The New York herald. [volume] (New York, N.Y.) 1920-1924, March 13, 1922, Image 15

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The New York herald. [volume], March 13, 1922, Page 15, Image 15
About The New York herald. [volume] (New York, N.Y.) 1920-1924

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The New York herald. [volume] (New York, N.Y.), 13 March 1922. Chronicling America: Historic American Newspapers. Lib. of Congress. <https://chroniclingamerica.loc.gov/lccn/sn83045774/1922-03-13/ed-1/seq-15/>

Newspaper Page Text

II
QUEENSLAND
3V2S, 4s & 4V2S
BRAZILIAN GOV'T
Sterling Issues
. 4s, 1889-1910
4V2S, 1883-1888
5s, 1895-1903-1908-1913
Railway Resc. 4s, 1900
NORWAY 3s, 3>/2s&4s
BUENOS AIRES
4.1/2S & 5s
GRAND TOUNK
PACIFBC
3s & 4s of 1962
4s,- 1955
Branch Lire 4s, 1939
Canada Atlantic 4s, 1955
GasselJones&Co.
Mrmutr: Wn> tit nek I-t'hanO''
f>0 Broadway New York
Telephone [fou ling (ireen 3141
Sugar
Securities
Future Prospects Based
on Statistical Position
Discvswd ?? apcci'i! L> /f<v II 12
sent on rcaucsl.
j! Laraborn&Co.
? I Seven^41I St NewYork
TeL Rector 631Q
? I
.v kh nr. its
11 A'. V. Stoclc Kx. X. V". J'rouurr 1'r.
jX. V. Cotton Kr. ( hi. ltd. o/ Trade
i V. V. Coffci at><l ft una i- Kx., I nr.
j| l.otidon I'rod. Clearing House, iAd.
?
Remittances to
South Africa
Remittances may be j
made by mail or tele
graph directly to our own
offices throughout South Af
rica, the principal European
cities and the Far East. All
other forms of foreign bank
ing transacted.
J Capital and Reserves
| over $20,000,000
, Resources $350,000,000 1
J "NatiunalBank
SUUTH^FRICA^
New York Agency, 44 Beaver St.
11 BOMBAY IA>NDOM ANTWERP
<Ql/A0/n Yearly income re- j
/** /V on investment 1
is obtainable from the preferred j!
stock of an important Public
Utility Corporation
Circular 11-22 on request
T"? EQUITABLE
TRUST COMPANY
?> OF NEW YOItK ?
TO THB HOLpMW OP
First iinil Refunding
TMrtj-Vcar fltr IVr ( int. <?o!d Hoods
of the
Princeton Llgiit. Heat A Power Company
Dun February 1, 1MB.
Th? Equitable Trust Company of N?*w York
as Stteecnnor by merger to The Tru-.t Com
pany of America, Truat?e under mortsnae of
">e Prim-non Light, Meat * Power Com
pany dntrd February I, 1000, heraby Invite*
proposals for tlic rale to It of a* mnny
bnnda ttecured thereby n -> will exlia'nt the
?um of f'na Thousand Five Hundred and
Twenty-nine Dollm i and Bt(btMH C< tit*
<fl,"28.1!<> in accordance with the itlitkitiK
fund protrtelons of "aid mortu?T".
Written offer* of ?alo of said bonda nr
jitiy parr therrnf at n. oartnln prlee with
(i erueri Interest. together with the boMn.
b? filed with the mutora'cned Trtateo <rn
i t- Mfure twlve o'clock p'>on March -7,
1P22, it which t!ir" vMd offers will be
. nenad. Off# ri should be addres*eid to t'c
V u*t Department. The right u reserved to
reject an^- and nil offers.
f.afa.t Yo-lr. X. V , March 1"., 1022.
rur, iwitaBI.h 'rnt'n't <x>mpany or
N13W VOiiK, f?tiern**or Trtiatea,
By LYMAN ItMOAOKH. Vlce-I'n-Went.
. AiaX'K & ?JKO>.IKA> >I,VM FAC'Tril
l\fi COMPANY
Purrim.t to Article 0 . f the mortgage
r-nm bv the a!" ii' named Company to 11>
?rklytt Tru t < mpany, a* Trustee, tht un
rsignni ?>ffi-:* t.. pun hn?> on May t. tf>2'.'
r the KPiklnff Fund th? ??% Bond* ..r sal'i
< impatij tt'io M: 1. 1 PUT, 'i' a price not
. ??..'dlnK !"'? and iiccnn 'I Inteivst to May 1,
1:22, . ,ff ' it I . ?xhnuit !'.;<? kuiii ..f
: . 7,(10.1.72.
Jt. aM orf-ra will be rc-elveil :>t offlc. .
177 Moptp 'in Hii . ? . In tlic llorough of
ic.nkiyn 'Ml) nl V#w York, until S P. M on
mil i, IMS,
jmOOKM'N TRt.-PT COMJ'AN'Y, hi Truatee
i'. M.VYNAUU. i'itxldnnt.
Brooklyn, X. \., :tu.... JJ. 1032
CREDIT CUTS CAUSE !
ANXIETY IN BOERSE
Banks Pessimistic Over Out-[
coiiu4 of Genoa Conference
and Effect on Germany.
f~i>c. iai ' a'uir to The New Ymk Hwui.n.
(..jjvriyht, is::. l>y Tub New V">kk Ht.RA>.B.
Xew lurk llfrttltl Bhimiii, ')
Berlin, Mnrili 13. t
Anxiety wu caused in the Boer*
thin week by the now credit p dlcy
adopted i-y the big banks. Credits cx-|
t< nded by Uioho institutions to in- j
dustrics have been very largely cut toi
the bono, while to many clients no more,
credit la being granted. The reconstruct ?
tion situation has not weak'-ned the sol-'
veiu-y of Arms. On 'he contrary, the,
Leipzig fair has just, furnished evident
that most branches of German industry
actually aro overburdened with orders.
Tin- ever growing inilation will even fa
cilitate the incrcas< <1 extension of credits.
If, nevertheless, a contrary po!i<;v' is
adopted by the banks it is to be ex
plained by almost purely technical rea
sons.
The bunko are rather pessimistic about
tlie outcome of the q. noa conference, and
the possibility of a ,vcre shock to Ger
many's economic life induces them to do
everything to stabilize their business and
increase operating capital.
Furthermore, frequent and considera
ble fluctuations in the money market,
great varUttioias in thr dollar rate atui
ibc resulting fluctuations in the prices
of raw mat;rials which industries must
buy abro-vl, make the banks regard
credits as uncertain business. The min
ing industry is comparatively Inde
pendent of hank credits because it is in
a position to calculate its experises re
sults jt from new investments and np
por!ion them In tlie prices on its prod
uct/.-. Tills policy, however, cannot toe
adopted by other lines of industry, wlitoh
erefore depend more upon credit op
era t ions.
' German financial experts admit the
! justification if the new credit policy 011
the part of the bank.". They demand,
however, that it be adjusted to the mini
mum needs -of Industry. They suggest,
as <j. practical solution of the problem,
that tlie banks should not enforce the
new policy us ? general rule, but should
carefully consider the needs of each
client and determine the credit and its
amount in accordance with the merits of
the case.
The sharp rise '11 the dollar rate, which
Is typical of last week's money market,
was ascribed by well informed circles to
the sudden and considerable purchase of
foreign currencies by German industry.
A decline in the dollar rate is pre
dicted. however, bemuse the rise was
held to be of a transitory character.
Th'> Boerse considers the rati of 200
marks to the dollar a normal expression
of Germany's present economic situa
tion. While the dollar ranged about
-00 Industry held back from buvlng
foreign moneys, hoping to see the mark
rise. When that failed to happen. In
dustry had to meet its obligations
abroad and a buying panic ensued. For
this reason further rise In the dollar
is feared.
With them transactions concluded
the Boerse looks forward to the rise
of tlie mark to the approximate level of
half a cent.
The anomalous situation in the money
market accounts for the fact that th>>
stock ?*narket remained rather unin
fluenced by events In the former. Steek
quotations did not keep pjtce with the
rise of the dollar. But a general rise
In the stock market Is expected, and
many patrons of the Botrie have with
drawn their selling orders.
The German American Economic As
sociation of Berlin will hold a general
assembly here this week, at which Gus
tav Stresemann, the leader of the In
dustrial party, will lecture on "Ger
many and the United States In the
World's Kcononiies."
Dr. H. Isay will speak on German
patent rights in the Fnlt^d States and
American 1 Ights In Germany.
MATIUESON ALKALI REPORTS.
Mnkfs L'p Lom?? of Unit of
I III! I forr Knd of Year.
Notwithstanding losses of I4K.4R2 In
operation* in th* first eix months of
1S21, the Mathleson Alkali Works, Inc.,
was able to show in tile final half of
the year net earnings of $237,803. making
Its net loss for the whole year $1.88,?)x
after depreciation. depletion anil re
serve for bad accounts. In contrast to
a net profit of 15*3.301 in 1920. Practi
cally all the improvement, which oc
curred in tiio final half of the year,
came in its la>-t four months, according
to the company's report Issued to-day.
Operating profit*, after deduction of
manufacturing, silling and general cx
pen^ee, were ?aw.O.'M. against $l,<W8,4<i9 In
1929. For depreciation and depletion
$615,672 was net unfile, and loa*e* from
other aourccH aggregated $.13,012, The
profit and los* : urplu# at the end of
tl.e year stood at $1,473.83.'.
The balance sheet at the end of the
year showed current assets of $2,182,285,
ngainst current liabilities of $1,140,1*44.
Property account was curried nt $?.
97P.16U. and good will and patent* at
$2,000,000.
MANUFACTURERS TO MEET.
0,000 Rxpeeteil nt Contention
Stit r1111 u May H.
The Hatloral Association of Manu
facturers, 8,000 strong, win hold Its
twentjraevonth annual fonvantlon at.
the Waldorf-Astoria, on May 8, 9 and
10.
Pour feature r??d.>ns have b<-en ar
ranged. on the first day. foreign trade
wilt ooeupy attention. The yecond day
wll! be given to the Work of the na
tional trad" MMoclattlfti". The ainual
banipiet will l>e held on the night of
M;ty 9, with John K. Edgerton, the now
president of thi as .<>c!n.tlor?, preeidlng.
On Ihc afternoon of Ma;,* 10. titer-' will
b? *i '^Manufacturers' Round T.tble" for
reraonul ttUggentlOfMi a* to how the na
tlonal association can b??t help Indus
trial communities and ;?s to how it can
rro?i effectively eontrlbuto to tho public
welfare and gt?od government.
FINANCIAL NOTES.
Ptsev * Pr?"M li(\i " prepnttd s 111 ok!"t ?lv
ins tiv rr.mpii to 1 * \t of fie inn'' Ohio bond
inw. Ineluilvri In this patnphl't l? n ropy of
;in WplMiitoH ailtlros* by Kofcert F. imnl
son. of tli<> firm of Pquin, Snnder* *
r>imp?ie . Cleveland. Copies , t the booklet
wt" I- xitppilert urntl" on request.
Mri'lure. .tones * He. .1, ni-tnh'r? of tho
(lew York Cfoeli EsehanRe, hn<'e opened n
htuneli nfrir. in Klf'h n venue, uniivr the
mntUWfiiet't of JSines ft, MHf.iIieil.
WEEK S COTTON PRICES.
\V!j;iC ENPRP HATH1IBAY .'<UCII 11.
Ni-I
JIIrIi. l.o, I,net. ith'ii''.
M:i- ii ? ? is t i'.sT I '.V- +.W2
IS.22 17.1'" Is i .'l -I ."I
? lull 17 "?r, iil.il.. IV .-[II .M
October 111.fto 111 ;lll 1(1.0.1 +.1M
11 rr ember tn.tw in.in in. in -f.jo
. pr,'. Vew York. 1" 7<> is.no is m 4-.:m
l __. v ih\ lit v.* iv rm i_ nr.
Spot, .n. Orient.* it.no 1" IT.OO +.25
."put, 1 jverpool, JO.ii^'d 9,PM. I0.5id. -{-."Pit.
Investment Service
OUR New York office is connected by direct wires
with financial centers of the country?Philadel
phia, Boston, Baltimore, Chicago, Pittsburgh and
Detroit. We offer investors the advantage of our
facilities thould they desire to secure quotations or
execute orders in any of these markets, and we are
pleased at all times to assist individuals, institutions
and estates in selecting securities adapted to their par
ticular needs W e deal in and quote United States Gov
ernment Bonds, Foreign Government Bonds, the bonds
of Municipalities and States as well as those of Rail
roads. and Industrial and Public Utility Companies.
BROWN BROTHERS & CO.
59 Wall Street
Philadelphia NEW YORK Boston
The Ne\v York Trust Company
Capital, Surplus Gr Undivided
Profits - - - $26,500,000
ACTS as TRUSTEE
of VOLUNTARY TRUSTS
too Broadwav ;7th St. iz Fifth Ave.
STOCK EXCHANGE TRANSACTIONS
Continued from PtrccdliiK Payc.
Kant' Willi
High. | Low.
65%
30'^
88 1
lii i
~7%:
i IJIV. |Div. I
| Y:cld.;tn $
*8i
10.50
7.571
I t \ | Net
1jO*v , I Last. | lh??.
7.32
8.54
7.S2
5.48
6.73
7.73
5.71!
"I
11
42%
Si11* 73
71% 01
20%' 17%'
i:;r. 125 I
74-% 71V.
105 '102
29 I 25
73 ' 60% I
46% 41V,,
145 119% i
io%; 7>J
29 % 20%l
66% I 43'4! 13.83
314 16%: ..
ti *.? V?' 50
6 %| 0%i
10% 2%
4!?V 37 '
96%; 90 I
64% ' 5"
61%
102
37%! 32%)
96 %| ?2
life Ill4%
60%i 57'
92 %! 92%
26%'
3?'\h
'?'%
41 %
82 S.
03 I
26
35% I
8%
41 I
82%:
CI i
GO
92%:
20
35% I
9%
41
82%:
63 !
17 %i
3%
8
7.69
.1%
99
7.87
7.84:
5.28
5.93
43%' 45 >4 + 1 %
28%, 31%' 4
65% i 4- 2%
61 i ? %
4ai
48
19
59% I
03 !
31%
82
89%
7 14
8.33i
7.78'
28%! 5.71
13%! ..
27% ..;
28
60
70
85%
102%
92
35%
1S%
28
12
71
63%
93
28%
80
18%
69%
93
30%
39
84% i 06
118%!10-%
4J%: 40%! ..j
38% 29% 6.56
102 1100 7.9.'
100%: 94 S.lt!
is%! is% ..;
76% 71% i 5.41!
48%| 44 1 4.55
51%! 45%! 4.35!
35%' 24
39 ..!
58%; 8.26!
90%! 6.59
23 ? ..!
76 ! 7.50'
14%i
63 '
91 '
24
30
5
6
,.|
6
8.331 1 %.
7.61 j 7
" Oo.
2.70. "i
4.31
6.84 1
5300 Tobacco Products
SOOlTobacoo Products pf'....
COO To], St L & W ctfs B
700 Tol, St I. A W pf ctfs B.
803oo Transcontinental OH...
?10'.) Twin City R T
lOo Twin <"ity H T l?f
1000 Union H:u? & Paper
66001I'nion Oil ! 18% 17%! 17
8000; Union Pacific 1331 ^ 130% 133
3t)0 t 'nion Pacific pf 73% 73% 73%
600,'Union Tank Car pf .104 103% .103%
COOUnlted Alloy Steel ' 28%' 27% j 28%
21001United I>rug Co i 06% 61%, 60%
8001 United Drug Co 1st pf..! 45 %j 14 j 45 % j
1400 United fruit jl4t% 138% 140 I
S00 Un Railway Invest ] 10%j lOVh, 10%
2?#0|Un Railway Invest pf.... 28% 26%
14000,1'n Retail Stores j 45%
10000 U s c Ir Pipe & Vdy : 31%
4100} 1 >' S C I Pipe & Fdy pf..! 65%
100 1" S Express #%
1700 U S Food Prod I 4%
. 280?o I' s Industrial Alcohol... i 49'^,
7' 400:U S Industrial Alcohol pf.; 95
.1 .'so? r s Realty & Improv
.t 25000, U S Rubber
S 1800 C S Rubber 1st pf
500 IT S Smelt, R & M
5 102600 U S Steel
7 3300'C S Steel pf
. j 11200 Per* Marquette
.1 1800 lvre Marquette pf
Rj 500'Perc Marquette prior pf.
3! 2200 Philadelphia Co
600] Phillips Jones
7! 200> Phillips Jones pf.
2i 16700 Phillips Petroleum
. 21600 rtercc Arrow 18
. j 19200! 1 'ierce A rrow pf I 38
.! 92001 Pierce Oil ! 7%
.j 800jPierco Oil pf ! 40%
12500!Pittsburgh Coni of Pa...: 02%
300Pittsburgh Coal of Pa pf| 01%
19900j Pittsburgh & West Ve ...! 28%
400] Pittsburgh & West Va pf| 80
770? Pond Creek Coal 18%
2500 Pressed Steel Car Co....! 6!>%
100j Pressed Steel Car Co pfJ 92 j 92 92
1100 (Producers & Re ft nets I 27% 26%; 26%
1001 Producers & Refiners pf.! 37% 30 ! 37%
?;400:Public Service of N J....1 84%: 81%, 83r>
S 570o Pullman Co ..'117% ?115% 117%
.( lOKOOiPunta Allegro Sugar I 41% 39% j 40
:!l038oo Pure Oil 1 """ 1 on"' ,rtr
+
1%
3
1%
%
%
1%
9%
1%
%
1%
%
"%
4%
2%
4*
03%
6%
3% i 4% + %
43%l 48% -t 4
94% I 95 j ? 1%
. i 62% 58%' 00% 4 2
. j 61%) 57%* OUl, -j- S%
. 102 >101 1102 4- %
? i 34*2 1 36 m , ~r* 2*8
.! 95%: 93% 94 % j 4- %
. jll 7% ? 116 117 "? 4
.,28 i 25% 27% - 1%
.' 59%j 58%' 59%i ? %
70 '
35% i
89%'
89 I
35%
69 I 70 ??
34% I 35% 4- 1
87 ! 87', ? 2%
89%: 89%i ? 1%
33%,' 34% 4 1%
15% 10% 4- %
32%! 35%| 4- 3%
45%' 46%!
59% 60 %;
91 ! 91 I
25% 2S%
78%] 80 I
15% 17%'
65% 08' f;
33% 29"
1300'l*uro f)il Co pf 1102 i 101
500'Railway Steel Spring
,| 2700;Ray Consol Copper...
4' 11000! Reading
68
55 |
50 !
25%
4%'
46%,
'i !
47% I
41
8%'
56%
87%
12 i
54%!
24%i 17%I
14% 12%'
30%! 20%[
60%i 30 '
29%' 20%i
43%, 32%i
2] ROOTJendlnK 1st pf
2 lOOOlReadinff 2d pf
.. 10500|ncnjlnKton Tn>ewriter ..
-too,Remington Type 1st pf..
100 Remington Type 2d pf..
.8200: Reploglo Steel
...I MWIRppublle Motor Truck...
luiiio R?|i:ibllc Iron & Steel... 51%. 4S
1800 Reptibiic Iron & Steel pf.j 79%[- 76%!
. . ! 1800 Robert Reis ,12 I 10 I
98%i 9
14% 14
74%: 72%
44 44
46%' 45%
38%; 34
68 I 64
57
31% I 28
5%I 4%I
101
98
14%
74
44
46
37%
68
6T
30
6%i
4 1%
4 1%
4 2%
+ "%
-I- 1%
- 1%
4- 1%
? %
? 8%
4- %
+ %
? %
? 1
4- 8%
4 5
I 49%| 4
M
9.43'5.20 138001 Royal Dutch of N Y.
3%'
17%'
2%
4%
9%
70 ;
97
23%:
9 I
43 I
23%|
1%'
11%
1%:
2%1
s%!
59i
91 I
io%:
7% i
85%!
18%
7 22'
2.50i74e
44 1 84% i
f.5% 60
IB
?8%
30%
70%
94%
71
16
18%
85
10%
18 %
20%
5.8
96%
100
57
67
9
18
41%
10%
16%
5%
80
42%
80
31% 25
155% 137 .'
152% i 137
119 117 ,
48%: 48%;
70 ' 64% |
?Kx dtv
N< >TK
9%;
80 % j
27%! ..
45 13.32
67% ..
6% ..
6
19%;
12%
10%
66 >4
8%
13
13%
61%
89
85
49%
65
6
12%
35%!
7%
18% I
4 %!
24 :
27% |
I
8.11] 1
3.15j 2%
10.91
4.70|
6.9o!
5.97 i
7000 Wheel Ai. I. Erie
3900 Wheel Sr T.flke TCrle pf.
97
14%
8
800 Rutland Railroad pf.
]' 1000 *St Jos I^ad.. I 13%
.. 13500 St I?nls & San Prsn 28%!
1250 St l.oui<s & San Fran pf.i 50%
.. 8700 St I?uis southwestern.. 2it%
..j 6800:St LoUiS SbUtbWPSt pf... 43%
.. 2200'Santa CePelia Susrstr 3%
.. 1325 Savage Arms j 16 }
..I i coo'Saxon Motor j 2%;
..j 1300'Senboard Air I^ine | 4%i
,.j 12o0 Seaboard Air l*ine pf.... | 7%:
_ 9400 Sears Roebuck j 68%
7I 2 001 Pears Rrtehuek pf>
10000 Senecji t'opper
700 Sbattuek Arieona
1C00 Shell Transport & Trad..
74010Sln.'lalr Consolidateil ...
..I ..! JSOo sioss-Shet' Rte?'l A Irt?n..
3.13! 2 7200 1 toll Copper
..' .. 1 1700 Utah Securities
..< .. 112U0 \ anadlum
. .1 ..I 11300 Virginia-Car chemical...
..! ..' .1700: Virginia-Car Chemical pf.
300, VlrRinla Iron, C & C
100'\'lrginia Iron. C A C pf..
12000 V'lvaudou
2400 Wabi.di
9000 W?l>asb pf A
300 Wabash pf 11
COO Weber <Si Hellbroner
200 Wells Fargo
... 4700 West. Maryland
2000'Western Maryland 2d pf.
2400 western i*acifle
h 1000 Western Pacific pf
7 270o Western Un Tel
4j 14001Westing Air Brake
?1 15000 Westing I* & M
4 100'Westing E S- 1st pf.
58% i 51%
24%
i>s%!
24%'
12%; 12% 1
27 ' 28%
49% 1 50%
26%, 28%
40 I 43 !
3%
14 ;
i\?
8% I
14 I
j?i
4 1%
4- 1%
4 5%
?4- 2r'*
? %
? %
-f %
6% 6%| -
6?% 08
95 ! 97 14
13%1 13%| - -
, ?%i 8 +
40%! 39% 40 ; ?
23% 20%' 23%' 4
37 ! 34%i 36%, ?
64%| 62%' ??!%' +
16% 14
37%; 31%
36%! 33
76% 71
46%
67% <
.76
5.26
fi.R7'
5.8*:
8.42,
9.02!
4 400.White Motor
15000 White OIJ ex vlKh?s
2600fWirkwire Spencer Ste#)..
8000 Willys i >Vf-land
C000 Willys Overland pf
1900 "Wilson A Co
10(' Wilson A Co pf 80
3100 Wisconsin Central....... | 31
75 Wool worth '1R1
900 Wcoiworth 150
200'Woolworth pf 119
4500]Wortlilngton Pump .....1 48
900 * Worthing! on Pump pf H| 68
+ K* rlirht". fin scrip, x Part stock
-Odd lot. transactions are not recorded
24%
16
12%!
79%
10 V?'
13%
i?%:
56%
9?%i
100 |
58 !
67
0 I
11
41%
10%
14%:
5%.
30
42%
45
?7%
8%
?%
23
15%
12% I
7n !
9'i
i?%:
18%
16'
37% I 4
85% 4
70 : 4
46 j -
? 7%' ?
8% +
7%'
24%: 4.
16 I 4
12% j ?
7?'.! 4
10 1 4
17%
1%
1%
1%
2%
4
3
L'U
? 1%
4- 2 %
?14%
4 2%
4 2
4 1
4- 1%
?f 2%
4- 1
? 1
'?ere made at pr!
of the r< Ml'' ;? lot t?u'.
19%
55 I 65
93%' 90%
85 | 16
64% 57%
C7 I 67
7% I 8%
15 17
38 41%
8% 10%
18%! 18%
5%1 5%I 4 %
27%, 29% 1 -1- %
39 I 41%!
80 80 4 1%
29 31 14 2%
151 151 !
148% 149 1 %
119 '119
??? , 47%, 4 %
?6 | f,?5Vfc| +
e Fn stock, f Psrt extra.
11 HepMj'sie line unk>s? salea
A Nation-Wide Investment Organization
A nation-wide investment service is offered to investors through our organization
in thirty-three of the important cities of the United States, as well as England
and Canada.
Our business is confined to the purchase and sale of investment bands. We pur
chase with our own funds carefully chosen new issues of Government, Municipal.
Railroad, Public Utility and Industrial bonds, and resell them to our customers
with our recommendation.
Organized in 1882. there is the accumulated experience of forty years back of every
bond we offer to our customers.
Investors who wish to receive our Monthly List of Investments and our special
new offerings may do so. without obligation on their pert, by writing or calling
at the nearest address listed below. This service will keep investors informed of the
current offerings and market values of a wide assortment of representative bonds,
and will give them the benefit of our recommendations, which are based upon a long
experience in satisfactorily meeting the requirements of many thousands of investors
and institutions.
For our March Monthly Circular ask for Circular B-ir
Harris, Forbes & Company
Pine Street, Corner William, New York
Harris, Forbes & Co., Inc.
35 Federal Street
Boston
Harris, Forbes & Company
10 Drapers Gardens, E.C.
London
Harris Trust & Savings Bank
Bond Department
Chicago
Harris, Forbes & Company
Limited
Montreal Toronto
Representatives of
Harris*Forbes & Company. New York
BUFFALO, NEW YORK WILKES-BARRE, PA.
802 Ellicott Square Second National Bank Building
ALBANY. NEW YORK CLEVELAND. OHIO
13 North Pearl Street Union Commerce Bank Building
SYRACUSE, NEW YORK CINCINNATI. OHIO
White Memorial Building Union Central Building
TROY. NEW YORK BALTIMORE. MD.
11 State Street 211 EaBt Redwood Street
ROCHESTER, NEW YORK HARTFORD. CONN.
Wilder Building 36 Pearl Street
PHILADELPHIA, PA. WAS?-?G C'
Widcner Building Hibbs Building
PITTSBURGH. PA. ATLANTA GEORGIA
Commonwealth Building Hurt Building
HARRISBURG, PA. JACKSONVILLE. FLA.
Kunkel Building Graham Building
LANCASTER, PA. NEW ORLEANS. LA.
Woolworth Building Hibernia Bank Building
Representatives of
Harris, Forbes & Co.. Inc., Boston
SPRINGFIELD. MASS. PROVIDENCE. R. I.
Third National Bank Building Hospital Trust Building
Representatives of Bond Department of
Harris Trust & Savings Bank. Chicago
ST. LOUIS, MO. DETROIT, MICH.
La Salle Building Penobscot Building
MINNEAPOLIS. MINN. ST. PAUL. MINN.
First National Soo Line Building Guardian Life Building
MILWAUKEE, WIS. KANSAS CITY, MO.
First National Bank Building Scarritt Building
LOUISVILLE, KY. LOS ANGELES. CAL.
U. S. Trust Building Van Nuys Building
SAN FRANCISCO, CAL. DAVENPORT, IOWA
Insurance Exchange Kahl Building
BREWERY EARNINGS AT PEAK.
National Company of < atiaria
fhinn I nr?i<- Inrrmar,
ftp*' oJ DUpatch to Tub Mm Yornc Hrr
Monteeaj,, Canada. March 12.?R
oitl earning art ahown in the 192ti re
port of the National BrcW'Tie* Company.
Rarnlnjt* on tho cotnmcm *to<k, an* h
>lnirn of Which wa* unlit Into fom- ?>. r w
yeora airo, W*r?? IS.*6 a *har?. Total n??
??.mlnir* vr?re II,24a,220, an InoreaM ? '
<11. HMtiu* waa iticrtaaert to 12,?
03t.i6?. The net working ''apltal was
rtv'MMd from 1137,231 to $1114,511. and
nmu-ta Increon'-d from 319.1P2.632 t'>
Ho,m,#4l. Inv?ntorle? ?<ro en* from
|l,t?!,ltt to ll.S62.CT';.
STOCK EXCHANGE SALES.
frittr Vn'W Kxrhamc* xnltt for ???'?it
eni!?4 Mnrcli II :
1328. 1921 l?0
Mondav 7M.8Q3 4W?,T;i5 1,724,WW
TikhkU? ?30,37.1 UM2* I.t.'T,2d?
W.vlnaaday ... 791,131 .W7..'.nr. 1,4S?,7t?
Thiirada* nrw.nao 7W.o.v> j,48.\4fll
TVdajr m?,82."> i.rffMio
Ra'imlay 067,178 4H7.7:*! 47*.(7.1
TotatM 4,4.1* 201 a,fon,Ms 7.mw,?si
fear td data.40.nM.SM 32,173,142 32,.143.323
Dt!all?i| aaliw) Of iteckl for WMka ended
March il and March 4:
Man-Jill. Maffh 4.
Industrial* 3,780.:>.l7 4.1 aft, 159
lUlhoad TM.M4 031,043
BQ93DS fTAR MMt V).
IDS! 1H?I. 1990.
Monday |14,l?il,non n?,7nr,,000$l*,7l?.(*Ki
T?>-? lay .... U.WI.'ioo 7,..71 ???> 11 .'T18,"o0
W*dn<?(l.i .. t: .1"! ?*>?> IV i:i,l7!i.n,o
Thiiimlli; . I.TfW.'KK) 11 ,ti,17,<XW lt,47S,oflO
Friday tMS4,'*10 S.W.'.mOO 13, ??<> ?'i-i
Salui-aa;. 3,IW1.<K? ri,s|T,'JU0 B.S27.mtt
fatal* .(IT7.IKW.000 132,30*^00 $70,!l2.1,<"<i
\>fti to dnf1
XM2,721,0 11 $1132 292,(IW|7 ?>'1,(191,'"1
Ihm im| n.'tlan n bond* far w<? n,i ?mi. d
M?>. :i 11 a:i<! Hareli 4:
Mnr-h II. Mm.-i! I.
cotri rntlonn $.'>"., 407 ,onn ?48.347.000
LlMrty 2fl,fl0<t.O0O 47.257,00#
i'3?lKn i2,<tu7ooo ll.nm.oon
>? 1 !!.;>' 12 if"
McClure, Jones & Reed
Membert Net? York Stork Exchange
We announce rhe opening 01 a Branch Oppici
at 553 Fifth Avenue, between 45th and
4#>th Streets, under the management or
Mr. James G. Marshall
Waltf* C. McCitm
W. sirotiiir Jones, .T*
Latham r. Rr.ri
Ur.vnv A. Rudktv
Pehky 1). Boot f.
115 Broadway
New York
Telrphottr
Vandrrbilt J.1X2
A?tht b S. Russku
Oh antra rcto
STERN BROS. NET $929,383.
Trnrflnw PrnlH* ?l,l*D,OTn for
Iflilli llrpitrt *hnn?.
Stern Hroth< rs report for 1921 tfl own
net profiti of $929,M after ch?f|te'-.
tMtt? wri t reaervew. Profit* from tflirt -
j !ni| operation* w? rr> $1,3*9,071' j;ml <iedttC
1 Hons ?4.*7,ISO.
The lialani!'' s*!u? t show currMt -
aft' '>f 11,594,S2A, aitHiiiit current lia
liil)I In* or ITiifiOe UH of .Unitary at.
Hunk, ta4ebtedri?-Mi, whlr-h ? ?<*><! at |2M,
I oori a , i ?r '.K'J, hug ben Wiped out, I'ne
jln'R. 't Item of curftnt llabliiti"-* being
a3NIU*1 for trade '-red It of?. < 'ash and
fiovpi iment Mcnrltlea tntnlert nearly
and inventories war# >?rrled at
h o'l.tf.
nfffi- to Pnff Oil Itiilrirr*.
l'ur? Oil Company director* liav<* au
thorised ftti offering of f>l ,">00 *harr < of
Common Pt.wk to Common HhaMhold*?
at par, J25 a uliarr. Common *lwr*
holders of record on March 8t will hflv.?
J th? right to (iub^rpitin to out' Hhnc> rd
! additional common Btock for each four
| *haren now ' wncl. flubtcrlptkm ir.'tat
| bp mado not later than A|t1I 10,
In a letter to common nhnreh.ilrkrq'
President DtWfi Mat"*:
"The beard of directors. at a meeting
March T, ;ip"rorrUted ?nit > th? au
thorized common stock of tha company
$12. **>*,500 common <<<ock, being JIB,
NOft ihurp.i of the nr vu.hu> it' #23 each,
to rilgix>?<>d of 1 j>r cash to provld"
fbnd fit irim ?>?? reVretrei.- <>f
?n
ReadC. W. Barron's
Economic Survey
Mr BaRRON'9 address
befors the Economic Club
of N?w York on January
30th last at the Hotel
Astor has been issued in
pamphlet form. This
address, entitled
"The Better Outlook
for Business"
contains a most interest
ing summary of present
day economic problems
together with their
solution.
15^ per Copy
from vour N*w? ftand
or the Ptiblithor
"TTm profit**/ of ffte war wa? union
i**d ralfrotd labor, and wniontaad
railroad labor In ho/ding and mating
I fiat profit today,"
" For proapor/t-. you mini unaliarklo
both *-*tar and land transportation."
1D0W. jnNM4C0..P.hti,k,r.
TS? Will StwM JmpmI BniMiaf
44 Ar?>4 Utwl lira T?rk
tii' '-on-.V 'tiy'S (nttsinnflinir *#
rial nor"*, traturln* Jun?? i. 1 >" : ?''"'no
1, IP23 ; Juris I, 1134: .1"nn . I?25. and
m feimbar^ I4- 'rttnuy f^r ri^ltiil out
U% in conn^fltlon wi:h an Investment In
the stock of Humphrey* Oil Company,
th" Humphrey# Pure Oil Pip*
pany and Humphreys tVfe oil '1 *le?
'*<rr' *?<* "

The New York herald. [volume], March 13, 1922, Page 15, Image 15
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The New York herald. [volume], March 13, 1922, Page 15, Image 15
About The New York herald. [volume] (New York, N.Y.) 1920-1924