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The Sun and the New York herald. [volume] (New York [N.Y.]) 1920-1920, June 19, 1920, Image 12

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riione, Rector 5000
Joseplitlial & Co.
120 Broadway, New York
Members
New York Slock Exchange
Foreign
Securities
Private Wires to
Principal Cities
Carstairs & Go.
Members New York nil
rhlla, Block tiichangta,
71 Uroadway, N. Y.
HID Walnut HI,, l'hlla., l'.
Howling Green 0110.
MONTGOMERY & CO.
JBonVfv. SVSter v.tfVecrrfi Stocfu
Philadelphia - New York. - (liitii0
Suggestions for Investors
may be had on request
A. B. Leach & Co., Inc.
Imeitmcnt Securities
62 Cedar St., New York
Chicago Philadelphia Iloaton Dultal
Cleveland Ualllmore Minneapolis
National Park Dank Rights
National City Bank
Corn Exchange Bank Rights
McCLURE, JONES & REED
MtmtmXao Yo'k Stock Kichanie
111 Uroadway rhono jort'-l Hector
. THE
PHILADELPHIA
NATIONAL
BANK
TWO COMPANIES CUT MELONS.
I'rorlrr Jt Gamble niul Anirrlcnn
tias Annuunce Dividends.
Two moro corporations, the Procter A
Gamble Company and tlio American Gas
and Eloctrlc Company, lwivo Joined Uio
ranks of thoso which have declared small
Block dividends on thoJr, outstanding
rapltal stock, The directors of the Proc
tor & Gnmblo Company liao declared a
htock dividend of 4 per cent, on ltn
common stock, payable In Its new com
mon stock. The regular quarterly divi
dends of S per cent, on Its common stock
find 2 per cent, on Its preferred stock
also have been declared. Its common
dividends are payable on August H to
Htock of record July 21. and Its pre
ferred on July IB to stock of record on
Juno 25,
Tho American Gas and Electric Com
pany has declared an extra dividend of
2 per cent, on its common slock, paya
ble In common stock, and its regular
quarterly cash dividend of Hi per cent,
on Its preferred. Its common dividend
Is payable on July 1 to slock of record
on Juno 18, and Its preferred on August
2 to stock of record on July 15.
DEFEAT WARRING DIRECTORS.
Urmlirrs of Dominion .Steel Ilonrd
Would Put Off Meeting.
Montreal, Juno IS. Directors of 'the
Dominion Steel Corporation who tried
yosterdny to procuio n legal Injunction
to postpono tho stockholders' meeting
now In session, pending moro Informa
tion about the proposed British Empire
Btcel Corporation merger, were nut re
elected to-day.
Tho directors who failed of re-election
aro .1. II. Plummer and K. It, Weed of
Toronto nnd William McMaster, George
Caverhlll and John Uaoul Dandurand of
Montreal.
DIVIDENDS.
Stock of
ii . ... . lleconl.
A'vaiado Miring Co., q, Stif-Jime So
Ac. Cos a Wee Ca., mi;,
. . j June 18
Am. Gaj & Elcc. Co., pf, q,
-1W , July is
Hank of America, i Juno"!
Dftttery Park Nat. llanL, a-a,
llatlory Park Nat. lYa'nk,' nfUM 17
. . ' ' Jlln 1
Jlrooklyn Trunl Co., q, fry... June 10
Oily Investing Co., pf, q,
., lunelit
Urns. Textile, q, 7V June .10
Continental Ins, Co., a-a,
'OS JuiieSS
Creamery I'acSaue Mfg. Co..
O, W.. luly 1
Creamery Package Mfg. Co.,
Pf. Q. V& July i
i:ast nivtr Nat. Dank, a a.
Mo.. lime ,H)
Fidelity 1'lKnlx Tiro ln.
Co., . 15 .lunoM
Jlnnovor Nat. Hank, q, x. .June l'l
Bill Mfg. Co., a-a, .1
Hill Mfg. Co., ex. 7 .
Jonoa Ilroi. Tea, q. Cut June.".o
Jonea Droa. TeH. pf, q, .7,-, Jun8 ,5
J.nuhvllla & Nah. mt., a-a.
.HJ, July 10
NeAndrewa & l-'orbra, q,
."s'j ' . .:'Y Juno 30
McAndrena t Torbea, Mock.
.,r'(T,J- . A June 30
Mi-Audrena I l orl),)-, nf,
2W. . June ,10
Magor Car Corp., q. l lime n
Magor Car Corp., ei, i juno ;.1
Maror Car Corp , pf, q,
1 .. June 2.",
Mohawk Mining Co., q, t M.July 10
Mortgage lloml Co, q. l.JiinnSI
JJat. Grocery Co., q, ; j,me pj
Int. Grocery Co., of, a-a.
roy
al)!. July 1.-,
July 1
Aug. 2
July 1
July r
Jnlr 1
July 1
July 1
July 1.-,
July 7
July 10
July 10
July 1
July 7
July t
July 1
July 1
July 13
July 1
Aug. 2
July l.i
July 13
July IT,
June 30
June 30
June 30
Aug. 2
June 30
June 30
June 30
July ::,
July 55
Aug. It
Aug. H
July 13
S . June 19
Drtaitol Navigation lat pf.
q, iv jun. nn
PNental Navigation, Id pf.
.1. 1 JunoIO
J'rocter a Gamblo Co., q.
. Mi . ... JulrSt
riwur . v,Biuuia uo., 81K,
July 21
rrocter Gambia Co., pf, q,
June :s
ianq aunei, 1,1a Am ana, int
1i
Ttand Mines, F.ng aha, int 3s.. -
J. 8. Induitrlal Alcohol, pf.
b JuntSQ
July 13
1
FINANCIAL NEWS
AND COMMENT
Market, Altlioiiffh Still Inac
tive, Noflccls Slightly Tin
proved Buying Power.
SPECIALTY STOCKS BUST
Standards' Also Make Belter
Showing Motors Aro
Heavy Money Finn.
There mi slightly more vitality on
tho buying sldo In yesterday's stock
market, but there was still no Indication
of tho rnarkot having been moved out of
tho rut of Inactivity Into which It has
fallen In the last two weeks, It was evi
dent that the gold Importation stories,
together with tho current nows on the
railroads, had produced a better feeling
In financial circles, but there was no
suggestion that Uio people who are
usually responsible for tho blB upward
swings wero ready to bo ahead with
anything llko a permanent Improvement.
Itather It appeared that Wall Htreet was
enjoying one of tho URunl week end
swings such as hnvo characterized the
stock market over slnco tho blB decline
wns chocked In the oarly part of last
month, It has been the policy of traders
since then to mako tho market look very
attractive at tho clo.io of tho week, and
esterday's session was apparently no
exception to tho rulo.
The fact that sentiment was Improved
was directly traceable to two considera
tions: First, tho assurance printed In
this column that Bold Imports were
about to bo resumed, and, second, tho
declaration of tho usual Northern Pacino
dividend, which was followed by a very
optlmlstlo statement from tho president
of tho road, Tho Bold story waa not
fully appreciated, however, In specula
tive circles yesterday, whero It was
taken to mean that the present move
ment would Includo only nbout $8,000,
000. ll Is understood that this Is not
only contrary to the facts, but that the
now movement Is likely to bo larger
than tho last one, with this difference,
that most of thu gold will bo French
Instead of Ilrltish. The British Govern
ment Is understood to have pretty well
taken caro of the Anglo-French matu
rity later on In tho year, but up to date
such provision has been mado by tho
French to pay off their share of tho
maturity. Therefore It would not sur
prise well Informed people If tho French
Government should send approximately
$75,000,000 to this country In the Imme
diate future for this purpose.
At tho' outset tho market was un
settled by selling of Replogle Steel,
which bad a bad effect on tho resit of
the market. This Hurry, however, was
only short lived and n tho day pro
gressed tho Btrength becamo more gen
eral. It was still pretty much of n spe
cialty market In that such stocks as
Kndlcott Johnson and tho chemical
stocks wero tho lenders, llut the stand
ard Issues also mudo a much better
showing. Baldwin wns moro active and
made a sharp advance and likewise there
wns better buying in the Pan-American
tind Mexican stocks, Tho only heavy
features In fact wero the motors, which
wero generally lower, with the exception
of ono or two, notably Studebnker and
Chandler. The now stocks which were
traded In on tho big board for tho first
time were strong at the outset, but they
made n very disappointing showing later
on In tho day, so much no that It was
tho sourco of considerable comment In
commlss'on house circles after the clos
ing. The money market was firmer, but
there was no special significance to this.
Call money renewed at 7 per cent, and
roso to 0 late 111 tho afternoon, a circum
stance which was due to tho extra de
mnnd for money to curry stocks over the
week-end find to tho fact that the'ehecks
for tax payments are beginning to come
back to the banks. Despite the ilse In
money, It Is known in well Informed
circles that to-da.''s bank statement will
be ono of tho most favorable In many
weeks. It Is understood that the AVash
Ington statement will be especlaly good
and that there will he considerable Im
provement alto In the local Federal Re-
serve Hank statement and also in tho
Clearing House statement. Tho sterling
foreign exchange market did better,
probably on account of tho news of the
Bold shipments. It Is understood that
tho first shipment will total about $8,
000,000 and will be followed by several
more, tho size of which ooulil not be
determined yesterday.
MONEY AND EXCHANGE.
CAM. MO.NEV.
High 9 It.rvat
T,nv 7 Ilenewnta ...
Year's high 2.1 Year's low..
TIME LOANS.
.. !l
.. 7
.. G
Mixed rollaternl.
110 to !)0 days fi
I to fi month?. . . . 8
Commercial Paper.
3 to 0 months T1-.
All Industrials.
CO to 00 dava Mi
4 to (I months S'i
OtlieV Nnmes.
3 to 0 months T'4
CI.EAHINO HOUSE STATEMENT.
Clearing llnu-o exchanges. JRH 1,003.701 :
hnlnnces, inn.7IH.01d: Suli-Trensttry debit
balances, an75.ini: Inderal reserve credit
balances, 102,r2.1,4ln
CANnlAN EXCHANGE
New York funds In Montreal, Slid 2.1 pre
mium per $1,000: Montreal funds In New
York, i:7.:,n discount per $1,000.
Sir.VETl MAHKETS.
Official bar slher In New York, domestic,
flOlSc., per ounce, iinchnnged; .t9I fine,
foreign Rile., off )c, .WW fine, In London
4tKrt unchanged, Mexican dollars, Clc. off
runr.ic.N exchange.
OIIEAT imiTAlN.
Parity Krtdnv,
Tliurs.
$.1.97
.1.97;
3.93
.1.91
fl Slid., I letnatid, steillng $3,117
Cobles, sterling :t H7i
Ilankrra, t'O dnjs .... .1.113
Hankers, t) dnys :i.t
THE CONTINENT.
19.10 France, tenls a franc
PenionJ 7 92
Cables 7.9.1
19.30 Helrlum. cents a franc
Demand 8.29
Cables 8.30
19.30 Switzerland, cents n franc
Demand 18,18
Cables 18.2.1
19.30 Italy, cents a Ilia
Honiand (I n:t
Cables fi.OI
23 80 Germany, cents a mnrk
Demand 2.37
Cables 2.r,8
26 80 Sweden, renta a krone
Demand 21.80
Cable 21.90
2d. SO Norway, cents., a krone
Demand I7.r,r,
Cables 17.0.1
20.SO Denmark, cents n Krone
Demand 111.80
Cables 10 87
19.30 Gieece. cents a drachma
Demand 12.12'i
Cables 12.2.1
19.30 Hpnln, rents a peseta
Demand lrl.rto
Cables la.M
40.20 Holland, rents n florin-
7 87
7 88
S no
8 23
18.1.1
18.22
r..87
r..8s
2 3d
IT.M
17.0(1
iw.r.7
tdr,2
12.00
ts.m
1K.M7
10.02
30.00
Demand a-l.HTU
Cables 3d 00
FAU EAST.
108.32 Shanghai, rents a taet
Demand 100 OO
30.121,
100.00
101.00
Cables 101.011
,8.00 Hongkong, rents a dollnr
Demand 73.00
Cables 7,7,10
32 41 1'ombay, cents a rupee
Demand .19.00
Cables 39.7.1
49 St Yokohama, cents a en
Demand ,11.2.1
Cables 51.30
,.00
.19.00
33.73
r,t.2i
r.i 30
SOUTH AMERICA.
44.42 Tlln do Janeiro, rents n mllrels
Demand 2.1.1214 21.00
cauiea 23,2.1
42.81 P,uenos Aires, centa a peso-
;.12!4
Demand 42.12'j 42.12IJ
iau,ra .....
103.42 Uruguay, cents a dollar
Demand 98.00
Cables 03.23
42.23
98.00
98.23
THE SUN AND NEW YORK HERALD, SATURDAY, JUNE
AMEHICAN CHICLE OFFERING,
Ilanbliiir Syndicate la Flouting
Larue Block of Common.
A syndicate composed of Hornblower
' 'Weeks, Whlto, Wold & Co. and Low,
Dixon & Co, Is offering at 40 a share a
substantial block of American Chlclo
Company common stock, The company
Is ono of the largest chewing gum man
ufacturers In tho world, Its principal
products being 'tho Adams' and Uco
man's brands, Tho proceeds from tho
sal of this Itsuo aro to bo used to pro
vldo additional working capital mado
necessary by the rapid expansion of tho
company's business and to pay for Its
now plant being erected In long Island
City, The bankers mako tho following
statement: "Tho auTitgo earnings for
tho ten years ended December 31, 1919,
wero equivalent to $0,00 wr share and
for tho year 1918 to $8.75 per tdiaro on
tho 102, COO shares that will be outstand
ing, With the exception of tho years
1917 ami 1918 tho company has paid div
idends continuously Blnre 1902, TIicko
dividends have averaged over $0 per
sharo annually on tho present outstand
ing stock. Tho recent rato has been $4
per annum, Net tangible ns.se t value of
tho Block, including proceeds from the
present financing, will bo over $33 per
share und tho book value over $83 pur
sharo. Under tho present management,
which took control In 1910, tho grois
business of tho company has been In
creased over 350 per cent, and tho com
pany Im now doing tho largest business
In Its history."
PLEADS FOR GOLD MINING.
(i. II. Hullry i;rne Itrrsliibllali
' inent of Industry.
Asnurtr Park, Juno 18. The necessity
of recBtabllshlng a healthy gold mining
Industry to make up the losses of the
country's gold rcscrvo was set forth to
day by George II. Ilalley, counsel of the
American Mining Congress, In an ad
dress beforo the New Vork State Hank
ers Association nt the Monterey Hotel.
"Gold production has declined since
1915," said he. "Tho loss In tho pro
duction of new gold, added to that Willi
drawn for the use of tho arts nnd trades,
will atlll further accentuate tho volume
of necessary currency deflation. The ills
of too rapid delliitlon cannot bo em
phasized too strongly. Tho gold mining
Indistry must bo reestablished, hnd that
Is only possible by freeing gold products
from tho economic stress now pi rasing
on that Indurtry."
Offer Goodyear Tire Issue.
Morton Laehenbruch & Co. are offer
ing the stocks of tho Goodyear Tire and
Rubber Company In units of two pre
ferred and one common for $300. A cir
cular outlining their yield at their pres
ent prlccs.and portraying the position of
tho company's operations In tho lire nnd
rubber Industry and Its cash and stock
dividend record can be hail on applica
tion to tho firm.
Hxporta From Xciv Vork.
Exports from New York yesterday:
Rye, 42,803 bu. beans, 1,518 bu. ; Hour,
41,707 sacks; comment, 311 bbls. ; beef,
500 bbls. ; beef, 84 tierces; bacons, 2,181,
008 lbs.; lard, 927,000 lbs.; cottonseed
oil, 40,000 lbs.; lubricating oil, 434,700
gals.
NEW YORK STOCK EXCHANGE QUOTATIONS.
FRIDAY, JUNE IS, 1920.
Day's sales..
e-Cloalur.-, UMt.I T
Hid. I A.t, 'n .l Bales. 1
34 35',s .. 100.
04 67 .. 1000,
37 38 1 400
85 V, 90 8 -200 ,
80 Is 93 8 100 ,
80 92 7 400 i
40V4 40ft .. 600 .
139 ,', 139W 12 1400 ,
llVi ll!fi 80c 100 ;
125 135 6 100
92 93 7 1400 ,
86 '4 87 6 4500 ,
11 1 1 '4 1 200 ,
81 ' 82',!, 3 600 a
98 98 V, C 4600 .
17, 17H .. 4000 ,
23', 231)', .. 1400 .
OO'li 60 Ii 4 200 .
90',i 91 14 7 100 .
38' .19 3 700 .
125", 126 7 400 ,
87 .88 10 300 .
92t 93 8 800.
1,3 V, 66',!) 6 1700 ,
91 97 li 7 2700 ,
3900 .
94 97 7 200 .
10 ?i 57 4 700 .
79(3 SO 6 1300 ,
7 7Ti .. 100.
82 U Sfi 7 100.
161 162 10 900 .
US '1 110 7 31S00 1
30Ti 31V4 IrOOl
41U 42 4 -T.00 1
15:i 153 U 8 9900 I
102 108 7 400 I
22 22', . . 2100 1
88 S'.t :4 5 300 1
9114 91 'i 6 8300 1
8 '6 S-( . . 100 1
lHj, 12 - .. 200 1
90 110 , 7 300 :
108 111 10 100 1
8 V, 8Ts . . -100 1
21')i 22'i . . 200 1
611 79 6 200 (
i 29',;. 30 '4 . . 400 (
112U 11.1 10 300 (
13 19 .. 1700
67-i 68 5 1800 (
101 Vi 101?i 10 1700 I
45 52 4 900 I
7?i SU .. 100 1
Jl 22 2 300 (
32 33 .. 1000 (
49'i 5(1 .. 1600 1
67 V, 68': 5 700 1
93 95 h 800 I
SCH 36?: 4806 1
74 vi 7.i 7 400 1
15?, i:',. .. 460 1
31-ii 25 1 1300 1
61 r,r, 6 700 1
30 Ji.i 1 2600 (
79 82 7 500 I
13',f, 13'i 2 500 1
33', 34 3 600 1
11?, 12 1 "00 I
93-u 91 4 7600 1
36 37 56el 1900 (
144V, 145 U 12 19100 I
55 (4 56 7 300 1
53 63', .. 4T 00 1
80'j 80ft 7 1500 I
90 91 9 100
1S6'1 194 10 1500 :
4 iV. .. 100
9 V, 9, .. 300
89 92 8 100
9"l 9?i 1 100
91 't, 92 5 16000
11 12 . . 200
U 19 400
7l'i 75 8 800 :
35 36 7 "00
32 i 32 3 900
23 23 H .. 200
12'i 12H .. 100
170 178 8 400 1
20
49 50Va 7 100 1
140 142 8 100 1
23, 23i 10 30100
43203 1
61 64'4 0 400-
20'-'. 22',.'. 50r 100 1
69 6 7 1800
351', 35 W. 4 500
I 12U UVt 200
61 62 .. 300
72 72Vi 4 1100
17U 174 1 100
81' 83 7 900
I 7', 7-?i 60c 100
62 B2Vi 6 '00
11 '.4 12 .. 200
I 32'.. ? 2 m .. 2000
! 88 U 88 4 6 1500
61 62 I .. 2300
17 17 200
81 S6 6 200,
70ft 77 . 900
73K- 74 6 1001
46 47 .. 400
204001
90 100 6 1001
1064 107 4 100
62 63 ..j 1001
26ft 264 2 200,
29 4 304 1.20 2900
70ft 714 6 100
41 414 34 1900
145 155 12 100
28 28U I S200
164 K too
Alaska Gold M
-Mils Chalmers
akiii: viiei.i
IJect Sugar
Drake Shoe & Fdy.
Can
Car & Foundry. . . .
Am Kxpross
Hide & Leather
Am International
Locomotive
Safety Itazur
Am Ship & Commerce.
imelt & Iter
Steel Foundries. .
Sugar rtef
Sumatra Tob
Tel & Tel ex dlv.
Am Tobacco Sec
Woolen pf
cond.i Copper
1, Top & Santa
Si Ohio.
& Sr
It I &
& Pac
Delaware & Hudson
Lack & Western
Denver & Itlo Grande...
Denver fr ltlo Grando pf.
Detroit United Ky
Dome Mines
Fndlcott Johnson
Erlo
Krie 1st pf v.
Famous Piayers-Lasky ..
Federal Mln & Smelt pf.
Flsk Rubber
Freeport Texas
Gaston W & Wlgmoro..
General Chemical
General Chemical
General Amer
ral .Motor rts
Goodrich (II F)
& Davis
Great Northern pf
Great Northern Ore ctfs
Gulf, Mobile & North...
Gulf States Steel
Haskell & Darker
Hupp Motor
Illinois central
Indlahom.a ltef
Inspiration Con Copper.
Interboro Con Corp pf . .
Int Mer Marine
Int .Mer Marine pf
Interr.at'l Motor Truck..
International Nickel
nat'I Paper
Iron Products
Corp
a Oil Jc Trans Corp..
er (Julius & Co. . . .
Springfield Tire
Keystone Tire &
Lncxawnnna steel
Lehigh Valley
Liggett & Myers
Loews. Inc
Loft, Inc
WHOLESALE BUYING
MORE CONSERVATIVE
Manufacturing Also Shows
Lest Activity.
Wholesale and manufacturing business
Is less actlvo as far as new buying Is
concerned, with more and more marked
conservatism In commitments, weekly
trade revlows Indicate. The slight ap
pearance of life In retail lines, however,
continues, aided by good weather con
ditions and price cutting, It Is declared,
however, that tho Influence of cut prices
Is not so great as It has been, owing
to an apparent disposition on the part
of consumers to withhold their pur
chases lately In anticipation of nn oven
further reduction of values,
"Rather pronounced quiet In now buy
ing nt wholesale und from manufactur
ers," says rnrfj(rrcl', "fair purchusos
at retail stimulated by price reductions
and bettor weather, continued complaints
of railway congestion affecting receipts
of raw materials nnd shipments of man
ufactured goods, but, on tho favor
able sldo an apparent countrywldo Im
provement In grain and cotton cfop con
ditions nro tho outstanding features of
the week, Host reports as to trado dis
tribution come from tho west-central
regions, but here nt wholesale, as well
as at retail, the talk of conservatism In
buying Is moro pronounced.
"In big Industrial centres of the East,
and particularly at textllo centres nnd
market, tho feeling is rather moro
quiet. Indeed, In raw wool, hldo and
leather, cotton and woolen piece goods
lines mention Is mado of dulness sur
passing that of many years In Juno,
Cotton goods, especially yanm nnd semi
finished lines, like print cloths and gray
goods, prices am weaker nnd curtail
ment of yarn production Is noted nt
somo Southern centres. Southern and
Pacific coast trade, tho l.st to feel tho
quieting down, now report trado rair.
"IrCii nnd steel demand Is fair, with
moro concern about deliveries on earlier
orders than Interest In new buying,
Somo pig Iron Is higher and coko Is up.
Thero Ih a. little more firmness in lum
ber, but building feels railway conges
tion and money restrictions keenly nnd
dwelling construction Is repressed. The
demand for new automobiles Is not so
sharp, used cars aro In Increased supply
and lower and tho tiro trado Is quieter
nt many centres.
"Collections, as n whole, are a shade
slower and class as fair. On tho othor
hand crops, ns above Btntcd', havo shown
Improvement, most marked In winter
and spring wheat areas west of tho
Mississippi River, In tho corn belt, as a
whole, warm weather and rains helping
tho latter, nnd In many parts of tho
South, whero much desired Bunshlne has
mado cultivation possible with benefit
tq cotton, which Is still backward, how
over. Tho price situation is still casing
In some big wholesale lines, and larger
receipts of llvo animals have mado for
ii lower level of food prices, the result
being n shading In tho Weekly Judex
Number."
Dun's Hrvicw says: "The Influences
that havo recently mado for abatement
nt lni.ilnesi activities remain conspicu
ously in' evidence, and existing conditions
afford a sharp contrabt to thoso which
prevailed at tho beginning of laBt sum
mer. Whereas the earlier period was
1920.
538,151
1919.
1,260,260
19JI.
1,77.100
""Net
Cbtagt.
pen
Inc. Hlgti
eit. I Low
I est.
Clos
ing. 33 4
14
37 4
87
90
90
40,
334
1
37
85
90
884
40 4
33 4
1'
374
87
90
90
40 4
139 4
114
135
914
87
11
82
98
174
23 4
60'i
90
38 ft
1254
884
92ft
65 4
97
4
94 4
66ft
79 4
7
S2 4
1614
118ft
314
414
153
106
2" i
Mfg. . .
4
U
I'll
l'
2
- '4
.(- 5
1
4- 34
,4
4- 14
4- 1
37
85
90
88
404;
137
114!
135
90
139 4
137
1 1 "4
1 1 4
135
135
pf. .
91 V,
87
11
82
98
17 4
23 ft
60 4
90
3 9 VI
90
82 4
11
Corp.
83
11
BIN
97 4
17
234
59 ft
90
39
81
......
97
17 4
23 V,
59 ft
V
3S"K
125
125 4
125
88
93
65 14
98
95 4
66 4
"9
8
5S4
88 4
93
55 ft
93
4
954
664
794
7
82l,f,
87 ft
92 4
65 4
914
50
79
Fe.
1
4-
7
4
- ,?
4- ,1
32 4
H H.
161 4
119'',
l.',J
117 U
117
31
4U1
314
414
30 4
414
1504
103 4
153
106
105
214
87 ft
90'.,
8,V
12
101
110
8
214
68T
30
22 V,
87 ft
91ft
S4
12
21
8741 S74
89
91
8 V.
lift
8tt
lift
1014
101
110
1014
110
4-
t
4-
'
4-
110
84
21ft
30
8
214
684
30
8 4
21ft
69 ft
30
4
4
'ft
1124
1124
112
1124
194
lft
67 ft
18
66ft
98
52
74
21
32
484
67
89 4
334
74 ft
151',
34 ft
54
294
784
134
33
lift
36
18 4
674
67
98
101ft
1014
52 4
U3
V.
214
33
50',
68
62
74
214
33
49
(18
934
364
75
IE',4
264
55
30'i
7S4
13 4
344
III
36
t
21
32
48
4
,
1
t $
A. 3
Ptul.
67
90 4
36tf
93 4
Pacific. .
7 p c pf.
36 ft
5
15ft
35 ft
55
4',i
15ft
35
Us M
29
304
ill
13
79
13
34 4
33
12',
124
944
364
18
92',
3I',
139',
145 4
138
145
H8
80
904
01,
58
80
55 ft
534
03
80 ft
904
fa
4
v
ift
4
I
"?i
1
"4
2 4
01i
904
IS!,'
4 4
'II
91
lift
19U
184 4
190
4 4
4 4
94
904
94
91
lift
18ft
73 4
4 4
9 4
90(4
SO'i
94
94
93
lift
19
74 4
35
91
lift
19
1SH.
73 V,
34
33
74 4
3 4
234
124
314
,107.
234
33
23 V.
SB
124
124
Co
Co..
170 ',
1754
176
49
1404
23
4
63
21
69
354
14
176
176
49
I ili
49
1404
176
49
Tank.....
1404
1404
23
63 ft
"8
234
63 ft
63
21
69 ft
l'.i
21
21
69
69 ft
354
35 4
14
354
14
14
14
1
604
614
604
614
72
174
Car. .
71ft
72
714
174
81ft
4-
81 Ts
83
74
52 4
12
324
824
7 4
624
12
32 4
884
61
71,
524
lift
3 lft
524
lift
S7l
88 4
61V,
lit)
17 4
81V,
17
17
Sl
4-4-
S1&
sit
74
1 1
74
46
6.
95
76 4
1 1
74
45
'.if stpd..
74
45
6;
95
74
45
4- 14
4- 14
6 4
95
26
1064
1064
tub ft
14
. O
"4
63
63
26
Kubber. .' 274
30 1.1
30
72
41
145
8
! H
2ft
uo. . .
72
4- i
I 414
Tobacco., 145
I 28 '1
1 16
414
40ft
145
28
IS
145
184
ii
featured by a commercial revival, fol
lowing a lull or several months dura
tion, that subsequently not new prece
dents In magnitude of transactions and
In high price levels, tho present situa
tion Is marked by a progressiva contrac
tion of oporatlons In various quarters,
and by clear signs of price reaction, Tho
latter movement, the genuineness of
which has been questioned by not a fow
people, has gone further In soma linos
than Is commonly Imagined, and proof
that a readjustment Is under way does
not Ho wholly In published quotations, or
In current complications of Index num
bers. "That some commodities maintain nn
appearance of firmness, or are but little
cheaper, Is ,only because sulllclent de
mand to establish n trading basis Is
lacking, nnd the significance of the
changed nttltude of many sellers docH
not everywhere escaro notice, Whllo re
Distance to price declines Ih still prac
tised, and although predictions of later
advances nro not absent, yet buyers'
waiting policy, tho forcing of liquidation
through financial pressure nnd other
causes, nnd the enlarging Imports from
abroad form a combination of factors
that Is steadily making a deeper Impros
Blon upon sentiment, und Is reflected In
the offering of different classes of goods
at conceslons,
"With cancellations nnd revisions of
orders .of moro general occurrence, cur
tailment of manufacturing Is spreading,
nnd tho resultant reduction of employ
ment, which has reached considerable
dimensions In somo Industries, Is not un
naturally tending to lower tho public
buying power. It Is this condition, In
conjunction with tho lessening of ex
travnganco In personal expenditures, nnd
tho growing opposition to extreme prices,
that is prompting morchnnts to proceed
cautiously In anticipating forwurd re
quirements. Whether tho high cost of
production, and tho limitation of avail
able supplies through decreaso In out
puts, will oporato to maintain prices, ns
Is contended by somo Interests, will de
pend upon tho future purchasing ability
and disposition of consumers."
EXPLAINS SILVER QUOTATIONS.
.Vnv Method fluid to JIkvo Cnusrd
MUiinderstandliiK In Trade,
Declaring thero was confustlon In tho
trado over tho new method of quoting
Bllver, a silver house, issued yesterday
tho following explanation:
"Sliver, only when accompanied by the
Bflldavlta that It Is mined and refined In
the United States, is 'domestic Bllver'
nnd a good delivery for sale under the
Plttman act at $1 per ounce, 1,000 fine,
delivered at tho designated mint.
"All othor silver of every description
Is quoted as 'foreign silver,' based on tho
price that can bo obtained In the markets
of tho world.
CONSOLIDATED EXCHANGE.
Noonday advices of considerable gold
Imports about to arrive and generally
favorable developments gave rise to a
tone of positive optimism during the
final half of yesterday's session of trad
ing in securities In the Consolidated
Stock Exchange. On brisk ensuing de
mand gains In tho Industrials ranged
from a point to six points, nnd a max),
mum. Improvement was registered In
oils and steels. Advances In rails aver
aged better than 1 per cent.
Year to. dato
Cloalng.-, 1)It.
Did.
Ait, jln . Pilfi.
(0
41
60 4
424
100
100
100
Mackay Cos pf
Manhattan Elevated . . . .
Mays Dept Stores
Mexican Petroleum ex dlv
112
114
179
8
1784
101
7300
28 ft
414
13
64
24 k
40ft
33 4
714
924
29 V,
414
14
6
25
41V,
34',
714
93
108
9
103
5
13
32
98
68ft
29
25
874
714
54
3ss:
1.60
2900 Mlddlo States Oil.
4
2600
Mldvale Steel &
Minneapolis & St
600
1400
700
1900
500
6600
Missouri, Kan &
Aiissourl I'aclllc
Missouri Pacific pf
Mont Ward & Co
National Aniline & Chcm
National Anl & Chem pf.
National Hlscult Co pf . ..
National Conduit & Cable.
National Lead Co pf
Nat K H of Mex 2d pf . . .
Nevada Con Copper
New Orleans, Tex & Mex.
New York Air Drake....
New York Central
New York, N II & 11
Norfolk Southern
Norfolk & Western
Northern Pacific
500
103
100
8 4
200
100
100
102 4
1
12
31
97 ft
68 4
200
400
100
300
29 4
2600
2(1
85 4
71'.
53
300
200
6900
100
Nova Scctla S &
2.50
lOOlOhlo Uody & Ulower
4
40c
8
3
4
5
6
6
3
600
2400
100
400
100
400
200
23300
2S00
2900
100
900
1500
500
Ohio Cities Gas.
- 4
Oklahoma Prod &
120
12.
24
54 4
61
46ft
104
98
Otis Elevator
Otis Steel
234
50
504
46 4
Owens Bottle Co
Pacific Development
Pacific Gas ei L.cctrlc...
1034
Pan Am Petrol &
97
38ft
25 4
38
Pan Am Petrol & T B. . .
Pennsylvania H It
Penn Seaboard Steel....
People's Gas, Chicago . . .
Pero .Marquette
Philadelphia Co
Phillips Petroleum
Pierce Arrow Motor..,..
Pierce Oil Corp
Pitts, C, C & St Louis. . ,
PHtsburg Coal of Pa
Pittsburg Coal of Pa pf.
"JS4
58 4
234
364
42
52
164
74
58
85
36 4 1
42
52 4
t
69
49ft
27 ft
18
7000
1010U
520
100
S00
100
500
700
700
300
400
300
300
5300
100
100
200
274
I'lltsDtirg & west
Pond Creek Coal
18 4
9SV4
994
Pressed Steel Car
Pullman Co ,
Punta Allegro Sugar. , . .
110(5
1024
111ft
103
16 4
164
844
414
424
63ft
91
82
61
92 ft
116
24
iiv,
214
9ft
205
9
744
32
' 69 ft
924
22
655
655
1004
73 4
68
96
49
10
46
10ft
160,
84
49
41
65
99
824
524
93 4
nay conroi con s
Hay Consol Copper
Heading
Heading 1st pf
Heading 2d pf
Remington Typewriter .
100
Remington Typow
12500
ticpiogie Mieei
2100
11100
icepuDiic Motor
6
Republic Iron &
1164
5.20
4400Itoyal Dutch Co
24 4
iift
21ft
104
:os
94
75
324
704
93
23
lloiiKt Louis & San
4900
100
700
900
100
100
500
nama 1 ecma sugar. , . .
St Louis Southwestern..
St Louis Southwest pf . .
Saxon Motoi . . .,
Sears Roebuck (.'0
Shattuck Ariz Cop
Shell Trans & Trading.
18800
2400
Sinclair Consol
Sloss-Hhef field S
4300
2900
Southern Pacific
Southern Railway
Standard Oil of N
661
9
661
40
3700
900
17100
100
100
700
Standard Oil of N
160ft
Standard Oil of N
74
684
Stromberg Carburetor . .
Studcbakcr Corp
Stern Bros pf ,
Superior Steel Corp
Tenn Cop & Chem
Texas Co ex dlv
101
51
10
46 4
12800
665
Texas Co 60 p c
100
2500
Texas co run paiu. .
Texas & Pacific
40
47
380
694
144
170
86
31
113',
63
199
794
674
90 ft
594
684
40ft
474
2300
100
Tex Pac Coal & 01
450
8
6!
'8
8
io
4
12
:i
6
8
's
Texas Pacific Land
69
14
1100
3600
100
Tobacco Products
Transcontinental
175
underwood Typewriter ,
Union Bag & Paper.....
Union Oil
Union Pacific
Union Pacific pf
United Fruit Co ex dlv.
United Retail Stores....
U S Food Prod Corp....
U S Ind Alcohol
U S Realty & Imp
U S Rubber
II S Smelting. R & M....
U H Smelting. R & M pf.
U S Steel
U S Steel pf
Utah Copper
Vanadium Corp
88
314
100
10500
800
100
100
7500
6700
6800
1300
8200
100
200
13200
700
300
15700
200
113ft
63i
201
80
68
91
59 ft
8
93ft
61
414
934
34
6
7
iu.
105 4
674
684
6
6
6
82 4
114
18
22 ft
50
93
119
18 4
23
52
28
va iron, coal 4
2000
200
Vlvaudou V
abash pf A
200
Wells Fargo Express.,..
Western Maryland
200
100
300
400
500
274
Western Pacific
Westlnqhouse E &
Wheeling & Lake
49
16
52 4
19
S2
61
494
18
53
White Motor
19 4
3900
Willys Overland
Willys Overland pf
Wilson & Co
Woolworth, F W
Worthlneton Pumrj
84
62
100
300
1000
1054
654
674
400:
67
69
200
Worthlngton Pump
Odd lots.
NOTE Odd lot transactions are not
e made at price outside of th regular
19, 1920.
GOLD MOVEMENT TO
TOTAL $100,000,000
In Few Days $18,000,000
Will Arrive Here.
That tho total amount of gold due to
arrive In tho United States within tho
next few days Is $16,000,000 was learned
authoritatively yesterday, but the move
ment will not ceaso until tho $70,000,000
to $100,000,000 In gold In the Bank of
England for the account of tho Bank or
Franco shall have been transferred to
these shores. The gold arrivals of to
day and for early next week consist or
$4,000,000 to-day, consigned to the
agency of tho Hank of Montreal, nnd
$4,000,000 on Monday, consigned to that
institution, and $7,000,000 approximately
for oarly next week at a Pacific coast
port to tho credit of J. P. .Morgan & Co.,
for tho account of the British Govern
ment, ... i
Tho $8,000,000 of tho yellow metal
scheduled to nrrlvo In New Yorlt from
Canuda Is said In some quarters to bo
exclusively for Canadian Government
account and not for tho account of tho
British Government, but Indirectly tho
gold will bo applicable hero to use by
tho British Government even though tho
Immediate credit Is to the Canadian
Government. On the other hand that
gold may bo from tho store of yellow
metal hold In Ottawa for the account
of the Bank of England and In that
ovent It would be applicable directly to
tho retirement of tho Anglo-French loan.
An Interesting development of yes
torday was the purchaso for retirement
purposes of $1,451,000, of Anglo-French
bouds In a single block at 99 Vj. which
was onc-Bixteenth higher than tho pre
viously ruling rate. That prlco con-
trusted with ii low of 93 4 In laBt Febru
ary, when tho British Government's gold
buying began. Slnco that tlmo approxi
mately $200,000,000 of tho British Gov
ernment's halt of tho $500,000,000 Anglo-French
loan, which matures In next
October, has been bought In and rotlrcd.
Tho balnnco will bo cared for, by further
sales of securities nnd by what may bo
called relatively driblet shipments of
gold.
Thui Great Britain has completed def
inite plans for caring for $250,000,000 of
tho Anglo-French loan and has retired
approximately 80 per cent, of her share
of It. On tho other hand, although tho
French Government hn.i announced that
Its portion of tho loan will bo met on
the duo dato In next October, Its plans
for meeting that obligation have not
been disclosed.
Tho French Government, or rather tho
Bnrtk of France, has on deposit In the
Bank of England between $70,0u0,000 and
$100,000,000 of tho yellow metal, nnd It Is
understood that arrangements nro being
perfected for the shipment to New York
of the entire amount to apply on the
French half of Che $500,000,000 maturity.
Whother or not Franco will try to find
ways and means o ship additional
amounts of gold to the United States
cannot bo ascertained, but If she should
decide to put out a short term noto issue
to care for the amount which is not re
tired by gold shipments and by tho salo
of securities that action would cause no
surprise. '
Pennsylvania Crude Oil Market.
Oil, Crrr, Pa Juno 18. Credit bal
ances, $6.10. Buna, 96,028 ; average,
58,647. Shipments, 72,552 ; average, 48,
799. 1920.
IMS.
69,072,506
119,768,217
r High
I eat.
Ord
I. ncu . .
Tex....
1
1
i
4
C. . .
1
ex dlv
Ref..
Kit
514
46 ft!
ex rts
T ex dlv
101
96
38
254
38 4
234
36ft
40
49
16
74 ft
57
85
274
174
984
lit
vn. . .
111
?
7 1...
16 ill
164
84
43 ft
44
63
93
83
61
914
2d pf..
Truck...
24
1J
Steel...
90
116
1154
Fran...
23 4
234
11
11
21ft
9
ii8
94
zor
205
205
9
744
3 nil'.
9
76
32
9
744
304
67
oil
& I
67
.704
9Z',
924
91 ft
22 ft
J. .. .
224
23
660
656
100ft
66U
654
1004
651
J
654
J nf.
1004
100 ;
72
744
714
72V,
67
74 4
68
71
96
50
10
46
96
50
10
96
50
10
46ft
464
paid . , . ..
ISO
182',
1824
182
182
1824
346?i
4U
47
ex dlv
Tr. . .
3174
3174
694
14
170
3174
684
134
6y.
14
Oil
170
170
874
28
874
3lMi
113
63
1124
113
, - ,
1 I
63 ft
63 ft
201
01
79
79
66
68
91
89 ft
63
95
69
41 1
03 'a
42
93ft
105(1
93
1054
68
824
116
184
23
KOU
cone. . .
!8
M
Erie. ..
t
19
834
88
ez
1064 105
65 64
68 IS
OS
68
pf B.
recorded In separate Une unless tales
full lot range.
GOSSIP OF WALL STREET.
Shorts Tnko Frlulit.
For some unaccountable reason,
whether It was the sight of tholr own
Bhndow, a disagreeable lunch or some
thing moro tangible than Wall fltreot
as a whole did ndt ee, tho boar cliques
started covering yesterday afternoon
and beforo tho move was slackened by
an advance In the call money rate somo
.liable advances had been made all
along tho line. Tho appcarnneo of re
assuring nows Is believed to havo been
responsible for tho hurried maimer In
Which tho shorts bought stocks. As a
matter of fact the news of the last two
days has been uniformly good, with tho
regular Northern Padflo dividend nnd
the early arrival of gold listed os head
liners. At any rato the market awnk
encd hurriedly from Its regular morning
siesta nnd drove sharply upward during
the mldaftemoon, stonks In which largo
short Interests have accumulated lead
ing tho list. They Included Pan Ameri
can Petroleum, Mexican Petroleum, Kn-dlcott-Johnson,
Hepuollc Motors, Cru
cible, United States Ilubbor, Chicago
Pneumatic Tool and other stocks In
which a short Interest recently has been
having all Borts of fun, It was In thoso
specialties that most of the pyrotechnics
occurred, but the standard stocks, the
steels, tho rails nnd othor similar groups
advanced sympathetically.
Professional Trading.
The sad part of yesterday's advanco
wns that It was so unmistakably pro
fessional. Wall Street continues to buy
and sell stocks to Itself and tho public
as a whole shows leas Interest In what
Is going on south of Fulton street than
It has nt any other tlmo this year. Of
courso tho whole world knows that thoro
Is no nourishment In that. It Is tho
theory of u groat many people that tho
murket really will not got going, If It
Is going to get going nt nil this year,
until after the Democratic convention
and tho Presidential candidates havo
settled down to the campaign. The ad
vanco In the call rato to 9 per cent. In
Iho final flftocn minutes of trading wns
construed as a brako on a rapidly mov
ing vehicle rather than ns nn Indication
of what tho majority of brokers who
wero borrowers of money yesterday had
to pay for their accommodations. Most
lenders enrly In tho day woro mighty
glad to put out their surplus fundi at 7
per cent.
Mar Hnvr July 11 llnlldny.
A petition not to open the New York
Stock Exchange on tho Saturday boforo
July 4, giving Its members a threo day
holiday, has been circulated on tho floor
of the Exchango and Is reported to havo
been signed by a largo number of Its
members. Tho New York Cotton Ex
chango will tako n three day holiday at
that tlmo and a petition for It Is clrctt
latlng on the floor of tho New York
Produce Exchange. It Is considered
probablo that the petition will be
granted.
The Miirliet'a Jlulness,
Several houses which havo not aban
doned cherished hope for an old-fashioned
bull campaign this year point to the
extreme dulness In 1916 which preceded
tho upturn of tho market that yenr. "We
venturo to suggest," says one of them,
"that everybody in tho financial dis
trict recalls 1916 ns a great big bull mar
ket year, and yet If ono takes the trouble
to consult tho records It will bo found
that Just prior to Steel common's fifty
point advance In the last half of 1916
the market went for a month, from July
IS to August 15, with only ono or two
days as large as half a million shares
and with the nverago considerably under
300,000 shares a day." It Is also pointed
out In that connection that the present
market Is really much smaller than It
appears to bo becauso many market
leaders have been split up Into small
bits. Thursday's 12,000 shares of Gen
eral Motors, for Instanco, would have
been only 1,200 three months ago, and
the 3,000 shares of Texas Company
traded In that day would have been only
760 a month ago.
New Stock Disappointing.
Four little strangers, graduates from
tho curb market, mado their bows to
trndlng on tho big board nnd, taken to
gether, acted in a disappointing manner.
None of them set the market on flro on
Us first day out despite tips about them
industriously circulated. J. I. Caso Plow,
which closed nt 18 4. declined a Dolnt on
tho day's trading of 1,300 shares; Santa
uocma sugar dropped 4 to 24 on 4,200
shares, Island Oil advanced 4 to 6U on
17,300 shares and Texas Pacific Coat
ana on rose 4 to 474 on sales of 2.900
shares. Application was made yesterday
to tho listing committee to list tho
shares of the Houston Oil Company on
uio Dig ooaru.
Rxpect Reserve Ilonrd Statement.
The Street had nn interesting bit of
gossip ana, although gossip pure and
simple, It was one of the factors In turn
ing the market upward nnd driving In
uiu anuria. 11 wns me report tnnt a
director" of the Federal Reserve Bank
had dropped n hint that the next issuo
of the Federal Xeaerve Bulletin, the Fed
eral Reserve Board's official organ,
would speak a word of encouragement
for the business Interests of tho country.
According to that report, that director
declared that there was real need for
that encouragement at the present time.
and that It should go a long-way toward
eliminating any reeling of apprehension
over the credit outlook.
D I., nnd AV.
Tho rather Insistent Inquiry for Dela
ware, Lackawanna and Western, which
resulted In the advance of 5 points, was
accompanied by the story that a melon.
10 come oui or its coal properties, was
being discussed by Its directors. The re
port that a new corporation would 1)0
formed, nnd that the Lackawanna's conl
properties would be segregated from the
rails and placed in that new company
was circulated during tho early snrinir.
It was denied at the tlmo by W. II. Trues
dale. president of that road. Conditions,
however, have changed considerably slnco
inai uemai was maue. The stock dividend
decision had not been announced then. It
may havo somo bearing on the current
attitude of the road's officials toward tho
reported action. The coal properties of
tho corporation nre among Its most
vnluablo assets. Just how Important
they aro to tho Lackawanna as a whote
may bo Judged from tho statement that
In 1919 their net' was sufficient to pay
a largo percentage of the corporation's
dividend Indebtedness.
Conditional In Austria.
In Its monthly reports on conditions In
Austria tho Anglo-Austrian Bank of Vi
enna declares that many signs poinc
to a satisfactory harvest this year in
oentrnl Europe, and that hopes may bu
entertained of an Improvement In food
.... . ......
conditions for considerable time. "The
next few months," says the bank, "will
show In how far the provision of raw
materials and coal will be improved and
whether It will be possible for our In
dustry to gain for Itself without further
assistance a tolerable position In the
region of the provision of goods for tho
world markets ; also whether exchango
of merchandise will be possible on an In
dependent commercial basis. Lively hopes
of valuable contracts were entertained
nn thn ru-ft-mlnn nf thn vl.lf fn ,1.1.
. i . . ,
11 Ul DUIIIO yiU.ll.HCIIl, SlUII-riUUn Iinan-,
ciers, whose purpose in making the Jour-
ney wns to acquire first hand Informa
tlon about Austria. It Is hoped to have
some practical results In the near fu
ture." London Money Market.
London, June 18. Bar silver, 494d.
an ounce; bar gold, 103s. 2d.; money,
44 pr cent; discount rates, short bills,
6V4 per cent: three months WHs, 6 11-U
per cent; gold premiums at Lisbon, 140.
DECLINE IS SEEN IN
U. S. SHIPBUILDING
Atlantic Const Association
Snys U. S Hoard's I'ro
grnmmo Noars Completion
A statement uy the Atlantic Cn,i'
Shipbuilders Association given outje
tcrday calls attention to tho shrtn,
ago In steamship construction becaue.
of tho approach to completion of tu,
Shipping Hoard's building programm.
and declares that this lias created n
grave Bltuntlon for tho shipbuilding In
dustry of tho United Stntcs,
"Onlns mndo by the shipyards through
securing prlvato contracts," the stnto
mcnt continues, "havo been eliminated
by tho reduction In Government orders
Total building to-day Is l.COO.Ooo gros
tons less than It was n yenr ago, and
tho outcome for tho coming months li
fer a progressively Increasing decline
The aggregate of tho work now In han.i
for both Government and prlvato ne
count Is only 2,607,000 tons, about suff.
dent to keep the yards busy for elgh
months, As completions are exceedltu.
new orders materially monthly, tho pros
poet Is that llttlo work will bo left li
hand by tho end of tho yenr.
"Whllo tho yards for a short tlmo were
able to offset tho gap caused by tin
complotlon of Government contracts
through tho volumo of prlvato orders
for special types of tonnage, that enn
dltlon Boon censed to prevail, him.
February last tho trend has been stend
Ily downward, tho nggrcguto of ship
ping under way decreasing moro thai,
400,000 gross tons In threo months.
"America has been definitely passed
by Great Britain In tho amount of ton
nago building, tho British load nt the
end of last March being 39S.0O0 tons
American shipbuilders head tho world
to-day In quality of output and In fn
cllltlos for production, as well its In
speed of construction, but higher loom
costs and unfavorable International ex
change nro handicaps that must bo off
set by wise application of tho now ship
ping bill signed by tho President on Juno
6, It Is Imperative that a now Shlppln
Board, as provided by this law, should
bo appointed Immediately, and this
board should bo of such callbro ns to
nssuro tho respect nnd confidence, of
the American public."
BUSH TERMINAL SURPLUS OFF,
Reports) If. 10.1X1 11 Hhnre for 1010,
Aitnlust 911.1:. In 11118,
Tho Bush Terminal Company reports
for tho year ended on December 31, 191'.'
a surplus after taxes and charges of
J805.696, which Is equivalent after the
deduction of Its preferred dividends In
$10.96 a sharo earned on Its outstanding
common stock, ngalnst $11.12 n share
earned on Its Junior Issuo In 1918.
Its gross earnings for tho yoar were
$2,124,458, against $2,131,571, and Its
operating expenses $595,590, against
$615,613, leaving net earnings from
operations of $1,528,868, against $1,516.
958. Tho companj's other Income was
$248,362, ngalnst $240,067, nnd its
chnrges for Interest, tnxes nnd deprecia
tion exceeded $932,000, leaving a balance
nvnllablo for dividends of $805,696. Its
preferred dividends amounted to $138.
000 nnd its common disbursements to
$300,385, leaving a final surplus for tho
year of $367,311, which contrasts with
$358,891 at tho end of 1918.
WOOL MARKET.
Boston, Juno 18. The Commereldl
Bulletin of to-morrow will say: "The
wool market Is still waiting develop
ments. Very llttlo business has been
done hero or In the West and quotations
nro largely nominal still, Somo con
signments aro reported from tho West.
"Tho manufacturing sltuntlon also Is
very uncertain nnd mills nre running
generally on threo to four day schedules
per wodf, sometlmct, less.
"Tho foreign markets havo steadied
somewhat on tho lower London basis.'"
Quotations, moro or less nominal : Ohio
and Pennsylvania fleeces Delaine un
washed, 70075c; flno unwashed, 62
65c; 4 blood combing, 70Q72c;
blood combing, 60c Michigan and Now
York fleeces Flno unwashed, 60c. ; de
lalno unwashed, 7073c, 4 blood un
washed, 68ff70c. ; blood unwashed,
590 60c. Wisconsin, Missouri and nvcr
ngo Now England 4 blood, 0065c .
blood, 6355c; V, blood, 50r52c
Virginia, Kentucky and similar 4 blood
unwashed, 75c. ; 4 blood unwashed, 58
60c Scoured basis: Texas Finn 12
monthB, $1.0501.70; flno 8 months, $1.45
01.50. California Northern, $1.65$
1.70; mlddlo county, $1.5501.60; south
ern, $1.3001.35. Oregon Eastern No.
1 staple, $1.75; eastern clothing, $1,500
1.55 ; valley No. 1, $1.00. Territory
Fine staple, $1.7501.80: 4 blood comb
ing, $1.6001.66; blood combing, $1.15
01.20; flno combing, $1.20; flno medium
clothing, $1.4601.50. Pulled Delaine,
$1.7501,80; AA, $1.65; A supers, $1.45
01.50. , Mohnlrs Best combings, 600
66c; best cardlngs, 55060c
"Modern Miller's" Outlook.
Special to Tim Sun and Nsw York Hebau.
Ciiicaoo, Juno 18. According to the
Modern Miller "Kansas has a most prom
ising prospect nnd will produce a crop
of 115,000,000 bushols of good quality.
Hot winds In Western Kansas have done
some damage nnd forced early ripening.
Oklahoma Is cutting wheat, and the crop
Is fully" up to expectations. Wheat I
filling well In Missouri. Cutting has
gun in extremo southern portions of soft
wheat States, Reports speak of Insect
damage In that territory. Thero Is also
somo premature ripening, Heading Is
short In Ohio nnd conditions there aru
rather poor becauso of early damage
Tho condition of spring wheat in the
Northwest is very good. Tho crop has
progressed favorably during this week
Many reports of grasshoppers In Dakota
have been received, but no damage by
them has been reported. In Montana
present prospects Indicate 30,000,000
bushels. The Canadian situation 13
favorable."
FINANCIAL NOTES.
Mllltr & Cox havo prepared a circular on
'Tho Outlook for Railroad Securities."
Samuel If. Dlas, formerly of 8. It. Dias i
' Co. and Harry 8.' Collins, both members of
... r T I ., n n ., C-1 1. l. .. ,. 1 1 (i .
the Consolidated Stock Exchange and Bar
nard lllgglna lm-e formed a copartnership
as Collins & Dlas for dealing In Hated stocks
and bonds. Their offices will be In 63
Uroadway.
William W. Cohen Co. havo prepared an
Analysis of thn railroad situation. In which
are listed eighteen railroad bonaa yielding
to their maturities 7.22 to 13.87 per cent.
Guaranty Trust Company has appointed
Robert Macvey Its assistant manager and
John P. Earnihaw tho secretary of Ita Lon
don office.
I John W. McKeon and Stephen Tllton, foi
, . .h. n.n.-.l Tlnl Tr.,.1 r-nm
piny. and Morris A. Campbell have formed
a copartnership as Campbell, Tllton & Mc
Keon, Inc.. to deal In foreign exchange. Its
office Is In 52 Uroadway.
rtank of America has been appointed reg
Istrar of tho Uroadway Realty Company's
7 per cent, preferren siock, ann or tie
Banta Cecilia Sugar Company's voting trus
certificates for 103.000 shares of Its com
mon stock of no par value, and trustees under
Indenture of tha Uroadway Realty Campany, ,
covering an Issuo of 750,Oflfl iir vslue ol
registered debenture, sinking fund bonds due j.
la 1940.
1

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