New-York tribune. [volume] (New York [N.Y.]) 1866-1924, February 26, 1920, Image 16

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New-York tribune. [volume], February 26, 1920, Page 16, Image 16
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New-York tribune. [volume] (New York [N.Y.]), 26 Feb. 1920. Chronicling America: Historic American Newspapers. Lib. of Congress. <https://chroniclingamerica.loc.gov/lccn/sn83030214/1920-02-26/ed-1/seq-16/>

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MACKAY & CO,
BANKERS
Members of
?V?? York Stock Exchcmt?
Are your investments
selected to meet
your personal needs
and adjusted to
fundamental conditions?
14 WALL STREET
NEW YORK
COUPONS
Payable at Our Office
April 1, 1920
BRUSH ELECTRIC CO.
1st 5's, 1952
KNOXVILLE GAS CO?
1st 5's, 1933
SOUTHERN ONTARIO
GAS CO., Ltd.
1st 6's, 1953
Henry L. Doherty
& Company
60 Wall Street New York
Conservative
Investors
Should consider the op?
portunities offered by
the purchase of high
grade seasoned bonds
at present prices. He
shall he glad to make
suggestions.
J. M. Byrne & Co.
Members yew York Stock Exchange
Telephone Hector V000
60 Broadway New York
Philadelphia
Company
The advance of Pennsyl?
vania grade crude oil to $5.65
a barrel, the highest in history,
is being materially reflected in
the earnings of this great cor?
poration.
This Company has an un?
broken dividend record of al
; most 34 years and combines
i the best features of a profit?
able public utility, natural gas
I and oil business.
Circular on Requtet
Hirsch,Lilienthal&Co.
Members .V. T. Stock Exchange.
161 Broadway New York
The Railroads
We have prepared an
extensive chart enabling
ready comparison of
the relative merits of
the more important
railroad securities.
A copy will be sent free
oa request for Chart R.4
MILLER & CO.
MEMBERS
NEW TORK STOCK EXCHANGE
EQUITABLE BUILDING
120 Broadway New York
Ph?t'haW ,0? V-*r- ?? CommwcY?.. aanklqlT
?fBX1 CHATHAM & PHENIX
(S) NATIONAL BANK
k,\55/, Capital * Norplu? ili.noo.O??
'HTIOV'1?-' R??ourf?j?.?150,00?,00?
BANK H? Broadway. Singer Bldg.
.....:?._ And JS Brauch??
Northern Central's Year
For the year ended December 81,
1919, the Northern Central Railway
Company reports net income after
charges and expenses of $2,166,368,
i-.prainst $2.166.368 in the preceding year.
After dividends, etc., had been deduct
cd surplus v-as >''jtj.
Stock Prices
Slump as Money
Goes to 15 P. C.
-,?
Railroad Issues Tumble With
Industrials as Liquidation
Hits Market; Unfavorable
Annual Reports a Factor
A break in stock prices quite as se
; vere as any witnessed during the sus?
tained decline which was temporarily
1 arrested a week ago last Friday carried
prices of many stocks to new low levels
? yesterday. Railroad and industrial
shares alike slumped heavily under a
; fresh outburst of liquidation. Not a
i s-ingle active issue in the entire list
| escaped the effects of the heavy selling
! which \va3 precipitated by unfavorable
I money conditions, the unsatisfactory
reports issued by the* Republic Iron
and Steel Company and the New York
Air Brake Company, and the reduction
i in dividends of the majority of the
? porphyry copper companies.
Although the decline was general,
the stocks which had been leaders in
speculative favor and in which pool
operations had been most extensive
'? were hardest hit. Republic Steel
dropped to 87-k nnd closed at 88--.S,
, with a net loss of 8-?, points. At yes
' terday's low price this stock showed
a loss of 57-.?. points from the high
; Level reached in the boom which cul?
minated last November. American
I Woolen lost t>7? points, Baldwin Loco
i motive 3:,4, Crucible Steel 5, G encrai
? Motora 4U?, United States Industrial
! Alcohol 4li, United States Rubber 5,
! and United States Steel 1%. United
; States Steel got down to 93%, a new
? low on the movement. Losses of sev
! eral points in the railroad stocks were
common.
The poor showing of the Republic
Steel and New York Air Brake com
! panics caused a good deal of pessi?
mism. Traders saw in these reports
the end of the period of inflated profits
and were inclined to believe that pre?
vailing prices were higher than were
j warranted on a normal profit basis.
Brokers pointed out that United State?
Steel common, as a 6 per cent stock
was high, since government bonds
could be bought to yield as much, but
some of them admitted that the steel
companies had excellent earning pros
i pects, while Increases in asset value.1
were also said to warrant prices highei
than those prevailing.
By far the most Important markei
! factor, however, was the tignteninj
j of money. Brokers are unable to gei
time money at any prices and must
1 finance their operations almost wholl'
'? by borrowing on call. Therefore, wher
I call loans renewed at. 7 per cent anc
: the loaning rate later soared to 15 pe:
cent, stocks were unloaded in larg?
volume. The selling movement was in
creased by reason of the fact that an
other increase in rediscount rates wa:
generally expected. This expectatioi
proved to be well founded, for late it
the afternoonHhe Feredal Reserve Banl
announced an increase in the rate oi
paper secured by Treasury certificate;
of indebtedness. This was believed t<
, be a forerunner of increases in tit?
rates on comercial paper and govern
ment bond rediscounts.
The banking position is hecoming in
creasingly serious owing to the rapi<
expansion of commercial loans and th<
steady loss of gold, and for this reasoi
1 it is considered unlikely that any sub
stantial improvement in the specula
tive money market will take place ii
! the near future, especially in view o
; the Federal Reserve Board's repeate?
assertions that the use of funds fo
speculation must he checked.
-1
Money and Credit
Preparations by the banks to mee
the drain on their resources from th
' March 1 dividend and interest dis
j bursements and withdrawals of fund
I by their correspondents in the interio
were factors contributing to the shar;
? rise in the rates for call money yes
terday. Although the opening and re
newal rate was 7 per cent, the rat
l rose steadily throughout the day unti
it reached 15 per cent, which was th
! rate at the close. Bankers were o
i the opinion that the. call rate woul
i rule strong for the rest of the wcel
?The time money market was also highe
: and brokers bid 9 per cent for mixe
| collateral loans with little success.
The ruling rates for money yestei
day, compared with a year ago, follow
Yester- Yea
Call money: day. agi
On mixed collateral.... 7 5:
On industrial collateral 7 t;1
I Time money (mixed collateral):
I Sixty days. 9 5%@5:
f Ninety days. !? 5V_@5*
Four months. 9 5 V? '" 5 ;
Four to six months.... D ."'?^..V
j Bank Clearings Bank clearings :
I New York and other cities yesterdfl
were
Exchanges. Balance
New York.$893,322,914 $57,675,0
I Baltimore . ... 15.491,-131 5,402,9:
Boston . 68,327,037 22,283,5!
; Chicago . 122,131,279 90,941,1'
: Philadelphia . . 82.639,989 18,001,0
Silver- London, 82%d; New Yor
$1.29%; Mexican dollars, 98%c.
j Sub-Treasury?United States Fe
? eral Reserve credit balance, $36,271
I 432._
I The Dollar in Foreign Exchans
Net changes in quotations in tl
, foreign exchange market yesterdj
were slight, but the tendency
? pounds, francs and lire was cash
i Pounds at the close in terms of dc
Mars were worth one cent less thi
; at the close on Tuesday.
Yesterday's rates, compared wi
' those of a week ago, follow:
(Quoted dollars to tho pound.1)
Yester- Wee
day. ago
Sterling, demand.. . $8.3875 $3.38
Sterling, cables. 8.3950 3.39
Sterling, sixty days.. 3.3525 3.34
Sterling-, ninety days. 3.3375 3.33
(Quoted units to the dollar)
Francs, checks . 14.11 14.1
Francs, cables . 14.09 14.1
Belgium, francs, chks 13.57 13.6
Belgium, francs, cbls. 13.55 13.6
Lire, checks . 18.22 18.1
: Lire, cables ... . 18.20 18.1
Swiss, francs, checks.. 6.20 6.0
Swiss, francs, cables.. 6.18 6.0
(Quoted cents to the unit)
Guilders, checks . 36.75 37.o
Guilders, cables . 36.9375 37.5
j Austrian crowns, chks. .37 .;?
Austrian crowns, cbls. .38 .?:
Sweden, checks. 18.60 18.6
Sweden, cables . 18.70 18.1
Denmark, checks . 14.85 14,?
. Denmark, cables . 14.95 15.(
Norway, checks . 17.20 17.?
: Norway, cables . 17.30 17.<
. Pesetas, checks . 17.38 17.?
.Pesetas, cables . 17.46 17.
'Greece, checks . 11.03 11.i
Greece, cables . 11.05 ll.<
Manila, .checks . 48.875 48.'
Manila, cables . 49.125 49.(
India, rupees, check-*.. 44.7!. 46.1
India, rupees, cables.. 45.00 46.:
| Japan, yen, checks... 48.00 48.1
Japan, yen, cables... 48.25 48.:
| Aigentina, checks ... 101.30 102.1
I Argentina, cables .... 100.80 102.
.Brazil, Rio, checks ... 27.75 27.'
I Brazil, Rio. cables... 28.00 28.1
| Marks, checks . 1.04 ~ij
1 Marks, cables . 1.05 l'i
I Czecho-Slovakia, chks. 2 8 ?? !
?-??______
' Ata special meeting of the Grai
Consolidated Mining, Smelting and Po
Company siockholdn-s approved the
creas? In capita! stock fron $20 000
i.? $25,000,000 and the Issuance of
i 500,000 8 -.-M cent dsbc-r.iure bonds.
Transactions Yesterday in listed Stocks
Record of Stock and Bond Averages
January 1 to dat?.
1919. 191?.
4,471,300 5,619,200
16,901,400 17,984,300
21,372,700 P.3,603,500
Summary of Stock Exchange Dealings
Yesterday.
Jtallroad stock* . . . 228,700
Other stoc*? . 1,005,200
AH stock? . 1,233,900
Day
Before.
216,400
1,046,900
1,262,300
Yesterday.
t?. S. government bond.?.110,451,000
Railroad bonds . 1.114,000
Olher bonds . 2,731,000
AH bond?. 14,296,000
High. Low. Dir.
1920. 1920. Rate.
34! 4 ?
65'4 6
1/a ?
15, _?
36" a ?
83'/4 7
82
89
75
45 "2
8834
2
2' 4
5378
92
95
96' %
95', 2
Day before.
$9,041.000
1,022,000
2,466,000
12,529,000
Hales.
2800
Year
?go. 1920.
166.200 4,316,100
768.100 33,719,100
934,300* 38,035,200
Year ago.
(Copyright, 1920, New York Tribune ?no.)
Ran*? thoa
far 1920.
1920. 1919.
$5,119,000 $499,901,000 $361,410,000
1,024,000 57,618,000 65,228,000
1,691,000 68,219,000 67,502,000
8,834,000 625,638,000 484,145,000
Yeaterday.
20 Railroad ?tacks . ?.45
30 Industrial stock?. M-70
60 Stock? . 78-60
10 Railroad bonds . 7346
10 Industrial bonds. M-82
5 Utility bond?. 74-18
25 Bond? . ?".06
Day
Before.
65.35
92.10
?1.40
73.82
89.80
74.16
80.28
Year
Ate.
71.75
85.83
80.02
80.48
94.81
86.72
87.2?
Ran?? fall
year 1?1?.
High.
?6.20
110.30
92.66
7628
91.45
74.63
81.71
Low.
58.60
88.70
77.14
71.76
89.62
73.60
79.48
Hie*.
78.80
119.33
99.64
82.80
96.70
?7.75
87.91
Low.
63.35
79.20
75.92
72.83
90.56
71.80
80.21
Close.
Net
cnre. Bid. Ask.
8
6
8
128*4 105 10
6134 3834 ?
1433,4 ,124! s 12
116'4 113 7
543? 41=8 4
1134 80
95 6
1834 ?
100!2
38
87
12%
7438
92' -,
82
104
1634
66
93?4
80
86
39
15'g
10U8
30??
122
47
120! 2
14/a
86?s
9938
105*?
106
SO' i
72
100' 4
82
11534
46??
140!-, 123'2
11834 116'i
99
1003j
745,
973,
165'.';
105/
613,
21'',
OH'
65',
16'
6',
67',.
85'
8?
93
77
96i/8
54J. 2
93
115
101! 2
413-4 ?
15! a ?
50 6
54 4
7 ?
3/a -
45T-8 ?
76 6
6I.4 -
84 7
Advance Rumely
Ajax Rubber . 1900
Alaska Cold Mines. . .
Ahuka Juneau.
Allia-Chalmers .
AUIs-Chalmera pr ...
Amer Agr Chem....
Amer Agr Chem pr.
Amer noet Sugar....
Amer Hosch Mag. . . .
American Can .
Amer Car & VAy. . .
Amer Car & Fdy pr.
Amer Cotton Oil. ..
Amer Drug Syn. . . .
Amer Kxpress .
Amer Hide & Leatli. .
Am Hide & I,rath pr.
Amer Ice Sec.
Am Int Corp. 12900
American La France. 800
American Linseed.. . 2200
Amer Linseed pr.... 200
Am Locomotive. . . ,
Am Locomotive pr.
Am Ship & Com...
American Smelting.
Am Smelting pr...
Am Smelling pr A.
American Snuff . . .
Am Steel Foundry.
American Sugar . .
American Sugar pr
Arn Sumatra Tob..
Am Teleg & Toi. . .
Am Tobacco Sec. 16900
Am Tob pr new.... 400
American Woolen....
American Woolen pr
Am Writ Paper pr...
Amer Zinc .
Amer Zinc pr.
400 1?a
200 17-8
4800 39! 2
200 83'4
2000 88' 4
200 907g
3600 80'-8
2100 111
8C00 413/4
18800 130
200 113
200 4158
1600 123?
800 99
700 22
3800 102
1900 40' ?'.
9600
1073? 107%? 5'/8 108 109?
3834 391/sr- 3 39'/2 40'/
124' a 125 ? 5% 125 128
113 113 ? '4 113 115
41 ?a 41!V8~ 1'b 41'z 42'
12! 4 12'/4? '/a 12'/8 12'/
99 99^8- 99 99?
20' g 201/2? 1/4 20!-a 21
100' 2 1003-4? 234 IOO34 102
Sales. Open. Hifh. Low.
1000 14ft 14?? 14/a
70 70
60'/a 50/a
9% 10
153,4 16
Net
Clese. chg?. Bid. Aak.
200
1500
6900
1200
14100
2900
300
too
800
900
100
300
400
1800
70
50
9 Va
14
14/a? %
70 ? 3'/?
50 ? Va
?'/a? 1
14?2
28->2 29</a 27% 273/4- 1'/4
a* 4704 46 46 ? 2'/4
800 105?R 105'8 105'a 105%+ 7s 103
2800 1934 20", 4 193/4 20/4-f- Va 193
3600 61% 61% 60 60?2 60
200 95 95 95 95 - 95
200 811-a 81 Va 8II/2 81 '/2- 80',
200 101 101 100 100 ? 134 98
4900 41'2 41'-a 39 39?3 39
800 125/a 125'2 124/2 124/a? I'/a 124!
200 II6/2 116'-2 116!'.- 1161.2? '/2 116
4800 81*? 81% 80 SO' B? U8 80
3600 97' a 97' 2 96''r 9678? 1,2 96'
54' -a? 2 54'.
93 ? 2','2 93
116%? 6% 118
102%? % 102
1500
200
Anaconda . 12900
176!'2 139% 10
75
113! i
123! a
102%
38%
49'8
93
134%
111%
31%
95! 4
"02' 2
114
14%
10%
15
120
11! 2
29'4
27'4
283g
851-2
46
75%
68
134
100
IO434
61%
62
144*8
58%
10%
27
41%
593/i
87%
1203,4
106 %
36%
78
66
21%
41%
106
'?0%
44%
27
65%
67
63%
82' z
87%
2038
93 3 g
13%
90
31%
233%
100
54', 2
85
101
96
191
9
?i638
13
39
147
104
15%
2?
17%
95
90%
33%
48
36%
19! 2
75%
94%
175
345
85%
90
65%
102%
55' 2
81! 2
41
84?8
38%
62%
108
16
90-4
22'2
83
C13-4
2 3% Baldwin Loco Co_ 60100 107% 108% 104'4 10434? 3%
63
112'
103'
98'
28! 4
42
89
115
105
17%
80%
82'8
108
10%
7%
10
93
7% !
22 ?
15 ?
17 ?
74% 6
27% ?
65 7
59% 4
115% 10
96 7
72 5
45% 4
47 4
Ann Arbor .
Asset* Real Co.
Assoc Dry Good?. . . .
Atch, Top & San Fe.
Atl. Birm & Atl_
Atlantic Coast Line. .
Atl, Gulf & W I_
Atl, Gulf & W I pr..
Atl Refin pr.
200
300
800
2000
1300
400
87
87
6800 143% 143% 139% 139%? 6% 139
300 63
63
63
63
1%
800 113% 113% 113% 113%
10
Baldwin Loco Co pr. 100 100
Bait i & Ohio. 9900 35
Balli & Ohio pr_ 800 48';
Barnett Leather pr. . 200 89
Barrett Company .. 700 116',
Barrett t-'o pr. 300 106
Bethlehem Motors... 1600 20'
Bethlehem Steel . 200 80^
Beth Steel, Class B. . 23100 85
Beth Steel 8% pr
Bklyn Rapid Tran... 3400 133
Bkyn Rapid Tr ctfs.. 12C0 9'
Booth Fisheries . 800 103,
Burns Bro.-i . 400 103
2 Butte Copper & Zinc. 2000 9/<
Butte & Sup Copper. 3400 24', ;
Buttericls Co . 400 20
C.iddo Oil . 200 18' ;
California PacMng... 4600 76y;
California Petroleum. 1600 32
Calif Petroleum pr... 1900 70'/
Calumet & Aruona. . 300 62
Canada Pacific . 2400 121
100
34' 2? 2
47%? 238
89?4
11538? 3%
105 ? 2
193%? 13B
805g? 3%
83 ? 23 4
200 111% 1111-2 110% 110%? 1% 109'2 111
13'.
H
118
47
7
21
30%
45%
75
113
80
23%
64%
54
200 96
12900 80% 803? 77
2600 47 47! 2 46'
400 49 49 49
13100 121% 123% 118
4800 55 55 54
800 10 10 9^
1900 26 26U 253
9800 38s? 39' 2 373
9200 5534 57 55
1500 85% 86! 2 82
200 115% 115% 115!
400 83 83 80
41600 33% .15 33
600 73 73 72
2000 64 64' -, 63
15% ?
32 V
87
333,
36'/,
20
36'
53
55'- 2
76%
75
16%
78
10%
76%
26%
189
97
39%
79%
99
893g
165
6
9
10%
Case, .1 I, pr.
Central Leather ....
Cerro De Pa^co.
Certainteetl Corp . . .
Chandler Motors ....
Ches & Ohio.
Chi Gt West.
Chi Gt West pr.
Chi, Mil & St Paul.
Chi, Mil & St P pr..
Chi A N'western . . . .
Chi & NVcutern pr.
Chi Pneu Tool .
Chi. Rock Is! * Tac
Chi, R I & P 7% pr.
Chi, R I & P 6% pr.
Chile Copper . 1500 16*,
Chino Cons Copper.. 6600 35
Cluett-Peabody . 200 88
Cora Cola . 1900 36?j
Colo fuel &. Iron.... 300 38
Colo & Southern... 200 23
Columbia Graph . . . 7600 40?
Col Gas & Electric. 400 56'
. Consol Cigars . 300 56'
Consol ('?gars pr.... 400 77'
Consolidated Gas.... 800 773
Cons Int Call Min. . . 1400 19
Continental fan .... 300 80V
Continental Candy... 3000 11
Corn Products . 12600 79
, Con Textile . 1300 27
Crucible Steel . 32100 194
11934 120%? 2% 120
137% 1003,4
33 3
108 5
100% 7
9% ?
17*a -
12% ?
65% 8
85 8
26!
33
21
12
58!
85
152!
Crucible Steel pr.
Cuba Cane Sugar....
Cuba Cane Sugar pr.
Deerc Co pr.
Delaware & Hudson,.
Del, Lack & West. . .
Denver & Rio Grande
Denver <SL Rio Ci pr..
Dome Alines .
Llk Horn Coal pr. . . .
Kndicott-Johnson ....
Fndicott-Johnson pr.
Krio .
Erie 1st pr.
Krio 2d pr.
Famous Players ....
Famous Players pr. .
Fed Min & Smelt rr
400 99% 99?.?
12100 40% 41/f
800 80 80
400 99% 991.
200 94 94
400 172 172
1600 8 8
2900 141.4 14",
1600 11% 12
1000 36 36
6900 106% 109'..
800 101 101
12900 14% 147,
1600 23 23'
1200 17 17
2000 69 70
400 86 86
900 30' -, 30'
? Fisk Rubber Tire... 8900
225%
69%
84
64%
9334
36
68%
33
5734
35
50
86
13
80 %
13%
69
50%
3600 25'
1900 135
1000 63'
300 85
2400 158
4'
14'
135
115
51%
111%
89%
79?a
26%
88
71
61%
213-4
19%
118
105
33%
48! 2
102%
91?4
38%
47
2C634
18
110! 2
32
28
70
338 ?
9! 2 -
1123-4 6
111! 4 7
27% ?
76! 2 6
7I ?
70 6
19% ?
87 6
70 6
39% ?
14 ?
13% ?
12
7
2
106
96
273
247
102!
68
28
40!
165'
14',
106
25!
17! g ?
45 ?
18334 145% 12
110% 105% 7
112% 9* 7
136% 108 10
23 2
18% ?
47! 2 ?
117% 7
161% 10
21% 2
223
43'
Freeport Texas ....
Gaston, Wms & Wig
General Cigar ....
tien Cigur pr deb. .
(?en Electric Co. . .
General Motors . 28100 235'
Gen Motors 6",, deb. 200 71'
Gen Motors 7% deb. 1000 86;
Goodrich, B F. 12100 67
Goodrich, B F, pr. . ? 300 94
Grunby Mining . . 400 36
(it Northern pr. 6600 78
(it North Ore subs.. 2800 36
Gulf State Steel... 1500 60:
Hendee Mfg . 600 36
Haskell <?. Bark Car. 300 54
Hartman Corp . 200 87
Hupp Motors . 1600 14'
Illinois Central .... 700 85
Inter'l Agriculture... 300 17
lut Agriculture pr. . 300 72
Inspiration Copper. 5600 53
Int-Con's Corp . 100O 4
Int-Cons Corp pr.. 1600 13
Int'l Hurvester . . 1400 1 16
Int Harvester pr. . . 800 112
Int Mer Marine... 16900 30
Int Mer Mar pr. 9100 83
Inter Paper . 11800 74
Int Paper pr slpd . 900 74
Inter Nicke! . 3900 21
Inter Nickel pr. 50 88
Inter Salt . 200 70
Iron Product? . 400 4C
Jewel Tea . 300 16
Kansas City South.
4 Kelly Springfield
8 Kelly Spring 8% p
2 Kennecott Copper
1.20 Keystone Tire ....
7 Kresge, S S. pi .
6 Lackawanna Steel.
Lee Rubber & Tire
Lehit'll Valley . - - -
Liggett & Myers. .
Lig & My Tob rts.
Lig & My Tob pr.
l.Mws, Inc .
Loft Candy.
Loose-Wiles Biscuit
235' 2 228% 231 ? 4'.;
71',
71',
71%?
? Minn A 8t Louis new
7 M, 8t P * 8 Ste Mar
5 M, St P ft B 8t M 11
? Me, K?n & Tex.
? Mo, Kan * Te? pr..
? Missouri Pacific -
? Missouri Pacific pr..
7 Montana Power pr ..
4 Mollins Body .
3% Nation?! Acme .
? National Aniline ...
7 National Aniline pr.
6 Nat Cloak A Suit. . .
? Nat Con & Cable . .
6 Nat Enamel A Stpg
6 National Lead ..... 1600
7 National Lead pr . .
? Nat R R Mex 2d pr
1% N*r Con Corp .
10 New York Air Broke
5 New York Central..
? NY, Chi A St Louis
2% New York Dock _
5 New York Dock pr..
? N Y, N H A n. 39600
1 N Y, Ont A West ..
? Norfolk A Southern.
7 Norfolk A Western. .
5 North American , ..
7 Northern Pacific ...
5 Nova Scotia Steel ..
4 Ohio Gas . 3900
? Okla Prod A Ref ... 4O00
? Otis Steel . 1500
3 Owens Bot Mach ... 800
4 Pacific Develop _ 300
6 Pacific Gaa A Ele?.. 300
6 Pan-Amer Petrol .. 19100
, 7 Pan-Amer Pet B.
3 Parish A Blnghsm
3 Penn Railroad . 6600
? Penn 8eab Steel_
? Peoples Gas A Ceke
! ? P?re Marquette ....
? P?re Marquette pr. .
1 3 Philadelphia Co -
4 Pitt? C, C ft St Louis
1 ? Pierce Arrow .
, ? Pierce OH .
i 9 Pittsburgh Coal _
6 Pittsburgh Coal pr.
? ? Pitts A W Va.
6 Pitts A W Va pr...
1 Pond Creek Coal ...
8 Pressed Steel Car ..
8 Pullman Pal Car . .
5 Punta Alegre Sugar
4 8 Rail Steel Spring ..
g 2 Ray Consol Cop ....
i 4 Reading . 16200
2 2 Reading 2d pr . 100
a ? Remington Type ... 15O0
4 6 Rep Iron A Steel .. 96800
? Replogle Steel . 300
5.50 Royal Dutch . 200
a 5.50 Ryl Dtch N Y shares 6600
6 Savage Arms . 6400
4? Saxon Motors . 1900
4 ? 8t Lou A San Fran 25100
a ? St L A San Fran pr 300
? St I^ouis South'n . . 800
? St Louis South'n pr. 2000
'a ? Seaboard Air Line. .
4 ? Seab Air Line pr. ..
2 3,4 Shell Trans Ter ....
4 ? Sinclair
6 Sloss-Sheff St ft Ir. .
s 6 Southern Pacific . . .
20 Ho Porto Rico Sugar
? Southern Railroad . .
6 South Railroad pr . .
8 Standard Milling ...
4 Stromberg Carb ....
a 7 Studebaker . 34900
Studebaker pr
Stutz Motors
Tenn Cop ft Chem.
Texas Company ...
Texas & Pacific . . .
Third Ave Rail . ..
Tobacco Products
Tobacco Prod pr . .
Toi, St L A W ctfs
Transeon Oil . 12900
Transue W Steel ... 400
Union Oil . 3600
l'nlon Pacifie . 7800 117% 118% 116% 116%
Union Pacific pr
United Drug
United Drug 1st pr
United Fruit ....
United Ry Invest
I'nlted Ry Invest pr
U S Cast I P A Fo. .
U 8 C I P A F pr. .
U 8 Food Prod _
U S Ind Alcohol . . .
United Retail Stores 21900
U S Rubber . 11200
U 8 Rubber 1st pr. . 100 111
U 8 Smelt A Ref... 1600 64
U 8 Steel .136900 9534
U S Steel pr . 1600 110% 110% 110
Utah Copper . 6600 70% 70% 69
Vanadium Steel .... 3400 45
V?-Carolina Chem . . 80O 63
Va-Car Chem pr . . . 100 107
Va Ir, Coal A Coke. 700 80
Wabash . 1600
Wabash pr A . 9000
Wells Fargo Express 400
Western Maryland . . 4600
West Mary 2d pr .
Western Pacific . . .
Western Pacific pr.
Westing Air Brake.
Westlnghouse Mfg .
Wilson Co
Wheeling ALE.
14
70
60
9%
14
14%
71
61
93/4
14%
27% 27%
Worth P ft M pr A.
Worth P A M pr B.
Bid and Asked
Bid. toVtd
Adams Kip . . 29 34
Ad Rumely pr ?,
Am Bk .Nute. 41 44 do j,r
?o pr . 44?i M O S Stl 1:
Am Bt ?ug pr 80 !>u ?lmiientUte,
Am B S & F. 87 100U Int M,y 1%
do pr . ? 200 do 1st pr .
Am (.'in p.-... 9ii luO do jtj p
Am Cot 0 pr. - - S.'i i low? Central
Am Malt A U 304 J>-%.lewol Tea pr
vr
Bid. Asked.
92 100
*V* lo
OVi 33
14'?
? 125
i Arn Sl?pbUlg
I Am HimiT pr. . >0
? Am Hum T pr 8;iS
? Ani Tel &.- ('. . 50
| Am Tobacco..225
I Ann Arbor pr. j4
1) U 1st pr ?iS^i
50"
40
lis
do 2d p.-.
.101 118
1300 113!
1600 100
3200 29' .
5800 29'
26'
M O:
Auto S Corp
do pr . 2i>'.?
, Barn Lea'her.. 6-?
t Bi?t!i Stl 7th pr !>7
, Bkl.Mi Edison. 94
; Bkbn TJ Gas ?2
. Brown isnoo... 03 Si
do pr . 07
, Bums Bros pr 69 100
l Burr n * p.. 4JH r,o
1 Buff & Husn.. ? 70
<lo pr . ? 54
; Bush Tsrni .. ? 100
| Can Pouth ... 4' '? "0
! Central Fdry.. "0
.loues Tsa
J Kayser .... 105
Kel .Spring pr 9i
Kelauy Wheel. tW
do pr . M
Keok 4 u M
do pr . 20
K,-w,gu K S...?2".
KrvsB & Co.. 76
15 do ?r .100
28H Lacledo Oas.. Si
74%, L, E ?: West. <l%,
100 , do pr . 20 ??'i
i?7 I,-\V B 1st pr Og 10?
57 | dJ 2J pr,. . .110 115
i?7"i Ma.-luy Cos.. 65
V Ft W & C.U8 124 - rsLAW pr c'a 21 24
Pitta Bteei pr. 8? I'l Tw C It T ir - S5
Pr Stl Car pr.ioa 103 Und Type?TiU67H 172
' a I or .i J S3 73 ; do pr ... .100 l'O
l!y Ktl Kpg pr.1037? 107 I l"n Bag & IV 884, si
"?" "? .' 33? ? c a or Am.i.;o ?--=*
100 do pr .10')
?8H U Drug 2d pr.IliO
107 f S I Ale pr.100
223 C H B & Imp 45
U? U 3 S i II pr 48
93 , t'tall He?.- Corp !)',4
113 |Vul IV??tilng 24
SO ; do pr . 88
42H W Union Tel 85
?5HJW Mfg 1st pr 62H
,..,.. ...103 ?W.Uon Co pr, p-,
.?.,7* fc-Lrl Tr--*0 350 Wla Central... 31
Tide ?at.?r O.170 210 I
Item T>pe\t pr 98
do 1st pr.. . 95
Ren?s & .Sar.102
Stars-Koch . .217
do pr .115
Sl-S d & I pr ?0
t? R Sug pr. 102
Star.?! Mill pr 80
HteWt Wamrr 42
Super Steel... 43
d.? JPr_v - ? .100?, 193
i<<\
90
97
135
4H
Dividends
Regalar Declarations
do pr
Manat? I
Mannat
Mauhat
Maiihat
Marlin
Mart!
HI
Rate
Period
J1.50 Q
?1.50 ?
II.
Hug pr 65 mo
Beach % ;i
Eler.. 43 48
Whlrt. 81 3^
Rock?. bO 70
1'arry.. 24
100 102' 2 102'2 102'
6100 70 70% 68
800 317a 3178 30
1500 45'2 46 45
300 165'4 166 165'
4000 1658 16J4 16;
54 106 106 106
2000 27 27 26'
2900 18 18'j 17:
200 48 48 *" 48
IO2/2 104
30'. ?
3534
631.2
131
222
26
7134
6234
Lorillard, P . 1600 150
Lorillard, P, pr.
Louis & Nashville
Manat? Sutar .
Martin Parry .
Maxwell Motor .
Maxwell Motor 1st pr
May Depart Stores.
Mexican Petrol ...
Miami Consol Copper
oOO 110
2000 24
200 2734
300 57
300 117' j
25100 170
1000 22'2
1.20 Middle States Oil 9800 27"e
4 Midrale Steel . 14600 443i
106 - 103 106 do pr
4 26/4- ys 26'4 26/e ciu?t*ei pr'.l??
'a 18 ? 1 4 18 183b j <-'"1 & s 1?? pr 5?
48-4 48 53 ColVrsprpr: -
/4 148 ? 4 146 148 font Can pr..l01
200 105'j 105' a 1051a 105''2? % 104 107 | f?,nt ??1*1" ?? <?
300 100'4 IOO/4 IOO/4 IOOI/4? 334 1001a 103!alcu8bIAmlJ^?lr'.375
110 110 ? 2 110 114 I do Pf .101
23 23 ? 3/j ? o<t|/JC,-tr K<ll?r.n..l03
273/4 273,4? 1l/<
57 57 -
117/a 118?1
Mat M 2d p.- 20
. May D 8 pr.. 104
Cent of N j.is,-, ojo M?r IVrol or 97
i' & S A Tel. 109 114?, Ml.h Central.. Hi
t'er Cor m pr 8414 - MStFAS-SM pr 90
'>' * AU pr 13 l.-.t-i do '. :. 5?
Ch & hast 111 7U 7HIMont row?r.. H4
. . .T.;-; ?" ?"''? ?H Morris * Km. <#
i Bt V M & O GO r,6 Mu;i BovK pr. 97
_dp pr . . . 94 105 Nash ?V Chat. 99'
1 A St L. 444 514'Nat BlSL-ult. .. 111
110
80
110
24
273,4
57
118
1703/4
22/s
29
44?i
23
25
50' -,
118
1653-4 167 ? 41.4 167
22'4 221/4? 3, 22
27'g 273g? i4 28'g
437s 437,? 15, 437,
26'2
27/4
56
119
Petr In n R
? IMam Match.. 117
D S H A A pr 7
Durh Hosiery. 5fl
do pr
ma. ! Elee St?T Bat. log
?o, - Kk Horn Coal 22
22'4 iFerl Min * 8. 11
2?% i Fbher IWy pr.loo
rr? Idea mam . .150
44| '4 j do pr.96
?0
425
110
107
97
125
10
fio
101
118
28
13
110
i 80
?I
N
Cik t S pr Si
El) A St pr !>S
5 ?NRHofM 1st pr ?
8 NTCAStL 1 pr 60
9 ' do 2d pr... . 45
5 N Y L & W.. S5
34,Norf A W pr. 87
Nora Seo Steel 55
N Falls P pr. -
Ohio Fuel ... 45
Otis Ele? ...110
do pr .100
OtU Steel pr. ?
Owmis B M pr -
Paetfle Coast. 25
do Id pr_ 40
Pan-A Pet pr.175
(Penn I C pr.. 91
Put-Mull .... "-ft
do 1st pr.-.100
Horco- Arr pr.100
l'ier? O? pr. if2
25
110
100
113
1:2
114
101
102
10
70
4 S
"?i
5b
104
49
133%
?0
20O
80V,
115
Ajajc Rubber. .
Amaltraniat Oil
Booth Mills...
do pM.$1
Carbo Hydrogen
Co of Am pr. . 1
Chllds Company.
do pfd.
Eastern 8 S pr.
B I du Pont de
Xemours A Co.
? do debenture. .
H I du Pont de
Nemour? Pwd.
I do pfd.
1 Gal Sie Oil pr. .
do pfd.
Liar ?? Meyers pr.
Montana Power.
do pfd.
, >?' Y Tranalt
' Rainier Mot
, ?standard Oil' Co
I of Kentucky... |3
, SB Kressre pr. . 1 \
1 West Coast OU. . Ji.50
.?orth'on Pump A
M?;Ch pfd A. l?i
! . rt? Pfd B. 1>*
? A T Securities. . 11;
Stock?
holders of
Payable Record
Mar 15 Mar 10
1%
4'i
l'i
l's
$4
Apr
Mur
Mar
Mar ?1
Mar 10
Mar 10
Mar 31
Mur 15
Apr 26
May I
M ay 1
Mar 31
Mar 31
Apr I
Apr 1
Apr 1
Apr 1
Mar 1
Apr
Apr
Apr 15
Apr 1
Apr 1
May 5
Mar 20
Fob 21
Peb 21
Mar L'O
Peb 27
Feb 2 7
Mar 1ft
Peb 2 S
Apr 10
Apr 2 0
Apr 20
Feb 2S
I->b 28
Mar 16
Mar 18
Mar 18
Mar 23
Feb 28
Mar 15
Mar 15
Mur 2?
Mar 20
Mar 20
Mar 15
Mark
Sheldon, High Commissioner of
Australia, who was prevented by lllneaa
from keeping an engagement to ap*ak be?
fore the Bond Club of New York at the
la? monthly meeting, has recovered and
wl" addresa the club to-morrow at noon.
In Wall Street
Easy Money
Every little while New Street's "put
'n call* brokers sell an option for a
"onfthat turns out big for th. lucky
holder. One of them came through in
Republic Steel common. It was a put
that was sold.late Tuesday afternoon
on 100 shares of Republic Are point,
under the market that day. Th. pur?
chaser Paid one palty greenback for
the privilege of putting t-"> ?tock ?t
92%, the paper expiring at 2:45 oclock
yesterday afternoon. The man who
sold it had been placing a lot of puts
land calls with a good deal of success
! and took a chance on this put at $1
: as more of a joke than anything else,
: figuring that, since Republic had quite
? a break on Tuesday, it might be ex?
pected to move up instead of down. As
it happened, the extremely unfavorable
' annual report of the Republic Iron and
Steel Company came out late Tuesday
'? and resulted in a break of about live
| points in the stock right at the open
ing yesterday. Without waiting for
the stock to go lower, so that he could
? exercise his option, the owner of the
; put immediately sold the paper for
I $110, his profit being 109 on an orig
I inal investment of $1. The man who
I bought the put second hand later in
! the day had an opportunity to take a
I profit of about $300 on his investment
| of $110. Republic sold in the afternoon
i down to S1%, or nearly five points un
j der the put price.
No Bet
Certain brokers on the floor of th?
i Stock Exchange were so sure yesterday
? that President Wilson will sign the
? railroad bill that they offered to wager
| $10,000 to $5,000. But no takers were
i found.
Bad DayB for Pool?
These days of swiftly declining stock
market values are hard indeed upon
the pools and cliques which have been
patiently waiting for that last rise on
which "to unload." Th? decline earlier
in the month gave them a whole lot to
? think about, and they welcomed the re
1 covery of last week with open arms.
! But now new troubles arc besetting
? them. For not only has the market
I gone into a soaond sharp decline, but,
what is worse in some respects, the
: managers of pools in a number of in?
dustrial stocks have been told by the
i banks, it is understood, that no addi
! tional credit will be available for them,
I and that they must try to hold their
\ stocks up in the market or run the
j danger of having their existing loans
! called.
15 Per Cent Call Money
Wall Street encountered a jumpy call
I money market again yesterday, after a
fortnight of comparative stability. CaH
: loans renewed at 7 per cent, tip 1 per
! cent from the day before, and then
i advanced by degrees until the rate got
. to 15 per cent in the afternoon. It is
! learned that one of the principal
' causes of the fresh s?ueeze, apart from
! the falling reserves of the banks, is
i to be found in the fact that a larger
? percentage of maturing time loans is
i being paid off, being refused renewal,
? than has been the case for many
] months before. This is said to apply
1 to commercial discounts, as well as
! stock loans.
Republic a Bad Actor
Republic Steel's fall was a disturb
j ing influence upon the whole market.
i Hfre is a siock that sold at 3 45 on
I the booming market of last November.
; Yesterday it sold at 87?i, some 9
I pf.ints under the close of the day be
I fore and within about 17 points from
\ the level at which it started on the
long climb of 1919. Professional trad
'? ers were heavy sellers of Republic at
1 the opening, and their efforts probably
1 were responsible in a large meas
| ure for the early weakness in the
; stock, but later in the day a
; huge amount of Republic- held for
i the long account was dumped involun
I *.arily by holders whose margins had
been impaired by the two days' break.
j The demand for Republic in the stock
! loan crowd was very heavy last night,
\ the loaning rate being 10 per cent,
against 15 per cent for the general
I run of industrial stocks. This was ac?
cepted as indicative of the fact that a
large short interest exists in Repub
I lie. Crucible Steel loaned at 5 per
! cent for a while, but late in the day
. was loaning flat.
Chandler Motors Weak
Announcement of a proposed ?50,
000,000 capital increase by the Willys
Overland Company has been a drag on
; all of the motor stocks. It has directed
. attention to the fact that hiph costs of
, materials and the big business being
swung has imposed demands for in?
creased capital that must be met if the
1 companies are to go ahead with their
programs. Rumors of possible financing
I by Chandler Motors are heard in the
financial district. The annual report
\ of that company, issued the other day,
i showed a big drop in cash and a big
increase in inventories. Chandler was
one of the weak spots in the motor
| group yesterday, dropping 6% points
to 118-i. One block of 2,000 shares of
Chandler went at 120. The annual
meeting of the Chandler company was
held yesterday, when the directors
were re?lected.
New G MO Stock Listed
Favorable action was taken yester?
day by the committee on stock list of
the New York Stock Exchange to list
temporary certificates for 15,703,310
shares of the new common stock of no
par value on the exchange. Trading
will begin on March 1. These tem?
porary certificates will bo replaced the
first week in May by the stock cer?
tificates. Between now and the begin?
ning of trading in the temporary cer?
tificates next week contracts for hun?
dreds of thousands of shares of the
new stock made on the curb on a "when
issued" basis will have to be settled. |
Some people were unfortunate enough :
to pay as high as $40 a share for
this stock on the Curb. Yesterday I
18,000 shares were traded in on the
Curb within a range of 24'-? and 23.
the closing price being 231,*. The old
stock got down to 228*2 and closed at
231, off 4 V? points.
The English Bank Rate
Talk of a possible rise in the official
rate ot the Bank of England, which
would come through to-day, if it is to
be made this v.-eek, is exciting much
interest in local banking circles. The
opinion was expressed bv international
banr-s yesterday that if the directors
of the Old Lady of Thrcadneedle Street
decide to raise the rate this week it
will be because pressure has been
brought to bear by the British govern?
ment to check England's huge exports
on credit at the present. England is
sending large amounts of goods to the
Continent and is not being paid ?i
cash. This situation is said to be
throwing a great strain on the banks
and dislocating the exchanges still fur?
ther. Bankers point out that a higher
bank rate in England at this time
would likely have the effect of slowing
down business. It is not believed,
however, that a raise in London
would affect the New Yorw discount
market very much. The last rise in
the Bank of England's rate was made
in November when it was moved from
5 to 6 per cent following the marking
up of rates on this side.
Fisk Rubber
Directors of the company are !
scheduled to meet at Springfield to?
morrow and it was reported in the
Street yesterday that dividends might
be inaugurated on the common stock
at that time. In some quarters a '?
declaration at an annual rate of 10 per
cent or $2.50 is anticipated. Current
sales of the company are said to be
breaking all records, the total for Jan?
uary reaching $6,800,000.
-MM*; ? ??
When Exporting
to the Far East
yjE SHALL BE GLAD
to talk over with you
any matters on which you
feel in doubt. Our own
branches in the most im?
portant commercial centers
of Japan and China, and
our representatives on the
ground in close touch with
conditions, keep us con?
stantly advised on the trade
and credit situation and
other important information
that would be of advantage
to you when planning your
sales campaigns.
Our facilities are at your
disposal.
YOKOHAMA
SAN FRANCISCO
SHANGHAI TOKIO
PARIS SEATTLE
Park'Union
WREIGN BANKING CORPORATION
56 Wall Street, New York
{'aid I'p Capital and Surplus }2 260.0119
The Present
Market Price
of Securities
Many investors owning se?
curities which show either a
substantial profil or a sub?
stantial loss are hesitating
as to the advisability of
selling and reinvesting.
The depreciated purchasing
value of the dollar makes it
possible to reinvest at high
interest rates. Owing to this
condition many of the best
bonds are today selling at
exceedingly low prices.
Ask for special list No. 509.
Bonbright & Company
Incorporated
25 Nassau Street, New York
!?!?
February
Investment
Suggestions
Booklet TR. 1
on reauett.
George H. Burr & Co.,
Equitable Building
New York
JHELLWiGSREUTTER
Member? Nea> Yorlr Stoclr Exchanf*
INVESTMENT
SECURITIES
26 Broad Street. New Vor U
Telephone Broad 6230
HENRY CLEWS & CO.
Members of N. V. Stock Bxchaage,
11. 13. 15. 17 4 1? BROAD ST.
Deposits received subject to cheque
Stock, Bond 8c Note Issues of
Railroad 5z Industrial Corapaniei
Bought and Sold
?nd conservative advancei mad?
thereon.
Dealer? in
LIBERTY BONDS
Branch Office?? 52? Fifth Ave.,
M I ?Jen Sqeare. Uti Marren SI.
Ml Third Ave., 1? Court St.. Breefcly?.
We recommend
Empire Gas & Fuel Co.
6cc Convertible Gold Notes
of 1921
Exceptional yield
at present quotations
Well secured. Large earn?
ing power. Attractive con?
version privilege.
Circular upon rcquei'
H. D. Robbins & Co.
INCORPORATED
61 Broadway New York
I INCOME AND EXCESS PROFITS J
TAXES FOR 1919
A booklet containing a diceat of the
law and survey of the new feature?
? ffertinB !3in Income will ba ?'?-'?
nlshed upon application.
Metropolitan Truat Company
of the City of ?w York
?0 Wall St. -?te Klfth A??
The Liberty National Bank has been
appointed registrar for the preferred ?Ba
common ?tucks of the Rani* r Motor Co'
puration.

New-York tribune. [volume], February 26, 1920, Page 16, Image 16
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New-York tribune. [volume], February 26, 1920, Page 16, Image 16
About New-York tribune. [volume] (New York [N.Y.]) 1866-1924