New-York tribune. [volume] (New York [N.Y.]) 1866-1924, July 28, 1920, Image 14

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New-York tribune. [volume], July 28, 1920, Page 14, Image 14
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New-York tribune. [volume] (New York [N.Y.]), 28 July 1920. Chronicling America: Historic American Newspapers. Lib. of Congress. <https://chroniclingamerica.loc.gov/lccn/sn83030214/1920-07-28/ed-1/seq-14/>

Newspaper Page Text

I JosepMM&Co.
120 Broadway, New York
Membert
New York Stock Exchange
Foreign
Government
Bonds
Private Wires t<?
.'rinripal Cities
Make the
Most of it
The prices at which
many of the most con?
servative investments arc
selling present great op?
portunities f.or obtaining
exceptionally high inter?
est returns
A gradual return to more
normal m o n c y rates
should mean not only a
profit on the principal
invested now, hut also a
much more valuable in?
come.
For a suggestion sent?
fo_) Circular No. 11-79
(Handler &gomp,w
e?cofti>Q?*v?e
35 Pino Street, New York
; ? ...- ... Boston
N? iv Haven Baltimore
--:?.d-.- ?
h"
El Paso Electric Co,
does all the electric
railway, lighting an?l
commercial power
business of El Paso
and vicinity, and owns
the two toll bridges to
Juarez.
Net earnings last year
were about fi'/o limes
inte ~-t requirements.
We Offer the
5 Year 7% Gold Notes
Price 96 and interest,
to yield about 8%
Ask for Folder TE 8*2
Uol?st?r,
White & Co*
,ft(i??M.-(.
?*? Cedar St., Cor. Trinity PI.
Telephone Ke<-tor :>'joi
NEW YORK
tost?n , Philadelphia
drockoitfwYork
A noteworthy in*s-?,stment
opportunity. A new issue:
51/2%
Guaranteed First Mortgage
On a modern Apartment
house. Issue of $125,000
on property worth double
the loan. Mortgage divided
into amounts from $100
up.
Write today for Special
Booklet.
New York
Title & Mortgage
,3i 9rlSit'~r ?3 Mam ara? St.
H ?./**w,?fo*k0 Brooklyn
3..1 Falt?n St. Bridie Fl??.a
Jajnalrn L. I. city
Tffff
THE
MARINE
TRUST COMPANY
BUFFALO. NY.
SEVENTIETH YEAR OF SERVICE
CAPITAL AND SURPLUS
SEVENTEEN MILLION DOLLARS
fit
Fresh Break in
Market Sels New
Low Pri?e Level
Industrial Shares in Average
Touch Lowest Point of
Year ; Rally in After?
noon When Shorts Cover
Liquidation of speculative holdings
induced by the sudden and unoxpocted
break in prices late Monday reached
laVgc proportions at the exchange yes?
terday. ; or the first half of the stock
market session prices receded in pro?
nounced fashion before a series of
selling wave:-, and declines of <k to S
poipls were registered in the rywi
spntativc industrial share.;. With \ie
selling movement gaining momentum |
activity increased heavily. But, in the
afternoon, after , a temporary, lull,
stocks displayed rallying tendencies
and a moderate recovery occurred. Thia
gave the list a hotter appoaraiun at [
the close, although the market was still
well .under the tinal prices of the pre?
ceding day.
The average price of thirty industrial
stocks used in making up The Trib?
une's daily average touched a new low
for the year at 81'.00. The previous
low was 87.93, mad?: on the break last I
May. In the interim the average has i
risen ? above 95. At the low level of
yesterday the industrial average Was
approximately 24 peints under the
high of 1020* and 32 points under the
high, reached last year.
Professional traders who were the;
aggressive leaders in the selling move?
ment on Mopday kept up their raiding !
tactics (or the first half of the session, i
It. is probable that the list would have
rallied earlier had it riot been for the
persistence with which the bears kept
hammering away at prices. Efforts of
the professionals were largely cen?
tered upon Steel common, which had
proved vulnerable to the selling the
previous day. When Steel continued
to give ground again yesterday it
brought a sympathetic reaction else?
where in tlie industrial list. Steel
dropped to 87%, setting a new low for
the year. It rallied later, however,
closing practically unchanged at 89%.
The forenoon selling . uncovered
weakness in the same speculative fa?
vorites that had declined so swiftly on
Monday. These included Baldwin Lo?
comotive, Mexican Petroleum, Vanadi?
um, Crucible Steel and Republic Steel.
A special drive against General Motors
stocks supplied an interesting feature.
One house' was credited with having
sold 75,001? shares of the 100,000 shares
of the stock traded in at the exchange.
It broke to a new low of 20").;, closing
2 points off.
Railway shares reflected the general
unsettlement. Offerings of rails were
accompanied by rumors, obviously with
out foundation, that the decision of the
Interstate Commission in the matter of !
an increase in freight rates would be j
announced before the end of the week
and would be extremely unfavorable to ?
the carriers. In the bond market many
of the old line railway bonds slumped
severely, dropping in some cases a
point or more between transactions.
TI e rally in the general list in the \
.-ft, rnoon started before the call money ,
rate had been reduced from 9 to 8 per;
cent. Stocks had been sold,to a stand- j
still and apparently the largely ex- j
'? nded short interest saw that the time
had arrived to take profits. The buy- j
ing that came into the market in the
late afternoon was almost entirely for j
the account of traders who had sold
stocks on Monday and early yesterday j
in anticipation of the decline. Such ?
recovery was to be expected in view j
of the extent of the break.
Little happened in the news which j
had much bearing upon stocks. An- j
nouncement of the shipment of $3,200,- |
000 gold from Cherbourg, France, was
a matter of interest since it suggested
the beginning of a larger movement of i
the metal in this direction. A financial |
representative of the French Treasury
is now on his way to this country to
make arrangements for taking care of
the French portion, of the Anglo-French
loan maturity next October. The for?
eign exchanges displayed a better tone
yesturday.
?
Money and Credit
There was a less urgent demand for i
funds on the Stock Exchange yester- !
day after the bulk of the loans had ?
been made for the renewal rate of 9
per cent, and the rate for call money ]
eased ? If in the afternoon to 8 per cent. !
Further Government withdrawals will !
be made from the banks, to-morrow of
$8,000,000, making more than $10,000,- j
00 i f ir the week. Time money was i
unchanged.
Tester- Year I
d;iy. ago.
On mixed collateral.... !? 6
On industrial collateral. 9 6%
Time money (mixed col?
lateral):
Sixty days.8??8M? 53i@6
Ninety days .8(ft8?? 5\@6
Four months .8@8% 5Ti(ft6
Four to six months:8@8M? 5%@6
i Bank Clearings?Bank clearings at
New York yesterday were: Exchanges,
| $755,316,604* balances, $?33,930,895.
Silver London, 55%d; New York,
domestic, 99%c; foreign, 93%c; Mexi?
can dollarhs, 71c.
Sub-Treasury United States funds:
Reserve credit balances, $49,651,028.
Canadian Exchange?New York funds
in Montreal, $135 minimum per $1,000;
Montreal funds in New York, $118.94
discount per $1,000.
The Dollar in Foreign Exchange
A much better tone reflected in the
foreign exchange market yesterday.
Both sterling and francs were in bet?
ter demand. Announcement of the
shipment of gold from France helped
sentiment.
(.Quoted in dollars to the pound)
Yester- Week
day. ago.
Sterling, demand. $3.7925 $3.8350
Sterling, cables . 3.80 3.8425
Sterling sixty days_ 3.7525 3.7950
Sterling, ninety days... 3.7325 3.7750
(Quoted in cents to the unit)
Francs, checks . 7.85 8.19
Francs, ?t&bUs ...'. 7.86 8.20
Belgium, francs, checks 8.35 8.70
Belgium, frases, cables. 8.3(5 8.71
Lire, checks . 5.54 5.79
Lire, cables ...:. 5.55 5.80
Swiss, francs, '.hecks... 17.15 17.38
Swiss, francs, ?tables... 17.20 17.40
Marks, checks . 2.45 2.54
Marks, cables . 2.45 2.55
Guilders, checku . 34.45 34.70
Guilders, cables.84.55 34.80
Austrian, crown?., chks. 6.25 6.6
Austrian, crowns, cbls. 6.25 6.7
Sweden, checks . 21.45 21.05
Sweden, cables . 21.55 21.75
Denmark, checks. 16.20 16.40
Denmark, cables ?.. 16.25 16.45
Norway, checks . 16.25 10.45
i Norway, cables ....._ 16.30 10.50
Pesetas,- checks. 15.57 15.80
Pesetas, cables. 15.*i2 15.85
Greece, checks. 12.45 12.65
Greece, cables . 12.55 12.70
Manila, checks. 47.50 48.00
Manila, cables .i. 48.00 48.25
India, rupees, cheek?. . 37.25 37.50
India, rupees, cables.., 37.50 3S.00
Japan, yen, checks. . . . 51.50 51.375
Japan, yen, cables. 51.75 51.625
Argentina, checks .... 8S.15 90.40
Argentina, cablea . 88.40 90.65
Brazil, Rio, clucks.... 21.70 20.00
Brazil-, Rio, cable?. 21.80 20.125
Czecho-Slovakift, checks 2.152 2.24
Czecho-Slovakia, sables 2.22 - ?
Reserve Officers Iteappointeri
WASHINGTON, July 27. President
Wilson to-day reappointed Governor
Harding as executive officer of the
Federal jfieserve Board and Edmond
i'iutl, t?- neue, t member <_>f the board,
as vice-governor.
Transactions Yesterday in Listed Stocks
Summary of Stock Exchange Dealings
(Copyright, lOSO, New York Tribune Inc.)
Yesterday,
Knilroad stocks . 116.400
Other ?took? . 948,500
All storks .1,064,900
Day Year January 1 to date,
before. ago. 1920. 1919. 1918.
91.400 306,800 24,951,200 31,816,900 18,964,100
526,400 860,100 116,944,300 130,969,700 66,998,300
617,800 1,166,900 141,945,500 162,786,600 85,962,400
Yesterday. Day before.
L\ S. government bonds.$11,187,000 $6,149,000
Rnilroad bonds . 1,127,000 . 984.000
Other bonds . 1,915,000 1,303,000
All bonds . 14,229,000 8,436,000
Year ago. 1920. 1919.
$8,384,000 $1,857,946,000 $1,410,302,000
1,379,000 200,141,000 197,641,0(X?
3,553,000 223,819,000 211,131,000
13,316,000 228,200,800 1,825,074,000
Record of Stock and Bond Averages
(Copyright, 1020. New York Tribuno Inc.)
Stork? ' Ranee llius Hange foil
Pay V*ar Tar 1920. year 1919.
Yesterday, brfore. ago. High. Low. High. Low.
20 Railroad stocks . 61.40 61.75 75.15 68.70 58.60 78.80 63.35
30 Industrial stocks . 87.60 88.20 111.83 110.30 87.60 119.33 79.20
80 Stock? . 77.12 77.62 97,16 92,05 76.96 99.54 75.92
Bonds
10 Railroad bond? . 69.88 70.01 78.07 76.28 66.73 82.80 72.83
10 Industrial bond?. 83.26 83.25 93.87 91.45 83.05 95.70 90.56
5 Utility bonda -S- 69.05 69.02 84.50 74.53 68.34 87.75 71.80
25 Bond* . 74.66 75.11 85.68 81.71 73.94 87.91 80.21
High. Low. ?Dir.
1920. 1920. Rate.
46%
72
2%
3
25% -
61 6
53 6
1% --
1% ?
7
Advance Rumely
Advance Rumcly pf.. 200 62%
A'iiv Kubher . KOO 53
Sales. Open. nigh. Low.
600 30 30 2?
109% 103'2
53'a 30' 3
74' 4
76
84*8
39
74-''4
92%
56%
35' 2
92
P5
96' _
48' ?
10334
128%
60
613^
101 88% 7
1473g 1241 g 12
5438 39% 4
10', 2
2700
2400
400
6000
200
95'
14% -
78% 7
:-8 4
77 6
72! 2 3
89' 4 7
82 6
11% ?
16'4 ?
15| g
175
30%
122
53! .?
; I9| 2
95
99%
103'4
17%
30', 2
72 56
1001/4 89
50 35
142% 119
10634. 77
100% 92
283 205
165' '2 81
61%
21%
06' 2
6%
671.4
74%
86' 2
82
?)
176'2 137
24 2134 ?
19'4 5% ?
30% 15 3
148', 2 103'/2 7
38% 27% ?
49% 40% 4
154% 114 8
32% 17% ?
96% 77!2 5
102!, _ 81% 5
114 104 8
Alaska Gold Mine?... 1300 1%
Alaska Juneati . 400 1%
All Amer, Cable. 40 104
Allis-Chalmers . 1700 34%
Allis-Chalmcra pf ... 600 76
Amrr Art Chctn_ 400 83
Amer Agr Chm pf.. 400 85%
Amer Hank Note_ 300 43%
Amrr Rrrt Sugar .
Amer llosch Mag..
Am Br Sh & Fdry..
American Can .
American Can pf. .
Amor Car A. Fdry.
Amer Cotton Oil. . .
.80 Am Drug Syndicate
6 American Express
~ , Am Slide S: Leather
Am Hill-? & I. pf
Amcr Ire Securities.
Amrr Inl'l Corp. . .
Amer I inseed .
Amer Linseed pf. . .
Amer Loromoti>e ..
Amer Safely Razor.
Amcr Ship & Com.
Amer Smelting . . .
Amer Smelt pf. . . .
Amer Steel Fdy. 1600 35
Amer Sugar . 1900 121
Amer Sumatra Tob.. 3600 83
Amcr Tel & Tel. 1200 95
62%
54%
1%
1%
105
34%
76
84
85! 2
43%
85%
95%
58%
38
90%
62%
53
1%
1%
104
33%
75Tb
83
85%
43
83
92%
58%
37
90%
85%
95%
58%
37%
90%
2400 132% 133% 131
500 41 42 41
3900 10% 11
300 134 134
1000 14% 143
80'.,
40
79%
75
89',,
91%
14%
23%
56%
89%
2900
200
4100
1400
100
8100
1400
6000
3900
300
1600
81
40
79' 2
?5
89%
93%
i*r'B
23%
57%
89%
36
121
84%
95
10%
132
143,4
78%
40
77
72%
89%
91%
14
21%
56
89%
35
119
83
94%
38 ?
1234 ?
.53 4
2% ?
28 4
?5 6
r?j 6
12 5
5 ?
10
Amer Tobacco .
Amer Woolen . 6600
Amer Writ Paper pf. 600
American Zinc . 800
Anaconda . 6100
Assets Real Co . 200
Assoc Pry t'ijods. ... 73
A.ssoc Dry (ids 1st pf 200
Atch, Top & S F. . .
Atch. Top & S F pf. .
Atlantic, Rirm & At.
Atlantic, Gulf & W I.
Austin Nichols .
Auto Sales Corp.
Auto Sales Corp pf. .
300 209% 209% 205
n<?
Close, rhge. Rid. Aak,
29 ? 2% 29% 30%
62%? % 58% 63
63%? 4% 63 63%
1%+- % 1% 1%
1%- 1% 2
105 - 103 105
34%? % 34 34%
75%? % 74 76
.83 -t- % 82 83
85%- 85% 86
43?1 40 43
84 ? 2% 83% 84%
93%? 1% 93% 94
68'%? 1'% 57% 58%
38 - 3734 3?
90%-f- % 89 91
V33% + 1% 133% 134
42 - 41 45
Wa? % 10% 11
132 ? 5% 132 135
I434- 15 16
81 I- % 80% 81
40 ? % 40 40%
7834? 1% 78''j 79
74% I *% 74% 75
89'4- 88% 90
92%? % 92% 92%
14% -I- % 14% 143/4
22%? 2 22 23
56%? 1% 56% 57
891 '2? % 88 90
35%? % 35% 36
120%? 1% 120 120%
84%? % 84% 85
94%? % 94% 94%
205 ? 5 205 210
83' 2 84 81
46% 46% 44
13% 13% 13
54 54 53
2% 2% 2%
31 31 31
59 69 59
79% 79% 79
73% 733/4 73%
6 6 6
2100 148% 151 148% 151 + % 160% 161
100 21% 213/4 21% 2134? % 21% 22
1C0 5% 5% 5% 5%? % 6 10
100 15 15 15 15?5 13 21
36CO
500
1C0
Bald Loco Co. 66100 110 111% 108% 110%? % 110% 110%
Halt. & Ohio. 3000 31% 31%
Bait & Ohio pf. 800 43 43
Barrett Co . 2600 131% 137 .
Beth Motors . 3100 18% 18%
13%
62
15
129
8%
11%
29%
27%
28%
85' 2
46
134
100
19%
104%
108%
61%
164%
59%
27%
42 %
61%
91' a
111%
41%
66%
55
21%
44%
40%
44%
27
65%
923,4
67
56
93%
203R
97%
14%
105%
46%
43%
6% ?
48% ?
7% ?
93 10
6% ?
20 ?
12 ?
15! 4 ?
62% 6
26 ?
110 10
93 7
10% ?
57% 5
98% 7
40% 4
86! 2 10
47 4
19% 2
30% ?
45% ?
67 5
78 8
54 ' 6
42 ?
14% ?
100 8334
16900 85
300 104
500 7
100 4834
100 7%
600 103
300 5%
27
Bethlehem Steol ...
Beth Steel, Class B.
Beth Steel 8% pf. .
Bkly'n Rapid Tran. .
Bklyn Union Gas..
Booth Fisheries Co.
Burns Bros .
Brunswick .
But le Cop & Zinc . .
Butte & Super Cop.
BiUterick Co .
Caddo Oil .
Calif Packing .
Calif Petrol .
Canadian Pacific . ..
Case, J I, pf.
Case Plow .
Central Leather . . .
Cent Leather, pf. . .
Cerro de Pasco.
Chandler Motors ...
Chesapeake & Ohio.
Chic Gt West pf. . .
Chic, M & St P.*. ..
Chic, M ?Si. St P pf.
Chic ?S. Norlhwn...
Chic Pneuni Tool..
Chic, K I & Pac. . .
Ch, R I & P 6% pf.
C, C, C & St Louis.
Chile Copper .
273/4 1% Chino Cons Copper.
30% 4 Coca Cola .
Col Fuel ?fi. Iron. . .
Colo & Southern . . .
Columbia Graph . . .
Columbia Graph pf.
Col Gas & Electric.
Coraii Tab Record . .
Consolidated Gas
Cons Int Call Min. .
Continental Can . .
Continental Candy .
Corn Products . 12600 91',,
Con Textile . 5900 31
2% Cosdcn & Co. 200 36
8 Crucible Steel . 17800 144
833,
857/
104
7
30% 31%+ % 31% 32
42% 42?%? % 42 43%
131% 137 + 3 136 136%
18 18%? % 18% 19
8334 833/4? 1% 82 84
823/4 84%? 3/4 84% 84%
104 104 ? 1 105 107
7 7 - 6% 7
48% 4834 48%-? 48% 49%
7% 7% 7%? 3/4 7 8
104% 100 104%? 3 102 105
5% 6% 5%? % 6% 6%
8 8 8 ? % 734 8
21% 20% 21 ? 1% 20% 21%
12% 12% 12%? % 12% 13
15% 15% 15%? % 153/4 16
68% 68/2 68/2? % 68% 70
27 27 27 -- 2 27% 29
2100 118% 120% 118% 120%+ 1% 120
28 3
20 ?
24% 1
80%
50
44
74%
10%
78
10%
76%
25
30
278' a 115/2 8
603a 44 7
59% 39% ?
?35% 77 7
99% 83% 9
210 165 10
9 4 ?
16% 9 ?
13 9% 1
130 115 12
3% 3 ?
28 18 ?
29 151/4 ?
400 23%
7100 27%
100 80%
1600 54
200 43
1000 75
600 11
200 82
1400 12%
147
104%
15%
25%
17%
95
91%
16%
44%
48
36%
19%
75%
76%
172
42
85%
93
85%
4934
84%
41%
84%
46%
77%
109%
?3%
93%
27
88
61%
4%
16%
74% 5
93% 7
9% -
17' 2 ?
12% ?
65% 8
80 8
10 ?
26% 7
27| 2 3
20 --
11 ?
58' g 6
49 2
134 8
20%
68%
80
57%
13 1
80% 7
13% ?
C9 5
47% 4
3% -
9%
142% 11234 7
115 105 7
51% 27% ?
76% 6
Cuba-Amer Sugar . . .
Cuba Cane Sujrar...
Cuba Ccnc Suirar pr.
Delaware & Hudson.
I) L & W.
Denver & Rio Gr. . . .
Denver & Rio Gr pf.
Dome Mines .
F.lec S'.orago Battery.
Klee Storage Bat rts
Elk Horn Coal.
Emerson-Brandt ....
Endicott-Johnson ...
Endicott-Johnson pf.
Erie . ? i >
Erie 1st pf.
Erie 2d pf.
Famous Players ....
Famous Players pf..
Fed Min & Smelt. . .
Fed Min & Smelt pf.
Fisk Rubber Tire...
Frccport-Texas Oil...
Gaston, Wins & Wig
General Cigar .
Gen Amer Tank Car.
Gen Electric Co.
General Motors .101600
Gen Motors 6% deb. 200
(?en Motors 7% deb.
Goodrich, IJ F.
Gray-Davis .
Great Northern pf..
Ct North Ore subs..
Gulf States Steel. . . .
Hendee Mfg .
Has & Bar Car Co. ,
Houston Oil .
Hupp Motors . 2100
Illinois Central . .
Int'l Agriculture
Int'l Agricult pf.
Inspiration Copper
Inter-Cons Corp .
Inter-Cons Corp pf
3600 45 45 44 443/g?
91C0 43%* 44/4 43 43%?
1200 77% 77% 77 77 ?
800 88% 88% 85% 88 ?
200 200 200 200 203 -
1200 4% 434 4% 4%?
600 914 9% 9% 9%+
400 10% 10% 10 10'/2
100 115 115
800 3% 3'/,
400 21 21
100 15% 15'/<
3100 76 77
200 94 94
12 12/4
1400 19 19
600 1-3% 13/,
18C0 72% 74
200 84'% 85^
12 12
33% 33/j
29% 30^
21% 22
11% 11/
62 62
73% 73%
?14
100
200
3600
500
500
300
400
400 81
2900 57%
400 21%
14C0 68%
3800 34%
400 5538
700 28! 2
3900 69
3800 100
14%
200 83
200 21 .
400 8O34
2600 49
200 3%
200 10
139/2? % 139% 140
21/2?2 21% 21%
71 - 70 72
81 ? 3% 80 81
59 + 1 58% 59
213/4? 134 22 25
68%+ % 68% 69
35 + % 34% 35
56%? 34 56% 57
28' ? 2% 22 28
68 ? 1% 68 68%
10434+ 6% 104% 105
14%? 1% 14% 14%
82%+ % 82 83
20?2 18 20/a
80%? 3% 80% 82
48%? % 48% 49
3%- 3% 3%
10 ? % 9
111%
170
84
91%
79%
26%
9%
47%
51%
7%
19! 2
48! 2
152'. 2
105
33%
48%
91%
43
50 ?
72 7
62% ?
70 6
15% -
634 6
36% ?
36% ?
6% ?
13% ?
40 4
85% 4
95 8
24% 2
21!
63
Inl'l Harvester . 1200 127% 127% 125% 126?%? 13/4 125
105 - 105
28%? % 2714
78 ? 1% 77/s
53%+ 1% 52
80 ?- 80' ?'
79 ? % 78"
73%-- 72?/
18%+ 34 171,/.
7%- 7
42%+ % 43
45%+ 1% 4434
6%? % 6I/4
17 + % 16
45 - 43
91 + 2% 90
98?2
24%? ?/<
24%? % 24
100
4400
3800
3900
500
200
Int'l Harvester pf
Int'l Mer Marine. .
Int'l Mer Marine pf
Int'l Motor Truck. .
Int'l Mot Tr 1st pf.
Internat'! Paper .. .
Int Paper pf stpd..
Internai'l Nickel
Indiahoma
Invincible Oil ^. 17100
Iron Products . 1900
Island (Til <?. Tr. 10100
Kansas City South... 1600
4 Kansas City So pf... 500
4 Kelly Springfield . . . 3?400
3 Kelly Spgfd 8% pf
2 Kennecoti Copper
1.20 Keystone Tire ....
6 Lackawanna Steel .
37 ? Lucledc (?as .
47% 393/4 3% Lehigh Valley _
36 22 2 Loews, Ine . 3900 22%
28 14 ? Loft Candy . 1400 143,4
183% 131% 12 Lorillard, P .
Louis & Nashville . .
Mackay Cos pf.
Mauali Sufrar .
Manhat Elevated . . .
Mariin Parry. .
Max Motor ctfs.
Maxwell Motor Co. . .
Max Mot 1st pf ctfs
Max Mot 2d pf ctfs
Mexican Petroleum . . 31600 180
Miami Cons Copper.. 800 20
1.60 Middle States Oil ... 17800 2034
4 Midvale Steel . 4100 3934
Minn & St. L new.. 2200 12%
Minn, St. P & Ste M 500 683,4
Missouri, Kans & Tex
Missouri Pacific ....
Missouri Pacific pf..
Mont Ward Co. 1400 30'
Montana Power pf.. 400 95
100 105 105 105
3100 28% 28/, 27%
1900 77% 78% 77%
1000 53 53% 52
200 80 80 80
5100 78% 79 76%
30 73% 73/2 73%
2000 17% 18% 17/4
1000 7 7% 63,?,
127/
97% 101
24% 24%
30! 2
?5%
I12/2 97 7
64% 59% 4
151% 101 10
52' a 38% 7
20 ?
10' 2 ?
12% ?
24 ?
11% -
161 10
18% 2
20'
39'
9 _
63 7
3%
21 ?
o2%
30%
222
26
71%
52%
18%
80
11
31%
49% 36 ?
40 30 ?
100% 95 7
200
200
3100
1000
100
600 6%
3600 24?4
2800 41%
180% 176% 1791,4?
20% 20 20' ?
21 20% 21 +
40% 39% 40% +
12% 12 123/4?
08% 67% 67' z?
V% 6 6%?
21 24 24%?
4P 4 403% 41 _
30% 30 V 30%?
99 95 8? ?
High.
1920.
61
40
11?
86%
98
80
13
89' z
?3'/4
110
71a
17%
47?4
117
771/2
361/2
48?/2
61
36P4
843 g
77%
293?
5%
9%
4 Us
65
73
38%
116%
111%
431/2
36%
94
42
32
42%
441/2
82%
108'/2
23'/8
98
64%
33%
27%
113%
104%
50%
124
120
106'/a
106%
223/4
943/4
45
94
23
84
12434
10634
5534
93 %
123%
21%
17%
26?4
18
30
18 '/j
25%
243
13
90%
483/4
82%
105%
310
30%
60 ?/a
870
Low. Dir.
1920. Rat?.
Halm
Net
chge. BW. Aak.
32%
32 Vi
103%
44
83
62
7%
63%
72%
100t'8
4%
11%
31
92
64/4
23%
28
45
23%
66%
49%
25%
3%
5% ?
2U
3
4
1
6
6
3
8
47
40/2
28%
71%
6734
37%
20 ?
90 7
30 ?
22/4 ?
33% 3
36% ?
43% ?
90 8
13 ?
8
5
MuUiiu Body ...... 200
National Arme .
National Biscuit pf..
National Aniline . . .
National Aniline pf..
Nafl Cloak & Suit. .
Nat'l Con & Cable. .
Nat'l Enam &. Stomp.
National Liad .
National Lead pf. . .
NRRof Mex 2d pf.
Nevada Con Cop....
New Or, Teje & Mex.
New York Air Brake.
New York Central..
NY, Chi & St Louis.
New York Dock
New York Dock pf. .
N Y, N H & Hart. .
Northern Pacific ....
Nova Scotia Steel. . .
Ohio Body .
40 Okla Prod A Ref. . .
Ontario Silver .
Otis Steel . 2100
Owens Bottl Much
Pacific Dovelop't
Pncifir Mail .
Pan-Amer Petrol . .
Pan-Amer Petrol B.
Pennsylvanie R R.
Penn Seab Steel_
Penn, J C pf.
Peo Gas & Coke...
P?re Marquette ...
Philadelphia Co. 1000
81
51%
21%
15%
84
96
37
109
74
88%
96%
15%
643/4
33%
58% ?
15 ?
75 ?
84% 6
93 7
37 ?
34%
73%
7 ?
14% 1
15% ?
11 ?
20% ?
10 ?
" A
Phil Petrol .
Pierce Arrow .
Pierce Arrow pf....
Pierce Oil .
Pierce Oil pf.
Pittsburgh Coal.
Pitts & W Va.
Pond Creek Coal. . .
Pressed Steel Car...
Pressed Steel Car pf.
Pure Oil Co.
Pullman Co .
Punta A leere Sugar.
Rlwy Steel Spring:. .
Rlwy Steel Spring pf.
Ray Con Copper. . . .
Reading; . 24900
Reading 2d pf. 100
Remington Typewtr. 200
Rela . 400
Reis pf. 100
Rep Iron & 8teel... 12900
Rep Iron & Steel pf 200
Rep Motor Truck... 500
Replogle Steel . 6100
5.60 Royal Dtch N Y Shrs 4900
Saxon Motors . 2400
St Joseph Lead. 300
St Louis ?S. San Fran 7100
St L & Southwtn... 2900
St L & Southwtn pf 800
Seaboard Air Line pf 800
Santa Cecilia Sugar. 600
Sears Roebuck . 200 139% 13934 1393.4 1393,4+ 1% 136
113% 100%
51% 37%
118%
126%
101%
105
60
13%
50%
47
53%
17%
95%
106
34%
38%
66%
38
124%
69%
53
224
13%
29%
25%
55%
37%
78%
116%
693/4
96%
143%
115%
76
47%
109
138/2^8
8% ? Shattuck & Arizona. . 300
66% .74 Shell Trans Ter.... 3600
27% ? Sinclair Oil .28100
Bloss-Shei Stl & Iron. 600
Southern Pacific .... 15900
80 Por Rico Sug. ..
Southern Railroad .
Southern R R pf. . .
Stand Oil of N J..
Stand Oil of N J pf
Stewart Warner . ..
Stromberg Carb . . .
Studebaker . ?KG!
Studebaker pf ....
Stand Oil pf.
Superior Steel ....
Tenn Cop & Chem
Texas Company
61 6
88% 6
200 20
18 ?
50 5
625 20
7
50 4
59 7
92 7
100% ?
41 6
9% -
43% 10
25 ?
42
IO/2 ?
Texas & Pacific. 88C0
.60 Tex & Pac C & Oil.
603/4 6
85 7
27% ?
13% ?
47% 6
27 ?
110 10
61% 4
40% 4
176 12
8% ?
17 ?
1534 ?
42% 5
6 ?
53% 6
77% 8
40 ?
64
88%
104
56
. 41%
87%
11534 10434
8O34 64%
97
- 80%
119
21
10%
31
76
12%
42
59'/a
76
16%
7
20'/;
48
8% -
Third Ave R R._
Tobacco Products . . .
Tobacco Products pf
Times Square Auto..
Transcon Oil .
Transue W Steel_
Union Oil . 2600
Union Pacific . 19C0 113
Union Pacific pf.
United AIlo> .
United Fruit .
United Ry Invest_
United Ry Invest pf
U S C I Pipe & Fo
U S C I P & Fo pf
U S Express.
U S Food Products..
U S Ind Alcohol_
U S Realty & Imp. .
United Retail Stores 12900
United States Rubber 12100
U S Rubber 1st pf.
U S Smelt & Ref.
V S Smelt & Ref pf 600
U S Steel . 69100
16
23%
17
28%
13
18
138
10
67
27%
67
90%
285
27%
57%
641
105%
39%
79%
653,4
95
104%
52
9%
44 %
35%
43
12
64
323/4 *20% ?
67
119
55%
?32%
14%
22%
59%
32
93
33
145
95/4
54% 4
103 7
44% 4
51% 5
9 ?
15 ?
47 4
16% 1
77% 7
25 ?
100 8
60 6
*Ex dividend.
U S Steel pf . 1400 107% 107% 106% 106%? 1% 106% 107%
Utah Copper . 2600
Vanadium Steel ... 44100
Virgrinia-Car Chem. . 700
Virginfa Iron, C & C
Vivaudau . 1000
Wabash .
Wabash pf A.
Wells Fargo Express
Western Maryland . .
Western Pacific ....
Western Pacific pf..
Westing Air Brake. .
Westinghousc Mfg . .
Wilson Co .
Wheel & Lake Erie.
Wheel & L Erie pf..
White Motors . 4800
Willys-Overland _ 10900
Willys-Overland pf
Wisconsin Central
Woolworth .
Worth Pump & M
300
100
100 106
2900 60' ?
Equipment Bonds
(Quoted on income percentage basis)
Name. Rat?3. Maturity, Bid. Ask.
Halt & Ohio... 4VS 192?-'2? 8.50 7.60
Beth Steel ... 7 1921-'30 7.75 7.25
Bost * Alb... 4Vi 1920-'27 7.50 7.00
Buff, R & P.. 4Vi-5 1921-'33 7.50 6.75
?do. 6 1921-'33 7.75 6.75
Canadian Nat. 7 1935 7.35 7.15
Canadian Nor 4V4-6-6 1920-'29 8.50 7.25
Canadian Pac -i Vi 1920-'28 7.50 7.00
(lo. 6 1920-7:2 8.00 6.75
, C, C i St L 5 :r)21-'29 7.75 7.00
do. 6 l'J21-,27 7.75 6.75
Ch?s die Ohio.. 4Vil 1920-'27 7.50 6.75
Ch. R I & Pac 4Vj-G 1920-'27 8.25 7.00
Chi & N W_ 4 Vi 1920-'23 7.50 6.75
C. St L & N O. 5 l?t?O-'?? 7.75 6.75
Del & Hudson 4V4 1322 7.50 6.50
Erle . <V?-6 1020-'27 s'5 7.00
Frisco Cons... 5 1921-'2 2 3.26
111 Central_ 4Vi-5 1920-'2? 7.50
Kan City ?so.. 5 r.?20-'24 7.75
Louis & Nash. 5 1920-'23 7.50
Mich Central. 6 1921-'32 7.37
do . 5 1920-'30 7.37
M,SPtS?M 4V?-5 1920-'2? 7.50
?lo. 6 1921-'30 7.60
do. 7 1921-'30 7.60
N Y Cent 1. .. 4Vi 1920-*28 7.37
do. 6 1920-'22 7.37
N Y Cent R R 4 Vi l9?l-'33 7.60
do. 7 1921-"35 7.15
N Y, C ?fe St L 4 Vi 1921-'26 7.75
do. 6 1931 7.25
N* Y, N H * H 4V4-5-6 1920-'28 9.00
Norf & West.. 4 Vi 1920-24 7.25
North Pacl?c. 7 , 192"l-'30 7.00
Pac Fr Exp.. 7 1925 -'35 ?.00
Pennsylvania.. 4-4','j 1920-'23 7.12
Reading Co... l'? 1921'27 7.12
Seaboard - 4'.i-5-6 1920-'27 8.25
Southern Pac. 4 Vi 1920-'26 7.25
do. 7 1924-'35 7.00
Southern Ry.. 4Vi-5 l920-'26 x.oo
Cnion Pacific. 7 1924-'35 7.00
Virginian Ky. s i:?20-'30 7.?o
Wabash . 5 1921 10.00
Sell British Columbia Bonds
Announcement was made yesterday
of the sale in this market of a new
issue of $2,800,000 Province of British
Columbia 6 per cent five-year gold
bonds. Blyth, Witter & Co. and the
Seattle National Bank made the offer?
ing. The bonds were offered at 92.85
?And interest to yield 7.75 p?r cent.
i They mature June 30, 1925.
McEiwain Co. Earnings Grow
The annual report of W. H. Mc?
Elwain <fc Co. for the year ended May
31, 1920, shows net earnings, after de?
preciation, were $4,079,626, as com?
pared with $1,643,099 in 1919. After
deduction of Federal income and profits
taxes, profit-sharing, etc., the balance
? was $2,448,710, equivalent to 34.29 per
| cent on the amount of first preferred
| stock outstanding at the end of the
year, against 19.53 per cent in the
previous year.
??-??
Paris Market Irregular
PARIS, July 27.?Prices were irregu?
lar on the Bourse to-day. Three per
cent rentes, 58 francs 90 centimes. Ex?
change on London, 48 francs 35 cen?
times. Five per cent loan, 88 francs
65 centimes. The dollar was quoted
at 12 francs 72% centimes.
London Money Market
LONDON, July 27.?Bar silver, 55%d
per ounce; bar ?-old, 108s 9d; money,
5% per cent; discount rates, short
bills, 6(?x6% per cent; three month
bills, 6%@6 11-16 per cent; gold pre?
miums at Lisbon, 140.
-????-_
Slocks Ex Dividend
Date. Company.
July 31?Allts-Chalmers M ffr. Co... 1 ft
July 31?Am Drug. Syndicate.. 40c
Julv 30?Atcly, T. & S. F?;- Ry. Co. . . 1 ttft
July 30?Barnet leather Co. inc.. ivaf?
July 31?Colorado Fuel & iron Co.. M* !
July 31? do pf . 2 ft
July 31?Columbia Gas & Elec. Co 1 Vi %
July 31?Conn. Ry. &? Ltgr. Co. l%% I
July 31? do pi . lH,"o j
July 28?Contln. Bank of New York jl?!
July 31?Eastman Kodak Co.er. 6 %,
July 29 ?Lincoln National Bank . 2 14 ft
July 31?Nor. ?fc W. Ky. Co. adj. pf. j if,
July 31?-Pullman fo.?-.. o ^ ?
July.31?Sears-Roebuck ?fc Co..... ?. ?, j
July ?8~S10SB-She? 8. & I. (%.. . luftl
July 31?Stewart-Warner Speedom?
eter Corp.^ j ^
In Wall Street
"Coppering" the Expert?
So many of the market writers for
brokerage firms have been wrong thi?
year in their diagnosis of price move?
ments that a hopeful sign was seen yes?
terday in their predictions of still
lower quotations in the near future.
With few exceptions the majority of
market letters that went out last night
were saturated with indigo. If past
observations count for anything the
commentators are just as likely to be
wrong this time as they were when
they were advising their customers to
buy stocks when prices were much
higher. Now they are laying great em?
phasis on the strained credit situation
when conditions were no different al
few weeks ago, and, in the opinion of ?
conservative bankers, are not likely to j
get any worse, despite the expected
heavy demand for crop-moving pur- ,
poses.
Genera] Motors Weak
More than two-thirds of the selling
in General Motors yesterday was re?
ported to have come from one house.
On the floor of the exchange it was
said that brokers representing this
firm put in buying orders in other
parts of the list to give the market an
appearance of strength so that the j
liquidation in G. M. could fro on without ;
attracting too much attention. The ?
stock was weaker than it has been at j
any time since the exchange from the i
old $100 par value shares. After open
ing at 23% selling orders appeared in :
great volume, and it was not until the
iast hour that the stock showed vn>'
rallying power. The total turnover
amounted to nearly 100,000 shares, of
which it was said 75,000 shares came
from one house. At 20% the stock was
only three-quarters of a point above
the price at which the Morgan group ;
recently underwrote 1,419,000 shares of ?
new stock. The high of the year was 42. ;
United States Steel's Report
United States Steel's report for the
June quarter, in which nearly $4 a
share was earned for the common stock,
was considered a good one, consider- j
ing the relatively small April earnings. !
In order to offset a drop from $15,704,
900 in March to $12,190,446 in the first!
month of the second quarter May and
June had to greatly outstrip January
and February, and this was done with a
total margin of $1,066,686 for the sec?
ond quarter. With business coming in
at the rate it was in Mai'ch, the only
apparent explanation for the sharp j
slump in April was the outlaw railroad j
strike, which hr.d the effect of greatly i
restricting operations. The Steel Cor?
poration was also handicapped by the
fact that many of its own cars had been j
diverted to other lines by the railroad j
administration and had not yet been !
returned the first month of the second j
quarter.
Frisco Income 6s
The syndicate which has been offer- !
ing the $10.000,000 block of St. Louis ;
& San Francisco income 6 per cent
bonds, sold originally in France, has i
practically placed the whole issue with
investors, it was learned yesterday.
The bonds were offered at 47 to 47V?, ,
and have been pronounced an attrac?
tive speculative investment by invest?
ment bankers. It is asserted that the
full 6 per cent will be paid on the
bonds next October when the payment,
is due.
Crucible and Houston Oil
The shorts in Crucible Steel and
Houston Oil experienced considerable
difficulty yesterday in buying back
stock sold in anticipation of a decline
without spiritedly bidding up the prices
of these issues. Houston Oil was the
I particular star performer in this re
sp'ect, as the stock advanced from 93
: to 106, and closed more than seven
! points higher, at 104*^4. A drilling
campaign on the company's property in
the Hull field, Texas, has resulted in
the completion of four new wells in '
the last two week3, with a combined
initial production of 5,000 barrels.
Crucible lived up to its reputation as
being a mystery stock by showing
greater rallying power than the other
steel shares. After selling down to ;
141% it recovered at the close to 148,
where a net gain o? 2% points was
recorded.
i _
No New A. T. & T. Financing
Despite that this is the time of
year when American Telephone and
Telegraph officials begin figuring on
how much capital will be required to
meet the company's financial require?
ments for another year, it can be stated :
that no new financing plans are now j
under consideration. This is not to
say, however, that the management |
would not take advantage of any favor?
able opportunity that presents itself
for financing purposes, as it has been
-.he policy of the company in the past
to look well ahead in providing for its
needs.
_
Union Pacific's June Earnings
Although its net operating income
for June was $1,504,876 less than for
the corresponding month a year ago,
the Union Pacific has still been able
to report an increase of $?.,686,095 in
the six months net, the operating in?
come, for the half year being $19,
914,572. Gross for the six months ;
ended June 30 amounted to $92,882,262,
a gain of $13,608,912. This sum, how
ever, includes $3,176.206 back pay for
handling mail during the vears 1918
and 1919.
General Electrlc's Orders
It was, estimated yesterday that the
General Electric Company billed orders
at an annual late of $260,000,000 in the
six months ended June 30. This is
under the estimate of three months
ago and was revised because of the
railroad strike and the subsequent
transportation tie-up. In its profit and
loss account submitted to the Boston
Stock Exchange for the five months
ended May 31 the company reported net
income after all charges, depreciation
allowances, etc., but before Federal
taxes, of $15,286,687, indicating a net.
for the year o? $ 6,688,000. This figure
compares with last year's total of
$36,077,970.
Japanese Exports
The Japanese government intends to
adopt a moro liberal attitude toward
exports, according to reports received
from United States commerce agents
in Japan. While export control of cer?
tain commodities remains in force, it ,
is said, the government, owing to the :
recent commercial and financial crisis, ;
has decided to relax export embargoes ;
and restrictions as to licenses. Prod?
ucts affected include paper pulp, print- ;
ing paper, with the exception of news- j
print; fertilizers, rice, wheat,Parley
arid cotton yarn.
Dividends
Initinl
Atlantic Sugar Refining Company,?An
initial dividend of 10 per tient a share ha?
hi en declare.) In addition to a dividend i
of L'S per cent on the accumulative pre- i
fcrred.
Regnlar Declaration?
Stork
holders of
Rate. Pd. Pable, record.
Am. AV'r Wks. &
Kl lnc 7% nir p/.J \", Aug. 16 July 31 i
Am. H. & Leather
Co. pf.1H* Q Oct. 1 Sept. 11
On. A?ph*t Co. pf.lV?,7o Q Sept. 1 Aug. 16
Lcndon Joint City
A Midland B Ltd
int.9* S-A
?. S. St?el Co-114?, Q Sept. 8? Au?. 30
do pf .I**,*? Q Aug. 30 Aur. t
Stern Bros. pf.... l>K'*? Q Sept. 1 Aug. 30
do pf., back pay.lli' Sept. i Aug. ?*?>
Con Ci? <"orp. pf.i?t'r ?_j piept, i auk. 16
Arniuur Leath. Co.": % Sept. 1 Aug. 11
Exempt from all
Federal Income Taxet
$35,000
City of
Gaston?a, N. C.
6% BONDS
Dut July hi. 1931 to 1951.
Gaf!.0^ h" ? .Populaikm of
over l?.UUU and u the ju?diei<?J sett
of Gaston County, one of the betf
??gricultural counties in North Car?>
line.
These bond? are a t*aerj obli
gation with an unlimited tax to pn
principal and interest at maturity.
Price to Yield 6%
Spitzer, Rorick
& Comp-any
Eilabtithed 1871
Equitable BIdg., New York
Toledo Chicago
How Strikes
Affect the Farmer
Under-production
a Safeguard
Discussed in this week's issue of
THE BACHE REVIEW
Tht REVIEW It Issued ue.kh and
Coplea mag be had upon retmut.
J. S. Bache & Co.
ESTABLISHED I8W
Member? Nete Yark Stock Exchange
42 Broadway New York
Brsschss and Correspondants
throughout ? ht I'?;?*, but?.
Earned More Than
the
Government Guarantee
and showing further im?
provement for 1920 is
the exceptional record
of the
St. Louis-San Francisco
Railway Company
We are offering the 6%
Adjustment Bonds of
this Company at a price
of
61 to yield about 10%
(subject to sale)
Interest paid since dat?
of issue.
Full participar? gladly
furriehed on re?ueat.
CAJR?TAI1\S frCa
If ember*
Tfe") York Stork Errhang?
New York Cotton Exchange
Philadelphia Stock Exchange
Telephon? 6110 Bowline ?jreen
71 Broadway
New York
1419 Walnut St., Phiia.
?TyTTT^VT? '??*????'
ryy^M
Wiile market swings Indi ate
a difference of opinion?
Both Market and Value Side of
HOUSTON OBL
covered In a sis; also
other special artii . a .tures la
MARKET OPINION? Ash tor B-56.
R.H.MacMASTERS&CO.
Uembers Consolidated Stock Kreh , JT T
82-84 Broad St. New York
Phone Br;nd ?380 WMrat Fiaar
CHICA(K) MILWAUKEE
Odd Lots
IVnte Dept. It.
?AjSHOLM &(hAP?MAII
Uembers .Veto York Stock Exchange
71 Broadway New York City
Uptown Office.60 B. 4?nd St.
Circle OfflYe.205 W. 57th St
Uarlem Office. 290 I-enox Av., cor. 126th ot
Brom um? -.jji E. MSthSt.
Brooklyn Office.32 Court St.
Yonkers Office.12 N. Broadway
Newark Office.~'~ Broad St.
PRICfflTT & OQ
M-embers NY. Stock Exchange
SIXTY BROADWAY
NEW YORK CITY.
I. M. TAYLORS CO.
Incorporate
INVESTMENTS
7 Wall Street
Boato* cl*Tv#1??f
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New-York tribune. [volume], July 28, 1920, Page 14, Image 14
About New-York tribune. [volume] (New York [N.Y.]) 1866-1924

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New-York tribune. [volume], July 28, 1920, Page 14, Image 14 About New-York tribune. [volume] (New York [N.Y.]) 1866-1924

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New-York tribune. [volume], July 28, 1920, Page 14, Image 14
About New-York tribune. [volume] (New York [N.Y.]) 1866-1924