New-York tribune. [volume] (New York [N.Y.]) 1866-1924, August 14, 1920, Image 10

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New-York tribune. [volume], August 14, 1920, Image 10
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New-York tribune. [volume] (New York [N.Y.]), 14 Aug. 1920. Chronicling America: Historic American Newspapers. Lib. of Congress. <https://chroniclingamerica.loc.gov/lccn/sn83030214/1920-08-14/ed-1/seq-10/>

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Phone. Rector S000
?Josepltfhal & Co.
120 Broadway, New York
Members
I ; Sew York Stock Exchange
Foreign
Government
Bonds
Private Wires to
?principal Gties
Banking House of
Members of >", \. stock ExchanKo.
11, 13, IS, 17 and 19 Broad St., N. Y#
Interest allowed on tiei*Jsit nccount?
sUbJcd to cheque. Stock, Bond and Not?
Issm-.s o( Railroad sisi'l Industrial Com
J.t and Sold for cash; alao
carried on conservative terms.
FOREIGN LETTERS OF CREDIT ISSUED
LIBERTY BONDS
Branch \ 320 Eifth Ave. 3?> Unlou Sqnare
friths*: ) 172 Punne St. 14,"> East 60th St.
16 Court St., Brooklyn.
E. W. Bliss
Old & New Stk & Rts
rhones 4".in to 4010 John. 36 Wall St.. N. T.
KO Y??r? et Ctmmirclal >>i,>.im
?SK*I CHATHAM & PHENIX
, NATIONAL BANK
Cepltal * Surpias.S12.ee?.???
\TTyv'v' ????uro?s.$1?0,00?.9?\ ?
B.anK H? Broadway, Sinter 81**
',j;,.~. And 1-' B.xuebto
Chino Copper Earnings
Show Drop in Quarter
Income Equal to 37 Cents a
Share, Against 93 in Pre?
ceding Three Months
Operating income of the Chino Cop?
per Company for the three months
ended June 30, before dividend allow?
ances, was $330,152, equivalent to 37
cents a share earned on the $4,349,900
capital stock ($5 par value').
This compares with $809,727, or 0.?>
cents a share, in the prece ling- quarter,
and $370,415, or 42 cents a share, in
the corresponding three months of last
year.
For the six months total profits were
CI. 39,879, equivalent to $1.31 a share,
as compared with $196,974, or 22 cents
a share, in the first six months of 1910.
Gross ; of copper in the first
quatter of the year -.vas 10,621,276
pounds, and in the second quarter 11,
980.615 pounds. "
"T :. d cost for the second
quarter 'as compared with the first
quarter," the report says, "?vas due
principally to the lowei grade of ore
with a higher iron content, and to an
increase in wages during the first
month of the quarter. Earnings are
based on a price for cot. t of 18.175
cents a pound, compared with 21.8
cents for the first quarter."
-o
Declare 5 P. C. on Bonds
Lake Superior Corporation Di?
rectors Plan Liierest Payment
At a meeting of the board of direc?
tors of the Lake Superior Corporation
the annual operating reports of subsid?
iary companies were submitted and ap?
proved. The directors declared the
payment of 5 per cent interest on the
outstanding income bonds of the com?
pany
President Cunningham, reporting the
outcome of his recent, visit to London,
?said that the committee's action in
withdrawing from the agreement of
settlement ar?anged lasl February was
due to technical reasons, and particu?
larly in the absence of tanj ible evi?
dence of an early fulfillment of the
conditions provided in the settlement
for financing the construction of new
mills. He further stated that no change
v^s evident in the committee's attitude
t"var.l bringing the matter to *n early
solution, and that negotiations would
be renewed as soon as financial condi?
tions offered an opportunity to pro?
ceed with the construction of the mills.
Commenting on the past year's oper?
ation, he sai(l that full detailed report
would shortly b? published and for?
warded to the stockholders, showing a
most satisfactory operation of the steel
plants under! the very trying conditions
that existed throughout the year. The
steel company's earnings after all in?
terest charges but before reserve for
general depreciation were $2,501,183,
the net balance carried forward
amounting to $1,570,314, making the'
total surplus at close of year $2,793,444,
sub. cet to taxes.
-.-??
Equipment Bonds
(Quoted en Income percentage b.-ists)
Name. Rate. Maturity. Bid. Auk.
?alt & Ohio.. 4% 1930-'27
Both Steel ... 7 1921-'30
Boat & All?.. -Hi 1920-'27
Buff. R & P. 4'.?j-5 19J-'l-'33
do. 6 l;?j.'l-'33 7.75
Canadian Nat. 7 1935 7 35
?Y Yin Nor 4?,Sj-5-C m0-'29 8 60
C*r
-SUl 1'uC 4'
do
c. c. c & st :, s
do . 6
Che? & Ohio.. 4V4
Ch, U 1 & Pac 4 4-5
Chi & N W.. 4 ?6
r. st i, & n o. 5
Pel & Hudson 4 V?
Erie .
Frlaco i ? ?
111 Central..
Kan City So.. 6
. Louis fi: Nasl). 6
ilifh Contra!.. 6
do . 5
J?, B P & S S M 4V?-5
??o. 6
do. 7
N y Cent 1... 4s,i
?o . ?'
N Y Cent R R 4 '?
do . 7
NX CiSUili
do. 6
H Y N 11 A U 4'-!-5-6 1920-"!3
?Norf & W.-st.. 4>,?
North Pacific. 7
Bac l'r Exp.. 7
50 7.50
75 7.25
, 5 ', ? 0
CO 6.85
G.75
7.15
- 7.25
2S T.-M) 7.on
l920-'32 7.50 6.1
:92X-'39 7 75
I ?
4 \%-i
5
4Vj-5
7.00
?, SI
1920-'27 7.50 6.75
J 8.25 7 25
Js.jJ"-'jjj? 7.,
1920-"24 7.7
1928
U?20-'2?
6 75
7.n,|
6.50
7.00
7.50
8 25
s h 50
l!)20-'27 7.50 7.00
-'. 7 75 7.00
13i;0-'23 7.60 6.75
13 7.50 ? 75
192O-'30 7 50 u 75
19Z0-'26 7.50 7.00
1921-'30 7.50 7.(10
1621-'3? 7.50 7.00
l920-'28 7.60
1920-'22 7.7:", 7 00
:j';i-t,2
1921*'36
192t-'3S
193?
Pennoylvatua.. 4-1 %
Reading Co... 4 ?-i
8?abnar?l ..
Southern Pac. 4 ?j
do . 7
Southern Ey.. i'?~t
Union fact fie. 7 .
Union Tante... 7
-Vlriflnlan. By. 6
WalMsb ..... ? , 192X
7.60 7.00
7,16 6.80
7.75 7.0C
7 50 6.75
8.50 7.50
192?*>-'24 7.25 6.50 !
1921-'30 7.00 6 75
1925-'35 7.00 6.80 ?
l.OJ'O.'?S 7.60 6.75
1921-'27 7.3
4H-3-6 1920-'27 8.25 7.60
1920-'26 7.75
l!i:'4-'35 7.00
7.00
6.SO
1920-'2? S.U0 7.00
1924-'3?
1930
7.00
7.62;
1920-'3O 7.37
6.'.5 I
7.37 1
7.00
10.00 7.0#
Stocks Advance
In Quiet Market;
Sentiment Better
Upward Movement of Prices
in Light Trading Im?
pressive; Technical Posi?
tion Much Strengthened;
In a quiet, inactivo market ycater? j
day security prices moved persistently
upward. The volumo of trading was
tho lightest of tho week, which has
been marked by operations on n dimin?
ished scale. And yet the upward move?
ment of prices, which have shown in?
vincible resistance to selling pressure
since the sharp break on "Monday, was
impressive, and carried most active
stocks above the levels at which they
closed last week.
The market responded mainly to
stimuli that came from within. Until
the precipitate decline was checked
security prices for several weeks had
tabeen breaking in spectacular manner.
The. headlong drop had been facilitated
by the calling of loans by banks who
'. questioned the value of certain unsea
: soned stocks as collateral. Profes?
sional selling encouraged much actual
I liquidation, and, conversely, selling out
by disappointed and weakened longs
? brought out further short sales. The
Belling of all kinds was in part a re?
flection of the recession in certain
branches of industry and \>f the defla?
tion policy of the. banks, but tho mo?
mentum came hugely from fear that I
the Polish tangle might lead to another j
general war in Europe. The vigorous
shaking out proc*ess freed the market
from many of its weaknesses and im
parted real technical strength. This |
improyed condition has been demon- |
strated in the last/four and a half days j
by the steady tone the market has dis- j
played.
The firmness of the market created a j
better sentiment among traders, and
i'inany of those shorts who have not yet
covered endeavored to do so yesterday.
They found that holders of stock were
disinclined to sell them at the prevail?
ing low Quotations, and there was dis?
tinctly a seller's market in securities.
Those who wanted securities had to
bid for them, and the result was a
strong market tendency throughout the
session, particularly in the first two
hours and,the final hour of trading.
That the movement was essentially a
recovery was graphically shown by the
fact that the active industrial stocks
which suffered worst during the de- i
clines climbed up more strikingly yes?
terday than any of the other securities,
although the betterment was fairly
general. The railroads were firm, but
did not advance significantly.
The rise in sterling exchange and
the strength of the European exchanges
indicated that, financial interests were
not alarmed by the new levelopments
in connection with the Russo-Polish
situation- The report that the Poles
and the Russians would meet at Minsk
to-day to confer on the terms of ;'.r.
armistice was regarded as a favorable
market influence. This news was re?
flected in the wheat market by a d??
cime in futures, which h: on previous
days risen when the Euiopean situs.
tion seemed darkest.
Money and Credit
Call money renewed yesterday at 7
per cent, but before the close had
dropped back to 6 per cent, which bus
been the procedure for most of the
days this week. Brokers found little
difficulty in getting funds to carry
them over until Monday. Timo money
was unchanged.
Yoster- Year
day. ago.
On mixed collateral.... 7 fi
On industrial collateral 7 Q%
Time money (mixed collateral):
Sixty days .Sy my, 5;Y^fi
Ninety days .8?i 8% ."'y i 6
Four months .8(8 8 1-r; 5: ', ? 6
Four to six months..S@81/ij 5?', y
Bank Clearings?Bank clearings at
New York yesterday were: Exchanges,
$685,677,184; balances, $68,836,662.
Silver?London. 58%d; New York,,
domestic, 99%'c; foreign, 95%c; Mexi?
can dollars, 72%c.
Sub-Treasury?United States funds
reserve credit balances, $63,910,261
Canadian Exchange?New York funds
in Montreal, $138.12 premium per $1,
000; Montreal funds in New York,
$120.39 discount per $1,'0C I.
The Dollar in Foreign Exchange
Sterling was firmer yesterday, par?
ticularly in the late afternoon. The
Continental exchanges similarly moved
slightly upward.
Yesterday's closing rates, compared
with those of a week ago, foi low:
(Quoted'in dollars to the pound)
Yester- Week
day. Ago.
Sterling, demand . $3.6525 $3.6.325
Sterling, cables . 3.66 3.6'9
Sterling, sixty days_ 3.6125 3.6425
Sterling, ninety days... 3.5925 3.6225
(Quoted in cents to the unit)
Francs, checks . 7.28 7.35.
Francs, cables . 7.29 7.36
Belgium, francs, cheeks 7.73 7.89
Belgium, francs, cribles 7.7 1 7.90
1 ire, checks . ?l.jr.i 5.17
Lire, cables . 5.00 5.18
Swiss, francs, checks.. 16.65 16.70
Swiss, francs,'cables.. 16.70 16.75
Marks, checks . 2.16 2.18
Marks, cables . 2.] I 2.18
Guilders, cheeks . 83.125 33.526
Guilders, cables . o'S.25 33.75
Austrian, ? crowns, chks. .53 .50
Austrian, crowns, cbls .53 .56
Sweden, checks . 20.60 20.85
Sweden, cables. 20.70 20.95
Denmark, checks . 15.20 kr>.?'.0
Denmark, cables . 15.25 15.50
Norway, checks . 15.20 ?15.60
Norway, cables. 15.25 15.65
Pesetas, checks . 15.10 15.15
Pesetas, cables . 15.15 15.20
Greece, checks . 11.60 12.00
I Greece, cables . 11.70 12.10
Manila, checks . 46.50 47.25
Manila, cables . 46.75 47.50
India, rupees, checks... 36.25 37.25
India, rupees, cables... 36.50 37.50
Japan, yen, checks.... 51.25 51.25
Japan, yen, cabios. 51.50 51.50
Argentina, checks .... 87.40 Si',.50
?Argentina, cables .... 87.(15 86.75
| Brazil, Rio, checks_ 21.00 21.15
Brazil, Rio, cables. 21.10 21.25
| Czecho-Slovakia chks... 1.85 2.00
Czec'ho-Slovakia, cbls.. 1.85 2.00
Take Over London Branch
! .The National City Bank is planning
; immediately to take over the London
; ??ranch of the International Banking
: Corporation, its subsidiary, sind ? p< r te
it under its own name, it was an
; nounced here ycsterday>? \ branch in
i London's West End also will be opened,
it was added. Bank officials said they
did not wish this action to be interpre?
ted that tho institution intended to In
| vade Europe in a general way.
Paris Market Firm
PARIS. August 18.- Prices were firm
on the Bourse to-day. Three, per cent
rentes, 54 francs 35 centimes. Ex?
change on London, BO francs 27?- cen?
times. Five per cent loan. 87 francs
50 centimes. The dollar .was quoted at
13 francs 82 centimes.
London Money Market
LONDON, Aug. 13.?Bar silver. 59--d
per ounce; bar gold, 112s lid. Money,
5 per cent. Discount rates: Short bills,
6?s per cent; three months bills,
611-16 per cent. Gold premium, at
Lisbon, 140.
Transactions Yesterday in listed Stocks
Summary of Stock Exchange Dealings
(Copyright, 1520, Now York Tribun? Inc.)
Pay Year January 1 to date.
Yesterday, beforo. ago. 1920. 1119. 1918.
Railroad Mock? . 70.300 08.000 199,400 22,310,700 38,633,400 19,402,500
Other atocka ...._ 294,600. 352,400 608,400 122,119,400 151,990,200 67,629,100
All alocka . 3/0,900 421,300 707,800 144,436,100 190,629,600 87,031,600
Yesterday. Day In-fore. Year ano. 193p. 1919.
U. S. government bonds. $5,166,000 $6,933,000 $8,369,000 $1,954,721,000 $1,539,779,000
Kn?road bonds _?. 1,161,000 1,141,000 1,847,000 211,162,000 229,563,000
Other honda . 1,248,000 1,172,000 1,921,000 231.416,000 245,101,000
AU bond* . 7,569,000 9,246,000 12,137,000 2,397,299,000 2,014,443,000
Record of Stock and Bond Averages
(Copyright, 1920. Now Yorlc Tribuno Ina.)
Stocks
Yester?
day.
.70 Railroad stock? ?. 63.50
30 Industrial atocka
?0 Stocka .
85.53
76.72
10 Railroad bonda ?_......>. 71.56
10 Industrial bonda ._??..... 83.12
5 Utility bonda . 68.15
25 Bonda.j. 75.50
Day
before.
62.95
84.57
75.02
?end
71.58
? 83.20
68.10
75.53
Year
ago.
68.25
102.97
89.08
s
76.10
93.30
82.90
84.34
Rango thu?
far 1920.
68.70
110.30
S2.05
76.28
91.45
74.53
81.71
58.60
82.53
74.48
66.73
83.05
68.10
73.94
Rnnife full
year 1919.
78.80
119.33
99.54
82.80
95.70
87.75.
87.91
46%
??8%
2%
3
53%
M?h. low. P?v.
1920. 1920. Rate.
25 ?
44 " 6
1 ?
V/2~
23 1
75 8
39 3
7414 8
81% 10
30% --
87 7
124'/a 12
23/4 ?
79 6
9%
73
64'/a
611-4
82
Sales. Open. ITlfijh. Low.
48%
103%
128%
61%
101
147%
64%
86
15'/a
122
1191/2
95
109/4
107
177a
S0/2
50 33! s
93! 2 8?
142% 114%
Advance Riimely ....
8 Ajax Rubber .
Al?ska Gold Mine?. .
Alaska Juneaa .
1 Alliu-Chalincrs .
8 Amor Airr Chem....
3 Amer Rank Note...
8 Amer Beet Sugar....
0 Amer Bosch Mi'..';....
Ar.ier Can.
7 Amer Can pf.
2 Amer Car &. Fdry...
- Amor Coll?n Oil.
6 Amor Cotton Oil pf.
.80 Amor Drug S.vn _
7 Am Hide & Leatli pf
6 Amor Int'l Corp....
0 134/2 136*? 134/2.136/4-1- % 135
16=
106%
100%
210
97%
165/a
61%
2,%
66! z
67%
86? '?
82
o
93
176-''?
114
148%
38%
49%
I54/2
1%
32/a
96
102%
102%
114
17
62
13
H/a
29%
27%
2S%
85%
46
134
43/a
19%
104%
61%
164%
59%
11%
2/; .-.
42%
61 %
91' 2
111'-,
41%
78
06' a
21/4
44! -,
40%
27
65%
92%
67
70%
2^ ' a
'98
1 A i s
irs5%
107
46%
43%
273%
60%
59%
9934
250%
9
16%
13
-"-'' 3
117
15%
26
36%
19' Y
192'
100
75%
42
85] 4
93
80/4
1023^
84%
41%
38%
34
19%
84%
46%
77%
11 91 j
22%
93%
27
88
61%
74%
92%
102
85' 4
72%
38
11
49%
A *uer
A m or
Amor
A nor
Amor
Amer
Amer
Airur
Linseed
Loro .
Loco ?if.
Safety Razor.
;h;p & Coin . ..
3toel I'dy.
il eel Fdy pf...
Sugar .
Amer Sumatra Tob.
Amer Tel & Tel.
Amer TobaccuMJ....
Ain-.-r T?.-b pf new...
Amer Woolen .
Amer Writ Paper pf.
American Zinc .
400
100
400
400
2900
1800
1600
25
65
10
73/2
7O/4
64%
95
100-100%
300 13%
1300 20%
1000 35%
200 85%
25
65
0%
73%
70%
64%
95
100% 100% 100% +
I 13% 13 13% +
20% 2O/2 20%?
36% 35 35% +
85' j. 85 85 ?
26%
65
10
74%
74
68/8
96
26%-f- 1% 25%
65 ?14 ?
9%? % 9%
74%+ % 74%
73 + 2% 72%
68/4+ 4/4. 68%
96 +
Bld. Ask.
30%
49
1%
1%
30%
78
49
80
87 ,
34%
90
136%
26%
71
10
76
73%
69
96
101
13%
20%
100 115% 115% 115% 115%
95
100
13%
20%
35% 36
84% 86
115% 116
1600 81%
100 95%
400 105
100 87%
2800
200
600
Anaconda . 1CC0
? 25% 6
76 6
72 5
5 ?
82% 7
130% 10
103 7
100 7
27% ?
40% 4
114 8
Asso D.-y
Associatod
Atch, Top
Atch, Top
Goods,...
Oil_..
?J. S Fe...
& S Fo pf
Atlanta,
Atlantic
Atlantic.;
Atlantic
Hirm & Atl
Const Lino
Gulf & w 1
Kef pf_
600
100
2600
600
100*
100
83% 81%
95% 95%
103% 105
87% 87%
76%
44%
11%
52%
28%
85%
80%
75%
6! 2
84%
83
95%
76' '2 79
44% 44%
11% 12/4
52% 52%
23'% 23%
S5% 86%
80% 81%
76 76
6 % 6%
843-4 843,4 843,4 84%+
600 137% 139% 137% 139
100 106 106 106 108
83%+ 23a
95%? %
105%+ 43/4 103
873/4+ 1% 87/s
79+3
44%+ %
12 -
52%+ 1/4
28%+ 1%
851-2? 3%
81 + %
76 ? %
78%
45
'12%
52%
28%
85%
803/4
75
6
84%
+- 13% 138% 139%
1 105 108
84
96%
106
89
79
47
1334
62%
30
90
81%
76
6%
85
14%
71
68
90
104
0%
43' 2
6 i-,
16
12
10'.;
63
22' ;
110'
Baldwin Loco Co. ....
Baltimore & Ohio...
Baltimore & Ohio pf
Barrett Co.,
Batopilas Mining ...
Beth Motors.
Bethlehem Steel ....
Beth Steeli Class ?...
Let h Steel 7% pf...
Beth Steel 8% pf...
Bklyn Rapid Trsin. ..
Bklyn Union (?as....
Booth Fisheries Co..
Butte Cop & Zinc...
Butto ?!i Sup Cop...
But It rick Co .
Cnddo Oil .
23100 104% 106% 103% 106%+ 2% 106% 106%
34%
453?
+ 1!
100 106%
300 9%
106% 106%+ 2% 105
9% 10 - 97
45 49?1 48!,
10
49
30%
79%
47
6
19%
. ?
453,4
67
74%
J'
64' 2
5?
12%
24%
?:-" ;
20
19%
78%
50
5 J.) !. 2
9%
74' ,
10 ,
76%
100
25
30'
115%
36! ?
35 . :
83| 4
165
4
6 Calif l'acking- . 1100
? Calif Petrol . 10C0
10 Canadian Pacific ... 1900
3 > Canada Southern*... 100
? Case Plow . 200
5 Central Leather _ 11C0
4 Cerro Do Pasco._ ICO
10 ' :?, ndl? r Motors. SCO
Che peako ?-'Ohio.. 50O
? Chicago & Alton_ 100
2 Chi G1 West pf. 100
? < hi, Mil & St P.... 10C0
?? Chi, Mil & :??:. P pf. 1100
5 Chi & N'western. 200
3 Chi Pneum Tool_ 300
? Chi, R I & Pac. 1900
7 Chi, R i & Pac 7% pf 700
6 Chi, R I & Pac 0% pf 100
? Chile Copper'*. 60'J
1% Chino Con Copper.. 1600
4 Coca-Cola . 1900
Col & Southern _ 200
Columbia Graph . . . 2800
1 Graph pf. . 2.00
( .1 Gas & Elcc. 200
Con: -I Cigars . 600
Con Int'l Cal Min. .. 300
.s'sil Can . . . 600
Continental Candy . . '. DO
Cor?! Products . 1800
( ? - : Y dud i pf. . . .
Con Textile .
Cosdcn & Co.
Steel .
Cul a- \m< si- sin Sugar
Cuba Cano, Sugar. . .
Delaware & Hudson
i>, L & W.
Denver & Rio G...
Denver & Rio G pi
9! 4 1 Dome Mines .
1 ".; - Elec Stor Battery rts
?2 5 Endicott-Johnson ...
? Erie .
17% ? Erie ".?-.?j pf.
65% G Famous Players ....
25% 3 Fisk Rubber Tire,;..
20 ? Freeport-Toxas Oil . .
5% ? Gaston, Wms AJ.- Wig.
150 8 Gen Chem Co.
90 6 Gen Chem Co pf_
63' 3 6 General Cigar .
1? 1 Gene? al Motors .
1 : 1 6 ? ? 1 '.Y , deb.
8J) 7 ( en Motors ! , <!? I?.
49% 6 Goodrich, B F.
84% 7 Goodrich, ?5 F?pf...
6774 7 Great Northern pf.,
30 4 Gt North Ore subs..
23 .50 Greene-Can Cop ....
28 ? Gulf, Mob .j; Nor pf.
1-'% ? Guant Sugar .
45 ? Gull States Steel_
2J!% ? Hend? - Mfg .
50 4 Hus & Bar Car Co.
75 ? Houston O.l .
Hupp Motors .
Illinois Central.
International Agri. . .
International Agri pf
Inspiration Copper .
Inte? bgh-Con Corp.. .
Interbgh-Con C?rp pf
In?.ernationu! liar. . .
International liar pf
Jnt Mer Marine. ..
71% 6 Int Mci Marine pf
41 '4 ? ?Jut Motor Truck...
62; .; ? Int'l Puper .
13! 8 ? Int'l Nickel.
30% ? Invincible Oil* .
36% ? !r:)!i Products .
5% ? Island ?sis A; Tr_
7% ? Jewel Tea .I
? Kansas ? ity Soulfi.
? Kansas City South..
2 Kennecot l Copper . .
4 Kellj Springfield ...
'1.20 Key.-.?oik- Tiro .
6 Lack? ?vanna Steel . . .
3] z Lehiirh Valley .'
7 ~ Li-: & Mys Tob Co pf
2 Loewa, Inc .
?? lyott Candy .
? Loose-Wiles Bis 2d pf
7 1 oulsvillc ? Nash. . ..
6 Mackay Cos .
4 Mackay Cos pf_.'
10 Man at i Sun-ar.
2 Martin Parry .
? Mas .Motor Co.
? Mar Mot Co 1st pf. .
Dept Sto.c.s pf.
200 101% 101% 101% 101% +
300 29% 29% 29% 29!& +
100 33? 4 33'4 33/4 33??
2900 123. 134 12S 133% +
2100 39% 41%- 3934 41? j,.,.
650 169
200 95
13 1
80% 7
13% ?
69 S
43% 4
A ? 3 ?
16% 8% -?
142% 112% 7
115 103% 7
51% 21% --
11 l%
170
91%
2? (.|
47! A
51%
7 '.'4
21%
193/4
19,34
33%
152%
48%
9134
47! i
1 10%
?6
28
115%
112/a
69?4
64%
154';,
30%
35%.
63%
107
46! s 46%?
3% 3%+
9% 9%+
500 1243/4 125 1243/4 125 +
100 103% 103% 103% 103/4
9!;
%
78
13
135
22
71%
13%
63
:jos4
99
19
12
104
67
60%
59%
1800
1400
100
1900
J3 I L.0
6S00
200
61 (X)
100
100
1000
18 DO
1800
1200
1000
200
100 ioo3s 100% 100%
20% ?0%
13
1C4
25 -f 1
76%+ 1%
44 + 1
78+2
103/4+ %
35 ? %
41 ? %
6 + %
17%+ 3/a
173/4+ 3a
23%? %
76%+ %
67 + 1
44%+ 34
100%+ 1%
203/4+ %
13 - .
104
7
10
94
11
31%
45%
40
f S ' 9
110
86%
98
13
C9'. '??
93%
110
17/a
77%
36%
86%
29
843-g
77%
6%
157
41%
78
61 %
46
100!
15'
77/
16
9?'.
148
13'?. 2
10% 1,
37 4
9 ?
?SC% 7
3| j ?
21 ?
36 ?
29 ?
59 3
103% 7
44 ?
700
200 13
100 104 1C4 104 104 ? 1% 104
100 98 98 98 98 + 2% 98
300 61 61 61 61 -' 60
700 60 60 '5934 59%- 593
300 100% 101% 100% 101%+ 1 102.'
156% 154
Oil.
83
6".
1C?; a
10%
6-?%
23%
23%
10
66%
42^a
3%
107
19%
35
41%
37
Micvale Steel .
Minn & St Louis new
M, Si V & S Ste M pf
Mi>, Kansas & Texas.
Missouri Pacific . ..
Missouri Pacific pf..
- Mont Ward ...
3 Montana Power ....
7 National Biscuit pf..
Na(iis<:.:I Aniline ...
7 National Aniline pf.
- Nat Con & Cable_
6 Nat Kn.i?D? ?c Stpg.
6 National Load .
7 National Lead pf...
1 Nov:i,J.i (.Jon Copper.
5 New ^ ork Contrai. ..
N V, *J'i & St Louis
- N Y, N H & II_
- Norfolk &. Southern.
7 Northern Pacifie ...
5 Nova Scotia Steel ..
.40 Oklahoma Prod & R
8 Otis Elevator .
- 0;is Steel .
4 Pacific Development,
5 Pacific Gas & Kl?w.?
Pacific Tel & Tel.?*
100 105% IO534 105% 105%+ %
15100
200 85! a
400 6s ,
100 56%
200 73
200 103
2800 10%
3900 70%
100 32
7800 32%
200 17
1C0O 73
400 44%
2100 3% 33?j
200 120% 12C ?-i
26CJ 21 22
500 37 37
600 4434 443;
200 40 40
44'
75%+ 6/
88%+ 4%
55%
73 -
1023/4+ %
10/2? %
71%+ %
32 ? %
33%+ %
17?2
73%-*- %
44/2+ %
3%- %.
120%+ 4%
22 + 1%
35 ? 2
44%+ %
40 -
High. Low. DIv.
1920. 1920.? Rate.
110% 713/4 6
67?4 6
29 4
37% 3
16 ?
22% ?
34 ?
36% ?
11 ?
79 8
51% 5 ?
83 7
84 8
36 4
109 - 8
111%
4//a
43%
36%
32
44%
82%
?3%
58
64%
9434
113%
50%
124
Pan-Am Petroleum
Pan-Amer Pet B...
Parish & Binghnm.
Pennsylvania R R. ,
Pcnn Seub Steel . . .
P?re Marquette . ..
Phillips Petroleum
Plerco Arrow .
120
29
106%
223,4
94%
S4
12434
10634
93%
733,4
26%
8834
13%
643/4
45
76%
93
34%
Pierce Oil. 2100
Pierce Oil pf.
Pittsburgh Coal ...
Pittsburgh Steel pf.
Pressed Steel Car..
Pure Oil Co.
Wet
Sales. Open. Hleh. Low. Close, ehgc. Bid. Ask.
810O 80% 83 80% 82%+ 1% 82% 83
400 74% 77 74% 77 + 2% 76?4 77%
100 29% 29%' 29% 29%+ 1 29% 30
1600 40% 4034 40% 40%+ % 40% 40?4
400 19 19 19 19 ? %
24 23% 2334+ %
35% 35% 35/
39% 38% 39 +
310 23%
200 35%
3800
19 20
23% 24
35% 36%
39% 39% \
Pullman Co . 1000 111% 111% 111
Punta Alcirre Sugar. 2800 75% 75% 7434
Rand Mines . 200 26% 26% 26/
Railway Steel Spring 100 92% 92% 92%
Ray Consol Copper... 1000
Reading . 14900
Rem Typewriter .... 200
Rep Iron & S'ccl... 3800
Rep fron & Steel pf 200
Rcplogle Steel . 3100
30 86%
1100 95
1800 37%
143/8 14%
87% 88%
52
81%
93
63%
120% 59% 6.50 Royal Dutch N Y sh 4600 75%
21% 6% ? Saxon Motors . 1200 7
263,4 15% ? St Louij & Sun Fran 2900 24
21 11 ? St Louis Southwest. 1600 19%
31% 20% ? St L Southwest pf
243 130 8 Sears Roebuck ..
45% .74 Shell Trans & Tr.
23%
59%
143,
87/
52
81/4
93
63/
600 30
300 135
1600 43
Sinclair Oil . 11400 27
Sloss-Sheff Steel & I 300 63
Southern Pacific. 3600 90%
So Porto Rico Sugar 600 135
Southern Railroad....
Southern R R pf
Standard Oil of N J
Stand Oil of N J pf
Stewart Warner.
Stromberg CurbnreMr
Studebaker.
Tenn Cop & Chem..
Texas Company....?
Texas & Pacific.
53% 37% .60 Texas & Pac C & O
95% 57 6 Tobacco Products_
Tobacco Products pf
Transcon Oil .
Transuo W Steel_
Union Bag & Paper
52
82%
93
693/8
76%
7
24%
10%
30% 30
135 135
14%
87% +
52 -
82%+ 1%
93 -
69 + 1%
75% 75%+ %
63/4 7 +
24 24%+ <
19% 19%+ !
.30%+ <
135 + 2
'4
14%
87%
51
82%
90
69
75%
634
24%
19%
30%
135
52%
82%
93
60%
76
7
24%
20
3034
139
90%
48%
82%
1053,4 88
310 100
30% 18 ?
60% 50 5
870 601 20
113% 100% 7
51% 27 4
118% 50 4
59 7
9 ?
40%
126%
13%
60%
47
20
48% 47% 47%+ 1% 47% 48
27% 26% 26%- 263/4 26%
63% 63 63%+ 2% 61 63%
91% 90% 91%+ % 91% S1%
135 135 125 +29 135 150
6800 26% 27% 26% 27%+ % 27 273,4
4O0 59 59% 59 59?/4+ % 59 59%
95 625 637 025 637 + 5 625 640
1000 105% 105% 105% 105%+ % 105% 105%
?800 32% 32/4 31% 32%+ % 32% 323/4
25 ?
106
38%
66/
127
124^
53 44
224 176
293/4 13
55%
78%
116%
69%
96%
14334
115%
83% 7
9% ?
42 5
73% 8
25% ?
110 10
1600 67
6900 623,4
19C0 9%
9100 44%
2800 323/4
300 39
2900 59%
4800 84
1300 10%
1400
100
43%
273.J
69
63%
9%
45%
34%
3934
60
85
11%
44%
81%
2734
67
62%
9%
44
69 + 3
63%+ 1%
9%+ %
45 + 1/4
32% 33%+ 1
39 39 ? i/4
60 + '%
85 + 1
io%? %
44%+ %
81%+ %
27% +
59%
84
10
43%
81%
27%
Union Oil . 1800
Union Pacific . 1200 116% 117% 116% 117% +
3% United Drug 1st pf. 200 44 44 44 44 -
12 United Fruit . 1000 100 190 139
190
68%
63%
9%
44%
33%
39
59%
83
10%
43
82
27%
3 117% 117%
44 48
189 191
%
69
63%
9%
45
34
39%
60%
85
10%
45
86
2734
413,4 5
533.SJ, 6
77% 8
40 ?
59 3
80 ? 8
102 8
500 16%
200 42
1000 58%
40C0 81
500 48
2300 fc2
16%
42
58%
81%
169 83%
115% 1043 a
803,4 56%
12%
97
80%
112%
119
10%
31
12%
32%
119
55%
82%.
14%
69%
32
93
145
: s
16% 16%+ % 16% 17
42 42 + ' 4 40 44
58 58%+ 1/4 58% 5834
81 81%+ % 81% 813,4
48% 43 48%+ 1% 4S/2 50
63% 62 63%+ 1% 63 63Ya
853,4 84% 85%+ 1% 85% 85%
104 104 104 ? 2 102 106
87% 86% 8734+ 1% 873,4 87%
107 106% 106%? % 106% 107
7/
42
59!
104
76
20%. ?
8% ?
2O/2 ?
102 7
44% 4
52% 5
9 ?
44 4
15% 1
77% 7
100 8
61
7%
60'a
61 +
95% 55
United Ry Invest pf
U S C I P & Fo pf
U S Food Products.
U S Ind Alcohol_
U S Realty & Imp..
United Retail Stores
U S Rubber. 6100 84%
U S Rubber 1st pf.. 300 104
U S Steel. 35800 86%
U S Steel pf..._ 800 107
Utah Copper . 300 61
Utah Secur Corpn. . 200 7%
Vanadium Steel _ 119C0 65% 67% 65% 67 + 1!
Vir-Carolina Chem . 400 65 66 65 65%+ 1!
Vir-Carolina Chem pf 200 104% 104% 1G4% 104%? "
Va Iron, Coal &, Coke 260 104 104 104 104
Wabash . 300
Wubash pf A. 1000
We:?tirn Maryland ..
Western Pacilic ...
Westing- Ait Brake. .
Westinghousc M ?g . .
Wilson Co .
Wheel & Lake Erie.
White Motors .
Willys-Overland ....
Willys-Overland pf .
Woolvvorth .
Worth Pump & M..
78
09/2
7%
66%
65
.104
60
9
67
65/
105
24 =
300 91
000 26
100 103
300 47
Bid and Asked
Bi?l. Asked
Adams Ex... JS4 JH?.
A! ,?.-. Susque. .120 140
Allb-Chitl's pr 70% V! '
Aia .\ Ch pr.. 85
A su Bk N pr -U 48
Ain Be?t .S pr 75 So
A Br S i? F
pr
88
& F lis-, 107% il?
Atuer Expi-c.-,.?. u-j-i i:,|
Am Ico So pr, ;,p.'. 59
Aiuor La Pr,.10 11
Amor Liu pr.. sa 90
Amur M & G ? 35
Amer Shlpbldg ? ??.-?
Amer S pr A. 70
.Vin t Snuff... ?17
do pr. 7?
Amor Su pr..l0ti
102
Am Su Tu
Arn Toi _
Amer Win
Amor
Zl?o pr 4
.-- lus
pr S0% .-'S;
Ca 4 s 51
?ri% 03
48
YO
Ann ? Arbor
?i?? pr
A? D Cd lspr 57% ?si
?lo 2d pr... ~,?) 61
Atlantla re? .1075 11 ?5
A, <i & \v Ipr 02 63
Auio S Cor... 4 lo
. do pr . 13 23
Austin Meh .. 19% 2S
list! Lo Co pr 96% 97
Barnsdall ... 35 r.<
?lo B . 35
Buniott Loa . 45
do pr .85
Bsi; ix-'.t, Co
38
60
90
106
1)2
95
08% 11!
Barrett Co pr.Jim
Brook IM Is.*. 85
Burns Bros_ 90
do pr _
Brunswick ... 5" ?i
Bu, l?o & Vit 53 85
do Pr . SO 100
Buir *c Sus... 67 7?i
do pr . 42 45
lxi.su Terminal ? 85
t'alu & Ai-i/... ,-,2 f ,
Casa, J I i>r.. nl% ?,,
Con Lea pr... 95 ?7
Cen of N J. ..215 252
Cortaln'd Coi-p Is 54
Chi & Ai pr., 11% 13
Chi & B 111.. 8 n
do pr . s ?i
Chi & N'n pr.101 103
C, S V, M & O r,S 03
?do pr . mi 90
CC 0 .v- SL pr 60% 66
<'lii._t-iva pr. flu 10,9%
Col & S 1st pr 4(1 -1!)
do 2d pr_ 35 4.-,
Con Cigars pr 7:i 81
Con Ins Co... 67 70
Crex Car Co.. 53 f.s
Cru .S-.rt'l pr.. 93 95
Doore Co pr, . 93 96
Pet Edison... B5 98
l)??l Ln It It.. 91 ?4 9?
D, S S & At. 4% :.'
do pr . 6 9
Dur Hosiery... ill 46%
do pr . flj % 97
El Stor Bat.. .111 115
Elk Jrlurn Coal !:i 20%
do- pr . ;?2% j.s'i
Emorson-Br't . 15 ' 20
do pr . ? 72
Endl*t-John pr 92 95
Erie & Pitts,. 45
Krld 2,1 pr_ 11 15
Fairbanks . .. 40
Pom Play pr. s:> 85
Fed M & S.. 10 12
, 'I" Pr ,. 33 35
Usher Body.. 99 103%
?1" pr .100 lull "
Goh Clga
An pr dob
79 =
82
Oran by Mining 31
Gray Davis. ..20 22
?... M & S. 12% 11
O S ?S 1st pr. ? 93
mi Agri pr. . 7 7 ? SO
lnt M T 1st pr 75% 77
<lo 2d pr... 63 f>5
tut "Papel pr A3 103
do I" stpd. . 72 74
lnt Nickel pr 80% S3
lnt Sal:.55'a ?
Iowa Contrai', 4 6
Jewel Tea pr. 25 35
?T Koyser. !?:? 9s
K CFS&M pr 50
Kan C S pr. 44% 45
Kelly Springpr S3 84%
do S p e pr. 90
Keim? W Co. 50
do pr . 82
Kcok & D M 4
do pr. 20
05
70
SO
4%
30
Bid Asked.
tvs-Bs?o, S S. .121% 125
??o pr. 90 98
Kress & Co... 80% 97
I. U .?.: Wt.st. 1 !
pr.
17
? llub & T 21
t. & M T Co. 130
do B.122
I--U- B 1st pr. 94% 98
{?orlllard, P..125 133
126
do pr. ..
Mn?inson
15
pr,
9 i%
Man Beat_
Man Eleva? .1 I
Mau Shirt... . :
Math Alk \V. 3
-Muy Dept S
Hex Pot pr..
Mich Cea.
MSP&SS M.. 70
do 1 t.... 51
M K & T pr. 9
Moil l'u-.i ??[? . n,- it",
Morris & ?J. 58
Mulllii? I; pr. 93
XosU & Chat,. 95 less
Nat Biscuit. . 103% lln
Nut c ,v s pr 86 95
Nat E A.- t? pr ,*S r?"
Nat Lead pr.103
NKUofMlst pr 4
NYC&SL Istpr 60
do 2d pr... 50
N v Doek pr 45
N Y L & \V. 78
N'orf & West 88
do pr. 65
North Am.... 50
Ohio Body.. . ?
Ont Silver... 5
Otis Elev pr.. ?
Otis Steo] pr.??
Owens B M.. 40
67
103!
10
70
51?
101
do pr.
ific Coast. 25
2d pr... 45
Pacitio Mall. . --
Parish ,V Blng sss
I'enn. J c pr. : I
Peor?a & E. in
Peru Marq pr. ?
do prior pr. . 55
P C C .t S h 72
Pet Mul Co.. 31
do 1st pr... 95
Phil Jones... 40
do pr. 80
Pioroa Oil pr 7s
Pitts Coal pr s5
P F V, ?- C..113
P & W Va pr 6S
Pond ?..' Goal 14
Y stef-i Car pr 97
P S C of N .! ?
Ry S Sprg pr 96
Heading 1st pr 40
do 2d pr... 42\2
Hem T 1st, pr ?
do 2d pr... ?
Rena ?c s .. ?
Savage Anns. 39
S 1, & S F p;- 29
Seaboard A l. 7
40
15
1110
do pr.
13
14
112
?ars Uoeb pr.104
Shat .t Aru.. 8% S
S s s ... 1 pr s -, vl 89
' P it \Sug.ll5 140
'lo pr.100 108
Stand Mill p.- 75 7s
Studqbaker pr ? 90
'S'si? Steel 1 ?.? 96% '97
T & V L T..280 325
Third Avo lt. !i m
l'S'J. '?'.' Gil.170 2KI
T S LAW ctfs 10 13
?1?? pr ctfs. 16 20
Twin 0 H T. 30 ?,4
Gnde
pr
. 156
of Am. 130
SS
ris 5
117
175
I??'.
125
Ited Drug. .108
s o 1 1 ?,>.?:?' 13
U s Express, ?J
U s Ind A pr 90
t" S S .?c R pr. 4Ji
Wabash pr B 31
?.Veils F Kx. 55
West Md '2?! pr Ijj's; 13
U Toi.... .s.!' 82
Wilson Co pr. 75 ?m
W & L K pr. 16% 18
Wi5 Central.. 24 26
W P&M pr A ?
do pr .1!.. ,. 61
95
43%
1,;:,
90
White-Motor Earnings Drop
Income for Quarter Equivalent
to 37 Cents a Share
The White Motor Company reported
net operating income for the quarter
ended June 30, $330,152, equivalent to
37 cents a share earned on the $4,349,
9?0 capital stock ($5 par value).
Thia compares with $809,727, or 03
cents, in the preceding quarter, and
$370,415, or 42 cents, in the correspond?
ing period of 1919. The regular quar?
terly dividend of $1 a share has been
declared, payable September 30 to
??oolfchelaers of record September 15.
Big Stock Dividend
By Standard Oil
N. Y. Co
Capital Will Be Increased
From $75,000,000 to
$225,000,000 for 200%
Disbursement NextMonth
Recent reports that the Standard Oil
Company ?it" New York was planning
a "melon" cutting wore confirmed yes?
terday, when directors approved a res?
olution calling a special meeting of
stockholders on September 1 to vote
on an increase in the capital from
$75,000,000 to $225,000,000, the increase
of $150,000,000 to bo declared in the
form of a 200 ptr cent stock dividend'
to shareholders of record on Septem?
ber 10. The resolution of the board
in full follows:
"Resolved, That a special meeting
of the stockholders of the Standard
Oil Company of Now York be held on
tlu1 first day of September, 1920, at
yj.'siO a. m., at the office of the com?
pany, at 26 Broadway, in the City of
New York, for the purpose of voting
upon a proposition to increase its capi?
tal stock from $75,000,000, consisting
of 760,000 shares of the par value of
$100 each, to $225,000,000, to consist
of 2,250,000 shares of the par value of
$100 each, and that the proper officers
of this company be authorized and di?
rected to give the proper notices of
such meeting;
"Resolved, That the secretary advise
each stockholder that at the special
meeting to be called for the puipose of
voting upon a proposition to increase
the capital stock of the Standard Oil
Company of New YoVk, if the vote at
said meeting shall be in favor of such
increase, it is proposed ?jt the next
meeting thereafter of tho board of di?
rectors to pass upon the question of
the distribution o? such increase as a
stock dividend to stockholders of rec?
ord at the close of business, 3 o'clock
p. m., Septeihber 10, 1920."'
As one of the great refining and
marketing organizations of the Stand?
ard Oil group the New York company
cover's principally the New England
states and New York. Its foreign busi?
ness reaches tremendous proportions,
t'h ecompany being the large-;=.t mar- i
ketor oi" petroleum products in China I
and the Far East. Net earnings for!
1919 we're $43,165,109, or the equiva- j
lent of $57.62 a share on the present|
outstanding stock, (.'ash dividends are's
now being nail at the rate of $4 quar- !
terly.
The last change in the company's :
capitalization was in 1913, when a 400 ,
per cent stock dividend was declared,
bringing the capital up from $15,Q00,
000 to $75,000,000. Between 1915 and
1919, inclusive, dividend disbursements
aggregated $55 a share, leaving a bal?
ance of $150.57 a share to be put? back
into the property. This resulted in a
profit and loss surplus at the end of
last year of $142,683,873. i
The stock sold up to 401 on the Curb
yesterday, but on the final sale, at
385, was off 10 points.
- . o
Stocks Ex Dividend
Dat.?. Company. Per cent.
Aug. 10?Am Sumatra Tob pf. SVa
Aus,'. M-Am Tob Co, div eus. 3
Aug 14? do Temp Com B, div ctfs. 3
Aug. 14? do pref. Its
A?jg. 18?Cuiw Cigar Corp tem pf.... 1%
Aug. l???.'rue SU Co o? Am, cm etk.Ur?-?
Aug. M?Deere & Co fit. 1*1
Aug. Jl 6?Detroit United Ry Co. 2
Aug. 14?Lee Rubber &? Tiro Corp.... y2
Aug. 16?-Liggett & Myers Tob Co- 3
Aug. 1?;?United Drug Co -?i u?f.-:- 1%
Aug. 16? '!'? I 'Sin' B. $
Aug. 16?May Department Stores Co. 2
Aug. 14?National Acme Co . 74
Aug. 16?National Biscuit Co pf. 1%
Aug. H?PUte Steal Co pf. 1??
Aug. 14?Porno Rtcan-Am Th Co scrip 3
Aug. 14?Pure Oil Co. femp t, '-3 in
cash I;j in com).,..,. 1
Aug. 18-^-UnitecL.Drug Co 2d ??...^.A 1&
In Wall Street
American Linseed
R. H. Adams, president of the Amer?
ican Linseed Company, who has been
in London for several weeks in connec?
tion with negotiations involving the
acquisition of the American concern
by Lover Brothers, British soap manu?
facturers, Builcd for home Thursday.
This event was coupled yesterday with
a renewal of bullish activity in Lin?
seed stock, which advanced 4% points
to GSVa,. Mr. Adams sailed for London
tho early part of July and it was an?
nounced then that he had gone abroad
to close negotiations which would re?
sult in the passing of control of the
Linseed company to Lever Brothers,
of which Lord Leverhulmc is the head.
The English firm is understood to bo
dickering for the Rockefeller holdings
in Linseed.
Standard Oil Melon
The plans of the Standard .pil Com?
pany of New York for declaring a 200
per cent stock dividend caused a re?
vival of rumors that the New Jersey
company will be. the next of the Stand?
ard Oil group to announce a melon
cutting. Early in the year reports
were circulated that a 100 per cent
stock dividend would be declared, or
that the shares would be subdivided
into shares of smaller par or of no
par value, and be listed on the Stock
Exchange. The shares have since been
listed, bub action toward splitting up
the stock has not yet been taken. The
stock moved up 5 points yesterday to
137 following the announcement of the
New York company's melon. In May
the New Jersey company increased its
preferred stock to approximately $200,
000,000 through the offering of $98,
238,300 additional stock, which was un?
derwritten by J. P. Morgan <Ss Co. for
a compensation eqyal to 1 per cent of
the stock offered. '
Bullish for the Long Pull
A Stock Exchange member, who is
bullish on the stock market for the
long pull, argues that with the promise
of both Presidential candidates ma?
terially to reduce g^ernment taSces
essential industries should soon enter
a new era of prosperity in which the
inflation caused by the war will be ab?
sent. "These corporations," said this
broker, "have had to borrow money to
pay their enormous taxes, and with
these cut down to a normal level the
same companies will be enabled to re?
tain surplus earnings not paid out in
dividends and will not have to do near
so much borrowiig at the banks. I
think this is a factor that Wall Street
should consider, and to my mind it is
about as important as the freight rato
increase."
Chemical Stocks Up
Reports of an early announcement
concerning a merger of National Ani?
line, General Chemical and Barrett
had a stimulating influence on the
price movements Of their securities
yesterday, and all three moved up
under buying, which, however, was
attributed largely to short covering.
There are still a good many skeptics
in the Street who refuse to believe
the story of a consolidation until ali
the papers arc .?caled, signed and de?
livered. The strongest of the group
was National Aniline, which showed
some of its old-time skyrocketing by
jumping up to 75% for a net gain
of &l? points. General Chemical was
up 2%, while Barrett advanced 1%.
Considering the fancy figures at
which it is reported the stocks will
enter the merger, current quotation^
still appear cheap.
Municipal Bonds and Taxes
From time to time the question ha3
arisen as to whether or not Congress
has the power under the Sixteenth
Amendment to enact legislation taxing
income from bonds issued by states
and their political subdivisions. This
question, according to the Guaranty
Trust Company, appears to have been
settled definitely by a recent opinion
rendered by the United States Su?
preme Court. The case in point in?
volved the right of Congress to tax
the salaries of Federal judges, but in
its discussion of the case tho Supreme
Court referred to and confirmed its
previous decisions, and expressed the
opinion that the Sixteenth Amendment
does not extend the taxing power of
Congress to previously excepted sub?
jects, and therefore does not permit
the taxing of municipal income.
Sinclair Notes Drop
There was a sharp break on the CurD
yesterday in the price of the $50,000,
000 five-year secured 7%"per cent con?
vertible notes which were offered in
April by a banking syndicate at par.
After opening off over four points at
91, the notes subsequently declined to
86%, and closed at S71 i, compared with
Thursday's last sale at 9fii^. The notes
were offered to the public at 98, but
rumors have been current for several
weeks that they have not been selling
very well. /The fyndicate agreement,
which originally expired July 15, was
extended another month, an?i this ex?
tension expires to-morrow. Knowledge
of this fact was said to be the prin?
cipal " reason for yesterday's heavy
selling.
Market Ignores Foreign News
The market again ignored disquiet?
ing news from abroad yesterday, this
time in the suggestion of a possible
disruption of the Franco-British
entente. The bear crowd, which made
considerable headway in Thursday's
early dealings, were surprised when
prices actually opened higher. Although
at rfo time was the market unusually
active there was a firm tone displayed
throughout the session and prices were
strongest at the close, a feature which
has been for the most part absent for
several weeks. Brokerage opinion was
more confident last ni~ht than it had
been for over a month, and in several
quarters it was stated that important
buying of the steel stocks and equip?
ments has recently made its appear?
ance. Steel, common, which closed
Thursday at 86%, ended the day at
87%, its top price.
Raw Sugar Again Weaker
Absence of buying strength in the
raw sugar market yesterday again
caused weakness, and a sale of Cubas
was reported at 12 cents c. and f., a
decline of 2% cents net. There was
a noticeable effort \>y holders of longs,
however, to check thU- sagging ten?
dency. The market for refined sugar
remained stagnant, but there were in
dicaticr.s that the supply might be suf
fic;^nt to causo larger offerings for ex?
port. ?,
Gets Rate Increase
The American Light and Traction
Company reports the granting of a sub?
stantial rate increase to several sub?
sidiaries, including rates on gas of 30
cents per 1,000 cubic feet at Bingham
ton, 00 cents per thousand at Grand
Rapids and at Muskegon, Mich.; in?
creases in street railway fares at Mus
kegon to a 10 cent cash fare and four
ticki-ts for 30 cents, and the abolition
of all increment rates at St. Paul. Ap?
plications for advances in rates have
also J^een filed by the comnany at Long
Branch, N. J., at Detroit,*St. Paul, St.
Joseph and San Antonio. The point is
made by the company that the bodies
charged with regulating rates realize
the heavier expense utilities are
operating under and aro becomingmore
favorably disposed to grant applica?
tions for increases.
>
Dividends
Rate and H?i>1dfrs
Period Payable of Re.?.
Famous Players. $J? ? Oct I Sept ID
Stand OU NT... |4 Q Sept 15 Aug 25
\\ eber & Htil
broiior pf......$1.75 Q Sept 1 Aug 25
Whlta ilotor Co.Jl Q Sept 30 Septl3
ir
On the
New York
Stock Exchange
Earnings from Stock?
Th? av?ras* bank depostg
earns 4%: the average; un,
?ruaranteed mortgage f>%
What doe? , the average
stock earn? Flarar?s aa of
April 19, 1320, taken oft
etocua Hated on the New
York Sto?;k ExchaiiK??Jlow
as follows:
Ko. ?erBSf*
Xs*aea*on Prie?)
Ra!lron/?e ....,.* 85 7.70?4
Tobacco?. 13 8.01*/?
?teeU .IS 7.1*?/.
Auto & ac'rle?. 33 6.77%
Food Frodnct?. 21 7.00%
Thi? ?trikingly illustrates)
the desirability of Invent?
ment in tho stocks of e?4
tabllabed companies
A. A, Housman &Co?
"Son York ?Stock Eica,
New York Cotton Sxea,
?N. Y. Co?? & Suss/2l^
Member? \S. Y. Produce Rich.
Chicago lio?rd of TTa?#
Associ?t? Membaa of
Liffirixjol Col'UKx Ass's.
20 Broad Street, New York
Branch Offices:
2.T West S3d St.. New York City.
Uberty Building, Philadelphia.
FOR SALE?50 SHARES
ChiIds(Rest.)7%Pfl
at 93 to net 7y2%
J.K.Riee9Jr.&Co.
Phones 4000 to 4010 John. SO Wall St.. N.T.
Curb Issues Show
Steady Undertone
In Quiet Trading
General Asphalt Resists Ef?.
forts of Shorts to Lower
Prices; Sinclair Notes
Fall as Syndicate Closes
Trading on the curb market yesteju
day was quiet and uninteresting for
the most part, and prices moved ir?
regularly as the prominent stocks con?
tinued to resist depressing tactics of
short traders. General Asphalt ranged
higher on bidding by shorts who
sought stock to close commitments, and
crossed 50 for a net advance of & little
; more than 3 points.
Most of the other industrials acted
?well, but ^'orth American Pulp and
j Paper was again under pressure and
I broke to 3%, fractionally below the
1 offering price and tho low for several
! months. It recovered later as the list
? strengthened and showed a Email net
! gain over Thursday's final sale. Her?
cules Paper was fractionally off for a
time, at 26. Indian Packing also was
a trifle lower, but United Retail Candy
continued to recover and moved up to
11%, while Submarine Boat moved up
to 11.
Weakness of Sinclair consolidated
7^2s featured the bond market. Th*sa
sold ?fown to a low o{ 86% on the re?
port that- the syndicate which under?
wrote the notes would be dissolved to?
day, and that participants would be
called upon to take a large amount of
the issue, owing to the failure of dis?
tribution. The notes had sold around
the offering price until Thursday, when
word got out that the syndicate rcigh*
be dissolved. The large offerings at
that time sent the price down to
around 96, and the opening quotation
yesterday was 91. Pr ees continuad
downward until near the close, when
an advance to 87% was made.
Standard Oil of New York again was
in good demand at higher prices OH
the report that a 200 per cent stodc
dividend would be declared.
Independent oils were irregulur,
with small recoveries here and there
and losses elsewhere. White Oil got
back to 18, but Simms Petroleum broke
under 10 before covering by shorts car?
ried the price up to 10% on the final
sale. Fluctuations, as a rule, were
small.
Leases have been granted in the Salt.
Creek field, it was announced, to the
Boston-Wyoming Oil Company and tbe
Salt Creek Consolidate,! Oil Company.
A majority of the stpek of the Moun?
tain and Gulf Oil Company has been
acquired by the Boston-Wyoming com?
pany through the exchange of Btodd
share for share, it was announced yes?
terday.
Industrials
Sales. Open. High. Lo-w. Ls?.
800*Acme ?"nal... l'? )\ 1 \ ?J
100 ?Alum Mfg... '-"'"* 20% ?0S, 2ffc
120 ".?a pf . 90 0 s BO 93
100*Amer Candy. ?"? 'i '?'i &14 5*
20 ?Am Chicle i?f 6 I C : ?! \
100 "Am Vit Prod. 7 7 7
500*EWB torn rts DO 6" ?8 ??
?do pf rts. .. 1 <m 1 'i 1 ?*
460 ?do now w i. 30 .71 2? M
100*Borden com.. 95*4 9 ' j ! *i ?J,
100 ?do pf.... j 8.*?
900 ?Br-Am I'll Cp 7 7 J
100 Br Bmp Com.. 22*4 22% 22*4 -'-*
U?l> ?lo 1% Pf. ..41 4! 41 *!L
500 ?Car U & P.. -V? -1.? '-"?? :*
mo ?Caracas Sus. 52 52 52 &
6600 ?Chi Nipple... 9 9*4 8* J!*
100*Conley Tin F. 21*4 21'3 21 ta 21J4
700 *Cr Ch Com.. IV? 1*4 ' J*
100,?Dom Steel... 62 ': 52 ?J
400 ?E T & Steel. 12 12 12 ';
30?) ?Fire T com..117 119 117 1'?
8500 ?Gen Asphalt. 47 F.^Vi 47 SJ*
900 ?do pf. M 83 Bl J*
100*GoMwyn Pic 10 10 10 1J
100*Goodyr com..113 113 113 113
600 *do pf.85 85 85 86
600 Grape-Ola - 2 2H 2 -?J
500 ?lo pf .V -'* -?''?? - '? ??
600 ?Here Paper... 2,6% 26V4 '?'? ??
75 tlivdraulic pf.. 54 84 84 84
200 Indian Pack... 6*4 614 63 ?5
200 ?Kay Co Gaa.. 1% 1% 1% .???
100*1.1?:?- Mo CI A. 39*4 89*4 89 * Wg
300 ?Mercer Motor. 13'-? 13';, 12J4 i-J
12000 No Tin P & P.. 4'i 4*1 ?tt 4J?
101 I Perfection Tiro 1? 1-rtr 5 ?< ,ij
100 ?Rainier Mo... 36% IW* S?** 3*J?
1100 ?Republic Bul). 1? 1% 1'? ,i*
100 ?Root & Vand. 35 ;*> 3s> JJ
in ?singer Mfg.. -123 123 j:i., \,u
700Subm Boat- 10?A ll*i l',"4 l]jl
3.Un Profit sh... i!I iJ* .J,. ,;*
3500 ?Un R S ?"Jandy 11 c2 ?"4 "tt
200 *V S H S Tool ?os-i 3-'H 10*4 ???
600 U R I. & II... 2U 2* -> ;?
2000 U S Steamship. 2 2 1 s? J
100 ?W? Daviea.. 38 38 8S ss
200?Wvllis Corp... 14 14'.4 1* ?**
101) ?do 1st pf... 80 S'I ?2 -?
100 ?do 2d pf... 68 ES ES &?
1000 ?Wm ^'n? rta 4*4 4*4 *? _?*
300 ?W? Wrliiley.. 71 73 71 T
Standard Oil?
Sales. Open. Hl??h. Low. M
600 ?A Am Oil. ?1 20*4 20*4 -ni* AV*
10 ?So Penn OU. . ? 260 260 2^
10 ?SOof(Ciil)$100 ? 3"0 300 S??
350*SO of NYJ100 ? 401 3s3 *?
Other Oils
lOOO'AJaxOll. 4 4 4 *
700 ?Alten Oil. lBs l'? :> ?S
800+A BoirSV O.. ?w ** H .J
900 ?Arcadia Oi?.. 1% 2^ 1*? ,2
17000 ?Boon? Oil_ 2*4 2% 2^? =?
500 ?Bos-Mex Oil. IT? 2 J* -,
14000 ?tBos Wyo Oil 1 1*4 *.. ??2
300 ?Cent Pot pf.. 73% 73^ 73^? ii2
500 ?Cit S B T Sh 32 32*i 32 55?
lioo ?Coi Emerald. 5 6 6 ?
2200 ?Bel Tex Oil.. 1*4 l*i 1H *J
6000 ?Cushlni? Pet.. *t ** ,,*? ?2
2200?Dom Oil..;.. 6Vi 6% 6i* 52
600*t>uq Oil. 8 3 2? *?
500 ?Klk Bas Pet. 7 7'4 ' ig
4000 ?Federal OIL. 2*4 2Va 2*? J1?
200Fensland Oil.. 11 14 l1- ij,/
1000 ?Olenrock OH. 2*4 %% -)* ??
600 ?Granada Oil.. 8% 8*i ?* ?g
1000 ?Herc?lea Pet. 3',4 3*, s-s ,i
200Imporial Oil.. 16 1? '" , 'Ju
600?Ind Refold.. 20*4 20*4 20H ;'g
1500*Tnterna P?t.. 35*4 S6H 34
1600?Leefone Pet.. 1% 1 &i
100 *L Star Gas. . 26 26
300 ?Maracalbo O. 18 18*? l?
3000 ?MerriU Oil.. 12 12*1 -2
7000 ?Mexico OH ..1% Ie!? 1* ,.,
600 ?Midwe? Ref.145 145 142 1**
<Co*tlnu*a ?& a?xt pun
it
IS
Itt

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