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The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1921-09-29

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The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1921-09-29

Cash quotations.: Wheat-Sam grade
ret. lis: no. hard. l.2?. Corn No. 2
mixed. &9S q 6OIs Nc ye low. j7H, N
So Opts-No. ? white. &ti7 ~. )
white S2I.13S PORK nor.!ua' Lard
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The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1921-09-29
PROVISION MARKET
FkESH MEATS.

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The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1921-09-29
LOCAL STOCKS

Wh~r'.r. v. Va S"Vt @S ~.
rqay uur'Hticn Is, Wh""'.'"S S',EN
.ronxr, rpnp.i~d Tor Tho lnre!N'
The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1921-09-29

To'a. s1."s 80 500 share.
The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1921-09-29

Since rae luA:cr!h. -: me '"'''',o
wnr,. rrr'v"t mere yrs'c-any, work ViN
10 resumed on I'VE yAr;ne th!s morning
y,rnur.. material = rnw "m hand :"
cor,p:c:e tie rcs' e.. The work :" DO d""s
tE.s wear
New-York tribune., 1921-02-10
Monthly Earnings

from corresponding month in
1919 shown.)
1es..,s Union Pantfsa
New-York tribune., 1921-02-10
New Stock Exchange Listings

Application has been made to the
New York Stock Exchange to list
$2926,oO0 New York G. Erie Railroad
Company fourth mortgage bonds, ex-
tended to October !, 1880. at 5 per
cent; S16,891 900 Erie Railway Com
pany consolidated mortgage bonds, eX-
tended to September /, 1880, at per
cent; $500 500 the New York, Lake
Erie g. Western Railroad Company
first consolidated mortgage coupon
bonds, extended to September /, 1880,
at per cent; $5,25o000 South Carolina
& Georgia Railroad Company first
mortgage per cent bonds. due May /,
1919, Nos. / to $3.50, inclusive, for
1000 each, and which bonds at ma
turity were extended to May !, 1929,
with interest at 513 per cent per an
mum; 100000 shares, without nominal
or par value, of the New York Ship
building Corporation, all OF which are
issued and outstanding in the hands
of the public. and $14,,5oo,aoo par value,
consisting of las, ,009 shares, of the
New Orleans, Texas 81 Mexico Rail
way Company
New-York tribune., 1921-02-10
The Market

despite the unusually large number
of offerings of high rate bonds, issues
have been heavily oversubscribed
While small oversubscription ia a
factor OF strength, large oversub-
scrlption may work out as an actual
disadvantage. This has been the case
with recent issues of high grade bonds
Institutions which form so important a
market for this class of securities, when
they found they could get only a small
fraction of the total amount of bonds
that they wanted, preferred not to
bother, and the result was that these
bonds, subscribed for by smaller bond
houses, are left on the dealers hands
end there is a tendency to put them on
the market at a secrifce The Chicago
& Northwestern, brought out yes
terday morning. went we'll, but were
rot so heavily oversubscribed as to be
likely to cause drastic scaling down
in allotments.
New-York tribune., 1921-02-10
Woman Wants Stock to Make Good

Question: made the following invest
bbeerr bonds as, United states Steel stock
So y. New York Central stock 74A The
latter doesn't seem good an Investment
although | do not particularly need the
money but want to make good. Do you
advise change and what arc your sug-
gestons? DO you think New York Central
VIII slip back any under present condi-
tlons Miss t. T. S.
Answer-Your United States Rubber
bonds are entitled to good investment
rating. New York Central and United
States Steel are speculative Apparent
Iy you did not buy them for invest
ment, for you are more concerned
about their advancing in price than
you are about their investments stand
ing. Both are good issues of their
kind, but as both are sensitive to earn
ings and other developments, we. do
not consider them sound investments
We do not forecast prices of securities
1t you desire to place yourself on a
sound investment basis you should CON
sder only good bonds and mortgages
and seasoned preferred stocks. because
such issues are not so sensitive to
earnings and other Developments
New-York tribune., 1921-02-10
Readjustment of Steel
Prices at New Stage

The decision Of the Midvale Steel and
Ordnance Company to quote prices that
will bring business to it's mills marks
q new stage in the reimbursement of
steel prices, according to The Iron Age,
which says;
Thus far no large business has been
done, but already cuts of $5 ton below
the Steel Corporations schedules are
reported.
There are plentiful indications that
other independent steel companies
staud ready to take a share Of the going
business, even though realizing that un-
der present conditions there will be no
free buying. No definite price schedule
is given out by any of the cut-prce
sellers, the policy being to get sufficient
orders for mill operation up to the
average of independent mills"
The Iron Trade Review says to-day:
Conditions in the steel market have
been so upset by the weeks develop
ments that the point to which prices
actually have fallen in various lines
has not been defined positively More
over, the volume of new business act
ually brought out by the reductions
has been so small that real interest
is lacking"
New-York tribune., 1921-02-10
Financial Items

stroud & Co. announce that Foster
Marsh has joined the bond department OF
their Philadelphia office.
W II. Churchweu formerly with !.
Chambers < Co, IL now associated with
Hanson & Hanson IN their unlisted securt-
ties department
The Central Union Trust con,pauy ~
New York has been appointed trustee of
the Gates Oil Company $3.50. .000 nrst mort
gage per cent convertible gold notes.
dated February I.
The Home Life Insurance Company re-
ceived In premiums from polieyholders Ia 81
year S6,59A 46i, and paid out for death
claims, endowments. dividends etc, s4'Is6,.
G44. and added to the Insurance. reserve
funds S2s69s, 1875 It now has S2i2.4s3. 100
insurance in force. an increase during the
year of nearly $4,000 600,
Charles G.. celysr ana ]. Edward Atkins.
formerly connected with Colgate. Parker
& Co, announce that they have formed a
copartnershtp 10 transact an Investment
securites business under the firm rarue OF
Broadway.
New-York tribune., 1921-02-10
Steel Corporation Pays
$770.7O6 i'm Pensions

PITTSBURGH, Feb. Am aggre-
gate OF $77a, 1860 in pensions was paid
to retired employees of the United
States Steel Corporation and its sub
Sidiary companies during the year
1920, according to the tenth annual re-
Fort of the United States Steel and
Carnegie Pension Fund, made public
here tonight This is $48,05al5 more
than was disbursed last year, and
greater than any year since the estab-
lishment OF the fund of 1911. There
were 3,a64 participants, 2,sd0 being on
the list at the beginning of 1920 and
S24 being added during the year, Two
hundred and ninetv-hve were djscon-
tinued because Of death or other causes,
leaving 2,96a as active participants
The total amount disbursed since the
establishment of the fund is S5,sSo,-
5Sl.6o, and starting with 1921 ,457.
that year, it has increased annually, the
amounts being, for 1912, $35s, ,7S0.92;
1913, $422,S1514; 1914, SSH, ,s67 90;
1915, $669, ,3S9,42; 1915, $711,l80.33;
1917, $712,h06.65; 1918, sos, ,059.32;
1919, $f33, ,707.45, and for 1920, $779,-
76660. For ten years the average age
of the pensioners has been s5.7S years,
the average service, 80.4l years, and the
average payment, $22.10 monthly.
The benehciaries make no cOntribu
ton TO the fund. The money is derived
from a trust of $4,000 900 established
by Andrew Carnegie and the United
States Steel Corporation.
New-York tribune., 1921-02-10
Mexican Railways
Lease Surplus Cars
From United States
Treasury Department As
splmes Administration of
Finances of National Rail.
ways: Rubio May Resign

MEXICO CITY, Feb. 8. - Railroad
equipment valued at 100000 pesos has
teen leased by the Mexican government
from various American lines, Francisco
Perez, National Director of Railways.
announced yesterday upon his return
from the United States Thirty-five
engines and 200 tank cars form part
OF the rolling stock soon to be sent to
Mexico, he declared, having been leased
by the government IN an effort to clear
up congestion of freight in this
country.
Senor Perez denied newspaper r.
ports that he had been called before
Mexican judicial authorities to answer
charges that there is a shortage of
100000 pesos in his department. He
asserted that reports that he and his
three associates were short in their
accounts were manufactured by enc
mics" and that while in the United
tates he had received kilograms from
President Obregon and other govern
ment officials assuring him of their
confidence.
Another angle Of the Mexican rail
way situation, however, involves the
probable resignation Of Pascual Ortiz
Rubio, Secretary of Communications
and Public Works. 1t is asserted that
Senor Rubo rendered his resignation
last Saturday, following announcement
of the Presidents decision that the
Treasury Department should take over
the financial administration of the ma
tional railroads, allowing the com
munications department mere super
vision of the actual operation of the
lines. Nothing relative to this pur-
ported resignation, however, has as yet
been made public.
Senor Rubio is declared to hold the
Presidents action was reflection upon
him, and he is reported to have ex-
PRESSED d desire to retire Immediately
from the government. He was not
present Monday when the President
opened the extraordinary session of
Congress, nor did he attend a function
given yesterday by the Argentine Lega-
ton, at which General Obregon and
all other high officials of the govern
ment we're present.
New-York tribune., 1921-02-10
Warrington Pump Preferred A

Question: have q small amount OF Sd "
tuEs TO invest and am considering pur-
chasing ten shares of Worthtngtou Pump
preferred A. | have been advtsed tina T.
this is good Investment and that the
stock is now selling below its real worth.
can you give mo some information in re-
gard TO he funded debt and dividend his
tory of the company, TO how wisely II
used it's profits and as to whe nor or
not it's business is Of such character that
the business depression is likely to affect
IL to such an extent that the preferred
stock dividends will be in danger? DO you
consider the stock good business man $
investment? l shall greatly appreciate
your advice along these Iines.-G. =. B.
Answer - Worthington Pump 7 per
cent preferred A is now up about 7
points above it's low price for the year
thus far. Considering the drastic de
cline suffered by other industrial pre-
ferred issues last year, this stock stood
up fairly we'll. The company has prac-
tically no funded debt and has out
standing S12992 ,149 common stock,
$1O.321,671 preferred per cent stock
and only $5,592 1888 of the preferred A
stock. In view Of the relatively small
amount of the latter outstanding, the 7
per cent dividend looks reasonably
safe. unless, of course, the present
business depression takes a turn for
the worse. The per cent dividend
rate has been maintained since April /,
1915 Dividends on the second pre-
ferred were begun July 2, 1917, and
have been paid at the rate Of per
cent since. A quarterly dividend of
S1.50 a share on the common was
started last March, which rate has been
maintained UP to the present.
New-York tribune., 1921-02-10
Lrude Oil Prices Drop
oO Per Cent in 10 Davs
'iS,d'tontinent Price Drop Fol
lows slackening of Demand
fer Fuel Oil

y KANSAS CITY Mo, Feb. Crude
vl v IN the great mid-continent fields of
:. a'aSas and Oklahoma to-day dropped
y. One-half the price quoted sixteen
Gays ago.
announcement Of a 25-cent cut by
Ne Ne Psr.airie Oil and Gas Company and
N.Y. NY sinclair Oil and Gas Company
soasnt the price down to s1.75 a
Jssna, Jsiei, compared with $3.5O barrel
I'll j"ssst1'cted demand recently for fuel
N anu a ether petroleum products and
fs..o oosefsbuhdant production is the
n ssoa sss given for the precipitate decline
- paces pgrlces for the crude product.
h. ".eauction in mid-conffnent prices
Ssiss S seen IN line with cuts in the other
'.Ss n OF the country.
soog ogperations in the oil fields of the
LII tS5I.aTest generally have been cur
w,". ce within the last month and sharp
IS; reductions have been made.
pe llne companies for some time
fyn,s s eartailed acceptance of crude oil
!, ,'a oe to 70 per cent. The remainder
being stored
New-York tribune., 1921-02-10
Intrastafe Rail Rates
In Michigan Raised
Interstate Commission Finds
Discrimination Against Cities
Outside the State

WASHINGTON. Feb. State pas
senger and Pullman fares in Michigan
were ordered to-day by the Interstate
Commerce Commission to be raised to
the same level as interstate rates, eff
fective March 19.
The commission said the state Legis-
Iature had set maximum state pas
senger rate Of 2.3 cents per mile, but
that this was increased to 3 cents by
order of the director-general during
federal control and has remained
on that basis since the roads were re
turned The increase ordered is 20 per
cent of shat rate
Beyond the borders of the state of
Michigan are Toledo, Fort Wayne,
South Bend, Chicago, Milwaukee, Green
Bay, Minneapolis, st. Paul and Duluth
and other important cities" the com
mission said
the markets Of Michigan manufacture
ers, wholesalers and jobbers in the
cities named with those located at
points in Michigan. which competition
involves passenger travel, interstate
and state respectively, to and from the
various places of business, and lower
rates in Michigan than in correspond
ing states for interstate travel works
as distinct discrimination against
these business houses"
LANSING, Mich, Feb. 9.-Michigan
railroads are prevented for the time
being from increasing passenger rates
above three cents a mile by san injunc-
tion obtained in Circuit Court here by
the State Utilities Commission The
court has several times refused to dis
solve the injunction on application of
the roads.
The State Utilities Commission ex-
poets ultimately to carry the dispute
to the United States Supreme Court.
New-York tribune., 1921-02-10
Lackawanna Steel Earns
Sl2.23onCommonStock

Net profits of the Lackawanna S-eel
Company for the year ended December
81, according to a preliminary report
issued yesterday, were $4,294.375. This
was after deducting all charges, IN
result of depreciation of values, and
Federal taxes.
The result was equivalent to s12.23 q
share earned on the $35,108,500 com
mon stock This compares with a sur
plus of $356,S or $1.02 a share,
earned in the previous year. Net
earnings for the year before allowing
for renewal expenditures and other ap-
preparations for the current year were
at the end of 1918 The inventory ad-
justmeut caused q shrinkage of $780,
325.
New-York tribune., 1921-02-10
yicissitudes of an Oil Stock Holder

Question-You will note from the at
taehed statement that the koscius2ko OIL
and Gas Company has purchased the con-
trailing stock of the Pennsylvania Ken
tucky Oil and Gasoline Refining Company.
AS 1 hold some stock of the latter con
cern. I am interested tC get your opinion
as to safety and reliability of the present
holding company. They have paid no divi-
dends for some time past, and you Will
greatly oblige me by furnishing any in
formation that you may have as to value
OF this security and the outlook for re
turns in the near future. Also whether or
not you think it wise to get rid of this
stock, even though it Is necessary TO suffer
a loss.-R L. Nj.
Answer-We are unable to get any
irdependent information about the
Kosciuszko Oil and Gasoline Refining
Company. 1t is a concern which is
selling stock among Polish immigrants.
What it will do with your company,
now that it has control, is question
we are not willing even to guess at.
New-York tribune., 1921-02-10
Labor Fears Price.Fix king
Powers i'm Calder Bill

WASHINGTON, Feb. 9.-organized
labor is apprehensive" lest the price
fixing powers proposed in the Calder
coal regulation bill be directed against
organizations Of workers, Samuel
Gompers, president of the American
Federation of Labor, declared to-day
in testifying before the Senate com
mittee considering the measure.
The American judiciary, Mr. Com
pers said in answering a question by
Senator Walsh, Democrat, of Massa-
chusetts, has not shown as much "un-
derstandings of the rights of workers
as legislative and executive branches
of the government.
Prior to hearing Mr. Gompers Chair
man La Toilette pushed the commit
tees inquiry into charges placed before
it that the coal trade in and around
Washington had organized to main
tain prices and eliminate combination.
New-York tribune., 1921-02-10
Irregular Trend
I'm Curb Trading:
Coodyears Weaker
Maracaibo Oil Crosses 20
i'm Good Demand, but In
dependents Are Spotty;
Indian Packing Still Firm

Price movements were Irregular on
the curb market yesterday, with little
outside interest. Goodyear Tire stocks
were depressed as result of the an
nouncement of refnaneing plans. Sales
were not heavy, but there was an evi-
dent lack of support and the common
dropped more than five points to l4Ia
while the preferred was offered ut As.
In the oil list independents were
irregular, with Maracaibo advancing to
new high for The movement at 20 III
and Salt Greek recovering to 10. Carib
Syndicate and Simms were lower, but
international Petroleum was steady.
Indian Packing continued in good
demand at about 4 and lntercontinen-
tai Rubber was fairly active at 13.
Durant Motors moved up to 1879, while
United Retail Candy sold at 8M.
New-York tribune., 1921-02-10
Continental Can Earns
500 Share on Common
Surplus for 1920, After Depre-
citation, Shows Sharp Decline
From Figures for 1919

Surplus of the Continental Can Conn
pany for the year ended December 81,
after allowing for depreciation and
Federal taxes. was S1548.620, equiva-
lent after preferred dividends to S31s
a share, earned on the s13.50o0O0 OUT
standing common stock, according to a
statement issued yesterday.
This ompares with a surplus %
81, 2,624.963, or $17O8 share. in l9lM
Net earnings before deductions for das
probation and taxes were S2,196.34f,
as compared with $4,139,778 in the pre-
ceding year. Surplus before applica-
tion Of $I155,0OO for redemption OF
preferred stock was $3.50 900, and the
profit and loss surpIus was S5.O34, $50.
New-York tribune., 1921-02-10
Peoples Gas Earns 9oc.

Surplus of the Peoples Gas Light
December 81, after charges and taxes,
was $38O,752, equivalent to 80 cents a
share earned on the s38,5O0,OO0 COM
mon stock, according to statement
issued yesterday.
This compares with surplus of
$65,2O8, or II cents a share, earned in
the preceding year. Gross earnings Of
the company showed an increase Of
$6,692,537, amounting to $31,236,330,
while operating expenses Increased
81. .82G.n28 reaching S26.081,383.
New-York tribune., 1921-02-10
No Restriction of Cation

COLUMBIA, S. G., Feb. 9.-By a vote
of II to % the House of Representa-
tives killed to-day a resolution which
would have required the reduction Of
cotton acreage this year to the 1920
acreage. Farmer members asserted
that growers. did not want this re-
strlction on their operations.
New-York tribune., 1921-02-10
Answer-Au the stocks and bonds
Western Railways and Light

Ouestion-t have i've shares preferred
stocks in Western Railways & Light Com
pany. I would thank you for your opin-
ION OF the invessment-J. ". c.
Answer-According to the latest re-
ports published the Western Railways
& Light Company showed good and in
creasing earnings. For 1919 the pre-
ferred dividend was earned about two
and a half times.
New-York tribune., 1921-02-10
Wriglev Earnings Drop

Net profits Of the William Wrigley
Jr. Company for the year ended De-
cember 81, after Federal taxes, were
S3,335,S67, equivalent, after preferred
dividends, to $7.65 a share 1926 par
value), earned on the $1o,5Oo,oOo COM
mon stock outstanding, according TO a
statement issued in Chicago yesterday:
This compares with net profits OF
S4,139 ,897, or $3.50 share, in 1918.
New-York tribune., 1921-02-10
Bids for paper Rejected

WASHINGTON, Feb 9-All bids Tor
government paper supplies for next
year received recently by the Joint
Congressional printing committee have
been rejected 1t was announced that
the committee regarded the bids as TN
satisfactory and that new bids would
he ca He'd for
New-York tribune., 1921-02-10
Paragon Refining Earnings

Gross income of the Paragon Rein
ing Company for the year ended Octo--
Der 81, according to statement issued
yesterday, was $12,108,626, from which
operating expenses Of S9,784 ,532 were
deducted, leaving net profits Of SABA
094. After deduction of Federal taxes
ana allowances for depreciation, etc,
the surplus was estimated at $1,165,9 ,962.
New-York tribune., 1921-02-10
Companv's Earnings Up

The surplus Of the Houston Oil Com
panv Of Texas for the three months
ended December 81, after allowances
for depreciation, was $62079 il was
announced yesterday. This compares
with S428,826 for the September quar-
ter. Oil sales increased from $7l8,261
to SI,19l,477.
New-York tribune., 1921-02-10
would Remove Cattle Embargo

al 4tnnoNfo, Feb. 9.-Labor members
sd.,ssae sae Ontario Legislature to-day
rssass rspSsa resolution urging immediate
Grss,s Gss% y OF the embargo obtaining in
Cass Britain against admittance of
lutsaaa cattle. Copies Of the reso-
bor inviting cooperation of the La
party in the British House of
Gashs will be sent to Premier Lloyd
&c and other English dignitaries.
New-York tribune., 1921-02-10

what shall be done from time to time"
The head of the Steel Corporation
said that business was being hampered
by too heavy government taxes and by
tho delay of the government in paying
the railroads the amounts owing them,
but hs thought that, taken rs "A whole,
there were more reasons TO be opti-
mistic than to be pessimistic.
New-York tribune., 1921-02-10
Investment
Information

Questions Of general taterest to im-
pastors wiiI be ansmered in this col
ntaa, IN which case only initials wiu
DC used. Others Uiu be aAswered bv
mail Address oil inquiries, iactos-
,ng a stamped, addressed enVetope, to
Financial Editor, The Tribune, 154
Nassau Street, Nsw York Cttu.
New-York tribune., 1921-02-10
Scovill Co. Earnings Drop

Net earnings Of the Scoviu Manu-
featuring Company for the year ended
December 81, after charges and taxes,
amounted to $983,967 equivalent to
Sl9. SO share earned on the $4,000, 600
capital stock, it was announced yester-
day. This compares with $2,156 ,025, or
S43.l2 q share. earned in 1910
New-York tribune., 1921-02-10
Auto Exports Increase

WASHINGTON, Feb. 9.-Automobiles
exported from the United States in
1920 mum bered 142, sos passenger cars
and 29,l26 commercial cars, according
to report to-day by the Department
of Commerce, The total was more than
twice that in 1919 and four times that
in 1918
New-York tribune., 1921-02-10
I, C.. Brill Earnings Gain

Surplus Of the j. G. BriII Company Tor
the year ended December 81, after de-
probation and estimated Federal taxes,
was S1,025,321, equivalent to $14.65 a
share, earned on the $4,810,200 common
stock. This compares with a surplus
O. $831,869, or 1929 share, on the
common stock after deduction of 75A
per cent dividends paid on preferred
stock in 1919.