New-York tribune. [volume] (New York [N.Y.]) 1866-1924, February 19, 1920, Image 14

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New-York tribune. [volume], February 19, 1920, Page 14, Image 14
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New-York tribune. [volume] (New York [N.Y.]), 19 Feb. 1920. Chronicling America: Historic American Newspapers. Lib. of Congress. <https://chroniclingamerica.loc.gov/lccn/sn83030214/1920-02-19/ed-1/seq-14/>

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MACKAY & CO*
BANKERS
Member* of
Ne? York Stock Exchange
High Grade
Conservative
Investments
14 WALL STREET
NEW YORK
Einpir? Gas and
Fuel Company
6%
Convertible
Gold Notes
of 1924
8.50% Yield
At Present Quotations
Well Secured
Large Earning Power
Attractive Conversion
Privilege
Send for Circular "X-36"
Henry L, Doherty
& Company
Bond Department
?) Wall Street, New York
Conservative
Investors
Should consider the op?
portunities offered by
the purchase of high
grade seasoned bonds
at present prices. We
shall be glad 1o make
suggestions.
J. M. Byrne & Co.
Members Ncut York Stock Exchange
Telephone Rector 7000
60 Broadway New York
The Intelligent
Investment of
Your Funds
J^EW England-the
"Hub" of the na?
tion's indufjtrioi?is now
entering a period of even
greater expansion.
The?e industries offer you
a choice ?election of high
grade Preferred StocJts.
yielding liberal returns.
Write for our booklet T. E.
291, "Safeguarding Your
Investment."
CHARLES WESLEY?COMPANY
59 Wall Street. New Y?*rk
Correeponient* of
Hollister.WhitedrCo.
Philadelph
Providence
Boston
8prinKflelf]
Investment
Securities
R.GMegargel&Co.
27 Pine Street-Necirt&rK
ruATH ,0? VMr* *' Co",mefe'?' Banals?
2SS1 CHATHAM & PHENIX
(3) NATIONAL BANK
?,V~/. Capital * 8arplosJ12.000.8SS
?v^TOVAI Resources.?150,000.00? j
?^nK 149 Broadway, Singer Bid*. ?
??.?r..,,. And is Branches
Stock Market
Advances; Rails
Again Prominent
Demand for Transportation
Shares Less Keen, but
Gains Are Scored; Indus?
trials Also Show Strength
Railroad stocks again held the cen?
ter of the speculative stage and at the
close of yesterday's trading the ma?
jority of them showed fairly good
gains over the final Drices of Tuesday.
Nevertheless, the buying was a good
deal less enthusiastic than that which
marked the final hour of the preceding
session and enough profit taking ap?
peared to cause slight recessions in a
few of the issues which had enjoyed
the greatest advances- This was
notably true of Un^on Pacific, South?
ern Pacific, Reading and Chesapeake
& Ohio.
An interesting phase of the upward
movement of the rails is that they have
! apparently been bought without much
discrimination, for shares of the
? weaker roads have advanced relatively
? as much as, or more than, those of the
? carriers that are generally believed to
be exceptionally strong. This is the
more remarkable because passage of
j the railroad bill in the form in which
| Washington dispatches say it will be
reported out of Congress would almost
! certainly mean that some of the car
I riers would have a hard row to hoe.
! This conviction is so strong in bank
! ing circles that an era of consolidations
? is freely predicted. Bankers who are
I exceptionally well informed regarding
! railroad matters are convinced that
j under the bill as proposed a good many
| roads would bo forced into receiver
j ship or to the verge of receivership, and
that their only salvation would be
through merging with the stronger
| systems.
Industrial stocks were strong as a
rule. This section of the market was
mainly in the hands of professional
traders. There was a good deal of
short covering, particularly in Crucible
Steel, which made a net advance of
nearly 10 points under an urgent de?
mand. Buying for a long account in
the general industrial list was also of
good proportions, as many traders held
the opinion that a considerable re?
covery should follow the recent severe
? break. Their expectations were partly
' realized, but stocks were offered freely
j enough to prevent any very sharp ad?
vances except in a few of the high
i priced issues. Call money renewed at
; 6 per cent and this rate prevailed all
! day. The current ease of call money
j does not help the market much, as
! brokers regard it as illusory in view
i of the continued stringency of time
I funds.
Money and Credit
The market for call loans yesterday
was unaffected by the greater stock
market activity* on the buying side
and rates held throughout the day at
6 per cent. In the time money mar?
ket the lending banks continued to
refuse to extend new funds for fixed
periods notwithstanding that call
money is in liberal supply at G per
: cent. Maturing time loans, however,
were renewed in some instances, indi
j eating that the banks are le^s insistent
that these obligations be liquidated
than they were when call money was
higher.
The ruling rates for money yester?
day, compared with a year apro, follow:
Yester- Year
Call money: day. ago.
On mixed collateral, 6 5X?
On indust'l collateral 6 6
Time money (mixed collateral) :
Sixty days . 9%(al0 5hi@5M
Ninety days . 9*V?'@10 5*?4@5V*?
Pour months .... 9?4@10 r>',46'5V2
Four to six months 9%@10 b%@5%
Bank Clearings- Bank clearings in
New York und other cities yesterday
were:
Exchanges. Balances.
New York.$73:1,889,858 $69,005,26C
Baltimore _ 13,891,314 6,437,766
Boston . 69.097,140 21,765,85c
Philadelphia .. 87,872,433 1!?,596,-134
Pittsburgh ... 28,189,889 10,665,80
Sub-Treasury-?United States Federa
; Koserve credit balance, $56.700,677.
Silver --London, 84d; New York
$1.30; Mexican dollars, $1.
i The Dollar in Foreign Exchange
Pounds, francs and lire yesterdaj
? moved upward. The change was char
\ acterized by bankers as a flurry of n<
j profound significance. Heavy foreigr
selling securities owned abroad wai
; considered a factor in causing th<
! fipurt.
Yesterday's rates, compared will
I those of a week ago, follow:
FOREIGN EXCHANGE
(Quoted dollars to the pound.)
Yester- Wee!
day. ago.
?Sterling, demand.... 3.3825 3.3751
! Sterling, cables. 3.39 3.3851
? Sterling, sixty days.. 3.3475 3.34
Sterling, ninety days. 3.3325 3.325*1
(Quoted units to the dollar.)
| Francs, checks. 14.12 14.44
Francs, cables. 14.10 14.42
Belgium, francs, checks 13.62 13.62
; Belgium, francs, cables. 13.60 13.60
j Lire, checks. IS.17 18.02
I Pire, cables. 18.15 18.00
j Swiss, francs, checks. . . 6.07 6.06
Swiss, francs, cables.. 6.05 6.04
(Quoted cents to the unit.)
Guilders, checks. 37.375 37.50
Guilders, cables. 37.50 37.625
Austrian crowns, checks .34 .30
Austrian crowns, cables .35 .30
Sweden, checks. 18.60 18.45
Sweden, cables. 18.70 18.50
Denmark, checks. 14.90 14.40
Denmark, cables. 15.00 14.60
Norway, checks. 17.30 17.25
Norway, cables. 17.40 17.35
Pesetas, checks. 17.32 17.42
Pesetas, cables. 17.40 17.50
Greece, checks. 11.51 12.11
Greece, cables. 11.49 12.12
Manila, checks. 48.75 48.25
Manila, cables. 49.00 49.00
India, rupees, checks. . . 46.00 46.25
India, rupees, cables... 46.25 46.50
Japnn, yen, checks. 48.00 48.25
Japan, yen, cables. 48?55 48.50
Argentina, checks.102.60 102.40
Argentina, cables.102.10 101.90
Brazil, Rio, checks.... 27.75 27.75
Brazil, Rio, cables.... 28.00 28.00
Marks, checks. 1.03 1.04
Marks, cables., g. 1.04 1.05
; Czecho-Slovakia. checks 2.8 2.8
Steel Car Profits Larger
Company Earned $27.12
Share on Common in 1919
The annual report of the Presse
? Steel Car Company for the year ende
1 December 31, 1919, disclosed surph
after charges and taxes of $4,265,23
; equivalent, after $875,000 in preferre
I dividends, to $27.12 a share, $100 pa
earned on the $12,500,000 common stoc
which compares with $3.950,785, <
$24.60 a share, in the preceding year
Profits last year amounted to $5,338
j 640, compared with $4.350,785 in 191
{After depreciation, etc., of $1.073.4(
j had been deducted, balance availab
for dividends was $4,266.232. Holdei
of the common stock received $1,000
000 in dividend disbursements, again:
$968,750 shared in the year before. Su
plus after all charges was $1,759,776.
Transactions Last Week in Listed Stocks
Summary of Stock Exchange Dealings
Y?ssterday
163,700
765,200
928.900
Day
before
174,800
718.100
829,900
Railroad stocks ..
Other stocks ...
All stocks ..., fl_
Yesterday Day before
U. S. government bonds. $7,277,000 $8,898,000
Railroad bonds . 1,221.000 1,316,000
Other bonds . 3,116,000 2,374,000
All bonds . 11614.000 12,588,000
Year
oso 1920
114 300 3,879,100
439,600 30,119,800
553,900 33,998,900
Year aso
January 1 to date
1919 1918
3,916,400 5,216,100
14,229,900 16,946,700
18,148,300 22,162,800
_ 1920 1919
$8,964,000 $456,903,000 $323,829,000
1,249,000 52,671,000 61,228,000
3,421,000 61,114,000 63,614,000
13,634,000 570,688,000 438,671,000
Record of Stock and Bond Averages
(Copyright, 1920, New York Tribune Inc.)
Range thus
Day Year
Yesterday. Before. Ago.
20 Railroad stocks. 63.60 63.30 70.85
30 Industrial stocks. 93.30 92.13 83.13
50 Stocks . 81.38 80.56 78.22
10 Railroad bonda. 72.50 71.86 80.71
10 Industrial bonds. 90.31 90.41 94.93
5 Utility bonds. 73.90 73.60 85.30
25 Bonds . 79.91 79.63 87.32
far 1920.
High. how.
58.60
89.47
77.14
71.76
90.06
73.60
79.48
Range fell
year 1919.
High. * Low.
73.80
119.33
99.54
82.83
96.70
87.75
87.91
63.35
79.20
75.92
82.80
90.56
71.80
80.21
High. Low. Div.
1920. 1920. Rate.
45'/a 34'/i ?
72 65 6
88H 65I/4 6
2 VA ?
2'/4 1?a ?
361/2 _
84 Vi
637B
92
?Va
82
75
95
95I/? _
1283/4 105 8
61% 42 ?
1433/4 124! a 12
1161/4 113J4 7
43 4
113/4
5434
151/8
1017a
30%
122
68
1201/2
868?
105%
44'
30'/2
72
1001/4
46%
93'/2
Advance Rumely .. .
Advance Rumely pr.
Ajax Rubber .
Alaska Gold Mines.
Alaskn Juneau ....
Allls-Chalmers .
Allis-Chnlmers pr ..
Am Agr Chemical.,
Am Beet Sugar. 3600
Am Bosch Magneto.
American Can .
Am Car & Foundry.
Am Car & Fdry pr.
Am Cotton Oil.
80 Am Drug Syndicate
Sole.*. Open. High. Low.
1600 387s 397a 38%
Net
Close, chge, Bid. Ask.
397a + 1% 391/4 397/8
68 68 68 68 +
70 73 70 73 4
1% 1% 1% 1%?
1% 17? 1% 1%?
39'2 413/4 39% 41 |
841 2 84% 84% 84?/2?
8834 883,4 8834 88% f
82 83 81% 821 j, |
2000 111% 1151/4 111% 113'/24
4600 43 437-a 423/4 437*!
1600 129% 131% 129% 130%-|
100
400
300
300
300
400
300
113% 114
43% 43%
130 131%
100 113% 113% 113% 113%? % 113 114
43% 45%
12% 123/4
95 6
18% ?
1013,4
53 (
87 e
743 a ;
82 (
30% -
163/4 -
56
93%
39%
91
140% 123%
1181-2 117
99
100%
74%
165%
613g
213/4
65%
14%
25%
6%
67%
85%
82
3
93
77
96!,
55}/,
1195
American Kxpress. . .
Am Hide & Leather.
Am Hide & L pr. . . .
Amer Ice Sec pr. . . . 200
Amer Int Corp. 3900
Amer Linseed . 6100
Amer Loco . 6600
Amer Mall & (?rain. 200
Am Ship & Com. . 8900
Amer Smeltine . 3800
Amer Smelt pr. . .
Amer Steel Fd.v.
Amer Steel Fdy pr_
Amer Sugar . 3100 126% 129
Amer Sugar pr. ... 100 117 117
2200 433/4 45%
2000 12% 12%
1200 97 971 4
700 21% 22! 4
1600 104% 106
58 58
92% 93%
78
91%
31
20%
6134
104% 105% f 1% 105
44 43'/t
? 99 99
12900 71% 72% 70% 71% 4- %
300 59 59% 69 69%-f 4%
81% 78 807b
92 89% 91%
31 31 31
22% 207 a 21%
62% 61% 62%
100 101% 10134 101% 1013,4
3600 42 427a 42 42%
200 92 92 92 92
126 128
117 117
-f- 3%
High. Low. Div.
1920. 1920. Rate. Salea. Open. High. Low.
17% 14% 1% Nev Con Corp . 1400 15% 167/8 15/?
46 39% ? N O, T & M . 1600 43%
117 92 10 New York Air Brake 200 99
72% 64% 5 New York Central . .
59% 55 5 N Y, C & S L 1st pr
48% 30 2% New York Dock - 400
29 23% ? NY, NH&H. 23200
17% 16 1 N Y, Ont & Went .. 400
12 10 ? Norfolk & Southern. 200
99 88 7 Norfolk & Western. . 200
81% 68% 7 Northern Pacific ... 8600
77% 50% 5 Novo Scotia Steel . . 400
007* 38% 4 Ohio Go? . 1300 42% 43%
10% 7% % Okla Prod & Ref ... 800 7?4 8%
9% 6% ? Ontario Silver . 400 7
142 120 5 Otis Elevator . 700 127
417a 28% ? Otis Steel . 300 30%
65 51 3 Owens Bot Mach ... 400 53%
108% 7134 6 Pan-Amer Pet . 23900 81%
Net
Close, chge. Bid. Ask.
157S+ % 15% 16
44 + 1% 42% 44%
33%
28%
17%
11
95
74%
66
35
29
17%
11
953%
78
58
7
134
31%
54
85
80%
400 37?4 37?4 37
42% 34% 3
Pan-Amer Pet B ... 6600 76
Parish & Bingham ^^^^^^^^^^^
Pennsylvania Rail . . 7600 42 42
Penn Seab Steel . 400 23 23
Peor?a & Eastern . . 200 12% 12%
Peoples Gas & Coke. 200 39% 39%
P?re Marquette .... 28100 2934 30%
Pere Marq pr . 1600 49 50
Philadelphia Co _ 1600 36% 37%
Pitta C, C & St Lou 400 57% 59
54% 55%
Pierce Arrow . 12900
41%
22%
12%
39%
29
49
36%
57%
52%
121%-+- 1% 12% 15
39%-i- % 39% 39%
29%? % 29% 29%
50 + 2
37%-f 1
587-8+ 27s
54% 4
Amer Sumatra Tob.
Amer Tel & Tel. .
Amer Tob Sec.
3 lOO
4600
12800
n
84%
9734
59%
1%
43% ?
15% ?
54 4
7 -?
23 ?
3% -
48% -
76 6
76 5
6% ?
84 7
176% 140% 10
19% 13%
Amer Woolen . 7100 125% 128% 123% 126
Am Writ Paper pr.. 2000 45% 47 45%. 47
American Zinc . 1000 16! 2 17 16% 17
Anaconda . 3600 57 57% 56% 571
Ann Arbor . 1000 14 14% 13% 143
Ann Arbor pr.
Assets Realization . .
Asso Dry Goods.
Atch, Top & San Fe.
At, Top & San Fc pr
All, Birm & All.
Atl Coast Line.
Atl, Gulf & W I. . . .
Auto Sales Corp.
200 25 25% 25
200 3% 37b 37b
600 49% 51% 49%
8100 84 84 82%
200 771/2 77% 77%
700 8 8 7%
200 89 89 89
1600 146% 147% 146
200 137a 13% 13%
123% 103% 3% Baldwin Locomotive. 41600 108 112% 107% 1113,4+ 3% 111% 111%
102%
33% 28% ?
49 42 4
13478 115 8
111% 105 7
317b 17% ?
102% 84' j 5
114 108 8
10% ?
14%
10
15
100
120
11%
29%
27%
28%
85', 2
46
134
10434
613-8
62
10
63?
10
96
93
73
22
15 ?
17 ?
74% 6
27% ?
115% 10
72 5
45% 4
47 4
Baldwin Locomo pr.
Baltimore & Ohio...
Bait & Ohio pr.
Barrett Company.. . .
Barrett Co pr.
Beth Motors .
Bclh Steel, Class B. .
Beth Steel 8% pr . .
Bklyn Kap Tran. . . .
Bklyn Rap Tran ctfs.
Booth Fisheries Co...
Brown Shoe Co pr. . .
Burns Bros .
% Butte Cop & Zinc. . .
Butte & Sup Cop_
Butterick Co .
Caddo Oil .
Calif Packinfr .
Calif Petrol .
800 98% 98% 98^8 98'/2- 98 98%
4700 32% 33 32 32%4- % 32% 32%
2000 43% 44% 43% 44%4- % 443a 44%
200 116% 1163/4 116% 116%+ 1% 117% 120
700 105 106 105 106 - 105 110
217a 21% 217-8+ 1% 21% 22
89% 85% 88%. % 88 88%
110 109 110 + 1 109% 1107^
13!/? 13 13 ? % 13 133-8
Pierce Arrow pr . ._
Pierce Oil . 800 17% 18
Pierce Oil pr . 200 92% 92%
Pitts & W Va . 8600 27 28
Pond Creek Coal _ 400 19 19
Pressed Steel Car ... 700 *92% 92%
Pullman, Pal Car . 1000 113 115
Punta Alegre Sugar. 3600 81%
Bail Steel Spring ... 400 93%
Ray Con Copper . . . 700 20
Reading . 21600 70? 2
Remington Type .... 800 70
Rep Iron & Steel . . 39100 100% 101?4
Rep Ir & St pr . 1000 101 101
Replogle Steel . 700 36 39
400 100% 100% 100% 110%+ 2
Va
48 ?
37 37%
58% 59
54% 54%
100% 102
17% 18
92% 9234
17 17
92% 92%? %]_
263/4 27%+ 1% 27% 277b
18% 18%? % 18% 19
91% 91%+ % 91% 91%
113 115 + 3 112% 115
5.20 Royal Dutch
200 101
83% 80% 82 + 2 81% 82
93% 93 93%+ 1 92% 93%
20 20%+ % 20 20%
70% 72%+ 1% 72% 72%
70 70+2 71 72%
97% 100%+ % 100% 100%
100 100 ? 74 100 101
36 39 + 2% 38 40
101 101 - ? ?
20%
73'/;
70
101
5.20 Ryl Dtch N Y shares 10200 101% 102% 100% 102%+ 2
3000
3600
39800
1600
300
_102 102%
15%+ % 15% 16%
15%? 3/8 15i/2 16
20 + % 20% 20%
2834+ 2 28 29
1400 21%
12900 86^4
1000 109
200 13
700 9
1300 10%,
300 96
400 105
700 8!2
1600 23 ?A
300 21
900 20
700 787a
900 33
9! 2
11
1447-8 118%
563/4 47
6 4%
4
7
21
301/4
453.4
75
Canada Pacific . 4600 120'4 121%
Central Leather _ 9100 7834 79%
Cerro De Pasco. 3600 49 50' 2
Ccrtalnteed Corp ... 100 50 50
Chandler Motors _ 4500 129 131
Ches & Ohio. 5000 53% 55%
Chi & East III. 600 4% 4' 2
137% 100% 5
6
9
25
38%
541/4
8734
1203/4 113
28% 23'/
72 64'
61%
60%
45%
21%
41%
106
40%
24%
65%
67
63%
82! a
20%
93%
1023
?J4
54 6
58% 5
42 ?
15% ?
32% 3
87 8
33% 1
20 ?
36% 1
52 5
55% ?
76% 7
16%
78
100%
76! 4
191
40%
79%
89%
165
6
9
10%
20%
108
1007 a
Chi & E 111 pr. 1200
Chi (.rent West. 1600
Chi (;t West pr_ 1800
Chi, Mil & St Paul. . 12900
Chi, Mil & St P pr. . 8900
Chi ?Si Northwest... 4600
Chi & Northwest pr. 300
Chic, R I &. Pac_ 17800
Ch, It I ?S. P 7% pr. . 4700
Ch, R 1 & P 6% pr. . 700
Chic, St P, M & O. . 100
C, C, C & St Louis. . 200
t'hue Copiyr . 2000
Chino Cons Cop. 300
Cluett-Peabody . 400
Coca Cola . 4900
Colorado & Soulhern. 4600
Columbia t.raph. 5C00
115% 110%
17% ?
12% ?
65'/b 8
90
233%
54%
85
96
191
9
133/4
13
28
147
1C4
13%
21%
15
95
89% 85 8
337'8 26% 3
134% 100% 10
48 33 ?
36% 21 ?
19% 12 ?
76% 58% 6
172 152!
345 225'/
8934 73'
85%
85%
1023/4
55%
49%
81%
41
847b
62%
38%
71
16
90
22%
61%
4%
13%
185
517a
111%
69%
89%
263/4
6
Col Gas & Electric.
Consol Cijrars .
Consol Cigars pr. . .
Cons Int Cali Min. .
Continental Can . . .
Continental Can pr.
Corn Produc?s
200 57'
400 57
50 771
3900 19
1000 80
40 101
6900 80'.
82%
Crucible Steel . 31900 194% 208% 192
Cuba Cano Snjrar_ 3900 44% 45% 44|
Cuba Cane Sugar pr 800 81 81 80>,
Del A. Hudson. 2600 93 94 92!
Del, Lack & West.. 800 170 170 170
Dcnv & Rio Grande. 400 7% 7% 7'
Dcnv & Rio Gr pr. . 14900 127a 14 12!
Dome Mines . 300 11% 11% 11',
F.Ik Horn Coal. 300 21% 22 213
Endirott-Johnson
Endicott-Johnson pr. . 200 101
Erie . 5900 13!
Erie 1st pr. 5400 21
Erie 2d pr. 1300 14'.
Famous Players .... 6800 731
Famous Players pi;. . 800 87'
Fed Min ?S. Smlt pr. . 400 297
Fisher Body . 3900 129
Saxon Motors .
St Joseph Lead ...
St L & San Fran .
St L & San Fran pr.
St Louis South'n
St Louis South'n pr
Seaboard Air Line..
Seab Air Line pr . . .
Sears Roebuck
Shell Trans Ter
Sinclair Oil . 36100
Sloss-Sheff St & Ir. 1100
Southern Pacific
Southern Railroad
Southern Rail pr
Stewart-Warner
Stromberg Carb ,
Studebaker . 21800
Studebakcr pr
Stutz Motor? .
Tenn Cop & Chem
Texas Company
Texas & Pacific .
Texas Co pd
Tobacco Products
Tobacco Prod rts
Transcon Oil
Transue W Steel . . .
Union Bag & Paper
1'nion Oil . 202000 _^^^^^^
Union Pacific . 12100 119% 120% 118% 118%? 1% 118
Cnion Pacific pr
United Alloy
United Fruit
Un Rail Invest ^^^^^^^^
Un Rail Invest pr. . . 200
U S Cast I P & F. . 100
U S Food Prod . 3600
U S InoVst Alcohol. 6800
U S Realty & Imp. . 900
United Retail Stores 9100
U S Rubber . 18900
U S Rubber 1st
U S Smelt & Ref
U S Steel .j
U S Steel pr. 400 110% 111
I'tah Copper . 1900
Vanadium Stwl
Va-Car Chcmieal^^^^^^^
Wabash . 8100
Wabash pr A
Wabash pr B
Western Maryland...
West Maryland 2d pr
Western Pacific ....
West Pacific pr
West Union Tel....
Weslinghouse Mfg . .
Wheeling & L E_
Wheeling & L E pr.
White Motors
Willys Overland _
Wisconsin Central . .
Worth Pump & M . .
Worth P & M pr A.
*Ex dividend.
Bid and Asked
8 ?
12
6
69% 6
66% 6
94% 7
37 ?
32 2
68% 7
33 4
58% ?
50 4
35 ?
60 6
13 1
80% 7
13% ?
50% 6
6000 34% 36'
3800 24% 25'
700 14 14'
1600 66% 663
400 159!2 16?
26100 232'% 242
13/4
9% ?
114 6
27% ?
76% 6
60 7
72% ?
193/4 ?
I 6 ?
51% 397-s ?
30 23 2
118 106 8
16% 13% ?
44 4
108 4
96 8
27%
247a
68
Fisk Rubber Tire, ..
Freeport Texas ....
Gaston Williams ...
General Cigar .
General Electric . . .
General Motors ....
General Motors pr. . 1500
(?en Motors 6% deb.. 1200
Coodrirh, B 1. 4100 _
Goodrich. B I', pr. . . 1500 943/8 94% 94% 94%? \-\
Granby Mining ..... 300 38 40 38 40 + 3
Gray Davis . 1000 3378 34 33% 34 + 1
(?real Northern pr. . 9200 74% 76% 74 76 4- 2'/
Gt North Ore subs.. 4600 363a 37% 36% 37%+ V/.
Gulf State Steel... . 200 65 65 65 66 i 3
Has & Bar Car Co.. 800 64% 55% 64% 55%+ V/
Hendee Mfg . 1000 38 38 38 38 -
Homestako . 900 61% 61% 61 61 -
Hupp Motor . 700 13% 14% 13% 14%+ >/
Illinois Central . 900 87% 87% 87 87 ? '/
Inter Agricult . 200 16% 16% 16% 16%+ ?
Inspir Copper . 4600 53% 54% 53 54% r 1
Int-Cons Corp . 3900 3% 4 3% 3'8+ !
Int-Cons Corp pr... 200 11 11 11 11 + V/
Int Harvester . 200 117% 1173/4 II734 1173/4+ 5
Bid. Aikiyl
Allan's Kjp , . 27 31
Am Agr Hi \ir 81
Am Itk Noto. 40
?;i
do pr
.V; Co
Bid. Asked.
.101 107%
. so
%
100
^^^^^^_. 100
Lacledo (ia* .. 3S 43
I, !?; At \V pr. . 17 20
l.ig & it Tob.157 175
Am Can pr... ?6 luo Il-W ff lsi'pr"1'? I'll
Am Cot O pr. - 87 i do 2d ?.ff 110 115
Am Linseed pr 83 86 Mackay Cos .. 64 7ft
Am Lex? pr... 102 ? 106 Manat? Su? pr 95
Am Slilpbld?.. ? 125 Manhat Ihw.
Am ?melt. pr. 91 86 Manliat Kiev
?to pr A.... 70 si Marllii Boekw 80 7n
Am gnuff pr.. 80 90 Martin PirrV ?5 ?.2
aI!! tTW' -^ ?''^?Math Alk W. SO 32
Am loi & C. 50 55 Max M 2d pr 2U"4 2?
Am Tobacco...225 25? May li| pr104 * ?o
do pr new.. 93% 95 M? Petrol pr 94 100
Am r Pap pr 48?* 47 Mich Central 8*
Am Zinc pr... 50 54 MStP&SSM pr 90 65
A p O 1st pr 69 73 do 1 1. .. .. 50,4 ".0
/? Mfi- I" Mont Pow pr. 99 100
A G & W I pr 80 70 Morris & Ess 70% 78
Auto S Cor pr 26% 2K% Mulitas Vpr' 87* _
1%
1
1%
Hani Leather..
90
101
47%
152%
105
33%
481/s
913/4
10
387'a
44%
18
32
28
70
1633/4 150
112% 98
64 61
136% 108
63% 43
131
222
26
71%
52%
14
74%
9%
14
26%
43
51
38%
125
727'e
8978
11%
89! 1
86%
6%
Int Merc Marine.... 6800
Int Merc Marine pr. 4900 833
Int Motor Tr 2d pr.. 400 60
Internat'! Paper _ 8900 76'/
lnternat'1 Nickel .... 4600 21'/
Iowa Central . 200 0
Iron Products . 200 42!,
Jones Tea . 200 26
J Kayser . 300 106
Kansas City South... 3900 16
4 Kan City South pr. . 200 45
4 Kelly SprinKfield ... 400 116
8 Kelly Spgfd 8% pr. . 200 100
2 Kennecott Copper .. . 3900 29
1.20 Keystone Tire . 2000 30}
8 Lnckawanna St??el. . . 6900 74
8% ? Lake Erie & West,.. 200 9?
28 ? I.ee Rubber & Tire.. 400 293
40% 3% Lehigh Valley . 2000 43',
14% ? Li? & My Tob rts.. 1600 16|,
25% 2 Loews, Inc . 400 27
17%? Loft Candy . 3800 19?
45 ? Loose-Vr'i?es Biscuit.. 200 50
12 Lorillard, P . 300 158
7 Louis & Nashville.
4 Mackay Cos pr. . .
10 Manat? Sugrar _
Max Motor 1st pr.
May Dep't Stores.
'-4 30%?
83%+ 1 83%
60 - 61
Va 77%+ 1% 77?/a
Kctl? 8t 7th pr 97
Hkiyn Edison. 94
Bklyn Uli (Jas 52 57
Brown Shoe,. 80 100
Burns Bros pr 99 110
is P. 45% 50
.? 100
Bui" & Snsq
Nssh & Chat. 100
N BLurtiit pr. .110
10214IN Cloak & S 65
97 do pr . 94
57 N En & St pr 99
100 INRRorM 1st pr ?
110 iNYCASUi 2 pr 42
r" 'N Y Dock pr. 18
N Y I, <V VV.. 85
0 ?Norf * TV pr. 69
4 ? ! N American... 52
Bush T?5rm .. ? 100 ?<,?-.lo Kuol _ 46
('alum & Ariz 61 65 jOtts Kiev pr. .110
Can South ... 41!? 50 H>tls Steel pr.. 98
Caso J I pr.. 9H 97 Owens B M pr ?
Cmitral Fdry.. 20 -- ,Pacido Coast.. 25
no pr . 30 ? ' do 2d pr... 45
Cent nf N J.165 200 IPscinc Devel. 65
C & S A Tel.109 114%!Padflc Mall .. 25
Cer Cor 1st pr 8414 ? j Cacillo T & T 38
Chic & Alton 7 8 il'an-A Pet pr, 175
do pr . 10 15 ?Pona I Cpr.. 91
Clcve & Pitts. -- 80 .
CStPM&O pr.. 90 100
CCC&Stl. pr.. 61% <>8
Cluett-P<s? pr. 100 102
C A S tat pr. 43 50
io 2d pr
Stock Ex Dividend
Feb. 19 Aqme Tea 1st pf. 1%
Feh. 28 American Express .
Feb. 27 Am Smelt & Hot.
Feb. 20 Brown Shoe .
Feb. 20 Cerro de Pasco Copper.... .
Fi-b. 26 Delaware &? Hudson . 2 V*
Feb. 28 Diamond Mat':h . 2
Feb. 20 General Chemical . 2
Feb. 24 General Cigar pf. 1%
Feb. 20 Grefn Bay & West R R.... 6
Feb. 21 Harbison-Walker Refract. 1 Va
Feb. 28 Int Motor Truck temp 1st pf. 3%
Feb. 28 do 2d pf . 3 Vi
Feb. 21 Manhattan Shirt .43?4o
Feb. 20 Middle States Oil tcinp.2 stk
?Feb. 20 do . 10c
Feb. 20 National Cloak & Suit pf. . 1%
?Feb. 20 National Lead pf . 1%
Fob. 28 Norfolk & Western Ry. 1%
?Feb. 20 Pitts, Younij & Ash Ry pf_ 1%
': Feb. 20 Reading Company 1st pf.... V4
\ Feb. 20 Studebaker Corporation . 1 %
i Feb. 20 do pi . 1 ?i
?Feb. 27 United Cigar Stores pf. 1%
? Feb. 20 United Drug 2d pf . 1V4
112
114
68
06 V?
102
19
48
55
49
127
97
?7
200
92
Dividends
Kxtros
I Pelt-Mull_
do 1st pr... 95 us
P ft W I C.123H131
If? & "^ pr ~-- 90
Col Graph pr ? 91% P
Com Car ? "H ?! 5? ?,U 8?? ??"? WT
CutiV^ar^O 4?0 ?"? ?r Pr g& g
D&,V?r::8*,i8? hs&?,p'P h
Detr Kdlson.. .103" ld?% Rep"Mot ^fruck 43 V,
luo Boars-lloo pr. 114
125 Sl-S S & I pr 90
9 ?8 P It Sugar.205
102
National Transit Company ? An extra
dividend of 50 cents a share has been de?
clared, payable March 15, to stockholders
of record February 28.
Increased
Federal Mining X Smelting Company?
The regular quarterly dividend has been
Increased from per cent to % per cent,
payable March 15 to stockholders of re?
cord February 24.
Accrued
Arkansas Natural Oas Company?All ac?
crued back dividends on the preferred
stock, amounting to $28 a share, or 7 per
cent on $100 par for four years, have been
declared on the following basis: 14 per
cent payable March 25 to stockholders of
? Cx^"v pr' ? ao i record March 15; 7 per cent, payable April
cm r. prii?'4 /..i, ' 2*> to stockholders of record April 15, and 7
iiO olTjf' ?3 ' per cnnt' Payable May 25. to stockholders
n?/2 i Dntr L'n K R
? 1 nhtfii Match..
lifl
700 103% 103% 102% 102%+ 2% 102% 104
117% 7
161 % 10
21% 2
223/4
43%
9 ?
63 7
Mexican Petr?)l . 14900 173 175% 169% 174%+ 3% 173% 174%
Miami Con Copper..
1.20 Middle States Oil . .
4 Midvale Steel .
Minn & St Louis new
M, St P & S Sie Mar
6 ? Mo, Kansas & Tex. . .
8% ? Mo, Kansas & Tex pr
21 ? Missouri Pacific ....
36 ? Missouri Pacific pr..
36% 4 Mullins Body .
35'. 4 3% National Acme .
110% 7 National Biscuit _
44 ? National Aniline . . .
83 7 Nat Aniline pr .
8 ? Nat Con & Cable . . .
70 6 Nat Enamel & Stp. .
73% 5 National Lead .
4% ? Nat R It Mex 2d pr.
%
Durh Uoslury. 5H
do pr . 59
Elk It Coal pr S3
Em-Brandt pr S31,
Fed Min A S 11
Fisher B<ly pr 95
lien China .. 150
do pr . 65
Oen Cigar pr. 92
Gulf M AN. 8
115
135
90
Stand Milling. 120
do pr . SO
Super Steel Dr.lOnv. 195
T & P T?l Tr.240 250
Third Ave Et B 11 *? 13
101%
42
85%
my?
100 __^_^__
ISO ! Tille Water 0.160 ...
90%TSTUtW ctfs.. 10 12
100 i do pr ctf?.. 15 22
10 Twin City It T 30 31V
<lo pr . 28 30%t do pr . - 05
^^^^^^ 97% l.' C S of Am. 160 224
73 I do pr .108 140
20 iCntted Dru?... 130 140
77 U S Express.. 29 31
10 |rj 8 I Aie pr.100 104
1! S S A R pr 45% 47
t'tali Sec Corp 9% 10
17 !Va-Car Ch pr.105 lutf
63 Vul Detlnnlng. 24 26
99 %| ?1?
of record May 1_
Regular Declarations
Rate and Holders
Period, Payable of Rec.
? Am Power & Light 1 . Q Mar 1 FeblO
> ?Colorado Power, pf l?i y
! Coco Cola Co.$1.00 ?
; Republic Iron & S. 1% Q
I do pf . 1 % Q
I South Penn Oil_$5.00 Q
! Cnion Bag & P. . . 2 Q
I White Knob Cop pf .05 g
Mar 15
Apr 2
May 1
Apr 1
Mar 31
Mar 15
Feb 26
Feb 28
Mar 13
Apr 24
Mar 15
Mar 12
Mar 5
Feb 16
O 3 Stl 1st pr ?
Int A?r pr.. . &n
Int Mot Truck ? 120
do pr . 74 77
Int Paper pr. 75 110
do pr stpd. 73 74
Int Meket pr $5% SS
Jowel Tea ... 1? 17
KCFiS&M pr. 52 BS
Kel Spgfd pr. 93
Kelsey Wheel. 67
700 112
800 53%
do pr
96
Keok & D M 4
..do pr . 20
Kreega S S.. .145
97
Wilson Co pr. 95
I Willy?-Ovar pr S 7
Woolworth prill
|W PAM pr B 70
97
m
113
400
900
700
2000
200
86
9
75
75%
43?
4- 1%
London Money Market
LONDON, Feb. 18.?Bar gold, 122s.
6d. Money, 3% p?r cent. Discount
rates, short and three months' bills,
5%@5 13-16 per cent. Gold premium at
1 Lisbon 140.
Hill Merger Denied
Officials of the Northern Pacific Rail
road yesterday denied emphatically th
story that the old Northern Securitie
alliance would be resuscitated throu
an impending merger of the North
p"2ific, the Great Northern ana th
Chicago, Burlington ?fe Quincy. It w
asserted that there was no word
truth in the report, which appears
nave come originally from the head
??" of the Hill roads, in St. Paul
>v rule this merger is not to take place
fi;COrr?g t0 interests identified
tne diff?rent properties, bankers an
railroad men are of the firm belief th
wo are m for a period of railroad con
fondations, and that the return of
w?m I t0, P,rivate control next mon
??j i,- foil?wed by new combination
and alliances.
In Wall Street
Lost In the Crowd
A leading banker was asked yester?
day If he thought tho Baltimore *
Ohio Railroad would como into the
market to borrow money after March
1, when the roads are turned back to
private control. "If it doesn't, he
replied, "it will be mighty lonesome.
A Reflex of Prosperity
An interesting measure of the coun?
try's prosperity last year is BuppUed
in the reports of the great life insur?
ance companies now coming to hand.
The New York Life Insurance ^OIP'
pany, for example, put upon its books
fast year $531,000,000 in new business,
exceeding the ?gain of any preceding
year by nearly $200,000,000. Not only
do figures like these afford an idea or
the degree of prosperity enjoyed by
the country'? but they also indicate
that despite the rising wave of ex?
travagance, money was spent in large
volume for things that are solid and
lasting in their influence upon the
community.
American Sumatra Tobacco
One of the strong spots in the mar?
ket yesterday was American Sumatra
Tobacco, which advanced 1% points
net, selling above 85. On the recent
break Sumatra dropped to 77, compared
with a high for the year of 99. The
semi-annual earning statement of the
company for the six months ended
January 31 was not ready for issuance
to the stockholders at the annual meet?
ing held yesterday, but is expected to
be out in a few days. Net before taxes is
expected to approximate $1,500,000. Al?
lowing for the dividends on the $2,
000,000 7 per cent preferred for the
full year, this would leave a balance
of $1,360,000, equal to more than $9 a
share on the outstanding common
stock, or at an annual rate of around
18 per cent. The year before the com?
pany failed to earn its 10 per cent
dividend. Strength of the stock was
not entirely based upon the expecta?
tion of a favorable report. Other fa?
vorable developments are understood
to be impending in Sumatra affairs.
Squeezing Crucible Shorts
Cruicble Steel's vigorous comeback
suggested yesterday that it had been
vvay oversold. After selling as low
as 192 early in the day it ran forward
sharply and in the afternoon a short,
while before the close got up to 208*^.
It closed under the high at 205%, but
at that was up 9% 'points net. Crucible
has been a target for the bears for
many weeks. During the early part
of the decline it stood up rather
strongly and was a thorn in the Bide
of the professional bears who found
it a hard stock to depress. When it
did finally break under 200 the short
interest became rather overcrowded
because many traders looked to see
it go into a prolonged decline. That
the short interest was large was indi?
cated yesterday when Crucible Steel
commanded a premium of 1-16 in the
loan crowd. The day before it had
loaned at flat when the rate on the
general run of industrials was 6 per
cent.
Anglo-French 5s
Firmness of the market in Anglo
French bonds in the last few days has
given rise to the belief in investment
banking circles that there has been
buying of this issue of British account.
The bonds, of which $500,000,000 are
outstanding, mature next October.
Bankers say there is no doubt about
their being paid off at maturity. It
was stated yesterday that Britain i
would even send gold here to meet ;
the maturity if that became necessary.
The expectation is that at least half
of the issue will be refunded into
a long term issue.
Liquidation and the Rails
The bugaboo of foreign liquidation ?
is still keeping many folks away from '
the market for railroad securities. !
One of the unknown factors in the !
railroad market is the amount of rail
stocks and bonds still held in foreign
lands which are likely to come he'?**
for sale. The amount cannot be large
in view of the steady stream of liqui?
dation since 1914 but the fact that
there are holdings abroad overhanging
th? market is a deterrent factor in
the situation. The opinion is held in
important quarters that this market
can easily absorb such offerings under
normal Conditions of demand and
supply. Sales for foreign accoun*
continue to be recorded daily. Yester?
day $7,000 Atchison genera] 4s, $'?9
Rock Island refunding Is, $5,000 Rock
Island, Arkansas & Louisiana 4lis and
81,000 Reading general 4s were amonj;
the blocks of bonds sold for foreign
account through the exchange. In
the crowd on the Stock Exchange
where stocks are loaned, there
was a demand for railroad issues .by
interests who wanted to borrow to
make delivery against stock that is on
its way across the ocean. London
continues to sell Japanese government !
bonds here and sales yesterday ;
approximated a par value of $77,000. I
The day before $90,000 were sold with I
the privilege of delivery thirty day. \
hence.
A Big Yarn
Just at the time yesterday when \
Baldwin Locomotive was gathering '.
strength for the jump that put it above ;
112 telephone wires leading: from the
floor of the 'Stock Exchange carried a
story into the commission houses that
the United States Steel Corporation
had bought control of the Baldwin Lo- i
comotive Works. The storv was brand
ed as ridiculous and was denied at the !
offices of the Steel Corporation, but it
went the rounds, growing in detail as !
it proceeded on its way.
Steel Common
Owing to the enormous amount of ;
stock outstanding and "afloat" in the '?
hands of the public. United States !
Steel common has almost always in the
past loaned on the exchange at one-half
of 1 per cent above the rate at which
the general run of industrial stocks
loaned. In other words, when most in?
dustrials were loaning at 6 per cent in
the loan crowd, Steel common would
loan at 6^ per cent. In the last day
or two, however, this difference of one
half of 1 per cent has disappeared.
Market observers claim this is a sig?
nificant development in that it indi?
cates a reduced floating supply of Steel
common.
"What Do You Think of the Market?"
A member of a leading brokerage
house: "We are in a year of declining
stock prices. The present recovery in
stocks is only temporary. It was due.
I find in looking through the records
that in 1907 the longest single un?
broken decline in stocks ran about 17
points in the average. Then there was
a 10-ooint rally. On the recent decline
we had a straight decline, without tho
.'?emblance of a rally, running about
19% points. In taking a long-range
view of the market, I believe that
stocks should this year wipe out a good
portion of the ground gained in 1918
and 1919. Usually it happens that way.
We have two years of rising prices and
then one year of declining prices."
Misled
"The annual reports if industrial cor?
porations whose stocks were boomed
beyond all conscience last year." said
H. F. McConnell & Co. yesterday, "do
not sustain the bullish market views of
industrious publicity agents and pools
that were so active in enlisting the
public last year in their favorites. It
is much to be desired, in the event of
another buying movement developing,
that those interested should conform
more to the actual facts with regard
to the favorable developments in these
corporations than to translating fancy
expectations into actualities. The pub?
lic is not unmindful of the fact that
it was misled last year." '
An Export Bank
for Export Trade
\?f E ARE in all essen
tials export bankers.
Our organization has been
built up for the special pur.
pose of providing maximum
banking facilities abroad for
the safe and efficient handling
of all financial. transactions
growing out of imports and
exports.
We are in a position to offer
through our own foreign
branches a strong foreign
banking service of the most
comprehensive nature.
Shipments financed, accept?
ances given, collections
promptly effected, and all
other financial items pertain?
ing to foreign business effi?
ciently transacted.
SAN FRANCISCO
SEATTLE
TOKIO YOKOHAMA
SHANGHAI PARIS
Other Branches in Process of
Organization
Park'Union
FOREIGN BANKING CORPORATION
56 Wall Street, New York
Paid Up Capital and Surplus $2.250.000
Possible Profit
from
French Internal Loans
ABOUT
195%
Notwithstanding the
strength of French
Government obliga?
tions on the Paris
market Americans can,
by taking advantage of
the exchange situation,
make purchases on the
most attractive terms
ever offered them.
We offer French Bonds
at the market and in?
vite requests for fur?
ther information.
Bon bright & Company
Incorpor?t e>d
25 Nassau St. New York
?
French Bonds
The purchase of the bonds of
France by Americans will help
to re-establish exchange rates.
Should exchange rates return
to normal the investment will
show a substantial profit.
We offer French bonds, subject
to changes in prices, as follows:
5000 francs French 5s Costs
about .$320.00
5000 francs French 4s Cost?
about .$265.00
All inquiries promptly
ansmcred.
Herrick & Bennett
Members New Yorfy Stock. Exchante
66 Broadway, New York
Telephone Redor 9060
E
?51
The Railroads
We have prepared an
extensive chart enabling
ready comparison of
the relative merits of
the more important
railroad securities.
.4 copy will be sent free
on request for Chart R-4
MILLER & CO.
MEMBERS
NEW YORK STOCK EXCHANGE
EQUITABLE BUILDING
120 Broadway New York
L_
?rlELLWlG*REUT?ER
Members A'ea? York Slock Exchanf*
INVESTMENT
SECURITIES
56 Broad Street, New Vor k
lelephpne Broad 6230
INCOME AND EXCESS PROFITS
TAXES FOR 1919
A looklet containing s aitcal of.2?
law and survey of th? new f??1"?'*?*
affecting: m** incom? *"?! ?*"?? fur"
niBhed upon application.
Metropolitan Truat Company
of the City of New Yorl.
?0 Wall St. 710 Fifth ***?
1

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New-York tribune. [volume], February 19, 1920, Page 14, Image 14
About New-York tribune. [volume] (New York [N.Y.]) 1866-1924