New-York tribune. [volume] (New York [N.Y.]) 1866-1924, December 30, 1920, Image 14

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New-York tribune. [volume], December 30, 1920, Page 14, Image 14
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New-York tribune. [volume] (New York [N.Y.]), 30 Dec. 1920. Chronicling America: Historic American Newspapers. Lib. of Congress. <https://chroniclingamerica.loc.gov/lccn/sn83030214/1920-12-30/ed-1/seq-14/>

Newspaper Page Text

An Investment
Message
Yesterday we published a
message as follows :
"Perhaps never again will
there be such bargains in
investment securities as the
market now offers, and so
we say to all, and this
means you,?scrape togeth?
er all the money you can
get without borrowing and
buy investment securities?
and buy them now."
We said in our letter of yes?
terday, "Many of the safest se?
curities arc selling at the heavi?
est discount. There is a rea?
son for this, which we will ex?
plain in another letter January
2nd." This is the explanation :
We have had a long period of
abnormally high interest rates.
We used to issue 5< ' bonds and
sell them at par. Many of the
bonds being issued now bear an
8r? rate. Nobody is going to
buy a 5?? bond at par if they
can get an equally safe 8%
bond at par. Many investors
are taking the bonds out of
their safe deposit vaults that
they had carefully selected over
i ter\n of years and are selling
them for whatever they will
bring and are putting the pro
?eeaU into tax exempt securi?
ties. The investor who comes
in the highest surtax bracket
yf the Federal Income Tax must
? ?ay to the government 73% of
his income. He gets ??O.OO in
? irest per year on his bond and
he government takes ;>?>6.50 of
it, leaving him with $13.50.
Now, if he buys a municipal
bond which is tax exempt he
?rets and keeps his full 950.00.
Stated in another way, he can
get as much income from a
51,000.00 tax exempl bond as
he would gei from $3.700.00!
'nvested in corporation bonds.!
The above is only one of the
many reasons why we say that i
perhaps never again will we seej
such investment bargains.
Now as to safety. The public
sees a bond selling at, say. 70'.' :
"?' its fa? e or par value and
-ays, "Why, it cannot be safe."
Many of these bonds are not
ally safe but safer than when
some big capitalist after care?
ful investigation bought them
at par and carried' them with
pride and satisfaction to his
safe deposit vault. We have
shown in the above example
!'OW. if he sold $3.700.00 of
hese bonds for $1,000.00 and
bought tax exempt bonds his
income would be no less. In
other words, if income alone
?'?ere to be considered he could
-ell his corporate bonds at 27e?'
)f. their face value and have
[ust as much income.
Now let us assume, simply
l'or illustration, that one block
?f bonus were issued on a
hydro-electric power plant
built before the outbreak of the
war. V -? will a-su me the plant
was originally bonded for 50%
if its cost and all of the bonds
are still outstanding*. This
same plant could not now be re?
produced for double its origi
eal cost, so these bonds only
represent -?">' of the repro?
duction cos? of -the property.
As the bonds can now be
bought for 7()'? of their face
value it means that the pur
chase price paid now for the
bond1-; is only 17.5' of the re?
production value. The above
is only an example of one? type
of many safe investment bar?
gains.
Thai there are rare bargains
tobe had cannot be questioned.
However, there was never
'-ireatt-r need for discrimination
in making purchases. We are
confident oi beim? able to get
you nal'e and profitable invest?
ments. While we solicit your
confidence and patronage,
nevertheless ou r m e s s a g .s
stands, "Buy, and buy now,
upon either our advice or upon
the advice of any of the many
reputable houses that deal i?i
investment securities." If you
eare to leave it to our iudgment
we will treat it as an honor
transaction.
Yours cordially,
HENRY L. DOHERTY
& COMPANY,
60 Wall Street,
New York.
?
TO SERVE
THE BEST
INTERESTS
OF
AMERICAN x ^
business ^Mm?
cr-^^?*,-'
to render to merchants, manu?
facturers and other business men
and concerns, constructive and
dependable banking service is,
and for more than a century has
been, the aim of
THE
PHILADELPHIA
NATIONAL
BANK
PHILADELPHIA, PA.
SAVINGS BANKS
?Jfc"~~
SAVINGS BANKS
GREEN
_Incorporated 1833 j_
S. E. COR. 6TH AVE. AND 16TH STREET, NEW YORK
Interest Rnt?. Jumj-iry 1, 1921
FOUR* Pi
mmmrim
pet annum, payable on all suns from $5 to $5.000 on and after January 17, 1921
DEk-UaliS MAuc, ON Ott BcJ-OKh JANUARY 10
WILL DRAW INTEREST FROM JANUARY 1, 1921
CHARLES M. DUKHER, P-e?id?-nt
Secretan?!? :
FRANCIS M. BACON. JR? B. OGDEN CHISOLM
?orih River Savings Bank
:tl West 34tli Street.
lltjTH si;mi-annv \l dividend
The Board of Trustees has declared a
FOUR PER CENT.
per annum on ail deposits entitled there?
to, payable on and after .inn. ]7:H. 1921.
Deposits to $5,000 made ?.a or before
Jan, 10th will draw interest ironi Jan.
is'.
BANKING VIT MAIL.
CHARLES ROHE, President.
GEORGE T. CONNETT, Sec'y & Treas.
SEAMEN'S BANK FOR SAVINGS
7?J Wall Street.
'riU-J TRUSTEES HAVE ORDERED
1 I'HAT AN I.N'TE UKST DIVIDEND
1 - paid to depositors entitled thereto lor
the als months ending Dee. 31st, 1920.
On account?? not exceeding five thou
sancl dollars at '.hi late of FOUR PER
? :ENT. p r annuiri.
Payable un and after Monday, Jan.
DANIEL BARNES, President.
WILLLSTON H. BENEDICT, Secretar;'.
New ?ork, Dec. 9th, 1"2 I.
?MlTK 1.
Deposits to <lr?\v interest from .!;.:?..
: '. or Apr. 1st or July lsl or ??.;. 1st
? ust b' mad? on or b.-:?:e the \o.m
? .?>' of tho previous month.
The Manhattan Savings
Institution
Si I -646 Broad* a: ? >i. Blet >ker St., N. T
139TII >KMI-\\M AI. DIVIDEND.
IN! i.Ki 2-T AT THE ATE OP
FOUR PER CENT
per annum will be credited t>? Depositors
Ja 1st, 7221 (payable on and after Jan
17th), on all sums not exceeding $3.000
enl tied thcr.no. Deposits mad? o? i
for* Jan. 10th will draw Intcresl
Jan. Is?.
Open Mondays from 10 A. M. to C:30 P. M.
WALTER (. STOKES. President.
Benjamin Griffen. V.-P Arthur Stile?. Sec
iRTi?G'SAViGS ?ANK
115 CHAMBERS ST.. N". T.
T> i t r-.'.Rtoe;? have declared a dividend for the
?'. months en?|!ngr Dec* 31, lr>20. a- ih? rate of
FOUR FEU CENT
per annum on all deposit* from $7j 1o S.'i.OO'
enfltleil thereto, payable on and after >li?n.
17. 1921.
Deposits to $5,000 made on
or before Jan. 13th will draw
interest from Jan. /, 1921.
"JOIN OUR CHRISTMAS CLUB"
t; TENRR. President.
GEORGE B. DUNNING, Secretary.
Dollar Savings Bank
OP THE CITY OF NEW YORK
Third Avenue and 147th St.
Interest credited Jan. It!, at the rate of
Sour Per Cent.
perar.num, on accounts from $?> to
to.OOO. Deposits made on or before
Jan. 10th draw interest from Jan. lit.
BRIAN G. HUGHES, President.
WILLIAM M. KERN, Controller
HOWBLL T. MANSON, TreaMirer
HARRY P. RK?AL, Secretary
Dry Dock Savings Institution
; 241 & 343 BOWEUT Cor 3d St.. N? w Yorl?
: 1 e Truste ???. i ..- ?.lared .. dl\ Leu
' ?I* mouths en.lit.? December SI, '
7'. '?. on all deposits entitled thereto under !
il.i By-law? ?t the iat. of KOl.'K Vor < ent.
;??? . paj ibie on and after January
Ueposlti mal? on or before January 10
?'' be entitled tg interest from January ).
?5.1.
AWDHEW MILLS, President.
ANBRKW mile?, .in. Ktrst Vice President,
FREDERICK 8HEKWOOD, Treasurer.
BAMUEL WEBSTER, Secretary.
Financial Item?
H. V. MeCoonel) *-. Co. srmounes that i
Prank C. Al<lrl?:h ha? retired from their I
firm on December 20 on ?ri-nunt ?if ill ,
health and that Mar.?)?! .1. Drown becomes
a ?artr.er .-? n of Decetabez 21.
I ho Bankers Trust Company hue been
appointed rri?iMrar of preferred and com?
mon stock of th?! Allied Chemical and Dye
Corporation.
Charles .'?' [ utcher, *r?-:.-.? .ji of the '
Orean wich Havings Bank, ha* been rteit
president, ?uoceedlng James Wulnlun, who i
hoo rt-H-..^ ?,..-?.,.,f HI t,,?|tV, I
I Citizens' Savings Bank |
H 121ST SI.MI-ANM AI. DIVIDEND E
1 BtxheraU of VOV?? (V% ) l'KR CKNT 1
?9 thrco or six months ?.-ndlng: Decem- M
I her 31, l't'.'O, lu accordance v.-7-.h tho H
I Money deposited on or before Junu- w
i ary 10 will draw Interest from Junu- |
Union Dime Savings Bank
40th Street and 6th Avenu?-?.
\-, interest Dividend (123d consecutive)
!.;.-? been declared at '.!;?"? ii> of
FOUR PER CENT
i er annum, ere lited Jan. -, : 921, an?]
i .... 7'.- on ... : .? ' ??;' 1 hurs'la: . .In i.
. . 1921, ??'i ?? ?'. sums entitled then
u 1er tho By-I,aws from }?:. to "*7,........
Money deposited on oi before Jan, 30,
1921, draw. int?:reat from .Tun. 7,
AI.KX. !'. W. 17 !'?.'.\A.\'. [-"resident.
FRANCIS M. LJiAKtJ, Treasurer.
FRANK 1'. HAZARD, Secretary.
Cotton Recovers
After Sharp Drop
To New Low Marks
January ?Contracts Advance
Rapidly as Shorts Cover,!
Steadying Whole List;
March Near 13-Cent Level j
An early decline, establishing new
low records for mo.it deliveries, was
followed by sharp rallies in the cotton !
market yesterday. January was rola- !
tively firm, selling up from 13.75c to I
14.P3c, and closing at 14.52, compared i
with 14.02c at the close of the previous j
day. Traders short of January con- '.
tracts were evident'y rendered moro
uneasy by the threat of a harbor strike >
here beginning on Saturday.
The few January notices so far ,
issued have been promptly stopped, and !
with a possibility t;-.at labor troubles !
will interfore with the bringing of cot- ?
ton here from the South in time for
delivery next month shorts were evi- !
dently disposed to cover an?! found
comparatively few contracts for sale. I
Both Liverpool and iocal spot house
brokers were among the buyers on tho
advance, which ran the price about;
?.'.?" points above tic quotation for |
March. The strength of the January ?
position pulled up fho rest of the list \
and the market clcsed steady at a !
rot advance of 7 to 50 points.
Southern spot matkets, r.s officially'
???? "orted, were unchanged to TO points
higher, middling quotations ranging
from 12.90c at Houston to 14.50c at
Savannah.
The local market for snot cotton
v;.-', steady and 50 points higher at 15c
for middling; no sales were reported.
The range of prices rollows:
Tuesday's !
Open. TTiprh. Low. Close, close.
.Tan.... 13.S2 14.Co 13.75 ' ?. 7 i ? t. :..'. 14.02
Feb. ...- ? - ? ?-- ] i.-d'H - - - 17.77 :
Mar. . . . 13.17 17.?7..; I : ?. I ?J ; :>..S7 ?? 13.90 13.50 '
Apr. . . . - - ----- 12.92 'i - - 77.7,7,
May... 13 7,2 14.0S 13.30 13.99itl4.00 13. 62
June...- ?? l4.(i.. .i - 13.6?
July... 13.40 14.20 13.3S 14.08 ?14.09 13.72
Sept.'.'.' 13.85 13.83 13.85 14.12?-- l'4.'?5
?.ct_ 13.?2 14.2.". 13.60 I4.14@14.15 13.98
Nov.... 13.9.', 13.93 13.93 14.20?-14.05
Contliern Spot Markets ? Galvcston i
.steady, unchanged at 13.60c; sab-i LSiJO i
bales. New Orleans quiet, un?'hangerl at:
13.60c; sales 1,1 il bales. Mobile nominal, j
un.-hanged at 13.25r; sales nil. Savannah
?lUlet, 50 points higher at 14.30c; nales 147 I
balea. Augusta quiet, 25 pointu lower at I
12*: pales 110 bale?-?. Memphis quiet, un
changed at 14e; sales 550 bai>-a. St. Louis
steady, unchanged at 14.50c; sales nil.
Houston steady, 40 points higher ai 12.90??; ]
sales, l,46ti bales. Little Rock quiet, un?
changed at 14?-; sales ISO bales. Dalla?!
steady, 50 points higher at 13.30c; sales |
2,303 hairs. Montgomery lrumina!, 70
points lower at Li.r.Oc; sales nil. Fort
Worth steady, to points higher at 13.30c;
salea DO bale?.
Cotton Stutlstl?s
Last Last
Testerday. Week. T?-ar.
Port receipts .. 22,262 25,094 44,453
Exports. ! ; ,?349 7T.24
!?7x)?orti? season.2,358,542 2,208.600 2.C9I 282
V Y stocks.... 25,030 22,038 62,740
Port stocks ....1,450,391 1,412,024 1,G08,26S
Int. receipts ... 21,134 21,6: t : 6,548
Int. shipments.. 17,757 14,510 ...?(',
N V arrival?. . . 1 77. 100 4,500
Liverpool cables?? Spot cotton dull ;, : 50
points decline; middling. 8.70d. Sales. 2,
U00, American 1,000. Import's 16,000, Amer?
ican, 13.000. Futures opened quiot at : ?? to
20 pointa decline, ?'los???.! steady at ~~ to
49 points declino. December 9.Old; Janu?
ary, 8.,.6,j; March, 9.13d; May, .?.:,:?!; Juyl,
9.49d; October, 9.57d. Manchester: Turn:;
pi.'^L'-id for .uui?\ Cloths buyers hold off.
Cottonseed Oil
'I'he market was fairly active, with tola',
... es .?f 12.400 barrels. Prices rallied on
i: rtrn er feeling in other ? ummodltics ami
al the close were I point net lower to 0
poii ts higher.
.. : ange of prices follows;
Tuesday's
Open. l?sh. Low. Clo ?c. close.
?Jan ..... 7.03 7.80 7.63 7.S5fff>7.91 ''""
1'. b . ? - -?-? ? - ?-.,'-?.? S 0 ? 7.90
I Mar . 8.23 8.4 ) S.23 >. :" i.? *. ' !
Apr . s.:?') 8.30 8.30 8.40 ?i S.40 8.35
May . 8.60 8.74 S.60 ? 72 ? ; S.7S ? ..
June ... ??? x.?O ?/ 9.00 S.I 5
July .... S.90 9.03 8.90 7 02 ? ? 0 ? - 9-3
Rair Sugar Is Firmly
?fold rit Higher Price
Current Tear
prie ?s. ai')?
P-ucrar. granulated, !b. .0700??.08 .09
? ? iff? ??. K! , No. .?'6j 13
Cofiee, Santos No. ... unqu t X? ... ?'.' 771 f>
Although demand for refn ed sugar
failed to show expected improvement,
holders of raws continued to ask prices
?lightly higher than the last paid.
Cubas were offered for ! l/?? c. and f.
Full duty sugars were available at 1! i
cents c. i. f?, it. was said. A better tone
in futures left final prices 10 to 15
pointa net higher.
['he :'.? nge ? : prl es follows
Tn-- la;
? ?pen. High. ' ow. ''. .-??. el?
Dec. ... 4.48 ""o 4.50 *
y b 4. ..) 4.05 ?I 50 I CO ti.i4.ii2 4. ti
7,1 ri*h. . 4.C , 4.70 4.63 4 ?:?' '<"? 4.?>S
???:....- 1.74?-,, 4.77 4.?
May. 4.7.7 4.75 4.,7. 4.S2f-i 4.X3 ?7:
Juno, ... - -? ----- | .;, t .<-. 4.80
July. 7? 00 5.03 3.00 7."7 ??? .. 0 ; 4.90
f ?ifl>?> Futures?Sales of Santos ' -?:???
reporte-i a* 7.70 cants American credit, the
:..wost point yet reached. Futures con- I
tlnued to sa^, vinal prices being 5 to 9 !
pointa net lower.
The rango of prices follows:
Tuesdav'n
Tuesday's |
Open. I?i?;h. T.Ott. Close, close. .
Jan.'.".'.'.- 5!69@5!70 5.74
I'?b. - 5.96@5.97 6.01;
March... 6.20 b.23 6.17 6.::??.:;? 6.38
April....- 6.41@6.4a 6.49
Ml-.-. 6.64 6.6'j 0.10 6.64 (ii 6.6;? 6.6'J ,
.Tur>. - >'..80@6.s3 C.86 !
Julv. 7.00 7.00 6.99 6.97(96.98 7.03 |
Auk. - 7.09@7.11 7.16 1
Sept. 7.27', 7.27. 7.20 7.22??7.23 7.20;
Noy'.'.'.'.'.' --_-;? ?? ?^7 7'.42@7'.43 '?AS j
Wheat Is Firmer
As Shorts Cover
In Light Trading
Tone Improves After Early
Decline and Prices Rally'
on Stronger Technical Po?
sition; Volume Is Small
The wheat market was firmer and
prices regained mo.st of the losses
which had been experienced on Monday
and Tuesday, closing with net gains for
the day of S'/sc. Early in the session
there was a decline of l1,-ic under sell?
ing owing to disappointment over the
fact that British buyers had not come
hi as expected and on deliveries of
230,000 bushels on December contracta
in Chicago.
From this level, however, the mar?
ket gained stcadilv and at the close
displayed a much firmer tone. The vol?
ume of business was not large, and it
was the opinion of some students of
conditions that the upturn had been
the result, of a firmer technical posi?
tion, which resulted in covering in a
market devoid of offers.
In the local cash market No. 2 re.-]
was quoted at $1.99 and No. 2 hard at
$2!.02, January shipment, c. i. f. track
Now York. j
The rango of prices follows:
Tuesday's
Open. High. Low. Close. Close.
December .. .164':? 170 lt?4% 163 V, IPS
March .lt>3 166% 161% 366'A 162%
May .157 161% 156% 161',4 157%
Corn Market Rallies
After Early Decline I
Tire corn market raillied from a
slight early decline, due to December
deliveries of 144,000 bushels at Chi- ?
cago, and at the close of the day !
showed net gains of l"?c to 2 cents.!
In the local cash market No. 2 yel- '
low was quoted at 98c, and No. 2 ',
mixed, 95c c. i. f. New York, ten days' i
.sh'pment.
Yesterday's Previous Tear
New York: close. close. afro.
No. 2 yellow...$0.98 f^.C-i7? $1.58% '
Chicago:
December.72 . T1 ' ? 1.31
May.75 .73 V* 1.29%
Oats?The oa,ts market was Inactive ?no
without special Individual feature, but
prices were firmer irr sympathy with the.
advance :!i wheat ami corn and on ruvcr- :
ing by December shorts, ?'?o?-lns with net '
gains of % to 1 '-:'?.
[n the lo^.il cash market No. 1 white
was quoted ;???. ?^ 1 to 61%c; No. 2 white, I
GO to i?0%c; No. : white, 69 to 59%c; No.
4 white, 57% (?? 2'?-; fancy clipped white,
63% to 64c; ordinary clipped white, 604 !
lo Olo; all elevator.
':'?-. ' rday'a Pre?rioua Tear
New York: close. close. ago.
No. 3 white...$0.47% $0.59 $0.96%
? ?iicago :
De 'ni.er. 47% .*<?', .82%
May. 49% .48% .76', ?
Rye?Mar'?ft strong.
l'esterday'a Previous T?ar
New York : close. close. ago.
No. 2 Wcstern.$1.84 $1.78',; $1.96%,
Flour and Meal?Quotations were:
yesterday's Previous Year
close. ?-lose, ago.
Spring pt..$8.75@9.50 $9.00?9.50 $14.23
Cornmeal. 2.25@2.60 2.22 :lt 2..".0 4.00
Rye. fc.;,0?8.59 S.50?8.80 S.50??.t?
Bran. 27.00 27.00 48.00? 49.00
Livestock, Meats, Provisions
Yesterday. Tear ?go.
Live beef, fair to
prime, 100 lbs.$10.00? 11.30 $13,00017.10
Dress e .1 beef,
sides, lb.16? .31 .16? .26 1
LI v : veals, com -
: ion to prime,
100 lbs. 14.00?21.00 18.00325.00
Drtsi e ?1 veal,
? Ity, lb.CO? .30 .25? .32
Live ewes, 100
lbs. 3.50? 5.59 7.00^)10.50.
I ire sod mutton,
lb.OS? .IS .12? At
Live ! imbs, fail
' - prim. ,100 _
' . I2.00@14.00 13.75@20.00
Drei.-ed lamb?,
. Ity, lb.20? .'jo .25? .2.1
Hogs, 100 lbs... 11.50? rj.00'-"14.:0?14.75
j.?. ?'? i hog s,
bacon, lb.16%? .17 ,20%? .21
Pork, ?'b!. 29.00@30.00* 47.00?47.50
Mess beef, bbl.. 16.00018.00 21.00@22.00
Lar i. M I d d 1 0
W~e?t, 100 lbs. 12.407; 1.2.20 23.70@23.80
Coffee Exchange to Close
The Coffee and yugar Kxchsnge here ;
will close at noon on Friday, it was
ar nounccd yesterday.
Miscellaneous Markets
Public Utility Securities
Becuritv. BM. Aulted.
.? liroiulac . Voy er S,-. Lt. 10 12
Am? ri 'an Light f Ti action". ......
do pf .
A. frican Gas & LI??-. 92
do pf . ? 4%
Ai..-i . an P. ? ' " t Light. ?o *G
do pf . 5S 61
American I'ub c I"', lies.
do pf.IS 22
American Water Works. 2 4
do 1st p*. 25 40
?lo particlpati i pf. 4 .'
Carolina P II .?2 '. 29 31
Central : . ?? Rlec. 5 8
do pt . 42 < ,
Cities Servie?.2 ?? 240
do pf. ?-2 671?,.;,
do ban te :?.--.. 29% 29"fc
do ',', (I b - : ' ? ?"'. 85 90
? . 7 ?|. b ?? r I >. -?'?
do re? il .
C : rado Power. o 12
do pf . ?2, ? :
Coin monwea I? Il P It &. I.
do pt . J 21
Rio. Irlo Pond *? Share pf.1 81
Rmplro I r-' Kl? c pf. GO 70
on pir? GSeV "?' * . ol 6?, '26 .90 "J
do >>'- conv ???? '. ? 7 ? . . .
dn S<"c pi stock. - '? .
Ke?l<rwl Ligl I ?. Traction. ... -7 ?
? I a s ?.- L i e '
northern Htiili a Power.h 4?
do pf . 74 ',*
I'.epubllc Ry Se Lt Co. 4 ?
do i I . IT? 1"
.Southern ChI Bdison . 85 <8
do pt . 93 97
Stnmlard Gas S fijlec. 9% 12
do pf . 30 33
Tonn lly Lt i Power . % :t
do vif . i % 4
United Lt ?!fc Itys . 17 "ft
do lm i>f . 4 7 :. ?
VVestei n Power . IS 2':
?2. new pi . 6S 61
Miseellaneovs Stocks
Bid Asked- Bid Asked
?Am Lthr ? 20 Pr.?n-r C.123% 126%
?do pf. . "0 tO l> I. ,'.- W. 2 0
Am Mfg..l41 150 Int. Sil pf. M "2
do pr. . I:i *7 :.!.- ?a L pf S2 95
AmM&FlSO 160 nu Cskt...l00 no
Am Td pf I :?',, ?:< .1 /. w. 127 130
Am Typ K 38 42 N Co M pf. '.'0
A I.? T NJ 22 35 Phelpe D.160 lftO
AttasPwO 71 7f. V Se VV pf. '.'0 95
U B f.- S!p. 8?) Do ?'..v Bieg P105 1 15
?1?. 2.1 pf. 67. - , do Pf... 70 M
nor Cl M, 84 87 -' ?' 1. I i . 60 ? 2
!'uiih T pf 67 .2 ?SuMfnow '"' 9 3
Celluloid...130 Mu StLKyM&P 3."> 42
Child? Co, 77 cO Btoll 8 pf. 94 98
do pf... 8'? '0 S D W pf. 92
?City luv? 57 ?0 Valvol pf.. 02 9?
< rk W pf.- - 20 W tr B. .. 92 91
?P.x. dividend Vale <fc T.275 28i
Sugar Stocks
Bid A?k.d' Bid A?ked
i'ir Sag . 40 46 Grt W pf.lLi 1 I r.
Cent Bug.. -- 10 Mul-Am.. 2ft 25
do pf... ? 4ft ' ?do pf... 76 102 j
Ci Agulrr'-. 48 53 Mohg .... 7 S
KJril.i new *'J ".> 'National 113 II? I
God'-h'i S ? 27 NI Niqueo.260 2'0
Uit We?t.390 210 Savannah.. 27
?Ex dividen.). O.? pt.'... 4j 52
Insurance ('nntp?nles
BI 1 A/IKe. | Bid /. ?
Am Aline? ,870 290 Groat A.-n ,,888 247?
?'ity of N Y.i'O 210 Hanovpr ... IS
noi.iwlth ..-??' :.. || ?? ,.. .610 i .?;.
1 'ontntl ..." i- -, > ..? Liberty 170 i!
' Id - Plioi ' ? : ?: ? :... ..';-.
Kru.:,Aliii ... so BtilStuyveaant.. I? 71
<:i.,?.? / v 1000
New York Bank Stocks
Bid Ai',"* Bid Asked
/, .-? a ...195 205,Gotham ....t^n 7:1*0
Atlantic ...215 ? Tireonwich .223
A- Each. .. .240 250 lianov? r . . .'?-" 8O0
Batter:.170 180 Ha: riman . . 50 7,60
H??-,. . . . .425 450'Inip ,'-'? Trds 495 ?- : 0
Bw-a ? '? 'en . .150 ' ?0 Indstrl . ...?-. 195
Br; ant PU .150 : ?0 I:-? ? ;,? Xal .:?'?:. 205
!( ? . ".*? . . 1 ' . 205 Liberty ... < n
i;i', b g. 1 ? . K Mnhtl Co?.. ?95 05
????.. Mrcnl .. : :? ?? 2(i5,M h ,< ". ? . ? ' 00
? ??,? ??e.290 IP Mtrp '..40 250
? liai ? i'l:..' ? Mutual . . ' ?
1 \:< lyea Ex. 140 I ;'.?? 7\ al *.?.:. .150
erce. , 203 7 10,New r. ? hrld 160 170
(tity . . : . .. M15 N Y County.125
Coal X Iron 1'20 I ?' N V *'* B A..4U0
Colonial . . .77,ii - Pacific .270
C . m bia . .150 160 Park , ... ?410 4:;o
? 7 n with .... 220 I'ublic . . . .74., 777,
Corn F?, ii..7.0 ;:^0 -l'alioa ?1 . 600 ?62
? '?? pit n ...110 'i Second .4'... '70
('?.iba.140 160 State . 200 210
77?s River. 170 - J I Ward. . 200
?.? ? ?..,, ? -?,?, - ,: .' -?.,?.? 60 '
Fifth Ave .900 920 Union *-'.-.... 'SO : ; 1
f- .reign 1U 40jWshg Ills : 77
Ciai Held . . .277 Toi kville . .375
,-*(ool and Ordnance Stocks
Bid Asked Bid AsUed
? \n Hr.is 160 1 6 ? 77,,-' Steel - 60
Ml.???-? i'v ..1 15 122 (Km Si?. I. 40
Hab f, \s . i"': i" ? ?lo 1st pf '.8 ? :
Curb Steel - 40 ?]!? re I'v ' - 1
do 1st pf 8 0 90 do pf .. SO 91
do 2.1 pf - 16 Seov Mfg. "00 325
foil \ . . . .**?*. 12 Thom Iron 35
[m l'i i:' 145 '. "> V'n i 'or . 300 4'.'0
do pi... 76 ,j Woodward 4u .0
?E> dividend
Trust and Surety Companies
Bid Asked, Bid Asked
Aiilanee . . . 75 us Lincoln Tr..155 165
.?. 11 Sui. 6 . 70 Mnfct urn . ..195 ;:0i
B.-ii kern : 5 7 '. Mrcnt I .29? 310
Hi ?- MtgliiO 200'Mtropltn ...240 250
1 T Co47.1 43 Mir Bol I .. 70 80
? '? ? ? Cul?n ' ' M u '" "?" . .105 ^ :.?
? .lui M;.. . . :.yn : iO.Nl 11 ??? ? . I , ? ?S5
. mr.-l . . 145 .'??' V '. K ' T 4! . 5 30
i- table ..77'. 2S0 I' ?, /. T. . ?.., 270
7 ? r. T. . . 00 N V Til le. . .110 1 20
l*ri r? L & T32.-J '?''?? N Y Trust. .u'.O 60C
Fulton .270 ! eoples . ... 275 290
Fidelity ....200 210Realty Asso.lOO 110
1 . 1.. -;.;.! .? .. . 285 29? l'n Si Ues . . 790 81i
Hamilton. . -ut S M .t T.i 90 400
Iluduon T...185 1 ,0 V S T Ouar. 75 87
KIii?s Co...630 6601V. tchstr ...140
Ln ???? M1 e ? ? . 110 115 w & 1 : .<?-. M. :.",? 0 : ?? <
Lawyers T. 113 1231
Chemical Stocks
Bi'l Anke.? J*;,i A.-,.??
Am Cyan. 28 33 H? .1? Lie? . . ?o
do pt.. . - - 55 rio pf.'? 65
By-Prod.. 85 90 K y Sulvuy 97,
C.tiiein Co. 35 45 Merrl ..?.?. ,. S0
Dow Ch . . ? 241 M..? ? o pr SO
I"i i'oni . - 9 Mulfd Co. 45 60
Uraselll ..125 l;is Bemet G..125 14?
do pf... 95 sa [Solv l'nc.180 -?
Tobacco Slocks
O W irmol45 155 ,P l'.-T T.. 85 9G
do pf... 83 ? .:. W? n y H. . 160 !.. 7
J S Y..11?K! G l<2 1 do pf... sa ;?2
do pf... 90 96 Univ 1. .7.1 10
Mac4Al\.. 98 105 \
Bonds
Bid AeUci
Appalachian 1st r.?. ?;., 68
Cincinnati <;?.. & !?;ier is. 1916. ?2 l?
Col Una ?- Else 5b, 1921. 79 81
Kl Paao IQleo col 6a. 79 II
Dallas Elec 6a. 1923. 99% ?
<5o 7?. 1971 . 59 10?
Orea! W-hlern Power l?t Su... 7 i '?i 7?
Ml Iw fti.ii!.., im. La. ?., '.0
Ml ?.m ?i il iti?. . 1 ;? . .? ? [?t t 7 ?
N01 tb Ont I.t * l'-.vi '. ? . > ? h:i
' , ? ? h. ??,'?:?.... ? i'??r fi? ; ?. ?., .
Standard Oil Companies
Bid. Asked.
Anglo-American Oil Co, Ltd.. 16% 17%
Atlantl? Refining Co. POO 950
.... pf . 103 106
L-..:-;-"-.1- rvi ? .- . "i. 220 410
Burl e?o Pipe Line . ,(> S3
? ' brou ft? Mfg Co con3. 170 190
do pf .?? ?7 1*0
r mtlnental Oil Co . 1" . 107
. ??????.- I'lpi Li nt Co. '.'?? 24
run be and Pip? Line Co. 120 1 9
' Kur ?< , Pipe Lino ?'o. 7? ?3
?... ?>:.., lignai Oil Co pf new. 95 100
do 1? old. 2., 100
. 39 4 :
I .!?>:' Line Co. 12 2 120
Ii liana Pipe Line Co. 81 82
Internad Petroleum Co, Ltd.. 15% 16%
National Transll Co. 22 24
v ?.-. York : - ins ? Co. 120 !*o
S'urther.-i I'll e Lino Co. 90
i Ihlo i ?il Co. 265 270
P ? : '?;?'. ! nei Co. -; ? "6
Prairli Oil .'? '7a:? ?'.?. 440 4-0
I ? ? Pipe Line Co. 173 178
,<olar If-tlnlii? Co. 250 270
South i Pipf I. .n-" Co. 28 100
nl !'?.I Co. 247? 22:,
lUth? ? Pen na Pipe Lines. ,27 60
Standard ' "I Co. of Cal . 222 237
do of ' ' (I ana, $22 par. . . . (j.j 88
???j of Kansas. 540 580
rio of Kenlui .; . . . 400 420
do of N'cbi iska .90 4in
do of N ??? .1. ra. y, J23 par. . 17-0 1. 5
do of New .Tersey pf. 103% lot
do of V .\\ York. : 25 230
do of i ?hlo . ?; ', 400
?lo of ? >hlo pf. 102 195
Sv .i S ! 'inch ?'??. 29 io
i 'rrl m Ta nli Car < '??. 29 102
lo pi. -' . 96
\ : II ?I ! Oil ' '--.. ' -') 2S5
Washington Oil Co. 20 25
Miscellaneous OH Campante*
n ?? Loboa ?.?.1 Co . 29
do i ,. 70 90
|V ?don ? Co .', 5%
Kilt Basin Cons Pet Co. 7% 7%
i ipi rial Oil. Ltd . 92 96
Ma? nolla P? rolemn ? -,. -,,.. 175
M'-rritt Oil ' orporal Ion. 10% 10%'
Midwest l?eiinlng "'o. 13t? 138
M..uni.?lu Producers. s 7? 9<?
Northwest Oil ?'o. 20 22
Producers" .<? R?-f. Corp. com. 1% 4%
Salt t'ri.-ok Producers, now.... 9% 0 ?'., ,
S m iilpa ReMnlng ? '?'? . 4 , 4%
Western States Oil Se L Co. .. . % >(,
.New York City Bonds
Form, Raf, Maturity. Bid. Ask. Yield, i
Int? : hang ?l.i. I'-jS, 1967 31 92 4 94 ?
?J ' ' -? 12'' . 91 92 4!<4 ?
- ?' .:. 12'2:. ;?i ???.? i.ng
4 r?7
4 99
do 4 ',.-., 1961. s?;
do 4 '. ;., 1962. SU 87 5.00
do 4%s, 1960. 86 8 7 5.01
do 4 ??,:<. 1960 op. 1030. . 86 7 . .01
do 4m, 1359. sj S3 5.00
do 4b, 1951. ??2 8J 5.on
do 4e, 1'.2.. 92 S:i 5.01
Registered 4". 1955-1906.. ? 1 % 83 . 03
.1.? 4s, 133?. 86',-i 89 5.03
Interchangeable 3%s, 1954 74 7S 4 7.?
' ?oilpon .y-?i, 1 95 I. 7 ( 76 4.98
R? g 3%a, 1950 1954 inc. . 74 7'?. 4.98
do 3%?, 1940-1050 Inc.. 5.25 5.05
R.'K Sr coup (serial 1 4 ?s,
1921-1930 Ino. 6.00 3.25 -
?i.? 4%S, 1921-1932 Inc.. 6.00 5.25 -?
do 4 V. 1921-1231 Inc.. B.00 G.26 -
New York Scate Bonds
I isued In coupon ana regmtered form,
not interchangeable. Coupon bond? regie
1 ?lab!? .
Form, Rate Maturity. Bid. Aalt, field.
?and acorued interest.
Please oend ma five more copies of
?Common Sense in Investing Money?. I
want some of ny friends to read this
booklet. It prooably will save a lot,
of people from loss in Bad securities
or second-rate stuff."
What One Experienced
Investor Says:
THE above extract from a letter of one of our old customers
speaks for itself. This investor, who has had long experience
in placing money in all kinds of securities, says that this ?little
'Common sense" booklet has been of great value to him. "It is so
simple that anyone can comprehend it, and so true and authorita?
tive that few could disagree with it," he writes. "It will be a tre?
mendous help to every inexperienced investor, and at the same time
a banker will profit by reading it.''
You and'everyone else interested in safe investment?not specula?
tion?should read "Common Sense in Investing Money." It will be
sent by return mail, without charge or obligation, on receipt of a
letter or post card. Write for it today, and specify
BOOKLET B-493
S.WSTRAUS ? GO.
ESTABLISHED J88'i
INCORPORA TEI>
150 BROADWAY, NEW YORK
Telephone Cortlandi 8064
CHICAGO
DETROIT
BUFFALO
CLEVELAND
BOSTON
WASHINGTON
PHILADELPHIA ?SAN FRANCISCO
INDIANAPOLIS MILWAUKEE
PITTSBURGH .MINNEAPOLIS
Thirty-eight years without loss to any investor
r
A Bank That Has
Held To Its Course
With the confidence and vi?
sion of American pioneers?
the founders of The National
Park Bank, sixty-four years
ago,-established its policy as a
mercantile bank along lines
so definite that no change of
attitude has been required in
order to serve satisfactorily
present day business in a nor?
mal and practical manner.
We continue today as a
merchants' bank, our facilities
having been strengthened and
enlarged to meet the more
diversified requirements of
modern commercial enterprise.
#
214 Bpsaduitf
THE
NATIONAL PARK.
OP NEW "XORK,
Resources over $275,(XX),0?3O
Highway imp 4?,?<jH, loti ' .100 102 , 4. 7
'?anal Imp 4 ?;?-?. 1 965. 95,j 9S *? : ?
Highway Imp 4"?,r, 196."?. '.'.??? ? "?? 4.27
;(.i.:'k?? Can Tor 4Us, 1945. "' '?j '? - * ?
Highway Imp 4-, 196'. e'' ?'??* *?4V
Canal Imp 4s, 1967. - n 92 4.4 t
Hif/h Imp 4p, !960-'62 Inc. -?' ? 4.4.:
?Jo 4?. 1958. sn ??.: . 4.4*
Canal Imp 4s, 1960-'?2 Inc. 89 :? : 4 v.
Palisades r s Par : '? > 1961 50 92 4.42
Barge Can Tcr 1??, 1942 '?16 59
Federal and Joint Stock land Bank
Bo;*d?
Llfl. Ask. Tleld.
? - 1er,: Farm Loan 6s,
1038 ! 92;l . "3 94 ? 1
Federal Farm L ?an 4 S?
ion:' 1924 . SJ'.j S? 5.64
Federal Farm Loan 4'-!-,
193S-192.-? . 85?.?i S7 5.? 5
Federal Farm Loan 4'js,
1937-1922 . S7. ?-, R7 5.?'S
Joint Stock Land Bank Es,
1939-1924 . S2 :? . 6.10
Joint !-:t'....-k; Land Bank t.3,
192S-1923 . S2 - ? I
Short Term Securities
?Security. Hate, Due. Bid. As'k. Yield.
Amor Cotton Oil 6s. 1924. 82 86 10 ? n
Am Chicle 6m, 1921-'22... 94"ii 9F ??, 7.50
do Cs, 1923-'25. 90 95 7.75
da 6?, 1D26--27. 87H '.' 1 ri 7.55
Am Tel & Tel <7a, 1922... 93'.? 91 9.50
do 6s. 1921. 91 91"4 9.20
Ame.-l? an Thn ad 6s, 192S 92 94?,i 6 90
Am Tobacco ?'s, 197!. 99?' 100 7.O0
?Jo 7. , 1922. 99'i 100 7.0C
?I . . ., 1923. 99',i 100 7.0C
Anaconda Copper >??, 1'29 51 - J 9.1C
do 7 I, 1923. ,S7'? SS'i 9.11
An-An. OH Ltd 7*.iM, '.;. :?-m 99-.?j 7 ??'
Armour conv 7??, l'j.'.?. . . 9-1'.. 95 7.7.
Bethlehem Steel 7h, 1922. 9C?Vj 9 , \ 9.0(
do 7s, 1923. 94 U 54*-' 9.4(
Canadian Pac Uy On, 1924. 91*? !>_?.. v...?
Ccn Argentine Ity 6?. 1927 7j 7?; 11.7?
C It I ?. Fa.- Uy 6s, 1922. 9 '?j 95 Vi 10,S(
Columbia, tiraph 8s, 1925. b., 89 11.Oi
Cudahy Pack 7a, 1922.... ?.( i? ;, "? j 9.0
F?"i?*r:.l Bug Ref ?7s, 1324. 89 9.1 8.0.
H F Cloodrich conv 7s, '25 79U 50*4 12.9
QUlf ? ?H 6s, 1921. !?T US 7.7!?
?l?j 6h. 1922. 04 i.j ;. , ?..?,
do ?:?a. 1923. :?? :.., ?.j s 0?
Ilookliig Val H H 6a. 1924. Ml "i 91-V? 8.9
Intcrboro li. T con 7:?, '21 ?;., ?,.; -
Kan City Ter Uy ?is, 1923. 9?) :? : s.7
ICcnnecott Cop 7a. 192?J.. *? ?; *-a B7H
Lac G L 1st ?f.- r??f 7s. "j',) 82 8 ? ?i-j 9.6
Liggett A M Tob Gs, 1921 97 9. '? - .
Philadelphia Cm, 1922 .... 92 93 13.7
Pennsylvania 4 '?ja. 192L. 9SU 98->"
Procter it i;?inli! 7s. 1921 D9"? 100 > Il S
?!o la, F.I22. 99 Vi 100 7.0
do If. 1 923. 99 '? '. 00 7.0
P S of S .1 <-onv 7.??. 197- >;., .7 -
R .1 Reynolds T..I. 6s, 1922 '.?>i ?,?.,\ 8.4
Scars-Roebuck 7.-., 1921.. '??;-?, ?,., :? .?
'? ? 7?... i'?2 2. , , IH I?, 10..'I
do 7 p. 19 23. 931.4 !>:i\ 9. ?
Sinclair Cons 7 ????n, 197.... 8?>'y st? 11.B
SAVINGS AND LOAN
SAVINGS AND LOAN
i ???
JL
For Home-Building and Savings.
Fifteen Park Row (ground floor), New York
announces its 64th semi-annual cash dividend
ni ilic usual yearly rate of 4Vjrr on savings
share accounts of ? IU tu $.">??0 and 5fo on
ail instalment and income .share accounts.
The Franklin Society
years old, State
supervised, prudently managed, is serving
many thousands. Let it serve you. Informa?
tion on request. Savings bv mail.
OPEN EVERY EVENING TO 7 TILL JAN. 10.
? ' HENNESSV, Pr?s, GILBERT LLOYD, Scc'y.
4M AND 5 PER CENT
Southern Rv 6s, 1922. 22 92'-, 11.60
T? : 7s. 1925 . . 90 '.'- 9.20
SI mdai I ' ? ' i.? "hI i. 1931. 99% 10?> 7 00
do (.N ', . 7 - '.'._"???;.. I 00 100% 6.90
St P 17 ! i uar .. ' -.1 923... 93% 95 8.26
Swift <<2 Co 6s. 1921.. ..
do "3, 1922.
Ti ?tas Co 73, 1223. . .
Utah Securities 6?. 1922
West Lieu conv ".!, '.',
78
97 V?
?:-?-; e.'-o
94 \ 8 40
97% 8 ?0
81-?
97"? 76?
Transactions in Listed Stocks
High. Low. Div.
1320. 1920. Rate.
.2 ? r"o pf B. 300
71 ? ? Weber & Heilbroner. 700
46*4 ? Wells Fargo Exp... 200
Su? Western Maryland... 2700
11 ? do 2d pf. 1400
20" a ? Western Pacific .... 900
64|'2 6 do pf . 100
82 ? 8 7 Western Pn Tele... 200
39'4 / WcMinghouse Air B 200
-10 4 We.siinKhoub- Mfjr... 3000
14?/a ? \M,i:e Oil . 8600
34R 5 Wilson Co. 16C0
84 ? Wheeling & Eake E 19C0
15 ? do pf . 600
30'j 4 While Motor? . 700
5! h ? Willys Overland .... 12100
26 ? do pf . 700
1^0 8 Woolworth . 2C0 107?.
103 7 do pf . . .. 200 102
?^5 6 Worthlnjrten l? & M. 400 40?
73 7 do pf A. . 100 73
W ? ?2- rin pf It 100 55?
? Continued from psoe tw?lve)
'Net
Sales. Open. High. how. Cloie. rhce. Bid. A'?.

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New-York tribune. [volume], December 30, 1920, Page 14, Image 14
About New-York tribune. [volume] (New York [N.Y.]) 1866-1924