OCR Interpretation


The New York herald. [volume] (New York, N.Y.) 1920-1924, March 10, 1921, Image 15

Image and text provided by Library of Congress, Washington, DC

Persistent link: https://chroniclingamerica.loc.gov/lccn/sn83045774/1921-03-10/ed-1/seq-15/

What is OCR?


Thumbnail for 15

Tayior, Bates Sl Co.
NEW york
K*w York Wottwu 1
Bonds Bought and
Stocks Sold on
Cotton C ommissior
Main Office
100 Broadoif
Hector 114c
Uptown Ofllce
Motel Brim out
M'irr?r HS!
The
^Cost of an Income
Compared
191M921
Ask for Circular "H"
Reynolds,
Member*
New Vork
Stork
Exchange
Fish
* &
Co.
lo Hioart f.t.
New Vork
Tclephono
Hanover
$112
Annually on
$1369
Invested
in a selected list of pre
ferred stocks and short
term bonds. Average re
turn on investment is
8.25 per cent
Bulletin S-4o sent free
upon request.
Charles HXiflRKSoNsllf
66 BROADWAY NEW YORK
TELEPHONES:RECTOR 4663-4
^ t o c k i w.' i j .
i I nave rea?y 'or
KCCOIMI I distribution to in
Booklet ve*t?rs and market
trader) a hand tome
ly bound 70-page
PURCHASE AND SALES
Koolclet, especially valuable for
keeping a simple and accurate
record of all transactions.
It is useful not only because i;
shows you at a glance how your
account stands, what your profits
and looses are on eacn trade, but
also as a reference for income tax
purposes.
Dividend tables tor figuring the
investment yield of securities are
appended.
If you will send us a list of the
stocks and bonds you now hold,
we will be glad to enter them and
send the booklet to you; or, you
may make your own entries it you
choose.
Cotnj sent FREE on requett
%?k for lt-59
S S-Ruskav & Co.
ESTABLISHED 1077
ConneMiit'd .ctock &??}. 0f Y
20 HROAI) (4T. KKW VOHK
Phones: Rector ?001-7009
AMERICAN
WOOLEN
Essential industry
plant and bitsineas in
good shape manage
ment progressive find
foresighted amply fi
nanred analysis from
market and business
standpoints also the
Textile fnrhistru di?
cussed. Other features
A$k - MARKET
CM C48 OPINION
R. H. MONASTERS & CO.
U*mh?r? Cnr\r- flock KrrA.nf \ J'
?2 M Brntd ,Sl. New York
Ph/?*#? Prnari fittQ. Unflrr f rit flunr
MilwattliM 1-irhfrord Smm Haven
?
Kqhlrr Bremer &3lC>h
STOCKS - BONDS
CWJ?UBSTT? - STOCK IKXHANSV f NY
.12 BRQAPW AY N'V ly hahptov hotel
til moat ?">io *? albanv. ny )
u
Li!
Famine aii(1 Si*\civ Ki'caU in
Prices Laid to Government
in Annual Report.
, ?
The extent to which the Amen, an
-Sugar Kefirrlng Company was bit hj the
wide fluctuations in the prices of raw
nnd refined sugars in the later months
19-0 was revealed yesterday when the
otnpauy's annuui income account \va
,!?'i* public. Tim tompaiw ha., a .? :
deficit after all charge?, hut befor ? dlvt
W.ds, of $3,373,811 and a total deficit
after dividend payments of more than
5t0.000.000, for which the company had
to dip into Its surplus.
| " Attempted Government de-control ' was
blamed for tha famine in sugar and the
severe break In prices by Karl D. Babst.
president of the company, In his report.
"More serious still." he declared, "at
tempted de-control on an empty shelf
and the resultant panic prices may pro
foundly Hffect an producing field* in
? 1 nba mid the (nite.l States" Tot til
j cost to livi Amei'i :itl I coplc oi Ml'...,.
eon.-iini"il In 1-920 Ik. .? iu..t
ft. The fotfitiwi?K-6ta'?t* gives (omnaritiivK
| figure, of tft. .;.? r i j.
j accounts for I'l.'o and I'M'.
I r
i Oporattnjj profit ji v?\. , iS ?,,, v,
re.ei?..9 *ci"n lnv<"" i is;.,isr. i.'iiu.ixw
? , i!Jtcaa? reserves of
Tn,?.r,m?r J<tt? 2.417.083 .
' ReserrM J'??*'001 2.'.0.?lt)
Dividends S,831,044
Dsflcft " J*2?M70 ?.84ft.9?fl>
?Surplus." 0,686,280 M.708.70ft
Following is a comparison of fhe
allent features of tho balance sheet;
ASSETS.
t. . 1920. Wia
a"d
Loani!"1* leoeiv*ble ?? ,'4(K>
law'Ssr^; ??s;
tt*'1 ?.8JW.932 :'s.it!i,s7<i
1.1 ABILITIES.
? Sundry'' ' '' ?S*??"
ACets i Ion ft.- ,,:?,b!e ' Ikw.vli 'vr'rl;
>BUls payable 87.160 ???
Su2,u" ?,;i,ir.2 i.-'is
Mr. Babst in his report outlined at
xn^Lr Whe pn"'''SM' s *>>' which the
sugai Industry was placed undll, (.on
Uoi during the war und then released
from control, setting forth the effects
of these steps on the company's finances
He followed the course of the stead v
| upward movement In sugar price* to the
point where virtual panic for fear of a
din2 n^r y ,esull'?J ln f'-attic bid
ding and unprecedentcdly high prices
rhen when importations'of ?U8ar for
direct consumption wefa made from
places which never before had shipped
kpt h,^ n 1? this country, the mar
Ket DToKe. He added:
????*? wa<4 the buying panic, so
ind ?r m ):V!,',ria of r??mcfilarinn
and of repudiation of contracts. The
('emor?Ilz.-d that on
Aufc.j. t i the company withdrew from
market and devoted its facilities to
books 'inS bUf"no!,s afready on Its
Total imports for the country showed
the unprecedented figure of 4,4r>0,l?fi
' in mA? *2^,'compared with 3,976,331
, in, 191.1 and 3.115,143 In lHIJt
Investigation of the prices over 100
| years fails to reveal a change in any
one yea. one-half so greal :,s the fluc
j of J9 S7;; cents a pound ,,f last
"The total 'business of the company
j wa? more than $360,000,000, The high
prices, notwithstanding the ,-educed vol
ume of tonnage, repuhed i? this lar*.
?<fhe\? r??perat,nE ?roflt continues
to be one of the narrowest In the mann
tacturing flehl. and for 1920 was wholly
inadequate. It was arrived at after set
ling aside nt cost all raw sugar neoes- 1
sary to fulfil outstanding contracts with 1
murJ'f "f,"r an adjustment to)
1>ncPS of our unsold inventory I
j Th* number of stockholders has in
creased from 20.877 lo 22,311. of whom I
' boMin?nV "re wom*n- The average
i holding for each stockholder has de
; creased from forty-four siia t'*$ to forfv
share?".' lwn>
STEEL MARKET 5TILL
IN DRIFTING STAGE
Independents Get Large Share
of Going Tonnage.
Dtipot. h to Tub Nrw Voik Hi-im ii.
ifrvBUUro, .vTarrh 8.-~Pt-el prices,
according to th< iron rrarir Re viae,
await sufficient tonnage to induc^ pro
ducers to establish a definite trailing
basis. Numerous miHc. burring th? Steel
! Corporation plant.*, arc meeting the sit
uation a.< tin y tind it necessary td* pro
' tect Ifhemsclve*. A waitinc policy tren
orally is beiru; adopted njnd the mar
ket In in a drifting stnije.
Ind itt mills have ;i ablf to
'obtain a lars^r fraction nf 111? ? going
tonnage. lU'Coht bookings by the Mld
valc company e been at r.u i.?r
Cciit. of It- .Johnstown plant capacity,
sheet product :on In the Mahoning; Val
ley, while only 32 pnr cent. Uii* week, is
peeping up at the best level since early
January. Steel Corporation operations
are drooping steadily and this week are
not o\er 50 to 60 per cent
The Gary rail mill Is operating at
the highest rate since H was built and
i?? producing about 20.000 inn? daily.
Kteel inco* production fur the entire
Industry in February fell* off approgf*
mately nr. from January, or In
about th <an legree as pig- Iron. Total
February stecj output was at the rat
of 26.ttio.ouo Urns annually, compared
with 3l,120,#0t In January.
British pic iron maltera have t..ade
reductions approximating $8 to Jfi a
ton. whi-h are almost nnprucoSnut'd.
U'elali railroad* hate V) .aght Balgtaa
rati* almost $1*) a ton under tho home
mill price.
Farther releases of suspended order*
by automobile builders have been re
i-iwd h.v sheet riiils In Pitt: burp1-, and
Youngstown. Some a?\v bmiAjf from
this sourca also has appeared.
The flr-'t wage reduction*# ha\e ap
peared In the ('otinelisville coke r-nlons.
one Independent company posting i cut
of is pet- rent, this W'-ik. Further wvige
i-oij. tlon.H at flie mln- are likel
General agreement that lake it en or*
prices are to be reduced Is entertained
bv producers
The Iron Trade ftv ru ,? oomi posite
Iron and steel Market avarag< this week
Ik 146.63. compared with $46.85 last
?week. S4T 10 two weeks ago and IBS.76
the first week of this year.
pollT mix Wf&L HK I KURD.
*, delegation representing virtuallj
all civic and commercial organisations
;n New Tori: city. :n addition to r -veral
ip-Siat asjocla'Iom, wHl appear he
forr ? Joint l?-?i' i,i r' \. hearing in A1
Sue Tim- da * to urge the pa < i4* nf
the N?tv vWri'-NeW 1< >?: and 1 i
i'liii n>V*loti 0111 pro* Id in., for. Hie
j port tt ea ! \ 1 t weep ilie two States J.
It.irstow Smull. i airmail 6f the cotrj?
nilttee on harbor and shipping of th<
Chamber nf Commerce of the Htate of
New Votk. Will speak it favor of the
?neaaurc T. Ashley M parks. David T
Warder. John P Walla-#. Joseph T
Ullj Rober (4 Morrin flnd \fsr- i ? K
Tfs >y. member* ??f fhe co,iim itee, ? ut
? it' ii<i toe tutaiing.
LOWER RAIL EARNINGS
IN JANUARY PREDICTED
Heeds Expect Smallest Show
ing or Year in February.
! 'isu:v- of '!"? 1 Jl.il l'.iiii ??.?<! e.'i: J..-.
ul (!:?? 1 t oudft of tht Lulled states
for January ai?- iieing awaited with a
great deul of Interest Ijecause of the
ertainty that they will be lower than
In any moiuli aU < ?< the Government
handed back "the route to their owners.
Reports current yesterday In the Wall
Street district w.-re that the Class I
road* had earned a bare 53,000,000 In
net operating inconia during January.
The tlguri- Is a mere guess, however, as
all of th'' roads l?i? \not reported theli
earning:-'.
Executive of the ri.a I* I xly p ? lit'
(hat theli Ki'iruan ? lugs ?l!!
low11 . tliu th'i-. of i in i i y. Thoy
ba^f t!)()<-?? predict; ' on t:.- |>iie up of
J^pltm i :n h ,'hu1 th'- <l.-crea.?i',l ton-lings
ii? all pari* of the roMnt-'y aini on the
iact that traffic norma':; reaches its
lowest levels in pjtbruat y
The roads lianre not in aiif month
earned tha contemplated 6 per osnt. re
turn. Their net operating llgures offi
cially reported are as follows, the seo
ond column showing the percentage ol
return upon valuation :
Per Cant.
September, 1920 . .4.1
October, 1820 4.8
November, 1320 . 3.3
December. 1920 ..1.17
In terms of dollar-; the i:tiI>?<>ati j t??
.attain t; per cent should have hatl a
' r.Pl income of $407,v l.">,0(i'0 t; t mse
( nloti t lis. Till" I' ?
110.4KIH wl.i.Mi wan l"'-,lion.a u >h<ii" f
ITALY IS SHAKING
OFF DEPRESSION
| Only European Country Where
Trade Stagnation Po?>s
Not Continue.
Washington, March 0 Continue.!
business depression in Kurope. c-v-P' -
Italy, was reported by American con- '
in the monthly cable survey of v il
economic conditions Is-wed to-da>
the Department of Commerce. Mgm, o
improvement were s<en .n ti.e 1? *>***>
but little change was poteil tn feouth
Al?-'J|H?rts and imports were de< reading
in Great Britain, the survey said, con
tributing to unemployment. 1 *y'?e^
of heavy taxes was regarded as a cause
| nf money tightness, and
i were said to have loaned two-thirds of
their resources to private enterprises
Recent price declines- and busines.
stagnation in France, according to ih<
survev. have tended to strain the. credit
of tinnkn. several of which were reported
to be in a difficult position. A llquida
lion of tie Government owned 1->tenth
merchant fleet. aggregating 1.000.000
?41oss tons, is being urged in View ot
tlie dull period in shipping.
Italian banks are reporting large
profits, however, the survey continued,
,nd the condition of the Government fi
nances was regarded as more ,avo?''*'
T/)c;i 1 unrest and strikes about Rome
hove been decreasing, but unemploy
ment is lh evidence, it added.
German interests are attempting
obtain control of the Austrian Govern
ment's former ammunition plants, the
survey reported, and German cap.tnl Is
trvitig to control th? Iron industry in
\u?tri;i. The. general condKlon 0. th?
Austrian Government finances Wasi re
warded as becoming' more unfavorable.
The cost of Mvimr there rose 10 per
?nt. in February. It was reported.
U^slnc^s depression is Increasing
the Scandinavian countries. ">e survey
i-v-rtej. wh'.l' nerm.ui oompetition is
placing many industries in a worse con
M Japan's foreign trade continued the
increase started in January, according to
the survey, while bank loans increased
under lower rate., and easier money.
A,i upward trend in the exchange rate
on the I'liiled States. It wm said. was
looked for In Japan. Orders foi for
elgn poods are decreasing In China, but
depression is expected to lessen
The Chinese financial situation .s lm
^Th^re had been no Improvement In
financial affairs In Ar*entlna. the sur
vey said, and bank loans were lnct eas
ing although deiHJslu. were fault*: off.
Whiio exoorts were Increasing slow Is.
i .mons we^ dull, the decrease In lm
ports from the fnlted States especially
becoming more apparent, the survey
8aKanks In Braiil were not granting
J? ".,-ept for strictly commercial
ot? -
largo crops a-re prcuni-.u
ssa s;s:r's
change rate was expected.
N.Y. AIR BRAKE SHOWS DEFICIT
|? ?" r"rn
f?r Second Conaecntlra Venr.
Tho S>? York Air Brake Company
1? i<?V for the -?< ond consecutive yesr.
/ .i , ;n f lm it- dividends. Tlie com
nanv * report, made public yesterday,
pany s r? po after charges, of
-r,a S or 17 51 - 0,1 U?? ?n1piui
? ' i ..f? t , ft?*r dfvldintls of
stock. and a de?H? Xe of M41.0M
$222,017. In contr-is '1
In ldlf- , ,(1 ...lies were
sarsffi. ?" ^
- 't"" i??
charted. *"?? ,
?VM.?U. T.,. 1.1.1
surplus at the clo
.it $4 047.628
FRANCE SOWS MOKE WHEAT.
BrltlKh *res for Srti < ? ?l?
? nt a:t I'er < enl.
?,? m.i. . i n -The tots I
41?- toV, M il i
to wheat lr France oi the
1921 harvewt was H.l.ls.Ooo ac\'' ,11
lucres-.' Of ? S I'er ceo*. Over las' >ear
d K r. per c-nt over the preceding live
v,?r? average, my* ? teport from the
International Institute of Agrlcultur- In
Home Area sown to rye Inrren^dJ
nrr cent, over 1920 and to oats under
per cent.
pHtlsh India's ares sown
for the next harvest was 2M52.00
... ,es. or 21! n-r cent. under 19.0^ Tlie
wheat area f'?r Bulgaria was shout 1
per cent. greyer than for the preceding
y*tr.
fehluh \ alley t; ? t r .
It wss reported ve.?f#tilay that i'oUII
<.1 for the Uhlgh Valley Mailroad pieb
V,!V would ask the fnlted states
i,?tr|.t Court for th* .'out ern t) lit net
f New York for sri extension of time
to ftl? a dissolution plan beyond the
Imy days granted bv the court In Its
"""
,?ry close consideration.
r
Investment
Securities
Kean, Taylor & Co.
Sew York Pittsburgh
We own and recommend
Pennsylvania-Ohio Power & Light
10-Year 8% Bond-Secured
Sinking Fund1 Gold Noten
Itur Votember J. 10.10. Couvnn Note*In Denoit)
?1.000. *.*>'?) 4ixl SUM)
ilir Con.pt.ny supplies electri'
fbi.: y industrial territory of
! tiv.rrn Fittr.burfch oi'.? 1 C!;i
Y? f-k. "own. Girr.rd and Strut
vilic ElVvood City and Siuuo
Net earnings for the year ended August Jl. J>?, t, ?;:er
ducting all prior charges, exceed five times tiie ana .ml im<
requirements on these Notes.
Price 96 and interest
yielding over 8.60f,
Write for Descriptive Folder H 041
liollister.Whitc Sc Go.
:i a populous
pour
115 Broadwav,
NEW YORK
f*H li.ADKJ.PH I A
One Cent Lopped Off in New
York and Two Cents in
Now .Jersey.
'I'h' Standard Ol! Company of .\e '*?
York and the Standard Oil Company of
| New Jerisey* announced further cuts n
the prices of gasolene yesterday, the for
mer company's figures to be effective in
.Greater New York and the latter in New
' Jersey and Baltimore. T ie New York
| company also reduced the price of bero
! sone.
j The New York reduction* amount to
; one rent a ir.-*Uon on both gasolene and
j kerosene, making their price 27 cents
i and 16 cents respectively. The gasolene
! reduction effective in New Jersey and
i Baltimore amounted to 2 cents ;i gallon
j and brings tlie price down to 24 'j cents,
j This makes 4 cents total reduction in
the price of gasolene by the New Vork
company from the high of 31 cents, or
approximately 12 per cent. Standard
Oil of New Jersey ha reduced priced 5
cents, .or approximately 17 per cent.
Standard Oil Company of New Jersey
has also reduced < xport quotations for
gasoiene ut New York from 40.75 centa
a gallon at the beginning of this year to
.16.50 cent". Kerosene was reduced from
3 to 6 cents, or approximately 20 per
Cent.
These reductions reflect the precipitate
and unprecedented break of more than
$3 a barrel in Pennsylvania and ?mid
continent crude oil since January 1. On e
ffictor that enters into the selling of re
fined which docs not have to be consid
ered in making crude quotations, it was"
sa i. !s .the transportation charge. I.abor
??t? ii the refining of oil, too. nave not
d-opped to my degree Hive the pri e of
j crude.
LEE TIKE NET IS LOWER.
I'l-Ofllw for l)?UO ipi.ll N Share,
No>? Company'* Report.
The report of the Lee Tire and Rub
ber Corporation for 19-0 shows net
profits, after All charges and Federal
tuxes, of |g;e.S3S. equivalent to J2.ll a
share earned on Its outstanding no par
tlue common stork, against $471.SOS.
or $3.14 In 1919. Its netvs&les for 1020
were $?J.705.l?30. against $6,383,993 in
1919. The cost o* goods was $C,404 >>96.
against $4,999,949, an?l other income
was $1 It!.058. In contrast to $69,.132.
Federal taxes, interest, Ac.. aggregated
$90,434, and dividend* $325,000. leaving
a surplus of $101,?i3S for the year.
"The management has endeavored to
i conduct business on ufi conservative
' lines as possible during tiia last year."
i John J. Watson. Jr., the eom;ain.v'n presi
i dent, told the stockholders in his report
j "Tho plant is being operated on the
j basis of about t>6 per cent, of operations
j for the corresponding period of last year, j
j Sales are exceeding monthly product ion,!
I and while it is not expected, with pre
] vailing conditions, that dealers will take
or. large stocks, these dealers are buy
ing continually, and Indications are that
I business for Ibis year should l>c satts
1 factory " 1
FOREIGN MARKETS
I.uMjON, March 9. ? Bar silver, Sl'?d.
j un uuni ' . liar gold. 103s. lid. Money,
I 3per cent. Hiscount rates?Short
| hills, 7 per cent. ; three months bills,
: 11-16 per cent. Gold premiums at
; Lisbon. 140.
Paris, March 9?Prices were stea'dy
Ion the Bourse to-day; 3 per cent rentes,
| ,'S francs 40 centimes; exchange on
! Ix>ndon, 34 francs 83 centimes; 5 per
'<ent. loan. 83 francs 95 centimes the <
I dollar, 14 francs 11 centimes
BID AND ASKED QUOTATIONS
V V. >TO( K KXCHAM.K Ql OTATH?S.
To til" following prl''f" accrued Inures! I?
to bo added In evary cut.
KOIIEION HOSDB.
hid. A?*.
City of Berne... *3^ "4
I'lty of Chrlattanla... ? ??? rr,l<'
nvi
9?H,
70 |
I'TVi I
?) '
?i?S
!<S .
|
(49 ?? |
!Ml j '
>1 -4
97
10%
Ctty of SJartili
Argentine lnt'-rn. Tig. 11H" ? *?
Belgian Ms 4
kingdom of Belgium 0h ..
Kingdom of Belgium ?'/?". 191' ''?
Canada, l>on. of, 6?. 1921 99Vfc
''tntdii l?on?. of, notes, 1921 W
Canada, I >oiii. of. 1988... ?
Canada, Ddin. of. 1929
Canada, Horn. of. 1131 ?
I mulsh 8a ?"
Onnlah 8s
I TTimark Ma )?#*?
Chlneae i<ov Hu Kug By 5* l1 W
Norway Ma .. !'v
uba Kxtern. lOlt
Pro\ hi '' of Alberta
C ilia Katern. 5a, aeri.'i a. i'J iv?
Cuba Katarn 4"4?. "1
I mmlnlcan Rep. 3a. 105#< 7?
city of Lyona 13 yr 0*. 1934 <"
City of Marseilles 15 yr ?;*. l^'i 73
I'ltj of Bordeaux ti it- 193 4. ?
Clt> of Copenhagen 23 yr 5Via, 1944 78V*
l'li?, h Oovefannwt S*. Is lMU>' 97
French, Part* City (1*. 1921 W
< iov of Hi'Itaerland *?. 1940. 10'- ,
.lapn-ieae <l?v 4'jS ater loan. 19'J' (Kit
Japitnaa* Got 4'ia, 2d n?rlt'S. 1925 >>2 i
Jamntae (Iov 4s, eter loan. 19.11 > ' ,
.inpanaaa, Toklo City. a*. 19-"- 3d
I n K c.t Br A Ir 5 yr .V,?. 19-1. ? '
i n K <.t Br A Ir ,1 yr S'*. 1922 94i?
fn K (it Mr I lr 10 yt ' 1929 Hi *
i n K C.t Kr 4- Ir 20 yr 3';? 1937 g.". 4
\[. *!? o r.Kt.'in stei '* of I'M", ti '?
Mexico E-.torn gold 1* 'if 'Oi. 19*4 :;2 4 : ?
Kingdom of Italy 6 yr gold 81'* *
I.MTBD BTATE* aOVBWOOCNT BONDH
Bid. Asll.l Hll *?>:
? ? r?ir 100\y3a I'an ' pn ?
4- .-mil* ? ? l<W P I 4a '54. 9v
.19 \f 9.1
10I*?
i.i ,
9<:?
Closing price* of atoi k* In which
j were no transaction* ytmtoday.
Bid. Ask. j Bid
Viiam* Kir 27% 31I Bsmada * 2"
Air Baduct M 37 ' Bnt"; |jn.?.
Alllanrn H. 70 | B?pch frk
A A ? able im> |o.
A Ch M r?f 79
v 4 ch t>f W4
?>ih 1 ir."
UNI
?7
Vlll i>K I*' 90
Am Bk Me
rto *>f. ... ,4?
\,n B S pf 7(i
\m (pf *>\
\in 1 hlolo. 21W
An C<ml R8 1-'
VniCot" pf Bd
Am I"! H. 7
Am F.ip . 120 lao
Am ?f- "I d"'
>,n I 'isd 47% 4?m
tin Ufa . ? . SI1! W
An M * O 2i? U
A ltft-1 Pf I0"
I A Kliit'Mdg . . *0
do pff l>"
v w r> i>f *?
\ Hnoff t>f 7* M
' A Ann T V' H"i V
\ u Tub p' 92 "n
\ ? M t C I* ?'>
\mWhol p? 9)
- \\ ?? 1' 32
\.,I zinr . g(t
v n ArbW. 'I
do |if... 29 1
J. 1; 1 pf V?>,
do 2d pf 43
\H " 1!. . '"-j
m;?- Toll.. 111
At Bl ^ A '? 1
\t 1 OB?t 1, Ki
Af Ue'ln.. 910
St
' im:, h no
Booth Flat 2x
' Bfcn Kdls'ni
Bkrt r. Tr. If
1 do it... ;?
63'? P 11 1 1 ln? 7
4g1i Bioni S'. 32
HO Ilrutawl. (
Buf t Sua >?*
(In pf u
riti f it ,1 i tt"
In pf 'HI
Burns Bros k
do Pf... 103
BuMt Tfrrn
<*gl I'al pf 7!
c?, A Ari.
Can Hon. 4o
1 a?i? |> f . *"
Cam" t'I'i" ' 1
C HB'ifN.I 'V.
I'"lit Ptnd go
do 1.*' pf
9 1 do 2d pf
n 1 CIn * VI'
o do nf...
n 1 hk K 1 ft
do el pf
n ti di
? rmwi {if *
111 * Nil 1
1 her*
v ?k.
2J
Hi
I I5
10"
111
;i.r,
1 4
12
.U? pf ?? 10s
V". Willi. . 9H
do n f ..
>i:< 1 H.'tlee.
, do uf. .
, 'i id r, pf
, 1 .1 not !.
4 do' pf...
?. I
970
1 i'|i-. A PI'.
? I pf tn
cotr#i pi 97
i 1 .,1 *j pf ? ?
! 1 omp Tnh_
gi
#1
.11
TO
COII CIr i'f 77
| Cnn ?>ai M
( o:ia Tell
in 1 Con ('ml.. M
7?H do pf. 7:.
pi Con I'.*!n gl'i
?1 i I Cttrnl'H pf 10"
tOO (pi Crip
",T ''r ' *il |if "1
.10 ' ?avi?..u Ch 54*?
74l;
dl'*
p. 1
0 I. i> W..SI"'
i I >e 1 >>?? r*.. 14 W
1 pf... 87
Mat Kdlfon U.'J
Pit i Mi'k 4.",
| Pet f tilted 7ft
l>la Match 107
J.mjI BP A A 3Vi
, ito pf....
X'ut hum II 2"
ilo pf M
K]?# S tor. lOO
Knar llran 7
\ lo pf... . 1".
Kndl J pf.. !<1
, Fi d M 4 8 ."V
I <lo pf. ... 24
- Fm r i. pf *2
1 Irhauka. :;7
Flatter I SU> 81
<lu pf. ... }H)
<; Audi pf mm
0 n i I* pf tM'i
, i.o itrli pf 84
(in A Tank -41
! lien M tj?fc ?.*,?,
(.HIilniiti pf (<:.
I lirmiby ... 30
(inlf MAN "
<!?? pf.... C.I
Clf Kl I pf 72',,
llahlri KM.. II
11? i t man... 70
Harvester.. frn
do pf. ... JIM.
n*rd-* M . t.v,
Ilork Val.. 67
ilomaatalre 40'*
Hydrau Htl l?
1 <ilan R*f *nj
<!?> pf. . .. 8".
I ? A#r pf W
hi?.MT I pf t:;
lot I'ap pf !i?
lnt Halt. . . "pflVj
lro-\ Ptiti ,11
K C FiH pf
Kan '* 3 pf 17 ??a
K?-??M .. 70
do lat pf. ftd
KH|T?>?t pf 7H
110
rjt'i
XYi; ?? ftti. 42
On IHt pf. '<*1
do 2d pf. iW
N V I >ock. 21%
liO Df. .M -.'.I,
Norf a Sou 10 w
Nunraliy K'?
O hdr A R. M\
O'.ilo Fuel.. 4
O.it Silver. 4'*
??!? CI pf
otia Hti pf:?
OwrnaR&M 4!?
0?<M fi pf .
'?>'< : Ph foa?t. 1'"
7 ' do 1st pf. t.O
2">'i ' do 2d pf. 4."
m.i s Pa'- IH'V... 12Vi
40 v Puc i; A K Hi',
M? Ph.- 1 i T ;i7
I'm I I'm: Mull.. I.T4
XVnnoy pf. 8.'.
P.oi iti A K 1?
IVre M pf. :U
do p p... 62
Pet-Mc ... 34*
do pf
Philip .(... SO1*
do pf.... .'i0
Pleroa A pf 76
Pierce O pf 7.V4
PFW C pf.118
Fltta Rtl pf M<>
J'iWXnpf 72
jTond Crk. 124
Pr Htl <' pf 11 1
I Pub Herv. 00
I Hand 21
R'- St Hp*. MM
do pf. ... Ift'.'i
lln. t. Mar.100
Robt Ili-U 'I
do i>f
Rep sti pf nr.
Jl.tr. 1*1 pf
do 2d pf.
?St Jon Id II 4
Hnti (' Hiiic 4
i Mivaio A..
jtRxnn Mot.
?ft!
P'i
su
12",
101
7ft
.17 <j
?2?,
11*
ST'i
lb
do
Ml.
Kenb Air I. fl'4
K*I WW pf 7f
Ka> ADM Tl
do it.... 'jn
Kr?ag< S3 l."H>
dj it .101
Kf m- 8 II, 7H
,?? !? i 41
i, ?: * w >?
?to pf. ..
T.is?n,l R.
T<oHll*r<l
do pf...
La* W 1 pf ''
do 2d pf 1 'HI
M?:ii*oii 1*
Man riih. "4
Man Elar f> .
ii.i pf... 100
Martin "v
, Man R1.1t' 1114
! M**k?y . 02
do pf . ? M
1 Maiatl !>ii? 74
do pf
Marlln R.
Math Alk
M Dp H pf I*
! Manual! . . 4'?
tio lat pf 7'i
] -i i 2d pf 2
Mm IV Pf MM
Mlfl, <Vn, .*7
Mil.' * -I?M nil
1* i? p f... V.
MM I do pf. .
. 2.1
Mil
1 ,V>
IftO
It
'V*
I.Ui I
i.i'i |
'VU,
110 I
'.'0
n?
o'4 11
"m in".
, S-Rbk pf . 10fi
P'imii.H pf 7(1
' KL. fc KF pf 2H
Hhaf.tu 'k.. ?
Bo Por fltig 7IS
do pf. ... JIM
C'and Mill. 106
do pf.... 7f
ft-m B of ?7'v
Mtiriab Pf 02%
SUbtn tl.. M14
Kup 8tf*al..
do pf.... 07V?
T-mto A U<\
16V, ; T?tin i 'op, 7T?
': TfXitf I, T il"
r.4 Tl.ll W 01:. 1?'.
rob Prd pf. KM
1HMIV p -, '.i',
do pf ct
Trana A W 117 ?
r,M ; Tv In Qttl to
R? do pf
31 | T'fldarivd ., 1 V>
11 ' do pf 101
1 M'^p T'n R ? l>. ?M
Vf | Vn fir it. 1 ltd
f'H 1 ilo pr... i(v?
V Org I pf 42
flo 2d r.f. 40
1'n Rv fnv. 1'iS
IT.4 i 'I P pf 4.".
re in At pf ft*
ra u 1 pf 1014
Vn '? r of. 07'{
<H
MM
10.1
1411
M2
IlKI
lli
R?W
20
a
01
1KT
1J1
70
210
lilt
<??'4
4d '
r *
nv
Mont Po? .
1- p'..
Mull R pf
# n T.
v
! >'?' A'-mf. 21'?
Nat Bt?.. I04H
,1., pf... . lOjii
Naf ('id HO
Nat FA" pf 94
1 Vat I<'ad 72'a
do pf ">"k
:;%\yV. 1 pf m
do 5d pf
\. t t n- ??
M O i W It*
If"
< n n ? p
vlvapilotj. . d
Wai. pf R l.l
NV.'m- A II 1ft
V?11a fa- n
,it, W ?at I pf So
107 | TV oat A 111 ?V,
III | Vt>?M 2 Pf 17
31* ' Wlf.kwlra ? Ir.
05 1 Wllaun ... tl',
74 ' pf ., Mil
10,-. WiMlHth . llfMW
II do pf ,..107
8 t^'ortli pf A *1
*1 Tv 1l?M?n-*
?.*? . jm> -
97
!|H
11*
I11H
?2
IVe Own and Offer
$425,000
Louisville and Nashville Railroad
6Vz% Equipment Trust Gold Certificates
Issued under Philadelphia Plan
YIELDING FROM 6.75% to 6.35%
*Maturities as follons:
*25
80,
26,
25
50,
20
15
20
20
20
40
10
25
25
25.
,000 DUE MARCH 1,
,000
000
,000
,000
,000
,000
.000
000
.noo
000
000
.000
.000
000
192?.
1923,
1924,
1925,
1926,
1927,
1928,
1929,
1030.
1931,
1032.
1931.
1935.
AT
99 *4
99 Ti
99 T?
99 7^
100
100
100
100 '4
I 00 '
too
100 ,
i 00 ?%
I l>0 4
100
101 I,
TO YIELD ABOUT 6
6
6
6.
6.
6.
6.
6.
6.
6.
.75%
60%
,55%
55%
50%
50%
50%
45%
45%
45 <":
10
?*0' ,
40 r
?to %
35' e
DISCOUNT HOUSE
O F
SALOMON BROS. 8c HUTZLER
MEMBERS NEW YORK STOCK EXCHANGE
27 PINS STREET
NEW YORK
Telephone-John 6JOO
PHILADELPHIA
BOSTON
NEW YORK TRUST
BOARD SELECTED!
.]. P. Morgan & Co. Well Rep
resented in Directorate of
Merged Institutions.
Tiit New York Trust Company, which [
succeeds on April I the old New Yorl: I
Trust Company by margin* the Liberty |
National Bank, has become a no-called I
Morgan institution, if Wall Street may j
Judge from the new hoard of trustees for)
the Joint company elected at meetings j
held yesterday and Including Junius 9
Morgan, Jr.. the son of J. P. Morgan, |
H< nry P. Davlton and Thomas Cochran of i
Hi'- firm of J. P. Morgan A Co., and others >
closely affiliated with that private bank- j
Ing house. Tha election of Junius S
Morgan marka his enlarged activity in
financial circle* following his election
a little more than a year ago to part
nership In the Morgan firm.
The board of trustees of the en-1
larg<d Institution numbers thirty. In
:.ddltIon to the three mentioned, the fol
lowing persona wero clected to trustee- '
?mips: Otto T. Bannnrd. Mortimer N. ,
Buckner, James C. Colgate. Edmund C.
Converse, Alfred A. Cook, Arthur J- }
OiiniMCifc Otis II. Cutter. Robert W.j
de Korest. George Doubledsv, Kussall H. I
Dunham, Samuel H. Fisher. John A |
Oarver, Harvey D. Oibson, Tliomae A. i
Gillespie. Charles Ha.vden, Lyman N. J
Hfne. FYank N. Hoffstot, Henry C >
Phlpps, Walter Jennings. Darwin P. j
Kingsley, E. K. Loomis, Howard W.
Maxwell. Odgen L#. Mills. Toward 8. -
Moore, Orayson M. P. Murphy. Charles
W. Kieck* and D?an Sage.
When the merger la effected Otto
T. Bannard will become chairman of i
the advisory committee of the board, to
l>e comprised of three members, the
other two being Edmund C. Converge
and llanry P. Oavlson. Thomas Coch-,
ran will become chairman of the ex
ecutive committee. Mortimer X. Buck
tier chairman of the trustees, and
Hurvo> D. Olbson president of the so
ld ry.ii institution.
GET 20 PER CENT. DIVIDEND
Creditors of Oe? R'-h quickly
Scheme to IteeelTe flefnnal.
Boston, March 9.?A second dividend
of 20 per cent, to the 1,5"0 creditors of
the Old Colony Foreign Exchange Com- ;
pnny. which sought to rival Charles
Ponsl's quick rich achame, was an
nounced to-day by its receivers. That
payment, on Maich 24. will make a re
fund of I1I4.0Q0 on the'r original in
vestments of $285.00U.
Chsrlea M. Brlght?*ll and n! era con
cerned in the company* promotion wen'
on trial to-day In the fsuperior ('our' on
eharres of conwp.racy to d'f and
METALS
On the New York Mela; Kicha'.ge
yeMerday tin was weak and .Straits was
quoted aa 27928.50. standar d, aa 27?
27.SO; 99 per cent. tin. ss 23(8 21.19,
27.T.0; 99 per cent. tin. ss 2o 939.99,
Copper was wa?U; apnt. March and
April, 12.50 asked. l.ejd m <^u;et ;
New Tork, snot VliO and Hist Si. I^oula.
spot 4.10 asked Zln< was ?:eady; New
York aoo'. 6 1i and i-:s?t St I.ouls spo!.
4.So asked
vfsrrh 9 Mtirh 9.
Rirt
P il
?,?s<t, Msreh 4.10 4 4 to t 36
P W slnr. spoi ... ? i
A lumlnum ..... 3* CO ;?< oo 33 '? J* 00
g ilcbsllvet 960.00 fiO On I
Antimony ... . R 2V 9.30 N R 39
Platinum, soft . . 970.no *70 00
Platinum, M>% Ir . . |*n.00 ?*? (*<
Platinum, !(*? Ir |in0.<)n 1100 oo
Klee. c?p.. snot. 12 97'. 12.97 v;
Ktse. cop . Ms> . ,. . J- 97'{ 11.97>4
Pis Iron. No. 1,
X foundry. . . I! V) 59
Pl? I'"'*. No. 2.
silicon 11 50 31 ,\0 '
fig Iron, j) sin
no. 5 silicon. 29 '>0 :9.'0
n*??. (ran, PtMs. 37.oo 37.On
?*??. Mi?. nt?? <?> .! v>
f.ONl'ON. Msrch 9 ? PoilOalng sir th*
rloslnc melal ouota?lor?
' ? ?< ''lisn*?n
'""apner, snot. . S.% to o nff jo?
I'dMwr. futures moo off
Vei. conp?r. sr?' , to o a ofr t
Blec., futur?? .... .. 52 0 o off 1
Hales of futures, 400 Ion*
Tin, spot 14* 0 0 off J5?
Tin', futures 191 0 0 off (3 10?
H(ralt? 194 0 0 off f9 I
? - - ? rflrt ,An.
q*l?a SP"' 90 tons, futures, R90 tons
'..A "?rv* ... is 9 O up b*
1^12: &e. 19 It ? UP M
? ^hIu ? 1? * ?? h
When Business Conditions
arc in the process of readjustment?there is a great
deal of comfort in knowing that your money is in
vested in sound, well-chosen bonds.
A sound bond pays intere-t in periods of financial
stress just the same as in normal times. Corporations
not pay dividends although they continue to pay
t!ir interest on their bonds. Governments and munici
palities may abandon proposed public improvements
while they keep on paying the interest on their bonds.
The owners of sound and properly safeguarded bonds
can be practically sure of the security of their invest
ments under even the most adverse business condi
tion?. Our March Investment Circular describes a
large number of bonds which we recommend for in
vestment. A copy will be sent upon request.
Ask for Circular B-128
Harris, Forbes & Co
Pin* Street, Corner William
NEW YORK
The Ideal Trustee
/"TAHE IDEAL trustee would have, among other
| qualities, the quality of permanence?a permanent
home, a character which, does not alter with the
pawing generations.
Since its founding in 1830, the New York Life Insurance
and Trust Company has occupied the same site on Wail
Street, where the old United States Bank formerly stood.
The cornerstone of the Bank is embedded in the wall of
the present building, linking it with the past.
Today's trustees of the New York Life Insurance and
Trust Company are in direct line of descent from th?
original board, since the trustees have always elected
their own successors. Stockholders in this Company
have no voice in the election of Trustees and change of
stock ownershio cannot affect the management of the
Company except by conscnt of the Trustees. Continued
control of this sort gives unusual stability In the
administration of Perconal Trusts.
Nrm fork tiff jufiuranrt aui>
a runt (Eatnpang
EDWIN C
52 WALL ST
MERRILL. PtwsiUn
NEW TORE
A\ r an no uncr Hiat our Pacific Con ? offices >ia\e been
Jaken over h> Bond & Goodwin & Tr< kk*. Inc.. *\ ho
will act as out correspondent ?> on the Pacific Coast
M*. \ion R. Pt arR and Mr. \\. I'rkscott St on
nave. ietirr;l from the firm t?> becomc officer- of the new,
corporation. Mr. RoniRr I'. Pkrkivs, our speaa
partner, ha" also retired from this. firm.
BOND A GOODWIN
March io, t*?ii.
COFFEE
rHM raiw of rrleea
offeo future* nit rkft fol
r:?rg? ?f price*
? 00O hue
11 *1 !l? fo'rt la
*?n PStll
1 IV
?i -i t:,.?
???infs a n"r' * ..
: f.i - and 8* r?"'
lind ao.ono. us"'
Jundla'n 13/w
July
DtlllltlH!
r. ks
? ;?
i.
T 03
<1 ?:*
1 ???
? T\
rt.tA
S.M
H ?J
S.S2-S4
a. i?-2?
? <Wi K
? 00 <n
I.SOt
I i:
( M.
r.:- W III'.H t"1 ??!? hlf"?" r>?!l?r
.. .. j*rt Maifcai ? ? HW? !.n.
w *f ?? 1? I*?| and I
'V ilOfl 1JA ftl *S"
*??*? sat at??ki
' *n<t t- b?S" lr"l' 1 ? ?
?nob* in four of
r?t !u and r?!n In on-'
hrazmJan si vri^tn v
l?s. ? "?l- mm
N. * <i?nv?ri?. 18." I r. to. nT !?,?'*
N O. rt?ltv?r1?? ' ? R.ST2
Ti>l*l Mtivwtaft . 1* ?<*> 1rt,4 1
N .w \r<r'* etocH..l.ll>i.'.78 l.CW.Oi <
N?w Ortaowl rtook v- aiT.MH S1?,W
StoeK m stl I. S3 MM.843 t.2?fc.t>
. .. SVT <*? MMS?10
X Mblo ?uito ? " ?I'XtSS 2,' .1 ' u- 1 vja.rti
!.?ti r*a? ? *iaiw? 1.an.las !, >.?. .ii

xml | txt