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New-York tribune. [volume] (New York [N.Y.]) 1866-1924, January 03, 1920, Image 12

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i
Phone. Rector f 000
Josephthal & Co.
120 Broadway, New York
sa???
tneTTwswS
SmeYtrkStoekEschmti
Foreign
Government
Bonds
Printe Wire? to Principal Gtiea
Industrial
Preferred
Stocks
Special List ot
Attractive Issues t
Hartshorne,
Fales & Co.
Members N. Y. Slock Exchange
71 Broadway
Telephone 7610 Bowling Oreen
;MR- Q- A* SHAW McKEAN
and Mr. Arthur T. Lyman
become members of our firm on
Jan. 1, 1920. The firm will be
made up as follows:
Spencer R. Hill
Daniel W. Gurnett
George Putnam ( General
Q. A. Shaw McKean '
Arthur T. Lyman
Partners
Henry C. Wiley 1 Special
William L. Putnam J Partners
RICHARDSON, HILL & CO.
Boston, Dec 31,1919.
Great American
Insurance
Stock & Rights
We Specialize in Nein York
Fire Insurance Stocks.
J.K.Rice ,Jr.&Co.
Phone? 4000 to 4010 John, 36 Wall St., N. T.
-uvru.v '*? Year? of Commercial Saoiuat
CS CHATHAM & PHENIX I
V#N NATIONAL BANK ?
IXTET/ Capital * Hurplu? ?13,000,00?
ai^r^vj, K?aou~cea.$160.000,00* i
DasK 149 Broadway, Singer Bldg, !
,.,.-:,.v. And 12 lirancn.a
U. S. and Uruguay Agree
To Arbitrate Disputes
Commercial Differences Will Be
Settled Through Chambers
of Commerce
WASHINGTON, Jan. 2.?An agree?
ment to arbitrate commercial disputes
?arising between merchants of the
United States and Uruguay has just
been concluded by the Chamber of
Commerce of the United States and
*thc C?mara de Comercio of Montevideo.
Similar agreements have been made
with Ecuador, Argentina and Panama.
The agreement with Uruguay pro?
vides for an arbitration committee of
nine members in each country. On
the American committee, five members
v.ill be n? ninated by the Chamber of
Commerce of the United States and
?approved by the C?mara de Comercio,
and four will be nominated by the
'Uruguayan organization and approved
,by the American chamber. The per?
sonnel of these committees will be
announced soon.
There also will be ? list of official
arbitrators is each country containing
.sixty names, thirty of these being
fele?ted by each organisation in the
?ami manner as the committees are
'chosen.
When parties at dispute in the two
.countries agree voluntarily to arbi
trate their differences they may select
?any persons they choose as arbiter?.
! When one party refuses to arbitrate
?the arbitration committee will select
'arbiters from the official list of sixty
I names.
ii"*. ???
; Harriman National's Growth
; The Uttrrimttn National Bank yester
*d*y declared a ?emi-annual dividend
of 6 per cent, payable to stockholders
of record ?t the close of the day's
business. While this is at the same
Jratc as heretofore, an official of the
?bank ?aid yesterday that it has abated
'with other banking institutions fh*
?rxcaptional prosperity ol the past
?year, its capital stoel Is now tlfifi?,
M0 and surplus and undivided proi-lts
Sharp Advance
In Stocks Follows
Decline in Money
Unexpected Drop in Call
Loan Rate Gives Life
to Market; Pool Opera?
tions Help 'Rise Along
Swinging Into the new year, the
stock market got away to a strong
start yesterday. Industrial shares,
particularly the specialties, developed
a most vigorous tone in the fore part
of the trading session, and a number
of issues made new high prices for
the movement. Later on profit taking
sales appeared in he"avy enough volum?
to cause substantial recessions from
the earlier highs, but the closing tone
was strong.
Two developments stood out rather
prominently. First was the active bid?
ding by speculative pools which last
week took on renewed courage when
the market held up in the face of 25
per cent call money. The second.was
the decline in call money in the after?
noon after the demand of brokers had
been satisfied to 6 per cent.
The renewal rate as well as the
opening rate on call loans was 15 per
cent, a rather high figure, particularly
! for renewals, and the same as ob?
tained earlier in the weak But sub?
sequently the demnd"~Tor'"runds" for I
stock market purposes became lighter j
and in the afternoon the banks of- j
fered money rather freely at the 6 per
cent rate. The government made
heavy withdrawals of funds, the total
'. for this account alone being put at
$100,000,000 yesterday, but prepara?
tions to meet this drain had been made
the first half of the week.
Many investors who sold stocks in
the final days of 1919 to establish
i losses for tax purposes and did not
buy them back because they have felt
; that they might be able to buy them'
' back at lower levels are still waiting
! to see what Is going to happen next
] in the market. At the same time there
! is a good deal of repurchasing going
on, and brokerage houses reported yes
! terday that much of the buying during
i the day came from this quarter. Pro?
fessional pools were held responsible,
I however, for- shaping the course of
prices in the case of many of the
industrial specialties.
Wall Street, or at least that part
of it which is in touch with the inter?
national credit situation, laughed at
the wild press reports which appeared
over the New Year holiday telling< of
an attempt that was baing made on
behalf of the British Treasury to ob?
tain a $13,000,000,000 loan from the
United States. The reports are brand?
ed by the banking community as be?
ing preposterous and without any basis
in fact.
?
Money and Credit
Despite the heavy January 1 interest
and dividend payments that were met
yesterday and government withdrawals
from the banks, estimated at approxi?
mately $100,000.000, the call money
rate on the Stock' Exchange closed at
j 6 per cent. With the opening and re?
newal rate fixed at 15 per cent, it had
been expected that rates would rule
firm all day and, as a matter of fact for
several days. No one looked for 6 per
cent money until well along toward the
middle of the month. The explanation
offered for the- drop was that banks
who have been out of the call loan
market for the past days yesterday
found that they had more funds on
hand than they needed to meet with?
drawals, with the result that they
offered money freely. It was also said
that some interior institutions, at?
tracted by the high rates here, were
also lenders. Bankers who have been
predicting stiff rates during the first
week in January now admit the error
of their calculation and look for easier
money conditions.
The ruling rates for money yester?
day, compared with a year ago, were
as follows:
Yester- Year
Call money: day. ago.
On mixed collaterlal- 15 6
Or. industrial collaterial 15 6%
Time money (mixed collat?
eral) :
Sixty days. 6% 5M?^6
Ninety days. 6% r.^^G
Four months.6% 5^^5)6
Four to six months_ 6% 5%@6'
Bank Clearings?Bank clearings, in
*New York and other cities yesterday
were :
Exchanges. Balances.
New York....$1,385,807,131 $122 635,043
Baltimore ... 32,937,363 11,172,637
Boston . 102,067,981 22,260.9.75
Chicago - 151,335,661 9,995,154
Philadelphia.. 128,792,105 28,163,447
Pittsburgh .. 36,284,506 15,200,933
Sub-Treasury?united States Sub
Treasury debit balance, $290,336; Fed?
eral Reserve credit balance, $111,333,
824. \
Silver?London, f5%d; New York,
.$1.30%; Mexican dollars, $1.00'/4.
The Dollar in Foreign Exchange
Sterling and franc exchango moved
I in favor of the European countries
yesterday. Bankers said the adjust?
ment changes were not important, as
the volume of dealings was. rclntively
small, and the rise was probably due
to the effects of after-tho-year settle?
ments. The denial by government oiTi
i cials and bankers of the report Great
Britain was negotiating a $13,000,000,
? 000 loan shut off the effect of the ro
I port on the market.
? Yesterday's rates, compared with
j those of a %veek ago follow:
(Quoted dollars to the pound.)
Week
Yesterday, ago.
! Sterling, demand. $3.7825 $3.7932
Sterling, cables . 3.7025 3.81
Sterling, sixty days... 3.74 3.7575
Sterling, ninety days.. 3.72 3.7450
(Quoted units to the dollar.)
| Francs, checks. 10.78 10.62
; Francs, cables . 10.76 10.58
Belgium, francs, chks. 10.71 10.35
Belgium, francs, cbls. 10.69 10.33
Lire, checks . 13.25 13 02
Lire, cables. 13.23 13.00
Swiss francs, checks.. 5.60 6.55
Swiss francs, cables.. 5.58 5.53
^(Quoted cents to the unit)
Guilders, checks . 37.875 87.37
Guilders, cables . 37.50 37.50
Austrian crowns, chks. .60 .50
Austrian crowns, cbls. .52 .60
Sweden, checks .21.45 21.65
Sweden, cables . 21.55 21.75
Denmark, checks. 19.20 19.50
Denmark, cables. 19.30 19.60
Norway, checks. 20.30 20.05
Norway, cabios . 20 40 20.75
Pesetas, checks . 19.22 10.86
Pesetas, cables . 19.32 19.45
Marks, checks. 2.01 2.08
Marks, cables . 2.03 2.10
Greece, checks. 15.00 15.30
Greece, cable? . 1610 16.40
Manila, checks. 48.75 48.75
Manila, cables . 49.00 40.00
India, rupee?, checks.. 44.75 46.25
India, rupees, cables.. 45.00 46.60
Japan, yen, checks.... 50.50 60.37
Japan, yen, cables- 61.87 60,x7
Argentina, checks-102,40 102 50
Argentina, cables -?01.90 102.20
Brazil, Rio, checks.... 27.75 27.76
Brazi!, Rio, cables..,. 28.00 23.00
Cr,echo-81?vakia, chks. 2,8 2.8
Transactions Yesterday in Listed Stocks
Summary of Struck Exchange Dealings
Stocks
Railroads ...
Other stocks
Yesterday.
164,100
97^,700
All stocks . 1,143,800
Day
Before.
186,900
1,204,600
1,391,500
1 Yesterday.
IT. S. government .......$12,672,000
Railroads. 2,144,000
Other bonds ............. 2,293,000
All bonds . 16,979,000
Year
ago.
133,900
597,700
733,600
Bonds
Day before.
$18,264,000
2,101,000
6,339,000
26,704,000
1920.
164,100
779,700
1,143,800
January 1 te date.
1919.
316,900
906,600
1,223,400
1918.
?64,800
2,444,100
2,408,900
/
Year ago.
$6,961,000
2,984,000
2,704,000
12,649,000
1920.
?12,872,000
2,114,000
2,293,000
16,979,000
1919.
$23,691,000
4,816,000
3,648,000
31,665,000
Record of Stock and Bond Averages
(Copyright, 1919. New York Tribune too.)
Stocks
Yester- Day Year
day. before. age.
20 Railroads. 65.55 ,64.60 72.50
30 Industrial? .109.50 107.97 84.87
50 Stock*. 91.92 90.56 79.48
Bonds
10 Railroads . 76.23 75.87 82.71
10 Industr?ale. 90.71 90.67 93.76
5 UtUities . 73.82 73.46 85.75
25 Bonds .;. 81.44 81.31 87.74
Range fall year.
1919.
High.
78.80
119.33
99.54
82.80
95.70
87.75
87.91
Range fall ye
1918.
Law.
63.35
79.20
75.92
72.83
90.66
71.80
80.21
High.
79.15
88.83
84.08
86.57
94.08
89.02
89.46
Lew.
66.12
73.37
70.30
76.62
67.40
82.60
83.62
High.
1919.
64
54
76
113
4/4
3/4
61%
97.
113%
101%
143%
6
68%
107%
148%
119
67i/a
14/4
43!/?
142/a
76/a
76/4
132/4
89
117/4
Low. Dlv.
1919. Rate.
29% ? Adams Express .... 100
Advance Rumely .... 1400
Advance Rumely pr. 100
Ajax Rubber.1200
Alaska Gold M. 800
Alaska Janean . 200
Allis-Chaimers Co .. 24600
Allis-Chalmers Co pr 200
Am Agr Chem. 1400
Sales. Open. High. Lew. Close.
Net
cage. Bid. Ask.
21
56/2 6
66 6
1*4 ?
1% ?
so ?
81% 7
87 8
62 8
84/2 8
5!/4 ?
42% ?
98
84/a
113
39%
10/4
13/8
71/4
37/a
64%
52%
44/8
58
Am Beet Sugar.
Am Bosch Magneto.
Am Bosch Mag rts..
American Can Co..
American Can Co pr
Am Car & Fdry Co.
Am Car & Fdry pr.
800
32
43%
71/?
84/4
1%
2/.
61%
91
91%
94
32
44
71/?
84/4
2
2/a
63%
91
93/a
94/4
32
43%
71/.
83
1%
2/a
50/4
91
91%
94
32
+ 1
44 + %
71/?? %
84 -
2 + %
2/a? '/?
63%+ 2/a
91+1
93/a+ 1/a
94/4+ !4
31/4
43%
71/a
84
1%
2K.
83'/?
91
93
94/4
7
12
7
4 Am Cotton Oil. 2700
.80 Am Drag Syndicate. 1400
1100 123/2 128% 12314 ?8%+ S/4 123
100 7 7
16100 55% 67%
100 101 101
5100 140% 142
100 115 115
50 53%
12/4 12/4
34
44/,
74
84/a
2
m
B3/a
95
95%
128
7 + 1
67/a+ 2/? 67/?
101 + 1 100
67/4
101/.
141%+ 1% 14134 142
10934 100
63 39%
47/2 26/a
8O34 61 /2
94/2 79%
47 34J4
148% HI/4
120/2 73
115 ? 1/2 115
53 + 2/4 53
12/4+ /4 12T.
30 + 2/a 29%
75%
65/a
95
93%
45/4
27% ?
11 ?
54% 4
17/4 ?
68 6
80/a 6
76% 5
6 ?
87% 7
92 10
647a
100
2834
38/a
103
1/4
55%
101%
10
5
41
11
26
71
115
6/2
6/a
I6/4
19/4 ?
48/4 6
20% ?
64/a 7
5634 2
106
169/a
69
29
77%
65/2
142
104
89
15/2
107
192/4
154/a
111%
55/4
59/a
145
2/a
112
116
33/a
28/4
92%
25
45
112/2
166
15/a
* 17
37/a
54/4
87/2
56%
86%
863,4
170% 126/a 10
7
66/4
101
139
115
50
12
Am Hide A Leather. 3800 29/a 30% 29/8
Am Hide & L pr.... 2200 120/2 121% 119/2 121 + 1/4 121
American Ice . 100 46?4 46/4 46/4 46J4? /2 45
American Ice pr. 300 68 68 68 68 ? /2 68
Am Int Corp.30100 117 119% 115/4 119%+ 3 119% 119%
American Linseed .. 700 77 77 75% 76?1 75% 76/4
Am Locomotive .... 7500 102 104% 100% 104/4+ 3& 104/4 104%
Am Locomotive pr... 200 104% 104% 104% 104%+ % 104% 106
Am Malt A Grain... 700 41/2 44 41/a
Am Ship Com. 9800 27% 28/2 27%
70/a 69
82 82
45/a 44%
140/a 139
98% 97
74/4 72/a
97% 96/4
97/2 97/2
Am Smelting. 3000 70
Am Smelt pr A. 100 82
Am Steel Foundry... 1300 *45
American Sugar_ 1900 139
American Sumatra .. 3400 98/2
Amer Tob Sec.31400 73/4
Am Tel & Tel. 2800 96/4
Am Tob pr new. 100 97/2
American Wool .... 26100 165/3 166/a 169/4 163/2+ 1
Am Writ Paper pr.. 10200 66^4 60% 66^4 69%+ 3%
Am Zinc & Lead.... 1400 18% 18% 17/4 18)4? 1/4
Anaconda .12100 63% 65 62% 65 + 1%
Asso Dry Goods.M500 61% 66% 61% 66 +6
Asso Oil . 100 116?4 116% 116% 116%
Atchison . 2100 84?/4 84/4 83 84 +
115/a
63/?
12%
30
121%
46
68/2
4?
28/4
70%
84
46/4
140%
5 Atchison pr .
- Atl, Birm A Atl.
7 . Atlantic Coast Line.
0 Atlan, Gulf & W I..
3^2 Baldwin Locomo Co.
7 Bald Locomo Co pr.
? Baltimore & Ohio..
4 Baltimore & Ohio pr
18
64%
65/a
115
83%
78/4
7%
90 ?
13/a
66
66/2
119
84
79/2
8
?O/a
100 78/2 78/2 78/2 78/a+
300 7/2 7/a 7% 7%?
100 90% 90% 90% 90%?
1500 168 171/a 167/a 171 + 2/4 170/a 172
45600 II434 118/a II2/4 1'18%+ 6/a 118 H8/4
100 IOI/2 IOI/2 IOI/2 101/a+ 1/a 100
4400 33 33/4 32/z 33/4+ 1% 32/a
300 47 47/4 47 47/a+ /4 47/2
Barrett Co . 2800 129 13434 129 132+1 132
Batopilas Mining ... 100 1% 1% 1% 1%- 1%
Beth Steel, CItss B.. 16900 98% 98/2 96/4 98%+ 1/a, 98/4
IOI/2
33%
48
134
1'/a
98/a
Beth Steel, 8th pr..
Bklyn Rapid Tran...
Bklyn Rap Tran ctfs
Bklyn Union Gas ...
Booth Fisheries Co..
Bethlehem Motor ...
Brown Shoe Co.
400 11234 112% 112% II234+ % 112/4 113
3600
2000
300
800
11600
12%
7%
52/a
13/4
31/2
12/2
7%
53?4
13/4
31%
12
7
62/a
13 .
30/,
12%+ %
7/a+ /?
6334+ 1%
13 -
30/2? 1/4
12
63/4
63/a
13
3O/4
700 .105 105% 105 105%? % 105
Burns Bros . 1200 118% 119 118% 119 + 2/2 117
100
1700
1700
1100
700
2800
100
300
74/4
116/2
120
65/2
67/a
141/4
68/2
12/2
12
62%
76
105
133
113/2
32/4
84
43%
32
29/4
50%
110
56
69
3134
7b/4
15%
37/a
106%
23
10334
75
;86%
84/2
99
79
261
55.
87/2
1C3
-116
24
1C5
27
56/2
107
30/4
31
8
9
27/2
20/2
843/4
43/4
76
68
1900 132% 133
200 37/2 37/a
Brunswick
/a Butte Cop & Zinc...
Butte & Sup Copper.
Caddo Oil .
California Packing .
California Petroleum.
California Petrol pr.
Calumet & Arizona..
Canadian Pacific ...
- Central Fdry pr_
5 Central Leather ....
6 Central & So Am Tel
4 Certainteed Corp ...
4 Cerro de Pasco.
90 8 Chandler Motors ...
51/a 4 Ches & Ohio .
7 ? Chicago & Alton....
7/a ? Chic Gt West .
34/a ? Chic, M & St P_
48% ? Chic, M & St P pr..
7 Chic & N'west. 1500 *87
8 Chic & N'west pr .. 300*116
8 8+1 7
8% 9 + !4 9
26/a 26%+ /a 26%
20/a 22 + 1% 22
8334 84/r- Vz 84
43!4 4434+ 1/2 4434
75 75+2 75
68 68 + /a 68/4
132% 132%+ % 13234 133
%V/z 37/a+ '/4 38 60
12100 101/2 103/a 100% 103 + 2% 102% 103
100 11434 114% 114% 114%+ 1 114 115
8
9/a
27/a
22
8434
44%
75
68
12/2
7%
64
13/a
30%
105%
119
8/4
9/a
27
22/4
84/a
44%
76
70
85
116
72
22/a
68
37/a
53
16%
32/a
103/a
34%
39/4
19
50?4
10'%
300 57/a
3700 5934
2400 135
800 55%
100 7%
200 8/4
2000 38/a
2600 53%
57/a
60/a
135
56
7%
8/2
38/a
633/4
87/4
117
57
59
133
55
7%
8/4
37/4
52%
86%
116
1
57 ? 1
60/8+ %
135 +
55/2+
7% +
8/2+
37% +
53 ?
87/4+ 2/a
117 + 3
57 59
60/a 60/a
134/a 135
55/4 5534
1
30% ?
783/4
5% ?
65/2 7
54 ?
78 7
58 6
46 4
48 6
52/a 12
?20% ?
69 /a 7
93?4 7
91/a 9
6/a ?
80 8
101/2 106/a ?
6% 2% ?
43 23% ?
43 27/a ?
150 80 5
10634 101% 7
20/4 12% ?
6 Chic Pneu Tool. 100 104/2 104/2 104/a 104/j
? Chic, R I & Pac. 2400
7 Ch, R I & P 7% pr.. 300
? Coca Cola . 2000
5 C, St P, M & O.;... 100
? Chi!! Copper . 4400
3 Chino Con Copper. .
7 Cluett Peabody pr.,
3 Col Fuel & Iron... ?
4 Col Gas & Electric.
? Col & South.
? Col Graph ... a,. 4400
Con Candy . 1200
Consol Textile. 600
Consol Gas . 3700
Consol Int Calla Min 5800
Cont Can . 600
Consol Cigars . 200
Consol Cigars pr... 100
Cont Insurance Co... 100
Corn Product^ . 3900
Crex Carpet Co.% 100
Crucible Steel . 9900 219
Cuba Cane Sugar... 4100 52%
Cuba Cane Sugar pr 800 83/2 84 83/2 84+1 83%
Keere Co pr. 100 100/2 100/a 100/2 100/a+ /4 100
el & Hudson. 2000 93/4 95% 93/4 95+2 94/2
Dcnv & Rio G pr... 200 13/4 13/4 13/4 13/4- 13
Detroit United. 100 100 100 100 00 ?? 100/8
Dur Hosiery pr. 100 100% 100% 100% 100%? % 100
Dul, So Shore A Atl 100 4/4 4/4 4/4 4/4? /4 4/4
900 26% 28 26% 26%+ /a 26/a
200 29 29 29 29 + 1/4 28
500 141 142% 141 142%-j- 1 141/a
400 103% 104
33
123
94
48/4
55
64?i
3834
95%
106
176
18/?
83 8
73 ?
25 2
39/4 ?
31% 4
15 ?
47 6
90 7
144/a 8
406/2 118/a 12
943,4 82/a 6
6334 46?4 ?
93% 56% 4
IO9/2 102 7
80 47/2 ?
100% 75/8 7
313/4 4
32/2 ?
49/a ?
62?4
47/a
89/a
71 %
100i/a
104
3734
68%
9/a
31/4
40
54/4
86
10/2
42/2
3/a
10/?
Elk Horn Coal.
EmerAon-Brant .
Endicott-Johnson ..
Endicott-Johnson pr.
Erie ./.. 1100 13
Erie 1st pr. 500 19/2
Famous Players .... 7200 88%
Fairbanks. 100 83/2
Fed Min & Smelt pr 100 26/4
Fisk Tir. 19100 44%
Freepourt Texas . 1900 34%
Gaston Williams ... 900 17%
Goner? Cigar . 1700 73/2
General Cigar pr deb 100 94
General Electric Co.. 700 171/2
General Motors .... 6100 338
Gen Motors 6% deb. 400 83%
Gray & Davis. 100 48
Goodrich, B F. 7600 81%
Goodrich, B F, pr... 100 102
Granby Mining . 400 51 /2
Gt Northern pr. 3406 80
Gt North Ore subs... 1700 39/2
Greene-Cananea Cop. 100 38
Gulf States Steel- 3400 79/8
Haskell & Bark Car.. 800 60%
Hartman Corp ?. 600 100
220/2 222
52/4 52%
84/e
104
96/a
13/4
101/a
104
5
27
30
143
Illinois Central . 1100
149% 110/a
67% 21/4
128/2
82
IC6/4
80
33%
70
65
48
91
130
25/a
67/a
164
300
3500
1300
900
88/a
19
59%
4'
13
92!%
30/4
95 6
62 6
20% ?
53 6
34 ?
15 ?
38% ?
105 8
13 ?
100
3400
100
3100
200
500
40
68
HO/4 101/a
115
100/a
43/a
12634
107%
60%
40
114
27%
245
34.
. 89
27%
38/2
62/a
40^2
21 ?
107 7
25/a -
147% 12
12234 104%
85
137
61
46/j
131%
264
112
3234
71%
62/4
24/a
16%
3?%
68%
63%
37%
130 7
28% ?
19/4 ?
60 6
162% 10
Internat'l Agricul ...
Inspiration Copper .
Interbor Con Corp...
Interbor Con Corp pr
Fnt Harvester Co....
Int Mercan Marine..
Int Merc Marine pr.
International Paper. 47800 81
Internat Paper pr.. 100 108
Inter Paper pr stpd
International Nickel.
International Salt ..
Iron Prod .
Jewel Tea .
Jewel Tea pr.
Kayser, Julius .
- Kansas City South...
4 Kansas City So pr..
4 Kelly Springfield ...
8 Kelly Spring 8% pr.
- Kclsey Wheel Co_
7 Kelsey Whe?l Co pr.
2 Kennecott Copper ..
1.20 Keystone Tire . 7100
6 Lackawanna Steel... 4600
3/a I.ehigh Valley . 3500
- Lee Rubber A Tire... 900
7 lA?g & Myers Tob pr 100 108 .
- Loft Candy . 1700 27/4
Lorillard, Pierre ...
Louis & Nashville..,
Manhat Elevated.... 500*47
Man Sugar . 100 136
Maxwell Motor . 1400 31/a
500 133
5900 49%
5300 10934 HO/4 109/a 110/,+ % HO/4 110%
86% 80/2 86/a+ 6% 86/8 86%
95
79
24
70
41
16%
42/a
116
15
47
145%+ 2/4 146
102
80/a
45/a
88/a
42/a
36%
200 183%183% 183
300 111 111/a 111
47
135
32/a
30
131
Max Motor 2d pr_ 100 30
May Dep't Stores.... 1600 127
Mexican Petroleum.. 9500 217/a 221
99 8 Mexican Petrol pr.
21 2 Miami Con Copper... 200
32 ? Middle St Oil. 14100
40/4 4 Mldvale Steel . 4800
9/a? Minn A St L new... 100
4% ? Mo, Kan A Texas... 600
22/a ? Missouri Pacifie .... 1000
37/a ? Missouri Pac pr. 1600
40 3 Muilins Body . 300
46
135
31/4
30
127
813
102
80+2
98 /a? 1
31%+ 1/a
45%+ 2/4
88%+ 1/a
42/a+ /a
37 + /j
108 ? 2/4 108
27/4+ % 27/4
183 + 3% 180
111/a+ 2/4 110/a
46 ? /a 45
135 + 3 132
32/a+ 1/4 32/4
30 - 30
129 + 2% 127
110
80
24/a
71
42
17/a
43/a
120
18
49
146
103/
84*
98/a 100
31/4 31%
48%
88%
44
37
112
27/a
183
112
?2
135
32%
30/a
128%
219/a+ 2/a 219/4 221
100 103/4 103/4 103^ IO3/4+ 4/4 103
25
63%
60%
12/,
9/4
26
4a
48
25
66
61/a
12'/?
?'/?
26/?
42%
48
26
?3%
60%
12/a
8%
25%
41%
47
25 + /4
65%+ 2/4
61 /a +,1/a
12/2+' '/?
B/,
28 + %
?2 + y?
47 ? 1
25
66/4
81 /a
12%
Wz
2?
41%
47
106
25/4
65%
61%
13%
9%
26/4
42%
47%
His*. Lew. Dtr.
1919. 1919. Bate.
84 64 3 Montana Power
Sale?. Open. High.
900
43?/a 29'/,
121 112
65
National Acme . 100 37
Nat Biscuit pr. 100 116
75
91%
24%
88%
94?/3
21%
60
145%
83%
70%
40%
24'/?
112'/a
67
99%
97
39/4
61%
13!*
65
74
149
80
41
47%
140/4
104%
48/2
68
67
33/a
43/4
99
28%
10B/a
74%
44%
31/a
109
? Nat Aniline . 8200
70
89/s
10
86
82/4
16/2
46
46
87/a 7 Nat Aniline pr. 600
8?/a ? Nat Con & Cable.... 400
45/a 8 Nat Enamel & Stpg. 6000
60 8 National Lead . 1600
13% 1/a Nevada Con Copper. 900
28% ? New Or, Tex & Mex. 300
91H 10 New York Air Brake
66% 5 New York Central... 2900 *69
19/a 2/2 New York Dock- 200 48
25/8 ? N Y, N H & H. 1900 27%
16/a 1 NY, .Ont ft Western 100 17
95 7 Norfolk ft West.... 300 99
47 5 North American ... 100 54%
77 7 Northern Pacific ... 3100 80%
46 8 Nova Scotia Steel .. 1200 73
3414 __ Otis Steel . 400 37%
4 Ohio Gas . 10600 48
/a Okla Prod ft Kef .. 9600 9%
2/a Ohio Fuel . 100 51/a
3 Owens Bottling . 300 65
6 Otis Elev . 600 140
31/1 Pacific Dev . 100 78
- Pac Tel ft Tel. 100 37/2
Parrish-Bing . 500 4434
65/4
37
115
72%
89/a
10/a
89/2
83%
16/a
46
Lew.
64%
37
115
69/2
89/s
10
85
82
16
45
Close.
65 +
37 ? %
116 + 1
72%+ 3%
89/a+ Vz
10/a+ %
88%+ 2%
83/4+ %
I6/2+ 1/2
45?2
Net
enge. Bid. Ask.
1/2 63/a 65/2
37 37/2
114 116
72/2 72%
89 90
10/a 10%
88/2 88%
83/4 83%
I6/4 16/a
43 46
1100 114/a 116 lu/s 115 + % 115 115/a
35%
8
33
46
128 6
70% 3}
22 ?
42 3
67 6
92% 7
39% 3
27/a ?
32 ?
12/a ?
30 3
38% ?
16 ?
93 8
45 ??
24 ?
B . 1500 IOO/4 IO2/4 IOO/4 IO2/4+ 1% 102/a 103
12%
59
152!4 110
97
1Q7'/a
27/a
93%
105/a
101
145
2/4
74/a
121
53%
94/a
28/2
17
27?4
37
25/a
37%
12
232
81%
19/4
64/s
89
? 97/2
115
116
33
72/2
160
109%
151
IO4/2
144%
64%
17/4
70/2
345
70
25%
115
120
62%
74%
46/8
51
68/2
19
73%
68 ?
96/a 7
71/2 6
1 ?
44/a 4
Pan-Am
Pan-Am
Pennsylvania R R
Penn Seab Steel
Peo Gas & Coke .
Per? Marquette .
Philadelphia Co .
Pierce Arrow
Pierce Oil
Pierce Oil pr
Pittsburgh Coal _
Pitts & West Va ..
Pond Creek Coal ...
Pressed Steel Car ..
Pullman Pal Car Co
Punta Aleare Sugar
Rail Steel Spring ..
Ray Con Copper ...
Reading. 1400
Remington Type . .. 200
Rem Type 2d pr_ 100
69%
48
27%
17
99
64%
81
75
38
6O/4
10
51/a
65
142
78
37/a
45/4
69
47/a
27
17
98
64%
80
72%
37/4
48
9%
51/2
63/2
140
78
37/a
44%
69%+ 1/2
47/2
27%+ ?4
17 + Va
98 + 1
54%? /*
80/2+ 1/a
75 + 2/4
38 + /4
60+2%
10 + /?
51/a+ 2/8
63/a? /4
142 + 3/a 142
78 ? /4 76
37/a? '/a 35%
45/4+ % 44
69%
46
27/8
16%
98
64/a
80
76
37/a
49%
10
50/a
63/a
Pet . 16900 105 IO8/4 104/4 107/4+ 2% 107
6934
48
27%
18
99
66
81
75/a
38
50
10/a
51/2
64
144
78/4
37/a
45/4
107/4
1200 102 102% 101 102%+ 1/4 102/4 102/2
1100 114/a 116 114/a 116 + 1% 115 117
1400 *94% 94% 93
400
1900
98%
22
76
90/a
98
99%
22
76%
91/2
98
98%
213/4
76
90/a
98
93/a
99
21%
76/2
91
98
84
46
53/a 6
6/4 ?
12/a 1
10% ?
20 ?
10% ?
23/2 ?
6% ?
168/a 8
74 ?
Rep Iron & Steel .. 45600 123/2 123/2 119/2 123^+
Rep Iron & Steel rte 5000 2/a 2/4 1% 2/4+
Rep Motor Truck .. '500 5434 65%
6.20 Ryl Dtch N Y ?hares 12400 102% 103
Replogle Steel . 1800
Savage Arms . 100
Saxon Motors . 6700
1500
800
100
200
200
200
50
71/2
15%
14%
17%
25
14
24/a
7'A
10
41/s
46/z
85
91%
107
20%
62%
124
36%
4534
92
42/4
32
9% ?
27/a ?
185 10
56/a ?
11 ?
72% 6
97/2 7
34% ?
37/4 6
34% ?
197/2 115 8
138/2 119/8 10
58% 37% 4
90/a 7
8O/4 3
157 10
7/4 ?
50
71/2
16%
15
I8/2
25
14
24/2
7/4
232
8134
12/a
4634
76
90
St Joseph Lead ....
St Lou & San Fran
St L & San Fran pr
St L S'weat .
St L SVest pr _
Seab Air Line .
Sears, Roebuck & Co 200 231
Shell Tr & T . 3400 81'A
Shattuck Ariz . 400 11/> 12/2 11/a 12/2+ 1 12/2
Sinclair Oil . 35600 44/4 4634 44/8 46%+ 3 46%
Sloas-Sheff St & Ir.. 2000 74 76 74 76 + 2/a 76
Sloas-Sheff S & I pr. 100 90 90 90 90 ? 4 90
Southern Pacific ... 12600 102% 103% 102!/4 102%? /8 102% 102% j
So Porto Rico Sug pr 100 116 116 116 116 + 3 114 117
Southern R R . 800 22 22/8 21% 22i/8? /4 22/8 22/4 j
Southern R R pr ... 300 56!/4 56% 56(/4 56%+ % 56/4 56/2
Standard Milling ... 100 13994 139% 13934 139%? Va 138 140
94 ? %
99%+ 1%
22 + /8
76/4? Vs
91/2+ 2
98?2
% 123
Va ?
64% 5534+ 2/4 55
IOI34 103 + % 103
48/2 48/2? 1/2 40
71/2+ /2
161/4-1- i/2
15 + /2
17%? %
25 + 1/4
14 + 1
24 + 1%
7/4+ %
232 + 13/4 230
81%+ 1% 81!,
12/2+ 1
46%+ 3
76 +2/a
90?4
71/2
15/2
14/2
17%
25
14
24
7/4
232
80%
11/a
44/8
74
90
71/2
16%
15
18
24
13
24
7
94
100
22
76%
91/2
100
123%
56
103/8
50
73/2
16/a
15/2
I8/2
26
14/2
25
7/2
231
8134
13
46%
77
93
Stromberg Carb
10200 80/, 86/2 79/4 84%+ 5% 84 /2 85
Studebaker . 72600 110% 112% 108?4 112/4-(- 3/4 112/4 112/2
Studebaker pr . 700 100'2 101
Stutz Motors . 1400 117
Superior Steel . 200 48
Tenn Cop & Chem.
Texas & Pacific ..
Texas Company . ..
Tex Company rts .
Third Ave B R ...
500
2400
10%
41'/a
120
49/4
10%
42/2
IOO/2 101 + Vz 100 101
117 .119%+ 3/4 118 120
48 49/4+ Vz 49/4 49/2
4400 TZV/z 231
10% 10%+
403/4 42/2+
224% 229 +
58/g 6O/2 +
12/2 +
175/8
119/4
216
15%
3434
383/4
7434
91%
167
60%
139/4
4400 60 61
400 12/a p/z 12/4
Tob Products . 2600 93 ?4% 93
Tob Products pr ... 300 102 102 102
Transcon Oil . 7000 36% 37% 35%
Trans & Wms Steel. 700 65% 66 65
Union Oil . 1600 36'/2 37 36
Underwood Type _, 200 190 190 190
Union Pacific . 3400 124^. 124J4 123/8 124
United Alloy Steel .. 100 52 52 52 52
United Drug . 100 141 141 141 141
Retail Stores 21600 93/2 95/2 93/a 95
%
3 ,
Vz
Vz
1034 11
42/2 42?4
229 230
12/a
94
15
14 ?
42/2 e
49 2
97/, 8
17/4 ?
73
United
United
United
United
use
use
Fruit . 200 200?4 200?/4 200/,. 200/,
14
94/a!
102
3734
66
37
+ 2 185 190
+ % 12334 124/8 !
? Vz 52/2 53
--141 14234
+ 2 95 95/4
94/4+ 2/8
102 ? Vz 101
37%+ 1/4 37%
66 + % 651/2
36%+ % 363/4
190
II9/2 109
78% 43/4
50/a 45
115/2 88/4
117/a HI/4
97/2 66/8
21%
92/a
62
13%
38
14%
30/a
26
61 Vz
92/2
69%
104%
I8/4
86
40/4
41%
117
8
8
6
3/a
5
7
6
83/4 ?
67 4
55 ?
7/4 ?
20/a ?
9%
16 ?
17 ?
52/s 4
82 7
40/a 4
65/a 6
7% ?
46 4
23/4 1
25 ?
60 ?
By Invest
Ry Invest pr
I P & F ....
I P & F pr..
U S Food Producto..
U S Ind Alcohol ...
U S Realty & Imp.
12900 113% 114% 112/4 114/8+ 1% 114/a 1143/4
2300 44/a 47/8 44/, 46/2+ 4 46/2 47
U S Rubber . 19800 138/4 138/4 135/2 13634+ % 136% 137
U S Rubber 1st pr.. 400 114 114 114 114 - II334 114
U S Smelt & Ret .. 600 *74j/4 74% 74 74?4+ 1/4 74/. 74%
U S Smelt & Kef pr 100 46% 46% 46% 46%- 46/2 47
U S Steel . 60700 107 IO8/4 106'/8 107%+ 1/4 107% 108
U S Steel pr . 300 11394 114 113% 114 + /4 113% 114
Utah Copper . 4100
Utah Sec Corp . 300
Va-Carolina Chem .. 1800
Vanad Steel . 3400
Wabash . 400
Wabash pr A . 700
West Maryland _ 600
West Mary 2d pr ... 500
West Pacific . 300
West Pacific pr _ 400
West Union Tel _ 100
Westinghouse Mfg .. 1900 "54
Wilson Co . 300 8O/2
Wheeling & L E_ 500 13/8
White Motors . 10100 63
Willys Overland ... 24100 31V?
76
11
68
56 Vz
83/8
23/a
HZ*
18
24/a
59
88
?Ex dividend.
Wisconsin Central
Worth Pump & Mach
200
8600
29
92/2
79?4
12%
70/s
57/4
8%
23/a
11%
18
24/a
59/4
88
64%
81
13/a
66
31%
29
94%
76%
11
68
64/a
8
23/4
11/4
18
24/8
69
88
64
80/a
1234
62/a
30%
29
92
79 + 2/a
12%+ 2%
70%+ 3%
57/4+ 1%
8 ? '/a
23/4?
11%+
18 +
24/a?
59
88 +
64/4+
81 + 1
13 + %
65%+ 3%
31/j? Vz
29+3
93/4+ ?4
Va
%
Vz
Vz
1
1
Va
79
?12/2
70
56/2
8
23/4
11/4
18
25
69
87
64/4
80/2
12%
65/2
31%
27
93/4
79/2
13
71
57
8/4
23/a
11/a
18/.
25/2
59/a
88/4
64/a
81/a
13
65%
31/a
29
94/4
Financial Items
Goldman, Sachs & Co. have estab?
lished an office in the Philadelphia
Bank Building, Philadelphia.
Warren J. Hoystradt, manager of the
New York office of Stacy & Braun, has
been admitted to partnership in that
firm.
Joseph P. Devine has been admitted
to partnership in the firm of Hoge,
Underhill & Co.
Net earnings of the subsidiary com?
panies of the Barnsdall Corporation for
November amounted to $296,444.
Daniel Loeb, Harold A. Rouse and
Benjamin Graham have been admitted
to. an interest in Newberger, Hender?
son & Loeb.
Foreign Trade Banking Corporation
reports capital surplus and undivided
profits at the close of business Decem?
ber 31, 1919, of $2,657,000. After pro?
viding ample reserves for taxes, de?
preciation, etc., earnings for the yeai
were $336,000.
Rowland Smith, formerly assoclatec
with the New York ofTice of the Stand
ard Bank of South Africa, Ltd., hat
become affiliated with *the Bank o:
British West Africa, Ltd., as join
agent.
Mack W. S?nger, president of th<
Elgin Motor Distributing Company, ha
been elected a director of the Lig-Ma
Coal Company.
George W. Kendrick 3d, who retire
from the firm of E. W. Clark & Co
has formed a partnership with Clai
ence H. Clark 3d under the name o
George W. Kendrick 3d & Co., to trans
act a general banking, investment an
brokerage business.
E. P. Hutton & Co. have opened
branch office at the Hotel Ambassado
Santa Barbara, Cal.
J. H. Greer has been appointed dii
trict manager of the Chicago offit
of the Stanwood Rubber Company.
Thomas L. Robinson, having recent
been elected vice-president of tho Ame
lean Bxchange Securities Corporation, h
resigned as secretary of that company in
has been succeeded by Rowland A. Ny
F. W. Bauman has been adimtted as
partner in the firm of Iluth & Co.
Spender Willing?!? Jr. has been a
mltted to partnership In tho firm of Bay
A Co.
OlUeeple, Heed? A Co. have opened
?ranch office ta Newport, B. L. under t
management of George F. Cozzens, resl
dent partner.
F. B. Davis Jr. has been made assistant
director o? the pyraltn division of the
cellulose products manufacturing depart?
ment of the du Pont Powder Company,
succeeding P. A. Cudger, resigned.
The National Bank of South Africa has
opened branch offices in the Union at
Hlllbrow, Johannesburg, in the Transvaal,
and at Lalnbsburg and Mount Fletcher, in
tho Capo of Oood Hope.
William S. Menden haB been appointed
general manager of the Brooklyn Rapid
Transit Company, succeeding T. S. Wil?
liams, resigned. A. R. Piper was ap?
pointed assistant general manager, with
control of employment, welfare and medi?
cal bureaus.
William C. Amos has become associated
with the New York Stock Exchange Arm
of M. J. Hoey & Co.
Tho Importers and Traders' Bank an?
nounces that it has adopted the policy of
paying interest on Individual and mercan?
tile deposita.
Kmil Carlebach, for many years a part?
ner In J. & W. Sellgman & Co., has re?
tired as a member of that firm.
Tho New York Stock Exchange firm of
Sccor & Bell announce that the firm name
has been changed to Secor, Bell & Beck
with.
Beazoll & Chatfteld, Cincinnati, are offer?
ing $7.")0,000 7 per cent cumulatlvo pre?
ferred stock of tho Whltaker Paper Com?
pany to yield 1 per cent.
Frederick B. Meeker, associated with
Brown Bros. & Co. for over fifty years,
has retired from that company.
Lewis A. Christian has become a gen?
eral partner in the firm of William C. Or
ton & Co.
Thomas J. i**Oahan, .formerly asso?
ciated with Bauer & Starr, has become af?
filiated with the bond department of Mer?
rill, Lynch & Co.
James H. Alexander, president of the
National Bank of Commerce in New York,
yesterday completed his thirty-fifth year
with that Institution, having the longest
record of service with tho bank of any of
its personnel.
As a result of litigation over undevel?
oped acreage In tho Bull Bayou field the
Dominion Oil Company yesterday acquired,
as substitute property, seven leases In the
Homer (Louisiana) oil fields.
Robert T. Albright has been appointed
manager of tho n.ewly formed Industrial
department of the Franklin Trust Com?
pany.
Charles D. Barney A Co. announce that
the uvallabla shares of the Conley Til
Foil Corporation stook offered by then
having been subscribed for, the subscript
tlon books have been closed.
Roohester Trust A Safe Deposit Com
pany has certified that It has Increase*
Its capital from $500,000 to $1,000 090.
American Exchange National Bank hai
been appointed registrar of the capita
stock of the Consolidated Manganesi
Company. Incorporated,
In Wall Street
A Long Rang? Tutf?
"Puts" on Steel common are being
offered in New Street by the option
tradei? at 85, good for all of 1920 at
the "regular" price for such privilege?.
U. S. Steel's December Quarter
When the earning statement of the
United States Steel Corporation for
the final quarter of 1919 is issued at
the meeting of the) board scheduled for
the last week of this month it will
show in dollars and cents pretty near?
ly the cost of the strike. On the basis
of unofficial estimates made in ad?
vance of the a.mpany's own statement
it is believed that the net earnings
for the December quarter of last year
were the smallest of the twelve months'
period. Roughly estimating vario?
charges on about the same basis as in
preceding quarters and making
generous allowances for the stoppage
of deliveries owing to the labor
?rouble, which was most serious in
October, net earnings for the throe
months after deduction? for taxes, but
before charges for interest on bonds,
sinking funds, deoreciation, and
dividends, are figured at approximately
$31,000,000, or some $2,000,000 under
the low total of the first quarter of
1919. This would be a drop of about
$9,000,000 from the total net reported
in the September quarter before tho
strike began to be felt much. De?
ducting the usual charges, including
the preferred dividend, there would re?
main for the common stock in the
neighborhood of $8,000,000 on the
basis of $31,000,000 net, which would
i be some $1,500,000 in excess of tho
regular dividend requirement of 1%
per cent for the quarter.
Sir George Please Note
"It is time" said Halle & Stieglitz
yesterday, "that the United States
stopped talking about 'bankrupt and
decrepit Europe.' England, Belgium,
France and Germany, for example, are
rery much on their business legs again,
Mr. Isaac, of our firm, who has just re?
turned form a European trip, was sur?
prised by the business strides being
taken by European countries. Im?
portant banking circles in England
look for the pound sterling to get ?
back to $4.50 by the end of 1920.
England's unfavorable trade balance,
through the increase in her exporto,
the trimming of her imports, and the i
increase of her revenue from ship- !
ping, insurance etc., is raoidly being j
reduced."
Consolidated Gas
People who sold Consolidated Gas
in the closing days of the old year
to establish losses for tax purposes
began to buy the stock back yester?
day. At any rate, Gas was one of the
pillars of strength in the general mar?
ket, with an advance to a high of 87%
from a low of 83. It closed 3% points
up, at 85/;. Dealings in Gas were not
much over 2,000 shares. There, ap?
peared to be but little stock offered,
and buyers had to bid for it. Last
week it sold below 80. The directors
meet the latter part of this month and
it is expected the regular 7 per cent
dividend will be paid.
International Paper
One of the topliners in yesterday's
strong market for industrial special?
ties was International Paper common,
which, at 86%, sold at the highest
price on record. The pool in that
stock was active all day long, and the
turnover of around 50,000 shares made
it one of the biggest in this issue in
many months. While the stock boomed
commission house traders talked of
International Paper becoming a second
American Woolen common, "?inch late?
ly jumped to 169. In 1919 the company
is understood to have earned approxi- j
mately $20 a share on the common |
stock, while during the last four years I
earnings applicable to the commort I
stock have aggregated $100 a share, j
On the basis of earnings in the recent
past and the excellent prospect for i
the new year it is expected that divi?
dends will be distributed to the com?
mon stockholders before many months. '
Around the Street an initial disburse- I
ment is looked for before May.
International Petroleum
Plans of the management of Inter?
national Petroleum, it was reported on
good authority yesterday, contemplate
the offering of new stock to the pres?
ent stockholders at par on the basis
of one share of new stock for each
share now held. At the same time a
stock dividend is also being considered,
which will amount to about three
shares of stock for each share now
outstanding. Capital readjustment of
this character, it is stated unofficially
will likely be announced before the
company gives out anything on the
projected absorption of Tropical "Oil
International, which has a par of $5*
a share, sold at $77 a share yesterday.
It is a Standard Oil concern.
"What Do You Think of the Market?"
A member of a Stock Exchange house
who is usually pretty conservative: "I
can't be anything but bullish on a
market that acts the way this one has
through this period of tight money..
We may get a trading market for a few
day or weeks, but next month should !
see the beginnings of another bull cam
paign."
The Full Year
The United States Steel Corpora?
tion's net earnings of $31,000,000 for
the final quarter would make the total
net of the corporation for the full year
of 1919 approximately $140,000,000
compared with $1?9,350,680 in 1918!
Allowing $90,000,000 for deductions for
interest, sinking funds, depreciation
and preferred dividends that would
have approximately $50,000,000 avail?
able for dividends on the common
stock, or close to 10 per cent on the
$508,302,500 for 1919. In 1918 earnings
were at the rate of 22.10 per cent a
share on the common stock. The cor?
poration enters the new year operating
at about 80 per cent of capacity, and it
is expected that the statement of un?
filled tonnage to be issued next week
will show an increase of at least ?00,
000 tons unfilled orders as of Decem?
ber 31 last. On the strength of the
heavy influx of new business in the
steel industry and the maintenance
of a high level of prices there is a
growing feeling of optimism in finan?
cial circles over the market outlook
for steel shares.
a
Stock Clearing Corporation
To Be Put in Operation Soon
The new Stock Clearing Corpora?
tion of the Stock Exchange is expect?
ed to be launched within the next week
or ten days, it was*announced yester?
day. This instrument has for its pur?
pose greater simplincation of the work
done by the present Clearing House
and will undertake to clear loans as
well as stock balances.
"The first few weeks," said the an?
nouncement of the Exchange, "will be
devoted exclusively to educating the
clerks and brokers as to how the new
system will work, and it will undoubt?
edly be several weeks, or perhaps
months, before the corporation is act?
ually in operation."
The Stock Clearing Corporation was
organized in 1919 with a paid in capi?
tal of $500,000, all of which is owned by
the Stock Exchange. When the corpora?
tion is in operation it Is predicted that
present credit extension to brokers will
be only 85 per cent of the average
daily total of recent months.
"Del
Monte"
in the $17,434,316 property as?
set account of the California
Packing Corporation, the value
of Del Monte brand, identified
with food products of world-,
wide sale, packed and mar?
keted by Ais Company, is not
included. This policy of not
capitalizing good will, trade?
marks or patents is In keeping
with the conservative conduct
of the Company's affairs.
WriU for analysis E-16,which
deals with the investment pos?
sibilities of this Corporation.
A. A. Housman & Co.
INew York Stock Exchange
New York Cotton Excha??
N. V. Coffee & Sugai t-.'xcn
New York Produce Exch.
Chicago Board of Trade.
Associate Members of
Liverpool Cotton Ass'n.
20 Broad Street, New York
Branch Office? 25 West 83d St.
New York City
liberty Building. PMla,
National Oil Co.
(Owns as Subsidiaries)
Seaboard 0D
& Refining Co.
National
Shipbuilding Co.
National Oil Co.
o? Mame
Bought?Sold?Quoted
C. W. Pope & Co.
25 Broad St. New York
Phone 7110 Broad
American International
Corporation
Stock
Circular on request
Chandler Bros.S Co.
Members N. Y. Stock Exchange.
34 Pine Street New York
Clearings in 1919
Increase of $57,269,386 Is
Attributed to Speculation
New York bank clearings in 1919
totaled $235,802,634,887, a new high
record and an increase of $57,269,
386,411 over the 1918 clearings. This
remarkable increase was attributed
yesterday to the great bull speculation
in the stock market that took placo
last year. The total was al9o swelled
by the heavy payments connected with
government borrowings and the large
number of new industrial flotations
during the year.
In 1918 New York bank cloarings
were held down by the quiet stock
market that prevailed during a greater
part of the year. Yet the total com?
pared with $177,404,965,589 in 1917 and
$159,580,648,590 in 1916. *
?
Bank of England
LONDON, Jan. 2.?-The weekly state?
ment of the Bank of England shows the
following changes:
Totat reserve.. ?18.442.000 Jno. ?749.000
Circulation. 91,849,000 Doc. 799,00?
Bullion. 91,342,000 Dec. 40.411
Other securities 106,776.000 Ino. 21,698,000
Public deposits. 19,212,000 Dec. 3,!25,00?
Other deposits. 180,637,000 Inc. 47,277,000
Notes reserve.. 17,399,000 Inc. h06.0<>0
Uovt securities. 92,469,000 Inc. 23,71-4,000
The proportion of the bank's reserves
to liability this week is 9.20; last.
week it was 11.51 per cent.
Bid and Asked
Bid. Asked-I Bid. A<k?L
Am Bnk Note 45 47 iKrsege S S ..138 1?
do pr . 44% 47 i do pr .I? 10?
A Ag Ch pr 96 97 |L & M T pr.lt? l?
A Beet 8 pr. 90 94 ?L-W B 1st pr ?3 i"
A B H Fdry. 8014 90 do 2d pr...l08
do pr .170 200 Lorillard pr ..Hj'-.H?
A Cot OU pr S4 91 iMacitay Cos... ? ?
A Linseed pr 94 95V* do pr ....64 ??*
Am 8hlpbldg.'?- 135 Maubat Beach ? - ?'
Am Snuff pr 82 90 Mat Ai W...30 ?
A 8t Fdry pr ?2 93 ?May De St j>r.l00 11?
Am Sugar pr.lls 119 Mii-h Central. '"'
A Sum T pr yl? 92V4|MKP&SSM pr. 91 ?">
Am Wool pr.103% 104'.i? do lad Une?. .'?- ?g
Mont I'ow pr.lfl . I I
Morris & Es. 71
Xash & Chai. 108 lU
Nat Cl ft S. 7? -'
do pr .102
A Z & L pr 54 58
Ann Arbor .. 10
do pr . 17
A D G 1st pr 72
do 2d pr... 75
AG & W I pr 71 73 ?Nat K & S pr.lOO
Bar Leaguer. 93 H?Vii.Nat Load pf.l? -
do pr . 92 94 .? iu. .m U< n '
Barrott Co pr.110 tlSItlN ICtSL M * ?*
Beth Steel... 93 96 do Hi pr.. t.u . ?'
Ban Edison.. 87 92 do 2d pr... ?
Burn? Bra pr.110 115 N V Dock pr M ":
Buff R ft P. ? 50 N Y L Ac W ?','
do pr .? loo i Norfolk Bo... H >:
Buff ft Bus.. ? 75 IXorf & W pr
do pr .? 54 Vil Owens Bot pr 9
Bush Term.. 85 100 \~
C?l Pack pr.iao ?
Can Southern 43 43V?
Case J I pr.. 98 100
Cen of N J..175 200
Cent Fdry.... ? 35
U ft Alton pr 8 15
C ft B 111.. 4 6
CI A Pita.. 65 SO
CSPMftO pr. 88 98
C C C ft B L 47V? 51
do pr .63 65
C F * I pr ? 109
C * B 1st pr 50 51
do 2d pr..
Comp Tab... 52V. 55
Cont Can pr.l02Vi 105
Cru Steel pr. 97 100
C Am Su pr.107 110
D L * W...190 193
Det Edison..110 117
Diamond M..123 ?
Det Vn RB. ? 100
D8 8 * A pr T 10
Klee St Bat..ISO 140
Klkhorn C pr- 36 36V?
Fed M 4k 8. 9Vfc H
Fisher Body..ISO 133
do nr .105 110
Gen Chem....lS5 20O
do pr .?9 100
Gen Osar pr 98 102
G M * No. 6H 8
do pr .80" 40
O 8 S 1st pr 92V4 ?7
Int Paper pr 90 108
Int Nickel pr ?0 95
Iowa Central. 4H ?
Kayser J ...108 120
Kelly Bpr pr 93 100
Keok A D M. 4 S
do pr .IS ?
Kress ?% Co.. 78V? S3
do pr .lOSVi US
Laolefr Os?., 86., 38
Lake H ft W 1% If
40 St .mo? M lei*
Pacflc Coast.. : 5 JJ
do 2d . r .. 4
1? T At T pr .0? I?*
P Am Pel pr.l'? -',".'
Peort? A; B. H !
Per? Mar pr. 4* '
do priur pr. ? ,S
P Mul 1st ptlM ?J
Pierce Ar pr.106 lg
Pitts 00?1 pr. I "
P F W & CU* ': '
P & W Va pr ft J?
Pr St Car i?. I?? !?*
P S C N J ??'. g
Beading 1st pr S3J4 i?._
dr. 2d pr... JJ? ,g *
H I & S pr.IOi. '?
Sear? Roe pr.ll?1* }' *
8 P B Sugar.23?. -.'"
Stand Mill P? ? -
Sup ?tec! pr.?i>?!S
T * P Id tr.300 ?J?
Tidewater Oil .21.? - ?
Toi t? I- ft W ?; .,
do ctfs ... J} g
do pr ?. 1 ; -
do ?if? pr- -? S
T C B T pr - ?
underwood t.Jj* >
do pr .}0? ?,'.
fn Cigar St.}}* ;:,,
do pr .*i?m*. Stt
C Drug 1st pr 51 ?* ?>-yt
do 2d PT...U* ,?,
C 8 1 Al pr.JOO }?*
Va Oar ?i prlOJ *S
Vulcan DcUn.. -?
Wabasi I? ??? ?.',, ,1?
West's? A B..1K;';. ?H
Wilson 00 iv. !" ;,.
Willy? O ST.. g ??
Woolwortl. ...m m
WP?*PM Pr A'IW *
do pr a.... I-V? -

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