New-York tribune., 1920-09-17

Hen tHe great e8plOSiOu CaHc. A1sSt
that things that usually seem i'm
portant faded out Of the attention of
the Wall Street community.
Mexican Petroleum
The Mexican Petroleum Company
and the Pan-American Petroleum and
Transport Company notified the Stock
Exchange verbally yesterday, to be
confirmed by letter. that the stock
transfer books for all Classes Of stock
which would have been closed at close
of business yesterday for the dividend
payable October II have been extended
to the close Of business on Monday,
September 20. This action was taken
deposit certificates for transfer before
the close Of business yesterday by rea-
son Of the explosion.
Standard Of Indiana
An early announcement Of a big
"melon cutting" by the Standard Oil
Wall Street. For several days the stock
has been advancing in the outside
market in anticipation Of such de-
veiopment. The plan of the company
are said to involve an increase in
the capital stock outstanding from
s30,oo0,000 to s10o,oo0o0o. the new
stock to be given the present stock
holders in the form Of a large stock
dividend. At the same time it is pro-
posed to reduce the par value Of the
stock from 500 to $oo share. Earn
lngs Of the Indiana company are said
to be running we'll in excess of 1919.
when it showed net after taxes Of
approximately S25,Oo0,oo0. The stock
sold above 500 share yesterday and
was going strong when the Curb sus-
pended for the day.
ID. g. X. G. Committee
As a result Of the proposed sale of
the Denver & Rio Grande Railroad
property at foreclosure committee
has been formed in behalf Of the COM
mon and preferred stockholders, of
which Daniel W. Blumenthal is the
counsel. Mr.. Blumenthal said yester
day that "from legal as we'll as a
moral standpoint the United States
District Court in Denver will be asked
to adjourn the proposed sale on the
ground that II 1t should take place at
this time the interests of hundreds Of
widows and orphans would be abso-
lutely wiped out" The court will be
asked by Mr.. Blumenthsl to order an
lIqUiIS III IcicIeuCe 10 Inc 1alb0 GcpoII
from Denver that the sale Of the D. e.
r. G. property had already been fixed
for September 25. at is very strange"
the committees counsel added. "that
the false report was not corrected until
pretty near the time of the sounding
of the New York Stock Exchange gong
at 3 o'clock, and that as a result Of the
false report big stock jobbing scheme
was perpetrated upon the common and
preferred stockholders"
Retiring French Bonds
Frances hope for short time loan
Of S100000,000 was not completely
frustrated by the terms Of the now
loan, which was offered to the public
last week. Although the loan tech
nically runs for twenty-five years,
France has the right to retire the
bonds after five years at 40 through
the sinking fund. Under the terms Of
the indenture, after the fve-year
period France must pay in at least
100000 each year to the sinking
fund. Some people have confused this
minimum requirement and taken it
for a maximum. There is. however,
nothing in the terms of the contract
to prevent France from calling in all
the bonds at 110 after FIVE years.
Whether she will do so depends upon
the position Of the franc in the ex-
change market and the general state
of the French Treasury. In that event
the holder Of the bond would be sure
of ten points profit, in addition to 8
per cent interest.