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New-York tribune. [volume] (New York [N.Y.]) 1866-1924, September 27, 1920, Image 12

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Bank Acceptances
One of the safest
and by all means the
most liquid short
term investment.
6% to ey2%
may be secured on
accumulating f un.ls.
Various maturities
up to four months.
Ask for Hat AK-SS?
MatmalGty
Company
Main OS*?:
National City Bank Building
uptown Office: Fifth Ave. ?ft 43d St.
COCHRANE
HARPER
&CO.
Ill Breadway *0 S**?? St.
NEW YORK BOSTON
Invincible
Oil Corporation
Latest circular en requtai
WEEKLY LETTER
?mu ?wnai _?*? a*_ iowlop?l
INDEPENDENT
&
STANDARD OILS
PurmlakoA atom ro?u?st
_Lr
Build Your Income
upon a firm foundation?
the plan which has made
this great Company world
famous.
The
Foundation
Company
Capital Stock
(Only security outstanding)
Price 96
To Yield 10.42
Ask for Folder TE-70
Holliste'r,
Whiter Co,
XXIM ???_??_
92 Cedar St, Cor, Trinity PL
?-JXW TORR
Roston Philadelphia
Your Money Can Earn
9% For IS Years
An exceptionally high yield can
be maintained until 1935
by investing In
Standard Gas &
Electric Company
6% Gel?i Notes Maturing 1935
Safety it assured by the strong
assets and earnings of the com?
pany and the steadily increasing
need for its service in 16 states.
Ask for Circular NYT-16
f?.M.Btyllesbry& Co.
Incorporal* ea
llt Broadway NewYo?r?K
Chicago ? Providence ? Doctor?
w
PRICHTIT&OQ
Mtuben KY. Stoci Exchange
SIOT BROADWAY
MEW.YOIK CITY
larris, Forbes & U
***** ?treat, Cermc Wf Dtees ,
NEW YORK
HARRtMAN NATIONAL BANK
FHtk Avasmc <fc Fcri7y.fen.rt_. St
New Ysrk
***** ?Hews frm S A. M. ?e S P. M.
Safe He?*,* y?*, | a. | ? M?4_i|_i
mm"^m^*m HI HI I l._-I
We Whuuice
""?* '??O'??? ?t ?MUbllstM*. ..rziln?,
Electric Bond & Share Co.
?Tei?-Vp c?pit?4 ?ad Bttt-piuti $t4,?M.M?>
_W ?*e-4w?T,> N?w York.
Chevrolet Motor
Bord??-? ?Co. ?Common
Cmnoty Trust Co.
mCLtmE, JOMES A IttED
Trade and Finance
Developments of the Week
and Their Bearing on
the Outlook
The stock market struggled in vain
i last week to escape from the influence
of the present. Current developments
; proved the nemesis of those in quest
of higher quotations. The past was
i no hindrance, and the future was con
i aidered a helpful factor. But the events
ef the moment dominated the course
j of industrial stocks at the markets
! place.
Those optimista who ventured the
i view that security quotations had
| touched the bottom for the year were
? not completely taken by surprise by
| the convergence of a series of basic
i reductions of commodity prices. All
] but the delightfully ignorant had
j reason to believe that the wave of re
! adjustment in industry had not yet
| spent itself. The movement toward
i what ia commonly called normal in
i industry has been long foreseen and
I is now going on at a rapid pace. The
! Wall Street bulls, capitalizing the past,
j assert that what is now happening in
the mills, in the wholesale districts,
| and even in the retail stores, has been
| discounted In the downward trend of
stocks for nearly a year. They argue
that the barometric stock market looks
ahead and adjusts itself to new con?
ditions long before they materialize.
Going one step further, they suggest
that the barometric stock market looks
to discount the improvement in in?
dustry that they foresee in the future.
The foregoing logio is unshakable,
provided the premises are correct.
However, It will be debatable whether
the recession in industry has been dis?
counted fully until it is known pre?
cisely how far the let-down in business
will proceed. Xfc present even the
best informed men are cautious in
making predictions about their own
particular industry, and this uncer?
tainty, aggravated by the spectacle of
important reduction? in commodity
prices, caused some further liquidation
! of industrial stocks last week. Opinion
! around the marketplace, which had
been greasy cheered by the recovery
from the low levels of August, became
more divided as a result of the re?
actionary tendency of the industrial
stocks last week. Those who remained
bullish began to discriminate more and
placed most emphasis on the low-priced
rails, the oils and the tobacco shares,
because they thought they would be
less adversely affected by the changes
in industry.
Students of the situation would err
if they tried to read too much ecc
! nomlcs into the fluctuations that com
! prised last week's market. Technically,
! securities seemed ready for a reaction,
i after the upward spurt of the previous
I week. And no small part of the set
j back was caused by the short sales of
, professional operators, who took a tem?
porarily bearish position ?n the basis
; of the news comin*** out of the indus
! trial world. Internally the market
j has been helped by last week's fluctua
j tions.
Of course, the sooner American
business attains a price level that ap
; proaches stability the better it will be
for all factors. The cuts of recent
: days have been in part an expression
of the desire of wholesalers and manu?
facturers to hasten the movement to
a basis which will dissipate the exist
' ing uncertainty. If in lowering prices
business men are able to stimulate
' buying and break existing trade block?
ades the favorable aspect of what is
i happening will become apparent.
As is its custom, the speculative com?
munity leaps quickly {rom one pole of
pessimism to another of optimism al
; most overnight. A revolution in sen
i timent is often more a result than a
j cause of what is printed on the ever
! unwinding ticker tape. A few days
I ago, when bullishness was more fash
! ionable, traders greatly emphasized the
j prospect of conspicuously easier money
toward the first of the year. Many well
( informed bankers grant that there may
'? be a substantial improvement in the
' credit situation as the new year is
born. But the question arises, How
j far can security prices discount easier
[ money while money remains tight?
The statement of condition made
? public Saturday by the Federal Reserve
; Bank of New York -rave fresh con
! fidence to those observers who had
sensed an improvement in the credit
: situation. The local regional bank's
reserve position was the best it has
i been thug far in 1920. The gain was
made largely through the movement
of funds here from other districts, but
; was partly owing to a sharp reduction
of Treasury borrowings. Rediscounts
for member banks expanded during the
i week.
Bankers attribute the improvement
in credit conditions in the past fort?
night to two factors. One ie the bet?
ter movement of cars over the rail?
roads of the country, which has re
? suited in releasing huge amounts of
I banking credit tied up in goods that
, were sidetracked by the transporta?
tion congestion. The other factor is
the recession of business activity. Al
I though commercial borrowings con?
tinue huge, the high rates prevailing: ;
and the attitude of the financial ;
authorities of the country in dis- ?
couraging new financial and commer
eial commitments have combined in a |
measure to relieve the strain on banking
credit. Thin, of course, will be felt
with greater force later, and there are
many bankers who believe that toward
the end of the year and early in 1021
a period of substantially easier money
can be anticipated.
Wall Street has during the past
week had other thing? to think about
betides its own credit problems. It has
bae? able to cover its needs for funds
for speculative purposes at 7 per cent.
Little change has ?taken plac? in th?
time -money situation. Small offerings
continue to be made at 8 per cent,
with ? silghtly easier tendency In the
market It is interesting in this con?
nection to not? that borrowers, ap?
parently in the belief that rates will
be lower after tha turn of th? year,
are seeking leans for fixed periods
running only to the end of the year.
Beyond that they do not care to make
commitments.
The investor fared better than the
speculator for the most part during the
last week. The outstanding develop?
ment of the period was not the check
in the recovery of stocks, but rather
the widening of interest in bonds. Pur?
chasers appeared in the market in quest
of bonds varying from the safest to
those most fraught with elements of
risk. The list of investment securities
traded in last week was by far the larg?
est of the year.
Liberty bonds were the conspicuous
leaders in the movement of fixed ma?
turity obligations to higher quotations.
On the average, the government issues
gained more than 3 per cent in market
value during the week. As a result,
more than half of the losses incurred
in the spring decline have now been
effaced. Despite the striking expansion
of activity in these securities, dealers
assert that trading would be on a still
more extensive scale, if the floating
supply were not so limited.
According to The Tribune averages
for twenty-five bonds, the week's gain
carried them from 76.88 to 77.40. Rail
bonds climbed from 74.18 to 74.67; in?
dustrials from 83.38 to 83.88, and public
utilities from 69.15 to 69.90.
Dealers in sterling exchange contend
that the market ought to become much
more stable once it becomes definitely
known that the French government has
completed selling sterling in connection
with taking care of its half of the
Anglo-French maturity next month.
Sterling has not be<an nearly so erratic
during the last week, even though it
has not shown any pronounced recuper?
ative powers. Pressure against the
Scandinavian exchanges has been one
of the outstanding features.
Professor Casel's plea, which ap?
pears in another column, for the sur?
vival of the 50 cent dollar seems
slightly archaic, in view of the known
policy of American banks, under the
direction of the Federal Reserve Board,
to squeeze, some of the water of in?
flation out of the nation's credit and
currency. The Stockholm scholar sees
the problem solely from the European
viewpoint, and that is why his views
deserve attention. He envisages the
attempt of the more solvent European
countries to rescue their exchanges
from the sloughs of depreciation, and,
recognizing that the dollar is the most
reliable international yardstick at the
moment, he argues that it will handi?
cap other countries if the unit of
measurement?the dollar?is itself
changed. Whatever merit there is in
this contention of the Scandavlan
economist seems to "be outweighed by
the fact that it will be best for the
whole world for America to build its
edifice of reconstruction on rocks of
granite, instead of on the shifting
sands of inflation. Moreover, the pro?
fessor's suggestion that it would be
wise "to prevent gold from rising again
in value" entails freezing existing un?
satisfactory ratios between gold and
goods produced into permanent world
conditions. It seems to be merely an?
other way of expressing the hope that
the tides of economic consequences
can be effectually stopped by the flats
of governments.
Despite the elements of uncertainty
in the industrial outlook, there is a
bright side to the picture. In its
monthly business review, the Syracuse
Trust Company emphasizes the cheer?
ful .aspect. "Betterment of railroad
traffic conditions," it says, "is by no
means the only favorable development
of the past month. Of equal or great?
er importance is the fact that there
has been a good deal less labor unrest
and a good deal more efficiency on the
part of the workers. This was only
to be expected in the circumstances.
It invariably happens that when the
competition for jobs is keener than the
competition for men, efficiency in?
creases because no one i? sure of hold?
ing his job and every ono works harder
to keep on the pay roll.
"Whatever the cause, the fact that
the output per man per hour is gain?
ing promises to afford a real solution
for the high cost of living problem.
Labor, in its efforts to get higher
wages for less work, had overlooked
the fact that it cannot consume what it :
does not produce, and if, as seems to
be the case, it is now in a mood to work
hard for its money, there should be
a substantial increase in production
and a sharp fall in unit labor costs."
-.?-a-__
Lquspmenl Bonds
(Quoted on Income percentage basis.-!
Name. Rate. Maturity. Bid A.lf
?alt * Ohio.. 4Vi 1920-'27 1.09 7 4?
?eth Steel.... 7 li21-'30 7 se Tub
Boat & Alb... i% lS2n.'27 f*" 7?0
BufTalo, R&P 4V4-? 1921-'33 ?^ ?'j"
_ *? .??? ? 1921-'33 7 75 ?'78
Canadian Nat. 7 1935 7.20 70s
Canadian Nor. 4M 6-1 1920-.2? s ?>o 76?
Canadian Pao 4 ?A 1920-'28 760 700
do . r, ]?i.'o-'n" 7 r,o ('in
C?C * St U S 1S21--29 7.76 "os I
do . S 1921-'27 7 76 t IS i
Che? * Ohio., 4* 1920.'27 7 60 ?7S !
Chill? Pao 4V4-6 I9??-'?7 8 25 726
Chi & N W.. 4$ l?20-*23 775 ??? !
C St L, * N O 6 1920-'24 7 76 7 ?i
L>el & Hudson 4 V4 1922 7^37 869
?>?????. *%-? 1920-'27 6.26 7 ft*
Frisco Cons... 6 1921-'22 8 60 7 ta
?r?,?CW??*L*" i*-' 1920-27 7!S0 7.??
**??. CHy So.. ? l|20-'24 7.76 7 00
t??hta?.tNr.?V. Muni m ll\
ujV?sBiiU-. ll?li? i?i Hl
*? . ? l??-'30 7.60 7?0
N y cent R R 4V4 1921-'32 7-11 7"
,<ia . 7 1921--35
7.00
00 !
N TC A StU >% nt?.>'U ?M fUJ
? ?,n"??VhVs-.\9?0-'23 VIT \\\
Norf A West.. 4?? 1920-'24 7 ?& .,,
Nor Pacific .. 7 l?2l-'39 700 ?'?6
Pac Kr Ekp.. 7 19?6-'3fi 7.1? t??
Pennsylvania.. 4-4H Jl20-'23 7.6? ?.7?
Beadlnff Co... 4H l?Zl-'tJ 7" ?76
Seaboard .... 4*4-8-1 1920-'27 8.25 7 60
Southern Pac. 4* l?2?-'tl 7 s? S 71
??..?? ?? 1 1934'36 7.??
_ B?..???? ' 1924-'36 7.?? ? 8? i
Southern Ry.. 4V4-I 1920-'38 60? Ml
Union Pacific. 7 1?24-'S6 ? on 15? '
VlrataUn Ry.. ? 1920-8? 7.?7
Wabaak. t nil i?.to
7.49
Pro?ActB Spark Plug Maker
A decision that protects manufac?
turers against dealers who seek to
attract" people into their store bv ad?
vertising a nationally known article at
a cut price was given to the Fyrac
Manufacturing Company, which .vis a
permanent injunction against ?1 supply
company in Bay City, Mich., prevont
??# th* ,ml"u"e ?* it? trade name
Kjnrac in connection ?with cut-rate
advertising.
^Week's Stock Transactions
Summary of Stock Exchange Dealings
(Copyright, 1920, New York Trfteno Ina.)
Lost w??A.
Railroad rteeto ... 1,<306,?00
Oth.r stocks . 8,622,600
All stocks . 4,329,200
Week
before.
965,400
2,166,200
3,131,600
Stocka
YteM Jaasaty 1 to ??S?.
??,. 1f20. . 1919. 181*.
1,762,600 81,4?1,?00 46,763,200 22,601,600
3,671,200 133,114,100 174,114,200 76t844,300
6,323,800 164,5*6,700 21?,877,400 98,345,900
Bonds Xanwury 1 u date.
Last week. Week befare. Year ?_?. 1*20. 191f.
V S ?o-ernment bonds.$48,373,000 ?33,892,000 .854,883,00012,174,516,00011,794,714,000
?UliJTtorS?." ... 9 711000 9,055 000 7.004,000 294,821,000 272,318.000
mher bonds. 23,517,000 18,844,000 8,702,000 , 289,686,000 280,314,000
All bond. . . 81 601,000 61,791,000 70,6M,000 2,738,923,000 2,347,348,000
Record of Stock and Bond Averages
(Copyright, 1920, New York Tribune Ine.)
Lest week
Hl*h.
20 Railroads . 69.30
30 Industrial? .... 89.03
50 8tocks . 81.06
10 Railroad? . 74.68
10 Industri?is - 83.88
5 Utilities . 69.90
25 Bonds . 77.40
Low.
69.10
86.53
79.58
74.12
83.41
69.40
76.89
Stocks
Year eg?
Hi_h. Lew.
68.85 67.80
110.47 107.00
93.70 91.32
Bonds
76.68 76.18
63.47 93.11
79.65 79.40
83.91 83.63
Banco thu
far 1920
Stange fall
Year 1919
High.
69.30
110.30
92.06
76.28
91.45
74.53
81.71
Low.
58.60
82.53
74.46
66.73
82.92
67.64
73.94
High.
78.80
119.33
99.54
Low.
63.35
79.20
76.92
High
1920.
46
46%
72
8834
2%
3
Date.
Mar 31
Mar 29
Jan 12
Jan 5
Mar 24
Mar 31
62% Sept 17
91 Sept 18
Jan 3
Jan 3
Jan 30
Jan 8
Apr 16
Jan 2
July 26
July 16
Jan 3
Jan 2
Apr 9
Jan 5
Jan 3
Mar 26
Jan 14
Mar 31
Jan 2
Jan 3
Mar 19
Jan 2
Jan 5
Jan 22
Apr 7
Jan 27
Apr 8
Mar 9
June 15
Jan 5
Jan 3
Low
1920
25
25
67'-;
42 /
1
1/:
DiT.
Date, in $.
Feb 11 ? Adams Express .
Au* 6 ? Ad-anee Ruraely.
Aus 18 6 do pf
Net
Sal?. Hl*h. Lew. Close, ch*e.
. 2200 39% 36 39%+ 2%
. 1100 31% 29 29 ? 2%
100 63 62'/? 62/?+ 1'/a
Sept 24 6 Ajax Bobber . 2800 49% 42% 43
? 6
537.
92
95
96%
1033/4
1283,4
60
90
613/4
101
147%
116k*
54?.
86
15! 8
175
30%
122
53%
68
119/.
14'2
95
99%
109/4
109
17%
30/2
72
100/4
83
50
142*%
118%
10634
105
10034
283
973,4
210
165%
105/2
61%
21%
66'a
18
34
6?4
67!'4
75
75%
125
86/2
82
11%
93 '/a
20%
176/2
114
82
30%
148%
102'/2
45
Au* 9 ?
Au* 6 ?
59% Sept 13 ?
893/4 Sept 13 7
Jan 13
Mar 30
Mar 22
28
70%
75
84%
70%
79
63/2
86
30%
87
124/8
106
23
61
9%
95
12
65/2
37.
63
641/2
9/2
61%
80
82
95/2
11%
163,4
623/4
85! "8
Au* 9 1
Au* 17 7
Au* 9 8
June 2 6
An* 20 8
Sept 23 10
Au* 31 4
July 16 7
Au* 9 ?
Au* 11 7
Feb 25 12
May 20 7
Sept 23 ?
Au* 26 6
Au* 10
Alaska Gold Mine?.. 1*00 1% 1/4 1%-"
Alaska Junta? .... 300 1% 1/2 1.'/_? V*
Allied Ch ft Dys w 1 19800 61% 59% 60/e? 1/s
do pf . 300 91 90% 90%? %
Allta Chalmers .... 4300 35% 33/4 33/4? 1/s
do pf . 200 77 76 76 ?10%
Amer Asri Chem... 1900 87 84 84%? %
do pf . 400 87 86/2 87 -
Amer Beet Sn*sr... 2600 83 78% 79 ?3/,
Amer Boeeh Ma*nte 2600 84/4 78 78 ? 6%
Amer Brake S ft F 600 65% 55 65%-+- 1%
do pf . 100*88/2 88/2 88/2?1/4
Amer Can . 4900 37/2 34 34/4? 2%
do pf . 335 9-'% 90 90?1V?
Amer Car ft Fdy... 3600 135% 132% 133%? 1%
do pf . 100 107% 107% 107%?
Amr Cotton Oil.... 1100 25% 23 23 ? 2%
do pf . 800 65 64 65 -f 2/s
80 Amer Dru* Syn.... 1900 10 9*4 9%? %
Feb 6 6
Sept 24
8ept 24
Au* 10
Feb 13
Au* 5
Au* 7
Au* 6
Au* 3
Feb 13
May 27
Apr 15 ?
Feb 13 ?
Au* 9
Au* 6
70' 8 Au* 23
33' 3 Au* 9
Apr 15 108% Sept 23
102
74', 4
80
92'j
104/
85/
154/2
1%
321/2
96%
102/2
114
15
17
13%
62
8/2
129
11%
29%
27%
283^
85%
46
69
134
19%
104%
1081.2
64%
62
1643/4
67
13%
201,2
14/2
163/4
13%
303/4
42',. 2
61 ?7_
911-2
120%
111%
41%
6S
80/,
66
21 %
44%
61
68
40%
441/2
67
3434
52
651/2
92%
80
93%
203a
46%
98
14%
85
105%
107
43%
6-?
278I-2
100
603?
59%
85%
40
105
26$%
9
16%
101
13
6%
11
67'_
102 %
28
29
147
/04%
213=
44%
135
48
36 V?
19/a
77
38
11
49/;
7
264
2
25
55
60
85'-;
76
72
4
82'?
18
128'
100
76
13
100
95'
273,
40' ;
35
114
Jan 20
Mor 22
Apr 12
Mar 18
Jan 5
Jan 7
June 29 10,"
Jan 2
Jan 29
Jan 3
Jan 10
Apr 6
Sept 25
Sept 22
Apr 15
Jan 3
Jan 23
Jan 7
Jan 3
Mar 10
Jan 3
Sept 24
Sept 1
Au* 12
Jan 7
Feb 27
June 16
Jan 15
Apr 9
Jan 5
Sept 20
52% Sept 7
50% Mar 25
June 19
Jan 2
Apr 9
May 8
Jan 3
Jan 5
Jan 10
Mar 15
Mar 15
Mar 20
Mar 26
Apr 7
Jan 9
Jan 12
Jan 5
Jan 5
Jan 28
Jan 3
Mar 26
Jan 3
June 18
Jan 5
Jan 5
Sept 16
Jan 7
Mar 29
Sept 20
Sept 25
Sept 25
Sept 25
Sept 25
Sept 23
Sept 22
Mar 11
Mar 11
Mar 12
Jan 13
Apr 8
Fob 28
Sept 24
Sept 24
Mar 10
Jan 3
Jan 3
S*-pt 17
Feb 24
Jan 3
Jan 9
Jan 9
Sept 2b
Sept 24
Jan 5
Jan 14
Au* 27
Mar ?2
Jan 5
Apr 26
Apr 9
Apr 16
Jan ?
Apr 13
Jan 9
Apr 29
Apr 17
Apr 7
Jan 7
May 16
Apr 14
Jan 21
Sept 25
Sept 20
Sept 15
Jan 3
Feb 24
Ji>n 12
Apr 16
Feb 19
Feb 19
Jan 12
Jan 13
Jan 2
Jan 2
Jan 6
Jan 12
Sept 20
293? Sept 20
22% Sept 20
95 Jan 5
91% Apr 16
16/s Mar 30
May 14
Feb 14
Jan 3
Jan 6
Jan 6
July 30
76% Jan 3
94% Jaa 6
172 Jen 2
42 Mar 26
May 20
Au* 10 10
Au* 18 7
May 22 8
Au* 9 12
May 20 6
Au* 9 2
7234 Au* 10 7
91% Au* 2 7
Apr 30 ?
Au* 9 ?
Au* 9 4
Jon 17 ?
July 28 ?
Au* 9 ?
Au* 9 4
May 24 6
Sept 24 7
Au* 13 6
Feb 11 6
May 20 5
Au* 10 ?
June 18 7
Sept 3 ?
Au* 20 10
Au* 9 7
Sept 23 7
Sept 20 3
Au* 9 7
Au* 30 7
Feb 13 ?
June 28 4
Amer Express . 5200 151 138 149 +11
Ara Hide ft Leather 2800 13% 12 12 ? 1%
do pf . 6400 71 64 64/2? 7%
Amer Ice . 900 41 40 40%+ 2%
do pf . 300 60 68% 683/4? 1 %
Amer Inter Corp... 17900 78% 73% 75 -f 4'/_
Am-La Fra Fire En* 400 10 9% 9%? %
Amer Linseed . 900 70% 65% 66/2? 5
do pf . 500 86 83/2 83/2?3/2
Amer Loco . 15100 97% 93 93%? 3%
do pf . 300 102 100% IOO/4+ 13/4
Amer Safety Razor. 13100 16/2 14% 15 ? 1%
Amer Ship ft Com. 57C0 20 183/4 19 ? 1
Amer Smeltln? .... 22500 65 69/2 60%? 3%
do pf . 1300 92 90 90?3
do pf A. 100 7434 73% 74%+2%
Amer Steel Fdy.... 2900 37/2 35% 36%? 1%
Amer Su*ar . 1800 112% 1C8% 109%-? 3
do pf . 600 106 105 105 ? 2%
Amer-Sumatra Tebac 7300 90% 86% 87/2? 3%
do pf . 200 88 88 88 +3
Amer Tel ft Tel... 3400 9834 97% 98%? 2
Amer Tobacco . 6900 136% 128% 132 + 5
do pf new. 300 90% 00% 90%
de B . 14100 132% 123% 129%+ 6%
Amer Woolen . 10100 84 76 76%? 6%
do pf . 10 93 93 93 -
Amer Writ Paper pf 6600 61% 55% 66 ? 2'%
Amer Zinc ft Lead. 500 13% 12% 12/j
Anaconda . 16300 65% 51% 52%? 2%
Ann Arbor .
do pf .
Assets Realization...
Asso Dry Goods
do 1st pf.,
do 2d pf.
100 18 18 18 + 2
300 34 33 34 + 7%
90Q 3 2% 2%? V?
200 28 27 27 ? 2%
100 60 60 60+1
300 63 50 60 ? 8%
Asso Oil. 300 94% 94 94%+ 4%
At Top ft Santa Fe 12800 85% 83% 84%+ %
do pf . 1300 77 76 77 + %
Atl Birm ft Atl. 11600 11% 8% 11%+ 2%
Atlantic Coast Line 600 93 91 93+1
Atlantic Fruit . 9800 20 1834 18%? 1
Atl Gulf ft W I S S 400 154% 14? 14934? %
Atlantic Rf* Co pf. 300 108% 108 108?2
Austin Nichols pf. . 100 76 76 76 ? 2'%
Auto Sales Corp pf. 100 13 13 13 ? 2
Baldwin Leco .181300 116
do pf . 200 98
Balte & Ohio. 26400 45
do pf . 2800 51 y.
5%
65
68
104
6%
9%
5%
48
4! 2
84
6'4
16
10
10%
63
22%
52
110
9
44',
Au* 18 2% Barnsdall A . 100 41% 41% 41/a+ %
Barrett Co . 1200 136 133 134/4?4%
Batopllas Minin*. . . 1300 34 3/A yA? ?,g
Uethelem Motors. . . . 1^00 534 5% 8%? %
Bethlehem Steel _ 100 70/2 70% 70%? %
do Class B. ?14600 78% 72 74 ? 4
do 8th pf. 900 107 10434 106 ? %
Booth Fisheries _ 600 7% '7 7 ? %
Brooklyn Rap Tran 1100 11% 10% 10%? %
do ctfs . 1600 7 6% 7
Brooklyn Union Gas 200 48% 48
Brunswick . 300 6'/? 63,4
Burns Bros . 800 94% 92
Bulte Cop & Zinc. . 2200 7% 7
Mar 3 8
Au* 20 ?
Aus: 26 ?
Au* 9 6
Au* 9 5
July 27 8
Au* 27 ?
Au* 27 ?
Sept 14 ?
Sept 24 ?
Au* 26 ?
Au* 9 10
May 20 ?
Au* 9 ?
Sept 23 -?
Au* 3 ?
Au* 9 6
Au* 9 ?
Au* 6 4
May 20 10
Sept 25 ?
Sept 24 ?
94S? Sept 17 7
33% Au* 10 4
May 20 4
Au* 9 10
Feb 13 4
Feb 16 ?
Au* 6 ?
Feb 18 ?
Feb 18 ?
Feb 13 ?
May 20 2
Feb 6 ?
Feb 13 ?
June 14 5
July 1 7
Au* 10 8
Feb 13 ?
Feb 11 6
Feb ?3 7
June 26 5
Ad* 13 ??
Au* 9
Feb 6 ?
May .2 5
May 20 4
May ?0 3
May 19 5
Feb 11 ?
July 30
Au* 9
Sept 24
Feb 10
July 28
Sept 24
Feb 25
Au* 6
May 24
Au* 6
Feb 13
Au* 11
2900 2034 18% 18%? 1%
40
79'. a
47
6
12
4%
4
7
19%
30%
45%
67
98
74%
23%
54
64' 2
58
12
24%
42
69%
30%
28
50
20
47
19%
78%
55%
73%
9
25
74%
10%
68
76! 4
100
30
45%
115%
92%
36%
32' ?
75%
32
83%
165
2%
Butte & Sup Cop.
Butterick . 1300 11%
Caddo Oil . 3500 19
Calif Packin* . 2800 67
Calif Petrol . 2400 31
Calumet ft Arizona. 100 57
Canadian Pacific. . . 18600 122% 120% 120%? 1%
Case Plow . 200 10 9 9 _ 2
Central Leather .... 823C0 61% 44% 45%_ 6*4
do Pf . 100 94% 94% 94%+ /?
Cerro de Pasco. 6800 45% 41 41%?2%
Certainteed Corp ... 400 52% 5234 5234-f 1%
Chandler Motors- 12600 86 77% 79/a? 6
Chesa ft Ohio. 22300 67 64% 66%+ %
Chicago ft Alton- 3400 13% 10% 13%+ 3%
do P? . 600 20% 17% 20/2+ 2%
Chic East Illinois.. 900 14% 12% 14%+ 3%
do pf . 5500 16% 13 16% + 6/?
Chic (it Western... 52600 13% 11
do pf . 17700 3034 28
Chic Mil ft St P... 31700 39% 37% 38%-f %
do Pf . 21500 69% 561/2 59%+ 1%
Chic & Northwest.. 3400 76 74 75 _ 1/
do Pf . 300 106% IO634 106 + 1
Chic Pneum Tube.. 700 84% 80 80 _ 5
Chic R I & Pacific. 63400 40% 37% 39%+ 1%
do 6 p c pf,. 2800 69 66 68%+ %
do 7 p c pf. 3600 80% 7834 80 + 1
Chic StPM to.. 400 66% 65 66%+ 2%
Chile Copper . 5900 15 14% 14%? 3^
' _ Chino Con Copper.. 4000 29% 26% 26%_ 2%
C Cin Chi ft St L.. 100 59 69 59?1
do pf . 200 67
Coca Cola Co. 10800 34?J
Col Fuel ft Iron... 300 35
Col (?as & Electric "1400 59
Colorado ft Southern 8500 34% 29
do 1st pf. 100 62 52
Columbia Graph . .. 9700 24% ^</x
do Pf . 100 78% 78% 78%? 1%
Consol Claars . 1200 76 74% 75%+ 2%
12%+ 2%
29 + 1
67
313/4
34%
57
67 + 1
33%+ 1%
34%+ %
58 + 1%
34+5
52 + 2% !
22%? 1
Consolidated Gas .. 1800 81'% 79%
Con Inter Callahan. 3500 10 9
Consolidated Textile. 4900 31% 27
Continental Can ... 200 78% 75%
Continental Candy . 2000 11 10%
Continental Ina - 20 70% 70% 70%
Corn Products . 35200 90% 84 84%? 4%
?? Pr . 200 101% 101% 101%+ %
May 24 2% Cosden ft Co. 4200 41 38% 38'%?2%
Au* 9 6 Crex Carpet Co. 100 59% 59% 5934? %
Crucible Steel . 46000 133% 127 130/*+ 2%
600 94 93% 94
2600 45% 42 43
10800 41/
900 77
May 24 8
June 1? 7 do pf
Au* 10 7 Cuba-Amer Su*ar
Au* 30.? Cuba Cane Sucar.
Au* 19 7 de pf .
Au* 16 ? Davidson Chemical.. 1100 40
June 29 9 Delaware ft Hudson 800 105
Feb 10 10 Del Lack ft Western 1000 242
8ept 18 ? Den ft Rio Grande. 13800 3%
4% Sept 24 ? do pf . 26400 6%
85 July 30 8 Detroit United R R 100 93
May 19 1 Dome Mines . 1300 117,
May 3 ? Duluth So Sh ft At. 900 6%
Apr 30 ? do pf . 2400 10
8ept 24 2 Durham Hosiery ... 300 42
8ept 21 7 do pf . 100 92
May 24 ? Elk Horn Coal. 6200 253?
Sept 11 ? Emerson Brand .... 100 15
Au* 6 5 Endlcott Johnsen... 1400 7134
Au* 6 7 do pf . 100 93% 93%
Feb 13? Erie . 97600 21% ifli/.
May 19 ? do 1st pf. 23200 29% 28%
do 2d pf. 7400 22% 21 '
Fameas Play L Ca 3100 73% 71
_,??? P' . 300 86% *6% 88%
Fed Mln ft S. BOO 12 12 12
9'%
3
7
40
92
18
15
62
92
9%
17/2
12%
66! ?
80
10
26%
99
20%
20
6%
49
68/,
Feb 9 ?
Feb 11 8
May 20 8
Jan 2 ?
Jan 2 7
Au* 14 10
Sept 24 3
May 19 ?
Au* 9 ?
June 9 2
Feb 11 e
79'% May 26 7
134 May 20 8
19% Sept 24 1
1J
2
37'% 37/_?3%
76 76%+ %
36% 40+4
104 105 + 1%
240% 241%? 8%
3 3%+ %
6 ? 1
93 -
11%? %
6%+ %
9%+ %
40?6
92?2
24?4+ 1
15 -
68?3
93%? 2%
19%? 1%
28 ? 1%
21/,? 7B
71%? 2%
4%
93
11
6%
8%
?10
92
23%
15
68
do pf
Fisher Body .
Flak Rubber Tire...
Freepert Tesas Ce.
Gasten Williams .
Gt*x Am Tank....
309 36% 33% 33%?* 1%
300 108% 100% 108%+ 7%
21400 2?% 20% 22 ? 4%
2600 24 23 23%? 34
1300 8% 8 8 ? %
600 66 64 84?2
Gen Cigar Ce. 1100 65 84 64%? %
*? P' *?*. ?00 ?2% 81% 81%+ %
Cmi Elec Ca. 7-W? 146/, 1441/? 148 ??- %
Gea Mote? .SMBOO 22 ?1114 8? ? 1%
89*>4 Jan S 72'/4 Sept 3 6 do pf .......... 400 76?/- 75 75" ? t
851/4 Jan 6 68 Au* 20 6 do 6 pe deb. 1600 69% 68 $8?1'/!
83 Mar 29 78i/2 Au* 26 7 do 7 pc deb. 500 80'', 80 80 ? ri
85'/4 Jan 6 483B Sept 24 6 Goodrich B F. 14700 55' 48% 49%4? 7s!
49?4 Jan 5 15 Sept 17 ? Gray & Davis. 100 17 17 17 I 2
84% Mar 13 67?, July 30 7 Great North pr. . . . 13700 793-4 ?77? , ?78 -i- 3;
V*?? M*r 19 30 Aur 14 4 io ?Te ?Bta ???? 29?0 35'/? 33% 34'/4 + < ?T
38 s Jan 3 23 Au* 6 .50 Greene Can Cop.... 1100 28'/2 27*,2 283?? 7H
201-2 Au* 17 17'i Au* 19 2 Guantanamo Su*ar. . 700 19", 18 18?1
15 May 6 7 Jan 24? Gulf Mobile & N.. 900 13 12 13 4- 1
11t< *** 1t ?J? A.U* 18 ~ do pf .*???* 900 30'/2 28 30',+ 2'/2
??!? ?mn . 2 Au* 9~~ Gulf Stat. Steel.... 600 54 48</4 ?i,?I 4 !
m? Sept 18 14'/2 Sept 10 1!? Hsb-rahaw Elec ... 300 15>/4 14% 14%-. 1
2* APr,1o !?,? ?"* ? 4 HM&B-'Car. 6700 71% ?67 .67'aU 2?/4
46*/* Apr 19 2134 Au* 9? HendeeMf* . 600 27 25 Zt
81 Jan 12 46 8ept 24 6 Horaestake Min. 400 47'/2 46 46?3
lit2 *'pt20 75 Ju,y 2? Houston Oil . 15800 116'2 107'/, 112 ?VA
?/4 oPr 9 13 Feb 13 1 Hnpp Motor" . 9900 I? 1414 14'/*? l'/?
33'/a Sept 10 30'/4 Sept 22 3 Hydraulic Steel .... 1100 317. 30 30?1?!
93% Mar10 807s Feb 13 7 Illinois Central. 1600 90'? 90 90 + ?**
?W4 oPr .6 *,/a Au|r 6 60 ?"?"?boma ReBnins . 1200 7% 7!4 7'/,-t- ?/.
W,m Sept 10 1?'/, Sept 20 1.20 Indian Reflnin* .... 100 19','i 19'* isvl? 1*
\i* wPr 7 43'/e Au* 9 4 Inspiration Copper. . 9400 49% 44% 45'4? 41,
4% Mar 15 3 Aur 4- Inter C.n Corp. 5500 4 3% 4 + (?
16% Apr 8 8% July 29 ? do pi . 1900 12'/a 12 12'',? %
?.? Apr 14 13'/a Feb 13 ? Inter Afrlcnltnr? ... 1100 21 1994 19*4? 3?\t
?!/, Apr 13 111% Sept 15 7 Inter Harvester .... 1800 118'/2*116 ?116 + 4*4
??r> ." 24 2!1/4 AU n 7 d? pf . 200 108 106 106 1_
.? ? *?" I *\% Aus 9? Inter Mer Marine... 7900 25% 22% 23 ?2
111Ta Jan 5 70% Au* 18 6 do pi . B4O0 79% 75 7S.;._a.'
170 Apr 7 37 Sept 1- Inter Motora .. ??00 ?R ?? 4?*Z ?S
84 Jan 19 72 Mar 4 7 do 1st pi...200 76 75 76 *
ti? m? ? e2,4 ^^(-^r;?^_.. 14200 Bg 7,* jgfcn
KIDDER,PEA_ODY&CO.
115 DtnntlKf SI. 18 Bread St
BOSTON NEW YORK
Government Bonds
investment Securities
Foreign Exchange
Letters of Credit
GorrespoDdents of
Baring Brothers & Co., Ltd.
LONDON
__B___SSt-S--B--M_l_IISIIISMSIIS_B_-H-W_B-_S
30 Years
in
Export Banking
INT?MATE 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 Mexico
8 Office? In Europa
Direct Connections With India
?NQ0-SOUTH AMERICA
^ANfCUMITEP
New York A*e*_cy, 49 Broadway
WE RECOMMEND
New York,
New Haven &
Hartford R. R.
Debenture 4s
Due April 1, 1922
Price at the market
to yield over 20%
McCliire, Jones & Reed
Members New York Stock Exchan*e.
115 Broadway New York
Telephone Rector 7662
We Offer
Investment and trading
accounts a highly organ?
ized service.
Important news bulletins
and stock prices posted
throughout market ses?
sions.
"FINANCIAL FORECAST"
mailed gratis. This week features;
Central Leather
New Haven Railroad
Skelly Oil Company
Producers & Refiners
Westinghouse El?ectric
Correspondence on investment
and speculative securities re?
ceive individual and immediate
attention. Special reports on
any active securities sent upon
request.
MSWoLFE?Ca
XSTABUSHKD 1906
41 BBjOAD ST- NE.WM3KR,
TVieri? .JStfeed 25
ft
Transfer Canadian Balances
During the Fall
THE discount on the Canadian
dollar is at its lowest during
the Fall of each year. American
manufacturers and merchants
having balances in Canada
should arrange to transfer them
to the United States before the
end of the year.
The New York Agency of the
Union Bank of Canada will
gladly facilitate such transfers
at the most favorable rates.
\tmmmmmm*q*&F*&*rxmm~**mm*mm*mwmwmwmMm*i~mnm*m~ mmmm**m***m*W*?*m**?mfJ 08
mw?da
New*York Agen?yy
WJ Dsvsort.FL Appleby.Wfc rbrh**ft^**jent4
Paric^Union
mmm BAMsmfr ?mmm
56 Wall Street^ New York
Capital (fully paid) $4,000,000. Surplus and
Undivided Fronts. $754,000
Shanghai
Paris
BRANCHES AT
Tokio
San Francisco
Yokohama
Seattle
Transactions in Exchange
Travelers' Letters of Credit
Commercial Credits
Foreign Collections and Cheques
Acceptances
Transfers of Money
Advances against Collateral for the
Financing of Foreign Business
OFFICERS
Charles A. Holder, Fresident
T. Fred Aspden, Vice-President
E. B. MacKenzie, Secretary & Treasurer
Stone & Webster
147 Milk Street
BOSTON
INCORPORATED
120 Broadway
NEW YORK
38 Se. Dearborn Sa
CHICAGO
EXAMINATIONS AND STUDIES
of Industrial and Public Service Propertiet
REPORTS
on Valuation and Operating Efficiency
UNION CARBIDE & CARBON
Fast wire service between our Chicago and New York
Offices enables us to handle all orders in stocks listed
on Chicago Stock Exchange promptly and efficiently.
Quotations promptly furnished.
BABCOCK, RUSHTON & CO.
Member? New York, CIiieuRo mid Boston Stork Kxeliana***.
7 Wall St., New York. 137 S. LaSalle St., Chicago, III.
Telephone Rector 3600.
LIBERTY BONDS
All denominations bought for cash.
Based'on th?* ?'login* we pay:
$45.27 for a $50?SV.'? I$ond, 54 Conpon?
1144.83 for a $,"i0?'?ci *%% Itnnd, No Coupon?
$15.01 for o f .".O?3d \VA". Itond.
$4S.Ort for a $50?Ith4<4?i Bond, 1 Conpon
$48.41 for u $50?5th i^?o Bond, 6 Coupons
PURDY & CO.
Te!. John 3174-5-6-7. 34 I'ine St.. N. T.
J. K. Rice Jr. & Co. Will Buy
200 Amer. Cyannmid Com. <t rid.
25 Olluloiil Compunv
100 II. \t. .lohns-ManviUe Pfd
50 i,rent American In-.
100 l.imu locomotive Com.
50 l/vhiKli-Vallr?i i oal Nile?
100 Kirby I.umher Com. Jt I'fd.
100 Nat. City Hunk "Ki*hts"
25 Niagara Inituranre
10O o-iiiu? Coal I'fd.
loo IVmia. Coal _ Coke
100 RollH-Royc? l*fd. I
J.K.Rice,Jr.&Ce.
Phon?? 4S00 to 4010 John. 5? Wall St.. N. T.
Amer. Safety Razor Change?
George L. Storm, chairman, a-*
nounced yesterday that the directors
of the American Safety Razor Corpora?
tion had voted to transfer all its for?
eign asset!? and rights to use automstle
machinery, titles, trademarks and copy?
rights to the American Safety R??0'
Export Corporation. The entire stock
of the latter company, amounting W
400,000 shares of no'par value, *??'
remain in the treasury of the paren?
concern.
The export corporation has been or?
ganized to control the foreign buiinei*
of the Gem, Star and Ever-Ready R**0*
?companies, which consolidated not Ions
ngo. "This omalgamation," said Mr.
Storm, "has made possible a standard?
ized mass production. The same bran?
and same style of packing ex'?
throughout the world, and practica?.]
the same selling price to the consumer
throughout the world. Unlike any other
?rticlo for export, the trademarks*?
safety razors are practically all An?**
ran.*

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