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The Sun and the New York herald. [volume] (New York [N.Y.]) 1920-1920, March 04, 1920, Image 12

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III
THE SUN AND NEW YORK HERALD, THURSDAY, MRCH 4, 1920.
KIDDERvPEAB0DY&CO.
iMANCIALNEWS
AND COMMENT
NEW YORK STOCK EXCHANGE PRICES.
Wednesday, March 3, 1920.
Daya aalea .'
imo.
480,020
I0SION
nwmsL
'HEW YORK
Investment Securities
Foreign Exchange
Letters of Credit
COTIKf&flfaftJ flf
Baring Brothers & Co., Ltd,
LONDON
Traaingr in Stook Market Quiet sm
and Trend Is Irregularly
Upward.
1919.
770,533
20,432,860
1318.
327,370
2M10.763
GOSSIP OF Will STREET.
DIPEOVEMENT AT CLOSE
Steels Maie Better Showing
and Selling of Low Priced
Rails Is a Feature.
Munds
! Rogers &
j Slackpole
j S t c k s II
! Bonds
Cotton
Grain
Members
N. Y. Stock Exchange
N. Y. Cotton Exchange
II n a m I I
uucago board or Irade
2$ Broad St.
! Uptown Office
j 16 Vanc'crbilt Ave.
'Jeike
Hood & Bou.es
IONDS
NOTES
STOCKS
Suitable for
Investment
MCHSUtS rV STOCK EXCHANSa
Toledo Traction)
Light and Power
Company
Three Year 7
Debenture Gold
Bonds
Price to Yield Oyer
8
Combined with an aUrae
the conTeniaa pnVJeja
MM Circular "T-IT
Henry L.Doherty
& Cpmpany
Bond Department
60 Wall Street, New York
The stock market during the Croat
part ot yesterday's ' session followed
much the eamo professional course aa
did Tuesday's. Tradlnc was quiet and
the trend, as on the preceding day, was
irregularly upward, but not without op
position from the bear party, whose
main Idea these days seems to be to
I prevent the market from bavins the
rally which It ordinarily would have on
technical conditions. Notwithstanding
theee.effdrtfl, however, and the continued
hammering, first of the. so-called hlgb
Inventory stocks and later of the
better trade of Issues, such as
, Baldwin, tho bears made very little
progress in uip mar net, as a wnoie,
which closed eenerally better. There
was selling of the low priced rails, and
stocks of the type of American Woolen
showed no great amount of resistance to
the pressure, but there were Just as
many strong spots as there were weak
ones, a circumstance which was rather
significant considering the fact that there
was absolutely no incentive to put the
market up.
The steel shares, for one thing,
snowed far better resistance yesterday
than on any other day. thus far, prob
ably because of the recent derision of
j the Steel suit But, as has been pointed
I out In this column repeatedly, the best
that can be hoped for while the market
continues to loan around the present
iiiiH ugurcs is a sicaay 10 arm under
tone. If this continues, as has been the
cose for the last two sessions, conserva
tive Wall Street Interests believe that
the market will be doing as well as can
, be expected. The trend of thlncs dur-
, Ing the great part of yesterday's session
showed very clearly that there Is a
I much better sentiment in financial clr
icles as regards the share list than at
j any other time In the las month, but
there Is no chance of a relaxation In
money rates, and, therefore, It Is dim
cut for tho most op'imlstlo to see how
I much progress can be made on the con
r.tructlve sUe nt least for the next ten
days or so. But this Is not taken to
mean, on the other hand, that stocks
are going down very much further on
the present movement. On tho contrary
it Is believed that the standard stocks
are lodged In strong hands and that,
moreover. It will take better selling than
the kind that put some Issue down yes
terday to start the ball rolling again,
The professionals tried very hard,
however, all day to get prices started;
there was no mistake about that, but
they were unsuccessful In most cases.
American Woolen did not act especially
well and there was some selling of the
low priced rails by persons who had
accumulated them at considerably lower
prices. But for the most part the mar
t ket showed clearly that it had been over
sold. Even Endieott-Johnson. which has
been one of the main bear points, did
better. It was In the steels, however,
'that the real strength was exhibited.
Steel common, while It did not get very
far on account of high money, was well
purchased again, and so were many of
, the Independent steels which Wall Street
.talked so bcarlahly about several days
. ago. Finally, In the afternoon the bears
' put the climax on the selling by attack
l Ing Baldwin, which has been tho one
' strong stock In the whole list, but they
' did not get very far. Neither did they
succeed in bringing out stocks elsewhere,
whloh was obviously the purpose of the
(attack In this direction,
i There was no change In the money
situation, nor Is there likely to be for
itomn davs to come. It Is claimed In
banking quarters that tho market Is now
going through the worst of the. money
difficulties, and that while there will be
no easier money until the latter part of
the month, when money does ease It will
be because conditions warrant u. mere
has been a great amount of liquidation
in commodities outside of Wall Street In
the last two weeks, and It is expected
w ihia win beiln to make Itself ap-
f parent In the local money market as
soon na tne atarcu 10 ubuiuh
out of the way. The foreign exchange
market-again showed Improvement, ater
ling closing about S cents higher on the
day, but the stock market apparently is
paying no attention whatever to foreign
exchange. Nevertheless, it was signifi
cant that along with the Improvement In
exchange Improvement Is also taking
place In the shipping stocks.
MONEY AND EXCHANGE.
CALL MONEY
Mixed Collateral.
Hlsb
Low jj
Last
Renewal! M
Year's hlsh 23
Year'a low
All Indurtrlala.
I mum collateral.
(Slxtr dajf H;
I Ninety dar H
ranr montns -
Fire months w
Last
Renewal ...
year' hlita..
Year's law....
TIME LOANS.
10
..10
..19
..19
..23
.. I
d.K.Rice, Jr.&Co. Will Buy
SO Ansco Company
000 American Dlst. Tel. of Jf. 3.
100 Air Redaction
15 Amerlrun Machine. Vtj,
IS Child (Rest.) Pfd.
AO Empire Steel Iron Pfd.
S3 K. W. IUIm Com.
10O Klrtj Lumber Com. Pfd.
100 Kerr .Navigation
100 Lima Locomotive Com.
3 Nat. Dank of Commerce
SO North nil er Insurance
SO National Liberty Iiuunutea
100 Moral Typewriter Com.
23 I tome Drain & Copper
25 Hlntrer Manufactories;
80 Tnai Frtflc Coal ft Oil
SO United Theatre Equip. Com, A rfd.
J.K.feice, Jr.&Co.Will Sell
IT American Thermos Dottle
100 Air Ilednetlon
BO Atlas Portland Cement Com.
10 Anaco Company
3 Itonkera Trout
100 Dordens Co Com. ft Pfd.
23 Central I'nlan Trait
100 Elaemann Maraeto Pfd.
21 K. IV. DUaa Co.
20 Great Amer. In. (New)
SO Crest Northern Paper
80 Homale Oil A ite nnlnr
100 Jollrt Cntcaro B. B.
199 KJrby Lsmfctr Com. TtS.
300 New York State Rys. Com.
100 Prene Mannfaetnrtng
100 Uoral Typewriter Com.
SO Texna Paelfle Coal A on
SO United Theatre EonlD. Com. A rfd
J.K.Rice,Jr.&Co.
?ane 4109 to 4018 John, it Wall BL. K. T.
All Indnitriala.
HitT dlri , I
Nicety dara S
Four montha.. (
Fire montha.. 9
Six month ttt Hlx months 9
COMMERCIAL PAPER.
Prime Indoraed Bllls'SIx month t07
Recelrable. I Other Names.
Slitr dara ltft (Three to alx
Ninety days ....i87 1 months eKST
CLEAItING HOUSE STATEMENT. .
Clejrlar noae exchanges. 1713.610,011; bal.
ancea, tTS.77t.090i Bab-Treasury debit bal
ancea. tl.OOVWli Federal reaerre credit bal
ance, t70.44t.M3.
DOMESTIC EXCHANOE.
Boeten. par: Chleatro. par; 8t Lot!. 2S0
lie. discount: San Frandaco, par; Montreal.
tiu.75 per ILOOO premium: Clndanatl. par;
Minneapolis. Uo. rrtmlum.
SILVER PRICES.
Bar allTr In New York, tuts, o Uc: In
London. S3d.; Mexican doUan, 1LCCU, un
chanxed. , v
FOREIGN "EICHANQE,
Low.
1(1
IIS
14.3
Lait.
i-UM
Hit
14.10
Prer.
cjom.
14.11
1.03
l.M
LU
1.01
1.03
Ypitcnlaj'i Goae
Xiemand
or Cheeks. Cablea.
TOBEY & KIRK
Mtabats N. T. STOCK EXCHANGE
Want
Amer. Thermos Bottle '
Sterllnr Htrh.
Demand...
Cahlea 3.47U
Franca
Demand... 11.13
Cables ltt)
Marka
Demand... LOt
Cables....!. LOS
Normal
rale
of exch.
4.1443 t-teriis;
S.1SU Parla
3.1 Marka
S.UU Belrtum
China
nonexact
SbanxhaT
Oreece ...........m.
Hollaed
ls
Bombay ..
Japan
Yokohama PhUlpslna Ialtnds
Manila .'.
s.iru luiy
JtW BcandlnaTla
Stockholm
Chrtatlanla .'
Copenhagen
South America
ma Arrenlina (told)..
Duesoa Aires
Snaln
5.UU SKltxerland
Kit: Uruxuay
Bnrata ( currency
109 rabies
iuinn.i.t..i.i
TIME BILLS OS' LOKSON.
Bankers. I Commerdxl.
a 6v..........JlltMm days 10.4111
x.-HL:Mn rtiM .
48,3
60.00
44.4
MS
CM
If 13
l.M
11. G
M
LCI
1L1
X.
J
4TH
11.71
ltT
17.M
13. CO
St
a,ll
lMi
1.00
1U
W4H
1M
un
I. U
II. 20
MS,
47!i'
M.S4
17.45
15.10
2Mi
n.n
.u
l.3
.
2.7S
VO dtjs.,
28
38
C9
174
1T4
SOH
130
2Vl
86tt
19H
91
40
It
90
93
20H
B9
944
4054
90
124
S3
84
97
22S
90
G6
114?i
102
41
Bl
6G
15
82
77
86
13.40
141
13
107
39
3514
4754
113
19
110
83
10
9T4
6
104
18
9
25
25
22
75
35
68.
118
77
46
iz:
55
9;;
25
37
56
85
114
36
64;
74
16
32
100
36
2S
54
41
80
19
24
10
SI
195
96
41
93
7
14
7
99
113
100
14
23
71
86
29
35
23
13
S2
240
7S
84
67
91
36
77
35
33
30
67
13
86
El
3
13
16
116
3S
86
62
20
82
73
39
15
16
45
107
98
28
30
66
45
26
18
98
102
63
171
21
32 H
45
17
70
9
14
28
45
04
111
9
76
15
45
95
71
31
45
32
19
12
93
77
57
42
C
7
117
63
48
84
79
42H
23
39
28
33
53
17
63
D4
89
87
27
13
91
102
60
113
76
80
39
72
2
03
43
130
13
100
19
94
42
60
91
92
20
60
05
41
93
124
83
85
98
235
92
56
115
103
43
63
56
16
83
78
88
13.80
H3
14
108
100
35
48
116
21
111
84
10
10
7
105
18
9
25
25
22
76
35
71
119
78
47
122
56
9
25
37
5C
85
118
36
65,
75
16
32
101
37
25
65
41
51
19
25
10
81
196
98
42
95
7
14
10
101
104
101
14
23
72
87
30
36
23
14
86
241
78
71
86
67
93
37
78
37
33
31
8
13
88
52
4
1SU
17
118
33
3
llr.. I
a H sales. I
12
80c
C
10
20
20
10
3
10
1
21
86
74
40
16
17
49
108
99
9
30
68
45
26
19
101
103
64
171
22
33
45
18
72
9
16
28
45
65
112
10
77
15
46
96
71
32
60
32
19
16
94
78
67
43
6
7
125 I
70
48
85
79
42
23
39
29
36
63
18
C8
55
90
91
37
19
92
103
68
114
77
6
3.50
4
4
8
2
U0
6
3
2
i
4
10
2
1.20
4
6
1
io
6
2
7
6
4
40c
2001
200!
200
100
200
100
800
2700
2700
100
400
1900
100
100
E500
4800
1900
200
100i
400
100
100
200
200
600
200
200
1100
15600
100
100
300
700
200
600
600
600
10
1400,
100
41700
100
Adams Express..
Advanco Itumely
Ajax Rubber
Alaska Gold M...
Alaska Juneau O 31
Am A&rlc Chem pf
Am can ,
Am car & Foundry.....
Am Druggist Syndicate..
Am Express
Am Hldo & Leather
Am Illdo & Leather pf . .
Am ico
Am, Ico pf....
Am International Corp..
Am Locomotive
Am Ship & Commerce....
Am Smelt & iter....
mil owcu n uci pi...,,.
Am Steel Foundries..
Am Steel Foundries pf...
Am sugar Iter
Am Sumatra Tob
Am Sumatra Tob pf . . ,.
Am Tel & Tel
Am Tobacco
iYm Tobacco pf now.....
Am Tobacco Sec
Am Woolen...,
Am Woolen pf.
Am writ Paper pr
Am Zinc, L & Smelt pf
Anaconda Copper
Ann Arbor
Atch. Top & Santa Fo.,
Atch. Ton & Santa Fo pf.
Atlantic coast Lino
Atlantic Refining
At, Gulf & W I S S
AutosaleH
Baldwin 'Loco Works...
Baldwin Loco Works pf.
2000Baltlmore & Ohio
300
800
100
100
4100
200
600
100
200
200
400
200
10
8400
1000
3600
200
1400
1100
900
1500
400
500
100
3800
1200
100
100
25S0O
300
200
1500
1000
200;
700
200
700
2400
1900
900
900
2200
500
1500
1400
200
200
1 700
100
100
3300
200
1700
400
2200
2000
100
200
400
100
200
13900
200
3300
300
700
3C0;
200
1300
300
100
100
1300'
400
200
100
900
200
100
100
7000
6400
200
1200
200
1400
200
100
400
300
100
100
1300
3300
800
700
1200
600
100
100
600
10100
1100
7200
1300
300'
100
700
400
4000
1100
200
100
300
300
1600
200
5001
800
100
200
5500
100
2001
300
100
500
3700
4700
100
400
200
200
21600
800
2300
100
300
6200
1400
3800
SOO
200
200
200
100
200
300
600
100
100
200
300
Baltimore & Ohio pf . .
Barrett Co
Bethlehem Motors.
Bethlehem Steel B.
Booth Fisheries
Bruns Term & R R....
Bums Bros pf
Butterick Co
Butte Copper & Zinc...
Butto & Superior Cop. .
Butte & Superior Cod.
Caddo Cent O & R
California Pack Co.....
California Petroleum.....
California Petroleum pf .
Canadian Pacific
Central Leather. ........
Ccrro do Pasco Cop....,
cnandier Motors
'Chesapeake & Ohio
Chicago Ot Western...
Chicago Ot Western pf .
Chicago. Mil A St Paul.
Chlca. Mil & StJP nf...
Chicago & Northwestern
Chicago & Northwest pf.
cmcago. it i 4 pacinc,
Chic, R I & Pac 6 p c pf ,
Chic R I & Pac 7 d c Df ,
Chile Copper ,
Chi no Copper
Cluett. Peabody & Co pf i
coca-cola
Colorado A Southern.
Columbia O St Elcc...
Consolidated Gas
Con Interstate Cal Mln.
Consolidated Textile....
Continental Candy
Corn Products Ref
Crucible Steel Co,
lOOiCruciblo Steel Co pf.
Cuba Cano Sugar
Delaware & Hudson..
Denver & Rio Grande.
Denver & Rio G ran do pf .
uuiutn b 8 a Ati pr....
Durham Hosiery Mills pf.
Endlcott John.sgn
Endicott Johnson pf
Erie
Erio 1st pf
Famous Players-Lasky. .
Famous Players-L pf . . . .
Federal Mln & Smelt pf . .
Fisk Rubber
Frceport Texas
Gaiton W & Wlgmoro...
General Cigar Co deb pf .
General Motor Corp
General Motor Corp pf..
General Motor Ccrp deb..
en ji Corp deb pf 7 p c.
Goodrich B F
Goodrich B F pf
Granby Consol M A S...
Great Northern pf....
Great Northern Ore ctfs.
Greeno Cananea Cop...
Hendeo Manufacturing..
Haskell A Baker Car...
Hupp Motor
Illinois Central
Inspiration Con Copper.
Interboro Con Corp....
Interboro Con Corp pf.
Int Agri Corp
Int Harvester Co new..
Int Mcr Marine
Int Mer Marine pf
Int Mot Truck 2d pf....
International Nickel
Inter Nickel pf
International Paper
Iron Products Corp
Jewel Tea
Kansas City Southern...
Kansas City South pf . ..
Kelly Springfield Tiro...
Kelly Spring T 8 p c pf .
Kennecott Copper......
Keystono Tire A Rubber.
Lackawanna Steel Co
Lehigh Valley
Loews. Inc
Loft. Inc
Loose Wiles Bis 1st pf...
Louisville A Nashville
Mackay Cos pf
Mexican Petroleum...
Miami Copper ,
Middle States Oil
Mldvale Steel A Ord..
Minn A St Louis new.
Minn. StPASSM...,
MlssourJ.'Kan A Tex
Missouri, Kan A Tex pf..
Missouri Pacific
Missouri Pacific pf
Nat Aniline A Chem
National Biscuit Co
Nat Conduit A Cable
National Lead Co
Nevada Con Copper
New Orleans, Tex A Mex.
New York Air Brake....
New York Central
New York, Chi A St L..
New York Dock pf
New York, N H A H
New York. Ont & West..
Norfolk Southern
Norfolk A Western
Northern Pacific.........
Nova Scotia SAC
Ohio Cities Gas
Oklahoma Prod A Ref..
Ontario Silver Mining;..
Otis Steel
Pacific Development...
Pacific Gas A Electric.
Pan-Am Petrol A T....
Pan-Am Petrol & T B... .
Pennsylvania R R. ......
Penn Seaboard Steel
Peoples Gas, Chicago
Pere Marquette
Philadelphia Co
Pierce Oil Corp..,....,
Pitts, C, 8 A St Louis.
Pittsburg Coal of Pa. . ,
Pittsburg Coal of Pa pt
pitUDurs Hteei pr
Pittsburg A West Va...
Pond Creek Codi
Pressed Steel Car
Pressed Steel Car pf....
Public Service Corp N J.
Pullman Co ,
Punta Alegra Sugar......
lOpea. Itlth-1 Low I Cl&a- I Hat
las. eat. cat Jn Chanf.
80 I 30 29 29
40 40 39 39 1
69 69 69 69 1
1 1 1 1
1 1 1 Mi
91 91 01 91 1
42 42 41 42
128 130 128 130 1
12 13 12 13
99 99 99 99 1
19 19 19 19
93 94 93 94 1
40 40 40 40
60 60 60 60
89 91 89 91 1 ,
93 93 91 92
20 20 20 20
CO 60 60 60 4-
95 95 95 95
41 41 41 41
90 90 90 90
134 124 124 124
83 83 83 83
85 85 84 84
97 97 97 97
229 230 229 230 5
93 93 92 92
66 66 56 66
114 115 112 114
103 103 103 103
42 42 42 42
52 62 52 52
67 67 66 66
15 15 15 15
82 82 82 82 (
77 77 77 77
87 87 86 87 ..
13.50 13.50 13.50 13.50
143 145 141 141
14 14 14 14
110 110 107 108
100 100 100 100
36 36 35 35
48 48 47 47
116 115 114 114
21 21 21 21
111 HI 111 111
84 85 84 84 ..
10 10 10 10
10 10 10 10
6 6 6 6 ..
105 105 104 104 6
18 18 18 '18 1
9 9 9 9
26 26 25 25
25 25 25 25
21 23 21 22 1
75 75 74 75
34 35 34 35 4- 1
68 68 68 68
120 120 118 119 1
77 78 77 78
47 47 47 47
122 122 122 122
66 56 55 55 1
3 9 9 9
26 26 26 26
37 38 37 37
57 57 66 66 1
85 85 85 85
114 114 114 114 1
37 37 35 36 1
64 64 64 64 1
75 75 75 75 1
16 16 16 16
32 33 32 33
101 101 101 101
37 37 36 36
24 24 23 23
64 65 64 54 -f-
41 41 41 41
81 82 81 81
19 19 19 19
25 25 25 25 1
10 10 10 10
81 81 81 81
196 196 195 195 1
98 53 98 98
41 41 41 41 -ft
94 95 94 95 1
7 7 7 7
14 14 14 14 .-.
8 8 8 8 1
99 99 99 99
99 104 99 104 -j- 2
100 101 100 101
14 14 '14 14
23 23 23 23
69 72 69 72 2
86 88 86 88 , 1
29 29 29 29 1
35 35 35 35
23 23 23 23
13 13 13 13 -f
85 85 85 85
238 242 236 240 3
78 78 78 78
71 71 69 70 1
85 85 84 84 1
66 67 66 67
92 92 92 92
36 36 36 .36
77 77 77 77
36' 36 36 36
33 33 33 33 1
30 30 30 30
67 58 67 53 1
13 13 13 13 ..
87 87 87 87
61 51 51 61
4 4 4 4
13 18 13 13
16 16 16 16 ..
117 117 117 117 ..
31 33 31 33 2
83 86 83 8S 4
61 61 61 61 -
21 21 21 21
83 83 83 83 3
73 73 72 73
39 39 39 39 1
15 15 15 15
17 17 16 16
45 46 45 45 3
108 108 108 103 ..
99 99 99 99
I 28 28 28 28
30 31 30 30
67 68 67 68
! 46 45 45 45 1
26 26 26 26 ..
19, 19 19 19
100 100 " 100 100 2
103 103 103 103 ' !
62 63 62 63 2
168 172 168 171 3 i
21 22 21 22
32 33 32 33
45 45 44 45
18 18 17 17 ,
70 70 70 70 2 ;
10 10 9 9
15 15 16 15 1
29 29 23 28 1
47 47 45 45 1
110 110 110' 110
9 9 9 9
76 76 76 76
14 15 14 15
44 45 44 45
94 96 94 96
72 72 71 71
32 32 32 32
48 48 48 48 1
34 34 32 32 1
19 19 19 19
14 14 14 14 1
93 94 93 93 1
78 78 78 78
56 66 64 54 '
42 43 42 43
6 6 6. 6
7 7 7 7
28 28 23 28 .
68 63 68 68 ..
47 48 47 48 1
82 85 82 84 2
78 79 78 79 8
42 42 4214 42 U 34
23 23 23 23
40 40 29 39 1
29 29 28 28
36 36 35 35
62 53 62 53
17 18 17 18
65 65 64 64 .
W 53 53 63 -
89 89 89 89
89 89 89 89 U
27 27 27 27 -
17 18 17 18
93 92 90 90 1
103 102 102 102
65 65 63 65 3
114 114 113 113
77 77 78 76 -1
The Immediate Fatnre.
kA Wall Street character of days long
gone used to have a stereotyped response
to Inquiries for his opinion of the mar
ket "Well," he would say, "some otocka
will go up and some will go down. I
think they will." Professional Wall
Street has about reached that stage
when It is ready to fall back on this
old fashioned trader's reply as tho only
safe one The outlook for the Immedi
ate future is hazy and cloudy, and the
market probably will bo swayed to a
great extent by the day to day happen
ings. Arguments on ooin s;aea oi uie
question appear reasonable. The bear
argument is that stocks cannot go up
with 10 per cent money. The bull argu
ment is that tight money has been dis
counted by present prices and that stocks
are cheap at their present levels. Both
arguments fixe undoubtedly correct, in a
measure.
A. Tito aided Market.
Yesterday's market was a two sided
affair and bad Its weak and strong spots,
periods of considerable activity and of
dulnesa, in which the ticker stopped
dead atllL The steel, equllpment, motor
and Industrial specialties were among
the strongest spots. The rails appeared
to bo suffering with a glut of newly
bought securities, offered at a scale up.
Here and there indications pointed to
the belief that tho short interest is get
ting a squeeze. But tho market con
tinued mostly professional, outsldo busi
ness being strangely absent, with Wall
Street under necessity of buying and
selling stocks from and to jtself.
BONDS IN NEW YORK STOCK EXCHANGE
Wednesday. March 3, 1920.
Say's sales..
Year to dato.
1920.
(13,852.000
695,650,000
1919.
UJ.109,000
666,467,000
Closlnir.
Bid. Asked. Yield.
95.54 95.60 3.77
90.20 90.40 4.61
89.70 89.90 4.71
91.10 91.30 4.81
9.98 90.00 4.98
97.50 99.00
92.30 92.40 6.45
,90.24 90.28 6.09
UT.34 97.3B 6.&U
97.36 97.43 4.C0
Dalduln Locomotive.
The Street heard a peculiar story about
Baldwin Locomotive yesterday, and It
was circulated rather too freely to Ig
nore. It was that errors had been made
by the corporation In' setting aside a
fund for Its Income tax, and that these
errors would necessitate a complete re
vision of Its earnings statement for 1919
and a good sized reduction from the
figure Wall Street had expected to re,
port Just how much truth there Is to
this report only Baldwin officials know,
and they have made no statement regard
ing it In commission bouses here, which
are generally familiar with Baldwin'i
financial affairs, tho report was charac
terized aa ridiculous. ''Sam Vauclaln Is
too good 'a mathematician to let anything
like that happen to his figures, was the
comment in one house asked about the
report At any rate Baldwin did not act
with Its usual buoyancy and exhibited
fractional decline.
Smashlnir Some Records.
Whilo the Standard Oil Company was
busy yesterday denying that it Intended
to throttle the foreign trade In oil. one
of Its subsidiaries broke a few records In
a sale on the Exchange, Ten 'shares of
Atlantic Refining were sold at 31.350.
Their sale was the first of this stock on
the exchange, and Its price the highest
for a stock on tho big board. It was re
called yesterday that the nearest ap
proach to this price was when Northern
Pacific touched $1,000 during the North
ern Pacific panic a
nednctnr the Par Values.
It is getting to be a fad to reduce the
par value of a stock that Its price will be
within the reach of all and sundry. Such
action has been taken by at least half a
dozen corporations, since the first of the
year. Most of them spilt up stock Into
smaller units, not only for the con
enlence of trading but to provide
greater distribution. General Motors
was the latest to adopt this policy, split
ting Its shares up on the basis of ,10 for
1 Two other corporations announced
that they will follow suit cuoan-Amer,
lean Suirar will exchange its 100.000
shares of $100 par value to 1,000,000 of
either 310 nar value or of no par value,
American Radiator Company stockhold
ers yesterday reduced the par value of
that company's biock irom iou to zo
n share, increasing the outstanding com,
mon to 491,136 shares.
RANGE OF LIBERTY
Sales (in
11,000s).
584 3S (1HS'IJ.."""
29 lstcv. 4s (1932-47)...
115 2d 4s (1927-42).......
98 1st CV. 4s (1032-47) .
1.698 2d cv. 4s (1927-42).
.. lst-2d CV. 4s (32-47)
1.653 8d 48 (1928).,.....
2,104 4th 4s (1933-38)...
1,178 Vic, 48 (1922-23)...
L2S0 Vic. 3s (1922-23)...
BONDS.
Open. High.
95.70 96.76
90.00 90.60
89.91 89.94
91.00 91.40
90.20 90.20
92.40 92.46
90.30 90.40
97.34 97.44
97.34 97.40
Low.
95.50
90.00
89.60
91.00
89.98
92.30
0.0.14
97.28
97.33
1919.
$3,245,000
207,672,000
Net
Last. Chtrs.
95.60 -M0
NHtMl
90,60
89.70
91.26
90.00
.20 I
.Z4
.04
,02
0136 .06
90.28 .18
97.38 .06
97.33 .08
United States, Foreign Government, Railroad, Industrial and Other Boncb.
Steel's Forthcoming Report.
In commenting on the fact that United
States Steel Corporation probably will
make a favorablo report within a few
days on Its 1919 business, one house ex
presses the opinion that this report and
the balance sheet It contains, with ref
erence to working capital and Invest
ments and to very liberal depreciation
charces. "will be sufficient to counteract
tho effect of the annual statements of
Lackawanna and Republic In the first
place, Its Income account for 1919 Is
better than that of the others by reason
of Its geographical advantages. United
States Steel, although It had great plants
In th,e northern Ohio valleys, was able
to keip operations at other points up to
a total that made a respectable showing
ot total earnings possible in spite of the
practical suspension or wont in the
plants along the Pittsburg and Lake
Erie and Cleveland and t'lttsourg roaas.
In the current advancing tendency or
freight rates, with further rises almost
certain to follow, the United States Steel
Corporation has a great advantage over
all competitors. Its plants are, dis
tributed over nearly every section of the
country. The Importance of this strategic
advantage aleo Is greater by reason of
the. fact that nracticaiiy every great
plant of United States Steel has its sup
plies of coal. Iron ore and limestone in
as close proximity as any competitor."
Heaviness In the nafU.
The greatest troa-Vo with the market
fn nit tnrk nrmnllntr to the market
man of a large house which handles
several thousand shares of stocks of this
rrnun each day. Is that the stocks on
their recent rise fell into the hands of
the wrong kind of buyers. In other
words, the advanco In the rails was
caused by speculative rather than in
vestment buyln?. and theso speculative
holdings are over the market Scale
orders to sell stocks, particularly the
'llttlo rails, are now In the market Each
CvMkmed on Following FtSK
from speculators, who are entirely sat
isfied with a shoestring profit if they
can get It pn a sufficient vohrme of
shares. Wall Street has neara mo re
port that one speculator alone has
acquired n line of 50,000 shares of little
rails. It Is more than a guess, it is a
certainty, that these 50,000 shares come
Into the market when they will show
an average profit of a. point or a point
and a half. It was Just such selling as
this that caused the depression in the
rails yesterday. The possibilities of the
rail stocks, even the little rails, as a
short sale have not been overlooked by
the bear clique. The short interest In
such Issues as Rock Island, Pere Mar
quette, Frisco and M. O. P. is an active
and aggressive one.
Pennsy Sells Bonthern Paclflc.
The boom in oil to tne Southwest
which enhanced the market value of
Southern Pacific by transferring it to
an oil-rail, was taken advantage ot by
the Pennsylvania Railroad Company to
sell a large share of Its holdings In
Southern FMlSo wMcJV It acquired frum
the Union Paclflc in exchange for Its
holdings of Baltimore and Ohio com
mon and preferred stocks. Pennsyl
vania's annual report shows that of its
originals holdings of $33,292,400 of
Southern Paclfio It haa sold $30,538,600
up to tho end of tho year. Its soles of
the stock in 1919 amounted to $7,900,000.
Tho range ot 6. P. for the year was
from 917-8 to 115, and it Is believed
that Pennsylvania received in the
nftlrhborhood of nar for everv ahar nt
stock it doled out , I
ArgeaVnenSa
SO. 071a
la 071a
4 073
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3. 071a
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101...97 18-18
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110 077,
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S 0778
191 98
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city or Mar
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IRS
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PRICHITT
CO.
MIMIIKI 09
Sew your
SfOCK SXCHAH01
do
INVESTMENT
SECURITIES
SIXTY-BROADWAY
NEW YORK CITY
6aaaaaaaa
-M
aaatal
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7. 70
NYC&StLdbto
1 68I4
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ft Boston 4K
3 41
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14 101
Norfotki Wa
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1 3414
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Or ft Callatto
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int Arg cuss
3 78
Int II Marine to
1 8834
O H9
1 8914
3. 891a
24 VO
4 90l
0 KII4
3 OCI3
2 OAU
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Iowa Central 4a
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2 63lg 8 831a
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Ean aty So to' 5 87I4
1 36 Beading cm to
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2 39la
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1 39U
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11 89
Pere llarq u A CnPac 10-yr to I
,100341
Income and
1? r..i"!.
jcxcess rrorns
Taxes for 1919
We offer for complimentary
distribution a booklet which
gives a digest of the law
an a comprehensive study
of the new features affect-,
ing 1919 income.
Ask for Booklet No. BX-78,-
A. B. Leach & Co., Inc.
Instilment Stcuiillts
62 Cedar Street, New York;
Chicago Boston Buffalo CloraUnl
Philadelphia Minneapolis Balttmort
LSftUS Is 191
2 827
Ltnign vai H
6 IC&a
LehIfbVa!4Ma
3 T
I ens lal rd 4a
1.. 041
2 647.!
4.
2. IWlj
CnlonPadoc to
3 82
7 817?
1 82
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6. . ..851.1
Union Pac ref 4
4 411 8 721?
ftlArkfcU 41ialCn EtecLftPto
8..S3O...6014 1M2
l,,ao, ,OU. 3 . , ,-4l
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4 01 1.. ..947m
3 61lgUSRealty&I to
4.33a. .60 6 75
I . S30. 60la U S Bubber 7
UVftlWrooMt 1 8,
I 07lll . CNMJ
1 ?738
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1 001.
i.ou naan ta
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Manhat By to
a tamped
1.. . 333,
Mldrale Stl to
19 83tg
MoKanftElat
4 33
Mo S &Tex to
1J 571a
110 rac u itu
1 83
Wo Pac gm 4
2 56ii
4 8513
0 033
Mont Pmr to
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it 83
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8 6913
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2 23
NewOrlTertoA
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1 69
8 6S 1
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Series A
1 84
8 Steel af
1 0714
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1 97U
1 9712
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44 88 1 Wl
3 77g Ctlca. Bee to SO
33. 3754 6 V,
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4.t .53
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Series U
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8 8878
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1 7034
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..83
..88!g
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StL ft SanFran
adj to
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14 03
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10. 623
2. 621,
3. 623g
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rt 96
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24 917a
5 ,,.913
1 OII3
5 9134
4 913g
Wis Central to
14 69
1 691g
8 09
BID AND ASKED QUOTATIONS.
N. T. STOCK EXCHANGE QUOTATIONS.
UNITED STATES GOVEBMUSST BUMJ3.
Bid. Ask.
is. redatered I "Vi 11
to. coupon 1M$ lot
to StoteSd.......... 1 IMS
4a, coupon 10
2i, Panama, Wi, rerlatered 100
to Panama, ISM. coupon .......100
Panama, UJS, rerlatered.. ...... ..100
i'anama, coupuu i".
I to, Panama, re littered 11
I to. Panama. eonDon m
I Phil lal land Durchaae 4f. Mil 90
I Phil It I public works 4s, 1333....,
I tn.ll T.I rmfcHn It.
I Diitrlct ol Colombia Uit
FOREIGN BONDS.
Anclo-Freneh Extern to. 1M0 J
I lM.tln. fn,m r. 1915 70U
Canada, Dominion of, notes. 13a.... tf.i
Canada, Dominion ot, to. 1S21 tH
Canada, Dominion ot. U2 tl'i
Canada, Dominion of. Vta KS
r -j- r. 1 I nn ,.,t fltc.
Chinese Oov, Uu Kur By to, 1351.. 43
ILuoa Extern w. m ,.. ,
Cuba Extern S, aerlea A. 1349 H
r",,H v,-.n 1U.. 1 Wl 71
I Dominican Rep 6s, 1MI 1
IClly oi trona ii jr as, on n-
City ot WaMeillea 15 yr , 1M4
City of Bordeaux- IS yr la. 1331 I3l
Iirencn. ring g v..
Japanete Oor 4'4e aterl loan, 193.... Tl'i
I Japanese uor ia. so imn, uw.... mv
Japanese Gov to aterl loan. U31.... 57ft
Japanese. Toklo Qty to, 191! (3
ukouaiojt ot, mi
II R O R a 1 1 ;r Itta, 19S 9:vi
II K O B ft 1 10 JT SKa. 19 W
n ir 11 I. T M RU. T7 JL'.U
IMUIW r, . i m w u . ...
Mexico Extern cold 4i ot "W. 19-4.. ..
IMS
101
101
101
101
91
91
11
S3 . 93
90 95
91
wera no tranncuun-
Birt- Aalc
AdrRpl... 6H H
Al Ch M pi 3
do pi to w
A 1-h.m.. t5-i n
Alh ft KUKJ .. 160
A Bk Note. 40
do Pf. .... "
m B Sue.. 70 so
do Pf...... 91 ,
l)oacn.. ii'-i
Tib Hh. 94 1MU
do pf. 1 S
tan pr. ntj
r. -P nf.113 111
Amer Coal. JJ B
un col mi ;
do pf
m 1 Frne Ut4 13
Am Llnaced 77 79
nn nf 93 93
Am Loe pi.KS 1M
1m M It (i. SQU 33
Am S Sea A Mli
Am Bnun... lis
do pf M
Am.TelftOCO 6S
Am Zinc... 17 MH
Ann Arb pf. M
Am Dry Ods 41 47
do 1st pf. ..
do Id Pf 5- 79
Assets Real VA
Asaoda OiLlll 111
At Blr ft A. J l
AGAWIpt.. 13 CS
All Ref p;..im. W
Ar.ln ft nf.. 21 -14
TtotODllSS... 1 IU
Am
Am
Am
Am
Am
A me
Am
An
Ami
Pe an ay Iran la Crude Oil Market.
I
Oil Crrr, March 3. Credit balances,
St.lO: runs, ilatrh 1. 27.9S7: shlnmenti-.
Sl.m; averast, 19,255. j
BaiTi. Pt" a
Bamett L.. 13 a
do pf -3 K
nr.tt nf..lftS 1M
Beech Crk.. 2sTi nil
Beth' SteeL. 7 93
do 7 97i 1J4H
Ska Stilton. II 97
tocks in tchleh
yesterday:
Bid.
Bkn TUp T 1
Bkn Un Oas is
Brown Shoe Utt
do pf UH
Buf ft Snan ..
Buff R ft P tt
do pf
Burns Bros 101
Bosh Term. ..
Cal Pack pf.117
Can South.. 41i
Cass pf..... 91
Cent Fdy... 11
do pf ...... 28
C Leath pf.lC3
CRR ot NJ.1C5
C S A Tel. .100
Cert Prod.. H
do 1st pt. IU
do 2d pt.. tl
Chl ft Alt... 7
do pf. 1ZU
Chl ft El ct 3
OO Ct pf.. T
Chl Pneu T 71
O 8t P A O (9
dppf. N
OCCJUtX.... 44JS
do pf..A.. (
CTeTeAPltu ..
CI Peabody.
Col F ft I... J7U
Col 8 inf MJJ
dO 2d pf.. 49
Col Grph pf J3
wrap t an.. 41
ton utar,
do pf..
Con Can..
do nf..
Con Injur.. 73H
CcrnPR pf.Klii
vrr uupet VI
Cuba ca pf w
Cub A BnV.170
do pf. 103
Dili W...I79
17
100
9Tt
73H
9Tii
97
93
tSS
91S
4TA
M
M-l
7IH
M
90H
SOH
son
l
J1U
MH
C7
SOI
94
90
33
31
there
Atk.
it
a
95
97
CO
i
104
109
1
(9
99
30
u
VA
S05
1HH
31
14
H
s
tl
K
10C
Tl
WJi
19
99
31
S3
4
17
19
it
3)
M
103
71
Joch
SI
II
40)
110
173
Bid.
Deere pf.... 99"i
Det Edlaon.l
Det ft Hek.104
Det United. ..
Dlam'nd 21.113
Dome Mln.. UK
Dul S3 ft A 1
Durham II. U
Elk Horn F 3lVi
do pf 33
Kle; Slor.,.130
Emer Bran. 19
do pf...... S2H
EniUc J pf.M0(i
Erio M pf.. 14
Fed M ft S 10
Fairbanks.. ..
do pf M
Fisher Body.119
do pf. im
Gen Chem.. ..
do pf. M
Gen Clears. C3
do pt. 93
Gen Elec... .154
Gray ft D... 11
Gulf JIAN..
do pf. JH
Gulf 3 8tl.. I9
do 1st pf. ..
Hartmann... u
Hanes pf...H0U
Homettake. 11
Int Acrt Pt lt?i
Int Mot T.. ..
do lat pf. C9
Int Pap pf. 7i
do pf at.. 73
Int Salt.... (7H
Iowa Orau 3
Jewel T pf. 43
Jones Tea., a
Kayaer US
do 1st pfJOI
Kel Bp T pf 93
Kel Wheel.. 47
do Pf. .... 94
Keo ft D M i
do pt 33
Kresre S S.UJ
do pf 93
Krcsa 8 II.. 74
. do pf 109
Laclede Oaa 41
Lake EftW. 9
do pf 29
Lee Tire.... SO
LICIT ft M..1J7
do pf 103
Lortllard ..ICO
do pf 101
Looee-WUea 41
do 2d pf..ll9
Manhattan, u
Man Beach, u
Martin Pr.. it
Man Khlrt.. rH
Mackay C5H
Man 8uxar.l7
do pf. K
Marlln R... u
llalh Alk M
May Dep 8.107
00 pt. 104
Maxwell.... 17
do lt pf. UH
do M pf.. 20H
Mex Pet pf 95
Mich r.nt
M88M pf... 91
MS8MLL.., 43
Jior ft Es.. Cl
Mon Power. C3
dft nf M
Mul'Jns By, H
ao pt ;
N C ft SlL.lW
Nat Acme.. 3iX
Nat Anil pf M4
Nat,l!la pf..ll
Nat akAS.. (J
do r f 95
Nat B ft s. 79
do pf , M
NMLdpf..J9t
Ask.
102
107
194
109
123
mi
SH
n
u
43
131
24
fS
101
17
13
133
110
ISO
91
C4
IM
1U
23
9
34
li
97
17
11114
3
T0H
IM
109
73
70
7
42
21
US
111
?5H
93
7
a
us
107
4!
iS14
IM
m
104
SI
in
43
3
SH
SO
71
112
MO
SAU.
32
120
111
23
M
Zl
IM
94
M
71
k;
59
lis
3SH
KH.
Ill
TO
191
71
109
195 :
Bid.
NnyMlpf ..
do 2d pf.. IV,
NYLackftW C
NYCASLlpf S4
do 2d pt.. 43
N Y Dock.. SI
Nias F P
do pf
NorfftWpf.
North Am.. S3
Ohio Fuel.. 45
Otia Eler...ll7
Otis Stl pf.. ..
Owen BAM. SI
do pf. 94
Pac Coaat.. 25
do lit pt. 60
do 2d pf.. 49
Pac Mall... 33
Pao T ft T 33
do pf 61-1
Parish A B. 29
Penney pf.. 99
Peoria A E. II
Pere M pf.. 4H
do p p.... (4
Ptt-Mttl.,... 34
do pf 0
Pierce Ar pf 93
PlerccOilpf 93
PFWC pf.iu
PAWVa pf. 72
Ky St Sp-.. 3
do pf io;u
Rep M Tck. ..
Rep Stl pfM 93
Ren A Sar.j42
Read 2d pt. S3T(
Remlniton. 74
do 1st pt. li
do 2d pf.. 93
Replos lo Stl 13
Sar Ami... CS
Sears Rueb.215
Sloia-Sh
do pf.. w
S1LASV nf
StLA8W...,
do pf....,
Rhltllirl
S Porto BUi2W
00 pi 102
So Ry pf.. Mli
Stuli Mot..Ut
Stand MIU..129
do pf.. SI
Slew War.. J3
Studeb pf..,10O
Sup steel.. 43H
da rf IWH
Tex PaeLT.SK
Thirdly... 111.
Tld TO rut im
Tob Pd pf.. 99
T St I. ft W 19
do pf. it
do c 12
do p c... 29
Twin City.. S3
do pf.
Vruud lei
do pf ..... ..
Un BaAP n
Cn Clr Sts 189
do pL1....li)7H
Union Drus.125
do la! pf. 4H
do 2d pf..l
17 S Eipr... 2S
Un R Iiiy... at
do pt
USCI Pipe., ntj
USRub lpf.ni
Uah Sec...
U8 Smelt pt
Wab pf n.. i
Wella Farso H
Weat Air II vt
Weat M tpf l
Wla Cent... 29
Woolwortb. 321
fill nf
WthstapfA K
. isu
. 27
11
Alh.
10
SO
41
25
104
101
43
125
97
S3
104
S4
109
ta
to
S2U
39H
93
IS
4IH
ss
91
M
H
124
75H
93H
107
4114
100H
117
33
71
10)
99
37
211
43
94
22
17
2SH
213
113
m
113
114
99
tt
100H
41
101
231
11
no
93
IS
21
15
if4
vrx
129
99
221
149
131
(9
19
31
U'i
112
94
47
20
S3
IM
8
123
111
95
Foreign and Railroad
demand for steel; a
look ahead.
Obstacles to our trade
with Canada.
The General Outlook.
Discussed in this week's issue of
THE BACHE REVIEW
Tht REVIEW U Istaed tcetifs end
Ccplez may be had upon reauul.
J. S. Bathe & Co.
ESTABLISHED IS92
ilembtn -Vetf York Stock Exchange
42 Broadway lVcw York
Branch aad Corr)ponifnl
tbroschoat the United Slates.
Miller & 60.
.Members
NcrsViork Slock Exchdncj'
Securities Bought for In
vestment or Carried
on Conservative
Margin
I20BRQATIWAY
Erdnch Gffices
212 FIFTH AVENUE
swcOR. 26-a-rnor
ICNGACRE BUILDING
RCXDH42M.ST A-BROADWAV
He
ta
-ft
1 flmpnran i.ioht Ar irartmn
Standard lias & hlectnc
Detroit Edison
Atlantic Sugar Com.
Guantanamo Sugar
Central Aguirre Sugar
af
. .vaylll
OVUM DETSOrr PUlLfDELRUA ,
Great Am. Ins.
Stock
mecnaiucs &
Metals Bk
Rights
Bought, Sold, Quoted
J.K.Rice.Jr.&Co.i
Phones 4000 to 4919 John. 21 Wall St.,
Oraham, Parsons & Ca
INVESTMENT SECURITIES
4tf CtsattrntSt. US Ersadriy
FbUatklfku .Nf r Tori
Rsctor 9115-8
6.
1

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