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New-York tribune. [volume] (New York [N.Y.]) 1866-1924, June 18, 1921, Image 10

Image and text provided by Library of Congress, Washington, DC

Persistent link: https://chroniclingamerica.loc.gov/lccn/sn83030214/1921-06-18/ed-1/seq-10/

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Stock Prices
Again Drop to
New Low Level
Irregular Recovery in the
Final Hour Fails to Pre?
vent Net Decline in In
dustrials; Selling Heavy
Professlonal epeculators, in quest of
large gains, yesterday continued their
rieorous slaraming tactics against
groups of industrial securities, and
despite an irregular recovery in the
laat hour the average price of thirty
typical industrial stocks at tho close
was the lowest thus far in 1921.
The dynamic character of the fluctu
ptions suggested intensified shc%t sell?
ing and with attention concentrated on
weakness in some groups, short sellers
took advantage of an opportunity to
cover other commitments. Tho cover
?ng movemtnt, facilitated by specula
dve buying for the rise by so-called
hargain hunters, who manifest them?
selves habitually after a austained
downward reaction, carried prices
above the low levels for the day to?
ward the close, after Steel common
once more had sunk lower in market
value than it has been at any tirae
since the war boom started in 1915.
The r.ew -"bjective of the seekers after
lewer security pricee was the equip?
ment stocks, and Baldwin was the
prime target.
In the substantial breaks this week
ehort selling has not been the single
cause. There has been unquestionably
liquidation, too, but not of the excited,
distressed, broad character of the pan
icky days of last December. The
liquidation has been largely by specu
lative groups who had acquired stocks
earlier in the year in the expectatiqn
of a continued recovery.
The rails moved slightly lower, too,
and those desiring lower prices were
aided by the announcement of further
deferment of dividend action by the
directors of the Chesapeak & Ohio.
The market was unhindered by un
availability of credit. Call funds were
again lent at 5% per cen* all through
the day at the Stock Exchange and as
low as 4 per cent outside. In the in?
ternational money market, sterling was
again nrmer, and the continental ex
changes moved slightly higher, too.
Despite this, cotton quotations
dropped to the lowest level of the
year, because of heavy selling attrib
uted to crop news from the South and
to reports that the miners* strike in
Great Britain would continue. Fears
that hot weather would hurt the wheat
quotations led to firmness in this
market!
Money and Credit
Call money loaned at 5*^ per cent
on the Stock Exchange, but rates were
again easier on the outside market.
Yester- Year
day. ago.
On industrial collat?
eral . ?^ ?
On mixed collateral. 5% 5%
Time money (mixed
collateral): .,>-.
Sixty davs. 6%@7 5%??
Ninety days . 6"*4@7 5%@6
Four months . 6%@7 5%@6
Four to six months. 6%@7 5%@6
Bank Clearings ? Bank clearings at
New York vesterdav were: Kxehanges,
$637,263,000; balances, $78,550,000.
Silver?London, 34%d; New York,
domestic, bar, 99-4c; foreign, 58fac;
Mexican dollars, 44%c.
-, m
The Dollar in Foreign Exchange
Foreign exchange rates on princi?
pal centers of Europe were generally
higher yesterday at the close, although
early in the day there was an easier
trend. Sterling cables showed a net
gain of 1% cents at $3.79^.
French and Beigian rates advanced,
the latter crossing 8 cents. Scandi
navian and other "neutral" exchanges
also were higher, but there was a re?
action in rates on Portugal, cable rates
dropping from 14 to 13% cents.
Exchange on South America was
firm, but rates on Japan and India
eased fractionally.
F.T/ROPK
GREAT BRITAIN' (par $4.86 a soverelen)
Yester- Previous Year
fiay. -day. ajrn.
Demand. *l.7R'i', 3.76-% 3.97%
Cables. 3.79% 3.77 % 3.98
?0-(l bills (buy'B) 3.7.1% 3.72% 3.92
9?-?l bills (buy'K) 3.72 3.70 3.98%
FRANCE (par 19.3 rents a franc)
Demand. 8.18% 8,os% 7.88
Cablea. 8.19 8.09 7.87
BEHiOIUM (par 19.8 rents a franc)
Demand. 8.02',-, 7.90% 8.26
Tables. 8.03 7.91 7.61
SWITZEH1.AND (par 19.3 cents a franc)
Demand.lfi.94 16.93 18.13
Cables.16.96 16.95 18.49
1T.M.Y (par 19.3 cents a lira)
Demand. 6.04% 6.04 5.87
Cables. 5.05 6.04% 6.87
HOLLAND (par 40.2 cents a florln)
Demand.33.21 33.13 36.12*$
Cables.33.23 33.15 S6.25
GERMANY (par 23.8 cents a mark)
Demand. 1.46 1.44 % 2.59
Cables. 1.46 U 1.44"; 2.C1
AUSTRIA (par 20.3 cents a crown)
Demand.21 .21 .73
Cables.21'A .21% .74
NORWAT (par 26.5 cents a crown)
Demand.14.45 14.30 17.35
Cables.14.60 14.33 17.50
BWBDEN (par 26.8 cents a crown)
Demand.22.40 22.33 2175
Cables.22.43 22.38 21.90
DENMARK (par 26.8 cents a crown)
Demand.17,10 17.07 1675
CableB.17.15 17.12 16.90
BPAIN* (par 19.3 cents a peseta)
Demand.13.25 13.15 1653
Cables.13.26 13.16 16.58
PORTUOAIi (par 108 05 cents an eacudo)
Demand.....-13.00 13.75 35.30
? Cables.13.25 14.00 35.55
OREKCE (par 19.3 cents a drachma)
Demand. 8.27 6.22 12 "0
Cables. 6.33 6.27 12]25
POI.AND (par 23.8 cmts a mark)
Demand.08 .08 -*s
_ Cables.08% .08% .60
CZECHO-8LOVAKIA (par 20.3 cents a
crown)
Demand. 1.43 1.40 2.40
Cables. 1.43 1.41 2.45
JU.O-SI.AVIA (par 20.3 cents a crown)
Demand.69%* .69 l i?
Cables.70 .09% 120
RUMANIA (par 19.3 cents a. leu)
Demand. 1.58 1.54 2 45
Cables. 3.59 1B5 2.50
FINLAND (par 19.3 cents a mark)
J?*,Pvand. 160 1.57 4.94
Cables. 1.65 i,63 4.99
FAR KAST
CHINA (Shanghai par -ansettW)
Demand.66.50 66.50 99 00
#*5mSa .6700 *~-on 93-50
i. A (HonS KonK par uiiKettled)
J-Pmand.49.25 .49.25 74.00
Cables.49.60 49.50 7110
JAPAN* (par 49.8 cents a yen)
Demand-....47.75 4?.oo ki 25
Cables.48.00 4S.25 61 55
INDIA (par 48.65 cents a rupee)
Demand.25.60 24 62% 39 00
Cables.25.75 24.81% 39^75
STS.VITS SKTTLKME.N'TS (par 56.S cents
a dollar)
Demand.46.25 4* 00 46 50
Cables.:.46.50 4(5.25 4-i,75
THE AMKRICAH
ARCENTINA '.par 42.44 cents a paper
Pt'HO)
Demand...."rO.TS 3ft.fi;!>" 42!"'-.
Cables..30.87 S0.76 * 42 2:. "
BRAZ1L. (par 32.4!, i.-nts a paper mllrelej
Demand....12.00 12.00 J5.00
C*biea^^..Jl^,i2.li'3 12.12'a 36.13 ?4
Transactions Yesterd
Summary of Stock Exchange Dealings
(CopyrlRht, 1921, Now York Tribuiio tno.)
STOCKS
Yesterday.
Tailroad stocks . 139.600
Other Mocka. . 634,200
A!) stocks .i_ 773,800
Yesterday.
V. S. povernment bond.*. $6,281,000
Railroad bonds . 1,599,000
Other boneU. 2,339,000
All bonda . 10,219,000
Day
before.
115.600
742,300
857,900
BONDS
Day before
$4,827,000
2.101.0CO
1,556,000
8,484,000
Year
ago.
90,700
412,900
503.600
1921
17,999
66,515
84,514
Year ago.
$8,021,000
1.864.000
2,211,000
12,096,000
January 1 to dat<
1920.
,100 30,839,700
400 90,114,500
,500 120,974,200
January 1
1921.
$915,324,000 $1,
220,666,000
284,581,000
1,420,571,000 1,
High.
1921.
46
19=!i
52
39%
1'/2
1%
68 Va
39%
83
65%
51
65%
53
32%
129%
23! z
8I/4
E7%
59'/j
53 ',4
62%
91%
10
14
443.4
83
3134
963,4
107J4
88
91
108%
%
12934
12734
54
821/4
30J/a
43 Yz
3'/2
107'/a
84'/2
79%
7'/2
89 Vz
9
76
44/2
841/4
42%
54
35
65
107'/2
14%
10
83
5
6
20/2
19%
64%
49%
7/2
53
119/4
10'/4
43/4
96
32/2
86
65/2
6/2
20%
31
46%
71
70%
34%
73
67/2
90
1234
27/4
31/2
39!4
1234
62/4
63
42%
91%
21%
66
5
76/2
44%
107/a
33'/i
26
67%
44
103%
2%
434
2134
4/2
69/4
1514
22%
83 Yz
90
19%
20%
m
78^4
117%
63 Yz
138%
1614
82
44%
89
*5
15
79%
32%
25/2
16%
48%
60%
25%
61
86
- 16%
93
7/a
57
37%
5%
16
'00%
110
17/4
633/4
42
7334
17%
36
4%
11%
25%
28%
62
54%
8C
Low. Div.
1921. in$. Sale*.
26'. 2 ? A.Ums Exproas . 700
12% ~ Advance Rumely . , . 500
41 6 do of . 100
25%? Ajax Rubber . 1900
Vz ? Ala-ska Gold Minea .. 200
1 ? Alaska Juneau . 2100
37!4 4 Allied Chemical ... 400
29% 4 Allis-Chalmcrs . 2400
703^ 7 do pf . 200
351.4 ? Amer Agr Chem . .. 300
26% ? Amer Beet Sugar .. 700
34/4 ? Amer Bosch Mag ... 1600
42 4 Amer Dr Sh & Fdy. 100
25 ? American Can . 900
115% 12 Amer Car & Fdy .. 5900 1
17% ? Amer Cotton Oil ... 200
4% ? Amer Drug Synd . . . 700
40% ? Am Hide & Leath pf 1200
42 4 Amer Ice Secur .... 200
34% ? Amer Inter Corp .. 6200
21 ? Amer Linseed ..... 600
74 6 Amer Locomotive . . 8600
434 ? Amer Safety Razor.. 700
634 ? Amer Ship & Com.. 4700
34% ? Amer Smclting _ 2500
6S% 7 do pf . 200
25 3 Amer Steel Fdy . 2400
6534 7 American Sugar .... 14600
85% 7 do pf . 200
46 8 Amer Sumatra Tob.. 16900
75% 7 do pf . 200
9534 9 Amer Tel & Tel..... 2100 '
% ? do rights . 8600
112% 12 American Tobacco . . 3400 1
110 12 do B . 600 "
50% 5 Amer Tel & Cable.. 100
57 7 American Woolen ... ?9600
28 ? Amer Writ Paper pf 600
33% ? Anaconda . 2600
1% ? Assets Realization . . 500
94 6 Associated Oil . 200
77% 6 Atch, Top & San Fe. 1700
75% 5 do pf. 200
2% ? Atlanta, Birm & At. 200
77 7 Atlantic Coast Line. 200
5 ? Atlantic Fruit . 200
18 10 Atlantic, Gulf & W I 24900
15% ? do pf . 1200
66% 7 Baldwin Locomotive.. 29600
30% ? Baltimore & Chio. . . 3700
47 4 do pf . 700
15% 2% Barnsdall B. 500
47/4 5 Beth Steel Class B.. 11100
97 8 do 8% fcf. 700
9% ? Bklyn Rapid Transit 200
6 ? do ctfs . 700
81% 10 Burns Bros _... 300
3% ? Brunswick. 200
4/8 ? Butte Copper & Zinc 700
14% ? Butterick Co . 200
10 ? Caddo Oil . 3900
54 6 California Packing . 500
25 ? California Petrol .. 500
4% ? Calla Lead & Zinc .. 200
41% 2 Calumet & Arizona. 200 *
108% 10 Canadian Paciiic .. 3700 '
41/4 ? Case Plow . 300
31%? Central Leather ... 12700
68% ? do pf . 2400
23 ? Cerro dc Pasco . 200
58% 6 Chandler Motors . .. 2500
50% ? Chesapeake & Ohio. . 8100
% ? Chic & East 111 ctfs. 100
1534 ? Chic Gt West pf ... 300
23 ? Chic, Mil & St P... 2100
36 ? do pf . 1600
60% 5 Chic & Northwn ... 300
55 8 Chic Pneu Tool _ 200
22% ? Chic, Rk Isl & Pac. 8700
68% 7 do 7% pf . 600
563/4 6 do 6% pf ?. 700
72 7 Chic, St P, M & O pf 100
' 9 ? Chile Copper ..._ 1400
19% ? Chino Consol Copper 600
19 ? Coca-Cola . 1400
27% ? Colorado & Southern j. 700
5 ? Columbia Graph .... 5600
25% ? do pf . 200
52% 6 Columbia Gas & Elec 600
30% 4 Comp Tah Record... 1600
77% 7 Consoliduted Gas . . . 700
17'4 ? Consolidafod Textile.. 800
42 7 Continenial Can _ 200
1 ? Continental Candy .. 700
6O/4 4 Corn Products . 29900
25% 2% Cosdcn & Co. 3700
52 4 Crncible Steel . 27100
14% 2 Cuban-Amer Sugar . 10100
8% ? Cuba Cano Sugar_ 8600
27% ? do pf . 6400
23 4 Davidson Chemical . 500
90 9 Delaware & Hudson. 500
% ? Denv & Rio Grande. 200
1 ? do pf . 400
10% 1 Dome Mineu . 200
3 ? Dul, So Shore & Atl 200
52 5 Endicott-Johnson .... 4600
11%? Erie . 1CO0
17 ? do 1st pf.. 700
43 8 Famous Players _ 3/00
79 10 Fisher Body . 100
11 ? Fisk Rubber Tire_ 800
13%? Freeport Texas . 1500
1 ? Gaston Williams _ 500
40/4 ? General Asphalt _ 28700
80 5 do pf . 200
54 6 General Cigar . 200
120% 8 General Electric Co. 2700
9% 1 General Motors . 11100
71% 7 do 7% pf. 1C0
30% ? Goodrich, B F. 2900
67% 7 do pf . 200
17 ? Granby Mining . 200
9% ? aGray & Davis. 100
60 7 Great Northern pf. .. 1900
26% 4 Great North Ore sub 200
18% ? Greene-Can Copper .. 100
8% 1 Guantanamo Sugar . 200
26/4 ? Gulf States Steel_ 200
51 4 Hask & Bark Car Co 600
13/4 ? Hendce Mfg . 200
49% ? Homestakc . 200
58% ? Houston Oil . 2400
10% 1 Hupp Motors . 1600
85% 7 Illinois Central . 300
3% .60 Indiahoma . 500
36% ? Int Agricult pf. 900
29% ? Inspiration Copper .. 300
3% ? Int-Cons Corp . 1500
9 ? do pf. 7C0
81 5 Int Harvester . 4600
101% 7 do pf. 200
1214 ? Int Mercan Marine... 700
43% 6 do pf. 2700
29% ? Int Motor Truck. 200
43% ? Int Paper . 4800
13%? Int Nickel . 1600
11% ? Invincible Oil . 3300
2% ? Island Oil . 2400
4 ? Jewel Tea . 700
14 ? Jones Tea .,_ 200
18% ? Kansas City South. .. 1700
45% 4 do pf. 200
34 4 Kelly Springfield _ 3900
70 6 do pf.'. 50
1%
61V*
v/2
1% 40%
Yz 434
1/4 30
? 72 V.
5%?
% 54
2% 23/4
1
'4 30%
%
00 y2
78%
V/k
ay in Listed Stocks
Record of Stock and Bond Avcragcs
(Copyrlght, 1921. New York Trlbunn Inc.)
Yester?
day.
?0 Railroad sforks.. 61.45
?0 Industrial stock.-?., 65.77
5C Stocks . 63.64
10 Railroad bonds . 71.13
10 Industrial bonds. 80.79
5 Utility bonds. 72.58
25 Bonds . 75.28
STOCKS
Dny
before.
61.80
66.20
64.04
BONDS
71.33
80.78
72.58
75.36
Range Jan. 1 to
Year
ago.
61.35
92,10
79.80
68.43
84.17
69.85
75.01
date.
High.
66.60
79.13
74.12
7G.23
84.53
78.70
78.41
Low.
59.25
65.77
63.04
71.01
80.69
70.13
75.25
Range fulj
year 1920.
High.
73.80
110.30
92.05
76.97
91.45
74.53
81.71
High.
1921.
62
90
22^
17%
103i2
58i/2
28
29%
56! a
21%
12%
164i/2
113%
21
17'/2
89 Vtx
21%
451/a
42
1671/4
94
24
15%
3S%
143/4
3
23
43%
28%
3C
120%
5%
65
95
6%
13%
89
74 %
54/2
39
23!-z
201/jj
104%
61%
88/4
30
4
16
19%
66
41/2
50%
79%
71%
41%
17
57%
23%
3 5 %
55
31/2
42/4
83
11%
73
64%
87''2
32
96
111/2
51'/2
36%
90/8
15
89/4
55
73/4
23/a
. 39/2
69%
5/a
23%
13
25%
35%
30 Vz
41
6%
7/4
12/2
98%
20/2
49
28%
56
101
103
24%
60
167/2
110
37
46
93/4
10%
13/4
253/4
10?4
45
27 %
36%
58/4
12/2
13
44/2
1043,4
25I/2
122'/2
34
106
207
12/4
19
27/4
74/2
58%
62/4
793/4
35 Vz
86%
112
59%
12%
41
42/a
9/4
9
24/a
13
21
30%
94
96%
49%
47
11/a
17%
44
10/2
42
117/a
55/4
65!/4
Low.
1921.
35
25
16
8%
97%
37</2
19
17/2
47%
10
9/2
136
97
14%
10
39
16
36%
38
103
84
15%
11
22%
9
2
16
33%
19
17
102
1
46
89
4
9
56
65/4
42
20%
14%
16
92%
54/2
61/4
20%
1%
10
11/s
46I/4
27%
38%
44%
38
32%
7
33%
15%
30
37/2
16
17%
42%
7
54
56
82%
24%
70
89! 2
25
25/2
76 Vz
11
65
37/4
4434
13
21
50%
2/4
10%
10%
19/a
28
23%
32%
2%
5%
8%
653/8
1234
38/2
19%
34
70
35
19
43
124/2
105%
21
27%
43%
6/4
4%
12
7
32
16%
20%
45
10
6%
32i a
1041/4
17%
112%
19
85
97%
83/4
11%
17
52%
41/e
48
55
26
73/2
1063^
4534
8/2
26
24%
63/b
7
18
8%
15
23%
84
90
4234
32/2
8
9%
33
5/4
30
IO8/4
43
60
Dir.
in $. Sales. Open,
? Kelxey Wheel Co- 200 63
7 do pf...... 200 90
? Kennecott Copper ... 1500 19
? Keystone Tire . 300 10! 2
7 Kresgc, S S, pf. 100 97%
? Lackawanna Steel . . 700 38
? Lake Krie & West pf. 100 21
2 Lee Rubber & Tlre.. 2200 25%
3% Lehigh Valley . 300 49%
? Locw's, Inc. 1500 11
1 Loft Candy . 200 10
12 Lorillard, P . 200 142
7 Louisv &,Nashv ... 2700 110
2 Mnrtin Parry . 100 16
? Mallinson . 100 13
10 Manati Sugar . 200 39
? Marland Oil ..._ 600 16
2 Mar St Ry prior pf. 300 36%
? Maxwell Moior.t A . . 100 38 .
12 Mexican Pctrol _ 30900 107
8 do pf . 200 84
2 Minmi Consol Cop.. 1200 21
1.60 Middle States Oil ... 2900 11/,
? Midvale Stccl . 2200 23/a
? Minn & St Louis .. 100 11/8
? Mo, Kan & Tex .... 600 2%
? Missouri Puciiic .. . 900 19/a
? do pf . 700 38
? Mulllns Body . 200 19
? National Acme . 1200 17%
7 National BUcult _ 100 109
? Nat Con & Cable_ 300 13/4
6 Nat Enamel & Stnmp 600 48%
7 do pf . 100 89
? Nat R R Mex 2d pf. 200 ,4/4
? Nevada Con Copper.. 100 10%
5 New York Air Brako 400 57%
5 New York Central... 1400 67
5 N Y, Chi & St Louis 200 45
2/2 New York Dock. 300 29%
? N Y, N H & II. 1900 16/a
1 N Y, Ont & West... 200 18
7 Norfolk & Western.. 300 94
5 North American .... 1600 57%
7 Northern Pacific _ 8600 68
5 Nova Scotia Steel_ 200 21 /4
? Okla I'rod & Ref.... 600 2
? Otis Steel . 800 10/.
? Pacific Development.. 200 12/4
5 Pacific (ias & Elec. 200 52
1/2 Pacific Oil . 15600 35%
? Pacific Tel & Tel_ 300 47
6 Pan-Amer Petroleum. 16700 46%
6 do B . 2800 40
2 Pcnni-ylvania R R... 31.'0 33%
? Penn Seaboard Steel. 1703 7%
? People's Gas & Coko 1600 47
? Pere Marquette _ 2600 19%
3 Philadelphia Co _ 800 30%
? Phillips ' Jones . 100 45
? Phillips Petrol . 2900 18
? Pierce Arrow . 5100 19%
? do pf . 900 44%
? Picrcc Oil . 700 8%
8 do pf . 200 65
5 Pittsburgh Coal _ 500 56
6 do pf . 400 86
? Pitts& West Va _ 600 2G%
8 Pres.scd Steel Car .. 200 70
8 Pullman Co . 2400 9434
? Punta Alegre Sugar 1600 27%
4 Pure Oil . 1900 26%
8 Ry Steel Spring ... 600 *77
? Ray Consol Cop _ 1500 12%
4 Reading . 3400 67%
2 do 1st pf'. 300 403/4
? Rep Iron & Steel . . 12700 45/0
? Rep Motor Truck ... 200 13%
? Reploglo Steel . 900 21%
5.20 Royal Dutch . 7100 51 %
? Santa Cccitia Sugar. 200 2%
? Savagc Arms . 200 10%
1 St Joseph Lead ... 700 103/4
St Louis & San Fran 2600 22%
? do pf . 100 30%
? St Louis Southw'n.. 1300 25
? do pf . 400 33
? Saxon Motors . 600 3%
? Seaboard Air Line.. 100 6
? do pf . 200 10
? Sears Roebuck . 13600 75/4
? Seneca Copper .... 600 14
.74 Shell Trans & Trad 700 4034
? Sinclair Oil . 14900 21
? Sloss-Shef St & Ir.. 200 35
6 Southern Pacific ... 5100 72
? So Porfo Rico Sugar 200 35
? Southern Rail . 1400 19%
5 do pf . 300 44%
5 Stand Oil of N J... 600 130
7 do pf . 1400 106
2 Stewart Waincr ... 400 22%
? Stromberg Carb ... 1600 32/2
7 Studebaker . 59600 73%
1 Submarine Boat ... 600 6%
? Supcrior Oil. 700 5
? Temtor Corn & Pr A 100 12
? Tenn Cop & Chcm . . 1600 7%
3 Texas Company _ 12700 *323a
? Texas & Pacific _ 1500 21%
1 Tex Pac Coal & Oil 2900 21
6 Tobacco Products .. 3100 5234
? Tol, St L & W ctfs. 100 10
? Transcon Oil . 4600 7%
5 Trans Wil Steel ... 200 32%
7 Under Type pf _ 100 10434
? Union Oil . 1600 18%
10 Union Pacific . 2700 115%
? United Alloy Steel.. 600 23/2
8 United Dsug . 800 87%
8 United Fruit . 10900 103%
? United Rway Invest. 2C0 9/4
? ISCI Pipe & Fdry 200 13'%
? U S Food Products.. 5700 17%
8 U S Ind Alcohol. 4600 52%
? U S Realty & Imp . . 500 46%
6 United Retail Stores. 10100 52%
8 United States Rubber 26700 56%
? 17 S Smelt & Ref... 200 30
5 Unittd States. Steel.. 59100 74%
7 do pf . 200 106%
2 Utah Copper . 3900 49
? Utah Securities Corp 2600 9%
? Vanadium Corp .... 4600 27%
? Va-Car Chemical ... 700 25
? Vivaudou . 600 7
? ' Wabash . 200 7%
? do pf A. 200 21
2 Weber & Hellbroncr. 200 *12
? West Maryland 2d pf 800 17%
? Western Pacific _ 200 25
7 Western Union Tel.. 100 87%
7 Westingr Air Brake. . 200 90
4 Westinghouse Mfg . . 600 43%
5 Wilson Co . 300 33
? Wheel & Lake Erie.. 700 834
? White Oil . 1400 10
4 White Motors . 700 33%
? Willys-Ovcrland . 41C0 7%
? do pf . 200 34
8 Woolworth . 800 110%
6 Worth Pump & M... 300 43%
6 do pf B. 200 60%
Rlgh.
53
90
?19
10%
97%
38/4
21
26%
49%
11/a
10
142
111
16
13
39
17
36%
38
10934
84
21
11%
23%
11/a
2%
193/4
38
19
18
109
1%
48%
89
4%
10%
57%
67
45
29%
16%
18
94
60
68%
21%
2
IO/4
12%
52
3634
47
48
41%
33%
73/a
473/i
19%
30%
45
18
203/B
44%
8/2
65
56
86
26%
70%
95%
28%
27
77
1234
67%
4034
46
13%
21%
623/g
2%
10%
103/4
22%
30%
25
33
3%
6
10
75/4
14
41
21
35
72%
35
19%
44%
130
106
223/4
32%
75%
6%
5
12
7%
33
2134
21%
52%
10
8
32/a
10434
19%
11534
23%
87%
104
9/4
13/4
18
54
46%
53%
58
30
75
107
4?
9%
27%
25%
7
7%
21
12
18
26
87%
90
44
33
834
10
33%
7%
34
110%
43%
60!
Low.
52%
90
18%
10%
97%
38
21
25 Vz
49%
10%
10
142
106
16
13
39
16
36%
38
104
84
20%
11
22%
11%
2%
19
37%
19
17
109
1%
46
89
4%
10%
57
65%
44
29%
15%
18
93
573/8
673/4
21%
1%
10
12/4
51%
3534
47
4534
40
33%
7
463/4
18%
30%
45
16
19%
42%
7%
64/2
56
86
26%
70
94
27%
26%
76%
12%
66%
4034
44%
13%
21
51
2%
10%
10%
21%
30%
24/a
32%
3%
6
10
71%
133/i
40%
20%
35
71%
35
19%
44%
130
105%
22%
28
72%
6%
4%
12
7%
32
21%
20%
51%
10
7%
32%
10434
18%
115
20%
87 %
101%
9%
13%
17%
52%
46
51%
55%
30
73%
106%
48%
9%
27
24%
7
Net
Close. chge. Bid.
53 - 53
90 - 85
13%? % 18%
10%? % 16%
97%? 1% 97
38 - 37%
21 + % 20
26/2? 1% 26%
'49 Vz? 1% 49%
10%? % 10%
10 - 9%
142 + 2 141
106 ? 2 10634
16 ? % 16
13 ? 1
39 ? 1
17 + 1
13
37
16
36%? % 36
38?2 35
106 ? 1% 105%
17 ? 1% 17
109 ? 1% 110
1%+ % 1/4
40%? % 46'
89 - 89
4%- 4%
10%+ % 1034
57?2 57
67 + % 67
44?4 42
29/a? % 29/2
64
56%
86
26%+ % 26%
70%? 1% 70/a
94%- 94
28/2+ 1% 28%
27 + 34 26%
76%? % 76%
123/4? % 12%
10
7334? 2
14 ? 3,
41 + % 40%
20%? % 20%
35 - 35
71.%? % 71%
35 ?10 37
19%+ % 19%
44%+ % 44%
130 - 125
105%- 105%
223/4+ 1/4 22%
29%? 3% 2934
73%? % 7334
6%? % 6%
4%? % 4%
12 ? 1 101/a
7%? %
Vi
7%
32/8
22
% 21%
52
934
7%
30
32%
21% +
21% +
52i/';?
10 -
8 - %
32%? 1%
104%+ Vz 101
18%? % 1834
11534- 115%
20%? 234 20%
873/4- 87%
103%? % 103
9%? Va 9
13/4? % 13%
173/4+ % 1734
54 +1% 53%
45 ? 1% 45%
53%+ 1% 53
57 :- 5534
30 ? 1% 30
74%? % 74/4
107 + Va 106%
110 ? % 110%
43i/,+ Vs 43%
*Ex dividend.
FERU (par $4.80 a pound)
Checks. 3.6S S.CS 4.78
ECUADOR (par 48.60 centa a sucre)
Checks .26.66 26.66 -?
CHILE (par 36.6 centa a peso)
Checlcs.n.oo n.oo 19.50
UHUCUAY (par 10:1.42 cents a peso)
Checks .65.50 65.50
j VENEZUELA (par 19.3 cents a boilvar)
Checks ....... .16.66 16.66 _
Cnnatlian Exchange?New York funds ln
Montreal. 12% per cent premlum; Mon
treul funds in Now York, 11 per cent dis?
count.
Stocks Ex Dividend
Date. Company. Per cent
June 20?California IVt Co pf_ i *'
June S0?Certain-teed Prod i? vt..'.'. i?t
June 20-- do 2d pf. j ?
June 20?-Chandler Motor Car Co.,'.'.". l4
June 18?Chatham & Phenix Nat Hank". 4
Jone 18?Colo * South Rv lst pf . 2
June 18?Columbia Bank. "' 4
| June 20?Continental Can . .???. ?zt
June 20? do pf. -taf
June 20?Dayton Pow & Lt'pf! '. '.. 1 ii
lune SO?-Detrotl Hiiis & 3 W 11 R Co 3
, fuae 20? Indiahotna Retlnldg Co scrip. He
I Juno 20? Kress & Co pf P , v
I June 20?Mallinson Co pf.,.'.?" ' 1?
Juna 20. Manhattan Bl Supply Co'.'.'.'. 1
Juna 80?Mont Ward * Co pf. 3 u
June 20?Nat Suretv r?_ o7*
Juno 20? N Y, Chl & St i.ouis KuYst'pf 6
June 20?Otis Steel Co pf. 1 ?
June 20?Pacific OU . ! 1?
j Juno 20?Penny Co pf.'.'.!"/' i?
| June 18?Sio?B-8he? Steel & Iron pf!'. lfc
Juno 18?U S Trust Co. 35
Juue 20?Worth Pump & ld Corp pf A. 1%
Bid and Asked
Followlng are the closing bid and
asked quotations of stocks listed on the
Stock Exchange in which theie were
no transactions yesterday.
Air Reduc_
A 0 Dyo pf.
All A Cabl..
A1H Real_
Am .\g 0 pf.
Am 13 N iif.
Am Cun rf.
Am C F pf.
Air: Ct 0 pt
Am lee pf...
Am- IJ 0 pf.
Am I?co pf.
Am S j>f A..
Am SntT pf..
Am T pf n..
Am Wh pf. ..
A Z i L pf.
Anial Suje ...
Aim Artjor. .
do nr .
Azzo Dr ()..
ilo lst pf..
do 2d pf....
AU IMln....
do pf.
AIM Ntl*., ..
do pf.
Auto Sal C.
ilo pf.
ISamett Lea.
do pf.
Rarnsdall ..
Bsech Crk...
Rld Asked.
. 80% 34
. 85Vi 90
.104% 108
. 70 ?
. 58 00
. 47 50
. 7?H Sl
.10814 110
. SS 42
. 61 14 63
. 58 66
i os* ?
. 70 72
. 73 S5
. 8SV4 61
08
26
27
? 95
62 14 66
r>6 60
900
106
Bid. Asked.
. 94'4 ?
75
43
J15
100
80
100
1%
B Nm P pr
Hcth St pf.
Booth Fi?h... 314
ttruvm Sh. 38
do Pf. 73
Kruiixwick ... 314
?uf R & P.i on
do pf . 87
Buff & Sus., ?
do pf . _
Burns H pf, ..ion
Rush Ter .... ?
Case J X vt... ?
Cen tt X J..175
Cert Corp.... ?
do lst pf.Ctf
do 2d pf. ... ?
Chl & A. 6H
do pr. ?'
Chl ii \v itf, i?%
C Si !< M O. 4S
C O C St lt .., 37
do pr. 80
Clu Ph pr.... xi
Col & 8 lst pf 4S 62
Aa aa pr... 43 4i
Con Pig pr. ..65 74
Con Can pf.. 77'~ 93
Cn Pr Rr pf. 88% 102
t.'ruc St pf ... 7") 82
Cu Am S pf. 75 B3
DoReers . 13H 16%
Deore Co pf.. ~ 80
8?
IS
M
55
:;7H
6114
do pf...
End-Johu
(lo pf...
Eleo stor
Elk Ilorn.
Em Brajit
do pf...
Erle ?M pf
Fisher \\ pf
Guan Sug.
(i.-n Am T
Gen ("g pf
do lst pr
Gen Mo pf
do 6 dh..
Gil'iid 0 p
Glf M At l
do pf_
Hyd Steel
III CVn 1 1
Inti Ceuiui
I M T lst
do 8d pf.
Int Nlek p
Int Suit....
Iowa Cent.
Iron Prod.
Jnwel T pf
.lol & But
Kh c K s pf
Kavser 3.
Kayser lat
Keok & i>
dc> pf ..
120
12 Vi
8*4
90
09
17%
B9H
21*4,
pf. f!9
t'.'. 80
pmuo
M. B
20
Asked.! Bid. Asked
195 Kress & Co....? 82
96 clo pf . 88
? Kresgo . 135 140
(lo pf . 97 ?*?! 110
70 iLehlgh Valley. 4SV4 50
r lUgg & Myers.135 145
17 I (lo pf . 97*4 103
JJ7 I.lma I.ooo .. --
S4 d<> Pf . ?
670 L-W B lst pf. 94*4
_ | do 2d pf_ 95
A r>9ViI?'rt??rd pf .. 93
Mackav Coa pf 55
MaJ; Coal ....350
.Market 8t Itv 4
<!o pf . Ifl
do 2d pf_ il
Martin Party, lii
Marlln Rockw. ii
Max M 2d pf, 1*4*
May I) S pf. .101
Mieli c.-ntrai.. 75
UStPiSfsJf pf S2%
do I 1. 51
, M K .V T pf. 4tt
62 ?? m.mii pow pf. 93
80 Morrii A Eai. 63?
io iMuii Body pf. ss
21 |Nush & Clmt. 90(
Oi; |N Ulscuit pr..lf>9
_ jNat C & S pf 70
?>*; X ED & St pf 88
., |Xat Ix>ad pf. 101
? |.\* lt M lst pf .">
Si i.NVtWs-J. t pr 51
_ ! do 2,1 pf.... 50
- IN Y I, .V W., 77
?' jX Y JlM-k pf. 4KH
v y Bhiptiidg. sa
Norfoife Booth. 9*4
N'oif * \V pf 80
N'ntmuilv . 9
oluo Body ... 1*4
8tla Klev pf... 81>
tlt Steel pf.. -- 68
Owens Bot pf. 90
90
4%
B8?
110
110
10
4K
23
2,*.
10
G7H
1/7'i
Bid. Asked.| Bid. A3kod.
Padfic Coast.. 15 20 Studebaker pr. 92 95
ilo lst pf... 50 100 Super Steel' pf 9214 ?
do 2<1 pf_ 40 60 T & P Ld Tr.210 260
Paelflc Mail... 11 U% TIdewatw Oil.UO 145
'Proria & Fast 914 12 j do 50% pd.140 KiO
Pere Marq pf. 84 40 |T,"'' i'"\J pf?: ~ 82
do prior pf.! 51 54 TBtL&W pf cf 10 19
Phil Jones pf. 70 78 Fransue W .. 30 38
PCC&StL ctft. 83 64 Pv C K T pf. ? 95
P Ft VV ,t C.117 ? Union Tank .. 90 97
IMtts Stocl pr. Sl) 8314 <!.,v R' . -'l 100
P A- W Va pf. 72 77 Lnlt Cigar Bt.125 200
Rond Crk Coal K'i 15 do Pf .100 105
Pr SU Car |.f. 85 89 Un Rv Inv pf. 20 21
Ry 8tl Sprg pf 98% 106 TJ S CIP&F pr 45 49
Rys Becur .... 55% 57 \V S Express... 5% 6U
tteiulir.g- 2d pf 411% 41% U 8 R .\l pf. 40"i 41
IU.13 & Co- S 10 jV Raal lst pf. 79 83
, do pf. 48 52 Wabash pf R. 13 l;,
Hem Ty lst pr ? 75 West Par pf.. 62 67%
do 21 pf.... ? 75 \V & L E pf. 1514 1?Vj
? Roe* pf. 98%101 IWiok Spen ... 15 10
BloBs-Sheff pf. 65 72 Wftson i>f ... ? so
8 1' R Sur pr ? OS'i'Wis IVpt-al .. 28 3?
Stand MHUnjr. 95 120 Woolworth pf.103
'<<> I*. 76 SO l\V Puiup pf A 75 80
btarn Bros pf. liifl ?
General Motors to Merge
Subsidiary Corporations
The General Motors Corporation an?
nounced yesterday that J. Parker Fisko
had resigned as president and general
manager of the B'rigidair Corporation,
effective June 20. It was stated that
the lattijr concern will be merged with
the Ddco Light Companv of Davten,
Ohio, Tinother subsidiary of the Gen
keral Motors.
In Wall Street
Would Stop Lotteries
Tho New York Clenring House Asso
ciation is now giving out its daily
statement of total ex/ianges between
member banks in rouAtl number. The
exact figures down to cents are kept
for the association's own records, but
are not made public. This change has
been made, it was explained yesterday,
in un effort to prevent tho use of the
figures each day in lotteries, which
have been conducted for years in
various parts of tho country. Large
sums of money have been involved in
the lotteries, tho winner being the
holder of a card bearing the last four
figures in the total of tho daily ex
changes.
Liars and Taxes
Mark Graves, director of the New
York state Income Tax Bureau, takes
issue with Professor Charles W. Bul
lock, of Harvard University, who has
said that income tax laws are dcvelop
ing a "nation of liars." "I grant there
are liars in New York State" said Mr.
Graves at Buffalo yesterday "and con
cede that the high rates of tax on per?
sonal incomes now imposed by the
Federal government do not induce or
encourage truthfulness. Many tax?
payers pay more than they should.
This impression is based upon actual
experience. After receiving 745,000 re?
turns in 1920 we proceeded to audit
them and it developed that 86,000 peo?
ple had not paid enough. It was also
found that 22,000 had paid too much.
If Professor Bullock would limit his
statement to an assertion that some
income taxpayers are liars I would
agree with him, but the percentage is
small."
Cufcan Situation Critical
Cuba's flnancial and economic situ?
ation is described by bankers in touch
with the island as being exceedingly
grave and one calling for immediate
relief in the form of liberal loans to
prevent a complete breakdown. So far
as can b-e learned, however, no con
ccrted action is being taken by the
banking interests here, although they
have expressed themselves as stand?
ing ready to do what they can to help.
The suggestion has been made that the
Cuban government make an appeal for
a loan of $50,000,000 to $75,000,000 to
the United States. Such a request was
made several months ago without re?
sult. One way out for Cuba, accord?
ing to a foreign banking expert, would
be for the island to obtain a loan of
tho amount mentioned from the
United States, security for which
would be provided for in an American
commission which would have charge
of Cuba's finances until the loan
has been paid off. This would
make it possible to establish a sub
stantial gold reserve against new Cu?
ban paper money and also permit of
the purchase by the Cuban government
of a substantial amount of the
2,000,000 tons of Cuban raw sugar now
ready for sale.
Bearish on Mexico
A prominent Wall Street banker
who was asked yesterday if he be?
lieved the reports from Mexico City
to the effect that the Mexican govern?
ment intends to resume interest pay?
ments on its external debt on July 1
said: "I believe the newspaper men
at Mexico City were told this."
Cy& O. Again Defers Dividend
D/rectors of the Chesapeake & Ohio
again deferred action on the semi-an
nual dividend of 2 per cent on the pre-,
ferred stock. The board met in May
and announced that action had been
postponed "until the trend of condi?
tions had been moro clearly demon
strated." Up to last .nonth thc regu?
lar 4 per cent annual rate had been
paid regularly since 1917. Following
the announcement of the board's fail?
ure to act yesterday the preferred
made a new low for the year of 50%
and closed at 52, with a net loss of 2%
points". Other rail stocks were also ad
versely affected by the C. & O. an?
nouncement and the majority showed
net losses for the market session.
Oil Men in Washington
Interest in the Mexican oil situation
was transferred to Washington yester?
day, when it became known that several
leaders of the industry, including W.
C. Teagle and E. L. Doheny, had gone
there, presumably to discuss the new
taxes imposed by Obregon and the situ?
ation generally. lt was stated that an
appointment had been made with SeC*
retary of State Hughes for Monday,
but it was the understanding that Mr.
Hughes would meet them as he would
any other group of citizens who were
interested in a specific matter.
Exchange Members Sign Petition
About 400 members of the Stock
Exchange have attached their names to
the petition to the board of governors
for a holiday on July 2, in addition
to July 1, which fails on Monday. Of
the forty wire houses that are, mem?
bers of the exchange it was said that
thirty-two are in favor of the Satur?
day closing.
Steel Common at 73Va
It was rc-ported Thursday that large
orders to buy 1,000 shares of United
States Steel common were in the mar?
ket between 74 and 75. But if this
was the case they failed to prevent
the stock from going to 73% yester?
day, a new low level for the year and
the lowest price since 1915. From that
level, however, there was a recovery
to 75, with the closing sale at 74%.
This was a net loss of % for the day.
Regular Pierce Oil Dividend
It was not long ago tha,t traders con
ceived the idea that directors of tbe
Pierce Oil Corporation might decide to
pass the quarterly dividend of 2 per
cent, due on the preferred stock at
this time. Such was not to be the case,
however, as yesterday the board an?
nounced the usual quarterly disburse
ment. This induced some short cover
ing in tlie stock, which sold up 2
points to 65. This was also a recovery
of 11 points from the recent low of the
year.
Atlantic Gulf Proxies Coming In
Franklin D. Mooney, president of the
Atlantic. Gulf & West Indies Steamship
Lines, said yesoerday that the manage?
ment has received a substantial amount
of proxies in excess of the number re?
quired to secure the ratification at the
special meeting called for June 24 of
the proposed plan for flnancing obli?
gations against the company's tank
ships. Of the $12,400,000 owed on the
tankers the plan provides for the ex?
tension of $9,900,000 in the form of
mortgages. The company originally
coiitraced for the .construction of 14
oil carrying ships. comorisinp* a total
of 174,000 dead-weight tons. The total
cost involved was slightly over $34,000,
000, but arrangements were made for
the cancellation of a contract covering
the construction of two of the tank
ships.
Moline Plow
Deposits of notes and claims with
the protective committees recently
formed by banking and merchandise
creditors of the Moline Plow Company
are proceeding satisfacorily, members
of the committees said yesterday. The
working out of the flnancial problems
confronting the company is expected to
take considerable time and is expected
to involve a capital readjustment.
Western bankers who were in town con
ferring on the $50,000,000 credit for the
livestock industry took advantage of
the occasion yesterday to talk over
with New York interests the Moline
Plow situation.
Investment
Information
Questions of general interest to in
vestors will be answered in thiz col
umn, in which cane only initialz will
be uzed. Others will be answered by
mail. Address all inquiries, incloz
ing a stamped, addressed envelope, to
Financial Editor, The Tribune, 15&
Nassau Street, New York City.
Widow Want* Her Bonds Cheeked
Question?1 am a widow and for peveral
years have been sturiying the Investment
page ln your dally papor. Through the
advice of my banker and broker I have
purchased tho following bonds. I am not
entirely dependent on the income from my
Investments at present nnd i hope tc add
one $5il0 bond on July 1 to those I possess.
Will you kindly suggest one that in your
opinion would help dlversify my list ar.il
also keep within safety? I would appre?
ciate your' opinion of each bond or any
SUggssttons for changing ln any way. Upon
the advice of my broker 1 changed one
$1,000 American Telephone and Telegraoh
convertible into stock paylng 9 per cent.
lt waa necessary to add $60 or meet the
dlfferenoe of the purchase price of the
bnnd at 94 and par. I have since regretted
this move. Would it not have been better
to sell niy Telephone bond for 101 and
purchase an 8 per cent bond selling for
thaj. price? 1 must now wait two years
for the full faeneflt from stock dividends.
I have ten shares American Can, American
Car and Foundry, Atchison, Topeka 4-.
Santa Fe prefer.ed. I have several Lib?
erty bonds; one $1,000 California (South?
ern) Kdison Company 5 per cent. due 1939,
bought in 1915 at 95; one Utah-Power and
Light first mortgage 6 per cent, due 1344.
bought ln 1915 at 92: on? $500 Iowa
Railway and Light first and refunding
mortgage 5 per cent, due 1532, bought at
95; $1,000 Utica Gas and Electric refund?
ing and extenslve mortgage 5 per cent, due
1915, bought in 1915 at 99, $1,000 Inter?
national Railway Company refunding and
Improvement 5 per cent, due 1962, bought
in 1915 at 91%; $1,00 Pere Marquette Rail?
way Company 5 per cent, due 1656, at 82;
$1,000 Southern California Kdison general
and refunding 6 per cent, due 1944, bought
at 96; $1,000 Duquesne Light Company
first mortgage 6 per cent, due 1949, bought
at 100; $1,000 Nebraslta Power and Light.
Series A, 5 per cent, due 1949. bought at
90 ln 1909; $1,000 Ottawa Light, Heat and
Power Company, Ltd., Series A, 8 per cent
first mortgage, due 1940, bought at 100 ln
1920; $500 Araronila Copper Mining Com?
pany, Series B, 7 per cent. due 1329. bought
at 96%; $1,000 Western Maryland Railway
equipment preferred series, 7 per cent. due
1928, bought at 10114; $1,000 Rlordan Com?
pany, Ltd.. first and refunding mortgage 8
per cent, due 1940, bought ln 1921 at 99;
$1,000 Fleischmann Company 8 per cent
gold note, due 1930, bought at 10114; $100
American Public Service Company first
lien, Series A, 6 per cent, bought at 82;
$1,000 United Kingdom of Great Britain
514 per cent, due 1922; $100 Consumers
Power general and refunding 7 per cent,
due 1930; $100 Northwestern Beli Tele?
phone 7 per cent first mortgage, Series A.
?Mrs. C. A. S.
Answer?It might be considered
more conservative to have bought a
strong bond on which the interest
must be paid whether earned or not,
as long as the company remains sol
vent, rather than the American Teie
?phone and Telegraph Company stock,
but we consider the telephone com?
pany stock as a good investment.
We do not think that American
Can " common is a suitable invest?
ment for you and would prefer
American Car and Foundry preferred to
American Car and Foundry common.
The Atchison, Topeka & Santa Fe pre?
ferred is, in our opinion, a good invest?
ment. You have a rather large propor?
tion of public utilities bonds. Of 'the
bonds you hold we think the United
Kingdom of Great Britain 5%s and the
Northwestern Beli Telephone 7s are the
best, with the Western Maryland equip?
ment 7s, due 1928, a close third, while
we think that the Anaconda Copper 7s,
due 1929, are reasonably safe. The
copper industry is at prgsent going
through a period of stagnation. We
think that United States Steel pre?
ferred would add diversity to your list
and be a good switch from the copper
bonds. For the $500 which you expect
to have in a short time, we suggest the
new Northern Pacific-Great Northern
6% per cent bonds, due 1936, offered at
a price to yield 6T-i per cent. They
come in $300 denominations. We would
not adise selling any of the other se?
curities that you have, but would ad?
vise you, as you get additional monsy to
invest, to put it into high grade foreign
government securities orvhigh grade in?
dustrial securities, such as the Stand?
ard Oil of California 7 per cent bonds
and Illinois Steel 4s. This will give
your list a djversity which it now lacks.
Woman Has Bad Lack Speculating
Question ? I am the '?ilder of fifty
shares of General Motor 6 . er cent deben?
ture stock, which I bought at 39. Would
you advise me to buy some more stock, as
it is now selling at 101a, in order to off set
a part of my loss or do you think thla
would be sendlng good money after bad?
I also am a stockholder of the Mldvale
Steel Company. Do you think I should
dispose of this stock? Such a sale at this
time would be at a great sacrifice, as the
stock has depreclated in price since I
purchased at 49. 1 cannot afford to stand
a loss, as the ahovo represents practically
all my savings a*nd I have no one to de
pend upon for support but myself.?Mlss
A. M.
Answer?The General Motors secur?
ity which you describe is not the 6 per
cent debenture, but the common stock,
and you paid close to the top price for
it. Since then the automobile industry
has suffered severely, and it looks just
now, on account of the widespread
price cutting, as if only the iittest will
survive unless there is a radical im?
provement soon, In other words, you
did not invest your money, but specu
lated with it. The same thing applies
to your Midvale Steel. We fear you
are not qualified to speculate, because
you have held on to your stock while it
was shrinking 75 per cent in value, and
we cannot attempt to advise you about
the matter.
Holds High Grade and Good Bonds
Question?My holdings consist of the
following bonds. Would you kindly g.lve
me your opinion of same: Kingdom of
Belgium 7\\ per cent, Kingdom of D?n
raark S per cent, BrazIUan government 8
per cent, Republic of Chile S per cent. Re?
public of France 6 per cent, Swift & Co.
7 per cent. Monon Route 5 per cent (1966),
Southwestern Bel! Telephone 7 per cent,
Pennsylvanla-Ohlo Tower and Light 8 per
cent, Oklahoma Ga* and Electric 8 per
cent, TJnltihl States Rub-ber 7 per cent,
Denver Gas and Electric 714 per cent,
Duquesne Power and Light 7% per cent,
Milwaukee Electrlc Railway and Light
Company 7Vi per ce.it, Standard Oil of
California 7 per cent. Standard Oil of New
York 7 per cent, Mexican Petroleum 8 per
cent.?E. F. F.
Answer?In general your list is a
good one, although the two South
American bonds we would class as a
business man's investment, and the
Chicago, Indianapolis & Louisville first
and general 5s, due 1966, as a reasoh
ably safe railroad bond. The Mexican
Petroleum 8s are a business man's in?
vestment and the Standard Oil of New
York and the Standard Oil of Cali?
fornia are high grade, we think. Your
French internal bond is speculative be?
cause it depends on the course of franc
exchange, %vhich is erratic.
Workingman Not a Skilled Specolator
Question?Through suggestions 1 started
buying Stnclalr Consolidated stock in Octo?
ber, 1919, when they sold the hlghest.
Since then I bought more, and average
now 46 on fifty shares, which I hold out
right. Would you advise to buy more. to
average still lower, or what would you ad?
vise? I am a working rnan and tho
money was saved through self-denylng by
me and family.?T. A. K.
Answer?You have carried Sinclair
Oil stoek a long way down the hill,
but it does not teem to have occurred
to you that a non-dividend paying oil
stock is not a suitable investment for
a workingman's savings. You could
have chosen a worse stock,. however, be?
cause Sinclair made an excellent record
in 1920. We do not advise about try
ing to average costs in stocks which
are so speculative, You have tried this
process at least once before and are
still about 21 points above the market.
Four full columns of in?
vestment questions and an?
swers are published in The
Tribune every Sunday*
Stocks - Bonds
Grain - Cotton
Boughl and sold
on commission
Exlensive private tvire $y$tem reaching
the principal Crain and Cotton
Marlrct centers.
A. A. Housman & Co*
/Xew Tork Stoca k*<?!???-.,.
4 ?w York Cotton Fxrhnnr*
Members. <, N> v (on>,. & _Surar K,Cn?JW?
l Xfw Vork Produrr En )-aor?
v Chicaco Board of Trade
Aaaoviate ilembrra of
XJverpool Cotton Aasoclation
20 Broad Street, New York
Branch Offtcet:
25 W. 33rd Street, New York City
Liberty Building, Philadelplbia
Woodward Bldg., Washineton
Amsterdarn, Hoiland
J.K.RIccJr.&Co.Buy&Scll
Farmer-- l/>un & Trust
Franklin Insurance
Home Irifctirance
Mohauk Valley
K. V. State Ry?. Com. & Pfd.
bingrer ManufuoturinK
I'nderwood Coni'-utinr Machine
J.K.Rice,Jr.&Co.
Pbonca 4000 to 4010 JoUo, 36 Wali St.. N. y
SigJ? CHATHAM &PHINIX
fSh NATIONAL BAtfK
i,\?l/, Capital & SurplnsSl2.000.0O8
'VifffiiMS- Kesourcea .$i?T>.000.000
| IUnK 149 Broadway, Singer Bldj.
?-Jr?.r. And 12 Rranches.
Guaranty Trust Stock
Inauiriea Invited
McCLURE, JONES &REED
U'.mkera A'?i# Tork Stock Mzchanft
115 Broadway Phone 8$tl Keetor
More Failures Shown,
Liabilities Are Smallert
New York and Other Mann*
facturing Centers Lead Im?
provement Over Last Week
An increase in the number of com*
mercial failures this week in tha
United States compared to last week,
but a decrease in average liabilities is
shown in the weekly failure report
issued by the Credit Guide. The num?
ber this week was 32, against 287 last
week, but the average liability thia
week was $24,700, whereas the average
was $26,400 last week. Seventy-three
per cent of the failures had liabilities
of less than $10,000 and 14 per cent ran
from $10,000 to $25,000. For the cor
responding week a year ago thero were
193 failures with average liabilities o?
$31,000 each.
"The large manufactr.ring centers,"
says the Credit Guide. "show the most
improved condition from the stand
point of decreasing failures. New
York City this week had thirty-sevea
failures, against an average of forty
two a week for the last two months;
Chicago had nineteen, against an aver?
age of twenty-three; Boston, fourteen,
against an average of ftevetltccQ; Phil?
adelphia, seven, against an average of
eight and onc-half, and Minneapolis
and St. Paul, seven, against an aver?
age of eight.
"Wearing apparel and dry goods fur?
nished 42 per cent of the total mim
ber of failures, against 41 per cent a
Week ago and 47 per cent in the pre?
vious week. Furniture and housefur
nishings show an increase, contribat
ing 13*/S per cent of the total number
this week, against an average of 9-4
for the previous two weeks.
R. G. Dun & Co. report 329 failures
this week, against 300 last week acJ
152 in the like week a year ago. Ex?
cept in the West, all sections showed a
slight increase over last week. The
ratio of defaults of $5,000 or more to
the total number this week waa 53.8
per cent, compared to 53.4 per cent
last week.
BradsU-eet's report 272 failuTes for
the week ending June 17, which cob>
pares with 385 last week, 140 in tha
similar week in 1290, ninety-one in 1919, ?
203 ?n 1918 and 232 in 1917.
0
D. & R. G. Stockholders'
Committee to Appeal
Will Try to Reverse Sale to
Western Pacific; Ex-Governor
OdellResigns as Chairman
Tha stockholders' protective com?
mittee of the Denver & Rio Grande
Railroad anhounccd yesterday that an
appeal would be taken from the order
entered in the United States District
Court at Denver, Col., confirmir.g the
sale of the property to the Western Pa?
cific. It was also announced that ex
Governor Benjamin B. Odeil had re
signed as chairman of the committee
owing to the pressure of other businefs.
Thc grounds upon which the conr
mittee will try to secure a reversal cf.
the order confirming the sale of tha
road, it was stated, include the follow?
ing:
"The entire proceedings were ir?
regular because based upon the orig?
inal judgment for $38,000,000, whic.i
the committee claims should be en
joined.
"That the decree erroneously cut off
for six months the period of rcdemption
allowed by the statutes of Colorado,
New Mexico and Utah.
"That the court had no power in the
proceedings to sell the franchise of
the Denver &, Rio Grande.
"That the properties were sold for
$5,000,000, a figure so gross'.y inadequate
as to shock the conscience; it being
claimed that the equity in the property
sold was at least worth $30,000,000.
"That the Denver "properties were
sold at an upset price of $5,000,000,
whereas the treasury assets, includea
in the sale, consisted of stocks and
bonds, at a clear value on thc Ne* ^ori
Stock Exchange of over $8,000,000, so
that the purchasers immediately re?
ceived a net profit of $3,000,000 on -tha
sale, in addition to the entire equity W
the railroad. worth $80,000,000."
a
Paris Market Irregular
PARIS, June 17.?Prices wer.? irreg?
ular on the Bourse to-day. Three per
cent rentes, 56 francs 85 centimes; ex?
change on London, 46 francs 15 cen?
times; 5 per cent loan, 82 francs 7v
centimes. The dollar was quoted ?-*
12 francs 8 centimes.
?'. ? ?;"
London Money Market
LONDON, June 17.?Bar silver,
34%d per ounce; bar gokl, 108s 2c.
Money, 4*? per cent. Discount ratei
Short bills, 5% per cent; three-motttt
bills, 5 9-16 per cent.

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