New-York tribune. [volume] (New York [N.Y.]) 1866-1924, July 15, 1920, Image 14

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New-York tribune. [volume], July 15, 1920, Page 14, Image 14
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New-York tribune. [volume] (New York [N.Y.]), 15 July 1920. Chronicling America: Historic American Newspapers. Lib. of Congress. <https://chroniclingamerica.loc.gov/lccn/sn83030214/1920-07-15/ed-1/seq-14/>

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MACKAY & CO.
BANKERS
Members of
New Yfrk Stock Exchange
There never was a time
when a dollar would
buy so much of
Genuine Bond Value
Suggestion? upon reuest.
14 WALL STREET
NEW YORK
Cities Service
Company
7%
Series C Debentures
Interest requirements be?
ing earned 11 times over.
Convertible into Cities
Service Company Com?
mon and Preferred stocks
on attractive basis.
Market value of stocks
Junior to the Debentures
more than five times prin?
cipal amount of outstand?
ing debentures.
Yield 7.45%
Plus common stock
dividend accumulations
Circular "C-36" on Request
Henry L. Doherty
& Company
Bond Department
60 Wall Street New York
National City
Bank
"Rights"
When, as and if issued
We have prepared and will
forward on request a special
letter outlining the plan for
increase in capital to be of?
fered for authorization by
stockholders August 26th.
We are prepared to purchase
and sell these "Rights" at
the market, when, as and if
issued.
Colgate,Parker&Co.
49 Wall Street, New York
The
Steel Situation
and
Steel Stocks
are covered in the
current issue of our
MARKET LETTER
Copy on request.
?
Shonnard
Mills & Co.
Members M.y Stock ??change
120 BROADWAY^ N.X
Telephone-^-Rector 8080
IT?
STANDARD
JE
I3SUES
INFORMATION
ON OIL
SECURITIES
For the purpose of keeping in?
vestors advised we issue book?
lets on the Standard Oil issues
and the Independent Oil
Stocks; also a weekly sum?
mary, which may be had on
request.
CARL H.PFORZHEIMER & CO
Vests era In Standard Oil Sourit!???
25 BROAD ST.. NEW YOKK
Phon?-* 48?0-l-3-3-? Broad.
^?K? CHATHAM & PHENIX
p_=x\ NATIONAL BANK
i\JEZy, Capital * Sorply? Jl2.???.????
^TONA^ staaaarcaa.$lS0,9?.aa.
BaNK *??? Broad-ay. Singer Via?
,.,./;-.. And 13 strmmatsam
Stock Market
Quiet; Prices
Yield Further
Sentiment Still Depressed by
Industrial Trend; Lacka?
wanna Steel Earnings Are
Up; Decline in Sterling
Stocks were plainly suffering- again
yesterday from a\ combination of de?
pressing influences which discouraged
bullish initiative and aided the short
sellers. Chief of the adverse factor?
i were tho persistent and apparently
' well founded reports of industrial
contraction force?! by the demoraliza?
tion of transportation facilities. Be?
sides this the deadlock at the Spa con?
ference and the pronounced weakness
in sterling exchange added to the
weight of unfavorable items.
A few stocks stood up against the
current, but generally speaking the
market lost ground on all sute?, with
! motor and tire shares appearing to be
j under the greatest amount of pressure.
I It was a case of the bears finding
things entirely to their likimr and. i?s
! happened on Tuesday, most of the sell
j ing came from this quarter. The mar
? k?;t contracted further, dealings fall
j ing off to approximately half a mill
: ion shares.
Weekly reviews of the iron and
steel trade emphasized the extremely
difficult conditions under which the in?
dustry is operating. It appears that in
the Pittsburgh district, the heart of
the industry, additional steel making
and finishing units have had to sus
! pend activity by reason of fuel short
| age. Meanwhile fuel prices are soar
; ing as the steel mills are bidding for
j the available supply and production
i costs have mounted with great rapid?
ity. While there may be a tendency to
exaggerate the situation, nevertheless
the position of $he industry is far
? from satisfactory and if long con
j tinued cannot help but cut heavily into
earnings.
The report of the Lackawanna Steel
Company for the second quarter of
the year was of more than usual In?
terest by reason of current conditions
in the trade. It disclosed a remark?
able recovery in earnings in the three
months ended June 30, showing
profits, after charges and war taxes,
of $1.881,946, compared with a deficit
of close to $500,000 in the March
quarter. Unfilled orders on the com?
pany's books rose from 122,399 tons to
484,267 tons in the three months. In
the first quarter the company was still
suffering from the after effects of the
steel and coal strikes of late 1919. In
the second quarter covered in the re?
port just issued the company appar?
ently had not begun to feel the effect
cf the transportation blockade seri?
ously; at least, the earnings statement
does not reflect it.
Lackawanna Steel stock made quite
a vigorous response to the publication
of the earnings statement, rising more
than 4 points net and holding half of
the gain to the close. Other steels
hardened but little more. The sudden
sinking spell in the motor and tire
group came in for much comment.
Bear traders based selling operations
in these shares on reports from the
center of the industry to the effect
that production of tires has been over?
done and unemployment is rapidly in?
creasing. Moreover, rumors were afloat
hinting of an Impending cut in prices
of motor cars as well as tires. So far
as their application to the motor car
industry went such rumors did not
square with the facts, since a number
of companies have only within the
course of the last fortnight marked up
prices sharply and announced that out?
put had been sold for many months
ahead. The position of the tire in?
dustry, however, is not so favorable,
according to advices from Ohio.
Oil shares acted better than any
other of the speculative stocks, and
Invincible Oil, which has been under
accumulation for a week, advi?iice..l into
new high ground. This stock was the
market leader in point of activity, dis?
placing all the other popular favorites.
The Mexican oils held up well and
the Street expected an official an?
nouncement shortly on the Mexican
Petroleum's new development work.
Call money remained at 8 per cent
all day, with renewals at that level.
The break of 3 cents in sterling ex?
change occurred in a thin market.
Money and Credit
Call money was comparatively easy
on the Stock Exchange yesterday and
the rate held at 8 per cent throughout
the stock market session. Brokers
stated that money was in greater sup?
ply than on Tuesday. To-day an ad?
ditional $11,000,000 of government de?
posits will be withdrawn from the
banks, which will bring this item down
I to a minimum. These deposits will be
immediately replenished through the
sale of additional Treasury certificates.
Yester- Year
day. ago.
On mixed collateral.,... 8 6
On industrial collateral. 8 6%
Time money (mixed col?
lateral) :
Sixty-days.8@8% 5%@?3
Ninety days .8?8% 5%?6
Four months .8@8% 5%@6
Four to six months..8@8M? 5%@6
Bank Clearances?Bank clearings at
New York yesterday were: Exchanges,
$776,564,267; balances, $72,786,599.
Silver?London, 53%d; New York,
domestic, 99 ^c; foreign, 93c; Mex?
ican dollars, 701/4c.
Sub-Treasury?United States funds:
! Reserve credit balances, $62,234,704.
Canadian Exchange?New York funds
in Montreal, $135.31 premium per
?$1,000; Montreal funds in New York,
' $118.90 discount per $a,000.
i The Dollar in Foreign Exchange
Sterling exchange which showed an
erisier tendency for a week, declined
rather sharply yesterday. The con
' tinental exchanges were steady. Francs
j nnd lire are now being quoted in cents
! instead of units to the dollar.
Yesterday's closing rates, compared
?with those of a week ago, follow:
(Quoted dollars to the pound)
Yesterday Week ago
Sterling, demand. 3.88 3.94125
: Sterling, cables. 3.8875 3.94875
! Sterling, sixty days_3.83 3.89625
?Sterling, ninety days.. 3.8025 3.87
(Quoted cents to the unit)
! Francs, checks. 8.23 8.80
Franc3, cables. 8.24 8.31
i Belgium, francs, chks.. 8.79 8.90
Belgium, francs, cables. 8.80 9.00
Lire, checks. 5.86 6.00
?Lire, cables..... 5.87 6.01
?Swiss, francs, checks. .17.70 17.70
i Swiss, francs, cables.. .17.75 17.75
?Guilders, checks.35.00 ?5.125
Guilders, cables.35.10 -35.25
[Austrian, crowns, chks. ? .69
Austrian, crowns, cbls. ? .70
?Sweden, checks.21.95 22.00
?Sweden, cables.22.05 22.10
?Denmark, checks .16.65 16.40
? Denmark, cables.16.75 16.50
j .Norway, checks..16.70 16.55
Norway, cables.16.80 16.65
I Pesetas, checks.16.05 16.30
?Pesetas, cables."....16.10. 16.35
1 Greece, checks..12.75 12.65
Greece, cables.12.80 12.70
Manilla, checks.48.50 49.75
Manilla, cables.49.00 50.00
India, rupees, checks. .38.50 37.00
India, rupees, cables..39.00 37.60
Japan, yen, checks. .. .51.375 50.65
Japan, yen, cables.52.625 50.90
Argentina, checks..93.825 93J525
Argentina, cables.93.875 93.625
Brazil Rio, checks.23.375 23.78
Brazil Rio, cables.23.60 2 .76
Marks, checks . 2.52 2.63
Marks, cables. 2.53 2.64
Czecho-Slovakia, checks ? 2.80
Transactions Yesterday in Listed Stocks
Summary of Stock Exchange Dealings
(Copyright, 1920, New York Tribune Inc.)
Day Tear January 1 te data.
Yeaterdar. before. uro. 1920. 1919. 1918.
Railroad stock? ... 119,400 138,200 301,400 23,691,800 25,822,700 17,026,600
Other atocka . 387,200 611,400 1,605,700 112,114,100 113,416,200 61,112,800
AM stocka '. 606,600 649,600 1,807,100 135,805,900 139,238,900 78,639,400
Yeaterday. Day before. Year ago. 1920. 1919.
II. S. government bond?.$7,483,000 $9,991,000 $7,965,000 $1,689,942,000 $1,289,7-48,000
Railroad bonds . 1,116,000, 1,164,000 1,114,000 189,463,000 185,416,000
Other bond? . 1,415,000 2,244,000 1,227,000 214,199,000 201,822,000
All bond? .10,014,000 13,399,000 10,306,000 2,093,604,000 1,676,986,000
Record of Stock and Bond Averages
(Copyright, 1920, New York Tribune Inc.)
Stocks Range the? Range fall
Day Year far 1920. year 191?.
Yesterday, before. ago. High. Low, High. Low.
20 Railroad atocka ...- 63.30 63.20 77.25 68.70 58.60 78.80 68.35
30 Indnatrial atocka . 01.97 92.10 114.40 110.30 87.93 119.33 79.20
60 Stocka . 80-5? 80-54 99.54 92.06 76.96 99.54 75.92
Bonds
10 Railroad bonds . 69.67 60.65 78.90 76.28 66.78 82.80 72.83
10 Industrial bonds . 83.25 83.46 94.00 91.45 83.10 95.70 90.56
5 Utility bonds. 69.60 69.37 86.12 74.53 68.34 87.75 71.80
25 Bonds . 75.09 75.11 86.28 81.71 73.94 87.91 80.21
High. Low. Dir.
1920. 1920. Rate.
46 26 ?
46% 25% ?
88^4 60 6
2% We ?
3 \%l ?
53% 30% 1
95 76 8
96% 84% 6
128% 101 10
61% 35% ?
147% 124% 12
15% 10%
Net
Adams Express
Advance Rumely
Ajax Rubber . 900 61 % 61 %
Alaska Gold Mines.. 200 1% 1%
Sales. Open. High. Low. Close, chge. Bid. Aak
SCO 33'/8 33%
100 331/2 33 Vz
175 95 6
30% 151/2 _.
122 851/4
53!/2 38
119/2 8034
141/2 10/4
95 74
109% 82
17% 11%
3O/2 16%
72 56
10O'/4 89
115% 86
50 35
142% 122
106% 77
100% 92% 8
283 209 20
94% 85% 6
1651/2 84% 7
61% 38 ?
21% 12% ?
59/2 45 6
66/2 64 4
17 7 ?
86% 76 6
82 72 5
9 5 ?
1761/2 137 10
148/2 103/a 7
102/2 97 7
38% 27% ?
49% 40'/? 4
154/2 114 8
32/2 17/2 ?
96 77/z 5
Alaska Juneau .
Allis-Chalmcrs .
Am Agr Chemical.,.
Am Agr Chcm pf...
Amer Bosch Mag...
American Can .
Am Car _ Foundry.
80 Am Drug Syndicate.
American Express...
Am Hide ?fi. Leather.
Am Hide & L pf
Am Ice Securities...
200 1% 1%
300 37 37
33 33?1
33/2 33/2? 2
61 61?1
1/2+ %
1%
37 -
1'/a
1%
37
32 33
33/2 34/2
6O/2 61/a
1% V/Z
1% 2/8
36% 37
200 85% 853/4 85% 85%? % 84 ?5%
300 86% 86% 863/4 86%+ 1'/a 85?% 90
400 117 119% 115/2 118%+ 2% 117/2 119
900 ?40% 41 40% 403/4? % 40/2 41
1700 137 137% 136 136 ? 2% 136 137/4
300 11/4 11/4 11 11 + Va 11 II/2
500 135 137 134/4 134/4+ 2/4 135 137
100 16 16
900 87% 87%
100 42 42
Amer Int'I Corp. 2600 86% 8634
American La France.
American Linseed
1900 11/2 11}<?
900 80% 803/4
Am Locomotive . 6400 100% 101% 99/4
Am Safely Razor.. .
Am Ship & Com....
American Smelting...
Am Smelting pf.
American Snuff .....
Am Steel Foundry.. .
American Sugar ....
Am Sumatra Tob....
Am Tcleg & Tel.
American Tobacco. . .
Amer Tob pf new...
American Wool??n . . .
Am Writ Paper pf.. .
Amer Zinc .
Amer Zinc pf.
Anaconda .
Ann Arbor .
At, Top & San Fe...
At, Top & S Fe pf.
Atl, Birm & Atl_
Ail, Gulf & W I....
Baldwin Loco Co...
Baldwin Loco Co pf.
Bait <?. Ohio.
900 lo'/* 15% 15/a
1100 23% 23% 23%
300 603/4 60% 60
400 91/2 91 Vz 90%
300 105 105 105 105 ?
300 38/2 38% 37% 37%
400 125! 2 125/2 125/? 125/2
1900 90% 9O/2 893a 89%?
500 93 93 93 93 ?
400
300
5400
700
300
200
300
200
226
87%
86%
47
14/a
49
56%
I6/2
200 81
100 73
600 8/2
228
87% 87% 87%
87% 85/2
47 46/2
H/2 14/2
49 49
56% 56/4
I6/2 I6/2
81 803/4
73 73
8/2 8%
1700 158/4 158/2 155 156 ? 2'4 156 158
22900 119/2 12134 1183/4 119/4+ % 119% 119%
300 97/2 97/2 97/2 97/2+
900 32% 32% 32 32%?
Bait _ Ohio pf. 300 44% 44/4 44% 44%
IO2/2
17
13/4
62
15
8/j
81% 5
10% ?
634 ?
48% ?
7/4 ?
634 ?
29/4 20 ?
28% 15/4 ?
85% 62% 6
46 26 ?
134 110 10
100 93 7
1934 14 ?
104% 62% 5
IO8/2 98% 7
205 175 8
61% 40% 4
I6434 97 Vz 10
59% 47 4
4% ?
Barrett Company . ..
Beth Motors .
Bethlehem Steel _
Beth Steel, Class B.
Bklyn Rapid Tran. . .
Bklyn Rap Tran ctfs.
Bklyn Union Gas...
Booth Fisheries Co. .
Brunswick.
Butte & Sup Cop . . .
Caddo Oil .
1200 144% 144/4 143/2 143%
700 22 22 21/2 21%
300 85% 853/4 85% 85%
% 9634 97%
1/4 32% 32%
% 44 44%
Vz 143 144/4
% 21 21%
3600
700
300
400
100
100
1000
700
89
11%
83/4
48%
8%
6/8
90
11%
8%
48%
8%
6/8
834
483/4
8%
%
22% 22% 22% 22%
17% 18 17% 18 +
Calif Packing . 500 70/4 70% 70% 70/2 +
Calif Petrol
300 32
32
32
Canada Pacific . 1400 122% 122% 122
+
11
10%
27%
42%
61%
91/2 67
I2034 98
7 ?
19% 2
30/4 ?
453/4 -
5
7
41% 23/a ?
21/4 14 ?
Case, J I, pf.
Case Plow .
Central Leather ....
Central Leather pf. .
Central of New Jcr. .
Cerro De Pasco.
Chandler Motors . ..
Ches & Ohio.
Chi & E 111 pf.
Chi Gt West.
Chi Gt West pf.
Chi, Mil & St Paul..
Chi, Mil & St P pf..
Chi & Northwestern.
Chi & Northwest pf.
Chi, Rock Isl & Pac.
500 93% 93% 93% 9334
200 14 14 14 14 ?
700 64% 64% 64 64 ?
300 98% 98% 98% 98%?
200 2043/4 205 204% 205 + 2
200 44 44 43/2 43 %
6300 100 101 Vz 9734 99 ? 1
700 54% 54% 54 54 -
7% 7% 7%
8 8 8 ? 1
900 7%
100 8
700 23
2300 34%
2200 51%
400 703/8
300 98%
4100 37%
Chile Copper . 1100 15%
44% 27% 1% Chino Cons Capper.
4034 30% 1 Coca Cola .
Colo Fuel & Iron. ..
Colo & Southern...
Col & South 1st pf.
Columbia Graph ? . .
Col Gas & Electric.
Consol Cigars .
Consolidated Gas
Cons Int Call Min. .
Continental Candy .
Corn Products .
Corn Products pf.. .
Con Textile .
2% Cosden & Co.
Crucible Steel . 4100 153
Cuba-Amer Sugar ..
Cuba Cane Sugar.. .
Cuba Cane Sugar pf
De Beers .
44% 28
27 20
51% 46 4
65% 27%
67 60
70% 55%
937a 75
20% 11%
14% 10%
105% 76%
105 100%
46% 21%
43% 30
278% 115% 8
60% 49% 7
59% 3.9% ?
85% 78 7
36% 31% ?
9934 83% 9
210 165 10
9 4 ?
16% 9 ?
13 9% 1
23 23 23 + '
35 34% 34% +
52 51 51 ?
70% 70% 70% +
98/2 98% 98%?
38 % 37 37%
1534 15% 15%?
30% 29% 29%?
36% 36% 36%?
34 34 34 -
24 24 24 -
49 49 49 -
29% 29% 29/2
55% 55 55 ?
65 65 65 -
78 78 78 ?
12% 11% 11%?
12 12 12 ?
94% 93% 93%?
1000 101% 102/a*101% 102% +
900 34% 34% 34 34 ?
300 38 38 38 38 -
156 152% 15334
2900 52/4 52% 61 52% +
1700 5234 53 5134 61% +
400 78% 7834 78% 78%+
200 32 32 32 32 -
700 30%
200 36%
200 34
100 24
30 49
2400 29%
400 55%
500 65
300 78
1700 12%
300 12
1900 94
15%
30
% ?
Del? & Hudson. 1000 89/2 89% 89% 89%
11
28
147
15%
25%
17%
48
36%
19%
68
42
93
85%
102% 87
'4934 -
8434
41%
77%
108
23%
7
18 ?
9% ?
17% ?
12% -
27% 3
20 ?
11 ?
49 2
22% 1
80 7
58% 6
Del, Lack & West
Denver & Rio Gr. . . .
Denver & Rio Gr pf.
Dome Mines .
Dul, So Sh & Atl pf.
Elk Horn Coal.
Endicott-Johnson ...
Erie .
Eric 1st pf. 2700
Erie 2d pf. 1200
500 196 196 196 196 + 5
1800 5% 5% 5% 5%?
11% 11%
9% 9%
1200
1500
1500
500
24
22%
700 86%
4500 13%
20%
14
2700 32%
100 23
300 1234
2C0 64/a
FLsk Rubber Tire..
Freeport Texas.
Gaston Williams . . .
Gcn'l Amer Tank..
Gen'l Motors . 44600
Gen'l Motors 7% deb. 700
Goodrich, B F..
Goodrich, B F, pf. .
Gray Davis .
Great Northern pf..
Gt North Ore subs..
Has & Bar Car Co..
Houston Oil .
Hupp Motors . 1200
Inspiration Copper ..
Inter-Cons Corpn ...
Inter-Cons Corpn pf.
Int'I Harvester .
Int'I Mer Marine....
Int'I Mer Marine pf.
Int'I Motor Truck. ..
Int'I Mot Trk 2d pf.
Int'I Paper . 14900 86
Int'I Nickel . 3900 17%
.. 44900 45
11
9%?
8 ?
22%?
86% 86% +
13 13 ?
203/B 20% +
14 14/2 +
3234 32%?
23 23 ?
12% 12%?
64% 64%?
24% 25%?
85 85 ?
59 60 ?
19% ?
6534 7
33 4
50 4
75 ?
13 1
61% 47?4 4
43/4 3% ?
16% 9% ?
142% 11234 7
51% 27% ?
111% 76% 6
170 50 ?
71 60 7
91% 62% ?
2634 15% ?
46% 36% .60 Invincible Oil .
7% 6% ? Island Oil & Tr
5 5%
Vz 11 11%
% 934 10
Vz 8 10
22 22%
Vz 86 8634
% 123/4 13%
% 20% 20%
% 14 15
3/3 32% 33
3/4 22% 23
% 12% 12%
633/4 64%
% 25/a 25%
% 82 85
60 60%
% 86% 88
% 23 24
25%
85
4300 62
300 87%
100 23
600 70%
700 35% 35% 35 35 ? % 35 35%
1900 73% 75 73 73 ? % 72 74
500 100 100 98 99 + 1% 97 99
16% 16% 16 16 ? % 16 16%
1400 50 50 49% 49%? % 49% 60
400 3% 3% 3% 3%? % 3% 3%
200 10% 10% 10% 10%+ % 10% 11/2
200 129 129 129 129 - 12834 130
1500 31 31 3034 303/4? 34 3034 31
92% 92%? 34 92% 9278
60 60 ? % 59 60
68% 68%+ Vz 66 69%
84% 85% +
17% 17%?
1300 93
500 61
300 68/
19% 13%
?48% 40
152% 98%
105 95
95 53%
33% 24%
48% 21%
91 ?4 63
43 37 ?
38% 26% 2
3300 7
400 17/s
300 '44
Kan City Southern..
4 Kan City South pf..
4 Kelly Springfield ...
8 Kelly Spgfield 8% pf.
- Kelsey Wheel Co....
2 Kennecott Copper ...
1.20 Keystone Tire . 1400 27%
6 Lackawanna Steel .. 5100 73% 77
Laclede Gas . 300 38 38
Lee Rubber & Tire.. 200 29
47% 3934 3% Lehigh Valley . 1700 44
206% 145 12 Ligg & Myers Tob.. 200 148
Locws, Inc .
Loft Candy .
Lorillard, P _
36 25% 2
28 14 ?
110% 100 7
38 18% ?
137% 80 8
222 161 10
?6 18% 2
93
61
68%
86%
173/4
463/4 45
7 6%
17% 17%
44 423/4
900 109% 109% 106% 106%
100 100 100 100 100 -
100 70 70 70 70 + %
2534 253/8 25%? %
28% 27% 2734+ i/a
73% 75+2
38 38 ? %
29 29
?44% 44
148 148
26 26
84?4 85%
17% 17%
2300 25%
500 26
46%
7
17%
45
106%
101
60 70
25% 2534
27% 28%
75 75%
37 40
28 29
43% 44
146 155
26 26%
700 15% 15%. 15% 153/8? i/a 15% 16
200 100 100 10O 1C0 - 93 100
Maxwell Motor . 300 23% 23% 23% 23%? 3% 23% 24
May Dcp't Stores
Mexican Petroleum.
Miami Consol Cop
71% 20% 1.60 Middle States Oil...
40% 4
9 ?
63 7
80% 7
3% ?
62%
18%
80
94
11
31% 21
49% 36 ?
116 105 7
86% 44 ?
98 83 7
102% 92% 7
93% 72% 6
17% 11% 1
77% 64% 5
S6% 23% ?
100% 85 7
59% 48 5
84% 66% 7
77% 49% 5
29% 26% 4
5% 3%
41% 21 fa ?
116% 71% 6
111% 67% 6
47% 30 4
Midvale Steel. 1600
200
200
100
1600
Minn & St L new. . .
M, St P & S Ste M.
M, St P & S S M pf.
Mo, Kan & Texas...
Missouri Pacific ....
Missouri Pacific pf. .
National Biscuit pf. .
National Aniline . ..
National Aniline pf.
Nat'l Cloak & Suit pf
National Lead .
Nevada Con Copper.
New York Central..
N Y, N H & H. 500 3034
Norfolk & Western..
North American ...
Northern Pacific _ 400 72%
Nova Scotia Steel .. 500 55
Ohio Body . 200 27
900 80 81 80 81
12700 194% 195 191% 193
1C0 21% 21% 21% 21%
4300 21% 21% 21
42% 41%
13% 13%
69%
81
7%
42
13/j
69/<
81
m
4700 26% 27
700 44 44
200 105
5300 82
300""92
100 96
69%
81
6%
21%?
41%?
13%?
69%? 2%
81 ? 1
7 ? %
21%
42%
14
71
85
7%
200 69/?
+2 81 90
192% 193%
% 21 21%
% 21.
% 41%
13%
69
80
6%
26% 26%- 26% 26%
42% 42/s? 1% 42% 43
1C5 105 105 + 1% 103 108
82% 80% 80%? i/a B03A 82
92 91 92 - 91% 92
96+4 95 100
76%+ % 76 77%
12%? -
69/2?
30 ?
0 ?
96
300 76% 76% 76%
900 12% 12% 12%
69/
30
300 4%
43 Vi
36/
94
42
32
42% 34
75% 69
44% 37
82% 45
23% 15
98 81
64% SI'?
91% 85%
37% 3
20 ?
90 7"
30 ?
22Va ?
3
40Okla Prod & Ret?n
Otis Steel .
Pan-Amer Petrol . .
Pan-Amer Petrol B.
Parish & Bingham.
Pennsylvania R R..
Penn Seaboard Steel
Penn I C pf.
Peo Gas <?. Coke...
P?re Marquette. 1400 25%
Philadelphia Co _ 900 35
P, C, C & St L ctfs. 900 75
Phillips Petrol . 700 41%
Pierce Arrow . 4200 53%
Pierce Oil . 900 15
Pierce Oil pfs. 1400 84
Pittsburgh Coal _ 200 60
69%
30%
1C0 89% 89% 89% 89%?
300 56% 56% 56% 56% +
72%
55
27
4%
72
54%
27
4%
200 24% 24% 24%
72 +
54 ? 1
27 -
4%
24%>
% 12% 12%
% 69% 70
% 30 30%
% 89% 90%
% 50 57
% 72% 72%
54 56
- 27%
4% 4%
24% 25%
15900 105% 106% 104% 104%? % 104% 104%
2700 99 99/4 98% 98%-- 98% 99
200 32% 32% 32% 32%? 1% 32 34%
1900 39% 39% 39% 39%? % 39% 39%
200
200
900
33
Pitta Cofl pf.
23% 23% 23% 23%? 1% 23%
91% 91% 91% 91%? % 91%
33 33 33- 33%
25% 2434 25%- 25%
35% 35 35%? % 35
75 75 75+2 74
42% 41% 42%+ % 42%
53% 51% 52%+ % 62
15% 15 15 ? % 15
84 84 84 ? % 84%
60 60 60 - 53%
85% 4- 1% 84%
300 85% 85% 85%
25
92%
34
25%
35%
76
43
52'A
15%
84%
60%
M
High. Low. Div.
1920. 1920. Rat?.
33% 21% ?
113% 84 8
60% 37 4
124 74 6
2234 16 1
G4% 64?4 4
45 32% 2
94 68% ?
124% 84% 6
55% 37 ?
93% 34% ?
123% 93% 6.50
21% 8% ?
2634 15% ?
18 11 ?
30 20% ?
9% 6 -
18% 10 ?
243 199 8
90% 72% .74
4834 2834 ?
82% 61 6
10,6% 88% 6
116 108 8
30% 18 ?
60% 50 5
850 625 20
113% 100% 7
51% 37% 4
118% 50 4
126% 69 7
13% 9% ?
50% 43% 3
47 25 ?
53% 46 .60
17% 1034 _
95% 60% 6
106 85 7
38?4 13% ?
36 27% 2%
127 73% 8
38 27 ?
124% 110 10
69% 61% 4
1% % ?
53/ 40% 4
13% 8% ?
2934 17
25% 1534 ?
55% 42% 5
78% 53% 6
116% 77% 8
6934 40 ?
96% 64 3
I4334 89 8
115% 105% 8
47% 41% 3%
109 89% 6
11534 104% 7
8O34 64% 6
97 42 6
80% 59% 4
21 17 2
10% 7 ?
31 20% ?
20% 14 ?
?12% 8% ?
67 54% 4
89% 80% 7
55% 44% 4
31% 25% ?
82% 57 6
14% 9 ?
69% 47 4
32 16% 1
98% 77% 7
145 100 8
95% 60 6
Balea.
Pitts * Went Va_ 200
Pressed Steel Car... 300
Pure OU Co. 200
Punta Alegre Sogar. 100
Ray Consol Copper.. 100
Reading .21900
Reading 1st pf. 100
Remington Type ... 300
Repub Iron & Steel.. 6100
Repub Motor Truck.. 300
Replogle Steel . 2100
Royal Dutch, N Y sh 1400
Saxon Motors .. . . 800
St Louis & San Fran 2900
St. L & Southwest. . . 1700
St. L & Southwest pf 1200
Seaboard Air Line.. 300
Seaboard Air Line pf 100
Sears Roebuck . 100
Shell Trans Ter. 1700
Sinclair Oil . 4900
Sloss-Sheff Stl & Ir 500
Southern Pacific _ 2900
South P Rico Sug pf 100
Southern Railroad .. 19600
Southern Railroad pf 6200
Standard Oil of N J 10
Stand Oil of N J pf 700
Stewart Warner .... 100
Stromberg Carburetor 18900
Studebaker . 34900
Tenn Copper & Chem 100
Texas Company .... 3900
Texas & Pacific... 500
Tex 4 Pac C & Oil 1300
Third Ave Railroad. 100
Tobacco Products ... 3000
Tob Products pf. 100
Transcon OH . 1900
Twin City Rap Tran 300
Union Bag _ Paper. 1700
Union Oil . 200
Union Pacific . 1900
Union Pacific pf_ 200
United Drug rts. 4900
United Alloy . 300
United Ry Inv. 100
United Ry Inv pf... 200
U S Cast I P & Fo 100
U S C I P & Fo pf 100
U S Food Products. 900
U S Ind Alcohol.... 2700
U S Realty & Imp.. 300
United Retail Stores 5600
U S Rubber. 16900
U S Rubber 1st pf.. 100
U S Smelt & Ref pf 100
U S Steel. 24800
U S Steel pf. 100
Utah Copper . 200
Vanadium Steel _ 21900
Vir-Carolina Chem . 300
Vivaudou. 3900
Wabash . 700
Wabash pf A_.-.. 1400
Wabash pf B. 200
Western Maryland .. 500
Western Pacific pf.. 500
Western Union Tel. . 400
Westinghouse Mfg . 300
Wickwire-Spencer . . 500
Wilson Co . 400
Wheel & Lake Erie. 300
White Motors . 500
Willys-Overland .... 3300
Willys-Overland pf... 100
Woolworth . 200
Worth Pump & M.. 600
Net
Otjen. High. Low. Close, ehge. Bid. As_
30% 30% 30% 30%? % 30% 30%
99 99 97 97 ? 2% 97% 100
41% 41% 40% 41 + % 40% 41
100% 100% 100 100 - 99% 100
163/4 16% 16% 1634- 16% 16*4
90% 91% 89% 90 ? ? 89% 90%
43% 43% 43% 43%-- 41% 45
65% 66 65% 66 ? 2% 66 66%
93% 9434 93 93%? % 93 93%
47% 47% 47 47?4 47 49
84% 85 84 84%+ % 8334 84%
114% 114% 113% 114%- 114 114%
9% 9% 834 834? 34 834 9%
26 26% 25% 25%? % 25% 25%
17 . 17% 15% 16 ? 34 1514 16
273/S 28 26% 26/a- 26 27
734 734 7% 7/2- 7% \ 8
14 14 14 14 - 14 14%
199 199 199 199 - 197 199
76% 76% 76% 76%+ % 7634 77
31% 31% 31 31%? % 31% 31%
73 7434 73 73 + % 7234 73
94% 94% 9334 94 - 93% 94
108 108 108 108 - 106 108%
28% 293/8 28% 28%? % 28% 283/4
59 59% 683/4 59%? % 59 59%
643 650 643 650 + 6 643 650
105% IO534 105% 105%+ % 105% IO534
40% 40% 40% 40%? 1% 40 41
88% 8934 86 . 87%? 1% 87 87%
73% 73% 70% 71%? % 71 713/8
9% 9% 9% 9%- 93/4 9%
46% 46% 46 46 - 46 46%
42% 42% 41% 41%? % 41 % 42
50 50% 49% 49%? % 49% 50
IO34 IO34 1034 IO34- 11 11%
6834 69% 67 67 ? 1% 66% 67%
88% 88/4 88/4 88/4? 1% 89 90
15% 15% 15% 1534- 15% 15%
34 34 34 34 - 34% 37
89 89 89 89+1
30% 31% 30% 30%+ 1
116% 116% 115% 116 -
65 65 65
% % %
43 43 43
934 934 934
21 21 21
17 17 17
44% 44% 44% 44%? 3
68 68 67 67?1
99% 92% 91% 91%+ % 91% 92%
68% 6834 58 58 ? % 5734 58
.77% 78% 75% 75%? 1% 75% 75%
99% 99?4 97 97?2 97 97%
108% 108% 108% 108%? % 108% 10834
44% 44% 44% 44%+ 1% 43% 44%
92% 93 9134 92 ? 34 91% 92
108 108 108 108 + % 107% 108%
67% 67% 67 67 ? % 67 68
85% 87% 85 85%+ % 85% 8534
7434 7434 73% 73%+ 1% ? ?
183/4 18% 17% 18%? % 18
8% 8% 8% 8%? %
26 26 2534 25%? %
16 16 15% 15%? 1%
10 10 934 9,34? %
66% 67 66% 67 -
80% 80% 80% 80%+ %
49 49 48% 48%? %
30% 31 30 30
59% 69% 59% 59%? 34
11 11 10% 10%? %
61% 51% 51% 51%
19 19% 18% 18%? %
82 82 82 82?1
107% 107% 107% IO7/2? % 10634 108%
70% 70% 69% 69%+ % 69% ?9%
18%
? 8% 8%
25% 25%
16 18%
934 10
65 67
81 82%
4834 48%
30 30%
59 59%
10% 11%
61% 53
18% 18%
81 84%
*Ex dividend
Lamont Appeals
For Support of
New Consortium
Banker Tells Foreign Rela?
tions Council That Trade
in the Orient Hinges on
Efforts of Individuals
Thomas W. Lamont, of J. P. Morgan
& Co., who yesterday presided over a
luncheon given at the Bankers Club
by the Council of Foreign Relations, at
which Far Eastern affairs were dis?
cussed, appealed to "all good Ameri?
cans" to cooperate with the bankers
who represent the United States in the
Chinese consortium.
"We must remember," the banker de?
clared, "the formation of the con- j
sortium, now that Japan had decided
to come in, is but the first step in a
long and arduous pathway. The bank?
ing groups themselves will have to dis?
play toward one another great patience
?great tolerance. Coalitions never
function readily; international partner?
ships always prove difficult, but the
fact that we are all engaged in one
enterprise and with one principle in
view?namely, the welfare of China?
to reach that happy end we must be?
speak the cooperation of all good cit?
izens.
"The policy of the United States
government with respect to the Far
East has been criticized in the past as
not having been altogether consistent.
But in this particular matter of the
consortium, since it took it up afresh
two years ago, its policy has been con?
sistent, energetic, courageous. But the
success of the consortium, the main?
tenance of American trade in the Far
East, rests in the last analysis not
upon governments, but upon private
citizens and upon their support.
"Japan undoubtedly showed broad
mindedness and wisdom in waiving her
reservations in regard to Manchuria
and Mongolia. She was courageous in
recognizing that those reservations
were of no value to her and if main?
tained would only serve as an in?
evitable bar to her entering as a free
and full partner in the consortium.
As one of her leading men said to me:
'I want Japan to enter the consortium
I on the same terms as the other bank?
ing groups. First, because the opera?
tions of the consortium will best de?
velop China, and from such develop?
ment Japan will benefit most; second,
through the consortium the four na?
tions will be brought into closer touch,
and, third but not least, because Japan
has not the resources wherewith to de?
velop China alone.' "
Jacob Gould Schuxman, ex-president
of Cornell University, who recently re?
turned from a trip to Japan, defended
the foreign policy of the empfye and
said that above all it wished peace With
the United States. Henry W. Taft, who
was in Japan with Dr. Schurman, said
he came from Japan openminded in
regard to its policies, but with a firm
conviction that Americans ought to
study Asiatic affairs more closely.
New#Stock Listings
New issues admitted to trading on
the Stock Exchange by the govern?
ing committee yesterday included:
$1,250,000 additional first consolidated
mortgage 5 per cent bonds of the Nash?
ville, Chattanooga & St. Louis Railway;
16,000 additional shares of the Amer?
ican Bosch Magneto Corporation; 189,
^780 shares of common stock of the
Times Square Auto Supply Company,
Inc.; $156,200 additional common stock
of the Bush Terminal Company; tem?
porary, certificates for $4,600,00.0 new 7
per cent cumulative preferred stock of
the American Brake Shoe and Foundry
Company; 6,900 additional shares of
stock of Lo?!w'8. Inc.
Financiers Look
For Many Bank
Consolidations
Bankers Trust - Liberty Na?
tional Merger Is Still at
Talking Stage; Deal Long
Under Consideration
Wall Street is on the threshold of a
period of bank mergers, in the opinion
of the senior officers of several of the
leading financial institutions. The re?
ported consolidation of the Bankers
Trust Company and the Liberty Na?
tional Bank has not yet been effected,
and officials of both institutions,
though admitting that conversations
had been held, denied that any tangible
results had yet been obtained.
Harvey D. Gibson, president of the
Liberty National BanK, declared: "The
matter of the merger of the Bankers
Trust Company and the Liberty Nation?
al Bank has been the subject of in?
formal discussions for some time. No
decision or definite understanding has
resulted and we cannot say when any?
thing will occur which could be pub?
lished properly. The matter has not
even reached a point where it could be
referred to the board of directors." A
similar statement was issued by the
Bankers Trust Company.
If the deal should go through, the
combined institution would be known
as the Bankers Trust Company and
would operate under a New York State
charter, but as a member of the Fed?
eral Reserve system. In all proba?
bility, according to those who are well
informed, Mr. Gibson would become
president of the merged institutions,
and Seward Presser, president of the
Bankers Trust Company, would be
made, chairman of the board of di?
rectors. The capital of the merger
would be $25,000,000, and the surplus
$25,000;000, and the deposits $400,000,
000.
The object of the merger, according
to its advocates, would be that it would
make the combined institution clearly
the third largest banking institution
in the country, lagging behind only the
National City Bank and the Guaranty
Trust Company. It is argued that great
resources .are needed to meet the new
conditions of world nanking and that
mergers will give the strength and
breadth necessary. It was indicated
that the combined institution, if it
comes into being, will energetically go
into branch banking and would seek to
jump into leadership in international
banking.
Some bankers who are of the opinion
that the same tendencies which in the
last several years caused numerous
bank mergers in England will brJng
consolidations here. Among the banks
mentioned in the speculations of
bankers who'foresee consolidations are
the National Bank of Commerce, the
Mechanics and Metals Bank, the Na?
tional City Bank and the Chase Na?
tional. The last named institution has
acquired the Metropolitan Bank, and it
is believed that it may eventually take
it over as a branch and establish other
branches.
Monthly Earnings
Chicago, Rock Island & Pacific ?
May gross.?10.66S.570 Inc. J1.889.3SS
Dei. aftertax.. 717,221 Inc. 1,146.187
Net op. deficit. . 786,040 Tit?. 1,017.890
Five moa. gross. 53,73?'..648 Inc. 11.611,764
Bal. after tax.. 3,lti?>,02l Inc. 1.798,627
Net op. income. 2,05s.0S0 Inc. 1,473,346
Missouri, Kansas & Texas System
May gross. ?6,186,?85 Inc. ?237,602
Bal. after tax.. 70.3S4 Dec. 207,957
Net op. deficit.. 126,385 Inc. 432.726
Five mos. gross. 27.111.538 Inc. 4.227,879
Bal. after tax. . 519.S97 Inc. 173,111
Net op. deficit.. 884,985 Inc. 1.205,490
St. Louis Southwestern System
May gross . $2,371,115 Inc. ?792,313
Bal. after tax.. 306.314 Inc. 97,093
Net op. income. 356.970 Inc., 162.482
Five ?nos. gross. 11.567.385 Inc. 4,132.834
Bal. aftertax.. 1,C01,782 Inc. 1,534,68?
?Vt ?' '-."?-i?*. 1 .??S "iff Tne. 1.71?.Ml
In Wall Street
Canton Is Hopeful
G?sorge A. Gaston, of Gaston, Will?
iams ?fe Wigmorc, Inc., who has just
returned from a two months' business
trip abroad, stated yesterday that the
company had succeeded in litjuidating
a large part of its foreign inventories,
with the result that its cash position
had been considerably improved. Mr.
Gaston said the company is now buy?
ing automobiles in France and ship?
ping them to England. During his
stay on the other side Mr. Gaston
visited Paris, London, Madrid and
Lisbon. He expects to return to those
cities in a few weeks. The company s
adjourned annual meeting will be
held on August 17, when it is ex?
pected an income account and bal?
ance sheet for the first six months
of 1920 will b?, presented. Mr. Gas
ton expressed the opinion that the
company had seen the worst of its
troubles and that the outlook was
more promising than it had been in
a long time.
Chicago Happy
Chicago gets back upon the spec?
ulative map to-day. Trading in wheat
futures is scheduled to be resumed
and the stage is all set at the Chi?
cago Board of Trade for the big event.
Trading in wheat futures ceased
August 135, 1917?j nearly three
years ago. The September option
was the only one traded in
at that time, and the range of prices
for this month on the last trading
day was $2.10 to $2.13 a bushel
The closing price was $2.13. Around
the grain trade they have been talk?
ing of a price of $2.50 as the basis
on which operations will be resumed.
Some of the biggest operators have
recently taken a somewhat bearish
view of the outlook for wheat prices,
basing their ?jetand .upon the more
promising crop prospect here and the
indications of a smaller export
demand.
A Close Call on Steel
New Street privilege market offered
a call yesterday on Steel common?
the stock was then selling around
921??1% points up, good for thirty
days. This was the closest to the
market that a call on Steel has been
offered in many weeks. It was taken
by some of the wise men of the Street
to mean that the owner of the stock
didn't think much of its bullish
possibilities at least for thirty days.
There arc a number of interesting
developments in connection with Steel
impending, one of which is the quar?
terly meeting of the directors' schcd
uled for the last Tuesday of the current
month. Earnings for the three months
ended June 30 will be made public
at that time.
* To Pay Off Ford Loan
The last instalment of the accept?
ance credit granted last July to the
Ford Motor Company by the Chase Se?
curities Company, Bond ?fe Goodwin
and the Old Colony Trust Company of
Boston will be paid off to-morrow, ac?
cording to the bankers. This maturity
amounts to $35,000,000. The bankers
in their arrangement with the Ford
company a year ago contracted to lend
$75,000,000, but only $60,000,000 of this
total was availed of. The different
maturities were in the form of ninety
day notes, the interest rate being de?
pendent on the open market rate for
commercial paper, the first notes being
rediscounted at 5J/2 per cent. Accord?
ing to the terms of the loan, the com?
pany agreed to pay off $10,000,000 of
the total at the expiration of the first
ninety days.
Invincible Oil
On denial of reports from Tulsa,
Okla., that its new Hunter well in the j
Arkansas field was likely to prove a
failure, Invincible Oil was heavily !
traded in yesterday, and at the end or
the stock market session had added ;
over a point to Tuesday's closing quo
tation. It was reported that traders
sold the stock heavily at the opening ;
on reports of \unfavorable develop- |
ments, but all their offerings were !
quickly absorbed. A telegram re- I
ceived by New York directors of the
company in response to inquiries con- ;
cerning the Tulsa dispatch stated that ;
the drilling operations in the ?rkan
sas field thus far had fully met the
expectations of the company.
American Woolen
Ever since the announcement that i
the American Woolen syndicate had '
been left with more than $18,000,- i
000 of new $20,000,000 common stock
on its hands traders have made the
preiient issue the object of bear at?
tacks. The result of their efforts
yesterday brought out a considerable
amount of stock and the price got
down to 8b*A, or nearly 10 points below
the underwriting price of the new
stock. The opinion was expressed in
banking (quarters that the pessimism
over the disappointing results of the
new financing was being overdone, par?
ticularly in view of the company's
strong asset position. After the net
proceeds of the new financing ($19,
000,000) are paid in, it is stated that
the company will have net quick as
sets of over $83,000,000, which after !
deducting the preferred stock at par !
would leave nearly $108 a share for the |
common. The syndicate managers have ;
notified participants in the underwrit- ?
ing that 50 per cent of their subscrip- !
tion is due to be paid July 21 and the
balance August 6.
New General Motors Stock Taken
J. P. Morgan & Co. announced yes- j
terday that on the closing of the sub- I
scription books for the 3.223,201 shares
of ?he General Motors Corporation re?
cently offered to shareholders over 99
per cent was subscribed for. As the
sale of the stock to be taken by the
underwriting syndicate has been com- j
pletod, it is planned to dissolve the
syndicate in a few days.
?
London Money Market
LONDON, July 14.?-Bar silver, 53%d;
bar gold, 105s. Money, 4% per cent.
Discount rates?Short bills, 6@?Ya per
cent; three months' bills. 6% per cent.
Gold premiums at Lisbon, 140.
?
Equipment Bonds
(Quoted on income percentage basis)
n i,alVe,nv.> K?te- Matur-ty. Bid. Ask.
Bait & Ohio.. 4?/i 192IV27 8 00 7 "5 I
Beth Stfel ... 7 lf?21-'30 7.50 700
b'iSt & Alb... 4>i 1920-?7 7.50 7 00
liutY. K & P.. 414-6 l:?2I-?33 7.60 675
do. ?> 1921-'33 7.75 6 75
Canadian Nat. 7 1035 7 37 7 00
Canadian Xor 4M?-5-6 1920-?29 8 50 7 ?'S
Canadian Bac 4>,a 1920-'28 7 50 /?o
d?. 6 1920-'32 7.50 675
C. C. C & St L 5 1921--29 7 75 7 00
<lo-V. ? 1921--27 7.75 675
Che* & Ohio.. iV, 1920-'27 7 75 6 75
Ch. R I & Pac 4'-1-5 1920-'27 8 "5 700
C, SI L 4 N O. S 1920-'84 7.76 675
Del & Hudson 4 V4 1922 7 50 650
Brie . 4V4-5 1920-'27 8.25 7 00
Frisco ?.'una... 6 1321-'22 8 25 7 00
111 Central.... 4V4-5 l920-'27 ?.&0 7 00
Kan City So.. 6 ]920-"24 7 75 7 00
Louis & N'aah. 6 1920-'23 7 50 6 73
Mich Central. 6 1921-'32 7 37 0 71?
do. 514 I920-'30 7.37 6 75
M. SP&SSM 4 ia-5 1920--26 7.E0 700
H?. 6 l!)21-'30 7.50 7.00
do. 7 1921-'30 7.50 7 00
N t Cent L.. 4 V4 1920--2S 7.37 7 Oo
do. 5 1920-'22 7.S7 7.00
N Y Cent R R 4V4 1921-'32 7.50 7 00
do. 7 1921-35 7.00 6.75
n v. c & st L 4V4 ?an-'s? 7.75 7.00
do. 6 1931 7 ?5 r, 7-,
N Y, N H & H 414-5-6 1920-28 9.00 7 00
Norf & West.. 41* 1920-'2t 7.25 6 50
North Pacific. 7 1921-'30 7.00 6 75
Pac Fr Eip.. 7 1925-'35 7.00 6.so
Pennsylvania.. 4-4',i 1920-'23 7.12 6 50
Reading Co... 4H 192!-'27 7.12 6 50
Seaboard - 4M.-S-6 1G20-27 8.25 7 50
Southern Pac. 4 ?* 1920-'26 7.25 6 75
do. 7 1924-'35 7.00 6.75
Southern Ry.. 4\?-5 l'?20-'3?? 8 00 7.00
Cnion Pacific. 7 ll>24-'35 7.00 (".60
Yirginiau Ry. 6 l?0-'?0 7.60 7.00
Wabash . i 1921 16 00 7.0?
Investments
for Your
July Funds
TO YIELD ABOUT '
6% to 8%
Special circular de?
scribing numerous is?
sues of well diversified
investments, including
practically all of the
recent offerings of rail?
road, equipment and
corporation bonds, both
long and short term.
Write for Circular No. 100|
"Conservative. Investments."
Spencer Traskfc Co.
25 Broad Street, New York
ALBANY BOSTON CHICAtJO
Member? New Tork Stock Eicbanj,
Our Own Branches
MOROCCO-EGYPT
We maintain our owm com?
pletely equipped branches in
Morocco and Egypt, Stra
tegically located in Alexan?
dria, Cairo, Tangiers, and
other important cities, they
are in close touch with trade
and industry. Direct connec?
tions with Tunis and Algeria.
The New York Agenry ?rill gladly
supply further information.
Bank of
British West Africa
New York Office, 100 Besrer Street
AcoatJ
R. R. AJWJtBT Roh_kb SKtrra
B??d OffltM: Loodea
B %
Bonds of a
Recognized Railroad
which is now showing
remarkable earning?
may be purchased at
current prices to yield
over 12%.
We have prepared a
circular whic!. explains
the investment position
of these bonds and also
gives full details about
the railroad. Perhaps
you would like to
read it.
Send us your address and
ask for Circular A 153
Herrick &. Bennett
ilemlrrt yew York Slock Exchange
66 BROADWAY, NEW YORK
Telephone Rector 9060
Uptown Office- 51 East 42d ?St.
Ralph H. Dunn, Manager
________________-_SI
Et
You May Profit
By Investment
AT PRESENT LOW
EXCHANGE RATES
in the
CITY OF
COPENHAGEN
372s
Loan of 1902
which actually yields
about 9% interest, and
may offer a possible
additional profit of over
50% in the Exchange.
ASK FOR CIRCULAR B
Your inquir?/ is also ini it'.i on
FRENCH BELGIAN
BRITISH GERMAN
And Other European Bonds
H?TH& COMPANY
30 Pine Street, New York
Telephon? Jona 621*.
High Grade Long Term
Mortgage Bonds
8l?% Basis
Large equity in assets and
earnings. Company serves im?
portant city wi.Vout compet?*
tion with a necessity in daily
I use.
DETAILS ON" REQUEST
H.D.Robbins&Co.
Incorporated
| 61 Broadway New York
Banker? Trost Co.
Guaranty Trost Co.
National City Bank
McCLURE, JONES A HttO
Members Sett.- York Stock ?xchang*
m Broadway Vhotte ??*?i

New-York tribune. [volume], July 15, 1920, Page 14, Image 14
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New-York tribune. [volume], July 15, 1920, Page 14, Image 14
About New-York tribune. [volume] (New York [N.Y.]) 1866-1924