SPECULATORS ? I
ENCOURAGED
Look Forvvard to Better
Things the Coming
Week.
IMPORT/\NT MEETINGS
Too Much Faith.THovvever,
Should Not Be Placed in
Immediate Future.
Wall Street will resume buaineaa to
day with more optimism than for
many weeks Improvement in senti
?raat is due to announcement that the
X4.00? members of the .Brotherhood of
Maintenance of Way Employe* and
Railway Shop Laborer? have poat
Cn?d indefinitely their ?trik? for
?her wage?, improvement in the
credit system, and a statement by Sec
'etary Houston, of the United State?
Tiea*ury. indicating that the govern
ment ha? provided or withdrawn from
the banks all th? money necessary
for the successful carrying 'out of It?
financial plans. In addition to thi?,
the technical position of stocks ts be
lieved to be stronger than It has been
for a year, as a result of the severe
dtprociatlon in quoted market pitees
of the fast few week?.
Announcement that the railroad
werkers have decided to postpone
their threatened. walkout is gratify
ing to the financial district. In that It
would have Injected an element ot
much uncertainty In the return of the
railroads on March 1 to private own
ership. Irrespective of whether the
? mployes of the railroads believe pub
lic aentiment waa for or agalnat them,
their action i? considered favorable,
in that It would indicate a willingness
to have their demand? adjusted with
out serious Interruption to the trans
portation business of the nation.
Thi? Week'? Piwa-raas.
A number of Interesting develop
ment.*, routine an^ otherwise, -ire
down ?m the book? for yie new week.
Tomorrow the Crucible Steel stock
holders are scheduled to vote on the
capital increase, the quarterly earn
in?- statements of the chino and the
Vtah copper companies are to be is
sued, ami the annual meetings ot"
the Mackay Companies, the t'addo
Central Oil Company and Superior
Steel are scheduled. On Tuesday the
annual meeting of stockholder? of the'
National Enamelini; and Stampini;
Company will be held. On Wednesday
are scheduled the annual meetings of
the Preaaed Steel Car Company and
the American Sumatra Tobacco Com
pany, also directors' meeting? of the
American Writing Paper. Reading
and Pacific Mall. The annual meeting
of the General Chemie-?! Company
will be held Thursday.
Look f?r Stabilii?!ion.
The feeling around the commission
houae? Saturday was that if th* mar
ket i? able to hold It*? own in the
course of the n.-xt week a stabilisa
tion of values around present levels
lasting for ?onw time to come may
be expected. Many observers inviste?!
that bear drives from now on ' will
not prove nearly so successful as
they have during the last fortnight.
FOREIGN
BONDS
Sterling,
Francs,
Marks
Caureawy or Check?
W. B. HIBBS & CO.
?fernher?
AU PrlBclpal Exchange?
Wire? to AD Market?
Hibbs Building,
72S 15t? St., Wiih., D. C.
FAIR SUGAR
CROPS ABROAD
[Excellent Progress Noted
In Most European
Centers.
PRODUCERS ACTIVE
Actual Showing Far in
Excess of Earlier
Estimates.
Report? ?howing the result? of
the campaign In various European
countries have been received dur
ing th? past week which are very
encouraging. ,
France, Hollard land Belgium t>
January 1. isso, shbw a total of
almost 100,000 tons over their com
bined previous estimates. German
production to December 1, 191?. wa?
<4?.000 tona, aa compared to F, O.
Licht'? latest estimate of 741.000
tons for the entire crop. Nove ab?
ber production was 480.000 t ? and
/the weather in December was re
ported as almost a? favoiable far
field and factory work as Nova r.
ber. After December 1. -191?, al
most 400.000 tons were produced.
Even Cxecho-Slovakia reporta
that the government is I fferlng spe
cial lnducementa to growers to har
vest all the beets they possibly
can and that there are fair pros
pecta that the crop will surpass
the previous estimate of 625 000
tons.
These report? a?? from Bai we ??
?ai We cherding. of Artworp, Bel
gium.
For Belgium the production to
January 1 was 13?.,409 tons ex
pressed 'aa raw sugar compared to
Sr.609 tons last year and an earlier
estimate? of 120.000 tona. About
2?.000 ton? were produced after
January 1 last year, but the pro
duction thla year after that date Is
expected to be lesa The report
says that this outturn includes su
gar made from both Holland and
French beets, which must be par
tially returned to those countries,
and that the final outturn for the
use of Belgium will probably be
about 120.000 tons.
There was a stock on October 1
of 20.000 tons. About 9.00O tons
has been Imported. 17.000 ton? ex
ported and 47.000 ton? consumed
since. The stock on January 1,
1920. i? reported a? 103.000 tona
The yield of beet? was about
eleven tons per acre and of sugar
IS per rent on the beets worked.
For Holland the report shows a
production from September 1 to De
?.-einher 31. 1919. of 23S.300 tons ex
pressed es raw compared to 162.
MOO tons last year and earlier esti
mates aa low a? 200.000 tona The
consumption during the period waa
?1.000 tons.
JA? regards the rally on Friday And
Saturday, it is felt in some quarters
that It was a bit too rapid to hold.
; Professional operation in tbe main
' does not hold out much hope, how
? ever, for successful operation? on the
Constructive side. One of the moat
hopeful sign?, perhaps, has been the
cash buying of stocks In the last day
?or two reported by a number of
houses.
Business men snd Inveators ?bould
not be deceived by the large unfilled
.orders in almost every branch of
, trade. This is a characteristic of
practically all periods of dangerous
inflation. Every speculative busi
ness venture. however unsound
it may be. requires a certain amount
of office or factory ?pace, and a stock
of good? or materials; and this spec
ulative buying of space and supplies
is the very factor that makes money
tight. Huge unfilled orders are
therefore sometime? an evidence of
penuine prosperity, and sometimes a
symptom of dangerous Inflation.
Just shortly before the panic of 1907
the unfilled orders of 'the United
States Steel Corporation increased
76 per rent In eighteen montha Just
before the panic of 1873 unfilled iron
order? were so great that pig Iron
rose from $37 a ton to $52.75, in spite
of continuous high records In the
production of the United StaAe? and
the world. Vast unfilled orders In
many line? of goods were the rule
in Great Britain prior to the col
lapse of 1866 and here prior to those
of 1857 and 1884. Thus it cannot be
contended that the unsatisfied de
mand for good? and products is any
guaranty of uninterrupted prosper
ity.
Open Until 5:30 P.M. Today
Every Pay Day Finds New Sayings
Depositors Enrolling Here
COMMERCIAL banking is not the only banking field
in which we serve the public.
?J The reputation we have earned for good service,
together with our large resources, central location and
convenient hours, are making "The Continental" in
creasingly populfcr among savings depositors.
nj If you're not banking something regularly, THIS PAY
DAY is a good time to turn over a new leaf. OLIR
SAVINGS DEPARTMENT invites initial deposits of One
Dollar or more.
Our Savings Dept. Pays
3% Compound Interest
OFFICERS:
Cl'Y T. SCOTT,
pre.ldrat.
CHAS. W. ? iiinn
lat Vlee Preaideat.
BATE? WARRE>,
Vie? President.
CHAS. A. UOIi.l.l?.
Cmaael.
M. J. ?.??\G???:.
Secretary.
KPPA I.. \ORKIv
A ?at. Treaaarer.
DIRECTORS:
rruk W. Bolgiaou.
P. s. Bright.
C. C. CaUM-ai?.
Ja?. R. Campbell.
William O. Carter.
Pr??? H. Edmooit?.
?'. B. ilalliher.
!.. Ia. Jenkln?.
James H Kaniek.
William Leaaox.
? liorna? ?. Melton.
William ?. Mtrrisai.
Rll?? ?. Mano?!,
Ueor-te ?. Peter?.
(nari?. G. ?*?????.
Wal. P. Beeie?,
G?y T. Scott.
Nathan B. Scott.
lHrljht T. Scott.
1 haa. W. Bern?-?..
William M. 8pii?f.
i.uk? C. BtrMer,
William Clark Tajlor.
Allan B. Walker.
(?ari*. W. Ward??,
Bete? Warn.?.
Waa. ?. Wasatkera.
C?uTNEiNTAL TRUST CO.
Capitai. $1,000.000
Comer Fourteenth ami H StrwU
Business
Finance
NATIONAL MARKETS
Commodities
Economic?
RAIL PROBLEM
PUBLIC MENACE
Run Down Condition of
Roads Indirectly Adds to
Individual Expense.
QUICK ACTION NEEDED
Proposed Bill Not Substan
tial Enough to Insure
Necessary Relief.
Railroad credit ha? been at such a
low ebb that the road? have been
unable to keep pace with the growth
of the country. In the Industrial
center? of New England, the New
, Jersey environ? of New York, the
| Philadelphia diitrlct and Pittaburg.
I the manufacturing capacity has in
creased all the way from 120 per
Icent to tt>0 per cent since 1914. with
j the Allegheny County district of
Pittsburg taking tlie lead with the
?maximum figure. The railroad fa-Mi
me? of these district? have not
'grown in mileage since 1910, while
I in relative efficiency of ?equipment
?there ha? been a falling ..IT.
Pittsburg coke producer? have
been willing to ?ell their output at
{ti per ton at a time when consum
er? only a short distane? away
could not buy coke at |12 per ton,
I simply becauae of a transportation
?tangle that never would have de
veloped except for the injection of
politics into the railroad situation.
'Manufacturera in their desperation
have paid ten, twenty and in some
! cases as high as fifty times the cur
! rent freight rate to -ret material de
livered by auto truck. By paying
; the Increaset) cost they could get
?delivery in two day?, while by the
'railroad it might take a month or
?more. Time wa? more preclokj? than
1 money.
j All these cost.? are added to the
price of living. The"y are not neces
sary addition?. They represent w:i;-te.
IThey represent duplication of effort
'and an unnatural campet ? ti ?.?. The
?railroad? should haul the freight of
]the country. The burden should not be
shifted onto the comparatively new
{automotive Industry. The latter is
?more efficient merely because It'has
not felt the palsying- hand of regula
tion.
1 In the light of these condition? It I?
felt that the new railroad bill id au
I attempt to shuffle und evade. ?
maximum return of ? per cent on the
I property value of the railroad? in not
likely to furnish the resource? or nt*
tract the credit neceieary to rebuild
and re-equlp to them or provide the
extension? and new construction
made necessary by.ihe Increased traf
fic demand? of the country during
the laat tour or five year?. The re
turn might b?- sufficient If Uie rail
jroada were all in serviceable condi
tion and if the country had not out
'grown it? old transportation facilities.
The question to be decided ia whether
fthe rate allotment authorized by i'on
igress will be sufficient to attract
?capital for the program of expansion
?which la demanded by piestnt need?.
I?bbjBj ?orne Congre?? with courage
enough to meet the prohiem squarely
take? the matter In hand, the peopl,?
will have to pay a higher lii.l uu.i ;
?would be represented by net earniaga I
commensurate with ne?d?.
SOUTHERN ORGANIZATION
PLANS FREIGHT REGULATION
-
Return taf the railroads to t*-.ci ?
owner? March 1 will be fallowed
by ?teps to have rectified imq a -
tie? In Southern railroad lat s a d
regulations, according to plana fo: - ;
! mutated by the development organ- j
laationa of the South. Discussion
and action upon them la txpect-d ?
ito be taken at tic qua'terly rr.e t-'
j Ing of officer? of the S-iutliern Set
j tlement and Development O ?.'ani
a-ition and manager? of it? . ?i I
ated State association? thr.u, h ut
the South at Montgomery. Ala, ? El
month. , This meeting has be ?
? postponed by Clement S. Ccker. of
Baltimore, pilot of tbe routhw <e
? development movement, from Ma rh
? 11-13 to March 25-27. Bruce Ken
? nedy. general ?ecretary of the M nt
gornery Chamber of Comrnerie. Is
co-operating in arrangement? for ?
'the meeting.
To deal with rate? and n'at?-l
; problem?, S, Davies Warfield, of
Baltimore, pie ??lent of the South
ern Settlement and Development ?t
? ganixation, has appointed a co ??
I mittee ?if the organisation on trans
portation and traffic. A. G. T.
Moore, of New Orleans, heal of
the cutover land department of the
Southern Plr.e Association, i? chair
man of this committee, the other !
members of which are a? follows:
Charlea L. Gaines, Jacksonvll'e
Fla.; F. 8. ?. Davis. Le a. Oa.; E.
W. Durant, Charlestor, S. C. ard
C. I. MUlard, Norfolk. Va. Mr.
Moore has had long exper enee ?
dealing with traffic matters for tie
yellow pine lumbermen and more
recently a? chairman of the -re
cial committee of the South. w!-l h
was in Waahington urgin ; fair
treatment in rate? for the S uth
and partlctflarly in the metter if
rate? to and utilization of Sout'ern
ports In connection with t'?e for
eign trade of the United State?.
WILL ACCEPT PAYMENT
IN BELGIAN FRANCS
The Guaranty Trust Company of
New York ha? announced it? readi
ness to accept subscriptions In Bel
gian franc* to the new Belgian gov
ernment 5 per cent Internal Premium
Loan of two ?nd a half billion francs.
The purchaser buya these bond? In
franca outright and not in dollars.
The price of each 600-franc bond will
be 499 franc?; and with each Amer
ican dollar now worth approximately
13.S0 ' franc?, the American price of
one of these bond? is now ?beut 137.
Were Belgian franca to return to the
mint par of exchange, these bonds
would be worth at par about S9*.5<).
Another novelty to the American
inve?tor is the premium feature, by
which the Belgian government will
retire annually a certain percentage
of these bond?, by lot. at ISO per cent,
or T50 franca. The Guaranty Trust
Company ia assisting in the placing
of this loan at the request of the Bel
gian Ministry of Finance, which has
particularly aought the co-operation
of all foreign banks having branches
In Brussels.
CENTRAL AMERICAN PET.
Lincoln J. Valentine, of New
Tork, will head?.the Central Amer
ican Petroleum Corporatioa. with
offices in tbe Soutnern Building, it
waa announced laat night. Theco
poration ta ?aid here to have ?e
cured I.OtVO.OOO acrea of oil land In
?l?xico. Central and South America.
STOCK AND BORD SUMMARY.
Following U a ?unimary ef atari?, aad bead sale? on the New York Sleek
Exchange!
? (Furnished by W. ? Hlbb? A Co.)
Saturday.
Railroad stocks." 44.300
Other stocka. 532.IO0
All stock? . ?7?,900
Ye?r
?go.
64.30a
1?20.
?.?o?.:oo
? 67.200 24,514,100
31,"
.SUO .27,143,400
January
1*1*.
4,331.800
13.281,100
17.633.400
1 to date.
1818.
4,187.700
15.104.5011
20,9*3.300
U. S. government 'bends.
Railroad bonds.?
Other bonds .
All bonds
. Saturday.
..?6,745.000
906,000
. . 1.381,000
8.942.000
Year ago
$4,114.000
981,000
1.344.000
6,549
Fluctuations of the most active stocks thi
,0*0
art*
Xi
Hlfk.
1130.
Allla-I'lialaaers . 53',
Am Beet gag?_.... SSVs
Am Bosch Sl.aaelo_ 12S?ai
American Can. 61*.
Am Car a Poandry. 143*4
Am Cotto? Oil. 34??
Am tilde A Leather- 10%
Am Internat ?Jorp
Americaa Lie????.
Am Locomotive. l?a.">*r?
Aiiicrlcen Smelting. 72
Am Hteel Pdry. 46?*
Americio (rogar. 1401?
Am Sumatra Tob. M)
American ?a? Me. 74%
American W?salen. MS?*
, Am Writ P?i??r pr. (1%
| A naconda. ?I?*? ! ?
Atlantic, Gulf ft W I . 176?,
I Baldwin Locano (Je- ?.;? ;
?Baltimore A tanto-,. ??'?
? Barrett Comp??y. 131',
Met til.?!.cm Motors. Ml",
, Bethlehem Hteel. 03%
Incili Steel, ila?? ?_ 102V?
' Booth Ki.kerie.-. 13
I Burns Bra?. 120
?ButU Cop * zinc. 11%
I Butte A Sup Copper- 20V.
California Picltlaf. 85%
(?llforal? Petrol*???_ 4il
Calif I'.lrol pr. 7314
I Canadian Paclrk-..,_ 114
?Central Ie?tlier. 1041?
?Curro De Paaa-o. 61%
Chandler Mutar?. 141'.
Cbeaapeake A Ohio. :<=,
Clil (ireat \Ve.t pr. 2".
???? Sill ft SI Paul. 88?4
OH Mil A St Paul pr... 54%
Cat A Northaveat. 87%
Chi It I A Pacific. 3)%
CM ? I A ? 7*; pr. 72
cui ? ? a p cr. pr. ?n%
Chile Copper. XI %
(Lin. Cue i''i|iar. 41%
Colo Puri A Inn. 44%
Colombia llnapll. ???
Col (lu A Klertrlc. 67
feattaeatal Can...-?... VS??
Cawuaental Candy.f.... 1S%
Cora Product?-. 90
Cm. ?ble Hteel. JIM>,
?'uba Cane Hugar. ..
Denver A Wo U pr.
Kiadlcott Jotili.o?
r.4%
13%
147
Krle . ?v,
?le 1st pr. Uli
Erie 2d pr. ?
Famous Playera. fast
Plsbrr Body. 1*'?,
Kt.k Bobber Tire. 48
Preejtort. Ten?.. SO1-}
(i?aton Williams. 19%
Cenerai cigar. 75%
(tenenti Klectrlr Co. 172
(?ruerai Motors. 34.?.
lira Motor. IV. deb_ 85%
fioodrlcli. ? r. 85',
(ireat Northern pr. 81'y
(It North Ore sub?.... 41
Cl'ir Htate Iteel. Si's
Illinois Central. KO?,
lnaplratlo? Copper. '.1',
Inlcrn.it Harvester. IV?
In? Mer Marine. "l'i
Int Mer Marine pr. Ill?,
International Paper. stia,
International Nickel_ 26%
Kelly ST?rln?flcId. 152I.J
Kennecott Copper. 31%
lew.
1 ?20
a?!,
73
IDA
40%
134%
43
19%
87
74
?X
G.1?
19%
123%
?
55%
120
43%
54
?"'.
11)3%
27%
115
im
81
84 '4
10%
ta
7%
74%
37%
63
iir.%
45%
111%
47
it -
30%
45%
75
.234
?M?/?
34
15%
33%
3? a,
8? 54
53
7?
il
76',
107
40'.
ft
no
1930. 1919
$427.829,100 1217,991.???'
56.516,?00 49,643.000
57,119,000 64.119.000
535.464,000 391,753,000
ar follow:
Ulgk. Low. Sat.
IR?. 1930. (low
it.
ci???
40% I Keystone Tir*. 41% "'24%
80% I Lack*w?an? Hteel. |l% ??
112 | Lee Rubber A Tire. M% 28
44% Leblsli Valley. 44% 40%
130 Is???,.. lac. 12 28%
1"? I/Ji ?'????.?. 28 17
21% I Maxwell Motor. 15% 18%
3.V-1 Max Motor lat pr. M% 47%
79% Mexican Petroleum...... 422 1<1%
00% Mia?e! Coa? Copper. 2? 21 Vi
62% Middle State? Oil. 71% 22%
42% Mldvale Kteel. S2% 41%
127 Mian * Ht I. new. 14 !i
??'. M Ht ? A H 8te M. 74% ?
58% Mo K>? A Tens. ?% ?
ISM ; Mo Kan A Texas pr.... 14 ?%
40'4 Missouri P?cl6a?. 3?% 21
57 - MulllD? Body. 51 1?%
140% Nation?! Acme. 88% ?%
110 National Aniline. 72', 44
30% | New York Air Brake... 117 92
11? ? New York Central.. 70% B4%
21% ! ? Y M H A II. 21 ?%
84 i Northern Pacific. 81% ?S%
88 ? Nova Rrotl? Steel. 77% 50%
10% ; Oblo G??. 50% 18%
102 ' Pau Amati, au Pet. 10814 51%
a%. Pan Amer Pel ?. 1118% ?1%
25 I'cnnsvlvanla II It_ 42% 40
77% ! I >n ?. Seule m r.l J< lit I_ 86% 30
Phlladelpbi.! G?. ?2%
Pittsburg Coal. ??%
Pressed Steel Cat. 103%
l'onta AWi" Muit.'ir_ 06
/linei
32%
??'? ;
120
78
?M
1? ?. ?
33
12
5S%
1.12%
228 ?4
II?." j
??; ?,
es 14
33
**%
S*l%
50%
114
21 >i
-??'.?
72 %
lt>?,
HIS
27%
48% Railway RteePKprlng... 102
181 Ray C-maol Copper. 22%
51 Iteadlai? . 77%
22 j Reading 1st pr. 3?
38% I Bemlagtoa Type. .1. 111
51 Ken Iron A Hteel. 121%
70 j Kep Iron A Steel pr... . 106%
2o% Rov Pat ? Y share._ 110%
87% Haxon Motor?. 21%
58 et I. A Ha? Pr??. 10%
17 St L A Hau Fran pr. 27
16% Ht ?????. A lai pr. 25%
37% :8??hoard Air I.i?.. 12
42 Seni? A:r Line pr. 15%
57 ' Sea rs Kucbiii k.240
?'i'. Shell Trans Ter. 9<l?i
11 ? Sinclair Oil. 48%
sali, Hlos.-Sh Htl A Iron_ 82'4
Ji '?? ?'. I Hi,u t liera Padre. 1115%
44% Southern Kallmad. 23
10% ( stromberc Carh. N6?4
120 St miel.., ker . 11">%
12 Htuti Motors. 137%
1!'? ? Texas f naapa?). 2SI
13 Texas A I'a.-lle. 441?
72lj'Tex?e Co SO". l?l. 1S3
I3l*i T.dsacco Products. ;ir.%
&\ Tratas Con (Ml. 3???,
a'j TniMf W Hteel. ?16%
13% t'mlerwood Type Co_ ISO
M'ai t'nli.n Paelflc. 124%
15? Palled Prult. 9 1
242 'G? C??t 1 PA Fo_ 25%
74% D i rood Pro?. 7s%
39?. 1? ? lednat Alcohol. lui?.
72% G 8 Realty ft Imp. 56%
S*<* l'alleai Belali Stores_ fa". ?,
61'? lulled Slate. Ilubber... 14.1%
M I iiiie.l Htates Hteel_ 10?
.'?3 Itali Coptaer. Sa)?;
118 Vanadium Kteel. 57,
SI'4 ' Western I'sclflc. 25A
83% WeatlBghnaise Mfg. .V.l.
76% . WINon Ce. 82%
21% White Motor?. M%
?2? ?Willy? <)aerl?nd. 12
2?% ; Worih Passa A M. ?5%
51%
84
77%
?*%
19%
?4%
l*%
?3%
?8%
10014
9?%
14%
18%
21%
21
?%
12%
214
76%
34%
64
88%
18
50
81 ?4
103%
????,4
26
158
111
20
54 ?4
18!)
11"
176
ia%
mi
774
40
M
31%
71
39%.
41%
27%
20
21%
51%
175%
22
IH%
11%
?8
7%
10%
?B
40
36
30
101
?7%
2?
? i
37%
48%
78%,
74% ;
40%
*" ?
MC]
SS% :
10%
s82%
v%
30
?8
:?? .
7?
104%
101
ie-t-% ?
M's j
17?? 1
a""4 :
24?? '
7% 1
13%
218%
n |
4"
71% !
?2%|
2?l
81%.
??'s
120 1
183
20?. |
173"; |
?AVji
S i
1101,
1? \
?7% ?
ra%
S.", a,
a%
7(1%
?il? I 99%
95 aa?
a.'
2ll'4
?a
24%
67
50%
70
.?-?%'
25%
76'i
-I
CORPORATIOIt BONDS.
following la a ?elected Hat aaf v.-arinus rem?rate honda?
(Furnished hy Morehead ft. Kimore.)
lLite Price
.. ? ?1
Nu me
Allled Packers. ...??.
Am. Tel. A Tel.. conv_6
?. ? ?. ?. rt. severed_??
Rklvii rVlson Kerle* ?' sen I
Cen. of (?a. K. It. secured, d
Cm. Indiana 6?a 1st. 5
(lev. A alliio J! II. aonv... 4<4
?in. ?las ft Klee. It. K. conv 5
Clev.. On.. Chfa?. ft Ht. L.
ft. P.. ?ec. ?'. II
('lev.. Cin.. Chita, ft ??. L.
It. It. ?en. 'B'.5
( lev. Elee. 111. Oa Iat. E
Col.in.Ma ?Ins ft Klee 1st... 5
Comtnonaveallh Kdlson 1st.. ."?
lal-tiller? Kec. I'orp. oruv.. I
Du'iiicne Lii?ht Co. 1st.6
Ml
ss
Yield
7??5',
8.45?,,
s.7?r?
5.S5'i
7,A".'i
6.31H,,
S Cl
5.6?.I
7.s0"c
MSS
7.1H'.
11K
Nume Ra?e Price
Krle B. R. ren. co?v. 'D'.. 4 S8
trie I. H ce?. 4 4?'
Hud. ft Man. It It. 1st ft ref 7 IS
III. Cent. B. R. .1% ?2
lad?ale i.a? Lst. I.i and ref 7 l.s
I ike Krle ft W. It. It. 2d.. 5 7?
N. Y. C. R. R. deb.? ?-j
N. Y. Tel deb . 11 113'
I'em.. at. R. ?en. 5 R>
Pul. Ser .a? No. 111. 1.1 ?nd
ref. 5 si
So. lMc. ?o. is.uv.5 1011
savlft A Co. 1st..1 Ott,
I'olacd Fuel Qm 1,(. 6 M
G. ?. Rubber lat.5 85%
G. ?. smelt. Ref. A Ml?.
aonv. < 102%
Yield
10.1*%
V -.V
A.V.%
7..???;,
61*1-1
6>:,??
o..*aei.
5. (?O?,
G.."??,
?i 2" ,
6.10-i
3.50?.,
ANNUAL EARNINGS STATEMENTS.
rollo? in?; la a snnanaary of ear niega s?atenacnis laaaed by varteaa
caiinpaiilcs for the year Italfti ..
AJav Itnbbrr < doipaaaj.
The annual repa.rt of the Ajax ]
Riihher ("ornpany shows net incoine ?
after Federal taxes aif 32,201.267.
cqliivalant to $11 a share ($50 par'
value>-earned on the $10.000.000 cap-'
ital stock. Til*/ compares with 91??]
215.."?6S. or $8.5*5 u sliare earned on
the $7.100,000 capital stock In 191S. '
The incornai account for the year
ended December 31. 191??. compares !
as follows:
18*9. IMS. . 11117. !
Profit?- $2.?".1.267 t2.0I5.WS fLKll.TW
red. uxe?. 750.000 1.700.000 495,00(1,
Powder Company and subsidiaries
for the year ended December 31,
liai**, compares us follows:
ioni. mm. mi7.
Cr. .ale...$19.108 SHI ??.1.7?.?1? $27.4*7.?31
Kv.snse... 17.4211.042 33.5eS.(f| 24 119 261
Net eo. prtfl.la7S.2<a8
Other Inc.. ?|?.200
Total Ine $l.(V?0.0sfl
Pr. dlv?.. 3H1.000
Coin, dive 60U.2SK
Siirliln?.
rra-v. ?or..
S510.R01
4.76? Ilia)
$2.1H2 901
70.29-S
$2.262.203
510.20(1
1.050.304
sin sat
4 007.601
?3.08V.S7U
12.112
$3.(150.4?1
486.512
1 300.616
?1 263 3a
2.SH.24S I
Net inc.
Ulai'lends..
Hurphia.
Prev. aurp.
12.201.287 tl.215.30S
1.032.1127 III WW
$1 lusc.ln
. ?MUM
?363 3HS
700.?40
tl.41tn.293
830.7ISI ,
t629..W3
139.217 '
P. A I. sp$3,2SS.99l
?Loss.
t4.76D.190 $4.097.601
P. * L. sp.t2.128.S4tl $1.132.208
?From surplus of tl.132,20s on January 1.
1919. 1172.1100 ven? paid In ornimi?.inn on
raeival stock sold; lenviiig previous surplus
of ?1830.20?).
tnaerlcnn Can
Shows surplus after charges and
Federal tnxes of 5.180.225. equivalent
after deduction of 7 per cent pre
ferred dividends to |5.56 a share
$100 par value) earned on the $41.
233,300 common stocl?. This com
pares with surplus of $6.000,827. or
$7.55 a share earned in the preced
ing year.
The income accoimt for the year
ended December-13. 1919. compares
rs follows:
1919 1918. 1917.
Net e?ra..$ll,72S.7.*.8 $17.076.335 $21.905.04-'
liond Int.. 541.5*01 575.508 602.1?3
I'ed tux.. 4.?a?i.0?IO 7 i??i 1SH1 ?.???.????
Deprec'n.. 2.000,000 1.500.000 1,300,0kl
Bal_
Pr. dlv?.
J. G. Brill Company
Shows surplus after depreciation
- cliarges. but before estimated Fed
$7?5?4? rra| taxes, of $916.8?9. or $20.01 a
sliare 1 $100 par value) earned on the ;
:$4.5S0.O0O preferred stock, aa com
pared with $1.34(1.510. or $20.93 a
? share in the prec.-dinc; year.
The income account for the year
ended December 31, 1919, compare? ?
us folloavs:
1919 1 rake.
Total.$14.210.622 $16.7t!f.l5.
Net Ine..
P..1 lame.
Dlv... etc.
916.S6D 1.341.510
?916. sa?
NSScM
Deficit.. $73.771
Prev., ?lina 2.859.553
P. ft Lsuri..$2.5S5.762
ti.Mii "tn
426.524
?tnu.fsse
1.744.547
.S2.659.553
1917. I
G 706.O*
994.1S9
$904 is?
305.385
?SMSJSI
1.146.198
tl.744,547
t3.isn.223
2.8S6.384
$?,000.827 $ll,802.S.-,9
2.886.331 ?.588.185
Hurp_
Prev. surp.
t2.201.S9l tt.U4.49vt $5.3110.674
10.536.401 16.421.903 11.112.231
A L ??.$21,?30.205 $19.536.401 $16,421.005
Arnaonr l.eallaer ? o.
The balance sheet of the Armour pares aa follow?
? Iiirlude? depreciation charge?. "Income. ,'
tlncltide? adjustment of $208.290 00 1918 Fed- '
enil taxes. j]
Hulfal? ??encrai lMectrlc
'Shows surplus after charge? of 1
$726.23?. equivalent to $9.50 a share 1
i$100 par value) earned on the out- ,1
standing $7,642.300 capital stock, as
compared with $589.421. or $10.61 a
share, earned on the $5.545,700 capi
tal stock on th? preceding year.
The income accounting for the
year ended December 31, 1919, con
Leather Company and its sumsidiar
les as of November 1, 1919, folows:
Assel??
l.and, bldgs., mach., etc.. ?rcord
sSB ?o appraisal? by the Ameri
can Appraisal Company.$7,474.672
Invest, in coma ?tock of Kaatern
I-?;.Hier Company ??.2??. 1,730.000
Carrent ?saeta. Inventories. 14,435.275 ?
Finished product lesa allowance for
?elllnt capenses. 8,406.O'.6
Tunning materials and ?upplle?. .. 2,801.S75
$23.?24.057
. 3,291.014 '
14.07S
1110.
Total revs.$5,SSv).00S
Ne aft. exp.
and taxe? 1.425.101
Cross inc.. 1.5I3.MH
Pal. aft ch? 7211.'..39
Dividend?. 497.059
Surplu. 220.180
I
1918." 1117.
$5.373.702 '$4.209.719 |
?
UfMSi 1
1.47K.757 ?
7*8.518
.174.335 '
1.294.S81
1.415.554
5S9.421
420.791
159.630
424.188
A.ioi:nls .nil billa receivable.
MIsrellaneou? aecuritle?
Chandler Motor ?
Shows net profits, after depreda
tion, .charge?, expenses, etc.. but be
fore Federal taxes, of $5.6*2.255
equivalent to $26.91 a share earned
on the 210.000 shares of common
stock of no par value. This com
mjm pares with net profit? of *2??94,?1?.
Armour Leath-r Company. .100.000 .or $31.35>a ?hare earned on the 70.000
Deferred charge?. 2S1.7C2'shares of stock In the precedine
?1-? year. Current a?s?t? at the close
Total.$88,474.124 of 1919 were $7,4?4.05J, against cur
Llabliltln?- |r<,nt iiabilttie? of $1.18t",668. leaving
working capital item of $6,277.385.
Pr. etock 7% eumnuative. anthor
iaed.?25.000.000
raaitstnnding.$lo.*io.ooo| as. compared "with working capital
- of $4.372,443 In 191?.
???. stork. l.tXW.000 saares, $15.. 15.000.000
Pour .1er stock. 1110.000 liares ?o
. ?W, "HO
par value, sold fer.
Total..'.1
\otes and drafts payable.
Acci?, payable and ?cerned luab. .?
25.000.00(1
18.150,528
823.501
'
T?t?!.$?.?74.124
All?? Power
Shows surplus after charges of j .
$1,660,019, equivalent after preferred | ?"
dividends tn $18.3*9 a share carnea, |
on the $5.002.400 common stock, a?
compared with surplus of $2.262,293.
or $$4.42 a abare, in 1118.
Tha incorna account of tha Atla?
The income account for the year
ended December 31, 1919, comparea
a? follows:
191?. 1018. 1917.
Total Inc.. $8.858.119 $3,052.7?? $3.277.715
Bepre.. etc. 1.300.884 838,151 8*1.111
Net prof.$5 8.12.255 I2.1M.C18 $2.182.401
foe yr.t4.822.355 tl.Kd.W8 $1.472.40? \
?
Don't sell your liberty bonds.
If you need funds, go to any
bank and secure a loan.
I
WORLD TRADE'
FOR AMERICA
Knocking at Our Door,
But Care Must be
Exercised.
FORESIGHT IS NEEDED
Political Bickerings Abroad
Offer American Export
ers Rare Opportunity.
?The precipitate decline of their
foreign exchange? to record low t?r
ela ha? brought the government? ot
Europe to a realization of the impos
?1'jtl'ty of continuing lon-rer the pol
icies under which their economic Ufe
was sustained during the war," aaya
tne Guaranty Tiust Company of N?w
York. It la now beginning to he aeen
that the prevent situation arise? from
their failure during the past year to
impose upon themselves and upon th<
buslncss Interest? of their several
countries such restriction? as would
have operated to reduce expenditures
to the point of bare necessity while
'.*...-ir basic Industrie? were being ?e
estiibllshed upon a permanently pros
perous basis. While the conferences
of tearing bankers and business men
have as yet brought forth no compre
hensive plan of relief, it is appareil
from the numerous individual expres
sions of opinion that the evils of in
flated currency and decreased produc
tion in the face of a world ?lortnge
of commodities are at last understood
Accumulations of gold, in some In
stances beyond anything known he
fore the war, are no bar to declines
in the value of currende? ?o long a?
the central bank? continue to Issu?
their notes m settlement of the or
dinary expenditures of government
and to meet the still tremendous sum?
that ?re carriecr-ln the Governmental
statement? as war expenses. Appre
ciation of this fact I? ?purring on the
settlement of the numerous queetion?
as to national boundoriea, trade
toutes, repayment?, and reparatlons
which the treaty of peace left unde
cided altogether or dependent upon
fortuitous circumstance??.
"The* plain fact seem? to be that
consideration of the economic wel
fare of Europe as a whole has been
?ubordinated to national aspira
tions. For more than a year the
chancelleries of Europe have been
given over to political bickering?,
while business interest? have been
either neglected altogether or so
hedged about by restriction inci
dental to the maintenance of the
war basis that all large effort? to
solve their problems have been, of
little avail. Now that the conse
quence? appear in a depreciation of
exchanges to the danger point,
there is evyjry reason to believe
that in the next few month? Eu
rope will evolve some broad-gauged
plan for the rehabilitation ot her
economic affairs.
KfTert In America.
"The American producer and ex
porter are deeply concerned In all
this. It is obvious that the immedi
ate effect of such a decline In ex
rhange on Europe as that recently
witnessed is a cancellation of orders
?nd an obligation upon the Euro
pean importer to make future con
tracts with greater discrimination
English cotton goods manufacturer?
are reported to be cancelling order?
ilrt-ady. and even to be resliipptn***
raw materiata from their ware
house?. Probably that method of
solving the problem will not go far,
b.-rause Europe must have large
quantities of foods, raw materials,
and machinery in any event, but
there will be a wholesale cutting
a! luxury import?. Such thing? as
must be bought wilt be more rigidly
inspected. The Inclination of Eu
rope will be to look elsewhere for
her requirements, to accept substi
tutes, untes? the American exporter
can make the combination of quality
and price especially attractive. In
other words, the easy seller's mar
ket that developed during the war
svili give way in some degree to tne
necessity for greater caution and
?elf-reliance now imposed upon our
European customers. v This poaaroil
?ty ia a challenge to the far-sighted
ness of the Americen producer. Her?
I? hi? opportunity to teat his abil
ty to compete in a world irrarke*.
before his competitor? Vave entirely
freed themselves from their dlfficul
tl??. All the chancea are in bla
'avor. but he mu.-t exercise areater
??are than was needful during the
war period. Frequently he will have
lo let the present shadow go In
arder to make sure of the future
substance. It is a time full of op
portunities for the trader of broad
?islon and fine appr?ciation of the
subtleties involved in holding a mar
k-et.
Chleage BuyiBK Heavily.
"Asia presents another Interesting
lituation In foreign trade. Me?a
?red in Americen dollars, Chinese
?urrency Is aft a premium and the
Chinese importer can buy advan
ageously in our markets. The
>nly present limit ts the fact that
'hina is not an industrial coun
;ry. She offers a comparatively re
?tricted market for complicated
?nachlnery. for foodstuffs, and for
uxurtes. but her natural resource?
?re being steadily explored, and
ill indications point to an improve
ment in economic conditions that
Jlde fair for those who develop her
markets In Its preliminary stages^
i.??mln< Credit.
"America, too, faces the necessity
>f conseivlns her credit resources.
?. definite effort.Is being made to
-educe borrowings at the Federal
iteserve banks and the opinion ia
raining ground that at thta juncture
? the world'? affairs the extension
?f credit should be limited to'legit
mate industrial and commercial
indertakings. Gold is being ?hipped
? fair Quantity to our creditor? In
South America and the Orient- At
he same time the government is
-educing ita depoaits in many of
:hc national banks, a circumstance
lending to decreaae their lending
-tower, alnce the banks were re
lulred to hold no reserves against
hese Federal deposits, ?s Ability to
lend would, therefore, still he re
?tricted even if every dollar mo
a/ithdrawn- by the government were
immediately redeposited to the
redit of ?rlvata individuala
Shortage of fuel, labor, and rail
road cars, making difficult prompt
leliverle? of raw material? and
manufactured goods, have aleo
helped to tie up a large amount ?of
domestic credit. Th? demand for
goods at present price? la still ex
traordinarily large, and there 1? no
Immediate danger of overproduc
tion.
The World-? (??Id.
"The mobiliratton of gold in the
entrai bank? and national treaaurte?
throughout the world, in combination
with the steadily Increasing flow
of this metal Into India, la ha? ing It?
effect upon th? American doUa?
MAKE INCOME
RETURNS EARLY
Internal Revenue Collector
Advises Against Last
Minute Payments.
EXPERTS" TO~ /ASSIST
Temporary Office Opened
In Downtown Section
UntU March 15.
File your Income tax return early
and avoid the rash."
This la the advice offered by th*
'deputy collector of Internal revenue
I from hi? offlce. 141? H atreet north
iweet. which, beginning today, will
'b? open from I a. an. until ? p. ra.
until March 15, for the filing of In
come tax return? hy DUtrict re?t
! denta. A corpa of Income tax ??
? pert? I? provided to aaciit In making*
out the forma. Thi? I? not confined to
individual?, bat include? corporation?.
partnership? and fiduciari??. Any
question? arming in connection with
! the filing of auch return? will be
answered by the tax expert?.
! "To ?ave themselve? time and trou
ble taxpayers are urged carefully to
ntudy the Inatruction? on the forms
'before aeeklng the advice of the bu
reau officer? " aaya a atatement I?
\ sued by th? Bureau of Internal
Revnue. "sually the Information
?ouht ia contained In these instruc
tions. Familiarity with them will
enable the taxpayer quickly to point
out any question concerning which
? there may still be a doubt."
District taxpayers may file their re
turns either with the local deputy
collector, or with Joshua W. Mile?,
collector of Internal revenue at Balli
[more, in whoae collection district la
? included the District of Columbia.
I Every single person whoae income
for 1*19 wa? 11.000 or more and every
; married person whose income was
? Ml or more muat file a return, ?
?The period for filing ends at mid
night. March 15. The penalty for
failure to fil? a return ?it hin the
time prescribed is a fine of not more
than S1.0O0. and an additional ??????
ment of S per cent of tbe amount
of tax due.
ONE CASE WHERE LOW RATE
STERLING IS PROFITABLE
Selling of railroad aecurltle? for
European account in recent day? ha?
netted foreign Investor? a nice profit
a? a result of the depreciated ex
change, despite the fact that the prie.?
at which a particular stock i? sold
may be considerably les? than orig
inally paid. An example of how It
works in tbe case or an English In
vestor ii cited. A London man sell?
luu share? -of Northern Pacific here
at. ?ay, TO'?, netting P.0O?. With ?ter- j
ling at. aay. ?so. thi? means he .will
get about OJtfk On the other hand,
if sterling waa at normal, where it
wa? when he bought his Northern ,
Pacific, he would be able to buy only
?1.178 for his 17.00?. In other word?. !
he makes about (?42 more because of
tbe extremely low rate for sterling, ?
While the great problem of the tno
r.-ent la a more efficient diatriba-tier.
of the total gold aupply. In order to
meet commercial and incaustiial nee..?
New York remain? the one importart
free gold market. Instead of permi.
tin.-.- their gold to be ?hipped out i?i
settlement of unfavorable trade bal
ancea those countriea which are carry
ing unprecedented laeues of paper
currency believe it more advisable to
maintain their reserves and accord
ingly are continuing their embargoes.
The re?ult of ?uch governmental re
striction? i* to Increace the credit
burden of New York, and to force the
American dollar to a premium by cail -
ing upon it to do more work than it '
ought to be doing. '
\?1????? Forelga Trade Crmmrt\
?.?.,.??,?.
"Trade advisers from about thirty
-'-.reign nations of the Americas and
the Orient will represent those coun
tries at the annual convention of the
National Trade Council in San Fran
cisco between May l? and 15. The ?ec
relary of the council, Mr. ?. K. Davi?,
?tatea that theae adviser? will be in a
position to supply first hand infor
m-.tion concerning the market? in
their reepective countrie?. Delegates
lrom all parta of the I'nited State?
wi'i also be present, makinc the con
vention an important clearing houae
of foreign trade information. '
ONE REASON
FOR HIGH COSH>
Huge Dividends Deci? ?if
By Fall River Mills Fan
Explanation.
RETAILER IS TARC
Gets Most Blame
Receives Small
Stipend.
The reason why ?hlrt? and other
cotton fabric? have been costine
fiom two to thre? time? as stach
a? In pre-war time?, suavely at
tributed to "Increased labor aad
other production cost?." may be ?ax
plained In large measure by the
large cuarterly dividend? just de
clared by New England cotton mill
corporation?. Quarterly divittead?
running a? high aa SO per cent a
year have been voted by boa?da of
directora te stockholder?, sod whtl?
government investigators ?nd ether
seeker? for fact? Conner ted ? h th?
high cost of cloth??? have bee?
gunning after retailer? the fabri?
producer? have been quietly "get
ting theirs." and th? \ ? >l" produc
tion co?t ha.? been explained aa-t-y
a? above.
Th? Kinr* 1?! ?Hip Milla. <f Fan
Riv^r. Mass., may be naaaa ?? an
example. In addiiioti to a ?juar?
terly di?'id.nd >?? 5 per rant-.-r ??
per cent >*'-?riy--.t .v.lared aa
extra dividend of :><? ?>? r . mt bring
ing th? rate up >n it? -api:?! ?t??c4k
to 70 per ..??it l.r **m ?. t--. Thlrty
nlpe of the Fa.l ?tiv-r ?otton mill
corporation? have ??, ceatly d.-.-lared
dividend? of ?;.3?^.?.'^. Tii? <iuar
terly dividends range from 11-1 t?
20 per cent, end av? i???*? for the
thirty-nin.- concima 7 73 im?: t-eat
?.r over 3.'? per e> ni ? ?*??.,
Theae di\id?-nd.-. wrh ? i-aa-had
all r?ord? for high ; -t?tt
ed retailer?. w..n*l, ritt^ a .? ? M
g?ivernmer?t'? ???'.??tp Htfl - ??..?.'.'
be turned off tleir ostat'li'liim-nt.
and direxrled toward the Kins I'hi)?
lip? Mill? Corporation -st? t.- I
per cent quarterly and 5" ji.-r a?I
extr? dividend?; the Coi nel! ?.?
Corporation, w.th its *i' p. ? cent
quarterly dividerd. ?n*1 ?there
whose earning? have lr< ken rec
ord?.
"If It were not for ereetly In?
crea?ed volume of b.i?ine?s. many
retailer? would be bankrupt.'' -ad
one Washington retail? r "When
the government ta**kles ;'ie r?-tai*.er
It attacks profiteering at the ?run?
end?, Thi? I? a *??-Ue r?' tn?rk.t;
?nd today we ***** -' I M'. M?nu
fecturer with . ur h?t? in o?r
hands."
THE AMERICAN DOLLAR.
Th? va'ue *f the j 11 *'*%*%% ?"??*.
b*se<t upon ????? e&r ama**
?ha pe. I , 1 ven In te f 11??????
table:
?Cost of fine 4'?. lar?
Saturday. Y*-? r a*-;??.
In English money $144 tl <?;
In French mon* y ? 67 1 05
In Dutch mon? y 1 .ft 7 .75
In Pwisi? money 1 16*? ?M
In Italian money :, 4? 1 ;i
In Swedish money 124 .?>7
In ?Spanii-h m ?"?ne y ?*fi ?4"
(Quoted dnllare to the pound.)
tkmm .<?<?
aR|??a>
fAF?STIUVB .?Fi
If 1? a renera.lv r ?.-o-yr-sef.
fart that flr-t mortnure? are th?
??fest investment la the world
We would like to aend ra? our
new booklet telling of the many
n*fe*-ruarde ?re have placed anun.l
Ot'R flri-t morteen? mi* per ceot
notea which ?we walle ve make
security doubly n-nirr and which
rottet It ute the chief r*tc ni for
our record of fifty year? without
toss to an I live-?tor.
Swartzell, Rheem
& Hensey Co.
T3T lSth Mr???? ? \\
?
Capital and Surplus,
Fd
Starting Year
Savings Accoirot
t
Same
Rait of
lnbtrtxl
Paid ?a
Large and
Saal
Safe
DepoMt
Boiei at
Moderate
Re?tmb
D AY DAY'S here. This s the time to
t begin strengthening your persona!
ftnaiKes. Your own conviction- counsel
saving?future welfare demand? it
1-Act now! Practically any amount will
identify you with this strong, old, inter
est-paying bank, and we'll be glad
serve YOU.
OFFICERS
WILLIAM G" HOOVER.1
WOODBVRV BLAIR.Fi rat Vice I -ent
KRANK W. STOat-E.Stelliti Vice Pie?(dent
KRANK sTKTaOtr.. Tru? Offtcer
G??8. C l-AaTBOIU?. "
K. PF.TK-IVAL WILSON.
rRANK ? CLLMER.aAast. a?ecy .-' To ?
DIRECTORS
Weodbury Blair
Jame? A. Buchanan
WliiiBTB A. H. Churab
Walter C Orphan?
?A ill lam ?. Cox
William B. ?Edmonaton
? Praatieat Gatley
Krslaaaid a Huidakopar
Will lar
Thorn? ... jonea
Victor Kauffmana
William G C'ulrkeall
Prank W. Mme
Wllli?m II v-.-?lk?T
Henry ? Willard
NATIONAL SAVINGS & TRUST CO.
Year
OH?t Ba-riaaa neamltacy la vt ?? klart aa
Cat?. ISA a?d New Yatt Are.