The New York herald. [volume] (New York, N.Y.) 1920-1924, March 15, 1922, Image 17

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The New York herald. [volume], March 15, 1922, Page 17, Image 17
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.), 15 March 1922. Chronicling America: Historic American Newspapers. Lib. of Congress. <https://chroniclingamerica.loc.gov/lccn/sn83045774/1922-03-15/ed-1/seq-17/>

Newspaper Page Text

Underlying Bonds
New York Central
Pennsylvania
Missouri Pacific
N. Y., Ontario 4 Western
Chic., Rock Island & Pacific
Chic., Burlington & Quincy
Chicago & Alton
Offerings on request
?(print* Sc JBljitplg
Established 1878
Members New York Slock Exchan&
?2 Broadway New York
Uptown Office, 565 Fifth Ave.
I
Taylor, Bates & Co.
100 Broadway
New York
Rector 1140
Member!
New York Stock Exchange
New Tork Cotton Exchange
Inquiries solicited
regarding the
Montana Power Co.
Bonds Bought and
Stocks Sold on
Cotton Commission
Uptown Office
Liggett Building
41 East 42nd Street
Murray Hill 5631
B^rsly Bro s. & Co.
BANKERS
MEMBERS PHILADELPHIA STOCK EXCHANGE
Investment
Securities
1421 CHESTNUT STREET
PHILADELPHIA
PRIVATE WIRES TO NEW YORK
S^Amer. Lgt. & Trac,. Com. & Pfd^j
SAmer. Tobacco Scrip
, Borden's Co., Com. & Pfd.
Illinois Traction, Com. & Pfd.
R. J. Reynolds, Com. & Pfd.
Virginian Railway Co.
i|!l Alberta 5'/28, 1947
li't Brit. Columbia 6s, 1941
j Dom. of Canada 5s. 1937 |'j
Manitoba 6s. 1946 Jf,
Saskatchewan 5s, 1939
|i i
.j PriiiUf Wlrn to
V CHICAGO MONTRSAU TORONTO
f SK^\xCMANCt
JK |
AND N. I, COTTON EXCHANGE
OOOO ^
t
I
I
J
I S. 0. of Kentucky
New $25 Par
and Rig ts
Bought, Sold & Quoted
| C. C. Kerr & Co.
| 2 Rector St., N. Y. Phono 6780 Rector
STOCK MANUAL
It oontelne orer JBO pegee of
valuable condensed etafls
tlee and Information relative
to etocke end bond* tinted
on the trading Exchangee In
United Stat..* end Canada. /
V 1?? coneot col/, send for Bockltt 0-OTB
WILSON & CHARDON
Jf ember* Con*nUdatti Block Kxch.of N.Y.
,6a Broadway New York
Telephone Whitehall 1WJ4.
Hanover National
Bank
H CLINTON GILBERT
ir 2 Wall Street, N. Y. Tel. 4848 Rector
New Orl. Gt. North.
1st 5s, 1955
Wolff & Stanley
T*l. Rector 2*20 72 Trinity PI.
OUTLOOK IS BETTER
FOR INTERNATIONAL
Corporation Sees Business Im
prove After 1921 Loss?For
eign Payments Gaining.
The American International Corpora
tion's report for 1921 aids another docu
ment to the record of poor results which
marked foreign trading operations after
prices began to fall and markets to
dry up. The gross business was only
about $25,000,000, against $80,000,000 In
1920, and, despite severe economies,
which reduced expenses $3,000,000, there
was a loss from operations. The man
agement dipped Into surplus to the ex
tent of $6,000,000 to cover possible lossea
In credit accounts for merchandise sold
and for Inventory adjustments. In ad
dition, $2,401,989 was charged to miscel
laneous adjustments, the result being to
cause a deficit of $5,899,457 on Decem
ber 31. compared with a surplus of
$2,407,847 a year before.
The income account contained these
Items of Income and expense:
INCOME.
1921. 1920.
Operating profit $3.499,586 $5 969,874
Dividends 1,100,830 2,562,272
Interest 086,779 1,776,141
Total $5.687,1W> $10.308,!87
CHARGES.
Operating axpenses 4.303,28* 7.167,566
Taxes 1 fill,812 343,043
Interest 926,416 1,014,511
Total 6.40U.515 8,624,820
Net earnings 184,68' 1.783,4ft*
Special charges 8.4flJ,r>86 6.945.162
Final deficit $6,890,457 *$2,407,847
?Surplus.
The principal changes in the balance
sheet we.re these, with comparisons:
ASSETS.
1921. IPSO.
Cash $4,634,062 $4,613,337
Receivable ?17 (45.319 32,300,312
Inventor!* 12,524.002
Securities 29.216,286 32,107,626
LIABILITIES.
Bank loans,unsecured.$7,130.,000 $*,750,000
Accounts payable 681,108 1,308,929
Bank acceptances..... 1,250,000 5,810,760
Customers' credit bal
ances 1,093,127 3,511,700
The corporation's current assets
amounted to $24,319,798 and current
liabilities were $10,953,299, making the
working capital In excess of $13,300,000.
The current assets were calculated after
allowing for a charge of $7,448,03t for
estimated losses above the total of re
ceivables and Inventories.
RUSSIA SENDS MORE GOLD.
$3,377,900 Arrives Her? for Amer
ican Relief Commission.
Gold from Russia to the extent of
$3,377,900 arrived In this port yesterday
on the steamer Malmen of the Swedish
American Line, of which $2,600,000 was
Russian gold rubles '?onslgned to the
Guaranty Trust Company and $777,900
waa German gold marks consigned to
the National Bank of Commerce. The
shipment of rubles was for account of
the American Relief Commission In
Russia and It was the third similar con
signment received by the Guaranty,
making a total value for the three
shipments of $10,339,^00. No further Rus
sian gold for the same account la ex
pected In the near future.
By special arrangement the coin Is re
ceivable at the Assay Office for assay
and melting, tlthough ordinarily gold
known to be from Russia Is refused.
Gold valued at $1,600,000, arrived also
from Copenhagen on the steamship
Oseas II. It was consigned to the Equi
table Tn^st Company, which explained
that the metal was not of Soviet origin.
$700,000,000 FOREIGN
COTTON ORDERS LIKELY
Big Buying From All Over
World Expected Here.
Special Dispatch to Thi New Yosx Hmuu>.
New York Berald Roram, )?
Washington, D. C., Marc h 14. (
Approximately $700,000,000 worth of
foreign orders are In prospect for cot
ton farmers of the Southern States In
1922, reports to the Government Indicate.
Almost 7,000,000 bales of raw cotton?
about half of the expected crop?will
be drawn from the United States, it Is
predicted.
Backed by the War Finance Corporat
ion and cotton pools under lt? direc
tion, planters will find it easy to finance
their product for export, officials say.
The South, It Is promised, is due for a
"good" business year.
Cotton textile mills throughout the
world are operating at higher capacity
than last year. New spindle* are being
set in motion every day. g"he entire
world Is "cloth hungry," according to
reports from almost every section of the
globe.
Germany and the central European
states are coming back Into the market
for American raw cotton. German mills
during 1921 bought cotton In quantities
second only to England, despite the ad
verse exchange. Before the war a large
proportion of the American cotton crop
was purchased by the German mills.
Germans now are spending move than
$6,000,000 a year for American cotton.
England and France are each buying
more heavily than at any other time In
months.
PEORIA LINE EARNS $172,008.
Internet on Bonds Held Off In Order
to Pay BIk Poor's Bill.
The -tentative Income account of the
Peoria & Eastern Railway for 1921
shows a surplus of $172,008 after all
charges and adjustments, or more than
enough to pay tlio Interest on the com
pany's $4,000,000 4 per cent. Income
bonds. The interest on that issue has
not been declared, however, as the year's
Income was applied against the floating
debt of $203,660 due the Big Four.
W. A. C. Ewen, a member of the
Peoria &. Eastern's board, has been
elected a vlce-prcsldent, representing
minority income bondholders and stock
holders. It is understood that only a
few minority holders have embraced the
Big Four's offer to buy the minority
stock and bonds of the smaller road. j
MONEY MARKET.
| TUESDAY, MARCH 14.
Renewals 41 Last 4
Hlph 4!Year's high 6
bow 4|Year's low... 3
TIME LOANS.
Mixed collateral, 60 to 90 days 4%03
Mixed collateral. 4 to 6 month! 4--i?r>
Industrials, 60 to 90 days 4%?5
Industrials, 4 to 8 months 4^105
COMMERCIAL PAPER.
Rest names, 4 to 6 months 8
Other names, 4 to 6 months 5
DISCOCNT RATES. RESERVE BANK.
Commercial paper, *16 days. 4H; 60 to 90
days, 4'/4; Liberty bonds and Victory notes,
15 days, 4H: 16 to 90 days. 4tt; bankers'
acceptances, 15 to 90 days, 4'A.
?Fixed November 2. Previous rats, 0,
fixed September 21.
OI-EN MARKET BATES.
Call loans and acceptance* Stt?
Discount rates on prime bankers' accept
ances eligible for purchase by Federal Re
serve banks:
Bid. Ask. Bid. Ask.
SO days 4H 4 I 90 days 4H 4
60 days 4tt 4 1120 days 4H 4
CIJSARINQ BOUSE STATEMENT.
Clearing House exchanges, $823,800,000;
balances, $76,500,000; Federal Reserve credit
balances, $56,100,000.
SILVER MARKET.
Official bar sliver In New York, domestic,
nnSc., unchanged; foreign, 63He., up fcc.;
London, SS^d., off V4d.; Mexican dollars,
48Kc.. off He
Range of silver prices this year:
Highest. Lowest.
London 85%d., Jan. 8 82Hd.. Feb. 28
New York 6Htc.. Jan. 10 G2Kc.. Feb. 28
STOCK EXCHANGE TRANSACTIONS
Contlnned from Preceding Pare.
f??11)22. ,) r-Closing.?* IDiv.l |
High.| Low. I Hid, j Ask. |in9-1 Sales. |
en- J High-1 Low- | Clos
est. | est. | Ing. Ch'nge.
"Wet"
100 I
58% I
?%|
18%|
41%
11
%
16%
6
31%
42%
80
33%
?13%
70
84
49%
6
1~'%
35%
7%
1-16
13
4%
24
2714
??
25
43 %
61%
84
57%
9%
18%
40%
10
14
5%
31%
40
79
32
48
67
85
57%
9%
18%
41
10%|
? ? I
14% |
5% I
31%
41 I
33 I
49 I
67%]
4 100 West A B s 6. 83 i 83 83 83
4 1500 West El & M. 57% 58 57% 57%
2S00 Wheel & L E. 8% 9% 8% 9% +
1000 Wh & L E pf. 17% 18% 17% 18% +
1200 White Motor.. 40% 41 40% 41 +
2400 White Oil .... 10% 10% 9% 10%
2800(White Oil rta. % % 1-16 %
1000 Wick Sp St... 13% 14 13-14+%
2000 Willys Over .. 6% 6 6% 5% + %
800 Willys Ov pf.. 31% 31% 31% 31%+ %
700 Wilson & Co.. 38% 40% 38% 40% + %
200 Wilson pf .... 78 78 78-78 ?2
600 Wis Central .. 32% 32% 32 32 ? %
4|. 800 Worth Pump. 49%' 49% 48% 48% ? %
?i 100 Worth P pf B. 67% 67% 67% 67%+ %
?Ex dlv. tEx rifrhU. JTn scrip, x Part stock, e In stock, f Part extra.
NOTE?Odd lot transactions are not recorded in separate line unless sales
wero made at price outside of the regular lot rango.
BID AND ASKED QUOTATIONS
N. Y. STOCK EXCHANGE QUOTATIONS.
To the following prices accrued Interest
In to be added:
FOREIGN GOVERNMENT AND MUNICI
PAL BONDS.
Bid. Ask.
Argentina Intern. Be, *45 81% 82%
Belgian 5 yr. He 102% 103
lu :?lan 7%s. '4.-. 108!* 108%
Belgian 8s. '45 107 107*
(Bergen 8a. MS 100 110
Bern 8s. '45, 110% ill
Bordeaux 6*, '31................. 85% 85%
I'tr-zil 8:i, '41 104% 1041,4
Canada 5*. '2*1 08% l'9
I anada 5%s. '29 99% 100
Canada '3i 98% M%
Chile 8s. ' n loa% 104
i IiIIp 8*. '26 101% 101%
Chine** flov. Mu Kug Ry. 6a. '31. ->4 -"?<>
? hnsMania 8s. '45 108% 10H
Copenhagen 0%*. '14 8I>% 90
Cuba Extern. 5s. "44 80 89%
fuba Kxtern. 5s ?er. A, '14 8<>
Cuba Extern. 4%s, '49 78 79
Denmark 8s, '45 .'...100% 100%
Denmark 8e -W 100 109%
DenmafR 8a P. '48 10* 110
Denmark 8s, '42 97% 97%
Dutch liast Indies 6?, "47 #5% 85%
I'ramerlcan Industrial Developmt. 1*0% 09%
Franco 7%s. '41 100% 100%
France He, '4."> 104 104%
Fid. Ask.
2s 103% ..
2s c 10.;'*. ..
4s r 1<?% ..
4s ?? 105% ..
2s P '38 r.103% ..
2sP'36c.lOJ% ..
MM. Ask.
2s P '38 r. 103%
2s P '38 r.103% ..
2s P '38 c.103% ..
3s P r 83
3s P 0 83
P I 4s '38.. 80% ..
Closing nrl'-'s of storks In v,-filch there
were no transactions yesterday:
Bid. Ank
A A Cable. 108% llj
AinnI M 1st .
A Rk Note. 81%
do pf.... 52%
A Beet S pf ??
A Bk H pf.101%
Am C F pf.119%
A CotOll pf M
Am Lin pf 54%
Am M * O 10
Am Badtat 87%
do pf 114
X
n?i
54%
75
10.1
r.n
55%
18%
M
RM.
Amfl fire A 88%
do pf b.. sr.%
A HtFdy pf (>((
A Snuff pf 03 *
Am Suit pf. 90%
A WW 7% 78%
Am W P pf M%
A Whol pf 87%
Ann Arlior 18
Art Metals 14%
At Refln...008
do pi....118
Ar-k.
?H!l
100
07
11 Ml
98
7ft%
2?
01%
10
10%
0BO
116%
98%
89%
M%
83%
85%
44
Italy 5 yr. 8%s 93%
Japan 4m at rite loan. '31 74%
Japan 4%s strlg. loan, '29. 80
Japan 4%s 2d ser., '23 88%
Lyons 1."> yr. 0s, '34 85%
Marseilles 15 yr. fls, '38 8r-%
Mi-xico Exter. gold ?$<?, "54 43%
1 Mixico Kxter. strlg 5s, '45...... 55% r-d
I loo Irrigation 4%s, '40 83%
Norway 8e, '40 110% 111%
Queensland 8s. '47 00% 09%
Queensland 7s. "41 108% 108%
Bio da Janeiro 8s, '48... ..1111% 11)1%
Pan Domingo 5s, '58 ih>% 9i\
San I'anlo 8s. '38 1?i?% 102%
Sweden ?s. '.'t0 loo 100%
Switzerland 8s, '40 115 115%
Toklo 5s 71 72%
Uruguay 8s, '48 105% 108%
Zurich 8?. '4.-. Ill 112
United Kingdom r.%a, '33 103% 1<?%
United Kingdom 5%a, '23 103% 108%
United Kingdom 6%s, '37 00% 00%
Netherlands 04% 94%
Han Paulo 8a 101 101%
UNITED STATES GOVERNMENT BONDS.
Mid. Ask.
Asso Oil... 102% 103%
Auto t'ales 4 4%
do pf.... 13 14%
Barnet Lth 40 45
do pf.... 80 04
Booth Fish 8% 7
Both K 7%. 90 *92
do 89&....100 *110
Brown Sh. 41 4."i
do pf 8? 91
Brunswick. 3% 4
Buf R k P 50 82
do pf.... 84 ..
Br Einp Stl 8% 9
do 1st pf 58 85
do 2d pf. 10 20'-.
BurnsBp pf .. 117%
Bush T?rni .. Km
do Bid pf 00% 91%
Cal A Ariz 58 t>0
Cal Pet pf. 80 91
Can South. 52
CarsonHlll 13
Case pf.... 74
C Leather.. 35%
Cert Prod.. 37%
do 1st pf 85
do 2d pf. .
CKtPAO pf 87
OCC*StL.. 50 __
CI Peabody 53% 54%
do pf.... 90 91
Col Fuel pf 00
C0IAS0 2pf. r,4
Con Clusr. '.'4
Con Can pf.102
Con Insur.. ?ia
CornPr pf.llH% 114%
1 'rcxCarpet 32 40
Cru Stl pf. 84 85
De Beers.. 14%
Deere pf.. 70
Dot AMack. 28
r>?-t 1-nited 57%
Durham H . .
do pf.... 80
Elk HnrnF 18%
do pf. ... S."
Emer Bran r
do pf.... 30
1.1%
78
:i?%
30
78
05
80%
105
85%
25
104 |
88%
17
71
58%
22
92
17
37
Kndlr .1 pf.ioavi
~">d M * 8 10
35
100 /
11%
30
103
05
109%
loo
Fairbanks. 20
FlsherB pf.101
O Aeph pf. 92%
Gen CI* pf tfto
?do deh pf 00
Gen Mot pf 72%
Ollllland pf 70
Ooodrh pf. 84
Oreeno C.. I8ti
Gn'f M*X. 11
do pf 28%
OulfSil Ipf 87
Harves pf.109% ifw
Itendee M . 18% 18%
..1
90
88
97
12
28%
05
1l>drsl Stl. .. ?
Ind Ref pf ..
lilt Pnp pf 7"
Int Salt... 50
Jet'-? I T pf 83
Kaysrr .... 0"
do 1st pf.11"
KHpTH?^ pf 78
do 8%.... 07
Keo*DM pf 20
KrgePf-' pf.lOTi
Kress S H. 70
do pf.... 00
Lack Steel 47%
Lift* A M..180
00 pf..h.114
do B 188
terfl'd pf 111
72
100
48
185
118
ino
Bid.
L-W 1st pf ?8
do ?d pf.ltt",
T.on Is ft N.113%
Mack ay pf. ?o%
Malilson pf 70%
M Shirt pf.101%
MayD3 pf.lW
Max Mot A 48
MMO Ipf ct 8
do 2pf ct. 2
Mr-x pet pf 83
Mich Cent.120
MSPSSM pf ..
MS8MLL.. 85
MKT war.. 15%
do war pf 14%
Mor 4. Es.. 78
Mont Pow. <4%
Mulllr.aB pf ..
NC <t- HtL.100%
Nat Blsc... I.'t."
<lo pf 119
Nat CAP pf 82
Nat Kit? pf 83
Nat Ld pf.110
N By M Ipf 8
NY Air Br 88%
NYCAPtL.. 84
do 1st pf 74
do 2d pf. 88
NYDook pf 51
NYStateRy ..
NorfAWpf 72%
N'unnally... 9%
Out Silver. 8
Otis El pf 91
Otto stl pf. 41
OsrensB pf.100
Pac Cst Ipf 30
do 2d pf. 20
Panhandle. T%
do pf
Parish A B 18
Penney pf . 93
Phillips pf. ?8
PFWC pf ..135
Pitts Stl pf. 88
PAWVa pf. 78
Pond Crk.. 17%
Prod*B pf. 34
Pure Oil.. 30%
do . .lOff'j
Rand 30%
Jty Steel Pp 07%
do pf.... 105
Ben t Ssr.118
Robt Pels .11%
do pf. ... 51
Bep Stl pf. 77
Read 1*t pf 4.1
dn 2d pf. 4d
Sears-R pf 100
sioss-pjt pf ?r
srrt Rur p' on
Stand Mill 122
Stern Br., oil
Hup Stan.. 28
do pf
T"-A- T. T 55rt
Toh Prd pf 0o%
Trans f W 31
Twin C pf 73
Under*.I ..129
do pf ..103
ITn 7la.tr <12
TTty< '!r Pts.10".
U S E*nr . 8%
Va JCAC pf 88
Wen* Far. 78%
5Ve*t'se 1pf (it
Woolth Of 118%
trorthpf A 01%
Wrl Aero.. 7
?E* dividend.
Ask.
103
110
114%
70
80
110%
112
52%
18
15
78%
?88%
08%
110
13?1
121
93
87
113
9
84
88
81
71%
57
33%
7T.
?%
*?4
90
50
50
50
?%
15%
90H
80
81
17%
<0
50%
101
21%
08
115%
19
48%
115
72
90
12 r
101
90
li i",
nr;%
150
7
S7U
*1
07
117%
85
:%
PARK UNION TO ASIA BANKING.
???
Poor Outlook for Business In Far
East Prompts Move.
Due to the sparse outlook for com
mercial banking business with tlie Far
East the Park-Unign Foreign Banking
Corporation has been taken over by the
Asia Banking Corporation, effective
April I, and the National Park Bank
and the Union Bank of Canada will toe
tree after that date to use to bettor
advantage capital heretofore tied up in
the Park-Union. Like other banking
corporations doing business in the Far
East, the Park-Union had its profits
wiped out by losses In 1921 and while
there was no Impairment of capital,
surplus was drawn upon to a fractional
extent
The Park-Union as a matter of fact
fared relatively better than many other
corporations doing a commercial bank
ing business with countries other than
the United States. In connection with
the action announced yesterday the fol
lowing statement was Issued:
"The Asia Banking Corporation an
nounces that at a meeting of Its direc
tors held yesterday Charles A. Holder
was elected president, T. Fred Aspden
and Irving Scott vice-presidents and E.
B. Mackenzie eecretary. Charles H.
Sab In, formerly president of the Asia
Banking Corporation, wrs elected chair
man of the board of directors anrl
Charles A. Holder and T. Fred Aspden
direotors."
MUST QUIT RAIL JOBS.
Washington, March 14. ? Charles
Hayden Is required under an Interstate
Commerce Commission order Issued to
day to choose within thirty days whether
ho all remain as chairman of the
board of the Chicago, Rock Island and
Pacific Railway or of the Minneapolis
and St. Louis Railroad. Marcus L. Bell,
vlce-prcsldent of the Chicago. Rock
Island and Pacific, and an officer of num
erous other railroad corporations. must
give up the positions of director and
general counsel of the Minneapolis and
St. Louis If he keeps the other posts.
CANADIAN PACIFIC
EARNINGS ENLARGED
Refiort for 1921 Shows $11.51
on Common, Against $11.39.
Th? preliminary Income statement of
the Canadian Pacific Railway for 1921.
Issued yesterday, shows total Income of
$33,169,867 after taxes and charges,
equivalent after preferred dividends to
$11.51 a share on Its $260,000,000 of
common 'stock. Tn 1920 the system re
ported total Income of $32,844,083 after
all charges, equal after the deduction of
preferred dividends, to (11.89 a share
on the common.
Of the total earnings In 1921 available
for the common stock $4.22 a share wax
provided through special income and
$7.29 a share came from operation of
the company's railroad lines and lake
steamships.
GRAY A DAVIS DEFICIT.
The report of Gray A Davis, Inc., for
1921, its first full year operated under
the American Bosch Magneto Corpora
tion's management, shows an operating
deficit of $179,694 contrasted with one
of $465,680 In 1920 and net profits of
$465,680 in 1919. The company's Cam
bridge plant, with sales of $1,061,642,
showed an operating profit of $6,980
and Its Amesbury plant, with nales of
$791.198,an operating loss of $186,574.
A Measure of Value
Thirty years of building, managing
and financing public utility prop
erties have given us the opportunity
to learn what constitutes efficient de
sign, good management and a sound
financial structure.
Our recommendation of securities for in
vestment is based upon the experience
of actual accomplishment.
STONE & WEBSTER
nfCOIfOLATKD
120 Broadway, New York
BOSTON Telephone, Rector 6020 CHICAGO
DEFICIT BY CAST IRON PIPE.
Ignited Mates Company Report*
*400,150 Shortage In 1021.
Acquisition of the De Lavaud prcwea^ [
will enable the United Btatca Cast Iron
Pipe and Foundry Company to produce
a lighter and stronger plpo adapted to
service In natural ga3, oil and irriga
tion lines, according to it* president, U
R. I,e Molne. in its annual report for
1921.
The report showe earnings of $100,841
after payment of taxen nnd charge*, but
before payment of dividends on the
$12,000,000 of Ita preferred stock.
After disbursement of the dividends the
company's deficit wm 9499,159. Tho??
figure* contrast with net profit* of
$?51,59I before payment of preferred
dividends In 1920 and profits of $261.59a
after dividend distribution.
PNEUMATIC TOOL EARNS LF.SI.
The Chicago Pneumatic Tool Com
pany's report for 1921 shows net eai-w?
ings of $118,363, or about 91 cents a.
share earned on its outstanding capital
stock In contrast to net earning? of
$1,273,061. or $9.84 a share, in 1920.
Executor Trustee
Chartered 1822
The Farmers' Loan and Trust Company
Nos. 10, 18, 20 & 22 William Street
Branch Office, 475 Fifth Avenue
At Forty-first Street
New York
London Paris
Foreign Exchange
Administrator Guardian
Member Federal Reserve System and Hew York Clearing House
I
New Issue
$40,000,000
Dutch East Indies
Forty-Year External Sinking Fund 6% Gold Bonds
Authorized by Law of December 30, 1921, passed by
the Kingdom of the Netherlands Parliament and approved by the Crown
Not Redeemable Daring First Ten Years
To be dated March 1, 1922 To mature March lt 1963
In tar eat payable March 1 and September I. Principal acxl interest payable In United 8tates gold coin of the present standard of weight
and fineness or ita equivalent at the main office of Guaranty Trust Company of New York, without deduction for any taxes, present or
future, of tha Netherlands or the Dutch Bast indies. Coupon Bonds in denominations of $500 and $ 1,000, registerable as to principal only.
Redsamabla at tha option of the Government on March lf 1032 and on any interest date thereafter as a whole or in part, at par
and accrued interest.
Sinking Fund to retire entire Issue by maturity through annual payments sufficient to redeem each year, commencing 1933, l/30th
of the amount of Bonds outstanding on March 1, 1932. These funds to |be applied to redrement of Bonds through purchase at
not exceeding par and accrued interest or through call by lot at par and accrued interest
Guaranty Trust Company of New York, Fiscal Agent of the Loan
|The following is summarized from information furnished by cable by Mr. S. de Oraaff, the Minister of
Colonies, Kingdom of the Netherlands. All conversions of florins to dollars have been computed at the
rate of 2)4 florins per dollar, or approximately at par of exchange.
These Bonds are to be direct external obligations of the
Government of the Dutch East Indies and will not
be redeemable during the first ten years. The Dutch
East Indies is an integral part of the Kingdom of the
Netherlands, the executive and much of the legislative
power of the Colony being vested in a Governor
General and a Council appointed by the Home Gov
ernment. The Colony originates budget and other
fiscal matters subject to the control and approval of
the Government of the Netherlands.
RESOURCES AND COMMERCE
The islands, which include Java, Sumatra and Cele
bes, have an estimated population of about 50,000,000,
possess great natural resources and constitute one of
the richest of all colonial possessions. The principal
products include tin, coal, petroleum and a large
variety of agricultural commodities.
These natural resources have enabled the mainte
nance of a substantial excess of exports over imports.
For the six years 1915 to 1920 inclusive, the Dutch
East Indies had a larger favorable balance of trade
than any country in the world, excepting the United
States. Trade with the United States has developed
remarkably, total c xports and imports having in
creased from $9,370,000 for the fiscal year ending
June 30, 1913, to $202,840,000 for the fiscal year end
ing June 30, 1921.
CURRENCY AND EXCHANGE
The unit of currency is the guilder, or florin, with
parity of 40.2 cents. Its present quotation of approxi
mately 37.6 cents represents a discount of less than
seven per cent., reflecting its position as one of the
soundest currencies in the world.
REVENUES
Total revenues for the year 1921 (partly estimated),
including the gross income from government-owned
monopolies and industries, amounted to $267,000,000.
For the period of 116 years, from the establishment of
the Colonial Government in 1798 to the outbreak of the
war in 1914, the aggregate ordinary re venues exceed
ed expenditures (ordinary and capital combined).
From 1906 to 1913 the ordinary budget, exclusive of
capital expenditures and receipts from loans, reflected
in each year a favorable balance, the surplus for the
period aggregating about $34,000,000. In the more
recent budgets, due principally to capital and other
extraordinary expenditures, there have been substan
tial-deficits. The floating debt amounts to $222,000,000
without making any allowance for reduction by the
application of the proceeds of this loan and of the
$40,000,000 25-year Bonds recently issued, or by
$40,000,000 taxes levied but not yet collected.
OOVERNMENT-OWNED PROPERTY AND DEBT
Total funded debt, exclusive of this loan and the
Bonds recently issued, approximates $212,000,000.
The Government controls great natural resources of
value difficult to estimate and owns revenue produc
ing properties including over 2,500 miles of tramways
and railroads, telephone and telegraph systems and
mines, which have an estimated value of not less
than $275,000,000.
For the five years 1917-1921, net income from Gov
ernment-owned properties and monopolies, partly
estimated for the last year, averaged $46,000,000
annually. This amount, which is less than 20 per
cent, of the total revenues for 1921, is more than 1*4
times all interest and amortization charges as appear
in the 1922 budget
Price 94% and interest
To yield about 6.73% to earliest redemption date, March 1, 1932
To yield about 6.35%, if held to maturity
Wfcea, es and If Issued and received by ?? and sabject to approval of coanset. It to expected that Interim Receipt* will be reedy far delivery on or ebont
March SO, 1923
Guaranty Company of New York
Harris, Forbes & Co. Lee, Higginson & Co.
Bankers Trust Company, New York Kidder, Peabody Co.
The Union Trust Company of Pittsburgh
Continental and Commercial Trust and Savings Bank
Chicago
Illinois Trust & Savings Bank The Union Trust Company
Chicago Cleveland
We do not guarantee the statements and figures presented herein, but they sre taken from sources which we believe to be reliable

The New York herald. [volume], March 15, 1922, Page 17, Image 17
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The New York herald. [volume], March 15, 1922, Page 17, Image 17
About The New York herald. [volume] (New York, N.Y.) 1920-1924