{ title: 'The sun. (New York [N.Y.]) 1916-1920, December 05, 1919, Page 15, Image 15', download_links: [ { link: 'http://www.loc.gov/rss/ndnp/ndnp.xml', label: 'application/rss+xml', meta: 'News about NYS Historic Newspapers - RSS Feed', }, { link: '/lccn/sn83030431/1919-12-05/ed-1/seq-15/png/', label: 'image/png', meta: '', }, { link: '/lccn/sn83030431/1919-12-05/ed-1/seq-15.pdf', label: 'application/pdf', meta: '', }, { link: '/lccn/sn83030431/1919-12-05/ed-1/seq-15/ocr.xml', label: 'application/xml', meta: '', }, { link: '/lccn/sn83030431/1919-12-05/ed-1/seq-15/ocr.txt', label: 'text/plain', meta: '', }, ] }
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t I FEDERAL OIL CO. Properties, Earnings and Dividend Prospect nttvtt In our tptctal Ittttr orailabltonrtquat U2 Brosd vrsy 3r Now York Sugar Corporation Finances Improve Cuba Cane Company thorn cash on hand of W.303,- - Increased Vforldnp; capital tSR. place company in' bitter position to meet world demand flw sugar. mjJj.fd to On current Unit cl our MARKET Of'tNlOX. Other Usuca discussed In detail: Italdwln St. Paul Anaconda Oen. Asphalt Shell Trail's Midwest Uet. Bent gratis on request tor I. R.H.MacMasters & Co. IcmbersOonsoUdatedStockEzch.,N.Y. 69 Wall Street New York llanutcr 051 S Ground Floor Replogle Steel A statement of this com- pany's assets and an esti- mate of annual profits, are given in current issue of the FINANCIAL FORECAST. Among otter Issues treated are: MARCONI . TRQEICAL OIL . , SUBMARINE BOAT In .rsmerttng wdIovjmIc tar Ho. lit. Sent without obligation. ''ESUBUSlEDt900 41 BROAD ST,NEWYDf3C .PhcneT&Odd 25 Stanwood Rubber Common Stock 'BoughtSold Quoted Circular on rtjuM Bolster Company 40 Wall St., New York Telephone John 9 Margay Oil Corporation Bought S6ld Quoted Bernard J. Ferris Specialist 25 Broad St., N. Y. 'Phone 64 Broad Special Letter thU week on FEDERAL OIL Recent Special Letter on U. S. Steamship Wajme Coal United Prof. Sharinz No. Am. P. & P. He j dm Chemical Hupp Motors Submarine Boat SweeUCcof America Copies upon request Telephone Srpe,d WW. ' An 8 ' , felrotment ( TWd ' 9,4 BlTtdeails hre beea jM hew. Magulre &JSStiti 67 Wall Street New York . Phcnulttrmf tit ' JLnvestori utnj PERIODICAL STOCK SETTLINGS Warburg Condemns Methods of To-da- y In Address to Chamber. STIiEIT REPLIES TO ILTM Declares Torn Settlement Im- possible Until New Corpo- ration Starte. Vigorous condensation of the present dally mothoa of stock exchange settle- ments and strong recommendations that me Now York etock Exchange adopt some method of periodical settlement was expressed In a set of resolutions adopted yesterday' By the American' Ac ceptance' Council In Its annual meeting after on, address by Paul II. Warburg, who was reelectod chairman of the coun cil's, executive committee. The resolu Hon- - pn that subject, which was adopted unanimously, read as follows: \Whereas the present method of llallv stocV wrrlianirn Battlement, with As dominating and often unsettling effect on,mo call money market. Influences ad- versely tho development of a wide and noaiuy discount market in tho United States. \BesoJvetl That the chairman of tho executive committee be authorized to ap point a committee consisting of mem' bers of the executive committed and other Individuals to study the advisa- bility, ways and means of modifying the present system of' settlements on tho New York Stock Exchange and sub' stltutfng therefor some system of peri- odica! settlement, with power to tako sucn steps .as may seem aavisaoio in ma case.'1 Mr. Warburg told the council that col) loans. Treasury certificates and dally Stock Exchange settlements were the most serious obstacles preventing bankers' acceptances from attaining their position as most desirable and most Important assets of banks' secondary reserves. He said: \As long as this system continues, as long as tho banks at) over tho country dump their ldlf funds upon the Stock Exchange, treat- -' lug these Stock Exchange loans and New York balances invested therein as their 'Quickest and most Important secondary r reserve. Just so long Is the Stock Ex- - Just so long will It be Impossible to se- cure for our country the benefits of a wide discount market and effective bank rates.\ To this Samuel P. Strelt, chairman of a New York Stock Exchange commit- tee which has Investigated the subject of periodical setUemonts, rejoined that the term settlement plan is at present Physically Impossible of attainment and that the question of term settlements will be discussed soon after the new Stock Clearing Corporation begins to function properly. \Will Stock Exchnnffo Delayt\ In his address Mr. Warburg said In part: \When drastlo banking reforms were first urged the most prominent bankers were opposed to it for the' rea- son that they were prospering under the . . . . ' . . i , om system ana Decause iney uioukiu that t would be lmpoastblo and dan- gerous to tinker with so Immense and at the same time, so delicate a structure. None tho less the system Was remodelled without any serious disturbance and thesr were proved to nave oeen right wno pre- dicted to prosperous bankers that If they could prosper with an unsafe system they' would be certain to enjoy an even greater prosperity with a safe banking system. The same experience Is In store for the Stock Exchange, but the question Is, Will they of their own free will and Initiative undertake the task for their own benefit and that of the entire coun try, or will they delay as the banks did until they learned their lesson by the dread experiences of the .panic of 1907, renultlng In governmental legislation \At present our gold position Is well protected by a trade balance so phe- nomenally In our favor. In the long run our country will not be able safely to ac- complish. Its new task of a world banker without the protection of an effective dis- count rate regulating a wide discount market \It would be foolish to say that our present financial complexities aro due solely to this defect in our system. We could not oxpect to go through n. period of unparalleled destruction and Inflation without having t race consequences whoso beginnings only we are witnessing \Exchange Gotnac Ahead.\ \I have read Mr. Warburg's speech.\ Mr. Gtrolt replied, \and the position taken by the Now York Etock Ex- change in regard to term settlements 'Is exactly the same as that stated In the Interview published last July. The1 Stock Exchange Is going ahead as rapidly as possible In putting Into operation the Stock Clearing Corporation for the pur- pose of facilitating and handling dally settlements, and we don't feel Justified in considering or undertaking any other thing until that Is perfected. \Mr Warburg states that for a ma- chine moving as fast and Involving as great transactions as the New York Stock Exchange, a change of system is a most difficult task. He also says It should be undertaken with the greatest possible precaution. We feel the same. Wo want to relieve the congestion In the Street and to modernize the present methods of doing business. If we are euccessful In that we are open to dis- cussion and conviction qn the subject of term settlements, whether weekly or fortnightly. \Mr. Warburg also says that the diffi culty shouldn't scare us Into Inactivity and indefinite delay. The Stock Ex change Is moving as rapidly as possible In the matter of putting the Stock Clear ing Corporation's operations Into effect The Quarters In the Stock mchan building are promised toNe ready Janu ary 1. When that 1 completed there will be the question of educating the of- - flea forces and canks and drilling the employees of the corporation In the working thereof. How long that will take one month or two months I do not know, but Jt Is being pushed as rap- idly as possible. I think that Is the an- swer to Mr. Warburg's question about Inactivity and delay. OJr. Warburg furtlur says, TvTll they the Stock Exchange of their own free will undertake the (ask for their own benefit and for that or tna entre coun try T I don't think it s s. question of de lay. It's a question of preparing the machinery so that If the plan works, and ,ws excect that It will, the Stock Ex- - on an ge mwiwer uu unr axjt pnr Into a discussion as to the merit or of the term.settlsment, il want to empnasiss very wrongiy that If y the New York Stock Ex- - ohsngs. approved apd desired tg, adopt term settlements it wouia do mpossioia and impracticable unui our present plan IS woTxea .qui. eucowmiiy,\ Farts Bourse Trading. Pabis Doci I. Trading wait dull on the Bourse y. Three tit cent. rentes, ti franes' 60 centimes ; sxehsngs on Xiondon, to rranes'Zt ceoiunes; a per cent, loan, 87 franca IB centimes. The dollar was'quoted-a- t 10 francs 38 XOHDOW 8IO0K MARKET, Volume of Dnslnesa Decreases and QUt Edited asms Arc Weak. BlMoUl OabU Detpatch to Tna Sow from ikt London Tim Bervto. PoptrlfM, lttt, ol a rtatrvei. London, Deo. 4. The volume of busi-ru- ss In the etock market was to-d- further reduced and ono of Its unsatis- factory features was continued weakness of gilt edge'socurltles, the 6 per cent war loan touching the lowest price on record. There appeared to be less pres. sure to sell foreign securities from the Continent, but the tone of tho market was again very heavy. Argentine rails once mora weakened In spits of remarkable .traffic returns published, and homo rails remained out of favor., A proposed Issue of Bharea by the Marconi and tho Mexican Eagle companies resulted In a decline In tho price of the existing shares. Textile shares rati, with support Money was more Dlcntlful and loan rates ruled very easy at i to 2 for after, i noon money, balances In some instances being placed at 1H at the close. In tho discount market a fair supply of bills was available and a moderate vol- ume of business was reported at pre vious rates. . There, was recovery In New York which dosed at $8.91 U. Francs again' Were' Weak at '40 'francs 82 s, but Improved. ENGLISH WEALTH IS AT ITS HIGHEST British Hold $9,000,000,000 Foreign Securities; Enough to Pay Nation's Debt. Special Cable DupatcX to iTni Sen. JQepirlgM, 1313. all rlshti rtstrvtd. LoupoM, Deo. i. The extreme decline in pound sterling should not be taken as an indication that the British Empire is bankrupt or even approaching flnan clal weakness. England Is' stronger to day after 11 vo years of war and wealthier than she has ever beon. British In vestors hold to-d- (9,000,000,000 In foreign securities, oven after supplying tbo Government w.lth 83,000,000,000 Worth of such securities to form tho basis of loans In the United States to support the pound sterling. The. remaining foreign securities held are cnoucli to wIdo nut tho entire na tional debt of $8,000,600,000 and Icavo a good margin. The report of the Amer lean dollars securities committee to the Chancellor of the Exchequer reveals not only the great financial strength oc England but measures she was ablo to take during the 'war to prevent sterling exchange from declining. The committee was appointed on De cember 81, 1915, by Chancellor a. Its operations are largely under the direction of Sir George liay. Through almost entirely voluntary action, Brit ish Investors sold or lent to the Govern ment 83,112,970,945 worth of foreign ae? curltles to stabilize sterling. Of that amount about a third was bought out right by the. committee and two-thir- loaned to tho Government The sharts purchased outright were to bo resold In their natlvo countries. The report does not state whether all securities bo purchased were sold. Of the total loaned and bought, the purely American dollar securities amount io more than $1,000,000,000. Seventy-on- e per cent of tjiem was sold or are held for resale in New York and 29 per cent is held In London. The committee ceased operations on March 31 and since then nearly all of the 29 per cent has been returned to original owners. The ony compulsory measures' taken to get In- vestors' to lend or sell American stocks to tho Treasury was a tax of 10 per cent annually on securities not turned In. Through tho aid thus gvieh by In- vestors the American dollar securities committee was ablj to peg New York exchange at $4.7C up to March 31, when control was removed. If the Brit- ish Government should desire again to peg sterling the remaining $9,000,000,000 in securities held here would enable It to do so for the next fifteen years, even if buying In America should go on at the same heavy rate 'that It' did during the war. But the decline in sterling Is due to England's desire to cut down Imports from America other than necessities and to the sale of large quantities of goods on tho Continent on long credit which acts as a detriment to the sterling rate In New York. That policy requires far sighted vision. Cutting down the buying power of sterling in countries from which England must draw her raw ma- terials llkewlso adds further to British foreign Investments and will be a strong buttress to sterling exchange when the Continent again gets oi, :ts feet and able to- - pay back credit being extended. FINANCIAL NOTES. Joseph Kaufman, president of the Amer- ican Safity ttazor Corporation, has beta lected a director of the Irving Trust Com- pany. Hydraulic Steal Company officials have sold 37,000 shares of Us common stock, no Talue, being offered by Roland T. leaaham of the Cleveland Stock Exchang at $44 a share The company's business has expanded so rapidly that working capi- tal la needed to handle Its orders. The company has on Its books untitled ordors exceeding $7,000,000. The company, or- ganized in Ohio to take over the business of the Uydraullo Pressed steel Company, operates three plant In Cleveland and One In Canton, Ohio. Naw York Stock exchange has ad- mitted to trading Liggett & Myers To- bacco Company rights. , Oold bars amounting to $119,000 have been withdrawn from the Assay Offlcs for shipment to Vans, Bankers Trust Company has been ap- pointed transfer agent of Detroit Pressed Steel Company preferred. At u moetlng of the Chamber of Com-mer- yesterday tts annual membership fee wae decided to bs raised from $10 to W. Bailer ban nld ill. Ttmi Vn,v ouon juxenangs memoersnip to John Clark for $11,000, an kdranse of from the last previous sale and above the nrevlous hlch record P. $1,110 $l.tv A Chicago Board of Trade membership has been sold for $11,100. New York Prod, nee Exchange memberships bar sold at $1,000 end are now about IJ.vkj. John B. Johnson was slatted a member of the Jiew'York Coffee and Sugar Ine. Novemlier production ef copper of the Phelps-U- ot Company was l.tll.coe pounds, a decre-u- of 7,001,011 pounds com- pared wtb November, 19H, Ouaranty Trust company has been ap- pointed transfer agent of Emerlcb, Oil Com- pany stock and registrar of 'an authortted issue of $t,000.400,lpar value, of Brooklyn Union Q as Company convertible I par mul debentures, due' en November 1, 1JJI. UabserlDtUn books for the nw 41.000.009 Of Edward O. Budd Manufma. tunng company I per cent preferred atook, J recently underwritten by a syndicate com- - posea or zirown cros. a uo Frailer A Co. ana tvuuasn a. iieaa a vo.. Bays Been closed, all of that stock having bssn sold' on the day of uttering. Alfred J. lfcOrath, formerly cashier of the International Bank,' has taken charge' of Tmbrle Oo.'s banking department. Citizens National Bank has authorized' payment to Its employees bonuses of ti per cent of their annual salaries for the quarter ending\ on December al, making' a total of to per etat In extra' compensa- tion for' the year. national Bank of South Africa, XAL, has' opened Its branches at Port Louta, Mauritius, Oranrevtlle la the Orange River Colony and at Bolo In rue Cap Province. wiiuam it compton Company aanonnee purchase of the American Trust Company of fit. Leols, through a snmdleata headed by William H. Oomptoo. president of Ih. wllll am B. Campion Company, and la. ciuaing u . v tampion, ins .trust com pany corporate nam will be changed to. ih. Compton, .Trust Company.. Henry ILL be Jiocaiua nifi vommuB 10 do lie vicv-prs- si dent It other will Thomas 1L Driart pf st Loula and Clark on 5ottr. The stock authorized and out' atandlng U 10,000 shares of 1100 par vaiDB. t tm unaeraiooa uiai u syndicate THE SUN, FRIDAY, DECEMBER 5, 1919. Executor Truateo 'Chartered 1822 The Farmers' Loan, a,nd Trasf Company Hob, 16, 18, 20 22 WmiauTstreet Brnoli Office, '475 Fifth Avenuo At Forty-fir- st Street Newark London 'VM Foreigii Exohange Administrator Guardian Member rederal Eoservo System rmtl Now Tori Olearlng House S.&K GETS FUNDS P0B NOTES. Government Turns Over Money to UltUce rt'eorsnnlaiiie Effective. Necessary funds to make effective the reorganisation of ttiof Boston and Maine Railroad Company have been turned over by tho Government and overdue notes and nil back coupons of the Bos- ton and Maine and St Johnsbury and Lake Champlaln bonds may bo payment' at the First National Bank of Boston. Notices to the stock- holders of the leased lines to the effect that they may present, their shares for exchariga for new Boston and Maine preferred slock with adjustment in re- spect to dividends have been mailed. Uoldera of the leased lines which have bcon consolidated with tho Boston and Malno are entitled to only 80 per cent of its regular dividend' rato for five year period which began January 1, 1919. Owing to delay In the reorgan- ization, dividends on the leased lines' stocks were paid' at tho full rate during 1919, that Is, three quarterly payments or semi-annu- payment at the old rato. Cash payments are being made to bring the full amount for tho year to the now rate. Pittsburg Is caso point entitled as leased line stock to per cent and under tho new arrange- ment to per cent, for fivo roars. It has received tlireo quarterly payment. 1U each or total of 374. It la re- ceiving. U of per cent, to complete the per cent for 1919. Bank of Enirlnnd Statement. Lonpon, Doc. 4. The weekly state- ment of the Bank of England shows the following changes: Total reserve Increased 2,449,000, cir- culation Increased 1,440,000, bullion In- creased 3,S88,753, .other securities de- creased 1,272,000, public deposits In- creased 1,486,000, otber deposits In- creased 43,D4S,000, notes reserve In- creased X2.54S.000. Government securi- ties Increased 45,906,000. Tho proportion of the bank's rcsorye to liability this week Is 13.21 per cent; last week It was 16.34 per cent Exports From Nevr York, Wheat, bu., 218,372 oats, bu'., 143,728 rye, bu., 19,953 barloy, bu., 148,303; flaxseed, bu., 16,912; peas, bu., .5,019; beans, bu., 1C6.870 flour, sacks, 557; pork, bbla, 140; beef, bbls., 81; beet, tcs., 1,318! bacon, lbs, 2,229,000; lard, lbs., 1,554,800 tallow, lbs.. 126,000; oat- meal, bbls., 2,906 oil cako, lbs., Bid. Ask. 26 44 29 97 80 74 ay Yii 37 56U 6PH 35 106 43 41H 35 U 34H 23 31 80 17H 64 CIVi 26 21K 99 114 92 9714 106 20H 76 81 54U 110 101 93 1B 13 25H 75H 13 m 14 119 11 47H 7S 96H! 23 68 145 77 109 liou 45 10 ?4 43 HH 86 99 44 02 196 92 36 124 67 60 198 90 20 22 77 107 128 114 73 48 104 113 73 10 65 24 H 65 18 23 88 114 63 H?i 68 30 78 8S ; , , ' ' & x ' , ' ' ' 4 a a a n a 6 4 a 1 4 ; ; ; : i ; i 8 28 48 So' 81 75 50 0 140 37 66 61 36 108 43 41 35 34 23 31 18 67 62 26 21 09 115 93 100 107 20 76 83 65 110 102 100 16 14 26 76 13 8 14 220 11 47 78 96 22 59 176 77 109 2 50c 8 7 5 4 6 's 5 4 5 'i 8 8 5 8 7 a 4 4 6 8.70 8.70 '2 8 8 8 6 6 7i 6 Ssles. 100 300 eoo 800 100 too 100 2300 1400 2400 8700 1900 2600 Ohio Cities Oas .. Oklahoma Prod & Otis Klevator .., Otis Steel Owena Bottle Co Pacific Gas & Electric. Pacific Tel 4 Tel Pan-A- m Potrol $ T..,. Pan-A- m Petrol & T rts Parrish & Bingham... R H Penn Seaboard Steel... Peoples Gas, Chicago.. Pcro ilarquetto .- Co Plcrce.Arrow Motor. . . Pierce Oil Pitts, C, C & St Louis. Pittsburg Coal of Pa.. Pittsburg- - & west Va.. Pond Creek Coal..:... Pressed Steel Car Pullman Co.. Punta Allegro Sugar.. Railway Steel Spring.. Ray Consol cop Reading . Remlnston Typewriter Republic Iron & Hteei.. Royal Co Dutch CdN x Royal . . . St Louis St San St Louis St Louis Southwest pf.. Savage Arms Corp Saxon Motor t.... Seaboard Air Line Co Aria Cop Sinclair Consol OH.... Sloss-Shoffle- ld 8 & I.. Southern Pacific....... Southern Railway Southern Railway pf.. Stutg Motor. Superior Steel Corp Wras Utah utnn aeo uora Chora. pf A.... Wcitlnghouse, M.. Erie., ft. Co..., Pump..- -. OP CONDITION OP IMMIIE CO.. BANKEBS the cloeo business on' the 12th day, November. \Ig. Public eocuritierf. securities Loans and discounts secured by 'other collateral. ?&3fiB-- Loans, discounts and bll not secured by coU&toral. iDue from approved ..,' serve UopositnrioH.. $.17,498.37 Duo from foreign banks, nnd banker ,(s.7B Duo from trurt Mm- -' panics, banks anil bankers not Included la 64.080.48 twin. .'..,. 8,l&tC0 Wroten currency 21J.76 Total $038,018.21 Permanent capital. ''W.OOO.OO flurplus awl. Dopoilts: subjoct chock ,$285,240.93 Othor certificates Ccrtinod check. Extend total deposits...,. .204,000.57 mill payable .Indebted- ness for money borrowed, rwro- - M.fflMna Accoutanco arans rayania morclal letters credit. i.i.... Total ALLIS-CHA1MEE- S DIVIDENDS, Declnmtlon Out Deficit on Stock preferred stock Manufacturing 'Company ordered paid yesterday when extra dividend, cent Issue declared directors dlvidneds. Thnt payment ordered addition regular cent preferred. bade dividends beginning totalled cent. cent extra de- clared account nccumulatlon, year With yesterday's total nncumulatlon ordered year, wiping deficit stock. regular January stock record cember STOCK EXCHANGE PRICES. Continued from.Prectdtng Pope. Itef. Pennsylvania Philadelphia Corp....... Railway Steel Spring Republic Motor Truck. Dutch Fran... Southwestern. Seaboard Lino pf.... Sears-Roebu- Shattuck Stewart Warner Speed.. fltromberg Studebaker Corp..i Studebaker Corp Tenn Cop Chem Texas Texas rts....- - Texas Padftoj... Third Avenue, Products.., Tobacco Products Transcontinental OU..... Transue Steel... Deposits Underwood Union Bag' Paper Union Union Pacific. Union pf., United Alloy StoeU...... United Fruit United Retail Stores',,... S Pipe Fdry.... Express.... 8 Food Prod Corp..... S Alcohol.. S Rubber. S Rubber S Smelting, RAM,... smelting, RAM U 0 Btocte S Steel pf........ Copper... wanash lEOOfWabasb. E & ft- - i A rarVATK at of of v. . . : . . . s td . 38,440.30 re- - . : . , . 1 ' ... .. t .. , ' to of . . : : . - .1 ... nt Mft. or Maryiona Western, land Western Paclfto.... Western Wheeling White Willys-Overlan- d TllE '\i'SoS'oo I'rlvato llaLUltlZ. DcrtontraL 100.000.00 LIABILITIES. deposit... last of on the oi me were of i per on that was by Its on account of back was In to the of 1 per on Its The nt of 1916 more than 16 per In that year 3 per was on of that In 1917 of 3i and last of 8. a of 4 per ntm nn has been this out the dlvl- -, rtrnd on the Tne on IS to of on De 81. pf. . . Air oV -- Co Co i ft Tobacco pf A . Oil Co U C I & U S U U Ind U U 1st pf. U U 8 pf. U an travuu ui 0... . Wells Fargo western Mary 2d pf. Vnlon Tel Air Brake. Lake, Motor Wilson REPORT Including of 10000.09 i. i ,.. i .8638,018.21 Wipes Disbursement). Poclflo The the accumulated dividends quar- terly disbursement the declaration rts Ttra dividends will be vayable NEW YORK .Carburetor... Typewriter. Express.... Westlnghouse Worthlngton 25 45 28 97 81 13 48 9 130 36 65 60 S5 103 43 41 36 34 23 31 78 17 66 61 26 21 97 115 80 95 107 20 76 79 63 104 . 102 99 15 13 26 75 13 7 14 230 11 46 71 04 22 68 140 76 10S 2 114 45 104 28C' 62 42 14 81 100 43 62 197 91 36 123 67 60 . 201 .88 20 23 78 101 121 113 73 48 102 112 71 10 6J 24 16 8 20. 82 83 114 02 13 65 29 76 3$ niik-- i 25 45' 29 98 81 74 50 10 131 87 68 60 86 107 44 41 35 34 23 81 81 18 66 61 26 21 99 116 93 98 107 20 76 81 65 102 16 \ 13 26 76 13 7 14 220\. 11 47 74 95 23 68 140 77 110 3 114 45 10 306 ' 66 42 14 87 100 ' 45 (8 197 01 37 126 67 61 201 91 21 23 79 107 123 115. 74 48 104 114 73 io. 65 k 8 84 16 SS. 11 SO.' 22. 89 114 61 13 67 '80 79 87 Low-- 1 Clos- - net est. I Ing. Cb 25 25 45 45 48 29 96 98 1 80 81 73 74 48 60 2 9 9 130 131 1 36 37 1 55 56 60 60 35 35 '8 103 107 4 43 44 41 41 86 36 33 34 1 23 23 81 31 78 80 3 11 17 65 65 2 61 61 ' 26 26 21 21 97 99 1 114 116 90 92 2 95 98 3 107 107 3 20 20 T6 76 79 81 1 68 65 1 103 110 6 102 102 3 99V 101 2 15 15 13 13 28 26 75 76 1 13 13 7 7 14 14 219 219 2 11, 11 46 47 1 71 73 2 94 95 22 22 58 68 140 140 16 75 77 3 108 U0 1 2 3 f 114 114 3 45' 46 10 10 886 294 9 62 65 8 41 42 14 14 81 87 100 100 3 43 44 1 82 \ 63 2 197 197 'ft-- 2 91 92 -2 36 37 1 138 126 , CtU 87 4 61 1 199 199 88 91 3 2054 21 33 23 77 78 100 107 121 128 1 113 US 1 72 74 1 48 48 104 164 1 112. . 114- 1 71 73 . 1 10 10 64 85. 8 8 24 24 - 1 18 HI 85 65H 11 11 20 20 1 33 22 884 89 1 114 114 -- 63 68 1 12 18 -- f- 5 66 . 1 39 30 76 79 3 85 38 OK \Ferfign Trad Through Foreign nwrfmmtY' A Decided Increase in Principal and Income it quite poisibla for, those who take advantage of the preseat fordfa rirhMip rates and ptrrchase the internal loans of any one of the allied govonwieisk. We submit the following table which mdicatea clearly the profits that iirvestors in French, Belgian and English bosds would receive thavAd exchange return to normal: ; 1,000 francs t French Victory Load 1,000 francs 4 French Loan of 1017 ....... 1,000 francs 6 Belgian National Restoration Loan. '. . . . (114 100 Pound B British National War Loan 1922.. 100 Pound 4 British Victory Loan .... ..... Cost at Valaa Cost Rata Al RsvU ,'' $90 $73 .$366 .$325 AesrasBstt Approximate Redemption SIM It will be seen from the above that those who buy at present rates may receive profits on their as follows, even if market price should not advance: 50 French Victory Loan... .94$ '4 French Loan of 1917 y. Belgian National Loan ;78 5 British National War Loan 1922 .2V2 5 British Victory Loan 24 In addition, if the coupons are withheld and not collected until to normal another profit may be had through increased yield. As prices are we will advise by or the prices of the internal of the allied and in addition we will be to furnish latest statistical data on request Chicago Mlanaapolis A. B. Leach & Co., Inc. Imubnerd SmcutHw 62 Cedar St., New York Philadelphia Baltimore) Boston Pittsburgh my. eventually principal Restoration exchange substantial changing constantly, telephone telegraph governments, Cleveland Arkansas Natural Gas COMMON STOCK (When, as and if issued) On Monday, (December 1st, instant, the stockholders 'voted to increase the common stock from $7,500,000 to .$47,500,000, and to $1 ,000,000 at par ($100) to holders of the Preferred and Common Stock as of December 15th, instant; also to reduce the par? value ot the Common Stock fiyh $100 to issuing 10 shares of new stock for each share ot old. This Company was organized in 1909 as a natural gas company. Recently it was decided to develop its oil acreage. The company now holds leases on approximately 315,000 acres of land, 200,000 of which are in Texas, and over 2,000 acres in the new Homer field, Louisiana. Three weeks ago tho company's first deep test well in the Homer pool came in at 15,000 barrels daily, drilled down to the sand. On Monday, No. '2 deep test came in for 25,000 Barrels daily, with larger pipe, is estimated to be good for 40,000 barrels daily, possibly the largest in the United States. Arkansas Company's present production is 48,000 barrels daily. Present estimated production from entire Homer field, 275,000 barrels daily. This company is controlled by the powerful Benedum-Tree- a and Booth-Flyn- n interests of Pittsburgh. We recommend the purchase of this stock, \when as and if issued\ at the market. Application will be to list this stock on the New York Douglas Fenwick & Co. 34 Wall Street New York City Telephone John 340 ThU information, secured from official sources, but not guaranteed Mexican Eagle Oil Co., Ltd. RIGHTS Bought Sold Quoted MacQMOlD & COADY UmHn Ntu York Slx Exdantt 14 Wall St., New York Tel. Rector 9970 Sell Four Seats on 'Ckange. Announcement was made yesterday by- the New fork- Stock Exchange eom-ipltt- ea on admissions of tho sals of four scat on the exchango. Tho prices for the four ranged from (95,000 to $100,-00- 0. The seat of Arthur J. Thomen was sold tePerey R. Ooepel for $100,000, ' PrMsat Narsal Neraaai $175 $140 $100 $4S0 $403 Danforth, Jr., for $91,000, that of Max nuckgaber, Jr., to Warren Ackcrman for 89S.OOO and thnt of David A. Noyes to Jones E. Henry, tho last namod trans-- 1 far being merely partnership transac tion. Qeorgo Carstens. Walter C. Hardy, Samuel Ungerleldcr nnd, Alfred J. John- son wero elected members of the ex- - 't $193 $193 $4M $4M '.t-s- , '. - . ; ., .. . . . . , . returns loans glad Buffalo issue $10, one first and well made Curb. \ We Deal In \ : American La France u Fire Engine Company? ). ) Hallowell & Henry TL John Sl8. ii Mae 81. N. Te CENTRAL UNION TRUST CO. of 'rw fork CO Broadway. BRANCHES Ith Avenue at UOth Street VaJl.on Avenue at 4?nt street Sth Avuiue at aStti Street Capital. Surplus and Unltttdel Profit\ aiO,0O(NOOO - The National Bank of South Africa, Ltd. Resources Exceed 5237,000,000 10 Wall New York It. i:. SATOPEKS. Asent. 3? Street .a Is A. i. i c tt .3 ro 0. ot c, l iivsr ssasss as wi m mum.
