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New-York tribune. [volume] (New York [N.Y.]) 1866-1924, August 28, 1920, Image 10

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Phons, fUeter MOO
120 Bromhrty, New Ywk
Memltrt
Neto Yirk Steck Exch*??*
Banking House of
HENRY CLEWS & CO.
Members of >*. Y. Stock Exchange.
11, 13, IS, 17 anJ 19 Broad St., N. Y.
Interest allowed on deposit accounts
?subject to cheque. Stock. Bond and Note
Issues of Railroad and Industrial Com
l-iniM Bought and Sold /for cash; also
(Yirrlcil on conservative- term?.
FOREIGN LETTERS OF CREDIT ISSTJEO
i Dealers In
LIBERTY BONDS
Brsneh 1 32? Firth Are. 36 Union Sqtmxa
Office?: j 173 pnane St. 145 East 60th it,
, 16 Court St., Brooklyn.
ISLAND OIL
& TRANSPORT
A report of timely in?
terest?other features
-and news items in
MARKET OPINION?Ask for B-60
R.H.M*cMASTERS&CO.
3/e?ibcrs Consolidated Stock Exch., X. Y.
82-84 Broad St. New York
Phone Broad 63S0 First Floor
CHICAGO MILWAUKEE
"" ISO Ytsr? ?f Cimmiiilil ???.!??
0?S?y CHATHAM & PHENIX
r^ NATIONAL BANK
. s?./, Capital * Sar?>L? ?IS,???,???
*i\no^? **????*??.?18?,0#,#K
_.a\K 1*9 Broadway, Singer ?la*
r...;-;.^. And IS Brttaakaa
Replogle Steel Shows
Earnings of 90c. Share
Net Income for Six Months Is
$224,629 ; Delay in Fur
nace Operation
Net income for the six months end?
ed June 30 of the Replogle Steer Com?
pany, according to a financial state?
ment issued yesterday, was $224,629,
equivalent to 90 cents avahare on the
250,000 outstanding shares of no par
value.
Income was derived from securities
owned and the interest and discount
account. Regarding the statement and
the outlook of the company for the
future, W. H. Brevoort, president,
says:
"The statement reflects only inter?
est on bank balances, call loans and
bonds. Owins to unavoidable delays
in. securing fabricated materials, the
new blast furnaces of the Wharton
Steel Company, owned by Replogle,
will not be in operation until the last
of the year. An average production of
1,000 tons pig iron daily will be as?
sured.
"The development of the company's
iron ore mines has been satisfactory
and the ore reserves augmented by
extensive underground work.
"More than 300,000 tons of mined
ere are in reserve in the stope3. The
new Replogle mill and reduction works
are working three shifts a day, pro?
ducing and stocking, at the blast fur?
naces concentrate averaing 60 per cent,
iron with low phosphorous content."
-?
Alaskan 1920 Gold Yield
Shows Considerable Decline
DAWSON, Y. T., Aug. 27.?Gold
vield of placer camps in the Yukon
Valley for 1920 is estimated at $4,485,
000 by mining company officials here
to-day. Camps in the interior of
Alaska are expected to yield $2,985,
000.
There has been a considerable
shrinkage in the output, it was stated,
owing to a dry season and the de?
crease in the purchasing power of
gold.
London Mojtiev Market
LONDON', Aug. 27.-*Bar silver, 61d
per ounce. Bar gold, 115s, Money, 5V_
per cent; discount rates, short bills
6*4 per cent, three months bills 6%
{a? 13-16 per cent. Gold premium
at Lisbon, 140.
-??.?.-.
Paris Market Firm
PARIS, Aug. 27.?Prices were firm
on the Bourse to-day. Three per cent
rentes, 66 francs 40 centimes. Ex?
change on London, 51 francs 29 cen?
times. Five per cent loan, 87 francs
50 centimes. The dollar was quoted
at 14 francs 36 centimes.
? -? ? .
New York Metal Market
On the New York Metal Exchange
Class A tin was Quoted 47.00 and
Class B 44.00. Straits shipments
47.00, the-market beins? quiet but firm.
Copper was steady, with spot offered
at 18.50. Sales, 60 tons December at
19.00. Lead quiet, at 8.76 for spot
hero and 8.25 in East St. Louis. Zinc
8.35, and at East St. Louis 8.00, the
?.arli?t being easy- London cables to
the. Metal Exchange reoorted standard
tin, spot, ?274 16s, and futures ?282 5s.
Sales 100 tons spot and 200 tons fu?
tures. Copper, standard spot, ?93, and
futures ?95 16s. Sales 360 ton? spot
and 50 tons futures. Lead, spot, ?35
lift 6d\and futures ?36. Zinc, spot,
A40, and futures ?41 10s.
- m ?
Central Vermont Issue Favored
Authority to Issue refunding mortgage
_iK??'_iSi 5ol(1 bond? t0 the amount of
V? 000,000 has been granted the Cen?
tral Vermont Railway Company by the
interstate Commerce Commission, It v.,
announced yesterday. Approval of th? Is?
suance of an additional ?3,000.000 worth
of bonds has been deferred.
- c> ?__
Financial Items
The Liberty National Bank, of New Tork
has been appointed registrar of Penri
I'ublfo Service Corporation 7 per cent pre?
ferred stock.
James B. Wilson, president of Wilson
A Co., will be the principal speaker at
the ninth annual convention of the In?
vestment Bankers Association of America
In Boston, October 4. 5 and 6. Mr. Wil?
e-on will speak on the general Industrial
situation.
The directors of th? Standard Bank
of South America, Ltd., have declared an
l/iterlm dividend at the rat? of 14 per
..'?in per annum. lesa Income tax. The
bank's Investments atand la the book* at
loss rban market value as at Juna 30.
AU othor usual and necessary provision?
bava been Jnada.
Uneven Tone in
Stock Markef as
Money Rates Rise
Borrowers at Stock Exchange
Pay 10 Per Cent for Call
Loans; Motor Shares Are
Weak; Gold Coming
, AH things considered the stock mar?
ket gave a fairly good account of it?
self yesterday. It had to contend
with advancing call money rates right
from the opening, with a renewal
rate of 8 per cent and a high rate for
tho day of 10 per cent, yet stocks,
with <? few notable exceptions, man?
aged to hold their own, and in many
cases showed substantial net gains at
the close. Tho market was mainly
professional and consisted of alternat?
ing up and down, fluctuations which,
in a measure, broke the continuity of
the rally begun earlier in the week.
The Street talked a great deal about
the credit situation and tho trading
element was not certain whether to
put a bullish or a bearish construction
upon the statement of Governor Hard?
ing, 'of Ahn Fierai Reservo l?oanl.
c(enying-that tne Doard was discrim?
inating in the matter of credit ex?
tension as between non-essential and
essential industries. The head of
the Reserve Board made it clear, how?
ever, that measures adopted some
months ago for curtailing undue ex?
tension o? credit are still effective.
While tho majority of stocks moved
within comparatively narrow limits,
the motor and motor accessory shares
constituted a markedly weak group.
Sharp declines were recorded by
Studcbaker, Fierce-Arrow, Chandler
and Stromberg Carburetor. There
were rumors afloat a few days ago
that the Reserve Bank authorities
would take steps to insure the motor
industry more liberal treatment with
regard ?to credit supplies, and disap?
pointment over the failure of the
board to announce such a move prob?
ably had something to do with the de?
cline in these shares. The appoint?
ment of a receiver for Bethlehem
Motors a few days ago has ha?i an
unfavorable effect upon the market
for the other motor shares, induc?
ing some littuidation and encouraging
the professional bears.
Another weak group yesterday was
the sugar shares, which are still suf?
fering from the effects of the slump
in raw sugar. Special weakness in
Replogle Steel was attributed to the
publication of the semi-annual report,
which showed earnings of only 90
cents a share. Other steel shares
maintained a fair degree of firmness.
In the rail department a sharp ad?
vance in Union Pacific attracted tat?
tention.
The news that $5,000,000 in gold is
on the high seas en route to the
United States from France did not
co/ne until after the close of the mar?
ket. This shipment is believed to be
the forerunner of a substantial move?
ment, as much as $50,000,00 being ex?
pected in the course of the next few
w?*eks. The gold will go toward pay?
ing the French share of the Anglo
French loan maturity in October. This
amount of gold can be used to ad?
vantage here to strengthen bank re?
serves, at this time particularly.
Money and Credit
Call loans renewed at 8 per cent
yesterday, an advance of 1 per cent
from the day before. In the afternoon
the rate rose further, finally getting
up to 10 per cent before the close.
This was a new high for the month.
Yester- Year
day. ago.
On mixed collateral. . . 8 6
On industrial collateral 8 C
Time money (mixed collateral):
Sixty days .8(38% 5%@6
Ninety days .8?a)8V? <*r%@6
Four months .8? 8% 5%@?
Four to six months.,8@8Ms 5%@6
Bank Clearings?Bank clearings at
New York yesterday were: Exchanges,
$673,772,658; balances, $66,958,311.
Silver?London, -61d; New York,
domestic, 99%c; foreign, 973/ic; Mexi?
can dollars, 74*4c
Sub-Treasury?United States fund
reserve credit balances, $63,545,145.
Canadian Exchange?New York funds
in Montreal, $125 premium per $1,000;
Montreal funds in New York, $111.11
discount per $1,000.
The Dollar in Foreign Exchange
Sterling exchange turned slightly
easier yesterday, and francs and marks
'were also slightly lower. Lire held
steady. After the market closed it
became known that a flow of gold from
France in connection with the Anglo
French maturity has started.
Yesterday's closing rates, compared
with those of a year ago, follow:
(Quoted in dollars to the pound.)
Yester- Week
day. Ago.
Sterling, demand. .''.56625 3.5950
Sterling, cables.' 3.57375 3.6025
Sterling, sixty days.. 3.52 3.5525
Sterling, ninety days. 3.50625 3.5325
(Quoted in cents to the unit.)
Francs, checks. 6.99 7.12
Francs, cables. 7.00 7.13
Belgium, francs, chks. 7.49 7.62
Belgium, francs, cbls. 7.50 7.62
Lire, checks. 4.66 4.68
Lire, cables. 4.67 4.69
Swiss, francs, checks. 16.80 16.60
Swiss, francs, cables. 16.515 16.65
Marks, checks. 2.04 1.98
Marks, cables. 2.04 1.98
Guilders, checks. 32.125 32.625
Guilders, cables. 32.25 32.75
Austrian crowns, cks .45 .49
Austrian crowns, cbls .45 .49
Sweden, checks. 20.20 20.40
Sweden, cables. 20.30 20.50
Denmark, checks.. .. 14.20 14.60
Denmark, cables. 14.25 14?65
Norway, checks. 14.20 14.65
Norway, cables. 14.25 14.70
Pesetas, checks. 15.05 15.05
Pesetas, cables. 15.07 15.10
Greece, checks. 11.00 11.30
Greece, cables. 11.25 11.40
Manila, checks. 46.75 46^50
Manila, cables. 47.00 46^75
India, rupees, checks 34.50 36.50
India, rupees, cables. 35.00 36.75
Japan, yen, checks... 51.50 51.50
Japan, yen cables.... 51.75 51.75
Argentina, checks_ 88.00 86.375
Argentina, cables.... 88.25 86.625
Brazil, Rio, checks... 19.875 20.125
Brazil, Rio, cables... 20.00 20.25
Czecho-Slovakia chks. 1.70 1.78
Czecho-Slovakia, cbles 1.70 1.78
-?? ?
Shows Good Earnings
Duluth & Iron Range Railroad
Nets $26.46 a Share
Net corporate income of the Du?
luth & Iron Range Railroad for the
year ended December 31, after charges
and taxes, was $1,720,484, equivalent
to $26.46 a share earned on the $5,
600,000 capital stock, according to a
financial statement issued yesterday.
This compares with net income of
?1,661,4."9, or $25.66 a share, in the
preceding year. Federal compensa?
tion was $2,365,241, while gross income
?' $2,578,652, a little less than $100,
000 below the figures for 1917, but
nearly $50,000 ahead of 1918.
Consolidated Member Expelled
Winslow L. Taylor has been ex?
pelled from membership in the Con?
solidated Stock Exchange by tho board
of governors for violation of Section
5, Article III, of the by-law? of th?
sxchangt?.
[Transactions ?Yesterday in Listed Stocks
Summary of Stock Exchange Dealings
(Copyright, 191?, New York Tribune Inc.)
Der Year January 1 te date.
Yesterday, before. uro. 1920. 1910. 1918.
Railroad mocks . 139,600 147,800 201,400 23,931,100 40,683,700 19,998,700
Other stocks . 356,700 269,100 699,900 129,118,500 157,824,300 68,841,300
All stocke . 496,300 416,900 901,300 153,049,600 198,508,000 88,840,000
Yeeterday. Day before. Year ego. 1920. 1919.
U. 8. government bonds. $4,579,000 $5,849,000 $7,284,000 $2,019,607,000 $1,624,877,000
Railroad bonds. 2,981,000 3,031,000 1,309,000 231,486,000 240,773,000
Other bonds . 1,701,000 898,000 1,038,000 243,091,000 257,927,000
All bonds . 9,261,000 9,778,000 9,631,000 2,494,184,000 2,123,577,000,
Record of Stock and Bond Averages
(Copyright, 1*20, New York Tribune Inc.)
Stocks
\ Range the.? Range fall
Tester- Dey Teer fer 1920. year 1919.
dey. before. ego. High. Low, nigh. Low.
20 Railroad stocks . 65.66 65.66 69.35 ?8.70 63.60 78.80 68.35
30 Industrial stocks . 66.33 86.43 104.87 110.30 82.53 119.33 79.20
50 Stock? . 76.06 78.12 90.46 92.05 74.46 99.54 75.92
Bonds
10 Railroad bonds . 72.16 71.81 76.07 76.28 66.73 82.80 72.83
10 Industrial bonds . 83.11 83.13 93.05 91.45 82.92 95.70 90.56
5 Utility bonds . 67.70 67.64 82.00 74.53 67.64 87.75 71.80
25 Bonds . 76.65 76.50 84.05 81.71 73.94 87.91 80.21
High. Low. Dir. ._ . _ *??* _,. . fc
1920. 1920. Hate. Sale?. Open. High. Law. Cloaa. chge. Bid. Art.
46 25 ? Adam* Expreaa. 100 34 34 34 34 -?? 32ft 34'/*
46% 25 ? Advance Rumely .... 400 32 32ft 32 32ft+1ft 31 32
72 57ft 6 Advance Rumely pf. 1900 61% 63 61ft 61ft- 60 62ft
88% 44 6 Ajax Rubber . 200 50 60 60 60 ? ft 49 62
2% 1 ? Alaska Gold Mines.. 100 1ft 1ft 1ft 1ft-? 1ft 1ft
53ft 28 1 Allls-Chalmer? . 300 32ft 32% 32ft 32%+ ft 32ft 33
92 70ft 7 Allls-Chalmer? pf ... 300 71 71 71 71- 70% 71%
103% 70?4 8 Amer Beet Sugar... 200 73ft 73ft 73ft 73ft? ft 73ft 74
128% 81ft 10 Araer Bosch Mag... 700 87ft 87ft 87ft 87ft-f 1 85 87
61% 30%? Amer Can . 900 35ft 36ft 34ft 35 + ft 34% 35ft
147% 124ft 12 Amer Car A Fdy.... 3900 134ft 136% 134ft 136ft+ 1 134 135
116ft 10534 7 Amer Car & Fdy pf. 300 108ft 109 108ft 109 - 109 110
64% 23ft ? Amer Cotton Oil ... 500 24ft 24ft 24ft 24ft? ft 24% 25ft
86 61 6 Amer Cotton Oil pf. 200 61% 61% 61% 6134+ % 62 65
15ft 9ft .80 Amer Drug Synd... 200 10ft 10ft 10ft 10ft- 10ft 10ft
175 95 6 Amer Express . 300 132 132ft 132 132ft-f 2ft 129ft 135
30% 13 ? Amer Hide & Leath. ^00 14 14 14 14 - 14 15
122 72 7 Amer II & L pf.... "00 75 76 74 74 ? % 74 74%
119ft 64ft 6 Amer Int'l Corp.... 1900 74?4 75ft 733/? 7334? ft 73ft 74ft
109ft 82 6 Amer Loco . 300 96ft 96ft 95 95?1 95 96
17% 12ft ? Amer Safety Razor.. 500 12% 1234 12ft 1234- 12% 12ft
30ft 16%? Amer Ship & Com... 1900 21ft 22 21% 2134- 21% 21ft
72 52% 4 Amer Smelting . 200 56 56 55ft 55ft + % 65ft 56ft
50* 33ft 3 Amer Steel Fdry..-. 800 38 38ft 38 38 -f- % 37ft 38ft
142% 111ft 7 Amer Sugar . 1700 114% 114% 111ft 111ft? 2% 111ft 112
106% 74ft 10 Amer Sum Tob. 1900 ? 88 89ft 87ft 87%-f- ft 88 88ft
100% 92ft 8 Amer Teleph & Tel. 900 96ft 96ft 96ft 96ft- 96% 96%
283, 104ft 12 Amer Tob . 300 115 115 116 115 + % 112 115
310 102 12 Amer Tob B. 400 115 115 115 115 +2 111 116
165ft 72% 7 Amer Woolen . 700 79% 80 78ft 78ft? 1ft 78ft 79ft
61% 38 ? Amer Writing Pap pf 100 60ft 50ft 50ft 50ft+ 1 50ft 61
21% 11 ? Amer Zinc . 300 12ft 12ft 12ft 12ft? ft 12ft 13
66ft 49ft 4 Anaconda . 2100 5234 53ft 62% 63 - 52% 53
67ft 25 4 Assoc Dry Goods.... 500 31ft_3134 31ft 31?4 + 1ft 3134 32ft
83ft 76 6 Atch, Top & San Fe 1900 82ft* 83ft 82ft 83 + ft 82% 834
82 72 5 Atch, T & San Fe pf. 800 74ft 74ft 74ft 74ft- 74ft 75
176ft 128ft 10 Atlan, Gulf & W I. 700 138 139ft 138 139 + 2 136 138
75 60 6 Atl, Gulf &\ W I pf. 300 62 62 62-62+1 61 64
20ft 19ft? Atlantic Fruit . 300 19ft 19ft 19ft 19ft- 19 19'/s
148ft 100 7 Baldwin Loco Co... 19800 110 110ft 108% 108ft? % 108ft 108%
40% 27%? Balti & Ohio. 7500 397? 4034 39ft 39ft + ft 3934 40
49ft 40ft 4 Balti & Ohio pf_ 300 48 4834 48 48ft + ft 48ft 48'/
153 114 8 Barrett Company ... 900 135 136ft 135 136ft+ 1ft 136ft 137|/:
32ft 6ft ? Beth Motors . 2400 6ft 6% 6ft 6ft? ft 6ft 6'4
102ft 68 6 Beth Steel, Class B.. 7700 77% 78 76ft 76%?' ft 76% 763^
114 104 8 Beth Steel 8% pf_ 100 107 107 107 107 + ft 106 108
13ft ,6%? Bklyn Rapid Tran... 300 7ft 7ft 7ft 7ft? ft 7ft 8
15 6ft? Booth Fisheries Co.. 400 7 7 7 7 + ft 7 7'/,
129 84 10 Burns Bros . 200 95ft 95ft 96ft 95ft? 1% 95 67
8ft 4ft ? Brunswick . 100 434 434 434 434+ ft 5 6
70 65 7 Buf & Susquehanna.. 100 68 68 68 68 - 67 70
11ft ' 6ft ? Butte Cop & Zinc... 1300 7 7 6?4 634- 6% 7
29ft 16 ? Butte & Sup Cop.... 100 19ft 19ft 19ft 19ft+ ft 1834 19fl
27ft 11 ? Butterick Co . 100 11 11 11 11 ? ft 11 11*
28% 10ft? Caddo Oil . 100 14ft 14ft 14ft 14ft+ ft 14ft 14(/
85ft 63 6 Calif Packing . 300 69ft 69ft 69ft 69ft+ 1ft 68?4 69?/,
46 22ft? Calif Petrol . 1500 28 29 28 28 + % 27ft 28?/
75ft 65 7 Calif Petrol pf. 500. 69ft 69ft 69ft 69ft? ft 70 70^;
69 52 4 Calumet & Arizona. . 100 64ft 54ft 54ft 54ft + ft 54ft 57
134 110 '10 Canadian Pacific _ 5100 12034 121ft 120ft 121ft+ 34 121 121^
IO434 49 5 Central Leather _ 1300 64ft 65ft 54ft 55 + % 64ft 55
61% 33ft 4 Cerro de Pasco. 500 38ft 39ft 38ft 39 + ft 38ft 39
164% 79ft 10 Chandler Motors _ 1300 87ft 88 85ft 85ft? 1ft 85ft 86
59ft 47 4 Chesapeake & Ohio. 900 69 59ft 59 59 + ft 58ft 59?
11% 4 ? Chi & East III. 200 9 9ft 9 9ft+ % 9 10
10ft 7 ? Chi Oreat Western.. 200 9ft 9ft 9ft 9ft? ft 9 9?,
27ft 19ft 2 Chi Gt Western pf.. 300 25ft 25ft 24ft 24ft+ ft 24 24'/
42ft 30ft ? Chi, Mil & St Pawl. 1600 35 35 34ft 34ft? ft 34% 34}
61ft 45% ? Chi, M & St Paul pf 2700 62% 63% 62% 52%? % 52ft 52}
91ft 67 5 Chi'& Northwest- 200 71ft 71ft 70ft 71 ? ft 71 71J
41% 23ft? Chi, R I & Pac. 1900 36 36ft 35ft 3534- 3534 36 '
66ft 54 6 Chic, R I & P 6% pf 100 65 , 65 65 65 - 64ft 65
78 64ft 7 Chic, R I & P 7% pf 700 7534 76 75ft 75ft- 75 76
55 42 ? C, C C & St. Louis.'. . 400 63 53 53 53 - 51 53
21ft 12 ? Chile Copper . 300 14 14ft 14 14ft+ ft 14ft 14?
41% 24% 1ft Chino Cons Copper. 200 2734 28 2734 28 + 1 2734 28
106 72 8 Cluett-Peabody . 300 73 73 73 73 - 71 73
40% 30ft 4 Coca-Cola . 900 34ft 35 33% 33%? ft 33% \34
44ft. 28 3 Colorado Fuel & Iron 1600 36ft 36% 36 36%+ % 34ft 36
27 20 ? Colorado & Southern 200 26% 26% 26% 26%+ % 25ft 26
65ft 1934 1 Columbia Graph. 1100 2334 23ft 23% 23ft? ft 23ft 23?
67 50 5 Columbus Gas & Elec 400 55 55 64% 54%? ft 53% 54
80 65ft 7 Consol Cigars . 1500 79 80 76ft 76ft? 2 76ft 76'
20% 9ft 2 Con Int Callahan M 900 10 10 10 10 ? ft 9ft 10<
14ft 10ft 1 Continental Candy... 900 10% 10% 10ft 10ft? ft 10ft 10'
105ft 76ft 4 Corn Products. 1900 90 90ft 89ft 89ft? 1 89% 89
'107 100 7 Corn Product* pf_ 200 100ft 100ft 100ft 100ft? ft 100 102
46ft 25 3 Con Textile . 400 29ft 29ft 29ft 29ft? ft 29ft 29
64 45ft 6 Crex Carpet Co. 200 60 60 59ft 59ft+ 1ft 56 64
43% 30 2ft C?sden & Co. 400 37ft 37ft 37ft 37ft+ ft 3634 37
278ft 115ft 8? Crucible Steel . 3900 138ft 139 136% 13634? 1 136ft 137
60% 36ft 7 Cuba-American Sugar 900 40ft 40ft 39ft 39ft? 1 39ft 40
59% 32ft ? Cuba Cane Sugar. . . 1600 35 35 32ft 32%? 2ft 32ft 33
85ft 75ft 7 Cuba Cane Sugar pf 300 76ft 76ft 76ft 76ft- 76ft 77
35 32 1 Davidson Chemical .. 2100 33ft 35 33ft 35+2 34ft 35
25Cft 165 10 Del, Lack & Western 400 236 23634 23434 2343-4? 5ft 230 240
9 4 ? Denver & Rio Grande 900 5 5ft 4ft 4ft? ft 4ft 5
16% 9 ? Denver & Rio G pf. 1000 IO34 10ft 1034 10ft+ ft 10ft 10
28 18 ? Elk Horn Fuel. 500 21 2234 21 22 + 1ft 21 22
15% 9ft? Erie . 7600 14 14ft 13% 14ft+ ft 14 14
25ft 17ft? Erie 1st pf. 1900 21ft 22 21ft 21ft+ ft 21ft 21
17ft 12ft? Erie 2d pf. 900 I534 1534 15 15ft? ft 15ft 16
95 65ft 8 Famous Players. 2300 70ft 70ft 70 70ft + ft 7034 7;
16ft 10 ? Fed Min & Smelting 400 10 10 10 10 - 10 12
4434 26ft 7 Fed Min & Smelt pf 700 35ft 35ft 33 33 ? ft 33 35
48 25ft 3 Fisk Rubber Tire.... 800 27ft 27% 27ft 27%+ ft 26% 27
36ft 20 ? Frceport Texas. 1300 21 2134 21' 2134+ ft 21ft 21
19ft 5ft ? Gaston Williams ... 100 9ft 9ft 9ft 9ft+ ft 8ft ?
77 ft 49 2 Gen Amcr Tank Car 500 70 70 70 70 + ft 68 72
75% 58ft 6 Gen Cigar . 1600 64ft 65ft ' 64ft 65+1 64 6e
9434 74ft 7 Gen Cigar pf deb_ 400 81 81 81 81 + ft 80% 81
172 134 8 Gen Electric Co. 900 142 142 141 141 ? 3ft 140 141
42 19ft 1 Gen Motors. 3900 21ft 21% 21 21ft? ft 21ft 21
95ft 49ft 6 Goodrich, B F. 500 56ft 56ft 54 54ft? 1ft 54ft 5E
102% 84 ? 7 Gpodrich, B F, pf. . . 1500 85ft 85% 85ft 8534+ ft 853/4 8?
55ft 31%? Granby Mining . 300 3534 36% 35% 3534+ 1ft 34ft 3i
8434 67ft 7 Gt Northern pf. 1200 72ft 73ft 72ft 73 + % 73 7;
41ft 30 4 Gt North Ore subs.. 1700 32% 32ft 32 32 + ft 31ft 32
38ft 23 .50 Greene-Can Copper.. 400 25ft 25ft' 25ft 25ft- 25ft 2i
20ft 17ft ? Guantanamo Sugar .. 200 19 19 19 19 ? ft 18ft 1!
108 75 7 Hartman Corp . 100 80 80 80 80+1 76 8
I534 15 7 Habirshnw. 900 15ft 15% 15ft 15%+ % 15 1!
.77% 50 4 Has & Bar Car Co.. 500 6934 70ft 68ft 68ft? % 69 71
46ft 21%? Hendce Mfg . 700 25 25 24 24 ? 1 ' 23 2!
109ft 75 ? Houston Oil . 1200 105ft 106 103ft 105ft+ % 10534 10
23ft 13 1 Hupp Motors . 1900 14ft 15 14ft 14ft- 14ft 1.
93% 80ft 7 Illinois Central . 300 86ft 86ft 86 86 - 85 81
27 13ft? Int'l Agricult . 100 17ft- 17ft 17 17 - 17 1;
61ft 43ft 4 Inspiration Copper . . 1500 46 46ft 46 46ft? ft 46ft 4
434 3 ? Inter-Cons Corp - 300 3ft 3ft 3ft 3ft+ ft 3ft
1634 834? Inter-Cons Corp pf.. 700 9ft 9ft 9ft 9ft- 9
51ft 21% ? Int Mer Marine - 300 25 25 25 25 + ft 2434 2
111ft 70% 6 - Int Mer Marine pf. . 300 76 76 76 76 ? ft 75ft 7
170 39 7 Int Motor Truck - 200 40ft 40ft 39 39?2 39ft 4
91% 62ft ? International Paper.. 400 81 81 79ft 79ft? 1 79 7
79ft 70 6 Int Paper pf stpd .. . 100 72ft 72ft 72ft 72ft+ % 72ft 7
26% 15ft ? International Nickel . 1300 20ft 20ft 19% 19ft + ft 19% 2
20 20 ? Indian Refin . 200 20 20 20 20 _ 20 2
9% 5% .60Indiahoma . 200 7ft 7ft 7ft 7ft + ft 7
47ft 30ft ? Invincible Oil . 3100 37ft 37% 36% 36ft+ 34 36% 3
51ft 36ft? Iron Products . 100 43ft 43ft 43ft 43ft- 42ft 4
7ft 5ft? Island Oil & Tr. 1900 5ft 6 5ft 6 + ft 5ft
I934 13% ? Kansas City Southern 1900 19 19% 19 19 _ 3/? 19' 1
48ft 40 4 Kansas City South pf 700 45ft 45ft 45ft 45ft+ ft 44 4
152ft 71% 4 Kelly Springfield- 500 79ft 79ft 78 78?1 77 7
33ft 22 2 . Kcnntcott Copper . . 500 24% 24ft 24% 24%? ft 24ft ?
48ft 13ft 1.20 Keystone Tire . 400 18% 18% 17% 17%? ft 17ft 1
.1% 63 6 Lackawanna Steel... 700 70 70 68ft 68ft? ft 68ft (
?22ft 16 ? Lake Erie & West pf 200 19ft 19ft 19ft 19ft+ 2ft 17ft .
38ft 21 2 Lee Rubber & Tire.. 200 22 22 22 22 4 1 22 ?
47ft 3W^ 3ft Lchigh Valley. 1700 45 45 44ft 44ft- 4434 ?
36 18ft 2 Loews, Ine. 6300 20ft 21 20ft 2034+ 1 2034 ;
28 12 ? Loft Candy . 200 12ft 12ft 12ft 12ft- 12ft ?
70 44 ? Loose-Wiles Biscuit.. 100 45 45 45 45 - 43ft 1
I8334 125 12 Lorillard, P. 200 133 133 133 133 ? ft 132 1!
64ft 59ft 4 Mackay Cos pf. 100 60 60 60 60 - 60 I
38 7ft? Maxwell Motor Co. .. 300 11% 11% 10% 10%+ ft 10ft
63ft 16 ? Maxwell Motor 1st pf 500 19ft 19ft 1834 19 + 1ft 18ft
222 148 10 Mexican Petroleum... 11500 163 165 161% 162%+ ft 162ft 1i
26 18ft 2 Miami Consol Copper 300 19ft 19ft 19% 19%+ ft 19ft
7134 70ft 1.60 Middle States Oil... 900 12 12ft 1134 1134? ft y\r/B
52% 37 4 Midvale Steel . 4900 39ft 39% 39ft 39%+ ft 39ft ;
18ft 9 ? Minn A St L new... 1200 14ft 14ft 14ft 14ft-f ft 14ft
80 63 7 Min, St P & S St M 200 73% 73% 73% 73%? ft 74
60 61 5 M, St P & S St M 1 1 100 54 64 64 54+2 54
11 3ft ? Mo, Kansas & Texas 1500 6ft 6ft 6ft 6ft + ft 6%
18 7 ? Mo, Kans & Tex pf. 300 13 13 12% 12%+ ft .12
31% 21 ? Missouri Pacific - 900 26 26ft 25% 2534? ft 25%
49% 36 ? Missouri Pacific pf.. 700 45 45ft 45 45ft+ ft 4434
40 27% ? Mont Ward & Co... 900 30 32ft 30 32 + 1ft 32
125 105 7 Nat Biscuit . 200 107 107 107 107 + ft 107 1
86% 44 ? National Aniline . . . 2200 73 76ft 73 76+3 76
8? 40 5 Nat Cloak A- Suit... 700 4434 45 44% 45 + ft 45
89ft 60 6 Nat Enamel & Stpg 400 69 59 58ft 58ft? 1 58ft
93ft 70ft 6 National Lead . 300 74ft 74ft 74ft 74ft? ft 72
7% 4ft ? Nat RR of Mex 2d pf 100 4% 4% 4% 4%+ ft 4ft
17ft 10ft 1 Nevada Con Copper. 7900 10% 10ft 10% 10%+ ft 10%
47% 31 ? New Or, Tex & Mcx 400 38 39% 38 39%+ 134 38
117 89 10 NY Air Brake. 300 98 98 98 98 + 1ft 96
77ft 64ft 5 New York Central.. 2900 73 73ft 72% 72%? ft 7234
36ft 23%? N V, Chi & St L... 100 34ft 3434 34ft 34%+ ft 33ft
3634 23ft? N Y, N H & H. 7600 34!,s 34ft 33% 33%? % 33?4
21ft 16 1 N Y, Ont & West.. 100 20 20 20 20 - 19ft
29 10 ? Norfolk Southern ... 300 20 20 20 20-20
10Oft 88 7 Norfolk & Western. 2900 94% 95 94 94 ? ft 94ft
69ft 48 5 North American. 700 61 51 61 51+1 62ft
?4% 66% 7 Northern Pacific. 400 74 74ft 73ft 74ft+ ft 74ft
8ft 3% .40 Okla Prod A Ref... 200 3ft 3ft 3% 3ft+ ft 3%
167 107 8 Oti? Elevator . 200 155ft 125ft 125ft 125ft? % 125ft 1
65 47 3 Owens Bottling M{_h 200 47 47 47 47 '- 46
116% 71% 0 Pan-Am Petroleum... 9800 88ft 89% 87ft 88ft+ ft 88
111% ?7% ? Pan-A? Prt B...... 1800 83 83% 88 82%.*, ft 82
High. Low. Dir. Net
1920. 1920. Rate. Sales. Open. High. Low. Close, chge. Bid. Aak.
4.7/a 28/2 4 Pariah * Blnghera.. 200 28% 28% 28% 28%? % 28/2 29/2
43 ?/? 37% 3 Penn R R. 1000 41/4 41'/4 41/, 41/8- 41/, 41%
36/4 1? ? P?n? Seab 8teel. 2200 18% 19% 18% 18%4- /, 18/2 18%
16 9 ? Peor?a A Eeslern.... 300 11 11 11 11 - 10/2 11
42 27 ? People's Gai & Coke 300 29/4 29/4 29/4 29/4+ /4 29/2 29%
32 22 ? P?re Marquette .... 1900 24% 24% 23/4 23/4? 1/, 23 24
42/2 30/2 3 Philadelphia Co .... 1200 34 ?35/a 34 34/s?? % 34/4 35/4
44/2 33/2 ? Phillips Petroleum . 200 37 37 37 37 ? /4 36 37
R2% 35% ? Plcrc? Arrow .15900 39/2 39/2 35% 36/j? 234 36/2 36%
23/8 11 ? Pierce Oil . 200 12% 12% 12/2 12%- 12% 12%
98 79 '8 Pierce Oil pf. 400 80/2 80/2 80/2 80/a- 80 81
64/4 51/4 5 Pittsburgh Cool - 900 61/2 63/4 61/4 62/2+ 1/2 62 62?,
91 /a 84 6 Pittsburgh Coal pf. . 300 85/a 85'/2 85/2 86/a + /2 85 85/2
33/4 21/4 ? Plttts & West Va... 900 29 29 28/2 28%- 28% 29
27% 12/a 1 Pond Creek Coal.... 1700 15 17% 15 16%+ 1% 16% 17
113% 84 8 Pressed Steel Car... 400 96 96 96 96 ? % 96 97
5C% 36 4 Pure Oil . 1400 38% 38/2 38/, 38/?? /, 38/, 38/2
120 66 5 Punta Alegre Sugar. 1100 73% 73% 71/2 72 ? 1% 72 73
2234 13/4 1 Ray Consol Copper.. 2600 15/4 15/2 15/, 15/2+ /2 15/,? 16/4
9434 643/? 4 Reading .22800 93 93/2 92 92 ? 1/4 917, 92</a
45 32% 2 Reading 1st pf. 200.43 43 43 43 + /, 42 44
45 33/4 2 Reading 2d pf. 900 45 45 45 45 ;- 44/4 45
04 45 ? Rem Typewriter _ 200 54 54 54 54+1 53 65
IO434 76% 6 Rep Iron & Steel.... 6900 85/2 87 85/4 85/4- 85/4 8534
5534 33 ? Rep Motor Truck... 6800 37/2 37/2 33 33 ? 4/2 32% 33/a
93/2 34/2 ? Replogle Steel . 2400 81/2 82 78 78/,? 2/, 77/2 78
123% 69/8 5.50 Royal Dutch N Y sh 2900 82/2 83/4 82/4 82%+ % 82/4 8234
21% 5% ? Saxon Motors . 200 5?4 5% 5% 5%? % 5% 634
17% 14/2 1 St Joseph Lead. 400 16% 16% 16% 16%? /4 16/2 17
26?4 l6/4 ? St Louis & San Fran 2700 26/4 26/2 26 26/4- 26 26/4
36 23/2 ? St L & Son Fran pf 100 36 36 3534 35?4 + % 3534 37
23 11 ? St Louis Southwest. 1600 22*4 23 22/2 22/2? /4 22% 23
3534 20/g ? St Louis Southw pf. 1300 35/2 35/2 35% 3534? /? 35/4 35/
9% 6 ? Seaboard Air Line.. 900 7 ' 7/, 7 7/8+ /a 7 7/
25/2 12 ? Santa Cecilia Sugar. 300 14/2 14/2 14 14 ? /, ? 16
90/4 45% .74 Shell Trans & Tr... 1900 61% 51% 50 50?1 , 49?4 60*4
4334 23/8 ? Sinclair Oil . 2400 28/2 29/4 28/2 28%+ /2 28% 283^
1 82/4 59 6 Sloss-Sheff Stl & Ir. 300 69 69/2 68 68/2+ /8 67/2 68/
1053/a 88/8 6 Southern Pacific. 9900 96/2 9634 95/4 95%? % 95/2 953/i
310 100 20 So Porto Rico Sugar 200 120 120 120 120 - 119 130
30% 18 ? Southern Railroad.. 7300 2734 28% 27?4 28/8+ /4 28 28/,
113% 100/a 7 Stand Oil of N J pf 700 105 105 104% 105 - 104/2 105
61/a 26% 4 Stewart Warner. 100 3334 33% 33 33 - 32/2 33/
118/4 50 4 Stromberg Carburetor 2900 75/4 75% 72/2 72/r?2/4 72/2 73/
126% 5834,7 Studebaker . 13300 63/4 64/4 61/8 6134? 1 ?4 61% 61""1
60 41 6 Superior Steel . 900 50 51 50 51 ? /2 51 51/
13% 9 ? Tenn Cop & Chem...- 1100 9% 9?4 9% 9%- 9/4 9*
50% 40/4 3 Texas Company _ 200 47% 47% 47% 47/2+ % 47% 47/
47 25 ? Texas & Pacific. 2700 36 36 35% 35%+ /4 35% 36
53% 37/2 .60 Tex & Pac Coal & O 2100 39/2 3934 39 39 - 3834 39
95/2 57 6 Tobacco Product*.. . 2600 66% 67% 66 66 - 65% 663/
1534 10% ? Toi, St L & W ctfs 1100 11 12 11 12 ? 1% 11/2 13
24 15 ? T, St L & W pf ctfs 500 19/2 I934 19/2 - 193/4- 19 20
?834 9/8 ? Transcon Oil. 7600 6/2 9% ,9% 9/2? 1/4 9% 9/
6&/2 40 5 Transue W Steel... 200 45 45 44/2 44/2? /2 44/, 45
34/4 22/8 ? Times Square Auto.. 200 25% 25% 24/4 24/4? 1/4 23?4 24
127 73/2 8 Union Bag & Paper. 200 86 86/4 86 86/4+ % 86 87
38 25% ? Union Oil . 500 27/2 27/2 27 27 ? % 26/2 27'/
124% 110 10 Union Pacific . 6900 120/4 121% 119% 121%+ 1/2 121/8 1211/
69/4 6114 4 Union Pacific pf.... 200 64/8 64/4 64/8 64/4? % 64 64/
53 44 3/2 United Drug 1st pf. . 600 44 44 44 44 - 43/4 48
224 176 12 United Fruit . 400 194 194 ^94 194 + 1 190 195
13% 7/a ? United Ry Invest.... 300 8/2 8/2 8/2 8/2+ /4 8/, 83/
29% 14 ? ? United Ry Invest pf 600 17/2 17% 17/2 1734+ /2 17 18
25/2 12/2 ? U S C I Pipe & Fo 100 14/2 14/2 14/2 14'/2 + /2 13 16
37% 6 ? U S Express. 600 6 6/4 6 6/4+ /4 5/2 73/
78% 53% 6 U 8^ Food Products.. 900 59>/fe 60% 59/4 59%? /4 59% 59?/
1163/8 77?/2 g US Inl Alcohol_ 6500 8534 87/4 85/2 86%+ 1/4 86/2 863/
6934 40 ? U S Realty & Imp. 100 48 48 48 48 - 48 49
96i/2 59 3 United Retail Stores 4900 69/8 70/8 68/4 68%+ I/4 68/2 69
14334 80 8 U S Rubber. 1900 86/4 86/2 85 85/r? /4 85/4 853,
76 50 6 U S Smelt & Ref. .. 300 53 53 52% 5234+ /2 53 63'/
109 83% 6 U S Steel. 32300 90% 91/4 903/8 90%+ % 90/2 90?
11534 104% 7 US Steel pf. 400 106/4 106/4 106/4 IO6/4- 106/4 106'/
8O34 56/8 6 Utah Copper . 500 6I/4 62/4 61/4 62 - 61/4 61 >/
97 42 6 Vanadium Steel . 9900 71/4 72/2 70 70/8? % 70 70'/
8C/4 59/8 4 Vir-Carolina Chem . 300 65% 65% 65% 65%+ % 65 65":
21 12% * Vivaudou . 700 14 14 14. 14 + /, 13/2 15
10/2 7 ? Wabash . 900 8/2 8% 8'A 8/2- 8/2 8?
31 20/a ? Wabash pf A. 400 26 26 26 i 26 + /4 2534 26
42% 8% ? Western Maryland .. 500 10/4 10% 10 10/8? /3 10/, 10'/
20/2 11 ? West Maryland 2d pf 200 14 14/2 14 14/a? % 14/2 15
32% 20/2 ? Western Pacific ... 1900 ' 28/4 2834 28 28 ? /4 2734 28!,
C7 54/2 4 Western Pacific pf.. 500 67 67 67 67+2 67 68
55/a 44/2 4 Westinghousc Mfg . . 600 47/2 47/2 47/2 47/i- 47/2 48
82/2 50/a 5 Wilson Co . 700 58 59 58 58+1 57 59
14/a 9 ? Wheel & Lake Erie. 1300 11% 11% 11/2 11%+ % 11/2 11?
22V2 15 ? Wheel & L Erie pf. 900 21/2 22 21'/2 21/a+ % 20% 21
6?/2 44 4 Whit* Motors . 300 47 47 45 46 ? /4 45/2 47',
31% 24 ? Wickwire-Spencer .. 600 25/4 25/2 25'/4 25/2+ 1/2 24/2 26
32 15/a 1 Willys-Overland . 5200 16 16/, 15/2 15/a? /2 15/, 155
93 77% 7 Willys-Overland pf . 100 78/2 78/2 78 78?3 73 78
95/4 55 6 Worth Pump & M. . 200 61/, 61/8 61/8 61/8? /, 60/2 62
76 62/a 6 Worth P & M pf B 2700 63'/2 63% 63/4 63'/4 + /4 63/4 66
Bid and Asked
Bid. Asked
Alas Juncau.. 14 Hj
Alb ft Sus... 120 HO
Am Ar Cli pr Kti 95
Am Unit Noto 43 47
do pr . 40 4:.
A Tloet S pr. ?
A it S & Fy 52%
do pr . 87
Am Can pr.. S84
A Cot Oil pr CO
Ain Ice Se pr 57
Am La France !'Ta
A Linseed i>r. 84
53'a
85"%
(10
61 ft
HO
iru
Jones Tea
Kiiyser J
KCKS&M pr. 50
K City So pr 45
Kelly Spr pr 82
do 8 po pr. 90
Kolsey Whoel. 53
do pr . S2
Keok & D M. 4
do pr . "0
KresRo S S . .122
do pr . 98
Kress
Bid. Asked.
. 10V4 22%
. 90. 98
89
4%
Am Loco pr.100 lOOVi Laclede fins.. 35
Am Malt & (I ? 34:>??Lako B & VV. 10%
Am Shlpbldg. ? 100
12
184 22?
Am Smolt. pr 89% 904?L!g?f ft M T..132% 140
...100
.. 7.8
do pr A
Am Snuff
do pr .
A St Fy
Am Sugar pr. 107
A Sum T pr 90
Am Tel & C. 4S
Am Tobacco.. Ill
do pr new. 864
Am Wool pr. 9114,
'Am Zinc, pr.. 45
Ann Arbor . . Hi
do pr . 26
Assots RI Co. 2 4
A I) (i 1st pr ?
tlo 2d pr... ?
Asco OU _ 89
At Illr ft A. 7%
Atlantic C L 86V6
Atlantic Bef. 11
Auto Sales Co
119
8814
do pr
lo B .
L \V Bliscuit.
do 1st pr. .
do 2d pr..
Lorillard pr.
Maekay Coe.
98 lOOVi
12.
185
42 4 45
934 98
101 104
90 105
61
Manat? Sugar 95 105
90
24
do pr
Mauhat Beach 4
Manhat BI.... 42
Manliat Shirt. 21
Mar Rockwell. 35
Martin Parry. 21
Mat Al W... 28
Max M 2d pr 7%
May Dept St. 74 4
lo pr . 97 4 101
40
32%
104
90
61%
87 Vi
99
67
33%
884|Mex Vet pr
122.' Mich Central
64IMSP&SSM pr
do pr . 14 is | Mont Power
Bald Loco pr. 95 96 do pr
Barnsdall ... 35 43 | Morris
tlo B . 35 30% Mullir)? Body.. 33
Baniett Lea.. 5U ?>o do pr . 93
do pr . 85 90 Nash & Chat. 100 110
Jlarrett Co pr. ? 106 I Nat Biscuit... 107 112
Beth Steel ..74 It | do pr .103H ?
do 7th pr. 90 95 ?Nat Anlltno pr 85 8S
Hkii Edison... 83 93 X C & S pr. 84 86
Bkti Un Has. 48 50 N E ft S pr 90 95
Brown Shoo.. (?0 75 Nat U-ad pr. 101%1<?5
do pr . 85 95 NBR M 1st pr S% li
Bums Bros... 96 97 NYC&.HL 1st. 5.) o.>
98% 115 do 2d pr... 47
58 S5 N V Dock... 20 21
80 100 iN Y L ft W 78 85
??6 70 Norf & W pr 66 75
42 45 | North Am ... 49 51
Ohio Fiodv ., -
Out SUrer .. 5
Otis L'iev pr. 80
Otis Steel pr.. ?
Owens Bol M
do pr ....
Buff it & r
do pr ....
Buff ft Sus.
do pr
? 8.
54 u
Bush Term..
Cal & Ariz.
Can Southern
Caso J I pr.. S
Cent Lea pr. 90
Cen of N J..215
?VrtainlceJ .. 51
Chi & Alton. 7 4
do pr . 12
C ^ i'J ill... s%
do pr .. ... 9
C & N \V pr.lou4
Chi Pr.eu Tool 75
C S P M ft O 57
do pr . 80
(XT'*. S L pr 6j!*4
Cl A Pitts... 78
Cluctt Peab. .. 71
do pr ..... 90
Col 4 So ... 25%
do lat pr..
do 2d pr..
Col Graph pr. 78
Comp Tab Hoc 4?
Cont Can pr. 77 V*
Cont Ins Co. 69
Corn Prod pr. 100
Cru Steel pr.. 93
On Am Su pr ?
Beere Co pr.. 91
De Beors ... 264
Det Edison... 92
Det I'n Hit. 90
l> S S & A. 3%
do pr . 7
Durham Hos. 4.3
do pr . 92 4
Kiev St Bat.. 116
Klkhorn C pr. 35
Em Brant .. 15
do pr . 70
?%
46 48
90 100
4 ii
06
55
474 60
100 ins
100 109 H
Endl John pr 92
Erie ft Pitta.. 45
Fairbanks
Fisher Body
do pr ...
Gen Chem_167
do pr . 91
Cen Cigar pr. 90
Gen Motors pr 744
Granby M ... 34
G M ft No.. 11%
do pr . 254
do pr
85 ! Pacific Coast.
94 do 2d pr... 45
15 Pacific Dcvel.. 324
9 Pac O & E. 44
0% Pacific Mail.. ?
Pac Tel ft T 40
? Parish & Hing ?
63 Penn J C pr.. 86
?5 Pere Mar pr. 35
,'-1 do prior pr. 55
so. P C C & S L 72
"?; Petti Mulll... 35
?OOH? do 1st pr... 93
-?^jPleree Ar pr. 884 ...
<!) |P F W & C..113 120
45 I Pitts steel pr. 85 90
81 j P & W Va pr 72 76
? Pr St Car pr. 96 99
78 P S C N J.. ? 55
"0 Ry St Spr pr. 100
1?1 Reading 1st pr 40
95 Reis & Co... 10
100 do pr . 70
Rem T 1st pr. ?
'?**% R I & S pr 92
W Rep Motor Tr 37%
:' ' Savage Arms.. M
Scars Boe pr.105
Shat Arlz .. 89? 9
S-H S & I pr 85% 89
S P R Sugar. 119 125
do pr .105 1084
Standard Mill. ? 150
?lo pr . ~a V4
8%
128
38%
60
34
47
31
41
29
894
73
40
115
105
3S%
40
112
37 I
13% !
Studobaker pr.
Sup Steel pr.. 96
Third At Rit. 9
Tidewater 011.17o
Tob Prod pr. 82
Twin City H T 33
do pr . 65
Underwood T. 150
do pr .?
I'n Cljar St.. 130
do ur
1st pr ?
Hartman Corp 76 80
IT.pinm.tako . . 454 49
Int Agricul pr 7* 80
Int Bar pr..l03 107
Int Motor Tr 40 42
do 1st pr... 75% 77
do 2d pr... 53 ?3
Int Paper pr 93 103
do pr stpd. 72 73
Int Nickel pr 79 83
Int Salt _ 55%
Iowa Central. 4
Jewel Tea ... 9
Ao pr ???.. 21
90
98
10
210
I*
160
117
175
104
109
United Drug,.. 106
U SCI PA F pr 41
L' S I AI pr 91 95
U S R 1st pr.103*? 105
U8S ft R pr 42 ?4 44
Utah Sec Corp 7 7
Va Car Ch pr.104 1064
Wabash pr B HT 18
Wells Fargo.. 58 60
We?t Un Tel. 824 83
Weet'so A B.104 105
IWllaon Co pr. 70 83
Wis Central.. 27% 29
Woolworth ...108 107
do pr .105 110
ffl
Dividends
Initial
Whaling Steel Corporation.?An initial
dividend of 1 per cetlt a sha.ro has been
declared, payable November 1, to stock?
holders of record October 15, In addition
to the cash dividends <jf 2 per cent, on the
preferred A and 2V4 per cent on the pre?
ferred B stocks, both payablo October 1
to stockholders of record September 15.
Kxtru
Nipisslng Mines Company Ltd.?An ex?
tra dividend of 6 per cent a share has
been declared, in addition to the regular
Quarterly dividend of 5 per cent, both
payable October 20 to stockholders of rec?
ord September 30.
Todd Shipyards Corporation.?An extra
dividend of J2.25 a share has been de?
clared in addition to the regular quarter?
ly dividend of $1.75, both payable Sep?
tember 20 to stockholders of record Sep
\ tember 6*.
Regular Declarations
Stock
Pay- holders
Rate. Per. able, of Rec.
Colorado Row., pf..l-%s q Sep. 15 Aug. 31
(Sen. Chem. pf.iy2s q Oct. 1 Sep. 17
N. Y. Transit Co..1. $4 q Oct. 15 Sep. 20
Pitts. Brew. Co. pf.1%8 ?i Sep. 15 Sep. 4
Stutz Mot. Car Co.$1.25 <[ Oct. 1 Sep. 15
Tono. Ex. Mng. Co_5s q Oct. 1 Sep. 10
Stan. G. & B. Co. pf..2s q Sep. 15 Aug. 31
Equipment Bonds
(Quoted on Income percentage basis.)
Name. Rate. Maturity. Bid. Ask.
Bait & Ohio.. 4V? 1920-'27 ?.50 7.50
Beth Steel_ 7 1921-'30 7.75 7.25
Bost & Alb... 4'A 1920-'27 7.50 7.00
Buffalo, R&P 41.-5 1921-':)3 7.60 6.85
do . <> 1921-'33 7.75 6.75
Canadian Nat. 7 1935 7.35 7.15
Canadian Nor 4V.-5-6 1920-'29 8.75 7.60
Canadian I'ac 4 Vi 1920-'2S 7.50 7.00
do . 6 1920-'32 7.75 6.75
C C C & St L. f. 1921-'29 7.75 7.00
do . 6 1921-'27 7.75 6.85
Ches & Ohio.. 4 Va 1920-'27 7.50 6.
?'h R l & Pac U.-5 1920-'27 8.25 7.26
Chi & N W.. 414 1920-'23 7.75 6.75
C St L & N O 5 1920-'24 7.75 7.00
Del & Hudson 4?. 1922 7.37 6.50
Brio ./4?,2-5 1920-?_7 a.25 7.00
Frisco Cons... 6 1921-'22 8.50 7.50 1
111 Central_ 4V.-9' 1920-'27 7.50 7.00
Kan City So.. 5 1920-'24 7.75 7.00
I.ouis & Nash 6 ' 1920-'23 7.50 6.75
Mich Central.. 6 1921-'32 7.50 6.75
do . 5 1920-'30 7.50 6.75
MSP4SSM1M 1920-'26 7.50 7.00
do . ? 1921-'30 7.50 7.00
do . 7 1921 -"30 7.75 7.00
N Y Cent. L.. 4Vi 1920-'28 7.60 7.00
N Y Cent R R 4'?_ 1921-'32 7.50 7.00
do . 7 1921-'35 7.25 6.80
N Y C & St L 4>,_ 1921-'26 7.73 7.00
do . 5 1931 7.50 6.75
N Y N II & H 4V?-5-6 1920-'23 8.50 7.50
Norf & West.. 4 ?3 1920-'24 7.25 6.60
Nor Pacific... 7 1921-'30 7.15 6.75
I'ac Fr Bxp.. 7 1925-'35 7.15 fi.SO
Pennsylvania.. 4?1V_ 1920-'23 7.50 6.75
Reading Co... 4M, 1921-'27 7.37 6.75
?aboard .... 4',-5-6 1920-'27 8.25 7.50
Southern Pac. 4 ?? 1920-'26 7.50 7.00
do . 7 1924-'35 7.00 6.80
Southern Ky. . 4'.-.-5 1920-'26 8.00 7.00
Union Pacific. 7 1924-'35 7.00 6.05
Union Tank.. 7 1920 7.62 7.37
Virginian Ry.. 6 192O-'30 7.37 7.00
Wabash . 5 1921 10.00 7.00
Stocks Ex-Dividend
Date. Company. Pet.
Aug 31?Ajax Rubber Co Inc. 1 > _
Aug 31?-American Express Co. 1 Vs
Aug 31?American Tel & Cable Co. 11?
Aug 31?California Packing Corp.... 1 '_
Aug 31?Canadian Pacific Ry Co. 21.
Aug 28?Delaware & Hudson Co. 2'?
Aug-31?Diamond Match Co. 2
Aug 31?Eastman Kodak Co..2V_ & 2?,. ex
Aug 31? do pf . 114
Aug 31?Erie & Pitts R R Co. %
Aug 31?Norfolk &. Western Ry Co... 1 ?4
Aug 31?Pierce Oil Corp com stock... %
Aug 31?Southern Pacific Co. 1 <_
Aug 31?United Ctg. Stores of Am pf.. 1 ?4
Aug 31?17 S Industrial Alcohol Co... 2
Aug SO?U S Steel Corp. 154
United Light & Railways
United Light & Railways Co. and
subsidiaries for twelve months ended
July 31 reported yesterday the larg?
est gross business in their history,
amounting to $11,178,303, against $9,
547,956 lor the preceding twelve
1 month period. Net earnings available
1 for dividends amounted to $1,322,566,
against 11,158,129 a year ago.
In Wall Street
Cull Money Rates Up
In its present phase the call money
market suggests the window display of
a bargain store that offers attractive
????mmodlties at 98 cents up. The
prospective purchaser on entering th?
store usually ascertains that the "up"
is more significant than the "98 cents."
Since tho first of the month the 6 per
cent sign has been hanging out allur?
ingly in the call money mart, but,
whenever there is any heightened at?
tempt to borrow at call, as a result of
an improvement in security prices, the
rate goes up. It soared to 10 per cent
yesterday. Of course, the theoretical?
ly minded can say that the increased
demand caused the rate to rise, but
that explanation does not spoil the
bargain store analogy. The 8 per cent
rer.ewal rate was the highest since
August 8.
Bond Market Firm .
Because of reasons of time, the bond
market has been quiet all week, as
was to be expected toward the close
of August. But the tone of the mar?
ket has been firm. Bond men are dis?
tinctly hopeful about the outlook for
investment securities, which they pre?
dict will benefit greatly from the read?
justment in industry and the antici?
pated ultimate easing in money rates.
Incoming Gold and the Exchanges
The effect of the report that the in?
flux of gold from France in connection
with the Anglo-French maturity has
begun on the course of foreign ex?
change fluctuations will be watched
with acute interest. The exchanges
have been nervous this week, with
traders hesitant to take a definite posi?
tion. The flow of gold from Britain
had a helpful sentimental effect ..n the
exchanges.
Road Postpones "Interest
The Atlanta, Birmingham & Atlantic
Railway in a statement to holders of
its fifteen-year mortgage 5 per cent
bonds explained that interest on these
bonds, which is due September 1, will
not be paid at that time, because the
company is at present unable to de?
termine whether net income sufficient
to cover interest is available. Accounts
with the railroad administration have
not yet been settled, and the amount j
of guaranty due the company under !
the Esch-Cummings act has not yet I
been learned.
Depression in Steel?
Has the business depression which ?
has been felt for weeks in the textile j
and automobile fields worked back to !
the steel mills? The financial district;
has heard rumors of threatened unem?
ployment in steel-producing districts j
for several days, and the report yester- .
day from Massillon, Ohio, that approxi
mately 600 employees of the Central ;
Steel Company had been laid off did I
not come as a complete surprise. Lack i
of sufficient orders to keep the plant j
in full operation was the reason given
by the Central company. While many j
of the larger companies are believed !
to be in a better position on unfilled |
orders, the action of the Massillon j
plant is considered significant. Reports j
that unemployment in steel districts !
are giving government officials- at
Washington concern are considered
premature, if not entirely untrue.
Cautiously Cheerful
Most of the market letters that went
out of Wall Street were inclined to be
cautiously cheerful. In other words,
they represented the brokerage houses
as being hopeful of the immediate
market outlook, but not exactly bullish^ !
One house said: "We feel we have
passed through the most critical period
and on weak markets conservative pur?
chases are in order." Another said: '
"The outlook is rather encouraging, al?
though certain irregularities may from
time to time continue to manifest
themselves." And again: "The credit
and business situation make for cau?
tion."
Discrimination in Credit Grants
Governor Harding's fresh denial of
the report that the Federal Reserve
Board had rigidly classified industries
into essential and non-essential groups
ought to leave no doubt as to the
matter. However, in the curtailment
of credit in recent months, certain in?
dustries, according to their leaders,
have suffered most. Men in the auto- i
motive industry feeL^that they have
been discriminated against. If this is j
true, Governor Harding's assurances
make it plain that the Reserve Board
has not concretely ordered discrimina?
tion of this kind.
Replogle Earnings
The decline of Replogle Steel to
18%, off 2% points, yesterday is not
surprising, in view of the report made
public covering operations for the first j
six months of the year. The income, I
which was derived from investment,
was sufficient to make earnings per
share reach only 90 cents. The stock
crept up from 34V2 this year to 93Vi,
then reacted to 65, and has recovered
to 82.
Steel Prices
The average price of eight princi?
pal iron and steel products now stands
at $84.59 a ton compared with $H4.41
on August 17 and $84.01 on July 27.
The advance this week was due almost |
entirely to a jump in the price of Bes- j
semer iron from $48.40 to $49.90 a |
gross ton. The average price of the
eight products is now approximately
. $21 a ton above the level of a year
ago.
$219,900,000 Repaid to j
War Finance Corporation j
Railroads Redu?cp Loans S64,
600,000; Public Utilities Pay.
merits Below Expectation
WASHINGTON, Aug. 27.?Loans of
the War Finance Corporation have been
reduced $219,900,000 since it began
liquidation of its affairs. The total
outstanding loans August 21 amounted
to $132,200,000, according to figures
made public to-day by Managing Di?
rector McLean.
Advances to railroads, which at the
highest point aggregated $204,700,000,
have been reduced by repayment to
$64,600,000. Virtually all of those out?
standing are call loans and officials
anticipate a further substantial reduc?
tion before the new year.
Cattle loans, made principally
thiough Kansas City and Dallas cattle
loan agencies, have been largely re?
paid.
Banks and bankers to whom financial
help was given have returned all but
$158,000 of .their borrowings, which ag?
gregated at one time more than
$4,700,000.
Public utilities, to which nearly $40,
000,000 was lent during the war, have
repaid less than half and are the only
group which has not liquidated to the
extent expected. The amount unpaid
is $21,233,000. Other industrial cor?
porations have reduced their original
borrowings from $23,800,000 to $953,000.
The figures reveal that earnings of
the corporation for tfie first half of
tho year were $12,477,000, against
about $10,000,000 for the same six
months in 1919.
London Wool Auctions
LONDON, Aug. 27.?There were
10,300 bales offered at the wool auc?
tion sales to-day. Trading was ?quiet
? and prices were unchanged. Fine
haired merinos made the best show?
ing.
J
On The
New York
Stock Exchange
A Comparison
Th? wealth of the United Btates
as reported by th? Cenrog Bu?
reau in 1915 was 218?!,000 100 -
000. Representing this, corpora?
tion? had Isnued about one hun?
dred billion of stocks and bonds
and Federal. State and City govl
ernmente. about twenty-Cv* bul?
l?n dollars of bonds.
Th? total of stocks and bonds
Hated on the New York Stock
Exchance as of February 3 5, I3??f
was conservatively estimated ?{
sixty billion dollars, equal to
nearly one-third of our estimated
national wealth and nearly one
half of the vaiiie of all 'he
securities In the United States.
i
A. A. Housman & Co.
New Tot's Stork Ki-h.
Nej? York Cotton Ez<-h
IN. Y. r?!Tee A, Ku__r E_
Member? \N. Y. Produce Eich.
I ("hicsgo Uond of Trad?
As*oc!*te Member? of
iU??iwj1 Cotton A?'a.
20 Broad Street, New York
Branch Offices:
25 West S3d St., New York City.
liberty Building, Philadelphia.
Realizing Sales
Cause Recession
On Curb Market
Car, Light & Power Contin?
ues to Attract Attention:
Homer Field Oils Active;
Industrials Fairlv Steadv
Recessions in many active issues on
the curb market yesterday were at?
tributed to realizing salea on the
recent upturn rather than to profes?
sional pressure of bearish sentiment.
Many operators continued outwardly
optimistic of better times and pre?
dicted a sustained bullish market in
the not distant future.
Trading in Car Light and Power con?
tinued to attract most attention in the.
industrial'croup, while Homer f:e!d oils"
were the feature of the petroleum
stocks. On the whole, industria'.?
acted fairly well, most of the decline?
being small on light trading. Aetna
Explosives sagged under 10, whi'.a
Firestone Tire eased off 3 points, to 119,
on a small turnover. G?nerai Asphalt
moved within a narrow range and
closed at a fractional net decline.
Hercules Paper was slightly lower,
while North American Pulp and Paper
held steady, at a fraction above fi.
Car Light and Power sold as high as
3 during the day, but at the close was
virtually unchanged at 2%.
A sale of a share of Stutz Motors at
220 was reported, with a bid price of r
215 and an asking quotation of 230. '
Small recessions were not uncommon
in the petroleum group, Simms Petro?
leum yielding fractionally an a large
turnover. White Oil was active, sell?
ing up to 20 at one time, but declining
to 18% on the final sale. Midwest Re?
fining was steady, Maracaibo slightly
stronger and Merritt fractionally
weaker. Carib Syndicate yielded to
11%.
Mining shares were again active,
moving irregularly in narrow limits.
Nipissing Mines Company has declared
an extra dividend of 5 per cent, in ad?
dition to the regular quarterly divi?
dend of 5 per cent, both payable Octo?
ber 20, to stock of record September
30. The company reports as of August
26: Cash on hand, Liberty bonds, etc.,
$3,515,037; with value of bullion ar.d
ore in hand and process, at mine;; and
mills, as well as in transit, estimated
at $1,623,000.
Industrials
Sales. Open. High. Low. Ltjt. i
78on ?Acme Coal... 2 2% 2 24
700 ?Aetna Kxp... 10% 10% 914 94
150 ?Alum Mfg... 83 83'* 81 ?3V?
100 ?do pref. . . . 77! 73 73 77!
500 ?Am Candy... 6 >; fi ?
50 ?Am Chicle pf 61% 61% 61% ?1%
200 ?B W Bliss rts 45 45 47, 45
100?Borden . 97% 97% 97% ?7%
50 ?do pref.... 84 84 84 84
600 ?Br-Am Ch Cp 7% 7% 7 7%
V00*Br-Am T cou 12 12 1-' 12
200 British Emii. . 24% 25 244 25
100 do 7% pref. 45 47. 45 45
f>?>0*Buick Carb.. 11% IP* 114 11%
10000 ?Car Lt & P.. ;t 3 24 24
1900 ?Chic Nipple.. 9% 94 9% ''4
200 ?Cont -Motors. 9 9 814 s4
2300*?Crude Ch C. :j ! '< 4 1
400 ?Kmp T & S 7.7 13% 13 I '? -
100 ?Firestone T..119 119 119 11?
2500 ?Gen Asphalt. 55 55% 571 '*
204 ?Goodyear ...110 11'- 108 108
800-Grape-Ola ... 2% 2A 2% 2 A
1100 do pref. 2% 2*4 2% 2*
300 Hercules Pap.. >?-, 2?-% 264 264
6<10 ?Hev.ien Ch. . . 4% 4% 4% 44
100 Hydraulic SU. -914 -,:. -'* 794
1?'0 tdo pref. ... 82 82 8: SJ
1000 Indian Pack.. 6% 6% 6% 614
l',00?lnt Con Rub. 10 11 10 11
2000 ?Kay Co Gas.. Is* 1 4 I ?4 ? s4
200 ?Lib McN & L 12% 12% 12% 12**
100 ?Locomobile n !" 8 ^ 8
200 ?Nat C Bk rts 88% 88V. 88 '?
100 ?Nat Leather. 10% 10% 10% 104
2800 No Am P & P 6% 6% 6% '"4
200 ?Peerless Mot. 33 33
500 Perfec Tire... 1% ! ,V '4 1 tV
3000 ?Radio Co W1. 2 2% 2 21*
2000 ?do pref wl 2'* 3 2%
400 ?Rep Rubber.. IS 1% 1% ' '?
400 ?R J R n B wl 38 38* 38 3?
200 ?Root & Vand 31 31% 21 31*4
200 ?R F T I? Inc 6 6 4% 4%
25 ?Singer Mfg..127. 125 125 125
100 ?Stand P Cor. 24 24 7 4 24
1 ?Stutz Motors 220 ? ?
1000 ?Swts Co of A 4 1 4 4
200 ?Swift Inter.. 30% 30% SO 3"
200 ?Todd Shpyd.185 :?' ISO l*1
3500 Un Profit Sh.. 1% 1% IS 14
700 ?Cn R St i'?n 7 ", ' "- - ' ? ' "?
200 ?U S Distrlb.. 34'* 34 4 34% 34%
600 ?U 8 H Sp T 30 -, . . . '
3500 U S L & H pf 2 - IS* 14
3000 1' s Steamship 2 2% : -'*
100 ?Warren Broa 58 58 58 58
600 ?Wm Wgly rts 4% 4% 4', 4'?
100 ?Wm Havies. . 33 ; 33
lOO'WyUi? Corp.. 1-:?? 16% 16% W?
100 ?do 2d pref. 5 4 554
Standard Oils
Sales. Open. High. Low. LU
300 ?Anglo-Am O 22 22 23 I?
10 ?Ohio Oil To. 320 320 320 3J0
20 ?S O of N Y.. ? ZJi -- 3?!
Other Oils
Sales. Open. High. Low. Lut
10000 ?tAllied Oil... 20 20 20 20
2300 tAnna B W O % 4 4*
1600Blery Oil. 15% 15'* 15 16,
300 Blgh P & R.. 9 9 8% 84
17000 ?Boone Uil_ 2 2 4 2 2,
10000 ?tBos-Wyo Oil I ?f 1% 1 tV ' '?
1200 ?Carib Synd.. 12 12 11 114
300 ?Cit S B T Sh 34', 34% 34 34
100 ?Cosden & Co. 7 4 7 4 7% 7%
7500 ?Cuahlng Pet. '? 4 4 '?
9000 ?Denny Oil... 1% 14 4 ?Jf
7500 ?Elk Basin P. D's 9% 8?* 8 4
2500 Engineers P?t. 14 1's 1% '*
1000 ?Federal Oil.. 2% 2% 2 H ?4
200 ?Glllliand Olli 28% 28% 28% ?8J?
3000 ?Olenr.jck Oil. 1'% 2 S 2 4 2'.?
200 ?Granada Oil. S1* * 4 84 '*
600 ?Inu-rnat P^t. 34 35 34 35 _
1400 ?Leetono Pet.. 1% 1% 1V4. 14
3000 Livingston Pet 5% 54 5% 51*
300 ?Maraca:bo O. 10 19% 19 194
500 ?Merritt Oil C 15% 16% 15 1?4
2500 ?tMidw T Oil. 9 9 9 ?
600 ?N O C of NJ 7% 7% 7 4 7 4
100 N Am O & R. . 2% 2 4 24 24
2500 Noble O & G. . % % S 4
60CTOmar O & G n 3 3 4 I 3'*
100 ?Panh P & R.. 7% 7% 74 74
600 ?Pennok Oil... ?4 6% ?> S1*
800 Pet Prodof A.. 1 1 1 *..
3??,?Prod &. Ref.. 6% 6% 6% ?H
400 ?Red Rock Oll. % 4 4 ?4
200 ?Rvan Cn. w 1. 20 20 4 2? 2?4
400 Salt <-re?k Oll. 32% 37t 324 ??
lOO'Sapulpa Ref.. 64 6% 6 4 **
600 ?Settled l'rod.. 14 14 14 J^
100 ?Sine O 8"r pf. 85 85 85 8?
16000 ?Slmin? Pet... 144 144 1? % li?
200 Skelly Oll. 9% 9% S 4 ?*
1700 ?Superior Oil.. 19?? 19% 19 "Jf
7600 ?Texan O & L.. % % % 2
800 Tex-RangP AR % % 4 .*?
100 ?Tropical Ol?.. 19 19 l?' 1?,.
1000 ?fnlt Tex Pet.. ., ?. % ,\*
1700 ?Victoria OH... 14 14 l1? :,"?
6700 ?Vulcan OU... 1% 1% 1% ,J*
50?ftWh?te OH. 19 29 184 1{!?
1300 ?Woodbufn OH 3% 3% 3 ?*
Mining
6hare?. Open. Hlfh. Low. La?t
7000AlaeV-Br 0,11 U 1A IfW J*
100 ?Am Minea... 1 1 1 *
8600 ?tAtlanta _ 2 2 14 L.
?600 ?TBel D (a p). 5% 6% 4% ?*
<C?-tin??? m wat nM

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