Newspaper Page Text
30 Years in Export Banking INTIMATE KNOWLEDGE of the needs and habits of the people, acquired by years of experience and , actual residence' in the countries themselves, is es? sential when transacting business abroad. 23 Branches In South America One Branch In Mexlc* 8 OkVce* la Europe Direct Connections With India ?ANOO-SOUTH AMERICAN '"BANK,L?MITEP **nm York Agency, 40 Broadway cochrane Harper &CO. Ill Broadway 60 S tata Si. NEW YORK BOSTON Invincible Oil Corporation Latest circular on request WEEKLY LETTER Siting cuirai Daws and avnVtmm?ml ?f INDEPENDENT & STANDARDOILS Furnished upon requsat 2 Year Maturity Short term bonds of a Company producing 10% of the beet sugar in the United States are excep? tionally attractive. Fully secured by mortgage on their successful properties. Utah-Idaho rar Co. Sug? First Mortgage Serial 7% Gold Bonds Due July 1, 1922 @S&% Due July 1, 1923 @ 98 To Yiel? Approximately 7%% Ask for folder T--64 Hollister, White & Co, 93 Cedar St., Cor. Trinity PI. NEW YORK Botrton Philadelphia -J, T1 "' ^Weekly Curb Market Industrials Net Sal?*. High. Low. Last. ch'fje. 300 ?Aeti?. Explos 10 y* 10 10 4- % 21900 ?Acme Coal.. 2% 2 2%? % 400 Air Reduc... 47 46 47 +11 400 ?Alum Mfg... 21 21 21 - 295 ?do pref-83% 83% 83%^>? % 2(io ?Am Chicle... 39 38 39 4- % 800 ?do pref_63 62% 63 ? 3 200 "Am Retrlg.. 1% 1% 1%4- % 200 Am W Paper. 8 8 ?4-1 340 ?Am Lt & T.llOViHO ?110% - 200 Armour I.oath 16 16 16 4- % 200 ? do pr?f.... ?4% ?4 94%4 1700 ?Auto F & O. 62 47 49 ? 1200?Brlt-Am Ch. 7% 7 7 ? 425 ?Borden . 98% 96% 97%4 233 ?do pref_ 84% 83 83 ? . 200 ?Brinco? Mot. 25 25 25 500 British lamp.. 23% 22 22 ? 1 Vt ?90 ?do 7* pref 44 41% 41%? 3% 6?o?Br-Am T C. 12% 12% 12%4- % 3500?Buick Carb.. 11% 11% 11% -- 600 ?Bucyrua <Jo. 21 20 21 4- 1 300 Buddy Hill?.. 2 2 2 ? % 11600 ?Car Lt * P. 3% 2% 3%+ % 160 ?Caracas Bug. (1 61 61 4- S 25C0Carbo-Hydro.. 3% 2% 3% - 600 Cent Ter Bug 6% 6% 6%4- ?4 7000 ?Chlo Nipple. 9% 9 9%I % lOOConley Tin F, 21 21 21 -. 7?0 ?Cont Motors. 9% 8% 9%? % ??00?Crudo Chem. 1% % 1%+ % ? 400?D Stl (nop) 6S% 62 62?2% 1400 ?_mp T & 8tl 18% 13% 13%? % 200 ?Gardner Mot 24% 24% 24% - ?100 ?Garland Sa.. 4% 4% 4%? % 13700 ?Oon Aapbalt. 63% 48% 63%? 1 109 Godchaux Sus* 63 63 63 - 1600 "Goldwyn Plo 9 9 9 - 3500 Grape-Ola, ... 2% 2 2%+ % ?400 do Bret. 3% 2% 3%+ % 600 ?Hay?en etwa 4$ 4% 42$ S 909 ?Hercule? P.. 26% 24 24%? 1% ?00 ?Nat Fireproof e 6% (I?i .400 ?do pi.14 13% 14 - llOO Hydraullo Stl. 31 28% 31 +1% 60? ?do pf.?2 ?0 80 ?2 ?700 Ind Packln*.. e% 6% 6%? % 3?>?Int Con Rub.. 12 11 11%? % ?oVKsy Co Oas. 1% 1% 1$ -? 10? ?Kirby _umb?r ?6 35 36 - 190 ?-IbbyMcN?.!* J? 13 is . 170? ?Lincoln MC A 41 ' 40 4? ? 1 400*Ix?co'nob n... <% 6% ?%? 1 vi ?99??.uc?y MfK..., 4? 45 46 1160 ?Mercer Mot... 18% 12 12 ? % 860 Nat leather... 10% 10% 10% - 390 ?Nat City Bk r. ?? 87 (8 - 20? ?Nati Motor..-? S ? ? - (300 Nor APtP, ?K ? ?%? u. 1700 *<9rpB?1im Clr 27 190? P#rf?wstionT?_R 21700nu_(O ?Co. ?690 Ha pf... 1400?* JRsy a B. ?? 86% ?I ? 7109 ?IUp Busbar.. 1% 1% 1%? too ?Root * Van.. $tV 1100 ?Roy di?TB ?. S???0 ?ubmarln? Bt. 131 ?0? ?Swift lnt?r... 30? ??O* *Sw?,?t? C of A 11. 3? 'To-M's Shlpy.112 t?? II? ? S ?00 ?Trian?!? Film ft A ft - 710? Ui? Froflt *_.. 1? t% 1?4- \ rpheum Clr 27 25% 27 4-1% rfootlonTaR 1% 1% l ft - nAU> CO. 2? 2? 2??4- % a? vt. 3% a s ? /lUysB. 3? 86% si ? m m? I 30 ? 114 ? + ! 13%-i >?4 ?0%4 8*0 U ? Hl8h ST. M ""? CO?tMAo... ?4; ? It Candy. IS*. II.4H,.. 2 SSttsmsblp 31 Trade and Finance Developments of the Week and Their Bearing on the Outlook What happened in the securities mar ket last week is graphically shown in the movements of the price averages. TfyB curve of prices for the first time in a good while was upward in both bonds and in stocks* ?nd what was per? haps most striking was the fact that railroad securities showed the most extensive gains. The average price of twenty representative railroad stocks which closed the week before at 85.70 forged steadily ahead most of the week, getting to 6810 on Friday. At this level the rail average was close to the high range for the year. The low for the year is 53.50, so that the extent of the recovery in recent weeks can plainly be seen. As for the industrial stock average, the upward movement of thirty representative shares in this classification amounted to nearly two points net. The variation in the average price of ten railroad bonds was almost as striking as that which occurred in the stock group. The bond average opened at 72.56 Monday and by Friday had risen to 78.35. Industrial bonds in the average moved but lit? tle, whereas public utilities recovered about a point. , The uplift in railway security prices last week appears to have been re? sponsible for turning the rest of the market upward. This favorable de? velopment in the rails certainly was the feature of the markets. The rail? way stocks at times displayed the buoy? ancy of the old pre-war markets where rails were the favorites of speculation. The buying was well sustained and to all appearances of good quality, repre? senting accumulation by investor? and speculators who have come to look upon the rails as having exceptionally attractive possibilities in view of the new conditions under which the trans? portation companies are now operating. It seems to be the general opinion in responsible banking quarters that the railroads have at last turned the cor? ner and that most of the difficulties which have had such an adverse effect upon railroad credit have been left be? hind. This explains in large part the aggressive buying of both railroad stocks and bonds. The recovery in industrial stocks was in sympathy with the upswing of the rails. When the railway shares turned, the complexion of the market changed completely. Professional bears, of late successful on the selling side, found it less easy to depress the indus? trials as the week progressed. And to make matters worse for them, call money rates eased off to 6 per cent. Despite the recovery ir? the industrials, Wall Street was ? not nearly so im? pressed with the immediate outlook for them as with the rails. Broadly, there are three ways that a foreign government can meet a loan to foreign creditors. To pay ?ff a maturing obligation, such as the Anglo French loan, which will fall due on Oc? tober 15, it can ship gold, export goods and services and can create a new credit to supplant the old. France and England have been confronted with paying off the largest loan ever made by American investors in a year when the balance of trade with the United States is against them. England, through the shipment of some $70,000, 000 of gold and through the sale of securities, the purchase of exchange and other credit devices, is already in a position to pay off its half of the $500,000,000 obligation, without the need of resorting to a refunding loan. France, which waited longer to make its arrangements, now has completed its plans for taking care of the bond? holders. The flow of gold has already started and, according to reliable esti? mates, may amount to as much as $75,000,000. Perhaps an equal amount of dollars will be available as a result of purchases In the foreign exchange market through the sale of sterling and francs. The difference will be made up by a new loan to France, the terms of which will probably be made public to-morrow. The effect of the large expected in? flux of ?gold, which will be much larger than had been generally predicted, on -the American security and money mar? kets, will be watched with much inter? est. The stream of the yellow metal from Britain earlier in the year kin? dled the imagination of operators in securities and created a measurable improvement in sentiment. Coming at a time when the banking authorities were making a collective effort to check loan expansion, the British gold was not used as the basis of new inflation and it is unreasonable to assume that the French gold will be. On the other hand, the added treasure which goes to the vaults of the Federal Reserve Bank will widen the margin which keeps the institution above its reserve require? ments. From the American point of view, the flow of gold in this direction will be regarded solely as a construc? tive factor. It may, while the specta? cle of incoming ships is attracting pub | lie attention, act as a moving influence in the various financial markets. The depression of the European ex? changes during the summer has been in no small measure due to the opera? tions of Great Britain and France in the foreign exchange market in con? nection with the Anglo-French matur ity. Great Britain is through having balances in this country, it is under? stood, in excess of its needs on the day the loan matures. France has com? pleted its program and exchange oper? ators are watching eagerly for signs that France han completed executing its plans in the exchange market. Through gold shipments and purchases of dollars mainly France must raise $150,000,000, and purposes to refund $100,000,000. As soon as France is definitely out of the market for dol? lars the European exchanges ought'to fare better. There are evidences of a slump in America's export business, particularly in the inactivity that prevails in the foreign exchange market. "Slackening in the volume of export buying has become more marked in the past thirty days," says the Monthly Review of the Federal Reserve Bank of New York. "Some Important exporters say that within this period what has been a seller's market has become a buyer's market. Instability of prices has made buyers hesitate. Soma markets have been overbought and reports of con? gested warehouses abroad are not in? frequent. In a number of lines goods sold have been turned back upon the market in large quantities. Renewed weakness in the foreign exchanges and the unsettling political situation in Europe have restricted purchases, and some countries, particularly those in South America and the West Indies, have been affected by the depressed condition of the markets for wool, hides, rubber, sugar, coffee and cocoa. Credits are becoming more difficult to arrange, due to money stringency in all countries. As ^transportation con? ditions in this country have improved, exporters now are bending their major efforts to hasten deliveries of materials already contracted for." . Net: Sales. High. Low. Last. ehre. 205 S O of N T...380 385 385 ? 8 10 Union Tank...120 120 120 -4- 5 Other Oil Stocks lC00*AHen OU. 1% 1% 1% - 65000 *AUled OU_ 21 20 21 + /S 10460 Anne Bell. % % %? % 400 ?Arcadia Oll.. 2 2 2 - 1300 Ark Nati Gas. 12 10% 10%? 1% 500*Atl Oulf Oll.. 72% 71% 71%? 1% 1700 BlgheartP&R.. 9% 0% 9% + % 25800 ?Boone Oil.... 2% 2 2% + % 29000 ?Eost-Wyo OH 1% 1J? 1% - 2050 ?Bost-Mex OU. 2% 1% 2Vi + % 6300 Biery Oil. 16% 15% 16%? % 6100?Carlb Synd... 11% 9% 11%+ % 100?CaraOU. 2% 2% 2%+l 1800 ?Cities 8 BT s 34% 33% 34 ? % 1600 ?Cosden & Co. 7% 7% 7% + % 13^00 ?Cushlng Pet.. % % % - 18600 ?Denny Oll. 1% 1 1%+ % 500 Dominion Oll..' 6% 6% 6% 4- % 16000 *Klk Basin P.. 9% 8% 9%+ % 9C00 Engineeru Pet. 1% 1 1?? -X 2700 ?BsmeraldaOAO % % % - 4500 ?Federa Oil... 2% 2% 2%-f- % 8100 ?Glenrock Oil. 2% 1% 2% - 800 ?Gilllland Oil.. 29% 28% 29 + % 3000 ?Oranda Oil... 10 9 9*4+ 1 400 ?Harvey C Oil. % A A? % 6000 ?Hudson Oil... % A % - 3100 ?Jnter Pet. 35 33% 83%? 1% 625 Lone S Gas... 80% 29 29+3 7700 Livingston Pet. 6% 6 6% - 3100 ?Lutone Pet... 1% 1% 1%+ % 900 ?Margay Oil... 3 2 3 ?? 1606 ?Maracalbo Oil 19 18 19 ? % 3100*Merritt OH O 15 13% 14%? % 500 ?Midwest Ref.149 147 147 ? 8% 20400 ?Midw Tex O. 10 9 10 - 4400 ?Nat OC of NJ 8% 7 If 900 Nor Am Oil.. 2% 2* 2500 Noble O ft O. \\ 4i 10000 ?Nthwest Oil. 30 27 ?500 Omar O AU n .3% 2?^ lOO'Panb P ft R. 8% 8?; 300 ?do pf. 70% 70 600 ?Pennok Oil.. 7 6 V 7700 ?Pet Pr of A. 1 \ 6400 ?Prod ft Ref.. 6% 6 2100 ?Red Rk OAO % * 600?Rlckd Tex C. 1% IV, 400 ?Ryan Con wl 21 20V 900 ?Salt Crk Con 32% 80V 1000?Sapulpa Ref. 6% 5*. 600 ?Sine O 8% pf 84% 82V 2400 ?Settled Pr C. 1% 1? 20600 ?Slmms Pet... 14 11V 4500 8kelly Oil ... 9% ?V 200 Spencer Pet C 13 13 6000 ?Superior Oil. 19% 18* 6900 ?Tex Pr ft R. % V 34800 ?Texon O ft L \\ ?? 200 ?Tropical Oil. 19.% \%% 4600 ?Un Texas P. \\ *i 6600 ?Victoria OU. 1% IV 2400 ?Vulcan Oil... 1% IV 200*Woodburn O. 3% 3 V 4800 ?White Oil .. 20% ?8 Mining Stocks 2;t ?: 14100 At-B C Met.. 1A 11100 Am Olobe C. % 26100 ?fAtlanta _ 2 25)100 ?fBelcher Dlv 6 ?2300 ?TBelcher E.'.c. 11 23000 Big Ledge O. % 16H00 ?f Booth . 6 ?8300 ?tBost-Mon .. 90 11200 ?fCaledonla M 21 11400 Canada Cop... % 6700 ?Candelaria S. % 22300 ?tCasbboy ... 7% 2000 ?Con Cop M.. 2% 2070 Con Va 811 v... 8% 17900 ?tCorte? 811v. 62 29000 Cresson Con 0 1 % 48700 tDlvlde Bxt.. 82 3100 El Salvador... 1% ?6600 tEmmt Sllv.. ? 83000 ?Bur Cro??s M. A 31600 ?Eureka Holly 1% 1100 ?Forty-nine M % ?1700'tOoKl Z Dlv. 2? 1400 ?Oold Oat* B. % 14400 ?fOeldf Cons. 1? 2?S00 ?tGoldf D?v.. S 13000 ?Ootdf Mer... % 2090 ?Great Bead.. 1% ?0*6 Heels. Mo?... 4% 110? How* m w t. 3% 20? ??Hon-Am Byn 1<% MM'Iron Blossom A l??09*tHm Butler. 11 smatittmbo Sst.. ?% is Net Sales. High. Low. Last, chgc. 950 ?Motherlode n. 6 6% 6%+ % 600 ?.Murray MAM. 76 76 76 - 265 ?N J Zinc.184 176 182%? 400 ?do rts. 11% 11 11 2800Nlpl8sing . 10 8% 9% 2800 Ophir Sliver M 2300 Prince Con_ 7000 tRex Consol... 16300 Roper GrM... 2000 St Croix C M.. 6800 Seneca Copper 16 15300 ?tSllver K Dlv 4 19300 *tSilver Pick.. 1610 ?Simon Bllv-L. 2600 Standard S-Ld 13700 ?tSucccBS Mng 14600 ?isutherlandD 1736 ?Tonopah Bel. 23300 ?Tonopah Dlv. 5400 Tonopah Bxt.. 1270 ?Tonopah Mng 4960 Un Eastern.. .. 9000 ?tU 8 Cont M. 24600 ?fVletory Dlv.. 14300 Went End Con 1A 1% 13500 tWhite Cap M 8% 7% 10000 f White Cap E. 1% 1% 22700 fWllbert Cop.. 4 3 Bonds Net Sales (000 omitted). High. Low. Last, ch'ge. 8106 ?Allied Pack 6s 63% 60 60 ? 4 129 ?A T & T 1922 94% 93% 84%4- % 63 ?do 1924. 93 92% 93 + % 95 ?Armour 7s wl 96% 96 96 ? % 19?Anglo-A 7s wi 99% 98% 99%+ 1 28 ?Boone O 6s'21 42 36 37?2 25 ?Col Graph 8s. 99% 99 99 ? % 27 ?CCC&SL 6s "20 87% 85% 87%+ 2% 10 ?Frrtich 4s_ 60 60 60 ? % 36 ?do 6s. 62 60 61 ? 1 13?G'drlch 7s wl 93'% 92% 92%+ % 12*Gv of Swed 6s 85 83% 84%+ % 32?Int R T 7s... C6% 64 64 ? 1 40 ?Kenn Cop 7s. 92% 91% 92%+ % 26 ?Mor & Co 7%s 98% 98% 98%? % 330 ?N T C 7s '30.100% 100 100%+ % 223 ?NY NH&H 4s 73% 70 73%+ 4 11 Ohio Clt G "25. 96 93% 93% - 30 ?Pan-Am P 7s 94% 94 94% - 460 ?Sinclair 7%s. 90% 89% 90%+ % 130 ?Scab A L 6s. 65% 64% 64% 4 ?So Rwy 6a... 96 4 ?So W Tel 7s.. 93 85 ?Tex Co 7% nts 79% 42 ?Un Tank L 7s 98 86 ?Vienna 4s_ 6 31 ?West Elec 7s. 98% 98% 98%+ % German Internal Bonds Net Marks (000 omtt'd). High. Low. Last. enge. 982 Berlin 4s... 19 18 18 - 50 Bremen 4s. 20 20 20 - 50 do 4%s. 21 20%' 21 - 65 Cologne 4s. 2Q 19 19%+ 1% lOCoblenz 4s. 20 20 20 ? 6 2 Dresden 4s. 17 17 17 ? 1 1 do 4%s.. 21 21 21+1 51 Frankfort 4s... 23 20 20 ? 2 30Gtr Berlin 4s.. 18% 18% 18% - 14 Hanover 4s..... 21 21 21 - 130Hamburg 3%?.. 17% 17 17%? 2 11? do 4s_....20 18 18 ? 1 318 <n? 4%s. 21 19% 20 ? % 1 Lelrtslg 4s. 21 21 21 + % 45 do 4%s. 19 19 19?2 32 Mannheim 4s... 19 17% 19+2 60 Magdeburg 4s.. 20 SO 29 - 4 Munich 5s. 19 It 19+3 20 Nuremberg 4s.. 20% 18 20%+ 2 ?Unlisted. tSells cents per share. ? Todd Shipyards Directors Vote 100 P. C. Stock Dividend The board of directors of the Todd Shipyards Corporation at the regular meeting voted, subject ?to the approval of a stockholders' special meeting called for September 16, to double the number of shares authorised to be is? sued by the corporation, with the' view of distributing an additional share of stock for caen share 'outstanding. It U hoped by the officers and directors that the corporation will be able to pay $8 a share apon the new capitalisa? tion. As asta* dividend of $2.28 a share has teen declared to addition to the drvMmd ?? ELYS s '?bis 8f?Uab???[.te i ?Week's Stock Transactions \_, Summary of Stock Exchange Dealings (CopyrleW, 1920. New York Tribune Inc.) Stocks Week Year January 1 to daife. La?* week, before. s.o. 1920. 1919. 1918. Railroad' stocks. 136,500 881,000 976>700 26,081,400 41,580,400 20,619,800 Other stocks.. 1,622,500 1.784,700 5,263,600 129,597,700 162.852,900 70,241,800 All stocks .4 2,819,000 2,545,700 6,245,300 155,689,100 204.433,300 00,861.600 Bonds January 1 to data. Last week. Week before. Year?*?*. 1920. 1919. U. 8. r?T?ranieat bon*?.$24,117,000 $24,839,000 $37,448,000 $2,044,353,00G $1,657,974,000 Railroad bonds. 16,523,000 14,770,000 5,164,000 268,520,000 244,337,000 Other bonds. 6,250,000 7,578,000 4,175,000 249,338,000 260,502,000 All bonds......r.45,890,000 47,187,000 46,787,000 2,562,211,000 ?,162,813,000 Record of Stock and Bond Averages (Copyright, 1920,^New York Tribuno Inc.) Stocks Raneo thus Ssn?e foil Last week Year a?* far 1920 year 1919 Hich. Low. High, Low. Hixh. Low. Hi_h. Low. 20 Railroads. 68.10 66.36 69.70 68.60 68,70 68.S0 78.80 63.35 30 IndutrUls. 87.00 85.37 108.20 106.00 110.30 82.53 119.33 79.20 60 Stocks. 79.44 77.92 92.80 91.04 92.05 74.46 99.54 75.92 N Bonds 10 RaUrc*di>. 73.35 72.55 76.46 76.01 76.28 66.73 82.80 72.83 10 Industrials. 83.17 82.96 93.16 83.05 91.45 82.92 95.70 90.56 5 UtUities. 68.90 68.08 82.10 79.80 74.53 67.64 87.75 71.80 25 Bonds. 76.37 75.57 84.10 83.80 81.71 73.94 87.91 -80.21 High 1920. 40 46% 88% 2% 3 83% 92 ?5 103% 128% 60 60 61% 101 147% 11614 64% Low 1920. 25 25 44 1 1/a 28 70/8 75 70% 81'/, 53/2 15-7. 175 30% 122 68 119?/, 14/a 65 109/4 109 17% 30/a 72 10014 83 115% 50 93 /3 142% 118% 106% 100% 283 97?4 210 165/2 10514 61% 21% 6614 6% 6714 125 86^2 82 8% 9314 20'/4 1761/2 1570 24 82 14814 10214 43/, 62 4314 154(4 1% 3214 96% 10214 102J4 114 15 17 1314 62 814 70 45 11(4 29/4 27/4 283/B 85/a 46 75'4 69 134 ?101 1043,4 108/a 61% 62 164 61% 11% 16 12/a 14/4 10% 27/, 42/2 61/2 91 Vz 1203/4 111% 41% 68 79 66 21/4 44/4 56 68 106 40% 44/2 105 67, 29% 51/2 43 65/2 80 937? 20% 46/4 Date. Mar 31 Mar 29 Jan 5 Mar 24 Mar 31 Jan 3 Jan 3 Jan 30 Apr 16 Jan 2 July 26 July 16 Jan 3 Jan 2 Apr 9 Jan 6 Jan 3 Mar 26 Jan 14 Mar 31 Jan 2 Jan Jan Jan Jan Apr Apr Mar June 15 Jan 6 Jan 3 Jan 13 Mar 30 Jan 6 Mar 22 Jan 10 Apr 15 Jan 20 Mar 22 Mar 18 Jan 6 Jan 7 Jane 29 Jsn 2 Jan 29 Jan 3 Jan 10 Apr 6 Apr 15 Jan 3 Jan 3 Mar 10 Jan 3 Feb 25 Sept 1 Aug 12 Jan 7 Mar 15 1105 May 27 19/a Jone 16 Apr 9 Jan 5 Sept 2 Sept 2 May 17 June 19 Jan 2 Apr 9 May 8 Jan 3 Feb 24 Jan 5 Jan- 10 Mar 15 Mar 15 Mar 20 Mar 26 Apr 19 July 22 Jan 9 12 5 5 28 3 6 Dlv. in f. 11 ? 6 ? 9 6 9 ? 6 ? 1 9 80% P 124/, 106 23</4 61 *y* 95 13 72 63 64/a 9/a 61% 82 95/a 11% 16% 62% 86/, 70/, 86 33/, 85 109 102 74/4 92/, 104/4 85/4 102 7234 91% 38 11 ' 49/a 2 25 85/2 76 72 4 82/8 18 128/a Jan Jan Jan Jan Jan Jan Mar 26 Jan 3 Jan 24 Jan 6 Jan 5 Jan 3 Jsn 7 Mar 29 Sept 2 Feb 23 Sept 1 Sept 2 Sept 2 Feb 20 Feb 28 Mar 11 Mar 11 Mar 12 Jsn 13 Apr 8 Feb 28 Sept 3 Sept 2 Mar 10 Jan 3 Jan 3 July 31 Feb 24 Jan 2 Jan 3 Jan 9 Apr 21 Jan 9 Sept 3 Mar 25 Jan 16 Jan 5 Ang 27 Mar 22 Jsn 5 Apr 26 Apr 9 Apr 16 Apr 13 Jan 9 Apr 29 Apr 7 Jan 7 May 16 Apr 14 Jan 21 Sept 3 Ang 11 Jan 3 Feb 24 Jan 12 Apr 16 Feb 19 Feb 19 Ang 18 Jan 2 Jan 2 Jan 3 Jan 6 Jan 12 Sept 3 78/4 100 95/a 27% 40/, 35 114 Vz 6/, 65 68 60 104 6/4 6/4 6% 48/2 4/a 65 45 6/4 16 11/s 10/4 63 22/4 65 52 110 90% 49 96 33% 40 79/2 47 6 12 4/a 4 7 19% 30/4 45% 67 98 74/4 83/3 ?64/a 58 12 24% 42 59% 69 30/4 28 97/4 60 20 47 35 19% 65/a 73% 9% 25 74/a 10/, 76/4 100 30 115/a 92% 36/a 32/, 75/a 83/4 165 4 9 85 e/4 3 7 533 18 15/, 71 62 92 9/a 17/a 12/a 65/, 80 26/4 99 25% 20 5% 160 M/s SO/, 134 1?% ?ate, Feb Ang Aug Auk Ang Aug Aug 17 Ang 9 Aug 20 Ang 6 Ang 31 July 16 Aug 9 ? Aug 11 7 Feb 25 12 May 20 7 Aug 9 ? Aug 26 6 Aug 10 Feb 6 6 Aug 19 ? Aug 13 7 Feb 13 Aug 6 Aug 7 Aug 6 Feb 13 May 27 Apr 15 Feb 13 Aug 9 Aug 6 Aug 23 Feb 13 Aug 9 June 22 Aug 30 May 20 Aug 10 10 May 22 8 Aug 9 12 May 20 6 Aug 9 12 Auk 10 7 Auk 2 7 Apr 30 ? Auk 9 ? Auk 9 4 Auk 9 ? Auk 9 4 Auk 13 9 Feb 11 6 May 20 5 Auk 10 ? June 18 7 Sept 3 ? Auk 20 10 Aug 24 20 Auk 31 ? Sept 3 7 Auk 9 Auk 30 Feb 13 June 28 June 4 Mar 3 Aug 20 Auk 26 Auk 9 Auk 9 Aug 3 July 27 Aue 27 Aug 27 Aug 12 June 30 Auk 26 June 8 July 22 May .20 Auk 9 Auk 20 Auk 3 Aug Auk Feb Auk Net Sales. High. Low. Close, ehge. Adams Express .... 1500 37/4 34/2 37'A+ 3'/? Advance Rumely ... 1200 31/a 30 31/a? 1 Ajax Rubber . 500 ?49% *46/2 ?46/a? 2 Alaska Gold Mines.. Alaska Junoaa .... Allis Chalmers .... do pf . Amer Agrl Chem... Amer Beet Sugar.. Amer Bosch M*g* ? Amer Br S ft F new de pf new. Amer Can . do pf . Amer Car ft Fdy.. do pf . 100 109/4 109/4 109/4 + Amer Cotton OU. do pf 1100 26 100 62/, .80 Amer Drug Syn.... 1500 10/, Amer Express. 200 137 Am Hide ft Leather 1300 13% do pf . 2600 75/a Amer Ice pf. 100 68 Amer Inter Corp... 10700 72% Ant-La Fra Fire Eng 300 11 Amer Linseed . 700 *72 Amer Loco. 7200 96/a 75 58 72 ? 1/4 11 + 1/a ?68% *68%+ % ?3/2 96 + 1/2 do pf . 500 100/4 100/4 100/4' Amer Safety Razor. 3600 13/, 12/a 12%+ Vt Amer Ship ft Com. 72000 22 20 20/8? 1% Amer 8melting _ 8900 61 54% 60 + 4/2 do pf . 100 90% 90/a 90=4+ /2 do pf A. 300 73/4 70/a 73|4+ 3 Amer SnufT ....... 100 103 103 103 + 1 Amer Steel Fdy.,,.. 2900 37/2 36/2 37 ? 1 do pf . 300 857s 85/s 85% Amer Sugar . 7200 113 109 110/2? Va do pf . 200 IO6/4 105/a 106/4+ 1/8 Amer Sumat Tobae. 7000 87/2 82/2 863/?? 1/8 Amer Tel & Tel... 6200 98 Amer Tobacco ,_ 1200 122 dopfnew..*.. 1100 89% do B . 1800 117 957a 98 + 1 114/4 120/2+ 6/a 88/4 897a + 17a 114/2 117 + 2 82/4 77/a 81%+ 3 100 95 95 95+3 3800 65% 49 63%+ 3/2 1700 12% 1134 12%+ 34 17000 65% 517s 5478+ 1% 1400 2/a 2/8 2^4+ /s 200 31/4 30/4 3I/4? /, 500 88 87 87?2 22400 85/, 81 847a + 1% 1800 77 74 Vz 76/2+ 2 4000 8 7 7/2? /, 2300 93/s 86/8 93+6 900 1834 18 18 ? 1/4 4600 138 132 138 ? 1 4 1225 1225 1225 +120 300 19/a 19/a 19/a? Vz 100 78/4 78/? 78/4? 1 Baldwin Loco.71400 HO/4 104/8 1087s+ Vz do pf . 100 95/2 95/2 95/r? % Balto & Ohio.11000 43/, 373/4 43+3 do pf . 11200 62 47 51 + 2% Barnsdall B . 800 38 38 38+3 Barrett Co. 1900 138% 1337s 138/2+ 2/2 Amer Woolen. 11600 do pf . Amer Writ Paper pf Amer Zinc & Lead. Anaconda . Assets Realization... Asso Dry Goods.... Associated Oil . At Top ft Santa F.. do pf. Atl Birm ft Atl.... Atlantic Coast Lino. Atlantic Fruit . Atl Gulf ft W I S 8. Atlantic Rfg Co.... Austin Nichols .... do pf Batopilas Mining.. Bethlehem Motors.. Bethlehem Steel ., do Class B. do 7th pf. 600 6100 800 29900 200 9 6 9 ? 10 7 6 4 May 20 10 Sept 1 7 Aug 4 5 Aug 16 7 A-ig 10 4 May 20 Auk Feh Feb Auk Feb Feb Feb 9 10 13 4 16 ? 6 ? 18 ? 18 ? 8 5 4 4 1 7 7 2 3 7' 1 4 7 2/s 8 7 7 13 May 20 Feb 6 Feb 13 June 14 July 1 Auk 10 Feb 13 Feb 11 Feb 13 June 26 Auk 13 Auk 9 Feb 6 May 22 4 Sept 1 8 May 20 14 May 20 3 Sept 2 May 19 Feb 11 July 30 Auk 11 Aug 9 Feb 10 July 28 Aug 9 Feb 25 Ang 6 May 24 Feb 13 Aug 11 May 24 May 24 June 12 Auk 10 Auk 30 ? Auk 19 7 June 29 6 Feb 10 10 June 11 ? Feb 10 ? July 30 8 May 19 1 May 3 ? Apr 30 ? Ang 18 10 May 24 ? Aug 23 ? Sept 2 7 Aug 5 5 Ang 6 7 Feb 13 ? May 19 ? Feb 9 ? Feb 11 8 May 20 8 Jsn 2 7 Aug 14 10 Aug 3 3 May 19 ? Aug 9 ? Juno 9 8 Feb 11 Aug 20 May 20 Aug 8 Sept 3 Aug 20 Aug Eft Amu 9 Aus 80 ? Bspt I ? Jaly80 7 * 4 do 8th pf. 600 IO9/4 1067s 108 Booth Fisheries ... 800 Bklyn Rapid Tran. 6800 do ctfs . 1100 Bklyn Union Gas... 500 Brunswick . 400 Buffalo ft Snaq. 200 do pf . 100 Butte Cop ft Zinc. 5700 Butte & Sup Cop.. 3600 Butterick . 600 Caddo OU . 3500 Calif Packing . 800 Calif Petrol . 2300 do pf . 100 Calumet ft Arizona. 100 Canadian Pacific .. 27800 123 Case, J I pf. 400 90% Central Leather ... 6500 do pf . 400 Cerro de Pasco. 4400 Certain teed Corp... 100 Chandler Motors ... 7700 Chesa & Ohio. 12200 Chicago ft Alton... 2100 do pf. 500 Chic & Eastern, 111.. 2100 do pf . 2400 Chic Gt Western... 5800 do pf . 10900 Chic Mil ft St Paul 43500 do pf . 31400 Chic & Northwest.. 8500 do pf . 100 100/2 100/2 100/ Chic Pneu Tool.... 800 Chic Rock lai ft Pac 52700 do 6 p c pf. 4800 do 7 p c pf. 3600 Chic St P M ft O.. 500 Chile Copper . 9400 Vz Chino Con Copper.. 3900 ? C C C ft St L. 1100 do pf .1 600 Cluett Peabody .... 600 Coca Cola Co. 8500 Col Fuel ft Iron... 500 do pf . 100 Col Gas ft Electric.. 800 Colo & Southwest.. 3400 do 1st pf. 400 do 2d pf. 100 Columbia Grapho ... 10300 Consol Cigars . 3500 Consol Gas . 6900 Con Inter Callaban. 4300 Consol TextUe . 3400 Continental Can_ 1000 Continental Candy.. 4000 Corn Products . 6800 do pf . 100 101 Cosden ft Co. 4500 39 Crucible Steel . 14100 136/2?118 do pf . 100 94 Cuba-Amer Sugar... 6100 44 Cuba Cane Sugar... 11800 37Vz do pf . 900 77/a Del? & Hudson. 1000 100/, Del Lack ft Western 900 245 Den ft Rio Grande.. 16500 5% do pf . 37700 137a Detroit United R R. 100 92 Dome Mines . ?OO 11 /2 Duluth 80 Sh ft At 90? 534 do pf . 1700 97, 81?4 38% 68 79 64 16% 30% 55/4 67!4 70 357s 36 97/4 65 29% 49/, 43 24/2 77/a 82/a 11/a 30 79 12/, 89/a 78 34/a 63/a 74% 60 14 26/2 53 65 69 32/4 35/2 97/4 54/2 27 49/8 43 22/2 73 80 97s 28/4 77% IO/2 86% 101 36/2 Eastman Kodak 15 533 23 15/s 71 71/4 95% 16/a 25% 18/, 74 83 Vz 35/a Elk Horn Coal_. 700 Emerson Brant .... 100 do pf . 100 Endlcott Johnson ... 600 do pf .. ".. 600 Erie . 38400 do 1st pf-1... 21600 do 2d pf. 6200 Famous Players ... 1900 do pf . BOO Fed Min ft Smelt pf 100 Fisher Body . 200 101 Flsk Rubber Tire... 2600 27 Freeport Texas Co.. 1900 21% Gaston Williams ?... 1000 9 Gen ?Chemical . 800 172 Gen Cigar Co. 600 63% do pf . 200 .90 Gen Eleetrle Co_ ?300 144 Gen Motor?. 8800 217s do pf ...r*. 700 78 do 4 p e deb. 1600 69 do 1 P ? ?Job. ?00 80 Gooarleh, B W. 8800 Granby Mi&?ns .... 1800 Gray * .Pavta. 400 Gt Methan? pf.... tSftOO Gt VmUmm Ora ?A ?499 86% 8?H 18/, Am ? MOjcum fera?. C& am 79 + Va 38/8+ 2% 68+3 787a + 3% 64+4 15/4+ 1/a 29/a+.1/4 56/4+ 2/4 67/2+ 3/4 69?4 357a + 1% 36 ? % 97/4 55 + 7, 29/4+ 3/4 49/8+ 2/8 43+8 24 + 1/2 74/4? % 82. + 3/2 10%+ % 29 ? /4 79 + 1 12/a+ 1% 88%? % 101 + % 39+2 *122/2+ 5% 94 94 ? Z, 39% 437s+ 4% 33 37 + 47s 76/a 77 + 78 95?4 10014+ 3/2 236 236 + 1/4 4% 53,4+ 78 13/2+ 3 92 + 1/4 11 Vz 5%+ 13,4 9 + 1 633 ? 2 23 + 1 15/8 71 - 70 - 967,+ % 16/s+ 1% 25/8+ V/z 18 + 2/a 727a + 2 83/a+ 1 35/,+ 2/g 101 + 1 27 ? Va 21%+ % a%? 172 + 2 63%? 1 90?2 141/a 143%+ 27? 20% 2114+ i/4 74 ? % 68/a+ Vz SO + 1/a 68%+ 1% 8?H+ H Wrr 1/s + 4* 10 92 11/4 4/2 9 533 217? 16/e 71 68 95/2 12/a 19/a 17 70/2 82/a 32/a 101 26 21 V/z 169 62 90 72/4 68/, 7?% 63 S4/a 18/8 ?tt KiOOER.PE?BOD?&CQ. 115 Beranshire SI. 18 Bread St BOSTON NEW YORK Government Bonds investment Securities Foreign Exchange Letters of Credit Gorrespontfeots o? Baring Brothers & Go., Lid. LONDON Cargo Profits From 5 Continents Present conditions indicate that 1920 earnings will be nine times the amount neces? sary for Oriental Navigation Co. 6% Cumulative / First Preferred Stock 10 shares 8% preferred} ($100 pax va?ue each) > $j (Qqq with 5 shares of common) Ask for circular NYT-iQ H.M.Byl!esty?SCo. Incorporated 4 111 Broadway New York Chicago - Providence ? Boston High 1920. 20}. 34 84% 15% 77% 46/* 1091/2 23/4 933/4 20 97 93/4 61 % 4% 16*? 27 88% 142/2 61% 111% 170 84 26% 91 ?4 79% 47/4 61 yt 7/* 21/a 49% 118 ? 152/2 33/2 48/2 993/4 913/4 43 14 223,4 30% 48% 20/ HO/2 36 _S 70 183% 112/z 69/2 64/4 46 80/* 151/a 62/a 33 Vz 30/2 69 33 38 35/2 63/2 62% 30% 137/2 222 26 71% 52% 18/a 80 60 11 18 31% 50 100% 40 51 40 86% 98 125 80 IOI34 13. 89/2 93/4 110 7% 17/a 473/4 36?4 22 117 77/a 41V? 68 48/a 29 100/, 59/b 84% 77/4 22% 5% 9% 167 41% 65 78 61/* 46 116% 111% 47/a 43/a 36/4 42 16 32 68 61 44 42/a 44'/a 82% 108'/* Date. Au? 17 Apr 14 Jan 8 Au? 27 Apr 14 Apr 19 July 23 Apr 9 Mar 10 Au? 20 Sept 2 Apr 6 Apr 7 Mar 15 Apr 8 Apr 14 Apr 15 Apr 13 Jan 3 Jan 6 Apr 7 Jan 19 Jan 7 Mar 18 Jan 3 July 15 Jan 27 July 9 Sept Sept Jan Jan Apr Jan July Jan 2 1 6 5 7 5 2 5 Mar 15 ?O/* ?4?4 ?1/* 33/* Sept Sept Jan Sept Jan Jan Apr 12 Jan 3 Jan 3 Jan 2 Jan 5 Jan 30 Mar 22 Mar 25 Apr 27 Apr 14 Mt.r 19 Jan 5 Jan 8 Jan 5 July 29 Apr 8 Jan 6 Jan 5 Jan 6 Jan 10 Apr 19 Jan 3 Jan 6 Jan 6 Jan 5 Mar 9 Mar 15 Jan 15 Feb 21 Feb 19 Feb 28 Sept 2 Jan 6 Mar 25 Jan 5 Mar 19 July 9 June 28 Jan 3 Jan Jan Apr Jan' Apr Jan Mar 29 Jan 5 Feb 20 Mar 10 Sept 2 Jan 3 Mar 10 Sept 3 Sept 2 Jan 3 Mar 11 Mar 10 June 26 Mar 16 Jan 5 Apr 17 Mar 9 Jan 26 Apr 16 Jan 6 Jan 2 Jan 2 Jan 5 June 22 Apr 14 Apr 14 Jan 6 Mar 10 Apr 8 Feb 9 Mar 11 Feb 19 Feb 27 Jan 5 Mar 23 Jan 10 July 2 Jsn 3 Jsn 8 Jan 8 Jsn 7 Mar 11 Mar 30 Jn 23 Ayr 27 torn ? Low 1920. 17/2 25/a 41/2 14% 60 21% 75 13 807s 20 97 6/a 43/, 3 8% 13/a 69 112% 21% 70% 37 72 15% 62/4 70 SO/4 36/s 6'/4 13% 40 95 71% 22 13/2 93 63 35 8/s 16 21 3934 130 99 18'/8 11/4 43/a 125 94 60 69/a 15 52 96 38/4 20 19 40 29 7% 9 16 15 8 70/4 148 18/a 10/4 37 9 63 50 3/a 7 21 36 95 27% 32 32/2 44 83 105 40 84 6/2 50 70/, 100/, 4/4 IO/4 31 23/a 16 89 64/4 233/4 41/4 20 10 85 48 66% 42/a 14% 3% 5 107 19/4 Dir, Date, in 8 An? 19 ? Au? 18 ? Au? 9 ? Au? 31 ? Am 9- 4 Au? 9 ? July 2 ? Feb 13 1 Feb 13 7 Au? 20 ? Sept 2 7 Au? 6 Au? 9 Au? 4 ? July 29 ? Feb 13 ? Feb 11 5 Feb 17 7 Au? 9 ? Au? 18 6 Sept 1 ? Mar 4 7 May 20 ? May 20 ? Feb 16 6 Au? 9 ? Mar 1 ? Au? 10 ? May 3 ? May 19 4 June 18 8 Au? 6 4 Gu ant an amo Su?ar.. Gulf Mobile & No pf Gulf State Steel Habirshaw ESev .... Haskell ft Bar Car. 30 64 14% 70/4 Hendee Mf? . 1000 24/2 Houston OH . 7000 IO8/2 700 700 1100 1700 Hupp Motors. 3500 Aue Au? Sept Feb Au? Feb Feb Au? 6 May 24 7 Illinois Central .. ? Indian Refir.in? ... 7 do pf . .60 Indiahoms Ref? ... 4 Inspiration Copper. ? Interb Con Corp? ? do pf . ? Inter Agriculture.. do pf . Inter Harvester ... 600 125 Inter Mer Marine... 400 24% do pf . 3400 Inter Motors . 3300 do 1st pf. 700 Inter Nickel . 12800 Inter Paper . 3200 do pf ?tpd. 300 Invincible Oil. 9300 Iron Products Corp.. 700 Island Oil . 15300 Kansas City South. 12700 do pf . 700 Kayser, J . 200 Kelly Sprin?field... 1100 6 2 Kennecott Copper... 9300 9 1.20 Keystone Tire. 3700 1 7 Kres?e, S 8 Co pf.. 100 24 6 Lackawsnna Steel.. 1900 7 ? Laciede Gas . 500 13 ? Lake Erie & West. 1500 11 ? do pf . 1000 Lee Rubber & Tire. 400 If st Sales. Hi?h. Low. Closs. eh*o. 1000 1934 18/a 19%+ % 28'/* 63/? 14% 68 23 ?8 14/, 85/a 20 97 7% 45/4 3 8% 18% 78 2600 9500 100 3300 10500 6100 6000 100 200 15% 88% 20 97 8/8 48% 3% 11/a 18% 79/2 Au? 13 12 June 21 7 Au? 27 2 Sept 1 ? Au? 23 ? Au? 13 12 Au? 9 7 Au? 9 6 July 13 4 Au? 11 ? Au? 11 7 Sept 1 10 July 2 7 Sept 1 Au? 7 Au? 11 ? Mar 4 ? Au? 10 ? Sept 1 ? Au? 10 ? Au? 10 ? Sept 3 ? Au? 18 8 Au? 9 10 3/2 Lehi?h Valley . 8600 76 43/, 77 2O/4 82 72% 37/4 43 6/4 21/a 49% 96 77 26 18'/* 93 ? /* 38 14 223,4 21/a 48% Li??ett & Myers... 300 133 do pf . 100 100/2 Loews Co, Inc. 6500 21 Loft Candy . 2400 13% Loose Wiles Biscuit 200 44 Lorillard, Pierre_ Louisville & Nash.. Mackay Cos . do pf. Mallinson & Co.... do pf . Manati Su?ar . Manhattan Elev .... 1% Manhattan Shirt ... 2 Martin Parry Corp. - Marlin Rockwell ... - Mathison Alk Works - Maxwell Motor .... do ctfs . 1700 Au? Au? Au? Feb Feb do 1st pf. do 1st pf ctfs..... do 2d pf...., May Dept Stores... Mexican Petrol 2 Miami Consol Cop... 1.60 Middle States Oil... 72/2 37 761/4 19% 78/a 71% 33% 41 5% 18% 433/4 95 73 23% 15% 93 67/a 36 11 22 21 441/4 137 IOO/2 20?/, U/4 43I/2 200 134/2 132 3900 IO3/4 99 400 61 700 60/, 200 19/a 100 60 700 100 400 43/a 2O/2 21/a 40 29 13 14 21'/, 18/a 10/, 75/a 200 2000 100 200 4900 1400 100 300 1500 29/4+ 2/4 54+1% 14%? Vz ?/*+ Va 24/2+ Vz 107%+ 2% 15/*+ Vz 88%+ 23,4 20 - 97 8/a+ 1 48 + 2 , S%+ % 11/4+ 1% 18%+ 1% 79/2+ 2% 122/4 123%? 1/* 22 Vz 2434+ 1 75/2+ /a 43/a+ 4/a 77 - 19%? /e 813/4+ 2% 72%? /a 37%+ 3/4 43 - 6/8+ >/s 20/2+ 1/a 48/8+ 2% 95?3 76?2 25%+ 1% 17/4+ Vz 93?6 69 + Vz 36 + 1 13/4+ 3/4 22 + 2/2 21?1 48/2+ 3% 138 +11 1001/2? 1/2 20/4? % 13/4+ % 44 ? 1 133 ?? 103-/4+ 2/4 61 - 60?/e+ /a 19/2+ 4/a 60+8 100 + 1/2 43/2+ 1/2 20 ? Vz 211/4+ /* 40 29 ? 1 9/a? 1/4 9/4? 9% 19 + 1/2 18'/a? 2% 10/8? % 75 + 1 61 60'/a 17/2 60 96 42 20 21 40 29 9 46700 168% 155% 168?/2+ 6/4 5900 20 19/a 19%+ Vz . 2900 12% 11% 12% 4- 114 4 Midvale Steel .15500 - Minn & St L new.. 13400 7 Minn St P & S S M 900 June 12 5 M St P & S S M L L 100 May 22 ? Mo Kan & Texas... 17100 May 24 ? do pf .?_ 4100 Feb 11 ? Missouri Pacifie ... 41100 Feb 11? do pf .28800 May 3 7 Montana Power pf.. 200 Au? 9 ? Mont Ward . 12000 Au? 17 4 Mullins Body . 400 May 24 3/* Nat Acme . 400 Feb 13 ? Nat Aniline Cheaa.. 9400 7 do pf . 700 4 ? 6 6 7 1 45/a 30/a 41'/'4 37 71% 67% 27'/4 37% 16 27 9 22 56 42 35 30/a 33/a 34/, 88 11 7? 60 81/? M , 21/* Feb Au? Au? Sept Au? Au? 13 Au? 9 May 21 Feb 13 Au? 10 June 18 ? Feb 11 ? Feb 6 1 Au? 9 10 Feb 13 S Feb 13 ? May 4 ? Au? 9 2/s Feb 9 ? June 11 7 May 24 6 June 12 7 Au? 11 5 Au? 7 Au? 6 Au? 25 May 20 Au? 9 Au? 19 Sept 1 May 20 Jan 13 Feb 13 Feb 13 Au? 30 May 24 Au? 10 ? Au? 9 ? June 7 ? An? 20 ? Au? 5 6 May 12 ? Feb 11 ? Au? 10 3 Au? S ? Sept 1 ? July 2 ? An? 6 ? Au? 12 8 Feb'11 4 Feb IS 6 Aa*20 ? Feb 11 ? Nat Biscuit . 200 106/2 IO6/2 106/ Nat Cloak A Suit.. 300 43% 41 43 - do pf . 550 85 84 84 ? Not Conduit ft Cab. 3500 8 6% 8 ? Nat Enam & Stamp \ ?00 69 57% 58>/a Nat Lead . 1600 75 73 75 do pf . 100 101/, 101/a 101/a Nat R R of Mex 2d pf 8400 5% 4/2 5/2 Nevada Con Copper. 9500 11% 10% 11 ?4 New Or Tes & Mes 400 39/4 36?/a 37/4 NYNH&H. 69900 36% 32% 35'/, N Y Ont & West... 8200 22 18% 21 N Y Airbrake. 200 97% 95 97% N Y Central. 35000 76% 71i_ 75/, N Y Chic & 8t L.. do 2d pf. N Y Dock. Norfolk Southern... ' Norfolk & Western.. i North American ... r Northern Pacific_ > Nova Scotia Steel.. .50 Nunnally . .40Okia Prod ft Ref?.. 5800 600 400 1900 5500 800 27000 80/a 73 800 46/2 44?/ 400 16 15 7300 4 3? ? Ontario Silver ...... 400 bVz S 8 Otis Elevstor ...... 200 125/a 128 Otis Steel . 1200 Owens Bot Mach... 800 Pacific Devel Corp. 1700 Pacific Gas ft Elec. ?400 Pacific Tel ft Tel.. 800 Pan-Amer Petrol ... 41700 do B . 4800 Parish ft Bburham.. 300 Penn Railroad . 14300 Penn Soabosrd StwS 2000 People's Gas ft ?Coke 1700 Peoris ft Eastern... 4000 P?re Marquette .... 21100 do prior pf. 400 do pf . ?500 Pettlbone Muliiken.. 100 Philadelphia Co ... 7600 Phillips Petrol _ 9100 Pierce Arrow . 25700 do pf. 100 Pierce OU . 1900 do pf . 800 Pftt? C C ft 8t L.. 200 Ptttsbsr?- Coal ... 1800 4e ?I . ?00 Pitts* W V*., 14*50 Fm? Csaefe CJwJ.A ?W .<-MMtaN? ?? mm'mm' :-.W. 23% 47 32/4 45% 42 90>/z 84/4 27/a 42% 20 35 12'/* 26/a 60 47 37 37% 38/, 33 88/8 89% ?95 + 2% 50 53+2 73 79 + 4% 44% 44%? 1/4 15 15 3% 3% 6/a+ Vz 123 ? Va 22/,+ Va 47 - 32/4? % 48/?? Vz 41+1 90/4+ 2/a ?4/4+ 1J4 27/4? 1% 42%+ % 20 + 1/, 33/a+ 4/4 12/*+ 1/, 26/a+ 2/a 60+4 45/4+ K* 37 - 37+2 38/,+ 2 36/4? 1/a 88/a+ /* 22 46/a 30/a 45 41 84% 80 27/* 40% 17/, 87/, 10% 25 60 46 37 34/4 84/, 34/, M/, 13% ?12/,?*13%+ I/* 81 ??80// 80%+ Va 76 76 76 + 1% 63 61 62/*? /* 84% ?*4% *4%- % ?1% ? ?M&* 1J4 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 Business" mm A *? i-i ? T ? Jt* ?*$ * mon New York Agen? W J Dawson.F L Appleby.'W E47 Milk Skr??si . BOSTON Stone & Webster ? INCORPOR?T-? 120 Broadway NEW YORK Si So. Daartora St, CHICAGO EXAMINATIONS AND STUDIES of Industrial and Public Service Properties REPORTS ?fi Valuation and Operating Efficiency I ?MSC*.?I PRiCHnT&oa Members MX Stock Exdaag? strnr broabw&t NBW YORK C?TV. Reserve Statement Shows Increases in All Loan Accounts Total of All Reporting Baaki Gains 48.5 Million?! Smaller Additions to Indi? vidual Deposits Indicated From The Tribv.ne'? W'aehingto* Burnt WASHINGTON, Sept. 6.?Substs?t?! industrial increases in the tenu loan acounts and smaller addition? ti individual deposits are indicated it the Federal Reserve ?Board's we*r statement showing the condition *t August 27 of 820 member ba?il il leading cities. United States bond holding an but nominal changes. Victory n<* holdings increased by about 7,0001* largely outside of New York Cfo while Treasury certificates showjl? auction of $13,700,000, one-half ??' which represents the reduction for.ti? member banks in New York City. Los? secured by governmentJ war ?bUp tion8 went up by about fo^OO/? though for the New York City b?U_ reduction under this head of l?^W" is shown. Loans protected by corpotBJ securities show an increase for t? week of $30,760,000, an equally 1?P increase being shown for the New I*? City members alone. New York City Loans Incre? All other loan? and inve?t!M?& composed largely of commercial Ha* and discounts, show an increase* about $18,000,000 for all ropoitBf banks, and of $30,500,000 for the o? ber banks in New York City. In t? seqjience of the above changes in ? several classes of earning asset? W? loans and investments of all report? banks show an increase for the wo? of $48,500,000, as against a corre?p*j* ing increase of $52,330,000 for the W* York City members. # ^. Accommodation of all reporting WU? at the Federal Reserve banks, a? in*" on the books of the latter, ?ncreasodjf $414)00,000 from $2,086,500,000 to W 128,400,000, and constituted 12.6 P cent of the banks' total loans aM? vestments on August 27 as ?E*'"8*?! per cent a week earlier. For ?? JJ York City banks an increase andeM*? head of $47,100,000, from $7W_W? to $814,100,000, is shown, r?sulta*? an advance of the ratio of *ccol?,i?_1 tion at the Federal Reserve Bank"?1 13.6 to 14.3 per cent. Demand Deposit? Grow _^ As against a reduction of '21.*Wg" in government deposits the ^PjSjj banks show increases of ?S'OWjjJ ^ other demand depoists (net) ?f.v, $21,400,000 in time deposits. For*? New York City banks reducOOM" $12,100,000 in government oeV*^ and of $6,300,000 in other d.m*5_L. posits (net), as against a gain mW 800,000 in time deposits, are *"j**2j* Reserve balances went up *f'?~C while cash in vault increased *7JZ 800,000. For the New York Cl^J?2) corresponding increase of ^~!w?a% in reserve balances and of $3,100,?? cash are shown. Cotton Goods for Ca?ad? Market Can B? Deveio?ped fr| American Export? Notwithstanding the United ?~g sent to Canada raw cotton to the w^ of $33,854,457 in the fiscai ye?r_*5? March 31. 1920, Consul Felix S. S.<*_^j son, of Kingston, Ont., is of t*w_tj ion that a still larger trade coni_J done, for.he says: "Cotton I? "5? used in Canada more than eV*_i the United State? could, if ??* build up a atill larger trade, a? ?W"J forma nine-tenths of clothing n?J? enter? into very many other art* ? craft?." The United Cuate? **?? sole supplier of raw cotton to t**2> minion laat year; other eountrwsK ticipated to a amoli extent in t?? f wa?S preceding years. All of the cotton imported parently consumed by the cotto? and other cotton using Sw* Canada, aa there wer? no r? raw cotton and negligible ?h cotton wast?. Farther, pr?c of the cotton foods ?Ad? ??LAST. w?*iR?d ia '