The Sun and the New York herald. [volume], April 26, 1920, Page 10, Image 10

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

Image provided by: The New York Public Library, Astor, Lenox and Tilden Foundation

                
10
-H4-
THE SUN AND NEW YORK HERALD, MONDAY," 'APMC 26V 1920,,
Commonwealth Finance Pfd.
Molor Products
Timken Det. Axle
Godchaux Sugar Com. & Pfd.
Matarizas Amer. Sugar
Santa Cecilia Sugar
Lord & Taylor Com.
Can. Northern S4s, 1924
Evansville Gas & Elec. 5s, 1932
Knickerbocker Ice 5s, 1941
Pacific Gas & Elec. 5s, 1942
Public Light & Power 5s, 1945
MortoiiIaclienbiiiclL&Ox
oacAoo EETRorr pjuiADEtnuA pittsouwjh
Geo. A. Hiihn & Sons
MEMBERS
New York Stock Exchange
Philadelphia Stock Exchange
Chicago Stock Exchange
New York Cotton Exchange
111 Broadway New York
Phono Roctor 6340
1418 Walnut St., Philn., Pa.
Investment
Suggestions
GLIDDEN.DAVIDBE&CO.
Memlen Nea York Stock Exchanse
20 Broad Street, New York
STANDARD
O
I
L
ISSUES
THE EFFECT OF
STOCK DIVIDENDS
on
STANDARD
OIL STOCKS
WE HAVE PUEPAIIED A Cllt
CULAU (IIVINC! A RECORD OP
THE MARKET ACTION. OVER
A TERIOD OP YEARS, OP
BTOCKS OP STANDARD OIL
COMPANIES WHICH nAVE DE
CLARED STOCK DISTRIBU-TIONS.
CARL H.PFORZHclMER&CQ
DmImi U StmdUTl Oil 1mHim
nnMiW-1-H'ltnd. 11 Smt St. X. X.
FINANCIAL NEWS
AND COMMENT
Causes Bnek of Drnstic liqui
dation in United States
and Japan.
INDICATE CREDIT STItAIN
Safeffuanls of Our Market and
Need for Conservative
Financiering.
natural In a market depressed chiefly
by forced liquidation In largo volume.
At a time of audi excltoment It la In
ovltablo that the best securities should
bo sold to protect commitments In badly
Inflated Isauen, rout niwayn jiappens,
and as more Liberty bond are out
BtundlnB than there are of any other
Issuo and those bonds are distributed as
no other bonds ever have been dis
tributed In the United States, It stands
to reason that such holding will bo the
first availed of to provide cash margins
In a liquidating stock market. Thoio Is
sues have been affected, sentimentally
at least, by rumors of another Govern
ment bond Issue to provide uonus money
which Congress may appropriate for ser
vice men. Another factor has been the
advance from 4 to B and 5 V Pr cent.
In the Interest rate on Treasury certifi
cates of Indebtedness. Immense tssues
of those certificates havo absorbed credit
badly needed by banks Jo accommodate
commercial borrowers and finance ovory
day business demands.
It the episode of Japan's panlo means
anything and tho rise to 7 per cent. In
the English bank rate has any signifi
cance, tho peoplo of this country must
roallxo that orderly deflation has begun,
Commodity prices are high and In a few
Instances may go higher, but tho down
ward trend has set In and tho seller
these days ,1s not always In control of
tho situation, A dcurth of certain cIosbcs
1
of merchandise still exists and, because
of the reduced output, It Is increasingly
difficult to supply special classes of mer
chandise. But n hesitant tono prevails
In many lines, which is In sharp contrast
with the spirited buying of a few months
ago, boforo the. credit crisis became a
controlling influence In flnnnclal affairs.
That does not mean at "all that Industry
Is on the downgrado and that tho coun
try necessarily Ih In for hard times.
General trado Is In largo volume, and
some industries nro reporting notable
gains. Iiut tho prevailing noto In busi
ness Is conservatism and tho people
are no longer engaged In a wild race
for expensive merchandise. That slow
ing down process was Inovltablo and,
considering tho situation In International
finance. It Is fortunate t the to
something like normal conditions Hs
roehlgh cost of credit has bo'an
Important Influence In conjorat on
finance. It will bo effective in reduc
ing earnings available dividends and
In advancing living costs. The Quotation
Is at a level calculated to restrict un-,
necessary borrowings and "RP""
cants for credit for speculative- employ-1
ment In that way tho brakes have been
applied and the probability tothat th
market will bo protected from vicls-1
sltudes which sure y would have been
...nf. imd tho Federal Reserve
Hoard been less mindful of UP?"":
bllity to the peoplo ns the Buprcmo.Coun
of American finance.-
TOTAL TRANSACTIONS IN THE NEW YORK STOCK EXCHANGE
Week Ended April 24, 1920.
1920. 1919 .
Year to date 92,016,576 68,782.603
1920.
J. K. Rice, Jr. & Co. Will Sell
S0O Amer. Lithographic Com,
lOOAmer. Utlioicniptilc l'fd.
MS Amrr. DM. Tel. of N. ,1.
12.1 Amer. I'iaiin Com. & l'fd.
25 American Clilrle Com. & Pfd.
100 Air Reduction
?7Atla Portland Cement Com.
SO Hunk of .Miinliutlim
40 Colo. Kiiel lit l'fd.
100 Champion Coated Paper Tfd.
100 Clnn. (lax. & Klec.
11 I)eU.. Jjirk. Vt Went. ConI
2J K. XV. 111!., Com.
SO Empire Steel & Ir. Com. & l'fd.
50 Franklin Insurance
25 (treat Americnn Inn.
60 C.leiu ValU In.
SO General llaklnc Com. & Pfd.
50 (irnenil linking Com. & l'fd.
I.MIomo Inftuninre
30 Jacoli Dold I'M.
11)0 Jiu, llutler l'fd.
J5.Iohntnn Tin Foil
lOOKIrlir Lumber Pfd.
100 N. Y. State Ujm. Com. pfd.
15 Northern heenrltle Htuba
10O New Ilrltaln Mneh.
60 MleK.llement-Pond
10 Xnfl Ulierty In.
100 I'enna. ConI Coke
15 Pornhontnii Fuel Com.
200 Prrene Muniifurtiirlnr
10 Victor Talking Miirhlne
25 Wlncheter Co. Com.
100 Ward Unking Com. & Pfd.
J. K.Rice, Jr. & Co.
Phones 1000 to 4010 John. )$ Wall St.. Jf. Y.
ny william justus noiES.
Thn urnantlnnal decline In Stock
market prices In a week when extremely
Interesting facts toucning me couapoc oi
credit In Japan wero claiming the first
nitron nf the newsoarers emphasized
onco again tho seriousness of worldwide
credit strain. Japan is. or course, an
Infinitely poorer country than tho United
States, but tho panic in that country,
llko the forced security liquidation here,
was traceable chiefly to Inflation and
high prices, oxtravngant living and
wasteful expenditures. From a country
having a largo trade balance In Its favor
during the war period, It has shifted Its
position to that of n debtor nation, with
an. Import balance of $100,000,000 to set
tle for accumulated 'during tho first
quarter of 1920 alone. Reckless specu
lation was Indulged In nnd for a time It
was difficult to convince her people Hint
eaiy profits would not continue indefin
itely, i
C'nrtnilliiK r.xtravaKaiirr.
If tho American people can learn any
thing from tho experience of others they
should realize that this nation must put
Its Industrial house In order and
strengthen weak spots In Its credit struc
ture. Instead of being forced to spend
J18.000.000 a day for running tho Gov
ernment, making record purchases of
Jewelry and precious stones at tho high
est prices ever known and Indulging in
extravagant living on a scale which
makes necessary tho withdrawal of an
Immenso body of skilled labor needed for
productive employment, wo must cut
down our loan account In accordance
with tho financial requirements of essen
tial Industry. If we fall to adopt safe
guards we shall experience a financial
disturbance nearer home than Japan and
of much greater moment than that which
forced the closing of the Toklo Stock Ex
change. That situation Is recognized
fully by the Federal Reserve. Board,
bankers, economist.1) and business men of
large affairs. Tho world Is heavily short
of credit, largely becaupo Government
costs are at record level, when neces
saries of life are selling at prices so
high as to force a portion of the 'popula
tion to go undernourished.
Potentlnl Strength.
Wo have enormous reserve capital and
nnd resources to fall back on and there
Is no reason why this country should
experience financial disturbance of any
kind It its people have tho forethought
and the will power to do business on the
rafety first principle Instead of dis
sipating their substance In wasteful ex.
pendlturcs. Burdens of reconstruction
are second only to burdens of war, be
cause complications which have de
veloped since the signing of the armis
tice have placed almost crushing bur
dens on the people. Tho American gold
supply has been tho target for every
hard pressed nation ever since the taslt
of restoring Kurope's crippled machinery
was taken up. Such one sided demands
of mammoth proportions dislocated for
eign exchange and forced such a depre
ciation In foreign currencies as to make
purchases of supplies in tho United
States difficult for our foreign cus
tomers. Tho result has been that our
export excess, although still well above
normal, has diminished, owing chiefly
to Increase of J 1,300.000,000 In Imports
In nine months.
Financing Commerce.
As foreign buying In this country has
been mado more difficult by the unprece
dented break In exchange and the re
sultant advance In dollar credits abroad,
foreign selling to the United States has
been made easier, and thus for some
foreign manufacturers to compete ef
fectively for American business with
manufacturers and producers of this
country has become possible. The strain
on credits has been Intensified by the
abnormally high price level at which
business has been done and tho sequence
of wnge advances, reduced output and
alarming Inefficiency of labor. Wo is
sued more securities last year than eveV
hitrnrn nnd In addition attempted to
float a prodigious amount of foreign
Government securities In this country.
Those total omissions were In excess of
our national savings and, instead of do
ing extra work needed to bring pro
ductlon up to consumption, there has
been a material decline In the country's
Industrial output. The credit strain has
been Increased further by three costly
strikes In basic Industries in a few
months and the freight blockade, tie-up
of harbor traffic and shortening of the
working day in many Industries have
added greatly to the difficulty of re
ducing tho loan account.
Commercial norroirlnir.
At the time when the banks had those
difficulties to contend with the move
ment of gold to South America as
sumed large proportions, weakening the
credit basis at the moment when cor
porations and business firms, occus-
,tomed to sell their paper to reserve
city banks in large volume found that
Imarkot practically closed to them. The
'result has been that hundreds of those
I borrowers, finding It Impossible to sell
I their paper In the open market, were
i forced to ask banks for accommodation
I to keep going, rite banks have stood
I tho strain well and. with cooperation of
tho Federal Reserve Board, have dis
criminated sharply between non-essen
tial loans and productive credits. That
discrimination probably has been more
emphasized In England than here, bo-
cause complications oi me ixmaon
market have been more complex nnd
the strain of longer duration. But the
whole world Is confronted with the
need of curtailing unnecessary borrow
ings to conserve banking reserves and
provide a gold base for credit expan
sion which must como when crops begin
to move.
Sales for week 8,762,323
1919.
7,891,435
Itinre 1K0.
Illth.1 to it.
4G
72
88
2
3
53
02
95
96Vi
48
46
103
128
227
61
101
147
11614
1.4
175
30
122 J
53
68
1194
14
85
99
109
107
16
30
72
100
83
SO
93
142
118
106
105
52
100
283
97
74
165
105
61
21
59
66
17
6
67
74
75
125
86
82
' 9
93
114
176
75
14S
102
38
49
93
134
111
1
60
32
96
114
102
15
96
17
13
62
103
8
50
70
129
27
11
29
28
85
46
75
69
134
100
104
108
205
61
62
164
59
11
15
11
10
27
42
61
91
120
111
41
66
78
66
21
41
55
68
106
40
44
105
27
67
65
92
2
56
70
93
20
44
98
102
14
105
107
42
64
278
100
Dlr,
In $.
Dir.
Yield.
1A1!
ecenry Loans. I ggii
Railroads must be put In first class 85
order and i.'tmltted to cam enough M0l
revenuo to maintain them In good I 99
American style. Tho peoplo realize nt 195
last that It must be done, because with- 9
out adequate transportation facilities) 16
our eiaooraio inausinai mccnanism win I 13
be of little avail to customers at home 5
or aoroaa. ine country nas me Desi 28
railroad law It ever had. and there is I 45
reason to believe that the greater In- 29
tcrstate Commerco Commission will 1 147
adopt a much more conciliatory attitude 104
In dealing with roads, operations of I 15
which wero hampered badly by Federal 25
and State authorities before the world 1 174
war wk.-iji. iul pwjjie wno can I 93
spend i,ooo,ooo,000 this year for au-1 915J
tonsoblles. more than three-quarters of I jnu
1 , ...in 1- .1 1 . 1 . - . . ' '
wmcji win uit i.ii-.iBuit: icuicies, nugnl 135
to provide $1,000,000,000 or J2.000.000,- 4g
uoo next year 10 strongmen ttt most 36
highly developed railroad 'service In the' igL,
. 1 Tl,l la ...1. .,A ...11. .1 - . "
nuiiu. u.i .0 niiu. wiu will UU, Ull( JO
tne prooaonuy is mat ultimately they 75s;
tlll clear handsome profits from such 94
lll cc.i.ciibn, 1172
ueavy soiling or idoerty Donas was I 3
25
34
65
65
1
1
36
80
82
89
39 1
44 I
74
105
"All
38
91
124
112
39
11
9J
18
90
38
63
87
12
74
02
82
102
11
16
56
93
80
39
89
123
110
77
84
60
95
225
92
54
112
100
38
15
50
53
11
3
38
M f
65
107
76
75
5
84
107
137
63
103
98
27
42
62
114
104
1
40
17
77
108
81
10
91
10
6
49
93
5
50
69
93
15
7
22
17
74
28
65
59
115
95
72
102
176
45
47
117
47
6
12
4
7
21
50
45
75
113
78
23
54
64
58
15
31
42
63
87
33
35
105
20
63
36
82
2
44
55
75
15
25
78
100
10
76
101
40
65
189
96
100
39
79
99
89
165
6
9
9
3
20
83
20
99
99
9
17
12
65
85
26
100
32
20
12
iur
68
85
150
2
7
8
6
S
3 1
8
10
12
12
Sties.
41
SOc!
7
7
10
5
3
7
2
7
8
5
8.90
8.82
8.7:
9.09
6.71
6.82
6.82
8.41
S.S
5.45
7.65
9.09
6.28
8.94
6.46,
4.80
6.88
9.23
10.00
6.56
8.00
3.68
7.53
6.33
6.88
6.48
7.38
7.49
7.14
7.85
5.31
6.36
11.24
7.48
5.31
8.41
8.00
6.52
8.81
5.88
7.00
11,65
7.00
10.53
8.96
10.45
6.33
7.54
6.53
8.05
6.54
6.56
7.58
2.6
6.91
9.20
6.40
6.71
2.25
5.81
7.44
5.66
8.41
1000
8100
300
3800
6000
4800
17200
500
1400
300
500
100
25900
Adams Express
Advance. Itumcly .....
Atlvance Rumely pt...
iJax Rubber
Alaska Gold M
Alaska Juneau O M. .
AMIs Chalmers Mfg....
Allls Chalmers Mfs pf.
Am Agrlo Chcm
Am Agrlo Chcm pf. ...
Am Bank Note
Am Rani; Note pf
Am Boot Sugar.
Hlh.
10
10
1
12
7.12
8.00
10.00
8.51
10.45
6.61
8.55
7.48
6.51
6.88
4,
8.51
6.7i
7.84
9.30
8.64
7.07
9.23
9.84
9.98
7.93
4.51
7.84
9.09
2.29
8.57
7.66
2.51
8.24
7.88
9.45
8.27
12.90
7.02
7.78
7.00
7.65
4.14
6.71
9.36
6.17
7.23
6.91
8.69
7.18
9.79
7.78
10.13
8.11
4.71
7.18
10.39
8.79
8.45
7.98
9.09
fiKrifi Am Bosch Mugncto
200 Am Brako Shoo & Fdy pf
33800 Am Can
600 Am Can pf
23200IAm Car & Foundry
200Am Cur & Foundry pf.
200 Am Cutton Oil
3fi400iAm Druiwst Syndicate.
"SOOtAin Kxnress
S700 Am Hide & heather
10600 Am Hldo & Leather pf...
1400 Ant Jco
1200 Am Ice pf
74400 Am International Corp..
700 Am La Franco Firo Eng.
22900 Am Linseed Co
300 Am Llnsood Co pf
74400 Am Locomotive
200 Am Locomotive pf
61800 Am Safety Razor
16000 Am Ship & Commerce...
18600 Am Smelt & Rof
1000 Am Smelt & Ref pf
600 Am Smelt. See A
16300 Am Steal Foundries
500 Am Steel Foundries pf . .
17100 Am Sugar Ref
400 Am Susar Ref pf
25400 Am Sumatra Tob ex dlv.
600 Am Sumatra Tob pf....
100 Am Tel & Cable
6100 Am Tel & Tel
400 Am Tobacco
200 Am Tobacco pf new. . . .
79200 Am Tobacco Sec
77200 Am Woolen
500 Am Woolen pf
1200 Am Writing Paper pf...
4600 Am Zinc, L & Smett....
300 Am Zinc. L & Smelt pf . .
38600 Anaconda Copper
100 Ann Arbor
900 Assets Realization
3300 Associated Dry Goods....
100 Assoc Dry Goods 1st pf..
100 Assoc Dry Goods 2d pf. .
275 Associated Oil Co
11000 Atch. Ton & Santa Fe...
1600 Atch, Top & Santa Fe pf.
400 Atlanta, Hirm & au...
1900 Atlantic Coast Line
450 Atlantic Refining pf. ..
13500 Ail, Gulf & W I S S...
100 Atl. Gulf & W I 8 S pf
496900' Baldwin Locora'tlvo Wks
900 Baldwin Locom YVKs pr
17500 Baltimore & Ohio
1500 Baltimore & Ohio pf....
100 Barnet Leather
15200 Barrett Co
200 Barrett Co pf
100 Batopllas Mining .......
1300 Barnsdall Corp A
38700 Bethlehem Motors
4600 Bethlehem Steel
450 Bethlehem Steel 7 p c pf .
1100 Bethlehem Steel 8 p c pf.
133200 Bethlehem Steel B
3700 Booth Fisheries
230 Brooklyn Edison Co
12400 Brooklyn Rapid Transit.
2000 Bklyn R Trnn ctfs of dep
400Brooklyn Union Gas.....
SOOlBrown Shoe
3001Bruns Term & R R
600 Buffalo. Roch & Pitts
low.
6.01
9.23
8.14
6.32
200 Buffalo & Susq'anna ctrs.
6300 Burns Bros
600 Butterlck Co
9400iButto Copper & Zinc...
6300 Butte & Superior Copper
8000 Caddo Cent O & H
1800 California Pack Co....,
6500 California Petrol
1900 California Petrol pf
300 Calumet & Arizona.
11300 Canadian Pacific
700 Case (J I) Thres M pf
28100 Central Leather
200 Central Leather pf....
100 Central of New Jersey.
12100 Cerro do Pasco Copper.
1000 Certaln-teed l'rod Con'
47600 Chandler Motors
6700 Chesapeake & Ohio. . . .
100 Chicago & Alton
100 Phlcairo & Alton nf. ...
lOOlChl & East HI Eq Tr ctfs
1800 Chicago Grt Western....
600 Chicago Grt Western pf.
14000 Chlcaco. Mil & St Paul..
11600 Chicago, Mil & St Paul pf
2700 Chicago & Northwestern.
261 Chicago & Northw'ern pf
5200 Chicago Pneumatic Tool.
55800 Chicago. R I & Pacmc...
2300 Chi, R I & Pac 6 p c pf . .
2600 Chi, R I & Pac 7 p c pf . .
100 Chi, St P, M & Omaha. . .
7900 Chilo Copper
9300 Chlno Copper
400 Clev, C, C & St Louis....
300 Clev. C. C & St Louis pf..
400 Cluett, Pea'y & Co ex dlv
9400 uoca-coia
6900 Col Fuel & Iron
100 Col Fuel & Iron pf
700 Colorado & Southern....
17600 Columbia G & Elec
S3500 Columbia Graphophone. ,
200 Col Graphophono pf
6100 Col Graphophone rts...,
800 Corap Tab Record
1000 Consolidated Cigar
16200 Consolidated Gas
7600 Con Interstate Cal Min.,
109500 Conso'Jdated Textile ....
7700 Continental can
200 Continental Can pf
21500 Continental Candy ,
165600 Corn Products Her
1600 Corn Products iter pr. . .
3300 Cosden & Co
100 Crcx Carpet
63200 Crucible Stwl Co
3600 Crucible Steel Co pf.....
100 Cuban Am Sugar pf....,
71600 Cuba Cano Sugar
1900 Cuba Cano Sugar pf. ....
600 Deere & Co pf-.
1800 Delaware & Hudson....
600 Del, Lack & Western..,
1300 Denver & Rio Grande..,
9300 Denver & Rio Grande pf,
3000 Dome Mines
200 Duluth S S & Atl......
1800 Elk Horn Coal Corp
400 Elk Horn Coal Corp pf.,
100 Emerson Brantlngham..
6900 Endlcott Johnson
600 Endlcott Johnson pf....,
9900 Erie
4700 Erie 1st pf
COO Erie 2d pr ,
7700 Famous Players-Laaky..
300 Fam Play-L'kypf ex dlv
1700 Federal Mln & smelt pr
900 Fisher Body Corp ex dlv.
11300 Fisk Rubber
6700 Frceport Texas
6200 Gaston, w & Wlgmoro...
100 General Chemical Co. . . ,
2900 General Cigar Co ex dlv,
600 General Cigar Co deb pf.
6200 General Electric Co
6616 General Electric Co rts.,
34
42
67
73
1T4
2
43
82
93
90
45
44
102
118
220
47
95
142
112
47
14
. ,100'4
. 23
112
46
62
102
13
90
93
108
103
16
23
68
95
82
45
89
139
111
95
101
50
96
250
94
67
133
110
46
IS
63
62
11
5
45
67
69
112
S2
77
6
87
107
169
66
143
101
34
45
65
135
105
1
46
31
91
101
111
97
10
95
16
11
57
99
7
50
70
123
17
10
22
80
37
70
60
119
97
87
103
191
62
62
156
65
7
12
23
36
63
84
113
97
35
63
74
63
18
36
44
64
91
35
38
105
23
64
51
85
2
52
67
93
17
44
96
100
14
103
105
42
64
263
97
102
58
83
100
95
185
7
13
11
4
26
37
21
115
99
13
21
14
83
91
38
127
36
26
15
169
69
87
154
2
I.t.t.
33
l37
67
68
1
2
37
80
87
83
42
44
93
110
220
40
91
132
111
44
13
125
20
102
39
60
89
12
82
93
95
102
12
20
61
94
80
39
89
130
110
85
95
50
95
24$
92
56
116
100
41
16':
51
67
11
4
33
67
67
112
79
75
5
86
107
152
66
112
100
30
43
65
124
104
1
40
21
85
100
108
86
10
93
13
9
55
98
6
50
69
111
16
9
23
17
77
30
67
60
116
9I
76
103
191
46
48
138
50
7
12
8
21
31
49
79
113
86
29
61
69
63
16
33
44
63
88
34
35
105
22
58
39
82
33
38
67
68
1
2
38
80
88
89
44
44
95
112
220
42
91
13G
111
44:
13
125
21
103
43
GO
91
12
83
93
96
103
13
20
61
94
80
42
89
131
110
89
95
50
95
249
92
66
119
100
41
16
51
51
11
4
38
67
67
112
79
76
5
87
107
152
66
112
101
31
43
63
125
105
1 1
45
24
86
101
108
88
10
95
13
9
53
98
7
50
70
117
16
9
24
18
78
32
67
60
117
95
lO'S
103
191
47
50
149
51
7
12
8
21
33
50
81
113
86
31
61
70
63
16
33
44
63
1918.
1,985,735
Net
Cue.
5
1911.
39,781,859
Ittnge ISM.
48
63
83
15
37
90
100
12
95
104
40
64
224
97
102
60
80
99
91
178
6
10
9
4
22
37
21
103
93
12
18
13
75
91
33
32
22
13
169
65
86
160
2
35
35
105
22
60
40
85
2
SO
63
84
15
42
90
100
13
98
105
40
64
235
97
102
52
81
99
91
178
6
11
9
4
22
37
21
106
99
12
19
13
77
91
35
125
33
23
13
159
65
86
160
2
- 1?4
- 2
- 8
- l
- l
- 4
- 1
- 6
- 2
- 3
- 1
- 7
- 8
- 4
- 6
- 5
- 6
- 1
- 3
-
25
2
9
3
3
10
1
7
-11
1
1
3
6
1
3
iT
5
1
8
5
-
20
3
9
14
aj
!
- 2
- 2
5
1
z
2
12
12
- 2
1
-
1
-
-17
1 '
30
'3
- 2
- 7
- 8
-i
- 6
- 6
- 3
- 9
-
- 1
- 2
- 2
- -I
Hllih,
410
44
89
85
93
85
102
65
49
84
41
38
12
84
89
108
46
77
71
23
93
9
61
4
16
27
83
142
115
51
111
170
89
71
26
88
91
79
71
61
21
44
30
19
48
152
105
93
33
48
91
43
38
47
207
16
36
28
70
1S3
9
112
os 74
04
45
151
10Z
52
33
30
38
63
137
I)W,
Dlr,
Id I.
- 1
-
- 1
- 3
- 5
- 4
- 3
- 3
- 2
-9
14
6
4
7
4
4
3
- 1
3
-3
4
11
-3
2
- 4
-'i
, . o
3
- 1
1
-
4
1
4
-10
4
4
6
5
2
1
1
26
'6
1
-3
6
1
1
5
6
1
8
- 1
- 8
-3
- 3
2
Z
3
1
4
26
174
52
18
80
11
18
31
49
69
100
40
51
38
72
91
125
116
80
13
89
93
110
7
17
47
117
77
36
48
61
36
21
29
100
72
84
77
50
53
5
9
157
41
65
78
61
38
43
116
111
47
43
42
32
51
68 '
42
68
82
103
23
98
80
66
91
94
32
80
27
113
104
68
124
120
65
106
22
88
36
36
94
86
,55
24
106
23
115
17
23
34
18
30
83
21
9
18
243
13
90
48
32
225
24
73
69
83
64
92
36
31
68
33
29
7
2H
57
86
30
50
51
13
80
8
50
3,
9
13
69
ii" 74
110
27
76
102
72
60
19
83
70
70
67
36
14
34
21
13
43
106
96
66
27
24 T,
63
3S
2S
40
164
15
25
17
45
142
7
98
64
60
37
108
93
39
26
23
1S
47
117W
161
21
4278
9
63
6
S
21
36
61
98
33
36
35
44
83
110
111
63
10
1
6
6
.
1
6
7
60c
7
1
7
00c
6
Dir.
Yild
3.35
3,36
8.42
8.38
9.17
7.23
1.59
9.43
11.39
7.83
6.24
5,06
8,06
7.27
11.32
6.17
4.72
6.31
C.7S
8.75
10.29
7.ii
8.66
8.89
Sales,
1.20
6
3
12
12
8.94
9.09
3.43
7.93
7.06
4.99
7.27
37500GencraI Motor Corp
276500 General Motor Corp rtfl
800 General Motor Corp pr.
4300 General Motor Corp deb
1400 Gen M Com deb nf 7 P C
15700 Goodrich (B F)
700 Goodrich (B F) pf
700 Gninby Consol M & S.
600 Gray & Davis
12400 Great Northern pf
.8600 Great Northern, Ore ctfs.
100 Grecno Cananca topper
1700 Gulf, Mobile & North...
100 Gulf, Mobile North pf,
2900 Gulf States Steel
200 Hartman Corp
5200 Hendce Manufacturing.
28800 Hiuskel & Barker Car...
300iHomestnl(o Mining ....
24900Hupp Motor
2000'llllnois Central
8700 Indlahoma Ref
1700 Inspiration Con Copper.
9700 Intcrboro Con Corp
9400 Intcrboro Con Corp pf..
1100 Int Agri Corp
2100 Int Agrl Corp pf
18600 Int Harvester Co new.
100 Int Harvester Co pf....
24600 Int Mcr Marine
26700 Int Mcr Marino pf
200 Inter Motor Truck
2100 Inter Motor Truck 1st pf.
300 Inter Motor Truck 2d pf
32100 International Nickel ...
100 International Nickel pf..
35600 International Paper ....
500 Inter Paper pf stpd
100 International Salt
4000 Iron Products Corp
1500 Jewel Tea
200 Jewel Tea pf
500 Jones Bros Tea
1100 Kansas City Southern . .
600 Kansas City Southern pf
8500Kelly Sprlngiield Tire...
n,iAl...ll.. f ' irl O nl
I iuui.ciiy op 1110 0 i u
,1 lOOlKelsey Wheel Co
16500iKonnecott Copper
29400Koystone Tire & Rubber.
6
41
iot
8.33
7.27
6.35
6.91
9.36
6.67
220700
Lackawanna Steel Co.
,63
IS
7'14.S9
1, 10.92
2 7.69
600lLaclede Gas of St L.
5100 Lee Rubber & Tire
4800 Lehigh Val'oy
600 Liggett & Myers Tob....
1100 Liggett & Myers Tob rts.
24400 Loews Inc ex dlv
S600 Loft Inc
900 Loose Wiles Biscuit
2100 Lorlllard, P, Tob
5060 Lorlllard, P, Tob rts....
400i Louisville & Nashville...
5001Mackay Cos
200iMackay Cos pf
COOjMalllson & Co, II R
9500'Manatl Sugar
100!Mnnatl Sugar pf
500, Manhattan Elevated ....
66
72
105
4
14
39
92
64
23
30
45
23
16
10
88
65
68
50
19
38
44
4
6
120
28
51
68
44
31
37
71
67
37
40
33
23
46
62
34
62
tn mi
15 74
98
15
89
50
61
87
87
21
70
16
84
100
65
109
74
62
89
17
64
32
33
62
34
37
84
97
21
93
14
15
23
11
21
64
13
6
15
114
10
73
31
64
10
1
1.60
4
3
7
4
3
10
5
2
2
4
2
40c
i
8
3
4
6
1
6
6
4
3
5.20
1
74c
5.421
5.94
8.70
4.41
9.36
9.59
4,68
7.12
9.85
9.86
7.99
6.15
6.16
6.89
8.19
7.45
6.54
7.14
400
300
Manhattan Shirt
Martin-Parry Corp
2000'Maxwcll Motor
100
4100
103300
Maxwell Motor 1st pf.
Mays Dept Stores....
Mexican Petroleum
1200jMlamI Copper
86400!
81700
2300
500
4600
500
16500
4000!
5001
.200
5800
1200
2000
25300
500
900
100
1300
1700
Middle States Oil
Mldvnle Steel & Ord.,.,
Minneapolis & St L new
Minn, St P & S S M....
Missouri. Kan & Tex...,
Missouri, Kan & Tex pf.
Missouri Pacific
Missouri Pacific pf..
Montana Power
Montana Power pt.
Mont Ward & Co...
Mulllns Body
National Acme Co. . ,
National Aniline & Chem
National Ani & Chem pf.
National Biscuit Co...
Nutlonal Biscuit Co pf
National Cloak & Suit.
National Conduit & CaWc
4400National Enam & Stamp
15300
100!
600
400
400
10,00 4000
7.25 154000
300
2200
500
22900
900
200
1100
100
8200
2400
300
25200
100
14800
1100
5700
400
2300
sou!
1000
100
400
311600
40400
300
17700
3200
12S00
300
100
10800
200
239800
600
12200
600
500
1400
100
300
6500
100
1300
21800
200
100
2900
156000
-600
8300
6600
98100
200
300
6000
336200
2100
336100
300
600
84200
3300
24300
600
100
200
1800
25600
1400
500
6700
1400
96800
187000
16000
6.95
4.61
5.80
7.69
6.15
9.23
8.63
10.03
4.88
8.33
5.80
5.26
5.80
10.20
3.12
6.55
6.74
10.53
7.36
7.80
8.33
8.22
8,99
5.71
8.66
6.85
7.96
8.66
5.55
8.00
7.00
6.04
6.88
4.91
7.69
8.41
5.48
5.08
6.80
6.01
6.33
7.23
4.41
6.45
8.96
3.71
1.22
8.8:
National Lead Co
National Lead Co pf....
Nat It R of Mex 2d pf . . .
Nevada Con Copper
New Orleans, Tex & M..
New York Air Brake....
New York Central-.
1. , v. r . is. t
iM'W ium, JUU Ou Jl a-..
New York Dock
New York Dock pf
N Y, N H & Hart
N Y, Ontario & West....
Norfolk Southern
Norfolk & Western
Norfolk & Western pf...
Northern Pacific
Nova Scotia S & C
Nunnally Co
Ohio Cities Gas
Ohio Fuel Supply
Oklahoma Prod & Rof. . .
Ontario Silver Mining...
Otis Elevator
Otis Steel
Owens Bottle Co
Pacific Development ....
Pacific Gas & Electric...
Pacific Mall
Pacific Tt & Tel
Pan Am Petrol & T
Pan Am Petrol & T B. . .
Parrlsh & Bingham
Pennsylvania R R
People's Gas, Chicago...
Pero Marquette
Pero Marauetto pr
Pero Marquette prior pf.
Philadelphia Co
Phillips-Jones
Pierco Arrow Motor
Pierce Arrow Motor pf. .
Pierce Oil Corp
Pierco Oil Corp pf
Pitts, C, C & St Iuls...
Pittsburg Coal of Pa....
Pittsburg Coal of Pa pf.
Pittsburg Steel pf
Pittsburg & West va. . . .
Pittsburg & West Va pf.
Pond Creek Coal
Pressed Steel Car
Pressed Steel Car pf.. . . .
Public Service Corp N J.
Pullman Co
Punta Allegro Sugar
R R Seo 111 Cent ctfs...
Railway Steel Spring....
Ray Consol Copper
Reading ex dlv
Reading 1st pt :.
Reading 2d pt
Remington Typewriter..
Replogle Steel
Republic Motor Truck...
Rep Iron & Steel ex dlv..
Republic iron & Steel pr.
Robert Rcls
Royal Dutch Co NY....
St Joseph Lead
St Louis & San Fran....
St Louis & San Fran pf
St Louis Southwestern..,
St Louis Southw'n pf. ...
Savago Arms Corp
Saxon Motor
Seaboard Air Line
Seaboard Air Lino pf . . . .
Sears Roebuck Co
Shattuck Ariz Copper....
Shell Trans & Trading..
Sinclair Consol Oil......
Slowf-Sheffield S & I
348
34
82
74
86
69
93
44
33
76
38
33
12
33
63
tin
00 74
46
74
60
21
89
9
57
4
16
23
86
136
111
37
96
134
81
68
22
84
83
75
67
47
15
34
22
16
44
127
101
80
30
38
88
40
37
44
168
16
34
19
57
149
8
102
64
60
43
149
95
49
29
26
32
66
137
201
23
37
47
13
73
8
12
27
43
64
98
37
43
37
71
90
116
113
73
11
78
86
107
6
14
39.
108
(474
29
42
54
32
18
21
95
65
78
65
22
42
53
5
8
152
34
60
72
51
35
40
113
110
41
41
37
27
48
64
37
65
73
100
18
92
70
60
87
90
29
110 116
101
80
27
30
75
89
34
41
165
16
30
17
61
144
7
100
64
60
37
127
95
47
26
26
27
53
187
165
6
18
109
101
66
118
120
66
102
19
86
35
34
88
86,
47
112
98
22
114
16
21
32
16
25
75
17
7?i
16
238
11
85
40
78
- 2
5
2
- 1
1
Continued on Following Past.
BROWN BROTHERS & CO.
Philadelphia
EiUblhhedJSia
NEW YORK
Boston
Liberty and Victory Bonds
At current prices the yield on the partially tax
exempt Liberty and Victory bond lesucs ranges
from about $lA t0 ovcr 6- Wc r?COI"mc.nd
these bonds to the individual or institution
as the premier investments of the world.
BROWN, SHIPLEY & COMPANY
rsundtu Court. Lothkurr
LONDON, JC C.
EiUbllshtd lil
one for TrTlr
111 Palt Ualt, LONDON, B. W.
I
Standard Banko
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
WE MACINTYRE, Agent
68 WAIL STREET NEW YORK
R.H. MacMASTERS & CO.
Membtn of tht CotuollJattJ Slock EseUng of Neto York
STOCK BROKERS
announce their removal to
new quarters, located at
82-84 BROAD STREET
where you are invited to call
and inspect the facilities designed
to meet your most exacting in
vestment and trading require
ments. New Telephone Number
BROAD 6380
Foreign Trade Financing
The foreign connections of this Institution, developed and
tested during the past twenty years, arc such that wc can
finance trade transactions to the best advantage In every
part of the World. Our numerous foreign correspondents,
with whom wc have the closest working relations, include
the strongest institutions in their respective fields. 'The
expert knowledge of our foreign department heads is at your
disposal.
The
FIRST NATIONAL BANK
OF BOSTON
Capital, Surplus & Undivided Profits, $37,000,000
Branch ai Buenos Aires, Argentina.
Wanted
Man With Capital
io become a Director of a company ice established for four
years; manufacturing a specialty product in great demand
and on which there is a handsome profit.
With bona fide orders totalling ocerhalf a million dollars
a tery presentable financial statement showing a fair surplus
ire incite most thorough incestigation.
Interview may be arranged with you or your counsel,
your convenience, by writing Box No. C, 655 Sun-Hcrald.
April 20, 1020
Maguire & Burleigh,
Investment Securities
Announce
the removal of their
office from 67 Wall Street to
170 Broadway, New York
Temporary TtUphmn: Corllanit ?0-0i-7
Sell All Granby Issue,
The Granby Consolidated Mining,
Smelting and Power Company, Ltd., five
year 8 per cent, convertible debenture
bonds, which wero offered for subscrip
tion at 100 and interest by Ilayden,
Stone & Co. and White, Weld & Co..
have been sold.
I
1