New-York tribune. [volume] (New York [N.Y.]) 1866-1924, February 20, 1920, Image 16

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New-York tribune. [volume], February 20, 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.]), 20 Feb. 1920. Chronicling America: Historic American Newspapers. Lib. of Congress. <https://chroniclingamerica.loc.gov/lccn/sn83030214/1920-02-20/ed-1/seq-16/>

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'?
? w->
i
New York Central and
Hudson River R. R. Co.
4^ Deb. (now mtge.) Bonds
Due May 1. 1934
Legal investments for savings
hanks ami trust funds in
Mas.*., Conn, and Vermont.
Company pays J1"; of normal
Federal income tax. Tax
exempt ?a Pennsylvania,
Price to yield 6.85%
Circular on request for AK-2S4
TheNationalCity
Company
M*ln Offlct: Natltnat City 8?nk Bui Mini
U?t??n 08c?: Fifth Ave. & 43rd S?. *
Cerrtspondant Offices in oi?#r JO Citiea
Hartskorne,
Pales & Co.
Members
A/en? York Stocl( Exchange
71 Broadway
Telephone 7S10 Benottitg Urse?
BONDS
NOTES
STOCKS
Suitable for
Investment
Jelke,
Hood & Bolles
MEMBERS NY- STOCK EXCHANGE
40 WALL ST, NEW YORK
J
February
Investment
Suggestions
Booklet TR. 1
en retuest.
George H. Burr & Co.,
Equitable Building
\ New York
i:
>
iliXlii?illl?Uf.J!UiJLilIIlJLlilUlilIUllL
MARINE
TRUST COMPANY
BUFFALO. NT.
SEVENTIETH YEAR OF SERVICE*
Capital and s??pius
seventeen million dollars
.n
North Boston Lighting Pfd.
Westchester Fire Insurance
Bordeas Com. & Prof.
iVJcCLURE, JONES & REED
Members 2V*i ? York Stooh Sj-rhmtye
I 15 Broadway Thon* 780'i Hector
Bonds for Investment
Harris, Forbes & Co
** fine. Street, Cormr William
N*W YORK
. ..?i,!y ,>r> ?>;* aothorlxction of ii.ft'iu.ooo
**???'?/**? r turc a?n| v?nv?pt|bi? sold liosid?
?J?* flit "!?i*?V.*. Il JWUMHJL*? ?jtWMl "?>'
I Trading in Rails
Dominates Market;
Prices Up Again
-Keen Interest Displayed in
Transportation S t o e k s ;
Industrial List Inactive ;
Half of Turnover in Hails
it was an oldtime railroad market
[ yesterday. Not in years has interest
been centered on the transportation
' list to the degree that it was yesterday.
Normally, transactions in railroad
stocks contribute only about -0 per
' cent to the total turnover on the Stock
Exchange, but yesterday about half the
? dealings were in rails. At times the
industrial list was almost neglected.
, There were intervals in the afternoon
when four out of every five quotations
printed on the ticker represented
transactions in the shares of the car?
riers.
An interesting and perhaps the most
important feature of the market was
that public interest, which had been
1 pretty nearly killed by the slump in
the industrials, showed signs of re?
vival. A great deal of the trading in
, rails was, of course, for professional
?account, but a number of bouses re
i ported outside buying. This buying
'? was, moreover, largely of an invest
. ment character and represented in part
' purchases by those who had sold the
same stocks late last year or early in
? 1920, either to establish losses for in
i come tax purposes or because declln
; ing prices had frightened them out.
' The stocks moat -hi demand from out?
side sources were the standard issues,
: such as Reading, Union Pacific, South?
ern Pacific, Atchison and Norfolk &
Western, with scattered buying of the
; low-priced issues. The latter, how
, ever, obtained their chief support from
the professional element.
After some display o?* weakness early
I in the day, a majority of the railroads
| remained strong right up to the close
of the market, final quotation? in many
? cases being the top ones for the day
i and the current movement. Not a few
? issues have gained as much as 10 points
since the bottom was touched last week.
Contradistlnct tendencies were dis?
played by the industrials, with the
majority closing lower than on Wednes?
day. The notable exceptions were the
oil shares, which generally were strong.
Apparently the oils have been in an
oversold condition, for they have been
persistently strong during the last few
days even when other sections of the
industrial list were weak.
Call money again opened and re?
newed at 6 per cent, which rate was
maintained throughout the session.
What may .possibly prove to be an im?
portant development was some slight
activity in the time money market.
Small time loans were made yesterday
for the first time in several weeks and
at rates well below those which brok?
ers have offered to pay for such ac?
commodations within the past fort?
night.
Money and Credit
The feature of the Stock Exchange
loan market yesterday was the appear
; anee of loans on time at S per cent for
mixed collateral and 8^? per cent for
all industrial collateral. Few time
! loan3, however, were arranged, as the
1 big lending institution? are ?till con?
fining their advances on brokers' col
: lateral to call loans. The call rate
I yesterday continued easy, 6 per cent
i ruling all day. No great upturn in this
j rate is anticipated until the March If
! tax payments fall due.
The ruling rates for money yester
; day, compared with a year ago, follow:
Yester- Yeai
? Call money: day. ago
On mixed collateral, 6 ol?
On indust'l .collateral G 6
Time money (mixed collateral) :
- Sixty days.... v. R 6 Vt (g 5 Va
h Ninety day?/. 8 bi?diol?
Four months. 8 5% @5V2
Four to six months... 8 6%@5%
Bank Clearings ? Bank clearings ii
New York and other cities yesterday
I were:
Exchanges. Balances.
j New York... .'.$754,161,975 $70,114,441
? Baltimore. 14,028,533 6,715,741
! Boston. 66,916,674 19.406,751
! Philadelphia. . . 82,097,050 20,264,13.
St. Louis. 82,704,719 24,477,16:
Sub-Treasury?-United States Federa
i Reserve credit balance, $64,904,426.
Silver- London. 83%d; New Yorli
$1.30; Mexican dollars, 991/ac.
The R'ollar in Foreign Exchange
The rise in terms of the dollar o
the currencies of the former heiliger
eut nations of Europe yesterday con
tinued, and the pound was quoted a
$3.4425 at the close, compared witl
$8.3825 the day before. Similarly th
dollar would buy only 18.57 Frencl
francs yesterday, compared with 14.1:
on Wednesday. The Improvement wa
parallel in Belgian francs and lire.
Yesterday's rates follow:
(Quoted dollars to the pound.)
Yester- Wee'
dav. ago.
Sterling, demand. $3.4425 Holida;
! Sterling, cables . 8.45 "
; Sterling, sixty days... 3.4075 "
j Sterling, ninety days.. 3.8925 "
(Quoted units to the dollar)
1 Francs, checks . 18.57 Holida;
! Francs, cables . 13.65 "
? Belgium, francs, ehks. 13,27 "
| Belgium, francs, cbls. 18.25 "
Lire, checks . 17.92 "
j Lire, cables . 17.90
Swiss francs, checks.. 6.17 "
Swiss francs, cables.. 0.15 "
(Quoted cents to the unit)
Guilders, checks . 37.876 Holida;
Guilders, cables . 37.50
Austrian crowns, chks. .34 M
Austrian crowns, cbls. .35 "
Sweden, checks . 18.65
Sweden, cables . 18.76 "
Denmark, checks . 15.00 "
Denmark, cables . 15.10 "
Norway, checks . 17.50 "
Norway, cables .17-.:'ii "
Pesetas, checks . 17.62 "
Pesetas, cables . 17.60 "
Greece, cheeks . 11.47 "
Greece, cables . 11.49 "
Manila, checks . 48.7.". "
Manila, cables . 49.00 "
India, rupees, checks.. 46,50 ?'
India, rupees, cables.. 46.75
Japan, yen ,chocks_ 48.00 "
Japan, yen, cables. 48.25 "
Argentina, checks ....102.40
Argentina, cables ....101.90 "
Brazil, Rio, checks... 27.75 "
Brasil, Rio, cables. 28.00 "
Murks, checks. l.Ot
.Marks, cables . 1,05
Czecho-Sloyakia, chks. 2.8 "
-? ? ? i . ?
$14,881,950 Bonds Retire?
Treasury Operations in Januar
Reduce Liberty Issue
WASHINGTON'. Feb. 19.?Libert
??ends of a par value of $14,881,950 wer
purchased or retired in Januarv asid
from the operations of the bond sinl
ing fund, it was announced to-day j
the Treasury.
This includes $4,172,260 from tr
war risk insurance reserve, which onl
recently was made available for inves
men!- in Liberty bonds, and surpk
earnings of the Federal Reserve bank
to the amount of $2,922,460. The rt
maipder is made up of $395,000 wort
of bonds delivered in payment of est?t
and inheritance taxes and $7,r>oi,7E
which was returned to the Treasur
by foreign c??l?r;im?nts out of unuse
BWjHU ????With,?*1 l>'r (hit* 'n U)
Uaited ??ut** by tiw fjpMVQb
Summary of Stock Exchange Dealings
Day Tear January 1 ta data
Yesterday before ago 1920 1919 1918
! Railroad ?lock? ... 316,700 183,700 ' 119,800 3,921,800 4,114,100 6,299,700
Other stock* .... 595,200 765,200 727,100 31,884,100 14,316,200 10,999,900
All stock?. . 911,900 928,900 846,900 35,786,900 18,430,300 22,299,600
Yesterday Ray before War ago 1920 1919
I V, 8. government bonda. $8,241,000 $7,277,000 $8.621,000 $464,998,000 $332,029,000
1 Railroad bond? . 1,101,000 1,221,000 1,254,000 54,519,000 52,617,000
i Other bonda . 3,832.000 3,116,000 3,416,000 62,316,000 64,119,000
All bonda . 13,174,000 11,614,000 13,291,000 581,833,000 448,765,000
? ?iah. hoir. Dir. Net
' 1920. 1920. Rale. Salea. Opan. High. Low. Claae. eh*?, nid. Ask.
I 33% 25 ? Adam? Kspres? .... 100 31% 31% 31% 31$!?+ % 26% 32%
; 451% 341-4 ? Advance Riimely ... 800 40 40% 40 40^a+ % 40/a 40??
? 72 65 6 Advance Rumely pr. 400 69 69 69 69 -: 1 65 69%
- 88% 65! 4 6 Ajax Rubber . 700 73 7,3 73 73 - 73 75
2 1% ? Alaska ?.old Mines.. 100 1% 1% 1% 1%- 1% 1%
2'4 is? ? Alatka ?luneau . 300 1% 2 1% 2 + '4 17s 2
' 53% 36'a? Allis-Chalmers . 800 41 41 40' 4 40%? % 40 41
95 82 8 Amer Agr Cham.... 1600 89% 89% 89',4 89% ?'- 1',? 89 90
46'.4 39 3 Amer Bank Noie... 200 40% 40% .4074 4094+ 34 42 46
! 95'2 75 8 Amer Beet Sotar... 400 82% 82% 81 81 ? 1'/a 81 82! i
128% 105 10 Amer Bosch Ma?-... 700 113 114 112>/a 112^_? 1 113% 114%
j 61% 42 ? Ameircan Can . 3600 44 44'/4 43% 44 -'? ' * 43% 44
143% 1241-2 12 Amer Car & Fdy... 400 129% 129% 129% 129%? % 130 131'/?
15!, 11% .80 Amer Drug 8yn_ 2400 12'/a 12% 12% 12%- 12% 13
101Tb 95 6 Amer Express . 800 977a 99 97% 98 + % 99 99'-;
30% 1834 ? Amer Hide & Leal?. 700 21% 22(4 21', z 22 - 22 22"/j
122 101% 7 Amer U & L pr . .. 700 106 106 105 105 ? % 105 106'.;
tB 33 6 Amer Ice Sec pr_ 400 58 58 58 58 - 57 68
120'2 87 6 Amer Int Corp. 8900 90% 92% 90% 92%- 92% 93
14! 2 127a 1 Amer La France. .. 1000 13 13 12% 12%? % 12% 13'/,
86% 74% 3 American Linseed .. 400 80% 80! 2 80'. 4 80%? % 80'/4 81
99% 93% 7 American Linseed pr 100 95 96 96 95 - 94 95',;
105% 82 6 American Locomo .. 4100 91 91% 90 91%-, 91% 92
30% 16%? Amer Ship & Com. . 4900 21% 21% 20% 20%? % 20% 20',
72 56 4 American Smelting- . 1200 62% 62% 62 62 ? % 61% 62
100% 93% 7 American 8roelt pr. 200 95% 95% 95% 95%+ 1 95 96
46.% 39% 3 Amer SU?el Fdry. .. . 1400 41% 42% 41% 42%? % 42% 423
140'a 123! s 7^ American Sugar _ 700 127 128 127 128 - 128 128V
99 77 10 Am Sumatra Tob. . . 800 85 85 84% 84%? % 84'/2 85!
100% 96% 8 American Tel & Tel 925 97'/2 97% 97% 97%- 97% 97?
97% 94% 6 Amer Tab pr new... 200 94% 94% 94% 94%+ 1% ->4 $5
74% 55% 5 Amer Tobacco Sec.. 12100 59% 60% 58% 60%+ 1% 60 60?
165% 119% 7 American Woolen .. 8800 125 127 124 125 ?1 125 125!
105% 101% 7 American M-oolen pr 200 102% 102% 102% 102%-102 103
61% 43%? Amer Writ Paper pr, 300 46% 46% 46% 46%? % 44%. 46!
21% 16%? American Zinc . 1500 17 17 16% 16%? % 16% 16?
59% 50 6 American Zinc pr. . . 200 63 64 33 54 + 4 50 58
65% 34 4 Anaconda'. 3600 67% -57% 56% 57%- 57% 57?
l?% 7 ? Ann Arbor . 2600 16 16% 14% 16 -!- 1% 16% 16!
26 23 ? Ann Arbor pr. 300 26 26 26 26 + % 26 29
85% 76 6 Atch, Top ft San Fe. 3900 83 85 81% 85 + 2% 84 84'/
82 76 5 Atch, Top & S F pr. 400 77% 777a 77% 777a + % 77% 78
8 6% ? AU, Birm & AU.... 1300 8 8 8 8 + % 7 8
93 84 7 Atlantic Oast Lina.. 800 89 89 89 89 - 90 93
176% 1401/4 10 Atl, Gulf ft W I... 1400 1453% 146% 145 145 ? 2% 145% 148
123'/-? 103% 3% Baldwin Loco Co... 38100 111% 112% HO 110%? 1% 110% 1109
34% 28%? Balti ft Ohio. 3900 32% 34% 32 34 + 17a 34 34'/
49 42 4 Balti & Ohio pr.... 1600 45 46% 45 46%-r 2% 46% 47
134% 115 8 Barrett Company ... 300 116 116 116 116 ? % 116 118!
1% 1 ? BatopUaa Mining ... 400 1% 1% 1% 1%+ % 1% 1?
31% 17%? Beth Motor? . 1900 22 22% 20% 22%+ % 22% 227
102% 841/2 6 Beth Steel, Class B. 9800 88 88% 86% 88%- 88 88?
114 108 8 Beth Steel, 8% pr.. 200 110 110 110 110 + 1 109% 110'
14% 10% ? Bklyn Rapid Tranait 2800 12% 14% 12% 13%+ % 13% 14
10 6% ? Bklyn Rap Tran ctfs 1500 9 10 9 9%+ % 9% 10
15 10 ? Booth Fisheries Co.. 800 10% 10% 10% 10%- 103/4 10.
29% 22 ? Butte & Sup Copper 2000 25% 25% 24 24%? 1% 24% 25!
27% 15 ? Butterick Co . 800 22 22 22 22+1 20 22
28% 17 ? Caddo Oil . 600 20% 20% 19% 19%- 19% 20
85% 74% 6 California Packing . 400 78% 78% 77% 78%+ % 78% 79
46 273/ij ? California Petroleum. 600 32% 33% 32 32 ? % 32 33
134 116% 10 Canadian Pacific ... 4600 120 124% 120 124 + 3% 124 124'
104% 72 5 Central Leather .... 4000 78% 78% 77% 78%? % 77% 78'
61% 45% 4 Carro Do Paaeo. 800 50 50 49 49%? % 49 50
62 47 4 Certainteed Corp ... 100 50 50 60 50 - 60 52
1447a 118% 8 Chandler Motors ... 8900 127% 128' 126 128 ?1 127% 128
58% 47 4 Chesapeake ft Ohio.. * 390O 533/4 58% 63% 58%+ 3% 38 58'
10 7% ? Chicago ft Alton_ 700 8 10 8 9%+ 3% 9 10
15 15 ? Chicago & Alton pr. 200 15 15 13 15 + 4 12 15'
6% 4% ? Chic & East III. 600 S 6% 5 6?/2+ 2 6% 7
778 4 ? * Chic ft Fast III pr.. 1600 6 7% 6 7%-|- 1% 7% 8
9% 7 ? Chic Great Western. 800 8% 9% 8% 9%+ % 0% 9
25% 21 2 Chi Great West pr.. 4600 23% 25% 23% 25%+ 2 25% 25
S9% 30% ? Chic, Mil & St Paul 9200 36% 39% 36% 38%+ 2 38% 38
56% 45% ? Chi, Mil ft St P pr 4900 52% 56% 52% 56%+ 3% 56 56
87% 75 7 Chic ft Northwea .. -W00 84% 87 84% 87 + 3 87 88
120% 113 8 Chic & Northwest pr 100 116 116 116 116 - 116 120
33 23% ? Chi, Rock Isl & Pac. 28900 28% 33 28% 32%+ 3% 32% 32
76% 64% 7 Chi, R I ft P 7% pr. 2900 703% 76% 70% 76%+ 5% 76% 77
65% 54 6 Chi, It I & P 6% pr. 2600 63 65% 63 65%-!- 2% 64% 66
46 42 ? C, C C & St Louis. ?BOO 43% 46 43 46 + 3% 43 48
21% 16%? Chile Copper . 200 17% 17% 17 17 - 17 17
41% 32% 3 Chino Con Cop. 700 36% 36% 36% 36%? % 36% 36
40% 33% 1 Coca Cola . 3900 38% 38% 36% 38 ? % 38 38
44% 3fi% 3 Col Fuel & Iron_ 400 38% 38% 38 38 ? % 28 C?
27 20 ? Col ft South. 4900 24 27 24 26%+ 2% 26% 27
50% 50 4 Col & South 1st pr. 300 60 50 50 50 + 2-% 50 55
65% 36% 1 Columbia Graph _ 1700 42 ?,2% 41 42%+ 1% 42 42
07 52 5 Col Ga> & .E|e,?-. . ,. . ? 900 56% 56% 66 56 ? 1% 56% 56
63% 55%? Consol Cigars . 1000 56 56 56 56?1 55! 2 57
87% 75 7 Consol Gn.? . 800 77% 78 77% 78 - 79 80
20% 16% 2 Con Int Calichan M. 3800 183% ig7-8 18% 18%? % 18% 18
93% 73 7 Continental Cnn .... 400 80% 80% 80% 80%+ % 80% 81
13% 11 1 Continental Candy .. 100 11 11 11 11 ? % 11% 11
90 76% 4 Corn Products . 6800 81% a1% 80% 81 ? % 81 81
107 101 7 Corn Products pr_ 200 105 105 105 105 + % 104 107
31% 21%? Con Textile . 400 27 27 26% 26%? 1 26% 27
233% 197 12 C?-uclble Steel . 26900 208 208 202 203%? 2% 203% 204
106 100 7 Cuba-Amcr Sngar pr 400 100% 100% 100 100?6 100 103
64% 40% ? Cuba Can? Sugar... 3900 433,4 44% 43% 43%? % 43% 43
85 79% 7 Cuba Cane Sugar pr 800 80% 80'% 80% 80%- 80% 81
96 89% 9 Delaware & Hudson. 1000 92% 9334 92% 93%J- 1% 93% 94
191 165 10 Del. Lack & West. ., 1600 172 172 170 170 - 171 172
9 6 ? Den & Rio Grande.. 1400 7% 8% 7% 8%+ 1 8% ?
16 9 ? Den & r.io Grande pr 12700 13% 15 12% 14%+ 1% 14% 16
13 10% 1 Dome Mines . 900 11 11 10% 10%? % 11% 11
5% 3% ? Dul, H? Shore ft A.I 400 5 5% 5 5% 1% 5 6
11 7% ? Dul. 80 8 ft At! pr. 30fi 9 11 9 11 ?- 3% 10% 11
147 108 ?3 Kndtcott-Johruion ... 3900 113 114 112 112';-_1% 112% 112
14%' 0% ? Kric . C800 12% 14% 12% 14%+ '1% 14% 14
24% 17%? Erie 1st pr. 4100 21 24% 21 24%- 3% 23% 2?
16% 12%? Erie 2d pr . 1000 14% 15% 14% 15%+ % 15-% 1f
95 65% 8 Famous Players _ 1700 73 73 70% 71 ?-2 71% 73
89% 85 G Famous Players pr. , 800 87% 87% 87 87 ? % 8534 87
96 65% 8 Famous Players - 1700 73 73 70% 71 ?2 71% 7?
33% 26% 3 Fed Mln & Smelt pr 100 30 30 30 30+1 30 31
104 99% 7 Fisher Body pr. 200 8978 99% 997e 99%+ 2% 95 104
48 S3 ? Fisk Rubber Tire... 4900 35% 35% 34% 30%? % 35% 3(
36% 21 ? Freeport Texas - 4800 25% 27% 25% 26 + % 26 2i
19% 12 ? Gaston, Wma & Wig. 100 14 14 14 14 ? % 14 14
76% 58% 6 General Cigar . 1600 66% 66% 66 66 ? % 66% 67
172 152% 8 General Electric Co.. 800 157 158'% 157 158%? 1% 158 16?
345 225% 12 General Motors _24600 239 239% 233% 237%- 237 237
89% 73% 6 General Motora pr... 700 78% 78% 78% 78%-i- % 78 8C
85% 69% 6 Gen Motors 6% dob. 800 74 74 73% 74 + % 73 7<
90 ?4 7 Gen Motors 7% deb. 400 87% 87% 8734 87%? % 86% 8'
E5% 66% 6 Goodrich, B F. 4800 69 69% 68% 69 + % 68% 6!
102% 94% 7 Goodrich, B F, pr.. 3900 94% 94% 93% 94 ? % 93% 9?
81% 68% 7 Great Northern pr.. 20100 76 78% 75% 78%+ 2% 78% 71
41 33 4 Gt North Ore subs.. 4800 37% 37% 36% 36%? % 36% S(
S8% 29% ? Greene Can Copper. 200 33 33 33 33 + 2 30% 3.
30% 28 ? Gulf, Mob ft Nor pr 200 30% 30% 30% 30%+ % 30% 3?
847% 68%? Gulf State Steel_ 300 64% 64% 62% 63' ?2 63' 6!
62% 60 4 Hask & Bark Car Co 1000 66 56 65% 66 + % 55 51
16 13 1 Hupp Motors . 700 14 14 13% 14 ? % "13% 1<
38% 35 ? Hendee Mfg . 300 38 38 38 38-36 3?
90 80% 7 Illinois Central . 1900 87 S8 87 88 + 1 87 81
C1% 60% 6 Inspiration Copper . 700 54 54 53% 53%? % 53% 5<
4% 3% ? Inlerbor-Con Corp .. 6100 3% 4% 3^4 4 + % 4 <
13% 9% ? Interbor-Con Corp pr 6000 11 12% 11 12 + 1 11% 12
185 114 6 Int Ha'rvester . 400 115 116%. 115 116%-:- 1% 115 11"
116 111% 7 Int Harvester pr. . . 200 112% 112% 112% 112%-j- 1 112 11:
51% 27%? Int Mer Marine. 9900 31 31% 29% 31 + % 30% 3
111% 78'/2 6 Int Mer Marine pr. . 5000 83 84% 82% 84%-- % B2% 8
S9% -72%? International Paper. 2000 77% 77% 76% 76%? 1% 77 7;
797b 72% 6 Int Paper pr etpd.. 200 73% 73% 73% 73%+ 3% 73 7
26% 19% ? International Nickel. 1500 21!/. 21% 21 " 21%+ % 21 2
01% 39% ? Iron Produc?s . 700 43!%* 43% 43 43 + % 43 4!
44% 39% ? Jewel Tea pr. 200 40% 40% 40% 40%-' % 40 4
18% 137? ? Kansas City South.. 3000 16% 18% 16 18 -;- 1% 1734 1;
47% 44 4 Kansas City South pr 1500 45% 46 45% 46 + 1% 46 4
152% 108 4 Kelly Sprint-field ... 300 117% 119 116 119 - 118% 12
105 96 8 Kelly Spring 8?? pr 200 99% 99% 99% 99%? % 99 10'
33% 27% 2 Kennecott Copper .. 2000 29 29% 28% 29 ? % 29 2
48% 24% 1.20 Keystone Tire . 1300 28% 29% 29% 29%? % 29% 3
91% 68 6 Larkawanna Steel . . 1600 74% 74% 72% 74 ? % 74 7
11 8% ? Lake Erie ft West.. 1200 10 11 10 10%+ 1 11 1
38% ?8 ? Lee Rubber & Tire.. 1000 29% 31 29% S1 + 1'-', 30% 3
44% 40% 3% Lehigh Valley . 700 43% 44!2 42% 44%->- 1 " 44' 4
18 14% ? Llg & Myrs Tob rts 800 16% 16% 16% 16%? % ?
32 25% 2 Loews. Inc. 500 27% 27% 27% Zl\z-' 27% 2
28 17! s ? Loft Candy . 2600 20% 20% 20% 20%-- % 20% 2
70 45 ? Loose-Wiles Biscuit , 200 49% 49% 49! 8 49%? "% 49 5
183% 150 12 Uirillard, Pierre ... 1300 152 152, 149 150%? 6% 150 15
112% 98 7 Louisv & Nashville. 1000 104| \ 104% 104 104%-- 1% 105 10
30% 23% 2 Martin Parry . 400 26% 26% 26% 26%? % 24 2
63% 43 ? Maxwell Motor 1 pr 700 50 50 50 50 1 50 5
222 161% 10 Mexican Petrol - 12100 173% 178% 173% 176%-.- 1% 176 17
26 21% 2 Miami Con Cop ... 1900 22 22% 21% 22 ? % 22 2
71% 22% 1.20 Middle Slates Oil ... 12100 35% 35'2 34% 34"%? ?% 341 , 3
82% 43% 4 Midval? Stael . 6600 46 46% 45% 46%? % 46% 4
16% 9 ? Minn ft St Lou new 6900 13 16% 13 15%-;- 2% 15% 1
74% 63 7 M, S P ft S Ste Mar 200 70. 71% 70 71%+ % 71 7
10% 6 ? Mo, Kan & Tex .... 16800 8' % 10% 8'-> 10 + 1% 10 1
18 8% ? Mo, Kan ft Tex pr. . 6900 13 18 13 * 18 + 4% 17 1
29% 21 ? Missouri PaciBe - 26800 26 29% 26% 28%-'- 3 2834 2
46 36 ? Missouri Pacifie pr. . 3400 41% 46 41% 48 + 4% 43 4
12S 110% 7 National Biaroit ... . 100 112% 112% 112% 112%+ % 111% 11
72% 44 ? National Anilina ... 2000 5514 55% 64% 55%- % 55' l
89% 83 7 National Aniline pr. 400 85 86 85 86?1 85 ?
t0 65% 5 Nat Cloak ft Suit 100 f?% 65% 65% 65''?? % 65 ?
102%? ?4% 7 Nat Cloak ft Suit pr 300 94' -, 94% 94'-, 94%? 2% 94% c
11% 8 ? Nat Con ft Cable. 200 9 9 9" 9 _ 1 9
89! 2 70 6 Nat Enamel ft Stpg 1000 75 75 74% 74%_ i% 74t, ,
86% 73% 6 National Lead . 3800 82 83 81% 81%+ 2% 80% ?
110 106% 7 National Lead pr 200 106% 106% 106% 1063g_ \\j ^ -|(
6% 4% ? Nat R R Mex 2d pr 200 5 5 5 6 + 14 4%
17%. 14%, 1% Nev Con Carp . 400 16% 15% 15% 16'%? 3. 151/,
47 39%? N O. T ft M... ... 5100 44 47 43% 47-3 47 -
-JIi, 22.A '? ?** !??. -_"? *?!?*? *?9 m'* i^* m -00 ?. 1 101 11
7#ft I4J4 * Xa- *?* -?Ural . 1?M 71H W/, 7?*^ 7V/g+ 1% 78% i
Record of Stock and Bond Averages
(Copyright, 1920, New York Tribune Inc.)
Range thus
Day Year fax 1920.
Yesterday. Before. A*o. Ht*h.
20 Railroad ?lock* . 65.60 63.S0 70.90 66.20
30 Industrial stock? . 93.10 93.30 83.63 110.30
60 Stock? . 82.10 81.38 78.50 92.66
10 Railroad bond? . 73.18 72.50 80.77 78.28
10 Industrial bonds . 90.15 90.31 94.93 9.45
5 Utility bonds . 73.76 73.90 85.80 74.63
25 Bond? . 80.08 79.91 87.44 81.71
nanee fall
year 1919.
Low.
58.60
89.47
77.14
71.76
90.06
73.60
79.48
High.
73.80
119.33
99.54
82.83
95.70
87.75
87.91
Law.
63.35
79.20
75.92
82.80
90.56
71.80
80.21
High, Low. Dir.
1919. 1919. Rate.
30% 23-li ?
23% ?
16 1
10 ?
Net
N Y, C & S L
700 29
3134
20
13
99
72
811 a
77%
50%
6%
41%
65
611.4
10814
103'?
427 a
35^4
41!/,
32
51
66%
42?/,
60
82%
23(4
N Y, N H & H. 31600
63%
29%
27%
1031/,
88 7
66'/? 4
68/4 7
503 a 5
38% 4
28% ?
51 3
6014 5
71% 6
67% 7
40 3
20 --
33 ?
23', a ?
48 ?
62 5
34% 3
50 4
48% ?
15% ?
89 8
51% 5
21% ?
12100 78
N Y, Ont & West
Norfolk & Southern
Norfolk & Western
Norfolk & West pr.
Northern Pacific . .
Nova Scotia Steel
Ohio Cas . 1000 42%
3800 5%
4C0 31%
1000 55
200 51
Salas. Open. High. Low. Close. chg-e, Bid. Ask.
30% 29 30% -|- 3% 30% 31
28
17%
11%
93
70
76%
4800
400
1100
100
28%
17%
11%
95
70
31%
20
13
98%
70
79
1%+ 2% 31
20 + 3 20
13 + 2 13%
98%-'- 2% 97
16
84
104% 100%
117%'109
77%
89%
19%
64%
33%
97'%
96
102
223,
773,
36!?
1243;
1063/4 10O
553i 45
11094
25
77
21%
16%
24%
32
15%
28%
9%
17! 4
13
90%
48%
82%
1059a
247
24% 18
56%
43%
86%
115%
93?
24'/
70 6
13% ?
14% 1
15% ?
23% ?
11 ?
21 ?
6% ?
12%
10% 1
75%
34%
64
88%
200
Rutland R R pr
Savage Arras
Saxon Motor?
St Joseph Lead
St Lou & San Fran. 46900
St L & San Fran pr 2800
St Louis South'n .. .
St Louis South'n pr
Seaboard Air Line..
Seab Air Line pr ..
Shatttick & Arizona
% Shell Tran? Ter _
Sinclair Oil . 12600
Sloss-Shcff S. & I. . . 400
Southern Pacific ...29900
So Porto Rico Sugar 200 205
Okla Prod & Ref
Otis Steel .
Owens Bot Mach .
Pacific Gas & Elcc
Pan-Amer Pet . 19100 843/s
Pan-Ainer Pet B ... 1G0O 78%
Pennsylvania Rail . . 8600 42
Penn Seab Steel .... 700 23% 23%
Peoples (Jits & Coke 400 39 39
P?re Marquette . 37900 2938 32
P?re Marquette pr. . 600 4934 50
Pert- Mnrci prior pr. . 400 65 65
Philadelphia Co _ 1000 37% 37%
Pitts C, C & S I_ 200 59% 59'
Pierce Arrow . .
Pierce Oil .
Pierce Oil pr
Pittsburgh Coal
Pitts & W Va. 7600
Pond Creek Coal . . .
Pressed Steel Car . .
Pressed Steel Car pr
Pullman Pal Car . . .
Pun?a Alegro Sugar.
Rail Steel Spring . .
Ray Con Copper . . .
Reading .
Reading 2d pr
Rep Iron & Steel
Hep Ir & St pr
Rep Motor Truck
5.20 Ryl Dtch N Y shares 9900 102% 103% 101% 103%
50 5
39 4
50 4
81% 7
137% 100% 5
12% 9% ?
231 166% 10
43% 25 ?
12 ?
61 ' 6
10% ?
20 ?
54% 5
28% 1
27% -
10
4
Southern Railroad
South Railroad pr
Stewart-Warner . .
Stromberg Carb .
15100 22% 24% 22
1000 55% 56% 55
400 41
2600 60%
Studebaker .26100 87?J
'a
14%
95%
11%
38%
66%
35
38
124% 110
69% 65
148 125% 7
53 40% 4
204% 176 12
12% 8% ?
29% 2034 ?
25% 15% ?
l 78% 53% 2
I 116% 77% 8
I 56% 40 ?
I 96% 64 3
143% 91% 8
115% 110% 8
76 61%
I 47% 44%
109 95
? 115% 109%
80*4 65%
Stutz Motors . 400 119
Tcnn Cop & Chent.. 2000 10
Texas Company .., 4600 182
Texas & Pacific_ 14200 32?
Third Ave Rail _ 400
Tobacco Produc?a . . 2900
Toi, St L & W ctfs. 200
T ran?on a/) ?1 . 5100
Transue w Steel ... 1200
Twin City Rap Tran 200
Union Oil . 3800
Union Pacific . 14900 118
Union Pacific pr . . . 900 66
United Drug . 300 130% 130% 130% 130%4- 2% 131
United Alloy .._ 200 44% 44% 44% 44%? % 44
12
68%
10%
23%
56%
31%
313/4
United Fruit . 1000 183% 183% 183 183
34 70 71
% 16% 153/4
% 15% 16
1934 24% -f- 4% 24% 24%
29 32 4- 3% 31% 32
15 153/4+ 1% 16 17
26% 28%-r- 2% 29
8% 9 -:- 1 9
14% 17%-}- 2% 17
10% 10%-- % 103,4
8234? % 82% 823/4
40 + "a 40 40%
71 ? % 71 72
% + 3% 98% 99
205 - 205 210
24 + 2 24 24%
66%+ 1% 56% 57
41%+ 1% 41% 42
00% 59'a 59%? 194 69% 59%
88 86% 87%? % 87% 88
120 + 2 114 118
10%- 10% '10%
183%+ 194 180% 182
37%+ 53/8 37% 38
14 + 1% 13% 14%
69 ? % 69
11%? % 11
23%? % 23'a
56% 56%+- % 56%
31! ? 31%+ 1% 30
31% 32 - 3194
116% 120%+ 1% 120% 120%
66 66 - 66 67
134
45
41'/
41
120 119
10% 10
183% 131
38% 32
14
69
11%
23%
561-4
31%
32
121
66%
12
68%
10%
22', a
69'/
12
23%
56%
40
32
United Rail Invest.
Un Rail Invest pr..
U S Cast I P & F..
U S Food Prod _
U S Indust Alcohol.
U S Realty & Imp..
United Retail Stores
U S Rubber. 13600 98'
1 S Rubber 1st pr. . . 200 110
300 10 10 9% 9%? %
400 239s 23% 23 3 ? 23%? %
100 18 18 18 18 ? %
100 60?? 60% 60% 60%+ %
6900 84 64 81% 83%? %
400 46 46 46 46 ? %
6000 69% 7094 68% 70%? %
100 98% 99%? %
110 110 110 ? 1
1% 182% 183%
12%
579?
72%
9%
28
9% ~
42 ?
59% 4
7% ?
20% ?
20% 14% ?
66 49 ?
12 8% ?
20% 1494 ?
6 U S Smelt & Ref- 400 64% 6494 64% 64%?
3% U S Smelt & Ref pr. 300 46 40 46 46 +
5 U S Steel. 49,300 93% C8% 97% 989
U S Steel pr. 8OOII094III 110% 111
400 72 72 71% 71?
100 9' a
2900 48'. ?
600 64%
8%
24%
Utah Copper
Utah Secur Corp.
Vanadium Steel .
Va-Car Chemical
Wabash . 5600
Wabash pr A. 8900
: ?
27!
64
88%
55%
F2' ,
14
22
66%
32
329a
95%
76
Wabash pr B. 1900 17%
Wells Fargo Exp_ 100 50
Western Maryland... 13900 10%
West Maryland 2d pr 900 19
20% ? Western Pacific .... 1700 24%
54% 4 Western Pacific pr. . . 800 62
82 7 Western Union Tel.. 400 85
48 4 Westiiighouse Mfg .. 1600 50%
64 5 Wilson Co . 800 69
9% ? Wheeling & I. K ... 17000 11%
IS -? Wheeling & L E pr. 300 20%
49 4 While Motors . 500 53%
23% 1 Willys Overland ... 10100 2434
26 ? Wisconsin Central . . 400 28' 2
67 ? Worth Pump & M . . 600 76' ',
70 6 Worth V Ac M pr B 300 72 "
*Ex dividend.
9%
49
65%
9%
28
20%
50
12
20%
27%
62
8r,
50! j
69
25
30!.
76'.
72
9%
47%
647E
8%
24' 'i
17% 20%+ 4%
50
10%
19
24
61
85
50' :
53?/?
24'.
Bid and Asked
Hid. Asked. BUI. Asked.
Allis-Chal pr.. 82>,4 85 [Kress & Co.. 78
Am Airr Ch pr 91 94 do pr .100 ?
Am Bk K pr.. 4i?? 50 I. K ? W pr.. 17 20
Am lit. Rug pr 88 01 Llg & M T pr.103 307
Am 14 S & F. S7 100'? L-W K 1st pr. 98 I?1
do pr .? 2u0 ! d'i 2d pr_110 115
Am Can pr... 90 IDO Ixn-lllard P pr.104 107
Am C & V pr.113 114 Mrk:v Cos .. 64 70
Am Cot O pr. ?- S7 do pr . '?1 02 V4
Am I/ivo pr. .103 10C Manat? Sugar. 109 11.'!
Am Mult *.- t? 81 33 i (lo pr . 9.1 100
Am Khipbldg.. ? ? 125 ManlnU Upad? :'i 3
Am Sm pr A. 79 si Manliat Kiev.. 4?Vi 4s
Am Snuff pr.. 80 90 Manhat Shirt. 29 al
Am SU Fv I>r 91 92 Mu." I look wall. 0'? 70
Am Sugar pr.118 119 Math A!l< \V. H0 32
Am Sum T pr 83V4 s,;,i Ma?well Mot.. 23
Am Tel & C. 50 i5 do 2d pr. . . . 2 ?'. 2.1
Am Tobacco. .235 245 May i> s pr Ml lio
A I> O 1st pr 70 74 Mo? Petrol pr. r>i loo
do 2d pr- 85 7-. Mich l'entrai.. S2
Assnc Oil ... 113 116 MStl'&S.SM pro! 90
A O & W I pr 8.1 C5 do 1 1. 51 80
ft?.'..I Loco pr. 9.S 98|i?Moittana Poiv. 8?; ?'??
Barn Leather. 85 lot do pr . 99 100
do pr . 90 95 Morris & Ess. 7? i' _. 78
Barrett Co pr.105 DO Mull Body pr. 97
Beth fcteol .. 83 85Vj|N Illicit? pr.112 114
do 7'.h pr... 07 102V4 V Kn .'* S! pr 9? 102
Bklyn Edlaol). 94 or N'RKnfM 1st pr 10
Bl?l.wi fu Gas 5:! 57 N'YC&Stli 1 pr 57 7"
Brown Shoe . 90 100 do 2d pr.... 42 1.-;
do pr . o.:,"i. 07 v v l>n.-k pr. 48 50
Burns Bros pr 99 ;ot V Amorlcan... 5J 55
Brunswick ... o : Ohio Fuel .... 40 40
Uiirr It & l\. f.1;. 50 lOtls Elev?t or.. 125 134
B.ifT & Sus<|. . 70 do pr .110 127
do pr . ."Hi Otis Steel pr 97
Bush Term .. ? 100 Owens B M pr 97
Cal Patrol pr. 08 7" Par 0 ' Lst. . 25 10
Calum tl- Ariz 81 85 do .' ? I" 15 SO
Can South .. 41'.4 50 Pa.- Uet lop... K.1 70
Case, .1 I pr. . 98 07 Pa. Ific Mall
Central Fdry. 20 Pa. irii T & '" ? - in
lio pr.30 Pan A I'at pr 1: 200
Con? ? f \ .T. IG.1 210 Pon i 1 C l .91
C & ? A Toi.109 114 Peor?a & East '.'- I"
Car Cor 1st pr 84'4 Pen Mull - 33 ' 13
Chi Pnou Tool il 88 dn lit pr . M 115
i'ku'.m*!) pr. 90 loo Pitti Coal .
CCCASII, pi-.. Cl'-. 88 do pr . SHU 90
Cloro & Pitts ? 80 P Ft W f. C.122H 131
Cluett-Peab .. 85 90 Pltls Steel pr 87 !>1
do pr .loo 102 p .v W Va pr 7">. 71
C & S 2d pr ;.r, r: p s c of N J. 85 73
Coi Graph pr. ''l'i l?v SU Spg pr.105 107
Cont Ca?i pr.l.'-i 10s [Reading 1st pi :;?', .'".
font. Insur .. 72 7". Rent Tv !>c pr 98V. 100
Cre? CariKit.. 52 58 do -''I pr.... 95 9SV?
Cub-Am Sur..390 425 ISears-Roob ...218 225
?cere Co pr.. 99% 101 do pr.II? 118
lietr Edison...103 !"7 Sl-S s & I pr 90 95
Pntr Utt II K IC S I- K Sng pr 102 115
?iiitii Match .115 125 iStend Milling.125 110
Dur!) Hosiery. 56 ,4 do pr . 10 90
do pr . 59 101 li S'u.if'iilif!' i.-.ioo 10s
Em-Brandt p:- s: '4 i".'t Super <'--\ pr 100V4 105
V.-Johnson pr..l00*i 101 T ,1- P IA Tr.2.10 '-.ft
Fairbanks ... 7'-- Tide Water 0.180 210
FUher Body.,125 129 iTob Prod pr.. 95 :>-,':.
Gen Chwn , .1.10 i?o THTAW ctfs. 10??; 12
do tr . 9.1 99V4 do pr ctfsu. 1", 22
Gon Cigar ... 92 100 |Tw C R T pr ? 9".
do in- deb.. 85 ou Cud Typewrit.170 17:
Gulf M & N . 8 10 do pr.100 120
(f S Stl Lt. pr - - B7'.4|U C s c' Alb.180 224
?Irrtnian Corp 87 88% do pr .loi Ho
riiiit^e'.ake ... 58 83 t' ?111? I? pr 4H'.? 50
Int Agricult... 10V4 17 ' do 2d pr_130
do pr . 70 73 t'SCrP&F pr.. 48 30
In* M-.t-.w Trie? 120 V S Express.. SO ?Ttj
ein Ut pr... 78 71 '1' S I Ale pi.100 -102
<!,< ?d pr_ 03 ?8 ?I' S S ? K pt 45V4 4fi>i.
Int Paper pr. . 7.1 110 Va-fl Ch pr.,10.1 101
tr.l N'lckol pr. S".li S8 I Va I C .t ''. . 8() sj
lut Sa?* . 87'-j 70 Vul ?.?'ir.nl.'?. 24 28
.1 Ki\?rr ...10-, Hg ,-,, p- . . .. 88 90
ircr-SA-.M pr. 52 83 West Air Bke.107 110
K.'!--.. Wheel. 87 70 W SU g !-t pr >? "? 85
dn pr . 9.; 97 \TDson Co pr. ??'. 07
Keok & D \t I 8 Wlilys-Orer pr "7 SRVj
r!,> pr . 20 ;o iVonlworth prill 113
Krnsge. ? S..135 155 W P & M pr A ?
do pr .10! 107\' %,j pr II_ 70 7!
Lacledt c,?.%. .38 <8 '
Hani?, Forbes & Co. have purchased
property in fioston opposite th-.-ir present
offices at 15 F"dcr?l Street, on whloh they
\T?|1 er?ft u bwlldlnf lot their utvn ox.
ul Ulive usa.
Bank of England
LONDON, Fob. 19.?The weekly
statement of the Bank of England
shows the following changes:
Tot.il reservo... ?33,307,000 doc. ?1,195,000
?Circulation . 93,646,000 inc. 3,670,000
' Hulllon . 108.406.541 Inc. 2,474,201
Other securities. 87.899.000 Inc. 4,962,000
Public deposita.. 26,336,000 int. 4,325,000
Other deposits.. 164,811,000 Inc. 32,536,000
Notes reserve.., 33,540,000 <?ee-, 1,166,000
Go v. securities.. 87,119.000 inc. 33.171.0u0
The proportion of the bank's reserve
; to '.?ability this week is 17.42 per cent;
last wool: it was 22.40 per cent. Rate ;
j of discount, b' per cent.
Dividends
Kx traft
Ohio Oil Company- An extra dividend of
$5.75 ?i share lias been declared In ni
dilion to tho regular quarterly dividend
o? ? 1.25 p share, boll? payable March 31
io stockholders of record February 2S.
Increased
Anier?can Bosch Magneto Corporation?
The regular quarterly dividend has been
Increased from J2 to $2.60 a shun-, payable
: April I io stockholders of record March 15.
Regular Declarations
Rate and Holders
Period Payablo of Rec
Amer Inter Com $1.50 Q Mar 31 Mar 16
do pfd . $1.50 Q Mar :; I Mar 16
A in -Morns Isl pfd I U >? Apr 1 Mar 20
? 2d pfd. 1 \ Q Apr 1 Mar 20
'??a i bi is S.J ... ! '-. '.> .Mar 15 Feb 2S
i '?lies Per? Ice. . . :- M Apr I Mar 15
Apr l M?
pfd r.. '.y :.; Am- i Mar i:
Apr 1 Mar
Cuban Am Sugar .:? j <} Apr 1 Mar ID
?Io pfd. 1 \ Q Apr 1 Mar 16
Coin nental Oil.. $3 '4 .Mar 10 Feb 24
Lindsay Light pr. 1 %. C? Mar 31 Feb 28
Nat'l Ifinam & St'p 1 'a y Marl;') Feb 28
do pfd. I ?? Q Mar 31 Mar 1 I
do . 1 -j <..> Mar :: 1 Mar 11
?i" pfd. 1 -\ t? June 30 June 10
do . I'.., '.i A ug 3 1 Au g 1 1
-I" Pfd. I ?A Q Sept 30 .-"opt It?
do . 14 Q Nov 30 NovlO
do pfd. I % Q Dec 3 1 Dec 11
\>b Power pr... 1 \ Q Mar 1 Fob 19
N V Vil- Brake.. 2 % '-.' Mar 24 Mar 3
Reading 2d pfd.. 1 y Apr f Mar 2:;
Rep Iron & Steel, l'j lj May I Apr 2-4
do pfd. i , i> Apr 1 .Mar 15
Sa n Joaqu?n Light
& Power pfd., $1.50 << .Mari:, Feb 28
South 1'enn Oil. i ', ?j M*.:-:.l .Mar 12
VVilm'ton Gas pr $i s-A M;.r i Feb 21
?Stock Kx Dividend
Feb. 2S American Express . 1^4
Feb. 27 Am Smelt & Kef. 1
reb. 20 Drown Shoe . 1%
Feb. 20 Cerro de Pasco Copper.... 1
Feb, -111 Delaware & 'Itudaon . 2"4
Feb. 28 Diamond Match'. 2
Feb. 20 General Chemical . 2
Feb. 3 1 General Cigar pf. i %.
Feb. 3D Green Bay & Weat R 11.... 5
Feb. 21 Harbison-Walker Refract. 1'j,
F.-b. 2S li,t Motor Truck temp 1st pf. 3'-j
. Fab. 88 do 2d pf . 3%
Feb. 21 Manhattan Shin .43\c
Feb. 20 Middle States Oil temp.2 ?tk
Feb. 30 do . 10c
Feb. 2d National Cloak ?t Suit pf.. Ia;
Feb. 30 National Lead pf . 1 5i
??"?>. 2S Norfolk & Western ?y. 1 "i
Feb. 30 Pitta, Youn? & Ash Ry pr.... 1%
Feb. 80 Reading Company 1st pf. . . . Mj
,1-eb. 30 Studebaker Corporation . 1 **
;??*>. 20 do pf . 1%
F*b. ^.-7 United Cigar Storee pf. 1%
; F?b. 20 United Dru* Id pf . IV?
In Wall Street
Now and In 1907
One of tho beat known analysts in
the financial district yesterday com
pared the present business and finan
! cial situation with that which obtained
early in 1907, after the first stage of
the "silent panic," which began in
March, had been completed. For some
considerable time after its completion
| a rising market in stocks took place.
! It was followed by a wide open break
I in stocks in October of that year. This
- observer believes we have already nao
, the "silent panic," and that the depres
j sion of bus-mess which, he believes is
| inevitable, will not come until the fall.
) It is his opinion that meanwhile a
? spring riso may be seen in stocks.
American International
Winding up of American Interna
, tionnl Corporation's co-partnership ar
; rangement with the government in the
' Hog Island shipbuilding enterprise is
? bringing to light some interesting fig
! ures regarding the concern's emergency
?shipbuilding operations. The A. I. C.
j delivered last year sixty-three Bhlps
built on a cost plus basis, netting the
company about $19,000 a ship. As a
! result of the settlement with the gov
i ernment it is understood that the com
I pany is to receive between $900,000 and
? $1,000,000 as its share on contracts
which were cancelled when the war
ended. The corporation has about $1,
700,000 tied up in the Hog Island prop?
erty which is to be returned to it by
the government, the latter having paid
to the A. I. C. a rental of 6 per cent
on this.
A. I. C. Rubber Holdings
Wall Street has heard a lot of rumors
: of late, particularly during the bull
; market which carried United States
! Rubber common stock above 140, that
; the American International Corpora
j tion took advantage of the rise to un
i load at a nice profit a substantial part
j of its Rubber holdings. Later reports
j since Rubber has declined with the
| rest of the market have intimated that
| this stock was being repurchased in
? the open market. A man in close touch
with Ameri n International affairs
stated yesterday that in hie opinion
these reports were not well founded
and had no basis in fact, and that he
did not believe American International
had sold any of its Rubber.
Railroad Bonds
With speculative interest shifting for
the moment into railroad stocks, a num?
ber of houses arc advising their clien?
tele to buy railroad bonds, pointing
out that they offer exceedingly attract?
ive investment and speculative possi?
bilities. The feeling is that the new
railroad legislation will adequately pro?
tect all outstanding railroad bonds.
C. I. Hudson & Co. said yesterday:
"We wish to direct attention to railroad
bonds, nearly all of which are selling
from fear and neglect at prices the
lowest in their history and yielding an
income return on the purchase price
unprecedented in securities of this
class. Many of these bonds, like the
| Reading general 4s of 1997, Atchison
! 4s of 1995, Chicago & Northwestern
; general -is of 1987 and Union Pacific
, first 4s of 2008, are first mortgages on
: important and extended parts of these
systems, thereby guaranteeing safety
, of principal. These securities are sell
i ing anywhere from 15 to 22 points from
; the highest and yielding between 5 and
j 6 per cent on purchase price, maturity
! not considered. They will gradually ad?
vance. Then there is another class of
bonds which are more speculative, not
so well secured, but considered abso?
lutely safe for any one who under?
stands investments and keeps watch on
same. These bonds are selling so low
they are apt to advance quicker and I
further than the ones above mentioned.!
Of these may be mentioned the St.
Louis & Pan Francisco prior lien 4s,|
Rock Island general 4s and Chicago
Great Western general 4s.
Gold Export Embargo Opposed
Talk is heard! in many quarters of
the necessity of the government taking
steps to stop the heavy loss of gold to
the Far East and South America. The
point made is that it is hardly a sound
proposition to pay our debts in those
countries in the hard cash at a time
when our European debtors are not
paying in gold. The objection to laying
an embargo on gold exports from" the
United State?, an international banker
SHid yesterday, lies in the fact that to
stop gold shipments out of the country
would result in due course of time in
sending gold to a premium, as is the
case in England at present. Thar
would tend to depreciate the value of
the American dollar and would enable
Europe and other debtors to pay their
obligations to us in a cheap dollar.
Another Tobacco Merger
Tho better tone displayed by Ameri?
can Sumatra Tobacco common stock
the last day or two is attributed to
plans that are understood to be under
way for the merging into a single cor?
poration of that company and the Con?
solidated Cigar Company. The two
concerns are already controlled by al?
lied interests and Sumatra has a Con?
trolling interest in the cigar company
by reason of the ownership of a lar"-e
block of stock. The report current in
the financial'district is to the effect
that in tho consolidation under discus?
sion Sumatra common and Consoli?
dated Cigar preferred will be favored
issues.
Industrial Alcohol
Action of the United States Indus?
trial Alcohol Company in declaring' the
regular quarterly dividend of 2 per
cent on the common stocll nipped in the
bud ;i rumor that was paining, circula?
tion to the effect that a reduction in the
rate of the disb.irsementwas impending.
During the recent break in the market
Alcohol did not act very well. Tho de?
cline carried it from around 115 to be?
low 80. This was the main basis for
the rumor of a coming- dividend cut, it
is stated by interests close to the com
pany.
The Dutch-Shell Bonus Outlook
An interesting1 state of affairs is said
to exist with regard to the stock bonus
rumored to be under discussion by the
management of the Royal Dutch Pe
rroleum Company. It is learned that
certain Paris interests which hold a
large stake in the Dutch concern are
opposed to the offering: of new stock
to the stockholders giving them valua?
ble rights, on the" groundthat because
of the great depreciation in French ex?
change they would have to pay a huge
premium in order to take advantage of
the offering. The stock is quoted in
guilders, and the discount in francs in
the Holland market amounts, roughly,
to 40 per cent. This- would bo the
premium French stockholders in Royal
Dutch would have to pay. In connec?
tion with Shell Transport and Trading,
it is stated by those in close touch
with that twin brother of Royal Dutch
that a stock bonus may come sooner j
than originally planned in order to put
the distribution through before the j
British government jams on a tax on !
stock dividends. Such a tax is under j
consideration in England.
The Buying in the Rails
Who is buying railroad stocks? That
is a question that was asked a thou
sand times if it was asked ortce yester- j
day. A group of stocks that has been
kicked around for months and months j
suddenly comes to the front with a!
rush. The buying power in the rails j
yesterday and tho day before was of
large proportions, but looked larger
than it really was because of the com- j
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New-York tribune. [volume], February 20, 1920, Page 16, Image 16
About New-York tribune. [volume] (New York [N.Y.]) 1866-1924