New-York tribune. [volume] (New York [N.Y.]) 1866-1924, October 16, 1920, Image 14

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New-York tribune. [volume], October 16, 1920, Page 14, Image 14
About New-York tribune. [volume] (New York [N.Y.]) 1866-1924

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New-York tribune. [volume] (New York [N.Y.]), 16 Oct. 1920. Chronicling America: Historic American Newspapers. Lib. of Congress. <https://chroniclingamerica.loc.gov/lccn/sn83030214/1920-10-16/ed-1/seq-14/>

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Executor Trustee
Chartered 1822
The Farmers' Loan and Trust Company
Nos. 16, 18, 20 & 22 William Street
Branch Office, 475 Fifth Avenue
At Forty-first Street
New York
j London Paris _
Foreign Exchange
| Administrator Guardian
Member Federal Reserre System and New York Clearing House
$5,000,000 Christiania
City Bonds Off eretl Here
Kuhn, Locb & Co. announced yester?
day that they had completed arrange?
ments for the purchase and offering in
this market of $5,000,000 City of Chris?
tiania. Norway, twenty-five-year 8 per
cent sinking fund gold bonds, due Oc?
tober 1, 104."). The issue is being of?
fered at 99 and accrued interest.
Another foreign municipal offering
which will be made shortly to Amer?
ican investors consists if $6,000,000
i5vcnty-fivc-year 8 per cent bonds of
the City of Zurich. Bankers identified
with the financing said yesterday that
the offering price would probably be
somewhere between 01) and 100, in?
stead of 96!i, as previously reported.
The Christiania bonds, according to
Kuhn, Loeb & Co., will be repayable
during the life of the issue by the
' operation of a sinking fund, amounting
! to $220,000 annually for the first ten
! years, and $215,000 a year thereafter.
During the first five years the bonds
j are to be purchased for the sinking
fund in the market at not more than
110 per cent and interest, and to the
extent not so used, the sinking fund
k\vill accumulate and be applied to the
redemption of bonds by lot at 110 per
cent in 1025. During the next live
years the sinking fund will redeem
bonds semi-annunlly by lot, at 110 per
cent and interest, and during the last
fifteen years at 107Vfe per cent and
interest.
Christiania, which is the capital and
principal port of the kingdom of Nor?
way, has a population of about 200,000.
Its financial standing has always been
high rnd there has never been any
default on a loan of the city.
The proceeds of the new American
loan are to be used for productive pur?
poses, including electric works, hous?
ing facilities and harbor improvements.
Miscellaneous Markets
Public Utility Securities
Bid. Asked.
Adirondack Tower ft Light- 13
do rf . 7,)
American Light ft Traction. .. 1"6
do pf .c. 80
American Gas K Electric.110
do pf. 37
American Power ft Light. 47
do pf. 85
American Public I'tllitles - ?
do pf. ?
American Water Works. 3%
do 1st Pf. 47
do participating pf. F>
Appalachian Power . 2
do pf . 13
Carolina P. P.. & I,. 26
do pf. 85
Central States Electric . 7
do pf . 4.',
Cities Service .296
do pf . 65H
dp 7 p c deb series C. 94 %
do 7 po deb serles D. 84
do 7 p e prof B. 5%
Colorado Power . 10
?In pf . 85
Commonwealth P R & L. 17
do pf . 4"
Electric Hund ft Share pr.7s
Empire Dlst Elec pf. HO
Empire O ft F 1st ft col 6s. '26. 94
do G p c conv notes, 1924.... 83%
do 8 p c pf stock. 83%
Federal Light ft Traction. 6
do pf. 40
Gas & Elec Sec.250
do pf. 7 5
Northern Ont Light . 10
do pf. 44
Northern Ohio Electric Corp... 12
do pf . 27
Northern Slates Prod . 35
do pf . 78
Republic Ky ft Light Co. ?
do pf . 27
Southern California Edison . . . 84
do pf . 92
Ptanila.il Das ft El? ?Uric. 14
16
75
110
88
115
?39
50
88
20
30
.p.;,
52
8
<
18
2S
95
10
50
301
66%
96 Va
88
6%
or,
20
43
82
70
97
8 5 1.4
85%
9
45
360
86
14%
48
18
32
40
8 1
10
31
lo pf
35
1%
Tennessee Ky Light ft Power
do .
United Light ft Rys.
do pf .
Western Power .
do new pf .
Honda
Appalachian Power 1st 6s...
Cincinnati Gas ft Elec 5s, 1915
Col Gas ft Elec 5s, 1927.
Dallas E?ec 5s, 1922.
do 7s, 1921 .
El Paso Elec col 5s.
Great Western Power 1st 6s...
Mtdw si Utilities 1st 5s.
Miss Hiver Power 1st 6s.
North Ont Light ft Power 6s.
Nor States Power 6s. 1926....
New York Bank Stocks
Hid. Ask] Bid. Ask
208 2l2,Qarfteld . .220 248
99%
99
79
82
65%
82
81
100
83
76%
90
75
62%
?15
America .
Atlantic .
Am Exch . . 360
Battery . ... 190
Bowery ..420
Bryant I' . . 150
Bway Cent i ?0
Bronx Nat .150
Butch ft 1>. . 37
. .
Chase.385
Chat & l'h 26?
Chelsea Ex..137
:al 5i 0
City . . . "
i oal .i- t ron 25<i
JlJjOarfleld .
i.otham .
Ii .?? nwlch
Hart inian.
Hanover .
Imp ft Trds.500
. . ; uil....205
Irving Nat
i ilberly . .
Mntittn Co
Mech&Met
Mlrpltn . .
Mutuai.490
Nat Ainu .100
New N'eih.. ISO
N V County . 135
N Y N H A. 460
a lili . ... 27(1
200
160
Ifi'j
160
13
146
.800
.220
.350
,210
..?25
.340
rk
.-1th
rce
205
S56
820
516
210
2::o
375
216
3 30
195
310
Corn Ex
; ?.tn . 110
Cuba.lot)
East River. .165
First Nat ..910
Fifth Ave... 910
Foreign T It ;.:.
Trust and
Bid As
Alliance . ... 75
1Am Trust.. ?
Am Surety. . 70
Ha niters . . . 365
3ond ?t Mg.2l0
Bklyn T Co.4X5
Cent UntCu.365
Columbia . . 315
? il ircl . . . .155
Equitable .290
E nplre 'IT.'. 300
Finns L ?tTS-76
Fulton .270
Fidelity ...
Guaranty ..
Hamilton .
Hudson T.
Kings Co. .
Law Mtg...
18i>
22C Public.290
? board ... I?26
.. l. Second . . . 425
.-?.WStute .?.20(
is: 2 I Ward...200
Untd Statea.170
-Irniuti Ex . . 170 1;0
? Wash His...325 ?
63lYurkvillo .375 ?
Surety Companies
Bid Asked
.200
,34a
.255
.165
.6 10
.110
Lawyers T. .
1.inc.In Tl .
Manufctra
Werentl .300
Metropltn ..250
Mtge Bon... 75
. 130
.155
.195
Mi
T of W. 105
Nat Surety..
N V I. K-. T.
???' Y Tr.
N V Title...
Peoples . ...
R< alt y Asso
t a ft t ?
I'n States ..
r S M ft T.
0 S T Guar
WfcMclist'
204
810
395
80
135
140
16 5
205
1?F
2 OS
12 5
290
110
315
?30
4 0 6
W A H T& M 150 liO
tSee New York Title and Mortgag*.
tlr.cludes American Trust Company
stocks.
Miscellaneous Stocks
Eli. Aaked
Am Chicle. 3S Au
do pf... 6:1 67
?Am l.thn 20 30
?do pf. . 65 71
Am Mtg. .149
do pf . . 83
A m M * F160
Am T.l pf 3
Am Typ P 38
A H ?] N'J 25
AttasPw C 62
H !'? & H lp SO
do 2d pf 65
For C M. . 95
Hush T pf 67
Celluloid .150
Chi Ids Co. 8 9
do pf... 92
City luve? 60
Crk W pf 90
JUraper C.128
?Ex dividend
163
87
160
3
43
35
86
?7
73
160
92
?6
70
97
131
92
86
110
Bid. Askod.
D L ft W.ltn us
int Sll pf. IS
Lima L pf 85
NatCaskt. ?oo
X J Z W.173
X? ?i 1st pf 9?
l'helps 1) 170
P .* W pf. 9 0
R Raalt In 20
no pf... 65
Ky Bkg PI 10
do pf... SO
5 C L ,*. H 63
SlngerMfgl33
St 1 V * S 43
Stoll S pf. 95
h I> W pf. SB
Valvol pf. 95
W ft B. . 92
Yal? ft T.275
100
200
95
26
73
120
85
68
138
47
91
?I
93
98
28?
Chemical Stocks
Bid Asked! Bid Asked
Atn Cyan. 27 32 Hook Elec SO 79
do pf... 66 60 do pf... ?0
By-Prod... 94 99 Ky Solvay 76
Casein Co. 40 60 Merrimac. 74
How Ch... ? 265 Moo Co pf 86
du Pont P 10 11 Mulfd Co. ?
nrasell! ..137 139 Semet O. .165
do pf... ? ?5 Solv Pne.200
Tobacco Stocks
1 Bid Asked
IP R-AT. .110 112
Weym B. .165 177
do pf... 89
lunlv Leafl40
Bid Ask
G W Hmel65 175
do pf... 8S 93
J B YounglSO
do pf... 83
?JlaoAftF.107
?Ex dividend 60%.
Sugar Stocks
140
88
112
70
160
78
93
60
170
240
9 3
Card Am.
do pf... 70
Car Rug.. 45
CAgulrre. 87
FJrdo new 9.8
t?odch'x S 47
do pf... 8 7
Grt West. 380
?Ex dividend.
Bid Asked
Bid
?5
60
91
10]
Grt W pf.113
Mat-Am.. 20
?do pf.. 76
Michigan. 10*4
?Natlonul 138
Ni NiqiieoSOO
Savannah. 46
do pf... 78
Asked
118
26
192
11*4
142
S50
60
82
Am Alinee.270
City of N Y.200
.Tom with ..300
Contntl . ... ?8
Fid ft Phoe.616
Franklin.... to
plots * R.1200
Insurance Companies
llld. ?.-J.M.I Old A .'keil
290 Great Am...276
210 Hanover ...81
325 Homa.565
72|Nat Liberty.170
636 Niagara ...130
?OiStuyvesant.. 6*
?JWest'chester. 33
285
685
186
It?
76
38'
Steel and Ordnance Stocks
Bid. Asked. Bid.
Am Brass.188 193
140
108
170
Atlas Pwdl35
Uab ?t W.106
Cn F & F. 150
Curb Stee! 65
do 1st pf 95
do 2d pf 62
Colt A. 48
du Pont. . 220
'do pt... 75
?Ex dividend.
East Steel
Ein SAI. JO
?do pf.. 72
?Here Pw.200
?do pf.. 92
Nlles B-P. 88
Seov M fir. 34 7.
49',i W'n Cor. .400
225 Woodward B0
78 Tliom Iron 39
100
Standard Oil Stocks
Bid
Anglo-Amerlenn Oil Co, Ltd.. 20
'Atlantic Refining Co.1050
do pfd. 106
' Borne-Scrymser Co. 410
.Buckeye Pipe Line. ss
Chesebrough Mfg Co Cons- 210
do pf . 100
Continental Oil Co. 115
Crescent Pipe Lin? Co. 30
I Cumberland Pipe Lino Co.... 138
Eureka Pipe Line. 114
j Galena-Signal Oil Co pf, new.. 86
do old . 90
do common . 43
! Illinois Pipe Line Co. 160
Indiana Pipe Line Co. 1>0
! International Pet. Co., Ltd, new 16
National Transit Co. 20 H
Now York Transit Co. 170
! Northern Pipe Line Co. 99
Ohio Oil Co. 298
Penn-Mex Fuel Co. 40
Prairie Oil & Gas Co. 550
I Prairie Pipe Line Co. 220
, Polar Refining Co . 390
Ask.
65
36
78
207
94
00
3S0
450
63
1100
i on
425
144
118
90
16',
31
ISO
Co.
119
268
63
320
565
225
410
123
Southern Pipe Line
j Sout h Penn Oil Go.
j Southwest Pt-nna Pipe Lines.
Standard Oil of California...
do of Indiana. 700 7o.r.
do of Kansas. 520 510
do of Kentucky. 460 480
do of Nebraska . 430 440
do of New Jersey. 6:!5 050
do pfd. 107. lor,
do of N^w York. 375 378
do of Ohio..'. 400 420
do pf . 104 106
: Swan A- Finch Co. 60 70
i Union Tank Car Co. 114 118
do pf. 96 08
'Vacuum Oil Co. 348 353
?Washington Oil Co. 30 33
Miscellaneous Oil Companies
?Atlantic Lobos Oil Co., com.. 28 32
do pf. 6 7. 75
! Cosden ?t Co. 7
Elk Basin Cons. Pet. Co. 8?;
: Imperial Oil Ltd. 97
Magnolia Petroleum Co. 330
Merritt Oil Corporation. 1 4 %
? Midwest Refining . 148
! Mountain Producers . 11
I Northwest Oil Co. 25 ?0
! Producers & RefinersCorp.com. 6% 6'..?
Salt Crock Producers new.... 11 12
Sapulpa Refining Co?. 5% 5 %
New York City Bonds
Form. Rate and Maturity. Bid. Ask. Yield.
Interchangeable 4 Vas, 1967 95 96% 4.72
8%
100
340
14-4
160
12
do
do
do
do
do
do
do
do
do
do
Regist
4 Vis,
196
1963.
1957.
If! 66.
1964,
1002.
89V?
89V4
8 9 'I
9 6 %
oo Vi
S 1 %
4',s. 1060. SOU
I Vis, 1960 op 1930.
4s. 19S9.
4s. 196S. K 4 ?'.,
4s. 1957. v-! \
(1 4s. 1966-1956. . . 84%
do 4s, 1936. 90
1 tri rchangi able 3 1<?B, 1054 . 76
Coupon :'. ' is, 1954. 76
Reg 3V??8, 1950-1954 inc. . . 76
?!., ;,',..?<, 1940-1950 Inc. . 5.00
Keg and coup (serial) -1V-.9.
1920-1930. ?no. 5.50
Reg and coup (serial) 4%s,
1920-1831. inc. 5.50
Reg and coup (serial) 4V4?.
1920-1032, inc. 5.50
4.79
4.70
4.M
4.82
4.82
4.84
4.80
4.SI
4.' 1
4. SI
Issued tn coupon and registered form,
i not interchangeable. Coupon bonds regis
;??; able
' Form, Hate and Maturity. Bid. Ask. Yield.
Canal Imp 4V?s, 1964....101 103 4.34
Highway Imp 4'?s, 1063..101 103
Canal Imp I Vi s. 19C.7..... 95 Va 96 Vi
Highway imp 4',s. 1965.. O.'.'j 96Vi
Barge Can Term 4',s, l!?4fi 95 Vi 96Vi
; Highway Imp 4s, 1967 .... 02 04
1 Canal imp 4s, 1067. 92 94
? Hway Imp 4s, 1960-'62 inc 02 94
do 4s. 1058. 92 94
: Canal Imp 4s. 1960-'C2, inc 02 04
Palisades 1 K Park 4s, 1961 92 04
H. Canal Term4s. 1942-'46 92 ?
; Federal and Joint Stock Land Bank
Bonds
j Federal Farm Loan 6s,
1938 op 1923. 95 Vi 96 <i 5.40
I Federal Farm Loan 4%a,
i 1030. 'op 1924. 88? 89
Federal Farm Loan 4%%
1939. op 1024. 88 89
Federal Farm Loan 4!aH,
1937, op 1022. S8 89
Joint Stock Land Bank 5s.
1030. op 1924. S3 91
Joint Stock Land Bank 5s,
1938. op 1923. S3 89
4.3 4
4.3 1
4.3 1
4.32
4.33
4.32
4.32
5.45
6.45
6.90
5.92
Short Term Securities
Security. Rate. Luc Bid. Ask. "
9 ? Vi
Amor Cotton Oil 6s, 1924 91
Amer Chicle 6s. lu21-'22 94%
do 6s, 1923-1925. 90
do 6s. 1926-1927. 87%
Amer Tel & Tel 6s, 1922. 94%
do 6s, 1924 . 92 V?
Amer Thread 6b. 1928... 93Vi
Am Tobacco Co 7s, 1920.. 99% 100 M
do 7s. 1921. 9?15. 10OI4
do 7s, 1922 . 90Vi 100
do 7s, 1923. 99?i ]00
(Anaconda Copper 6s, 1929 88 99
Anglo-Am Oil 7Vis, 1925. 99% 100
Armour conv 6s, 1920-'24 94 ?8
do 7s, 1030 . 96 96%
Bethlehem Steel 7s, '22. 97% 98
do 7 s, 1923. 96
Can Pac Ky 6s. 1924. 94 Vi
Cent Argentine Hy 6a, '27 84
C B ?Si ?..' Joint 4s, 1921., 95%
C, R I & V Ry 6s, 1922. . 94
C C C & St L Ry fis, 1929 89 Vi
Cuba C'Sug con 7s, 1930. 92
Cudaliy Packing 7s. 1923. 97'-.
Federal Sus Rfg 6s, 1924. 93
B F rtoodrich con 7s, 1925 90%
Gulf Oil ?a, 1931 . 97V4
do 6s. 1922. 95 Va
do 6a. 1923. 94 Vi
Hock Val H R 6s, 1924.. . 91
In Rap Tr Co con 7s, '21. 68Vi
Kan City Term 6s, 1923.. 95
Kennecott Cop 7s, 1930.. 93
Lac Q Lt 1st * ref 7s. 1929 92
Lig & My era Tob 0s, 1921 97 %
Philadelphia 6s. 1922- 93
Pennsylvania 4'ts, 1921
Proc & Gamble "s. 1921.
do 7s, 1922 .,
do 7s, 1923.
Pub Ser of N .1 conv 7?. '22. 87 %
R .1 Heyn Tob 6s, 1922.. 96%
Sinclair Con Oil 7Vis, '25. 91r>?
Southern Ry 6s, 1922....
So W Bell Tel 7s, 1925... .
St Paul I' 1> guar 6 Vas, '23. 94 V4
Swift & Co 6s, 1921. 97V?
Texas Co, 7s. 1923. 98
Utah Securities 6s, 1S22.. 82
West Blec con 7s, 1925
91%
95V?
96%
9 6 Vi
9 6
9 0
92%
9 S Va
95
91%
98 Vi
97 M,
?SVi
93
70
96
93%
93%
97% 9S Vi
99% 100 %
leid.
8.35
7. SO
7.75
7.65
8.60
8 3 0
6^76
6.75
7.00
7.00
7 60
7.6 o
99 W
9 9 *4
96
94 V,
98%
100
100%
h-J
97%
92
96 Vi
9 5
95 Vi
98
98%
S 4)
98%
8.65
8.10
8.90
8.16
7.70
7.35
9.4 0
7.60
7.40
7.70
8.35
8.00
8.00
S 10
10.60
6.45
6.80
7.00 ;
6.90
7.50
9.7 7,
8.50
?.35 ;
7.20 ?
8.40
7.60
7.30
World Bankers
Siffiti Pact for
r . CMeese Loan
? _
Great Things Expected of
Consort ??in in Stabilizing
Conditions in Far East;
More Informal Meetings
Two-Year Discussion Ends
-_
| Agreement Is Culmination of
Long Negotiations; Plan
Explained at Luncheon
The new international consortium
; for extending financial assistance to
China became an accomplished fact
? yesterday, after more than two years
; of discussions and negotiations, when
| the official representatives of the four
? great banking: groups interested in the
project, comprising Great Britain,
France, Japan and the United States
affixed their signatures to the final
agreement.
This action by the delegates marked
the closing of the formal sessions of
the international delegates and com?
pleted the series of conferences which
have been going on since the begin?
ning of the week. The foreign finan?
cial envoys will remain in this coun?
try for a time, it was stated yesterday,
and it is expected that informal meet?
ings will be held during the coming
week.
Great things nre expected of the
consortium in the way of stabilizing
conditions in the Far Fast, according
to .Sir Charles Addis, heading the
British banking group, who declare*
at the Chinese luncheon of the Fifth
Avenue Association at the Waldorf
Astoria, following the forenoon session
of the consortium, that the new com?
bination will not only be of immense
service to China but will end tue inter?
national friction that has always ex
sted among the great powers with rela
tion to Chinese affairs.
International Cooperation
"China has been the seed of interna
tional worriment and intcrnationa
friction among the powers of th<
world," said Sir Charles. "It is o\v
duty through this consortium to sub
stitute international cooperation fo:
international competition."
The new international agreemen
was signed on behalf of the Americai
banking group by representatives o
the managing committee, namely, J. F
Morgan & Co., Kuhn, Loeb & Co., tin
National City Bank of New Yori
the Guaranty Trust Company of Nev
York, the Chase National Bank of Nev
York, Lee, Hjgginson & Co., New York
and the Continental and Com inercia
Trust and Savings Bank, Chicago.
Sir Charles, as representative of th
Hong Kong and Shanghai Banking Coi
poration, signed for the British Ban?
ing Group, Captain Rene Thion de !
Chaume, of the Banque de l'Inde
Chine, for the French Banking Grou
and K. Takeuchi, of the Yokaham
Specie Bank Ltd., for the Japanes
Banking Group.
Formal Signing of Agreement
Formal execution of the agreemer
is the final step in the comprehensh
plan undertaken two years ago I
I autumn, when the State Departmei
! addressed an identical note to th
| British, French and Japanese govert
! monts, with the suggestion that the
: encourage in their respective coui
tries the establishment of strong haul
ing croups, with the purpose of forn
ing a consortium for the assistance <
China, the establishment of her grei
public utilities and the stabilizing i
her financial economic situation.
meeting was hold in May, 1919, in Par
at which delegates from all four c
the national groups wore present ft
the purpose of funning the intern;
lio-nal combination. A tentative orgai
ization was effected and a.i agrcemei
drawn up, subject to the approval i
the governments. Great Britai
France and the United States approvi
promptly, but the Japanese gover;
ment sought certain reservations, ai
! by its stand blocked for a time tl
I completion of the consortium agre
ment. It was not' until Mr. Lamo
' went to the Far East last spring th
I the Japanese government withdr?
from its position and became a partie
pant in the agreement without rose
! valions of any kind.
Bankers in touch with the Chine
il ation sai.! yesterday that the. -fir
| specific financial project to by unde
taken by the consoi
iiave to d : will | ro\ id rig [
i ?? llukang Railways, The ?nit ial c ?
itructi n this system was mad ? pi
? b c in 1911, when the old consortia
which is no li nger in existence flo I
y ; 1,000.000 loan. The four pow
combination of Great Britain, Frani
Germany and the United State! we
the active partners in that operatic
Will Represent V. S. in Peking
Frederick \V. Stevens, the spec:
representative of the American ban
ing group, is leaving the latfer part
this month for Peking, where he \v
take charge of matters pertaining
the interest of the American bankers
In 'outlining the op ira m of t
; consortium at the luncheon of t
Fifth Avenue Association Sir Char!
i Addis denied the argument made
? sume quarters that the consortium "w
: be a sort of an international trust t
signed to exploit China." As an e
ample of the equitable basis upon whi
| the consortium is founded Sir Char!
j cited the clause referring to the t
' velopment of the railways of China,
"Hitherto," he said, "the railroads
China have been constructed in si
| tions. This was extremely waste
: and impractical. It will be the purpi
of the consortium to develop Chini
railways in the future as a single s;
tern, with certain sections placed
the eyre'of the various i,ion.lier- of t
consortium. All railroads to be <
velopcd will be the property of t
Chinese government, and all constri
tion work will be supervised by a bo?
appointed by. the consortium, with I
concurrence of the Chinese govei
ment. The powers engaged in t
enterprise, however, have agreed tl
it is now up to the Chinese people
take the initiative. No loan will
forced upon China. She will get loc
only as she asks for them."
I. C. Suez, Chinese Consul in N
York, spoke in behalf of the Chini
Republic. He pointed out that t
week marks the. ninth anniversary
the Chinese Republic, and paid a wa
tribute to the United States and I
American people for the coop?r?t
and help they have extended to Ch
in the past.
Mr. Suez appealed for closer re
tions between China and the Uni
States, and urged that American s
dents go to China (as Chinese stude:
are now coming to the United States)
order to familiarize themselves nu
intimately with Chinese conditions r
needs. He said that the Amerit
press and the movies are giving
tirely erroneous ideas of the nnti
and character of the Chinese peoi
and advised the United States to und
take intensive religious, edueatitS
and commercial missionary work
.China.
Edward B. Bruce, president of
Paeiiic Development Corporation, s
the consortium will prove a gr
constructive factor in the developm
of China.
Francis H. Sisson, vice-president
the Guaranty Trust Company, presid
Investment
Information
Questions of general interest to in?
vestors will be answered in thi? col?
umn, in which case only initials will
be used. Others will be answered by
mail. Address all inquiries, inclos?
ing a stamped, addressed envelope, to
Financial Editor, The Tribune^ 154
Nassau Street, Nero York City.
Chooses Speculative Stocks for Woman
Question?Would you bo so kind as to
advise one of your readers If you consider
an Investment (for a woman) of $2,000 to
be wisely plactHl when It is divided as fol?
lows: Ten shares of Swift & Co. capital
stock, ten shares of Baldwin LocomotivoT
?A. G. R.
Answer?We do not think you have
made a good selection. Common stocks
are sensitive to earnings. Dividends,
accordingly, are subject to change. Per?
haps during times of depression the
dividend may be passed entirely. If
you are making this purchase for in?
come purposes it is best to consider
only sound securities. Wc suggest
United States Steel 7 per cent preferred
and Standard ?il of New Jersey 7 per
cent preferred. Here you have two
sound issues which are not so sensitive,
to earnings.
Norfolk & Southern Fives
Question?Might I have your valued
opinion of Norfolk Southern 5 per cent
bonds selling now at 56? Are principal
and interest secure??B> A.
Answer ? Norfolk & Southern is
about 800 miles in length. It traverses
a large lumber section in North Caro?
lina. The first and refunding 5 per
cent bonds, clue ?961, of which there
are $ 12,870,000 outstanding?$1,575,000 j
to secure t? per cent notes, $438,000 re- j
tired by sinking fund, $.182,000 held by
company, $3,130,000 reserved for prior
?ions and $o,505,000 reserved for ex?
tensions?are a first lien on 334 miles, |
a second on 193, a third on 234 and a I
fourth on 33. They arc further secured i
by first lien on practically the entire
equipment of tho company and by de?
posit of over $8,000,000 bonds. The road
has not been a good earner;, but in?
creased rates should mean great im- I
provement. We regard the bond ai a
very fair business man's investment.
Some Speculative Preferred Stock?
Question?-Will you kindly advise m? as
to the following list of stocks for invest?
ment: Allia Chalmer preferred, American
Can pr. tcrred, American Hide and Leather
preferred, American Zinc, Lead and Smelt?
ing preferred, Federal Mining preferred, j
International .Mercantile -Marino preferred,
American Writing Paper preferred. Cities
Service bankers' shares. I understand, of
course, that American Hide and Leather
ban r. adjusted itself, hut do you think it j
will need to have another readjustment be?
fore it gets to Oie bottom price? American
Writing Paper shows ?i good surprus and ? I
should think before long it would pay dlvi- j
dends; also it has, I understand, back dlvi-j
dends to pay.?B. C. L.
Answer?None of the issues you men- j
tion is entitled to high rating. The best
are American Can preferred, Allis Chai- ]
mers preferred and International Mer?
cantile Marine preferred. The latter
has 42 per cent of arrears. Earnings in
each case are ample, we understand, to
take care, of preferred payments and
leave a good margin. American Hide
and Leather preferred is not a good in?
vestment. Earnings have shown a fall?
ing off and the dividend is by no means
certain to be paid regularly. One rea?
son why the stock sold so high was be?
cause there was hope of a payment of
the dividends in arrears, Nothing wnu
done, however. American Zinc, Lead
and Smelting is not a consistently good
earner. The margin of safety in the
preferred stock is small and the com?
pany has gone into surplus account to
pay tho dividend. Federal Mining and
Smelting preferred, while paying 7 per
cent, is a speculation. The company
shows erratic earning power. American
Writing Paper preferred pays nothing,
what will be done about dividends in
arrears is a question; Therefore the
stock must be. speculative. Cities Serv?
ice bankers' shares are speculative.
This is essentially an oil company. We
do not advise the purchase of such
stocks for investment.
Paris Bonds Yields 11.40 Per Cent
Question?Suppose one buys a Paris *
per cent bond at about 95 and carries It
until the bond Is paid In 1921, am I right
In thinking that It represents about 11
per cent on the Investment? Do you con?
sider Nlplssinir .Mines a safe Investment
and with a probability of "extras'' being
continued?-?X. Y. Z.
Answer?Citv of Paris 6 per cent
bonda, due 1921, yield at 95 about 11.40
per cent per annum if held to and
paid off at maturity. Nipissing Mines
is not a safe investment. The company
has a long dividend record, to be sure,
but mining stocks are about as specu?
lative aa one can find.
Woman Seeks 7 Per Cent
Question?Wil you advise a safe Invest?
ment in stocks bearing, preferably, 7 per
cent Interest, for an amount of money not
exceeding $3,000? If it Is not in accord?
ance with vour poitcy to udvise, will you
klndlv tell mo where to go for informa?
tion??-MISS D. U.
Answer- There are several well se?
cured preferred stocks which yield 7
per cent or close to it. We give you
a few suggestions. Standard Oil of
New Jersey, 7 per cent preferred;
Pressed Steel Car, 7 per cent pre?
ferred; Virginia-Carolina Chemical, 8
per cent preferred; Bethlehem Steel, 8
per cent rfeferred; Baldwin Locomo?
tive, 7 per cent preferred. All these
issues are sound at present, and we
think you would make no mistake in
purchasing any of them. All are listed
on the New York Stock Exchange and
any member who advertises in The
Tribune will be glad to consult with
you.
U. S. Rubber 7V2 Per Cent Notes
Question?Mill you kindly advise me if
you consider United States Rubber 7'V4
per cent ifctes, due 1930, a good business
man's Investment? Also would like to
know the security behind them and when
IntereJt is payable.?L. II. B.
' Answer ?- We regard the United
States Rubber 7xk per cent notes, I
due 1930, as a good business man's
investment. The issue is $20,000,000.
They aro secured by deposit with the
trustee of $25,000,00t> face value of the I
company's first and refunding mort?
gage (i pe cent gold bonds, due 1947. j
These bonds are secured by first lien,j
together with the 5 per cent bonds,
on practically the entire property. The j
interest on the notes is payable Feb?
ruary 1 and August 1.
Southwestern Bell 7s
Question?Kindly advise whether the
Southwestern Bell Telephono Company
five-year 1 per cent bonds can h? classed
as a high grado investment.?M. ft.
Answer?Southwestern Bell Tele?
phone 7 per cent bonds are entitled to
a very good rating, in our opinion.
Four fall columns of in?
vestment questions and an?
swers are published in The
Tribune every Surulay.
Markets in Other Cities
Baltimore
Sal ph.
??on fnns Coal .... S4
105 Celestlne .IM
175 Cons Power. ... 93
1 25 Cosden pf. 4
in Mt Vornon. ... 28
12 do pf. ?S
125 Pa W Power... 80
in New Ami Cap. 2 I
182 United Ry. . . . 12
l Maryland Cas.. 7fi
!?:)t"d
$1000 Cosden 6s. 93
] fiOOO I'nns Cas 4 'As. 75
70 10 Macon ' l&S 5a, Gl
9000 Pa \V Pwr 5s.. 81
II. fn Ry rfs is., 6 i
4000 do Incomes. . 4S
Open. Tllgh. Bow. T.ast.
R4 '
110
93
r.s
8 4 Vk
1 10
911
4 %
2S
r.s
93
4%
2S
(58
80 *i 80 V? S0%
23
1 2 %
76 %
2,1
12-H
76%
12%
93% 91!% 93!
Boston
Miiiins
1 0 v hmeelt .. .
20 s laska . . .
50 An iconda ,
I 0 y i-l -. Coml.
1%
50%
r, 11 \
48%
55%
1%
60%
'. rea
HT
'.; .Heart.
1 ' ,l.'h;llll
.1 Hocla.
irson . .
I?.
Bange.
: ..'. Da- .
I Dutte
? ?
:.
i".' Indian .
, ! ...: Ci
! ' dn pf .
! 0 toisa Cons. .
24 i Maj flower O '
:,;. Sfbhawk . . . .
5 New River pf,
85 XI] Isslng . . . .
155 Noi th Uutte. .
; 0 Old l lominlon
: 'i ? isccola .
10 Qulncy .
53%
77%
2%
57
93%
SOU
r>4H
4 8 %
r.5-%
i %
r. o %
250
21%
77 '
2%
?113
56
93%
8%
It
f?4%
4 8 %
2%
93%
8%
14
Si nee
Sh mi
101
35% 35% 35% 30%
1 ! .'. S II | ? ,
15 U S
107 do
100 Utah
200 Utah
Ros.
:y It m r.s
j.iM
Ap
43% 44
? 3%
.MS
.12%
15 Wolverine
600 Wyandott ... 15
Railroads
Albany. .127
Kiev . . 66%
pfd .... STL,
Maine.. 35
:: Northern N H 81
95 N Y X If & H 3 4%
4fi l Mil Colony . . 85
30 West Kn.l ... 41
20 do pfd .... 50%
40 Boat
267 Host
90 Boat
12V4
40
66%
87%
6 %
12%
127
. 66%
B7%
Boston Curb
Ail". Extn. .
Ariz Silver. .
Bus .v Mon.
Bl!< Hawk.
Calaveras...
Chii C Con . .
I ':?..?.. ll l\sv. .
( !rj ?tal new
Denbigh ...
i: ...-,; B.?
Eortuna ...
(la,Is.l.n ...
Homa Oil..,
Iron Bloss. .
15
; i ic
Iron Cap.... S
I.a Ros?! . . .25
Majestic ....10
Mex Metals.30
Mid Moss...?
Monarch ... B
N'at \. & V... 4
Nev In,UK.-.12
Nixon.6
Rainier .... 25
127
66%
87%
3 6%
81
35
SI
41 %
50%
Svn Metals. S
Silver R?ef. 7
Un Ver Ext. 29 %
20 25 Yukon.IV*
Misoelli'.neou!?
Acr pf?! 8 3 88 83
S Am
DO Amn Oil .... 2%
r, Amoskeag ... 78
50 Amn Pnou . . 2%
580 Amn Tel .... 99%
120 Am Woo) pfd 92%
600 Atlas Tack . . 24
20 i ',-iitury . 1%
stern Mfc. 29%
?!
- v?
78
24
1%
45 Rastern S S
4 2 Edison .
40 l Elder .
7 Fairbanks . .
2 Gen . Elec. . .
50 Gorton . 14
120 Gray .
17 lnt Cot M pf
120 lnt Ornent. . . 29
700 lnt Prods. 21
60, Island Oil. 6
100 .1 T Connor. . . 13
IS I.ibby . 11%
130 Loewa. 11%
125 Mass (las. 82%
do pf. 00
88
2%
78
2
99%
9 3
23%
1%
29
21
147'-. 150% 147% 150%
22% 221, 22>t 22%
52 52 52 52
139% 139% 139% 139%
S?
87%
29%
2L
6
13
11%
11%
82%
60
14
14
87 ?
2S%
20%
6%
13
11%
11
82%
5 9
14%
14%
87%
29%
20%
5 %
13
11%
11%
10 Mergenthaler. .129% 129% 129% 129%
1030 Mex Inv. 37
12? Nat Leather. . . 10
195 New Eng Tel. 97
10 ' ?rpheum . 27 %
176 Pac Mills.155
36>
9%
96%
100 Parish
25 Slmms Mag.
i ?? l South I'hoso
48 Swift .
26 Swift Intl. .
United l-'ruit
2896 United Shoe
28
11%
20%
106
29%
207
3 a ' ??
10 U S Steel pf.,10S% 108% 108% 108%
150 Ventura . 16% 16% 16*. is?.
20 Waldorf . 19 19 19 ' 19
150-Walth Watch. 21% 22 21% J?
50 Walworth .... is is ig jjj
5 Wick Wire... 27% ?T% 3T% ??%
3'
10
9 S
27%
155 155
28 23
U'i 11
201-j 20 L
106 4 106
H9Vs 29
2?7
3 3 M
36%
10
27'
135
207
3"
20%
lOS'-j
29 V?
207
37%
."?nares. ?.
$5000 Carson 7s.
3mm C .1 & S 5s. . . .
1 on no Mass Gas 4 Vis.
1000 Pond Creek 6s
13000 Seneca ks.
1000 Swift Bs.
1000 Western Tel 5s
?n. High. Low. Last.
5 Vi Hi:,'. 105Vi 105?4
Chicago
611 Armour Loa. . . 15% 1!i '?
fil) do pfd. 92% 92-1
380 Armour pfd . . .? 91 V? 91 ?'?
160 Briscoo . 15 15
75 Canal & Dock, r.? :.?
300 Cas- Plow. ... 10 10!
134 Chffo rtys, ser 11-' 12
300 Cudahy . <\i~ '?? foi '
30 Com Edison ... lu 1 'j 104 1
fii'.;. Conll Motors. 7 Va 71
100 Hupp Motors. .14 11
50 Ills Brick. 70 70
1075 Libby . 11% 12
390 Montgy Ward. 26% 201
50 Nat Leather. .10 11)
555 Piggi.v Wlggly. 26% 201
. !'?'.,, Servi. .''i 70
1900 s. ars Ro. bu .. ? ' ? ' . ; 1 ". '
I 50 .-'haw . ,"< '? 7S
530 Stewt Warn? r. 31 \ 12
50 Stewart M fg.. . : 3 1
270 Swift lull. " . ; 29
1 S Vi 15%
92% 92%
91% 91%
12 12
?(i i ?, 104'
175 H?
300 Cil
1 1700
2 0 n r n
50 Wt
rbidi
. U0
Bonds
$2000 Arm 7s. 90 Vi
|5i 0 Ch C ' Cl F.
3f>00 Com Kdi 1st 5s 82%
: 0000 N'orw El 1st 5s. 05
: 7000 Ogden Gas 5s 07 %
2000 P O Cas ref Os 1)9',
Detroit
ion Charcoal pf . .
!400 ContntI Motors
70 I ),; roi t Edison n
I
p.; ',
82 ?i
67%
09 ! i
4*1
70
il '?.
I ? .
Ha
96 Vi
67%
69%
?'? '? i
7 90% 90 %
35 Ford.': i 6 :: ' 7 315 317
30 Lincoln Motors 39% 39 ?', 39% 39%
325 Mich Sag .... im, io% 10 % i" '..
Ti)". Noble .Lll 1.11 1.10 1.10
590 Parka v.l. 13% 13% 13% 13%
125
3150 It.
do pr
Motors
2 3
Philadelphia
53 Amn Gas. 38 41
1136 Amn Stores . . 55 56
120 Mrlll. 41 % II '? .
1705 Elcc Storage . 122 127
960 Lake Superior. 12 12
410 I.eh ig h N'iiv . . 68% 71
31 Insur Co N A. 29 29
150 Pha Co 6 pc pf ::i 31
786 Pl.ila Elcc . . . 21% 2 1 %
1280 Phtla ftp Trnst 19% 19 >-j
7 5, Ph i la Trctn . . 52V? 53
393 Union Trctn . . 31 32
10 Cuite.I Co N J.169 169
1062 United G Imp. 39% 39%
10 United G pf. . . 50 50
3 Wst'mrlnd Coal 7e 75
Bonds
$1000 Amn X? <fc A 5s 72% 72 '3
4000 Lake S Inc 5s. 17 47
1000 Peo Pass la . . 5 I 5 I
7000 Phlla E 1st :>s s2 82
Pittsburgh
170 Am W Glass M.l 10 110
110 Arkansas lias.. 10% 10%
50 Barnsdall "A." 40 '?, 40%
50 do "B" . 38% 38%
. 95 Carnegie L&Z 6% ti'a
720 Cons Ice. 3% 3%
.182 do pf. 20 20%
810 Guffey Gllleepie 32V4 32%
200 Harb-W ref l>f. 99 9?
60 Kay Co Gas.. . 1 % 1 %
800 Mfrs L & H. .. 03% 50
fin Marland pf. . . . 4 4
5 Lone Stur Gas.. 30 30
20 Nat Fir. pr pf. 13 Vi 13%
50 Ohio Fuel Oil, 26
1(1 Ohio Fuel Sup. 47% 47%
50 Paragon Ref.. 27% 27%
670 Pitts Brew pf. l)% 9 %
10 Pitts Coal. 07 67
45 W Pa Itys pf. 72 72
10 Westlngh A B.101 101
Montreal
Bid Asked
Ab P & P 72 72 %
Am? Nld.. ??? 65
At Sus R. 93%
Br T L &P 35%
Hrmp Pap 75
C C Hi F pf ?
Can Cmnt. 59 %
do pf... 00
Cn Gn Elc ?
Can Stmsh 0 3
C M & Sin 24
11 % 1 I %
2 1 Vi
19 Vi
02-,
31
21%
19%
1 10
s o Vi
40
38%
6%
3%
2(1
32 Vi
99 .
4
30
13 %
47%
27%
9%
67
71
101
60
4
30
13%
25
47%
2 . %
9%
67
?Id Asked
Ht Un Ry. 98 99
Dom Steel 54% 64%
Dom Txtl 124 126
Lrntdl.td 104 105
MLM&PC. 81 ?
Nat Brw.. 63% 63%
Rrdn Pap.210 215
Spn Rvr. . 100% 100%
do pf...U0 ?
63% .SU Co Cn. 05 ?
1%
Toronto
Bid. Asked. Bid. Asked.
94
90
9'.i
Adanac .... 1
Apex.?
Atlas. 5
Bailey. 3
Bvr Con ....
Chmbrs Ferl 5
Conlagas ... 1
Crown Rsv..
Dome Lake. 3
Gobi Reef.. 1
Grt Nrthn.. ?
Margraves
Holllnger.
Keora . . .
4% 5%
10 2"
Lake Shore. %
Mclntyre . . 1%
Mng Crp Cn 1 \
ivray .... 4
Ptrsn Lake..10
Pore Crown. %
Pore Tsdl. . ?
Pore Imprl. ?
I'rstn ED.. 1
TU Hughes. 4
Tmskmng .. Vi
Thmp Krst.. 4
Vacuum Ga? %
West Dome. 5
1 %
Business News
liolesalers Expect Election
' To Be Market Turning Point
insist Next Move of Merchan?
dising Game Is Up to Re?
tailers, Who Are Waiting
for Consumer to Purchase
In many quarters of the wholsalc
markets yesterday there was a feeling
that the era of little or no buying
is coming to an end in the near future.
? "After election" is the dnte that the
sellers of merchandise now place as
the date for the revival in buying ac?
tivities.
The downward sweep of prices has
upset many of the old vnlues and it
is certain that a great amount of con?
flicting influences on the price situa?
tion will be with the markets for some
time tD come. Apparently from all
that can be gathered from conversa?
tions with wholesalers the /iext move
in the merchandising game is up to the
retailers of the country. In turn the
retailers say that their future mer?
chandising plans are being held in
abeyance pending some show of buy?
ing tren on the p of the general
public. Retailers admit that the full
force of drops in the? wholesale mar?
ket have not been reflected in retail
prices, but that competition is slowly
forcing prices on their downward
course. There ?s a strong effort be?
ing made to hold back falling prices as
?onjr as possible and to make the
process of li' itk.tion as gradual as
circumstances - ill \ crmit.
Wholesalers arc berating the retail?
ers for their lack of confidence in
present wholesale prices and for fail?
ing to immediately pass on the price
reductions that have been made in
primary sources. The latter in turn
are inclined to feel that the wholesale
fraternity "put one over" on them last
year by urging greater purchases in
view of real or fancied shortages of
?r'"''H?s. A ?-"establishment of good
fyith among the various branches of
the producing and distributing in?
dustries undoubtedly is necessary, in
the opinion of trade leaders, for a re?
sumption of business on the old time
sea!e.
Commercial Credit
Commercial money for legitimate
purposes is being granted to business
men with greater facility than has been
apparent for some months, but bankers
are still insistent that heavy inven?
tories be liquidated. A banker yester?
day illustrated the present method of
operation by citing the following case:
The owners of a prominent woolen mill
came to the banker for a loan of $1,
000,(100. Inventories were considered
too heavy by the banker, who advised
liquidation. The woolen men asserted
that such was impossible at present be?
cause of a fear of breaking the market
still further. The woolen men finally
obtained $250,000 -on a compromise
worked out with the banker.
Commercial money rates continue at
8 per cent for choice name paper, which
is in plentiful supply.
Response to Reductions
Cotton Goods Agents Pleased
With Buying Inquiry
Response yesterday to the now low
prices on bleached cotton goods named
late Thursday night by the two leading
selling agents in this market was re?
garded as encouraging in the offices of
these houses. Several liberal orders
were placed by buyers on the spot and
some telegraphic orders also were re?
ceived
The new payment terms furnished
more food for talk than did?, the ex?
tremely low prices. With the mer?
chant given until "March 10 to pay for
his goods, it is realized that this leaves
the- speculator some chance to buy
goods now and sell them closely, thus
turning his stock before he is com?
pelled to pay for it. In short, it pro
vides a method -of borrowing money,
and every merchant admittedly needs
money these days, from the selling
agents. It is questionable, however, if
orders placed'with this intention in
mind will get past che credit men for
the selling agents.
Prices Attract Buyers
Shoe retailers m this vicinity are
: y y air volume of business by
y [del) . d\ er t low pi iced sales,
O? i re: ult, accor ling to shoe mer
has been the mov? ment of
I n ? . .? ' ??-. .' in ir.d low grade shoes.
which an th, first to be placed in the
cut prie alea and the retention of
vear. As one sh ? -
tailor ( xpn ???? d the situai ion : "We
oes we don't
care much [.????\? ? ling and are kei p
!:!,.; on our shelves the sort of shoes
we should be moving."
Ten dollars or at most $12 appears
to be the top price that average con?
sumers willingly pay for footwear now.
in the opinion ox retailers who are
making strenuous efforts to provide
shoes at these price
Raw ?Silk Trade Awaits
Developments in Japan
Buyers of raw silk arc awaiting de?
velopments in Japan from the newly
established syndicate's efforts to
stabi i y the price of the commodity,
according to this week's market re?
port issued by II. L. Gwalter & Co.
"There is no doubt that the under?
lying tone of the market has been
considerably strengthened," says the
report, "and that any improvement in
the fabrics market will find a quick
response in freer operations in the
raw material market. Sellers here are
marking time and have ceased to cut
prices, being confronted by the im?
possibility of replacing their holdings
below the pegged prices at Yokohama.
"Advices fro a K?irope report the
Milan market unchanged with reelers
firmly holding to their limit of 400
lire for extra classical silks. The ac?
tivity for Lyons consumption has fallen
off somewhat and no business is re?
ported for American account.
"The Yokohama market is quiet but
strong an ! any increase in the demand
is expected to advance prices. The
situation has been further strength?
ened by minimum prices having been
fixed for the higher giades on the
basis 1,080 yen for double extra and
1,610 for extra, with'est No. 1 at
1,570 yen. Stocks remain unchanged
at 41,000 bales, approximately, of
which about 8,000 bales consist of the
hipher grades from extra up.
"Tl Canton market is firmer on
account of the. falling off of receipts,
and lay down costs for these sorts are
above prices ruling on the New York
market. It is confirmed that about 70
per cent of the filatures of new style
silk have stopped working, the
Chinese preferring to wait for orders
lather than ko on producing at a loss."
Propaganda Fund for Tailors
A fund of $500,000 for a national ad?
vertising campaign in behalf of the
merchant tailoring industry is the im?
mediate objective of the recently or?
ganized Merchant Tailors' National
Service Bureau. The movement is said
to be sponsored by a group of business
men prominently identified with the
wholesale woolen and trimming busi?
ness, as well as tailors.
Members of the following organiza?
tions, it is reported, have thus far
joined forces with the bureau: Na
'Readjustment Week*
To Bring Bargains
A "readjustment week'' of rad?
ical price reductions will be held
by St. Louis manufacturers and
dry good? jobbers during the
I week of October 25, according to
? dispatches from St. Louis yester
day. The movement was begun
1 by the Ely & Walker Dry Goodn
Company and the Rice-Stix Dry
Goods Company, two of the lead?
ing dry goods wholesalers in the
South.
"We are confronted with a re
adjustment of values," said D. E.
Calhoun, president of the former
\ concern, in announcing the sell
1 ing event. "Every broad think?
ing, fair Blinded merchant should
meet this situation cheerfully,
and 'take his medicine' without a
whimper. That means the sooner
he disposes of his high priced
merchandise at present value-,
just so much sooner will he be
able to purchase goods upon which
he can make his normal profit. A
short period of a loss of profits
is much better than a long period
of loss of customers."
i tional Woolen and Trimming Associa
i tion. National Association of Merchant
; Tailors of America, Pacific Coast
i Merchant Tailors' Association; Mer
i chant Tailors Designers' Association
: and several smaller units. Headquar
? ters of the bureau are in the Ward
' Building, Newark, N. J.
\ Merchandising Activities
Show Decline This Week
! Wholesale merchandising activities
| throughout the United States this
I week show a decline of 1.5 per cent
| compared to the previous week, accord?
ing to the weekly report of the Credit
Clearing House, indebtedness increased
3.1 per cent, but payments show an
improvement over last week to the ex?
tent of 1.6 per cent.
"Merchandising activities by whole?
salers and manufacturers," says the
report, ''show no such increase as was
hoped when the drop in prices was
made general. The lowering of prices
has not yet stimulated buying, nor
have the orders placed been in quan?
tities usually purchased at this time
of the year.
"Unemployment is noticeable to some
extenl in every section and reduction
sales by the retailer are not giving the
turnover looked for."
Leather Demand Still Dull
The reported opening of several new
shoe factoiies in New England, which
will necessitate a new demand for
leather, has not had any perceptible
?ffect on the dullness in the leather in?
dustry. Marking time until election
seems to be the present position in the
trade, as many leather men bel'?ve that
conditions will be ripe for rapid im?
provement early in November.
Buyers -Arrived
Fnirrhild Service
ALBANY?Horton ?- Ware; E. H. Wade,
china, nllverws re, ? ' e.
a LLEXTOWN Pn Hinterleit r's Depart?
ment Store; R. W. Hinterleiter, women's
si !a!s ?'? nn . nia
,v:''M> !!.'.;?: N. C. !.. Cad 'ifion. women's
Curn ishini! ? I '?'- n ?ylva :i ?'
ATLANTA .'. M. High Co.; H. F. George,
. ? h n ?..; .i Ifi i Fantl, 110 Wi st
Thil "'' -i- i ' nd Sti ?? :
BALTIM 'RE v.. i an Wholesale Cor
pon ti? n; lien i. .'ltman, coats, suits ami
dross? ?: :. '. i Four! h V venue.
BALTIMORE?Schloss Bros. .??? Co.; H.
: h ' is i, rot' m and 'v ' len piece goods,
230 Fifth Avenue.
: ? . : ";??.. a i win bosl ry and no
IVnnsyh ania. ?
BO; TON ??'.' Hurwitz, cotton piece goods;
in yl\ i nia.
B( ST IN lun an & Co.; M. Cauman,
\ il i ?lineo - 'Ods ? : li islin.
B ?>.':'. in !, /?: tin ti Co. : H. E. Hagen,
li es; I-Iernld S mare. '
.? '],?>? 11. IJrowi . furnishing goods;
1 iGE N '?.' ?E. Walsh, floor cover
M il .-.. i. 11.
C : 'AUt.i -.1 11 isin, worn n's ready t..
!'.!!.;.? nia
Ci ? [?! Oolil? an, clothing, etc.:
m?a.
CHICAGO- .1 V. Farwell Co.; A. Lehman,
ri, -.'? s; 72 Leon
(.'l.K\ ELA N D Hallo Bros Co.; B. 11.
Sink ?:. :? or 'ntat 220 Fifth A i ??:. le
CLEVELAN D ? I.ittln Folks Shop Co. : C.
L. Zorbaugh, children's wear; Arllngt in.
CO LU M BUS, ' ihio F & R Laz irus Co. .
Mrs, Parker, children's dresses ind coats
C in !?'. years; 225 Fifth Avenue
CUMBERLAND, Md.?J. P. Barrett, dry
goods and general mdse; Jmperial.
DETROIT?Crowley-Milner Co.; .Mis;- F
Wood, corsets; Alfred Fantl, lie Wesl
Thirty-second Street.
DETROIT .1 I.. Hudson Co.; R B. Tan
nahill, clothing; 22r, Fifth Avenue.
EUREKA. Cal. ? I >a!y Bros , (;. orge F.
Phreaner, silk and dress goods; Alfred
Fa i il, I1C Wi st Thti I .? y icon?! Street.
GREENVILLE, Tex. Graham, Fagg Co.;
C. A. Fagg. millinery, etc.; 1 East Thir?
ty-third Street.
HARR1SBURG, Pa.?R. Herman, floor cov?
erings; Park Avenu?.
HUNTINGTON, W. Va.?G. L. Hannan,
general mdse; Aberdeen.
IVANHOE, Ga.?E. Cone, general mdse;
Pennsylvania.
MILWAUKEE?L. Bloch Jewelry Co.; L
Bloch, jewelry; Pennsylvania.
NEW HAVEN, Conn.?Sharterrberg &
Robinson; P. It. Galligan, laces, ribbons
Jewelry; W. 1!. Flack, dress goods; j]
F. Burns, cotton, domestics, wash goods
4 i?4 Fourth Avenue.
NEW HAVEN- -L. Eck. woolen piece
goods; Park Avenue.
NEW HAVEN M, Cohen, men's and worn
en's furnishings; Pennsylvania.
NEW ORLEANS?Marks ?6 Isaacs Co.: B
M. Isaacs, men's neckwear and nillllnerv
1 160 Broadway.
PHILADELPHIA?H. Myers, general mer?
chandise; Aberdeen.
PHILADELPHIA ?M. Waxman. shoes
Pennsylvania.
PHILADELPHIA ? L. Schwartz ?- Co.;
L. Schwartz, dresses and skirts; Herald
Square.
PHILADELPHIA?I. Harrison Co.; I.
Harrison, furniture.
PHILADELPHIA?S. Newman, furniture;
liresiin.
PHILADELPHIA ?Kahn Waist Co.; S.
Cam on, waists; 1123 Broadway
PHILADELPHIA?H.'Kahn Co.; H. Kahn,
Bilks, satins; 33 West Thirty-fourth
Street.
PHILADELPHIA ? I. Moses, hosiery;
Pennsylvania.
PHILADELPHIA?M. Stern, men's cloth?
ing and furnishings; Park Avenue.
PHILADELPHIA?W. Hofford, men's fur?
nishings; Pennsylvania.
PITTSBURGH?R. Shapiro & Sons; P.
Shapiro, women's ready to wear and
muslin underwear; Herald Square.
DIVIDEND iSOT?CES
OFFICE OF
LOCKWOOD, GREENE & CO., MANAGERS
Hoston, Miifis.
The quarterly dividend of 1%% upon
the preferri'd stock of Lancaster Mills has
been declared payable November 1, 1920,
at the office of the Transfer Agents, the
New England Trust Company. Boston,
Mass., to all stockholders of record at the
close of business October 20, 1920.
LANCASTER MILLS.
J. DEVEREl X WINSLOW, Treasurer.
FINANCIAL MEETINGS"
THE HANOVER NATIONAL HANK
of the City ?f New York.
New York. October 15. 1920.
At a regular meeting of the Board of
Directors of this Bank held this day Mr.
Walter G. Nelson. Mr. Charles B. Camp?
bell and Mr. William B. Smith were ap
polnteil Assistant ('ashlers.
WILLIAM E. CABLE, Jr., Cashier.
I PORTLAND. Or*.?Politz Bros.; St. t) p.
ntz, men'? ?-lothing exclusively. .'
RKAIil.vi. Pa.??H. Hoffman, floor cot?.
Ings; Pennsylvania.
RocilKSTi'.ii, N Y--B. Forman Co ? Ml?
Hirsch, dreaa*?-, 225 Fifth Av?nue
ROCHENTKK M Kaplan, women's '?ad?
to war; Imperial.
SAN FRANCISCO?Th? Emporium; Ml,.
RIorb children's wear and neglit;?.?. ,,?
Fifth Avenu". ' "*
BIO?X CITY. Iowa?Davidson Bros ry.
W. W. Oroutt. iruKs. notions and i??'
elry: i2fii Broadway.
ST. LOUIS?Carleton I> <i *r0 ; W ?r,.),,
bertr, lace?, women a n"(-kw(jr, j--,
i;; . ,1 way.
ST. LOUIS?B. No*yent D. G. r*0 ? ,
Ahrcns, ladles' coats; 12(1 Broadway.
Buyer? Coming
BALTIMORE -Anwlcan Wh,,!-sal? Core ?
ff K. Messersmlth, renitiarit?, 254 Foartx
Avenu? . i ape? ted October l?.
BEAUMONT, Te* Mux Felnberg r<?
Mux Felnberg-. indies' ready to w.-i
millinery, r-iothinjt. furnishing:*, p,.,.
goods; Joseph B. Fol?; 1150 Broadwa-,
I'xorcteil October V)
,,,., ted ' U toll- r 18.
LOS ANOELBS -J. .Tacoby <"o ; J Jacob?
i n'H ?rear; Hotel Commodore, ex pec. tel
about October 20.
SEATTLE. Wash. -- Hon March* Thonw?
Otis Elevator Earnings Equal
S22.23 a Share in 9 Month?
The financial statement of the Ott?
! Elevator Company for the nine months
ended September 30 show a net income,
after charges and Federal taxes, of
$2,400,893, equal, after allowing for
| preferred dividends, to $22.28 a share
on $9,482,000 common stock.
Earnings, after maintenance and ap?
preciation, total $3,422,420 for the
period.
ANDREW T. McCORMACK, Auction??.
REOT?LAR A?TCTION PALE
STOCK? \M> ROM??
Bv ARRIAN H. MCLLER A NON.
O F FI ' ' B 5 5 WILLI A M ST R E ET,
WKDNKSDAY. OlTK. 20TH, 1920,
at 12 '?) t the
EXCHANGE SALESRi M ill,
NOS. 14 AM' 16 VESEY STREET.
For Account ot Executors:
$5,200 ?ith Avenue R. R Co. 8* Ctf. of
Indebtedness <iuc Febry., 1319.
70 shs Bth Avenue R. R. Co
For Account of Whom It May Concern:
1,000 shs..'Pateraon Brewing Co.
50 sha. Allen Sales Si rvl e. Inc., Com.
mon.
loo shs. Allen Sales Service, Inc., Prefd
1,000 shs. Acme Phonograph Motor?
( lorpn.
$22,000 Green Ray ft Western R. It. ?%
Debenture i'iass "A" Hnr.1i.
$26,600 Monmoufh County Electric ?"o. 1?'.
Mtg-e. r- Bds., 1951. Jan'y, 19U,
Coupon (>n.
$100,000 Anon HrarMte & St. Louis Tr*r.
tion Co. 5% 1st Consld. MtKe. Bds.
3!'44. Febry., 1920, Coupons On.
200 cms. Automatic Weighing Mach?n?
Co. Prefd.
400 shs. Poole Engineering & Machine
Co.
67 shs. United Gas ft Electric Corpn.
2d Prefd.
22 shs. United Gas ft Electric Corpn.
( ',.::-.:
173 shs. <>.:?'.in Leather Co. Common.
141 13-100 Bhs. Hope Mills Manufa.-tur
Ing i lo. Common,
205 28-100 shs. Hope Vllls Manuiactur
Ing Co. Prefd.
9 shs. Lenox Motor Car Co. Common.
>> shs. Splltdorf Electrical Corpn.
Common.
1,000 shs. M> xican Producing ft Refining
Co.
1.000 shs. Peruvian Copper Co.
15 shs. Electrollne Co Prefd.
15 shs. Elecfrollne Co. I ommon.
126 shs. Western Maryland R. R. l?t
I'rff.l.
f>4 shs. Michigan Central R. R.
$10,000 Georgia Coast ,<? Piedmont R. R.
Co. 1st Mtge. 5 c Skg. Fund Bds.
Ctf. of Dep.
60 shs. Railway Storage Battery Car
Co. Prefd.
50 sh.- Whe< lo?k Lumber ft Manfg. Cn.
$6,000 Texas & Oklahoma R. R. 1st Mtre.
hfe Hon.Is Ctf. of Hep,).?:*.
To THE IP ?LDERS OF
Till-: HOMlNli-\x RKPrBUC
.Vo fl'STOM-i ADMINISTRATION SINK
ING FIND GOLD LOAN RONDS
DUE FEBRUARY 1,
NOTICE IS HEREBY GIVEN that Guar?
an!-' Trust Company of New v.irk, as su>
nessor to Morton Trust Company, Fiscs!
Air.'iit under the Fiscal Agency Agreement
made by and between tho Dominican Re?
public and Morton Trust Company dated
17, 190,?, hereby invites proposals
for the s.tlo to the Sinking Fund on Octo?
ber 25. 1920, with accrued Interest to that
(late, of as many bonds of the above issu?
as can be purchased f,,r the sum of Two
Hundred Seventy-six Thousand Three Hun?
dred Twenty-five Dollars and FIghty-niM
Cents (276,325.89). Sealed proposals will
be received at the Trust Department of
the undersigned, 140 Broadway New Vorit
' " UP to l" tVi loi k A. M. on Friday,
bei 22, ; r>2 ? w i n I he same will be
opened, and bon Is i IT ? ed at the I wert
P " ?not . -, ecding 102'i'v, of par and
' ? ued Interest l , l he i > tent ne essary
: will !>?' .,
sub.ie t to l tion of the -
' r ?"" " ' - ?? ?' ' ol r In part.
?.'. VTCANTY Tlit ST COMPANY OF
M '? YORK,
]'??? ch \::i es u. b vrin Pres ,ent
? Oetobei i
TRUST COMPANY STATEMENTS
" ?RT OF THE COND]
? the
Centra! Union Trim Co. of N. Y.
.' ? '? day of
RESOURCES
SI K-k and bond
< ;? : --; -'?; If
?i '"i.l t?
Real , . .
'?'? i-ni-il . ; y ..:; f.p
1 1
?
i - y- lot.sn u
Loans and ,? r
-, 7.?6 H
' ? . , ? I
not seem | ,74.23 Ml '',
Overdrafts ??? ured . 16.S4104
Oui ' . | re
'?'?'? less
?uno nt offs . ?.,..;-,5,?4(; s?
Duc fr im trust nnipa
o" . . i in
pri'ccdins item .... 1.705 Pt! 04
-. Kpfil 4M M
Rp 1?. _' ;::.260.0?
' ?ther curren i f the ! n-*s
'..' the l'nited S '.'U 0?* ??
Dub fr. m Tti, !' , ? ? Reaem :ir.nk
of New Ver); less offsets.. . 1;-,.SI!J.73? 10
Custnn - y lai : ?. on
ac epl m ?? - ,*.??? lia?
bilities, per > o? ' ???' 14.128 "44 "7
I-ess anticipate?! .... B.537.33
Other assets, riz. :
Ac,-rue! Interest en?
tered on books at
close of business on
above, date .Jl.700.666 7$
Advances to trusts
(secure?*) . 146.539.73
14 11J.5M.M
l.?47.2(XJ..'t
Total . $282.341.2? 5?
MAKII.ITIEM
<'H;i!yii stock. $13.500.?00.W
Surplus:
Surplus fund _$15.000,000.00
IndiWded profita .... 2,655.904.63
Depi sits
Preferred, a.? follows:
Due New i'ork State
Siiviiius Hn:K.? . . 3.9S6.056.05
Due New i'ork SI i ?
Sarlngs and !>>an
Associations, Credit
Unions and Land
Bank. ?00 0?
Other deyosit? due as
exe-utor, adminis?
trator, guardian, re?
ceiver, trustee, com
mitiee or doposltaxy 8.982.?4S.75
DrixMits by tli? State
Of New York . 250.000 00
Deposit.., by the Super
Intendent of Hanks
of Stato of New York S9.123.2*
Otli'r ilepixslt? se?
cured by a pledge of
a.s"U . 8.009.74" 8*
Not preferred, hk follows:
Deposita subject to
check .166.309.518.71
Time deposits, certifi?
cates and other ,!??
posits, the payment
?,f ?hic h cannut
legally be required
within thirty days. 7.934.019 7?
Di-mand ccrtiflcates ?>f
deposit . 3,201,770,5$
Cashiers' cheelcs out?
standing, including
similar eheefcs of
other offterrs . 602.275 5*
Due t ru-st r?mpanle*.
banks and bankers 8 738.33? 07
Eitend tota.1 deposits . ^??S'S???
Rediscounts . 13.000.0W ??
Acceptance!? of drafts payaWe at a fu?
ture ?lato or authorized b? commer- ,?.hiAm
clal letters of credit . H.1D.I??
Other ?abilities, vtx. :
fteserre* for taxes... $819,713 4i
ii.rum'. interest en?
tered on nooks at
close of business on
above date . 1.158,93$.0?
Estimated unearned
diai?-JJlU . 624.923.30 ?
^^"^ _ ;.643.??? ?
Total
?Ml.Ht?"'

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New-York tribune. [volume], October 16, 1920, Page 14, Image 14
About New-York tribune. [volume] (New York [N.Y.]) 1866-1924