7
Virginian Railway. 1920.30
Whlto Oil Corp.... 1920-2,3 U
S.50
7.40
7.90
H.95
7.50
ST.".
wnllv earr ed In passenger Irani.
i.rn "It may ho that In this State the gTeat
-711 ' bulk of milk and cream Is carried on
S 7? ! special milk trains, but their equipment
6.50 'and movemont harmonize more closely
7JWJ with passenger operation than with
JO . frujght operation. Fluid milk, cream and
,'l v! ' articles taking the same rates should
700 ! therefore be exempted from the operation
7 W cl this order."
themselves from unrelated lines of busi
ness and confine themselves to the
wholesale meut trade.
BOSTON AUCTION RESULTS.
(Furnished by Richardson. Hill a Co )
1 Farr Alpaca Co.,' 23214.
4 Naumkf-as Steam Cotton Co., 196.
14 Mass. Electric Co.'i pf. (certificate of
deposit), n.
6 V. 8. Flnlahlnr Co.. 80.
1 Boston Hcltlng Co. pf., 30
100 Pacific Development Corp., 33.
1 Springfield Fire and Marine In. Co., 275.
1 American Textile Soap Co. pf., 82.
SS, 000 Imperial Ruxslan C.ov. 3 year il'-i
(certificate of deposit i, 22 flat.
N Draper Corp . 131.
IX Elder Mf. Corp. pf., 95.
!(. Fidelity Truit Co., Ilnatnn, 115.
0.. VVeeit Point Mfg. Co., 14.
15 Continental Mills. I4H.
Boston Belting Co. pf., ,0.
U Bates Mfg. Co.. 107.
C Business Real Estate Trust, 10.
0 Hood Rubber Co. pf., 98A-8S.
t Draper Corporation, 132V
(Lowell Has Light Co., 142U.
International Trust Co , 347'
3 Mas,. Cotton Mills, 147.
JERSEY REFUSES TO
SUSPEND NEW RATES
Commission Decides No Sav
ing Would Result.
TaXKION, Aug. 19. The Public Utile
ity Commission held to-day that It could
not Issue orders suspending an Increase
In passenger and freight rates granted
bv tho Interstate Commerce Commission
on railroads operating within New Jer
sey. The board held percentages of in
creases authorized must oe applied to
Intrastate a well as Interstate rates to
provide the return Congress has de
clared the railroads shall receive. A
hearing was held by the commission
last Tuesday, attended fty counsel for
Bank of England Statement.
London. Aug. 19. The weekly sate
ment of the Rank of Errgland shows the
following change: Total reserve In
creased 697.000 ; circulation decreased
If 33,000 ; bullion Increased 13,924 ; other
securities increased 2,311,000 ; public de
posits Increased 115,000; other deposlst
decreased 6,884,000; notes reserve In
creased 685,000; Government securities
decreased 9,742,000. Proportion of re
nerve to liability, 12.52 per cent.; last
week, 11.41 per cent. Rate of discount.
7 per cent.
Messrs. J. P. Morgan & Co., First National Bank, The National City
Company, Guaranty Trust Company of New York, Bankers Trust Com
pany, and Harris, Forbes & Co., all pf Nev) York, offer for subscription
$25,000,000
New York Central Railroad Co.
Ten-Year 1 Collateral Trust Gold Bonds
Dated September 1, 1920. Due September 1, 1930.
To be secured by deposit with Guaranty Trust Company of New
York, as Trustee, of the following collateral:
Pledged Price Value
$25,000,000 New York Central R. R.
Co. Refunding and Improvement
Mortgage 6 Bonds, Series B
$3,750,000 par value (being 75,000
shares) Reading Co. 1st Preferred
Stock
$5,500,000 par value (being 110,000
shares) Reading Co. 2nd Preferred
Stock -
95
40
My,
$23,750,000
3,000,000
4,675,000
Total $31,425,000
'Board on the prs.irti
t markrt price 0 Hit -Hi" Bosd, Series A , Usueil under the soma trortnaae
The folloiring description of the issue it summarized from
the circular letter of Albert H. Harris, Vice-President,
copies of which mail be had upon application.
At current quotations, the
market value of the securities to
be pledged is approximately
$31,425,000 or in excess of
125 of the principal amount
of this issue of Bonds.
XhE Indenture will permit
the Company to substitute tor
the Reading stock such securities
as it may receive therefor in the
event of the dissolution of the
Reading Company pursuant to a
Court order. The Company may
also make further substitutions
provided that there remains col
lateral having a then value of not
less than 125 of the amount of
outstanding 10 year bonds.
THE BONDS are to be re
deemable at the option of the
Company in whole or in part
at 105 and accrued interest.
Interest win be payable
March 1st and September 1st.
Coupon Bonds in denominations
of $1,000 and $500 registerable
as to principal, and in fully regis
tered form in denominations of
$1,000, $5,000 and $10,000.
Coupon and registered bonds
and the several denominations
arc to be interchangeable.
TtlE proceeds of the Bonds
are to be used to retire $15,000,
000 One-Year 6 Collateral
Trust Notes which mature on
September 15, 1920, and $8,000,
000 of bank loans. The balance
of the proceeds will be available
for the Company's capital pur
poses. Including the compensa
tion payable by the U. S. Gov
ernment during the two full years
of Federal control the company's
income available for rental and
interest charges during the last
four calendar years has exceeded
such charges by a least $23,000,
000 annually. Under the new
rates granted by the Interstate
Commerce Commission it is esti
mated by the Company that
based on the 1919 traffic, the
Company's net income for 192 1
(including other corporate in
come) will be not less than $80,
000,000 as against fixed charges
(including interest on this issue)
of less than $48,000,000.
We offer the above Bonds for subscription at 100 and interest, yield
ing 7. The above offer is made subject to the approval by counsel
of the completion of all necessary legal formalities and to the formal
approval ot the Interstate Commerce Commission. Subscription
books will be opened at the office of J. P. Morgan & Co., at 10 o'clock
A. M. on Friday, August 20th, 1920, and will be closed in their dis
cretion. The right is reserved to reject any and all applications and1
also in any event to award a smaller amount than applied for.
Aunnst soth, wen
Notice of Modification
OF
Plan and Agreement of Readjustment
OF
Maxwell Motor Company, Inc.
AND OF
Chalmers Motor Corporation
Dated August 30, 1919.
To tha Holders of Certificates of
Deposit issued under tha above
mentioned Plan and Agreement
fort
MAXWELL MOTOR COMPANY, INC.:-
Btock Certificates for
First Preferred Stock;
Sc.nd !ref erred Stock; and
c minion Slock: and
Stock Trust Certificate Isnint by
(iuaranty Trust Company of New York, u
gent for Voting Trustees, for said
Hirst Preferred, Hecoud Preferred and
Common Stock.
CHALMERS MOTOR COMPANY 1-
Klrt Message Six I'er Cent. Five Year Qold Notes.
CHALMERS MOTOR CORPORATION 1-
Btock Certificates for
Preferred Stock; and
Common Stock.
Existing conditions in the financial and business world have made
it impracticable to declare operative or to carry out the above mentioned
Plan and Agreement of Readjustment in its present form. The Com
mittee has been in conference with financial and business interests as well
as with creditors of Maxwell Motor Company, Inc.. regarding plans
for the supply of new money urgently required, for the readjustment
or reorganization of the Maxwell and Chalmers Companies, and for
the management of their respective properties. The CommtttM be
lievcs that in the near future a modified plan, the general features of
which have already received the approval of the interests consulted,
may be formulated for the approval of certificate holders and creditors.
This however, cannot be done in time to prevent the present Plan and ,
Agreement of Readjustment, in accordance with its terms, f rom becom
ing inoperative unless modified as hereinafter stated. The Committee
has accordingly determined to modify the Plan and Agreement of
Readjustment by striking out from article or paragrnph Seventh of the
Readjustment Agreement the words "the failure to declare operative
the Plan or any modified plan within one year after the date of this
Agreement shall be conclusively deemed an abandonment of the Plan
and of this Agreement and of any modified plan or modified or sup
plemental agreement."
A statement of the foregoing modification of the Plan and Agree
ment has been filed with the Depositary, Central Union Trust Com
pany of New York. Holders of certificates of deposit issued under
the Plan and Agreement of Readjustment may at any time on or before.
August 31 1920, upon surrender of their respective certificates of de
posit, properly endorsed in blank for transfer, to the Depositary, Central
Union Trust Company of New York, 80 Broadway, New York City,
and upon payment of such taxes as may be payable upon the transfer
and delivery of the securities withdrawn, withdraw from the Plan and
Agreement of Readjustment, and thereupon will be entitled to receive
the deposited securities represented by the certificates of deposit so
surrendered.
Every depositor not so surrendering and withdrawing on or before
August 31, 1920, will be deemed to have assented to the above men
tioned modification and whether or not otherwise objecting will be
bound thereby as fully and effectively as if he had actually assented
thereto Depositors who do not so withdraw will have the right, upon
announcement of the proposed modified plan, to signify their approval
thereof, or, if they decline to approve the same, to withdraw their
deposited securities. ,
Dated, New York, August 10, 1920.
II4IIRT BttONNKrt, Chairman.
JtMKS C. BKAI.Y.
JOHN It. MOKKON,
El.TON PAKKN,
Jt l.KS S. BAOHEi
llttill HAI.Mf.RS,
i. HORACE HARIMNO.
Committee.
0 n. RunnRs. secretary.
SO llroad way. New York City.
PENNSYLVANIA CO. (it ARANTEEO 3
PER CENT. TRtST CKBTTFICATK8,
SERIES "A," DDK 1037.
Pursuant to terms of agreement ilatod Sop
t. mber 1, 1WT, tbo under land Invites ten
il.rs of above certificates for sale anil de
livery as of September 1. UM t a Prtcc not
cceedlug par and Interest, to lie extent of
$.".0,000, thu sum now puyablo to Sinking
' Sealed tenders stating specific numbers of
certificates offered, addressed to C.lRAItl;
TRU8T COMPANY, Trustee, Sinking 1-und
Pennsylvania Company (iliarantenl 3V, per
cent Trust Certificates. Series A, will be re
ceived until 3 P. M.. August 31, 19SS. Ac
c'Dted certificates must be delivered not
liter MM September 1, lf0, or security
furnuntd that nay it rwjuirwu u v
cry will bo made within ten days.
UlRMtrt TltlST COMPANY, Trustee.
OBORQB H. STCAKT 3d, Treasurer.
Philadelphia. Pa.. August 14. lniQ.
WANT GRAIN EXEMPT.
Cana-ltva Comnllon Aked Not
to Advance FreUht on Shipment.
Ottawa, Aug. 19. Tho Canadian
Railway Commission was aaked to-day
10 exempt grain shipments from any In
creased freight rates which It might
riant Dominion railroads. H. K. Sym
ington, counsel for the province of
Manitoba, appearing at a hearing he d
by the board, declared "wheat should
tot bo called upon to pay nny losses in
earnings on other commodities carried
by the railways."
"William K. Moule, assistant comptrol
'or of tho Canadian Pacific Railway,
who examined Mr. Symington, main
tained that when present grain prices
were considered the farmers were 50 or
60 per cent, better off than in 1913, even
with a 40 per cent, rate Increase.
Pennsylvania Crude Oil Market.
OH. CrrT, Po., Aug. 19. Credit bnl
nnces 610; runs, 31.S5 ; average, 6s.
033 shipment, 46,332; average. 51,683.
SUBSCRIPTION RIGHTS.
41
20
1
84
1
11
4
3S
45
Rights Y'dy's Wed'
expire, bid. ask. hid.
Amnrtcan Colonial
Hank of Porto Rico.. Aug. 31 M
P.ltss (E. W.) com A"S-2! 4'',.
miss IE W.) pf Aug. 81 'a
iln K Extinguisher.. Sept. 1 15
!., Aug. 2.)
SaUonal City Bank... Oct. 1 OJ
National Cloak Suit.
New Jersey Zlne Nov. 15.11
Wrtgley 8P- 1 4
IB
11
Hank of France Statement.
Pabis, Aug. 19. The weekly state
ment of the Bank of Prance shows the
following changes: (Sold In hand In
creased 262,000 francs; silver In hand
increased 6,180,000 franc; notes In cir
culation decreased 146,547,000 francs:
treasury deposits increased 60,278,000
t runes: general deposits decreased 115,
k!3,000 francs: bills discounted increased
14,930,060 francs; advance decra
J1.292.00ii frunca
Kxport Petroleum Vp a Cent.
The Standard Oil Company of New
: York yesterday advanced the price of
export petroleum a cent a gallon, mak
.. ,r, rrt white 24V. cent and
ing -r. i .... - i -
water white 26 Wj cent.
FINANCIAL NOTES.
Bank of Manhattan Company haa opened a
k..h office In St. John's place, near Nns-
trand avenue, Brooklyn, under the manage
ment of Oscur W. Kearney.
' Harris, Eorbe Co. are offering Olty of
Chicago, South Park District serial 4 Pr
emit bond at price to yield from 0 per
cent, for their hort term lue to 5 1-4 per
cent tor their long term ones. They mature
annually from 1921 to 1940.
Amencwi m , . .". eB"j ,. , . ... .
gbM '. In fares heve keen granted ts
the following rubeidtxrle ! Ohio Valley
Kiecttlc Railway Company of Iluiitlngton, W.
Va.i from Tc. to tic; Altoona and Logan Val
ley Electric Railway Company ot Altoona.
from t'.c. to 7c; Peoples Hallway Company of
Dayton, Increase oe. to 7c.
M. EL Hamilton has been mado field en
gineer of the Automatic Straight Air Brake
Company.
A netltlon for the New York Htock Ex
change not to open on September 4 Is being
circulated on tho floor of that exchango.
Application his been mado to the New
York Stock Exchange to list: rre Oil Com
pany Pal(to of additional common stock;
Chemical National Banx of New York, 1,
500,000 of additional capital stock.
Mohawk Mining' Cimpany during July pro
duced flllS.SSS pounds of copper. Wolverine
Mining Company during July produced 24(1,343
pounds of copper. Michigan Copper Company
during July produced 1U','94 pounds of cop
per. I leorge M. Powell Jr. has been appointed
assistant comptroller and Chester N. Van
Deventor assistant manager of the fgreign
department of the (tuiranty Trust Company.
South Park Roard pf Chicago has awarded
11,000.000 of serlil bonds for lake front Im
provements to tho Harris Trust Company and
the Continental and Commercial Trust Com
pany Jointly on their bid of 88.507.
July output of the Calumet and HeclA and
its subsidiary mines total 8,312,025 pound
gainst 9,022,800 In June and 8,803,811 In
May. The output of the Calumet and Hecla
proper was 4.684,072 tn July against 5,007,594
in' June
America!- Exchange National Rnk has
boon designated registrar and transfer agent
of (.corgi C. Moon Company preferred and
comm n.
Equitable Trust Company has been ap
pointed transfer agent of E. W. Bliss Com
pany preferred and common.
Joseph L. MoCullough, formerly flnancls.1
editor of tho United State Investor, 1 In
chargo of Colgate. Hoyt Co.' statistical
and Investment eervlce department.
Bank of America ha been appointed trus
tee under collateral trust agreement with the
Hortonla Power Company for an Issue ot
$230,000 of 7 per cent, one year note and
trustee under indenture of tho Southwestern
Power and Light Company for an authorized
Issue of So. 000,000 of five year 8 per cent,
secured notes, due tn 1025 and registrar ot
300,000 shares of Guantanamo Sugar capital
stock of no par value.
PRODUCE MARKET.
BI TTER Creamery, higher than extra,
lb., 58149570.; extras. 02 score, 5Bc.: firsts,
P0 to 91 score, 53Hs?55Hc. ; firsts, M to 89
core, 51I952HC. ; seconds. 83 to 87 core,
lR4n0o. ; lower grades, 47(J48c; Danish,
casks, 52i4"54'jc. ; unsalt-d. higher than
extras STSSeOc. : extra, 57i,,ff58'4c; first,
KJt.'itHc. : seconds, 50038' ic-; State, dairy,
tif. fhvst, r,SsJSc; gned to pr'rne, rff
.v i,ir, SSKmnc. all..s
current make, first. 464fiV.T second.. 4.1
4.ffltJi4c; lower grades. 38'Mii,c.
( HEESE-State, whoie nUk, fro.h. flats,
colored or white, lb., 271428Hc. ; average
run, colored, 2B2Hc.; white. mViTiv
Stalf XSSSk 2u,S23c.; twin.. fr?si ',,
rials, 2,f27v4c.; average iun. white or col
ored. 2..i,i8)2flHc. ; lower grades, 20825c
Wisconsin, fre.h twins. 264t26V,c. ; sing e
da sles. fresh nu-)7iz . ' . '"Sin
freh, 26141 ITo. : Youn Amerie.. fr...i.
-",ii-9c.. fresh I speejaku 16141714c; prime
o choice, 15918c; fair to good. 12.14' ,o
lower grades, 8910c. -w"TW.l
KtitiS l.'res). ,...fh....i .
v. e-"--..i, p.wM, dozen, DIB
Mo.; extra, firsts, Mff56c.; firsts. 494fr..tc
Sect. lids. i HI..I.. TT11
------- . .--y...., unurn, iso. i. regular
k',Lf.hk' ' choi,,1:
Swll TT '""Rframr, spt-ciai mark
fancy, Kte.; flrtta. Wo. aeconda, IMlflc.;
K, " ' Zl mtiiuy, western,
ht.nnery whiten, extra. TO72e.: xtr.
CMU, IMJMfcj flnt-. 60064c.: lathered
H i fffl. f rfq tn avtrs fleet. mjrB- . 1
trade, mains n." "S- """"
ffuk-ft ...v ..i, siiiie, extras.
709. 2c: extra firsts. 04988c; firsts. 60ji
., snur, Brmini, osKoiisc: retaiuma
smsll, S45flo. ; other Western and Southern"
gsthered whites, 5O0ffl4o. ; Stat. Pennsyl
vania and nearby Western, hennery browns
UVMv.-., BHioerfu nrown ana mixed
color., graded, extras. 57858c; firsts to
extra firsts, 409)klc.
POTATOES Long Island, bhl., 4Jr4 50
Jersey, 185 lb., 3$4.50: 150, 3t4; Southl
ern No. 1, bbl., 394.50; No. 2, bbl., Ilffl
81.50; cull, 50c.iff81.00. SWEETS Jersey
No baket, 2.5(Xt$3; Southern, bbl.,
KWL 81.509S2.50: yams. Southern,
'., VVelUaO, UttSHtJI. l.,ll TR
POFLTHY, DRE98KD FRESH K1LLED
Chlckens, nearby, brollera, lb., rinft.Vc fn-
visnau, urunors, DoieR, Diffjiioc; fryern, IQ
FOWLS Western, dry pkd., milk fed, boxes!
L'fi42iV' enrn fn1 Ofliflii. . - .. . ..."
and kegs, 27040a; scalded, 30039c. OLD
r V i J nutJK Long
Tftlnnr! inrin tftr. OAtt inn t
o in tl "" ixirtut- Ltttrjs'B wa in,
dark. 13.50: cull.V 8L50982. "
POt'LTRY. LrVB-FOWLS-Average run.
freight, 38c; poor, light. 34c; colored, via
exprc.., 35938c; Wlilto Leghorn, SJOSSe.:
broiler., fancy, well grown, freight :;e
averagu run. 35o.: poor. 38c: colored and
mixed, express, 37930c: Whit Leghorns
34936c. OLD ROOSTERS Freight 24c
Tl'UKEYS-Frelght. 38c. DUCKS-Wetern'.
80c; Southwestern. 28c OEESE He
PICRONa-Palr, freight or expre... 60c!
GL'INEAS Pair, 81-40.
DIVIDENDS ANT INTEREST.
The American Sugar
Refining Company
PRiriRRID DIV1PEKD
COMMON DIVIDENDS
On the Preferred Stock a dividend of
one and three - quarter per cent,
being tha t!5! consecutive dividend
thereon; payable on the second day
of October 1920 to the stockholder
of record on the first day of Sep
tember 1920
On tho Common Stock a dividend of
on and three - quarters per cent,
being the 116'." consecutive dividend
thereon; payable on the second day
of October 1920 to the stockholder
of record on tho first day of Sep
tember 1920
On the Common Stock an additional
dividend of three - quarter of on
per cent, payable on the second day
of October 1920 to the stockholders
of record on the first day of Sep
tember 1920
The Transfer Book do nor close.
EDWIN T C18SON. Secretary.
SAVINGS MMU
THE NEW YORK SAVINGS HANK,
Cor. 14th Street and Nth Avenue,
. New York City,
advertise In accordance with Section 271.
HankhiK Law of the State of New Vork. thu
following list id Dormant Accounts not pre
viously reported:
Mote Kelchmau, 700 Washington St., N. V
William or Charles P. Lowe, 50 Perry St. and
10 W. or.th St., N. Y. C.
Mabel M. Franklin, St. Joseph, Mo.
Charles ft. IloUhauscn. 358 West 21st St.
N. Y. City.
Matilda Cisik, 001 East 135th St.. N. Y. City.
Iioule Pauline Lerter. 44 Vit 35th St.. N. V ( .
Carrie f, Meehan. 4':i West 21st St., N. Y. C.
II. Leonard (iar wood. 400 West 20th St.,
N Y City.
Anna L. Healy In trust for Gertrude Ileal y,
:i()!t West 33d St.. N. . City.
Mile K. Cole. 014 53d St., Brooklyn, N. Y.
Rdward W. .Martin, 47 West BMu St., N. Y. .
Mary O. llrittou, 17 Monroe Place. Brooklyn.
N X f
Eleanor W. Martin in trust for Edward W.
Martin. Jr., 250 West ..7th St., N. Y. City.
Eleanor W. Nlsrtln In trust for Emma S. Mar
tin, 25U West "7th St.. N. Y. City.
James Scott. 340 West 22d St.. N. Y. Ch.v.
George O. Peble. 201 West 47th St.. N. . lly-
PltOPOi.I.S.
THE OHIO CONNECTING RAIL.
WAY COMPANY
OFFICE OF THV TRBASUBJEB
I'lttaburBh. la., August 2. IMS,
Flrt Mortgage Bonds of this Company Jo
an aggregnte cost of EIGHTEEN TIK1 -SANIi
BIGHT 1ICNDBED SEVENTY Dollar.
(118.S70 00) will be purchased September 1.
1920, for the Sinking Fund, from the lowest
bidders, at a price not to exceed par and 1n-
Seale proposals to sell bonds must be In
the hands of The Farmers' Loan and Trust
Company, New York City, before thr e
o'clock Tuesday afternoon, August 31st, WOT,
and hond accepted must he delivered ou
Soptemher 1st or security furnished that da...
If required, that delivery will bo made within
ten uttys. ,- -
1. tt. ! ImOfUl " 8 ifjeiMi wi
KEPI BI IC IRON STEEL COMPANY
PREFERRED DIVIDEND NO. 08.
At a meeting of the Board of Director
of tho Republic lion and Steel Company
the regular quarterly dividend of 14 on
tho Preferred Stock was declared, payable
October 1, 1920, to tockholder of record
Scutember 13. 1020. Book remain open.
COMMON DIVIDEND NO. 16.
At a meeting of the Board of Directors
of the Republic Iron and Steel Company, a
dividend of lVt on the Common Stock wa
declared, payable November 1, 1920, to stock
holder, of record October 15, 1920. Book
remain open.
RICHARD JONES, JR.. Secretary.
Atlantic Coast Line Railroad Company.
Interest due September 1. 1920, on Atlantic
Coast Line Ralltond Company Ftrt Con
solidated 4J Bonds will bo payablo t tho
office of the I'ntted State Trust Company
of New York, No. 45 Wall Street, New York,
on or Bfter September 1. 1920.
The tranafoi hooks of Bald bonds will be
closed August 21, 1920, and ro-opened Sep
tember I, 1920.
UNITED STATES TRI'ST COMPANY
OP NEW YORK.
By WILFRED J. WORCESTER. Secretary.
Live Stock and Meat Price.
Common to .irlme atoer. 100 lb.., 89'n III 33
Common to choice bulla, 100 lb.., tft8ft si)
Common to choice cow., 100 lb.., $3igo ro
Common to prime real., loo lbs., $12319.
Common to prime sheep (ewe.), 100 Ibt
$498.
Common to prlaje lambs. 100 lb.., 8KVfri0
Lire hog, 100 lb., 118.25917.50.
Dres.ed beef, steer .Idea, lb., 18925c
City dressed veals, lb., l920c.
Dressed mutton, lb., 8316c,
Prissed lambs., lb., l93n.
WILLY CORPORATION
FIRST PREFERRED STOCK DIVIDEND.
Notice 1. hereby given that on August 17th.
1920. the Board of Directors declared a regu
lar quarterly dividend on the First Pre
ferred Stock for the quarter ending August
31st, 1920, at tha rate of eight per cent
per 'annum from the date of Juno 1st. 1920,
payable September 1st, 1920, tn all holders
of record at the close of buslne.s August
201h. 1920.
Dated, New York, Ausrnst 17th, 1920.
C. B. MKRTZ, Secretory.
MERGENTIIA1.EK LINOTYPE CO.
Brooklyn, N. Y., August 17, 1020.
DIVIDEND 90.
A regular quarterly dividend of 2',4 per
cent on the capital stock of Mergenthaler
Linotype Company will be paid on Septem
ber 30. 1920, to the stockholders of record
as they appear at the close of business on
September 7. 18841. The Transfer Books will
not be closed.
JOS. T. MACKEY. Treasurer.
TIIK AMERICAN - COMPANY.
10-1 MARKET STREET,
CAMDEN, N. J.
Aug. 17, 1920.
A quarterly dividend of 1 or $1.00 per
hare, has been declared on tho capital
tock of this Company, payable Sept. 1. 1020,
to the stockholders of record at thne o'clock
P. M. Aug. IS, 1920. ( h.-ck.s will be mailed.
J. B. TOWNSEND 3d. Treasurer.
LEGAL NOTICE
INDEPENDENT STl DIOS, INC.
Coov of a Resolution adopted by tho Stock
holders of Independent Production, Inc.
at a Meeting ot Stockholders held on the
5th day of August, 1920.
WHEREAS. It Is deemed deslrablo to
change tho corporate name of this Corpora
tion from Independent Production, Inc., to
Independent Studios, Inc.; nd
WHEREAS, due notice f this meeting,
slg.ied by tho President and Secretary, has
beer published once a week for two. suc
cessive week., In a newspaper published nnd
circulated In the City end County of New
Ycrk, In which County the principal offlc
of this Corporation Is located: and
WHEREAS, said notice was on or before
the first day of publication, either served
personally upon, or mailed to, each slock
holder. In accordance with said Section: and
WHEREAS, a copy of said notice has been
filed In the Office of tho Secretary of Slat',
and sold proposed name haa been reserved;
and
WHEREAS, a duplicate certificate, by tbs
Secretary of Siatu. to the effect that the
name Independent Studios, Inc., Is available
for this Corporation, has boon submitted to
this mtetlng;
NOW, THEREFORE, BE IT RESOLVED,
that 'Mt name of this Corporation bo changed
from Independent Productions, Inc., to lnd.
pendent Studios, Inc.; and
BE IT FURTHER RESOLVED, that Hi
proper officers of this Corporation ffto In th
office of the Secretary of State, nd l.o i
thu office of the County Clerk of the Conn',
of New York, a Certificate algned, verlfb
and acknowledged by the President or Via
President, and by the Secretary, a. requlr
by Section 66 of the General Corporal !
Law, in wnicn tnis resolution, a. aoop:
by the stockholders, shall bo set forth s
length, together with the proper affidavits ol
orvtc and publication, together with lh
aforementioned Certificate of the Secret if
of State; and
BE IT FURTHER RESOLVED, that tli
proper officer of this Corporation cause :i
copy of this resolution to be published once,
a week for two ucceeslve weekH In the Si 1
and New York Herald, In which DewapaP r
the notice of this meeting ws publl.hed. a."1
BE IT FURTHER RESOLVED, that im
proper officers of thta Corporation file wit
tho Secretary of 8tate, within forty (40) da s
after the copy of the notice of this meeting
was filed In his said office, an affblo"
showing the publication of this .ftld re
Hon, as required by said Section 66 of .'.i"
General Corporation Law.
DORMAN T. CONNET
Secretary of the Meeting.
An advertisement in the Lost ""'1
Pound column of THE SC.V .4.V7) NtTtf
YORK RF.RALI offrr a real potlWI'
o; rccpi'crirti; yonr lost propcrtv-