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r Province of Nova Scotia Gold 6% Bonds Due 1928 Income of Province is suf? ficient for annual expend itvircs without recourse to provincial property tax. Price 92 and Interest Yielding over 7% % Completo Circular on request for AK-S22 TheNationalGty Company Kaln Oflloa: National City Bank Build!?, Uptown Office: Fifth Ave. & *3rd 8t Office? in over 50'Cltle? cochrane Harper &Co. Ill Broadway 60 State St. NEW YORK BOSTON Invincible Oil Corporation Latest circular on request WEEKLY LETTER Clrl'-K currant newg ojicl deTolopmetit of INDEPENDENT & STANDARD OILS Furnished upon request NINE TIMES Through its well co-ordi? nated : this Com product d over 18,000.00(1 larri ? ? : and < arned more than nine times the dividend requirements last year. The Company controls S, 000,000 acres of rich oil and , ind erates pipo : i : neries, and gasoline .,'..:? :???. \ Empire Gas & Fuel Co. iS.' Cumulative Pfd. Stock Price to Yield! over 9% f ' i e :? T K 17 Ilollistcr, While* & Co? D2 Cedar St., Cor. Trinity PI. Telephone Hector 300] N E\V VOKK Rost? .i Phliadelphl jrp_r^i-M. u :z_j Obtain High Yields While You Can Present short term financing holds rare opportunities for investoi s. We orTer you a security which embodies, besides a high return, unusual safety and singularly attractive conversion privileges. Ask for Circular NYT-34 RM.By??esby&Co. In? orporoted ill 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 w Telephone Rector 7662 New Haven ,\:,;ilv zed from i < i h pa si and future s:a. id fi atui ( 3 in MAKK?T OPINION'?Ask for B-?8. RH.ftFMASTEfiS&CO. ilvmh. Stock Exch , S. Y. 82-84 Broad St. Now York Phon : . / irst 1-Ivor CI1IC v .f f MILWAUKEE! Sands for Investment Harris, Forbes & Co Pin? Street, Corner William NfcW YORK To Acquire Phosphate Deposits 1* ?s reported by Consul General Al? fred A. Winslow that negotiations are under way whereby the N'ew Zealand government, jointly with Australia, will become possessor of a largo portion of the deposits in the Nauru , v. hich, it i : i ?? ?mated, contain several million tons ol this most val? uable ingredient lor fertilizer. Trade and Finance! Developments of the Week and Their Bearing on the Outlook The influence of the ancient Greek is plainly needed in Well Street. The Hellene-, who had an excellent sens? of proportion, Insisted on nothing too much. Excesses jarred tho truo Greek beyond all else. In the finan? cial district, folk habitually overdo things. Vigorous upward swings in the market usually go higher than intrinsic values warrant and, con? versely, selling waves frequently carry securities far below their true value. Last week, tht? market seemed clear? ly in an oversold condition. The bears, emboldened by ?the alarming European news and by the recession in industry and by credit deflation, completely dominated tho situation in the previous fortnight. Security prices under their direction had followed the technique of the shoot the chutes. The price structure had yielded to bear pressure with the ease with which ice melts when boiling water is poured over it. Tho mere fact of the decline had scared many owners of stock who had bought their holdings at much higher levels and induced excited liquidation. Moreover, before the downward movement was checked the mo.ney lenders contributed to the momentum by calling loans secured by unseasoned stock, in which they had lost faith. It seemed like blue Monday when the market opened a week ago, after the previous week of spectacular col? lapse. As if by habit, the professional operators sold stocks without much restraint, and before midday Indus? trial securities tumbled to new low levels. And thon the turn came. A rumor that a truce had been signed by the Russians and the Poles, though without basis in fact, induced short covering, and marked the turning of the corner. The actual developments in Europe during the week, with the exception of the possible development of a breach between Great Britain and France, were looked upon as favorable by market observers. But the better tone in the stock market which per? sisted for the rest of the week came mainly from internal factors. The heavy selling had left the market in a stronger technical position, and on subsequent days the professional operators learned by trial and error that it was no longer feasible greatly to depress the quotations of securi? ties. Just as the late William James iujrgested that people are happy be? cause they laugh and aro sorry be? cause they cry, it seems to some ob? servers of the fluctuating prices that make up the market that traders are cheerful because the market rises. Al? though it may be futile to argue ; whether laughing is the cause or the j result of happiness or whether cheer i ful sentiment is the cause or the re? sult of an upward movement in the j security marts, it is an indisputable fact that toward the close of last week bankers and brokers and stock traders felt more roseate about the outlook ! for securities. Every time a selling wave spends It? self there is a crop of predictions that the market has touched the bottom. Some brokers are now of that opinion. The pursuit of the bottom is often an idle and disappointing chase. The se? curity buyer need not waste energy in searching for the lowest point; the wise purchaser merely need make up his mind i whether the security he is considering is, in his opinion, cheap. There are too i many imponderables in the present eco? nomic and political situation to permit , any observer conscientiously to assert ? that securities have gone as low as they will. The known facts simply justify the statement that the last great sell? ing movement brought stocks to a new and lower stratum, at which they have , shown conspicuous ability to resist j further selling pressure. In the week's bond market the trouble ! was mainly astronomical. The difficulty lies in the fact that August is here? i August, the month of smallest activity ? in the investment market. The staffs of ? tho great distributing houses are weak , ened all through this month by the vaca? tion schedules, and customers are scat? tered in resorts throughout the country. Tho unfavorable aspect of the market , results from seasonal conditions, and, despite the dullness prevailing in the j market, bonds displayed a firm tone all through the week. M. Parmentier, who has come to New York as a special envoy*>f the Minister of Finance at Paris, is in quest of a new loan to France. Th? recent improve? ment in the American investment market ?and especially the success of the re? crut Belgian and Swiss operations here -caused the French to alter their plans foi meeting their share of the Angle French loan which matures on October 15 next. For a time, France believed that it would be possible to get new ac? commodations only in London. Now leading bankers here think that France will be able to borrow a substantial sum in this country, provided it is willing to po into the open, competitive market for funds and pay the price. The depreci , ated position of the franc will probably ' induce France to pay dearly for the ' privilege of deferring the effacement of , its entire indebtedness to American in? vestors in connection with the Anglo French loans until a more favorable time. French bankers have indicated that the volume of gold that will be shipped to the United States will depend on the size of the proposed new loan. ' The difference between the size of the new operation and $250,000,000, which is France's share of the maturing obli? gation, will be made up by gold ship? ments and operations in the exchange ; market principally. Already nearly $40, 000,000 of France's half of the bonds have been bought in. Tho character that a new French se ? curity might take is, of course, still in I doubt. M. Parmentier, however, will J begin his conversations with bankers at once. The preference among in vestora now seems to bo for relative ly long term bonda bearing a high coupon rate of interest. It is not within tho bounds of likelihood that France, will bo able to borrow on more advantageous terms than Switzerland and Belgium, whose securities wcro offered on about an 8 per cent basis, with additional attractions. Probably the new French bond, provided a loan is arranged, will carry an ex? change or a redemption feature. The question already has been raised as to whether or not France will have to placo collateral behind a new loan. Tho same query was brought up in connection with the Anglo-French ex? periment in 1915. France and Great Britain were, however, ablo to get $600,000,000 merely on their joint and several promises to repay tho advances. There were many skeptics at that time as to tho wisdom of making such a loan. Now the date- of maturity is ap? proaching, and all the bondholders feel confident that the debt to them will bo completely discharged. Political complications in Europe, particularly a significant rift between Great Britain and France, would make a poor setting for a new French ap? peal to American investors for funds. Friends of France may well hope that tho atmosphe.ro will clear before the proposed bond offering is made. Instead of financing Europe's needs comprehensively, as was so strongly urged by H. P. Davison and others in the spring of 1019, American investors are helping tho Old World on a piece? meal schedule. Tho loans are of course not in proportion to the. need, and this situation is one of the causes of the industrial recession through which the country is now passing. The hopes of the export houses especially havei failed of realization, and there has been in recent weeks a substantial cutting down of the organizations of exporters. In commenting on this condition, in a pamphlet he has just issued, Otto H. Kahn attributes the failure of American capital to do more for' Europe to the lack of a "wisely di? rected governmental encouragement, the countenance and confidence of rightly informed and guided public opinion and freedom from hampering and damaging legislation." On the more technical side, he explains that the present tax system has destroyed the investment market in so far as it appealed to persons of large wealth. Mr. Kahn, though regretting that some of America's post-war opportuni? ties are "no longer recoverable," as? sorts "many others remain." He feels the need in this country of an "Economic General Staff, with well matured plans prepared and ready for occasions as they arise." The banker, in developing this idea, says: "The natural leadership in these vastly important matters be? longs to the Secretary of Commerce*. That Cabinet position is gaining greater importance all the time, and the right man in that place could render genuinely important and high? ly beneficial national service. "In the peaceful but strenuous com? mercial strife which will follow the settlement of the World War in arms, that nation will win the prize on the most abundant and best remunerated employment for its people and the greatest progress and prosperity which will know best how to adjust its I affairs in such manner as to strike the j right balance between, on the one hand, the requirements of economics, the ?promotion of trade and the stimulation j of enterprise and, on the other hand, I the dictates of social justice and the | welfare and contentment of the mass?e of the people." ? - Heavy Liquidation Of U. S. Securities Reported by Banks Reserve Board's Statement Shows Loans Secured by Stocks and Bonds Fall 49.3 Millions in a Week From The Tribune's Washington Bureau WASHINGTON, Aug. IB.?Continued liquidation of United States securities, principally Treasury certificates, and of loans supported by government and corporate securities, accompanied by | substantial reductions in government and other demand deposts, is indicated in the Federal Reerve Board's weekly statement of condition on August 6 of 815 member banks in leading cities. As against an increase of about seven millions in the holdings of Liberty bonds, the batiks report reductions of 9.1 millions in Victory notes and of 82.8 millions in Treasury certificates. For the member banks in New York Cityan increase of 4.9 millions in the holdings of Liberty bonds is accom? panied by reductions of 7.7 millions in Victory notes and of 19.4 millions in Treasury certificates. Loans secured by United States war obligations show a declino of 8.9 millions for all report? ing banks and of 3.6 millions for the j New York City banks. Total loans secured by stocks and bonds fell off 49.3 millions, the New York City members alone reporting a decrease under this head of 36.2 millions. As against these reductions other loans and investments, compris? ing largely commercial loans and dis? counts, show an increase of 20.7 mill? ions for all reporting banks and 16.5 millions for the New York City banks. Total loans and investments, accord | ingly, show a decrease of about 72 millions, of which 45.5 raillions repre? sent tho aggregate decrease for the New York City institutions. Government deposits show a net re? duction for the week of 41.2 millions (23.7 millions in New York City), other demand deposits (net) a reduc? tion of 87.1 millions (61.4 millions in N,ew York City), while time deposits show a gain of 15.7 millions, though a simultaneous decline of 1.4 millions for the New York City banks. Accom? modation of reporting banks at the Federal Reserve banks, as shown on I the books of the latter, increased from about 1.973 to 2.021.6 millions, of from 11.1 to about 12 per cent of the reporting banks' total loans and investments. Accommodation of the New York City banks at the local Federal Reserve bank shows an in? crease from 683.8 to 722.4 millions, of from 12.1 to 12.9 per cent of the banks* aggregate loans and investments. Reserve balances (all with the Fed? eral Reserve banks) show an increase j of 6.1 millions for all reporting- banks and a somewhat larger increase (by 8.9 millions) for the New York City members. Cash in vault increased by 5.4 millions (2.3 millions In New i'ork City). ?Week's Stock Transactions Summary of Slock Exchange Dealings (Copyright, 1920, New York Tribuno Inc.) Last week. RnJlroad ?locks . 671,300 Other stock? .2,306,100 All stocks .2,877,400 Week before. 1,185,700 4,136,800 6,311,600 Last week. Week before. U. S. ?orernment bondJ.$35,686,000 $38,932,000 Railroad bonds . 6,532,000 8,658,000 Other bond? . 6,948,000 11,078,000 AH bonds .49,166,000 68,668,000 yeBr January 1 to date. ago. 1920. 1919. 191? 1,805,700 22,319,200 38,716,400 19,403,100 2,971,200 124,614,200 152,114,300 67,630,400 4,776,900 146,834,100 190,830,700 87,033,500 January 1 to date. Year ago. 1920. 1919. $41,753,000 $1,958,316,000 $1,542,212,000 6,167,000 212,419,000 229,619,000 8,252,000 232,516,000 246,114,000 66,172,000 2,403,251,000 2,017,945,000 Record of Stock and Bond Averages iCopyrlght, 1020. New York; Tribuno Inc.) Last week High. Low. 20 Railroads ._ 63.50 62.35 30 Industrials _ 85.53 82.53 50 Stocks . 76.71 74.46 10 Railroads . 71.70 71.48 10 Industrials _ 83.58 83.12 5 Utilities . 68.52 68.10 25 nonds . 75.81 75.49 Stocka Year ago l?iflrh. Low. 69.45 68.25 105.53 102.97 91.10 89.08 Bonds 76.91 76.10 93.33 93.23 83.84 82.90 84.86 84.34 Range thus far 1920 nigh. Low. 68.70 58.60 110.30 82,53 92.05 74.46 76.28 66.73 91.45 83.05 74.53 68.10 81.71 73.94 Range full year 1919 High. Low. 78.80 63.35 119.33 79.20 99.54 75.92 82.80 95.70 87.75 87.91 72.83 90.56 71.80 80.21 High 1920. 46 46% 72 88% 3 63% 92 65 48% 103% 128% 60 61% 101 147% II6I/4 54% 86 15% 175 30% 122 63% 68 119/a 95 99% IO91/4 109 17% 30% 72 IOOI/4 83 11534 50 93 V? 142% 118% 106% 105 100% 283 97% 210 95 IO51/2 105/, 61% 21% 66 ! 2 30 125 6% 67[/4 75 86 % 5 7 27 8 9 93 20/4 176/2 75 114 24 19/4 1481/2 1021/2 38% 49% 93 I54/2 1% 321 2 96% 102/2 IO2/4 114 15 17 13/4 62 129 11/2 29/4 271,4 28% 85/2 46 75 % 69 134 44/a 19% 101 104% 1C81; 61:!? 1643/4 59/j 113/4 11% 11 10% 27% 42/2 61'/2 91/2 111% 41% 6612 78 21/4 44% 56 106 . 40% 44/2 67 27 43 651 2 92% 56 7O/2 93% 2038 46% 98 14/, * 85 105/4 107 43% 64 278/2 100 60% 69% 85% 3634 99% 250/4 9 16% 101 101 13 3% 28 147 104' '8 15% 25! a 17'2 83; 2 95 91% 16' 2 44% I 135 48 36%. 19% 77 192 1C0 75% 94% 172 42 ' 89% Date. Mar 31 Mar 29 Jan 12 Jan 5 Mar 24 Mar 31 Jan 3 Jan 3 Jan 30 Apr 1 Apr 16 Jan 2 July 26 Jon 3 Jan 2 Apr 9 Jan 5 Jan 3 Mar 26 Jan 14 Mar 31 Jan 2 Jnn 3 Mar 19 Jan 2 Jan Apr Jan Apr Mar June 15 Jan 5 Jan 3 Jan 13 Mar 30 Jan 5 Mar 22 Jan 10 Apr 15 Jan 20 Mar 22 Apr 12 Mar 18 Jan 5 Jan 7 June 29 Apr 30 Jan 2 Jan Jan Jan Apr July Jan Apr 15 Jan 3 Jan 2.3 Mar 10 Jan 3 Feb 25 Jun 7 Aug 12 Jan 7 Jan Teh May Jan Apr Jan Feb Jan Jan June 19 Jan 2 Apr 9 May 8 Jan 3 Feb 24 Jan 5 Jan 10 Mar 15 Mar 15 Mar 20 Apr 7 Low 1920. 25 25 58/4 44 1 28 70/a 75 39 74% 81% 53% 30% 87 124% 106 23/4 65 9/2 95 13/a 73 37 53 64/, 61 q a 80 82 95% 11% 16% 523-4 85% 72 86 33% 85 114% 1C2 74% 80% 92/8 1041/4 85/4 102 89% 72% 913/4 38 11 49% 26/4 85% Date. Dir in $. Feb Aug Aug Aug Aug Aug Aug 9 Aug 12 Aug 9 Feb 13 Feb 13 Aug 6 July 16 Aug 9 ? Aug 11 7 Feb 25 12 May 20 7 Aug 9 ? Aug 13 Aug 10 Feb 6 Aug 9 Aug 4 Aug 10 Feb 13 11 ? 6 ? 9 6 9 6 9 ? 6 ? 9 1 7 8 4 8 10 4 Sales. High. 600 33 1900 Adams Express . Advance Rumely do pf. 1500 Aiax Rubber . 2300 Alaska Gold Mines. 1600 Alaska Juneau .... 5800 Allis Chalmers. 7400 30% 61 48% 1% 1% 30 1000 71 1900 78 700 44 3600 78% 1600 88 300 69% Amer Can . 16900 34% do pf . 400 83 Amer Car ft: Fdy... 45C0 136% do pf . 100 1081/4 108% 108 Amer Cotton Oil... 3500 26% 23/4 2R 6 do pf . .80 Amor Drug Syn.... 6 Amcr Express. 900 130% 126% 130 do pf . Amcr Agri Chem. . . Amer Dank Note.. Amcr Beet Sugar... Am Bosch Magneto Amcr Br & S F new Net Low. Close, chge. 31% 33 ? 234 30% 4- 3% 61 ? 1 48%+ 2/4 1% 1/2? % 29/4? % 70%? % 78 + 1% 44 + 1 78%? I3/; 88 + 2% 59% 4- 1 33% + % 88 ? 1 136/44- 1% + 1'/4 4- ?% 26 68/4 44 1 I/2 28 7O/2 75 42 75 82 59 30% 87 1311/0 Aug Aug Aug Feb 7 27 27 18 9 5 24 24 6 Jan Jan Jan Jan Jan Jan 9 12 5 5 28 3 6 Mar 26 Jan 3 Mar 27 June 18 Jan 24 Jan 5 Jan 5 Jan 3 Mar 29 Mar 10 Feb 23 Mar 22 Mar 15 Feb 20 Feb 28 Mar 11 Mar 11 Mar 12 Apr 8 Feb Mar Feb Jan 3 Jan 3 July 31 Jan 2 Jan Jan Jan Feb Jan Jan Jan Jan 28 1 21 Mar 23 Mar 22 Jan 5 Apr 26 Apr 9 Apr 16 Jan 2 Apr 13 Jan 9 Apr 29 Apr 17 Apr 7 Jan 7 May 16 Apr 14 Jan 21 May 27 Mar 13 Aug 11 Jan 3 Feb 24 Feb 9 Jan 12 Apr 16 July 22 Jan 2 Jan Jan Feb Mar Feb Jan Jan Apr 16 Mnr 30 May 14 Feb 14 Jan 3 Jan 5 Jan 5 July 30 Mar 11 Jan 16 Jan 3 Jan 5 Jan 2 Mar 26 Jan 3 2 25 55 76 72 4 82% 20 130' 2 613.? 100 20 4 100 96% 27% 40% 50 114 34 14% 65 68 90 104 6% 9% 6% 48% 84 6/4 16 12 10% 63 22% 65 52 110 38 10 91% 49 97 33% 79% 47 6 4% 4 7 19% 30% 45% 67 74' 4 23% 54 64/2 12 243,? 42 72 30% 28 50 20 35 1934 783 4 431/2 56% 73% 9% 6 3 7 6 May 27 7 Apr 15 ? Feb 13 ? Aug 9 4 Aug 6 Aug 10 Feb 13 Aug 9 June 22 Aug 10 May 20 Aug 10 10 Aug 3 7 May 22 8 Aug 9 May 20 Aug 9 Aug 10 Aug 10 Aug 2 Apr 30 ? Aug 9 ? Aug 9 4 July 28 ? Aug 13 9 Aug 9 ? Aug 9 4 May 24 x6 Feb 11,6 May 20 5 Aug 10 ? Juno 18 7 Aug 12 ? Aug 9 10 Am nide & Leather 2100 do pf . 5400 Amcr Ice . 1*00 do pf . 100 Amer Inter Corp... 16800 Amer Linseed. 4700 do pf . 100 Amcr Loco . 18600 do pf . Amer Safety Razor. Amer Ship & Com.. Amcr Smelting .... do pf . do pf A . Amer Snuff . Amcr Steel Fdy. do pf . 1141'a 114/2 7400 4800 600 100 100 100 8900 36% 200 85% Amer Sugar . 3800 117 do pf . 600 1071-, 105% 105%? Amer-Sumat Tobacco 12500 81% 74% 84%4- 3% do pf . 1O0 81 81 81 4- % Amcr Tel & Tel_ 3400 96% 95% 96 4- % Amcr Tobacco . 1500 109 104% 108 ? 1 do pf new. 300 87%4 *87% *87% + 1% do B . 1100*108 *102 *106 ? 1% Amcr Whole Corp pf 100 89% 89% 89/2? 3% Amer Woolen . 15500. 79 72% 78 4- 2 do pf . 200 92% 91% 92%? 1% Amer Writ Paper pf 2800 45% 41 45%+ 2% Amcr Zinc & Lead. . 2600 12% 11 12 + % Anaconda . 16300 5234 49% 52 + 1% Ann Arbor pf. 100 26% 26% 26% Associated Oil . 100 85% 85% 85%? 3% Assets Realization... 900 2% 2 2%? % Asso Dry Goods_ 1400 28% 25 27%? 1% do 1st pf. 100 57% 57% 5"'%? 1% At Top & Santa Fe 6300 81% 78% 81 ? do pf . 1500 75% 75% 76 + % July Aug Aug Aug Aug Atl Birm & Atl_ Atlantic Coast Lino Atlantic Fruit . Atl Gulf & W I S S do pf . Atlantic Rfg pf. . . . Austin Nichols .... Auto Sales Corp.... 900 7% 800 85 300 20% 10000 140 300 6334 300 106 300 21% 200 4/a 7 June 25 7 Feb 13 ? June 28 4 Aug 9 ? Mar 3 8 Aus 13 ? Aug 11 ? Aug 9 5 Baldwin Loco .187100 106% 100 Aug Aug July 9 5 3 7 27 8 Aug 10 ? Aug 13 ? Aug 12 ? June 30 ? Aug 9 10 May 20 ? Aug 9 ? May 21 ? Aug 3 ? 97 354 467? 200 50 5200 139/ 700 " yt 6200 16/ 1200 713; 56300 74 200 93/ 400 106/ 20CO 7 2500 10 COO 7 200 497 800 947; 4700 7\ 2800 19 800 121 Aug Aug Feb Aug May 20 10 Aug 13 3 Aug 13 ? Aug 12 Aug 4 Aug 10 Aug 10 Aug 9 Feb Feb Feb Feb Feb 13 16 ? 18 ? 18 ? 13 ? 2 3 6 12 24 10 24 2 5 25 74% 10% 68 76/4 100 30 45% 115% 92% 36% 35% 76 27 83 % 165 4 9 92 85 9% 1% 18 62 92 9% 17% 12' 2 47 65/8 80 10 26% 99 25% 20 5% 49 150 90 58% 79% 134 19% 72% May 20 Feb 6 ? Feb 13 ? June 14 5 Aug 10 Fob 13 Feb 11 Feb 13 Aug 13 Aug 9 Feb 6 ? Aug 10 8 May 20 May 20 May 19 Feb 11 Aug 11 Aug 9 Aug 11 Aug 9 Feh 10 July 28 Aug 9 Feb 25 Aug 6 May 24 Aug 6 Feb 13 Aug 11 May 24 Aug 9 May 24 June 12 Aug 10 Aug 13 ? Aug 14 7 do pf . 400 Balto & Ohio. 17000 do pf . 1400 Barnet Leather . . . Barrett Co . Ratopilas Mining.. Bethlehem Motors . . Bethlehem Steel . . . do Class B. do 7th pf. do 8th pf. Booth Fisheries .... Bklyn Rapid Transit do ctfs . Bklyn l'nion Gas... Burns Bros . Butte Cop & Zinc.. Butte & Sup Cop... Buttcrick . Caddo Oil . 2400 13J 'j Calif Packing . 3100 67 Calif Petrol . 5000 25/j do pf . 1C00 66/) Calumet & Arizona. 200 54 Canadian Pacific ... 10700 118/ Canada Southern . .. 125 38 Case Plow . 200 do pf . 400 Central Leather ...121000 do pf . 300 Cerro de Pasco. 7700 Chandler Motors . . . 5600 Chesa & Ohio. 2300 Chicago & Alton.... 1C0 Chic & Eastern 111. 100 do pf . 900 Chic Gt Western. . . . 400 do pf . 1400 Chic Mil & St Paul. 3800 do pf . 5100 Chic & Northwest. 4300 Chic Pneu Tool. 2100 Chic Rock Isl & Pac 33600 do 6 p c pf. 400 do 7 p c pf. 1400 Chile Copper . 6200 % ! II3/2 1171 10/ 7900 200 400 6900 100 2200 600 100 263C0 400 300 Feb 10 10 June 1 1 ? Feb 10 ? May 21 7 July 30 8 May 19 1 Aug 12 ? May 24 ? Aug 5 5 Au? 6 7 Feb 13 ? May 19 ? Fob 9 ? Aug 9 ? Feb 11 8 May 20 8 Jan 2 ? Jan 2 7 Aug 14 10 Aug 3 3 May 19 ? Aug 9 ? June 9 2 June 9 May 14 Feb 11 May 25 May 20 Aug 9 Aug 9 1% Chino Con Copper.. CCC&StL. Cluett Peabody .... Coca Cola Co. Col Fuel & Iron_ Col Gas & Electric. Colorado & Southern do 2d pf. Columbia Grapho do pf . Comp Tab Rec.. Consol Cigars '. 1800 66^. Consol (?as . 3900 *81 Con Inter Callahan. 3600 103 Consol Textile . 5300 30 Continental Can . . . 2200 79 Continental Candy.. 2800 11 Continental Ins .... 300 68J. Corn Products . 21800 88! do pf . 400 1.011/ Cosden & Co. 4900 34', Crex Carpet Co. 200 53 Crucible Steel .33400 135 do pf . 100 93 Cuba-Amor Sug new 20300 464 Cuba Cane Sugar... 25400 38! do pf . 3000 77? Con. & Hudson Del Lack & West. . Don & Rio Grande. . do pf . Deere Co pf. Detroit United R R. Dome Mines. 3800 Elec Ktor Bat rights 1600 Elk Horn Coal. 600 Endicott Johnson . . . 23C0 do pf . 100 Erie. 5800 do 1st pf. 4100 Aug 5 2.36 Dc Beers June 29 6 Delaware 200 27% 1900 98 4200 250' 4 1500 5 1900 10 1C0 94 100 903? do 2d pf. Fairbanks .Co . Famous Players . . do pf . Fed Min & Smelt. do pf . Fisher Body . Fisk Rubber Tire. . Freeport Texas Co. Gaston Williams . . Gen Amer Tank. . . Gen Chemical. 1150 171 do pf . 300 95 Gen Cigar Co. 1100 61 do pf deb. 200 81 Gen Electric Co. Gen Motors . 76800 do pf . 500 200 14 100 47 4900 71/ 200 84 900 10 200 35/ 700 103' 9000 28' 3700 21' 7700 9 500 69 1400 142% 136% 142% + 3% KIDDER-PEABODY&CO. 115 Devonshire SL 18 Broad St BOSTON NEW YORK Government Bonds Investment Securities Foreign Exchange Letters of Credit Correspondents of Baring Brothers & Co., Lid, LONDON 30 Years TNTIMATE KNOWLEDOB of the needs and habit? of the people, acquired by years of experience and ac? tual residence in the coun? tries themselves, is essential when transacting business abroad. j 23 Branches In South America One Branch In Mexico 8 Offices in Europe Direct Connections With India Anglo-South American ^ankxsmftbd New York- Ascncy, 49 Broadway MARLAND REFINING June earnings show increase of 120% over those of January. i Six months' earning record completely reviewed. ASK FOR CIKCTJLAR 52 MSWohFR?Ca \ ESTABLISHED I906 41 BROAD ST, NEW^ORK,, j ! ;-.-! KARRIMAN NAT.ONAL BANK Fifth Avenue & Forty-fourth St New Yo-k Banking Hour? from 8. A. M. to 8 P. M. Safe Deposit Vaults 8 A. M. to Midnight New Canadian Bill Stamp Taxes ALL Canadian checks, money or? ders, drafts, -promissory notes / and stock transfers are now subject to stamp taxes. American bankers and exporters doing business with Canada will therefore find our pamphlet "Canadian Bill Stamp Tax, 1920," very useful. It con? tains complete details regarding the incidence of this new tax. Copy on request. "A Canadian Bank for Canadian Business' W J Davson.r L Appieby. W Stone & Webster 147 Milk Street BOSTON INCORPORATED 120 Broadway NEW YORK 38 So. Dearborn SV CHICAGO EXAMINATIONS AND STUDIES of Industrial and Public Service Properties REPORTS on Valuation and Operating Efficiency An Estimate of Railroad Earnings TTHE recent rate and wage * increases, together with the fact that all government com? pensation will cease on Sep? tember 1, 1920, have greatly increased interest in the future of the various railroads. \A/E have prepared a cir ** cular showing an est?? mate of the future earnings of a number of the more im? portant systems which we v/ill be glad to forward upon request. LOW, DIXON & CO. Members New York: Stock Exchange 37 WALL ST., N.Y. Telephone Hanover 4175 New Jersey Zinc Stock a.id Rights Evans, Stillman & Co. Mer.'.bers of Nev; York Stock Exchange Telephone. Bowling; Green 4360. 60 Broadway, New York. Hi?h Low Div. Net | 1920. Date. 1920. Date, in $. Sales. High. Low. Close. chge. 85'4 Jan 6 68% Aug 10 6 do 6 p c deb. 1800 69''2 683/4 69'/_-f ?A 93 Mar 29 80 May 3 7 do 7 p c deb. 500 81'V_ 80 81 % + 1'/_ 85% Jan 6 49'/_ Aug 9 6 Goodrich, B F. 6CO0 53 49% 52%4- 1% 10234 Jan 3 84 Aug 9 7 do pf . 900 85 84 84%? 1 49% Jan 5 19% June 24 ? Gray & Davis. 100 21 21 21 ? % 84% Mar 13 67% July 30 7 Gt Northern pf. 3400 73% 71 73%4- % 41% Mar 19 30 Aug 14 4 Gt Northern Ore sub 6400 32' 30 313/4? % 38| a Jan 3 23 Au? 6 .50 Greene Cananea Cop 1700 25 23% 25 + % 15 May 5 7 Jan 24 ? Gulf Mobile & North 300 14 14 14 _ 34 Apr 14 23 Jan 24 ? do pf . 300 29 28 28?2 84% Jan 8 41% Aug 9? Gulf State Steel... 1700 48 41'A 48 4- 2'/a 77% Apr 14 50 Aug 9 4 Haskell & Bar Car. 10400 70 64 69'A4- 3 46'4 Apr 19 21% Aug 9? Hendee Mfg . 1500 26 21% 25344- 5_ 81 Jan 12 50 Mar 10 6 | Homestake Mining. . 209 50 50 50 ? 2 I 109% July 23 75 July 2 ? Houston Oil . 2800 95 84 95 I 63/ 23'4 Apr 9 13 Feb 13 1 Hupp Motors . 3700 14'4 13% 14 93% Mar10 80% Feb 13 7 Illinois Central .... 1300 84 82 84 + i/_ 9% Apr 6 6! 2 Aug 6 .60 Indiahoma Rcfg _ 4300 6% 6'A 634? i' ,','u wPr 7 43'8 Aue 9 4 ' In?Pi"-ation Copper.. 7200 46% 43% 46''_4- ?A 4'4 Mar. 15 3 Aug 4? Interb Con Corp... 2000 314 3 3 ___ 16% Apr 8 8% July 29 ? do pf . 600 9% 9 _./_? l/? 2! Apr 14 13[/_ Feb 13? Inter Agriculture ... 1700 17>_ 16'A 17 ? 'r 83% Apr 15 69 Feb 11 5 do pf . 700 77>A 77 77-/7 & 142'/2 Apr 13 11234 Fob 17 7 Inter Harvester .... 2800 125 17 125 I ?* l ? J? 2t 10?^ Ausn 7 d?Pf . 100 103% 10314 103-.kl 3, 51% Jan 3 21-B Aug 9? Inter Mer Marine. .. 8200 25% 21% 243? % 111% Jan 5 71'. Auj 9 6 dopf . 9200 76% 71% 74'A? 3* 170 Apr 7 413/4 Aug 9- Inter Motors. 2600 45 45/ 4" 2 84 Jan 19 72 Mar 4 7 do 1st pf. 100 77 77 77 + 1% 71 APf 9 60 *'?? 17 7 do 2d pf. 100 65 65 65 ? fo'-1 _.*? I ?% May 20 ? Inter Nickel . 42600 20% 16% 19%+ 2 88 Feb 5 80 June 10 7 do pf 100 float on3/ ana? 1/ 91% Mar 18 6214 May 20 - Inter Paper ' /i ? YY. I37SS ??* 7'* ?? B^ 79% Jan 3 70 Feb 16 6 dopfstpd. 300 73 72% S/___ ? 4/% July 15 30% Aug 9- Invincible Oil .710200 36% 30% 35%7 1% 51 % Jan 27 36% Mar 1- Iron Products Corp. 3300 41% 40 41 - % 7% July 9 5% Aug 10 ? Island Oil . 44500 6 ?i/_ 8 1 21% Jan 9 7% May 24 - Jewel Tea .. 700 9 8% 9 - V* (Continued on second pago following) ?. W. Biiss Old & New Stk & RU mon to 4Qin John. S6 Wal Equipment Bonds (Quoted on income percentag Name. Rate. Maturity. Bait & Ohio.. 4Va 1920-'27 Bf?th Steel ... 7 1921-'30 Host _,? Alb.. 4V4 1920-'27 IBuff, R & P. 4%-5 1821-'33 do. 6 1921-'33 Cana.lian Nat. 7 3 ff 15 Canadian Nor 4V.-5-6 1920-'29 1920-'2S Canadian Pao i\ do . tj C. C, C 4 St _ 5 1920 CUes * Ohio. . 4H Ch, R I & I'ac 4' .-5 Chi & N W.. 4*4 C. St L & N O. 5 Dei & Hudson i !_ I921-'2? 1921 -' 27 1920-'27 : 920- : ; 1920-'23 1920-'24 1022 J920-'27 1921-'22 1920-"27 1920 :; 1920--23 1920-'2 ; I921-'30 192!-'?0 1920-'28 J920-'22 19Il-'32 1921-'35 l921-'26 -931 N Y, N H & H 4'.-?-3-6 1920-"23 Norf & West.. e ! isfi) Bid. AS-; S : 0 T.8?| 7.76 7.? 7.75 7.0? 7 1)0 6.I? 7.7 3 ?.Tl : a 7.? 7.0? I 6.7?I TOO 6 ?if - ! ) 7.60 7.60 iU\ 5 4 Vi-5 6 5 Brie . FriBC f i !ons. . Ill Central.... Kan City So . . Louis & Nash Mich Central.. do ., M, S P <_ S S M 4 Va-S -to. e do. 7 N Y Cent 1... 4 Vi do . 5 N Y Cent R R 4 V. ? do . 7 N Y. C & St L. 4 Va 7.10 8.1:5 8 ;.0 7 60 7 50 7.30 7.30 North Pacific. Pac Fr Exp.. Pennsylvania.. Reading Co.. . tk-aboard .... Southern Pac. 7.CO ?.M 7.0* . H < (I ; M I.TI ?I d 7? 7.? ?M 7.W 7? 7? ?51 ?.M ?.T? ;j? <.s. 1921--30 1926-'36 1920 _irui-j? 4'-i-6-6 1920-"27 -4 H 4% Southern Ry.. l'nion Pacific, union Tank... 7 Virginian Ry. c Wabasn . S ??',2-5 1920- 26 192 t ?'..:. 1930 7.00 7.00 7.3 0 S 00 Course of the Bond Market This graph shows the weekly fluctuations in th# average prices ol ten rail road, ten industrial and five public utility bonds sine? April 30, 1919.