New-York tribune. [volume], January 04, 1920, Page 8, Image 30

About New-York tribune. [volume] (New York [N.Y.]) 1866-1924

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Federal Reserve
Bank Ratio Drops
To New Low Record
Big Borrowings by Member
Banks Responsible for
Slump in Reserves; Ex?
cess in Clearing House
The ratio of the total reserves of the
F?deral Reserve Bank of New York to
its deposit and Federal Reserve note
iiabilitiea dropped to 88.7 per cent for
the week ended January 2, a new low
record since the inauguration of the
present banking system. A year ago
the ratio stood at 48.3 per cent and a
-week ago at 4<) per cent. The bank's
ratio of gold reserves to Federal Re?
serve rotes in circulation, after de?
ducting 85 per cent against net deposit
1 labilities, was 42.4 per cent at the
close of the week, compared with 44.3
per cent the preceding week and 62.9
per cent a year ago.
Heavy borrowings by member banks
at the Federal Reserve Bank during
the week were mainly responsible for
the decline in the ratio of reserves to
deposit and note obligations. Total
bills on hand at the end of the week
amounted to $1,020.374,655, an increase
over the week ended December 26 of
S40.868.462. This was brought about,
despite a falling off of $12,766,174 in
loans secured by government war ob?
ligations. Other borrowings increased
from $203.|)5,569 to $239,901,206, while
bills bought in the open market (bank?
ers' acceptances) increased from $191,
812,505 to $208,651,505.
The weekly statement of the New
York Clearing House banks showed an
increase in their excess reserves of
:*?I-,216.460 to $54,479,000. On the other
hand, loans and discounts reached a
total of $5,373,776, an increase of $176,
292.000. Reserves at the Federal Re?
serve Bank increased $64,982,000 to
$588,364,000. Despite heavy withdraw?
als by the government, United States
deposits increased from 8225,030,000 to
$311.664.000, indicating that the with?
drawals were more than made up by
new deposita.
The big increase la borrowing at the
Federal Reserve Bank last week was
undoubtedly due to the efforts of the
banks to be fully prepared to meet the
heavy January 1 dividend and interest
disbursements, which were estimated
at approximately $300,000,000 for the
entire country. With these obligations
met, coupled with the drop in the All
money rate last Friday to 6 per cent,
bankers said yesterday that it was
reasonable to assume that machinery
was already in motion which would be
reflected this week in an improvement
in the Federal Reserve ratio to its cir?
culation and deposit liabilities.
e
A. D. Meaner, Warren Snerbach,
Harold Loeb and Ferdinand A. Straus
hare formed a copartnership under the
Arm name ot A. D. Mean?? 4s Co., with
offloea at 56 Broad Street, to transact a
general commission business.
SAVINGS BANKS
Citizens' Savings Bank
5? & 58 BOWERY. COR. CANAL BT.
ll-TH SEMI-ANNUAL DIVIDEND.
The Trustees have ordered Interest at
the rate ot FOUB (41.) PEB CENT.
per annum to be paid to depositors
on and after January 19, 1980, on all
?urns of $5 and up to $3,000 whloh
have remained on deposit for the
three or six months ending December
SI, 1919, in accordanoe with the by?
laws and rules of the bank. Money
deposited on or before January 10
will draw Interest from January 1.
CHARLES H. SMITH, Vio? President.
HENRY 8AYLER. Secretary.
EDWIN A. LAHM, Assistant Seo'tary
riS
The Manhattan Savings
Institution
?44?.S Broadway, corner Bleecker st..
New York.
13TTH SEMI-ANNUAL DIVIDEND.
December 9, 1911.
The Trustees of this Institution have de?
clared interest (by the rules entitled there?
to) at the rat? of FOUR PER CENT per
annum on all sums not exceeding $1.000,
and THREE AND ONE-HALF PER CENT
per annum on the excess of $1,000 and not
exceeding S3.000 remaining on deposit dur?
ing the three or six months ending on the
?1st inst., payable or or after January 19,
1S20.
Deposits made or or before January 10,
lf.20. will draw interest from January 1,
1920. Open Mondays from 10 A. M. to
-?.10 P. M.
SOCIETY ACCOUNTS ACCEPTED.
CONSTANT M. BIRD, President.
Benjamin Griffen, V.-P. Arthur Stiles. See.
The Bowery Savings Bank
128 and 130 BOWERY.
NEW YORK, December I. 1919.
A semi-annual dividend at the rate of
FOUR PEB CENT.
per annum has been declared and win
be credited to depositors on all sums of
$1.00 and upward and not exceeding
$3,00* whloh aball have been deposited
at least three months on the first day
of January next, and will be payable oa
aad after Monday. January 19. 1929.
Money deposited on or before Jan. 10
will draw interest from Jan. 1, 19-0.
HENRY A. BCHENCK. President.
WILLIAM E. KNOX, Comptroller.
JOSEPH O. LIDDLE, Secretary.
1RVIH6 SAYIN6S INSTITUTION
IIS CHAMBERS ST., N. Y.
The trastees have declared a dividend for the
six months ending Dec. 31st, 1919,
at the rate of
FOUR PER CENT.
per annum on ail deposits from $5 to 13.099
entitled thereto under the By-Laws, payable
en and after Jan. 19th, 1920.
Deposits made on or before Jan. 19th will
draw Inter.*: from Jan. 1st, 1920.
H E. TENER, President.
GEORGE B. DUNNING, Secretary.
--PCWAY Savings institution
8 ft 7 Park PI???, N.Y.
4(T/ PER ANNUM
JO payable on and after
f Jaa. _??__, VUS,
D-V-sHe _?___? a? a* bototo
_ tab lath will draw Interest
P. Htrt-__lnso_, Pre*. L* F. Ferris, See.
CO-PARTNERSHIP NOTICES
FEDDE & PASLEY
Certifies -floWfc flccotrntaitt*
68 LEBERTY STREET,
Announc? thet Mr. Thot.
f. Conrof, C. P. A., has bttn
admitir i to ths firm.
Water-Front Properties
fedoras asi Factory Sit?
Floyd 1 Cort??, SpedaKtt
tot. ?J_-?**_*_,.. ?f irait M-*?-* Te*?.
Co
mm<
Cotton
The eptimtstto view of mtrtl husta?MO
prospect? was encouraged by vartou? feat
urea yesterday and ?earned largely respon?
sible tor the continued strength of the cot
tn market. March ?old up to 86.92c ejr 41
point? net higher, and all active mo&ths
made new htgh ground for the movement
on o further broadening of commission
house demand, trade buying and covering.
The close was several point? off from the
best, under realising, with January show?
ing a net loss of 4 points, but the tone
was steady and other months were 18 to
40 point? higher.
Realzing led to some Irregularity at the
start, first prices being 9 points lower to
7 points higher. Otherwise there was very
little pressure, however, and the market
soon turned firmer on bullish spot and
goods advices, growing confidence in early
action on the peace treaty and the firmer
tone of the stock market. ' Liverpool was
a good buyer on the advanoe, which car?
ried the more aotive monthe 89 to 43
point? above Friday's closing figure?, but
there was moro realizing iround 36.37c
for May, and the olose showed reactions
of some 15 to 20 points on the spring and
summer positions. January was relatively
easy, but quiet, while October was rela?
tively steady In the lato trading and
showed the maximum gain for the day.
The advance was accompanied by re?
ports that domestic mills had been good
buyers on Friday, while the reappearance
of Liverpool buying orders here was sup?
posed to reflect the continued activity of
the goods markets abroad. London cables
?aid that the ' hotels there were crowded
with buyers from all over the Eastern
hemisphere who were seeking supplies of
manufactured articles ranging from a
spool of thread to a looomotlve. In view
of these condition?, British "business men
are ?aid to be unanimously optimistic In
their feeling as to prospects for tho New
Tear, and there were rumors circulating
that English buyers were after aome of
the lower grades of spot cotton in the
?South. Reports from the domestic goods
market Indicated no great volume of busi?
ness at first hands during the last week,
but showed advances in price? on most
staple goods, which Indicates a continued
demand, and was regarded as explaining
the reported renewal of buying by domes?
tic mill Interests in the south. Prices In
the Southern spot markets, however, are
now near the l?vela at which holders have
previously sold freely, and there probably
was some profit taking yesterday by trad?
ers who are waiting further developments
In that quarter.
The looal spot market was unohanged at
81.16o for middling upland. No sales were
reported.
The range of prloe? follow?-.
. Friday*?
Open. High. Low. does. close.
Jan.... 18.18 ?8.48 an> ?8.10$ 88.84
Maioh. 8?4$ ?f.?! 88.40 ?6.7?$86.11 86.60
May... ?4.10 88.?7 84.90 8B.1???86.20 84.98
June... -?? - - 83.80? 88.60
July... 18.10 $1.41 18.10 88.2?<?88.ST 88.01
Aug.... ?? ? - 81.60? 81.80
Sept... ??- ?? ??80.88? 80.60
Southern ?Spot Markets?Oalveaton, steady;
60 points higher, at 48o? sales, 2,471 bale?.
New Orleans, steady, 26 points higher, at
40.26o; sales, nil. Mobile steady, un?
ohanged, at 89o; sales, 231. Savannah,
firm, at 40.26c; sales, 3,878. Norfolk,
quiet; unchanged, at 38.75; sales, 397. Au?
gusta, steady; 26 points higher, at 40.26c;
sales, 6,625. Memphis, ateady; unchanged,
at 40.60c: sales, 8,760. Houston, steady;
unchanged, at 42c; sales, 3,681. Little
Rock, steady; 60 points higher, at 41c;
sales, 1,667. Dallas, steady; 30 points
higher, at 42.80c; sales. 8,801. Fort Worth,
steady; 20 points higher, at 42.60c;
sales, 8,226.
Cereal?
Wheat?The principal feature of Interest
In the market on Saturday wa? an ap?
parent change on the part of the British
Commission in regard to purchase? In
Amertoa. Leading firma here received
cable advices from London stating that
the British Commission desired firm? to
offer on Monday free on board wheat for
January shipment from any Oulf port and
for February from the range. The trade
here was completely surprised by this ac?
tion on the part of the British Commis?
sion and comparatively few individual
operators had wheat to offer. It was the
prevailing opinion that this means was
being taken to ascertain if individual
firm? have enough wheat on hand to
make it practical to change the method
of buying from the one government agency
to the Individual. 10 was the prevailing
opinion that If this Is adopted it will
be considered bullish on wheat, as it will
mean competitive operations, and the
Minneapolis wheat market developed fur?
ther strength during the day and ad?
vanced 6 cents per bushel.
Cora?Aside from a show of firmness at
the opening, the corn market was weak
during the greater part of the day and
closed with net losses of % to l%c. There
was quite active selling on the part of
commission house?, while long? were dis?
posed to liquidate for over the week-end.
Advices from the West said that leading
railroad? were promising a more liberal
number of cars and Director General
Hlnes was quoted as saying that every
effort will be used to get grain cars into
Iowa, and a. special order was sent out
to railroads to use cars fit for grain for
no other purpose. Director Hines also
?aid that he thinks there will be no
trouble in furnishing plenty of car?.
The weakness in the other market? also
had considerable influence on corn and
it was said that Argentine offerings were
larger, with freight rates lower.
Yesterday's Previous Tear
New Tork: close. close. ago.
Corn. No. 2 yel.$1.61% $1.62% $168%
Chicago :
January .1.84%. 1-36% 1.43%
May . 1.81% 1.83 1.37%
Oats?Reports that exporters war? try?
ing to resell a million bushel? of oats and
the fact that large overntght offers to
Europe had not been accepted caused
quite active selling In the oats market
FINANCIAL MEETINGS
THE MERCHANTS NATIONAL
BANK of the CITY of NEW YORK
NOTICIO IS HEREBY GIVEN that m
special meeting of the stockholders et
this Bank will be held at Its office, No. 41
Wall Street, New York, on January 13,
1920, at one o'clock P. M., Immediately
after the close of the regular election ?f
directors, for the purpose of voting on a
Rropoaitlon to liquidate the Bank as a
atlonal Bank and of authorizing in writ?
ing the Director? to execute a certificate
of organization as a State Bank, as re?
quired by the New ' York Banking Law,
and to take, and to authorize the Direc?
tors to take, such other action as may be
necessary to cause its liquidation as a
National Bank to become effective, and
Its corporate existence as a Stats Bank
to begin; and to transact such further
ousines? a? may come before the meeting.
By order of the Board of Directora
O. K. FAYNTEH. Cashier.
Dated, New York. December 18. 1*19.
The Chatham & Ph?nix
National Bank
OF THE CITY OF NEW YORK
The annual meeting of the sharehold?
er? of the Chatham ft Phenlx National
Bank of the City of New York for the
?lection of dir?sctor? and transact on of
any other buslne?? which may be
brought before ?aid meeting will be held
at the banking house of ?aid associa,
tlon. No. 149 Broadway, la the Borough
of Manhattan, in the City of New York,
. oo Tuesday, January 11th, 1820, at 13
?'clock BOOB?
' ?ERT L. HASKINS,
Vice-Prea. * CaahUr.
New Tork. Dee. II. 191?.
THE LAWYER? MURET* COMPANY
OF NEW YORK
47 Cedar Street, New York.
The annual meeting of the -stockholder?
of this Company will be held at Its offloe
on January 6, 1920, at 13 M, for the el?o
tlon of Directors and the transaction of
such business as may com? befor? it.
A. VAN TAMBACHT. Aotg. Seo'y.
GRAND CENTRAL FAJ ACE ?COMPANY
NOTICE TO STOCKHOLDERS
Tou ?re hereby notified that by order of
the Board of Directors, of the Grand Cen?
tral Palee? Company a Special Meeting of
the Stockholder? of sal? Corporation win
be held at No. 1S1 Fifth Avenue, New York
City, on Wednesday. January 31, 1810. at S
o'clock P. M. for the purpose of considering
?nd taking action on ft resolution pas??d by
the Board of Dlr?otors at ft Speelal Meet?
ing .held on the 17th ?ay et December, 191?,
recommending to the stockholders that
the corporation be forthwith dissolved,
under the provision? of Seotlon 111 of the
General Corpora'ion Laws of th? State of
Vow York. nril\ authorizing the proper
officer? to take 'the necessary *nd proper
???tlon to carry ihe same Into effect.
GEORGE W. PAY,
Seoretary.
>Tew York, January sa, 19?.
The annual meeting of the etoekholders
ef The Burwood Corporation, for the pur.
pose of electing nine directora and trans?
acting such othitr builnee? m may come
before the meeting, will be held at the
Woodstock Hotel, New Tork. N. Y? on
January 12, i??<i, at 12 o'clock noon.
THE Ht RWOOD CORPORATION,
DON, E. 8TUART,
President.
?dities
and -arl?os were e
losses of U to Ho.
were eaatsr, closing with net
Yesterday's Prevte ua Tear
New York: close olese ago
No 8 white $0.97 $0.97 $0.79"_. ?.80
Chloago :
May. ?3% 81H 71%
July. ,76'ii 7?%, -
- Bye?Market .easy.
Yesterday's Previous Year
New York. close olose ago
No 3 Western $2.00 $2.01 ' $1.71
Flour and Meal?Quotations were :
Yesterday's Previous Year
New York t close . close ago
Minn. pat. $14.50. $14.50 $10.65
Commer'l 4,00 4.00 3.75(54.00
Rye flour. $.6.? 9.10 ?.60? 9.10 8.803. 9.26
Bran. .48.50?49.50 48.00?49.00 65.00?_18.00
Cottonseed Oil
The market was quiet yesterday, but
shorts were lnolined to.cover, and aa of?
fers were small, prices were firm and
higher, closing with net gains of 16 to
36 pointa The firmness In lard and oottoh
as well as ?a show of strength ' In oils
nad fats gSRerally, had a bullish Influ?
ence on the market. Total sales for the
day were 8,600 barrels.
The range of prices follows:
Friday's
Open. High. Low. Close. close.
Spot... - -- 22.00?22.60 21.50
Jan_ 22.00 22.00 23.00 22.06@22.25 21.70
Mar... 22.48 22.70 23.48 22.06@22.69 22.46
May... 22.65 22.85 22.65 22.80@22.86 22.65
June... - - - 22.76022.95 22.60
July... 22.90 23.00 22.90 23.00@23.02 22.78
Sugar and Coffee
Current Year
prloes ago
Sugar, granulated, per lb... 9 9
Sugar, eonfeo A, per lb. B.90 ?
Coffee, Rio No. 7. per lb.... 15% 17
Coffee, Santos No. 4, per lb.. 24 ?
Sugar?'The raw sugar market was qui. t
yesterday, with prices more or less nomi?
nal, but not quotably changed. Afloat.
Cubas were available at 11 He, cost and
freight, and January shipment' at from
lOHc to lie, cost and freight, aocordlng to
position. The demand was not at all
active, and while some Inquiry was re?
ported from Europe for March-April-May
shipments at 9c f. o. b. sellers were not
Inclined to offer freely In the distant posi?
tions. New York refiners .ontinue to
quote granulated for allotment to their
regular customers at 16.20c to ICo, less 2
per cent.
Coffee Market?The local market opened
firm at advances of IS to 19 points, and
with general condition? at the moment
seeming to favor the bull side prions
worked sharply upward later tn the morn?
ing, March selling at 16.70, May at 16.90,
July at 16.10 and September at 16.6E, or
$0 to 83 points above the previous olose,
with trade tnteteats buying, with a fair
demand from European Interests. Senti?
ment waa Improved over the fact that re?
ports had It that Scandinavian countries
had taken upward of 80,000 baga of oof.
fee here late Friday, whloh pretty well
oleaned up some Braaillian coffees, whloh
were pressing on this market. Bulls point
to the strong statistical position as regards
stocks at Rio and Santos. Stocks at Rio
are 817,000 bags, against 910,000 a year
ago, and at Santos 1,882,600 bags, against
5,210,000 a year ago. Roasters in the
country havo taken inventories and buy?
ers are becoming more aotlve in an effort
to replenish stocks which have been al?
lowed to run low at the close of the year,
and this may have brought in more or
loss support from operators. The Santos
futures market advanced 76 to 350 reis,
according to a special cable received just
before the close of the local market, and
while American credit firm offers were un?
changed those here sterling credit were
unchanged to a little higher, indicating
no weakening on the part of Brazilian
holders. The local market closed at net
gains of 23 to 33 points.
The range of prices follows:
Friday's
Open High Low Closs Close
jan. _____ ___ - 16.30?15.40 14.97
Mar. 16.60 16.70 15.50 16.66@16.66 16.37
May. 15.76 15.90 15.76 16.84fgil5.85 15.67
June - _____ - 16.94@15.95 16.67
July. 16.98 16.10 16.98 16.04@16.06 15.77
An- - - - 15.96@15.97 15.70
Sept. 15.85 16.95 15.85 15.89@16.90 16.63
Nov. - - - 16.83@15.86 15.60
Bntter, Cheese and Eggs
Butter?Receipts were 9,676 packages.
Creamery, higher than extras, lbs., 70?
70V-C! extras, 92 score, 69?69?_ic; firsts,
90 to 91 score, 64?68o; firsts, 88 to 89
score, 60V_?63c; seconda, 83 to 87 score,
56@59")'?c; lower grades, 63@66c; held,
higher than extras, 68@681_Jc; extras, 67?
67V_c: firsts, 60@66c; seconds, 66<3>59c;
unsalted, higher than extras, 72V_?73*ac;
extras, 71? 72c; firsts, 63? 69c; seconds,
57@62c; state dairy tubs, finest. 68?
69c; good to prime, 60?66c? common to
fair, 62@69c; renovated, extras, 68c; firsts,
56@57c; imitation creamery, firsts, 62?
53c; ladles, current make, firsts, 60?50'/?o;
seconds, 48@48V_c; lower grades, 46@47c;
packing stock, current make, No. 1, 48c:
No. 2, 47c; lower grades, 43?46...
Cheese ? Receipts were 3,317 boxeB.
State, whole milk, held flats, specials, S-Mi. _.
33c; average run, 31?S2o; lower grades, 23
@30Hc; twins, held, specials, whites, 31<_i
@32*4o; colored, 31*_i?32c; average run,
colored or white, 31c; lower grades, 26?
30V_o; Wisconsin, whole milk, twins, fresh.
30@31o; single daisies, fresh, 32@32'?_o.
held, 32@33c; double daisies, fresh, 31?
32V-C; held, 32@32<_ic; young Americas,
fresh, 82>_)@ 32 %c; state skims, fresh,
specials, 22@_2V_c; prime to choice, 17?
20c; fair to good, 14@17o; lower grades,
7?13o.
Egg??Receipts were 8,313 cases. Fresh
gathered, extras, per dozen, 76c; extra
firsts, 74?76s; firsts, 72@73c; seconda and
poorer, 60@71c; dirties, No. 1. 56?68c;
checks, good to choice, dry, 46@48c; re?
frigerator, special marks, fancy, charges
paid, 64?66c; firsts, 61?63c; seconds to
firsts, on dock, 46? 60; undergrade?,
30?46c; sterilized, 66@60o; dirties, 35?
42c; checks, 35@38o; State, Pennsylvania
and nearby Western hennery whttes, ex?
tras, 81@82c; firsts to extra firsts, 77?
80c; under grades, 72?76c; gathered
whites, firsts to extra firsts, 77@80o; pul?
lets, 68@72o; Pacific Coast whites, ex?
press, extra firsts to extras, 80?82c; firsts,
74@77o; pullets, 65?72c; other Western
and Southern gathered whttes, 73 @77o;
Btate, Pennsylvania and nearby hennery
browns, fancy, 77@79c; gathered brown
and mixed colors, graded, fancy, 75@76o;
fair to choice, 71?74o.
Livestock. Meats. Provisions
Yesterday Year ago
Live steers, fair
to prime, 100
Iba.$12.75? 1T.0O $18.00? 19.60
Dressed beef,
sides, lb.16? .28 .19? .?7
Live veals, com?
mon to prime,
100 lba. 19.00? 34.00 17.00?2I.09
Dressed veal,
city, lb.169 .86 .22? .81
Live ewes, 100
lba.... 7.00? 10.50 8.00?19.00
Dressed mutton,.
city, lb. .12? .18 .14? .19
Dressed lambs,
city, lb.36? .80 .22? .28
Hogs, 100 lbs. .. 15.00@16.25 17.50@18.26
Live lambs, fair.
to prime, 100
lbs. 18.00@19.00 17.00?18.00
Dressed bogs,
bacon, lb.20%? .11 .240.14%
Mess beef, bbL.. 31.00? 13.00 36.00? 36.00
Lard, mid West,
100 lbs. 13.90@14.00 28.90? 24.00
Mess pork, bbl,. 47.00@47.60 60.00?61.00
Changes in Wall Street Firms
Additional year-end chans.es in Stock
Exchange firms were announced yes?
terday as follows:
H. P. Armstrong ft Co., Martin B.
Lester admitted; Thomas A. Biddle &
Co., Warren A Reed admitted; Harris,
Winthrop ft Co., Thomas Miller admit?
ted; Carlisle, MeMck & Co., Ira Rich?
ards jr. retired, J. Hartley Mollick ad?
mitted, Herman J. Muiler admitted;
Carstairs ft Co., Wynne Purviance ad?
mitted; Childs, Kay & Woods', H. B.
Parker admitted; Curtis ft Sanger, H.
Spaulding Coffin admitted; Henrickson
& Co., Franklin Harbison admitted; L.
Levy ft Co, E. M. Cave retired; Thomas
L. Manson & Co, John A Black, gen
?el partner, becomes special partner.
A. E. Masten A Co, William 8. Mas
ten admitted: W. H. Newbold's 8on ?
Co., Richard E. Norton ft Co., Pynchon
ft Co, Charles L. Johnston jr. retired;
Salomon Bros. A Hiitaler, Harold M.
Cone, admitted-, Parrish * Oo, Alfred E.
Norria admitted! L. L. Benedict ft Co.,
William F. Veiten retired| Fellowes
2*vU _** JS-N Doltoj !>*?!? retired;
Gray ft Wllmerdtng, William R. Ed
ringten admitted; Asiel ft Co, Riohman
Proskauer admitted; Wlnslow ft Co.,
Thomas F. Patterson retired; Charles
Head ft Co, Kelson 8. Bartlette jr. ad?
mitted; Hincks Bros, ft Co, Elmer B.
Palmer, Howard Speer, Ralph Wbippls.
Henry W. Hlnoks, Frank 0. Hunt and
Dutro Plumb admitted.
Charles D. Barney * ?a- J. Ford
Johnson Jr. and Alan L. Corey admit?
ted; Charles Feeren A Ge., Joseph B.
Morley, Alexander 0. Wood Jr. and
James Warnook Jr. admitted; Harrison
4 Co., Charles S. Chasten retired;
Orris Bros, ft Co., Leslie L. Bsnnet ad
mitted; 0. H. Walker ft Co, w. L.
Becktold admitted; Oros?. Bemary ft
Co* Milton !_> iiorgenroth admitted,
Markets in Other Cities
? Baltimore
Sales. Open. High,
100 Atlantic Pet... 8% 3%
210 Arundel Cor pf 40 40
10 Bait Tube pf.. 90 ?0
80 Cen Ter S pf.. 10% 10%
820 Coaden . 10 10%
90 do pf. 4% 4%
1000 Celestine .8.20 8.20
126 Con Power-102 102%
10 Davlson Chem 35 35
10 Hlkhorn . 26% 26%
268 Fidelity A D..128 128
80 Houston OH pf 93 93
107 M & M V T.. 67 67
21 Mt Vernon oom 60 60
80 Maryland Cas. 110 111%
81 Nat Bk Bait..199 199
40 Penn Wat Pr 79 79
45 United Ry com 14% 14%
28 U S Fid A Gr.136 136
90 Wash. B & A 20 20
Bond?
$10000 Monon Val 7? 9B%
1000 Penn'W'P Ba.. 85
1000 United Ry 4?.. 67%
1000 United Ry F 5s 62%
33000 W, M & A 5?.. 76%
96%
88
67%
62%
Low.
8%
40
90
10
10
4%
8.20
103
35
26%
128
93
57
60
109
199
79
14%
13?
20
?6%
86
07%
62%
76%
Last
t.%
40
90
10
*!*
8.20
102%
36
26%
138
93
57
60
109%
199
79
14%
136
20
96%
86
67%
166
100
95
16
855
76
100
1T5
26
726
200
170
250
1226
480
100
290
10
425
3 50
4 SO
.10
125
160
36
76
680
88
60
65
23
575
460
225
100
100
150
60
800
110
460
200
110
Boston
Am Zinc..... 17%
Adventure .... 1%
Ahmeek . 75
Allouez . 87%
Arizona Com.. 16%
Big Heart. 8%
Butte A Sup.. 27%
Cal A Arizona 68%
Cal A Hecla..405
Carson . 36%
Centennial ... 16
Copper Range 48
14%
16%
3?i
87%
4
Daly West.
Davis Daly..
Bast Butte...
Helvetia .
Isle Royale..
Kerr Lake...
La Salle. 3%
Mass Con. 6 %
Mayflower C C 11%
Michigan . 7%
Mohawk . 67%
New Arcadian 5
New Cornelia 23%
Nipiaslng _12%
North Butte.. 18%
Osceola . 65
OJibway . 1%
Old Dominion. 37%
Qulncy . 62
Seneca. 17%
St Mary?. 55
Superior A Bos 4%
Trinity . 2
Union Land... 2
U S Smelters.. 76%
do pf. 47%
17% 17%
1% 1%'
76 75
'38 37%
16% 16%
9 8%
27% 27%
69 68%
405 405
36% 36%
15 15
43 48
3 3
14% 14
16% 15%
3% 3%
88 87
4 4
3 % S %
5 % 5 %
11% 11%
Utah Apex.
Utah Con.....
Utah Metal...
2%
9
8
Wlnona . 1%
Wolverine .... 20%
7%
68% 67
5 5
23% 23%
12% 12%
38% 18
58 65
1 % 1 %
17 % 1 6 %
or. 55
4%
eft
2%
9
8
1%
20%
Railroad?
39 Bost * Albany.123% 124 123% 124
20 Bost Elev pf.. 86% 86% 86% 86%
26 Bost * Maine 87 37% 37 37%
50 Maine Central. 61
ION Y N H A H.. 27%
26 Old Colony_ 80
95 West End. 48%
6 do pf. 86
51
27%
80
48%
65
61
27%
10
48%
2?%
80
46%
68
Miscellaneous
8 Am Agr Ch pf 98 98 96 96
420 Am Oil ? Bng 6% 6% 6% 6%
35 Amoskeag pf. . 79% 79% 79% 79%
185 Am Pneu S pf 6% 6% 6 Vi 6%
820 Am T A T_ 97% 97% 97 97
100 Am Wool.362% 162% 162% 162%
35 do pf.104% 104% 104 '-., .
10 Anglo Am Cml 17% 17% 17%
2350 Bost Mex Pet 3% 3% 3
100 Century Steel.. 6 6 6
3550 Eastern Mfg.. 35% 36 35%
100 Bast Bos Land 5% 6% 5%
10 Eastern S S. . 23 23 23
17 Edison .152 152 152
925 Elder . 35% 36 35%
90 Fairbanks _ 84% 84% 84
825 Gray . 49 49% 49
100 Int Cot Mills. . 69 69 69
10 Int Portland.. 3% 3% 3%
160 Island Oil. 6 6 6
HOLIbby . 30% 30% 30%
120 Mass Gas. 74% 74% 74%
50 Miss Rlv P pf 51 51 51
130 McHlw Is pf..l00 100 100
60 Mex Inv. 50% 50% 50%
150 Nat Leather.. 18% 18% 18%
48 N E Tel. 88% 89 88%
35 Punta Su&ar.. 94%
200 Root . 54%
ISO Simms Mag.. 11
300 Stewart Mfg. . 48
66 Swift A Co_132%
25 Swift Inter_ 57
60 United Fruit..200
400 United Shoe.. 49
65 Ventura . 16%
1180 Waldorf . 21%
Bonds
11000 Carson 7s.130
1000 Miss River 6s.. 76
7000 Swift 6s. 93%
89
94%
56
17%
48
3 04'
17%,
3?,>
G
35%
5%
23
152
36
84
49%
69
3%
6
30%
74%
,-.1
100
50%
18%
89
94%
17%
48
132% 133
204%
49
16%
130
78
93%
Boston Curb
Bid Asked'
130
76
93%
130
76
93%
Bid Asked
Blk Hawk.. 95c 1 ?Mex Metals. 3 S
Bohemia ..1% 1%'Mi.l Moss.,. 68
Bo? A Mon.68 70 ?Mo.l Tungst.l:;
Calaveras... 1% 2 Monarch ...97
Champion... 1 3 Nat I. A Z. 4
Chief Con.. 6% 5% Nev Doug.. 10
Con Copper 6% 6 New Baltic. 3%
Crown Res.30 35 INixon .16
16
Denbigh ...47 49 lOnondaga ..36
E A B B. 2 1-16 2%.PIIcrrim
. .15
Fortuna
Gadsden
Horn a .
Houghton ..75
Iron B10B8..25
Iron Cap. ..10
La Rose . . 36
Majestic ..1*
48
Pioneer .... I %
2%!RaiiKer Pet.25
1? iRalnier _ 1%
90 Sev Metals..26
35 S W Ml t p. 3
14 Texana ... 43
40 I IT Verde Ex.41
Yukonj .88o
20
20
50
1%
27
1%
23
1%
Chicago
12% 12'
306 302
218 218
103%
107% 107%
14% 14% 14%
100 % 100% 100%
100 A Pick . 41 41 41
76 A Decker A C 46% 45% 45%
151 do pr . 9? 97 96
1200 Armour pr ...110 110% 110
100 Brlscoe . 74 74 74
10 Bunte Bros... 12%
95 Butler Bros . .30:2
10 Chi T A T-218 218
l&Cudahy .103% 104
35 Comw Edison.108 108
2000 Cont Motor .. 14%
150 Deere pr .100%
130 Godchaux - 59%
25 Great. Lake?.. 97
25 Hart S A M.. 97
760 Hupp . 15%
20 Hartman .100
616 .1 I Case Plow 23%
287 Llbby . 30%
40 Lindsay Light 7 %
ISOOMont Ward... 41
100 M'west Util pr 41%
900 Nat Leather.. 18%
10 Peo Gas . 38
96 Quak Oat? pr 95%
4 5%
9 7
110%
74
305
218
104
CO
97
97
15%
100
24%
30%
7%
41
41%
18 %
88
69%
97
97
15%
100
23%
30%
' 7%
40 %
4 1%
1 8 %
38
29%
. 59 61
.132% 131
43 %
135 Reo Motor
3900 Stow Warner
616 Swift Intl...
820 Swift A Co..
3 25 Thompson . .
60 Tcmtor C pr. .
2700 Union Carb..
. 50 Uni Pap'board
180 Wahl . 46
20 Wilson pr .... 99
45 Wrlgley . 80% 80% 80%
Bond?
18000 Armour Si
48%
77
46%
77
46% 46
99 99
60
9 7
97
15%
100
24%
30%
40%
41%
132
50
4 6 %
46%
99
80%
'20.109% 309% 109% 109%
10000 Chi C Ry 1st 5b ?8% ??8%
1000 Chi Ry S A 6s 43% 43%
6000 Swift 1st 6s... 93% 93%
Detroit
68%
43%
93%
260 Charooa! Com. 444
800 Cont Motors.. 14% 14% 14%
150 Detroit E'dlsonll3% 313% 133
20 Ford of Can..430 430 430
800 Packard M C. 27% 27% 27%
60 do pf . 95% 95% 95
700 Reo M Car_ 2!) 1:9 29
93%
4 .
14%
113
430
27%
96
29
Philadelphia
488 Am Stores.... 40
147 Hlec Storage..140
lOOCombrta Iron. 39%
200 Gen Asphalt.. 3 24 14
10 do pf .183
466 Lake Sup. 21%
479 Lehlgh Nav... 63
405 Lehlgh Val... 43%
36 Phil Co 6% Pf 31
240 do 6% pf. . . 34
390 Phil? R T_ 27%
34 Phlla Traction 63
600 Tonopah Min.. 2%
120 Union Trac... 36
619 Un Gas Imp.. 65
110 York Ry pf... 31
60 Warwick Iron 8 %
732PhlU Elec... 25
40
141
39%
124%
183
21%
64
43%
31
34
339% 140.
39% 39%
124'
183
6 3
43%
f% 27
2%
36%
65
31
8%
25%
6:1
2%
64%
81
8%
25
!4%
3 83
21
64
43%
31
34
27%
6 3
2%
36%
55
31
Bond?
11000 Am O * B Bs. 83 83
1000 Bleo A Peo 4a. 83% 62%
5000 Lake Sup I 6a. 63 63
1000 Nat Prop 4-6s 80 30
1000 Market St B 4s 80 80
6000 Phil Bl 1st 6a 93 93%
3000 Phil Co lat 68.100 100
8000 Phil W A B 4? 98% 96%
10000 Read gen 4s.. 81% 61%
Pittsburgh
10 Am W O M pf 94 94
?14810 Arkansas Gas . 42
100 Car.bo-Hydro .
200 do pf .
1020Guffey GUI ..
826 Indepen Brew.
100 do pf .
700 Kay Co Gas..
89 ?on? B O's new 17
116 Maryland Ret 61
12M/r? k*H**t 69
80 Ohio Fuel Oil. 31
?0 Ohio Fuel Sup 61% 61%
490 Oklahoma Gas 42% 42%
20 Penn R R.,.. 41 iu 41%
180 Pitts Brewing t% 7
600 Pitts Jerome.. 38 25
81
83%
63
80
80
91%
100
96%
81
81
62%
63
30
80
92%
100
86%
81
Toronto
Adanao
Apes .
Baiter'
Bl? Asked)
::??
?aver Con4t IS
ham Perl. ? U
toniftfM ..?.00 1.00
rown Rsv.lj 48
ftv|4?ien
Dome Bxt. .10
Dome Lake, 10
Gold Reef... a
Ot North.
Holline?*?
Keevft .....
.6 80 8 TO
.1* M
Bid Asked
Lake Shore..1.00 1.38
Mo?ntyr?..l.?T% 1.18
Mn Crp Oan.1.60 3.00
Newray .... 8 II
Ptrsn Lake. 15 21
Poro Crown.33 10
?oro Imp... 1 ?
Prest ? D..10
Tk Hugh??.. 18
46
Ttmlskg ..
Thorn Krlrt.. 3
Vacuum O. .18
Wasaplka ,.4?
West Pom?. 7
II
35
63
7
16
I?
11
The Day's B
U. S. Government
Transactions
Sales.
Liberty 8 %i, 1947. $952,000
do 1st 4s. 1947. 22,000
do 2d 4s, 1942. 111.000
do 1st 4 Us, 1947. 78,000
do 2d 4 Vis, 1942. 338,000
do 3d 4??s, 1928. 906,000
do 4th 4%s, 1938.2,371,000
Victory 4%s. 1923. 1,324,000
do 3%s, 1923_.... 396,000
Yield.
3.49
4.42
4.5?
4.65
4.76
4*94
4.83
4i91
3.90
Quotations.
Liberty 3% s
do 1st 4s_
do 2d 4s_
do 1st 4Vis..
do 2d 4%s. ,
do 3d 4-4s..
do 4th 4V??..
Victory 4%s .
do 3%s ...
High. Low.
.100.40 100.00
. .3.40 93:40
. 92.42
. 94.00
.. 92.86
.. 94.90
.. 92.94
.. 99.30
.. 99.40
92.20
93.80
92.70
94.70
92.72
99.06
?9.06
Bid and Asked Quotations
Closing Closing
Liberty loans : Yesterday. Friday.
3%s, 1947_100.00@100.10 100.10@100.20
1st 4s, 1947... 93.40-D 93.48 93.20@ 93.30
2d 4s, 1942_92.20r_. 92.40
lst4%s, 1947.. 93.80(a) 93.86
2d 4V?8, 1942.. 92.7(1(?) 92.80
3d 4*4s, 1928.. 94.70? 94.76
4th 4%s, 1938. 92.78? 92.80
Vic 4%s, 1923. 99.04? 99.10
99.10
do 3%s, 1923 99.06?
Pre-war issues :
2s reg, '30.100
2s coup, '30.l00
2s reg, '46. 89
.'is coup, '46. 89
4s reg, '25.inr>%_.106%
4s coup, '25.105>?(f_106 .3
92.20? 92.40
93.80? 94.00
91.68? 91.70
94.76? 94.80
92.76? 92.80
99.20? 99.40
99.20? 99.40
2s Pan, c, '36.
2s Pan, r, '36.
2s Pan, c, '38.
2s Pan, r, '38.
3s Pan, reg.88%
3s Pan, coup_88%
Phil 4s, '34. 9
..%_/; 1.00%
99%<frl0014
do 4s, '35.
do 4s, '36.
; d coi 3s, 'er,
Foreign Govt. and Municipal Bonds
(Interest to be Added)
Bid. Askec
Anglo-French Extern 5s, 1920.. 96% 96*4
Argentine Intern 5s, 1945.71% 72
Canada, Dom o?, Sa. 1821. 97% S7V?
do 1926 . 92% 93V?
do 1931. 91 91V*
Chinese Gv Hu Kug By 5s. 19?1 49% 56^
Cuba Extern 5s. 1944.91% 93
do Extern 5s, Ser A, 1949.... 85% 86
do Extern 4%s, 1949. 74% 76
Dominican Rep 5s, 1958.? 87 '
City of Lyons 16-yr 6s, 1984... 92% 92<H
City of Marseilles 16-yr 6s. 1984 98% 92%
City of Bordeaux 15-yr 6s. 1934. 92% 92l
City of Paris 6s, 1921. 92% 92*
Jap Gov 4%s, sterling in, 1925. 80 81
do 4%s, 2d ser, 1926. 78% 79*.
do 4s, sterling loan, 1931.69% 69?
City of Tokio 5s, 1952. 59 59V
U K G B & I 5-yr 5%s. 1921.. 96% 96
do 3-yr 5%s, 1922. 95 95V
do 10-yr 5%s, 1929. 95 95V
do 20-yr 5V_s. 1937. 88% 88*1
i Mex Extern strl 5s of '99, 1945. 38 44"?
J do Extern gold 4s of '04, 1954 ? 441
(Sales!
Anglo-French 5s
5,000. 96%
8,000.96%
42,000.96%
1,000.96%
25,000.96
30,000. 96%
2,000.96%
0,000. 96%
5,000. 96 %
Argentine G 5a
1,000. 72
City of Paris 6s
6.000. 92%
5,000. 93
3,000. 92%
3,000. 93
City of Tokio 5s
1.000. 60
Dom Canada 5s 1926
1,000. 92%
Jap 1st ser 4 % s
3,000. 82
10.000.81%
do English stmp
4,000. 79
3,000.79%
do 2d ser 4%s
English Btmp
5,000.79%
U K of Gt Britain
12,000. 96
& I 6 Vos 1921
2,000. 96%
9,000. 96
1,000.96%
10,000. 96
do 5%s 1922
34,000. 95%
do 6%s 1929
5,000. 95
4,000. 95%
do 5%s 1937
19,000. 88%
5,000. 89
15,000. 89%
14,000. 89
26,000. 89%
25,000. 89%
13,000. 89%
5,000. 89
4,000. 89%
N Y Canal 4%s
8,000?.108
NYC 4%s 1957 May
1,000. 99%
do 3%s 1955
3,000. 80
Railway?, Other Corporations
Am Cotton Oil 5s
2,000. 89
Am T & T cvt 6s
6,000.99
1,000. 99%
2,000. 99 I
do col 5s I
2,000. 80% 1
1,000. 80%I
8,000. 80%
1,000. 80%T
5,000. 80%
Ann Arbor 4s
2.000. 50%
Armour Co 4%s |
5,000.83%!
2,000. 83%?
A T & S F gen 4s I
5,000. 82
5,000. 81%!
5.000. 82%
do cvt 4s 1960
5,000. 89%
?do adj 4s
3,000.71%
do stamped
2,000.70
1.000. 70%
2,000.71
Am W P b f 7s
10.000. 83%
3,000...'... 83%
Atl C L L & N 4s
1,000.72
Bait & O tcra 6s
4,000. 90
do rfg 6s
000.67
Interboro-Met 4%s
do ctfs of deposit
10,000. 16%
Interboro R T rfg 5s
6,000. 55
8,000. 54%
7.000. 53%
2000. 53%
16,000. 53%
2,000. 51 '
1,000. 54%
53,000. 54%
19.000. 55
6,000. 55%
Int Mer Marine 6s
? 5,000.94%
8,000. 95
1.000.94%
Iowa Central 5s
5,000. 69
Kansas City So 5s
7,000. 74
K C Ft S& M 4s
1.000. 70
Lack Steel 5a 1950
3,000. 98
Lake Shore 4s 1931
30,000. 84%
L & N unified 4s
5,000. 83%
do St Louis 3s
2,000.51
Mldvale Steel 5s
8,000. 84%
9,000. 84%
2,000. 85
15,000. 84%
9.000.
14,000.67% I Mo Pacific gen 4s
do cvt 4%s
1,000. 62%
10.000. 64%
31,000. 65
1,000. 64%
3.000.64%
2.000. 65
3,000.58%
10,000. 68%
1,000. 58%
M 8 S M ft Atl 4s
1,000. 88%
Morris & Essex 3%s
12.000.70
8.000. 64 % I New Orl Term 4s
5,000. 65 I 2,000.63
j Drygoods Men to Meet Here
:-'
! Trade Problems To Be Dis?
cussed at Convention
Hundreds of dry goods jobbers will
be in New York next week for the six?
teenth annual convention of the Na?
tional Wholesale Dry Goods Associa?
tion and auxiliary organization at the
Waldorf-Astoria Hotel. The conven?
tion will begin on Monday, January 12,
with a meeting of the Jobbers' Associa?
tion of Knit Goods Buyers. The Job?
bers' Association of Dress Fabric
Buyers will meet on Tuesday and the
Jobbers' Association of Notion Buyers
on Wednesday, The meeting of the
parent organization will take place on
Thursday. Some of the topics set for
discussion include fair trade practices,
merchandising policies for 1920, "at
value" orders, guaranteeing prices,
treatment of advertised goods, etc. Re?
ports on conditions in the various in?
dustries producing the merchandise
handled by the association members
will be made.
F. A. Patrick, of F. A. Patrick ft Co.,
Duluth, Minn., is president of the par?
ent association.
Most of the Jobbers attending th?'
convention are expected to do their fall
buying before returning .home. In an?
ticipation of this the textile houses
have recalled their salesmen from the
road for that week to enable them to
meet their trade in New York.
e .
Cincinnati, Indianapolis et
Western Earned $2.61 a Share
As a result of operations in the year
ended December 81, 1910, the Cincin?
nati A Indianapolis Railroad earned a
net corporate income of $189,088, equiv?
alent to $2.81 a share on the 18,850,000
6 per cent non-cumulative preferred
?took, which compare? with 1222,744, or
14.16 a share, In tho preceding year.
The Federal account for tha year
?hows net operating deficit of 171.010.
which, with the guarsntesd rental of
1422,2*12, brought the total loss for the
{overnment to $800,222. without the
enaflt of the standard return the
- howlng for the year would have been
a deficit after charges of $800,890.
.on d Market
Bait A O evt 4%e
8.000.64%
6.000.64%
do gold 4s
3,000.69%
2.0.00.68%
69
84
83%
.3.000
do p 1 8%s
1,000...
1,000...
do Sw 3%s
1,000. 77
do Pitts L E ft
Va 4s
2.Q00.60
doT ft C 4s
1.000.50
Beth Steel rfg 5s
3,000. 87
10,000.86%
1,000. 86%
. 1.000.86%
do p m 6s
3,000. 86%
Brooklyn Rap T 7b
5,000.' 45
do ctfs of deposit
5,000.48%
do ctfs of deposit
stamped
13,000.40%
Brooklyn U Elev 5s
_ M00. 61%
Cen Dist T 5s
1.000. 96
Cen of Ga Ry 6s
3,000.94
Central Leather 5s
4,000.97
Cen Pacific 3%s
6,000.82%
do gtd 4s
6,000.78
Ches & O con 5s
1,000. 94
do cvt 5s
5,000.81
5,000. 81%
do ?en 4% s
5,000. 75%
1.000. 75%
do cvt 4%s
26,000.76%
19.000. 76%
C & Alton rfg 3s
15,000.47% I
do3%s 1
5,000.31
C B ft Q HI 3x?s
2.000.". 74%
do joint 4s
36,000. 95%
5,000. 95
2,000.95
6,000.95
2,000.96
37,000...... 96
16.000.95
C Gt Western 4s
4,000...... 58%
C M ft St P cvt
5s ser B
16.000...... ?9%
10,000.69%
M 1.000...... 70
do gen 4%s
10,000.77%
. 1.000.77%
do cvt 4%s
10,000.69%
1.000.69%
5,000.6D%
5,000. 70
1,000. 69V_
16,000.68%
do rfg 4%s
6.000. 59%
G.000.59%
5.000. 59%
25.000.60
10,000. 60
N Y Central deb U
1.000.92%
1,000.?2
35,000.92%
do 4s 1934
4.000,.81%
2,000. 82
N Y C * St L lit 4s
1,000. 80%
N Y Connect Rye 4 V??
5,000'..79
N Y N H A H 6s
14,000.71%
N Y O ft W 1st 4s
3,000.59%
N Y Rys rfg 4s
25.000:. 28
do adj 5s
3,000. 6%
do ctfs of deposit
10,000. 6
N Y Tel deb 6s
? 1,000.95%
do 4%s
2,000.80%
N Y W ft Bn 4%s
7,000.35%
4,000. 35%
Norfolk ft W con Is
5.0QO.79%
Nor Pacific 4s
8,000.79%
5,000.79%
13,000.80%
do 3s
4,000.56
Pacific G ft E 5s
5,000. 81 %
Pacific T ft T 5s
1,000.86%
1,000.87
Per.n 5s 1968
4,000..93%
do con 4%s
5,000.9*2%
do gen 4%s
10,000. 84%
17,000. 84
1,000. 84%
2,000. 85%
Peoria ft E inc 4s
3,000. 20
P?re Marquette 5s
2,000.87
Reading gen 4s
5,000.80%
17.000. 80%
Rio Gr June 5s
7.000.75,
Rio G W col 4s
15.000.51%
5,000. 51
5,000.51%
St L I M ft S gen 5s
10,000.94%
1,000.94
do 4s
1.000.71
2,000.72
St L ft S F 4s ser A
1,000.68%
8,000.69
8,000.58%
2.000.59
do 5s eer B
81,000. 71
1,000.71%
do adj 6s
21,000.62
5,000.61%
2,000.62
do inc 6s
16,000.45
St L Swn 1st 4s
4.000..62%
10,000. 62
do con 4s
2,000.51%
8.000. 51%
do Terminal 5s
3.000. 67%
1,000. 60V_|St P M ft M 4%s
24,000. 60 3,000.91%
1.000. 60%?Seaboard Air Line 4s
16,000. 61 I
. 6,000.;.... 60*41
do gen 4s ser A I
2.000. 70%
2,000. 71 '
10.000. 60%
do rfg 4s
1,000. 89%
do adj 5s
5,000.35%
1.000.70% I So Pacific cvt 6s
1,000.72
do 4s 1925 I
J 8.000. 70 |
do deb 4s 1934
10.000.61%|
5.000. 62 !
5.000. 62% I
C ft N W gen 4s "l
6,000.80 I
Chicago Ry 5s I
? ? 5.000.68%l
C R I ft p Ken 4s I
1,000.75
do rfg 4s
6.O00.67%
49,000. 67
2.000.67%
5,000. 67%
16,000. 67%
Chicago Un Station
4%s ser A
5,000. 81%
5.000. 82V.
C ft West Ind 4s
4,000. 60
5,000. 60*_1
1.000. 60
Chile Conper 7s
1.000.108
do 6s
2.000. 85
Con Gas cvt 6s
1,000.99%
000.104 %
10.000.104%
10.000.100
do cvt 4s
1?O00.81
10.000.81%
1.000. 81*4
3.000. 81%
do rfg 4s
20.000. 78%
do col 4s
5.000.72
Southern Ry 5s
6,000. 87%
4.000. 87
6.000. 87%
5,000. 87%
do 4s
6.00..61%
15.000.61
Tenn C I ft R R 5s
1,000. 93
T R R A of St L 4%9
1.000.73%
Union Pacific 6s
15.000.102
do 1st 4a
1.000. 85%
14,000. 85
do cvt 4s
6.000. 88%
do rfg 4s
9.000.80 %
1.000. 99% | Un Rd of S F 4s
Den ft R G con 4s
5,000.67%
3.000. 67
do rfg 5s
5.000. 45
Detroit Riv T 4%s
? 1.000.79%l
Erie ?en Hen 4s I
10.000. 43
do cvt 4s ser B !
2.000. 35%
do cvt 4s ser D
? MIA ... 88 I
Great Nor 4%e !
2 000.85%l
Hud ft M rfg 5s I
1,000. 59
1.000. 59%
2.000.69%
111 Centrnl 5%s
8,000.93
2,000.93%
do 4b 1952
1.000.73%
8,000.74
Indiana Steel 5s
3.000. 93%
?5.000. 93
Interboro-Met 4%s '
27.000. 16%!
ctfs of deposit
3.000. 26
U S Realty ft I 5s
1,000. 77%
5.000. 77%
U S Ruhber 7s
1.000.103%
do 5s
8.000. 89 Vi
1.000. 8814,
7 000. 8_M
9.000. 88%
3.000. 87%
1.000. 88
1.000. 88%
1,000. _8
1.000. 88%
U S Steel s f 5s
3.000. 97%
6.000. 98
Virginian Ry 5s
3.000. 85
Wabash 1st 5s
1.000. 91
West Electric 6s
1,000. 97
West Maryland 4s
1,000. 52
Western Union 5s
5,000. 84
3,000. 16V . I Wilson Co cvt
3.000. 16*>/ ' 5,000. 95*?.
1.000. 17 ' 1.000. 95V,
5,000. 16%i 4,000. 96
Kuhn, Loeb & Co. Refuse to
Comment on Loan Report
Kuhn, Loeb 1 Co. yesterday declined
to comment on the cabled report they
had formed a syndicate for the floating
of a German loan in this country, but
that German bankers had declined the
terms on which credit was offered.
However, it was asserted in well-in?
formed banking quarters that no such
syndicate has been formed, although
German bankers have been making
overtures for months. It was said that
the subject of a loan to Germany has
not emerged further than the prelim?
inary talk, stage.
. _
Financial Items
Alfred *_.. Loom's, formerly associated
with Wlnthrop & Stinson, has been elected
a. vice-president and a member of the
board of directors of Bonbrlght & Co., Inc.
Horace W. Davis, formerly vice-presi?
dent of the Finance and Trading Corpora?
tion, and Kenneth H. Clapp have formed
the firm of Horace W. Davis & Co. to carry
on a general Investment business, with
temporary offices at 56 Pine Street.
B. L. Atwater, vice-president of William
Wrigley Jr. & Co.. has1 been elected a
director of the Hudson Trust Company.
The Central Union Trust Company of
New York has been appointed transfer
agent of the preferred and common stocks
of the American Writing Paper Company.
Bldward Froede and Aubrey C. Lam?
beth have been appointed assistant man?
agers of the foreign department of the
Columbia Trust Company. *
Sir Hugh Oynne Levlclc has retired from
the firm of Lea, Hlgglnson ft Co., having
been appointed British commissioner on
the Reparation Commission.
Harold C. Strong haa been admitted to
general partnership In the firm of Hemp
htll. Noyes ft Co. .
R. R. Jolies, formerly manager of the
foreign trade department of the National'
Park Bank, has beoome associated with
Imbrle ft Co. aa manager of Its newly
formed European department.
The Columbia Trust Company has been
appointed transfer agent of the ,1 per cent
Cumulative participating preferred stock
of the Canadian Connecticut Cotton Mills,
Ltd.
Augustus J. Boydsn. formerly a partner
of weld, Grew ft Co., Boston, has beoome
a partner In the firm of Bond ft Goodwin,
to be associated with them In their Bos
ten office.
. William R. Idea, vloe-prssldent of the
American International Corporation, and
Joseph Walworth, have been admitted to
Ssneral partnership In the firm of Aldred
i Co. Morton Otis and Frank O, Nichols
have retired from the firm. The company's
a (flees have b.an removed , from 14 _!_?
ehante rises to II W?H Street.
America Faces Its Gi
- 4
Continued from page 4, this section
If* . , . i-??
now .made by us in other countries
means an increase in their wealth
and consequently in the ability of the
peoples of those countries to pur?
chase our products. The war has I
reversed the position of America,
and instead of other countries in?
creasing: their sales here through
increases of wealth brought about by
investments in American enterprises
we are now able to increase our sales
abroad upon the same principle..
In view of the present world de?
mand for capital a survey of the
bases upon which America may be?
come a lender of capital is indica?
tive of the opportunity which our in?
dustrial and financial leaders have
of directing capital into the most
profitable channels.
The United States is now in an un?
usually favorable position for mak?
ing foreign loans. There are avail?
able for export vast supplies of food?
stuffs and raw materials. According
to the industrial census for 1914, the
industrial plants of the United States
had a total capital in excess of $22,
000,000,000, while the value of out?
put was more than $24?000,000,000.
The war resulted in increases to our
industrial plant. This is indicated
by the pig iron production, which is
about 45 per cent larger than be?
fore the war; the establishment of
important chemical and dyestuff In?
dustries, and the great expansion o?
our shipbuilding industry. Our di?
versified production and our natura
resources will enable us to supplj
the materials whlc? will form th<
material bases of loans to othei
countries.
As a further basis for foreigi
loans this country now has a large
investment power than ever before
The annual savings, which amount
ed to $6,000,000,000 before th<
war, reached a total of $15,000,
000,000 during the war. The an
nual income from the balance o
foreign loans, which will be du
this country as a creditor natidr
will probably be largely absorbe
in new investments. The develop
ment of a strong and growing mei
chant marine will further add t
our ability to invest capital in othe
countries. The extraordinaril
large gold supply of the countrj
in combination with a free-gol
market, will give bills drawn i
American dollars a world-wide rej,
utation as synonymous with gol<
and funds can be loaned payable i
gold. This gold reserve is a soun
basis for our credit structure?a
essential requirement in an expai
sion program.
Europe's Primary
Needs Enumerated
As has been pointed out, Euroj
has need of foodstuffs, raw mat
rials and machinery to place its ii
dustrial life upon a normal bas
and to give employment to its pe
pie, which is the surest way <
checking the spirit of social unres
But Europe's buying power, i
measured in pre-war terms, is wea
because she does not have that su
plus of products for sale abroi
which normally would be used
pay for imports. For the time b
ing Europe must have credit e
tended to her in order that she m?
be able to buy, otherwise the p
riod of readjustment will be pr
longed and the stabilizing of h
industrial life will be delayed. Su
a situation might possibly have s
cial and political consequent
which would gravely affect n
only her position but that of oth
countries also. The failure to c
tend adequate credit will me
that, instead of our export tra
expanding and growing larger,
must, of necessity, grow small
until the time comes when Euro
can sell us commodities only in ?
change for those which we send
her. Unless adequate credit is <
tended, the buying power of E
rope will become less in the imn
diate future, and this country v.
be confronted with not an expt
sion of exports but a continual <
crease of exports.
It is imperative that America
1920 conserve her resources; t?
she follow a policy of the strict?
economy, individual and public,
order that the absorbing power 5
! investments may be materially
I creased. The necessity of financi
our export trade through the ?
tension of short and long term ere
must be brought to the attention
the investing public of this count
In the first place, the appeal must
made to those people who are
rectly benefited by the maintenai
and development of our exp
trade. They must be made to
that if they expect to find a mar
for their products means of fin
cing must be available. But
appeal must be made to a wi
circle of individuals?the gene
investing public. The benefi.
effects of a period of prosperity,
a period of expansion of trade i
industry, are widespread. They
feet all elements of our populati
And it should be the business
every investor to do everything
his power to finance our exi
trade through sound mediums ]
vided by either private or pu
bodies and to expand the gro*
foreign market for American pi
nets through the purchase of so
foreign securities.
j I do not mean to imply that
reutest Opportunity
?-.-;-;--i
the responsibility for the granting
of ?credits to European and other
countries rests upon America alone;
far from it. The peoples of bor?
rowing countries, as I have already
stated, must share the responsibility.
as well as the benefits, of such
credits. It is certain, for instance,
that American investors will be
more inclined to lend their dollars
to those countries which have stable
political conditions and governments
which are imposing adequate taxa?
tion in order to meet their financial
obligations on sound bases. It is
necessary, therefore, for those na?
tions which seek our monetary as?
sistance to assure us not only in
word but also in deed that they
merit such aid. As a policy of self
protection, American ' investors
should, and undoubtedly will, be dis?
criminating in the matter of foreign
investments. Europe must appre?
ciate that fact and meet the de?
mands of America if it would have
America meet its demands.
Political stability', social order, re?
spect for the rights of property
and a sound financial program
should, of course, underlie any re?
quest for credit. That these will
follow the convalescence of a world
now emerging from five years of
war fever may reasonably be ex?
pected of the nations as a whole.
Duty and opportunity must then
guide the way to service. And 1920
should start us well on our way into
the new era lying before us and
jalong the road of our manifest des?
tiny. Before such possibilities, po?
litical differences ?and personal am?
bitions seem petty indeed.
Government Co-operation
Is Essential
In working out such a program
the intelligent cooperation of our
own government must be given, and,
where private enterprise fails, our
government authorities should take
the initiative to assume the respon?
sibility which may well be too great
for private capital to bear. Such
a policy can be pursued by the gov?
ernment, acting for all the people,
in the national interest, in the full
assurance that commensurate bene?
fits will follow. To the cotton grow?
er, the wheat raiser, the ranch?
man, the farmer, the manufacturer,
the merchant, the laborer and the
investor these benefits will accrue
and national prosperity long con?
tinued can be based upon them.
The United States stands at the
beginning of 1920 in some measure
where England stood after the Na?
poleonic wars, and if we, her people,
have the courage and imagination to
push American capital, American
shipping and American enterprise
around the world, as England did in
her great hour of opportunity, we
can reproduce for ourselves the
golden years of England's Victorian
era. Such an achievement demands
the close cooperation of government
and business, the protection of the
American flag for the American
dollar, the dictation of economic,
rather than political, considerations
in public affairs. New and better
standards of living, a fairer distri?
bution of wealth, a juster bearing of
burdens, increased powers of ser?
vice, a further spread of democratic
ideals and the maintenance of eco?
nomic and political order through?
out the world may all be byproduct?
of our enterprise if we but follow
our vision in 1920 and afterward.
"Without vision the people perish."
Bid and Asked
Bid. Asked. I Bid. Asaed
Am Bnk Note 45 47 ?Lake E A W. 7'A Jl
.dSJl,?'-t?1' 48 d0 l"" . 15 3?*
A Beet S pr. 90 H4 Kresgo S S ..13g ir.?
ABS Fdry. 86* 90 do pr .103 199
do pr .165 200 iLigg & M T.202 207
A C St P pr.115 11? | do pr .107 109
A. Cot OU pr 84 91 \U-\V B 1st pr 99 lt'0
Am Express.. 95 100 | du L'd pr. ..300 112
Am Ice pr... 68 SUH.Lortllard pr . .110%J 14
Unseed pr 94% 98
Am I.OCO pr.105 107
Am Sl?pbldg. ? 135
Am nui pr A. 82 85
A St IV pr. 92 94
Am Sugar pr.118 139
Am T?l & C. 50 55
Am Tobacco..270 280
Am Wool pr.104 104U.
A Z A I. pr. 57 58
Aim Arbor .. 8S 12
do pr . IT 25
A D Q 2d pr 75 76
Asso Oll ...11T 119
Mackav l'os pr t>4 tt'i
Manhat Beach '? : ,
Manhat El.... 45 82
M?ty I>e t?t pr.1064 11?
Mejc Pet pr.. 9S in.'
MSPA H S M 73 76
do pr . !>.< 96
do lsd lines. 52 60
Mont Pow pr.3rt04? 30.'.
Morris A Es. 71
Nash A Chat. 108 IIS
Nat Bis pr... 114 lit
N C * S pr 102
?8*0 .?H^--11T 119. NBAS vw.lOO 301
55th JSif"1"'- 22 M INTCA6L 1?. 61 8*
Bkn Edlsau... 90 93 do Id pr 43 4?
Brown SIi pr 100 101 ?v Y T, A W ?*
?H!t"rB2 ?T-1!? "I Norfolk S?.... 11H
BulT R & P. 45 59 xorf St W at ?Sfi'I
do pr .?
Buff A Bus.. ?
N'orf A W pr ??S
North Am ... M '? ."4
Ohio Fuel .49 5J
Owens Bot pr 9S 109
Pariflo Coast.. IS ?"??
do 2d pr .. 4 ?ft
Pariflo Mail., tttt IS
P T & T pr. rod
P Am Pet prl"
Pft? Mar pr
do prior pr. .
PCCtiLM ?T
Petti Mulll... IS W
do 1st pr.,.100
Pierce Ar pr. 106 10?
Pitt? Ooel pr. 90 M
P F W A C.31? 125
PftU Steel pr 92 ??'?
PAW Va pr 77H 80
Pr St Car or mo 10?
ens..
.'I* 1. s
l? 1
do pr .? 5444
Bush Term... 85 loa
Cal Pack pr.120 ?
Cal Pet pr.. 73 75
Can Southern ? 43
Case J I pr. 97 100
Ceil of N J..175 210
Cwit Fdry.... 15 30
do pr .38 50
Chi A Alton. 6 10
do pr . 7 15
C A E IU... 4 7
C A N W pr.llT 124
CKIAP6 pc pr 61 63
do 7 pa pr. 70H Tl
CSPM A O. 58 65
do pr .90 100
C C C A S Z. 47H 51
C A S 1st pr 50. 52 Riding 1st pr 33S W
do 2d pr... 40 48 do 2d M ** ??'?
Cont C*n pr.100 104 '- - - -
Cont Ins Co.. 80 85
Com Prod pr.108 109H
Ore* Carpet.. 55 80
C Am Supr.107 110
Ou C Su pr.100 104
OLA W. ..191 198
Dot Edison.. 110 117
Dot Un R?.. ? 100
1)8 S A A pr 7 10
Elea St Bat..185 143
Elkhoru C pr. 38?i 45
Fori M A S. 11 15
do VT . 37 38
Fisher Body..?? 1S3
do nr .105 110
On Chem....l85 200
do pr .ASH loo
Oeo Clarar Br">6 101
Q M * Na ?H *
.do pr .80 85
a S S lit pr 92<i ?7
Hartman Corp. 100 101
Int Bar pr. .113 114
Int Nickel pr 90 95
Iowa. Central. 4 8
Jewel Tt* pr 42H 48H
Kaysw J ...108 180
KCP8AM pr. 52 ?3
Kelly Spr pr ?TU MU
Keleey Wh pr 87tf 9?H
Keok ADM.? 8
_do pr ..... 1? ?
Kress A Co.. 70 88
' do tr .loo lia
Laolede Gas.. 33 45
BIAS pr.106 107
IIitirprK 2".,
8 1. S? . 33 14H
do pr . 24 ?.
8e?b A L ... 7 7H
do pr . 18H l?i>
Rear? Roe pr.llS?i 11**?
S-S a A I pr 90 93
SPR Sugar .135 MS
do pr .114 117
Stand Mill pr 85 9?
Studebaker pr.100 101
Sup 8t*el pr.101 IN
T A P Id tr.SOO 500
Toi S L A W 6 1 '
do pr . II W
. C ft T pr - ???
Underwood T.185 1??
de pr .10? IM
Un Bag A P. 90 94
Cn Cigar St. 13'. ?US
do pr .110 140.,
VnHe? Drug. 142^1?^?
da 1st pr... 51H 5-1?
do 2d pr ..IM
T'SCIPA F pr 53 5*?*
VtCuCh pr.108 112
Vuloan Drtln. M H
do pr .!?* H
Wabaah pr B 15 i?1*
Wilson Co pr 90 g
Willys O pr.. W ?3
Wta Osntna.. 27 S?
Woolworth ...11* I**
do pr .....11? M?
WP A M P? A 9? M
do pr H ... 74? 7?
H. A. Wtnkopp, fer twenty-five veer?
associated with Btnetiofr'c Banklmr House
?nd for two > ears procuiist of Knauth.
N?chod A Kuhne. ha* hernmr ?fftlUti?d
with Clark? Brot here, bankor?.
*