New-York tribune. [volume] (New York [N.Y.]) 1866-1924, January 27, 1920, Image 18

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New-York tribune. [volume], January 27, 1920, Page 18, Image 18
About New-York tribune. [volume] (New York [N.Y.]) 1866-1924

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New-York tribune. [volume] (New York [N.Y.]), 27 Jan. 1920. Chronicling America: Historic American Newspapers. Lib. of Congress. <https://chroniclingamerica.loc.gov/lccn/sn83030214/1920-01-27/ed-1/seq-18/>

Newspaper Page Text

Japanese
Government
Sterling 4%?. 1<>25
(Allied Stamp)
Dus to foreign liqui?
dation these bond?
are selling at very
lor? prie?.
Yield about 925%
Send for circular
M-56
Merrill,
Lynch
& Co.
Inve?*mcnts
Commercial Paper
120 Broadway
New York
Members Neu? Yorlr Stock Exchange
Pennsylvania Co.
31/2<& Trust Certificates
Due Dec 1, 1942
Tax Exempt in Pennsylvania ']
Secured by deposit with
the Trustee of $4,500,000
Pittsburgh, Fort Wayne & f|
Chicago Guaranteed Spe- |
liai 7['< Stock and guaran- \
Iced as to principal, interest jj
and sinking fund by the |
Pennsylvania R. R. Co.
Price to Yield over 5.60e?:
o
???
\
Description upon request
'.
1Rgdmonda?a \
Members New YorU & Pittsburgh a
Stool? Exchanges
33 Pine St. New York |
I'nion Arcade Uldg. I'ittsburjih
Coggeshali & Hicks
iffir.br;.? Now York Slock Exchange
I
Investment
Securities
'1 128 Broadway 203 West 79th St.
New York
r.*^-?.i***ai?*Barf*r?53rTr?j-ii*:viS? *
Through tlie service of our
Three Bond
we aim to fully meet the require?
ments of both the large and small
bond investor.
1
Liberty Bonds
All issues?any amounts
11
Railroad, hidustrial
and Puhfif Utility
Long and Short Term
Bonds and Notes
$100?$500?$1000
111
Foreign Government
Obligations
Hartshorne & Battelle
Ml.Mill-Ills
m \v \ ont? stock i:\rn w..,
25 Broad St.. New York
THOMSON |
AND
McKHNNON l
42 Broadway, New York
209 S. La Salle St., CWago i
Fletcher-Am. Nat'l B'k Bldg., Indi? snails |
During the Season
Betteview liotet. Belleair, Fla.
?few Tork stock: Exchange
?V? ? >' ii '. i otfon Exchange
Member a -V. ??? York Produce Exchangt
of < hicaoo Stock Exchange
Chicago Board of Trade
Winnipeg Grain Exchange
DIRECT PRIVATE W ?RI S
r
INCOME AND EXCESS PROFITS
TAXES FOR 1919
?* ' " ' ' ? ? ? ? :? -.i digest of th? i
'?'?' the new f
e wi-1
- Metropolitan Trust Company
. i the I it, ... \,u vorti
*"' ???'" S< .16 lil'ih t\ve.
Lui'
ilark .\. .Sohl,. rheodor? ?. Corwin
MOBLE & CORWSM
!?5 ilroiiil St. *>,??? \ork 1
Chase Nat, Bk. Ce!
Equitable Tr. Otis Elev. Pi H
] Stock Prices Rise
On the Lifting of
Selling Pressure
Short Covering Mort Im
*j portant Factor in Causing
Upward Movement; In
creased Buying Report?e
Three weeks of almost continuin
hammering of stock prices left th
market in such an oversold conditto
' yesterday that even a highly unfavor
. :.ble bank statement and mountin
rates for call money failed to hold tb
; market fully in check. Convinced b
I the stubbornness by wUich the marke
had resisted the attacks of those seek
ing to depress prices, that the bottoi
bad been reached, temporarily at leas
I speculators bought stocks freely. Whe
' it was seen that, prices moved upwar
? easily under a relatively light deman?
the shorts, in some of the stocks whic
had been the centers of the bear driv
against price?, beiian to cover.
.'The covering movement, while tb
most important factor in th<* marke
was by no means extensive, nur wet
i purchases for long ac '.ants of vei
substantial volume. That is clear!
shown by the small : ?mover. Tl
notable fact was that sc ling prossui
was absent for the first time in a for
night. Failure of the Supreme Com
to render a decision in the stock div
! (lend tax ease, which for wee-Its has bee
i the signal for heavy selling each Moi
day afternoon, failed to bring out ai:
in portant increase in offerings.
Perhaps the most significant featui
of the day was that some commissic
houses reported a fair amount of ou
side business. The public had held aloi
or weeks, and the fact that there wei
signs of a revival of buying from th
source led -ou?e brokers ,\ ho had bei
exceedingly pessimistic to swit?
around and advise the purchase
ocks.
Enthusiasm was restrained by tl
upward tendency of money. After op<
ing and renewing at 7 per cent, tl
call loan rate adva n? ed to 10 per cet
'? ? the advance took place the demai
'? " itocks f? 11 off, and at the end pi o
:-cans, (l slight recession from t
da .'?? high levels.
The relatively weak position of t
N*i w York Federal Reserve Rank a
' he consi qui nt scarcity of stock mi
' funds are really attributable
i facl thai >mv York is being call
upon to carry a very large ''?are of
rden which should fall in equal pi
portions upon all of the Federal !
erve bank *. Selling of Liberty boa
I as been of exl raord inn i*y la rge volun
ai d as New York provides the oi
irreal market for govei nnii nl secu
? ? -. ' he s? II ing i enters ??ere. IUi
? - mi n i a i /cry sect Ion of the Unit
itatcs had been disposing of th
? - ov : .? to the a row ?,'. ;; scarcity
uoney for commercial uses. !;?.tl
pay exce; - ivel v h :;:? rales :
oney or go without altogether, ma
ill ? mil * of t hem decided to take I
government boi ' ic : ? :
trong box? and th row t hem
he market. These bonds found th'
to \ ? York, and the i <?- ul I
ourci of I he local Fedc
Reserve insl tions have been si rail
o carry bonds which ought to bo c
?i bj ; ; ?? other bank -. That
?ounts to a very large extent for I
'ac! ; hat t he New York ban k has b?
teadily losing gold, that ?is red
i: ? ? ba cd on governm ni securit
- ;ucrea *od while its commerc
? Hints havi docrca ed, and that
rat io of net d, po and Fedi i a! 1
erve bilitics eunbilled is do
? : [1.5 per cent, a ainst an average
* vv? Ivc banks of 4-1.8 per c<
, nti| the selling of Liberty bonds ;
?,' ictor; n ' up no mal i rial
imenl in t he N< w York bank
position can be looked for, uni?
Federal Re; erve Board should t.
mne a lo redi -'. i ibute the bur
? equitably.
Money and Credit
Following publication of the dec]
the Federal Reserve Bank's rose
ratio to its deposit and note liabilil
and 1 he drop in '; e r? ei i*o position
the Clear ig II? i e banks, the i
money rate ? ri ed h ?gher ye -1 er?
fhe renewal it ? . . - : per cent, i
later in the day the rate advanced
10 per cent, wit the closing rate a
per i ? ? I . I me i * . .. coni nued h
to get, with the brokers bidding 8
8 ! a per cenl for indu ' rial loan ?.
the lii ' time ii many weeks ban!
said I <?'? expecl tl no government w
.:i lw: Is to day.
The ru ' i tig ra I e ?? for money yes
day, compared with a year ajro, v
ol lows :
Yester- ?
Call money: day. i
( in mixed collateral ... 7
( >n indusl rial collateral. 7
Time money i mixed col?
lateral ? :
Sixty da> s. ~<<i 7 ! m 51
N n? :> days. 7 .' 7 V2 BG
Four moatlr;. 7 ? ~ >?_. Bf?
Lour to six months.. 7.'7:j ,7.
Bank Clearings Hank clearing
New York and other cities yeste
were :
Fxchii nges. Ralai
New Yoi k . -...;-?.?... $81,53!
Ii loi ? '-??." 7,o<i:
l-I.Dl l.l-Kl
. ',- , ? .-.
Sub-Treasurj I ited States
ury i'iTilit bu
eral R? erve credit bala - . . 221
Sill ?'f I. lllloll, *? ! -?: :
$
The Dollar ?n Foreign Exeha
Pounds, francs, lire id mark*
bled yes torda to u ? ? .. levels
markel i iparal ively
: ,vere ofle red. Obsei . ? -
(hat tin - uto rest u 1 lie n
market had eviden . n -, ; real :
luced, .. tl the su ppxirl ial
! rom covei ing i\ as ....
Yesterdaj rates, com] n
tho i iveel igo. f
Foreign Kxohange
Q oti d di io tin pom d
V, ?i ,.
Sterling, demand. 3.0850
St er! ing, cable-.
SI erl ing, sixty days..,
? ? ' t y d a j
? Quoted unil I tin ir)
Francs, check I ;
Francs, cab : :
12.7 I ]
:
i ? , checks .. ]
Lire, cab , ? ; ;:
Swiss, frail . ' *'
'.'..' i j
Qu ned cents
Guilders, checks . . . 38,75 :','
Guilders, cal :.-?7.> . ;;
?Austrian crown
Austrii crowns,
cheel ? ?
Su ed? ? 20.20
? . ?fi.i'.i.)
'? ? ? ?
. .. ?>
.18.27
" ' *. 72 i
' '? ? ' - -
.
'
', checks
13 81]
M a, checks IS.7.7
' '. : 10.00 l
.
rupei 12.75 !
. 1.00 -1
Japan, j en, cables 19.125
Argentina, 102.50 II
102.00 ]
?'?'.'?
, Rio, i 00
1 . IV..e .* ., . . - 2 *
Transactions Yesterday in Listed Stocks
Summary of Stock Exchange Dealings
It ni I road.?
Other storks
All storks . .
.ilirila.i.
29.900
732,900
762.800
Day
Hofore.
13.600
330,200
343,800
Stocks
Year
as?.
Record of Stock and Bond Averages
(Copyright, K'-O. New York Tribune Inc.)
Stocks
January 1 to ?late.
61,300
307,400
368,700
1920.
1,431,600
15,681,700
17,113.300
Yesterday.
I. S. government .$9,6-18,000
Railroads . 1,101.000
Other bonds . 1,314,000
All honds . 12,063,000
Ronds
Du} before.
$5,229.000
964,000
1,173,000
7.366.0OO
Year ago.
1919.
2,552,700
7,119,100
9,671,800
1920.
1918.
3,596,300
8,479,100
12,075,400
1919.
?0 Railroads .
30 industrials
50 Stocks ? ?
Y est?r?
il av.
64.25
103.73
87.94
Day
before.
63.90
102.77
87.22
56,366,000 $220,964,000 $142,691,000 10 Railroads .
1,961,000 23,921,000 32,096,000 *0 Industrials .
1,071,000 43,676,000 35,316,000 5 Utilities .
9,398,000 288,561,000 210,103,000 . 25 Bonds . 80's,?
1.07
1.10
74.17
Bonds
74.28
91.28
74.52
81.12
Year
ago.
70.10
81.77
77.10
81.67
94.62
85.30
87.59
Range thus far
1920.
Range full year
1919.
High.
66.20
110.30
92.66
76.28
91.45
'74.52
81.71
Low.
63.90
101.23
86.50
74.07
90.71
73.92
80.90
High.
78.80
119.33
99.54
82.83
95.70
87.75
87.91
Low
63.3!
79.21
75.91
82.81
90.51
71.81
80.2
i Mgh.
| 1*120.
I ?'-a
' 72
I 884
2
2'4
: 53??
9434
! 128 ?'.. 114
61*}** 5.?
101 98'8
14334 135
? 15'? H?!*
101% 95'
?0?|
, 122
68
Low. Div.
1920. Rate.
401 \
704
80'.,
1?
2
46'.,
90
Advance Rumely
Advance Rumely pr.
Ajax Rubber .
?Alaska (?old M.
Alaska .Inncan ....
Allis-Chalmers Co
Am Agr ('hem ....
Am Bosch Mag. 1600 119
Sales. Open. High. Low.
400 414 41'4 41
200 701 2 70'/2 704
300 801 2 81 80', 2
400 14 14 14
200 2 2 2
1300 484 4934 484
400 92'2 92'2 92'2
24'a
1124
624
120' a 106' 2
86' , 743?
? American Can Co. .
7 Amer Can Co pr. . . .
12 Am Car & lily Co. .
.80 Am Drug Syndicale.
6 American Express . .
Am Hide & Lealh. . .
Am Hide & Leath pr
American Ice pr. . . .
2200
100
534
98'o
!lS'.i
105r.f
1900 137' 2 139'-2 137' 2 138'4 l
1000 134 13'2 13'g 1338?
200 96 96 96 96 ?
1200 26'4 26'2 26'a 26?/2 +
2900 1164 118 116 118
100 62' s 62' 8 62' s 62' 8?*
Amer Int Corp. 6-100 1084 110'4 107
IOC 2 1044
14' ,
30' 2
77
10C 4
464
93' 2
M0' -,
1184
99
92' a
98'B
74%
165(4
1044
614
64' 4
11
67' 4
35' 8
82
93
1764
123' a
102' a
; 334
??9
1344
l?i
95
I 1C2"/2
. *00
114
I 317?
105?i
120
11' :
2T ;
?16
75' 2
134
50
;??'.'?
61H
1361,4
564
25
38| :
54'4
87 4
106' ?
28! 4
72
21'4
414
44' 2
65' 2
67
23' ?
40 s n
14
24'a
67
97-4
42' 2
90
135
118
89'.i
914
964
65'8
146
1034
534,
60'2
7
584
82' j
78' 2
89' 4
157
1094
101
31's
45
124
14
884
93
97
112%
26
100
1034
S4
26
79' j
384
724
127'-.
American Iimn-cd
American Linseed pr
Amer Locomotive
Amer Locomo pr. . .
.80 Am-La Fr Lire Knjt
Am Ship & Com...
I American Smelting .
' Amer Smelting pr..
! American Steel Ldry
Am Sleel Ldry pr. . .
' American Suplir. . . .
' American Siicar pr..
) American Sumatra
' Am Sumatra Toh pr
i American Tel & Tel
j Am Tobacco Sec...
7 American Wool ....
' American Woo) pr. .
Am Writ Paper pr..
3700
200
6C00
50
4C0
21C0
1900
1200
4800
400
14 14 14 -?
26 2534 2541
684 67'2 684
994 99-4 994?
454 45 454
93 93 93 ?
200 1364 1364 1364 136% +
200 118=8 118-4 1184 11S5e
1500 90 91 90 91 +
200 91''2 914' 914 91'4i
1000 974 974 9758 977ai
3800 66'. 2 68 66' 2 67' ,-, -
12100 14934 154 149-r'a 1534-;
100 104-4 104-4 1044 1044
800
-? 2
89-4
Do
13%
311/s
87' j
20%
62
90
1C7
233 4
100
450
83
S
13 '?
2S
39
147
I3T-8
21' 2
15
95
12' 2
31
56' z
19'2
754
172
345
89'4
85'4
48
85 4
IO234
81 \ z
4I
38' ?
8 1 'e
;c8
71
613d
504 -
84*>4
95
26
09' 2
184 ?
364
374
474
62
21
33 'a -
53?4
12
27' 2
794
18'4 '
56' 2 ?
SO' ;,
104' 2
197
99j 2
400
49's -
83
7
12'4 ?
25
35
132' 4
124 ?
19
I34
I0
26' 4
27
164
694
167
293'4
i 81
80' 2
404
1 75
97
374
35! 2
76
57'4
994
00
541 2
3 '4
:
89 ,
26 ,
118
.'
19 ,
IS ,.
-, I2!
64
301
?
! '6
727
S 9
46
:i7
61
274
: '
107,
42
E1'/j
614
47' *
?'-.- '.:
*
I03 ,
42!
2 I j
69
11C 2
45 a
1 10' j
78
0
2 ..
82
6 ,
108
65
294
169' ?
21
?
6-1
20'.;
189
484
24
40
45
3C; j
II434
61 '.,
94
794
80
' 5 .,
684
53
254
*.02' 2
54( 2
78
70
35
4 r>4
9
87a
584
130' a
484
56
41
37
404
Anaconda . 5100
Ann Arbor . 500
Assoc Dry Goods. . . 2800
AtchLson . 600
Atchison pr . 200
Atlantic Coast Line. 200
All. (Itilf K \V I_
5 Baldw in Loco Co. .
Baldwin Loco Co pr
Baltimore & Ohio. .
Ball A: Ohio pr. . .
Barrett Co .
Batopilas Mining
Bethlehem Si eel
Beth Sleel, (lass B
Beth Steel, 7th pr..
Beth Steel, 8th pr .
Bethlehem Motors
Brown Shoe Co.
Burns Bros .
z Butte Cop & Zinc. .
Butte ci Sup Copper
California Barking
California Petroleum.
Calif Petroleum pr .
Canadian Pacific ....
Cent Foundry pr. . . .
Central Leather ....
Cerro de Pasco.
Chandler Motors ....
Chesapeake ?8. Ohio..
Chi (.1. West pr.
Chi, M & St P.
Chi, M & St P pr. .
Chi & West.
Chi Pneu Tool.
Chi, Hock Is I & Pac. .
Chi, It I & P 7% pr.
Chile Copper .
Chino Con Cop.
Col Fuel & Iron_
Col Craphophone . . .
Col (,as & Lleclric. .
Col <fc South.
(oca Cola .
Comp-Tab-Rec .
Con Candy .
J4 Consol Textile .
Consol lias .
Consol Int Calla Min
Consol Cigars .
Corn Produc?s ....
Corn Products pr
Crucible Sleel
Crucible Sleel pr
Cuba Am Susar.
Cuba Cane Sugar...
Cuba Cane Sugar pr.
Denv & Kio (, . .
Ili'nv \ Rio (J pr. .
Lllv Horn Coal.
Lit Bom Coal pr . .
Lndicott-Johnson . .
Lrie .
Krie 1st pr.
Lrie 2d pr.
l'amoiis Players ....
I ed Min Ai Smelt
Led M & Smell pr
Lreeporl Texas Co
?.aston, Wms & Win
(?encrai Ciliar
(ieiieral Lleclric.
(.encrai Motors ... .
i ??en Motors pr .
(ien Motors 6", deb .
Link Tire .
1 (.oodrich, B F.
" (.oodrich, B F, pr
7 Great Northern pi
1 (?real North Ore sub
Greene-Cananea Cop.
Gulf States Steel
1 Mask & Bark Car Co
5 IIart man Corp .
5 liomestake
Illinois Central
ii hispir Copper . .
I ni Cons Corp
? lui Harvester Co
lut Merc Marine
6 1111 Merc Marine pr
I nt,'t Paper . .
Inter Nickel . .
lut Motor 2d pr
I ron Products
S Ivuyser, Julius
-1 Kan City South pi
4 Kelly Sprinulield
Kelsey H heel Co
2 Kennecott Coppei
1.20 Keystone I ire
0 Lackuwanna Steel
I.hk<? Erie ? W pr
Lee Rubber ??, Tire
I.ig ?t M Tob Hi*
7 I.ig * M Tob pr
Loose-Wiles Biscuit
2 Lu.*?-, lnc
?2 Lorillard, Pierre
I.ol't Candy .
7 Louis- & Nashville
1 Mackaj Cos pr
Martin Parry
Maxwell Motor
10 Mexican Petroleum
2 Miami Con Cop
1.20 Middle Stale- Oil
4 Midvale Steel
Minn & St 1. new
Missouri Pacific
Missouri Pacific pr
?> Mullens Body .
National Acme
7 National Biscuit pr
Nat ionat Aniline
Nat Con & Cable
6 Nat F.namrl A. S ?per
National Lead
Nevada (on Cupper
New Op? Tex & Me
N V Air Brake.
New York Central
New York Lock pr
N V, N H & H.
N'iag Falls Pun er |i
North American
Northern Pacific
Noia Scotia Sleel
(His Sit-.'l .
Ohio Gas .
Okla Prod & Re?
Ontario Silver ....
Owens Bottling .
O?S Kiev .
Ohio Fuel .
Pac Gas & Elec
Parish ,& Bingham
Pac Tel <?. Tel
Pan-Amer Petrol
Pan-Am Petrol B.
Penn R K.
55' 2'- 2'4
1934 185
200 161'2 163-4 161' 2 1634
18100 114 118 113 1164 ; :
200 101 101 101 101 --
300 32 32 .314 314 |
200 45 45 45 45 -
'00 128':? 130 123/4 129 -r
200 14 114 14 14
300 914 9134 9p4 914-f
18700 954 97! 2 95' 2 97 -f
200 100 100 100 1C0 |
100 113 113 113 113 ?
600 27'2 29 27'2 29 +
700 100 100 100 100 -
400 106'4 1064 106'4 1064?
5400 1284 1284 1274 1274? 23/8 1274 128'4
200 50 50 50 50-3 47 ?
3900 92'2 934. 91'4 93'g ; 14 93 934
700 56',8 564 56 56' 8 - 4' 55'j 56',
4800 127 135 125'8 133 ? 6', 13.3 134
100 554 554 55'4 55'4 f- 4 544 56
100 24 24 24 24 - 4 23'? 233.1
1434 122
ate. Sales. Open.
Penn Seaboard Steel. 200 32'4
Penny, .1 C Co. . .
Peo Can & Coke.
? P?re Marquette .
P?re Marquette pr
5 Pere Marq prior
3 Philadelphia Co .
Pierce ' Arrow . 10900
8 Pierce Arrow pr
? Pierce Oil .
8 Pierce Oil pr.
5 Pittsburgh Coal ....
1 Pond Creek Coal....
8 Pressed Steel Car. . .
8 Pullman Pal Car Co
5 Punta Alegre Sugar.
R Railway Steel Spring
2 Ray Con Copper. . . .
4 Reading .
? Remington Type .
6 Rep Iron & Steel. .
Repub Motor Truck.
5.20 Roy Dut N Y
6 Savage Arms . 700
? Saxon Motors . 4000
1 St Joseph Lead.
? St Louis & San Fran
? Seaboard Air Line..
8 Sears-Roebuck & Co
4 Shell Transportation.
? Sinclair Oil . 10700
6 Sloss-Sheff St & Ir . 6600
6 Soulhern Pacific ... 19C0 100
5 Southern R R pr. . 700 54'
?1 Strombcrg Carb .... 700 725
7 Studebaker . 34100 101
5 Slut* Motors
3 Superior Steel
? Tenn & Cop Cheto
? Texas & Pacific
10 Texas Company
10 Tex Co full pd
? Third Ave R R. . .
? Tide Water Oil rfs
6 Tob Products
7 Tob Products
? Trans Con Oil
5 Trans & Wills Steel
1 Twin City Rap Tran
Union Oil . 2900
10 Union Pacific ....
4 United Alloy Steel
7 United Dru
31 2 United Drug 1st pr.
3 I'nited Retail Store
10 United Fruit
? United Ry Invest
? In Ry Invest pr. .
? I' S (' I Pipe & I'o
5 U S C I P & Fo p
? US Lxpress.
2 U S Food Products
3 U S lnd Alcohol. ..
? US Realty & Imp
8 US Rubber. 14600 1244
8 I
High
33
Net
chg?. Bid Ail?
Rubber 1st 1
I S Smelt & Ref
U S Sleel.
U S Steel pr
Utah Copper
Utah Sec Corp
Va-C'arolina (hem..
Va-Caro Chem pr. . .
Va Ir, Coal & Coke
Y.inad Steel
Wabash pr A
Wells Largo Expresa
West Maryland
West Pacific ....
West Pacific pr. .
West Union Tel.
Westinghouse Mfg
Wilson Co .
Wheeling & L I
While Moto
Willys Overland
Woohvorth
Worth Pump & Mach
5600 504
400 84
200 7! s
500 12'g
300 25
200 35
2700 137
200 12'P
Sees Little Hope
For Easier Mo sie v
ft
In [Sear Future
Policy of Federal Reserve
Bourni in Curtailing Credit
To B<* Supported, Says Na?
tional Bank o? Commerce
Bid and Asked
Hi I. A.':
Hopes for a period of relative ease
?11 the money market arc not likely to
be realized for some time to come, ac?
cording tu the National Hank of Com?
merce, whose president, James S. Alex?
ander, is a director of the Federal Re?
serve Bank of New York.
The policy of credit curtailment
which the Federal Reserve Hoard has
announced, and which, the National
Hank of Commerce .says, both Reserve
and member institutions will support,
is one of conserving credit resources
? for purely industrial and commercial
enterprises of a productive character.
,'.- '.v 1 pr ?ii
112
too
I II 11
[?4 1er;
Reserv,
try," il
liscount
: tat id.
H irr it a r ? e...
do pr
itutr ,t sin .
il 1 pr
Btisli Term . 80
Butterioli Co. -'4
i'ji Pack pr. 117
Cal A Ariz ? ..
? ', . Soiitm-n II ?
M fentr.cl.
il 01 ' l'oivci
i" pr . "7
Mon - ? K . .<?'
\'n 1 & Chai 1
v. I; -. lit. .us
N u II & H
1 pi ... 100
N 1: ,v s pr.iui
Sai J.-., t pr.lOS
S'HR M Ni pr 11
do -I pr... :.'
I, '-?.;
ot \ .1 .;;
do 1st pr.
do L\l pr.
'? ? ilk So...
*- ri :. ,v w .
Owen U '
131
ll?
fil II
?J^'O 133
200 80
200 1087?
400 67
; 0?U 31
100 170
'? ico 214
200 I0o',
500 64
800 294
300 31
31900 197
300 234
?2600 44';
1S100 491.
1800 134
?000 25
;. ir t \\f last mont h. t lie bank tied
have been a reflection of 1
financial requin ment.-. *.vh ich \
ly decline substantially in the
ture. Lead ?n?2 causes of this
a re ifi'. en :i s I he ti i abated
ir<
v. heavy
rill hard
near fu
condition
rulCistrial
and eon: m.-i ciai activity ?if spite of pre?
vailing pr cr . ' he reduced siocks o '
gold i n t h? coun. i-, - nee ti.'- r 'moval
uf the embargo last .Line, and the ft t I
1 hal last season' ? cr? dits for crop
financing have not been liquidated be?
cause labor and transportation difficul?
ties have hindered the marketing of
crops.
"Under normal conditions,'' the bank
continues, "as the funds paid out in
dividends and interest or as maturing
obligations are redeposited in the
banks, the 11 onej market ?.as customar?
ily experienced a period of relative
ease after the turn of the year. Such a
'Mil
-? - hud Mil ? '
iked for un?
rates
? and
the
200 114-!4 1144 1144
1'
04
3C0 42 a 42|
1200 1074 110
700 68' 2 68'
200 55 ~ 5-3
700 26'4 26'
300 IO34 103'
:00 56 s 56'
300 135
300 50'
63'
condition cann
present circumstances.
(iold Outflow Is Stead
'"Continued firmness in mot
is expected because of the large
increasing demands for funds on
one hand and the ni cess ity of
strengthening the banking position by.
conservation of credit on the other.
The extension of banking facilities has
approached ??? point where :r is neces?
sary to restrict further accommoda?
tions to sound and essential productive
undertakings. The volume of credil
: ceded !.. such 1 ndc 1" akings w ' '. hardly
decline substantially ;:i the near fu?
ture. Industrial and commercial cl I '
on th?1 prevailii g '. *? i of prices, con?
tinues unabated, while the normal 1
liquidation of credits for crop financing
as not been effected because labor ana i
transportation lacks have hii 1 red
movement of crops to market. With the
full absorptii n of banking facilitie n
meet ng necessary requirements, it is 1
essential to the safeguarding of tin
banking position that unessential ac- ?
commodations be eliminated or reduced !
to a minimum."
Credit conservation is rendered ti?
mor? necessary, the bank points out
' ;
^ ?- Is
I
Hal
Pape?
' pr
?
Salt
1 '???
?I T. ,
spr i>i
. V- -. ?
& ii \
Il T pr
ltMH ti
1 t.Mgar Si .
! : :
? ., : 1 1?- i "
1 SI 1.1 pr.1112
' - ?? & It pr Hi
H--.:
11 ? th pr : .
.<. \l pr A
pr n ri
Hart. SchaiFner & >Iarx Year
Net profits after war taxes of $2,200,
218 w.-re shown bv .Mart, Schaffner &
Marx for the year ended November '.'.0,
\'.'\o. This surplus was cqu I? I
;i ?'?' - preferred dii id? nds to 513.1 1 a
I ? .?? on the $15,000,000 common stock
outstanding, compared with $8.30 a
share earned in the preceding year.
Paris Market Steady
PARIS, Jan. 26. Prices were steady
by reason of the steady outflow of (_-o!d'nn the Bourse to-day. Three per cent
and silver from the country. This ex rentes, 59 francs 70 centimes; exchange
port movement, it is tated, ha ai on London, tl francs 95 centimes; 5
-' ? I - ".? ??: - iiffi? ? have 1 per cen? ian, .. I 1 ? ? .
'?? direct bearing on the reserve position The dollar was quoted ai \1 francs 52
4 of the bunking systim. centimes.
In Wall Street
-1 Steel Meeting To-day
On the eve of the quarterly meetinf
' of the directors of the Cnited State:
Steel Corporation, scheduled for to-day
when the earnings statement for th?
three-month period ended December 81
? i will bo issued and the quarterly divi
5 ; dends declared on both classes of stock
** Steel common did comparatively little
2 ! Having been 'eft more or less alone b;
the professional bear crowd when the;
0 were banging away right and left a
5 other more vulnerable issues, it was no
3 ! surprising that Steel should act as i
1 did in a market in which price move
ments were governed to lartre exten
by short covering operation?. Th'
. Street looks for a large drop in earn
* ' ?ngs for the December quarter. It wai
in this quarter that the brunt of th>
strike of steel workers was felt by th?
1 ; corporation. The strike started oi
4 September 22. It reached its peak it
, October. Conservative estimates pu
! the loss in earnings for the thre<
M months due to the stress of the labo
; ' upheaval at approximately $10,000,000
. . Assuming that this figure is right, ne
1 earnings should be in the neighborhoo?
3 I of $30,000,000.
United States Steel in 1919
I Aggregate net earnings of the Stee
2 ' Corporation in 1919, as indicated by th?
'quarterly statement, will exceed $130.
DiKi.tioo "unless the last quarter was
* much worse than has been generally be?
lieved. The showing of the big stee:
j I concern for the first three quarters, b\
' months, in net earnings is as follows;
, j First quarter:
2 | January .$12,240,167
February . 11,883,027
March . 9.390,190
Total for quarter... $33,513,385
Second quarter:
April .$11,027.393
i I Mav . 10,932,559
, j Ju?e . 12,371,349
?
; Total for quarter. . .$34,331,301
i i Third quarter:
t July .$13,567,100
? August . 14,444,881
? September . 12,165.251
Total for quarter. . .$40,177,232
' It will be noteil that earnings ii
September slumped off as comparer
i with August, the latter being the pea'*
for the year, a decline which reflecte?
? the first effects of the strike
i ; Getting Out From Fnder
Elliott C. McDougal, head of the
' Bank of Buffalo, a banker whose opin
1 ions tire highly respected, thinks the
M time has come for curtailment of busi
1 ness expansion and is frank to say so
In a message to business houses and
; : wage earners in his district he de?
clares that "constantly rising prices
with low production cannot continue;
'? collapse is sure to come and cannot be
far off. l>o not delude yourselves, let
i no one delude you into the belief thai
the present era of high wages with
? easy jobs of high prices with large
? and easy profits, can continue." Speak
' ing to tin* butcher, the grocer, the
tailor, the dressmaker, the milliner
? and the retail dealer of every kind he
admonishes them thus: "Sell on credit
. just as little as possible. Don't let
; your customers get behind with their
bills. As the outlook is to-day you
would be better off without their trade
than with their trade and constantly
increasing book accounts. With all
your care it will bo hard for you to
keep down your book accounts after
the tide has turned. The time to act
is now, when people are able to pay.
Because we do not know when trouble
is coming we are unable to say to you:
'Begin to cut down your credits next
year,' or 'the year after.' We do say
'Begin now.' If a man cannot keep
his bills up now he never can."
Cheer Displaces Gloom
Sentiment underwent a curious
change for the better over Sunday
without any new developments to tic
count for it. Professional bears were
not so brash about pounding industria!
specialties as they were last week. In
fart the market, appeared to have
lurried when the bears lo--t their nerve
on finding that little stock was afloat
in the market and that in order to
cover they had to "bid 'em up" on
themselves. Saturday's better market,
ii developetfc was a danger sign that
most of the bears took to heart over
the end of the week.. And when the
market showed signs of continuing its
recovery at the outset yesterday they
; became mon- concerned about taking
their profits?where they had profits.
There were times in the "course of the
session when mild bear panics de?
veloped in individual issues. Motor
shares under the hammer last week
came back with quite a kick. The
bears in (le?era! Motors appeared to
have decided it wise to postpone their
projected campaign on the short side
for the time being.
"What Do You Think of the Market?"
The head of a leading Stock Ex?
change house: "I find a great differ?
ence of opinion among bankers as re?
gards the future course of stock
prices. About 50 per cent, it seems, are
bullish and the other 50 per cent bear?
ish. There is no doubt in mind that
all would be bullish were it not for
the money situation. Personally f
think the market will do better. But
I do not look for such big markets as
we experienced last year. Unless we
have overproduction, and 1 cannot sei
any signs of that for a long time to
come, certainly our industrial corpora?
tions are bound to prosper. A de?
clining market is not to be expected,
since, regardless of earnings of cor?
porations, it will be to the advantage
of the bankers to keep things healthy,
as they have yet. a lot of new securities
to sell and they will not go well on a
sloppy market.'*
Mercantile Marine
Int.-'.- ? ? close I iucI v\ ith the
fairs of the International Mercantile
.Marine insist that the remaining 47
per cent in back dividends on the pre
f? rred stock will probably be all pail
off durmg the current year, leaving
.ommon in a position to share In
earnings. Both of the Marines acted
better, the common in particular. T! c
junior issue has been under severe
pressure for a fortnight, but on its
recovery sold above 41, against a low
last week of .'?54.
$ "Bull Signs"
Ke,-n observers said the market had
tinned deiir.it.ely for the better yester?
day. Houses which have been advising
their customers to be careful told them
oi to hestitate to buy the "good
stocks." Certain firms told their cus?
tomer-; that while a stiff reaction might
come mks week they wer? confident that
bottom prices had been seen ir - ???
time to come. Bull signs were plenti?
ful- 1 or ;: * anee, it was pointed out
that for the first time in weeks the
market did not sell off aftei the Su?
preme < ourf had failed to I and down a
decision in the stock dividend case.
Then again the run up in money rate
did not scare any one; even a !" pel
cent rate in the afternoon did not
cause uneasiness. Moreover, new low
records in foreign exchange rates
' ? ight no p? ' t n bation. It looked a-i
if higher prices were scheduled and
could not be stayed.
Colorado Fuel and Iron
Reports widely circulated during last
week'.- era of pessimism that the divi?
dend on Colorado Fuel and Iron com?
mon stock would be passed were with
i ut basis. The directors yesterday de?
clared the regular quarterly disburse?
ment of 1 ' ? fourths of 1 lier cent at
theii ? . ?? :: Den'i er. The lock
was stronger, moving up more than a
point.
Proiperity The h*,,^
of Tire rand for an'???*,W
Manufacturer,^ t'^V^
*W"??
"f*-*?'-re,f?bnc>3
by win- of ?*?. ^
known and ,troo?*
?companies.
Brighton M?1?, J%
Fund CI?, ?ffi
fmed Stock offe:;
???nty ?d ?J
^ T??. ?et t??.
'"??* *5 eight .iaJ
Preferrri divici?nd re. f
quirrm-nti.
Ask for circular 503
Bonbright & Company
Incorporati-d
25 N?.au Street New York H
Datrall ' - "-t
DPXOW5? OFFICE
E*p**claU, for Wom? inTMfa,
. Bast itth st.
IT
I
PreferreJ_
Stock
Analysis
W? hot;? prepared a brief and
comprehensiva discussion of
the present conditions sur?
rounding prefened stock ?,.
This will be sent upon request
together wilh a fo* 0< ^
tully selected preferred stocks
traded m upon the Sew York
Stock Exchange with yields
of from 5.9% to 7.1%.
Ask ' r Special Letter "/-/-56"
E. W. Wagner & Co.
SstabUshed 188T, Chicage
; V. Y. Stock Excliante
M??mbirs - ?V. Y. Cotton Exchange
, Chicago Board of Trait If
33 New Street. %':^ New York"
-? '? '-'? Uth St.
, Und. Ave ? 42d St.
Branches , 105 West 82?" 8t
88 ?uti Si Brooklyn.
1 BIO ?roai <*.'., A'mork.
Preferred Stock
with
50*^ Common Bonus
BUSINESS Food Products
SALES ?917 $ i67,ooo
1918 440,000
1919 1,001,1 -
EARNINGS? y/2 tira? pre
fcrred requirements on one-half
present cap?dty. Should ma?
terials increase this year.
PREFERRED PROVISIONS
Retirable at 1109c. Company
agrees to maintain net t.iiiixihle
assets equal to l-'1' , per *
Several other strong safegua ds.
We recommend this Muck as an
unusually well safeguarded in?
vestment, yielding S'-, with an
excellent speculation ?n th
companying bonus. lull details
will be found even more inter?
esting.
Ask f?r Circular ?1-2/
I. D. NOLL & CO.
Investment Underwriters
170 Broadway New York
Investment
Securities
R.CMegargel&Co.
27Pine Stieer-iNec?K.
?^----jl
Miller &6q
!?'. irmbera
Nev\ork Stock Ex*chdWft>
[ Securities Bought for In?
vestment or Carried
on Conservative
Margin
120 BROADWAY
212 F?FTH AVENUE
. ;-'. Ti' ,'<?fT
L0N-?ACRE BUILDING
N I U5R.42 id ??????
MEW YORK.
*?*
H ART SHORN E,
F A LES & CO.
Members .\eu Yurlf Stock Exchanf*
71 BROADWAY
London Money Market
LONDON, Jan. 26 Bar ?ilver. fjH ^
ier cent; bar gold, M . money, "?'* ??*
ent. Discount ral ?jila, ? J*.
v-iit; three n th bills, fr4? i"--' c*n'*
?old premiums at Lisbon, 140.

New-York tribune. [volume], January 27, 1920, Page 18, Image 18
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New-York tribune. [volume], January 27, 1920, Page 18, Image 18
About New-York tribune. [volume] (New York [N.Y.]) 1866-1924