The Sun and the New York herald. [volume], July 24, 1920, Page 10, Image 10

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

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THE SUN -AND NEW YORK HERALD, SATURDAY, 'JULY 24, 1920.
II Fhone, nrclor 5000 I
Josephfhal&Ca
1 120 Broadway, New Ytrk H
llll Members I
I New York Stock Exchange llll
Foreign
Securities
Private Wires to I
' Principal Cities
FINANCIAL NEWS
AND COMMENT
Failure of Stocks o 00 I'p Dis-
eoui'iiPM Traders, Who Soil
Stoics in Afternoon.
SUOA RS UONTIN UK WKA K
If You Cannot
call for our graph of stock
prices for past 20 years, including
interesting course during Presi
dential campaigns, we will mail
copy on request.
Orders executed in any amount
of Stocks and Bonds for cash.s
We carry 10, 50 or 100 share
lots of seasoned, safe stocks, dealt
in on any of the Exchanges, on
margin.
Certified accountants' state
ment of audit of our books pub
lished quarterly.
Wilson & Chardon
Memlirr Consolidated Slock Eichange
ofN V
62 Broadway, New York
Telephone Whitehall 1964
THE
PHILADELPHIA
NATIONAL
BANK
MONTGOMERY 6-CO.
J6on n- lAStcj n. Jcftrrtd 5tocu
Philsdelphu New York. Chiraoo
Kails Oo Down With Other Is
sues, but Steel Recovers in
Finnl Sales.
Tim fiction of the stock market yester
day showed prottj elenrly that tlio fail
ure of stocks to respond to the good
news on Thursday nnd again nt the out
set yesterday morning Imd rather chilled
the optlmlstlo feeling that has lieen
brewing- since the wane award wan
handed down. When on Thursday the
market failed to respond to the news
traders figured thnt tills wns because
the market had not had time to break
oway from Its trading nren, but when
in the face of efforts that have been ap
parent to everybody stocks still refused
to (jo up yesterday on oven more favor
able developments traders concluded
MAY 6 ALL ON LEGISLATURE.
.liny or of Lawrence Susnrat Ap-
, jirnl In Woolen Company Cur.
Lawrk.ncs, Mass,, July 23, An appeal
to the Legislature tor an Investigation
of tlm closing of the. American Woolen
Company's mills In thin city was sug
gested In a letter to-day from William
i . White, Mayor of Iawrence, to Vlll
Imp M Wood, president of the company.
The .Mayor wrote In rpy to Mr. Wood,
who declined yosterday to meet him or
tho City Council to fiUcusH the closing
of the mills, which has thrown 15,000
Persons out of work. .Mayor White's let
ter said:
"J shall present your letter to the City
Council hh soon as l,cnn get them to
gether and sifcge'st If you lire not willing
to freely and openly discuss tho situation
with tho duly elected reprcicntatlvcs of
tho people of Lawrence, the Governor of
the Commonwealth will be requested to
call the matter to the attention of tho
Legislature of this State with th pur
pose of having an Investigation ut a spe
cial sossion. The Legislature would have
the power wo do not possess to compel
your attendance."
Iln :i Ol Hnnk Depositor to Kvrry
1,000 of Population,
Wasiiiniiton, July 23. Three West
ern States Wyoming, .Montana and
Tllnlw. 1ml till nllinl'c .... lni 1 In tlm
that If they would not go up then tlieJ numlicr i)f bank ,, ',.,, . ji000
limy way mr mem ill go wan iiunii, mm I nnmilntlmi r,urino- .
Guaranty Trust Co.
Bankers Trust Co.
National City Bank Rights
McCLURE, JONES & REED
Utmbm New York Stock Exchangt.
115 Hroudnny I'hnne 33: 1 Hector
FINANCIAL NOTES.
only way for them to go
consequently sold lienvllj In the after
noon, Tho result was u break In the in
dustrlals' nverage through tho point nt
which they have hitherto resisted, but
for the reason that thero was not enough
volume on Uio down side the majority
of observers were convinced that the de
cline was more In tho nature of a raid
than the beginning of a new major move
ment. The traders were aided very consid
erably In the afternoon by a break of
more than 5 cents In sterling, which
brought that exchange down to tho low
est price In weeks, and by the news of
the Russian situation. Hut the real
reason that stocks declined was because
they had refused to respond to the ef
forts of traders who had been working
on the constructive side. If there had
bten any real alarm over tho Russian
situation the decline would have started
right at the outset Instead of along In
the afternoon, as happened to be the
case. In short, what occurred In the
opinion of commission house observers
was nothing more than a repetition of
the benr campaign of last week, when
they succeeded In breaking stocks down
to about tho present level without, how
ever, getting through what Is now called
the June low. The break through this
level has been looked forward to as a
very Important indication of the future
trend ofthe market, but as there was
not enough activity to Indicate anything,
actual decline through tho June lows
yesterday was not considered a definite
Indication after the closing.
i he reversal In the form of trading.
as was the case last week, came sud
denly and Involved practically the same
leaders as before, namely, such Issues as
ualdwln, Corn Products and others. The
break In Baldwin was particularly sharp.
Dut the traders played no favorites. The
rails went along with the rest of the list.
Reading, after having sold close to Its
previous high, declined to below 90.
I Southern Hallway, Rock Island and all
tne rest of the low priced rails, which
u.iu ucen ajiuKcn oi recently in com
mission house circles as having been
well purchased, declined Just ns easily
ns the rest of the list, although, of
course, the break In these stocks did not
go as far as it did in the case of Bald
win for the reason that their rally had
not been so extensive. The sugar stocks
were weak again and there was special
pressure against the leathers in anticipa
tion of several poor earning statements
which arc to be published very shortly.
One of the best Indications of nil that u
new major downward movement had not
started whs furnished by Steel, which
came back easily in the final sales.
The money market was unchanged for
l th hntit nir-. nf tlw. Ant. 1 1 .
C .1 Hudson A Co.. members of tl. N 1 r "" ",u"e?
York Stocl. Exchange, have prepared a ape- lu ul 5 ',e' ,cenL most of the
clal letter shonlmr railroad earning power !loans nere made at that figure, but
under present wnECs and rates. 1 there was a flurry in the last hour when
I the rate advanced to 9 per cent. The
u , $ i " mem'f" 01 " New Break In sterling, however, was far more
York Stock Exchange, are distributing a de-
iniieu circular on i nncn uovernment bonds
New York Trust Company has been ap
pointed transfer agent of Adirondack Tower
and Light Corporation preferred and com-
nion.
Dick Oswald Baudouy has been appointed
an assistant manager of the Guaranty Trust
Company's foreign department,
Union Oil Company of Delaware" lias ac
quired control of the Central Tetroleum
Company.
Joins Urotliors' Trn Company, Inc. re
ports Its store sales ns follows: June.
l,;t:i.bSU; Ili'.'O, li,8.K5,m
METAL MARKET
Important from the stock, market point
oi view man was the money situation.
The decline had been foreshadowed by
the uctlon of exchange earlier In the
weok, but the movement was undoubted
ly accelerated a good deal yesterday by
tho unfavorable European developments.
At yesterday's low point sterling had
cancelled more than 2.'i points of its
gains from tho low reached in February.
Sterling, however, was not the only point
of weakness in the exchange market.
There was a distinct downward move
ment In German marks and al-so In
French franc.", but because of the ex
tent of the decline the break In sterling
(naturally attracted most of the attention.
July 23.
Did." .lcd
epeiter, prime
Vet, Auk
Aluminum ;
Quicksilver
Antimony
Platinum, an oz.
Illectro cop, spot ....
Elect io cop. Aug
I'l, 1 1 nn, No. I
foundry .'jO.03
Pit Iron, No. 3.
silicon 49.05
I'lfi Iron, plain.
No. 2, silicon.. (7 SO
fcess Iron. Pitts
Cess billets, 1'ltts
.7.'i S.PO
.00 Xi.m
... S90.00
.37',j 7.62H
. . . JM.(K)
... J8.87',,
... lh.87',4
bl.OII
S0.05
July 22.
piu. As...l.
7.7.1 8.U0
32.00 M.0II
.... tliO.OO
7.M 7.7:.
s:,.(in
.... 18.75
.... 18.80
MI.03 M.03
49.0.1 S0.O5
47.S0 48 S.I
. . . 4.1.0H
. . . 00.00
48.80
43.00
OO.OI1
OLD MKTALS.
Dealers' buying pi Ices aro as follows:
Tents per Pound.
Copper Heavy Cut and Crucible. 15.S0310.00
Heavy and Wire 14,753I5.2.'
Light and Ilottoins 13.7r.51t.2j
Heavy Machinery comp 14.S0315.0O
Brass, Heavy 9.3OS1O.00
Brass, Light 7.25 7.75
No. 1 Clean Brass Turnings 0.O0W 0.50
No. 1 Comp Turning 12.50313.54
Lead. Heavy 7.25W 7.50
Tea Lead 4.73 3.00
Zinc Bcrap 5.603 0.00
LONDON, July 23. Following are the clos
ing metal quotations:
t s. il. Changes.
Copper, spot ill 3 0 up n
Copper, futures...;.. 113 13 0 up lOi
Elec, copper, spot 107 0 O
Klec, futures 113 0 0 up 1
Sales Hpot, 100 tons; fulures, 400 tons.
Tin, spot 270 0 O up 0 10j
Tin, futures 275 0 0 up 7
Straits 287 10 O up ffi lus !
Hnles Spot. 120 tons; futures. 310 tons.
Lead, spot .".7 O 0 up 1 15s!
Lend, futures 38 0 0 up 2
3.811
3 70
3.7414
7.79
7.80
8.31
8.33
7.30
7,33
Spe'tcr, spot
Spelter, futures
0 up
0 up
15 s
13s
EQUIPMENT TRUSTS.
(Quoted on a percentage basts.)
Nsnie. Maturity. Itate. Bld.A'sked.
Baltimore 6 Ohlo.1020-27 4'i 8.73
Helhlehem Steel.. 1020-S0 7 7.73
Bulf Itoch Pitts. 11120.33 4IJ-5-C 7.73
Tanadlan 1'aclfle. 1020-33 44-0 7.80
Chicago N W.. 1920-23 l"i 7.50
Chi R I & Par ...1320-27 4ij-5 8.50
Chi St L 4 N 0. 1020-24 5 7.87
C U L St L.... 1920-29 8-0 8.00
Delaware t- Hud. .1922 4!j 7.73
Uric ftallroad ...1920-27 44-3 8 75
OratH Steamship. 11)20-31 II 7 so
Illinois Central. . .1020-27 4'1.J 7 Gil'
Inter Prod 8 S. 1920-20 7 s'.5n
Louis te Nesh 1920-23 3 7.30
wnignn 1 entral. 11)20-32 5-fl
Mlnwap fc Rt I... 1920-27 .Vtt
1920-21 3
..1920-35 41,-3-7
..1920-21 4S
. 11121-30 7
.1920-29 4ij-3-C
.1920-23 4-t!J
4'i
Mo, Kali Tex
f. Central
Vorfolk 4 We
Northern I'ac,
N V N II & H.
I'a On Freight. .
Heading Co 1920-27
"aouard A 1 1920-27 41,4-5-6 8.30
Rlnclalr Heflnlng .1920-21 6 8.50
uinern i-ac 1920-33 4!f-7 7 40
southern Rwny.. ioO.0!! iiui a on
Vh-ilnlan Bwiy.. U'2u-30 tit
Whlt Oil Corp... 19:0-23 8.78
8 00
8.02
7.37
7.50
7.75
8.50
7.00
7.40
.01)
'.30
7.23
7.01
7.00
II..V)
7.50
7.00
7.01
7.00
7.50
7.00
11.50
7..V)
0..VI
B.75
7.00
7.50
R.75
0.73
0.73
7.50
6.71
6.50
6.73
7.60
7.30
6.75
7.00
6.30
7,00
7.30
MONEY AND EXCHANGE.
CALL MONET.
I High 9Lait 9
Low 8 lcuewals ; s
I Year's high 25Year's low g
CLEARING HOUSE STATEMENT,
t Clearing House exchanges. fti!i2.833..".Oi);
balances, J52.119.344; Sub-Treasury debit
halanre, J97.702; Federal reserve credit
balance, $71,880,545.
CANADIAN' IIXCHANC.F.
Nw York fundi In Montreal, J1IO.O0 pi-e"-mlum
per f 1,000: Mnntreal funds In .Vevv
York. 1123.11 per $1,000.
SILVER MAIlKtrrs
Official bar silver In New York, domestic,'!
i-i.v' . 'vw uum-, uni:imni;eu ; loreign, yi'.c,
off 2c: In London, 54d., off 'id.. Mex
ican dollars. fiSHc off lUc.
FOREION I1XCIIANC.E.
GREAT BRITAIN,
l'arlty. Tilday. Thurs.
J4.8005 Demand, sterling J3.70 13.80K,
".""Tl ..nlllll J..l.
Bankers, 00 days.... s.72
Bankers, 90 days.... 3.70
THE CONTINENT.
1D.30 France, cunta a franc
Demand 7.51
Cables 7.32
19.30 Belgium, cents a franc
Demand 7.97
Cables 7.08
10.30 Switzerland, cents a franc
Demand 17.15
Cables 17.20
19.30 Italy, cents a lira--
Derrand 3.31
Cablet B.32
23.80 Germany, cunts a mark
Demand 2.23
Cables 2.24
20.80 Pwcilrn. scnts a krone
Demand 21.42
Cables 21.52
20. SO Norwav, cj.its a krone
Demand 10.22
Cables 10.27
20.80 1 "iimark, cents a krone
Demand 10.15
Cables jn.so
19.30 Greece, cents a drachma
Demand 11.3.
Cables ,12.43
19.30 Spain, rents a peseta
Demand 15.08
Cables 13.73
40.20 Holland, cents a florin
Demand 31.25
Cables ..: 31.3s
20.3 u-trln. (cuts a crown
Demand 02
Cables 03
FAR KAKT.
10S. 32 SI'anglml, cnts a tael
Demand 102.ro
Cables 101.23
78.00 llor.rkonp, rents a dollar
Demand 74.00
Cnli'.-s 74 70
32.44 Bombay, cents a rupee
D'T.iand 37.7",
Cah!s 3S.ii
49 84 Yokohama, cents a yen
Demand 31.371$
Cables 31.0214
SOUTH AMERICA.
44.42 Rio de Janeiro, cents a mitre!-
5.54
5.3'.
2.14
2.43
WYOMING LEADS IN SAVING.
population, according to figures com
piled to-day by the Comptroller of Cur
rency. Wyoming heads the list with
334 depositors for every 1,000 persons
in the State, Montana ranking second
with 349 and Idaho third with 293.
Kleven other States had tho following
ratio per i;oOO population : Pennsyl
vania, 289 ; Colorado, 280 ; Oregon, 275 ;
Minnesota, 271 ; Iowa, 262 ; Virginia,
259 ; Vermont, 235; California, 248 ;
South Dakota. 244; Maine, 239, and
Texas, 236. Alnska and Hawaii ranked
lowest with 30 and 24 depositors re
spectively for every 1,000 Inhabitants.
The average for all States was 190 per
1,000, or a deposit for evOry five and n
half persons In the country. The, total
number of depositors on May 4 was 20,
3S0.000. Of that number 12.315,000
were checking accounts and 8,065,000
time or savings accounts.
I'lilIIIpx-Jonea Corporation,
Phllllps-Joncs Corporation, according
to Its annual report Issued yesterday,
showed a surplus, after charges and
Federal taxes, of S660.424. After the
deduction of '116,805 paid in its pre
ferred dividends the balance of $513,
619 was equivalent to $6.04. a share
earned on 85,000 shares of the common
stock of no par value. ' The company's
final profit and loss surplus Is $1,-258,226.
BUSINESS EXPECTED
TO CONTINUE DULL
Reviewi" See No Prospect of
Early Activity,
Notwithstanding the nppcarance of
developments of u constructive charac
ter In tho business situation, weekly re
views of trndp ussert that there Is no
prospect of nn early breaking up of
tho present lull In business. The con
structive factors mentioned are as fol
lows: Improvement In tho principal
crops, labor ncceptanco of tho wage
nward, Improvement In the car and
trn ill 0 situation and evidences, increas
ing in number, of price yielding, Dim's
Celtic said In part:
"Multiplying evidence of price yield
ing, moreover, cannot bo properly re
garded us other than encouraging, foi
prices that had risen beyond nil prece
dent had marked an unnatural and un
wholesome condltlsn ami cou'.d not fall
to ultimately diminish consumptive buy
ing, Whllo some quciConlng Is still
hoard as to tho genuineness of the cur
rent price rfucllon, yot tho downward
movement, If not embracing every Im
portant article, has steadily gained mo
mentum In such lines as textiles and
hides and leather, among others, and It
Is clear that many prospective cus
tomers continue to hold off for further
conccsslono.
"With tho sharp reduction of de
mands and the freqwnt cancellations
and revisions of orders, production In
various Instances has been curtailed ap
preciably, some plants wholly or par
tltilly suspending operations, and the
freight tieup Is nn added factor In ham
perlnt outputs. The limitation of man
ufacturing obviously tends to restrict
avallnblo supplies of certain commodi
ties, thus leading to somo predictions of
scarcity to follow, but it ulso serves to
lower tho public purchasing power nnd
to make for economy and retrenchment
In personal expenditures.
"Thnt the passing of summer may
bring some revival of business, espe
cially If more adequate rellof from tho
transportation troubles is forthcoming,
Is conceivable, but It Is hardly to bo
doubted, In view of tho tenor of reports
from different trades nnd industries and
from different sections of the, country,
that sustained progress l nigely con
tingent upon the future ecttcm of prices."
'Trade nnd Industry," according to
Uradatrcct'it, "In the imiln exhibit mld
tuirmer quiet, with most vlaxntlon vis
ible In what may bo termed the apparel
trades, and tho opposite limits of notable
activity displayed, as heretofore, by the
Iron, steel and fuel trades. Price uncer
tainty nnd slack production characterize
the tlrst named lines, while very high
prices nnd straining efforts to get close
to f.ullcr capacity and shipment stand
out In the latter. Indeed, the really new
movement of now winter wheat to mar
ket, and continued big exports of old
crop, and easier prices fcV a number of
cereals and other farm products, based
on continued good advices from most
growing crops. ,
"Newo ns to lending trades has a frac
mcntory appearance, due to the curious
In and out movements In different lines
bred of continued rationing. of money
jupplles, high rntos riillnn for same, un
certainty ami continued Inck of form us
to fall trade, In apparel linen wenknenn
of crude raw materials, such as wool,
silk, .hides and leather, nnd a very gen
eral casing of prlces of mpst available
finished textiles are noted.
"Growing quiet In building lines, espe
cially In tho line' of new dwellings, fore
casting continued acute scarcity In hous
ing, continued complulnt of scarcity of
tlnplato affecting operations of canning
factories, Increased Inturu'it In pig Iron
for dcl vcry In tho Hist hulf of 1921,
strength of prices of Hliret steel nnd
p'.iitcii for railway cir, despite easing In
buying of automobiles nnd a further fall
ing off In demand for structural ma
te ilals, are additional features milling
tor notice."
SELL AMERICAN CHICLE ISSUE.
1'rorrnls "IV 1 1 1 Pity for Coinpnny'n
New Lung Island City Factory.
Tho Innovation of a stock Issue dis
tributed by bond salesmen through tho
same channels maintained for the dis
tribution of bonds has proved successful
In tho case of the American Chlelo com
puny. Hankers for that corporation an
nounced yesterday that tho new Issue of
55,000 shares of Its stock, offered at $40
a share, had been disposed of to in
vestors. The proceeds will pay for tho
corporation's new factory In Long Island
City.
Tho American Chlolo Company con
siderable time ago planned a note issue.
All arrangements wrro made to handle
it by the bond departments. At tho last
mlnuto tho plnnH were changed and a
slock offering was decided upon. ' The
Issue wns brought out .through Horn
blower ft Weeks, Low, Dixon &. Co. and
W. C. Lmgdon.
Modern Miller'" Outlook.
I'nicAao. July 23. According to the
Jforfem Stiller, "threshing returns Indi
cate Increased wheat estimates for Kan
sas and Nebraska. In Central States
yields arc up to expectations. There Is
much red rust in Minnesota nnd there
will be some light weight wheat In con
sequence. Drenching rains have fallen
In Manitoba and Canadian prnlrie prov
inces. In Alberta thero have been local
rains, The crop thero needed molsturo
badly. In Saskatchewan much acreage
was beyond repair."
In met I, rnther Reports.
The Bat net Leather Company, Inc., re-
foatures of the week are outside of the
ordinary domain of trade nnd manufac-1 r-oi ts a surplus available for Its common
turc. 1 dividend." In the first six months of this
"These hi.- a slight Improvement In year of J3S9.216. equivalent to J9.73 a
car movement, making for a rather freer iare on the 40,000 Hliares of Its common
but still Inideqjate movement of fuel. ' stock outstanding, or nt the rate of
I.IVfrpooi- July "3 Week I v cotton 1 "nw materials and finished products of $19.46 a share annually. For those six
statistics: Imports 38 000 bales Includ- mnnufactuie; the apparent settlement, months the company s net earnings from
Ing 27,000 American; stock, 9SS.000,
Liverpool Cotton Statistic.
American, 672,000 ; forwarded. 51,000,
American 15,000; exports, 6,000, sales,
47.000, American, 33,000. Quantity
afloat, nil kinds, 101,000 bales; Ameri
can, 51,006 bales.
fni. ho Hm. Iielnir nt lenKt. of the milch ' ODeratiom,. after dedllctlll!- clinrrp for
dlseusstd railway wage award, which j maintenance and repairs of plants nnd
OBZ
EXPORTS FROM U. S.
AT HIGHEST RECORD
During Last Fiscal Year
Reach $8,111,000,000.
Washington, July 23. Exports from
tho United Htutos during the fiscal year
ended on Juno 30 reached the now high
record of 48,111,000,000, but ns nil
records for Imports rIm; Wvru n)iiu!ied
the net tr.ulo balance In faVor of this
country was only $2,872,000,000, which
contrasted with a trodo balance of
slightly morb than $4,000,000,000 for tho
Inst previous your. The llgures wore
made public to-dny by tho Department
of Commerce,
Imports for tho year were valued at
$5,238,746,580, un Increase of more than
$2,000,000,000 ngalnst thoso of the Im
mediately preceding year, nnd $3,000,
000,000 during the year ended tn Juno
30, 1918. Tho oxports for the last llscnl
year contrasted with $7,232,282,680 for
tho last previous yenf and showed an
Increase of $878,893,445.
There wns a Bharp drop In exports
during Juno nnd an Increase In Imports
with the result thnt the trntlo balance In
favor of tho United States In that month
was only $78,000,000, tho lowest of nny
month since beforu tho world war. Ex
ports wcro valued nt $631,000,000 and Im
ports at $533,000,000. The Imports
reached a new record, exceeding by
$30,000,000 tho previous record made In
March.
Gold Imports during tho last fiscal
year amounted to $151,000,000, against
oxporla of $467,000,000, but Imports of
that metal In Juno exceeded exports by
$21,000,000. tho figures being $26,700,
000 for imports and only $3,300,000 for
exports.
Sliver Imports of last month totalled
$6,500,000 and exports $4,400,000, nn
excess of Imports of $2,100,000. Total
sliver Imports for the twelve months
enied on June 30 were $102,800,000 and
exports $179,000,000,
CONSOLIDATED EXCHANGE.
Persistent liquidation of tho oil shares,
said to be traceable to selling for foreign
account became of the Increasing grav
ity of the Polish situation, lead to a de
moralized tone throughout the list dur
ing tho fin il half of yesterduy's trading
In the Consolidated Stock Exchange,
Recessions were widest in the oils, these
properties registering setbacks of 2 to
Glj polntr. Thero were substantial losses
In the other Industrial division and the
rails fell back one to three per cent.
New Orlenn Cotton Market.
New Orleans, July 23. Political
news played an Important part In to
day's trading In cotton, and tho market
broke to Its lowest levels following tho
reports printed nt midday that all En
rope was alarmed over the Rolshcvlkl
successes. Closing prices were at net
losses of 30 to 14 points. Close: July.
37.54; October, 32.27; December, 30.78;
January, 30.15; March, 29.50. Spot
quiet; middling, 39.75.
hns been accepted under protest nnd
without n strike by the unions; a fore
casted radical advance In rates to pay
ir this award ; a gradual swelling of tho
estimated amount of Income and excess
profits taxes, &c, were $488,043. The
company hns declared an Initial dividend
of $1.50 on Its common stock.
Pnrls Bonnie Trailing.
Paws, July 23. Prices were Irregu
lar on the Bourse to-day ; 3 per cent,
rentes, 53 francs 10 centimes; exchange
on London, 50 francs 15 centimes; 5
per cent, loan, 88 francs 60 centimes;
the dollar, 13 francs 14 centimes.
NEW YORK STOCK EXCHANGE QUOTATIONS.
, FRIDAY. JULY 23. 1920.
D;i 'b s.iles
r-CIo.'InA ,
Bid. Ask.
1920.
484.333
1919.
1.024.130
191S.
315.71
Dlv.
In .
1520.
8 Year to date 131.307.384 i.A
1919.
169.934.0e5
1918.
79,809.711
34 Mi I 36 i
.13 I 31
Hit 141
35 U I 36V I
84 "83
Sales.
81
97
57
39
134
8694
98
58 Vj
. S9
39 H
136
SO
OTil lilt
133 "(j 1144
14 I..4...
S2'ii S3
40H tl
82 'Ti I
89 1
96 '
13 It.
2.7 V
59 I
71'4I
37 I
24
S
10
12
6
SOc
6
S3
9't i
963,
13 3,
24 1
59 U
76 I
I i ')i 1
I12CI
10S llll
S9Vi 90li
j I'M; W
1S9
86
92
4674
13
55
32
79i
85 Vi
152
115
31U
138
20 M
84
S 7 i
Vi
10,
1204
8
17 V,
30
69
12m
11 W I
BO ft
203
42
!.
51 Vt
7.
8
21'..
33
200
S7
94
47
11
56
,Si
3o
sow
86
155
11514
32
139
"1 I
87 13
88
S
10
7Vj
9i
13
8.i
17H
3014
70
122 '.4
124
Bli.
1250
44
1 97 I
I 54 Vi
9 I
S4l
"2 1 1
I 331' '
68 t-'i I 69t4
ilb'J, JO-4
10
200IAdams Express
100 Advance Ilumcly
2400Alaska. Juneau O M
600Allls Chalmers Mfe
200Am Aerl Chem
9C0 Am Beet Sugar
300 Am" Hosch Magnetto
300 Am Brake Slice & Fdy...
300 Am Brake Shoe & Fdy pf.
600 Am Can
200 Am Car & Foundry
100 Am Cotton Oil pf
300 Am Druggist Syndicate..
1500 Am Express
1600 Am Hide & Lenther .
HOOIAm Hide & Leather pf.
IOOAm Ice
1400 Am International Corp..
IOO'Aiii Linseed Co pf
1300IAm Locomotive
UOOIAm Safety Hazor
11001 Am Ship ft Com
600 Am Smelt & lief
200lAm Smelt Sec A
2aOIAm Steel Foundries
200 Am Sugar Hef
300IAm Sugar Ref pf
600 Am Sumatra Tob ex div.
620 Am Tel A Tel
200 Am Tobacco B
14C0Am 'Woolen
100 Am Woolen pf
900 Am Writ Paper pf
800 Am Zinc L & Smelt
300 Anaconda Copper
100 Assets Realization
100 Associated Dry Goods...
800 Atch. Top & Santa Fe
200 Atlantic Coast Line
300 At. Gulf & W I S S
30000 Baldwin Locom Wks
700 Baltimore & Ohio
400 Barrett Co
200 Bethlehem Motors ......
900 Bethlehem Steel
3600 Bethlehem Steel B
100 Booth Fisheries
200 Brooklyn Bap Tran
700 Bkn Uap Tran ctfs of dep.
100 Bruns Term & It R
100 Uuttorlck Co
300 Butto Copper & Zinc
300 Caddo Cent O & R
200 California Petrol
100 California Petrol pt
3700 Canadian Pacific
300 Case, J I. Plow Worlti . . .
1900iCentral Leath
Open
ing.
35 C
33 U
o
36 V4
83 it
864
9S
5SV4
87
39i
1361J
79i
11
140
I 154
41
83
S9V,
98 V.
I.'.'.
I 2.1 ij
! 89 -
' to
I 3
High- Low- I Clos- Net
est. est.
351;
3314
2
36V
S5
8714
9SH
5S 4
83
39H
136U
79 i
11
140
15?i
85
41
83;
S914
98 H
15?;
23 ,
39 h
75
37
35
3314
l'i
3314
S3',
S614
98
5814
87
3914
13114
79 ?4
11
139
14-74
8214
Ing. j Change.
35
3314
35 U
S5-V,
864
98K,
58 Vi
88
39 Vi
13414
75?4
11
1391J
14i
82V 82141
S9i.
96 I '.ifiH
15V, li,
2.1 4 1 23 14
39 1, ,59 1
4-
"vi
114
i
-"li
1
3
Vi
IV.
89 'ii 314
114
1.
124liil24!4ll24!4 12114
llio ;no 1 1 10 no
87 '4
94
199T4
87
9214
46Vi
1214
56
24
3314
80 Vj
86
157
118
32
140
21
87
88 H
81,
10 V,
714
54
13
81,
1674
31 I
69 '4
S814
94 Vi
200
8714
9214
4714
13
5614
274
331'.
80V4
86
158
119
3274
140
21
874
89-14
8I4
101s
714
"7i
13
814
17TS
21
6914
8614 S6'4
94'4l 9474
1991,1200
86741 8674
122 14 124 74
21.1
1H..-.0
.10.31
13 21
16.30
12.50
12.60
34.ro
34.CO-
.03
.61
102.30
103 21
71.00
74.30
37.7.1
38 00
5l.3?t,4
31.62 !i
63
7374
15
29
54
36V4
w
1214
9274
36
150 Vi
46(5
89
196
li)
10
SI 14
12 V,
19V4
8574
30 -i
21 U
12 "
7374
14014
24',
6311
74J4
lit.
2974
57
3614
21
7S
12
3274
12
93y,
37 U
151
45
4674
90
209
314
1 0
li 14
s.r
13
19 ',
87
30H
no
i2Vil
73Vil
142 !
I 24Vil
100,'Central of New Jersey.
HOOlCerro de Pasco Cop
2900rhindler Motor.'
2000IChesipenke ft Ohio ...
200:Chlcigo ft Alton
200!Chl (It Western
fiOOIChl, tit Western pf . .'. . .
HOOiChl, Mil & St Paul..,..
27O0!Chi. Mil & bt Paul pf..
looiuni a Norinwcsttrn
ll'n
61 14
203
13
9814
54
S
8 H
2211
3374
Demand 21.73 "i .-.n
Cable 21.90 21.60
42.84 Buenos Aires, cents a peso
Demand 30.10 S9.23
Cables , 39.25 39.40
103.42 Uruguay, cents a dollar
Demand 88.21 M.T8
cabit , tao es.oo
71
70
58 1',
23 14
70
35 V, I
't
29 '
81
30
1'i
i:.i in
104 110
21,
no 14
2914
8174
61
79
3
1
4
214
101
4300
100
100
300
700
200
500
4400
500
500
700
9800
8400!
100
4S0OI
tiroo
9500
100
Chi, R I & Pacific,
Chi, R I & I'ac 6 p c
Chi. n I i I'ac I p c
Chllo Copper
Chlno Copper
Clev C C & St Louis.
Coco Cola ....fT....
Col Graphophome . . .
Consolidated Gas ....
Con Inter Cat Mining,
Con Textile ,
Continental Candy . . .
Corn Products Bef. ,.,
Cnsden & Co ,
Crucible Steel Co
Cuban Am Sutrar ,
Cuba Cane Kug.ir . . . ,
ueriwaro & Hudson.
10:4
10
41
30c
701.11
3;4!
.10 1;
31 1 ...
82 '4 7i
31 101
721i 4
I
ns
Ml
"ait
.4
51
30
8214
06
81
!60.-l
: 41
SOOrDel. Lack & West'-m .
1600 Denver .4 Rio Grind?
2000 Denver .t Hlo Onmlo r''
700 Dome Minis
2200 Kndlcott Johnion
1800 Erie
200 Erie 1st pf
400 Famous Piajvrs-L pf....
1300 Flsk Rubber
5'IOFrcport Ti'xaH ,
lOOIOaston. W A Wlnmore
3400n Am Tan'; Corp
30o'(lcnernl Electric Co
109(!0Gr.erI Motor Corp
lO'J.Mienorul MUt,r :st pf
lllillrlenpr.il M.itr.r nf 1
lOfjG-n Motor Corp deb
Goodrich R F. 1
Gray & D.vis
Great Xorthfrn pf
Grsat Northern Or? ctfs.
inoGre.-ne Cineti"''. Cop 30
lOOIOuIf. Mobl'o .V North pf.' 3.1
200'lljitinan Corp j 81
100'lJandea Ahinu'ieturlng. . . 30
HOOiHa.'kel i H-.rker Car. ..I 73
ISOOlHupp Motor I 13 1
C90nHoiMton Oil Co !103
loo intllahom.i Ref
2800
400
300
400
H 9.
69 li
3714
6H4
7t
15 V4
2914
54
3714
?sa
ii
1174
9374
37
153
4714
17
! S914! 89
209
1 1 .V.
614
205
44
98 Vi
54
SV4
S14
2274
34
52
09 U
3774"
S1H
74 74
1514
29
54
37',
29U
IIS
33
13 1J
9614:
37
15IU
48
209
5V4
10T4
1014
8l'4i 8414
1
9214
4614
1214
5574
214
33 Y,
7774
86
133
11474
3174
139
2074
87
87
811
lO-Vj
J'1
814
1671
30
6914
121
1114
60
205
4374
96
54
8
Sis
22
33 Vt
50 Vi
6914
3674
6314
7474
1514
2914
54
IV
2S
78
12
31T4
1174
9274:
37
14914
4514
46111
8014
20
87
31T4
2
12
7.1
142
2314
21
7 I
7114
60
174 ! 13
20
S7t-i
3114
l"
12
77)4
112
2514
24 I
76 I
71141
30
70741 70
35 ti! 3514
1814
83 Vi
45
45
m u
100
200
300;
500
100
100
8200
3000
16800
500
$100
Inspiration Con Copper. .
mi .Mer .Marine
Int Mer Marino pf
Int Motor Truck
Int motor Truck 1st pf . . .
Int Mot Truck 25 p c pd..
Int Nickel
Int Paper . . .'
Invincible Oil
Iron. Products Corp
Island Ol) & Trans Corp.
5014
30
83
56
8014
19 li
1714
85
K
30
: 30
I 81
. 30
73J4
157.
l09Vi
714
5014
30
83 V4
56
SOU
1914
ISVl
85
45
44
K
201
9T4
10
8114
1214
1914
86
30 Vi
?2
73
141 Vi
24
21
70
7IH
58 li
24 Vi
70 V.
3.-.14
30
30
81
30
114
9214
4714
13
5574
24
33 V.
807s
SI)
1.13
11314
31
139 V
20 S7,
87
Sli
1074
b
811
17
30it
69V4
121
1114
6014
205
44
96
3414
814
8 V,
nn
3314
5014
69 Vi
36
6314
74?i
1SV4
2974
54
3614
28
73
12
3114
1274
927JI
37
131
4514
16
I S914
209 I
l4
4- 1
1
1
'iV4
"
1;
3
m
Si
1,1
I
'4
-
14
H4
15
.
2
Vi
ri
-2V5
14
9 14
101',
81V4
1214
1914
86
3014
21 Vi
12
ih
21
76
71'4
.18
2114
7011
3511
30
,10 I
' .in
.IT
13 V, lK'i
101 1102
30
2914
83
55
80 Vi
1914
174
83
4311
44
1,
50 Vi
291
8314
55
8014
19V4
18
83
434
44
74
171
2
LI
1
in
1
1
1
1
3?i
ill
1
e-Cluslng.-. IllrTj
Bid. I AH. ln i. Sales.
lU'i)
93
23
2614
1-
9
43
23 V4
1.1
yn
ft. ti
108
23
18
189
20'.,
21
40',
1274
6 14
25 i
4171
32(,
784
714
68
7.114
12 V.
35V4
68
29V4
88 14
7174
4
6
43
101
93
90
39
2214
33
24
34
60
3874
4S74
1414
82
5974
2874
16 VS
97
9074
4014
99
1514
8971
42
61
83
8974
74
19M
15V4
2414
1614
29
814
7
13
137
1
iolt
69W
921,
14
17l-i
94
26
n "
7214
44
23H
15V4
100
6014
110
24 15
y
59
640
19514
40
R
6974
r.OL",
9
4314
1614
39
30
66
12
It
S7
M
11514
65
8
7114
16
65
86 .
55
9114
661'
9174
108
66
83V
7011)
8 f
2414
28
82
4814
50
31 VJ
17-4
53
6.711
19'
189V5
20rN
2114,
41
134
071
26
421,
32L-.1
79
S''.
70
77
13
3611
t9
31V4
2914
S3
72
4
7
46
10114
9574
94
3974
34
2414
44
3414
67
33
49
15
8214
GO
2914
17
98
9114
40 Mi
102
16 4
8914
45
65
8371
9011
7IV4
20
16
25
17
2914
S71
7 V,
1314
142
9V4
71
3014
704
9214
284
59 4
648
1057,
4014
85 K
6914
51 .i
9's
434
: 4Ki,
I 39Vi
31
f 67
13.
1 4 Vi
90
3H4
11574
63 V,
9V4
7114
IS
6514
8671
56 4
9l?4
58
91141
10S11I
67 I
83'.'
71141
4
2
1.20
6
3V4
10
1.60
4
40c
500 Kansas City Southern..,
200 Kelly Springfield Tire..,
600 Kcnnecott Copper ,
400 Keystone Tiro & Rubber,
700 Lackawanna Steel Co. . .
100 Lake Erie & Western...
400 Lehigh Valley
3600 Loews. Inc
200 Loft, Inc
100 Louisville & Nashville..,
200 Mackoy Cos pf
100 Manati Sugar
100 Manhattan Elec Supply.,
200 Martin-Parry Corp
600 Maxwell Motor
11800 Mexican Petroleum
200 Miami Copper
5000 -Middle States Oil
600 Mldvalc Steel & Ord
lOO'MlneapollM ft St L new..
200 ..Missouri. Kan & Tex
2700M!ssourl Pacific
1300jMlssourl Pac pf
'lOO'Mont. Ward & Co
1900iNat Aniline & Chem
1100 Nat Conduit & Cable....
100 Not Knam ft Stam
300 Nntlonal Lead Co
400 Nevada Con ConDer
100Ncw Orleans. Tox & Mex,
lonen- 1 lllsh.
I Ing. I est.
CI
5.20
1
1
74c
'h
6
5
20
1
4
4
HOOlNew York Central
1000 New York, Chi & St L. .,
1800 New York, New II & II . .
400 Norfolk & Western
300 Northern Pacific
1300 Oklahoma Prod & Ref
100 Ontario Silver Mining..
700 Pacific Development
20200 Pan Am Petrol & T
2800 Pan Am Petrol & T, B. . ,
100 Penney Co, J C
1500 Pennsylvania R R
1200 Penn Seaboard Steel
100 People's Gas, Chi ,
1200 Pere Marquette
100 Pere Marquette pf
300 Philadelphia Co
100 Phillips Jones
1600 Phillips Petroleum
4100 Pierce Arrow Motor
100 Pierce Oil Corp
100 Pierce Oil Corp pf
2600 Pittsburg Coal of Pa...,
2800 Pittsburg & West Va
100 Pond Creek Coal
100 Pressed Steel Car
3400 Punta Allegre Sugar
500 Pure Oil Co
100 Railway Steel Spring pf .
100 Ray Consot Cop
33900 Reading
100 Reading 2d pf
200 Remington Typewriter . .
1600 Replogle Steel
6900 Republic Iron & Steel..
7600 Royal Dutch Co N Y
300 Santa Cecilia
200 St. Joseph Lend
4700 St I. & San Fran
4400 Si 1. Swn
2800 St L Southw pf
300 Saxon Motor
700 Seaboard Air Lino
600 Seaboard Air Lino pf...,
100 Sears-Roebuck Co
100 Shattuck Arlx Cop
1200 Shell Trans & Trading..,
tumainciair uontsoi Oil.
400
3800
9300
300
33
900
400
'900
& I...
Sloss-Sheffleld S
Southern Pac flc
Southern Railway
Southern Rallwav nf
Standard Oil of N J....
Standard Oil of N J pf . .
Stewart warner Speed...
I.Stronibercr Ctrhuretor. . .
18IOOStudbaker Corp
200 Superior Steel Corp
Tenn Cop & Chem
Texas Co
iTexas Pac Coal & Oil....
Texas & Pacific
100
f.300
1500
00
170(
300 Times Square' Auto
2000ITobacco Products. .
914
93
29 lj
100
1700
200
1400
S00
100
100
5400
200
2200
3000
900
5500
200
25000
200
400
20200
600
2001
2000
600
100
700
400
500
4000
500
600
Toledo. St U & W
Transcontinental Oil ...
Union Bag & Paper....
Union Oil
Union Paclflj
Union Pacific pf
United Ry Investment.,
United Betall Stores...,
BSC I Pipe & Fdy. . .
U RFood Prod Corp...
U S Ind Alcohol
U S Realty & Imn
U S Rubber 7
U S Smelting R & M
1 S Steel
U S Steel pf
Utah Conner
.Vanadium Corp
Vn-Cnrollna Chem
Wab-ish
Wabash pf A
Western Pacific
Western Union Tel
Wesllnghotiso E & M . . . .
White Motor
Wlckwlre, Spencer
Willys Overland
Wilson & Co
Worthlngton Pump
2471
29
8274
49
51
3114
18 Vs
56
70
Odd lots.
NOTE Odd lot transactions aro not recorded In senarati. Un unles ni..
were made at price outside of regular full lot range.
Lowest.
58
16
9 a
25
26
72
10$
43
231
164
994
00
110
57
23
18
1887!
20 V
,2014
40-
134
674
26
4171
3274
79
8
6911
76 V4
12 VI
334
6S
29 4
8814
71V4
4
6
45
10014
95H
90
39
23
324
24
45
34 4
50
384
484
15Vi
824
60 ti
2814
1674
9714
9074
4014
96
164
89
44
63 4
824
S974
74
1971
1574
25
16
29
8
7
13
142
9 V
70
29
69
92
28
59
644
10514
40
85 14
6874
52
91
431-1
46 U
39
30 T4
66
1374
14
8S
31
11574
S14
6514
8674
56
91
571,
907
108
67
83
704
8 14 1
234
28
8271
484
50
554
6714
Clos-lag.
Net
Change.
1714
95
25
26
724
104
43
234
1574
99 4
GO
110
57
24 4
18
189
20
21
404
13 14
674
2li
4114
3274
79
8
69 '4
7614
1ZV4
35 Va
6874
304
29
88
714
45
1014
95 a?
90"
39
23
3214
24
45
34 4
60
384
484
1514
8214
6014
2814
16 '4
9714
9074
4014
96
1614
8974
44
634
.83
8974
74
1974
1574
25
16
29
13
142
914
7011
30Vi
69
92
2874
69
644
10514
40
83?4i
6874
52tii
974
4514
461,
39
3014
68
13?I
14
3174
11574
bo
8
17U
6511
8674
56
3114
57 Li
917.
108
67
8314
70 4
8V,
234
28
8274
481i
3114
IV1
674
if
4
"
2
114
314
"
14
14
V,
4
a
14
V4
In
?'
vt
14
14
1
7
18
14
It
14
vt
114
4
4
1
1
i
1
I
i'4
114
t
14
14
nj
!
'4
14
"v
274
5
3
'4
114
4
-"li
'i
7 n
GOSSIP OP WALL STREET.
Former Low Price Crossed.
A sharp break, which stole silently on
the market, and which had all of trie
earmarks of a well executed bear attack,
yesterday afternoon broke stocks through
their old average lows for Juno. Within
an hour gains of 3 to 4 points, which
havo boon built up laboriously In two
weeks, were swept away and In many
cases actual losses now are shown. The
day's fluctuations woro doubly discoun
aging to stockholders because of the fact
that scvcrpl constructive factors ap
peared to felvo basis for a further ad
vance. Ono of these was Judge Gary's
optimistic statement, always a market
factor. Another was the assurance that
thero would bo no railroad strike. But
after a brlof advance In the morning
stocks settled Into tho doldrums nnd dis
played no furthor activity until the nf
tcrnoon crack. Such securities as Bald
win", Mexican Petroleum, Cruclblo Steol,
Republic Steel and Vanadium wcro tho
centres of attack, but everything on tho
list, good, bad ond Indifferent, courscil
Into lower ground, Ono theory advanced
was that many floor professionals, who
havo the market In tho palms of their
hands Just now, thoroughly disgusted
with the npathy of tho general public to
ward tho market, suddenly dumped
tholr holdings and took the short sldo In
tho old-faahlonod belief that If they
wouldn't go up they must go down,
Enropenn Kxchnnge'si Slump.
Yesterday's slump In European ex
change, which spread before tho day
was over to all departments, may be at
tributed In largp part to tho fact that
cotton ond grain bills, which have been
kept back In anticipation of a further
recovery In exchange, recently hnve been
flooding tho market. Yesterday's do
cllnc wns on a relatively small volume of
business nnd somo real support came In
to the foreign exchnngo market before
the close. Probably tho Polish nnd the
Irish situations had something to do
with tho break, but so far as New York
was concerned cotton and grain bills
furnished tho overpowering pressure.
Forthcoming Issnes.
It was reported In banking circles yes
terday that negotiations for the sale of
$23,000,000 of Swift & Co. bond to a
banking syndicate consisting of Chicago
Inrtltutlons nnd probably of tho Na
tional City Company, had been or soon
would be completed. It was learned yes
terday that the Guaranty Trust Com
pany was nrranglng to purchaso $3,000,
000 of Adirondack Electric Light and
Power Company bonds. Xo iirnounec
mont or definite Information or. those
new Issues could bo obtained from local
bankers, but definite announcements
probably will bo made next week or
caly In August.
Steel's EnrnlnK.
It may be taken for granted in tho
light of the optimism expressed by
Judge E. H. Gary on the eve of his de
parture for Europe, that the United
States Steel Corporation's earnings for
Its Inst quarter, to bo made public on
July 27, will exhibit a satisfactory re
sult to stockholders. That there will be
any change In tho dividend rate nt the
forthcoming meeting Is considered now
very doubtful. The reports of independ
ent Btcel corporations, as they aro issued
from day to day,' continue to make a
satisfactory exhibition. Transuo and
Williams added Its report yestciday to
those of the other Independents. It
shows net for the first six months of
the year, after all deductions, of $469,
000, or equivalent to $9.38 n share
against earnings equivalent to $7.76 for
the corresponding 1919 period.
Midwest Iteflnlng.
Yesterday's advance in Midwest Re
fining In the Curb and tho strength of
stocks with which It Is affiliated Is re
ported to be due to the fact that hi a
reorganization of some of the smaller
companies In which It Is Interested Mid
west hns tightened Its grip on the con
trol of the Salt Creek field In Wyoming.
The report as heard yesterday In Wall
street and which lacks official confirma
tion Is that the Boston nnd Wyoming
Company, owned by Midwest, will ac
quire the Mounta.n and Gulf Company on
a share for share basis. Boston and
Wyoming has 4,500.000 shares nnd
Mountain and Gulf 1,500.000. Together
they have a market value of approxi
mately $6,000,000 nt present prices. Of
ficials of the Midwest Refining believe
that the two corporations have a poten
tial production In the Salt Creek field
of approximately 05,000,000 barrels of
oil during their lifetime. According to
tho report In circulation yesterday sev
eral attempts have been made by Mid
west to add that property to Its hold
ings, but have met the objections of V.
Z. Reed, who was a Colorado prospector
and largo holder of the .stock. Mr.
Reed dltd a considerable time ago, and
his helra aro reported 'as favoring the
merger.
1
174
24
Corn Prodncta Iteflnlng.
Optimistic statements about the In
creasing volume of business of the Corn
Products Refining Company, made from
time to time, are fully confirmed In that
company's statement for the first halt
of 1920, Issued yesterday. It shows a
surplus after charges, Federal taxes
and preferred dividends of $8,360,962,
equivalent to $16.79 a share on $49,784,
000 of Its common stock, as contrasted
with a surplus of $5,987,814, or $12.03 a
share. In the corresponging 1919 period.
In commenting on the corporation's busi
ness and on the general Industrial out
look E. C. Bedford, president of tho Corn
Products Company, declared that ho does
not anticipate a buslnss depression this
year, in wew of the fact that there Is
no surplus production. "But I do look
for somo recession In commodity prices
as consumption approaches production,"
he asserts. Corn Products plants arc
operating at between S3 and 90 per
cent, of capacity. Its officials antici
pate that It will have a capacity of
between 155,000 and 160,000 bushels
next year, when the St Joseph, Omoha
and Kansas City plants nro expected to
be finished. Tho corporation's new pier
at Edgewater, N. J., costing approxi
mately $2,500,000, Is expected to bo
completed by tho first of September.
, 1,
Stock Valines.
A close student of the stock market
declares that standard securities, so far
as actual values aro concerned, nre
cheap. "As to values," ho says,
"whether It npplles to fish, flesh, fowl,
pig iron, cotton, wheat, automobiles, dia
monds or securities, it is largely a mat
ter Just now of psychology. iMnny things
aro much too high, some tilings are
obout right, whllo others are relatively
cheap. Securities, measured by the value
of commodities, manufactured products
'and the purchasing power or tho dollar,
are In many Instances very cheap."
Pnn-Amerlcnn'a Property.
Severn! days ago, when a new offering
of Pnn-Amerlcan Petroleum Corporation
notes was disposed of to the public,
cftlclal publication was made by mem
bers of the syndicate which offcre'd
the notes thnt the ownership, of Pan
American Petroleum In Mexican Pe
trolcQm was "about 71 per cent." It
was learned yesterday that this state
ment was a trifle too conservative, and
that the actual ownership of Mexican
Petroleum by Pan-American Petroleum
Is now exactly 72.8 per cent. Roports
that an Increase may be anticipated In
tho dividends of both stocks some time
this fall If earnings maintain their cur
rent rate have been In tho air for a
long time. It Is learned that officials
of the corporation plan such' an Increase
about September 15, and that It will
amount roughly to a 20 per cent advance
In the rata on both stocks.
PLAN MASS PMY
ON COAL S,HtRTAGE
Half Dozen Government Ajyon
cics Join in Effort to
Avert Famine.
PALMER TAKES A JIAND
Holief for Now Englimyi Is
Promised Direct From'
Whito House.
Washington, July 23. Coal short
ages, reported already In existence In
somo .sections of tho country and threat
ened In many otho claimed tho atten
tion to-day of half a dozen Government!
department and agencies.
Tho Interstate Commerce Commission
was urged to order priority In the tide
water movement of coal to Now England,
and Illinois operators renewed their
nppeal to tho White House for Govern
mental Intervention In tho mine laborers'
strike, which Is reported to have closed
down half of their mines. Relief for
Now England was promised through
early action of tho commission and the
appeal of the Illinois operators was an
swered by tho despatch of three Govern
ment labor conciliators to the strike dis
tricts. Attorney-General Palmer after a brief
conference lato In the day with coal
mon announced ho had called un In
formal meeting of a score of mlno op
orators, coal exporters and representa
tive!, of manufacturing Interests to bi
held In New York Tuesday. Discussion
of the coal situation at this confercn. .
Mr. Palmer said, would bo "thorough;
adding: '
"It Is our purpose to consider the gen
crnl situation, with a view to obtaining
the ud vice and assistance of buslncs
men with respect to existing conditio).,'
In tho coal Industry."
Rumors .were current that Preside:.!
Wilson had asked Mr. Palmer to take a
hand In the situation, but these wei.
denied at tho vDcpartment of Justice
It was said Mr. Palmer would attcn
tho conference in Now York In ord.
to get a "picture" of tho fuel shortag.
both real and threatened, so the Cu.
ernment would be in iv position to ta..
necessary steps "If any are required:
Wilson amy Use AVnr Powers,
Tho President still may employ V
war powers In remedying menacing .'o
dltions, and it was Indicated these potv
ers might be called Into use In laying a
ban on export should the priority order
of the Interstate Commerce Commission
fail to .bring satisfactory results. Thu
phase will bo taken up at the New Yorl.
meeting along with discussion of prices,
transportation problems and produc
tion. The proposal for priority In tidewater
movement for New England was mad
kto tho Interstate Commerce commission
oy tho National Coal Association, New
England coal wholesalers and railway
executives. The proposa loontempates
movement of 1,250,000 tons a month
through Hampton Roads, Baltimore,
Philadelphia and New York. An addi
tional all rail movement to New En?'
land of 750,000 tons n month was prom
ised by cooperative efforts, of the car
riers and the operators.
The water and rail movements under
the plan would continue until April 1,
1921. The proposed priority order alio
would prohibit the railroads from trans
porting coal consigned to any other des
tination than New England until after
tho daily nsslgned quota of each shipper
for New England had been noved. ThW
would, in effect, amount to an embargo
on the export of coal from the district
affected by the order.
Tho proposal of tho coal operator
and railway executives was taken un
der advisement by the commission, and
some order bearing on tho New Eng
land situation is expected to bo Issued
In the course of a few days.
Oppose Reopening Wage Question.
The Illinois operators In renewing
their appeal at tho Whlto House were
understood to have opposed reopening
of tho wage question for consideration
of tho demand of mine laborers or shift
men for a $2 a day Increase In pay.
Almost simultaneously with the des
patch of conciliators to Illinois the
White House announced the messages
that had been sent to tho Governors of
Vermont, Mew dlampshlre, Connecticut,
Massachusetts, Rhodo Island and the
State Chamber of Commerco of Mains.
These messages, sent by Secretary Tum
ulty, read;
"Answering your telegram with reN
erenco to the coal situation tn New Eng
land, the President directs me to say
that he kept In touch with the various
departments handling this important
matter during the past week, and he U
now able to state that as a result oz
these conferences coal In sufficient quan
tities for the needs of that community
would be delivered to New England.
The President wishes me to asure you
that everything that can bo done in this
vital matter Is being done."
Similar telegrams with reference to
the coal situation In tho (Northwest were
sent to the Governors of 'North and
South Dakota and Wisconsin.
N. J. UNION SPURNS "OUTLAWS."
Threat From A. P. of I,. Prompts
Hudson County Action.
The Central Labor Union of Hudson
county announced In Jersey City yester
day that tho recognition the union had
given to the outlaw strikers or "vaca
tionists" had been withdrawn because of
a notice from tho American Federation
of Labor that the granting of any con
cessions 'to seceders from the federates
was In violation of tho charters given
by the federation.
The recognition enabled the outlaws
to attend meetings of tho r.vcrntca
locals ind to fraternize to some ,eV
with members of federation union-.
Fire Record
Losj.
A. M.
12:10 rrnnt of 1992 Third avenue
surface car: Third Avenue Rail
way Company Trlfllflf
12:30 llroadway and Twenty-eUhth
street: surface car: New York
Itallways Company TrtfllnJ
2:3013 East Sixtieth street; Ssn
Jacinto Hotel ""
6:40928 Broadway; restaurant, un
known
0:30241 West Sixty-second
Mildred Woffatt
9:301982 Park avenue.
Ala
10:23301 Wet Seventeenth
Allen Hnyes
TrlfliM
street.
.... Unknot
Err."'
, .. fnknown
street.
... Unknown
11:3300 Franklin street: tmknonn.
P. M.
12:40 41.10- Wilder avenue. The nronx
Mary Rovo u"k!','!f!.S
1:30-304 West 10th St.! Anna Kohn.Tr f tof
2:4313 White t.; Deco Company Trlfim
3:00-7.1 Grand St.; fillt Edgo Enatnl
Tlate Co W$J
3:13-314 East 101st St.; Pass.. Non
4:20-333 East 123th St.; D0"'0,,,,.
Crentosero TrUUM
7:10298 Brooms St.; Dulden & Nia-
plro i,n
7:10-33 and S3 West 21st lUi
lam Wo tJnWWF
7
J