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The New York herald. [volume] (New York, N.Y.) 1920-1924, March 18, 1921, Image 17

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Stocks - Bonds
Grain - Cotton
Bought and sold
on commission
Extensive private wire system
reaching the principal Grain and
Cotton market centers.
A. A. Housman & Co.
IS
II
A?
Iverp
20 Broad Street, New York
I >un fork Sloilv E&i-hungr
\ Nbw York Cotton Kxchaut*
item ttara: ? ' N. Y . C off re A Sugar E*clian?o
1 ?w York Produce Earhango
'hlcaso Hoard of Trade
Aeaoctate of
l itrrpoo) Cotton Association
Branch Offices:
15 W. 33rd Street, New York City
Liberty Building, Philadelphia
Woodward Bldg., Waihington
Amsterdam, Holland
You can get the
Important Facts
From this
ittle book
400 companies?272 pages ?
condensed reports giving
important facts ? market
records ?finances ?earnings
? dividends ? history, etc
INVESTORS
POCKET
MANUAL
March Issue Fre ?
Please ask for C-J'r>
R. H. NhcMASTERS & CO.
Membtrr Consolidated Stock Krch. of N.Y.
82-84 Broad St. New York
Phone: Broad ?S80. Jht tire First Floor
Chicago Milwaukee Riclunomi Now Haven
.1 Survey of the
SUGAR
INDUSTRY
Circular on
Request
Auk for Mo. 1<M.
KS'lbLH & Co.
ESTABLISHED ti>09
t-inrtwr- SnsoltduM 5'?k E- ch?rjs efiiV
41 BROAD ST. NEW YORK,
Phor.cBuai 25
West Va. Pulp & Paper |
Babcock & Wilcox
Gulf Oil
FREDERIC H. HATCH &C0.
ftwayNV -fW&MiJS&h Tci Rector uu ,
Wl?t iTStff:e.CTiZt?M '
eojTOM. CK1CA30. KULA .MOKTRJEJt PITTSBURGH i
American Light & Traction !
Morton LachenBruch*. 6
42 Broad Street. NcwYnk
fifh'gff Mm IB. CHICAGO ? fTfflJDEtFHIA ST T0BJ3
piksbupgh Knrorr- clfveiand-geahd untr
STOCKS-BONDS
Trading Accounts Invited
Melhuish & Co.
40 Walt St., New York
llmton Haltlniorr
KOHLKR. BREMER MCQ
STOCKS ? BONDS
. c.:mkxs frocKmiUW* + -at
32 BKOADWAYSV J\) HAMPTON hotel
Ttt brcao OlO *? ALBANY, my
Chase National
Bank
CLINTON Gil.BERT
2 Wtll Strwt, N. Y. T*l. -IMS R?H?r
Marl. A. n?bl? 1 heoilot* C. ' or>rtn
NOBLE & CORWIN
?5Br??d*?. N?* TovU
BANK. TRUST. INSURANCE
AND INDUSTRIAL STOCKS..
BOOWll AMI hoi.H.
1 fl?|l|Ulll? till UtlWl.
AMERICAN TOBACCO'S'
SALES DROP HEAVILY
But Profits foi- Dividends !)<>
cline Only IS800.000
During- 1920.
Total sales for 1920 by the American
Tobacco Company amounted to $143,
108.332. against *146,023,730 in 1919,
although the balance available for divi
dends wan $10,151,135. compared with
$15,972,572. Thlj was equivalent to
$13.38 a share earned on the $89,542.
600 of two classes of common stock
for 1919 and compared with $31.8:1 a
share earned on the $40,242,400 common
stock outstanding a year ago.
Following' is a comparison of the
salient features of the Income accounts
for 1919 and 1920:
If-. 1919.
Total nales ?i43,it*i.:::;3 |1 W.U23.730
Not oartiiiigi) 14,277,200 15.W2i:,tf87
Other income 4,238. 138 2,789.441
Interest, ?-e ."..404,24:; 2,TKJ,r.5?
Balance 1 ~. 1 "? 1.1 ir..972.'72
Href^rrod dividend... 3,1fii,H82
Common dividend.... 9.3!W,7S<i M.04K.4K0
Sui'pl UH 2,r.92,"77 4.782,110
Kto.>k dividend 3S.375.400
Total surplus 14,(155,tX? 4!f : :40.44s
Since the beginning of this year, the
report pointed out. business has* been
Improving steadily. Tobacco manufac
turers suffered In the last two months
of last year, as did business generally.
Sales for the first two months this year
were more than $4,000,000 ahead of the
corresponding period in 1920.
The balance sheet showed an improve
ment in the company's financial position.
Cash had increased from $0,S01,059 to
$10,023,983, while accounts and bills
payable dropped from $24,333,188 to
$9,992,953. Inventories were $81,539,
571. compared with $90.611,434 in the
preceding year, and receivables $10.
081,522, compared with $11,419,581.
Capital liabilities were increased by the
arldttlon of $49,300,200 of class 11 com
mon stock, while gold notes were re
duced from $20,000,000 to $ Its,607,000. i
The conversion of outstanding scrip re
duced that item from $12,072,720 to
$55,440.
COLUMBIA GAS IMPROVES.
Jll.OS a Shore Larneil Compared
With $O.Sl in 1910.
The Columbia G&ri and Klectrlc Com
pany's report for 1920, made public yes
terday, showed a surplus after charges
and taxes of $1,839,377, or $9.08 a share
earned on the outstanding capital stock.
In the preceding year the figures were
$8,257,400 and $C.51.
Gross earnings amounted to $14,616,
743, and net after taxes $7,234,133.
Othor income aggregated $2,073,977. and
interest charges, rentals, &c., $5,0t>8.
73%. Dividends amounting to $3,000,000
were distributed, leaving a surplus of
$1,839,377.
During the year the company paid
from current caeh funds $2,000,000
preferred stock of the Cincinnati Gas
and Transportation Company, whlcn
stock is now in the treasury. A twenty
year contract has been entered into with
the Cincinnati Traction Company for
the initial supply of one-half its power
requirements. This service will be
started about September.
EXPECT $7,500,000 EARNINGS.
Murine I)lppc(or? E?1linalc In 1"
Per Cent, on Preferred.
The directors of the International
Mcrci-ntilo Murine Company held their
regular monthly meeting yesterday and
later issued the following statement:
"It was stated that the net earnings
for the year 1920 after payment of inter
tut on bonds and allowance for depre
ciation would probably slightly exce ?<!
the estimate made by the bourd In N"o
vember. 1M0, namely, 97.300.000. whl"h
would be about 15 per cent, on the pre
ferred stock.
"It Is impossible al the moment to
make any forecast for the year 1921, as
due to the reduction in exports the
freight situation is unsatisfactory, but
the passenger situation, although it 1?
much disturbed by the Immigration
complications, is encouraging."
CONSOLIDATED EXCHANGE.
Price changes were definitely irregu
lar throughout yesterday's trading In
Consolidated Stock FJxchunge and the
trend was mainly to higher figures In
industrials and recessionary in rails.
Some active motors and specialties ad
vanced one Point to four points more
than early lows, while a few marine. .
tobacco and steels yielded to 1 to 4
per cent, less than Wednesday's final
figures. Gains of 4 In Studebaker. to
67U: 4i4 in 0!enerul Asphalt, to 4?;v#. and
4 in Chandler Moto.a. to T9V4. and de
clines of 4'? In Vanadium, to and
JV4 in New Haven, to 14*4, were featuro
changes, the last two entering new low
ground for this year.
American Woolen rose 1, to M;
United States Rubber 2V4, to 70*4; Strom
1>er(t 2Vi. to *t; American Sugar 2, to
W4: United fruit 2fc, to 104%: Baldwin
locomotive 1*',. to Plerce-Arrow
IK, to MX.-; Ship and Commerce, to 8%;
General Motors, to 1:1^; Pan-American
1H, to ?J'*: California Petroleum Jft#, to
43; Texas and Pacific Coal and Oil 1. to
L'5*i, and Mexican Petroleum 3Si. to 147"li.
Reading was offered flown L'V*. to
St. Paul l'fc. to 2V,t; Southern Pacific
U?. to 73''<: Oreat Northern preferred
1. to 79\?; Xew York Central lVi, to 69:
Tobacco Products U'4. to 4^4; American
Smnairn 1*,. to 7#"i; rtetwll Stores H4, to
4!>\: Crucible Sterl as4t to 8>Wy; tnlte'l
States tSteel to M<?; Republic 1^. to
60, and Bethlehem Steel B ly, to "V
DIVIDENDS.
Stocl, of Pay.
ftrcorit able.
Ac u IVP.l r.t Out.* .91.73. Mar. I!? Mar. al
Am. Cyan. Co. pf.. q., 91.30.Mar. 21 Apr. I
Am-La ft. r!re TT. q . S.V.May ;t May 16
Ain.-U P.F.R. pf.. q., 9l.TR.Mar. So Apr. 1
Am. Typrfonmlrj. n., XI... Apr. p ?pr. IB
Am. TvwWdry pf., n., 9l.7S.Apr. 0 Apr. IB
Bal. TtiLi' pf., ?)., $1.73 ? April 1
Brooklyn Trust f'o., a.. $0..Mar. 10 Apr. 1
r. n. > ? of A. pf . n ? ft.73.Mar. 10 'far. .11
CI.I., niir. fr o K. IV, n . 9-' Mar. II) Mar. 2",
Cltl-? Service, m., iOc Apr. IT, Mny 1
Cltten Hlock l?i%...Apr. 15 May I
Ol'lae Service pf. B. Be xApr. 1" Mr.y 1
Cities Sen-Ice pf.. 30 Apr. I* May 1
City Inreat. pf.. q., 91.73.. Mar. *.'<1 Aps-. I
PtolniriMa Tniirt Co.. q.. 94..M?r. 21 Mar. .It
Colonial Hani:, q.. 93 Mar. SI \or. I
Corona Typewriter. q? 9*-..Mar. I?"> Apr. 1
Corona Typa'r 1st pf., a . 93.Mar. IS Apr. I
''or. Type'r '.'<1 pf., a . f1.73 Mar. 13 Api. I
Oruc. Sto?l CI., a.. 92.00.... Am I". Apr. .10
Detroit Edl?on. q? 9- Mar. 31 Apr. 13
lmq. l.lBl'.t Co. pf., <1.. *? .T" Apr. I liny 3
Krstnloli-- Bi-a*. pf.. q.. 9l.73.Mar, Si apt. i
fj.uilil Mf*. Co.. o.. |1.SO .. .Mar. Si Apr. I
?Viiild Mfr Co. pf.. q., 91.7B.Mar. St Apr. 1
Uv?-enwle| nroik, 93 Mar. 21 Apr. I
Hudson Ttu?t Co., q.. 92.30..Mar. 21 Mar. SI
Int. Avrtcul. Corp., q., 91.S5.Mir. .'!1 Apr. 10
Knver. .1 * Co.. n.. 92.. Mar. 2S Apr. 1
K I & Co. lut pf.. q.. 91-75. Apt. 31 Ma? 1
K .1. ? Co. pf., a , *1.73.Apr. J1 May 1
Co., ut?i? q., ii.50..Mar. S3 Apr. 1
Metrop. Hank, q., 92-50... .Mar. 23 Apr. I
MM. a> fl'?* Co.. fl.. f.Or.... Msr. PI Apr. I3
Ml'ltvaj C. Co. pf., q., 9l.40.Mar. It Apr. IB
T <? f Co.,Tjtd.. n. i. ? A nr. 1?
P'.illa Co, q., 73c Apr. 1 Apr. HO
T'Mla ch. pf., S.-s.. 91 50 Apr. 1 '.fay 3
? K?Ailing Co., o.. 91 Apr. 10 May 12
r W Co 40....... Mar. 1? Mar. 31
8eal>oar<l Net. H-.i-k. i., *., Mai . 21 Apr. 1
tV'eumxeh cot. Mill*, q . 2*4.M?r 20 Apr. I
Textile fltuk Co.. q.. 92 Mar. 1. Apr. 1
V,,- Aeo'.lar to. * 'Hie
ITtte.: ? laar H'ore*. m.. IJ- Apr 1 Apr. il\
W 'Uei P. Co. | f.. q.. *1.75.Mar. IP Mar 31
C. a Inri A pf.. Q-. 9l.7r>.Mai *1 ^pr 15
*l'Bys'<lt In French trance
v-Co! ration.
rnx*sv?.vA.M.? on. mihhkt.
Oil Citt, March 17.?Cradit balances.
V.:. Huns, *t.s"9 : average. V'.ni Sh1p
menl*. *v?r*te,
EXCHANGE ON ITALY
GAINS ALMOST 4 CENTS
German Credits Sent to Italy
Is One Reason.
Ro.covery in exchange on Italy to a ,
point close to 4 cents gave rise yenter
day to speculation as to its caui*e an?l ]
as to the possibility of further apprecia
tion. The move, amounting to 19 points,
or more than 5 per cent., was accom
plished in a generally firm session, with
strength manifested in Scandinavian.
Swiss, Belgian, Dutch and Spanish
rates. French francs also advanced,
but they btill ar-< below the rate,H of
March 11. The feature was the mov?
mont in lire, and the explanation may
be summarized iw follows:
Desire of the Italian Government to
peg the rato for lire above 4 cents, a
reason not generally accepted by for
eign exchange experts.
Remittances of German oredita to
Italy to facilitate trade between Ger
many and Italy, owing to arrangaments
made for practical taxation of German
trade through points controlled by .Eng
land and France. Foreign exchange
dealers gave some credence to this the
ory, although they did riot accept it as
a complete explanation.
Unexpected reports of improvement in
Italy's financial status. This was re
garded as a satisfactory explanation of
the move, In view of a statement given
out by the officer of the Consul-General
here. Tiii.s statement said in part:
"The deficit in the Italian budget for
the fiscal year 1920-1921, estimated at
about 14,000,000,000 lire, has been re
duced to i0,.'i00,000,000 lire. Because of
recem financial incisures and the in
creased price of oread, which forecast
an income of 6,300,000,000 lire, this
deficit is further reduced to 4,000,"<"'0,
000 lire for the fls -;il year 1921-1922.
"Owing to growing exports there is a
difference of 2.500,000.000 lire in favor
of Italy's trade balance as compared
with 1919. The most important banks
have augmented their reserve funds by
nearly 100,000,000 lire and have in
creased th> it- capital 3."i per cent. PYom
July last to January the net tributary
revenue Increased 2,000.000.000 lire,
compared with the corresponding period
of 1919."
STERN BROS. NET IS $892 385.
Report I'roBt* From Trading: Oper
ations as gl.KSO.llT in 19'JO.
The annual report of Stern Bro?. for
1920 shows net profits of $892,285 after
all clw'rgus and Federal taxed. Profits
from trading operations aggregated $1,
5S0.117, and uiitcellaneous revenue $106,
270. Charges for ofFcers' salaries, de
preciation. amortization, interest,
aggregated $489,002, and Federal taxes
$3on,ooo.
The balanco sheet shows current as
sets of $0,466,400, against current lia
bilities of $1,372,591. The cash item
totalled $501,351 ; inventories. $3,251,393),
and trade accounts receivable, $1,564,72*.
Notes payable amounted to $250,000
and trade creditors had claims of $476,
247.
EXPRESS DEFICIT $41,574,995.
I.n*t Mouth of 101S? Only Showed
KnrnliiK*, Say* lteport.
Although the American Railway Ex
press Company in the final month of
last year turned an operating deficit of
some two million dollars in the previous
year into income of $246,298 after taxes,
the corporation?an outgrowth of all the
large express companies?was not saved
from establishing a large deficit for the
eleven moths of the year for which the
report is made to the Interstate Com
merce Commission. The deficit after
taxes itood it $4l,r>74,99D, compared with
a deficit of .\-'OAS2,l{>2 for the same period
in the previous year.
FOREIGN BANK STATEMENT.
Ljonuon. March 17.?The weekiy state
ment of the Hank of Jjngland shows the
following changes:
Total reserve Increased t3(59,000
Circulation decreased 868,000
Ilulllon increased 1,01".
Other securities lucres. ?d ?.:?*??.<(?'?
Other depositj decreased.......... 7,9:17,000
Public deposits increased l.fC9.00n
No ten reserve increased .>10.000
Government securities decrease*. . 13,fiKO.OOO
Proportion of reserve to liabilities, 14.SO;
l?*t week it was 13.78.
Rate of discount 7 i?er cent
Paris. Maroh 17.?The Bank at
France's weekly statement shews
change.1* as follows:
Franc*.
Cold in hand Increased.... ItM.OOrt
Silver In hand dwr*aa??i
Notes In circulation Uecroas'.iJ. . 120.SS3.000
Treasury <l?po*lts incraatrd.. .. 2.\017,000
General deposits decreased.. . U87.iKM.000
Bill* discounted decreased Ol.riVl.OOO
Stnta repaid 300,000,000 franc* to the bank.
EX DIVIDEND TABLE
March 1S
Am. IV. ? T*l . . $2.0#
An:. Woolen $1.75
Am. Woolen pf $1.75
Am. Window Glaus it.00
Am. Wlndot Gla*a pf |1.75
Am-rlcar. Chicle fl.00
American Gas 1 ?lac ?2.&0
Pucyrus Co. pf $1.75
Mil yrus Co. pf. ex 60c
dominion Canners pf $1.75
J ansa II. Dunham il.no
James H. Dunham lit pf II.60
Jam** II. Dunham 2d pf 41.50
liar!, Srh?ffn?r A Mar* $1.75
Hydraulic Kteel pf 41.73
Hupp M"tor Car pf $1.73
(iO?M WIIpm Biscuit 1st pf .. $1.75
Manhattan flhlrt pf . ... $1.7u
M.. St. P. *? 3. S. M. !. I *2.00
National o-r?i> $. 0$
NV Kiver Co. pf .. *1.110
Penn. 1 -r<t. IA. * Pr. pf .... t>0?
Panu. W. * Pr . $1.75
Pfcelpt, IJiKige * Co . .. $l.n?)
PI. e Oil pf ? $- 00
March 20
Brunaw|o.;-Balke-Coll pf .... .... $1.75
Hrlrr Hill Steel 40o
lirier Hill Steel pf . . . . $1.75
Fali-hanka pf *-00
March 21?
An. A jrlc. Ciena. stock . '1%
Am. Auric. Cham, pf Jl.r.O
A??<v luted Oil ? *1X0
B. F. Avery pf $1.7.">
Beatrice Creamery .... .. SHOO
Baatrlea Ofeati.ery pf $1.71
I)a v ton Pr. * Lt. pf.... II.N
Dodjte Mfs ?? 41.30
Do<t:re Mfn. e*.. >100
D?<lg.? Mfit Pf $1 75
Mf?. pf $1 75
tndlalioma nf? 1"'
Manila Bl. II. R ? T.t $t.r>0
.1. C. Penney pf ... $1 7.1
Prttlboni Mulliken '? '? pf $l.73
Pettlbone MulHken 2d pf............. $1.i5
Banal Shoe pf J'-l?
Tide Water Oil M-"0
I . It. Wilson Bod.' pf *1.75
XV.->rthIn':fon P. < M pf "A" $1.73
Worthlrftnn P. t ? pf. "B" $1 10
Marr'i 2
B. V. Ooodiioh pf *1.7".
Inter. Mitor Truck 1st pf.. . ? J1.T5
Inter. Motor Truck 2il pf 41.7.1
M.. rtt. P. 4 P. A M. . ....... $1.-0
M . HI. P. t H. P. M. i)f. $5 50
Nav York Traraii. .. *<0?
Torrlt.jfton Co $1.36
March 24?
Ailla Chains*ra pf $1.75
West. Rlec ..... $2.30
-March 25?
CoRiP. Tabulatlnc B? iru. 11.00
General 0!*ar d?l>. pf. *1.75
Island Cr<> I: Coal $1.50
Island Creek Coal pf $1.50
Kan. O.. IN* M. It 4-* p' *' "0
Oklahoma Nat. Gas *3.00
Proofit Gamble pf $2."0
Public Fet vlc, Corp. Of N J $1.00
Western ("r.lon T*1 - $1.7."
Wm. J. Wr!|!t)', JI . . .".Or
7larch 27
Ogllvla Flour Mills $.100
TREASURY CERTIFICATES.
Du# 19-1. Hilt >*ke?. Appro*.
Vprii. r,*i? ... . Kjo mo ?? 4.0.1
Mar. ,".s;s 100 I0<V? 120
.Tuna. 5H?* I0o KtO ...90
June, fis* 100,', 100 >, "? 20
July. 5Vs I1*' i >'?
' Awtust, Os l'K?,. 100 ?
. Heptember. fl?* 1'*', tOO' .V50
I October. >?*a 100 100:, ..#0
; Oc'.ofcrr, Os* 100100,-..55
r % \ In t? .-tmpi #f m
f?Af* rst wflttniiy
BROWN BROTHERS <?>> CO.
Established 1818
59 Wall Street
Philadelphia New York Boston
Long Term Investments
An in\entory of security lists may show the present
advantage of exchanging short term obligations for
long term bonds or preferred Ftock^ On request
we shall be glad to make suggestion.
A Century of Service
BROWN, SHIPLEY 6? COMPANY
Established 1810
Office for Travelers
123 Pall Mail
LONDON. S-W.
Head Office
Founders Court. Lothbury
LONDON, E. C.
; W. L. MAPOTHER CHOSEN
PRESIDENT OF L. AND N.
Rises From Office Boy to
Head of System in 31 Years.
Thirty-one ye an ago w. L. ^tapother
I ^rot a job as office boy at a week
i in the offices of the Louisville anil I
X..ahvil!e Railroad Company. Yester
day he was elected to the presidency
of the road he has .served In the inter
1 veiling thirty-one years us office boy. !
; clerk, assistant to th< secretary, as
sistant to thfl vice-president and finally
president. During the war he conducted
. the road for the Government as Fed
| eral manager, and has assumed respon- I
sibility since the death of Milton H.
Smith, for many years president of the
I /ouisvUto and Nashville.
Directors of the road met in New
' Vork yesterday and after a brief ses
sion announced that they had promoted
Mr. Mapother from executive vice-presi
dent to the presidency.
The new railroad head is- <14 years :
old, and early in his career attracted
the attention of Mr. Smith, who took!
; him into his own office and finally, in
1 1905, made the young man his assistant.
On fhe recommendation of Mr. Smith :
he was made an assistant vice-president
and director, succeeding Walker l>.
Hiaes on the Louisville and Nashville
I board. Mr. Mapother lives in Louisville, i
SHIPS GIVE UP INDIAN TRADE.
Grace jtubiidlury Line I'iniU Bunl
?iea? l.nprofl tu hie.
The Atlantic and Pacific Steamship
Corporation, owned by W. R. Grace ??
Co., which has maintained a line from
tf>? United Stutes to Tridia under the
nume of the United States Line, has
withdrawn from that service because of
the demoralisation of the foreign ex~
;hange market and the slump in freight.
The line also has withdrawn from the
li te conference.
Immediately after the war a heavy
traffic in Indian products wan main- '
lained between the two countries via this !
line. Shipping Board vessels were used.
FOREIGN MARKETS
London. March 17.?Bar silver, :
an ounce. Bar sold, 105-;, 4d. Money,,
per cent. Discount rates: Short
bills, 7 per cent.; three months bilN.
per cent. Gold premium* u Lls
' bon. 140
??.
Pahis, Marcn IT.?Pries Ann
I oil the Bourse to-da:. :: per cent,
rentes, 57 francs 85 centimes. Exchai ;e
on London. 56 francs ?"? centimes. 5 per
eent. loan, 83 francs 95 centimes. The
dollar. 14 francs 42 H centime
Securities
"1
Railroad
Industrial
Public Utility
Municipal
J .G. W11 ITE & COM PAN Y
INCORPORATED
37 W AM. STREET. NEW VOKK'
!
NATIONAL ACME EABNS MORE, j
Company Is PrcpnrlDg for Period
of lluaiue** Aettvitv.
Tj report of the National A me
Company for 1920 shows net income .
after all charges and Federal taxes of'
$i'.455,336. equivalent lo $1.91 a ?har<
earned on ttie >50 par valuo capital j
.itock. This compares with $2,417,167
and $4.S3 In 1919. Net tsa'.es were S15,- ,
7r?h.92X against >12.240.990, and cost of i
goods $11,460,903 compared with $8.416.-j
774. Dividends aggregated S 1.744,6'jb, :
leaving a surplus of $710,640.
Up to Ia?t August, the report showed. ?
the company's operations were behind
oi deru, but in November orders "hail
tapered off nearly io the vanishing
point.
"It la inconceivable," the report point* |
out. "with tiie underlying condition tfo j
generally favorable, that the business (
of this country can much longer remain j
ii; a waiting attitude. V nily believing
Uiet the fl-ge of liquidator! now on uk
must perforce be of relat'veiy short
duration your management did not liefl
tate to prepare, but to a reasonable ex
tent only, for a period of anticipated
business activity."
BID AND ASKED QUOTATIONS
N. *. STOCK EXCHANGE OCOTVnON*
To th? following prices accrued Inte-est '?
to b* added in erery case.
VOREION EONLiB
he K*
MV,
K
City or B*-ig?n 8a. rcti.
City of Bern
C'.ty of Chrlsttanla
City of Zurich " '-i
' r~cr.tlne Intern fis, 184' ? "
Belgian (to ????
Kicfilom of itoliriiim ? <
KlnRUoin of Be'.jtium 7!-.s, 1945. '? ?
Ctrtilt, I'om. of, 9m, 1931 - "J"'
Canada, Dom. of. Noma, 1921 ? w'i
Canada, Dora. of. 1021...
Canada. Dom. of. 1929..
Canada, Dorn. of. l9ot...
Danish 8*
Danish '"i**
pi
. SP
fit; 4 97'i
97'i
PH"i
41
98
9.1
*n
:h
f.?H
99U
81Vj
Denmark S?. <?
Chlnm Q'tv. ho Kug Ry. 8a. 1P"1 *";;j
Norway 8m 2J ?
Province of Alberta 4>,ia *9 ft
Cuba luxtern. 5a, 1944 >9
Cuba F.ttem. 8a, aeries A, 194P..
Cuba Ettem. 4Ha. 1949 . ? ??'#
Chile n* *?>
Dominican rup. Ba. 19">8 90
city '.f Lyons IS yr. tjs. t93t <4
City of Marseilles 19 yr. 04. 1P:<4 7'
City nf Bordeaux 15 yr Da, 7*
Ci'y of CojKn. 25 yr. 5Vi?. 1944 .
Kmnrh flovrnunont 8e. 1 issu? 0>> i
rroncli. I'arla City 6a, mi..-. ?
llov. of BwltxerUnd 8*. 1P40..
Jap. 4H?, atari, loan. !?.: ? v
Jap. Oovt. 4<ts. 2J aerlea, 1925. .
?iar- CMVt. 4s atari, loan. 19.11
Japanese. Toklo <'1ty fi.", 195v
r. TC. O. B. * I. 8 rr. 8Ha. 1921.. f".
V K. (i*n. t I. 3 yr. 5H*. 1*2-. .9? . '" ?
n. K. if E. ( I. 10 yr. S<y<. 192i< v
t\ K. <?-. R. & I. 20 yr SVfta. lur 7 s .
M'A Ex" rn. stfcrl. 5* of TV, lm 1' i 4 *
Mas. re-tern, gold 4* of 01. 19.*'
Klngd' of Italy 8 yr. BVft% gold HI1 *
P?o Paulo 8?. ir. I P7-1 9.?<
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dk'Mand,
Sew Issue
$2,500,000
Los Angeles Gas & Electric Corporation
General and Refunding Mortgage 7% Gold Bonds
Series "A"
Dated March 1, 1921 D i<- March 1, 1926
MERCANTILE TRUST COMPANY, SAN FRANCISCO i
SECURITY TRUST & SAVINGS BANK, LOS ANGELES?
Application uill be filed with the Superintendent of Banks to certn >.
the#'' Bonds a* leanl invesrtmtid (or California Saring$ Bank*
? BUSINESS
The Los Angeles Gas & Electric Corporation supplies gas and electric light and powci in Los Angcies and
controls all the gas business in Pasadena, South Pasadena, Alhambra, Huntington Park. Eagle Foclc, Watt
Inglewood, San Gabriel and San Marino, together with a portion of the gas business of Vernon, Monterey
Park and other suburban districts, serving a population of about 771.000.
CAPITALIZATION
(Upon completion of present financing,)
Capital Stock Authorized Outstanding
'Preferred 6?I Cumulative $10,000,000
Common 20,000,000 $10,000 000
Bonded Debt (in hands of public,
General and Refunding Mortgage 7's (this issue 2,500 000
* ""Underlying Bonds outstanding with public (closed morl gages 8,569,000
Total Mortgage Bonds $11,069,000
* ' has rtxv.lved authority from tins Raili'iad Commission of tUe flia . of California in 1-nue and "-ell S-TOOOOimj
??f i' <'^mutative Preferred Slock. The Company ic now offering this stock for salo and to date over $650,000 (par value
has been ?><? I.!
- Drx-s not Include $1 .(>00,000 First and Kehiadlas Mortgafw 6% Bonds ploiiKi-d ?s security for Si '(OO.Otiil f,?ni>ral M'lrtic.igi
and Coiiatf ral Trust Four-Vcnr 7' Bonds (closed mortgage) Included In the S8,36'.?.000 underlying bonis outataudliiK
The General and Refunding Mortgage Bonds will be secured by property, after giving effect to present
financing, valued at over $29,000,000. subject only to the underlying closed mortgages.
EARNINGS
1920 1919 1918 1917 1916
Cross Earning* $7,698,247 $6,076,930 $4,973,022 $5,031,074 $4,833,266
Operating Expenses and Taxe* 5,563,834 4.096.183 3.292,387 3,044,981 2,659,774
Net Earnings $2,134,413 $1,980,747 $1,680,635 $1,986,093 $2,173,492
Bond Interest. 424,845 381,946 381,781 389,823 418,414
Balance for Depreciation, Dividends ?? ?- - ?
and Surplus. $1,709,568 $1,598,801 $1,298,854 $1,596,270 $1,755,078
Net Earnings available lor interest arid depreciation for the year 1920 were over 5 times bond interest
charges. Average earnings available for interest charges during the past five years were over - a times total
bond interest.
Adding interest charges on this issue, net earnings for 1920 would show interest earned over 3 ,> times
and during last five years over 3'/4 tunes
Hand# are offered if, an and 'then and reeetced by us, Bubjt t t,?
authorisation of issue by tic Ra ilroad Com mis.nun of the State of California.
Price 98V4 an<* interest, to yield about 7.40%
Blyth, Witter & Co. Bond & Goodwin
61 Broadway 65 Broadway
Los. Angeles NEW YORK San Francisco Boston NEW YORK (. hicago
V11 stauimenui Ueroln ara Official or are ba*ed on Information which Wr regard .1- mliable, aiMl, whi ?
Wddo not sruaraJHw thenj lhajr areth* data upon which wo hava act-wl in thu purchase of this w cu.ru.
This Security Record
Will Simplify the Preparation of
Your Next Year's Tax Return
While t/ie metmm-y of scattered and incomplete
sources of information resorted to chit year, m the
preparation of your Income Tax Return, is fresh
in your mirul, decide now to ai<oid a like situation
next year. Qood business Jcniands a systematic
record of your investment holdings. Federal
Income Tax requirements make it imperative.
HALSEY. STUART &
CO.'S "Loose Le*f
Security Record"?i>cetltliis
nrrd exactly Through its
uae.inyestorshavealwayaat
hand complete information
regarding their holding* ~
their amount, maturity, in
terest payment dates, prices
paid, taxable atatua, etc.
The Record book is com
pact, practical, and capable
oi expansion with the
accumulation of your hold
ings. Included in its con
tents it a bond interest
table, alio a chart givine
information regarding all
Usues of Liberty and
Victory Bonds.
I cufn, <>; iki* Security Rerord trill be ?rnt Htthom n? ?
u/ion reqveei for bo<Jel*t if D-1
HALSEY, STUART &. CO., nc.
19 wall STREET, new YORh
7 ?i(phont. Honour HOOO
,Ht< PHtLADBLPHV BOSTON Oi.TR'Hi
? i 1017IS MINKE.\r->i TH Mil ?A1'KI '
Stone & Webster
MOORroRATra
I4T MHk **.
BOSTON
1X0 Browkwey
new York.
?a DmrWn
chicago
Willi ttrtrsy tn <*? mMM^oMK mmA nMTrwKm
?4 Public and ItHtottatol Pror*r?4?? ?nr vpauabMi ?
pr?par?d W m*k*
INVESTIGATIONS AND REPORTS
VALUATION AND OPERATING EFFICIENCY
?- . .rs rra; ? ? -"rT-nw-s. ? i i -ig ?nm.1. -r-=3cl
Kanawha & Hocking Coal & Coke Company
*?i? Per (ent. F'ir-.t Mortgage linking
9 I i!nd Oofd Itonds.
The undersigned. a.r Trustee under the Flr*?
Mortgage of the Kar.u"iia & H>> king iio?l
I Coke Company to Hunker* Tru.-t <'ori
pany, as Truatee. dated January I. 192tl. *>?
rurliiR the ahove-di-srrfb -d bond*. hereby
gives notice that It -.v111 purchase ?uch txui<lf
for the e-inklng ''unit to tbe extent of
I28.4&9.87, being tin amount of rash In It*
hand* for tha' purpose, at tiie lonnat price
for which such bond* (bearing ail unpaid
couponsi shall be offered tu It. and tliat In
respect thereof the underaigned will rcoeiv
sealed proposals for the sale of such boiui..
at Its CoriJi ? Trust Department, 10 Wall
J*tr*et. N"j York City, up to the close >4
business March Utf. 1021. No offer will bf
accepted a! a price exceeding the face value
of principal of such bonds. The Trustee m?
series the relit to accept all or any part
of tie b. it - -o off?r?d. In rase bond* shall
be offered by two or inore holder* at tie
same price to an amount In the aggregate
exceeding the ? ash sinking fund applicable
thereto. an i pian. " of ?.??!? offer; sha|l
be made IB tin- order of t'.- date of thai*
re -elpt; !f ?uch eu.ial offers of two m
more holder* sl.a'l !? r ?'ved a- (lis -artie
time, each will be arc. pied to an amount
which shall bear to sue'; offer substantial^
the sani" proportion n* icH rash slr.l-lrf
fund shall bear to vc .-regate of sue#
?lmultaneous equal of ??
I'ederal Income Ta\ (V-. jershlp Certificate?.
ooverlng accrued Intere*' * >utd areompnty
all aceepted bonds.
March 11, lt>2t.
BANKm< TRIM COWANV,
Trustee a? aTore?ald.
By H. T Wlson. Jr.. Vice praald?t.'
Te the Ifnlder* of Dortilnlenu ftepufclie SH
Donds, Issue of IRIft. Due 19IW
In areordan'-" with Executive Ord?r 2TI
sealed propose Is ?. Ill be r* "tved by ?!?
Pecretaria He gatado ??? llarlends y
merclo until 10 o'clock * M. of February \g
March I. sid April 1. IS.'l. for tl ?? Pu-?
eliase for retirement of I.. -ids of the I >??
rti intra n Itopubilc dated January 1. It'll,
due 1IK18. - Ithout r.junl to *erk?. to ee
amount f?in?t?d a- T1IUKH llI.'N'DflSD
iVIi TW'llNl'V THOITSAJfO DOI.T..AR*
(??'.!? <vh>) on ?arh <>f tlio ibrie dat-a, a
?o'al for all 'Iiim date- of >t!
proposals shall be submitted in triplicate
i and shall specify tlie number of the boftt's
offered, the -r'rs. ?!-.e p?r value ard tlae
price at ?hl.'h offered ? I ?f>all be
by an official duiy h. 'mri- n to aet t<<'
t'.e bidder* Vp"" :h- outelde of ?In
sealed e-\elope? tontainL k piopoean sbaii
spn'Sr th? <verds ' Crop-.sals op- nlng if
?? (fill If, itate). Said propoea's
v lil b? opered In public in th' offl'e .>f the
miderslgretf on I rlTtinrv I. Marrh 1 ard
Apr'! 1 1HS1. unless surh da'e* fall upon a
Funda: >r l*?al holiday, n whteb ca*e >b?
biiw ill be ..pwird on tite following dav.
Arthur If. Mayo.
I ie it tenant < snimaader iK ) 17. ti. N .
tffieei asi> lalsteettui the Affair* af ibe
- r?tarta o n?tai'o ds Hacienda y <*o?
merclo for the Military Government.
I'o Holder? ojf Drbrnturt Benit hturJ h
The American Agricultural
Chemical Company
I ronformlfj' with paragraph f> of e re,
?n'n l idimtW' trade by The Arneri. an Agr'.?
uitttra) Chemical Coniriany to tln? fluarantt
fr ).?t ? "mpsny of Vew Tor*, dated the 3r I
day of February. 1D14, ttctlee !? tMNfer given
hat The Ametican Agricultural Chemleal
?npsny has ole< ted to all In and errteefu,
and doe* hereby rail bi and will redeem and
P?j a* ti-.t off' ?? of said Truet <i<>mpai^r,
to Or^ad- ay. In the C"v of N>* Tork. or
the tu *t ilate tin ' hlch Interest on ?aid
'i ? bantu re boids shall t>eoam> due and pa> -
a.'ie fAugust Is', fnih all t!s HelMmttne
bonds outs'Sinlln* on said date at One I, I I
died at-'l one pi'I '*nlifnt il01?rt of th-- f.ire
value thereof and i.rn'ed Inter**;.
ll"Mers iif debenture '-onds may, at their
election, Itllvm tha "tn? on, or at any tltfta
prlo- to. aid date, to the Trust Coin patty at
4'? \n- Vork iff o. and on maki- ? sn de
livery with all coupons attached thereto will
r-celve payment for said bond* at *he sbnva
rste with all Interest aerrued tliereon.
Dnteil ll/ji. 1021
TUB AMERICA* AOUH't LTCKAb CliF.M
ir %U COMPAKV.
Hy THOH. A t?< >14. Treaenrer
U. S. STEAMSHIP
?Viocklmlders desiring prtjle. I their Inoiset
write nt on-- fthalttnan, CtockhifWers I "ft*
tl-. I) r.,.rutoltt??. Or. MOPP. TJ? W. l?ie*
y* w \r>rk. Evening Phone ill
Mil. - 1
BXPANBt^N 6r "ttrpl>!??"
/Old ? stabilshecl niantifHiUiirlng lonient wit a
eV'ell'nt reconl of earnings entering new
fiel.i i? < u to it- gottittt for new capitgl,
Iiyfevmin' fitllv sieiired. Write lioem UB,
t|," 4th Ave.

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