New-York tribune. [volume] (New York [N.Y.]) 1866-1924, July 09, 1920, Image 15

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New-York tribune. [volume], July 09, 1920, Page 15, Image 15
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New-York tribune. [volume] (New York [N.Y.]), 09 July 1920. Chronicling America: Historic American Newspapers. Lib. of Congress. <https://chroniclingamerica.loc.gov/lccn/sn83030214/1920-07-09/ed-1/seq-15/>

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July Cotton Seih
At Sharp Decline;
New Months Weaker
Greulsition el Additional
Notices Orates Brtmk,
October Tooling tea?
Lowest in Nearly m Year
Tkere ?as a sadden and] severe
Tsreak in the price ef July contract? in
the cotton market yesterday. The
strength ef the near position has keen
a sustaining faeter with reference ta
later month? fer several days, and at
,son a? it weakened ander liquidation
resulting frem the circulation ef ad?
ditional notices, the celling ef new
crea months became mere active and
sggressir?
A.H these positions made new lew
freund for the movement In conse?
quence, with October felling off 82.60,
tke lowest price touched since last
winter and a decline ef 410 point?
from the high level ef last month.
That position eloeed at 82.84 with the
general market elating steady at a
net decline of 43 to 87 peinte en alt
deiireries except the inaetive months
of August and September*which were
49 to 80 points net higher and appeared
to he adjusting themselves on the basis
of old crop values.
The market opened' barely steady at
ta advance of 80 pointa on September
but 62 pointa lower on July and 10 to
fl peinte lower on the active new crop
?oaths. July notices estimated at be?
tween 2,000 and 2,500 bale? were re?
ported and as they circulated through
the street brought out considerable
liquidation. For a time sellers of July,
found few buyers end before the break
was cheeked, the near month had sold
down to 38.50 or 117 points net fewer
and 148 points below the high level of
yesterday morning.
This stimulated selling of new crop
months on the continued favorable
weather and reports of depression in
the textile trade, while except for
covering there appeared to be very
little demav.d. After showing net
losses of some 60 to 67 points, prices
showed moderate rallies en covering
bat the bulges were not fully main?
tained and December contracts closed
within 3 points of the lowest.
Reports that the affairs of one of
the large firms in the silk trade had
been placed in the hands of trustees
seemed to increase pessimism over the
goods trade situation and there was
also selling on reports that short time
was on the increase in cotton spinning
mi?s. Except for further predictions
of weevil damage there was little or
no criticism of crop conditions in the
South, and the South was seller here
on the decline. Southern spot markets
as officially reported were unchanged
to 75 points lower.
The local market for spot cotton was
quiet and 50 points lower at 40.50 for
middling upland; no sales were re?
ported.
Ta? rant? of prices foltowa:
Wednesday's
Open. High. Lew. Close. close
.Tu!y... 19.06 39.46 38.60 39.00?- SS.S7
Au?... 37.5? 37.50 37.50 37.50? - 36.70
Sept. . 34.20 34.50 34.?0 34.20? - 33.9?
Oct_ 33.13 33.13 33.60 32.34032.S7 33.27
Nov.. .- - 31.82? - 82.25
Dee... 31.83 31.65 31.17 31.2O0S1.S3 31.77
Jan.... 30.91 30.91 30.50 30.?0?30.62 31.12
Feb.... - - - 30.230 - S0.75
Mar... 30.33 30 33 29.90 30.00030.83 30.51
Apr....- - 29.790 - 30.30
May... 23.80 29 10 29.32 29.40029.46 2S.90
June.. . - - - 28.800 - 29.30
Soothers Spot Markets?Oalveaton quiet,
25 points lower at 38.60; salea, 160 balea
Nur Orleans quiet, unchanged at 39.50;
?alea. 482 baies. Mobile nominal, un?
changed at 39.25; sales, nil. Savannah
steady, 75 points rower aT"e0".T6: sates, ?S3
bales. Charleston steady, unchanged at
49.50: sales, nil. Norfolk: quiet, unchanged
at 40.50; sales. 283 bales. Augusta quiet.
uni-hanjr?"<1 at 4lr; sal*?. 176 bales. Mem?
phis steady, unchanged at 40c; sales, 600
bales. St. I.ouls steady, unchanged at
4?c; sales, nil. Houston quiet. 25 pointa
loner ?t 38.75: sales. 100 bales. Uttle
Rock quiet, unchanged at 40c; sales, 12S
bales. Dallas ?luiet. 40 points lower at
"?.35: sales, nil. Montgomery quiet, un?
changed at 40c; sates, nil.
Cotton Statistic?
Yesterday Last Wit. Last Tr.
Port r-ceipts. . . 7,712 4.044 17,500
Exports. 1,564 17.533 30,8*3
Eiports season. 6.211.S36 6.1*7.639 6,129,347
!?. T stocks... 34.901 34,656 90,504
Port stocks- 888.371 909,ISO 1,266.739
Interior receipts 2.000 6,000 7,000
Int. shipments. 4,000 8.000 12.000
N. Y arrivals.. - 1.016 1,031
Liverpool Cable??Spot cotton quiet at 31
points decline, on the basis of 25.62d for
middling. Sales, 4,600; American, 3.0C0.
Imports none. Futures opened quiet at 2
to 14 points decline. Closed barely steady
at a net decline of 30 to 46 points. July,
21.i5d; October, 22.26d; December, SI.14;
January. 20.79d; March, SO.23d; Manches?
ter; Yarns quiet; cloths dull.
Foreign Wheat Demand
Expected to Help Prices
Now that it is officially settled that
trading* operations in wheat will be re?
sumed on Thursday of next week, the
trade is making a closer study of the
wheat situation, with the view of arriv?
ing at more definite ideas regarding
the merits of the situation and prob?
able price levels.
Many think that the December posi?
tion in Chicago will open at or around
S2.65 to S2.76, but there appears to be
quite a wide difference of opinion as to
the future course of the market. Cash
wheat yesterday was again firm and in
the export market prices advanced
about a cent a bushel. Offers were
limited and thare were good inquiries
in evidence, with buyers apparently
willing to make contracts for cargo
lots.
Some authorities believe that the de?
mand from abroad will be of sufficient
volume to maintain prices, if not to
send them to higher levels. Others
think that wheat will move more freely
in the near future, as cars are being
sent into the Southweet, where the
banks are overloaded with grain paper
?ad where the new harvest is in prog?
ress.
The outturn of the spring wheat
crop will be an important factor end
an this account the trade ie watching
closely for any evidences of the spread
or black rust.
Corn Breaks 5 Cents
To New Low Figures
New low records for the downward
movement were established in the corn
market yesterday whan prtf.es in Chi
*4(o experienced a break ef about S
cents per bushel under heavy general
liquidation. At the decline values were
*? to 17 ft cent? lower than a week
?to, and the action ef price? denoted
* Pronounced change in sentiment, aa
?? result of large receipts, lower ca?h
?Mrketa and favorable crop prospects.
There was a partial rally frem the
lowest on covering and buying by cash
interests, although at the close the
??rket was again en the downgrade
J*d final quotations showed net losses
for the day of 8*4 to ?He.
Argentine corn was being offered in
wo local market fer July shipment at
?145 c. i. f., and it was thought that
fteeh of the Eastern dornend would be
<w??d by Argentine com unless West
?J? prices experience a further do
, *? the local cash market No. 2 yel
?*** tern was quoted at $1.7?, cost and
fr?t?t New York* ten days? ih.pij.eat
,-__ Yeatereay'e frevlou? tear
r.F??s?r*c: does. close, ego.
Chi 2. -'??ow.Sl.T? $1.83 HIS
?*?. . 1.ST?4 1*1 I-*?**
??lumber. l.*V 1.S0H 1S6*4
?JSrT Tft* late poeltfon. la eat? sold at a
25J.JOW t*v?t for the month and on the
?2r7 *?*? markt?? was weak cSaeln? with
a?M.r,*??? o< l% to S eeeta Tkere was
SS?*? ?euliation In armpatby wttfc ear?
!R. *? very favorable crop advices in
?e a private estim?t? of a crop larser.
laft year's and of superior quality.
XHeno?^o/KsTS its:
JJwYerk? close. eYos? is?
feS?W .4?lA,l4-i# ????*Tss 18 ??
?**-*.IMS ,.??.0? 4L??
ft
?0
M?ywwts.s?.ss*f?,ss slsssTlss ?:*%.?*
$?& ? *
mm?w?.?>. T????*?-?y,s Frevtoua Yes?
***? ? JES*?* ?los?. close. aso.
?*. 8 Western.... SS.?? tS.M tl.S?
( *nt??J?slM??y?Quotations wer?:
||lTs8uS?*t.l*,SS4?l?,S# 1M?*14 ?
SS.?S ,. ?4.03
Coitoasmiti Oil
SK**.*^**?? ???-???S? ?reak and early in
u^er*a? AKT" *.?** n*w J?* "eeorde
mo^meV^? A?*?,,ftn 6f th? M<.*Maiin?
a ^SS^?-S?1^1* h** *??????/ resulted in
?heX ** JV.A?.tmR^. ln J*1*?* served to
ab?te th. ?&VB*s SS^*"11'? -?'?- ?'?????
tatted t? e?SaVr. ??i,W?,,Mf4,Wr- ??? -pHOSs
?Vii??..!?. f??rai? ail the losses and A?al
Tota?tAu-We!?7 }i *". M pon,t? l-n ??war
Total sale? for the day were 12,l00 bar
The rang? of price? follows:
rt~.- m.). . Wednesday's
JSI?.... IS.?? 13.7? 18.70 13.38014.00 18.68
??St"-* ?l?J ??-5? ?HS *??!".?? \u\
nt?*" iH? ???5 iS" -?.?5fl4.17 14.80
Oct.... 13.?? 14.85 13.30 14.18Al4.80 14.87
S2T.,T4T .T~.T- 14.00*14.80 14.16
t!Z-?'. ??-2? ???* -???? ?4.00?114.18 14.80
?tw-- ??25 ?4!5 -*??? 14.00fl4.16 14.10
Feb... 14.85 14.?? 14.?5 14.16*14.30 14.25
Sogar and Coffee
...? . M Current Prices. Tear Age.
Sugar, granulated, lb. .22 ?.24 .??
Coffee. >lo l?o. T.is\ .t?%
Coffee. Santos No. 7. .8S%0.23T4> .294
Hogar?The market for raw sugar held
steady and a little more active and In
some quartera there were indications that
refiner? were beginning to show an inter?
est In shipment sugars although no busi?
ness has been reported beyond July posi?
tions There was a sale of 1,800 bag? of
San Domingo, afloat, to an operator, at
174c c.l.f. and rumors that about 60,000
bags of Cubas had been sold to outports
at 17*40 c. A f.
The market is being more or less in?
fluenced by the offerings of outside sugar?
at below the market price here and this
it is believed, tend? to hold In check any
advance. White Brazilians, August-Sep?
tember shipment, are being offered at 17c
e. * f. and spot Java whltea at 22c.
The local market for refined sugar re?
mains quiet, the demand being generally
light, with no change's In ref?nera' allot?
ment basis. It was said that McCahan
of Philadelphia was selling sugar in a
limited way, In that territory, at 21o regu?
lar terms, which is an advance in the
Hat price of 4c per pound.
CesTee Futures?Yesterday'? coffee mar?
ket was fairly active and the trend of
value? ?harply upturned. The action of
the market indicated that the pressure
wa? over with and it was believed that
New Tork Interesta who were reported
to be recently depressing the Santos mar?
kst to cause a lower market, here were
becoming nervous and recovering active?
ly in both markets.
The local market opened generally 10 to
14 points higher, and on private advices
received by local Importers stating that
Santos was higher, trade shorts became
nervous and covered, sending September
to 13.51, December to 12.69 and March to
12.80.
Private advices were later confirmed by
two special cables from Santos, the first
reporting a gain in futures of 100 to 325
reis, the second advancing the market
75 to 226 rets. The market closed at net
gains of 67 to 80 points. Jobbers report?
ed an improvement in the local spot de?
mand and prices were higher. Rio 7s
advancing to 13 4c. Very few offers were
here In the cost and freight market and
those here were very irregular.
The range of prices follows:
Wdnesday's
Open. High. Low. Close. close.
July... 12.7? 13.00 12.75 13.58013.60 12.7?
Aug... - - - 12.58?12.69 11.98
Sept... 12.00 13.51 12.00 3 2.48 ?12.49 11.88
Oct_ 12.05 13.05 12.06 12.51@12.53 11.91
Nov_- - 12.64? 12.6? 11.94
Dec_ 13.15 12.69 12.14 12.68 # 12.59 11.9?
Jan_ 12.45 12.45 12.45 32.82? 12.64 12.02
Feb_- 12.66?12.?7 12.06
Mar.... 12.25 12.80 12.18 12.6S ?? 12.70 12.10
Apr....- ?? 12,T0?12.72 12.13
May.... 12.38 12.80 12.30 12.73012.75 12.15
Butter, Cheese and Eggs
Batter? Receipt? were 20,354 packages.
Creamery, higher than extras, pound,
57*4? 68 4; extras, 92 ?core, 574c; firsts,
90 to 91 score, 55?57; 8g to 89 score,624?
64*4: seconds. 83 to 87 score, 47@514.c;
creamery, lower grades, 44?4ic; un
salted. higher than extras, 61?614c; ex?
tras. 600604c; firsts, 65?69c; seconds,
50?54c; State, dairy tubs, finest, 66?58c;
good to prime, 52 4? 65c; common to fair,
44?52c; renovated, extras, 49?60c; firsts,
47? 48c; ladles, current make, firsts. .45?
4?c; seconds. 414'??2c; lower grades, 40?
41c; packing stock, current makes, No. 1,
42? 42 4c; No. 2, 41c; lower grades, 37?
40c.
Cheese?Receipts were 6,542 boxes. State,
whole milk, fresh fiats, colored or whites,
pound, 27 4? 28 4c; average run, colored
or whites, 26?27c; lower grades, 20?26c;
twins, fresh specials, 274@27*4c; average
run, white or colored, 26?26*4c; lower
grades. 20? 25c; Toung Americas, 314 C
814c; Daisies. 29? 30c; frerh twins, 26 4 <
27 4c; single Daisies, fresh, 27 4? 28c;
double Daisies, fresh, 27 4?27*4c; fresh
30?31c; fresh specials, 1840194c; prime
to choice, 16?18c; fair to good, 120134c;
lower grades, 5? 10c.
Eggs?Receipts were 30,032 cases. Fresh
gathered, extras, dozen, 514? 63c; ex?
tra firsts, 48?504c: firsts. 43 4 ? 46 4c; sec?
onds, 3?4?42c; poor to fair, 29?36c;
dirties. No 1. 33?36c: No 2. 25@32c;
checks, good to choice, dry, 30?33c. State,
Pennsylvania and nearby Western, hennery
whites, extras, 60? 62c: firsts to extra
firsts, 64? 59c; gathered whites, 64? 59c;
undergrades. 49? 53c; Pacific Coast, white
extras, 60?61c; extra firsts, 57?69c; under?
grades. 48? 62c; small, 43? 46c; other
Western and Southern, gathered whites, 44
064c;.State Pennsylvania and nearby West?
ern hennery browns, extra, 64@57c; brown
and mixed colors, gathered, graded extras,
614053c; firsts to extra firsts. 434?504c.
Livestock, Meats, Provisions
Yesterday. Tear ago.
Live Steers, fair to
prime. 100 lbs.?14.00? 16.50 ?14.00?16.S0
Dressed beef,
sides, lb.18? .274 .18?.224
Live veal, com?
mon to prime,
100 lbs.13.00018.00 18.00?24.50
Dressed veal,
city, lb. .18? .27 .28? .34
Live ewes, 100
lbs. 6.00? 9.00 7.00? 9.50
Dressed mutton,
city, lb.12? .18 .12? .19
Live lambs, fair
to prime, 100
lbs. 16.00?17.00 18.00? 19.00
Dressed lambs
cltv. lb.26? .35 .26? .32
Hogs. 100 lbs... 18.26017.25 22-50? 22.75
Dressed hogs.
bacon, lb.224? -23 .31 ?.314
Mess pork, bbl. . 38.00039.00 68.00? 58.60
Mess beef, bbl.. 18.00018.00 34.00035.00
Lard. M t d d 1 e
West. 100 lbs.. 19.25? 19.35 36.60?35.70
Financial Items
The committee on admissions of the New
Tork Stock Exchange has elected Cole man
Wortman and William Shlppen Davis to
membership.
A special meeting of the Trumbull Steel
Company stockholders has been called for
August 16 to consider advisability of re?
ducing par value of common stock from
8100 to 825 a share, in which caso four
shares of the new stock will be issued for
each of the old after stock distribution.
Arthur A. Berlnstein of Berlnsteln A
Co.. Harry S. Collins of Collins tt Dlas,
Frederic H Pruschen, Hugh Francis of
Francis A Co., T. James Hanley of Han
ley A Co., N. A. Evalenko, John Heffner
of Milton Helm & Co., Lewis J. Feinsteln
of Waters A Cook, Frederick J. Apple.
William H. Board jr. of A. B. Murray *
Co., George G. Carnegie and Louis Oreen
of M. B. A J. W. De Ag?ero have been
admitted to membership in the Consoli?
dated Stock Exchange.
The Guaranty Trust Company of New
Tork has been appointed trustee under the
Thatcher Manufacturing Company mort?
gage dated as of April 1. 1930, securing
an authorized issue of 82.000.000 par value
ten-year 7 per cent convertible sinking
fund gold mortgage bonds, due April 1,
1880. Trust receipts for the Thatcher
Manufacturing Company ten-year 7 per
cent convertible sinking fund mortgage
?old bond? may be exchanged for t?e
eflnitiv? bond? at the trust department of
the Guaranty Trust Company of New Tork
on and after July 8, 1920.
Charles Leon Clerc of Havre has been
elected s member of the New Tork Coffee
and Sugar Exchange.
Blsth. Witter * Co., syndicate managers
for 815.000.000 Milter A Lu*. Inc., 7 per
cent first mortgage bonds 810,000,000
Pacific Oas and Electric Company 7 per
cent notes. ?S.OOO.OOO Carnation Milk Prod?
uct? Company flve-year T per cent notes
announee that all of these Issues have
been sold.
Batnbridge A Ryan announce that
Charles A. Ruberl has been admitted aa
general partner in this Arm.
Loft. Inc., report? that ?ale? from July
1 to July 5. 1920, inclusive, showed an
increase of 67 per cent over ?als? la the
corresponding period of 181?.
The analysis of the l?l? reporta of the
leading Scandinavian bank? fndloate? that
a majority had a successful year. The
Stockholm? Snskilda Bank, for instance,
increased Its surplus from 8.843.804 crowns
te 11180,7*0 crowns. Its time and savins?
depes'tts from 146,602,061 crowns to 158,
942 862 crowns and It? demand deposits
and current account? from 147.597.?43
crowns to 188.720,099 crowns. The Privat?
banken i Kjobenhavns increased It? sur?
plus from ?.778.000 crowns to 11,?34.000
crowns ?ad its demand deposits and cur?
rent accounts from 475,646,000 crowns to
SOS.JSS.OOO crowns
Germany Realizes
Allies Won, Says
Returning Banker
?. W. Stetson Finds Pea
' eimism in Ce n t ra 1
and Western Europe;
France Is Recovering
Germany has at last come to realise
that it lost the wer, according to ?.
W. Stetson, vice-president and mem?
ber of the managing committee of the
Guaranty Trust Company. Mr. Stet?
son reports the atmosphere in Ger?
many is pervaded with pessimism, but
he attributes that sentiment in pert
to an effort to get the Allies to miti
?ate the peace terms. With Harold
tanley, another of the vice-presidents,
Mr. Stetson has just returned from a
two-month trip to Europe, in which
the two bankers made a survey of con?
ditions in Central and Western Eu?
rope.
"Underneath the dark surface," Mr.
Stetson declared in a statement pre
? tared for the press, "there were many
ndications that the Germans were con?
fident of their ability to 'come back'
and do not realize themselves what a
long journey that must be. Her great?
est economic difficulties are currency
Inflation and lack^of raw materials.
How these probleA are to be met it
is difficult to see clearly.
"There are these reassuring sides
to the picture, however: Germany's
agricultural output is being stimulated
in every possible way and large crops
are assured. Her industries were not
destroyed by the war and are produc?
tive and efficient, needing only raw ma?
terials to supply them. Her people are
industrious and thrifty and glad for
the opportunity to work. Undoubtedly
there will be numerous changes before
any definite political status is fixed,
but through it all German thrift and
commercial instinct will endure and
accomplish important results. I learned
that radical steps toward decreasing
their present inflation and meeting
their fiscal problem are contemplated
and will go far toward the work of
restoration.
Austria Crashed
"Throughout Middle Europe there is
much confusion and it is difficult to
make definite statements about condi?
tions. Austria is, for the. present at
least, crushed, and there is little sem?
blance of industrial or productive activ?
ity. The food lines are formed daily
in Vienna to care for the starving and
thousands of lives are maintained only
through charity. The bitter racial hat?
reds which exist throughout Middle
Europe have not died down and, in fact,
seem to have been inflamed by the war
and the readjustments following it.
"In Czecho-Slovakia the idealists and
dreamers, who were largely instru?
mental in working out the political re?
adjustments, now realize that the prac?
tical problems presented by such read?
justments nre much more difficult and
that the making of a nation is a long
process. Agricultural production there
is good and the financial institutions
are in a relatively good condition, but
the work of unifying and organizing
th? life of this new nation, of course,
presents a difficult task and it is too
soon to make any predictions concern?
ing it.
"From Jugo-Slavia, Greece, Hungary
and Rumania various reports are heard,
but in all these countries the problems
of reconstruction are dominant and
their solutions have not yet been
worked out. The breaking up of the
Austrian empire complicates the situ?
ation for all of the constituent and con?
tiguous countries.
Italian Situation
"There aeemsHo be no new problem
presented in the Italian situation,
which is still difficult, as the lack of
coal, due primarily to under-produc?
tion in England and the difficulty. of
financing shipments from the United
States, is a very serious handicap.
Italy has a surplus of nothing but
labor, and that is a problematical eco?
nomic asset under existing conditions
there."
In discussing the situation in west?
ern Europe, Mr. Stanley said:
"One finds much of a reassuring na?
ture in the developments of the last
year among the Allied countries. Eng?
land's courageous and farseeing policy,
in spite of serious political problems
throughout the British Empire, is bear?
ing obvious results in the restoration
of credit and business activity gener?
ally. Her firm tax program, her for?
eign trade policy and her dogged de?
termination to maintain her position
of financial supremacy are all combin?
ing to speed the restoration of normal
conditions in England. Of course, la?
bor troubles, decreasedeproduction and
political difficulties in her dominions
are giving England great concern, but
the British trait of sticking to the job
promises to triumph over these diffi?
culties and substantial progress over
a year ago is evident.
France Recovering
"France is rapidly getting back on
her feet. The French peasant is pro?
ducing splendid crops and France ex?
pects to raise enough wheat to supply
her needs this year. The French in?
dustrial worker, in spite of sporadic
strikes, is producing effectively, and
the whole labor situation, in fact,
seems to be much improved in the last
few months. The French people gen?
erally are ready and eager to work.
France still needs fuel and raw mate?
rials, and has great financial problems
to solve, but definite plans can be made
to meet these problems as soon as the
German indemnity is fixed; and there I
seems no doubt that France will work ?
out its future successfully.
"Belgium has already moved back
well toward the normal. Conditions
there have been fully described, and it
seems pretty generally understood that
Belgium perhaps least of all of the na?
tions of Europe presents a problem."
>
Navy Orders
From The Tribune's Washington Bureau
WASHINGTON, July 8.?Navy orders
issued to-day follow:
Boucher, Ens. L., to command submarine
chaser ISO.
Brown, Bns. B. W., to U. S. 8. South
Carolina.
Conolly, Lt. R. L.. to Conn. F. o., u. S. 8.
Hunt.
Conn, Lt. B. T., to U. 8. 8, New York
Dockrey, Lt. L. B., to Marine Barracks,
Quantico.
Holland, Lt. C. D., to Conn. F. O., V. S. S.
Nitro.
Newton, tit rfj. g.) L. C, to Barracka
Bid?.. New Tork.
Piere, Lt. J. A., to V. S. 8. Seattle.
Scott, Lt. Comdr. N., to destroyer squad?
ron 4, Pacific fleet.
Stengels, Lt. H. I., to sub. dlv. 14.
Terhune, Lt. J. A., to V. S. naval rep..
Pola Istria.
Cuthreli, Lt. H. S., to receiving- ship New
Tork.
Marine Corps Orders
From The Tribune's lVa.ihir.oton Bureau
WASHINGTON, July 8.?Marine
Corps orders issued to-day follow:
Butler, Brig. Qen. S. D., to post com?
mander, Quantico. .
Harllee. Lt. Col. W.' C. to headquarters
M. C.
Dyer. Major J. F.. to M. B., Washing-ton.
Banker, Major E. W., to San Dleao.
Stout, Capt. A. J., to 1st Brig-., Hayti.
Hobba, Capt. C. B., to U. S.
Jenkins, Capt E. H., to headquarters,
M. C. ? - .??* *
Craigj,'Lt. J. H., to headquarters, M. C.
Lee, Lt. C. P., retired. ' '
Coloroy, Lt. J. D? to U. 8. 8. Alert.
Splcer, Lt- D.. to M. B.. Quantico.
Aron. 2d Lt. O., to TJ. 8. 5. New Mexico.
Gregory, 2d Lt. M. C? to Managua.
Bloedel, 2d Lt. O. F., to M. B., Quantico.
Stalllnga. Capt.L. T., Jr., retired.
Bannon. Col. P. M., to M. B., Portsmouth.
Carpenter. Lt. Col. C. C, to M. B.. Ports?
mouth.
Sinclair, Major C. a. to M. B., Philadel?
phia
Johnson. Capt O. A~. to headquarters,
M. C. j
Burwell, Capt B. L., Jr.. to M. B., Pensa
cola
Barber, hUS9t~Ti?T>^*o XJ^n, ._
Investment
Information
Omettent ?/ g?n?rai int?r?t* ta
hmeeien ?trftl t* ?ti-??e?r*tf ?t? thta
MJwtnn, t* atkteh ernte enlp M?tala
will be meed. Other* mU be em*
awered Iff atmil. Ad?rete all ?n
futVW ?ac.ostny ? ttamped, ad?
irttted tnaetepe, te Finanetat ?diter,
The Tribune, ft* Nattau Street, Nee
tart Cito.
f'Green" Investor Inquires
Question?Would appreciate your opinion
of th? following stocks, Chicago, Rook
Island A Pacific common and preferred^;
which would be best to buy, common or
preferred, as I am green in regard? to
stock market??G. H. B.
Answer?If you intend purchasing
for investment?that, is, for permanent
and steady income?you should con?
sider only those issues which are well
secured. Chicago, Rock Island &
Pacific, recently reorganized, is s good
railroad. It has not, however, actually
been earning the dividends on the pre?
ferred stocks (the common pays noth?
ing). Government compensation has
#"L sufficient, however, for directors
of the road to continue preferred divi?
dends. How the road will fare after
September l next, when government
compensation ceases, we cannot tell.
If you believe in the future of the rail?
roads you may be rewarded by pur?
chasing railroad securities at this
time. But you should realize that the
purchase of most railroad stocks is of
necessity speculative at this time.
There are some exceptions, how?
ever. We believe that Union Pacific
4 per cent preferred, selling at 63 and
yielding 6.35 per cent, and Atchison
6 per cent preferred, selling at 73 and
yielding about 7 per cent, are safe in?
vestments. These two roads are among
the very best in the country.
All His Eggs in Ona Basket.
Question?Having purchased some years
ago Swift & Co. stock and added to
my holdings by the addition of stock
dividends and cash distribution, all of
which I have put back in the stock of
saia company, also having taken my allot
S"6.",. ln, its ???regated companies, namely,
YTwk* International, Llbby, McNeill A
Llbby and National Leather, I now beg to
ask If you consider my investment in the
Swift and segregated Companies a good
investment to hold for dividends and a
possible Increase in the price of said stocks
above present quotations??H. A. P.
Answer?Swift ? Co. has been a suc?
cessfully managed corporation. The
segregated companies you mention
have shown good earnings. We cannot
attempt to say what the future will
bring forth, much less attempt to fore?
cast the prices of their stocks. You
will probably find that the stocks in
question will show considerable sensi?
tiveness to earning power. For that
reason we prefer and recommend those
securities which are so well secured
that they do not embody this feature
to any great extent. It might be ad?
visable, too, not to place your funds
in one class of investment, but to di?
versify your holdings. A substantial
reduction in the price of foodstuffs
might find you in a position where all
your investments are adversely af?
fected.
No Income from These Shares
Question?Among my various invest?
ments are thirty shares Baltimore & Ohio
common at 100, twenty-five shares Brook?
lyn Rapid Transit at 73, twenty-five
shares People's (Jas at 90. "While I am
not dependent upon the income these
shares fail to give me, I would like you to
?advise me whether it would be good policy
to dispose of any of these holdings at
market price and invest the proceeds In
paying securities.?B. O.
Answer?Your question is & difficult
one for us to answer. You state that
you are not dependent upon the in?
come from, your stocks, and yet you
inquire if it would "not be best to con?
vert them into paying securities. If
you did the latter, your position would
undoubtedly be sounder, for just as
long as you hold the securities men?
tioned you will be speculating upon
their futures. This is a matter for
you to decide. We do not, of course,
pretend to know what their future will
be. It is otir opinion, however, that
the majority of railroad and public
utility stocks and bonds have very
nearly discounted the conditions in
which the companies find themselves.
If you are of this opinion, and can
afford, as you probably can, to specu?
late upon the matter, we advise your
holding the stocks.
His Bond Has Declined
Question?I would like your "opinion on
Indiana Steel first 5s, due 1962. Do you
think they are entitled to a very high
rating? I bought a 81.000 bond of this
issue last summer at 97 4, but now they
are quoted around 85. I realize that all
forms of investments have been quite de?
pressed, but I cannot see the superiority
over the Indiana Steel first 5s of Central
Leather first 5s at 91, or Bethlehem Steel
first 5s at 90, or Virginia-Carolina Chem?
ical first us at 92, etc. I have been much
Interested in your investment column of
late, and note you constantly recommend
the Illinois Steel debenture 4 4s, which
are In the same boat as Indiana Steel
first 5s.?G. P. W.
Answer?The Indiana Steel first 5 per
cent 1952s are entitled to a very good
investment rating, in our opinion. The
decline in price is due to no condition
of the company, but to the fact that all
forms of investments have had to con?
form to the present abnormal condi?
tions. The difference in price between
Indiana Steel 5 per cent and the other
bonds you mention is due entirely to
the fact that the first is a long term
issue, while the others are close to
maturity. As a matter of fact, the
yield to maturity on Indiana Steel
bonds at 85 is but slightly over 6 per
cent, while the Central Leather bonds
at 91 yield over 7 per cent.
Coal Stock Shows a Loss
Question?About a year ago I purchased
100 shares of Elk Horn coal, at 38, and
now it Is down to 19. A/ty Information
and advice you will give "wtll be appre?
ciated.?L. C.
Answer?You are a lot better off than
others who bought speculative stocks
at the height of the bull market a
year ago, for you have been getting
dividends to yield you 7.90 per cent on
your investment. A great many ele?
ments have combined to depress prices
of this and other stocks. You will have
to make up your own mind whether to
take the loss or hold on. We do not
feel justified in advising our readers
about speculative matters.
No Depreciation In W. S. S.
Question?The writer has twenty aharea
of General Motor debenture 6s. at an av?
erage cost of 78; 8450 Liberty bonds and
6 shares Of United Retail Candy Stores
etock. What is your opinion of the first
and last named ? I also have 8200 in W.
8 S., which I am thinking of converting.
Would you advise buying more Liberty
bonds, or would you buy some other good
bonds or stocks? Is Union Pacific com?
mon paying 10 per cent a good buy at
113, and what do you think Its possibili?
ties are??M. B.
Answer? Gen.ersl Motors debenture
stock is entitled to s very fair rating
at present, because the corporation's
earnings are ample to care for divi?
dends. United Retail Candy Stores
stock is largely a prospect. Its pros?
pects may be good. Time only will
tell that. We cannot recommend it for
the investor, however. The purchase
of W. S. S, is an excellent means of
saving. One splendid feature is that
there are no fluctuations downward in
-this security. You can do no better,
we think, than to buy more of them or
more Liberty bonds. Union Pacific
common stock is speculative, beesuge
the roilrosd situstion i? ?o uncertain.
We do not advise its purchsse for in?
vestment purposes.
Four full columna of in?
vestment questions and an?
steers are published in The
Tribune every Sunday.
Shipping News
THE TT0E8
High water Low water
?.-a- ? . A? FM AM FM .
?Sandy Hook.1J:37 1:28 T:0S 7:8Sj
?*y?5*^?1 I??and.l8:3S 1:82 T:17 8:llT
Hell Oate . 3:CJ 3:84 8:08 9;5B
ABRITE!? YESTERDAY
Vessel. Port. Departure.
Madonna.Olbraltar .June 27
irishman.Antwerp .June 22
Tuscorora.London .Juno ?4
stavangeren.Maracaibo .June ?,r
Pas?alo Bridge-Rio Janerlo .June IT
ueo. H. Jones.Texas City.July i
??thou.Barbadoes .June 28
Freeport Sulphur. .Oali-eston .June 30
?"sr?th;.Norfolk .,.July <
Oyerbrook.Pt. Lobos-July 1
Western ?len.Dunkirk .June 22
Munplace.Philadelphia_July ?
Sophie Franksl-Marseilles .June lt
Ft. Hamilton.Bermuda .......July ?
S?".0.*??**.8anchea .June 28
BlAlba...Galveston _..July 1
Virginia.Providence .
Lampase*.Boston .
^*'1?s.Colon .June 23 I
Gulfqueen.Port Arthur_July 2
Bayonne.Philadelphia ....July 9
Edgemoor.Norfolk .
Marsodak.Alexandria .June 16!
Mldfugl-.port Antonio_
Lake Blmhurst_Havana .
Lake Pachuta.Sagua .
Julia Luckenbach.Rotterdam .Juno
P. H. Harwood_Tampico .
B. Marie Br?sln .. .Jacksonville ....
INCOMING STEAMERS
Due To-day
Western Star... i.. Antwerp ..Tune IT
Algonquin.Turks Isle .July 4
Advance.Colon .July 1
Carrillo.Cristobal .Juno 24
Due To-morrow
Putnam.Gibraltar.Tune 23
La Touralne.Havre .June 30
Caldas.Cristobal .July 1
Manco.Para .June 2T
Butord.Cristobal .June 2
Due Sunday
Imperator.Southampton ...July 3
Siberian Prince-Havre .June 2?
Mississippi.Havre.June 2?
* asari.Buenos Ay res .. June 20
Due Monday
Rotterdam.Rotterdam .July 6,
Ebro.Cristobal .July 5
K. A. Victoria.Qlieenstown _July 4
OUTGOING STEAMSHIPS
Sail To-day
Mall Vessel
Closes Sails
Oranje Nassau, Cris- .? ??:
tobal .10:00 AM 2:00 PM
Princess May, Port
Antonio .12:00 M 4:00 PM
Allianca. Cristobal ...12:00 M 4:00PM
Sail To-morrow
Kroonland, Antwerp... 8:00 AM 12:00 M
Ayres .12:00 M 4:00 PM
La Lorraine, Havre... 8:30 AM 12:00 M
Philadelphia, South?
ampton . 9:00 AM 12:00 M
D Alighieri, Genoa-12:00 M 3:30 PM
F Palasclano, Naples. 8:30 AM 12:00 M
Verbanla. Danzig. 9:00 AM 1:00 PM
Toloo, Cristobal..._ 7:00AM 11:00AM
Ft Hamilton, Bermuda 7:30 AM 11:00 AM
Turrlalba. Kingston.... 7:30 AM 11:00 AM
Esperanza, Vera Crujs. 8:30 AM 12:00 M
Ponce, San Juan. 8:30 AM 12:00 M
Dromore Castle, Cape
Town . 9:00 AM 1:00 PM
Ocean TTansnprt, Buenos
Ayres .12:00 M 3:30 PM*
Trafalgar, Turks Isle 9:00 AM 12:00 M
Huron. Turks Isle-9:30 AM 1:00 PM
Korona, Georgetown ... 12:00 M 3.30 PM
Sallust, Para . 9:00 AM 1:00 PM
Mercian, Manchester .- 12:00 M
Waubesa, Glasgow . . . - 12:00 M
Caraholm, Stockholm..- 12:00 M
Galileo, Hull .- 12:00 M
Sldlay Range, Cardiff. - 12:00 M
Arabian Prince. Salina- 12:00 M
Tan-.aqua, Patras .... - 2:00 PM
Coronado, Havre .- 12:00 M
Oscedo, Bordeaux .... - 12:00 M
W Helix, St. Naaaire.- 12:00 M
Milwaukee Bridge, Bel?
fast .- 12:00 M
Rajah, London .- 1:00 PM
Waaldijk, Samarang . - 12:00 M
Hall Monday
Belffic, Hamburg. 8:00 AM 12:00 M
Roma, Marseilles. 9:00 AM 2:00 PM
Volumnla, London.- 12:00 M
Visigoth, Morocco.- 12:00 M
Monana, Bergen.- 12:00 M
AMERICAN PORTS
BALTIMORE, July 8?Arrived: ? Strs
Nantaaket, Antwerp; Valdura (Br), Shields
via Hampton Roads; Ioannls Vatis (Gk),
Patras. Cleared: Strs Slldra (Nor), Ber?
gen; Montpelier, Hamburg; Feltore, Felton.
Sailed: Strs Bowden (Nor), Port Antonio;
Ruth (Nor), Bergen; Smaragd (Nori, Port
Antonio; Adra (Br), Gothenburg: Ambra ,
(Br), Skten. Cape Henry, Va. July 8?
Passed in for Baltimore: Str Telemachus
(Ok), Savona. Passed out from Baltimore:
Strs Defiance, Hamburg; Floridian, Nor?
folk; Wiilcaslno (Br), Malmo; Lake Sapor,
Krakow, Havana, via New York; Boden
(Swed), Oxelosund.
BOSTON, July 8?Arrived: Strs San
Jose, Port Limon, C $; Malder, Norfolk;
Snug Harbor, Norfolk; Lake Faribault,
Jacksonville and Charleston; Gulf land,
Port Arthur, Texas; sehr Mabel Gale,
Jacksonville. Sailed: Strs Hellenes (Br),
New York; Missouri (Br), London via
Baltimore; Lake Cayuga, Preston; Orterlc
(Br), New York; City of Birmingham
(Br), New York and Philadelphia.
CHARLESTON. S C, July 8?Arrived :
Strs Magmeric, Huelva; Josiah Macy, New
York. Sailed: Str Oregon, New York.
FERDANDINA, Fla, July 8?Arrived:
Str Thurland Castle (Br), Savannah.
Sailed, 7th. Str Elmsport, New York. j
GALVESTON, July S?Arrived: Strs'
Bonham, Havana: Lake Dancey, New I
Orleans; Sioux Falls, New York: Wilhelm I
Jebeen, Tampico. Sailed: Strs Clark Mills, I
Barcelona; Coahulla, New Orleans; Cur- j
rier, Tampico; Edgefleld, New Orleans; ?
Freeport Sulphur No 1, Tampico.
JACKSONVILLE, Fla, July 8?Arrived : |
Str Van, Miami. Sailed: Strs Mohawk, \
New York via Charleston; Deer Lodge, i
Lancaster: 7th. Albert Soper, Nassau; New i
Windsor, Morresunddy, Denmark.
MOBILE. Ala, July 8?Sailed: Str!
Glorietta, Havana; sehr W H Marston, San j
Juan. P R.
MOBILE. Ala, July 8?Sailed: Str!
Glorietta, Havana; sehr W H Marston, San
Juan. P R.
NORFOLK, Va. July 8?Arrived: Abisko
(Swed). Gothenberg; Argonne. Gibraltar:
Annie (Nor bark). Mossmay for Newport
News; Aspenleaf (Br), Tampico for New?
port News; Achilles, Cristobal; Cohassett.
Thameshaven: Cokesit. Ghent for New?
port News; City of Brisbane (Br), Shields
for Newport News; Floridan. Baltimore:
Lake Sapar, Dunkirk; Luclgen (Br), Port
Arthur: Middlesex, New York; Nornandier
(Br), Brlxham; Paul Paix (Br), Middle
borough; Pearl Shell, from French ports;
Quernstad (Nor), Balboa: Regulus (Nor),
Halifax; Schwabe (Br). Galveston. Sailed:
Arsis (Nor bark). Sandejord; Cherry
Branch (Br), London; Calthrape, Svend
borf?; Cripple Creek, Gothenberg; Kasbek
(Belg), Sabine Pass; Madras City (Br),
Dakar: Spermlna, Montevideo; Torne
(Swed), Tampa; Yuabe Maru (Jap), Con?
stantinople.
NEW ORLEANS, July 8?Cleared: Strs
Copan (Hond), Omoa via Port Cortez;
George W Barnes, Tampico; Lake Belnona,
Porto Rico; Saramacca, Port Barrios via
Belize: Yumur, Vera Cruz.
NEWPORT NEWS, Va, July 8?Arrived:
Strs Benfort, Norfolk: Clearton (Br). Nor?
folk; Grainton (Br). Norfolk; J E O'Nell.
Philadelphia; Lycomln, Norfolk: Nicolls
(Ok), Naples; Pearl Shell, Rouen; Sewlckly,
Norfolk; Skanderborg (Dan), Copenhagen:
Varkzolmora (Nor). Norfolk. Sailed: Strs
Aster (It), Baltimore; Chappaqua, New
York; Fort Pitt Bridge. Copenhagen; J E
O'Nell, Port Lobos; Taibu Maru (Jap),
Stockholm.
PHILADELPHIA. July 8?Arrived: Strs
Andrea (It), Trieste; Mount Vernon (Nor),
Tanamo; sVake Gem?anla, Antllla and
Manat?. Chester, Pa. July 8?Arrived: Str
Newton. Port-au-Prince. Delaware Break?
water, Del, July 8?Sailed: Str Cordonla
(from Philadelphia), Norfolk. Passed up
for Philadelphia. Honduras (Nor), Tela.
Marcus Hook. Pa, July 8?Passed down
from Philadelphia: Lake Charlotte, Sa?
bine; Sch Estralla Do Mar (Port), Oporto.
Reedy Island, Del, July 8?Passed down
from Philadelphia: Str Gulfoll, Port Ar?
thur (towing'barge Shenango).
PORT TAMPA. Fla. July 8?Arrived:
Strs Cornucopia, Charleston; Warrior.
Buenos Ayres. Sailed: Str Mascotte, Key
West.
PORT BADS. Fla. July 8?Arrived: f.trs
Aschenburg (Br). Shields; Baldhill, Mex-J
ico: Cosmos (Br). Bristol. England;
Ceiba (Hond). Ceiba; Gansfjord (Nor),
Blueflelds; George W Barnes, Tampico;
Lake Gralnger, Porto Rico; Lake Larga,
Panama; Omoa (Hond), Port Cortes;
Parlsmina, Bocas del Toro; Raeburn (Br),*
Oulfport; Saranac (Br), United Kingdom;
Tamest, Tampico: Vologda (Br), Norfolk.
Sailed: Strs Comus, New York; Heredla,
Bocas del Toro via Cristobal and Port
Llmon; Koscluakq, Danzig. Poland, via
Hamburg and Gothenburg, Sweden; Santa
Clara. Cardenas, Cuba.
PORTLAND, Me, .July 8?Arrived: Strs
Vlnton County, Murray. N B; Lake Crys?
tal. Norfolk: sehr L L Hamltn. Boston.
Sailed: Strs Matoa, Norfolk; Cralggrownte,
Norfolk.
PORT ARTHUR, Tex. July 8?Arrived:
Strs Taxas, Providence; Gulf Coast, Jack?
sonville: Pan-American, with oil barge.
Tampico; British Fern?n (Br), Avon
mouth; Mitra (Br), Rotterdam; Housa
tonio (Br), Southampton. Sailed: Aztec
(Nor), Sabine to Finish Cargo.
SAVANNAH. Ga, July 8?Arrived: Mer
rlmack, Philadelphia; sehr Mabel, Nue
vltaa
TAMPA. Fla, July 8?Arrived: Avilee
(Span), Bllboa; sehr M A Belliveau (Br),
Cuba.
FOREIGN PORTS
Departures for New Tork
Havre?8 S La Touralne.
Rotterdam?S S Patrick Henry, Sera
dyk.
Victoria. Brasil?S S Newton.
a?ti?>?Tnp?irr--!?? ? ???- fiif?ri?, _
Bueno? Ayrea?s g Kosyth Caatle.
Bueno? Ay res?S S Cowanshannock.
Panama Canal, Cristobal?43 8 Santa
Teesa.
Arrivals From New Tork
Bavona?S S Comerant.
. Oefle? 8 8 Lake Flutchla,
Mar??!lle??8 8 Patria, Britannia.'
London?s S Minnesota. .
Alexandria?8 8 Port Darwin.
Rotterdam?S S Noordam.
Hull?a 8 Lake Fro?ona.
Sydney?8 8 City of ?Mdras, Panama
Canal, Cristobal?S 8 Atenas, Santa
Marta.
TRANSPACIFIC MAIL?
The connecting malls close at the Gen?
eral Postoffice and City Hall postofflee
station. Mew Tork. at ? p. ro.. as follows:
Hawaii, Japan, Corea, China, Siberia,
81am. Cochin China and Netherlands East
Indies, via San Franelsco, steamship Nan?
king. July 9.
Japan, Corea, China (exoept Shanghai
City), Siberia. Slam, Cochin China and
Netherlands East Indies, steamship Africa
Maru, July 9.
Hawaii, Samoan Islands Australia and
specially addressed mall for New Zealand,
via San Francisco, steamship Sonoma,
July 15.
Hawaii, Fiji Islands. New Zealand and
Australia, via Vancouver and Victoria,
B. C, steamship Niagara, July 1?.
Gardner Motor Co.
To Incorporate Here
ST. LOUIS, July 8.?The Gardner
Motor Company, Inc., is soon to be or?
ganized under the laws of New York
to take over the business assets and
good will of the partnership of the
same name in this city, it was an?
nounced to-day. The new company will
have an authorized capitalization of
300,000 shares of no par value, with
155,000 shares to be Issued.
Hornblower & Weeks, of New York,
and Lorenzo E. Anderson & Co., of this
city, have arranged to offer 60,000
shares of the new company to the pub?
lic at $27 a share. With the funds
derived from this sale and money put
into the company by financial inter?
ests, the New York corporation will
begin business with working assets of
approximately $2,000,000, of which
close to SI,900.000 will be cash.
The Gardner Motor Company, Inc.,
will continue to manufacture the Gard?
ner motor car, a four-cylinder model,
which retails for $1,195. Russell E.
Gardner, president of the new com?
pany, and his sons, were the organ?
izers of the Chevrolet Motor Company,
now one of the principal General Mo?
tors units.
Production of the Gardner car was
begun on March 1, and in that month
the output was 317 cars. The esti?
mated production for July is 1,000 cars.
U. S. Offers $200,000,000
New Treasury Certificates Will
Bear Interest at 5%%
WASHINGTON, July 8?Two new
issues, of Treasury certificates of in?
debtedness with a combined value of
$200,000,000 were offered for subscrip?
tion to-night by Secretary Houston.
Both issues will bear interest at 5%
per cent from July 15. One series is
payable January 15, 1921, and the other
March 15, 1921.
Certificates of both series will be
exempt from taxation, except estate or
inheritance taxes and graduated addi?
tional income, excess profits and war
profits taxes.
"? SAVINGS BANKS '
Metropolitan Savings Bank
1 and 8 THIRD AVE. (opp. Cooper Institute)
CHARTERED 1882. 135TH DIVIDEND
New York. June ?, 1920.
INTEREST FOR THE HALF TEAR ENDING
June 30, 1020, at the rate.of
FOUR PER CENT. PER ANNUM
will be credited to the depositors entitled
thereto under the bylaws of the bank on sums
from *5 to ?3,000. INTEREST PAYABLE
July 20, 1920. MONEY DEPOSITED on or
before July 10, 1920, will draw
Interest from July 1st up to $5,000
Open Monday Evenings from 5 to 7.
Society Accounts Accepted.
ROBERT D. ANDREWS, Pre?.
FRANCIS H. MOFFET, Sec'y.
BrOADWAYSaVINGS INST1T?TI0H
_ S at 7 Park Place, N.Y.
137 *? JS at HEX ANNUM.
MS_Jt\ payable on and after
matai'" joiy 1Mb, 1EW.
Deposit? made en or before
Joly 10th will draw Interest
from July 1st, 1920.
INTEREST PAID ON DEPOSITS
FROM $5 TO $5.000
TJNDEB AMENDED BANKING LAWS.
H. F. Hutchlnson, Pr?s. L. F. Ferris .Secy.
Citizens' Sayings Bank
56 & 58 BOWERY, COR. CANAL ST.
1.?0TH SEMI-ANNUAL DIVIDEND
The Trustees have ordered Interest at
the rate of FOUR <4?A) PER CENT.
per annum to be paid to depositors
on and after July 10th, 1020, on all
sums of $5 and up to $5,000 which
have remained on deposit for the
three or six months ending Jane 30,
1020, in accordance with the by-laws
and rules of the bank. Money de?
posited on or before July 10 will draw
Interest from July 1.
HENRY SATLER, President.
EDWIN A. L?HM. Secretary.
CARL A. RICHTER. Assistant Sec'y.
IRVING SAVINGS BANK
115 CHAMBERS ST., N. V.
The trustees have declared a dividend for the
six months ending June 30, 1920, at the rate of
FOUR PER CENT.
per annum on all deposits from $5 to 95,000
entitled thereto, payable on and after July
10. 1930.
Deposits to $5,000 made on or
before July 10th will draw
interest from July 1, 1920.
H. E. TENER, President.
GEORGE B. DUNNING. Secretary.
Union Dime Savings Bank
40th Street and 6th Avenue.
An Interest Dividend (1-22, consecutive)
has been declared at the rate of
FOUR PER CENT.
per annum, credited July 1, 1920, and
payable on and after Thursday, July 15.
1920. on all suma entitled thereto under
the By-Laws from 95 to $3.000.
Money deposited on or before July 10,
1920. draws Interest from July 1, ?930.
ALEX. P. W. KINNAN. President.
FRANCIS M. LEA KB, Treasurer.
FRANK F. HAZARD, Secretary.
fet'Miwi'di??':S;.viiMis. Baiilv
FOUR PER CENT
on all stans from $5 up to $5,000
intereet per annum payable on ?ad
after July 1?, 1920.
Deposite mead? on or before July 10
win draw latereat from Jaiy 1, I?S0.
JAMES QU?NLAN. Preeldent.
CHARLES M. DUTCHBR. Treaa.
VTLXHCiejt. BACON, Jr. ( aee?t?-u
B. OODE?? CHISOLM. ?vtcrttmiu*
m?mmmm*Am?mmKmmmmmmm?mmmm*meebei
SUME STATEMENT? BAITK gTATEM gsT? ^*m^
ESTABLISHED 17??4
[No. 1SSS? '
report of coxomoir or .
The Bank of New York -
National Banking Association
at New York City. In the State o? New Tork, at the close of business oa June ??. It?
RESOURCES
Losns and discounts. Including rediscount?. '"i??"?''?
Acceptances of other bank* discounted ... ? ? ? ? -, ?? ? ? < ?i-.*??.?? ,_
Customers" liability, account of acceptance* of this ban* .,a?awc
purchased or discounted by It-. ..??z.ssa-sa
?eUl ???ans .-. SSS.402.5S2.4S ? fc?
Notes' and bills redlseounted with Federal
Reserve Bank (other thsn bank ?\cc?pt- ? ?? fiE
anees sold). ? ?? y-?? ?*.?T?.0S4.SS ,
Acceptances of other banks payable at future
date, guaranteed by this bank by Indorse- _*^?;-J7
ment or otherwise. ...^..?^ fiWitTT.M tJ.?J3 mfl?
Overdraft* .secured, SS.S24.25: unsecured. ?14.91.??????. ; v-. MtVtf
Customers' liability account of "Acceptances ex?cuta? by 1
this bank and by other banks for account of thla ban*.
and now outstanding .........- ?? - ? ? ? ?? ?? ?? ?? ???? ?;?? S7.S9S.5S1.S7
Liability of foreign banks and bankers for drafts and bma
accepted by this bank to create dollar exchange and .?,,,?.,
now outstanding. ?ie.?7Q.o? | jn^siaj '
U. 8. Government securitle? owned: ?... .an????? >~ .
Deposited to secure circulation (U. 8. bondn par value).. ??.Mi.00
Pledged to secure postal savings deposits (par value).... 600,000.00 _-___ ;
Pledged as collateral for State or other deposit* or bill* ..?.?.?
payable.? ? ? ? ??}!$'!!? I?
Owned and unpledged..???,-,? l.SSS.OSS.s?
War Savings Certificate? and Thrift Stamps actually .
owned. .. ? ?.?_???. 437 87 v%< !
Deposited with State authorities In accordance with pro- ?. fl
vision* of Sec. 11-K. Federal Reserve Act. S30.vOv.08
Total U. 8. Government securities. 5,403,49T.9T
Other bonds, securities, etc.:
Bonds (other than U. S. bonds) pledged to secure U. 8.
deposits ., ?.S?4.429.4S ,
Bonds (other than U. S. bonds) pledged to secure postal . , ?.- r
savings deposits . 857,24,.51
Securities, other than U. S. bonds (not including stocks)
owned and unpledged . 8.229.50..82 ... ^?
Collateral trust and other notes of corporations issued for
not less than ONE YEAR nor more than THREE -..?,-,. ?
YEARS' time. ?59,000.90
Total bonds, securities, etc.. other than U. S. S.-3SMJ9.SS
Stocks, other than Federal Reserve Bank Stock. -8.285 10
Stocks of Federal Reservo Bank (50 per cent of subscription). 24SyOO?;01?
Value of banking house, owned and unlncumbered. 850,001.00
- 850,000.00
Lawful reserve with Federal Reserve Bank. 3.380,594.33
Items with Federal Reserve Bank In process of collection (not available
as reserve). 1.079.988.89
Cash in vault and net amounts due from national banks. 1.04",5?4.S7
Net amounts due from banks, bankers, and trust companies In the United
States . 2,10S.9T
Exchanges for clearing house. 23.680,542.85
Checks on banks located outside of city or town of reporting bank and
other cash items. 301.804.43
Redemption fund with U S. Treasurer and due from U. S. Treasurer- lf\30u.0O
Other assets . 1.385,729.89
Total -. |34,?0?e?9.S5
LIABILITIES.
Capital stock paid In. S2.000.ooS.se
Surplus fund . 6,000.600.80
Undivided profits . SSS3.423.89
- 862.-4?3.8S
Interest and discount collected or credited In advance of maturity and
not earned?(approximate). 21S.559 43
Amount reserved for taxes accrued . 298.979,64
Amount reserved for all Interest accrued. 7,714-91
Circulating notes outstanding . 7*4,650.00
Demand deposits (other than bank deposits) subject to Reserve (deposits
payable within 30 days):
Net amounts due to national banks. . $1,976,714.79 -*?-?
Net amounts due to banks, bankers, and trust companies . , .
In the United States and foreign countries. 10.634,159.26
Certified checks outstanding. 10.856,763.92
Cashier's checks on own bank outstanding. 3,743.?12.43
Individual deposits subject to check:. 28,681.304.57
Certificates of deposit due in less than 30 days (other
than for money borrowed). 859,010.17
Dividends unpaid . 161.269.00
Total of demand deposits (other than bank deposits)
subject to reserve . 56.914.834.13
Time deposits subject to Reserve (payable after 30 days, or subject to 30
days or more notice, and postal savings):
Certificates of deposit (other than fo- money borrowed). 11.846,560.92
Postal savings deposits . 1.210 255 43 !,,?"?' * *'
Other time deposits . 1,513'753 87
Total of time deposits subject to Reserve. 4 570 53? 23
Lnlted States deposits (other than postal savings):
War loan deposit account. $972,000.00
.. _ _ 972 000 00
U. 8. Government Securities borrowed without furnishing
collateral security for same. $1.150,000.00
Bills payable with Federal Reserve Bank. HoHoo 00
Letters of Credit and Travelers' Checks sold, for cash and outstanding ' 8235.71
Acceptances executed by this bank for customers. $9.926 074 83
?Acceptances'' executed by other banks for account and
under guarantee of this bank . 9* 639 97
"Acceptances" executed to furnish dollar exchange. 61*5,9 70.05
Total. $10 634 "^4 85
Less acceptances of this bank purchased or discounted... 1,992,293.53 8,642.441.8,3
Total . ? ,. 884 405 ??IV
Liabilities for rediscounts with Federal' Reserve Bank- '.'.'.'.".'.'.'" '. 6-57?lo9?'?T
Acceptances of other banks payable at future date, guaranteed by this ' MyJ'^3i
bank by indorsement or otherwise.. 193,882.80
Total contingent liabilities. ' $7769-977 3.1
dl?n?.?nrtwt?0..t?1.,.-,i",S f"d .dlsc?unt? shown above, the amount" on which interest and
Stat ) fex^hfalv? 3'??.? r.?tM lBK-"LCe"" ?f thoso Ppr""?ed by law (Sec. 5197. Rev.
was '*9 ?5 8Ti?n Th? ,T,?!e5~po.n W?llc,h totaI char*e not to exceed 50 cents was inade)
was ???,.?08,400. The number of such loans was 90 <^.->*?.?
& tcr ?????w.J"?rkl County of New York, ss. :
thatIthHeTboB^a?em^tI^tru?roirhnet ?? ^^&^&3***?% **
Subscribed and sworn to before me this ?Ay^*?^ ZS^ ^^^
l- ' THOMAS J. MOONEY, Notary Public,
Correct-Attest: *"?w York County
SAMUEL RIKBR, JR., )
ROBERT C. HILL. S. Directors.
W. H. TRUESDALH, J ^l^eC*0^??
SAVINGS BANKS
The Bowery Savings Bank
121 and 130 BOWERY.
NEW YORK, June 14, 1920.
A semi-annual dividend at the rate of
FOUR PER CENT.
per annum has been declared and will
be credited to depositors on all sums of
$5.00 and upward and not exceeding
$3,009 which shall have been deposited
at least three months on the first day
of July next, and will be payable on
atrd after Monday. July 19, 1920.
Money deposited on or before July 10
will draw interest from July 1, 1920.
Under s new State Law, Savings Baulks
may now receive deposits up te $5,000.
HENRY A. SCHENCK. President.
WM. E. KKOX, Vlce-Pres. A Comptroller.
JOSEPH G. L1DDLE. Secretary.
CENTRAL SAVINGS BANK
IN THE CITY OF NEW TORK *
Corner 4th Avenue and 14th Street
Interest at the rate of
FOUR (4) PER CENTUM
Per annum will be credited depositors for
th? six months ended June 30, 1920, on
all sums entitled thereto under the By?
laws, not exceeding five thousand ($5,000)
dollars, and will be payable on and after
July 21. 1920
Deposits made on 01 before July 10, 19?0,
Will draw interest from July 1, 1920.
HUBERT CILLIS. President.
A. KOPPEL. Treasurer.
NEW YORK SAVINGS BANK |
N. W- Cor. 14th St. and 8th Avenue
Dividend July 1st. 19?0. at the rate of
FOURPERCENT
per annum on all sums of $5 and over en?
titled thereto under the By-lawa
DEPOSITS MADE ON OR BEFORE
JULY 10TH WILL DRAW INTEREST
FROM JULY 1ST.
WILLIAM FELSINGER. Pr?sident
CLARENCE L. BLAKEI.OCK, Treasurer.
WALTER R. BRINCKERHOFF. Sec'y.
DIVIDEND NOTICES
INDIANA PIPE LINE COMPANY
18 Broadway. New York. June 26th. 1920.
A dividend of two dollars per abare has
been declared on the capital stock of
this company payable Auaust 14th, 1920,
to stockholders of record at the close of
business July 17th. 1920.
All communications regarding payment
or change of address should be sent to
the undersigned not later than August
7th, 1920.
GEORGE CHESEBRO', Secretary.
THE AMERICAN TOBACCO COMPANY.
No. Ill Fifth Avenue.
New York, July 7. 1920.
Notice is hereby given that the transfer
books of the registered four per cent. (4#)
gold bonds of The American Tobacco Com?
pany will close at three o'clock P. M July
15. 1920. for the payment of Interest there?
on due August 1. 1920. and reopen at 10
A. M. on August 2. 1920.
J. M. W. H?CKS. Treasurer.
THE FIRST NATIONAL BANK OF
Mount Carroll, located at Mount Carroll,
In the State of Illinois, ta closing It? af?
fairs. All note holders and other creditors
of the association are therefore hereby no
, '"fled to present the note? and other
', ???alma for payment.
L Wit H- WILDEY. President.
* Dated Jau JO. 1*20.
BANK STATEMENT
REPORT OF THE CONDITION OF THE
HEDMAN, HORNBORG & CO.,
Private Bankrrs. at the close of business oo the
30th day of June. 1920
RESOlRCES
Rtock and bond investments, viz."?gft???t-eo
Accounts receivable . 673.01
Due from foreign banks and ?H ?'" "? '"
bankers ...$22.304.21
Due from trust companies, banks
and bankers not included la
precedent items . 53.928 ?5
- 76.?30.t?
Other currency authorized by the laws o<
the T'nited States . 753 It
Foreign currency .T . 8.4?.23
ToUl .is4.TSl.73
LIABILITIES
Permanent capital . .$2n,0on no
Surplus . 60.91*11
Deposits:
Funds held a waiting trans?
mission abroad . 12.956 l?-^?.?j?.I?
Bill* payable, including indebtedness ?< r
money borrowed, represented by not??,
certificates of deposit or oUwrwlse. * J$JH
ToUl .Ym.7>UJ
SAVINGS AND LOAN ASSOCIATIONS
FRANKLIN
SOCIETY
Announces its 63rd ?*rai-i?naual cash divi?
dend at the usual yearly rate of
Four and One-Half Per Cent.
on savins* ?bare account* of 110 to
$5.000. and Five ser ?est on InriAljaent
and income share accounts. The Franklin
Society. 32 rear* old, State supervised..?!?*
prudently managed. I* ?erring many thou?
sands. Let it serve you. Call, writ? oy>
plione tf you need information. ?avtags
by mail if desired
THE FRANKLIN SOCIETY
For Home Bufldins; and Savings
Fifteen Park Row. New York
PAYS 4/2 and 5 PER CENT
_DIVIDEND NOTICES
KELLY-SPRINOFIELD TIRE CO.
The Board of Directors has this dij? de?
clared a quarterly cash dividend af? One
Dollar (?1.00) per share and quarterly
Stock Dividend of Three i'<-r Cent.- (3"V|
on th* Common Stock of this Cofrrpehy,
payable In Common Stock of this Com-,
pany. both payable August 2, 1??T To
stockholders of record at the close of busi?
ness July 17, 1920.
fhecke in payment of the cash dividend
! and a Certificate of Common Steck or a
Warrant representing a fractional sha/? of
Common Stock, or both, in payment'of the
Stock Dividend will be mailed. ? .- .
F. A. SEAMAN, SecrSAstryi.' *
New Tork, July 7, 1920.
THE BALTIMORE & 0HI0,RA!LR0af fit.
OFFICE OF THE SECRETARY. '
Baltimore. Md.. June ?e. t*3?:- -
! Th? Board ?f Director? this *av "de?
clared from the net earnings of thwMJe.m
pany for the six months ending Juris ?D,
1920, a dividend of two (2) per cent an
? the Preferred 8tock ef the Company", pay
! sble September 1, 1920. to the stockholders
, of record at the close of business oa SvXy
17, 1920.
The Transfer Books will not close.
C. W. WOOLFORD, Secretary.
PHILIP MORRIS * CO.. x-v?i
Incorporate?!.
July T. I??.
At a meeting of the Board of Directora
held July 6. 1920, a dividend of Ono Per
Cent il"?> on each share (Par Value lift)
of the outstanding capital stock of the
Corporation was declared, payable on the
1 2ad day of August. 1920. to stockholder?
j of record at the cloee of business ota the
j ISth day of July. 192?. ', "T^
1 Checks will he mailed. "*n "
JOHN V. HEL3ERO, Ittrrrrtskrje. '

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New-York tribune. [volume], July 09, 1920, Page 15, Image 15
About New-York tribune. [volume] (New York [N.Y.]) 1866-1924