New-York tribune. [volume] (New York [N.Y.]) 1866-1924, February 09, 1920, Image 12

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New-York tribune. [volume], February 09, 1920, Page 12, Image 12
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New-York tribune. [volume] (New York [N.Y.]), 09 Feb. 1920. Chronicling America: Historic American Newspapers. Lib. of Congress. <https://chroniclingamerica.loc.gov/lccn/sn83030214/1920-02-09/ed-1/seq-12/>

Newspaper Page Text

If
cochran?
Harper
&Co.
til Broadway 60 Stat? St.
NEW YORK BOSTON
Invincible
OU Corporation
Vp-to-dat? ?nalyrt* of Com
pa?i/'" Position and .Prospect?
on Request.
WEEKLY LETTER
Glttng current news and detelopnient o!
INDEPENDENT
&
STANDARD OILS
Furnished upon request
SARTORIOS
SMITH &
LOEWI
Member!
New York Stock Exchange
New York Cotton Exchange
20 Broad St., New York
? Phon? Rector 2480
BRANCH OFFICES
500 Fifth Are. 63 West 125th St
141 Broadway, Brooklyn.
Philadelphia
Company
This Company h?s n?d a
dividend record for a
period of r-lmost 34 years.
An analysis has been pre?
pared on the pbovc Com?
pany, which will be sent
upon request.
Hirsch,Lilien'Jial&G).
Memoir? H. T. Stock Exchange.
61 Broadway New York
Farsighted investors
are buying these attractive
preferred stocks
Oriental Navigation Co.
Northern States Po. Co.
Shaffer Oil & Refining Co.
Ask for Our Booklet NYT-234
H.M.Byllesby & Ca
Incorporated
^ til Broadway JVetuYorfc }
Bonds for Investment
Ham's, Forbes & Co
Pine Street, Corner William
NtW YORK
French Fiscal Plans
The current number of tho "Fort?
nightly Survey of French Economic
Conditions," which is published in this
country by the French High Com?
mission for the information of Ameri?
cans, gives in detail the terms of the
new internal loan, under which bonds
will be offered in the United States,
afid also the plans of the Ministry ol
Finance for increasing taxes.
M. Klotz has estimated that the In?
creases will bring taxes for the pres?
ent year up to 7,000,000,000 francs,
and that his new proposals will yield
1,461,000,000 francs. Regarding hi*
program, the high commission's survey
says: "The plan includes a surtax o;.
war profits varying from 60 to 80 pet
cent, as well as on the increase of
wealth realized between 1914 and 1919,
when such increase exceeds 20 per
cent of the corresponding capital in
1?14. Mr. Klotz also proposes a tas
ranging from 5 to 60 per cent; besides
stock exchange transactions would be
liable to additional assessment. In?
creased taxation on agricultural and
commercial profits and on salaries fa
to be levied, and Anally a special tax
oo bachelors is proposed."
In connection with the collapse in
franc exchange, due in part to the
large excess of France's importa over
exports, the commission makes public
a list of the commodities France is
ready to export to the United States.
The list includes preserved fruits,
vegetables, game, nuts, liver pastes,
table luxuries drugs, artistic porce?
lains, cutlery, dental surgical instru?
ments, perfumes, jewelry, fans, lacea
and embroideries, lingerie, handress
?ra* articles, beaded bags, hosiery and
emitted goods, and feathers -and arti?
ficial flowers.
Finance and Trade
Developments of the Week
and Their Bearing on
the Outlook
The stock market last week dis
' covered the foreign exchange mar
i ket. It had been there all the time,
but speculators and investors seem
j ingly were unaware of the fact.
! True, there had been a good deal of
j discussion of the declining quota?
tions on sterling, franca and the
other European moneys, but foreign
exchange is notoriously a complex
subject and its relations to security
values are not easy to trace. It had
been going down for months without
seriously upsetting prices, so why
worry about it? There was an in?
clination to regard it as a thing
apart?interesting enough in its
way, but hardly of vital moment.
But suddenly it stopped just declin?
ing and literally tumbled in a most
sensational fashio,n. Then all at
once people apparently awake to the
fact that it was of vital importance,
not in itself, but as a barometer of
a condition that could not fail to
react in a serious way on the whole
domestic business structure. They
suddenly realized that the collapse
of sterling and the other exchanges
meant that a great slump in export
trade must inevitably follow. And
a slump in export trade meant that
a general reaction in business must
ke place. All this had been said
over and over again, but the story
fell on unlistening ears until it was
given point by a break in exchange
rates without parallel in history.
Then speculators and even inves?
tors found it no longer desirable to
continue the struggle against high
money. Some of them sold stocks?
and sold in large volume. As their
sales forced stock prices downward,
other holders became frightened or
were unable to respond to brokers'
calls for more margin and their
holdings were thrown on ?the market.
Each fresh decline brought moue
stock out, until the decline assumed
the proportions of a small panic.
Vnd all the while money remained
scarce and high. The call loan re?
newal rate for two successive days
was 17 per cent, the highest re?
corded in more than twelve years.
Time money was not obtainable at
all. Brokers bid as much as 10 per
cent for ninety-day collateral loans
vithout securing the desired funds.
\t the time when money was needed
most it was hardest to get. This, of
course, added to the demoralization
of the market.
But on Friday, when stocks were
dropping points between sales and
brokers were preparing for the
worst, the banks came to the rescue.
Call money was offered freely as low
as 10 per cent. It was not in great
demand, owing to the fact that brok?
ers had already obtained the greater
part of their requirements over the
week end at higher prices, but the
psychological effect was important.
Those working for lower prices had
taken advantage of the stress cre?
ated by the great volume of liquida?
tion and for three days had ham
i mered stocks almost without a let?
up. Fearing that easier money
wou'd cause an overdue rally ? a
fear that was realized chiefly be?
cause of their own purchases?they
promptly began to cover. The de?
mand from the shorts was large and
urgent, and it caused an uprush in
j prices almost if not quite as sensa
! tional as the preceding decline. In
J a brief period a fair part of the
? losses previously recorded had been
j wiped out.
It was significant, however, that
i the upturn was caused chiefly by
short covering, although purchases
by speculators who foresaw the rally
contributed to the improvement. But
I short covering, unfortunately, weak?
ens the technical position of the mar?
ket, and traders who buy for the
turn are jusually satisfied with a
small profit. Therefore the advance
in prices at the end of the week was
j not convincing. There was less talk
j of panic, but sentiment generally
? was rather pessimistic. Few traders
| or brokers were willing to venture
more than an opinion that the worst
of the decline had been witnessed.
, I The slump was, as has been stated,
i precipitated by the collapse of ster?
ling exchange; but before it had
; proceeded very far the shortage of
1 i money became the factor of prepon
! derating importance. The market
j had become more or less accustomed
to high money, but it lacked the
. hardihood to withstand a renewal
? rate such as is never witnessed ex?
cept in time of great stress and a
shortage of fupds, at that. The sit
! uation was made acute in the ex:
? treme by huge government with?
drawals?so acute that not a few
brokers expected that the 30 per
cent rate which brought about the
smash last November would be ex?
ceeded. That in all probability
would have happened if the banks
had not taken action to prevent it.
Realizing the danger of a disastrous
panic inherent in such a situation as
existed, bankers, after an exchange
of views, came to an informal un?
derstanding under which they were
able to ease the strain.
In effect, the situation is much the
i same as it was when the money com
j mittee was formed at the request of
the government in 1918. Of course,
there is no money committee now?
all the banks insist that they are
acting independently ? but when
things look dangerous there is noth?
ing to prevent one banker from sug?
gesting to another, in a purely in?
formal way, that it would be a fine
thing to put out a couple of million
dollars on call And if the sugges?
tion is made to enough bankers and
all of them adopt it, money suddenly
becomes easier. That, we believe,
is what happened on Friday, and
what will happen again if necessity
should arise. But it should be re?
membered that such action is taken
solely for the purpose of preventing
a crisis and does not signify that
anything like real money ease can be
expected. On the contrary, bankers,
acting on what is tantamount to or?
ders from the Federal Reserve
Board, which apparently is inflex?
ible In its determination to bring
about deflation, say frankly that
while all the funds needed for legiti?
mate business of any kind will be
supplied, there will be none forth?
coming for financing purely specu?
lative operations either In stocks or
commodities. This being so, the
possibility of a renewal of bull spec?
ulation on a large scale is, to say
the least, somewhat remote.
At the end of a week; which was
perhaps even more trying than the
one which marked the culmination
of the bull market of 1919, Wall
Street was asking just one ques?
tion, and asking it with a good deal
of anxiety, "Has the end of the
decline been reached?" Naturally,
there was great divergence of opin
ion. On the one hand it was con?
tended that the market had gone
through a three months' period dur?
ing which liquidation had proceeded
more or less steadily; that the de?
cline in prices, reaching about 25
points in the industrial average, had
certainly been drastic enough to dis?
count a good deal in the way of
adverse developments, and that the
expected slump in foreign trade
might make money easier. On the
other hand, those less cheerfully in?
clined pointed to the slump in for?
eign trade as a forerunner of a
drastic reaction in business gener?
ally, and to the fact that the Federal
Reserve Board has given no indi?
cation whatever of any intention of
altering its program for bringing
about deflation. They argued, more?
over, that even though stock prices
had fallen a good deal since last
November, the industrial average
still is far above the level from
which it started on its upward flight
through 1919. As for the railroads,
their future still is in the realms of
uncertainty, as prices show. The
railroad average is nearly twelve
points below the average at this
time last year.
The Reserve Board's deflation pro?
gram has at least the merit of
simplicity. First, you raise redis?
count rates and so tighten money
and force liquidation. Then, when
the liquidation assumes a threat?
ening aspect, you ease up a little
until the scare is past; then put on
the brakes again. The result?theo?
retically?will be to reduce prices
gradually without hurting any one
except those vague persons, the
profiteers?of whom, by the way, an
amateur economist estimates there
are something over 100,000,000 in
this country. But in practice it may
not work out so well. Any one who
has studied markets even super?
ficially knows that in a rising mar?
ket prices always go much higher
than the values warrant, and that
in a falling market they go much
lower than they should, for the sim?
ple reason that there is invariably a
tremendous momentum to such move?
ments. %
In a rising market for a com?
modity, for. example, a large amount
of it will find its way into the hands
of speculators who have not the
slightest interest in real values, but
buy only because prices are rising.
The greater the rise the greater the
accumulation of this sort is likely
to he. Therefore, while there may
appear to be a severe shortage of
the commodity when prices have
reached a very high level, there is
usually a large invisible supply in
the possession of a small army of
speculators?the ones against whom
the Federal Reserve Board is mak?
ing its drive.
At a certain stage of the proceed?
ings some speculator who is
? shrewder than the average sees that
the top has been reached and sells.
Or perhaps, owing to morey strin?
gency, some one is forced to sell. The
price br aks a little, and another
specula or gets worried and sells,
too. Prices fall a little more and
still another one mar'cets his hold?
ings, pushing the decline a little
harder as he does so. And then all
at once it becomes apparent to
everybody that prices are falling,
and there is a rush to get out from
under. Nearly every one who holds
the commodity wants to sell at the
same time, and hardly anybody
wants to buy. The result is that
the price structure built up through
months or even years of feverish
speculation for the rise is wiped
out In a very brief period. It hap?
pened last fall in the stock market.
It could happen in the markets for
numerous commodities if the Fed?
eral Reserve Board should press
things too hard. The time to pre?
vent a crisis la before it develops.
Transactions Last Week in Listed Stocks
Summary of Stock Exchange Dealings
Week
Last week. before.
Railroad etocka- 810,100 227,100
Other atock?. 6,799,600 3,376.700
All stocka . 6.000,700 3,602,800
Tear January 1 to data
?go. 1920. 191?- 191?.
419,200 2,248,700 3,781.100 4,610,000
1,335,800 21,316,100 11,616,100 1334,100
1,754,800 23,664,800 16,297,200 17,810,900
I.nii week. Week before. Year ago. 1920. 1818.
U 8. iror'ment bonds $82 888,000 $63,366,000 $44,501,000 $366,902,000 $246,881,000
Railroad bonda . 9,068.000 6,619,000 8,676,000 44,849,000 44,114,000
Other bonds. 10,192,000 9,826.000 15,801,000 49,996,000 49,228,000
All bonda . 102,148,000 78,801,000 68,978,000 461,747,000 340,223,000
Record of Stock and Bond Averages
(Copyright, 1010, New York Tribuna Inc.)
?? Last week. Year ago.
High. Low. High. Low.
20 Railroad stock?. 64.65 61.15 70.45 69.60
30 Industrial etocka 102.63 94.63 81.37 79.20
60 Stock?. ?7.38 81 34 76.96 75.32
10 Railroad bonda.. 73.71 72.82 81.17 80.75
10 Induatrial bonda 91,26 90.63 94.78 94.60
5 Utility bond?... *422 73.92 85.58 85.12
26 Bonda. 80-75 80.19 87.47 87.29
Bang* thus
far 1920.
High.
66.20
110.30
92.66
76.28
91.45
74.62
81.71
Low.
61.15
94.63
81.34
72.82
90.63
73.77
80.19
Ranga fall
year 1919.
High. Law.
78.80
119.33
?9.64
82.80
96.70
87.75
87.91
63.36
79.20
75.92
72.83
90.66
71.80
80.21
High
1920.
331/4
45%
72
88%
2
2%
63%
92
95
46%
95'/,
128%
175
61%
101
143%
1161/4
54%
15'/a
101%
30%
122
47
120%
14'/2
86%
9>J%
105%
106%
44
30%
72
IOO1/4
82
115%
46%
93%
140%
118%
99
92'/a
100%
283
97%
74%
165%
105'/,
61%
21%
65'/4
13%
26'/*
6'/4
671/4
75
Data.
Jan 3
Jan 5
Jan 12
Jan 6
Jan v3
Jan 3
Jan 3
Jan 3
Date.
Feb
Peb
Feb
Feb
Low
1920.
29
341/4
67
67%
1%
1%
42'/*
86'/a
86/a
44
80
113%
170'/4
47 .
95
126%
116
44%
11%
95
22
106 '/a
38
931/a
1334
74%
93?/a
88'/2
Jan 14 104'/* Feb
Jan 2 3234 Feb
Net
Jan 30
Jan 6
Jnn
Ian
Feb
Jan
Jan
Jan
Jan
Jan
Jan 14
Jan 10
Jan 2
Jan 3
Jan 5
Jan 3
Jan 22
Feb 2
Jan 27
Jan 3
Jan 6
Jan 3
Jan 13
Jan 2
Jan 6
Jan 6
Jan 10
Jan 2
Jan 20
Jan 6
Jan 3
Jan 30
Jan
Jan 7
Jan 3
Jan 2
Jnn 29
Jan 3
Jan 10
Jan 8
Feb 2
Feb 2
Jan 6
Jan 3
Jan 23
7
75% Jan
125 Jan
85i/a
82
7%
93
1761/2
75
191/4
123'/a
102'/*
33'/a
49
134%
J11'/2
1%
31%
95/4
102%
114
15
14%
10
651/4
105%
1C0
a
120
100
11%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan 10
Jan 5
Jan 3
Jan 16
Jan 3
Jan 6
Jan 2
Jan 2
Jan 30
Jan 3
Jan 6
Jan 10
Jan 9
Jan 24
Jan 30
Jan 2
Jan 12
Jan 2
Jan 6
Feb 4
Jan 9
29'/4 Jan, 12
27'/4 Jan 5
Jan 5
Jan 28
Jan 3
Jan 6
Jan 2
Jan 3
Jan 24
Jan 26
Jan 6
Jan 5
Jan 28
Jan 3
Jan 3
Jan 7
Jan 30
5
28%
85!/a
46
76%
68
134
101
50
10',%
108%
176
120
61%
62
144%
18%
621/4
95%
80'/*
99%
39/a
90
126
118
82%
89
96'/8
5 237
96
So'/*
130%
102
45%
15'/a
55%
7
23
31/4
48%
70
72
1143/4
791/4
771/4
6'/4
86%
142
67
13'/2
104%
100
29%
43
117
109
1'/8
21
88%
88
110%
11
11%
8
49/a
96
99
6'/a
93
100
7%
22
20
17
77
30%
66
59%
118
973/4
37!/2
80%
106
175
DIt.
In $. galea. High. Low. Close, ehge.
8 ? Adams Expresa. 900 30% 29 29?1.
6? Advance Ramely .... 9900 42"/* 34!/4 38?4%
6 6 do pr. 1500 70 67 68 ? 2'/a
6 6 AJax Rubber . 6700 80% 67'/* 72'/*? 8'/*
Jan 10? Alaska Gold Mines.. 2500 1% 1% 1%
Feb 3? Alaska Juneau ..- 4600 2 1% 2 -
Feb 6? Aliis-Chaimeni . 19900 60 42'/4 44%? 4%
Jan 22 7 do pr. 200 87'/8 87 87 -
Feb 6 7 Am Agr Chemical... 2900 93 86'/* 88/4? 6%
Jan 16 3 Am Bank Not?. 100 45 46 45?1
Feb 6 8 Am Beet Sugar. 6900 8OI/4 80 84 ?7%
Feb 6 8 Am Bosch Magneto.. 8300 125'/* 113% 11 ?'/a? 4'/a
Jan 28 12 Am Brake S A F pr. 100 175 176 175 + 4%
Feb 6 ? American Can .39000 65 47 49%? IV*
do pr. 700 98% 95 96 ?3%
Am Car ft Foundry. 22300 137'/* 1261/* 132'/*? 6%
do pr. 600 116% 116 116 ? %
4 Am Cotton Oil. 4000 60 44'/* 46%?4
.80 Am Drug Syndicate. 19600 14 12 12%? 1
6 American Express... 1700 98 95 96?2
- Am Hide ?V Leather. 8300 26 21 22%? 2%
do pr. 17300 119% 106% 110%? 6/4
Americnn Ice. 1300 44% ? 38 40 ?4%
Am International ... 83700 10934 93% 99'/*?10
Am-La Fr Fire Eng. 2200 14'/* 13% 13%? %
American Linseed.... 2O500 86% 80 81%? 27a
do pr...... 700 97 96% 96'/*?2
Am Locomotive.42000 9834 88'/* 92%? 7%
do pr. 300 106 104% 106 + 1'/*
6? Am Malt A Grain... 2100 36 3234 32%? 2%
6 ? Am Ship St. Com Co. 30700 2434 18% 19%? '/4
American Smelting.. 15000 6734 62'/4 64%? 4
do pr. 1800 97% 95% 96?2
do pr A. 700 82 80'/2 80%? 1
American Snuff _ 500 106% 99% 99% ? 6%
Am Steel Foundry.. 42300 46% 39% 42%? 2%
Feb
Feb
Jan
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Jan 28
Jan 13
Jan 12
Feb 5
5 7
6 12
2 7
6 4
9
6
6 ?
6 7
5 4
6 6
1
3
7
6
7
Date.
Jan 5
Jan 6
Jan 3
Jan 5
Jan 23
Jan 19
Jan 24
Jan 3
Jan 3
Jan 7
Feb 6
Jan 5
Jan 27
Jan 9
Jan 10
Jan 5
Jan 6
Jan 2
Jan 6
Jan 5
Jan 21
Jan 5
Jan
Feb
Jan
Jan
Feb
Feb 6
Feb 6
Frb 6
Feb 7
Feb 6
Jan 16
Feb 6
Jnn 6
Feb
Feb
Jan
Feb
+ 1'/a
?7%
3'/s
do pr. 500 93% 92 92
American Sugar_ 7500 134 126 128
do pr. 200 118 118 118
6 10 Amer Sum Tobacco 16000 92% 82% 85
6 7 do pr . 600 91% 89 89
13 ? Amer Tel 4 Tel.... 17000 99% 97% 98 ? 1%
6 20 Amer Tobacco _ 500 260 237 239 ?26
Jan 14 6 do pr new. 200 97 97 97
Feb 6 5 Amer Tob Sec Corp 74400 67% 55% 60 ? 5%
Feb 6 7 Amer Woolen . 93600 156% 130% 136%?19%
Feb 6 7 do pr . 600 104% 102 102%? 2%
Feb 6 ? Amer Writ Paper pr 6300 65 45% 48 ? 8
Feb 6 ? Amer Zinc ft Lead. 12600 18% 15% 17 ? 1%
Feb 6 4 Anaconda .44500 61% 55% 67%? 3%
Jan 17? Ann Arbor . 2400 13% 11% 11%? 34
do pr . 1200 25% 23 23?2
Assets Realiza Corp ?100 4% 3% 3%? %
Asao Dry Goods.... 6900 57% 48% 52 ?4%
do 1st pr. 900 73% 70 71 ? 3%
do 2d pr. 1000 74 72 72%? 2%
Assorted Oil . 100 116 116 116 ?2
Atch, Top & San Fe 2200 84 79% 79%? 3%
do pr . 1700 79 77% 78 ? 1
Atl, Birm & Atl... 600 6% 6% 6'/4? %
Atlantic Coast Line 4700 8934 86% 86%? 2%
Atl, Gulf ft W I 8 S 20300 165% 142 153 ?12%
do pr . 100 67 67 67 ? %
Auto Sale? Corp_ 1000 16% 13% 13%? 3%
5 3% Baldwin Lece.350300 119% 104*4 111 ? 7%
7 do pr . 600 100% 100 100 -
Baho & Ohio. 11500 3234 29% 31%? %
do pr . 3100 4*?4 43 43?1
Barrett Company.... 6900 127% 117 119 ?7
do pr . 100 109 109 109 ? %
Batopilas Mining.... 900 1% 1% 1%? %
Bcthlehm Motora... 16600 28% 21 22%? 7
Bethlehem Sleel_ 100 91% 88% 91%? 334
4 ? d? Claa? B.142200 97% 88 9034? 6%
7 8 do 8th pr. 1000 113% 11034 110%? 3%
6? Booth Fisheries _ 8100 13% 11 11%? 1%
4 ? Brooklyn Rap Tran.. 4000 13%
6 ? do ctfs . 1900 8%
5 ? Brooklyn Union Gaa. 900 62
7 7 Brown Shoe . 300 100
3 7 do pr. 100 99
7 ? Brunswick . 800 6%
4 10 Burns Broa . 6400 103% *93 ?100 ? 3%
4 6 do pr. 100 100 100 100 ?16
6 % Butte Copper ft Zinc 12200 934 7%
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan 29
Feb 4 ?
Feb 5 4
Feb ? 8
Feb 3 ?
Jan 6 ?
Feb 4 ?
Jan 17 5
6 ?
B ?
6 ?
4 6
6 7
5 6
5 6
3 5
4 ?
3 7
6 10
4 6
6 ?
High
1920.
136
114
51%
111%
127
84
69%
89%
79%
2634
88
71
51%
21%
44%
30
16%
47%
118
162%
105
90
33%
4%
43%
91%
40
10
19%
38%
44%
207
18
109%
32
28
70
100
116%
18334
112%
69%
64
% ' 136% Jan 5
% 48 Jan 7
33%
31'/a
69
31%
363/4
63%
303/4
131
222
105
26
71%
52%
14
74%
91%
60
Low
1920.
118
112%
30%
85
120
76
67%
73
73
20%
88
70
39%
15%
41
24%
14% Feb
45%
110
Date.
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Dir.
in $.
6 6
4 7
6 ?
6 6 ?
3 ?
5 7
3 7
4 ?
7 6
6 ?
5 7
2 6
2 ?
6 ?
4 ?
6 2
6 ?
Net
Jan 22 4
Feb 4 8
6
2
5
5
Jan 20
Jan 27
Jan 9
Jan 6
Jan 8
Jan 10
Jan 8
Jan 31
Jan 15
Jan 3
Jan 3
Jan 5
Jan 19
Jan 2
Jan 5
Jan 30
Jan 3
118
99%
72
? 28
4%
28%
.73%
38
10
16%
30%
41%
190%
14
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Feb
Jan 31
Salea. High. Lew. Close, chge.
Inter Harvester .... 5200 127% 118 121 ? ?
do pr . 400 113% 112% 113%? %
Inter Mer Marine... ?3600 39% 30% 33%? 6
do pr .37000 96 85 87 ? 9%
Int Motora. 100 120 120 120 -
do 1st pr. 100 75 76 75 -
do 2d pr..- 100 ?7% 67% 67%
Internat Paper.61000 84% 73 77%? 6%
do pr stpd. 1400-76% 73 73 ?3%
Internat Nickel .... 62400 24% 20% 22%? 1%
do pr . 100 88 88 88?2
Internat Sal*. 100 70 70 70 ? %
Iron Product? Corp. 7500 60% 42 44 ? 6%
Jewel Tea Ce. 1500 18 15% 15'/?? 3%
do pr . 300 41% 41 41 ? %
Jones Broa Tea. 600 25% 24% 26%? 1%
Kansas City South.. 120 14% 14% 14%? 1%
do pr . 500 46 46% 46 + %
Kayser, J . 200 110% 110 110 ?6
Kelly Springfield .... 12700 136% 118 123 ?13
do 8 p e pr. 1600 102 ?99% ?99'/*? 2%
Kelsey Wheel Co_ 800 78 72 74?8
Kennecott Copper ... 24800 30% 28 28%?2
100 4% 4% 4%-?
34600 37% 28% 30%? 4%
27000 84% 73% 77?6%
200 40 39 39?1
1000 10 8% 8%? 1%
200 16% 16% 16%? %
6 4
6 8
6 ?
6 2
2 ? Keok ft Des Moines.
6 1.20 Keystone Tire & R.
6 Lackawanna Steel..
? Laclcdc Gas .
Lake Erie ft West..
do pr.
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
11% 11%? 1%
8 8?1%
49% 49%? 5%
95 95?6
99 99 + %
6% 6%? 1%
14
26%
43
69%
IOO34
?&r
38%
72%
89%
125
80
IOI34
11%
89%
86%
6%
17%
46
117
70%
30
Jan 6
Jan 23
Jan 5
Jan 24
Jan 5
Jan 5
Jan 10
Jan 2
Jan 3
Jan
Jan
Jan 6
Jan 5
Jan 6
Jan 5
Jan 16
Jan 15
Jan 3
Jan
Jan
Jan
Jan
Jan
Jan
Jan 19
Jan 2
Jan 6
Jan 3
Jan 3
Jan 14
Jan 6
Jan 2
Jan 30
Jan 8
Jan
Jan
Jan
Jan
Jan
107%
27%
17%
49
98%
114%
154%
101
64
64
110%
3934
30%
25
60
31
26
49%
25
120
3 16834
6 100
6 21%
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb 5 ?
Feb 6 7
Jan 22 7
Feb 6 6
Feb 6 ?
Jan 14 ?
Feb 6 ?
Jan 29 ?
Feb 7 3
6
8
7
2 ._
7 ? Lee Rubber ft Tire.. 6900 34% 30% 32 ? 3%
2 3% Lehlgh Valley. 4200 43% 41% 41%? 1%
6 12 Liggett ft Myera_ 4600 200 190% 190%? 7%
? do righta . 3600 16% 16 16%? %
do pr. 300 108 107% 107%? %
Loew Co Inc. 11000 30 27% 28%? 1%
Loft Candy . 37100 22% 17% 18%? 4%
Loose-Wiles Biscuit. 1600 65 49 51 ?16
do 1st pr. 700 99 98% 98%? %
do 2d pr. 300 115% 114% 115%? %
Lorillard, Pierre ... 5800 165% 154% 158 ?12
LouisTille & Naah... 1900 107 101 101 ?6
Mackay Coa y. 900 65
do pr. 2300 64
Manati Sugar . 1300 124
Manhattan Elevated. 400 43
2 7
6 2
6 ?
6 ?
5 7
2 ?
6 12
6 7
5 6
3 4
6 10
4 7
4 3
4 2
6 ?
6 ?
6 ?
7 ?
3 ?
4 6
6 10
6 8
Manhattan Shirt .. .
Martin Parry Corp..
Mar Rockwell .
Mnthison Alk Werks.
Maxwell Motor Co..
04 64 -?
64 64 -
110% 114 ?12%
3934 40?3
30%? 1%
25%? 4%
60?8
31 ? %
26 ? 4%
5
6 ?
6 ?
6 6
6 ?
7 7
6 2
4 10
4 7
Butte ft Sup Copper. 7700 25% 22
Butterick . 800 23 20
Caddo Oil. 9100 23% 17
California Packing.. 5400 84 77
California Petroleum 8500 40 30%
do pr. 2200 72 66
Calumet ft Arizona.. 900 62% 69% 60%? 4%
Canadian Pacific. 24800 128% 118 122 ? 5%
8%_ 1 | 48% Jan
23%? 2% ! 61 Jon
20 ? 2% I 28
19%? 3%
Jan 29
Jan 28
111% Feb
46 Feb
6
6634 Jan
6 Jan
Jan
Jan
Jan
Jan
Jan
9
25
38%
641/4
8734
120*4
106%
28%
61%
72
21%
41%
45%
106
104
40%
44%
67
24%
65%
9234
66
63'/a
82%
87% Jan
20% Jan
31%
93%
IO234
13%
85
90
107
59
233%
100
450
64%
85
Jan 13
Jan 3
Jan 3
Jan 5
Jan 6
Jan 3
Jan 3
Jan 16
Jan 2
Jan
Jan
Jan
Jan
Jan
Jan
Jan 14
Jan 6
Jan 31
Jan 8
2
5
Jan 28
Jan 3
Jan 22
Jan 5
Jan 2
Jan 3
Jan 9
Jan 13
Jan 26
Jan 7
Jan 26
Jan 7
Jan
Jan
Jan
Jan
Jan
Jan
Jan 12
Jan 2
Jan 2
Jan 3
Jan 6
47
121
49
4%
7%
21%
30%
48
79%
116
84
24%
58
67
16%
34%
42
89%
101
33%
37%
55%
21
36%
91
47%
56%
79%
7534
16%
26%
79
100%
Feb
Jan 16 8
Feb 6 4
Jan 10 ?
Feb 5 ?
Case, J I, pr. 500 98 97% 98
Central Foundry pr. 100 47 47 47
Central Leather.39100 92% 80% 84'/:
Central Leather pr. . 900 107 106% 107
Cent of New Jersey 50 175 175 176
Cent ft So Amer Tel 500 114 111% 111%
Cerro de Pasco.22600 55% 46
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
6 2
6 ?
6 ?
6 7
3000 54 47
59900 139% 124
12300 66 49
100 5 6
8% 7%
2600
2 8
7 6
6 ?
6 6
4 7
6 ?
6 3
6 ?
5 8
4 7
Cert ain teed Corp. .
Chandler Motors. . .
Chesapeake & Ohio
Chic & East III pr.
Chic Great West.. .
do pr . 1300
Chic, Mil ft St Paul 18800
do pr . 13900
Chic ft Northwest .. 5197 85% 79% 81?4
do pr . 900 116% 116 116 ?4
Chic Pneu Tool. T000 93 84 90 ?4%
Chic, Rock I & Pac. 22500 27% 24% 26%? %
do 6 p c pr. 2500 60% 58 59 ? 1
do 7 p c pr. 2700 69% 67 68 ? 1%
Chile Copper . 12200 18% 16% 17%? 1
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
4 7
4 4
8 8
6 ?
6 7
6 7
4 5
6 7
6 ?
6 6
5 5
5 ?
Jan 14 ?
Feb 5 10
78%? 5%
33 _ g
66 ? 534 72
' 58
81%
4 5
4 ?
6 ?
6 ?
23% 2134 2134? 1% 103% Jan
38 30% 34%? 234 ! 47% Jan
65 48 61 ? 1%
42%
35?4
14
41%
31%
5
2
2
5
9
2
3
6
Jan 31
Jan 6
Feb
Jan
Jan
6 ?
6 6
6 ?
6 3
3
5
2
66% Jan 6
42% Jan 10
827s Jan 3
Chino Con Copper.. 13800 37% 34% 35%? 1% l 1?8/* Jan 8
C, C, C ft St L_ 300 44 42 42?3
Cluett Peabody. 4500 95% 89% 89%? 3%
Feb
Feb
Feb
Feb
Jan 13
Jan 12 101
Jan 5 11'/,
5 18%
3
2
5
Jan
Jan
Jan
Jan
191
9
13%
13
67%
28
29
91
147
104%
13%
21%
15
83%
95
89%
12%
33%
ISO34
48
36%
19%
100
75% Jan
I 172 Jan
' 345 Jan
89% Jan
85% Jan
90 Feb
85% Jan
102% Jan
65% Jan
49% Jan
?1% Jan
41 Jan
38% Jan
30 Jan 22
84% Jan 8
108 Jan 19
62% Jan 5
16 Jan 29
90% Jan 3
'22% Jan 3
83 Jan 3
61% Jan 3
4% Jan 7
13% Jan 21
Jan 29
Jan 14
Jan 28
Jan 5
Jan 3
Jan 5
Jan 5
Jan 16
3
2
5
3
6
4
5
3
3
6
6
3
3
do pr .*. 200 101 101 101 ?1
Jan 19? Coca Cola Co. 14800 37% 36 38 -
Feb 6 3 Col Fuel ft Iron_ 11800 40% ?37% ?38 ? 1*4 91% Jan 23
Feb 5 6 Col Gas ft Electric. 8600 61% 55% 56%? 6 94% J*n 7
Jan 14? Colo ft Southern_ 1300 24% 21% 21%?2 29% Jan 22
Feb 5 1 Columbia Grapho... 66200 61 36% 41%?7% 79% Jan 7
Jan 28 7 do pr . 100 91 91 91 _ 27% Jan
Feb 6 4 Comp Tab Rec. 900 52 47% 47%? 6*4 103'-/8 J"n
Jan 22 4- Consol Cigars. 1200 62% 69% 59%? 4 104!/'? Feb
Jan 2 7 do pr . 900 82% 79% 80 ? 2% 117-/* Jon
7 7 Consol Gas . 3500 79% 75?4 77 ? 2% 96 Jan
6? Con Int Cal Min- 7700 19% 16% 17%? 1%
8 % Consol Textile. 3100 30% 26% 27%? 3%
6 7 Continental Can ... 3100 86% 79 82 ? 6
7 do pr . 400 102 102 102 ? %
11% Feb 6 1 Continental Candy... 11100 12% 11% 11%_ %
74% Feb 4 5 Continental Ins. 100 74% 74% 74%? 4%
Feb 6 4 Corn Products .48100 85 77% 80%? 5%
Jnn 26 7 do pr. 800 103 103 103 + %
Feb 3 ? Crex Carpet Co. 100 55 55 55 _ 4
Jan 17 12 Crucible Steel . 96000 224 204 211 _10%
Feb 6 7 do pr. 1500 99% 98
Cuba-Am Sugar _ 10 450 450
Cuba Cane Sugar... 6100 50 43
6200 83 80'/,
1600 95% 91% 92?3
1000 174 168 170 ? 2%
700 7% 6% 7?4%
<J? Pr. 9900 13% 10% 11%? 1%
% Dome Mines . 2600 12% 11 11 ?1%
Durham Hosiery .... 100 69
Elk Horn Coal. 4600 25
Emerson.Brant . 300 25
Jan 21 7 dopr. 600 86
Feb 4 5 Endicott-Johnaon ... 19600 133% 122% 130%? 1
Feb 4 7 do pr. 600 101% 101 101 ?1%
Feb 6? Erie .10800 13 11% 12 _ %
Feb 4? do 1st pr. 2800 20% 18% 18%? 1%
Jan 26? do 2d pr. 700 14% 13% 13%? %
Feb 6? Fairbanks Co. 1400 78 76 75 _ 6
Famous Play-L Cerp 13500 82 74 75 _ 6 I 66'/2 J"n 5
do pr. 3800 90% 86 87%? 134 I 141% Jan 24
Fed Min ft Smelting. 400 10% 10% 10%? 3% ' 43^4 J*n 23
77%
101
55
197
98
400
42
80%
Jan
Feb
Feb
91% Feb
168 Feb
6%
10%
11
69
20%
20
82%
122%
Feb
Feb
Feb
Jan
Feb
Feb
9 10
4 ?
6 7
5 9
6 10
6 ?
7 ?
6
8 2
6 ?
5 ?
do pr.
Delaware & Hudson.
Del Lack & Western.
Den ft Rio Grande. .
59 69
20% 22?3
20 20?7
83% 83%? %
13%
75
74
86
10
26%
110
34%
21
12%
98
64
154%
258
80%
75
88%
70%
94%
43%
23%
98
60
63%
91%
94%
29%
79%
27%
103%
104%
117%
96
102
106%
22%
77?4
35%
94
100%
50
12434
1C634
5534
110%
16%
19%
27
14
25%
77
21%
7%
15%
240
12%
90%
4834
82
105%
247
23
Jan
Jan
Jan
Jan
2-3,
45%
11
69
90
50%
6%
12
22%
39%
63%
99
40%
36%
55
85
115
75
98
8
71
76
5
14%
40
98
66%
24%
35
50
25%
16
10%
92
66%
50
72%
53
42%
477/8
7%
7
127
30%
53%
72
61%
36
79
74
39
40?4
23%
11%
33
27%
6234
35
55%
100
16%
90%
61
55
89%
90
23
76%
17
91
100%
112
79
90
IO334
19%
69
34%
74
99
40
102%
102%
48%
97
14%
16
22%
12
23
71
14%
6% Feb
13% Feb
6 218 Feb
5. 11% Feb
78% Feb
34% Feb
68% Feb
94% Feb
Jan 17 20
700 32 3?%
1800 27% 25
600 63 60
300 31 31
10100 30% 26
do 1st pr. 1000 59% 49% 49%? 9%
do 2d pr.'.. 1600 25% 25 25%? 2%
May Dept 8torea.... 400 124% 120 120 ? 5%
Mexican Petroleum..?204C0 198 168% 178 ?18%
do pr. 100 100 100 100 ? 2%
2 Miami Consol Cop... 6100 24% ?21% ?22%
1.20 Middle State? OU.... 164200 41% 22% 27%?14
4 Midvale Steel .66300 49% 45% 46%? 3%
- Minn ft St L new... 1800 14% 11 12%? 1%
7 Minn St P ft S S M. 300 71% 69 69 ? 2%
7 do pr. 300 90% 90 90%
5 do leased line. 200 50% 50% 60%? 9%
Missouri Kan ft T... 6800 9% 6% 8?1
dopr. 900 13% 12 12 ? 1%
Missouri Pacific .... 28000 26% 22% 24 ? 1%
dopr. 2900 42% 39% 40 ? 1%
Montana Power _ 2600 65 63% 63%? 1%
do pr. 200 100 99 100 -
Mullins Body . 1800 47% 40% 42%? 6
National Acme . 2600 38 36% 36%? 1%
Nat Aniline Ch Co.. 11100 64 65 69?6
do pr. 600 ? 87% 85 85 ? 2%
700 118 115 118 ? 2
500 75% 75
300 100 98
6200 10%
Natinr al Biscuit ....
Nat Cloak ft Suit. . .
Nat Cloak ft Suit pr
Nat' Conduit ft Cable
Nat Enamel ft Stamp 6800
National Lead . 5500
Nat R R Mex 2d pr 1300
5 1% Nevada Con Copper. 2000
81
82
5%
16
8
71
76
5
14%
New Or. Tex ft Mex 1000 41% 40% 40'/
118
73 ? %
98?2
8%? 1%
74 ? 7%
77%? 434
6 ? %
14%? 1%
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
37% Feb
73% Fab
85/,
32'/;
28
63
5 8
6 8
6 ?
2 2,
6 10
6 ?
6 4
5 ?
2 6
6 6
6 8
6 12
4 6
5 ?
6 7
6 6
3 7
6 ?
4 ?
6 7
4 4
4 ?
, Feb
; Feb
Jan 24 ?
Feb 6 ?
89% Feb 5 6
531/4 Feb 6 4
13% Feb
85 Feb
Feb 7 ?
Feb 6 6
Feb 6 8
Feb 7 ?
Feb 8 ?
17
70
61
3'/,
10%
dopr. 800 32% 28 30?2%
Fisher Body. 1100 124% 110 110 ?13
Fisk Rubber Tire.... 39?00 43 34% 38%? 4%
Freeport-Texaa Co... 14600 28% 21 22%? 6%
Gaston-Williams ... 16500 17 12% 13%? 3%
General Chemical pr. 100 98% 98 98%? %
General Cigar Co.... 9100 70% 64 64%? 6%
General Eletcire Co.. 21100 166% 154% 157 ? 9
General, Motors .106200 310 258 265 ?4234
Aa vr. 6000 81% 80% 80%? 1%
do 6 p c deb. 2700 80% 75 76?4
do 7 p c deb. 2100 90 88% 90 _ %
Goodrich, B F.489000 77% 70% 73 ?4%
do pr . 4000 96% 94% 95 ?? %
Granby Mining - 400 48 43% 46%?.1%
Gray ft Davto. 1600 43 37% 38%? 7%
Great Northern pr.. 19100 78% 73% 74%? 3%
Gt North Ore ?ab.. 13600 38% 38% 36%? 2%
Greene Can anea Cop 1800 36 32% 33%? 2%
Gulf, Mob ft Ner pr 100 30
Gulf State Steel_ 8400 76
Hartman Corp . 2200 106
Haskell ft Bark Car 3400 58
4 2% Hupp Motor? . 9800 16% 13% 13%?2
6 7 Illinois Central - 2000 83 85 85%? 2%
Interl Agriculture... 400 18% 17 17?3
do pr . 1800 77% 70 70 ?10
Inspiration Copper.. 23200 86% 61 63 _3%
Interb Can Corp.... 6500 8% 3% 3ix_ 14
Se 9' . 8400 11% 10% 11 _ j?
30 30+1
?3 67 ?12
89% 90 ?15%
63% 65?4
86%
115%
101
137%
60%
12%
231
193
196
43%
325
Jan 10
Jan 28
Jan 5
Jan 3
Jan 13
Jan 3
Feb 2
Jan 2
Jan 3
Jan 13
Jan 2
Jan 28
Jan 10
Jan 20
Jan 19
Jan 2
Jan 20
Jan 23
Jan 13
Jan 13
Jan 5
Jan
Jan
Jan 28
Jan 5
Jan 24
Jan 3
Jan 27 220
Jan 3 19%
52%
140
39
63
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
N Y Airbrake. 1500 107%
6 5 N Y Central. 15600 70
6? N Y, Chic ft St L.. 400 28
7 2% N Y Dock. 1100 42
%
700 50
27700 28% 25% 26
1100 17 16 16
800" 11
3300 96%
400 69
800 55%
do pr
N Y, N H ft H...
N Y, Ont ft West..
Norfolk Southern..
Norfolk ft Western
do pr .
North American ...
Northern Pacific...
Nova Scotia Steel.
Ohio Cities Gas...
2% Ohio Fuel . 300 47%
% Okla Prod ft Ref. .. 30100 9%
Ontario Silver. 1500 8
Otis Elevator . 2600 131
98 103 ? 6%
66% 67%? 2
24% 25?4
35 35?7
50 50 ? 6%
? 1%
? 1%
10% 10%? 1%
92 93 ? 2%
67% 69 + 1
50 55 ? 2%
21300 /834 7234 76 ? 3%
11900 70
46400 47
53
42%
47%
7%
7
127
60 . ?10%
43%? 3%
47%? 2%
8%? 34
7%? %
128%? 9%
4
7
6
4
6
4
2
6 ?
4 ?
6 ?
6 ?
7 ?
4 3
6 ?
5 8
6 ?
4 8
4 4
5 6
6 6
4 7
5 ?
3 6
6 1
6 8
7 7
6 8
6 6
6 8
5 7
6 2
6 4
6 2
6 ?
Otis Steel . 19500 37% 30% 31%? 6
Owens Bottling Mach 3800 60 53% 54 ? 5%
72 ? 134
51%? 4%
0/ ? 1
81 ?12
78 ?12
40'/*? 3%
14 11% 11%? 3
40% 33 40%
31 27% 28%? 1'/
64% *623/4 *62+? 2
Jan 23 7
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Jan 13
Jan 23
Feb 6
Pacific Devel Corp.. 200 74 72
Pacific Gas ft Elec. 1200 55 61'4
Pacific Mail. 500 37% 36
Pan-Amer Petrol ... 115800 92% 79
do B . 12700 91% 74
Parish BIngham ... 1800 42% "39
Pennsylvania R R.. 21800 42?4 40% 40%? 2
Penn Seaboard Steel 5100 32 23% 26 ?7
Peoria & Eastern... 300
Peoples Gas & Coke 5000
P?re Marquette .... 40700
do prior pr. 600
Philadelphia Co.17200 40% 35 37%? 3%
Pierce-Arrow .138900 70% 55% 58%?11%
do pr. 800 104 100 100%? 4%
Pierce Oil.16600 18% 16% 17%? 1%
do pr. 1400 96% 90% 92%? 2
Pitta C C ft St L- 900 55 51 63- ? 6
Pittsburgh Coal _ 4700 60% 65 58%? 2%
do pr. 1000 91 89% 89%?2
Pittsburgh Steel pr.. 300 91 90% 90%? %
Pitta ft W Va. 5400 28% 23 251/4?31/4
dopr. 200 76% 76% 76%? 1%
Pond Creek Coal_ 6100 23 17 18?5
Pressed Steel Car_ 9600 99 91 92 ? 5**.
do pr. 100 104% 104% 104%+ 2','
Pullman Palace Car. 3500 114% 112 112%? 2
Punta Alegre Sugar. 13800 89 79 83 ? 6%
Railway Stl Spring.. 3800 98% 90 92%? 6%
dopr. 200 104 103% 104 ?2%
Ray Con Copper.13600 21 19% 20'/*-? %
Reading. 25500 76% 69 71%? 35
do 2d pr. 400 34% 34% 34%? %
Remington Typewr.. 3800 80% 74 77 ? 9%
do 1st pr. 200 100% 100 100+1
Replogle Steel . 1000 43 40 41 _ 4%
Repub Iron ft Steel.279200 116 102% 106%? 8%
dopr. 700 10334 102'/4 103 ? s
Repub Motor Truck. 2650 51% 48% 48%? 3
6 6.20 Roy Dutch N Y ?ha. 79500 103% 97 . 99%? 7%
2 1 St Joseph Lead. 3500 16% 15% 15%? %
St L ft San Fran... 17800 19% 16 ? 17%? 1%
do pr. 500 24% 24%
St L Southwestern.. 600 12% 12
do pr. 600 25
Savage Arma. 700 74
Saxon Motora . 19800 18%
Seaboard Air Line.. 900 . 7%
do pr. 200 14
Sears-Roebuck . 800 220
6 ?
4 8
5 7
4 ?
4 ?
8 ?
5 ?
23
71
14%
6%
13%
218
24%? 1% !
12 ? 1
23 ? 2%
72?3
16%- 2%
63/4- %
13%? %
218 ? 9
Feb 6 ?
Feb 6 5
Jan 27 8
Feb 6
Jan
Jan
Jan
Jan
Jan
Jan 24
Jan 2
Jan 19
Jan 28
Jan 3
Jan 14
Feb
Feb
Feb
Feb
14% Jan
95%
106
11%
38%
66%
33
190
96
38
124%
69%
53
148
63
204%
12%
Jan
Jan
Jan
Jan
Jan
Jaa 30
Jan 2
Jan 6
Jan 9
Jan 3
Jan 3
Jan 5
Jan 14
Jan 13
Feb
88% Feb
100 Jan
111
44%
9%
170
185
180
30%
300
12%
72
100
11%
20
64%
30
Feb
Feb
Jan
Feb
Feb
6 ?'
4 ?
4 8
6 1 Shattuck Ariz Cop... 1000 12% 11% 11%? %
5 34 Shell Trans ft Tr.... 37300 88% 78% 81?7
5 ? Sinclair Consolidated.315900 41% 34% 37%? 2%
4 6 Sloss-Shef Stl ft Iron 11700 77% 68% 71%_ 7
4 6 Southern Pacific ...100200 101% 94% 95%? 5
So Porto Rico Sugar 300 245 245 245 + 4
Southern Railway .. 10600 22% 19% 21 _ %
do pr . 600 65% 62% 53?2
Standard Milling ... 100 140 140 140 _3
Stew-War Speed Cer 900 42 39 39 ? 4%
Stromberg Carb .. 7700 76 63 68 _ 9
Studebaker .260400 105% 88% 92%?12%
do pr . 100 101% 101% 101%+ %
Stutz Motor . 6400 130 111 116 ?16
Superior Steel . 1300 48% 44% 44%? 4%
Tenn Cop ft Chen?.. 16200 11% 9% 9%? 1%
34000 201 170 178%?24%
200 189
200 193
20200 38
200 300
600 13
6
6
3
6
6
6 ?
6 10
Jan 17 ?
Feb 6 ?
6 ?
3 10
2 ?
6 6
4 7
Texas Company
do 30 p c paid,
do full paid....
Texas ft Pacific.
Tex & Pac Land Tr
Jan 24 ?
Feb 6 ?
Feb 6 6
173
90
28
115%
66%
45
138
60
Jan 5 177% Feb
Jan 10 8% Feb
188 189 ? 3
180 180 ?16
30% 33%+ %
300 300 ?25
Third Avenue R R.. 600 13 12% 12%_ %
Tobacco Products .. 24600 87% 72 75%?13%
do pr . 700 102 100 100?3%
ToL St L ft W ctfs 200 11%' 11% 11%
Tran? Centin Oil... 66100 26 20 22%?3%
Trans Wma Steel .. 6900 61% 64% 64%? 7
Jan 16 2% Twin City Rap Tran 600 34 32 32?3
Feb 6 t Underwood Typewr. 200 178 173 175 ?
Union Bag ft Paper. 600 91 90 90 ? 1
Union Oil .23000 33% 28 30?3
Union Pacific.41400 123 115% 118 ? 6
*? 9* . 2300 67% 68% 86%? 1%
United Alloy Steel.. 6900 60 46 45%? 3%
United Drug . 1600 141% 138 138?4
do 1st pr. 300 50 ' 50 50?1%
Uni?d Fmtt . 8200 191 177% 183 ?11%
United Rwy Invest.. 3800 11% 8% 10 ?2%
Feb 4 6
Feb 6 ?
Feb 6 10
Jan 27 4
Feb 6 4
Feb 4 7
Feb 4 3%
6 10
6
?
Continued on page fourteen
30 Years
, in
Export Banking
TNTIMATE 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
"Bank, limited
Now York Agency, 49 Droadway
|f.1
? PRICHITT '
XSCO.
M B M 5 E R 9 OV
NEW Y O K R
STOCK. EXCHANGE
P
CO
INVE?TME.VT
SECURITIES
SIXTY - B ROADWAY
NEW YOR.K. CITY
.....?,,....:
The next three years promise
well for the Railway Equipment
companies, and
BALDWIN
LOCOMOTIVE
may be expected to share in a
good portion of the business to
be placed by the railroads, esti?
mated by many as six billion
dollars.
RAILWAY EQUIPMENTS
In addition to a concise report
on the leader, five other issues
expected to benefit are reviewed.
ALSO DISCUSSIONS ON:
Cerro de Pasco Island Oll
American. Caa Metro. Pet.
Studebaker Coeden & Co.
In the Current Isaua
MARKET OPINION
Gratis on request for B-31.
R.H.MacMASTERS&CO.
Member? Consolidated Stock Kxch., N. 7.
69 Wall St. New York
Banover 9536. Ground Floor.
White Oil Corp.
Hawaiian Steamship
Cities Service
Carib Syndicate
Comprehensive articles
on the above appear in
current issue of the?
?INANCIAL FORECAST
? Sent upon request.
Ask for So. 05.
ESTABLISHED ?906
41 BROAD ST^WEWVJRK
Phone-Broad 25
Warns Against Profiteering
Mosessohn Says Dress Trade
Must Clean House
A drastic warrfing against profiteer
ing will be issued to-morrow morning
to all members of the Associated Dress
Industries of America, a national as
I sociation of dress manufacturers.
In issuing the special bulletin, execu
! tive director Mosessohn point3 out
| that the industry has been, free* from
| charges of profiteering.
"The existing conditions," says ?the
bulletin, "are such that it behooves
and becomes imperative for every
manufacturer of any product to do
everything-within his power to keep
prices down to a minimum and satisfy
himself with a legitimate working
profit. .
"The Federal authorities are spread
| ing a net for the profiteers. Those
who are caught will have to answer to
the bar of public opinion and possibly
face the ruination of their businesses.
It is a critical situation that con-.
fronts the American business interest?
to-day. Prices are mounting sky-high
and everybody is asking the same ques?
tion?how long will it last?
"Here and there jobbers are being
caught; retailers are being subjected
to heavy fines, and every effort is being
exercised to rid the country'? Indus?
tries of those who are taking advan?
tage of the situation to operate.on a
get-rick-quick basis. This mast not
be.
"The dress industry and its allied
trades must clean house of any who
do other than a legitimate business.
Speculation must stop. There must be
no profiteering in dresses. We regret
this because we want this message to
ring through the industry with its fall
force.

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New-York tribune. [volume], February 09, 1920, Page 12, Image 12
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