The Wall Street Journal from New York, New York • Page 2

it 1 '7 if I 1 $17111,000..., $6,971,000..., $300,412,000..., $9,793,000.... $471,723,000... Prica Up Off 49 36 157U 59U 2S 4Vi 114 "54 Ti B3T, Bli 2W V4.ll JLi 75.66 23 fi 2 7V8r. 7 tr 8.88 3.88 Last low polut. roCTDED'lM3 THE "WALL STREET JOURNAL MORMU ASD EVKJtlSiG EDITION ''published twice daily, except Sunday, by DOW, JONES fl.

CO. C. W. BARRO. Prealarai.

Hugh Bancroft, Secretary. Joseph Cashman. Treasurer. 44 Mr street. New York.

Telephone: Broad One. anbaertpltaaai fl yearly; (1.50 nionlhly; or pevtn cent tatty, for either edition, postage paid In the United Canada. Mexlro. Puerto Rico, Guam, Philippine Island, -Hawaiian Utand aid Cuba. Foreign a year additional.

Subscription also received at Washington Bureau, Street, N. Chicago Bureau. Boom 154. 203 So. I-a Salle Btreet.

Aaere changed on request; always give old addrea. AveriUeaieatai Ttatee will be urn lulled by us or any responsible advertising agency. Kntered at second-class matter Aigut 4. 1913. at the post office at New York, N.

under tiro Act of March 1179. ThU Paper Has a Larger Circulation Than Any other American Financial Publication. The trath la Ita proper me. Eales 15900 January 1 Loan. The test at tne last I this: What effect haa a man's Vfe had on clvlUxatlon 7 Elbert Hubbard.

i -5 1921 Wednesday, Feb. 23 31 AIUvET PIARY 1920 Quiet. Wednesday, Feb. 25 Weak. 440.800...

Stock sales 1,251,000 25,611,700 Since January 1 39.307.100 $2,822,000 Miscellaneous $3,672,000 January 1 $471,230,000 and $13,526,000 January 1 $613,502,000 Stock Sales Price Woolen 10600 116V 28400.. A I 4300 139 12400.. 6800 65 13300.. Mcx. Petrol.

21R00 167 10700.. Studobaker. 200 99 7700.. Unit. Retail 11100 C.VV 9000.

177400 P4'4 8700.. Utah Copper 3300 69 Average 20 railroads 73.14 Average 20 industrials. .89.98 New York March cotton 37.60 Commercial paper eViTr Time money SOO Call money renewals Demand sterling Cables sterling Declined to Nov. tallied to Dee. Declined to Dee.

Rallied Declined to Feb. II, 70, 73.11 4, '20, 77.es 21. 20, 66.71 19, 21, 76.78 3.21, 74.24 TWTNTV IJIDt STRIALI $0,854,000 Up Off 6Vi ..3 4K 1 2S 1 ..2.11 3.00 82 i DAILY OP AYERAdES Following are the daily average pneea, at the doe. of twenty Industrial and twenty railroad stock, for the period indicated: LaitWg point. Sep.

17, TO, 89 Jl tU20, a6.7l mafia Not. 8,10. U.tl Dec tUW, Nov. 19, 10, Not. 22, -20, 71.7$ Dec IL'Zu, ftM Jan.

IS, 71, mi Feb. 1L2L, 73.60 Aer. A4. DeaT AV. aV.

'Frl Frb. 18 76.2R .12 95.57 1.42 Sat Feb. 19 75.93 .15 05.6.1 .06 Mon. Feb. .21 75.40 Holiday Wed Feb.

23 75.66 56 89.9M ..3.00 1 SMTT RAILROADi Aver. AS. Dea A'. Aav. De rl.

Feb. 18 74.15 50 74.98 .48 Sat. 19 74.25 .10 75.33 .57 Mon Feb. 21 73.87 .38 Holiday Wed Feb. 23 74.11 54 73.14 ..111 THE WALL STREET JOURNAL STRAWS Another Nevv Stfick It we only a few days ego, when the greetest tenor of th age lay critically 111 and the world waited impali ently for new from the bedside.

On of th customer in a large brokerage houe stood before th ticker. A large nun, he completely shut It oT from the view of anyone else. Another customer, who was Waiting to see the newt, finally loet patience and said: you won't let me look al the news ticker, will you tell how is The other looked round. "Caruso?" he adied. "When was that stock ILoted?" Loose Change One night last week, member of Wall Street's some er ago aaid thai th steel man had had hi pock'.

ox si journal, Thursday mouning. February at. 1021 jaELLY-SPRINGFIELD TIRE 'd; YEAR SURPLUS SHOWS AFTER CHARGES BUT BEFORE FEDERAL TAXES $4 ON COMMON STOCKPREVIOUS YEAR EARNED $9.82 AFTER TAXES Net inc. "$1,959,293 iVc pf divs 468,816 6 To pf divs 194,226 Com'n divs. 895,761 1919 $7,034,284 3,776,735 $3,257,549 274,539 $3,632,088 137,233 158,058 8144275 $2,422,622 117,204 109,026 800,409 $400,500 $1,305,883 1920 Cash $2,182,089 Notes recciv 114,420 Accts receiv 2,325,358 Cap tk sub 9.950 Inventories.

9,751,388 Pcf chgs 234,300 Lib. bonds Sundry 152,946 Plant, good will, etc. .21,248.649 Ftock purch. 274,752 Total Pf stk 8 Pf stk 3537,100 Com stock 8,084542 Notes pay 8,135,000 Accts 217,412 Res for tax, payroll, etc. Pf div pay Con acrt pay Inv ti ins re Ixan pay, Lib bond Stk bond redemp fd.

Dcf credit Mine liab. Surplus. 219,032 48.558 346,490 610,535 250.000 7,073,643 55.R71 1,438.030 69,500 11.357.102 87,008 $5.860500 $5.860500 3.237.100 6.361,978 351,652 208.789 49.767 23.000 9.365.375 8,641.553 1918 $7,187,834 2,698,069 $4,589,765 $4,589,766 136,390 88,148 206,959 785,152 88.149 0.814J39 1917 $2,603,620 45,293 $2,648,913 75,164 121,934 2,657,492 $1,707,735 213,078 785,152 $716,624 $1,453,585 Before Federal taxes. fDoes not include $671,813 dividends paid in stock in 1920, and $454,778 in 1919. Balance sheet of 'the Kelly-Springfield Tire as of December 31, 1920, compares as follows: Asarrra 1919 1918 1917 $1,679,946 $1,392,729 $772,448 63,587 1954(17 1,970,442 1,467,296 1,152,431 1,467,296 5,945,417 37,884 596.793 9,665,678 42.198 $3,407,100 4.907500 500.000 221,815 158,486 61.106 3,760.162 62.189 272,253 8.781.776 8,650 $36,293,942 $23,796,029 $19,147,993 $15,395,835 $3,509,300 4.K07500 600.000 235,752 78.961 62,629 TIKE A NT FACT 1 HE LESS 75.164 6,705,633 ToUl $23,796,029 $19,147,993 $15595,835 31ECORI) STEEL KXTOKT Deccmlter aid Movement in Tonnage ourf Value Sever Equaled -Canada, Jnpan and Cuba Hoary Buyers Py tonnage and by value VJ20 structural steel exports were a record.

Advancing from 42,839 tons in November, to 63,4, (a month's record) in December, they totaled 493,655 tons in 1920, as against ton in 1910. in 1918. 292,130 in 1917, 41C564 in 1913 and 288.104 in 1912. Canada. Cuba, the South American countries, Japan and other Asiatic countries were as before the war the largest buyers.

In the three year 1911, 1912, 1913, a period of unusual development, Canadian purchase averaged 1K7.083 ton annually. Canadian buying in December, 1020, was 18,630 and for the whole of 1920 138,930. Jupan took nearly 90.000 ton. The eloae of the year wn marked by especially heavy Cuban and Argentine buying, with active distribution over 56 counties in all. Price we in 1013 $43.21 a ton; in $8107; in; 1918.

in 1919. $N05fl and in 1920, $77.77, with a I record value of $38,394,552 'in that year. Average De- cember, 1920, prices was a ton. Akron RrKrti published here iJiow that tire were manufactured in the United States in December, compared with 649,742 in November, a decrease of 143.G31. During December 350,071 tire were sold to manufacturer a origiiiul equipment and 977,082 wore sold to tire dealer.

In odditiiyu 39573 tiro were exported. An inventory of tire in hand of manufacturer December 31 lt ihows a total of 4,648,060, which i lew than is conaidered nece.tsary for proper i Times, lunruoning oi uisiriouiing yveni On assumption younger set had his pocket picked of $2,300 while en rout- thai the United Stales will require from 30,000.000 to to the theatre. He I only one of hundred ef Wall Street men who, even in these hard time, carry large sums of money in their clothe. A number of the captains of industry and finance have peculiar habit in regartj to "loose change." C. M.

Schwab generally credited with the carrying of large sum o' cash in hi pocket, al least he used to for a close aociat tires In th small slock in manufacturer and dealers hands will make increased production necessary, according to Akron tire people. en roul for his Scotch Castle on a easel carrying Harry laudrr to England. Lauder, in hi native kill, had car ried the usual ship's concert by storm And was making a picked a number ef time and in each lost several collection for the Seamen's Orphan Fund. He approached thousand I Mr. Carnegie with'the plate and th steel tnaa wbt- The late ll.

II. Kogers ind Andrew Carmvi earned pered: "Harry. I have no money with m. please put very little ceeh wtfi Ihern, rl fact, Mr. Camegts o(n hJ hn the plate for me recourse to the wallet of eecretary for ndituri' canna help "you Mr.

Carnegie, for my breek are which were sometime low a A story is rf tnc1U .1 I in ti caMfi," lUurMer of replied the comedian amid th ror' ioe Ht.rg ecar. ANSWERS TO INQUIRERS "wmxioar oworat ts ru roauca suae i LOSS OX STOCK A YD yATiO 24170 (a) 'havs owed stock of company for over thirty years Isthe Joss sustained deductible in making returns to the Federal Government and to New York Statet (b) An oil company, with interest in several states, ofjert to sell units iu a tract in a well recognized and f.n.. c.i.u vi n. -i productive Drilling failed to locate oil, and the port, for the year ended December 31, 1920, showing sur- of the tt plus, after charges but before Federal taxes, of $1,959,293, h.1 stack in the parent company on equivalentafter deduction of preferred dividends on- the Wk mvesimenu rnw 6 and8 cumulative preerred stock, $4.00 a share TT c. V.

T7" cllCM" $25 par value) earned on the $8,084,241 common stock, TkU with oftnr TToHnl-ul nf IJ 1UU IMV UtUUCl IOH BH Ui BVOTH A IISO Will TT Wl OW IIWV S4W A i $2,422,522, or $0.82 a share, earned on the $5,361,978 AM ftf Marnk 1 1Q13 niinA.na on1 t0 Innii. common stock in the previous year. Income account for the year 1920 compares as follows 1920 Gross proflt7.721,901 Operat exp. 4,290,986 Net op inc $3,430,915 Other income Net Interest 1,492,774 Sink'g fund Profit sharp Invcnt'y adj Fed'I taxes. 83,378 500,000 cry 1, 1919, for state purposes.

I (b) The unit holders who surrender certificates show- 4 955 their title, figure, as a basis, the cost to them of the 1,720,335 certificates. The difference between that figure and the market value of the stock received in exchange miv be I AaAniA V. ..1. i a. ucuuivcu, in uuui ivn aim reueriu incuine rriurns, as a loss.

UU BOIGIIT t'OVrRAIT 24171 Property was purchased on land contract, full consideration being $5,000. Of thin, $200 ras paid on the execution and delivery of the contract. is payable at the rate of $100 a month, without interest. Can the vendee deduct any part of tlie payments a interest? so, at what ratefC. W.

M. Answer The purchaser pays no interest, so would not be allowed a deduction for such. Every payment he makes goes toward reduction of the principal, and no part it is for the use of borrowed money in the form of a mortgage debt. MANY FKJtTIUZER MEN' OVER OTTIXXJK "Frozen Credit" and Ijarge Stocks Aggravate Situation Soutlwrn Farmers Want Lower Prices Department of Agriculture's Vitus Most of the fertilizer people are pessimistic over the outlook for 1921. Companies are suffering from excessive stocks and farmers "frozen The unexpected slump in commoditiex financially embarrasiied so many farmers that they were unable to meet their fertilizer bills with a result that the majority of the companies engaged in this business have had to raise cash to provide working capital Fertilizer salesmen are going out soon, later than usual, and they will be up against this "frozen credit" situation.

It will be a hard matter "neparating the aheep from the goats in giving credit for the coming year. Many-in the business expect that the output and sale of fertilizers for 1921 will be approximately 20 less than that for 1P20. The Department of Agriculture also takes a gloomy view of the situation. The Secretary says stocks of fertilizer on hand arc unusually large and a considerable amount will be carried over to the next season. The De- nartmcnt also nointa out that no nrrntnmnt nrii- Kuul.

of Toxn Co. REAL MARTYR Not being a press agent, well just call a certain popular actor, who a famous "good fellow," Smith. A couple of friend were talking about hiai the other day, when one asked "Has Smith a good role in the new play?" nil a A I as a i wo emotional ne ever nan in an ms career, wa the Impressive reply. "Why. I didn't understand that the plsy was much that way." "It isn't only Smith's part.

You see, if one of these 'wet' plays, and poor Smith is being constantly offered drinks whi the action compels him to refuse. Why, he'll be a total wreck by th end of the week." Lew Angele COULDN'T IAVE BEEN landlord You say you've been hearing suspicious noise around your apartment. What did they sound like? Tenant They sounded like heal in the radiators, but of course they couldn't have been that Judge. THEY NEEDED THE MONEY Church 1 tee a visitor to Chicago wa arrested th other day because he had $350 in hi pocket Gotham And it wasn't hi own money "Oh. It wa proved In court thai it wa hi own 'money "Why en earth did arrest Kim, then?" "He wm trying to rot out of Iowa with Yonker SUUf man.

1 PRAIRIE PIPE LINE CO. TAKING MORE CRUDE OIL COJ1PANY INCREASING ITS PIPE LINE FACILITIES TO NEW WELLS FOLLOWING REMOVAL OF PRORATING ORDER Production in Midcontinenl Has Fallen Barrels in Daily Rate Since Rvnt Were First Reduced in De. cember, lOiOTliere Has Been Some Gain in. Output Since Price- Cwttinj Began 1 Prairie Pipe Line according to advices from Oklahoma and Texas, is making new connections to producing wells in the mid-continent field. This step follows the removal of the 70 pro-rating order byhe company on Monday.

Ian. Reduction in crude oil runs started December 15 and was in effect for about seven weeks. As a result the producer of oil. connected with the Prairie line, could wove only 70rf of his production as of December 15. xne re mainder of ihii oil and any new production had to be storeJ or sold.

If a purchaser could be found. By making connections to new wells the Prairie com pany, which purchases crude for the Prairie Oil Gaa is undoubtedly moving more oil than early in December for it not only is taking 100 from old connections but the oil from "its new connections. ThU permits the producer of oil who is tied up with the Prairie Pine Line rvstcm to move all of his oil. Some of the producers of course may be in such financial condi tion that tbey are able to store part of their crude and wait for higher prices. There has been much "distress oil available for pur chase in the mid-continent field in recent weeks.

This oil which producer had to put In storage, because of the cuts in runs, and which, was later thrown on the market at prices below the posted figure. Companies stronger in cah capital have been able to pick up much crude oil at attractive prices. I A similar situation has occurred in the case of many small independent refiners in the mid-continent section While many of these plant have been virtually closed down, there has been little redaction in stocks of finishei oils because of the lessened demand. One of the large railroad systems, umng oil burning engines, recently was able to purchase 30,000 barrels of fuel oil from one thee small refiners located on its line at 45 cents a barrel, i Last fall fuel oil sold in mid-continent around $4 a barrel. Operator! in the mid-continent are reducing their drilling and cutting wages.

This is made neeeatary by the prevailing price of $1.75 a barrel for "light" oil, bo-cause the margin of profit to the prodorer at the above posted price is not sufficient to permit the payment of high wages. Mid-continent erode i down hbl from the $3.60 price, which prevailed up to January 24 and tome producers have cut down wages about 33'r. Production in the mid-rontinent field for the ended February 12 averaged 664.093 barrels daily which was a decline of 46,470 barrels from the average daily production of 700,560 barrels in the week ended December 18, last, or just prior to the cut in runs. Mnce runs were nm rrduend mhl-continrnt pro- has own established by manufacturer. It appears iropr vm 'barrels daily, in thj the farmer' nrincinal comnlaint is inr.inst the ww rnaea -anuarj o.

mcn was a cecune or more Uian of mixed fertilizers who thry claim have not made a sst 231,185 isfactory readjustment of price. Some groups of planters t- i. i i i ii have in the South are said to declared thry will purchase no more plant food until the manufacturers meet their views. In the meanwhile production in proceeding at a Ichs than 60 of capacity and the ronxumption end of the busi-nesa is more or less at a standstill. (illlilillKl Oil Gitliland Oil Co.

ha completed its Shaw No. 5 in the di-ep sand In Homer pool, section 25-21-8, which is reported to have an initial flow estimated at 20 barrels an hour. This i the third well complrted by Gilliland company on that lease in the last ten days. Cliimiro Elctatot.1 Chicago Director and olficei of the North we-tein Elevated, Metropolitan West Kulr Ehnatod and South Side Elevated, subsidiaries of tlie Chicago Elevated Railways have been re-elected. 70.000 barrels from daily output in the week of December 18.

However, there ha been an increase in output since Chartered 1822 THE FARMERS LOAN AND TRUST -22 WILLIAM STREET, NEW TORl' BRANCH tONDON 4Ti rirra avinub. at ibt strict PARB pOJTSrtRcTAL CREDITS Issuea In oollare as well aa Coreiga moneys available In all parts el the world. ACCEPTANCES payable at future eatee for beta 'relau and domeitlo business. FOREIGN EXCHANGE CABLE TRANSFERS Vemb'er Federal Raeerv System ana New Teem Clearing House. Sierra San Francisco Power Company 2nd MBM 5s, 1949 We have prepared a circular describing these bonds and outlining the favorable terms of the lease by the Pacific Gas Electric Co.

of the Sierra Company's propertiei. A copy will tVr ttnt on rtquttt for Circular S. F.i Tucker, Anthony Co. afemeers Vew York ea4 Boston Stock Zeokenaee CO Hroadwnjr, "Sew York Cosgrove Company vJncert of Frmr Cea SoalWm Illineis emd Tkrrml Cool in Centred ftmuylnnu JOHNSTOWN, PENNSYLVANIA rkUiJeUria New York Ctdcase Norfolk Beicii Sbloate COSGROVE St. WYNKOOP.

Agents NEW YORK Engineering and Financial Examinations, Studies and Reports Existing or Propoeed Industrial aad Tower Project 1 Knatneerlnf Structures aad Buildings. The Watson Engineering Co. 46MPrepct Avenue. 1270 Broadway, Cleveland. Ohio.

New York. An organisation of associated Experts of national reputation and experience. UimiCATIM. OIL SITUATION Drop in Prices Expected hy the O'l Trade Buits 3T to iri bmnller Then in ifli') price cutting started on January 24 la.t la the week1 ended January 22. Iat.

jut previous to the fln-t 50-ccnt i A material reduction in lubricating oil price by some reduction, daily production was 648,723 barrels, la the 'of the big marketers Is alnwt certain in the near future week ended February 12, with crude oil ported at $1.73 1 according to oil men, who hy volume of Is now a barrel daily production eaa 5,370 barrel greater than! to 40'i smaller than last year. Many marketers, who when the first cut occurred. have sold lubricating oil for automotive use on contrac, It is expected that before many week the Tetduf bon I erreed to reduce their selling price in the event of lowe- in new drilling will have had it effect in a real lowernr; price and are understood to have recently refunded of production, particularly as the cutting down of new operation has been more extensive mnce price cutting ftarteU a few weeks are. sujar nun: at cents Cubon Sugar Committee Ofer IOO.koo Ton 44 Cents Cost nnd Freight or 1.60 Cents F. O.

B. Cuban Sugar Finance Committee, recently appointed by President Memx-al, named a prke nf 4 cents a pound, and freight, er 4.C0 cenU S. o. b. Cuba, and are offering 100,000 tons on this basis.

Headquarters are now bring cstablhrd al New York 1 by representatives of the committee. Producer reore. t- 1 1 r. 1 1 jaini'ivQ vw. euwrjii- puuea enung fVt oi tne lax I crop have signed their assent to itn fifth sea line at Tort Lobos.

Like the other four it is approximately 1500 feet long and haa a capacity of 2,000 barrel an hour. TE1TER AND SALT 1 IT a committee. The tale committee that will represent the newly appointed Cuban Sugar Commission in New York are Frank C. Lowry of E. Atkin and Henry E.

Costello of Czarnikow-Uionda o. All sugar refiners have withdrawn from th market rJtcept American Sur.ar to, which continue to quote 7V cent. There wa a sale of 14.0H0 bag of' Cuba, Monday, for prompt shipment, at 4S cents, cost and freijcht, to American Sugar Refining for their New Orleans plant Imports of sugar, Monday, included 22,900 lags of Cuba to American. India Coiimtll.ev to SiipK)rt Itullng Plan The committee representing holders of first and sec some money to customers on this Vai. It is pointed out that a konn a a reljutment in lubricant prices to meet new condition is effected it bring about a wider distribution of the product.

Some of the biggest lubricating oil manufacturer are large buyrrs of iulf Coat and Pennsylvania crude l. Gulf CoM crude oil is now selling at $125 a barrel, com pared with $1 is 19-JO, a decline of $1.73 a barrel. Penn sylvania crude at it procnt price of $12. a barrel i-selling a bam I below the level of $6.10 on Janiwn I. The drmand for Ranger, Texas crude oil, which i in demand by lubricant manufacturers, because it yield-cylinder is selling for or 25 cent above th-posted price of $1.75 for ordinary Midconlinent crude.

ond preferred slock of the Reading of which Adrian IseUn is chairman, ha issued a call for prone authorising it to appear in court on March 1 and support the plan of segregation a filed. The committee expresses th opinion that th plan dealt with the various classes of stuck in an equitable manner and not only intends to support the plan but to oppose any modifications whiih might be injurious to the interest of the preferred shareholder. A the time is short the stock holdr are asked to act quickly. i Farm Mrliliicr Exrta Farm machinery export amounijigi a to 44. 277, 0J2.

exceeded slightly th Dow, Jones 4 Co. estimsle of $45,000,000. December exports 'were $.031. or M00 above December, 1919. The year closedi with relatively heavy buying hy British South Africa aad Cuba aaJ Franc, tnpplemrnting th normally substantial volume ef buxxcA vi'i CAda Argent ju.

I i lYtrolcnnt onipnieiiu oi on oy etroieum 1.0. Ujril.K wvF v. lUu. is now umirr me control or tne' nnrxvi k-ri. limalrly 3.4 10.

000 barrel for th month. This compares with 3.222.818 barrels in December and 2,427,974 barr.N in November of last year. Total shipment for company in I920 were 28.6H7.000 barrel or a monthly aeiare barrel. TM: IRIIII.K OMJ ffi BUY, BABY, BUY I --rra la rVIlM IWw.