TV " mW
.,
f
jVM
LrH
f u.
1
1
Pennsylvania State Tax Refunded
!
F"l
r
!M
$1,500,000
Downey Shipbuilding Corporation
First Mortgage 7 Sinking Fund Serial Gold Bonds
i
. Authorized and Outstanding $1,500,000
MATURING SERIALLY JULY 1. 1921-1926
Coupon Bonds in Denomination of $1,000 each, registerablc as to prin
cipal. Interest payable semi-annually, Jan. 1st and July 1st, in New York."
Chase National Bank, New York, Trustee
v
Principal and interest payable without deduction of Normal '
Federal Income Tax required to bo withheld up to 47e
, i
v.
The Company will refund taxes (other than succession and inheritance taxes) assessed
)y the State of Pennsylvania, New York, Massachusetts and Connecticut and
paid by the owner as a resident of one of such states
Itedecmalile as a wliole or In pnrt by lot on any 'Interest date, upon ,30 days' notice at 105 and Interest.
Slnklnt' Fund monej's nro nppllcablo alu to tho purchase.! of bondi at not more limn 105 and
limrefct .upon proposals made by bondholders. In tlio manner indicated In the mortgage.
He icier to a Idler In our files from Wallace Downey, President, from which we summarize as
follows: ' ,
FIRST CLOSED MORTGAGE This issue is a first closed mortcagc on land in
New York City conservatively valued by Stevenson Taylor, President,
American Bureau of Shipping, Joseph P. Day, Auctioneer, Now York, and
The American Appraisal Company, at from 1307c to 1659c of the entire
$1,500,000 bonds outstanding, while the property as a whole has been
valued at over four times the amount of this bond issuo.
PROPERTY Property consists of 162 acres of New York City real estate with a
frontage of 1780 feet on New York harbor, on which is erected a modern
steel ship and engine-building plant consisting of four shipways, forty-three'
buifdjngs and nearly four miles of railroad sidings. In addition to ship
building, the plant has facilities for ship-repairing and is well equipped for
general steel fabrication work. The Baltimore & Ohio Railroad runs along
one side of the property.
EARNINGS Net earnings applicable to interest charges for the calendar years of
1918 and 1919 averaged over $800,000 per annum. These earnings have all
been reinvested in the property. Corporation commenced operations June,
1917., Based upon contracts already booked and those definitely in sight, net
earnings before interest charges for the next two years are estimated to
average at least $1,000,000 per annum, or more than 9 times interest charges
on this isHUe und about .1 times the innxiinum yearly interest and maturing
principal installments. Indications point to at least as favorable earnings
during the life of these First Mortgage Bonds.
SINKING FUND A Sinking Fund is provided equal to 25 of the annual net earn
ings of the Corporation (after allowing for interest charges, maturing prin
cipal installments and taxes) which is calculated to retire this entire issue of
bonds at or before maturity.
Legal details have beer- pasied.npon by Messrs. White tf Case, .Veto York, or the bankers, and
by Hunter Head, .Veto York, for the conwratioiu accounting details by Messrs, llasktns d Sells,
Certified Public Accountants, Xew York
We recommend these bonds for investment and offer them, subject to prior sale, as
follows:
NEW YORK BOND SALES
nrnmnrr of Inrtlvt-'nnl Trnntnetlowi on New York Exchange
$200,000 July 1, 1921 at 9S
$250,000 July 1, 1922 at 9878
$300,000 July 1, 1923 at 9&z
$250,000 July 1 , 1 S24 at 98
$250,000 July 1, 1925 at 97
$250,000 July 1, 1926 at 971.
Plus accrued interest in each case
Yielding about 7
B10DGET&C0.
501 Real EstatevTrust. Building
Philadelphia
WEST & CO.
1417 Chestnut Street
Philadelphia
The information and statistics given above have been obtained from sources ice deem reliable,
but are not guaranteed by us, '
Am Acr & Chem Bs
1000(1 .... 084
Am Cotton O Co Ob
booo .... i
Am Smelt &. Hot Gs
loon .... "
2000 .... S3t
Am Tel & Tel ott
1000 .... TIYt
Am Tel &T cv 1H
2000 .... V4
Am Tel & Tel Bs
8000 .... lTfc
1000 .... HI Mi
nnnn .... Bl
Am Tel & Tel 6s
inoo .... 00
9000 . .-. . OKVm
1000
2000 .... U0
2000 . . . 08
7000 .... OS'a
0000 08
Am W I'Hpir Co 7
1000 .... 83
Anglo-French B Bs
awaHisgnsi
STRAIGHT LIN MCTHODS)
Corporation Officials
Interested in
Re-adjusting Plant Values for
FEDERAL TAXATION
And Amortization of Special War Facilities
will find the latest, most author
itative suggestion and helpful
information in our booklet cover
ing the subjects. It is just off the
press and will be sent free, on re
quest, to officials of corporations.
Kindly address the nearest office
ERNST & ERNST
AUDITS - SYSTEMS
TAX SERVICE
NtWYORR Chicaoo Clcviiand
phiudllthi minneapolis, buffalo
Boston St. Louis Piitsbuksh
WAIMINQTOfl KANSAS ClTT DtTBOIT
8TRAIQHT LINK MITHODS
Cincinnati Dallas
Indianapolis Foat Worth
Toledo Houston
Atlanta
WHEN FOREIGN EXCHANGE
RETURNS TO NORMAL
A French 5 Bond costing $74 would be worth at par $193,
an increase in value of $119; or over 160
The yearly income now worth $3.90 or about 5J
would be worth $9.68, or over 13
on the original invostment that cost only $74.
IN ADDITION
French 4 at $56, would be worth $193
British 5s at $333, wculd bo worth $485
Italian 5s at $61a, would be worth $193
Belgian 5s at $81 '2, would be worth $193
iJm? opportunity is seldom offered to purchase a Government
verv L.X p.aylnB, a normal rate of interest with the possibility of a
y substantial profit.
Direct Cable Communications with Foreign Countries, ,
EDWARD B. SMITH & CO. ELKINS, MORRIS & CO.
41 r Chestnut St. Land Titlo Bldg.
How to
Select
Securities
A New Booklet Filled
With Valuable In
formation for
Investors and
Traders
Do you know the main
facts to look for in consid
ering an Industrial, an Oil,
a Mining security either
for investment or trading?
Do You Wish
You Know
what features to study
and where to get the
information?
This new booklet will tell
you. Call, phone or write
for your copy before this
limited edition is exhausted.
Ask for No. T.U.-687
JONES & BAKER
SECURITIES
Widencr Bldg., Philadelphia
Phones Bill, Walnut 6065
Kijitont, Raci 2290
Direct Privati Wins
Offices In 8 Prindjerf Cities
Equipment Bonds
5.75 to 6.50
Circulars on Request
Townsend Whelen & Co.
SOS Chestnut St.
Amerlrjn Pipe & Cons. fiff. He, 10SS
Trrre lluute, Incl. A Knuf, True S, 1015
HmI IVnn Tr, B. 190(1
American It Dleetrle flu. 2014
I)mlll, Urbaim i. Chumpalrn &, 1933
HENRY D. B0ENNING & CO.
STOCK KXriIANOK llCIf.IHNO
Dlreet I'rlyate Ttlrphnn to N Trtt
Members I'lUlu. a lock ISicluuif
3000 .... 71
2000 .... 71
City of UordAux lis
10000 .... 9014
C n f Marseilles ts
10000 .... 90
City or I'm In H ij
1000
1000
nooo
10000
2000
(1000
loon
looo
0014
oovi
00
ooy,
no Vi
ooA
noy,
no
32000
nooo .
20000 .
1000 .
2000 .
BOOO .
2000 .
23000 .
1000 .
10000 .
2000
23000
110000 .
1000 .
10000 .
sooo
10000
5000 .
15000 .
14000 .
2S000 .
. 3000 .
Argollno
1000 ..
1000 . .
Atl Const
1000
98V4
05Mi
IISVj
1)5 0
OS'j
. . ns'A
.. 03 0
. . t)5Vi
. oavj
0Vi
. ns'j
. . 5M
. 05
03 'A
.. 05
. 03 Mi
.. 113 M.
03 7
. . 05 7
. 05
. . 05 7
.. 05
Itepub 33
.. 71
.71
Line clt
08',
Colo Fuel & I Co 5s
3000 83T4
3000 .... 84
1000 .... 8IV4
Cotisol t!a.i Wl 7s
3000 00
1000 99
10000 .... 00
7000 . . . 09
0000 .... 09
1000 . . . 00
fiOOO .... OOTl
5000 09
1(1000 .... 09
25000 . . . 99
25000 . . . 09
900O .... 00
5000 .... 09
5000 ....100
Del & Hud Canal fd
2000 .... 78
18000 77
Don fc ltio Graiiil td
10000 .... 43
1000 42
Den & rtlo Grant! Is
1000 .... 03
1000 .... 3
D of Canu 5H '21
BOOO 07
10000 08
1000 08
BOOO .... 97
D of Cunudn of 29
IflOO .... 91
2000 04
1000 .... 01
3000 .... 01
HEAVY DECLINES
8000 . . . 02
N O Texas & Mcx
niy 4
looo . . nj',4
flOOO . . fl2
N' Y V C & n 41,5s
2000 . . 30
Norf & Weal cv ts
2000 . . . .103
Xortliern l'aclflo i.
looo
loooo
28000
3000
10011
1000
1000
75
75
75
75V4
71
71
21000
2000
15000
1000
3000
2000
20000
8000
U K of a
04
04
91
04
04
91
04
94
Tl &.
rctp of '22
2000 03
1000 .... 08
0000 03
2000 .... 08
U K of (! D &
rctn of '20
Atch T & S Ke 4s 1 Erie It It Genl Men
0000 .... 76 I 3000 .... -10
2000 77 I Hrlf. nail nd Co 4s
1000 70 1000 02
Baltimore & Ohio cv General Hlectrlc Ba
7000 00
1000 . . . . 00 I
1000 .... 00
Ballmoro & Ohio M
1000 .... 81
Baltimore & O 3is
3000 79
Baltimore & Ohio U '
1000 .... 01VA
2000 .... 01 i
Baltimore & Ohio 5s I
2000 3 I
2000 .... 03 '
2000 .... 02
Dalt & Ohio 5s "M
1000 81 I
Baltimore & Ohio 6s '
10000
SOOO
14000
nooo
2000
SOOO
3000
2000
8000
3000
8000
3000
1000
11000
22000
81
84
83
83
83 V.
83
83
83
83
83
83
8,3
83
83
83
b & u ti Went 3VJ.B i
0000 07 i
Bait A O P & I- 15
& W Va Sya 5s
,2000 51
Bait .1 Ohio Tol 4a
1000 .... 48
2000 .... 48
Beth Steel Corp 1st
1000 .... 97
Beth Steel C 5a 36
1000 84
Drook Ilap Trans 7s
10000 .... 15
2000 IIV1
20000 .... 43
Urk Union G Co 53
1000 .... 70
10000 .... 72
Cent of Ga ovl'-a
2000 .... 73
Cent of Georgia Gs
2000 89
Central Pacific 1st
. 72
. 73
53
72
3000
1000
1000
300O
2000
5000 .... 72
dies & Ohio cv His
1000 .... 73V,
1000 75
1000 75
2000 .... 75
1000 73
Ches & Ohio cv 5s
5000 78',
200O 78
10000 78
CM & Alton 3',bs
1000 30
4000 . . . 30
1000 .... 30
7000 30
3000 30
nooo 3o,
Chi B & Qulney em
2000 .... 79
5000 .... 78
Chi B & Qulney nob
2000 .... 89
Chi D & Qulney 4j
10000 .... 04
2000 .... 114
1000 .... 9114
10000 91
1000 .... 94
9000 91
1000 03
Chi & G Western 4s
7000 .... 64 Vi
1000 51
Chi M & St P 3tttf
2000 .... 59
Chi M & St Paul Is
BOOO .... 07
1000 07
4000 .... 07
10000 67
Chi M & St P D 4s
tOOO .... 60
2000 .... 88
2000 .... 58
5000 .... 96
1000 . 95
Gt North niwy 1st
1000 .... 82
Hudson & Jinn fd
5000 .... B7
4000 .... '0
Hudson & Man In
1000 .. 18
111 Central 4s of "52
4000 .... 71
III Central 4b of '63
5000 .... 67
8000 .... 06
IlllnoH Central B
1000 .... 90
1000 .... 90
Imp Jap Govt 1st
6000 .... 72
1000 72
5000 72
10000 .... 72
10000 .... 72
BOOO 72
10000 .... 71
10000 .... 71
5000 . .. .' 71
5000 .... 71
BOOO . .'. . 72
50000 .... 71
1000 .... 71
2000 .... 71U
11000 .... 71
5000 .... 71
10000 .... 71
3000 .... 71
13000 ....,71
12000 .... 71
3000 71
Imp Jap Govt 2nd
nooo 71
1000 71
1O000 .... 71
10000 70
Imp Jap Govt 4s
1000 88
12000 58
5000 88
4000 .... 68
3000 .... 58
10000 .... 57
2000 .... 57
1000 .... 58
In Merchant M Cs
Orecon Short 1. 4a
1000 . . . 80
6000 . . 81
Paa Gas & Kite 5s
1000 . . 87
Pcnn im ln of 21
3000 . . 7
100O . 07
retina It It en 4 4s
4000 . . . 00
8000 . 1)0
I'enna nit em 4W
2000 . . 80
2000 . . . 80
1000 . . . 80
3000 . . . 80
Pensyivanla It It 3s
1000 . . . 80
2000 .... 89
2000 ... 80
nooo ... 80
Pero Maniue'te os
2000 .... 85
1000 83'.
10000 .... 83
6000 .... 85
P S Corp of N J Sa
1000 03
Beading It It Co 4s
2000 80
Hep of Cu 5s loot
4000 .... 02
nio G & West n ell
6000 .... 52 '
n I Ark & Lo 49
1000 .... 01"
2000 60
1000 .... 61
Seaboard Air I, nj
2000 ... . 31
Seaboard Air h fd
12000 .... 16
3000 .... 46
Southern Pac cv Is
BOOO 79
1000 .... 78
2000 .... 78
13000 .... 78
8000 .... 78
Southern Pacific fd
1000 .... 77
10000 .... 77
10000 77
Southern Pac cv 5s
2000 ....103
1000 . . . .102
1000 ... .102
20000 .... 102
10000 ....102
Southern nallys 4s
2000 .... 58
1000 .... 58
1000 57
Sbuthcrn nallys Gs
1000 .... 81
3000 81
1000 84
St I. & San Kran aj
7000 .... 60
32000 .... 00
St Li & San Iran In
4000 .... I
1000 .... 11
2000 .... 42
1000 .... 11
St L & San b'ran A
1000 57
2000 67
St L. & ui Kran B
2000 .... 07
St L. & San I'' rtu 5s
2000 .... 02
1000- .... 92
St Ii & San V Km Gs
2000 .... 92
U K of G H & I '21
5000 .... 01
8000 . . . 04 Vi
3000 . . . 94
1000
1000
10000
1000
1000
25000
9000
BOOO
17000
4000
41000
93
93
03
03
93
93 Vi
93
93
93
NCURB
US
Majority of Stocks
Downward Movement-
in
Join
Spec
ulative Buying Absent
SEVERE LOSSES IN OILS
U K ot O B & 1 '31
1000
1000
1000
8000
1000
1000
3000
1000
BOOO
87
87 Vi
87
87 Vi
87
87
87
87
87
U S Ileal & Imp 3s
,6000 .... 78
2000 .... 78
BOOO 77
U H Ilubber Co 3s
1000 .... 85
5000 85
3000 85
1000 . . . 85
1000 .... 83
1000 .... 85
4000 85
U S Ilubber Co "s
1000 ....102
1000 102
U S Steel Co f,s
looo
1000
2000
1000
10000
1000
5000
07
07
05
n7
97
97
97
New Yorli. Feb. .". The Broad
Street Turb Market reflected an nli-
Renep of speculative bujinc in the
trading today and wlillc some issues,
including several industrials. held
fctendy, the majority of storks joined
in a downward movement in which
severe lof.es were suMaiucd, especially
in the petroleum Kroup.
The Standard Oil issues were the
greatest .sufferers On this decline, those
stocks being offered at sharp conces
sions without finding buyers.
Dominion Oil was directly inflneneed
by the weakness of Middle States Oil
on the exchange, dropping from "0'i
to 17V.
International Petroleum yielded from
07 to 0-1 1. and Holt Creek fell two
point", to 02. Klk Basin was excep
tionally strong, selling ot !)r!. nnd
AVbite Oil was nlo firmly held, with
trading at .'!0 to 35.
Submarine Boat dropped from 15 to
14. and (ietieral Motors sold off from
UlS'i to .11. Aetna Explosives was also
heavy, falling from !! to 8.
There was a small amount of busi
ness in Armour Leather, which wns
traded in at IN to it-;,.
lNDUSTKIAI.fi
HlEh
Acme Coal
Aetna nxploi.i . . .
Amorlcan Marconi .
Atlantic Krult
Hrltlfh-AniKi- 'hm .
DrltlRh-Amer Tob tpb
OnTal Asphalt ....
8000
1000
2000
1000
92
02
92
.... 02
Inter Met Co 4s
BOOO 10
Inter nap Trans fd
sooo .... 50
50000 .... 50
1000 .... 50
2000 .... 50
1000 .... 50
KCFSSM Ky 4s
5000 .... 04
2000 .... 99
IC C Ft S & M It bs
Kan City & So 3s
1000 .... 36
2000 .... 80
Kan City & 3 Uy Ss
3000 .... 70
Lack Steel Co of 26
1000 93
Lehigh Val It Co 6s
1000 ....100
Long Island RIt fd
1000 .... 60
1060 .... 00
Lorlllard Co 7s
2000 ....100
Louis & Nashvlle 4a
2000 .... 80
4000 .... 80
2000 .... 80
Louis & Nash rlt 5s
8000 .... 90
7000 80
Louis & Xash Gold
6000 97
L A N It R & S Ity
Monon 4s
4000 .... 01
l.lgpett & Myers 7s
1000 ....110
j 3000 ....110
I 2000 100
! 2000 102
i Mich Cent RR V 4s
6000 .... 80
I Minn & Et L RR 4s
5000 38
3lo Kan c & Tex Is
Chi M & 't P 4a 25 6000 59
10000 72 . 3000 58
10000 70 3000 .... 58
10000 70".
cm M&st Pcv i
1000 .... 08
3000 .... 07
2000 .... 68
4000 07
4000 .. . 07
6000 68
CM &' St P fd 4',s
20000 68
14000 .... 58
C M&St P gm 4s
1000 .... 70
3000 .... 75
Clll M & St P OV 5s
2000 .... 68
CGov IIu-K Rly 5s
28000 46
1000 46
Chi & N West 3 Via
1000 03
7000 03
Chile Copper 6s
1000
1000 .
16000 .
6000 .
3000 .
10000
6000 .
10000
Chi St P
1000 .
Chi R I
1000 .
1000 .
6000 .
4000
looo
5000 .
Chi It
2000
I A
. . 80
. . 80
. . 80
. . 80
. 80
.. 80
. . 80
. . 80
M & O Cs
.103
& Pac fd
61
. 8
.. 61
. 64
04
64
Paa 4 1
71
6000 68
Missouri Pac gin 4s
looo .... 66
2000 .... 50
1000 .... 50 Vi
Missouri P 5s of 65
2000 .... 82
Mo Mont Ds
2000 .... 77
Mor & Esx RR 3 Vis
2000 .... 70
X TO &IIRR 3H
2000 .... 00
2000 .... 60
1000 .... 07
2000 .... 00
NYC & im R on 4a
3000 .... 76
N Y C & II R R 6s
3000 .... 92
1000 02
BOOO 02
1000 98
1000 .... 92
1000 .... 02
H Y C & St L D 4s
BOOO .... 07
N U & W R R Cs
1000 . . . .100
N Y UUP Co Es
2000 81
N Y N U & II R 6s
1000 .... 71
X Y Out & West Is
6000 .... 50
N Y Teltphones 4
3000 ... 80
,2000 . . . 80
2000 80
N Y Telephones 6s
1000 . 02
4000 ,,,, 92
I
Union Pacific Rlt cv
loooo .... 80
(1000 85
Union Pacltlo fd
9000 .... 74
1000 .... 74
Union Pacific R 4a
1000 .... 75
10000 .... 75
17000 .... 82
Union Pacific R Cs
1000 ....101
nooo ....loi
1000 101
2000 . . . .101
L'td R of 3 I'e 4s
m. cl
1000 .... 26
Utah P & li Co 6a
2000 83'
Vlr Car & Chcm 1st
1000 .... 01
Wabash RR Co 2d
11000 80
West Pacific RR 1st
1000 .... 81
2000 .... 81
West Shore RR 4s
5000 .... 72
2000 72
West Union wl 7s
nooo .... oo
Wheel I. E Ry 4s
5000 50
Wllk-B & East 5b
1000 .... 51
Wilson Co cv
Oenpral Motors
Haydpn cnem
Mr nt(?omiry-VVaM
North Amrtr Paper
Hadlo Company
Republlr Tlr nub
Submarine Uoat
8ppt Co
United Retail f.'andy...
United Profit Hharirn?.
united I'lct.lTod.
IK,
.
. r,'.i
. 35
. n
. iu
.115',
. 32
. 8'i
38
. B'fc
. 2
. 64
. 13
. nu
. 36
. 2
. 14,
I.OW
r.V
35
II
181.
Last
1
31
5V4
3X
5'
1H
3
11
H'i
IS
:',
35
112
31
'
3S
5 '4
1 t'y I
'4
16
1 1 I I I
ISUKPENDKNT OILS
1000 ...
looo . . .
15000 . . .
BOOO . . .
2000 . . .
1000 ...
Wilson Co
1000 ...
1000 . . .
. 91
01
. 91
. 91
. 91
. 93
1st
. 98
97
Allied Oil
Allen i-
Alliance 10'
'iii.ni iu;iatif
Hell ret
Hoone .Oil
nonton Wyoming .
llurknett Van c'le.,vo
r'arib Myn
Cities Service. II ctf.
Ooeden & Co
Dominion
Dllqtlsnn
niic nain ret
ICnalneers Petrol
Federal Oil
Ollllland
Olenrock Oil
Huffey Gillespie
Hudon Oil
Int Petrol
Invincible
In and OH
Livingston
Mncma
Maraealbo
Merrltt Oil
Metropolitan Vet
rorwi Am uu
Phillips Vet
Red Itock
Ityan Oil .
Salt Creek Trod
Sequoyah Oil ,.y
airellv nil 1 '
Slmms Tet
Southern States . . .
Spenctr Pet ...
Stanton Oil
Texas runcer .
Vlctorlal Oil new .
wMt nil
MINING STOCKS
.
. 3V4
2'i
21
. 21
IIlRh Low
T,ib Bond .lUs... 118.22 OS.nO
Mb Bond 1d 4i. . 111.20 01.12
Lib Bond 2d -Is. . 00.20 00.00
Mb Bond 1st 44s 01.4R 01..12
Lib Bond 2d -His 00..2 00.01
Lib Bond d 4V,S 0..0S 02.SS
0. HiiH 4th 4Ms 00.00 00.1S
Victory Xole :!-1is 07.00 07.82
Victory Note 4s 07.01 07.S2
1:16
p. m.
OS. 00
01.12
00.00
01. .10
00.0(i
02.RS
00.28
07. SI
07.84
Chartera Filed '
Dover. Del.. Feb. .1. Charters filel
hero today were: Oklahoma Co., de
veloping farm anil other lands, ?3.000,
000, Blair V fair. L. Benson, Roger
Brooks, Chicago. 111., incorporators.
Inited Mates Hoy Corporation, to
manufacture toys and novelties, S2.
000,000, M. Ti. Ilorty. M. C. Kelly, S.
Ii. Mackey. Vilnlinctnn, Del., incor
porators. Western Investment Trust,
incorporated, dealing in stocks, bond's,
etc.. $1,000,000. T. B. Phillips, XV. V,
Cook, local Dover, Del., incorporators.
Northport Golf Association, Inc., own
and operate golf links and courses, $1.
200,000, Samuel B. Howard, George V,
Ueilly. Robert K. Thistle, all of New
York, incorporator. Rogers Tractor and
Trailer Co., dealing in automobiles,
tractors, etc, i"!l ,000,000. T. h. Croteau,
M. A. Bruce, S. n. Dill, Wilmington,
Del., incorporators. The Helms Candy
Manufacturing Co.. ninniifacture medi
cal preparations. .$1,000,000, XV. I. X.
I.oflnnd, Frank Jackson, Mary XV. Cole,
local Dover, Del., incorporators.
NEW YORK COFFEE MARKET
Now Yo;I(, Feb. .1. A continuation
of yesterday's selling movement caused
a decline of 14 to 10 points in the coffee
market this morning, with business ac
tive and more or less excited.
Shortly after the call, prices hnd
worked sharply downward under gen
eral long liquidation, which apparently
rellecls lack of confidence in the sta
bility of prices in Brazil.
This morning's cable reported no
change in the Brazilian spot markets,
with an advance of 1-lfld in the rate
of Rio exchange on London, hut San
tos futures were 25 to 125 rels lower,
and this may hnve been taken ns re
flecting nervousness iu that quarter.
The market late in the morning was
very sensitive and unsettled.
Yea. oleee Open 11 a.m
Marrh 14 841 Bit 14 45 1435
May 14.00S01 14.75 ..
July 18,10015 14.03
September 11.908(12 11.73 11.05
Another New High for Silver
Bar silver touched another new high
record iu London today ot Sflil, an ad
vance of VHid over yesterday's price.
RENT STRIKETN JERSEY CITY
1.
W
IN,
43
42'.4
9
20i
5,
9
IS
ns
43'.
3S
33
IV.
67
33
r.'
IS
a
2'-2
21S
3.
4 Hi
43
K
. 3',,
. 50
Bl'i
18S
;
IS
IS
36
Alas-nr ("ol
Arizona Silver .
Atlanta
Belcher Divide ...
lielcher Dilde r.xt
nil Ledeo
Booth
IJoet & Mont .
Caled Mln
3S
V
1S
1
(
l'
41
I2S
8S
IK',
5S
OS
IS
ns
43S
3S
33
IS
fiS
31i
BS
IS
0
22s
20S
3
4S
12
IS
S
5( r
IIS
'?&
1SS
ii
IS
35S
1
3S
21 "
21
S
71
38
1',
10
41S
42S
8S
1S
BS
ns
is
as
43S
as
ass
is
07
32
r.
1S
II
Candelarla M -
Cons Vlralnla 'p1
Creacent McNnmara .
Divide Hxt
I'.ureka Croesus .
It, Mlnlns
Clolden Qate I.JCP
Oola Cons
Oold Kewan.is .
Oolfl Merser
Hold Silver Vlrl;
clold Zone
flreat llend
Knox Divide
IS
IS
IS
K,
3
'i
s
3 .
os
I,oulstanA Co, -
MeKIn Par C
Mi-'Namara
Marsh Mill
Motherlode .
Murray Most
Vaflnnnl Tin
Nevada Ophlr 40
North Star 5
Ilex rons
norheeter Mines
Rope Group
San Tov
Silver Klnr ot Ariz
S Silver Irf-ad
Surce1 Mln
Tnnopih Caah Boy
Tonn Divide
Ton-Jim Jl .
Tonopdh Midway
Tonopah Mln
Tnnopah Hescue Kula
I S Cont
Utah nv
United Eastern
Victory
White Caps
White Can KM
Wllbert
BONDS
Allied Park Rj
Atl Krult
11".
19
!
3
25
17
'
20
m
i
21
12
2S
6'4
nimlan S'is ....
RuMlan OS a . .
Swedish Govt Bs
Swlsa Govt 5Sn
Swift fls
!7S
31
30
93
RS
OO s
IS
1'
1U
11
.1
:i
no
75
ll'i
40
s
7
10
S
p.
2S
21
17
24
25
OS
IS
1
20
11
5'4
R1i
07
31
30
n.i
S3
fill
3S
64
j
40 S
IS
18V.
Uji
IS
35 S
1
3S
2S
21
21
7"
u
i
IS
1S
1S
It
3
65
S
21
no
75
11?;
40
R
10
'i
0
0
9
2S
25
17
2S
20
S
l
20
12
S!i
81 "i
MS
31
30
03
ss
no
FIRMNESS IN CASH
CHECKS CORN SALES
Market Finishes Heavy After
Surprising Display of
Steadiness
1000 Irate Tenants Protest Against
"Unreasonable" Increases
Jersey City, N. .).. Fob. !!.--(By A.
V.) A "rent strike" was organized
hero last night by more than 1000 ten
ants, who met in the assembly chamber
to discuss "unreasonable" increases for
February.
They were informed by Director of
Fiaanco Gannou, who addressed them,
that tho city law department would
bring the "profiteering" landlords to
court if they tried to dispossess the ten
ants and also that lie had been assured
oy union lanor leaders tnat ticlot,
workers would refuso to remove furniture.
More than 700 blanks were filled out
by persons charging unfair increases.
The cards will be filed with the law de
partment and the tenants defended free
of cost.
OKA IN nHLT WCATHElt FORECAST
Chlciisn. Feb. 3 Illinois Unsettled nnd
colder tonight: Wednesday cloudy. MIs
fourl, WUeonsln and Iowa Mnitlv cloudv
tonlffht; Wednesday rtnerally fHlr. Min
nesota. North and South Dakota. Ne
braska. Montana. Wyoming- and Kansas
Generally fair tonicht and Wednesday.
Chicago, Feb. .". Bearish sentiment
predominated in corn today and the
market finished heavy, after having dis
played surprising steadiness. Trade
wits mostly local and on a small scale.
The bullish factor that checked sell
ing was the firmness of the cash arti
cle, due to small stocks at terminal
points. Moreover, the large numbers of
hogs nnd cattle on farms, coupled with
the recent severe weather, suggests
that feeding has been heavy.
The demoralization in foreign ex-
mange is minilii'U ro some extent as
a factor in corn ns that cereal is almost
entirely a domestic proposition. Country
elevators are said to be full, but the
transportation problem remains to be
solved.
The break in foreign exchange, a drop
in r.v Mini Heavy M'ning ny a cash
house, believed to be liquidation of long
stuff, made oats easier. Kastern longs
furnished support. The tone of the
cash artlclo wm softer. Receipts were
light, with stocks decreasing.
Kxport business rcmaiueti at a stand
still, ns shippers cannot move grain al
ready contracted for.
Leading futures raniced as fniiov
Com (new delivery) Vest
Open Hlffh I.nw ("in.. i..
rin i.-.i-i ,.-- 1 ,., 1
1 11 1 jm.
Mn . . 1 35S 1.3BS 1.S4S 1 S4S llTl?
julv .. . 1.32H 1.32S 1.31S 1.31'i .
Oats
My . . . 8.1S .T
Julv . . tl 71
Pork
May . .37 00 37 73
July
Lard
Ma 22. "iO "; 05
July 23.10 23 '0
nibs
lay . ..28.00 20.02
JulV . 20 42 20.42
Did. tAsked,
82
74',
37.35
22 30
22 05
10 85
20.20
75S
R3S
t7S
37 80
37.35
'37.55
22.45 22 JO
22 77 t23.1ft
IB no ?n,io
20.30 20 10
1
Wanted: '
Advice of Manufacturers
and Wholesalers
In our desire to render to manufacturers and
jobbers a service that may be of great value,
vc seek your advice on the course that a
prudent merchant in your line of business
should pursue in buying and selling goods,
when prices show a declining tendency.
How should a merchant avoid the daneer in
volved in falling prices?
What policy should he follow 4n buyine goods?
What policy should he employ in selling goods?
What should br his terms of sale to his customers?
What should be his policy in collecting 'his
accounts?
What should be his policy in borrowing money?
(1)
(2)
(3)
(4)
(5)
(6)
We desire to get the consensus of opinion of manu
facturers and wholesalers as to the precautions which
ought to be taken on a falling merchandise market, in
order to avert a crisis or disaster. We are compiling a
treatise that will show the views of business leaders of
America on this vital subject. To all firms who con
tribute to the symposium we will send this brochure free
of cost. It will be off the press shortly. May we not
have your views on the above?
AMERICAN CREDIT-INDEMNITY, CO.
or NEW YORK E, M. TREAT, president
"THl COMPANY THAT ISSUES THK UMLIMITID POLICY"
W. J. Morphy, Manager J. F. McFadden, Gen. Agt.
Mutual Life of N. Y. BldB.
Phone Filbert 5503
Philadelphia, Pa.
Number Tnno
of a Series
California
Packing
PRODUCTION
X7ITHIN a few years the demand for
v "Del Monte" Brand canned fruits and i
vegetables, and various staple food products,
has become international in scope. While
the California Packing Corporation's output
for 1917 totaled 6,707,000 cases of canned
Roods and 99,976 tons of dried fruits, the
estimated output for the year ending Feb
ruary 28th, 1920, will in all probability
, exceed 10 million cases of canned goods,
with a corresponding increase in the dried
fruit tonnage. Production, in the past three
years, has increased 50. i''-'
So assured was the demand last year for
"Del Monte" products, that the entire out
put of the Corporation's 80 canneries was
disposed of to the jobbers while the fruit
and vegetables "were still on the trees and
in the gardens.
The purchase of California Packing Com
mon we regard as an opportunity for secur
ing, in a single issue, promising prospects
and safety of current dividends.
Send for detailed Analysis 11D
A. A. Housman & Co.
tHemfcers New York Stock Eichsnto
N. E. Cor. Broad and Chestnut SU.
Nivw voru omens:
in Hrosrt Street 23 West 33d Street
Tfce itttemeoti ront!nei httfin, while not gciunteed, ire biied
opon icformttiea sad tdrica wbich we bellere accurate aa4 reliable.
SHIRT MANUFACTURING
MANAGER
Wc desire a man who has a thorough knowledge of
all the details of high-grade shirt manufacturing to super
vise our manufacturing department in New York City.
He must have a natural ability for Executive work and
a successful record as a Shirt Manufacturer.
To such a man we offer a very liberal salary and a
position of large possibilities. Apply by letter only, stating
experience and age.
F. JACOBSON & SONS
580 Broadway, New York City
Bond Salesman Wanted
Old established New York bankinp house, dealing; in all classes
of investment securities, with offices throughout the United
States, debircs services of a man with necessary qualifications to
represent them in Philadelphia. Applicant must be old resident
of Philadelphia or vicinity. Experienced bond salesman pre
ferred, but not essential If applicant sufficiently interested In
coing into tho bond business to warrant his poing to New York
at n nominal salary for a period of training. In answering ad
vertiscment frivc details as to education, previous business cjcpcrl
ence nnd salary expected.
Address Box 47, Room 213, 1 1 Broad Street, New York City.
V
fcjMv.t,'.-.. .-.-,,.. . je.ftStJjjA
V,
" i,
?1
t
I
tfl
-'tl
'(