davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1920-03-17
Argentina Seeks
Extension of Loan
But Bankers Here Are Expected
10 Demand Payment at
Maturity

Or. Domingo E. Salaberry. Minister
of Finance OF Argentina, who has been
in the United States since the holding
Of the Pan-American Financial Con
ference in January. will to-day sail
for England and then return home. Be
fore departing, DR.. Salaberry met with
the South American group of bankers
in the Office OF j. P Morgan & Co., and
informed the fnanciers that his gov
ernment would like to renew half CT all
Of its s50,400 900 loan, which natures
on May - next, but that Argentina
would be willing to pay of the loan
without refunding operation If the
bankers so recommended.
Although leading members of the
reached, it was reported IN the fnan
paid off The balance Of trade between
the United States and Argentina has
been in favor of the latter, and $50
100000 in gold has been shipped to
the South American country from New
York since the first OF the year. More
ever, it is understood that the govern
ment Of Argentina still has a large
credi. balance at the Federal Reserve
Bank Of New York, which has been
estimated 10 be S70,000,O00. In view
Of these facts, bankers realize that
Argentins could easily pay off the en-
tire loan, which consists of S25 100000
and 100000 pounds sterling of bonds,
which were issued in 1916. Practically
all Of the bonds are now held in this
country.
Despite Argentina's favorable credit
balance, the country has large float
ing Indebtedness at home which was
incurred during the war, and thus far
has net fell able to fi2at an internal
loan. II the dollar aud sterling loan
could be renewed, instead of paid off,
the FUNDS thus held back could be en-
poyed, i is pointed out. TO reduce the
Indebtedness ~ home. 1t is said that
the Argentine Finance Minister at his
conference with the South American
group Oh Monday declared that if the
Nay 10 maturity were paid off it would
De necessary TO float an internal loan,
and that legislation which would make
such an operation possible would soon
De passed. Some bankers, however,
sad that wealthy citizens of Argentina
were as group unsympathetic toward
-, @ present government, winch is con-
sdefed somewhat radical, and, there
Inore, were not anxious to buy it's bonds.
plflng the war, the Argentine govern
iaaent aent financed itself mainly through
l0ans from the banks.
n AS result Of the conference with
W Vt. Salaberry, it became known that
Inc power OF decision as to what would
De cone with the coming maturity was
seated IN New York, and not in Buenos
New-York tribune., 1920-03-17
Higher Fares Contemplated

Cues tion-About three years ago ] pur-
chased some Hudson & Manhattan per cent
adjustment bonds at 28 and at that time
they paid SO on each coupon twice year.
Later they did not pay the coupons. They
sold low II and I bought a few at
different times. and my average is 1872.
What is the prospect Of the road paying any
thing on the coupons in the near future, and
would you hold them until they pay the
coupons or sell them if they went any
higher? What is the prospect of them going
back to $50. B. r.
Answer-The recent rise in the price
of Hudson & Manhattan adjustment
bonds was due to the announcement
that the company expects soon to raise
fares from 5 and 7 cents to s cents.
on these bonds since 1916, the com
pany for the twelve months ended June
80, 1919, earned an amount equivale mt
to the interest for that year. The
bonds would appear to offer speculative
opportunities, since there is a possi-
bility Of a payment on the issue if an
increased fare is established.
Holdings Are Diversified
Question: hold for investment: Armour
Az per cent bonds. bought at 90: New York
Gas per cent bonds bought at S11s Chi
cago, Milwaukee st. Paul Railroad Az
per cent convertible bonds. bought AT 6S; Chi
cago. Milwaukee & St. Paul debenture 4
per cents. bought at II; City of Bordeaux.
bought at 921a Rochester Heat, Light and
Power 7 per cents, at s2 and lnterborough
8 per cents, bought at SO. Have $1,000 to
invest and am thinking of buying Inter
borough Rapid Transit. Are preferred
stocks better than bonds for investment
The preferred stocks | have in mind are
Atchison, Topeka & Santa Fe Virginia.
Carolina Chemically. M. H.
Answer-Of the bonds you hold we
are of the opinion that Armour AIS,
the New York Gas 5s and the City Of
Bordeaux 6s are good investments.
The St. Paul bonds are not high grade,
although we believe them to be safe
enough, particularly when the new
rates are established for the railroads.
The Rochester bond is entitled to fair
rating. The Interborough bonds are
not high grade, as you probably know.
The present low price, however, has
probably discounted the unpleasant sit
uation We do not advise your buying
Interborough Consolidated stock for in
vestment, if you refer to that issue.
This company is a holding concern. 1t
is not the operating company. 1t is a
pure speculation. Many preferred
stocks are better than some bonds. 1t
depends entirely upon the securities
you have in mind. We believe Atchison
preferred and Virginia. Carolina Chem
ical preferred are entitled to good in
vestment ratings.
New-York tribune., 1920-03-17

ments Of sS4o,o7o in the year ended
November 81 last, according to the an
nual report issued yesterday to stock
holders: This deficit compares with a
$3,069,O36 surplus after dividends for
the preceding year.
Net profits last year were $1,473,336,
compared with $4,s06,310 the year be-
fore. When income from other sources
had been added the total was s1.6o2.-
AIT, falling off of $685., ,533 from the
year ended November 80, 1918. After
Federal taxes, depreciation, amortiza-
ton, etc. IF se77, $40 had been deduct
ed, the balance of $624,82s was equiva-
lent to $1.25 a share earned on the
outstanding 100000 shares, no lLr.
This compares with a net income after
depreciation, ordinary taxes and deple-
ton. but before Federal taxes, of s3,-
993, ,O40 in the preceding year, equiva-
lent to $7.86 a share. The S215 ,232
deficit after dividends was deducted
from previous surplus of s6,9S4.444,
New-York tribune., 1920-03-17
Texas Company Gross
$lO2,986, ,597 in 1919
Report to Stock Exchange
Shows Profits of $2l,96
q Share


Record gross earnings ~ stno oae so7
were reported by the Texas COMPANY
Tor the 1919 calendar year, in a state
ment issued by the company in connec.
tion with tho sale Of $85, ,0o0, 900 three
year ended June 80, 1918, gross earninpa
a syndicate of bankers. For the fiscal
year ended juno 80, 1918, gross earnings
were $50, ,26o ,s33, the best previous
year.
Deductions from last years income
included $7s.7s2,4so for operating ex-
penses, $6,76S, ,22S for sinking fund and
depreciation, $673,512 for replacement
OF marine equipment, $3,o00,oo0 re-
paid, and doubtful accounts S9O.e62.
making total deductions of $10,532,7O1'
The resultant surplus of $18,671, ,416
was equivalent to $21.96 a share on the
$S5 600. 900 capital stock, compared with
S2975 share. earned in the 1918 fiscal
year on $69,375, 900 capital stock. The
company had on December 81, 1919. a
cash balance Of $8,718,636.
The Offering Of $4,000, 900 Of three
year 2 per cent notes of the Texas
Company met a quick response, and it
was unofficially reported that the issue
was fully subscribed. This Offering
was regarded by bankers as test
case, and will lead to the bringing out
next week Of other new issues.
1t was learned that $500 900 or ST.
100000 Of Province of Quebec bonds
will be offered next Monday at price
to yield per cent. The bonds will
bear g per cent interest on their face
and will run for five years.
New-York tribune., 1920-03-17
Northern Pacific Bonds

Queston-Would you consider the North
ern Pacific per cent 1897. safe invest
ncnt. or is the 3 per cent general. 2047. a
better buy? Which issue is best secured :?
II Great Northern Ore a good investment
at present price and when do they pay a
dividend IF. H. H.
Answer-The Northern Pacific prior
lien 4s are a high grade investment
being first lien on the greater part
of the property. The general lien 3s
are second lien. They, too, are we'll
secured, and We regard them as safe.
Great Northern Ores earnings are not
entitle the stock to a good investmen,
rating. The property is valuable and
the stock is probably a good specula-
tive investment. Dividends are de-
clared irregularly.
New-York tribune., 1920-03-17
Barnsdall Corporation Profits
Equivalent to $2.7O a Share

The first annual report Of the Barns
dali Corporation, issued yesterday to
stockholders, disclosed net profits for
1919 of $1,4oe,oes, equivalent to $2.7o
a share, earned on the $4,000, 900
OF stock. S25 par value. This amount
was arrived at after deductine ali
charges and Federal taxes.
Gross sales in the year amounted to
S4,064,314, from which producing and
operating expenses Of $1.7S2,412 were
deducted, leaving $2,281 1902 in net in
come. Other income aggregatng 1885,
7o7 was added to this, bringing the
total net earnings to $3,l38,659. In
terest, depreciation, ETC., was placed
at Sl,53l ,693. A reserve of 100000
was made during the year for Federal
taxes. After stockholders had received
$4,000 in dividends, surplus was
S1.015.966
New-York tribune., 1920-03-17
Gillette Safety Razor

Question-Will you kindly tell me what
you think of Gillette Safety Razor stock as
an Investment? Is it quite safe should it
be classed as speculative I understand that
it is not listed on the New York Stock Ex-
change but that it is traded in on the curb.
Does that fact affect its stability? i'm
agine it would make it more difficult for
outsider to determine what the stock might
be worth, as the curb prices do not seem
to be published very regularly.-F. c. M.
Answer-Earnings of Gillette Safety
Razor in 1919 were large, $27.3S share
on the common before Federal taxes.
The company is said to have large
number Of orders on hand, but the
stock, we believe, should be regarded
as a speculative Investment, since earn
ings are subject to fluctuation, accord
ing to general business conditions
Stocks listed on the New York Stock
Exchange, as a rule, enjoy better mar
ket than those which are not.
New-York tribune., 1920-03-17
os,ena Signal Oil to Vote
On Increasing Common Stock

the eeial meeting of stockholders of
besn oaalena oaa, Signal Oil Company has
tia s. saned for May II, to take action on
shs paoposai OF directors to increase
Is Az ssnnmon aaU stock from $4,000 900 to
7sssVoo, and to issue $4,000, 900 of
e e.st ssnt debenture bonds, convertible
ssnee esscn of the holder into common
nat Z Inc system of allotment has
tke1s sno announced. The company has
~ n3voo IN unissued common stock
NsSff additional $4,000, 900 necessary
e provided by the proposed in
New-York tribune., 1920-03-17
Tabulating Company Ratifies
Plan to Increase Capital

Stockholders Of the Computing -Tabu-
lating Recording Company at a special
meeting yesterday ratified the plan to
increase the capital stock from 10000
shares Of 500 par to 100000 without
par value. 1t is proposed to have
shareholders exchange their present
stock for no par value shares on the
basis of share for share.
John B. Stanchfeld was elected di-
rector of the company, succeeding AL
fred De Buys. Other directors were
New-York tribune., 1920-03-17
Wabash Preferred az

q, Question-Will you please tell me what I.
preferrsJ e pssenI status Of tho Wabash Railroad
two years ago. when it stopped. Is i ~UDe. npe
.errea star as to dividends accumulated or may It
SOD stop AZ will7 have owned some Of this
'0oeh 1or over four years.-H. r. r.
Answer-Wabash preferred "A" stock
Is non-cumulative. It does. however.
participate with the common and pre,
1erred "b' stocks after these two is
sues nave received per cent. Until il
As known how the road will make out
position Of the stock, in our opinion is
highly speculative. 40
New-York tribune., 1920-03-17
Crucible Steel
Declares 5OP.C.
Stock Dividend
Directors Vote to Distribute
$l2,5OO, 900 in Common
at End of April; Regu-
lar Cash Disbursement

The first important stock dividend
declaration since the decision of the
United States Supreme Court that
stock dividends are not taxable rs in
come took place yesterday in Pitts
burgh when directors Of the Crucible
Steel Company declared a common
stock dividend Of SO per cent, equal to
$12,500,000. At the same time the
board declared the regular quarterly
cash dividend Of SO share. Both dis
tributions are payable April 30 to
shareholders of record April 13.
Declaration Of 80 per cent common
stock dividend by the Crucible direc-
tors marks the first step in the plan
announced in February for increasing
the authorized common stock capital
from $25,000,000 to 5,00O,00O through
the medium Of stock dividends. Be-
fore the findings of the Supreme Court
In the stock dividend case were known
the manner and method Of distributing
the new stock were still in doubt. AZ
ter the decision had been rendered
however, II. S. Wilkinson, chairman of
the board, informed The Tribune that
the way had been cleared for declaring
the stock dividends much more ouickly
than would have been the case had the
Supreme Courts decision been un-
favorable.
At the recent annual meeting of the
Crucible Steel Company Mr.. wilkinson
told stockholders that "the officers and
directors. after considering the ad-
visibility Of disbursing large cash divi-
dends to the common stockholders or
keeping the present surplus in the
business, decided to recommend an in
crease in the common stock by $50
600, 900, which is less than the amount
OF the surplus belonging to the com
mon stock" This surplus resulted
largely from the huge business taken
during the war period.
The average earnings during the fis-
cal years ended August 81, 1916. 1917.
1913 and 1919, was equivalent to sal SO
a share on the $2s,OO0,000 common
stock now outstanding. The banner
year was in 1918, when $4825 share
was shown for the junior stock issue Issue
Earnings for the last quarter Of 1918
were at an annual rate of s35 a share
Freeport Texas Failed
To Earn 1919 Dividenda
The Freeport Texas Company failed
to earn bv S215 232 dividord d;L
New-York tribune., 1920-03-17

Information

Questions cf general interest "a
eMveste's soiH b. ansusrsd in this
eea.mm. IN which case only ir;tiais
spsu % used. Others ,ctlI bs an.
s0ersd % Mscil. Addrsse all n.
Sas,tes, txctossmg stamped. I'd.
svsssSd ~ envelops 70 Financial Editor.
York City. ''' -'e
New-York tribune., 1920-03-17
$35,000,O00
The Texas Company
Three-Year 100 Sinking Fund Gold Notes
Dated March l, 1920
Due March I, 1923

DaeoNarc 1871 March
:s%:"%Si IT. 81 n % & :;$ 4s % Il $ s $s s $ =$5 $
The Texas Company the in refining
and distribution of and
OBLIGATION Texas Corrnv and .x4
Upon pen S5 81 be @ x p h its ] s Sodss b
with the Trustee of these Notes snuan lywhhthe erisue -
Market stock outstanding
rsandemp January and which viii
fuy July 9zo AT this
annurn having been 1913
The Trust Agreement hch to nsuednA ill
obea applied dby @ interest
date 80 days the o fnoes 00and
pended balance of the $250O000 tn
No Mortgage
the owned or hereafter acquired other than purchase yg
specifically secured fena
of all shall maintain
uck assets hned the Trust Agreement 1907
of total liabilities including these Notes al
reported net income after all interest charges and for Federal
equivalent to over 'o2 annua this Notes. and
Purposes or z%e-lhes Notes issued develop
additional producing
purchase steamships esand Of
facilities
or above Totes for delivery phen aand1 1suedad received
aAja to the legal by counsel
Price 80 and Interest. To Net 738o1
Wm A. Read & Go. Bankers Trust Company
NEW YORK "a.
Illinois Trust & Savings Bank
CHICAGO
% tn" Sasss .ssss
New-York tribune., 1920-03-17

leaving ss,7ee,212 balance. General
state and corporation taxes absorbed
s21, ,307 and other deductions S2,152,-
339 Of that amount, after which .
profit and loss surplus of $4,599, ,561 70.
mained.
New-York tribune., 1920-03-17
To Increase Capital Stock

At special meeting Of stockholders
Of the General Electric Company held
In Schenectady yesterday the increase
in capital stock from $125,000,000 to
S175, 100000 was authorized. Shares
represented at the meeting numbered
S58, ,04O, or more than two-thirds of the
capital stock. A meeting Of the board
has been called for this afternoon to
arrange details regarding the new is
suas
The Washington herald., 1920-08-11
Comptroller Williams Issues Statement
Regarding Oppressive Interest Rates

Comptroller of the Currency Will
iams in discussing the excessive in
terest rates charged by New York
banks, yesterday said in part:
The total amount of call or de-
mand loans made by all national
banks in New York City as of date
of the last call. June 80. 1920, was
approximately $500, 900 ,O00s 1t is as
sumed that the amount of money
which New York City State banks
and trust companies were lending
on CALI loans, plus demand loans
placed by New York City banks for
outside correspondents, amounted
on same date to more than $780,
OOO. 900, making a total of such de-
mand loans of over $1,000, 100000.
THE total amount of time loans in
all national banks in New York City
June 30. 1920, exclusive of 'accep-
tances' was reported at s2,305, ,5o0,-
COO, of which s430.OOO,0O0 were Sc
cured by stocks and bonds. The ag-
eregate of the loans (both demand
end time) which rhe New York City
national banks had placed for their
correspondent banks, was reported
to this Office as of February l, 1920,
at more than s625,0O0.000.
'Interst at l per cent on $1,000
100000 of call loans would amount
to s1o.oOo,o00 per annum. or about
$50. 900 per day. Therefore, when
ever banks in New York City raise
the rate on all call loans under their
control l per cent, it adds to the net
profit of the lending banks about
The Washington herald., 1920-08-11
COTTON, MARKET.

New York, Aug. 10.-A more ac-
tive demand from spot firms to-
gether with covering by local in
terests stiffened the undertone of
the cotton market today. Dealings
in the forenoon were quiet but in
the afternoon they became more
active Z. y
Selling by Wall Street and for
Southwestern account caused de-
clines of 2 to 10 points at the open-
ing but the loss was soon recov-
cred and the market became frmer.
The market showed continued
hrmness during the late morning.
Although Southwestern markets
were easier yesterday and there
was some Southwestern selling
early. October rose 46 points net
with later deliveries showing net
gains of 26 to 80 points.
Following slight recessions dur
Ing the middle of the day the after
noon market ruled firm, but right
at the close it eased under realiz-
ing. Last quotations showed a net
gain of so to 1l0 points.
Spot here was unchanged at 3sc,
for middling, no sales; at New Or
leans it was quiet at a decline of
hc to .35% for middling with sales
of 3fs bales. -,
Receipts of cotton at Galveston
were 2,s0s; New Orleans, 2,1s1;
Savannah. 1o5. and Memphis. s72.
The Washington herald., 1920-08-11
By DR. FRANK. NJ. SURFACE.

The end July very important and far reaching
the railroad labor
increase and the railroad decision =
1t has been generally
ao per cent IN wages jusiihed by
that it remedies the unfair relations
class of labor and outside estimated that the
will total about year and will bring the
railroad payroll $Sooooooo per year II has been
calculated that this action brings the railroad wage increase TO
about since the beginning The cost of
has according Government figures os per cent
the period On the average therefore than
covers the the increased nc 1i cost Of Is LIVING
to dsen e Of se e when % there m
overlooked in the discussion of this question the
The Railroad Labor made increase effective from
May that by September there will be
money purchase uxufies or semi
das h eiE M Be decided
everyone one war wants the railroad employees be paid their
public brought By the decision Of the fne.
freight approximately passenger
ates 20 per cent each milk
s . s t. this .S aes s 5 %
value Of ,hei. property For tn. Of this estimate the Com
M than sbe book rue Claimed by e ood ~n
recent statistics the oad which shove that for the month Of Ap
fesS re. Was o % S the me net p operating of about
OF roads four months OF
income Of about @ per month the the coys5nmPt @
%As about op p Ss must
m Of SeS % . P %Sn Is & R Sou sSt % @
This has be paid by the public through
Under
will be increased between
the OF
basis this calculation would that the public will
the
The burden will however be distributed differently
The chief advantage of the that will allow the
railroads to go ahead with program to PenIsh their
will enable the roads borrow the capital they need
better
will substantially the efficiency Of
will better the Transportation the public will
increased the increased As
OF fact big factor present high prices lack
Ali of this and adds
the price remedy this
offset the due higher
is that much OF the
has The freight charges
and which made by
better service could
will be direct the travelling public
~ " Ccopyrisht 1870, by Herald
The Washington herald., 1920-08-11

$4,000 per day or more.
An advance of per cent in the
call rate from per cent to IL per
cent, would therefore, amount to
an additional profit to the banks of
$780, 900 per day; and If the interest
rate on all call loans should be made
l6 per cent instead of s per cent
the increase in interest charges for
each day would be 100000; while
20 per cent call money rate would
mean net profit per day of $500, ,000
which means enormous earnings to
the leading banks but a burdensome
If not a ruinous exaction upon bor-
rowers"
Continuing, Mr.. Williams said: "I
do not know yet how many of these
cases there are, nor what propor-
tion of the bankers they represent.
l hope they are few by comparison
with the great number of really
far-seeing and conservative bank
ers who realize the sound wisdom
of live and let live and consist
emily abstain from snatching all
the possibilities of temporary gain
that may appear. 1t is my func-
ton and duty to use what power is
given me to restrain, as far as 1
may within the law, the exaction
of improper profits which endan-
ger general business and which, il
unrestrained, would threaten our
financial structure.
Il will emphasize, in conclusion,
what l stated a few days ago, that
l am convinced that the unjustih-
able and excessive interest rates
maintained in New York City in
the past ten months covered by nv
request for data, and which / am
informed have in some cases gone
as high as Is and 20 per cent or
more. have been one of the poten-
tial causes, rather than the result,
of the unsettling of values in our
securities market. and of the bur
densome rates which our railroad
and Industrial corporations and
other concerns and individuals. of
the highest credit, have been re-
quired to pay for new capital es-
sentially needed for the country's
Development and well-bsing." ..
(Note-The New York City banks
referred TO here are the Central
Reserve city banks and do not in
ciude the outlying districts of
Greater New York;
The Washington herald., 1920-08-11
GRAIN MARKET

/ ChicaEo, Aug. lobbying bv A
Prominent elevator company forced
the shorts to cover today. and all
grains advanced. Wheat led in the
general advance. with corn and
eats following. Wheat was 81 IN
,4c higher at the close. Prices
'dropDes to a shade lower at the
start nEt rallied soon. The gov
-ernnent crop report told of severe
lpsses in the spring wheat. A slight
I locaI pressure at the start was
seon absorbed when a big elevator
ooncer1 entered the market
Corn finished Is to 3ltc higher
"a sharp decline occurred at the
,start. but rally soon dispeIIed all
'tssrs Of a further decline. strong
'9uyins by Armour featured trad
ing. Showers in many sections
nave improved the crop outlook.
1 Oats advanced ;. to I&c. Trade
Was featured by good buying de-
anand by commission houses. Bear
fsh tendencies caused by the gov
,srnmcnt report brought about
easier selling at the opening.