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

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Phone, Rector 500-U
Josephthal & Ox
120 Broadway, Kew York
Members
Kew York Stock Exchange
Foreign
Private Wires to
Principal Cities
p*?
_s
Banking House of
Members of N. Y. Stock Eiehanjfc,
11. 13, 15, 17 and 19 Broad St., N. Y.
Inteicst allowed on deposit account?
mbjert to cheque. Stock, Bond and Sola
Jtjuufs of Railroad and Industrial Corn?
ai ? - Bought and Sold for cash: also
?-??-.? ??ve term?
FORETCX I.FTTF.TtS OF CREDIT TSSTHJ?
LIBERTY BONDS
rrnrch ) T120 Tifth Are. .'56 Tnlon Sonar?
Ollktt: > 172 Ouane i-t. 141*> Y,n*t 60?th St,
16 Court St., Brooklyn.
no ni'i it C*
C^ CHATHAM & PHENIX
fe,V NATIONAL BANK
?vfi*,' Capitel * Surp!.? ?12.?M.MI
\-\p^;?\. ?????irr.?.S15?.808.tt
6a\?\ ?49 Breadway. Sineer t'lft*
Ado 12 J?.-???"!?*?
Bankers Trust Co.
National B'nk of Commerce
N. Y., N. H. & Hart. Deb. 4s
McCLURE, JONES & REED
Members Sew York ftock Exchange
111 ISroailivur riionc 83S1 Hector
Adopt New Policy
For "When Issued"
Exchange Contracts
Receiver of Cash Deposit To
Be Allowed Interest at
Call Loan Renewal Kate
The Association of Stock Exchanp-e
Firms, in a circular to t..embers, has
recommended hat contracts in "when
issued" securities shall have the same
standing with respect to the market '??
position of the stocks or bonds in?
volved as apply to securities for which
the certificates V-ve been issued, "he
circular, which is signed by C. _ A.
Morse, president of the association,
and which was sent out yesterday
said:
"As in the past complications have
resulted in connection with previous
lnrpe 'when issued' operations, we
realize the necessity from the stand?
point of convenience and of mutual
.security to safeguard such busin - n
the future in every possible way, so
that there shall not be coincident
with the issue of the new securities
involved so large an open position as
has resulted on sever;.1 occasions in
the last few years from the sudden
termination of contract trading Ly the
issue of the definitive securities.
"There is no provision under the
constitution of the New York Stock
Exchange that thi body i lay make any
ruling obliging its members to keep
such contracts in when issued' stocks
and bonds marked at the market. There
are provisions in the constitution
under which on any contract one mem
be** may demand from another on the
same day as the original contract or
on any following day a mutual de?
posit of margin.
"Your executive committee, after
carefully considering the matter from
all its an 'les. has decided that the
most effective method of safeguarding
the situation is for the members of the
association to mutually agree that,
upon demand, on 'when i ; ned' con?
tracts there shall be n constant posi?
tion 'at the market' maintained be?
tween the parties to t' contract, in
exactly the same way as is now done
in marking stocks loaned and bor?
rowed.
"In respect to borrowed and loaned
stocks the present procedure is in ac
cordance with a long standing custom
on the part of both siles of the opera?
tion, there !>eing no provision in the
constitution of the New "ork Stock
Exchange covering the matter nor se.
The formal recourse fe** the borrower,
or lender of stocks is to require their
return, or to deliver the same to the
lender. In a few instances it may de?
velop that the posting of differ? nces on
contract obligations may reach im?
portant amounts, *o that the int. rest
Item may be a factor to be considered.
"It is the opinioi of von*- executive
committee that there should be there?
fore allowed bv the p, rty to th<> 'when
issued' contract who shi U have received
a cash deposit thereo,-'., in connection
with pTacinir it 'at the market.' in?
terest at tin. rene al rate for call loans
posted at the N'eu- Vor): Stock Ex?
change fur each day."
i
Baldwin Locomotive Orders
An order from Cuba for twelve en
rlnc.i has been received bj the Bal '?? ?
Locomotive Wi rks. The St. Louis
Southwestern Railway Companv, which
recently ordered ten consolidation type
locomotives from the Baldwin Works,
has given an order for ten additional
locomotives of the same type.
Manufacturers for Open Shop
CHICAGO, Oct. 8. The Illinois Man?
ufacturers' Association to-day adopted
a resolution favoring the open shop
after hearing an address on the sub?
ject by K. J, MeCone, general manager
of The Buffi rcial.
Monthly Earnings
Pittsburgh * W**i Virginia
\ ugusl i- n sa
? a? ?i aftei tax
*-,'? t op. del
? ? i hs >:,?? >?,
i after tax
Net op, deficit
:? i. 174
? 1,1 8
i
871.440
301.114
Inc.
Inc.
Inc.
[i
1?. .?.
1>. c
Stocks Ex Dividend
Pur?. Company. Per ct.
Oct. 9?American Beet .Suurnr Co.... 2
i let il -America? Ice To. .. l
Oot 15?Amn Shpbldg Co. 1 \
Oot 16? do pi . 1 ?>*
Oct. 15?Famous Flyrs-I.sky Op pf.... J
Oct. 9?Harbison-W Rfrc Crp pf. lVi
?)ct. !G fti.public Iron ?ft Steel. J *A
I I ?< T v., i ? ,. , l?l. .
?iuliislrial Stocks
Decline, but Show
More Resistance
Driving Tactics Uii&ettlc the
Situation; Humor? of
Financial Dif?icul.ics De?
nied; Kails Off Slightly
Industrial stocks, unsett! d by the
driving tactics of operators for the j
decline, moved lower yesterday, yet !
for the most part they revealed fur
ther power of resistance. The market
was very largely torn from the in?
fluence of economic developments by
the so-called professional traders,
whose thrusts against security values j
were accompanied by the flotation of j
rumors which were not designed to
maintain the faith of holders in their j
industrial shares.
One especially alarming report re
garding the solvency of a large auto- ,
mobile company contributed to the
unsteadiness of the fluctuating se- |
curites, and another?? regarding the ;
operations of one of the newer oil
companies adversely affected all the
low priced petroleum stocks. Both
tales f adversity were forthwith of?
ficially denied. .
There was little in the day's trad
?ng of great significance. The main
impulse eemed to come from the
(loor traders, who were anxious to un?
cover again weak speculative posi?
tions. Activity was on a diminished
scale, and there was no evidence of
extensive liquidati-... Some of the
tobacco stocks were weak, and the
copper; sold off toward the close. !
There was strength in some of the
!oc;il traction stocks.
The better grade rail, securities ;
were firm during most of the trading.
Ww York Central moved into u new :
high on the exp ctation of prompt
segregation of th" Rending coal prop
erty, as the former company owns a
substantial sha "e of the stock of the
latter. Toward the close there was
some selling of the rails, and they
closed for the mist part below the
best prices of the day. The knowledge
that the* . would " e delay in the p. ..
ment by the Federal governments of
sums d..e the carriers encouraged
some selling.
In the foreign exchange market
quotations were steady, with sterling?
tending higher. It became known
that France has definitely completed
its operations in the international
mor- markets in connection with the
Anglo "rench maturity, and also that I
its shipments of gold will he much
smaller than generally anticipated.1
The limit is now said to be $25,000,
000. whereas estimates only a few
weeks a?ro varied between 940.000,000
and 580,000,000.
In the commodity markets, lack of
confidence in respect to prices en?
couraged further heavy selling, asd
quotations dropped to lower levels. A
pessimistic view of the trade situa
tic . led traders to sell cotton until
October lost 101 points for the day.
News of largo rece' ts from Canada
caused another sharp slump in wheat
quotations, which, before a late re
covery, ere off about 5 cents to the
bushel. Heavy offerings from the
agricultural districts de; ressed com
from l'''i to 4 cents a bushel.
Money and Credit
Call money opened at 7%? and rose
to 0 during thje day. easing off later to
7%, at which it closed. The tightness
of the money situation is laid to the
i pproaching maturity of the Anglo
French loan and to "the fact that the
government will borrow money before
October 15 to pay interest on the
fourth 41,.. Liberty Loan due next,
Friday.
Yester- Year j
day. ago.
On mixed collateral.... 7'_ 0
On industrial collateral. 7'_ 9
Time money ?mixed collateral):
Sixty davs .8tft>8V?_ ?VVp 6
Ninety lays .8<? ? p r>"- ;
Four months .si/s1.. 5%@6
Four to six months.H" S>_ 5%?G
Bank Clearings -Bank clearings at
New York yesterdav wore: Exchanges,
p 25 405 601 : balance, $73,9G3,527.
Silver- London, 56}_d; New Vor',.,
domestic bar. _9V_c; foreign, 87*_c;
Mexican dollars, 6G%c.
Sub-Treasury United States fund
reserve credit balance . $60,391,017.
Canadian Exchange New York funds
in Montreal, $87.50 premium per $1,000;
Montreal funds in New York, $80 46
discount, per 91.000.
Hie Dollar in Foreign Exchange
The leading foreign exchanges dis- !
played a firm tone yesterday in an ex
tremcly quiet market. Brokers said
the market Was exceedingly thin. Ster?
ling closed slightly higher at $3.50%.
(Quoted in dollars to the pound.)
Yester- Week
day. ago,
Sterling, demand .$3.5075 $3.5025
Sterling, cables . 3.5150 3.5J
Sterling, sixty days. 3.4675 3.4063
Sterling, ninny ??ays... 3.4475 3.402?
i (.noted in cents to the unit.)
Francs, cheeks . 6.68 G.75
i 'ranc \. cables . 6.69 0.7?;
Belgium, trail's, chks.. 7.04 7.0:)
Belgium, Cranes, chis. . . 7.05 7.10
Li) ??, checks . 4.02 4.18
I ire, cables . 4.23 4.19
Sv. iss, fran :s, checks. . . 16.02 I 6 05
Swiss, francs, cables... .16.05 16.08
Marks, checks . 1.59 1.65
Marks, cables . 1.59 1,65
Guilders, checks .31.00 3 1.00
: . rs, cables .31.125 31.125
Austrian, crowns, chks.. .37 .4350
Austrian, crowns, cbls.. .37 .4350
Sweden, checks .19 175 19.85
SSw< d? n, cables .19.95 19 95
Denmark, checks .13.95 13.85
Denmark, c ibles .1 ! 00 1 3.9 I
Norway, checks .13.875 13.95
Morw ay, cab!? s .13.92 7 : OO
Pesetas, clu cks .14.64 14.66
Pesetas, cables .14.60 ! 1.70
Greece, checks . 10.15 10 30
Greece, cables' .10.20 10.40
Manila, checks .46.50 46.50
I Manila, cables .47.00 47.00
India, rupees, checks.. .30.00 32.50
India, rupees, cables... .30.25 33.00
Japan, yen, checks.51.00 51.25
Japan, yen, cables..... .51.25 51.125
Argei tina, checks .82.625 81.75
Argentina, cables .82.875 82.00
Brazil, Rio, checks.17.625 17.626
Brazil, Rio, calilos.17.7."> 17.75
Czecho-Slovakia, checks. 1.35 1.35
Czecho-Slovakia, cables.. iy~;> 1.35
Paris Market Quiet
PARIS, Oct. 8. Trading was quiet
on the Hours.' to- lay. Three per cent
j rentes, 51 frai c 50 centi nes
change on London, 52 francs 55 cen
1 times. Five per cen? loan, ^5 frar.es
1 I?7 centimes. The dollar was quoted
at 14 francs 98 centimes.
London Money Market
LONDON. Oct. 8. Bar silver, 56^_d
per ornee; bar gold, 117s; money, -P.,
per cent. 1! sc unt rate Sh irf bill . 57s
? r cenf e in nths' bills, Q% to
6 11-16 per cent. Gold premium at Lis?
bon, 140,
Dividends
Stork- ;
Rate and Pay- IP i
I nbt". of reo. i
Detroit United Rv .$2 <i I'^c. 1 Nov l,'?
ral.Ii'ka Co., 1st pf. 2 '1 Nov. 1 Oct. .0 ?
Merrltt oil Co.-6c q Nov. 15 Oct. 30
?? ' ? -f? Po. ,.?Ko -Nov. 1 m**l. 1?
Transactions Yesterday in Listed Stocks
Summary of Stock Exchange Dealings
(Copyright, 1920, New York Tribune Inc.)
Day . Year January 1 to date.
Yciterdny. before. niro. 1920. 1919. 191?I.
Kiilroad stocks 379,300 426.500 399,700 32,901,700 48.526,200 23,705 500 ;
Other stocks 299.300 328,400 1.155,100 137,860.?100 182,827.600 79,341.800:
AH stocks '....'..'... 678,600 751,900 1,554.830 170,861,100 231,355,800 103,047,300 j
Ye.sterdny. Day before. Year n?ro. 1920. 1919.
1 S ffovernment bonds. $8.657,000 $8,061.000 $9,836.000 $2.246.491,000 $1,930,691,000 !
Railroad bonds . 2.961.000 2 301,000 2,091.000 319,864.000 286,471.000 1
Olbcr bonds _ 4,261,000 4,086.000 1,142,000 282,369,000 301,496.000
Ml |,onds . ??? 15,892.000 14,443.000 13,069,000 2.848724,000 2,518,658,000'
-a- '?" ?
Recori- of Stock and Bond Averages
(Copyright, 10.0, New York Tribune In..)
StocltH Rnnsfe Ihux Range foil
Yrster- Day Vrnr far 1920. year 1919.
day hifiire. n.?- TIi_rh. Low. Tliirh. Low.
-0 Railroad stork?. . 72,00 73.15 70.70 73.25 58.60 78.80 63.35
CO Industrial ?locks . 85.27 85.79 116.48 110.30 82.53 119.33 79.20
50 Stocks . 80.10 80.84 98.14 92.05 74.40 99.94; 75.92
Bonds
10 Railroad bond? . 76.40 76.59 78.80 76.58 66.73 82.80 72.83
10 Industrial h,nds . 81.35 84.33 93.46 91.45 82.92 95.70 90.56
5 Utility bonds . 72.22 72.02 79.<0 74.53 67.64 87.75 71.80
25 Ronds .... 78.74 78.77 84.88 81.71 73.94 87.91 80.21
Hich. Low. D?t.
1920. 1920. Rat*.
46 25 ?
88% 38 'a 6
2;ia
3
53%
92
99?,'-?
62%
103%
12834
00
611a
1
1/4
28
70'i
1400
700
561 2 ?
703.1 8
68% 10
50 4
30% ?
1473B 124". j, 12
116' 4 105' 4 7
54% 22% ?
9
15'8
175
3 03 g
122
119'_
14 ?/2
95
1091-4
33' -,
17%
30? 2
72
10014
59
142%
106%
1G0%
283
210
165'.
10534
66! -,
23
6%.
67!4
75
SO7.,
82
12/4
176! 2
25
24
148' -.
49
53%
32/a
06%
102'2
114
17
6P?
82
26
11%
16%
r2%
88
Ailnm.? Ejpress
Ajax Rubber . 300
Alaska (?old Mine
Alaska Juneau . . ?
Allls-Chalmers . 4C0
do pf. 100
Amer Apr (hem pf.. 100
Allied Chemical. 2400
Amer Beet Sugar. . . 1100
Amor Bosch Mag . . . 100
Amer Bk Shoe & Fdy 200
Amer Can . 800
Amer Car & Foundry 1500
do pf. ?00
Amer Cotton Oil- 400
Amer Drug Syndicate
Amor Express .
Amer Hide & Leather
do pf.
Arncr Int t'orp.
American La France.
American Linseed
Amer Loromotivc . . .
Amer Malt Grain
Antcr fafety Razor
Rales. Open. T?i?n.
600 38% 383-4
40% 40%
1/a U_
2 2
33' ? 33'a
75'a 75'a
87% 87%
57' 2 R7'2
1%
200 146' e 1'16' s 145
200 11 11 11
800 60 60 5')3
1200 73% 73% 723
200 10'., 10' .t 10!
300 65 65 6*j
4700 96% 96% 95
100 27 27 27
900 15 15 Vi:
Am Ship & Com. 1100
2S3
85'
46
74
134
10434
10S/2
613a
J6434
CS%
?3%
if'-i
14' 2
33%
4i
65
91 ?4
111%
413a
843.4
71%
72' _
21 Vu
4-1( 4
4034
44! 4
3638
54
65/a
90
67
SO
93%
20%
141 2
1051/4
Ti 4
43%
27b' .
eo%
50%
85%
10S
9
7 63
4 Amcr?-an Smelting .. 1900
7 do pf. 300
33'g 3 Amer Steel Fdry... >
CJ'.> 7 American Sugar .
7414 10 Amer Sumatra Tob
8 Am Teleg ? Tel. ..
12 American Tobacco
12 do B .
7 American Woolen .
7 do pf.
4 Anaconda .
? Ann Arbor .
-- Assets Real Co...
4 Assoc Dry Good,;..
6 do 1st pf.
6 Atch, Top & Sun F?
5 do pf.
? All. Ilirm & Ati. .
10 Atl, (.Vf & W I. .
-t? Auto Sales t'orp pf
? Austin Nichols Co
7 Baldwin Loco Co. .
Haiti & Ohio . 6200
do pf. 400
Bel h Mo! ors .
Bctb Steel .
? 5 do Class B.
'8 do 8 pf.
? Brooklyn Rapid Tran 2700
? do ctfs. 700
? Brooklyn Union Cas. . 200
? Booth Fisheries Co.. 1C0
10 Burns Bros. 100
7 Buffo & Susquehanna 100
? Butte & Superior Cr.p 700
? Buiterick Co. 400
? Caddo Oil . 2100
92'
104!
102
70
91%
401 2
7
2
23
55
76
72
5
128%
11
14%
100
27%
40' '8
4%
65
671a
103
9/4
48 "
6! 2
84
50
16
10
10':
61
22'..,
65
110
43'/
943.
3 V
74
47
12
4
4"?
7
197
30'
'i
2100 104
900 88',
2C0 983
1900 134
700 134
2200 7234
200 93'4
1900 525 ?
100 21'2
200 4'/4
300 20
100 50%
2600 89' 2
300 78%
300 11
400 147
200 11
1100 151/2
600 434 .p.,
700 66% 671/4
46C0 69! 4 69' j
400 IO334 1033,,
'4 98'
6% 132!
6 123'
111% 111f
Packing. .
Fetroleum
California
California
do pf.
Canadian Pacific ...
Central Leather . . .
do pf.
Cerro de Pasco.
Chandler Motors . . .
Chcsapeak & Ohio..
Chic & Alton pf. ...
Chic i East ?II.
do i.f.
Chic (;t Western. . .
Pf.
Mil ?L St Faul
100 63'
2700 26
1C0 68'
6900 127
127% 127', .
4J?*4 ?
6**
74', 4
231/2
64%
do
Ch?c,
do
pf. 2600
Chic <'c Northw'n. . . .
Chi Pneu Tool.
Chi, Rod; lsl & Puc.
do 7% pf.
do 6% pf.
Chi. St P, M & O. .
12% ? Chile Copper. 26C0
243 a Ti.:
30% 4
28 3
20 ?
46
18
77'4
50
65%
73%
9
IC/s
76/4
25
30
115'2
36! 2
31%
/'?
Chino Con Copper.
Coca-Cola .
Col Fuel A- Iron. .
Col & Soulhern. . .
do 1st pf.
Columbia Graph . .
do pf.
Col Gas & ?7! jc . .
Consol Cigars . . . .
Consolidated (.as
Con Int'l Cal Min.
Continental Candy
4C0
6C0
300
400
200
6700
200
900
400
1700
1 100
200
Corn Produits . 1600
Con textile .
Cosdeu & Co.
Crucible Steel . . .
Cuba-Amer Sugar
Cui'i Cane Sui;ar.
do pf.
Del-? & Hud on. .
Hi liver & Rio Gr.
400 27! 2 27'
400 37 37'
3400 I3I/2 131!
120% 130%
2
s
8
1234
28
147
1"2
21%
3O/2
22%
9b
91%
IC8/2
4C
10!
75%
172
85! .,
85%
55%
2C'/a
'-?? %
41%
".
78/4
4G1 4
1 ;;,' ?
2 Va
05%
61%
5%
16%
142! a
51%
111%
20! 8
9%
91%
79%
26%
es
47/4
3
7 -
19 -
60
92
9! 2 ?
17' 2 -
12 V" -
65%
80
97%
19%
5% -
89%
58' a
134
16%
67
'73
34
16
65%
30
23
50
21%
75
13
80%
4 %
3
834
110
18%
70'4
16
0%
70
15%
Du!, So Sh & All.
do pf.
Elk Hem Coal. ...
Endicott-Johiuson
do p f.
Erie . .
do 1st
do 2d pf_:_ 400 20% 2
Famous Players ... 100 00% 6
do pf. 200 32 " ;
Fisher Body pf. 200 102 1C
Fisk Rubber Tire.... 900 20% 2
Goston Williams. 6C0 7' 4
Gen Chemical Co pf 200 89% ?
(?encrai Cigar. ?100 6-% (
Genrrnl Electric Co.. 2400 137% 13
Genera] Malors. 12700 18 -
do d\ deb. 200 6O/4 C
Goodrich, B F. 2700 50 C
Granby Mining . 2 0
Guantanamo Suftar. . 200 1S| 2
Groat Northern pf. . . ? 2600 UJ ?
(?I Nor.h Oreg sub-j G00 34 :
50 Greene Can Copper.. 200 27'4 ;
Hnskell & Bar Car.. 600 69% (
Ilcndee . 200 23 '.
Il m Ion Oil . 110C 105 V.
Hupp Mo'ors . 900 14' 4
II nois Centra!. 200 95 ' 8 !
Inspiration Copper. . f. ... . .
Intrrbgh-Cons Corp.. 1500 4%
do pf. 2900 16
International Hirv.. 400 111 1
Int Mer Marine. 2400 20% :
do pf. 2300 75
Indian Ref . 1200 16
60 (ndiahoma . 5600 8%
International Paper., 900 70%
do pf stpd . 100 72%
In ernational Nickel. 1700 13
6 do pf . 500 53
23 ? Im i:ciblc Oil . 8~03 32%
iC'/a ? Iron Produits . 200 42! 2
5' 4 ? Island Oil . 4770. ,'? :,
1% 1383/4 13
44! 4
30
118
27/4
57/a
152! ?
1%
33%
4S' -,
91%
?434
40
54%
110 ,
36
S 8
IOC
Jewel Tea .
do pf .
.Ion-? Tea .
J Kaj er .
Kan-ui City Soutl
do pf .
Kelly Springfield
do rts .
Kennerott Copper
60
8/t
3037
99
16'/i
11'j
93'/s
1.20 K
G L
Mir x ire
77. VA 125
200 100; ;
900 203.?
300 13%
100 95
400 143' 7
112/;
64/4
157%
50
38
35%
62%
35/2
137' 3
222
26
52 3 4
21
90%
11
18
313a
55%
40
69%
51
69%
1 !8
18 2
10%
37%
" 9
63
36
25/
59
27'
200 106' 2 100% 103'
kuwanna Steel . . 700
Lake Erie & West . . 470
? do pf . 900
3% Lchigh Valley . 2400
7 Li? ?i My Tob Co pf
2 Loe ws, 111c .
? I^iit Candy .
7 Loosc-Wil Biij 1st pf
12 Lorillard, P .
7 Louisv & Noshv ....
4 Mackay Cos pf .
10 Manat? Sugar . 100 89
7 Manhattan Elev .... 600 54%
? Maxwell Motor Co.. 1600 4!4
? do ctfs . 600 4
? da 1st pf . 200 9' g
? do 2d pf . 1C0 434
8 May Depart Stores.. 700 71%
12 Mexican Petrol . ... 16900 180' 4
2 Miami Consol Cop . . ;00 19%
1.60 Middle Satei Oil ... 7600 15%
4 Midvale Sicel . 700 38%
? Minn & St Louis new 400 19%
7 M. St P & S S M. .. 100 S?
? Mo. Kan & Tex - 2400 4%
? do pf . 900 8' 4
? Missouri Pacifie _ 2900 28%
? do pf . 3100 53
? Mont Ward . 600 27%
3 Montnna Fower .... 200 64
4 Mullins Body . 200 29%
j 143!
Hieb. I.OTV. Div. _. .
1920. 1920. Rate. Sa'es- ?^n' ",?;h
40 32 31_ National Arme . 200 33% 33.8
125 105 7 National Biscuit ... 100 107 107
SG% 44 ? National Aniline ... 1700,50)2 50'2
93 33 7 do pf . 200*89-/4 89%
13 6% ? Nat fon & Cable... 100 7% JVf
89[/2 50 ' 6 Nat Enamel & Stpir. 700 5R', 58'/r
110 * 100-1-4 7 National Lead pf. . . 200 106 106
8% 4? ', -- Nat KR of Mes 2d pf 900 6/2 7
17?, 101/a 1 Nevada Con Copper. 400 11% 117-8
GO' . 31 ? Neu- <lr!, T? & Mer 1600 5934 ?"1,
117 ff', 10 N Y Air Hrake. 200 97% 97'8
81% C4"/4 5 New Y.-rk Central.. 21700 79% 81/8
f4 23% ? N Y, Chl & Ht Louis 200 52 52/4
6! 44'/, 5 New York Dock r-f. 100 4S 46
371/4 23'/, ? X V, N H & H.... 6700 35/a 35'/_
273/B 1(3 " 1 N Y, Ont & West.. SOCO 25 25/2
103'_ 85 7 Norfolk & Western.. 300 102 102
73 C4 4 do pf . 200 68/2 68",
92' 4 66% 7 Northern Pacific .. G700 90% 913?
77'4 38 5 Nova Sroti.i Stcel... 200 40 40
22% 12/_ .50 Nunnally . 400 I3 13
5% ? ?;, ,40 Okla Prod & Re?... 1400 4 4/8
S2 20 ? Otis Steel . 100 21/4 21/4
P? 451.:. 3 owons Bottling Mach 300 47/a 48%
78 27 4 Pacific Development.. 2200 28/4 28'2
01'4 4V 4 5 Pacifie Cas & Elec . ?00 49% 49%
115'., 71% 6 Pan-Amer Petroleum 7000 89/2 90/4
III34 57% 6 do B . 1900 82/2 82/2
4334 37% 3 Pennsylvania B R. . 1800 43% 437,
36|4 16 ? Perm Seaboard StPel 200 19;,,a 19%
42 27 ? Peoples Gas & Coke. 1400 38% 39/a
32 22 ? P?re Marquette - 1200 23 P; 28^?
57% 37 ? do pf . 200 55(4 55/4
42', 30?/2 3 Philadelphia Co - 27C0 28; 4 40/4
441, 33i/_ __ Phillips Pet . 400 35'_ 35'-'-,
82%" 33 ? ?'?erec Arrow . 1G00 35% 35%
23/a 11 ? Pierce Oil . 1400 14'/, 14/2
98 ' 79 8 do pf . 200 S2 82
72/4 51' 4 5 Pittsburgh Coal _ 400*68'', 6.'/2
5C% 36 4 Pure Oil . 2700 39 39%
3P,i/4 211/2 ? Pitts _? W.st Va ... 1400 37'/2 37/2
113% 84 " 8 Pressed Stcel Car .. 400 97 97
124 1C3% 8 Pullman Co . 3C0 113 113
120 GO'4 8 Perita Alegre Sugar 2400 70 70/2
22% 13'4 1 Ray Contjpl Cop .... 1900 15 15/8
101% 64% 4 Reading?. 36000 98'_ 993_
47% 32% 2 do 1st pf . 400 46% 47
5O/4 33'.\ 2 do 2d ?if . 300 49'8 50%
94 " 45 ? Remington Type .... 700 52% ?53
j.? 10 ? Rei?s Co . 200 10 10
124% 72?4 6 H,-) Iron & Steel- 2900 76'', 76/_
? ? 7)2'4 7 do ?f . 200 95% 957a
55% 25 -- Pep Moler Truck... 500 32/2 32'.1
103% G9/a 5.50 Royal Dutch .'. 3600 83/2 83/_
E.'.'i.i 21% 6 Savage Arms . 400 20 20
21% 4% ? Saxon Motors . 200 5 5
177 ,11 1 Si Joseph Lead. 1 IO0 14 14
33% 15' 4 ? St Louis & San '-'ran TPiOO 32% 32%
40 II ? St Louis Southwest. 3600 37 37/
45% 2?/8 ? do pf . 400 42/2 42p
1V,-, G ? Seaboard Air Line.. 300 10/, 10/
20% 13 ? do pf . 1300 I8/4 18/
15% -"5 ? Seneca Copper . 600 15/a 15/
_P3 109 8 Sears Roebuck . 39O0 112% 1177.
90% 45% .74 Shell Tran--. & Tr... 300 51' 4 51/
48% 23/8 ? Sincinir Oil . 14100 32% 32/
S2% 59 6 Sloss-Sheff St & Ir.>n 400 64/2 64'
105% 88'/s 6 Southern Pacific ... 276770 100% 1013.
33/4 10 ? Southern Railroad .. 91C0 31% 32/
66/2 50 5 do pf . 2C0 C5', 65'
800 600 20 Standard Oil of N .1. 20 623 G23
113% 100/8 7 do pf . 1G00 105/a 105'
26% 4 Stewart Warner ... 200 31% 313;
111 . .' .4 Stromberg Carburetor 200 70% 70>'
120'.. 53/2 7 Sludcbaker . 12700 57% 57'
20% 17% 2 Superior Oil . 000 13' s 13'
''p.! 0 ? Tenn Cop ? Chcm.. 200 9% 93
53% 40 3 Texas Company .... 24100 51% 51:
47 22%? Texas & Pacific... 29800 24% 26'.
11 .2") T< : & far (' & Oil 7600 3"', 35!
19% 9/2 ? Third Aie Rail .... 800 18 ~ !9>
57 G Tobacco Products ... 1400 G7' ', 673
|9 'g 10P. __ ToI) si L & w ctf< 200 14% 147
38% 9 ? Transcon Oil . 3500 11% 1P
39 '27% 2/2 Twin City Rap Tran 600 39 39
12/ 73% S Union Bag <? Paper. 200 85 35
3o 25%? Union Oil . 2400 27'4 27'
129% 110 10 Union Pacific . 4900 123 123s
69% 61% 4 do ?if . 300 67| - G/:
53 37 4 United Alloy . 200 37% 38
224 176 1. United Fruit . 6G0 202/2 204
14 7' ?j ? United Hy Invest .. 403 13 " 14
2r<% 13 ? do pf . 300 26/2 29
78% 46/a 0 U.S Food Prod .... 2D00 50 51?
176',. 77/2 8 U S Ind Alcohol ... 149-00 82% 851
I 40 ? U S Realty & Irnpt.. 300 50 50 '
C6/2 50 3 Un?ed Retail Stores 6 100 74 743
143% 74% S U S Rubber . 5^00 70 J \ 79'
; ' ??' - 101 8 do 1st pf . 20O 107^1 105^
76 50 6 U S Smell & Ref ... 100 55/4 55'
109 83% 5 U S Sleci . 27600 87% OS
104% 7 do pf . 40 J 1C3 1G8
!'.?'?'.?, 56/a 6 Utah Copper . 3600 61% 613
7 ? Utah Sec ? orp ..... GOO 11% 12
9? 42 G Vanadium Sieel _ 2000 60 P. 65 \
80! 4 57 ,\ \P.-?7'::r Chemical .. .;"?) 59 , ;.;,-'
21 11% 2 Vivaudcu . 2400 11% 117
13 "f ? Wabash . 4700 12% 13
-4% 2C/2? do pf A . 6100 33 34
23% 14 ?- do pf ?I . 900 23', 23'
15 1 ?'!% ? Western Maryfand .. S'JOO 15 "" 15'
2 .1 1 ! ? do 2d pf. 12100 22 23!
40 2.1', ? Western Pacific .... 1600 37 38
89 A 80/a 7 Western Union Telrg 500 31', 81'
??;|- -,?% 4 Weslinghousc Mfg .. 400 46?/2 46'
;6 9 ? Wheel & Lake Erie. 3000 15% 13
'3 '-> ? do pf . 000 26% 27
--/> 42', 4 White Mntnrc inn .ir-.i'
100 s
! 55 6
1 ?0 7
6?? , 6
; 21 4
<:Ex dividend
Bid and Asked
?' ?-? ? HO l.'.-.o t . . : ??
&: Air CPin . "_' .- . '
P ? s?;?._ '. do pf . ...32
Am l!,'? If, ly 100 105
I ? [if 10 .LOi? l(l_
A ? ? . P (.:,.n ? m ... U5
?.'.'. !?? ?-.'. : : ?' - I - " . ?.
A I do ;-' : ? -P . M
ALU lift!? pf ; i 71
? ? .. i: . |>l -I 8'i
'- i ' P ' -7 (Irani Mia.. 7)3 3?!
Ara M : I S: ? ; ::?; Davis 1 i 15
v ..-.;?!: . iP . -. - >?? ?;-.- . ni
\ : ', . . . ,, ;\ 77
Am Snuff ...! I : ;.. ;...???.
i ? Int Agrl pf 79 >
A : ' I IP: . pf I -7 10S>_
t :-: p. .
?. .' t .....
Ami Ti & C. 47 II I I' l| ? ; : [ij l?l
\ \ el pf. SI S3
li Il"? I- i I iPntral.. 1)
' ? ? .! I.
A
: - . : - ?
a . ;: :- ni s
. . ? ;. ? w -
do pf
A le Ref. K'7 0 Il |) il
: ? . ' ' i pf .i ?
* v. ! .. . .7 111) !?. ,. i . SOV-j
Aiim S I p "% " ! ? i
? : ? L * M T Coll
U ' !.??? : : lo It . ; . : ? .
! . . 10 '. . It 1st pf 03 101
do It P ; ' ? 101
? |__th 40 .3 _ori!lard, I' pf.lOO 111.
do pf_ SO 0 M ......
I' i. Ml , '? ?
pf " Ma it) Si? pf rj v- ?
!. . ; ' ? . p .
! _ -. . .. ; .
l; I! ? of 100
. . , its : ' Martin II ???. ? 30
I. ;? _ ??? ? ? Ma tin I'arrj : '
. v i\ ? in
D iff an I Su? 75? lav II H
p . ;'? ?? '? in loo
i: ?' ?.:;! . . - - " . ? '
I ? " ? .
? If Pel ? '. ? pf
i . : , - i I) ??
P. -.11,. ' ?? ? : _7
!. ., . P ??! ' 03 93
Ce lofXJ.,!li ! i & K. (10
i Mu Una IJcxl. : ? P'-*
? ' .. ?. ? , '
do pf 13 22UiNa.4i ? - Dig PI 109
'??.?s, ? rt.-i Sat Ii lilt pf.lOi)! 10
. - " . .i pf '?: 95 Sat ? & H. 34 34%
-..?_? lo pf....... 79
P ? ;? au .. Sat K & S pf Si) 04
rio pf DO 1 ?? VI l-.tpf 10 14
Col & S i ? : r ?M i P. ? A?SI pf 651
,:??
? ' ? : p 7 7 "7 S ) ! ? P I
? pf.. so S V I. a ',', :< p
Coat In.ur ? ; ' ? ' '-'
' ' : Sorf .?. W pf.
, i | Ii Al "77,
'?>; '?'*
Cu-Ara I ,' P (? Ont Silver
Co pi ti I-.'levat : , 1 '
De 1. _ V\ 2"3 : 1 ] ...70
?? ;..;? ? 21 Vj 22
17 R R i? IOS O. ? ?? H M pf 06 ;?'!
paclfl Coast 25 40
?l?i pf .... [?30 :? do 2d pf . . 43 ' 60
D S S & A [>f !?? , ?)-,:'? M ?1
:? rtnei.ry. ?>.', P? l" _: T. 4.1 1 \
do pf . .1 p:'. Parish h B.n_ -i 29
Bl? ' Stor B_t IIS 130 I'-..:. S Sto . 194/4 20
Eli U __?_. _. __ _. ._'?___ J _ _-. -"?* ?7
Rid. A-' 1 Bid A ? od
1'? r!i & V. 18 I, '?. T N VV O! 0
l'er m | ?? pf ,. ' , ?4'4 T I) Prods pf
'.' Mull Co Ul'.? 17 T S J. & W lit I* J'.
115 7 ? -.. W S -IT., -I ,
? A w pf ,7 0 ' T . H Tran !.*
.'. ? . ?' ill pf ??'. ???: do pf fism S.-i
1' J?' \V ? I' 1 ! ?' !. ? I dortvd T C I '??! i '0
1' . IV V? pf. 77 ?-??? ? . 102 110
PRO pi . :? i' . 100 T' C S ?' Am. ! .*.
" .?-. i ." X i rit ni lo pf
I! S :??' 104 111) fil ' 1 Drag . 103 109
. i . pf S3 M do 1st pf . ,T
Ko 1 & S... ' 10 T'TIV: I' ? ' ' ??,
. I) pi 10? '. 107 ' . . : - . '.'?, 7
?,..?. -' , C S I Alfil pf 0: '?. 06
? f s S S ! pf - ? . -""? r S S .t H. .- . - ,
fi I- R Sut! 110 11.1 ?! . pf. 43V4 47',
? . pf. ,.in '. ? .' if C pf. 101 107
SI :. 1 Mil ,.115 ,T Va I C & C.111 117
do pf - ' . -?' W ? F Rx 57 61
?- pf S0 90 ? IV ? pf. 71 75
, ,.31 52 '?'?? soi Co ? ' - >?S
? i ,,- ? ?:'.. ?.???'?,. V. 1' i M pf I! 62H ?ii
T S? 1' I. T. 265 323 ;_
Equipment Bonds
,..;,,?.::? ne : ? '"?' ntajrn basis. )
Kate. Mat? Ity.? ; I. .' ?k,
. , Hilo. . I '?a 1 '2Q-*27 8.00 7 50
Il Steel.... 7 ?" 0 7.25 ..77
\:\. . . i ??, i ?: 0-' ?: 7 - 6.75
Bui II & P 4T -5 1921 ?'?'. 7 7, .; 60
, . 6 1921 S3 7.50 6.00
Ian Nat. 7 ,19 5 ". 05 1 35
. . .;. Nor. 4 ?.,-." -6 : l20-'29 8 '.':. 7 70
,:i lac. 4*_ ' . 0 . ?i .7 10 6 ?
. .. ?; l920-'32 7.20
C ? C & St L. 5 192! '-3 7.25 6.75
do . 0 19 l-'-7 7 ) G i
... ,. . 4U ; .? I :'.:7 7 : il 6.75
C!, rt 1 & F'ac ! ',a -5 1920-*27 B.20 7.25
Chic & N W . 4 '? 1 ' 10- 23 7.50 G. '6
? I. ?', M (.1 5 '" :0-'24 7.80 6.75
Del & 'Hudson 4 '?-j 1922 7.7?. ?, ., ;
t;-le . . . . 4 '.j-5 1920-'27 h.?? 1.00
, Cons. .- 5 ' 1921--22 8.50 7.7.0
ili i '? ni al_ 4'a-? 19 'O-'l 7 7.5?? 7 00
? So. . 5 1920-'24 7.70 li SO
? .;-.. 5 19 :0-'23 7.4 ? J (j 7?
?. .' ntral. G 1021-'32 7.?O 6.75
. .5 ' ? ?? ? 'O 7 70 G.75
:,: s ?' & ssM i ',4-5 ; 120 t 7.25 6.90
do .'? ' ' > i 7.36 6.96
do . 7 ? 'i 7.36 C 95
N V Cent R IMH 1920-'28 7.50 7.00
N V . ? t il l; ! ' , I9?1--32 7.0 '? -77
(1) . 7 1921-'35 7.25 6.30
N V C & Si 1. 41. 1921-'26 7.50 7.00
do . 5 1931 7.50 6.75
N Y N H & II 4 V4-5-6 1920-'23 8.37 7 5?)
Nort & W???t.. 4'?-j 1 120- J4 7.15 6.50
Nor Pacifie. . . 7 1921-'30 7.00 6.50
Pa >?*r Kxp. . 7 1925-'35 7.00 6.50
' . vlv.-tnia . 4-1 ?; I920-'23 7.25 6.75
Pitts & I. B.. 6*4 1921-*35 7.00 >'..50
: ?..;:',,. 4 '? 1921-'27 7 70 6.75
? ! ... 4 '???. -5-6 1920-'27 S.25 7.50
rn Pao.. 4 '.. 1 i20-'26 7 ' 0 6 7i
.'.o .-.. 7 : ? ? ?? ? ?'? 7 00 6.50
.Southern -Ky... 4*4-5 I920-*26 7.65 7.00
?Union i acifle. 7 :924 '35 7 00 6.7.0
: ' n T mk... 7 I ? ?0 7 16 7.00
Ian Ky.. 6 1920-'30 7.37 6..?45
Wabash . 5 1921 10.00 7.00
Liverpool Cotton Statistics
LIVERPOOL, Oct. 8.?Following are the
weekly cotton statistics: Quantity afloat,
all Itinda, 137,000 bales; American. 94.000
bales.
In Wall Street
Banker Turna Hull
An officer of "no of Wall Street'?
greatest commercial banks sm
announced himself yesterday as having
joined the ranks of stock market bulls.
"I think," he observed, "we have p
the peak of our money troubles and,
although money rates may run
for a time on a plateau, th" tenden ?/
will be downward in the long run "
This banker, by the way, has beei
ish on industrial securities since
spring.
A Rumor Market
The slock market yesterday was filled
with rumors of dire happening .
of which materialized. There was the
story of a prominent motor car com?
pany being in financial straits, but this
was later officially denied. Then the
bears ? on Invincible Oil circulo
yarn that several of the company's
wells had gone dry or were
palt water. '1'his was met with the fol?
lowing denial from the president of
the company: "No reduction in the
company's production has occurred in
the Homer or any other field and no
.?.alt water has appeared in the com?
pany's wells." Invincible sold down to
28, a new low for the year, and closed
at 30%, a net loss of 2V? points.
Federal Tax Receipts to Drop
It will be a difficult problem for tl ?
new Administration at Wa
avoid a large deficit in the financial
operations of the government
year, according to Eugene Meyer jr..
former head of the War Financ
poration, who has written a 1?. I
Senator Galder, of the Senate
committee on reconstruction and pro
duction, relative to go en
finances. "Cursory im
says, "leads to the conclusion that ex?
cess profits tax collections in th
1921, based upon the earnings of the
year 1020, will be reduced at lea:;) fr ? i
25 to 50 per cent, and that the tax re?
turns on income likev/ise cann?
to be very materially reduced as a re?
sult of the reduced profits in b .
There is "hardly an industry in the
country whose earnings will I e a
this year ?is last year, and then are
many industries which are ;
heavy excess profits taxes this year on
last year's profits which will pay none
at all next year on this year's busi?
ness."
Denver ?!_ Rio Grande
The stockholder;;' protective commit?
tee of the Denver & Rio Grande Flail
road, of which former Representative
Jefferson M. Levy is chairman, has
sought; the assistance of the Atl
General in their efforts to prof ci
interests in the litigation with the
Western Pacific. Mr. Levy said yes?
terday that Mr. Palmer ha .
to look into th" situation id wit?i
the view of giving the Dep
Justice information re? ?ves of
the committee will probably go to
Washington some time next week.
Southern Pacific
Reports from Mexico City q_
the head of the Southern Pacific I
in Mexico as saying that company will
spend S12 000,000 in in provemei
extensions were not credited
local offices of the South ??*
It was pointed out that
quarters of the Southern Pacific Com?
pany of Mexic ? is in '! uc ??p A .
that all official inf ?rmal
probably come from that center.? In
1910 work of the Southern I
road of Mexico was interrupted by in?
surrections in that c ?un p
tension of the line which v.
mat.ely to run from NT-gales to G
jara wrs stopped about 100 miles
of the laiter point.
. _ .__.._ ' ?v.
Not Enough Excitement.
One of Wall Street's best known
professional traders i i doing CO '"?
lively little in the stock
the moment, ii" the word < :' h?3 :'
is to be trusted. This partid
ator does not consider
ciently exciting to t< mnt hii i,
have been a number of
including yesterday'.', dui n
has absented himself from the Street.
City Financing Discussed
In investment banking circles M
expected that New York Cit; will i I
the money marke:, before many n
with a Jarree loan operation. Th?
has been financing its needs on a tem?
porary basis through the sale ?
warrants and the next
financing arranged will
poso of funding outs) mding
paper.- It would not surprise tl
bankers said yesterday, to
come into the market for at leas'
000.000. Such an operation -
for toward the end of the year or? .
in 1921. It is believe,i that any loai
that might ho put out at thi
would hear a coupon ra% of 5 per ( nl
and, of course, offered ai par. I
summer a report of impending finan?
cing by the city w;;s promptly deni I
by the Comptroller's office.
Cotton Crop Financed
Bankers who n few weeks nrro "
appre ive i . ' ' : ?
' he ;?? -?.'? m ??????.
-,? r??'>'" Hii as i p ?m ".
solved and is tl 'ore
can he I : m ? n r* 1
equation. For a I mc it le?
the btnks mi? h 1 ???..-??
?in taking care of the needs of tl
i on ' rad ? in gi i i in conne?
the new crop. Bui I ! e rl ?? '??
the price of r: w c ton : - wr
great cl an ?re, the b nk? rs ? and -
consumei .? ?? ' ? ?
basis the total b rnnerinen
n< cessary to fi na nee c? t?.
sit fre m the grow r to tl rnanu
turer have been greatly reduced.
Steel Comm')7i as Investment
Investors' holdings ?>!' United States
St?el common eu s ?ntember 30
ed to 3 522900 share?, or ''!'"'
cent of the total issue and the r
total "ver ret) jrted The previo
record was attained on Jun ? 30,
3.451,019 shares were reporl ?(! '
hel : in ':'" ?'"? box - In th" i
months ended with Septeml r I ?
mated ? ? at the floati - .:
stock ha?-- been r< luo< I ! ? 155,500
' "?>??? nnd in less thr>.n fon - -
i 390 su shares. Brokers' h old H
Steel common on Scntembi r '
placed at 1,5^0,125 shares, or S
c"?it of the total outstanding. T
a reduction of more than 2 per cent
from the June "0 total.
About New Financing
in discussing the "Ter-: f r ??? fi?
nancing e- rations in 1 _ I and he r
rv; ', ? : writ?
bull market new fina
a favorits excuse for
up si ocl s. beca a ?? busi
i a i? so rapidly that corp?
rv. ad litional money to fill I
ders. However, in a bear n a
financing is mor? for the nurj
funding extended bank loans, or rsis
ing- additional working can I
creditors who also need mon p
their business. Consequently, strange
as it may seem, the eai
which a year a_-o was construed
ing bullish now has the exact op
effect.
British Trade Report
LONDON, Oct. 8. The September
statement of the Hoard of Trade shows
the following changes:
Imports . .......... Inc. ?4,104,7)00
Exports of British
products . Inc. 60,955,000
Reexports . Dec. 2
Total export? . Inc. 60
Excess of imports . . Dec. 46,S5l#??
On The
Neu) York
Stock Exchange
X
A ComparUo'n
it?i ?*.,...
-
I -, M>
( tit i,, ,.^.
I !?(,' ?n .
Htj'^,,? 8nj
?
erf botv;i<
? and frnndi
? ' ' ?
? . or
?
01 ut <
Unit? 1
A. A. Housmaa \ Zo.
t
h.
N. y
M< ? bera
/.
2T Broad Street. .v vorJ(
f-..;. ??. Il ( ?
2.-. West <l St., Sen
! ?bei. y Building, 1"
ty
ATLANTIC Ml
INSURANCE CO? , ,y
:m
-
49 and
I )
Spec i ?il V r ? ? i i?..
g
1 -? roed
i
leg !
Noven o ? ? > ?
in Tr. - i; I
to l> ?
r,i?.r
.
. ?,
annum in
- a".
bet p:i
i I ?!
A- '
not
- i
.,? ?>,
of 1 s o?
their s?
i'.-.. - r?, with n to tb?
will
'.
?? : -
G STAN IX)N 1 LOV D JONJ -. . retair.
French Treasijir>
L eady to Sieget ?Is
e c?T Big Loan
Ang?o-Fre icfe Maturii\ on
Octob< iil Wind lii
One of the Larges! Din
of Foreign trancing
n fresterday of
operation? for
.000.00'I
iturijty on October
* ' or pi .-.?.' off
present them on
lin? up tie l>rg
- ?'-??' i ? '-. loaa ever
.itely m ne American nar?
is ?.
A;?tun:ly k - fctoan half of tho who'?,
obligation % ;,. ?/ ? we<:
i as 3 resl i of the bondi
! in thr open ... of t'? ?
???
British ;;??.
care of part
: ? throu :
and e then '
'*? : ?? ;nar
u to perfi ?
the summer, ar i
ier?bl??
.i idvance of ma
f has ? to
. -
Cr( lits <
.
A
: t is
?
t' the bond
the
?
i
ii
I
?
'
'
I the
? -
.
? . D
'? ".
] :. Lon?
don.
' ?II O? lg
s Ordered
l in Philadelphia
I to
KIC8
Fed
1
.:
(' ; .,
g
. ?'. the
?
C al
.- ipreme
: . . ? i: :
-
'":? m st :
voting
..
;
r
R a
?
of the ?
? owns
-, - i of the Le
d Will - I .ii'pany.
lined by the
Supreme Court in May, decided that
this ' ownership was in
violation of ti e clause
of the interstate commerce act.

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