The New York herald., 1920-01-21
FINANCIAL BRIEFS.

IINAIvOlH1 OuIGI ~
Dispatches from Washington yesterday
quoted Secretary Lansing, as saying the
government had no knowledge of the set
tlement of the dispute between tho United
States and Mexico over the drilling Of OIL
wells in the latter country by American
companies There has been no change in
the status Of the controversy, it was an
nounced.
Stockholders of the Penn Seaboard
Corporal ton will meet February 4. for the
purpose Of voting on an increase in the
capital stock from 10000 to $4,000 shares
without nominal or par value. That will
permit an increase in the stated capital
of the corporation from 81 900, 600 to 81, ESQ.,
900.
Directors Of Stewart-warner Speedom-
eter Corporation have declared an in
itial dividend of 1 per cent quarterly on
the new common stock. That is equiv
alent to a 16 per cent basis for the old
stock. Stockholders recently exchanged
their holdings of old stock, 500 par value
for new stock of no par value in the ratio
of to l.
Gross sales of the keystone Tire Rub
Der Company for the year ended December
81. 1919, amounted to $9S06,000, compared
with s6,172,o0O in 1918.
Equitable Trust Company has been ap-
pointed transfer agent of the stock OF
Southern Phosphate Corporation.
r. r. Appleby. local agent Of the Bank
Of British West. Africa, announces the
opening of q branch Drank at Rabat,
Morocco.
Lawrence M. Bainhridge and Ralph r.
Ryan have formed a partnership for the
purpose Of conducting n general business
in investment securities. specializing In
bonds and high grade preferred stocks.
At a special meeting OF stockholders of
Simms Petroleum Company yesterday 3S2,-
5S1 shares, or eighty-five per cent OF the
total 452.3S0 shares outstanding. voted in
favor of the agreement for the consolida-
ton of the Homer Oil Corporation with the
Simms Petroleum Company.
J. W. Gilliland, president Of the Gill;
land Oil Company, wired from Homer. La,
yesterday that Gilliland and Foster. the
latter a partner with Gilliland in the
Homer field. are running pipe lines, tank
cars and storage over 5000 barrels of oil
per day from their properties in the Homer
field. That represents 10000 barrels net
of s. Oil daily to the Gilliland Oil Com
rany's settled production of $500 barrels
daily in Oklahoma, Texas and Kansas.
Stockholders Of the Title Guarantee &
Trust Company yesterday reelected the
trustees whose terms expire in 1920. They
are:-Robert Goelet. Edward It. Horwill.
Rawdon w. Kellogg. Clarence III. Kelsey,
Charles Matlack, William A. Nash James
Speyer and Sanford II. Steele. At the
board meeting the officers were reelected.
w. r. Allen. president OF the Boston
and Montana Development Company. an
nounced yesterday smelter returns on ore
shipments from the company's properties
are averaging 1900 a day. The present
shipments are being made from the Blue
Jay vein on the 200 foot level. Mr.. Allen
said this tonnage will be greatly increased
when the cross cutting OF the Elkhorn and
Park veins is completed
The new Knox process for manufactur-
ing gasolene installed at the Pennsylvania
Gasolene Company's plant at Bolivar, n.
Y, Is in operation. IL was announced and
first tests have been highly satisfactory.
James r. Bell, Minneapolis, yesterday
was elected director OF the Lehigh VAL
ley Railroad at a meeting in Philadelphia
lie succeeded James Mclean. New York.
who died recently. resolution was
adopted by the board approving the action
of the directors in transferring s. 200 900
bonds issued under the terms OF a mort
gage for expenditures already made.
These bonds are not to be sold.
Harris, Forbes e. CO., the National
City Company and S. III. Rollins &
Sons are offering an issue OF $500 900
twenty-five year per cent Southern Cali
fornia Edison Company general and re-
funding mortgage gold bonds at ae and
interest TO yield more than $50 per cent.
Net earnings for 1919 were more than two
and one-half times the annual mortgage
bond interest charges.
Kissely, Kinnicutt e. Co. and Cassatt &
Co are heading n syndicate offering $780,
900 class A shares OF the Lincoln Motor
Company at $50 a share. The management
estimates that 5000 cars will be produced
during the first year of the company's
operations and that net profits will ex-
ceed 100000 after full allowance for
taxes. capitalization OF the company is
10000 shares class A, $50 par value, and
i6O 600 shares class Il, no par value.
Az n meeting OF the Board of Directors
of the Pacific Fire Insurance Company
held yesterday Mr. II. X. Bamy. Jr.. was
elected to tho Board OF Directors. Mr..
RI. q. Stephens resigned as secretary, to
take effect April /. The regular semi
annual dividend OF 5 per cent was de-
clared. payable January 2l TO stockhold-
ers of record January 20.
AT meeting Of the Board OF Directors
Of the Asia Banking Corporation yester-
day r. ". Ellis was appointed manager
of the Ns~ rork ofllce vi The corporation.