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

About New-York tribune. [volume] (New York [N.Y.]) 1866-1924

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? -?--j???- ..u -?;.<J.i'",i('T]jMmi,
jgm*mmmmmW?t?ea?Kim?m
High Yield
That it die condition at
demonstrated by the list we
have prepared for July In?
vestment.
The July Purchase Sheet
?hows rates of return which
tend to offset the present
high cost of living.
This circular should be
of value to investors! it
will he sent upon re?
quest for AK-316.
TheNationalCity
Company
Mata ?MM*: Natfeaal CHy fteak ??Ifslss
Uffewa 0?e?: rift* Am. 4 43rt) St.
OSkM limrH CIUm
Jelk?,
Hood & Bolles
MtMSe?S.N-V STOCK EXCHANtt
TBONDS FOR INVESTMENT
40 WALL STREET
NEW YORK
$00Sft>ett il ?tt?
Founded 1797
Seasoned
Investments
30 Pine Street
New York
Hirsch,
LiUenthal
& Co.
Members
New York Stock Exchange
New York Cotton Exchange
A Review
of the
Present Railroad
And Equipment
Situation
Circular on Request
165 Broadway New York
BRANCHES
Hotel BeUaclavtr?, B'way ft 7Tth St.
Hotel Breslin, B'way ft 29th St.
S Saat 44th St.
?*ppjf*g
MARINE
TRUST COMPANY
BUFF?LO.NX
SEVE??TIETH YEAR OF SERVICE
CAPITAL AND SURPLUS '
SEVENTEEN MILLION DOLLARS
ater?a, Fortes ft Co
fins Street. Cernir WflMtews
NfW YORK
Eise in Stocks
Carries Further;
Money at 7 P. C
Railway Equipment and OU
Shares Among Day'sLead
era; Traders Optimistic;
English Bank Gains Gold
Between the efforts o* the profes?
sional floor traders, the speculative
cliques operating in special issues and
buying by what Wall Street calls the
"public," the stock market kept up a
strong front yesterday even in the face
of heavy realising sales. Sentiment,
already cheered by several days o? con?
structive improvement in stocks, con?
tinued highly optimistic. The specu?
lative element talked confidently of a
sustained recovery in the market, run?
ning for several weeks.
A 7 per cent renewal rate for call
loans, the lowest in a month, was ac?
cepted as concrete evidence of an
easier money position at this center.
With the reduction in call rates the
money market is moving in accordance
with general expectations fox the finan?
cial community has been predicting for
a fortnight that once the semi-annual
settlements had been completed, pro?
nounced relaxation could be looked for,
at, least temporarily. *
Stocks encountered considerable pres?
sure in the way of profit-taking sales
in the early hours of trading. Opera?
tors who had bought stocks at the low
levels of a few days ago naturally were
inclined to realize on a part of their
holdings. But this selling did not make
much of an impression and the market
moved serenely anead under the im?
petus of new buying orders. The man?
ner in which stocks performed in
groups indicated concerted efforts by
pools to mark up prices.
Railway equipment shares were taken
in hand at one stage of the session un?
der leadership of Baldwin Locomotive,
Haskell & Barker and American Loco?
motive. At another time the Mexican
oils took on pronounced strength.
Throughout the day a number of the
so-called industrial specialties ex?
hibited advancing tendency, the most
notable features being International
Paper, Corn Products, Stromberg Car?
buretor, Associated Dry Goods, Bosch
Magneto, Iron Products and Remington
Typewriter.
Steel shares were higher as a rule
and United States Steel common got
above 95. Among the oils Houston Oil,
recently listed, jumped 13 points net
on dealings of 3,700 shares. American
Linseed .displayed quiet strength on
the intimation that the largest soap
manufacturing interests in Great Brit?
ain have about closed for the purchase
of control of the corporation.
From the speculative viewpoint the
most important development of the day
came in the drop in money rates. Af?
ter outstanding call loans had been re?
newed on a 7 per cent basis, brokesage
houses in need of new funds found an i
ample supply at the same rate. This
of course helped to stimulate increased
bullishness. Whether or not it is war?
ranted in taking such a stand at this
time, the Street is looking for moder?
ately easy money throughout the re?
mainder of the current month and into
August, up to the time when the de?
mands of the crop-moving season be?
gin to be felt. It is on this basis that
the trading element is talking about
a "conservative" bull campaign. The
common view is that the market will
continue to work into higher ground.
Of course temporary reactions such as
always occur in an advancing market
are looked for, but the net result of
the movement, according to the opinion
generally held, will be to establish the
industrial shares on a level somewhat
above the present plane of prices.
There is no doubt that large lines
of stock were accumulated during the
recent period of stagnation. The point
at which such holdings will come out
will likely determine in a great meas?
ure the extent to which the current
recovery will carry. The rise that has
taken place during the last few days
has surprised no one who has been
watching the market closely, for stocks
indicated during the quiet spell in
June that they were thoroughly liqui?
dated and ready to respond to a re?
sumption of constructive operations
once the money position became easier.
The big commission houses which
operate wires to branch offices in all
parts of the country gave out the in?
teresting and significant information'
yesterday that there had been a sub?
stantial increase in the volume of buy?
ing orders since the beginning of the
week. This was held to indicate that
the public, which has been holding
aloof from the market through the
dreary weeks of stock market stupor,
Is taking a greater interest in specu?
lation, now that stocks have demon?
strated their ability to move out of
the professional trading area. Whether
the public can be induced to come back
into the market in a way that will
make it possible for the professionals
to keep the thing moving briskly re?
mains to be seen.
The weekly statement of the Bank
of England revealed many striking
changes, not the least important of
which was the gain of ?3,000,000 in its
gold holdings. At the same time loans
contracted ?57,000,000, making it pos?
sible for the institution to increase its
ratio of reserves to liabilities from
the record low of 8.49 per cent of a
week ago to 12.20 per cent.
? m i
Money and Credit
For the first time in several weeks
brokers were able yesterday to gel
funds from the banks at a rate lowei
than that paid by commercial borrow?
ers. The call money rate held all daj
at 7 per cent, compared with 7% pei
cent, the commercial paper rate. For?
eign countries are now paying 8 pei
cent and ? more for borrowings here
Government withdrawals from the
banks yesterday totaled about $11,
C00.OOO.
Tester- #Yeai
day. ago.
On mixed collateral... 7 9
On industrial collateral 7 10
Time money (mixed col?
lateral) :
Sixty days.8@8% 5%@S
Ninety days...8(a>8M> 5%@6
Four months.8@8% 5%@6
Four"to six months..8@8% 5%@6
Bank Clearance??Bank clearings a
New York yesterday were : Exchanges
$784.862,129; balances, $69,573,203.
Silver?London, 64d; New York, do
mestic, 99Vie; foreign, 94%c; Mexicai
dollars, 71c.
Sub-Treasury?United States funds
Reserve credit balances, $32,722,424.
Canadian Exchange?New York fund
in Montreal, $187.50 premium pe
$1,000; Montreal funds in New York
$121.50 discount per $1,000. f
The Dollar in Foreign Exchange
Sterling exchange was steady yes
terday, but the exchanges of Conti
nental Europe, measured in terms o:
American currency, turned slighth
weaker. Japanese yen, which havi
been strong all through the financia
crisis in Japan, because of the cur
tailment of imports and because o:
the knowledge ' that the country ha(
huge credit balances in London an(
New York, were higher.
Yesterday's closing rates, compar?e
with those of a week ago, follow:
(Quoted dollars to the pound)
Yesterday Weekagi
Sterling, demand ... 3.9475 8.9512!
Sterling, cables .... 8.955 3.95871
Sterling, sixty days. 3.91125 3.9025
Sterling, ninety days 8.88625 3.8775
(Quoted units to the dollar)
Francs, checks ..... 12.00 12.05
Francs, cables. 11.98 12.03
Belgium, francs, cks 11.17 11.44
Belgium, francs, cbls 11.15 11.42
Lire, cheeks. 16.60 16.75
Lire, eaUtt ........ 16.58 16.76
Transactions ^Yesterday in listed Stocks *
Summary of Stock Exchange Dealings
(Copyright, 1930, New York Trimme Inc.) >
Day Tear ? January 1te datai
Yesterday. before. ate. 1920. 1010. 101?.
Railroad ?tod? ... 104,800 804,900 276,800 23,224,800 25,648,600 17,229,100
Other atotfc? . 874,100 619,300 1,333,100 108,999,100 112.616,100 60,104,200
All ?toca? ........ 768,900 824,200 1,609,900 132,223,900 138,264,700 77,393,300
Yesterday, Day before. Year ago. 1920. 1919.
U. S. fforanment bond*. $7,828,000 $10,802,000 $5,226.000 $1,652,319,000 $1259,318,000
Railroad bond? . 2,041,000 1,139,000 1,841,000 184,901,000 180,042,000
Other bonds. 1,367,000 2,764,000 2,602,000 211.116,000 106,829,000
AU bonds.11,236,000 .14,705,000 9,669,000 2,048,336,000 1,637,087,000
Record of Stock and Bond Average*
- ' . (Cournrltlit? 1920, New York TifSfttme in?.)
Stocks Ransetkss Banse fall
. Day T?ss> far 1920. year 1919.
Yesterday, before, aso. H!*h. Lnr. High. Lvw.
80 Railroad stock? ,.i ?2.78 ?2.28 75;60. 68.70 99.60 78.80 6845
SO Industrial stocks ....... '96.20 94.63 111,83; 110.30 87.93 119.33 79.80
60 Stocks.? ?? tt.? 81.68 .97.30 . 92.09 76.96: 89.64 76.92
. Bonds
10 Railroad beads ...68.81 68.61 79.0? 76.28 66.78 82.80 72.83
10 Industrial bonds . 83.31 83.27 94.28 91.45 83.10 96.70 90.56
5 Utility bond? .......... ?9.66 69.39 88.62 74.63 68.34 87.75 71.80
20 Bond?. 74.72 74.62 : 86.46 81.71 73.94 87.91 804*T
High. Low. Dir. . Net <
1920. 1920. Rate. ! Sales. Open. High. Low. Cle*?. cage. Bid. Ask.
48 25 ? Adams Expr?s? .... 800 35 35/a 34% 34%? V* 34</8 86)4
88% 62 6 AJax Rubber ....... 700 65 66/a 65 66/2+ 2/a 64 66>/a
3 1% ? Alaska Juneau .... 600 2 2 2 2 ~ ?/* 2 2/a
63% 30'/2 1 Aliis-Chalmer? . 1800 39% 39% 39 39'/?+ i/a 39 39>/a
92 741/4 7 Allis-Chalmers pf- 300 76 76 76>/2 76/a+ /4 76 78
95 76 8 Araer Agr Chem- 600 86% 87 -86% 86%? /a 88 87
48/a 39 3' Amer Bank Note... 80 44% 44% 44% 44%- 44 48
103% 74% 8 Amer Beet Sugar .. 1600 93/a 96 93'/? 98 + 2>/a 95% 99
128% 101 10 Amer Bosch Mar... 1900 117%. 120% 117/4 120/4+ 2/a 120 121
225 1701/4 12 Am B Shoe ? Fdy pf 200 230 233 230 233 +6 230 ? ?
61% 35/2 ? Amer Can. 3100 43)4 43% 43 43/4+ </a 43 43)4
101 88% 7 Amer Can pf....... 200 90/a 90% 90/a 90%+ % " 90/a 93
147% 124</a 12 Amer Car & Fdry... 1900 141Kb 142% 141 141 - 141 142
116/4 105% 7 Amer Car & ?dry pf 300 106 106 106 106 - 106 107
54% 39% 4 Amer Cotton Oil.... 2800 46% 46% 46 46%+ /a 46'/8 46%
15/8 10% .80 Am Druar Syndicate. 1000 11% 11% 11% 11%+ % 11% 12
176 95 6 American Express .. 2600 150 151 150 150/4+ 2/4, 146 149/a
122 85/4 7 Am Hide & L pf.... 100 93 93 93 93 ? >/a 93/a 94
?53/2 38 4 Am Ice Securities... 600 45 45>/a 44% 44%+ 1'/a 44/4 45%
119/2 80% 6 Amer Int'l Corp.... 6900 89% 90/2 89% 89%+ % 89% 89%
95 74 3 American Linseed .. 1000 80 81 /? 80 81 + 1/4 81 81 /a
109)4 82 8 Am Locomotive .... 10100 102/2 104/4 102/2 103/2+ 2 l03/4 103%
17% 11%?. Am Safety Razor .. 1600 16% 16% 16% 16/2? 54 16% 16/a
30/2 16%? Am Ship & Com_ 6600 25/a 26 25/4 25/2?- 25/4 25/2
72 66 4 Amer Smelting- . 1400 62% 62% 62 62/4+ % 62 62/4
52 22 3 Am Steel Foundry.. 700 39'4 39% 38% 39/4- 39 39/4
142% 122 7 American Sugar .... 600 125% 127% 125% 127%+ 2 127/a 127?4
118/2 102 7 Amer Sur?r pf. 300 108/2 108/a 108/2 108/2- 108 IO8/2
106% 77 10 Am Sumatra Tob .. 900 92% 93 91/a 92%+ 1% 92% 93
100% 92/8 8 Am Teleg &-Tel..... 100 93/a 93/2 93/4 93/4? /4 93% 93/a
283 209 20 American Tobacco .. 600 225 228 225 225 +3 225 235
97% 85/? 6 Am Tob pf new. 100 87% 87% 87% 87%- 87/a 88
165/2 94/8 7 American Woolen .. 2900 101 101 98 98 ? 2% 97% 99
,61% 38 ? Am Writ Paper pf.. 600 43% 45/a 43% . 45/2+ 2 45)4 46
21% 12%? Amer Zinc . 1600 14/a 15 14/2 14/2+ </a 14 15
59/2 45 6 Amer Zinc pf. 200 49 49. 48% 48%+ % 47 62
66?/2 54 4 Anaconda. 2100 67% 68/? 67/8 67%+ % 67% 68
67/4 28 4 Asso Dry Goods. 100 33/2 35% 33/a 35%+ 2% 35/2 36
74% 55 6 Asso Dry Gds 1st pf 400 60 60 60 60+3 62 68
86/2 76 6 Atch, Top & S Fe... 1600 80/2 80% 80/2 80%+ % 80/2 81
82 72 5 Atch, Top1 & S Fe pf 300 72% 73 72% 73 + /8 72% 73
93 82/a 7 Atlantic Coast Line.. 500 85 85)4 85 85)4+ % 84/2 87
176/2 137 10 Atlantic, Gulf & W I 2900 166 169/2 166 167%+ 1% 167 168
114*103 7 Atlantic Refining pf 200 104/2 104/2 104/2 104/n- 104 104%
148% 103/2 7 Baldwin Loco Co... 26100 125% 126% 125/2 126 + % 125% 126
102/2 97 7 Baldwin Loco Co pf 200 97% 97% 97% 97%- 97 98
38% 27% ? Baltimore & Ohio... 1400 32 32/4 31% 32 + % 32 32/4
49% 40/8 4 Baltimore & Ohio pf 1000 43% 44/2 43/4 43/4? % 42/2 44
154/2 114 8 Barrett Co. 1800 147/2 147/2 145/2 146%+ 1 145/2 146
50/8 40 2/2 Bamsdall A . 200 40 40 40 40 + % 40 41
1% 1 ? Batopilas Mining.... 200 1 1 1 1 - 1 1/8
32/2 lV/2 ? Bethlehem*~Motore... 2000 23% 2334 23/4 23/2+ /a 23/8. 23/2
102/2 81/a 5 Beth Steel Class B.. 2900 92/2 92% 91% 92 ? /a 92 92/4
17 10/2 ? Bklyn Rapid Transit 300 12 - 12/2 12 12?1 11/a 12
129 93 10 Burns Bros ?....-.... 600 108/a 111 108/2 110/a+ 1% 110 111
11/2 6)4 ? Butte Copper & Zinc 2800 8 9 8 9 + 1/4 9 9/8
29/4* 20 ? Butte & Superior Cop 2000 22% 23% 22% 23?4+ % 2234 23%
27/4 12 ? Butterick Co.N 200 13 13 13 13 - 13 14
283/? 15!4? Caddo Oil . 200 18/a 18/2 18/2 I8/2? /2 18% 18/2
85/2 67/2 6 California Packing.. 500 7034 71% 703,4 71?4+ 1% 71 71%
46 26 ? California Petroleum 1600 34/4 34/4 33/4 33/2+ % 33)4 34
75/a 65 7 California Pet pf_ 100 69 69 69 69 + /2 68/2 69
134 110 10 Canadian Pacific ... 1100 116/a 117/2 116/4 117 + 1/4 117 117/a
100 93 7 Case, J I pf . 100 93/4 93/4 93/4 93/4? /8 93 . 95
104% 62% 5 Central Leather .... 600 69/2 69% 69% 69%+ 1/4 69% 70
61% 40/8 4 Cerro De Paseo _ 1800 45 45/4 44% 44%+ /4 44/2 45)4
15434 97/a 10 Chandler Motors ... 2900 104 105 104 IO4/2? % 104/4 104/2
59/2 47 4 Ches & Ohio . 4600 53/8 54 63/8 64+1 53% 64
1134 6 ? Chicago & Alton .. 1100 7 8% 7 8%+ *% 8 8/2
10% 7 ? Chi Gt Western _ 1000 8 8/8 8 8/8+ /8 8/8 8/4
27/a 19% 2 Chi Gt Western pf.. 1900 22 22/2 22 22%+ % 22 22/2
42/2 30/4 ? Chi, Mil & St Paul. 3900 3334 34/a 33% 34/8+ % 34 34/4
61 i/a 45 ? Chi, Mil & St P pf.. 5800 60% 52 50 51/2+ 1/2 61 61/a
91/a 67 6 Chi & Northw. 600 69 70 68/2 70 + 1/2 69 70
12034 98 7 Chi & Northw pf... 300 99 99 99 99 - 99 102/2
111% 78 8 Chi Pneumatic Tool. 1400 95 96/2 95 96/2+ 3/2 96% 97
41% 23/a ? Chi, Rock Isl & Pac 8900 37% 38/8 37/4 37%+ % 37% 37%
78 64/a 7 Chi, HI &' P'7% pf 300 73 73 73 73 - 73/4 74
66/2 54 6 Chi, R I & P 6% pf 600 64 64 63/2 63/2- 63/2 64
21/4 14)4 ? Chile Copper . 1000 16 16 16 16 + % 15% 16
41% 277a 1/2 Chino Consol Cop .. 2200 '31/8 31/2 31/8 3}/6+ % 31/8 31^|
4034 30/4 1 Coca Cola . 600 35% 35% 35/2 35/2? /4 35/2 35%
44/4 28 3 Colo Fuel & Iron .. 500 36 35 35 85 + /2 35 '36
27 20 ? Colorado & Southn.. 200 22/2 23 22/2 23 + /4 23 24
65/2 27/a 1 Coiumb??'Grajph "... 3900 31% 32% 31?4 31%r- /a 31% 32/4
67 50 5 Columbus Gas & Elec 400 57 57 57 67 - 57 67/2
56 44 4 Computing Tab Rec. 400 50 60/2 50 60/8+ 1 49% 6O/4
70/2. 55/2 7 Consol Cigars ..... 200 66/4 68/4 66)4 66/4? /8 66 67
93%' 75 7 Consol Gas . ;. 200 80 80 80 80+1 79/2 .80
20% 13 2 Con Int Callahan M 1200 13/2 13% 13/2 13/jr? /8 13)4 13%
97% 78 7 Continental Can ... 600 91/2 91 /2 91/4 91/4+ % 90/4 90/a
14/2 10/8 1 Continental Candy . 200 11% 11% 11/2 11/a- 11/2 11%
105/2 76/4 4 Corn Producto . 3700 97/2 97?4 96/2 96%? % 96% 96%
46/4 21% 3 Con Textile . 2300 35 35/2 3434 35/4+ % 34 34%
43/a 30/4 2/2 Cosden & Co . 600 3834 3834 38% 38%- 35% 38%
278/a 115/2 8 Crucible Steel ?...... 9900 15934 162/4 159/2 160/2+ % I6O/4 160/s
60% 51 7 Cuba-Amer Sugar .. 1500 54% .65 54/2 54/2? % 64/4 55
59% 39/a ? Cuba Cane Sugar .. 2000 54/4 54% 54 54%+ /4 54/4 54/s
85% 78 7 Cuba Cane Sugar pf 500 79 79 79 79 - ' 78/2 79
9934 83/4 9 Delaware & Hudson 200 89 90 89 90+1 89 90
,9 4 ? Denver & Rio Gr ... 400 5 6/4 6 5 + /4 4% 6
16% 9 ? Denver ,& Rio Gr pf 2900 10% 11% 10% 11 + /2 11 i1/(
101 90/4 8 Detroit United R R. 100 92 92 92 92+2 90 95
13 9/4 1 Dome Mines . 200 10 10 10 10 + % 10 10/
5% 3 ? Dul, So Shore & Atl 100 4 4 4 4 + >/2 334 4/s
67/a 49/2 2 Durham Hosiery ... 200 50 50 50 60 ? 3/2 48 50
130 126 10 Elec Storage-Bat ... 100 129 129 129. 129 +2 127 130
28 18 ? Elk Horn Coal . 300 21 21 21 21+1 21 22
147 86 5 Endicott-Johnson ... 1200 89% 90 89% 90 + 1/4 89/4 89^
104 93/a 7 Endicott-Johnson pf. 100 96% 9634 9634 96?4+ </2 94/4 ' 96
15% 9/2 ? Erie ......V. 900,12 12/4 12 12/4+ /2 12/8 12/
25/a 17/a ? Erie 1st pf . 2700 19 19% 19 19/4+ /4 19/a 19/
17/a 12/a? Erie 2d pf . 900 12% 13 123/4 13 + % 1234 13
95. 65/a 8 Famous Players .... 1900 81 81/2.79 .80 ?1 79% 81
91% 80' 8 Famous Players pf.. 600 88/4 89 88/4 89 + /2 87/2 89
48 27/a 3 Fisk Rubber Tiro .. 3500 34 . 34/4 3334 .33%? /8 33% 34
36/2 20 ? Freeport Texas _ 200 23!4 23% 23)4 23%+ % 23% 24
19/2 11 ? Gaston Williams ... 500 12% 12/2 12/8 12/2+ % 12% 13
67?4 49 2 Gen Amer Tank ... 400 65 65 65 65 ? % 64 66/
75% 58/8 6 General Cigar . 400 66% 66% 66/2 66%? /8 66 67
100 90 6 Gen Chem pf. 200 95/4 95/4 95 95 - 95 , 99
172 134 8 Gen Elec Co . 600 142 .142/, 142 142/2+ % 142/2 142$
42 22/8 1 General Motors _27900 27/2 28 v 27% 27%+ % 27/2 27^
85/4 68% 6 Gen Motors 6% deb. 300 73 73 73 73 + /8 72/a- 73/
93 80 7 Gen Motors 7% deb. 200 86 86 86 86 ? /8 85 88
85% 58/2 6 Goodrich, B F . 1500 64% 65/8 64% 64%+ /4 64/2 65
10234 87 7 Goodrich, B F, pf:.. 200 88 88 88 83 - 8734 89
55/a 35 ? Granby Mining _ 200 38 38 38 38+3 37 39
4934 19/2 ? Gray Davis . 400 23 24/2 23 24/2+ 2/2 23/2 25"/
84% 66 7 Gt Northern pf .... 600 70 70% 70 70 - 70/8 70?/
41% 33 4 Gt North Ore subs.. 600 36% 36% 3614 36/4+ </4 36/4 363/
38/a 27/a .50 Greene Can Cop ... 300 31 31 31 31 + % 31/4 32
84% 55/2 ? Gulf States Steel .. 1500 63 63% 6234 63%+ /2 62/a 63
90 75 ? Houston Oil . 3400 78/a 90 78/2 90 +13 90 93
77/2 50 4 Hask & Bar Car Cq 8900 77% 78/4 77 77)4+ % 77 78
46/4 30 ? Hendce Mfg . 300 33 33 '33 33 - 32 33
23/4 13 1 Hupp Motors ...... 1300 17/4 17% 17/8 17%+ /? 17)4 17'/
27 13/2.? Inter Agricl . 1700 23 25/2 23 25/2+ 3/4 24 25)/
88 69 5 Inter Agricul pf ... 600 85 85/4 85 85/4+ 1% 84/2 86
61% 47% 4 Inspiration Copper .14600 52/2 54/8 52/2 53/2+ 1 53/2 54
434 3/4? Inter-Cons Corp... 400 3?4 334 3% 3%- 3% 3?
115 105 7 Inter Har pf ...... 200 105/4 106 IO5/4 106 + 1 100 106
51% 27/2 ? Int Mcr Marine _ 1300 33 33% 33 33 + % 33 33"/
111% 76/2 6 Int Mer Marine pf.'. 900 94/4 94% 94/4 94/2+ /4 94/4 94)
170 60 ? Int Motor Truck ... 600 63 63 62 yA 63 + /4 62/4 62^
84 72 7 Int Mot Truck 1st pf 400 8134 82 . 81/2 82 + 1% 81 82
71 60 7 Int Mot Truck 2d pf 300 69/4 69/4 69/4 69/4+ 34 68/2 70
9134 62)^? Inter Paper. 9700 80 82/2 80 82%+ 4/8 82% 82'/
79% 70 6 Inter Paper pf stpd. 200 76 76/2 76 76/a+ 1/2 76 76)
3034 15% ? Inter Njckel . 3900 17% 18% I734 18/4+ % 18 18'/
9% 634 .eoindiahoma . 100 7% 734 734 7%+ /8 7/2 7?
40% 36/2 ? Invincible Oil . 4100 40/4 41% 40/4 40%+ % 40% 41
61/2 36/a ? Iron-Products . 1700 46 47/2 46 47 + 1/4 4634 47
7 6/8 ? Island O? & Tr ... 4300 634 6% 6% 6%? /4 6% 6a,
21% 7% ? Jewel Tea . 900 12 14 12 13%+ 2% 13)4 13)
19/2 13%? Kansas City Southn. 1200 17 18 17 18 + % 17% 18
152/2 98/a 4 Kelly Springfield '.". 900 110 HI/4 110 111 + 1 111 1123
33/2 24/8 2 Kennecott Copper . ; 1900 27 27/8 26% 27/8+ % 27/8 27)
48/2 21/2 1.20 Keystone Tire . 900 31% 31/4 3034 30%+ 1/4 30% 31
91% 63 6 Lackawanna Steel .. 2000 76/2 76/2 75/4 76/2+ /a 76/2^ 76
Vils II T?ftw DiV' INOX
1920 " 1920* Bat?. S?I?s. Open. His*. Loir. Clos?, ?hs?. Bid. Ask.
12% 8%- LA? Erle ?.West.. 200 10 10 10 10.+ 1% 9 "%
110*2 89 7 Lis & M? Tob Co p? 200 100 100 100 100 + % 100 102
86. 28% 2 Loew?, Inc . 900 26% 28% 26% 2?%- Vf ?ft ?V*
28 14 -r- Loft Candy .1000 16% .18% . 16% 1896+ % 1?% ?!%
70 44 ? Loo?e-Wile? Bis .... 900 60 51 60 51 + 2% 61% ??
183% 131% 12 Lorillard, P . 200 140 140 140 140 -? 140 14g
112% 99 7 LoUtavill? & Naah .. 200 102% 102% 102% 102%+ 1% 100 103
1SlCi 108 10 Manati Sugar,. 200 119 119 119 119 ? 1 IIS .??
62% 38!/* 7 Manhattan Elevated. 200 41 41 41 41 +2% 41 41/?
38 181/..? Maxwell Motor Co .. 300 28% 26% 25% 25%? Vz ?,,?$
222 181 10 Mexican Petrol. 900 197 198. 195% 196%? H Wa W?
28 18% 2 Miami Con Cop. 300 21% 21% 2V/a 21%+ 1 21% 21%
71% ?2% 1.60 Middle State? Oil.,. 11000 31% ' 32% 31% 32%+ % 32% ?2%
82% 40% 4 Midvalo Steel. 1900 42% 43 42% . 42%+ % 42% 43
18% 9 ? Minn &? St L new... 1300 1354 14%. 13% 13!/?+ V? Wa 1*
80 63 7 Minn, St P & S S M 700 69 70 89 69%+ Vz 70 74
11 3% ? Mo, Kan & Texas... 600 6 6% 6 *Va+ V\ Wf *(z
18 7 ? Mo, Kan & Tex pf.. 200 9% 9% 9% 9%+ % 9% 9%
s1a? 21 4- Mo Pacific . 3700 25'/2 26 28 25%+ </4 25% 25%
49% 36 ? Mo'Pacific pf....... 3100 42% 42% 42% 42%+ Vz ?% 42%
40 30%? Mont Ward & Co .. 3200 34% 34% 34 34 + % 34 34/s
81 32% 4 Mulling Body. 2Qb: 39% 40 39% 40 + ?4 39 40%
126 108 7 Nat Biscuit .;:...,.. 200 109 109. 109 109 + 1% 109 110
77 44 ? Nat Anilin. .1200 79% ? 80% 79% 79%+ % 79% 80
97 83 7 Nat Aniline pf. 900 94 95 ?94 9454? '/a 93 94
80 88 5 Nat Cloak & Suit.... 200 69% 59% 69% 69%? % 68% 60
13 8 ? Not Con & Cable.... 300 9 9-8% 8%? % .8% 9
89% ?3% 6 Nat Enam & Stamp. BOO 71% 71% 71% 7,1 '/a+ '/a 71 72
93'/4 72% 6 Nat Lead. 800 79% 79% 79% 79%+ 1% 77% 79/s
17% 11% 1 Nevada Con Corp... 1900 13 13% 12%'- 12%+ % 12% 13
47% 31 ?. New Or, Tex & Mex. 1300 '33 34 33 34 + 2% 33% 34
117 92 10 N Y Air Brake. 1100 100%' 101% 100 101 +1 100% 101 ^
77% 64% 5 NY Central . 2300 69 69% 68% .69%+ % . 69 69'/
3654 23*4 ? N Y, Chi & St L.... 400 30 30% 30 30%+ % ' 30 30^
48>/2 30 2'/2 N Y Dock. 200 34% 34% 34% 34%? % 34 35
36% 23% ? N Y, N H & H. 3800 30% 31 30% 30%+ % 30'/a 30$
21% 16 1 N Y, Ont & Western 1500 17% 18% 17% 18%+ 1% 18)/? 18$
100% 85 .7 Norfoik,"& Western.. 200 90% 90% 90% 90%+ % 90 01
69% 48 6 North American .... 700 68% 58% 68% 69%? Va 57 68?
84% 66% .7 Northern Pacific .... 700 71% 72% .71% 72 + Vz 71% 72?/
77% 49!/? 8 Nova Scotia Steel... 1800 66% 57 56 , 56%+ 1% 57% 57J,
22% 15 .SONunnally. 500 15 15 15 v 15 ? .% 15 18
29% 26% 2Vz Ohio Body . 300 26% 27 26%* 27 + Vz 26'/2 27>,
5% 3% .40Okla Prod & Ref ... 1100 4% 454 4% 454+54 4% 4"
9% 6 ? Ontario Silver. 400 ? 6% 6% ?% 654+ 54 6% 7
41% 21%? Otis Steel ...... 600 27 27% 27 27 + % 26% 27^
65 47% 3 Owens Bot Mach_ 700 5154 61% 61 61 - 50% 51
78 49% 4 Pacific Develop . 1400 60 60 49% 49%+ Va ' 49 49*
611/4 4154 5 Pacific Gas & Elec.. 400 50 60 60 60 +1% 48J4 60
38% 30 1 Pacific Mail. 200 31 31 31 31 - 30 30"
11654 71*4 6 Pan-Amer Petrol ... 10100 108 10854 107% 10754+ 54 10754 107J
111% 67% 6 Pan-Amer Petrol B.. 3300 10054 10154 100/2 101/8+ 1% 100'/2 101
4754 30 4 Parish & Bingharo.. 600 34 35 34 34%+ % 34% 351
4354 37% 3 Pennsylvania R-R... 2200 39J4 39% 39% 3954+ !4 39% 39'
3614 20 ? Penn Seab Steel'..,. 1600 26% 26% 2654 26%+ % 26J4 28
16 9 ? Peor?a & Eastern.... 600 10 10 10 10 +1 9' 11
42 30 ? People's Gas & Coke. 500 35 35 35 '35 ? 54 35 36
32 2254? P?re Marquette .... 100p 24% 25% 24% 25%+*% 25J/4 25
68 67 6 Pere Mar* prior pf.. ' 200 58- 68 68 58 - 48 68
42J4 34 3 Phila Company ..... 1000 37% 37% 36*4 37 - 37 37!
4454 3754? Phillips Petrol . 1400 44 44% 4354 44 + 54 43% 44
82% 48 ? Pierce Arrow. 3900 5554 56?? 5554 65%- 55% 65'
10814 90 8 Pierce Arrow pf. 100 93 , 93 93 93+6 88 95
23J4 15 ? Pierce Oil . 2000 16 1654 15% 16 - 15% 16
66 8154 5 Pittsburgh Coal. 1700 62% 6354 62% 63%+ % 62% 63
3354 21%? Pitts & W Va. 1200 30 3054 30 30 + % 30 30
?50% 37 4 Pure Oil Co. 2400 4254 42% .42% 42%+ % 42J4 42
27% 15% 1 Pond Creek Coal... 100 17 17 *17 17 ? % 16 17
113% 84 8 Pressed Steel Car... 1000 10254 102% 101% 102 +1 101% 102
10454 96 7 Pressed Steel Car pf. 200 98% 9854 9854 98%+ 1% 96 99
124 109 8 Pullman Co . 600 115 115% 115 115%+ 1% 114 115
120 74 5 Punta Alegre Sugar. 1400 103 ' 103% 102 103%+ 1% 103% 104
10654 88% 8 Rway Steel Spring.. 1300 9854 100 98 100 + 1*4 99 99
22% 16 1 Ray'Con; Cop-.. 1700 16% 16% 16% 16%+ 54 16% 16
94% 64% 4 Reading...10700 87% 8854 87% 87%? % 87% 87
94 58% ? Remington Type ... 1400 6454 68% 6454 68%+ 3% 69 6?
53% 49 ? Ry* Securities. 200 49, 49 49 49 - 49 5(
124% 83 6 Rep Iroil & Steel ..5600 97' -98% 96% 97%+ % 9754 97
106% 94 7 . Rep Iron & Steel pf. 200 95 95 95 95 + % 94% 9:
, 65% 37 ? Rep Motor; Truck .. 300 49. 49 49 49 + 1% 48 6'
93% 34%?: iReplogle ' Steel ...... ;.2000 91% 91% 89% 91*4+1% 91% 92
1 123% 93% 6.50, Ryl Dtcfi.N' Y shares 6900 114% 115% 114% 114%? % 114% 11)
83% 41. 8 Savage Arras ........ 100 49% 49% 48% 49 + % 49 .6(
21% 8% ? Saxon Motors .' " 500 10 IO54 10 10%+ % 10 1(
25% 1554 ?? St Louis & San Fran 4900 25 25% 25 25%+ % 25% 2!
34 24% ? St L & San Fran pf 100 33% 33% 33% 33%+ 1 33% 3'
18 11 ? St Louis Southw ... 2600 15% 16 15% 1514-'? 15% 11
30 20% ? St Louis Southw pf. 100 25% 26 25% 26 + % 25% 2!
9% 6 ? Seab Air Line. 200 7% 7% 7% 754- 7
18% 10 ? Seab Air. Line pf... 200 12% 12% 12% 12%+ % 12 1;
2554 2154? Santa Cecilia Sugar. 203 24 24 23% 23%+ % 23% 2<
13 .854 ? Shattuck & Arizona. 100 9 9 9 9 - 9 1
90J4 72% .74 Shell Trans Ter ... 1900 77 77% 76% 76%+ % 76% 7
?48*4 28% ? Sinclair Oil . 2000 32% ' 33 32% 32%? % 32% 3
8254 61 6 Sloss-Shef St & Ir .. 700 74 75% 74 75%+ 154 74% 7
105% 88% 6 Southern Pacific ... 6900 93% 94% 93% 93%+ 1% 93% 9
310 200 20 So Porto. Rico Sugar 100 290 290 290 290- '280 29
27%' 18 ? Southern- Rail .29900 26% 27% 26% 27%+ 1% 27% 2
68% 50 5 Southern Rail pf_ 100 58 58% 58 58%+ 1% 58% B
850 625 20 Stand Oil of N J.. 10 650 650 640 640 ?11 638 65
113% 100% 7 Stand Oil of N J pf 3900 104% 104% 104% 104%+ % 104% 10
51% 37% 4 Stewart Warner .... 500 4354 43% 43|4 43%+ 1% 43% 4
11854 50 4 Stromberg Carb _ 9700 84% 93 84% 93 +10% 92% S
126% 59 7 Studebaker . 12600 76 78 7? 76%+ % 76% 7
60 41 6 Superior Steel . 1400 53% 54 53% 54+1 54 ?
13% 9% ? Tenn Cop & Chem.. 110? 10% 10% 10 10%? % 10 1
50% 48% 3 Texas Company _ 4700 48 48 47%- 47*4- 47% '
47 26 ? Texas & Pacific _ 7900 42 43 41% 42%+ % 42 <?
51% 46 .60 Tex Pac Coal & Oil 1700 53% 53% 52% 53 - 53 I
420 240 8 Tex Pac Land Tr .. 100 325 325 325 325 ? 5 260 3!
95% 60% 6 Tobacco Products .. 900 71% 71% 71 71 ? % 70% :
10.6 85 7 Tobacco Products pf 10(k 89% 89% 89% 89%+ 1% 89% !
15*4 10% ? T, St L & West ctfs 1300 13 13% 13 13%? % 13% '
38*4 13%? Transcon Oil. 2400 16% 16% 16% 16%+ % 16% '
66% 48% 5 Transue W Steel ... 1200 53% 54% 53% 54J4- 84% ' I
127 73% 8 Union Bag & Paper 900 92 92 90% 90?4? 1 90 ,!
38 27 ? Union OU . 1100 31*4 32% 31% 32 ? % 32
125% 110 10 Union Pacific . 1700 114% 115 114% 114%+ % 114% 1
69% 61% 4 Union Pacific pf ... 200 64% 64% 64% 64%+ % 64%
63 40% 4 United Alloy . 500 44 44 43% 44 + %" 43?|f
1% %? United Drug rts ... 5900 % % % %? % %
224 176 12 United Fruit . 1100 203% 205% 203% 205%+ 2 204% 2
29% 17 ? United By Invest pf 400 22 22% 22 . 22%+ % 21%
23% 16% ? .US Cast I P & Fo.. 1900 17% 18 17 18+1 18
6554 42% 5 U S C I P & Fo pf.. 100 45% 45% 45% 45%+ % 45
78% 63% 6 US Food Prod _ 3700 72 72 71 7154?1% 71%
116% 77% 8 U S Ind Alcohol .. 2700 96% 97% 96 , 96 - 96
68% 40 ? US Realty & Impt.. 500 60% 60% 60% 60%+ % 5954**
96% 64 3 United Retail Stores 4000 81% 81% 80% 80J4? % 80%
143% 89 8 U S Rubber. 4900 100% 101% 100% 100%+ % 100% 1
115% 105% 8 US Rubber 1st pf.. 600 108% 108% 108% IC854- 108 1
76 56 6 U S Smelt &. Ref... 300 59 69%. 59 69%+ 1% 69%
47% 41 3% U S Smelt. & Ref pf. 200 43 43 43 43 + % 42%
109 89% 5 U 8 Steel..19900 95% 95% 94% .95 + % 95 -
115% 104% 7 U S Steel pf . 700 108 109% 1C8 10854? % 108 1
80% 64% 6 Utah Copper. 700 69% 70 69% 69%+ 1% 69%
97 62 6 Vanadium Steel _ 16400 91 92% 89% 91%+ 1% 91%
80% 59% 4 Va-Cor Chemical .. 600 74% 75% 74% 75%+ % 74%
112% 104 8 Va-Car Chem pf_ 200 105 105 105 105 + % 104 '
21 17 2 Vivaudou ?. 2700 18% 19% 18% 18%? % 18%
10% 7 ? Wabash . 700 7% 8*4 7% 8%+ 1 8%
31 20%? Wabash pf A . 2400 23% 24% 23% 24 + % 24
20% 14 ? Wabash pf B. 200 15% 15% 15% 15%+ % 15%
76 48 ? Wells Fargo Exp ... 100 56 66 56, 56 - 66
12% 8% ? Western Maryland .. 1100 9% 10% 9% 9%- 934
20% 14% ? West Maryland 2d pf 200 18 18 18 18+2 16
32% 20%? Western Pacific - 200 27Vz 29 27% 29 + 1% 28%
66 54% 4 Western Pacific pf.. 500 65 65 65 65 '?- 64%
8954 81 7, West Union^Tel_ 100 82 82 82 82 ? % 81
65% 44% 4 Westinghouse Mfg .. 200 50% 60% 50 50 ? % 4954
26% 2554? Wickwir? Spencer .. 700 27% 29% 27% 29%+ 2 29%
82% 57 6 Wilson Co _.- 400 59% 59% 59 59 -^? 68%
14% 9 ? Wheeling & Lake Erie 900 10% 10% 10% 10*4+ % 10%
69% 47 4 White Motors . 4300 54% 55% 54% 54%+ % 54%
? 32 16% 1 Willys Overland ... 4900 19% 20[4 19% 1934- 19%
93 77% 7 Willys Overland pf.. 100 82% 82% 82% 82%_ 82%
33 25 ? Wisconsin Central .. 200 28 28 28 28 + % 26
146 100 "^ 8 Woolworth. 200 108 , 108% 108 108%+ % 108%
96% 60 6 Worth Pump & Mach 3900 70% ' 72% 70 72%+ 2% 7254
93% 88 7 Worth P & M pf A. . 50 80 80 80 80 i- 80
Swiss francs, checks 5.56 6.53
Swiss francs, cables. 5.54 6.51
(Quoted cents to the unit)
Guilders, checks .... 85.25 35.50
Guilders, cables_35.375 35.625
Austrian crowns, cks .69 .72
Austrian crowns, cbls .70 ~. .73
Sweden, checks .... 22.06 22.00
Sweden, cables. 22.16 22.10
Denmark, checks ... 16.45 16.25
Denmark, cables .... 16.55 } 16.30
Norway, checks. 16.60 16.25
Norway, cables . 16.70 116,30
Pesetas, checks_16.27 16.60
Pesetas, cables. 16.32 . 16.65
Greece, checks. 12.70' 12.60
Greece, cables . 12.75 12.65
Manila, checks. 50.00 49.75
Manila, cables ..... 50.25 50.00
India, rupees, checks 38.25 35.25
India, rupees, cables 38.50 35.50
Japan, yen, checks.. 51.25 61.00
Japan, yen, cables... 51.50 61.25
Argentina, checks.. .107.50 106.10
Argentina, cables ..107.00- 105.60
Brazil, Rio, checks.. 23.50 * 23.50
Brazil, Rio, cables.. 23.625 23.625
Marks, checks ..... 2.65 2.64
Marks, cables ,. 2.66 2.65
Ciecho-Slovakia, cks 2.2%, "$$&.
Dividends
Initial
Canadian Conn. Cotton Mills LtdJ?An
initial dividend of 10 per cent a share
has been declared In addition to a special
dividend of 60 cents a share, both payable
August 1 to stockholders of record July 16.
Extra
Union OU Company?An extra, dividend
of $1 a share has been declared in addi?
tion to the regular quarterly dividend ot
$1.50 a share, both payable July 21 to
stockholders of record July 10.
Regular Declarations
Pay- Holders
Rate Period able ot rec.
AsbPlbMlnCo pf S2 Q July 16 July 10
Cen Agui Sug Co.. $5 ? July 31 July 20
Cluett-Peabody.. 2?i Q Aug. 2 July 21
Elk Basin Pet Co.2Y?S& Q Aug. 1 July 15
Mataz Am Sug pf. 17 ? July IS Jury 10
Mutual Trust Co. $3 ? July 16 July 10
Trum Steel, atk. 36* ?? July 20 July' 7
U S Glass Co- $1 Q July 26 July 17
Stocks Ex Dividend
Per ot.
July 9?American Ice Co......; ... i
July 9?Central Leather Co. ltt
JulyS?Ingersoll-Rand Co. %%
July 9?Insp. Cons. Copper Co........ J
July 9?Int. Paper Co. pf. lty
July 9? do Btpd. pf...??...... \y%
July 9?Pittsburgh Coal Co. of. Ba...* l*i
July ?-^ do pf.;....???I;??*?-??*
Bank of England Statement
LONDON, July 18?The weekly
statement of the Bank of England fol?
lows :
Gold, ?120,741,702: increase, ?2,855,
661.. ; '?
Reserve, ?16,444,000; increase, ?170,
000.
Notes reserved, ?15,101,000; increase,
?62,000.
Circulation, ?122,744,000; increase,
?2,686,000.
Public debt, ?17,885,000; increase,
?2 138-000.
Other dep, ?117,034,000; decrease,
?58,932,000.
Government securities, ?52,424,000;
decrease, ?37,654,000.
Other securities, ?88,804,000; de?
crease, ??9,294,?00.
The proportion of the. bank's reserve
td liability is 12.18 per cent;, last week
it was 8.49 per cent. Rate of discount,
7 per cent.
?
London Money Market
LONDON, July 8.?Bar'silver 64d;
bar gold 104s Id. Money 4%' per cent.
Discount ?ate??Sheet biii? 6& .*Mk
cent; three months bills 6% per .cent.
Gold premiums at Lisbon 140.'
-:-?-?. . ? .
Bank of France
PARIS, July 8.?The weekly state?
ment of "the Bank of France shows the
following changes:
Gold increased 866,000 francs, silver
increased 5,538,000 francs, notes in
circulation increased 249,413,000 francs,
treasury deposits increased 7,472,000
francs, general deposits decreased 298?
150,000 francs, bills discounted, de?
creased 201,170,000 francs and ad?
vances increased 82,977,000 francs.
New advances to the.?tate amounted
to 100,000,000 francs.
Paris Market Firm
PARIS, July 8.?Prices wer* firm on
the Bourse to-day. v Thrpe per cent
rentes 58 francs 80 centimes. Exchange
on London 47 francs 91 centimes. Five
per cent loan 88 francs 40 centimes.
The dollar was quoted at 12 frales ?5
??????awaww^t?*?^ . ? ?-??*. ?"- ..*. ? ,...
In Wall Street
Tal? Yoor Pick
A Broadway wire house which re?
cently changed iron ? hearten to a
bullish position on the stock market
picks the oil, motor, sogar, robber, food' ?
end equipment issues as being likely
to take the lead in whatever advance
may take place. "1 can hardly exag?
gerate the great strides which motor
construction will take in the next few
years, and General Motors will leed in
this development." says the head of
this firm. "It is in .the hands of vary
acute business men. The rubber busi?
ness goes hand in hend with motors,
arid United States Rubber and other
good motor stocks will pay buying.
Sugar stocks, particularly American
Beet Sugar, and all good food stocks,
such as Corn Products, will be large
earners for a long time to come. Do
not forget ?the equipments. They will
have more business than they can
take care of, and at profitable prices."
Swiss Bonds at ? Premium
. The public reception given the new
Swiss loan of $25,000,000 of twenty
year 8 per cent bonds was further in?
dicated yesterday by the action of the
bonds in the curb market. On the
first day they were dealt in the bonds.
rose to a premium of one-quarter of 1
per cent, and yesterday opened at
100% and closed at 100%. Investment
bankers anticipate an improved tone
in the bond market for the immediate
future.
American Woolen
It has been evident for the last few
weeks that the syndicate which under?
wrote the new $20,000,000 American
Woolen common stock would be left
with a considerable portion of the is?
sue on its hands with the expiration of
the subscription rights on Wednesday.
It was reported yesterday that the un?
sold amount was approximately $8,000,
000. If it is true that subscribers took
the remaining: $12,000,000 this is a sur?
prisingly good showing in view of the
fact that during the greater part of
the subscription privilege the present
stock sold below par, the price at which
the new shares were offered.
Improved Copper Conditions
There is said to have been consider?
able accumulation of the copper stocks
within the last few days as a result of
an improved trade outlook. The shad?
ing oi quotations a few ?weeks ago by
small dealers is now said to have been
due to tight money conditions rather
than an oversupply of the metal. These
interests, which had carload lots on
their hands, are reported to have sold
around 17 cents a pound because they
were unable to realize needed cash in
any other way. The leading producers,
according to reliable reports, bought
most of the copper thus sold, and are
holding it in the belief that the gen?
eral market is in line for an increased
buying movement. Metal brokers state
that it is difficult to obtain copper un?
der 19 cents and are sending their
agents out over the country to lay in
supplies of scrap.
Taking Off the Lid
Wall Street and the country at large
are awaiting with great interest the re?
sumption of trading in wheat futures.
Beginning next Thursday there will be
a free and open market for this im?
portant commodity for the first time
in more than three years. Alfred W.
Mansfield, a member of the Stock Ex?
change firm of Thomson & McKinnon,
who arrived here from Chicago, after
a swing through the great crop belt
of the Middle West, pointed out that
the opening of the market means that
the American farmer in competition
with the wheat growers of Argentina,
Russia and other countries will get
the full benefit of whatever price the
world is willing to pay for bread. "1
expect to see a broad and active mar?
ket in wheat as" soon as trading for
future delivery opens," said he, "as we
are now facing the problem of distrib?
uting a crop that is considerably larger
than was expected a few weeks ago.
At the present time it looks as though
the. wheat yield this season will be
about 800,000,000 bushels. To this we
must add 150,000,000 bushels carrieo
over from the crop harvested last
season. Deduct from this total 600,
000,000 bushels needed for home use,
and it will be found there is an ex?
portable surplus of about 250,000,000
bushels after allowing for 100,000,000
bushels carry-over into next session."
Financing the Crops
Financing the crops, in the. opinion
of Mr. Mansfield, will give the banks
a situation to cope with that may bring
on great strain. "The conclusion that
we would draw," said Mr. M?nsfield in
this connection, "is that the farmer,
unless he is in a very strong cash
position with his bank, will be unable
to carry over this year's production as
he has in former years. His local
bank will not be able to give him ex?
tensions at this time such as it has
done in the past two years. This situ?
ation no doubt will bring out a great
deal of selling of cereals and un?
doubtedly force liquidation of other
commodities. The banking elements
will be very careful in extending
credits ?t primary markets on wheat
receipts, for the reason that they will
have actually to determine from the
future market > as to the collateral
value of grain. During the last three
or four years on any paper carried
covering wheat the banks were secured,
for there was a government, guaranty
of prices."
Growth of Reserve System
The increase in the number of banks
throughout the country that will col?
lect checks at par has risen so rapidly
that the Federal Reserve Bank here
has prepared a list of the non-par
banks to be used by bankers who,
heretofore depended on the par list*
prepared by the Reserve Board. The
Reserve system can act as a clearing
house only for par banks, of which
there are now 27,958, compared with
2,103 non-par banks. On June 1 last
there were 30,061 banking institutions
throughout the country, and of these
9,330 were members, of the Reserve
system and 20,731 non-members. How?
ever, 75 per cent of the banking re?
sources of the country is included
within the Federal Reserve system.
Checks drawn upon 18,628 of the n?n
members and upon all of the members
can be collected at par by the Federal
Reserve banks. Every banking institu?
tion in forty of the states is on the
par list, and those institutions which
are not are in Alabama, Florida,
Georgia, Louisiana, Mississippi, North
Carolina, South Carolina and Tennes?
see, which are situated in the Rich?
mond, Atlanta and St. Louis districts.
Sees Continued Industrial Activity ?
Charles B. Seger, president of the
United States Rubber Company who
has just returned from an inspection
of the plants in New England, Canada
and the Central States, saw no marked
tendency toward contraction in any
line of industry covered by his travels.
He found industrial plants oversold
and endeavoring to speed up produc?
tion. Mr. Seger, who was formerly
head of the Union Pacific Railroad, be?
lieves that even if automobile produc?
tion should decline perceptibly, the
rubber companies of the country would
still have their hands full supplying
tires for the existing number of trucks
and automobiles. "The moat striking
thing I noticed In going through the
country," said Mr. Seger, "was the
great amount of hew building con?
struction. Yon see it on the farms, in
the small towns and in the large cities.
Certainly there are no indications, so
far as the rubber industry is con?
cerned, that the present industrial ac?
tivity will not continue uninterrupr
? *" ???????'???-'?'?-"?~?e
TUS JULY
AFFORDS UNUSUAL
INVESTMENT
OProRTUNiTIES
We have prepared a list of
high grade seofcities yielding
from 5Yz to 8% which should
assist you in placing your July
funds. We shall be pleased to
furnish a copy on request.
SUDDEN. DAVID6E & CO.
Member? Ne? York) Stock Exchtmgt
20 Broad Street, New York
St. Paul & Kansas City
Short Line
First 4y2s, due 1941,
THESE bonds are a direct
first mortgage on all the.
property of the company com-j
prising the shortest routefromj
St Paul to Kansas City.
THE road is leased to the
Chicago, Rock Island &
Pacific Ry., which guarantees,
principal and interest of these!
bonds by endorsement.
THE bonds are listed on thej
Stock Exchange and sold!
as high as 91% in 1912. They!
are now offered close to their!
lowest price, to yield over
8%%
Circular on Request
Sutro&Kimbley
Members New York Stock Exchange
66 Broadway, New York
Telephone Rector 3565
Goody ear Tire & Rubber Co j
This Company does a larger busi- !
ness than any similar company.
Patents- and good will are carried j
on its books at $1.00. !
' No bonded indebtedness.
Preferred stock pays 7% per annum.
Over a period of 12 years the Com?
pany has earned an amount applica?
ble to common stock averaging 54%.
Ir>- addition to 12% cash-dividends ?
per annum, 570% in stock dividends
have been paid during the last 12
years on the common stock.
Subject to withdrawal without notice,
we can offer 2 shares of Preferred -
and 1 share of common stock for
$300 per unit
Write Dept. TR-? for
Descriptive Circular. >
Morton Lachenbmch. & Cot
CHICAGO DETROIT PHILADELPHIA PITTSBUSOB
Match?
OKLAHOMA
Recent drilling operations in
Northwest Oklahoma are
proving the contention of oil
men that the next oil boom
will be in that state. .
We have Just prepare?! a circular
entitled "WATCH OKLAHOMA."
which describes in every-day lan?
guage the progress being made, to?
gether with map showing new oil
fields being opened up and drilling
trend. Further, the rircular points
out those large companies roost
likely to benefit from the present
activities.
Ask tor Circular 56.
SENT WITHOUT OBLIGATION.
MSWoLEE??bt
ESTABLISHED 1906
41 BROAD ST., NEW VOTER.
? Ph??<s ? limad SS
Robinson & Co.
Investment Securities
26 Exchange Place New York
Utmbera Note Xorle Stock Exchange.
Bankers Trust Co.
McCLURE, JONES & REED
Members New* York Stock Exchange
X16 Broadway Phone 7662 Rector
HARR.MAN NATIONAL BANK
Fifth Avenu? & Forty-fourth Su
Now York
BttlMG HOURS FROM 8 1 M-IOIrM
SAFE DEPOSIT YABLTS 8 i M. TO ?tusg
tedly in the coming year. In the de?
mands for rubber footwear, clothing,
tirea and mechanical goods our fac?
tories so? ahead of them for a long
time to com? considerably more than
they can do 4ully to meet the coun