New-York tribune. [volume] (New York [N.Y.]) 1866-1924, September 09, 1920, Image 14

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New-York tribune. [volume], September 09, 1920, Image 14
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New-York tribune. [volume] (New York [N.Y.]), 09 Sept. 1920. Chronicling America: Historic American Newspapers. Lib. of Congress. <https://chroniclingamerica.loc.gov/lccn/sn83030214/1920-09-09/ed-1/seq-14/>

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MACKAY&CO.
BANKERS
If investors refuse to be
?distracted by surface manifes?
tations or passing events, they
?can secure exceptionally
?high returns with safety and
an eventual appreciation
of their principal.
Suggestions on request.
14 WALL STREET
NEW YORK
Member? New York Stock Bxchano?
Great Earning Power
High Yield
Empire Gas and
Fuel Company
Preferred Stock
TO YIELD OVER
v
The Issuin^Company is one
of the largest producers of
high grade refinable oil in
the United States, a com?
plete unit within itself, do
ingj through subsidiary and'
affiliated companies, a pro?
ducing, refining1, transport?
ing and marketing business.
Circular E-36 on request
Henry L Doherty
& Company
Bond Department
60 Wall Street, New York
National City
Bank Rights
Battery Park
Nat'l Bank
Stock
Our Bank Stock Depart?
ment is prepared to furnish
full information and quota?
tions of ?all New York Bank
and Trust Company Stocks
Colgate,Parker & Co,
49 WaU Street New York
?SEW DESCRIPTIVE BOOKLET
18th Edition
Revised to Date
On
STANDARD
Mailed Upon
Free . Request
L
ISSUES
This booklet contains all the 1919
financial statements of the Standard
Oil companies issued to date, to?
gether with other important in?
formation and a comprehensive re?
view of the general oil situation.
?ARL H.PFORZHEIMER & COL
Dealer? ?a Standard 03 Securities
25B?csdS?. Phone?Bread4880-3-2-^4
btmr-T*wiw'w.mwwn
?
si
Miller &6q
.Members
NeuAiork Stock Excdodnri*
Securities Bought for In?
vestment or Carried
?on Conservative
Margin
120 BROADWAY
Branch Offices
212 FJFTH AVENUE'
???v cv*. 26'sm.tzr
I?N?ACREBUIlXHNG^
N. CAR 472ni ?5T *- BttGAOtfAX*
j National City Bank Right?
Bankers Trust Co.
[Tuill ii n ' fimiiiii
? MeCUmS, JONE* ?ft REED
|? Memter? Hew York Htoeh Kxchano?
It* ItaMMtSNW PfkaM mi UeeUse
?lj&scrtlc?sl Items
IMttW at iba ?ptUtet
? ia*<w CorporatUin
\gptmm**r iff to attit.
W i?.???r i w c?)U not??
i?t? gtummis s? ?49 a **>*r?.
n*> ??at?/a| mt?** CorporatUm luse^humn
' r iff to atKtteriz? taaue
! Stock Market Is
j Unsettled by Sales
For Short Account
Professional Pressure In?
creases in Dull Trading
Session; Steel Trade News
Less Favorable; Money, 7
Action of the ?tock market yester?
day . was generally disappointing, for
the setbacfc in prices occurred- just
when the Street had begun to talk
optimistically of a sustained recovery.
What happened, however, was that the
professional traders; on finding signs
of weakness at the outset, seized upon
the opportunity to apply pressure to
the whole list, with the result that
the entire market suffered. Declines
were sufficient in many cases to wipe
out the ground gained on Monday and
not a few industrial shares displayed
pronounced weakness. The reaction oc?
curred without definite news develop?
ments to account for it and demon?
strated quite conclusively that the
market is still in an uncertain position
and will likely continue so until cur?
rent credit troubles have been over?
come. It is to be said, however, that
sentiment is much more cheerful than
it was a few weeks ago. Improvement
in the investment market has been suf?
ficiently pronounced of late to create
a favorable impression in financial
circles.
In the stock market yesterday a
number of the issues which were so
strong the preceding session suffered
quite severely. There was Mexican
Petroleum, for eiample, which had
risen buoyantly on Monday on the an?
nouncement of an increase in the divi?
dend rate. This and the other Doheny
issues were -subjected to professional
pressure from the outset, forcing
rather sharp declines. The bears made
capital out of the late reports from
Mexico, which indicates a hostile atti?
tude on the part of the de facto govern?
ment regarding the controversy over
the property rights in Mexico of the
leading American producing companies.
The steel shares, with one or two ex?
ceptions, were weak. This was es
?>ecially true of Steel common, which
ost more than a point. As is usually
the case, the weakness of the market
leader had a depressing effect upon
the rest of the industrial list.
. The weekly reviews of the iron and
steel trade take a less favorable view
of the outlook for the industry. Buy?
ers of pig iron and steel are holding
out of the market in increasing num?
bers on the theory that prices will be
lower in 1921. Cancellations of exist?
ing contracts are said to have been
fairly heavy of late. The monthly un?
filled tonnage statement of the United
States Steel Corporation, which will be
published at noon to-morrow, ought to
indicate the extent to which cancel?
lations have gone in the case of the
largest producer of-steel. Pig iron
production during August gained sub?
stantially as a result of the improve?
ment in transportation conditions, so
that the month's output was only ex?
ceeded this year in March. /
Borrowers at the Stock Exchange
found an ample supply of call funds
available yesterday at 7 per cent, which
was the prevailing as well as the re?
newal rate. At the same time further
evidence of a relaxation in the money
market position was supplied in the
larger offerings of time funds. Brok?
ers in recent days have been able to
obtain a substantial amount of time
money for periods of thirty days to
four months at 8% to 8% per cent.
The natural inference is that lending
institutions see tangible evidences of
improvement in the general credits
situation.
Money and Credit
Call money rates held at 7 per cent
all day yesterday. The most interest?
ing development in the money market
was larger offerings of time funds.
The government will withdraw to-day
$3,270,000 from the banks.
Yester? Year
day. ago.
On mixed collateral...? 7 6%
On industrial collateral 7 6^
Time money (mixed collateral):
Sixty days .8@8H 6%<?6
Ninety days.8@8V4 6%@6
Four months .8@8% 5%@6
Four to six months..8@8tt5%?6
Bank Clearings?Bank clearings at
New York yesterday were: Exchanges,
$735,251,693; balances, $62,249,161.
Silver?London, 59d; New York,
domestic, 99%c; foreign, 94c; Mexican
dollars, 71%c.
Sub-Treasury?United States fund
reserve credit balances, $45,493,459.
Canadian Exchange?New York funds
in Montreal, $104.38 premium per
?1,000; Montreal funds in New York,
$94.51 discount per -$1,000.
The Dollar in Foreign Exchange
Sterling and French francs wer?
steady yesterday and Belgian francs
were a shade weaker. Lire rose some?
what. The second shipment of gold
from France in connection with the
Anglo-French loan is reported about to
leave, and the first shipment is still
on the water.
Yesterday's closing rates, compared
with those of a week ago, follow:
(Quoted in dollars to the pound).
Yester- Week
day. ago.
Sterling, demand.$3.5350 $3.5625
Sterling, cables .3.5425 8.57
Sterling, sixty days... 3.4950 3.5225
Sterling, ninety days.. 3.4750 3.5225
(Quoted in cents to the unit).
Francs, checks . 6.79 6.95 '
Francs, cables . 6.80 6.96
Belgium, francs, checks 7.22 7.41
Belgium, francs, cables 7.23 7.42
i.ire, checks . 4.36 4.69
T.ire, cables . 4.37 4.70
'^wiss, francs, checks.. 16.42 16.45
SwLs, francs, cables.. 16.45 16.50
Marks, checks ........ 1.91 2.03
Marks, cables . 1.91 2.03
Guilders, checks .31.60 81.&0
Guilders, cables .81.626 82.00
Austrian, crowns, chks. .48 .47
Austrian, crowns, cbls. .48 .47
'.woden, checks .20.15 20.10
Sweden, cables . S0.26 20.20
Denmark, checks . 14.35 14.30
Denmark, cables . 14.40 14,85
N'ofw-.y, checks . 14.40 14.20
Norway, cables . 14.45 14.25
Pesetas, checks .14.857 14.95
Pesetas, cables .14.89 15.00
?reece, checks . 10.85 11.00
Greece, cables .10.95 11.125
Manila, checks .48.25 46.50
Manila, cables . 46.75 46.75
India, rupees, checks.. 83.25 34.50
India, rupees, cables.. 83.50 34.75
Tapan, yen, checks-51.125 51.125
iapan, yen, cables-51.375 51.875
Argentina, checks_ 84.25 86.00
Argentina, cables .84.50 86.25
Brazil, Rio, checks_18.25 19.50
Brazil, Rio, cables.... 18.375' 19.625
Czecho-Slovakia, ehk?. 1.64 1.70
Czecho-Slovakia, cbls.. 1.64 1.70
Paris Market Active
PARIS, Sent. 8.?Trading was active
on the Bourse to-day. Three per cent
rentes, 55 francs 25 centimes. Exchange
on London, 62 francs 63V? centimes.
Fiv? per cent loan, 87 francs. The dol?
lar was quoted at 14 francs ?2fc cen?
times.
a . m
London Money Market
LONDON. Sept. 8,?Bar silver, C9d
an ounce; bur gold, 115? lid. Money,
Ifo ^Is/?, ?*?*>??' **t??-Short
bins, 6%<a?613-16 ?per cent; ' throe
month Mil?. f%m tf-ifi p?r etBt. Gold
nremiurn at Lisbon, 140.
' * ? -
Transactions Yesterday in Listed Stocks
Summary of Stock Exchange Dealings
(Copyright, 1920, New York Tribune Inc.) ,
Day Year Jaaaary 11? date.
Yesterday. before. aro. 1920. JL1919- 19?.
Railroad stock? . 226,300 198,700 Holiday 26,299.400 71.798,500 20.891.200
Otli?r stocks . 313,600 407^00 Holiday 131,192,300 164,621,100 70,784,600
Ail stocks . 639,800 G0&.9OO Holiday 157,491,700 286,319,600 91,675,800
Yesterday. Day before. Year ar?. 192?- 1919.
U. S. "rovernment bond?. $4,917,000 $4,983,000 Holiday $2,064,714,000 $1,673.528.000
Railroad bonds . 2,391,000 1,198.000 Holiday 270.319,000 217.221.000
Other bonds . 2,221,000 2,983.000 Holiday 252.649,000 262,366,000
AH bonds _. 9,529,000 9,169,000 Holiday 2,587,582,000 2,133,115,000
Record of Stock and Bond Averages
(Copyright. 1320, New York Tribune Inc.)
Stocks
Year
ago.
68.70
108.17
92.38
Yester- Day
day. before.
20 Railroad stock? . 67.25 68.15
3C Industrial stock? . 86.66 87.10
5? Stocks . 78.90 79.62
Bonds
10 Railroad bonds ...._ 73.15 73.25 76.40
10 Industrial bonds . 83.33 83.07 93.08
5 Utility bonds /.. 68.97 68.95 79.80
25 Bonds . 76.38 76.32 83.75
Ranrre trina
far 1920.
High.
68.70
'*?10.30 '
92.0^
76.23
91.45
74.53
81.71
Low.
^63.60
82.53
74.46
66.73
82.92
67.64
73.94
Ran?? foO
year 1919.
High. Lovt
78.80 68.!
119:33 79.?
99.54 75.?
82.80 72.?
95.70 90.!
87.75 714
87.91 80.?
Hifrh. Law.
192a 1920
40
2%
3
Div.
Rat?.
63%
92
95
96%
99
103%
128%
61%
25 ?
?44 6
1 ?
1 ?
28 1
70?/? 7
75 8
84% 6
99 7
70% 8
81% 10
30% ?
Adams Express.
Ajax Rubber .
Alaska ?Gold Mines..
Alaska Janean .....
Allis-Chalmers.
Allis-Chalmers pf_
Amer Amr Chem_
Amer Agr Chem pf.
.Amalo; Sosar 1st pf.
Amer Beet Sugar...
Amer Bosch Ma?*....
Amer Can
147% 124*/? 12 I Amer Car & Fdry..
64%
15?/,
30%
122
68
119%
14!*
93
IO91/4
107
17%
30%
72
100'/4
115%
60
93%
23/4
9%
13
72
63
64/2
9/2
61%
82
95l/2
11% ?
163,4 ?
Amer Cotton Oil
,80 Amer Drug- Syn ...
Amer Hide & Leath.
'Am Hide ft Leath pf
Amer Ice Seenr pf..
Amer Int'l Corp ....
Amer La France ...
Amer Linseed .......
Amer Loco . 2100
Open. Hi??. Low. Closs.
35 35 35
47 47/4 47
I/4 1/4 1'/4
1% 1% I/2
34/2 34/2 34
72/a 72/2 72/2
81/a 81% 81
87/a 87/2 87%
99 99 99
77 82/4 77
8434 863^ 843/4
34% 35% 34%
14C0 135/4 135/4 I33/2 134%?
400 25/2 25/2 25% 253a?
10% 10% 10
13/a 13/s 1234
73 /a 73/z 71/2
58 58 68
72% 75 n/2
10 10 9%
69 69 " 63%
9534 95% 94/2
Bale?.
200
400
100
1200
800
100
300
300
90
6800
1400
2800
Net
chge. Bid.
500
200
4100
300
11900
600
300
10%
1234? /a
72 ? 1%
58 -
74/8+ 1/s
9%? 1/s
683/4? 34 67/a
g5 ? 1 ? 94/2
6234
85%
86
33/8
85
142% 109
106% 74 yA
100%
210
9734
165/2
61%
66/2
24
6%
67/4
74%
125
86/a
82
8%
93/a
92/,
102
85/4
72%
28 ?
49/a 4
19 ?
2 ?
23 4
55 6
86/2 6
76 6
72 5
4 ?
82/8 7
176/a 128/2 10
19/4 4 ? ?
148% 100 7
44 27% ?
62/4 40/,
43/2 35
154/a 114
m/2 IOO/2 7
1% % ?
32/a 5/8 ?
IO2/2 68 6
ft 9/4 ?
A?er Loe? pf . 300 100i/2 100/2 100/2 IOO/2-}- % 100/2 102
Amer Safety Razor... 300 13/8 13'/8 13 13 + % 12% 12?
Amer Ship ft Com.. 400 20 20/a 20 20 - 19%, 20V
Amer Smeltinar . 6800 60'/2 61/8 60 60 ? % 60 60',
Amer Smelt pf . 300 91% 92 91% 92 - 91 92
Amer Snuff . 100 105 1C5 105 105 +2 104 111
Amer Steel Pdy _ 200 36% 3G% 36/2 36%? V? 36 36'/
Amer Steel Fdy pf.. 100 87/? 87/? 87/? 87/?+ 1 %
Amer Sugar. 2900 110 112/4 110
Amer Sumatra Tob.. 800 85 85% 85
Amer Tel & Tel. 3100 98% 99% ?8/4
/I11/2+ I/2 1T1'/4 112
400 11334 1183/4 118
Amer Tobacco B .,
Amer Tob pf new.... 100 90
Amer Woolen. 6100 82/2
Amer Writ Paper pf. 300 53%
Anaconda . 4100 55/4
Austin Nichols . 100 19
Assets Real Co. 100 2%
Assoc Dry Goods_ 300 31
Assoc Dry Gds 1st pf. 100 59
Associated Oil . 600 89%
Atch, Top ft San Fe. 3300 84
Atch, T & San Fe pf. 400 76%
Atl, Birm ft Atl_ 200 7
Atlantic Coast Line.. 200 92%
Atl, ?ulf & W I.... 600 136
Auto Sales Corp- 200 4%
Baldwin Loco Co- 19C00 110
Balti ft Ohio. 7900 42
Bait & Ohio pf.. 1000 61
2/2 Barnsdall B . 100 38 ;
8 Barrett Co . 200 135 136/4 135
7 Barrett Co pf . 100 101% 101% 101/t
Batopilas Mining;_ 300 % ? % ?i
Beth Motors. 2900 6/4 6% 5^
13/4
15
129
11%
27/4
28%
134
104%
108/a
215
61%
164
61%
14%
10%
27/?
42/2
61 Vz
91%
111%
41%
68%
79.
66
21/4
44/4
40?4
29%
43
65/2
67
56
93%
40%
14%
*>05%
43%
Beth Steel Cl B. 6900
Bklyn Rapid Tran.. 600
6% ? Bkijm Rapid Tr ctfs 200
6% ? Booth Fisheries Co... 200
84 10 Borna Bros . 600
6% ? Batte Copper ft Zinc 1200
11 ? Butteriek Co . 400
10%? Caddo Oil. 100
110 10 Canadian Pacific
49 6 Central Leather _ 6100
96 7 Centra] Leather pf... 1000
173 8 Central of NJ .... 100 i
33% 4 Cerro De Pasco. 1000
79/2 10 Chandler Motors_ 1600
47 4 Ches & Ohio. 1400
4% ? Chi ft E 111 pf. 6?0
7 ? Chi Great Western.. 600
19% 2 Chi Gt West pf. 800
30/4 ? Chi, Mil & St Paul.. 2800
30/4 ? Chi, M & St Paul pf. 7100
Chi & Northwestern. 2600
Chi Pneu Tool. 300
Chi, Rock Isl ft Pac. 9100
Chi, R I & P 6% pf. 300
Chi. R I ft P 7% pf. 300
Chi, St. P, M ft O... 100
Chile Copper . 800
Chino Con Copper... 600
Coca-Cola . 200
Colorado & So. 800
Colorado & So 2d pf.. 100
Colombia Graph .... 6100
Columbas Gas ft Elec 800
Compat Tab Record.. 200
Consolidated Gas ... 100
Con Int Cal'hn Min.. 400
Continental Can .... 600
Continental Candy .. 400
Corn Products . 1400
2% Cosden ft Co . 4100
85'/4?
98/4? %
118 ? %
90 + 1%
81% 8I/4? 1/4
63 63 ? %
53 63 ? 1%
19 19 ? Vz
2% 2%? Vm
30/4 3O/4? 1
69 69 ? Vz
89/4 89/4+ 2%
83% 83%? %
76% 76%-?
7 7 -
92% 92%? /?
134 134?2
4% 4%+ Va,
IO8/4 109 ? 1
41% 41%? 1%
50/4? 1/4
38 -?
135%? 4%
101%+ %
34? %
6%? %
76 ? 134
11%? Va
8 - i
92 ? 234
734? V*
12%+ %
15/z? ?4
6O/4
38
108% 109
41% 41/4
119% 120
% 119/2 120
67
74/4
23%
64
64%
68
12 *
24%
30/4
20
35 .
19%
50
43%
73%
9%
74%
10/a
76/4
SO
278% 115%
60% 36% 7
69% 32% ?
85% 75% 7
150/4 165
9 4
16% 9
13 9/4
115
18
6
7
5
V/t
4
4
1
6
4
7
2
7
1
4
? 1/4
+ Vz
130
28
147
16%
25%
1834
95
91%
43
36%
19%
192
100
172
42
85%
93
85%
IO234
55%
843/4
41%
15 -
34
15%
77%
109/2
23%
46%
93%
61%
4%
16%
10
Crucible 8teel . 49C0 123% 124 12134 122%+ %
Ccba-Amer Sugar
Cuba Cane Sugar...
Cabo Cane Sugar pf.
Del, Lack & West..
Denver & Rio Gr....
Denver ft Rio Gr pf.
Dome Mines .
Elec Storage Battery
Elk Horn Coa!.
Endicott-Johnson ...
Eric .
200 237% 237% 237%
45/2 +
37/4? % 37 * 37 V?
77 ?- 76% 77
2371/2? 2/z 237% 240
53/4? Va 5% 53'?
12%? % 12% 12-%
11%? Va 11/4 11/s
62 5 Endicott-Johnson . .. 800
.9% ? Eric . 6109
17%? Erie 1st pf. 4800
12/2 ?
65% 8
80 8
25% 3
20 ?
Wt ?
127% 128/4 + 13% 120
2?.% 23/4? %
63% 68%? 2%
150
90
134
19%
68
78%
49/a
84
31% ?
67% 7
30 4
7 ?
25% ?
14% ?
50 4
75 ?
13 1
21% ?
80% 7
43% 4
3 ?
8% ?
Erie 2d pf.....
Famous Players
Famous Players pf..
Fisk Rubber Tire_
Freeport-Texas Oil ..
Gaston, Wms & Wir.
?Gen Chemical Co....
Gen Chem Co pf...
800
1800
300
300
13100
300
210 159% 159% 159% 159/2+ 3% 157
100 90/a^jWi/a 90% 90/8- 90
142% 112% 7
51%
111%
170
91%
26%
9%
20%
47%
SI/2
7%
30
21%
49%
33%
48%
91%
23
38%
49%
206% 130
21% ?
70% 6
37 ?
62% ?
15% ?
6% ?
20
S0%
36/?
5/4
20
13%
40
22
13%
63
16
21
39%
Gen Electric Co. 600 143% 143% 141 % 141/4? 3% 141% 144
General -Motors _ 9800 21% 21% 21 21%? % 21 211
Gen Motors 6% deb. 600 69 69 69 69 + % 68% 69?,
Gen Motora 7% dab. 400 80 80 79% 70/2? 1 78?/2 801
Goodrirh, B F . 400 65 65 64% 54%? 1 64% 55
Goodrich, B F pf... 200 86% 86% 86/2 86%- 86/4 90
Granby Mining . 100 36 36 36 36 ? 1% 35 37
Gt Northern pf. 5100 78% 78% 76% 76%? 1% 76% 78'
Gt North Oregon subs 1800 32 32% 32 32 ? % 32' 32'
Gulf Mobile ft No.. 200 12% 12% 12% 12%? 34 i2i/2 -?3'
Gulf Mobile ft No pf 100 28% 28% 28% 28%? % 26' 30
Habershaw Elec - 300 14% 15 14/2 15 - 15. 151
Haskell ft Bar Car Co 700 71 71 68 68%? 1% 68% 69
Houston Oil . 100 105 105 103% 104 ?2 10S' 105
Hupp Motors. 80O 15% 15% 15/2 15%- 15% 15:
Hendee Mfg . 2400 24% 24% 24% 24%?- % 24% 25
Illinois Central . 100 88 88 88 88 ? % 88% 89
Inspiration Copper, .. 2000 48% 48% 4734 4794? % 473/4 48
Interboro-Con Corp.. 100 3% 3% 3/2 3%? % 3i/2 3:
Interboro-Con Corp pf 800 11% 11% 11 11 _ i/a 10% 11?
Int'l Harvester . 100 125 125 125 125 +1 125 127
Int Mer Marine. 600 25 25 23% 2334? s/a 23% 23^
Int Mer Marine pf... 200 75 75% 74 7434? 1i/4 741/3 76
Int Motor Track.... 1000 44 44 43 43%? % 42 45
Int'l Paper .... 800 8034 8034 79% 79%? 1% 79 79
Int'l Nickei . 1800 1934 19% - *|9/8 19%? /4 19 19:
Indiahoma . 500 8/8 8% 8 8 ? % 8 8
1.20 India Refining . 3900*20
Invincible Oil . 4400
36
28
161%
62%
30%
38
137%
107
222
26
71%
52%
18%
80
11
18
31%
50
69%
61
40
86%
?7
80
88%
WA
7%
17%
47%
117
T>V9
41%
86%
18%
11% ?
96 10
38% 7
19 2
7% ?
70% 8
97% 7
148? *h?
18%
10%
37'
9 <?
?3 7
3%r
? Iron Products . 800 44
? Island Oil & Tr. 5600 6%
2 Jones Tea . 600 20
? Kansas City South,. 1400 20
4 Kan City Sooth pf.. 400 46
2 Kcnnecott Copper ... 200O 26%
1.20 Keystone Tire . 900 16%
6 Lack 8teel . 1000 69
? Lake Erie ft West pf 500 23
2 Lee Rubber ft Tire.. 100 21%
3% Lehigh Valley . 1400 48%
12 Lis- & My Tob Co . ? 100 141
2 Loews, Inc . 2000 20%
Loft Candjs. 1800 13
35%
40
21
36
59
32
32%
44
83)
40
80
70%
4%
10%
31
89
84%
23%
?3%
Manati Sugar
7? Manhat Elevated ...
2 Martin Parry .
- Maxwell Motor Co...
8. May Dep't Stores_
7 May Dcp't Stores pf.
2 Mexican 1'etrolruni. .
2 Miami Cons Copper.
1.60 Middle SUtes OU...
4 Midvvle Steel .
- Minn ft St L new...
7 M, St P & S SU M..
Mo, Kan ft Texas...
M?, Kan ft Tex pf..
-? Missouri Pacific ...',
- Missouri Pacific pf..
3 Montana Power ...,
4 Mullios Body .
200 102
200 43%
100 21/4
600 9%
600 74%
200 101
21400 170%
400 20%
6100 13%
3000 40
1000 1434
200 79%
11900 8
4800 13%
2000 27%
6800 48
100 61%
100 32
%
1%
101% 101
171% 166%
%
3% National Acia?. 400
? National Aniline ... 6800
7 National Aniline pf. 300
6 Nat Cloak ft Salt .. 300
6 Nat Enamel ft Sip.. 600
? National Lead . 2000
? Nat It It Mex 2d pf. 300
1 Nevada Canso! Cop.. 800
? NO, Tex ft Mea ... 2300
10 Now York Air Brake 100
8 Now York Central .. 2800
??- NY, Chi ft St L... 1800
? N Y, N II ft H .... 6400
%
Hich. Low. Dir. Net
1920. 1920. Kate. Sal?s. Open. High. Low. Close. chge. Bid. Ask.
100J4 85 7 Norfolk- ?ft Weetern. 400 95% 95% 95% 95'/*? 1'/a 9434 95%
59'/a 48 5 North American ... 100 51% 61% 61% 51%? V? 51 52
84% 66% 7 Northern Pacifie ... 3900 79% 79% 78% 78%? 1'/* 78 78%
77% 42?/a 6 Not* Scotia Steel .. 1000 4? 49 46 49 + 4% 49 60
57? 3% .40 Okla Prod ft Be? .. 1400 4 4 3% 37s? V? 3% 4
4174 19% ? Otis Steel . 12C0 23 23% 23 23 + Vz 22% 23%
?l1/** 4T/4 6 Pacific Gas ft Elec.. 300 45% 45% 45'/8 45?/?? % 44% 45%
116% 7134 6 Pan-Amer Petrol ... 12900 90?/4 90% 88% 89 ?1'/? 89 89%
111% 67% 6 Pan-Amer Pet B ... 2800 84 84 S2'/2 82-72? 1'/2 82 83
47% 23?/a 4 Parish ft Bingham.. 800 24 24 23'/2 23'/2? 3% 23'/2 25
43|/2 37% 3 Penn Railroad . 2000 43 43 42% 42%? V? 42% 42%
36% 16 ? Penn Seab Steel ... 1400 20 20 19% 19%? 1% 19 19'/2
16 9 ? Peor?a & Eastern .. (500 12 12 12 12 ? V? 12 13
42 27 ? Peoples Gas ft Coke. 300 34'/., 34?/2 33'/2 33%? 2 33?/2 34/2
32' 22 ? P?re Marquette .... 1800 25'/2 25% 24i/2 24?4? '/4 243,4 25
68 66 5 Perc Marq prior pf.. 200 60'/4 60'/4 60>/4 60% + % 60% 63'/2
42>/2 30% 3 Philadelphia Co _ 1800 37 37 36'/2 36%? % 36% 37
44i/2 33 Vz ? Phillips Pet . 600 37 37 36% 36%? 1% 36% 37
82% 34% ? Pierce Arrow . 5100 36'/2 37'/2 36 36%+ % 36;/9 36%
23/a 11 ? Pierce Oil . 600 14'/s 14% 14 14 ? V? 13% 14
98 79 8 Pierce Oil pf . 200 81V? 81 Va 81 81 ? % 80% 84%
64'/4 61'/4 5 Pittsburgh Coal .... 3800 62'/2 64'/2 62% 63%+ % 63% 63%
94% 83 6 Pitts Coal pf . 200 84% 847s S47s 84%- 84% 88
33% 211/4? Pitta ft W Va . 200 30 30 29?/2 29%? Vz 29?4 30
27% 12/2 1 Pond Creek Coal ... 1400 16'/a 17?/4 16% 17%+ % 16 17
113% 84 8 Pressed Steel Car .. 200 96 96 96 96 ? Vz 95 96
104% 96 7 Pressed Steel Car pf 300 100 100% 100 100%+ % 100 101
50% 36 4 . Pure OU Co . 700 39% 39% 39'/, 39?%? Vz 39 39%
124 109 8 Pullman Co . 200 115% 115% 115'/4 115'/4+ % 113% 115
120 66 5 . Punta Al?igre Sugar 61001 75% 77 74%- 75'/4+ % 75 75%
1C6/2 88% 8 . Railway Steel Spring- 200 95 95 95 95 - 94 - 95
22% 13% 1 Bay Consol Cop .... 200 16 16 15% 15%? % 15% 16
9434 64% 4 Reading . 1580O. 93 93 91?/2 91%? Vz 91% 91%
94 45 ? Remington Type ... 200 52 52 52 52 --t 52 64%
124% 76% 6 Rep Iron ft Steel .. 2600 85 85 82% 83 ? 2% 82% 83'/4
553/4 26 ? Rep Motor Truck .. 1000 31 31% 31 31%? % 30 31
93% 34Vz ? Replogle Steel ..... 3600 78 82% 78 79 + 1 . 79% 80
123% 69% 6.50 Royal Dutch ........ 3800 8834 8834 87% 87%? 1% 87'/4 83
21% 6% ? Saxon Motor? ..."... 1900 5% 534 5% 5%? >/4 6% 534
17% 14% 1 St Joseph Lead .... 800 16% 17% 16% 17'/4+ '/4 17 17?/2
283/4 15% ? St Louis & San Fran 9100 273,4 27?4 26% 26%? 1% 26% 26%
423/? 23'/2 ? St L & San Fran pf 400 40% 40% 40 40 ? 1% 39% 41%
29% 11 ? St Louis Sonthw .. 1800 27% 27% 26% 263/4? % 263/4 27
39% 20% ? St Louis, Southw pf. 3100 38 383/4 38 38%? % 38 38'%
9% 8 ? Seab Air Line . 800 8% 8'/2 8% 8%? % 8 8%
18% 16 ? Seab Mr Line pf... 200 16% 16/4 16'/4 16/4? 1% 16 16?/2
25% 12 1 Santa Cecilia Sugar 400 14 14 14 14 ? % 11% 13%
243 130 8 Sears Roebuck . 300 140 140% 140 140 - 139% 141
90% 45% .74 Shell Trans ft Tr... 3900 53% 54% 63% 53%+ % 53% 63%
48?4 23%? Sinclair Oil . 138C0 32% 32% 31% 31%? 1 31% 31%
82% 59 6 Sloss-Sheff St ft Ir, 5900 72 7234 703,4 71%? 71% 72
105% 83% 6 Southern Pacific ... 11800 95 95% 94% 94%? 1% 94 94%
310 100 20- So ?Porto Rico Sugar 100 138 138 138 138 +14 130 140
30% 18 ? Southern Railroad .. 8900 28% 28% 2734 2734? 1 27% 27%
62 50 5 Southern Rail pf ... 600 60 60 59% 69%? 1% 59% 60%
850 600 20 Stand Oil of N J ... 30O 662 662 661 661 ? 1 660 670
113% 100% 7 Stand Oil of N J pf 1400 105% 105% 104% 105 ? V? 10434 104%
118% 50 4 Stromberg Carb _ 1000 73?B 7334 72 72 ? 1% 71% 72
120% 58% 7 ? Studebaker . 14100 62% 63% 61% 62 ? % 61% 62%
60 41 6 Superior Steel ..... 200 51 61 51 51- 50% 61%
13% 9 ? Tenn Cop ft Chem .. 1900 10 10 9% 9%- 9% 10
51% 40% 3 Tesas Company .... 18100 50% 60% 43 49%? 1% 49% 49%
47 25 ? Texas ft Pacific .... 800 37 37 36% 37 - 36% 37
53% 35% .60 Tex Pac Coal & OU 400 39% 39% 39% 39?%? Vz 39% 39%
17% 9% ? Third Are RaU .... 200 11 12 11 12+1 1t 12
229 190 8 Tide Water Oil _ 100 206 205 205 "205 - 190 205
95% 57 6 Tobacco Product* .. 1000 65 65 64 64 ? 2% 64 66
34% 21% 2% Times Square Auto.. 60O 22 22 21% 22 ? % 21% 22
3834 9 ? Transcon Oil . 11600 14% 143,4 13% 13%? % 13% 13%
66% 40 6 Transue W Steel ... 200 46 46 45 45?1 43% 45%
200 156 8 Underwood Typo Co 100 156 156 156 156 ? 5 150 170
38 2534? Union Oil. 1100 28% 28% 28 28?1 2734 28%
124% 110 10 Union Pacific . 3100 122% 12234 121% 12134? 1 12134 122
53 38% 4 United Alloy . 400 40 40 39% 39%? % 39% 40
224 176 ?2 United Fruit . 300 196 196 196 196 - 196 1993,4
13% 7% ? United By Invest .. 1400 11 11% 10% 11 ? %" 10% 11%
2934 13 ? United Ry Invest pf 200 21 21 " 20% 20%? 13,4 20 20%
25% 12% ? US Cast I P & Fo.. 100 14 14 14 14 + % 13% 14
55% 41% 5 U B C I P & Fo pf. 200 40 40 40 40 ? 1% 383,4 42
78% 53%. 6 US Food Prod _ 600 59% 59% 69 69%? % 58% 69%
116% 77% "8 V S lud Alcohol ... 2200 83% 84 82% 82/2? % 82% 83
96% 69 3 United RetaU Stores 2100 68% ?8% 67% 67%? 1% 67% 67%
1433,4 80 .8 U 8 Rubber . 2100 87% 87% 85% 85?%? 1% 85% 853,4
115% 101 8 U 8 Rub 1st pf- 100 107 107 107 107 +3 106 1C8
76 60 6 U S Smelt ft Ref .. 303 69 59 69 69+1 68 60
109 83% 5 US Steel . 29600 90 90% 88% 88%? 1% 8874 89
11534 104% 7 US Steel pf . 1200 107 107 106% 1067a? % 106% 107
803,4 66% 6 Utah Copper . 2600 64% 65 63% 63'/<s? % 63% 63%
127b 7 ? Utah Sec Corp .... 200 7% 7% 7% 7%? % 7% 8%
97 42 6 Vanadiun Steel _ 3500 69% 70% 68% 68%? 2% 68% 69
80% 59% 4 Va-Car Chem . 200 67% 67% 67% 67%? 1 66% 68
119 76 6 Va Ir, Coal ft Coke 100O 118 120 118 120 +5 118 122
21 12% 2 Vivaodou . 300 15 15 15 15 + % 14% 15 '
10% 7 ? Wabash. 6800 9% 97? 9% 9%? % 9% 934
31 20%? Wabash pf A . 2000 28% 28% 27% 27%? 3,4 27% 27%
127a 8% ? West Maryland - 2400 11% 11% 10% 10%? % 10% 1l'
20% 11 ? West Mary 2d pf ... 400 18% 18% 18 18 ? % 17 18
3234 20% ? Western Pacific - 2C0 30 30 2S% 2974? % 29% 30
69% 54% 4 Western Pacific pf.. 300 69 69 69 69+1 68% 69
89% 80% 7 Western Union Tel.. 300 84% 84% 84% 84%- 84 85
119 101% 7 Westing Air Drake.. 200 104 104 104 104 - 103 104
55% 44% 4 Weatinghouse Mfg .. 1100 48% 48% 48% 48%? % 48 48%
82% 50% 5 Wilson Co . 200 57 57 57 57 + 34 56i/2 67i/2
14% 9 ? Wheeling ft LE ... 1000 12% 12% 12% 12%? % 12% 12%
26% 15 ? Wheeling ft L E pf. 200 2* 24 24 24 ? 1 24 24'A
69% 42% 4 White Motor? . 80O 44% 45 44 44 _ 1 44 441/i
32 15 1 Willys Overland _ 2200 15% 15% 15% 15%+ % 16% 15%
95% 55 6 Worth Pump & M.. 15tf0 61 61 57' 57 ?4% 58 61
?Ex dividend.
Bid and ?sked
Bid. Asked.
AdT Rum el j.. 80 81%
do pr .61% 83%
Alb A Sus...120 140
AU Am Cable. 103 100
Am Buk Not? 45 49
do pr . 40 45
Am Beet 8 pr 79 81
AB S & F pr 85 88%
Am Can pr.. 89% 92
A C ic F pr.109 110%
A ?>>t Oil pr. 62 65
Am E*p reis.. 130% 135
Am Ice Sec.. 38 89
A Unseed pr. 84 90
Am Malt & O ? 38%
Am Bhlpbldg. ? 100
Am 8m pr A 73 73V?
Am Snuff pr. 78 87
Am Sugar pr.108 110
A Sum T pr 84 90
Am Tel & C. 47 50%
Am W'ool pr. 95% 97
Am Zinc pr.. 44 49
Ann Arbor ..15 25
do pr . 23 35
ADC, 2d pr 55 62
AO & \V 1 pr 62 67
Atlantic Re?. 1150 1300
'In pr .108
Bald Loco pr. 90 98
Barnsdall ... 41 43%
B:i!"ictt Boa... 50 60
do pr .80 90
Beth Steel ..73 77
do 7th pr.. ?0 9S
do S jwj pr.l0H% 107%
Bku Edison. ..83 90
Bkn Un (Jas. 48 51
Hums Brs pr 98% 115
Brunswick ... 4% KU
Buff It A p, r,8 8.-,
. d?i pr . 80 100
Buff & Sus.. 70 ?
<_d? PJL . 42 45
Bush Tenn. .. _ r-,
?'al Pet pr... 69% 70%
cm & Ariz.. 5?i% ou %
I ail Southom. 30 50
Case .1 I pr.. 90 91
Pertalntecd ... 52 55
CU & Alton. 9% 10V,
,,,"> pr . 17% 18%
C & N W pr.103% 122
CSPM4 O pr 86 95
C C C 4 8 L. 5?% 50%
?^ pr . C7% ?
CI & J?ltts.. 78 SO
Cluett I*iab... 70 7"-\
_d0 Pf . 90 10?-,
Col Dratrti pr. 7? tin
Consol Cigars.. 75 70 -
??- If . 83 8",
?ont Ins Co. BS 7/
Com Prod pr.100% 103
Cms Carpet... 55 60
C:u Steel pr.. 94 9-,
Cu Am Su pr. ? \M
Denre Co pr.. 93 941.
0e1* M;:'! lbf
do pr . 8 10
Durham Bos. ?,i 47
EJkhorn C pr. 85 38%
tin Braut .. lj 20
do pr .? j.
F>?dt John pr 94*4 B?5U
Erle * Pitts.. 43 53
Fairbanks ... 4<j ??i
PmJ M A 8. 10 1>
do pr . 33 3?
Plshor Bod?.. 100 i05
do pr :-100 1004
Om Cigar pr. 88 90
do pr deb. 75 83
0?n Motors pr 72 74
?Jray Datls .. ?S'A 2iiu
Oulf State 8153 51
Hartman Corp. 78 m
llome<talce ..47 49
Int Agrlnul... 18 jysi
-*?J? ."% 79%
P,twII.?r. Pr ?1?3% 105
Ta M T lat pr 77 7?
do id pr... 59 6%
Int Piper pr. 114 lor
do pr stpd. 73 72%
?nt Ntoksl pr?t ??
?nt Bm& ?".? n M
Iowa Ontmd. 4% ?
Jewel Tea pr. ? 1?
Kayaer J* ... 81 ?7
??__ Bid. Asked.
TvCFSAM pr.. 53 ?
K CTty So pr. 4? 48
Kelly Spr pr. 82% 84%
do 8 pc pr. 91 95
Ke1s??y Wheel. 55 68
? do pr . 82 89
Keok St D M. 4% 7
d<> pr ',.... 20 ?
Kress A Co., 80% 97
Laclede Oas.. 36 S3
I.ako K & W. 12% 14%
L A M T pr.100% 105
do B .130 150
L-W Biscuit.. 44 48
do 1st pr... 93% 98
do 2d pr. ..101 lot
LorllLard pr.. 95 105
Loulgv & N.102 103%
?lackay Cos... ?0% 64
?d,? pr . 59 60%
Mallinson ... 18 20
do pr . 60 71
Manliiu Beach %
Manhat Shirt. 20
Mar Rockwell. 40
Mat Al \V... 29
Max M 1st pr 19
do 2d pr... 5%
Me* Pet pr. 90
Mlrh Central. 77
MSPAS8M pr. 86
do Isd lines. 53
Mont Pow pr S3
Morris & Es.. 60
Mall?n? By pr 93 ?
Nash ft Chat. 102 110
Nat Biscuit...107 112
do pr .105% llu
N ?; & H pr 81% 85
N E & S pr 90 95
Nat Li'iid pr.,100% 101%
NBR M 1st pr 7 14
NYCASL 1st. 60 70
do 2d pr... 54 5?;
>?' Y Dock... 22 2?
do pr . 40 48
N Y L. ft W 78 P3
N Y O & W 19% 21
Norfolk Ho ..20 "i
^irf & \v pr. ?7? 7.;
N?rth Am ... 51
Ohio Fuel ..48 5"
li'llo BHly . . ?
Wev ...122% 128
22
58!S
9?Vi
00
99%
?It pr
82
100
45
pr. 45
% -
Bot M. 47
do pr . 90
Pa?;ltlc Coast.. 77.?.
'lo 2d pr. .
Piwiflc Derel.
Pacific Mall.
Pac Tel ft '
Penn .r ?' p:.
Pcre Mar ....
pee* s 1.
IVttl Mullt... ^^^
do 1st or... 95 : p.
Plill Jones .. r?) . r?
Pierce Ar pr,. sf y,"
Pierce Oil |,r. S0% .
P V \\ & C.113 120
Pitts S tel nr S3 ?11
P A W Va pr 'I 74'
P 8 C N J. ?
Ry st spr pr.100% i?-,
Ifoad?ig i,t pr ?;-% 44
do 2d pr .. 45 40
?els A Co ... 10 M
?do pr . 70 (.j
"em T 1st pr. 00 DO
Rensselacr _ tfj
R I A S p? 94% Bf.1?
?arago Arma.. 87 39
?PR Sugar. 125 1.13
? do pr .104
Standard Mill. 120
dr. pr . 73
Stuilebaker pr. 00
Hup Steel pr.. 95
T A P Id ?r.300
Tnb Prod pr. 8i
10S
140
93
TOLA W rtf?; ?V4 ,,
_do pr ?ft.. 20
Twin CMty B T 34
??? Pr . 85
Uader'd T pr ?
Un Cigar Ht..ISO
,,*> pr ...... 08
I,lilted r?ror tin
do W
22
40
85
117
?73
_ _ Bid. Ask.
Un Dyewood.. 5.1% 56
do pr . 80 !hi
U S Express.. 6%
U S I Al pr. 91%
U S B A 1. 49
L-Sa A H pr 42% t*f.
Va Car Ch pr.107% 10??
Waliash pr B 18 20
Woila Fargo.. 55 68
95
50
U??
_. Bid. Asked,
v.est Pao pr. 68 69%
West Un TrJ 84% 85
V?lir?n Co ... 56 sa
?lo pr ._
Willys O pr.. 75
wls Central.. 31
??.olworth pr.103
WP A M pr a ?
do pr B_83
05
70
sa
310
90
6G
E?quipment Bond?
4%-5
6
(Quoted on Incoma
Name. Rato.
Halt & Ohio. . 4%
Beth Steel_ V
Bost & Alb. . . 4%
Buffalo, R & p 4%-5
do. 6
Canadian Nat. 7
Canailian Nor 4 %-E
Canadlan Pac 4%
do .?... 6 '
C C C A St L. 5
do . 8
Ches A Ohio.. 4%
Ch R I & Pac 4V.-6
Chi A N W. . 4M,
C St L. & N O 5
Del A Hudson 4%
Erie . 4%-6
Frisco Cons. .. 5
III Central_
Kan City So. .
Louis & Nash
Mich Central.. 6
do . 5
MSP A SSM 4%-5
do . C
do . 7
N Y Cent U.. 4%
N Y Cent R R 4%
do . 7
Norf A West.. 4%
Nor Pacific... 7
Pac Kr Kxp.. 7
Pennsylvania.. 4-4?4
Reading Co... 4%
Seaboard .... 4V3-5
Southern Pac. 4%
4%-5
7
7
7
4%
G
4 %-5
percentage basis.)
A,I,a.tur.lt-v- BM- Ask.
Southern Itv..
I nlon l'a. ,;"?,
Union Tank..
do .
N Y C A St L
do .
N Y X H ft II
Vlrjjlnian Ry..
Wabash . ?
1920--27
1921-'.'10
1920-'27
1921-'33
1921-'33
19 35
6 1920-'20
1920-23
1920-'32
1921-'29
1921--27
1920-'27
1920-,27
J920-'23
1920-'21
1322
? 1920-'27
1921--23
1920-'27
1920--24
1920-'23
1921-*32
1920--3C
1920-'26
l?21-'30
1921-'30
1920-'2S
1921-'32
l!)21-'30
1920-'24
lf'2!-'30
i?>!;5-':?5
1920-23
lU21-'27
5 P'20-'2 7
1920.'25
l?'24-'35
1920-'28
1924-'35
ir? .T?o
.'?2l-'?,5
19 21-'28
19..1
5 ll^O-'CS
lyju-ao
1921
8.00
7.75
7.C0
7.60
7.75
7.35
8.75
7.50
7.75
7.75
7.75
7.50
8.25
7.75
7.75
7.37
8.25
8.50
7.50
7.75
7.E0
7.50
7.60
7.50
7.50
7.75
7.50
7.50
7.25
7.25
7.15
7.15
7.60
7.37
7.50 7.
.25
7.25
7.00 |
6.85 !
8.76 ;
7.15 I
7.50 :
7.00 |
6.75 i
7.00 I
6.85 !
6.75
7.25
6.75
7.00
6.50
7.00
7.60
7 00 :
7.00 '
6.75
6.75
6.76 ?'
7.00 '
7.00 ;
7.00
7.00 ,
7.00
6.80
6.60
6.75 ;
6.80 :
6.75 !
6.75
7.50
7.00 ;
6.80 :
7.00
.65 '
8.50
7.717
10.00
6 -?0
7.00
6.75
7.50
7.00
7.00
Stock? Ex Dividend
Pet,
3%
1%
nato. Crm?ia,i?.
Soptll?Am. Beet Suirar Co., pf
SrptH?.Am. Hide & [..-ath.r ?Jo'nf
Se,,t 13?Am. K.jCorn6tTvo Co P
Sept 13?Do. pf. .
Sept 10?Atl. Gulf & \V.I.S.S."un'e's"Df i ?J
Sept m?entrai Leathtlr Co pf ,P ?>
Sept 10?Chandler Motor Car' Co'.
M 7 1..
Hil
1\
-%
Sept to??.
com, rash .
Sept 10?l>o. pf...!!!!""
8i.pt jo?Cuban-American Supar Co
Sept 10?Do. pf..7;.
Sept 13?Electric Smragre Battery'Co"
Sept 9?Ueneral Electric Co_
Sept 10?Guanuuiamo Su
ept iu?uuanutnamo Su.tt. Co., %,& % Ex.
Sept 15?.1. I. Case Thresh. Mach. Co.. 1%
Sept 10?I.ackttWiinna Steel Co. 1 v?
1%
1%
1%
Sept 10?Do. pr. .,. 1>%
Sept 0?St. Joseph Lead Co... . % A % Ex.
Seilt 10?Woolwoiin. b\ AV., ('o., pf. . 1%,
-,-.
British Trade is August
LONDON, Sept. 8.~The August !
ntatcment of the Doard of Trade shows
the following changes: ?
Importa .Ina. ?4,505,000
Export* of British products. .Inc. 40,130.000 !
lie-exports .Inc. 1.143,000
'Mini .tporta .Inc. 4S.072.000
r in...iris .Deo. 37.567,000
In Wall Street |
?..
One-Year 'time Money
Brokers reported yesterday that
some of the banks were willing to
lend time money for ? period of a year
at 8}? and tf per cent, according to the
oollateral. Although Stock Exchange
firms have been complaining for
months that bullish operations could
not be conducted so long as loans could
be called from day to day they ad?
mitted that they were unwilling to
commit themselves on time loans run?
ning for twelve months. It was argued
that the desire of the banks to place
i their money tor so long a period was
an indication that they expected the
mency market to work easier after the
crop demands had been taken care of.
In quarters where a continued slowing
up in business is expected, the policy
of the banks was also interpreted as
meaning that stocks are heading foe
lower level3.
Froeport Texas
.One of the few strong spots in the
market yesterday was Freeport Texas,
which advanced early and held its ga?n
tc the close. The sudden revival of
activity in this issue was accompanied
b^ reports of buying for control by
competing interests. In a certain brok?
erage hou?e an interesting story was
told of a man who came down to mar?
ket early and put in an order lor the
purchase of 1000 8hares cf Freeport
Texas. This man, it was said, had
been told to buy a block of stock in
order to take advantage of a rise that
was coming.. He bought his stock
around 21 and could have sold it at
better than 24 before the end of the
session.
Central Leather
An interest close to Central Leather
affairs said yesterday that it is prob?
able that the current price of the stock
will fully discount the losses incidental
to the reduction of inventory values.
"There is an old saying in the leather
trade," it was stated, "that 'high priced
hides go into low priced leather and
low priced hides make high priced
leather. The meaning of this is that
almost invariably the seven-months
period required to produce leather
from hides in the vats marks a general
change in the condition of the mar?
kets. The inference may fairly be
drawn that recent large decreases in
earnings have followed the purchase of
hides at very high prices seven to
twelve months ago; whereas, if there
is any business at all, the next year
should show proportionate increase of
profits from the utilization of hides
now being bought at low prices. The
leather business ?3 one in which con?
stant purchase of raw material is
essential t? the continuance of oper?
ations." '
Standard Oil Dividends
Dividend disbursements of the Stand?
ard Oil Companies in the current quar?
ter will establish a high-water mark
for that period of the year. The total
amount to be paid out to stockholder
for the three months ending September
30 will approximate $29,500,000, all in
cash. This is the largest total in the
history of the Standard Oil group with,
the single exception of the second,
quarter of 1916, when $30,406,000 was'
disbursed. The total dividend pay?
ments for the full year of 1920 will
approximate $112,000,000.
Steel Tonnage To-morrow
To-morrow that interesting barom?
eter of business conditions, the
monthly statement of unfilled tonnage
of the United States Steel Corporation
will be made public. Wall Street will
be agreeably surprised if the report
shows an increase in unfilled orders.
As a matter of fact, most people an?
ticipate a decrease^ for it is well
known that cancellations of contracts
have been heavy of late, while many
consumers of steel have been holding
out of the market in hopes of cover?
ing their needs at lower prices later
on. Moreover, shipments during August
were on a large scale as a result of
improvement in transportation condi?
tions.
Investors Buy Pennsylvania
Current strength of Pennsylvania
Railroad shares is attributed to the
best kind of investment buying, which
is said to have run into large figures
in recent weeks. As a result, it is
said that the list of Pennsylvania
stockholders as of the first of this
month will show, when tabulated, an?
other substantial increase. On August
1 the number of stockholders of the
road stood at a high record of 127,395.
Investors have been buying Pennsyl?
vania apparently in the belief that the
40 per cent increase in freight rates
.will put the system in much the strong?
est position in years despite recent
heavy additions to operating costs by
reason of the wage increases granted
a short time ago.
Brokers Advise Caution
The general trend of brokerage opin?
ion yesterday waB that the railroad list
was likely to run into some profit
taking~before a further advance can be
expected. The long ran-re view, how?
ever, was that rail shares have a long
way to go before they fully discount
the beneficial effects of the rate ad?
vance. With few exceptions the in?
dustrials have few friends, and traders
sensing this yesterday resumed their
hammering tactics in this department.
As usual, ijuch issues as Steel common
Baldwin and the Dohenv stocks were*
made the special targets of their
operations. Considerable headway was
made in Mexican Petroleum and Pan
American Petroleum and Transport, de?
spite the announcement that these
properties had more than doubled their
leases in Mexico.
Ford ?Company Speeding Production
According to figures made public in
the financial district yostej"d3y, the
Ford Company is not feeling the ef?
fects of the slowing up in the demand
for gasoline driven vehicles. The com?
pany is said to be reaching a produc?
tion schedule of 4,000 cars a day. A
new high record was established on
July 22, when 4.200 passenger cars
were turned ou*. Last week 23,481
passenger cars were produced, an .
average of 3,913 for each of the six
working days. In the same period
2,:?88 tractors, or an average of 398 a
day, were made. During July 9,7'?;>
tractors were tnrn?|d out from the
company's four plants at St. Louis, Des
Moines, KearnjS N. J., and Dearborn.
France a Money Lender
Aceor.):ri? to tho best information
obtainable, slightly more than half of
the Ardo-Freiuh bonds, aggrcfr-ttinr
$,"0.0.000.000, wh:ch mature on October
13"t,'.'ire still on the market. The other
bonds have been bought in. chiefly for
British accourt. Great'Britain lies
mad-- arrang-ep'.t-nts to take care of the
small balance outstanding. It is under?
stood that France, which created its
credits here later, his lent out money
in various ways in >?ew York to yield
a higher return tb-sn would have been
obtained in recent months by buying
in the bonds in the open market at
a discount.
New York Metal Market
On the New York Metal Exchange
tin was steady, with Class A quoted
44 50?46.60; Class B offered at 42.00,
und Straits shipments, 44.60(^45.50.
Lead easy; New York spot, 8.5?, and
East St. Louis, 8.76. Zinc easy; New
York spot, 8.16, and East St. Louis.
7.85.
. London metal markets follow: Cop?
per, standard spot, ?96 10s, and futures,
?97 6s. Sales, 100. tons spot and 400
tons futures. Electrolytic spot, ?111.
and futures, 4117. Tin standard spot,
?26fr and futuras ?272 16s, with sales
of 100 tons spot and 200 tons futures.
Lead spot, ??13 6s and futuras ?36.
Alabama Great
Southern Railroad
We have issued a special
circular giving a very
complete and compre?
hensive anaylsis of the
remarkable earning ca?
pacity of this railroad
and indicating why the
ordinary and preferred
shares, now receiving
dividends at the rate of
7% per annum, should
prove an exceptionally
profitable investment at
current prices.
Write for Analysis 10J12
SpencerTrask&Co,
25 Bread Streot, New York
ALBANY BOSTON CHICAOO'
Member? New York Stock Exchange
Members Chicago Slock Exchange
Banking In France
And Belgium
Our close relations with
Lloyds and National Pro?
vincial Foreign Bank, Ltd.,
enable us to offer complete
banking facilities through-v
out France and Belgium.
Branches in Cairo and Alex
pndria, Egypt, throughout
Morocco and West Africa.
Special equipment for h?nd
lir.fr t-pn?actions in Tunis
and Algeria
Our New York Agency
invites inquiry.
Bank of
British West Africa
New York Office. 100 Beaver Street
Agents
R. R. Afn.ni IIowlan? Surra
Head Office: London
4
A First Mortgage
Railroad Bond
Selling at 73.
Investors who desire to
secure a high yield and
ample protection for
their principal invtr.iod
will be interested in a
bond we are recommend?
ing.
Secured by a closed
mortgage at $25.0?00
per mile and with inter?
est guaranteed, this
bond is a legal invest?
ment for savings banks
in several states.
Write for a copy of nur
Letter No. A-16.?, which
gives detailed information.
Herrick & Bennett
Member? Ai?u? York Stark tjcrltang?
66 BROADWAY, NEW YORK
Telephone Itertor '.iCOO
BRANCH OFFICES
51 East 42fid St- PcekaldS
New York City New York
Empire Gas &
Fuel Company
Preferred Si?r;ck
TO YIELD OVER 9%
Earnlnjr? moro than eicht ttmM
preferred dividend regulp menta
CIRCULAR ON REQUEST
H. D. Robbins <& Co.
Incorporated
?1 Broadway New York
Send for Circular
Burk Petro'.eum
Corporation
A i>ro-ducirg Oil Con-pany
*TheOninJt-;trjr";s.tt.'| monthly,
debated to impartial o?l ne ivs -w il be
sent upon request wuii?ut charge.
R.CMegargel-2. Ca
27PineStieet~Ke:
??FNRV Pi ?TWQ 9- Pf
Iembcrs ?? >. v. i,i<i? r
11. 13, 13, 17 and 19 Bro -d St., N.T?
la ,r.( lillowrd .... a , ...nia*?
'n".-;.ot I? rln ? a- . J ->oi*
)s*ut?* o? Railroad hiH 'I CoSl
..a.t. .. II,,,! , , ,i , . , . . .?.: *??
FOREIGN I.FTTF.KS OV mr.I)lT ISStJs*
LIBERTY BO^DS
Brant* IR20 rifth Ave. .*?'? tjjion -<i?J?
?MHc?is;<; ira Dnanc M. 1 tr. East <W* m
JO Cuurt gt., 3tif ail.3? II.
Su I ERIE
oith. j RAILROAD
An Intri cm In? discussion of t3ii?
?nld rall:-oad stock favorita
OthT feature* and rf-vicw* ;n
MARKKT Ol'INION?At* for B-6?. I
R.K.M?cMASTERS&G%
AfcmbsT* Consolidated Stock Kj-ch., S. ?
62-84 Broad St. New York.
Phon* Brood 6SS?i Pint Ml
CHICAGO MM.WAl-KKB'-jl

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New-York tribune. [volume], September 09, 1920, Image 14
About New-York tribune. [volume] (New York [N.Y.]) 1866-1924