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The Sun and the New York herald. [volume] (New York [N.Y.]) 1920-1920, July 14, 1920, Image 12

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THE SUN AND NEW YORK HERALD, WEDNESDAY, JULY 14, 1920.
12
3W
ThevVaIue of
Liberty Bonds
is shown in- our new
folder describing -thc
original and converted
feoues qf Liberty Bonds
and Victory Notes.
Copy on Ttqualfor AD-317
MationalCity
Company
M.ln nrf lent National Cltr nankBldf.
Uptown Of fit I Fifth Art. ft Srd Si.
Offices in over SO Citiej.
The Hat '
Industry
We are Jlttrlhutint
a ttry interfiling hook
let ulth illustrations
itstrthint the hat in
dustry, from tht earliest
times to thef present
A cpy utll he sent
upon request for Book
let All.
Merrill,
Lynch,
&Co.
Investments
Commercial Piper
120 Broadway
New York
Members New York Stock Exchanf
FINANCIAL NEWS'
AND COMMENT
Frico Changes in Stock Market
Aro .Unimportant in Spito
of Pressure.
RAIL ISSUES STILL FIRM
Leading Industrials Aro Heavy
and Mohoy Is Unchanged
at 8 Per Cent.
1st Mortgage
Bond Yielding
8.65
If you could buy a first
mortgage bond of a
well known company
r to yield you about
8.65 would you be
interested?
If so, send for Circular
No. 8629.
Bonbright & Company
Incorporated
25 Nassau Street, New York
A Decidedly
Attractive, Seasoned
Investment Issue
As-DWdendi hava been paid
for thirty (30) consecutive yean,
acept m 1907. when earning
and aurpJia were invested in the
plant
B Preferred ai.to Dividends
which are Cumulative, f
C. Convertible Into the Com
mon atock or tha Cbananv.
which is earniaa at th m d
$4 1 pcrahata.
FkJ 9100 -per shin
Yielding 8
Circular MfaMni mu. j.
Information ami to innstort oo rt-SIUH.
lawfenceChamhrtahiC
The professional contingent having dis
covered on Monday a gather vulnerable
position In the Industrial stocks because
of last week's rise continued to hammer'
the market throughout yesterday's ses
sion, but without any Important results.
"They succeeded In getting the standard
stocks down a point or bo. but no real
long Btock came out on the setbacks.
As a matter ot fact there were almost
as many strong points as there were
weak ones, taking In the rails, which
gave a very good account ot themselves.
The Mexican stocks and Fan American
Issues also did better than the average
run of stocks, but the Industrial, that Is
to say, most of them, were Inclined to
sag off again. It was very noticeable at
the closing, however, that tho net
changes disclosed mostly minor losses In
the case of the leading Issues, such as,
for Instance, Baldwin and Steel common.
Altogether tho market did fairly well
considering the amount of- pressure to
which It was subjected.
The market was really a good deal
stronger than It appeared to bo. Tho
apperance of weakness In the leading is
sues of the type of Baldwin gave the
whole market, with the exception of tho
rails, nn unfavorable outward appear
ance, but, measured by the extent of the
declines, the share list was not half as
weak as It looked to bo. This was not
because of the efforts of the professional
contingent, however. They floated all
sorts of rumors all day about unfavor
able events that aro supposed to be lm
pending In the Immediate future to put
trie market off, including one about the
possibility of another war In Europe,
but that was about as. far as they got
The reason that the market did not re
spond to these rumors was simple
enough, namely, that It had become over
sold; that Is to say, the long Interest
had been sufficiently eliminated to do
away with the possibility of a real sharp
crack, such as many persons had looked
for as a result of theharp rise In the
market last week. 1
As ort Monday, the firmness of the
rails was the outstanding feature. They
did not go up because of the heaviness
of the Industrials, but they held their
ground, which was as much as could be
expected. Some profit taking developed
In Southern Railway, but such Issues as
Rock Island, St Paul) Missouri Pacifto
and St Louis and San Francisco all
gave an excellent account of themselves.
In the Industrial department It was
mostly rx case of hammering the leading
Issues for the effect that their weakness
might have on other stocks. This was
particularly true ot Baldwin, which as
a rule leads the market either In one
direction or another. The traders ap
parently figured that by depressing
Baldwin below 118 they could bring out
a lot of long stocks in other parts of
the market, but If this was their lnten
tlon they must have been disappointed.
There was a brief rally In the Industri
als at the closing, but It was noticeable
that the rails moved forward the easiest
as soon as the pressure relaxed.
The monoy market was unchanged at
8 per cent A good many persons were
disappointed in that tho rate was not
fixed at 7 per cent at the outset, but
this was not possible on account of Gov
ernment withdrawals. There wos ap
proximately $11,000,000 withdrawn from
the banks yesterday and It was stated In
money circles that If It had not been for
this the rate In all probability would
have been 7. In view of the fact that
there are to be no further withdrawals
to-day It Is expected.that tho rate will
be lower ; that Is to say. that 7 per cent,
will prevail throughout -the day. 'The
time money market was unchanged. A
report was circulated that the rate for
that class of funds had dropped from 9
to 8 per cent, but this was unfounded.
As a matter of fact the bid Is now 9
per cent, with no money offered. Noth
ing of special Importance occurred In the
foreign exchange market, which ruled
steady throughout the day.
National (Sty
Bankv
"Rights" .
Wbm, as and if issued
We have prepared asd wQ for
ward on request a special letter
outlining the plan for increase 'in
capital to be offered for authcrixa
tloa by toekhoMtn August J 6th.
We aro prepared to purchase and
sell these "Righto" at tho market,
vrhwvuand lfleraed.
Colgate. Parker & Co'.
40 Wall Street
New York
Warren Bros. Com.
Circular on rtauest
LYON AND CO.
50 Pine St,N. Y. Tel.J.hn854
FINDS EUROPE IMPROVED.
Banker netarnrf From Countries In
War Area.
Brooks Leavltt. manager of the bond
department of Paine, Webber & Co,,
who has Just returned from a trip
through the principal countries of Eu
rope, declared yesterday that conditions
on the other side of the Atlantlo were
decidedly good. In Belgium, Ger
many,- France and England he found
signs of Improvement, he said, Belgium
not only taking care of her own require
ments, but exporting sugar and coal to
France, uermany, he declared, pre
sented' a good appearance agricultur
ally, but. tho torpor affecting Industry
"Is very striking to one coming recently
from her busy neighbors."
A for France, Mr. Leavltt said that
In the unlnvadod area the Industries
were In good condition, and that there
seemed to be ample funds to finance
new enterprises.. England, ho declared,
was alert and projecting her trade In all
directions. Americans he found every
where, soeklng Information and oppor
tunities, and he predicts that our own
position In the world's business,
"whether ft ever grows to be a dom
inating one or not will be of great Importance."
UNIT METHOD FOR EXCHANGE.
MONEY AND EXCHANGE.
17.W)
17.95
8.06
5.97
CALL MONET.
IT1n. 8ILaat ft
Low glltenewals 8
Tear's high alYear'a low 8
CLEAnrNO HOUSE STATEMENT.
Clearing House exchange. $864,300,133:
balances, 8100,070,799; Sub-Traaaury debit
balance, $289,443: Ftderal reserve credit
balance, 183,031,12.
CANADIAN EXCHANGE.
New York funds in Montreal, 8183.82 pra
mram" par 81,000; Montreal funds In New
Tort, 1120 par $1,000.
SILVER MAIIKETS.
Official bar silver In Naw York, domestlo,
SOUq. par ounce, unchanged; foralrp, 93',4c,
up He., ro London, ESd., up Hd.; Mexican
dollars, 7091c, np He
FOREIGN EXCHANGE.
OREAT BRITAIN.
Tu'sdy. Monday.
Demand, sterling. . . . 33.92 I3.03VI
Cables, starling 3.93H 3.94
uanaera, w oaye J.ni!
Bankers, SO daya 3.80
TUB CONTINENT.
130 Franca, cants a franc
Dsnand 8.49
Cables 8.41
19.39 Belgium, cents a franc
Demand 8.9S
Cables 8.96
19.30 Switzerland, eenta a franc
Demana
Cables
it JO Italy, eenta a lira
Demand Cablea
aaJO Germany, cents a mark-
Demand 2.S9
Cable a.00
88.80 Bweden, cants a krone'
Demand 22.10
Cable. ,42.20
18.80 Norway, cents a krone
Demand 16.78
Cables 18.83
28.80 Denmark, cants a kron
Demand 18.73
Cables 10.80
19,80 Oreece, cants a drachma
Demand 12.75
Cables 12.80
19.80 Bpatn, cants a peseta
Demand A... 16.12
Cable 10.17
40.20 Holland, centa a florin
Demand , 83.20
Cablea 33.80
20.3 Austria, centi a crown
Demand 71
Cables 73
FAR EAST.
108.32 Shanghai, eenta a tael
Demasd 103.23
Cablea 103.00
78.00 Ronikong, uinta a dollar
Demand 73.30
Cable 74.00
82.44 Bombay, centa a rupee
' Demand 38.50
Cables 39.00
49.84 Yokohama, cants a yen
Demand .... 61XO
Cablea 51.75
BOOTH AMERICA.
44.42 Rio da Janeiro, centa a mtlrela
Demand 23.37H 23.37U
Cablea 2J.CO 23A0
42.84 Buenos Atrea, centa a peso
Demand 41.37J4 41.37M
Cablae 41.50 41.50
103.42 Uruguay, centa a dollar
Demand 93.23 1 93.23
,1.1.1.. AM - w. ...
j b.uin SJ.00
Paris Bourse Trading: I Inactive.
Paws' July 13. Trading was Inactive
on the Bourse to-day: Three per cent
rents, 67 francs 15 centimes: exchanm
Jon London, 48 francs 98 centimes; 5 per
I cent loan. 88 francs 80 centimes th
I dollar, 11 francs J2 centimes.
1 "t '
3.80
3.88
8.41
8.43
8.93
8.90
17.93 '
17.98
6.02
6.03
2.62
2.63
22.10
22.20
16.65
10.75
16.e0
16.70
12.70
12.80
18.12
18.17
33:20
33.30
.71
.73
I03.fS
74.00
74.50s
38.50
30.00
61.50
51.75
All Local Bankers to Quote notes
on New Plan.
Beginning to-morrow all financial In
stitutions In this city will quote foreign
exohange rates In cents a -unit. For a
considerable time one or two dealers In
foreign exchange have dono business on
the new basis, but not until yesterday
wns the consent of all of them obtained
to omit tho Inconsistency of quoting
sterling qt so many cents a pound and
francs at so many francs to the dollar.
Credit Is given to the Foreign Ex
change Club for originating the Idea of
simplifying exchange rates so far as
local quotations are concerned. Tho
subject has been widely discussed and
finally all members of that club have
agreed 4s quote not only Far Eastern
South American and sterling rates on
the basis of cents a unit but all Euro
pean rates on that basis.
A sample of the Inconsistency of the
old method was tho quotation of 16
cents a guilder and of 16 lire to the dol
lar. The proper relation between the
two rates is expressed, the dealers say.
when tho cents a unit method is adopted.
Export From New York.
Exports from New York yesterday;
Rye, 378,578 bu. ; pork, 359 bbls.; beef,
510 tcs. ; hams, 81,000 lbs.; stearlne,
240,000 lbs.; grease, 130,000 lbs,; lubri
cating oil, 90,600 gals.; flour, 18,592
sacks; beef. 2,305 bbls. ; bacons, 2,214,
000 lbs.; lard, 6,217,000 lbs.: tallow,
80,000 lbs.; cheese, )2,000 lbs.
NATIONAL CITY BANK
INCREASES CAPITAL
Directors' Propose io Add
$16,0p0,000 in Stock.
The climax of the movement on the
part of financial Institutions In this
city to lncreaso their capital, surplus
and undivided profits came yeatordav
when the National City Bank, tho larg
est financial Institution In the United
States, announced Its plans to lncreaso
Its 'capital stock from $25,000,000 to
140,000,000 and Its combined capital,
surplus and undivided profits to an
amount woll In excess of $100,000,000.
For eighteen years the capital of the
Natlonnl City Bank has stood at 125,
000,000 and In that time a remarkable
surplus and undivided profits has been
built up. Now Its directors have called
a special meetlngof Its stockholders
for noon of August 26 to take notion on
the recommendation that Its capital
stock be Increased from $25,000,000 to
$40,000,000 by the Issuance of 150,000
shares of, $100 par valuo each, the
shares to be offered to Its stockholders
for subscription pro rata at $125 a
share, the premium ot $8,750,000 above
par to be credited to surplus and an ad
ditional sum of $6,260,000 to be trans
ferred from undivided profits to sur
plus. James A. Stlllman, president of the
National City Bank, In a letter to its
stockholders issued yesterday, said that
with those changes the capital would
stand at $40,000,000, the surplus at $45,
000,000 and the combined capital, sur
plus and undivided profits at upward
of $100,000,000. By contrast the bank's
capital stock In January, 1900, was only
$10,000,000 and was Increased from that
figure to $25,000,000 on June 2, 1902.
An Interesting comparison, which
shows In figures tho twenty years'
growth of the National City Bank, Ik
shown by the following tabulation :
STATEMENT.'
April, 1002,
Capital . . $10,000,000
Surplus and undi
vided profits .... 7,300,000
Combined 17,300,000
Deposits W2.700.000
Resources 190,000,000 1,077,000.000
Loans, dlscounta and
Investments 81,800,000 617,200,000
The proposed incrense In National
City Bank capital stock docs not ne
cessitate any change In the capital stock
of the National City Company, but It Is
considered probable that there will be
an Increase in the tatter's stock befnro
the close ot this year despite thj state
ment made yesterday that then) Is no
immediate Intention of altering the Na
tional City Company's capitalization.
Up to a few weeks ago tho stock of the
National City Bank had on the back of
each certificate the evidence of Interest
In National City Company stock In the
Tuna. 1020.
$23,00,000
r.8,800,000
83.RO0.000
790,000,000
proportion of 5 to I, With the Issuance
of thfr new stock by the 'National City
uank uio proportion will be changed to
4 to 1. ,
In his letter to the stockholders, Mr,
Stlllman said that the Increase In the
bank's business of financing' 'for
eign and domestlo trado required
large amounts of Invested cap
ital. An Idea of tho extent of the
bank's foreign business Is not presented
In tho published statements, hut tha
dally float was said yesterday io range
from $40,000,000 to $60,000,000, Tin
circulars follows In part:
"This action Is deemed advisable at
the present time by reaion of the large
volume ot business which the bank Is
called upon to hnndle to servo Its cus
tomers .and to do Its part In financing
the domestic and foreign trade ot the
country,
"If the Increase Is authorised at thn
special meeting called for this purpose It
Is proposed to Issue transferable war
rants of subscription to shareholders of
record at the date of the meeting, en
titling each to subscribe, at $125 per
share, and on such conditions as may bn
prescribed, for the number of new shares
equivalent to 60 per cent, of his hold
ings; and that tho stock certificates for
such new shares shall bear tho Indorse
ment prescribed by the agreement ot
June 1, 1911, as amended, evidencing a
proportionate beneficial interest in the
capital stock ot the National City Com
pany held by the trustees under said
agreement.
"It Is further proposed that all sub
scriptions shall be payable In full at the
bank, In New York funds, on surrender
of the respective warrants, duly In
dorsed, not later than the first day of
October, 1920, after which date all war
rants will be void. Upon payment of
subscriptions, transferable Interim re
ceipts will be Issued, which will be ex
changeable for the definitive stock cer
tificates, Indorsed as above.
"As the voto of two'-thlrds In Interest
of tho shareholders Is required by law,
you are requested to sign and return the
enclosed proxy ns promptly as possible,
In case you may be unable to attend the
meeting In person."
Amerlcnn Wholeenlo Itcports,
The American Wholesale Corporation
reports for the first six months of 1920
net profits, after Federal taxes, of
$1,323,734. Its net earnings were
$2,007,839 and Its taxes Iwere estimated
at $683,605. Its preferred dividends
totalled $287,959, leaving a surplus for
the period of $1,035,776 and total profit
and loss surplus on June 30 of $1,713,-809.
Custom Home necelpt.
Receipts for duties at the Custom
House yesterday were $322,135.49, of
which $148,12137 was for merchandise
withdrawn from bonded warehouses
and $771,067.12 for recent Importations.
LC.C.APPHOVESNEW
LOANS TO RAILROADS
Certifies $17,022,273, to Be
Paid From Revolving Fund.
WASVHINOTON, July 13. New loans to
railroads of the country nmountlng to
$17,022,273 woro approved to-day by the
Interstate Commerce Commission, mak
ing nn nggregate of $22,088,875 so far
certified to tho Secretary of tho Treas
ury foj; payment out of the $300,000,000
revolving' fund provided by "the trans
portation act.
A loan of $135,000 was approved for
the Aransas Harbor Tormlnal Railway
for the reconstruction of a considerable
portion of Its line between Aransas Pass
and Port Aransas, Texas, which was
damaged by a hurricane.
'The reconstruction of the road," tho
Commission said, "will make available a
port for shipments of oil from Mexico,
upon which a large section of Toxas Is
Increasingly dependent."
The Carolina, Cllnchfleld and Ohio
Railway was granted a loan of $2,000,000
to assist It In financing "Immediately
pressing maturities," tho CommUslon
announced, adding that a heavy coal
tonnage was carried by the road.
For the Bangor and Aroostook Rail
way a loan of $200,000 was approved.
The Commission pointed out that "the
road handles a very large tonnage of
wood pulp which Is manufactured Into
news print paper, for which there Is
universal consumption."
The Illinois Central Railroad Is to re
ceive a loan of $4,511,750 for rolling
stock. Including 1,000 refrigerator car
for the transportation of perishable food
products.
The Atchison, Topekn and Santa Fe
Railway Is loaned $5,493,000 for tho
purchase of equipment, Including 2,500
refrigerator cars.
Loans of $4,446,523 to the Chicago,
Burlington and Qulncy Railroad and
$235,400 to the Salt Lake and Utah Rail
road also were approved. Both of those
loans are to enable purchase of ad
ditional equipment
liny Men Convene In Cincinnati.
Cincinnati, July 18. Members of the
National Hay Association, numbering
1,600 delegates, opened a three day con
vention here to-day and brought with
them displays of eyery sort of hay grown
In the United States. F. L. Young,
Lansing, Mich., president of the asso
ciation, made the opening nddress. He
disagreed with the Government's report
that the new hay crop would nggregate
111,000,000 tons. Ho thought that
80,000,000 tons would be nearer the true
figure.
NEW YORK STOCK EXCHANGE QUOTATIONS.
TUESDAY, JULY 13, 1920.
Days sales
r-Closlna;.-! Dtv.l
Bid. Ask. In $
36
34
23
55
29 ft
65
78H
12
34U
12H
94
37
153&
51
61V,
76?i
3t
89
188
Z4
86
9 4 ',4
13
2oy4
18
SO
89 Yi
115
32
23
63
165
251
61
35
70 H
35U
30
12(4
30H
31
,73
lo
96
60
3
23
83
129
60
67
45
8
107U
06
26
27K
63
37
90
45 -93
117
265
255
4114
136
11
135
17
87 H
86W
MM i
lOOVi
102
6m
93
109
SOW
93 il
226
87
95
47
15
57
25
45
804
IV,
105
159
23
119U
33
45
145
211,4
12
SOc
6
7
6
3
6
341
17
n
46
7
18
110
70
10
7
2
3
1
4
2 V,
8
10
3
2
8
10
6
7
'7
4
50c
3
1.20
1920.
653,407
1919.
1,831.3?4
1918.
332,618
Bales.
600
100
100
100
1300
1400
700
100
19700
1900
100
100
1300
400
4001
200!
100
100
3400
1100
4300
4600
100
100
100,
100
'1100
1100
400
100
4500
8800
17900
100
8900
900
100
100
800
2400
700 AJax Rubber
300 Alaska Gold M
1200 Allls Chalmers Mfg
100 Am Agric Chem pf
1200 Am Bank Note
200 Am Beet Sugar
600 American Bosch Magneto
100 Am Brake Shoe & Fdy pf.
50 Am Brake Shoe & Fdy pf
zuuu Am unn
3800 Am Car & Foundry
1400 Am Druggist Syndicate. . .
1000 Am Express
300 Am Hide & Leather
600 Am Hide k Leather pf . . .
1500 Am International Corp. . .
BOO Am Linseed Co
5900 Am Locomotive
100 Am Locomotive pf
4400 Am Safety Razor
1900 Am Ship & Commerce
300 Am Smelt & Ref
200 Am Smelt & Ret pf
2000 Am Steel Foundries
500 Am Sugar Ref
400 Am Sugar Ref pf
1400 Am Sumatra Tob
200 Am Tel & Tel
200 Am Tobacco
7900 Am Woolen
200 Am Woolen pf
200 Am Writ Paper pf
100 Am Zinc L & Smelt
900 Amiconda Copper
100 Ann Arbor
100 Ann Arbor pf
700 Atch, Top & Santa Fe. ...
100 Atlanta, Blrm & Atl
100 Atlantic Coast Line
100 Atlanta Refining pf . ......
1400 Atl, Gulf SWISS
200 Austin Nichols
39100 Baldwin Locomotive Wks.
1600 Baltimore & Ohio
100 Baltimore & Ohio pt
1100 Barrett Co
900 Bethlehem Motors
300 Bethlehem Steel
800 Bethlehem Steel 8 p c pf.
5800 Bethlehem Steel B
300 Booth Fisheries
200 Brooklyn Rapid Transit..
100 Butte Copper & Zinc
100 Butte & Superior Copper.
500 Caddo Cent O & R
300 California Pack Co
1200 California Petrol
2300 Canadian Pacific
1600 Central Leather
100 Cerro de Pasco Copper. . .
1700 Chandler Motors
1000 Chesapeake tc Ohio
200 Chicago ft East 111 pf . . . .
100 Chicago Grt Western....
200 Chicago Grt Western pf . .
1900 Chicago. Mil A St Paul. ..
3100 Chicago, Mil ft St Paul pt
duo unicago iNortnwcsiorn..
100 Chicago ft Northwest'n pf
500 Chicago Fneumntlc Tool.
8400 Chicago, R I ft Pacific. ..
200 Chi, R I ft Pac 6 p c pf .
200 Chi. R I ft Pac 7'p c pf.
1400 Chile Copper
1000 Chlno Copper ....
100 Cluett, Peabody & Co...
700 Coca-Cola
100 Colorado Fuel & Iron. . .
100 Colorado ft Southern....
100 Columbia Gas ft Electric
4100 Columbia Graphophon .
400 Consolidated Cigar
200 Consolidated Gas
800 Con Interstate Cat Mln..
1600 Consolidated Textile . . .
400 Continental Candy
3500 Corn Products Ref
100 Cosden ft Co
6100 Crucible Steel Co
3800 Cuban Amer Sugar
2100 Cuba Cane Sugar ,
4100 Cuba Cane Sugar pf
100 De Beers Mines Am
200 Delaware ft Hudson
200 Del, Lack ft- Western. . . .
3000 Denver & Rio Grande...,
1600 Denver ft Rio Grande pf.
1500 Elk Horn Coal Corp
300 Endlcott Johnson
100 Endlcott Johnson pf
2000 Erie
1200 Erie 1st pf
Erie 2d nf.
Famous Players-Lasky. .
Fam Playerv-Laskj pf...
Fisher Body Corp.-
Flsk Rubber
Freeport Texas
uon Amer ian u
Gen Chemical Co
Gen Motor Corp
Gocdrlch B F.
Goodrich B F pf
Granby Consol M ft S....
Great Northern Df
Great Northern Ore ctfs..
Greene Cananea Cop
Gulf. Mobile ft North
uir. Mobile ft North pr..
Hendce Manufacturing ..
Haskel ft Barker Car.
Hupp Motor
Houston oil Co
Inspiration Con Copper...
Internoro Con corp......
Int Agri Corp
Int Agri Con), nf
Int Harvester Co
Int Mer Marine
Int Mor Marine pf
Intcrnat'l Motor Truck...
Inter Motor Truck 2d nf..
International Nickel
International Paper
Invincible Oil
Iron Products Corp
Island Oil ft Trans Corp.
Kansas City Southern....
Kelly Springfield Tire
Kelsey wheel Co
Kennecotl Conner
Keystone Tire A Rubber..
83
37
85U
91
117
245 ,
239
41 V,
141
15
88 V,
r 86 Vj
ROid
100
99
16
24 W,
61W
91V4
38$
1Z6
93
224
87 H
94
45
14 '4
30
'It
86
105
168
mi1!
120U
33tf
45
143
22W
86
106
89
8
31$
13VJ
20
117hl6
-4.
239
138$
11
141
15
88
07
aoy
101 99
16
24
61
91
38
izti
108
91
93
ZZ4
88
94
45
I "1
66
16
.1U
81
8.
86
105
160
HI
33
45
144
22
86
106
89
8$
11
8i
70
32
124
61
43
101
8
21
35
63
70
99
93
38
64
ill
30
79 U
36
J4
24
56
.40
65
79 J
. I Net
I Change.
105
158
S? V.
80
100
99
125
-
1
3
- 2
"
10
- nj
- 21
2
3
1
Z4
t.8
1
1
u
iear to date 127.190.886
.-Closlni.- IDIr.l
Bid. I A.t. ln . Seles.
72
3S
26
15
48
192
1919.
167.880.415
1918.
76.729U52
lOpen-
inf.
Lackawanna Steel Co....
Laclede Oas of St Louis..
Loews, Inc . ,
Loft. Inc
Loose Wiles Biscuit
Lorlllard (P) Tobacco...
Mackav Cos Df '.
Manhattan Elcc Supply. .
.Max m 1st pr ctrs ot dep.
Mexican Petroleum
Miami Copper
6100Mlddle.States Oil.
2
Mldvafe Steol ft Ord...
Minn ft St Louli new.
Mlrs, Kan ft Tex
Miss. Kan ft Tex nf . . . .
Missouri Pacific
Missouri Pacific pf . . . ,
Montana Power
Montdna Powei pf . . . .
Mont, Ward 4 Co
Mulllns Bodv
45
202
77
16
67
92
94
68
108
58
92
107
lit
106
100 National Acme Co
4700INatlonal Aniline ft Chem.
100 Nat Aniline ft Chem pf . .
100 Natlonnl Biscuit Co pf..
100 National Lead Co
100 National Lead Co pf. ...
100 Nevada Con Copper....
1090 New York Central
200 New York, Chic ft St L. .
100 N Y, Chic & St L 1st pf .
100 N Y, Chic ft St L 2d pf.
6100 New York, N II ft Hart.
100 Norfolk South s 30
100 Norfolk Southern
200 Norfolk ft Western
200 North American Co
1400 Northern Pacific
100 Nunnnllv ft Co
500 Oklahomn Prod ft Ref...
400 Otis Steel
23400 Pan Am Petrol ft T
2100 Pan Am Petrol ft T B. . ,
100 Parrlsh ft Bingham
4050 Pennsylvania R R -.
100 Penn Seaboard Steeli...
300 People's Oas, Chicago...
1500 Pere Marquette
600 Philadelphia Co
1700 Phillips Petroleum
6600 Pierce Arrow Motor....
600 Pierce Oil Corp
100 Pierce Oil Corp pf
100 Pittsburg Coal of Pa....
200 Pond Creek Coal
400 Pressed Steel Car
100 Pressed Steel Car pf....
1600 Pure Oil Co
1000 Punta Allegre Sugar....
100 Railway Steel Spring....
300 Ray Consol Copper
40100 Reading
400 Reading 1st pf
200 Remington Typewriter ..
6300 Replogle Steel :
8500 Republic Iron, ft Steel...
lOOIRepubllc Iron & Steel pf..
i3vuuoyai uuien uo N Y..
lOOISt Joseph Lead
3800 St Louis ft San Fran. .
200 Santa Cecilia Sugar....
400 St Louis Southwestern.
300 St Louts Southwest pf.
300 Savage Arms Corp
100 Haxon Motor
300 Seaboard Air Lino
100 Seaboard Air Linn pf . .
300 Scars Roebuck Co
1400 Shell Trans & Trading.
4900 Sinclair Consol Oil....
1000 Sloss-Shefflcld S & I...
10 Scuth P R Sugar pf . . .
7400 Southern Padlic
39200 Southern, Railway'
100 Southern Rallwav pf. .
47 Standard Oil of N J...
2100 Standard Oil of N J pf...
tuu Stewart vtarner speed.,..
10100 Strombcrg Carburetor . .,
27200 Studebaker Corp
200 Superior Steel Corp......
1800 Tenn Cop ft Chem
7000 Texas Co
2000 Texas Co Coal & Oil
6300 Texas & Pacific
100 Third Avenue . .
2400 Tobacco Products
2100 Transcontinental Oil
200 Twin City R T I....
600 Union Bag ,& Paper. . , . . .
1200 Union Oil
1700 Union Pacific
100 Union Pacific pf
100 United Alloy Steel
7900 United Drug Co rta
100 United Drug Co 1st pf . . .
100 United Fruit Co..
6400 United Retail Stores
300 U S C I Pipe ft Fdy
2400 U S Food Prod Corp
3100 U S Ind Alcohol
200 U S Ind Alcohol pf
300 U S Realty & Imp
9300 U S Rubber....
400 U S Rubber 1st pf
100 U S Smelting, R ft M . . .
34600 U S Steel
600 U S Steel pf
700 Utah Copper
28500 Vanadium Corp
400 Va-Carollna Chem
1200 Vlvaudou V
600 Wabash
3100 Wabash pf A
300 Wells Fargo Express....
900 Western Maryland
200 Western Maryland 2d pf.
700 Western Pacific
500 Western Union Tel
100 WestlnghousetAIr Brake.
1300 Westlnghouse E ft M
200 Wheeling ft Lake Erie...
100 Wheeling ft Lake Erie pf.
200 White Motor
900 Wlckwlro S Steel
3300 Willys Overland
100 Willys Overland pf
600 Wilson ft Co
100 Woolworth (F W)
1100 Worthlngton Pump
100 Worthlngton Pump pf B..
72
38
25
15
49
138
59
IP
188
l
42
14
Clns-Ing.
Net
Chanre.
-
t it
103
12
69
98
108
59
92
107.
as
17
99.
107H107
1
- I
6
I
X
n
83
69
108
69
2,
1
GOSSIP OF WAEL STREET.
Government "Withdrawal.
The local banks have been notified that
to-morrow the United States Treasury
will withdraw $n,00p',000 of Its deposits
and book credits will be entered on ac
count of subscriptions to the $200,000,000
six and eight months' 6 por cent cer
tificates of Indebtedness, thus creating
about $100,000,000 of fresh United
States deposits which will be drawn on
probably bi-weekly until oxhausted,
when a new offering of certificates will
have to be made. In tne new xur
Btock Exchange call money lonned all
day at 8 per cent, but more than one
bank continued to ask Its customers to
pny a renewal rate of 10 per cent, and
time loans continue conspicuous by their
absence. So far ob can be seen, there
Is no Immediate sign of credit relaxation,
which might have prevailed had not the
r.ew offerings of securities and tho I. O.
U.'s of tho United States Treasury ab
sorbed the funds released by July Inter
est and dividend disbursements. There
Is a possibility of a release of credit pro
..iah in. frfinrinrtntinn conditions con
tinue to Improve, but It Is recognised
that the approaching crop movemoni i
going to throw additional burdens on
the railroad transportation machine and
It Is difficult to anticipate more thnn a
spotty and temporary drop In call money
rates. A lower rate, however, Is ex
pected to-day, but It Is l)kely to be tern
porary. note Announcement Near.
Bankers received positive Information
yesterday to the- effect that the rate de
clslon would be announced by the Inter
state Commerce Commission within ten
days and that the Increase would be
llbernl. Much depends on knowledge as
to whether the commission Is to be ani
mated by a broad and constructive spirit
or the opposite. The Information ob
tained yesterday indicated that the deci
sion would manifest an Intention to be
fair and liberal and administer the
transportation act to accomplish finan
cial and physical restoration of rap
.roads as quickly as possible. Any other
course would cause surprise and disap
pointment Reading; Dissolution.
Information also reached New York
bankers yesterday that the dissolution
of. the Reading Company would be an
nounced within thirty days and that a
detailed plan would be forthcoming
shortly thereafter. The stock has not
begun yet to reflect tho enormous equi
ties In the companies which compose the
Reading system. Shortly after the Su
premo Court announced that the system
must be dissolved there was a spurt tn
Reading which carried It from the lower
seventies to a high of 94 recorded on
April 7. Subsequently there was a loss
ot about 50 per cent, of the .gross gain,
but within the last few days there has
been accumulation of Reading stock and
the price got as hlsh as 91 yesterday,
only to slip back to 90 when the market
looked weakest. It Is anticipated that
stipulations regarding trie dissolution
will be filed shortly In the United States
District Court in Philadelphia, to which
the Supreme Court remanded the decree
for Its execution.
Ooheny Oil.
With the large part of the Industrial
list showing little life and as little
strength, the two Dohony oil stocks
which are so popular with the specula
tive element Mexican Petroleum and
Pan American Jumped yesterday Into
prominency as leaders of a very sub
stantial movement In the -higher class oil
stocks. Mextcnti Petroleum sold up
193, and after declining several points
from tlmt figure rallied sharply again to
1P3 and closed nt that figure for a net
sain of 5 points. Pan American
moved with Mexican b both directions.
It was declared yesterday In usually
well Informed quarters that two wells
with much better than average produc
tion have been brought In on the Mexi
can Petroleum properties, but officials
of the company declined to comment on
that report As regards the situation In
Mexico oil men ere Inclined to take a
very optimistic vlfw. Her provisional
President, De La Huerta, will have a
conference on next Saturday with rep
resentatives of the American oil pro
ducers In that country, and It Is ex
pected that at that time all difficulties
surrounding American oil production In
Mexico will be ironed out
American Llnacrd.
The price which the British Interests
negotiating for the purchaao of a con
trolling Interest of the American Linseed
Company have offered for the stock is
$100 a share, according to information
obtained yesterday in reliable sources.
The offer, It Is understood, has been
made to the Insiders, and the British
people, representing Lever Brothers,
soap manufacturers, have no Intention
of buying the outside stock at that price.
It Is merely control that they are seek
ing. Stockholders of the American Lin
seed Company who nro not on the Inside,
however, will be well taken care of, It
Is declared, because after the British
people have acquired Its coatrol, they will
put through Immediately a recapitaliza
tion plan which has among Its features
the payment of a stock dividend ot 33 1-3
per cent. At the same time. It Is de
clared, a new issue of its preferred stock
will be put out or, in Its stead, an Is
sue of additional shares of Its present
preferred. That stock will be disposed
of to some other and smaller companies
which It Is proposed to purchase and
consolidate with the American Linseed
Company
Houston Oil.
Houston Oil got In some of its re
mnrknble work in yesterday's market
and, after opening nearly four points
lewer than its final price on Mrnday,
gyrated up and down the scale tn a
manner which made Its followers very
dizzy and some of them very sick. Hous
ton began the day In n very promising
fashion, opening at 90, crT 3, selling
down to 88. At that point some gocd
stzod buying orders made their appear
ances, and In less than no time Houston
had advanced to 97. Another reaction
which followed carried It back down,
but In the rally, which buoyed the entire
market In tho last hnlt hour. It went up
again to 97, closing at 97, for a net
gain of 3 points more than its Mon
day closing price and 6 points more
than Its yesterday's opening figure. No
special news has come out to explain the
mysterious fluctuations In Houston, but
It is declared that a short Interest of no
mean proportions has been trapped since
the stock was listed on the big board.
That short Interest, It ts said, represents
for the most part traders who sold the
atock when It was In the curb. Since
It was listed there has been no chance
to cover because the stock has risen
steadily.
Bond Market Improve.
After the stock market was mora or
leas weak during tha course of its yes
terday's trading, the market for bonds
showed a gradual Improvement from
Its recent condition. Not onlv were
Government bonds active and strong, but
In the railroad list there was much bet
ter tone. The new 8wlss Government
per cents were traded In for she Orst
time and were freely bought at prices
ranging from 102 to 102. tl,0 new
Pennsylvania 7s got as high as 103.
Especial strength was displayed In the
Burlington Joint 4s, which mature In
September. The Industrial bond list
was comparatively quiet except In 1
unuea states steel and united States
Rubber bonds, which were dealt in
actively, although they move In a nar
row rang.
Cochrane
Harder
8c Co.
Ill Broadway
NEW YORK
GO State St.
BOSTON
Invincible
Oil Corporation
apltal stock now 11st
d oh the New York
Stock Exchange.
lattsl circular on reiuts
WEEKLY LETTER
aivlng current news nd development of
INDEPENDENT
&
STANDARD OILS
Furnished upon reqnes)
Specialists
Liberty
and
Victory
Bonds
Coupon Registered
All sizcj and denomination)
1 '
Hartshorne & Battelle
Uctubera AVw York Btoik Exchange
25 Broad St. Naw York
TELEPHONE BROAD 1740
Late Information
Regarding
Union Oil
Pure Oil
Island Oil
Phillips
Cosden
Invincible.
California
Sinclair
and other lower-priced
listed oil stocks is con
tained in a circula-
have just prepared
A copy icil! bt
mailed on rtqual
Shonnard
Mills fi- Co.
Members M)C Slock fachantja
120 BROADWAY N.Y.
Telephone --Rector 8080
CENTERS
of railroad and industrial ac
tivity, Middletowh, Port Jer
vis and adjacent communi
ties are served with electricity
and gas by the
Orange County
Public Service
Corporation ;
Net earnings increased
over 35 last, year more
than double the Interest
charges.
We offer the
First Mortgage Gold Bonds
Series A 6
Priee 85 and interest
to net
7.50
Ask for folder S H 7
Ilollister,
White Go.
02 Cedar St., Cor. Trinity PI.
Telephone Brrtor 3901.
New Vijrk.
nation Philadelphia
J.K.Rice, Jr.&Co.Will Buy!
SO Atlanto Loboa Fete
23 Hunkers Trust
100 Lima Loeomotlie Com.
IS New Jersey Zlno
100 N. Y. State Kjs. Com. & Tfd.
SO NDra-ltement-Pond
SO Nat'l Park Hank "Rifhts"
SO Nlsfnra Insurance
SO roenhonta Fuel Com.
100 Htundard Paint
tS Texas ft Pacific I-and Tr.
100 Ward Itoklnr Com. ft Pfd.
j.K.Rice,Jr.4&Co.WillSell
SO American Meter
100 Armstrong Cork
SO nntterworth-Jadson
SO Corn Exchange Rank "nights"
SO Empire Steel ft Iron Pfd.
50 Great American Ins.
to Guaranty Trust
2S II. W. Johna-MamlUe
100 Old Dominion Steamship
100 Prnnn. Coal ft Cake
100 Rltt-Carlton
tl Victor Talking Machine
J.K.Rice,Jr.&Co.
Phone 40OO to 4010 John. 3fl Wall Rt N'
National City Bank
Bankers Trust Co.
Bordens Common
reed!
McCLURE, JONES &
if ember Naw Vorfc Block JEcJiaf. !
lit Broadrray rhone 762 nfcwfi
1

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