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The Sun and the New York herald. [volume] (New York [N.Y.]) 1920-1920, July 15, 1920, Image 12

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THE SUN AND NEW YORK HERALD, THURSDAY, JULY 15, 1920.
i
i
KIDDER.PEABODY&CO.
115 Devonshire SL
BOSTON
IB Broad St.
HEW YORK
Government Bonds
Investment Securities
Foreign Exchange
Letters or Credit
FINANCIAL NEWS
. AND COMMENT
Stock Market IJns Relatively
Quiet Session, but Tono
Is Stronger.
HEACTION IS CONTINUED
Correspondents of
Baring Brothers & Co., Ltd.
LONDON
llnils Well Bought nnd Gen
cr1Iy Close Firm Money
. Stays nt 0 Per Cent.
Munds,
Rogers &
-Slackpole
Hnskrll
& Darker
Wilson & Co.
Independent
Oil Companies
Our letter, sent
upon rf jurj(,
dueiues tStie
companies.
Members
N. Y. Stock Exchange
N. Y. Cotton Exchange
Chicago Board of Trade
25 Broad St.
Uptown Office
16 Vahderbilt Ave.
Cities Service
Company
7
Series C Debentures
Interest requirements be
ing earned 11 times over.
Convertible Into Cities
Service Company Com
mon and Preferred stocks
on attractive basis.
Market value of stocks
Junior to the Debentures
'more than five times prin
cipal amount of outstand
ing debentures, 'y jr-j-jj
Yield 7.45
Plus common stock
dividend accumulation!
Circular "CjM on Ripest
Henry L. Doherty
& Company
Bond Department
60 Wall Street New York
CENTERS.
of railroad and industr'al ac
tivity, Mlddlctown, Port Jer
vls and adjacent communi
ties arc 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
Price 85 and interest
to net 7.50
Ask for folder S II
Hollisteiw
While & Go.
Cedar St., Cor. Trinity N.
Telephone Hector 3901.
Nut York.
Boston
Philadelphia
J.K.Rice, Jr.&Co.Will Buy
6M American Meter Cs
10O Amer. I)lt. Tel. of N. J. ,
CO Amerlcun Much. & I'oundry
100 Anirriran Litliocraplilc Com. Via.
SS Chrlira Kxrlmnte llank
60 Continental Insurance
200 Calif. Ity. & Power Trior rfd.
XJK. W. llll Com. & rfd.
5 First National Hank
100 General Halting Com.
23 Ilanovrr Hunk
25 Jos. Dixon Crucible
100 N. Y. Htate Itjs. Com.
J." National Hank of Cuba
100 Old Dominion MteamMilp
100 Thompson-Ntarrett rfd.
SO Karate Arms 2nd rfd.
J.K.Rice, Jr. & Co. Will Sell
25 Amer. Ihermos Bottle
SO Batternorth-Juuson
23 Banker Trust
60 Cllnchfleld Coal
23 Dcln., Ijick. & Vet Coal
SO Empire (las & Furl rfd.
100 General Baking rfd.
20 II. W. .Tolms-ManTllle Com.
25 Intf rnatlonal Eleiator
lOOMollne Dow 2nd rfil.
SO Lord & Tajlor 2nd rfd.
25 National Ire & Coal 2nd rfd.
SO National Furl Oat .
SO Nat. Park llank "rtlelil"
SO National Cltr llank "Rights"
200 n. .1. Itrjnolds "II" new
100 White Hock Water Com.
J.K.Rice,Jr.&Co.
PtloneJ 000 to 010 John. 30 Wall St., N. T.
The stock market durlnsr th greater
part of yesterday's session was a rela
tively quiet affair. Tho reactionary ten
dency which ret In after the sharp up
rush of stocks last week made further
progress, notably In tho motor proup,
but oh the whole the tone was much
stronser. There were Indications of a
moderate nmount of new buying-, serving
to offset the continued hammering of the
professional clement, nnd under tho cir
cumstances tho market cave a rood ac
count or llselr. To the average commis
sion houso follower, however, the fact
thnt tho market did not co ur was dis
appointing, but It was very noticeable
again Unit, In spite of professional pres
sure, It did not go off very far except as
sf lectcd groups were concerned. Several
; motor shares were weak at the finish,
but by far the greater number of stand
lard Issues showed 'Improvement at tho
closing, although for the most part tho
gain did not amount to much.
In the main It looked as If the profes
sionals had discovered that stocks had
gone off about as far as It was possible
to force them under present, conditions ;
that Is to sny, the trading fraternity ap
parently reasoned that If stocks would
not go oft any further than they have
on such news as has been experienced
In the last two days the market again
must be In a relatively strong technical
pcsltlon. There was absolutely no news
outside of the money situation, which
continued to Interest tho Street more
than anything else. The rate on call
money still held at S ner cent, lareely
because of preparations for Government
withdrawals to-day. The Lackawanna
Etcel quarterly statement made a very
lavoraDie comparison with the last pre
ceding three months. In which the com
pany showed a heavy deficit. The com
pany's statement. Issued yesterdav,
showed that It not only had earned Its
dividend In the last three months, but
on the other hand, had been able to set
aside a very comfortable amount of sur
plus, which was about what had been
expected.
Tho weakest spot In tho market was
the motor sroupa, which are, supposed
to have experienced their blcccst uu-
ward swing of tho year. The steels and
stocks of other companies which aro
having trouble with the coal shortage
and freight tie-up were heavy, but their
weakness was offset by almost qh many
strons points In the special groups. Tho
equipments, oils, particularly the low
priced oils, also gave a better account
of themselves, as did the rails. There
was excellent buying of the rail.- all
day, notably of Itock Island and St.
Paul. The latter was the only stock to
make a respectable showing at the clos
ing so far as that group was concerned,
although most of them closed firm.
There was a run-up of the Bhorts In
Hosch Magneto, which sells cx-dlvldend
to-day, and In several other specialties,
but that wa3 about the extent of the
fireworks on tho selling side. Tho tire
stocks had a relatively bad day, owing
to reports to tho effect that one of the
large concerns was having trouble In
liquidating Its surplus stock.
The money market was unchanged at
8 per cent., and as there will be tll.000,000
of Government withdrawals to-day, the
chances are that there will be no change
to-day. It Is anticipated, however, that
some slight reaction Is In sight cither
for the later part of the week or at
leastor the first part of next week, as
thcro will be no further withdrawals
after to-day until toward the later part
of next week, according to information
received In banking, circles yesterday.
But no permanent Improvement such as
(Would permit. In the immediate future,
t at least, tho resumption of the upward
movement on any such scale as last
I week Is looked for. It is admitted now
In responsible quarters that the rise
last week was altogether too rapid to
be maintained, and that, moreover. It I
probably would have been better for the
share list If the advanco had not been
so fast. Nothing of special Importance
occurred In the foreign exchange mar
kets, which ruled heavy throughout the
day.
RESUME WHEAT TRADING,
Denllnrf for Future Dellrerr Starts
on Kxohnnffc To-dor.
Special to Tin Sun and Nw Yoik Mould,
Cmwao, July H. Wheat trading for
future delivery will bo resumed to-mor
row on tho Chicago Board of Trade nnd
other leading exchanges after a lapso of
about three years. December and March
deliveries will be traded In,
llrst trades In December wheat are
oxpected to be nrOund 12,60 to S2.T0 a
hushel. Contract grades of cash wheat
In tho spot wheat aro selling at $2.85 to
Trading was discontinued on August
1917. At that time final transac
tlons wero In September, wheat at
12.11 10 . in May of that year wheat for
May dollvcry sold as high as 13,25,
Since that time cash wheat In Chicago
has sold as high as $3.95 and aa low as
12.18, tho latter being the Initial Gov-
ernment baels price, which was advanced
to 12.28.
Bids on No. 2 red or hard wheat to
arrive, first half of September shipment,
stood nt 92.73 to-day.
It Is tho general belief that first trades
In December wheat will be at a fair dis
count under that price, reflecting the
probability that Europe's more urgent
needs will have been fairly well satis
fled by the end of the year. Countries
In tho Southern Hemisphere, notably Ar
gentina and Australia, will tie exporting
again by that time.
No large volume of trade Is expected
In wheat futures for considerable time.
Commltslon houses will discourage any
largo speculative business until the
market shall become (Irmly established
and will demand largo marjlns, some
possibly as much aa $1 n bushel frqm
outsiders and 50 cents from members,
DECLARE STOCK DIVIDENDS.
South Porto IMco Swrnr nnd h. IT.
Gilmer Cat Melons.
Two companies, the South Porto Rico
Sugar Company and tho L. 11. Gilmer
Company, have declared stock dividends
of 100 per cent each on their outstand
ing common stock.
The Porto Rico Sugar dividend Is pay
able on August 6 to stock of record on
July 24 and requires a distribution of
56,028 shares of stock. The new stock
will carry dividends for tho quarter
beginning on July 1. Tho dividend was
d(cldcd on to capitalize a part of th?
company's surplus earnings, which have
been Invested In sugar factories, Im
provements and developments In San
Domlrgo.
The dividend on the U H. Ollmer Com
pany stock Is payable to stock of record
on July 15. That company has plants nt
Tacony, North Wales and Mountalnvllle,
Pa. It has also a spinning mill at Millen.
Oa., and manufactures woven belting
and endless belts.
LACK OF KARS STILL
BAR TO STEEL TRADE
Producers Sore Put to Keep
Plants on Steady Basis.
Producers of Iron and steel products
are having extreme difficulty In keep.
Ing their plants on a steady minufactur
ing basis as a result of continued short
age of railway equipment with which to
remove finished products from mills.
Although amendments to nrlgln.il ordera
of tho Interstate Commorco Commission
have removed some of the worst features
of the situation, tho extension for thl.'ty
days from July 31 of the open top car
order Is expected to prolong the troubles
of tho Industry. Such Is tho chief fea
ture of the Iron and steel Industry this
week, according to weekly trade rovlewa.
"Tho day to day car supply," says the
Iron Traile JlevUw, "still regulates Iron
nnd steel operations, as this represents a
widely fluctuating factor. Producers are
hard pressed to keep their plants on a
steady manufacturing basis, in many
respects the situation grows worse each
week because of tho accumulative effects
of the continuing partial stagnation. Kx
tension for thlity days from July 31 of
the open top car order by tho Interstate
Commerce Commission promises to pro
long the transportation troubles of tho
Industry. However, tho worst features
of the original order for the Industry
have . been modified by an amended
ruling by the commission that open top
cars are not meant to Include equipment
of sides up to thirty-six Inches.
Because of the demoralized condition
of trnfllc during tho past few weeks
rolling schedules virtually havo been dis
carded by various mills. Present opera
tions aro being governed by the way tho
material admits of piling or consumers
consent to Its being put on tho yard for
Indefinite delivery. Every effort Is being
made to minimize tho possibility of can
cellations because of non-dcllvery. The
urgent Importance of this last considera
tion Is to be seen from tho official esti
mate by tho Industry to Washington the
past week placing tho total mill accumu
lations of material ready for shipment al
1,416,727 tons. In four principal produc
ing districts. Eastern Pennsylvania and
Chicago, where large additional tonnages
aro on hand, are not Included, so thnt It
Is apparent that counting these latter
stocks, the seml-flnlshed tonnage which
the mills have backed up for their own
use later and the excess of merchant pig
Iron on furnaoo banks, that tho dammed
up supply represents not less than 2,000,
000 tons."
The Iron Ago says: "Against the pro
tests of Iron and steel producers, the
Interstate Commerce Commission has
extended for thirty days from July 21
Its order confining the use of open top
cars to coal. It remains to be seen how
far tho shut downs will go, which steel
companies said were Inevitable, If such
an extension came.
"Some relief Is given by exempting
from the order all flat bottom gendola
cars or cars which on June 19 had been
definitely taken from coal carrying ser
vice, this being one modification asked
by Iron and steel .Interests. In some
districts, however, this Interpretation
had already been In effect.
"So far as tho merchant pig Iron
trndo Is concerned, tho soaring fuel
prices has caused as much concern In
the last week as the car troubles, to
which high fuel Is chiefly laid. There
Is an urgent call In some quarters for
a return of the Government control of
fuel that was. given up on April 1, pro
ilucers of pig Iron vlowlng with dismay
rules nt prompt eoke nt 119 this week,
ivhllo bituminous coal has brought from
,10 lo 12 at tho mines. Tho (fleet of
rueh prices on depndent Industrie! will
bo serious, as corresponding levels are
reached In pig Iron."
OFFER UTICA GAS BONDS.
Bankers Are Selllnir 91,700,000 of
Company's Issue.
Harris, Forbes ft Co. nre offering a
new Issuo of 31,700,000 of Utlca Gas &
Elcctrlo Company's 7 i per cent five year
general mortgage convertible gold bonds,
due on March 1, 1925, at 88 nnd Interest
end yielding 8 per cent Tho proceeds
from their sale aro to bo used for reim
bursing the company for expenditures
for additions and extensions to Its
hjdro-electrlc plants.
Tho company docs an electric light
and power business In Utlca nnd through
out the Mohawk Valley. During tho
year ended on Utay 31 more than SO per
cent, of tho total amount of electricity
sold by the company was generated nt
Its hydro-electric plnnts. During that
year Its net earnings wero moro than
twice tho Interest charges on all Its
bonds outstanding, Including the' present
Issue.
ADD TO BIG BOARD LIST.
Governors of Stock Kxchnnnre Ad
mit .lames to Trndlnv.
The governing commltteo of the New
York Stock Exchango yesterday admitted
to trading on that exchango the follow
ing securities:
Times Squaro Automobile Supply Com
pany, 189,780 common shares, without
par valuo: American Brnke Shoo and
Foundry Company, II, 600,000 of 7 per
cent cumulative preferred and 160,000
new common shnrcs without par value,
Nashville, Chattanooga and St Louis
Railway Company, $1,250,000 of addi
tional first consolidated mortgage 5 pc
cent coupon bonds; American Bosch
Magneto Corporation, 16,000 anares of
additional capital stock ; Bush Terminal
Company, $156,200 of additional com
mon of $100 per value: Locw's, Inc.,
6,900 additional shares or capital stock
without' par value.
Customs Itecelpts 9804,371.
Receipts for duties at the Custom
House yesterday wero $894,371.81, of
which $175,558.31 was for merchandise
withdrawn from bonded warehouses and
$718,813.50 for recent Importations.
A. T.&T. PROFITS ARE
$26228,663 THIS YEAR
Net for Six Months Equals
$Sb a Common Share.
The American Telcphono and Tele
graph Company during the first six
months of this year had net profits,
after all charges and Federal taxes, of
$26,328,663, equivalent to $5.95 a share
on Its common stock, or at the annual
rate of nearly $12 a share, pivldends
ricolvcd during tho six months amounted
ta $17,397,835 and Interest and other
rcvonue to jh,oji,:82. xeiepnonti irum
for tho six months, with one month
estimated, netted $8,450,63, making
total Income for tho half year $30,379
780. Expenses, Federal taxes, Ac too,
14.614.626 and Interest charges. $9,406,
491. leavln net profits available fo,
dividends of $26,328,668. Of Hint amount
$17,682,343 was distributed iu stockhold
ers, leaving a surplus for tho bIx months
of $8,646,320.' -
H. B. Thayer, president of tho com
uanv. told tho stockholders that the com
pany had received In full tho balance due
from tho Government and mat "aujusi-
ment to conditions arising from and, roi
lowing tho wnr Is proceeding more rap-
Idly than wo would have darea to nope.
"Since January 1," ho added, "tho
Bell system has already added more
than 305.000 stations. Thla Is a new
high record, nnd In addition there aro
more than 200,000 unfilled orders for
station Installations In excess or normal,
Thnsn stiit mm nre Lelnir Installed as
rapidly aa possible, In view of tho pres.
ent difficulties or production ana iruim
portatlon. Provided mntcrlnls can oo
obtained nnd Installed present Indica
tions arc that this year will show the
greatest growth In business n mo nis
Inrv nf tho riell svstem.
"You will bote from the following
earnings report that our earnings are
well In excess of our accustomed am-
ii'end rntn nt 8 rer cent Comparison
of the six months' results with thoso for
tho same period last year are noi snon,
ns nronertles were then under Federal
control. For the six months ending
June 30, 1917, tho period Just prior to
Federal control, the balance after divi
dends was $3,766,100, aa comparea wiui
18.646.320 for the six months ending
Turin in 11?n ns shown bolow.
"Rate Increases nlready established
ond those confidently expected will cn
ahln our associated companies to con
tlnue to pay wages which will attract
the highest- grade of workers and will
furnish such earnings as will continue
this company's shares as an Investment
fecurlty. We are warranted In looking
forward to tho future with confidence."
Th reDort of the Western Union
Telegraph Company for the alx months
pnded on June 30 snows nei income,
aftr rharces and Federal taxes, of $6,
954,000, or $6.97 a share earned on Its
capital stock. Gross revenue for the
six months was $59,955,000, and charges
for repairs and depreciation $7,881,000.
NEW YO&K STOCK EXCHANGE QUOTATIONS.
WEDNESDAY, JULY 14, 1920.
's sales
32
26
81
85 W
inn
40
136
11
133
16
86Vi
40 i
85
11-
79W
99
15tf
23
1920.
515.182
MONEY AND EXCHANGE.
CALL MONEY.
IIIcli R!I.ast ft
I-ow Rlltenewal. ft
Year'a lil?h irilYenr's low a
CLEARING 1IOUSU STATEMENT.
Clearlns Ilou'o exchange. $77tl.r,0 1.207:
Va'anrea, tV2."M,TM ; Bub-Trea'ury debit
balance, IR,.TfiO: Federal reserve credit
balance, 02,83J.704.
CANADIAN EXCHANGE.
Nen- York fundi In Montreal, $13."JI1 ore
mlum per. $1,000; Montreal funds In New
Yoik, $118.t0 per $1,000. -
SILVElt MARKETS.
Official bar sliver In New York, domeMIe,
00Vtc. per ounce, unchanged; foreign. 93c.,
off He; In London, S3yd up Hd.; Mexican
dollars, 70'Jc, off ;c.
FOREIGN EXCHANGE.
GREAT BRITAIN.
rarity. Wedne.dav. Tuesday
$1.8005 Demand, sterling... $3.88 3.8i)V4
Cabin, sterllnB 3.s8i 3.MU
Hankers, fid days.,,, 3.M 3.84
Bankers, 00 days.... 3.805i 3.82
THE CONTINENT.
19.30 France, cents a franc
Demand ft.23 8.40
Cables 8.24 8.41
19.30 IJrlclum, cents a franc
Demand 8. Til ft.D.n
Cables 8.80 8.00
19.30 Switzerland, cents a franc
Demand 17.70 17.90
Cables 17.73 17.03
19.30 Italy, cents a lira
Demand r,.P0 5.00
Cables 5.87 5.97
3.80 Germany, cents a mark
Demand 2.S2 2. SB
Cable 2.53 2.60
26.80 Sweden, cents a krone
Demand 21.05 22.10
Cables , 22.03 22.22
26.60 Norway, cents a krone
Demand 10,70 1R.78
Cables 10.80 1C.83
26.80 Denmnrk, cents -a krone .
Demand m.ftl' 10.73
Cables 10.75 10.80
19.30 Greece, cents a drachma
Demand 12.73 12.73
Cables 12.80 12.80
19.30 Spain, rents a peseta '
Demand 10.03 io.ij
Cables ,. 10.10 10.17
40.20 Holland, cents a florin
Demand 33.00 35.20
Cables 35.10 33.30
0.3 Austria, cents a crown
Demand .a .09
Cables 70 .71
FAR EAST.
108.32 Shanghai, cents a tael
Demand 102.23 102.25
Cables 103.00 103.00
78.00 Hongkong, cents a dollar
Demand 73.50 73.30
Cables 74.00 74.00
32.41 Bombay, cents a rupee
Demand 38.50 38.50
Cables 39.00 39.00
43.84 Yokohama, cents a yen
Demand 31.37(4 31.37k
Cables 01.025, 51.02ii
SOUTH AMERICA.
44.42 Rio de Janeiro, cents a mllrels
Demand 23.37U 23.37U.
2.1.5A rirj
Cables 23.50
42.81 Buenos Aires, cents a peso
Demand 41.12H
Cables 41.37H
Demand 02. 6211
Cables 03.00
103.42 Uruguay, cents s dollar
Demand S2.62H
Cables . j 93.0U
41.37)4
41.50
93.121.1
83.37H
93.12U
93.37S4
44 a,
86
lift
20 Vi
14
22
12
63
25
321
Dlv.l
In $.1 Sales.
300
100
6 700
100
v. 100
1 100
8 100
6 100
10 1400
500
12 1200
80c 200
6 200
100
7 400
4 100
6 2600
1 1300
3 000
6 6300
800
700
4 500
7 200
12 100
3 400
7 200
10 1120
8 100
20 300
6 100
7 5500
400
100
6 100
4 300
100
6 400
5 200
300
10 1500
7 23000
7 '200
600
4 300
8 900
400
5 200
5 2600
100
500
100
100
100
400
.. 300
6 600
400
10 1000 1
200
7 200 '
5 700
7 300
8 200 i
4 400 '
10 4800 i
4 800 i
600i
100 I
2 400 i
.. 2000 1
.. 1300 1
5 200 i
6 100 i
.. 4400
.. 1100 i
IVi 800 1
4 100 i
3 100 I
100 i
4 30 I
6 300 i
1 1600
7 100 I
7 100 I
2 1200 i
3 200 i
1 200
4 1700
7 401 i
2 100 i
i 4600
7 30100
.. 1600
7 300
200
9 100
10 200
.. 1200
700
1 1000
200
200
51 200
.. 4100
.. 2000
600
3 2200
100
200
2 100
10 39000
7 100
0 2900
7 400
100
7 400
4 400
4 1300
1 1100
6 300
4 900
300
100
7 100
500
6 2900
400
7 100
.. 3120
.. 10500:
.. 48400
.. 1600
400 1
4 200 :
4 600 1
8 100
In $. Ssles.
Adams Express . .
Advance Rtimely .
AJax Rubber
Alaska Gold M
Alaska Juneau O M
Allls Chalmers Mfg
Am AktIc Chcm...
Am Asrrlc Chem of
Am Bosch Magneto
Am can
Am Car & Fdry
Am Druggist Syndicate
Am Express
Am Hide & Leather
Am Hide & Leather pf.
Am Ice
Am International Corp.
Am La France Flro Enr
Am Linseed Co ,
Am Locomotive ,
Am Safety Razor ,
Am Shlp'& Commerce..,
Am Smelt & Ref
Am Smelt & Ref pf
Am Snuff
Am Steel Foundries
Am Sugar Ref
Am Sumatra Tob..
Am Tel & Tel
Am Tobacco
Am Tobacco pf new
Am Wpolen
Am Writ Paner Df . .
Am Zinc. L A Smelt
Am Zinc, L & Smelt pf
Anaconda Conner
Ann Arbor
Atch, Top ft Santa Fe..
Atch. T & Santa Fe Df.
Atlanta Ulrm ft Ati
At Gulf & W I S S
Baldwin Locomotive Vt ks
Baldwin Loco Wks pf.
Baltimore & Ohio
Baltlmoro & Ohio pf.
Barrett Co
Bethlehem Motors
Bethlehem Steel
Bethlehem Steel B
Booth Fisheries
Brooklyn Rapid Transit.
Bklyn R T ctfs of dep. . .
Brooklyn union uas
Bruns Term & R R.
Butte & Superior Cop...
Caddo Cent O & R
California Pack Co
California Petrol
Canadian Pacific
Case, J I, Plow Wks....
Case, J I, Thres M pf . . .
Central Leather
Central Leather pf
al of New Jersi
Cerro de Pasco Cop
Chandler Motors . . .
meake & Ohio
Chi & E 111 pf Eq Tr ctfs.
& Northwestern...
Chic & Northwestern pf.
Chic, R I & Pacific
&. Iron.
Columbia Graphophone
Consolidated Textile
Continental Candy
Corn Producers Ref
Corn Products Ref pf..,
Cosden & Co ,
Crucible Steel Co
Cuban Am Sugar ,
Cuba Cane Sugar
Cuba Cane Sugar pf . . . .
De Beers Mines Am....
Delaware & Hudson....
Del, Lack & Western. . . .
Denver A Rio Grande...
Denver & Rio Grange pf
Dome Mines
Duluth S S & Atl pf....
Elk Horn Coal Corp....
Endlcott Johnson ; .
Erie
Erie 1st of
Erie 2d pf
Flsk Rubber
Fteeport Texas
Gaston. W & Wig-more. .
General Am Tank Car..
General Motor Corn
G Motor Corp deb pf 7 p c.
itwoncn, 15. i-.
Goodrich, B. B., pf
Gray A Davis
Great Northern pf
ureat ortnern ure ctta.
Haskel & Barker Car...
Hupp Motor ,.
Houston Oil Co
Inspiration Con Copper.
Interboro Con Corp....
Interboro Con -Corp pf . .
Int Harvester Co
Int Mer Marine
Int Mer Marina nf
Int Motor Truck
Int Motor Truck 2d pf..
International Nickel ...
International Paper. ...
Invincible Oil
Island Oil A Trans Corp.
1919. 1918. I
1.806.498 259,425 I
(Open- illlgh- I Low- ) Clos- I Net I -Clewing.-, I
I Ing. I est. I est. I Ing. I Change. I Bid. I At.
33 33 LI 33 33 1 65 70 ..I 100
33U 33H 33 33 2 25 25 2 1200
61 61 61 61 1 27aI 28H 1.20 900
1 1 1 1 U 75ft 75T4 61 5000
1 ltt ltt ITS .. 37 40 .. 100
37 37 37 37 .. I 28 29 2 100
8511 85i 85W 8B 1I 43T4 44 3 700
86 86i; 86; SGi 1 146 155 12 100
116 119 115 118T4 2 26 26) 2 600
40i 41 40 40 N I IStf 16 .. 600
137 1374 136 136 4 I 98 100 7 100
11 11 11 11 l 23 21 .. 100
135 137 134 134 2 I M 90 8 600
16 16 I 16 16 I W 119254 193i 10 13200
87 87 97 87 1 I 21 21 2 "00
42 42 42 42 .. 201 214 1.60 2500
86 86 84 85 1 41 42ft 4 3600
11 11 11 11 13 1 .. 100
80 80 80 80 .. 69 70 7 100
100 101 99 99 14 80 85 7 50
15 16 15 ISK 6T4 7 .. 1900
23K 23 23 23 26 26 .. 4600
60 60 60 60 1 42 43 .. 1900
91 it 01 U. QnTZ SOI' i l' 81 82 1 7fln
105 105 105 105 .. 90 91 7 400
384 38 37 37 90 91 7 100
125 125 125 125 .. 105 108 7 100
9014 90 89 89j 95 100 7 100
93 93 93 93 76 77U 6 200
226 228 225 225 1 12 1T 1 400
87 87T4 87 87 .. 69 70 5 200
86 87 85 86 30 30 .. 1300
47 47 46 46 89 90 7 100
1414 1414 1414 1414 .. I 60 67 5 100
49 49 49 49 .. 72 72 71 600
Kg iffl Sft ? .. ?! 21 25 III
SI 81 SOtf S04 UI J4 HH0q 200
73 73 73 73 I -1 Z&H 100
b if. i b i.' I si' csi i ill i,i mi ii i r 1 1 j An i
15811 158 155 156 2 I 9811 99 6 1500
119 121 118 119 32 34 4 100
I4 SIVil H.14 37)4 I 31 l I 71 100
32!k S2 32 32 39 39 3 2713
44K 44 444 4414 I 2314 25 .. 100
14414 144 14314 143 I 32 34 .. 600
22 22 21 21V, l 25 25 .. 1500
85 85 85 85 .. I 35 35 3 700
89 90 8 83 42 43 . . 1600
11 11 11 11 .. 115 15 .. 600
s'.KL!. JaiLllB 51 ?1 5 IS.
. .... I 64 614 614 6 "l4 I 5914 60 51 100
22 22 22 ,22 .. 84 86 6 100
17 18 17 18 30 3014 .. 300
"0 70 70 70 14 97 100 8 600
32 32 32 32 40 41 4 1500
122 122 122 122 4- 99 100 5 200
14 14 14 14 I 16 16 1 100
93 93 93 93 90 90 4 29300
64U 64 64 64 41T4 45 2 200
.41 "t '7B 4 I 7g . uv
sy... 204 205 204 205 2 83 84 .. 1900
44 44 43V, 43 .. I 47 49 .. 200
100 101 97 99 1 I 93 93 6 7000
6414 5414 54 54 .. 1114 114U E.20
I ,r mTI m.ll I .... .Tl .
' iv 'y 1 vi zo. .. zauu
8 8 8 8 15 16 39CO
23 23 23 23 14 26 27 .. 900
?5 ?JW 84 00
51 62 51 61 7 8 .. 300
70 70 70 70 14' 14 .. 300
9814 98 98 98 197 199 8 100
i 37Sr QfilZ it I 1.1 I I Henri nt Iw.-I ,.aa
...i w.741 I I 1041 II l,4-l -idUWI
lt ltt loty tyl 3I "0
3014 30V4 29 29 72 73 6 600
361i 36 36 36 106 108 8 170
I 34 34 I 34 34 .. 93 94 6 3400
II .... II I m .1 I it ft! T . III'UI)
pf.... 49 49 49 49 .. 69 59 5 400
29l 29 29 29 ..' 643 650 20 10
vw vw vti wu AvaAAvu yji UUU
78 78 78 78 1 40 41 4 100
ling. 12 12 11 11 87 87 4 4600
.... 34 34 34 34 ft 71 71J4 7 25400
12 12 12 12 it 9 9 .. 100
94 94 9314 9314 46 40V. 3 4100
101 10214 101 102 41 42 .. 700
38 33 38 38 ..I 49 60 .. 1000
153 156 152 153 .. I 10 10 .. 100
"Vi "is 01 624 74 I 61 .. 6 4100
52 53 61 51 l.. .. 7 100
IW lSM 78 " 15ft " 0
32 32 32 32 .. 34 37 2.50 100
.SS .SX ." -i 8
.5 6 5 30U 31 .. 100
11 11 11 11 H 111521116 10 1400
24 1 24 2214 2214 2 .. 8 6800
?S ? ?5 ? 10.. .. 100
20 21 20 20 75 76 3 9500
H 14 14 14 4- T4 16 17 . .. 100
32 33 32 32 66 67 6 1100
23 23 23 -23 91 92 8 5300
J5r 12 i25i BS 59 100
64 64 64 64 .. 97 97 8 16900
20Mi 251.1 ziu i;nii u iinR inss. 1 ai inni
85 85 85 85 ' !j 43 44ll 3 100
2 62 69 60 2 I 91 92 6 20300
?7 87 87 87 1071? 108 7 100
23 23 23 23 67 68 6 300
70 70J1 70 70 K 85 85 6 20700
35 3ii 35 33 72 73 4 400
UYr 15., 73 73 1 J 2400
AU 16 ,8 8 600
100 100 98 99 1 23 2514 .. 800
60 50 4914 49 16 18 .. 200
3 3 3 3 9 10 .. 400
.10N ,0 65 67 6 200
123 129 129 129 ( .. I 81 81 7 200
S 3S3 58 z 2 m . Ill
Si., 5;., 60 60 H 53 600
68 68 68 68 4- H 30 31 .. 300
17 17 17 17 2 18 1 2700
86 86 84 85 81 84 7 400
45 46 45 4611 1 59 69 6 200
17 17 17 17 69 69 6 400
I 44 44 42 42 - Ul
IOS 101 108 106 1 I
ioo ioo lioo ioo I 1 I
1920.
Vear to date 128.487.684
1919.
159.686.913
1918.
76.988.577
lOpen-
I Highest.
Kelsey Wheel Co
Kennecott Conner
Keystone Tire & Rubber..
Lackawanna steel Co. . . .
Laclede Gas of St L
Lee Rubber A Tire
Lehigh Valley
Liggett & Myers Tob
Loews. Inc
Loft. Inc
Lorlllard, P.. Tob pi
Maxwell Motor
Mays Dept Stores
Mexican Petroleum
Miami Copper
Middle States Oil
MIdvale Steel A Ord
Minn A St L new
Minn, St P A S S M
M, St P A 8 S M pf S 30.
Miss, Kan A Tex
Missouri Pacific
Missouri Paclflo pf
Nat Aniline A Chem
Nat Aniline A Chcm pf . .
Nat Aniline A C pf s 7 f . ,
National Biscuit pf
Nat Cloak A Suit pf....
National Lead Co
Nevada Con Copper
Now Tork Central
New York. N H & Hart. .
Norfolk A Western
North American Co
Northern Pacific
Nova Scotia S ft C
Ohio BAB
Oklahoma Prod A Ref. , . .
Otis Steel
Pan Am Petrol A T
Pan Am Petrol AT. B...
Parrlsh A Bingham
renncy Co, J c, pf
Pennsylvania. U it....
Penn Seaboard Steel....
PeoDle's Gas. Chi
Pere Marquette
Philadelphia Co
Phillips Pet
fierce Arrow Motor . . .
Pierce Oil Coro
Pierce Oil Corp pf
Pitts, C, C A St L
Pitts Coal of Pa
Pittsburg Coal of Pa pf.
Pittsburg A West Va. . .
Pressed Steel Car'
Pine Oil Co
Punta Allegro Sugar. . .
Ray Consol Cop
Heading
Reading 1st pf
Remington Typewriter .
Reploglc Steel
Republic Motor Truck...
itepuoiic iron & steel..
70
27
73
38
29
44
148
26
15
100
80
194
21
ii
13
6914
ol
6
76
12 V
69
3U
89',!
66
Closing.
2500KoyaI Dutch Co N Y.
St Louis A San Fran
St Louis Southwestern..
St Louis Southwest pf . . .
Saxon Motor
Seaboard Air Line ,
Seaboard Air Line pf . . .
Sears Roebuck Co
Shell Trans A Trading..
Sinclair Consol Oil
Sloss-Shcf field S A I
South P R Sugar pf. ...
Southern Paclflo
soumcrn itauway
Southern Railway pf . . . .
Standard Oil of N J. ...
Standard Oil of N J....
Standard Oil of N J pf. .
Stewart Warner Speed. .
ytrombere carburetor
Studebaker Corp
Tenn Cop A Chem
Texas Co
Texas A Paclflo ..
Texas Pau Coal A Oil...
Third Avenue
Tobacco Products
Tobacco Products pf . . . .
Transcontinental on ...
Twin City R T
union Bag a paper....
union uii
Union Oil s 7 f
Union Pacific
Union Pacific pf
United Alloy Steel
United Drusr Co rts
United Ry Investment..
united Ity investment pf.
united ltetall stores..
U S C I Pine A Fdy...
U S Food Prod Corp...
U S Ind Alcohol
U S Realty A Imp
U S Rubber
U S Rub 1st Df
U S Smelt. RAM pf....
u H Hteei
U S Steel pf
Utah Copper
vanadium corp
Va-Carollna Chem
Vlvaudou V
Wabash
Wabash pf A
Wabash pf B
Western Maryland
Western Pacific pf
Western Union Tel
Westlnghouse E A M . . . .
Wheeling A Lake E
White Motor
W ckwlre Steel
Willys Overland
Willys Overland pf
Wilson A Co
Woolworth. F W 1.
Worthlngton Pump
odd lots.
NOTE Odd lot transactions are not recorded in
were made at prlca outside fit the regular full lot range.
26 V,
17
8
58
.99
70
9
46
49
$
8811
89
30
30
116
Do
43
6
-i
Kit
1
3
73
108
94
28
59
650
643
105
404
87
71
.9
46
m -
73
181?
7 8
separate tins unless sales
GQSSJJ? 03 WALE WW,
Motor Stocks Jlenvy. "
Motor stocks were heavy partly on
tho unfounded report that tho stock
holders had not overwhelmingly favored
the recent offering of new General
Motors shares and. partly on tho news
that a foreign sales corporation, on ac
count of scarcity of shipping spaco for
oxport, was prepared to sell new auto
mobiles at cost, ono third down at the
time of delivery. It was believed that
that case would bo tho forerunner of
other similar announcements, and con
scquetly tho closo was well below tho
day's best prices In practically all of
that'Class of stocks. On the other hand
It. was found that tho stockholders had
taken moro than 99 rxr cent of the
3,223,291 shares of tho General Motors
Corporation recently offered to them.
in announcing tno responso 01 biock
holdcrs to tho new shares, J. P. Morgan
A Co, said that as tho salo of tho stock
to bo taken by tho underwriting syn
dicate had been completed, It was
planned to dissolve tho syndicate with
in a row days. Tho onenng pneo to
shareholders was 20 for tho now stock
In contrast to yesterday's low of 24.
Following tho Morgan amTouncomcnt
there was a moderato rally from the
low point
IJeprcssliitT the nulls.
With tho predominating sentiment of
the professionals on tho floor of tho
Stock Exchango bearish, It was not
difficult to circulate the report yesterday
that tho wago commission would an-
nounce railroad wago scales retroactlvo
to May 1, 1919, and correspondingly to
depress prices for several active rail
Issues. The net declines In general
were only fractional In the rails because
It was discovered soon that tho wago
scales would bo retroactive only to May
1, 1920. After all, tho question of tho
futuro of rail prices rests not so much
on tho amount of wage nwards, which
It is hoped will be sufficiently largo
to allay unrest on tho part of . railroad
workers, as it does on the fact that
rates must bo awarded sufficiently large,
not only to caro for the wago advances.
but to provide earnings of 5 per cent
to o per cent on the property Invest-
ment devoted to transportation. In the
case of tho 'Frisco, It was estimated
yesterday that a 20 per cent, advance
In rates would be sufficient for Interest
on all tho fixed debt and Income bonds
with earnings of 9 per cent to 9Vj nor
ccni. on 1110 siock.
8
2??
4
it
s
1
1
1
1
St. I'niiL
ino sirengui or si. pnui common
stock In tho face of tho heaviness of
yesterday's market attracted consider.
anic attention In commission houso cir
cles after last night's close. Tho stock
was persistently strong all day nnd it
was reported that much of the buying
which has como Into tho stock recently
nas uecn irom the group Identified with
the Southern Railway market of Inst
week. Those Interests nre understood to
have been purchasing stock quietly for
the last month until tho floating supply
nas Dcen so reduced as to make it nl-
most impossible to buy stock excent bv
mailing as mucn as a point ud at times.
The company has not made an esne-
clally good showing this year In earn
ings, although It shows somo Improve- j
ment. 'ine buying, however Is understood
to bo on tho theory that the nrosnectlve
ireignt increase will relieve creatlv the
situation nnd also on the amount of
money put back Into the property In the
last lew years, it was pointed out yes-
icraay mat practically a l monev not
paid in dividends on the preferred nnd
common stocks In the last two years has
oeen put into the company's treasury or
inio property improvement and some
estimates place it within a few dollars
of the market value of St Paul com
mon.
Lackanrnmin Steel.
A few days aso a reDort was elvon
circulation to the effect that tho Lack
awanna Steel Company's quarterly
statement would be relatively poor and
that that company might have difficulty
In continuing its 6 per cen(. annual divi
dend payments. On that report the
stock broke from 79 to around 72.
On the contrary the statement for the
Juno quarter Issued yesterday was un
expectedly favorable nnd tho stock re
covered to 77. Net after .charges and
taxes of 31.831.000 was not nnlv rela
tively favorable as compared with th
deficit of $233,000 reported In the cor
responding 1919 quarter, but It was
large enough to wipe out tho losses nf
the first quarter of this year and cover
the half year's dividend requirement be
sides. "While It must be kept in mind
that tho full effect of fuel scarcity and
siowaown or operations at the stnel
mills was not shown until this month,
tho-Lackawanna, with a large amount of
unfilled orders not subject to cancella
tion, has n comfortable outlook for ti,n
balance of the year. Should other steel
companies make as good a report for the
June quarter as did Lackawanna. hn
current view of Wall street operators,
reflected in the dulness of trading In
steel shares, may 'change to a more
pleasing Impression. '
American Bosch Magneto.
Traders yesterday went through their
customary operation of buvlns- a ntnr:
on which a big dividend comes off to-'
day. This time It was American Bosch
Magneto, which sells to-day minus the
20 per cent, stock dividend declared by
its directors. Tho 16,000 shares of new
stock representing tho stock dividends
wero admitted to the list by the govern
ing committee of the New York Stock
Exchange nt Its meeting yesterday. In
Its report to the exchange, covering th
first five months of the year, Bosch
showed net profits after all charges nnd
taxes at tho annual rate of almost lis
a snare on its capital stock, Including
the 16,000 new shares. It was learned
yesterday, however, that June was tho
best month of tho year for the company
and that tho progressive Improvement
which has been shown will continue tn
such a degree that the net earnings for,
Illa n n Ml nnKn,uA. .a.
w.io jwm v..,, ujiiuuAiiiimo. a snare
on the stock. It Is expected by officials
of the company that between 'now nnd
the end of the year they will ship monthly
45,000 magnetos, which contrasts with
180.09S during the first five months of'
the year, or a monthly average of 36,
000. Some new developments .which ar
pending with this company and which
are expected to work out very favorably
for the stockholders will be announced
probably tn tho near future. Thoso
plans. If they materialize, are expected
to add as much as JJ.aO or 34 a share
to lta earnings. v
Lee Tire and slabber.
The selling .pressure which, for the
greater part of yesterday's session, was
maintained against tho rubber stocks I
aid not mako any appearance In Leo Tiro
and Rubber shares. Only one sale of
100 of thoso shares was recorded all day
and. although at 29, a net decline of 1
points from Its Tuesday's close, It was
pointed out that the order was In all
probability a market order which found
a rather weak market as n result of tho
pressure on the other rubber shares. Tho
Lee company declared yesterday after
noon Its regular quarterly dividend of
,50 cents a share on Its capital stock,
payable on September 1 to stockholders
of record on August 14. The company's
sales for the llrst six months of 1920
were $4,400,000 and tho gross for this
year. It Is estimated. , will exceed $8,000,-1
000, as contrasted with only $6,000,000 !
for last year. The company's earnings 1
before taxes, for the first six months!
exceeded $500,000, which Is nt tho an-j
nual rate of about $6.50 a sharo on its!
capital stock. A very big business la
being dorte by tho company In Its punc
ture proof pneumatic tire, which Is find
ing especial favor with truck operators, 1
Foreign Checks
compared with
Foreign Bonds
Holders of checks
on France, Bel
gium, England
and Italy are in
vited to send for
our Circular BX-9!)
A.B.Leach&Co.Jnc.
jni'eslmenf fleeuHllei
62 Cedar Street, New York
Chicago Boston Buffalo Cleveltnit
Philadelphia Mlnneipolls Biltlmors
High Yield
Short Time
Convertible
Notes
issued by one of tlie
. largest companies of its
kind in the world. Net
assets equal five times
total issue of Notes.
Equity represented by
outstandi njf stock
about three times
amount of Note issue.
Convertible into pre
' fcrred and common
stock on a basis which
may prove very valua
ble. ScnJ'for Circular No. F18
HANDLER & COMPANY
tVcMMMSI
35 Pine Street, New York
Philadelphia Bodnn
New Haven Baltimore
Progress of
European1 Recovery
The
Rate-Increase
Question
Discussed in this week's issue of
THE BACHE REVIEW
Tht REVIEW Is Isiucd ucekb and
Copltt may be had upon rtqutil.
J. S. Bache & Co.
ESTABLISHED 1831
Ittmbtri Xew York StocktExchane
42 Broadway New York
Brmnehet and Correspondents
throughout the UoltsU Mates
UNLISTED
SECURITIES
TOBEY&KlflK
Mtmbtn Stic York Stock Exehaiyt
25 Broad Street
New York
The Outlook
for
Railroad Securities
Wc have prepared a booklet giv
ing a detailed and comprehen
sive review . of the changing
outlook for railroad secwiUM-
This booklet also contains im
portant comparative data on the
leading roads, which should
prove of interest to investors.
Booltt AA on Rtipinl
Miller, & 60.
Members
NettfYorfe Siock Exchange
'J20 BROADWAY
Branch. Offices
212 FIFTH AVENHB
SWC0I..26-0TREr
f- LONGACRE BUILDING
';M.EXOR.42nl ST. 4- BROADWAY
HBWYORlt
n
1

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