The Sun and the New York herald. [volume], July 22, 1920, Page 12, Image 12

About The Sun and the New York herald. [volume] (New York [N.Y.]) 1920-1920

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12
THE SUN AND NEW YORK HERALD, THURSDAY", JULY 22 1920.
JKIDDER9PEABODY&CO.
115 DwrnMri SL
B0ST3H
18 Braid St.
NEW YORK
Government Bonds
Investment Securities
Foreign Exchange .
Letters of Credit
Correspondents of
Baring Brothers & Go., Ltd.
LONDON
FINANCIAL NEWS
. AND COMMENT
REPUBLIC'S GOOD SHOWHTG.
Steel Compnnr Horn Fall Venr'a
Dividend In Six Months.
Tho Republic Iron and Steel Company
In the six months ended on June SO
earned the fyM year's1 dividend ot 6 per
cent, on Its common stock, with a bal
ance m addition amounting to $1,407,000,
according to a combination of the re
port for tho second quarter of 1920,
Issued yesterday, and tho one for tho
first quarter of 1920, Issued, three
ir A Dl7Tirn tvattwho mn oin "u" earnings a snare on me
BlAJtKLT INCLINES TO SAG j 130.000,000 of Its common stock In the
nan year, covered ny mo combined re-
Uncertainty Concerning: Hail
Situation Still Acts as Itc
strnining Influence.
Firmness of Railroad Stocks Is
ports, were $10.69, against 12.63 In tho
corresponding 1919 4crlod. In tho sec
ond quarter of 1920 $6.20 a share was
Feature of Trading Money, $?. asZre tne nm quartcr 01 1920
Bate Unchanged.
Munds,
Rogers &
Stackpole
UEUuERS
Jfrj York Stock fixchang
i flew York Cotton Exchange
Chicago Board of Trad
25 Broad Street
Now York
16 Vanderbllt Avcnuo
Now York
Grand Union Hotel
Saratoga Springs
New York
during tho oeason
Cities Service
Company
7
Series C Debentures
Interest Requirements be
ing earned 1 1 times ove .
Convertible into CitieS
Service Company Com
mon and Preferred stock)
on nttractive basis
Market value of stock3
Junior to the Debentures
.more than five times prin-
cipal amount of olitstand
;ng debentures.
Yield 7.45 .
Plus common stock
dividend accumulations
Clicular "C-3I" on Request
Henry L. Doherty
& Company
Bond Department
60 Wall Street New York
50 MILLS
Insistent demand for in
creased production reflects
the bounteous prosperity of
the rubber industry.
We Offer
U. S. RUBBER
COMPANY
Ten Year 7J Secured
Gold Notes
This company, net income
over five and a half ti mcs
interest charges, must
double the capacity of its
tire- plants. Earnings in
creased about 15 during
the past six months.
Price 984
To Yield 734
Hollister,
White & Co.
St Odor St., Cor. Trinity rL
Telephone Kertor 3SHJ1
NEW YORK
notion riiiladflphla
Irv. -. 1 . t . . . . - 1 .
nu biuch jnurnui wna cumruuii-u )i:o-
'lorday by much tho same uncertainty
'with retrnftt tn f Via vnllmnrl utrllrA fllfll.
ntlon as was Tuesday's session. Tho
union representatives wero still In con
fcrenco In Chicago and reports con
ttnued to show a good denl of dlssatls
faction among the rank and fllo of the
leaders over tho wage award, but there
Is a wide difference between professing
disappointment and taking the risk of
calling a general strike In the face of
public disapproval, and Wall Street, ns
on tho day before, was Inclined to take
the optimistic view. The market felt
tho restraint of tho uncertainty to even
a more marked degree than on Tuesday,
but there was no real weakness outside
of the 'special stocks. The sugar shares
wero hammered by tho traders because
of the weakness of their market position
ami there wero a few Individual Issues,
such as National Aniline, which went
dotyn because of special considerations,
but these were exceptions rathtr than
tho general rule.
Tils enly group In which the Street
ventured to back up Its Judgment that
there would be no strike was the rails,
In which there was a brief apurt at the
outset. It was a hard Job, however, to
get .1 following even In these stocks and
after a half hour or so the traders
gave It up as 1 bad Job, There was
little or no outside following In the mar
ket In nny direction, but Inasmuch ns
there Is supposed to be no short Interest
whatever In the rails, the buying In the
rails could not bo accounted for alto
gether by professionals. The upturn In
that direction, therefore, may have been
significant as expressing the best opinion
In the Street as to the railroad situa
tion, as It Is usually found that the best
buying always takes place when the
rank and flic of the Street Is too uncer
tain about the future to think of pur
chasing stocks. It was noticeable nlso
that the best type of railroad shares,
such ns Union Pacific, Heading, Cana
dian Pacific and some of the other old
line Issues participated In the spurt.
Tho Cay's activity, however, was
practically confined to the first two
hours, when the demonstration occurred
In the rails. After that the market in
terest died out and stocks were Inclined
to sag, A sharp attack on the sugar
shares enlivened an otherwise dull nfter
noon for tho bears. These Issues had
not undergone the same amount i liqui
dation as had somo Industrials aim
rails, and It was therefore a compara
tively easy matter for traders to get
them down several points before any
real support was encountered. Punta.
Cuba Cane,' Cuban American and one
or two of the low priced Issues bore tin
brunt of the selling. A few other spe
cial Issues, such as United Fruit, made
progress In the last hour, but In the
main the rails were tho only croup that
held up throughout the day. There wai.
excellent demand Just under tho mar
ket all day, particularly for the low
priced Issues, which kept tho rails firm
even after they had experienced their
Initial upturn.
There was no change In the money
situation. Call money renewed and
loaned all day at 8 per cent, and a good
supply was available. The money mar
ket will be aided further to-day by the
fact that there aro to be no Govern
ment withdrawals. There were no with
drawals on Tuesday either, and this
week Is the first In months that the
Government has not drawn consider
able funds out of the local banks on one
or both of tho.ie days of every week.
Inasmuch as the banks Jiavo received
no notice of withdrawals It Is assumed
that the Government will not hothe
the local district for the rest of tin
week at least, which In other word?
means that the money market will be
allowed to remain at about the same
figure as yesterday and the day before.
It Is not anticipated that It will go be
low 8 per cent., as that would mean
withdrawals from this district on the
part of out of town Institutions. AVall
Street, however, particularly the stock
market community, will bo satisfied If
It docs not go above yesterday's figure.
Sterling exchango did not continue Its
decllno In spite of what has been said In
foreign exchange circles nbout a re
newed break. It was noticeable, how
ever, that there was no sign of recovery
after the drop from last week's high
figure.
J. K. Rice, Jr. & Co. Will Buy
100 Atlantic Lobos
15 American Chicle Ifd.
ti K. W. nils Com. & rfd.
BO fcqultable Trust
100 General Baking Com.
100 Northwestern Power
109 Nat'l. City Uk. "Bts."
100 Nat'l. rarlc Mc. "Kts."
100 Prrene Manufacturing
23 Sinter Manufacturing
100 Thonipson-Starrrtt rfd.
100 Ward Uaklag l'fd.
J. K. Rice, Jr. & Co. Will Se
100 Armstrong Cork.
100 American Meter
15 Rattery TarU Nat. Hank
100 CllnehtWd Coal
K Chase National Hank
IS Dela., Ijick. & West. Coal
S3 II. VY. Johns-Maotllle Com.
SO Intl. 1'ulp I-fd.
60 Midland Securities
100 N. V. Sfcito lljs. Com.
100 Nat'l. City lilt. "fttH."
100 renna. Coal & Coke
J.K.Rice,Jr.&Co.
mono 4000 to 4010 John. 38 Wall 8t N. T.
National City Bank Rts.
Bankers Trust Co.
Guaranty Trust Co.
McCLURE, JONES & REED
Utmbert Neu York Block Exchange.
US Btfadway 1'hoae 3321 liector
MONEY AND EXCHANGE.
CALL MONET.
IIIcli HiLast 8
I.ow Rlltenennls S
Year" hlrh 2.HVear's low 8
CLEAniNO HOUSE STATEMENT.
Clearing House exchange. 3772,031. 2."4;
balances, M.T"n,:.'7 : Rub-Treasury "lehlt
balance, $323,tis: : Federal reserve credit
balance, $7.1. 1 (17.377.
CAN a. PI AN F.XCHANriB.
New York fundi In Montreal, 121 .87 pre
mlum per 11,000; Montreal funds In New
York, $11G..V. per $1,000.
RILVEP. MARKETS.
Official bar llicr In New York, domestic,
D!)'4 pr ounce, unchanged; foreign, 1)4?.,
up 4He. ; in London, KlVid., up 2'Jil. ; Mex
ican dollars, 71c, up lc,
FOREIGN EXCHANGE.
GREAT BRITAIN.
Parity. Tuesday Mordny,
$1.6603 Demand, sterling $3.S1'.S $.1.MH
Cables, sterling 3,S2 3.84'J
Rankers, 00 days.... 3."li 3.7d'4
Rankers, 00 days.,.. 3.7311 3.77U
THE CONTINENT.
10..10 Trance, eenta a franc-
Demand 8.07
Cables R.os
10.."0Rfle.l!im, eenta a franc
Demand 8.00
Cables 8.01
19.20 .ciiltzerlanri1. cenU a franc
Demand 17.40
Cables 17.10
Ifl.CO Italy, rent a lira
Demand ; . B.OI
Cables COG
23.80 Germany, cents a mark-
Demand 2.M
8,10
8.20
8.70
8.71
17.38
17.40
T..70
5.80
Cables
20.80 Sweden, cents i
Demand
Cables
20.80 Norway, cents
Demand
Cables
krone
21.70
21.80
. krone
10.41
10.50
2.34
2.53
21.63
21.73
1A.43
10.50
20.80 Denmark, cents a krnm
Demand m.o 10.40
y.-.Stbl' i0M I"
19.30 Greece, cents a drachma
Demand 12.0.'. 12.03
Cables 12.75 12.73
10.30 Spain, cents a peseta '
Demand 13.83 13.80
Cable 1S.8S 13.83
40.20 Holland, rents a florin
Demand 34.00 31 70
Cables 34,70 34.S0
20,8 Austria, cents a crown
Demand 03 00
Cables ......1 00 '.at
FAR EAST.
108.32 Shanghai, cents a tael
Demand 102.30 101.00
Cablfrn .103.23 101.73
7S.00 Hongkong, cents a dollar
Demand 74.00 72.00
Cables 74.30 72.50
32.44 Bombay, cents a rupee
Demand 37.73 37.73
Cables 33.00 38.00
49.84 Yokohama, cents a yen
Demand M.37',4 31. 3714
Cables 51.0214 BI.02'4
8OTJTI1 AMERICA.
44.42 Rio de Janeiro, cents n mllrets
Dcmand ,. 21.m
Cables 21.73
42.84 Buenos Aires, rents a p-io
Demand 29.23
Cables S0.40
103.42 Urucuay, cents a dollar
Demand 89.00
Cablu. tJLm 8945
on
22.121-
30.73
39.00
D0.50
90.75
As a result of .tho half vcar's oncra
Hons 12,307.817 was added to profit and
loss surplus, Increasing that Item to
30,zuo,oo. ,Net earnings for the six
months ended on Juno 30, after Federal
taxes and charges" for maintenance, tho
latter Item aggregating $2,840,931, were
$5,146,707, or more than double the
$2,5:5,155 reported In tho corresponding
ii period. The ca n was 82.821.552,
The surplus for dividends, after depre
ciation, interest, Sc., was $4,082,817, a
gain of $2,517,945. After tho deduction
of $875,000 in preferred dividends tho
balance available for the common stock"
was $3.207,8,17, In contrast to a ye.i's
(iivmenu requirement at the present rate
of $1,800,000.
The second quarter made a better
snowing than tho first, the surplus avail
able for dividends being $2,305,500,
ngalnBt $1,777,317 In the first period. NM
earnings In the second quarter showeJ
a gain of $1,840,917.
CHlea Service Company Report.
The C'ltls Service Company report for
the first fix months of 1920 shows gross
ror the half year of $12,743,299.52, nn
Increase of $1,980,481.03, compared with
that of tho first fix months of 19.19.
After providing for all expenses, In
terest and other prior charges ther wah
n balance available for payment ot
dividends on Its preferred stock of $11,
42R,BS1.18. n gain bf $1,904,048.29 from
that of the corresponding 1919 pvlod.
For tho first six months of 1920 tho
balance available for reserves, common
dividends and surplus wis $9,120,342.28,1
nn increase or ii.,:o.i84,87 compared
with the showing of the first six
months of 1919 and equivalent to $45 C6
a share a year on Its common stock out
standing. For June, 1920. the com
pany's gross earnings were $2,137,240.54,
an Increase of $536,223.52 from those of
June, 1919. After providing for nil ex
penses, Interest and other charges tho
company's net Income for last month
was $1,922,4 11.94, a gain of $5,42,937 3".
'ts balance available for reserves, com
mon dividends and surplus was $l,fi33,
9H2.49, against $1,02S,297.57 for June.
1919, nn Increase of $30.",664 92.
London Money Mnrket.
IxND0.v. July 21. Bar silver, 52'4d.
ai, ounce; bar gold, 107. 9d. ! money,
Pi per cent, discount Urates: short
bills, 6 per cent.: three month bills, H
rer cent. Gold premiums at Lisbon, 140.
Advances Lend Prices.
The American Smelting and Refining
Company advanced yesterday the price
of lead from 8 to 8.50 cents.
NEED OF CARS STILL
HURTS STEEL TRADE
Freight' Tangle Continues to
Block Shipments.
Pessimism continues to streak reports
frpm tho Iron nnd steel Industry, largely
because tho freight tangle Is pot un
ravelling as rapidly as the Industry had
expected. Accord liuj to Journals of tho
ttade tho situation has developed Into a
constant struggle by producers to keep
plants running and finished shipments
In motion.
Tho Iron Ape says of the situation:
"Arpralsals of tho effect of v tho 21 per
cent, ndvanco In railroad wages Is not
easy In tho absence of clear Indications
of the attitude of tho unions. Jn tho
steel trade tho mora gencrnl opinion Is
that with the award retroactive for ten
weeks,, and In view of Its amount, a
widespread strike against It Is not likely.'
The Increasing signs of reaction In var
ious Industries' nro cited as having an
Important bearing.
"Steel manufacturers look for some re.
lief from tho" desperate conditions of
many weeks with the return to work of
experienced railroad workers, but It Is
recogniicd that Improvement will be slow
nnd it Is admitted that the accumula
tions of product are more than have been
commonly known.
"The. continuance of $4C.bTsle phr Iron
and $18 coke are proof of the con-t'rlc-tlon
In the raw material tml of tin' in
dustry, which Is matched In higher sheet
prices at the other end In. spite of the
easing qff In the nutomobllc trade and
In a more acuto scarcity of tin plates nnd
of Iron and steel pipe. Whllo the Steel
Corporation has only 60 per cent, of Its
tin plate capacity In operation, Inde
pendent makers are doing better, the
average for the entire Industry being put
at 75 pel- cent.
"Many canning plants are on the verge
of closing down because of non-shipment
of tin plate to the makers of cans. Shut
downs of plants on tho coast of Maine
for two to three weeks moan idleness for
10,000 workers."
The Iron Tratle Review makes this
comment: "Beneficial results from the
modified ruling by- the Interstate Com
merce Commission on the usp of coal
cars by the Iron and steol'lndustry are
still to appear. Tho week has been a
repetition of tho constant struggle by
producers to keep plants running even
on a carload bands, and finished ship
ments In motion. Neither aim Is being
accomplished satisfactorily and the con.
gestlon at the works Is as severe and as
threatening as ever, excepting tho Chi
cago dl.'trlct, where si ght Inroads have
been made Into accumulated stocks.
Transportation does not equal produc
tion nnd the trend Is toward further
throttling of the industry.
'The ef'ect of the railway wage de
mand In restoring more adequate and
efficient traffic service Is awaited with
keen interest. H has become clearer
that the recent estimate of 2,CO9,OO0 tons
of backed up production with the mills
and furnaces was very conseravtlvc.
and did not involve a large amount of
seml-flnlshed material piled In the
jards. The leading Interest Is credited
with nbout 200.000 tons of sheet bars
alone. Inability to get deliveries of
seml-flnishcd steel Is crippling finishing
mills. Tbo Farrell, Pa., sheet, plant of
the American Sheet and Tin Plato Com
pany was forced to close during the
week for'want of steel,
"Increased costs of production con
tinue to have their Influence on Iron
and steel prices, Buyers who have un
shipped orders for steel bars at 2.35a,
Pttsburg, and similarly low prices have
been asked by certain mills to meet
these tonnages with equal amounts at
.50c. and '3.75c, Pittsburg. Somo East
ern pig Iron producers havo advance!
a slpillar proposal as an alternative to
blowing quL
"The effect of tho control of car pri
ority on the extreme prices on coal and
coko Is to be tried out by tho Inter
state Commerce Commission before any
more stringent regulations of these
nm-Kets Is to bo adopted by the Gov
ernment. "Structural steel bookings for the first
halt of the year were 720,000 tons, or 72
per cent, of tho fabricating shop capac
ity. Shipments were approximately CO
per cent, of capacity, Juno .contracts
reflected the contracts In "building ac
tivity, and wero equivalent.. to only JO
per cent, of cnpaclty, or 90,400 tons.
"Scattering sales of pig Iron for 1921
are continuing, Chicago and the East
report growing market activity for this
year and next,"
CUTS 200 PER CENT. MELON.
n.
J. neynolila olmcco Co,
clnren Stock Dividend.
De-
A dividend of 200 per cent., payable
In new H stock of $25 par value, has
been voted by directors of tho It. J.
Reynolds Tobacco Company.
The plan comprises the exchange of
both classes of common outstanding and
of $100 par for new stocks of $25 par.
Four shares of $25 par will be given In
exchange for a share of $100 par. For
a hare of old stock, par $100, share
holders will receive four shares of old
common, $25 par, and eight shares of
class B stock of $2b par. For a share
01 B common, .par $100, shareholders
will receive twelve shares of class B of
$25 par.
Mnnhnaart MnnnfnctnrliiR Pinna.
Plans for putting all of tho cumulative
preferred stock of the Manhassot Manu
facturing Company on an 8 per cent
basis nnd for Increasing the amount
outstanding by 0.000 t hares, which are
being offered by Bodell ft Co. at par and
accrued dividend, have been completed.
The company manufactures cotton tiro
fabrics for the B. F. Goodrich, the
ICelly-Sprlngfield, the Goodyear, the
Flsk, the Firestone nnd other companies.
The preferred stock Is exempt from Mas
sachusetts, Rhode Island, Connecticut
and New Hampshire taxes. The com
pany has no funded debt. Its dividends
are being paid at the rate of 12 per
cent, per annum on the common, For
tha last five years dividends on Its com
mon and common rights have totalled
nbout $197.50 n share.
nneyrn Company.
Mitchell D. Follansbee. director nnd
chairman of the executive committee of
the Bucyrus Company, stated yesterday
that there had been an Informal discus
sion of a plan to pay off In a lump the
25 per cent, back dividends on Its cumu
lative preferred stock. It Is expected
that definite action will be taken at the
next regula" meeting of Its directors,
which is scheduled for September.
ERIE RAILROAD WILL
EXTEND OBLIGATIONS
$23,518,000 Fall Maturities
Are Affected.
That Erie Railroad obligations. aggre
gating $23,518,000 which mature In
next September and October will be ex
tended was learned yesterday trom nn
authoritative source and at the samo
Ime definite InformatlonHat there would
be no. new financing In connection with
tho $20,000,000 areat Northern Railway
maturity on Septembor 1 was obtained.
Other financing developments yesterday
were tho announcement oy Blair & Co.,
Inc., that tho subscription books for the
$10,000,000 of Tan-American, Petroleum
nnd Transport Company first Hen ten
year marine equipment 7 per cent, con
crtlblo bonds had been closed, tho entire
Issue having been sold, and the offering
by William A. Read ft Co. of $s,uvo,uuu
of ten year" 8 per cent, notes of the
S.'S. White Dental Manufacturing Com
pany at par and Interest to yield 8 per
cent
The Erie Railroad maturities are as
follows: $16,891,000 of Erie consoli
dated 7s maturing In September, $2,926,
000' of Jew York and Erfe fourth ex
tended 5s due on October 1 and $3,699.
600 of New York, Lake Erlo nnd West
ern funding coupon 7 due In September,
All of them are to be extended and the
consent of many of their larger holders to
tho.extenslon has been obtained. The final
legal details arc being worked out with
tho Interstate Commerce Commission.
Formal nnnounccmcnt of the extensions
Is expected within a few days. There Is
to be no chance In Interest rate to the
holders," It Is understood, except In tho
case of the Now York and Erie fourth ex
tended 5s, In which the interest rnto
will be raised from 5 per cent, to 7 per
cent. ,
After much discussion between bank
ers and the cxecutlvo officers of the
Great Northern Railway It haB been
practically doclded to meet the $2O,00O,)
maturity out of treasury cash to the
extent of $15,000,000 nnd out of funds ad
vanced from tho loaning fund of the
Interstate Commerce Commission to tho
extent of $3,000,000. Nevertheless neither
the bankers nor the railroad company
would make a positive statement regard
ing tho maturity,
The S. S. White Dental Manufacturing
ComDanv Is one of tho largest dental
manufacturing companies In the world.
Its products comprising practically every
requirement of the dental profession.
Those products arc manufactured In Its
factories In Philadelphia ana i-rans-
ford, Tn,, and on Staten Island, and nre
marketed through the company's own
retail stores In mnny of the larger cities
In this country, through affiliated com
panies In England, Canada and Brazil,
and through approximately 100 dealers
In the United States and 200 dealers
elsewhere throughout the world.
Including the estimated result for 1920,
the company's average annual net In
come for the la3t four years Is In ex
cess of $1,000,000, or nearly six and one-
half times Its annual note Interest.
Silver IIlRber in London.
London. July 21. Silver Jumped two
pence halfpenny to-day under fair sired
buying orders from India on a market
sr mewhat bare of supplies. The closing
ttne was strong.
NEW YORK STOCK EXCHANGE QUOTATIONS.
WEDNESDAY. JULY 21. 1920.
1920.
Day s sales r10l,452
-Closing.
.Hid. Ask.
IDlv.l
linj.
35
34
IK
IT4
36
St 'is
S7',
96
37
40
KO V
135 V.
42i
140
15i
85?i
S4
98
I.",'.
234'
3 a
8 ;
74
37 4
124 W
110
89 M
94
208
195
X0l,4
S9
92 V
4f.,
65 1A
SO (5
lu3
22
81
117
06Vj
314
142
1
21
84
3Ti,
35
2
37
sr. -t,
89
!7Vj
60
40 ',4
93
135
42 li
114
16Vi
86(r
I 8HJ
Sales.
1919.
1.497.825
1918.
280.082
JOpen- itllgh- I Low- I Clo'- I Net
I Inc. j est. I est. In?. 1 Chance.
69 H
30 Vi
CSVi
12
62
98
53j
33 !4
'.9
69
37
62V4
14
28
36H
31
29
11 V,
32 V.
93$
3 li
153
7
193
5
10
22
85
1254
20
77
86
31V4
21
12 V,
674
23
70
82
59
35
70
3 5 V
294
82
73
154
94
82
7 V,
49 Vi
104
30
81
81
17
83
45
45
CSi
9
42
96
83
9
99
1 5 4
24
59 4
75 4
38
126
115
904
9I',4
200
87
94
464
1 56
80
73
8
156
23
85
974
BID
43
145
IV.
21 H
S7
ss.
11
50
70M
31
70
120
12 U
63
9UH
54
34
4oy,
711
37 y,
644
15
29
3S4
32
29 -V,
33
12
94
38
154
ou
484
73
200
104
23
86
13
204
2?
31
22
124
684
23
714
85
594
37
704
36
30
824
73
16
99
83
508
1054
30V
82
88
84
45tf
46
6
13
45
964
25
27.
1 T-J
ft
600iAdams Express
lOOIAdvanco Rumely
lOOlAlaska Gold M
SOOlAlaska Juneau ! M.
lOOIAllls Chalmers Mfg
lOOIAin Agrlc Chem
lOOOjAm Beet Sueir
200An1 Hosrh .Magneto
200Am Brake Shoe & Fdy. .
400'Am Can '. . .
200iAm Can pf
400Am far & Foundry
lOOiAni Cotton Oil
lOOIAm Express
lOOlAm Hide Leather ...
COO Am Hide ft. Leather pf . . .
700 Am International I'orp.
300 Am Linseed Co
2600 Am Locomotive
1300lAm Safety Razor
1000 Am Ship & Commerce...
400 Am Smelt & Ref
200 Am Smelt & Ref pf
100 Am Smelt Sfc A
JOO Am Steel Fuundrles
14
4
3
200
200
300
633
300
2001
200
2900
Am Siirar Rf
Am Spgar R-f pf . . .
Am Sum itra Tob . . .
Am Tel & T
Am Tobacco
Am Tobacco B
Am Tobacco pf new.
Am woolen
200lAm Woolen pf.
lOOIAm Writ Paper pf
HOOIAnaconda Copper
1100 Atch., Top ft Santo Fe..
300 Atch., Top & Santa Fo pf
100 Atlanta Illrm & Atl
200 At Gulf & W I 3 S
200 Austin Nichols
10(i Austin Nichols pf
10900iBaldwih Loco Wks ,
SOOIBaldwIn Loco Wks pf...,
1800 Baltimore ft Ohio
f.OO Baltimore & Ohio pf....,
suti'iiarrctt Jo
2
10
6
7
6
7
4
10c
1
4
1
6
7
60c
4
1.24
500
300
JOO
500
100
100
lOOi
200
200
700
500
200
400
r.00
500
1200
900
2600
100
r.no
100:
300
100
700
1000
700
100
3000
lOOICosden & Co
1100 Crucible Steel Co
3900 Cuban Am Sugar
9300 Cuba Cane Sugar.,
200 Cuba Cano Sugar pf. ...
lOOlDeL, Lack. & Western...
1300 Denver & Bio Grande....
700 Denver & Rio Grande pf.
250 Electric Storage Bat rts..
300 Elk Horn Coal Corp. . . ,
200 Endlcott Jornson
200 Erie
200 Erie 1st' pf
300 Erlo 2d pf
1600 Famous Players-Lasky. .
500 Famous Players-L pf. ...
1400 Flsk Rubber
100 Freeport Texas
100 Gaston, W & WIgmore...
1200 Gen Am Tank Corp
7700 General Motor Corp ....
100 General Motor Corp deb...
200 G Motor Corp deb pf 7 p c.
900 Goodrich (B. F.)
100 Granby Consol M & S. . . .
300 Great Northern pf
300Great Northern Ore ctfs.
Batopilas Mining
Bethlehem Motors
Bethlehem Steel . .
Bethlehem Steel B
Brooklyn Tlanld Transit..
Brooklyn Union Gas. .
California Pack. Co. .
California Petrol
California Petrol pf.
Canadian Pacific . . . .
Cai.e J I Plow Works.
Central Leather
Chandler Motors . . . .
Chesavealte & Ohio. . .
Ch . 31 Sr st ran . . .
fill., Mil. & St. Paul pf . .
Chi. ft Northwestern....
Chi.. R. I. ft Pacific
Chi.. R I & Pacific 6 p c pf.
Chile copper
Chlno Copper
coca cola
Col. Fuel & Iron .......
Columbia Graph ,
Con Interstate Cal Ming
Consolidated Textllo . .
Continental Candy
Corn Products Ref
200IOreene Cnnanea Cop.
200
2100
900
200
100
200
700
100
200
400
300
400
900
200
10300
100
2600
100
100
700
COO
300!
Hnrtman Corp
Haskcl ft Barker Car. . . .
Hupp Motor
Houston Oil Co
Illinois Central
Indlahoma Ref
Inspiration Con Cop...u
Int Harvester Co pf
Int Mcr Marine
Int Mcr Mnrlno pf ,
Int Motor Truck 1st pf..
Int Nickel
Int Paper
Int Paper pf stpd
Invincible Oil
Iron Products Corp
Island Oil & Tr Corp. . . .
Jewel Tea
Kansas City Southern Pf.
Kelly Springfield Tire
Kennecott Conner
Keystone Tiro & Rubber. .
3.H4 !
34
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1
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8 ;
88 1
97 I
581,
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91 V,
130
304
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200
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104
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814
604
35
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1054
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424
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54
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60
O'J J
36
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2S91
36
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324
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37
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47
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13
20
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76 41
86
31
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63 VJ
24
70
84 4
59
35
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82
71
154
94
83
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105 4
30 4:
82 I
80
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83 I
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69
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50
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5
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21
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594
35
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82k
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17
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4- 14
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58
-1
1920.
Year to date 130.494,365
1919.
167.289.245
1918.
79.209.111
GOSSIP OF WAEL STREET.
An Idle Mnrket.
Dull and Irregular with the cross cur
rents of speculation bringing curious net
results, yesterday's stock market Idled
along lazily with Wall Street WP
much more Interested In tho yacht race
than Jn any sales of stock going on
. 1.- iri. iiimnvnr barely CX-
ceeded 300.000 shares, nnd at t1"1".1""
, nbre .itnnnorl for ong niervais. !
(the single exception of the sugar group.
mull, uttimv-u j ........... - - .
drop in raw prices, aided' nnd abetted n
hammering tactics or mo . "-v
. .. ..,i,ni vi.ii.u,i mnlderable firm-
ncss. particularly during tho mornini,
rail stocks, lead by Reading, union Hi
clflc. Northern Pacific and Canadian
Pacific, were tbo mai;ei icaoem "
Reading easily the principal factor.
Readings turnover of moro than 40.000
shares exceeded that of nny other stocK
... 11. 1 win. dint nxceotlon and
also with tho exception or the sudden
drop in the sugar group, the list as a
whole was dull, lifeless and llstlcsr,
ranging In a narrow area nnd neither
losing nor gaining grounu 01 nm
quenco. Wall Street's eyes now urn, i
,. .........j r-nmrneren Commission for
a cue on the proposed Increase of freight
and passenger rates 10 roovi i
creased wage scnlc. Predictions that
.1... nnnn.innement U'na not far Off and
that It' certainly would come by August
1 wore heard In tho imanciai uiu.i.
yesterday. ,
rienillnff.
n.. ir. ,.-mm. Ttendlncr recovered
ijiuiiiic, ... .....v.. ... - .
Its dividend day before jesterday ana
the continued upwnnt surge 01 u: w..
yesterday through 91 for a net gain or
ii., i,n r-iven rise to tho report
that strong Interests back of the cor
poration aro engaged in a campaign
accumulation. Bullish talk on Rending
nil nnrts of the Street,
nnd Jjalea of gossip about Its prospects
go ijut every uay to an puna u
country- via the wire houses. Reading's
flnntlnn, annnlf la n small One. and lh
the opinion of many peoplo who nro
watching the swcks mnraei kimi,
growing smaller all the time, because the
n...r r hin hinrko nt it nre particu
larly tenacious In holdllng on to their
property. Tho attractiveness ot ueim
Ing, of course, lies In tho mystery of Just
what distribution of Its assets will mean
to holders of the stock.
Jltttinp on All Mix.
Some gloomy pictures of the automo
bile Industry, painted In sombre colors,
have been sprad broadcast over tho coun
try. One hears from Indirect and rather
vaguo sources that the point of absorp-'
lion for 1920 has been reached ; that tho
Industry is In a bad way because of tho
shorts go of cars to haul In the raw ma
terials and to haul out the finished prod
uct ; that the banks frown on automobile
paper, and llko reports. But the actual
figures from he Indubtry Itself, set down
In black and white, do not by any means
bear out the forecasts. To Judge from
those earnings statements, which, of
course, are the truest guide to what tne
Industry Is doing, automobile manufac
turers nre hitting on all six. ' A typical
Illustration Is to be found In the Chand
ler Motor Company, which In June estab
lished n high water wark for earnings,
rolling up the largest net in its history.
For the half vear the corporation has
earned a net ot $5,200,000, equivalent to
J1S.50 a share on 280,000 shares of Its
stock outstanding. The output of lo,3l)0
cars for the first half of 1920 was npproxl- j
mately twojind one-half times Us output
for the corresponding 1919 period. The
condition of Chandler probably is typical
of the large and representative corpora
tions of the Industry.
.-Closlnc-x
Hid. I Ak.
I Dir. I
lln J.I Sales.
73 41 74
42 44
24l 24
97 1101
70 ' 71
1124U1S 1
42 U, 44 '
18 I 18
3
101
"' ' ltlh
I Int. I est.
Co..,
31 I 35 I ..I
ison'isi ' ioi
190N,;i91
:oi 20 I
20 I 21
W
26 I 26
41 I 42
94 I 0",
32 I 33
34 I 36
82 I 83 V,
107 1108
53 I 60
S 1 i I s
76 I 77
I02 4 H03V,
68 1 r.;;n,;
45
30
714
53 4
25
I
23
464
102
95
39
51
30
72
55
27
4
24 4
48
102 4
96
39';.
21
1601
I
23 I 23 'l
7
5
2 4
40c
i
6
6
3
244
39
49
84
82
59
29
97 4
113
944
40'
15
90
64
83 V,
43
90
93 I
24
39
50
85
83
60
30
99 4
118
95 4
40
16
, 91
' 63
84
46
I 91
97 I
16
25
34
21
16
28
49 4
'.)
7Vi
142
72
31
71
93
29
642
105
41
88,
71
9
45
40
.48
11
32
67
15
88
314
116
65
200
74
18
6
67
89
66
92
91
108
67
84
71
17
8
24
17
65
10
29
82
49
31
18;
15
25
31
20U
15
28
47
a is
1414
724
so 54
704
93
29
635
105
40
ss
70 4'
94
43
40V1
48
10
31
67
14
86
31
115
64
198
73
66
89
56-K
914
J04
57
91
107
66
844
70l
16
8
24
15
63
94
28
82
484
81
181'.
0; 52 I
I074ltf'8 I
65 I 66 I
7
5.20
5.20
1
8
tier
6
'5
20
7
4
4
7
'3
300 Lackawanna Steel
100 Lehigh valley
1400'Losws, Inc
lOOILonlsville ft Nashv
lOOlMnlllson ft Co, 11 R, pf. .
900 Mnnnt! Sugar
snoiMahhitian Elevated
16001Maxwell Motor
500IMaxwell Motor 1st pf
300' Maxwell Motor 1st pf ctfs.
1400IMexlcan Petroleum
100'. Miami Copper
7000IMIddIe States Oil
SOOhltdvale Steel ft Ord
300)Mlssourl, Kan ft Tex....
1700 Missouri Pacific
ISOOIMIssouri Pacific pf
700IMontnna Power pf
300'XIont. Ward & Co
lOOINatlonnl Acme Co
2200 National Aniline ft Chem.
100!Natlonal Biscuit Co
400INatlonal Clonk ft Suit....
jrni.Vat ConibMt x Cable
100'Nntlonal Leid Co
IflO'Natlonal Lo-ul Co pf
lSOOlNew York Central
, lOOINew York Dock pf
1500 N Y.. New H ft Hart
llOOINorthcrn Pacific
300!.ova Scotia SAC
200IOhlo Body ft Blower Co..
3000:oitlahcma Prod ft Ref....
lOOIOtls Steel
200lOwens Bottle Co
2100Pan Am Petrol ft T
200iPan Am Petrol ft T. B...
1400lRennsvlvanla R R
200IPenn Seaboard Steel
1700 Pere Marquette
lOOOIPhllllps Petroleum
2100'Pierce Arrow Motor
SOOIPIcrco Oil Corp i..-.
200!llerce Oil Coro pf
200 Pittsburg Coil of Pa....
lOOOlPlttsfturg ft West Va....
200IPressed Steel Car
lOOiPjillman Co
62QQ! Punta Aliegre Sugar....
TAW Pure Oil Co
lOOlRay Consol Cop
41500'Readlng
lOOIRcmlngton Tvpewrlter. .
300'Rep'ogle Steel
lOOIRcpfblle Motor Truck...
2400Republlc Iron ft Steel...,
200P.eiiublic Iron ft Steel pf . .
3100lRoy Dutch Co N Y ex rts.
9fi2?IRoy?l Dutch rts
lOOISt. Joseph Lead
1300 St Louis ft San Fran
200 St. Louis ft San Fran pf;.
nnHK-inta Cecilia sug
19001st. Louis Southwestern.
1700lst. L. Southwestern pf..
200 Savage Arms Corp
200ISaxon Motor
lOOISonboard Air Line
lOOlSears Roebuck Co
700JShell Trans ft Trading..
llOOISlnclalr Consol Oil
lOOISloss-Sheffleld S & I...
3700ISouthcrn Pacific
18000ISouthern Railway I
100 South Railway pf
24 Stand Oil of it 3.,
600 Stan Oil of N J nf
300 Stewart Warner Speed...
7600 Stromberg Ctrburetor. .
10600 Studcbaker Corp
500 Tenn Cop ft Chem
1800 Texas Co
1400 Texas ft Parlflc
1800 Texas Pac Coal ft Oil'. . .1
200 Third Avenue
800 Times Square Autos
400 Tobacco Products
2600 Transcontinental Oil
200 Union Bag ft Paper
1300 Union Oil
1800 Union Pacific
100 Union Pacific pf
1000 United Fruit Co
1800 United Retail Stores....
700 U S C I Pipe ft Fdy
100 U S Express
4200 U S Food Prod Corp
200 V S Inl Alcohol
' 100 U S Realty ft Imp.......
5400IIT S Rtibbsr
lflOlU S Rubber 1st pf
100IU S Smelting, R ft M . . . .
7000 U S Steel
400 U S Steel pf
100 Utah Copper
4700 Vanadium Corp
100 Va-Carollna Chem
' 400 Vlvaudou V
500 Wabash
1200 Wabash pf A
1300 Wabash pf B
700 Wells Fargo Express....
900 Western Maryland
100 Western PaclfiL-
200 Western Un Tel
400 Westlnehouse E ft M....
400iW!rkwlre s. ex rts
700lWl'lys Overland, ex dlv..
500 Wilson ft Co ex dlv....
100 Woolworth, F W...
73 I 73
4241 42
24 24
100 100
70 70'
116 116.
43 I 4
20
Low.
eit.
73
42
24Vi
100
70
114
4 2 -V.
20 I is l 18i
37 I 33 I 33
t'los-Inr.
73
42
24
100
70
114
42,
32 l 31
19241190
204
21 Vi
41
34
4441. 41
91 91
39 Vi
23
202
74
15
0
66
90
56
93 4
104
91
IDS
66
85
70'
16$
8
23
16
65
9
29
48It
5841 5841 58.4
Dig
1054
40
864
I 69
9
45
40
464
31
67
87
31
199
73
1B
6
66
89
50
91
104
68
91
1077;
66
84
70
18
8
23
15
65
29
Odd lots.
6 lOOjWorthlngton Pump pf B.. 65) 65) 65
Net
Chint.
- 8
- 1
10
- 7
z'8
'
1
9
'
-8
14
V4
i
1
8
8
'2
4
n
1
V.
Money More Plentiful.
Every day brings nccumulatlon of evi
dence that the money situation is well
In hand, and that while a reduction
from the 8 per cent, figure for tall
funds Is hardly expected In the Immedi
ate future, yet there nmple money
nt that figure. One bank yesterday ar
ranged a call loan for $3,000,000 on Lib
erty bonds at 6 1-2 per cent., subject to
five days' notice on cither side. Brokers'
loans Incidentally aro at their lowest
ebb In many months, according to tho
consensus of Wall Street opinion. One
estimate places the total of such loans
nt approximately $900,000,000, on aver
age decline of moro than $1,000,000
dally In tho last month nnd a decline of
more than 40 per cent, from the peak
reached In the market last fall.
llepnlillc'M Burning.
Earnings for the quartcr ended cn
Juno 30 by the Republic Iron nnd Steel
Corporation showing a surplus of $2,303,
5C0, equivalent to $6.22 on the stock
contrnsted with $510,916 for the corrc-
jspondlng 1919 period wero even more
favorable than the Street had antici
pated. If Republic's earnings for th'.'
quarter may be taken ns a guide to the
earnings ot United States Steel, nnd ns
n guide to those of other corporations,
classified, like 'Republic, as "Indepen
dents," the steel Industry Is undoubtedly
recovering very quickly from the adverse
conditions that beset It In the earlier
part of the year. The earnings of $2,
303,500 for the quarter ended on June
30 contrast with a surplus of $1,777,317,
or $4.40 a share In the last precedint
quarter.
4-
1
8
18
.
1
1
'i
"
1
1
1i
3
1
1
'
Merchant Marine Act.
To the tax provision In the new
merchant marine act, which provides
among other things that shipping cor
porations expending money In new
ship construction may deduct $1 from
the Income tnx for every $3 spent In
new ship construction Is attributed re
cent steady accumulation of shipping
shares and plans announced by several
of the corporations for an extensive
schedulo of shlj) building. In discuss
ing tho bill one house characterizes It
as the "most obstructive piece of legis
lation of recent years." R mentions
concerns llko the American Interna
tional Corporation, Gaston, Williams ft
WIgmore. Inc.. and the A
I and Commerce Company ns likely to
uvuciii 1 cry mrgeiy oy mc provisions
of the bill. "Among others that are
more or less affected," declares this
house, "are Atlantic, Gujf nnd West
Indies, whoe trading Interests will be
come greater with the development of
Its oil business ; United Fruit. Standard
Oil of New Jersey, Pan-American Pe
troleum, Sinclair Consolidated Oil and
doubtless many other oil handlers whose
Increasing activity takes the form In
part of provision of their own ocean
tonnage."
Sugar Stocka Crnck.
Depression In the price of raw sugars
was seized upon by tho bear clique as a
peg on which to hang n swift assault on
tho sugar stocks yesterday, and tho
group, as a whole. vas nervous. Irreg
ular and lower. Manatl and Punta
Allegro bore the hrnni nf t, 1.
.although Cuban-American Sugar and
I exnioucd sympathetic
weakness. Declines ranged from 2
points In Cuban-American Sugar to 7
points m Manatl. It Is pointed out by
houses which specialize In the sugar
stocks that practically alj big corpora
tions have disposed of their 1920 stocks
.at favorable prices and that tho fluc-
f th9 raw mar,lt should make
little difference In 1920 earnings. On
the other hand, the sugar stocks un
doubtedly have worked themselves Into
a weak technical nosittnn rM,iu
" ........ I, UlIUKC
that of the general Industrial list, has
not been corrected.
NOTE Odd lofrtransaction, axe not recorded In separate line iinleiw tut.,
wero made at priceAbutslds. of tho regular full lot range, 9 unIeM 8alM
Foreign Checks
compared wilh
Foreign Bondifr
IIS
l II M
1l
Holders of checks
on France, Bel
gium, England
and Italy arc in
yitcd to send for
our Circular BX-99
A.B.Leacli&Co.,Inc.
investment SecuHIIci
62 Cedar Street, New York,
Chicago Boston Buffalo Cleriltn)
Philadelphia lllnneipolli Diltl$
Make the
Most of It
The prices, at which
many of the most con-"
servativc investments
arc gelling present great
opportunities for ob
taining exceptionally
high interest returns.
A gradual return to
more normal money
rates should mean not
only a profit on the
principal -invested now,
but also a much more
valuable income.
For a suggestion send
for Circular No. F-79
Chandler & Company
A toot ;i
35 Pine Street, New York
Philadelphia Boston
New Haven Daltlmo-e
Advantages
of a
Gross Sales Tax
Discussed in this week's issue of
THE BACHE REVIEW
The REVIEW Is Issued tectkb and
Copies may be had upon request.
J. S. Bache&Co.
ESTABLISHED 189
Members Xew York Stock Exchange
42 Broadway New York
Branehes and Corretpondeots
throughout th United Stite,.
FOR SALE
H.W. Johns
Manville
Common
TOBEY&tUPyK
Member New Yark Stack Exchwj
25 Broad Street
New York
Export Prom New York.
Kxports from New York yesterday
Ityc. 238,506 bu.; flour. 5S.9S4 1 sacks '
a& V?.?. .i """'A0.?' : beef!
..... vgyiv.iaccu oil, 40,000 Ibl.
lubricating oUT 6.000 sallows. '
Miller & 60.
. Members
NawYork Stock Exchansji
Securities Bought for In
vestment or Carried
on' Conservative
Margin
120 BROADWAY
R-dnch. Offices
212 FIFTH AVENUE
SV COH 26'ST.ttr
I0N0ACREBUI1DING-
(N.tr0ft42niST 4-DROPWV
newydrk.
FOREIGN SECURITIES
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Private Wires Consccllsj Otl'XSL-