OCR Interpretation


The Sun and the New York herald. [volume] (New York [N.Y.]) 1920-1920, June 03, 1920, Image 12

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

Persistent link: https://chroniclingamerica.loc.gov/lccn/sn83030273/1920-06-03/ed-1/seq-12/

What is OCR?


Thumbnail for 12

If
.12
'TV
THE SDN AND NEW YOEK HERAtD) THURSDAY, JUNE 3, 1920.
idder,peabody&co.
n
Oevoiuhlre SL
1 60ST0N
17 Wall SL
NEW YORK
nvestmont Securities
Foreign Exchango
Letters of Credit
Ccrresponcfents ol
bring Brothers & Co., Ltd,
LONDON
Munds
Rogers &
Slackftoh
A NEW ERA
FOR
RAILROAD
SECURITIES
Our circular
lent upon
rtqutit.
Member
N. Y. Stock Exchange
N. Y. Cotton Exchange
Sill, VUUUb w v w a
Jit! on n.n.A z,
Uptown Office.
16 Vanderbilt Ave.
FINANCIAL NEWS
AND COMMENT
Market, Although Dull, ras
Bottcr Undertone Prices
Tend Upward.
TRADING IS PROFESSIONAL
MAY EEVIVE STUTZ CASE.
Knll Stocks Continue' in Favor
nnd Low Priced Issues
Muko flood Gains.
I Cities Service Co.
Preferred
i Stock
Dividend Earned
, 4 Times Over
9 Return
on Investment
Monthly
Dividends
Circular P-31
On Request
Henry L. Dbherty""
- & Company
Bond Departmen1.
) Wall Street, New York
re
investment
Worth
I measured by safety,
market ability, stability
and income return all
characteristic of the Pre
ferred Stocks of estab
lished essential indus
tries. We have a carefully
selected list of
Preferred Stocks
Yielding 8
which we recommend to
the conservative investor.
Mktot liooklets. lt.C
Hollisteiv
White & Co.
! 01 Cedar St., Cor. Trinity PI.
Telephone Itector 3901
I NEW YOHK
ndtlimi.i
The stock market dragged through
nnothcr monotonous session yesterday,
the- only redeeming fenture of which
was a slightly better undertone. Where
hh tho trend on Monday was toward
lower levclB. the general tendency of the
prlcn movement yesterday was upwnrd,
Trading, however, wns extremely Unlit,
nt.. uM..li1.. mnwn .1..,, inn nnil alitir,,.
Ulliy nilhlltl IllWfV lllt.lt IVVfVVV UI.I.IVV
changing hands, and, whllo tho Street
wns moderately nullum wun respect to
4ltA (tlttttn.l In .n ftlhirn lh. rrnH.r.l nnln.
Ion whs thnt not much could ho expected
outside of special stocks until nftcr tho
Republican National convention next
week. Partly becauso of this nnd partly
hArnltan nt thn hlphnr ronpwnl rattf for
money tho trading; was extremely pro-
fncalnnnt nrirl fliw.l nn I Inn nnrrnw. Thorn
were a few special Issues, such as tho
louaccos, tor instance, in wmcn me pro-
.nltlnt .t,iilAitf.. ,11,1 nn. neflm tn make
much difference, hut as n Rencral thing
tho market was ciun nnu nnom as un
Interesting 'as any session this year.
The Street seemed to havo recovered
entirely from tho shocks, If Indeed It
could bo said that the financial com
,,,!,,. ..... a alinokttil mrr the unwnrd
revision of rediscount rates, and there
was a feeling In pome quarters mat u
., nnn.llrltitn almillll lll Selected
next week the market would do much
better during tho summer montns. a
further optimistic development, tending
to conllrm tho theory that a better mar
ket was In sight, was a statement from
nn Importntit banking source that the
..,.,,. morko. t.nnl.l ltt easier from now
on In splto of the present tcmpornry
m,,-... ThA wnnklv iraila rtubllcatlons
1 ...i.i. tn thn Iron and steel ln-
ItVtitt n.n'vvv -
dustry wero also more favorable, al
though It did not roaKC mucn ummriice
with tho stock market yesterday.
Nevertheless this showed that tho traf
n. nn.ntinr nn thn railroads was
(being gradually relieved, nnd It Is no
secret that real easy money is m j
! for Wall Street as soon as conditions In
connection with the movement of freight
. have been relieved.
I Tho railroad stocks continued to be
favorites with the professionals, Rock
' Islnjid nnd other low priced Issues mnk
I Ing a good showing again. The Indus
I trials, however, nlso did better than on
j tho preceding day. There was a good
recovery In Haldwln from tho low. The
steel Issues, with the exception of Steel
I common, all Improved, particularly
! Bethlehem B, while tho motor stock
I displayed n better undertone, although
I they dUl not get anywhere In particular.
! The oils, on tho other hand, were heavy,
: being affected In the afternoon by pro
fessional selling of the Pan-American
i stocks ca the theory that whatever ac
! Hon taken nt tho meeting with respect
I to stock dividends would be unfavorable
: from tho market point of view. This
1 selling carried the rest of the oils down
I In sympathy, although not as much
I progress wns made as had been, ex
pected. United ueiuii oiorea
as active a feature as any of tho stocks.
Improving In spite of the dulness of the
rest of tho market and the general In
disposition of professionals to .do much
before tho convention.
rfLw-ronowal rate of 8 per cent, for
y.Vifwvrx. utn hleher than Ax-'
1 pectcd. but tt did not make much dlf
frnc.marketwlse. for the reason thaj
everybody knew perfectly well that It
' was only a temporary flurry. This was
! proved later on In the day by the re
lturnvof 6 per cent, money nt the clos
ing There will bo to-day further gov-
ernmentnl withdrawals of about $6,000.
000, but Inasmuch as the banks are
: fully prepared It is not expected that
liny ffeot of them will bo felt In the
1 money market. As a matter of fact
bankers said last night that they would
not be surprised If money renewed to
day nt 7 per cent, and possibly at 6 per
' cent The advance in sterling exchange
i continued, and in connection with the
I advance It was rumored again that a
new movement of gold approximating
$50 000.000, In anticipation of tho pay
ment of tho Anglo-French loans, was
I about to be started, uuier rAtim"-
also followed stoning to r"
Tho Cotton Kxchange was reopenca,
after having been closed since last week
on account of uncertainty over the form
of contracts.
MONEY AND EXCHANGE.
CAl.I, MONET.
LnW B IUfnurl
Vjar's high 23 (Year's low
TIME I.OANP.
Mixed Collateral, i All Industrials.
CO to 00 days J
4 to 8 months. ... 8
Commercial Taper
3 to A months 7
0 tn no riavs.
4 to a months. .
Other Names.
3 to n months. . . .
K. Rice, Jr. & Co. Will Buy
lOOAnirr. Lithographic Com. & rfd.
i3 jtmBiiniuii ... u .iiurrim
S3 American Machine A Foundry
0 Calif, ltj.. & fr. Trior I'fd.
an Cairln Cimhianr
100 Cllnrhflfld Coal Com. I'fd.
SOIIamnrr .-National name
100 lnt'1 Clear Machlira '. .
SO Niagara Insurance "nights"
800 N. Y. Mate Htrs. Com I'fd.
10M N. Y. Male ltrs. i,t
100 Not. Oil of X. J. Com & rfd.
61 Old Dominion Steamship
11)0 l'ocahontas l'ltel Com.
Mntrr .Manutarinring
100 Weateni Clec. Com.
K. Rice, Jr. & Co. Will Sel
S.1 Ainrrlrnn Alliance Int.
SO Ilarrett-Nrphena Co.
33 Columbia Trust
SO Detroit. Maeh. Marouette Ijind
SflOVu I'ont Chemical rfd.
SO Inreraoll.ltand Com.
U0O Int. Cigar Machine
S3 sici.rory Mures rn,
00 Mohawk Valley Co.
. 1IWIN. Y. Ntate Rn. Com. A Pfit.
toOMN. Y. State Rjs. 4H t
xaionueni pctnnuei. ' aiuos
SO ryrenn Miinufarturlng
J0 United Theatre IVtulp. Com. ft Tfd-
SS IT. 8. rtnUhlng I'fd.
10 Victor Tnlklpc Machine
100 Ward Ttaklne rfd. I
.KRice.Jr.&Co.
ne 4000 to 4010 John. 3d Wall St., N. Y.
CLKAWNO HOUSK STATEMENT
Clearing Hnnsn ejehanrres, $1,001,813.24. :
balances, J72.1 10.602 Sub-Treasury debit
balances, fWO.OTl: Federal reserve credit
balances, $51.37 1,710.
CANADIAN EXCHANGE
New York funds In Montreal. $124.37 pre
mium per $1,000; Montreal funds In New
York, $110.02 discount per $1,000.
KOHEIfSN EXCHANGE.
CHEAT BRITAIN.
Psrltv. To-day.
$4.t6G5 Demand, sterling. . . . $3.03
caDies, sterling o.p.-
Hankers, BO1 days.... 3.Si
Hankers. 00 days 3.88
THE CONTINENT.
19.30 France, cents a franc
Demind 7.83
Cables 7.83
IlulRlnm, cents a franc
T'day.
$3.92U
3.03
3.88
3.86
7.T7
7.78
19.30
10.30
19.30
23.80
26.80
28.80
n.n,,l 8.22
Cables 8.23
PwltierlRnd. cents a franc
Demand 18.20
Cables 18-28
Italy, cents a lira
Demand S.9
Cables 5-07
Germany, cents a mark
Demand 2.41
Cables 2.42
a.L.tn mnto a kron
Demand 21. SO
Cables 21.70
Nnnty. nta a Krone
8.11
8.12
I7.9S
Carstairs & Co.
Members New York and
Phlla. Stock Exchanges.
71 Broadway, N. Y.
1119 ATalnut St., ThUa., r.
H4iWftitT Green 6110.
Demand 17.90
HAblaa 18.00
26.80 nenmarV, cents a krone
Demand 17.00
Cable, 17.08
19.30 Ortvce, rents a drachma
Demand It .33
Cablos 11.00
19.S0 Bpaln, cents a peseta
Demand 16.37
Cable 16.42
40.20 Holland, cents a florin
Demand 33.6214
Cables v 36.75
20.30 Austria, cents a cronn
Demand 70
Cables 80
FAR EAST.
108.32 Shanghai, cents a tael
Demand 115.00
Cables 116.00
78.00 Hongkong, centa a dollar
I
18. o:
5.S1
5.93
2.62
2.63
21.55
21.65
17.95
18.05
16.00
16.95
11.45
11.50
16.25
16.30
.16 62 U
:6.75
.78
.79
115.00
116.00
32.44
49.81
41.42
42.81
103.42
Demand
Cables .
Bombay,
Demand
Cables
82.00
82.50
cents a rupee
42.25
43.50
Yokohama, cents a yen
Demand 51,25
Cables 51.J0
SOUTH AMERICA.
Ttlo de Janeiro, cents a mllrels
Demand 26.00 25.87H
LaDiea .u.i-n
Iluenos Aires, rents a peso
Demand 42.35
Cabin I2.:.0
lTruguAV. cents a illlftr-
Demand looAl
Cabhui AOOJS
81.00
81.50
41.50
41.73
51.25
61.10
26.00
42.40
42.33
100.00
000.21
tetlera Ilrnnrdlnu; Ilynn'a Ilralic
nation Kruiu lixuliiiniro Wrltlrii,
Now llfo has been given tho contrcf
versy botwoen Allan A. Ilyan and tho
New York Stock Exchange, and It Is ex
pected In Homo quarters that tho cntlro
affair, which has Inln dormant since the
shorts In Btutz Motor Cur Compuny
stock arranged a settlement with the
Ryan Interests which ran n corner In tho
ttock, will once more bronk out,
Tho new developments tiro tho ex
chnngo of correspondent between
Stanchfleld 4 Levy, attorneys for Mr.
Rynn, and tho Now York Stock Ex
change regarding tho so-called resigna
tion which Mr. Hyan presented to the
Governing Commlttco of tho Exchange
nt tho tlmo of tho corner. ' At that tlmo
Ityan wroto tho commltteo asking that
his seat on tho Exchango bo sold, but
tho Governing Commlttco deferred action
on tho request to somo future ditto.
It developed yesterday that rtynn's at
torneys had addressed n letter to tho
Exchnngo iiBklng thnt somo netlon on tho
request be taken nt onco and thnt the
Exchange had replied to that lotter. Tho
contents of the Exchange's reply wero
not mado public, ns lawyers and tho Ex
chango declined yesterday to glvo out
tho correspondence, although It was ad
mitted that some exchange of letters had
taken place.
COTTON CONDITION AT WORST.
I'. S. Ileporta Lowest Mnrlt Since
Ilecnrila Kept,
Wabhinoton, Juno 2, Iteportlng the
condition of tho cotton crop on May 55
nt 62.4 per cent, of normal, tho Depart
ment of Agriculture announced that that
flguro was tho lowest mark In Its record
of fifty years and that tho recurring
statement "worst ever known," was
confirmed. Revised figures of the nrca
plnnted last year wero announced as
35,133,000 ncrcs, tho area picked ns 33,
666,000 ncrcs nnd the yield per aero ns
161.5 pounds. The lowest previous con
dition report on May 25 was 69.5 per
cent. In 1917. Last year's figure on that
date was 75.6 per cent. The ten year
average Is placed at 7S.7.
"Cotton la reported ns poor to bad In
all cotton States nnd in almost everyi
county In tho cotton belt," the an
nouncement said. "The season through
out the belt Is from four to six weeks
late."
The report said that excessive winter
and spring rains packed tho soil, and
subsequent lack or shortage of normal
rainfall over much of tho belt from
Texas to North Carolina caused the
rapid drying out of tho hard packed sur
face. Much planting wns done in the
mud, and tho cold, wet soil caused much
rotting of seeds, whllo the cold nights
and frost caused a1 loss of many tields
thnt had come to a stand and left many
others thin and backward, lacking color
and vigor.
Replanting hns ranged ns high ns 0
per cent. In some States, and planting
and replanting Is still under way In nil
States, the report added.
"Weevil Infestation ts unusually se
vere In affected territory," tho Depart
ment flnld. "Hot, clear weather Is
needed for tho growth of the plant and
to hold tho weevil In check, yet somo
rnlnfall Is needed In most of the belt for
proper development.
"The almost sole encouraging feature
Is the greatly Increased use of fertilizer
over recent years. From 10 to 35 per
cent, more Is being used."
Condition by States: Virginia, 71;
North Carolina, 70; South Carolina, 68:
Georgia, 55; Florida, 62; Alabama, 58;
Mississippi, 65 ;' Louisiana, 72; Texas,
60 ; Arkansas, 61 ; Tennessee, 60 ; Mis
souri, 61: Oklahoma. 70: Cullfornia, 86:
Arizona. SO : ,all other States, 63.
STEEL IS BEING
MOVED FASTER
Release of Loaded Cars Aids
Shippers.
o'prrlol to Tub Hun and New Yoik llmi.ti.
Cleveland, June 2. Moro shipments
of Iron nnd steel are moving, principally
because of tho release of loaded rani,
which havo bcon penned behind embar
goes, than at any tlmo In tho eight
weeks of tho freight blockade, accord
Ing to tho Iron Trade Itevlcw. New con
signments leaving producers' plants also
are Increasing, though practically no
progress has been made In clearing away
tho heavy accumulated stock of finished
material. Gradually this extending traf
fic Is working Its way back to tho mills
and works In tho form of deliveries of
coul nnd other raw materials und opera
tions nro beginning to respond.
"Mahoning Valley Steel Works," tho
publication says, "began tho week 70 to
80 per cent, nctlve, against less than
50 per cent, previously. Blast furnace
ojieratlons show fourteen stacks active
out of twenty.llve. The East Ih tlplng
better, but Pittsburg nnd Chicago on tho
whole show n practically unchanged sit
uation, lick of cars remains tho olT.
Betting factor to any general or pro
nouncod Improvement of operations and
production still Is under a sharp check.
Consumption Is bolng nffccled accord.
Ingly, some plants recolvlng moro ma
terial steadily, whllo others still nro
forced to run at a greatly reduced rate.
"The most favorable point to tho May
pig Iron statistics wns tho Incroaso In
tho number of nctlvo furnaces. This
was seventeen, ns tho stacks blowing nt
the end of tho month stood at 295, com
pared with 278 on the corresponding
daM In April. The total output for
May was 2,503,307 tons, compared with
2,752,670 In April and 3,375,768 tona In
March. The gross gain of 50,637 tons
In May over April, however, was due to
tho one day longer month, and tho dally
rato of output actually showed a losn,
being 90,12'J tons, against 91,751 tons
for tho preceding month. This loss of
output with an Incroascd number of ac
tive furnaces Bhows the irregularity ot
operations. Lako ore shipments In May
made a better showing than expected,
reaching approximately 6,100,000 tons.
or 2,392,231 less than In the correspond
ing month of 1918, against wmcn me
present season's movement Is being com
pared.
Ily la over 75 per cent. An accumula
tion ot 15,000 tona of finished stcol oc
curred during tho week.
"Concerted effort Is being mudo by the
railroads to get tin plates forward to
tho canmnkers. and there was some re
duction last week In the heavy stocks
at mills, This movement will ro further,
seeinir that tho Interstate Commorco
Commission han mado a priority order
for tin plates for cans,
"Inquiries for buslo pie Iron nmount
to nbout 20,000 tons, of which half Is for
nn Eastern company und half for un
Ohio steelmaker. Tho market as n
wholo Is extremely quiet, but prices are
flrmlv maintained. Foundries contlnuo
to operate under great dllllculty, owing
to slow delivery of pig iron una cone.
BANK TO ADD CAPITAL.
The Iron Aae will say to-day : "It Is
still the outstanding fact In tho Industry
that output Is best nearer the raw ma
terial end. Whllo shipments of finished
steel are again slightly better this week,
tho Pennsylvania Railroad leading In the
Improvement, pig Iron Is picking up
faster. Furnaces In blast Juno 1 num.
bered 295, against 2S1 on May 1 and
312 on April I. Resumption of a num
ber of blast furnaces la planned for tho
coming week.
"Gross currents are Indicated by the
report from the Philadelphia market that
even tho moderate Increase In shipments
has started new Inquiry, while ngalnst
this In other quarters the market Is still
quite Inactive, with somo requests from
automobile manufacturers lor cancella
tions or suspensions, particularly on spe
cial steels.
"A rapid return to normal railroad
operation Is now expected, and ns soon
as adequate stores of ruci are collected
an expansion of Iron nnd steel plant
activity will ensue, following Increased
actlTtty In the week In rolling mills.
"Due to the railroad improvement, tne
operation of sheet mills of tho American
Sheet nnd Tin Plate Company has gone
up to 85 per cent of normal sheet mill
capacity, while Independent producers
have reached 63 to 70 pen cent. In tne
Chicago district, despite fresh local ralll
road difficulties, active steel plant capac-
Corn Kxcluumo IHriTtnrs l'niino
Increase In If (1,000,000,
Directors of tho Com Exchango Bank
In n meeting held yesterday Issued a
call for n snec ttl meetings of slocKllold
era to bo hold on Juno 17 to nuthorlzo
nn Increase of its caDttnl stock from
$4,620,000 to f 0,000,000. The additional
stock will bo offered at par to holders
of record on July 1. Tho subscription
prlvllcgo amounts to 30 per cent, of tho
stock outstanding nt thnt time.
Thn Increnso in capital Is the third In
less than two years. On January 21,
1919, the stockholders ratified un In
crease from $3,500,000 to $4,20,000 tn
tho bank's capital stock, tho first change
ut that tlmo slnco 1900. A fow months
ago tho stock was Increased from $4,
200,000 to $1,020,000 and now comvs an
Incroaso to $6,000,000.
Tho quotation for tho stock Is around
$440 n share, and thus tho rights to sub
scribe to tho extent of 30 per cent, of
holdings represent it substantial melon,
which atntlstlclans tlguro nt MB a share.
Tho rapid growth of tho Institution Is
Indicated by Its deposit statistics. Hack
In 1906 tho Institution had only $43,000,
000 deposits. At the chvio 1918 Its
deposits were $117,000,000. Til luBt Sat
urday's statement tho Corn Exchango
reported totnl deposits ot $157,782,000,
total loans, discounts, Investments, &c,
of $148,107,000, capital of $4,620,000 and
surplus and undivided profits ot $8,-776,900.
PLAN TO INCREASE STOCK.
South I'tirln Itleo Suitnr Directors
l'ropoae Incrrnae.
Tho directors of the South Porto Rico
Sugar Company havo recommended an
Increase In Its common stock from
$6,000,000 to $12,500,000 and havo called
a special meeting of Its stockholders for
July 1 to act on tho proposed Increase.
In a statement to the company's stock
holders Its president declared that tho
company's management believed that Its
earnings, which have been Invested In
new plants nnd In Improvements and de
velopment, "should bo capitalized and
new common stock representing the same
Issued to the common stockholders of the
company pro rata In proportion to their
present holdings." In other words, If
tho stockholders ratify tho proposal Xor
a stock Increase It Is not unlikely that a
stock dividend of large proportions will
bo declared.
London Money Market,
London, June 2. Bar silver, 57d. an
ounce ; money. 5 per cent. Discount
rates Short bills, 6N, per cent. ; three
months' bills, 6 1 1-1 6 0" 6 i . Gold pre
miums nt Lisbon, 140.
London Wool Mnrkrt.
London, June 2. At the wool auction
sales to-day 10,500 bales were offered.
Best merinos wero steadier, but the
sales of lower grades were still heavy.
NORFOLK SOUTHERN
IS IN NEW HANDS
American Tobacco Buys Ma
jortty Control,
The American Tobacco Company ln
terosts havo nurchnscd majority control
of the Norfolk Southern Railroad Com
pany, It was learned yestordny, follow
Inf thn announcement that Ernest Will
lams had been elected a vlco-presldont of
tho tobacco company. Mr. Williams rop
lesentH Its new Interests, which havo
obtained for a subslnnt lul cash consider
atlou an option tin a majority of tho
rullrond's stock nt 147 ft share
Tho Norfolk Southern rocently made
connections which glvo It nn cntrnnco
Into Durham, N. C and thoso con
nrrtlmiH nro exticctcd to result In II
MiliHtuntlnl IncrcnHO In tnilllc. Potential
Hnlllo Incrcmjo l teen nlso In tho lotting"
nf a contrnirt hv Cc timbus (Ohio) in
tcrcsts which nro engaged In a largo
lonment in Eastern North
Carolina to tho Foundation Compnny of
Now York to construct n lino ot ran
ron'd from n point on tho Norfolk South
ern lino twenty-six miles across country
Into Hyde county. It will open up n
liirtro tract of hind owned by tho John
,L. Roper Lumber Company, which Is n
subsidiary of the Norfolk soutnern.
That railroad has $16,000,000 of cap
ital stock outstanding and a total funded
debt of $17,805,000. Under the Fcdorul
guarantco It earned 30-100 of 1 pcr.cent,
on Its capital stock In 191S nnd is esti
mated to havo earned 1 per cent. In 1919.
Under private operation In 1917 It earned
2.12 per cent, on Its capital stock,
The new officers nnd executive com
mltteo just chosen by tho Norfolk
Southern follows: Chairman, Mars
den, J. Perry; vlco-chalrmnn, Richard
11. Swartwout; president, Joseph 11.
Young ; vice-president, Ernest Williams ;
vIco-prcEldent In chnrgo of tralllc, E, D.
Kyle; assistant to president and secre
tary. M. S. Hawkins, nnd treasurer, M.
Manly; executive commlttco: Alvln W.
Krech. Richard II. Swartwout, Marsdcn
J. Perry, Luko V. Lockwood, Joseph H.
Young. Frederic Bull, Philip Allen nnd
John T. Terry, to bervo temporarily dur
ing the nbsenco of Lewis L. uarKc.
U. S. FLOATING DEBT HIGHER.
Iiu-rrnaes HCIO.'JH.I.UMO DiirlnK Mny,
Due to Tax Certificates.
Sveriat to Tun Kcn a.nd New Ynmc IIriw.I).
Washington, June i ino noiiiuiK
debt of the United States Increased $30,-1
285,230 during Mny, according to figures
Just compiled by tho Loans nnd Cur
r.n iHvinlon of the Treasury Depart
ment. Tho Increaso Is represented In the
recent Issue of tax certificates wmcn
was allotted In a larger sum than the
certificate maturities falling due.
In nil tne treasury um uuhu.i
t2.27S.49!.500 in advance of this nnd
next year's tax moneys, leaving but little
margin for meeting current expendi
ture. Unless that situation bo bettered
by a drop In Government disbursements
It Is likely that tho Government's tem
porary financing progrnmmo will have to
be carried into tno next caieiiuar j.
The aggregate of the public debt was
but little less than $25,000,000,000 at the
end oftho month, having Increased dur
ing April and May. It was reduced con
siderably In March as a result of tnx
payments. Another Income tax Install
ment Is duo on tho 15th of this month.
Pnrls Ilourse TrndlnR.
Paris. June 2. Prices were Irregular
on tho Bourso to-day. Three per cent,
rentes, 60 francs ; exchange on London,
50 francs 22 centimes; 5 per cent loan,
S7 francs 90 centimes; the dollnr, 12
francs 73 centimes.
NEW YORK STOCK EXCHANGE QUOTATIONS.
WEDNESDAY. JUNE 2, 1320.
Day'a sales. . : ; . . ,
(-Closlbr.-
Bid. I Ask.
1H
2'J
3f.li,
S7
841i
S9H
1164
38l
92
136
116
130
19
83H
b2
9.
14,
22 V.
90'i
39
110
86 U
94
564
9S
f.7
3.1
105
161
1UM
100
3214
42
125H
30 Yt
89
90 Vj
109
23 V.
29H
tig
62
114
96
664
100i
494
12SH
534
7
8
334
33
644
74
164
31 K
65
35
324
23
48
56
314
63
80
34 V.
10H
93
34 Vl
136
55
49 li
SO
11
93
20-U
411
!'3
99
124
20
734
K5
30
siH
65
1444
26
724' 7J4
63 I 634
34Ts
84
SO
S9
116
38
90-
m
107
1234
ISli
f3
81
94 'a
14,
8941
98".
108
85 I
!)3'S
ft6
9.711
31
80
SS
10314
160
113!i
97
32
41i
125
204
SS
90K
HH
108
22W
28
0 74
OO
113
92
65
99
127
53 -V
54
7i
33
604
374
64
734
1614
31
614
34 4
32
23
474
65
31 U
67
794
10U
92i
104
344
135S1
B4I
49
79 U
10
92
20
33
89
95
12
19 V,
73
834
29
20l
63 v
1434
I5S
Dir. I T
in .l Sties. I
90
224
72 4
66
11
1224
39 4
834
56
174
70
47i
904
:5
72
67
74
5 J
t'.i
i:3Vi
30 I
S4
57
IS
7HV
471.1
10
6
6
7
50c
4
60c
6
800 Alaska Gold M
100 Alnika Juneau G M
600 Allls Chalmers Mfg
300 Am Agrlc Chem
100 Am Agrlc Chem pf
300 Am Beet Sugar
1100 Am Bosch Magneto
400 Am Can
100 Am Can pf
300 Am Car & Foundry
100 Am Car & Foundry pf . . .
100 Am Express
400 Am Hide & Leather
900 Am International Corp...
100 Am Linseed Co
1100 Am Locomotive
1300 Am Safety Razor
3700 Am Ship & Commerce
300 Am Smelt & Ref pf
300 Am Steel Foundries
100 Am Sugar Ref pf s 30 f . .
200 Am Sumatra Tob
800 Am Tel & Tel
600 Am Tobacco Sec
2300 Am Woolen
200 Anaconda Copper
100 Associated Dry Goods. . .
900 Atch, Top & Santa Fe. ...
100 Atlantic Coast Line
100 Atlantic Refining pf
1000 Atl, Gulf & W I S S
21900 Baldwin Locomotive Wks.
500 Baldwin Locom Works pf.
500 Baltimore & Ohio
100 Baltimore & Ohio pf
100 Barrett Co
900 Bethlehem Motors
400 Bethlehem Steel
15700 Bethlehem Steel B
900 Brooklyn Rapid Transit..
100 Burns Brothers
100 Butte & Superior Copper.
300 California Petrol
100 California Petrol pf
300 Calumet & Arizona
900 Canadian Pacific
100 Case (J I) Thres M pf...
600 Central Leather
100 Central Leather pf
100 Ce:taln-tet Prod Corp...
4800 Chandler Moton.
100 Chesapeake & Ohio
100 Chi & E 111 pf Eq Tr ctfs.
100 Chicago Grt Western....
300 Chicago. Mil & St Paul...
400 Chicago, Mil & St Paul pf
14700 unicao. 11 1 & i-acinc...
100 Chi, R I & Pac 6 p c pf . .
300 ail. R I & Pac 7 p c pf..
3200 Chile Copper
200 Chlno Copper
100 Clev, C, C & St Louis pf.
700 Coca-Cola
100 Colorado Fuel & Iron
300 Colorado & Southern
100 Colorado & South'n 1st pf
800 Columbia Gas & Electric.
1900 Columbia Graphophono . .
100 Consolidated Cigar . a, . . .
400 Consolidated Gas
400 Consolidated Textile
1100 Continental Candy
1000 Corn Products Ref
200 Corn Products Ref pf.....
400 Cosden & Co
10600 Crucible Steel Co
3800 Cuban Amer Sugar
1200 Cuba Cano Sugar
600 Cuba Cano Sugar pf
500 Denver & Rio Grande pf..
100 Detroit United Ry
100 Kile Horn Coal Corp
100 Elk Horn Coal Corp pf..
10C0 Endlcott Johnson
200 Endlcott Johnson pf
1900 Erie
1000 Erie 1st pf. ,
900 Famous Players-Lasky . .
25 Famous Players-L pf . . . .
1400 Flsk Rubber
500 Freeport Texas
200 General Cigar Co
200 General .Electric Co
33000 General Motor Corp
200 General Motor Corp deb.
200 Goodrich (B F)
100 Goodrich (B F) pf
100 Gray & Dav(s
2600 Great Northern pf
1100 Haskell & Barker Car...
1000 Indlahoma Ref
500 Inspiration Con Copper. .
600 Interboro Con Ccrp
100 Interboro Con Corp pf. ...
100 Int Hamster Co
300 Int Mer Marine
700 Int Mer Marino pf
S00 Internati Motor Truck. .
600IInternailonnI Nickel
70nlnternatlon- Pai-rr
1100 Iron Product Corp
jOO.Jewil Tea pf
920. 1919. 1911,
965 1.552.983 594.017
Open- I High-1 Low. I Cloe- Set
Ing. est. est. Ing. Cbinge.
11" IS lss l's
24 2V, 2i 3 'A
35 35n 33 354 '
84 H 84?' 84 S4 21
S4' 84 8458 84?s 4
89 S9 89 89
1154 116 115 1154 ui
38 3S4 38 384 N
91 91 91 91 4
1344 1344 1344 1344 &
108 108 108 10S -f 2
124 124 124 124 2
184 184 1S4 1S4 'ii
834 834 S3 834
82i S2- S14 82 4
95 954 91 94S N
14i 14- 14-S U 4
204 22 20' 22 2
894 90 "894 30 4- 1
38 4 3S 4 38 4 384
109 4 109 4 1094 109 4
85 88 87 87
934 94 93 94
55 8 57 55 56 V
97 98 97 98 14
56?; 66-i 56?i 56?; 4. 4
31 31 31 31 U
SO 804 79 SO
87 87 87 87 1
104 104 104 104 4- 4
162 1S2 159 160 2
1124 1144 111 114 4. 24
99 99 93 99
32 324 314 32 4 tt
43 43 43 43 1
125 4 125 4 1254 12&H
204 204 20 204 4
88 88 4 S8 884 - tt
87; 90 4 874 304 2H
114 114 114 114
110 110 110 110 4
23 4 23 4 23 4 234 4. 1
29 4 29 4 284 29 U
66 66fi 66 66 4
60 604 60 60 4 4- 34
113S 114 11314 1134 l
93 tt 93 4 93 4 93 4 4
65 654 644 654 4. N,
100 100 100 100
47S 47IS! 47H 47i 4- i
1284 1284 125 128 4
53 4 53 4 53 4 534 4
64 6V1 64 4
74 74 74 7t; 4- S
334 334 334 334
504 51 50H 51 4-
37 38 37 37 4- 4
64 64 64 64
74 74 734 734
164 16'i 16i 164 4
32 4 32 4 31 31 a, 4
634 634 634 63 4 4-
35H 354 344 344 Itt
32 32 32 32
23 234 23 23 4- 4
48 48 48 48
654 r.!a; 554 53 4 14
314 314 304 314 tt
67 4 67 4 67 4 6 7 4 Hi
794 79 4 79 79 1
33?; 34 334 34 4- tt
lOa, 11 10 104 4. , 4
92? 924 924 92 4- .
1044 1044 1044 1044 tt
35 33 34 4 34 4 4-
131 1364 131 136 4-
53 554 544 34
4S, 494 4S4 494 N
79 4 79 4 79 4 794 4- tt
104 10 104 10 4. 4
904 90U DO'I 00 4 tt
20 20 20 20 4
36 36 26 36 34
874 87 86 SOU 2
98 98 93 9S
124 124 124 124 4
19 194 134 19 tt
72 73. 71 73 4
54 84 84 84
30 304 29 30
20 204 204 204 4
63 63 6.1 63 4-2
1434 1434 1434 1434 4
264 264 254 26
I 73 4 734 73 7.1
I 63 63 624 62 1
90 VI 904 904 90 4 4
23 23 23 23 4
73vi 73i 724 72 14
65 4 66 654 66
74 74 7vi 74
52 524 52 524 tt
34 34 34 3K,
114 114 ll'i 11 tt tt
1234 1234 1234 123 4 24
2941 30 294 .10 4
834 '"tt 834 S34 4
.,64' r.r.4 :,s i :,, 4
17'! 17 17V 174-:
7041 71 4 1 70 4! 71 - 1
46NI 474 1 46 1 47 4. :
32 J 3 1 33 I 33 1 -f I
1920.
Year to date 114.366,:
1919.
113.158.6S9
1918.
63,507,760
rlos!ng.-
Bid. 1 Ask.
InT
Un t. Biles.
244
69
42
2S4
144
130
99
61
414
174M
25 4
424
134
5 I
27 4
25
70
43
234
154
133
100
62
45
174
254
4S4
14
6
2 1200iKcnnecott Copper
1.20
6
3 4
104' 11
2641 26
4241 43
SI 41 32 4
85 S6
.. 110
4H 5
70 I
30-41
23 41
89 I
51., I
704
SON
24 4
90
52
5141 52
1641 164
as
4 ;
254
65
484
lOOvs
96
33
39
25
37
25
62
374
39
494
914
164
58
29
984
115
994
97
174
84
89-
S3
1134 114
154 164
-VTS - V
32 I 33
12 I 13
24 25
9ttl tt
1341 H
75
31 4
63
534
234
574
660
.o4
31
65
93
2S4
R7?4
685
12
7,
1
10
1.60
4
1400
1700
100
600
300
100
200
600!
400
Keystone Tire & Rubber. .
Lackawanna Stec! Co
Lehigh Valley
Loews. Ine-
Loft, Ino
Lorlllard (P) Tobacco. . .
Louisville & Nashville... .
Mackav Cos nf
Manhattan Elevated
1024 1024
734 734
664' C6
9T-
47
41
6
3
82".
:s
114
62
1274
49
78
63
S3
r.o
93
1074
59
924
1064
6$ 4
7tt
72
18
S
24
94
28 U
S25
4Si.
inu
:.i
18
iu?
47 4
41' 124
6741 C7
14 I ml
S3
284
115
64
I.tl
I 49 4
I 79 4
64
S4
: :.2
934
10s
61
92"
1074
69
94
724!
1S4
841
244!
94
294
831
49 104
514
IS4
101
61
4
40c
4
5
6
6
3
3
S
s
5
S
1
4
6
5.20
1
74c!
6
6
!l
20
Middle States Oil
Mldvalo Steel & Ord
Minneapolis & St L new.
Missouri, Kan & Tex
Missouri, Knn & Tex pf.
Missouri Pacific
Missouri Pacific pf
Mont Ward & Co
National Anl & Chem pf.
National Biscuit Co pf . . .
Nat R It of Mcx 2d pf. ..
New York Central
New York, N II & H
7' 1
10
4
S
34
3
6
8!
a
s
6
5
GJ4
Odd Jul
400INorfolk Southern
200 Norfolk A: Western
100 North American Co
900 Northern Pacific
1Q0 Nova Scotia S & C
100 Nunnally & Co
1600 Ohio Cities Gas
1000 Oklahoma Prod & Ref....
300 Otis Steel
200 Pacific Development
100 Pacific Gas & Electric....
36200 Pan Am Petrol & T
6100 Pan Am Petrol & T B
100 Parrlsh & Bingham
9033 Pennsylvania It R
100 Penn Seaboard Steel
500 People's Gas. Chlcngo. .. .
500 Pere Marquetto
100 Pore Marquette prior pf. .
1800 Phlladelhla Co
5300 Phlllivs Petroleum
4800 Pierce Arrow Motor
100 Pierce Arrow Motor pf . . .
300 Pierce Oil Corp
100 Pittsburg Coal of Pa
200 Pittsburg & West Va
200 Pressed Steel Car
100 Pullman Co
4200 Puntn Allegro Sugar
100 Railway Steel Spring
1500 Ray Ccnsol Copper
4700 Reading
5100 Rep Iron & Steel
100 Robert Rtis pf
1500 Royal Dutch Co N Y
100 St Joseph Lead
200 St Louis A San Fran. . . .
100 St Kouls & San Fran pf . .
100 St I-ouls Southwestern. . .
lOOOISt Louis Southwest pf . .
S0O Saxon Motor ,
100 Seaboard Al." Lino pf . . . .
1200 Shell Train & Trading...
10900 Sinclair Consol Oil
100 Slosj-Shcffleld S & I....
3700 Southorn Pacific
3700 Southern Railway
100 Southern Railway pf....
40 Standard Oil of N J
4200 Standard Oil of N J rts. .
800 Standard Oil of N J pf . . .
1600 Stromberg Carburetor ...
200'Studebtker Corp
200ITenn Copper & Chem....
3S00 Texas Co
4200 Texas & Pacific
2100 Tobacco Products
1700 Transcontinental Oil
300 Union Bag S Paper
300 Union Oil
2300 Union Pacific
100 Union Taclftc pf
100 United Drug Co
500 United Drug Co 1st pf...
23700 United Retail Stores
500 U S Food Prod Corp
1000 U S Ind Alcohol
600'U S Realty & Imp
1300IU S Rubber
200 U S Rubber 1st pf
100 U S- Smelting. R & M
13600IU S Steel
700IU S Steel pf
lOOlUtah Copper
lOOIUtah Sec Corp
1600 Vanadium Corp
S00 Vlvaudou V
100 Wabash
1100 Wabash pf A
600 Western Maryland
200i Western Pactflc
f.00' Western Union Tel
tOOlWestlrchoutc E & M
700'Whtellng fr Lake Erie...
390 White Molo-
4500 Wllnn tivcrlanrt
100 Wo.-W-.".h. F W .' . .
no,oihinsun Punv ......
Tofnn nigh- Low- Clos- Net
I It g. I est I est. Ing. Chinge.
27 27 27 27 Vj
264 264 244 .254 tt
68 4 70 4 67 4 70 4 14
42 42 42 42
29 29 28 28
154 15tt 15tt 15tt
1354 135 1354 1354 1
100 4 1004 1004 H0tt 4- tt
60 61 60 61 4-1
414 tt 42 ..
171 174 1704 1744 3
254 254 25 254
42 4 43 42 4 43 4- tt
134 13 134 134
5 54 5 54 tt
10 10 10 10 tt
25 4 20 4 2,-4 26 4- Itt
40 43 404 421, 4. 1
314 31 314 31 4- '
sr4 sr,4 854 8.-.T4 4- 2
108 108 108 10S 4
4 4 4 4 4
70 70 69 69
30 4 3 0 4 30 4 30
24 24 4 24 24 4 4- tt
89 4 8 9 4 S9 4 894 4- '
51 51 51 51
74 74 73 4 734 tt
514 '51tt Sltt 51 tt tt
164 14 164 164 tt
38 38 37 3S
4 4 44 44 -u 4
24 4 24 4 24 24 V,
63 4 63 4 62 62 14
404 404 4011 S
101 1024 994 100
954 9"4 944 95 4
32 32 32 32 14
394 40 394 394
32 32 32 32 14
364 37 364 37
244 24 244 24 4- tt
61 61 61 61 4-
.37 374 37 374 4- tt
37- 39 37 39 4. 1
484 434 474 494 4- Ti
94 94 94 94 4-
164 164 16 16 tt
56 564 jG'.i 564
294 29 29tt 33
96 96 96 96 1
111 111 111 111 4- tt
99 994 99 994
95 95 93 95 4. 4
17 17 17 17 4
S3 4 S4 4 S3 4 S3T1 tt
8S 894 S74 S94 4- 1
794 794 794 794 1
114 114 1134 114 4. 1
15 15 15 15
25 4 25 25 254 4-
324 32 324 324 4
124 124 124 12i 4-
24 244 24 24 14
94 94 9 9 4
12i 13 12 13 4.
75 76 75 764 4-
32 32 31 314 tt
64 64 64 64
934 93 934 93 4. 4
23 234 234 23 V tt
574 574 574 57 4 4-
670 6S5 670 685 4-10
14 14 4 1 tt
1024 1024 1024 1024 4
71 72 70 72 4. 1
66 66a; 6415 66f' , tZ
104 104 10 10 . .
464 474 46 47 4 4- 1
41! 424 414 42 I
t 68 684 66 674 tt
14V, 144 14 14
834 S34 824 S24 U
2S 2S 28 2S
114 113 1134 1144
634 634 634 634
129 129 129 129 4. Hi
494 494 494 494
77 1 794 77 794 24
62'A 63 624 63 ..
52 4 S3 S2 I S3 4
53 4 .13 4 5' 52 1
934 34 92 93i 4
1074 1074 1074 1074 4
60 60 60 60
I 01 92 914 92 4 4-
106 1074 1064 1074 4. 4
65 6S 68 68 Z. 1
8 8 8 844
71 734 71 72 4
184 18 17 18 -- T
84 84 84 84 4- 4
23 4 24 4 23 4 2tt tt
94 9!J 94 9 i 4
29 29 29 "9 1.
S"2t, S24' S2! 82 4
48 49 I 4S4' 49 4 V.
t 1041 104' 10 ! 10 4
' 51 1, .M4t .-,14 .114. 1
IS', 18 IS IS 4
1004 Ino'iioov 1004' --
I Cl Ci't, C4 1 v i l
GOSSIP OP wall'stbeet.
Dull mid Irrriculiir Mnrkct.
A painted ship on ft painted ocean had
nothing on tho Inactivity of yesterday's
stock market, Hales foil bclpw the
500,000 mnrkot and stocks of all classes
wero neglected. With tho genernlpub
lla uninterested and profcssltonls gen
erally undecided nbout the future course
of tho markot It was allowed to swing
Idly back und forth with tho winds of
speculation, Such pressuro ns wuh ex
erted against tho markot evidently wns
In tho nature of rihort selling, an there
appeared to be lust night a brisk dc-
uiund for stocks of nil classes In the
loan crowd. Traders on tho lloor were
content with fractions nnd scalped tho
market on both sides, Wire huuscs did
but very littlo business nil day. Rela
tively the steel nnd rail grou gave the
best accounts ot thcmselvw, some
smaller rails reflecting pressuro of nc,
cumulation, which has undoubtedly been
drummed up by tho persistent bullish
nttltudo nf the Street ns n wholo on
thoso securities. Somo of the high In
ventoried specialties ngnln felt tno ef
fects of hammerlnar tnctlcs by the bear
ish clique, which believed they con
tinued to sell too high,
.Money A Kit In Knalrr,
After opening and renewing nt 8 per
cent, tho highest rcnownl rate slnco
May 17, tho rato for money dropped
back yesterday nfternoon to 6 per cent,
und closed nt thnt flguro, No groat de
mand for money was reported from tho
floor of the Exchnnge, and tho return of
checks which had been used to liquidate
the Juno 1 Interest nnd dividend account
furnished n bookkeeping offset to tho
Government withdrawals of tho lust
two days, Bankers anticipate a moro
or less stringent call money mnrkot until
tho July 15 disbursements havo been
completed. They nro to bo unusually
heavy. The second Federal tax Instal
ment falls due on Juno 15. On July 15
npproxlmatcly $700,000,000 of Govern
ment ehort term notes expire and will
be redeemed.
Equipment Orders.
A crumb of comfort Is to be found In
tho weekly reviews of tho Iron and steel
Industry, which nro reported to bo Im
proved In output, distribution nnd
orders. Probably tho most significant
Itenf In tho reviews ot tho trade for the
week Is the manner In which tho rail
roads are purchasing equipment The
Iron Ago reports that tho Illinois Cen
tral has purchased seventy-seven loco
motives, tho Atlantic Coast line 500 oars
and the Chesapeako and Ohio 1,000 cars.
Otlicr car orders totnl nbout 850. The
Big Four Is In tho market for 3,000 curs
nnd the Bessemer and Lako Erie for
DOO, A Western road hns purchased
3,000 tons of tlo plates, but delivery Is
Indefinite.
WtitchliiK Convention News.
Wall Street Is watching the conven
tions news from Chicago with moro than
usual Interest nnd In many qunrtcrs It
is believed that tho market Is likely
to mark time until the Chicago conven
tion Is out of tho way and a I'reslden
tlan candidate nominated.
Helntetl Gcrmnn .Sclllnn.
A member of a house which transacts
considerable International business de
clared yefcterday that consldernblo day
to day liquidation of foreign accounts,
particularly In railroad stocks nnd
bonds, continued, nnd that nlthough
no evidence In particular was pre
sented that such was the case, tho
Impression prevailed, In his house nt
least, that selling was belated German
liquidation. Several big blocks of rail
load stocks, which wero sold a consid
erable tlmo ago, seller thirty days, have
arrived by steamship and wero undoubt
edly blocks held many years by German
Investors. Despite theTr present low
levels tho proceeds of those securities,
translated Into the terms of the Grman
mark, Bhow n handsome profit to tho
Investor.
Automobile MnUrrs nntl Credit.
A great deal has been said and written
about tho relations of automoblla manu
facturers nnd the present credit situa
tion. It has been charged far nnd wide
that the automobile Industry has been
using up considerably more than Its
shnre of credit and rnw materials. In
that connection the attitude of tho
Studebaker Corporation, Inn letter whlph
hns Just been sent out to all of Its deal
ers, probably Is representative of the
Industry. "We understand," It says, "that
somo banks are refusing to grant banking
accommodations to automobile dealers
on tho ground that the automobile Is a
pleasure vehicle and non-esscntlal. So
far as studebaker dealers are concerned
we believe they are nble to take care of
themselves ; but If any of them are doing
business with banks which deny them
reasonable credit uccommodnttona we
advlsn such dealers to move their ac
counts to other banks conducted on a
broad minded policy. Tho Studebaker
Corporation does business with a num
ber of the largest and most Important
banks In the United States, nnd wo are,
therefore, In a position to state for the
Information of our dealers that these
banks consider the automobile business
and the men engaged In It entitled to
legltlmato banking accommodations and
credit and to constructive assistance
from their bankers. Automobile dealers
who are not abusing their credit but are
using It In reasonable amount havo
nothing to fear, as their business Is
desirable and wide awake bankers ap
preciate It."
Willys-Overland.
An underwriting commission of 20 per
cent on stock probably had not been
beard of In Wall Street until details of
tho underwriting of tho 600,000 shares
of new Willys-Overland common stock
were announced yesterday. The com
pany's stockholders will vote on June 10
on that proposal. On March 24 Its
stockholders authorized the Issue of an
additional 1,000,000 shares of Its stock
of $25 par value at par. In the mean
while tho price of the stock In the open
market had slipped down considerably
below $20. Consequently a compensa
tion of $5 a share for tho underwriting
was announced, the underwriters get
ting on the same terms n six monM
option on any part of the remaining
200.000 shares of stock. Tho offer to tho
underwriters also Is thrown open to any
of tho company's stockholders who may
care to subscribe to tho new stock at
$25, minus the $5 fee. In effect any
stockholder who cares to underwrite
tho new stock will pay 2 points moro
than the open market prlco for It but
will receive a six months call on an
amount of stock equivalent to his hold
ings at $20.
Steel Merger Story ItevlTed.
The story that Bethlehem Steel. Lack
awanna bteel and AHdvalo would bo
merged into one large Independent con
cern, with Charles M. Schwab at Its
head, was current again in Wall Street
yesterday despite the recent statement
that any attempt to merge the corpora
tions had been "temporarily aban
doned." The story gained currency
through statements reported to have
been mado recently by Mr. Schwab to
Chicago associates. It is reported that
a firm of certified public accountants
had been engaged and was making a
detailed Inventory of the physical assets
of the three corporations.
Export From N'evr York.
Wheat, bu., 24.0S9 ; lard, lbs., SS7.S00 ;
flour, sacks. 64.S51; cottonseed oil. lbs..
40.000) b-u-on, lbs., 2.4 4 1,100 1 tallow,
lbs., S12.300. cheese, lbs.. 152,959 ; lu
bricating oil, gals., 503,650.
The
Presidential
Elections
1789
to,
1920
We have prepared a "Polilical
Summary ol the United Slatei,"
containing abitracti of our
Early GoTernment and Ihe
Electoral Syalem, Conclie, Biof
raphiea of tho Preildenli, Po
litical Parties and iheir Origin
and reiulta of Presidential
Election!.
This boolilet i of timely im
portance, and will be uieful for
convenient reference through
out the campaign.
Complimentary copy on ttauuK
giiANDLER& Company
Wmmuxs.
3S Pino St., New York
Philadelphia noton
Now IImw D.ltlmor.
Giving the Roads
a Fair Chance
A Reliable
Estimate of the
European Situation
Discussed in this week's issue of
THE BACHE REVIEW
The REVIEW ts UsueJ u)ee-(y ana
Copies may be had upon rtqueit.
J.S.Bache&Co.
ESTABLISHED 1893
Jfcmberi .Veto Yurk Stock Exchange
42 Broadway New York
Branches and Correspondents
throughout tho United States.
1Q2Q
BUY SELL
TH0MPS0N
STARRETT CO.
T
Common
T0BEY& KIRK
Hmhtn AVt Yerk Stock CccAeuif
25 Broad Street
New York
More Income
Same Security
Bonds of the type that hava
been purchased by banks
and insurance comrjnniel
for the primary reason thatt
they are considered safej
sell to yield 7 or betterj
as compared with 5 otf
less a decade ago. Many ot
these bonds are as safe it
not safer than ever before.
We cannot prophesy tha
trend of prices for the next!
few months, but we believa
that in a few years invest
ors will regret lack of de
cision at a time like this.
Send for Inctstment
Suggcstiom BX-94
A.B.Leach&Co.,Inc.
Inveitment Securities
62 Cedar Street, New York
Chicago Boston Buffalo Cleveland
FhlladelpMa Minneapolis Baltimore
Miller &6q
Members
KoOork Stock. Exchange
Securities Bought for In
vestmeat or Carried
on Conservative
Margin
120 BROADWAY"
-flranci Offices
212 FIFTH AVENUE
SVCCSl.26-STR.llT
LCNGACRE BU1IDING
N. CXCA 42na ST. 4-2SCADVAY
HEWTORK.
MONTGOMERY & CO.
&ch . CVotel -KPrtftm) Stoifa
Rulsielphu - New York - ChttJqo
'1
IP
Jl
0n:

xml | txt