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New-York tribune. [volume] (New York [N.Y.]) 1866-1924, August 23, 1920, Image 12

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$300,000
New York Gty
/aterchangeable 4%s
Duo April 1, 1966
Price 83 V2 and interest
yielding about 5.20%.
TheNationalQty
Company
Main 0?t?. N.tlontl City Bank Bull.ttf
Uptown Office: Fifth Ave. _ *tr4 8_
Office? In gvor 60 CltlM
cochrane
Harper
&Co.
111 Broadway 60 Stat? St.
NEW YORK BOSTON
Invincible
Oil Corporation
Latest circular on ratsaal
WEEKLY LETTER
Oin-n current mwi tad drwlginiwH ?f
INDEPENDENT
&
STANDARD OILS
Furnished upon raquent
^
r
Monthly Dividends
Assurer! Y-y ?;i ruines nf mnro
ihnn ?;>:* times dividend re
qulrements last year, this great
til ,-fnd en? company pays divl
d.-fnd:-i monthly to holders of
record.
Producir??* dally -40 000 barrels
if oil. too.nnn.onn cubic feet of
r ! r- anl 10.000 barrels of gaso?
line, It control? S.Ono.OOO acres
o? supply field.
Empire Gas & Fuel Co.
8' ; Cumulative Pf. Stock
Price to Yield
Over 9%
Ask for Folder TE-17
Holliste*,
White & Co,
fMMaMMtj!
?2 Dexter fit., Cor. Trtattr PL
Telephon? Itect-ur 3901
NEW YORK
Bostoa Philadelphia
l"J
Before
Conditions
Change
You can establish a remark?
able rate of return on your
money.
We offer you a strong invest?
ment having privileges which
enable you to extend definitely
the period of high yield.
Ask for Circular* NYT-34
SiMByllesbyGCo.
Incorpor?t rd
III BroadWay New York
ChU.n?^o - Providence ? Boston
McCJure, Jones &Reed
Member? New York Stock Exchsng?
Bonds for Investment
Listed Securities Carried
on Conservative Margin
115 Broadway New York
Telephone Rector 7662
PRICHnT&OQ
Members NY Stock Exchange
SIXTY BROADWAY
NEW YORK CITY
Chevrolet Motor
Manhattan Elect. Supply Pfd.
Bankers Trust Co.
itfcCLURE, JONES & REED
if embers New York Stock Exchange
115 llroudwuy 1'hone 8831 Kectar
F?
Bends for Investment
Harris, Forbes 4 C?
Fia? Str*??f C?m*r Wliltaaa
titW YORK
Trade ?and Finance
Development? of the Week
and Their Bearing on
the Outlook
Th? ?took market last weak was
not nuMh ?firfferent from what ?the
Strert flu baen experiencing all sum?
mer lone The professional traders
ware completely In control. They be?
came more courageous on the selling
side and offered stocks freely at the
outset of tha period, applying special
pressure on stocks that appeared vul?
nerable to attack. Their efforts met
with a fair degree of success, even if
no real liquidation was produced, un?
til a point was reached when the mar?
ket became oversold^ which meant that
the outstanding short account had be?
come large and unwieldy. Where?
upon the professionals who had ?old
for the decline began to make repur
! chases and in so doing found it neces?
sary to bid stocks up in order to cover
their requirements.
Such a market as this does not
mean a great deal. Day-to-day price
changes never do mean much even in
an active market. It is rather the
! broad price swings that are significant
! and prophetic. The record of stock
j market performance as it stands to
! date this year shows a progressive de
? cllne in stock values. There have
i been temporary recoveries, but they
have been only brief interruptions in
the general trend. The stock market
began to discount the current slacken
I ing of business before the turn came.
I It will discount industrial stabilization
j before there is concrete evidence of
I that fact. Many observers hold that
j the market is nearing the turning
j point, but few are willing to back up
this opinion with buying orders. Hence
the market mills around and the pro
I fessionals are able to churn stocks up
and down at their bidding.
It seems a wellnigh? hopeless task
to try to arouse enthusiasm in Wall
Street over the immediate outlook for
I speculative securities. For every bull
! there seem to be a hundred bears and
? the latter have most of the logic on
; their side. Making the rounds of the
; brokerage houses where stocks are
\ bought and sold, one finds a disposi
| tion on the part of folk who follow
stocks day in and day out to sidestep
and surround with a high barrier of
qualifications all prognostications re
i garding stocks. One will be told, for
! instance, that there are no reasons
: whatsoever for buying stocks in view
of the innumerable imponderables in
the general situation. But at the same
time one will be advised that it is dan?
gerous to sell stocks at these levels,
I since prices are down anywhere from
I 30 to 60 points from their highs of last
! year. To the man who is not well
versed in the ways of the securities
mart the problem involved in making a
i decision regarding present or future
j commitments is most difficult. It is
i small wonder, then, that the public has
I quit speculation almost en masse and
| that even the professionals, who are
I supposed to know all the fine points of
I ?.be game, are proceeding cautiously.
Much is heard about the wicked bears,
I who are held to be responsible for
' many of the troubles now besetting
i the stock market. No doubt there is
I short selling of a vicious character go
; ing on, especially in the case of spe
! cial issues which are open to concerted
; bear attack. It might be a good thing
? for the Stock Exchange to put back into
operation tha regulations in force
shortly after the United States entered
; the war to stamp out vicious bear raid
i ing. Those were fairly effective then
&nd probably would help now in stop
j ping such practices, which injure real
values and react upon the whole mar?
ket. But if the trend of prices is down?
ward, as it has been for several
months, no rules aimed at the short
sellers will check the movement', for
liquidation will have to run its course
in securities as well as in commodities.
And when the process of deflation is
completed the pendulum will swing
back in the other direction.
The stock market has been and is
still suffering more from the enormous
outpourings of new securities floated
on the wild wave of speculation in
1919 than any other one influence. As
a prominent banker put It recently, the
| market has been unable to assimilate
j the huge mass of not only undigested
but indigestible securities. Only now
are many stocks which were unloaded
upon a gullible public just beginning
to get back to a level somewhere near
their real values. In times like these
seasoned securities are always the best
to own. The newer issues oftentimes
have a way of disappearing from the
trading list.
At the close of last week the aver?
age price of thirty representative in?
dustrial stocks stood at 85.37, after
having fallen on Wednesday to 83.03.
The recovery from the low for the
year amounts to about three points.
The high average of the thirty indus?
trials this year was 110.30, last year,
119.33. The average of ten railroad
bonds maintained its level during the
week.
Investment bankers looked upon the
sole of the New York Central ten-year
7 per cent bonds as a test of the ab
j sorptlve power of the market. Tho
issue was well taken and rapidly over
! subscribed. The success of this offer?
; ing is likely to encourage bankers to
| underwrite other loans which are
: known to be under negotiation. De
i spite the seasonal dullness, the market
; seems ready to take a limited amoupnt
I of new creations in bonds at an at
I tractive rate.
After a week in New York, Jean V.
Parmenticr, who came here as the spe?
cial envoy of the French Minister of
Finance in quest of a new loan, now
has a fairly deflnito idea of tho con
j ditions under which his government
' can borrow funds in the American in
I vestment market. As soon as he re?
ceives cabled instructions from his
chief he is likely to close a deal with
J. P. Morgan & Co. It was officially
stated at the end of last week that the
terms of the loan had not yet been de?
termined. However, observers antici?
pate a $100,000,000 loan running about
fifteen years, in which the bonds will
?
pmy lnter-st at tho rat? of 8 per cent
annually.
. , .j
Call money at 9 per cent, the top
rat? quoted Wall Street borrower? last
week, stood at tho highest level of the
month. It took only comparatively
small government withdrawals from
the banks to force the price up, demon?
strating once more tho inHtabillty and
extreme sensitiveness of the call mar?
ket. The demands for credit of o
really active speculation in stocks
would under such conditions be almost
certain to result in a Bevere squeeze
Stock speculators know this probably
better than any one else and govern
themselves accordingly. Quito aparl
from the stock market phase of th?
money market, there are evidences o?
improvement in credit conditions. Thii
comes mainly from the reloase of bank
ing credits frozen in side-tracked ship
ments. The railroads are beginning t<
function properly again.
Current weakness in the foreign ex
changes, especially sterling, which hai
fallen some 40 cents in tho pound un
der the hieb reached on last spring':
recovery, has been attributed to bcv
eral influences, particularly the po
litical complications in Europe am
the recent turn of affairs in Poland
If the Polish situation had been mainl;
responsible for the weakness one mlgh
have looked for a substantial recover;
following the sudden end unexpectei
reverses administered the Bolshevil
forces in their drive for Warsaw. Bu
no such recovery has occurred, and ac
cordingly one must look elsewhere fo
an explanation of tho continued un
settlement of the exchanges. O
course, this is a season of tho yea
when the outward movement of Amei
ican cotton and wheat runs very heavj
so that the market has been calle
upon lately to absorb an unusuall
large volume of cotton and grain an
grain bills arising out of such tram
actions.
As regards sterling, the English rie
is Interesting. "It is probable," saj
a London observer, "that for the m<
ment we have seen the worst of tl
break in rates and that exchange wil
New York will be more or less stabi
ized at about its present level fi
some weeks to come. But it is equal
probable that as the season progress'
and when the autumn is full upon v
we'shall see the rate decline to Febr
ary's low level. Our progress h?
been rapid during the last s
months; our stability and inhere
soundness ore now at a higher estim
tion in America than at any time sin
the armistice, in spite of alarmi
statements concerning our financial ai
economic position which have recent
found currency. That the rate will eve
tually return to par nobodv doubts, b
it is not so generally recognized th
this will not be for a long time to con
Wo cannot ourselves get back to nc
mal conditions until the recovery
the European countries is an acco
plished fact. Our ultimato aim mi
be to restore tho gold standard, a
the dollar exchange will not return
par till this is accomplished, but
cannot hope to reestablish an effect:
gold standard without reference to 1
economic and financial position of c
late allies and enemies."
U. S. Bond Holding!
Show a Decline
Victory Notes Jum
Loan9 Obtained by War O
ligations Aggregate 9
Millions Less Than Wei
Before; Deposits Dr?
From Tha Tribune's Washington Rurea
WASHINGTON, Aug. 22. ?Furt
liquidation of 9.1 millions in holdi
of United States obligations and of ?
millions in loans based on governm
and corporate securities, accompar
by a larger increase in other loans :
investments, is indicated in the Fedc
Reserve Board's weekly statement
condition on August 13. It includes
member banks in leading cities.
Holdings of United States bonds si
a decline of 7.9 millions for the w<
while Victory notes on hand increo
by 6.3 millions and Treasury cer
cates declined by 7.6 millions. Lo
obtained by United States war obi
tions aggregated 9.7 millions less t
the week before, and loans obtainec
corporate stocks and bonds also
clincd by 13.9 millions. On the ol
hand, all other loans and investme
consisting largely of commercial lc
and discounts, increased by 39.1 n
ions, with the consequence that the
porting banks' total loans and inv
ments, including paper rediscoui
with the Federal Reserve banks, s
an increase of 6.6 millions for the w
Government deposits show a dec
of 7.4 millions, other demand depo
(net) an increase of 69.2 millions
time deposits an increase of 2.5 r
ions. For the member banks in 1
York City a decline in demand
posits of 24.8 millions is shown,
fleeting largely the withdrawal of
posits by country correspondents
need of funds in connection with
moving of crops.
Accommodation of reporting b*
at the Federal Reservo banks, as sh
on the books of the latter, increase
2,021.6 millions on August 6 anc
about 2,050 millions on August 13,
constituted 12.2 per cent of the ba
total loans and investments on
latter date, as against about 12
cent a week earlier. For the New 1
City bnnks an increase under this 1
from 722.4 to 780.9 millions is sh
the ratio of accommodation at the
eral Reserve Bank to total loans
investments advancing from 12.9 to
per cent.
Reserve balances (all with the
eral Reservo banks) show an incr
of 17.3 millions for all reporting b
and of 9.6 millions for the New "
City members. Cash in vault deel
by about 6 millions.
?-??.-,?
Good Crops in Europe
England and Wales Only Cc
tries Below the Average
ROME, Aug. 21.?The bulletir
the International Institute of Agr
ture, giving estimates for the
wheat crop, says Hungary reports
000^ tons within the treaty fronti
No definite estimate has been
ceived from other countries, but
crop is reported to be good in
garla, Denmark, France, Serbia,
embourg, Holland, Rumania
Sweden; average.in Germany, Cz<
Slovakia, Poland, Scotland and
land, and below the average in Enj
and Wales.
?Week's Stock Transactions
Summary of Stock Exchange Dealings
(Copyright, 191?, New Torlt Tribun? Ino.)
Stocka
Week Year January 1 to dato.
Last weak. before. b*o. 1920. 1910. 1918.
Railroad stocks_ 419,800 671,300 1,573,100 20,116,400 39,718,100 19.631,400
Other stock? . 1,977,400 2,306,100 3,807,000 127,969,100 154,891,200 67,901,400
All stocks . 8,097,200 2,877,400 6,380,100 151,058,500 194,609,300 87,532,800
Rondfl January 1 to date.
Laatweik. Week before. Year aso. 1920. 1919.
IT. S. g-oremmont bond?.$32,660,000 $35,686,000 $49,066,000 $1,987,646,000 $1,678,821,000
Railroad bond? . 6,033,000 6,532,000 5,140,000 218,119,000 ? 236,114,000
Other bonds . 6,691,000 0,948,000 7,123,000 236,514,000 253,221,000
All bond? . 46,284,000 49,166,000 81,328,000 2,442,278,000 2,060,156,000
Record of Stock and Bond Averages
tCopyrlsht, 1?20. New York Tribuno Ino.)
Stocks Ranyre thus Range fnil
Last wiwk Year aso far 1920 year 1919
Hlch. Low. ITIsrh. Low. JSlgh. l-ow. Hlrh. Low.
20 Railroads . 64.20 63.10 68.16 66.80 68.70 68.60 78.80 63.36
30 Industrial? .... 85.37 83.03 101.20 98.57 110.30 82.63 119.33 79.20
60 Stock? . 76.90 75.06 87.84 86.88 92.05 74.48 99.54 76.92
Bonds
10 Railroad?.. 71.38 70.98 75.81 75.63 79.28 66.73 82.80 72.83
10 Industrial? _ 83.16 82.92 93.45 93.32 91.45 82.92 95.70 90.56
5 Utilities . 68.20 68.00 83.14 81.90 74.53 68.00 87.75 71.80
25 Bonds . 76.34 75.19 84.31 84.03 81.71 73.94 87.91 80.21
?iith Low D?t. Not
920. Date. 1920. Date, in $. Sales. Wish. Low. Close, chg-e.
46 Mar 31 25 Feh 11 ? Adam? Eipres*_ 400 34% 33 33 -
46% Mar 29 25 Auk 6? Advance Rumely ... 500 31 30 30% + %
72 Jan 12 67% Aue 18 6 dopf . 1C00 60% 57% 58%? 4%
88% Jan 5 44 Ana: 9 6 Ajai Rubber . 2400 50 48 60 + 1%
2% Mar 24 1 Ane 9 ? Alaska Gold Mines.. 600 V/2 1% 1% + %
Mar 31 1% Aue 6 ? Alaska .Tunean .... 500 1% 1% 1%
Jan 3 28 Aue 9 1 Allis Chalmers .... 3100 31 29 31 -f 1%
Jan 3 70% Aue 17 7 do pf . 900 71 70% 71 + %
Jan 30 75 Aue 9 8 Amer Aeri Chem... 1100 78% 76 77%? %
Apr 1 39 Feh 13 4 Amer Bonk Noto... 100 ?14 44 44 ?
Jan 28 40 Aus 16 3 do pf . 100 40 40 40?4%
Apr 16 70% Aun 20 8 Amer Beet Sujjrar... 2600 76% 70% 73%? 4%
Jon 2 81% Au? 6 10 Amer Bosch Maeneto 1600 86% 81% 86?2
July 26 63% July 16 4 Amer Br S & F new 400 66 64 64 ? &.%
61% Jon 3 30% Aue 9? Amer Can ,. 6700 34% 32% 34%+ %
101 Jnn 2 87 Aue 11 7 do pf . 600 89 87?/g 89 -f- 1
Apr 9 124% Feb 25 12 Amer Car & Fdy.. 11500 136% 130% 134?/4? 2 '
Jan 5 106 May 20 7 do pf . 100 109 109 109 +
Jan 3 23% Aue 9 ? Amcr Cotton OU... 1000 26 25%
Jan 14 9% Aue 10 .80 Amer Drue Syn.... 3500 10 9%
Mor 31 95 Feb 6 6 Amer Expresa . 900 131 129
Jan 2 13 Aue 19 ? Am Hide & Leather 1700 14% 13
Jan 3 72 Ane 18 7 do pf . 3200 75
Mnr 19 37 Aue 10 4 Amer Ico . 700 28
Jan 2 63 Feb 13 6 dopf . 200 69%
119!/2 Jan 5 64% Aue 5 6 Amer Internat Corp. 11400
'Jan 22 91/2 Aue 7 1 Am-La Fr Fire Ene 300
Apr 7 61% Aue 6 3 Amer Linseed . 24po
Apr 8 82 Feb 13 6 Aroer Locomotivo ... 19C0 06
Mar 9 95% May 27 7 dopf . 100 100
June 15 11% Apr 15? Amer Safety Razor 2400 13
Jan 5 16% Feb 13 ? Amer Ship & Cora.. 11200 22'/2 20% 21% + 1%
Jan 3 62% Aur 9 4 Amer Smeltine .... 1700 65% *53% ?553^4. 13.?,
Jan 13 85'/a Aue 6 7 do pf . 300 88'''4 88 83% + %
Mar 30 71 Aue 20 6 do pf A. 100 7I 71 71 _- 1
Mar 22 33'/, Aue? 9 3 Amer Steel'Fdy_ 1900 30% r.4% 36'/24-1
Jan/-10 85 June.22 7 dopf . 100 85% 85% 85%? %
Apr 15 111% Aue 19 7 Amer Suear . 7900 114% I 11% 114 _ %
Mar 22 74% Aue 10 10 Amor-Sumat Tobacco 5100 84% 80 84%_ %
Apr 12 80 Aue 18 7 do pf . 200 80 80 go ? 1
Mar 18 92'/? May 22 8 Amer Til & Tel.... 31C0 96% 95; 2 96 _
Jan 5 IO41/4 Aue 9 12 Amer Tobacco . 200 115 110% 1 I0% + 2%
June 29 102 Aue 9 12 doB . 1400 109 107 109 + 1
Jan 7 85% May 20 6 do pf new. 100 86% 88% 86',%_ 1%
Apr 30 89% Aue 10 7 Amer Whole Corp pf 200 90% 90" 90 "4- %
Jan 2 72% Aue 10 7 Amcr Woolen. 8400 79% 75% 78%4- %
Jan 29 91% Aue 2 7. do pf . -100 92 91% 92 ? %
Jan 3 38 Apr 30 ? Amer Writ Taper pf 10C0 61 4!% 50 4. 4%
Jan 10 11 Aue 9 ? Amer Zinc & Lead.. 600 12% 11% 12'/24- %
Jan 9 44% Aue 3 6 do pf . 200 45 45 45 4. %
Apr 6 49% Aue 9 4 Anaconda . 3300 52% 60% 52% \- %
?',>r< 3 25 Aue 9 4 Arpo Dry Goods_ 200 33 28 44 -j- 6%
Jan 3 85% Aue 13 9 Associated Oil . 100 86 86 85 4- %
Mar 10 76 Feb 11 6 At Top & Santa Fe 3800 81% 80% 81'/84- %
Jan 3 72 May 20 5 do pf -,. 1500 75% 74 74%_ 1%
Fob 25 4 Aue 10? Atl Birm A AU_ 100 6% 6% 6%_
Jan 7 82% June 18 7 "Atlantic Coast Lino 500 86 85 85 + 1
Aue 12 19% Aue 16? Atlantic Fruit. 500 20 19% 19%? 3.
Jan 7 128% Aue 20 10 Atl Gulf & W I S S 16300 137% 128% 136%? %
Jan 7 60 Aue 14 5 do pf ..... 100 61 61 61 4- 1
Muy 27 20 Aue 7 ? Austin Nichols _ 300 20% 20% 20%? 1
Jan 18 4 Aue 5? Auto Sale* Corp_ 600 4% 4% 4%? %
Apr 9 100 Aue 9 7 Baldwin Loco .138300 107% 100% 106%+ 1%
Jan 5 96% June 25 7 dopf . 200 96% 96', 96%? '/?
Feb 24 27% Feb 13? Balio & Ohio. 28800 38% 343? 38'/a4- 3%
Jan 21 40% Juno28 4 dopf . 1600 47 45% 4/ I 1
Mar 25 35 Aue 18 2% Barn.sds.ll A . 100 35 35 35 ?.4*"'
May 17 35 Juno 4 2% do B . 100 35 35 35 _
June 19 114 Mar 3 8 Barrett Co . 1900 135% 133 135%? 2%
Jan 2 % Aue 20 ? Batopilas Minine ... 1400 3^ y y_ 3,
Apr 9 9% Aue 21 ? Bethlehem Motors .. 29700 15% 9% 1o" ?. 51A
May 8 65 Aue 9 6 Bethlehem Steel_ 2000 74% 70' 74%+ 2%
Jan 3 68 Aue 9 5 do Class B. 48700 76% 70% 76%+ 2%
Feb 24 90 Aue 3 7 do 7th pf. 200 94% 94 94%+ 1
.Inn 10 6% Aue 18 ? Booth Fisheries _ 700 7 6% 6'n? V,
Mar 15 9% Aue 18 ? Blclyn Bapid Transit 900 10 9 <." 93 ,_ if
a" ^ of* *uff12~ do ctf*. 100 6% 6% 6%+ %
Apr 7 84 Aue 9 10 Burns IJro* . 100 96% 957 96j _\ 2
Jan 9 6% May 20 ? Butte Cop & Zinc. . 1200 7% 6% 6'k? %
Jan 12 16 Aue 9? Butte & Sup Cop. . . 1200 19% 18% 19 i- 1'?
Jan 5 11% Aue 20 ? Butterick . 500 12 IP? 12
Jan 5 10% Aue 3? Caddo Oil . 1100 14% 13 141/ i_ s/
Mar 26 52 Aue 6 4 Calumet & Arizona. 100 64% 54!/, 641/!! u
Jan 28 63 Aue 9 6 Calif Packine . 1000 67% 60' I 67%+ 1
Jan 3 22% Aue 9? Calif Petroleum .... 700 26% 25 26%Zl
Jan 6 65 Feb 10 7 dopf .....400 68% 63 68+134
Jan 3 110 May 20 10 Canadian Pacific ... 3800 121% 117 120%+ 2%
June 18 10 Aue 13 ? Case Plow . 200 11 11 U ' 1
Jan 5 49 Aue 4 5 Central Leather ... 6300 55% 51% 54%+ 1%
Jan 5 96 Aue 16 7 dopf . 100 96 96 96 -
July 22 175 Jan 28 8 Central of N J. 100 215 215 215 -Mil
Jan 3 33% Aue 10 4 Cerro do Pasco. 1100 ^8 37 38 T >
Jan 7 40 May 20 4 Certainteod Corp ... 100 51 51 R1 Ii
Mar 29 79% Aue 5 10 Chandler Motors ... 14500 87', 791/, 87 4 ia?
Mar10 47 Feb 13 4 Chesa & Ohio. 2300 57% 5 573' t ^
Mar 15 4 Feb 13 - Chic & East II! pf.. ?00 8% 8./, ??t ^/
Feb 20 7 Feb 13- Chic Gt Western... 200 8% 8', Ji/fZ 2
Feb 28 19% May 20 2 dopf . 1y00 2U3 oq,4, o y?T {?
Mar 1 30% Feb 6 - Chic Mil & St Paul 3900 34 32? 33%? ?
Mar 11 45% Feb 13- dopf . 3300 &VA 49- lv/t.Y?
Mar 12 67 June 14 5 Chic & Northwest. 7200 70 ! j7*1 &
Jan 13 98 July 17 dopf . 100 101 101 101 Z /*
rPK oS Eft Au? 10 8 Chic ^neu Tool.... 1000 82% 80 8 V?- 4
Feb 28 23% Feb 13- Chic Bock Isl & Pao 6000 36 *" 35 t?
Mar | 54 Feb 11 6 do 6 p c pf. 700 63 62 ??./+ %
Feb 21 64% Feb 13 7 do 7 p c pf.\ 500 74 73 T^ZZ
Jan 3 12 Aue 13 ? Chile Copper . 1700 14 ,%U u 1,
Jan 3 24% Aue 9 % Chino Con Copper. . 1400 26 25 26 1 V
Jan 3 30% May 20 14 Coca Cola Co. 12100 33?/, tu/ \ ?,, + ,b
Jan 9 28 May 20 3 Co. Fuel & Iron. . . S f/* 3 t 'V "
S199 s ?y??5 fcriariEiectric'- 150?54^5^ ski 1%
i = ,?.- Colorado & Southern 200 26 25 26 I 1
is u ?k is, ; "??^r ?s ff? s* ?4b
J.? 6 43?? Am 9 4 Om,?, H? 3W ? ?7- S + "?}
S?S 5SS?2. SStr,-:::: zl ?s?%
Jf ? f ?X ? l Si??LSf?!.: s I h it p
Apr 9 74% Aue 6 7 Continental Can ... S jl" 7? '? 8+ V*
Apr 6 10% May 24 1 Continental Candy. . 800 10% \0, > in2-,/
Apr 13 76% Feb 13 4 Corn Products ..... 12700 8934 c%2 i? ?" (f
Jan 9 100 Aue 117 do nf ?aa *\z?T 5'4 88%+ %
Apr 29 30 May 24 2% Cotaen & Co. ?g ^ 1JJ^ W*+ 1
Apr 17 45% Aue 9 6 Crex Carpet Co!!'" ,% 55 ? l?
Apr 7 115% May 24 8 Crucible Steel 2'50O iSfa- l5?
?arTJo 3q6qk2Au;rr7 Cuba-Am Sue-r ?ew IsS? 142% 1"
Jan 20 99 Aue 19 7 do pf . 100 0Z
taPnr2? T?* Am~7 Cuba Ca"e SU*"' ?300 38-,
.Ian 21 75% Aus 19 7 do pf . 1500 -6
MUS 11 II Au,r 16 ~~ David*?n Chemical'.'. 500 33
?yV, V Aue 5 2'36De Bee? Co. 400 28
A r 11 .ff4 i""629 9 I)cl^re & Hudson 200 97
Aue 11 165 Feb 10 10 Del Lack & Western 2100 249%
tl 01 t June 11 ? Den & l?i? Grande. 7G0 5
leb 24 9 Feb 10 _ do pf . '^ 5
Apr 6 9% May 19 1 Dome Mine* . " iS 2
/an ? K9,3 May 11 7 Durham H?s?e'r P?- 100 94
f"i' 7 i? Aue 18 10 Eastman Kodak ! 15 533
Feb 24 9% Feb 13- Erie. o^ !^7.
Mar10 17% May 19 - do 1st pf .'.'."."." ' " ?y^ lf*
Jan 5 65% Feb 11 8 Famous Players o?g S2Iy
Apr 16 80 May 20 8 do pf ..'. '" ^ 7?%
May 14 26% Jan 2 7 Fed Min & SmeVt'pf S 35 ''
? ! o^ 8 AUS 3 3 Flsk 1Jubl>" Tire. 6900 27"
Jan 5 20 M.y 19 - Freeport-Texas Co S 22^
J,a? .5 .5'8 Aue 9 - Gaston-Williams .. 3200 o-'"
? 1 o? ...? vM.ai.on-wuiiams .... 3200 n
July 20 49 June 9 2 Gen Amer Tank.... ^0 63
??h8 11 ? ??ene*1 che?i?l ? ? 100 164 _
Jan 6 80% A? 2J 7 I" ^ C?- J?? M 60^ 62"+ ?
Jan 2 134 m.! on o ?*? ??"?."?' 10? 80% 80%> 80?, -Lu
?..., ??ne. ianK_ 100 63 69 69 -
Mar 11 150 June 9 8 Geueiftl Chemical .. 100 164% 164% 164%? 5%
Jan 3 58% Feb 11 6 General Cicar Co... 900 M
? ?>,a i"? ? 1 ueiH'iai Motora ^unn 00 o.ic7 ?? '*
Jan 6 68 Aue 20 6 do 6 p c deb ?So W\r? rf* \f + M
Mar 29 79% Aue 20 7 do 7 . ?? "?" S?? 68 ~ VM
Jan 6 49% Aue 9 6 Goodrich D F ' ' 2900 50 I 2 '^ 2 !
Jon 3 84 Aue 9 7 dopf ..... "? ?S LV ^'? " +3%;
Jan 3 31% Aue 20 - Granby Minin'e. lie t/' o'2 !5^+ %:
a, ?SS: -???N??, g?A^a?:^
Mar 10 80% Feb 11 T lliin.i. r> ? ?. 1J-4 13+1
o l'en M y IHlnota Central .... laoo 86 83% 86%+ 1%
n?j?h Low Dir. Net
19c?; ffDate-_ 1_f?- ?8t* %ln !;-_,_ 8-les- H,-h- "*"? ei??- *"*??
934 Apr 6 6% Aug 6 .60 Indlahoma Refining. 400 674 6% 63/__
20 Aug 20 20 Aug 20 ? Indian Refining_ 100 2o' 20 20 _
61 % Apr 7 43% Aue 9 4 Inspiration Copper . 1900 46 44% 46 _ 1 .
4% Mar 15 3 Aug 4? Intern Con Corp.... 1300 3% 3',? 3'/,+ ?_
16% Apr S 8?4 July 29? do pi . 800 9% 8H 9 - '_
27 Apr 14 13% Feb 13? Inter Agriculture .. 900 19 17 19 4. 9
88% Apr 15 63 Feb 11 6 dopf . 700 797, 77 79%+ 2%
142% Apr 13 112% Feb 17 7 Inter Harrester .... 700 125 122 125
115 Jan 24 103% Aug 13 7 do pf . 100 104 104 104 + %
51% Jan 3 21% An? 9? Inter Mer Marine.. 6500 2514 23 25%+ %
111% Jan 5 70% Ane 18? 6 dopf . 12100 75 70% 73%- 1
170 Apr 7 41% Aug 9? Inter Motors . 1900 443? 42 42'V? 2'/,
84 Jan 19 72 Mar 4 7 do 1st pf. 200 75% 75 75 ? 2
71 Apr 9 60 Feb 17? do 2d pf. 100 64% 64% 643,4? %
_6% Jan 7 15% May 20 ? Inter Nickel ...... 13200 20% 18'/, 20 + 3_
91% Mar 18 62','4 May 20 ? Inter Paper . 10300 8l' 74% 80%+ 3%
79% Jan 3 70 Feb 16 6 do pf stpd. 200 72'4 72 72'/!? ?'_
_7,'4 i"'7 11 l?Y? AU* 9 ? Invi"<-?M? Oil . 26700 36' 317? 85%+ %
l& ,"? 7 36!/a Mar 1~ I?*?" Products Corpn 1900 41% 40 40 ? 1
7% July 9 5% Aug 10 ? Island Oil . 20900 6% 6% 6 _
21% Jnn 9 77a May 24 ? Jewel Tea . 1000 B?a 8l_ 83,1? i/_
44% Jan 10 22 Aug 16 ? dopf . 100 22 22 22?11
101/ \an 5 2? Ane 5 2 Jones nro9 Te*. 300 20 20 20 _
\lw ? I ?a94 ^8r 3 ~ Kanwu Clt* Sonth- 350? 19'/? 171/4 18%+ 134
48. Mar 1 40 May 19 4 dopf. 300 44 43% 43%- 1'*
a/2 \an I 71'8 AX"1 6 4 Kel|y SP'inefield .. 2300 78 713% 77+1
IL APr ? ! Au*17- Kelsey Wheel . 200 52% 50 50 -5
48i/2 1 ' ? ?,/ Aug 6 2 Kennecott Copper .. 4600 24 23% 2334- %
<f/Z 3,an * ??3/2 Au* 9 1-20 Keystone Tire . 12700 18% 15% 18/.+ 3%
013/ ^" 32 1l? AUK 10 5 Kr?*". S S. 300 122% 122 122%+ 2%
Vv* m" ,? 6L Fcb 24 6 Lackawanna Steel . 1500 69% 66% 69 + 2
op4 ? J *" Feb 13~ Lake Erie & West.. 300 117% 11* 1t IV
fj 2 S"r 1? 1? Feb 11- dopf . 200 17% 17 17 -2
4718 ?, .? i??,, Auff 6 2 Leo Rubber it Tire. 500 22 21% 21%? %
s?/4 a o 3o-4 May24 3^-Lehigh Valley . 500 44% 44 447,+ 7*
2_ AP ^ * July3? 2 Loew? Co Inc. 14700 20% 20 20%- %
23 Jan 3 12 Aug 6- Loft Candy . 1300 13 12% 13^-L
_(Continue? en next ?ata)
KIDDER, PEABODY & CO.
115 Devonshire Si. 18 Broad St
BOSTON NEW YORK
Government Bonds
Investment Securities
Foreign Exchange
Letters of Credit
Correspondents of
Baring Brothers & Go,, Ltd.
LONDON
30 Years
in
Export Banking
JNTIMATE KNOWLEDGE
of the needs and habits
of the people, acquired by
years of experience and ac?
tual residence in the coun?
tries themselves, is essential
when transacting business
abroad.
23 Branches In South America -,
One Rranch In Mexico
8 Offices in Europe
Direct Connections With I ad Is
anglo-south american
^Banicl?m?ted
?vr York Agency, 49 Broadwmy
PRODUCERS
& REFINERS
Earnings showing
constant gain and
are expected to con?
tinus to increase
throughout the re?
mainder of the year.
Circular Nn. 53, de?
scribing its progress, <will
be sent upon request.
MSWOLFE?Ca
ESTABLISHED 1306
41BHOA? ST_ KEWYDHK.
Phmru: ? Prt>__. 33
insurance Against Losses
in Canadian Exchange
THE New York Agency
of the Union Bank of
Canada, through its
Foreign Department, is pre?
pared, subject to approval of
the transaction, to insure
American importers and ex?
porters against losses result?
ing from fluctuations in Cana?
dian Exchange.
"A Canadian Bank for Canadian Bosnie?"
TrK
""?'?
otCafta?a
jA?oii.___ ?_ _,
W J Dawson.P L Appleby. W M Forr>?^Agent*
"AMERICA'S OPPORTUNITY"
In its international relations, the United States is facing
the most important phase of its economic life. This
Bank ha? prepared a booklet in which the future of the
country's trade is discussed, in its relation to Europe's
recovery from the war, and America's continued prosperity.
A copy will be sent on request
Establish?, m?
THE MECHANICS & METALS NATIONAL BANK
of the City of New York
20 Nassau Street New York
Capital, Surplus and Profits . m ... . ,. $2&,000,000
The National Provincial and
Union Bank of England, Ltd.
Subscribed Capital ........ $ 1 99,67 f !?00
Paid-up Capital...-._.,.-.-.._ 39,034,320
Reserve Fund. . 36,195,205
?- . , _3
Head Office: 1 5, Bishopsgate, London, E. C. 2
PRINCES STREET OFFICE (UNION) 2 Prince? Street, E. & i
LOMBARD STREET OFFICE (SMITHS) 1 Lombard Street, E. C 3
CORNHILL OFFICE (PRESCOTT'S) 50 CornhiH, E. C 3
with numerous Branches in England and Wales
Auxiliary:
LLOYDS AND NATIONAL PROVINCIAL FOREIGN BANK LIMITO
Stone & Webster
147 Milk Street
BOSTON
INCORPORATED
120 Breadway
NEW YORK
3 S Se. Daarhera SI
CHICAGO
EXAMINATIONS AND STUDIES
of Industrial and Public Service Properties
REPORTS
an Valuation and Operating Efficiency
Equipment Bonds
(Quoted on incom? percentaje bail?)
Name. Rate. Maturity. Bid. Alt
Bait &? Ohio.. 4V4 1920-'2T 8.50 Mi
Beth Steal ... 7 l?21-'30 7.7S 7.11
Host & Alb.. 4*v4 1020-27 7.50 7.0t
Buffalo, R. & P 4V,-8 1921-'33 7.50 1.15
do. S 1021-'3i 7 75 ?.7I
Canadian Nat. 7 1035 7.35 7.1?
Canadian Nor 4V4-5-6 1920-'?? 8.75 7.?
Cnnadlan l'a? 4 v? lo?O-'gt 7.6? 7M
do . 6 I920-"32 7 25 6.75
C. C, C & St L. 5 :921-*2? 7.75 7.?
d.) . 6 lS2!-*27 7.75 IIS
Ches ft Ohio.. 4 V? 1920-*27 7.5? 1.71
<*h. R 1 &? fac 4^,-5 I920-'27 5.25 7?
<*hi & N W.. 4Vs I920-'23 7.75 ?.7?
f*. St I. & N O. 5 I920-'2i 7.75 7.11
PH & Hudson 4V4 1022 7.5? II*
Erie . 4>,.-C 1320-'JT 6.25 7.0
Krl.sro Cons... 5 192l-'22 8 50 7.I*
111 Central_ 4V.-? 1020-27 7.50 7.?
Kan City So.. 6 1920'2* 7.75 7.?
Louis & N'ash. 5 1 ;;!0-'23 7.6? ? "?
Mich Central.. 8 1921-'32 7,50 ?.75
do . 5 102O-'3O 7.6? 1-7?
B,SP4SSM 4V?-I 1020--2? 7.5* 7.?
-?o. 6 ]32l-'30 75? IM
do. 7 1921--30 7.75 7.0J
N Y Cent I_ 4V? 19J0-*28 759 7?
N Y Cent R R 4 V. l'-21-*3a 7.6? tf
do. 7 l?21-'35> 7.25 U
N Y, C & St L 4Vi 1921-'H 7.71 7*1
do. 5 10.11 7.50 *?'?
N Y, N H * H 4V?-5-6 I?20-'?l 8 59 7. M
Norf <_ W^3t.. 4 V? 1920-*2* 7.26 lij
North Parifio. 7 1921-'?? 7.16 *??
Tac Fr Kxp.. 7 3925-*35 7.15 ?-??
Pennsylvania.. 4-4 Vi 1920-'23 7.60 IJJ
R-adlnt; Co... 4 Va 1021*27 7.J7 JJ>
Braboard _ 4V?-6-6 1020-27 8 15 7.H
Southern Pac. 4:a 1920-'2S 7.57 [?
do . 7 1924-"3?> 7.0? *??'
Southern Ry.. ?V?-? 19Z0-'2* M? "n
Cnlon I'af-lflc. 7 . 1924-'3b 7.0? *|{
Cnion Tank... 7 1930 7.11 7.17
Vir.lnlan Ry. ? l?20-'8? 7.17 7.*?
Wiliuh .? .921 1??? '?**
Course of the Bond Market
This graph shows the weekly fluctuations in the average prices of ten r?^
road, ten industrial and five public utility bonds since April 30, 1919.

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