THE SUN AND NEW YORK HERALD, MONDAY, MARCH 22, 1920.
12
Cleveland Auto Old & New
Packard Motor Com. & Pfd.
Timken Det. Axle Pfd.
1 Clinchfield Coal
Santa Cecilia New
1 Central Aguirre Sugar
Manhattan Electrical Supply
Bank of Manhattan Rts.
Bankers Trust Co.
Chatham & Phenix
Merchants Nat. Bank
National Bank of Commerce
"Morton lachciibinclL & Co.
occo Drrair pbmm&jwa wrrsuuaai
FINANCIAL NEWS
AND THE SITUATION
veitora who have awaited more celled
conditions In the money market before
employing their surplus funds In Ions
term Investment, a ?ool sign, which In
dicates that the usual April demand for
bonds may result next month In the ab
sorption of a considerable volume of ne
. curltles held by syndicates and Instltu
. .. .. , , , ,,'tIon5- There has been little Incentive to
Activity Of Specnintor In Wall buy bonds with tax burdens as high as
uiey are io-aay. uuo ji. Kann declared
Street Is Iievived During
Last Week.
MONEY PATES ABE EASIEH
raying Utility Companies Just
Bates for Services Ben
dered Public.
in Paris the other day that foreign In
vestment securities to be really attrac
tive to the American millionaire must
show an Income return of at least 18 per
cent Thaf assertion appeared startling,
but It was no exaggeration, as any ono
can tell by estimating the enormous tax
burdens which those In receltrt of mill
ionaire Incomes have to stand for tinder ! speculation without a quick return to
our Income tax law. Those conditions ' high money rates. Tho. probability Is
explain the broadening demand for high
grade bonds of the tax exempt class
which millionaire (Investors can better
afford to take on a i V, per cent, basis.
rinnnctnpf Iteconstructlon,
The country Is eolng ahead conserva
tlvely, and In these days of high prices
an Immense volume of credit Is needed
to finance the dally turnover of busi
ness. Unless all signs full the bond
market Is on tho verge of Important de
velopments. Several new loans are pond
tag and heavily capitalized Industrial
corporations will make large offerings
of preferred Bharcs soon, If no further
setback be encountered. Tho country's
Burplua bank reserve Is not sufficient to
financo a sustained movement of bull
that If any such movement should be
attempted the Federal Reserve Board;
would apply again the brakes and forco
a reduction In the volume of loins
secured by Stock Exchange collateral.
return of spring fresh Impetus wilt be
plven to the new housing movement
gaining headway throughout tho coun
try. That development Is very Interest
ing and recalls the extraordinary pur-
rpu. WbI! CtpAAt Inan nn'nhnt Vina Vidftn I rrtAAfl fit Inn,! In tho fllrmtllE SeCtlOPS
or tne west a year ago, wnen i
soldiers sought homes for themselves in
the area where high grain prices of
fered attractive Investments. 1th the
arrival hero of large consignments or
European gold there Is likely to be u
further strengthening of bank reserves,
which may reach sufficient proportions
to Justify the financing of new ventures
in various lines. For the time being
the American people can do nothing
better than saw wood, cut out extravag
ance and fortify their bank balances in
preparation for the second Income tax
Installment three months ahead.
greatly reduced, and the urgent need
now is for a sufficient reduction In com
modity loans to enable the banks to
respond to tho growing demands of
mercantile customers. The situation is
full of Interesting possibilities, and the
credit strain has been by no means fully
relieved. But with skilful financing
the Indications are that the demands of
the April money market can be provided
for without acute disturbance.
Other Demands,
The country la engaged In an extraor
dinary building campaign, and with the
STEEL
Common & 1st Pfd.
Bought Sold Quoted
Geo. A. Huhn & Sons
Members:
Nr Yoti Ftf-k Exiharse
PhllidelpfcU ftnrk Etrtunje
Chlraro PtorU Exchni
New York Cotton Exchange.
111 BROADWAY, N. Y.
Phono Rector 5340
1418 Walnut St., Phila., Pa.
By "WIM.IAM JUSTUS HOIES.
The spirited outburst of speculative
enthusiasm In Wall street last week was
; in natural response to the Interesting
j developments making for Increased
I optimism In Investment markets. They
Included successful adjustment of the
. ircome tax payments last Monday, fol
lowed by a reaction In money rateB,
collapse of revolution In Germany end
more public recognition of the railroads
vastly Improved position In consequence
of protection provided by the recently
enacted law which guarantees a lA per
cfnt. return on property investment for
two years. It Insures for the railroads
a protection which they never enjoyed
before the war and indicates that they
will be more liberally dealt with for two
years at least
TOTAL TRANSACTIONS IN THE NEW YORK STOCK EXCHANGE
Week Ended March 20, 1920.
Bales of week.
1S20.
",146,731
19X9.
5,701,093
1918.
1.9S9.60S
1920.
January 1 to dato 60,050,142
1919.
40,535,517
191!.
21,188,935
Ilinjt U. I lilr.l Dir. I
HUh I Low, (In I Ilfld.l Silfi.
I nieh. I lw. I.iit.
Net
Cbfe.
lUtte 1K0.
ni(B.i Lew.
DlT. Dir. I
In MYldd.l
Silei.
niiM Low. 1 tut
38 4
55H
2
53
52
95
904
mi
128
102
227
l?i
101
146
116U
64 ,
5
154
119
30
122
634
65
12041
144
&7i
93S
1035s
i Important Change.
The sentimental Influence of those
changes Is far reaching, affecting not
only the holders of J17.CO0.0CO.0CO of out
standing railroad securlttes but also the
lKWO.OW people of the L'nlted States,
whose prosperity In one way or another
Is Influenced by the well being of the
transportation Industry. If the world
war taught the American people any
thing, It taught them the folly of treat-1
1Mb Ilia luitiunuo iiibte" : onj.
pelllng them to get along without tho Jj
proper rolling stocK ana equipment.
When the struggle began the physical
position of many of the roads was so
poor as to make It necessary for the
Government to overhaul ei'i'pment
the funds were Instantly available ' if;?
1-nrlt.r th nlrf order of things It was
almost Impossible for the railroads to
obtain funds with which to finance their
requirements, because the roads had
been half Marvel for several years, and
their credit had fallen so low as to make
It impossible for them to appeal success
. fully to Investment markets.
sv Era.
We recommend an
underlying
Closed
First Mortgage
Railroad Bond
Due in 12 Yean
The obligation of one of the
few railroads which last year
showed a profit to the Gov
ernment, Price to Yield
6.25
GL1DDEH, DAUIDGE & CO.
Mcmltrt A'nc Yor Stock, Exchanie
Z0 Broad Street, New York
Unitea btates finishing Com.
Central Aguirre Sugar.
Royal Typewriter Com.
FREDERIC H. HATCH & GO.
Kstabiishrd 18M.
Fhone Rector 6340. 71 li'itoy, New York.
WIRE CONNECTIONS.
Tleilon, rhlcarn I'hilad-'phla and Montreal.
New York State Rys.
Com., Pfd. & 4i2s
J.K.Rice, Jr. & Co.
Phon 4000 10 4010 ;
35 Wall St , N. V.
; That era has passed. Business was
almost crippled by the short sighted
policy of those days. The country lost
a fabulous amount of potential trade
through inability of the railroads to
provide facilities that the people re
quired. The result was unsatisfactory
to everybody, as the one thing certain
' is that a half starved utility never
succeeds. Seven or eight years ago.
wh'en the railroads were accustomed to
implore heaven and earth for a 10 per
cent rato Increase, and the Interstate
Commerce Commission, nfter months
of debating, told them to get along with
a 5 per cent. raUe. the general public
1 lost a thousand time3 n. re tlian the
j shippers saved. It was a cao of forcing
I the buElest Industrial nation in th
world tti Jeopard.ze Its wonderful de
livery servlra by making it give a
, dollar's worth of service for seventy
five cents.
I Inndeqnnle Hntea.
' If the revenues of the railroads or of
' mv nthpr utility are inadequato to
' maintain the organization at a h'gn
(state of efficiency the public senlre Is
'threatened. It must deteriora.s. If the,
: shortsighted policy persists receivership? ,
; are Inevitable, because no business can j
bo long maintained at a loss. No coun
try has devel- ped its railroads as in-1
tensively as we have developed oura. but
none has treated them as unfairly In
the days when Federal and Ste com
m.sslons did everything po.-ibla to I
hamper the carriers and make earning
sufficient revenues to protect the In-
tegrity of their securities difficult for
tnem. ror inai reason mo Kiuu6 n'"
ha.1 been brought about by the law of
February 28 last Is of Immense signifi
cance. It is helpful not al.ne to the
railroads but to all utilities engaged In
serving the public at a fixed rate for
fervlee. Thos-e properties must be made
self-sustaining und un.ess they earn
enough to give them a moderate re
serve as a rainy day fund they will be
In a precarious financial position.
fining StroiiR.
In a country of high pressure busi
ness the pen Ice Itself will be always of
greater Importance than the price
charged for It. which Is typically true
of the United States, where every train
has to go at high speed and every tele
phone connection made In a few seconds.
Hlch nressure service the world over
costs money, but the American people 1
have shown that It la worth all that it J
osts. This nation aoes Dullness on ine
107
100 W
S2
113i
49',?
534
52'
100;
233
pi
"t H
165U
25
34U
65
65U
IS
li
36 i
son
59
53
89
39
74;
105
S3
1701
38 ;
95
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112H
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85
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924
54.
112 Vs
1054 101 i
614 38i
2111
69HI
65V
6J
67Hl
4".
12
7
4
6
SOc
6
1200ABams Express
5700 Advance Humely,.
700 Advance Itumely pf
4400IAJax Rubber
1400' Alaska Gold M
3800'Alaska Juneau G M
23500 Allls Chalmers Mfff
600 Allls Chalmers Mf? pf...
2500Am Asrio Chcm
100 Am Agric Chem pf
lOOlAm Agric Chom pf a 30..
800 Am Bank Note
11900lAm FJeet Sugar
11200'Am Eosch Mag ex dlv...
100 Am Drake Shoe & Fdry..
300'Am BS4P pf sx dlv...
75700iAm Can
100'Am Can nf
29200:Am Car & Fdry ex dlv
100!Am Car & Foundry pf
2500'Am Cotton Oil
lOO Am Cotton Oil pf
15800'Am Druggist Syndicate..
3S50 Am K.xpross
21700!Am Hide & Leather
26600 Am Hido & Leather pf
8.70
7.53
8.38
8.58
6.45
7.i4
9.04
S.33
7.1S
6.41
7.23
8.45
6.23,
8.38
7.06
6.77
5.33
5.93
7.63
8.971 1100 Am Ico pf . .
6.81! 91600 Am Int Corp ex dlv...
7.S4 1300 Am Lsi Franco Fjre Kng,
3.50 21200 Am Linsoed Co
7.31 1300'Am Linseed Co pf ex dlv,
5.71 1 93SO0 Am Locomotive
6.66) 100 Am Locomotive pf !l06
27-JOO'Am Ship & Commerce.
34000.m Smelt & Kef
SOC'Am Smelt & Kef pf
200'Am Smelt Sec A
50 Am Snuff
35750 Am Steel Foundries....
100;Am Steel Foundries pf.
12400 Am Sugar Ilcf
200'Am Sugar Uf pf
57300;Am Sumatra Tob
100',Am Sumatra Tob pf...
100'Am Tel & Cable
SOOO'Am TpI & Tel ox div...
1400 Am Tobacco
600'Am Tobacco pf new....
S'400 Am Tobacco Sec
900! Am Ico.
34;
44H
70
60
2H
46
834
94H
93
92
43
89;
121
09
62;
97T4
146
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43
85
134
112
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1184
634
67
105U
13U
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964
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32 U
40
674
744
14
24
41';
S3
89;
93
92
42
824
113
99
010
45;
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424
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834
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93
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120
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ton
50'4
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1424
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45; 47;
55 55
124 13
105 '1114
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4 E.80
7 7.4S
61 7.36
12 10.04
3! 6.19
1 1 1 . 1 1 1
7! 5.34'
7l .05!
10 9.911
7 7.S2
5 9.961
S 8.22'
201 7.69!
6l 6.32!
61 7.60
7! 5.21 148300 Am Woolen px dlv.
7 CSS
66;
103 '
12;
55.
36U
105-,
106
24;
69
95U
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102,
894
0 1.4
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260
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60,
11.76
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94
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60
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114
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15
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914
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103
175
454
47
90
1174
47
4
4
1
21
30;
45;
mi jump, and if It has a shipment to make 120i 113
Woodward Iron Common
Merrill, Lynch & Co.
Tradlnc Department
120 Broadway. New York
I'hnne llrrtor 70S.1-TOT3 Incl.
TOBEY & KIRK
MembtM N. . STOCK i:CIfANOE
iwir;iraBi
Times Square Auto Supply
Com. & Pfd
or a telegram to send the people insist
on prompt service. The result Is that
Americans excel in quantity prwluctlon
and the derman generals are still talk
ing about the celerity with which wo
helped win tho war. The desperato con
dition of trolley companies In the East
and the West emphasizes the necessity
of strengthening utility equ'.oment and
mali.ig the rate pay for Ue service
rendered.
IlnlldliiK t'l.
CENTRAL-UNION
TRUST CO.
STOCK
CLINTON GILBERT
2W.II St.. N.Y. Tel 4S43 Rector
American Caramel "
Industrial Finance
National Casket
LYON and CO.
50 Pine St, N.Y. Tel. John 854
Mir I. A. .Noble
C. Lor lu
ineodore c.
NOBLE & CORWIN
Ntw iorlt
RIGHTS
Bk. of Manhattan Co.
Mech. & Metals Nat. Bk.
Peoples Trust Co.
Travelers Insurance
Telephone nil Uroid.
"While the railroads were operated by
the Government there was little com
plaint of poor service, because the public
knew that such complaints would be
hopeless. Uut now that the carriers
havo been returned to owncrthlp control,
the people are showing a lively Interest
In -tho va't Improvement programme that
it being gradually formulated. The
J30OV0O0.Q00 revolving fund will be util-
lzed largely .'or purchase of equipment
and other material which must be pro-j
vided in generous quantities If the roads 1
are to obtain facilities which their pat-i
rons require. All those outlays will be'
merely Investments In tho public service. '
because with ttrlcter supervision by the
enlarged Interstate Commerce Commis
sion those great properties will b9 op
erated In the interests of the public first ,
of all. At least $1,000,000,000 annually
will have to hi spent on tho roads for
flvo years properly to equip them with
facilities urgently needed to handle the
volume of business which the carriers
must provide for. Those prospective,
nnlnment and Etccl Issues. IL-illroatl 1074
buying Is already n factor in the steel
markot, because purchases by carriers,
and the automobile trade have beon a
largo factor In the rush orders which
many steel mill3 have booked. That
movement has just begun, and It Is clear
that tho largest volume of improvement
work which railroad managers ever
have handled will be under negotiation
during the nest few months.
1064i
41
604
7S
60
21U
41
55
63
106
104
104
404
44U
27
67
es
92;
56
70
S24
924
201
31
93?g
134
654
107
52
2554
100
450
106
514
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101
99;
195
9
s
54
644
684
154
31ii
42
63
87
101
101
33
364
20
53
364'
87; I
44
554
70U
75
25
400 Am Woolon pf ex dlv.,..
1400'Am Writ I'aper pf
6000 Am Zinc. L & Smelt
6'10.T1 400 Am Zinc. L & Smelt pf..
4' 6.35 5S700 Anaconda Copper
500 Assets realization
S.70 2300 Associated Dry Goods...
9.20 300 Aspo Dry Goods 1st pf . . .
5.15' 500'Assoclated Oil Co
7.0S 7200 Atch, Top & Santa lo...
6.34' SOO'Atch. Top & Santa Fe pf.
.. 100, Atlanta, Uinn & Atl
i.is' ioui' Aimnuc io-i.Pi iine
1.791 13 'Atlantic It-tlnlns
6.1S-. 400 Atlantic IWlnlng pf
6.14 1S20O At. Gulf & WISS
7.5S: 100 At. Gulf & V I S S pf...
500 Autosales
300 Autn.ales pf
34! 5.20'561S0O Baldwin Loco Works....
7.00 1200 Rildwin Works pf .
11500 Baltimore & Ohio
1300 Baltimore & Ohio pf
2200 HarnPt Leathfr
2900 Barrett Co cx dlv
100' Barrett Co pf
100 Batopllas Mining
763f"J.!WhlPhem Motors
150 Bpthlrlmtn Steel
Km Rothl. hem Stel 7 p c pf. 102
4('ii BctHohrm Steel S p c pf. 112i
5.21 106300 Bethkhfm ft "el B cx div: 97-'V
3D0' Booth. Kihf rles 12V
SSOO Brooklyn Itapid Transit..
4400 Bklyn Rap Tr ctfs of dep
600 Brooklyn L'nion Gas
100 Brown Shoe
lOOIBrown Shoe pf
300 Bruns Term & R R
5700 Burns Bros
104 US
j-.a'. I r.o
"
64
97
i2;
S3
92
ss;
106
20", 24
70,' 054
9341 944
S14l 814
112.112;il2
I 494! 454 4S4
'92 I 92 '92
l134 4'l29i'13l
!ii54 us; 113;
1UJ-4 l'U-4
89 4 S94
SOU 30i
1001 934
271 '200
9541 95U
103 102; 102
47 51
184' 19".
50 I
5S4'
44;
43
65
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1
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i 89
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6.36
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5.60
6.91!
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7.12
7.23
113 113
155 .162
66 I 66
134! 11
254' 23' 25U
H04 HS 133
1004 100 100
5(
4SU
82
120
105
1
31
50
30! 36
47 I 47
62 I 77
122 '125
UnytnK Honda.
An Interesting development has to do
with the somewhat broader inquiry for
high grade b'nds of the distinctly Invest
ment t; t Tlio ' uritle, have come
Ilti somewhat beuer demand ai a conse
quence of the release of funds by In-
101
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654
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6.51
7.32
10.05
6.24
7.93
7.23
C.49
6.88
3.91
7.44
7.73
6.49
6.90
7.S9
6.S4
7.S1
9.17
5.21
4.14
7.3S,
8.39
6.911
1 ..I
2.86
7.89
s.io
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7i?S
7.69
8.89
8.53
rr,
10.42
9.52
7.S6
8.23
4.30
6.66
9.64
1
13
62
93
97
7!
109 110
105
1
23
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102
112
90
114
15
11
504
93
97
105
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29
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102
112
96
12
14
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62
93
97
74
103
100 Burn" Bros pf 1034 1084I10S4
1700 Buttcrlck Co.
2000 Butte Copper & Zinc
6400 Butte A: Superior Cop.
12600 Caddo Crnt O & R. . ..
12200 California Park Co..
21 I
104;
27 I
24
84
19
9U
924
103
203
54
54
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154
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39
664
774
66
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364
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102
18200 California Petroleum 42
400,Californla Petroleum pf. . 70
700, Calumet & Arizona 61!
8700 Canadian Pacific
100. Canadian Pacific s 30 f...
200'Case. J I, Thrp.s M pf....
42000'CentraI Leather
600,Central Leather pf
lOOCentral of New Jersey...
30000'Cerro do Pasco Cop
600 Certain-teed Prod Corp..
lOOiCertain-teed P C 1st pf..
62000 Chandler Motors ex div
2709 Chesapeake & Ohio
2S00'Chl & K 111 Eo Tr ctXs..
2500,Ch! & E III pf Eq Tr ctfs
3100;ChIeago Gt Western
1200;Chlcapo Gt Western pf..
10300,Chlcago, Mil & St Paul..
6400, Chi. Mil & Ht Paul pf....
800 Chicafc-o & Northwestern.
600, Chicago & Northwest pf.
9000iChirago Pneumatic Tool.
63100'Chicago, R I & Pacific...
1700'Chi. It I & Pac 6 p c pf. .
800lrhl, K I & Pac 7 p c pf . .
lOO'Chi. St P, M & Omaha...
19200'Chlie Copper
6S00Chino Copper
900 Clove, C. C & Ft Louis...
100 Cleve, C. C & St Louis pf
lOOjciuett. Peabody & Co. . . .
200'Cluett. Peabody & Co pf.
20 'duett, Peabody & Co pf 102
7600 Cora-Cola 36
2600jf'ol u"! & Iron
300iColorado & Southern....
6600CoIumbla G & Elec
26900IColumM.i Gr:iph ox dlv.
400 Columbia Grapho pf....
100 Comp Tab Record
4900iConsolldated Cigar.
.W Consolidated Cigar pf...
IS""" Consolidated Gas
7'JOO Ccn Inter Cal M ox div.
13300lConlldatrd Textile
2400'ContinenUI Can px dlv.
4300lContlnental Candy
77500'Corn Prolucts Ref
080Corn Products Ref pf. ..
OOCrex Carpet
19
9
27
23
S2
10
69
61
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200,Crticlb!e Stei-1 pf cx dlv.
450 Cuban Am Sugar.
300 Cuban Am Su?ar pf....
34900'Cuba Cano Sugar
600 Cuba Cane Sugar pf...
100'Deere & Co pf
SOOiDelawnro & Hudson ! 99
200 Del. Lack & Western. .. Jl93
2400 Driver & Rio Grande... J 8
9200lDpnver & Rio Grande pf.' 15
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100 Detroit United Ry
1000Domn Mines
900, Elk Horn Coal Corp....
400 Elk Horn Coal Corp pf.
400iEmerson Rrantlnc
409;Emnr.on Granting pf....
107
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223'Endicott Johnson pf
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1600 Erie 1st pf
100 Erie 2d pf
12000lFamous Players-1 cx div
200 Famous Piayprs-L pf....
200 Federal Min & Smelt
1900. Federal Mln fc Smelt pf..
1800 Flshpr Body Corp
lCuo F.shar Body Corp pf
1210 ) Pi-.I; Rujber
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4.21
6.321
8.60
8.05
4.95
7.36
7.S9
7.78
S.30
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1.47
8.48
9.76
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6.23
5.61
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5.99
4.56
6.31
6.12
4.561
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24
40c,
2700IGaston, W & Wig-more...
1300General Chemical Co
115'General Chemical Co....
200 General Chemical Co pf..
1S00 General Cigar Co
300 General Cigar Co deb pf.
4500 General Elec Co ex div..
2800'Gpneral Electric Co rts..
3.16162600,Gt'neral .Motor Corp
140300 General Motor Corp ctfs.
200jGeneral Motor Corp pf...
4000.General Motor Corp dob.
1400'Gen M C deb pf 7 p c...
9500 Goodrich, B F, ex rts....
600, Goodrich, B F rts
600 Goodrich, B F, pf
1200'Granby Consol M & 8. . . .
300 Gray & Davis
1710oGreat. Northern pf
25700, Great Northern Ore ctfs.
600 Greene Cananea Cop
100 Gulf, Mobile & North....
400(Gulf, Mobile & North pf..
6500 Gulf States Steel
lOO'Hartman Corp
1400 Hendee Manufacturing...
21700 Haskell & B Car ex dlv..
39600'Hupp Motor
1000' Illinois Central
20300 Inspiration Con Copper..
8500 Interboro Con Corp
10800 Interboro Con Corp pf...
4900 Int Agri Corp
2S00'Int Agrl Corp pf
10700, Int Harvester Co new...
100 Int Harvester Co pf
30100'Int Mer Marino
34S0O'Int Mer Marine pf
1065, Inter Motor Truck
300 Int Motor Truck 1st pf..
COO'Int Motor Truck 2d pf..
Il600:lnternatlonal Nickel
300'International Nickel pf..
98900 International Paper
900 Inter Paper pf stpd
4100, Iron Products Corp
lOOO Jcwel Tea
600 Jpwei Tea pf
1400 Kansas City Southern...
200 Kanras City Southern pf.
luo.Keliy Hpringnt'iu lire...
500, Kelly Spring TSpc pf.
25600,Kcrnecott Copper
17300 Keystone T & It ex dlv.
30700; Lackawanna Steel Co...
loo' Laclede Gas of St L
100 Lake Erie fc Western...
600, Lake Erie & Western pf.
3400 Ie Rubber & 1 re
2200 Lhlgh Vallpy
2o0 Liggett & Myers Tob....
1200 Liggett & Myers Tob rts.
10300' Loews, Inc
2S00 Loft, Inc
600 Loose Wiles Biscuit
2700 Lorlllard, P. Tob ex dlv..
500 Louisville & Nashville...
' 600 Mackay Cos pf
300 Marati Sugar
2900 Manhattan Elev guar....
300'Manhattati Shirt... j
500 Martin-Parrv Corp
2500'Maxwell Motor
4U0 Maxwell Motor ctfs
600 Maxwell' Motor 1st pf
500 Maxwell Motor 1st pf cfs
100 Maxwell Motor 2d pf
2S00;May Dept Stores j
1000 May Dept Stores pf
10 5.21 10 1 200 Mrxlran Petroleum
2i 7.051 900 Miami Copper
4.76 2105H0, Middle States Oil ex div.
8.40' 19000 Midvale Steel & Ord
2100, Minneapolis & St L new.
400 -Minn. St P & S S M
100 Minn. St P & S S M pf...
300 Minn, St P & S S M L L.
3300 Missouri, Kan & Tex....
100 Missouri, Kan & Tex pf.
12450'MIourl Pacific
3100 Missouri Pacific pf
2400'.Montana Power
100 Montana Power pf
4700:MulUns Body
3100 National Acme Co
11600'Nat Aniline & Chem
900 Nat An & Chem pf ex div
200 National Biscuit Co
200'National Biscuit Co pf...
200 National Cloak & Suit...
1800 Nat Conduit & Cable
4300 Nat Enam & Stamp
200,Nat Enam & Stamp pf...
650o National Lead Co I
100 National Lead Co pf
600,Nat R R of Mpx 2d pf...
1800 Nevada Con Copper
500 New Orleans, Tex & Mex.
6600 New York Air Brake.
17700'New York Central....
100'Ncw York, Chi & St I,
100N Y, Chi & St L 1st pf
900 New York Dock
50New York Dock pf...
47500!New York, N II & 11..
400 New York, Ont & West..
1300 Norfolk Southern
1400Norfoll & Western....
500 North Anier Co ex dlv.
9700 Northern Pacific ox div
6100'Nova Scotia S & C
00 .Ohio Cities Gas
- 24
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30
3S4 34I
ioils itju'-s lm1-!
107 4105 106
5.42
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8.75
7.51
7.27
4.46
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S.99
9.09'
8.66 !
5.93
6.16
14
2U
24
7.61
7.18
7.13
6.71
6.56
8.91
6.60
7.14
5.21
4.71
7.31
9.6'
S.43
7.78
8.91
4.9S
6.S2
5.80
4.64
5.56
9.4S
2.94
5.90
6.32
7.16
7.77
6.9S
300, Ohio Fuel Supply
14700iOkl.i Prod & Ref ex div..
HOOiOntarlo Silver Mining...
1300!Otis. Elevator
lOSOOOtls Steel
900, Owens Bottle Co
700' Pacific Development
700 Pacific Gas & Electric...
nil
Mail.
5 7.58
3 7.62
S.61
4 5.33
5 8.47
6 6.73
7 7.96
'l 4.9 i
8 7.87
4 6.06
8 6.33
5 5.94
8 7.93
7 6.71
1 6.19
4 1.60
2 6.69
2 6.59
".'.I
6 5.81
7 7.18
5.20 4.8S
1 6.20
6 7.50
194300iPan-Am Petrol & T. . ,
14S00'Pan-Am Petrol & T B,
' ISOO'Parrlsh & Bingham....
100 Penney Co, J C pf
8600, Pennsylvania R R
10100l'enn Seaboard Steel...
3000 Peoples Gas, Chicago.,
1 800, Peoria & Eastern
10400. Pere Marquette
400'Pere Marquette pf
400'Pero Marquette prior pf.
17100; Philadelphia Co
lS2S00Tlprce-Arrow Motor. . . .
S00O Pierce Oil Corp
700 Pierre Oil Corp pf ex dlv
3300,Pltts, C, C & St Louis...
1900'Pittsburg Coal of Pa....
200'Plttsburg Coal of Pa pf.
100 Pittsburg Steel pf
4000'PittsbuVg & West V.a...
3100 Pond Creek Coal
25300'Pressed Steel Car
200' Public Srvicj Corp N J
3800ullman Co
16500iPunta Alogrc Sugar
S500' Railway Steel Spp cx dlv;
100; Railway Steel Spring pf.
7300 Rav Consol Cop
187800'Rpadlng
300'Readlng 1st pf
12001 Reading 2d pf
6000 Remington Typewriter...
9300 RcplOfflo Stool
600 Republic Motor Truck...
233100 Republic Iron & Steel....
400,Repub Iron & S pf ex dlv
90200 Royal Dutch Co N Y....
2400St Joseph Lead
11600 St Louis & San Fran...
200lSt Louis & San Fran pf.
1001st Louis Southwestern..
SOOlSt Louis Southwest pf..
360OjSavago Arms Corp
52100 Saxon Motor
200,Seaboaid Air Line
1S24 191
22 23
29 314
46 47
16 16
11
BROWN BROTHERS & CO.
Philadelphia
EttiblltbedlSlS'
NEW YORK
Boston
A Statistical Service to
Holders of Securities
1
Wo invito Inquiries from clients in regard to tho status of
any security-which they now hold or contemplate purchasing.
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BROWN, SHIPLEY & COMPANY
EittblUhod 1110
Founder. Court. Lothbury oia tor Tnr.I.r.
LONDON', E. C. J" T LONDON. S. W.
Standard Bank of
South Africa, IP
WE ARE at all times very glad to discuss
South African and Australian trade
conditions with interested exporters and
importers.
Established 58 Years
360 Branches and Agencies
Resources $306,125,415
Wn. MACINTYRE, Agent
68 "WALL STREET NEW YORK
Botton
Pittsburgh
Cbltaf
A. E. FITKIN & CO.
Members New York Stock Exchange
141 Broadway
New York
We beg to announce that as of March Fifteenth,
Nineteen Hundred and Twenty, the following
have become members of this firm
A. M. HALL, :i
M. J. O'SHAUGHNESSY
L L. BENEDICT, Jr.
FOR INVESTMENT OF
FUNDS TEMPORARILY AVAILABLE
$10,000,000
PRIME BANK AND BANKERS ACCEPTANCES
ELIGIBLE FOR REDISCOUNT AND PURCHASE
BY FEDERAL RESERVE BANKS
MATURITIES
61 to 90 days
60 day or less
6 ?o to 6J4 discount
Syo to 6 discount
Corporations accumulating cash for Federal Tax, bond
interest or dividend payments can obtain from Sj4 to
647 on such funds without sacrificing safety or liquidity.
OFFERINOS WILL BE MADE ON REQUEST
PARIS
BERNHARD, SCHOLLE & CO.
WALL STREET
NEW YORK
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LONDON
9"s'101H
io..a io3H
32H'l04i
Radio Trans-Atlantic and
Trans-Pacific Service
AMERICA'S high-powered wireless stations have
. been honorably discharged from the service of
the United States Navy. Drafted when this country
entered the war, the part they played in keeping up
communication across the Atlantic and Pacific, and
with American vessels, is history.
The Radio Corporation of America, which includes the
Marcont Wirele.ss Telegraph Company, and which en
Joys the exclusive right to all wireless inventions and
improvements of the General Electric Company, is
now serving the public
MARCONIGRAMS will be handled from New
York City to Great Britain at 17 cents a word.
This is the beginning of a world-wide wireless
service which will be developed as rapidly as
necessary readjustments permiu
RADIO CORPORATION
of AMERICA
rdwrdJ.NJlr,PrttlJent
64 BROAD STOEET o.)
Telephone Braid :90O
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Continued on Folloicing Past.
LIBERTY BONDS
All dtnomlmlloni bousht for caih
Based on the cloilnv we pay
MM7 fora0 SH"". Itonil, 3A Cannons
511.01 fora 55q-il 4Mrt Mom!. 1 cSupon '
Tr!. Join. Ji!l-M.i, N, ,,,
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The National Bank
of South Africa, Ltd.
Ftwurcej Exceed 5287,00 ),03)
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it. e. s.iCNnrn
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