New-York tribune. [volume] (New York [N.Y.]) 1866-1924, August 23, 1920, Image 13

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New-York tribune. [volume], August 23, 1920, Page 13, Image 13
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New-York tribune. [volume] (New York [N.Y.]), 23 Aug. 1920. Chronicling America: Historic American Newspapers. Lib. of Congress. <https://chroniclingamerica.loc.gov/lccn/sn83030214/1920-08-23/ed-1/seq-13/>

Newspaper Page Text

Untrained Stock Operator
Erased by Bear Market
Brokers Believe Position of Securities Is Much
More Stable INow anil That Conservative Buying
Means Turn of Tide in Prices Has Begun
r=
]$??iivfflmfc-?on,
Founded 1797
Seasoned
Investments
30 Pine Street
New York
L
J.K. Rice,Jr. &Co.Will Buy
|00 Vimstrone Cork Cora.
j f ( ontim ni .il Insurance
20 !?-. .. I a. k. \ Western Coal
10 1 urniei - h?i!i A. Tru-l Stock
50 Hanover Nat. Hank
50 Nal Ional I iberl ? Ins.
t00 Penn. ( oal & ( ^h,
?3 Standard Screw ( om.
?.? I . S. Fire Insurance
100 Thurber Earthen Products
J.K.RiecJr. & Co. Will Sell
10O Amistronic (,,'U Com.
?0 \i ft-ri? an Ml unce Ins.
50 HnticrMr-rth-.ludson (tun.
100 < hlUlfs Rest. Pfd.
linf I >.i? .! ? ? eel & Ivor. ( om.
60 i ra nklin I nsiirani e
."?? i. - \ m< rif an Ins.
Iimi Kirln I umber I om.
Km l,i hiicli Valley < oal -fil ?s
100 N. \. State Rys. < om. & Vfft.
J?K.RicefJr.&Co
LIBERTY BONDS
???
f losing
M4.?8 fi>r n .- Bond. 51 ( onponv
$42.35 ? ' i?'c ttf.in!. No < onpons
*?? *. ???? for it S; I) ? P ,- . Bond. No Com
$42.64 fora S.-.O?4th 4>..? Ron I, ; < oupon
$47.74 for a $00??t h 4'fc? , Bond, 6 Coupon
PURDY & CO.,
TeL .lohu 8174-5-0-7 31 Pino St., N. Y.
AL BANK OW
um Carr II
In t he ' ?. ? - . lug Ita a
?.. ? tiei i
I by no
? ..? . i . - ..?..??
claims 1 : ; ? ? ?
Wit H WILDET, President
The bootblacks, the waiters, the"
barber.? and the taxi drivers are now
?nduspuUbly out of the market.
Stocks, in common Wall Street par?
lance, aro in "stronir hands. In the
shaking out process which has devel?
oped intermittently since last autumn,
the personnel of America's speculative
community has radically changed.
In recent weeks Wall Street has al?
most suggested Goldsmith's "Deserted
Village." The miscellaneous folk called
the "public," who are perpetually hope?
ful of extracting a colossal fortune out
of fluctuating stock quotations, are now
conspicuous by their absence from
brokerage offices. The professionals
to whom the market is a vocation,
rather than an avocation?ar? now
making the market, but their antics on
the floor yield no commissions to the
brokers.
Instead of the unending succession
of million (plus) share days of yester?
year, the market is now in a period <>f
diminished volume of trading. On \
era! occasions "recently, in five full
i hours of buying and sellinp; stocks,
fewer than 300.000 transactions were
recorded, and most of these were of
professional oripin.
Brokers' Profits Shrinking
Profits of the commission brokers,
who rely on the r urchases and sales
of the non-residents of the financial
districts, are shrinking fast during
these f::':' August days, but most ot
them accumulated enough fat during
the bull market times to carry them
? i :. to the next era of s nthusiasm
which will bring the outsiders back u
;the market place. As a matter of fact
many brokers welcome liquidatior
(Which has taken place in the market
:' :? i he ex? i of Is y ar caus ec
many greatly to extei 1 tl m: Ives. Encl
custi m r . ' ? v ? ' unrestraim
speculation was risking the margin oi
the stock !'? carried, but the brokei
was i irrying all b it the margin for al
his custon A? a n ult, brok sri
wi re ! -..? ? rrowers at the banks. A
the peak last year I ?an? were estimate)
at bi twi en ,1 .000,000 and $1,760,
I. Tin out of the watei
in later months ha cut the amount o
the outstai ng n almost in 1 ..'f
and !"?? ki el that they are now oi
. . ri :om for table basis.
It ?s well to ri m ib r, thi ugh, that
?. of rsistent Is
? ? . ?i ha\ c not passed int<
mpl ?on and disappeared. Then
many shar? of ti ck in ex
mon . counting the new issui
as a ;? : ago. For every sale lui ni
the :.'??' deva ! .ting wave
i tl ' ??? ise, I altl :..
. . language this sound
iko A B Cs, thi fac? i ? >n tantly be
? - : - luring bear ma rkets.
? ? ?? leads to i notht
? ? ever e lips of Wall St ree
mei a ally, one that
? re ? with quanl ?tative ex
Tl neipetual question is
"Who has 1
In a broad v:s - I r ikers in gr
with t probl m declare thai tl es
cited, untrained gambling speculator
who comes into the market at tho
eleventh hour of a lull period, makes
profits quickly through sheer luck and
pyramids gainR recklessly until the
house of cards collapses is now out of
the market. This gullible type who
plays the game and yet contributes
little of measurable worth to the com?
munity is usually effaced by a bear
swing in the market. Men and women
in this category usually operate on in?
sufficient capital and on the theory
that stocks can only rise und never de?
cline. Such people held the bag as
stocks reacted from fantastic heights
to somewhere near their actual value
and then they were compelled to let go.
Then, according to the Wall Street
theory, nil through a decline the long?
headed folk who believes in the pen?
dulum concept, of industry gradually
acquire stocks on the scale down, ami
if the myths of finance are true theii
average price is somewhere near thi
bottom. Of course, no two individual;
react in precisely the same manner
but people of this group are believe?
to have acquired stocks for the lonj
pull, intending to hold them until tin
next bull market, when they sell then
to the less far-seeing individuals win
in their folly reveal u proclivity io
buying the stocks near the top am
| selling them much lower. Because o
; the prevalence of these long-pull pur
chases there is less activity on th
board than in periods when the publi
: is in and out of the market every fei
days.
Believe Market Has Turned
Some brokers take tho view that thi
process of getting stocks into stron
| hands has now gone on to a rathe
full extent, and are hinting that wealth
individuals who preferred to len
money on call at extravagant rates du:
ing the decline, instead of carryin
; stocks for their own accounts, are no
just beginning to purchase stocks agai
for themselves. This view implies thi
the turn in tho market has come, ai
involves all the dangers of prophec
I Even those ardent souls who predi
i improved security prices do not lot
? for a return to the dizzy heights i
1919, when the profits of" the momei
' were capitalized forever and ever.
And despite the theories that prevs
, as to who has the stocks in a bei
period, there is still virgin field he
? for the research worker, Fncts <
?ins question are strangely missin
n I some industrious student mig
well devote his Ph. D. thesis to a di
si on of the methods by which t
"longheads" are supposed to acqui
lecurities from, the "fatheads." Actu
itudy would reveal the fallacy of :
ipts to generalize. It would sh<
that many captains of industry a
leading men of affairs also lose duri
a declining market, and would proba!:
show that even the insiders often a
unable accurately to forecast the mo\
nient of the stocks of their own co
panien. The strong hands that h<
stocks after a decline may often be m
I of excellent judgment and small capit
HP! X?T 1. *? "O i i.f U ?
I lie Vfeeivs bond Market
Government and Municipal
Bonds
1920??
Balea 1). ,.. . i.. L< w.
- ?
. :
.. .
?
! ;
:
? 97.40 .? ; ? ?
6 94.68
.. :
. - -... ?
i 101 \
'.- ?<.
:
::
? ??
-
\ 10 s
. -. . :
Statt* Bonds
Railway and Miscellaneoi
18
B?
^^^^^^^^ >on<:s
f '? ? ' A 13
: ...ai : i
4 A ?.
8
II A?'/t ! ? ? -
19
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?.Continu?! on nut pate) ?
Ai It Again
Somebody has sent us the prospectus
of the Brokc? Hills Silver Corporation,
together with a letter mailed to him
by George Graham Rice. Our corre?
spondent has taken care to remain
anonymous by cutting: out the place
where his name and address had been
written. Evidently he assumes that we
shall show more moral courage than
himself. His assumption is fully war?
ranted. Whether tha mine under op
tion to the aforesaid corporation is
valuable or not, we do not know. The
report by Mr. A. P. Thompson is not
convincing. There is too much geo
logic guff; the quantity of it is wholly
r portioned to the number of
assays quoted or the amount of roai
ii formal ion conveyed.
Mr. Thompson says that tho prop-j
erty lies in "a region of profound vol?
canic disturbances," although most of
his remarks deal with surlieial lava1
and "cap rock." There is too much !
pseudo-scientific stuff, such as: "East
of this strata 'stratum, if you please,!
but even that is not the word for a i
flow of and?site] of silver-bearing '
silicious and?site, more basic and?site :
flows cover the surface. While there !
is no evidence either on the surface I
or underground in the mine to definite?
ly fix the age of this and?site relative
to the more acidic rock, in which most
of the veins and ores fare the 'ores'
detached from the ?veins'??] occur, it is .
possible that beneath this basic and??
site the more prolific mineral-bearing I
acidic flows will be found." This reads!
like a front-porch speech by a poli- !
tician trying to avoid saying anytning
by talking a great deal. Sir. Thompson I
says that "vein-matter which does not
contain 100 (tunees silver per ton or;
over is left in the workings and used
as a floor." What magnificently negli?
gent persons the present owners must
be! He cites the assay of a sample
here and there, but he does not quote
the results of systematic sampling, al?
though he appears to have taken some
of his samples "at intervals of ten
feet." In approved front-porch man?
ner ho makes the sapient remark:
"In the course of stoping tho ore
it will be convenient and highly desir?
able to sort out the barren rod? from
the ore in the stopes after it is broken
and before the ore is hoisted to the
surface." Who would have thought it!
He finds $101,375 of ore blocked out,
with various possibilities and poten?
tialities, some of which are not iin
rcasonable in an area so well fissured
and mineralized, but this prospect is
capitalized for 3,000,000 shares of 10
cents each, of which 2,000,000 shares
have been underwritten by the Fideli y
Finance and Funding Company of Ne?
vada "to net the Broken Hills Silvei
Corporation $380,000." Tins sounds
grand; but it is only another name for
llice, alias Herzig, who signs the letter
as treasurer and. whose nefarious
doings have been exposed time and
again.
He calls attention to a copy af "a
commendatory letter from the Chief
Executive of the State of Nevada,
which appears on page 2 of the circu?
lar." Now, Emmet D. Boyle is a min?
ing engineer and n first rate man in
other respects, but it is fair to ask why
he allowed his name to be used by such
a man as Rice, whose career as a fake
promoter is notorious. .Moreover, we
venture to say that for gentlemen la?
beled as "The Treasurer of the State
of Nevada" and "The State Bank Ex?
aminer of Nevada" to use the prestige
of their public office to boost a promo?
tion by Rice is a scandal. In any
event, we are surprised at Mr. Boyle.
He. givesifci? opinion of the mine after
an examination that he describes as
"necessarily cursory." He might do
this fas Governor of Nevada, but he
ought not to do it as an honorable
member of the mining profession.?
Mining and Scientific Press.
Advert Imp thiit Furnished Room to l#t
In to-morraW? Tribune. A Tribune reaUiT
Is looking for one in your vicinity. Phone
Beekman 3000,? Advt.
Investment
Information
Queutions of general interest to ?
inventors will be answered in thin
column, in which ease only initial? ?
will be. used. Others will be an- I
Bierrcrf by mail. Address all in- \
quirics, inclosing a stamped, ad
dressed envelope, to Financial Editor, j
The Tribune, 152, Nassau Street, New
York City.
Common Shares Too Speculative
Question?1 have about 18,000 to Invest
for as high a rato of Interest as 1 inn ftet
with safety. What kind of stock would
you suggest? What do yon think of
Child? Restaurant, common and preferred;
American Wool, common and preferred; ?
New Jersey Standard Oil and the Fan
Film Corporation? What other stoclca do
von consider good Investments yielding 7 j
or 8 per cen? ? < I, V, X. V.
Answer Most common shares are ?
too speculative for investment pur
poses. They are the first issues of a
company to feel the effects of earnings
and other developments. Dividends
are based upon earnings and .are by no
means stable. Generally speaking, we
believe you would do well to adhere
to the seasoned preferred stocks which
sell at presenl to yield from 6% to
even 7 per cent. Do not attempt to
obtain too high a yield. Frequently the
principal is jeopard-zed in doing so.
Such securities as we give below are
sound, in our opinion. All are listed
on the New York Stock Exchange, thus
giving the stocks a good merket. Re?
member that marketability is one fea?
ture which should always be consid?
ered. United States Steel 7 per cent
preferred, American Car and Foundry
7 per cent preferred, Corn Proafacts 7
i per cent preferred, General Chemical
I 6 per cent preferred, American Tobacco
6 per cent preferred, United States
I Rubber 8 per cent preferred and Yir
i ginia-Carolina Chemical 8 per cent
preferri d.
Some Good $500 Railroad Honds
Quostl n- -What railroad b n Is would
you .- ' ran . ; r purchase at this
tlmi " A re : he < thai i n be pur
? h,-i ??? '1 In ?-. i.: dei ml n : Ions than
fl.i 0,i : ' : ? th' lJennsylva nia rail?
road b n ds Is ?-!??? thia spi an with Interest
bi aring 7 per cent ' .r M .1.
Answer?Pennsylvania 7 per cent
bonds are in $1,000 denominations
only. The following may be purchased
in $500 den >mii ations. All are well se?
cured and <>:. ? . attractive oppor?
tunities for invi stment, ?n our opinion:
American Telephone 5 per cent, 1930;
New Yoi k Ti ? ? ? .? pei cent, 1939;
Atchii n adjust m ni 4 per ci ni, 1995;
St. Louis-San Francisco prior lien -1
cent 1950.
Chooses Three Speculative Stocks
Qu -si i ' i : '?' '. "' to invest and
? nnbl .: uni
? ?? ? Wh ' you thinl ol c-, rib
... ? : - ? ..,,., $in ?
A boat lieh:, o month ... ? it sold as
high as %i . I me any infon a
?? ? iu ? ? it this con ration.
Whal caus? r the great drop in the
pi of CI : Iianki rs' Shan
! 10 you thinl I ? 111 ntinue to pay
th ? moni hlj llvldend? What do j ou
thinl i Dril r i c a n Chemical al
? ? icnl ; If you eonsidi r the
above niontii too risky pli ase
name live or six si b in n hich I could
invest with a : n miible i i uni f safety
nd a gi I gain T. P ...:.
Answer If it is. really your desire
to invest your funds we recommend
thai you keep away from the three
issues you ha i m< n1 ! >ned. All are
highly speculative. They fluctuate
over a wide rango and are very sensi?
tive to earl ng v wer. The only stocks
we recommend for investment are the
seasoned preferred i-sties like United
States Steel preferred, United States
Rubber prefem d, N'ai ?onal Biscuit
j)v ft rred and Standard Oil of New
Jersey preferred. We make no at?
tempt to advise cegarding speculation.
These Storks Are Non-Assessable
? ' ndly lei mi ki ow if th?
wini Issues if il :k ai a assessable
uiHi'T an; circu? A lliod Oil,
Ti ??? Inei ta) 'il, Interboi ough Con?
solidated ri Middle . Itates Oil ':
-\\ . V. E
Answer Allied 0 I, Transcontinental
Oil and Mi Id States Oil stocks are
non-assessable, as is Interborough
Consolidated I ici
P. S. Electric Equipment Trusts
Question Do you r the Public
Servie. Eli i trie Co - per cenl Equip
moni Ti ust C ???? cates d Ued August 2,
I?20, ;? sou Lment for an In i tor
. :' limited ;:.? [I J. 31. 33
Answer The Public Service Electric
Company is one of the best earners of
the Public Service Corporation of New1
Jersey. It has recently issued $1.300,-!
000 of s pi " ci ni im lipment ?rusts due
from 1921 to 1930, . : .: secured on cmtl
cars for tl : rpose of expediting de?
liveries of coal from the mines to its
power p ants. This eouipment is to
co ?t $1,800,000. W ? r< gard an Equip?
ment Trusl investment, be- j
ca : ? the titli * ? the ? quipment re- !
mains vested in the trustee until the
last installment hi ! been paid. We
think you wi uld make no :n;;:ako in
pincha.- ing ti,1 se bon : i.
Traction Ronds in Default
Quest.. n Kindly Infon ; ?? \v\: I the
pr ipi is an for tl inn Col umbua & ;
i : : ?? i ' 'taking ro of
their general ? ' i I
? ? , ? ? ?? . : - - ? ? ?.
1 : defaulted in thi I The
i i ' pany I ranee on
Lives ai Granl . \i lltii i hila?
da, I the depository for thi b nd: -?
C. P. V.
Answer We are reliably informed1
that no plan for i t-gai tt ton of the j
Indiana, Columl i & Easl rn Traction I
been irmulated. The
earnings for the Iasl three months!
showed ' t fixed c : were eai ned
only by * : ? half : ' lir amount. The
boi . ? I in the neighborhood i
of 20 i er c? nt.
Retter Not to Exchange Ronds
Answer ?f you sell your New Yorl
Gas bond and pin ? St. Louis
San Francisco adjustment 6 per cent
bond you will be increasing your in?
come, but you will be weakening your
invi stm ?.: posil on. Thi New Yoik
Gas bond \ i i and as all
forms i . ' deelined in
pi ici this bond 1 y conformed
to the new com itii ?is. We do nol
recommend t hi c lai g ?.
Jerome Verde Stock a Gamble
Qu n?I i h t Jerunii
\ . ? , .-.? i ... ? . Used thai
bonds i,i ?
I ) A i '? -' ' ' -
the man ? pany hi ne? t "
(3) V i pinion a
fair.?-J J.
Answei or four months
lero! Verde authorized an
issue of ! i bonds. We under?
stand ? ? red to
ii. nd the amount unaub
i was to be taken ever by a
syndicate. How many bonds have
acl uall ' ? Id we cannot ascert tin.
We do not kr, iw how efficient the man
agement is. trently tl re was < ; ly
one ere b I ' me disl riet,
and this has been
largi ly worked out. Perhaps the new
funds are needed for prospecting, and
we regard the stock as a gamble, pure
and simple.
Four full columns of in?
vestment questions and an?
swers are published in The
Tribune every Sunday.
Executor Trustee
Chartered 1822
The Farmers' Loan and Trust Company
Nos. 16, 18, 20 & 22 William Street
Branch Office, 475 Fifth Avenue
At Forty-first Street
New York
London
Administrator
Foreign Exchange
Paris
Guardian
Member Pederal Eeservo System and New York Clearing House
eek 9s Stock Transactions
(Continued fr?i? prac?dlna paae)
Date.
Jon 3
Jim 5
Jan 2
Jsn 5
Jan 30
Mar 22
Apr 27
Apr 14
Mar 19
Au* 14
Jan 5
Jan 8
Apr S
Jan 5
Apr 19
.1 a n 3
Jan 6
J?n 5
Jan 6
Jan 5
Mar 9
Mar 15
Feb 13
F<b 21
IVb 19
Fob 28
Feb 24
Mar 25
Jan 5
Jana 14
Mar 19
July 9
June 28
Jan 3
Jan 9
Jan ?
Apr 7
Jnn 2
Apr 12
Jnn 3
Jan 5
Feb 20
Jan 3
Mar 10
Mar 11
Mar 10
Mar 10
Mar 11
Mar 10
June 26
Mar 16
Jan 5
Apr 17
Apr S
Mir 9
Jnn 26
Apr 16
Jan 5
Jan 2
Jan 2
Jan 5
Apr 14
Apr 14
Mar 10
Apr 8
Feb 9
Mar 11
Feb 19
Jan 10
July 2
Jan 3
Jon 8
Jan 8
Jan 7
Mar 30
Jan 23
Jan 10
Apr 27
.1 an 9
Apr 12
Feb 2
Jan 13
Mar 19
Apr 19
Jan 3
Apr 12
leb 17
Jan 5
Apr 27
Apr 27
Apr 27
Jan 3
July 7
Jan 3
Jan 2C
Jan 2
May 10
Apr 12
July 1?
Feb 20
Aug 4
Auc 4
June 18
Apr 5
Jan 13
Feb 19
Apr 14
Mar 11
Jan 28
Jnn 5
Low
1920
44
941/2
125
94
GO
59%
52
97%
331/4
5?
211.
19
7%
16
70/4
148
931 ;,
181 a
10/4
37
9
63
8OI/4
3%
7
21
36
273.4
32
100
321 2
44
83
105
103 ?g
40
6%
50
70'?
100'/,
10' 4
31
89
64' 4
23%
231,2
16
10
85
48
6634
42' .
14%
44
3%
5! a
107
19/4
45%
323,4
41/4
7134
67%
37%
16
27
9
22
30' 2
33' ~
36%
83
11
79
51/4
84
113%
21'4
12' 2
84
96
55
1083 4
Div.
Date. In $.
May 21 ?
Auk 20 7
Au? 13 12
Aujt 9 7
Auk 9 16
July 13 4
Auk 11 7
Auk 17 10
July 2 7
July 22 4
* Net
Sale*, niuri. Low. Close, chef.
Loose-Wiles Biscuit. 600 45% 45 45 -
100 941,2 94'/? 941/2? 1%
300 130 130 130 -
100 98 93 98 -
400 61 60i,2 61 -
400 60 60 60 + '/i
400 60 60 60 -4- 8
do 1st pf.
Lorillard, Pierre .
Louisville & Nash.
Markov Cos .
do pf .
Mallinson & Co pf.
Manat? Sugar . 800 *98% 97% 98%?? %
97
13! 4
6434
32%
33'4
45
34' 2
76%
92'4
35' a
69' a
14' 2
15' 4
23'-2
11
20'3
12
39%
6'4
6
130
105' 2
455-fj
23%
Manhattan Elevated,
Manhattan Klee Sup
Auk 17 1% Manhattan Shirt ...
Auk 7 2 Martin I'arry Corpn
Maxwell Motor ....
do 1st pf.
May Dept Stores...
Mexican Petroleum .
do pf .
Miami Con Copper. .
Auk 10
Auk 10
Auk 18
Auk 9
Auk 20
Auk 6
Auk 5
Auk 9 4
Feb 13 ?
Fib 13 7
June 23 7
May 22 ?
May 24 ?
Feb 11 ?
Feb 11 ?
Auk 9 ?
Auk 17 4
Auk 16 7
May 24 3
Feb 13 ?
F?b 13 7
Auk 5
July 13
Auk 4
Auk 4
Auk 13
Au? 9
May 21
Auk 10 1
Juno 18 ?
Auk 9 10
Feb 13 5
Feb 13 ?
Feb 11 ?
Feb 6 1
Feb 9 ?
June 11 7
May 24 5
June 12 7
Auk 11 5
Auk 7
Feb 13
Auk 6
Auk 16 ?
May 20 8
Auk 9 ?
Auk 19 3
Auk 17 4
May 20 5
Feb 13 6
Feb 13 6
May 24 3
Auk 10 ?
Auk 9 ?
June 7 ?
Aus 20 ?
Auk 10 3
Aua 9 ?
Auk 9 ?
July 2 ?
Auk 6 ?
Auk 12 8
Feb 1.3 5
Auk 20 6
Auk 20 7
Feb 11 ?
100
100
200
300
4800
1700
300
431/4
59
21'/.
2I
12%
24%
71
43',. 4
59
21%
20%
IO/4
191/4
70',',,
43%
59
211/3? 11/j,
20%? 7 a
1134 + T'?
21%+ 2%
71 ? 1
59700 1603B 1503.4 1593-4 4- 2%
1.60 Middle State? Oil..
100
noo
64200
Mldvale Steel . 15000
Minn & St I. new. . 3000
Minn St P & S S M 200
do pf . 100
Mo, Kansas & Tex. 2.300
do pf . 200
Missouri Pacific ... 5300
do pf . fiOQO
Montgomery Ward . 1200
Mnllins l?ody . 300
Nash & Chattanooga
National Acme ....
Nat Anilino Chero.
do pf .
National Biscuit . . .
do pf .
Nat Clonk & Suit. .
Nat Conduit & Cab
Nat Enamel & Stpg
931
19
12/4
39"",,
13%
72
83%
6%
11
25' _
441 2
29
33
93'/;
18%
10%
383/4
12'i
71'',
8334
9314? 2 "2
19 4- l/8
12 - %
39%+ '4
13%+ 3_
72 4- 1
83%+ 134
6/4+ '.'a
11 ? 1
25%-i- %
43%- 11 4
29 + Vz
32 ? 1
I00 ? 4
11
24':
4134
28'. i
32
100 100 100
300 34/2 341/2 341 j
6300 75 701/2 747'8?
BOO 8834 86% P834 -
300 106% 106 106 +
100 1031/2 103'/a IO31/2
258 43% 43' 4 43' 4? %
1400 6% 6% 6%? %
400 593; 54 59%+ 4%
National Lead . 2100 74'/2 70!4 74%-f 1 "2
do pf . 200 IO3/2 IO2I4 IO21/4? %
2
'.i
Nevada Con Copper
New Or Tex & Me-< .
New York Airbrake
New York Centra!..
N Y Chic & St L. .
N Y N H & H. 20300
200
200
2000
900
4300
500
200
100
5400
300
N Y Ont & West. .
Norfolk Southern . .
Norfolk & Western
5 North American . . .
7 Northern Pacific
5 Nova Scotia Steel...
.50 Nunnally .
2 Ohio Fuel .
.40 Okla Prod & KefK. .
? Ontario Silver .
8 Otis Elevator .
Otis Steel . 1400
Owens Bot Mach. . . 600
Pacific Devel Corp. 1100
Pacific Gas & Elec. 700
Pan-Amer Petrol . . 59100
do B . 9900
Pennsylvania K R. . . 6800
Penn Seaboard Steel 33O0
People's fias & Coke 1000
Peor?a & Eastern.. 100
P?re Marquette .... 11000
Philadelphia Co _ 600
Philiips Petrol . 3700
2200 11 10% 11 4- %
G00 3F3i 351 , 36'-:,? 3,
700 941/4 91% 94% 4- 214
6800 72 70% 72 + !'2
400 32'2 32 32 -
32 331/4? !4
13 18%+ %
19 20 + 3
90 90 + 1/2
50 50' ;? I/2
73 73?1
42% 45', 24- 1
15 15 -?
48 48-2
334 3%+ %
5'-a 5%? "9
900 127 125!,4 126 4 53-,
11
363i
941/4
72
321/2
3334
18%
20
91
51
74%
45'.
15
48
3%
5/2
2234
48
35
46
87
88' .
40%
19
28' 2
1034
24%
34
36'4
40! i
13
61"
Aus 2 1
Feb 13 8
May 22 7
Auk 17 4
May 24 8
Auk 15 5
Auk 9 4
May 20 8
June 3 7
Auk 9 1
Feb 11 4
Mar 9 2
Mar 9 2
Aue 10 ?
Feb 26 ?
Auk 9 6
Auk 19 7
Auk 21 ?
Auk 9
Jan 2 I
Feb 13 ?
Jan 14-?
Feb 11 ?
May 24 ?
Auk 19 1
Auk 10 6
Auk 9 ?
July 2 ?
Auk 10 8
Aug 11 7
Auk 12
Auk ?3
Pierce Arrow . 23100
do pf . 200
Pierce Oil . 9200
do pf . 400
Pittsburgh Coal ... 10100
do pf . 600
Pitts Ft W & Chi pf
Pitts & W Va. 800 27'/
Pond Creek Coal... 800 16
Pressed Steel Car.. 1100 96
do pf . 1C0 98
Pub Serv Corp N J. 100 55
Pullman Co . 3100 111 ' 4
Punta Alegre SuKar 19900 75
Pure Oil . 6800 38%
Rway Steel Spring.. 80-0 93
do pf . 2C0 100
Ray Con Copper. . . 2500 1434
RcadinK . 41600 90'.=
do 1st pf. 400 4238
do 2d pf. 100 43
ReminKton Typcwr . 2900 53%
ReploRle Steel . 13900 82
6 Repub Iron & Steel 16900 833/B
7 do pf . 225 93
? Repub Motor Truck 4500 39
5.20 Roy Dutch N Y shrs 35900 81'i
22
45%
3234
4414
7838
74
40%
17
27
103-4
22
32' -,
341'2
3614
88' 4
12
79-%
58
84
22 + ! '4
48 - 1
34' 2? ' 2
46 + 1(4
87 + 41/2
81% 4- 5
40%-i- '4
18 ? 1
28 -
10%? i'4
24% 4- 11/4
34 4- 2
36 4- I ?j
393?? %
83' 4? 434
12%-,- %
81
617
85
180 113% 113% 113%
St Joseph Lead.... 600 16
St Louis & San Fran 8000 25
do pf . 1200 32
St Louis Southwest. 4300 21
rio pf . 900 32'
Santa Cecilia Sugar 800 15
Savage Arms . 3C0 41"
Saxon Motors . 2100 7
Seaboard Air Line.. 4T;0 7
I Sears Koebuck ... 400 139
do pf .
.74 Shell Trans & Trg
Sinclair Consul
24
14%
91%
93
55
110
66
3734
91%
100
14%
85' 2
40%
43
49
G8
79%
92' 4
35' s
76
15
23' 2
31%
1934
2933
12
40 "8
6%
7
135
7%
7
27% 4
14%? 1%
953B? %
93 ? 1%
55?8
111%
71%? 2%
38% .- %
93 + %
100
14% .
89 -
41% ?
43 ?
52% r
82 ? 13
83/4+ 1%
92'A? %
36%? 238
813.8... 53-8
1%
1%
1%
23,
16
24
32
21
32
14 ?11
4i% - n
7 +
7 ?
139 -- 4
3
1/4
1%
%
8
100 105% 10534 105%+ %
14700 4934 47% 491/4 -i- 1%
34100 27% 25% 27 + %
Foreign Collections
fff??^-.^X % CANADA
SQK!
)OU?B#ANCHOF?Ce$\
?OREIGN COMMERCE is developed
"*" not alone by ships and cargoes, but by
adequate facilities to finance it. Among
such facilities those devoted to collections
are of transcendent importance.
Our numerous branches, correspondents and affili?
ated institutions in all the important parts of the
world afford the most direct service for making
collections, as well as caring for other matters per?
taining to a general overseas banking business. We
solicit inquiries.
BRANCHES AT
Shanghai
Paris
Tokio
San Francisco
Yokohama
Seattle
OFFICERS
Charles A. Holder, President
T. Fred Aspden, Vice-President
E. B. MacKenzie, Secretary & Treasure?
COSP?PJiIGH
56 Wall Street, New York
Paid Up Capital and Surplus, $2,250,00-1
H iff h
1920.
82' 4
1053-8
30%
52
310
83
850
113%
51 y2
1181/4
12G33
60
13%
50%
4/
53%
17
341-4
05" i
106
3834
66'/2
36
127
33
124%
69%
53
148
53
57'/2
224
13%
293,4
96'. ;
25' a
55'/4
783*
116%
1C334
6934
14334
115%
76
47%
109
11534
80%
12%
97
80'4
112Ka
119
21
101 2
31
12%
20%
32%
67
89! 4
119
55' %
65%
11%
22' 2
69%
31%
32
93
82! 2
33
145
II6/4
95 4
Date.
Jan 26
Jan "1
July 12
Aug 4
Apr 14
Apr 15
Mar 24
Mar 25
Mar 25
Apr 8
Apr 8
Apr 8
Mar 31
May 6
Mar 22
July 7
Mar 15
July 15
Jan 3
Jan 7
Jan 5
Jnn 3
Apr 10
Apr 14
Jan 9
Jan 3
Jan 3
Jan 5
Jan 14
Jan 13
Mar 29
Apr 14
Mar 18
Jan 27
Jan 3
Jan 3
Apr 7
Jan 5
Jan 8
Jan 6
Apr 8
Jan 5
Jan 13
Jan 3
Mar 26
Jan 5
Jan 30
Jan 3
Jan 2
Apr 16
Apr 14
Jan 7
Juno 13
June 11
Feb 24
Feb 24
Feb 24
Feb 19
Apr 7
Mar 29
Mar 18
Jan 8
Jan
Jan
Feb 20
Feb 20
Mar 29
July 23
Jan 3
Jan 5
Jan 5
Feb 27
Apr 14
Lot
1920.
54
88%
18
50
100
73
600
100' 3
26%
50
58%
41
9
40%
25
371 ;
9'2
25'a
57
83'2
9'. 4
40
27%
73%
25%
110
61'4
38%
106
44
55
176
7'a
13
59
12'?
413.-4
5338
77'. 2
90
40
80
101
50
41%
83%
lO^
56 V g
7'a
42
59'/8
104
76
12%
7
20%
8%
11
20' 2
54' 2
80'8
101%
44'/,
62%
9
15
44
25%
15%
77%
50'a
23
100
103
55
Div.
Date, in 5.
Ante 9 6
Feb 13 6
Feb 11 ?
Feb 13 5
Aug 10 ?
June 16 6
Aus 13 20
June 17 7
Aue 13 4
Feb 13 4
Aue 17 7
Feb 13 6
July 29 ?
Aug 6 3
Feb 13 ?
Avg 9 .60
Aug 6 ?
Aug 10 ?
Aus 13 6
Aus 20 7
Aus 10 ?
Au? 9 5
June 23 2' 2
May 22 8
Aua: - 9 ?
Feb 13 10
May 24 4
AUK 18 4
Au; 9 8
Aug 6 3%
Apr 5 6
Feb 11 12
Aug 12 ?
Aus: 9 ?
Aug 9 3
Aug 10 ?
Aue 11 5
Feb 13 6
Fob 13 8
A ug 6 7
Feb 13 ?
Aue 9 8
Aue 9
Aug 9
June 14
Aue 9
June 18
Aue 9
Sale.". Hieh. Lctt. Close.
SIosp-SheJT St ?t Ir. 6200 69% 62' 4 68
Southern Pacific .. 12100 921 ; 90% 92%
Southern Railway . 17400 27% 26% 27'4
do pf . 400 60 59 59' ?
So Porto Rico futrar 1400 124 115 124
Standard Milling ?f 103 78 78 78
Standard Oil of N J 221 675 641 670
do 7
c pf. 1200 1035
Stewart-War Spetd . 4500 Z- z
Stromberg Carb . . . 152C0 75' 2
S'.udebaker . 44600 63%
Superior Stee! . 7?0 51
Tenn Cop & C'hem. 1600 ?%
Texa* Co now. 66500 ?7%
Texas & Pacific... 7000 35%
Tei & Pac Coal & ? 8100 41%
Third Avenue R R. . 303 9%
Time<; Sq Auto Sup. 630 27
Tobacco Products . ?MOO 64
do pf . 2C0 83
Transcon Oil . 6CC0 10%
Trans Will'ms Steel 800 4S
Twin City Rap Tran 300 323a
I'nion Bae & Paper 7C0 84' 2
Union Oil . 4900 23
Vnion Pacific . 9100 113
do pf . 1100 65
I'nited Alloy Steel.. 800 40
I'nited Drue . 100 109'4
do 1*t pf. 100 44
United Dyewood . . . 300 56
I'nited Fruit . 2CO0 190
I'nited Rway Inv... 1000 8''4
do pf. 400
United Ret?:i Stores 10800
U S C 1 Pipe & Idy 2C0
do pf .
I" S Food Products.
U S Ind Alcuhol . .
do pf .
(J S Realty ?a Imp
8
6
3'
5
7
6
May 19 ?
Feb 13 6
15
68'4
14
?2
59
84%
92' i
49' a
U S Rubber. 11800 86%
do 1st pf. 900 104
U S Smelt & Refg. 1100 51%
do pf . 300 42%
U S Steel.114000 89
do pf . 1200 106%
Utah Copper . 2900 61
800
6900
7600
100
GOO
B- %
%
Feb
May
Feb
Aue
May
Feb 11 ?
Feb 13 ?
July 30 ?
Feb 13 ?
Feb 5 4
July.13 7
Aug 9 7
May 20 4
May 14 4
June 23 ?
May 21 ?
Aug 10 4
July 2 ?
Aue 9 1
May 21 7
Aug 9 5
Aue 9 ?
June 3 8
July 19 17
Aue 9 6
Utah Secur Corp...
Vanadium Steel . .
Va-t'ar Chemical . . .
do pf .
Va Iron C & C.
Vivaudou Ir.c .
Waba.-h .
do pf A .
Western Maryland..
do 2d pf.
Western i'acitic ....
do pf .
Wot Union Tel. .. .
W'house Air Hrakr
We-stinchou.se Mfe
do 'si pf.
Wheel & Lake Erie
do pf .
100 7%
42600 72%
12C0 65' 2
700 105' i
100 103
2800 15' 3
0 8
22C0
3700
500
100
50
100
.310
10
300
500
White Motors . 1810
25' 4
10
12 4
27 4
65
82%
-
47 1
70
18
47%
27%
16??
??
"Kx dividend.
Wickwire Spencer.. 600
Willys Overland .. 11500
do pf . 100 81
Wilson Co. 2000 54
Wisconsin Central.. 100 ?5
Woolworth . 100 1C67
do pf .
Worth Pump ?t Mac 2200 61?
Price Tit???I on the New York Stock. Market
The gTtjph shov s the weekly fluctuations in the average price of twenty railroad stodTT?n~^i_eT7^^
thirty industrial stocks in the other since April 30, 1919. Rtl

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New-York tribune. [volume], August 23, 1920, Page 13, Image 13
About New-York tribune. [volume] (New York [N.Y.]) 1866-1924