the day's bond curb move i w. f.ladd v. information firmtone€¦ · **nofaet«r.nf corapanjr...

W. F. Ladd & Co.

InvestmentSecurities

New Tork

Miller.&6qMembers

NevY>rk Siock Exchanote"

Securities Bought for In¬vestment or Carriedon Conservative

Margin

120BRQADWffifBranch Offices

212 FIFTH AVENUESf ZOK. 25'STHKT

WNGACRE BUILDING \N. I cor ±2**l «r +¦ anamDmatr,

XEWYCrtK.

United FruitEngaged in producing, trans-porting and marketing trop-ical fruits and sugar, andoperating passenger andmerchant steamships be¬tween the United States andSouth and Central Americaand the West Indies, withan earning record last yearof $40 per share and a cur¬rent dividend rate of $12 pershare annually.A printed detailed review ofthe above security »will beforwarded without obliga-tion.

Ask for TJt-100

KOHLER.BREMER& CdSTOCKS-BONDS

MSMBSZZ C0H30UDA.TID STOCS iXOtA/nii -txrkajm ofria. wtC upvnm arnst.

¦j2BRfl*DWAY IK 23WEST43»S£PtawiBiwi «9W "*JCr PhoneVloticlerbflt 8t47

.STW Vf*BK»

It W01 Be "BoHy"

YOu/wiLlX BE

(WH\jWf FIRST

(Only 4 day* to watt)

Can be had on the "atreef

THOMSONAND

McKINNON42 Broadway, New York

209 S. La Salle St., ChicagoPletcher-Amer. Natl Bank Bldg.,

Indianapolis

Keabcr*

.<9v> Yo*k. Btock Backtmgay<nr. York Cotton Evchone*ttow York Produeo EseKang*'¦'.,.¦ Orlean* Cotton Ezchanga°l Chicago Btoek EzchangiOMeag) Board of Trai&aWinnipeg QroXn BscKangi

DIRECT PRIVATE WIRES

LIBERTY BONDSAll «<nsora*natt<me toacbt (or eaaa.

Bt«d on the eloelna* w« ptyiSja.7* for u. S&a.SVi% Bond. M CooponaSP for a, 150.Z4 41-4% Bond, 1 Coapoa¦S ,°'' ¦ SSO.3«J 4*4% Bond^oCoapom.BJIJ tnr u. *AO.tth 4V4% Bond, X CoaponNl.«2 for > Mo.4th 4%% Bond, 7 Coupon*PURDY * CO-

**». *a*m »174-»-4-7. M T\a» aa., JC. T.

ventral SugarT«us Pacific Coal k Oilfcikers Troft Co.fcOLURE, JONES ft REED... jfiJaiaji . A'»to rerfi tftoefc «*«*<."«.IU BnOw«</ PkMrM IM* Boetor

HARTSHORNE,PALES 4k CO.

Mambara Ne» W* 5toe* EaeAawfa71 BROADWAY, N. Y.

Tataghana 7414 AotoMot^ »3r»#t»

Vote Big Stock Inereaae*Direetora of tha H. H. Franklin

**nofaet«r.nf Corapanjr have voted togW< tha authorized eapital atoek25" f7/»0,000 to $40,000,000, to eo»-

aaa^ t'5,000,000 preferred and $26,.M00 common.

Large Stock Dhridend.to»«r»or« of tha New Enfland In-

!*<aant Ceaaptmy, which late in 191l»3*l»S»,e«l tha New Enffland Cotton*2» CoaipaBT, have daelarad a 100Jjf^faat atock diridend, payable to

»ld*n of record April '*.

The Day's BV. S. Government

TransactionsSale*.$586,000

1,000198,00059.0006,000

1.231,0001.114.0004.889.00O

Liberty 34s, 1947.do lot 4s, 1947.do 2d 4s, 1942.do lat 4%e. 1947..de ItVSd 44s... .

do 2d 4%»; 1942...'.do 3d 4%s, 1928.do 4th 44s. 1938

Victory 4 %s 1928.....'.' i.WLOOOao 3%a. 1923. 466.000

Quotatlona. . ... .. High. Low. L«Liberty 3%s - 93.40 93.10 93

do l*i- 4s. 8S.00 85.50 852° :\ 4f*j. 85T0 85 10 *5do lat 4%a- 86.40 86.00 8«do lst-2d 4%s.. 97.50 97.50 97do 2d 4%s. 86.00 85.52 85do 3d 4Ws. 90.78 90.10 90do 4th 4l4«- 8P.04 85.50 8E

Victory 4%a .... 96.60 96.32 9Cdo 3%s. 96.80 96.42 96

Bid and Asked QnotationsLiberty bonds.

34*. 1947.lst 4s, 1947_2d 4s. 1942.lst 41.4s. 1947.2d 4'is. 1942..3d 4 "Aa, 1928..4th 4V43. 1938

Closing Closing;Yesterday. Saturday.

93.12ft> 93.30 93.10® 93.3085.50® 86.00 85.60® 86.0085.40® 85.6086.005? 86.3085.80W 85.8890.30® 90.4085.80© 85 88

lst-2d 44a. 97.00® 98.90Vic 4%s, 1923. 96.50® 96.60do 3%s, 1923. 96.48® 96.(50Pre-war issues:

2s reg. 1930_1012s coup. 1930. . .1013s reg, 1946. 893s coup. 1946. 894s reg. 1925.1064s coup, 1925...1062a Pan. c. 1936. .1012s Pan. r, 1936. .1012s Pan. c, 1938.2s Pan, r. 1938.3s Par., reg:....3s Pan, coup..Phi. 4a, 1934...Ptiil 4s. 1935...Phil 4s, 1936. ..

D. Col 3». 1965.

85.10®! 85.4086.00® 86.5085.80® 85.8890.505) 90.7085.80® 85.9097.50®96.44® 96.6096.50® 96.60

.101

.1018282

. 8585

97

ffi.102©102

@107<ai07

f8> 86fS 86

f9§-96., 95

Foreig-n Govt. and Municipal Bonda(Interest To B« Added)

Bid. AskedAngto-French Extern 5s, 1920Artjrentine Intern 6«. 19+5...Canada, Dom of, notes, 1921.do 5s, 1921.do 1926.do 1929. 924do 1931. 904

Chinese Gv Hu Kug Ry 5s. 1951 44Va

98 471496%97%

'.18%97 497%92%

1949.Cuba Extern 5s, 1944

do Extern 5a series Ado Extern 44a, 1949.

Dominican Rep 5a, 1958.City of Lyons 15-yr 6s. 1934...City of Mameilles 15-yr 6a, 1934City of Bordeaux 15-yr 6s. 1934City of Copen 25-yr oV-s, 1?MCity of Paria 6a, 192lT. 89Jap Gov 4Us strlng loan, 1925. 764

d* 4 4s, 2d ser, 1925.dr. ls. sterling loan, 1931...

City of Tokio 5a, 1952.U K B A I 5-yr 54s, 1921.

df J-yr 54s. 1922.do 10-yr 54,8. 1929.do 20-yr 54s, 1937.86 4Mex Extern strl 5a of '99, 1945 314do gold 4o of *04. 1954. 26 4

(Sales)Anglo-French 5s

9174731483 4894834894"61-.

751-459 V4579593' -.'.914

45 49148273%8490490 4904764«9i**76%75 461168

8 6'4*31429

98f>33,0005002,000. 984i33.000. 98£55.000. 98 4,47.000. 984;

Chinese Ry 5s4.000. 4541

City of Bordeaux 6s1.000. 89

City of Lyona 6a3,000. 89

City of Marseillee 6s1.000. 894,000. 894

City of Paria 6a39.000. 894!

City of Tokio 6s5.000. 67

Dom Canada 54snotes 1921I4.000. 972,000. 96%!

do 5 43 19291,000. 934.000. 92%'

do 5s 19312.000. 904

Jap lst str 4 4s3.000_". 781.000. 764;2,000. 764,l.OOO. 76% N4,000. 764'

Railway, OtherAm Dock & I 5s C

1,000. 97 V*,Am Smelting 5s

1.000.4,000. 76410,000. 76TtTwtii10.000. 9341 000. 93%2 000. 945,000. 93%1.000. 9346.000. 93%1.000. 934

do col 5a5.000. 7746,000. 784.000. 77%6.000. 78

Jap 2d aer 44sa1*

Am

1.0002,000. 7617,000. 755.000. 7542.000. 7542,000. 762.000. 75 4do stlg loan 4s6.000. 6019.000. R9%16.000. 60

R of Cuba 4 4s4,000. 73M,

U K of Great Britainft I 54b 192110.000. 9541,000. 95%2,000. 95 41.000. 959,000. 95%1,000. 954

do 54b 192210,000. 93%7,000. 934

do 5 4a 19292.000. 91463.000. 9124.000. 814

do 6 4s 19377,000. 86%1.000. 8647.000. 864

Y City 44s 196511,000. 94%Corporations

Great Waatern 4s4,000. 62

iC M A St P cvt Ea6%; aer B

s.non. azu,7.000. 634

do gen 44a3,000. 733.000. 71

do cvt 44a2,000. fi5%1.000. 65%1.0O0. 65

do rfg 4 4*3.000. 57

do cen 4s ser A1,000. 611.000. 6I4

do 5s C & P W div000. 954

A T

do col 4a1.000. 734 C R I & P gen 4s

Armour A Co 4 4s 1.000. 71.000. 794) do rfg 4a2.000. 79 2.000. 62%A S F gen 4s 12.000. 63l.OOO. 71 !C * West Ind 4bl.OOO. 70%j 2.0-tO. 5641.000.a30f. 70 2.000. 56470%| 2.000. 564

70*4 Chflo Copper 7s70%j 2,000.1004

7.000.IOO4do 6s

1.0001,000..1,000.4,000.7048,000. 70%1.000. 71

do cvt 4s 196012.000. 80

Atl C L lst con 4e12.000. 73

do L ft N 4a1.000.62

Baldwin Looo 6s2.000. 96%

2,00*. 76 410 000. 76%3.000. 76%

Col Industrial 5a5.000. 724

Col & So lst 4s1.000. 774

do44s2.000. 70

1.000. 964 Con Ga* tem 7sBalt A Ohio 6s 1.000.looa

1.000. 82%, 3.000.10011.000. 83 iCuba Cane Sugar6,000. 82% tem cvt 7s9.000. 83 1.000.97>.000. 83%! 24.000. 97»

do cvt 44a6.000. 69%6.000. 594j1.000. 69%1,008-. 69415.000. 691.000. 59U

do rfg 5a3.000. 695,000. 5946.000. 59

do p 1 34a6.000. 80%!1,000. 80%!do gold 4a1,000. 584i12.00O.s3Of. 536.000. 58%6.000. 581.000.s30f. 57%12.000. 684.4.000. 57%

do Pitta L E ftW V»4s3.000...

da Sw 84s54

2,000. 9742.000. 97%5.000. 98

Cnmberland Tel 5»1,000. 82

Den ft R G con 4»5.000. 60

do rfg 5s8.000.45U1.000. 4V4

Erie pHor lien 4a1,000.60%

do gen Men 441.000. 41%1.000. 414

do cvt 4s ser A13.000. 344

do cvt 4s aer B22.000. 34 41,000. 34%1.000. 85

do evt 4s ser D1.000. 38%30.000. 38

do Pa col 4a10.000.

3,000. 69%,Gen Elec tem 3s73%

Brookiyn Rap T 7sctfa of deposit2,000. 42

Bush Term con 5s2,000. 75

Central IJ«ather 5s4,000.93

Cen Paeiflc gtd 4t4,000. 678.000.66%

99»8%9998%

7.000l.OOO.7 ')00.8,000

(Granby Mining 6s »tp1,000. 95

jG Bay * W deb BI 5.000. 7%jHock Valley 4 4*

6,000. 63%do34s IKenoUm ft T C lst 6s

1,7)00.71 2.000_ 941.000.78% Hud ft M rfg 5i

da Short Lina 4»2.000. 69%

C<m B R A BankingCo of Ga 6a2.000. 79

Con B B of K J-6s1.000.N<4

Omb ft Ohio con 6s6,000. 84

do cvt 5a1.000.742.000. 74%1,000.74«i2.000. 74%7,000.75

do ton 4%.9,000.704ijtm.70ulfcOOO.71

do evt 44a11.000. 88%

O ft Alton rfg 9a4.000. 444

0 B ft Q Nebraska 4a6.000. 86%

do joint 4s3.000. 94%4.000 94%

27.000. IM4

2.000. 67%1.000.578,000. 56%1,000. 57

do inc 5a7,000.2146.000. 21

111 Contral rfg 4*8.000. 67

do 4s 19536.000. 624.000. 614

IWnois Steel 44*8,000 . 76%4.000. 76

Intarborn M«t 44s6.000. 1642,000. 1684.000. 1718.000. 18%6.000_. 175.000. 17%

60.000 . 17do eit. ot deposit

4.000.. 15%IntaTl^'ro R T rfg 6a

31.000 5148.000 81%

T Vi.'n'. 614

ond MarketIntertoro R T rtg 5s Reading gan 4s5.000. 5:^47.ooo. 5:%

.J.000-.-.'.... 5333.000. 53%10,000. K(10,000...;;' 5-^Int Mer ltarme'-*g1.000'.._ 88%f000. 8S$1.00(5...... 88*%Iowa Central 4s2.000_ 33K C n S 4 M 5i3,000. 97do 4s

14,000. 79doCN'J 4s5,000. 761.000. 76%11.000. 7850,000. 81

. UOO0. 81>)414.000. 8528,900. 83

do' registered1,000. 80

Rio G W col 4s10,000*._ 49%19.000*_ 49%R I Ark £ L 4V.81.000."61 %3,000. 61*141.000.s30f. 62*41,000. 625,0O0.a3Crf. 61%1,000. 61%1,000. 61 vj5,000.s30f. 616.000.s30f. 60%St L Ir Mt & S 5s2.000. 82%do 4s Riv & G div1.000. 64

^StLkTpi.'.^7,000. 641.000. 53142.000. 63%10.000. 54do adj 6s5.000.58V-do inc 6s1,000. 431410.000. 431X12,000.s30f. 42%St L 8wn con 4s3,000. 52

San An & A P 4s5,000. 571,000. 58

Seaboard A L adj 5s1.000. 34

4.000. 61Kan Clty Terminal 4s28,000. 66-Laclede Gas of St L

lat 5a ..

5,000.; 70Lack Steel 5s 1950

10,000. 89Lake Shore 4s 1931

2.000. 77 vi4.000. 781,000. 78S

Lehigh Valley 6s

Lehigh V of Pa 4s1.000. 68%

Liggett ft M 5s10,000. 82

Long Island rfg 4s1.000. 92

Lorillard Co 7s2.000.101

L & N unined 4s10.000.76%

do So Ry jolnt 4s2,000. 60

Manhattan Ry 4s1,000. 55

do tax exempt1.000.65

Midvale Steel 5s11.000. 81%iSo Pacific cvt 5s1.000. 81

Mil L S & West 6«4,00<"'. <>8%M K & T lst 4s4,ono. Mi^3.000. 54%do s f 4 %s ctfs of

deposit3,000. 25

Mobile & Q new 6sl.OOfl. 99%Montana Power 5s1.000. 84%Mo Pacific 5s 1923n.OOO. 86*A

do gen 4s4.000. 53

N Orl T & Mex 5sl.OOO. 49^,

New Orl Terminal 4s3.000. 611,000. 60%N Y Central deb 6i2,000. 88%10.000. 88%3,000. 88%8,000. 88%

do con 4s1.000.676.000. 65

do rfg 3%»1.000.65

2.000. 98%3.000. 994.000. 98%19,000. 98%13,000. 98%15,000. 99

do cvt 4s1.000. 76JO.000. 751.000. 76

do eol 4a2.000. 65

do rfg 4s2,000.1,000.9,000.3,000. 70%6.000. 71

do San F Term 4s1.000. 68

Southern Ry 6a7.000. 78%

do4s1,000. 56*41.000. 55%

:o%70%70 V,

1.000. 56%8.000. 55%3,000. 65%Tenn Copper 6s1,000. 94

Tol St L & W 4s1,000. 46%15.000. 64%|Toronto H ft B 4s

IU S

do L 3 3%s2.000. 56

N Y Lack ft W 6s1.000. 99%

NYNH4H6.1,000.691.000.68%N Y S Rya con 4V.s1,000. 52

N Y Te! deb 6a2.000. 90%3,000. 90

do4%s1.000. 75l.ooo. 7"U3.000. 74%

N Y W & Bn 4%s1.000. 39%Norfolk & W cvt 6s10,000. 96%3.000. 97

do con 4s6,000. 68%!tT

North Pacific 4%s1.000.7i%!do4s26,000. 70»*,jdo3a6,000. 51

Ore ft Cal lst 6a2.000. 87%IU

Ore Ry & Nav 4a7.000. 70

Ore Short Line 4s1.000. 77%Pacific G ft E 5s2.ono. 77%'7.000. 77%

Penn 6a 19687.000. 83%4.000. 845.000. 83U5.000. 83%

do 4%s 1921 iUtah Power & L-fis1.000. 96%' 1.000.(77%do gen 4%a :Vtrginian Ry 5s2,000. 76 2 000 75

_15,000. 74%,Va & Swrr-con 6s

Peo Gas * C of C 5s 2 000 601.000. 59% Wabash lst 5s"

Pere Marrjuette 6a 2.O00.. 85%2.000. 80 'West Electric 5ado 4s 3.000. 95%1.000. 64%!Weat Maryland 4s

Pub Ser of N J 5s 1 000. . 491.000. 61% Weat Paeifto 5a

Reading gen 4s 5 000 79%3.000. 73H Weat Shore 4a5.000. 74% 1.000. 672 000- 77 Weatem Union 5s1.000. 78 1,000 78%fi.000. 77%(WU»on Co lst 6e7.000. 77 1 ono <>n4.000.. 76^, 1.000... 89%24.0OO. 7g 4, Cv-t 6a

,000. 64%Union Pacific lat 4s

22.000. 73do cvt 4s2.000. 82%

do rfg 4a1.000. 69%1.000. fis**;,3,000. 69%

United Ry Inv 5sPitts issue

1.000. 68Un Rd of S F 4s

ctfs of deposit5.O00. 2.1%1,000. 232.000.... 241.1.000. 2311.000. 2310,000. 23%Realty ft I 5s2.000. 81

S Rubber 5s1.000. 81%2,000. 81%3.00O. 81M,2,000. 81%2.000. 811,000. 81%3.000. 81%

S Steel s f 5al.OOn. 935 000. 93%1,000. 93-*;2 00O. 93l.nnn. 93v;1.000. 93%9.000. 936.000_ 92%2.000. 92%

do s f 5s re«10.000. 92Vi

1 000. fl2

3.000. 78%i1.000. 7stZI5,000. 78

6.000. 8<*1 000 R"}2.000. 88%

American Stores ReportLarger Profits in 1919

For the year ended December 31,1919, the Ameriean Stores Companyreturned a surplus, after charges andFederal taxes, of $2,469,617, equivalent.after the deduction of preferred divi¬dends and sinking fund, to $12.79 ashare earned on the 142,240 shares ofcommon stoclc, compared with $1,253,-625, or $3.76 a share, in 1918.

Gross sales in 1919 aggregated $76,-401.889, againat $62,315,485 in the pre-ceding year and $58,123,807 in 1917.Coat of goods sold amounted to $63,-378,895. leaving $13,022,995 in grossprofit on sales, which compares with$10,296,895 in the year before. A re¬serve of $1,295,400 was made duringthe year for Federal an*} state taxes,compared wlth $1,086,18 set aside in1918. Preferred dividends and sinkingfund totaled $629,178, after which$1,830,444 remained for the final sur¬plus.

Allis-Chalmers Earns $1.84A Share on Stock in QuarterNet profits after taxes of the Al¬

lis-Chalmers Manufacturing Companyfor the quarter ended March 31, 1920,were $767,214, equivalent, aftersjharging off preferred dividends atthe rate of 7 per cent per annum, to$1.84 a share earned on the $26,000,-000 common sock, against $760,750, or$1.85 a share, on the $25,770,750 out¬standing common in the precedingquarter and $996,024 in the cor-responding period of 1919. Totalsales billed amounted to $6,320,597, a$2,282,295 decline from the Marchquarter of 1919.

Unfilled ordera on hand at the endof the quarter aggregated $19,442,791,against $17,921,117 in the same periodof the year before.

Smaller Income ReturnedBy Copper Range in 1919

On a production of 33,025,957 poundsof copper the Copper Range Companyin 1919 returned a net income beforeincome and excess proflta taxes of $972,-654. or $2.46 a share, which compareswith $2,895,615, or $7.34 a ahare in 1918.

Total income laat year amounted to$6,846,469, against $9,484,563 in the

Jreeeding year. Minlng expenaeB were4,794,949, leaving a $1,650,550 balance.Income from other sources was added,bring ng the total to $1,672,611. Afterother expesea and $986,015 in dividendshad been daducted, a deficit of $13,3*51waa shown for the year.

m

$100,286,280 Canadian GoldOTTAWA, April 26/~-Dominion notes

in circuiation on April 20 totaled $811.-932,931, against gold depoaits of $100,-286,280, tne Finance Department an¬nounced to-night. Included in theamount of notes in circuiation, how¬ever, is $167,6*16,725 ln Dominion note?,*.gainnt which approved securities hn- <

been deposited, the announcement said.

InvestmentInformation

Queations of general intoreat toinveatora will b« onaverod in thiacolumn, in wkich case only initialtwill be ueed. Othero will bo an-swered by mad. Addreee «U «*-qutriea, tneloafng « atomped, md-draowed ersvilope, to Financial Editor,Tha rrilmita, IS* Noetau Street, NewYork City.Tennessee Agricnlt«r*4 Chemlcal

Question.Will you kindly oblige me withany information you ean eoneemtng Tennes¬see Agricultural Chemica! Corporation?.

Answer.The Tennessee AgrieulturalChemical Corporation was incorporatedin March, 1919. In May following; itpurchased the Volunteer PhosphateCompany. The property consists ofownership in fee of 1,484 acres andthree-seventh interest in mineralrights of 328 acres of phosphate rockdeposits in Tennessee. It is reportedto be the largest producer of groundphosphate rock in the United States.There is a mortgage of $100,000 on theproperty owned, $12,600 of which waspaid January 1, this year, and the re-mainder payable each January and Julyuntil liqusdated. There is $500,000 8*per cent cmmulative preferred stockand $1,500,000 common stock, both $5par. No dividends have yet been de¬clared. It was reeently stated that theproduction in January had increased150 per cent over the preceding No¬vember.

Would Average Cost of BondsQuestion.Be good enough to let me have

your opinjon as to the advisability of in-veating in Illinois Central first raortg*Terefunding 4 per cent bonda and Union Pa¬cific refunding first mortgage 4 per cent

^Snoo v Pre»«nt market. I boujshtJ10.000 each of these bonda several yearsago when they were selling around 90. andwhat I would like to know ia whether or notit will be wise to buy a Hke amount of eachof these issues for the purpose of makingan average..M. M. D.

Answer.We regard both IllinoisCentral refunding and Union Pacificrefunding bonds as good investments.The market for practically all bondshas declined considerably of lateowing to a variety of causes, the chiefof which is the high rate for moneyand the unsettled credit situation. Wedo not, of course, attempt to statewhat the course of these bonds willbe, yet we regard them as attractiveat present prices for long term issues.

City of Copenhagen BondaQuestion.A few weeks ago I purchased

some City of Copenhagen 5 4s at J800.When these bonds were first floated therewaa a good demand for them at above J900.but in the last month or two they have de¬clined in price to $770. Do you considerthem a safe bond to hold? Understand Den-mark will begin calling them in at par after1925. Your suggeations will be very muchappreciated..H. C. M.

Answer.The City of Copenhagenbonds have conformed to the presentinvestment situation. Each monthsince their issue has witnessed theflotation of other bond and note issuesat higher interest rates. Money ishigh, and the .return demanded by in-vpstors is therefore greater. We be¬lieve the Copenhagen bonds to be safe,and we know of no condition other thanthat cited above which would cause adecline in the issue.

Position Strengthened by WarQuestion- -I own the following stocka, on

whleh I would eppreciate an expression ofopinion from you as to their safety andspeculative value: National Enameling andStamping Company. common and preferred:Arkansas Natural Gas common, Interna¬tional Petrole'.im Company, Ltd., common..A. J. M.

Answer.The National Enamelingand Stamplng Company, like so manyother corporations, has placed itself ina fairly sounrl position since the startof the war. The preferred stock, whichshowed the equivalent of from 64 percent to 9 per cent per annum from1910 to 1914, has since that time beenplaced in a position of greater security,as may be seen from the fact that thebalance earned has been the equivalentof from 10.70 per cent 11915) to as highas 51.21 per cent (1917), and 41.05 percent in 1919. These earnings have, of'course, been of great advantage to thecommon issue. For 1919 the equivalentof 20.25 per cent was earned on thejunior stock. Therefore, we regard the'preferred issue as a very fair invest¬ment. The common stock is specula¬tive, for the reason that it is still sen-sitive to earning power. Arkansas Na¬tional Gas stock must be consideredspeculative, due to the nature of the:company's business. The net earningsas last published do not reflect greatearning power. International Petro¬leum, a Standard Oil subsidiary, is a

large, well managed company at presentdoing eonsiderable development workin South America. Earnings are saidto be good.

Midwest Refining CompanyQuestion.Will you kindly inforra mo of

the present condition and prospects of theMidweat Refining Company? I purchasedthis stock some yeara ago, paying $134 ashare for the same. Do you adviaa holdingon to it?.A. M. L.Answer--Midwest Refining Company

earned slightly over $14 a share in1918. The 1919 report has not yetbeen published. The company is saidto benefit greatly by the oil land leas-ing bill. The stock is more or lesaspeculative. The dividends, at the rateof 6 per cent per annum, are ratherconservative, but the company has a

large surplus which is an item to con¬sider at this time.

Will Keep in Line With MarketQuestion.Your opinion regarding the fol¬

lowing will be vsJued: Ameriean AgriculturalChemical Company at 113, Anaconda at 89,Weatinghouae Electric at 58. Is there needfor apprehension or would it be adviaable tohold until they return to their former levels?What ia the outlook of each?.J. H. W.Answer.These stoeks are specula¬

tive in varying degrees. If purchasedfor investment you have not selectedsecurities of the proper grades, al¬though it is our opinion that Westing-house Electric offers rather good specu¬lative investment possibilities for thebusiness man. We do not hesitate to

say that each of these stoeks will prob-pbly keep pretty close in line with thegeneral speculative market. but when itcomes to attempting any forecast ©fwhat the latter will do we deem it bestto pause.

Watchlng Quotations CloeelyQuestion.I purchased forty shares of

Standard Oil of New Jersey preferred lastvear at 112. It has now dropped to about106. If I should sell now my lose would beS240. I have thought it might fall to par.or below, and it might be wi»e to sell andinvest in Third Liberty Loan 1928 bonds.yieiding about 5.55, as aafety ia one of thefirst eonaiderationa with me. In your opin¬ion would that be wise?.H. B. J.Answer.When you purchase securi-

tios for investment purposes youshould not bo influenced too much bysuch fluctuations as occur from timeto time. Standard Oil of New Jerseypreferred has probably been depressedby the announcement that the companyproposes to issue $100,000,000 addi-tional stock of this class. Yoar invest-ment apparently is as well secured as

ever, but if Liberty bonds look moreattractive to you this would appearto be a good time to buy them.

Four full column*) of in¬vestment question* and an-

suser* are published in TheTribune every Sunday.

Curb Stocks Move IUpward; Firm Tone jIncreases Trading4

Industrials Hold Steady,While Oa Shares AreWell Liked; Simms HasSharp Rise; Others Strong

A noticeable increase in the T»lumeof trading on the curb market yester¬day established a firm undertone, eventhough it failed to send prices ap-preciably higher. The upturn w

fractional but general throughout thelist. Recovery in General Asphalt afterseveral days of weakness gave strengthto the industrials and indicated aaend, temporarily at least, of the sell¬ing movement.Petroleum shares were well liked as

a rule, and several of the more activeissues advanced steadily during theearly hours on an accumulation of buy-ing orders. Simms moved sharply up-ward from 18 to 21 before easing offat the close to 19. The tumover was

12,000 shares, the high mark for theday. Invincibie Oil climbed above 40again, but settled back to that ngureon the close, a net gain of 1%.Gilliland Oil was firm at 36. Cosdenreacted fractionally to 8%. White Oilwas fairly strong, however, and heldsteady at the high of the day, 26*4, athree-fourths gain. Phillips Petroleumwas stationary. Anna Bell WyomingOil developed strength, and on a turn-over of more than 5,000 shares movedup from three-fourths to 1.Cuban American Sugar was active,

with a net advance of 2, from 65 to 57.Hercules Paper held firm. British-American Tobacco and Rainier Motorswere also in good demand, with clos-ing quotations near the high for theday. Trading in Stutz Motors was

virtually at a standstill, although theclosing quotation of 475 showed a gainof 15.Trading in the mining group was

most active among the cheaper issues,but changes were fractional. The mar-ket in general was steady. Bonds weremore active and moved unward virtual-ly throughout the list.

IndustrialsSalea. Ooen. Hleh. L«w. Lf««t.6100'Acme Coal ... »% 3% 2% 2%600 »Aetn» Exp .. 8% 9 8% 9750'Amer Candy.. 8% 9% 8% 9%100»Am«r Chlele. 48 48 48 48

1100 Austin Niehols. 23 23 21% 21%400 do pf. 85 85 83 83300 «Benfd Auto P. 2% 2% 2% 2%-00 'Br-A Chem C. 8% 8% 8% 8%1000'Br-A T coup.. 21% 21% 21 21200 «Car li<jht & P 2% 2% 2% 2%

1200 «J I Case Plow 20% 20% 20% 20%40O»C!eveM Auto.. 73 73 70 70900 »Conl«y Tin F. 23% 23% 22% -'2%

::800 .Cub-A Su w i. 58 58 55% 57loo .Empire Steel.. 32 82 32 32200 do pf. 81 82 81 81r-on .farrell Coal.. 45 54 44 44

«onn 'Genl Asphalt. 75 77 74% 76%i-oo .Goldw/n Pict. 25 25 23 23400Grape-Ola. 1% 1% 1% 1%400 do pf .,. 2% 2% 2% 2%

1000 .Hereulea Pa-. 31 31% 31 31%31*00 »Hevden Chem. R% 5% 5% 6%400 «H"drauUc Stl. 37% 37% 37 37600 Indian Packing;. 11% 11% 11% 11%2500 «Kay Co Gas... 2% 2% 2% 2%900 Keyst Solelether 16% 16% 16% 16%500 *Ll(f-Mar Coal. 1% 1% 1% 1%100 .Lima Loeo pf. 90 90 90 90800 .TJocem com n. 13% 16 13% 14%100 «Mad Tire * R 8<J 30 30 30300»Nat C ft lee. 40% 40% 40% 40%

3500 Nn Am P & R 5 6% 4% 5%400 .Orpheum Cir. 30% 31% 30% 31%600 "Press T & R. 2% 2% 2% 2%1000»Rad!o Co »l. 2% 2% 2% 2%:1000 "do pref w i 3% 2% 2% 2%TOO'Ranier Mo... 42 42% 414? 42

10,-iOSRepublic Rub. 3% 8% 3% 3%600»Roek RoU M. 11% 13 11% 12600 'Santa Cee Sua* 18% 19% 18% 1970«S*ne;er Mfg...132 132 132 132100 .Spicer M (n) 29 29 29 39

2300 «3wta Co of A 2% 3% 2% 2%500 *Swift Inter,.. 38% 39 3S 39200 Submarine Bt. 13% 13% 13% 13%200 .Thlinket P C. 14% 14% 14% 14!¦M'i Tmes Sq A S. 31 31% 31 31%!

lonn »Un Plc Pr C. 4 4 3 3%1500 Un Profit Sh. 1% 1% 1% 1%2000 «Un Ret St C. 14 14% 14 14%500 *V 8 Diatrib.. 61 BI 81 51

5000 U S Steamship 2% 2% 2% 2%500 U 8 Transport. 10% 10% 10% 10%60O .Tjniv p»Per C 2% 2% 2% 2%500 »V Vlv Inc. 17 17 17 17300 .Wyllis Corp.. 19% 19% 19% 19Vi.

Standard OilsSales. Open. Hisrh. Low. Last

10«So Penn Oll.. . 800 800 80013fi*Std Oil of N Y . 404 397 397

5 .Vacuum Oil... . 890 390 390Other Oils

Sales. Open. Hi*h. Low. Last1200 Alien Oil. 2 2% 3 2%8000 .<Allied Oll.... 43 43 41 42fi^on tA TJell Vfyo.. % 1 % 1200 'Atlantic Gulf.. 82 82 82 8?300 Binheart P & R 10% 10% 10% 10%7800 »Boona Oil.... 8% 3% 3% 8%600 «Boston-Mex. 1% 2 1% 2

10000 .tBoston-Wyc. % \i % ».400«Bull Barou H. 2% 2% 2% 2%,

4000 »Can-Am O&G. % A % A1200«Carib Sjmd... 24% 24% 23% 243000'Cent Am Pet.. 27% 27% 27% 27%

The Tohtine Coftee House

The flourishing condition of trade in early New York was reflected in theprosperity of the merchants' coffee houses.forerunners of the great tradingexchanges of today. « In 1794 the Tontine Coffee House was completedat a cost of $43,000. the home of the Tontine Association, with its capitalof 203 shares of£200 each. « Aniongthe influential members of the Associationwere Daniel Ludlow, first President of the Bank of the Manhattan Company;John Watts, john Broome and William Laight, Directors of the Bank; PhilipLivingston and Richard Harison, Manhattan stockholders. . Richard Varick,formerly Mayor of New York, and from 1808 to 1820 President of theMerchants' Bank (new merged into the great Bank of the Manhattan Company)became a Trustee of the[Coffee House in 1811. .» Here it was the first Directors*meetings ofthe Manhattan Company were held and a permanent banking locationat 40 Wall Street decided upon. That the vicinitv ehosen is even now, after121 years, the banking center of America is a tribute to the foresight of thoseold-time New York merchants.

Bank of the Manhattan Company40 Wall Street

UPTOWN OrTICE:-.*' Vai.m Seomra. Nam'TaHOPPICES IN QUEENS BOROUGH -Jamaiea. Flaskin*. Lamt Itlaad Citf. ter Hastmatmy. Maatwm

SaoaU*. Mtthmamd Hill. Blmkartt, Carana. Caltaga Faint, Waadksaam. Midtama.d. Frtsk r.md

STEPHEN BAKER, President RAYMOND E. JONES, Plrtt VicoPraeidemtJAMES McNEIL. Vica-PrasUsat EDWIN S. LAFFEY. Vlta-PraaUamt F. I- HILTON, Via-P+mUsntB. D. FOR8TER, Viee-PrastAnt P. A- ROWLBY, VUa-Pramidamt D. H. VlZRSOS,V4aa.rra*44amtHARRY T. HALL. Vita-Prastdtnt V. W. SMITH. VtmPrasidamt

O. E. PAYNTER, CoshierW. P. MOORE, Ass't Caakiar H. M. BUCKUN, Ase't Caakiar GEO. S. DOWNTNG. Aaa't CoskiarJOHN S. BAKER. Ass't Cathisr W. A. RUSH. Ass't Cmskur E. S- fMACDONALD. Aaa't CmakaarL 9. GREGORY, Aaa 'tCasiisr O. G. ALEXANDER. Ass't Cmakaar

Copitot, $5,000,000 .Smrplua oatd Uudivided rrofiU, 914,146,494.79

200'Ciixle Oll. 3%1600 .Cities S BT 3. 39%400 «do pf. 67%2500 .Cosden 4 Co.. 8%

1400 .Dominion Oil. 15%200 *Duqu«sne Oil. 5%700 *Elk Basln Pet. 9500En«ine«r» Pet. 1%800 'Eameralda Oil. %800 Fenaland Oil... 8

200 'Gilliland Oil... 35%600 'Glenrock Oil.. 84600 .Grsnade Oil.. 12%600 .Guffey-GilTesp. 31300 .Hareules fet.. 6%1400 'Harvey Crude. %100 K Pet of Den.. 3

2200 *Hudton Oil... %900 .Intarnat Pat.. 38%1800 .Invineible Oil. 402700 * Island O * Tr. 5%2100 .Kinsj Pet Cp.. 2%5000 Livinjrsten Oil. 1%300 *Lon« Star Ga* 31%llOOMasrna Oi!. 4%400 .Manhattan Oil 9%600 .Merritt OU C. 17%1700»Metax Pet ... 3%3000 Met Petro _ 4%680«Midw«»t Ref.. 154400 .Midw-Teaae O. %C60N Am O * Ref 3%1200 OkU & Te* P. 1%400 'Ohio fuel Oll. 281500 Omar O ft G n 4%300«Pai»h Pat pf.. 77%100*Pennok OU 8%200»PhiUSps Pet... |81000 *de rts _. 1%B00»Prod ft Ref... 8(00*Red Rock Oil. %700»Rlekd Tta Co. 13000»Ryan Pat .... 3ft1000 .Salt Crk PreeJ 41%600 Sequoyah O ft R %

13000 .Simms Pet ... 18%1700 «3kaHy Oil .... 101300 So Btatee C C. ',lOOSpeneer Pet C. 19"

3200 .SUnton OU... »1000 »Superior OU.. 18700 "Texas Chief O 241000 Tex.Ran P ft R 1200 Tex ft P C ft O 84

40 39'

15% 155% 5%9% 9

11

19",

2500 »tGold Zonct D 20 20700'Golden Gate.. % %

3700 .tGoldfteld Con. 11 11320O .+Goldneld Div 8 8%1700 .tGoldfield Mer 3 .1100 'Hond Am Syn 18% 11%

1570 Hecia Min. 4% "

2800 »tJim Butler.4500 +Jumbo Ext.,3700 .?Knox Div,.6800 .?MacNam M225 'Magrma Chief. 32" 33" 31500'tMamh Min. 17 17% 1'700 Maaon Vallay.. 2% 2% 2%1400 .Motherl Cop.. 5% 5% 5%500Mur-M M Ltd. 76 75 75

2700 Nlpiaainar Min.200 Ophir Si! M Co

1400 Prinee Con_9%

Shares. Open. Hisrh. Low. Laat.4000 Rex Coneol_ 7% 7% 8% 6%4800 Roper-G M Co. % % % %4000 *Silv K of Arts 2% 2% 2% 2%7000 SiWer Mt Min. 71 72 70 711500»tSllver Pick.. 11 11 10 10200 Stand SiW-Ld. A A \ A1800.tSneeaes Min. 6 6 5 82400 *8unborat Min 40 40 39 402500 'Suther Div 4 4 3 3%4«o »Tono Belmont. 2% 2% 2% 2%15750 .Tonopeh Div. 1% IM 1% 1%320Tonopah Sxt.. 1% 1% 1% 14|400 Tonopah Min. 1% 1% \*. 1%320Un:ted S<astern 3% 3't »% 3%8500 »*U S Cont M. 9% 10 9 9%3800 .tVie D (ap). 10 10% 10 104000 Wash Gold Q. 1% 1% 1% 1%2200 tWeat End Con 1% lt{ 1% 1»3200 tWh Capa Min 12 12 11 121500 tW C Ex (tpl 2% 2% 2 227O0WUbert Min... 6 6% 6 6

B«*alsSale* (000 etnltted). Open. Hi»h. Low Laat.111-Allied Paek 6a.. 72 72 71 711

1 *A T ft T 1924. 93% t8% 93% 93%9»AA07%awl. 99% 9t% !'9% 99%rl'BeUr 6* 1923... 92% 93 92% 92%5'CCC&StL 6a *2«. 88 83% 83 8312 «Con Tex 7* w l 98% 103% 98% 100%40»Penn 7a w i-100% 100% 100% 100%20 Gdrieh 7% *25 w l 94 94% 94 9431 'Sinclair C 7%a 97% 98 97% 9S10 »So Weat Tal7"i 97 97 96 9>-40»Texaa Co 7* nta 98% 98% 98% 98%25 .West Elec 7a... 98% 98% 98% 98%.Un Mated. tSell cente per efcare.

To Vote on MergerA special meeting of stockholders ef

the Farrell Coal Company has beencalled for May 10 to consider the pro-poaed merger of the company withfiurne Brothera. Stockholders of thelatter eoncern will meet on the sameday to vote on the proposit on.

B. R. Anker, formerly aasoc'ate<l withthe New York State Itanklnf Departmenthaa becom* aaaoctated wtth the New TorkTelephone Company.

J^ew Issue$2,000,000

Acadia Sugar Refining CompanyLIMITED

HAUFAX. CANADA /

First Mortgage 7% Serial Gold BondsDatfed January1,1920| Due $100,000 each July 1,1921-1940

LNTEXB8T payahee ran the &nt day of January and July. Principal and interestpmnla in NewYerk ftmds at tne New Yock Agency oftne CamnanJslf at tneoffice of tne Trustee im MoatreeL Tne Cempanv agrees to pa/ tne Normal FederalJoexmoaTtLX lutt mxnr*aJW 2^ anrl »n .6mrl rh« jrra^aan* \Amszamr\iTgfft-t* «t^ Frniytyirania State Taxes and also tne Connecticut State Tax op to t\%.

J\.CADIA Sugar Refining Company is an old The mana^ement of tne Company -wiH beand well known Compejay*wi*di a rmodern pi*mt under the supervision of Mr. B. A. Oxnard andat Halifax, N. g. The plants and popet 11 ofthe associatesy.who have had longand successful ex**

Company, onwhich these bonds are an^mort** perienceia the sugar business, and whojointlygage, have a present value after depreciation with Imbrie & Co., founded and have success-*of $4,206,000 as appraised by the Canadian fully managed the Savannah Sugar RefiningAppraisal Company. m Corporation.

Conditions for sugar refining in Canada are favorable, and we believethat the common stock of this Conspany will be valuable.

Bofub to carry Commoii Stock* Price to net over 7%

IMBRIE & CO.NEWYORK

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