The Sun and the New York herald. [volume] (New York [N.Y.]) 1920-1920, February 21, 1920, Image 10

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The Sun and the New York herald. [volume], February 21, 1920, Page 10, Image 10
About The Sun and the New York herald. [volume] (New York [N.Y.]) 1920-1920

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The Sun and the New York herald. [volume] (New York [N.Y.]), 21 Feb. 1920. Chronicling America: Historic American Newspapers. Lib. of Congress. <https://chroniclingamerica.loc.gov/lccn/sn83030273/1920-02-21/ed-1/seq-10/>

Newspaper Page Text

nVm ii i4ati tiriMwmmHMi
I'
10 4
j jl Phone, Kettct CGM 1 1 j
Josephthal&Ga
J 120 Broadway, NetfVorfc
I! Manltri j
II Mu Vori SM fathatiH ' I II
I Foreign
Securities
ill n.i..4H 11 1. am till !
Principal Cities
Hew French B Loan
Japanese Govt. Bonds
German City Bonds
German Industrial Bonds
Foreign Currencies
and Exchanges
NEWBURGER,
HENDERSON & LQEB
Manias Nat Yot Stock Bzchantt
100 BROADWAY
Foreign Dept. TeL!ector7060
Rock Island, Ark. &
Louisiana
FIRST 4&s, 1934
These bonds are now
Belling on the New York
Exchange between 61
and 62. Yield at this
lerel about 9.30.
We feel that they pre
sent a splendid invest
ntent opportunity at any
figure under 70.
All Orders Executed at Market
Carstairs & Co.
Members Philadelphia and
New York Stock Exchanges
71 Broadway, N. Y.
1419 Walnut Street, Phila., Pa.
Suggestions for Investors
may t5e had on request
A. B. Leach &: Qo., Inc.
Investment Securities
62 Ce-nr F.. Ne York
Chicago Philadelphia Boston Buffalo
Cleveland Baltimore Mlnneapolli
MONTGOMERY & CO.
Bono's a. Nbtct --!Pnfcm$ StocLi
Philadelphia - New York. Chicago
IN all investment matters the Bond
Department of this Company offers a
thorouthly dependable service.
Guaranty Trust Company
of New York
REDEMPTION NOTICE.
Chitaio aid Western Indian Railroad Ca.
GENERAL MORTGAGE BONDS.
TnutM.' Ornce, Itoom 31 (5 th Floor),
AUlls Building.
New York. Feb. 0, 1030.
The Trustees hare this day deslznated. br
tot, the following: '
3357
3(11
8477
&310
SS2S
3M5
ZM
8188
2711
27M
3888
2943
SS75
4010
(041
MM
203
204
301
310
434
093
CSS9
6087
8770
7027
7038
7078
7083
7249
7390
7.02
7024
7704
7703
7783
7844
TOW
7972
row
M7S
8183
&206
6449
8493
8525
E79S
6803
6907
9160
9183
9290
B389
9724
0842
9893
101S7
10237
10240
10200
10248
1U490
10317
10303
10090
10789
10S21
10828
10881
10484
11012
11017
11013
11118
11238
11523
11331
11034
.309
4347
410
.893
.903
ton
125
aa tht numbers of the 127 bonds, issued under
the trust deed of the Chicago fc Westers
Indiana Railroad Company dated December
lat, 1883, to be redeemed, by the operation ol
the BlnkUVt Fund on March lit next, at the
cCttoe of Mecan. J. P. Morgan & Co., New
York, at 105 and accrued Interest to that date.
RetHteral bonds hoc Id be accompanied br a
power ot attorney transferring them to bearer.
The following are the numbers of bonds pre
viously drawn for redemption but not yet nre
seated for pay meot :
2423 3429 3031 303 12748 13932
CHARLES IL RUKMELL.
HERBERT L. BATTEKLBE. Trustees.
THE Farmer! and Merchants' National
Sank, located at IJoiwell la th. State ot
Oklahoma. Is closing lta affairs. All not
holders and other creditors of the auoela
tlon an therefor, hereby notified to present
the notes sad other claims for payment.
E. IRBT. Cashier.
Dated I Jannerr . 120.
BROSXRS, consignees wanted everywhere
In th. provinces and foreign parts. Ad
dress UIBSENARD-LACES, 316 hue de la
Convention-Paris. France
BIYTDENDS AND INTEREST.
GREEN BAT Jt WESTERN RAILROAD CO.
in. jjoara oi mreciors nai.nxea ana de
clared Flv. Per Cant to be th. amount
parabl on Oats A D.bcnturet, a dividend
of rive Per Cent, to be payable on th. cap
ital stock, and one-eighth of On. Per Cent,
to b. th. amount parable on Class B De
benture., out of the set (arnlnga for th.
rear 1319, parable st No. 40 Wall Street.
New York, on and after February 21, 1020.
Th. dividend oa th. stock will be paid to
stockholder, of record at th clot, of but!
sua ;a-ur, S3, IJCS.
Dattljribruarr 6. ISM.
V
I' 3. Ytf. Dft-Y BaaJ. Stwa
FINANCIAL NEWS
AND COMMENT
DaV
'Tear
Bccovtiry In Stock Mnrltot Still
Continue) nntl Industrial
Trading1 Broadens.
mi.
Bit.
m
40
11 5i
1
41
89
BAIL 6IIABE8 HOLD BACK
81
40
88
116
Motor Stocks Mako Most Sub
stantial Gain, With General
Motors Leading.
44M
181
48
12
97
Th recovery In stocks made further
notable prorreu In yesterday 'a session
on the Stock Exchanre and the upward
movement vu again strongly cmpha
slxed by a general broadening out of
speculation In tho Industrial stocks,
which have ah own a tendency to las be
hind In the recent activity In tho rails.
107
G5H
94
81
93
81
21
White tho ralla wcro by no meana neg
lected, nevertheless it was an Industrial
market pure and simple, with perhaps
three-fourths of the activity centring
tho industrial group. The Industrial
stocks continued upward all day without
85
42
92
125
65
97
any let up, except in the last few min
utes of trading, when some profit 'taking
was encountered: while the railway
shores held back, no doubt on account of
! callzlnt- and other technical considera
tion which have to be taken into ac
84
9
128
47
18
sou
count after such an advance as has been
scored in those shares in the last week.
Still, they acted well, all thlngi consid
ered, with the low priced Issues strong
enouch to attract attention throughout
the day.
It was sUIl a case of technical condl
tlons in so far as the advance in the in
dustrial list was concerned. The market
had been sold to a standstill and tho
tear contingent realizing that no fur
ther progress could be made In the lead
ing Issues under present circumstances,
rushed to cover short commitments when
the market turned around at the outset.
The trading was also Influenced to some
extent by the coming extra holiday at
the beginning of next week. With the
rffflvAtt.. Kill ,
68
15
CI
E5
83
77
8
87
151
C2
112
T9
34
47
117
105
23
83
110
1 traders wished to take chances on the
88
11
13
9
96
103
9
26
20
78
33
70
121
78
104
109
50
128
07
9
5
S
10
nr
38
54
87
32
63
74:
C2
90
short side with the possibility of Impor
tant developments in this connection be
fore business Is resumed next week. If
the rails had gone down to any consid
erable extent it would have influenced a
resumption of the aggressive tactics on
the part of the bears : but with these It-
J sues holding their own in the face of the
recent advance tne hears figured that
, the trend of tilings was upward, at least
for the time, a circumstance which was
, borne out clearly throughout the whole
of yesterday's session on the Stock Ex
change. The most substantial advance occurred
in tin motor stocks. They had been
hammered continuously since tho hie
break, first on the ground that they were
still too high and next on the theory
that the recent storms In the East and
middle West would hamper their ship
ments. Discovering yesterday that they
would not yield further, the bear con
tingent turnfd to the other side of the
market and ran up such issues as Gen
eral Motors, Chandler, Studebaker and
others violently. But they were not the
only outstanding features by any
means. The steel stocks were well
bought all day. with the short interest
In Republic receiving another very
severe beating. The same tactics also
were applied to the other industrial and
oil stocks, with Mexican Petroleum. Pan
American, Texas Company and some ot
the lower priced issues advancing vio
lently. There was early strength In the
low priced ralls,but the" activity did not
last long, although molt of the rails held
their strength to the closing.
There was no change In the money"
Fltuation In spite of the upward ten
dency In stock market prices; Money
opened, renewed and loaned all day at S
per cent., an unusual circumstance for a I
Friday session. As a rifle the extra de- i
mand for money on Friday to carry
Btocks over the week end always results
'in advancing the rate on call funds
above the normal G per cent. Much
comment was heard In financial quarters
again over the possibility of an Increase
in the rediscount rates, but as was stated
In this column on the preceding day
bankers In position to know what is
going on In money circles do not expect
17
30
38
38
25
5C
4:
46
'55
79
19 !
11H
Sl
52
205
97
44
80
924
171
7
14
11
any further increase. Tney oeueve tnai
the Uauldatlon In commodities Is pro
ceedlng as well as could be expected and
4
21
121
100
14;
that another Increase In rediscount
rates would only tend to complicate
thlnzi The foreign exchange market
was quiet, with sterling up again sharply
after the opening, me aavance, now
ever. in exchange was checked around
23
15
midday by profit taking and rates re
acted somewhat
86
12
MONEY AND EXCHANGE.
CALL MONET.
Mixed Collateral. I All Industrials.
Hirt IHlrb f
30
126
36
26
14
66
Low Low
Last Lt
Renewal Renewals
Year1 htrh K lYear's hifb 23
Tear's low lTeir'a low t
rum loans.
157
230
73
70
93
39
34
78
37
33
C3
86
36
56
14
87
54
4
12
19
71
Mixed Collateral. I All Industrial.
Sixty dtrs I
Ninety dirt 1
Sixty days IH
Ninety days tt&
Four months iU
Fire months Pi
Six months t SH
Four months I
Fire months I
Blx months I
COMMERCIAL PAPER.
Frtm Indorsed Bills Six months ISCVt
BecelTible. 1 Other Names.
Blxty dye 8SH Three to six
Ninety diys eW month. ........estu
CLEARING nOUPE STATEMENT.
Clearlnr Iloute exchanm, 3736,638 97S ; bal.
ancee, IM.S57.736 ; 8ub-Treaiury credit bal
aaces. 61.327.211 : Federal reserve credit bal
ance, 76.212.403.
DOMESTIC EXCHANGE.
Boston, par; Chi or o, par; Bt. Louis, 2CQ
13c discount: Ban Francisco, par; Montreal,
6130 per tl.000 premium; Cincinnati, par;
Minneapolis, 10c. premium.
SILVER PRICES.
Ber silver In New. York. 11.38. nnchanred!
11732
11923
12032
12230
12248
12114
123W
12334
12537
12340
12348
12585
12043
12050
12002
12774
12322
12953
12994
13102
1320t
1325S
1328
13290
13333
13440
13520
13337
13544
13004
13080
13700
13703
13709
13521
13809
13929
14088
14271
14272
14323
14330
117
In London. !Hd., off lUd,; Mexican, dollars.
31
84!
21
S3HC unchanged.
FOREIGN EXCHANGE.
Prer.
cIom.
63.4JH
11.00
11.36
78
C?
44
17
40
17
Iterllng High.
Demand-, $3.47
Csbles 3.43
Francs
Demand.,, 1113
Cablet 13.10
Mirks
Demand.., L06
Cablet 1.07
.Low.
63.44
S.44U
1J.40
ll.SJ
Latt
JJ.4S14
2.46
.
13.17
1.04
1.07
1.0S
1.07
L04
LOS
47 I
118
99
67
251
30
75
10
IS
32
32
45
27
21
53
110
153
102
46
28
t
55
25
179
22
29
46
14
73
90
10
15
28
Normal
rate
of exch, ,
Yesterday's Close
uemana
or Checks. Cables.
4.6C65 Eterunr
tX 4514
63.46
13.37
3.1813 Tarl , ,
231 Marks
5.1J13 Belrlum
13.19
1.06
13.07
M
I. C3
11.40
37
T!i
41
l
17.63 ,
16.60
17.40
II. 80
I6H
!tt
17.45
LWH
1.23
I. 07
1103
CH
L
11.50
I7K
'
17.60
11.M
17.60
II. S4
2614
n.35
6.11
101K
ITS
140
vnina ,
Hongkong ,...,.,
Shanghai ,
Greece
Holland
India
Jinan"
Yokohama
Philippine Islands
11.30
40.29
3114
41.64
(0.00.
Manila ,
S.1613 Italy , ,
26.69 Ecandlnavta
Stockholm ,,,..,
Christian!
Conenhtren .......
Booth America
Rio
Argentina (gold).,
Buenc. Aires ,
Spain ,
Switzerland
14.42
96 S
42 84
130
6.1613
103.43 Uruguay
(1.46 Buitla (Currency)
100 rubles
COO ruble. ,,
120
TIME BILLS ON LONDON.
Bankers. I -Commercial.
60 days.
99 days.
.St.il iw
dart.
XI to
... JJSUIW days.
J-J3
Bank of Bengal Raises Bate.
Calcutta, Feb. 20. The rate of dis
count of Uio Bank of Bengal was raised
from S to T percent -day,
THE SUN AND NEW YORK
NEW YORK STOCK EXCHANGE PRICES.
- Friday, February 20, 1920.
1I0.
844,110
14P,8B7
tnlag . 1.070OS0
to dot S8.75,7CI
Low I
. r . ' I " I . i ir i
i la.
IS S.I Still. I 1 US. I HL
Haiti.
ML
1
84
SI"
s
42
90
94
44 j
84 1
900
Admns Express..
82
40
84
41
7J
82
400
A u van co uumciy
40
700
Ajax Rubber.....
72
72
800
100
2000
100
100
50
1100
1700
C900
Alaska aoia M, .
1H
4
1
Alaska Juneau O II.....
Aula Chalmers Mfff
Z
40
42
40
8
e
a
8
7
12
Atn Atria Chun,...
89
93
89
92
42
84
89
92
Ain Airrlo Chom pf.
42
42
Atn Boot Sugar.....
B2
82
110
Am Bosch Magneto
Am Can.....
Am Can pf...
Am Car & Foundry
Am Cotton Oil
112
116
112
44
91
118
45
44
45tt
99
184
48
100
96
9B
1100
700
600
182
132
4
43
.43
80c
Am Drurdst Syndicate..
12
12
12
8
22
lOOLAm Express.
99
89
22
107
E8
95
99
500
Am Hide & leather
22
22
107
1100
Am Hide & Leather pf,
106
104
68
94
82
93
200
4500
Am Ice pf..
Am International Corp.
E8
93
81
68
93
81
1400
1070D
800
3100
Am Linseed Co
Am Locomotive ,
Am Malt Grain ,
82
91
81
20
94
91
83
81
21
31
20
21
Am Ship & Commerce...
64
96
2160
200
Am Smelt & Ref
62
95
64
95
C2
95
Am Smelt & Ref pf....
42
900
Am steel Foundries...
42
42
42
88
100
Am Steel Foundries pt
92
92
128
92
126
85
127
1500'
Am sugar Ref
Am Sumatra Tob
127
85
87
10
800
65
85
800
Am Tel & Tel A
97
95
60
97
95
61
97
85
100
8200
'Am TV. ...
95
59
60
Am Tobacco Sec
IZ
11000
Am Woolen
Am Writ Paper pf
Am Zinc, L & Smelt...
124
130
124
47
19
1000
46
17
47
19
53
69
15
61
72
84
78 .
8
90
152
64
46
1900
56
69
. 100
6000
Am Zinc, L & Smelt pf,
Anaconda Copper
53
63
57
15
50
72
57
15
800
Ann Arbor,
15
50
72
84
78
52
72
84
78
4001Assoclated Dry Goods.
100
1700
200
1400
600,
3000
Abso Dry Goods 2d pf..
Atch, Top & Santa Fe.
83
lAtch, Top & Santa Fe pf.l
78
8
Atlanta, isirm & Atl,
Atlantic Coast Line.
8
8
88
90
87S
152
10
At, Gulf & W I S S
146
146
6S
5
100 At. Gulf & W I S S pf..,
47600 Baldwin Loco Works....
100 Baldwin Loco Works pf .
6400 Baltimore & Ohio
1800 Baltimore & Ohio pf
200 Barrett Co
100 Barrett Co pf
6200 Bethlehem Motors
200 Bethlehem Steel
64
64
113
3
110
114
110
100
9S
98
35
48
P8
33
34
47
32
40
119
119
119
106
118
106
110
106
7
22
24
84
22
84
111
87
10
13
9
97
6
85
112
300Bethlehem Steel 8 p c pf
111
111
89
3ioiBetniehem steel B
ISOO Booth Fisheries
1400!BrookIyn Rapid Transit
87
89
11
14 i
10
97
7
11
13
10
13
10
97
lOOOjBklyn Rap Tr ctfs of dep
9
loo Brown Shoe pf
1000 Bruns Term & R R
100 Burns Bros
4700 Butte Copper & Zinc...
4300 Butte & Superior Cop...
OOOJCaddo Cent O & R
400 California Pack Co
1300 California Petroleum...
200 California Petroleum pf.
4000 Canadian Pacific
6700 Central Leather
300 Central Leather pf
30 Central & So Am Tel..,
3300 Cerro de P Cop ex div. .
7700 Chandler Motors
3700 Chesapeake & Ohio
500 Chicago & Alton ,
500 Chi & E 111 En Tr ctfs..,
97
7
10G
10
105
105
105
10
27
8
10
27
20
79
34
70
8
25
25U
20
20
79
33
70
20
79
33
70
79
34
72
124
125
124
9
Sl
107
105
114
105
114
lOlji
114
1114
50
49
60
j4 0 7'l
129
126
131
126
56
9
6
8
9
57
57
9
58
10
10
C
7
7
9
in
9
10
400 Chic & E 111 pf Eq Tr ctfs;
8
sioo unicago ut western
2200 Chicago Gt Western pf..
fSSOiChicago. Mil & St Paul. .
5S00iChic, Mil St Paul pf....
900IChlcago & Northwestern.
77400jCh!cago, R I & Pacific. . .
900 Chic. R I & Pac 6 p c pf .
9
iu:s
25
3K
25
26V
38
39
56
87
33
55
55U
54
SC
31
65
75
63
66
31
32
65
75
68
65
75
63
91
17
36
38
38
26
66
4274
46
55
79
18
27
81
11
81
55
03
98
43
80
93
66
76
II
800 Chic, R I & Pac 7 p c pf
100 Chic, St P. M & Omaha.,
100 Chic. St P, M ft O pf....
3100'Chile Copper
1600 Chino Copper
1000 Coca-Cola
SOOJCol Fuel & Iron
700 Colorado & Southern...,
600 Columbia G & Elec
3500 Columbia Graphophone..
200 Comp Tab Reesrd
100 Consolidated Cigar
200 Consolidated Gas
105
51
17
13
18
37
38
38
37
38
38
26
36
37
38
26?,
Z6
57
57
43
56
43
47
57
80
19
29 .
ss
nul
42
46
55
47
65
SO
19
1800,'Con Interstate Cal Mining!
18
300 Consolidated Textile ,.,
400'Contlncntal Can
500'Continental Candy
2400iCorn Products Ref
lCO'Crcx Carpet
12700'Crucible Steel Co
lOOICrucible Steel Co pf....
2200 Cuba Cane 'Sugar
400 Cuba Cane Sugar pf....
800 Delaware & Hudson
700 Del. Lack & Western...
1100 Denver & Rio Grande...
8300 Denver & Rio Grande pf.
300, Dome Mines
lOOlDuluth S S & Atl
400Elk Horn Coal Corp....,
81
1
11
81
65
11
81
82
55
55
206
208
202
99
98
44
81
93
98
44
43
81
93
80
93
172
10
171
172
8
15
11
4
23
122
101
15
171
8
8
14
14
14
11
4
21
l:
xl
5
49i
22
122
3300,Endicott Johnson
113
113
101
lUlii
200
Endlcott Johnson pf . . . .
Erie
Erie 1st pf
Eried pf ,
101
14
24
17
72
57
13
31
9100
14
14
23
16
72
87
12
30 i
4700
23
24
16
1000
200
16
8
Famous Players-Isky. ,
72
73
S7
13
8
lOOlKamous Players-L pf, .,
87
12 ,
300
100
Federal Mining & Smelt.
3
10
Federal Min & Smelt pf..
Fisher Body Corp
Fisk Rubber
Freeport Texas
30
30
130
100
127
127
12
36
3200!
3a ;i
36
35
26
26
14
1000
600!
loo;
25
26
14
66
Gaston W & Wlgmore...
General Cigar Co
14
66
14
67
66
100
100
400
67900!
1200
General Clear Co pf
98
98
98
159
8
12
6
General Electric Co
157
59
157
230
General Motor Corp
General Motor Corp deb.
238
74
69
254
r237
73
74
73
71
C
7
3200
400
400
Goodrich B F
Goodrich B F pf
Granby Consol M & S...
Gray & Davis
71
69
94
31
37
94
94
37
40
33
78
37
34
65
87
38
58
14
88
55
39
34
50c
200
2400
2500
33
78
26
33
78
?6
Great Northern pf
78
38
Great Northern Ore ctfs..
137
100
200
Greene Cananea Cop
Gulf States Stoel
Hartman Corp
Hendee Manufacturing . .
Haskel & Barker Car....
Hupp Motor
Illinois Central
Inspiration Con Copper..
Interboro Con Corp
Interboro Con Corp pf..
33
62
33
65
33
62
100
86
86
86
200
1700
2S00
100
38
36
56
13
88
53
4
11
17.
71
56
13
88
54
. 4
11
17
73
58
14
88
55
4
12
19
73
2900
4
12
19
1700
1200
1500!
400
Int Agrl Corp
74
Int Agri Corp pf
118
100
9700
Int Harvester Co new...
Int Mer Marine
Int Mer Marine pf
118
118
118
22
85
30
83
21
S2
85;
22
79!
70
44
17
41 1
19
48
30
83
21
3400
3400
21
international NIcKel ....
79
70
46
18
42
18
49
6400
International Paper
76
70
44
16
41
18
46
119
100
68
29
29
73
11
20
70
70
44
16
41
17
46
100
300
300
International Salt
Iron Products Corp
Jewel Tea
100
Jewel Tea pf
3800
Kansas City Southern....
Kansas Clty'Southern pf .
Kelly Springfield Tire...
600
1800
120
121
118
120
104
70
30
31
75
12
20
32
32
45
28
21
64
115
100
Kelly Spring1 Tape pf . .
100
68
30l
31
76
11
20
32
32
100
68
29
29
73
11
20
31
32
44
16
27
20
61
112
152
100
3900
6700
3100
Kelsey Wheel Co -
Kennecott Copper
1.20
Keystone Tiro & Rubber.
6
Lackawanna, Steel Co....
200
100
700
10
L&KQ Erie & western....
Lake Erlo & Western pf.
Lee Rubber & Tire
31
32
44
Lee Rubber & Tire
.3
1300Uhigh Valley
45
300iL.ifftreltM Myers Tob rts.
16) 16
400
900
Loews Inc
Loft Inc
28
28
21
51
113
152
104
44
26
28
64
49
25
178
22
28
46
15
74
90
10
16
29
21
53
113
153
700
2001
Loose Wiles Biscuit
Loose Wiles B's 2d pf...
112
153
103
155
400
900
100
1400
100
700
300
200
17300
750:
I.orlllard, P. Tob
103
48
31
28
5
63
30
Louisville & Nashville...
104
103
Manhattan Elev guar...
44 9i
32
28
57
50
25
182
23
30
"46
15
74
90
10
17
29
44
26
28
54
49 ,
25
177
22
26
46
14
74
89
10
16
27
Maxwell Motor
Maxwell Motor ctfs.
Maxwell Motor 1st pf . . . .
Maxwell Motor 1st pf ctfs
Maxwell Motor 2d pf
179
10
2
Mexican Petroleum
Miami Copper
22
29
1.20
8100
Middle States Oil ex dlv
4C
4
3800
2300
200
Mldvak) Steel & Ord....
Minneapolis & St L new.
Minn, StP &.S S M
Minn, St P & S S M of..
15
74
10
16
29
400
9700
1800
11500
Missouri, Kan & Tex
Missouri. Kan & Tex nf .
Missouri Pacific
ConHnueti'ipi Poltoving Pagu
HERALD, SATURDAY, FEBRUARY 21, 1920.
GOSSD? 01 WALL BXEEET,
A Creeping Mttrlcat.
' Th. ODlnion ) trnratuA In Vnanv
lilt.
Holiday
21,979,280
ol nnanaai district than
7 "J" movement as Z;
cliaractfrbod tho industrial mora of the
Clos-
Caaiga, roll (roup Itself on Wednesday and
- - , . .. . . . . - -i ( irt
84
2 '"urauBynwy do anticipated in tho rail tm
T stocks. The rails nwer have, bean to. ! j?1?;
41
T ., itaculur ttiavitra. (n i I so.OO
toculur movers, la tho first place.
78
1
f 7S
90.30
tho socond place public sentiment
their behalf Is still drowsy and will not
fully Teawaken until they shall havo had
a considerable upturn from this level.
Several comtnlsslon houses express the
belief that a creeping market may b
anticipated In tho rails, one In which
they will move forward fractionally day
by day until public recognition Is
gained. Investment buying of thla group
of stocks yesterday was reported to be
large, although there was the usual profit
taking by. speculators, which caused an
easing off near the close. One large
firm nundled 22,800 shares of rail stocks
during the day. The manager of this
commission house said that it was more
rails than had been handled by his house
In a day for considerably more than a
year.
90.80
91.20
90.70
99.50
Z
41
-
8
)
3
1
4
- ltt
. .
1
2
89
92
! 98.01
42
90.96
97.70
97.70
84
115
44
96
United
183
43
AnglsPrench ti
12
3,
.33,,.
13...
...
40...
43...
134...
O...
21...
SO...
10...
10...
10...
. 99
22
107
t8
94
1
1
2
1
81
93
81
21
DoubtlnK Tlioinn. nnd Company.
It can hardly be said 'that the' Street
63
95
a
Is unanimously in favor of a rail move
ment at this time or actually believes its
own eyes in seeing the long dormant
M.J30..
42
100
92
126
65
18
10..
2
group moving. It Is a good deal like
seeing a tame skeleton, long in the fam
ily, suddenly walk out of tho closet and
88
15,
97
95
1.
2,
join the family circle. Here and there
market comn:enters who simply will not
believe it are found. "It was noteworthy
60
128
47
19
53
59
15
51
72
17
3
IC5
11
83
that low priced .rails were in small de
mand," exclaimed one of these solemn
boys In his market letter yesterday.
2
1
1
2
1
6
u
2
"
2
.S
IS
10.
Tools which had marked them up were
apparently busy distributing them.
uty or Bor
deaux 6s
14 OOlt
QtyofLyoas U
3 DOli
There was good reason for this, for many
have read Into the railroad bill things
which do not appear to be there ; where
wish is father to tho thought, as it were.
We do not believe that the smaller rail
roads will be granted more than a fair
valuation, and their ability io tarn will
have something to do with their valua
tion." Among tho doubting Thomases
may be placed most put and call dealers.
With the exception of Southern Pacific
and a few other volatile oil rails they are
still willing to take a chance on Issuing
calls three points away from current
quotations, good for thirty days.
83"
78
2
Uty or Mar
seilles Ss
io eoi4
City of Parian
1 0034
11 91
United Klngdm
SMs 1K1
88
151
61
112
984
34
47
1
118
106
zo
B
1
18
6
25
15
1
10
7
10.:
23
84
3
1
i
l
i
111
Panlshlntr the Short.
Shorts in a few highly speculative
stocks, particularly General Motors, were
given a most uncomfortable day yester
day. Friends of the stock, presumably
tho far famed motors crowd, were back
on the firing line and within an hour
after the opening had the short Interest,
especially large at the moment in this
stock, tied Into double bowknots. From
237 the price was carried straight up
the line to 254. considerable of the mo
tive power back of the move being fur
nished by tlie shorts themselves In at
tempting to cover. Something of the
same sort hapened In Crucible, but the
move was not so wide nor so drat tic.
88
11
13
9
97
7
SHs
13
2
IYA
28
5
105
10
UV4
2
20
79
34
70
39.
1
7
Hs
10
1
124
79
1
3
4
104
114
50
128
57
10
6
9
10
25
38
54
87
32
65
IK.
1
1
10
Motor Probacandn.
A' peculiar propaganda coins on in
Wall Street is directed against the motor
companies. It is to be encountered in
the commission houses and on the floor
of the Exchange and creeps into the
literature which dally goes out of Wall
2
41
1
27
Dom
1
list
1
1
3
3
8
1
1R6
3....
1K9
5,...
13. . . .
lttl
3....
StreeL It centres on the theory that the
automobile companies are going to face
a period of overproduction before the
year is out The latest story is that De
troit and several other automobile cen
tres are fairly glutted with cars that
23.
63
91
City of
cannot be shipped and on which cancella
1
17
tions have been very numerous. Just
5
37
how much -ot this propaganda is wheat
Japaneselst4He
38
and how much chaff is difficult to as
16
3
2
5
38
certain. Officials of the large corpora
26
tlons having headquarters here express
no worry over the outlook and generally
57
4
43
47
smile broadly when questioned a&out 1L
v 74
10.J30...73
55
No Itedlscount Rate liaise.
3
10..S30.
6
4
20.30.
25
13...30.
SO
19
28
81
At a meeting of the Federal Keserve
i
Bank directors held this week it was
definitely decided that there will be no
further raise of the rediscount rate, at
least so long as conditions are as they
11
Japanese
81
are. A man 1n close touch with the
7...
5
affairs of the bank declared that its
directors take the view that the most
10...,.,
10..E30..
40
5
5
06
3
98
effective measure of liquidation is with
44
the banks themselves, in the brake of
81
93
loans maturing day by day. These are
1.
being greatly cut down or renewal re
fused. Commodity liquidation Is de
13..
172
1
9
1..
11..
8
14
clared to be proceeding satisfactorily.
tlthough in many quarters it is in
ll i
4
21
L'mated that It is not yet in full swing
and that stern measures may become
Japanese
necessary.
25..S30...5834
122
A5..SJU...59
5 39
3 60
101
One VIctt of Credit.
A careful student of the money and
credit situation in Wall Street declared
yesterday that some of the advances in
the market have gone to greater lengths
than the current position would appear
to warrant "It Is rather a strange
condition that we see in the money
market" he declares, 'the best names
14
a
1
2
3
90.U30...
23
16
73
87
13
30
1
2
2
2
Z
Tokyo 3s
1
21
5.
a."
12
7
36
'
1
12
1
1
In the line of commercial discounts rch
inff at as high as 7 per cent, when
demand loans on securities are made
in volume at 6 per cent The Inference
is that the aggregate amount of credit
which Wall Street is to be given wa
not exceeded at the time of the 6 per
cent quotation, and it also suggests!
that any sustained increase of specu
lation will promply bring about the re
26
14
66
98
K T.
159
UNITED
73
70
2s. registered
2s. coupon
4s. IT tittered
4s. coupon
94
39
34
straining force of a call money rate of
7 or 8 per cenL until the 'commercial
deflation, which Is just- starting, shall
have proceeded sufficiently to carry the
reserve percentage of the Federal Re
serve, system back where It was, say.
07l
'2
1
-1
1
33
65
86
tour months ago."
36
57
14
88
55
4
12
19
73
An Old Timer.
Thd move In the rail stocks Is bring
ing out pome old timers that haven't
seen the light of day for many a year.
A trade was recorded yesterday, the first
since November. 1917, In the Railroad
'
1
3
3
1
1
Securities Company Illinois Central cer
118
tificates. The last previous sale was at
32
84
80. Tcsterday tho sales ranged from
49 to E09i. Tho certificates are a
21
79
70
44
17
41
17
48
part of an issue of the Union Pacific
In purchasing partial control of the I. C
Dominican
2
'i
1
They are redeemable at par In 19S2. The
union Pacific at the end of 1918 owned
$22,371,600 of the capital stock of the
Illinois Central and 83.484,920 of com
mon stoek and $1,938,900 of preferred
stock of the Railroad Securities Com
pany, which In turn owns $9,200,000 of
2
1
capital stock of the Illinois Central Hail
road Company.
100
68
29
30
76
11
20
32
32
45
16
27
21
63
1
1
1
3
1
'
Mannfucf nrlng- In Germany.
A large corporation which did a bis
business In Germany has under consid
eration a proposal to do part of its
manufacturing In that country, tempor
arily at least Cheap labor Is the prin
Ailv B PL., d 69H
A Ch M pf ISSi 63
Alb & Buaq .. 160
A Lk N pf. 44 SO
Am B S pt. 61 91
Am Sh. H ISM
do pf. 164 200
Am C T pUll 116
Amer Coil. 43 6
A Cot O pf .. 67
Amer Ice... 404 44
Am La Frne 17 UU
Am Lint pf 91 KH
Am Loo pLICI 106
AmBSecASl II
Am RnaX.. 96 102
A S Tob pf S3 SH
Amrr Tob.. 223 113
A Wool pl-lfltt Ml
Ann Arb pf 26 17
ADryOrpftS 72
Aitets Kal SH 4
Asroda Oil lis 116
AU-Brf... 1300 1439
do pt lim WM,
Beech Crk...26H iru
'
cipal factos in the problem. .The raw
materia comes from this country. The
corporation's uiiiciala uro unucr the Iiiw
'
3
nrcssion that under present foreign ex
change and labor conditions It can estab
lish factories In Germany, ship the raw
materials from this country and reenter
the finished product hero cheaper than
It can manufacture the same article In
this country.
2
44
31
28
67
50
23
-2
7
5
7
1
Farts qoarse Trading;.
Fabis, Feb. 20. Prices were firmer on
the Bourse to-day. Three percent, rentes,
67 francs 70 centimes; exchange on
London, 45 francs 60 centimes; 6 per
cent loan, 87 franca 75 centimes : dollar,
12 francs 14 centimes.
179
3
1
3
2
-4
Z3
29
46
14
74
89
10
16
28
Not to Open oa Satardaya.
Pams, Feb. 20. Decision has been
reached by the governors of the Stock
Exchange to close rr. Saturdays begin
fbr 1919
$1,054,880.
ning on February 21 until September 25.
i. ii i, . ...... - .
The only exceptions to till, rtile will utHSfal stock
May 15 and July JL j share la
BONDS IN NEW YORK STOCK EXCHANGE
Friday, February 20, 1920,
. Mn.Ys iflT(iiOO0
uy-;; 469,261,000
iv rw T.TnEnTV BONDS.
w 4t
Closing. Soles (in .
m rr Ed
IvUL run ti
Aaked-Xla U
High.
96.70
90,40
90.84
91.00
90.14
Low.
96.54
90.20
90.10
90.80
90.62
ooosi.
96.60 1.70 940 JS (1922-47)....... o.iu
1)0.40 41 4 1st cr. 4s (1982-47).. 90.40
90.40
91.40
90.74
93.08
0.98
97.74
97.70
4.69
4.81
4.91
sis
4.98
5.11
4.20
373 2d 4s (1927-42)...... 90.20
?17 iKtv. ilia (1932-47). 90.90
1,675 2d cv. 4a (1927-42). 90.52
.. lst-2dcv. 4s ('32-47) ..
1,745 3d 4s (1928).. 92.98
2,099 4th 49 (1933.138)... 90.84
604 Vic 4s (1922-23)... 97.70
982 Vic. 3s (1922-23)... 97.70
93.12
91.00
97.76
97,74
92.90
90.76
97.70
97.64
States, Foreign Government, Railroad, Industrial and
ChtacseOovt 3
ChlB&Q. cm 4s
IndlanaSteel Ca
1(1...... 10034,
,031j
.0333
.0334
.031:
4.
.43
10 771a
Chill East in 4s
14 24
OaJtAlton lt
io s:is
1 3Ha
4.......0013
e 101
33 10034'
1007O
5.. ..-..101
B 10078
25..., ., 1007s
a 101 1
Norfolk ti W U
2 ,751s
1 7a
ft 7M!
9 OOVg
Interb R T ref
Mint
12 63is
25 531)
10 631a
6 S3 j
1 6318!
Interboro-Met j
col trust 41
24 18lj
6 lsij
1 18U
NYCty4Ksl7
my
L 00
,...034
,...057g
,...98
,...961B
...00
,...W18
,...0038
AmSmelt&R m
8. .3213
2 33
S..A30...83
4 83
AmTiT cv s
Ch' Ot West
7. S47g
7.. 6S
10 55U
ClUiStP cv 3s
1 06Tg
11 97
...Odlj
,...OOSe
NortbcrnPacis
2 74
l-.k....74!
20 73 I
1 751a
.DO B-IB
AmTT rit (a I 0 71
.OOli
L 81 1 72
17 8tl8;0 M&StPgm
10 Jo
Iowa Central 4s
SOU
Oo3 AmT&T dt ill iYA
..08 3-10. 11 781s 3 78
7 41
2 4012
2 411j
2 43
NorthcrnPacSs
2 54U
2 B3?g
OrlUIlJjNav 4s
eoislArmour 4jt O M & St P cv
...OS
e 83 eras
1 8Hg 7 70U
2 83 20 70!j
...037g!
1 4Ha
1.......75U
IntMUarlneCs OrSbortLlne M
...PO
D57ol 10 831a' S 70Ih
1 8812 9 017o
00 ,AT&SFgro4s,0 JltHtl'ia
Kan City So is OrShortLlne (s
1 83 1 soig
1 6318 Or Sh L fil 4s
EaaCityTcr 4s 1 MSg
4 7114 OreWa&h 11114:
4 71Sj Narrefu
2.......7H2 4 O7S4
Kings Cote 10 Cg
OSlg 10,
Oftlll 8,
OCIb; 19.
-771j' 4Ks
.771 27. 59
.7734 lo M'a
UOIJ
12 7R , 32. 59
0G3g
961b
1 781g 1 59'8
4 7.-14 OMtStPdeh
AT 4e S r adl 4t . 4S
1 70
2 00
3 5014 PadBc Gas 6s
stamped
1 OS
2 6213
Chiunastp 4s
1 OS
1B5
2 75
C4N Vi'inuSs
S O8I2
9 951a
O&NWgmU
1 77
Chi Bys 1st 3s
2 6734
ChlBI&PRy 4s
1 711g
ChlBI&Prefts
1L 01
4 6414
2 6412
10 04U
18 84
15 6414
13 611a
12 6II4
1 6Ua
Chit Wind 4s
1 57S4
1 5
1 577S
Chile Copper 7s
3 101
5 105
Chllo Copper 6.
B 79
20 ,701a
5 7034
7 80 10....... 781a
2 5fll4,Paa TritTi
3 893g
KanC 80 ref t 4 85 BouthPac cv 4s
2 0913 Pcnna 3s IMJ- 1 7BU
Lack Stl Ss 1121 1...... 69 I 5 7M4
10 9.112 1 893a South Pac rofu
Lack Stl 3k 1150 1 SOU 10 7634
2 8S34 pom pn 4Ks A 2 751a
8 8914 12 soi. South Pac 4s
Lake K i Win a M', 1 CS
10 813g 15 BOla 5 6SI4
LSA MS 4s 1W1 5 8OI4 Southern By to
. f .-rv.';8.1'8 rcnn )"- 1 2 83
Lehigh Vales 1.......97 2 827g
6 .937g peo & E inc 'South By gm 4s
4 100 25 253,! 55.; 58
2 9934 1 so' 3 B83
13 993b 1 27 I 1 58
Lou Si Nash is 3 ..25341 4 BSSg
17 81 1 25I4 11.10.. .68I4
Lou&NBtLt Per. JlarqStA So Ky Mem Ut
1 .09 2 80 10 827g
L N So M 4s r, SM4 Tenn Copper Cs
2 03 9 SO 3.... -.00
OOlj
1 09
Atl & Charl It
1.......8S
At Coastline 4t
3 70
All CLdtts
1 6713
Bald win Loco Ja
1 07
0112
Bait & Ohio 63
10 B4I2
6 S43g
1 843
10 8412
4 8414
95
947g
041s
943
947g
05
9434
84!2
94341
94l2
9414
B & O 56 IMS
10 63
22 631b
17 63
2 C313
4 633i
.94
BtUCT
1 03
28 64
2 64?s Pere Mara 4s n
1622 rets
02
921a
1K3 rets
01
9II4
Mldrale Stl 3s 5 0734
4 b rhila Co cv Ss ThlrdAV rer (s
Minn & St L 4s 1023 1 I......47I4
8 42 2 8714 2 47
2 4214 p j orOIerd Ss ThIrdAv adl Ss
3 43 I 1 , , . .87I4 3 2SI4
Mo E & Tex 4s Pub Scrv Oorpi 2 2Slg
14 53 t orNJSs 2 .....281a
MoKScTcxSd 19 C2 'CnPac 10-yr t
2 Jls Bcadln cm 11 1 lOCSg
1 6H2
10 04
Erie 1st con 4s
2 54S4
.91l2,B"t&0 gold 4s
01
All.. .... .IUI4
10 64
5 6334
vital
IU7
87
SOSj
1 3:g.
an m
10 31HJ. n 7qi.
R 04
10 8OI4
3 32
5 7034
BeadJCdtlt
5 80
BioGrandeW4s
3 CI
III Ark La 4Ks
S 011a
15. ,a30...5Rl4
C. . .6134
STlg
8714
3 641a 20 W)'2
MoK&Tiifugi
10 01 UCUAStLSS
10. 37
Mo Pac 3s 11
O STSS'toKA-Ohto Jlyi 1 .. ..54
O....J..87 111 82 , CCCA StLouls
2 81V
8034
18 821.! Culro 4
1 8234 5 71t4
10 82 jCo! 80 at IV
Bait A- O P L F. 5 71I
& W Ya 4s ComTabBec to
7 54I2 1 .83
22 55 OonsOoalMdSs
13 531a 2 73
310 lie cm 4
4 57
4 371s
10. 507s
R7
8634
H7
807g
Canada 3s
21 5034'
StL&Iron M4s
v
15 73 I
Mom I'vr K
2 84
EtL&SanFranl
Sorlts A
C 57
1 B6S4
25 SH
20 C7ls
1 573s
29. . S7la
27. ...... .SS
2 58
1 S.HI4
1 581a
9718
5 50 Con Gas 3-yr 7s
2 S37,j
..0338
..0312
..94 J
..OII4
..oiia!
B&OToldrii
1 4912
BushTennal 3s,
17.,
.0978
Morris sess"
3..
25..
6..
22,.
..100
...907S
..100
...9978
..100
5 70
Nat Tube 3s
9 00
2..S30...74
1 75
Beth Stl Sit Ss
1 84
NO Tex A; JISs
4 6458
B..
2..
.097g
II 55
Copen-
Beth Stl 3s 1936
1 833a
3 83I4
7 837
Cal Gas & Kit
1 83ia
10 100
N Y Cen deb 6s
naxen ttti
1 9978
23 100
5 1001s
DrllUud cr 3
1 82
Dca k Bio G 4s
29 02 .
7. 021a
5 C2U
2..
4..
3..
5..
.81
SO
..9238
..921a
StL i SanFran
793
Series B .
f... GSa
12 C34
11 69 I
,.U2
72I3I
7334!
73
733i
0..
11..
25..
..Oils!
ua oa en is
4.. .....84
..92
. .9212'
StL ic SanFran
Cent Ohio 4Ks
11..
. .05
Series O
73V
1. 85
Cent radnc ltt
6 71S4
4 717s
N Y Cen deb 4s
3 SG
StL k. SanFran
DcniHG ref 3s
2 7412
3 751g
5 41
adl 6s
..74
5 4H2
5..s30...401g
Erie Is. con 7s
2 97
Erie cv 4s kt B
3. 371g
Erlecvttscr D
11 39
1 3
N Y Cen 4Vis
6.,
. ...02I4
..7318
22.
n
io.'li
2...
IB,.,
1...
1...
3...
O
3 72U
1 771ai
-.'4
....02I3
....6278
. .74ia!
- x ucnaeD4s
2.. .....7318
..7Slg
..7212
...24
Chcs & Ohio 6s
7...... .90U
....OZ3j
....G2ia
Ches X U 4Vi3
10 73
10 6H4
2.......6Wg
2 '. .6OI4
....(!23l
5dO$J
...62ia
C 8: O cv 3s 46
Erie gen 4s
72U
....620
.72ia!
10.
.7912
7.
42
.-M VXStLAlMS
0214
5....
1....
5....
10....
...80
1...
3...
I...
17...
4...
2...
....4212
....4234
....43
....4313
....4334
43ia
....4334
2 67
N Y Dock
1 62
1...
.7214
. .02
...7978
StL & SanFran
..73
...803g
...8012
..73a
..733g
Inc cs
NY Gas ELtH
2..
....4834
....40
. ...4513
.,..403,
6.
.80
&P53
...3
..731j
C& O cv 4K.1
1 8U4
5...
1...
3...
'ii.'
a...
s...
cs...
25...
23...
11...
2...
5...
25...
S...
47...
10...
0...
1...
24...
O...
IS...
12...
2....v..737b
12.
..7338,
a 1 .t u s 11
cv es
5 74
Erle&Jcrsey 8s
10 90
Flu East C4H
1 "03.
....4l2
3
..7234
13 741a
0 7212!
..731a
..7212
uusg joint 4t
14 94I4
4 941g
Ill J5
NY Oct W4$
4 64
N Y Rys adl !s
....i534
....4AU
...,48
. ...45I2
....47
,...471a
,..,48
,...4712
...4714
. ...471j
...44
,...47la
,...4714
,...47ia
,...4734
,...47ia
,...471i:
,...48
47341
Great Nor 4 Us
4s
?ll4!
5 S2
1-' Vi
0 9414
10...S...9412
6 94I4
3 043s
7. 941a
10 0434
nock Tal 4K
3 0
N Y Tel deb e.i
7 09
Ilud & M fdg
3 0334
s sorles A
1 5513
4 V4
NY Telgm 4Hs
1 79
8914
60
M78
591 a
591a
o 03 14
Hud&Man atl
1 14T.
10 13
2 .147g
ID Cen rf Si
1 70
2. 71
25 7112
2 72
4 791S
a 47a
23 94.
19 94-1)
24 Jla
3 94I4
-v x estcnestr
& Boston Oil
2 39
.4 42
7. 44
Norf ii W cv c.
20. ..., 10078
20 1001a
5931
S3
S51a
SOSj
391;
uoiumDiaust
mmtg&j.
1 82
BID AND ASKED QUOTATIONS
STOCK EXCHANGE QUOTATIONS. I Bid. Aek.
STATES GOVERNMENT BONDS.
Cert Prod... CO
-MSF.MLL...
do 1st pf SU
do 3d pf.. n
Chi & A pf. 114
Clevc&Pitta ..
a Peabody. S3
do pf. 10O
Nor A Es.. C9
Mon P pf.. 95
MulllnsB pf 97
N O & StL. P3
Nat Bis pf.132
Nat C&S pf 91
Nat EiS pf 99
Nat Ld pf.J03
NRyMlpl ..
NYCiSLlpt S4
do 2d pf.. 46
NY Dock... 46
NKt FP pf ..
Norf&WpL 67
North Am CS
Ohio Fuel.. 46
Otis Stl pf. 33
Owens B pf ..
Pac Coast.. 23
do 1st pf CO
do 2d pf.. 45
Pac Dev.... CJ
Pac O & E 50
Pac Msll... SO
Pac T & T 3
do pf. 70
Penney pf.. 90
Pet-Mul.... 33
do pf f
Pierre At pf.300
PFW4C pt.122
Pittt Stl pf 63
PilVTapf 75
IV St O pf.102
Pub Service C3
Ren M Tek. 43
Bid. Ask.
MOM 101
1
so
90
303
Cn
4?
90
SO
105
73
105
425
116
101
107
106
fl
123
11
64
101
42
133
26
ti
i .
ISO
M
90
7H
JO
33
97
111
CI
120
76
C6
H
309
71
SK
26
116
IIS
99
97
8
39
133 ,
.iron 101
.106 106V
....106
....IN
....100
....100
....10O
1M?
Ss, Panama, 19 registered....
2a, Panama, 1D36, coupon
2s, Panama, 1933, reristered....
2s, Panama, 1)36. coupon
Is, Panama, registered
1C1
101
Col & S lpf CO
do 2d pf.. 42
Col Grph pf 87
Con Cur pf.. 77
Con Can pLlDl
Con Insur.. 77VJ
OornPP. pf-104
Cub A Sos-.3S
do pf 100
Deere pf.... 9sy
Det Edison.103
Det&Mack. 103
Det United ..
Diam'nd M.US
DSSiA pf . I0i
Durham II. K
do pf 99
Elk IT P pf 11
E:ce Stor...l30
Eroer Bran. 23
do pf...... M
Fairbanks. 65
Fisher Body.100
Gen Chem..lM
do pf 93
G Clr deb pf S9
Gen M 7S.. 17
Galf M4-N U
do pf 29
Gulf Stl lpf ..
Harr pf.....l!2
Homcstake. COtt
Int Mot T.. ..
do ltt pf. 76
do 2d pf.. CJ
Int Nick pf tS
Int Pap pf. 75
do pf st.. 73
Iowa Cent., s
Jones Tea.. 21
Kayser 10s
dcr 1st pf .Mj
Kel Sp T pf 93
Kel Whl pf 98
Keo 1 Dl 4
do pL
Kresre. s s.131
00 pi. icsu
Kress S H.. 74
do rjf. ino
101
101
(1
91
S3
93
93
. ts
, ss
, 90
, 90
, 90
, 97
Ss, Panama, coupon
PhlL Ial. land purchase 4s. 1934...
Phil. IsL public works 4s, 1333...
PhlL IsL public works 4s, 1936...
District of Columbia 1-CSt
FOREIGN BONDS.
Anrlo-French Extern. Ss. US)
Arrentine Intern. St, 1913
Canada, Dominion of, notes, 1921..
Canada, Dominion of, f. 1921
. 56H
,7IH
. SK
. POii
, 93
, Bl'i
. 9m
, 41H
KM
73
H
7H
93H
M
91S
45
94
SOVi
75
90H
90H
ton
9U4
74
74
CO
S7H
94U
MS
91H
S6S
S3
32
Canada, Dominion oi. ix ,
Canada, Dominion of, 192 ,
Canada, Dominion of, 1931 ,
Chinese Gov., Ha Kug By. (a, 1931,
Cuba Extern, ts, 1944.
Cuba Extern. St, series A. 1949...,
Cuba Extern. 4s. 19 ,
TI
Rep. Ss, 193S 79
City of Lyons 15 jr. 6s, uu nou
City of Marseilles IS jr. 6s. 1934 9014
City of Bordeaux' 15 yr. ts, 193i.... 90
French. Paris City 6s. 1921 tc4
Japanese Gov. 4Ut. sterL loan. lis. 73
Japanese Gov. iV, 2d series, 19S... 7:H
JapaneM Gov. 4s. stcrl. loan, 1931.. 0
Japanese, Toklo City 5s. 19C2 5314
D. K. G. B. it I. 5 yr. BHs. 1971.... 91
U. K. O. B. It I. 1 yr. &4s. 19S.... 9P4
U. K. G. B. & I. 10 yr. EVjs. 193... S014
U. K. G. B. Jc L 10 yr. SHs. 1937... H
Mexico Extern. sterL Cs of '99, 1943. 30
Mexico Extern gold is of '04, 1934.. ..
RP Stl
neaa Zd pi.
Rem 1st pt
do 2d nt..
Sears
o Pi 114
Sloss-SpL. 90
Shattucfci 11
8 Pprto Susr.lOO'
Sland M11L.125
do pt so
Ftudebnf.. M
Closlnc price, of stocksin which there were
no transactions yesterday:
Bid. Ask.l Bid. Atk.
Auto Sales. 14
13
CO pi 28
Barrett L.. 6$
do pf. 90
Beth Sjr... 97
2H
101
95
10JH
57
87
100
Tex PacLT.140
Tide V Oil .170
TStL W (
do pf.... 15
Tfn City.. 19
do pf.... ..
Un Ba4P. 6i
Un Pac pf.. U
Un Clr Sta.163
do pf. 108
V Drar 2pLi
V S Erpr... 14
USCIPpf... 46
US IrtAl ptjoo
Utah sec...
Va I O & O S3
West 1st pf 62
West Union S4
Wilson Pf... 94
Wll Over nf int
II kit U11 Gas S3
Brown Shoe 9J
Buf k Susq ..
Buff H A P 43
do pf
Burns B pUoo
Bush TVrm. ..
Bptterick... 22
Cal Pick pf J17
Cal & Arts. 63
Can South.. 41U
Cass pf..... M
Cent Fdy... 20
do Pf 49
C Leath pt.104
CRR of NJ.163
CANW pf..,u.
CCCAStL. 41
do pf. 64
Chi Pneu T K
107K
70
CO
ICO
119
100
24
126
Q
CO
97
Laclede Gas 33
49
ITS
107
107
101
t
26
23
C2
lit
100
79
31
139
119
109
urr & M..16S
do nf in
1-oril'rd pf.161
I;W l pf. ss
Msn Beach. 4i
Martin Py.. 24
Man Shirt.. 29
Macksy...
do pf...... n
Man Burar.lW
00 PL 65
Martin R... 60
Math Alt.
107
no
120
46
66
M
Won worth
ilay Dep B.119
00 pi 104
Mex ret pf 94
Mich Cent., fl
do pf B.. 71 76
Ex dividend.
Seraet Solvay Snrplu LeM,
1919 were $2,133,819. a decline of $6.-
111AM. !... .......
.Th.ei?e,net Solvar ComPany reports
a surplus, after chanres. of
or $8.21 a shan, if??1
...,va, uiii-ieai uiiiurgcs,
.r ... .... , ...
",ui' w tAvi.-Jua; ueprcci&uon enarges, to-oay ai -xiai nousco - . ..
$800,211. a decline, of $1,765,250, and Incorrect. Sir Eric it was said, had 1
surplus after dividends. $36,470. or .been annroached with referc-sc io m.r-.
cstst&nu'Uiii, against ii'Sf a
1S1J. Its sross earnings for
$717,299 less tlfh In 1918.
CROSS CURRENTS LH
SOTATM IN TRADE
1111.
Holiday
174.407,000
i
Net DoTolopmentfi of lost Week
Last. cngs.
HjjTo Been FavoraLlo and
Unfavorable.
86.62 .03 1
9040
90.20
9L00
90.74
PBIOE QUESTION TBESSES
Tendency of Buyera to Await
Deflation in Many lines
Is Increasing:.
Other Bonds.
3 4814
64. 48
23 4784
10....... 471s
etLouisSW 1SS
28. 03
StLoulsSW S
a 87ia
StLSW con 4s
5 M
BPMMMcnts
1 831
The trade and financial sltusiion of
the lost week has been one .of IrrijuUr
It, with many very favorable elements
on one' hand opposed to unfavorable de
velopments on the other, according to
Bcabd A L ad
2.......3912
1C. 881a
39
20 3"Jlj
weekly reviews. Progress toward set
tlement of the railroad muddle and
marked Improvement In the railroad
securities market are characterized as
favorable developments; of the week,
1 39
Bcabd AL ref 4s
l...-...461g
11 47
while the failure of time money to recede
1.. 4712
from Its peal: position even in the face
10 46ls
Bcabd AU M
of relatively easy call money is consid
ered decidedly unfavorable.
The price question, It Is declared, con
tinues with Increasing force to be the
governing factor In business operations.
More and more Is a tendency on the part
of purchasers to await a deflation of
prices before making Important com
mitments apparent, although there are
exceptions to this in such lines as steel,
in which demand is so far in excess of
supply that lower prices are not looked
for for a considerable time.
"There are many cross currents in the
trade and financial tltuat.cn," says
flrodsfrcef's Elate 0 Trade, "preventing
some generallratlops possible one, two
or three -weeks ago when the commercial
machine was slowing down from the
swift pace ot mid-January and some
favorable developments are to be noted
this .week, coincidental with soms
rather depressing factors. The favor
able features are mainly financial, but,
dealing, as they do, with some big
basic features, they impart an appear
ance of cheerfulness hitherto lacking.
stamped
4L 58
1 50
4.....'..B8l2
1 68
8 59
6 8912
fouthl'ac cv 3s
15. 102
IO 10134
6 10H3
Texas Co cv 6s
1. .....1001a
On the favorable side is the appearance
of definite progress toward a settlement
of a railway situation, that Is, as re
gards future operation and control of the
roads, a long mlssine; accession of
strength In the markets for railway
stocks and bonds, a lifting of the burden
of liquidation from tbe Stock Exchange
and a continuance of the rally shown la
exchange rates. Negatively favorable as
forecasting a possible change in money
market conditions is the appearance of
more case In call money rates, but
offsetting this is shown lack of yielding
of time money rates on collateral and a
mbrc stringent appearance of things in
commercial paper, which Is firmer with
6 to 7 per cent demanded in many
instances.
Talk Conservative Buying.
On the purely" trade side of things,
the big feature Is the gradual spread ot
talk of conservatism In buying at whole
sale and retail, which, complicated aa
the outlook still Is by the prevalllnf
stormy weather and the influenza epi
demic renders it hard to cay definitely
Just how tho trade ship is heading.
Wholesale and Jobbing'-.trade reflects a
slightly more confident tone and an
absence of disposition, to run to cover
on prices of manufactured goods. Tex
3 1011s
II 1013g
" 1011a
UnlonPadflc 4s
IS 82
DnloaPaccv4s
1 65
5 831a
Union Pac rrf4s
2 74
CSRcolty&l Ss
6 70
10. .STO...75I2
0 761a
l....'..."6l4
1 70
5 757g
2 76
10 7512
Dtah Power 3s
2 81
Cn RR SF fdc
Eq Trust ctts
4 24
V S Rubber 7s
1 103
E S Rubber Ss
1 843s
15
10 ..843u
12 85
2 SSLj
8.. Mlg
U S Steel tS s
tiles, particularly cottons, are rather
steadier in sj-mpathy with the strength
of the raw material raarkeL Retail
trado Is unquestionably quieter, ths
quietest by far for months past, but this
is a between seasons period at retail
and blocked country and city roads and
streets, crippled transportation, car
shortages and delayed movement of coal,
lumber, steel. Iron and (Train to markets
or consumers, due to the above causes
are partly chargeable with some quiet,
unquestionably visible In distributive
lines."
Dun'a Review says: "With Increasing
force the price question governs business
operations In various channels-and wait
ing for farther market deflation has
lately become a more noticeable feature
of the general situation. Exceptions ts
this condition are not absent, appearing
conspicuously In Iron and steel and In
certain other Industries, but the main
tendency is clearly toward growing con
servation and caution among the buyers,
many of whom arc more disposed to pur
chase for Immediate and well defined
needs than In anticipation of future re
quirements Some Price Concessions.
"Doubts among some sellers regarding
the holding power of prices, moreover,
have found tangible expression in offer
ings of goods for forward delivery at
lower quotations than those now current,
and resales at concessions of merchan
dise previously taken on speculation have
afforded another Indication of the pres
ent trend of sentiment.
"Reflecting these characteristics, which
have not been unforeseen In rome quart
ers, Dun's LUt of Wholesale Prictt this
week, for the fourth consecutive week,
discloses more recessions than advances;
and It is significant that the declines are
beginning to cover a wider range of com
modities, and that consumers are derlT
lng some benefit from the reductions.
"While the severe storms of th
winter, with their accompanjing re
straint on production and distribution,
have had a decided bearing on the recent
clacking of business activities in the east
8,
2...
6...
9...
0...
1...
...9714
...9012
...97
...9714
...97
1...
.9-I4
10. .s30...Pflla
5 8714
1 071a
registered
1 95
Vlrpi ianRy Ss
3 S3
3 S2I2
2. . . .83
Ya Caro Qi 1st
a 05
Wabash 1st
1 877S
cstcrnEloc es
1 90
West Md is
2... 1.. .511a
10 S13g
21 611a
23. SI34
7 2
West Pacific 1st
9 81
21 SII4
Wllson&Co 1st
5 901g
O ..9612
Wilson 3c Co cv
14 92
1 9178
2.. B134
Bid. Ask.
40
60
76
100
lis
114
100
102
107
19
55
48
CO
101
70
SB '
49
97
S7
40
1C0
60
71
52
27
53
70
94
36
91
105
131
91
78
101
73
and In some other parts of the country,
yet the fundamental causes of the slow
ing down process have manifested them
selves In the movement toward credit
contraction through closer control 01
banking accommodation. In the impedi
ments to exnort trade resulting from ths
extraordinary depreciation of foreign ex
change, and in the more general recot-
nltlon of the fact that prices still remwn
on an unnatural basis, sjid that read
justment ts Inevitable,
"That sellers no longer dommaw
Knnt nil rmirlrf anil thut many buyers
47
pf..l09 101
are not now competing keenly for avail
e Barxoi 117
34
93
K
34K
able supplies, but are holding o'
price reaction, is a phase that had been
plainly foreshadowed, and is one which
may conceivably bring more wholesoas
economic conditions."
100
M
219
116
93
12
US
110
90
105
230
219
12
23
It
S3
67
224
RoebJlS
Buffalo, Rochester nd Pittsburg.
The Buffalo, Rochester and Plttsbtrrt
Railway Company, which yesterday
sued its corporate income account for
1919. earned .J7 per cent on its capltsi
stock; against 6.78 per cent. In the on.
year of Pea era! operation. Qrcis 1
come was $3,470,979, against 8.5.:'
and net Income amounted to $1,0S1,'
against $1J48,$11. The Te&vtir
r finer amylmt nhnwed that the O0-
1
1 t. 1 ica tnv fm the cpera
MU tlon of the road In 1919, against I!."'-
60 rn iu. i-. ibic T, nnvarnment P1
"3 - ...j .i 11 78.410. aoa
10'
64
65
'had to stand a deficit of $I9S,6
net after taxes.
S7
Deny Geddea Report.
London,-Fob. 20. The report Po
lished yesterday in a weekly lmal T
voted to transport interests that Sir
Geddes, Minister of Transport, was con
110 111
sldering overtures to Join me
branch of Lee. Hlgginton A Ca.
American banking house, was dec-"
tiuj.ias, a American quiiiiims v,
. 1 . , ...... v.rA 10 p1
- .lne a connection with tha firm. tj
t.ioj
-.10
4!
s
91.08 .16
90.98 .20 1
97.74 .04!
97,72 .03,
in iiMi'Mi i n 1 1 iiin j
dsf

The Sun and the New York herald. [volume], February 21, 1920, Page 10, Image 10
About The Sun and the New York herald. [volume] (New York [N.Y.]) 1920-1920

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The Sun and the New York herald. [volume], February 21, 1920, Page 10, Image 10
About The Sun and the New York herald. [volume] (New York [N.Y.]) 1920-1920