New-York tribune. [volume], January 26, 1920, Page 12, Image 12

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

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Consolidate Gas Co.
of New York
The Five Year Secured 7'i
Convertible Gold Bonds of
the Company will constitute
its only bonded debt. Net
Karnin?3 of the System in
1019 more than twice all
interest charges, including
*? h i s issue. Estimated
population served exceeds
4.000,000.
Price: Par and Interest,
Yielding 7%
Circular on request for AK-2',i
TheNationalCity
Company
Miln omet: National City Bin* Bulldlni
Uatown Of**: Fifth Ave. & 43rd i?t.
Corresponi'^t Office* in over 50 Cilie?
.?
cochrane
Harper
&Co.
Ill Broadway 60 State St.
NEW YORK BOSTON
Invincible
Oil Corporation
I P In dnlr Aiuilystn of ("om
pnny'.i Position and Prospecta
Wl KCQUCSt.
WEEKLY LETTER
B iiirrent new* ?ind development ?if
INDEPENDEN!
STANDARD OILS
Purntshed upon request
SARTORIOS
SMITH &
LOEWI
Members
New York Stock Exchange
New York Cotton Exchange
20 Broad St., New York
Phon? Rector 2480
BRANCH OFFICES
500 Fifth Ave. 63 We?t 125th St.
141 Broadway, Brooklyn.
Hirsch,
Lilienthal
& COa
Members
New York Stock Kxchange
New York Cotton Kxchange
N. Y. Coffee Si Sugar Exchange
Chicago Board of Trade
Stocks
Bonds
Cotton
Grain
61 Broadway New York
Branche?
S E. 44th st. and 1123 Broadway
>?
Our
Partial Payment
Plan
is proving attractive
to many investors
4ak i?r UetaJl? .v> /
H. M. Byllesby & Co,,
Incorporated
PTEW TORK CHICAGO
111 Brfy?d?.ay 201 So La Ka,:, St.
BOSTON I'l'.o-.- ; DENI e:
td Htate St ?o Weyboaatt St.
Bonds for Investment
Harris, Forbes & Co
Mna Strtwt, Corner WUIUm
NtW YORK
Finance and Trade
Developments of the Week
and Their Bearing on
the Outlook
Two highly important bits of news
hearing on the stock market were
published last week. One was the
announcement that the Federal Re?
serve Bank had increased redis- :
count rates. The other was that ex- i
?ports from the United States in De?
cember were valued at $60,000,000 :
less than November exports. The
stock market received both unmovecr.
Nor is that hard to explain. The
news simply confirmed general ex?
pectations. And Wall Street specu-1
lators never wait for confirmation
when they are reasonably sure that
expectations are well founded. They
act in advance so that publication or
the news often fails to stir the mar?
ket at all. It is only the unexpected
that disturbs prices. This time
there was no element of surprise.
The news had been discounted, so
far as its immediate effects were
concerned.
It does not follow, however, that
i the stock market has discounted the
full effects of the news. There are
indications that the heavy liquida?
tion and extensive short selling of
recent weeks have left the market
: in an oversold condition, so that any
definitely favorable development.
such, for example, as the enactment
of constructive railroad legislation
icr the ending of the treaty squabble,
might easily cause a rebound in
prices. But taking a longer view, it
seems probable that the increase in
rediscount rates and what seems to
; be the beginning of a sharp slump
in our export trade, have yet to
.-sert their full influences on secur?
ity values. Neither is a factor of
merely passing importance; it will
be months before the full effects are |
seen.
The increase in rediscount rates
apparently was not aimed at the
! stock market, which now is on a
saner basis than most of the com?
modity markets. The object was
rather to curb excessive speculation
in goods, and thus prevent further
, distortion of prices and to start j
price deflation. There can be little'
doubt that the action taken by the
? banking authorities will prove ef?
fective in these directions. It; is not
j improbable, indeed, that, as a result
?of the tightening of the business
! money market, very considerable
price declines in numerous lines will
| be brought about. Goods must be put
ion the market unless ample credit to
; carry them is provided.
_
There are two things which al?
ways disclose uncounted stocks of
goods. One is very high prices. The
?other is the beginning of a decline
from very high prices. The latter
i is, perhaps, the more potent. It is
? due to the fact that many specula?
tors, reason-benumbed by the ecstasy
of rising quotations, "overstay the
market." Stock market experience
last fall supplies an analogy, though
I not a perfect one. Prices were go?
ing up by leaps and bounds. New
high records were being established
every day. Seemingly everybody
wanted to buy and no one was eager
to s?rl. Stocks were bought without '
the slightest regard for values, sim- ?
ply because prices were rising and
the sky seemingly was the only
limit. Then, all ot once, money went j
to 30 per cent and the speculators
who had not altogether lost their !
reason began to get out from under.
Prices started to fall, and since peo?
ple really had been buying prices,
and not values, there was a mad
scramble to unload. In a few hours
the price structure erected during
months of frenzied speculation was
wrecked.
It is not likely that tightening the
reins on business money will pro?
duce anything like the crash which
took place in security values. But it
would be surprising if considerable
stocks of goods were not put on the
market rapidly enough to cause
material price recessions. Already
manufacturers and jobbers are as?
suming a more cautious attitude in
I the matter of extending credits,
while in cases buying policies are be?
ing reshaped. Some leaders in the
textile trades assert that goods soon
will b-e dumped by speculators and
by small manufacturers who have
been operating largely on borrowed
capital. There is a certain momen?
tum to such movements, imparteo,
first, by the fact that buyers, fore?
seeing tho possibility of a decline,
hold aloof, and, second, by tho fact
that declining prices have much the
sama psychological effect on specu
1 ?atom in ^ooda as declining stock
prices have on the speculators in
securities.
There is nothing surprising in the
fact that exports declined in De?
cember. The hard thing to explain
is how our export trade held up as
I long as it did in view of the adverse
I circumstances. With the European -
( exchanges down to a point where
; tho high prices of American goods
are automatically increased from 20
to more than 50 per cent to the Eu?
ropean consumer, and nothing in
sight to indicate that the exchange
j situation will be rectified in the near
j future, it is only to be^xpectcd that j
the declino in our sales abroad will
be progressive.
One of the things making for un
certainty in the credit situation is ?
the unique position now occupied by
Japan. The gold holdings of that
country now aggregate nearly .
2,000,000,000 yen, or, roughly, $1,
000,000,000. But of this amount, !
hardly $300,000,000 is actually held j
in Japan. The balance, something <
like $700,000,000, is invested or de- !
posited in the United States and I
England. In one form or another j
Japan has command over gold in ?
this country to the extent of not |
less than $400,000,000, according to j
reliable estimates. And Japan wants j
at least part of this gold at home, ?
for the purpose, it is said, of financ-1
ing developments in China and Si- j
beria. Thus far she has refrained ,
from withdrawing large amounts,:
having yielded to representations ;
that to do 15o would add to the dif?
ficulties of the international credit
situation. At present, $400,000,000 |
in gold sejrves as the basis for about
$5,000,000,000 of credit in this
country.
Here is a hint for prospective
purchasers of doubtful securities, ?
and for organizations which are en?
deavoring to prevent the flotation
of such issues. It is an extract from
a letter received by the financial
editor from the president of an im?
portant national bank upstate:
"Personally, it may interest you
to know how we endeavor to save
our citizens from buying poor se?
curities from strangers. We work
through the Chamber of Commerce
and merchants' societies toward
spreading the idea that before pur- !
chasing securities tho prospective
buyer inquire of the banks of the |
city as to the willingness of the i
banks to loan upon the securities as j
collateral, and to what extent, This ]
method does not require the bank to !
refuse recommendation or extend
same, but the inference may be
drawn from the action of the bank
from a collateral point of view."'
W o r 1 d Flooded
With Paper Money j
During the War i
Printing Presses Turned Oui
77 Billion of Currency
Since 191-1; Gold Re?
serves Increased but 40' <?
"World paper currency has increased
600 per cent since the beginning of
the war, while the gold reserves behind
it have increased only 40 per cent. The
face value of the paper currency of
thirty leading countries of the world
aggregated ?$7.250,000,000 in 1914, $40,
000,000.000 at the time of the signing
of the armistice and $50,000,000,000'in
December, 1919, these figures being
exclusive of the $34,000,000,000 of paper
issued by the Russian Bolshevik gov?
ernment. Including the latter the to?
tal increase was nearly $77,000,000,000.
Meantime bank deposits and the conse?
quent use of checks as a circulating
medium have correspondingly increased
and the world national debts have
grown from $40,000,000,000 in 1914 to
$260,000,000,000 in 1919.
These figures are presented as a
summarization of a study of world
currency and indebtedness in the ?an- :
uary number of "The Americas," pub?
lished by the National City Hank. They
show in detail the note circulation and
gold reserve in each of the principal
countries of the world in ?July, 1911,
November, 1918, and December, 1919,
utilizing the official statistics of the
state banks of the European countries
and in the case of the United States
ligures supplied by the Treasury De?
partment, all figures of foreign cur?
rency being transformed into American
dollars as at the pre-war face value
of the respective currencies.
"The four central powers, Germany,
Austria-Hungary, Turkey and Bul- \
garia," says the City Bank's publica- ;
tion, "show an advance in note circu- |
lation from $1,200,000,000 in 1914 to .
$12,300,000,000 at the close of the war
and $18,770,000 in December, 1919. i
the gold reserve falling from $600,000,
000 in 1914 to $827,000,000 in 1919, the
ratio of gold to notes declining from
49.7 per cent in 1914 to 5.5 per cent in
November, 1918, and 1.7 per c??nt in
December, 1919. The Allied group of
eighteen countries (including Russia!
up, to October 1917) shows notes aggre?
gating ? 1,900,000,000 in 1914, $25,000,
0(10,000 in November, 1918, and $30,
000,000,000 in December, 1919, their'
g?.ld reserve $3,763,000,000 in 1914, and
$5,070,000,000 in 1919, the ratio of gold .
to notes declining from 76.0 per cent
in 1914 to 20.9 per cent in November, ?
1918, ami 17.1 per cent, in December, ?
1919. The eight principal neutrals i
named aggregated $1,166,000,000 of i
notes in 1914 and $2,420,000,000 in 1919,
their gold reserve increasing from
?510,000,000 to $1,450,000,000, and their
ratio of gold to notes advancing from
44.3 per cent in 1914 to 59.9 in 1919.
"In the case of the United States the
figures supplied by the Treasury De?
partment show note circulation at
$1,056,000,000 in June, 1014, $3,643,000,
000 in November, 1918, and $4,051,000,- ?
000 In December, 1919; the gold re- -
serve $1,023,000.000 in 1914 and $2,107 -
000,000 in 1919, and the ratio of gold
to notes 90.0 pr?r cent in 1914, 63.2 per'
cent in November, 1918, and 52.3 per :
cent in December, 1919, these figures of ?
notes being exclusive of the gold and ?
silver certificates which are considered ?
as "warehouse receipts" for an equiva?
lent amount of metal deposited with
the United States Treasury."
Belgian Bankern to Take
Half of National Loan .
BRUSSELS, Jan. 25. A group of Bel-U
gi'in bankers has decided to subscribe
fi? pe- cent of the national loan of
2,500,000,000 francs ($500,000,000), it
is announced. j .
The government intends, it is stated,!
to take over all loans launched by the I
large cities of Belgium, in view of the !
opening of the great national loan,
through which the government would
be able to assist in financing the va- !
nous communities.
Shoe Contracts Let
? WASHINGTON, Jan. 25, Contracts
for 125,000 garrison shoes have been
let by the War Department to the
following linns at pricea quoted:
Rosenwasser Brothers, bong Inland
City, 25,00(1 pair? at $7.35-%.
Charles L. Keighley, Binland, N. J., j
25,000 pairs at $7.08 per pair and 25,000
at $7.13 per pair.
JoMuph M, Herman Shoe Company, |
Millas, Musa., 50,000 paira at $7.35 pur
pair. / I
Transactions Last Week in Listed Stocks
Record of Stock and Bond Averages
(Copyright, 15
>
Last week.
High. Low.
20 Railroads . 64.55 63.90
30 Industrials . 102.80 101.83
50 Stocks . 87.50 86.78
10 Railroads . 75.27 74 28
10 Industrials. 91.45 91.28
5 Utilities . 74.52 73.02
35 Bonds. 81.45 81.12
New York Tribune Inc.)
Stocks
Year ago.
High. Low.
70.45 68.70
81.77 80.37
77.40 75.70
Bonds
81.57
94.80
85.32
87.67
80.98
94.53
85.30
87.29
Range thus
far 1920.
High.
66.20
110.30
92.66
76.23
91.45
74.52
81.71
Low.
63.90
101.23
86.50
74.28
90.71
73.92
81.12
Range full
year 1919.
High.
78.80
119.33
99.54
82.80
95.70
87.75
87.91
Low.
63.35
79.20
75.92
72.83
90.56
71.80
80.21
Summary of Stock Exchange Dealings
Stocks
Last week.
Railroads . 260,100
Other stocks . 2,829,100
All stocks . 3.C69.200
Week
before.
442,100
5,279,800
5,721,900
Tear
ago.
439.700
2,636,800
3,076,500
1920.
1,401,200
14,264,500
15.655,700
January 1
1919.
2.491,500
6.421.300
8,912,800
Bonds
U, S. government
Railroads .
Other bonds . 11.582,000
All bonds . 84,810,000
Last week.
$65,295,000
933,000
Week before.
$63,469,000
6,442,000
12,552,000
87,463,000
Year ago.
$37,409,000
9,890,000
19,446,000
56,745,000
1920.
$211,416.000
22,6.34,000
43,591,000
277,691.000
to date
1918.
3,516,700
8,419.100
11,935,800
1919.
$136.498,000
30,175,000
34,679,000
201,352,000
nigh Low Dir. ?
1920. Date. 1920. Dale, in $. Sales. High. Low. C
33!4 J?" 3 30 .Ian 24? Adams Expr?s?. _ 300 3134 30
45'/a Jnn 5 40'2 .Ian 13- Advance Rumely .... 1900 42 41
72 Jan 12 70'4 Jan 16 6 ?In pr. 100 70% 70%
88% Jan 5 80% Jan 23 6 A ja-r. Rubber . 600 83 80%
2 Jan 3 1% Jan 10 Alaska (?old Mines.. 2400 1% 1%
2' i Jan 3 2 Jan 2 Alaska Juneau . 2500 2 2
53% Jan 3 <634 Jan 17 ? Allis-Chnlmers . 9300 49' 2 47
92 Jan 3 86'. Jan 22 7 do pr. 1700 88% 86%
943i Jan 3 90 Jan 15 7 Am Agr Chemical.. . 800 93 91
96'4 Jan 13 D434 Jan 24 7 do pr. 200 95 9434
05'2 Jaa 7 ?1 Jan 14 8 Am Beet Sugor. 21C0 93' 2 91' 4
93 Jan 5 90 Jan 20 6 dn pr. 100 90 90
12834 Jan 2 114 Jan 14 8 Am Bosch Magneto. 3SC0 119 114
7' 4 Jan 3 4% .Ian 21 do rights . 4100 5' 2 45?
G1% Jan 3 52 Jan 23 American Can . 7400 53% 52
101 Jai? 2 9i>34 Jan 14 7 do pr. 600 99'? 99
11334 Jan 3 135 Jan 19 12 Am Car & Foundry.. 7300 133 135
116% Jan 5 .115 Jan 2 7 do pr. 300 115 115
54% Jan 3 48% Jan 19 4 Am Cotton Cil. 290) 50' 3 48%
15's Jan 14 11%. Jan 9 .80 Am Drug Syndicate. 19600 14% 13' 3
101% Jan 10 95' 2 Jan 16 6 American Express.... 200 97 97
30% Jan 2 24% Jan 21 ? Am Hide & Leather. 6100 26% 24%
\oo J.?, 3 112! 2 Jan 22 7 do pr. 12500 113' 2 112' 2
47 jan 5 41 Jan 16 4 American Ice . 5CO 45 44%
68 Jan 2 63 Jan 14 6 do pr. 200 65! 4 64
120'2 Jan 3 106'2 Jan 22 6 Am International... 20500 110 1???72
I41/2 Jan 22 i4 Jan 15 .80 Am-La Fr Fire Eng. 3800 14% 14
?6% Jan 22 743n Jan 13 3 American Linseed 22100 36% 80%
S7% Jan 23 93% Jan 12 7 do pr. 1400 9772 95%
!05% Jan 3 95 Jan 19 6 Am Locomotive . 14300 99 35
?06% Ian 14 104?/4 Jan 16 7 do pr. 100 105% 101%
44" Jan 2 35'2 Jan 23? Am Malt & Grain. .. 2900 36 35' 2
30/2 Jan 5 24'3 Jan 23 Am Ship & Com Co. 9500 26'2 24' 8
72 Jan 3 67 Jan 16 4 Atn Smelting . 2700 69 67' 2
!00'/4 Jan 13 973/4 Jan 3 7 dopr. 100 100 100
?2 Jan 2 81% Jan 21 6 do pr A. 100 81% 81%
46% Jan 6 42% Jan 17 3 Am Steel Foundry... 14500 45'4 42%
93/2 Jan 10 00 Jan 15 7 do pr. 200 93'2 93' s
140'? Jan 2 135 Jan 16 7 Amer Sugar . 43CO 138' 2 135
1183-4 Jan 20 118 Jan 6 7 do pr. ^900 1^8% 118^
99
52
Jan 5 89'4 Jan 23 10 Amer-Sumat Tobac. 9200 94!
Jan 5 52 Jan 5 5 Amer Tel & Cable.. 10 52 ?>?
98' a Jan 16 96'a J:'" 1i 3 Vmer Tel & Tel.... 6100 98' 4 97%
?83 Jan 5 259 Jan 2120 Amer Tobacco . 1200 265 259
573., Jan 7 96 Jan 14 6 do pr new. 500 97' 2 96
74% Jan 3 65% Jan 23 5 Amer Tob Sec Corp. 18200 67'2 65%
165' -. Jan 2 146 Jan- 14 7 American Woolen... 36000 152' ? 146%
104% Jan 20 103% Jan 12 7 do pr. 400 104-3 104%
613? Jan 3 53! 2 Jan 6? Amer Writ 1'ap pr . 1000 56% 54%
21% Jan 10 17% Jan 10? Amcr Zinc & Lead. . 1400 20% 18%
59% Jan 9 56% Jan 5 6 do pr. 300 58% 58%
65% Jan 5 60' ?> Jan 16 4 Anaconda . 9500 6234 60%
11 Jan 23 7 Jan 17? Ann Arbor . 1000 11 9 10% + 3% \
24'2 Jan 24 24% Jan 24? ?lopr. 100 24% 24% 24'%? %.
6% Jan 5 4 Jan 16? Assets Realiza Co... 600 4% 4% 4% + %
67% Jan 3 5834 Jan 22? Asso Dry Goods. 18G0 62 58% 62 -2%
75 Jan 23 73 Jan H 6 do 1st pr....'- 400 75 74 75 + %
7534 Jan 7 74% Jan 17 7 do 2d pr. 400 75% 75? 75% ! 1%
]25 Jan 3 114'., Jan 5 6 Associated Oil . 300 116% 116 116%'- 1%
85% Jan 6 82'2 Jan 23 6 At Top & San Fe. . . 8100 84% 82% 84 + 1
82 Jan 3 78% Jan 2 5 do pr. 7C0 79% 79% 7938? %
7% Jan 3 6% Jan 24? Atl ifii m & All- 400 7% 6% G%? %
93 Jan 7 90 Jan 16 7 Atlantic Coast Line. 600 90 00 90
176% Jan 5 157 Jan 19 10 All (?ulf & W I S S 7300 163% 157 160 ? %
75 " .Ian 7 69 Jan 23 5 do pr. 8C0 70 66% 66%? 5/4
19% Jan 8 16% Jan 16? Auto Sales Corp. . . 400 17%, 17 17%-- %
23% Jan 10 1093,-, Jan 14 3%, Baldwin Loco .155100 114% 109% 113%+ 2%
102% Jan 5 101%, Jan 2 7 do pr. 500 101% 101% 101%-? %
33% Jan 3 31% Jan 13? Bollo & Ohio. 5000 32% 31 ' 4 313,;- i/?
49 Jan 16 45 Jan 19 4 ?l?i pr. 2200 '* -'5 ?"- ? 1!
34% Jan 3 124 Jan 19 8 Rarrell Co . 1700 ITS'4 124 128'4- 2%
31% Jan 2 26 Jan 20 ? Bethlehem Motors... 5700 2., 2 ?6 2, vs? :a
95 Jan 6 88% Jan 17 5 Bethlehem Steel .... 400 89% 89% 89%? %
102/2 Jan 3 93 Jan 16? do Class H. 485CO 963a 93% 96 ?)- 1%
114 Jan 5 112% Jan 2 8 do bth pr. 7CO 113'4 113% 113%
15 Jan 10 13 Jan 2? Booth Fisheries .... 1800 U 13% 13%? %
94 Jan 19 91 Jan 3 8 Brooklyn Edison ... 200 94 92 92 + 1
14% Jan 9 11% Jan 5? Brooklyn Rap Tran. 5600 14% 12% 13%+ %
10 Jan 24 6*A Jan 6 ? do certificates .... 5700 10 8% 10 + 1
55 Jan 23 52 Jan 14 ? Bklyn Cnion fias .. 300 55 55 55 + 3
105% Jan 2 100 Jan 24 7 Brown Shoe . 200 100 100 100 ?5%
8 Jan 2 7 Jan 15 ? Brunswick . 10O 8 8 8 -'. :)A
50 Jan 6 50 Jan 6 4 Buff Roch &. Pitts.. 8 50% 50 50%
120 Jan 5 103'4 Jan 15 10 Burns Bros . 400 108 106% 106%? 1%
11% Jan 9 8% Jan 2 % Butte Cop & Zinc. .. 1800 10% 9% 9%? %
29% Jan 12 26 Jan 6 ? Butte & Sup Cop.. 1500 283g 26% 28%+ 1
27% Jan 5 24 Jan 15? Buttcrick . 200 24 24 24 -
2R3n j!in 5 20% Jan 2? Caddo Oil . 2200 23% 22% 23 + %
84% Jan 2 79% Jan 14 6 Calif Tacking . 13500 82% 80% 82 + 1%
46 Jan 3 38! 4 Jan 15? Calif Petroleum ... 5500 4234 38% 42% :- 1
75% Jan 6 7334 Jan 22 7 do pr. 400 74% 73% 73%? 1
134 Jan 3 128% Jan 23 10 Canadian Pacific ... 6500 129% 128% 129%? %
101 Jan 24 99 Jan 8 7 Case J I pr. 400 101 99% 99%-- %
1C434 Jan 5 89% Jan 22 5 Central Leather ... 27900 94 39S8 91%? %
108% Jan 5 106% Jan 22 7 do pr. 600 108 106% 106%? 1%
61% Jan 3 55 Jan 17 4 Cerro de Pasco. 4600 56% 55 55% -1- %
62 Jan 7 55% Jon 19 4 Certaintecd Corp. . .. 200 56 55! 3 55%? 1%
!36/4 Jan 5 121 Jan IG 3 Thanriler Motors ... 10300 127 123 " 125%+ 1
C6'4 Jan 5 54% Jan 23 4 Chesapeake & Ohio., ?500 55', 2 54% 55 ??
6 Jan 3 4r'a Jan 10 - Chic ?K- Fast 111 pr.. 400 6 6 G + 1
9 Jan 3 8 Jan 20 Chic Great Western.. 500 8% 8 8%? %
23 Jan 5 ?3% Jan 16 2 do pr. 200 23% 23'% 23%
38! 2 Jan 2 35% Jan 15 Chic Mil & St P_ 4700 37 36 36 ? %
54% Jan 5 f0% Jon 14- do pr. 3<",00 523? 51 51%? 1%
87% Jan 5 84% Jan 16 7 Chic & N W. 2100 86 83 8534;. %
120% Jan 13 110 Jan 2 8 do pr. 800 118% 118-% 118%+ 1%
106% Jan 3 t?6% Jan 24 6 Chic Pneum Tool.... 400 100 96 96 3%
28% Jan 3 20 Jan 15 - Chic R I & Pac. 3800 27% 25 26% c %
61% Jan 5 59% Jan ?4 6 do 6 p c pr. 400 60% 59% 5,9%? %
72 Jan 5 69% Jan 17 7 do 7 p c pr. 9C0 71% 70 70 + %
60% Jan 8 58% Jan 2 5 Chic St P M & O_ 200 59% 59% 59%+ %
21% Jan 3 18% Jan 23- Chile Copper . 5800 19% 18% 18i<,? %
41% Jon 3 36% Jan 22 3 Chino Con Copper... 8400 38% 36% 37%? 1
ICO Jan 2 93 Jan 22 8 Cluett Pcabody . 200 96% 93 93 ? 3
;U4 Jon 8 104 Jon 8 7 do pr. 100 104 104 104
40% Jan 3 33% Jan 19 Coca Cola Co.24000 38% 33% 37%? 1
44% Jan 9 37% Jon 22 3 Col Fuel & Iron.25100 42% 37% 40%--1%
07 Jan 9 62 Jon 15 5 Col (?as & Electric. . 8000 65% 62 62%? 1 %
23% Jan 19 21 Jan 14- Colorado Southern. . . 1200 23% 22% 23 + %
65% Jan 5 47% Jon 15 I Columb Craphopho.. 13300 52% 49% 51 + %
50 Jan 6 53% Jan 13 4 Comp-Tab-Rec . 400 54 54 54 ? %
63 Jan 8 56% Jan 22 Consolidated Cigars.. 1300 60 56% 56%? 4%
87% Jon 2 7934 Jan 14 7 Consolidated Gas .... 1300 83 80 82%? 2%
203a Jan 5 18'4 Jan 19 (.'ein Int Cal Min.... 2000 19 18% 18%+ %
31% Jan 3 21\ 2 Jan 19 % Consolidated Textile. 2630 293B 27% 29%- 1%
93% Jan 3 87 Jan 13 7 Continental Can .... 200 87% 87! 2 87%? %
0234 Jan 22 100% Jan 13 7 rio pr. 100 102% 102% 102%+ 1%
13'% Jan 5 12 Jan 28 1 Continental Candy .. 3700 12% 12 12%
&?:> Jan 2 80-38 Jan 23 5 Continental Ins. 100 80% 80% 80% 1%
90 Jon 3 E0% Jan 19 4 Com Products . 16500 84'4 80% 84 + 1
07 Jan 9 104% Jon 22 7 do pr. 600 106% 104% 104%? 1%
?24% Jan 24 197 ,lan 17 12 Crucible Sfeel . 92400 224% 197% 224%+20%
00 Jan 7 9.9% Jan 22 7 do pr. 1800 100 99% 99%? %
30 Jan 24 400 " Jan 9 10 Cubo-Amer Sugar .. 2110 430 40033 430 -| 30
06 Jan 20 106 Jan 20 7 do pr. 250 106 , 106 1C6 ? %
54% Jan 7 49% Jan 19 ? Cuba Cune Sugar .. 42500 53 49% 51%+ 2!4
85*" Jan 6 83 Jan 19 7 do pr. 3200 85% 83 84 -
96 Jan 5 93% Jan 14 9 Del Ik Hudson. 800 94'-4 94 94 -
91 Jan 3 178 Jan 23 10 Del Lack & West... 5C0 185 178 178 ?7
9 Jan 3 7 Jan 13 ? Den & Bio Grande, 1000 8% 7 7 -
13% Jon 5 12% Jon 17? do pr. 800 13% 12% 12%+ %
13 Jan 3 12% Jan 24 % Dome Mines . 2100 13 1238 12%? %
07'2 Jan 12 60 Jan 8 2 Durham Hosiery ... 400 02 60 60 ? 4
28 " Jon 2 25 Jan 13? Klk Horn Coal. 300 25',4 25% 25%? %
29 Jan 2 27 Jan 23? Emerson-Brant . 200 27 27 27 ? 1
91 Jon 3 82% Jan 21 7 do pr. 1200 86 82%, 83 ? 634
47 Jan 6 132'4 Jon 17 5 Endicott-Johnflon .. 36C0 137 133% 137 + 3%
04% Jan 12 102% Jon 21 7 do pr. 1000 103% 102% 103 ? %
13% Jan 5 12% Jan 23? Eric .* 5500 13'4 12% 12%? %
21% Jon 5 19 Jan 16 ? do 1st pr. 1600 20 19% 19U
15 Jon 3 13% Jan 17 ? do 2d pr. 5C0 14 13% 13%
95 Jon 5 77% Jan 20 8 Famous Players ... 23200 86% 77% 81%? 4%
3034 Jan 12 20% Jon 2 2 led Min & Smelt pr 200 30 30 30 "+ %
30% Jon 5 122% Jan 20 10 Fisher Body . 1C0 122% 122% 122%_ %
04 Jon 14 100 Jan 23 7 do pr. 100 100 100 100*_ 4
48 Jan 3 40% Jun 23 ? Fi.-.k Rubber Tire .. 14800 4234 40% 41%_ 11 ',
3fi% Jan 5 28 Jon 24 4 Freeport Texas .... 7200 32% 28 29 _ 3
19% Jon 5 16% Jon 24 ? Gaaton-Wllliams .... 33?30 18* 16% 16%_ '?'_,
00 Jun 10 99% Jan 9 0 Ocn Chemical . 200 100 100 100 - V.
75% Jan 3 69?4 J.-.n 23 6 (.en Cigar Co. 1600 72% *6934 *69:,4 i- ? \
94% Jan 5 93 Jan 12 7 do pr deb. 200 93 93 93 -_
72 Jon 2 107 Jan 26 8 Cen Electric Co. 1300 168 167 107%_ \/t
45 Jan 6 293% Jon 24 12 (.en Motors . 51300 309'% 293% 296 _10
89% Jon 3 81 Jun 24 6 do pr. 1000 84% 61 81%_ 2V,
85% Jan 6 81 Jon 23 6 do 6 p c deb. 78C0 82 '4 81 81%_ V.
85% Jan 5 70% Jon 14 6 Coodrich B F.34800 81% 76'4 77%_ r>,
02% Jan 3 97 Jon 21 7 do pr. 2900 100% 97 100 + ?
55% Jon 3 50 Jon 24 ? Granby Mining .... 300 53% 50 50 ?3
49.'4 Jon 5 44 Jnn 17 ? (.ray ? Davis. 1000 45 44 45 j. 7
81%, Jan 5 77 Jun 10 7 Ct Northern pr. 30C0 78 77% 78 _ 1/
41 Jan * 37% Jon 22 4 (,t North Ore subs 3000 38'8 37% 37%? 1
38% Jon 3 35% Jun 21 ? (.rcene Ca?onea . ... 200 35% 35', 35s _ 4,
7 J?" 24 7 Jan 24 (,'ulf Mobile & Nor.. 100 7 ' 7" 7 B ',)
30 Jan 22 21 Jn? 24 do pr. 300 30 23 28 ?2
84% Jan 8 70 Jan 20 Gulf States Steel, . 2000 78 76 77'/? 1
C3 Jan 19 9934 Jan 6 5 Hartman Corp . 2800 103 103 103 * 2
62% Jon 5 57% Jon 22 4 Hoskell & B Cor Co. 700 591, 571, 591-,;. 2
71 Jon 12 05 Jan 21 6 Homcatoke Mining... 400 67* 65 65 * 5'
90% Jan 3 88% Jun 2 7 IllinnU Centro! ..... 70 89% ?8? 88' _ i
22% Jon 3 18"-H Jon 24 ? Int Agricultural 400 19% 18% ;sn _ t
r>r. 000 79% 78 mR 2
01 4 Jan 3 54%. Jon 16 0 Inspiration Copper 6300 57% ?jf,? , [i6 . r
3% 3% ?
. 12% 12'., i 1
?'> Jail 5 1251,1 Jon 13 6 Inter Harvester . 070) 130 128 1T9' ,.| 3a
14 Jn'' 6,113 Jan 14 7 de. pr. 400 114 111 114% 1
01 % Jon 3 'r>78 Jan 22 ? Int Mer Marine. 79500 42% 357 40'-'?,_]'
11% Jan 6 93% Jnn 22 6 dopr..^....17800 97%<??3% 97%+ 7
83 Jon > 78 Jun 24
1% Jon 3 54% Jon 10
?'% Jim / ri % .|n;i 7 Interb ('?in Corp.... 7800
13% Jnn 21 11%. Jun 9 do pr. 100
Date.
Jan 23
Jan 19
Jan 24
Jan* 3
Jan 3
Jan 7
Jan 24
Jan 5
Jan 6
Jan 2
J a n 5
Jan 21
Jan 5
Jan 5
Jai 5
Jun 5
Jan 20
Jan ?
Jan 8
Jan 15
.Tan 3
Jan 5
Jan 19
Jan 2
Jan 8
Jan 5
Oct 17
Jan 3
.Jki? 5
Jan 7
Jan 5
Jan 23
Jun 5
Jan 5
Jnn 10
Jan 2
Jan 12
Jan 3
Jan 6
Jan 5
Jan 6
Jan 5
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan 2
Jan 3
Jan 5
Jan 6
Jan 3
Jan 3
Jan 5
Jan 23
Jan 2
Jan 13
Jan 12
Jan 5
Jan 5
Jan 3
Jun 2
19
2
6
3
9
14
6
2
7
8
5
Low
1920.
12/ '
SG' j
691 a
73
76'k
23/4
39'a
26'a
15'/3
45'a
13C 2
102
73
'0
32=.4
82
:-8
?33e
?1/a
2S%
21
99
114-?
169' a
110' 2
10" g
31
64
123
4?'8
32
26' a
30
58 Vz
2b'. 2
121
106
187
101
23%
37! 2
SS78
12^4
70%
90
8%
24
40
64
100
?46
?bVz
61%
F6> 2
118
1!5
75'4
IOC
9%
102
30
5 Yz
16
40
1051/4
68's
Jan 5
Jan 7
Jan 2
Jan 5
Jan 2
Jan 2
Jan b
Jan 23
Jan 2
Jan i
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan 23
Jan 7
Jan 22
Jan 5
Jan 3
Jan 12
Jan 5
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jun 3
Jan 2
Jan 13
Jan 10
Jan 20
Jan 19
Jan 20
Jan 3
Jan 13
Jan 13
J an 5
Jan 5
Jan 14
Jan 5
Jan 24
Jan 12
Jan 3
Jan 9
Jan 3
Jan c
Jan 24
Jan 2i
Jan 2
Jan 5
Jan 2
Jan 6
Jan 3
Jan 24
Jan 2
Jun 19
Jan 15
Jan 3
Jan 14
Jan 7
Jan 14
Jan 3
Jan 3
Jan 5
Jan 3
Jan 21
Jan 2
Jan
Jai
Jan
Jan
Jan
Jan 14
Jan 13
Jan 5
Jan 10
Jan 20
Jnn "?
Jan 3
Jnn
Jan
Jan
Jim
Jan
Jan
Jnn
Jan 13
J n n 3
Jan
Jnn
Jan
Jan
Jan
Jnn
Jnn
?3~-4
I6I/4
102'2
95' 2
e-6'a
70
453?
48%
130' 8
35'?
88%
37
41.
4C34
30
353.4
28'g
33' -2
65%
104'a
18'2
93
60
89%
?91/2
27'3
23
95' 2
100' ?
113' 2
8/' 2
S6%
213 8
74' 2
33 = a
34%
?3?8
99
43'2
1C7
51
IOI34
14'2
16=a
224 -1
11' 2
8C! i,
417/8
72
89
?9%
220
21' g
54
141
43'/4
70
100%
100
1 I6
?16
IO9.4
193
185
137
34
325
?|2'..
?" o
59' 2
30
180
91 ' 4
3C j
121%
06-' 4
??8%
141
5''3
191' ,
?41/4
20! 8
30! s
641/8
10-,
192! a
44? -
122
113' 2
69 %
?10' 2
104%
113%
74! h
9',,
47! a
Date.
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jnn
Jan
Jan
Jan
Jan
Jan
Jnn
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
June
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
Jnn
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jnn
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
J.111
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
.lu?a
Jan
Jan
Jan
Jan
Jun
Jan
Jan
Jan
Jan
Jun
Jan
Jan
Jnn
Jan
Jnn
Jan
Jan
Jan
Jan
Jan
Jan
Jun
Jan
Jan
Jun
in $.
23 ?
16 7
24 7
14 ?
13 6
16 - -
2
18 2
21 ?
22 4
22 4
2 8
19
2 2
20
16
8
16
2
20 2
24 -
14 7
12 -
15 12
8 7
23 7
6
3 4
17 10
19 7
20 3
5 ?
23 ?
13 ?
22
5 6
22 7
17 10
13 3
Int Motors
do 1st pr.
do 2d pr
Sales. High.
400 127
109 84
430 69' :
Inter Paper . 19500
6 Ho pr stpd. 800
Inter Nickel . 10000
Iron Prcdurts Corp. 3503
2 Jones Uros Tea. 900
Kansas City Souilt... 1400
4 <lo pr. 200
4 Kelly Springfield . . 3700
8 do S p c pr. 600
Kelscy Wheel Co_ 200
2 Kennecotl Copper ... 134C0
1.20 Keystone Tire & R.. 226C0
6 Lacka?,?anna Steel . . S6'30
I.ai-lede (.'as . 100
Le* Rubber & Tire. . SCO
31 2 Lehigh Valley . 2000
2 Locus Co Inc. 10900
Loft Candy . 13/00
7 LooBC-W Bin 1st pr.
do 2d pr.
Lorillard, Pierre . .
do pr.
Louisville & Nash. .
Mathison Alk Works
Mackay Cos pr.
Manat? Segar .
Manhattan Elevated
Manhattan Shirt. . .
Mnrtin Parry Corp.
Maxwell Motor Co.
do 1?t pr.
do 2d pr. 1009
May Dept Stores.... 1?100
do pr. 300
Mexican Petroleum.. 84000
3 ?Jo pr.
2 Miami Consol Cor.
1.20 Middle Slates Oil
IS! s -.-> 3
130'? 131 ?
103'. 2 103' 2
1C0 99 99 99
209 115! a 115 115'.
600 170'4 170 170
100 110'2 110' 2 110'
200*108/8?105%'M06
2C0 31'4 31'4 31!
700 64 64 04
200 128-/4 12?.'-4 128'
14>00
409
500
2400
900
44
100 102' 2 102'
2o< 2
800 87% 86'
100 113 118
200 115/a 115
VA
24
24
7
12
6
2
14 ?
19 10
14 5
16
13 2
14 -
10 ?
23 7
?9
16 7
24 5
15 4
17 2'
15 ',
9 ?
13 5
23 ?
14 3
19 ?
22 5
16 6
19 7
22 3
2 3
19 ?
2 ?
13 ?
5 3
23 ?
22 8
23 ?
2 8
22 5
12 6
19 7
9 ?
23 1
20 8
7 7
15 8
19 5
19 8
24 2
23 4
6 2
Midvale Steel . 15300 497
Minn & St L new. .. 400 13'
Minn St P & S S M. 200 70:*
do pr. 300 91
Mo Kan & Texas... 2300 9'
Missouri Pacific .... 4800 253,
do pr. 900 41'
Montana Power . 1000 65
do pr. 10 100
Mullins Body . 8C0 48'
National Acme . 2000 iZ''
Nat Aniline Ch Co.. 11200 657
do pr.
National Biscuit..
do pr.
Nat Cloak & Suit. . . 500
do pr. 303
Nnt Conduit & Cable 1500
Nat Enamel & Stpg. 3600
do pr. 400
National Lead . 2-100
N R R of M 2d pr. . 100
Nevada Con Copper.. 700
Now Orl Tex & Mex, 700
N Y Air Brake. 60}
New York Central... 3S00
N Y C & St Louis
, New York Deck . . .
N Y N H & H. 6000
N Y Ont & Western
Niagara Falls pr. . .
Norfolk & Western.
do pr.
North American . . .
Northern Pacific . . .
Nova Scotia Steel..
Ohio Cities Cas. . . .
. Ohio Fuel .
, Okla Prod & Ref.
Ontario Silver .
Otis. Elevator .
Otis Steel .
Owens Bot Mach. .
Pacific Dcvel Corp.
Pacific Cas & El, .
Pacific Tel &. Tel. .
Pan-Amer Petrol ...
do B . 8709
Paris-Bingham . 1500
Pennsylvania R R.. . 10300
i'enn Seaboard St!. . 8600
Peoples G & C
Pcre Marquette
Philadelphia Co
Pierce Arrow . 65100
co pr. 200
Pierce Oil . 11500
do pr. 700
Pittsburgh Coal . . . 7400
do pr. 900
Pittsburgh Steel pr. 600
Pitts & Yv' Ya. 2000
Pond Creek Coal. . . 1000
Pressed Steel Car. . . T200
do pr.
Pullman Pal Car
Punta Alegre Sugar 12000
10O0
100
300 16',
100 102'
1100 97
200 ?81
200 56
4609 79
1500 71'
8300 48
1 CO 50
5100 9',
500 9' ;
500 133
5000 37'
200 59'
4C0 74
800 58'
5500 423,
58100 93'
1500
22700
21800
Rway Steel Spring.
Bay Con Copper. . .
26 IO2/2 102' 2 102' 2
800 115 114 114/sr
; 87'', 89%
1600 ?8 96'4 S3 -
4200 217g 213? 21%
23 -
23 7
23 ?
16 6
21 ?
2
2
14
8
13
23
5
Heading . 7400 76'/2 *74/2 *74! 2
do 1st pr. 100 34'g 34'a 34' 8
do 2d pr. 300 35 34% 34%
Remington Typewr. . 130O 87 S338 84 -
do 1st pr. 400 99 99 99 -
Replogle Steel . 1100 46 43/2 43'2
Repub Iron & Steel..106600 113 107' 4 112/2
Repub Motor Truck.. 600 52 51 51%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jon
Jan
Jnn
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jnn
Jan
Jnn
Jan
Jan
Jan
Jun
Jan
Jan
Jan
Jan
Jun
.I HIT
Jnn
Jan
Jan
Jan
.Inn
Jnn
24 8
2 1
16 3
16 ?
16 6
23 7
22 6
17 20
17
22 5
23
23
17
19
3
16
16
5.20 Roy Dutch N Y shs. 79500 10838 104 108%
1 St Joseph Lead. 1200 16% 153,4 15%
St L & San Fran... 22000 19% 17% 18%
do pr. 600 27 26 26 ?
St L Swn pr. 300 25/2 25 25 -
6 Savage Arms . 600 72'2 71 71 -
Saxon Motors . 9300 1934 18% 1S%
Seaboard Air Line.. 200 7'2 7'2 7'2
8 Sears Roebuck . 900 226 " 224% 224%
1 Shattuck Ariz Cop., 600 12' 2 12'a 12'8
J4 Shell Trans & Tr. . . 32200 85% 81/2 85%
? Sinclair Consolidated 59100 4338 41% 43
6 SIoss-S Steel & Iron. 15900 82 73 SI
7 do pr.
6 Southern Pacific . . .
So Por'.o Rico Sugar
Southern Railway...
do pr.
Standard Milling . . .
Stew-War Speed Cor.
Strombcrg Carb ....
Studt baker .153600 1043
do pr. 100 101
600 90' 4 89
37600 101'4 993?
100 230 230
6400 22'4 21'.',
600 55'4 24
300 141' 4 141
100 43'4 43:4
5900 73' b 70' a
993,4
101
Stutz Motor . 1100 128'
16 10
17 10
16 10
15
14 10
Superior Steel .
Tenn Copper & Ch..
Texas Company . . . .
do 30 p r pd.
do full paid.
Texas & Pacific
do Land Tr .
Third Avenue R R. .
Tidewater Oil rights.
400 47' 2 4?
16300 12I/4 1
27700 204% 19
400 193 19!
400 193
4100 38
50 320
200 14
630 22
191
22 4
2 7
'?< 3'
17 10
7 -
700 673.? 66'.
3000 49' 2 43-"?;
400 1443,., 142' ,
Tobacco Product??.... 6500 92
Toi St L & W ctfs.. 400 11'
Trans.Contin Oil ... 41100 27'
Trans Williams Steel 2100 62
Twin City Rap Tr. . . 200 34?
Vnderwood Typewr.. ICO 180
l'nion Bag & Paper. 1500 94
Cnion Oil . 9100 35
l'nion Pacific . 6700 123
do ; ?r.
United Alloy Steel.
United Drug .
do .it pr.
United Fruit . 600 196' z 195' ? 196' ?
United Roil way Inv.. 700 12' 2 11/a 12'2
do pr. 9100 23'2 '253? 28''
?Un Retail Sto Cl A. . 37700 88 E4' ? B734
V S C I Pipe & Fdy. 1700 20*4 20' 8 20' 4
do pr. 200 54 53 54
U S Express. 1000 31 3C s 30' 4
U S Food Products.. 178C0 70'2 64'8 66
U S Ind Alcohol. 16000 108 * 104' 8 107'V
do pr. 100 102' 0 102' 8 102' 3
U S Realty & Imp.. 11300 54 % ?0 -'4 52' ?
V S Rubber . 64900 126' 2 122 125 ?
do 1st pr. 700 114' 8 1 I3' 2 114
U H Smelting & Ref. 1100 71% 69% 69%
do pr. 400 47' a 46' 2 46%
Cnlted States Steel. 164400 100
1%
2 7
22 7
24 ?
23 ?
21 ?
do pr.
I loh Copper . .
I'tah Secur Corp.
Ynnadiutn Steel
do right* .
2100 1153? 115
6300 76'
11
9800
300
(Continued on pago u,)
30 Years
in
Export Banking
JNTIMATE KNOWLEDGE
of the needs and habits
of the people, acquired by
years of experience and ac?
tual residence in the coun?
tries themselves, is^essential
when transacting business
abroad.
Our 23 branches in South
America. 8 offices in Eu?
rope and direct connection
throughout the world round
out a service broad and com?
prehensive in every detail.
Anglo-South American
"Bansc limited
New York Agency, 49 Broadway
The Bond Department
of
Henry L Doherty
& Company
announces
removal from the ?ground floor
to the sixteenth floor of
60 Wall Street
87?
8796
Please call ) 8799
telephones ?" j 88?
J 8356
\ 8859
for various divisons of the
Bond Department,
including th?
Trading Department.
PRICfflTT
?'CO.
M E M1VE R.S OP
NEW V O R. K
?STOCIL EXCHANGE
INVESTMENT
SECURITIES
SIXTY - B R O A DWAY
NEW YORK. CITY
Now that the rails are approach?
ing return to private control
and that arrangements for for?
eign credits are becoming
brighter?
LOCOMOTIVE
should soon better its present
working conditions, and show an
improvement in earning?. Anal?
ysis and discussion. Also data
on?
Six Rails Earning Over
Gov't Requirements
i:i the current issue "f
MARKET OPIMOS
In addition, among others, dis
cussion on the following?
Warthlngtoi Cosricn & Co.
Sinclair Coiu. General A?p??lt
Oklahoma P. i R. Mondjumrn, War?
R.H.M3CMASTERS&C0.
,?. . Consolidated Stock Exch. X. Y
69 Wall St. New York
Bought
Sold
?Quoted
Mexico Oil
Corporation ?
. S. Banks*& Co.
23 Broad St., N. V.
Tel. 6125 Broad
Seventy Germ.an Planes Ku?ro?r?
BERL?N. .Ihu. 25. About seventy
?rplanes, including two giant machines I
n hangar.? at Wnrneniuc ide, "*c ?
enburg-Schwerin, were dostroyed W?,
tight m a fire. The origin of t?*
iluze is not known.