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The Sun and the New York herald. [volume] (New York [N.Y.]) 1920-1920, February 20, 1920, Image 12

Image and text provided by The New York Public Library, Astor, Lenox and Tilden Foundation

Persistent link: https://chroniclingamerica.loc.gov/lccn/sn83030273/1920-02-20/ed-1/seq-12/

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Select Securities
With Discrimination
' THE trade barometer o!
I today Indicates tho
i need for tho cxeraso
of proper caution, the prac
tice of thrift, the working
to the utmost of every man
and every dollar. Nations,
municipalities, commerce and
industry, all need monoy.
AH are now offering their
securities on terms bo liberal
that every thinking man haa
tre strongest incentive to save
v.id invest to the limit of his
ability. The iudldous selec
tion of securities is a matter
of knowledge and discrimina
tion. Our experience of forty
years is at your service.
Send for Circular No. 1682
"Coniemttr Iimtiatntt,"
Spencer Trask& Co.
25 Broad Street, New York
fiWAtn BOSTON CHICAGO
Mtmtwri Kiw ion mocx ucsup.
'FINANCIAL HEWS
AND COMMENT
New York Central and
Hudson River R. R. Co.
4 Deb. (now mtge) Bonds
Due May 1, 1934
Legal investment for savings
banks and trust funds in
Mass., Conn, and Vermont
Company pays 2 of normal
Federal income tax. Tax
exempt in Pennsylvania.
Price to yield 6.85
Circular on rtqwsl for AD-2&4.
IkNationalGfy
Company
Mats C&t;NtUtaICir Btak Bid
inlaws Ofeti Fifth Art. 6 43rd St.
Cnrapondeot OBcca In over SO ClUet
Foreign
Exchange,
Securities
& Currency
4 Offerings and , .
information
on request
EW. Wagner & Co.
glMUtkti iun, CMeago
H. r. Block Stckatg
lfmWrs -j X. T. Cotton JTivacma
t CMcca Board of Trail
33 New Street
GraliutV
Floor )
New York
Araaekii
14 But Uth tt.
Uai.lv. ttttitU
va Witt met.
, it Court Bt .. BWtm.
JiK.Rice,Jr.&Co.yiHBuy
It - 1 - " .
lOOAmer. uyoiunua ria.
55 American Machine ft Fdy.
100 Ilucjrus Co. Com.
100 General Iteklnr Com. tt rfd.
SO film llalU Ins.
SOIIoUt Hanr Pfd.
f 100 Klrby lumber Cam. A Pf d.
300 Kerr Natlsatlon
10 Manhattan Slice. Com.
SO Murray Co. (Texas)
100P. F. CoUler ft Hon Com.
100 Focaboatai Fuel Com.
100 Iloral Typewriter Com.
SOTexaa raclflo Coal ft Oil
SO V. 8. Fire Ins.
80 Weatehester Ina.
100 W. . TJUottOn Mf. Com.
J.K.Rice,Jr.&Co.WillSeIl
100 AUaVPortlaod Cement Com.
23 Batter? Park Nat. Bank
BO K. W. BlUs Com.
lOOElaemann Hocneto Pfd.
.15 OeneraL Chemical Com.
110 Harrlman National Bank.
100 lnreno!l-Rand Pfd.
100 Jollft A Chlcaco B. B.
100 Mahoning- Coal B. B.
IS National Surety
100 Pens. Coal A Coke.
' 14 Prorldrnce A Worcester
SO Boo them PUIItlea Pfd.
100 Tidewater Oil
SO Tezaa raclflo Coal A Ofl
SO Victor Talklnr Uachlna
2J Winchester Co. Com.
ZSXfm. Cramp Ship A Ear. Bid.
JK.IUce,Jr.&Co.
Phonet 4000 to 010 John. H Wall 8t. N. T.
W.F.Ladd&Co.
Investment
Securities
New York
Sharp RIso in Railroad Shares
Features an Otherwise
Qnlot Session.
INDUSTRIALS ARE HEAVY
Motor Stocks Are Hammered
Once Moro and Steels Are
Inactive.
Stark A. Noble Theodore C. Ccrwln
NOBLE & CORWiN
3 Broad flt. NewTerk
Great Americanlns.
STOCK & RIGHTS
TabpfeOM 1111 Broad.
American Stove
e Babcock & Wilcox
City Investing
FREDERIC H. HUTCH & CO.
BstiVlihnl lata,
rkeae Sector W48. 7 "w7. Jfew Terk.
Swfta, Chieiro, Philadelphia tad UtntmL
Another sharp rto In ths railroad
shares featured yesterday's quiet and
otherwise uninteresting tesslon on the
Stock Exchange. The Industrial stocks,
which had given evidence of coming
back Into their own on tho precedlnr
day, after Tuesday's belated rally In the
rails, were heavy again and Inclined to
ag off oh profit tilting- during the morn
ing and best part of the afternoon.
There was little activity, In them at any
rate, while tho growing Interest In the
railroad shares showed very clearly that
the attitude of scepticism which was
first assumed In financial circles over
the railroad shares was not Justified
under the circumstances. There was
real buying In the rails yesterday, based
on appreciation of the new railroad bill
and the 5& per cent guarantee clause,
which will be 'very beneficial to many of
the low priced Issues, and not short
covering, as many financial observers
were inclined to believe, when the rails
suddenly shot Into the limelight during
the first part of the week.l
The buying of the rails was very
mixed, Including the good as well as the
poor roads. The Street knew, of course,
that there were many roads, such as
the Rock Island and St Louis and San
Francisco, which will be benefited very
niaterlally by the new guarantee clause.
and that on the other hand there were
other roads which win not do so veil
But the general idea seemed to be that
all rails had gone so low In the recent
liquidating movement that the first thing
to do was to ret uiem baoc into line, ana
that the next process in the revival of
speculation in these Issues in all proo-
ablllty would be thepicking out of those
which have real merit In back of them.
Probably the reason that so many of the
low priced Issues shot forward so easily
was because they could ba purchased
without dancer of Increasing loans : sec
ondly, because from the speculative view
point they have become more active
thaff the higher priced Issues, for the
vrv reason that ther have more to gain
under the new bill than roads like Union
Pacific. Atchison, and otiiers. for roaas
In the latter class It Is generally agreed
In conservative financial clcies tne rail
road bill is not nearly, as attractive as
manylpeople thought It would be.
As for the Industrial stocks, their ac
ilnn veaterday was very discouraging.
Thev were Inclined to sag from the
first on tho reportAhat the Federal Re
serve Bank would Increase the redis
count rate again and because It was
feared that tho withdrawals from the
banks yesterday might put money rates
ud acaln. Neither of these assump
tion) turned out correct but the Indus
trials at any rate failed to respond as
they should have to the strength In the
rails. The bear contingent could not
make the progress they expected In the
Industrials, of course, on account of the
Btrength In tho rails, but they did one
ihlnir In anv event and that was dls-
rrmmrn new buvlng power. The motor
stocks were hard hit again. General
Motors losing practically all It had
gained In consequence of the sharp
rally in the Industrials on tho preceding
day. while the steel stocks did not do
anything in particular. The bear party
continued to hammer Republic in antici
pation of the poor showing which Its
annual report will make, but they did
not make much progress.
The money market continued easy in
spite of the withdrawal of approximate
ly J25.000.000 from the banks yester
day. Also In connection with the re
ports that the Federal Reserve officials
were likely to Increase the rediscount
rate, It was learned that It has been
postponed for the time being at leist
The fact of the matter Is that the rate
will probably cot be Increased again In
any event The money powers consider.
It Is understood, that the liquidation of
outside loans Is proceeding aa fast as
can be eipected and that the best thing
under the circumstances la to let It pro
ceed naturally Instead of trying to force
It through high rediscount rates. The
Improvement In the foreign exchange
market continued, with sterling up more
than two cents from the preceding day's
final and other rates generaly higher
on tho day,
HONEY AND EXOHAHGE.
CALL MONET.
MUed CollateraL I All Industrials.
Low f J
T 4 ILllt -
Kefiewals .RenewaU
Tear1! hlrh ITear'e hlh.,
e -i
Tear's low...,
..J6
Teifi law.
TtiTE LOAMS.
Mixed Collateral. I All Industrials.
Slxtr diji 1
Ninetr dm
Poor months 1
Fire mostht I
Six montba t
COMMERCIAL PAPZR.
Prime Indoned uuuisix month
nMtTihle.
Sixty din W4
Ninetr din MfH
Sixtr days VA
Ninety dan 4
Four months H
Fire months I
Six months
UK
Other Nucej.
Three to six
monthi casu
CLEAKIlHU 11UUPJS B1AXB.ME.NT.
Clearlnz House exchinret. I7M.15U75: bal
ances. J701U.4W: Bub-Treaiurr credit bal.
ances, ttii.Oti: Federal Veierre credit bal
ance, SI,SM,4K.
DOMESTIC EIOHANOB.
Boston, par; Chlcare, par; 81. Louis,
15c dlacount: San Fraaclico. par; Montreal.
$ICS ptr tl.OM prnnlnm; ClndnatU, par;
Minneapolis, XOe. premium.'
SILVER PRICES.
Bir silver In New York, f 1.19. uncbanjed !
In London.! SIXdJ off Kd. : Mexican dollars.
MHc. ofl He
FOREIGN EICHANOt
Bterllsr
Demand.
Cable...
Prince
Demand.
Cables...
Mtrke-
Demaad.
Cables...
liormal
rate
of exeb.
4.1X5 Sterhsr
Pari .
Marks
mrh.
S.MX
1J.U
1.M
1.07
Low.
u.w
1.02
1.01
Lait.
VK
MA
1J.H
ll.M
1.01
Tnr.
close.
t.n
14.13
14.10
l.M-
1.0!
NEW YORK STOCK EXCHANGE FRICE5.
Thursday, February 19, 1920.
r
1920.
Day's sales 92B.875
Tear to date 34,896,088
1919.
860,483
18.696.S67
1911.
617,004
1,979,280
r-ClMtat.-t
ilt.
B14.
-Teiterd ft Close
demand
er Checks, Cables.
(.nil
E.1J13
JJ.CH
13.01
1.04
Helftum 11.Z7
China
Hoackonr
Bhinsbal
Greece
Hollud
India
Bombay
Jipaa
Yokohtma
Philippine Islands
Manila .:
Italy
Scandinavia
stocanotm
Chrlstlsnla
Copenharen
Couth America
Rio
Arrentlna (rsld)..
Buenos Aires
Spain
Swltzerlind
103.41 UrmusT L03U
6i.il aussia luurrencyj
HO rubles I.TJ
COO rabies 1
TIME BILLS ON LONDON.
Banker. I Commercial.
m asjt njiwK aays.
M . days J.J7MW day.
.44
U.M
l.K
11 ts
19.S0
4
1144
0.14
M.M
2110
44.41
Hi
41.14
lt.W
(.1111
tl
lit
u.c
41
a
ir.n
li.t6
11.40
14.1S
lM
It
H
17.U
J7
;-;
LCI
11.TS
lH
H
414
.
1I.TS
17.19
Jl.M
tVi.
HU.
i4
17.W
L01U
ISO
....SLUU.
Exports From New Torlc.
Flour, sacks, 36,761. Bacon, lbs.,
650.100. Hay, bales, 3.018. Lard. lbs..
f 3.170.500. Lubricating oil gala, 633,160.
26H
404
65
73
IK
IK
40
89
42
81 .
43K
130
12K
99
22
105
67
92 K
12 K
80K
94
91U
20 y.
6i?;
95
40K
12S
84K
97K
97
94
60
125
102
44 K
16
SO
57K
15V4
26
84
77H
7K
90
145K
110K
34
4SH
lie
IK
22
109K
88
10
13K
9K
20
24K
19H
76
32
124
a ft
49
60
127
58
9
12
5
6
9K
38
&6
87
116
d7s
82
76
17
36
43
38
38
29
GO
42
56
75
18
26
80
11
81 t
1(4
203
100
43
30
93
171
8
14
11
5
10
112
14
23
15
71
85
11
30
95
35
26
14
66
158
237
78
73
86
68
93
78
36
30
30
63
55
13
87
03
4
11
115
112
30
82
21
77
73
43
40
17
46
118
99
29
23
73
11
30
44
27
20
49
150
105
21
50
176
22
34
46
15
71
10
17
28
43
65,.
15
1HK
C5
94
9
74
80
106
4
16
47
101
73
30
31
20
10
97
Dir.
Hal.
32
40
69
75.
1
2
41
90
46
82
114
44
131
13
99
22
105
58
93
10 -A
81
95
92
20
62
96
42
128
85
97
97
95
60
125
103
46
16
58
16
29
84
78
8
93
148
110
34
47
118
1
22
110
88
10
14
10
22
25
20
77
33
124
78
50
62
128
68
10
15
6
7
9
25
38
66
88
in
32
33
77
17
36
43
38
3S
27
55
66
42
57
78
18
27
81
11
81
107
204
105
43
7
172
8
15
UK
6
11
ir
14
23
16
73
87
UK
31
104
36
lit
67
169
237
80
74
88
69
94
79
36
83
32
65
38
66
14
88
64
4
12
M7
113
31
84
21
77
74
45
41
18.
47
120
100
29
30
74
12
31'
44
27
20
51
163
107
26
54
177
22
34
46
16
74
10
18
29
46
50
86
112K
67,
99' I
9
75
80
107
6
15
48
102
73
31
31
21
12
99
3
8
10
12
80c
6
Sales.
10
10
3K
10
12
4
4!
8
21
1.20
6
3K
200 Adams Express
800 Advanco Humcly
100 Advance Itumely pf
209 AJax Rubber
100 Alaska Gold M
600 Alaska Juneau G 11
700 Allis Chalmers Mfff
200 Am Agrlo Chem..
100 Am Bank Koto....
400 Am Beet Sugar
500 Am Bosch Magneto
2400 Am Can
100 Am Car & Foundry
1400 Am Druggist Syndicate..
700 Am KxpreKS
800 Am Wide & Leather
400 Am llldo & Leather pf.
200 Am Ice pf
6200 Am International Corp..
300 Am La France Fire Eng.
300 Am Linseed Co
100 Am Linseed Co pf
2200 Am Locomotive. ......
1800 Am Ship & Commerce.
800 Am Smelt & Uef
100 Am Smolt & Ref pt....
900 Am Steel Foundries. . .
200 Am Sugar Ref
300 Am Sumatra Tob
500 Am Tel & Tel
25 'Am Tel & Tel
100 Am Tobacco pf new...
12000 Am Tobacco Sec
5000 Am Woolen
100 Am Woolen pf , .
100 Am Writ Paper pf
900 Am Zinc. L & Smelt...
200 1 Am Zinc, L & Smelt pf . .
800 Anaconda Copper
1300 Ann Arbor
' 100 Ann Arbor pf
3700 Atch, Top & Santa Fe...
300 Atch, Top & Santa Fe pf.
400 Atlanta, Blrm & Atl.....
200 Atlantic Coast Line
600 At, Gulf & W I SSu...
81400 Baldwin Loco Works."...
6900 Baltimore & Ohio,.
1400 Baltimore- ft Ohio pf.....
200 Barrett Co
200 Batopllas Mining
3600 Bethlehem Motors
100 Bethlehem Steel 8 p c pf
6400 Bethlehem Steel B
600 Booth Fisheries ,
4000 Brooklyn Rapid Transit
2500 Bklyn Rap Tr ctfs dep..
300 Buttetick Co
800 Butte & Superior Cop...
600 Caddo Cent O & R
400 California Pack Co
500 California Petroleum...
5600 Canadian Pacific
2300 Central Leather........
1100 Cerro de Pasco Cop
100 Certain-teed Prod Corp.
4700 Chandler Motors
6500 Chesapeake & Ohio
500 Chicago & Alton
100 Chicago & Alton pf
400 Chi & E 111 En Tr ctfs..
1000 Chi & E 111 pf Eq Tr ctfs
2400 Chicago Gt Western
2200 Chicago Gt Western pf . .
10700 Chicago, Mil & St Paul..
10000 Chicago, Mil & St P pf..
2100 Chicago & Northwestern.
400 Chicago & Northwest pf .
34700 Chicago. R I & Pacifle...
1800 ChL R I & Pac 6 p c pf i .
1600 Chi. R I &'Pac 7 p c pf . .
1200 Chile Copper
300Chlno Copper
300 Cleve, C, C & Rt Louis. . .
2400 Coca-Cola
200 Col Fuel & Iron
2500 Colorado & Southern
100 Colorado ft South 1st pf .
400 Columbia, G ft Klec
2600 Columbia Graphophone. .
300 Consolidated Cigar
300 Consolidated Gas
1000 Con Interstate Cat Mln..
300 Consolidated Textile
100 Continental Can
100 Continentals Candy
3700 Corn Products Ref.
JOOCorn Products Ref pf....
20800 Crucible Steel Co
..400 Cuban Am Sugar pf
iSOOCuba Cane Sugar
100 Cuba Cane Sugar pf
800 Delaware ft Hudson
800 Del, Lack ft Western....
1400 Denver ft Rio Grande. ...
17000 Denver ft Rio Grande pf .
600 Dome Mines...
400 Duluth, S S ft 'Atl
600 Duluth, SS&AU pf
1400 Endlcott Johnson
8300 Erie
5300 Erie 1st pf
700 Erie 2d pf
600 Famous Players-Lasky..
400 Famous Players-L pf . .
360 Fedoral Mining ft Smelt
200 Federal Mln ft Smelt pf
100 Fisher Body Corp pf...
2600 Flsk Rubber ,
2550 Froeport Texas
400 Gaston W & Wlgmore..
600 General Cigar Co
600 General Electric Co
24200 General Motor Corp
100 General Motor Corp pf..
600 General Motor Corp deb,
100 Gen Motor Corp deb 7 p c
2600 tioodrlch IS F
2300 Goodrich, B F pf
6000 Great Northern pf
600 Great Northern Ore ctfs.
100 Greene Cananea Cop....
100 Gulf, Mobile ft North pf .
900 Gulf States Steel,
100 Hendee Manufacturing ..
600 Haskel ft Barker Car....
400 Hupp Motor
300 Illinois Central
700 Inspiration Con Copper. .
3400 Interboro Con Corp
2200 llnterboro Con Corp pf. . .
200 Int Harvester Co new. . .
100 Int Harvester Co pf now
6400 int Mer Marine
2700 Int Mer Marine pf
900 International Nickel ....
1300 International Paper'
100 Inter Paper pf stpd
300 Iron Products Corp
100 Jewel Teapf
3300 Kansas, City Southern...
BOOIKansaa CitySouthern pf .
300 Kelly Springfield Tire...
100 Kelly Spring T-8 p c pf..
UOOlKennocott Copper
800 Keystone Tire ft Rubber.
600Loclcawanna Steel Co...
700 Lake Erie ft Western....
600 Lee Rubber, ft Tire
1000 Lehigh Valley
700 Liggett ft Myers Tob rts.
300 Loews. Inc
1900 Loft Inc
,100 Loose Wiles Biscuit
600 Lomiard, v, tod
300 Louisville & Nashville...
100 Martin-Parry Corp
100 Maxwell Motor 1st pf....
21100 MejfJcan Petroleum
800Miaml Copper
IK
10
2400
3600
300
9800
4400
19100
2200
1000
1.20 11700 Middle States OH.
MIdvalo Steel ft Ord
Minneapolis ft St L new.
Minn, st p ft s s
Missouri, Kan ft Tex
Missouri, Kan ft Tex pf.
Missouri Pacific
Missouri Pacific pf
National Aniline ft Chem
vEOOlNational An ft Chem pf.
100 National Biscuit Co
100 National Cloak ft Suit...
200 National Cloak ft Fult pf.
600 National Conduit ft Cable.
400 National Enam ft Stamp.
1800 National Lead Co
-100 National Lead Co pf
11X)0 Nat R R of Mex 2d pf. ..
300 Nevada Con Copper,
1600)New Orleans. Tex ft Mex
300 New York Air 33roke. . . .
9400 New York Central
400 New York, Chlaft St L..
22800 New York. N H ft Hart.
2300 New York. Ont ft West..
600 Norfolk Southern,
1200 Norfolk ft Western
6pw J lilsV I Low-1 Clee- I
t lai.1 eel I est. I taf. cialife.
81 31 31 31 f Vl
40 '40K 40 40K
69 69 69 69 1
73 73 73 73
1 1 IK IK ..
1 3 1 3
41 41 40 40
89 89 89 89 IK
40 40 40 40
82K 82 81 81 1
113 114 112 112 1
44 44 43 44 K
129 129 129 129
12 12 12 12 ..
97 99 97 95
21 22 21 22
106 106 105 105
58 58 53 68 ..
92 92 90 92
13 13 12 13 K
80, 80 80 80
95 95 95 ' 95
91 91 90 91
21 21 20 20
63 62 62 62
95 95 95 96 1
41 42 41 42
127 128 127 128
85 85 84 84
97 97 07 97
97 97 97 97
94 94 94 94 1
59 60 58 60 1
125 127 124 125 1
102 102 102 102
46 46 46 46
17 17 16 16
63 54 63 54 4
57 57 66 67
14 16 14 16 1
26 26 26 26
83 85 81 84 1
77 77 77 77
8 8 8 8 U
89 89 89 89
146 146 146 146 2
111 112 110 110 1
32 84 32 34 1
46 46 45 46 2
118 116 116 116
1 1 1 1
22 22 20 22
110 110 110 110
88 88 86 88
10 10 10 10
12 14 12 13
9 10 9 i U
22 22 22 22 1
25 25 24 24 IK
20 20 19 19 1
78 78 77 78
32 33 32 32 ;
120 124 120 124' 3
78 78 77 78 U
60 50 49 49
60 60 60 50
127 128 126 128 1
53 68 53 68 3
8 10 8 9 3
15 15 15 15 4
5 6 5 6 2
6 7 6 7 1
8 9 8 9
23 25 23 26 2
36 39 36 38 2
52 56 62 66 3
84 87 84 i 3
116 116 116 116
28 '33 28 32 3
63 65 63 65 2
70 76 70 76 5
17 17 17 17 ..
86 36 36 36
43 46 43 46 3
38 38 36 38
38 38 38 38
24 27 24 26 2
60 60 60 50 2
56, 56 66 66 1
42 42 41 42
56 . 56 56 56 1
77 78 ' 77 78
18 18 18 18 .
27 27 26 26 1
30 80 80 80
11 11 11 11
81 81 80 81
105 105 105 105 H
208 208 202 203 2
100 100 100 100 6
43 44 43 43
80 80 80 80
92 93 92 93 1
172 172 170 172 2
7 8 7 8 1
13 15 12 14 1
11 11 10 10
5 5 5 6 1
9 11 9 11 3
113 114 112 112 1
12 14 12 14 1
21 24 21 24 3
14 15 14 15
72 73 70 71 2
87 87K 87 87
11 11 11 11
30 30 30 30 1
99 99 99 99 2
35 35 34 35
25 27 25 26
14 14 14 14
66 66 66 66 .
157 168 157 168? 1
239 239 233 237K
78 78 78 78 K
73 74 73 74
87 87 87 87
,69 69 68 69
94 94 93 94
76 78 75 78 2
36 37 36 46
33 83 33 33 2
30 30 30 30 K
64 64 62 63 2
88 38 38 38
66 66 65 66
14 14 13 14
87 '88 87 88 1
64 54 63 63
3 4 3 4 ,.
11 12 11 12 1
115 116 115 116 1
112 112 112 112 1
31 31 29 31 U
83 84 82 84
21 21 21 21
77 77K 76 76 1
73 73 73 73 3
43 43 43 43
40 40 40 40 -f
16 18 16 18 1
45 46 45 46 1
117 119 116 119
99 99 99 99
29 29 28 29
29 29 29 29
74K 74 72 74
10 11 10 10 1
29 31 29 31 1
43 44 42 44 1
16 16 16 16
27 27 27 27
20 20 20 20
49 49 49 49
162 152 149 160 6
104 104 104 104 1
26 26 26 26
50 50 60 60
173 178 173 176 1
22' 22 21 22
35 85 34 34
46 46 45 46
13 15 13 15 2
70 71 70 71
.8 10 8 10 1
13 18 18 18 4
26 29 25 28 3
41 46 41 46 4
, 55 55 54 65 K
I 85 86 85 85 1
112 112 11! 112
65 65 65 65
94 94 94 94 2
9 9 9 9
75 75 74 74
83 83 81K 31 2
106 106 106 106 1
5 5 6 6
16 16 15 15K
44 47 43 47. 4-3
100 100 100 100 1
71 W 70 78 2
.29 30 29 30 4- 7
28 31 28 31 '4- 2
17 20 17 20 4-3
UK 13 11 13 4-2
95 98 93 98 2
GOMP Of WAIL STRE8T,
tf r t
Haltroad dfcr Market.
Of the total of 035.870 shares of Hock
old yesterday on the floor of the New
York Stock Exchange 372,600,or consider
ably more than a third, were those of
railroad corporations. Approximately the
same ratio was evidenced In the bond
Bales. For two periods of the day one
at noon and the other in the. final hour
trading In the railroad chares prac
tically usurped the business, and the
erstwhile leaders, the industrials, mo
tors and oils, were sadly neglected.
(Jains ranged from two to almout five
points, the greater enhancement being
exhibited in the little rails, prospects jof
which under the new railroad measure
oyer speculative possibilities. Profes
sional operators, who play for a quick
turn, were the heaviest buyers, but some
substantial Investment buying came
from purchasers not only in New -York
but from the country at large. Phila
delphia and Chicago, In particular, eent
In large orders for rait otocks. It was
Uie first real' rail market of the year.
In fact, It was the first day slnco the
Government assumed control of the rail
roads that any sort of Bltable' upturn1
has been recorded In this group.
Welcome It atl Market.
Wall Street would like to see a gen
uine bull market In the rail stocks for
more reasons than one. , For one thing
railroad securities are so woven Into the
warp and woof of banking credit- that
any developments which would Improve
the rails by the same token would im
prove banking credit. Another thing,
many people hold that It Is a safe check
rein on the wild speculation in indus
trials If a part at least of this energy,
enthusiasm and capital can be directed
lntorallroad channels. The instance of
a man carrying 100 shares ot Steel
common was given yesterday. Dispos
ing of this, he Is able to carry at least
300 shares of one of the email rails and
at the same time makp leas of a call on
bta brokerage balance. Still another
reason Is the fact that the banks are
much more kindly disposed toward the
railroad shares in their loan portfolios
than toward the more volatile indus
trials. Mixed collateral has become so
one-elded that It can almost be classed
aa straight Industrial. The banks would
like to eee it work bade to a qfty-flfty
percentage. It is for these reasons that
Wall Street is turning; heaven and earth
to Interest speculators and investors in
rail shares.
r
Vtha Owns) the ItallroadaT
' Who owns the railroads, and Just ex
actly where Is the buying power behind
the current inove7 These questions are
uppermost In Wall Street Just novf; The
answer most 'frequently given to an In
quiry for the reasons for the sharp move
Is that Wall Street haa comparatively
no railroad stocks. Not In years. It Is
said, haa the floating supply 'In many of
them been so smalt They have Just nat
urally filtered opt and have been passed
on the way by the Industrial stocks,
of which Wall Street has considerably
more than It needs, coming back. In con
sidering the problem aa a whole a stu
dent of the situation declared yesterday
that an analysis will show that the rail
roads themselves aro large holders of
tl.elr own clocks, probably the Jargest In
their history. He added too that scale
buying to average losses will take care
of a great many shares which have dis
appeared. 'U can give you a typical
Instance," he declared. "This man pur
chased 1,000 shares of B. and O. as an
Investment. Ho paid more, than double
the present celling price of the stock for
Ills first 1,000. Since the rails reached
their present low estate he haa purchased
7,000 additional shares of this stock on
a scale. He will undoubtedly make a
profit on the entire transaction." An
other theory advanced yeBterday was
that many of the rail stocks, thrown
overboard to establish tax losses, are
being retaken by investors, now that
they have started to move.
Not a Fountain of Yon IB.
A great many people have Jumped to
tha conclusion that the new railroad bill
Is going to be a sort of fpuntaln Of
youth for the rails, that any poor, old
decrepit, overcapitalized line could be
led up to tho fountain, imDloe' a tew
drinks and Immediately frisk about Its
business in a rejuvenated state. , Such,
unfortunately, Is not the case. It Is the
opinion of many peoplo who have "studied
tho new bill carefully that the' earnings
of several of the roads for the, next few
years, under the provisions of this bill,
would not warrant a higher market
price for their stocks than they sell for
at present Chairman Each, one of the
framerB of the measure, made plain yes
terday that the 6 per cent, clause of the
bill was not to De taxen in any sense as
a Government guarantee. "Section 6, as
it Is called," he says, "does not guar
antee a 5 per cent, annual net oper
ating Income on tho aggregate value of
the railway property or a 6 per cent
return. It simply means that tnere will
be a set rate at return upon the val
uation of the roads, and then it is left
for every road to struggle to make what
It can. There will be some roads that
will not make moro than a return of
3 or 3 per eent possibly, and the Gov
ernment will not make up the difference.
Others will earn much more and prob
ably exceed the 5 per cent or 6 per
cent rate, In which case the Govern
ment will use tho excess earnings as
stated in the bill. This Is why It Is not
a guarantee. The Government does not
make up a deficit On the other hand
the Government shares in the excess."
Flcklnsr Oat the nails.
Practically every house in Wall Street
has prepared for the move in rails by
picking out a list of Just what roads
may be expected to pront most oy,tne
return to private control under the pro
visions of ths Cummins bill- The lists
differ very widely. One house's meat
appears to be another's poison. Ail ap
pear to agree on the probability of the
non-dividend paying rails receiving the
greatest benefit, and strongly advise the
purchase of them. A large house' came
out flatfootedly yesterday in this fash-:
ion: "Shut your eyes ana pick any
rail stock. You can't go wrong." Still
another sets forth aa approximately the
percentages some of the prominent roads
should earn under the new conditions
as follows: Atchison, 8.3 per cent
Chesapeake and Ohio, 7,6 per cent.
Chicago, Milwaukee ana Ht Paul, 7.9
per cent; Colorado and Southern, '.s
BONDS IN NEW YORK STOCK EXCHANGE
Thursday, Fefenwury 19, 120.
ac-'j ,
1920.
Day's sales -v...-....- 13,820,009
Tear to dat , 666.754,000
:19,
313,292,000
4D8,4M0O
HANGB OP LIBERTY BONDS.
Closing. Sales (In
Bid. Asked. Yield. $1.000a)
96.60
90.30
90.10
00.90
90,60
92.90
90.80
97.70
97.06
T1 SUa 1932.471
43 1st cv. 4s (1932-47)..
122 2d 43 (1937-42)......
-95 1st CV. 4B (19HiJ'
1,106 2d ov. 4 (1327-42).
' .. lst-2dcv. 4Kb ('32-47)
i ws M AUB (1928)
2488 4th 4K 22-22
i -in,, in. 1002.131... 97.78
07.701 4.29 1.295 Vic 38 (1922-23)... 97.78
96.70'
90.40
90.20
91.00
.90,64
92.92
90.82
07.76
3.70
4.61
4.69
4.83
4.92
G.29
4.99
6.31
Open.
98.70
90.40
90.30
91.00
90.68
93.12
90.90
High.
99.70
90.40
00.30
9L0O
90.68
92.13
90.94
97.80
97.76
Low.
90.44
90.30
90,10
90.80
90.50
92.90
90.76
97.72
97.61
1918.
$6,385,000
174,407,000
Net
last Chgs.
96.60
90:30
90.10
90.90
00.68
92.92
90.78
97.70
97.70
.10
.08
4)
.12
.02
.00
,06
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4)
TferritoiyofHawaii
Gold Bonds
13
Ufrtiottal
ucSept. 15, 1949
Sept 15, 1939
- . 1
Exhmpt from all Fed
eral and New York
State Income Taxes.
Description Upon ttequetl
Price to yield 4.30
EnItti(Hid&Ca
33 Pine St. New York
Union Arcade Bldx. PitUburth
BID AND ASKED QUOTATIONS.
lOOtt 101
104 10CH
1W
Ut
101
Ml
lot
11
SI
ts
as
K
N. T. STOCK EXCHAJiUSS mjwaiiu.is.
UNITED STATES G9VERKMEXT BONDS.
Bid. Ate.
rrl,Urd "
3s, coupon ..
w. v . .........
ts, coupon V"": ill
:, Panama, IBS, rerlstered ..1W
ts, Panama. 13. coapon...., ...JW
5. Panama, 1SSJ, rerlstered 100
Panama. 1131 coupon 108
3s, Panama, registered. M
Js. Panama, coupon..... ....... .......
Phil. Itu lana putcdw
Phil. III. pubUo worka 4a, 1J.... J
PhlL Isi pubUO works ts. 15M.... 0
District of Columbia -85s 17
FOREIGN BONDS.
Anxlo-TYench Exfem. St. U K4
Arcentlne Intern. M1S.. ......... 7J
Canada, Dominion ot, notes. Int.... kh
Canada Dominion ot. Ss. 1321 Wi
Canada, Dominion of, IMS. JJU
Canada, Dominion of. 13.....". 3M
Canada, Dominion ot 3s3L 11
Chinese Got., Hu Kog Ry. Sf, US1.. 41
Cuba Extern, fit,
Ooba Extern. Ss, eeriea A, S5U..-.. M
Cuba Extern, tvt. 1
Dominican Bep. 6s, 1963....
City of Lyons ti jr. ta, 3t Mil
Cltr of MaraeUlea U rr. (s. lUi.... MU
Qty ot Bordeaux is rr. cs. l4
French. Paris aty t, WIJ
Japanese Oor. ta, sterl. loan, 1325,
i.mnMi nar. 4Usl 2d aeries. IKS.,
JaDaneto Got. 4a. sterL loan, U1I.,
CmHiwi on JPotloteMp' Pap,
per OTu, . -,.u iu n. i. E rr. H4a 1M1
wentern, st.z per cent.; tuinois tjentrai, 5" n n. L 1 rr. ttis. 1M3.
11.8 ter cent: xhlgti valley. 11.7 ner In v o. n. a, i. w rr. fHs. u,
cent.; Missouri, .Kansas ana Texas, s.s
per cent; New York Central, 0.8 per
oent: Pere Marquette, 6.8 per cent;
Southern Pacific, 11.7 per cent; Union
Pacific, 10 per cent, ana Frisco, 3.7 per
cent
MH
71H
T1W
MH
MV4
tiH
sow
it k. a. n. A I. 20 tt. sua. 1137... ITU
Mexico Extern. tterL Ca of '13, Ufi. as
Mexico Extern, c.iid ta of 0t, 19M ..
MH
sm
42H
71
10
90',4
90H
MV4
n
, 73
73
ii
t4
U
SITa
HU
Stt
S3
General Motors.
aostnr prices ot atocks in which there were
no transactions yesterday:
Bid. Aik.
Al Ch M vt I2H n
A A, Ch pf. 91
Alb ft Buaq ..
A Bit H pf. 4i
Am B B pt tt
Am Bk 8a. 17
Ths report that temporary certificates
of General Motors new stock will be
Issued immediately instead of on May 3,
aa heretofore planned, current' In Wallt
Street yesterday, caused considerable
comment Evidently it toreoaat ft chantre
In thsi financial plans of General Motors.
By ths immediate issuance fo the
vrttrVatea. in Twt laaned n thft haala' ot?
ten for one for the old Btoefc, the latter ttKi-";
.v.vh m tu. wttMji kin . Mth 1 am j u. 1
A3 Of.
Am Can pf. S
Am O P pt.113.
Amer Coal, ts
Act Ot Oil H
to pf-
Am Inter..- SJH
probably vlll be retired vithln a month
or so and the new stock utilised as tha
trading medium. General Motors when
issued stock has sold as high as ii, and
is quoted around B4. At that .figure
there exists a considerable discrepancy
between the bid stock and the new stock,
which undoubtedly will be. straightened
out in the market within ths next few
days, r
FemnsTlYsnta Crnde Oil MaWfcet
On, Crrr, Pa., Fen. l.-Credlt bal
aaces S5.(S, Buna, 46,888 j average,
T.63S. Bhlpmenta, Sf.SKt average,
li.MO. J
Am n Bee A H
AStPdypt 11
Am.Snufl... 93
Am Bur ntUt
A S Tob pf tr
Amer Tob.. -2SJ
ADryGlpt 49
do ut pf . n
do fd nt..
Asset Ileal. 1
Aiiona uii.iu
aoJjWI nt.. eo
Ai iieaanraax) km
da PL.....112U UHt
Anto Bales, t
do-Pt M MU
BaU2pL.n MU
BaraaH X,., C7 nt
de Pi 91 Mi
M
ISO
St
tl
uo
too
100
lli
64
4S
17
M
Ut
a
M
H
106
11
ft
It
4
1W
68
Bid. Ask.
1 amu pr.jos lot
ueeca Wi..
Beth 8teeL. 13
do 7 tl
Bkn Edison M
Btm Va Oasj tl
Brown Shoo M
do pt at
Bronewka., u
Bnf ft Busa ..
Bnft ft A pu.
de pt. ...
Bursa Broaus
do pf. r)
Bash Term, ..
fPk ptllT
Cal Pet pf tt
Cti ft Aril, M
Can Bonth.. 41U
Case pt.... It
Cent Wy, ts
ao pi. u
n
102U
97
57
lot
97
T
W
tt
JM
Ut
119
100
1M
TO
CS
SO
f
0 iMth nt.lM
cur oTIrjjtj
O fl A Tel. .109
Cert Pd lit I4U
do W pf.. II
Chi Pneu T S3
O St P ft 0 Ct
do pf. 99
a reabsdy. is
do pt....JN
107
as
UIU
H
ts
104
tt
t
m
101
Bid. Aik.
Col tt B Ipf 43 it
CelGrphpf .. 90
Comp Tab., tt ts
Con Or pf. 77U to
Con Can pMOl 108
Con Iniur.. 73 75
Crez Carpet SI Ct
Cm eti pt.. tt 97
Cab A Bu-.390 4S
Deere pf.... 90 101
Det Edtion.103 107
Det United. tC 97
Diam'nd M.115 12s
Durham H. St 44 ,
do pt 93 lOltt
Elk llcrn V 32 U!4
do pf. 33H t3
Elec St or... 130 13S
Emer Bran, n a
do pf S3H tSU
Endla J ptlOOK 101
Erie Sd pf.. ISg It
Talrbanks.. .. 73
do nf. tt
Fisher Body .13
Gen Chem..U0
do pf......
Gen Clrt pt 93
do deb pt 30
Granbr 37U
Gray A D... S3
Gulf MkN.. S
iiarunann.. wvj
iiomeaiaxe,
Int Arrl.
do pf.....
Mot T.
SO
lttt
79
7t
. S3
Int
do Ut pf
do U nf.
Int Kick pt ti
int no pi. n
Int Salt.... cm
Iowa Oent. tH
Jewel Tea.; It
Jones Tea.. 23
Xayatr 104
do lstpf..lftt
Rtl BpTpt 93
Eel WhesL 87
do pt. 9t
Keo ft DM t
do pt M
Ereste S 8.148
do pt 101
Kress B II.. 7t
do pt DO
LaoiedeGas 40
LBAW pf 15V
Un it M..1SS
do pt. lot
Isnrri 5f l
L-W 1st pf M
dn Id pt..Ul
Uachattsa. 48
Van Beach.
Man Shin..
Mackay..... tt
de pf-.,..
Mas Bursr.Ut
do Pt.,.n 95
MnUn R... tt
Math Aik.. 99
May Dep 3.111
do pf.....40t
Harwell.... 38
do Sd pf., KM
Hex nt pi st
Mich Ceat, tl
MSHMpt... tl
MB8MUU., SI
Mob Pow., tl
dopt...., 99
Manias By, tl
do pfM.. 17
1
ISO
nK
in
to
49
tt
10
tt
es
17
71
U9
7t
(t
t
119
,17
Zt
IIS
Ut
lVk
TO
17
S
89
US
101H
17
n
17S
107
lf
101
us
tl
s
so
TO
tttt
ru
100
TO
n
1M
Ut
9
93
100
91
tt
109
41H
Bid.
Mor U Es,. 70)1
N C ft BIT. s
Nat Acme.. CU
Mt Bis pr.113
Nat E43 pt 99
KRyMlpf ..
irrUckftW SS
NYOJkf Upf . CO
do 2d nf.. 45,
N Y Dock.. 34
do pf. tl
Nlar PP pf 1.
North Am.. S3
Ohio Fuel.. 41
Otis E1ST...123
Otis Btl pt. ..
Owrni B pf ..
Pac Coast.. 35
do 1st pt. 60
do 2d pf.. t5
Pac Der.... ss
Pao Mall... so
Pao T ft T S3
do pf. T0U
Parish ft B. KV,
Penney pf.. 90
Peoria ft E. 13
Pet-Mnl..,. S3
do pf-.... 19
PlerceArptlOO
POCaSti... CO
Pitta CI pf Ii'.
PFWAO pf.2H
Pitts 8U pt S3
PAWVapt 73
PabSerrice
ItyBtSp pf..lO
Royal Dnt.lOJU
Ren ft 8ar..l01
Reminrton.. 79
ao ut pi,
do 3d sf.. 93
Beplosle Stl a
Sears Roebu
do pf-....U4
eioMSpf.. 99
8tI4t8Wpt. a
8 Porto Bnr.Ul
Stand M1U..12S
do pt to
Sludeb ptJOO
Sup BteeL.. U
do pt loott
Tex Faclr.249
Tide W OiUTO
Tob Pd pt.. SOH
T81L4W 8
Co pf...... IS
do p li
Twin aty.. St
. ..
Underwood 179
do PI....J09
TJn BaarftP.. tt
Un Ctr Stalto
do pt 10
T7 Drua- lpt 4U
00 n pi..u
Ask.
7t
113
H
Ut
iooh
II
fi
41
17
SO
1M
SS
41
Ul
17
97
49
100
CO
7t
87
S3
70H
u
ft
II
101
a
90
131
91
71
S3
107
103H
117
tl
954 100
1J
40
IX
Ut
1
K
us
140
93
103
Itf
,249
HO
98
11
S3
49
TJ B Expr..,
UBOlfPt.. 48
TIB IaAiptlOO
Va O o pf-iss
Te 1 ClftO... 90
West 1st pf ttu
West Air B.ttt
Wllion pf.. 9S
WllOrerpf n
Wool worth MS
Wihrta pfA ts
177
1
II
S3t
149
tift
1U
SO
I
lot
U
es
ut
17
S3
my
IS1
NEW ISSUE
French Government
S, Premium Loan
Redeemable by semi
annual drawings at
50.
We are auiJioraecl by
the French Govern
ment to accept sub
scriptions at the offi
cial price.
Yield About 5.
Herrick & Bennett
Mmltn Nets YotiSht Exckantt
66 Broadway, New York
TeJephone Rector 9060
Non-Speculative
8 Investment
Associated Industrials Corp.
First Preferred Stock
at pan
Authorised $500,000
OuUtandlnff.., $115,000
This Stock has recently
paid Its 28th consecu
tive dividend and is
backed up In liquid assets
to over S2S0 per share.
Pqilailsn en RtqucsL,
t
Hallowell & Henry
Intestmad Stcatilla
27 Pino Stress, New York
Telephon John 3456
Investment
Securities
R.C.MegTrgel&Co.
For Sale 100 Shares
Joliet & Chicago R. R.
J.K.Itice,Jr.&Co.
Pbwr46Wt4flWJolffl. J6WiUSt.,N.Y.
STANDARD
O
I
L
CWtLH.WOffZHElMERiCa
rkMM 4lttl-S-M Brtaa. SI BroaUUrtt.
WXEXLT
1TJXMABT
ON
IXAXDABD tMS
ZMCJM
ItAILKD
10
DJTEaTOM
ON
FALES & CO.
UmAtn N. Y. Etoct EitteW
' 71 BROADWAY
T&pteni jut BevHs Omn.
toch. & Metals
Nat. Bank
- ' Stock & Right
CLINTON GILBERT
2WtH SlN.Y. Tel. 4S Rectw
5)
1 J jWntl,
alttut .tVrt'n a
. ' ir.. tf

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