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New-York tribune. (New York [N.Y.]) 1866-1924, February 03, 1920, Image 18

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SPICER
is one of the larg?
est motor parts
concerns in the
United States.
Spicer manufac
tures universal
joints, axles, pro
peller shafts,
springs and
frames.
Full particulars re
aarding stocks of fif?
teen "motor parts"
companies sent on re
(ruevt for Booklet
S-506. ??
Merrill,
Lynch
&Co.
Irrve?tment?
Commercial Paper
120 Broadway
New York
Member? New York Stock Exchange
Illinois Central R. R. Co.
Refunding Mortgage
4% Bonds
Due Nov. 1, 1955
A legal investment for Sav?
ings Banks and Trust Funds
in New York, Massachusetts
and Connecticut.
Secured by direct mortgage
upon practically the . entire
mileage of the Illinois Central
in the State of Illinois and fol?
lowed by $109,296,000 par
value capital stock upon which
dividends have been continu?
ously paid since 1863.
Description upon request.
Price to yield over 5.80 ^o
1Rt>dmond8.<to.
Member? ?w York ? Pittsburgh
Htock Exchanges
33 Pine St. New York
Union Arcade Bldg. Pittsburgh
Coggeshall & Hicks
Utmbers Kew York 8teck Exchang?
Investment
Securities
128Broadway 203 Weit79thSt.
New York
Through the service of our
Three Bond
Departments
we aim to fully meet the require?
ments of both the large and small
bond investor.
I
Liberty Bonds
AU issues?any amounts
II
Railroad, Industrial
and Public Utility
Long and Short Term
Bonds and Notes
$100?$500?$100.0
III
Foreign Government
Obligations
Hartshorne & Battelle
MEMBERS
NEW YORK STOCK EXCHANOB
25 Broad St., New York
THOMSON
AND
McKINNON
42 Broadway, New York
209 S. La Sail? St, Ckicaie
Flettatr-An. Nat'i B'k Bid?., ladiaaapolii
During (he Season
Beileview Hotel, Belleair, Fla.
Sew York Stock Sxchangs
New York Cotton Exchange
Members Kew York Produce Exchange
Of Chicago Stock Hschange
Chicago Board of Trade
Winnipeg Orain Srchang?
DIRECT PRIVATE WIRES
INCOME AND EXCESS PROFITS
TAXES FOR 1919
A booklet containing a digest of the
law and survey of th? new feature?
affecting- 1919 lru-ome will be fur?
nished upon application.
Metropolitan Trust Company
of th? City of New York
?0 Walt St. 718 Fifth At?.
Mark A. Noblo Theodore ?. Corwla
NOBLE & CORWIN
CS Broad St. ?w York
Bankers' Trust Thom.-Starrett Co.
Title Guar.Trust Tex.Pac.C.&O.
T?I?phoa? 1111 Broad
Prices Sag in
Dull Session on
Stock Exchange
R?cessions Follow Early
Advance, but Market
Drifts Idly Most of the
Day; Money, 16 Per Cent
The stock market was in an unrecep
tive mood yesterday and paid not the
slightest attention to several interest?
ing developments which ordinarily
would have had considerable influence
on the course of prices. But with
trading confined solely to the profes?
sional element and governed wholly
hy technical conditions, outside hap?
penings failed to sway values.
At the beginning it looked as if
those working for higher prices would
have the best of it, for the demand
which accumulated over the .week-end
was sufficient to start prices upward.
This was especially true of the rail?
road section of the list, which has
shown relatively more activity and
strength of late owing to the common
expectation that reasonably satisfac?
tory legislation will be enacted within
u short time. But the bulls had the
advantage for a brief period only. Even
the rails relapsed into dullness and
along with the rest of the list showed
a declining tendency through the
greater part of the season. The bears
picked out a number of industrials,
which seemed to be in a weak technical
position and succeeded in breaking
prices several points in cases. The
list market finned up before the de?
cline had been carried far, and there?
after prices drifted idly until the gong
sounded the close of one of the most
uninteresting sessions in many weeks.
Money rates were high again, call
loans opening and renewing at 14 per
cent and later advancing to IG per cent
on a very light demand. It is the con?
tinued scarcity of funds for specula?
tion?and particularly of time funds
that is holding the 'market in check
more than any other single factor. It
is impossible to conduct large scale
speculation on a limited supply of
money, and for this reason traders are
unwilling to take a position on the
constructive side. They are content to
get in in the morning and out in the
afternoon and are satisfied with protit?
figured in fractions. On the other hand,
the market has been so thoroughly
liquidated during the last three months
that the bears fear to make extensive
operations on the short side. The re?
sult is that the market is practically
at a standstill and probably will re?
main at a standstill until some highly
important development having a direct
bearing on stock values takes place.
The continued decline of foreign ex?
changes was ignored by the market, a.'
it was no more than had been gen
erally expected. It was said in sliippinf
circles yesterday that there is a surplui
of cargo space and that vessels sailing
for Europe are far from fully loaded
This would indicate that the expectec
slump in foreign trade has airead?
assumed large proportions.
Liberty bonds continued on ther
downward course under heavy selling
Large blocks were offered.
?- ?
Money and Credit
The Stock Exchange money situatio;
became more acute yesterday and th
opening and renewal rate for cal
money was 14 per cent, the highes
since January 2. The closing rate wa
16 per cent. The scarcity of fund
created by the demands of commercis
borrowers was accentuated by goverr
ment withdrawals estimated at $75,000
000. Further withdrawals are expecte
to-morrow and probably on Friday. 1
is believed that to-morrow's withdraw
als will be about $50,000,000. Littl
prospect for immediate relief for Stoc
Exchange money is held forth b
bankres. Time money, an index of ret
conditions, was 10 per cent bid yestei
day.
The ruling rates for money yestei
day, compared with a year ago, wei
as follows:
Yester- Yeai
Call money: day. ago.
On mixed collateral 14 4??
On industrial col?
lateral. 14 4?i
Time money (mixed
collateral) :
Sixty days. 7<?,7*? 5%@6'
Ninety days. 7??71/? oY*@5:
Four months. 7(a.7M> 6*?@5:
Four to six months. 7^7",^ 5
Bank Clearings- Bank clearings i
New York and other cities yesterds
were :
Exchanges. Balances
New York-$727,874,924 $103,545,21
Baltimore . . . 17,146,150 7,605,7S
Boston . 56,365,886 15,524,81
Detroit . 17,829,490 7,564,1;
Philadelphia. . 74,564,533 18,633,0'
Pittsburgh .. 30,614,430 11,632,31
Sub-Treasury?United States Feder
Reserve credit balance, $96,411,762.
Sliver?London, 84%d; New Yor
$1.34%; Mexican dollars, $1.03%.
The Dollar in Foreign Exchang
The decline of sterling, franc at
lira exchange continued sensational
yesterday, and the premium of the dc
lar was unprecedented. An increast
offering of cotton sterling bills ai
grain franc bills was reported by ban
ers.
Yesterday's rates, compared wi
those of a week ago. follow:
Foreign Exchange
(Quoted dollars to the pound.)
Yesterday Week a|
Sterlin, demand . 3.4325 t3.58
Sterling, cables . 3.44 3.59
Sterling, sixty days... 3.40 3.55
Sterling, ninety days.. 3.3850 3.52
(Quoted units to the dollar)
Francs, checks . 13.76 12.5
Francs, cables . 13.74 12.5
Belgian, francs, checks. 13.72 12.7
Belgian, francs, cables'. 13.70 12.7
Lire, checks . 16.12 14.6
Lire, cables . 16.10 14.6
Swiss, francs, checks.. 6.77 5.4
Swiss, francs, cables... 5.75 5.4
(Quoted cents to the unit)
Guilders, checks . 37.875 38.7
Guilders, cables .37.78 37.?
Austrian crowns, chks,. .35 .?
Austrian crowns, cables .33 .,1
Sweden, checks . 19.25 20.1
Sweden, cables. J9.15 20.i
Denmark, checks . 15.55 16.?
Denmark, cables . 15.45 16.1
Norway, checks . 17.60 18.1
Norway, cables . 17.50 18.'.
Pesetas, checks . 18.05 18.1
Pesetas, cables . 18.00 18.1
Marks, checks . 1.14 l.(
Marks, cables . 1.12 1.1
: Greece, checks . 13.75 13.'
?Greece, cables . 13.70 13.!
Manila, checks . 49.00 48.'
Manila, cables . 48.75 49.1
i India, rupees, checks... 44.75 42.1
India, rupees, cables... 45.00 42.
Japan, yen, checks. 47.75 49.<
Japan, yen, cables. 48.00 49.
Argentina, checks .102^60 102.
Argentina, cables .102.10 102.
Brazil, Rio. checks. 27.75 28.
Brazil, Rio, cables . 28.00 29.
Czecho-Slovakia, checks 2.8 2.8
American Traction's Net
Increased During 19
Gross earnings of the American Li
& Traction Company for the vear em
December 31, 1919, were '$4,361,"
which compares with $4,326,367 in
preceding year. After expenses
$218,682 had been deducted, net t
$4,142,86S, against $4,014,801 in IS
Holders of the preferred and comn
stocks received $5,687,448 in divider
leaving a $1,514,584 deficit.
Summary of Stock Exchange Dealing*
Dar Year January 1 to data.
Yeaterriav. Before. aro. 1920. 1919. 1918.
Railroad stocks 107,400 45,200 39.900 1,834,500 2.991,200 4,143,500
Other stock? 373.400 304,500 190.400 18,691,300 9.581,300 11,591,300
All stock?_ 480,800 349,700 230,300 20,525,800 12.572,500 15,734,800
Yesterday. Day before, Year aro. 1920. 1919.
? 8 rorernment bond?...$17,217,000 $8,116,000 $6,941,000 $301,702.000 $199,831,000
EtUroad bonds. 1,109,000 770,000 1,216,000 38,781,000 39,119,000
Other bond? . .. 1,413,000 1,042,000 2,052,000 44,111,000 43,064,000
All bond? . ? . 19,739,000 9,928.000 10.209,000 384,594,000 282,014,000
High. Low. Dir. Not
1920 1920 Rate. Sales. Open. High. Low. Close, ehre. Bid. Ask.
3314 29% ? Adam? Expre-s* . 400 30' 2 30% 30> 2 30*, f a, 29% 31
45., 40% ? Advance Bumely ... 600 41% 41' 2 41% 41%? 1% 41 41%
88=?? 80'4 6 Ajax Rubber. 700 80r>, 80sa 80% 80%? % 80 80'2
2 1?, ? A!a?ka (?old Mines.. 400 178 1% 17s 17s- *% 17Va
53?a 4634 - Allis-Chalmers . 3000 50 50 49'4 49%? % 49% 49%
95 90 8 American Agr Chem 600 92 93 92 93 ? 1?? 92 94
46% 44 3 Amer Bank Note- 100 45 45 45 45 -f- 1 44 46
128% 114 8 Am Bosch Magneto. 6800 123% 125'2 122 124 -f- 2 123% 124
6ia4 52 ? American Can . 7400 5538 55% 53% 63'V- 11 2 53% B3U
101 98'g 7 American Can pr... 200 98' ? 98', 98'/', 98',? % 98 99
143% 135 12 Amer Car ft Fdry. . 1900 137' 2 137' 2 136% 136%? 2 136% 137%
15', 11% .80 Am Drug Syndicate. 4200 13% 14 13? z 13'2? % 13% 13%
30?, 24',? Am Hide ft Leather.. 1800 25 25 24% 24',? !4 24*4 25
122 112'2 7 Am Hide & L pr_ 900 116' 2 116' 2 115 116' a? I 2 116 117
120% 106! 2 6 Am Int Corp. 8800 109% 10934 107% 108."
141-2 1334 1 Amer La France. 400 14'2 14%
86! '2 743, 3 American Linseed... 4400 85' 4. 86?,
105*, 95 6 Amer Locomotive_ 5600 98% 9834
44 35% ? Am Malt ft ?rain... 300 36 36
30! 2 24',? Am Ship & Com- 900 24=* 24%
72 67 4 Amer Smelting-. 300 67^4 67%
IOOI-4 97?, 7 Am Smelting- pr. 200 97?, 97%
46% 42'a 3 Am Steel Fdry. 6600 45% 45! 2
93'2 90 7 Am Steel Fdry pr. . 200 93% 933,
99 89'4 10 Am Sumatra Tob... 1900 92 923?
92% 91'4 7 Am Sumatra Tob pr 200 91'2 91%
89% 96'/, 8 American Tel & Tel 2400 99% 997.,
74% 65!, 5 American Tob Sec. . 2900 67'2 67' a
9734 96 6 Am Tobacco pr new. 200 97 97
165' 2 146 7 American Woolen .. 8100 156' ? 156! 2 150? 2 162 ? 3% 162
105'2 103?, 7 American Woolen pr 150 104'2 104' 2 104' 2 104'2? % 103', 2 '04! 2
613, 531 2 _ Am Writ Paper pr. . 200
21% 17'8? American Zinc . 300
65% 60' 2 4 Anaconda . 3900
13% 7 ? Ann Arbor . 2100
25'2 24 ? Ann Arbor pr . 600
67| 4. 56' 4. ? Asso Dry Goods.... 500
74% 73 6 A? Dry Good* 1?t pr. 100
7534 73'2 7 As Dry Good.-? 2d pr. . 200
85'a 81% 6 Atch, Top & San Ye. 1900
82 78' 2 5 Atch. Top & S F pr. 400
93 89% 7 Atlantic Coast Line. . .100 89 4 89%
176% 157 10 Atl, Gulf ft W I... 1200 165! 2 165'2 163! 2 163'. 2? 1
123% 10934 3% Baldwin Locomo Co. 48600 11934 119% 116% 117' 2? % 117! 2 117%
102% 100 7 Bald Locomo Co pr. . 300 100% 100% 100% 100%* '2 100 100%
33' 2 31 Baltimore & Ohio... 3000 32 32% 32 32 -|- '4 32 32%
49 43'j 4 Baltimore & Ohio pr 300 4434 44% 4434 44%+ 34 441-2 45
134% 124 8 Barrett Company ... 200 127% 127% 127% 127% f- % 126 127' 2
3178 26 ? Bethlehem Motor? .. 600 28% 287, 28'4 28"8? :,s 28 2834
102'2 93 5 Both Steel, (Max? B. 9800 97' ? 97'2 96'4 963B? % 96'4 96%
14?a 11%? Bklyn Rap Transit.. 300 13'8 13' a 13', 13!,- 13 13'2
15 13 ? Booth Fisheries Co.. 200 13! 2 13% 13! 2 13'/2- 13 13%
105% 100 7 Brown Shoe Co. 200 100 100 100 100 - 100 101
120 100 10 Burns Bros . 300*103'2 103'. 2 100 100 ? 334 95 100
11'2 8% ! 2 Butte Cop ft Zinc... 400 9% 9% 9% 9% + % 9% 9%
29% 25' 2 ? Butte & Sup Cop... 200 25'2 25'2 25% 25'2? '4 25% 2634
28% 20' 2? Caddo Oil . 700 23' 8 23% 22'2 22'2? !2 22% 23
85'2 79'2 6 Calif Packing- . 5600 83' 2 84 83' 2 84 ?- % 83% 84'2
75'/2 7134 7 Calif Petrol pr. 300 71% 72 71% 72 -\ '4 71' 2 72
134 127!, 10 Canada Pacific. 2900 127% 128% 1273a 127% f ' 8 127% 128
50 37'2? Cent Foundry pr_ 100 47 47 47 47 - 45 65
10434 89% 5 Central Leather. 3500 92'4 92'4 91'2 91';;? % 911 z 9p4
108',-2 106 7 Cent Leather pr. 100 106% 106% 106% 106%? % 105'4 107
120 113% 6 Cent ft So Am Tel.. 450 114 114
61% 55' 4 Cerro de Pasco. 4600 65% 55<-2 55
144% 121 8 Chandler Motors_ 7300 139 139' 0 137
56% 54% 4 Chesapeake ft Ohio.. 800 55'2 56 553?
9 8 ? Chic Great Western. 1900 8% 8%
25 23% 2 Chic (it Western pr. 300 23'2 23%
38% 35% ? Chic, Mil ft St Paul 2900 37% 38
64% 50% ? Chic, Mil ft St P pr
8734 833a 7 Chic & Northwest..
28! 4 25% ? Chic, R 1 & Pac_
61% 59% 6 Chic, R 1 ft P 6% pr
72 69!2 7 Chic, R I & P 7% pr
211/4 18%? Chile Copper . 2900
41% 36% 3 Chino Consol Copper
106 93 8 Cluett-P?abody .
40% 33% ? Coca Cola .
44% 37% 3 Col Fuel ft Iron_
243/8 21 ? Col & 8outh.
65% 47% 1 Columbia Craph . ..
56 51 4 Compnt Tab Record.
87' 2 79 7 Consol Gas . 800
20% 18% ? Con Int Callahan M. 1000
13% 12 1 Cont Candy. 400
90 80% 4 Corn Products . 2900
107 101 7 Corn Products pr_ 200 103 103
31% 27! 2 ? Con Textile . 200 30 30
233% 197 12 Crucible Steel . 16900 224 224 218% 219%? 2 219% 219?4
100 99% 7 Crucible Steel pr. 400 99! 2 99% 99' 2 99%+ % 99% 99%
450 ?400 10 Cuba-Amer Sugar.... 10 450 450 450 450 - 439 460
54% 49! 8 ? Cuba Cane Sugar_ 4100 50 50 49% 49%+ % 49% 50
85% 8 7 Cuba Cane Sugar pr. 300 83 83 83 83 - 83 84
96 93% 9 Delaware ft Hudson. . 400 95 95% 95 95 - 94 95
191 171 10 Del, Lack ft West... 300 171 171 171 171 ? 1% 170 173
9 7 ? Denver & Rio Cr_ 200 7% 7% 7% 7%+ % 7'/, 8
13% 12%? De?i ft Rio G pr_ 1000 13% 13% 13 13 + % 123/4 13
147 129% 5 Endicott-Johnson ... 3900 133?, 1335,8 129% 129'/2? 2 129% 13134
104 1017/8 7 Endicott-Johnson pr. 100 101% 101% 101% 101%? % 100 101%
137/g 12%? Erie . 400 13 13 13 13 + % 12% 13
21% 19 ? Krie 1st pr. 300 20 20% 20 20%-i % 20 20%
15 13%? Erie 2d pr. 200 14% 143? 14 14 - 14 14%
95 77% 8 Famous Player? _ 2200 81 82 8034 80%? % 80% 81
903.4 88% 8 Famous Players pr. . 1800 893i 9034 89 89 ? % 89 90
33% 26'?4 2 Fed Mln & Smelt pr 100 32% 32% 32% 32%- 32% 33' ,
13034 122 10 FUher Body . 200 122 124% 122 124%+ 1% 124% 135
48 40%? Fisk Rubber Tire .
36% 24% ? Freepost Texas . . .
100 98 6 On Chem Co pr .
75% 6934 6 (?eneral Cigar .
172 165 8 (?en Electric Co...
345 293 12 General Motors . . .
89% 80% 6 General Motors pr. .
85% 80 6 Gen Motors 6% deb.
65% 76% 6 Goodrich, B F. 7900
1023/4 94% 7 Goodrich, B F, pr. . . 3000
81% 77 7 Great Northern pr.. 400
41 37% 4 Gt North Ore subs.. 1800
38% 36 ? Greene Can Copper.. 200
84% 76 ? Gulf State Steel_ 300
108 99% 6 Hartman Corp . 400 105
16 16% 1 Hupp Motors . 3200 15%
61% 64% 6 Inspiration Copper... 1000 56%
4% 334 ? Int Cons Corp. 100 3%
135 1253,4 6 Int Harvester . 400 127% 127% 126' 2 126! 2? 2% 126' \ 127%
61% 35%? Int Mer Marine. 10100 3934 3934 37% 38 ? 1% 38% 38%
111% 93% 6 Int Mer Marine pr. . . 800 96 96 95% 96 ? % 95% 9634
89% 78 ? lnfl Paper . 6900 84 84% 82% 82%? 1% 82% 82%
79% 76% 6 Int Paper pr stpd. . . 400 76% 76% 76% 76%- 75% 76%
26% 23%? Int'l Nickel . 1900 24% 24% 2338 23?,? % 23% 23%
71 70 6 International Salt .. 400 70 70 70 70 ? % 70 75
51% 39% ? Iron Products . 800 50'% 50% 50 50 ? % 49% 50
152% 130% 4 Kelly Springfield ... 300 136% 136% 136 138 - 135 136
105 102 8 Kelly Spring 8% pr. 200*102 102 102 102 - 101 102
33% 30 2 Kennecott Copper . . 1600 30% 30% 30' , 30%? % 30% 30%
48% 32% 1.20 Keystone Tire . 2900 37% 37% 36% 37 ? ' 2 36% 37%
4% 4% ? Keok ft D M. 200 4% 4% 4% 4%- 4' 6'
91% 82 6 Lackawanna Steel... 1000 84'4 84% 84% 84'4 f % 84% 84%
38% 33% ? Lee Rubber & Tire. . 300 34% 34% 34% 34%? % 34% 35
44% 41% 3% Lehirh Valley . 200 43% 4334 43% 43%+ % 43% 44
207 198 12 Llgg ft Myers Tob... 400 198 198 198 198 - 200 210
109% 108 7 Llgg & Myers Tob pr 300 108 108% 108 108^2- 107 108'/2
32 29% 2 Loews, Inc . 400 30 30 30 30 - 293/4 30
28 21 ? Loft Candy . 1000 22! 2 22% 22% 22%? % 21% 21%
115% 114% ? Loose-Wiles Bis 2d pr 300 114% 115% 114% 115%? % 112 120
69 63 ? Marlin Rockwell_ 220 63 63 63 63?5 60 70
131 121 7 May Depart Stores.. 300 124% 124% 124% 124%? % 124% 125
222 187 10 Mexican Petroleum . 14800 198 198 194% 194%? 2 194% 195
26 23% 2 Miami Con Copper.. 1000*24 24% 24 24^,4- 7B 23% 24%
71% 37% 1.20 Middle States Oil... 32600 41% 41% 38 39%? 1% 39 39%
62% 48% 4 Mldvale Steel . 2800 49% 4938 49 49 ? % 49 49a,
14 12% ? Minn & St Louis new 600 13% 14% 13% 13%? % 13 14
9% 83/4? Mo, Kans ft Texas.. 400 9% 93,B 9% 9%+ % 9 9%
14 12 ? Mo, Kans & Tex pr. 200 13% 13% 13'2 13!-"2- 13 13%
28% 24 ? Missouri Pacific _ 4400 2534 26! 2 2534 25%+ % 25 26
43 39% ? Missouri Pacific pr. 1900 41% 42% 41% 41%+ % 41% 42
100% 99% 7 Montana Power pr. . 1300 9934 100 99% 100 - 97 100
38% 36% 3% National Acme _ 4C0 38 38 38 33 - 37?8 38'/4
727, 61% ? National Aniline ... 800 64 64 63 63?2 63% 64%
89% 86 7 Nat Aniline pr. 200 87% 87% 86 86 ?1% 87 88
11% 9% ? Nat Con ft Cable... 200 10% 10% 10% 10%+ % 10 10%
89% 79% 6 Nat Enam ft Stamp. 300 81 81 8034 8O?4? % 80 81
86% 80 5 National Lead . 200 82 82 82 82 - 81 82
6% 5% ? N K R of Mex 2d pr. 300 5% 5% 5% 5%+ % 5% 53?
17% 16 1% Nevada Con Cop_ 200 16 16 " 16 16 - 15% 16%
117 105% 10 N Y Air Brake. 200 107! 2 107% 107% 107%? % 107 108
70% 68% 5 New York Central.. 5600 69% 70 ' 69? X 693.4+ % 69% 70
30 27 ? N Y, Chi & St Loui?. 300 28 28 28" 28?1 28 29
48% 43 2% New York Dock. 200 42 42 42 42 - 42 45
2C 25%? N Y, N H ft H. 7700 27% 28% 27% 27%+ % 27% 28
17% 16% 1 N Y, Ont & West... 200 17 17 17 17 ? ',2 17 17'2
99 95'2 7 Norfolk ft West. 600 96 96% 96 96 + % 96 96%
81% 777, 7 Northern Pacific ... 4900 78 79 78 783/4+ % 78% 79%
77% 69% 5 Nova Scotia Steel... 300 70 70 6934 70 ? % 69% 70
50% 45% 4 Ohio Cas . 1200 47 47 46% 46%? % 46% 47%
10% 9 1 2 Okla Prod ft Ref_ 5400 9% 9% 9% 9%+ % 9 9%
417, 35! a? Otis Steel . 900 37 37% 36% 36%? % 36% 37
65 58% 3 Owens Bottling _ 800 60 60 58% 59%? % 59% 60
78 73 4 Pacific Development. 200 74 74 74 74 + % 73 75
61% 56 5 . Pacific Gas ft Elec. . 300 55 55 5b 55?1 54% 56' 2
108% 883, 6 Pan-Am Petroleum . 6000 92'4 9234 91> , 923,? % 92% 92'2
103% 87 7 Pan-Am Petrol B 900 90 91% 89% 91%+ 1% 90% 91%
47% 41 3 Parish ft Blngham.. 200 42% 42% 42% 42%-^ 1% 42% 43
427, 40% 3 Pennsylvania H R.. 2900 *4234 4234 41% 41%? % 41% 42
35% 30 ? Penn Seaboard Steel 200 32 32 32 32?1 31 32%
41% 35%? Peo Gas ft Coke. 400 40 40 40 40 + % 38 39%
31% 28%-? P?re Marquette _ 9900 30 31 30 30 + % 30 30%
42% 38% J3 Phila Co . 1500 40% 40% 393; 3934? % 39% 39%
60 54 4 Pitts, C, C ft St L.. 400 54 55 54 55?5 53 56
82% 65% 5 Pierce Arrow . 7900 69% 70% 68% 69%? % 69% 69%
*v
Record of Stock and Bond Averages
i (Copyright, 1!>20, New York Tribune Inc.)
Range thai far Rant? full rear.
Yester- Dar Year 1820. 1919.
day. before. age. Hl*h. Low. High. Low.
i 20 Railroad .lock.. 64.65 84.65 89.55 66.20 63.90 78.80 63.35
I 30 Industrial stock.. 102.53 103.37 81.07 110.30 101.23 119.33 79.20
I 50 Stoeka. 87.38 87.84 76.46 92.66 86.50 99.54 75.92
! 10 Railroad bond?. 73.71 73.72 ?0.75 76.28 73.62 82.83 82.80
i 10 Industrial bond?. 91.12 91.07 94.60 91.45 90.71 95.70 90.58
; 5 Ctllltr bond?. 74.10 73.77 85.56 74.52 73.77 87.75 71.80
25 Bond?. 80.75 80.67 87.25 81.71 80.66 87.91 _J0-21
High. Low. Di?. Nrt
1920. 1920. Rate. Salee. Open. Hlrh. Law. Close, che?. Bid. Ask.
23% 18% ? Pierce Oil . 400 18% 18% 18% 183/4? % 18% 19
98 93 8 Pierce Oil pr. 100 96% 96% 96% 96%4- 2 93"-, 963,4
63% 60 6 Plttaburgh Coal _ 200 60'/? 60% 60 60?1 69! , ?0%
94*4 91 6 Pittsburgh Coal pr.. 400 91 91 91 91 ? V* 90 91
94^4 91 7 Pitta Steel pr. 400 91 91 91 91 -? 88 95
29% 27% ? Pitts* West Va.... 800 28% 28?, 28'/4 28%- 27'/2 28%
27% 23 1 Pond Creek Coal.... 300 23 23 23 23 - 22% 22%
103' ? 95% 8 Pressed Steel Car... 400 99 99 98% 98%? 1% 98 983/4
104% 100% 7 Pressed 8tl Car pr. . 200 104% 104% 104% 104%-f- 2% 102i/2 105
1171 a 1131a 8 Pullman Pal Car.... 200 114*4 114% 1143/4 1143/44- 1/4 114'/a 116
96 87! 4 5 Punta Aleare Sotar. 1000 89 89 88 88 ? 1/4 90 92
102 96' 4 8 Railway SU Spring . 300 98% 98% 97'/2 97%? 1% 97 98'?
2234 20% 2 Rar Con? Copper.. .. 400 20% 21 20% 21 + '/? 21'/, 21%
77% 74'/a 4 Reading . 2800 76 763/4 75!/2 75% f % 75 76%
1001/4 99 7 Rem Trpe 1st pr_ 200 100% 100'/4 100',4 IOO/4 L 1!4 ? 100%
12434 107 6 Rep Iron ? Steel.... 32600 116 116 113'/* 113%? 1% 113% 113%
1103a 101% 5.20 Ryl Dtch N Y ah?... 6600 108'/4 108% 107% 108 - ' 2 108 108'/4
21% 15'/4 ? Saxon Motora. 4800 18% 18% 17 17 ? 1% 17 17%
163/4 14! 2 1 St Joseph Lead. 400 16'-? 16% 16% 16%-;- % 16 16|/4
19% 16%? St L A San Fran. . . 1900 19% 19% 19 19 - 18% 193/4
7% 7 ? Seaboard Air Line... 200 7?/a 7% 7% 7'/a- 71/4 7'/a
90'4 80'/8 % Shell Trans Ter. 2400 88'.4 88% ?7% 87%? % 87'/2 87%
4834 403,4 ? Sinclair Oil. 14600 41% 41'/4 40% 41 ? % 41 41'/,
82 72 6 Sloss-Shef SU ft Ir. . 200 77 77% 77 77 ? 1% 78 78
105% 99 6 Southern Pacific _ 19200 100% 101% 1003? 100%!- V* 100% 100!,;
247 240 20 So Porto Rico Sugar. 400 245 245 245 245?2 230 245
23 21 ? Southern Railroad . .. 4800 22 22% 213,4 22 h % 21% 22
56% 54 5 South Railroad pr. . . 700 54% 56% 54% 55% +? % ?3% 55C;
431/4 40% 4 Stewart Warner _ 1000 42 42 41 41 ? 2</2 40% 41!<
i 86'2 70 4 Strombcrg Carb. 1400 76 76'/8 73', 4 76%? 1?a 75 75|.-,
115% 99% 7 Studebaker . 18900 105 105% 104 104%? 1% 104 104',
60% 46 3 Superior Steel . 200 48% 48'/2 48% 48!-*? ! a 47% 48*!
12% 1034? Tenn Cop * Chem. . 900 11% 113,4 11% H'/sr? !4 113a 113?
1231 193 10 Texas Cumpanr _ 2900 200% 201 199% 200 ? 2?4 199'/2 200
! 43% 34 ? Texan & Pacific. 2200 36% 38 36% 37 + % 36% 37'3S
; 1,96 187 10 Texaa Companr pr. . 200 193 193 193 193?2 ? ?
95' 2 8634 6 Tobacco Products ... 1900*87% 87% 86% 87%? 1 86% 87"/
!' 11% 11% ? Toi, St L & W ctfs. 300 11% 11% 11% 11%-? 11 12
' 38% 23% ? Tran Con Oil. 2800 25% 26 25% 25%-; 25% 25^
66'2 69% 5 Transue W Steel_ 200 61% 61% 61% 613/4-f- % 61% 62
35 30 1 Twin Citr Rap Tran 1000 34 34 34 34?1 32 34
-.90 175 8 Underwood Trpe Co 200 175 175 175 175 - 171 175
i 96 91 8 Union Bag ft Paper.. 200 91 91 91 91 - 90% 93
; 38 30' 2? Union Oil . 1400 32% 33% 32% 33 - 32% 33
M24% 121% 10 Union Pacific . 4600 123 123 122 122?1 122 122!.:
! 69% 66!/2 4 Cnion Pacific pr_ 700 67 67 67 67 ? % 67 68
53 48% 4 United Alloy. 200 49% 49% 49'% 49! 2:- % 49 503,,;
148 141 7 United Drug. 400 1*4% 141% 141 141 ?1 140 142
25% 19%? USCIPftP. 1000 20 20!/2 19% 19%? % 1934 20
, 55 50% 5 U S C I P ft F pr. . 1200 62 52 50% 61%? 1 50% 53
783? 64'8 2 U 8 Food Prod. 600 87% 67% 66% 66%? 1% 66% 67
I 11638 104 9 V S Indus Alcohol.. 3400 106% 106% 105% 106%? % 106 1063<
56% 44%? U S Realty & Imp... 400 51% 51% 61% 51%? % 51 % 613j
96% 84% 3 United Retail St_ 8900 87'/2 87% 85% 86 ?1% 85% 86',,
i 14334 122 8 U 8 Rubber. 15900 128 128% 126% 127 ? % 127 127'/i
116', 2 113 8 U S Rubber 1st pr. . 200 113% 113% 113% 113%? % 113% 114',:
76 69% 6 U S Smelt ft Ref_ 400 71 71 70% 70%? % 70 71
109 104% 5 U 8 Steel . 32100 105% 105% 104% 104%? % 104% 104%
11634 113% 7 U S Steel pr. 900 1133/8 113% 113% 113%-f- '%. 113'% 113/
8034 74% 6 Irtah Copper. 600 74% 75 74% 74%? % 74% 75
57i? 47 ? Vanadium Steel .... 6600 52 53 50% 51%? 1/4 51% 513.
72% 65% 4 Va-Carolina Chem... 1300 69% 6938 69 69 ? V/4 68! 2 69
: 91 78% 6 Va Iron C & Coke.. 100 90 90 90 90 - 88 90
8% 7% ? Wabash . 1000 8 8% 8 8%4- % 8 83.
| ?4% 22 ? Wabash pr A. 3200 22% 24% 22% 23%+ 1'/4 23% 233,
i 15% 15%? Wabash pr B. 300 15% 15% 15% 15%+ % 15% 16
I 11% 10%? West Marrland . 5000 10% 10% 10% 10%? % 10% 103;
| 20 17% ? West Marrland 2d. pr 200 18 18 18 18 + % 17% 18''
| 2534 23%? Western Pacific - 600 23% 25 23% 25 -f 1% 23 25'
i 86% 86% 7 West Union Tel. 300 86% 86% 86% 86%? 1% 86 87
; 55% 52 4 Westinghouse Mfg... 1500 54% 54% 53% 533%? % 63% 53'/
14 11%? Wheel & Lake Erie. . 1000 12% 12% 12 12% + ^ 12 12'/
| 19% 17 ? Wheel A Lake E pr 10O 19% 19% 19% 19%+ 2% 17 19!.
I 66% 58% 4 White Motors. 1900 60% 60% 60% 60%? 38 60 61
32 27% 1 Willys Overland _ 1400 28% 28% 28'.4 2811a? !4 28% 2S'/
I 32% 26! 2? Wisconsin Central .\ 400 26% 26% 26% 26%? 3% 26 29
I 130 123% 8 Woolworth . 700 123% 123% 123% 123% + % 123 123?
] 95% 87% ? Worthington P ft M 800 94 94% 93 93 - 92% 93
j 76 70 6 Worthing P&M pr B. 100 73 73 73 73 + % 72 74
Slump in Foreign
Exchanges Continues
Further Decline of Pound At?
tributed to Dumping of
j Cotton Bills
The fall of the pound, the franc and
: the lira gained fresh momentum yes
; terday, and the dollar, in terms of
' English, French, Belgian and Italian
currency, leaped to the highest pre
1 miunis in history. Bankers again said
that they saw no signs that the market
would become stabilized in the near
, future.
Since Saturday the pound depreci
: ated seven cents in value, being quoted
at the close of trading yesterday at
$3.4325, the lowest price on record.
The parity is $4,866. The dollar last
night would buv 13.76 French francs or
'. 13.72 Belgian francs or 16.12 lire, com
? pared with 5.18 normally.
The dumping of a relatively large
number of sterling bills against cotton
; shipments was interpreted as a reflex
of the Reserve Board's attempt to have
commodity loans reduced. With bank
loans on cotton in warehouses becom?
ing more expensive and difficult to ob?
tain, many holders of the staple, it was
said, placed their cotton on the open
market, as is indicated by the influx of
! bills arising from their sale. Bankers
also reported that an increased number
' of franc bills against grain shipments
1 had flowed into the market.
| Some bankers expressed the fear that
1 the collapse in the exchange rates
might result in the cancellation of for?
eign orders for future delivery.
A new relation between the foreign
exchange situation and the credit situa
t tion in American banks was seen in
some quarters yesterday. In compli?
ance with the ambition of Americans to
| establish dollar, exchange throughout
j the world, instead of relying on ster?
ling exchange, aa was done before the i
! war for the settling of international,
' accounts, exporters from this country j
| for the most part now insist on pay-j
ment in dollars for their goods. With
| the European exchanges fluctuating
i downward, they demand dollars to pro
j tect themselves against loss through
I changes in the international exchange
i market.
Having dollar biljs of varying ma
: turities on their hands, the American
banks must hold many of them in their
| portfolios until the date of maturity.
i When Americans used sterling bills
! mainly the banks would mail them to
' Ixmdon, and after discounting them
'? there would sell a telegraphic transfer
! against them. Thus, in those days their
! money was tied up scarcely more than
: a week. Now, it is explained, they have
! dollar bills, payable in various foreign
I capitols, and the new instruments are
i illiquid.
I New Jersey Zinc Earns $7.64
A Share on Stock in Quarter !
The New Jersey Zinc Company |
. earned a surplus after charges and
taxes of $2,675,412, equivalent to $7.64
| a shore, $100 par, on the $35,000,000
capital stock, in the quarter ended De
cember 31, 1919, which compares with
: $2,313,969, or $6.61 a share earned in
! the December, 1918, quarter.
Total income, including dividends
i from subsidiaries and after deductions
I for expenses, taxes, maintenance, de?
preciation, etc., was $2,790,412, a fall
: ir.g off of $183,557 from the corre?
sponding period of the preceding year.
| Interest and reserve totalled $115,000, j
, leaving a balance applicable for divi
, dends of $2,675,412. Holders of the I
stock received $2,100,000 in dividends
during the period, an increase of $700,
000 over the same months of 1918.
After profit sharing deductions of $368,
? 000 had been taken care of surplus
was $207,412, a decline of $706,567.
For the year ended December 31,
1919, net income, as compiled from
quarterly statements, was $8,948,095.
From that amount dividends of $7,000,
000 and employees' profit distribution
amounting to $368,000 were deducted,
i leaving a surplus for the year of
$1,580,095.
Bid and Asked
Bid.. Asked.: Bid. Asked.
Ad Rumely pr TO 71 i Kelly Spr pr 93 100
Al Chaira pr 67 89 Kalsey Wh pr. 96% 97:>?
A Ag Ch pr. 93% 115 K. & D M pr 110 .10
Am Bnk Note 43% 46V4 Kres?8 S S ..125 155
Am licet Su. 90% 91% do pr .101 107%
do pr . 8.8
j A 11 S ft IV Si
I do pr .168
? A C & F pr.115
i A CM Oil pr ?
Am Express.. 97
' Am Ico .Sec. 44
do p.- . 62
i Am Loo? pr. 104
Am Shlpbldg. ?
i Am Sm pr A SI
i Am Snuff pr. S2
? Am Sugar pr. 118
? Am Tel & C. 50
Am Tobacco, .268
Am Zliio pr. . 5.1
Assets ltl Co. 4
Asso OH ...119
At Bir ft A. 6%
! AC ft W I pr 67
I Auto Sa C'orp 17
, do pr . 29
! Bar leather.. 83 95
I do pr . 91% 96
Barrott Co pr.109 112
I>acleclo (las.
190%'Lak? 1'' ft W. 10 I mi
200 do pr . 15% 17'a
117 'L-W UIs Co. 65 (?D
fi.j do 1st pr... 98% 10O
&9%,Loriiiard pr.-'O* ?OS
44%'Louisr & N'..105% IOS
65 'Mackay Cos... 65 70
103%. d" pr . 64 64%
128 i Manat? Sugar. ?21% 128
83 do p.- .101 102%
90 Manhat Bosch 1 2'a
118% Mandat Shirt. 32 33
55 i.Mat Al Vf. .. 31 35
270 ?Maxwell Mo.. 31 M2"?
58 Vi i 'lo \y- !"??? "'?% 60
4%i do 2d pr... 26 28
122 Mav De Ht pr.105% 107
7%?Mex Pet pr.100 105
70 'Mich Central. <*2
17% MSP& S S M 72 "S
84 <lo pr . 90 92
05 I du lsd Ums. 50 60
Mont Power., 65% 69
Morris & Ks. 70'
Batopllaa M.. 1% 1%'Mullins By pr 97
Beth Steel .. 92 93% Nasli ft Chat.. 10."
do 7f.h pr 100% 102% Nat Bis pr. ..112
Kdlsnn
Bkn Un Cas. 52
Brown S h pr 97%
Burns Br? pr 98 110
109
113
113
88
Nat Aniline pr 87
Xat Cl & 8. 75 76
do pr .100 102
N K & H pr.101 103
N'at L?od pr.108 109
N'HHM 1st pr 9 18
70 I.V O T ft M 41 43
54% NYC&SIj 1st. 58 70
100 I do 2d pr... 43% 4S
'etrul_404 41% N ?" I'oclc pr 55 60
Southern 41% 50 N" Y I. * W B5
- ? ? ? Norfolk 80... 10% 12%
Norf & W pr 67 71 ?a
Ohio Kueil . . 48% 50
Ont SllTur .. 8% 9
Otls >;ieo ...132 134
<lo pr . ? 100S
Owens Bot pr. 98 loo
1? 1*. i?.
Hums Urs pr 98 110
BufT R & P. 45% 50
? do pr . ? 100
Burr & sus
, do pt ...
I Bush Torn-.... 80
! ("al . 1
Can
' Caso J r pr.. 08 100
; Cent Fdry... 80 35
| Con Lea pr..l06 107
| Cen of N J..170 210
C ft S A Toi. 113 115
Certai'd 1st pr 84% 90
I OU & Alton. 7 10
I do pr . 9 15
! C ft E 111... 4. 5
do pr . 3 7
I Chl Pneu T. 93% '95
1 Cl & Pitts... -- 80
i CSP M & O 80 62
I do pr . 90 105
| C C C & S L 45 48
! do pr . 63% 80
j Cluett Poa pr.101 104
I C & S 1st pr 50% 55
j do 2d pr... 42 48
; Col Graph pr 91 92
! Comp Tab Rec 52 54
Con Clgar pr 82% 83%
("ont C'ait pr.102 103
Cont Ins Co. 79
I Crex Carpet.. 50
1 (1 Am Su pr.105
? lleero Co pr. 101
I net vn nn.ios
Diamond M.. ?
Dlst Soo ...113
D H S ft A. 3% 4
1 do pr . 6 9
Durham Hos.. 60 65
do pr .100 103
Elkhom Atoll. 24 23
'? do pr . 35% 42
I Eta Brandt .. 26
do pr . 84
Fairbanks ... 78
Fed M ft 8. 11
Fisher By pr 95
rinn Chem_180
Oem Clgur pr 95
do pr dob. 90
Cranny M. 49
O M ft No. 7%
do pr
Pacific Coast
I iio 2d pr. .. 45 60
?Pacific MaU. . 36% 38
Pao Tot ft T 40 41
iP Am Pot pr.175 200
Peor?a ft fc.. 12 14
?Petti Mulll_35 43
do 1st pr. ..100 . -
I Plore? Ar pr.,101 106
?P F \V ft C.123% 131
?P ft W V? pr 78 79%
P S C N J.. 65 73
|Ry St Spr pr.103% 107
?Reading 1st pr 34 34%
1 do 2d pr. .. 34% 35
iRe.m Type. .. . 85 90
11 I ft S pr.103% 100
SaTage Anns.. 74% 75%'
S I, & S F pr 23 26%
S I, Sw ... 12% 13%
do pr . 24 25%
Scab A L pr.. 14 15
Sears Boa ...224 22?
I do pr . ? 110
S-8 S ft I pr 88% ?5
? P Su pr.110 116
Standard Mill.140 150
do pr . 85 P0
fitudobaher pr.101 I04
27%|Sup Steel pr.101% 105
85 T ft P Id tr.370 380
? .'Third At RR. 13Vi 14%
14%?Tldewater Oil.195 205
104 ?Toll Prod pr.102 105
IBS T C H T pr. ? 95
100 t'nderM T pr. 106% 115
93 l*n Cigar St.. 150 225
50 do pr .Ill 140
8% U Drv? 1st pr 50% 52
32%I do 2d pr.,.130
82
?0
107
105
111
101
C, S S 1st pr 92% 97 I'n By Invest. 11% 12%
. |i: 8 Express.. 29% 31
Homestak?
.. 60
III Central_ 88%
.. 18%
Int Agricul
do pr . 70
Int liar pr.,112
Int Paper pr 80
Int Nickol pr 88
low? Central. 4
.Jewol Tea ... 18
do pr . 41
Jones Tea ... 25% 29
J Kayser ...110 120
KCFS&M pr. 52 63
K City So pr 43 48
89%[I* S I Al pr.102 " 103%
20%|U S 8 ft R pr 4ii% 47%
80 ?Va ?Ar Ch pr.109 111
113 ?Vulcan Detln. 24 28
107 do pr . 88 93
90% I Wei Is Fargo.. 52 :.:t
8 West Pao pr 57 60
18%! West's? A B.117 118
42 i West's? M 1st. 64 70
Wilson Co pr. 95 98
Willys O pr.. 89 (l()
Wnolworth pr.112% ll-.u
WP ft M pr A 90 92
Stocks Ex Dividend
Feb. 10 Ani-I.a Franc? Fire Eng Temp. %
Feb. 9 Asso V G 1st pf. 1%
Feb. 9 do 2d pf . 1%
Feb. 6 Brooklyn Edison . 2
Feb. 7 Buf. Roch ft Potts Ry. 2
Feb. 7 do pf . 3
Feb. 10 Cleve & Pitta R R guartd- '%
Feb. 10 do .special guaranteed. -j 1.^
Feb. 6 Colorado Fuel & Iron. %
Feb. 5 do pf . 2
Jan. 31 Corn Exchange Bank. G
Feb. 5 Qoodrich, BF . 1
Feb. 5 do pf. %
Feb. 6 Illinois Central R R. 1??
Feb. 10 Internat Harvester pf. 1 %
Feb. 7 Jeff ft Clearfield Coal ft Or pf. %
Feb. 6 New York Dock . 21^
Feb. 10 Philadelphia Co G per cent pf. 1%
Feb. 10 Pressed Steel Car pf. 1 %
Feb. 9 Twin City Rapid Transit. 2%
Feb. 5 U S Rubber, ex In com stock.. 12%
Feb. 10 Wool worth, F W. 2
Denmark Seeks Loan
Denmark, through representatives
now in this city, has asked one of the
large trust companies of the financial
district for a loan of between $20,000,
000 and $25,000,000, it became known
yesterday. In common with the other
nations of Europe, Denmark has been
in the market for dollar credits for
many months, but is now submitting1
concrete proposition.
In Wall Street
! To Quit Active Railroading
| Lools W. Hill, bod of the late Jim
' Hill, empire builder and railroad
j pioneer in the American Northwest,
! plans to retire from active management
of the Great Northern Railway on
March 1. He wan succeeded in Octo?
ber as president of the system by
Ralph Budd, and Is now chairman of
the board. "I intend to close my rail?
road office bo far as the management
I i? concerned," says Mr. Hill in an
! nouncing his intentions. "1 expect to
I romain chairman, but will not partici
j pate in the details any longer. It.will
? give rne more time, and that is what I
want." Up in St. Paul the belief is
' that Mr. Hill will occupy in the future
\ a position similar to that of his father
! during the years that he (L. W. Hill)
i and Carl R. Gray held the presidency
? of the Great Northern. The First Na
! tional Bank of St. Paul and the Great
Northern Ore properties both require
much of Mr. Hill's time, and it is cx
! pected he will devote even more to
! them in the future.
Small Trader Hesitating
An authority on what is going on in
the "odd lot" market in stocks points
i out that activity on the buying side
! last week was considerably restricted,
! with only 10 per cent more stocks
bought than sold. The week before the
, balance in favor of the buying side was
! 40 per cent. Right after the turn o?
; the year there was one week in which
I the excess of stocks bought over those
! sold ran as high as 135 per cent. The
: inference drawn naturally from the
I slackening of buying by the ?..mall
trader is that for some reason, prob?
ably much the same reason as that be?
cause of which the big traders are
holding off, he has lost much of the
optimism of a few weeks ago.
Dumping Liberties
Holders of Liberty Loan and other
government war issues, who paid 100
cents on the dollar for them when
patriotism was rampant, and the Hun
was still going strong, are wondering
what has struck the market in these
: issues. Prices are steadily working
lower, and many of the issues are now
selling on a basis where they yield an
income return of better than 5 per
cent. In fact, two or three issues yield
6% per cent or better, a pretty high
rate considering the character of the
paper. The fall in these issues is be
i ing accelerated by the move of the
i Federal Reserve authorities to force
! general liquidation, for banks have had
! to compel liquidation of loans secured
' by such issues, and the bonds have to
i be dumped into a market already well
! glutted. That is the chief explanation
, for the increased selling.
Would Get Out From Under
! The head of one of the largest com
' mission houses in Wall Street came
out flatly yesterday in favor of re?
moving all "artificiality from the mar?
ket in the Liberties. "Let's get them
down, if they have feot to go down,"
' said he. "A level would then be reached
; where real buying of the kind that is
1 needed to make the market in these
1 bonds stable would develop. The
trouble with them is that they were
' sold on a basis out of liae with exist
! ing money market rates, and the de
i cline that we are now experiencing is
: one of the after effects. The only in
i terests who are buying Liberty bonds
j to-day are savings banks, insurance in
] stitutions, a few rich folks and tiie
' sinking fund. I think the purchases for
the sinking fund should be stopped and
the market be allowed to take its
natural course."
Thumbs Down
It's thumbs down in Wall Street when
collateral time loans fall due. That is,
take It from the average Wall Street
i man, one of the chief ailments from
j which the stock market is suffering.
? Brokers can't get time loans for love
; or money and have to pay 16 per cent,
or did yesterday, for call money. Col
! lateral time loans are falling due every
day which are not being renewed. This
; is not due to a lack of demand from
brokers, but rather to the refusal of
the banks to extend credit for fixed
periods. Yesterday one of the dis
; turbing reports heard around the mar
; ket place was to the effect that to-day
! a number of large time loans mature
and the brokerage houses holding them
were far from saiguine of being able to
get renewals even on call
American Ship and Commerce
Reports that the American Ship and
| Commerce Corporation, organized last
?July to take over control of the Will?
iam Cramp & Sons Ship and Engine Com?
pany, is dickering with the Brazilian
j government for the acquisition of
j twenty-eight German vessels seized
during the war have been without ef
| feet on the stock, which holds around
24, the low price for the year. After
| the organisation of the company the
j stock sold as high as 47%, nearly
: double its present market valuation.
! The stock is of no par value. The
I negotiations for the purchase of the
I German ships are being conducted by
| the company's representatives at Rio
! de Janeiro.
_
February 1. 1917
For want of something else more
! exciting, since the market was such a
! dead affair, the Street talked a good
j deal about the big smash of February
? 1, 1917, when stocks tumbled in pan
I icky fashion on the announcement from
i tho German government of a renewal
of its submarine warfare. Declines at
the close of the day ran from 5 to 18
! points. Transactions on that day
? amounted to- 2,000,000 shares, with a
turn-over of 592,000 shares in Steel
common alone. Atlantic-Gulf lost 14%
I points, Marine preferred 17%, Te\as
j Company 17%, Republic Iron and
! Steel 16%, Utah Copper 14%, United
Slates Steel 13, Central Leather 13'/a
and American Smelting 12. Many of
the faces seen in commission houses
that day are seldom met in Wall Street
nowadays.
Texas Company's New Gusher
A new/well, with an initial flow of
30,000 barrels a day, has been brought
in by the Texas Company on its prop?
erty in the West Columbia pool, South
Texas. Operators in that district be?
lieve that it marks the opening of an
important new pool, as it is on the
extreme eastern part of the oil field.
The well, Texas advices state, was per?
mitted to flow at the rate of ??0,000
barrels a day for a few hours, and was
then throttled down to a flow of 3,000
barrels a day. The new well is said to
offset the well of the Humble Oil and
Refining Company, a Standard Oil sub?
sidiary, with an initial production of
15,000 barrels.
A Disgruntled Broker's View
"The reason we have 16 per cent.
tall money," said a broker of standing
yesterday, "is that we haven't got any
real bankers here who can lead. We I
need real bankers more than anything'
else. The most they are doing now is !
running in circles. And America as
pires to supremacy in international
finance. If you have a sense of humor ?
laugh."
"What^ Do You Think of the Market?"
A Wall Street broker who claims to
be neutral: "If it wasn't for the money
situation I'd be a bull on stocks."
Exchange Speculation Taboo
Leading Wall Street banks are
frowning upon the extension of loans
where the credit is to be used for the
purpose of speculating in foreign ex?
change. Many institutions are refus?
ing to make loans where they know that
the money will be used for speculation
of this character. An instance came to
light yesterday where a merchant of
High Yield
Convertible
Bonds
For those who ???l
to invett conierva.1
tively and at the uae I
time in a way whj?j, I
will enable them to 1
take full advantage of i
favorable influences!
in the stock market, 1
convertible bonds!
offer distinct adva*. I
tage?. We luggnt,
at a price to yiekj
7%, a short tena
convertible bond ?f
the Cuba Cane Sugar
Corporation, t f, e
largest single pro.
ducer ol? raw sugtf
in the world.
Ask for descriptive circular No, 506
Bonbright & Company
Incorporated
25 Nassau Street New York
Philadelphia Rosvrn f^lcia?
jvetrolt Bt Itmi* BuSal*
uptown* orn?
Ksrw< lallr for Women InTester?
7 Ea?t 44th Ht.
Europe I
Today
We hare far free dis?
tribution a brief letter
on the foreign ex?
change situation.
Ask for circular "H-58"
E. W. Wagner & Co.
Established 1S6T. Chicago
' K. T. Stock Bwchangt
Members < "V. Y. Cotton Bachsmga
[ Chicago Board of Trade
33 New Street (A*) New Ye*
Branches
( 14 East Uth ?St
1 Mad Ave. <& 434
'j 105 Vest f2d St.
I TO Com
'oztrt St , Brooklyn.
Investment
Securities
R.CMegargel&Co.
27 Pine Street-'NettA&rK
The Railroads
We have prepared an ex?
tensive chart enabling
ready comparison of the
relative merits of the
more important railroad
securities.
A copy will be sent free
on request for Chart T-6
MILLER & CO.
MEMBERS
I NEW YORK STOCK EXCHANQ?
EQUITABLE BUILDING
New York
120 Broadway
a
I HELLWIG? REUTTER
Members /Ven? York. Slock, Exchant*
INVESTMENT
SECURITIES
15 Broad Street, New York
Telephone Broad 6230
HARTSHORNE,
FALES & CO.
Member? A'ea? York, Stock, Exchanft
71 BROADWAY
Telephone 7610 Bou-linj tlreen
Winchester Co.
Common Stock
J.K.Rice, Jr.& Co.
I'hones 4000 to 4010 John. 36 Via? St
N^Y.
high credit standing soueht to borr?n
$100,000 from his bank to take a Ay??
in exchange on Paris. He was refuf?*
the credit point blank, being; told tfca*
only in case he had a legitimate ??*
for the exchange could the loan !??
granted. Other similar cases are h**
ing reported almost daily.

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