SHORTS GET
M
LITTLE SYMPATHY
Only Getting What They
pectod to Give, Says
Broker
Ex-
(h (he men wo sold nt n certain nrlec
ft?!fc tKS could not deliver. Thcao
" t laid nr" no babies in tho Htock
S Cme. They nrc ttl wlmt
1
r ihn few brokers who enmo
, 0nc(nu, office on 8aturdnytcad
d0,wnw to Vc Kolf links or to Atlrfntla
cV o monologue on the BtuU
BA'cr,n i.- 1...1 HfHft or no srmnathy
lie wim iiu " " "v;-r- -;i-.i-
"!" K'"V . - i '. nn,i if nil s true
$ have Vtlll some' more coming to
thTi for those who bought tho stock
J.nMtl tlioy need no sympathy. They
5 not worried or lyinit awnko at
Xhts : but with the man who sold and
hiS I lo borrow to delUer "It Is some
Ski. !.!( oualu." There may bo an
lifter tura """hta affair before It is set-
"There "arc some other stocks that
! the diciplinary powers of the
.lock cxchaiiRo board of governors, be
remark") ami if any attempt Is made
H- the coming week nt wild specu
WlonVome others beside the Rtuti In.
eiders may hear something drop.
While the broker' offices were closed
nn Saturday, many of the bond Iiouhcs
and bond departments were open for
business. Somo of theso visited were
doine a "land office busincsi" during
the half-holiday session, while others
erc not attempting to transact any
busincs of anv kind.
A number of Investment houses were
iurrrised nt receiving In their morning
mall an ofTcring of nn Issue of S3D
000.000 convertible notes from n New
York syndicate. It was supposed that
the offering had been placed in the malls
on Friday night on the supposition that
all offices here would be closed on
Saturday, as It was slid that no one
would think of launching such nn Issue
en a stock exchange holiday.
Below are expressions of opinion by
financiers and financial institutions on
current events:
Federal Reserve Bank, Philadelphia
The cash reserves of the United States.
Including the total stock Of gold nnd
silver, incrensed less thnn $200,000.
000 during the war. From January 1,
3014. until February 10, 1020. gold lm
ports exceeded export by ?Gl.'I.O00,00O.
tut during the same period, silver ex
ports exceeded imports by $403,000,000,
fpaving a net gain of $180,000,000.
Hold imports may be increased in tho
rear future through shipment of the new
Transvaal production. No improvement
to the credit situation, except iu a
-U
Toledo Traction, Light
and Power Co.
3 yr. debenture 7s
To net over 8
Net earnings available 4 times
interest on issue
Wm. Marriott Canby
Member Phila. Stdck Exchange
310-11 Land Title Building
Philadelphia, Pa.
AUska, Gold A
a..?.. 11V,
ArnB tnii
2 81
A Tt A T oil
S 77 ;
1 78H
Am T & T Hi
1 81H
13 80V4
SZ SOU
3 bO'i
Am t n
i not
s OOtt
l nn',i
1 OOVj
i DO",
1 DOS
a oou
Am W I'ttP 7s
I so
1 80
Anr-Frtnch Si
1.
2
CO
2
1... .
(I
5
1
60
IB
B
10
100
12
OS
OS 1
OS 1
OS
08
08
08 1
08
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08 1
08U
08 3
IS 08U
08 U
BSW
08 3
08H
98H
08 3
os a
BB 3
tlve Mwe, cAn como itom this
movement sinco It cannot exceed $1G,
000,0,00 monthly wlireas our gold ex
ports nro noarcr $50,000,000 monthly.
I'jngland nnd Franco must arrange pay
!?.! aJ&. Al,Rlo-tfrcnch loan of
$500,000,000 In October, nnd will prob
ably bo obliged to ship gold Ic. partial
payment.
Unless tho movement of gold in and
out of the United States Is regulated,
slmlllarly to tho manner adopted in tho
other coding nations, In tho very near
future, our cntlro credit structuro will
be cndaiiKcred.
V Corn Exchaneo National Tinnb ni.it .
hdclphlo A word os to all tho idle talk
going uio rounus about Herman ware
houses being full of goods ready to bo
dumped on tho American market.
An American gentleman, one of the
Inst to lcavo Germany, a man whose
activities for several years kept him
closely posted, recently gave us an In
teresting insight on conditions In that
country. For instance, In what lines
is competition to bo feared, cotton or
woolen goods? They were burying their
flnnrl In nanAp XTaSaI a1hO mL.M
hnvd no copper ; 75 per cent of tho Iron
mines wero uutcn irom tlicra. Fats?
They have no fats or greases. An Eng
lish consular report of recent dato
states that blcylcs shipped Into Switzer
land from Germany were very Inferior
and wero practically worthless. If
this is true of a shipment so close to
the German frontier, what Is her posi
tion in relation to world markets? iter
shipping is gono, her currency almost
worthless, and the fuel situation Is bad.
Tho garden spot of the empire, Its
richest farming rcclon, was handed over
to Poland. Indeed, the sltuntion be
tween Poland and Germanv is ono of
practical warfare, as there is warfare of
a guerrilla typo going on nloug the
frontier.
The cost of living in Lcipsic has gone
up 200 per cent since the first of the
j car. Furthermore, the peace treaty
gives tho Allies practical control at least
of tho transportation facilities of the
country, nnd as for certain commodi
ties such as petroleum, meat, copper,
leather these must como largely from
the United Stntcs.
There has been a great deal of wild
talk about the menace of German com
petition. These reports must presup
pose, that business In the country over
there is functioning more or less nor
mally. Wo know as a matter of fact
that such Is far from being the rase.
There may be already a world trade
war going on. Indeed, we believe there
Is such a war In the mnking. but Ger
mnnv thus far Is no factor In It.
Chandler Bros. &'Co. The nctlon of
the New York Stock Exchange In strik
ing Stutz Motori hnres from the board
seems fully justified by tho absurdity of
the price reached In the efforts to crush
out n comparatively small "short" In
terest. The fact that neither 'the Stock
Exchange nor the Curb Association
members nre permitted to buy or sell
to cull or deliver to pay or receive
payment for same, creates some rather
comnliciting conditions.
Guaranty Trust Co., N. Y. The zest
of foreign competition now entering our
overseas trade is n needed nnd healthy
stimulus. The best American instinct
seeks competition nnd benefits bv it.
This spur to our national pride and re
sourcefulness coincides with mnny other
Bvmptoms of marked improvement
throughout the world, notably the re
cent manifesto of the Allied Supreme
Council on reconstruction.
In its demand for instnnt reduction of
armaments, for closing tho gap between
the revenues nnd expenditures of all
governments, for increased taxation, and
for fixing at -an early date the definite
total of the German indemnity, tills
document Is one of the best expressions
jet voiced of a sounder European tem
per. It is noteworthy that the some fort
night which seems to have marked the
turning nolnt In European sentiment
witnessed a mnrked recovery In sterling
exchange, and a spreadinc opinion that
Europe ns n whole is beginning to Kninjiches'i' bins
lunii-uu vi iua-j luuuouiui uuu viuuujuii; 2 70
ground.
EVENI :APKDj $ 3JJ20'f" '';' .,
NEW YORK BOND SALES
Snmmaty of Individual Transactions on New York Exchange
t SALES IK I1O0OJ
From Optnlnst UnM 2 V. M. (N T, Time)
Allooky Mt 4iC 6 Oct 4W 17 48
00 1... . 12. 2 4H
1 73 fi 4RU
0 AOhloovBl B 48
a 78 n 48K
1 78t n 4H
Chi AAltSHii (1 48
1 3Ti B 48
87 U 7 4BU
0 D . Q ttm n... . 48U
1 7SU 4 8IU
CD AQII aw 6 48
1 71 2 48H
uni ii n mi io 49
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1 71
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2
1
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3.
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2.,... 87
S 87
Atl Coast t,
1 74H
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Bull Ohio cv
62
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02
82
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2.
3.
D & Oblo 3H
1 82
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1 8BT4
0 85
3 8Si
1 83 '4
B ft O P I. K
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1 78ii
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8 S2H
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c n t a r h
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Chile Cop r ''i
2 78 H
10 7S4
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Chile Cop'r 7
1.... 1021
1.... 102
1.... 102H
City of Mar 5j
1 81)
CKT3U 'B4
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CNTIi '58
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6a of '84
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8 77T4
New Issue
$2,
:,500,coo
Union Electric Light&Power Company
St. Louis. Missouri
Three-Year 7 Convertible Gold Debentures
Dated April 1, 1020. Due April 1, 1023. Callable, as a whole or in part, on the fint day
of any month at 101 and Interest on or prior to April 1, 1021; at 100 and Interest
thereafter on or prior to April 1, 1022; and at 100& and interest thereafter.
Convertible, at the option of the holder, on the first day of any month to and in
cluding February 1, 1933, into an equal amount of the Company's Refunding and
Extension Mortgage 6 Bonds due 1933, accrued interest to be adjusted and the
debenture holder to receive $160 in cash for each $1,000 face value of debentures
converted.
UtM JUrthwtztd try Public Strtloa Comnflttfen f Mrtsoarl
The Company agrees to pay Interest without deduction for any Normal Federal
Income Tax to an amount not exceeding 2 which It may lawfully pay at the source.
The following information is taken from official oources:
The Union Electric Light and Power Company owns and operates all but a small
part of the central station electric light and power business in the city of St. Louis
and in the counties of St. Louis, Franklin and Perry. The total population served
is estimated at approximately 1,000,000.
The gross earnings of the Company for the year ended March 31, 1020, with the
month of March partly estimated, were $8,793,342, the net earnings being over
twice the annual Interest on the funded debt, Including this Issue.
Based on the valuation of the (Company's properties made by the Public Service
Commission of Missouri as of December 31, 1915, plus subsequent expenditures
for additions and extensions, the value of the property of the Company as of
February 29, 1980, exclusive of working capital) was more than $31,600,000, as
compared with the total funded debt, including this issue, of $82,610,000. Invest
ments of the Company in the Union Colliery Company and other subsidiaries are
not included in the foregoing value figure.
We have been identified for the past twenty-two years wfth
the bond financing of this Company and its predecessors.
These debentures are offered for delivery when, as and if issued and received by us,
and subject to prior sale and advance in price. It is anticipated that permanent deben
turcs will be available for delivery on or about April 5, 1020.
We recommend these debentures for Investment
Price 97 and interest; yielding 8
Complete circular on request
Harris. Forbes & Company
Pine Street, Corner William. Now York
WIdenor Building, Philadelphia
Harrit, Forbes & Company
Incorporated
Doeton
Harris Trust and Savings Dank
Bond Department
Chicago
2 7SM
10 78
10..... 7BV.
1 78K
10 7SH
0 78M
1 78U
..... 78H
a 7fl'.
SB 78tt
2 78 S
0 78
l.. .. 78V.
Imp J Ov 4s
1 04
1 03
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1 18
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Inter IUp T fd
4 HBH
0 BBH
1 B5K
10 6BK
12 BB
1 B5H
3 BBVi
fl EBU
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l... 66 fe
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3 82
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S 86 V.
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t, A ttxere Te
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Louis" N 4
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1 811
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0 77J4
1 78
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2 03 ii
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2 48U
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2 06t
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1 63
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1 734
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2 74
2 74
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n.... ioo
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11 85 .
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1 70
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1 84H
1 844
4 05
1 65
Pa It 4Us'21
6 07
2 OSS
farm cm 41,
1 764
1 7BH
Pinna nil Ks
2..... C7
fl...., 67
B.,... C7
2 7Vt
1 67
SnJlallws' Es
2. . . . . 83
Ter A of Ht l
4s
i ca ;
2 084
Texas Co Os
2.... 10IH
1.... 104
2.... 104
Union Pao M
10 714
2 71
Union Pao cv
2 84U
Cnlon Pao 4 a
1 814
1 81
1 81
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10.... 101
1.... 101
UKODI '31
4 05
1 05
1 054
2 on
2 054
a oss
1 05
2 05
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rets '33
834
85
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5 C3'4
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6 874
1 S73
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0 66
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1 014
St U A B V tn
2 464
1 46
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Berlea A
1 58
1 68
a eh
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Serlea D
8 08
St L A Ban I
Series C
25 80
5 80
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1 62
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B 78
1 78
1 7a4
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2
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lets or "S
S 04 '
S MS
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004
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7
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rrsa wnct M
2 4
2 2U'a
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3 .... M
B...... 50
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: 82
1 82
1 Z2
2 82
1 83 .
S 83 '
t 82 I
20 82 I
p B nobbr 5
10 84 I
V.'.'.'.'. 84
ts . . v
V B Steel li
06
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06
06
03
05
06
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25 04 v;
Va Rallw's R-
1 70
Westn N Y &
Penna 1st
3 0
Wes Shore 4
1 70
W & L. U44a
13 634
W A U E 6s
1 004
Wilson Co cv
1 014
1 02
1 01
1 01
1 02
Wilson Co 1st
1 05
1..... 05
Today's Range In Liberty Bond
CN.Y. time)
Hlch Low
Liberty B 3 Vis... 1)0.70 00.00
Liberty II 1st -la.. 01.00 00.70
Liberty B 2d 4s.. 80.80 89.00
Liberty B 1st 4b 01.20 01.00
Liberty B 2d 44s 80.22 89.80
Liberty B 3d 4Via 02.08 02.80
Liberty B 4th 41is 80.00 80.00
Victory N 35iB.: 07.00 07.84
Victory N 4s.. 07.00 07.80
1:13
p. m.
00.70
00.80
80.00
01.10
80.80
02.00
80.02
07.00
07.02
Combined Reserve Bank Report
Washington, April 5. The' weekly report
of the combined condition of the twelve
Federal Reserve banks, at the close of bus.
Iness on Friday, April 2, announced by the
Federal Sereve Board. Is as follows (000
omitted).
RESOURCES
April 2 March 20
Gold coin and certifi
cates In vault 1171,885 1154,237
Gold settlement fund.. 370,558 8U3,lbJ
Uold with for. uk'encles. 112.781 112.7H1
Total gold held by
banks tu03,624 1630.150
.Gold with Fed, Ree.
agents 11,169.137 $1.180,b20
uoiu reaempuon tuna
with
S. Treas.
117,108 117,778
Total fold reserves. .$1,050,
Liesai lenaer. silver
ctfs.. subsidiary coin.. 180,100
59 II, 031.755
122,300
.12.080.458 12.057,155
Total roserves ,
Rills discounted eerured
by eov war obllco... 1,400,601 tl.441,015
All other 090,840 1.008.J13
Rills bousht In open
market 424,041 451.870
Total bills on hand. .$2,824,654 tJ. 001, 100
V, 8, co v. bonds ......
V. 0. Victory notes ....
if. fl. certificates of
Indebtedness
earnlnr
20,708
OS
20.70S
315,550 263.050
.$3,100,070 $3,101,031
12,000
Total other
assets ....
Dank premises
Uncollected Items (de
duction from gross
deposit) 635,676
D reaempimn runa
13.9R0
4,474
11.000
against Feb. lies, bank
notes
All other resources ....
70S.78S
18 000
3.007
Total reserr 16,143,246 Sl3.047.771
LIABILITIES
Capital paid In 101,284 101,050
Surplus 120,120 120 120
Clovrnment deposits... 10,416 27,711
Due to members reserve
account 1,809,063 1,667,125
Deferred availability
Items ................ 668,752 510.090
Other deposits. Includ,
for. vovt. credits .... 131.714 100,160
Total sross deposits.. $2,600,045 12,541, 0o2
Fed. Res. notes In ac
tual circulation 8,077,323 8,048,039
Ted Res. bank notea In
circulation net liability 106,594 201, 30J
All other liabilities In
rludlnir foreign arovt.
credits
TotAl liabilities
Ration of total reserves
to net doposlt and Fed.
Res note liabilities
combined
Ratio of gold reserves
to Fed, Res. notes In
circulation, after set
ting aside 85 against
net deposit liabilities,.
47.080
4B4I-3
.10.143.240 10.047,771
4J.4";
47. K
DIVIDENDS DECLARED
" United States Express Co., a liquidating
dividend of $80 a eharo, payable May 3
to stock of record April 10.
Nev Tork. Chicago and Bt. Louis Rail
road Co., semiannual IJ.CO on second pre
ferred, payable May 1 to stock of record
April 10,
Midwest Refining Co, quarterly tl and
an extra 50 cents payable May 1 to stock
of record 'April 15.
Durhsm Hosiery Mills, quarterly 81.75 on
pref.?rr,"d- Jwbla May I to stock of record
April 20.
Phllllps-Jones Co., tl 75 on preferred, pay
ab!?.M,y,A ' stock of record April 20.
Elgin National Watch Co., quarterly 2
per pent, payable May 1 to stock of rocord
April 23,
Pittsburgh Steel Co., quarterly 1 75 on
preferred, payable June 1 to stock of record
May 15,
Cudahr Packing Co . semiannual cf 84
per cent on Preferred pajublo May 1 to
tuck of neord April 21. y "
I
NEW ISSUE
"ev .'
$5,500,000
The Bell Telephone Company of Canada
(Incorporated by Act of the Parliament of the Dominion of Canada)
Five Year Seven Per Cent. Bonds
X
Dated April 1, 1920.
Due April 1, 1025.
Interest payable April 1 and October 1. IJoth principal and interest payable in Canadian
currency at the Bank of Montreal, Montreal, or, at the option of the holder, in
United States gold coin at the Agency of the Bank of Montreal in the
City of New York, U. S. A. Coupon Bonds in denominations
of $C00 nnd $1,000, registcrable as to principal only.
CAPITALIZATION
(Upon Completion of Present Financing)
Capital Stock, par $100 (authorized $30,000,000) $22,336,300
6 Bonds, due April 1, 192S $11,149,000 .
7Sc Bonds, due April 1, 1925 (this issue) 6,500,000 16,649,000
4rom a letter of Mr. C. F. Sise, Vice-President, tve silmmarisc as follows'.
Company owns and operates the principal telephone system in the
Provinces of Quebec andOntario.
The $16,649,000 Bonds are a first charge upon the whole lines, works
' and plants of the Company othej than real estate. The real
estate is unencumbered and the bonds will contain the covenant
of the Company not to create any mortgage or lien upon its real
estate ranking equal to or prior to these Bonds. Issue of Bonds
is limited, by charter from the Dominion of Canada, to 75 per
cent, of the actual paid up stock.
Value of plant account (including real estate), December 31, 1919,
was $49,641,186, or 2.98 times the Bonds outstanding, including
this issue.
Net annual earnings for last five years have averaged $2,296,662, or
4.1 times the average bond interest charges.
Including this issue, total present bond interest charges are $942,450.
The average annual net earnings for last five years were 2.4
times these interest charges.
Dividends on Capital Stock'at the rate of 8 per cent, per annum have
been paid continuously since January 1, 1886.
WE RECOMMEND THESE BONDS FOR INVESTMENT
Price 98 and interest, yielding about 7.50
LEE, HIGGINSON & CO. HARRIS, FORBES & CO.
ROYAL SECURITIES CORPORATION, Limited
Tho statements contained In this advertisement, while not guaranteed, tiro
based upon Information and advlco which wo believe accurate and reliable.
I
-
BLAIR 8c CO.
Inearpara t4
34 BROAD STREET
NEW YORK
Blair & Co., Inc., announces its organization-to encage in the
General business of underwriting and dcalinc in Investment Securities as
tuccessor to the existing firms of
BLAIR & CO.
Established in 1S90
i i
WILLIAM SALOMON &
Established m 1902
CO.
Its principal office will be located in the Blair Building,
24 Broad Street, New York. Branch offices heretofore maintained liy
the predecessor firms will be continued at Chicago, Boston,
Philadelphia, Wilkes-Barre, Rochester, Buffalo, Cleveland, Detroit,
St. Louis, San Francisco and Los Angeles. Foreign representation
will likewise be maintained in London.
BOARD OF DIRECTORS
C. LEDYARD BLAIR, Chairmia
ELISHA WALKER, President
George Armiby
Frank C. Armitron:
William Braden
James C. Brady
Harry Brenner
J. Cheever Covrdin
George Armibf
Harry Brenner
Arim.5, l20
John B. Dennis
Heman Giflord
Edward F. Hayes
Clarence Lewis
George N. Lindsay
Edgar L. Martton
Hunter S. Marttrra
Dunlevy Milbank
Alonzo Pctter
Lewis P. Sheldon
Jacques Weinberger
K0P Graham Youngs
EXECUTIVE COMMITTED
J. Cheever Covrdin
Clarence Lewis
Hunter S. Marston
Elisha Walker
Jacques Weinberger
99
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