New-York tribune. [volume], August 02, 1920, Page 13, Image 13

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

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$t?M?tlt ft jfcm
FmM 17t7
Seasoned
Investments
?O Pine Street
New York
PRICHITT & OQ
Members NY. Stock Exchange
SIXTY BROADWAY
NEW YORK CITY
Spanish Tax Law Opposed
Foreign Companies Protest
Against Premium on Capital
MADRID, Aug 1.--Complaints and
vigor is action on the part of foreign
rial an : tracing concerns rela?
tiv.- to the now Spanish taxation law,
"" went into effect early this
month, seem likely to bring about a
: '' the law when trie Cortes
reassem
Im] a ti? n of a tax of ten pesetas
a ' on the capital of foreign
tra I : g companies having branches
here, and nol ? n the capital of the
breaches alone, have caused many big
firms to withdraw from Spain, while
other? are preparing to move. For?
eign banks in this country pay one
peso'.a a thousand on the capital of
the institution in the country of
and two pesetas a thousand
capital of the Spanish branches. !
has caused much vexation to
siness men and banks whose
s here are small. They find
rdened with heavy pay?
ments to the government for capital'
has no relation to the business
in *-pain.
? a ....
Argentine Products for Japan
Argentina will exhibit its product:
at the Japanase exhibition to be held t
in Tok:o. Forty-one l>"Xfs contain?
ing agricultural products were dis- !
patch' i on the Akata Maru and twelve
more boxea are to follow. The ma
terial has been collected by the ;
Sociedad Rural, which association was
ted by the Argentine Minister
???'.: :re to arrange for the
e exhibit. Descriptive litera
? nted in English and French
ta on tho economic possibilities
'.? ? ? ntina will also be sent for dis
n at the exposition.
Japanese Oil Discoveries
Although a number of wells sunk in
Formosa have proven failures or dis?
appoint ments, one well recently sunk |
in Ka.:; Pr?fecture. Formosa, is re- ;
portfd as producing 400 gallons of oil
, from a depth of 400 feet,
while anothei boro on that island
tirely. It is reported that a
isher had been struck at Kami
Shin-jomura, Minair.i Akita-gori, after
g to <*. depth of over 6i"7 feet.
which yielded about 3,400 gallons of
oil p?jr hour. Due to a shortage of
transport the oil, large
reservoirs are being dug in which to
store it.
Week's Bond Market
Government and Municipal
Bonds
Week's,-1920-,
Palen (000 omitted). Clow??. High. Low.
1385 U 8 I, 3%a \32-'47 81.OS 100.40 89.30
20 do 3%s '3?.'47 r 90.80 96.70 80.SO
fil do lut 4a '82-'47 ?5.60 93.48 83.00
141 do Id 4? '27-'4?. 84.50 92,43 81.40
1 do 2il 4s '?7-'42 r 84.00 85.30 85.00
366 do 1st 4%s'3?-'47 85.56 94.00 84.00
10 do lM4%_'82-'47r 86.60 86.00 83.80
7663 do 2d 4%e'27-'42 84.62 92.86 81.10
7856 do 3d 4%? 1928. 88.64 95.00 86.80
lo691 do 4th 4V?f*'33-'3S 8S.08 93.00 82.00
1 do 4th4Vi?'3S-'38r 85.08 86.20 82.44
4416 U S V 4%a '22-'23 96.72 99.40 94.80
100 do 4%s ,?2-'2S r. 95.48 96.20 96.12
3371 do 3%a '22-'23.. 95.74 ?7.40 94.64
110lAnglo-Fr B-yr 5a... 99% 100 93%
21 Argentine Oov 5s... ?9',* 76 69%
?0 Chinea? Qov Rwy 6a 44 60 41
7 City of Bordeaux 6s 8444 92% 84%
23 City of Copen'n 6%a 74% 80% 74
8 City of Lyons 6s.... 84% 92% 84%
22 City of Marseilles 6a 84% 93% 84%
169 City of Paris 6a_93 94% 88%
6 City of Tokio 6s... 62% 61 50
17 "Dominican Rep 6s.. 87% 87% 79
82 1) of C 5%% nta '21 97% 98% 95%
66 do 5%% nta 1929. 91 97% 89%
61 do 5s 1921. 97% 98% 93%
7 do Rs 1926. 89% 95 87
43 do Rs 1931. 86% 92% 84%
369 O of Sw s f 8a t re. 103% 103% 102%
76 Imp Jap 1st 4%s... 72% 83 69
199 do 2<1 4%s. 71% 82 67%
277 do ater l*iin 4a..?. 544 71 64
439 K of B sf ?%s.TPM r 98% 101 97
R9 do 6s 192;l. 98% 98% 98%
28 do 6s 1925. 92% 98 ' 92%
1 K of 1 6%s aer A '25 93 95% 92
18 nop of Cubs. 5a 1904 89 92% 89
17 do 6a 1914. 82% 86 80M
11 do 4%s. 71% 76 71 *%
209TJK of O MAI 5%s '21 96 97% 92%
22?> do 6%s 1922. 90% 95% 90V.
99 do 6%a 1929. 84% 95% 84"i
201 do 5%a 1937. 8-1% 90% 83^
17 ? S of .Mexico 5s... 35% 43 29%
12 do 4s. 28% 37 26
8 N Y C 4%s '57 May. 91% 100% 91>,(
1 do 4%s 1957 Nov. 92 100% 91'i
7 <io 4%s 1903. 91% 1001.1, 91 I.
5 do 4%s 1965. 91% 100%*- 90V
?I do 4VlS I960. 85% 96% 85','
3 do 4'4s 17?00. 85% 93 85-\
2 do 4s 1959. Sl% 91 80->i
State Bonds
76 V def 6s M Bros rtfa 60 68 50
Railway and Miscellaneous
Bonds
2 Alaska OM c d 6s s B. 10 24 10
3 Am Ag Ch deb 6s.... 92 100 89*
3 Am I>ock A Imp 6s.... 96% 98 96?
78 Am Smelting 6s. 76% S6'i 74
89 Am TAT cvt 6s. 92 OO^ 92
65 do COl tr 5s. 75% 83% 72"
6 do CVt 4%s. 78 85' 77'
10 do col 4s. 75% SO 73'
19 Am Writ Paper s f 7s. 76 83 % 74
1 Ann Arbor 4s. 48 % 68 48'.
24 Armour A Co r e 4%s. 75% 84'4 1b'>,
114 At T * S K gen 4s... 74 % 82% 69
1 do r\t 4s 1960. 79% 89% 77'
2 do cvt 4a 1955. 03% 69% 60
5 do rid j 4s. 6 5 % 71 % 62
52 do adj la stp. 65% 717s 62
20 do Tr Sh Line 4s.... ?79% 76% 67
9 Atl A Ch A L 5s s B.. 82 88% 81?
91 At! C I. 7s .1 I'M rets. 97% 98% 95
19 (?n uni 4%s. 69 88 67'
21 do 1st con 4s. 71 r? so (79'
14 do L A N col tr 4s.. 62% 72% 60'
2 Baldwin Loco 5s. 91 7, 97 91?
77 Malt A Ohio 6s. 85% 92 81 '
63 do ref 6s. 68% 68 57
73 do cvt 4 %s. .:.7 % 66 % 57
75 B A O gold 4s. 59 70 67'
18 rio pririr lien 3%s... 79% 84 78
21 do 4s. IM-K.vv-.Ydiv 55% 01 51'
10 do 3--.S. S'w-n div... 68% 77% 67*
29 do 4s. T & Cin div.. 44% 63 44
2 Beth St 1st ext 6s... 89% 97% 89
12 do ref 5s. 79% 89 77
8 do p :? 1 0S. 7H '?4 Mi % 7 7'
3 Bklvn Kap Tran 7s... 35% 50 35
4 do 7s. Tr Col ctfs8t. :;r> 45 31
5 do cvt 4s. 22 38 21
4 Bush Term Bldg 5s... 71 S27x 71
6 do con 5s . 71 81% 71
* do 4s. 67 79% 66
9 Cal Gas A Eleo 5s- S3% 90% 79
9 Canada Southern 5s.. 77% 87 77
3 C ot G l'v 6s. S4 % 94 8-4
1 do cm 6s. 81 88% 75
71 Cent Leather ?en 5s.. 90% 97% 90
83 Cent Pacific irtd 4s- 70 7S 66
1 do gtd .'-.?,.s. 75% S2% 75
5 do Short Line 4s- 65% 70 62
SC R R of N J 5s. 92% 100% 90
2 do 6a reg. 90% 100 87
5 Ches A Ohio con 5s... SX 94 S4
102 .lo cvt 6s. 74% 81% li
20 do gen 4%s. 70% 77% 61
41 do cvt 4%s. 71 77 66
8 Ches & O 1 4s Ri-A div. 58% 73 6s
18 Chic A Alton 3%s- 32% 3S 27
60 Chic Pur A Q c-n Is. 76% 81% 6r
1 Chi Mur A Q 4s III div. 75 84 77
10 Chi I'AQ 3%s 111 div. 67 76 6i
2 Ch! M & Q ex 4s Neb d. 8 5 92 ?'
2S7j Chic, Bur A Q joint 4s. 93% 96 9!
2 Chic .'.- Erie 1st 7s. . . 72 S4 61
37 Chi i A Ot West 4a... 60% 56 51
65 Chi,M A P cvt 5s ser B. 63% 72% 61
17 ?'Ai M A St P g-n 4%s. 68% 79 6
- ! Chi M A St P cvt 4%B. 63 73 6
38 Chi M A St P rfg 4%s. 56% 61% 6.
24 C M A S P gen 4s ser A. 6 4 '* 72 ~'
25 Chi M S s*, i' 4s, 1925.. 72% 79% 7
5 C M A St P d -is. 1934. 66% 63 5
7?' M StP gen 3% ser B. 53% 60%
14 C M A St P Bs.C&Pdlv. 96 98% 9
103 Chl A TV, 7s tern ctf. 99% 100% 9
10 Chi & N'w'tern K*n 5s. 90 98 S
?C4NW deb 6m 1921. ??S 98% '.'
2 C A X W dob 5s 1933. 86 907? 8
10 Chl A N W gen 4s.. 72% 80 6
16 Chi A N W gen 3%s. 04% 68% 6
1 C A Nw-StP&Nw fit 5s. SI 87;-t 7
2 ?' A Nw 4s, M t? p_r>J d. 71% 75 7
1 Chic Rvs Co, 5s. 61 70 5
19 C M. I & P R>' gen 4s. 67% ? ' '?> '?
150 do rfg 4s. 65% 68% ?
1 C St P M A <> eon 6s. 99% 106 S
12 C U Si 6%s s C lntm.103 103 10
i <! , 4%s series A.... 75 83 .
5 Chic & W in.l -is*.... 53% 61 E
48 Chil? Copper cvt 7a... 95 108% i
HG do col tr 6s. 72 80 7
9 C C C A St L deb 4%s. 09 77 '
Pleas for Advice Reveal
Gullibility of Investors
Inquiries From Tribune Readers About Stocks and
Bonds a Composite Picture of Financial Hopes
and Fears ; Reading Them an Education in Itself
Rich and poor, tho elderly widow and
the young manicure, business man and
farmer, priest and gambler, miser and
spender, the tyro and tho veteran?all
are represented from day to day in
the small flood of letters which comes
to the desk of the financial editor of
The Tribuna asking about stocks and
bonds. AU are votaries in some de?
gree of the great god Mammon, and
whether he frowns or smiles problems
?rise which the investment Informa?
tion column attempts to answer.
Taken as a whole, the picture is a
composite of the financial hopes and
fears of Tho Tribune's great constitu?
ency and a cross-section of the whole
security world. Reading them daily
offers a liberal education in what not
to do, for people who have profits take
them nnd say nothing; those who are
doubtful or stand a loss need advice.
Though many of the inquiries are
about the cats and dogs of the money
world, about half of them are about
gilt-edge stocks and bonds from those
forehanded folk who want to keep
what they have and are content with
a. reasonable return on their money.
Their attitude stands out in bold re?
lief again.it those who reveal a strong
streak of covetousness or the gambling
instinct.
Ignorant of Stocks
Nine out of ten of those who lose
their money, or most of it, through
speculation are ignorant of what they
are doing when they buy the Humpty
Dumpty Oils and the Seedless Water?
melon stocks. They are persuaded bj
a rapid-fire, one-call salesman, whe
pockets from 12^ to 33 per cent o1
their principal as commission, that the
stuff is an investment.
"Get in on the ground floor," is a favor
ite argument for new corporations, anc
another is that the money barons ii
Wall Street never give tho little fel
low a chance. The stock is usuall;
going to be advanced in price to-mor
row, and the deal must be closed to
day. because the salesman is too bus;
to come back. Too prudent, in som'
cases.
The smooth-talking, intensive sales
man of this type has flourished in thi
town ever since the beginning of th
big bull market last year. He ofte:
has an oil stock and often shares ii
some industrial concern. Corporation
designed to finance the purchase o
automobiles are a third grand divisio
of the stock soiling business.
The essential weaknesses in many o
them are: (1) The public puts up th
money and the promoters get th
sugar. (2) The venture is untried, and
even if it makes money the odds are
grossly against the victim. (3) There
will be no market for the stuff if the
buyer needs to sell.
The edge- has worn off the oil stock
craze. The public seems to have been
surfeited with the huge mass of new
oil securities poured upon the market
last year. Much of this stuff has never
been digested, because it was undi
gestible. There are many interesting
stories told of the operations of oil
stock promoters. In one case the pro?
moters after selling a big block of
stock to the public decided it would
be wise to drill for oil, just to be reg?
ular. To their great surprise they
actually struck oil sand and got real
production. Whereupon they went out
and quietly bought back the stock un?
loaded previously upon the public.
Bought for "Investment"
Investors' inquiries often reveal a
queer quirk in the writer's outlook.
An elderly lawyer from up the Hud?
son came in the other day to ask about
a public utilities stock which he had
bought at $_0 a share?$34,000 worth.
When he bought it the stock was not
paying dividends. It is now selling
around $8.
The gentleman in question naively
stated that he did not buy the stock
for speculation, because he had paid
I for it outright. He actually was con
I vinced that he was not in the specula
i ting; class because he did not trade on
? margin.
The editor gets bouquets and brick
| bats.? A woman writes: "I didn't take
j your advice before and was taken in.
: This time I promise to do as you say."
Rut a business man who wanted to
know whether his stock wa3 going up
or down scribbled: "Bunk. This is no
information at all."
They never want to know when they
are going down, for the public usually
buy3 for a rise and seldom sells for a
decline, though it is obvious that if
money is to be made out of the fluctua?
tions in stocks it can be made on each
side of the market.
The trend of the queries offers by
1 contrast a striking demonstration of
| the wisdom of Rothschild, who bought
\ when others were selling and sold when
j others were buying. For many of the
? perplexities which tho editor is asked
to solve are those arising out of the
? present low level of stocks. The in
; quirers all bought higher, many at the
[ top. None of them sold at the top, and
? few are buying now, when prices arc
? low, or seem so.
Week's ,-1020-,
?Sales (000 omitted) close, High. Low.
2 do pen 4s. 'ft 7o GO
1 Clevo Sh 1. 4%s. 77 88% 74 ?^
121 Col <V So rfg -1ft?.... 66% 7ft (ft1!
1 Col Oa* &*EI 5a. 81 8S SI
8 1 Consol Gas evt 7s.... 37 101% 07
200 Cuba C Sug cvt deb 7s 35 100 '??"?'?
36 Del & il tem 7?.100% 101 Mi
!' ?ft cvt fts. 7". ft 85 ft
ft do e?iulp -I'^.s. !>-?% :>G%
47 do re f 4s. 74 81
fl Den & Rio G imp 5s.. 69 70%
4:i ?lo rfg 5s. 4 3 4 9
35 ?lo con 4s. ?ft % 67%
ft Pot Riv Tunnel 4%s.. ?ft? SO
R Pet ftn R?-ys -1 fts. . . . 50% 63
2 Distil Sec Corp 5s. 77% Rft
1 ft T. Va & Ga con 5s.. 81 91 791
6 Brie 1st con 7s. 96% 98 93>
38 do prior lien 4s. 47ft 56 47
22 do pen lien 4P. 39% 47 28
11 do cvt 4s, series A., .'ft 41% 32
8 do cvt 4s, Borles B.. .'ft, 41 ;:o
72 <lo cvt 4s, series I).. 36 4 1 34
2 Evans & T II con 6s .. 86 92 86
1 Kla East Coast 4V?h... 74 SO 74
7 Gen Baking Co 6s.... 89 "91 Ri>
Electric ft mp 6s.. 99 100
97
9 do deb 5s. 84%
7 ("in nt Northern Ifts... 77ft
i ? ii," '.'. Val is- con ?! %s. ift 73
53 Hud & M ref ft* ser A. 54 ft ? I
4ft do adj Income 5s... 17 23%
ft: Illinois ft- ntral 5%s.. . 83% 95
5 do rfg 4s. 7! 76%
2 do ?Is, 1961. 68 7^
1 do 4s, ftft-'. 66% 7 I %
15 do 4s, 1953. 62% 7ftft
3 do v 1 3%s, 1952. .. 62% ?lift
42 IC&C'.StD&NOJt5s, s A. 74 83%
42 Illinois Steel deb 4%8. 75% 84
7 Indiana Steel 5s. 8ft % 93%
63 Interb-Met 4 %s. 11 19%
32 do 4%8, Tr Co ?His.. 12 19%
447 Int. Rap Tr r? f Cs. . . . 43% : -
ft do ref 6s. 4ft ft M ft
8 Int.-nil Agrlcult 5s.... 77 84%
68 Int Merc Mar s f fis.. 84% 93%
1 Iowa, ft.-nlral 1st 5s... 70 71
22 do rfg 4s. 37'-? 4 I
8 K ?ft Ft S ?6 Mem 4s... 59% 70
14 K C Southern 5s. 65 75%
7 <ft. 1st S s. 62% 59
23 K C T? rmiw 1 1st is.. 66 70%
1 Keokuk ?ft- ft- s M ?r-s. .. fi<; 7ft
1 Kinift-i Co Eli : Is stpd. .'0 ' [ ' '
! I ,a,ckav na St : s, 1923 ''''ft ft'
Where Is Your Office ?
IF you are located near a subway station in either
New York or Brooklyn, you will note by con?
sulting the map that this institution has an access?
ibility equalled by few banks in the greater city.
With the opening of the Montague Street Tunnel
of the B. R. T. Broadway Subway on August ist
there are three subway routes with stations almost
at the front doors of the Brooklyn Trust Company.
Why not take advantage of this accessibility ?
Call on us with your banking problems at either
our Brooklyn or New York office?you will find
our Banking and Trust facilities on a par with our
central locations.
Resources $50,000,000
BROOKLYN TRUST
COMPANY
177 MONTAGUE STREET
BROOKLYN, N. Y.
l?ot FULTON STREET 90 BROADWAY
AT BEDFORD AVBNUI AT WALL STREIT
Send for our new booklet (B-91 tclfh map showing routes and stations
of all Subways in the greater city. You will find it useful.
Week's ?1920
Pairs (000 emitted) close. Htgh. Low.
?I L S & M S (1-b 4s 132s. 70% 87% 70
20 do 1931. 76% 84% 74%
G (lo K'-n 3%s. ???I 7" 175
29 Lehlgh Valley 6s. 96% 103 ?2
12 do ron 4>?!*. 7! 83 C9
1 do of Ta ?ron 4s. Cl'-'. 72 60
1 Lex & East'n Rwav 6s. 79% K<;% 79%
1 I Isrsrotl % Myers 7s. ..102% lit 1??1
8 do 6a. 77 98% 77
1 l.onif Island re? 4a... 61% 69% 60
2 Lorlllard Co 7s.1024s 110 100
1 ?!-? 6s. 77% 88 75%
20 L ?7- Nash 7s," J P M rets.101 Vi 102% 84
7 do col tr 6s, 1931.. 84 91 84
6 do gold 53, 197?7. SO 97% 87%
41 do unified 4s. 77% 84% 72
1 do 6s Hend'sn Br d..l04 104 101%
6 do 0s St L dlv. 98% 100 96%
1 do ."?:.-. St L dlv_ 47 51% 46
I L-N-S Ry Mon j'nt 4s. 68% 65 68
5 Man Rway con 4s. 50 60 49%
18 do con 4s tax <xmpt. 60 CO1', 49%
'- Ml Ivale St? el cvt 5s. . 76 85% 75%
5 Minn & St L 1st rfg 4s. 37% 4S% ."'7
6 M, Ht P ft SS 11 con 4s. 72% 82% "0%
7. Minn S S Mar & At 4s. 86% 92% 8',
: Mo K &? East'n 1st 6s. 33% 38 33%
9 Mo, K & T 'st 4s. 52 i, 60% 52%
: do 1st 4s stpd. 60% 50 ?i 50%
10 do 2d 4s. 28% 32 26%
I do S f 4%8. 24 28 23%
16 Mo Pac 5s 1923. S5 91% 84
5 do 7s. ?'..A. T7 83% 77
2 ?i ' I o gen -if?. 5 2 5 0 51
I Mobil? & ? ' ??? n 4s. . . . 56 59 61 %
Morri & Bssr x " ? .s. . ?i?! 70% 63
A:.' Knam & St 5s. . '?1 97 '-. 86%
24 New Or Term 4s. 58% 65 58
12 N Or, Tex _? M Inc 5s. 49 65% 46
97NYC& H R deb 6s. 86% 93% ?'>
16 do rfg & imp 4%s.. 72 79 69%
43 do deb 4s 1934. 70% 8:1% 69
5N Y Cent 4a 1042. '77 67 67
9 f?o L S col tr 3%s... 67% 62 65
8 N Y ?' & IT R con 4s.. -7 7 7 2 63
38 d i rfg 3%s. 677% 70 61 %
1 N Y r & St L deb 4.?.. 64 71 C4
?! NY GELH&P pur m 4s 59 75% 58%
I N V 1. ,-7- W 1st 6s. 00% 100% DS%
13 NYNHfi-H cvt Gs 104b. 70% 7t'.1-. 65
do deb Is 1947. 47 % 51 4 5
7 do d 'b Is 1955. 45-% 55 44%
1 do deb 4s 1956. 46% 55 45
15 do cvt deb 3%s '66.. 39% 50 39%
1 do 3s . 51% 54% 51 %
11 N V O ."- XV 1st ref 4s.. 54% 61% 52
7 7 7." Y Rway s rig Is..:, 19% 7:2 19%
1 do re? 4s Tr Co ctfs. 2!? 31 29
5 do adj 5s. 5 7% 5
2 ?A? adj 5s Tr Co ctfs. 6 7% 4%
7 X Y S ?- W ref 5s. 40 52 44%
16 N Y Tel d'-b 6s. 86% 06% 8 4
4H do gen 4%s. 74% 81% 72%
SN Y W ,i- Un 4%s. 30% 44 34%
5 Nerf So 5s ser A. 54 66% 49
42 Norfolk ?& W cvt 6s... 97 104% 94%
21 do cori 4s. 74 80 67%
2 do 4s. Pnc C & C dlv 73% 80 72%
5 Northern Pacific 4%s. 71 81% 69
S2 do prior Hen 4s. 73% 80% 69
74 do gen 33. 53 56 49%
1 do Terminal 6s.108 108 103%
7 Nor States Pwr 1st 5s 7.1% 85 70
9 Oregon fi- Cal 1st 5s... 86 9:1% 85%
16 Oregon Ry & N con 4s 70% 81 66%
1 Oregon Short. L 1st 6a 97% 101 96%
5 (lo con 5s. 86 03 82
27 do rfg 4s. 76 85 74%
60 Ore-Wash RR & N 4b. 65% 72% 62
9 Pacifie Cas & Klec 6s. 74% SA! 72
7 Pa? ??le r.f Mo 1st ex 4s 70% 70% 70
ISPaeifle '!'? 1 ? Tel 5s.. 80 88% 76%
280Penn I7R tem 7s 1930.102% 103% 100%
5 do gtd 4%s 1921.... 97 07% 96
165 do con 5s l'968. 82% 94% *2
do ron 4%s. 86% 93% 83
45 do gen 4%s. 75% '85% T3
12 Peo 'las & C of Oh 5s 68% 67 0 4
6 Peor?a & Bast 1st 4s.. 54% 57 47
1 do Income 43. 20 % 2 7 18
32 P?re Mari-uettc ref 5a. 75% 87% 75%
7 do 48. 5S% 71% 58
10 Phiia Co deb 6s, 1922. 86 89 S5
1 P C C & St L4 %s, se A T9% 90 76
2 do 4%s, serles B .... 79% 90 79%
1 Prov Sec Crp deb 4?. . 32 40 32
16 Public Sva N J 6a. 60 66 0\%
63 Rea-jins: gen 4s. 78% 82% 71
2 Rep I &? S col 5?, 1940 86% 96 <>0%
3 Rio Gr & West 1st 4s. 64 67 68
11 ?lo col tr 4s. 40% 52 4S
48 Rek Isl Ark & L 4 Vis. 62% 64 5X%
!?? St 1, I M & S gen 5.s.. 82 04% ?0
12 du ref 4s. 69 76 68
10 do 4a, R & Q dlv. 64% '7:' 63%
' 2 St L & San F gen 6h. . 03 102 03
22H ilo pr lien 4s, sor A. 54% SjO'i 52
24 5s, serles B. 65% 71% 62%
9 do gen 6s, series C... i>3% 1*7% 81
103 do adj 6a. 60 % 66 66 %
536 do Inc 6s. 47% fn % 89%
26 St Louis A- S 1st 4s... 64 64% 60
?11 do con 4s. 52 66% 48%
116 do Terni 5s . 52% ?j 49
lu St Pa & K C S L 4%a. 60% 66% 55
2 St P M &? M con 6s.. 99 105% 98
6 do con 4%a. 84% 92 83%
3 do Mon ext. 77% 83% 70
3 San A & A P 1st 4s. . . 68 '.2 54%
H Seioto Val & N 1st 4s.. 69 '77 60
1 Seaboard A I., gold 4s. 69 ??)% 55
2 do gold 4s stp . 49% 61 49%
2 do rig 4s. 39 49% 37
0 2 do t-iij 5?. 33% 41% 30
M South'n Hell T & T 5sK5% S5% 78%
167 Southern Pao cvt 5a... 94% 100 ?5%
07 do cvt 4s. 75% 81% 73%
27 do rfg 4s. 73% 81 68
7 So Pacllie col tr 4s... 66% 73 61%
5 do Coast 4s. 8S 8S X*
*? S l'-Snn Fran Term 4s 64% 73% 68%
36 Southern Ry con Es... si 87% 77
130 do gen 4s. 57 61% 53%
1*. do 4s. M & O dlv. . . 54 58% 50
1 Stand ?'.as Klee 6s... 80% 01 80Vi
ITC Iron & R R gen 5s S5 93 83%
1 T R H of St L 1st 4%s 79 S2% 79
4.1 Third Ave rfg 4s. 39 61% 39
45 do adj 5s. 20% 31 20
6S Union Pacifie 6a. 96 103% 9o
4?3 do Ut 4s. 80% 86% 74%
I 106 do ovt 4s. 73% 88% 78%
39 do ref 4?. 71% 81 66%
25 UR of SF 4s, TrCo ctfs 21% 30 20%
2Vnf*lvInv IstSs.Pitts Is 69 75% 65
23 V S Real & Imp 5s... 70 84% 74
2X1*8 Rubber 7s. 9g 113% 9*
76 do 5s . 77% 90 76%
JOS Smltg R & M 6s.. 96% 105 94%
91 do s f 5s. 91% 99% ?8%
2U S Steel s f 5s reg. . . 91 97 S*
1 Utah Pow & Light 5s. 71% 85% 70
11 Va-Caro Chem 5a. 92% 95% 91%
5 Virginia Ry 5s. 7*% 86% 72 S
'. lOWabaah 1st 6s. 81% 91 79
3 do 3d 33. 78% S3 73
1 do 1st 3%s, Om dlv. 53 66 51
3 West Electric 5s...... 94% 97% 93
i 17 West Maryland 4s- 47% 53 ?7
3 W N Y & Pa 1st 5s. . 82 92 SI
17 Western Pacifie 5s- SI $6% 7?%
25 West Shore 4s. ?? 74% A4 Vi
8 Wilson & Co 1st 8s... 87% 9S% 8?
26 do cvt 6a. 85 96% 84
I 6 Wlso C'en 4s,S& D dlv 63% 70 61
Curb Market
(Continuad frein pmo?dlng pao?)
^?ft. ~ Hleh' U>vr- LaBt- ?*?*??
8300 T7n Profit Sh.. 1% 1% 1% ?_
2200 *U S High ST. 31
1200 ?Un Carb. 64%
3500 ?Un R Candy.. 13%
4300 TT 8 I, ft II. ... 2%
18500 US Steamship. 2%
1700 ?Wm Davies... 39%
600 ?Willys Corp.. 18%
400 *do 2d pf...
200 ?do 1st pf..
1000Wr-Mar Aero.
2500 Wood I ft S. .
8 00 ?Wm Wrigloy,
3600 ?do rights..,
60
86
4%
50%
75
4%
Standard Oil Subsidiaries
3160 Anglo-Am Oil 21% 20 21
100 Buckeye P L. 85 85 85
60 S O of Cal. . .310 270 310
Other Oil Stocks
6400 ?Allen Oil_ 2% 1% 2
84000 ?Allied Oil.?. 26 22 23
7000 ?Amal Rov... 27 23 23
16200 Anno Bell.... % % %
2700 ?Arcadia Oil. 1% 1% 1%
900 Ark Nat Gas. 12 10% 10%
8000 ?do rights.. % % %
600 ?Atl Gulf OH. 79% 7?% 79%
800 nigh PAR.. 10 9% 9%
24200 ?Hoor.e Oil... 3% 2% 2%
27500 ?Bos-Wyo OH. 1% 1 ??
5000 ?Carlb Synd.. U 12% 12^
100 ?Cara Oil. 2 2 2
500 Pont Am Pet. 35 83 35
8000 ?Cit S B T Sh 35 33% 33V?
2500 Cent Ref. 3% 3% .-?itf
23.100 ?dishing Pet. % % %
14300 ?Pel Tex Pet. 1% % 1 ?H
4700 ?Dominion Oil 10% 10% 10H
6300 ?Elk Basin P. 8 7% 7 ?%
?200 Engineers Pet 1% 1% ivt
600 ?Esm O & O. ? -fir -A
4500 ?Federal Oil.. 2% 2% 2^
f'00 Fensland Oil. 14% 13% 13 ?<
3300 *Gl.?nrock Oil. 2% 2% 2?
100 ?OHilland Oil. 23 29 29
3400 ?Gmnada Oil. 10'i 9% ?0'4
1300 Cuff-Gil i Oil.. 28% 27% 27 V?
3000 ?Harvey Cr O % & A
?ion Home P of D 1% 1% lU
1500 ?Hudson Oil. X A J
1100 ?In.l Ref (n). 21 20% 20ft'
2600 ?Inter Pet_ 34 31 32
3000 ?Imp Oil. 16% 16 16
6600 ?Leeluse Tet. 1% 1% l a
1200 Livingston Pet 6 4% 6
3000 Marland Ref.. 4% p; m
200 ?Manhattan O 7% 7% 7ft
52?:o Mararaibo OH 24 20% 21 V,
1200 ?Merrltt OU C 15% 14% 14?)*
600 Mex Panuco O 12 Vi 12 12
6350 ?Midwest Ref.162 147 149
490O ?Mldw Tex O. 8 4 6
2000 North Am OH 8 2% 2*4
28 00 Noblo O ft G. % ?% ?%
5400 ?N O C of N J 6% 6% 6",
22 000 ?Ohio Ranger. % % %
4600 Omar O&G n 3% 2% 3
600 ?Panh P&R pf 67 65 66
100*Pennok Oli . 5% 5% 6%
2900 ?Prod ft Ref.. 6% 6% G V,
2500 ?Red R O ft O 1 % %
1200 ?Ryan Con wl 24% 20 22'.'
3000 ?Salt Crk Con .16% 34 34V
700 ?Sa pulpa Ref. 6% 5 6$
.1000 ?Settled Pr Co 1% 1% 1 ft
7000 ?Shell T&T rts 20% 18% 19'ft
6700 ?Slmins Pet .. 16% 1 4 % 14*
6ft00 ?Skelly Oil ..10% 10% 10?.
300Spencor Pet C 15 14% 14'
SI Of) ?Superior OIL 16% 15% 16'
6200 ?do rts .... 19% 13 19
600 Texas Chief .. 15 14 15
7000 Tax Pr * Ref % % <H
35800 ?Texon O ft ft % M -1
5100 ?Tropical Oil. 19 17% 18
10000 *ftn Texas Pet % % 7
7100 ?Victoria OH
100 ?Wnodburn ?
7000 ?Whf^e Oil ..
Mining Stocks
6700 Alas-Br Col M 1 1
100 ?AlvardoM&M. 14 14
38O0 ?Am Globe ft'.. fa '
360 Amer Mines... 1 1
30800 ?-?-Atlanta . 2 1 '
165T0 ? + Hi?ieher Piv. 3% 2'
17700 ?tBeleher Ext. 4 1ft
4:-? 7oo nig Ledge Cop fa
730?) ?fBooth . 4'j 3
600o tBost-Mont ... 64 6 1
11300 ?tCal?donia M. 23 IS
1000 ?Cal & J?jr. ... %
20100 Panada Cop... \\
7'ion ?Pandelaria S. fa
17700 ?fCashboy _ 7% 1
I 100 Con Va Silver. 2%
2lft?fti ?-?-Cortez Sift'.. 62 60
23700 ?tDlvlde Ext.. 24 19
10300 El Salv Silver. 2% 1
1633.1 f-E m m a Silver 7 5
21500 ?Eureka C M.. %
7300 ?Eureka Holly lfa 1
s.ftoo ?Forty-nine M. %
14S00 ?tGold Z Piv.. 14 12
71 oil ?Golden G Ex. %
14200 ?tGoldf Con... 10 8
13025 "tGold." Pcv... 7 5
4450 ?tGoldf Merg. 1
2000 ?tGreat Ben,'... %
1C100 nuarmill Piv. 37 32
1210 ?Hecla Mnift. .4% 3
1300 Ho?-?- Sd w i.. 8% 3
500 ?1 ron Blossom fa
11600 ?tJlm Butler., 14 12
12200 t.Tutnbo Ext... 5 3
900 Kerr Lake. 3% 3
3500 ?fKewanas .... l % 1
II -. ?' * i Knox Dlv,. 6 5
5000 "! ."ift'ft na P. %
9100 ?MftcNam Mln %
14-00 ?fMarsh Mm. 12 10
700 "Moth C (n) . 6 5
200 Mt States SIL U
200 fMurray M M 76 "r>
254 *N ?I Zinc. . . .13'' 186
200 ?do right;;.. 1ft 1ft
1000 Nlplsslng - 8% 8
2600 Ophir SHv M. %
2800 Prince ?'on. . . fa
18000 ?Reco Div M. fa
10000 fRex PiiiiHol. . 7 0
26400 Roper-Gl M.. fa
1400 St Croix C M 1 % 1
1200 Seneca Cop C 15
Div
r
1 200 Standard
6200 ?tSuccess Mln. 4%
7000 ?t?unbural M, ftft
l :5<">0 ftSuth I dv. . . 2
' 030 -ion Belmonl I %
: ? ". ?Tonopnh Div 1 ft
6830 Tonopah Ext . 1 ft
4675 ?'Tonopnh Mln 1ft
5500 ftn Eastern. . . 2 ft;
10000 ?fU S Ont M 7
+ 1
1 ' i I
3% 3'
1,9 Vi 17
3 %
? +
9350 ?fSilv K
13900 ?tSilver
14 00 ?Simon f
loo
'loiory Pl\
4%
1A?
3%
ehge.
- 1%
8060 Wash G Q
6250 West End C. Ifa
9270 tWh Cap Min 10
11000 fWh Cap Ext 1%
14200 tWilbert Cop. 4%
?Unlisted. fCents a share.
Bonds
Sale? (O00 omitted). High. Low. Last.
$75 ?Al'd Packers 6s 69% 68 68
7 ?Aetna Ser B 6s 66 63 63
13 ?Am T ft T 1922 94% 94% 94%
1 ?do 1924 . 92% 32% 92%
250 ?Armour 7s w 1. 96 35% 98
70 ?Anglo-A 7s w 1 30 38% 38%
12 ?Anaconda 6s .. 88% 88 86%
12 ?Can Text 7%a. 32 30 31
5 ?CCC&StL 6s '20 84 83% 83%
8 0 ?Frenr-h 4s .... 55% 51 55
170 ?do 6s . 68% 67% 03%
21 ?Gov of Swed 6s 84% 83% 84
85 ?Goodrich 7s w i 94% 93% 93%
22 ?lnt R T 7s w i, 66% 06 66
5 ?Kennecott C 7s 92"? 92% 92%
100 ?Pun-Am Pet 7s 94% 94% 34%
3."i ?Rusa Gov lifts. 30 26 30
58 ?Sinclair 7%s .. 97% 67% 97%
30 ?Swiss Gov 5%s 85 84 84%
82 ?Tx Co T-c notes 98% 97% OS's
199 ?USRub 7%s w I 98% 98 ?IS
330 ?Vienna 4s. 7% 7 7%
170 ?do 4%S . 7% 7 7%
110?Westn Elec 7s. 97% 96% 97'i? %
German Internal Bonds
Marks (000 omitted). High. Low. Last. chge.
629 Berlin 4s . 82% 19% 22% 4- 2%
16 Bremen 4s .... 23% 23% 23%? 2%
271 do 4 %s . 25%
90 Cologne 4s. 25
6 Dresden 4s. 24
20 do 4%s. 24%
10 Pussi'ldorf 4s... 21 %
232 Frankfort 4 ....
10 do us.
7 German El 4L.s
135 Gtr Berlin 4s. .
1 ?'.erman Gov 4s.
?70 Hamburg 4s ?
2445 do 4%s
60 Leipzig? (>h
3 0 do 4 Mi s
16 do 6s.
16 Mannheim 4s
46 Munich 4s. . .
16 Stuttgart 4s.
?Unlisted.
%
%
22 -?
24%+ %
23 ? J
Investment
Information
Questions of general interest to
investors will be answered in thit
column, in which case only initial?
will be used. Others will be an?
swered by mail. Address all in?
quiries, inclosing a stamped, ad?
dressed envelope, to Financial Editor,
The Tribune, 15i Nassau Street, New
York City.
Cannot Force Wabash to Pay
Question?Kindly let ma know your
opinion of the Wabnsh Railroad stock pre?
ferred A. According to their certificate
they are to pay 5 per cent when earned,
and they always paid n. dividend from the
reorganization until the war broke out.
They certainly ought to be able to pay
now, a? they got compensation from the
government. Can you please I"t me know
In what way "I can force them to show
their earnings and how I can compel thorn
*o pay a dividend??G. XV. L.
Answer?When the Wabash Railway
Company signed up with the govern?
ment the compensation was based upon
the net operating income for three
years to June 30, 1917. This guarantv
amounted to $5,857,772 per annum.
This compensation lasts until August
81, 1920. This figure is equal to but
8.81 per cent on the preferred A stock.
Obviously, it would be bad policy to
pay dividends if the income was not
sufficient, particularly in vi?w of the
fact that the actual earnings of the
company for the first five months of
1920 showed nothing earned on the
stock. On the contrary, there was a
net deficit for the period of $3,321,2-59,
against a deficit of $70,431 for the
same period of 1919. This means that
the government?and, in turn, the tax?
payers?lost for these five months over
$5,700,000. We do not see, then, that I
you would stand much chance of forc?
ing the Wabash Railway to pay you j
dividends. The earnings of this road,
as well as the others, are published !
from time to time in The Tribune.
Would Swap Railroad Stocks
Question?I have fifteen shares Haiti
mere fi Ohio common at 66. It has oc?
curred to me that in view -of the reported
excellent earnings of Southern Railway It
might be wise to change tho Baltimore ?
Ohio common to So?ithern Railway com?
mon. Do you think such an exchange
would help my position??E. E. 15.
Answer?Based upon present opera?
tions, Southern Railway stock is more
attractive than Baltimore & Ohio stock.
However, the railroad situation is so
uncertain that there is no telling what
the results will be under the new legis?
lation. If you nake such a change as 1
you suggest you must make up your i
mind that there is a large element of i
speculation about the matter.
Midvale Steel Convertible 5s
Question?Having had recommended to
mo a Midvale Steel and Ordnance 5 pr-r
cent 19:(?j bond I will appreciate your ad?
vice before buying. How is this bond se?
cured? Do you consider a 5 per f'-nt
United States Steel a better Investment '.'
What Is the proper way for one to follow
tho earnings of a company he is inter
ested In??T. H. S.
Answer?Midvale Steel and Ordnance
Company convertible 5 per cent 1936,
of which there are outstanding $-13.
930.000. are the only existing funded
debt of the company and are secured
by pledge of all the capital stock of the
Cambria Steel Company acquired or to
be acquired. They are convertible into
capital stock at the rate of ten shares
of stock, par $50, for each $1,000 bond.
A sinking fund of $."00,000 a year is set
aside for the purchase or redemption
of these bonds at not exceeding 105.
We regard the bond as a very fair in?
vestment, but not so good as United
States Steel sinking fund 5 per cent
bonds. Tho earnings of most, of the
important companies are published in
The New York Tribune, giving com?
parisons with previous statements.
'Frisco Income Sixes
Question?Wilt you please give mi. yr.nr
oninlon on present value and prospective
Increase of St. Louis & San Francisco 6
per cent income bonds, how secured, past
record and future stability under what
seem likely t.. become improved railroad
conditions in the near future? Also men?
tion any other low priced railroad bonds
which you regard as well secured and
fairly good Investments with reasonable
prospect of advance In value as conditions
may become more Stabilized-W, M. S.
Answer?We cannot attempt to say
what the operations of a road will be
under the new railroad legislation. It
seems likely, however, with a fair in?
crease in rates based upon present
property valuations, that the St. Louis
San Francisco will be able? to maintain
itself as it has done for the past year
or moro, perhaps even better. This
road has managed to earn actually
more than its fixed charges, while most
systems have been dependent upon
government compensation. We regard
the income G per cent bonds as offer?
ing very good speculative investment
possibilities. Other bonds which are
not high grade which have similar at?
tractions are Denver & Rio Grande
improvement 5 per cent 1928, St. Louis
Southwestern Terminal 5 per cent 1952,
St. Paul convertible -l'a per cent 1932,
Lake Erie & Western first 5 per cent
1937 and Rock Island, Arkansas &
Louisiana first 4V2 per cent 1934.
Irving National Bank Stock
Question?What do you think of Irving
National Bank stock as an Investment?
please explain why the stock recently took
a tumble in price. What is the dividend
rate and how payable? ? F. I>. J.
Answer ? Irving National Bank, a
well-managed, growing institution, has
recently absorbed the Irving Trust
Company. The lower price for the
stock is due to its selling ex right.-. The
dividend rate is 12 per ce;it, $12, pay?
able quarterly January 1. The book
value of the" stock on May 4, 1920,
not including Irving Trust Company,
was 215. The capital was $9.000,00?, 1
surplus $10,340,400 and deposits $209,
190,000. The rights to subscribe to the
$3,500,000 new stock at $100 par were
worth about $35 a share.
Speculates in Marine Preferred
Question?Some time ago I purchased
ten shares of Atchlson Railroad preferred
at $87 a share, fifteen shares of A
Shipbuilding Company preferred at $90.50,
ton shares of International Mercantile
Marin" preferred at 97%. I also purchased
ten $100 Liberty bonds Of the fourth 4>4s
at par value. I have purchased the shares
on margin and the bank has them all and
I still owe the bank J2.358 on them. I in?
tend to sell my Liberty bonds and buy ten
shares of International Marine preferred
at around ?S1 per share. It pays 6 per
cent and 10 per cent In back dlvl Lends,
which .-.juhIs 16 per cent or mor- on the
investment. At that rate I will make up
In one year'a time what I have lost on
the Liberty bonds. It will take the bonds
Course of the Bond Market
This graph shows the weekly fluctuations in the average prices oi ten rail?
road, ten industrial and five public utility bonds since April 30, 1919.
The Farms of France
fe' ftft;; ,T,v SEATTLE
'^^K?0M--r?res
THE FARMS of France are rapidly being
restored to their former fertility. In the work
of reconstruction France requires large supplies of
farm machinery, 75 per cent, of which she 'has '
always imported. The tractor has been successfully
introduced, and the modern plow is supplanting the J
older type.
i
American business men shipping machinery or other
goods to France will find this Bank, which has a
fully equipped branch in Paris, an unusual aid in
facilitating all matters of finance and credit.
BRANCHES AT
Shanghai Tokio Yokohama
Parta San Francisco Seattle
OFFICERS
Charles A. Holder, President
T. Fred Aspden, Vice-President
E. B. MacKenzie, Secretary & Treasurer
Park'Un?on
FOREIGN BANKING CORPORATION
56 Wall Street, New York
Paid Up Capital and Surplus, $2,250,00*
L
How It Serves
To know the part really played by Capital
in the present economic structure of the
world read the
WALL STREET SERMON
which will appear Monday, August 2nd,
in the
DOW-JONES BULLETINS
In all Well Equipped Financial Offices
and in
THE WALL STREET JOURNAL
Monday afternoon and
Tuesday morning
Argentine Government 4% Bonds
Payable in ? Sterling
At present price of $420 and Int. per ?200 Bonds(norma.!y$973)
YIELD ABOUT 10%
and upon return of English exchange to normal offer
profit possibilities of as high as $553, or 130% on the
investment.
Bonds redeemable by a Sinking Fund at par.
Correspondence Solicited
F. J. LBSIVBAN & CO.
Investment Securities
Members New York Stock Exchange
61 Broadway New York
more than one year to reach par value. I
also Intend to sell the Atchison Railroad
preferred and do the same as stated above.
And don't you think It would b>- better to
sell the bonds and railroad stock : nd pur?
chase en th? scale down Marine preferred,
ae.d what do you think of t?'.-- Mann.- pre?
ferred stock for safety and tht-ir future
?:.-. less? Do r--i think they Intend to
keep >.n paying this bar-k dividend until
fully pair! for, and what -1" you think of
(the American Shipbuilding Company? ?
, E. R.
Answer?You are asking us to advise
j you in a matter of speculation. We
make no attempt to do this. Inter
I national Mercantile Marine has grad
! ually been paying off its preferred
! dividend accumulations. The president
of the company stated recently that, no
definite policy has been adopted, but
I that as earnings warrant the accumu
Winsiow, Lamer & Co.
59 CEDAR STREET
NEW YORK
THB FOLLOWING cor PONS A^1^
DIVIDENDS ARE RATABLE AT OT'K
BANKING HOUSE DURING THE MONTH
OP AUGUST
Al (il ST 2. 1920.
Cleveland, Akron & Columba? Hr. Co..
- Mtge. tx.
Cleveland & Pltl burgh R. R. Co., Gen.
M ige., Seri? a "D."
Indianapolis, Ind. School i%a.
Marion County, Indiana Bridge Bond?.
I ilaseillon & Cleveland Railroad Co. quar?
terly dividend J"
Wheeling Terminal Ry. Co. 1st Mtge. ?_.
AUGUST 10, 102?.
Indianapolis. Ind., School 4\x
LIBERTY BONDS ,
AII denomination? bought for cm_.
Baaed on the clotting we pay:
$15.27 for a ?50?:<>-?, ?Bond, 54 Coupon?
Wa.'.'l for a $.-?0? 2d P?% Bond. Xi?Co_pon?
$44.03 fur a *.">(;?:t<l 4 ja* Bond, .\?( uupdii.
$42.?? for a |S0?4th tWf? B-md. 1 ( ?upon
J?47.?: for a $.50?Mh *%?. Bond. 6 ( oupan?
PURDY & CO.,
; Tel. .lohn SI 74-5-6-7 $4 Pine Mt.. N.'JT.
j-'-'-TT?
' lations would be paid off gradually.
: You must remember, however, that fa?
; stock selling at 81 did not carry |h-;
; dividends recently declared, namely* s
? per cent regular and 5 per cent on ae
; count of accruals. This issue is specu?
lative not only on account of its posi
i tion, but because most marine issues
| are speculative. The outlook for the
| company appears bright, and it is ?ur
I opinion that it offers fair speculative
investment opportunities. The same
may be 3aid of American Shipbuilding
preferred.
Four full columns of im
vestment questions und an*
surers are published in Th*
Tribune every Sunday,
T