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THE SUN AND NEW YORK HERAttD,' MONDAY, ' MAY 3, 1020. 10 Gillette Safety Razor Godchaux Sugar Motor Products Santa Cecilia Amer. Water Works & El. 5s,1934 Detroit & Flint 5s, 1921 Detroit United Ry. 7s, 1943 Mich. United Ry. 5s, 1936 Miss. Rivpr Power 5s, 1951 Nor. States Power 6s, 1926 Union Steel 5s; 1952 Waterloo C. F. & Nor. 5s, 1940 Morton Iachcu"bmclL& Co. 4CSBrVKulSbV!efc "NcWi&rlx-J oncWo Demon Philadelphia Pittsburgh Geo. A. Huhn & Sons MEMBERS New York Stock Exchange Philadelphia Stock Exchange Chicago Stock Exchange New York Cotton Exchange 111 Broadway New York Phone Rector 6340 1418 Wnlnut St., Phila., Pa. Investment Suggestions GLIDDEN, DAVID&E & CO. Mcmkn Ntts York Stock Exchanft 20 Broad Street, New York STANDARD L ISSUES THE EFFECT OF STOCK DIVIDENDS ON STANDARD OIL PRICES WE HAVE PREPARED A OIRCtJ. LAB NO. 1-N, OIVINO A RECORD OF THE MARKET ACTION. OVER A PERIOD OK YEARS, OF STOCKS OF 8TANDARD OIL COMPANIES WHICH HAVE DECLARED BTOOK DISTRIBUTIONS. CARL H.PFORZHEIMER & CO Dealers In Standard Oil Securities. 23 BROAD ST. Phones 4860-2-3-4 Broad FOREIGN GOVERNMENT BONDS Berlin 4s Cologne 4s Frankfort 4s Hamburg 4 .Ha Leipzig 4is Vienna 4s French Victory Ss $53 French 4s $45 Italian Ss Stnifa Circular SH.500 Farson9Soo&Coa Members New York Stock Exchange 115 Broadway, New York FINANCIAL NEWS AND THE SITUATION Effect of High Credit Costs on Non-Essontinl Borrowing; Ts to Boost If. C. L. IXTE11EST KATES SOARING Sisnificflnfft of Extraordinary fIV crnis of EnsIiuiirs.Xcw Government Loan. Sales for Ilnniie ISM, IIIli. I)wL Il- WILLIAM JUSTUS HOIKS. ' The wor.ij has entered another ntane of credit strain brought about by the exhaustion of capital In tho world war 40 25 4tH 72 88 2 3 5.1 92 95 96 48H 45V4 103 128 227 Cl 101 147i 116W .'I'li 1&U 175 30 53 Vs 68 119 ',4 U 95 99 109 107 44 16 30V4 72 100 8? 115 So 50 93 H2 118 34 63 65 1W .X 3 79 82 89 39 44 74 i 105 170U 38 91 H 124K UlVj and tho boat equipped financial states mon are cooperating: with Government authorities everywhere in an effort to not tho people to do tho extra work needed to cnlargo essential 'production and thus euro tho worst Ills from which wo ore suffering. The credit strain In this coun try has heen Intensified by tho Inter ruption of tranrportntlon caused by the recent strike and by tho amas'.ns shortriRo of equipment at tho com mand of the great railroad systems. That deficiency Is really sensational, amounting to 230,000 cars, which can bo provided only when railroads shall bo able to market tholr securities on I satisfactory terms. Tho strike hns dls- 18 90 SS 63 87 11 74 91 82 102 30 11 16 56 93 79 S6 80 39 89 123 109 locatod traffic conditions badly ana forced railroads to sidetrack thousands of cars that should have delivered their valuable freight to consumers In trade contres several weeks arro. As every car of freight at the Inflated price level prevailing represents twl or three times i tho lending requirements of a normal ! year the great traffic blockade has tied up a huge amount of bank credit. j Sidetracked Credit. Thero Is probably moro sidetracked bank credit on railroads leading to this city than was fver before frozen fivst In a freight blockade or tied up In through freight consignments, piled up In warehouses awaiting shipment. An enormous volume of outward foreign freight has been held up In tho rame way to the detriment of our European trade and the' lnconvenlenco of tho for i elgn exchange market. That Influence 106' 77 10; j 81 52 50 100 94 283 '225 71' 54 II 95 165 105 61 21 59 112 99 38 15 50 33 11 3 lias been widespread, affecting banks In cities which have been carrying loans that should have heen liquidated two, three or four weeks ago. Thoso facts will bo brought fo the attention of the Interstate Commerce Commission when tho question of Increasing freight rates shall be taken up because In a country of magnificent distances and high pres sure business most of tho time It Is apparent that non-dellvcry of valuable freight becomes a terrific drag on tho 66' 17 i 0 67 74 75 125 86 82 9 93 114 176 75 19 148 38 49 134 111 1 50 32 96 114 102 15 17 13 62 117 8 70 129 35 64 05 107 76 I Tlfltlnn'n Inin iivnilnt Tia It-ifflrt ettiit- tlon must bo vastly Improved if orderly buslnoss conditions arc to le restored' and accommodation for commercial bor rowers bo again In plentiful supply. Tho prompt addition to present equipment of 20,000 locomotives and 200,000 or 300,000 box and flat cars would work soon a wonderful change In tho loan ac count, relieving the strain In centres In which banks have experienced much difficulty In financing the growing vol ume of day to day business. HlKh Credit. Tho high cost of borrowing as In creased living costs everywhere, Ortat lirltaln has Just had to offer Its new fifteen year Ionn under an Interest agreement which guarantees the pur chaser an Income return equal to that derived from short term Treasury hilUj with 7 per cent, as the limit. It Is the1 first occasion on which the Hrltish Gov ernment has ever resorted to such an ex pedient to place a great loan and It emphasizes the extraordinary dislocation of Government credit as a consequence of prodigious bond issues of tho war period. Curiously enough that Ingenious proposal comes when our own war 'o.in market has been depressed seriously tiv heavy offering of Liberty bonds by In dustrial corporations which have found It easier to sell their bonds belnw the purchase price than to pay tho .ligh charges asked for now capital at a ;iino of acute credit strain. Our own FJ eral Reserve banks have lent $1,500, 000,000 on bills secured by Government bond collateral and In add'tlon iro carrying 1267.000,000 of United States certificates of Indebtedness, which means that . the recerve banks alone nave SI, "50,000.000 Invested In Government bonds and loans secured by Government bond collateral which otherwise would be available for the accommodation of commercial borrowers. Tho British Gov ernment has borrowed much more from the banks, securing $6,600,000,000 in three and six months' bills to cover its deficit It Is this Indebtedness whicn tho Chancellor of tho Exchequer will: fund with the proceeds of his latest .can. j Government Coats. There has been an outcry In England against the high cost of operating tho Government Just as there has been heri where the people are being taxed $18. 000,000 a day for that purpose. Those outlays must be .reduced forthwith If the country Is to bo relieved of bur.lnns pressing so heavily on Ita people. Largo Government loan flotations, both In this country, through tho sale of Treastirv certificates of -Indebtedness, and In Great .Britain, through the flotation of thort nnd long term loans, make It difficult for corporation borrowors to procuro the capital the nre In need of to pay for necessary equipment and permanent Im provements. An Immense volume of that financing must be arranged as soon as market conditions Improve, because It Is S4 107 137 63 11 103 27 42 114 104 1 40 17 77 108 81 9 10 0 49 93 i 5& 69 93 27 , r.1 29; 15 7 22 17 28 S3 46 75 69 134 100 104 108 205 61 62 164 59 11 11 74 28 65 69 115 95 71 102 175 45 47 117 47 ' 4 I 4 Aft, 10 I 27 42' 61 91 111 41 66 78 21 41! 55 106 104 40 I 44 27 67 65! 2 66 70 83 93 20 43 46 98 102 14 85 105 107 278 100 59: 85! 99 195 9 16 ia n 102 28 29 147 104 15 25 17 95 91 40 135 108 48 36 19 75 94 45 75 78 28 54 64 15 31 42 86 99 33 35 20 53 .36 1 44 55 76 75 13 .40 25 78 100 10 70 76 101 140 highly Important that the great Indas- 96 39 79 89 trial properties should be equipped to handle the business that will coma to them from patrons here and abroad. I ?fon-EentIal' Loans. The high cost of credit Is working 165 6 9 9 . toward a reduction In non-essential I loans, but the chief, Impetus comes from 98 20 20 99 98 9 17 12 65 83 26 100 97 31 20 12 68 83 : the admonitions of thoso In control of j 1 the great lending Institutions. Xow la no time to morrow money for unneces sary purposes, It U no time for ex travagant living or for reckless expendi ture by Governments, corporations or In dividuals. People are being so heavily taxed that Investment money Is being diverted from ordinary Investments to those which carry full or partial exemp tion from such charges, which Is work ing a hardship to Industry at a time when It' ts Important that output should be enlarged and productive machinery maintained at a high level of efficiency. Our present taxing system penalizes In dustry and burdens producers whose out put Is most needed to strengtHcn trade. Tho country Is still heavily short of tor- 172, (145 $43 2 410 44 89 85 93 85 102 49 84 41 38 14 34 89 1 225 24 73 The financial bureaus of THE SUN AND NEW YORK HERALD and of THE EVENING SUN are now located at 44 Broad street. 69 83 64 91 28 8 33 29 7 28 55 Uln classes of merchandise, and, lire speotlve of the foreign demand It will be necossary for manufacturers to Increase plant equipment to provide material needed for homo consumption, An to Deflation. There can bo no doubt that deflation Is under way and that the country Is In the. year, total deposits In that Interval declining $801,000,000. The Reserve Board has Just noted the hopeful sign (from the consumer's standpoint) of anxiety concerning the overstrained sit uation resulting from excessively high prices In wages, which It believes fore, casts a slowing down from the extremely hlsh commodity prices that have pre vailed. The need of conserving the na tion's resources was emphasized In the significant resolution adopted by the executive council of tho American Bank ers Association at Its spring meeting at Plnehurst on Thursday. "Wo are," It says, "In an orgy of extravagance. Earn the midst of an Intricate Industrial rc , fccyustment, which will be carried through in an oraeny manner u congress does not add fresh burdens to those wth. which the people nro wrestling. National bank resources showed 1848,000.000 shrlnlfa&e durlnff the first two months of TOTAL TRANSACTIONS IN THE Week Ended 1920. 4,453,844 1919. 8,452,839 1918. 2,040,244 week.. I)r, UK. Ntt Clue. mi. Yield. Sln. Kith. To 36 63 66 1 2 35 79 83 90 44 44 92 107 210 40 91 131 111 44 13 122 19 97 41 59 89 11 82 92: 93 103 38 12 22 59 92 79 101 80 40 88 2200 2600 400 3000 5200 Adams Express . . . . 34 40 65 70 1 2 89 79 89 90 44 44 97 113 210 44 91 138 111 45 13 135 30 35 63 05 1 2 S4 79 83 90 44 44 90 106 a h- 1 Advance Jtumeij- Arlvanco Humely pf AJnx Rubber Alaska Gold M Alaska Juneau O M.... Allls Chalmers Mfg AlVIs Chalmers Mftr pf... 9.41 9,09 3 2 3 1 3 8400 8500 500 8.86 9.55, 6.65 6.82 6.82 8.64 9.33 5.71 7,65 9.23 U.2U 8.99 5.77 4.92 1000 Am Agrlc Clicm 100 200 100 10200 3800 100 Am Agrlc Chem pi Am Hank Noto Am Bnnk Nolo pf Am Hect Sugar Am llosch Magneto Am llrako Shoe & Fdy pf Am Can Am Can pf Am Car & Foundry Am Car & Foundry pf... 2 6 10 1 4 "2? 210 16000 39 91 130 111 11 12 122 19 95 41 59 88 11 81 91 92 200 152'l0 100 1 GOOlAm Cotton Oil. 11 i 80c 8900 1400 4300 6700 Am DniKK'.st Syndicate, H5 I C Am Express Am Hide & Leather. 7.23 9.73 10.16 6.73 8.51 3.66 7.64 6.46 6.28 Am Hide & Leather pf..'104 3 2 i 2 1 1900, Am Jce 4J 60 93 12 86 93 99 103 38 14 24 64 94 80 101 noo; 30400! ,1300 10900 1100 32400 300 100 Am Ice pf Am Intcrnntlonnl Corp.. Am La France FIro Eng. Am Linseed Co Am Linseed Co pf Am Locomotive Am Locomotlvo pf Am Malt Grain Am Safety Razor Am Ship & Commerce. Am Smelt & Ilef Am Smelt & Ref pf Am Smelt Sec A........ Am Snuff Am Snuff pf 103 38 12 19 58 92 79 101 80 39 88 ' 13800 23000 15800 800 300 100 100 9700 4 6.78 7.55 2 9 3 1 .63 8 7.93 61 7.50 3' 7.45 SO Am Steel Foundries t 43 Anr Steel Knundrlea nf... 90 7 7.91; 7' 5.46! 7' 6.41; 10 11.56! 400 4700 Am sugar iter 200'Am Sugnr Ref nf . . OOOOiAm Sumatra Tob... I 01 It . 1 O K.' j lot, 7X ' IU7H 1.3 3 109; "I 91 ss v; 86 - 2 7.19! 9.S5: S.46 S.93 8.89' lOOlAm Sumatra Toll pf 25l'Am-Tel & Cable OlOOlAm Tol & Te'j 500Am Tobacco , 19O0OIAm Tobacco Sec 100'Am Wholesale Corp 92700 Am Wooien . .-. 400 Am Woolen pf 1600 Am Writing Paper pf , . 2200 Am Zinc, L, & Smelt 200 Am Zinc, I. & Smelt vf.. 1S600 Anaconda Copper 100 Ann Arbor 93 50 35 235 69 95 132 100 43 17 51 59 10 4 40 65 65 114 81 76 5 88 107 165 68 11 120 36 43 93 50 93 93", 1 1 -25 4 '3 n 1 1 51 8! 201 5i 50; 94 224 56 93 114V 55 95 113 99 38 16 50 50 10 4 34 64 65 112 78 72 5 85 107 .48, 7 6.1 10 7.00 '100 3S 15 60 56 10 4 36 64 65 112 78 72 5 85 107 148 67 11 112 32 44 124 103 I 46 23 86 109 88 9 12 8 53 116 6 69 118 15 23 8 18 75 30 66 62 117 95 72 102 199 45 49 143 6'12.0Ol 4 7.05 200 Assets Realization l. 17001 Associated Dry Goods., 9.36 200 100 Assoc Dry Goods 1st pf. 10.78 5.35 7.09 6.90 8.23 6.51 6.76 Assoc Dry Uood.'i 2d pf . . Associated Oil Co Atch, Ton & S Fo ex dlv. 400 7500 1500 300 200 200 10100 200 Atch. Top & Santa Fc pf 4 1 4 1 1 Atlanta, Hirm & All Atlantic Coast Lino Atlantic Reflnlnir pf Atl, Gulf 4WI8 8.... Atl. Gulf & W I S S pf . . Autosale.i Baldwin Dooom'tivo Wks Baltimore & Ohio 10 145 7.46 2,67 67 11 109 31 43 123 105 1 42 21 86 108 86 9 12 8 53 100 6 69 115 15 1100 326500 3 4 8 27800 2900 4200 100 700 1100 17400 9.09 6.11 6.71 5.43 5.81 7.32 5.68 Baltimore & Ohio pf Barrett Co ,130 Barrett Co pf 1105 Batopllas Mining . , Barnsdall Corp A . . Bethlehem Motors Bethlehem Steel . . Bethlehem Steel S p ..I 1 ...J 46 ..I 20 ..! 91 pfjllO .. 92 2 1 " 2 18 5300 400 16900 1200 2500 uetniciiem steel h Booth Fisheries Brooklyn Rapid Transit, i nirivn nTriin rtfs nf (lent 10 13 ..I 1300 9 200 2600 100 100 1800 700 4500 3600 5200 1300 3900 Brooklyn L'nlon Gas I 6 6.03 10.14 8.47 Brown Shoo i 1117 Bruns Term, & R R i C Buffalo & Susq'anna ctfsl 69 Burns Bros 1119 1 ' 3 2 2 1 10 Butterlck Co ! Butte Copper & Zinc I 16 25 10 22 8 17 75 30 66 61 r 116 95 71 102 199 45 Butto & Superior Copper Cacklo Cent O & R California Pack Co California l"ctrol 19 78 33 68 62 117 95 78 102 202 49 51 151 7.69 10.59 300! California Petrol pf Calumet & Arizona 6.45 8.55 7.48 6.90 6.91 8.00 3.82 600 6100 100 19400 200 Canadian Pacific Case (J I) Thres M pf . . - - 4 - 8 - 1 - 1 - 6 Central Leather Central Ioather pt 850!Central of N'cw Jersey.. . 8700 Cerro de Pasco Copper.. 400 Certaln-tced Prod Corp.. 14900 Chandler Motors 6000 Chesapeuke & Ohio t 49 1140 101 6.99 41 7.84 54 50 50 8 7 8 100 Chi & East 111 Eq Tr ctfs s1 8 7U1 son urn & rcaat in Kq Tr ctfs 1200 ChlcnRO Grt Western. .. . 3500 Chicago Grt Western pf. 10000 Chicago. Mil & St Paul... 7600 Chi. Mil & St Paul pf... 2000 Chicago & Northwestern. 2800 Chicago Pneumatic Tool. 64200 Chicago. R I & Pacific. . 1000 Chi, R I & Pnc 6 p c pf.. 800 Chi. R I & Pnc 7 p c pf . . 6000 Chile Copper 8100 Chlno Copper 300 Clev, C, C & St Louis. .. . 100 Cluctt, Pcabody & Co 100 Cluett, Peabody & Co pf . 3900 Coca Cola 2400 Colorado Fuel & Iron... 800 Colorado & Southern.... 5300 Columbia O & El ex dlv. 23500 Columbia Graphophone . . 3600 Columbia Grapboph rts. . 700 Comp Tab Record 1500 Consolidated Cigar 400 Consolidated Cigar pf . . . 4600 Consolidated Gas 5500 Con Interstate Cal Mln.. 6200 Cosden & Co 92400 Consolidated Textile . . . 4600 Continental Can , 100 Continental Can pf 10500 Continental Candy 500 Continental Insurance . . 148500 Corn Products 1W 400 Corn Products Ref pf.... 47500 Crucible Steel Co ex div. 100 Crucible Hteol Co pf 43100 Cuba Cano Sugar 1400 Cuba Oano Sugar pf 1900 Delaware & Hudson 500 Del. Lack & Western.... 600 Denver & Rio Grande... 5600 Denver & Rio Grande pf. 1400 Dome Mines 7 SSi" 1 " 1 1 1 4- 8 9.09 22' 21 35 62 82 90 33 62 71 17 34 43 86 99 35 87 22 62 42 2 51 64 80 86 16 43 46 92 32 48 78 85 31 60 70 16 31 45 86 99 34 35 20 58 37 1 49 60 80 81 13 40 38 8G 33 48! 80 85 31 60 71 16 32 45 86 99 35 35 21 68 39 49 61 80 81 14 40 39 88 S.75 9.35 9.98 9.86 4.68 9.30 7.18 2.85 8.39 8.51 2.66 1 1 1 'i 1 2 2 3 1 3 1 -i 5 2 1 14 3 3 ia''4 2 4 8.08 9.80 8.75 8.64 14.29 14.72 7.64 7.91, 7 7.00 100 100 100 8.33 7.14 4.21 6.71 7.79 7.31 8.64 9.89 5.761 14 73 11 70 93 12 70 95 103 104 246 104 140 104 145 96 54 82 97 96 48 81 91 96 49 81 91 185 175. 175 7 12 10 7 98 25 21 109 98 13 6 10 10 7 97 22 21 100 6 10 10 7 97 23 21 102 98 12 19 13 10.00 100 Duluth. S 8 & Atl pf.... 7.23' 200 Durham Hosiery Mills pf 2uou rJlK Horn coal corp.... 100 Emerson Branting 3500 Endlcott Johnson 200 Endlcott Johnson pf . . . . 14200 Erie 5900 Erie 1st pf 800 Erie 2d pf 11400 Famous Players-Lasky . 1500 Famous Playcrs-L pf . . . 2300 Federal Mln & Smelt pf. 1900 Fisher Body Corp 300 Fisher Body Corp pf,... 11800 Fisk Rubber 2600 Frecport Texas 1500 Gaston W & Wigmore... 1600 General Cigar Co 4.98 7.23 98 12 19 22 14 79 13 68 11.41 9.44 8.27 7.69 6.71 9.49 70 84 6 6 4 1 1 16 4 f 4 4 1 4 3 -1U 3 1 .4 86 39 83 36 36 130 103 132 103 126 101 33 23 31 21 31 22 14 65 87 151 13 61 13 9.84 8.11 5.49 3.40 61 600 General Cigar Co deb pf; SOTS 145 1 86 145 4100 General Electric Co rts 41100 Gencra'i Motor Com... 2 10 314 285 28 79 71 295 1 3.37'140000 General Motor Corn ctfs 32 80 29 79 71 . 6 C 7 7.59 8.45 8.40 9.20 7.63 1.75 9.69 11.31 400 uenerai .Motor uorp pr. Gen Motor Corp deb. . . . G M Corp deb pf Inc.. Goodrich B F Goodrich B F pf.. 3000 COO 84 68 83 64 83 65 6 7700 7 500 92 9L 91 50c 7 4 600 uroy ft Davis 31 28 28 9600iGrcat Northern pf. 76 36 72 73 35 4200 400 1500 500 2200 Great Northern Ore ctfs. Greene Cananca. Cop.... 35 30 30 Gulf. Mobile A North.... 11 3Z 14 33 3H IZ 32 67 Gulf. Mobile & North pf. Gulf etates Steel 31 55 i n.m .ha nmvits&rv to In ing and saving must replace Idling and spending. The loser to-day Is the spender. To-day the dollar Is worth, CO cents to spend. It Is worth 100 cents saved. Economy Is Incumbent on the well to do ns well as thoso of moderate means." That resolution emphasizes the fact that the newly Invested dollar Is really the only dollar that Is worth moro to day than It ever was before. It will buy more Income and It can be Invested to greater advantage, all things considered, than at any previous time In tho history of the American Investing market. But to safeguard the Integrity of American troduce" publlo and private a largo caw ana kwh criminating Investors can savings to-day at terms which mou.u them ns large an Income return as was obtainable beforo the war from only .,..... .!,,. i,.irtirmei. That an- peal Is bound to make Itself or later because .more is bj . .. of money awaiting' Investment In this country, and on tho release of May dlvl dent and Intorest disbursements It is clear that tho fund will be materially augmented, NEW YORK STOCK EXCHANGE April 30, 1920. 1920. 97,115,893 1919 77,235,312 Year to date. I lUnce 1920. I Hlth.l Uw. DIyXDIt. in s.(riiia. Sls. I inch. low. J8 46 86 30 50 13 8.10 300 Hartman Corp 2000 Hendco Manufacturing. . 16900 Hnskell & Barker Car... 10100 Hupp Motor 2200 Illinois Central 5400 IndhUioma Ref 13200 Inspiration Con Copper. . 4700 Interboro Con Corp 3900 Interboro Con Corp pf.. 1400 lnt Agrl Corp 1100 lnt Agrl Corp pf 6700 lnt Harvester Co 200 lnt Harvester Co pf 8800 lnt Mer Marino , 9800 lnt Mer Marine pf 900 Internat'l Motor Truck.. 88 86 40 35 77 4 6.31 6.44 8.24 7,60 11.39 68 00 33 93 9 61 4 16 27 88 1 20 18 80 7 7 86 85 60c 8 7 52 3 50 6 65 3 '3 9 13 69 13 23 83 11 20 79 6.30 5.02 6.32 7.10 8.97 142 115 112 118 110 119 110 110 111 51 27 76 81 83 111 170 89 103 120 10G 107 84 71 7 26 SS 91 79 71 x 6 61 21 44 30 19 48 72 60 6 19 83 700jlnter Motor Truck 1st pf 79 69 7 21 SS 78 71 67 5 44 15 78 07 0 19 80 68 72 07 6 42 14 34 23 14 43 10.45! 4001 Inter Motor Truck 2d pf. 200(lntcrnnt'J Motor rts 5600ilntcrnutlonHl Nickel .. , 200llnternntional ."lckol pf. 23200!lnternntlonal Paper .... 4001 Internat'l I'npcr pf stpd. 100! International Salt 0.98 8.33 8.89 ex 70 67 5 36; 14 34 21 13 43 106 96 66 27 24' 6.1 38 28 40 160 155 15 25 16 100 Iowa Central 2200 600 100 600 1900 400 4000 200 600 14500 8500 Iron I'roducts Con).., Jewel Tea Jowel Tea pf 34 Jones Bros Ten. r. ... 25 16 44 Kansas City Southern 9.14 3.71 7.93 7.1 i 4.84 7.79 Kansas City Southern pf 152 105 Ke y SDr ncneid Tiro... 113 101 108 100 109 Kelly SpT8pcpfexdlv Kelsey Wheel Co Kennecott Copper 101 95 33 48 91 43 38 47 :07 73 29 34 70 27 30 75 38 30 41 1.20 Keystono Tire & RUbDor. Lacknwnnr.a Steel Co... C 46500 84 300 7100 Laclede Gas of Rt Louis. 40 36 Lee Rubber A Tire Lehigh. Valley Liggett & Myers Tob.... Liggett St Myers "B".... Liggett & Myers rt.s 3 I 8.36 12! 7.30 3700 400 100 44 104 155 16 33 IS 30 98 7 160 155 160 165 155 16 36 28 1S00 16 29 16 49 98 5 6.59 12300Iaipws, Iuc 7700ILoft. Inc 200Loosc Wiles Biscuit ' 100 Loose Wiles Blsc't 1st pf1 70 I 4i 100 9 5 M2! 9 2100 Lorillard (P) Tob rts.... 1600iLorillnrd (P) Tob lOOlLorlllard (P) Tob pf 600Loulsvl!lo & Nashville... 200'Mackay Cos pf 300 Malllson & Co, II R..;.. 300 Malllson Co, II R pf. . 6100 Manntl Sugar 300 Manhattan Elevated . . . 300iManhattan Shirt 200lMarlln Rockwell Corp... 1200,Maxwell Motor 200'Maxwell Motor 1st pf. .. 260 Maya Dept Stores 74600'Mcxican Petroleum 100!Mexlcan Petroleum pf... 1700'Mlnml Copper ox dlv.... 120800'Middle States Oil 22800!Mldva'o Steel & Ord 3000'Mlnn & St Louis newV.. 600 Minn, St P & S S M.... 4300 Missouri. Kan & Tox.... 900 Missouri. Kan & Tex pf.. 17500 Missouri Pacific 8000 Missouri Pacific pf 400 Montana Power 7200 Mont Ward & Co 600MullIns Body 400 National Acme Co 183 135 12 8.74 6.71 7.00 6.52 116 135 104 100 137 104 102 104 112 98 60 33 78 101 39 30 58 18 47 117 100 64 45 80 61 37 80 61 33 78 8.97 111 10 S.2C 15.47 6.71 134 121 122 52 33 69 33 63 7 48 27 CO 29 51 45 26 58 23 50 1 137 6.79 9.22 8.41 9.52 4.67 9.20 9.98 128 177 121 161 121 169' 222 105 161 10 94 21 22 42 9 63 6 8 21 36 Cl 21 36 35 44 . 83 110 111 8 8 2 95 23 35 45 14 .73 8 13 26 41 63 35 42 36 66, 95 20 31 43 11 70 7 11 23 38 63 32 38 35 26 35 43 18 80 11 18 31 49 69 40 51 38 72 91 1.20 4 3 6 4 4.76 3.91 10.46 3 9.84 8.24 6.17 5500 National Aniline & Chem 62 87f 85 600 National AnI & Ch pf. 200 National Biscuit Co... 100 National Biscuit Co. pf 123 116 114 113 110 113 6.36 110 110 13 2000 National Conduit,' & Cable 10 9 393 393 10.22 4 National nty iianK.... 393 393 393 89 66 95 72 8.22 7.48 7.79 6.71 7.48 3700 National Enam St Stamp 78 95 82 72 95 76' 102 400 National En & Stamp pf 6300 National Lead Co lOOiNatlonal Lead Co pf.... 100 Nat R R of Mcx 2d pf.. 600 Nevada Con Copper. . . 93 110 104 107 104 104 7 17 47 4 14 38 92 64 I 23 30 23 16 19 10 88 4 14 39 4 13 37 95 69 26 35 27 18 19 20 2-, 73 55 39 53 4 7! 1400 New OrVans, Tex & Mcx 117 10.41 2800 New York Air Brake.... 8200 New York Central 700 New York. Chic & St L.. 800 New York Dock.-. 28900 New York. N H & H 400 New York, Ont & West.. 600 Nunnally ex dlv 100 Norfolk Southern 1600 Norfolk & Western 5900 Northern Pacific 2S00 Nova Scotia S & C 19C00 Ohio Cities Gas 100 Ohio Fuel Supply 11900 Oklahoma Prod & Ref... 600 Ontario Silver Mining... 700 Otis Elevator 2700 Otis Steel 103 71 36 48 36 21 22 29 14 74 30 38 31 19 21 20 96 77 61 41 53 4 7 14.29 5.19 10.32 100 7.77 9.46 9.09 84 77 50 55 5 9 65 60 38 44 4 6 4 10.06 2 4.71 157 120 3.68 138 136 ' 136 41 65 78 61 43 28 51 68 44 37 71 67 37 40 20 33 23 46 62 34 40 97 15 87 50 51 21 70 16 84 27 57 70 48 41 98 94 38 40 29 35 27 47 63 40 64 99 17 87 69 62 33 78 19 26 55 69 46 33 89 85 35 39 23 33 23 46 62 36 54 98 16 87 67 58 23 76 17 96 5.46 5.80 600 Owens Bottle Co 1300 Pacific Development . . , . 1 100 Paclc Gas & Electric. . . . 2100 Pacific Tel & Tel 10.75 116 6.55 6.90 8.48 7.50 175200 Pan Am Petrol & T 111 21000 Pan Am Petrol & T B... 600 Parrlsh & Bingham 15400 Pennsylvania R R ex dlv 1500 Penn Seaboard Steel.... 800 Peoplo's Gas, Chicago.. 20100 Pere Marquette 600 Pere Marauette pf 47 43 36 42 32 51 6S 42 82 8.03 8.11 600 Pero Marquette prior pf. 22000 Philadelphia Co 78100 Plcrco Arrow Motor.... 400 Pierco Arrow Motor pf 6000 Pierco Oil Corp 200 Pierco Oil Corp pf , 600 Pitta. C. C & St Louis. , 2800 Pittsburg Coal of Pa.., 16900 Pittsburg & West Va. , 108 8.22 9.16 5.97 23 98 80 66 33 80 27 8.55 7.84 5.33 300 Pittsburgh & West Va pf 300 Pond Creek Coal 20900 Pressed Steel Car 300 Pressed Steel Car pf . . . . 200 labile Servlco Corp N J 1300 Pullman Co 3160 Puntn Allcgre Sugar.... 3100 Railway Steel Spring.... 5300 Ray Consol Cop 70700 Reading 8300 Reading 1st pf 8300 Reading 2d pf 3600 Remington Typewriter... 113 8.39 7.00 104 100 104 100 100 100 68 64 7.ii 4.88 64 64 124 109 117 112 101 112 120 74 89 17 64 32 33 62 34 37 84 96 82 93 14 15 23 11 21 SI 109 101 106 8.74 5.65 96 18 94 45 45 77 85 43 90 17 79 34 35 67 78 42 92 96 82 22 94 45 43 94 86 55 4.73 4.63 4.76 142800 Replogle Steel 1100 Republic Motor Truck... 124 6.40 134900 RepubVc Iron & Steel... 100 106 6.33 4.62 300 Republic Iron & Steel pf. 200 Robert Rcls pf 29900 Royal Dutch Co N Y. . . . 1100 St Joseph Lead.... 1B600 8t Louis & San Fran.... 300 St Louis & San Fran pf. 1400 St Louis Southwestern.. 3300 St Louis Southwest pf . . 97 82 84 113 6.20 113 106 109 17 23 34 18 30 83 21 9 1 15 22 31 13 25 67 15 21 31 12 21 54 13 10.62 1600 Savage Arms Corp 4000 Saxon Motor , 700 Seaboard Air Line.., 600 Seaboard Air Lino, pf 15 7 14 6 7 13 18 12 243 3.84 6.03 10.00 2000 Sears Roebuck Co ex dlv 220 209 210 119 114 10 73 100 Sears Roebuck Co pf. . 1400 Shattuck Ariz Cop 116 118. 10 13 1 90 48 82 74c 6 6 'n 1.30 9.17 16700 Shell Tmns & Trading.. 83 76 34 65 31 228600 Sinclair Consol OIL... 3500 Sloss-Shef S & I ex dlv 130600 Southern Pacific 16000 Southern Railway . .-. . 1000 Southern Railway pf.. SflO Slnndnnl Oil nf M .T.. 38 64 71 105 88 6.34 9.43 2.92 C.71 97 22 93 26 58 18 60 680 104 39 60 20 56 725 53 53 686 850 20 680 113 51 7 4 7100lStandard Oil of N J pf.. 106 104 9.52 300OlStewart W Speed ex dlv. 45 41 118 4 7 5.48 6.54 i2nuoisiromuenr carnureton 9n 113 72 126 101 80 207300!Studohnker Corp 106 97 41 7 6 8 4 7.23 1277! 7.93 9.20 5.63 liaoisiudebaker Corp Pf-. 9S 97?i 60 102 47 2600'8upcrior Steel Corp. .J 52 46 101 101 1200jSupcr!6r Steel Corp 1st pfj ioi?i 43 luuncmior v0rn l'ruit A 7100 Ter.n Cop & Chem 43 43 13 9 43 158 25 11 61 13 63 28 86 27 11 10 43 49 210 47 2 aofiuo'iexas Co 47 173 100 50700 700 7000 72800 2000 200 1200 13400 Texas Co fu'J paid..., Texas & Pacific Third Avenue Tobacco Prod ex div.. Transcontinental' Oil .. 178 35 11 40 13 67 17 95 38 66 6 5 2.50 8 9.49 9.30 7.93 6.90 63 13 63 31 18 Tranaue & Wma Steel... 66 36 Twin City R Tii 83 127 union Bair & Parxir 118 lib 116 33 union 011 33 23 (Conilnued on Ttetlfth Page.) economies on uuy" 11. employ their BROWN BROTHERS & CO. ICtUblhhed IIII NEW YORK Philadelphia felt sooner Credit Information In the many years 5f our business experience we have compiled valuable credit information concerning . individuals, firms and corporations in all parts of the world. We arc in a position to obtain facts of current credit and commercial conditions in this and other countries and to advise as to foreign business usage. This service is at the disposal of our clients. 1)18. 41,832,103 Net 2 llBt. 86 35 63 18 1' 1 2 1 -7 BROWN, SHIPLEY & COMPANY 8 52 3 11 EaUbllihtd lilt runr Court, Lothkurr LONDON, B. C. 21 79 32 84 2 3 23 , o I 78 67 li 19 86 Standard Bank of South Africa, IP 1 - 5 69 72 I - 3 67 5 42 14 34 24 14 43 1 Vi 2 10 2 64 2 4 U 5 1 1 2 1 7 1 2 -'i '9 1 "m 3 8 1 1 1 2 U 1 1 -1 2 hi 1 2 3 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 70 28 31 77 38 31 41 16 30 16 49 93 6 WH. MACINTYRE, Agent 68 mix STREET NEW YORK 61 33 78 45 26 68 28 50 Provision for Your Family It is a wise policy to take into con sideration the possibility of reyerses during life, and to provide for tfie future out of the plenty of the present; This canbcdoncbyplacingcash,sccurities or property in trust with this Company, the income and the principal to be paid as you direct. The advantages of such an agreement known as a voluntary trust are many. It provides experienced and efficient ' administration for the funds or securities . set aside; it assures every safeguard for the principal, and the highest interest return consistent with safety; it relieves the maker of the trust of personal at tention to the management of the affairs placed in our care, and at the same time gives him the opportunity to direct their handlinginsuchmanneras may be agreed. At any of our offices members of our Trust Department staff will welcome the opportunity to discuss with you the business phases of your individual trust problems. Guaranty Trust Company of New York 140 Broadway Firm Avenue Office: FifiR Avenue and 43rd Streeh Madison Avenue Office: Madison Avenue and 60th Street Grand Street Office: 268 Grand Street Capital. & Surplus . . $50,000,000 Resources over . . $800,000,000 95 21 32 43 11 70 7 11 24 38 63 32 38 35 62 85 9 73 95 77 3 3 " 1 -3 5. 1 2 1 1 3 -1 4 -1' 3 -i 4 13 37 96 70 26 35 28 19 19 20 90 74 55 39 53 4 7 27 55 69 46 40 91 S7 33 40 23 33 24 46 02 37 56 98 16 87 67 58 30 76 18 96 2 -1 -4 is 6 1 3 1 3 1 3 64 2 2 2 6 S 8 9 2 2 1 O """" 4 3 91 17 84 43 42 67 79 42 93 96 82 10 21 31 12 21 57 13 3' 1 10 -1 7 2 6 1 1 2 42 -2 8 2. -12 3 1 "h '3 7 13 Printz Biederman Company Prior to listing and trading on New York Curb about May 5, 1920 116 10 76 35 65 94 20 , 104 42 73 w mil QUOTE BUY QUOTE SELL 97 47 Circular upon request E. A. Manice & Co. Member 'New York Stock Exchange 15 Broad Street New York Telephone Hanover 9140 43 10 178 11 63 16 63 31 1 29 Boitoa Offlct fr Trtvdirs III rail Utli, LONDON, I. If. 1 I N Pill P:., I, Hon -.1 -. t- . h.