New-York tribune. [volume] (New York [N.Y.]) 1866-1924, February 05, 1920, Image 16

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New-York tribune. [volume], February 05, 1920, Page 16, Image 16
About New-York tribune. [volume] (New York [N.Y.]) 1866-1924

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New-York tribune. [volume] (New York [N.Y.]), 05 Feb. 1920. Chronicling America: Historic American Newspapers. Lib. of Congress. <https://chroniclingamerica.loc.gov/lccn/sn83030214/1920-02-05/ed-1/seq-16/>

Newspaper Page Text

Empire Gas and
Fuel Company
6%
Convertible
Gold Notes
of 1924
8.757o Yield
At Present Quotations
Well Secured
Large Earning Power
Attractive Conversion
Privilege
Henry L. Doherty
& Company
Bond Department
CO Wall Street, New York
-
MACKAY & CO.
BANKERS
Members of
A'en> Yorf^ Stoify Exchange
INVESTMENT
SUGGESTIONS
14 WALL STREET
NEW YORK
A Short
Term Note
i
of an established and
prosperous industrial
corporation, secured on
property valued at nearly
four times this issue.
No other funded debt.
Conservatively) estimated
earnings for 1919-1920
over 1 times interest
charges.
We offer small amounts
to yield 6%.
J. M. Byrne & Co.
Utmbrr* Sew York Stock Exchano*
T?-!ephone Rector 70?0
60 Broadway New York
Investment
Securities
R.C.Megargel&Co.
27 Pine ,9treet~Ue*fl&rK
The Railroads
We have prepared an ex?
tensive chart enabling
ready comparison of the
relative merits of the
more important railroad
securities.
A copy witi be sent tree
on request lor Chart T-6
MILLER & CO.
MEMBERS
WKW TORK STOCK EXCIIANOB
KQIITAB1JC B111.DING
120 Broadway New York
100 Vaar* at Cammaralal BanklM |
285$ CHATHAM & PHENIX |
r^,\ NATIONAL BANK I
Capital * SarplM.tlS.aM.M?
lUMarc?.??ao.oooa?
?anK H? Broadway,Singer Blag.
.Tv*.-- And M BrtMlMf
Mark A. Nable Tbeodore C. Carwla
NOBLE & CORWIN
M Broad St. New Yerfc
Bankers* Trust Thom.-Starrett Co.
Title Guar.Trust Tex.PacC.&0.
Telephon? till Bread
Banker? Tru?t Company has been ap?
pointed transfer agent for the capital
' I ?t ta* AUaa Taok CorporatioAi
Market Slumps
Under Torrent of
Selling Orders
Short Covering Helps to Sus?
tain Prices as Liquidation
Grows in Volume; Call
Money Reaches 25 P. C.
The stress of selling orders which
began to pour-into the stock market
Tuesday assumed the proportions of a
veritable torrent yesterday. Support
rendered by repurchases of those who
had previously sold short in anticipa?
tion of the decline was in large volume,
but by no means largo enough to pre- .
vent a S'harp decline in prices. Neither
railroad nor industrial shares were
spared in the rush to get out from
under. Frightened speculators threw
overboard impartially. The turnover
was by far the largest recorded in. any j
session thus far this year.
Long before the market opened the
commission houses which for weeks
have been practically deserted were
thronged with security holders, made
anxious by the break of the preceding
day or bv the calls for additional
margins which had been sent out. Their
presence was a certain indication of
of the heavy sellirg that followed the
opening of the market, especially as
the wires from the West and South
had brought in selling orders from
customers who were unable or unwill- j
ing to back their holdings with addi?
tional funds. The situation was torn- I
plicated by the fact that some brokers j
were not inclined to accept- securities j
for margin, owing to their inability to j
borrow ? xcept at very high rates.
At any rate, the liquidation began with i
the opening gong, and was still under \
way when the session closed. It was ;
accelerated as declining prices brought;
out stop-loss orders and' so added to the
volume of offerings that the market
was called upon to absorb. At the low
prices of the day losses ranged up to ?
more than 17 points, with recessions |
of from 3 to 7 points quite common. I
But in spite of the big losses recorded, |
the market was by no means demor- l
alized. In fact, considering the extent !
of the liquidation, the decline was
really quite orderly. This was very
largely owing to the fact that thoBe
who had sold short took profits and ,
I thus lessened the force of the down- j
ward movement. Short covering un- :
doubtedly averted a slump which other
wise would have been much more
severe than the one which took place,
but unfortunately it left the market in
? weakened technical position at the
close of the se;sion, in the opinion of
brokers. It was said that the short
interest row outstanding is of rela
, tively small proportions.
Aside from the psychological effect
| of declining prices and of tumbling
! foreign exchange and commodity mar?
kets, the shortage of funds for specula?
tion continued as the dominating fac
I tor. Money again renewed at 14 per
i cent, later scoring to 25 per cent on
i announcement of heavy impending gov
! ernment withdrawals. Time funds were
! as scarce as ever, bids of 10 per cent
| failing to bring out offerings.
| The cotton and grain markets were
j under great pressure at times and huge
I losses were sustained.
Liberty bonds again sold lower.
Money and Credit
i Call money got up to 25 per cent
] yesterday around 2 o'clock and re
: mained there until the close of the
j stock market. The opening and re
I newal rate was nominally 14 per cent,
j but many brokers who had bids in for
? lqans at that figure were told later in
the day that no mon?y had been ob
I tained for them except at the 25 per
i cent rate. Government withdrawals
continued to be an important factor in
making for tight mpney. The day's
withdrawals were placed at $50 000.000.
I while approximately $35,000,000 more
! is expected to be taken out again to
| f'ay, making $160,000,000 for the week.
' Government deposits in banks of this
? reserve district are now said to be
down to $100.000.000.
The ruling rates for money yester?
day, compared with a year ago, were
a3 follows:
Yester- Year
Call money: day. ago.
On mixed collateral.. 14 4
On industrial cnllat'l. 14 4>/4
Time money (mixed collateral):
Sixty days. 10 5
Ninety days. 10 5
Four months. 10 5
Four to six nionths.. . 10 5
Bank Clearings -Bank clearings in
Vew York and other cities yesterday
were:
Exchanges. Balances.
New York.$808,945,838 $63,023,015
Baltimore. 17,171,707 6,107,869
Boston. 70,278,470 19,705,570
Detroit. 19 137.88X 5.905,899
Philadelphia... 88,815,896 16,340,005
Pittsburgh. 2(5,664,772 9,616,373
Sub-Treasury -United States Federal
Reserve credit balance, $52,176,834.
Silver? London, 88V4d; New York,
$1.32%; Mexican dollars, $1.02*4.
The Dollar in Foreign Exchange
The pound sterling declined more
than 10 cents in va'ue yesterdav, to a
new low level, and Belgian and French
francs, lire and marks also fell to un?
precedented depths.
Yesterday's rates, compared with
those of a week ago, follow:
Foreign Exchange
(Quoted dollars to the pound.)
Yester- Week?
day, ago.
i Sterling, demand. $3.2275 $3.5150
j Sterling, cables . 3.2350 3.5225
Sterling, sixty days_ 8.1950 8.4825
j Sterling, ninety days... 3.17 3.6675
(Quoted units to the dollar)
Francs, checks. 14.82 13.38
Francs, cables. 14.80 13.30
Belgian, francs, checks. 14.77 18.92
Belgian, francs, cables. 14.75 13.90
Liro, checks . 18.82 16.52
Lire, cables . 18*80 15.50
Swiss, francs, checks.. 5.97 5.64
Swiss, francs, cables... 6.95 6.62
(Quoted cents to the unit)
! Guilders, checks . 87.126 35.95
Guilders, cables . 37.25 38.875
Austrian crowns, chks.. .0080 .0035
Austrian crowns, Cables .0031 .0031
Sweden, checks . 17.76 19.50
Sweden, cables. 17.85 19.60
Denmark, checks. 14.20 16.20
Denmark, cables . 14.80 16.80
Norway, checks. 16.66 17.70
Norwav, cables. 16.76 17.60
Pesetas, checks . 17.02 18.67
Pesetas, cables.. 17.10 18.66
Marks, checks . 1.04 1.24
Mnrks, cables. 1.05 1.25
Greece, checks . 12.89 18-63
Greece, cables . 12.91 13.51
Manila, checks. 48.75 48.76
Manila, cables . 49 00 49.00
India, rupees, checks... 44.75 42.50
India, rupees, cables... 45.00 42.25
Japan, yen, checks. 47.75 48.76
Japan, yen, cable?. 48.00 49.00
Argentina, checks.102.60 102.00
, Argentina, cables.102.10 102.10
Brazil, Rio, checks. 27.75 27.76,
Brazil, Rio, cables. 28.00 28.00
Czecho-Slovakia, checks 2.S 2.8
Paris Market Quiet
PARIS, Feb. 4.?Trading waa quiet on
the Bourse to-day. Three per cent
rentes, 58 francs 75 centimes; ex?
change on London, 48 francs 75 cen
; times; 5 per cent loan, 87 francs 56
i centimes. The dollar was quoted at 14
1 francs 74 centime?.
Summitry of Stock Exchange Dealing?
Yesterday.
Railroad stocks .... 171 600
Other stocks. 1.567.900
All stocks. 1,739,500
IT. 8. foTcmtntnt bonds.
Railrc . bonds .
Other bonds.
All bonds .
Day
Before.
164.600
881.300
1,0-18,900
Year
afro.
89 900
289,400
379 300
Jsnusry 1 to dafe.
1920. 1919. 1518.
1,999.700 3.196.300 4,316,900 |
19,619.200 9,991,400 11,991/700
21,648,900 13,187,700 16,308600
Yesterday. P?y before. Yrnr aro. 1920. 1919.
..$18.255,000 $15,328,000 $7,969,000 $331,416,000 $214,911,000
.. 1,963,000 1,216,000 1,849.000 39,961,000 40,683,000
.'. 1,951,000 2,251,000 3.769.000 47,215*000 46,114,000
..22,169,000 18,795.000 13,587.000 418.592,000 300,788.000
72
88^4
2
21/8
53%
95
961/,
?Tlirh. Low. DW.
1920. 1920. Rate.
45'> 38 --
70 6
72 6
1%
1*8 ?
43^8 ?
89% *
85 8
1283-4 114 8
61% 47% ?
101 97% 7
143% 132 12
116'/4 116 7
5438 46% 4
15% 11% 80
1017, 951/2 ?
30% 2354
122 110
47 411/4
120% 102
14% 13%
86% 74%
971,2 93'/a
105% 90% 6
44 34 ?
30% 20 ?
72 62'/a 4
IOOI/4 ??% 7
82 81 '4 fl
115% 106% S
46% 41 3
931/2 90 7
141% 128
99 85
92'4 90?<
99*s 961,
Not
Sale*. Open. High. Low. Close, chge. Old. Ask.
Advance Rumety . . , 2900
Advance Rumely pr. 100
Ajax Rubber . ?800
Alaska Go?d Mines... 400
Alaska Juneau . 8600
Allla-Cbalmers . 4500
Amer Akt ("hem.
Amer Beet Sugar
40
70
77'
P
17
46
37',
70
72
13
1*
43'/
89'
85
Amer Bosch Mag... 3700 118 118 115!
American Tan . 86^0 50% 51 47'
American Can pr_ 100 977a 97% 977
Am Car & Fdy. 6600 134*a 134'8 132
40
70
77' '2
1%
1%
46
900 89' , 89' s
3000 88'4 88'4
37%
72
72
38'
73
73'/a
1%
2
44%
91
89
1%
44'.,
89'4
88
2% 11814 117
2% 48'/2 48%
's 95'/2 97
134 133 134
6800 82' 4
200 96' 2
7
10
7
8
283 240'i 20
74% 67 % 5
165i/a 130% 7
105% 102'/2 7
61% 49% ?
21% 16% ?
65/4 67 4
13% 7 ?
6I/4 4 ?
671/4 49 ?
74% 70 6
75% 73 7
125 115 6
85% 80% 6
82 77% 5
7% 6/4 ?
93 88% 7
176% 151% 10
75 66% 5
19/4 ' 14/a ?
Am Car & Fdy pr. .
Amer Cotton Oil_
Am Drug Syndicate.
American Express . .
Am Hide & Leath. ..
Am Hide & Loath pr.
Am Ice Securities...
American Inter Corp 146^0 105
American La France 300 14
American Linseed. . .
American Linseed pr
American Locomotive
American Malt & Gr
American Ship & Com
American Smelting..
American Smelt pr. .
American Smelt pr A
American Snuff.
Amercfan Stl Fdy...
American Si I Fdy pr
American Sugar.
American Sum Tob .
American Sum Tob pr
Amcricnn Tel & Tel
American Tobacco. . .
American Tob Sec. .
200 116'2 116' 2 116% 116%f- 13a 115% 117
1000 47 47' 2 46% 47%+ % 47 47%
7900 13% 13% 12% 13 - 12% 13
200 98 98 97% 97%+ % 95 99
3900 24 24 23'/4 23%? % 23% 23%
2800 113% 113% 110 110 ? 4 110 110%
200 44 44 41% 413-4? 2'/4 41% 42%
105% 102 IO234? 23B 102% 103
6000
60 0
9600
3900
94'
3434
20
65
300 96%
2"0 82
14%
82%
97
94%
34%
21%
6534
96'4
82
14
80
96%
90
34
20
62%
96'4
82
14
82'
97
92
34
20 ? 3%
63%? 1%
96%? %
82 4- %
k? i.
? 3
? 1
200 106% 106% 106% 106% 4
14
82
96
92
333i
19%
63%
96
80%
106
14%
82%
98
92/4
34%
2O/4
633/4
97
81%
110
American Woolen,
American Woolen
8900 43% 43% 41 41%? 1% 41% 42
400 92% 92*4 92'g 92/8? % 92 93%
3600 131 131 128 128%? 3% 128% 130
7100 88% 88% 8J% 85' 4? 3% 85% 85%
300 90% 90% 90% 90%? % 9034 92
3000 99% 99'4 98% 983^? % 983-4 99
?'00 250 250 2-'0 240 ?10' 8 239% 245
29600 61 62 57' ;, 59',4? 3% 59% 59%
pr
American W Pnp pr 3200
American Zinc . 900
Anaconda . 1990?
Ann Arbor . 200
Assets Realization.... 900
Asso Dry Goods. 1600
Asso Dry fids 1st pr.
Asso Dry (ids 2d pr..
Associated Oil .
At, Top & San Fe. . .
At, Top & San Fe pr.
Atl, Birm & Atl ... .
Atian Coast Line. . . .
Atl, Gulf & W I.
Atl, Gulf &. W I pr. .
Auto Sales Corp.
30200 139% I.39J4 130% 134%? 6% 134% 135
200 102% 102% 102% 102%? '2 101 105
2
17' 4
57' ?
12';
4/?
53 /<
200 70
200 73
300 116
2800 81% 81%
200 77% 77%
200 6% 6'4
200 88% 833
52%
17'4
58
12%
4%
531/4
70
73
116
49'<
16';
563,
12!
4
49
70
73
116
80
773
'.;
50% -51
13 16%
57 57%
11% 13%
4 41/4
49% 50%
70 73
73 ? % 70 74
116 ? 2 102 115
81%? 1/4 80% 811/4
773/4+ 1.4 773/4 79
6i 4 6' 4? % 6 7
88% 88%+ % 88
123% 108% 3% Baldwin Loco Co
33% ,30 ?
49 43% 4
1347/, 121'/a 8
1% 1/4 ?
31% 22% ?
102% 89% 5
114 1123/4 8
14% 11% ?
10 6% ?
55/4 60 ?
15 12/4 ?
99 7
93 10
100 7
6%
89
158
70
16%
108'4
31
6600 156% 1571,4 151% 155 ? 2% 154
200 67 67 67 67 ? 3? 66
300 16% 16% 14% 14%? 2% 13
79100 Ill/a 111% 106% IO8/4? 3% 108
Baltimore & Ohio... 2000 30% 30% 30 30 ? 1 30
Baltimore & Ohio pr 900 44' 2 44% 43% 43%? % 43% 44%
Barrett Co. 3800 124 124 121% 121%? 378 121% 123
Batopilas Mining.... 200 1/4 1% 1% 1%- 1% 1%
Bethlehem Motors... 6600 26 26% 22% 23?3 23 233,4
Bfihlehom Sil Class B 36100 92% 92% 89% 903,? y *K)% 90%
Bethlehem Sieel 8% 600 113% 113% 113% 113%? % 113/4 113%
9^0 12'a 12's 11% 12%+ }8 12 13
2C0 8% 8% 8% 8%? 1% 8% 9
50
13
100
98
100
6%
700 50
1000 13
200 100
Brooklyn R.-.p Tran.
Brooklyn Rap T ctfs
Brooklyn Union (?as.
Boo'.h Fisheries Co. .
100 99 7 Brown Shoe Co pr. .
120 93 10 Burns Bros . 3500 93
100 100 7 Burns Brat pr. 100 100
8 gi/a ? Brunswick . 200 67
11% 8% % Butte Copper & Zinc. 3000 9
29% 23/a ? Butte & Sup Cop... 6600
27% 22% ? Butterirk Co . 300
28% 19% ? Caddo Oil . 2200
85% 783/i 6 Calif Tackln* . 1000
48 35% ? Calif Petrol . 1900
75% 79 7 Calif Petrol pr. 700
68 6* 2 Calumet & Arizona.. 200
Canada Pacific . 6600 126
Case, J I, pr.
Central Leather ...
Cent of New Jersey
Cerro De Pasco.
Certninlpcd Corp
134 113 10
100 9734 7
104% 85/8
175 175
61% 50
62 50
144% 121
56% 62%
9 7% ?
25 23 2
38% 35 ?
54/? 60 ?
87% 82 7
106% 88% 6
28% 25% ?
72 67 7
: 61% 69 6
j 21/4 17/s ?
' 41% 35 3
106 90 6
j 104 101 7
| 403/4 333B ?
i 44% 37% 3
: 24% 21 ?
: 65% 42% 1
, -9234 91 7
9
24%
23
21%
82' 4
39%
71
62'4
126
100 973.4 9734
20100 88*4 8834
50 176 V/b
830 53 53
11000 53 53
24
23
21
82',
39
71
62'
Chandler Motors. 19800 130/
800
300
100
3000
400
1900
100
900
700
700
1900
6200
800
26' e
68'4
59'-;
177,
36/,
933,
200 101
67/4
49
66%
80
67
56
63%
82%
87% 78
20% 18
93% 84
IO234 10034
13% 1134
85 74%
9C 77%
31/4 26% ?
233% 197 12
100 99 7
64% 43 ?
85% 81 7
| 96 92 9
? 191 169 10
9
13%
13
28
29
'147
104
13%
7
11
12
22
25
122%
101
12
Ches & Ohio.
Chic Great West.
Chic Gt West pr. . . .
Chic, M & St Paul.. .
Chic, M & St P pr.. .
Chic & Northwest. . .
Chic Pneum Tool. . . .
(hic, R I & Pac.
Ch, R I & P 7% pr..
Ch, HUP 6% pr. .
Chile Copper. ..,,....
Chino Consol Copper
Cluett-Peabody .
Cluett-Peabody pr. . .
Coca Cola.
Colorado Fuel & Iron
Colorado & Southern
Columbia Graph.
Columbia draph pr..
Col t?a.? & Flee.
Comp Tab Rec.
Consol Cigars .
Consol Cigars pr....
Consol Cas .
Con Int C'a! Iah an M.
Continental Can ....
Cont Can pr.
Continental Candy . .
Cont Insur Co.
Corn Products . 18100 81'.
Con Textile . 900 28
Crucible Steel . 23600 2C9
Crucible Steel pr..'. . . 400 99'
Cuba Cane Suirar.. . . 21900 46'
Cuba Cane Sugar pr.
Del? & Hudson.
Del, L^ack & West. .
Denver & Rio Grande
Denver & Rio G pr. .
Dome Mines.
131
54%
54:
8
23
353'4 3i}3'4
51% 51%
8 3 s 83 ? s
23
??' a
26! s
68'4
59%
17%
36%
93%
101
50
12%
100
93
100
6%
8%
23! a
23
I9/2
7834
35%
70
62
118
973-4
85'8
175
50
60
124
52/s
7?
23
35
50
82
887
25!
67
59
17
35
90
101
50?1 49
12/8? % 12/4
100 4- 1 ?
97%-)- 3%
100 ? 8/4
6/2? 1%
* 8%? '4
VA
97 108
95 110
6% 6' a
23/
23 4- !
20 ? 3
783a? 37
35%? 41
70 ? 1J,
62 ? 13
II9/2? 8'
97%? '
86! 2? 3
176 -
50 ? 3?
62 ? 1
S?*
23%
22%
19%
78%
33
60
63
119
97
86%
170
48
51
?/a
6 CO 36% 36%
5900 38'8 39
23
46%
91
60
6O34
60' 2
81
7834
18' 2
86' -
300
9600
200
3000
300
400
200
1400
1P00
2800
300 102
4900 12
200 74%
23
46%
91
60
503-i
60%
81
7834
18''2
127 ? 53,4 127
52' 2? 2 52'
8 - 8
23 ? %
35 ? 1
50'2? 1
82 ? 1%
88%? 1%
25%? %
68 ? 1/j
59'-4? 1
17 ? T/t
35%? l/j
90?4 85
101 ? 1 100
361-8? 3a 36
383-4? /a 3834
23 ? % 23
23
35
50
83%
89%
25%
67%
59', 4
17
351/4
423/4? 5% 42% 43
36
3834
23
423a
91
57'/4
49
60%
80%
76
18
86' 2 84
102 102 102 ? '/, 102
12 1134 113/4? ' 4 1114
74% 74% 74%? 4/, 60
81% 77/2 79 ? 3% 79
2S 26% 27%? 1/4 27
9
23%
22%
20/4
7834
35%
70
63%
120/2
98%
863 4
210
52
53
128
53
8%
23%
35%
51
84
90
26
69%
60
17%
36
90
104
36/a
39
23%
Elk Horn Coal-.. 2900 23' \
100 25
? Emerson-Brandt ....
6 Endicott-Job,nson ...
7 Endicott-Johnson pr
? Erie .~ 2000 12% 12%
21% 18%? Erie 1st pr.^V.1800 19 19
15 13%? Erie 2d pr. 100 13'4 13/4
95 76% 8 Famous Players _ 4700 77% 77%
90% 87% 8 Famous Players pr.. 200 87% 87%
12% 10 ? Fed Min & Smelt..'. 100 10%- 10%'
48 38 ? Flsk Rubber Tiro_ 8600 40% 40' 4
36% 24% ? Freepor*. Texas . 3800 25 26
19% 16% ? Gaston. Wms A Wig. 1900 16% 165.?
75% 66% 6 General Cigar . 2500 68% 68%
172 168 8 Gen Ele? Ce. 2900 164 164
345 276 12 General Motors . 9900 290 292
89% *80% 6 General Motors pr. . 100 80% 80%
85% 78 6 Gen Motors 6?? deb. 200 78 ~8 78%
Gen Motors 7% deb. 300 90 90
Goodrich, B F. 1990C 74% 75
2103-4 204 208 ? 4 207
99'/4 99 99 ? % 98
46'4 42 43?4 43
81% 81 81 ? % 81
SZ 92 92?2 92
169 169 169 ? 4' 4 165
7% 7 7 ? '/a 6%
12% 11 11 ? 114 12%
12/4 12 12 ? % 11%
23% 22 22?1% 21% 25
25 25 25?2 23 25
6800 124% 12634 122% 1263,44- 1% 126 127
400 101' 4 1011/4 101 101 ? % 100% 1C1
1600 81%
100 92
300 169
400 7! a
1900 12/s
2800 121/4
91%
583/4
60
62%
81
76%
18%
85
104
12%
75
79%
28
208%
99
431/4
81%
93%
169
7%
12%
12/4
90 88% 7
85% 72% 6
102% 94/, 7
56% 47% ?
49% 37% ?
81% 76% 7
41 36% 4
38% 32% ?
84% 64 ?
62% 64% 4
108 97 7
18
90
22%
83
13% 1
86% 7
18 ?
75 5
61% 61% 6
4% 3% ?
13% 10%
136 120%
61% 32% ?
111% 89 6
84 78 7
89% 73 ?
79% 75 8
2?% 21/.?
71 70 ?
51 % 9?% ?
21% 16% ?
44% 41 ?
30 25% 2
118 110% 8
I 16% 14% ?
; 47 % 46% 4
! 152% 121 4
! 105 101 8
! 90 75 ?
> 33% 28% 2
4%
Goodrich. B F, pr. . . 400 943^
Granby Mining . 400 47%
Gray Davis. 1900 39
Great Northern pr. . . 1900 76%
Gt North Ore subs... 3700 37%
Greene Can Copper.. 200 33%
(Juif State 8teel. 2400 71%
Hask & Barker Car.. 2000 57%
Hartman Corp . 200 97
Hupp Motor . 2900 14%
Illinois Central . 600
lnt'1 Agriculture- 1C00
Int Agriculture pr. . . 300 75
Inspiration Copper... 4900 54
Int Cons Corp. 700 334
lnt Cons Corp pr- 6400 11%
12 12 ? % 12 12/4
18% 18%? % 18% 19
13% 13/4? % 13% 14%
75'/4 76 ? 2% 76% 77
87% 871/2? % 87% 90
1034 1034? 1 10 14*4
37% 3834? 1% 38% 39/4
25 25/4? % 25% 26
15% 15%? 1/4 15% 16
66% 66/2? 2% 66% 67/a
168 158 ? 6 159 160
276 284 ? 9% 281% 284
80/a 80/a? 1 80% 86
78 78 -r 1% ? 78
88 7 g 88%? 1%
72% 74 38? 1
94% 94% 94%+ %
47% 47% 47'/a? %
37% 37'/2? 2%
75% 76%? 1%
36% 37 ? %
32% 33 ? I3,
64 65%? 7%
39
76%
37%
33%
71%
57%
97
14%
54% 55%? 2%
97 97?3
13% 14 ? %
86% 86% 86% 86%? %
18% 18% 18 18?2
777 8 75 77%? 2', s
54 51% 52%? 1%
334 3% 3%? %
11/4 10% II/4
6 Int'l Harvester . 400 122% 122% 120% 122 ? 1
89
74
95
45
37
75 %
3634
32
68
65%
97
14
86%
16
76
53
3%
11
121
89%
74%
96'4
47
38
76
37
33
70
57%
99
14%
87
18
78
64
3%
111/4
121%
33 ? 3% 32% 33
891/2? 3% 89 89 %
78?2 ? ?
74%? 4 74% 74%
75 ? % 74 76%
Int Mer Marine.24900 34% 36'4 32%
lnt Mer Marine pr.. . 11800 92% 93 89
lnt Motor Tr 1st pr. . 100 78 78 78
International Paper. 189v0 78 .8% V3
Inter Paper pr stpd 800 78 76 75
lnternatl Nickel. 16900 22% 223, 21% 21%? 1% 21% 22
Internat! Salt. 100 70 70 70 70 - 70 75
Iron Products. 1600 46% 4634 43% 46%? 1 46% 47%
Jewel Tea. 300 17 17 17 17?1 16 16%
Jewel Tea pi. 200 41% 41% 41 41 ? % 44 44%
Jone. Tea. 100 25% 25/4 26% 26%? 1% 24% 26%
J Kayser. 100 110% 110% 110% 110/,? % 110 120
Kans City Sooth.... 400 16 16% 14% 14%? % 14% 16%
200 46% 46% 45% 46% ? 46 48
6900 127% 127% 121 122%? 6% 122 125
300 101% 101% 101 101 ? 1 99% 102
1000 78 78 75 76?7 74 78
3900 29% 29% 28% 28%? % 29/? 29%
4?% 29% 1.20 Keystone Tire. 8900 33% 33% 29% 30%? 3% 30% 31
91% 74% ? Lackawanna Steel... 9600 80% 81% 74% 77 ?4% 77. 78%
38% 31%? Lee Rubber & Tire.. 4600 33% 33% 31% 31%? 1% 31% 33
441/1 41% 3% Lehigh Valley. 300 43 43 42 42 ?1% 41% 42%
208% 199 12 Ligg ft Myers Te Co 200 200 200 200 200 + 2 198 210
109% 108 7 LI? ft Myers T Co pr 200 108 108 108 108 - 107 108
32 27% 2 Leews, In? . 4300 29 29 27% 27%? 1% 27% 28
28 20%? Left Candy.'.. 7800 21% 21% 20% 20%? 1% 2\% 21%
Kans City South pr.
Kelly Springfield
Kelly Spgfield 8% pr
Kelsey Wheel Co
Kennecott Copper.
Record o? Stock and Bond Averages
(Copyright, 1920. New York Tribune Inc.)
Ranr* ?nus '?'
Yester- Day
day. before.
20 Railroad stacks. 62.50 63.55
20 Industrial atoek*. 96 1? 99 23
50 Stocka . 82.66 84.96
10 Railroad bond*. 73.31 73.50
10 Industrial bonds. 91.01 91.28
5 Utility bond?. 74.22 74.07
25 Bonds. 80.57 80.71
1920.
Rang? foil year.
191?.
Low,
62.50
96.10
82.66
73.31
90.71
73.77
80.57
Hlirh. Low. TVv.
1020. IOL'0. Rate
70 55''a ?
100 98% 7
183^4 158% 12
1121 2 103'/a 7
64 64 4
136'i 112 10
48 40 7
33% 30 % ?
30'-a 25 ?
363/4 29 ?
120
180
21%
31
46?*
12'/2 ?
Snlew. Open. High
Loose-Wile.-? Biscuit, i 300 59% 59%
Loose-Wiles Bise 1 pr 100 99 99
Lorl?ard P . 300 158% 158% 158'4
Bid. Aik.
Louisville & Nosh.
Mnckay Co? pr.. ..
Manat? Sugar ....
Manhattan El ....
Manhattan Shirt ..
Martin Parry. 200
4100
200 104'/
100 64
900 115
300 40
500 32
103!, 2 104'/
131
222
26
7134
523,4
14
74%
9114
9%
14
26Tb
43
691/2
10034
51
38%
125
72%
60
11'.a
P9%
86'4
6%
17' 2
4G
1 17
70%
I 43%
! 61
! 28
i 17', 2
I 99
1 72
' 58
811-2
7714
50%
10%
9'/2
142
! 41%
65
I 78
! 61'4
! 383 a
; 1084
- 103' a
: 47' 2
! 42%
1 35%
? 14
' 41'2
! 31%
66%
?2%
60
82%
' 1C8' 2
23'a
98
63%
91'2
29! 'z
27*4
103! a
117%
96
I 102
! 223,4
! 77H
I 94
! 100
Maxwell Motor Co..
May Dcpt Stores. 800 124
Mexican Petrol -25100 188
22'
7
m
2 Miami Con Cop. 1200
1 20 Middle States Oil... 8900
4 Midrale Steel . 16900
5% 183% 184
70
90
8
12
23 "2
39', a
63%
99
40'. a
Minn & St L new...
M St P & S S M_
M St P & 8 S M pr.
Mo Kan & Texas. . . .
Mo Kan & Texag pr.
Mo Pacifie .
Mo Pacifie pr.
Montana Power
Montana Power pr...
200
300
200
900
200
1800
800
700
200
36'/
117
69
75
9
74
78
?'2
4 Mullins Body .T. 1600
3% National Acme . 2200
_ 37-14
200 117
2600 62%
10
2',
5
1
7
4
5
7
5
4
51,2 ?
15 1!
40 ?
100'
671/2
38
50
251-2
16%
94%
66'a
50
76%
59'4
43
7%
7%
128 .
31
57'4
72
5234
36%
79
75
39
40%
25%
11%
35
28
6 3'.'2
35
51
55%
102
17%
90' 2
574
89%
25
National Biscuit .
? National Aniline
5 Nat Cloak & Suit_ 300 75'/
? Nat Con & Cable_ 300 9a,
6 Nat Enam <?. Stamp. 1400 78'
5 National Lead . 700 79
N R K of M 2d pr. . 200 5'
Nevada Con Corp_ 300 15'
N O Tex & Mex_ 500 40}
New York Air Brake 2000 105
New York Central. . . 2500 68
N?w York Dock. 300 38
New York Dock pr. . 100 50
N Y N 1! & Hart... 2700 26'
N Y Ont <S. West_ 700 16',
Norfolk &. West. 1900 953
Norfolk & West pr. . 800 673
North American .... 600 54s
North Pacific . 1900 77}
Nova Scotia Steel... 900 66
Ohio Cas. 8600 45
% Okla Prod & Ret... 9900 8!
Ontario Silver . 800 8
Otis Elevator
700 128
? Otis Steel . 4800
Owens Bottling M... 1400
Pacific Develop .... 300
Pacific Gas & Elec. . 300
Pacific Mail . 200
Pan-Am Petroleum.. 28900
Pan-A m Pet B. 4900
Parish <?. Bingham. . 700
Penna R R. 1900
Penn Seah Steel_ 4000
Peor?a & East. 300
Peo Cas & Coke... 2000
P?re Marquette .... 5600
Pere Manj prior pr. 200
Phila Co . 7100
Pitts C C & St 1. 200
18
93
113
83
93
20
70
77%
99
124% 102%
1063-4 103=4
55% 48',
71
14%
14%
16
23%
12%
23
7
13%
218
11%
78%
35%
68 Va
94%
20
53%
39%
67
95
112
46",
9%
177
31
180
1234
74
100
22
68
30
90
29
110%
I 77
? 21%
! 1634
! 19%
27
14
25%
; 7%
I 15'4
' 240
I 13
90%
48%
: 82'4
; 105%
; 23
I 56%
: 43%
I 86%
i 115%
137%
| 60%
! 12%
j 231
' 43%
i 193
j 14A-4
' 95%
'? 106
: 38%
I 80%
35
98
! 38 !_
I 124% 119
? 69% 66'4
i 148 138
! 53 50
'? 53 48%
; 204% 185
I 12% 10
29% 22'/,
25%
? 55
I 3134
! 78%
i 116%
1033,4
: 66%
! 96'/g
? 14334 118
115/2 113
i 76 66! 2
! 47% 46
109 100%
. 115% 112%
. 80% 72
! 12%
?7%
72%
? '12%
8*B
1 24%
56
i 11%
; 25%
? *4
88%
119
65%
65%
82%
14
66%
32
93
130
95%
76
5 Pierce Arrow . 304OO
8 Pierce Arrow pr. 400
? Pierce Oil . 6600
8 Pierce Oil pr. 500
5 Pittsburgh Coal _ 800
6 Pittsburgh Coal pr. 200
? Pitts & West Va_ 900
Pond Creek Coal... 1600
Pressed Steel Car... 3900
Pullman Pal Car. . . .
Punta Aleg Sugar...
Railway Steel Spring 1600
Ray Con Cop. 3000
Reading . 6700
Remington Typew... 9200
Rt-m Typew 1Bt pr.. 200
Rep Iron & Steel.
Rep Iron &. Steel
Rep Motor Truck.
2000 113!. g 113%
43%? 1%
8 ? %
7%? %
128 ? 2
31 ? 4%
57%-? 1
72?2
52%? 2
36%? %
81%? 8%
76 ?12%
39 ? %
41%? %
25%? 5%
111/4? 2%
35%? %
28%
63%+
36 ? 1%
51?4
57%? 8%
102 ? 2
17%? 1
90%? 2%
57%? 1%
90 ? 1
251/4? 1%
18 ? 2%
93?3
113 ? 1
81%? 1%
93'/2? 2%
20%? %
72%? 2%
. 77%? 2%
V/.
100 100 ?
IO234 104%?
4
200 103% 103% 103%
98% 5 20 Royal Dutch N Y
Savage Arms _
Saxon Motors . 6100 16
St Joseph Lead.; 600 157
St L & San Fran.... 7200 17?,
St L & Sun Fran pr. 200 24',
St L & Southwest. . . 2C0 12',
St L & 8west pr_ 400 25
Seaboard Air Line... 1000 7
Seaboard Air Line pr 200 133
Sears Roebuck, . 800 220
Shattuck & Ariz_ 200 12
% Shell Trans Ter. 19700 82?
Sinclair Oil . 90600 38
Sloss-Sheff Stl & Iron 6 '00 73
Southern Pacific .
Southern Railroad
Southern R R pr.
Stewart-Warner .
5
1
8
10
4
7
3%
3%
10
18% ?
43 5
28% ?
60% 2
95% 9
102 7
44% ?
73 3
8
8
6
3'/?
6
7
6
9% ?
46% ?
65% 4
109% 8
7% ?
21% ?
61% ?
10% ?
23 ?
57
86
114
61%
64%
64
180OO 9734 98% 94%
2800 21 21 20
300 63% 53% 53%
I 200 39% 39% 39 %
Stromberg Corb. 3400 71% 71% 67
Sludebaker .I. 44600 100% 101% 95
Stutz Motora . 1500 124% 124% 112
Superior Steel . 1300 46% 46% 45%
Tenn Cop & Chem. . 6900 11 11 9%
Texas Company. 13600 188 188 177
Texas & Pacific_ 2800 34% 35 ?31
Texas Co full pd_ 300 180 180 18C
Third Ave Railroad 400 13 13 13
Tobac Produc?a. 4600 79 80 73%
Tobac Prod pr. 200 101 101 100
Tran Con Oil. 304C0 24% 24% 22
Transue W Steel- 900 60 60 58
Twin City Hop Tr. . 200 32 32 32
Union Bag & Paper 300 90% 91 90
Union Oil. 10400 32 32 29
Union Pacific. 4900 120% 120% 119
Union Pacific pr_ 800 67% 67% 67%
United Drug . 700 140 140 138
United Drug 1st pr. . 200 50 50 50
United Alloy . 1400 48 48 46%
United Fruit . 1500 185 186 184%
United Ry Invest ... 700 10% 10% 10
United Ry Invest pr. 300 24% 24% 22%
U S C I P & Fdy... 700 19% 19% 18%
U S C I P & Fdy pr 1600 44 45 44
U S Express. 200 28% 28% 28%
U 8 Food Prod. 3400 63% 63% 60%
U S Induat Alcohol.. 12100 100 100% 95%
U S Indust Alcohol pr 200 102 102 102
U 8 Realty & Imp.. 19C0 48 48 45
United Retail St.29600 81 81% 73
U S Rubber.29100 122 122% 118
U S Rub 1st pr. 2C0 113% 1133,4 113
U S Smelt & Kef- 800 68/4 68% 66%
U S Smelt <?. Ref pr. 400 46 46 46
96% 106%
22% 23
1% 119% 120
10 ? % 9% 10
22%? 3% 22 23%
18%? 1 18% 18%
46 4- 1% 44 48
28%? % 27% 29
61 ? 3% 60% 62
97?4 96% 97%
102 ? 1 99 104
45?4 45% 46
75%? 6% 75% 76
119%? 2% 119% 120
113 ? % 112% 113
66%?2% 67 67%
46 - 45% 48|/i
10% ?
56
26%
88%
122%
80%
70
^- ? -???/a *??/4
U S Steel .119800 102% 1C23,4 100% 1003,4? 13,4 100% 100%
U S Steel pr. 800 113 113 112% 112%? % 112% 112%
Utah Copper . 4900 79 701/ to ->nu " - ?
Utah Sec Corp. ...
Vanadium Steel . . .
Va-Carolina Chem.
Va-Carolina Ch pr. _
Wabash. 80O
Wabash pr A....... 400
Wells Furgo Ex. 200
West Maryland . 700
Western Pacific _ 300
Western Pacific pr. . . 100
Western Union Tel.. 100
WcAt'hou?e Air Brake
Westinghouse Mfg. . .
W'house. Mfg 1st pr.
Wilson Co .
Wheel & Lake Erie. .
White Motors . 4800
Willys Overland _ 25100
WiJiya Overland pr.. 300
Woolworth. 700 122% 122% 122'
Worth Pump & Mach 6600 84 854
Worth P & M pr B. 800 72
Midvale Steel's Net Declines
"
Company Earned $1.64 a Share
On Capital Stock in Quarter
As a result of operations in the
; quarter ended December 31, 1919, the
Midvale Steel Company returned net
profits after charges and Federal
taxes of $3,282,595, equivalent to $1.64
a share, $50 par, earned on the $2,000.
00 capital stotift, which compares with
: $3,408,359, or $1.70 a share in the pre?
ceding quarter, and $5,023,997; or $2.51
a share in the December, 1918, quar?
ter.
Net earnings during the quarter
were $5,654,086, a falling of $2,802,
584 from the corresponding period oi
1918. After interest charges of $779,
182 and depreciation, etc., of $1,692,
309, surplus was $3,282,595, a d?clin?
of $1,741,402.
Net earnings of the company for th<
year ended December 31, last, a? com
piled from quarterly reports? vert
$19,346 840 or $22,585,328 less than in
">e preceding year. Bond interest
amounted to $3,141,509, and depreda
iu V^*6'8'6'913- lea?* ne? prof
a ah?fe $10'38?-418- equivalent to S
a sh?r!' ???mat. $29,163,408, or $14.58
a share earned in the year before.
a
Stocks Ex Dividend
Feh t^r??kiyn ?diaon..:::::::::::: i*
?Fib.- ] I:1^-?och * ?". Ry.V J
i FeU ?S C17?P* Pitta' R ' R ?uart?: '.'.'. * %
?Feb s r?r? ?Peclal guaranteed. 12
\*<*- lftW Fw" * Iron. .%
*& 6???h' B F. 1
i Feb' i? ?I!,lnoi? Central R r! \ '. '. \ '. '. '. \ ] i $
?Feb 7 ?lIrnat Harveater pf. 1?
1 ??>?>: 6 New v c'e?,Tfle'<i Coal A I pf. ?
Fob in pu! York Dock. 2^i
Feb. li prhJlad?'Phta Co 5 per cent pf. l?
1 Feb s T-.s*ed 9teel Car pf. i 2
In Wall Street
"What Do You Think of the Market?"
An official of high standing in a lead?
ing national bank who is far from
optimistic over the general outlook:
"MEny Btandard industrial stocks have
been forced down to levels where they
are selling below intrinsic values. But
that will not ?top them from going
lower. Psychology in a great factor in
th.? securities market and vou have the
mass of people beginning to stop, look ,
ind listen. It is a time for caution.
Tho domestic credit situation is noth?
ing to worrw over. What is botrierin*
bunkers and hi:; con.mrrcial houses is
the international credit situation. We
are rapidlv approaching condition
which will absolutely cut off all our
export business excepting: in the case
of a few essential commodities. I can
see not even a ?rlimmcr of linht on ilie
horizon. Of course the bottom of the
fall in exchange is bound to be reached
sooner or later, but the possibilities ?n
the mean time are not pleasant to con?
template."
Paying the Piper
Margin calls that went out late
Tuesday from Wall Street by the thou?
sands did not meet the same generous
recponse from traders as was the case
on the big market breaks,of last year.
The result, of course, was a great deal
of forced liquidation. This was par?
ticularly true where traders were carry?
ing the higher priced industrials. In
a large wire house whose business comes
mainly from out of town branches ad?
ditional margin was forthcoming from
only about a third of the customers
who received the unpleasant news that
more money was needed from them to
bolster their accounts. In other words,
two-thirds of the holders of long stocks
carried on margin, who were asked for
more money, preferred to dump their
stocks overboard. The disposition was
to let go of the high price*! industrial"-,
und to hang onto the less volatile
stocks. It. was selling of this kind
from a hundred and one houses that
contributed in a measure to the gen?
eral market weakness. Margin clerks
were busy a^ain last night. This
morning's mail will unset a lot of
people who up to yesterday had Tot
been bothered by their brokers.
United States Steel Common
United States Steel common lost 1 %
points net yesterday, closing at tOOV
The high price for the day was 102%.
the low 100%. At the bottom it showed
a net decline from the high of the
year of 8% points. Steel's high price
last year was 115%, made on the rise
that culminated in July. To the trader
who is looking for real action Steel
has not been much of an attraction
for several months. A canvass made
of the leading commission houses in
the financial district Indicates that the
amount of Steel carried on margin is
small when the 5,083,200 shares out?
standing are taken into consideration
Much Steel common has been bought
outright, and cannot therefore be dis?
lodged by margin calls.
A Record Performance
It takes a declining market to brin?
out stocks. Yesterday, for instance
there were 355 different, issues bough'
and sold on the Stock Exchange. This
was close to a record performance.
Out of this total, a mere handful,
twenty-two to be exact, showed net
gains. Seventeen were unchanged af
the end of the day. The other 316
showed a fine array of minus Bigns
chalked against them when tiie bell
rang at the close.
The Shoestring Market
There still exist houses outside the
pale of Stock Exchange authority
where prices, not stocks, are traded in
by gullible customers. These are often
times called "bucket shops.' Yester?
day and the day before were harvest
days for such concerns. Customers
who had been coafced into pyramiding
their long accounts on a shoestring
| basis were caught in the swirl of fall
? ing prices and sold out. Losses sus
j tained by clients in many such houses
I on the break this week alone probably
? run into hundreds of thousands of dol
? lars. Tn most houses of this kind
? customers are not permitted to sell
stocks short. Such bouses do not be
! Heve "in destructive operations."
-
Averages at Low for Year
The uniformity of the decline in the
market yesterday is shown rather strik
'. ingly by the movement of the stock av?
erages. The average price of thirty
industrial stocks stood at 96.10 at the
close. This was a drop of 3.13 points
in the average from the close of Tues?
day. From the high of the industrials
; for 1919, 119.33, the average is now
down 23.23 points. A year ago yester?
day the-average stood at 81.37, so that
: prices have still a long way -to go to
get back to the level from which stocks
: started on the long upward pull in 1919.
The average price of twenty railroad
stocks at 62.50 was off 1.05 points from
! the day before and off 7.85 points from
| the year's high.
"Worse Before Better"
"Perhaps they are putting them down
\ so they can put them up later," ob?
served the Sage of New Street yester
; day. "That's like the doctor who tells
? that you must get worse before you can
get better."
On the Curb
Traders who confine their operations
to the Curb market consoled themselves
that at least they did not have to worry
I about margin calls from their brokers.
j "That's one advantage of owning 'pup
I stocks' in a falling market," was the
I comment of one Curb market follower.
"The worse they can do is disappear
temporarily from the trading list."
The Curb suffered with the big market
in the decline. Some of the really weak
stocks were General Asphalt, which
touched par at the bottom against a
recent high of 125. Houston Oil. one of
the mystery stocks of Wall Street,
broke to 92. At one time the report
came from the Curb that the stock was
85 bid, offered at 100. Houston sold in
December at 167.
Texas Company
A survey of the present status and
? outlook of the Texas Company has been
prepared by the Stock Exchange firm
; of Luke, Banks & Weeks, which esti?
mates the total property back of the
stock at $282,000,000. This puts a book
value of $54 on each share of stock
issued on the new basis. The new stock
i sold on the Curb yesterday at a high of
| 49 and a low of 46. On the Stock Ex?
change the old stock closed 10 points
off at 170. The new stock was issued
on a basis of four shares of the new
for one Bhare of the old.
??-.-?
iViles-Bemeiit-Pond Company
Profits Decline in 1919
'Manufacturing profits of the Niles
Bement-Pond Company for the year
ended December 31, 1919, amounted to
$4,897,661, a falling off of $3,323,116
from the preceding year. Miscellane?
ous income of $652,285 was added to
that amount, bringing the total to tS .
549,946, or $3,750,^5 less than in 191?
ni^enf ?"? Uxe8' etc? ?egreeated $3 -
260,322, a decline of $2,1497466 from
the year before.
.,.^5* profits realized in the year wer?
$2,280,624, equivalent, after the pay^
ment of preferred dividends, to $25 64
$S?sVs0m?0n.?k' C0?P?ed with
*J,H18,98S, or $36.33 a share in the
previous year. Holders of the stock
shared $960,851 in dividend diab?ne
ments, leaving a $1,319,778 surplus, a
decrease of $603,486 from 1918?
? SKA0** 9\Pherinffton wa? el?cted
tw? U*i?Q ?nthi?-w0n,pa2.yl ?ucceeding
the Ute S. D. Fitton. Other retirin*
I dAwetow war? ra?iectad? e"?n*
JAPAN'S
Industrial Growth
?pv URINO the War Japan"?
"*"^ induBtrial capacity was
expanded by the addition of
metre than 14,000 new enter,
prises, comprising every
branch of industry. During;
the first six months of 1919
alone more than $600,000,000
in new capital was invested
in Japanese industry.
Th" Industrial growth or Jap?? t?
F'-on'l only to that of the T'nltod
HtntPH, and, '?'i" to na'uraJ limi?
tations, i?? dependent to a. larga
(lesrree upon Biippll"? furn1fth<yl by
American Industry.
By utilizing the facilities nffoMefl
by :hln corporation, ?Ith r>ran<-hae
at Yokohama an<1 Tokio. Ameri?
can manufacturers wli! greatly
ftngnrnt th<-tr ahlllty to do bust
nppii with Japan.
Other Branch??
SHANGHAI. China PARIS. Fran?
SEATTLE SAN FRANCISCO
PAR?C'(jN!ON
FOREIGN BANKING C0RP0RAJI0?
56 Wall Street
Paid Up Capital and Surplus IM5I.SM
High Yield
Convei
Bonds
For those who with
to invest conserva
Convertible lively and at the tame
time in a way which
will enable them to
take full advantage of
favorable influence*
in the stock market,
convertible bonds
offer distinct advan?
tage?. We suggest,
at a pnce to yield
7 *7c, a short term
convertible bond ef
the Cuba Cane Sugar
Corporation, the
largest single pro?
ducer of raw sugar
in the world.
Ask for descriptive circular No. 506
Bonbright & Company
Incorporated
?5 Nassau Street New York
Philadelphia Huston I hloase
Detroit Pi Louis Buffalo
VPTOWX OFFICE
Especially for Women Inventor?
7 Eaitt 41th St.
G 3
Cuba Cane
Sugar Corporation
7% Debenture Bonds
The importance of sugar as a
basic food has caused in?
vestors to consider favorably
the sugar industry as a field for
investment.
A carefully prepared story of
the sugar situation as it affects
the debenture bonds of the
Cuba Cane Sugar Corporation
is now ready for distribution.
Ask for Letter A 114
tferrick & Bennett
Members Ncn> York Stock Exchange
66 Broadway, New York
Telephone Rector 9060
c o
?HELLWIGSREUT?ER
Members A/ea> York Stock Exchanf?
IFvVEST.aiENT
LLCURITIc3
26 Broad Street. New Yor k
lele*.none Broa?! nao
HENRY CLEWS & CO.
Members of N. Y Stuv.ii iCxc banse.
11. 13, IS. 17 * I? BROAD BT.
Deposits received subject to cheque.
Stock, Bond ?: Note Issues of
Railroad Sc Industrial CompaniM
Bought and Sold
?nd conservative advances ma??
thereon.
Dealers ?a
LIBERTY BONDS
lirwncb oaicea? 3?io FittU Ave..
?S. %*f*, *???????. a? Warrea M.
MS Third Ave. I? C?art St., ttre*klya>
Winchester Co.
Common Stock
J.K.Rice.Jr.&Co.
Phone? 4000 to 4010 John. J8 WalJ SU. N. Y.
INCOME AND EXCESS PROFITS
TAXES FOR 1919
Ja????Iiet ?"??'nine; a aisraet of the
.m ??" survey of the new feature?
?BEEFS. ?M "?orne snil l?Tt?T
?;??>?<> upon application.
Metropolitan Trust Company
????art?'.e-c,ty of N?"w York
j? Wantt, ?? FMtlt Ave.

New-York tribune. [volume], February 05, 1920, Page 16, Image 16
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New-York tribune. [volume], February 05, 1920, Page 16, Image 16
About New-York tribune. [volume] (New York [N.Y.]) 1866-1924