New-York tribune. [volume] (New York [N.Y.]) 1866-1924, March 10, 1920, Image 16

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New-York tribune. [volume], March 10, 1920, Page 16, Image 16
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New-York tribune. [volume] (New York [N.Y.]), 10 March 1920. Chronicling America: Historic American Newspapers. Lib. of Congress. <https://chroniclingamerica.loc.gov/lccn/sn83030214/1920-03-10/ed-1/seq-16/>

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Phone, Rector 5000
Josephntal & Co.
120 Broadway, New York
Members
New York Stock Exchange
Foreign
Government
Bonds
Private Wires to
Principal Cities
Frei\ch
Government
Bonds
can be bought today at about
the following prices:
1,000
Fraaoa
4s of 1917....54^
Victory 5s. 66^
New 5s of 1920...$73
The redemption value of
these bonds with
French exchange at par
would be approxi?
mately :
4s of 1917_$193.00
Victory 5s_ 193.00
New 5s of 1920 289.50*
*Carrie$ 50% premium in semi
annual redemption by lot.
Circular 11-66 on request.
GhandlefuGompany
IMMNUTK
35 Pine Street, New York
I'htladclf.hia
Xew Haven
Baltlmor*
NEW ENGLAND
today offers great?
er opportunities
than ever before to
discriminating
purchasers of safe
and profitable in
vestments.
Shall we send j/ou
our ciirrent Book?
let TB S57, de?
scribing seven Sc
Iccted Xew Eng?
land Preferred
Utocksf
CHARLES WESUEY& COMPANY
Corrseponients of
HoIlister.Whlte & Co.
01 Cedar St., cor. Trlnlty PI.
Telephonea Rector 3901-2-3-4-5
XEW YORK
Boston I'Uilatlelphla
Newark Sprlngfle'd Provirtence
PlttBfleld Porilartd
1
TUTH
MARINE
TRUST COMPANY
BUFFALO.NX
\ tVENTIETH YEAR OF SERVICE
CAPITAl AND SURPLUS
5EVENTEEN M1LUON DOLLARS
PRICHITT
&CO.
MEMBERS OP
NEW YORK
STOCK EXCHANGE
INVESTMENT
SECURITIES
SIXTY?~ B ROADWAY
NEW YORK CITY
Odd Lots
Writ* ?>ept. 10
(mSHOLM&^PMAM
Uemtors New York Stock Erchangs
71 Broadway New York City
1 piown Offlce.39 13. 42nd St.
Harletu Offlce. 290 Lenox Av., cor. 121 lh at.
Bronx Offlce.301 K. 149th St.
brooklyn Offlce.32 Court 3t.
Yonkem Offlce.12 N. Bri&anof
Nivai-k Offlce.777 Brond St.
French Internal Loan
Brown Bros. & Co. announce that
the offlcial subacrlption price on March
10 for the new French lnterna] loan
of 1920, based on the closing rate of
exchange March 9, is $72.99 a 1,000- j
iraag feead. ' I
Profit - Taking
Checks ^.dvance
. In Stock Market
Prices Hold Well Despite
Pressure, but Sensational
Fluctuations Confined to
Specialties; Money Strain
a Handicap
Proflt - taking in large volume
checked tha advancing movement of
Btock prices yesterday, and eave for
sharp gains in a few of the volatile
specialties changes at the end of the
session were relatively small. Gen?
eral Motors scored the greatest ad
vance, closing at 312, up 11 points,
after having sold at 823. The short
interest in this issue apparently had
been very large, but action of the
stock during the afternoon indicated
that it had been rather well cleaned
out. Crucible Steel, which responded
sensationally on Monday to the fj?
vorable stock dividend tax decision,
I continued its advanco during the early
j trading and reached a new high for
i the year at 240. Later profit-taking
? and short selling caused a reaction, so
) that the stock closed down a frac?
tion.
, The market opened strong, but be?
fore much progress had been made
considerable pressure was exerted on
I most of the active stocks, both rails
j and industrials The demand was suffl
j ciently strong, however, to prevent the
j drastic reaction which was so widely
I expected. Prices eascd off here and
I there. but they came back well, and
| on the whole tho market displayed
! much better resistanco than it hadsfor
| some weeks. Gains exceoded losses in
< number and Bize.
! A good deal of discrimination was
j shown in the purchasing of railroad
j stocks. Roading and Union Pacific
| were notably strong, but other active
| rails were not much changed. The
j comparative stolidity of the transpor?
tation shares was disappointing to
many traders and brokers, who haa ex
j pected that the decision regarding val
uations would cause an immediate
boom. Undoubtedly the decision was
a highly favorable influence, since it
insures the carriers a substantially
higher return than they would have
received had the government won the
case, but it was difficult to give this
or other good news tangible cxpres
sion in view of the money situation.
Call loans yesterday were renewed at
8 per cent and the rate later droppod
to 7 per cent, but the Street , has
ceased to regard fairly low call rates
ns being of much significance. What
is needed is a good supply of time
money. Wall Street would look upon
a substantial increase in the supply
of time funds as the solution of all
its difficulties, even if the rates wer?
high. But so long as brokers must
depend almost wholly on the unstable
call market for their funds a real bull
market ia regarded as almost an im
possibility.
The banking situation does not hold
out much hope for immediate im
provement in this respect. Probablv
there will be no real stock market
money easo until commodity loans
have been liquidated rather thorough?
ly. Some observers believe that money
will bo easier after tax payments are
cornpleted the middle of this month,
but it is hardly likely that this ease
will take the form of an adequate sup?
ply of time funds. *
Money and Credit
Call money on the Stock Exchange
yesterday renewed at 8 per cent and
closed at 7 per cent, the same rates
that prevailed on the preeeding day.
The greater part of the day's demand,
money brokers stated, was filled at the
I higher rate. A few small time loans
were reported to have been made, but
the larger banks are still holding off
from making loans except on call.
The ruling rate for money yester?
day, compared with a year ago", follows:
~ ? Yester- Year
Call money: day ago
On mixed collateral_ 8 5
On. industrial collateral 8 5%
Time money (mixed collateral):
Sixty days. 9 o%?5%
Nipety days. 9 B^fa-5%
Four months. 9 B%@5%
rour to six months. ... 9 6%@5%
Bank Clearings?Bank clearings in
New York and other cities yesterday
were:
v. ?,. , Exchanges. Balances.
New York.$838,564 734 $61,003,924
Baltlmore - 16,543,987 8,084 095
?0*t0" ;???? 58,578,116 12.029,815
Philadelphia .. 72,754,394 18,841,557
Sub-Treasury?United States Federal
Keserve credit balance, ?44,858,299.
d.,S?IverrL,ondon> 77B/sd; New York,
?1.28; Mexican doilars, 99c.
The Dollar in Foreign Exchange
Sterling and franc exchange moved
sharply upward yesterday on further
reports from overseas that gold ship
ments were likely and on the official
announcement from the Chancellor of
the Exchequer that the British govern?
ment had been purchasing Anglo
French bonds in tho open market to
take advantage of the existing discount
m the market value of the bonds.
Bankers expressed the view that
France, too would ship gold. Belgian
; trancs and lire also were slightly
i firmer, and marks shot up from 1.11
cents a mark on Wednesday, which
was the highost quotation in several
! ?'eeks, to 1.27 for cables yesterday.
1 here was better buying on the ex
pi'ctation that perhaps Germany will
get credit in foreign countries under
[ tho new conditions which the Allies
have been discussing. Japanese yen
; turned weaker, and are now selling
( about two cents under par. Japan has
been a heavy buyer in the United
States in recent weeks.
Ycstcrday's rates, fompared with
those- of a week ago, follow:
(Quoted doilars to tho pound.)
Yester- Week
day. ago.
Sterling, demand .$S,64 13.4275
Sterling, cables . 8.6475 8.4350
Sterling, sixty days.... 3.6050 8.8905
Sterling, ninety days... 8.59 8.3775
(Quoted units to the dollar.)
Francs, checks . 18.72 14.22
Francs, cables .13.70 14.20
Belgium, francs, chks.. 13.20 13.62
Belgium, francs, cables 13.18 13.60
Lire, checks . 17.82 18.32
Lire, cables. 17.80 18.30
Swiss, francs, checks... 5.97 6.17
Swiss, francs, cables... 5.95 6.15
(Quoted cents to the unit.)
Guilders, checks . 36.75 86.70
Guilders, cables . 86.375 36.8125
Austrian crowns, checks .41 .37
Austrian crowns, cables .42 .38
Sweden, checks. 19.75 18.70
Sweden, cables .19.85 18.80
Denmark, checks.16.20 15.05
Denmark, cables. 16.30 15.15
Norway, checks. 17.20 17.10
Norway, cables. 17.30 17.20
Pesetas, checks .17.62 17.27
Pesetas, cables . 17.70 17.35
Greece, checks . 11.40 i0.77
Greece, cables . 11.50 io.87
Manila, checks ?. 48.75 48.75
Manila, cables . 49.08 49.00
India, rupees, ..checks 45.25 45.75
India, rupees, cables... 45.50 46.00
Japan, yen, checks. 46.60 47.50
Japan, yen, cables. 46.75 47.26
Argentina, checks.102.00 102.80
Argentina, cables .101.50 101.50
Brazil, Rio, checks..... 27.75 27.75
Brazil, Rio, cables.28.00 28.00
Marks, checks . 1.26 1.04
Marks, cables . 1.27 1.05
Czecho-Slovakia, checks 1.14 ?-.
Transactions Yesterday in Listed Stocks
Summary of Stock Exchange Dealings
(Copyright, 1920, New York Tribune, Ine.\
Day
Before.
864,000
1,458,700
1,723,600
Yesterday.
Railroad stocks ... 291,500
Other stocks . 1,364,400
All stocks . 1,427,900
Yesterday. Day before.
V. S. rorernmmt bonds. 97,743,000 $12,076,000
Railroad bonds . 1,684,000 1,102,000
Other bonds . 2.217.000 3,127,000
All bonds. 11,646,000 16,304,000
Year
a*o. 1920.
179,800 6,493,200
765,100 40,626,900
944,900 47,120,100
Year ago.
$5,269,000
1,131,000
3,319,000
0,719,000
Janaary 1 to dato.
1919
6,761,300
23,998,400
29,769,700
1920.
$625,992,000
68,216,000
81,514,000
775,722,000
1918.
7,144.500
23,689,900
30,834,400
1919.
$449,963,000
66,822,000
76,480,000
693,731,000
Record of Stock and Bond Averages
(Copyrluht, 1920, New York Tribune, Inc.)
Bfinice thus Ranre fnll
Day Year far 1920. year 1919.
Yesterday. Before. A?o. Hljrh. Low. Hl*h.
20 Railroad Mocks . 67.30 66.70 72.85 67.30 68.60 78.80
30 Industrial stocks . 95.87 95.83 89.40 110.30 88.70 119.33
60 Stocks . 84.44 84.18 82.78 92.66 77.14 99.54
10 Railroad bonds . 73.63 73.52 80.65 76.28 71.76 82.80
10 Industrial bonds . 89.27 89.38 94.85 01.46 89.27 95.70
6 Utillty bonds . 73.66 73.70 35.85 74.53 73.48 87.75
25 Bonds . 79,88 79.90 87.37 81.71 79.48 87.91
Low.
63.35
79.20
75.92
72.83
90.56
71.80
80.21
Riarh. Low. D1t. Net
1920. 1920. Rate. Sales. Open. High. Low. Close. chge. Bid. Ask
45% S4"/4 ? Adwnes Rumely .... 300 40/, 40% 40 40!/,? '/t 40% 40%
88% 65% 6 Ajax Rubber . 1600 75 76 73 75%? % 74*4 76
2 1% ? Alaska Gold Mlnes... 3900 1% 1% 1% 1%- Wo ? 2
2% 1% ? Alaska Juneao. . 600 2% 2% 2% 2%? % 2% 2%
63*9 36!/4 ? Allls-Chalmers . 2900 42 42*4 41% 41%? 1% 41 41%
95% 73 8 Amer Beet Sugar_ 1000 83"/a 84 83 83%- 83 84
12334 105 10 Amer Bosch Maj.... 3100 114% 117% 114% 115 + % 114% 115
6134 38%? American Can . 7800 45 45'/? 43% 43%? 1% 43% 437a
14334 1241/e 12 Am Car & Foundry. 10200 137% 139% 137 137%- 137 138
116% 112% 7 Am Cor & Fdry pr.. 400 113 113 113 113 -- 112'/2 113'/2
64% 39% 4 Am Cotton Oil. 2400 45 46% 44'/2 46%+ 1 45K2 46V2
15'/a 11% .80 Amer Drug Synd .. 1000 13 13 12% 12%? >/a 12% 13
104% 95 6 Amer Express . 200 104% 104% 104% 104%+ 2% 100 105
30% 18'/2 ? Amer Hide & Leoth. 2100 22'/2 23 22% 22%+ % 22 22%
122 90% 7 Amer Hide & L pr.. 3900 104% 103 102"/2 103'/a? 1% 104'/2 105
47 38 4 Amer Tee Secur. 1400 42 44% 42 44 + % 41 44
68 53 6 Amer Ice Secur pr.. 800 63 63 62% 62%+ 2% 61 63
120!/2 87 6 Amer Int Corp. 8600 96% 96% 85</a 95%? % 95% 9534
14% 1234 1 Amer Lo France.... 1000 13 13% 13 13?%+ % 13 13%
86% 74% 3 Amer Linseed ...... 1000 81 81 8OI/2 81 + % 80'/8 80%
99% 92% 7 Amer Linseed pr_ 200 94 94 94 94 + ?/2 93 95
105% 82 6 Amer Loco . 18S00 9834 99 9634 97?1 97 07'/2
107 104 "7 Amer Loco pr. 200 107 107 107 107 + 1 107 10834
30'/a 16%? Amer Ship & Com.. 6800 23?4 24% 23% 24'/4+ % 24'/8 24'/4
72 66 4 Amer Smelting . 41C0 64% 64% 6334 64 - 6334 64
46% 39 3 * Amer Steel Fdy. 4800 46% 4634 45% 46 ? % 45?/2 46
140'/2 123% 7 Amer Sugar . 1900 130% 13034 128'/4 129%? % 129% 129%
118% 114% 7 Amer Suifar pr. 200 116 116 116 116 + 1% 115 116%
99 77 10 Amer Sumatra Tob.. 6600 88% 9234 88 90 + 3 90 90'/2
100% 96% 8 Amer Tel & Tel.... 2200 99 09% 98% 99%+ V\ 99 "'/a
283 225 20 Amer Tobaeco . 600 238 245 238 245 +10 243 245
74% 54% 6 Amer Tob See. 15800 58% 59% 6734 58%+ % 6834 69
9734 92% 6 Amer Tob pr new... 400 92'/2 92% 92>/2 92%- 90 92%
165% 112% 7 Amer Woolen . 31900 128% 131% 125 125 ?4 125 125'/2
61% 38% ? Am Writ Paper pr.. 200 4434 44% 4434 44%+ % 44% 45
21% 15% ? American Zinc . 300 20'/4 20% 20% 20%+ 1 19 20>/4
69'/2 60 6 American Zinc pr... 800 66 66 66 56+8 63% 66'/a
65!/4 64 4 Anaconda . 6100 68% 68% 68 58 ? % 67% 67%
27% 23 ? Ann Arbor pr. 200 25% 25% 23% 25%? % 26 25'/2
67% 45%? Asso Dry Goods. 600 6034 6034 49"/2 49'/*? 1% 48i/4 49
9 6[/4? Atl, Birm & Atl. 200 8i/8 8% 8% 8"/e? % 8% 9
65i/8 76 6 At, Top & Son Fo... 10900 8434 85 83% 84'/2- 84'/a 84%
82 76 6 At, Top & S F pr... 300 78 78% 78 78%+ % 78 78i/2
1525 1350 20 Atlanta Reflnlng .. 25 1520 1625 1520 1523 - 1530 1675
93 84 7 Atlantie Coast Llne.. 2200 88 89 88 88%+ % 88 89
176% 137 10 Atl, Gulf & W I_ 6100 157% 159% 156 156 ? 1% 156 157
75 63 8 Atl, Gulf & W I pr.. 200 65 65 65 65 + % 64% 65
123% 103% 3% Baldwin LocomotWe.. 79900 119 121 117 117 ? 2% 117 117%
102% 98% 7 Baldwin Locomo pr.. 200 100 100 100 100 - 100 101
38% 28% ? Baltimore & Ohio... 4600 37% 37>/2 ~ 36 36%? % 35'/2 3634
49% 42 4 Balt & Ohio pr. 200 48 48 48 48+1 47% 48
134% 114 8 Barrett Company.... 6200 121 124% 120% 123 + 1% 121 123
31% 17'/2 ? Beth Motors . 1500 23% 23% 22!/2 2234- 22% 2234
95% 77% 5 Beth Steel . 100 86/4 86% 86J/4 86%+ 1% 83% 85
102% 81% 5 Beth Steel, Class B.. 26900 91'/2 9134 89% 89%?2% 89% 8934
114 108 8 Beth Steel 8% pr... 200 113 113 113 113 - 111 113
95% 91 8 Bklyn Edison . 200 95% 95% 95% 95%+ 1% 95 97
10% 7[/4 ? Bklyn Rap Tran ctfs. 100 10 10, 10 10 - 9% 10%
15 10 ? Booth Fisherlcs Co.. 2100 11 11 10% 11 + % 1034 11%
120 93 10 Burns Bros . 300 106% 106% 106% 106%+ % 106% 107
106 08 7 Burns Bros pr. 100 106 106 106 106 + 1% 100 109
11^2 7% % Butte Cop & Zinc... 3100 10% 10|/4 - 934 9%? % 9% 10
29/4 22 ? Butte & Sup Cop_ 1400 26% 26% 263/B 2634+ % 26% 2634
27% 15 ? Buttcrick Co . 300 18% 18% 18% 18'/4? 1% 18 19
2834 17 ? Caddo Oil . 1600 21% 22% 2134 22'/8+ % 22% 2234
85% <74 6 Calif Packing . 600 78% 79% 78% 79 + % 78% 79
46 2734 ? Calif Petrol . 2900 36% 36% 35% 35%? 34 36% 36
75% 65 7 Calif Petrol pr. 200 70 71 70 71 + % 70% 71
134 115% 10 Canada Paclflo .... 8700 121% 124% 121% 123%+ % 122% 12334
10434 72 5 Central Leather _ 19600 84% 8634 84% 85 + 1 843/4 85/4
191 175 8 Cent of New Jersey. 100 191 191 191 191 +16 180 210
61% 45/4 4 Cerro De Pasco. 1400 48% 49% 48 48?1 47% 48%
144% 117% 10 Chandler Motors_ 13900 139 141% 137% 137%+ % 137 133
E83/a 47 4 Ches & Ohio. 6800 6734 68% 67% 68 - 67% 68
1134 6 ? Chi & Alton. 300 9% 10% 9% 10%+ 2 8 10%
10% 7 ? Chi Great West. 2200 10% 10% 10 10 - 934 10
27% 21 2 Chi Gt West pr. 1100 25% 26% 25% 26 - 25% 26
41 ?4 30% ? Chi, Mil & St Paul. 9900 39% 40% 38% 88%? % 3834 39%
6934 4534? Chl, M & St P pr... 7400 6834 69% 67 68?1 6734 68/4
89 75 7 Chi & Northwestern. 600 87 89 87 88+1 83 89
120?4113 8 Chi & Northwest pr. 300 116 117 116 117 +2 116% 117
106% 78 6 Chl Pneu Tool . 200 8534 85% 85% 8534+ 2% 85 90
41% 23% ? Chi, Rock Isl & Pac. 41600 3934 40 38 3834? 1% 38% 3834
66% 64 6 Chi, R I & P 6% pr. 800 65% 65% 65 65 -? 65 65%
78 64% 7 Chl, R I & P 7% pr. 800 76 76% 76 76 - 75% 76
51 42 ? C, C, C & St L. 300 48% 60 48% 50 - 60% 51
68 63 6 C, C, C & St L pr... 200 63/4 63% 63% 63%?4% 63% 68
21% 15% ? Chile Copper . 1800 17% 17% 16% 16%? % 1634 16%
41% 31% 1% Chino Cons Copper.. 2100 34 34 3334 34 + % 3334 34
4034 33% 1 Coca Cola . 1000 36% 37 36% 27 - 36% 37
44% 36/4 3 Coi Fuel & Iron..... 700 40% 40% 39% 40%+ % 39% 40
27 20 ? Colo & Southern. 600 25% 25% 25 25 + % 25 26
65% 36% 1 Columbia Graph _ 22100 48% 48% 47 47%- 47% 47%
67 53 6 Coi Gas & Elec. 500 66% 66% 66% 66%+ % 66 66%
63% 65%? Consol Cigars . 200 68 68 68 58 + % 58 60
87% 75 7 Consolidatcd Gas- 300 82 82% 81% 82%+ % 81 82%
20% 1634 2 Cons Int Call Min.... 4600 19% 19% 19% 19%? % 19% 19%
93% 78 7 Continentai Can .... 300 86 87 86 87+2 82 85
13% 10% 1 Continentai Candy .. 1600 1034 1034 1034 1024- 10% 10%
90 76% 4 Corn Products . 10100 86% 8734 86% 8634? % 8634 87
107 101 7 Corn Products pr... 200 105% 105% 105% 105%+ % 104% 106%
31% 25 34 Con Textile . 1400 28% 28% 28% 2834? % 28% 29
240 189 12 Crucible Steel . 36900 225 240 225 226%? % 2263,4 227
450 400 10 Cuba-Amer Sugar .. 100 410 410 410 410 +10 400 430
54% 39% ? Cuba Cane jgugar ... 4000 43% 44% 43% 44 - 4334 441/3
90 89% 9 Del & Hudson . 1600 94% 95% 94 95 + % 93 95
191 1C5 10 Del, Lack & West... 3900 176 184 176 182 + 7 180% 185
9 6 ? Dc-nv & Rio Grande. 1000 7% 734 7% 7%? % 7 7%
16% 9 ? Denver & Rio Gr pr. 5100 15 15% 14% 15 ? % 14% 16%
13 10% 1 Dome Mincs . 1600 12% 1234 12% 12%- 12% 12%
67% 56 2 Durham Hosiery _ 200 66 66 66 56 ? 2 65 06
147 99 6 Endicott-Johnson ... 6100 109% 109% 105% 107 ? 2% 106% 107%
104 100% 7 Endicott-Johnson pr. 100 102 102 102 102 + 1 101 102%
15% 9% ? Erie . 10100 15 15% 14% 15 + % 15 15%
25 17%? Erie 1st pr. 3900 24% 25 23% 24%+ % 24% 24%
17% 12%? Erie 2d pr. 800 17% 17% 17% 17%+ % 16% 17%
95 65% 8 Famous Players .... 700 77 78 77 77 - 7634 77
P0% 85 8 Famous Players pr.. 300 90 90 88% 89%? % 89% 90%
33% 26% 3 Fed Min & Smlt pr. 100 32 32 32 32 + 134 31 32
135 100% 10 Fisher Body . 300 11934 120 119% 120 +6 119% 125
48 33 3 Fisk Rubber Tire.... 6100 38% 38% 37?4 38 ? % 38 38%
36% 21 ? Freeport Texas . 800 26 20 24% 24%? 3a 24% 25%
19% 21' ? Gaston Williams .... 16C0 15% 1534 14% 15 ? l' 15 15%
183 175 8 General Chemical.... 300 175 181% 175 181%+ 6% 180 200
75% 58% 6 General Cigar . 3100 65% 68% 65% 68' + 2% 68 68%
172 152% 8 General Electric. 800 167% 169 167% 169 + 1 165 168
4S5 225% 12 General Motors. 46900 305 323 305 312 +11 310 312
8934 73% 6 General Motors pr... 300 79% 79% 79% 79%+ % 79 79%
85% 69% 6 Gen Motors 6% deb.. 2000 71% 73% 71% 73+2 72% 74
90 84 7 Gen Motors 7% deb.. 1200 86% 86% 88% 86%+ % 86 87%
32% 24%? Gen Motors ctfs. 77800 30% 32% 30% 31 + % 31 311/'
85% 64% 6 Goodrich, B F.. 4900 72% 72% 71% 71%? % 71% 713,4
10234 92 7 Goodrich, B F, pr.. 300 9334 93% 93% 93%? % 93% 94 '
55% 36 ? Granby Mining .... 400 37 37 S7 37 ?? 37 371/
81% 68% 7 Great North pr. 6600 79 80 7834 79%+ 1 79s- 797*
41 33 4 (it North Ore subs. 500 3834 38% 38% 38%? % 36% 36%
9 7 ? Gulf Mob & North.. 200 834 834 834 834? % 83-i 9
33 28 ? Culf Mob & Nor pr. 300 30 30 30 30+1 26^ ^1
84% 5734 ? Gulf States Steef .. 1000 68/4 68% 67 67 ? % 66 67%
71 55 6 Homestake . 800 55 55 55 55 ? 7% 51 60'
623.4 50 4 Ilas & Bar Car Co. 1600 62 62 60 61 ? % 60% 61
108 86 5 Hartman Corp . 100 90 90 90 90+2 87% 90
39% 30 ? Hendee Mfg . 1000 39% 39% 38 38 + % 36 39
16 13 1 Hupp Motor . 1600 14% 14% 14% 14%_ 14 '141/
93% 80% 7 lllinois Central - 3100 88% 93% 88% 93%4- 5% 931/, 95
22% 13%?. Inter Agricult . 600 18 18% 18 18%+ % 18% 19
6134 60% 6 Insplratlon Copper.. 1000 64 64% 63% 54 _ % 633.4 54
4% 3% ? Intcr-Cons Corp. 300 4 4 4 4 + % 334 4
14% 9% ? Inter-Cons Corp pr.. 200 13 13 13 13 _ 12% 13
133 112% 6 Inter Harvester - 3900 127% 130 126% 127 + 1 127 12734
51% 27% ? Int Mer Marine. 7100 3534 36% 34% 35 ? % 35% 353,4
111% 76% 6 Int Mer Marine pr.. 8600 91 91 88% 88%? 8% 88'/, 8834
89% 7034? Inter'l Paper . 10100 81 81 78?4 78%? % 78% 79
26?4 1934? Inter'l Nickel . 3100 21% 21% 21% 21%? % 213a 21%
6% 6 ? Iowa Central . 400 6 6 8 6 ? % 6% W
51% 35%? Iron Products . 2000 44% 45 44 44 + % 431/! 44i/2
21% 14 - Jewel Tea . 200 16 16 16 16 I % 15 V/*
19% 13%? Kansas City South... 1900 18 18% 18 18 _ 171/ ici'
152% 100 4 Kelly Springfleld... . 6100 122% 122% 121 121 ? !A 120 191
105 96 8 Kelly Spfd 8% pr... 200 99% 99% 99% 99./,, \? ?8,, \tl
90 66 ? Kebey Wheel Co.., . 300 70 70 70 70 I 4 70 80
333a 27% 2 Kennccott Copper- 2100 29% 29% 29 29'/?4- >'? 001 > -,03
48% 24% 1.20 Keystone Tire. 19900 41% 41% 38% 38%_ 1% 33% 39 8
9134 63 6 Lackawanna Steel ... 4300 75 75% 73% 74 _ E 74 7L
38% 28 ? I*e Rubber & Tire.. 1000 34% 35% 34'/, 35 _ 341/ ?/a
47 40% 3% Lchigh Valley . 2900 46% 47 46^ 46 - % 46 4L
14%? Lig & M Tob rta.... 400 ir./! ie./. 1*./. ?,, . it 46 46!/2
18 14%? Llg & M Tob rta.... 400 16% 16% 16% 18%+ *l
32 25% 2 Loews, Ino. 6100 31% 32 30% 31 - % 31 ,,
28 17%- Loft Candy . 6900 20 20% 20 20%+ & !J% oQ'/4
70 43 - Loose-Wile* Blscutt . 1000 54 54 62 62 - 2^ 52 M*
183% 145% 12 Lorlllard, P . 400 162 162 162 162 +2 162 165
112% 98 7 Louisville & NashTille 2900 104 105 103% 104%+ 1% 104 104./
136%108 10 Manati Sugar . 200 112 112 112 112 + 2 113 v?&
33% 28 ? Manhattan Shlrt ... 200 30 30 30 30 ?- 29" Ji
30% 23 2 Martin Parry . 500 24 24 24 24+1 24 25W
3534 18%? Maxwell Motor Co .. 400 28 30 28 30+2 29'' 31
63% 47%? Maxwell Motor 1st pr 300 55 55 55 55?2 53'* 57
122 117% 7 May Dcpt Stores... 3700 128% 132 128 128 +1 128% 129
222 151% 10 Mexican Petrol ... 1 28900 181% 187% 181% 184 + 3% 184 185
-lo 21% 2 Miami Con Cop. 1200 22% 22% 22% 22%? % 221/, 23
71% 22%^ 1.20 Mlddle States OU.... 5200 34% 35 34% 34i!t- % 34% 34%
52% 42?| 4 Midvale Steel . 2100 48 40 46% 46%_ 1" 46% 47%
18% 9 ? Minn & St Louis new 3100 18% 18% 18 18 ? '/. 17a,, in
75 63 7 M, St P & St Sto M. 300 73% 74 73% 74 + V* 74 75
18 8% ? Mo, Kans & Tex pr. 900 16 17 16 17 + % 16% 17
31% 21 ? Mtasonrl Paeifle - 9200 30 30% 29% 29%? % 293,! 30
49% 36 ? MUsouri Paciflc pr.. 1800 46% 47% 46 47 ? % 47 43
?9/a 61% 3 Montana Power .... 200 66 66 66 68+1 64% 65'/,
61 86% 4 Mullins Body . 2600 44% 43% 44J4 46%+ 114 48 4/
38T. 89% SVk National Ae?.. 800 36% S?S 86)2 MjJ?* 5% 87
National RUeult . ..
National Aniline ....
Nat Aniline pr .
Nat Con & Cabin . ..
Nat Enamel & Stpg-.
Nnt.ion.il Lead .
Ncv Consol Corp . ..
N O, Tex & Mex ..
New York Air Brnke
New York Centrnl . .
N Y, Chi & S^t Louis
N Y, N H & H....
N Y, Ont & West ..
Norfolk Southern . .
Norfolk & Western. .
Northern P acifla....
Nova Scotia Steel_
Ohio Gas .
Okla Prod & Ref. .
Ontario Silver .
Otis Elevator .
Otis Steel .
Owens Rottlintr Mach
Pacific Mail .
Pnn-Amer Petroleum
Pan-Amer Pet B. . . .
Poriah & Bingham..
Pennsylvania R R...
Penn Seab Steel.
Peoples Gas & Coke.
Perc Marquette ....
Pere Marquette pr. .
Pero Marq prior pr..
Philadelphia Co -
Pitts C, C & St Lou
Pierce Arrow .
Pierce Arrow pr ....
Pierce Oil .
Pierce Oi! pr .
Pittsburch Coal ....
Pittsburgh Coal pr..
PltU & W Va .
Pond Creek Coal ...
Pressed Steel Car
Pnllman Pal Car ..
Pnnta Alegre Sugar.
Rail Steel Spring ..
Ray Con-sol Copper..
Readlng.
Readlng 1st pr .
Reading 2d pr .
RemLngton Type ...
Rep Iron & Steel . .
Rep Motor Truck . .
) Ryl Otch N Y shares
Rutland R R pr_
Savage Arms .,
Saxon Motors .
St Joscph Lead ....
St Lou & San Fran
St L & San Fran pr
St Louis South'n ..
St Louis South'n pr
Seab Air Line pr....
Sears, Rocbuck ....
Sears, Roebuck pr..
Shattuck & Arizona.
Shell Trans Ter ...
Slnclalr Oil .
Sloss-Sheff St & Ir..
Southern Pacific ...
South Railroad ....
South Railroad pr..
Strombcrg Carb ....
Studebaker . ?
Stutz Motors .
Supcrior Steel .
Tcnn Cop & Chem..
Texas Company ....
Tex & Pacific .
Tobacco Products ..
Tobacco Prod pr ...
Tranacon OU .
Union Oil .
Union Pacific .
Union Pacific pr ...
United Drugr .
United Drug 1st pr.
United Alloy .
United Frult .
United Ry Invest ..
United Ry Invest pr
U S Cast I P & Fo
U S Food Prod _
U S Alcohoi .
U S Realty & lmp..
United Retail Stores
U 8 Rubber .
U S Rub 1st pr_
U S Smelt & Ref ...
U S Steel ..'
U S Steel pr .
Utah Copper .
Utah See Corp .
Vanadium Steel ....
Va-Carolina Chem .
Va-Cur Chem pr ...
Wabash .
Wabash pr A .
Wabash pr B .
Wclis Fargo Express
West Maryland ....
West Pacific .
Westinghouse Mfg ..
Wilson Co .
Wheeling & L E.. ..
Wheeling & L E pr
White Motors .
Willy3 Overiand ... ;
Wisconsin Central ..
Worth Pump & M..
20%
19%
. L-w.
115
60'/_
87%
9%
74%
14%
471/s
99
73'/_
32
341/a
20/4
18'/2
96
79</a
60'/4
45
Va 58'/2
Va 45'/4
? 6'/.
Va 8%
? 125
% 30?/2
Va 60
1'/_ 33
1i/4 92
2</2 87
% 38
1/4 4234
Va 24'/3
Va 37
% 29'/_
2 48
? 66
Va 38
% 65
Va 68'/a
1/4 100
% 18'/a
V* 83
1 57i/a
? 90
? 28?/a
Va 18%
% 95i/2
Va 116/a
Va. 80'/_
Va 96'/2
i/e 1834
1% 78'/2
Va 3234
1/4 32'/a
?/? 74'/2
2/4 92%
? 40
% 100/2
? 25
1/a 67
/4 16
? 16
% 24
1% 33
% 17/a
Va 28
Va 17%
5 228
2% 119/4
% 11/2
? 80
Va 41
1/2 72
? 99/4
1/4 25
% 57%
1 28/_
% 18
Va 62
Va 11/a
Va 24
? % 13
? % 21/a
? 65/3
? Va 25/a
?4/2 30/a
? Va 78
Bid and Asked
Blrl. Asked.
Adama Exp.. ;n ;au
Ad Humely pr H.S^ 60%
Al Chalm pr M si "
Am Buls Noio 4U 43
'1" Pr . 45 ft 50
A Beet S pr. 82
A Ii 3 4 Fy. si>
do pr .170
A Cot Oil pi ?
Am Shlpbldg. ?
Am Smelt pr 94
' W A.?. SI
Bid. Asked. I Rld Aalrari
100 Vi
11:,
Am
iiuff ...110
pr
82
115
80 00
A St Fy pr. 91
A Sum T pr SIVj SO
Am Tol & c. 4s GO
Ann Arbor .. 1", ;.;
Assets BI Co. ?'4 ;.
A 1) U lst pr 01 60
do 2d pr... 05 70
Asso OU . ..110% 116V4
Auto Salea Co 12 !P,
n''U ,Pr L"-- ?6H 28^
li.ir lyoattier.. o5 62
do pr . S7, 95
ISarrett Co pr.100 100
liatopllaa M.. i i^.
liku EdUiotl.. 85% 37
Brown Shuo .; 88% luO
do pr . 07, % 67
BruiLSwldt .. GV& 7%
Buff II & P -
do pr ....
BuiY & 8us.
do pr ....
Bush Term. .. ?
<?ai. SouUiorn 41 50
Casa J I pr. 98 93
Cent Fdry... IS aa
do pr . 23 56
Cmit i*>a pr.105 107
C & S A Tel.109 111':
Cortaluteed .. 53 58
do lst pr .8414
(' & Alt pr. 12% 15V
C A E II!... .-.'_. 7 '
do pr .... 8 - SV
Cl & Pitts
100
09%
? 100
Bid. Asked.
Kresgo S 3 ..165 151
do pr .102 108
Kress & Co.. 78 _.
Kress pr ... 100 ?
Laclede Cas... 40 43
Lako B & \v. 9% 11
do pr . 21 22VI
-i_g r: II T..1K0 105
. do pr .ino no
L-W I! lst pr 99
do 2d pr. ..lio
Lorillard pr..i01 vi
Mackay Cus.. 04% 7
. do pr . 62 0?
Manotl Su pr 95 100
Manhal Beacli '3 2
-?\'ai- Uockwell. 58 00
lax M 2,1 pr 25 28
M<i" 7)o nt pr.104
Mex Pot p.-.. 95
Mich Central. 82
MSP&SS.M pr. 92
do Isd Uues. 50
Mont ['ow pr 98
Morris & Es. BO
Murltns r.y pr 97
Nash & Ctut..l01
Nat 1:13 pr. .110
Nat rl & S. 65
do pr . 05
N E & S pr 98 .
Nat Lead pr.104% im
NRRM lst pr ?
INYC&SIi lst. 56
do 2d pr... 4?
N Y Doclt... S4
do pr . 45'
\orf 4 W pr US
N'orth Am ... 51
Mag F y pr. -
101
127
100
110
100
03
l'li)
100
60
4S
83%
Bi
71%
55
10 1
We* __. .
..~,t'si> M lst. 64 65
Wtlsou Co pr. ?5 97
WlUy. O pr., 86% 88
, do pr .m 113
WP & M pr A 89% 03
1 do pr B.... 72 78
<>!iio Pue! .. 40% 50
CSP SI .* ocl
do pr . 90 105
Cluett IVa pr.100 I"l
C & 3 2d pr. 40 4S
Col Uraph i?r 83 S!)
Comp Tab Ro 4S r-2
Com Cigars... 58 00
do pr . 7S% SO
Cont Oan pr.100 105
Cont Ins Co. 73 78
Crox Carpet.. 34 56
Cu Am Su pr.101 110
Deere Co pr. M% 104
n L & \V...17'i% 175
Pet Edlson... 105 107%
T>.it Ua Hit. ? 100
Dlcmond Xt.113 125
D S S & A. 4% 3%
do j<r . 7 10
T>ur ITos pr. 99 101
rckhoni Coal. 23 24
Em Brand*.. 21 25
(lo !>r . 82% l?8
Tel M ft S. 12% 15
Klsher By pr.100 113
Gen chi'iiL pr, 96 98
(-ic-i Cl,:af pr 05 100
00 pr deb. 85 99
<1 S S ls: pr ? "
Tnt Motiir. ... ?
do lst pr .. 09
do 2d pr... 57
Int Paper pr. 85
Int Nickel pr 85 xs
Int Sa't _ 67% 70
Jewel Tea pr. 40 41
Tfavier J . ..105
KfTBAM pr 62
Koilj Spr pr 03
KelMtc Wheel. 68
K_jm _. D M. I
Otis Blev ....
Otla St_el pr. ?
Owens Bot pr. 37
Pacitlo Coast. 25
do 2d pr. .. 4 5
"i- G ^- H 43
Pac Trl & T 40
P Am Pet P.-.175
Penn I C pr. 3o
!' - rta & E.. 14%
Pettl Mullt... 36
1 do lst) pr. .. 35
P F W & O.120
Pitts ftool pr 87
P & \V Va pr 73
Pr St Car pr.191
P B C N J . 60
Ity St Spu pr.101
Rem Ty pr... 90
do lst pr... 33
Rons&elaor . . .102
R I & 8 pr. 9S
S-S S * I pr 30
j3 P R Sugar. 200
I do pr .105
Standard Mill.123
I do pr . 80
Stewart War. 35
Studebaker pr. i'?)
T &? P i.l tr.235
Thtrd Av liH. 13
Tldewater O11.1S0
TSI. A- \V ctfs 3
30
107
68
107
101
109
100%
98
220
113
140
101
ft w
11 T 30
110
103
115
93%
do pr
Pnderwood T.172 175
'lo l>r . ? 120
I ii Rasc & P. 85 90
Cn Piear St..l00 224
do pr . . ..107% 140
I' r>r"e 2d pr.lSO ?
TSCTPftF pr. 44 47
V 8 Kxnresa. .27 SI
C 8 S ft R pr 45% 4.8
V?. I 0 * O 87 90
Vulean IHtln. 24 2fl
wS _W M'icr !? 20
Lumber Dealers
Form Association
INew Combine Is the Largest of
Its Kind in the
World
NEW ORLEANS, March 9.?Leading
wholesale lumber dealers in the United
States, it was announced to-day, have
formed the American Lumber Associa?
tion, which will begin operations later
in the month, with headquarters in Chi?
cago. Comprisinjr dealers from every
largo American city, the new associa?
tion is said to be the largest lumber
organization ln the world in point of
capital and business ectlvitj repre?
sented.
L. Germain Jr., of Plttsburfh, has
been named president of the association
and L. R. Putnam, of New Orleans, has
been selected manager.
According to a statement issued in
behalf of the association, "It is founded
0:1 tho conviction that intelligent dis
tribution of the wood products now
being manufactured in the various pro
ducing regions will be of unquestioned
service to the lumber consumers of the
entire world. The organization will
start operations at a time when the
world 3 demand for American lumtfer
is reaching a volume hitherto une
qualed. Russia is out of the world's
lumber markets, and no other nation
approaches America's supply.
"The association will have nothing
to do with the naming of prices on lum?
ber which will be fixed by the manu?
facturers, as at present."
1-*
Bank of Germany
BERLIN (via London), March 9?Tho
statement of the Imperial Bank of Ger?
many, issued February 28, shows the fol
lowing/changes, in marks:
Total coln and bulllon . . . Inc . 1,960.000
Treasury ' note's 7.7.. 7 7 ' l'nc' 60' .iS'SSJI
BU,?3hV ?ther *"ta... l-SSC '828-000
SivindcI__?rwl.?ss- U02i :r
Inve.tn.enti ..V..V;.V::*S2. n'ftlaT*
Ofer seeurltl?_.t ,11,13.,000
N'ntA. I.n,?? ..Ino- 566.296.000
Oth?r i!->.YnVi.Ino- 80?._63.000
Total ?old holdlnte, 1.001841.000 mar___
In Wall Street
- Stock Dividend PoMribllltlM
Wall Street was still talklng about
(he stock dividend vdeclslon yesterday,
and lt was a continuing influence in
the stock market, where many indus?
trial shares made further striking ad?
vances. It -ls estimatef' that about
forty big corporations outside of the
Standard Oil group are in a position
now to go ahead with stock disburse
ments. The following table, compiled
by Dow, Jones & Co., lists the most
important possibiiities, with the sur?
plus per share and the total surplus, on
the basis of last annual reports:
BurpMio- Total
Oompany Per Share ??'$"??
Amer Car & F.$10} $|*.??.|;j
AmerJUInseed. 63 >?'"2'iIS
Amer Sugar. \\ Qllvill
Amer Wool. " JJ'sIMH
Amer Tobaeco. 110 ff*||o*?In
Bal.lwin Loco. 66 11.3. ,
Hrake Shoo. 211 V, i 2..'., ??<)<)
ChamllerMot.V...:..... M ,..*&",
Cruclble Steel. 15-J 5?'S?M2l
EJ I Du Pont. 122 ?'J"'I2i
General Kleo. 4* "loJIf
Internat Paper. 95 ? IVlA'kV,
Internat Harvester-.86 ?|'2o5'?^
Morris ft Co.1.760 62.823.S64
Ropubllo Steol. 113 33.880.971
United Prjiit. 32 *??"?? Jf?
U S Steel. SI 466,888,4^1
A Spring Rlse
If there ls anything in the tradition
that "stocks will go up when the sap
starts in the trees," the recovery that
ha3 gotten under motion in the stock
market this week may be the annual
"spring rise." At least, that is the
opinion expressed in many quarters
in the Street, where it is held that
after a brief reaction the market may
go still higher on the rally. "We be?
lieve," said A. A. Housman & Co. yes?
terday, "the foundations are well laid
for the so-called spring rise. A dupli
cation of Monday afternoon'B violent
advance would be undesirable, but
there is every reason to look for a
constructive market. but one which
money rates will not allow to get out
of hand."
Mexican OU 8hares
Biexlcan oil issues displayed special
strength yesterday, with Mexican Pe?
troleum one of the topliners. At the
high price of the day, 187%, the stock
was up more than 7 points. It closed
at 184. Pan-Amerlcan Petroleum waB
also ln demand at advancing prices.
The Street heard of impending devel
opments with regard to the future of
these properties, which rumor had it
would be extremely favorable. It is
believed that such developments will
have to do with prospects of large pro?
duction ln Mexico in the near future
as the result of dwilling operations now
being pushed. Advices from Tampico
are to the effect that twenty-eight
wells are in process of drilling and
several of them are nearing the pay
sand. In the past some of the new
wells ln that district have come in
flowing from 100,000 to 250,000 barrels
a day. Success therefore in a com
paratively small percentage of the
drilling operations under way might
add greatly to production in tnat pro?
ducing area. Mexican Petroleum has
several wells drilling, and the Mexican
Eagle Oil, subsidiary of the Eoyal
Dutch, has five nearing completion.
When the ban was recently lifted by
the Carranza government upon drilling
there was a rush to get rigs into opera?
tion.
The Rails
Around the Street the feeling ln
many houses is that the railroad shares
ought to and will do better in the long
run. The opinion was expressed yes?
terday by one leading broker that the
main reason tho rails are not moving
up faster is the pressure of foreign
selling.
Cities Service
It was pointed out yesterday that
the decision of the United States Su?
preme Court in the stock dividend case
means a whole lot to holders of the
common stock of the Citie3 Service
Company. All stock dividends declared
by tnis corporation are affected by the
decision. Cities Service paid 6 per cent
in stock dividends in 1916 and another
6 per cent in 1917. In 1918 9 per cent
was paid in this form, and in 1919 12
per cent. Up to the first of this year
the company had paid a total of 33
per cent in stock dividends on common
stock, which at current quotations
represents a market value of more than
$33,000,000. In addition the company
has paid in cash dividends on its com?
mon stock a total of $7,008,077. Janu?
ary earnings of Cities Service, re?
ported yesterday, showed a balance
available for dividends on the com?
mon s-tock after all charges amounting
to $1,344,059. Production at present
is running at the rate of 500,000 barrels
a month.
Calumet and Hecla Omfts Dividend
Difficulties under which the copper
mining companies are operating were
emphasized yesterday when the Calu?
met and Hecla Mining Company, a con
cern which has paid dividends to its
stockholders since 1S71 aggregating
more than $160,000,000, omitted the
dividend usually declared at this sea?
son. In the final quarter of 1919 ..the
company paid $5 a share. Production
costs of the company, which operates
in the Great Lakes region, averaged
about 18 cents a pound last year,
whereas there was quite a period early
in the year when copper prices were
well under that figure. Calumet and
Hecla has a remarkable dividend rec?
ord. During the peak of the war, in
the 1917 boom, it paid its stockholders
$85 a share in cash dividends. In I91G
$75 a share was disbursed and in 1918
$55. Dividends paid slumned to $10 n
share last year, when the cooper in?
dustry was hard hit by the* sudden
failing off in tho dtemand for the metal.
Crucible
Crucible Steel gave an extraordinary
display of strength yesterday consider
ing the fact that it had undergone a
remarkable rlse on the day before. It
got away to a slow start, opening 225,
compared with a close of 227 on Mon?
day, but in the course of the next fif?
teen minutes showed a turnover of 6,
200 shares on buying that carri?d it
swiftly to 240. That was the high
water mark for the day and ten minutes
later Crucible was down to 238, the
decline to that level being made on the
sale of 2.100 shares. After that Cruci?
ble acted in a saner fashion. As a
result pf the lightning change that
has been wrought in the market posi?
tion of Crucible, the bear traders who
recently made it one of their targets
are confining their operations in other
parts of the list for the time being
They also appear to be leaving General"
Motors alone.
?*
Dividends
Kejrular Declaration*
_ . Stock
"??*? . _ holderaof
AmVolvco:::?8 ? gg?* ?&?
r.1?T>p?-'V. 3l* ~ Mar'16 _
Tal Pet pf. l*i q A ! M__lfi
Con Candy Co.. .26 ? 2ur 4 MaroS
D & W Min Co. .15 ? ln,- i \ /
Dominlon OII?' 1 M A?r 1 Mar 16
Dugup Tr Co pf.$l q Apr 1 m?
L-W BColstpf 1% Q Apr 1 \u,l \i
l\? e*. Vj ? Mar 15 Mar 10
s 1? r m 'i'p'ri ?"? SAA Mar 15 ??'?**? o
T h hLM.*?.^.P' 1% S Mar 31 Mar 20
il IV ton Co V* Q APr 15 Apr 1
5? ., "!! Q Mar 81 Mar 30
TcVTVco-pfJ.T. Q "??} $?\l
?? Pi......... IJ.S0 Q Ap* 1 Maxli
Municipal Bondi
On
March 15
Federal bceae tax reteraj _l
Ttxpajan ??rcaada| Wmtt
paJ bond* wiD find tktt Sfc
exenpt feature. ol tk?e b??
enabie __?_? to -UteriairjT.
doe* tbe araoant of Uiei jU,
wonld noraall- bare to p\^
Send fer current offering ta
Spitzer. Rorick
& Company
Established 187!
Equitable Bldg., New Yor,
ToIedo Chlcag,
Physical Condition of
the Returned Rail.
roads.
Necessity of Tax Re.
form.
The Outlook.
DiacttMed fn th_? weelc't \uoe of
THE BACHE REV1EW
The REVIEWls istutdweekbtni
Copiu mta) ha had apon reqauL
J.S.Bache&Co.
B9TAELI5UED 18W
Members Neto Yerk Stock Exchemtt
42 Broadway New York
Braaehas aad Oorretpondwii
thro-ghont the Unltea State*
Under discussion at the pres?
ent time with a wide diver.
gence of opinion existing, and
many interpretations of there
suits of the new railroad law.
makes pertinent an analysis of
RAILROAD
SECURITIES
so we have prepared a three pifi
discussion, alzlng up and Inter
pretlng the altuatlon and dlvldtnc
the railroads Into a comparlaoa ot
classea.
EAST ?.. WEST
Thta ls a comprehenstve artlek
contalnlng the best of prevalilni
oplr.lons and a brief d'.sctmlon
on fifteea of the Eastern Koadi
and fifteen of the Western Roads
In addition, there are several other
regular features and iisoussicms m:
American Snmatra V. 8. Steamship
V. 8. Kuhber Subraarine Boat
Pressed St. Car Kyan 1'etrolenm
In the Current Issue
market or/.v/o.v
Oratis on reouest for B-Z%>
R. H. MacMASTERS & Cl
ilembere ConsoUdated Stoek Eawa. .V. 7.
69 Wall St. New York
Hanover 9SS0 Orouiid Floor j
U. S. Steamship
Outline of proposed
new plans.
Morton Petroleum
Official statement
to stockholders.
Qlven ln current Issue of ear
Financial Forectut
Free <m reauest. Xeh for X* ?*?
MSWoLFESCa
ESTABLISHED IS06
U BROAD ST, NX_W YOKfc
Phone Broad 25
I.M. TAYLOR &C0.
Incorporated
INVESTMENTS
7 WaU Street
Boston Clerel_?J
Philadelphia rittsba**
The Log.cal Profit
Operation
in Foreign Exchange
fully explained in Let?
ter D 310. Copy on ap?
plication to J. T. Keane
&Co., 44 Broad St.,N.Y.
LIBER1Y BONUS
All denominations boujht for ea?
Baeed on th?, closing we P*7_,,?
347.94 for a $50?8U.% Bond. 55 OMg
$45.12 for a $50??d 4%% Kond, 1 ?*2_i
S47.03 for a $50?Sd 4%% Bond, 1 ????
$45.40 for a $50?1th 4^4'o Bood, 8 WfJJ
$48.76 for a $50?5th 4%'.. Bond, 7 Wr"
PURDY & COh ?t
Tel. John 3l74-?-?-7. 84 Wae jj*? *L_
TEXAS PACIFIO
COAL & OIL
McCLURE, JONES A REED
Xembers New York 8tock Sseha?f .
115 Broadway Pbone 7?? ?*?
American Locomotive Orw"
New orders taken by the An>?ri{*
Locomotive Company, according w
an??uncement yesterday, ln?^f*A
for the Canadian National R*"***
2 for the Akron, Canton 4 TottW
town Railway, 2 for the Suropter ?
ley Railroad, 8 for the Oregon^
ber Company and 1 for the W*"^
Portland Ceaent Company.

New-York tribune. [volume], March 10, 1920, Page 16, Image 16
About New-York tribune. [volume] (New York [N.Y.]) 1866-1924

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New-York tribune. [volume], March 10, 1920, Page 16, Image 16 About New-York tribune. [volume] (New York [N.Y.]) 1866-1924

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New-York tribune. [volume], March 10, 1920, Page 16, Image 16
About New-York tribune. [volume] (New York [N.Y.]) 1866-1924