New-York tribune. [volume] (New York [N.Y.]) 1866-1924, January 16, 1920, Image 14

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New-York tribune. [volume], January 16, 1920, Page 14, Image 14
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New-York tribune. [volume] (New York [N.Y.]), 16 Jan. 1920. Chronicling America: Historic American Newspapers. Lib. of Congress. <https://chroniclingamerica.loc.gov/lccn/sn83030214/1920-01-16/ed-1/seq-14/>

Newspaper Page Text

Toledo Traction
Light & Power Co.
1st lien 7% 2-Year
Gold Bonds
An attractive issue
offered at a price
to yield about
Complete circular upon
retjueat for AK-276
TheNationalCity
Company
?Ufa one*: Nattonal City Bank Build.m
Uptown Offlcu: Finn Ave. 4 43rd St.
Correspondent Offices in over 50 Cities
Hartshorne,
Fales & Co.
Member$
NeVf York Stock Exchange
71 Broadway
Telephone 7610 Hording Oreen
Investors
Desiring
Information as to
intrinsic values
or quotations on '
Any
BONDS
NOTES
STOCKS
Suitable for
Investment
are invited to confer
or correspond with us.
jEtKEt
Hood & Bolles
NIMBER? N. V. STOCK KXOHANtE
40 WALL ST., NEW YORK
Non-Speculative
8% Investment
Associated Industrials Corp.
First Preferred Stock
at par.
Authorized.$500,000
Outstanding.$115,000
This Stock has recently
paid its 27th consecu?
tive dividend and is
hacked up in liquid assets
to over $250 per share.
Circular TR on request.
Hallowell & Henry
i Inve&tment Securities
27 Pine Street, New York
Telephone John 3456
>
THE
MARINE
TRUST COMTAJNY
BUFFAXO.NX
LEVEimETH YEAR OF SERVICE
CAPITAL ANO SURPLUS
SEVENTEEN MILLION DOLLARS
M?rk A Noble Th?u<lor? C. C?rwi
NOBLE & CORWIN
;? Heeeui ? New \em%
Bankers Tr. Thompson-Starrctt
Equitable Tr. Niles-fjcmcnt Com.
Telephone Uli Uremd
A. & P. Sale? forger
?ihlef for th? 10 month? from Marc i
'{ to December 31, )'.))'.), were $154,
"i)H,)'?i, compared *?th $122,192,671 u>i
the cdfreapend.ng period of 1!.<)h, an
MMMaM Ul '4b'??'??,4Qe.
Market Improves
As Money Scare
Proves Unfounded
-
General List Advances, but
Liquidation Causes Break
on Specialties; Proposed!
Conference Not a Factor !
-
The expected announcement of
another increase in rediscount rates
having failed to materialize, stock
traders became more cheerful yester?
day and bought back some of the
stocks which they had sold on Wednes?
day. They were encouraged in this.
by easier money. The call rate did ;
not get above 9 per cent and it closed |
at. 6 per cent. Prices of most of the i
standard industrial stocks, and some I
of the so-called specialties, improved, ;
the recoveries in cases being quite |
substantial. The better tone failed, ?
however, to arouse any outside inter
est and the rise therefore was not !
pressed very far by the professional j
element. The lack of public interest |
in the market is one of the most ;
serious handicaps with which it has !
to contend, since purely professional
operations cannot give it the impetus
that would be required to stir it into
real activity.
Liquidation in some of the oil and
industrial stocks in which speculation
had been tremendously overdone, and |
which were not sufficiently liquidated
during the November break continued
on a largo scale. As these issues were
particularly susceptible to attack, the
professional operators added to the;
weakness by heavy short sales. Middle
States Oil furnished the day's most
notable example of the results of over- j
speculation. Tt looked at times as if
every one wanted to get out from ;
tinder, more than 10 per cent of the !
total turnover being in this one issue, j
It broke to 40*4, at which point profit- j
taking checked the decline and caused ;
a rally to 43%, where the stock closed |
with a net loss of 14*4 points. Co- !
lumbia Graphophone was another issue
that was under severe pressure, but in
this case a large part of the selling
was for short account, and after break?
ing more than 8 points the price went
up sharply, and the net loss for the
day was only 8*4 points.
Publication of the memorial calling
for an international conference on
credits aroused much interest but had
no perceptible effect on either the
stock or foreign exchange markets.
Undoubtedly the problem for which
the proposed conference will try to '
find a solution is the most vital one
with which the world now has to con?
tend, and unless some solution ts
found Europe in all probability will
find itself in an extremely precarious
position in the not distant future, while
the present prosperity of this country
will be threatened. A trem.ndousi
slump in our export trade, such as is
almost certain to ensue unless the
credits necessary to finance Europe's
purchases here are provided, could
hardly fail to have a retarding effect
on the whole domestic business struc?
ture. The productive facilities of this '
country are, in rases, much larger j
than are required merely to supply i
domestic wants, and to keep labor |
fully employed an outlet for the sur?
plus product is essential.
Weakness of the Liberty bond issues.
which were heavily sold, featured the |
investment market.
Money and Credit
After renewing nt 9 per cent, the
highest this year, the call money rate
eased off to 6 per cent at the close of ,
yesterday's stock market. Brokers,
however, still found it difficult to ?
negotiate time loans except at 8 per j
cent or higher and for this reason
there was no general expeitation that
the drop in the call money rate means
that a period of easier money is di- j
rectly ahead. The bulk of yesterday's
loans, brokers stated, was obtained at ?
the 9 per cent rate. Reports that the |
Federal Reserve Bank had decided to ?
increase the rediscount rate was not
confirmed.
The ruling rates for money yester- |
day, compared with a year ago, were '
as follows:
Yester- Year
Call money: day. as;o.
On mixed collateral.... 9 4V? !
On industrial collateral, 9 5
Time money (mixed col?
lateral):
?Sixty days. 6% b.Va@6 i
Ninety days. 6% 5Ms@6
Four months. 6% btet&? '
Foui to six months.... 0!? 5%@6
Bank Clearings?Bank clearings in;
New York and other cities yesterday
were:
Exchanges. Balances. !
New York.$902,065,103 $84,208,063!
Baltimore . 16,459,586 7,457,621
Boston . 37,937,181 22,046,987,
Chicago. 114,197,027 7,548,581
Philadelphia... 91,364,212 19,326,772
?Silver?London, 79d.; New York,
$1.80%; Mexican dollars, 99T?.
! Sub-Treasury ? United States Sub
Treasury debit balance, $304,102; Fed?
eral Reserve credit balance, $65,269,628.
The Dollar in Foreign Exchange
The urgency of the European eco?
nomic situation, which was described in
? the memorial presented by eminent
: citizens yesterday to their govern?
ments, was further demonstrated by
i another decline in the exchange of the
former belligerent states of the Old
World. Marks fell to a new low record.
Yesterday's rates, compared with
those of a week apo, follow:
(Quoted dollars to tho pound)
Yester- Week
_, ,, Jay. ago.
Sterling, demand . $3,7025 S3.74
Sterling, cables . 3.71 3,74875
Sterling, sixty days . . 3.67 3.7050
Sterling, ninety days .. 3.6550 8.69
(Qtloted units to the dollar.)
I Francs, checks . 11.49 11.20
Francs, cables . 11.47 11/21
Belgium, francs, checks 11.42 11.17
Belgium, francs, cable?..11.40 11.15
1 Lire, checks . 13.59 13.42
.Lire, cables . 13.54 13.46
Swiss francs, checks . . 5.58 5.66
Swiss francs, cables ... 5.56 5.04
(Quoted cents to the unit.)
Guilders, checks . 37.50 37.25
i Guilders, cables. 37,375 37,375
! Austrian crowns, chocks .41 .49
1 Austrian crowns, cables .42 .51
Sweden, checks . 20.70 21.05
, Sweden, cables. 20.80 21.15
; Denmark, checks. 17.70# 17.95
Denmark, cables . 17.8'?' is.05
Norway, checks. 19.40 19.80
Norway, cables. 19.50 19.1*0
Panetas, checks . 18.99 18.77
Peseta?, cable? . 19.07 19.05
I Mark?, checks . 1.74 1.97
Marks, cable? . 1.75 1.99
Greece, checks . 14.92 14.92
Greece, cables . 15.0*0 15.00
? ' Manila, checks . 48.75 48.75
,; Manila, cable? . 49.00 49.00
? India, rupees, check? . . 43.50 44.25
| ] India, rupee?, cables . . 43.75 44.50
Japan, yen, check? .... 50.00 50.875
Japan, yen, cables .... 50,625 51.00
Argentina, checks .102.40 ",02.60
Argentina, cables . ... 101.90 102. In
Brazil, Rio, checks . . 27.71 27.75
Brazil, Kio. cables . . 28.00 28.00
t ('/.??cJHi Slovakia, checks 2.8 ?".8
Pari h Market
PARIS, Jan. IS. Price? were barely
' ; steady on the Bourse to-day, Three
per rent rentes, 5"j francs 80 centime?.
. Exchange on London, (2 franc 50
centimes Pive per cenl loon, 88 franc?
j ??0 centimes. The dollar was quoted at
i H li*:i?? 41 c<?.iU./!i.!3.
Transactions Yesterd
Summary of Stock Exchange Dealings
Stocks
Day Year January 1 to date.
Yesterday. Before. ago. 1920. 1919. 1918.
Railroads . 66.700 114,800 846,800 1,769.200 2,674 800 -
Other stocks . 928,200 1,100,100 9,991,600 4,114,300 5,316,900 -
All stocks . 994,900 1,274,900 10,838,400 5,883,500 7,991,700 -
Bonds
Yesterdav. Day before. Year ago. 1920. 1919.
U. S. government .$14,292.000 $11,767,000 $6,269.000 $125,336.000 $86 991,000
Itailroad* . 1.146.000 1,049,000 1,998,000 15.719,000 20.314,000
Other bonds . 1,881,000 2,762,000 2,929,000 32.829,000 23,716.000
All bonds .*.. 17,319,000 15,578,000 11,196,000 17,388,400 131,021,000
high. Low. Div.
1920. 1920. Rate.
??/a ?
701/4 6
83 6
2 ?
47'/
883/;
45
90
96
91
114
45'/z
72
8834
2/4
53%
92
45
94%
96
95%
1283,
U
Advance Rumely . . .
Advance Rumely pr.
Ajax Rubber .
Alaska Juneau .
Aliis-Chalmers Co . .
Allls-Chalmers Co pr
Amer Bank Note pr.
Amer Agr Chem....
Am Agr Chem pr..
American Beet Sugar
Amer Bosch Magneto
Am Bosch Mag rts..
American Can Co...
American Can Co pr
Am Car & Fdry Co.
Sales. Open. High. Low
900 41% 413/4 41?,
40P 70% 70'
300 84 84
200 2 2
4000 47% 49
300 8834. 89
100 45 45
300 90 90
200 96 96
400 91 92'/
700 115'/2 116% 115
1900 4% 6 4%
6200 52% 54% 52%
Net
Close, chge. Bid. Ask.
41%+ V/a 41 42
714 43.4 ?
613/4 52 3 g ?
101 9834 7 American Can Co pr 200 983/4 9834 9834 9834? % 981 -2 100
1433,4 136 12 Am Car & Fdry Co. 4400 136% 139 136% 138% + 1% 138% 13812 !
54% 491/2 4 Am Cotton Oil. 3200 50% 50% 49% 4912?1% 493,4 50
15'g 11% .80 Am Drug Syndicate. 11800 14% 14% 14% 143/4 ?- % 14% 14%
30% 25'/2 ? Am Hide & Leather. 700 26 26% 26 26%+ 34 26% 26%
Am Hide & L pr.... 600 114 114% 113 114'/?+ % 113 113%
Amer Int Corp. 9400 109'/2 111% 109'/2 110%+ 1% 110% 110%
American Linseed.... 6400 76% 79% 76% 79%+ 2% 79 79%
700 94% 95%
9800 97 99%
2800
1900
122 113
120% 109
77% 74%
9434
105%
30%
14%
72
46%
93%
42%
93%
93% 7
97 6
26% ?
14 ?
67 4
3
7
140% 135% 7
99 90 10
74% 66 5
97% 96 8
283 265% 20
973,4 96% 6
165% 146 7
104% 103% 7
61% 54% ?
Amer Linseed pr.
Am Locomotive .
Am Ship & Com..
Am-La France . .
27% 273?
14' ? 14' s
Am Smelting . 3900 67% 69%
3800 43% 44%
300 93% 93%
200 136 137
8600 93% 9314
300 66% 68/4
Am Steel Foundry. .
Am Steel Fdry pr. .
American Sugar....
American Sumatra..
Am Tobacco Sec. . .
Am Tel & Tel. 3800 97% 97%
American Tobacco
Am Tob pr new..
American Wool ..
%
21%
59%
65%
30
6/4
67(4
85%
82
17% ?
56% 6
61 4
30 3
4/2 ?
60% ?
823/4 6
78% 3
300 266 267 266 267
800 971/4 97% 96% 96%-1
18600 146% 153(4 146% 152%+ 6% 152
100 104% 104% 104% 1043-B? % 104
700 55 55 54% 54%? % 54
200 19% 20 19% 20 - 19[/;
583/4 583/4 58%
62% 61%
30% 30
5 4%
61% 60%
83% 823/4
Atchison pr . 400 79% 79% 793%
100 58%
American Wool pr. .
Am W-lt Paper pr..
Am Zinc & Lead...
Am Zinc & Lead pr
Anaconda. 5600 61%
Auto Sales pr. 1300 30%
Asset? Real Co. 700 5
Asso Dry Goods. 3400 61%
Atchison . 700 823/4
275
97%
152%
104%
55
20
59 59%
62% 62%
29 33
4% 434
60% 60%
83 83%
79% 79%
176% 1603/4 10 Atl, Gulf & W 1. 1600 164% 164% 162 163 + 3% 162 164
123% 109% 3% Baldwin Loco Co.
33% 31% ?
48% 46% 4
134% 12434 8
95 91 5
102% 933/4 5
14% 11% ?
9% 63/4 ?
15 13 ?
120 103% 10
31% 28 ?
8 7 ?
Baltimore & Ohio. .
Bait & Ohio pr
Barrett Co .
Bethlehem Steel . . .
Beth Steel, Class B.
Bklyn Rapid Tran.
Bklyn Rap Tr ctfs.
Booth Fisheries Co.
61800 112% 114% 111% 113%+ 4% 113% 114
3400 31 % 31% 31% 31%- 31% 31%
700 46% 47% 46% 47%H % 47% 47%
400 125% 12534 125% 125% + % 12534 127
300 91 91 91 91 ? %
18600 94 96% 93% 95%+ 1%
700 13 13% 13 13 -
400 8% 8% 8% 8%? %
300 14 1434 14 14%+ %
Burns Bros . 1900 110 110 103% 105 ?5
Bethlehem Motors . . 2800 28% 28% 28 28%+ %
11%
29%
2714
28%
84%
46
75%
134
100
104%
108! 2
62 57
G1% 56
136'4 122'
9 81
25
38%
541/4
873/4 85
120% 116
2814 26
61%
72
40%
2H4
41%
44%
67
65%
13%
31%
2038
85
90
107
224' 8
100
54%
85
96
13%
13
28 ?
91
147
20! 2 ?
79! 2 6
38'4 ?
7434 7
129 10
99 7
93% 5
107 7
23% 2
3538 ?
50% ?
7
59% 6
70' g 7
39% ?
19 ?
3814 3
41% 3
62 4
47% 1
12% 1
27%
18% ?
82 5
81' 2 4
106% 7
7%
10%
28%
24%
22%
81
40%.
74%
800 12934 13034 129% 130
100 99% 99% 99% 99%
5600 93% ? 95% 93% 95%
100 108 108 108 108
200 57% 57% 57% 67%
4400 56% 56% 56 56'%
3700 124% 128 124% 127%
6000
700
7%
9%
28%
24%
22%
81
39%
743/4
9%
27%
24
22%
80
38',?
743.?
Brunswick. 1300
8% % Butte Cop & Zinc... 2000
26 ? Butte & Sup Copper. 1400
24 Butterick Co . 300
Caddo Oil . 130C
California Packing . 3900
California. Petroleum
Calif Petrol pr.
Canadian Pacific ....
Case, .J I, pr.
Central Leather ....
Cent Leaf h pr .
Certainteed Corp . . .
Cerro de Pasco.
Chandler Motors ....
Chic Gt West. 400 8% 8/2 8%
Chic Gt West pr. 300 23% 23% 23%
Chic, M & St P. 5000 35% 36% 353R
Chic. M & St P pr.. 100 50% 503/4 50%
Chic & West. 500 85% 85% 85
Chic & N'west pr.... 100 118 118 118
Chic, R I & Pac. 3200 26% 26% 26
Ch, R I & P 6% pr. . 400 60 60 60
Ch, R 1 & P 7% pr. . 1800 70 70 69%
CocaCola . 1300 39% 39% 39%
Chile Copper . 1000 19% 19% 19
Chino Con Copper... 1300 383/4 38% 38%
Col Fuel & Iron. 3600 41% 42% 41%
Col Gas & Electric.. . 4200 63% 63% 62
Col Graph . 26800 56% 56% 47%
Con Candy .'. 900 12% 12% 12%
75 Consol Textile . 400 *28 28 27%
Con Int Callahan M. 1400 19 19 19
(ont insurance Co . . 200 82 82 82
Corn Products . 6000 82 84% 8134
Corn Products pr_ 200 106% 106% 106%
202 12 Crucible Steel . 8500*204 209 202
99% 7 Crucible Steel pr_ 300 100 100 100
Cuba Cane Sugar... 6600 50 5134 60
Cuba Cane Sugar pr.
Del & Hudson.
Denv & Rio G
Dome Mines .
Flk Horn Coal.
Kmerson-Brant pr .
Endicott-.Iohn.son
104% 10234 7 Endicott-Johnson pr
13% 12% ? Erie .
19% ? Frie 1st pr.
84% 8 Famous Players . . .
26% 2 Fed Min & Smelt pi
122% 10 Fisher Body .
31 4 l-'reeport Texas
Gaston, Wms A Wig
(,'eneral Cigar .
(ieneral Electric . . .
7%?
10 -f
275,8
24 ?
22%
80 ?
40%-i
7434
3%
49% ?
83% 7
93' g 9
12% ?
12% ?
25 ?
8934 7
134% 5
800
200
200
200
1300
84%
94
12%
12%
25'/4
21%
95
30%
130%
36%
19%
75%
172
345
89%
8514
48
47
85%
102%
81%
41
62%
101%
90%
22%
83
61%
4%
13%
; 135
84'/8 84 84 ? % 83%
94 94 94 + % 94
123/4 12% 123/4+ 3/8 1238
12% 12% 12%- 12%
26 25 26 + % 25
90 89% 89%? % 83
300 13514 135% 135 135 ? 2 135%
200 103% 103% 1033b 103% ? % 102
1600 13 13% 12% 13 ? % 12%
100 19% 191% 19% 19%J % 19%
700 87% 87% 86 87 + 2 87
200 90
17% ?
71% 6
1623,4 8
311 12
85 6
82% 6
41% ?
.44% ?
75%
101
77%
38
58 %
99%
88% 7
19 ?
79% 5
55 6
33/4 ?
11% ?
1253/4 6
84%
95
12%
12%
26
8934
136
103%
13%
20%
871 a
300 29% 29% 29% 29%? % 29 30
200*122%' 122% 1223> 122%? 3% 122% 130
900 31 33 31 33 - 13/4 32% 34
400 1714 17% 17% 17%? % 17'/4 17%
300 71% 72! 2 71% 72%-: ll/4 73 74
200 167% 167% 167% 167%- 168 169
(ieneral Motors . 8600 315 319 313% 316
434 315 317
(ieneral Motora pr... 300 85
(ien Motor? 6% deb.. 2800 82%
Fi:<k Tire . 3900 42
(?ray & Davis. 400 45
Goodrich, H F. 8800 75%
Goodrich. B F, pr. . .
(.real North pr. . . .
(it North Ore subs.
Has & Bar Car Co.
300 101
400 78
1200 38%
300 59
Hartman Corp . 1800 100
114 113 7
51% 43% ?
111% 98% 6
78
76%
23%
39%
16%
42
26%
45%
89%
79%
263/4
49%
21%
44%
30
47%
152% 133
104 102
90
33%
48%
913/4
28
44%
"?BVa
Illinois Central
Inter Agrirult .
Inter Agricult pr. . .
Inspiration Copper . .
Interbor Con Corp.
Interli Con Corp pr,
lut Harvester Co. . .
hit Hnrvester Co pr
Int Mercan Marine
Int .Mere Marine pr
International Paper
Inter I'aper pr stpd
International Nickel
Iron Prod .
Jewel Tea .
Jewel Tea pr.
Jones Tea Co .
Kansas City So pr..
Kelly Springfield . . .
Kelly Spgfd 8% pr.
Kelsey Wheel .
Kennecott Copper . .
1.20 Keystone Tire .
6 Lackawanna Steel..
200 90
200 20
300 80
6300 55
1500 4
700 12
300 125% 127
1000 114 114
4900 43% 45%
680O?1O0% 101%
9100 80% 82
8334
42%
45
773/4
101
78! 8
39
59
101%
90
20
80
56%
4
12
8234
413,4
45
75%
101
777?
85 ? 14 84% 86
83%-:- % 83 83%
42%+ 1 423B 4234
45 ! % 45 46
77% r 2% 77% 77%
101 - 100% 101%
78%: % 78 78'
2C0
6200
900
200
300
771
237
47
18'
42?,
200
1600
6600
3400
78% ?
30 2
37
83
223,4 ? Loft Candy . 3400
41% 3% Lrhigh Valle.? . 1000
34 ?
109% 108 7
70 65 ?
32 31% ?
78'
30?
37'
84
23|
433
Lee Rubber &. Tire.. 300 343
Lig & My Tob Co pr. 300 108
Loose-Wiles Bis Co.. 200 66%
Loews. . 1900 32
500 26%
200 45%
5400 134% 14014 133
300 103% 103% 103%'103
66% 663?
32 '31'/?
800 170% 170% 169% 169%? % 169
200 110% 110% 110% 110%+ % 110
13/4 66% 67%
313/4 32
170
110%
183% 169% 12 Lorlllard, Pierre . . .
112% 110 7 Louisville & Nashv
33% 32%? Manhattan Shirt- 400 32% 32% 32% 32%- 31% 32%
3534 31 ? Maxwell Motor. 1000 31% 31% 31 31%- 31% 32%
3034 2734? Maxwell Mot 2d pr. .. 200 27% 27% 27% 273-4? % 27 28'
131 121 7 May Dept Stores- 300 125 125 125 125 j 2 1243/4 125
222 192% 10 Mexican Petrol . 42600 194% 200 19414 1973/4-f- 4% 197% 198%
26
71%
52%
91%
60
9%
26%
43
51
69 '/a
27%
192% 10
24 2
40%
50%
91 7
60 5
83/4 ?
25 ?
40 ?
46 4
64 % 3
63/4
Miami Con Copper. . 800
1.20 Middle State? Oil...107800
4 Midvnle Steel . 7600
72% 65%
101% 101
89% 82%
3-1% 80
110 108%
17% 16
M, S P & S St M pr 300
M, 8 P & S St M 1 1 200
Mo, Kan? & Texas.. 1400
Missouri Paclflc
Missouri Pacific pr
Mullins Body .
Mont Power .
Niiliiitk?! Acme . 1600
National Aniline . . 900
700 25
400 40
900 *48!
200 643
36?
66
Nat Cloak & Suit pr. 200 101
Nat Knum &, Ktpg... 4800 83%
National Lead . 1900 81%
46
7C%
48%
01
?73/H
57
81%
?7%
41 Vs
40
68%
43
55
25?4
54%
73%
71
36%
7 National Fead pr...
1% Nevada Con Copper..
? New Or, Tex A Mcx.
5 New York Central...
2% N Y Dock.
6 NY Dock pr.
100 109
.100 16%
300 42%
1900 68%
300 44
400 55
N H, N H * H. 2800 25%
North American
Northern Pac 16 c
Nova Sroiia Sleel.
200 65
1500 78%
800 71
(Hi* Mu?) . 1600 36%
lay in Listed Stocks
Record of Stock and Bond Averages
(Copyright, 1920, New York Tribune Inc.)
Yester?
day.
64.55
103.7P
88.04
20 Railroads
CO Industrials
50 Stocks .. .
10 Railroads
10 Industrial?
5 Utilities .
I 25 Bonds ...
75.02
91.05
74.12
81.25
Stocks
Day Year
before. agro.
64.35 71.00
102.03 82.97
86.96 78.18
Bonds
75.05 82.10
91.06 94.25
74.15 85.52
81.27 87.85
Range thus far.
1920.
High. Low.
66.20 64.35
110.30 102.03
92.66 86.96
76.28 75.02
91.28 90.71
74.22 73.97
81.71 81.25
Range full year.
1919.
High. Lew.
78.80 63.35
119.33 79.20 I
99.54 75.92
82.80 82.83 |
95.70- 90.56;
87.75 71.80
87.91 80.21 ?
High.
1??0.
507/8
10'b
91/4
65
61%
383/?
47 %
1081/4
1C3?/8
4238
35%
41%
31 Vz
51
66%
42 %
82 Ta
108'/2
23%
98
637/8
29
27Sa
103%
103? 2
117%
96
102
22%
7734
94
.243.4
1133/4
!08|/4
50
21%
1634
18%
25%
240
483,4
81%
105%
89^/8
23
56%
86%
115%
101
137!/2
503ft
12%
433?
231
189
188
23%
95%
106
325
38%
33
38
124%
69'4
148
96%
ro4%
12%
31%
783 B
1l63a
56%
',43 3 4
1161-2
76
109
1151,
803/4
12%
7238
112', '2
57%
29
8%
241/2
88'/2
551/0
82'/?
14
66 3 4
311/2
943/4
76
Low. Div.
1920. Rate.
453.4 4
9
87a
59%
57'/2
37%
43
94%
92
4034
311-4
353/8
28%
49
65
38',:?
70'/2
106'8
19/4
93
61
27'/8
25
96%
100'2
113'. z
88%
96%
21%
75
86
110
112%
10134
45%
151/4
14%
16%
23
227
42%
73 i/a
99'/2
80%
2134
54%
74
102%
100
117
461/4
103/4
34
193
185
187
22
87'.-a
1011/4
316
25
30
30'/a
1211.2
67
141
88
193
11%
30%
70%
104
Ohio Ga? .
Okla Prod & Refin..
Ontario Silver .
Owens Bottling ....
Pacific Gas & Elec..
Pacific Mail .
Par-Bing.
Pan-Am Petroleum .
Pan-Am Petrol B. . .
Pennsylvania R R. .
Penn Seaboard Steel
Peo Gas & Coke.
P?re Marquette .
P?re Marquette pr. . .
Pere Mar prior pr. . .
Philadelphia Co ....
Pierce Arrow .
Pierce Arrow pr....
Pierce Oil .
Pierce Oil pr.
Pittsburgh Coal ....
Pitts & West Va
Pond Creek Coal....
Pressed Steel Car. . . .
Pressed Stl Car pr. . .
Pullman Pal Car Co.
Punta Alejtrc Sus. .
Rlwy Steel Spring. . .
Ray Con Copper ....
Reading .
Remington Type . . .
Rep Iron & Steel. . .
Rep Ir & Stl cash..
5.20 Ryl Dtch N Y shares
Replogle 8teel .
- Saxon Motors .
1 St Joseph Lead .....
- St Lou & San Fran..
St Louis 8*west.
8 Sears-Roebuck Co ..
Sinclair OU .
6 Sloss-Sheff St & Ir.
6 Southern Pacific . ..
- Shell Tr & Tr.
- Southern R R.
Southern R R pr....
Stromberg Carb ....
Studebaker .
Studebaker pr .
Stutr. Motors .
Superior Steel .
Tenn Cop & (.'hem. .
Texas & Pacific ....
Texas Company ....
Ter Co 30% pd.
Tex Co full pd .
Tide Water Oil rts. .
Tob Products .
Tob Products pr ....
Tex & Pac Land Tr.
Transcon Oil .
Twin City Rap Tran
union Oil .
Cnisn Pacific .
5 nion Pacific pr ....
United Drug ....>...
I'nited Retail Stores
I'nited Fruit .
Initcd Ry Invest . . .
Sales. Open.
5600 46
4000
200
300
200
100
300
9900
3700
2800
500
300
1700
.?00
400
9'8
9
60
57'/a
37'/a
43 Vz
95 Vz
933-4
42
31%
36%
28%
49
66%
4800 *39%
18900.. 71
100 ,106' a
5000 19%
300
200
300
1000
800
94
61
27%
25
98
'8
700 102
800 1131/2
5600 90
900
800
1500
200
965?
21 "M
75
86
5600*110
400 112%
16100 105%
400 451/4
19
16!/,
16!
23
11600
200
4000
100
400 227
47100 43
4600
9600
9900
900
700
800
VZ
74%
99%
87
21%
55
74
2
8
44% ?
125^
1133
71
1043
1133
743
10
663
110
51.?/? ?
28'4 ?
7% -
22% ?
87 7
52% 4
751/4 5
11% ?
59 % 4
29% 1
29 ?
8734 ?
71 6
U S Express .
li S Food Products..
U S Ind Alcohol . . .
I S Realty & Imp. .
I S Rubber .
t" S Rubber 1st pr. .
V S Smelt & Ref . . .
U S Steel .
U S Steel pr .
I'tah Copper .
I"tali Sec Corp .
Va-Carolina (hem . .
Yn-Car Chem pr ....
Yanad Steel .
Vulcan Petinning
Wabash .
Wabash pr A .
W?.-t I nion Tel _
Westinshou.se Mfgr . .
Wilson Co .
Wheeling & L E
White Motors .
Willys Overland ....
Wisconsin Central . .
Worth Pump & Mach
Worth P & M pr B.
44600 103%
400 101
600 117
ICO 46%
2300 113?
6600 37'/4
15900 197 !/2
400 185%
200 187
1500 23
9600 88
100 104%
70 316
37100 25%
300 30
49800 351-4
700 12134
200 67
300 14734
10100 *88%
400 193'4
100 11%
300 31
7400 707,8
14100 IO5I-4
18600 55
16900*125!2
400*1141/4
700 72
61800 104%
800 115/4
4500 7578
400 10
200 *66%
300 111
2800 52%
Close.
467 ?f
9
9 -
60 +
57%?
37%?
431/2
9634+ ?
931/2 +
42 -
31%?
37 ?
283/4 +
50 +
66% +
39% +
73 !
106%?
19%?
94%
61% +
28 +
253,4 +
98 -r
102 -
115 -
90' 4 h
97% +
21%?
75%
86 -
1121-4 +
113%+
IO71/4 +
45%?
19% +
16 -
17%+
23 -
227 ?
4334+
74%+
1001/4 +
38"% +
213,4 +
54%?
75%+
106 +
101 +
II91/2 +
46>-4?
11 ?
35%?
1983/4 +
185 ?
187 ?
23 -
92% +
104''a +
316 -
26I/4 f
30 ?
%
600
1500
200
400
2500
700
300
100
7600
800
17100
600
'4
28'
7%
221/s
87
523-s
76
12
603-4
293/4
30
91!/
73!,
*Ex dividend.
Bid and Asked
MM. Ask.- Bid. Asked.
Aiianis Ksi, .. 30V4 32% L?clele (Jas .. :?S 40
.Mu Itk \i>!??.. 4'. 40 I, E A: West... 8 II
Am Hi Mu?; it 88 1)4 dp pr . ir>!? 17
Am II S A. V. 80V4 HOVt Llg ?V M Tob.200 210
? i" i>r.ITH -im) l,-\V II 1st pr 98V4 100
Am (' Ai I>'pr.ll4 lir. do 2.1 pr_112 115
Ata Cut Oll pr 83 00 ?Lorlllard I' pr.HOVj 112*4
Am Bxpre:.-,... 95 li iiDTkl.Maekay (Ais .. t:7'-. 73
. Am Ice . 44!? 45
lo pr . 62 OS
Am Coco pr..I03 106'
Am .Malt.38 -13 I ?lo pr .lili
Am Sliiptilclg.. - 128 IMath Alk VV. 31
:1o [ir . (?4
Manhat iieacli ':
1 .M1111 Silgar.. . .123
Am
-?111
?. M
..107
Am Sunn"
ilo pr .
Am Sum Tpr 91 Vi
Aun Arbor ... 7
no pr . 10
A H (? 1st pr 74
rio 2d pr. .. 73'i
At Btrro & A 7Vi
At Coast Une 80
A (! Ai W I |>i
83 ?Mux M 2d pr
?4M,
130
Ui2
28
I id May t) s pr.,100 lu?
?0 M? Potr pr.,100 105
93 ?Mich ? Central,. .S3
12 m si r & ssji rov? ?2
25 ?Mont Power pr 97 100
75 Morris & Kss. 71
70 Xas h .t Chat.109 113
7'-Nat Ris pr. ..115 11H
ill Nat Clk & 8t 76% 7S
75 i.N'at B & S pr. 101 103
pi-, 10l'? it>2'.-" Xat 1.0.1.1 pr. .10??4 110
HatopolLs MI11. lVi 1 Vi NKHofM* Lst pr 11 ls
l'.i-in SI 7tli pr 90 lu" ?S V (' .V St 1, 27 28
Bklyn Un Cas .-.1 55 ; iln 1st pr... 55 70
Brown Sime. .105 105-l?l do 2d pr.
.lui)
Burns Uros pr. 100
BniT 14 .V; I'.. 15'
Burr & Suaci.
, Bush Term . . so
! Cnlum & Ariz 04
? Can Southern. 41
! Cent of .\ J..175
C & S A 'IV. 114
! Chic
X V O & West 18V?
i.N'orf ?t- W pr, . ?7V?
(Hilo Fuel . . . 49
Owons Ilot pr. ?s
Pacific Coast . :'.5
4 iio 2.1 i>r.... 45
Pau Tel ?t Tel 37
Pttll-A Pot pi. 175
17
East
IP C C & Si I,
Pelt-Miillilton.
iio 1?
pr...In?
C & Cu. I 111.. 3
Clcvo & Pitts
C St P M & (i 58
do or . 90
C c C A: St L I".
do pr . i>4
Cluett Pea pr.l&2
1 . I A- South.. 21
1st p
?I
pr.
.io 2d pr
: ('omit Tab
Com Cm
Crox Carpet
1*111.4-Ata Sug.350 -I?11
ilo pr .100 H'7
Ooere Co pr. . loo>s 100
n t, & w_iso 191
, Den A Itlo Q, 6Vi ?
' Detroit Edlson.lll 112
Dlain Match...113
I."troll I It It. 100 loi
D S S & At. , 'C, 4
Pitta Coal pr.
P Ft \V & C. .122
Pitts Steal pr. 112'a 94 ;4
p * w Vn pr. 7s r:"j
ll'r Stl Car pr.in 1 102
P S c of x J 65 73
l(v St| Spb pr.DM'.; 106
tteading let pr 33% 34U
,1 do 2,1 pr.... 35 :"-.'}
ilt.-P I A: S pr.1031;- 104'
st ?, & a F
W. .. 12
Srah A L pr. 14
Sears-Koeb pr. 115
'SI S S Ac I pr 90
S P H Sugar.220
! .Io pr .lin
and Milling.140
13Vi
15
.lo pi
85
ao pr
Glee Stor But..IHO
Kik If Con I pr 39
; Fed Min A- S 10^
: Usher lio.lv in-. 1'Ml
tien Chemical.13.1
.io pr . 98
' (ii-n Cigar pr . 95
1 do pr rlotj. .. 93
(iranhy Mining 52
Guli M A Nor 7
do pr . 80
I (J H Stl let pr 93U
Hu.sk & B Car 67*2
I Hninratake ... 67
I Int Paper pr.. 85
i lut Nickel pr. 90
Int Salt . 71
lon-a Cnntrfll.. <
Kay hot .lullus.l in
ICCFtS ft M pr 52
, K-lly Spfd pr. 93
Kolsoy Will pr ?7
Keok & D M. 3
do TT . 10
Iir.'ss A- Co... 80
do pr .100
140
Siuduhaker pr.ion
Sup Steel pr. lOl'/ii 1
!'!? & P 1/1 Tr.315 G
Ti'l" Water O.2I-1 2
T Sr I, ft W . 5
do etfs .... M
fio pr .
do pr etfs.
It T pr.
id Typewrit. 180
. 100
0 Cii C!k Stores. 123 223
'I I do pr .110 140
?3 U Dn,g let pr 32% 53
RVi'r S I Alo pr.103 104
" I'SS&H pr. 40 H 47 ?'?i
V Detitiiilng pr 8,8 93
Wahash pr B. 15 10 4
West Maryland 10% 11
III? do 2,1 pr_ 10 IS
M HI West Paclflf!.. 23 Vi 24 H
7? ' do pr . 51% 63V4
S 'West Air Bke.115 118
113 Wilson Co pr.. 97Vfc 9?K
03 IV & I, K pr.. 17H 19W
100 Willra-Over pr 90 ?2
?? Iwis Central . . 28 32
4V4 Woolworth ....120 123
25 do pr .112 115H
87 ?W P I M pr A 92 03
Tonnage Carried by Lake
Vessels Shows Big Drop
DETROIT, Jan. 15.?The fleet of ?185
ships of the Lake Carriers' Association
durinpr 1910 handled a total net ton?
n?t,'?* of 01,500,000, aprninst 114,000,000
during 1918. In only two of the last
seven years, 1914 and 1015, was the
total lower than in 1019. Ore ship?
ments showe.d a decline from 1918 of
approximately 14,000,000 tons, with a
total of 47,177,395.
London Money Market
LONDON, ,In.n. 15.?Bar gold, 110?.
Money, 4 per cent; discount rate?,
short hills, ii'i per cent; three months
hills, R^i per cent; (?old premium ?t
Li.?;bou, 140.
Belgian Loan 'Over Top"
Speculative Features Prove At- !
tractive to INote Buyers
The new Belgian loan of $25,000,000 <
was oversubscribed, it was announced I
yesterday at the offices of J. P. Morgan i
& Co., who, with the Guaranty Trust ;
Company, are fiscal agents of Belgium. !
The offering of one and live year notes
yielding slightly more than 7 per cent,
and having speculative features based
on the exchange situation, was for?
mally made at It o'clock yesterday
morning, and the books will remain
open until 3 o'clock this afternoon to
give time for the out-of-town sub?
scriptions to reach the Morgan offices.
Bankers associated with the syndi?
cate expressed gratification over the
success of the loan, about which some
doubt had been expressed in pessimis?
tic banking quarters. It whs said that
the exchange features had proved espe?
cially attractive, and that investors rec?
ognized that the position of Belgium
; was "unique" as compared -with the
other former belligerents of the Conti?
nent. The Allies by their action at
: the peace conference enabled Belgium
to put its house in order financially,
according to the phraseology of one im
! portant banker.
-?-?
Rea Denies Report of Large
i Expenditures by Penn. R. R.
PHILADELPHIA, Jan. 15. Samuel
! Rea, president of the Pennsylvania
'. Railroad, said to-dny the statement
! telegraphed from Pittsburgh that the
! company purposes to spend ??10?,00?.
000 for improvements at that point is
j inaccurate.
Mr. Rea said no action in that direc?
tion had been taken by the board. He
said there was about $40,000,000 of
; work authorized by the government
; and uncompleted at the end of the
j year, for which he assumed the govern
i ment would furnish the money.
No commitments, Mr. Rea added, can
be made by the company for additional
capital expenditures this year until
definite and permanent railroad legis?
lation is enacted.
Bank of England
LONDON, Jan. 15.?The weekly
statement of the Bank of England
shows the following changes:
Total reserves.. ?24,488,000 Inc. C5,106,000
Circulation. S$,2li>,ooo Dec. 2,098,000
Bullion. 94,287,106 Inc. 3,006,684
Other securities. 87,779,000 Doc. 11.502,000
rubllc deposit?, in,?56,000 !),?(?. 3 806 000
Other deposits.. 127.433.000 Dec. 9.862,000
Notes reserve?.. 23,641,000 Inc. 5,!4ti.0OO
Oov, securUle?. 51,710.000 Dec. 6,231,000
The proportion of the bank's reserve
to liability is 16.76 per cent; last week
it was 12.1.0 per cent.
Rate of discount, 6 per cent.
v Storks Ex Dividend
Jan. 17?Anaconda Copper .Mining.1
.lan. 17?Baltimore & Ohio RR pr...'. ..J
Jan. 20?Brown Shoe pr.1 ^
Jan. 21?Cluott, I'eabody & Co.2
Jan. 20?CoiiHolldatlon Coal.114
Jan. 20?Du l'ont, K I, do Ncmours P pr.lVi
Jan. 20?Durham Hosiery Milts pr....l%
Jan. 10?Ehunraon-BrantliiKham pr.1 %
Jan. 17?liiKorMoll-Rand .j i?
Jan. 21 ? Kelnoy Wheel Company pr...,l%
Jan. SO?Kr?1?? A Co. 1
Jan. in- I.oulHvtlle A Nashville KR .. 314
Ja-i. 17?Mldvnls Html & Ordnance.I
Jan. 19 -Per? Main Ry v t otfs nrl pr.l'i
Jan. 31?Wilson ?Si Co v t.1 >^
In Wall Street
Alibi Days
A lot of people in Wall Street are
spending most of their time these days
explaining why the bottom has fallen
out of certain oil stocks. Efforts to
stem the tide of falling prices by the |
use of bullish propaganda have been
of little avail. Most of the folks who
bought these stocks and paid high
prices for them live outside of New i
York. But news travels fast, particu- ;
larly bad news, and since Tuesday the
wires have been sizzling with pointed
inquiries?and selling orders.
Oils as Loan Collateral
Whether put out for propaganda pur- I
poses by the bear crowd or not, the '
intimation has gone out in the finan?
cial district that the drastic scaling
down of market values in the case of
certain of the more recent oil promo
tions is being encouraged by the finan?
cial powers. It is hinted that Federal I
Reserve officials have let it be known
that it would be the tetter part or
wisdom for the banks to go through
their collateral loans carefully and
throw out a lot of the oil stocks which,
though listed on the New York Stock
Exchange, are still unseasoned and
therefore., unstable as a basis for
loans. The swift decline in Middle
States Oil, which broke from 57^4 to
40M: and closed 14U points off at 43-%.
and the early drop in Union Oil to a
fraction above ?10, strengthened the be- ,
lief that liquidation of the new oils
was being encouraged. The bears played
a leading r?le in slaughtering Middle
States. The bears apparently look upon
many of these oils as easy picking
after the smashing they gave Trans?
continental. Besides, they lost a lot
of money on the short side last year
and revenge is sweet.
Germany and Copper
Charles Hayden, of Hayden, Stone &
Co., discussing the general copper mar?
ket situation, has this to say regard
ing the needs of the Central Powers:
"Germany needs copper, and needs it
very badly, but because of the low
value of the market and the conse?
quent high price of the copper, in that
they must pay for it when bought in
this country in dollars, and also be?
cause of the shortage of coal, those
well informed state that the quantity
to be bought by Germanv in this coun?
try will not exceed, until conditions
f materially change, 6,000 tons s month.
1 All forecasts as to Germany and Aus
! tria seem to hinge on how the people
S get through the winter months. In
! the spring it is evidently expected that
? there will be a marked revival and im?
provement of the conditions, with a
demand for copper that will average at
least 10,000 tons a month." The best
estimates of the tonnage of copper on
! hand on the other side at the end of
1919 put England down at 2,000,000
pounds, France at 4,000,000 pounds and
! Italy at 6,000,000 pounds.
Why Shorts Covered
In its search for light on the ques?
tion of discount rates the community
found some comfort in Washington ad?
vices. Governor Harding of the Fed?
eral Reserve Board, it was reported,
scouted the report that the Federal
Reserve Bank of New York had sent a
recommendation to the board that an
| other increase in discount rates be or?
dered. This served as thf basis for a
substantial rally in the stock market
caused by active short covering. After
the buying for the short account had
let up the market went dull again and
! held steady. With regard to discount
' rates the feeling is general that an
advance is imminent. It may not come
to-morrow or next week, but it is a de?
velopment that is down on the books.
Coing on this assumption, there would
be relief in the Street of the announce?
ment of the advance were made and
taken out of the way as a market in?
fluence. There was actually some dis?
appointment around the district yes
terday that the announcement had not
been made already.
Reticence
The Street was in a state of menial
uncertainty all day long regarding
what action the Federal Reserve Bank
of New York had taken with regard to
discount rates at its Wednesday meet?
ing, failure of the bank officials to
deny or affirm the report that the rate
had been raised on advances against
government war paper aided the bears
in their raiding tactics and restrained
constructive operation?. Officials of
the bank were roundly criticized for
their non-committal attitude. It was
felt that if the directors had taken no
action at their meeting that fact might
at least have been announced. Pierre
Jay, chairman of the bank, stated after
the close of the market that he had
nothing to say in regard to discount
lates. When the directors have decided
to change the rates, it was stated,
an announcement would be made. The
attitude of the Reserve Bank officiais
toward inquiries regarding discount
rates is, "Please don't ask us about
rates," And at times they carry this
policy to ridiculous extremes.
Overcrowded
I Brokers on the exchange reported a
much more active borrowing demand
; for stocks yesterday. This was indica?
tive of an expanded short account.
! ' The short side at the moment," said a
commission house, "has become very
i much overcrowded again, with the re
i suit that the market will be much more
! sensitive for a while to good rather
j than to had reports."
Seeking Additional Taxes
Weakness of a number of industrial
i stocks of late may be traceable to the
i known fact that the government i?? out
to collect additional excess profits
taxes from many corporations for 1917
and particularly 1918. The- move on
the part of the government is under
'? stood to be quite comprehensive.
' Some of the copper companies, for ex
1 ample, are understood to be under in?
vestigation with regard to taxes. The
i Texas Company is another corporation
from which the government is seeking
to collect an additional levy which it
is claimed is due. Officials of the com
: pany have confirmed this. Wall Street
rumors have put the amount reported
to be involved at as much as ?~r> 000,
000. A statement issued by officials
of the Texas Company says: "We feel
certain that we are not subject to the
amount of additional taxes claimed.
There has been only a preliminary
hearing at which the assistant com
S missioner indicated certain tentative
? conclusions. On a later date we will be
' permitted to adduce proof and present
arguments in support of our position."
American Linseed
Important developments impending
in American Linseed Company affairs
' to which the sharp bulge in the com
: mon stock to close to 80 was attributed
j are understood to involve a reorgan?
ization of the corporation under which
! the various subsidiaries will be
merged with the parent company under
! a single head. Linseed is controlled
by Standard Oil interests. Out of the
' proposed readjustment as reported it
| is stated that the common stock
: holders will obtain a larger dividend
return. In the year ended September
.'10, 1919 the company earned $10 a
share on the common stock.
Belgium to Get German (.i>al
M. Loucheur, president of the Com?
mission on Reparations, has concluded
\ an agreement in Paris with the Bel
i gjan delegates to the commission by
? which France consents to place at the
disposal of Belgium 150,000 long tons
of German coal a month, of which
j 80,000 tons will he for blast furnace?
? and Jo.UUU ton? lor gua factories.
Investment
Suggestions
Ask for Our Booklet
of
January Otjerings
GLIDDEN, DAVIDGE
&C0.
Members N. Y. Stock Exchange
20 Broad Street
New York
Three Securities
We'd like to tell you
about three securities we
are offering, securities
which differ in kind but
which are alike in their
high grade character.
One is a low priced
common stock of no par
value, price $35 a share.
One is a preferred stock
of an old established in?
dustrial concern, price
97 and dividend, yielding
7.22%. The third is a
convertible bond of a
prominent corporation,
price 100 and interest,
yielding 7%.
Send for descriptive
circular Q-24
John Muir Et Co.
v ?SPECIALISTS IN v/
Odd Lots
61 Broadway N.Y
Members New York Stock Exchange.
Difference of opinion exists as
to the company and its market
position.
BOTH SIDES OF
THE QUESTION
Transcontinental
OIL COMPANY
A concise analysis and in par?
allel columns opinions expressed
both FOR and AGAINST
in the current issue of
MARKET OPIMOS'.
Also discussions and news nn
UNITED STATES RUBBER
5 Coppers siii>ni>? Pet.
Saxon Motors < aril? Smi,
I . S. i;<;ilty Uoldnyn
Gratis on request for R-.~
R.H.MacMASTERS&CO.
Uembtrii Cunsolidatfd Stock Exch., X. Y
69 Wall St. New York
Honorer 9636. Oround Plot?
and accrued dividend?
will purchase 4 shares of
Cadet Hosiery Co.
8'V Preferred Stock
In addition there i- Riven.
.1- a Bonus, I sitar* oi com?
mon stock.
An income of over $32 per
year will be secured, as
monthly dividends are Dow
being paid on the common
stock.
I he company lias a long
and successful business record
with steady increases in sales
and earnings.
Price to net over 89c
( it? i i.ai: ( . i it.
!5 '
Men.li ru Xev Vori? Stork Exchange
115 Broadway, New York
Members of N. . :-i k !.'? hang*.
11. IS. 15. 17 & il? iilto.il) BT.
Deposits received subject to cheque
Stock, Bond & Note Issuei cf
Railroad & Industrial Companies
Bought and Sold
and conservative advance! nata?
thereon.
Dealers in
liberty gonds
Isru.u-1. Offices?SAO Pittli ..?<??.
SO Union Square, bt; ?turen St.
?53 Third A ?t., 10 Court >?.. BrooWf*
Robinson & Co.
Investment Securities
26 Exchange Place New York
if embers .Vet" York StO'-k Sevhangt
Bonds for Investment
Harris. Forbes & Co
Pin? Street, Corner William
MfcW YORK
| INCOME AND EXCES?S PROFITS j
TAXF.S FOR 1919
I A booklet containing a >ue?*t of ttie
?f l:vw umi survey of the new feature!
( afT.?till* 181 ' In o ? vin bo fur
; nlshtd upon application.
i Metropolitan Trust Company
Ltif the (il) of Neu Wri?
?0 ??ill St. 1\? Klfth \\r

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New-York tribune. [volume], January 16, 1920, Page 14, Image 14
About New-York tribune. [volume] (New York [N.Y.]) 1866-1924