New-York tribune. [volume] (New York [N.Y.]) 1866-1924, September 06, 1920, Image 11

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New-York tribune. [volume], September 06, 1920, Page 11, Image 11
About New-York tribune. [volume] (New York [N.Y.]) 1866-1924

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New-York tribune. [volume] (New York [N.Y.]), 06 Sept. 1920. Chronicling America: Historic American Newspapers. Lib. of Congress. <https://chroniclingamerica.loc.gov/lccn/sn83030214/1920-09-06/ed-1/seq-11/>

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$t)?attitt? & ^cm
Founds^ 1797
Seasoned
Investments
30 Pine Street
New York
The purchase of sound
long term railroad bonds at
this time affords to the in?
vest?^ the following ad?
vantages :
High degree of security
at prices which are near
the lowest level of this
generation.
Prevailing high interest
returns over a long period.
Appreciation of principal
as interest rates decline.
Ready marketability.
Upon request we shall be
glad to send a copy of our cir?
cular giving a list of bonds of
the above character which we
recommend for investment.
Members ?w York and nttsbur?h
Stock Exchanges
33 Pine St. New York
U_M Arcade Bids. Pittsburgh
Week's Bond Market
Week's r?1920
ItlM (000omltte<1> c!ua-. Hl?h. Low
3232 Lib 34a 1947. 89.98 100.40 89.30'
8 do 34s 1947 T. . . . 90.110 96.70.S'.?.70
It do 1st 4s 19 4 7... 85.70 871.48 83.00
71 do 2d 4s 1942.... 85.10 9L'.42 81.40;
391 do 1st K'-.n 1947.. k?.90 94.00 84.00,
41)04 do 2d 4>?s 1.? 4 2 . . 85.20 92.86 SI.lui
2716 do 2.1 4?*3 1328.. SS.60 9;".00 85.80!
?ill do 4th 44s 197'.*. 85.77-1 971.00 82.00:
341? do Vic 4\s 1923 95.50 99.40 94 80
317? do 8>\a ls23. 95.50 97.40 '.?4.6?
ill Ang-French 5-yr 6s. & C? "?, 1 n 0 934.
4 Argentine Gov 6a.... 68 H 75 68'.,
?Chinese Oov Ry on... 43 50 41
llClty of Bord-aux 6s. S3 i?j 92% 82*<
ISC ot Copenhagen 54a TS?), SO?* 74
9Clty of Lyons 6s_ 84 92?? 83
1 City of Marseilles 6s. 81 93'a 82?;
105 City of Paris 6s. 93"-? 94'? 88b!
?City ot Tokyo 5s. 53% f l 50
5? Dominican Rep 6s... SI 87% 79
10 Don? of Can 5 4a n 21 98*4 98-, 95 4
31 do 5'-s notes 1923. 91 974 89 4
? do 5s, 1921. 9 8 !'?7? 9.'. 7i?
32 do is 1926. 88 95 86 4
1 do 5? 1331. 88 ?j2 4 84 4
175 0t of Swz ?? S a, t ret a. 10114 107? H 1004
IMImp Jap 1st 44s. 71 82 69
l*?lmp Jap 2d 4 4*. 72V? 8 2 67 4
???lmp Jap str 1'jan 4?... 67 4 71 62 4
l??Kof Bg si "48.JPM r 95% 101 ?6%
7Kot Belgium 6s 1321 984 98% 984
l?Xof Bele'.um 6s 1925. 924 98 *'J
TK of Italy64a,BerA.'25 62% 954 93
UJUpubo! Cuba 6s. 1304 86 62% 86%
IRtp of Cuba 44?---- 704 76 "04
ll??nK o? atB?~IS%s,'Sl 96 X 97 H 62 4
Hirn K Of ntB_154s.,23 61 % 95% 894
l?lCn K of G;B??:I54.'i,,39 84% 95% ?3
IMQa Kot OtBftI5%s,'37 82% ?OH 814
!? IT S of Mexico 5s_ 37 43 29*4
Ml? 8 of Mexico 4s. 284 37 26
15 N Y City 44s. 1963.. 90 1004 88
14N T r.v/ 44?, 1965.. 90 1004 894
?NT City 4'.??. I960.. 83% 95 4 ?14
?NT City 44s. '57. May 89% 100?H 894 .
IK T City 4?, 1957_ 80% *9 804 i
IN Y City 4a, 1353.. . . a0 61 80
State bonds:
?IVdfla, Brwn Br. CtfS 63 66 f.O
lAlabama Mid 5s. r-A4 924 904 I
11 Am A?r Ch 1st cv is 87% 93 14 87 %
SlAm Agr Ch deb 5n_ c'l 100 89s*
?Am Dock & Imp 5s.. 98 98 96 4 '
114 Amer Smelting 5a_ 75 864 73% ;
?9<ixa Tel ft T cvt 6a.. 65 4 954 92
*? do eol tr 6s. 78 4 83 H 7 2%
11 6? on 44a. 80 85 774
14 do co 4a. 754 80 73
J do en 4a. 634 ?9 62%
II A? Writing Paper 7s. 78 ?3% 74
JAns Arbor 4a. 62 68 474?!
?JJArmourftCo ri est 44? 76 844 734 i
?IT ft S K cvx 4s, '55 67 694 ?0
?- ?? cn 4s. to. 82 4 89% 77% j
?J do gen 4a. 76 4 83% ?9
J* *o sdj 4s. 68 H 714 62
?? do ?dj 4s atp. 6i*4 71 % (3
? ?0 4<At, CaiiAr <31v 764 81 63
\ do 4?. Rky Mt. dlv 69 69 644
?Atlanta ft Blr 4s. 68 64% 62
? At Char Air L 6a?erB 87 4 88 H ?1%
?AU Coast L lit cn 4a 74?? 80 69%
? ? L*N COI tr 4i_ ?74 724 ?0V*
5 ???Js J P M rets... 69% 934 95
UAtl Fruit tern rv 7a. 84 85 83
tliA,~Jla ?V N-western 6a 83 8 5 83
?S*B * O ta. B9% 92 914
2?! ?n 44?. 69 69 67
{ ft1? V.???% 70 674
j? Prtor lien 34s.80% 84 78
*! ?j? <?? P.I.EftWV ?liv 60 V* 61 51%
li 2? !Ho. P.JAMdlv. 78 78 66%
Mi 2??H* H"Mr' d!v ? 75H 77% 67%
? do 4a. Toi _ Cln d.v 62 4 6 3 4 4%
3lE a2?n?Co^*!r ??- s<i% ?? ??
l?_b_! Co l? ?** A 49. 73% 76 68
?.?JlrnRT 7a TrCo ctfa 564 47% 34?
?jBtthltheta Bleel r?f
?-?? P m (a.
l?l'^fn Copier ?a..
Jftv.1 ?? 6? ser A 4
ll???BT;'TrC<,ci;";,l!? 47% 344
? ?? 1*. 27 60 85
{pJ^Wn 6s. 25 26 4 21
ilwS Vn,r'n ~? '?t ?S. 55 64 65
?jAyUolon (laa 5a.. 7 4 79 70
I?__ S*n*I,lU c?n 6s 8? i?2?4 85
f a} T*rm B'0? 5?. .70 82'4 71
J Tn ?fn ??. 684 SIS ?8%
? 22 ??n C". ?0 *>VH 75 4
?4C?b? t *tob!;? dlv... 82 Y'i 764
w do ttWJY.7,; ?2^ 7?l*
MesLa! '''ri' *??? <?H 70 62 4
??ft?i*.0?1? "?????. ?3 *S% 79
? _?__.." "S ?a... hi ? o
?U do?,?!"-. 8:"A ''*
?*? ??i
?o ?T(
?^0 ft ;
do 3\i
** ?n i.
?i ?i ;*n ?-".
4?C^??Alt^rfC?..
?7 Z V. N. *l ??% .
"1 S"*.n.fl,i".7* 77 4 ?7
75 77 6>;V4
44% 4?
% 67
73
?6 4
i i i*1 K?" *?. 7? 811
1 * i*' A?? dtv.7?u a?
? to^1?^-??? "8 n
H do *f'nJ"'4 N,t' dlv- H'-'* 9?
ni lt Tf fcT;0 lr"" ?s.
??? ft V?' Tr '" c"
?late w""rn ??
wvs*?&?*.*
A &**"it........
m ft A??1*?? ?????? "
?s ?2L ? 7*? Urn <****?*% io?
3 2 4 32 Ml 19J?
73% 84 C?,4
'.r, 64 60%
? *S-TSr-*Y*>? s?r ?. ?o% 72% r,o
tteiHi^l0*^?. 73 74 67%
M?L"> ?/> CTt 44 . 71 73 ?1 *
** SaStaii1,/?;:. 7?i* 7?'5? 70
6? %
?8
1 K?*"t?. ?> ?8 84%
??"?? *?. 73% ?? ?7
"~W__>? t.*P. 7;,% 7ZI* 7o
?il _7f *???_??. ?6 ?8 % 60 4
4<-.b 6a 85 ?7 4 78
lf?t. 10 3% 105 J00
.... 77 *.'/, 1i>>b
au t- ??n ?a. , .
* S^?404,
Human Side of Bear and I
Bull Markets Compared
Inexperienced Speculators Gradually Eliminated in
Continued Lowering of Prices; Many Believe
Turn in Values on Exchange Has Come at Last
Ever since the philosopher Kant
wroto his "Critique of Pure Reason"
the market position of unadulterated
logic has been on the down grade.
The bear crowd in the competitive
field of ideas has been attacking "pure
reason" these many years, and now
part of the coin of the realm is the
knowledge of the important part emo?
tion and instinct play in the guidance
of men's conduct.
In the surging bull market days in
Wall Street, reason as a controlling
factor ebbs sometimes almost to the
vanishing point. The spectacle of
mounting prices gradually shakes
men's faith in the law of action and
reaction, and at length the masses of
unskilled market plungers are swept
forward in a movement based on the
assumption that the celestial regions
are the only limits for ascending stock
prices. Tho economist, the analyst,
the skeptic, the cool calculating in?
dividual? all these are regarded as
"below par" in the frenzied days of
pyramiding stock market values. The
spirit of enthusiasm in the infinite
possibilities of extracting wealth pain
lessly out of the continued upwarc
movement of stocks grows in geo
metric proportions, and before it i:
overcome by an end in the bull move
ment it often seizes folk whose train
ing ought to make them know better.
Bear Year So Far
If 1919 was, broadly speaking, a bul
year, then 1920?at ?east up to date
in the major movement on the stoc!
market- has been distinctly a bea
year. The principal downward swin
started last November, and, despit
recoveries and rallies, the main move
ment since has been downward. Th
recent recovery of tho stock market i
interpreted in some quarters as an ir.
dication that the main forces of reac
tion have spent themselves, and thn
the turn for the better has unmistal
ably come. That is an opinioi
Events will test its validity: flow
ever, the recent turn in the market f
least gives one a vantage point t
look back wi{h some sense of perspe?
tive on the great boar movement whic
the Street has gone through, and t
compare its human side with that <
an extended bull period.
In times of downward reaction thei
is no dearth of excitement, especial
during the days of precipitate declin
when the false values of inflation a
effaced with startling rapidity. Tl
fluctuations of a particularly full'di
often remove the margin which se
arates speculators from poverty, ai
et over a period of many months a
ear market seems much calmer, much
less stimulating to the emotions than
a sustained bull movement, which is
perpetually challenging the predic?
tions of the cautious.
A protracted reaction in the stock
market does not enthrone "pure rea?
son." In fact, just as usually the over
enthusiastic overdo a bull movement
and carry securities far above their
worth as evidence of part ownership
in business ventures, so in an extended
bear market the disciples of pessi?
mism usually go too far. They get the
market in an oversold condition fre?
quently, from which upward reactions
must come. Observers of the major
swings of the market over a long per
? iod of years become impressed with the
; pendulum conception of finance and
business. They expect conditions to
vacillate perpetually from one extreme
to another.
Theory Ha? Merit
This theory undoubtedly has much
! merit and has often be< n verified by
j events. But its weakness lies perhaps
, in the fact that if centuries hence
? civilization were facing destruction
! and securities values in their declines
i were forecasting destruction, the ad
: herents of the pendulum theory would
i be admonishing their fellow citizens
? that the swing in the direction of bet?
ter times was coming.
The experienced trader is more likely
to get the attention of the novice
in stock mark?>t affairs after a
big break in prices than during
a bull market. After the bear
i movement the inexperienced trader
i has been disillusioned of his wild
I est hopes, and at length is ready
i to believe that analysis, knowledge and
| foresight play a part in the selection
| of securities, and that the function of
the speculator and the investor is
; broader than acting blindly on "tips."
After stratum upon stratum of
weaker operators has been eliminated
i from the market by progressive de
! clines stocks get into different hands,
| commonly called "stronger," who are
I to a large extent interested in pros?
pects for the long pull than in the
I fluctuations of the moment. As a
result, as it advances a bear market
| in its last stages tends to thin the
ranks of customers of brokerage of?
fices, whereas a bull market as it de?
velops progressively attracts new ele?
ments to the market and the army of
adherents of the tape becomes ever
i larger until the bubble breaks.
I
Week's-1910
Sal?s (000 omitted) clos?. Ilitch. Low.
5 Colo A Bothrn 1st 4s... 77% 86% 74
34 do rfg 4%s. 72'j 7.1 66%
26 Cons Coal Maryland 6s 7?> 75% 7"
37 C3onsl Gas evt 7s. 98%im% ?114
111 Cuba C'n Su cvt dob ":t 8 8 u 100 s s
18 Cuba R R 5s. 72'j 73 ?ai
6 Cumberland T & T 5s. 7'? 85?; 7<
13 Del? A Hud tem 7s...jo;^ 102% ?.;? t?
2 cvt us . M 'a 86',, 72
3! do r--f 4s . 7 ." % H ?7
f? Den A Rio <_3d Imp 6s.. 73 7.'! ?'.3
221 do rfff 6s. f. 4 "? 65% 2S
4.". do rf?r ?.s Tr Co ctfs. f,2 (.2 39
1 do 4'us. 68% 71 ?;:;?;
37 con 4s . 65% ?".7% 58%
3 Des M & Ft l.> 4s. 451% 45 H 40
7 Dot Rvr Tnl 4V?. 720a 80 69
7 Lot I'ntd Uvs 4%S.... 59 i39 68%
? 1 East T Y * (?a con 6s. 13 91 71?,
5 Krle 1st ron 7s. ?8% 99% 93 %
10 du 3JpU D'iS. 91 >-j 92 91 %
64 do prior lien 4s. 57 67% 47
162 do gen Urn 4s. 47% 47?, 38
134 do e\t 4s Series A. . . 44 44% 32
139 do CVt 4s Serlrs B... 43H 43 Vi SO
176 do cvt Is Series I>... 47 47% 34
1 Florida H Coast 4%s.. "6% SO 73%
24 Cen Electric deh Bs. ... 9?. % inn 95% ?
5 Georgia Midland 3s... 46% 46% 46%
2 ?iront Northc-rn 4V*s... 77% 85% 70
3 Hark Val 1st eon 4%s. 70 73 60% I
124 liuri A Man ref ?s s A. 69 60 64
3?30 do adj inc 6s. 23 23 Hi 13
1 IC4I3 StL&NO Jt5ssA. 76% 83', 70%
16 Illinois Central 5%B... 87% 93 83
20 do rfg 4s. 7 2 76 Ml 6 5
23 do 4s, 1962. 70 74V* ?2
4 Illinois Steel deb 4%s. 7S 84 7 2 %
3 Indiana Steel 5s. 8? 9374 83 ?a
298 Interb-Met 4'ja. 16% 19% 11
16 4 do4%s Tr Co ctfs... 15% 1'? % 1?
457 Interb Kap Tr ref 6s.. 47 68 41 H
6 Intl Agrl 5s. 76*4 84% 76%
129 Int Mere Mar b f ?s. .. SIS 83 S 80 S
22 Iowa Central rfg 4s... 44'j 44% 36',
1 K C, Ft S & Mem 6s.. 92*8 loo 92-%
83 do 4s. 65 70 68V,
60 Kansas City 80 6s.... 69 "4, 75% 63
91 do 1st 3s. 55V, 59 49%
42 do Terminal 1st 4s.. 70% 76% 62%
1 Kentucky Central 4s... 68 Vi 75 63 V?
1 Kcokuk A Los M 6s... 70 73 66
6 Lack? Steel 6s. 1923... 90% 96 "0
7 Lake Erie & W 1st 6s. 74% 81% 72
16 L S A M .? g-n S'4b.. ?7'<j 70 65
3 do d"b 4s, 1928. . . 82 Vi 87% 76
6 do deb 4s. 1931. 80 84% 74%
3 Lehlgh Valley i?. 96% 103 92
K Liggett & Myers 7s...l04%lll 101
17 do 5s . 8 1 98% 77
13 I.on'? Island re? 4s... 64 69% 60
4 Lorlllard Co 7s.103% 110 100
10 do 5s . 787, 88 75%
17 Louisiana A Ark 5s... 70% 75 70%
2 Louis & Jeff Bridge 4s 62% 65% 61 .
29 L & N 7s, J P M rctn.101% 102% 99%
4 do col tr 6s, 1931... 85% 91 84
19 do unified 4b. 78% 84% 72
5 do 4s, At K A C dlv. 69% 76% 63
8 do 6s. 8t L dlv. 98% 100 96%
4 do 3s, 8t L dlv. 49 61% 42%
6 do 8AN-A1 con ts *68 80% 80% 76%
7 doSo Ry Motion Jt 4s 63 65 68
2 Man Ry con 4s tax ex. 60% 60% 49%
1 Mich Cen deb 4s, 1929 73% 81 72
61 Midvali Steel cvt 6s.. 77% 86% 76%
1 Mil A Nor con 4%s... 75% 77% 75%
74 M A Pt is ref A ext 5s. 62 66 42
?2 do 1st rfg 4h. 44 44 85
2 MRtP&SS Marie con 4a 76% 82% 70%
12 Mo K A Eastern 1st 6s 40 40 23%
1 M K A T of T 1st 6s. 60 60 45
81 do 1st 4s. 69% ?0% 62%
48 M K A T 2d 4s. S3 24% 26%
3 do 2d 4s T Co ctfs. 33 33 27?*
8 do rfg 4s Tr Co ctfs 86 37 30%
3 Missouri Pac con 6s.. 98% 98% 96%
7 do rfg 6s 1623. 89 91% 84
8 do rfg 6s 1926. 84% 90 79%
472 do gen 4s. 68 69 61
? 1M A O new 6s. 91 102% 91
10 do 6s St L dlv. 78% 78% 75
5 do 4s St L A C dlv. 72% 74% 63
? Mont Pow Co Cs ser A. 80% 86 76%
2 Nat Rys of Mex 4';,? 20V* 21% 20
1 N O T A M 6s ser A 93 90 90154
62 do Inc 6s. 60% 67 46
208 N Y C A H R deb 6?. 91% 93% 86
19 do rfg A Imp 4%s. 76% 79 69%
7 do dob 4s 1934. 73% 83% 69
? 29 do con 4s. ?9 73 63
i 7 do rfg 3%s. 66 70 61%
6 do ref 3%s reg- 64 64% 61
? 22 do L Sh eol tr 3%s 60% 62 65
6 do Mich Cen 3%s reg 68 68 68
INT C A Ht L 1st 4s. 73 81A 68%
6 do deb 4?. 69% 71 64
?NY Lock Co 4s. 64 67 68%
8 NT O E I. HAP col 6s 76% 85% 74%
r, do pur m 4?. 61 76% 68%
44 N Y N HAH cvt 6s '48 7?% 76% 65
4 NY NHAH deb 4H.1956 60 68 44%
a do deb 4s, 1956. 61 65 46
8 docvt deb 3%B, 1966 43% 60 39%
9 NY Ont A W 1st ref 4s 63 fJ3 62
?NY Hallways rfg 4?.. 21 32 19%
It do ref 4s, Tr Co ctfa 20 21 20
7 do ?dj 5s. 5 7% 4%
?NY Sus A West gen 6s 40 40 It
Week' ??1920
Sales CO0O omitted) clon? Hltrh
SON Y Telephone deb 6s. 88% 9??;
130 do pen 4 ?is. 7?% 81%
36 N Y West A Ros 4%s. 4?;?,; 46?'
1" .N'orf A South 6s p?r A '.."? ,MP,
72 .N'orf A West cvt 6s...101% 104 ?^
19 do aon 4s. 75 ?o
42 do dlvl 4s. 7,|i^ 7* ?j
1 Non horn Pacific 4?.,s. . 7v 8 1?,
6" do pr lien 4s. 7>> '* 80 ?4
83 do gen 3s. .-,4 fifi
1 do 4s, St P A Lui dlv 82% 8 2',
1 Ogdensb A L Cham 4s. 60 ra)
2 Ohio Connecting Ry 4s 80 80
122 Oropon g. (_'ai ?3t r,s... ?7% 93
7 Oreg Ry A Nav con 4s 76 81
4 Oreg Short Lino 1st 6s 9.8% 101
1 do con 5s. 8?; ?-a 93
23 do rfg 4s. 80 85
6 Crop-Wash RR A N 4s 69%
10 Pacific Gas & Elce 5S. 747^
3 Pacific Tel A T?l 5s. . 8 2
25 Pa.i.10,1)1 A 111 4%s . . 75
2?! P H It tem 7s. 1930
% 8 i
109 do
5m 1968. .. .
4%s, 1921.
.103
. 86'
' - 1
83
88%'
76
103"?
pe,-, 4%S.
do gold 4s, 1906.
1 9 4 S . .
in 4.'
d o 4 s, 1!
11
3 Pe
16 P.-orla A East 1st 4s. .
67 do Income (is.
7 Poro Marquette ref &8.
3 do 4s .
4 Phi la Co dob 6s,
22 Philippine Ry 4s
12 PCCAStL 4%s. ser A
6 Pub Serv of N J 6s.
69 Heading gen 4s.
1922.
82%
36 Readinp-CRRNJ col 4s 82% 894
12 Rep Ir A St col 6s, '40 88% 96 80'
13 Rio Gr A West 1st 4s. 6? ?37 68
20 do col tr 4s. 64% 55 48
29 Rock I A A Louis 4%s 67% 67% 68'
3 St L I M AS gen 6s.. 85 94% SO
74 do ref 4s. 73% 70 66
12 do 4s, R A O dlv. .. (?9
1 St L A 8 F gen 6s '31 85%
72
. 92%
275 Co pr lien 4s ser A. 59% 60
327 do 5s ser B. 71
98 do pon Cs ser C... 87
ad I 'is. 6?
71% 6 2V?
12 2 8
12 St I
; nt- 0s.
Swn 1st 4;
102
d<
on 4ii.
rm
42 St P A IC C S L 4 Vis..
7 St P M A M con 4%s
4 do 6s Maa Cen dlv.:
11 S An A A Pass 1st 4s
1 Seal) A L gold 4s stp
38 do rfg 4s.
241 do a.lj 5s.
6 So Bell T A T Cm.
291 South Pac cvt 6s....
196 do cvt 4s.
143 do rfg 4s.
50 do col tr 4s. 67%
1 do San Fr Term 4s 66%
64 Southern P.y con 6s.. 84
102 do gon 4s. ?0%
2 do 6s Memphis dlv 83
16 do 4s M A O dlv.. 68
1 Syracuse Lt A Pw 6s 67%
1 T R R A of StL rfg 4s 68
2 Third Avenue 1st 6b 76
3 do rfg 4s.
85 do adj 5?.
14 T S LAW 60-yr 4s
6 Lifter A Delaware
7 t'nlon Bag A. Paper 6s 85 U,
1 Union Oil s f 6s. 88
62 Union Pacific 4a. 97VJ
243 do 1st 4s . t<i\
86 do cvt 4? . 81V,
4 3 ref 4s . 75%
17 I'n RR S F 4s Co otfs 2.", >
5 I'n Ry I 1st 6s Pitts Is. 66
12 I'n Sla RI A Im 6?. . .
136 U S Rbr tem 7%s 19 30.
11 do 7h .
33 do 5s .'
13 r S Sml Ref A M 6s. . .
227 L'ntd Sta Steel s f 6a. .
1 do 1 f Su reg. 91
6 Utah A Northern 6s... .88
9 Utah Pw A Light 6s. . 72%
46%
77
?.9%
21%
'60
4s 5 2
8 0 ?.?
97?
91%
62%
4 9 '.;
41 %
73
73%
87%
61%
85%
58%
70
73%
84
61%
31
6 0
62
9 0
88
103%
8 5 %
88%
1 1 3 %
90
105
99%
9 7
92%
8 5 V*
11 Vlr-Cr Ch cvt deb 6s.. S?3% 101
8 do 1st 6? . 91 96%
6 Virginia Rys 6a. 79 85%
BWabash 1st 5s. 86% 81
t do 2d 6s . 83% "
?Western Blectrlo 6s... 93%
19 Western Maryland 4s. 66%
2 West N Y A P let 6?.. 8 3
24 Western Pacific 5s.... 79
7 West Ln col tr 6s. 79
22 do real est 4%a. 74%
10 Wist Shoro 4s. 74%
32 do 4s reg . 70
1 Wheelg A I.k B 4%?.. 63%
32 do con 4s. 6 6 %
80 Wilson A Co 1st 6a... 86%
16 do cvt Cb. 83
89 Wisconsin Cent gen 4s. 70%
80 do -in .4 A L dlv. 69%
1 Wlnston-Halem So 4s. 68
97%
8?;%
86%
34%
66
98%
Course of the Bond Market
-? ?
This graph ?hows the weekly fluctuations in the average prices ol ten rail?
m& ten to?ntxiaa md fire Kubliejatility bund? since April 30? 19?9.
I
Investment
Information j
Question* of general interest te
investors will be answered in this
column, in which case only intfiaU
will be used. Others will be an?
swered by mail. Address oil ??i?
quiries. inclosing a stamped, ad'
dressed envelope, to Financial Editer,
The Tribune, 15? Nassau Street, New
York City.
Liberty Bond Tax Exemptions
Question?I know that the first lisue of
Liberty bonds Is not subject to any In?
come tax. I understand that any citizen
ran buy J5.000 par of the second, third or
fourth issues and have them tax free. Will
you advise me 1f it is possible to buy more
than that amount, provided the citizen
has not subscribed for any Liberty bonds
at all ? ? A. R. B.
Answer?The limit of income tax ex?
emption on Liberty bonds, exclusive of
holdings of 3?6 per cent, consists of
$.",000 in the aggregate of first 4 per
cent, first A1/*, per cent (issues of May
i>, 1918, and October 24, 1918), second
4 per cent, second 4% per cent, third
4% per cent, fourth 4%, per cent,
Treasury certificates and war savings
certificates, $30,000 of first 4% percent
(issues of October 24, 1918, only) until
the expiration of two years after the
termination of the war, $.'3-0,000 of
fourth 4Vi per cent until the expiration
of two years after the termination of
the war, $15,000 in the aggregate of
first 4 per cent, first 4Vi per cent
(issue of May 9, 1918, only), second 4
per cent and 4% per cent and third
4% per cent, as to the interest received
after January 1, 1918, until the ex?
piration of two years after the termina?
tion of the war. This exemption is con?
ditional on original subscription to and
continued holding at the date of the
tax returns of two-thirds as many
bonds of the fourth Liberty loan.
Middle States Oil Dividends
Question?Klndlv state the condition of
the Middle States Oil Company. When are
the dividend periods??T. B. T.
Answer?The Middle States Oil Com?
pany pays quarterly dividends of 40
cents October 1, etc. An extra of 10
per cent in stock was paid July 10.
The company reported to the New York
Stock Exchange, net after taxes of
$980,980 for the first quarter of 1920,
equivalent to $2.80 a share on the then
$3.500,000 capital stock (par $10). The
capitalization has been increased to
$7,800,000, cash dividend requirements
on which arc $312,000 a Quarter at the
present rate.
Would Exchange Common for Preferred
Question ? May I ask your opinion re?
garding the following stocks: Mils Chal?
mers preferred. Advance Rumely preferred.
International Mercantile Marine preferred?
Do you consider them a good purchase at
prevailing quotations? 1 havo about $10,
C'Oi) worth of common stoeic of United
Slates Rubber, Studebaker, Chandler and
AMI? Chalmers, and I have been figuring
on changing same Into the above preferred
slocks, especially the .Mils I'halmers. Can
you tell me why tie stocks of concerns
that manufacturo farming machinery are
out of line with other preferred storks?
la, you consider United States Foo?l Prod?
uits a srife purchase?-?!. 1. O,
Answer The three preferred issues
that you mention are not seasoned se?
curities. That is, their dividend rec?
ords are not of long standing, although
the companies' earnings at present are
ample in each caso to care for divi?
dends. We regard all as fair invest?
ments. Marino preferred was a specu?
lative feature, in that there are 42 per
cent dividends accrued. The common
stocks you hold are highly speculative,
being sensitive to earnings and other
influences. Farm machinery concerns,
being only one line of business, do not
enjoy that diversification of business
such as United States Steel and other
similar concern? For that reason prob?
ably their preferred stocks aro not en?
titled to as high a rating. United
States Food Products is said to be doing
a very satisfactory business, its divi?
dend being amply earned. However,
the stock is speculative and we do not
recommend it for investment purposes.
Desires $75 Yield for $1,000
Question?Inform nie of a few stooks
that can le- purchased where the risk
would be minimized as much as possible
and the Incomo to yield nbao' $75 a year
for $1,000. Would also appreciate an ex?
pression from jou us to the status of
Golilwyn Pictures and American Telephone
and Telegraph. The latter was bought
when It was selling at 93%.?I. A. L.
Answer?The following stocks, all
preferred, return over 7 per cent per
annum. All are well secured, in our
opinion, nnd have long dividend rec?
ords: Endicott-Johnson 7 per cent pre?
ferred, General Cigar 7 per cent pre?
ferred, American lirake Shoe 7 per cent
preferred, Bethlehem Steel 7 per cent
preferred. Goldwyn Pictures is specu?
lative. The company is said to be op?
erating well at present, yet the moving
picture production business is an un?
certain one, at best. We do not. rec?
ommend such issues for investment.
American Telephone is doing better
under private operation. The dividend
is amply earned, and we regard it as a
very fair business man's investment.
Atchison Bond as Servant's Reward
Questton?I desire to make a gift of
$600 or $800 to a faithful domestic who
has been with us for nearly twenty years.
Needless to say, I want this to come as
! near a government bond as possible In the
way of seasoned securities. I have In mind
a $1.000 bond of the Atchlaon, Topeka &
; Sania Fo Railroad 4 per cent general
; mortgage, duo 1996. Kindly give me your
opinion of the Investment and state the
security which backs the bond. Would
; you suggest anything better. If bo, what?
, ?(}. I. T.
Answer?There are few if any better
; bonds than Atchison general 4 per cent.
They aro secured by first lien on the
! entire main line, some 5.241 miles of
: road. Bonds of this class or Liberty
issues form the best possible invest?
ments.
German Bonds Far From Safe
Question?I havo been advised to buy
German city bonds as a safe speculative
investment. I'leaso let me know how safe
land how speculative you consider such an
i investment.? Miss 1>. D. K.
Answer?German city bonds are
i not a speculative investment; they aro
j a gamble, and there is no moro than
; what the chemists call a trace of safety
I in them. If and when the bonds are
: paid they will be liquidated in German
currency as it exists at the tinie. If
it is worth more then than now, you
i win; if not, you lose. That is, provid
j ing the government ?lands up and the
? bonds are paid at all. Germany has
been printing money by the bale. All
! she earns for the next few generations
j belongs, by the terms of the armistice
' to her enemies; that is, all Bhe make
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 Paria
Foreign Exchange
Administrator Guardian
Member Federal Eeserre System and New York Clearing House
Week's Stock Transactions
(Continued from ortf?nJInn naje)
Lo- Di v. K
Dato. 1920. Dot*. In $. Bale*. High. Low. Close, tr
Apr 12 84 Feb 13 8 Presar? Steel Car.. 1300 97 94 97 +
Feb 2 96 May 22 7 An pi . 4C0 98? 2 98''2 98"24
Mar 13 108% May 24 8 Tullman Co . 500 114!/2113 114'/a4-:
Apr 19 66 Au* 16 5 Punta Alesrc Sucar. 1200 74 7034 74 f
Jan 3 36 Au? 9 4 Pure Oil . 4C00 38% 38 38? c?
Apr 12 88% May 20 8 Rway Steel Sprint:. 400 96 96 ?6 -
Feb 17 97 June 3 7 do pf . 100 100 100 100 ?
Jan 5 13%, Aue 9 1 Ray Con Copper... 3000 16% 14?:? 16' 4 l
Apr 27 64^4 Feb 11 4 Readin?: .119100 94% 88'2 92^4 -
Apr 27 32% Mar 9. 2 do 1st pf. 600 44 42 43' 2 ?
Sept 2 33? 4 Mnr 9 2 do 2d pf... 100 45^ 45', 45% }
Jan 3 45 Aug 10 ? Remini/ton Typewr.. 800 53.4 51 52 ?
July 7 34? 2 Ffcb 26? Replogle Steel . 8000 8434 72% 77'8?
Jon 3 76% Auk 9 6 Repub Iron & Steel. 11900 85' 2 8".% 85? 2 -
Jan 26 92'4 Au? 19 7 do pf . 300 93 93 93 -
Jan 2 26 Sept 2 ? Repub Motor Truck 18700 3S7 H 2G 30^?
May 10 69"'a Au?r 5.20 Royal Ilutch N Y shs 0900 843a 82% 84' s J
Apr 12 14% Jan 2 1 St Joseph Lead.... 2800 17 16% 17 -
Sept 2 15% Feb 13 ? St h & San Fran... 63000 2854 24% 23' 4 (
S-pt 2 23?/2 Jan 14? do pf . 1500 42% 38 42 f
Sept 3 11 Feb 11 ? St L & SoV?st. 32800 29' ? 21% 29 +
Sept 2 20% May 24 ? do pf . 9200 39% 32'4 39%+
June 18 12 Auk 19 1 Santa Cecilia SuRar 600 15 1378 14% +
Apr 5 39'4 Auj? 10 6 Snvnire Arms . 3C0 40 40 40 +
Jan 13 ? 5% Auk 27 ? Saxon Motors . 1800 5% 5' 2 5'?,?
Feb 19 6 July 2? Seaboard Air Line. 10500 9 7' ., 879 ?
Mar 1 10 July 1 ? do pf . 5200 18'4 15'4 15;'4t
Apr 14 130 Aus 10 8 Scars Roebuck . 1400 140 139% 140 ?
Jan 17 8'4 Auk 24 ? Shattuck Ariz Cop.. 100 9 9 9 +
Jnn 28 45% Au* 12 .74 Shell Trans & Tr'K 9300 52% 50% 51% +
Jan 5 23'a Au* 9? Sinclair Consol ... 73800 32% 26% 32' ,2 +
Jan 26 59 Aus 9 6 Bloss-Sheff Stl & Ir 2600 70% 67% 70% +
Apr 19 87 June 5 7 do pf . 6900 89 89 80 +
Jan 3 88? a Feb 13 6 Southern Pacific ... 373CO *96% *92'8 *9Q34-i
June 3 137% June 3 6 do ctfs .
July 12 13 Feb 11 ? Southern Kvvay _ 51700 29'
Auk 4 60 Feb 13 5 do pf . 3600 62
Apr 14 100 Auk 10 12 So Porto Rico Suirar 500 124
Mar 24 600 Au? 13 20 Staniiard Oil N J... 150 670
Mar 25 100?/a June 17 7 do 7 p c pf.
June 24 83 Sept 1 7 Steel & Tube Fdy pf 300 85
Mar 26 26% Au? 13 4 Stowart Warn Speed 2600 34
Apr 8 50 Feb 13 4 Stror.iberg Carb .... 1C600 75
M.i>* 8 58% Aug 17 7 Studebakor . 53000 63"?.;
&j>< t, 41 Feb 13 6 Superior Steel . 600 51
J i 12 96 Au? 31 8 do pf . 100 96
Apr 7 40 Aun 13 4 Temlor C & P F pf A 500 42
Mar 31 9 July 29 ? Tenn Cop & Chem.. 247C0 93,
May 6 40% Auk 6 3 Texas Co . 45900 50'4
Mar 22 25 Feb 13 ? Texas & Pacific... 21200 38%
July 7 35% Sept 1 .60 Tex & Pac C & O.. 92C0 41' j
Mar 15 9% Au* 6 ? Third Avenue R R. . 900 11
. July 15 21% Sept 3 ? Times Sq Auto Sup. 4300 24'. =
. Jan 3 57 Auk 13 6 Tobacco ProducU... 8100 67'E
Jan 7 83% Auk 20 7 do pf. 100 84
Feb 27 10% Feb 18 ? Toi St L & W ctfs. 7C0O 14^
Jan 3 15 May 28 ? do pf ctfs. 2300 213,
, Jan 5 9 Sept 1 ? Transcontinental Oil. 47600 13'<
> Jan 3 40 Aujr 9 6 Tran? Wms Steel... 500 46
Jan 28 108 Auk 31 7 Cndcrwood Typew pf 100 1C81 ;
Apr 14 73'/a ?May 22 8 Union ling & Paper 8400 88
Jan 9 25% Au?/ 28 ? Union Oil . 2900 29
l Jan 3 110 Feb 13 10 Union Pacific . 34800*124'.
V Jan 3 61% May 24 4 do pf . 2500 65
Jan 5 38% Auk 18 4 United Alloy Steel. 200 40
Jan 14 105% Auk 31 8 United Drug . 700 106
Jnn 13 44 Auk . 6 3% do 1st pf. 100 44?,
Jan 9 86! ? Feb 9 7 United Dyewood pf. 100 86!-;
Apr 14 176 Feb 11 12 United Fruit . 1600 196
j Mar 18 7% Aug 12 ? United Kway Inv.. 28J0 10' ;
Jan 27 13 Auk 9? dopf . 3200 21
Jun 3 59 Auk 9 3 United Retail Store? 29800 70^>
Jan 3 12% Auk 10 ? U S C I P & Fdy.. 100 13?,
I over what is necessary to keep her in i
! condition to earn anything at all. How,!
j then, is Germany going to make the
mark worth anything near par? Un
! doubtedly her 60,000,000 people possess
tremendous recuperative power, but
I they need all of it, and redeeming anil
: putting value behind the mark is not
! the first charge on their efforts. We
! do not believe marks are as chean as
: they look. Earlier in the year there
? was a wave of speculation in them
hero which carried the price up. Now
that has subsided, and the quotations
are falling otf. Lots of outside specu?
lators are loaded up with marks at
close to 3 cents.
No Reason to Swap Bonds
Question?I hold City of Lyons 4'.j per
i cent bonds which I bought some time ago
at 53. These bonds have sine? declined to
about S3. I have In mind to exchange these
bonds for Denver A Rio Orando Kailroad
first 4% per cent. In doing this I could
recoup the loss on the Lyons bond?. Will
I you kindly advise whether above men
I tinned railroad bonds are a better, or Just
i nu safe an Investment aa the City of
! Lyons bonds, and whether, In your esti?
mation, you would advise the exchange? ?
? 11. K.
Answer?When you speak of recoup
| ing your loss on Lyons bonds by pur
' chasing another security you forget
| thnt your loss on the Lyons bonds may
| be only a temporary ?bne. Tho reason
: for the drop in price of this issue is
largely due to money and credit condi?
tions. Denver & Rio Grande 4V? per
cent bonds sold not very long ago at
considerably over par. The Lyons
bonds pay 6 per cent, not 4'"a per cent.
The yearly income on Lyons bonds is
7.20 per cent, while the yearly return
on Denver & Rio Grande bonds is less
than 7 per cent. We see no good rea?
son for making the change.
Rock Island Preferred Fairly Safe
Cuesti?n?Please advise as lo what voit
think of Chicago, Ruck rslsnd A Pacifie ?
lier cent a ral 7 ;?? i . ?r.! prefer?' d . a.s ?
New York, New Haven .?.? Hartford Would
> ou a a .a. ? bu> ing < tthor of llieso .it pre?.
i III | ,.c,.., for a safe Investment ??( i. J. I!.
Answu??Most of the railroads should
d? ?citer now that increased rates are
established. The dividend on Rock Isl?
and preferred stocks appears to be
fairly safe, although it is 'not a high
grade stock. New Haven is not an in?
vestment issue. It pay3 no dividends,
and while it may offer speculative op?
portunities, we do not advise it3 pur
chasa unless you can afford to specu?
late. _
Four frill columns of in?
vestment questions and an?
swers are published in The
Tribune every Sunday.
Price Trend on the New York Stock Market
-?? . ? ?
the graph shoits the weekly fluctuations in the average price of twenty railroad stocks in, one linejmd
?thirty industrial stocks in she otfe simce April 30? 1919?, "
Foreign Collections
FOREIGN 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 Tokio Yokohama
Paris San Francisco Soattio
OFFICERS
Charle? A. Holder, President
T. Fred Aspden, Vice-President
E. B. MacKenzie, Secretary & Treasurer
Parjc'Union
FOREIGN ?BANKING CORPORATION
56 Wall Street, New York
Paid Up Capital and Surplus. $2450,00*%,
LONDON JOINT CITY & MIDLAND
BANK LIMITED
HEAD OFFICE: S, THREADNEEDLE ST., LONDON, E.C. 2
OVER 1,460 OFFICES IN ENOLAND AND WALES
Subscribed Capital - - ?38,096,363
Paid-up Capital - - 10,840,112
Reserve Fund - - - 10,840,112
Deposits 'June 30th, 1920)- - 367,667,322
OVERSEAS BRANCH: 65 & 66, OLD BROAD STREET, LONDON, E.C. 2
FOREIGN BANKING BUSINESS OF EVERY DESCRIPTION UNDERTAKEN
Atlantic Office?:
"AQUITANIA," "IMPERATOR," "MAURETANIA"
The Right Hon. it. McKENNA?Chairman
,-?-7-1
AFFILIATED BANKS:
BELFAST BANKING COMPANY LTD. THE CLYDESDALE BANK LTD
Over 110 omces in Ireland Over ISO Office? In Sootlan?
T?ic-h
1320.
55%
78 ?s
1161,5
103^4
G9'i
1433/4
115'2
76
47%
109
1153.4
803 i
12%
97
80' 4
1121.2
119
21
20? ;
76
12%
20' ;
323 4
69
89', 4
139
55' i,
14'/.
26'4
69'/s
3154
32
93
82 ?,'s
33
145
95 ?j
Date.
Apr 7
Jan 5
Jan
Jan
.Apr
Jan
Jan
Jan
Mar 26
Jan 5
Jan 30
Jan 3
Jan 2
Apr 16
Apr 14
Jan 7
June 18
June 11
Feb 24
Feh 21
Veb 19
Mar 30
leb 24
leb
Apr
Sept
Mar
Jan
Jan
Feb
Sept 2
Msr 29
July 23
Jan 3
Jan
Jan
Feb
Apr
Jan
3x di
5
5
27
14
27
l?der
i.ovr
1920
41' 2
53 3B
77? 2
90
40
80
101
60
417,
837'8
1043 8
56'8
7
42
59'/ s
104
76
12%
20' 2
i 4
43
8%
11
2d 2
54?. 2
80'a
10134
441/2
9
15
42'%
24
15
75
5C 8
23
100
55
d.
Dir.
Date, in S
Auk 24 5
I-'cb 13 6
leb 13 8
Aus 6 7
Feb 13 ?
Aus 9 8
Aue 9 8
Aus 9 C
June 14 3'
Aus 9 5
June 18 7
Aus 9 6
Aus 25 ?
Feb 13 6
Feb 13 4
May 3 8
Fob 13 6
Aus 10 2
May 20 ?
leb 11 ?
May 19 ?
Feb 13 ?
July 30 ?
Feb 13 ?
Feb 5 4
July 13 7
Aus 9 7
May 20 4
June 23 ?
May 21 ?
Sept 1 4
Aus 24 ?
Sept 2 1
Sept 2 7
Aus 9
Au? 9
June 3
Aus 9
Net
Sales. Rush. Low. Clone, che?.
do pf . 200 41*4 41*4 41*44- ? 4
V S Food Product?. . 3~,00 60% 581? 60%4- ?,,
U S Jnd Alcohol.. S800 84% *82' 2 *83?, 2? Vit
do jfF . 300 93 9 3 93 *- 34
TT 8 Realty & Imp. 3500 51 47 51 + 3
U 8 Rubber. 9500 86'/2 83*4 88'. 4 f- ?4
do 1st pf.'_ 100 104 104 104 4- %
U 8 Smelting Ss Ret 2300 57 62 67 + 3%
do pf . 400 42 417, 42 -
? S Steel.103900 90'/? 87? 2 89^8? 1'/a
do pf._ 3800 107 1061/4 107 + %
V/tah Copper . 12700 64% 60% 64 4- 2
Vtah Secur Corp... 800 8 7'4 8 4- V?
Vanadium Steel ... 28700 73' 4 66% 70 -
Va-Car Chemical ... 1000 68% 65' 2 6838 ?- 2%
do pf . 500 107% 107' 2 107'. ? - 2' 2
Va Iron C & C. 200 112 112 112 - 6
Vivaudou, ?nc . 6C0 15 14 14% ~ 34
Wabash . 174C0 10'4 8 10 ? 1%
di> pf A. 24800 29'j 25 28% -i 2?4
do pf B. 400 19' 2 1*i 19' 2-3
Well? Farso Fip.. 500 58 4 65 68%-- 1'i
Western Maryland.. 13000 11 ? 9% 11%J ''.4
do 2d pf. 5300 19% 13 18 -?? 3\/a
Western Racine ... 12600 31' ? 27 31'2- 3%
do pf . 400 69 68 69 - 2
Western Union Tel. 400 84 83 84-1
Wt'house Air Brake 400 104 103' z 104 -
Wsstinshouse Mfs.. 2000 48% 46% 483i - V/4
Wheel & Lake Erie. 15800 13'/4 1C% 12%4 1
do pf . 10700 26 17% 25 4 3'/,
White Motors . 9900 47% 42'2 44?/,? 1
Wickwire Spencer.. 300 25 24>2 24l,r? 1
Willys OTerland_ 9300 18% 15 15 ? %
do pf . 2C0 76% 75 75 ?3%
Wilson Co . 600 57 56% 66'/?? %
Wisconsin Centra!.. 2700 33 27 3?, + 4'4
Woolworth . 700 106% 106 106%? ' s
Worth Rump & Mach 1300 62 5834 62 +? %

New-York tribune. [volume], September 06, 1920, Page 11, Image 11
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New-York tribune. [volume], September 06, 1920, Page 11, Image 11
About New-York tribune. [volume] (New York [N.Y.]) 1866-1924