New-York tribune. [volume] (New York [N.Y.]) 1866-1924, November 18, 1920, Image 16

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New-York tribune. [volume], November 18, 1920, Page 16, Image 16
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New-York tribune. [volume] (New York [N.Y.]), 18 Nov. 1920. Chronicling America: Historic American Newspapers. Lib. of Congress. <https://chroniclingamerica.loc.gov/lccn/sn83030214/1920-11-18/ed-1/seq-16/>

Newspaper Page Text

MACKAY & CO.
BANKERS
Because of the existing con?
ditions, some profitable in
v-estment exchanges may be
made.
We shall be glad to go over
individual lists and make
recommendations.
14 WALL STREET
NEW YORK
Members New Yorle Stock Exchange
An Excellent
Long Term Investment
Providing
SAFETY AND PRINCIPAL
AND HIGH YIELD
Cities Service
Company
Ser?es D 7% Debentures
To Yield 8.457o
Interest earned 12 times
Ckcatar "D-36? en r?tjuts(
Henry L. Doherty
& Company
Bond Department
60 Wall Street, New York
Chicago, Milwaukee
& St. Paul
Genera! & Refuniin%
Series "A" Ufa, due 2014
Secured by direct mortgage
and strong collateral lien
upon 9,908.26 miles of road.
Prior to Government oper?
ation the St. Paul earned its
bond interest by a comfort?
able margin. Net earnings
after rentals for period from
January 1 to September 30,
1920, about five times those
reported for the same period
of 1919.
We are offering a limited
number of these bonds sub?
ject to prior sale and change
in price.
To Yield 7.30 ;
Colgate, Parker & Co.
49 Wall Street New York
STANDARD
t
ISSUES
C
EXEMPT FROM NORMAL
FEDERAL INCOME TAX
We recommend for investment
Atlantic Refining Co.
7f'r> Preferred
To VlHd tibout Ces?.
Standard Oil Co. (H. J. i
7% Preferred
To Yield about ?ST.
Standard Oil Co. (Ohio
7% Preferred
To ?lrld obont U.tl3?,
Inquiries Invited
ARL H.PFORZHE?MER & (XX
Dealer? in Standard OH Sernrltira I
85 Broad St. l'hont-* 4850-1-8-8-4 Itroud I
H
Exceptional
Investment
Possibilities
Investment issues at the
present time are setting at
prices which yield unusu?
ally attractive incomes.
In this connection th? sut
?ices of *>or Statistical De?
partment are at yonr die
posai
Securities bought for cash
or carried on conservative
margin.
Miller. & 60.
?Merrvbiurs
W?ft7\?>rk Shoah. F:rchandb
EQU?TABLE BLDG.
120 Brandira?/ Now Tarlr
Bankers Trust Co.
Guaranty Trust Co.
N. Y., N. H. & Hart. Deb. 4s
McCLURE, JOPES&RE?D
Members .Veto York .Sto<".'.- ftx.hang?
US Broadway Phon. 3321 Hector
Break in Market
Seis New Lows for
Many Industrials
Fresh Selling Comes After
Two Days of Feeble Im?
pulses to Recover; Ex?
change Is Higher
Although waves of selling were fol?
lowed on several occasions by rallies,
securities yesterday suffered further
losses for tho day, and at the close of
trading tho average price of thirty
representative industrial stocks was
lower than on any previous day this
year.
The break came after the market had
revealed feeble impulses to recover on
the two preceding days. Yesterday's
recessions brought some of the prin?
cipal industrial stocks, including that
i of the American International Corpora
! tion, American Car and Foundry, Bald?
win Locomotive, Famous Plnyers-Lasky
! Corporation and United States Steel,
? below any prices yet quoted this year, |
! and again disproved the recent asser-i
? tions of venturesome individuals that ;
? bottom had already been reached.
Securities were weak, in the face of ?
; a sharp recovery in the dollar value of j
i European exchanges and of a decline in j
| call money rates to G per cent for the
I first time in nearly a month. The
passing of stringency rates had been
anticipated, yet in some commission
houses the ease was attributed to the
attempt of bankers to ?jheck the de?
cline in the stock market. The renewal
rate was 8 per cent; then money be?
came available at 7 per cent, and finally
at 2 o'clock the final drop of the day
was registered. The action of the
money market encouraged some cover?
ing in the last hour.
I The intermittent character of the sell
! ing, which was several times followed
I by rallies, indicated that professional
i traders were playing an important r?le,
I though there was evidence of much
? selling from holders of long stock.
? There was some selling on the theory
! that the reassuring statement emanat
, ing from leading bankers who are
I directors of the Foreign Finance Cor
i poration wae bearish for the immediate
I future, in that it granted that further
I liquidation might be expected. Despite
I the uso, to which bear traders may have
! subjected the message from the finan
' ciers, who informally expressed their
i views after a routine meeting, their
! evident intention was to express their
? faith in the soundness of American
? conditions. Aside from tho selling by
i the shorts, there was persistent liqui
! dation, too; possibly some again from
I business concerns needing cash in
i stead of securities, and also, as new
! low levels were attained, from specu
' lators whose position was impaired by
I tho effacement of their margin.
? Brokers reported, too, some selling to
I establish losses for tax purposes from
I individuals'who desired to do this some
I time before December 31, and who did
| not care to speculate on the prospects
1 of still lower stock prices. In yester?
day's selling, which caused losses up to
! H points, rails were not immune, and
hcavv losses were incurred by such
1 stocks as Reading and Southern Pacific.
. -
Money and Credit
The feature of the Stock Exchange
, money market yesterday was the of
! fering o? time funds in large amounts
for the first time in several weeks.
i The call money market worked easier.
j After renewing at 8 per cent, the rate,
i dropped later in the day to 6 per cent.
; Year
?esterday. ago.
? On mixed collateral. S 12
I On industrial collateral. 8 12
! Time money (mixed collateral'):
Sixty ?lavs.. 8@8% 5% ?6
Ninety day.,. 8?8Vs 5%@6
Four months. 8@8.ya '5% '?> 0
Four to six months S@SV. ?">"?> " "'
Bank Clearings?Bank clearing.-? at
I New York yesterday were: Exchanges,
$866,737,272; balances, $87,286,647.
Silver?London, 51%d; New \'ork,
domestic bar, 99-&C; foreign, 78%c;
Mexican dollars, 60%c.
j Sub-Treasury?United States fund
reserve credit balance, $6#,065,741.
Canadian Exchange?New York funds
in Montreal, $121.88 premium per
S 1,000; Montreal fur.da in New York,
$103.64 discount per $1.000.
The Dollar ?n Foreign Exchange
Pronounced strength characterized
tiu? leading exchanges to-day.
Kates on London rose in sensational
manner. Demand sterling soared more
than 1 cents in tho pound to $3.47% at
the close.
li?tes on Paris went above 6 cent? to
the franc', a recovery of more than 25
points from the low of a few days ago.
Italian and German exchange were
also strong. Offerings of bills were
somewhat lighter, the brokers said, and
the demand was sufficient to absorb
the offerings at advancing rates.
(Quoted in dollars to the pound.)
Yester- Week
day. Rgo.
Sterling, demand ....... 3.4760 3.3875
i Sterling, cables . .'1.4050 3.3950
l Stelling 60 days. ....... 3.44 3.3525
. Stei ling HO days. 3.42. 8.3325
(Quoted in cents to the unit.)
Tester- Week
day. ago.
France, checks.6.07 5.81
France, cables . 6.08 5.82
Belgium, francs, checks. 0.41 6.185
L'elgium, francs, cables. 6.42 6.195
?Lire, checks . 3.81 8.44
'; Live, cables. 3.82 3.45
Swiss, francs, checks.. .15.62 15,37
I Swiss, Francs, cables. .. . 15.65 15.40
Parks, checks . 1.49 |, \r,
Marks, cables . 1,50 1.17
j Guilders, checks .... .30.25 29.85
?Guilders, cables .30.375 29.95
; Austrian, crowns.checks. 34.50 28.25
Auatrian.crowns.cablea. .35.00 28.75
Sweden, checks.19.20 18.85
Sweden, cables.19.25 18.90
Denmark, checks.13.45 13.20
Denmark, cables .13.50 13?25
Norway, checks .13.45 13.20
Norway, cables.13.50 13.25
1 ?setas, checks .13.06 12.49
Pesetas, cables .?..13.10 12.53
Greece, checks. 9.10 9.10
Greeco, cables . 9.15 9.15
Manila, checks.40.50 46.50
Manila, cables .417.75 47.00
. rupees, checks. , . su.mi 30.25
India, rupees, cables. ,.30.25 30.50
Japan, yen, checks.50.50 50.75
Japan, yen, cables.50.75 51.00
Atgentina, checks .74.625 75.75
Argentina, cables .74.875 76.00
Brazil, Rio, checks.10.25 16.375
Brazil, Rio, cables.16.375 16.50
Czccho-Slovakia, checks. 1.04
Czccho-Slovakia.cables. 1.95
Stocks Ex Dividend
7p- Company. Percent.
Nov 19?Acme Tea Co.. 1st pf. 1 ?;
Nov 19? American Smelt & n<-r. 1
No\ IS? Brooklyn Edison Co., Inc. 2
No\ 77 Delaware * Hudson Co. .u
Nov 0 ! ?lamond Match Co. ....
Nov 30- Kastn-an Kodak Co.. :', entra 2U
do pi . n,
Nov 19 Oeneral Chemical Co. -
I Nov 24?General CiWr Co., Inc.. pf . 1%
Nov 27?G( Northern Iron Ore Proptw
t :??.-?. T. C. II. I. S
Nov SO?Haibison-WalUf-r Refrao'ca!. 1 ?4
Nov 19?National Lead Co. pf 1 ??
: Nov 20?N.-w Orleans, Texas t Mexico
Railway Co., v. t. c. 1 i?
Nov SO?Norfolk ? Western Hy. Co" 1 ?.
j Nov 30?Nunnally Co." j
I Nov 20? Pittsburgh, Totingagown ' ' &
Ash. rty Co.. pf...!*. 1?
i Nov 8??Reading Co., is-, pf. 1*
Nov 19?Standard Milling Co*.
I Nov 1 9? do pf . 1 ?<
I Nov 30?CnlteJ Clg-ar Store? Co. pf. 1 ?4
Transactions Yesterday in Listed Stocks
Summary of Stock Exchange Dealings
(?Copyright, 1920, New York Tribune Inc.)
Day Year January 1 to date.
Yesterday. before. ago. 1920. 1919. 1918.
Railroad stocks . 436.900 381,700 411,500 36.951.200 63 829.100 30.984 900
Other st?>cka . 660,200 433,100 321,900 155.731.100 21 1 862.300 96.841.200
All stock? .1,097,100 784,800 1,733,400 192,682,300 275,691,400 127,826,100
Yesterday. Day before. Year ago. 1920, 1919.
V. S. got-ernment bond? $8 595.000 $9.249,000 $13 691.000 $2,039.741,000 $2,239,469,000 ?
Railroad bond? . 2,311,000 2,979,000 2,316,000 289,163,000 330,169 0001
Other bonds . 2,557.000 2,346,000 2,232,000 339,143,000 341,228.000 1
All bond? . 13,463,000 14,574,000 18,239,000 3,268,047,000 3,911,866,000'
Record of Stock and Bond Averages
(CopyrlKht. 1920. New York Tribuno Inc.)
Stocks Range thas Range foil
Yegter- Day Year far 1920. year 1919.
dny. before. ago. High. Low. High. L-ow.
20 Rallroa?l stock?. 66.85 68.70 68.05 73.80 58.60 78.80 53.25
30 Industrial atocks . 74.67 76.57 103.87 110.30 74.67 119.33 79.20
50 Stock?. 71.54 73.42 89i54 92.05 71.54 99.54 75.92
Bon?n
10 Railroad bond?. 74.54 74.45 76.36 76.97 66.73 82.80 72.83
10 Industrial bond? . 83.11 83.23 92.76 91.45 82.92 95.70 90.56
5 Utility bond? .,. 71.58 ? 71.82 74.00 74.53 67.64 87.75 71.80
25 Bond? . 77.38 77.44 82.44 81.71 73.94 87.91 80.21
High.
1920.
46%
883-4
2%
3
53%
92
95
62 %
IO334
1283-4
90
6134
1C1
Low. Dir.
1920. Rate.
19% ?
313/4 4
1 ?
1% ?
Bale?. Open,
400 21
700 34
1400 11g
2300 1 i i
nigh. Low,
28 4
701's 7
71% 8
50% ?
56 8
64% 10
86 7
24?4 ?
83% 7
Advance Rnmely . .
Ajax Rubber .
Alaska Gold Mine?.
Alaska Juneau .. .
Allis-Chalmer? . 1900
do pf. 200
Amer Agr Chem. 1600
Allied Chem. 2200
700
900
20
5600
200
147*4*121 12
:**'
21
73?
95
7%
481-4
4S%
9%
04
80
81%
72
543.
15%
175
30%
122
119%
14%
95
99%
109%
73
17%
30 %
72
100%
83
331,'3
50
93%
1423-6
118% 102.
1063/4 7!
10234 92!? ?
283 104'/4 12
i 210 102 12
1651/2 00% 7
Amer Beet Sugar... .
Amer Bosch Mag. . . .
Am Br Sh & Fy pf. .
American Can .
do pf.
Amer Car ft Fdry...
Amer Cotton Oil.
80 Am Drug Syndicate.
American Eipres-s . .
Am Hide ft Leather.
1900 125/a 125% 121
1200
11/a -
47% *
87(4 7
70 ^ a 6
23 ??
303i 3
83 7
1 941/s 7
7
10
613?
I 21%
| 66%
| 671/4
125
90-1-4
! 82
I 12/4
104%
176/2
75
! 82
! 148'. 2
; 1021/2
: 49%
! 54
j 153
\ 131
I 32! 2
i 96%
I 1C2%
?114
; 17
65
15
129
11' i
29!--,
27[ 4
28 %
85 p2
46
75%
69
134
10434
100' .
61-.v
62
164
70%
17
15
17/4
14'2
33%
44%
65
91! -,
41%
84-?4
62
21'-4
41%
4034
441-4
36/;
65/
67
56
I 80
89 r?
' 93y,
< 201 j
14!
, 105'
i 107
j 4614
. 43%
1 278' 2
! 603?
! 59-'a
! 85%
! 1C8
260I 2
; *
, 16%
? 13 ?
12%
! 2a
j 147
! 21%
, 30%
' 2234
i 93 ?V'2
' 95
? 91%
1 444
? 48
' 36'. 2
19/2
! 192
753s
; 77'2
; 9434
172
42
89 4
85' 4
83
I 85%
' 55! 2
20' 2
91%
41%
. 38%
33! 2
i 353/4
84%
23'4
78%
, 1161.2
25' g
; ios
97'. 4
27
88
61%
6'H
: 17%
142' 2
; 51%
? 11P4
70
71
9! 4
79%
9%
26'4
' 47%
51' 2
7%
I 44%
! 30
1 27%
? 52%
152'2
, 95
i 33%
48' j
91%"
i 38-4
j 56' ;
! 110! j
36
i 28
38
Wz
40
19/a
85%
70
72
5
82%
IO8/2
58
71%
95 Vz
95' 2
27%
40%
112
113%
2%
67% ?
56%
103
94
5' 2
48%
4%
84
5/a
10%
10
10%
60
I8/4
65
48
110
36
88
32
40
73
47
6
4
4%
7
19%
3014
45%
67
23%
64; 2
54
42
12% -
20
21% -
2K
. 20 ?
: 12%
50
39
55/,
. 76%
? 73'?
1 6' 4
2 5%
200 42
400 7%
15600 41%
500 20
300 105
3900 85!2
200 77%
600 7%
400 9034
8900 114
100 58
200 71%
44600 101%
400 973B
1200 40%
200 505-a
73%
100
17%
30
99%
28%
24' 2
64 %
85%
165
1%
1 'j.
16'/
54-5-?
??>' .
do pf. 1400 50% SO! 4 48'<
Amer Int'l Corj? . . . 20100 51% 52 483t
Amer La France ... . 100 9/2 9% 9/
Amer Linseed . 2400 60 60 54
do pf. 600 86/4 86/4 83/
Amer Loco . 3600 85% 86 81%
Amer Radiator. 100 72 72 72
Amer Safety Rar.or.. 700 10 10 10
Amer Ship ft Com.. 900 13 13 12/,
Amer Smelting ..... 14100 50% 50% 477,
do pf. 300 87/4 87% 87/
do pf A. 200 75-'.? 75% 753
Amer Malt . 200 23%. 23% 23
Amer Hteel Kdy ... 2400 32 32 30}
do pf. 200 E5 85 83
Amer Sugar . 1900 98% 98% 96!
do pf. 100 105 105 105
Amer Sumatra Tob.. 2700 75 75 71
Amer Teleg ft Tel.. 1200 99% 99% 99*
Amer Tobacco . 3400 115 115% 109
do B. 6C0 11474 114% 108
7 Amer Woolen . 2200
? Am Writing Paper pf
Amer Zinc .
4 Anaconda .
4 Associated Dry Goods
6 Associated Oil .
6 Atch, Top ft San Fe.
5 do pf.
Atl, Birm ft Atl. . . .
7 Atlantic Coast Line.
10 Atl, Gulf ft W I . .
6 Atlantic Fruit .
7 Austin Nichols pf. .
7 Baldwin l/oco Co . .
7 do pf.
Baltimore ft Ohio...
4 do pf.
P. Barrett Company
~- do ctfs .
Beth Motors .
5 Bethlehem Steel .
5 do C?as? B.
8 do 8?? pf.
?? Brooklyn Rap Tran.
? do ctfs .
? Bkyn Union Gas.
? Booth Fisheries .
10 Burns Bros .
? Butte Cop ft Zinc. .
? Butte & Sup Copper .
? Bulterick Co .
? Caddo Oil .
6 Calif Packing .
Calif Petroleum ....
7 do pf.
4 Calumet & Arizona..
10 Canadian Pacific . . .
Central leather . .
7 do pf.
4 Cerro De Pasco.
4 Cerfainteed Corp . . .
10 Chandler Motors ....
4 Che* ft Ohio. 4100
Chi ft Alton. 200
?? Chi ft East III. 300
? do pf ctfs. 400
? Chi Great Western.. 700
? do pf. 2600
Chi, Mil ft St Paul.. 6700
do pf. 3900
5 Chi & Northwestern. 6C0
? Chic, R 1 ft Pac. ;0100
7 do 7% pf. 1200
? dn 6", pf. 400
? C, C, C & St Louis. 200
Chile (upper . 1900
l% Chino Cons Copper.. 8600
? Coca Coin . 1220C
3 Col Furl & iron. . . 400
?Polo & Southern . . 20C
1 Columbia Graph .. 790C
5 Col Gas & Electric... 90C
4 (omp Tab Record.. . 7i0C
7 Consol Cigars. 220C
7 do pf.!0(
7 Consolidated i.'ns ... 90(
tons lut Call Min. . . 1901
Continental Candy -*t?0(
4 Corn Products ... 900(
7 do pf. 40(
3 Con Textile . 40(
2' 2 Cosden ft Co . 1301
125/a 125%? 4% 125
7% 7%? % 71
48' 4 48%? 2% 48!
48% 49/2? 3 49V
9% 9%-?- % 9
54 54 ? 8! 2 54
83/2 83%? 3 82!
81 a-i 82%? 2% 821
72 72 - 72
10 10 ? % 9!
12% 12%? % 12
47% 47%? 1% 47;
87% 87%? % 86
75% 7534? 1'a 74
102% 102%? 4%
9600 118/
41C0 37/
200 90
900 34!
200 41
2300 73?,
115% 11534? 2% 1155<j
603-4
1%
803.,? 2Pv
17' 2
12! 2
47
45
71
2C/4
74%
16
V g
131
3o
49
79%
118%
13! 8
66
60' ,
70%
40%.
20 "
15%
65 3 4
30
22%
24
25%
37
IOS*
50
75
17
70%
S0%
13/2 -
65
32/a
3
8% -
92
12
51%
31% ?
5734
53 ?
70
6%
14% ?
. 24
34' ?
434
7% ?
15%
12%
40
38%
45%
19%
9%
51%
18
3934
99
17%
9%
Crucible Steel . 276C0 106
Cubu-Amer Sugar. . . 3900 32
Cuba Cane Sugar . 1600 274
do pf. 200 b3
Delaware ft Hudson. ?O0 101'.j
D, L ft W . 200 225
Denver ft Rio Grandi? 6700 l/?
do pf . 1500 2! ;
Dome Mine? . 1900 11 ?',
Dul, So Sh ft Atl pf 200 8'
Klk Horn Coal. 900 177.
Endlcott-Johnson . . . 2200 58
Erie ..,. 8400 154;
do 1st pf. ?400 23/
do 2d pf. 4C0 16;
Fairbanks . 100 47'
Famous Players .... 9100 56
do pf. 600 71
led Min & Smelt pf. 200 31
Fisk Rubber Tire.... 2200 15/
Freeport-Texaa Oil . . 1900 16P
Cest?n, Wrns ft Wig. 600 4
Ccn Chemical Co. . . .
Ceneral Cigar .
t.en Amer Tank-Car.
do pf deb.
99% 101/4
100 131
6 General Cigar . 100 55
2 t.en Amer Tank-Car. 200 61'4
600 84| t
8 Gen Electric Co. 9600 1184
? 18334 125 12
112%
69i4
65%
94
60
38/
1 General Motors . . . 26700 14: 8
*> do pf. 200 67
ti do 6-4 deb . 700 62 4
7 do 7", deb. 900 72%
t> Goodrich, B 1. 2400 40%
? Granby Mining . 200 20
2 Cuanlanamo Sugar 200 16%
7 Creat Northern pf. . 15200 83%
4 Creut North Ore subs 1100 31%
.60 Creene Can Copper.. 12C0 23
3 Hydraulic Steel _ 200 24
? Gulf, Mob ft- North pf 100 25%
Gulf State Steel. 700 38! s
1 Hupp Motor . 1300 11%
4 Hask ft Bark Car Co 700 59' 2
Houston Oil . 9?00 87
Hendee Mfg . 200 17
7 Hartman . 300 71%
7 Illinois Central . 400 89 4
? Int'l Agriculture ... 1600 15%
5 do pf . 100 67
4 Inspiration Copper . . 8600 34%
Interbor-Cons Corp . 900 5: 4
? do pf . 1400 14'4
7 Int'l Harvester . 600 97%
? Int Mer Marine. 540O 14%
6 do pf. 8600 53' 2
? Int Motor Truck. 300 32
7 do 2d pf. 100 67 4
?- Int'l Paper . 19600 56
6 do pf stpd. 200 72
.60 Indiahoma . 300 7
? Int'l Nickel. 2700 15
? Invincible Oil . 4100 26
? Iron Products . 400 36*^
? Island Oil . 8600 5
? Jewel Tea pf. 200 11
2 Jones Tea . 600 16
? Kansas City South. . 2600 21/
4 do pf . 200 45' ?
4 Kelly Springfield ... 4700 41*?
? KeUey Wheel Co.... 200 454
2 Kennecott topper .. 12700 194
1.20 Keystone Tire . 3600 10'.
6 Lackawanna Steel . . 9300 56
2 Lee Rubber ft Tire.. 900 18".,
3" 2 Lehigh Valley . 7500 50".
I. ig ft My Tob Co pf 100 101/
I.oew.s, Inc . 15100 19",
Loft Candy . 2750 10
Lorillard, P . 400 126' !
73<
? 2%
1%
I.ouiiv ft NashT
Mackay Co* . . .
Manhattan FleT
400 102% 102% 101% 102
High. Low. Dir.
1920. 1920. Rate,
15 2
2% ?
6% ?
3 ?
95% 7
148 12
16% 2
10%
34%
9
3%
7
21
36
19%
25
100
29
98%
103%
44
30%
38
63%
30%
107
222
26
71%
52%
21
11
18
31%
65%
40
51
111 %
40
125
116
G6??
97
59
92
80
13
89%
93%
8%
17%
65%
117
84", a
66%
48%
37%
27%
21
103%
72
61
95%
77%
223a
29%
5%
157
2834
41 Ta
65
73
61%
46%
116%
1113/4
47%
44
45
32
57%
68
42/a
44' ?
82%
23%
S8
72%
91%.
85
50%
39%
273-4
113%
124
I20
706' 2
22 4
103
63%
91
22' j
29
Sale?. Open
Martin Parry . 200*15%
Maxwell Motor Co .,
do ctfs .
do 2d pf .
7 May Depart Stor? pf
2 Mexican Petrol -
2 Miami Consol Cep ,. 200
1.60 Middle States Oil .. 17600
4 Midvale Steel . 3900
Minn ft St Lonl? new 600
- Mo, Kan & Ter - 2300
do pf . 200
- Missouri Pacific - 5100
- do pf . 3900
- Mont Ward . 800
4 Mullins Body . 200
7 Nashv ft Chattan ..' 100 107
3% National Acme - 400 30/,
7 National BUcnit ... 300 102% 102% 101
7 do pf . 200 106% 106% 106
83
48
87
30
41
45"
67
4
9',
31
78
64'
231
20
23'
16
10
'4
! 4
National Aniline ...
do pf.
do ctfs .
do pr ctfs .
Nat Cloak ft Suit . .
Nat Con ft Cable . .
Nat Enamel ft Stp.
200
100
400
500
200
300
1900
National Lead . 5700
Nat RR Mex 2d pf. . 1200
Nevada Consol Cop.. 1600
N O, Tex ft Mex_ 1600
New York Air Brake 600
5 New York Central .. 13300
? N Y, Chi ft St L. . . 200
2/2 New York Dock _ 600
? N Y, N H ft H. 9600
64
48
66%
36%
12%
14%
3% .
107 8
23 2
13% ?
46 7>
18% ~
41% 5
37 ?
71% 6
67% 6
20 4
37% 3
27 ?
20% ?
37 ?
56 ?
30% 3
31 ?
22 -~
11
79* S
.5174 5
84 ti
73 7
33% 4
21% ?
12' 2 1
8! i
102'-T. ?
49 i
84 ?
11%
6434
33%
33
1 N Y, Ont ft West.
?? Norfolk Southern
7 Norfolk ft Western.
4 do pf .
5 North American . .
7 Northern Pacific .
5 Nora Scotia Steel .
.50 Nunnalljr . ,.
2% Ohio Body.
.40 Okla Prod ft Ref.
2100
100
1500
200
300
29600
1400
400
200
1600
Otis Elevator ....
Orpheum Circuit . .. 2700
Otis Steel . 2100
Owens Bottling Mach 300
Pacific Develop .... 400
Pacific Gas & Elec. . 600
Pacific Tel ft- Tel. . . 800
Pan-Amer Pet . 4900
do B . 1200
Parish ft Binghom . 400
Pennsylvania Rail . . 2600
People's (?as ft Coke. 1200
P?re Marquette . 1600
200
200
1200
1600
3600
1900
200 12234 12234 1223-4 122%?
IC6J4
5534
93%
123 Va
Si '4
21%
33%
48%
40
493/4
11%
20%
243
13
90%
23I a
48%
82%
118%
310
33' 4
66! 2
870
113%
51' ?j
118'%
126/
14
60
20 4
134
'H
47
22/
47
95' j
10h
28 P
66' ,
34'.
127
38
129' ,
38
10 ?
22 1.
64 '4 b
90
34! i
63' 2
17
3
15' 4
23'2
11
20%
6
10
103
44
14%
23%
54' 4
88" H
97
I8
50
600
I0( ,.
26
46
45'.;
10
41
I534
64
40
17
do pf .
p do prior pf. . . ,
Philadelphia Co
Phillips Petroleum
Pierce Arrow . . .
Pierce Oil .
1 do pf .,. . 2200 8i 82/
> Pittsburgh Coal _ 700 60% 60/
> do pf . 100 85% 85'
Phillip Jones pf. 100 78 78
1 Pure Oil. 2400 343? 341,
Pitts ft West Va... 1900 28% 28'/
1 Pond Creek Coal.... 1400 15% 157
B Pressed Steel Car. . . 600 *85% 857
i Pullman Co . 2200 105% 105'/
S Pun?a Al-gre Sugar. 3100 63 533
5 Railway Steel Spring 900 36 86
1 Ray Con Copper. 4600 12% 12|
1 Readinc . 84900 ?JO% 91
2 do 2d pf. 900 55' 2 55",
Remington Typewr . 400 35 35
Reis ft Co. 200 10 10
1.35 Rand Mines . 200 22 22
o Rep Iron ft Steel.... 9900 67% 67!
7 do pf . 200 90 92
Rep Motor Truck.... 2100 26 26"
Replogle Steel . 4900 79 79',
5.50 Royal Dutch . 6800 71 71!
6 Savage Arms . 200 17% 17!
? Saxon Motors . 400 .3% 3'
St Louis ft San Fran 2700 27' 8 27'
do pf .
Southwest
ll Louts
do pf
Seaboard
do pf
Sears Ro
shatluck
Air Line.
900
2400
600
?100
200
4100
100
900
43'
31
'534
80' .
9
40
11
73! .
24
110
24
129' j 110
61|
32
100
6f>
53
148
224% 176
15%
32%
55%
78 4
110%
69%
96%
1433/4
I 15! 2
76
109
7'a
13
39%
294
70! i
37/
54
59! a
100
45
EC's
chuck . . .
& Arizona
Shell Trans & Tr.
Seneca Copper . 2500 17%
Sinclair Oil . 16700 26
Sloss-Sheff St ft ir. 700 55%
Southern Pacific . . 89900 111%
So Porto Rico Sugar 200 100
Southern Railroad 3700 26%
do pf . 100 61%
Standard Oil ...... 60 627
do pf. . 400 106' R
Stewart Warner _ '900 27 8
Stromberg Carb ... 1600 50
Studobaker . ?9900 48
Submarine Boat . 7?!0Q 10%
Superior Steel . . 100 44
Superior Oil . 700 16
Tenn Cop K Chem . 6900 84
Tri?-s Company ... ?5600 48
Texas ft Pacific .... 2100 214
Tex Pac Coal ft Oil 2600 27
Third Ave Rail _ 400 16%
Tcmtor A . 400 31%
Tobacco Product ? . . 1900 56
do pf . 400 847s
Transcon Oil . 2100 10
Transue W Steel . . 100 41; :
?. Times Sq Auto .... 600 134
1 nion Bag ft Paper 600 77/
I ??ion Oil . 1300 25/
Union Bag & Paper. 600 77/
Union Oil. 1300 25/
I i?i?>n Pacific . 8700 122'..
do pf . 600 64/
I nited Alloy . 900 32/
United Drue . :.'C0 100
United Fruit . 2300 203
United Ry Invest . . 400 11
do pf . 1600 24
1-5% 14% 14-2? :i
107' 2 106% 106' 2? 1
23/4 119
-4 64'
> '15% 104%
80% 49%
97 42
: 8C% 4!%
i M2/2 103%
; 120! 2 76
' 21 ?C'a
13
34->a
23%
15%
27'2
: 40
; 924
; 119
55%
65
11
25%
82' 2
16
23
69/a
32%
32
93
I45
95'4
933.-,
U S Cast I 1? ft 1
l' S Food Prod . .
U S Ind Alcohol . .
1 S Realty ft Imp.
United Retail Stores
United Stat<
do 1st pf. .
I S Smelt i Ref.
United States Steel
do pf .
pf 600
.. 12700
.. 39C0
1600
16700
40 P,
34'4
71!.
39'?
614
Rubber 19600 60 .
. 400 100
600 45
102600 82 7,
400 106' .
7
20' 2
14
8%
11
20'-2
8C%
95%
41%
6!
1C34
17%
46
9
15
3934
21
7
47
100
454
80
Utah Copper . 9400 514
Vanadium Sleel .... ?700 43'4 49 4
Virginia-Car Chem 900 45' 2 45' 2
do pf . 4130 104 * 104
\a Iron, Coal ft Coke 200 96 96
Vivaudou . 800 12% 12%
Wabash . 2200 9% 9 4
do pf A. 2600 26% 26%
do pf B. 500 17 17
Western Maryland .. 3600 11 11%
do 2d pf. 900 19% 19%
Western Pacific _ 400 34 34
Western Union Teler 1400 86' z 86' 2
Westing Air Brake.. 200 96% 96' z
Wesli-ighotise Mfg .. 3700 42% 42%
do 1st pf. 200 61 01
Weber ft Heilbroner. 100 10' 3 70 ?
White Oil . 2200 19 19
Wilson Co . 200 47% 47'4
Wheel ft Lake Erie . 300 11 11
do pf . 200 21 21%
White Motors . 1400 41% 41%
Wickwire-Spencer ... 700 2234 2214
Willys Oierland _ 3700 74 7%
do pf .'. 200 50' 4 50%
Woolworth . 600 107% 107%
Worth Pump ft M.. 600 49% 49%
do pf A. 200 80 80
% 105% 105' ?-?
Paris Market Active
PARIS, Nov. 17.?Trading was ac- :
tive on tho Bourse to-day. Three per!
cent rentees i>4 francs, 80 centime!?.
Exchange on London, 57 francs, 40
c< ntimes; 5 per cent loan, 85 francs, 20
centimes. The dollar was quoted at
l>; francs, 63 centimes.
London Money Market
LONDON, Nov. 17. Bar silver, 61%dj
por ouncL-; bar gold, 118s9d; money,
5 -V4 per cent: discount rates, shor^
I bills, ?> 13-1'i ?: 6 4 per cent; three,
month? hills. 6?i<2.-6 13-16 ner cent-;,
'--..'.i premiums at IJabon. 14?>. -'
f
Utah Copper Ear? $3.45
Share for>ine Months
For tho^nine .jrionths ended Septem-;
be./f'o, total pro?t3 of the Utah Cop-j
per Coymp^tiv were $5,?114.012, equal to
f'l.i'i "a. sha--e, against $5,552,939, or
Sji.41 u share, for the same period of I
?riVfO, according to a statement issued |
>t?sterday.
Net operating profits were $3,210,021,
an increase of $422,515. Deficit, after
dividends, for the period amounted to I
*i i7fiii.1Q?
In Wall Street I
Business Watching Wall Street
Business men have ?.wo interests m j
tho complexion of tiio stock market.
In addition to tho fact that many
business men have stocks as invest?
ments or speculative holdings, there is
an ingrained belief that the stock mar
?cet discounts by several months
changes in the genr-rnl business field.
Throughout the business fiel?! it is .
felt that the reaching of bottom in the I
stock market and a consequent up?
turn will foreshadow a revival of trade
in textiles, apparel, shoes and the
other items of daily use.
Storm Hit? Wire Business
Stock Exchange brokers with exten?
sive out-of-town connections reported
that the storm of Tuesday night had
made it impossible to conduct a nor?
mal business over their private wires
yesterday, and it was not until the
afternoon that orders began to trickle
in from important Western centers.
The weakness of the market until a
rally set in during the last fifteen min?
utes of trading was attributed by some
observers to the bunching of much of
the orders from Chicago and otner
cities that do a large business on the
exchange.
Regular Air Brake Dividend
As forecast last week, directors of
the New York Air Brake Company at
their meeting yesterday declared the
regular quarterly dividend of 52.50 a
share on the $10,000,000 outstanding
stock. Recent weakness in the shares
had started reports that the rate would
be reduced, and this led to inquiry by
The Tribune, which learned that the
board had no intention of cutting the
dividend at this time. A statement
made public by Charles A. Starbuck,
president, after yesterday's meeting
showed that the company's sales for the
len months ended October 31 total?-'!
$5,451,986, contrasted with $2.593,050
for the corresponding period of 1919,
This volume of business, Mr. Starbuck
said, had been received in live months,
? as virtually no orders were taken dur
| ing January and February. He stated
that unfilled orders now on the books
I amounted to approximately $2,000,000,
! or enough to keep the plants running
j full for four months.
Price Swing?
Many financial folk hold firmly to the
j belief that history repeats itself in the
j financial market as elsewhere, and in
these days of unsettlement there is
'much studying of past performance-.
The Liberty National Bank has made
an interesting comparison in this <??
j nection between commodity price
swings in the Civil War period and to
; day. "During the Civil War," the bank
| states, "prices as compared to I860
i rose to a higher point than during the
Morid War as compared to 1913. After
the Civil War prices began to fall at
once and continued to record succeed?
ing declines and upward movements,
the declines being ahvaj s greater than
' the rallies. In 1918, on the other hand,
: there was a decided drop in prices,
succeeded by a further rise that car?
ried prices to new high levels. It i'
j to be noted that the intensity and
..-cope of the present decline in prices
; are almost identical with the decline
! which took place in 1865 immedia
j at the close of the Civil War."
American Sumatra Tobacco
American Sumatra Tobacco at 70%,
the low price reached on yesterday's
, severe Fa I, halved its record quotation
lof the war period. It opened at 75,
and after breaking to 70% rallied ai
the close to 72, where it showed a net
loss of 2 points. William A. Tucker,
vice-presidenl of the company, de?
clared yesterday that the concern T.vas
never in so strong a financial position
as at presen-.. It has current assets,
was said, of four times its current
. abilities and has cash in banks of
j practically the whole amount of
k loans. The company is said to
1 .?f practically all of the
inventoi ies that were on hand . ?
en I of the fi ? -..! year July 31 la t.
Japan Draws ?.old From India
Japan, which has drawn upward of
$40,000,000 in gold out of this marl el
?.?? June 30 via San Francisco, is im?
porting tin- nieta! from other parts of
the world. Bankers here with Far
Eastern connections learned yesterday
that the Japanese are taking large
i-mou! is of gold ? ut. of India. A single
block of 280 lakhs, approximately ?' ?
000,000, ???? ? ? from Bombay to Yoko?
hama ?? O tober 13, and other sub?
stantial shipments have been made
since. Local hankers had no official ex?
planation of the movement of k-1!'! from
India to Japan and it was suggested
thai po ibly the Japanese wen- pulling
I down their large London balances \ a
Bombay.
A Soliloquy on (.handler
Hornblower & Weeks, who have
acted as brokers for the so-called ii
iders in ( handler Motors in the past,
had the folowing to say yesterday con?
cerning Tuesday's break'in the stock:
"A group of bear traders and opera?
tor--, having interviewed themselv? s
and decided CHM was selling too high
with respect to ?Pilier motor --har?.-:-,
decided to sell it and then proceede I
in imagination to usurp the function of
the directors and Ipass the dividet .
A group of insiders and automobile
men who made a lot of money in Chand?
ler's 400 point advance by buying the
stock when the motor industry was
I stagnant during a period of readjust?
ment after the armistice and selling
?? lasf : pring, have been repurchasing
CHM uinler 80 and will continue to ac?
cumulate it, anticipating another big
pro::!, next year. Both groups have
! the means to finance their judgment.
CHM, like other stocks, fluctuates, ad?
vancing when buying exceeds selling
and declining when selling is more el
fective. It is any one's guess what it
will do immediately. Those who ?in
selling the stock are merely backing
ir own opinion at the bottom of a
200 point break. Those who are buy?
ing have the : ;- olute certainty of in
t . table busine s recovery next year
their favnr, the reasonable certainty
of a technical stock market recovery
after a year's deel ne and the comfort
?>:' a $10 dividen?1, which finances their
operation by yielding 13 to 14 per
cent on their money. The vaga?
ries of speculation may favor the beats
in their efforts to induce selling by
r raids, but they will lind a bid fot
every share of stock they otfer."
Postal Savings Deposits Jump
The net increase in postal savings
deposits for October, according to the
Postal Savings News Bulletin, was
$1.700,000, contrasted with $1,500,000 in
September, while the total deposits in
the Ui ited States on November 1 were
$162,851,322. Among the offices that
made gains of over $20,000 last month
?r? New York. Boston, Brooklyn
Pittsburgh, Los Angeles, Newark, St.
Louis anu tie- Pennsylvania cities of
Uniontown, McKees Locks and McKees
port. During October ten '.-?licea had
increases in excess of $00,000. compared
with seven offices during September ,
The number of offices holding in excess
of $100,000 at the close of October was ?
148, as against 145 at the close of j
September.
American Linseed Breaks
One of the worst breaks in yester?
day's session on the Stock Exchange
occurred in American Linseed, when
a block of 1,000 shares was thrown on
the market just before the close. The
last previous sale had been ?lit, but the
best that could he obtained for the
thousand share order was 54, a decline
of h >-.. points from Tuesday's last quo?
tation. A good deal of speculation has
been p-ninir on in Linseed share?: on the
16 days
at $3.74
75,000 patients who
could pay nothing were
treated last year in 57
hospitals of New York
City.
It cost? $3.74 a day, and
they averaged 16 days
each.
This Work Cannot Stop
UNITED
HOSPITAL
FUND
must raise
$1,500,000
between Nov. 15th and
Nov. 29th.
The Sick-Poor need
what you can give.
Send check? to Albert H. W?gg?n
Treat., 57 Broadway, New York.
Banking in France
and Bekium
Our close relations with
Lloyds and National Pro?
vincial Foreign Bar.'-:, Ltd.,
enable us to offer complete
banking facilities through?
out France and Belgium.
Branches in Cairo and Alex?
andria, Egypt, throughout
Morocco and West Africa.
Special equipment for han?
dling trrin-actions in Tunis
and Algeria.
Our New York Ag?nry
invites inquiry.
Bank of
British West Africa
New York O?ice ?Oft Beaver ^.rret
?-mmta
Pi. R. Amai RoirtJmH? ?uirm
Head Office: London
What Companies
are Sound?
a I'ttl-e book
that helps?
400 companies?27.? psges?
condensed reports giving
important tacts ? market
records?inarces?earnings
?dividends?history, etc.
INVESTORS
POCKET
MANUAL
November Issue Gratis
Please ask for B-339
R. H. MacMASTERS & CO.
Members Consolidated Stock l rch.ofS.T.
82-84 Broa<J St. New York
I'ii,me: Broad6980. Etitir
CHICAGO M1LWACKKE NEW HAVEN
OUR POLICY
The investor's requirements and con?
venience are our first consideration.
We give e(]ual attention to the large
and the small buyer.
Our Statistical Department has data
concerning all standard securities and
will furnish all available iniormation
on them. Inquiry invited.
H. D. Bobbins & Co.
In? '/rporaTed
61 Broadway New York
Scr?icU Srothcra
public lUUthi fcecuritica
111 SJcuainuaiu 3? cm $ark
J. G. White & Co.
Incorporated
Com. & Pfd. Stocks
Tin,ne lO.-ior 8980-5. '?7PP. <''<?- ?
Mark A. Noble Theodore C. Corwin
NOBLE & CORWSN
Iti ar-tme. ?t. N??w T*rk
Guaranty Trust Amer. Chicle Pi.
I Equitable Trust Bklyn. City K.R.
Telephone mi Broad
E -=53
Investment Bonds
Herrick & Bennett
Members Ne? ) orlr 5.'-?c? Exchange
6? Bruaxl.iiiy New W.rk
is
assumption that the reported de
Lever Brothera, of London, would work
out to the benefit i lers.
To Close Branch Office
The National City Ba "<i
yesterday its decision to do ?
l.ranch offices in I South Amer?
ica. An officer of t:?
??ranches had been opene ! .iuiing; the
emergency of the war period and -t
had been found no longer jiror.tabic? to
one-rut?- tht-rr?.

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New-York tribune. [volume], November 18, 1920, Page 16, Image 16
About New-York tribune. [volume] (New York [N.Y.]) 1866-1924