THE SUN AND NEW YORK HERALD, SUNDAY MARCH 14, 1920.
Munds
Rogers &
Stackpolc
Stocks
Bonds
Cotton
G r a, i n
Members
N. Y. Stock Exchange
N. Y. Cotton Exchange
Chicago Board of Trade
25 Broad St.
Uptown Office
16 Vandcrbilt Ave.
Foreign
Exchange,
Securities
& Currency
Sptcial Analytical
Circular upon request.
E. W. Wagner & Co.
Uthtd 1!
r.v y.
.J .v. r.
Chteat
33 New Street Zd) New York
( 14 Ka
I 10; ir
V '.'OCoi
JfjIaUlanei 1SS7, Chicago
Stock KicSangt
Member ( -v' Corion has
Chicago Ajard 0 frail
f 14 Kait 44Ih St.
! s.m st
! Court St.. BUu.
Miller & 60.
.Members
NeYirk Slock Exchdnce.'
Securities Bought for In
vestment or Carried
on Conservative
Margin,
120 BROADWAY
Ersr.ch. Offices
212 FIFTH AVENUE
LONGACRE BUILDING
N E.C01 42nl 5T iHJROAtJuAV
NEWYDRtC
Investment
Securities
R.C.Megargel&Co.
27Pine Street-NeVfciK
fJELLWlG&REUTTER
Mtmlen ojNeu York Slick Exehantt
INVESTMENT
SECURITIES
25 Eroad Street, New York
Telephone BroaJ 6230
FINANCIAL NEWS
AND COMMENT
NEW YORK STOCK EXCHANGE PRICES.
Saturday, March 13, 1920.
Market Continues (o Advance
mid Traders Cover Heavily
at Close".
rx . 1320.
pay's Bales 478,375
ivar to duto , 62,693,41 1
rOil!!,-, Uir.l
lilu. I All.
1919.
533,715
34,834,422
1918.
180,495
29,199,329
KAILS FEATURE SESSION
Federal and Local Rank State
ments Show Substantial
Improvements.
S2?T
40
69
72
Hi
83
116
45
45;
12?,
107
22 'i
104 i;
45
97
13
83 U
96
99
65 i
45U
9114
131
90U
99V4
as '
U6
82
77
S6
155
13
119
36
4S
124
1
25
92-1,
While, traders were olile to muko somo
small progrcrn on the Helling hU1i nt the
oultet again yesterday, tlio tendency In
the main was still In the direction of
higher level. Too bear party, which
hart been nclllng stocks all day Friday
without getting anywhere In particular,
thus found Itself compelled to go Into
, the market at 4he close and bid up
: rtocks to oven up commitments or elBe
take tho cliancii of tho bank statements
being unfavorable to get their stock
commitments back tomorrow. The re-
null was n very vigorous closing, in 1 257
which many special stocks were run up 55
sharply. Tho market was not very ac- , jnj
tlve, even for a Saturday session, but ica;
wniii m.rH wan 10 1,1 uuru uub uu wk
I had been said about It previously ns to
the excellent character of the buying
tin recessions n.ul tho poor character of
the selling 011 bulges. Fortunately, too,
the bank statements were in line with
what hail been expected, both showing
substantial Improvement In tho money
pofltlon.
The political revolution had no effect
on the market, aside from u temporary
recession at the outset, because it meant
a more conservative Government In
ciormany from the financial point of
view.. Had the change been In favor of
a radical government Instead of a re
actionary one. the market would have
h.d to face a severe test of Its under
lying position. Hut, as It was. It merely
rendered moro difficult the task of thoso
who had expected to cover stocks sold
previously on last minute weakness.
There was no actual weakness, and
from tho speculative point of view the
market acted better yesterday than It
had at any other time this week. There
was, an actual shortage of stocks in all
groups, particularly In the motors and
rails, which was taken to mean In many
quarters that the market had already
digested the new price level and was
prepared to go ahead again, providing
the money situation to-morrow Is halt
way favorable. It Is probable that there
will be a pinch In money for the first
day or two during th week, but bank
ers who predicted some time ago that
the peak of the money difficulties would
be reached last week were confident
yesterday that the tension would not
!at any long,-r t!ian 'that.
The rails were the day's most active
feature. Heading, which lias been a
favorite In the rail group all the way I
along, was bid up sharply again and :t j
the end of the (lrit hour the strength
spread to Texas and Pacific, in which !
the pool showed signi of becoming ac-
tlve again. Next to the rail group i
the most active features were the mo- I
tor stocks and Crucible Steel, which I
moved ahead sharplv In response to a
report that the company would dcclaie ,
a nock dividend of 100 per cent, at
the meeting of Its directors on Tuesday.
The pools in Chandler and Ftutz were
active again, Chandler going above 103.
a new high for all time, and Stutz get
ting close to its previous high of last
ear. Altogether It was, a very satis
factory closing for the week, particu
larly fo in view of the bearish comment
that was heard In stock market circles
following the cloie of the market on
Friday.
The Improvement In the bank posl-
32
40 U
70
75
2
214
42
83
118
46
98
143
46
12
107
23
104
46
97
13
SI
97
99
25
65
45
92
132
91
99
267
66
127
19
59
117
85
80
90
156
In I.I Halea.
12
4
80c!
6
lOpvti-
UK. I
'lllf
I 37
I 49 ,'
,'125'
I i!
I 26
1 Art
15' 16
H( 11
95 98
107
9
27
23
79
37
1
3
..I
4!
Si
IflO Ailiumi KxpruBs
100 Advitnco Kumcly
100 Advitnco llutnely pf
100 AJax Rubber
100 Alaska Gold M
300 Alaska Juneau G M
400 AIIIH Chalmers Mfg
300 Am licet Sugar
400 Am Bosch Magneto
1500 Am Can
50 Am Can pf
4S00 Am Car & Foundry
100 Am Cotton Oil
600 Am Druggist Syndicate.
200 Am Rxpre.08
100Am Illdo & heather
700lAm lllcru & Leather pf . .
lOOlAm Ice
2600Am Inter Con
400 Am La Frahco Fire Kng.
1900 Am Unseed Co
200'Am Linseed Co pf
3400 Am Locomotive
25l0'Am Ship & Com
1400 Am Smelt & Ilef
100 Am Steel Foundries
100'Am Steel Foundries pf..
500 Am Sugar Ilef
300 Am Sumatra Tob
300 Am Tel & Tel
900 Am Tobacco
9900 Am Tobacco Sec
4500 Am Woolen
300'Am Zinc, L & Smelt....
1500 Anaconda Copper
400!Assoclated Oil Co....
lBOOlAtch, Top & Santa Fe...
lOOlAtch.Top & Santa Fe pf
EOO'Atlantlc Coast Line
400 At Gulf & V I S S
IIIili-et.
32
40
70
74
1
2
42
83
116
45
9S
139
.46
12
110
22
103
45
97
13
82
96
07
25
65
45
92
123
90
99
204
65
.1125
18
"I
100 Autosales . .
20900'ltildwln Loco Works...
11100 Baltimore & Ohio
400'Haltimoro & Ohio pf.
59
116
Lon-e.t.
32
40
70
74
1
2
42
83
117
46
98
143
40
12
110
22
104
45
97
13
84
96
99
25
66
45
92
131
91
99
268
66
127
18
59
!116
85 I 85
79 79 .79
S9! 90 ' 89
155 156 1153
13 I 13 13
32
40
70
74
1
2
41
82
115
44
98
138
46
12
110
22
103
45
96
13
82
96
97
25
65
45
92
129
90
99
204
64
124
18
58
116
84
Clot.
In. .
32
40
70
74
1
2
41
82
11T
46
98
143
46
' 12
110
22
104
45
97
13
84
96
99
25
65
45
92
131
91
99
267
66
127
18
59
116
85
79
90
156
13
, Nrt
-
- 1
1
5
- 1
'2
-
1
-
-
-
1
1
1
-
GOSSIP OF WALL STREET.
1
- 7
1
2
-
- 1
4- i,i
118 It9ill7.119'
37 I 38' 36' 37i
-5, -ii'A
- 1
4 1
1
100 Harrett d 123123 123 123
106
9
26
22
78
37
71
124 125
85 i S6
149 149
58' 59
8
9
9
25
40
59
89
38
65
10
7
10!
5
10
4
9 !
6
9 I
' 26 '
; 40 i
I 60l
I SO
I 3 si;
i 66
7
1
26
92
16
11
96
107 I
9!
26
22
79
36
71
125 :
90
1 16
I 11
I 96
.107
9
.26
22
79
36
71
124
85 I 85 ! 84
147151 14
13 I ..!
33lll
33
50
65
35
39
23
I 59
j 48
I 64
S6
; 10
! 76
91
103
210
j 95
410
I 44
82
' 99 102 1
9S 1 100 I
7' 7,
14l 14'
23l 24'
106;iOS
' V2
6S
36
40
26 j
60 !
49l
64;
S6
" ;
7S
91'
106!
241
9S
125 !
45 ;
82
100 Iiatopllas Mining 1
2700 UethlPhem Motors
4100'Betlilehcm Steel D
1200 Brooklyn Rapid Transit
200 Ilklyn Ilap Tr etf of dep.
200'Brown Shoo pf
100 Hums Bros
600!Butte Cop & Zinc
lOO Butte & Superior Cop...
700:Cuddo Cent O & Tl
lOO'Californla Pack Co
SOOlCallfornla Tetrol
lOOjCallfornla Petrol pf....
700 Canadian Pacific
1700 Central Leather
7100'Ghamiler Motors
1100!Chesapeake & Ohio 37 I 59
500 Chi & E III Eq Tr ctfs. . . I S j S
2300 Chi & K I pf Kq Tr ctfo.l S! 9
200 Chi Great Western 9l 9;
100 Chi Great Western pf... 25 25 I
1500 Chi. Mil & St Paul 40 40,
1500 Chi. Mil & St Paul pf 5S 59'
S00 Chi & Northwestern 90
6400 Chi. II I & Pac.i 38
200 Chi, H I & Pae 6 p c pf..! 66
300 Chi. H I & Pac 7 p c pf . . ' 77
2400'ChlIe Copper J 17
HOOChlno Copper 1 34
100 Clev C C & St L I 54
100 Clev C C & St L pf I 64
2S0O Coca-Cola ex dlv I 36
2O0 Col Fuel & Iron 40
100 Col & Southern 25
L'UO col G & F.lec 58
ii 1;
24; 26 I
90! 92 I
15' 15,
11i 11
96i 96
107
9
26
22
79
36
71
123
101
flUl
26
22
79
36
71
123
85
1
11 -, i
38,
66 1
77!
17;
31 I
54 '
64l
36
40
25'
59
1' 2300 Col Graphophono I 48 1 49
10
200'Cons Cigar
500;Coii3 Gas
200 Con Interstate Cal Mln.
100 Continental Candy
25 Continental Insurance..
5300'Corn Products Ilef
lOOiCorn Products Ilef pf..
22S00 Crucible Steel Co
100 Crucible Steel Co pf . . . .
100'Cuban Am Sugar
800'Cuba Cane Sugar
200Cuba Cane Sugar pf....
100! Deere & Co pf
200 Del & Hudson
400 Denver & Wo Grande...,
I 64
85
19
10
a:
86 I
19
10
J 1 -U I
8 I
s:
9
25 i
40 :
58 '
89 !
37l
66
77
17
33'
54 I
64
35
39
25
5S
48
64
85
19
1149' 2
1
1
-
The lrifrilo!inl View.
Professional opinion of the market's
Immediate future appears to ha widely
mixed at tho week end. The Street Is
practically unanimous In tho belief that
the market will work higher, but con
tinues to call attention to the fact that
11 bull market cannot Wn conducted with
high money. The opinion prevails, ac
cording to most of tho market letters,
that the money stringency will pass
during tho tarly part of tho week and
that tho movement inaugurated last
week will lw continued. K. W. Wngner
& Co. suy that the breadth of the mar
ket In tho last few days foreshadows
rapid enlargement of public Interest,
Merrill, Lynch & Co. express tho opin
ion that tho low priced oils and tobacco
stocks will faro best. Goodbody ft Co.
Bay that good railroad stocks, preferred
and common, have Jint fully discounted
tho recent good news. A. J. Johnson &
Qo, declare that many stocks are sell
ing, below their Intrinsic worth and
should measure up to higher levels
when money for speculative purposes
becomes more plentiful. J. S, llacho &
Co. say "While reactions are probable
before a sustained rise will material
ize, tho unmistakable evidence of tin
derllng strength makes It necessary to
conclude that the bull market Is not
over and that It will manifest Itself
later in the seaion." ,
BONDS IN NEW YORK STOCK EXCHANGE.
Saturday, March 13, 1920.
1920. 1919.
Day's su!en $5,304,000 86,125,000
Year lo date..".!!!!.!!........! 796,582,000 650,231,000
HANCJ13 OF LIDKIITY BONDS. , -
Plnftlnrr C.iloa In
Bid. Askod. Yield. $1.000) OP.c- ' I
1918.
$2,123,000
233,294,000
95.80
90.50
89.40
90.90
89.74
97.00
93.02
90.10
97.36
97.34
96.00
90.70
8.9.4S
91.10
89.78
97.50
93,06
90.14
97.40
97.42
3.71
4.59
4.74
4.85
4.99
5.30
6,10
5.50
4.49
ISfi 3W,s (1932-47) 9B.0i
29 1st cv. 4s (1932-47).. 90.52
00 2d 4s (1927-42) 89.50
04 1st ov. 4H (1932-47). 91.00
446 2d cv. 4s (1927-42.) 89.82
.. lst-2d ev. 4s (32-47)
611 3d 4s (1928) 93.06
832 4th 4s (1933-38).,.' 90.10
689 Vic. 4fi (1922-23)... 97.34
228 Vic. 3s (1922-23)... 97.36
96.20
90.70
89,50
91.10
89.88
93.10
90.16
97.12
97.42
Low.
96.04
90.50
89.40
90,90
89.72
93,66
90,08
97.34
97.36
Last.
96.00
90.50
89.40
90.90
89.78
93.06
90.12
97.40
97.36
Not
Chgf.
.24
.14
20
-.08
-.66
.02
f.02
United Statei, Foreign Government, Railroad, Industrial and Other Bondi.
.HtnnitliiK ! Teal-
Yesterday's brief two hour scsjion Is
conerallv the test of a market. In tho
llrst place, there Is always a tendency
to even up commitments and get square
over to-day. Many large traders Invnrl-
ably sell out at the week end. It Is
this helling which always must ho an
ticipated on Saturday. Hut yesterday
there appeared to be less of It than us
ual, and the bear clique encountered a
disappointment In fho llrst fifteen min
utes of trading, which lasted practically
all day. Stocks were steady and strong,
only a few, hero anil there, showing
signs of yielding to pressure. A few
stocks, however, were speetncular. Chief
of these were Crucible Steel, In which
tho short Interest was Jerked up a few
notches higher by the market thumb
screws, and Chandler Motors, which
crossed 130 Into new high territory and
sold at 151. Little rails and the little
oils were ngaln In considerable favor
and gave n mighty good account of
themselves In the short day. Trading
was on the basis of a million shares for
a full five hour session.
.IS ?
8
9
9
25
40
59
89 I
38
66
77 1'. '
41 I
17
33 I
54 i -f
64;
33 I
39l
25'
59 ;
49 I
65
86
19
3
"
- 1
1
10' 10
I 91 I 92 .' 91 I 91!
106 ,106 ,106 1106 !
!222j241 222i241 I
! 9S! 38! 98 9S!
410 '410 '410 1410 I
' 44' 41 44, 44'
' S2 82 S2; 82;
100 100 '100 100
I 98l 99! 98! 99 I
Heserve Ilniik'a Condition.
The ratios of reserves reported by the
Federal Reserve Bank of New York In
creased yesterday fractionally, the ratio
of total reserves to deposit and Federal
Reserve note liabilities combined rising
from 38.1 to 38.5 and the ratio of re
serves to r.et deposits after deducting
10 per cent, gold reserves on Tederal Re
K?rvc notes In circulation advancing from
1 36.0 to 36. T. Hank borrowings from the
l Federal Reserve Hank on Government
I war obligations decreased $28,600,000
and on all other securities increased
$6,300,000. The local reserve bank, how
ever, redlcounted with other reserve
banks $16,600,000 additional paper, mak-
iiik us contingent jiauuity on this nr
count $S4.550.000. Government deposits
in the reserve bank went down from
$45,297,000 to only $3,979,239. There
was a net loss In total gold reserve of
$7,200,000 and a rise In the sliver reserve
of $1,500,000. During the current week
momentous transfers of funds will be
made, but perhaps 90 per cent, will be a
matter of book credits. At any rate
bankers said yesterday that the worst
of the weekly reserve bank statements
had leen passed and that now the out
look was for a steady and considerable
improvement.
16
tion surprlsd bear traders who had 1 101 !l02
figured on covering short contracts to
morrow under the cover of selling
forced V" the hank statement. There
was an increase of $26,300,000 in ex
cess' reserve during the week, but what
was even more surprising to tlie bear 25&,
party was the improvement in the Fed- 15b,
eral Reserve statement. The traders 320
anticipated an Improvement in exoess i 31
reserve on account of the easy money ,
during the week, but they had not looked
for the favorable s-tntement from the 1
Reserve Bank, which nhowed an im
provement of per cent In both ra- '
tlos. The foreign exchange market was
quiet and irregular, with the Allied ,
rates lower, no doubt on account of the ,
political upset In Germany. Sterling 1
was about a cent lower ana rrancs
were about three cents off.
14
24
78
34
37
74
86
MONEY AND EXCHANGE.
National Fuel Gas Co.
Capital Stock $18,493,033 ;
Surplm 13,600,030
Surplus 73 of Capital
i
j Average of over 20 earned on 1
Dividends 10 annually ,
Financial condition justifies i
extra disbursement.
Price on application. (
HansonHanson ;
74 Broadway- NeWx&rk.'
7biephono Rector 2721
CALL MONET.
Mixed Collateral. I All Industrial.
Huh V. IHIch 15
Low IS ILnir IS I
I.it !S ILast I"
Rcncwali 15 'Renewal 15
Yr'5 fclih S IVear's hlrli :5
Year's low 6 IYear' low
TIME LOASS.
Mixed Collateral. I All Industrial.
Slatv days lU'Sittr dart'i 9
Ninety dy 4NinMr dv.. i
Fnn- mnntli ""Four month. . . a
Five months i' .Five month 9
Six monthH S'tlflx montlu 3
COMMERCIAL TArED.
Pi3te lKlor"r nill'ia.T month'? . Will'
Rweivable I Other Names.
Slaty days . . Three to six
Nlnetj days SM I months ss4g:
CLEARING KOt'SE STATEMENT.
Clearing Hnii.e exename. V5t,W.9.9i; oal.
anrs. e!.S").TM; SnbTrea'Ury credit bal
ances. SI WS.Tw; Federal reserve credit bal
ance. SH,53.s5i.
DOMESTIC EXCHANGE.
Boston, par: Clilmro. par: St. Lnnl.
15c. discount: San Francisco; par: Montreal,
J127.M per $1 ft'o premium: Cincinnati, par:
Minneapolis, inc. premium.
SILVER PIUCES.
Br silver In New York. 11.1". unchanged:
in London. Tn'.Kl.. up '.id.; Mexican dollars,
Ss.e.. unchanged.
FOREIGN EXCHANGE.
40
S4
3S
69
62
14
92
54,
4 I
15
154!
24
79
35 !
38 I
26 '
16
322 j
31
74'
S7l
72'
42 I
84!
3S!
70
63 I
15 I
92:
12
4
15
80
128 '129
35 36
34
37
25
16
318
31
74
N6!
71:
40'
S2
38 1
66
62
14'
90l
65
89'
72!
2',
SO j
75
43'
17,
41 '
89
73
Si
80
76
43
1S
42
6
3.501
17 1 17
46 ! 47
120 122
99100
30 ! 30
37 I 38
73 j 74
11 12
33' 34 -
Prev.
Sterling Will- Low. Last. ri0Se.
Pemsnd... U J1 6T .; 13.69
Cables 3.'j 3.S7i J.6S 2.6Si
Francs
Demand... 1S.42 13.47 13.H 13.44
Cables 13.40 13.(3 13.(1 1.1.43
Marks
Demand... 1"9 1 l.M 1.3
Cables... . l.W l.M l.M 1.40
Yestf.-dav's Cloe
Demand
or Checks. Cables.
Butler Bros, new and old
Montgomery Ward "B"
STOCK
John V. Dunne & Co.
44 Broad St. New York
TtUtho Bread 23V (
Vnrmal
rate
of exch.
4 SS Sterhnr ...
Pari
Marks
Belilum
Chlna-
Honikonc
Shanghai
Greece
Holland
lndla-
Ilombay
Japan
Yol:ohom4
Philippine Islands
Manila Italy
Scandinavia
Stockholm
I'hrlstlanla
Copenhagen
South Amenca
Rio
Arzenllna (xold)..
Rneno Aires
naln
Switzerland
Ururuar
51.(5 Ru!a i('urrencj)
iw fill. If
yo rubles
TIME BILLS ON LONDON.
Bankers. I Commercial.
an day $1.(1 1M days $3 :
IM day l.M ISO days J.0i
5.1S13
5 1813
11.29
j ::.((
43.81
m.m
5 1113
28.50
, (t.C
K.5
43 (
6.1411'
, 103.42
13.57U
13 48
l.M
1J.S7
M
1 41
11.35
:S
'
47
4i';
15.21
20 1.1
17.55
17.13
2'i
5U
U
17.W
5 92
1.01';
:.6o
13.M
13.44
1.5C
1I.SJ
H'i
1.4S
11.35
:!,
' 15
47;
43'i
18
I
.7.2 ,
2S
3"4 1
17.
5.W
1.0! ;
.1.54
;.70
47
30
19
162
112
107
60
30
183
23
36
47
17
79
56
10
29
47
45
36
63
II
8!
i
1.20
01
Kxporta From Jfevr "York.
Harley. 62.5S5 bu. ; flour, 31,261 sacks;
cheese, 60,000 lbs.; lubricating oil, 8,000
gals. 4
4
29
19
161
104
106'
5S
29
183
22
35i
46
17
78
53 I
9
29
46
43
36
62 .
88
11
77
103
76
34
37
35
25
97
53
83
60
5
8
29
69
93
83
41
43
43
38
29
63
37
63
18i! 19
94 94j
75 j 76 ,
29 29
19 I 19l
3,
12
10
21
1.20
4'
400 Denver & Rio Grande pf.i 14
100 Elk Horn Coal Corp 23
1700 Kndlcott Johnson 106
100 Endicott Johnson pf 102
(00 Erie ns;
300 Erie 1st pf 24
600' Famous riayers-Lasky.., 78
200 Federal Mln & Smelt pf..
600 Kisk Rubber
400 Freeport Texas
200'(!aston W & Wigmore...
6600,(;fnl -Motor Corp
740olOn! Motor Corp ctfs
90u llcnl Motor Corp deb
2u0 Oenl Mot Cor deb pf 7 pt
300Goodrkh (I! F)
lCO,CJranly Consol M & S
7100lGreat N'ortliern pf
400,Great Northern Cre ctfs.
300 Gulf States Steel
900 Haskell & Barker Car...
SOOiIlnpp Motor
300 Illinois Central
600 Inspiration Con Copper.,
1100 IntTboro Con Corp 4
lSOOllnterboro Con Corp pf . . 15
lOOilnt Agrl Corp pf
500'Int Harvester Co new...
1400 Int Mer .Marine
1700'Int Mer Murine pf ' S9'
100, Int Motor Truck 1st pf. .1 72
100 Inter Nickel ' 22
1000;inter Paper 79
lOOllnter Paper pf stpd I 75
300 Iron Products Corp 43
400 Jewel Tea I 18
200 Jewel Tea pf 42
100'Jones Uros Tea 25
20O'Kansas city Southern..! 17
100 Kansas City Southern pf.1 48
300 Kelly Springfield Tlre..;l21
lOOIKelly Spring T 8 p c pf
300 Kennecott Copper ....
2700 1 Keystone Tire & R
600 'Lack Steel Co
200lLake Erie & Western.
300 Lee Rubber & Tire
200 Lehigh Valley
400' Loews lac
200, Loft Inc ,
100 Itfrlllnrd, P, Tob ,
100 IWrillard, P. Tob pf . . .
200 Louisville & Nash
200'Marlln Rockwell Corp
100 Maxwell Motor I 30
4900!M".ican Petroleum 183
100 Miami Copper 23
' 7 7
14; 14 141
-3' 23' 23
107 1 105 1107 I
102 ,102 '102 1
15' 14 15!
1' 24 24'
7S 1 78 I
34 I 35 I
37! 377
25J 26 I
15" 13'
31S 321
78;
25;. 1
26 '
16!
324
31!
74;
86!
72
40 j
14 '
38l
6S !
fi.1 '
14
92 ,
55i: 1
31
71
86
71
40! 40
S2 I S4
31
74
86
71
1
38 I
66
62
11
90
54
4
15
4'
15'
7; 77!
128 ,12S!127'12S
35! 36' 35 I 36
38l
68
63
14
34
4
15
.00
..on
..osr8
..M9
..no
OCIg
2...
o
f.L ! '.
...
fl.. .
K.. .
0 . .
Ills 1923 rets
4 . . 02l2
IV.l 1939 rets
10 01
10 OII4
5'.S 1937
2 HK
a sU
1 SMS
b HSU
DmCAnadaSHs
1921
1.1 0713
0718
Dom Canada Cs
' 1921
2 021
1 2I2
1929
2 ... .O.W
10 '03 1 J
3 035j
1931
1 otu
Rep of Cuba 5s
1904
1 00.14
3..S30...00
AraentlneOvSs
1 . . .'. . .7278
City of Cop-n.
bacen H'
1 7Mi
1 707g
ChlneseGovt i
a 4.va
Japaneaelat4ljs
25 71
Vt 70
17 7.W4!
1 757s'
Helter Hnnk Stiiteiiient.
There was a marked Improvement in
the weekly statement of the Clearing
House banks, surplus reserve rising $26,
341.360 to $29,040,420. The gain In sur
plus was due to an Increase of $33.113,.
000 In reserve of member banks In the
Kedera) Reserve Hank, offset only par
tially by an Increase of $5D.5Sl,000 in
net demand deposits and of $2,S73,000
In time deposits. The expansion In loans
was moderate, amounting to only $27 -'
052.000.
1
1
91,
72'
so!
75;
44 1
is
91
1
! 99
.' 30
.! 37
.1 73
11
31
46
30
19
...1162
...'105
...,107
. 60
5S00 Middle States Oil
600 Midvalo Steel & Ord
900 Minneapolis & St L new
500 Minn, St P & S S M
300IM. St P & S S M leased li
1400M!.ssourl. Kan & Tex....
2500'Missouri Pacific
36
46
17
77
54
9
29
4
3
2l
12
78
105
76
35
39
35
26
98
56
84
53 '2
5 '40c
8! ..
29
70
93
88
42
43
43
38
29
66
38
63
30
38
73
12
34
47
30
19
162
105
S9
72' 72
22 '22 I
79 80
75' 75
43! 44
IS I 18
42l 41! 41
25l 2:l! 25
17 1 17 1 1
48 I 4S
121'121
99' 99
30
36
73
11
34
46
30
19
162
105
4-
1
1
:
si
700'Mlssouri Pacific pf 47
lOOlMulllns Body ! 44
lOOLNat Acme Co 36
200Xat Aniline & Cliem....' 62
200 Nat Anlllna & Chem pf. . j 87
2300iNat Conduit ,t Cable 11
600'N'at Enam & Stamp ' 78
100!Xew York Air Brake U04
3800,New York Central
33 I
37 I
34
300New Y'ork, Chi & St L...
200lNew York Dock
7S00N Y. N H & Hart
200Norfolk Southern
600iNorfolk & Western
200 North American Co
4400 Northern Pacific
too Ohio Fuel Supply
1100 Oklahoma Prod & Ref...
400'Ontario Sll Mining
700!Otis Steel
lOOIPaciflc Development....
8200'Pan Am Petrol AT..-...,
800! Pan Am Petrol STB,.,
lOOiPnrrish & Bingham
lSOo'l'cnnsylvanla R
400'Per.n R H A 30
lOOiPeople's Gas. Chic
lSCOll'ere Marquette
lOOiFere Marquette prior pf,
400lphlladelphla Co
3600'Plerre Arrow Motor
lOOIPIerce Oil Corp
100 Pierce Oil pf ,
14001 Pitts, q C & St L
lOOiPlttDourg & Woat Va...,
lOOlPond Creek ,.,
10
60
30
1S3
23
36
47
17
7S
54
10
29
47
44
I 36
62
87
78
104
074
34 '
37
35
1
-Jis
99
Si
96
62
82
52 Jr 52
5' 5
8l 8A
29 29!
0 70
106
60
30
181
22
35
46
17
77
64
9
29
46
44
36
62
S7
11
77
104
75
33
37
34
48
121
99
30
3S
73
12
34
47
30 -I
19
162 '
103
106
60
30
183
22
36
47
17
78
54
10
29
46
44
36
62
87
12
77
104
76
34
37 "
33
25
96 I 9S
61 51
! 92 I 93
87) SS
41
42
45
38
28
! 66
( 37
t CI
19
95
74
29Ul
I 19 I
41
43
45
38
29
66
37
63
19
95
75
29
19
83
52
6
S
29
70
93
88
1
1
"
2
-
4- V.
S2!
52 I
5(
8
29 1
70 '
92
87
41i 41
42 43
45 45
38 38
28 29
65 66
37 37!
62) 63;
19 19
95 95
74 I 73 '
29' 29'
IS 19
4-
1
2
1
1
3
1;
The IlalU Adrnnrc.
Under leadership of Reading and of
Texas and Pacific the rails as a whole
enjoyed a moderate advance, the gains
ranging from a point to three points.
Trading In Reading for a while was
wild and exciting, the turnover amount
ing to more than 50.000 shares. Read
ing Is reported to have great possibili
ties in Its coal properties for a dlstrlhu
tion to stockholders under the recent
decision. The move In Reading, picked
up sympathetically by the balance of
the rail list, disclosed a short interest
of considerable proportions in the rail
group and some hurried covering result
ed when the advance was well under
way. In tho opinion of a great num
ber of people In Wall Street who have
given the rail situation study since the
Supreme Court .decision against the I.
C. C. the rails" at their present levels
have not commenced to discount their
possibilities.
Snxon Motor.
Speculators took yesterday an Fncreas
Ing Interest in Saxon Motors on the an
nouncement that Its saleS are running
ahead of those of last season and that
the company's net quick asset exceed
$2,200,000. This was the best snowing
the company has ever made. Of the
working capital. $1,229,000 Is In the
form of cash, and account iveivable
exceed $250,000 against accounts pay
able of only $92,000. Not only lias the
financial structure been improved as a
result of last November's recapitulation,
but certain improvements In methods of
production haV? resulted from the intro
duction of the Duplex engineering system.
n.loFrench s Am Cot Oil 5i ChlAAIton 3Hi
13 07s 3 SS 7 ... 34
a, ,,07 11.1(1 AmSmeltdtlt CB4Q Joint 4s
2.,1 OTAfl 8 ....Ml? 47 037n
1 071a AmT&T ct (s 3 0334
11 U7lj 10. ...OH 13 04
71... .07 0.10 AmT&T clt s Chi It&QIIHs
13, ..A? 11.10 12 8214 10 RO'4
City of Paris tt 3 . . .82.1 ChlBiQIII H
0 OH AmT&T clt 4s .1 71U
United Klwtdm 11 78 ChlfcEastlll 4s
J.Hs 1921 1 . ...?73s 12 24U
..BGi4'AmWritingl'7s i
1 707s z.l
Armour 4H Chi Gt Wert s
n 82 14 S 33
10 S21r CMA-StP cv s
.1 82I4 1,- 7134
A Ti 8 Krv4s OMA-Stl'gra
1 6I 78 4J4.S
AT&8Fgen4 1 7(1
2 771a O 51 & 81 I' CT
r, 77.14 4s
1 7713 3 721a
ATA8Fndj4s 7 J2.I4
stamped 2 73
1 (is 2 72Ij
AtCoastLlnels O M St I'M
7 7(VM (Hi
Bait 4: Ohio es 1 flC.14
2 87 3 OOI3
B& 01 1995 CtllMlliStl' (s
:t 111 1 09
4 (11 1923
II A- Ocv 4K I 10 7734
10 fillj'Chlltl.U'Ity 4s
,', 01 1 20 ... .721?
4 04lj rhlI!IJkI'ref4s
1 . . . . 0.II3 I .... 07
BaltlOgtold 4s. 3 ....6713
2 0-llj 17..S30.. .0014
1 (14.1s I I "7
7 .0H3 I 71j
I..s30...0tl4! Chi k V ImHs
BalliOhlo iW 2 . . . . 0013
2 . 83i(t Chile Copperas
BaltOSW3Vil' 17 7813
L O ,1 n4
Balt&OPLE 2 78l3
& W Va4s IL' ... .his
(1 .IOI3 8
4 .I6I4' Col 80 ext 4141
2 .10 I 2 72ls
I! AO Tol C4s Con Oa.s5-yr7s
4 49l3 1 IOOI3
BethSteel ex 5s 2 1005s
1 92 I l3....1Cin
Beth Stl 5s 1935, 2 10034
2 84I4I .1 1007s
Bradtii Con is 1 Del & Hud 415s
2 91U' 10 005s
S 02 I li T V & O con
Ilk n Ilap Tr 7s! 1 M
4 40 1 Krle gen 4s
Japanese 2d(-$s Bltrt Cn Kl 1st S 4.W
10 7413 o m so8
.1 74.I4 BushTcrmnt (s I 40
S 71I3', S 71 I 2 40
2 7434 1 Cen (!a cn 5s HT Kec Ity5t
12 74lj 1 84 3 81
5 74! Cen Leather 3 Hud ti M fdg
Jananese4s I 8 9IU 5s Series A I
2 fioigictiessu rug s 1 os'3
10 00 1 83 1 St
2 6OI4 C A- O CV 5 (S 1 5"s
l2 01 I 7 "9l3 1 Slid I
40 OOI3 100 80 2 . ... 5Ml3i
0 0014 a 79g Hudi.Man ndj
Tokyo 5s , C & O cv 4Ws 10 1SU
IS RSIj 5 7413 III Cen rf,
1 SSI3 75 74 1 725a
Interb II T ref
tl 19M
,J7
..7U
, .OT
..fi73
. .7l4
..57lg
. ,7l4
..87l
. .fi"
MI31
Interboro-Met
col trust 4,'js
.1 1834
. .10
.iH7a
1.
1...
10...
i5!.'!
20...
JO...
2...
0...
41...
VOrlTerlA
, 3 OIU
3 Diss
N Y Cen deb m
IS 02
JJ Y Cen con 4i
3 6OI4
5 09
N VNIIi II
CT S
2 70
NYNHAlHs5
12
1.
1,
3 ,
13.,
3
1.
NYWeatchestr!
fi Boston 4'is
4 41
Norf JcWcv s
9 10214
10,
1 102
IRI4; Norfolk & W 4s
...187h 7M
ce rtlflcates Northernrac ss
4 18U' 10... ....7.
IntMMarlneds NorthernPacSs
1 80 I 1 33g
1 8914 Or & Cal 1st 5s
towaCentral 4s1 . . -OS'J,
I 4.114 OrSbortMAe s
KanCPon f 5i 0 .01) I
II 70 I Pacific Gas 5s
LSJtMS 4s 1925, 1 'Z?!4
2 87 Pac Tel & T 5s
L8&M8 4s 1031 1 5 SMul
a 83 1 1'enna s 1941
Lou It Ntfch (s 2 8'iIr
StL A SanPran
BerlH K
2 09
10 0914
StL A: RanPran
Keriea O
3 808
fl .... 8034
Stl.SW con 4s
0 . . .10
SclotoViNElst
1 7,11s
53l3,8cabdALdJ4s
( . . . .
1 38V1 !
SeabdAL ref (s ,
2 1.134 I
0 4di3 ;
10213 SoBellT&Tells
o 01 1
Soutbl'ac ct 5s '
2 ... 103 ,
1 10234 ,
Soutbl'ac cv (a
1 701, I
2 70
Southl'ac ref Is
10..30...74l4
1 7413
1 75
8oI'ac8rter(s
1 711a
Tenn Copper Cs
: .... 0.1
Tex.u Co rv 5s
13 103
Standard
Oil
Stocks
Bough t Sold Quoted
C.C.Kerr&Co.
2 Wall St.. N. Y. Thonr 6780 Rectcr
I 81a' 3 nv , imniAT am i
LANNO&MWl'ub Serv Corp, 1 . 31M4
IS 101 1 orNJSs iThlrdAv ref 4s
L8& MS 1H1 1 63 2 ..4034
fi C7I3 Beading gm 4s' Union PaciOc (,
IJuett A; M 5s! 2... ....
1 87s
Long Isl con 5s
3 9Ha
Long Isl fdg ss
1 60
Lou it NSt Ls
1 . OSls
Loui N StL 3s
1 .. 491s
Manhat By 4s
4 COla
Mich Cent Hs
15 iOIji
Midvalo Stl ts
S2.I4
3 703(1 1 8213
HepI&S 5s-1940' 2. ,s30. . .813a
1 881g Unlonl'acrefls
moGrandeW4s, 1 7234
5 ..02 1 72?8
BlArkALa4ls 2 72l3
5 0H3I 8 72:ia
10 . . 0134 Un RB 8F fdg
South nygm4l Cn Trust ctfs
13 581s 4 27
1 59I4' fi 28
Southern By 5a, CnltcdRylnvJs
MlmuiatLfdJs
,1 63
Minn i St I. (s
1 43
Mo K li Tex 4s
4 5714
Mo K.t Tex 2d
1 . ...32
1..S30.. .31
VIoKATsfOit
certificates
1
1.
R27S StL Si SanFran
1 8.1 1 7018
StL&IronMIs CSRMlty&I 5a
2 7813 I 'O
12 7GI3
Series A US Rubber 7a
1 58la 5... 1021a
10. . . . . .585s U H Rubber 5s
7.r fi8:tg 1 8II4
fi SSU'U 8 Steel af 5s
StL A- SanFranl 2 00.14
adl t 2 90l3
1 fl.lUI 2 ... 90
1 0.1I3 Utah Power 5s
3 OM41 2 82I4
(i.-,7g. va Lara m ist
n 60
2414 StL A- SanFran
Inc s
Mo l'ac gm 4s'
1 .1038
8 5613,
8 5638 '
1.1 5634
MblleAOtilo(s
2 .18
2 B7la
1 58 I
1
2..
11
5..
8..
fi..
1 .
497fl
.495s
1934!
1 0338
Virginian By 5s
1 82I3
1 ... 82
West Md 4s
10 6214
4914' West Shore 4s
..4918 5 7213
. .49I3 Wheel&LE4Hs
. 49I41 1 S3
. .4934' WllsoniCo Ist
. 49I4, 005a
NEW YORK STOCK EXCHANGE PRICES.
Continual from Colli dims 3 nnrt 4.
.-t'loslns ,
Bid. I Ask.
IDIt.I
lln l.
Sales.
Opn- i Hlgti
I lng. I est.
I Low- J CI os
I est. I lng
I Net
I Chant'.
96' 97
80 ! 80
98 99
18 I 1S
87 87
33 ! 34
94) 94
100 ,100
16 I 16
24, 24
34 33
29, 29
16 17
231
79
43
73
99
25
57
69
96
142
10
198
41
14
6S
27
34
121
66
44
135
12
26
74
IS 1
67 I
92,
lORl. 10CU
m!ii:
99 99
113 1114 I
-01; I ?'1'1
234
80
43
74
100
25
57
69
97
143
11
199
42
15
68
27
34
122
67
45
1 37U
12 I
26
74
18!
67
93,
10
10
4
4
8I
!
9j
54 1
70 I
9 I
2S;
25(
86 ,
52 4
1-3
56
the
left
the
In
AVhelnn Goes to llurope.
George J. Whelan. president of
United Retail Stores Corporation,
nt noon yesterday for Europe on
Baltic. He predicted prosperity
1920 for the tobacco companies. 'This
year will be one of the most prosperous
in the history of the tobacco companies,"
Mr. Whelan declared on the eve of his
sailing. "It matters not whether gen
eral conditions are favorable or adverse.
Tho year 1919. when the tobacco com
panies had to adjust themselves to n
peace basis, was a trying one for them,
but notwithstanding that tobacco com
panies as a whole made a good show
ing, and with the difficulties of 1911
ell7nlnated their showing ought to he
the best In history In 1S20." Mr. Whe
lan declined to discuss inc purpose of
his trip. It Is expected that as a re
sult of his trip Important developments
may oocur In connection with negotia
tions for Interesting American capital
In the European tobacco Industry. It
was recalled in Wall Street yesterday
that the last time Mr. Whelan sailed
for Europe the bears made a vlclus
rsittack on the so-called "Whelan
stocks" before his ship had been an
hour on the high seas.
S9
71
1 1 n
1 IV
80 81
11 t
54 I
70
9
29
11
25
87
53
12
5S
25
89
73
ill2
100 Pressed Steel Cai
300 Punta Allegre Sugar
900 Railway Steol Spring
300 Rav Consol Cop
34300 Reading
100 Reading 1st pf
6400 1 Republic Iron & Steel...
1100 Royal Dutch Co N X
100'St Joseph Lead
2800'Pt Louis & San Fran
200'St Louis & San Fran pf.
100 St Louis Southwest pf . .
4600 Saxon Motor
100, Scars-Roebuck Co
1800, Shell Trans & Trad
12000!Sinclalr Consol Co
600 Sloss-Sheffield S & 1
10100, Southern Pacific
1000;Southern Railway,
300,Southern Railway ,pf
SOOStromburg Carburetor...
18300lStudebaker Corp
1500;stutz Motor
600Tenn Cop & Chem
4 500 Texas Co
100'Tesas Co full paid
25800'Texas & Pacific
200, Third Avenue
1200lTobacco Products
12100Trar.scontinental Oil
1700lCnion Oil
HOO'Union Pacific
400,1'nion Pacific pf
100, United Alloy Steel
lOOJUnlted Drug Co
1300 United Ry Investment...
1300 United Ry Invest pf
4100 United Retail Stores
200U S C I Plpe& Fdy
1000IU S Food Prod Corp
5500 U S Ind Alcohol
lOUO'U S RubUr
100, U S Rubber pf
29700 U S Stel
200' U S Steel pf
floo'l'tah Copper
500'Utah Sec Corp
4200 Vanadium Corp
100Va-Carollna Chem
iuO'Wababli
1200, Wabash pf A
llOOi'Western Maryland
300, Western Puclfic
200 Western Union Tc!
400;Westinghouse K & M
200'Wheellng & Lake Erie...
700 White Motor
23001 Willys-Overland
lOO'Willys-Ovcrland pf
100' Wilson & Co
100Woul worth, F W
lS00Worthlngton Pump
! 97 ' 97 97 , 9i
' &0 SO SO' ' 80
98 I 98! 97' 9S
1S 1S IS I IS
84 88' 84, 87
33 33' 33 33
92?il 94 I 92! 94
100'100I 99 100
I 16 :16;.16! 16
23 24 23 24?s
34 34
29 29,
16 16!
232 232
1 79 1 80
i
2
I 43
j 72
I 99
I 24
I 57
I 68
I vt'i
139
I 10 I
198
190
41
11
67
27
34
I 66
I 44
133
12
23
73
18
66
90
105
'111
! 98 I
H3
1 72 I
j 10 ,
! 49 1
I 70!
I JIA'
i 2S"
i 11
23
StJVi
34
29
16
232
79
42
67
93
139
10
43
73
100! 99
25 24
57
69
97
144
10
199
190
42
14
68
21U.
34"
122
67
44
135
12
26
74
18
67
93
34
29
16
232
79
43
73
100
24
57
69
97
143
10
3
'i
3
196;198
190 190
1
1
3
40
14
67
26
33
121
66
44
135
11
41
14
6S
27
34
122
67
135
12
26
74
1
- 1
1
1
73
18 18
66 67
90! 93
106,104'106!
iiiiin;ni;
99 I 9S 99 '
13 113;il3!
72, 72
10i 1 10
48
70
9
28
11
25
S6
54'
70;
9UI
28 1
ll!
23 I
87
33
i2;.i2
56 1 57:
25! 25
89' 89
3
111
79
73
111
SI -I
72
1. !
54
70
9U
28
11 I
23
S7'
53 I
12 I 13:
57
25
89 1
"73
111
SI
1
5
S9
73
111
79
4-
'
1
Odd lots.
ROAD REOPENS OFFICES. '
Southern Ilnllwny Heetn1illhe
Service In Many Cities.
Atlanta, March 13. Offices of the
traffic service of the Southern Railway
system have been reestablished In flf
teen of the principal cities of the East,
West and Southwest. Freight and pas
tengcr representatives have been sta
tioned In New York, Boston, Philadel
phia. Baltimore. Pittsburg, Cleveland.
Detroit, Chicago. .Indianapolis. Kansas
City and Dallas, a passenger represen
tative at Houston and freight repre
sentatives at Rochester. Peoria and
Little Rock. In addition representa
tion Is being maintained by the South
ern at points reached by Its own rails,
such as Washington, Cincinnati, Louls
Mlle Evannillo :.nd St. Louis.
FINANCIAL NOTES.
Jolm Mulr Si Co. announce the opening of a
department to buy, fell and quote unlisted se
curities, uu'ler the roanajenvnt of Lawrence I.
Pecker, formerly of It. S. Podce 4t 10.
I Cuaranty Trust Company has been appointed
Crucible Steel. I !l' Iy"'?. 01 LImra
, Trucking Corporation Untie.
The match was npplled yesterday to 1 United State.-Mortgage and Trust Company
the pyrotechnics In Crucible Steel by " . . ' "l1", .1". 'h' '.TJ
sudden realization of nil hands that dl- ' .,in,ciM menanlna llnr and coraDletlon of
I 19 I
rectors of tho corporation meet next
t Tno,lii" for dividend notion nmf thnt In
'nll llkellh()d a good sized stock dlvl
(lend will be declared by Wllkorson et aL
'Guesses In the Street range as hlgn as
j 100 per cent. In thcrcccnt annual state
'ment directors of the corporation re-
ported to stockholders that stock dlvl
1 dends would be declared from time to
' time If the Supreme Court decision In tho
1 I McComber case should re favorable.
; The stock shot forward yesterday with 1
Continued on Columns ( and TV
other Important Improvement In the main
office In 55 Cellar street. An Interesting fea
ture was the musical programme furnished by
It, rompaiiy'a orchestra.
The ofnees of the Teaas and PaciOc Com
pany hive been opened In West Btreel,
room 1009.
I D. J. Vlynn, open hearth superintendent
of tli Taeony sreel company, has been
transferred to the New Castle plant of the
Tenn Seaboard Steel Corporation, with
which the Tacony Steel Company recently
merged.
Munds. nosers It stackpole hae Issued
a rapidity which fairly took the breath . SPf J.il
of shorts trying to cover.
Bnprem Court decisions and tholr possible
tneci on security vaiuaa.
WINCHESTER CO. RETORTS.
of
Statement Shnssn Xet Profits
$.17.48 n Shrtro.
Tho Winchester Company has Issued
its annual report for 1919 and a con
solidated statement of its earnings and
those of the Winchester Repeating Arms
Company from (he date of Incorpora
tion of the fonner organization, April
16. 1P19, to-Decembti 31. 1919. Tho re
port shows net profits, after all charges
and Federal taxes, of $2,089,688, or
J17.48 a share on outstanding common
stock after deduction of preferred divl
t'enSs. Tho consolidated Income account
shows total sales and charges on con
tracts for the whole year, $24,910,903.
and cost of sales. Including selling and
general expenses, $19,595,770. For de
preciation a reserve of $1,206,251 was
set aside. Other Income, largely Inter
est received, amounted to $93,141, and
$1,200,000 was let aside for Federal and
State taxes, making the net profits for
the year $3,004,023. Deductions of
$914,835. consisting of the proportion
applying to the period prior to April 16
and the propjrtlon applying to stock
holders of the Winchester Repeating
Arms Company other than the Winches
ter Company were made. They re
duced the net consolidated profits for
the period covered, by the statement to
$2,089,688, and the surplus, after pre
ferred dividends of $341,413. amounted
to $1,748,273.
CONVENIENT BRANCH OFFICES
IN MIDTOWN SECTION OF
Neid York Stock,
Exchange Firms
STOCKS AND BONDS
I.OICIHT roil CASH OH
CONSEItVATIVK MAKOIW
Crawford, Pallon & Cannon '
HOTEL ST. ANDREW. Kuay at 1U
Main Oliict, tl llroadway
Onaticia & Co.
2A EAST 46TH ST.
Main Olfice, 15 Broad 3:.
A. A. Housman & Co. '
25 WEST 3)D ST.
Alain Ofict. 10 Ilroai Si.
Wrighl, Sladc & Harnickcll
CIRCLE BLDG., 1 814 Buay at 60 ih
Main Office, 71 IirOadica'J
Wasscrmann Bros.
I 547 5TH A V., Cor. 45th.
I; 4TII AV Bet. ISth& 19th Sis.
I Main Offict. hi Broadway .
I Herric & Bennett
I 51E.42J. l4y2VandcrhiUAct.
' Ralph Dunn, Msr.
Main Office. 66 Broadtcav.
j Pearl & Co.
HOTEL ST. ANDREW. B'ttay at 72J
' Main Offict. 71 Broadway
1 1
I Sartorius, Smith & Locwi
! 500 5tH AVE.. 63 W. I25TH ST.
141 BROADWAY. Brooklyn.
Main Office, iO Broad M.
! Hirsch, Lilienlhal & Co.
' J EAST44W ST.-II23 BROADWAY
I Main OlUcr, (if Broaduav
FOREIGN
GOVERNMENT
SECURITIES
1 The temporary low rates
of foreign exchange make
it possible to purchase
I sound interest-bearing se
curities at especially at
tractive prices.
Write for our Booklet
F. G. B. 23 describinz the
j principal issues of the
j European nations.
Investment Securities
43 Exchange Place New York
Telephones 8300-16 HanoTer.
Foreign
Municipal Bonds
Foreign Currencies
Albert deBaryJr.
INCOBPOfJATED
280 BROADWAY
Phone Worth 25S0
A possible profit of
approximately 385
can be obtained by in
vesting in
jFrench Gov't
i $ National Loan
t of 1920
Write for Special Letter.
Kiely & Mor ion
I 40 Wall St N, Y. Phone John 6333
London Money- Market.
Lonoos, March 13. Bar silver
0KA an ounce. Bar gold 112s Id.
Morcy 3 per cent. Discount rates,
short and three months' bills 5 11-16
5 per cent dold premium at Lis
bon 140. t
8
Preferred
Stock
Write for full purlieu
lurin regard to this at
tractitc ot$crl
HYVE MOTOR SALES
CORPORATION
General Eastern Sales Agent'
Kelly-Springfield
Motor Trucks
PHILADELPHIA. PA
and '
510 Fifth Ave, N. Y. City