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it r- V 20 TftE fltffr MtfotiBtfM, JANUARY 7, 1920. 435 9t New Year Investments FOR the reinvestment of funds released at this time, we offer the follow- ing at prices to yield the approximate Income returns showi. State of New York 41,b, 1922-4U- s, New Rochclle iys, New York City 1965 Cleveland, Ohio, 5s, 1927 4.48 4.5 Canton, Ohio School District 5s, 1920-- 59 4M Ashevllle, N. CJ. School 3s, wo Railroad Bonds Atchison, Topeka 5c Santa Fe.Ry. Genl, 4i,J995,.., Lt5 Northern Pacific Prior Lien 4s, 1997 8.WJB Norfolk & Western R. R. .Cons.ol 4s, ,1996... H8! Atlantic Coast Lino R. R. Consol 4s, 1952 5.30 Oregon Railroad 5c Navigation Co. Cons. 4a, 1946 5.50 Minneapolis, St. Paul 5c Sault Ste. Marie Cons, ,4s, 1938 r 5.60 ChlcaiO, Island 5c Pacific Ry. Genl. 4s,. 1988 J....y 5.65 Industrial & Public Utility American Can Co. Deb. 5s, 1928 R. J. .Reynolds Tobacco Co. 6s, 1922 P. l,orlllarti uompany ueD. s, Gulf Oil Corporation 6s, 1921- - WHson St uo. 1st bs, mi New York Telephone Co. 1st 448, 1939 BankersTrust Company Downtown Office: 16 Wall Street FOREIGN EXCHANGE OPTIONS Nine Months' Calls 100,000 1 French Francs At 8.60 for $300 on Italian Lire at 11 for $300 on German Marks at 2? for $300 on 10,000 J Pounds Sterling at 4.05 for $650 Explanatory Circular oil K'qutit, MAX HESSLETn & CO. Options 60 Broadway New York Tel, Wl.or With on estimated production of 200.000 cars for 1920 and at the height of its career as a leader in the motor car field ILL YS is worth knowing about at this time. A concise report has been prepared, and in addition data on 5 MOTOR STOCKS now in the public favor and markctwlre OTIIKli ISSUES DISCUSSED: Mm-lal- foil.. Marronl Co. Inlernnt'l Taper Merrill Oil U. S. Iluhlirr Mlduest Kef. Gratis on request lor :B. H.MacMASTERS & GO. Member Conaolii-M- Stock Ezeh. N. v ,69 Wall St. ) New York Uitxmer vnzi. Ground Floor. Steiner Corporation Jo be yew y traded In on ork Curb. MERMAN PROS. 1117 WllimuSh. JUWcwYorit Jnieiimrnt Srrurilln ! Telephone, J3roacJL 270B Special Letter this week on COSDEN & CO. Recent Special Letters on Federal Oil U. S. Stfmmhlp tin. PruAt Sharing No. Am. I. A V. rid en Chemical .Submarine Uoat llupp JMjlorj WajneCoM Copies upon request ff' 25BAOADST. HIWYWK Telephone Broad 7171. mraham, Parsons X Co. Investment securities Chestnut St. Fhilidefphia Ret tor 0112-- 3 lHBroidvajr Nr York Am. Wtr. Wks. & El. 5s, 1934 J. Y., N. H. & H. 4s, 1922 jBierra & San Francisco Pow. r2d5s, 1949, Serioa\B\ fREDERID H. HATCH & GO. I Catahllabed 1st \Phone Rector 6310. 71 lTway, New York. Wre Connections Boaton. CMcaro A Fblla. 1964. -- 23. Municipal Bonds 4.MJ6 . -- r. ... 4.65K . , , , , , Rock Bonds , ' j r ' : f. ' active ' Oil 1 1 fc ,. 1944. HMIMMtMMIMi WILL BUY Bank of America Atlantic National Nat. Butchers & Drovers Chase National. Chase National \Rights\ Chemical National Citizens National Coal & Iron National Columbia Bank Continental Bank Corn 'Exchange Bank Hanover National Irving National Bank of New York Industrial Bank Public Bank Seaboard National -- Yorkville Bank Brooklyn Trust Equitable Trust Fidelity Trust Fulton Trust Mercantile Trust New York Trust Title Guar. & Trust U. S. Mtge. & Trust American Surety Co. ' Metropolitan Trust Co. Columbia Trust Co. Great Amer. Ins. \Rights\ N. Y. Title & Mtge. Co. New York BALTIMORE, 6.15 6.15 6.29 6.30 Astor Trust Office: Avenue at Street WILL SELL American Exchange National Battery Park National Chase National Chase National Chatham Phenix Nat. National City Bank Nat. Bank of Commerce East River National First National Bank Garfield National Harriman National Importers Traders Liberty National Lincoln National Mechanics Merchants National Nat. Park Bank State Bank Union Exchange Nat. Union Trust Co. Equitable Trust Co. Farmers Loan Trust Franklin Trust Co. Guaranty Trust Co. Lawyers Title Trust N. Y. Life Ins. Trust Title Guar. Trust Lawyers Mortgage Co. Bankers Trust Co. Manhattan Co. Great Amer. Ins. \Rights\ CLINTON GILBERT Bank.Truat Co. and Insurance Stocks 2 Wall Street, New York Telephone 4848 Rector New York- - Boston December 31, 1919 The heretofore existing the firm .name of Edwin S. Hoolcy Co. has this day been dissolved by mutual consent. EDWIN H00LEY FRANK BRUMLEY JOHN CHAMBERL1N GEORGE H. JOHNSON 1 5 Broad Street Fifth 42nd 'Metals Central under 21 Congress Street Boston, Mass. 'i & & & & & & & & S. E. B. We!, the undersigned, have this day formed a co- partnership under the firm name of Brumley, Chamberlin & Co. Member 8 .Yew York Stock Exchange ' FRANK E. BRUMLEY - . JOHN B. CHAMBERLIN GEORGE H. JOHNSON ALEXANDER P. GRAY. JR. EDWIN S. HOOLEY, Special Partner We have prepared a letter on THE GENERAL MARKET OUTLOOK and THE COPPER SHARES Copy on request HALLE & STIEGLITZ Memberi New York Stock Exchange! 30 Broad Street, New York MD. Baltimore Stock Exch. BIda. 6.16 Bank ATLANTIC CITY, M.J.' Penn. Ave. and BeardwiUt BANKERS TO MEET AGAIN IN CHICAGO Question of In tores t on Bal-- '. nncc's Left to Oominlttco to Convene January 20. Seteial Deipaleh to Tin ,StX. \ . WASHtNOTOH, Jan. 8, Tho question of InUre-s- t ratt to bo paid by banks of ; tho 5irtry on commercial balances and on, ba ts.no drawn from other banks I 1 to be 1 eft' to a representative committee I of clearing house inembers, who are' to i meet In Chlcngo on January 33. That I court was decided on y at a Ben- - I oral, oonforenc of bonkers held herb j Oiny were canea 10 wnsninjpon ay wo Federal TUserve Board to disentangle the relationship' between Intereot rates on iruch balances and the rediscount rate for ninety day paper at the federal Re- serve banks of the country. Gov, Hardin; opened, the conference with' a statement that the banks' practice of bidding for such free balances ww bad, as the' were unstable and llao.Ul-ti- ts rather than assets. The conference passed the following resolution : v \Whereas the Federal reserve Board has Invited' the representatives of the clearing-house- from various parts of the country, here assembled, to attend a ce In record to the Interest lutes paid on deposits throughout the coun- try, and Gov. Harding of the Federal Itoeervo Board has outlined very clearly the present financial situation and the probability of advances In rates 'by the Federal Rornrve banks; and \Whereas It Is the opinion of tho con- ference that the present method In sev- eral of th larger centres of the country' of regulating intereit on bank balances by a sliding scale based upon the ninety day Federal reserve bank discount rata 13 not wholly satisfactory; and \Whereas until more satisfactory regulations are adopted govemln? ,tha rates 'of Interest td be paid on balances It Is most Important that existing regu- lations should not be abrogated ; and \Whereas It Is thef opinion of this conference that the' Federal reserro banks should always be free to establish their rates of discount without reference to any clearing- house regulations as to' the payment of Interest ; and 'Whereas It Is the opinion of this con- ference that the payment of high rates of Interest on bank or commercial bal- anced is Unsound and Is bnd banking and that even effort should' be made to avoid such a practice ; \Now therefore, lu 'order to make progress along safe and conservative lines It is requested that the Federal Reserve Board Invite the clearing houses in ach Federal reserve city to select three, representatives from its Federal reserve district to attend a meeting' to bo held on or about January S3, 1BI0. at Chicago, 111., to consider the whole I question of interest on balances in order that some basis may be agreed upon that will bo mutually satisfactory, con- ducive to conservative banking and ben- - ent me enure Dullness ana Dinning com- munity.\ Tho beard immediately Instructed the chairmen of the several Federal wservo banks to invite the Clearing House Id every reserve city to .select three repre-- . HAnt&tlvftA from iln rMerre district to I attend the meeting suggested. PATHE ZREBES OFFERING. - Phonograph Cdmpnny Issne Is of 91,000,000 Debenture., Montgomery A Co. are'offerlng at 100. and accrued dividend, to yield 8 per cent, jrTOOO.QOO of Pathe Freres 8 per cent, cumulative sinking fund debenture stock. The company was Incorporated In 1912 and owns a plant In Brooklyn, in which dally about 30,000 records and sound reproducing- - devices, Ac., for Its talking machines. Its unfilled orders at present exceed Its gross business of any previous year. The company's net quick assets are equal to 1163 a share, and its net tangi ble assets to 129D a share of debenture stock. Its net earnings for ten months ended on October 31. after all deprecia- tion, but beforo Federal taxes, were J696:i6S. , , Tho company has a contract with the French Pathe company, under which It ha.s 'exclusive right to manufacture ! Pnthe phonographs and records in North America, almost all of South America and Oreat Britain, Ireland and all Brit- ish colonlcsrexcept Egypt GRAIN MARKET. The com market displayed yesterday an irregular tone. There was som scat- tered selling at the start due to weakness in hogs, but commission houses and shorts absorbed the offerings and the market firmed up. Bearish Influences set to work In the early afternoon and prices reacted, but strengthened before tho close. Prices clontd with 1 to 2 cents a bushel advance. Receipts were again disappointing desptto Intimations that railroads would supply more cars. Interests with country, connections fort- - saw better shipping conditions. Weather-- i reports were unfavorable for moving grain ajiu exenea no iuijo jrmuniico on traue. Kumars or export ousmcss in corn on Monday worst circulated. The firmness in northwestern wheat and rye were factors which encouraged shorts to cover, uasn prices wcro snarpiy mgiicr, being 2 to 5 cents-up- . COIIN' In the locl cah mirkct'No. 2 yellor was quoted t 11.07 No. 2 mlel. M.titJti, cost and freight New Tork. tin dart shipment. OATK The local casli market waa teady: No. 1 white quoted at 1; ?6. 5 white. Me.: No. 3 white, 08c: No., white, VTr., all elevator. IlYE Market Arm: No. '. Western, U.oavt. r. o. b.. New yorK. . UAUI.KV Market eaay: feedlnr. S1.58 ; mallltir, ll.1Ttfl.70, f. o. b. Naw Tork. Tll'CKWHEAT Market Arm: now, 13.25, nominal, a lOO.pounda. HAY Market ateidy; No. 1. ll.7A01.sO: No. J. ll.Mfll.70; No. 3, t.00ttl.U: ahlp-nlni- ll.2r.lS 1.45. STRAW Market flrrrt: No. 1 rye, 110820 a ton. CHICAGO PRICES. Mon- - RTE Open. nieh. Ixxr. Clo. day. January Ill HI 1M ISt May W - 1S7 ltoi tMi ISM con- N- . . January 1174 15M1 lKli isr; 137S May iu jm mvt uty. July OAT- S- May July I.AM-Janu- ary Mar RIDS-Janu- ary . May - T\ m 71H 13 mi M.57 a.'.O ;.63 Zi.it ,:4.60 ,:0.M' 9.15 to 1T)i t3.it tZ'O 23. M it.H 24.13 ... r. .S0 19.M !.27 PORK January 37.00 37.00 May SS. CO' 51.90 '37.10 37.70 INTERIOR RECEIPTS. Whel. Com. Oats. Testerria- r- 23.ooo iti.ooo u.ooo Last week M1.C00 1.003.000 M,000 La, I roar (07.000 7fO.0OO CM.000 SEABOARD CLEARANCES. Mour. Wheat. Yesterday C,000 170,000 Lait week 301.000 SI, 000 310.000 Increaae General Motori Slock. ty'tLMlNQTON, Dcl.,'Jan. 6. The stock-holde- ra of the General Motors Corpora- tion, at a special meeting- - hre, ratified to-d- a resolution of Its directors iS, 100,000 shares ot capital stock, preferred and debenture, at 10U a aliare. and 50,000,000 shares of com mon stock or nominal par value. IO.S0 10.(0 37.00 37.00 37.CO Zi.li Last year l'rnnnylrnnlit Cmdr Oil Market. Oil Crrr, Jan. S. Credit balance, ! 4. Runs, 15.8C4 average, 27,791. Ship menls, 60,800 ; average, 31,913. J' 7 J 140,000 Shares Atlantic Fruit Company Common Stock V (No Par Value) cAlTALIZATION (Upon completion of present financing) To be Outstanding - 7 Sinkingr Fund Convertible Debentures $20,000,000 $10,000,000 Common Stock (no par value) 1,000,000 shares 395,000 shares 200,000 shares reserved for conversion of Debentures 200,000 shares reserved for any further conversion. Transfer Agent: Registrar: THE CHEMICAL NATIONAL BANK CENTRAL UNION TRUST COMPANY OF NEW YORK OF NEW YORK ' We summarize as follows from letter of Mr. N. A. Macleod, President of the Comyany, and the report of Messrs. Arthur Young & Co., Certified Public f BUSINESS. Atlantic Fruit Company and its predecessor companies for many years have been engaged in growing, shipping and selling bananas, cocoanuts and other tropical fruit. It now acquires from interests identified with Th6 , Cuban-America- n Sugar Co., by payment in Common Stock, two sugar planta- tions in Cuba aggregating 63,000 acres, and adjoining its, present estates. By 1921 it should be producing row sugar from its new mill, i PROPERTY. Upon completion of plans now to be carried out with the pro- ceeds of this financing, the Company will own approximately 153,600 acre3 of land in Cuba, suitable for the cultivation of fruit, cocoanuts, sugar cane and other products', 24,000 acres of plantations in Jamaica; 132,000 acres of unde- veloped land in Nicaragua; a 300,000-ba- g sugar mill in Cuba; about 35 miles of ' railroad, wharves, docks, warehouses, etc., and a fleet of .twelve ocean-goin- g steamships, with additional steamships sunder charter. MANAGEMENT. Those who have been responsible for the success of the Company since 1915 will continue to operate the property without substan- - , tial change in policy. They have associated with themselves strong financial, shipping and sugar interests which will be represented on the Board of Directors by W. A. Harriman of W. A. Harriman fis Co., Inc., Marine Securities; H. O. Havemeyer of Havemeyer & Elder, Inc., Thomas A. Howell, Vice-Preside- The Cuban-America- n Sugar Co.; Sir John Pringle, K. C. M. G., Jamaica, W. I.; P. A. 'Rockefeller, 26 Broadway. ' EARNINGS. ) Operating profits as certified to by Messrs. Arthur Young fis Co. for the four years and nine months ended September 30, 1919, have averaged ( over $1,470,000 per annum. For the last nine months of this period operating profits were $2,641,720, and for the calendar year 1920 are estimated at approxi-matel- y $3,500,000 without allowance for any return in that year on the money to be invested in sugar properties. iThis would leave a balance after pro- vision for interest and taxes of about $5 per share on the outstanding Common Stock. Price $35 Per Share When, as and if issued and received by us temporary certificates will be delivered on or about January 12th, exchangeable for permanent engraved certificates-whe- ready. Application will be made to list this Common Stockon the New York Stock Exchange Potter Brothers & Co. 5 Nassau Street, Now York White, Weld &' Co. 14WallStreot ' Chicago V New York Boston information these statistics, guaranteed, but have obtained sources accurate. Large Properties and Small Capitalization The Steiner Oil Corporation possesses two de- sirable features sought' for in ideal investment large properties and small capitalization. Not only arethe company's properties extensive, but its interests are diversified. In addition to ownership of loading rack3 having a daily capacity of over 200 cars, several miles of pipe 200 steel tank cars and a combined storage capacity of 239,000 barrels, the company also engaged in development of-th- 1,766.55 acres of leases in which is interested and in marketing of petroleum and its The capitalization of the Steiner Oil Corporation is 500,000 shares of no par value, of which only 160,000 shares are outstanding. We offer this stock at $15 per share. AThambers&.'b INVESTMENT BANKERS 37 liberty Street, N. Y. C. Senora Fiona to Add Capital. ' A special metlnj of the stockholders ot tha Sonora Phonorrapli Sales Com- pany haa been ca114 for January 20 to vote on Increasing its stock from to 17,260,000 by Issuing- - 11,250,- - ' This and are not been from wc to bs the the is the it the 000 of 8 per cent, cumulative preferred Aletk. The new stock .Is to he redeem-- 1 able 110 and a slnklne fund 'Is to bo created for Its purchase. lis present stockholders are to have the right to subscribe to 10,000 shares of the new Issue. i. Authorized Accountants: W. A. Harriman & Co., Inc. s Marine Securities Boston New YorlcW believe line, Mexico Oil Corporation $15,000,000 Capital Stock Par Value $10.00 No Preferred Stock Foil Paid and fs'o Indebtedness Wc are prepared receive subscriptions for the above named stock, as part of the advertised offering of 100,000 shares, at $4 per share. Circulars on request Herman Bros. Specialists 27 William Street New York Telephone Ilroad 2TUS Mark A. Noble Theodore NOBLE & CORWIN 0 liftUAU ai. YORK BUY & SELL Chase National Bank Stock & Rights Corn Exchange Bank Stock & Rights . Great American Insurance Stock & Rights Fidelity and Casualty Stock & Rights Telephones Broad 1110 to'1119 FOREIGN GOV'T BO.NDS AU. IfiBUKS noUOIIT SOLO QUOTKD ALFRED R.RISSE,Spcciast It) llltOADWAT .NKW tOllK Tel. Broad (120 BMt 74M. J r to C. Corwin NEW The National Bank of South Africa, Ltd. Resources Exceed $287,000,000 10 Wall Street tfftw york It. i:. SAUNDERS. Areot. 1
