New-York tribune. [volume], August 02, 1920, Page 12, Image 12

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

Image provided by: Library of Congress, Washington, DC

                
Picked From Our
August Purchase Sheet
Cl-M of Security Yielding
Municipal .?.OO?.
i'.madlati Municipal. .7.50%
ImlnMrUl .7.75%
rubllc I'UIit.v.8.04".
Railroad .8.??V*?
Foreign (lov't.0.80*.
Ronde referred to above hav?
our reeon*mendntlon They are
listed In our Ansrust circular,
?which will be sent on request
for AK-3I2.
The National City
Company
Mai* 0?m- National City Bank BulUlai
U?t??n Offle?: Fifth Av?. 4 ?3rd St
Olfir?? In over SO Cltlea
.E
cochrane
Harper
&Co.
Ill Broadway 60 S tat? St.
NEW YORK BOSTON
Invincible
Oil Corporation
Lclest circular on request
WEEKLY LETTER
Olflnc current n?wa and de-elopmont of
INDEPENDENT
AC
STANDARD OILS
Furnished upon requaat
?_=
Early Maturity
?Large Returns
America's most popular
musical instrument?the
talking machine?makes
millions for its manufac?
turers.
We. offer
Columbia Graphophone
Manufacturing Company
Five Year 8r; Gold Notes
This Company earned "ver 41-?
times a'l Interest charges last
>t?ar. Net tangible assets are
\ 1-3 times par \aluo of this
<8SUe.
Price 100 and Interest,
to Yield 8ro
Ask for Folder TE-29.
Ilollister,
White & Co.
92 Cedar St., Cor. Trlnltv PI.
Telephone Keotor 3001
NEW YORK
) lostim PhiladelplUa
J
8.45% Yield
2V2 Year Maturity
An exceptionally attractive in?
vestment with a broad market.
Louisviiie Gas
& Electric Co.
Bond Secured
8% Gold Notes
$100, $500 and $1000 denominations
Ask for Circular NYT-60
H.MByilesbyGCo.
Inc orpnralr d
III Broadway New York
Chicago - Providence - Boston
McClure, Jones &Reed
Members New York Stock Exchange
Bonds for Investment
Listed Securities Carried
on Conservative Margin
115 Broadway New York
Telephone Rector 7662
I Bonds for inveshns-..;
Harris, Forbes & Cs
Pine Street, Corner William
NtW YORK
HARRIMAN NATIONAL MM
Fifth Avenue & Forty-fourth St,
New York
Banking Hours from 8 A. M. to S P. JV1.
Safe Deposit Vsulti 8 A. M. to Midnigh:
We Finance
Hlectrlo power and light enterprises
with records of established learnings
Electric Bond & Share Co.
(Pald-Up Capital and Surplus $3-4,1)00,000)
71 litomlwa.v. Sen Vorh
Trade and Finance
developments of the Week
and Their Bearing on
the Outlook
One of thm greatest uncertainties
overhanging the financial markets has
been removed with the announcement
of the decision of tho Interstate Com?
merce Commission granting the, ronds
liberal increases in freight and passen?
ger rates. It looks a? if the carriers
have at last come to the end of their
troubles and that an nil important
step has been taken to a restoration
of railroad credit. Railroad securities
should make a sharp response to this
development.
Th? story of business and industry
to-day the country over ?3 one of
credit and transportation problems.
An acute shortage of credit and serious
railroad congestion are doing more
than anything else to bring about a
general slackening of trade. More?
over, there does not appear to be any
relief in sight. Reports from various
industries have been more or less un?
favorable, with evidence of further cur?
tailment of operations in many lin?s.
Here was the explanation last week of
the sudden weakness that developed in
i he speculative securities market,
where prices gave way unexpectedly
and industrial shares fell to new low
records for the year.
Wall Street has lost much of the
tone of optimism discernible only a few
weeks ago and is coming more and
more to atfealization that the times are
not propitious for a revival of specula?
tive operations. The stock market
last wee-k, as on recently preceding j
weeks, suffered mainly from a lack of :
buying power. Nobody cared to buy i
stocks and such a condition invited
selling by tho professional trading j
element. The professional selling in?
duced a certain amount of liquidation
which was responsible for forcing the?
share list toward lower levels.
The stock market will likely overdo
it on the downward side just as was
the case on the upward side last year.
The question confronting the man who |
buys stocks for a rise or sells them for i
a fall is whether or not stocks in the
, toady decline since last November have I
fully discounted the period of business '
and industrial readjustment now being
experienced. There is chance harre for j
debate. Stocks in their decline this !
year have fallen anywhere from 20 to
100 points from the top lorvels of 1919.
Certain industrial shares have suffered
much more severely than others. As a
result the stock market list offers to
day many shares which are without a
doubt selling far below asset values.
But few persons are willing to buy
even ' at these levels because of fear
that the present business unsettlement
will carry considerably further and
react even more disastrously upon
earnings. This lack of confidence is
largely a psychological condition. But
then a bull or a bear market is more
or less a matter of psychology.
The Wall Street view at the? moment
is well expressed by a prominent
broker: "Curtailment of speculative
activity seems the first requisite just
now, and the new trading furor not
only made the banking situation for the
moment a more important considera?
tion, but has to an extent checked
necessary movement of new issues to '
investors, which has helped in formula?
tion by the banks of plans for fall
financing. The man who has the good
of the situation at heart will for the
present discourage unnecessary specu?
lative activity. Great good has been
done by liquidation in commodity mar?
kets, for it is possible to figure how
the break in foodstuffs has cut down
probable credit employment for crop
marketing by hundreds of millions."
Banking opinion, despite the? gloom
in stock market circles, is quite hope?
ful. Governor Harding, of the Federal
Reserve Board, discussing the credit
situation last week, took a rather op?
timistic view of the outlook for the fall
and went ?so far as to say that the coun?
try is entering the new crop-moving
season in a much better position than
was anticipated four .or five months
ago. This improvement has been due
largely to a better movement of cars
in the Middle West, which has made
possible the shipment to market of last
year's carryover of corn and wheat,
valued at approximately $300,000,000.
This, of course, has meant the release
of th.at amount of "frozen" credit. It
is likely that could the present rail?
road congestion be cleared up many
of our current credit problems would
disappear over night.
The National City Bank In Its
August review of financial and eco?
nomic conditions say: "Notwithstand?
ing the stringency of credit and the
heavy price declines that have oc?
curred in home lines, the situation has
been very free from insolvencies. A
few important houses have been obliged
to ask for extensions and in sev?
eral instances committees have been
appointed, but in al! of these instances
creditors have been satisfied that the
parties were solvent and would be able
to continue? business. In some lines
where there has been a very rapid ex?
pansion of production, as in silk manu?
facture, a good many small, new con?
cerns which started with little, capital
have been obliged to cease operations,
but their liabilities have not been large
enough to occasion any disturbance.
Tho general opinion among well-in?
formed people is that the business
structure of the country is far stronger
than at any time of crisis in the past,
and that a disturbing number of in?
solvencies is not lik? ly to occur. The
most hopeful feature of tho situation
is the fact that the public seems to
be finally impressed that expansion
must stop and that business must be
handled within existing lines of credit.
Expansion has boon so much the order
? of ihe day, and higher wages and
, prices so readily obtained, that it has
been ?/ylicult to change the attitude
of mind, but common sense tells sen?
sible people that such a riot of infla?
tion cannot aro on indefinitely and that
every interest will be served by halting
the movement. It will be stopped when
production catches up with demand or
domnnd is hold down within the norninl
capacity of the. industries. It is the
attempt to buy more goods than there
are, build more houses than there is
materia^ for, hire moro men than there
are and do more business than the rail?
roads can handle that forces up prices
and calls for moro credit. Tho coun?
try cannot make up for all the lost
construction of the war time at once,
and is the less able to do bo because it
is working shorter hours and spending
more for current consumption than
formerly."
Frimo investment securities continue
to find ready absorption and recent of?
ferings of high income yielding bonds j
that are well secured have attracted
a steady flow of investment funds. This
is one of tho best features of tho gen?
eral financial situation. If once the
railroad outk>ok is cleared up there
should develop an excellent market for
old outstanding mortgage issues, which
at present are selling on the lowest ;
price basis in more than a generating. ,
Amer. Locomotive
Earnings in Six ?
Months Show Gain
Increase in Gross Manufac?
turing Profit Cut by Great?
er Expenses; Earnings
Reported $7.61 a Share
With a gross business of $21,769,670
for the six months' period ended Juno
30 last, the American Locomotive Com- '
pany returned a surplus after pre?
ferred dividends of $1,902,199, equal to :
$7.61 a share on the $25,000,000 com- ;
mon stock outstanding, compared with
?G.81 a share earned the preceding six
months. j
The increase in gross earnings
amounted to $1,139,595, but there was
an increase of $1,101,580 in manu?
facturing expenses, including depreci- !
ation, so that the gain in manufactur?
ing prolit, totaling $3,135,911, was only
$38,015. Further deductions included
$49,265 for interest charges and $309,
?447 for United States and Canadian in?
come and express profits taxes. This
left the net profit before preferred
dividends At $2,777,199, an increase of
3200,028, due to a falling off in tax re?
quirements of $151,952.
Other features of the report wore:
Inventories of materials and supplies
on hand and work in progress -'une 30,
?12,853,418, compared with $7,364,147
on December 31, 1919, an excess of ;
current assets over current liabilities
on June 30 of $36,350,489, compared i
with $35,686,011 on December 31; on
June 30 the company had no loans \
payable and had in its treasury on that ;
date $11,500,000 of United States
Treasury certificates and $5,919,950 of
Liberty and Canadian Victory bonds.
Unfilled orders for new locomotives
on June 30 totaled $44,073,632, inelud-;
ing $38,347,711 for domestic business
and $5,725,921 for foreign "business,
which is mostly for Cuba, South Amer- j
ica and Far East countries. Comment?
ing on the European business, Andrew
Fletcher, president, said in the com?
pany's report:
'"There have been no very large :
orders for new locomotives placed in !
the United State s since January 1,1920,
by the European countries undergoing
reconstruction. Negotiations for sub- j
stantial orders have been carried on :
for a number of months and are still
in progress, but the general financial ,
and internal conditions of some of the I
countries desiring locomotives and the <
necessity of deferred credit payments !
present problems which require eau- i
tious and conservative consideration, ;
especially in view of the large demands
on our working capital, which are be
; ing made by railroads of the United ;
States and which will, no doubt, be :
increased in the near future."
The tonnage production of the plants
of the American Locomotive Company
averaged for the first half of the year,
according to Mr. -Fletcher, only 35 per j
! cent of their rated capacity, ranging
I from 23 per cent in January to 58 per j
i cent in June.
"The production was necessarily
small," he added, "during the first few j
; months of the period due to the small j
i amount of business on hand at the
first of the year, and as business in- i
creased the production was materially ;
affected by the great difficulty in ob?
taining materials of all kinds, because
of the most trying operating conditions !
of the railroads, due to strike troubles
and the poo.* condition and inadequate
amount of their rolling stock.
"The freight congestion on the roads
serving our plants has been somewhat ;
relieved and we are hopeful of a ?
greater production by the plants for
the last half of the year, now that the ?
long deferred decision regarding rail- ;
road increases has been announced, and j
the stimulating effect on the railroads, |
; which will result in greater service if
| they are awarded increased rates for
passenger and freight service com?
mensurate with their absolute needs
for cost of operation, maintenance and
development."
-?.
?Trade Openings in India
Although American interests seem
> be realizing the possibilities of
india as a market for American prod?
ucts, few of them are taking advan?
tage of this opportunity to the extent
o! sending personal representatives to
introduce their goods, says Consul E.
Yerno Richardson, of Karachi. There
?s o potential demand in India for a
?reat variety of articles of American
?Manufacture but they can only be in?
troduced by tactful representatives
who should be permitted to devote a
to_*onable amount of time to study
the particular conditions of that field.
Equipment Bonds
(Quoted on income
Name. Rato.
.Halt & Ohio.. . 4 V4
Beth Steel ... 7
Bost * Alb.
Buff. B _? I
4-a
4 Va?
do.
Canadian Nat. 7
Canadian Nor IV?-?-C
I Canadian, Pao 4 V4
do.
C. C. C & St L 5
do... 6
Ches & Ohio. . 4V4
Ch, R I S Pao ?\i4-5
Chi & N \V- 4 V?
C. St L & N O. 5
! Del & HudBon 4<?
! Brie . 4ft-6
| Frisco Cons... &
i 111 Central
| Kan City So .
i Lu uls A. Nash.
Mich Central.
4 ?-_ -6
5
do
i-S
M, S P & S 3 M
-"?o. 6
do. 7
i N Y Cent I... 4 4
I do. 5
N Y Cent R R. 4 '*
do. 7
N Y. C & St L 4Vi
do. 6
N Y, N II ?t H 4V4-6
! N'orf & West.. 4',,
? North Pacific
I Pao Fr Exp.
Pennsylvania.
ReaiMnff' Co..
Boaboard . . .
Southern Pao. 4 Va
do. 7
Southern By.. 4H-6
Union Pacific. 7
Virginian Ry. 6
W__a?li . i
7
7
4-4 V4
4 4
4 V_-6-(
percei:
Matur
1920-'
1921-'
19-70-'
1921-'
1921-'
1935
mu-'
'1920-'
1920-'
:92i-'
192J-'
1920-'
1920-'
1920-'
19 20-'
1922
19 20
1921
1920
1020
1920-':
1921-A
192"-A
1920-':
?921-';
1921-'
1920-':
1920-'
1921-'
1921-'
19 3 !
i 1920-'
1920-'
1921-'
1925-'
1920-'
19 21 - '
18.0-'
192'!-'
19 24-'
1320-'
1924-'
1920-'
1921
> bnsls)
Bid. Ask.
8. li o 7.5 f i
7.777 7.277
7.5?! 7.00
7.50 6.?D
8.5 0
7.50
S.00
7.75
7.75
7.50
8.25
7.50
7. 75
7.50
8.25
8.25
7.50
7.50
7.27
7.37
7.50
7.50
7.50
7.37
7.27
7.50
7.15
7.75
?;oo
7.25
7.00
7.00
7.12
7.12
8.25
7'5o
8.00
7.00
6.76
7.00 :
6.75 I
6.75
7.00 :
6.60
7.00
7.00
7.00
7.00
6.75
7.00
7.on
7.00
700
6.75
7.50
10.00 7.00
Summary of Stock Exchange Dealings
(Copyright, 1920, New York Tribune Ino.)
Laut week.
Railroad stork* . 514,100
Other ?lock?.2,992,100
All stock? .3,506,200
Week
before.
393,100
1,620,600
1,913,700
Last week. Week before
IT. S. government bon?lji.$40,993,000 $33,259,000
Railroad bonds . 6,052,000 6,009,000
Other bonds . 8.873,000 7,675,000
All bonds . 55,918,000 46,043,000
Year Jsnuary 1 to date,
??o. 1920. 1910. 1918.
1 374,400 24,953,900 34,964,500 18,979,400
4',008,100 116,979.200 138,120,100 67,101,100
5,382,500 141,933,100 173,093,600 85,080,500
January 1 to date.
Year ?go. 1920. 1919.
$42,537,000 $1,864,726,000 $1,431,975,000
6,717,000 201,971,000 201,161,000
13,557,000 225.016,000 215,646,000
62,811,000 2,291,713,000 1,848,682,000
Record of Stock and Bond Averages
(Copyright, 1920, New York Tribune Ino.)
Stocks
Year ego.
Range thus
far 1920.
Range full
year 1919.
nigh.
Railroads . 62.45
Industrials _ 88.20
50 Stocks . 77.62
10 Rallronds. 70.42
10 Industrials . 83.70
5 Utilities . 69.05
25 Bonds . 75.43
Low.
61.35
86.93
76.70
69.88
83.26
69.00
74.66
High.
75.45
113.83
98.06
Low,
74.05
109.13
95.10
Bonds
78.16
93.87
84.66
85.72
78.00
93.65
83.92
85.43
High.
68.70
110.30
92.05
76.28
91.45
74.53
81.71
Ix>w.
68.60
86.93
76.75
nigh.
78.80
119.33
99.54
Low.
63.35
79.20
75.92
nigh
1020.
46
46%
72
88 ft;
2%
3
120
53%
92
95
96%
48%
103}'
128H
60
90
61%
101
147%
54%
15! s
175
30%
122
53 %
08
119' 2
14%
95
99%
109' 4
109
17%
30%
72
100%
115%
50
93''
142%
118%
106%
1C5
10034
283
97%
210
1G5%
105(2
61%
21%
59 %
6 e'ft2
30
63/4
67%
75
125
8612
82
8%
93
176%
114
24
19%
30%
148' 2
38%
'49%
93
50%
154%
1%
32 %
96%
IO2/2
114
15
96%
17
13%
62
8%
12!)
29%
11' -,
27%
28%
85%
46
75%
134
19%
101
104%
1C-3" ;
61;'f
1643,,
59' ?
11--f
11
107,
27! ?
12' ;
61%
91%
120%
111%
41%
66%
78
91
21 "4
44%
56
106
4034
?14! 2
67
27
51%
65' j
92%
56
70%
83%
93%
20%
46! 4
98
102%
14%
106%
107
43%
278' '->
6C3a
106
553,,
S5?a
99%
210
9
1633
101
101
13
5%
11
130
3%
28
29
,91
147
104%
15%
25%
17! 2
95
91%
16%
?434
<8
36'/,
19%
77
192
100
75%
172
42
Pate.
Mar 31
Mar 29
Jan 12
Jan 5
Mar 24
Mar 31
.'.in 3
Jan
Jnn
Jan
Jan
Apr
Apr
Jan
July 26
July 16
Jnn 3
Jan 2
Apr 9
Jan 3
Jan 14
Mar 31
Jan 2
Jan
Mar
Jnn
Jan
Jan
Apr
Jan
Apr
Mar
June 15
Jan 5
Jan 3
Jan 13
Jnn 5
Mar 22
Jan 10
Apr 15
Jan 20
?Mar 22
Apr 12
Mar 18
Jan 5
Jan 7
June 29
Jan 2
Jan 29
Jan 3
Jan 10
Jan 9
Apr 6
July 13
Apr 15
Jan 3
Jan 23
Jan 3
Mar 10
Jan 3
Feb 25
Jan 7
Jan 7
Feb 27
Low
1920.
25
25%
61
45
1!4
1%
103
30%
74%
76
84%
39
7434
89
53%
86
35%
88%
124%
397/8
10%
95
14! a
77%
38
53
77
10'4
72%
88
82
951/-,
11%
16%
55%
88', a
86
35
85
117%
102
77
84
92%
198
May 27
18
15
9
24
24
6
Jan
Jan
Apr
Feb
Jan
Jan
Mar 25
June 19
Jan 2
Apr 9
May 8
Jan 3
Jan 5
Jan 10
Apr 1
Mar 15
Mar 15
Mar 20
Mar 26
Apr
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
7
12
9
5
5
28
3
6
3
June 18
Jan 24
Jan 5
Jan b
Jnn 3
Mar 29
Mar 10
Mar 22
Mar 15
Feb 20
Feb 28
Mar 11
Mar 11
Mar
Jan
Apr
Feb
Mar
Feb
Jan
Jan
Jan
July
Jan
Jan
Jan
Jan
Frb
12
13
8
28
1
21
31
3
31
2
3
9
9
19
Mar 25
Jan 5
Jan' 14
Jan 6
Mar 2.1
Apr 1
Mar 22
Jan 5
Apr 26
Apr 9
Jan 22
Apr 16
Apr 13
Jan 9
Apr 29
Apr 7
May 16
Jan 20
Apr 14
Jan 21
Mar 13
June 21
Jan 3
Feb 24
Feb 9
Jan 12
Apr 16
Feb 19
Feb 19
July 7
July 22
Jan 2
Jan 2
Jan 3
Jan 6
Jan 12
Feh 24
85%
197%
80
92
38
121/2
443.J
52%
26%
2%
28
55
87%
76
72
5
82%
137
103
21%
5
15
103'2
27%
40%
55
40
114
1
17%
77%
81%
104
7%
883:,
10%
6%
48' -,
5! 4
93
20
6%
12
12%
66
26
65
110
10%
93
53
98%
40%
86' 2
47
4' 2
4
7
19%
30ft,
4534
67
58
78
23%
64
64%
80
14
27%
42
75
30%
28
50
20
47
24' 2
80
44
55%
76%
73%
1034
25
78
97%
10%
76%
100! 4
30
115%
42%
100
35' 2
77
D?T
Hate. In $.
Feb 11 ?
May 20 ?
Mny 21 6
July 31 6
May 20 ?
Ft?h 13 ?
July 31
May 24
May 21
May 20
June 2
Feb 13
Feb 13
July 28 10
July 16 4
July 16 7
May 24 ?
June 28 7
Feb 25 12
Mar 1 4
July 27
Feb 6 6
July 23 ?
July 31 7
Fell 5
Feb 13
July 27
June 30
July 27
July 30
Feb 13
May 27
Apr 15 ?
Feb 13 ?
July 29 4
July 30 7
Feb 13 12
May 20 3
June 22 7
July 28 7
May 20 7
Feb 13 10
Fell 16 7
May 22 8
July 29 20
May 20 6
July 30 20
July 28 7
July 29 7
Apr 30 ?
July 29 ?
July 29 6
July 28 4
July 28 ?
July 27 ?
May 25 4
May 24 6
July 28 9
Feb 11 6
May 20 5
Apr 21 ?
June 18 7
Feb 26 10
May 25 7
July 30 ?
July 29 ?
July 27 3
Feb 12 7
Feb 13 ?
28 4
Adams Express .... 1400
Advance Rumcly . . 600
do pf . 600
Ajax Rubber . 7000
Alaska (?old Mines.. 3600
Alaska Juneau . 6300
All-Amer Cable ....
Allis Chalmers.
do pf .
Amer Agri Chcm...
do pf .
Amer Bank Note. . .
Amer Beet Sacar...
Am Bosch Magneto
Amer Br 8 & F new
do pf new.
Amer Can .
do pf .
Amer Car & Fdy. .
Amer Cotton Oil. . .
80 Amer Drug Syn. . . .
Amer Expr?s? . 600 134
Am Hide & Leather
do pf . 10200
Amer lee . 800
do pf . 100
Amer Inter Corp.. 15300
Am-La Fra Fire Enr 800
Amer Linseed . 2100
do pf . 300
Amer Loco . 23500
do pf .
Amer Safety Raror
Amer Ship & Com.
Amer Smelting . . .
do pf .
Amer Snuff .
Amer Steel Fdy
do pf .
Amen Sugar .
do pf .
Amer-Sumat Tobacco
do pf .
Amer Tel & Tel. ? j
Amer Tobacco . 2100 210
do pf new. 300 87%
do B . 1900 200
Amer Woolen .23800 86%
do pf . 200 92%
Amer Writ Paper pf 4000 493,4
Amer Zinc & Lead. 1400
do pf . 500
Anaconda . 17400
2!ft
June
June 25
Apr 23
Mar 3 8
Feb 9 ?
Feb 11 ?
Feb 27 5
Mar 26 5
July 27 8
May 17 ?
July 29 8
July 26 ?
Jan 5 ?
June 30 ?
July 29 ?
Feb 4 10
May 20 ?
May 20 ?
May 21 ?
July 31 ?
July 30 6
May 21 ?
Feb 10 7
May 20 10
July 30 ?
May 20 7
July 30 5
July 14 7
May 24 4
July 27 10
Feb 13 4
Feb 18 ?
Feb 18 ?
Feb 13 ?
May 20 2
Feb 6 ?
leb 13 ?
June 14 5
July 1 7
Feb 26 8
%
Ann Arbor pf.
As?. et.s Realization..
Asso Dry Goods. ...
do 1st pf.
Associated Oil .
At Top & Santa Fe
do pf .
Atlantic Birm & Atl
Atlantic Coast Lin?l^^^^^^^^^^^^
Atl Gulf & W I S S 10600 15334 148
Atlantic Rfg Co pf. . 800 105 104
Austin Nichols _ 100 2134 21%
Auto Sales Corp... 300 5% 5
do pf . 200 15 15
Baldwin Loco.194100 1153/4 108% 110%?
Balto & Ohio. 15900 33% 30% 32%+
do pf . 2900 43% 42% 43% +
Barnet Leather ... 100 55 55 ' 65 -
Barnsdall A . 300 40 40 40
Barrett Co . 8600 140% 131% 140 -f %
Batopllas Mining . . . 600 1 1 1 -
Bethlehem Motors.. 9700 21 18 18%
Bethlehem Steel _ 500 85 81% 81%
do Class#B. 65300 87% 82%
do 8th pf. 2100 105% 104
Booth Fisheries_ 300 8 7%
Brooklyn Edison_ 100 86% 86%
Bklyn Rap Transit 2600 10% 10%
do stfs . 1100 7% 6%
Bklyn Union Gas... 300 48% 48%
Brunswick . 600 5% 5%
Burns Bros . 900 107% 100
Butte & Sup Cop... 3600 22% 20
Butte Cop & Zinc. 1000 8% 7%
Butterick . 100 12% 12%
Caddo Oil . 6700 16% 12%
Calif Packing . 3600 66% 66
Calif Petrol . 1400 30% 27
do pf . 400 69 68! p
2%
_ 434
82%? 5%
IO51/4 4- "a
Canadian Pacific
Case Plow .
do pf .
Central Leather
do pf .
126C0 124! 4 118'g 121%
300 11 10% 10%
100 94 94 94 -
23700
300
a
leb
Feb
Feb
Mar 10
Feb 24
Jan 5
Apr 16
Mar 30
May 14
Jan 3
Jan 5
Jan 5
July 30
Mar 11
Jan 16
?Un 3
Jan 2
Mar 26
165
4
9
92
85
9%
3
7
115
3
18
15%
73'4
74%
93%
9%
17' ,
12' I
65' a
SO
10
26%
27' 2
20
10%
49
150
90
58%
134
2Q34
13 ?
11 6
13 7
July 30 7
July 28 ?
June 28
Feb 6
July 31
May 20
May 20
May 19
Feb 11
July 30
July 27
May 3
Feb 26
Feb 10
Jan 2
July 28
July 28
Feb 25
Feb 13
June 22
May 24
Feb 13
July 7
May 24
May 24
July 28
Fob 19
Fob 26
July 27
June 29
Feh 10 10
June 11 ?
Feb 10 ?
May 21 7
July 30 8
May 19 1
May 3 ?
Apr 30 ?
July 27 10
July 27 ?
May 24 ?
July 27 ?
July 30 7
July 27 5
May 18 7
Feb 13 ?
May 19 ?
Feb 9 ?
Fob 11 8
May 20 8
Jan 2 ?
Jan 2 7
May 20 3
May 19 ?
July 30 ?
Cerro de Pasco. 4700 44 41%
Chandler Motors ... 19900 97 86%
Chess & Ohio. 6400 66% 53
Chic * Eastern 111.. 300 5% 6%
do pf . 600 7! 2 6%
Chic (it Western... 2800 8% 8
do pf . 1600 22 20%
Chic Mil & St Paul. 7300 34 32
do pf . 8900 50! i; 4734
Chic & Northwest. 2050 69% 67%
do pf . 100 99% 99%
Chic Pneu Tool. 1700 83% 79%
Chic Rock Is! & Pac 42500 365a 337?
do 6 p c pf. 800 6234 61%
do 7 p c pf. 600 72% 72
Chic St P M & O pf 100 80 80
Chile Copper . 9800 15 14
1% Chino Con Copper.. 1400 29% 27%
C C C & St L. 900 56 53
8 (hielt Peabody _ 200 75 75
4 Coca Cola Co. 4900 37% 35
3 Col Fuel & Iron... 1400 32 31%
5 Col (ia.s & Electric. 3300 55% 53%
Colorado &- Southern 300 23' 4 23
do 1st pf. 100 47 47
Columbia t.rapho . 29200 2934 24' 'z
do pf . 1300 82 80' 2
Comp Tab Rec. 1C0 48 48
Consol Cigars . 3000 65% 59
do pf . 100 80 80
Consol Gas . 5500 76% 73%
Con Inter Callahan. 4700 11% 10%
Consol Textile . 4300 32 29%
Continental Can .... 800 83 80
do pf . 100 983/4 98%
Continental Candy.. 8800 12% 11
Corn Products . 47500 93% 89'/;
do pf . 300 102% 101
Cosden & Co. 29C0 37% 33%
Crucible Steel . 42700 152%
Cuba-Am Sugar new 17600 47
do pf . 400 100
Cuba Can?- Sugar... 29200 46%
do pf . 2800 78%
Delaware ft Hudson 2800 8934
Del lack & West.. 70C 208
Den & Rio Grande. 3300 51 ,A
do pf . 8600 10
Deere Co pf. 100 94%
Detroit United R R 900 90
Dome Mines . 2000 103ft
Duluth So Sh & At. 1300 4%
do pf . 100 8
Electric Stor Bat.
400 115
do rights . 1500
Elk Horn Coal_
Emerson Brant . ..
do pf .
Endicott Johnson . .
do pf .
Erie .
do 1st pf.
do 2d pf.
Famous Ployers . .
do pf .
Fed Min & Smelt.
900
800
100
9500
400
5200
3200
25C0
7100
15C0
200
<i<> Pf . 1000 34
June 9
June 9
May 14
Feb 11
?May 20
July 27
Ftsk Rubber Tire. .
Freeport Texas Co.
(iaston Williams . .
(?'en Amer Tank. . .
Cen Chemical
do pf .
15400
3200
2200
4000
)?
Gen Cigar Co. 2100 62
Gen Eltciric Co. 2300 143!.';
Gen Motors .185400 24^
Continued en page 14
60 169% 169'4 169 4
100
93 93 ? ' l/2
60% 60%? 5
139', 2 141?. 8? %
20% 22!, a? 13*
KIDDER, PEABODY & CO.
115 Devonshire SI. IB Broad St.
BOSTON NEW YORK
Government Bonds
investment Securities
Foreign Exchange
Letters of Credit
Correspondents of
Baring Brothers & Co., Ltd.
LONDON
30 Years
in
Export Banking
TNTIMATE KNOWLEDGE
of the needs and habits
of the people, acquired by
years of experience and ac
taal residence in the coun?
tries themselves, is essential
when transacting business
abroad.
23 Branches in South America
One Branch In Mexico
8 Offices in Europe
Direct Connections With India
?NGIO-SOUTH AMERICAN
'"Bank, limited
Virer Y?rk Acraejr, 49 tXnteulwms
CONSOLIDATED
Recent activities of
the Company reviewed
Ask for circular No. 50.
MSWoLFE?Ca
ESTA?USHED 1306
41 BROAD ST? NEW^VOKK,
Pheme:> Ht-ond 25
J.K.Ricc, Jr. & Co. Will Buy
',*.?) Atlas Portland Cement com.
25 Bond * Mort ? as; f duar.
100 Clinchllelil Cool com.
tOO Kirby Iaiinl-er prefd.
25 Mechanics & Metal? Hank
100 N. V. Slat" (?is. i oui. & pfd.
200 Pem?. Coal ?_ Coke
50 Pocnhontas 1'iiel rom,
J.K. Rice, Jr. & Co. Will Sell
'?0 Hank of America
25 Battery Park Nat'I Bank
100 Glen? Palls Ins.
20 II. \V. .lolins-AtanvMe rom.
25 Mohawk Valley Co.
100 Pyrene .Wig.
100 Pnited Theatre Equip, com. 4 pfd
2."> Winchester Co. (all Issues)
J.K.Rice, Jr. &Co.
Phones 1000 to 1010 John. 36 Wall St., NA V
Curb Market
Industrials
.A"??
Sales. High. Low. Lasf. chge.
1040? ?Armo Coal ... 2% 2 "A .
3-000 ?Aetna Expl.. li i? 10%? ' ?
700 ?Aluminum M. 21 22% 24 ?
600 *do pif f. . . -.??) 79 Va 90 ? -
220 ?Allied Pack n 17. J5 15 -
800 ?Am Chicle... 40 40 40_
500 *?!o pf. 63 60 60 4- 1
300 Armour Loath 15% i :. \ 15%
300 ?do pf. 94% '.'.'A'-., 93% ? %
800 ?A ntum F &G 60 5S 08 ? 2
300 EWBliss n w I, 40 40 40 ? -
600 ?do com rts. 62 60 ?7-? ? :;
1360 ?do pf rts... ;', :: : -- i
!?0 ?do i.Id.390 340 340 -
390,*Borden com..104 :?. ?,s 4
125 *'!o pf. 86 si V --5
700 ?British Km... 2i 22 773?2
600 ?'lo 7s pf. ., f,2i!, 18 18 ? 3'a
600 ?Br-A Tob cou 14*V_ 14 144? S,
600 ?do reg. 14% II 14 ? '?
500 ?Bucyrus Co.. 26 27. '?'. 26 -J- "
3000 ?Buick Carb.. 11% 10% II ? **
4200 ?Car I. & P.. 2% 2% 2%? %
100 ?Caracas Sugr.. 55 .:. > % 65 -
100 Cen Teresa S. 5% 6% 5%? %
71 00 ?Chic Nipple.. 1 ? % J 0 V4 10'4? 4 %
900 ?Cleve Auto.. 60 50 51 -
*.'balmers Mol .3 2 :t
1 1200 ?<*ont Motor?. 9% 9 9%
400Conley Tin l-A 24 23% 23%? %
13000 ?Crudo Chem. 1% 1 1% ?_
100 ?Dafoe Bust.. 1 1 1
600 ?DomSt (nop) 59 67% A 7 * _? 1
I 2700 ?limp Tu & S. 11 ] o 10% 4- %
! 4000 ?Farrell Coal. 28% 24?3 26 ? 4
580 ?Gardner Mot. 27 25% 26% ??
34800 ?Gen Asphalt. 64 54 57%? 5%
i 4300 ?do pf . 95 88 91 -?
200 ?Goodyear T.. 1-0 115 116 ? 5
100 "do pf . 85 85 85 ? 2
1700 ?Goldwyn Pict 16% 15% 16 ? 1%
5900 Grape-Ola ... 2% 1! 2%? -r4
8000 do pf . 77 ', 2% 2%-? %
1700 ?Cuanta mo S. 21% 19% 21 ? 1%
500 *D W Grlf In. 15 ?1 15
50 "Hall Signal 4% 4', 4 % -
2100 ?Hayden Ch.. 4% 4 4%? %
100 ?Havana 'i'ob. 1 ."> l!:, 1.7 -
3000 ?Here Paper.. 27 27. Ar 26%? %
600 ?Hock \ 1 rod 7 S 7% 7% ? %
fioo ?Hydraulic St 1 29 29 ? %
BOO *?lo pf . 83 SI S3 -
100 ?Ind Packing. 7% 7 % 7%? %
12600 1m Products.. 21% 20% 21 % ?
150 ?do pf . 49 49 49
75 Int Kubb-r .. 13 13 13
3300 ?Kay Co Gas.. ,1% 1% 1% %
200 ?Keyst Soleth. 12% 12% 12%
600 ?Lib McN & _? 12% 12% 12%? %
1000 ?Llg-Mar ' "<>a 1 % % %_._
100 ?Lie im C CI.102 102 ?o; __
100 ?Lima Loco .. 70 70 70 ? 5
300 ?Lin M C "A" 42 41% 41 %? 3%
?70'J ?i.oioin com n 10 7< % 9%? %
300 ?Lucey Mtg... 45 46 46 ? 1
Buy Canadian Funds
Before Going to Canada
THE CANADIAN DOLLAR is
selling at a heavy discount in this
country. Americans planning to visit
Canada during the coming summer
should provide themselves with Travel?
ers' checks or Letters of Credit, payable
in Canadian Dollarn, anywhere in Can?
ada, before leaving the United States.
They will thus effect a material reduc?
tion in their traveling expenses.
The New York Agency of the Union
Bank of Canada has direct wires to
Toronto and Montreal and is in a posi?
tion to sell Canadian funds at the best
possible rates.
"A Canadian Bank for Canadian Business"
"-1 ?- >
M?0B
???ia&a
^;jiti::%/:"
{ >f??~.._?^_
New "York Ag< . ' ?? ^.
W J Dawson.F L Appleby. W M Forf^M^Agenta
?'
%?siiia?^^:sEg_?~- ' 3ER ~ ? ??s? ~ va-^aaK-v'xxsmr^ ;
South ?frica Fulfilling
A Great
V*
7on
OVER X
?500 BRANCHES'
IN AFRICA
v:
EVERY American Rhodes
Scholar in Engl : d
an indirect testimonial to a
great man's fa.ith in Ihr des?
tiny of South Africa. Cecil
Rhodes sit-,'.- in that country
of vas! r ?ources a field of
tremendous opportunity. To?
day South Africa, with rapid?
ly growing industry and commerce, is more than
ever fulfiliin^ the vision of its pioneers.
The National Rank of South Africa, Limited, offers
complete facilities i%r <?i!'- el banking with S uth
Africa through more than 500 oran-, lies.
I \J
r
Sank'of South Africa,
New York Office, 10 Wall St. R. E. Saunders, Agent
Total Resources Exceed $430,000,000
BOMBAY LONDON \NTWERP
COUPONS DUE AND PAYABLE AT THE
UNITED STATES
MORTGAGE ?TRUST COMPANY
55 CEDAR STREET, NEW YORK, N. Y.
ON AND AFTER AlftGl'ST 2nd, 1020
Alexandria, La., Imp.5s
Ashe Co., N. C, Road.5%s
Asheville, N. C.4%s
Bell Co., Ky.. Rd. & Bd?e (Aug. 5) 5s
Bergen Co., N. J., Bdge. 4s, Bldg. 4}?s
Bergen Co. N. J., Road (Aug. 15th) 5s
Caraden Co., N. J., Battery, Armory
Road Imp. & Asylua.4,>-'
Caswe'l Co., N. C, Road.5*'s
Deal, N. J.. Pavement & im?.4%s
Dunn, N. C, Funding.6:
Durham, N. C., Funding.5s
East Ratherford, N. J., Sewer
(Aug. 15th) .4*2?
Elyria 0., Paving.4%s
Essex Co., N. J., Park.3.65s
, Park.4%s
Court House.4s
Passaic
.4'?_..
Hospital 4s and 4%s
Road. 4%s
.. Time Warrants
General Electric Co., Deb.3lgs
Hammonton & Egg Harbor City
Gas Co. 5s
Hawaii Territory Pub. Imp.4s
Hillsborough Co., Fla. 6s
Jacksonville. Fla., Imp 4%s
Lake Erie, Frankiin & Clarion R. R.
Co. Car Trust Series "B".fs
Madison River Power Co..5?
Middletown, N. Y., Water. 3? ,s
Essex Co., N. J.
Essex Co, M. J.,
Essex Co.. N. J.,
River Bridge
Essex Co., N. J.,
Essex Co., N. J.
Fort Pierce, Fit
.Montana Power Transmission Co....5l
Mosele7 Hotel 1st.5s
New Canaan, Conn., Funding.4l
% Y. Deck Co. 1st .4i
Oswego . . Y. (An;. 15th) .4'^
Pacific Pow. & Lt. Co .5s
Paducah, Ky., Renewal.4,2*
Palace Hotel Co. of S?-in Francisco 6s
Pleasanhille, N. Y.. Street... 4s
Reidsvi'le, N. C. r'urujin.' 'rpp Sewer 6?
Rc-nssclaer Co., N. Y.. Hospital 4',s
:!d Park, N. J. 5i
Rutherford, N. J.. Funding .4ljj
St. Lucie Co F la .6?
Sandy Hill, N. Y? Sewer . . 3'js
Sandy H M, N. Y.. Paving 4'2i
School City, Ft Wayne, !nd.
(Aug. Uth) .... 4i
Sierra ?S. San Francisco Pow. Co. 1st 6s
SkaneateJcs R. R. Co. 5i
So. Oia.ige. N. J.. Sewer 4?. Water 4*21
Syracuse, N. Y., City Hall 3s &
various others
Thomas-. ie, N. C, School 5l
loledo. O.. Imp. 4s & various others
ii'f?i'ft 0., Board ?if Education 4'"S
!'. S. MK % Tr. C<-. Series "M" 4t
U. S. Mt?. & Tr. Co. ?Senes "P".. 5s
Wall & Hanover St Realty Co
(Aug. 1S??).
Town of Wendell, N C,
Water, Sewei .6i
Westerly, R. I., Water.3l8?
1s
Security holders are invit.-?cl to inquire regarding the service
offered by this Company thi ft, Trust Departn-p; in inn?
nection with the cars of securities. Under ^;r-en:enl we
assume the custody of Bond; and other securities, collecting
and crediting income as di.-c ted, preparing ownership certifi?
cates, assisting in the pr?par?t! :i of income tax returns and
in many other ways protecting the interests of customers.
Pamphlet -THE CAR': OF SE( URITIES." giving full
idi7' te ??nt to any aa test.
details
Rpnndw-ay at 1?,<l 8t.
BRANCH Olli? is
Madison A?, ut 7,">ll>
St. Ift.?th Bt. nt 8th st.
Stone & Webster
INCORrOR1TED
147 Milk Street 120 Broadway 38 So. Dearborn St
BOSTON NEW YORK CHICAGO
EXAMINATIONS AND STUDIES
of Industrial and Public Service Properties
REPORTS
on Valuation and Operating Efficiency
\
Sales High. Low Lasl
Too ?Mercer Mot. . 15% 15 ;
300 ?X City Bk rts 93 A 91 - : '??
1000 'Nat Leath? r.. 11% 11%
200 *N Coal <_ Ice 31
500 Nor \ 1' .v I' 7
200 ?Orpheum C.. 25%
4400 Pert? ctlonT&R
moo ?Pyrene Mfg'.. 10% ! ? 7 ?
3600 ?Radio Co. 1% l '? .
5000 ?do pf _ 2%
i ? .'?>'i ?Ranler Motor 39 33 i ?H?' %
4320 ?Hep Rubber.. 1% l ?-, . ? ??
-
'
-
?
. .1 I
(.Continu?? ?? out f?te)
... eM*
[*- ?
10% u%? i;
g r-, ? *
: v? 1%