New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-04-11
In Wall Street
Ryan Will Soon Return

Ryan Will Soon Return
Far from the market place In Al,
lantic City, correspondents reported
that they had seen Allan A. Ryan, the
dominant figure in the Stutz Motor
Company, and flashed the intelligence
that Mr.. Ryan would probably be back
to New York early in the week and
would have something important to
say on his return. Locally no impor-
tant developments in connection with
the corner took place. The brokers'
protective committee, headed by G. A.
Morse, was in conference with its at
torneys further formulating it's policy
to act in behalf of the short interests.
Stock Dividends
Byron Holt, of Goodbody & Co.,
says of stock dividends: "These dis
tributions have hold on the popular
fancy which is hardly justified by the
actual facts. They also serve to make
it uncomfortable for the shorts. AS
market argument they are very val
liable. AS additions to the total
ure. Where the old dividend d rate is
maintained on the new stock, the dis
tribution amounts to an increase IN
the dividend rate, and an increase in
price is justified, but where the divi-
dend is cut with the distribution. so
that there is no increase in income to
the stockh older, it amounts to two
fives for ten. and nothing is gained I"
Standard Oil Financing
In current discussions Of probable
new financing by the Standard Oil
Company of New Jersey in the form
of $100,000,000 additional 7 per cent
preferred stock, a good many folk in
the financial district are wondering by
what right the company intends to
double its preferred stock capitaliza-
ton: When the company issued its
original $100,000,000 non-voting Z per
cent cumulative preferred stock last
July its charter was amended SO as to
provide for the division of the author
lied capital stock of 100000, 900 into
$500, 100000 of preferred and 100000
600 of common. 1t was further pro-
vided that from time to time, either
class of stock may be either increased
or decreased, or one or more additional
classes of stock may be created, with
such rights as may be determined by
the board Of directors; provided, how
ever, that any additional class of stock
SO created shall be subordinate to tho
preferred stock now authorized"
Remittances and Raw Material
One of the chief sources of dollars
Of CONTINENTAL nations in the Old
States who remit regularly to the
folk at home. This flow of funds
furnishes, a basis for the pur-
materials al N needed ed A ii time s"' w fa%
there seems to be an indisposition on
the part of American investors to buy
and absorb new offerings of foreign
external bonds, this source Of support
assumes unusual Importance.
N. Y. Central Issue Sold
Those observers Of the investm ent
market who were greatly encouraged
by the quick sale to the public of $50
100000 of Pennsylvania Railroad per
cent ten-year secured bonds were fur
Their treasured yesterday by the an
York Central equipment trust certifi-
Gates yielding per cent had been sold
in a day. The market, whose digestive
capacity was questioned for months,
in forty eight hours assimilated more
than $500 900 Of new offerings Bank
ers thusbecame convinced that invest
able funds were readily available, and
could be attracted by per cent rate.
The new Pennsylvania bonds sold as
high as 1902 in dealings on the curb
market yesterday.
Haskell & Barker
Active buying in Haskell & Barker
continued yesterday and the stock
moved up yesterday to new high rec
ord price of 74A Some commission
houses do not look with as much favor
on this issue as on some of the other
car building concerns. For instance,
Wrenn Brothers, in their market let
ter for the week, said: 1The company
was incorporated in 1916 and has an
annual capacity Of about 500 freight
cars. The balance sheet of January
81, 1920, however, shows such small in
ventories as to indicate very limited
unhlledy orders. Inventories appear to
be smaller in proportion to annual sales
than those Of any other leading equip
ment company. Untitled car orders for
all companies suffered drastic decline
last year; and at no time this year
have the monthly car orders been large
enough to be any considerable off set.
During this scarcity of business Has
kell & Barker suffer from the compe-
tition with the American Car and Foun-
dry Company, which concern has capac-
ity enough to supply oil the 1relSht
cars needed by all the railroads in the
United States. Haskell & Barker stock
earned S785 per share the last year,
as compared with $3.50 the previous
year; and the outlook for the current
year is not promising"
Ford Company to Pay OF Notes
Announcement was made yesterday
that the Ford Company will pay off ST.
100000 of its outstanding s per cent
notes on April 10. This maturity is
part of the underwriting last June by
the Chase Securities Corporation, the
Old Colony Trust Company of Boston
and Bond & Goodwin of $4,000. 600
three months per cent notes. Only
$60,000,0O0 have so far been drawn, ana
of this amount $10,o00.000 was paid off
on October 16 and s7,5oGsOo0 on Janu-
airy 16. The approaching payment
therefore, will leave only $35, 100000 OF
the notes outstanding. These, it is
stated, are to be renewed.
Sinclair Offices Move Next Month
Next,month the Sinclair Consolidated
Oil Corporation will begin moving its
headquarters from the Equitable Build
ing into the Liberty Tower, which it
bought a few months back for it's own