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The Sun and the New York herald. [volume] (New York [N.Y.]) 1920-1920, June 18, 1920, Image 12

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' 1 12
I Outlook for
Railroad Bonds
X 1
1 1 as investments i
THE SUN AND NEW YORK HERALD, FRIDAY, JUNE 18, 1920.
IN a special circular
we discuss the rail
road, bond market
from several different
angles, and specifically
mention a large number
of .bonds which we have
classified in four groups,
according to our judg
ment of their investment
merit.
Write for Circular So. 1703
"The Railroad Bond Markcl"
Spencer Trask&Co.
25 Broad Street, JNcw vonc
AI.IIA.M IIIHMM
aicmuers rew iwn hki -
Clllt'.UlO
FINANCIAL NEWS
AND COMMENT
LISTED ON BIO BOARD,
lifeless Market Reflects Gen
eral Lack of Interest in
Stocks.
CHEMICAL ISSUES STRONG
I Trading Is Further Contracted
i mid Price Fluctuations
Less Important.
i'
Mi
Hershcy Chocolate
Corpoiatlon
lit Lien 7,o10.Yr.G!d Bond
, as and nhen issued
To yield about 7.85
Send for circular showing:
Strength; the plant in
Pennsylvania; the value of
sugar plantations nnd mills
in Cuba; excellent earn
ings for past five years.
Liberal sinking fund
At'ifor AD-3H
TheNationalCity
Company
UalnOfflee :Nnllnnal("ltr Hank Wilt,
I iitimn Office: Fifth Air. & 43rd SI.
Ofnces in over SO Cttie;
i.xtnpl from
federal Income Tax
To Yield
Massachusetts 3'2s 5.00
Oregon AVi 52 to W4
South Dakota 5s & 5'2s. . . ,5H
Minneapolis 5s. . 5.65 to 5.75
Cleveland Sch. Dist 6s . .. 5.60
Tacoma 5s .....6.00
Lorain 5s 6.03
Detailed Inlormalion m Request.
Estabrook & Co.
"24 Broad St.
'.'New York
15 State St.
Boston
Baltimore Prmldence Springfield
A Unique Position
in Sugar
OUR intimate experience of
three decades in merchan
dising Sugaxirid our, world wide
connections qualify us to fut
"'nlsh up-to-date information on
Sugar Securities
Acddia
Caracas
Cent. Sugar
Eajardo
Hdlly
Rational
Central Aguirre
Federal
Godchaux
Guantanamo
Matanzas Amer.
Savannah
,.' Your inquiry 1 intied.
.LAMBORN & CO.
'Specialist in Sugar Securities
Seven Wall Street, New York
Telephone Rector 6310
Members
X. Y SUKk r.x. N. V. Produce Ex.
,V. V Collon Kr
X, 1 . Coffee nnd Sutar l!r., Inc.
Chieaqo ll'Hrd or Trade
London I'roJuce Ctearin House. Lid.
We Specialize in
pt Bank and Insurance
"Rights"
Corn Exch. Bank "Rights"
,. .Irving Nat. Bank "Rights"
ftNat. Park Bank "Mights''
Niagara Ins. "Rights"
IIV hate orders to but; nnd sell
the aboee and respecttull'jintUt
your inquiries.
r
J.K.Rice. Jr.&Cfl.
H$oite 4000 to O10 John. 30 Wall St., X. V
'I'lic action of the stock market ngsln
yesterday fitted In very closely with the.
belief expressed In Stock Kxchange cir
cle earlier In the week that nothing of
Importance would happen with tespect
to price movements until after the Demo
cratic convention nnd semi-annual In
terest and dividend disbursements uie
out of the way. The trading was still
further contracted from that of Wednes
day and tho price fluctuations. If any
thing, were more unimportant than
heretofore, A half a dozen specialties
stood out prominently for their strength
nenln. nntnhlv the chemical shares nnd
one or two new ones, Including Kndlcott-
Johnson, hut there was noimng or in
terest In the rest of tho market. The
itnmltitvl fn-U merilv followed the
course of professional speculation on the
poor or the exenango any, inasmucu aa
they advanced sharply oil Wednesday,
they were due to go down yesterday,
which they did.
It was n case. Just as It has been nil
of this week, of a lack of Interest In the
trading not only on the part of the pub
lic In general, but nlso on tVe patt of
Hie uverage commission house follower.
lr It had been Known, lor instance,
...Mia tlm ..milat u-na in Rpsnlnn that
approximately SG.000,000 In gold Is due
from Canada within the- next few days
or If the regular dividend on Northern
Paclflo had been announced a little
nrllor llinn It there mlsllt have
been the basis of n good sized Tally. The
news In tho morning papers was gooa,
but It made no difference one way or me
other. The truth about the market Is
that It Is In one of the seasonal periods
of Inactivity and no ono believes that
It Is posslblo for stocks to do anything
until after the convention Is out of the
way and the strain In the money mat-net
hn hern relieved bv ths July 1 Interest
und dividend dlsburfements. After those
disbursements are out of the way me
money market will have relatively clear
sailing until the crop movement begins.
It was nnothor day of specialties in
f.,t- bi tiip nnprnl market was con-
Tl,,. lOiemlr-nl stocks Stood OUt
piomlnently. being led upward gnln by
ii sharp spurt In Barrett company ana
strength and octlvlty In both General
ri,ii,.i nml NT.-ittnn.il Aniline. Later
cn In the Bcslon Endlcott-Johnson de
veloped stfength on the expectation mat
an Important development would bo an
.,,, .,,,! oi.nrtiv Th stock rose sev-
cral points from the preceding day's clos
ing anu nnisneu mo ueastuii tni.iiw.i,
at the high for the day. As for the
I real ot ino nai uil-ic
Pleiest In the trading to pay professional
traders to power wun u. uamwm i
a half a point or bo In the early deal
ings and then lost all of Its gains and
more besides on profit taking In the last
hour. The same story was true of other
so-called speculative Issues, Including the
steels. There were several specialties
which were more active than Steel com
mon during the trading.
The money market was featured by
comparatively easy money throughout
the day. There, was somo calling of
loans and at one time It was thought
that the rate might go higher. Inasmuch
as the checks for tax payments are now
boing put through the banks, but the
demand was satisfied and the rate re
mained at the 7 per cent, figure all day.
There la fear that money may he higher
to-day on account of the return of the
tax checks, but It It Is the flurry will be
a short one. The foreign exchange
market was enlivened by a short rise
In sterling, which in believed to fore
shadow a resumption of gold Imports
from (Ireat Britain on a large scale. It
In known that $0,000,000 In gold Is due
111 this country within tho next few
days froih Canada, but whether there
will be any further shipments cou'.d not
be learned. Those who watch the ex
change market closely were Inclined to
believe that the rise m sterling reflected
a resumption of gold Imports on a scale
similar to the movement earlier In the
year, when approximately $50,000,000
was received In about ten days.
M0NEYAND EXCHANGE.
llUth .
T.0T7 .
Year's high.
CAM.
7
MONET.
ILast
Renewal" ..
Year's low.
TIME LOANS.
Chase National
- Bank
STOCK
r?CLINTON GILBERT
sflf iWHSt..N.Y. Tel. 4843 Rector
Ml.rl Collateral
CO to 00 clays
4 to 0 month. . . . 8
Commercial raver.
3 to a months.
fl.rjvniNO
All Tnitttttrlala
CO to DO davi ;V
4 to tt months 8'
nthr Names,
ii .7 to 0 month i
lOttPE STATEMENT
rt...l tlnn.a PTrhnnffeil. Sll(l.t.4.i..in..
balances, Sira.OM.ISO- Knh-Trfasury .Ifhlt
inimm. SRTn.o:! : Federal vesene credit
balances, $lt:.,on(,flhl.
CANADIAN E.VrHANCn
vn.u fnmW lit Montreal. 1140 pre
miitm nr il.000: Montieal funds In New'
York. i:2.81 discount Pr 11.000,
SILVER MARKETS,
liar alher ttn quoted In New York, do
mentlf, Bl tfi.c anil forflcn (Kif In Lon
don. MM., up ,d. Mexican dollars. BSV-,
UP S'sC.
ronnir.N pathanoe.
GREAT nniTAIN.
TVn-ltv Thiirs. YVed
$1.8(103 Demand, sterllnc f.1.07
rahlei. aterllna 3.9711 SM
llankera, 00 daa 3.B.7 3.MU
Hankers, no days .... 3.01 S.80U
10.SO France, cents a franc
Demand 7.S7 7.0
Cables 7.88 7.81
10.30 Relclum, cents a franc
Demand .?2 s.10
Cables 8.53 8.11
10.30 Swltrerlnnd, cents a franr
Demand 18.1.1 18.12
Cables 18.12 18.18
10.30 Italy, rents a lira
Demand ".S7 n.73
Cable 3.8S 5,'tl
UJ.50 flermany, cents a mark
IVmnnil 2.S0 I.n
Cables 2.6 2.50
20.50 Sweden, cents a krone
Demand 21". 21.0".
Cables 21.83 21.73
20.80 Norway, cents a krone
Demand 17.33 17.33
Cables 17.83 17.45
28.80 Denmark, cents a krone
Demand 1H.S7 Ifl.tV)
Cables 18.82 18 63
10.30 Oreece, cents a drachma
Demand 12.00 12.00
Cables 12.10 12.03
10. GO Spain, rents a peseta
Demand 18.37 1(1.80
Cables 10.02 16.63
0.2O Holland, cents a florin
Demand .".0.00 30.00
Cables 3tI.tS 30.12'i
.o.n ijiecno-MovaKiR, tenia a Krone
j JlWrU A, Nobis Theodora C. Com In
NOBLE & COR71IN
73 Ilroad St. New t or'.
at't Ht,- Ot's- L!: - Pf J
Chemical Nat'l Eastman Kodak
TelepJiont 1111 Broad
ttemand
Cables 2.211
20.3 Austria. ints a crown
Demand .8
Cables 70
TAR EAST.
108.32 Shanghai, cents a tad
Demand 100.00
Cables IOt.00
'$ .00 Ilonakonc. cents a dollar
' Demand ,. 73.00
Cables 75.30
32.44 Bombay, cents a rupee
Demand 30.00
Cables 39.73.
43.S1 Yokohama, cents a yen
Demand 31,23
Cables 31.50
SOUTH AMERICA.
41.42 Rln do Janeiro, cents a mllrel?
2.27
98.00
98.75
1.00
1.30
S9.no
39.30
31.23
31.30
Itrntand ?5.00
rabies 25.124
42.81 Ruenn Alrei. cents a peso
Demand 42.12,1
Cable 42.23
103.42 1'riimmy, cents, a dollar
Dtmind 98.00
.......1 sja
!3.33
2J.C0
42.15
42.23
M.OO
t5.23
fllnck Kicliaiuro Uorrrnor Admit
nrrurlllea lo Tradlnir.
The New York curb market waa fur
thtr stripped of Its securities yesterday
afternoon when the governing commit
Ice of the New Tork Stock Exchange
voted favorably on tho applications of
five concerns whose securities have been
tiaded In on tho curb to admit them to
tradlr.-j on the big board. The
stocks aro Island Oil and Transport1, J.
I. Case Plow Works, Hanta Cecilia Sugar
and Texas-Pacific Coal and Oil. Other
applications acted on favorably were for
additional shares of companies, stocks
of which are represented on the Kx
change. Tho stocks listed were as fol
lows :
Island Oil and Transport, $22,500,000
of temporary otlng trust cettlflcatcs
for common stock of $10 par Value;
Hanta Cecilia Sugar, voting trust ceitlfl
catesfor 105,000 shares of common stock
of no jSar value; Texas Pacific Coal and
Oil, $6,000,000 of capital stock of $10
par value, with authority to add
$2,000,000 of additional notice of Issu
ance; .1. I. Case Plow Works, $3,500,000
of first prefened 7 per cent, cumulative
stock of $100 par value, $3,500,000 of
7 per cent, second preferred stock of
$100 par value nnd 125,000 shares of
common stock of no par value; Willys
Overland, $20,000,000 of additional com
mon stock of $25 par value; B. Y. Good
rich, 373,000 shares of common stock of
no par value, with authority to add
125,000 shares of additional on notice of
Issuance: Sears, lioebuck, 200,000 addi
tional shares of common stock of $100
par value; Pacific Development, $4,312,
950 of additional capital stock of $50
par valuo, and Tide Water Oil, $8,617,
400 of additional common stock of $100
par value.
EARNS $9.01 A SHARE.'
Texas l'nclflc Con I nnd Oil Issue
Annual flrport for 10111.
The report of the Texas Pacific Coal
and Oil Company for 1919 shows net In
come, after all charges. Including Fed
eral taxes, of $5,408,611, which Is equiv
alent to $9.01 a share earned on the
$6,000,000 of Its capital stock of $10
par value outstanding.
Its gross earnings for the year, the
report showed, amounted to $20,112,265
and operating expenses to $4,532,945,
leaving operating profit of $15,579,320.
The company's other Income, derived
from the sale of an Interest In certain
leases and from miscellaneous Interest,
&c aggregated $6,742,371, bringing Its
total Income for the jcar up to $22,321,
C92. Its depletion and depredation
charges exceeded $8,000,000, Kor Fed
eral taxes $1,200,000 was not aside mid
$C,386,!i21 was spent for labor and ex
pense of o.ll and gas construction and
dcelopment, Its total expenditures out
side of operating charges being $10,
913,08"f. Dividends of $1,399,817 were
paid by the company during the year,
leaving a final surplus for the twelve
months In excess of $4,000,000.
Custom House Receipts.
Receipts for duties at tho Custom
Houso yesterday were $834,711.73, of
which $222,219.72 was for merchandise
withdrawn from bonded warehouses ai.l
$612,492.01 for recent Importations.
CREDIT CONDITIONS
CHIEF TRADE FACTOR
Bank Sees No Signs of Lower
Money Soon.
Credit conditions are the biggest
factor In the Industrial life of the coun
try Just now, according to" the mld.month
review of business issued by the Irving
National Hank. The bank sees In the
now Issue of C per cent. Treasury cer
tificates of Indebtedness Issued for a
year Indication that there Is no hope for
lower money In tho near future. "This
Interest rate Is Itself the best com
mentary on the situation of the flrtanciul
markets," the bank continues, 'The
high cost of money Is a dominating Influ
ence In commercial and security deal
ings. "Tight credit conditions are responsi
ble for some reduction snles which luvo
been going on nil over the country In the
last month. Not all merchants uro
convinced that this selling movement
marks tho turn to lower prices which It
1.1 hailed to be. Thtlr opinion Is sup
ported by some unusually competent
students of business conditions. There
Is a disagreement, almost a controversy,
as to whether or not prices aro due for a
gradual decline,
"From the purely theoretical stand
point, until production Improves, prices
could not be expected to fall. A large
part of Ihe public, however, docs stop
buying, excepting necessities, after
prices reach a certain point, or so cur
tails Its buying as to bring about read
justments. "So doubt many wardrobes
have been drplcated In the last year or
bo, many pairs of shoes well worn, A
reserve demand which comes Into play
after a while Is thus created, It Is the
kind of force that might, at somo other
time, keep a falling market from drop
ping too fast for comfort. But It Is an
Immedlato Influence as well, If any
considerable portion of the public con
tinues to resist high prices and it pro
duction Improves, prices of course will
become substantially lower. But It can
rot be too much emphasized that there
must bo sustained Improvement In pro
duction before there can be a wholesome
decline In firlccs.
"While the reduction" sales save some
stimulation to retail trade, which had
been experiencing slower momentum, It
Is nevertheless true that merchants have
been buying with great caution. Re
duced orders, as compared with the
most recent years, have had consequent
rTect on Jobbers and wholesalers. Manu
facturers havo felt' the reaction. But
some of the part time schedules an
nounced In textllo'and shoe factories are
probably due to a combination of causes,
curtailed tjuylng, credit restriction, poor
transportation and an unseasonable
spring.
"The railroad situation Is still far
from satisfacto-y. but the railroads have
worked themselves out of the worst of
the bad tangle which blocked their lines
a month ago. There Is still a congestion
of freight at many terminals; piles of
freight In passenger stations furnish
ocular oildence that terminal facilities
are Inadequate. Because of lack of
sufficient equipment millions of bushels
of grain are still kept In warehouses In
the West, tying up credit and Influenc
ing prices. Hearings on the application
of the railroads for permission to chargo
an average of about 2S per cent, more
In f i eight ratts are In progress before
the Interstate. Commerce .Commission.
There are some objections hut no such
protest at the railroads; encountered In
other years when higher rates were
sought. The publlu has come to realize
that sufficient rates to onable the rail
roads to operate efficiently Is the cheap
est way of conveying goods to market,
In other words, that poor service- Is the
costliest In the end,"
SUGAR INTERESTS COMBINE.
Cation nnd Uaiulnlr-nit Kulntea Re
ported In Merger.
The Cuban' and Dominican Develop
ment Corporation Is to he formed by a
combination of large sugar Interests, In
cluding the West India Sugar Finance
Corporation and Potter IIioj. & Co,, New
York bankers, for tho acquisition and
development of largo properties in Cuba
und San Domingo, Details of tho too
posed combination have not been given
out, the corporation und the bunking
firm having declined to make an official
statement concerning it until details
should have been more carefully worked
out. The new company will have. It Is
understood, a capitalization of $32,.
000,000.
The financing of the plan, It was
learned yesterday, will not Include n
public stock offering, tho underwriting
syndicate for which has been closed.
Only thirty per cut. of tho capital will
be called from subset liters at present, It
was said, and It Is expected that ihr
Lfuluic profits of the sugar estates to be
taken over in the consolidation win sup
pi sufficient funds for working capital
and consequently the underwriters will
not be called on for further payment.
Among the estates In Cuba which, It Is
expected, will go Into the merger are the
Haglllo and Santa Ana. Tho Barahona
CBtate In San Domingo Is prominently
mentioned as Included In the deal.
J. I. CASE PLOW NET $707,850.
fciiipnny laanra Reports fur Nine
Months In April I.
The J. I. Case Plow Works Company
reports for nine months ended on M'irch
31 net profits of $707,850. Tho gross
Income from IU sales of agricultural
Implements and tractors amounted to
$7,094,229, and tho manufacturing cost
of Its products to $4,743,451, leaving
operating profits of $2,350,778. Deduc
tions of $87,481 were made for Inventory
adjustments and $1,555,457 for selling,
general and administrative expensos
and Interest charges, leaving net profits
of $707,850.
The company's orders on hand aggre
gate 2,200 tractors, and Its production
will be Increased by the completion of a
new Iron foundry In the near future.
Its annual outuil of tractors Is about
7.000.
0 ersuliscrlbp Federnl l.nnn.
.1. M. Chase; acting governor of the
Federal Reserve Bank Of this city, an
nounced yesterday that tho subscription
to the United States Treasury certifi
cates of Indebtedness, dated and bearing
Interest from June 15, was closed on
Wednesday. Preliminary reports re
ceived by the Treasury from the twelve
Federal Reserve banks and Included In
his report show that the combined Issue
of certificates, series A-1921, at 54 per
cent., due on January 3, 1921, and series
T-J, 1921, 6 per cent., due on Juno 16,
1921, totalling $400,000,000, has been
oversubscribed.
BANKERS HERE BUT
INTO VIENNESE BANK
New York Interests Take
Crcditanstalt Shares.
An event of unusual Interest to Ameri
cans doing business with Czecho-Slova-kla,
Jugo-fllavla, Bosnia, Herzegovina
and other nalkan remnants of tho for
mer empire of Austria came to light yes
terday when It was announced that
Kuhn, Loeb & Co. and the Guarantee
Trust Company had acquired Jointly nn
Interest In tho Austrian Credltanstalt.
The participation of American banking
capital In that Institution, which Is the
leudlng Industrial and commercial bank
In the States formerly Included In the
Austrian Empire and has flnanrlsl In
terest In many Industrial and commer
cial enterprises In those countries, Its
head office In Vienna and brarches
throughout adjacent territory, fore
shadows, It was said yesterday, at) ex
tension of American capital Investment
In those countries.
How large an Interest In the Austrian
Institution hatl been acquired oy the
American hankers could not bo learned
yesterday, but It was sufficiently largo
to enable Kuhn, Locb & Co. and the
Guaranty Trust Company each to name
n director to sit on the board of the
Crcditanstalt. The reports from
Vienna, which were confirmed at the
office of Kuhn. Loeb & Co., said that the
new shares acquired had ft value or
40,000,000 crowns', worth at the present
rate of exchange about $500,000, but It
Is understood that 'each Institution put
up $250,000 for their Interest In the Aus
trian bank.
The Austrian Credltanstalt had a cap
ital ot 200,000.000 crowns and the at-tr,-etlve
opportunity for American
bankers to acqulro a portion of Its cap
ital stock was presented by the desire
of that institution's directors to Increase
Its capital. It Is proboblo thatv tho
American Investment amounts to 15 or
20 per cent, ot Its outstanding capital
ization. The bankers regarded tho
transaction as more or less of a private
affair, negotiated by the Warburg houso
In Hamburg and confined definite In
formation to the following statement:
"Kuhn, Loeb & Co, confirm that they
and tho Guaranty Trust Company have
acquired an Interest In the Austrian
Ctedltanstalt, which Is the leading In
dustrial and commercial bank In tho
States formerly Included In the Austrian
Umpire."
The tables yesterday from Menna
eald that the announcement was taken
thero as Indicating a further decided ad
v.mce In tho penetration of American
capital into German and Austrian bank
ing and Industrial enterprises, which has
been actively In progress for a consider
able time. The purchase Into the Vienna
Crcditanstalt recalls tho recent Invest
ment of Kuhn, Loeb & Co. nnd the
Guggenheim copper Interests In a sub
stantial block of the shares of the Ger
man General Electric Company, which
also was an advantageous acquisition
on account of tho depreciation ot the
German mark as expressed In terms of
the dollar. Tho depreciation of the
Austrian crown In terms of the dollar Is
oven great than that recorded at any
time by the mark.
NEW YORK STOCK EXCHANGE QUOTATIONS.
THURSDAY, .IL'NE 17, 1920.
Day's sales
1920.
304.002
r-Clottiif.-, IDirn r
nid. I Ask, lln S.I (Ules. I
33 4
V
90 V,
40
137
106
45
U
1291',
83 W
80,i
96
100
17
23 k
60 H
39 V,
124?i
87
47'
95
B5,
97 U
'40
14'i
56
3H
60
.58
7
103
159
116 V,
30H
148H
1011
2t'j
IOGVj
90C
n
9
96
93',;
8
21U
29Vk
112 H
06 "J
9:n
42;
i'7i
51
20; 1
IK 1,
69
89?
35
3i
741.
15 V,
30',
tUl',
35
31
MS
v
79 M
13?s
33
12!s
92V,
10.115
33 14
13SV4
3.1 ',
52
79
SS
184
4
9U
90
73&
34
32 i
21i
12H
174
174
65 H
23H
20',i
08!i
35
12 U
601,
82
70 i
B2
17
81
52
3H
82
123Ji
311
87 i
CO
79
66 1 a
17 "a
SO
76
42
ioe
35
Ui
2'i
9 Ha
40
137I
112
45i
12
135
84
83
971.4
101
17H
24
60 14
39 1,5
1251,4
87 U
51
95 V,
5 5
98
42
14',a
4
73
791,4
losil
160
116
31
149 W
105H
107 Vi
90 H
9i
110
9391
SU
22
30
113
67
lOUt j
3(;
:8 1C
oI,
21
:i2
4!'
70
90
.16
74?;
15
31
66
35 la
32
B4T4
31i
83
r,o
82
131
331,
1241
92?;
105
36
139
56
52 H
79 ?i
90
183
9k
91
75
35
32 !i
24
13
171
178
66 tl
23 Si
73
62'a
214
681
36
It
61
85
7Uj
55
17-
82 V.
62'i
3i
84
133
32
88 U
61
St)
61
11
SI
100
100
400
200
600
Advance Rumely
Alaska Gold M . . .
Alaska Juneau G
Am Beet Sugar. .
Am i;an
SI.
1900lAm Car & Foundry.
100
200
lOOIAm Druggist Syndicate..!
Am Car A Foundry pf . .
Am cotton un.
100
500
100
1950
200
3800
COO
600
300
300
200
100
1100
1000
1000
7900
.100
200
500
lOOIAs&els Realization
10
100
700
500
100
100
1200
17900
300
15100
100
200
900
1700
200
100
200
200
100
800
100
100
500
700'
20"
400
11100
200
300
300:
700
900
400
800
Am Express
Am International Corp.
Am Linseed Co
Am Locomotive
Am Locomotive pf
Am Safety Razor
Am Ship & Commerce..
Am Smelt & Ref
Am Steel Foundries
Am Sugar Ref
Am Sumatra Tob
Am Tel & Cable
Am Tel & Tel
Am Tobacco Sec
Am Woolen ex dlv
Am Woolen rts
Am Writing Paper pf..
Am 21nc, L & Smelt
Anaconda copper
Open
I Ids.
Assoc Dry Goods 2d pf. .
Atch, Top & Santa Fe. ...
Atch. Tod & Santa Fe tf.
Atlanta, Blrm & Atl ' 7V4
Atlantic Refining pf 10
33 4
1H
. 92
40
US',
108
46
lift
130
84
80i
98
101
1754
60 $
39 4
125 Vi
87 Vi
47
94-74
56
974
'i
40 K
13!i
56 ,
4
60
!??
44
fi!
10!
'l
6
iOc
Atl. Gulf A W I S S
Baldwin Locomotive wks.
Baltimore & Ohio
Barrett Co
Barrett Co pf
Bethlehem Motors
Bethlehem Steel 8 p c pf.
Bethlehem SUel B
Booth Fisheries
Brooklyn Rapid Transit. .
Bklyn R Tran ctfs of dep.
Brown Shoe
Brown Shoe pf
Eutte Copper ft Zinc
Butte & Superior Copper.
California Petrol
Canadian Pacific
entral Leather . . . 1
Central Leather pf
Cerro rtc Pss:o CoPl'er. . .
Chandler Motors
fhesapeako & Ohio ....
entente urt western nr..
Chicago, Mil St Paul.. .,
Chllcago, Mil 4 St Paul vf
Chicago & Northwestern..
Chicago Pneumatic Tool..
Chicago, it 1 Pacinc. . .
100 Chi. R I Pac 6 p r pf. .
looicni, k 1 & l'ac 7 p c pr. .
100
450
iti
117V4
3011
146U
105V1
21 4
107U
90V?
S
12
9
98
93 Vi
8
21
100
1900
300
100
4000
100
100
100
100
200
400
2200
400
200
16000
500
10200
300
200
700
4000
900
7600
300
400
1650
100
400
800
55
100
13600
19723
400
S00
300
4l00;
100
29?',
12(4
66
100
4314
99
5114
21 5
3H,
48 V4
70
SRs
36
6414
71 7
Chile Copper I 13i
Chlno copper 304
Clev. C, t; & St Louis pf. 64 V
Coca-Cola 34 U
Colorado Fuel & Iron. . . 32
Columbia Gas & Electric. 544
Columbia GraohCDhono .. 31"!
Columbia Graphophone pf 81
(Tomp ran itecoru.... :
Consolidated Gas 79 U
Con Interstate Cal Mln... 13.
Consolidated Textile .... 33
Continental Candy 12 V,
Corn Products Ref 93
Corn Products Ref pf. ... 1041
Cr.silen & Co 36
Crucible Steel Co 13814
Cuban Amer Sugar So '4
Cuba. Cane Sugar 33
CUDa cane Sugar pi. .... . in,
Delaware & Hudson j 88 la
Del, Lack A AVcstern '185
Denver Rio Grande. , . .1 4U
Denver & Rio Grande pf.l 914
T' .1 1 . , I I C '
r.itmiuii uutinsun .......
Famous Players-Lasky ..
Federal Mln & Smelt. .. .
Fisk Rubber
Freeport Texas
(lastorf W A Wlgmore...
General Chemical Co
General Chemical Co...
General Cigar Co
General Motor Corp
General Motor rts
General Motor Corp deb.j
Goodrich (B F)
Orav & Davis. .
Great Northern Df
Great Northern Ore ctfs.
46
i06V,r
4'
4t
1
lOOIGulf, Mobllo ft North....
100 Gulf States Steel
100 Hartman Corp
4000 Haskell A Barker Car...
100 Homestake Mining
400 Hupp Motor
100 Illinois Central
200 Inspiration Con Copper. .
300 Interboro Con Corp
200 Int Agrl Corp pf
400 Int Harvester Co
100 Int Mer Marine..
1100Int Mer Marine pf
ltOOiInternat'l Motor Truck...
100, Inter Motor Truck 1st pf.
200ilnter Motor Truck 2d pf..
S00ltntcinatlon.il Nickel , .
200,Inlernatlof.al Nickel yf...
900tlnternatlonat Paper
lOOIIsIand Creek Coal
lOOtKansas rl gotitbem pfi
300, Kelly Springfield Tire....
1
874
35
3314
24
1S!4
174V4
1791
6514
2314
i
7214
63
2111
6914
33 V,
12 4
0T4
82
694
55
1714
814
53
3!i
82
132T4
314
874
(2
78
661;
1714
St
76 U
67
4t
10S
1919
1.242,77!
BSC
33 V4
U4
92
4014
13814
108
46
11 K
130
84V4
804
98
101
174
23 14
6014
3914
125 4
8714
47T4
95V4
56
9814
40K.
Wi
564
4
60
794
744
74
101 '
161V4
150V4
1054
21 44
1074
91
Si
12
9
9814
934
8V4
21,
291
113
Lowest.
Clot-Int.
ISIS.
420,202
Nit
33 4
Hi
ft
904
40
137
108
46
I1a
130
834
804
964
101
17
23 4
60
39
125
87U
17 '4
944
55 V,
97 4
39k
13V4
56 V,
4
60
79
74 4
74
104H
159J4
1164
30
14614
1054
214
90
814
12
9
98
934
21s
294
1124
100 10.1
4314
99
514
214
32
491,
70
89-4
36
6 IU
33 4
114
o
9014
40
13714
108
46
11 i
130
834
804
97
101
17 4
234
60
39
123
8714
47V4
954
531.'.
97 4
40
L1,
56
60
i9
744
74
104 '4
159J4
81
149
1054
215
1074
90
811
12
9
98V4
934
1 1",
13,
30 4
6IV4
354
32 Vj
641
31 Ta
81
49
791.4
131.
31,
1214
93
10t4
36
1404
56
5314
79"i
88 U
1S5
Vi
9014
76
35
334
24
134
isa
i
724
63
21 4
69 VI
354
124
6014
82
mi
63
3!4
82
133
314
.13 -14
62 4
78
fili
!P
7711
6
4t .
10s
214
294
1124
66i
100
43 1 43
97'..'.' 98
im
69 T4
88 '4
354
64Va
714
154
3C4
64 U
34
32
54)4
31
81
49
79 4
7
12 V4
9214
lot
36
1374
64
52 VI
79
874
184 4
4
911
874
74T
35
.124
24
12
1744
179 4
65 4
23 4
62H
21
684
23Vi,
121
60'4
82
694
55
17
814
53
3S
82
132T4
314
17
60
7.1
664
171?
81
76
57
42
514
21
32
48ii
70
8814
36
6IU
741
15t
304
64 M
33V4
324
54 n
314
81
49
7914
13
234
12 V4
924
10114
3
13s 4
661
52 14
79
874
185
44
94
904
744
35
324
24
12T4
177
173 V4
654
23jl
721.4
624
21
684'
334
$i
82
71
65
17V4
814
63
34
S2
133
314
874
60 it
78
674
174
81
IS
214
2U
'4
V4
1;
1
Vi
-"',
V
i;
!
r- 114
Ji
14
'i4
' a
24
-.
s
14
'il4
I'a
"'2
'
4
i i
- 34
-
'.4
1
li
4
1.
loivj'.ioivi
24
1
214
?
14
4
A
"h
1929.
Year lo date 119,230.063
1119.
131.282,639
1911.
68,495,406
-Closlnt.-, DrrT T
Bid. I Ask. ln . Siles. I
Open.
I 'it.
93
26
274
69
41
28 V,
16
16
97
60
194
lii
176 V4
20
28 T4
4114
5 T
24
394
96
33 4
93
SI?
67 4
4
12
674
281,
85 V4
704
52
16
'It
6i
23 ?4
52
1014
964
91
334
384
23
3614
394
4914
90
154
84
264
164
102
97
100
28
1614
83 4
431
434 I
fi'i
47 4
914
11814
11
7
124
74 14
304
66 V4
314
24
56'
630
630
10014
lOOU
40
74
68
9i:
50 j
1014
4714
394
114
68
1394
107
85 Vi
81
99
28 11.20
70 6
414.3 4
2Si
16Vi
.47
98
60 4
lit
177
204
29
414
6
24V4
40
99
34
7214
94
9
70
5
124
684
284
87
714
55 I
174
39
M
s
24
53
1014
97
93
384
39
234
36 14
10
50
93
10
86 4
271.
17U
1024
99
105
29
164
SJj
44
44
84 1,
50
92
11814
114
214
?s
134
75
3094
671
9114
22T4
66 4
662
662
1004
1004
41
741a
6814
101
61
10V
47
40
12V4
69V4
14
117
87
1.60
4
5.20
74c
lOOIKelly Spring Tire S p c pf
uuKcnnccott copper
700Kcystone Tire & Rubber. .
500 Lackawanna Steel Co....
200 Lehigh Valley
1400 Loews, 1 lie
400 Loft. Inc
100 Loose Wiles Biscuit
100 Louisville & Nnshvllle. ...
100 Mackay Cos pf
1000 Martin-Parry Corp
200 Maxwell Motor ctfs,
200 Mays Dept Stores
1700 Mexican Petroleum
200 Miami Copper
800 Middle States OH
3600 Mldvale Steel & Ord
200 Mlraourl, Kan & Tex
1100 Missouri Pacific
8400 Missouri Pacific pf
100 Montana Power pf
lOOIMont Ward & Co
72C0)Natlonal Aniline A Chcm.l
lOOOINational Ani & Chem pf.J
100' National Conduit A Cable. I
100'Natlonnl Enam & Stamp..
lOOINat R R of Mex 2d pt...
400iNe.vr.da Con Copper
JOOi.New York central
700
200
700,
100
1001
1400
400
9
264
27
70(4
-Hs
29
16 V4
46 4
98
60
20
16
111 Vi
1774
ill.
42
o Is
24 V,
404
99V1
331
7-Vi I
Hlcb-eat
95
26J
2794
70 Vi
4 Hi,
29 ,
16 Vi
464
98
60
20
17 4
11114
1784
204
29
424
614
2414
404
99 14
3394
3
Low-eat.
Closing
Net
Cbioii.
94 41 95
1134
6314
15
65
894
84
10s
Dl
113 Vi
63
20241204
20 111 22
18V iT4.;
15n
63 41
S3 Ml
! 591.1
! 95
1109
I 59
934
10311
68 4
83
754
10714
117
11U
211 Va
52
94
4914
53
IS't
S4
113
6
921
105
74
834
74
106
115
18
224
51
' 9J
49U
51
184
824
104
634
New York. N II & II ... .
Norfolk A Western
Northern Pacific
Nova Scotia S & C
Nunnally A Co, .. ,
Ohio Cities Gas
Oklahoma Prod & Ref....
400 Ontario Sliver Mining....
400 Otis Steel
200 Pacific Development
6500 Pan Am Petrol AT
500 Pan Am Petrol & T B. ...
500 Penney Co (J C) vf
900 Pennsylvania R R
1600 People's Gas, Chicago....
300 Pcre Marquette
200 Philadelphia Co
7200 Phillips Petroleum
2200 Pierce Arrow Motor
' 100 Pierce Arrow Motor pf...
200 Pierce Oil Corp
100 Pierce Oli Corp pf
1000 Pittsburg A West Va
200 Po.id Creek Coal
900 Punta Allogre Sugar
200 Rsllwny StI Spring ex dtV
200 Railway Steel Spring pf...
lOOtRand .Mines Am
lOOIRay Consol Copper
2400 Reading
100 Reading 1st pf
100 Reading 2d pf
2100 Replogle Steel
1300 Republic Motor Truck. . . .
.1000 Republic Iron A Steel
3400 Royal Dutch Co N V
600 St Louis Southwestern...
300 St Louis Southwest pf...
300 Saxon Motor
100 Seaboard Air Line.......
100 Seaboard Aid Line pf
500 Shell Trans A Tradlns
4500 Sinclair Ccnfcoi Oil
600 Sloss-Sheffleld S A I
600 Southern Pacific
.100 Southern Railway'
200 Southern Railway pf.,..
2 'Standard Oil of N J....
10 Standard Oil of N J
40 'Standard Oil of N J pf..
2700 Standard Oil of N J pf . .
100 Stowart Warner Speed...
500 Stromberg Carburetor . .
6600 Studcbaker Con
100 Stern Bros pf
100 Superior Sleel Corp
200 Tenn, Cop A Chem
3200 Texas Co
1900 Texas A Pacific
100 Third Avenue
800 Tobacco Products
2100 Transcontinental Oil ....
100 Underwood Typewriter pf
100 union nag & i-aper....
2100 Union Oil
.100 Union Pacific
300 Union Pacific pf
500 United Fruit Company..
100 United Ry Investment pf
910011'nlted Retail Stoics
1001U S C I Pipe A Fdy
I600lr 8 Food Prod Ccrp
6700!tJ S Ind Alcohol
1200 U S Realty & Imp
llOuil S Rubber
200IL S Rubbcr'lst pf
100U S Smelling, It A M. ...
12800HJ S Steel
84
674
49,
121J
68
284
854
7094
64
16
384
4H
64
24
52V4
1024
97
93
III
23 Vi
364
29
50
93
16
8314
2711
174
10394
974
100
29
164
84 I,
434
434
84 4
51
92
11814H181;
114
29?i
9
714
13
75 ',4
31
SIS
si
649
658
1100
1004
40
73
68 4
974
50
10
47
404
12
68 4
14
1084
S7
274
1139411134
'?
67 1
44
12?i
68
284
854
71 Vi
54
16
3814
4H
714
24
52 Vi
97
93
3894
3914
23 Vi
364
40
50
93
16
8514
27 U
1794
10394
97 Vi
100
29
1614
84V4
434
43.
844
61
92
1114
214
U
71,
13
75 Vi
31
68
9194
2214
56
649
602
100
1004
40
7514
6814
974
50
10
474
40 4
12
68 94
14 Vi
1084
28
631
'203
I 21 U
I SOVi
j 1611
i 614
I
7
Si
T 15
-r
600IL S Seeel pf
200 Utah Copper
15300 Vanadium Corp
S00 Va-Carolina Chem . .
100 Va-Carollna Chem pf.
1700 Va Iron, Coal A Coke.
100 Vlv&udou V
100 Wabash pf A
100 Wells Fargo Express.,
200 Western Maryland . . .
200 Westlnghouse E A M. .
300 White Motor
600 Willys Overland . . . . .
.",00'Wil!3 Overland pf..
100 Woolworth (FW) Pf . .
;oo'Wcrth"nst-n Pump 66 . 6(i . 65. I 85
nan low.
NOTE: Odd lot transactions are not recorded In separata Use unless sale
were made at price outside of the regular full lot range.
581
94 "J,
.108
. 5S
.! 934
.'1054
:! Ilil
I 769i
.11064
.'110
184
23
SI
9 4
4914
50 '4
11
S3
fi.l.v.
203U
21 Ii
SOU
1614
6614
91
Sit:
944 f 934
tux 10;'
95 I
26 4
27 I
70 I
4141
2814
164
46 4
98
60
20
16
11114
176 4 j
28 4
4114
51s
24
3914
9914
334
71 V4
93
84
49f
1214
61
284
85 9s
70
54
16
Slty
64
23 iJ:
52
1014
97
93
384
3894
m
39
49H
93
1514
8514
264
17 4
102
9714
100
29
1614
83J4
4 3 94
434
8314
474
91
1164
11
214
94
74
13
Is?
91V4
11
649
658
100
10014
40
75
674
974
50
10
47
39 4
12
68
134
1084
274
113
624
203
214
784
161,
641
S7 4
95 !
2641
2711
70
4114
284
1614
464
98
60
20
174
11114
1764
204
29
41 H
STI
24 Vi
40
994
334
72
93
8 4
074
494
124
68
2814
85 9i
7114
54
16
3894
4H
7V4
2314
62
10194
.97
93
384
39
2314
364
40
4994
93
13'i
8514
2694
174
103
974
100
29
1614
834
4.14
434
834
4994
9114
1164
11
214
94
la
75
3094
67V4
9194
224
554
649
662
100
10014
40
68
974
50
10
474
39 4
12
681,
14
1084
14
-14
H
14
IK
i
4
T,s
U
14
ii
24
4
'4
2'4
1
"4
U
12
Vi
194
flOSSIP OF WALL STREET,
Market Drifts Atioul.
Yaiterday's market, with a turnover
of 304,002 shares, set ft new record for
the year in the minimum of sales for ft
Ave hour session. Tito previous i
. M .t1Sl
mark was 308.528. Stannara i.
drifted here and there, most of them
within a very narrow arc. and to tar
they were concerned the day might hwe
been wiped oft the calendar, because)
there was little progress on eimei
of the slate. Some of the specialty.
notably Barrett nnd otner enemies,
stocks, are expected to go Into a merger,
Endlcott-Johnson and one or two others
furnished all of the pyrotechnics touched
off during tho day, and. In fact, tho
entire Interest centred about those se
curltles. Crucible stood out sharply
because of Its weakness Just as the few
Bpcclaltles stood out unmistakably be
cause of their strength. Money opened
nnd renewed at 7 per cent, and stood at
that figure nil day. Under present
Ilnanclal conditions 7 per cent, for call
money Is not considered high, and there
fore It did not enter the general market
ccnslderatlons. It was reported after
tit. Moan iTtut nlirht that SOVCral millions
of dollars went utiloancd yesterday, al
though the rate was not reuuecu.
nndlcott-Johnson,
Next to the chemical stocks Endlcott-
Johnson stood out most prominently In
jesterday's. trading. It advanced from ft
low of 87 to 9014 and closed fractionally
under that figure. There has been a
very large short Interest In Endlcott
Johnson since the death of Henry
Endlcott on tho theory that somo day
his estate, would bo obliged to liqui
date Its holdings and'afford tho shorts
an easy loophole to cover. That short
Interest Is said to havo been about 10,000
shares, and Included a largo operator
who nlso held tho theory that tho shoe
business had reached Its peak. It ap
pears now that both assumptions were
Incorrect. The company's business Is
expanding ns It Is making use of Its
Increased facilities. As for the stock of
the Endlcott estate, it ts understood that
there Is no possibility of Its coming on
the market m the Immediate future. It
would not surprise those famlllnr with
the company's affairs If an official an
nouncement should be forthcoming con
cerning the stock hold by tho Henry
Endlcott estate.
Santa Cecilia Sugar.
Among new stocks which will mako
their appearances on the big board to
day especial Interest among traders at
taches to Santa Cecilia Sugar Corpora
tion common, partly becauso of tho good
market which that issue has enjoyed In
the Curb nnd partly because traders gen
erally have shown a disposition to turn
lo the sugar stocks for their profits of
late. It ts reported that a strong pool
has been formed In tho stock to glvu
It a proper Introduction to tho big mar
ket. Tho possibility that something will
be done In the July meeting of Its di
rectots which will bo very favorable to
the company's stockholders Is hinted at
freely In quarters close to Its manage
ment. In his application to the Stock
Exchange the company gave its net
profits for the year ended on July 31,
1919, beforo Income and excess profits
taxes, as $296,044. Its earnings are very
far In excess ot those for the last fiscal
year, partly becauso of the high price
received for Us product and partly be
cause of Increased efficiency of opera
tion. This year, It Is known, will bo
the best ono in the corporation's history.
Crucible's Dividend.
Although It had been about In line
with expectations traders did not take
kindly to tho Cruclblo announcement of
a 16 2-3 stock and a $2 cash extra divi
dend. The result was a 54 point de
cline, which rocked jthe entire market
and was one ot the day's holdbacks.
It was tho general opinion that tho de
cline recorded was not so much tho
expression of disappointment at the
action of tho directors as .the belief that
the recent advance In the stock had well
discounted tho current development. Thu
Initial sale of yesterday was a block
of 10,000 shares from 138 4 to 139V4,
after which the stock rallied to 1404.
Trading In Crucible was desultory for
the balance of the day. Tho belief was
expressed yesterday In quarters gen
erally right on that stock that another
extra dividend might be anticipated be
fore the summer Is over.
Ilnldvvln's Orders.
Orders for new locomotives continue to
roll In in heavy volume to tho equip
ment companies. Baldwin announced
yesterday that orders had been received
for twelve locomotives from the South
Manchurlan Railways and for ten nar
row gauge engines, from Brazil. Bald
win Is taking an average ot $1,000,000 of
new business weekly, and its plant Is
running about evenly on foreign and
domestic business.
Northern Pacific's Dividend.
Directors of Northern Pacific met yes
terdsy afternoon and took the expected
action or declaring the regular dividend
ot 11 per cent, quarterly. Following
tho cut In the Northwestern dividend
last week, there were somo reports In
the Street that Northern Pacific's dlrec
tors would follow suit, and on It Its stock
has been rather heavy all of this week..
The renort was at once denied unoni
clally, nnd the Street had pretty well
made up Its mind before the directors
went Into session yesterday afternoon
that no change would be made. Great
Northern directors, who also were ex
pected to meet yesterday, did not get to
gether because of the lack of a quorum,
Some of the directors, It was reported,
were detained because of high water
encountered en route. The meeting
probably will be held to-day.
No Plnu-nr Cae In Tauiplco.
A cablegram received yesterday at the
New York offices of the Mexican Pe-
Itroleum Company from William Green,
genera superintendent ot tne company s
operations at Tamplco, denied the ex
istence of bubonic plague at that port.
His cablegram follows: "Bubonic tests
made In-Tamplco by officials In charge
of quarantine show negative. Therefore
It can be officially stated there Is no
bubonic plague In Tamplco."
38
934
10514
67V4
Sti
764
106V4
119
184
23
51
94
4H4
30T,
19
S3
21
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203
2114
7894
1GV4
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n o rj
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t
-- '-4
Vi
824' S2,
IO614 1011, 104,106
41
-T- 1
-f '4
4- 2
2V4
Hank of Ilngland Gains Gold.
The current statement of the Bank of
Englarjd shows a considerable accumu
lation of yellow metal, and that circum
stance and the noteworthy rise of ster
ling In this market to tha neighborhood
ot $4 arc pointed to In local banking cir
cles as significant. Wall Street Is look
ing forward to the announcement of tho
resumption of gold Imports to this cen
tre. The Increase of Bank of England
,-oId holdings this week Is nearly fl.000,
000,"wh!ch brings the total gain for three
weeks to 5,300,000. The- bank's present
bullion reserve of 117.690,000 Is close to
the accumulation ot 118,270,000 re-ported
by the bank on March 18, Just about the
time that the $30,000,000' gold movement
from London was started.
Mergers.
Merger Is the magic word that keeps
rpeculative stocks boiling and fuel was
added to the merger fires, always kept
burning brightly, by two new possi
bilities. One report of yesterday was to
the effect that a merger between two
oil companies of prominence was on.
The other merger story was that a big
ship company was about to take a little
ship company under Ps wing. Added lo
the steel merger and the chemical mer
ger, thota possibilities shcild aid In
keeping V " . -set from sc.u -ntirely
asleep until after the Democratic Con
Tentlon, for which It plainly is waiting.
Railroad Equipment
Bonds
The issuance of Equipment
Trust Certificates on n 7 basis
by railroads of the highest credit
otundinft gives investors an op
portunity to obtain a very liberal
return upon securities of tho
soundest character.
Wo shall be glad to send, upon
request, a copy of our cuirent cir
cular which describes tho moit
Important recent isiuos of Rail
road Equipment Ponds.
Rcijmmid&CQ.
Members New Tork rlttiburih
Stock Exchanges
33 Pine St.
Union Arcid; B.'dj.
New York
Pilllbuitli
Studebaker
What this well
known company has
accomplished, ilsprcs
cnt position and its
prospects arc dis
cussed in a special
article in the current
issue of our Market
Letter.
Copy on request
SHONNARD.
MILLS 6i CO.
Memhen N. Y. Shck &cnan
120 Broadway, N. Y.
Telephone: Recto; 803). ;
Municipal Bonds
Exempt from til Federal Income
Taxes
Legal for Savings Banks and Trust
Funds In the State of New York
City of Indianapolis 4s
June 30, 1924
YttlJ 5.60
City of Los Angeles, Cal.,4'23
Aug.. 1926
Yield 5.60
State of Utah 4'28
1939
Yield 530
Particulars on application
Eastman, Dillon & Co.
Members
A cir York Stock Eichrtnji
71 Broadway
New York
WE OFFER
Kingdom of Bclginm
25 yr. 7 Bonds
Issue $50,000,000 of which
$2,000,000 will be drawn by lot
and retired at 115 each year.
Yield from 8 to 25
according to year called
Price and Circular
on Application
McClnre, Jones & Reed
Members New York Stock Eichanj
115 Broadway New York
Telephone Rector 7662
FOR SALE
North American Co.
Stock
J.K.Rice,Jr.&Co.
Phones 4009 to 4010 John. 36 Wall St., N. Y.
HARTSHORNE,
FALES & CO.
stembers S. Y. Stock Exchanai
71 BROADWAY
Telephone 7610 Bowling Green
American Typefpunders
Empire Steel and Iron
Victor Talking Machine
FREDERIC H. HATCH & GO.
Kstabllshed 1M.
rhona Rertor 6310. 71 ll'wat. New tori
WIRR coNVRr-rinNS
ijloston, Chicago. Thlla., Montreal, rinsbun
Merrill,
Lynch
&Co
129 Broadway, N. Y
Hernias Ntu Ycti Stick, Exthsnt
zm. stoci-
Price Pr r
accruftl dlldeti"
f 'rreutnr A c!
.......i
I

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