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New-York tribune. [volume] (New York [N.Y.]) 1866-1924, September 18, 1919, Image 16

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MACKAY & Co.
BANKERS
?
Members of
.Yew Yorlr Stoc?( Exchange
Current Markets in
Bank & Trust Co.
Stocks
14 WALL STREET
NEW YORK
TELEPHONE RECTOR 9730
An Investment
Strongly Safeguarded
Yielding 1%%
Cities Service Co. in addition
to being one of the world's largest
producers of oil, controls and
operates S-i public utility prop?
erties in the United States ntui
Canada. ,
This diversity in business as
well as location provides unusual
safeguards for the investor.
Preferreel Stock Dividend Re?
quirements were earned five
times over in 1918.
Statement of Earnings sent to
stockholders each month, keeping
them in close touch with the com?
pany's prop-rc^s.
Dividends payable monthly.
..'?:?' for Circular T.E.4
Henry L. Doherty
& Company
Bond Department
60 Wall Street, New York
Miller, &(3o.
Members
NeWVbrk SfockExchan<Jt
Securities Bought for in?
vestment ur Carried
on Conservative
Margin |
120 BROADWAY
Branch G?Slc?-:
212 FIFTH AVENUE
3WCOR. 26 STREET
L0NC?ACRE BUILDING
t?. E.COR 42nd. ST &- BROAD??*
NEWY?RLC
OPPORTUNITIES
We recommend the purchase,
of Standard Oil stocks at pres?
ent levels, and shall be glad to
tell you why.
Ask for let'cr R-IS
POUCb $ CO* KSa'?:
Telephone Hector 8360
Investment
Securities
R.CMegargel&Co.
27 Pine Street-NeaA&rk
Investments
Securities
George H. Burr & Co.
120 Broadway, New York
?lark .\. Noble Theodore C. 4'orwln
NOBLE & CORWIN
S? Broad tit- New York
Curtis? Aeroplane
& Motor Corp.
PREFERRED STOCK
Telephon? till Broad
Securities and Money
Labor Crisis in
3el Trade B
Market Factor
Steel Trade Big
The threat of a steel strike affected
the market in two major ways yester-j
day. Lack of information during- the
trading day as to whether the walkout i
would take place according to schedule !
kept the outside public from active
participation in the market pending
news that would end the uncertainty.
Then, in the second place, the an?
nouncement by John Fitzpatrick, one of
the union leaders, that the cessation
of work would certainly come to pass
next Monday, induced professional i
traders who dominated the market to1
sell speculative holdings, and though
irregular in their courses, prices at
the close, with few exceptions, were
from a fraction to 3 points lower.
In the forenoon the steel stocks were
bid up with zest until Mr. Fitzpatrick's
statement became known. Then of?
ferings were liberally made, causing
recessions throughout the day which
were partly recovered and once more
lost before the final transactions were
made. During the day 1,240,900 shares
of stock were bought find sold and "5<1
different issues dealt in.
Judge Gary, in a letter to heads of
subsidiaries of the Steel Corporation,
yesterday reiterated that- it was the
corporation's policy not to dea! with
trade unions as such, and ndvis
against the adoption of the closed shop
principle, which, he said, would presage
"industrial decay." Observers saw no
signs of yielding in the judge's com?
munication and maintained that unless
the unions decide for a postponemon*
the issue would be joined. In market
circles on every one's lips the query
as to whether or not the strike, would
materialize appeared.
Easier money conditions n r.u p
ceptible way aided the market. Call
loans were made all.through the trad?
ing day at -! per cent, arid time money,
although still quoted at 6 per cent, was
offered in more abundant supply than
heretofore. The anomaly of the ex?
change since the break of prices in
August is that prices have climbed
higher when money vas tight and re
ceded when money became easier, in?
dicating that at present money is not
the dominani market influence.
In the bond market there was a slack?
ening of activity. The Liberty bonds,
slightly irregular in their 'hie.tuations,
were dealt in on a smaller volume than
previously this week, and industrial
bonds were neither sought nor offered
for sale in lar^re volume.
Money and Credit
Call money loans were made at 1
per cent yesterday. Bankers attribute
the ease to the new borrowing policy
of the Treasury, and explain that, were
it not for this, rates were probably ris?
ing, instead of falling, because crop
movements arc beginning and require
much of the resources of the interior
banks, which have been lending money
at call here. Time money was in bet?
ter supply at 6 per cent.
The ruling rates for money yester?
day, compared with a year ago, were
as follows:
Yesterday. Year age.
Call money: Percent. Percent.
On mixed collateral 4 6
On indus, collateral 4 6l2
Time money mixed collateral):
Sixty days . 6 6
Ninety days . 6 b
Four months . 6 b
Five to six months. 6 6
Rank Clearings,?-Bank clearings yes?
terday were:
Exchanges, Balances.
New York.$978,694,224 $125,026,944
Baltimore .. 18.041307 7,423,564
Boston . 70,819,0<?8 ?7.302,918
Chicago . 116,058,492 6,980,921
Detroit . 27,054,136 9.893,373
Philadelphia . ?8,730,498 22,920,469
Pittsburgh ... 29,411,951 11.804,307
St. Louis. 32,634,105 11,498,881
Sub-Treasury.?U. S. Sub-Treasury
credit bnlance at New York Clearing
House, $275,112; Federal Reserve Bank
credit balance at New Y'ork Clearing
House, $109,297,86'!.
Silver.?London, 61%d; New Y'ork,
$1.13%; Mexican dollars, 87%@91MiC.
Dollar in Foreign Exchange
After repealing further weakness in
the morning, exchange rates on the
European capitals became firm in the
afternoon and rose sharply above the
new low records just, established.
Bankers here, who were questioned re?
garding the cause of the turn-about,
said it was u reflection of changes in
quotations on the other side and was
probably of no real significance.
(Quoted dollars to the pound.)
Week
Yesterday, ago.
Sterling, demand. 4.14'4 $4.16'/4
Sterling, cables....... 4.15 4.17
Sterling, sixty days.. 4.1H4 4.13>/4
Sterling, ninety days. . 4.101 8 4.12'8
(Quoted units to the dollar.)
Francs, checks. 9.02 8.34
?Francs, cables. 9.00 8.36
| Belgium, francs, checks 8.92 8.50
! Belgium, francs, cables 8.90 8.48
j Lire, checks. 10.04 9.72
| Lire, cables. 10.02 9.70
I Swiss francs, cheeks.. 5.60 5.67
; Swiss francs, cables.. 5.58 5.65
(Quoted cents to the unit.)
Guilders, checks.37( s 37| 8
Guilders, cubles. 37!,4 3714
; Austria, crowns, checks 1.55 -
' Austria, crowns, cables 1.60 1.90
Sweden, checks.. 24.25 24.25
Sweden, cables. 24.40 24.40
Denmark, checks.21.65 21.85
Denmark, cables. 21.80 22.00
Norway, checks.23.25 22.90
Norway, cables. 23.40 23.05
Pesetas, checks. 18.76 19.03
Pesetas, cables. 18.82 18.97
Marks, checks. 3.70
Marks, cables. 3.75 4.05
Greece, checks. 17.12 17.10
Greece, cables. 17.10 17.15
Manila, checks. 49.75 49.75
Manila, cables. 50 50
India, rupees, checks. 42 43'4
India, rupees, cables.. 42'/4 43!/2
Japan, yen, checks... . 50?g 50ra
Japan, yen, cables.... 51 51
Argentina, checks. ... 104.00 104.20
Argentina, cables.103! 2 103.80
Brazil, Rio, checks. .. 25'4 25" 4
Brazil, Rio, cables . . . 25','2 251 2
Transactions Yesterday in Listed Stocks
Summary of Stock Exchange Dealings
i Copyright, 1919, New York Tribune, Inc>
Yesterday.
Railroads . 105,200
Other ?locks . 1,135,700
All stocks . 1,240,900
IT. 8. government...
Kailroadh .
Other bond?
Stocks
Yesterday.
$8,131,000
862,000
1,605.000
All bond? . 10,598,000
. Day Year
before. ago. 1919.
76,60*. 71.200 27,049,300
952,100 179,600 1,891,021
1.028,700 250,800 216,151,400
Ronds
Day before. Year ago. 1919.
$9,931,000 $4.361,000 $1,658,002,000
593,000 1,296,000 191,380,000
1,760,000 1,011,000 419,453,000
12,284,000 6,668,000 1,268,835,000
January 1 to date
1918. 1917.
12,714,100 15,316,700
82,691,500 119,848,200
95,405,600 135,164.900
1918.
$768,999,000
103,128,000
268,729,000
1.138,856,000
Record of Stock and Bond Averages
(Copyright, 1919, New York Tribune, Inc.)
Yester
day.
20 Railroads . 68.65
30 Industrials . 107.87
50 Stocks. 92.18
10 Railroads . 76.37
10 Industrials . 93.12
5 Utilities . 79.16
25 Honda . 83.63
Stocks
Day
before.
68.95
109.10
93.10
Year
ago.
70.50
82.17
77.50
Bernds
76.45 77.50
93.18 91.05
79.66 82.66
83.78 83.95
Range Jan. 1.
1919.
High.
78.30
114.40
99.54
82.80
95.70
87.75
87.91
Low,
66.80
79.20
75.32
75.36
92.72
79.16
83.63
Range full year.
1918.
High. Low.
79.15 66.12
88.83 73.37
84.08 70.30
86.57
94.08
89.C2
89.46
76.62
67.40
82.60
83.62
All storks quoted dollars a share. Annual dividend rate, also in dollars m
) lia re, is based on last resillar payment. High and low prices of 1919 are based
nnlv em transactions of 100 shares or more.
High.
r.M!'.
54
76
50
gg i .,
113%
98' a
126
p.
63
13?%
07' y
141/4
431 s
136i4
76';,
761/4
1-151 2
82
110*4
63
41
80 4
47
9b1 2
142
120! 3
ica%
?65
137
68%
29
77%
59
961 4
104
l5'/2
107
1881 ,
76'?
139' 4
59' ?
1-15
2'/8
30%
1 ?0%
107%
331/8
28' 4
101
166
.15! -a
14%
37'.',
Low. Div.
1919. Rate
21 ?
?6% 6
C6 6
21 ?j _
1% -
30 ?
sr8 7
87 8
62 S
84! j 8
90 7
42% ?
84' 8 12
39% 4
10%
13'8
71.4
3 S
54?4
523 a
441/s
F 8
Salen.
1400
200
Open. High. Low.
40'2
70
#1%
3
2
47
96' 'a
97' ;-,
86' 2
573/?
34/4
94' a
1111.4
7
7
73 10
9634 8
191% 20
45% 7
27% ?
11 __
56! 2 4
171.4 ~
68 6
88 6
6 ?
90' 2 7
92 10
64 5
G4% ??
49% 4
103 8
1 ' 4 ?
27' ,; ?
55% 5
55' .. G
18% --
19% ?
97 7
128
8!
5'
16!
Advance Rumely
> Advance Rumely pr.
5 Ajas Rubber . 2000
Alaska Cold M. 100
Alaska .luncau . 3800
Allix-Chalmcr? Co . . 201 JO
T Allis-Chalmers Co pr. 400
3 Aiirr Agricult ('hem. 100
5 Amer Beet Sugar.. 1500
B Amer Bosch Magneto. 25C0 115'4
7 Am Brake Sh & Fdy. 100 95
American Can Co. . . 32700 56%
2 Am CBr At Fdry Co.. 8800 135 1
4 Amer Cotton <)li.... 1200 56%
.80 Amer Drug Synd... BOO 11
Am Hide & Leath.. 2000 36'.?
7 Am Hide & I.eath pr. 200 126'2
Americnn Ice . 200 46
7 American Ice pr... 200 69%
4.80 Amer Int Corpn.... 1920? 102' ?
? American Linseed. . . 6(i00 70%
6 Amer Locomotive ... 61300 109%
- Am Malt & (?rain.. 400 55
Amor Ship & Com.. 3600 38'/.t
<l Amer Smelting .... 4800 77%
3 American Steel I'd).. 2500 40
Amer Steel Fdy pr. . 600 94%
American Sugar . . . 400 129
American Sumatra . 18 ICO 92
Amer Tel & Tel. 2000 ?OI-U
American Tobacco... 21500 260'4
American Wool . 7600 117
Am Writ Paper pr... 6,'!0 58
Am Zinc & Lead.... 1800 22%
Anaconda . 121C0 68%
I/a
A S.SO Dry Coods
Asso Oil ....
10
Atchison . 1300
Atlan, Birm & All.. . 100
Atlantic Coast Line.. 2C0
Atlan, Gulf & W I. . 1500
All, GuJf & W ) ?ir. . 300
Baldwin Locomoti
Ball & Ohio pr. .
Barrett Co .
Bnlopilas .Minia? .
Iieihlehem Motora.
Both Steel, I las? !
Bethlehem Steel. .
Rklyn Bap Trnn.
Bklyn Bap Tr ctf
Brown Shoe pr. .
Burns Bros .
Brunswick .
? Bulto Cop & Zinc
Buttc & Sup Co?:?
10%?
64%
75%
54%
86%
20
43% 4
20% ?
64% 7
1/0% 150% 10
45% 20% ?
116%
51
67%
68' -,
12
30%
52%
76
32! 4
84
20%
50%
56
05
31%
14%
106%
21%
103%
75
95%
194%
41%
37! a
217
15%
24
16%
6%
43
49
121%'
105
20%
33
123
145
47%
64%
38%
95%
249
, 95
i 943,,
i 89%
80
100%
52%
47%
81
71%
I 104
! 91 %
68%,
9%
'. 31%
' 149%
| 67%
; 128' 2
? 71
! 33%
48
91
44
25%
57%
142%
109
43'a
1263-4
93%
6038
39
81
245
61
84%
46%
109%
222
32 3 4
62! 4
97! a
16%
25%
38%
583-4
84
49
92
87
14
21%
45
Caddo Oil . 1600
California racking... 12800
Calif Petroleum .... 7700
Calif Petroleum pr... 600
(anadian Pacific. 12100
Central Foundry. 200
Central Leather. 6800
t'ertainteed Corp. 200
Orro do Pasco. 2400
Chesapeake & Ohio.. 600
Chic Ct WonI. 9600
ChiC Ct WcrI pr. . . . 4400
Chic, M & St P. 1500
Chic, M A- I'.t P pr. . . 400
Chic, It 1 & Pac. . . . 2000
Ch, R 1 & V 7% pr. . 200
Chile Copper . 13D0
Chino Con Copper. . . 12C0
Col Fuel & Iron. 200
Col Gas & Electric. . . 1600
Col &. Houih. 600
Can Candy . 4500
Consol Cas . 800
Con Int Callahan M. 1C00
Cunt Can . 1200
Con: Insurance Co.. 200
Com Products . 11800
Crucible Steel . 7600
Cuba Cane Sugar... 400
Cuba Cane Sugar pr. 900
D, L & W. 200
Denv * Rio G. 100
Denv ?c Rio G pr_ 1800
Dame Mine.* . 700
Dul, So Shore & All 100
LIk Horn Coal. 600
Kik Horn Coal pr. . . 200
End?cott-Johnson . . .
Endicolt-Johiison pr.
Erie .
Erie 1st pr.
Famous Player?
Fisher Body .
Fisk Rubber Tire. . .
Freeport Texa.4 .
Gaston, Wms & Wis.
General Cigar .
General Molars ....
General Motor., pr. .
Grit Motors 6% deb. .
Goodrich, B F.
102 7 Goodrich, B F, pr.. . .
64 ? Granby Mining .
48% 7 G; Northern pr ....
31% 4 Gt North Ore sub? . .
38% ? Greene-Cananea Cop
49'/2 ? Gulf States Steel.
40 4 Hask & Barker Car .
90 7 Illinois Central .
48 5 Int Agrirul pr.
42% 6 Inspiration Copper...
3! g f? lut Cons Corp.
11! a ? int Cons Carp pr. . . .
110% C Int Harvester Corp..
21% ? Int Mercan Marine..
92% 6 Int Mer Marine pr. .
30% ? lnt'l Paper . 3000
24% ? lnt'l Nickel . 2800
23 ?
56%
30%
31
1J2' -
7! a
?2! ?
34%
00%
22%
68' 2
17%
32%
34%
39' 4
19%
11%
87%
5%
05%
58
20%
09%
6%
10%
27 3
40 3
' 80 7
101% 7
15 ?
23 '/a ?
93 8
42% ??
42% 1
20'. s 2
47 6
118% 12
82 0
82% 6
66% 4
200. 40' g
500 107
100 104'.,
1o00 163/j
1CO0 25
600 101
40' g 40
107';, 105!
104% 104,
16% 15?
25 25
101 99
2% 240
1000 105! 2 1051
100 68' 2 68'
1100 *8b% 85'
1400 44' , 44'
60
31
16',
491
68
34
29'/,
56
62 (
477,
21 ?
40% ?
1473-4 12
26% ?
50% ?
19% ?
60 6
162% 10
21% 2
40% 4
85 % 7
4% ?
83/4 ?
22% ?
4534 ?
61% 3
46 ?
70 5
64 5
5% ?
15'/
28-'
lnt'l Nickel .
Jewel Tea .
7 Jewel Tea pr.
2 Jones Tea Co.
- Kansas City South .
4 Kan City South pr. .
4 Kelly Springfield . ..
? Kelsey Wheel Co....
2 Kennecott Copper/.
1.20 Keystone Tire .
6 Lackawanna Steel .
3% Lehigh Valley .
- Lee Rubber & Tire.
? Loose-Wiles Bis Co.
Lorillard, Pierre
Maxwell Motor. . . .
Maxwell Mot 1st pr.
Max Mot 2d pr.
May Dept Stores. . .
Mexican Petroleum .
Miami Con Copper
17100 119% 119% 117% 113' B
2ft
600 136% 136% 135% 1353/4? 1
Mid* ale Steel . 17100
M, S P & St M.
Miss, Kans & Tex. .
? Miss, Kans & Tex pr
? Missouri Pacific ....
? Missouri Pacifie pr..
3 Mont Power .
? Nat An & (hem...
5 Nat Cloak & Suit. . . .
5 National Lead .
? N R R of Mex 2d pr.
1% Nevada Con Copper..
? New Or, Tex & Mex
High.
1019.
129
83^4
70%
40%
112%
997a
97
55
61%
13/a
10%
75%
42%
1243a
48'.. j
58
A3%
66??
283B
74%
441,4
25
95
Low. Div.
1919. llate
91 % 10
69% 5
19'/a 2'/a
25-14 ?
9834 7
84 7
46
43
3534
8
51/2 ?
651/4. 5
29 "/a 1
67 6
42! a 3
30 ?
30 3
383/4 _
16 ?
45 5
30! 2 ?
12%
59
132% 112'/a
72 61
104' i
27'a
93%
IO35/2
121
93'/j
28', 2
27%
37%
12
19%
6934
77
115
721/2
123'g
16
104
12434
103
125! a
5
54%
17%
70'4
292
115
120
59%
68??
68%
19
74%
71 '/a
84
53'?
6' 4 -
IO34 ?
25 ?
7% -
10 1
331,4 ?
46' 2 6
923,4 6
23' 2 ?
5934 5
86% 8
3634 4
453,4 4
92 7
42'/4 5
3% ?
32 3
12% -
27' 2 ?
185 10
72% 6
99 7
42?4 ?
37'. 4 5
1381/2 119'/a 10
743., 68' a 4
58% 3,'% 4
80% --
15/ 10
15 ?
11334
196
3434
38%
74 14
88%
167
50%
!38%
14%
73
115! ,
117!.
97' ..
92'^
13?s
3 H
20'
14J?
92'
126
59-,
104-',
2'.
17s
14
42' ,
49
97%
17'4
73
12' s
43! 4
831.4
113' 3
65%
01
7%
30
13
9%
83! 2
94' a
40| a
65! '!
40 ..
877a
N Y Air limite.
5 New York Central...
2% N Y Dock.
- N Y, N II & II.
7 Norfolk & West.
7 Northern Pacific ....
5 Nova Scotia Steel....
2% Ohio Fuel .
4 Ohio Gas .
'/a Okla Prod & Kef...
Ontario Silver .
Pacific (in* & Elec. .
Pacific Mail .
Pan-Amcr Petrol . . .
Pennsylvania It R...
IVnn Seaboard Steel
Philadelphia Co ....
Pierce Arrow .
Pierce Oil .
Pittsburgh Coal _
Pitt* & West Va...
Pond Creek Ccal. . .
Pressed Steel Car...
Pullman Pal Car Co.
Punta Alegre Sugar.
Railway Steel Spring
Ray Con Copper. . . .
Rending .
Rep Iron & Steel
8.44 Royal Dtch, N Y sh..
6 Savage Arms .
? Saxon Motors .
St Lou & San Fran. .
St I< S'west pr.
Seaboard Air Line. . .
Shnttuck Arizona . .
Sinclair Oil .
Sloss-Sheff S & I_
Southern Pacific ....
Southern R R.
Southern R R pr....
Stewart Warner ....
Stromb Carb rights..
Stromberg Carb
Studebaker .
Studebaker pr .
Stutz Motors .
Stut/. Motors rts . . .
Superior Steel .
Tenn Cop & Chem, .
Texas & Pacific ....
Texas Company ...
Tob Products .
Tob Products pr
Trans-Con Oil ....
Trans & Will Sleel.
1 Dion Pacific .
L'nion Pacific pr...
United Alloy Steel.
I'n Retail Stores. . .
United Fruil .
Un Ky Inv pr.
U S C I P & F_
S C I P & F pr.
S Food Prod....
S Ind Alcohol. . .
S Realty & Imp.
S Riihber.
S Rubber rights.
U S Smelt & Re. .
I' S Steel.
U S Stccl pr.
Utah Copper .
Va-Caro (hem ....
Wabash .
YVabash pr A .
Wabash pr R .
West Maryland . . .
West Union Tel . . .
Westing Air Brake.
Westinghou.se Mfg
Wilson Co .
Wilson Co rU .
Wheeling & L 13
White Motor.; .
Willys Overland
Worth l'uni? & M;.t
73
2% 53 55
% 31/4 313/4
99% 997b? % 99 100
863.4- 86% 87
78'/4? 13.4 77 79'/2
531/2-_ 63 54
62% 53
54 54
311/2 31'/!
Net
Sales. Open. High. Low. Close, chge. Bid. Ask.
7800 123'/4 125% 123'/4 123%+ W?. 124 124'/4
1400 723/4 73 72% 72%? % 72
500 57'/a 57 %
600 317a 32
400 100 100
1800 86% 86T4 86I/4
1000 80 80 78
100 53 % 53% 53 %
5700 G3'/a 53% 52% 62%
1500 10'/4 10% IOI/4 10%? Va 10% 10%
100 6% 6'/2 6'/a 6%? % 6% 6%
1100 67% 68% 671/4 67%- 68 69
400 38% 38% 38% 38% + % 38 39%
26100 121! 4 122'/4 119
3900 43% 43% 43
2500 41% 41% 40
600 33'/4 33% 33
63'/
22'
64
100 32% 32?2 321%
2100 22% 22% 22% 22%?
27100 9474. 9634 93 94% +
'1100 121 122 121 122 -f 1
400 67 6738 66% 67% +
9900 100% 104'% 100% 101
900 23% 23% 23% 23%?
5600 79% 80 78% 783,4? 1
15100 94 95% 91% 92%?
20900 93% 93% 95% 97 ? 1
80 ?
37 100 61%
2400 22
6~.0 64
120 ? 1% 119% 120
43%+ % 43% 43%
40%? 1%
33%+ '/
60% 61% h \
21%? y
63%? \
32 '/a? 2
213
631
15C0 80 80% 79%
3C0 181-4 13% 17%
200O 26% 27
200 9% 9%
1200 14% 14%
26100 60
3100 67
21700 102
1800 25
60'
63
41 41'/;
333,4 34% I
61% 62
21% 21% ;
63 63%. '.
32% 33% !
22% 22%
94 943/4 !
121 121% i
% 67 67%;
1% 1003/4 104
2334
78%
93%
97%
81
17% :
18% 13%
26
9%
13%
59
64
100! j
241/4
23'
783,
92+
97
% 79
2% 17
26%
9%
14
59% -
65
101
24%:
17%?
400 18% 18% 18% 18%? %
26 26 ? %
9% 9%-!- %
13% 14 ? %
58% 59 ? 13/8
64 64?3
102% 100% 101 ? 1
25 24% 243,8? %
800 60'% 61 60 61 - 60 61
4600 119 123% 119% 122 -J-29% 122% 1223,4
4700 15 16 13% 14%+ % ? ?
10100*77% 79 . 73% 74%? 1 % 74 74%'
44200 11814 120% 116 117 ? 1% 116% 117
1000 102 102 102 102 - 102 102%
600*112% 112% 110 110 + 1% 110 112
400 4% 4% 4% 4%4- % 4 4%
200 42 42 . 40 40?2 39% 42
800 13% 13% 13% I31/8? Vb 13% 13%;
15100 51 52% 49% 50%? % 50% 51
131C0 269% 275% 269% 270 + % 270% 272
20100 101% 102% 99% 100! 4? % 100% 101
1100 110 110% 109 109 ? 1 109 109%
40600 56% 58% 56% 5/% - % 57 57%
1700 60% 60% 59 59?2 59% 60
1400 122% 123 122% 123 |- % 122% 123
200 69% 69% 69% 69%? % 69 70
52% 51% 51%? 1% 51 52
107 102% 106 % 106 106%
184 184 184 ? 3% 182! 4 127
2700 52ft
70200 104';
200 184
1000 22
300 31
100 64
22% 22 22% % 21 ?2
31 30' 2 30%? 1 30% 31
64 64 64?1 64 68
17100 86% 80% 84% 85 ? 1 ?5 85
5600 136% 137% 133 133%? 2 133% 134
300 46% 46% 4434 443.1? 1% 43 45
6200 115% 115% 11334 114%? % 114
2800 123., 13% 12% 12;'4? %, 12|
(?CO 69 69 68% 68%? % ^
IM2C0 104% 105% 103 1031;-,? 2% 103',
500 11-1 114 113% 113' i? % 114
3300
2000 81
114%
13
69
103%
114! a
84
81%
10! a
31
20' a
12%
Bid and Asked
Quotations
The following table ?jives th2 closing
bid and asked quotations for stocks
'isU-c! on th'? New Veri; Stoc-. Jixc tangs
<? .. , U-u . . (?0 6? ,.-'.-.<;-i Koo . . .2110'? 204
do pr . 78 8" : do pi .1:8 12b
font Can iv.lOO ? S-H a & I P ?0(4 IDS
-,?:.. I'l-od |H lu? 10,1 |S I' K Sugar. 152 185
Bid. Ask
.100 101
.1(0 108
105 110
? i 85
101 104
U.v P. T 40
pr .... 83'
.iV4 Underwood T.I70
.10?
(12
'. ; .
179%
II .!
?:... & i'
Clgai St.. 1/3
? pr .II.)
ted Drug..I 1?
? Ut pr.. 52
.1 ?ii
-.,,- : Ml ii ....
J.r , 86 .1 ;. f.l
74 80 t-'SCU' Ac V pi- ?
:?<?? , 26! . : .-. !.-. ires ?. . 26'
llii 117 ' S ( AI pr 103
35 103 |l' s? K 1st pr 115
?:, 77 t; s> S & 1! : i IS
.11-4 =
98' b M1
9!) itt'i
8
50 : i\ :
i r ?
I, r-'art
. ?1 . :'.
;... ? .; ,v i\.
lo pr .
T, ,\c M T pr.
I. W II 1st pr
Co pr. 94
) pr... 95?
Irai. . lu
Ht
103
Mil
HI' ? M pr A 93'
Consolidated Exchange
[Unit of irado on thisleschanfrc, 10 .-?'-.are-: ?
Tr.'.nsrictions and prices yesterday l'or th.
nor? active shares folio?':
Sales. Open. Hiph. L
: ? AlKs-Chahr.i :?:?. 47' ., 48}4
?:.:-z Am Can. 57 CS%
Su Am lut Corp. . 102' 4 102' 2
; Am Locotn-103% 110%
', lot) Am Smelting. . 77% 78
' : . 1 Am Sumatra.. . P21 4 92' ;
1550 Anaconda . 69| a 69%
ISMO Bald Locom. . .134 135%
971*11 Beth Steel B. . 96? . 93' 4
621 Corn ??rod. 87% 87%
1 180 Crucible Steel. .187 187
770 Inspiration Cop 61 61%
lMO lut Mer Mar. . CO 61
?00 do pre C.119% 119%
3680 M ex Bel.215' 4 2131 4
US7.-? Midvale St. !.. 51% 52%
.-.-?' Oh?4 Cit Can . 53% 63%
.. u' Oklahoma Oil. . 10% 10%
780 l'an-.\ r .v T.I21! 4 122' \
..;::?? Pierce Arrow. . 62 63' 4
S?0 Rep Iron & S. 94% 95%
!'.2.'. Kuyol Dutch. . D8? ? ^8> 2
;?:',{.) Snx( 11 Motor.. . 18' \ 18' 4
S'." S nclair Oil.. . . 60? a 60i ?.
Hi" So,..11 i-n lJac. .102' ? 102' "?
V1?D Stud baker . . . I'18 *a 120
U?IJ Transuont Oil.. 57 58' -,
1082 U Keiail Sts. .105 106%
? ..".'i L S Steel.105 105' -
46V
56%
100'.4
105%
75' ,
89%
67%
133%
95%
2 5 - ?
133%
63%
?6%
117%
210%
50%
10%
118%
63%
91%
?00%
115%
56s -
102%
103
47%
571 4
101
105%
76%
92
57%
131%
96? 4
se %
184%
59%
?01 ,
118 "
212' ?
10%
119' 2
61 34
93
96%
17%
59%
I01l 4
? 16%
r>7< 4
106' z
1032,;
Significant Relations
Monev and Prices:
>V*',vr H ? "?- ,,,.
Stock of money gold in the country. .$2,944,727,131 $3,079 300 2?9
9.620.402.000
154.406,000
Loans of all national banks.?10.574,SC3,CC0
Their surplus reserves. 103.360,000
Bills discounted and bought by Fed- H_
eral Reserve banks.$2,116.843.000 51 35? 007 nor,
Federal Reserve notes in circulation 2.621.223.CC0 2246490'nnr\
Total gold reservo. 2,068.867.000 2;024;559:000
Average price of fifty stocks..... . 92.18 '9304 A ^'r/f0'
Average price of twenty-five bonds.. 83^63 S37S 830?
Food cost of living (Annalist indes L?t weelL Th "
number) .285.602 ' 288.955 29427650
General commodity price level (Dun's .
index number).?A^0 -??j Vs^S "
Production: ??.woa
Unfilled U. S. steel orders, tonn. 6/109,103 s?&MI ^759,042
Pig iron output (daily average), tons 88.495 73.340 *W9?4f?'
Wheat crop, bushels.""mSoOoIooS**** Tbfl17 lOOnSi
Corn, bushels. 2,858,000,000 2 M2 814 22
Cotton, 500-lb. bales. 11-J0.0CO 12??S
Dislribution: -Increase or ^ease^rom jww^
14 roads 186 roads ^^ ? "*
Fourth Week Month Jan 1 to
Gross railroad earnings., +83% ^1% ?WJ'
L*Mt wee*. Week boioi
9.9%
Bank clearings. .r26.5% + 15.T% ^,7.8%
General:
Active cotton spindles. 34.187\310 34J84407 33 601305
( ommerrial failures (Dun's):
Number . dc'i"1, J,uj? A year ago.
Liabilities.$5.932.393 $5,507.010 $7 984 760
Building permits (Bradstrcct's) : Auguat. mo ?? ?*"?.?'? K*J??jfi?
( 147 citie9).$150,583.823 ' $43,118,280
In Wall Street
A 29'% Point Advance
Another motor accessory stock was
taken up by n speculative pool yester?
day, and while former favorites like
Kelsey Wheel, Fisher Body and Strom
berg Carburetor were showing the ro- j
suit of profit taking Stewart Warner
Speedometer mounted 29V? points to j
122. The story behind the move was
that the directors at their next meet- ;
ing would increase the anriual dividend |
rate to 10 per cent. The company makes
speedometers and other small accesso?
ries necessary in automobile construc?
tion. Yesterday's sensational rise was
accomplished on transactions of 4,600
shares.
-
Including South America
In commenting on the estimate that
South American countries need between
$760,000,000 and $1,000,000,000 in for?
eign capital in the relatively near fu?
ture, several bankers yesterday ex?
pressed the opinion that any compre?
hensive plan for co?rdinatin America's
credit resources must take cognizance
of South America's needs, as well as J
Europe's.
Hoover and the Market
Much discussion has been heard in
the financial district about recent state?
ments by Herbert Hoover since his re?
turn to the United States and on an
address by Arthur Henderson, of the
British Labor party in London. One
Stock Exchange firm went so far as to
remark in its market letter that these ?
two men's utterances might be regarded
as constructive Stock Exchange influ
enees, saying: "Both addresses should
.reassure those who fear Bolshevism oi
ultra-radical labor action." The lettei
reminded that Mr. Hoover had said
that socialism was bankrupt and thai
Europe is gradually breaking away
from extremism in politics, and that
Mr. Henderson had advised the res-o?
ration of popular confidence in repre?
sentative institutions and constitu?
tional chages rather than political ac?
tion through violence.
21,500 Hanks Clear at Par
In calling, attention to the working of
the Federal Reserve system as a clear
ing house for bank checks going fri m
bnc city to another, the Federal Reservi
Bunk here yesterday announced that
the checks of 21,500 of 29,000 bank'; it
the United States could now be clearei
at tmr. And the bank explained furth i
that probably 95 per cent of the checks
which a member bank in this districl
handles would be upon banks on tl
par list. _
Crucible on 12 Per Cent Basis
Declaration of a 3 per cent quar?
terly dividend on the common stock ??;.
the Crucible Steel directors apparently
places that issue on a 12 per cent, an?
nual basis, it is estimated that the
surplus earned on the common during
the fiscal year ended August 31 was
equivalent to 25 per cent on the $25,
000,00 ' stock outstanding. Dividends
were first paid on. Cruciable common
last July, when the board declared un
initial quarterly distribution of 1 l? per
cent.
Public Holding Aloof
In the opinion of a keen observer o?
stock market condition-, current daiiy
price fluctuations on the Stock Ex
csange are caused almost entirely by
the operations of professional traders
The public is wary of buying stock
while the labor outlook is still ?
uncertain and probably will not ente;
the market again until definite news
cornes from Pittsburgh. Yesterday ? .
a typical illustration of the way trad?
ers are influenced by reports about
tiif threatened steel strike. At _:.
it was reported that Gompers had bee
eailed to Pittsburgh. This was re?
garded as favorable and traders bough!
stocks. Steei common advanced fron
below 104 to 105J/4. \ few minute-- be?
fore the close th.- labor outlook .va
still viewed with uncertainty ; ?:?''.
traders again sold with the result thai
by a o'clock Steel had dropped i
to I":!1.:.
Curb Betting on Steel Strike
There was considerable betting on
the Curb market yesterday that, de?
spite the threats of the union lead.-. .
there will be no general steel strike
next Monday, the date set for a walk?
out. One offer of $1,000 to $1,400 was
reported that the men will still be o .
the job on that date.
New Sinclair Shares To Be Listed
That formal completion of t%- mt :?
ger of the Sinclair Oil and Refining
Company and the Sinclair Gulf < or
poration is only a matter of a short
time was indicated yesterday in the
announcement that the Sinclair Con?
solidated Oil Corporation has applied
to the Stock Exchange to list 5,500.000
shares of its no-par-valuo capital
stock.
Financial Items
Tin sj n ?,'eate headed by l ? f
1 ' - und S M. Schal :: : . u h h un
v.-i ; ? the offering of 150.tu ' ? ? - u
Vi . .. udou, Im has . i di ... . ? .i
New York Sto. k Exchange has r.dvi
ppti ation to list the Fairbanks Compati}
t", 000,000 s per cent cumulative non
voting preferred stock.
All the assets und good will of the Coca
Cola Companj of Georgia iiav.- been ta
over by the n.-w concern, the Coca i ....
Company of Delaware, and the orga
tlon of i he latter was complet ? i bj ti
election of E. W. Woodruff, K W. <??-.?
>? ''. Dobbs. C. U. C mdler, Harold Uli
H v. It Thayer, W. C. Bradlev, Lou
I.lggftt, W. E. McCaw, T. K. Glenn, ,1am
11. Nunnally, ft. \v. Atkins, M. M ....
way and W. C. d'Arcy to the board ..
dli ei tors.
Liberty National Bank lias been ap?
pointed registrar for the preferred .
common stocks of the .1. l. . 'ase Plow
Works i iompany.
John .'. Arnold, vice-president of the
First National Hank of Chicago, ;,ai re
- - - - ? to accept the position of general
manager of tu.: international business >le
part nent of the Bank of Italy, ?an Fran?
cise ?
International Banking Corporation has
opened ;.. new branch .,t Lyons, Fran...-.
N"iv York Trust Company lias bf.-n ap?
pointed transfer agent of the firs, pre?
ferred, second preferred ami com? ion
stocks ...:' the-J. 1. Cas-; Plow Works Com?
pany.
American Exchange National Bank has
been appointed transfer agent of th.
American Vitrified Products Company.
The Guaranty Trust Con pany has been
appointed trustee under the Atlanta Ter?
minal Company first mortgage, dated
August 1, 1919, securing an authorized
Issue of 12,500.000 first mortgage 20-year
r, per cent gold bonds, due August 1, !?;.?...
Prlohltt f.- Co. announce that all of th?
36.000 shares of n-w stock of the Ajax
Rubber Company, Inc., recently offered to
stockholders for subscription at $70 per
share and which w.t? underwritten by
them, has been taken by the stockholders.
National '"it;.- Bank of New York has
opened .. brauch office at Pl?celas del
Norte, Cuba.
Merc than 80 vr cent of the outstand?
ing stock ot the International Motor Trutfk
Greater investment senti
Safety?- ment may change
Higher a?d affect market
Yield va,ur8-but there is
no logical reason
for the compara?
tively low prices
of certain securi?
ties. Discriminat?
ing investors can,
without doubt, get
a higher yjelci
from money well
invested than
would seem pos?
sible to those not
familiar with pres?
ent financial con?
ditions.
For a recommen?
dation ?<md for
Circular No. 538.
Bonbright & Company
Incorporated
25 Nassau Street New York
American
International
Corporation
A brief though comprehensive
analysis of the affairs of this
important international enter?
prise is the leading article of
the current number of our
Market Review. The article
deals with '.hi' history and or?
ganization of the American
international Corporation, its
business and sub ?d aries, in?
come, earnings, dividends and
general outlook.
Other se( urities are also dis?
cussed, including
Commonwealth P ;1 roleum
Famous Playei --?. isk}
sin..'!air Consolid te :
HUGHES & BIER
StorkK?Bonds?Grain
la. - : . E ? ' ,>.-- -i '
embers . ? .. ... rj , u>,
50 Broad St., New York
| Seilte 612-620. 6 HO.
Uptown Office, ?7 W. 125th m.
OIL
I In- last rc|>..-1
Ajax 0:1 Company
ad . ' s i i the ' ri ,- .g n
neev well ;r. the Burkburnell tern
lory w ith <-. Rush ?ion of
3500 barrels daily. A ' in
terest is owned in this well.
i h" C ompany s flu
in is now repo
Class A Stoi k pai value $10,
tying monthly dividends ??! I'-c
can !;e paiihascJ lo yield about
12%
hi i'\n.s|\ ( nie i r.ai; \ r it.
Parson, Son &Co.
115 Broadway. New York
HENRY. CLEWS & COL
II. 1 '.. I... li A l?> l?l?O \?l ST.
Deposits receiv ed snhjcci to
Stock, Bond & S'ote "--? es '
Railroad ?& ! nelustrial e ipa ies
li. .; t . ' Sold
and o isei vative es made
?
Dealer in
iirf&tv nouns
r?~~~?i
A Metropolitan iru?t company r
- > ?.til St. 71 i l'l?th ,.l<
*-il\??<. pn.-i 'mw ??i ?ssoe
. -.'.<) Stat?-? V,vm< < TtW
.:; 1 lebte --? '*J
-, ,: - <.??.- n-.ti r, l?20.
H. Raphael & Ce,
Investment Securities
1 74 Broadway, New York
i Telephone 5333-4 Rector
rM.T,,,.. 100 reari o? Cenaeretll B??*M I
23KS? CHAIHAM -. PHENIX
f?ft NA1I0NAL BANK
! A?*7 rapitoi * -Hrpiu^ ???-2S2-2221
; NWvvl- '<?""""?'* iivt.ooo.tioo
h \\K 119 Broadway, Singer t?ld?- ,
. .. \iiil 12 l?ran? lie? j
Corporation an I the W right Martin Air
a ? Corporation having been depottte*
the committee ha? declared th'' I'1"" "
July il. 1919, operative and ha? extend??
the time of deposit of atocle v"'lh '??
Equitable Trust Company of Sew *u:bk "
Septenio? ?
A B. [.each A Co.. Inc.. ??<* W,_?
Sa under? ?v Co. have purehaaed fn ,
? f t3.500.000 .1 I ?%!>?? Plow w 'irV" *
pany 7 per cent Or?! |ir?ferrod ?toe?.
At m meeting of the boird of "[?%'
of \hf Guaranty Trust Company of ?
? ork. I>< Ici : eat ? d ? Charle? H ?
?Au!? appointee] assistant a??- i?.-i?">

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