Newspaper Page Text
12 A THE SUN AND NEW YORK HERALD, WEDNESDAY, AUGUST 4, 1920. Ok Picked From Our August Purchase Sheet CIms of Seourtly yielding Municipal : . itniidliin Municipal ) .in Industrial 1.13 I'uhiin runty m , lliillroad S.MT, Foreign liov't : in- Bonds Vtfflrftd 'o atmve hav our rcrntnjiiendtlon. They arc listed In OUf Augtit rltvulnr, hlrli wilt I'd sent on tctiuvHt (or ATJ-K2. The National City Company Uln Office : NaUsnal City Hank Bldf . Iptown Office riftb Aft. a art It Offices in over 50 Cities. FINANCIAL NEWS AND COMMENT Stock Market TtnllivN Kulistan I tially on Organised Sup port unl Lower Money. l.lOO.doo SHARES TRADED A New Issue To Yield 8.45 Maturing Januavy 15, 1923. An obligation of the Louis ville Gas & Electric Com pany, which, without com petition, does the entire gas and electric business of the City of Louisville, Kentucky. Only because of market con ditions are wc able to offer this secured investment on such an attractive basis. Wrile for our descriptite circular. Bonbright & Company Incorporated 25 Naiuu Street, New York Exempt from all Federal Income Taxes Charlotte, N.C. Funding 58 Principal and semi-annual Intrest Payable at Kttional Ian of Commerce. .u- York, MATURING .io,oooti. i. in?? no 85 iH.oooieb. . in?3 no u 8.000 Peb. 1, 1BS4 Ill.OOOrVb. I. 1DM .'10.000 Feb. I, llttB M.M IO.(XN)Fb. I. ttrtl H.U7 14.000 Feb. 1. IU2H hh.M .it, (hm) fb. 1. 1 mn m.3j POPULATION 1 1910) 34,014 (1920) 46 318 Bondi ctrUfitd by United Stales Mortage & Trust Co., New Yor. Kngalitu apprncod bu Ches-.er B MomHeh, A'cw y'ort. Price to Yiold 6r"c Basis awrence Chamberlain A Co. Incorporated Ono Fifteen Broadway New York City Have You Noticed that in the choice location on the busy corner you usually discover a chain store? Chain store success ia achieved by putting a vast selling organization in contact with the vigorous purchasing power of a great many communities. Send to-day for our series of letters S-ji. which contains much impressive information regarding the profits of the chain store systems. George H. Burr & Co. Inrcsfment Department Equitable Building New York Office :i in 1 Cities Rails. Steels, Equipment! and Motors Lead Short Cover ins: Movement. For the first tlm since the "tart of the present downward movement or ganized support wna flunsj Into the mldlt of those who were offering- stocks freely eterday nnd with I temporary decline In the rail money market the overextended thortl evened their com mitment as rapidly as possible, and tia a result a substantial rally occurred In the New York Stock '"xchange. The momentum o( tilt downwnrd trend re quired a severe rheck, and slocks being technically overaold and the liquidation being so email as to disappoint thoae who had been felling stocks which they did not own it wag comparatively easy and lnexrenlve to stage a rally, which will have to go conaiderably further to convince the experts that an upward trend la In eight. Outside of tlio de cline In call money and the eupportlng orders there was nothing to Indicate any fundamental change In the situa tion, and such atraws aa the pasting 'if its dividend by the American Cot ton Oil Company nnd the denial of a circulated report that 17,000,000 of time money had been loaned for ninety days at 914 per cent, were not nn Indica tion that stocks- should be bought for a long pull. The theory- that the rotleh situation Ir. responsible for the acceleration of the downward movement was exploded, inasmuch as the news from F.urope was more unfavorable than ever. As a mat ter of fact the worst Is already known regarding the Ilusso-Polish situation, and It la now clear that the Bolshevist, who represent only about 4 per cent, of tho Huaslan people, must bn thoroughly defeated and that the Allies must con tribute arms and ammunition to I'oland, which numerically has sufficient force to drive the enemy back, but lacks financial and material support. The only effect of the unfavorable developments abroad Is to deter investment purchases b those who take a superficial view of the European news. International bankers are quoted as being glad that the Issue has become clear cut and definite. On the other hand there Is -nough in the domestic situation to deter or postpone purchases of stocks by the public. In the first place, high money rates and Interest charges by brokerage nouses deter speculation on margin at a tlmy when the orgy of speculation has been stilled In all parts of the lulled States. For those who purchase stocks as an investment better yields are found In bonds, certificates of Indebtedness and bankers' acceptances than can b" ob tained from many of the active stocks, f'enscquently extraordinary const-uctlvc developments of a sort that unmistak ably assure a prolonged bull movement are needed to arouse the public from lethargy regarding stock purchase! Once the present short covering Impulse Is at an end the absence of public participa tion will be a factor that cannot be overlooked. On the other hand, so many stocks am selling at bargain pric-a when their additions to assets during I he last two years are considered that It Is felt In acme quarters that market prlcs ut the low points yesterday were dragging on bottom, which, If true, would Indicate that there will be a period of dulneas and relative inactivity until changes in fundamental conditions occur. The volume yesterday was around 1.100.000 shares, or twice as much as the average volume for last week. After making new lows In the first half of the session In a number of stocks the rally was sufficient to carry the active list generally two to five points above the low points and to cause the recov ery of a considerable per-cntage ot Mon day's losses. Rail stocks. United Suites Steel and other steals, Baldwin and other equipments and motor stocks led the list In the short covering movement. Copper! and sugars alone showed net losses for tho day In the active list There were no loans of time money and call money ranged from a renewal rate of 8 per cent, down to 6 per cent. Owing to a flood of cotton and grain li'ls offerings the European exchancres were weak yesterday-, with a decline of more than 3 cents in sterling. Lower et.hlc-s were received from London, but the Polish situation appeared to affect only marks. In which there had been cor eldcrable speculation. I AQWTS EARNINGS INCREASE. Utramahlp Company Mad $.12. Oft a Share for lllti The Atlantic, Clulf and Wet Indies Steamship Company during 1910, ac cording to It report laaued yesterday, earned, after all charges and federal taxes, IMTsMOli or 132. AG 11 share on Its common stock after deduction for Its preferred dividends, which contrasts with $2,709,987, or $13. II a share earned on Its common stock In 1918. The company's report for 1919 shows operating revenues of $45,5$7, 203, against $20,633,54" In 1918. Operating expenses and depreciation aggregated I $37,950,31 1. against 111, 8(13,431, and or dinary taxes were $101,779, against $118,6;.'. War taxes for 1919 were esti mated at $ 1,379,940, against $750,000 In 1918, leaving net operating Income of $0,125,233. against $3,901,483. Other Income was $1,45M2, against 1111,111 In 1918, and Interest charges nnd rentals were charmed verj liiil.. at $!.- 249,298 and $730,1153. respectively. Pre ferred dividend requirements amounted t $687.14,1 und $1,496,340 was paid m Its common shares. Plvldend on the stocks of Its subsidiaries and not held by the parent company totalled $32,692, leaving a balance for transfer to sur plus of $3,359,428. The total profit and loss surplus at the close of the vear stood at $25,675,810 FRANCE TO PAY HER SHARE OF BIG LOAN cotton and grsin bllle at tills time An other reason, It was pointed out, is the (kOt that England for considerable time has been accumulating dollar credlte in connection with the forthcoming maUir- Haa Accumulated American j Ity of.the Anglo-French loan Exchange for That Purpose. J. K. Rice, Jr. & Co. Will Buy mi . . . t ra lui, snirr. . ,, iumiiimu ,,,. a y,u. I.'. Fifth Ave. Bank 100 Hooking; Valley By. 2.1 les. Jlltnn Crucible 100 Itnlls-Knyce pfd. 2J Tidewater OH ISO IVnrd llaklng pfd. ;, Weit Va. Pulp Taper J. K. Rice, Jr. & Co. Will Sell 200 Amrr. Hawaiian S. S, loo Armstrong Cork com. 100 American Meter SO llattworthludnn com. r F.aitvrn HteW com. inn Midland See. S.5 Nst'l Hank of Commerce 00 Old Dominion 9. A, J.K.Rice.Jr.&Co. stl phones 4000 to 1010 John. ?,a Wall St., N. V. WANTED Guaranty Trust Co. McCLURE, JONES & REED Members tw York Stock Exrbann lie Breadwaj IMiona 3321 Iteclat MONEY AND EXCHANGE. CALL MONEY. High 81 fcest ft I,ow 6' Tlenewals Year'a blgb L Yer jew.. . . CLEARING HOUSE STATEMENT. Clearing Houne exchanKen. $f4aO,3S7voO: halaneas $77.Ms,G08: Sub-Treasury rredlt balances", $107,203: Federal reserve credit balance, $ri9,3r,.Vfl.V CANADIAN EXCHANGE. New York funds In Montreal 127."0 pre mium per $1,000; Montreal funds In New York, $I1.1.0S per $1,000. SILVER MARKETS. Official bar sliver in New York: Dorr'" le, WAc. pet ounce, unchanged; foreign. O.IMc . up Sc.: in London, .'.7d., up "id.; Mex ican dollars, 71T4c up c. FORKIC.N EXCHANGE. OREAT BRITAIN. pBrtv Tuesday. Monday. $4 8005 Demand, sterling. . . . $3.63 $.t.7fl Cables, sterling .1.3i 3.7I'4 Hankers. 00 days.... 3.59 .I.OH'i Bankers, 00 days.... 3.57 3.64' THE CONTINENT. 19 30 France, cents a franc Demand 7.34 7.61 Cables 7.35 7.62 19.30 Belgium, cents a franc Demand 7.89 8.08 Cables 7.90 R.09 19 30 Swltierland, eenU a franc Demand 16.78 16.05 Cables 16.83 17.00 19.30 Italy, cents a lira Demand 0.15 5.31 Cables C.10 0.30 13.80 Germany, cents a mark Demand 2.16 ; 20 Cables 2.10 2.30 10 80 Sweiien. cents a krone Demand 20.70 51.00 Cables 20.80 21.141 26.80 Norway, ctnta a krona Demand 15.48 1.1.75 Cablge .-. .. 15.53 1.1.80 26. SO Denmark, cents a kron Demand 10.40 1'70 Cables 15.45 J5.75 19 30 Greece, cents a drachma Demand 12.00 12.10 Cables 12.10 12.15 19.30 Spain, cents a peseta Demand 15.05 n.27 Cables 13.10 15.32 40 20 Holland, cents a florin Demand 83.2.1 3.1.87', Cables 33.37 34.00 20.3 Austria, cents a crown Demand .19 .19 Cablea 00 .00 FAR EABT. I08.3S Shanghai, cents a tael Demand 109.55 10)..'.n Cables 110 00 110.50 :8.00 Horgrknagi cents n dollar Demand 78.00 78.0(1 Cables 78.50 78.50 52 44 Bombay, cents a rnpee Demand 3, ,21 57 2'- Cables 37.50 .".7.-0 49. S4 Yokohama, cents a yen Demand 61.25 H.lfU Cables 51.50 51.25 8OTTI1 AMERICA. 44.42 Rio de Janeiro, rents a milrels Demand 21.80 21.05 Cable 51.90 21.75 42. 84 Buenos Aires, cents a peso Demand 39 00 39.37'i Cables 39.25 30.50 108 42 Uruguay, cants a dollar Tmand 80.75 87.75 Cables 87.00 98 00 OFFER PHILIPPINE BONDS. syndicate Will Kloal New Isanr of 110,000,000 of One Year Honda. Tim syndicate comiiosed of the Chase National Hank. Kidder. Pea body & Co., Blair & Co.. Bemhard. Scholle ei Co., Bond A Goodwin and Salomon Brother ei HUtller, which purchased the Philip pine Issue of $10,000,000 of one year 4 per cent, bonds, dated August 2, 1920, Is offering it for sale to the public ki 976, to yield about t per cent. The Interest on tho bonds Is free from nil Federal and Stale Income taxes. Tha city of Philadelphia Is asking bids lor an Issue of $2,000,000 of thirty year 5 per cent, bonds to be dated August 16, 1 920. nnd Issued In registered and coupon form. Sealed proposals will be received until noon of August 18. Cable advice from Paris received In thl country yesterday declared that the French Ministry of Finance had accu mulated by purchase Sufficient Ameri can exchange In meet the country's nhligatlniir, which fall due here on October ft, the date of maturity of the Anglo-French 1(an of $500,000,000, of which France shnre U $260,000,000. Although ll liaa never been doubted that France would produce lufflofenl funds to meet I that obligation at Its maturity, the a4vl00l are the first with any sembla.-ico of official sanction that have come to this country on that point. Tlli recent rise of the dollar In Paris Is declared to be attributable to the activities of the Finance Ministry In purchasing American exchange. Announcement wa made more than a month ggo that Great Britain had made full provision to take care of her half of the mnturlng loan, partly by idling securities of American concerns now held In Kngland a-oft! partly through the sending of gold to this Country. Many of the bonds were re purchased in the market y the Brit ish Government when the price dropped below 114 several months ato. KotWlUutandlnf this announcement from Parle, the foreign exchange mar .t suffered yesterday une of the worst l. leaks In a 1 072 time. None of the ex changes was excepted In the steady downward movement, the only apprecia ble difference being In the extent of the decline. Sterling exchange got down to J3.G3, a decline of nearly b cents from .Monday s dose and a drop of 45 rents from the high mark of 14.08 established In April. i Suhrtantlul losses were alo bIiowti by frtncg, Belgian francs, lire and marks. ! Swedish kroner broke 21 cents and ; Danish kroner got down to 1SH cents, In contrast to $.1 565 late In July. Clull d, vs broke through 34 cents for the first . tlm. Although the Pollsh-Husslan sit uation Is responsible In part for the break In exchange, the chief reason for the decline, In the opinion of a promi nent banker. Is the large offerings of BABNSDALL NET IS $1,350,610. Income for HI Month I 92. All a Share, Say Ilrport. The Damadall Corporation report for tho six months ended on June 30 net Income, after all charges and Federal taxes, of $1,350,010, or $2.6:i u share earned on $1 3,000,000 ot its capital stock of $25 par value. Its gross eales, the report showed, totalled $3,3S2,240 and Its expenses $1, 2!is 7 H h. leaving the corporation' oper ating Income $2,083,452. The corpora tion' other Income totalled $343,490 and the write-off for depreciation deple tion, Interest, Federal taxes, Ac, wa $1,076,3112 making Its mt Income $1, 350,610. AIR REDUCTION REPORTS. t Income for First Six Month of 1010 Given n 1000,188, The report of the Air Reduction Com pany for six month ended on JUM 30 show net Income, after Interest and depreciation, of $630.22.1, or $4.10 n share, earned on ltt,(ll outstanding shares of It capital stuck of no pur value. The company's gross Income was $5,410,978 and Its operating expenses S, 397,008, inaklmc lis operating Income $1,1 13,975. Interest, depreciation, etc., were charged off as $477,752, and ex traordinary charge! to profit and loss aggregated $34,022, having net profit before federal taxes of $602,201. Iload Order BnglBSI, Orders have been received by the American Locomotive Company for six 105-ton consolidation type engines for the Bangor and Aroostook, four 84-ton slx-wheel switchers for the Tennessee Coal trad Iron Company and two ln0 ton consolidation engines for the Bir mingham Southern. F.xport orders have been taken by fhe onmpany for seven 65-ton consolidations for the Imperial Hallways of Japan and two 60. ton Pa cifies for the Mogyana Railway of Cuba. AMERICAN COTTON OIL PASSES DIVIDEND Directors Decide Not to Make Disbursement. The directors of the American Cotton Oil Company decided yesterday to pa tho dividend on It common stock and Issued the following statement: "The bontd of directors have derided to omit the paymtnt of dividend upon tho common itork until the price of commodities and general business con ditions shall be more nearly normal." The lust dividend on the common stock wa 1 per cent, and was distributed on June 1, 1920. The stock has been on a 4 per cent, per annum basis since 1916. In 1915 1 per cent was paid. Prior to that year no payment on the Issue had been made alnce 1911. In tho latter year 2 per cent, wn dlehursed. In 1910 the company paid 5 per cent, and In 1909 5 per cent. Action on the preferred dividend does not coma up until the next quarter, the disbursement on that Issue being a semi annual one. ARMOUR & CO. ADD CAPITAL. Increase stock lo $400,000,000 and File t erllflcnte. BraiKOrtlin, III.. Aug. 3. Armour & Co. certified to the Secretary of Htate this morning an ln rease of their capital Stock from $2 1 0,060,000 tO $400,000,000. Their tax on the Increase umounted to $105,627. The lncreao In the capital stock was voted to give the compnny a larger working capital, It was announced here to-day. The company hns sold $60,000,000 In notes, which are convertible Into stock, and part of the new Issue will be used to redeem those ftotes and others that may be Issued. The new stock la to he put on the market next. year. Caafom llooe lleeelpt. Receipt for duties at the ( 'ustom House yesterday were $747,857.53, of which $99,524.95 was for merchandise withdrawn from bonded warehouses and $648, 332. 58 for recent Importations. GOSSIP OF WALL STREET. NEW YORK STOCK EXCHANGE QUOTATIONS. TUESDAY, AUGUST 3, 1920. Pay's sale e-6loln IDivl Bid. I Ask. In $.) Bales. 1920. 1,111.726 1919 1.875.838 33 ! 44 I Hi IS si i 86 58 36 133 30 1 0 V 130 14, 76 1 55 71 fi lli,l 67 ; 81 ! MH 100 ! 30'.,. 131 20i,; 56V 97 II 85 ! lis ; 801, 80 1 95 S1 107 76, 454' lit 44 H tow 30 v SOU 73 64 ! 148 ! 80 108W 97 f t 46 ! 1154 1V?I .89 ! 104 T7H TJJ 10 6'.,; 101 7V 19, 13 66 26 4 121 01 92 62 i 41 85 '4 57 oo S4H 51 68 Vi 101 79 SB 63 73 li 14 27 i 14 TT 14 , I 6 IV i .. 31 , I 80 8 84 8 85 I 6 89 I 10 68V " 15 U 1 . 134U, 1 33 6. . 10V, 80c 1118 236.701 ,Open illlgh- Low- I Clo- I Net lng. i est. est. tng. I Change. 33 ' 44', 1 V is: 13 48 1". 133 IS 69 I 74 ; 116,1 67 86 lift 102 33 ll Hi 21 55 102 . 16 80 80 1 88 M '.. .14U 132 39 Id 6 ni so 89 56 'i .'15', 1.13 39 ' i n U 11 71 11 .1 68 . 83 . 1 93 .166 30V ' 120 10 H 73 11 68V4 85 95 100 304 88 119 80 , 83 115 10 11 65 4 80 92 4 100 301. 11 11 204 20 554 56 1 54 inn ino : i9, 35 : 35 6, : .14 4 66 86 ! 86 118 lis 117 Jl a, 80s: 79 47 4' 12 46 ; 51 ! 2i' .12 II 734 85 160 53 108.1,, 34 6, 1 46' 1.17 18V, 77 4 too ; 105 I 78 8 10',' 7 I 10.14' ?4! 20 13',! 67 29 1214 112 94 53 414 86 58 22 35 514 69 4 16 3564! 63 4 74 ! 14 4 28 61 :. 41 61 i! 101 10 10 100 Adams Express ' I 2600' AJax Rubber I 106 Alaska Gobi m I 600! Alaska Juneau I M I 1000 Allls Chalmers Mfg ' 40o:Am Agrlc Chem j 700 Am Heet Sugar 100 Am Beet Sugar pf 1 llOO'Am Bosch Magneto 200 Am Brake Shoe & Fdy I tieOIAni can 2900'Ani Car 4 Foundry.... 700 Am Cotton Oil 900 Am Druggist Syndicate. 300 Am Express 300 Am Hide & Leather.... 180A Am Hide ft Leather pf. 1 00 ! Am Ice pf 7700 Am International Corp. 100 Am Ia France Fire Eng 1500Am Linseed Co 700'Am Linseed Co pf 1010O Am Locomotive 100 Am Locomotive pf 200Am Malt Grain 3100'Am Safety Ragor 6925 Am Ship A Commerce.. 2500 Am Smelt & Ref 200 Am Snuff , 4000 Am Steel Foundries ... . lOO Am Steel Foundries pf. . 1300 Am Sugar Ref 2400 Am Sumatra Toh 100 Am Sumatrn Tob pf. . . 150" Am Tel ft Tel 600 Am Tobacco B 11661 Am Woolen 4d0 Am Writing Paper pf.. 300 Am Zinc. 1. ft Smelt . . . 100 Am .inc. 1. & omen pt. . n 13.100 Anaconda Copper 52 4 400 Assets Reall7.otl-m ! 24! 100' Associated Drv Goods.... 304 5166 Atctl, Top ft Santa Fe 1 80 lOOIAtCh, Top ft Santa Fe pf..' 71 400 Atlantic Coant Line I 86 1700 At, Gulf ft V I S S 106 Austin, Nichols pf 78100 Baldwin Locomo Vks. . . . 1 '1,1 Baldwin Loeom IVUs pf. 5900 Baltimore & Ohio 700 Baltimore ft Ohio pf 1100 Barrett Co 16C0 Bethlehem Motors 100 Bethlehem Steel 7a 200! Bethlehem Steel 7 p c pf.1 90 100! Bethlehem Steel 8 i c pf. 165 32100 Bethlehem Bteel B 200 Booth Fisheries K00 Brooklyn Rap Tr.in. . , 100 Bkn Hup Tr ctfs of dep 600 Burns Eros 1000 1 Butte Copper ft Zinc . lino. Butte ft Superior ('op.. 1060 Caddo Cent o ft R 1500 California Pack Co..., 7001Callfornla Petrol 26'.,: 26'. 2500 Canadian Paelflo 1118 HI .13 I 3.1 1 44', 474 14' 14 t 1 r. ' 31', 11 31V 31 t? A 1 n 1 n t - n I S04' 80 ( 88'., 58 4 79 so : I 80 1 861, ' 58 4 Id IS 1.11 133 .14 ,01, 33 4 io., ! 2 3 H 11 .4 .. 3 - 1 130', 131 110 111 1,-1 1 , "N I , , . I 1 58 76 58 73; 1 1 67 82 95 100 16 11 204 1 5 :,m ; 99' 1 3.1 86 117', 80 804' ; 91 167 1 Ti 41; u 114 444 51 I 8ma; 8n'5: 804 91 'j 96 1 914 107 107 107 76 77 ', 1 ,5 48 41 46 4. 1 1 'j 1 I '3 1 I '3 44 Vi (4 52 I 50 I 2t 2 .101,1 30', .10', 814! T4', 814; 7341 734! T34; 85 : 85 I 85 nn,. 148 M!414S1 79V, 794! 7941 794; P'SU, 104", 1UK,; I 97 I 97 1 07 34! 33 14 106 I 97 I ! 31 I 454 118 IS 46 H, 1.18 is'.. 45', 4l-, i3 'i3i; ; 174 18 200, Case, J I, Plow Works.. 11 lOOICase, J I, Thres M pf 1 94 SSOOICentral Leather 52 1700 Cerro de Pasco Cor 414 H600 Chandler Motors 824 2300'Chesapeake ft Ohio 564 200 Chicago Ot Western pf..l 23 32no Chicago, Mil A St P '34 1166 Chi, Mil ft St Paul pf 1 49 4 500'Chl ft Nwn 1 69 HOOlChl ft Nwn pf 1101 101 400'Chlcago Pneumatic Tool. .! 774 SOti 14400 Chl. R I ft Pac 90 I 90 ! 90 105 1105 ;105 I 78 I 75 4 ! 78 ' 74 7 74 74 lfli, jo im, nn. 6 1:4 0 6 100 101 74' :l 19 10 1"i,: 124 64 65 4 254 264' 117 ! 1 21 : 11 11 11 I 94 94 94 1"J 1 4- 24 6 -4- , 4 14 1 14 4 3 3 4- - - 1 - J V? 3 4- 4 4 i!8 - 'r - ' ? - K - 4 t i 166 102 7 7 19 la, 124; 11 GUV 66a, 534! 5141 53 414' 404 40U; 15 8i4l 8r 67 SKtZI 57 234 23' I .134 I 35 ! 33 I 3,4 4 5141 4941 514 69141 69 ' 69 1 Vs 73 77 354 36 30' 31 52 41 53 4 22; 23 79 I 82 75V 764 1041 11 191 79: 11! 29 77 11 U S6': 87 100 1104 33 ! 36 121 121 94 I 95 44 41 444 43 44 904! 914 206 1210 6 4 10 I 10 10; 104 1 4 24! l SOU Chl. R I A Pac S p c pf . . 300. Chl, R I ft Pac 7 p c pf. . I860 Chile Copper SOOIChIno Copper 200 Clev, C, C A St L 506 Cluett, Peabody A Co 130o'coca-Cola HOO Col Fuel ft iron 700 Columbia G A Elcc llSOOjColUmfla Graph 600'Consolldated Cigar pf... 1100 Consolidate Gas 900 Con Interstate Cal Ming.. 2600 Consolidated Textile 500 Continental Can 1500'Contlnental Candy lOOOOICom Products Ref 100!Corn Products Ref pf 400!Cosden ft Co 10700'Cruclblo Steel Co 100. Crucible Steel Co pf 35 6.1 72 14, 2si., 56 75 4 35 N 31 62 21', 36 4 634 J 2 1 4 a, 28 56 1004 774 8 72 14 27 ! 75 35 4i 3.7 31! 30 52! 52 2 4 '.. 80 4! 80 4 1 74; 754: 104 11 I 19 29 4! 7S 79 I I 11 I 11 4! in; 804 11 6.14 .724 141, 27 ; 55 75 35 30 4! 87 88 21 SO 4 71. 101.,' 11 28,' 29 78 I 1";, 524' -1- 1 14 1 4- 2 1 4- $4. 4- 4 yi 4- 14 7 IS El 4 14 14 so 4 : 71 14 79! 11 86 V 102411024:1021., 1024 33V 33V 92'. 12l4il274'l2l 94 94 3400ICuban Am Sugar i 44 V 44 EOOO'Cuba Cane Sugar I 43 1200 Delaware ft Hudson 90 700!Del. Lack ft Western 209 19 71 134 204 14 69 8 82 zei 214 11 73 584 62 140 20 I 13 21 144 I 71 86 ; 26 ! 22 7? ! 60 I 100 .1 .lOOIDenver A Rio Grande.... 1200 Denver A Rio Grande pf.l 600. Dome Mines lOOiElec Storage Battery rts. 200Elk Horn Coal Corp 500!Kndlcott Johnson " 7 104 104 3 19 14 4 I 914 :i3 6 4 10 94 42 42', 89'j 209 4 5 in 10! 104 80 56 74 33 26 114 53 75 25 67 13 95 4 8-"i 464 3 4 9 17 74 12'.' il4.1 ! ! 224' ; 70 11 I 56 4' 4900:Erle ., I 12 1300'Erle 1st pf 20 200'Erle 2d pf 14 4500:Famous Players-lsky ..I 70 lOO.Famons Players-L pf....l 84 6600lFI.sk Rubber ! 27 600iFreeport Texas I 214 800:Gaston W A Wlgmore ! H 400!Oeu Am Tank Corp 73 lSOO Gerieral Cigar Co 100 General cigar Co pr. 3 19 74 13 4 20 4 144 70 84 27 21 ", 114 7 , 6041 66 j 92 92 20fl'Oeneral Cigar Co deb pf. . ' 804 son I 344 4 27 ,50c( 124 .. 60 80 I 7! 28 I ..I 084 4J I 14 1 '98 ' .. S.T.j 7 7 V, BUCi I 76 4. j SO G4 I 17 78 42 4 41 17 4 76 4 4 I 10 ! IS ..I I 784 51 '12441 7! ! 27 ! 77 I 61 SI i 7 lit ' 1714,1 .. tttt .. 424! ..I 4sf ' i 75l '41 500;General Electric Co. 38800 (leneral Motor 600'Oen Motor Corp deb 1100 Q Motor Corp deb pf 7 p c 1800'Goodrlch (B F) 14000Great Northern pf 200 Great Northern Ore ctfs. . 500;Greene Cananea Cop. . . . 500;Oulf, Mobile A North... 500 Gulf State, Steel lOOjHartnian Corp . 100 Hendee Manu'acturlng . 7!00Haskell A Barker Car. . . 1800 Hupp Motor 600 Houston Oil Co 600 Illinois Central cx dlv. . 300'Indlahoma Ref 3900' Inspiration Con Copper. 200 Interboro Con "'orp 300 Interboro Con Corp pf.. 80o;int Agrl Corp 100 Int Agri Corp pf 400! Int Harvester Co new. . . 1400'In: .Mer Marine lGdOilnt Mer Marino pf 19", 71 Vi 12 20 14 68 84 25 214 11 7.1 IS 92 80 4 139 1T'i1384 111 11 70 70 4 69 814' 814 81 54! 58 54 70 I 75 70 33 4 11 334 in . 11 12l . eg .1 75 . 27 4 .1 68 .1 13 . is' 81 53 78 274 68' 1.1! 96 I 82 f T 47 48 34 1 94' 94 18 I 18 ' 71 I 78V 122'1224 21, i. 12 51 I 53 .13 126 94 444 44 91 213 5 104 10 .1 19 4 74 nv; 20 I4 89 84 264 214 11 73 58 92 80 4 139 4 22 69 81 B 18 U 1 - 12 4 4- 1 4 - 4- 1 4- 5 4- 4 4- 1 77 1100'Internstlonal Motor Truck! 49', 100, Inter Motor Truck 1st pf. 300'Inter Jlotor Truck 2d pf 560fl'lnternatlonal Nickel .. 3900lnternntlonal Paper . . . 10600lnvinclble Oil 1600 Iron Product Corp.... 53001 Island Oil A Trans Corp 7 0" Kansas City Southern. . r.ooo(Kelly Springfield Tlra. 80 4 85 17'. 774 41 44 6 18 71 27 66 131, 12 81 46 114 9 1 7 ' 69 13',! u a 12! 46 I i 1 17 SV , !, : , s 122 122', 25; 27 76l 764 494i 494 8041 804 65 1 5 164 41 6 77 491, so 4 65 17 78 4 2'. 44 64 17' 165,1 171, 76 1 71! 76j 1 r in -- 14 4 i 14 64 1 4- 4- 1 4- 6 i 4- . 5 1.4 14 4- i3 4- 1 aaaae 1 V 18 1 vi 2 ' i 4 4- 1 4- 14 24 Vear to date. -Cloning. ;PlT. Bid. I A. p $. Sale. 1920 1 36.722.2864 1919 179.366,883 1918. 82,347,189 62 104 41 23 40 i i 4 s'.. 1584 13 19 39 134 684 6 11 4 26 424 ;n i 33 804 4.'. 66 108 44 24 41 144 153 159 194 14 71 12 251, 4.1', 31 .14",' 81 II 7 go : 10 24', 214 664 36 4 11 5i m 21, ' 14 , : 45',; 133 i 97'- I 62 105 , 44 ! I 45 1 10 i 144 23 24 4! 2 4900!Keiinecott 1 opper . ... 204; 214 1.20 4nn Keystone Tire ft Rubber 65 4 1 66' 6' 2700 lack:iwanna Steel Co.. 36 ; 37 , ... 200' Laclede Ga of St I.... 10 1141 .. 300 Lake Erie ft Western.. II 24 1 2, SOn'l.ee Rubber ft Tire 44 45 1341 7nn ihigi, Valley ' 43. 20 , i 2P,' 2' 1 586 Ixews Inc ' 204 134 1341 . . 5100 Loft. Inc I 14 45 52 I ..I 100'I.oose Wiles BlSOUtt 43'i 1324 131 j 12! ano.Lorlllard (Pi Tob 133 ( :t JJ 1 1 ,o(i ivouisviue 4 attn me. . . . :i. inn Mackay Cos 62 100 Manatl Sugar (105 100 Manhattan Elev guar.... 44 100 Martln-Parrv Corp 24 lOOiMarlln Rockwell Corp.... 45 1 no' Maxwell Motor ctfc 10 1200 Maxwell Motor 11 100 Maxwell Motor 1st pf . . . 22 SOOIataxWeU Motor 2d pf ctfs.l 16 104 200 May Dept Stores ' 74' 74 15500 Mexican Petrol, ex dlw.'K.S I lfiS tZ 500 Miami Copper 19V 19V j:"? 1.011 iiiu" anaiiK states nil 39 y 4! 9800 MlQVale Steel ft Ord 1 boo Minneapolis ft St J. new.; 100 Minn, St PASS M I 900 Missouri. Kan ft Tex.... 100 Missouri, Kan ft Tex pf. . 4Dn Missouri Pac 2600 Missouri Pac pf J 4300 Mont. Ward ft Co ! 200'Miilllns Body I 3900 National Aniline ft Cham. 200 National Cloak ft Suit ... I 700 National Conduit ft Cable. 61 900 National Enam A Stamp. 7 100 at En A Stamp pf I 6 40" National Lead Co 7j 100 National Lead Co pf 1 (66 Nevada Con Copper 100 New Orleans, Tex ft Mex 'Open- 1 High' ill'- I . 24 4 20 4' I IIU ' 36 U 11 1 Low. 234! 20 36i. 11' I Clot- I Net I nut. I Osage, g 14 24'V 2lS 66 4, 36', 11 ll 41 59 88 73 73 4 102 1103 lUj, 1 17 i 96 U 71! 34 I 48 I 26 I 40 16 89 ! 49i 73 , 48 4' 10i 61 1 I '.j 4 1 46 14 21 '. 48 40 83 77 4 29 40', 20 294 24'? 334 60 35 4 43 4 884 12 81 55 27 734 134 93 110 834 38 154 894 60i,i 76 4 1 4 1 82 41 vsi.: fr7l-V 14 39 96 72 35 52 28 50 30i so 7. 60 I S! 74 j 7 504 5 15 4 50c 51 2 4 40c! ...., .im, 11 70 I c,s, ' llli, 26 414 3141 341, SI ! 45 I 74 59 91 I 73i 1024 101 102W 11 11 11 874 39 II 70 6! 11 42 31 I 34 V 79 I 45 I ') 58 4, 91 7.11, 43 4 201 124 45 4 1304 97 62 105 41 24 43 lOLj 134 22 10 73 153 4 19 I 19 204! 204 17 V ! 13 70 1 1 1 1 4 44 1044 134 45'. I 1324; 14 974 - 2 I 62 I 1105 I 1 44 4-2 24 45 3 10',! 11 12 10 I 73 6 114 214 42 I 29 .14-., 78 45 I 6. 1 j 13 70 6 11 Li 25 4.11, 30 4' 34 81 45 ! 6: 14 3 1 24 4- 2 14, 4- 4 4- i 58 I 59 II 73 17 49 40 11 7S 1 30 40 i 204 29 25 34 52 37 44 93 12 814 57 27 76 14 94 111 85 39 1 5 4 89 BOH 70 4 4 5 82 89 100 New York Air Brake 69on x,.w York Central 900 New York. Chl ft St L. 280 N Y. Chl ft St L 2d pf. 200 New York Jock 200 New York Mock pf . . . . 43700 New York. New H & II . 100 Norfolk ft Western .100 North Am Co 7800 Northern Pacific 1000'Nova Scotia S & C 300 Nunnallv ft Co 200 Ohio Fuel Supplv 3200'OklahOma Prod A Ref. . . . 700Ots Steel 4 no Owens Bottle co 600'Paciflc Development .... 24800 Pan Am Petrol A T cx dlv 6500 Pan Am Pel ft T B ex dlv 300 Parrish ft Bingham 3600 Pennsylvania R R 1900 Penn Seaboard Steel 12001 peoples c,bs, Chicago.... 1106 Pare Marquette 400! Philadelphia Co 100! Phillips Jones 2100lPhilllps Petroleum 10200'Plerce Arrow Motor 100 Pierce Arrow Motor pf . . . 1300!Pierce Oil Corp 200: Pierce OH Corp nf 400lPttsburg Coal of Pa 1800'Pittsburg A West Va 100 .Pitts ft West Va pf ex dlv 72 72 100Pond Creek Coal 3 Vj I 13 .'lunir-ressea Meei car h&,i 6 3800,Punta i 95 ! 7041 I 32 4' I 50 11 314! 89 4 48 41 714! 50 15 47 34 21', 48 404I 824! 78', 29 4! 39! 181, 29 24 4 3.1 4 50 37 43 88 I 11 81 4 66 27 724 34 50 26 4 45 35 894 49 73 4 50 16 47 4 21 48 4041 844 79 4 29 4 40 10 ', 29 25 3341 50 37 41 444 89 1 124 814 57 28 11 73 1024 11 ll i 72 4 34 60 ! 26' 43 ' 34i 89 4 !! ,i'a .1 95 70 32 4 50 26 4 4 5 10 89 4 484 70 V. 47' 48 15 15 46'.,' 46U 1 3 4 2(4I 21 l 47 40 ! 40 8041 834 6 V 78 H 4 2 4 1 .1 3 4 - 14 19 ! 39 I84! 23, 334 60 35 4 41 89 I1'" 814 66 26 4 0 14 " 4 1 1 44 13, 92 400 Pullman Co 11 3 4 '1 13 4 ' 1 1 2 U Allegro Sugar 844; 844 81 40 204 29'j 25 314 50 35 434 89 124 814 57 27 4- 1 1 4- 1 1 .2 16 4! 224! 31 I 40 4; 7 4 13 04 24 624 93 28 60 627 105 34 4 36 73 I 74 64 65 9'i 434 16 15 174 00 31 4 41 74 14 04", 26 65 93 29 61 631 11054 5.20 11 6 61 M M 41 37 27 62 12 4 46 83 50 9 43 4 09 28 4 62Li 12', 47 89 2841 284! . .1 16 116V 101 6441 55 40 I 42 194 '197 is 654 14 59 62 51 85 102 88 11 66 II 604 824 634 854 103 I 87 4 1 87 A- IU..I, in 61 714 65 4 105 ir.u 7- 2-4 16 58 9 26 4 62 47 10', 47 16 80 524 60 4 105 4 63 714 6 7 114 16 8 4 23 4 17 61 274 64 47', 10 48 4 16 84 4 52 01 I , Odd lots. NOTE Odd 2000 Pure OH 200, Railway Steel Spring..., 160 Ray Consol Cop 230O0lReading 500, Remington Typewriter . 7300'Replogle Steel 500, Republic Motor Truck... 18600'Republlc Iron ft Steel... lOOiRepubllc Iron ft Steel pf 2600 Royal Dutch Co. N V. . . 100181 Joseph Iad 7000 St Jxuls A San Fran.;. 100 Santa Cecilia 4700 St Louis Swn 700:St Louis Swn pf 700 Savage Arms Corp 1000'Sa.xon Motor 400!SeaboaTd Air Line pf . . 2000 She 11 Trans A Trading. . 21600 Sinclair Consol Oil 400 Sloss-Sheffleld S A I... 12200! Southern Paelflo 42500'Southern Railway 700 Southern Railway pf. . . 0.'. Standard Oil of N J.... 200!Standard Oil of N J pf . . 800'Stewart Warner Speed. . . 9700iStromberg Carburetor . 26700'Studebaker Corp 800!8uperlor steel Corp 1200'Tenn Con A Chem 15000 Texas Co 2500 Texas Pac Coal A Oil... 6400Texas A Parlfic 1200 Times Square Auto 2000Tobacco IVoduets 6300 Transcontinental Oil ... ."OiVTransue & Wms Steel... l60 Union Bag A Paper 140o;rninn Oil 4500 Cnlon 'Pacific 700UnlOn Pacific pf 200; United Alloy Steel 900il-nlted Fruit Co 200trnlted Ry Invest pf . . . 6200 Cnlted Retail Stores... 300117 S C I pipe A Fdv. . . 2900 V 8 Food Prod Corp 88O0JU S Ind Alcohol 800!lJ S Realty A Imp 18B0OI U S llllbbfr 400 U S Rubber 1st pf. . . 200IL' S Smelting, R A M. 670001 V S Steel 300117 a Steel pf 3800il'tah Copper 28400' Vanadium Corp 900JVa-Carollna Chem . . 2r,o(Va Iron, Coal A Coke 200 Viva udou V ItOOlWabash 2000! Wabash pf A 100 Wabash pf 11 500 Wells Fargo Express. 700IWestern Marvland . . . 100! Western Pacific 100;Western Pacific pf. . . 24001 Westlnghonse E A M. 1200!Wheellng A Lake E. . 1000 White Motor 6900 Wlilvs Overland 200!WIUys Overland pf . . . oOOIWIIson A Co 1900Worthlngton Pump . . 38! 92 4 I 154! S84 60 70 4' 42 ! 8141 11 VJ I I3 3 4 39 92 4 154 89i! fi.) i.j 76 ! 42 18 4 94 115V 1 8.1 ivr 3S 38' i.i 4 . 2.1 .1 174 204 .! 31 I 444 . 74 ! 134 . 65 I 26 . ; 62 ! 914 28 4 .1 60 .631 .1105 I 354 714 63 49 94 43 40 56 28 4 61 12 46 83 4 28 1144 15 16 874 60 69 4 1 41' 79 41 1 na 1 I 72 41 '; 14' 17'.,! Ilg llS 44 4; T 14 I 27 62 93 29 60 631 105W 35 4 74 65 49 V 17 4 204 304 41 37l 28 63 13 ! 16 ssui 28 1 1 1 1184 65 41 196 19 65 15 60 82' 51 86 103 '4 55 V, 86 87V' . .1105 105 ..' 64! 64 . .1 694 71 . . I 65V,I 65 4 l'"S ! 106 13 64 254 62 90 4 274 59 629 105 84 69 48 9 434! 42V, 41 I 30 jc , r 9 V 41 194 19 64 4 15 69 81 60 84 . .1103 35 ' 27 4 CI jk 83 ij 28 1144 65 41 194 18 V, 63 1 f 58 794 494 101 II SI 1 II 8 24 4 16 C04 9 1.. 26;! 114 474 10 It 8 25 16 S0 16 62 4 47 10 4 7'-, DS 1 154 89 604 416 62 91 731,: 14' 25 i 174' 21 V 31 C I 41 I 74 14 64 26 62 93 4 29 60 630 1054 35 74 64 49V4 94 43a 41 37 4 ' 27 61 124 16 834 28 1164 65 41 155) 18 65 4 60' s:.,' 49 ?3 4 102 4 1 3 1 4- 4 ? 1 $ 5 4- 4- 4 1 , 1 lPf4H0.il. 601:, 6241 69' 71 63 I 634I 105 1105 1 I I 80 ' . 24! "4 li Vj 4 1 1 ' 1 "51 4 4-14 4-1 7 18 4-'i 4- 1 -1- 3 14 1 J 14 4-24 2 - 14 4-'i '4-'- 16l 16 814 81 63 I 53 t0 814 16 7 23 16 60 1 1(. 26 62 1., 1 62 I U 4 1 tj 1 !' 46 114 80.4 52 58 48. 1 10 474' - 16' I 80! 60 I - 4 2 4 24 lot transactions are not recorded In separate line unless eales were made at price outside of the regular full lot range. Market Turn Upward. After three-quarters of yesterday 'I market had paeeed Into hltory and lock had moved heavily Into lower ground, many of them establishing new low record for the year, the call money rate was auddenly ened off to 0 per cent, for the firt time since June 17. Tho result was an Immediate upturn of the trend, cuused by the covering of frightened short, and In tho final quar ter of the session prices advanced at a rate which demonstrated Jut the extent lo which thn hort Interest had accumu lated. That It was little more than a covering movement was apparent to moat tape readers. The action of the rail group, however, Indicated a revival of actuul purchaae for long account, par ticularly In such storks as Great North ern preferred, New Haven and similar Us lies. Money a t 8 Ter Cent. The decline of the call rate to 6 per cent. yeterday took Wall Street by eur prlge. Tho opening and renewal rate had been 8 per cent. Tho tlrst break, shortly after midday, wa to 7 per rent., followed by the final decline to 6 per cent. In bunking circles the decline was attributed to the depreciation In the market value of stocks and tho re stricted demand for call funds. Bank era do not anticipate a continuation of the 6 per cent, rate by any means. Slich a rale hardly would compensate Interior banks which have money In this centre. A continuation of the rate undoubtedly would bring about a withdrawal of their funds and ft return of tight money. It 1 is tho general opinion In Wall Street that thus far 110 fundamental change In tho credit situation has occurred. An nouncement that the Federal Reserve Hank would withdraw $11,000,000 from the banks of New York 011 Thursday, bringing the total for the week to $25, 000,000, was made yesterday. WafchlnHr I nlted Stalra steel. The eyes ot the entire speculative world arc on United States Steel com mon, because the old saying that "as goes Steel fro goes tlm market" hue proved true again. It wna the weak ness In Steel In tho early part of the day which gave the entire market an appearance of iinsteadinese. and It was the strength of Steel In the latter part of the day that steadied the entire list. Tremendous efforts were made to get It through , but at that flguro It stuck, although for 11 full hair hour It hovered nbout that mark while hun dreds of shares were thrown In by the bearish clique In endeavors to keep It going. The story thut a big banking house had come Into the market with sr me heavy orders for Steel common ut the critical moment was current. That house, It was reported, gave brokers orders to purchase ,1.000 shares every quarter of a point down from 854. Just one order was executed for the stock, which thereafter rallied sharply to 87, at which It closed. The short Interest In Steel Is reported to be un usually large. (.rent Northern Preferred. It was but natural when the turn In the market came yesterday afternoon and the rally began to make Itself felt that tho railroad shares should be the first to make pronounced headway up the scale. All day Monday and early In yesterday's session most of the rail shares were straining at the leash, en deavoring to get away, but the exceed ingly weak condition of the rest of the market made It impossible for the rail rhares to move upward. The most Im portant gain made by any of that class cn' stocks when the rally did come was hat of Great Northern preferred, which Jumped upward by leaps and bounds from 70 to 76, closing with a net gain of exactly 5 points on the day. The buy Ir.g which came into Great Northern around 2:30 o'clock was declared to be the best kind of inside support, put in by Important banking interests which are krjpwn to have close connections with the road. Two separate orders of 5,000 shares each went In, one at 70 and the other at a little less than a point higher. The total transactlone In tho stock were 14.1)00 shares. Hallroad Credit. At least one banker Is not extremely bullish on railroad credit. While others have been talking of what the rate In crease means for UlO roads In the way of ability to obtain funds he has been studying the situation from another angle, and yesterday he declared that although he thought that the Interstate Commerce Commission's action- was a great ftrlde forward, he believed that there wore Other obstacles to be sur mounted before the railroads would be back 011 a full credit 1-asis. The chief of them, be said, was the growing dis position to overlook the "sacredness of the date of maturity." What he termed "blackjacking" Investors Into taking new securities when those which they held matured was a grave menace to the abil ity of railroads to float new securities, in his opinion. "It would be no more ab surd to Insist that Investors take new securities for their Interest," he declared, "and If the thing la allowed to go on that way, wo might as well sell bonds without a maturity date or a redemption feature." Interborontgh Bond. Traders were at a loss yesterday to account for tho extreme weakness in the Interborough Rapid Transit Com-1 party's first and refunding 5 per cent, mortgago bonds and 7 per cent, notes, both of which mado new low records, the latter declining fnore than 5 points. Neither were bank ing Interests cioso to the company able to give any light on the mystery. Those bonds have been declining rather sharp ly raeasntly nnd In each case their low points of yesterday were new lows. One banaer In close touch with the transit situation declared that even should thcro be .1 default of Interest payments the merits of the bonds and notes would warrant expectation that nothing serious need be expected In the final outcome, even should a receiver be ap pointed. There was no particular pres sure discernible against the Interbor ough etocks, however. Only 200 shares of the common clock changed hands at 1, off , while 300 shares ot the preferred were Bold at 94, up 4- Gencrnl Motor. That the British Interests which bought Into General Motors recently to the tune of $26,000,000 are well aatls fled with their deal was shown In a report of the transaction by the presi dent of Explosive) Trades. Ltd.. which made the Investment, to Its etockhold era, "We became partners to the ex tent of about $25,000,000," he told them, "on very favorable terms, which, even on to-day's revenue of the company, without Increased capital, will be high ly remunerative." The high state of ef ficiency found In the OQeneral Motor' plants was the deciding factor In the Investment, the report says. "There Is." It contlnuos, "no question that the out put per man m those factories Is greater than that at similar factories In this country. U3ien I tell you that the estimated output thl year of motor cars In tho various factories belonging to tho General Motors Corporation Is approximately S50.000 passenger cars and 170.000 Industrial vehicles, tractors, etc., this will give ytrU some ldo?. of Ihc gigantic nature of the business.'' Cochrane Harper &Co. Ill Broadway NEW YORK 60 State St. BOSTON Invincible Oil Coi-poration I. titer t circular on refuenf WEEKLY LETTER ( il, in current new and development or INDEPENDENT & STANDARD OILS Furnished upon requeei 350 Communities arr served with ncceisitics -light, heat, power and transportation by this great enterprise. This company control 28 oil-producing, transporting, refining ond distributing subsidiaries and 84 public service subsidiaries. We offer Cities Service Co. b Cumulative Preferred Stock Price at Market About 66' To Net 9.02 Ask for Folder B. H.-M Ilollisicr, White Go. t.: ledr St., or. Trinity ft, 1 elrphone Rector 30.11 NEW YOKR Boa on I'iilladrlphla Listed and Unlisted Securities Lainbornfe&L Fpeculistsn Sugar Stocks Seven Vafl StMxi Tel.RB-rnB 6310. MEMBERS AM' Slock V.I. IV. V. Produce Kr. iy.r-CafJOfl Kjc. ( hie Bd. of Trade A". V. Coffee and .Suear F.J . In lAmdon Prod, t 'tearing House, l.'d. 'The 0U Industry" for August will contain an interesting sgtVisea "How to analyze an Oil Investment" Upon request we will mail tbJsfsstV licabon without charge each mootk, R.C.Megargel&Ccv 27 Pine Street -Newl&rK Doe tho present market price reflect values or sentiment? CENTRAL LEATHER Analyzed from both market and bustnaes M.iiulpoiut other feature in MARKET OPINION. Ask for C-57. R.H.MacMASTERS&GO. Afrm&erj Consolidated Slock Etch.. K. V 82-84 BroadSt. New York f hone: Broad 3S0 first Floor CHICAGO MILWAUKEE Merrill, $. S. Krcsge Lynch Pfd Com- &- Circular A -75 vO. Sent upon rtQUtlt 120 Broadway. N. Y. Members Ntu York Stock Exchanis Bank & Insurance Co. Stks. Murton Lacheiibinch.& Co 42 Brtoaa Struct- wVr-- eacMo Derntorr Philadelphia pmsndit PHeat ll'lrc Connoctivo Ofirci. Mississippi Vy. Go a B9. IK . Y.. New Harm & Hart. 4s. IH Republic Motor Track Is, USX. Trl City Hallway t I t. Is. II t cited Fuel 4, as Us, IMS, FREDERIC H. HATCH KO. 74iVvayNY M'! 1." ' - Tel Ka;fi Wtal cOf.eCTloiss MSTOo'. CHICAGO, Fill IA. MONTREAL. PITTi?UP.0. I ee Rubber's Sale Gain. The I.cc Rubber and Tire Company reports for six months ended on Juno II ; net profits before taxes of $510,923, or $3.40 n share earned on 150,000 shares ' of It capital stock of no par value. The sales for the six months were $4,183,000, against $2,557,000 In tho corresponding 1015 period. Working capital on June I 10 was approximately $4,417,000. C Odd Lots Write Dept. 14. (hisholm h (hapman Member yew York sto-i: En M-fl" 71 Broadwr.y. Now York City.