davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-04-16
The Days Bond Market

The Tribune prints each day the mo-
tgritg dates of all active bonds quoted
on the NctU York Stock Exchange. The
return ON bond to the inuestor depends
upon three factors: the rate of interest
tho security bears. the market price
and the distance Of the maturity date.
TO figure the precise yield or bond 1t
is accessory to use yield tables, but the
approximate yield eau roughly be figured
out by the following formula: Divide
the closing quotation on bond into
the rate Of interest it pays, and the re-
suit soiH be the annual return. If the
bond is selling beloaO par you must
allow also for the appreciation of the
principal. To do this Subtract the mar
ket quotation from par, or 100, and d.
vide the remainder By the number of
years the bond has to run before mo-
turity. For e1ample, il per cent
bond is selling at 90 and has ten gears
to run, the annual return a0iu be 6.66
per cent. The difference between par
and the market price ,oill be 10 points,
subtracting 80 from, 100. Dividing ten
points By ten gears, the quotient wil DO
/. This figure is to be added to SOS,
.uhich is the annual return, and the re-
suit 7.66 per cent, soill give you the ap-
0r0rimnte Uied.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-04-16
Alaska Gold Deficit
For 1920 S8l2.9ol

The report of the Alaska Gold Mines
Company for the year ended Deem
Der 81, issued yesterday, showed
total deficit, after charges of $S12,991,
compared to a deficit of $S0e,979 in
1919. Mining loss amounted to s275, 1875
and total operating loss $272,338.wCash
account was given at S13,941, contrasted
with S40,452 ar.
ut has become evident" it is stated
in report to stockholders, that it is
only question of very short time
before it will be necessary for your
company to discontinue operations as
mining industry. 1t seems clear that
the only way it can be hoped to recover
or preserve any great percentage of the
value of power plants, living accommo-
dations for employees, plant sites,
wharves, warehouses, shops and other
valuable but for the most part i'm
movable facilities, is to convert these
to the manufacture of wood pulp or
paper, or both"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-04-16
Otis Elevator Earnings
Show Large EXPANSION

The Otis Elevator Company Cor the
quarter ended March 81, reported yes
terday net income after charges and
Federal taxes available for dividends
of $l,695, 08s, equal after preferred
dividends to s13.65 a share on the 94S,-
500 shares of common stock outstand-
ing. This is at ar annual rate of $54
a share on the stock. s,srt
Quarterly earnings a year ago are
not available for comparison, as it was
only in June, 1920, that the company
inaugurated the practice of making
quarterly statements. For the first
six months of last year, the company
showed net for dividends of Sl,550, 552,
which compares with 81 ,295, 08S for the
first three months of this year..
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-04-16
Stock Exchange Is
Host to Visitors
From Other Cities
President Remick Addresses
Out-of-Town Members at
First Gathering of Its Kind
in History of Institution

Out of town members of the New
York Stock Exchange 20 the number oil
more than two hundred and their part.
ners were guests at the exchange yes
terday in a get-together meeting, at
which the visitors were given an Cd.
portunity to view the opening of the
stock market and become acquainted
with the workings of the machinery
of the big board.
They were received by William II
Remick, president of the exchange, and
other officers and members Of the
board Of governors, Mr.. Remick de-
governing committee room.
I'VE want the people in the country
to realize" declared Mr.. Rcmick "as I
hope you realize, that your governing
committee is doing the utmost to safe
guard the public in every way possible,
and that the code of ethics and the
sense of fair dealing of the members
of the exchange is as high as-yes,
higher than-is found in any busne IS
in the country.
Your members are found in ma
jority of the states of the Union and
our influence is felt throughout the
land. The gradual development of the
country through the railroads and in
dustrial enterprises was made possible
by the liquid wealth of the eastern Sec
ton of the country. Securities of
these organizations were granted a
market upon our exchange, and our in
stitution became and is becoming of
more and more Importance to the great
development of the United States. In
other countries of the world institu-
tions of similar character to ours are
nurtured and safeguarded, not alone by
the government of the country in which
they are located, but by the press and
the populace at large.> They are rec
ognized as an economic necessity per-
forming a function of infinite value"
II. G. S. Noble, former president of
the exchange, told the visitors of the
development and intricacies of the mar
ket in odd lots Of stock. After visit
to the Offices of the Stock Exchange Cor
poration, where the out-of-town men,
bers were shown how the new arrange
ment of clearing securities and loans
works, buffet luncheon was served in
the Luncheon Club. In the afternoon
addresses were delivered by Samuel F.
STREET., president of the Stock Clearing
Corporation; Erastus Tefft and John G.
Milburn, counsel Of the Stock Exchange.
The gathering yesterday was the
first of the kind in the history of the
exchange.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-04-16
Porphyry Copper
Mining Costs Cain;
Salaries Cut 2OP. C..
Production Averaged l7.28c
a Pound, Nevada CONSOLE
dated Says, Explaining
Closing of Mines April /

Annual reports issued yesterday by
the porphyry copper companies-Utah.
Kay Consolidated, Chino and Nevada
showing smaller profits this year than
last were followed by announcements
OF reductions in salaries of employees
of 20 per cent, effective Nav /.
The reductions applied to those on
other than daily basis whose salaries
have not already been reduced 20 per
cent this year, provided that such re-
auctions did not bring salary rates
below pre-war levels. Wages Of en-
ployees on daily basis had already
been reduced about 20 per cent.
The annual reports followed closely
the tentative reports compiled from
statements issued early in
the year, which showed gross revenues
equal to or larger in 1920 than in 1919,
but smaller net profits and earnings.
Explaining the closing of mines
April l, Nevada Consolidated in its
statement to stockholders said:
Cost of production of refined cop
per, including usual charges for de-
probation Of plant and equipment.
fixed and general expenses and taxes
other Chan Federal income and profits
taxes, for which no reserves were
created, and after crediting miscel-
laneous earnings and value of gold and
silver content or ores, was 1928 cents
a pound. Excluding charge for de-
probation, which involved no cash out
10 ut NcA
against comparative cost of 1444
cents in 1919. Advanced cost of fuel
alone, plus freight, is responsible for
fully l cent pound of increase in
production cost of copper. Transporta-
ton. costs on blister copper from
smelter to refinery are nearly double
pre-war rates, and efforts are now in
progress to secure some relief from
these excessive costs by shipping
blister to Pacific Coast ports, and
thence by water to refinery on the At
lantic seaboard
"Since the close Of the year tie
copper metal market has been stagnant,
and, notwithstanding drastic curtail-
ment, production during the last few
months has been in excess of sale q.
This has resulted in further increase
of surplus stocks to such an extent
that it became necessary to discon-
tinue production entirely until such
time as demand and prices of copper
permit resumption under conditions
that will insure at least some reason
able margin of gain as between cost
and selling price. Beginning April 1,
the mines and plants are being closed
down for an indefinite period as rapid
ly as it is possible to clean up ores
and concentrates already in process
and put the property in shutdown
order"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-04-16
Chicago & Northwestern
Income Shows Decline

The annual report of the Chicago &
Northwestern Railway Company, COW
erlng operations in 1920, issued to the
stockholders yesterday, showed gross
income of s23,811,5s2, compared with
$24,14o,709 in 1919. Gross operating
revenues amounted to s14o,755, s27. Net
income after all charges other than div
ldends and sinking funds totaled s12.-
4o4 500, compared with s14,088,l04 the
The balance available for the common
STOCK, after sinking fund provisions
ana ane preferred dividends, was $1o,891,-
Go4, compared with s12, 19o,9s2 in 1918,
Inc road received government compen-
sation in the first two months of the
year and the government guaranty
unoer the Esch-Cummins act in the fol-
lowing six months so that during the
last four months of the year the road
was operating under its own control.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-04-16
Invests His Savings in Bonds

Question: am man on modera te
salary and married. My savings, which
amount to a few hundred dollars year, ]
have been investing in bonds paying down
a part of the purchase price and borrow
ing the rest from my bank at per cent.
My holdings are as follows: Ontario Light
and Power first SIS, $1,000 United King
dem 5hs, 1929, $1,000: Kingdom of Bel :
Virginia Carolina Chemical TVS. $500; st.
Louis & San Francisco adjustment 6s, ST.
600; Liberty bonds. $500. Please ten me
tho ST. LA.is e. San Francisco. | bought
this bond knowing 1t WAS not first grade,
but believing 1t fair risk, with chance
for profit. The railroad situation appears
to get worse rather than better. however,
and 1 am bit uneasy.-W. d. c.
Answer-We think the St. Louis &
San Francisco adjustment IS are specu-
lative. For a man who invests small
annual savings we think it would be
better to take the present loss and Pet
into something better. When you can
get Belgian bonds to yield more than 8
per cent, we would advise getting out
Of ST. Louis e. San Francisco adjust
,ment 6s. All your other bonds we con-
slider good. The fertilizer situation
should be watched.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-04-16
Break i'm Chile EXCHANGE
Laid to Spectators
Artificial Scarcity of Gold
Drafts Causes Initiation;
Rates at Record

SANTIAGO, Chile, April IS. - There
has been steady decline in foreign
exchange rates during the last few
days, being due, tits said, to large
speculation in gold drafts sold by the
government, which were bought i'm
mediatcly by spectators. This is as
serted to have created an artificial
scarcity. When the exchange closed
yesterday the quotation on the dollar
was 8 pesos 3 centavos.
Operations by spectators were made
possible by the lack of drafts for the
payment of bills for nitrate, the sale
of which is almost paralyzed The
government sold it's gold drafts, which
were obtained from the railroad loan,
and spectators bought and held them,
expecting to resell at an advantage
The dollar has reached it's highest
quotation in Chilean history, making
commercial transactions virtually i'm
possible. Vigorous action against
speculation will be taken, the Minister
of Finance has announced.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-04-16
10 Survey Zinc Markets
Department of Commerce Seeks
to Aid Trade

WASHINGTON, April Is SURVEYS
of conditions in the zinc markets If
the world are to be undertaken bv the
Department of Commerce, Secretary
Hoover announced to-day. The situa-
ton in the industry in this country.
where there is at present a 70 per cent
shutdown, is pretty bad," the Score
tary said.
Competition in zinc in foreign mar
kets is keen, Mr.. Hoover said, as the
industry is we'll defined in groups in
Europe, where Americas chief com
petitors are Germany, Belgium. France
and England. The Secretary asserted
he did not know what could be done
to help the situation, but it was hoped
the surveys would disclose where
American zinc could be most proftably
exported.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-04-16
A. ID. t. Earned SIS. Al;
Strong Cash Position
Gross Earnings Were Largest
in the History of Company;
Net Also Tn

The American District Telegraph (of
New Jersey is controlled through own
ership of so per cent or more of it's
stock by the Western Union. 1t does
district messenger business and a
fire alarm and signal business. In 1920
gross operating revenues were $685.
SIS, an increse of $751,425 over 1919.
Surplus after interest payments was
S545, 045, an increase of $126,505.
The per cent earned on the $685.
351 common stock was SAT in 1920 and
4.20 in 1919. In 1920 total current liza
bilities were S450,317, cash on hand
amounted to s32S,275 and bills receiv-
able to S34S475
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-04-16
Days Ne,c Issues

A banking group headed by Potter
brothers & Co.. Hemphill, Moves &
Co., F. $. Smithers & Co., and Merrill
Lynch & CO.. has bought an issue OF
Sa'oo0,000 5 per cent debenture bonds
of the Marland Oil Company of Della
ware, 1T was announced yesterday
The Marland Oil Company of Delaware
Is a holding company, owning more
than 80 per cent of the capital stock
OF the Marland Refining Company. of
Oklahoma, 81 per cent of the Kav
County Gas Company and through the
latter controlling about rs per cent of
the stock of the Marland Oil Company
of Mexico
In behalf of the syndicate which un-
derwrote the S10,o00,OO0 issue of State
OF San Paulo 5 per cent gold bonds,
Spcyer e. Co. announced YESTERDAY
that all had been sold.
Subscription books for the s10,-
100000 Mexican Petroleum Company,
Ltd, tifteen-year convertible per cent
bonds were closed yesterday, Blair e.
Co. announced
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-04-16

10 a
Can Nor ny s
{ gold deb rs
interim reefs
1S4e
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-04-16
Sheet Steel Prices
Down;'U. S. Steel
Denies Wage Cut
Corporation Says Persistent
Rumors of Lower PAY
for Labor Following New
Scale of Costs Are False

Price reductions for sheet steel were
announced yesterday by the American
sheet and Tin Plate Company, a sub
sidiary of the United States Steel Cor
noration. The reductions varied from
IL to STA ton on various products.
Earlier this week the United States
Steel Corporation announced price cuts
affecting other lines. Reductions an
nounced we're No. 10 blue annealed,
from $685. hundred pounds to 1910;
No. %, black. from $4.S5 to 81, and No.
%, galvanized, from $50 to SIS.
Some independent companies recent
" quoted prices from So to $12 a ton
below these figures, but within the last
few days many of them advanced their
quotations to levels practically identi-
cal with those announced yesterday.
simultaneously with the price cut came
reports that the company contemplated
immediate expansion of operations and
the rehiring of several hundred men
laid off some time ago.
From Sharon, Pa, was received word
that the corporation had announced
early resumption of operations in six
teen of the thirty hot mills of its plant
there.
The United States Steel Corporation.
It is understood, intends to reduce its
present schedule for piping and tubes.
Several of the larger independents also
: are said to be considering further re-
vision.
United States Steel officials denied
persistent reports in local trade circles
that it intended soon to cut wages.
YOUNGSTOWN, Ohio, April 15.-The
Youngstown Sheet and Tube Company
L.
pany, independent steel plants, to-day
announced that they would follow re-
ductions said to have been made by
rhe National Tube Company, a United
States Steel Corporation subsidiary
The prices which are said in steel
circles here to be quoted now show a
reduction of $40 ton on standard pipe
and oil country supplies, of 621a per
cent on black butt weld pipe and of
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-04-16

lie income account compares a
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-04-16
One of Barnum's Clients Writes

=. Question--Wil you kindly advise mo II
IN the stock Of the producers DEVELOPMENT
value whatever. and IL so where I would
be likely to find market for 1t? ! realize
that l belong in the late p. T. Barnum's
"one every minute" class.--F. G. b.
Answer-There is no market for
Producers Development Company stock.
Twenty shares of it were put up at
auction recently and they brought only
81 for the lot Par is $50.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-04-16

LONDON, April 15.-The wool auc-
ton sales closed to-day with offerings
of $3.50 bales. The demand. was good
and merinos and the best crossbreds
finished firm and above the lowest.
During the series merinos declined 10
to Is per cent, crossbreds to Is and
Cape of Good Hope and Natal Is.
The home trade purchased 10000 bales,
and the Continent 10000, while $4,000
were held over
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-04-16
Boston Leading Fishing Port

worlds greatest fishing port was
claimed for Boston to-day in the forty
sixth annual report of the Boston Fish
Bureau. A total OF 118,558,9O2 pounds
of all varieties of fresh fish was
landed at the Fish Pier in 1920. These
receipts exceeded by 100000 pounds
those Of 1918, the previous bumper
wear
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-04-16
AZ per cent on galvanized.

:. SHARON, Pa, April 15.-Sixtcen hot
mills of the Farrell works Of tha A,n nu'
ican Sheet and Tin Plate COMPANY hare
WI be put in operation MAY 3. Suner-
iMendent Thomas O'Brien announced
to-day. More than a thousand men are
employed at the plants, which are half
the mills of the Farrell works.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-04-16

Ouestion--Wnl you kindly give me your
opinion az to the safety OF the following
and indicate what ones you would advise
as an investment of $1,000 or $4,000 each :?
Group /. bonds GOVERNMENTS French SIS.
1945; United Kingdom, 1897: Belgium Z US
l945; Chile So. Switzerland IS. Sac Paulo,
loSs; Norway S. Denmark IS. Group, 2,
1885: eaboard Air Line Railroad 6s series
A. 1916: Rock Island. Arkansas g. Louisi-
ana Railroad Company gold As. 1884; Con-
trail Vermont Railroad Company refunding
6s. 1880. Group 3, industrials. etc.--Cities
Service Company series ID debenture Isl
Public Service Company OF Northern Ili-
no!s 71as. 1886: Pennsy lyania Ohio Power
and Light Company SIS, gold notes, 1890;
American Writing Paper Company. 1899
Mississippi River Power Company per
cent 1o-year. VIII YOU please name four
very desirable foreign government bonds
four United States railroad bonds and four
advise in the place of such you reject in
the groups ! give? l prefer per cent to
per cent for ten to fifteen or twenty
.ycarS-1,. f.. NJ,
Answer--Of the government bonds
we think the United Kingdom 51ss and
Swiss IS are the best or the rail-
roads we favor the Central Vermont,
with the Colorado & Southern second.
Of the public utilities, Mississippi
River Power IS are good, we think. In
addition to the two government bonds
named above the Danish IS and the
Norway IS are, in our opinion, good.
In addition to the two railroads named
above we think Virginian Railway first
IS, due 1869, and New York Central de-
benture IS, due 1898, are good. In the
industrial public utility group we would
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-04-16
Cosden Net Sl3.552.1O7

Cosden g. Co. reported net income
for the year ended December 81, after
interest and federal taxes but before
depreciation and depletion, of $751;
552,1O7 Surplus amounted to SILL
321,74S. Cash in sinking fund was
given as $75,267.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-04-16
Atlantic Refining Earns
1892 Share ON Common

The annual report for 1920 of the
Atlantic Refining Company, issued yes
terday, shows net profits, after allow
ance for charges and Federal tax, of
S10,513, 694. This was equivalent, after
deduction of preferred dividends, to
s182.27 share on $5,O0O,OO0 of COM
mon stock, against $177.42 a share in
1919.
The income account compares as
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-04-16

Liverpool Cotton Statistics
LIVERPOOL, April 15.-The weekly
cotton statistics are: Afoat, 10000
bales; American, $4,000 bales.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-04-16
Investment Information

prefer United States Steel sinking fund
5s.. due 1863; Montana Power first IS,
1943, and Standard Oil Of California
Is, due 1881, to any contained in your
list.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-04-16

QAestions Of general interest to ir-
Vtsfors wul Do dns1ocred in this col.
unsm, il ,ohich case only initials will
De used. Others will be ana.ecrcd BY
mail. Address all inquiries, incIos-
ing stamped, addressed envelope, 70
tsnonctal Editor. The Tribune, ls1
Nassau Street. Neto York City.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-04-16
On the Shady Side


Question II have at times sums of money
coming In that wish to invest again at
as high rate OF income as la consistent
with safety. would like to know as to
United Fruit. Endicott -.Johnson common
also as to the Idaho Power Company per
cent bonds put out last season. l am on
the shady aide of life. so don't want to
make any mlstakcs---A. M. II.
Answer-Idaho Power per cent
bonds, due 1880, are secured by gen
cral mortgage junior to the first mort
gage, but additionally secured by the
pledge of an equal amount of first
mortgage per cent bonds, due 1947.
The property includes five hydro cleo
trio properties, with combined ca
pacity Of $3.50 kilowatts. We con-
slider these bonds good business
mans investment. Your common stocks
are speculative and unsuitable for a
man in your position, we think.
Cities Service and Bankers Shares
Ouestion--Can you advise me about in
vesting In the following: Cities Service
and Cities Service bankers shares? What
is the difference in participation in profits
per cent looks attractive to me. Does
the condition of the road warrant such a
low quotation on the market? United
States Steel common. declaring per cent
dividend. Is this stock watered? ! am
considering New York. Ontario & Western
common paying l per cent, quotation at
16-17; Union Pacific per cent preferred,
at 67 American Smelling per cent pre-
ferred 6S. Is this not a rare time to In
vest in good preferred stocks IL one ia
willing to walt five to ten years for good
times, when the interest rates will be
lowered and such stocks Will go up?-
A. II. d.
Answer - Cities Service bankers
shares each represent one-tcnth of one
share Of Cities Service common stock,
which has been deposited against the
bankers shares with the Bankers Trust
Company by Henry L.. Doherty & Co.
The difference in the income return is
that the full common shares, besides
the cash dividend, receive stock divi-
dend Of Is per cent year, payable
monthly, but in the case of the bank
ers' shares this stock dividend is con-
verified into cash and distributed as
such monthly. There is no water in
United States Steel stock, according to
the balance sheet. 1t has book value
over $3.50. The rest of the stocks you
mention are selling low for several
reasons; in the case of the rails be-
cause the transportation act has not
worked to the benefit of the carriers, as
Congress intended it should. If you
are thinking of investing, we suggest
that you choose among the seasoned
issues which we frequently mention in
The Tribune.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-04-16

-Four full columns Of in.
resfment questions and an.
suers are published in The
Tribune erery Sunday.