The Sun and the New York herald. [volume], April 22, 1920, Page 13, Image 13

About The Sun and the New York herald. [volume] (New York [N.Y.]) 1920-1920

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THE " SUN AND NEW YORK HERALD, THURSDAY, APRIL 22, 1920.
13
23rd Strrti iriers Filth 4viniit
Croat Broadway
A
Merchant's-Eye
View
Efficient banking must
uV.v i('ii!css from the
mere n n tils standpoint.
Wc render n service de
signed to i.icct the mer
chant's needs.
GARFIELD
NATIONAL BANK
23 rd Street, WHtRt 1
FIFTH AVENUE
CROSSES BROADWAY.
STRIKE HANDICAPS
STEEL INDUSTRY
Is Hardy Making a 50 Per
v Cent. Showing, According
to Trade Reviews.
MANY FURNACES BANKED
Estimates Are 500,000 Tons of
Pig: Iron Products Have
Been Lost.
RIGHTS
Lorillard
General Electric
InternationalMotorTruck
Carbon Steel
(All Issues)
HOLMES, BULKLEY
& WARDROP
MEMBERS
S'ew Yet Stoct Exchantc
Pitlsbarfh Sc$ Exehanft
Union Bank Bid;.
Pittsburgh
61 Broadway
New York
EOaBKXOiaKXOBHK
TfcUR technical
staff will be
pleased to offer
its services in as
sisting you with
INVESTMENT
problems.
The WeekLy
RESUME sup
plies information
on the subject.
AEFitiin&Co.
.Members My Stock Exchange
141 BROADWAY
New York Gty
BOSTON -CHICAGO-PITTSBURGH
The Iron ana steel Industry Is scarcely
mnKine a 50 per cent, snowing at pros
ort as a result of tho handicap which
nit recent mrixe nun placed on It, nc
cordliiff to weekly reviews of trade con
ditions. Of course tho clearing up of
me strike has had Bomo effect toward an
Improvement In tho steel situation. It Is
said, but the cumulative effects of the
congestion which tho railroad strlko
caused cannot bo removed tor a long
time. It Is even hinted that further
curtnllment In some districts may be
necessary.
It Id estimated at present that 300,000
tons of pig Iron products have been lost
by ttio banking of so many furnaces,
mado necessary by Inability of com
panies to movo their product .during the
strlko. More than seventy-live blast
furnaces nro banked In the country. It
Is said. Somo furnaces In the Duffalo
district havo resumed operations, but In
other sections conditions are said to bo
very bad.
"Stagnation of Iron and steel opera
tions has extended Itself during the past
week," says the Iron Trade Ilcview,
"and at present the Iron and steel In
dustry, struggllnr against the strike
handicap, Is scarcely able to make a CO
per cent, showing. While tho primary
cause of the tie up Is beginning to clear
up In a number of directions, tho cumu
lative effects of tho congestion are con
tinuing and It Is feared that further
contraction of output will result and
some difficult times must be faced beforo
production can bo restored. Coal ap
parently Is the key to the situation, since
plant reserves rapidly are being ex
hausted to maintain only fractional op
erations and some time must elapse be
fore these nro replenished to the point
required to sustain normal activities. A
new complication Is the demand of ore
loaders at upper lake docks for a 40 per
cent, wage Increase and a triple shift
This and the shortage of vessel coal Is
delaying opening of the season's move
ment of lake ore.
"Jll'l yards previously congested with
metal because of the shortage of cars
now aro literally choked with finished
tonnage awaltinc shipment. The num
ber of blast furnaces now banked In
the country exceeds seventy-fvc. Of the
forty-six stacks In the Mahoning and
Shenango valleys only eight are run
ning. The Idle list at Chicago numbers
eleven. Conditions In the Buffalo dis
trict show Improvement and some of
the eight Idle furnaces there havo re
sumed. Sheet mill output Is at Its low
est ebb In the Mahoning Valley in the
history of tho Industry."
The Iron Ape fays: "While the end
of the railroad strike Is In sight, the de
livery of steel products Is seriously dls
orgnnbd and the return to normal con
ditions Is not expected for a good many
days. .Buying has been much curtailed
In the past week and manufacturing
consumers of pig Iron nnd rolled steel
have been compelied in many cases to
shut down wholly or in part because
their fuel supply was cut off.
"On Tuesday tho situation nt Pitts
burg, Youngstown, Cleveland and Chi
cago blast furnaces nnd steel plants
was hut little Improved. Steel produc
tion In the Pittsburg district was prob
ably 50 per cent of normal. The Car
negie Steel Company was operating
twenty-nine out of fifty-nine blast fur
naces, while another producer had all
Its twelve furnaces still In blast At
Youngstown few of the tweny-flve fur
naces were going nnd 200,000 tons of
finished steel products were piled up at
"ioungstown and district mills.
"East of Pittsburg the shutdowns
were less serious. Of thirty-eight blast
furnaces of the Bethlehem and Mldvale
companies twenty-nine were In blast at
the beginning of this week. Many Iso.
lated furnaces In Ohio nnd Pennsyl
vanla have been compelled to bank for
lack of fuel."
STANDARD OH MEN TO DINE.
Industrial IlriirrientntlTei Will
Confer In JVesVnrU.
The third annual Joint conference of
tho Industrial representatives of tho
Standard Oil Company of "New Jersey
will bo made tho occasion of a dinner
at tho Hotel Robert Treat In Newark,
to-night. Tho dinner Is to be given In
honor of the new representatives elected
on Monday nnd Tuesday of this week by
the 12,000 employees of tho comnay's
refineries In Jcrsoy City, Bayonno and
Elizabeth.
It Is cxpocted that 230 men will sit
down to dinner and afterward listen to
speeches by W, C. Tcaglo, president; C.
J. Hicks, executive assistant In- charge
of tho Industrial representation policy,
and a representative from caoh of the
thrco rcdnerleB, selected by his fellow
representatives. Directors nnd olllecrs of
the company will be guests.
bankersIy oil
Syndicate Is Offering Issue of
$50,000,000 of Sinclair
Consolidated.
CORN PRICES DROP
8 5-8 IN LAST HOUR
Avalnnclio of Selling: Orders Is
Causo of Break in Com
modity Markets.
OATS LIQUIDATION HEAVY
Bye Declines as Fever Spreads
to Provisions Pork Slumps
$1 a Barrel.
Formal announcement of tho pur
chase of $50,000,000 of Sinclair Con
solidated Oil Corporation flvo year 7V4
ner cent, convertible gold notes by
n hanking nyndlcato headed by the , b0 QT gome 5,cng, but certainly were
Chaso Securities Corporation and Blair jot tno bg factor. jn jnct, it looked aa
& Co. waa made yesterday. They )t tne mysterlous circumstances behind
were offered yesterday at 98 and nc-.the liquidation In stocks, und cotton was
Corn and other grains felt yesterday
tho effects of selling of securities and
cotton and brolte sharply. Corn broke
7'i to 8 cents a bushel under an
avalanche of selling orders, tho greater
part of wtlch came In tho last hour,
when tho cereal was the weakest. Liqui
dation In oats was also hoavy, declining
4i to 6 conts a bushel. Ilye, which
had been soiling at hitherto unheard of
prices, was not left untouched, nnd
dropped 3 to 4 ft cents a bushel. Tho
selling also spread to provisions, pork
breaking over $1 a barrel and lard moro
than half a cent a pound.
Just what caused this selling Is hard to
say. There was nothing In the news to
which It could bo attributed, and It
savored of something moro than a bear
raid. Shorts might have boon responsi
crued Interest, to yield approximately 8
per cent, bv the distributing syndicate,
consisting of Blair & do., Kissel, Klnnl
cutt & Co., Win. A. Read & Co.. Spencer
Trask & Co., Montgomery & Co., J. & W.
Sellgman & Co.. White, Weld & Co., the
First Trust and Savings Bank of Chi
cago and the Illinois Trust and Savins
Bank of Chicago.
Tho new financing necessitates the Is
suanco by tho company of an 8 per cent,
cumulative preferred Btock, of which
$100,000,000 has been authorized and
and none is outstanding because of the
convertibility of tho notes on the basis
responsible for the break in grains. The
reasons advanced enrly In tho day for
the selling at that time wcro not sufll
rlent to cnue cii'-h a break as occurred
In the last hour. More favorable
weather Is a good bear argument, es
pecially after a period of very unfa
vorable temperatures, but not enougn
to send longs, to realize. Then there
was the report of the Kansas City
Federal Reserve Bank raising Its redis
count rates. But that was not looked
upon as the controlling factor. It was
a puzzle, and tho trade was Just as
mystified nt tho closo ns It was when the
of an exchango of every $1,000 note for, break started, and couldn't explain It,
ten shares of new 8 per cent, cumulative , but hoped that It was for only a day,
preferred stock and two and one-half
shares of common. A public offering of
tho notes will be mado shortly.
According to a statement Issued by
the bankers, tho offering Is the largest
note Issue In this year's market. The
proceeds aro to bo used in connection
with carrying out a comprehensive plan
of extensions now well under way. Tho
statement continues:
"The company Is enlarging some of Its
present refineries to bring them up to the
existing pipe line capacity and Is ac
quiring additional tankers and other
transportation facilities. The president
of the company states thnt these ex
penditures will better coordinate the va
rious branches of" the enterprise. The
net earnings of the corporation last year
after allowance for Federal taxes were
Fiimtamnntal conditions wore considered
practically unchanged. Oats were under
the same Influenco as was corn nnd
broko Just ns sharply. Trading In oats
has been very heavy of late, us many
have been buying on the theory that the
stocks wero too rmall and receipts light.
Provisions slumped off sharply In the
break In grains, selling orders being
very pronounced.
COUN In the local cash market No. S
yellow corn was 11.90; No. 2 mixed, 11.89,
' OATk-In tho local cash market 11.55
for all grades. ..,,. -
IlYE No. 5 Western. $2.31 Vj. t- o. I).
N. Y.
HARLEV-Market tlrin; ffeiUng,
mailing. si.su. i. o. u.
IIUCKWIIKAT Market dull
Inir. It n loo .
IU0
good mill.
No.
equal to almost six times tho annual) j.so: No. 2. I3.405f3.45i No.
. .. IT . an up fia IA
HYE
May ...
Intel est on tho note issue, nnd for the
rast three years have averaged over five
times tho annual Interest on tho new
r.otes."
Before Including the proceeds of the
tireswnt lssun of 150.000.000 notes, the
total assets of J265.3S0.1H, current as- Mrf
rets of $51,449,777. current liabilities of juir
$15,732,614, working capital of $33,717,- Jeiitr.mber
1A3 nrnfll nml lnfla cumin rt S1fiS7.
798, reserves of $34,054,033. Surplus
t i i j... . i -u'
1'aijuilt.a flnuwcu lUiiaiaicm mil crasi-0.
being $5,038,783 In 1917, $6,512,024 In
1318 and $9 0.164, but H. F. Sinclair.
In a letter tc -he bankers, says that net
earnings from operations after Federal
s ill- uhlnnlnr. SZ
friTKAW wurnei n.uici;-
" a ton- Chicago rnicES,
1, S3.45A
3, J3.350
1 rye, $31
Open. Hljh
. 1M4
Tun'
Low. Clone, day.
196 IMtt KW
10 1M14 183
ins
16SH
1MH
ft ATS
September Wt
LAHJJ-
May 15"7
July
IUBS
Mav :
mi;
161Vi
JT'4
89'i
77.
19.85
M.65
1C5M
157K
153
93
84
73
1H
154
91
84
73,
19. 11.15
r0.02 J0.05
is.o'i n.cs
18.73 18.13
193
173
1K
Kl'i
97!
90
78'!
19.80
10.67
18.17
19.03
The Prospects
of the Rails
Great Northern Pfd.
Northern 'Pacific
Atchison, Topeka &
Santa Fe
Southern Pacific
Delaware & Hudson
Unicn Pacific
Canadian Pacific
New York Central
Norfolk & Western
Send for our circular why tea
think the rails are a remark
able purcfiase.
Alio our M'etkly Market opinion and
bi-uttkli) Market Letter.
Scott & Stump
Jlrmlirrs Consolidated Stock
Kxrhango of New York
Investment Securities
SrKCIAUSTS IN ODD LOTS
Stock Exchange Building
rim.ADKLrinA. rA.
eiv York ofliro 0 Wall Street
direct Vrhate Wirt
To He Mated on flla Board.
Three listing applications were passed
on favorably by the governing commit
tee of the New York Stock Exchange
yesterday, two being for additional
stock of corporations, securities of which
are on the big board, and the third, that
of Cosden & Co.. which has been traded
In on the New York curb. The Cosden
airrplication sought permission to list
temporary Interchangeable certldlcatcs
for 104.194 shares of common wlthjut
par value. The other two listings were
the Cuba Cano Sugar Corporation's $23,
000,000 of ten year 7 per cent, con
vertible debenture bonds and the P.
Lorillard Company's $6,062,210 of addi
tional common stock.
Pennaylvanln Crude OH Market.
Oil City, April 21. Credit balances.
$6.10; runs. 51,511; average 52.445 ;
shipments, 38,328 : average 40.793.
FINANCIAL NOTES.
Harvey D. Glbaon, preeldent of tho Lib
erty National Hank, has been elected a
director of the Royal Indemnity Company.
Francs
Sterling has risen.
Francs have not.
Francs, in the opinion
of good judges, will rise.
Then franc bonds will
rise.
We suggest for your
consideration the French
Government 4co Bonds.
Ask for Circular 36-A,
which clearly and in
terestirtgly describes the
principal foreign govern
ment bond issues.
John ivfuir & Q.
Mmhen NrtYork Stock ExcUntt
61 Broadway
New York
Bankers Trust Company haa been ap
pointed registrar of ClinchfleM Carbocoal
Corporation preferred and common.
Robert Wlnaor haa been elected a direc
tor of tho General Aaphalt Company to fill
the vacancy caused by the death of the late
James Lewis Ilfke.
John A. Speera, formerly of the National
City Company and Colgate, Tarkcr & Co.,
has Joined the sales lorco of A. B. Leach
& Co.
Liberty National Dank has organized a
trust department under the direction or
Donald D. Davla. trust officer for the
transaction of a iteneral trust business and
with apeclal facilities for Investigation and
reportlni on the condition of Industrial
properties.
Jimes F. McClelland hss ben appointed
manaier of the Liberty National Bank's
Industrial department.
I chile Copper Company produced In March
I 9 25S.000 pounda of copper, against 4,5l,
000 In March, 1919.
D. N. Freeman, manager of the Cities
Service Company's bond department, has
been added to Its board of directors.
' Malar Howard Klllott. formerly director
of finance of tho Hlgnal Corps and chief
"disbursing officer, has organised and tM-
.come the president of ths Universal Bond
and Share Corporation. New otk.
! The staff of the Mechanics and Jletals Ns
Mlonsl Hsnlt g'e Ut nlht dinner snil
dunce to the staff of the .New York Produce
Ejchsngo illsnli. in tie Hotel 1'tnnsjlTsnls.
, ibont seren hundred pettoni were present.
The dloniT and dmce were 6lrn to promote
tb scqmlntaDceshlp of the nieinibers of both
institutions is tibw ut n wu lui.u,'
; tUm.
taxes of $21,890,898 In 1919. and surplus jniv 19-W W'00
after charges and depletion, dcprecla- POKK- M M 55.M M.M
tion and amortization of $9,590,464 In S'go 37. ss S6.M 36. to 37.7S
tent the substantial expenditures nggre- Wheat Corn,
gating approximately $60,000,000 mado' , , .. 450.000' Ml.wo
since last July out of earnings and the j"Jt week.!"'-'' 33Am 3?,PM
sale of common stock. Mr. Sinclair es- Last icar.'. 417,000 sss.ooo
timates that the result for 1920 will 1 SKABOARD CLEARANCES.
show net earnings from operations of Flour.
Oats,
SM.000
362,000
754,000
more than $30,000,000.
COFFEE MARKET.
The sharp break In the cotton market.
the very weak stock market and lower
, 40, Wl
,"5 . i.ooo
Last year.,
68.000
Wheat,
4,000
354,000
4M.003
London Money Market.
Loxpon, April 21 .liver. Md.
Bar goiu, iimo.
Discount raiea ouui 1
an ounce.
. . . , . . . . . , 1 , . , A .un
siening exenange rmes yeaieruay, 1 n4 i--i mnnllw1 bills
v,.,o.i,f fr., ii.iMf.Mnn in fr. Mm- u ner cent, threo monws nillKi
which, after opening 7 to 10 points
lower under pressure of May liquidation.
worked off, closing with net losses for
tho day of 10 to 18 points. Cotton Ex
change houses sold and there was moro
or less scattered liquidation from Wall
Street sources, some of this latter being
attributed to selling for European ac
counts. There was nothing In the offi
cial cable to create any decided senti
ment cither way, unless It was evidence
of continued unsettled sentiment In San
tos, where futures wcro unchanged to
250 rsjs lower. Firm offers from Brazil
showed practically unchanged prices In
the cost and freight market. There was
a report of a salo of 5,000 bags of Rio
7s, June-July shipment xt 17 cents
sterling credit. In the local 'spot mar
ket business was quiet, Rio 7s being
quoted at 15',J cents.
Rants of prices: Toes
Own. Hl:h. Low. Close, dar.
11.47-MJ 11 u
14.70 14.70 14.00
G per cent.
:bon. 140.
Gold premiums at Lis-
Exports) From Sew York.
Oats, 100,310 bushels; flour, U44
sacks; Rye, 132.463 bushels; lubricating
oil, 96.950 gallons.
PRODUCE MARKET.
BUTTER Receipts yeattrda.-. 2,S
pA ". Price, are again h ,h.r snd
irad . It bu er. The YhorW 1. becom-
totally unaoio w ""rr'l." ,,i; it.
n.ni. nrmmery. higher than extras, id.,
JirrU
May
June
July
Anjrast ...
Remember
October ..
Norember
December
January .,
February .
uarca ...
,...13.00 13.00 14.93
.'.'.'lUS liiii 1L70
".'rto li.'ii ii!
14.(981 14.77
11.78-79 14 J
14.97-91 1S.09
11.84-U It.W
14.71-73 14.84
14.70-71 11.83
14.89-70 14.80
7',ufi7fic extras. 93 score, 7-ic: uraii, i
to n sco c. 72874c.: (Irate. 88 to 8 score
,68071c.; seconds. 83 7 foore.
lower grades, 58 COc. ;. held, extras. M B
I ".; firsts l64c.;' "cond!.J"S?SL"
,,.itt. hla-her than ex trns. 4 3 M 79c. .
extras. 7778c: .firsts, TlCTie.ii.co.
IO70c; 8tate dairy iuos. """' Vir,
good to prime. 65 70c; common to fair,
S4fl I63c - renovated, firsts, &5ff56c: lal";
cuPrJntma'ke.
45c; lower grades, M e-
BIOCK, tuii -"'1.: .rfa.H
No. 2, 45c; lower gruea dov
n.intsi vitterdav. notnlnf.
.'SS ? m STOir" rm knd ' wlth-tV
14.65-64 14.7 ?UI change, 'ifiww
14.634 11.75 colored or wh te, lb.. 37 M W-Sc-. .'
aagerun.1 XTVTm ltd
avraKB run, .At.iu r,iir or ooN
Tntina nf 111. iinvi"'u .. . .
14.73
ored,
i930c. avcraro run. white or col-
r.ii 7V402S14C.; lower grades, is w sic.,
orsu, iw-'SC ,;.jn.. Wisconsin.
fresh, SS..JO S'"J' Be. : sin.le
...11.(4 14.64 14.(4 14.60-6J
COFFEE CABLES.
Rio was unchanzed at for 7s. Dollar
rate unchanged at 31704. Exchans-e Hd. hither
at lfll.1 It,-l.nti 11 nvi hnr. And nlni-tr XV)..
rtf, ha4wa R.ntni innli wi-a finplisnrMl at treSn, twins. 26O30C
14JM0 to 155000 for 4s. Receipts. 40OO baits Salslcs. held, 2903Hic; Double Daisies,
and stoct. J.600.0CO bam. Futures were un- ,'tiiic: Younc Americas. .JW
chanjed to 2M rels lower. ! VrA . State skims, flats and twws.11e.1a
Recelots at the ports were is.ooo bass. i:..,i. isnllc: fresh spciai. iiw--..
stalnst 32.M0 last year and ai.000 two years VTT' t0 choice. 14016c; fair to good, iu
aaea, iui'-
vtrdar. 7.230 cases.
be no Improvement In
against j,uv lasi ;e.r kjiu .imi .wit jc-irs nrimn to choice, iiwiv
aco. Sao I'aulo had 4.0O0, against 33,000 and Sfi? lowar grades, 43c,
22,000. and Jundiahy 4,000. against 18.000 and I 0 Jc.t-lltctW yesterdi
. in Yin nn
the delivery cona tions in this markst and
T. llmUed supply arriving .U obtained
wiih difficulty, urgeiy w p-'J
11,000, respeclirely.
BRAZILIAN COFFEE STATISTICS
Last
week.
10.193
Yesterday.
New York dellTeries. 12.27S
New Orleans dellr.. 7,401
Total dellrcries 19,677
New York stock 809.030
New Orleans stock.. 173,877
Stork at all ports..., 082.907
Afloat 4(19.000
Visible supply 1.451,907 1,524,884
Last year's risible.. .1,193,413 l,2O3,0M
S.OM
U.23S
7(1.159
223,706
M4.8M
540,000
Last
11172 fltlll the "ii.ntlty coming In and on hand
viS f ".koV,. .nfflclent for the current needa
1,498.991
1.4W.SW
Ilepnbllo Iron Bcporta Gnln.
The Republic Iron and Steel Company
Issued yesterday a report covering the
earnings for tho first threo months of
1920 and showing that tho common divi
dend of $160,000 was earned, with a
surplus) of $889,817. The net earnings
amounted to $2,353,020, against $1,57:1,
475 In the same period of last year.
This year, however, $1,518,717 was de
ducted for maintenance, repairs, Ac,
and allowance was made for excess
nroflts taxes. &c. The surplus after
charges was $1,777,317, against $1,053,
956, and the balance for the common
of $1,339,817 was almost exactly threo
times the amount paid In dividends on
the common. Unfilled orders on hand
lioti of the traao ai inn ,.v.-
n.i5i div ana the market shows no chanre,
570 362 wUh a generally steady tone. Nearby
ITljS white eggs of extra fancy Quality are In
sS "omparatlvely light supply n4; tet. is
Borne u c ni a u u iui iss.
prices. Most of the s.tock coming in Is
moro or less defective and Is offering In
bunches of mixed marks at about previous
range of values for these goods, chitfly
48030c. the outlet being chiefly for stor
age. Fresh gathered, extras, doien,
4JUf49c; storage packed, extra .firsts,
47V?MI8c; firsts, 45H047c; fresh
gathered, extra firsts, 4647c; firsts,
4:W45Hc; seconds, 40HO42c; dirties.
No. 1, 41c; No. 2. 37040c: checks, good
to. choice, dry. 3638c; State, Pennsyl
vania and nearby Western, hennery whites,
extras. 11 it He; firsts to extra firsts.
46032c.; gathered whites, firsts to extra
firsts. 41032c; under grades, 43047c;
Taclflc coast, whites, extra firsts, ilOS2c;
firsts. 48S0c: other Western nnd South
ern, gathered whites, 15 0 30c; State,
itnr Snlihoil ami Rcml-flnlshed nroducta
Pslne. Webber & Co. are offtihjff the' M---h it amounted to 61J.151.
Argentine Government 4 per '? no.nnHt 4S6.379 on December 31 Jtnd
ago.
...,nn,. lnm. With eichsrere at parity, the
nar talus of tbst Issne Is $974 s 200 note. 1 114,405 tons a year ;
.A lble profit of .VJI may be ohtslnrd
I'nris Bonne Trading;.
Paris, April 21. Prices Improved on
the nurchiM of lbo hornls in the
prvwnt mitket, bsscd on the return of ex
change to normal.
Bodell & Co., Rlchter & Co. and ths, mo xjoume iu-u,.,. v,....
Charles W. Seranton Company announce rentes, 56 francs 75 centimes; exchange
that the offering of $1,000,000 of the New on London, 64 francs 90 centimes; 6 per
Britain Machine Company s 8 per cent- , i03n. gs francs 60 centimes: dollar.
SRertilat Pr4,"r,d l0Ck " on"muiSS centimes. ' U-
' Psnnsylranla and nearby Western, hen
nery nronns, extras, iMrsuc.; gatnerea
brown and mixed colors, extras, 48Vs04lc;
ilrsts to extra firsts. 43047c.
Lire Stock and Meat Prices.
Common to prime steers, 100 lbs., $10
14.75. '
Common to choice bulls, 100 lbs., $1.59
012.
Common to choice cows. 100 lbs., $1911.
Common to prims veals, 100 lbs., $11
t24.
Common to prime sbssp (ewes), 100 lbs.,
$10614.
Common to prime lambs, 100 lbs., $1$
1731,
Live hogs. 100 lbs., 111020.
Dressed bsf, steer sides, lb..
City dressed veals, tb., 2 if? lie.
'Dressed mutton, lb., 2Jt?30c
Dressed lambs, lb 41041c
109210.
IN COTTON STOPPED
Bull Market Is Hold Up on
Wnll Street Jind Southern
Selling Wave.
CLOSING PRICES IMPROVE
Final Quotations Show Drop of
95 to Ul Points Below
Tuesday's Close.
The present bull movement In tho cot
ton market stopped abruptly yesterday
when heavy Wall Street and Southern
selling broke tho list 115 to 161 points,
or a maximum decllno of more than
$7.50 n bale. Tho decline, was attrib
uted to a moro favornblo weekly weather
report than had been expected, probabil
ity of further Improvement In. conditions
In tho Belt for the rest of the week, un
settled and sensationally weak stock
market and Jnpnncse financial nows.
Although those Influences wero among
tho principal bearish factors, reports of
a poor spot demand added to the pre
vailing feeling. Liverpool was about as
due and 4,000 bales of tho spot article
changed hands In that centre.
At tho outset hero tho market was
steady and 9 to 20 points more than at
Tuesday's final level. Business at the
start and during tho forenoon was quiet
nnd price fluctuations wcro confined
within nnrrow limits. Thero were fur
ther rains In parts of the Belt, but clear
ing weather wns Indicated for to-day.
According to most traders, however,
weather nows had been overworked and
llttlo new buying power was in evidence.
Tho market eased about 10 to 30 points
In the morning, but early sentiment was
not particularly bearish, but rather to
the contrary.
After midday pressure Increased along
with unsettlemcnt In stocks and a drop
In foreign exchange. There was con
tinued pressure from old lonys who ap
parently thought that tho rise had gone
far enough and finally wuro taking their
profits. Southern interests and tho
Western ci'owd sold, and during tho
fourth hour tho market developed a
weak undertone. Speculative feeling
was nffocted by unfavorable rumors that
pervaded commission house circles. De
cember dropped 101 points from Tues
day's closing to 33.85, and July 135 to
38,25. There was a little scattered profit
taklnc by shorts at the bottom, tho clone
belnjr somewhat above tho lowest, 05 to
141 points down from Tuesday's finals.
Tho local spot market was 100 points
lower, at 41.75 conts.
Range of prices . .
Open. High. Low,
April
May ' 41.63
June
July 39.73
August , .....
31. .1
September
October .,
November
December
January ,
February
Msrvn
Tues'
Close, day.
40 65 N
41.80 40.C0 40.65.70
J9.55 N
39,75 38,25 SS.62-S6
37.2J N
37.20 37.20 85.65 N
, 35.63 30.63 S4.92 35.10-16
33.34 33.34 35.34 34.90 N
, 36.57 33.68 33,83 34.05-10
, 34,70 31 0 33.37 33.56-57
33.10 N
14.U) 34.00 3 J. 43 33.(4-70
Spots: Local, 41.75; Now Orleans, 41.M
COTTON STATISTICS,
Ycster- Last
day.
Port receipts 24.019
Export 10,083
Exports season .... 5,445,316
New York stocks.. 38,885
Port stocks 1,231,170
Interior receipts .. 10,712
Interior shipments, 8,401
New York, arrivals
41.65
41.63
40.60
39.C0
38.33
37.00
K.W
35,70
35.46
34.60
34.20
33.80
Week.
, 16,181
10,193
5,316,132
41,507
l,207,tl
14.520
16,295
Last
Year.
19,753
500
3,7(2,401
82,121
1,274,213
14,245
16.474
933
Liverpool cables: Spot cotton dull, at 35
points decllno on tho basis of 26,29L for mid
dling. Sales 3,000, Amorlcnn 2,000. , Imports
4,000, American 1,000. Tenders, new docket,
1,000 bales. Futures opened very steady, at
12 to 17 points advance. Closo steady, at an
ndmnco of 1 to 43 points. May, 25.03d.;
July, :183d.; October, 24.03d.; December,
23.42d.: January, 23.32d. Manchester; Yarns
and cloths dull.
Sew Orlcnna Cotton Market.
New Orleans, April 21. Tho price of
cotton broko moro thnn $8 a balo to-day
on tho more active months under pres
sure from realizing, coupled with heavy
selling for short accounts based on tho
weakness In the stock market and fur
ther disquieting reports concerning
financial conditions In Japan. In tht
oarly trading thero wan a faint hearted
ndvanco which finally carried the strong
est months 34 to 38 points over Monday's
close. From this thero was a fall of
102 to 171 points, landing tho market
124 to 137 points under Monday's close.
Final prices wero at net losses for tho
day of 97 to 115 points. December
showed tho widest fluctuations, selling at
Its best at 35.45c and at Its lowest at
33.75c. Close: May, 39.31c; July,
38.08c; October, 34.92c; peoember,
33.94c; January, 33.10c Spot steady,
quiet; middling. 41.50e.
NEW YORK STOCK EXCHANGE PRICES.
Cotiffnued from Preceding Page.
r-Cloalng.-i l'T'l
Itlrt. .k 11
isto.
I
tOpcn-
I High.
I Low.
1 pjit.
Closing.
32 I 32
43 HI 44
12
7tt
10U
24
33
64
34
41
30 U
65i
87V4
114
100
72
9
72
80
4
38
101
68
36
27
17
90
74
ED
19
39
58
7?4
29
65
70
50V1
96
03
91
40
25
34
24 U
36
61
17
84
68
59
26
18
98
100
65
115
114
92
18
76
73
67
44
99
19
110
15
20
31
65
15
7
14
221
84
35
67
94
20
54
711
107
42
76
107U
47
44
10
44
35
67
88
18
56
167
113
30
117
63
44
134
205
9
21
70T4
17
47
65
91
97
1
98
63
45
99
110
71
74
69
101
91
8
22
55
9
26
86
49
10
15
C6
21
84
68
139
76
14
12
24
40
05
34
41
37
66
88
119
114
73
10
71
82
5
15
40
103
69
33
28
18
93
75
60
19
40
5
S
30
00't
71
ou;s
97
95
94
27
36
25
oof
62
17
89
70
60
26
18
98
101
70
116
115
93
18
76
78
67
45
100
22 ,
110
15
2C
33
69
15
8
15
223
84
35
74
95
20
55
718
107
43
78
107
49
44
11
45
35
68
89
18
68
190
117
32
118
64
46
138
208
10
22
71
18
55
66
92
100
65
99
66
46
99
110
71
74
70
109
96
8
23
69
10
27
87
60
10
16
67
21
85
69
140
77
1.60 23100IM Iridic Stnten Oil.
3
10
5
2
4
40c
5.20
1
'4c
2
6
7
5
8
8
6
3
5
7
6
6
4
8
6
tOd(LIots
6700
100
2500
200
6000
1400
200
1200
100
300
3900
200
100
100
200
1000
1200
4100
300
200
600
2300
3700
600
13600
100
600
3600
700
500
7500
4700
200
2700
400
700
100
78300
11500
100
3700
2000
1600
6100
1930
47900
3400
100
400
200
1200
400
7500
100
200
300
37600
2300
1500
14500
1400
60900
800
86100
200
22400
600
7300
100
300
3200
200
100
500
32000
59800
3800
16600
6200
200
84
800
2900
6800
73600
2800
100
2400
66600
9900
5300
200
24000
800
100
700
4300
3600
600
1300
100
2800
200
200
19200
200
900
9000
20700
100
1300
86300
600
100
1S3300
900
2900;
61200
2500
100
300
300
1800
700
500
900
300
3400
2100
400
8800
16900
200
700
400
4800
Midvnle Steel & Ord
Minneapolis & St L, new,
Missouri, Kan & Texas..
Missouri, Kan & Tex pf.
Missouri Pacific
Missouri rnclflc pf
Montana Power
Mont Wnrd & Co
Mulllna Itody
National Acme Co
National Aniline & Chcm
Nat'l Aniline & Chem pf
National Biscuit Co....
National Biscuit Co pf.. ,
National Cloak & Suit. .
National Conduit & Cable
National Knnm & Stamp.
National Lend Co
Nat R R of Mex 2d pf...
Nevada Con Copper
New Orleans, Tex & Mox
New York Air Brake....
New York Central
Now York Dock
New York, N II & Hart..
New York, Ont & West. .
Norfolk & Western
Northern Pacific
Nova Scotia S & C
Nunnally Co
Ohio Cities das
Oklahoma Prod & Ref...
Ontario Silver Mining...
OUs Steel
Owens Bottle Co
Pacific Development ....
Pacific Gas & Electric...
Pan Am Petrol & T
Pan Am Petrol & T B...
Penney Co J C pf
Pennsylvania R R
Penn Seaboard Steel
Peoples Gas, Chic
Peru Marqustto
Philadelphia" Co
Phillips-Jones
Pierce Oil Corp
Pierce Oil Corp pf
Pitts, C, C & St Louis...
Pittsburg Coal of Pa....
Pittsburg & "West Va. . . .
Pond Crock Coal
Pressed Steel Car
Pressed Steel Car pf
PubMc Scrvico Corp N J.
Pullman Co
Punt.a Allegro Sugar....
Railway Steel Spring....
Ray Consol Cop
Reading
Remington Typewriter . .
Rcploglo Steel
Republic Motor Truck...
Republic Iron & Steel...
Robert Rels
Royal Dutch Co N Y....
St Joseph Lead
St Louis & San Fran....
St Louis & San Fran pf.
Savnso Arms Corp
Saxon Motor
Seaboard Air Line
Seaboard Air Line inf. . . .
Sears Roebuck Co
Shell Trans & Trading..
Sinclair Consol Oil
Sloss-Shcfflcld S & I....
Southern Pacific ,
Southern Railway
Southern Railway pf....
Standard Oil of N J
Standard Oil of N J pf.. .
Stewart Warner Speed..
Stromberg Carburetor . .
Studcbakcr Corp
Superior Steel Corp
Tcmtor Corn & Fruit A..
Tenn Copper & Chem..,.
Texn.s Co
Texas & Pacific
Tobacco Products
Tobacco Products pf.....
Transcontinental Oil ....
Transuo & Wllll'ms Steel
Underwood Typewriter..
Union Ban & Paper.
Union Oil
Union Pacific
Union Pacific pf
United Alloy Steel
United Drug Co
United Fruit Company..
United Ry Investment...
United Ry Investment pf
United Retail Stores
U S C I Pipe & Fdy
U S C I Pipe & Fdy pf..
U S Food Prod Corp
U S Ind Alcohol
U B Ind AteohnJ pf
U 73 Realty & Imp
U S Rubber
U S Smelting, R & M...
U S Smelting, R & M pf.
U S Steel
U S Steel pf
utan copper
Vanadium Corp
Va-Carollna Chem
Va-Carollna Chem pf . . . .
Va Iron, Coal & Coke....
Wabash
Wabash pf A
Wells Fargo Express....
Western Maryland
Western Pacific
Western Union Tel
Wcstinghouse E & M....
Wheeling & Lake Erie..
Wheeling & Lako Erie pf.
wnito Motor
Willys Overland
Willys Overland pf
Wilson & Co ex dlv
Woolworth IT W... ......
34
45
12
7
10
25
41
64
35
41
37
68
89
115
113
73
11
76
83
5
14
39
103
70
38
30
18
92
76
62
20
HV.
4Ti
8
29
55
70
50
102
101
93
40
27
35
26
37
67
17
89
70
60
28
19
102
100
66
no;
115
97 M
81
80
64
47
10
21
11
1?H
2TJ
32
73
16
7
15
228
83
37
73
95
22
55
'16
107
45
87
113
54
44
11
46
37
69
89
19
58
190
114
31
117
63
46
138 "
214
10
22
76
18
62
68
93
99
56
105
67
46
101
110
72
82
72
109
94
8
23
59
9
27
87
60
10
16
60
22
85
69
139
33
45
12
8
10
25
41
61
36
41
37
68
89
113
113
73
11
76
84
5
14
39
103
70
38
30
IS
93
76
62
20
41
5
8
31
65
70
60
105
103
93
40
28
35
' 26
37
69
17
89
70
60
28
19
104
100
66
116
117
98
18
81
S0
69
47
107
21
113
15
20
32
73
16
7
15
228
37
74
96
22
65
716
107
43
90
114
54
44
11
48
38
70
89
19
58
190
117
H8
64
46
138
214
10
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75
18
62
70
93
99
67
106
67
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102
110
73
85
74
109
94
8
24
69
9
27
87
60
10
16
61
22
85
69
139
32
43
12
7
10
23A
38
64
34
41
37
65
87
115
113
73
9
72
80
5
14
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101
68
37
27
IS
91
74
60
19
40
1
1?4
s
29
55
70
50
96
92
93
40
26
34
23
36
60
17
89
70
38 7
26
18
98
100
66
116
104
93
18
76
77
60
45
99
21
109
laV,
19$20
32
43
12
7
10
23
38
64
34
41
37
65
87
115
113
73
9
72
80
5
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39
101
0074,
37
27
IS
91
74
60
19
40
4
8
29
55
70
60
97
93
93
40
26
34
23
36
61
17
89
70
00 ft
26
18
98
100
66
116
104
93
18
77
77
67
45
99
2t
110
16
Kst
Chsage.
2
1
2
?i
3
1
-3
1
.
- ',4
4
3
1
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- 1
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- 2
1
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32
68
14
7
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223
82
34
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20
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713
107
43
75
106
47
44
10
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67
89
17
67
190
114
30.
117
63
44
138
205
10
22
69
18
46
65
90
99
65
97
66
46
98
110
71
73
69
109
92
8
22
55
, 9
20
86
49
10
16
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21
85
68
139
32
63
15
7
15
!23
84
35
68
94
20
54
713
107
43
75
107
49
44
10
45
35
67
89
18
57
190
114
30
117
63
44
138
205
10
22
70
18
46
65
91
99
65
98
66
46
98
110
71
74
69
109
92
8
22
65
9
26
86
49
10
16
55
21
85
68
139
3
1
2
-6
2
2
2
4
1
1
1
12
5
3
3
4
2
5
1
5
1
94.
-2
2
-2
5
1
1
2
K
3
10
$
1
-1
-2
3
1
1
2
10
1
1
1
-
M
-4
1
8
2
2
2
6
1
-2
1
7
5
-
3
s
5
1
H
-Ili
Floor Space Is Valuable
Corporations arc today confronted
with the necessity of economizing in
floor space and eliminating burdensome
details of operation. . , ,
The present is therefore an opportunc
time for companies maintaining depart
ments for the transfer of stock and pay
ment of dividends to appoint a Trust
Company to perform these services.
We shall be glad to have our repre
sentative call and explain the ad
vantages of having this Company act
as agent in such capacities.
Booklet "A TRUST COMPANY . AS
TRANSFER AGENT AND REGISTRAR"
will be sent upon request.
FOUR CONVENIENTLY
LOCATED OFFICES
55 Cedar Street
B'way at 73rd St.
Madison Ave. at 75th St. f
125th St. at Eighth Ave.
, MORTGAGE COMPANY
Capital and Surplus $6,000,000
NEW YORK
Fulton Motor Truck Company
STOCKHOLDERS
In order to protect their holdings must register by mail
their correct name and address with the Company.
USE THE COUPON
Name
Address . ,
Towr
MAIL TO
FULTON MOTORS CORPORATION
34 Pine Street, New York.
IMPORTANT Send at once
STOCK SALES MANAGER
A clean-cut man of proven ability with record of achieve
ment can form a very attractive connection aa manager of an
out-of-town branch of large established organization selling an
industrial proposition of exceptional merit and possibilities.
To the right man position is worth $15,000 to $20,000 a
year. Must understand handling telephone system of selling.
In applying for interview give full particulars. All cor
respondence will be treated confidential. Salary and commission.
CALL ROOM 202,
198 BROADWAY, N. Y.
TELEPHONE 5640 CORTLANDT.
STOCK SALESMEN
High grade, clean-cut, live wires with plenty of pluck to
sell shares of an established and well-managed steel company of
highest standing over the' telephone, and also by personal call.
Proposition of exceptional merit and possibilities to right
men. Liberal salary and commission.
CALL ROOM 202,
198 BROADWAY, N. Y.
TELEPHONE 5640 CORTLANDT.
TOLEDO. OHIO
Secor, Bell
& Beckwith
Msmbsrs New York Stock Exchinje
TT Ini'frs tour (niulry on
Libbey-Owens Sheet
Glass
Com. & Pfd.
Toledo Home
Tel. 5 Bonds 1922
And all local securities.
Circular "8-7" on request.
Gerdner Bldg.
Toledo
Amer. Public Utilities 5s, 1942
Amer. Steel Fdy. 4s, 1923
Boise Gas Light & Coke 5s, 1941
Memphis Term. 6s, 1942
Union Public Ser. 6s, 1939
fortou!achejibinclL&Ca
42 Bxtocul firlrcxfc- Ts'cwJ&irKj
caicfM sersorr philjmjcu'.ua prrrssusai
Gd. Rapids Ry. 6s, 1924
Cities Service. All Issues
Empire Dist. El. 5s, 1949
United Lt. & Ryt.
H.F.McConnell&Co.
ittmbert .V. 1". Slack Eichattae
3 B'way, If. Y. TtU now 1. Crcn 6080-89
fvl 1 1 ) 1 1 1 1 1 1 1 1 HI U 1 1 M 1 1 1 1 1 1 1 1 1 1 1 1 1 n 1 1 1 it-it
Europe's
Monetary
Resources
We have prepared for
distribution a survey of the
monetary resources, currencies,
national debt, and national
wealth of the leading European
countries. '
An invaluable aid to
investors in. exchange and
foreign securities who seek the
true facts concerning the
financial position of the
principal European nations.
M Jo' "S" '
Mely&Horton
40 Wall 9L, MewYerH,
Phoni vTohn 633.0
IIIIIIIIIIIIIIIIMIIIIIIIlllMIIIIIIIIITTTTTT
PRICHITT & OO.
Members N.Y. Stock Exchange
SIXTY BROADWAY1
' NEW YORK CITV
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t Philadelphia - New York. Chicago
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