New-York tribune. [volume], October 16, 1920, Page 13, Image 13

About New-York tribune. [volume] (New York [N.Y.]) 1866-1924

Image provided by: Library of Congress, Washington, DC

                
W. F. Ladd & Co.
investment
Securities
New York
Long Term
Railroad Bonds
of the
New York Central
Pennsylvania
Baltimore & Ohio
Southern Railway
Canadian Pacific
Can. Gov't R. R.
Illinois Central
St L. & San Fran.
S
Y
S
T
E
M
S
To Yield 6J/2% to 8
C'
F.J. L1SMAN&C0.
Specialists in Steam Railroad
Securities Since 1890
Members 2f. Y. Stock Exchange
61 Broadway New York
ntiMiifs* people who hoard consult The
Tribunr ''s Furnished Room to Let and
Wanted ? ?'iiiuis. Phone your
Anglo-French Loan
Paid; Millions in
Bonds Presented
France Finds It Unnecessary
to Take Advantage of
Reserve Bank Offer;
Easier Money Follows
Millions of dollars worth of Anglo
French loan bonds were presented yes?
terday, the due date, at the office of J.
P. Morgan & Co. for final payment. A
steady stream of messengers flowed
into the Morgan banking house as the
bonds were turned in for retirement.
Representatives of tho Morgan firm
said no official figures would be availa?
ble for some, time showing the amount
of the payments. The maturity yester?
day amounted to $500,000,000. Of this
probably little more than $200,000,000
was held in tho hands of investors, ow?
ing to the fact thr\t a hujre amount of
the bonds had been purchased in ad?
vance for the account of thetwo govern?
ments. It is expected that many weeks
will elapse before all the bonds held by
investors are turned in. In fact, in
I such a huge total it is probable that
some of the bonds will never come in
for payment, while others that are rest?
ing in the strong boxes of forgetful in
? vestcrs will likely not come out for two
| or three years more.
The French government, which had
I to meet one-half of the big maturity as
I its share of the joint operation, drtl not
avail itself of the special emergency
arrangement made with the lederal
! Reserve Bank of New York whereby the
j latter was to advance gold to the
; French treasury in the event, that the
i French at the last moment should find
j they did not have quite enough funds
\ to meet the total payments due. As
j it happened, recourse to this machinery
i was not necessary.
The big banking transactions inci
; dental to the payment of the Anglo
I French loan and the United States
Treasury operations caused scarcely a
i ripple on the surface of Wall Street's
; money market. In fact, money rates
| dropped in the afternoon to 6 per cent,
i whereas the day before borrowers had
' been compelled to pay 10 per cent
! to cover their requirement?.
Middle West Utilities Co.
$2,500,000 Note Offering
Halsey, Stuart & Co. are Offering
; Middle West Utilities Company $2,500.
! 000 fifteen-year 8 per cent secured gold
i notes, series A, due September 1, 1035,
at 9G and accrued interest, yielding
about 8 V? per cent.
These notes will be secured by pledge
of mortgage bonds on properties of
, subsidiary companies owned entirely
; or controlled by the Middle West Utili
| ties Company, the aggregate principal
?amount of bonds so pledged being at
i least equal to 150 per cent of the prin?
cipal amount of series A notes at any
time outstanding.
Signs of Improvement
Seen in Motor Industry
Association Head Asserts Sound
Development Now Seems
Assured
From a well informed source, a state?
ment came yesterday that signs of
improvement in tho automotive indus?
try are already visible. C. E. Thomp?
son, president of tho Motor & Acces?
sory Manufacturers' Association, whose
360 members lend credit and sell parts
to the makers of cars and trucks, ex?
pressed confidence in the outlook.
In a statement issued, after a meet?
ing of the board of directors, Mr.
Thompson said:
"We hove absolute confidence in the
fundamental soundness and stability of
? the automotive industry. A compre?
hensivo survey of conditions through?
out the country, and first-hand state?
ments from various members of the
association indicate that there are
now marked signs of improvement in
the automobile field. The automo?
bile industry has naturally been af?
fected, as have other industries, by the
economic readjustment of business
conditions coming as an aftermath of
the war. This process has been most
orderly and constructive, and tho basic
strength and essential character of the
automotive industry are beyond ques?
tion.
"The automotive industry is a
transportation industry. The sound
: progressive development of the auto
i motive industry is assured by the
enormous transportation needs of the
: country.
"The replacement business of motor
! vehicles looms up as a factor of para
i mount importance. Thjs replacement
1 business alone, even when coupled
| with only an average increase in the
| normal demand for new motor vehicles,
j is of sufficient size to keep the indus?
try in a healthy and progressive con
I dition."
Financial Items
Members ot tho staff of the living Na?
tional Hank yesterday received as extra
compensation SI per cent ot the amount
of their salaries during the threo months
which ended September .'iO. This was tho
thlnl quarterly payment of the year and
was 8 Mi per cent less than In tho quarter
ending .Tuno Ht). As the rate of extra pay
is based on Bradstroet's Index number,
yesterday's payment reflects the substan?
tial decreases since the end ?if .luri? in
the wholesale prices of commodities.
Moore, Leonard & Lynch, members of
the New York Si.uk Exchange, have
opened un Investment department In their
New York office at 111 Broadway, under
the joint management of Frank I. Tom
linn and W. Sebert Scott. Mr. Tomltns
will have charge of the bond division and
Mr. Scott, who was formerly hoad of the
statistical department of William A. Road
& Co., will have charge of tho statistical
division.
New dining air?! club rooms have been
presented to the Chase Bank Club by the
Chase National Hank. Albert 1!. Wlggln,
chairman, made the formal pr?sent?t ion
of the rooms to the club on Thursday
night. The club rooms are In the building
at 41i Trinity- Place, recently purchased by
the bank und altered for its own use.
The Day's Bond Market
?K
U. S. Government
Trojn ?actions
Liberty 3 4s, 1947. .
do 1st 4s. 1947.
d-i 2d 4s. 1943.
do 1st 4%s. 1947. . .
do 2d 4%w. 1942 ....
d 3d t',s, 192S. . . .
do 4i'n ??',?, 1936. . .
Victory 4%s, M _
do 3%S, 1923. 2,910,000
Liberty 3'ja
do 1st 4s. f
do 2d is...
do 1st 4 %s.
do 2d 4 It s.
do 3d 4 Us.
do 4th 4%b
Victory 4%a . .. 96.2
do 3%s . 96.1
Bid and Asked Quotations
i Closing
Liberty Bonds. Yesterday.
i-is. 1941
1st 4s. 1947.
2'1 4s, 1942
lit 41
id 414?.'
2(1 (',?.
4th 4'
19 47
1942
1928.
34? 92.4!
; S 9.50
89 20? 89.30
85.70? 89.90
89.38? 89.40
9 0 68? 90.74
1538 85.30? 89.34
Vic 4%s, 1923 98.080 58.12
Vie :,\.s 1923 5?.0i@ 98.12
Pre-war issues:
?s reg., 193?.
2a coup.,
Ss reg., 1948.
!s coup., ?546
4> reg , 1925
4s coup., 1925
2s Pan c, 1936.101
2? Pan. r.. 1936.101
2? Pan. c, 1938.101
2? Pin. r., 1533 .101
101 i4 ? 102
101 Vi ?102
89 ? 92
89 ? 92
106% 0106
1 0 6 % 4j 1 0 6
@102
(9102
Closing
Thursday.
92.20? 92.30
85 00? 85.50
89.00? 89.20
89.40? 89.70
89.HW 89.20
90.25? 90.SO
89.14? 89.20
98.00? 98.09
98.00? 98.04
10l%? 102
101 Vi ? 102
89 ? 92
89 @ 92
105%? 106
105%? 106
101 @102
3s Pan.,
2a Pun.,
Phil. 4s,
Phi!. 4s,
Phil. 4a,
D. Cv?.
reg..
coup.
! 8 3 i .
(si 102
?102
? 81
? 81
? 85
? 85
? 85
101
101
101
78
78
75
? 102
@102
Hi 102
? 81
@ 8 1
? 85
? 85
0 85
Foreign Govt. and Municipal Bonds
(Interest To Be Added)
Argentin? Intern Rs, 1945...
Kingdom of Belgium 6s, 1921
do 6a 192 .:.
do 7%s, 1946 .1
Canuda. Dominion of. 6s, 1921.
do notes, 1921 .
d" 1926 .
do 1929 .
a" 1531 .....'.'..'.'.'.'.['.'.'..'.
Chin Gort Hu Kug Hy 6s, 1951
tuba Extern 5s, 1944.
do 6s, S?ri.-s A, 1949.
do 4%s, 1949 .
Dominican Hop 5s, 1958.
Cit) of Lyons 15-yr 6s. 1934. . .
do Marseilles 15-yr 6s, 1934. .
do Bord( aux 16-yr fis. 1934. .
do 1 openhagen 25-yr 5%s. '44
French Oovt Ss, 1st issu?-. . . .1
?rench. Paris City fis. 1521 ... .
Oovt of Switzerland ss, 1940. . . 1
J*P Govt 4%s, ?trig loan. 1925
do 4%8, 2d ser.. 1925.
do 4s, strlg loan, 1931.
do Tokio City 5s. 1902.
In K c,t u ,?;. 1,. 6-yr ?%a, 1921
do 3-yr 6 ';B, 1922.
do 10-yr 5 ',h. 1929.
do 20-yr 5%s, 1937.
Mexico Kxter ntlg 5s of'99, 1945
do geld 4s of '0'j, 1964.
??dm of Italy 6-yr 6%s, gold
Ud. .
69'4
99%
9 2%
00
98 54
9 8
90%
93%
90%
isked.
7?
99%
9 2 %
100 %
98 %
98%
91
431
80%
79%
81%
85%
85%
85%
76
(U%
94%
04
7 4 V*
7 4 Vi
57%
52%
98 %
95
89%
s s Vi
42%
33
9 0 %
43%
80%
86 1,
68%
8 1 %
86'i
86%
86 %
76%
102
94%
104%
74%
74 %
57%
63%
98%
96 -4
89%
?S'a
42%
33%
80%
(Sales)
Argentin? G 6s
1.000. 70%
rh. L?00. 70%
??nlneae Hy 6s
1.000. 43%
10.000. 43%
1.000. 43%
1,000. 43%
City of Copenhagen
?Vas
5.000. 77%
?,0"0. 76 %
6,0u0. 7i
c?y of Taris 6s
6.000. 94 %
3,000. 94 fc?
2.000. 94%
12.000. 94%
1.000. 94%
2.0OO. 94%
Dom Canada 6%?
notes 1921
3.000.98%
. JOOO. 98%
do 6t^n 1929
3.000. 93%
. 6.000. 93%
do 6s IS21
6,000. .
do 5b 192$
1,000. .
do 6s 1*31
? 23,000. 90%
Dominican R 6s
10.000.s30f.. 81 %
''??nert Hep 8s J V
M rets
20,000.101 ?s
19.000.101%
13.000.101%
1.000.101 %
10,000.101?S.
76,000.101%
28.000.101%
41.000.101%
102,000.101%
25.00?.102
14.000.101%
48.000.101%
123,000.102
??.000.101 %
? 2.000.102
?3.000.101%
98%
?0%
121,000.101%
32,000.102
Gov of Switzerland
a f 8s temp rets
8,000.104%
8.000.104
1,000.104%
1,000.104
1,000.103%
11,000.104
1,000.104%
2,000.103%
Jap 1st ser 4%s
3.000. 74%
2,000. 74%
do 2d ser 4 Vis
2,000. 74%
3,000.s30f. . 74
6.000. 74%
10,000. 74%
600. 74%
do stlg loan 4s
11,000. 67%
7.000. 67%
2,000. 67 Vi
6,000. 67%
K of Belgium s f
7%a J P M rets
1,000. 99%
' g.OOO. 99%
1,000. 99%
1,000. 99%
2,000. 99%
1 000. 99%
9.000. 99%
18.000. 99%
21.000. 99%
6,000. 99%
6.000.100
16.000.101
8,000.100
1,000.100%
3,000.100%
6.000.,100
"do 68 1921
6,000. ?9%
do 6s 1926
1.000. 92%
1.000. 92%
6,000. 92
1,000. 82%
4.000. 92
1,000. 92%
U K of Great Tirltaln
& I 5% s 1921
57,000. PS .',
31,000. 98%
141.000. 98%
15*0,000. 98 %
32,000. 98 >,4
15.000. 98 ,\
4,000. 98 %
21.000. 98 %
C.000. 8!?%
40.000. 89%
100 .
87%
to 000
9S i._.
20.(100. 0
1,01 '1. 9
17.000. 9
U
5 S
8?>%
,000
,000
I '
5 o o
2 : yoo
1 1.000. . .
19.000. . .
i'. o l " i. . .
lo.noo. . .
18.000. . .
20 000..
32,000 . . .
10, 100 . .
S of Mexi?i
10,000. 42%
f..non s6t)f.. -il "i,
5,000.s60f.. 42
89% Virginia dfd 6s B n
sp & Co ctfs
s 9 % 19,000. 71!
89 ; 20,000. 7"!'?
oho. 89 ?. 10 000. 73%
00 i . 89 .XT Cuy 4%a 1957
000. 89% November
ooo. 89' 1,000. 94%
000. S9% do 4s 1 959
1.000. 65% I
1 4.000. 05V
do 4a 1925
1,090. 80%;
?929
,191
.'0
.00?
Railway, Other Corporations
ika Gold M 6s
ser a
5.000. 18
Am At; Ch deb 5s
1,000. 93
Am Smelting 5s
13,00O.s30f.. 77
9 coo. 77 ?.
B 000. 77%
3,000. 77%
13,000. 77 %
1.000. 77 %
9,000.s30f.. 77%
Am T ?<? T cvt 6s
l.noo. 96%
2.000. 96%
6,000. 96 %
2,000. 96%
5,000. 97
do roi "?s
3,000. 8 0
?., 0 0 0. s o %
B.OOti. sn
6,000. 79%
6.000.'79%
do 4 ?-. s
2.000. 81 %
do col 4s
il. 00 0. 77 i?
Ann Arbor 4s
2. OOO. 54
Armour ?fc Co 4%s
2,000. 791,
A T it S F cvt 4s
1960
1.000. 87
1.000. 8S%
10.000. 89
do gen 4s
5,000. 77%
11,000. 77%
5.000. T''7-,
ll.o00.s20f.. 77%
1,000. 7 7 %
2.000. 77%
do a?l ! 4s
1,000. 71
do M 4s
1.000. 71
Atl CoaHt 1, 7s J 1'
M rets
1.000.101
5.00 0.1011-4
2,000.101%
2,000.10]
3,000.101%
i.ooo.loi %
:;.ooo.loi %
do 1st oon 4s
l.OOo. 78
Halt & Ohio 6s
20,000. 90-%
14,000. 90%
10,000. 90%
1.000. 90%
15.00O. 90%
do rfg 5s
in oon. 74 %
1,000. 74%
1,000. 71%
3.00O. 74 %
8,000. 74%
1,000. 74%
9 000 . 74 ?i
20.000. 74%
ion
B.-th Steel 1st
2.00.1. 88%
do rfg r>s
000. 78 %
4,000. 73
do p m os
: i 00. 77
2.OO0. 7 6%
I3rad< n < -opper 6s
6.000. 89%
Brooklyn Rap T 7s
ctfs of deposit
5.000. 42%
do 5s
2.000. 35
Brooklyn I' Kiev 5a
2.000. 66
Hush Term con 5s
1,000. 71 %
2,000. 7 1 '.,
Calif Cos & E 5s
1,000. 86%
On of Ga Ry 6s
;. 90%
ii.ooo. 90
Contra) Leather 5s
5,000. 9o%
4.000. 90-'.,
5.000. 91
Con r.'iolflc 3%s
I,ooo. 77%
do KM 4s
2,000. 74%
6,000. 75
l,000.s30f.. 74%
20.000. 75
7. o o i). 7 4 %
do Short Line 4s
1.000. 71%
1.000. 72%
l'en H H of N .1 6s
5,000. 9* %
2,000. 99
10!oilO. 99%
Ches & Ohio con 5s
1,000. 92
do cvl 5a
2,000. 80%
2.000. 8-6%
f,. o n 0. 8 G %
6.000. 86%
1 9.000. 86%
tfi.000. 87
12,000. 87 VJ
1 2,000. 87%
do cvt 4 %s
5.000. 76%
2,000. 76%
2,000. 76%
1,000. 76 '?,
1.000. 76%
1,000. 76V4
do K''n 4%s
1,000. 78
1.000. 77%
3.000. 77%
C & Alton rfg 3s
9,000. 49
1,000. 49
do 3%s
10,000. 89%
C B .<: Q gen 4s
4.000. SO
do Illinois 3%s
1,00 0. 73
2.000. 72%
do Nebraska 4s
5.000. S9%
do 1olnf 43
96
0 0 0. 9 G %
000. 96
, 1 6.000. 96%
15 000". 96
1 .000. 56 %
5,000. 9H %
10,000. 96 %
do joint 4s reg
5.000. 95%
C & E III rfg 4s
1 000. 40%
12.000. 41
do etfs of deposit
1,000. 40%
1.000. 40%
6.000. 40%
7,000. 41
4,000. 40%
Chic Gt Western 4s
1,000. 57
6.00O. 66%
3.000. 56%
2.0O0. 57%
8.-900. 57
1.000. 5?%
19.000. 57%
C M A St P CVt 5s
sor B
5.000. 74%
do i;en 4%s
10 ooo. 79
9.000. 79%
l.ooo. 79
1.000. 79%
do cvt 4%s
33,000. 74%
11.000.75
5.000.75%
do rfg 4%s
1.000. 65%
2.000. 65%
1,000. 66%
A
100.
81
do d.-b 4s 1934
1,000. 67
do ?;? n 4s ser A
?I. ?'00. 71 %
C .t N \V 7s temp
lets
7,000.103%
do geo 5s
8,non. ?15
1.000. 95%
do st i. r & Nwn
5s
6,000. 87%
Chicago Hv 5a
l.ooo. 69%
1,000. 69
C R 1 ,v p gen 4s
2.000,. 74%
1,000. 73%
7,000. 7:j %
3.000. 73%
do rfg 4s
10.ooo. 69%
2.000. 69%
4,0 00. 70
Chic l'n Station 4 %s
ser A
l.ooo. 70%
2,000. 7UV..
Chile Copper 7s
2.000. 97%
do 6s
4.ooo. 72 U,
1,000. 72 %
12,000. 72%
1,000. 72
C C C ?.- St 1. gen 6s
6,000. 87
do 4 %s
2,000. 79%
do gen 4s
20,000. 71
do 4s St Louis ?11 v
1,090. 70
Col * So 4%s
] 0,000. 77%
9.000. 76%
Columbus G & E 5s
1,000. 82
Con i ?as temp 7s
7,000.100
1,000.100V,
1.O00.100%
1,000.100%
Cuba Cane Sugar
CVt (leb 7S
1,000. 91 %
1 l.ooo. 92
41,000. 91
5,000. 92
Del & 11 temp 7s
1,000.103%
5,000.103 Vi
do cvt 5s
1.000. 861.'.
Den & R G rfg f.s
3,000. 63
1,000. 52%
do 4%s
7,000. 70%
8,000. 71
do con 4a
4,000. 67
Detroit Ellison col Cs
1933
1.000. 87%
do rfg 4s 1940
4.OOO. 82%
Detroit r Kys 4%s
4,000. 61
10.000. 62
Dul S S ?t Atl 6s
4,000. 79
Erle prior lien 4s
O.ooo. 53
do gen lien 4s
6,000. 49%
S, o o 0. 4 g i?
1.000. 49%
1.000. 49%
do cvt 4s ser A
9.000. 45
do cvt 4s ser B
6,000. 45%
do cvt 4s ser D
10.000. 52
1.000. 62%
4.000. 62%
10.000. 52%
Florida Can & I' con
6s 1943
1.000. 78
Gen Elec deb 6s
7.000. 99%
do deb 5a
1,000. 86
G Bay X- \V deb A
2,000. 70
Hocking Valley 4%s
3,000. 75%
2. 000.?6
Hud A M rfg 5s
3,000. 62%
8.000. 63
1.000. 62%
8.000. 63
10.000. 62%
2.000. 63
do inc 5s
IS,000. 25
1,000. 24%
Illinois Central 6%s
5.000. 91 %
2,000. 91
do 4s 1963
1,000. 71 %
1.O0O. 71%
do rfg 4s
9,0O0. 76%
1.000. 76 %
do 4s 1952
1.000. 74%
do Loulsv dlv 3 %s
4.000. 65
Illinois Steel 4%s
1.000. 79
6,ooo. 78%
1,000. 79
Indiana Steel 6a
1,000. 91
Interboro-Met 4%s
1,000. 21
1,000. 21%
13.000. 21
5.000. 21%
16.000. 20%
1.000. ?1%
10.000.21%
do ctfs of
29,000. .
I liter bon ? 11
48.000. .
36,000. .
dept
sit
19%
541
10,00(1.
26,000. 54 %
3.000. 64%
9,000. 54
5,0(10. 54 %
100.
64 1
2,000. 54%
1.000. 54
Int Mer .Marine 6s
10.000.a30f.
10.000.
2 5.000
ir a
4 s
.. ni
82
82
81 %
ii.ooo.
4.000. . . .
Iowa Central
8.000. . . .
do 4H
3,000. . . .
Kansas City i
7,000_
1.000. . . .
1.000. . . .
1,000. . . .
1,000. . . .
do 3s
5.000. . . .
821
47%
! 4 %
?5
>00.
Kan City Term 4h
2,000. 72%
2,000. 72V*
1.000. 73
6,000. 74
Lack Steel 5s 1923
3,000. 92
2,000. 92%
do 6s 1950
1,000. 80
Lake Shore 4s 1928
1,000. 85%
3,000. 85
do 4s 1931
1.000. 83%
10.000. 84
I.ehigh V con 4%s
1.000. 80%
7,000. 80%
Liggett A M 7s
1,000
do L S 3%s
7.000. ... B4
N Y C A St L der, 4f
3.000. 74 i4
N Y Connecting Rvs
4%s
lo.oon. 77 Vi
N T Bock Co 4s
1 .ooo . . r,7
N T Cms K T
Tower n rr
5.000. . .
1n ooo . . .
N Y It's rfg 4s ctfs
Of deposit
1 0.000. ;n
N Y State Rvs con
4 % s
1.000. 55
2.000. 54%
N Y Telephone 6s
2.000. 88 V,
do 4 Us
17.O0O.s30f.
5.000.
10.000.s30f.
7.00(1. ?0
1 000. 79;
\V ft Bn 4%s
5.A0O.f>30f. . 4R
2.000. 48
l.OOO.sTf. . . 48
i Norfolk A W gen 6
1.000.101 ;
"9%
do
Swn Term 5s
5.000. 66%
",000. 65%
on 4s
N Y
.105%
do 5
1,(100. 84 %
1.000. 84%
Long Island 5s 1037
1,000. 68%
4,000.-68
Louis A Nash 7s J P
M rets
3,000.103 Vi
do uni lied 4s
2.000. 82%
do S ft N A con 6s
1963
2.0(10. 85
do So By Joint 4s
5,000. 69
Mldvsle Steel 6s
6,000. 77 Vi
Mllw R H ft L 4%s
10.000. 74
Minn & St L 4s
30.000. 49'
M S S M A Atl 4s
2,000. 90
M K A T 1st 4 s
27,000.s30f.. 62%
29,000. s30f.. 62%
6,000. 63
do 2d 4a
],(100. 46%
1 0,000. 46
20.000. 45%
15.000. 45%
do 5s notes
5.ooo. 51
6,000. 52
2,000. 63
9.000. 62%
do s f 4%s
1,000. 48%
do et fs of deposit
25,000. 5q
Mo l'acide 6s 1923
4,000. 90
1.000. 90%
do gen 4s
3.000. 58%
1 1.000. 58%
13.000. 58%
9.000. 69
4,000. 59%
1.000. 59%
2,000. 5S%
1,000. 69
do
,'t fis
78
76%
77%
58%
59
58%
6,000 . .
10.000. ,
?.ooo.,
Xat By s M
1,000.
N Orl & NT
Imp 4%s
6.000. 77
N Orl T >t
7,000
6,000
N Y centr
1' M int
4Vjs
?'r?f
MeX 5s
. 61 %
. 62
?1 col 7s J
rim rets
7.000'..102%
2.000.10?
2,000.102%
2.000.102
5,000.102%
13.000.102%
3,000.102%
1,000.102
6.000.102%
4.000.102%
do deb 6a
6,000. 92%
6,000. 92%
10.000. 92%
53.000. 92%
2 Ooo. 92 %
7.000. 92%
7.000. 92%
25.000. 92%
5,000. 92 %
20.000. 92%
1.000. 92%
do rfg 4%s
4.000. 79%
do con 4s
2,000. 71 %
10.000. 71%
10,000'. 71%
1,000. 71%
do 4s 1934
S.000. 80
15.000. 79
do rfg 3 Vis
2.000.._?9% i
1.OO0.104%
do con 4s
4.000. . . .
2,000. . . .
Nor Pacific 4s
5.000. . . .
2.000. . . .
1.OO0. . . .
3.000. . . .
do 3s
2.000. 58%
4.000. 58
Nor States Pwr 5s
3,000. 79 %
1,000. 79
Ore Short Line 6s
5.000. 8 S %
Ore-W R H ft N 4?
1,000. 74
Pacifie Toast 5h
1,000. 75
Pacifie (1 A H 68
5,000. 77%
1, o ? o. 7 7 V.
1,000. 7 7 ni,
l.ooo. 77V
Paclflc T A T 5s
1.000. 85%
Pcnn 7s 1530
fi,000.104
3.000.104%
4,000.104
6,000..104%
17.000.104
2.000.104%
13.000.104
2.000.104 v;
1.000.104
1.000.1033,
3.000.104
3.000.104%
do 4 Us 1921
4.000. 97%
5.000. 98
do 6s 1968
3,000. 90%
2.000. 90%
4.000. 90 Vi
1.000. 91
do Ren 4%s
1.000. 82
fi.000. 82 V4
23.000. 82U
13.000. 82%
Peo Gas A C of C 5s
5.000. 69%
2,000. 70
1,000. 69
3.000. 69%
Peoria A E 1st 4s
3.000. 66
do ine 4s
2.000. 34
P?re Marquette 5s
6,000. 84%
1,000. 84%
4.000. 84%
1.000. 84%
1,000. 84%
1,000. 8 4?-,
1,000. 84%
Pitts C C A St L 5s
ser A
20,000. 84"
17.000. 8 4
2.000. . .
Reading gen
5,000. . .
2.1100. 81 %
1.000. SI %
1 0,000. 82
10.000. 82%
5,000. 83
1.O0O. 83%
5.000. 8 5
6,000. 86
do gen 4s reg
2.000. 79%
R I Ark A L 4%s
2,000. 68%
St L A S F 4s ser A
9.000. 63
2,000. ?2%
1,000. 63%
10.000. 63
3.000. 63%
10,000. 63
12.000. 63%
do 5s ser B
3.0no. . . .
1,000. . .
1.000. 65 %
3,000. 6 4 %
2.000. 64%
9.000. 64 %
St P M A M 4%s
2,000. 89%
do fis Mont Ten ?llv
2,O0O.H.'!0f. .103 %
St P A K C S L 4'is
1.000. 68%
Sen board A L 4s stn
2.000. 56 JiB
do rfg 4s
3.000. 4fi7^
2.000. 47 %
(to Hdi 5s
2,000. 43%
8,000. 44
5.000. 43%
So Bell T A T 6s
1,000. 83
So Pacifie cvt 5s
fi.ooo.J 0 2
2.000.102%
5.000.102%
2.000.102%
10,000.102".,
10.000.102%
do cvt 4s
2,000. 7 8 %
1,000. 78%
1,000. 78%
4.000. 79%
1,000. 79%
1.000. 79
do rffr 4s
24,000. 76%
1,000. 77
25,000. 76%
4,000. 76
4 000. 76 %
25,000. 7?%
EOl 4.s
10.000. 70%
10,000. 71
1.000. 71 %
do San F Term 4s
2,000. 73 .
Southern Ry 5s
4.000. 89%
5,000. 89%
do 4s
l.OflO. 63 %
2,000. 63 ?,
1,000. 63^?,
1.000. 63 %
Term R R Assn of 8t
h 6 s
1.000. 87%
do 4s
1.000. 74 Vi
Texas ?? P 1st 5s
1.O00. 8 4%
Third Av rfg 4s
8,000. 50
1.000. 50 Vi
do ad! 5s
30.000. 34
1 ono. 34%
6,000. 33%
6.000. 34
18,000. 34V.
Union Pacific 6s
2. ooo.180%
3,000.100
do 1st 4s
3.000. so-v
l.ooo. sn%
fi.000.vi
2.000. 81%
do cvt 4s
P. n o n. 83%
20 000. . . S3
?82%
is
84%
81%
76%
70%
F 4a
2.000. .
do rfpr 4s
1.000. .
50.000. .
I'll Ttds of S
ctfs of deposit
15.000. 29
1,000. 29 %
U S Realty & 1 6s
5.000. 81
12.000_. . 81
5.000. 81%
U S Buhner temp
7%s ?930
9,000. 98 %
32,000. OH
11,000. 98%
8 000. 9S
1,0.00. 97%
3 000. 97%
6,000. 98
do
78 U
000 .
l.ooo.
l.'ooo. 7? %
1 000. 7*
4000. 78%
Smelting 6s
1 000. 95%
Steel s f 5s
2.000. 93%
1 3 00 0. 93 %
1,000. 94%
1 000. 93%
5,000. 94%
2 000. 53 ' ?
2.000. 94%
Utah Power ft Ij 5s
2 000. 76%
1,000. 76%
1.000. 7?%
Va-Car Chemical Ss
5,000. 94
do 5s
1.000. 92%
Virginian Ry 5s
1.000. 85
Va A Swn ist 5s
2.100. 85
West Electric 5s
; 000. .... 94%
2.000. 68 %|West Maryland 4s
j.flOO. 58%
5000. 59
West Pacific 6?
5,ooo. ge
l.ooo. 85%
1,000. 84%
75%
76
do ailj
2,000. 68 %|
2.0O0. 68%
1.000. 68%
4, COO. 68 %
do in?- 6s
3,000. 54%
10,000. 64%!\VU?on Co 1st 6s
9.000. 54%l
6.000. 54%
?.000. 64%|
1.000. 54%
11,000. 87
do cvt 6s
1,000. 82%
9.000. 82%
3,000. 54% Wisconsin C 4a
I, Ir Mt ft S 6s
1,000. 87%'
S.?0?. 71%
Improvement in Property
Great Railroad Need Now
Increased Main Line, Yard and Terminal Trackage
and Structures Fully as Necessary as Equip,
ment Requirements, Says Great Western Head
By S. M. Feiton i
President Chicago Great Western
Railroad Company
It is but too well known that our
railways are unable to transport all
the traffic that is offered to them. This
ib not a new condition. The termina?
tion of the war caused a heavy decline
of business in the spring of 1919.
Thero was then a brief period when
the railways had large numbers of idle
cars. Excepting for this brief period
there has been no time within the last
five years when the volume of commod?
ities produced, or which could have
been produced, by our industries has
not exceeded the transportation capac?
ity of our railways.
It has been customary to describe
this condition as due to "shortage of
cars." A large part of the public has
therefore gained the impression that
the only trouble is that the railways
have not enough freight cars. This
has resulted in some comments and
suggestions which would have been
amusing if they had not related to a
subject so serious. Some observers
having noted cars standing at railway
stations for a few days or a week at
n time have gravely announced that
the trouble is not that the railways
have not enough cars, but that they dc
not keep them moving. Some othei
persons have suggested that to provide
the railways with cars more promptly
large factories ordinarily used foi
other purposes should be devoted tc
the manufacture of cars.
The point needs to be emphasizec
with great force that, while the in?
ability of tha railways to handle al
the traffic offered immediately affect:
the shipper in the form of inability
to furnish him cars when he want:
them, the real trouble is that the rail
ways have not enough facilities of an;
kind. If a large addition should b
mndc to the number of cars withou
corresponding additions being made t?
the number of their locomotives, sid>
tracks and yard facilities, they wouh
not be able to move the additions
cars. The railway managements ar
making herculean efforts to incroas
the amount of freight transported witl
the facilities they have. The trans
pcrtation problem of the country can
not be solved, however, without vas
additions to railway facilities of a!
kinds.
Some of the Needs
Others will discuss in the series o
i articles, of which this is one, what at
ditions to rolling stock the railways
must make to enable them to satis?
factorily handle the country's busi?
ness. I have been asked to say some?
thing regarding what increases in
main line, yard and terminal track
ago and in fixed structures must be!
provided.
This is a most important part of the
subject. To secure a given increase
in the capacity of a railroad requires
the expenditure of throe or four times i
as much money on tracks and termi
nais as for equipment. In other words,
if a railroad needs to spend $1,000,000
for cars and locomotives, it needs to
spend at least $?1,000,000 or $4,00 1,000
on its fixed properties to enable it to
opernti this additional equipment.
Why are the railways at present not
able to handle the country's business?
What additional facilities must they
provide to enable them to handle it?
The best way to answer these ques?
tions is to review the experience of
the past. ?? Recent years have been ab?
normal in many "espeets. Let us go
back to the ten year period between
the years ending June ??0, 1903 and
June 30, 1913, and find what occurred
in the railroad field then, when condi?
tions were normal.
One thing we always find when
we review a period of a considerable
length in the history of our railroads
This is that there was a large increase
in the business offered to them. The
increase in the freight carried between
1903 and 1913 was 75 per cent, and in
passenger traffic 05 per cent. The com?
mencement of the war in Europe was
followed, first, by a decline, and then
by a large increase in railroad traffic.
Many people thought this increase was
abnormal and would not. be permanent
The increase in the freight business
handled by the railways in the year
ended December 31, 1918, over the year
ended June 30, 1913, was 34 per cent
and the increase in passenger business
25 per cent. The freight traffic handled
in 1918 is still siightly the largest ever
moved. Furthermore, while we know
the increases which have been made
in railway facilities-since 1918 have
been very small, it is the latest year
for which we have complete statistics
regarding the amount of railway facil?
ities in existence. Therefore, we shall
have to be content to compare de?
velopments in the ten years 1903 to
1913, with developments in the five and
one-half years from June 30, 1913 to
December 31, 1918. The percentages of
increase m business in this period of
five and ? half years were almost one
half as great as in the preceding period
of ten years. However, the country
could have produced more in 1918 than
it did if the railways could have han
handled the tonage. The increase in
freight traffic would have been just
ahout one-half as great in that period
of five and a half years as it was in
the preceding decade. There really was
nothing abnormal in the amount of the
increase in business between 1913 and
1918.
Reason for Congestion
In 1913, however, when the railways
handled 75 per cent more traffic than
ten years before, they moved it with
comparative ease. What was the rea?
son for the great difference in the
transportation situation in 1913 and in
1918?
The following figures at least partly
answer this question: Between 1903
and 1913 the total mile.-, of railroad
in the country increased 39,000, or 11
per cent. Between 1913 and 1918 it in?
creased only 2,112, or less than 1. per
cent. There were many important new
main "lines and brandies built between
1903 and 1913 to handle the increased
business. There were almost none built
during the next five years.
Between 1903 and 1913 the number
of miles of yard tracks and sidings
increased 33,65 1,. or 54 per cent. Dur?
ing the next five an?! a half years the
increase in yard tracks and sidings
was 12,200 miles, or )?"? per cent. It was
very much less in proportion to the
increase in traffic than in the preced?
ing decade.
Between 1903 and 1913 the increase
in the entire trackage of the railways,
main line tracks, second, third and
fourth tracks, yard track.-, and sidings
was 102,044 miles, or 34 per cent. Be?
tween 1913 and 1918 it was 32,549
miles, or 8 per cent.
Equipment Falls Behind
It will be seen that, while the in?
crease in traffic between 1913 and 1918
was about as great in proportion as in
the preceding ten years, the increase in
the miles of lino of the railways, ami
in their various kinds of trackage, was
nowhere near as great in proportion,
Just a word regarding rolling stock to
fill in the picture. Between 1903 and
1913 the increase in '?lie number of
locomotives was 21,726, or almost od
per cent. In 1913 to 1918 it was 267,
or less than 1 per cent. The increase
in the number of freight cars in serv?
ice between 1903 and 1913 was 645.009
or almost 40 pur cent. Between 1913
and 1918 it was only 82,421, or less
than 4 per cent. The increase in the
number of passenger train cars be?
tween 1903 and 1913 was 11,577, or 38
per cent. Between 1913 and 1918 it
was onW 3,845, or 7% per cent.
The foregoing statistics indicate
why, after the large increase in busi
nes's in the ten years ended with 1913,
the railways were able to handle the
traffic, while, after the relatively nc
greater increase in the next live y lars
they were not able to handle it. The>
also throw some light on the amount
of new facilities which will ha', y to bt
provided in future to meet the needs
of the country, for there has been but
a small increase in facilities since
1918. , , .
Many neople think we have reached
the time" when the construction of u
large amount of new railroad mileage
is not needed. Possibly few new trunk
lines will be built in future, but any
one who studies the r.llroad map of
the country, and any one who travels
extensively and is observing, must
know there are extensive areas, espe?
cially in the West and South, which
are still inadequately provided with
railroads. In the year 1917 there were
only two states?Maine and Vermont -
in the territory east of the M ississipp:
and north of the Ohio River which ha
less than twelve miles of railway foi
each 100 square miles of alea. Ir
Western territory there were only twe
states, Iowa anil Wisconsin, which hat
as much as twelve miles of railway foi
ea h 10 square milea of area; ant.
south of the Mason and Dixon line
there were only two states, Georgii
and South Carolina, which has as much
as twelve miles for each 100 squari
miles of area. The average railwaj
mileage per 100 square miles of tht
whole country is only eight and one
half, as compared with twenty-one ir
Connecticut, seventeen in Delaware
twenty-two in Illinois, twenty-one ir
Insana, eighteen in Iowa, twenty
sevrn in Massachusetts, thirty-one ir
New Jersey, twenty-two in Ohio ant
twenty-six in Pennsylvania.
Construction Demanded
With these figures before him, cai
any one seriously contend that th
adequate development of the resource
of the country "and the promotion o
the welfare of its people, do not de
mand renewal of the construction o
at least a large amount of branch lin
S mileage. Probably we ought to buil
I at least 2,000 or 3,000 miles of ne\
line annually for years to come. I
I the Interstate Commerce Commissioi
and other regulating anthoritios con?
tinue the commission's present policy
of assuring to the railways the op?
portunity to earn an average return
of G per cent we shall probably see a
substantial revival of construction of
new railroad mileage.
Of course the immediately pressing
problem is to expand the capacity of
the railroads we have. Probably the
thing which it is most essential to do
in order to increase the capacity of the
existing lines is to enlarge their
yards und terminals. It has been esti?
mated by one authority that to enable
tho railways satisfactorily to handle
tli? traffic now being offered, and also
provide for the growth of traffic, there
ought to be built 30,000 miles of yard
tracks and sidings in the three years
I'i20-192l3. This may seem a large esti?
mate, but, as I h ve shown, between
1.903 and 1913, to handle an increase
of 75 per cent in freight and 65 per
cent in passengers the railways in?
creased their mileage of yard track
and sidings 54 per cent. There is no
reason to doubt that if the growth of j
production is not interfered with by
lack of means of transportation or
other causes the increase in traffic
in the ten years ending with 1923
will bo relatively as large as it was
in tho ten years end.-'d with 1913. In
that case, there probably would be
needed relatively as large an increase
in the mileage of yard tracks and
sidings. An increase of 54 per cent
in yard tracks and sidings between
1913 and 1923 would amount to 51,400
miles. In the first five and a half
years of this j criod, that ended with
1918?which was the last year for
which we have complete figures re?
garding the amount of railroad facili?
ties?the increase in the mileage of
yard tracks and sidings, as before
stated, was only 12,200. This
shows that the development of yards
and terminais had fallen far behind;
and this deiiciency must be made up,
as well as future growth of business
provided for, if the development of
the country and the increase of its
prosperity and wealth are not to be
seriously hindered.
Double Tracking Needed
Mos' of our railways are now single
track lines. The total mileage oper?
ated is about 259,000 miles, and of this
only about 36,000 miles has two or
more tr cks. Many single track lines
need to be double tracked. Many
others are rapidly approaching the
time wher they will eed to be. It is
impossible to estimate how much sec?
ond, third, and even fourth track mile?
age should be built within the next
few years, but it is a substantial
amount.
Of the total mileagr of the railways
only 102,000 miles is now operated
under the block signal system, and of
this only 38,000 miles is operated under
the automatic bl- '. system. Safety
and expedition in the handling of traf?
fic make desirable a large and steady
increase in the mileage operated under
the block system.
There are innumerable other addi?
tions to and enlargements of the fixed
structures of the railways which must
be made adequately to increase their
capacity. Every increase in the num?
ber of locomotives makes necessary an
increase in the capacity of the round?
houses for handling thorn and of the
shops for repairing and maintaining
them. Every increase in the number
of cars requires increases in the capac?
ity of the. shops for repairing and
maintaining them. These additional
and e..lfr..'ged roundhous3s and shops
must be equipped with machinery ap?
propriate to their work. At many
pomts new or enlarged freight and
passenger stations will be required.
Will tiio railways provide the addi?
tional -acuities needed? They will if
they a o able. Their ability to do so,
as often has be.n pointed out, will de?
pend on their ability to raise new cap?
ital, and this upon the net return they
earn.
Borrowing More Funds
It is assumed that under the new
rates fixed by the Interstate Commerce
Commission they will be able to earn
an average of 6 per cent on the value
of the railway property held for and
used in the service of transportation.
At present railway companies with
even the best credit are obliged to pay
7 per cent or more for new funds. But
the railway companies are setting out
to raise all the capital they can on any?
thing like reasonable returns, and to
invest it in new facilities. They had
made arrangements to invest about
$750,000,000, including loans from the
government, before the recent decision
in the rate advance ease was rendered.
It will take some months of operation
under the new rates to determine just
what net operating income they will
yield to the railways as a whole and to
individual lines. It is the custom of
most managements to make up in the
last months of one year their budgets
of extensions and improvements for
the next year. This means that most
of the budgets for the year 1921 will be
made up in the closing months of the
year 1921). If general business and finan?
cia', conditions are only fairly favorable
the year 1921 should witness a larger
expansion of the facilities of the rail?
ways than has been seen for a long
time, and if regulation continues to be
reasonable and constructive this ex?
pansion undoubtedly will be carried on
until the transportation capacity of the
railroads will again be brought, abreast
of the productive capacity of the coun?
try.
It must be borne inmind, however,
that the growth of the railroads has
fallen far behind that of the other in?
dustries and that even thpugh every
effort is made and vast sums are ex?
pended, it will be years before they
will be able to handle the country's
business as well as before the war.
(Copyrighted, 1920, by the McClure News?
paper Syndicate.)
This is the sixth of a scries of twelve
articles on transportation problems by
railroad.presidents and chairmen. H. E.
Byram, president of the Chicago, Mil?
waukee ii- St. Paul Railway, will discuts
the necessity of avoiding the misuse of
cars in the seventh article Monday.?
Financial Editor.)
Dividends
Initial
Du Pont rhemieal Co.?-Initial dividends
of 10 per cent on common and 10 per cent
on preferred have been declared, payable
November 5 to stockholders of record Oc
tober 26,
Recular Declarations
perl- Tay- Holder of
Rate. od. able. re. ord.
Cape Breton ET1.
Co., Ltd.. pf. . .?2.00 s-a Nov. 1 I I I
Col, F & 1 Co. . . \ "? '1 Nov. 20 ( let . 30
. i pf . 2'" q Nov. 20 Oct. 30
? Ige I'll I C, pf.1%% '1 Nov. 1 ? ?Ct . .'1
Durham Hoa. pf.l%??i ?i Nov. 1 Oct. 20
??M.. on Blei Co.,
of Brockton . . .$2.00 a Nov. 1 Oct. 16
(?rant Motors Co..1 %ft >i Nov. 1 Oct. 18
do pf .tJ'l? s-a Nov. 1 Oct. 15
Havanna Else. It,
L. A I'. Co.13.00 s-a Nov. 15 Oct. 23
do pf .$3.00 ?-a Nov. 15 Oct. 23
111. N. V. Co. pf..lVs% ?3 Nov. 1 Oct. 2
Kauf. D. S? Inc.? 1.00 ?1 Nov. 1 Oct. 20
Nemeth S. Hlc... 6f? (><t. 15 Oct. 15
O. Elaenlohr Hr..$1.25 a Nov. 15 Nov. 1
Sapulpa K. Co...2%* q Nov. 1 Oct. 21
SlosB-Shef. St....I1.?*? q Nov. 10 Oct. 30
Stoner Mig. it En?
gine Co. pf....l%% q Nov. 15 Oct. 15
Vacuum O. Co... 3T? q Nov. 30 Nov. I
W. H. McK. Co.. 75c Nov. 1 Oct. 15
do Ut pf.$1-75 q Nov. 1 Oct. 15
do 2d pf. 75c q Nov. 1 Oct. 15
Monthly Earnings
Pennsylvania Kai I mint Lines
August Broas...$51.671.436 Inc. $3.328,732
D? Icll after nix. 26,513,203 inc. 34,1 i.t
S : iper deficit. 27,569,676 Inc. 36,600.810
Eight mo. gross.337,031,362 Inc. 19.785,176
? after tax, 57,711.164 Inc. 78,836,288
Net oper deficit. 60,678,836 Inc. 75,618,736
Chicago, Hock Island & Pucific System
August gross. . .$13.132,766 Inc. $2.630,311
r>e:!cit after tax 466.331 Inc. 2.569,069
Net oper deficit. 551,724 Inc. 2.469,626
Bight mo. gross. 30.S69.4H Inc. 18,885,735
Balance after tax 239,374 Dec. 6,673.052
Net oper deficit 1,578.421 Ina. 6,957.678
December Cotton
Below 20 Cents
As Selling Grows
Buying by Shdrts Starts
Rally at New Low Level,
but Weakness Develops
Again; Trade Is Factor
Some of the most extreme bearish
predictions of two or three weeks ago
were realized in the cotton market yes?
terday morning, when December con?
tracts broke to 19.90c and March to
19c.
Naturally enough, the appearance of
these prices on the board attracted
heavy buying by shorts to secure
profits, while hedge selling was less ?
active than for some time past, and
there was also a little better demand '
for the trade. These purchases proved '
sufficient to cause rallies of some 50 to
80 points during the middle of the day, ;
but as soon as the profit-taking of pre- j
vious sellers slackened the market '
turned easier again and lost most of j
its improvement under a renewal of
near-month liquidation. December !
contracts, which sold up to 20.45c on |
the rally, closed at 20c, with the general
li?t closing easy, net unchanged to 60 ?
points lower.
Conflicting reports regarding the
British coal labor situation had a con- ;
fusing influence on the market, while :
sentiment was also unsettled by the '
announcement of a sharp cut in the j
price of one of the leading domestic
brands of cotton goods. Another factor
on the early decline.was the report of
organized curtailment in Manchester,
combined with the weakness in Liver
pool.
Southern spot markets as officially
reported were unchanged to 80 points
lower, with middling cotton at Dallas !
quoted at 19.90c. There were, sales of
over 8,000 bales, and the sales a!
Houston amounted to nearly 11,000 ;
bales, with middling there quoted at
20.65c, compared with 20.10c, the closing
quotation for October contracts in the
local market.
The local market for spot cotton was
quiet and 50 lower at 20.50c for mid- j
dling; sales 310 bales.
The range of prices follow:
Thursday's -
Open. High. Low. rinse.
Oct. 20.31 L'0.:,^ 20.'J1 20.10(8 - - 20.66
\-,)V __?- 20 '?"; 20.65
Dec_ 20.10 20.4'. 19.90 20.'y ?.
Jan.... 10 15 19.90 19.10 19.50@19.58 19.75
Feb....- - 19.40?? 19.63
March.. 19.05 19.68 19.00 19.30?t7>19 11 19.45
April. 10.?r, 19.ir, 19.1.') 19.25?- ? 19.40
May 10.or. 19.65 19.00 10 2 p 19 i 19.3
June.. . 19.22 19.22 19.22 19.1 - 19.2
Juiv... IS.95 10.:'; 18.90 18.95? - 10.10
Aug....-18.70?? - 18.90
Sept_-18.500 ? 18.50
Southern Spot Markets?Galveston quiet,
unchanged at 22.50c; sales 1,593 bales. New
Orleans steady, 50 pointa lower at 20.25c;
sales 2,88-6 bales. Mobile nominal. 50 points
lower at 20.25c; sales nil. Savannah quiet.
25 points lower at 22c; sales 154 bales
Norfolk quiet, unchanged at 20.50c; sales
319 bales. Augusta quiet, 03 points lower
at 21.25c; sales 218 bales. Memphis steady,
50 points lower at 20.60c; Bales 2,200 bales.
Houston easy. :<5 points lower ut 20.65c;
sales 10,945 bales. Little Rock quiet, un?
changed at 21.50c; sales 889 bales. Dallas
steady, SO points lower at 19.90c; sales
B.548 bales. Montgomery steady, un?
changed at 20.50c; sales nil. Fort Worth
steady, 00 points lower at 20c; pales 3,995
bales.
Cotton Statistics
Yesler- Last Lnst
ti , Wi ek. Year.
Port receipts .... 22,663 10.717 48,679
Exports . 29,979 12,916 9,669
Exports, season. . .688.204 629,065 909,418
New Vot-k stocks. 32,387 :?0.0:;7 79,"063
Port stocks .930.478 903.975 1,041.393
Interior receipts . 27.401 23,725 38,270
?lo shipments .. 16,233 18,017 32.550
N. Y. arrivals.... 1,169 195
Liverpool Cables-Spot cotton irregular
at 35 points decline; midtlling. 15.17<1;
sales. 4.000 bales, including ".000 bales
American.; Imports, 4,000 bales, including
1.000 bales American. Futures opened easy
at 31 to -11 points decline; closed steady at
a net decline of 24 to 33 points; October,
14.51d; December, 14.1!4d: January. 14.22d;
.March, 14.03d; May, 13.88d. Manchester:
Yarns dull and easier; cloths ouiet.
Cottonseed Oil
The market was active, with feverish
and Irregular fluctuations. Early in the j
?lay a firmer tone prevailed on covering
due to the strength in lard, but later j
prices experienced a sharp decline under
heavy liquidation which carried Values]
down 50 to 45 points from the toy. The
late advance in the grain markets, how?
ever, caused renewed buying, and at the
close the October position was 10 points
net higher, while the other months were
3 to 10 net lower. Total sales for the da>
were 21,600 barrels.
The range of prices follows:
Thursday's
Open. High. Low. ri?se. (.'los?'.
Spot... ???-1LO0?I ?
' ?el ... . - - 11.40<8 I 1.76 1 1.30
Nov...-11.35@11.50 11.40
Dec..,. 12.00 12.12 11.64 11.82@11.84 H..86
Jan... 12.10 12.10 1105 11.84@11.87 11.85
Feb.... - - - 11.87@11.91 11.90
.Mar... 11!.15 12.16 11.80 11.95@11.99 12.04
Apr.... - ?.- 11.95@12.10 12.05
May.. 12.20 12.JO 11.90 12.US? 12.15 12.15
Sugar Futures Higher
As Sentiment improves
, Current Year
prices. ago.
Sugar, granulated, lb... 11 @ - ??
Coffee, Rio No. 7. 6% ?? | -, ?
Coffee, Santos, No. 7.... 22% @ 23% 25 '4
Although developments in the raw
and retined sugar markets showed little
change yesterday, futures were slightly
higher on the belief that the situation
has steadied on a firm basis. There
was a moderate buying interest in raws
at 6%c c. i. f. for full duty sugars, a
parity of 7c c. f. for Cubas, or 8c duty
paid.
The range of prices:
Thursday's
Open. High. Low. Close close
Oct. --? 7.80? 7.90 7.15
Nov.- ?. 7.80@7.90 7.45
Lee. 7.50 7 85 7.50 7 90 U 7 92 7 50
Jan. 7.57 7.76 7.57 7.77@7.80 7.45
l-'-b.- 7 .",',,, : . i 7.30
Man I) . . 7 55 7 55 7 55 7 5 5 ., ?,( i 7 25
April. . . .- ?- 7 60 ,, 7 70 7 30
May. -? - 7.76@7.80 7.40
Coffee Futures- In spite 0f some buying
of contracts on what has now como to be
regarde.I as the dally decline, there seems
to be an Increased desire to 11? iui ? ?? ? n
the part of discouraged longs. Price?
again worked IntP new low ground yes?
terday. As a result of the Bteadily widen?
ing difference between months. December
and May are now fully 1 cent apart.
The rang?: ,,of prices.
Thursday
Open. High. Low. Close
Oct.-?-6.oo',i o.or, 6.37
Xov.- 6.10? 6.15 6.62
Dec. 0.51 0.51 6.30 0 26 y 26 6 7
Jan. 0.75 6.75 6.70 > I8@6.50
Feb. ?? ? - - - 6.71 a 6.73 7.17
.March... 7.21 7.21 6.96 6.95@6.9? 7 4"
April....- ?. 7.10@7.11 7 57
May. 7.47 7.48 7.29 7.24@7.25 7 7.;
June....- 7 I9@7.40 7.82
July. 7 73 7.73 7 55 7 53 ?> V 55 7 92
Au g. ,. ? ? 7.63 ?7.66
Sept. 7.36 7.95 7.76 7.7S@7.75 8.10
Butter, Cheese, Eggs
{'utter 8,267 pa kages. Cream
ery, higher than extras, Ib, o -, < -?- ex
? ras. 92 scoi e, 69 ????'_ . ; rsl a 90 to 91
! score, ., I . ? its, 8 3 to 89 BCnre, 48?J
iiida - : H7 score, 4 ; <t 46c lower
gradi s, 4 ! '<> 4 je : 1 >a nish casi
. unsalt'-d, higher than extras, 62 Vi
extras, 61@62c; fil l] BCore, .. < -o
59e; S8 to 39 score, 4S@62c; seconds, 45
itliic, state dairy tubs, finest, 5S@59i
'? good to prune. 62@57c; common to fair,
41@61c; renovated, extra?
! current make, firsts. 40'-. it 4 ! c ;
I 37@38c; lower grades, 'acting
stock, current make. No. 1. 36Va@37c; No,
2, 36"A?36c; lower grado?. 33@36c; stor?
age, high ?coring. siuiiVio; extras, LiH
5SM,c.
Cheese?Receipts wer" 1,214 b,,x? s. State,
whole milk, held flats, specials, lb.. 27 ? ?
? ' . age run 27c; fi
36 '- 6 27 ! 2? '
? - ' ? * ? ' ?'? ns, . . ?;. s; eclats,
27%@28c; average run, 27c; Wisconsin,
fresh t? ins. 27@27Vs ? --, fresh
or held, 37 ?- 28c. doul
28c; ;' . - \:n -:c is. r
28%c; skims, h.-id specials, 18@20i ; prime
to choice, I5@17<&i . fair to good. 12?
14 :jc , lower grad- -
Eggs Th.- receipts wore 11,385 cases.
Freuh gathered, extras, dozen
extra firsts. 67@?9c; firsts, i
ends, S44Mlc; dirties. No. ?, 60@62c;
checks, fair to choice, dry, 46?47c; re?
frigerator, special marks, fa'n'
flrsts, 53%?56c: seconds. 60?f53c; state'
Pennsylvania and m-?rbv Western h?nnerv
whites, extras, Sl.O6@?1.07; extra first?,
99c */*,!.03; firsts. 880??c; gsthTed whit?",
firsts to exira firsts. ?Tc?$l
72 '? B5c ; pullcl racing
'"oast. whit.-. i XT . extr^
firsts, 98c'? $1 : firms -
60$ -.4,-. j-, ,,, luma pull? ta 74 ?
Western and Southern fathered whit?*
. stai" Pennsylvania and ?
Western hennery orown?, ?-xtra, 7 :
gathered bn wrn .?rid mixed colora.
extras, 70?71c; firsts to extra fir
69 c.
Livestock, Meats. ProTiaion?
Yesterday. Tear ago.
Live beef, fair to
. 100 lbs $11 50?11.00 111.7?
D r ?? ? s ?? d be? f,
sides, lb.149 .26 .16*0 M
Live ?-.?h!, coi -
mon to prime,
100 lbs. 14.00 3 21.00 16.00O23.04l
Dressed veal,
city, lb.22?? .32
Live ewes. 100
ibs.3.00? 6.50
Dressed mutton
city, lb.08 # .14
Live In nibs, fair
to prime, 100
lbs. 10.S0O1Z.50
Dr? ss"(j iambs.
city, lb.1"^ .27
Hogs. 100 lba... 17.00
Dressed hogs,
bacon, lb.2 t ' '-. IS
Mess ; ork, bbl .30
M.? ss be? f. bbl.. : ? . .
Lard, M i a <1 1 e
West, 100 ?i.s. 21 M"-.. 2] 6 I
.22 a? .3i
4.50? lit
.09? .15
. 15.2S
.2nQ< 21
16 25
)
i
Consolidated Cigar Earns
?7.91) a Shan- in (> Months
The Consolidated Cigar Corporation
reports a surplus, after charges and
Federal taxes, for the period from Jan?
uary 1 to June 25 of $833,474, equiva?
lent, after preferred dividends, ,to $7.90
a share on 90,000 shares of common
stock.
Profit and loss account shows a bal?
ance, after expenses, of ?1,535,678. Sur?
plus amounts to $419,049 for the
period. 2
?
Kentucky Securiti-3
Income Report.
Surplus of the Kentucky Seem
Corporation for the year ended Juna
30 showed $233,033, an increase of
$66,847 over the previous year, accord?
ing to a statement issued yesterday.
Net earnings, after expenses, tota
$550,392, an increase of $83,713.
Unite?! Railways Investment Co?
The United Railways Incestment
Company reports a profit and loss sur
plus for the year ended June '?0 of?
$7,472,025, an increase of $132,420 over
the previous year. Profit and loso
credit totals $132,420, an increase of
$57,U50.
.-??- ??? m-??'??
New York Metai Market
On the New York Metal*Exchange tin
was weak, with Class A quoted at
39.75c; Class B, 38 5 ?8.75c, and ?
shipment?, 38@39.75c. Copper weak;
spot, October. November and December,
17c asked. Lead easy; New York Bpotjj
7.60c asked, and East St. Louis snot,'
7.20c asked. Zinc steady; New Yorkj
spot, 7.40c, and East St. Louis spot,,.
7.20c. \
London metal prices follow: Lead,,
spot, ?34 17s ?id, and futures, ?34 I0s.<
Zinc, spot, ?39 10s, and futures, ?40 lOs.j
Copper, standard spot, ?92 10s, and fu-,
tures, ?SS 5s, with sales of 2,000 tons]
futures, and electrolytic, spot. ?104,
and futures, ?106. Tin, standard ?potr
?244 l?'!s, and futures, ?249 los, with
sales of 20 tons spot and 330 tons
futures.
?????
Curb Market
(Continued from preceding page>
Open. H gh. I w
Ool m? Id I lev l 5 4
Held Mer 1 i i
2000 * ? .: eat Bend . -
: larmlll Min. 27 SO 2.
2205 H 4^8 5
100 * Hon Am sMi 14% t4>d it?
2000 * I ron Blossom 25 25
Km Bui;-"- . !?' 16 1 ?
J urn':..? Ext ...?'; '' '
? y ! ..i '?-..'.? ?
?? K ewa n;? s ... 2 2 -
3000 ?Knox Div. . .. 6 '? 6
: : Lou.- Star. . . 4 7 t
3500 ?fMarsh Min . 1 l
;,oo ?Mont s K. M
500 '.M et h Cop. . . .
800 Ophlr Sil M..
10 ?Phelps Dodge.
noo Prince ? 'on ....
cooo Rex Cens.il. . .
; . 00 [toper-G M C.
? ? st Ct ix Silv.
2000 ?tSilver K 1 '.
-
Sil I..?.
300 ?So Am '1 & I'
200 Stiynd Sil l.d
14%
n?
6 V
1 '?
6%
180 180 ISO
2700 *tSu? ess Mm.
? ith
? :
Ton Bell
? '
' ::
' ?
1 M
l'S.
Mi
i
ift
2800 ' ? ?' 1 \
720 Tonopah ICxt.. 1 \
200 ?Tonop ih Min
?320 l'n Easl ?
2500 *tU S Con Min f Va
3600 'tVIc P . ; i
.\ est End C. 1 ft
VS'h Caps M. 8
2on<i \v ?' Ex (a p) 1 '?? ! V4 1 V4
3200 Wilbert Min. . 4 Vi 6 i
Bonds
Sales (000 om tted I ( ip. n High. T ow
H
o
A
i
%
6
V
4 tu
' ?.
\
?
21*
l,aat.
*:?o ?Allied P 1
,. ? ?A T .v T 6a '
20 ?do 1924, i S
15 ?AnaCon ! . 6s .89
100 *do 7s w !.. 90 96 1 9 ' k
' '. A ( ? T ' -M '.-? : ' \
40 ?Armour 7 ' w I 96 . ?
711 ?l; Stl . ?'?? 5 w i 94Vi ?? 1 \ 94 U ? ? .
r, ?Iti one (ill 6s '21 43 43 J 43
?do 7*4 . . 49 49 4 . 49
15 ?I ?uquesne l.t (?s 9 . -1
18 ?E O & P 6s '24 84% S4% k ;', ??' ??
30 ?do 6s 1926 . . 95 9tl >4 95 '? ??
2 ?French 4s. ;7:4 4 7V* 4; 47
26 ?do 5s. 57 77 67 67
20 ?Gdi . ;.
1 ?Gov of Sa-,! 6s 87 -7
20.1 ?Grand Trk , ; ,101
7.7 ?Inter It T "s. 7 ? ,
20 ?N Y N HftH I 8 , '? ? ? "4
250 ?Norway S iv i.100% 1 4
10 ?Ohio ..? 7 - 21 9S
10 ?i Ihio ' '? Gas 22 ? 1 94 9
10 ?do 7 ?' 1923. . " \ I . B '-. 9 ' r,
1" ?do 1924. :? 1 .. 14*4 '? 1 ; ? ?4%
50 ?Solvay & C f
5 ?Swiss G1
lo ? l'ex 1.. . <i
20 ?Un Tank I. la '??,:..,
90 ?West . . ',?'??.,
German Internal Monds
M:ifl. ..-.v. Last. "
::. ?;?? :. 'i 1 -, : . . j
5 ?Dresden 4V4s.... 1 :. \ : " '?? 1 .'?', 15 ??
:? ?r ? ??- .. . 171-* i r.? 17 Vi 17 4 ,
,ri4 ?Leipzig 4 !js.., 16 Di 15 '-, li
4 ?Munich . 17V4 17Vi 17% 17;^
?Unllst?
ah
Equipment Bonds
(Qu.it- '1 1 0 :
Xarn".
Bait & Ohio. .
Beth SteeJ ...
Boat ?- Alb. .
Buffalo, K <fe 1?
Canadian Nat.
Canadian Nor.
Canadian 1'ac.
.
C C C ? Si !..
do
, ? ?hi.. .
Ch H 1 K- Pac
Ohi
C St ?. & N O
:.
i:
: ' .
?
City So .
Lo
: J .?. S , - '1
Mich '
do . .
M S P & S's M
.
<!r> .
N Y C Unes.,
N Y Cen? i'. r.
'!?> .
N Y C & St I.
do .
N Y N 11 ?- H
Norf Ar West
Nor Pai Iflc . . .
Pa. Fr V. cp. .
', I ? .aun .
Plus & i. B. .
R g Co. ..
I . .
:, Pac
n Ity ..
L'nlon TanV
Virginian K-.
Wabash .
4 4-5-6
4 4
4',
4 4
4 V4 -5
?Vi
7
4 4
:.
4H?-5-6
4 i
4 <'.,
1%
7
41,-5
percentage
M a t'11 H;.-.
: ?
1921-'3S
: ? : .
l?20-'29
?
'
'
j
Q
. . :
1921 '26
1931
1920 ?: :
1921-"35
?
:
I
ha ils. >
Bid. Aak.
B.0O 7 00
7 : .
7.50
7 20
7 . .
7 0
7 . i
-
7 50
?
- ? .
6.60
6.75
6 7 5
6.76
? 75
>
7 25
7 . ,
7.36
?
7 20
7.25
7.60
7 50
?
7.10
7 00
e.75 ?
6.96
1
? .
6.90
7.00
6.75
? '
C..-.0
6 50
?
t :.??
7 50
1
?
7 00
: Da-e.
Oct 1?
?
Oct. 16
Oct. 16
' >Ot. !..
Oct 16
I Oct. 1?
Ex Dividends
?'..mpany. p-r Tent.
nda ? '???,? Mfg Co. .. 1
Aaai lated r> O Corp. 1
Internation* Co pf 114
Looae-Wilea Biscuit Co. 2d pf iv
-v ? Corp.... 1
I ' '.'.'. 3
1* 11 ? Ma rqn?1 ta R) ? ., v T "
C, prior pf., iu