Newspaper Page Text
9' "BIG FOUR" Ten-Year 69c Ref. and Imp. Mortgage Gold Bonds. Si-rlr? "A" r>iif 1039 This issue of The Cleve? land, Cincinnati, Chicago & St. Louis Railway Co. is a direct mortgage on 1827 miles of road owned and on t' e Company's in? terest in 568 miles of road operated under l"ase. Attractive redemp? tion feature. To Yield about 7.75% Circular on rt-yurit ?or Ali -.77 The Nationality Company ?ale omen: Natural City Ban? Rnlldlna Uptn?n 0'c Krth Ave. 4 -'3rd ?'. Correspondent Offices in over 50 Cities cochrane Harper &Co. Ill Broadway 60 State St. NEW YORK EOSTON Invincible Oil Corporation Iri-to-fintf Analysis of Com? pany's Position uiici i'ronpects un Request. WEEKLY LETTER ?ii.g curre, news and rttjToIopuient INDEPENDEN! & STANDARD OILS SARTORIOS SMITH & LOEWI Members New Vmk Stock Exchange New York Cotton Exchange 20 Broad St., New York Phone Rector 2480 BRANCH OFFICES? 500 Fifth Ave. 6r\Ve$t 125th St 141 Broadway, Brooklya. An Opportunity of Exceptional Interest ] Oriental I Navigation Co. j 8% First Preferred \ Stoek and Common Stoek Aih for circular NYT-41 j H. M. Byllesby & Co., liicoi imnitrit 11! Broadway i'08 S. I.a Sail* St NEW YORK CHICAGO 1? Weyboaaet St. 30 S'at?. at PROVIDENCE BOSTON \ We Finance Electric power and lipht enter pr?tes with record} of estab? lished earnings. We Offer Bankers' and Investment Deal era' Proven Power and Light Securitiea. Correspondence So ?icifed I Electric Bond & Share Co. (Paid-up Capital anil Surplu? $23, lOOOOOj 71 Broadway, New York Bonds for Investment Harris, Forbes & Co Pin? StrMt, Crner William NtW YORK uARRIK.Aft KATlUWAL Uhh Fifth Avenue Ac Forty-fourth St. New York JRKING HOURS FROM 8 A. M. TO 8 P. M. JFE IEP0S1T UIL?S 8 A M. TO M1DNI6HI Ja'naira Holds f'p I'. S. Tradr* KINGSTON, Jamaica, Inn 18. The fOv?rr>rn?:rit li considering a proposal 0 grant preference to English good mpfiru-A hf-rt- notably coton good? "ht w o exchange la having a r>rej In Wall Street Tliij people who make the specu ?ative market in securities are main y of three sorts?first, those who, for lack of a better term, may be called the financial powers; second, the professional traders; that is, the v nes who make their living, good or ;tad, out of fluctuations in stock prices, and, finally, the speculative public. This last class is by far the most important, for without its par? ticipation stock trading would sim? uler down to pure investment busi ness plus the exchange of counters, on a minr-r scale, between the pro I'essional element. In times of great excitement the 'public" group is a motley one. The big business man may then buy, .ratling in thousands of shares, but His stenographer and bootblack trail .long w.th ten-share transactions, eager to get their shajre of the phan? tom money to be made ? by buying stocks which seemingly never wiil .-top going up and which always do top about the time the stenographer ...nd bootblack get in. But in less xciting times the "public" group consists, to a very large extent, of business men who, having surplus funds, succumb to the fascination of . peculation. In the smash which came last No . ember the small fry met the fate which invariably befalls them, leav ng only the more intelligent element o represent their group. And it undoubtedly is an intelligent group, n spite of its adventuring^ into the byways of speculation?probably the most intelligent mass opinion to vhich expression is given anywhere. It represents, when translated into terms of stock prices, an immensely iiroad, composite knowledge of busi? ness conditions and prospects. That s why price movements on the New Vork Stock Exchange?we I'efer to he sustained movements, rather than to day-to-day fluctuations?are widely accepted as having important barometric qualities. That this be? lief has substantial foundation is shown by the fact that the great swings of business are often forecast by preceding swings of stock prices. Is this prophetic quality now at work? We do not pretend to know, but it is a fact that there are many shrewd observers who hold that it is ?that an impending business reac? tion is being forecast by the shrink? age of prices for speculative securi? ties. They point to several relevant things in support of this contention. One is that a spirit of hesitation is to be discerned in some branches of business, based chiefly upon the un? certain outlook for commodity prices the latter caused by the widespread I conviction that, despite the utmost efforts of the hanking and govern- j mental authorities, commodity prices j cannot be stabilized on the level now j obtaining. Another is the prospect ; of a large decrease in our export | trade. Although the international I conference which it is proposed to hold next March may solve the prob? lem of providing credits to finance European purchases here, that is only a possibility. Very little more can be financed on open account, | while the chances of successfully ! floating a large foreign loan at this I time are admittedly slender. And, j lacking credits, the trade must in- j tvitably shrink. To all this the optimists answer ! that the world is short of goods, that ? : unfilled domestic business is of enor- ? I mous proportions, and that in con- j sequence an important reaction in ?business activity is impossible. There \ is a good deal in this view. Cer tainly unfilled orders will serve to; lessen the shock of any reaction that may come and help to limit its dura? tion. But unfilled orders have an i unfortunate habit of temporarily i disappearing when the business out? look becomes uncertain, especially When the uncertainty takes the form j of a possible decline of prices. One of the difficulties with which the market has to contend is an af? termath of the excessive speculation which culminated last fall. Any overextension which existed at that time in the standard issues was pretty well corrected in the drastic November break. But, while the general list was well deflated, there were some stocks in which specula? tion had gone to absurd lengths that were not sufficiently liquidated. This secondary liquidation is now taking place. It has unsettled the whole market and forced not a little, liqui lati'n in sound securities. Following the collapse of some of these issues, considerable criticism has been directed against Stock Ex? change officials for admitting them to trading on the board. When an application for the listing or a se? curity is made the Stock Exchange j authorities require that the appli? cation shall contain certain informa? ron - very limited information, it, must be admitted about the af? fairs of the applicant, in order that ?a prospective purchaser may upon] jexamii.ation form his own idea of ? the value of the security. The Stock ; ? Exchange stands between the cor- j I porations and the public and one of j it? primary objects is to safeguard fie nterests of the dealers ?in and the buyer of securities. The ex ( hange however, assume? no respon? sibility for the legality of the issu ? ?.f ?*? ?or-.rit ;.??.? r-r pu fr, |l,,> I statemcnts of fact contained in the : application. The exchange also has a form of certificate as to distribu ?tion which every corporation making j application to list must file. This 'certificate shows in detail the num? ber of holders and the distribution of the stocks, coupled with a state? ment that all steck is free for sale and not under any syndicate agree? ment or control. All of which is interesting, and even more or less important. But the fact is, the requirements of the exchange are not as severe as they mi^ht well be if protection of the public were the major concern, (which is not the case. Rightly or wrongly, the public has come to re? gard admission to trading on the | New York Stock Exchange as a cer I tificate of character for any security, lit is, therefore, all the more impor? tant that the governors of the ex? change exercise the greatest possible ?care in considering listing applica? tions. Pan-American Financial Conf?rer"*0 Onens To-day 'nans. TTrtbu;H<ng of R<ul and i St*?nm?hin T *nes and Aid to j Busmess To Be Discussed WASHINGTON. Jan. 18.?The second j Pan-American Financial Conference j ?'?ill bejin to-morrow a week's discua- ! ?ion of financial and industrial prob Vm' involving the future stability of ?i?iny of the American republics. To cover the field nineteen group commit ?pp<! Tvi'l meet in conference with 300 ? financial and business leaders of the United States. Among .American committee mem? bers pre James A. Farrell,, president of the United .Stites Steel Corporation; Edward N. Hurley, formerly chairman of the United States Shipping Board; Joseph P. Grace, of W. R. Grace & Co.; John Hays Hammond, mining en gineer; Frank A. Vanderlip, American uternational Corporation; James ?vcr bnnker; Mpjor General Will lam C. Gorgas, now with the Rockefel ? foundation; F. J. Goodnow, presi? dent of Johns Hopkins University; J. G. White, engineer; former Governor Manning of South Carolina, and W. Cameron Forbes, formerly Governor General of the Philippines. international loans, upbuilding of railroad and steamship lines, modern? izing public utilities of Latin American cities, road building and timely aid to privute business are among subjects to be taken up. General sessions, with Secretary Glass presiding over the first meeting, will be held in the Hall of the Amer? icas, Pan-American Union Building. At this meeting a message to President Wilson will be read to the delegates. Large Producers of Steel Sold Far Ahead Export Demand for Semi-Fin? ished Products Only Par? tially Met There is no better illustration of the condition of the -steel market than the amount of unfilled tonnage on the books of the U. S. Steel Corporation at Cue end of December. The un? shipped orders on that date comprised 8,265,366 ton.s compared with 7,379,152 j ton* on November 20, a record increase | ?-i 1 i;>7 u?tJ io.is. The larger producers i are heavily sold and accept only dis? tant and urgent business. The indo- I pendents demand premium for every- | thing and can offer nothing but de- j layed deliveries. Demand for rails, car: and shipbuilding steel, plateB, bars and j sheets is accumulating heavily. Ex- i port demand for semi-finished and finished steel is very heavy and can only be partially met. No free pig iron is obtainable on contract before April and the tonnage offering for the second quarter is lim- \ ited. Buyers seek to cover for the second half and some business has I been done, chiefly rn Cleveland and Buffalo, but most furnaces are un- ? willing to quote beyond June. Prices , are advancing slowly but steadily. Copper is in fairly good demand and ! has been ho din^ steady for some days. '. Some i pot metal could be had at 19Vi cents, but the asking price for first I qu.irter is l?Vs anil for the second,! ) \:-. o 20 cents. '1 ..ere is no shortage ] of metal. Lead continues scarce and strong. ' 'I he principa producers advanced the price twice during fhe week. They now ask 8?4 cents for New York, but; 1 five none to offer. The English demand for zinc, which had been active for some t.me, has fal'en off and the market is easier, with fair demand between dea'era. Tin follows London close y and has fluctuated ' con iderab'y. Demand has been fairly active on recent reactions in London. Antimony continues strong and ad vnneing T' e market is firm at 10'/? cents f^r large lots. Ituilroud Stockholders Urged T? Sunnort Cummms B'll A memorial on pending railrond legis? lation, approved by the directors of the Chicago, Ro k Island & Pacific Railway Company, urges the storkho'dors to give their support to the Cummins bill. Non- . passage of the House or Esche measure ; is advocated on the ground that it does | not make adequate provision relative to ' a rate structure. ! That feature of the Cummins bill pro? viding for a definite return of 5^ per cent on the railroad property invest? ment, even when coupled with a pro I vision for a division with the govern? ment - of any excess over 6 per cent, , Rock Island directors say "is so im? measurably better than a return to the old manner of fixing rates that we be? lieve it essential to your interest that legislation be passed fixing a definite return." Other features of the Cummins bill favored by the Rock Island management include compulsory consolidation and Federal incorporation of railroad com? panies and :hi' guaranty of the prn - ent standard return for six months after Federal control. They ask that the stockholders take no part in the con? troversy regarding the anti-strike fea? ture of the bill. Irving National Bank Takes Optimistic View An optimistic view of the business outlook is taken by the Irving National Bnik in its January 16 review of con? ditions. The doubt and timidity of a year a?o are contrasted v.ith the buoy? ant spirit with which 1920 is starting out. Among the favorable aspects of the current year are mentioned the truce between capital ard labor in the steel and coal industries and the prospects of early railroad legislation of a con truc'ive c' aracter. As a result of the end im; of the coal strike it was pointed out that efforts to catch up with con? sumption huve brought about great ac? tivity in industry generally. Recent heavy liquidation in Liberty bonds was attributed in part t> sale* by business concerns which have found it unprofitable and perhaps difficult to borrow funds on government war se- ? Summary of Stock Exchange Dealing* Last week. Railroads . 442,100 Other Atocle? . 6.279.800 AU stocks. 6,721,900 Weck before. 407.100 4,921,500 5,328,600 Stocka Tear ?CO. 453,400 2,212,100 2,665,500 1920. 1,018.700 11.101,200 12,119,900 January 1 to slate 1919. 1,910.900 5,091 800 7,002,700 Bonds Last week. Week before. Tear aro. V. 8. government... $63,469.000 $63.344,000 $39.811,000 Railroads . 6,442,000 8 578 COO 13,119.000 Other bonds. 12,552,000 12 88?.000 16.074,000 All bond.? . 87.463,000 84,809,000 69,004,000 1920. $148.692.000 17,764,000 35.637 000 202,093,000 1918. 2,964.700 5,328,200 7,292.900 1919. $94,715.000 22,724.000 25,583.000 143,022,000 Low. 1920 Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jnn Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan J.in Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan .Inn Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Div. Rate. 3 30'/. 40i/_ 70% 82 i% 2 4634 88 90 95?4 44 45 91 114 4% 52 "2 ??% 1361/2 115 49'/a 113.4 95 '/j 24% 113 44 63 1071/4 14 74?4 93/2 96 14 1041/4 2 C8 25% 67 97?4 81% 107 85 42/j 90 135 118 90 911/4 96'/, 265(4 96 66/, 146 103 % 53/2 17!/, 66/4 60 4 68/4 73 74% 115 821, 78 '/_ 7% 90 160 16% 30 10 10934 IOI/2 31/, 46 90 12434 1% 27 88?, 93 97 112% 113/4 13 91 6*4 52 99 % 7 103'.4 8% 26 24 '2 20''; 791/. 38! i 74?/, 64!/. 128 99 37/ 93 107 55 57 121 543/ 8'/. 23'/ 35?. 503 84J, 13 116 100 26 59% 69'/2 90 45'4 65 ?9 38 96 38!,2 41/, 62 21 43 47^., 923/, 533^ 61 80 793/4 18% 27% 87 14 100% 5 12'/4 82 81'/e 105J/, 56 202 993/4 49| 83! _ 93/, 184 7 12% 100 12 100 12/j 4 7/ 60 13 1007 2 16 2 ?5 33' , 28 893? 1321/4 IO234 123/4 19 13-2 84/. 10 26/4 1223/4 14 104 3 41 30 17 99% 70'/2 93 167'/. 300 84 82% 75'/, 101 51% 44 77 38 36 n 91% Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jnn Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan' Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jnn Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan 17 ? 13 ? 16 6 17 6 10 ? 2 ? 17 ? Sales. Open. High. Adams Express .... Advance Rnrnely . .. do pr Low. 600 1000 1700 Net chge. Bid. Ask 16 ? 17 ? 14 7 16 12 2 7 16 4 9 16 6 17 ? 15 16 14 17 15 13 Ajax Rubber . 1900 Alaska Gold Mines.. 1200 Ala.sk? Junean . 4100 Allis Chalmers. 22900 do Pr . 600 Am Atrricnl Chem. .. 1400 do Pr . 600 Amer Bank Note... 600 do Pr . 300 Amer Beet Sugar.. . 2000 Amer Bosch Marneto 3900 119 do rights . 6900 6% Amer Can. 27300 56'/, ??o pr . 1000 99% Amer Car ft Fdy. 31/4 43% 72 86'/, 1% 2 51/4 91 ?3 96/4 45 45 92/2 30!/, 40'/2 70/4 82 1% 2 46% 88 90 95% 44 45 91 114 434 52/4 583/ 30/,? 2 41/,? 1% 70/2? 1/2 83 ? 3 .1%+ v% ' 2 ? i 47/4? 3% 883/4? 234 90 ? 1% 96?1 44 ? 2/4 45 - 91%? 1% 117'/4-f- 1 5% 4- % 53'/,? 27/, 99"2 + do Pr . 200 115 13500 139% 135/a 136%? 4% Amer Cotton Oil... 80 Amer Druy Syn_ Amer Express . Am Hide ft Leather do pr . 4700 117% 113 Amer lee . 700 45 44 do pr . 200 64% 63 115 49% 12/4 95'/2 24% + 115 _ 50?2 14%? 2/, 963/4_ 5i/t 25%? 2/4 114?4 44/4? 1% 64%-f- /4 16 ? 17 ? 2100 51% 320C0 16'/, 500 100'/, 4800 27% 4 ?_ 8 Amer Internat Corp 55000 114% 107/4 1093/?? 5/1 .80 Am-I.a Fr Fire En? 800 14/, 14 14 _ * Amer Linseed.26300 82/2 74% . 82 + 6% 1000 95/, 93/2 95% + % 39300 101% 96 97%_ 3' 600 106/2 104/4 104/4? 1/4 1000 40 36 38?2 10200 28% 257/, 26 ? 21/4 10300 69% 67 do pr]_ Amer Locomotive. . . do pr . Amer Malt & Grain. Amer Ship ft Com. . Amer Smelting 16 10 16 7 13 8 13 20 14 6 16 5 14 7 12 7 17 ? 10 ? 5 6 16 4 16 ? 16 ? 6 6 do pr . 1300 IOO/4 do pr A. 200 82 Amer Snuff . 2C0 107 do pr . 100 85 Amer Steel Fdy- 13000 45/2 do pr . 400 93/a Amer Suear. 1100 137 do pr . 1100 118 Am Suma Tobacco.. 22400 do pr. 300 92/a Am Tel ft Tel. 18800* 98/, American Tobacco... 1300 270 do pr new. 1000 97'/2 Am Tob Sec Corp... 68800 70% American Woolen... 104300 163 ... ,^/2 do pr. 500 IO4/2 103% 104% Am Writ Paper pr.. 2700 56/2 53/2 Am Zinc ft Lead_ 5400 do pr. 1100 Anaconda .23400 Assets Realization... 26000 4400 400 201 2 ? 16 7 16 10 16 ? 14 3 Asso Dry Goods do 1st pr. do 2d pr. Associated Oil . At Top ft San Fe... do pv. Atlantic Birm ft A?. Atlantic Coast Line. AU Gulf ft W I 8 8. Auto Sales Corp_ do pr. 14 3/2 Baldwin Locomotive. 333600 121 ? 13 ? 16 4 16 ? 16 8 6 ? 17 ? 17 6 16 ? 14 7 2 8 5 ? 2 ? 13 8 5 ? 14 ? 14 7 15 ? 15 10 2 6 15 ? 2 ? 14 6 15 ? 14 7 13 2 16 10 8 7 2 5 do pr. 500 102/2 102 Baltimore ft Ohio... 7900 do pr. 2100 Barnet Leather . 4O0 20% 18% 59% 58/a 63 /a ?60 5% 4 63!/_ 58/4 74/a 74 75% 74% 1900 II8/4 115 4600 84/a 82% 2600 8O/2 79/4 1400 7% 7% 400 92 8700 166/a 700 18 1000 30% 4600 129/4 1243/4 12S Barrett Company Batopilas Mininr ... 200 Bethlehem Motors. . . 6800 Bethlehem Steel_ 700 do Class B. 99800 d? 7th pr. 200 do 8:h pr. 600 113% 113'.'_ 113',\ Brooklyn Rap Tran. 4000 13% 12% 123-< Booth Fisheries_ 5200 15 14 14 Brooklyn Edison_ 125 91 91 91 Brooklyn R T ctfs. . 4500 9 8/, 9 Brooklyn Union Gas 100 52 52 52 Brown Shoe pr. 200 100 99% %<SVt Brunswick . 1600 7/j 7 7/j Burns Bros. 3100 118 + % /a Butte Cop ft Zinc. 4400 Butte & Sup Cop... 11900 Butterick . 1200 Caddo Oil . 6900 Calif Packing . 9400 Calif Petroleum_ 12700 do pr . 800 Calumet ft Arizona 300 Canadian Pacific Case, J I pr Central Fdy ] Central Leather . 11/a 29% 25 24/a 81/a 423/4 75 '/a 64/2 IO3/4 108'/,+ 2/a 12100 132/4 128% 130 300 200 23100 99% 47 98/, do PT . 800 108'! 8 ? 16 2 15 ? 14 ? 16 7 2 8 17 6 15 ? 14 6 6000 59 55 900 58 57 16100 126/j 121 55'/4 54% 8% 8/a 23/s 23/, 37/2 35% 52% 50% 86% 84% 17 7 14 7 16 ? 12 5 15 ? 16 3 14 8 17 ? 13 3 15 4 14 ? 15 4 15 1 14 7 13 4 13 ? 2 7 14 7 17 ? 15 13 13 17 15 14 17 2 Cerro de Pasco Certainleed Corp Chandler Motors. Chesa ft Ohio. 1200 Chicago Gt Western 500 do pr . 800 Chi, M ft St Paul.. 11100 do pr . ?900 Chicago ft No'west.. 7000_ do pr . 800 118 Chicago Pneu Tool.. 700 103! Chi, Rock Isl ft Pac 6400 27', do 6 p c pr. 900 do 7 p c pr. 1900 Chi, St P M ft O pr 100 C, C, C ft 8t L... 200 do pr . 100 Chile Copper . 8300 Chino Con Copper. . 6300 Cluett Peabody. 300 Coca ('ola Co. 6900 Colo Fuel & Iron... 8300 Colo Gas ft Electric. 2500 Colo & Southern, do 2d pr .... Columbia Grapho. 300 200 63400 do pr . 1 00 300 61 71 90 45/4 65 20 391/4 98 40/4 43 67 22'/4 43 60!?; 923,4 65 61J,? 82 81/ 19$. 60 ? 1 Comp Tab Rec. Consol Cigars . 400 , _ do fr ..' 300 ' Consol Gas . 3500 - Con Int Cal Min... 3900 % Consol Textile . 280o 30% *273 7 Commentai Can ... 1300 89 87 r ,.pr . 400 101 100% Commentai Candy.. 2300 12% 12Z_ Commentai Ins .... 100 82 82 Corn Products . 23800 85/_ 81/, 13 12 3 7 14 ? 2 7 14 9 15 10 13 ? 17 ? 13 7 2 8 13 /4 3 ? 13 ? 8 ? 2 7 13 ? 7 6 17 ? 15 17 14 16 16 ? 17 ? 14 8 6 ? 2 2 15 10 14 7 14 ? 16 4 17 ? 9 6 17 6 12 7 16 8 17 12 17 6 do pr. 600 106% 106/, 106/, Crex Carpet Co. 100 59 Crucible Steel .55510 215!/ do pr. Cuba Cane Sugar... do pr. Delaware ft Hudson. Del Lack ft Western Den ft Rio Grande.. do pr. Deere Co pr. Detroit United R R. . Dome Mines . 700 ,_ ._,* Duluth So 8h ft At. 100 4'4 4 4 - do pr . 100 7'2 7(_ 7/2+ 11 Durham Hosiery ... 900 67' . 64 64?1 do pr. 300 10?% 102% 102/2+ 2 Elk Horn Coal. 2700 27% do pr. 100 39 Emerson-Brant . 300 28'4 da pr. 600 90'/i Endicoit Johnson ... 7200 140'i do pr. 1 600 100 34700 53 2000 84% 1900 94 200 185 200 7/, 2800 13/, 100 100 300 101 12% "" pr. 1100 104'/, ? Erie . a~v, ,?,." - 6200 do 1?t pr. 2000 _ do 2d Pr. 1700 I-amous Pl.y-L Corp 7600 Fed Min ft Smelting. 600 do 25 39 28 89% 1321/4 1023 4 123/4 19 13'/2 84/a 12/2 29 26 + /j 39 + % 28 ? 1 89%? 1/4 134 ? 7 103%? 5,8 13 ? /_ 19' _? % 13/a? % 86?4% 12'/a+ 2/2 29%+ 1/, 13'A 2C/, 14% 92! 4 12/2 ^^^^^^^. 800 3034 ^^^^^^ Fisher Body . 400 130 ?122% 122%? 27/ ^^? 100 104 104 104 23600 43/; 7600 32 '/, 6000 I8V4 200 100 10500 72/j 30O 93 do _^^^^^^ Fisk Rubber Tire.. Freeport-Texas Co.. Gasion William? General Chemical pr. General ( igar Co. do pr deb. 41 30 17 ICO 70'/ 93 1 42%? 32 ? 17 ? 100 + 71/,? 93 1/, ueneral Electric Co. 1000 168'_ 167% 167%? j, General Motors .62600 328! 2 300 306 ? s>9 do do 6 p Goodrich, do pr. Grnnby Mining . 300 . 1200 87'j r d-b. 790C 84/a B F.32500 807/, 900 102 53/, 46'', 79/a 40 38 81% Pr. Gray & Davis. Great Northern do Ore sub. Green? Cananea Cop Gulf States Steel. ... Hartman Corp . ?? i m a p r>v f 700 8800 9400 1400 4100 3400 105 I'WI 84 82'j 75/, 101 51% 44 77 38 36 77 100 306 84 - 82! _ 78'i 101 - 51% 441 , 77',?-|_ 38? j? 1% 36 ? \%? 78 _ 6% 105 + 6% 22 2/a 1/2 2 % 1% 2% 16? Record of Stock and Bond Averages (Copyright, 1920, New York Tribune Inc.) Last week. High. Low. 20 Railroad?. 64.85 64.35 30 Industrials . 104.77 101.23 50 Stocks. 88.80 86.50 10 Railroads. 76.70 10 Industrials . 91.C8 5 Utilities . 74.22 25 Bonds. 81.51 75.02 90.83 73.92 Stocks Year aro. High, tow. 71.60 70.40 83.17 81.40 78.46 77.00 Bonds 82.75 82.08 94.76 94 35 85 60 85.52 Rangethus far 1920. High. Low. 66 20 64.35 11030 101.23 92.66 86.60 Range fall year 191?. High. Low. 78.80 63.33 119.33 79.20 99.54 75.92 76.28 91.38 74.22 75.02 90.71 73.92 82.80 95.70 87.75 72.83 90.56 71.80 81.25 8;*.95 87.79 81.71 81 25 87.91 80.21 nigh 1920. 71 t'0% 22 % 83 613/4 414 13'/s 135 114 51% 111% 801/2 89'/? 79% 26% 49% 21% 441/4 30 16'/4 47% 118 1521/2 104 90 ?8% 33% 48% 146 913/4 1994 38?? 441/2 109% 32 28 70 100 114?? 18394 1121/2 64 '361/4 48 33J/2 30 '/i 3594 631/2 303.4 131 107 222 105 26 Date. Jan 12 Jan 3 Jan Jan Jan Jan Jan Jan Jan Jan Jan \in 16 Jun 3 Jan 3 Jan 7 Jan 5 Jan 9 Jan 10 Jan 5 Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan 13 Jan 5 Jan Jan Jan Jan Jan Jan Jan Jan Jan 12 Jan 2 Jan Jan Jan Jan Jan Jan Jan Jan Jan 10 Jan 2 Jan 12 Jan 3 Jan 6 Jan 5 ?V134 Jan 6 6234 Jan 6 14 Jan 5 74% Jan 5 911/4 Jan 16 60 Jan 15 9% Jan 3 14 26% 43 691/2 100% 51 38 "27/8 89% 125 80 ICI3,; 111-2 ?91/2 64% 110 6% 17 '/2 46 117 70% 30 48'/2 61 27% 17% Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan 14 Jan 6 Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Low 1920. 70' 2 88'/2 19 79% 54', ? 3% 11% 125% 113 401/2 96 80'/2 78 76% 231-2 39% 16% 41?? 26% 15'/4 45% HOI/2 132 102 78% 97% 30 36% 145 82 163/4 33% 41% 108 31 22% 65 99 1147'g 169% 110 64 128 44 32 % 26% 31 58 '.'2 273,4 121 106% 187 101 23% 37% 49 12% 72 91 60 8% 12 25 40 64% 100 46 36% 65 8778 118 76% 101 10 82'. 2 80 108% 5', 2 16 40 Date. Jan 12 Jan 2 7 Jan 2 ? Jan 14 5 Jan 16 6 Jan 7 ? Jan 9 ? Jan 15 6 Jan 14 7 Jan 16 ? Jan 16 6 Jan 16 ? Jan 14 ? Jan 13 6 Div. in $. 6 Hontestake Mining. Illinois Central Inter Agricultural. do pr. Inspiration Copper. Inlerb Con Corp. . . do pr. Inter Harvester . . Net Sales High. Low. Close, chge. 300 71 70% 70'%- 2% 89 897?? % 19% 19%? 1% 79',2 80 ? 1% 54'/2 55%? 3% 3% 3%? % 12 12 - Jan Jnn Jan Jan Jan 17 ? 2 ? 2 ? 16 ? 16 2 Jan 12 ? Jan 17 4 Jan 12 8 Jan 16 4 Jan 2 8 Jan 16 ? Jan 13 7 Jan 2 2 800 90 1000 20 500 81 25200 59'4 7200 4'/, 2500 12% 4300 128'/2 12534 126'/2? 3% do pr. 1600 114 113 113'?- % Inter Mer Marine... 40500 47% 40% 42%? 47? do pr. 36900 110% ?96 ?965?? 6% Inter Motor 1st pr. . 200 80'/2 80% Inter Paper . 52500 85% 78 do pr stpd. 700 777/? 76'/? Inter Nickel . 204CO 25% 23% Iron Products Corp. 2200 48 46% Jewel Tea Co. 700 20 18 do pr. 700 44% 41% Jones Bros Tea. 900 287'? ?26% *26%? 134 Kansas City So. do pr . Kayser, J . Kelly Springfield . do 8 p c pr. Kelsey Wheel Co. . do pr . Kennecott Copper.. 700 15% 15% 15% 4- % 700 46 ?45% *453/4? 1/4 300 112 110% 112 ? 3 10300 142 132 *133 ?11% 800 104 103 103%? % 1200 80 78% 7$9t? *% 1 1% 300 97% 97% 97'/j 20300 31% 30'/, 30'/j Jan 16 1.20 Keystone Tire & R 49000 4434 36% 37%? 6% Jan 15 Jan 16 Jnn 14 Jan 16 Jan 2 Jan 2 Jan 16 2 Jan 16 5 Jan 14 ? Jan 14 7 Jan 12 ? Jan 15 12 Jan 13 7 Jan 3 4 Jan 17 10 Jan 16 7 Jan 8 3 Jan 5 ? Jan 15 ? Jan 13 ? Jan 16 ? Jan 0 0 Jan 13 / Jan 17 10 Jan 13 8 Jan 17 Jan 16 Jan 16 Jan 14 - Jan 14 7 Jan 9 7 Jan 15 5 Jan 2 ? Jan 14 ? Jan 13 ? Jan 14 ? Jan 16 Jan 6 5 Krcsge, S S Co_ 300 V-6 145 6 Lackawanna Steel... 19100 88 82 - Lake Erie & W pr.. 100 1694 16% - Lee Rub & Tiro- 2500 36% 33% 3% Lehigh Valley . 4700 44% 43% 7 Lig & Myers pr. 400 109% 1C8 Loews Co. Inc .,. .. 6000 32 31 *31%+ Loft Candy.22900 25% 22% 23 + 3% Loose-Wilea Biscuit. 500 69 65 65?4 do pr . 300 99% 99 99?1 do 2d pr. 200 1147? 1147/? 114%+ 8% Lorillard, Pierre . . . 1300 17694 169% 170 Louis & Nashville.. 1400 11194 110 111 Mackay Coa pr. 200 64 64 64 Manati Sugar. 1600 132 128 128 Manhattan Kiev . .. 800 Manhattan Shirt . . . 800 Martin Parry Corp.. 1400 Maxwell Motor Co.. 4900 do 1st pr. 2000 do 2d pr. 300 May Dept Stores. . . 1400 125 1T0 pr . 200 107 Mexican Petroleum...206200 209 do pr. 300 102 8 ? % 6 3% 45% 44 44 32% 32% 32 % 30 27 27?3 33% 31 32 ? 2'/? 59% 58% 5834? 4 28% 27% 273/4? 23/4 122% 123 ? 3 106% 107 + 3/4 187 191%?14'/4 101 101 ? 4 2 Miami Consol Cop. . . 1700 24'/2 23% 23%? % 1.20 Middle States Oil....268700 66 37% 44 ?2194 4 Midvale 8teel . 18800 51% ?49 *49'/?? 1% - Minn & St L new... 4300 13% 12% 13!/4? % 7 Minn St P A 8 S M. 600 73 72 73 - do pr. 300 91% 91 . Jan 13 Jan 15 Jan 16 ?? Jan *16 7 Jan 16 7 Jan 13 5 Jan 15 7 Jan 2 ? Jan 12 6 Jan 12 5 Jan 5 7 Jan 6 ? do leased line Mo Kan & Texas do pr. Missouri Pacific . do pr. 3 Montana Power . 7 do pr. 3 Morris & Essex 4 Mullins Body . 1900 3 National Acme Nat Aniline Ch Co.. do pr. National Biscuit . . . Nat Cloak Jk Suit... do pr. Nat Conduit & Cable Nat Enamel & Stpg. 200 76% 76% 76%? 1% 300 IOI94 101 101 ? 1(2 1000 11 10 10 ? 1 9200 871/4 82'/2 National Lead . 3000 82% 80 do pr. 200 109 109 Nat It R of M 2d pr 600 6 5', Jan 2 1% Nevada Con Copper. 1900 16% 161 Jan 14 ? New Orl Tex & Mex 400 43 40 106! 2 Jan 16 10 N Y Airbrake. 900 112 68% Jan 14 5 N Y Central. 9100 70 27 Jan 16 ? N Y, Chi & St Louis 200 27 43 Jan 13 2% N Y Dock. 1200 46 5 do pr . ? N Y. N Ii & H... ? N Y, Ont & West. . 7 Niagara tails pr. . ? Norfolk Southern. . 7 Norfolk & Western. 2800 4 do pr . 300 5 North American . . . 500 7 Northern Pacific_ 96C0 5 Nova Scotia Steel. . . 3200 2% Ohio Fuel . 200 4 Ohio Cities Gas_25900 % Okla Prod & Ref... 16400 83 ? % 80%? 134 109 ? % 5%? 1 16%? % 43?2 106% 107 ? 5% 68% 68%? 1% 27 27 - 43 44 ? 4'/, 200 57 55 57?6 5600 26% 253/4 26%? % 200 17'/, 16% 16%+ % 10 104 104 104 - 100 12 12 12 + 34 96'/ 72 55 78 97% 72 57 SO'/, 73% 71 487? 48% 48% 453/4 934 9 9 8% Jan 18 5 Jan 6 1 Jan 13 ? Jan 16 6 Ontario Silver . 1500 Otis Elevator . 600 135 130'% Otis Steel . 8400 3994 36'/j Owens Bot Mach... 1600 60% 59 Pacific Devel Corp.. Pacific (.as & El Co Pacific Mail . Pac.fic Tel A Tel... Pan-Am Petrol.162300 101 do pr . 85 164 do B. 19800 98'/; Parish-Bingham _ 1100 44'/: Penn Railroad . 8600 Penn Seaboard Stl. . 2200 Peoples Gas 4b Coke 19C0 P?re Marquette . .. 23900 do pr . 500 do prior pr. 600 Philadelphia Co_28000 423a ?39 Pierce-Arrow .111000 77 67}/ 1600 60% 200 *76 600 58% 300 38 200 37 42 % 32!,., 38% 309? 50 66% do pr. 400 106% 106 106 Pierce Oil .30900 do pr. Pittsburgh Coal . . do pr. Pitts & W Va_ do pr. Pond Creek Coal.. Pressed Steel Car. 4800 2200 200 5400 21% 97 62'/; 90?/ 29',, 18% 93'/? 61 89ij 27' 78 24 96 2 -2% 191/2? 2% 93%? 3% 6194? % 901-2? % 2834+ 1% 78 ? 1% 24 ? 1% 97 ? 3% Jan 13 Jan 5 Jan 7 Jan 10 Jan 10 Jan 5 Jan 3 Jan 13 Jan 13 Jan 3 Jan 2 Jan 3 Jan 13 Jan 2 Jan 2 Jan 13 Jan 10 Jan 2 Jan 5 Jan 7 Jan 3 Jan 13 Jan 13 Jan 5 Jan 17 200 78 1700 2594 4200 100 7 do pr. 400 102% 101% 102 ? 1% Pub Ser Cor of N J. 100 68 68 68+3 8 Pullman Palace Car. 2800 116 113% 114"%? 1% 6 Punta Alegre Sugar. 16900 9294 88 88%? 4% 8 Railway St Spring.. 3700 100% 96% 96%? 3% 7 do pr. 200 104% 104% 104%? 1% 2 Ray Con Copper. 3000 22 21% 21%? % 4 Reading . 11300 7694 7494 76 ? % 2 do 1t pr. 600 36 333/4 33%~ % 2 do 2d pr. 200 39% 35 35 ? Remington Typewr. . 1500 90 84 86 _ 5 Replogie Steel . 2200 47% 45 45 _2 6 Rep Iron & Steel. . .242200 118%?107 ?109 ?6% 7 do pr. 600 1069/4 10494 104%? 1% do rights . 31200 1% % \/z? -|i/? Repub Motor Track. 1200 52 51% 51%? % 5.20 Roy Dutch N Y shs-148600 108% 102 104%? % 1 St Jos.ph Lead. 4300 16% 16 16 ? St L & San Fran... 10400 18% 16% ? do pr. 200 23% 23 ? St L Swn pr. 900 24 23 6 Savage Arms . 500 74% 72 ? Saxon Motors . 53000 2194 18% Seaboard Air Lino. . 300 7% 7 8 Sears-Roebuck . 800 230 225% 226%? 9% 1 Shattuck Ariz Cop.. 200 13 12% 13 + 7/. 94 Shell Trans & Trg. 86000 897 + 94 18 23 - % 23 ? 2% 73%+ % 19'/?- 7/8 7%+ % Sinclair Consol ....18U200 46 Sloss-Shcff Stl & Ir 7800 77 do pr . 200 91 Southern Pacific... 64200 102 So Porto Rico Sugar 200 220 Southern Ry. 5200 22 do pr . 1600 55! S'romberg Carb. 9500 80 Siudebaker .200200 109 do pr . 80% 41% 73 91 83%? 1% 42%? 3% 73 ? 4 91?2 99% 100%? 1% 220 220 ?20 21% 219-4? % 54% 54'/2? I?, 70 72%? 8% 102% 1009?? 5% 101 101 + % 1241,2? 2% 48 ? % 102 + 1% 116 . 600 101 Stutz Motor . 2900 125 Super.or Steel .... 1/00 49% ?46 do pr . 200 102 102 Tenn top & Chem.. 7200 1194 10% 119,+ Texas Co . 63100 217 193 199%?16% do 1st pr . 300 193 188 do 30 p c pr. 6)0 190 185 do full paid. 1000 190 18/ Texas & Pacific. . . . 22000 40% 34 Tex & I ac Land Tr. 40 325 325 Th.rd Ave It R. 500 14 13 Tidewater Oil righu? 3200 23% 227, 22%? 2% Tobacco Product?... 3.8JQ 9394 87% 9194?1% do Pf . U00 104% 101% 103 ? 1 Trans-t ont Oil.203000 31% 23% 26 ? 6% Trans Wim Steel... 3000 63 59% 59'/g? 4% Tw.n City Rap Tr. . 400 33 30 30 ? 2 I nderwood Typewr 100 185 185 185 ? 6 Cnion Oil . 63900 36% 30% 3494? 19, Lmon Pacific . ?8JO 123 121% 122'4? % ?"a Pr . 2400 689? 6/ 6. %? % United Alloy Steel. .. 3/00 60% 4994 49%? % u;8 18/ 188 3/ 325 14 ? 3% + 1 Continued, un next pug? 30 Years in Export Banking JNTIMATE KNOWLEDGE of the needs and ha its of the people, acquired jy years of experience and ac? tual residence in the co ti? tties themselves, is essential when transacting business abroad. Our 23 branches in South America, 8 cffices in Eu rope and direct connection throughout the world round out a service broad and com? prehensive in every detail. Anglo-South American New York Ajrency, 49 Broadway i PRICHITT ??CO. MIMBIH9 Of? NEW Y O R. K STOCK. EXCHANGE -.1 3 INVESTMENT SECURITIES SIXTY-BROADWAY NEW YOR.K. CITY The report that salt water is flowing in some of ihe important Homer rieWs has affected ? SIMMS PETROLEUM Two sides of the question are discussed in the curr' t issue of our weekly? ? \ FINANCIAL FORE ''.ST Other leaturea arc arTl i: Retail Candy ) ''net Skelly Oil i Invincible ? -1 Free on rrciueM for No, 51. MSWOLFE?CO ?1 BROAD ST.. NEW YORK. Phone Broad 2'> Mexico Oil Corporation ? Bought Sold Quoted Actively Traded in on New York Curb John J. MaeCrum Unlisted Securities Member N. Y. Curb M trkct Assn. 25 Broad St. New York Phone Broad 873. HENRY CLEWS & CO. Members of N V Stock Bxcbang*. 11. IS. IS. 17 ft 1? UBOAD ST. Deposits received subject to cheque Stock, 8011?* & Note Issue? of Railroad 5c Industrial Companies Bought and Sold and conservative advance? mad? thereon. Dealer* in LIBERTY BONDS Brauch Oitkrr.?S2u I liili \?*.. M l mon Squurv. ?6 VWrr'n *? MS Third Ave.. 16 Court ttt.. BrookU?. J. K. Rice. Jr.& Co.W.11 Buy 1? E. w. mu? Com. 50 Iliihli Terminal Com. * Pfd. 100 .im?, s Hui. r d. SO Child? K?*?tuurant Com. 50 i.<|u>Uil)l<- I 11-1 25 Fidelity A Camialty "Hlght*" 100 General Buk ri? Con?, ft Pf?. 100 int. Motor Trk. 1-t * ?U tti. I0M Intel mit lonul Suit 5s SO Mohiiwk Vnllry 200 M. ? all Corp. (0111. 101) Nati Ire A" CoaJ l?t Pfd. 200 N. V. Stui.- H>s. Corn. 50 Texan Purifie (oui A OU 100 Tidewater Oil "KiffkU" 200 l lion IumK Car "lUahta" 10 Victor 'l'ulkiiiK Mut-hlne J. K.Rice, Jr. & Co: i'honea 4000 to 4010 John. 36 Wall Sx. , N- *? Poucb&?a Standard OU Stocks M*mr>?r? NnvYork Stock" Exch?n_* 14- WALL ST. NEW YORK TBLRPllONR.RBCTOn Mt-O