davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1921-03-22
Colorado Fuel Earns
1929 ON Common Stock
Compares With Deficit i'm 1919:
Steel Business Slackening,
Report Shows

The Colorado Fuel and Iron Com
pany for tie calendar year 1920 earned
surplus after depletion. depreciation
and Federal taxes, of $1,2S6,806, equiva-
lent after preferred dividends to $329
share on the $34 ,235, 800 common stock.
IN 1919 the company reported deficit
of S577646.
Gross earnings last year were $751;
ol1,Sl3, contrasted with S34,405.217 the
previous year, and S4S, ,233,574 in 1918.
operating expenses absorbed SAG, ,346 ,321
oi the 1920 gross, leaving net operating
earnings of 66,492, to which was
ADDED S512,751 ether income, or total
income of S5,979,243. Charges for in
1erest, depletion, depreciation and Fed
eral taxes were S4,692,4
Inc balance sheet as of December 81
showed that the company during the
year had disposed of approximately
saV0o00 Of Liberty bonds. There was
loss of more than 100000 in cash,
enat @ Item being brought down to $l03,-
90. Inventories were carried at &c.
uSo,S76, contrasted with $5,877 ,234 at
the end of 1919. Accounts and bills
payable jumped $1,843, ,2S5 to $3,156,02s,
,. r. Welborn, president, said in the
report the company's sales of steel DUR
ing the last few weeks of 1920 were adj
verseiy affected by the depressed busi-
ness conditions throughout the country.
There has been no renewal of buy
ing OF steelgon the part of the general
trade, he added, though rail contracts
already made will keep the rail mill
running close to capacity we'll beyond
tne middie of the current year. Be-
cause OF this favorable condition as to
ran orders the steel plant is now
operating at somewhat above two-thirds
Of its aggregate capacity"
New-York tribune., 1921-03-22
Merger of Liberty Trust
And Fidelity Planned

BOSTON. March 21.-Plans are un-
der consideration for a merger of the
Liberty Trust Company and the Fl
deity Trust Company, by which the ac-
counts Of the latter, which was closed
by the Bank Commissioner several
months ago, would be revived, it was
learned to-day. Joseph C. Allen. the
Bank Commissioner, said that if the
negotiations were consummated the
action would be to the advantage of
both institutions.
The Liberty Trust Company is capi-
taiized at S500,00O and has deposits xg-
gregating $6,500,000 in, its banking. de-
partment and S1.771 900 in its savings
department. The Fidelity's figures
were about the same in the banking de-
partment, with approximately $4,000
600 in savings deposits.
New-York tribune., 1921-03-22
Western Electric
Has Banner Sales
ear in 1920
Company's Billings Totaled
$500, $4,000; Net Falls
Slightly Under That
of the Pre- viOus Year

The Western Electric Company,
which Is. controlled by the American
Telephone and Telegraph Company
through stock ownership, and the bulk
Of whose business in ordinary times
consists of the manufacture of tele-
phones and switchboards for the Bell
system, had its banner year in 1920 in
point Of sales. These totaled $2O6,112,-
00o, contrasted with $135,722, 900 in 1919
and $145.226,119 in 1918, the. previous
record year.
Last years balance available for div
1dcnds, however, was less than the to-
tai of the year preceding The COM
pany reported surplus after all
charges, including taxes, of s4037 ,645,
compared with $4,388, 800 for 1919. This
was equivalent, after preferred div
ldend requirements up to the time of
the retirement of this issue on March
., 1920, to $l0.55 q share on the 1000
shares no par value common stock out
standing at the close of the year. This
compared with nearly S24 share
earned on 10000 shares of common
stock outstanding at the end of 1919
OF last years sales $69,982, 900 were
to the Bell Telephone companies and
$65,74O,000 to other customers, re-
spective increases of 81 per cent and
, al per cent.
Untitled orders of the company on
December 80 were $S2,65 900, com
pared with SAT- ,442,00O at the close of
1919. Charles G. Du Bois, president,
said that there have been some cancel
latlons and changes in orders since
January l, but the net reduction has
not been large. Of the total untitled or
ders s32, 2,797 900 was for machine
switching equipments, $36,552,0 900 for
other manufactures, and 13,306,OOO for
the manufactures of others which are
bought and sold by the Western Elec-
trio Company.
Mr.. Du Bois stated that the 1921
billings will probably not reach the
high mank of 1920 He said that the
expansion in business last year was
more rapid than had been anticipated,
which had necessitated short -ternrpor-
rowlngs when z per cent conveIM Bile
gold bonds were issued If the vol
une of sales decreases as expected in
1921 these borrowings will be reduced,
but If the volume should continue high
the directors will at the first favorable
opportunity consider permanent inanc-
ing.
On December 81, 1920, the Western
Electric Company, according to its bal
ance sheet, had an excess of current
assets over current liabilities amounting
to $51,135 .667. This compared with a
net working capital at the end of the
previous year of $6S,369,511.
Reports to the international Western
Electric Company, Inc, which handles
the foreign business of the General
Electric Company, indicate that the de-
mands for telephone equipment in most
foreign countries are now increasing
rapidly in spite of unfavorable and
financial conditions.
New-York tribune., 1921-03-22
$5l1,OO Is 1920
Operating Deficit
OF Maine Central
Road Hard Hit by Increased
Costs of Labor and Coal;
Earnings Up ss3,832,33O
to $21 1,357,5O8 for Year

The Maine Central is the first rail
road to report statistics of operation
and financial results for 1920. 1t is a
New England road exclusively. Its
l,2l6 miles Of railway are almost
wholly within the State of Maine, and
its 2,247 stockholders are, with ex-
ception of 122, residents of New Eng
land. The result of operation of the
property in 1920 was deficit of s5l1,-
009 before the payment of taxes.
An increase in opt-of- f-pocket cost of
moving freight and passengers has
brought about this operating deficit on
property that had, prior to govern
ment control, earned dividends on it's
common stock since 1884. The COM
pany continued its per cent dividends
on the common in 1920 because il re-
celved government rentals for two
months and government guaranty,
based on these rentals, for six months
more, but discontinued payments at a
directors meeting last December.
mus. for eight months of the twelve
the government made up to the com- "e,re
pany what the property failed to earn.
ct the net income available for com
mon dividends was S19l933, or S1.29
a share. The New England roads have
been especially hard hit by the in
creased cost of fuel and also bv in
creases in wages, and local roads like
the Maine Central have been dispro-
portionately affected by standardiza-
ton of wages.
In 1920 the Maine Central under
Federal and corporate management
es rned S21,357, ,50S, an increase Of S.
S52'33O over 1919. Operating expenses.
however, amounted to $22, ,675. f23. an
increase of S5,063, ,91S; and of this in
crease $3,054,654 was in transporta-
t1on expenses exclusive of maintc-
nance, traffic or general expenses.
The cost of fuel for train locomo-
tlyes alone increased S1,506, ,486. total
ing S3,905.S34 in 1920 AS showing the
effect of Standardization of wages,
station employees received S1,067. 1914
IN 1918. Wages were increased bv
S907,628 in 1919 and again by sl36.-
545 in 1920. ''
Maintenance expenses increased in
1920, but it would seem that this was
not due to ovcrmaintenance. In 1920
only thirty-one miles of single track
were laid. with new eighty-fve- pound
weight of single rail to the yard)
rall on the ] 200 miles of first track
owned and leased
New-York tribune., 1921-03-22
Will Add to Preferred Stocks

e. 1Tuession---l have ten shares each OF the
lnou1,wins nsn,, ms, preferred stocks: American
Fanna tsamn Mole per cent American Car and
pan rna nennlng per cent, American Sugar
v"1,nS per osnt pl,, per cent American Tobacco 6
Motors per. cent. Goodrich b. r. I per
Tsn,; 1aai National Biscuit per cent. National
,rsau r & per cent. Standard Oil of New
ceps oenseE |. per cent Tobacco Products pcr
cent, United States Steel per cent am
s1reeios4nE 81 cnn 0 3 mortgage. will soon have
ierrcd stocks Yield IL secondary 40.
sire SIR, the greatest safely that is consistent
MN " IN she principle of investing only 900
~ each preferred stock. ] therefore wish
you would give mo information as follows.
l'st OF tho thirty preferred stocks which
Arc, az o IA your opinion, the safest arrang ed
stocks which / now own which are not
included in your list OF tho thirty safest
preferred stocks.-J. A. ID.
Answer-Herewith is list of Is pre-
ferred stocks which in addition to the
Ia which You give covers the field of
more active preferred stock, at least in
representative way: Proctor & Gam
Bile, per cent preferred, International
Harvester per cent preferred, Corn
PRODUCTS per cent preferred, Virginia.
carolina Chemical s per cent, Norfolk
western per cent. Union Pacific a
per cent Atchison, Topeka & Santa Fe 5
per cent Liggett & Myers per cent,
American Telephone and Telegraph
Company s per cent, although COM
mon stock, has no preferred ahead of it
and is in the investment class. Ame1i-
can Snuff per cent Republic Iron and
Steel Z per cent, Montana Poper per
cent. National Enameling and Stamping
per cent, United States Rubber first
preferred per cent. There is not a
great deal to choose among most Of
these stocks. We consider them all in
the investment class
New-York tribune., 1921-03-22
Wants to Buy Stocks and Hold

ouestion--At it's present cost of about
1ls share, Union Pacific common yields
8ia per cent. Don't you consider 1t to be
a good stock to buy and hold for an IN
definite period, say four or five years? AS
Union Pacific is such good Garner 90 o
not expect to see any cutting or passing
OF dividend, do you? Please advise me
as to Rock Island Z per cent preferred.
It is around e. Is it good stock to o. buy
but rather to buy income. Do you con
slider Rock Island per cent an invest
ment focI? Canadian Pacific earned
only sl1 on each share of common last
year. DO you think there is danger OF
cutting the dividend there? Please give me
any Information you have concerning Cities
Service preference Is, + per cent stock, par
value $40. but now selling at about SO.
Is it true that that company is earning
moro than four times its dividend require
monts? AS rule when stock slumps
80 low as to make its dividend return over
dividend is due for split, Is that true
What's your dope on Great Northern pre-
ferred? l bought some of that at 10. Are
there rumors- Of dividend passing there :?
If you'll answer all these questions Ill
be greatly indebted to you.-w. w.
Answer-We consider Union Pacific
as one of the strongest of railroad
common stocks and agree with you
there is no present likelihood of divi-
dend reduction. In January, 1921, how
ever, it failed to earn it's expenses,
taxes and rentals by small margin
We do not consider Chicago, Rock
Island g. Pacific Z per cent preferred
an investment stock. The company has
not had time to demonstrate what it
can do under present conditions. We
think there is no present danger of the
Canadian Pacific cutting it's dividend.
The Cities Service Company, which is
q holding company for numerous pub
lie utility and oil companies, is earn
ing, according to the company's state
ments, more than four times its divi-
dend requirements. When the divi-
dend rate yields more than 10 per cent
on the market price it usually indicates
some uncertainty in regard to the con-
tinuance of dividends. Great Northern
earned net after taxes and rentals
$6,2S3 ,494 in 1920 or about half of what
was earned in 1919.
New-York tribune., 1921-03-22
Investor Overlooks Some Facts

Question--Would you advise me to ex-
change twelve shares OF Westing house
common selling at 46 for seventeen shares
OF Atlantic. Gulf g. West West Indies pre-
ferred at 35?-E. r. Mel.
day that the Atlantic. Gulf G. West
Indies Steamship Company had de-
ferred action on its preferred dividend :?
Par value of Westinghouse common
stock is $50, and it pays 81 year
dividends, or per cent. At 46 it was
selling at 8 per cent discount. You
probably thought there was about 13
points difference in the two stocks,
whereas the real difference in price
was 34 points, and the disparity in
investment merit is greater in favor OF
Westinghouse, in our opinion.
New-York tribune., 1921-03-22
Nova Scotia Steel and Coal

Question: would greatly appreciate
your advice In regard to buying some com
mon stock Of the Nova Scotia steel and
ooal sa, uompany. | am willing TO take
certain amount of risk il the stock has
lalr chance Of adyancins l have a cir.
GUAR which says the Nova Socia Steel and
coal Company has earned in the last ton
years Sl2o per- share. or $50 more than has
been paid in dividends. They also claim
that the low price at which it is selling is
due to the depreciation of Canadian ex-
changs and the restriction placed on the
sale OF stocks outside the Dominion OF
Canada. Is this statement correct, and
what Is your opinion as to the possibilities
OF this stock Do you think dealing
with d reliable house? | have also bought
some Cities Service preferred 3 stock par
value $40 is it goog buy? have read
eign Trade Financing Corporation you
state that YOU favor the buying of debon-
lures rather than stock WIN you kindly
explain The difference bctw the two
and the reason you favor me &c II. L.
Answer-The Nova Scotia Steel and
Coal Company, Ltd. is one of the lare-
est concerns of its kind in Canada. The
company is paying SIS per share a year
on its common stock. The stock has
always been subject to wide price
swings, moving in keeping with the
trend of earnings. 1t shows at present
decline of more than $50 share
from the high level of l9i7-1918, when
the company was profting from war
business: Last year it sold as high as
774. The stock appears to have dis
counted much in its decline. 1t seems
to be selling rather low for d stock
paying $5 which suggests doubt in
some quarters of the companys con
tjnuance of the present rate. If you
buy Nova Scotia Steel you are specu-
lating on the possibility of an early
improvement in the steel industry. The
company's earnings in recent years
have, it is true, been we'll in excess Of
the amount disbursed in dividends. The
exchange situation between here and
Canada no doubt does affect the mar
ket position of the stock to some ex-
tent. Cities Service preference B stock,
we believe, is a speculative Investment.
The Foreign Trade Financing Corpora
tion is not yet organized. After it has
sold its $100,000,000 in stock to provide
capital the corporation intends to issue
debentures The 71ls of the debentures
will supply additional funds for fnanc-
ing foreign trade. The purchaser of
stock in the corporation buys share
in the corporation. The purchaser of
the debentures would be buying what
is really an |. o. U. of the company or
an acknowledgment of Indebtedness.
For investment the debentures will not
be sold until after the corporation
gets to operating as a going concern.
New-York tribune., 1921-03-22
Kelsey Wheel Profits
For 1920 $l,9l6,OO8

Net profits of the Kelsey Wheel Com
pany, Inc, and subsidiary companies,
after all charges for the year ended
December 81, were Sl,91e,oos, accord
ing to a statement issued yesterday.
Sales less returns and allowances,
amounted to S25 5,20O,913 and the bal
ance $3,325 ,804.
In statement to stockholders Presi-
dent Kelsey stated that the net profits
for 1920 are the largest in the history
of the company He looked forward
to moderately successful year and
felt confident that the company will
fully retain its share of business
New-York tribune., 1921-03-22
THE LIBERTY NATIONAL RANr :,
NEW YORK -

Notics Il hereby given that al = yne.t-
Ing OF the shareholders of The Liberty ws Z
=. 1927. the Plan. dated February ]. lssi
providing for the merger of the said Ra n,r
INTO Ins New York Trust Company. was
approved, that IN order 70 carry out E,,on
Plan, u waa voted To isquidate said Ma
,lonal Bank. and re-incorporate a. a STATE
Rank under the name The Liberty Hanlr
OF New York. and that upon the orraniya ;
uon OF said State Bank proeeedings bs
Sahcn 10 merge se{d State Bank with Thn
New York Trust Company. ~. ~
+. w. WALL Cashier.
New-York tribune., 1921-03-22
Jewel Tea Deficit Grows
1920 Loss So, 1873, 500, Against
SI.274.O46 in 1919

In 1920 Jewel Tea had deficit OF
s2,ls3, SOC. In 1919 the deficit was
$I,274,046. These deficits contrast with
net profits of more than $1,000,o00 an
nually in 1917, 1916 and 1915.
Z The company has $2,500,000 notes
outstanding, $3,640000 per cent cumu-
lative preferred and S12,000.000 com
mon stock. The company carries it's
good will as an asset at $12,000,000
CurreGit liabilities amount to 81 PAT, 100
and cash to s498,370.
New-York tribune., 1921-03-22

ported surplus, after charges, de-
probation and taxes, for the year
ended December 81, of s1,406,474,
equivalent to 1892 share earned on
the $14,60S,600 capital stock, compared
with $l,592,089, or $1,000 a share
earned in the preceding year. Gross
income amounted to $15,433,458,
against $12,813,617.
New-York tribune., 1921-03-22

do Christiania .............. s51s s5X
do Zurich ................. 95 9s
Argentine Intern 5s, 1915 5. 69% II
Belgian rs s................... a7& 90
Kingdom of Belgium 6s 90N Of
do a. rs. 1945 45......... e6 81 o6 Ia
Canada Dom of 5s, 192l. 99s4 997%
do notes, 1921 .............. 9gis 99E
90 i?Sh % 93
40 ls29 ACKNOWLEDGEMENTS. 93H 935s
do 1881 ......... sS so
Danish SIS Observation-Disclosures. 97i1 9e
NJ, 90 es % ...,....-.. 81 = 9S
~, nenhlarK os ........... 9S Is SO
Chinese Gvt Hu kug Ry So, 1851. 4oas II
Norway os ..:..,....,.. ........... S9i2 100
rnvNihce OIL Aioerta t2s ~ X S9la SO
Cuba extern. 5s, 1g44.... rs 80
d" do Ds s. series iata A. 1919. Is 2sls
Republic of Chile Ss .-:.. 90 OAK
Dominican Republic 5s 1863 S01s Il
City OF Lyons l6-yr Is. 1934. 73H FAX
do Marselles 15-yr Us, 1884, 73ia 74i$
do Bordeaux 15-yr 6s 1884,. 73l. T4ie
do Copenhagen 25~yr 5Hs "a 72is n
French Govt IS, 1st issue eSs es71
French, Paris City 6s 1921 9s - eSis
Govt Of Switzerland SIS, 1910 103il 1O3is
Japanese Govt Az 8 strlg In, '25 s2l TX
do las. I'd series, 1925. S2M S2s.
do is, strIg In, 193I.. s27s "a
do Toxic City 5s, 1852 56i 57n
Tn King Git 3 d. 5~yr 5 rs. 1921 99ss Ssiz
do 3-yr 5i5s, 1929 .... 94ss s47s
DO 10-yr AIS 1929. ss% 20
do 2o-yr 5 4as 1887 s5% rs
Mexico ext stlg n IS OF 'g9 lg45 At6s *
do gold As of 'o4. 1854. "a "A
King Italy 5-yr ~ gold bonds SIX Sjx
Sac Paulo IS ct........ AZ az =
New-York tribune., 1921-03-22
Arizona Bank Suspends

PHOENIX, Ariz., March 21.- The
Central State Bank of Phoenix volun-
tarily suspended business to-day, no.
tice posted on the door said The bank
is capitalized at s1500O0 The suspen-
sion, during which the State Auditor
will be in charge of the bank funds
will be until March %, the notice said
There was no explanation as to the
banks reason for closing.
New-York tribune., 1921-03-22
Investment
Information

Questions Of general interest to in
oestors soill be dnsaoered in this COL
"mn, IN Which case only initials will
90 used. Others sUiu be answercd BY
ntasL Address all inquiries, incIos-
,mg stamped, addressed envelope, to-
ffsndnciat Editor, The Tribune, 1sI
"ussau Street, New York City.
New-York tribune., 1921-03-22
THE LIBERTY NATIONAL. RANK ~
NEW HORis -

The Liberty National Bank Of New
1ork. located at l20 Broadway New Yorr
City IN the state OF New York IL closins,
ITS anairs All notehoiders ard otbe-
creditors OF the association are therefor,
neseoy honned to present the notes and
other ciaims for payment
f. w WALZ. Cashier.
New-York tribune., 1921-03-22
DIVIDEND NOTICES
DRIVER-HARRIS COMPANY

A. a. ny hNtttJN, y. j.
notice of Quarterly Dividends
Preferred Stock Dividend No. "a
Inc Board of Directors, at a
meeting held on March Z, 1921.
declared the regular quarterly
dividend of one and three-ouar-
ters per cent (1s4Ss on the out
standing preferred stock, for the
quarter ending March 81. 1921.
payable on April /, 1921, to stock
holders of record at the close Of
business on March 2e. 1921.
iransfer books will close from
MaTcn n, 1921, to April /, 1891,
hciuslve- Checks viii be mailed.
r. r. REEVES, Treasurer.
New-York tribune., 1921-03-22

THERE IS sense Of pernanenee and solidity in the
l. fact that the Bank of the Manhattan Company is
doing business today precisely the same spot in Wall
Street on which it established 17oo Throughout
almost the entire history of the Republic the Bank has
stood in this great of the nations commerce
and industry, helping in great measure to mould the
business development of the country Today, it offers
to men carrying this Development the facilities that
come with huge accumulated resources and the counsel
OF Officers and Directors, based only on intimate
contact with business in every part of the country but
also on background Of 122 years experience.
New-York tribune., 1921-03-22

Learn how to drive . car. Consult the
Help Wanted Male Instruction Column
Tor ssleat uss Of automobils schooiA---Advt.
New-York tribune., 1921-03-22
DIRECTORS

]. e. ALDRED
STEPHEN BAKER
B. II. BORDEN
MICHAEL FRIEDSAM
WALTER JENNINGS
RAYMOND E. JONES
G. HOWL AND LEAVITT
HENRY K MctIARG
GEORGE MINER
ARTHUR 6. MEYER
JOHN c. MOORE
CHARLES E. POTTS
SAMUEL SLOAN
WILLIAM SLOANE
JAMES SpEYER
CARL F. STURHAFIN
GEORGE ZABRISKIE
New-York tribune., 1921-03-22
statesmen
HIGH CLASS
FINANCIAL
To the Holders of Dominican Republic bes
Bonds. Issue Of iDl8, Due 1893.

To the Holders of Dominican Republic b1s
Bonds. Issue Of 1913. Due 1888.
In accordance with Executive Order 27z
sealed proposals Will be received by ths
secretaiia Dc Estado de Hacienda CO.
nercio until 10 o'clock A. NJ. OF February
l. March and April /. 1921. for the pur.
chase for retirement OF bonds of the Do
minican Republic dated January ], 1913,
due 1888. without regard to series, 10 an
amount estimated al THREE HUNDRED
AND TWENTY THOUSAND DOLLARS
sS2o, ooo) on each ef the above dates =
total for all three dates OF 1866. .00D All
proposals shall be submitted in fripifcsts
and shall specify the nunibe of the bonds
offered. the series the par value and ths.
price at which offered and shall be signed
by an official duly authorized to act for ths
bidders Upon the outside of the sealed
envelopes containing proposals shail an
pear the words Proposals opening Of
--..--..--. (fill in date)." Said Proposal
viii be opened in public in the office OF
the UNDERSIGNED on February l. March l
ana April i, 1921. unisSs such dates fa!l
upon Sunday or legal holiday, in which
case the bids wiz be. opened on the follow
r4V
New-York tribune., 1921-03-22
Foreign Govt. and Municipal Bonds
Qnterest to be aGded>
Transactions

City OF Bergen ss rcts...~.--. -
do Berne ...&.-sss-...-~~... 30
New-York tribune., 1921-03-22

OFFICERS
PRESIDENT
STEPHEN BAKER
FIRST v1cE-pREslDENr
RAYMOND E. JONES
YcE-PREslDENTs
JAMES MeNEIL
B. D. FORSTER
HARRY T. HALL
EDWIN S. LAFFEY
P. A. ROwLEY
D. Fl. PIER som
FRANK L. HILTON
v. w. SMITH
IOFiN STEWART BAKER
CASHIER
Q. z. PAYNTER
ASSISTANT CASHIERS
w. r. MOORE
/. S. GREGORY
II. M. BUCKLIN
W. A. RUSH
GEO. S. DOWNING
E. S. MACDONALD
O. G. ALEXANDER
C. W. CAPES
New-York tribune., 1921-03-22
Arthur II. Mayo,

I-Ieutehauf Commander $50. q S. N.
oncer dministering the Affairs OF ths
secretarIa de EstaGc de Hacienda y CO.
inercio Tor the Military Government
New-York tribune., 1921-03-22

% y
wn conf West Mary
p land ~ 1852
g. ] -. 524
624 z 53ss
5 1859 W n Y e. p
G4A int 5s 1877
& IL ] ... s7is
ssS West Pacidc
=. sSss 5s 1929
Z * G ! 49,. S2,s
ne 1 u 8 -. 81
West Tn 45as
=. sag 1859
* x p / 49,. 79t4
New-York tribune., 1921-03-22
g g u stan 6 s 8 5

oS i ~
l S3 Is
Stan Milling
5s 1880
l ST
Stan OH Cal
rs tempt ret
New-York tribune., 1921-03-22

Stl & Tube as
tempt rcts
1921
10 9f "a
Third Av rfg
As 1860