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The Sun and the New York herald. [volume] (New York [N.Y.]) 1920-1920, August 06, 1920, Image 12

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12
THE SUN AND NEW YORK HERALD, FRIDAY, AUGUST 6, 1920.
Conservative
Investments
TO YIELD ABOUT
6 to 8
Special circular de
Hcribini? numerous is
v sues of well diversified
investments, including
practically all of the
recent offerings of rail
road, equipment and
corporation bonds, both
long and short term.
Write fT Circular No. 1711
"Conservative Investments."
Spencer Traskfc Co.
25 Broad Street, New York
AI.nANY BOBTOM CHICAGO
Mernbors New York Stork Kxchangc
FINANCIAL NEWS
AND COMMENT
Picked From Our
August Purchase Sheet
Class of Seeurlty Yielding
Munli-ipal S.OO
in. i ill. i it Municipal 7.rtO?e
Industrial
l'ul.llc Utility 8.04
Kullrniid t I AM
Foreign (iov't v.SO't
r.onds referred to above have
mir reeoinnu-mlatlon. They am
listed In our August circular,
which will be MM on riquuat
tur ad-:i::.
The National City
Company
Main Office : National (ity Bank Bldf .
Cptown Office: Fifth Are. 43rd Bt,
Offices in over 50 Cities.
After Much Liquidation Active
List Shown Net Declines of
a Point to C Points
BITABS PRESS 0n STOCKS
Question Whether Market Hus
Discounted Baiineil Cur
tnilmelit Ts Raised
BUY CLOAK AND SUIT ISSUE.
NEW ISSUE
$400,000
City of
South Bend, Ind.
Coupon 6s
Principal nnd Interest pavalile
In New York ity
maturities AND PRICES
Sept. 1925, 102.16 & Interest
Yielding 5.50
Sept. 1930, 105.3S & Interest
Yielding 5.30
Sept. 1935, 107.72 & Interest
Yielding 5.25
Sept. 1940, 109.22 & Interest
Yielding 5.25
Ner. debt about 4 of lr;. of egseaaad
valuation. Legal investment for Barings
banks and trust fundH.ln New- York. New
Jersey and all New England States.
Circular on Request.
Estabrook & Co.
24 Broad St. 15 State St.
New York Boston
Baltimore Providence Springfield
Listed
and
Unlisted
Securities
Lambom&Ca
Speculistsin Su&arStocJCS
Seven Vafl StNtwfoi
Tel. Sector. 63io.
UBMBBBS
X.Y.Stock Ez. K. Y. Product Er.
tf.Y.COttpn Ei. Chic. Hit. or Trait)
N, V. Coffee anil Sugar Er.. Inc.
London I'rod. Clearing Jlouse, VjX.
Ignoring irvt(r(ATf90iutructhr develop
ments In regard to publlo utilities, the,
primary election In Knnsaji and a tem
porarily low rata for call money, the
stock market yielded Itself to a con
sideration of tight credit conditions,
business curtailment In some lines and
readjustment to new conditions la
others, and the result was a consider
able amount of liquidation, bear pres
sure In the oils and net declines in the
active list ranging; gqnerally from a
point to 6 points, with a maximum net
Ions In one Issue of lO'O. The hrlef
rally In portions of the list earlier In
the week had largely eliminated the
short account nnd as the early trading
disclosed at best a feeble buying power
the nrlco movement turned downward,
with free sales at first of tho oils, fol
lowed later by. attack on other de
partments and stocks slipped back to
previous lows or below them with no
largo expansion In volume of trading.
The scale buying was too small to stein
the recessions and the sort of support
that was extended two or three days
ago was conspicuous by ltd absence.
The Polish situation may have deterred
bankers from supporting tho market and
may have prevented purchases by In
vestors, but there was nothing In the
foreign exchange or foreign bond price
movements to indicate that It had much
to do with yesterday's trend.
In all parts of Wall Street there seems
to bo the Impression that stocks sold now
can be repurchased later to advantage,
and the jteneial state of mind Is ont of
uncertainty, with a disposition to stuy
out (if speculation and await fresh con
structive developments of unusuul im
portance. The jHOssllillity that stocks at
the lows of this week are dragging on
bottom and that, while the movement
for the next two or three weeks may
range within narrow limits, tho worst
features which had confronted Wall
Street have been largely eliminated Is
dismissed generally with little thought.
While no Immediate change in credit
conditions Is likely, It must be admitted
that the next step will be in the direc
tion of relaxation. Buch fundament.il
conditions as those to be produced by
assurance of big crops, decisions of the
Supreme Court, favorable business and
the Interstate Commerce Commission's
broad treatment of tho rate cases may
continue for a time unrefketed In the
market because of the downward trend,
lut It Is believed In important quarters
that they will not continue unretlcctvd
much longer. It Is true that some more
recent undigested flotations must go
through with a readjustment which will
place them at a proper level of valua
tion, such as the break In Middle States
Oil yetterday to a new low record of
110.25 a share, and there nmy he others
which will have to go through the same
ptocess, but the market in standard
Issues of tested earning power and flnan
cial condition sooner or later will re
cover from tho depression which wus
manifested so clearly yesterday. Over
extended shorts must not forget the two
sided chnracter of trading or the great
distance between the hlg is of last Octo.
tcr nnd the lows of the current wick
In some Important circles It Is felt that
atout all that can happen In the way of
deflation, business curtailment and re
adjustment to new conditions has been
discounted, nnd that standard securities
right now are at or close to the bargain
counter.
Despite the fact that Wall Street at
any time now may begin to discount the
prosperity that Is expected to appear
later In the fall, analysts of the crodlt
situation assert that so long as time
money Is withheld from use for Wall
Street purposes and commercial paper
commands 8 or 8S per cent.. Indicating
the scarcity of credit, it will bo difficult
for an upward movement of long dura
tion to get under way. The announce
ment of the Minneapolis Reserve. Hank
respecting loans to Its member banks
was taken yesterday as an Indication of
preparation for the continuation for a
long time of tight credit and tanking
opinion coincides with thnt view.
Syndicate to OtTer fB.OO9.OOO af
Nofee of National Company.
An Issue of ff, 000,000 of ten-year 8
per cent notes of the National Cloak
and Suit Company has been purchased
by Goldman, Nucha & Co. and will be
offered within a few days for public
subscription by a syndicate headed by
Uiat firm.
Details of the offering have not been
completod, but It Is probable that It will
be featured by the privilege of convert
ing tho notes Into stock ut an extremely
favorable price. ,
CHANGE IN SUPERIOR OIL
Management la llroosrht I'nder
Atlantic lleflnln.
The management of the Superior Oil
Corporation was brought under ths di
rection of the Atlantic) Refining Com
pany yesterday for three years through
the election of the following directors:
EL H. Blum, Jnmes Crosby Ilrown, Rob
ert M. Catts, H n. Clark, W. P. Cutler.
O, A. Evnlenko. 10. J. Henry, Albert Hill,
W. M. Irish, John II. Stone and Jl. P.
Vaux.
The officers of tho company are Rob
ert M. Cutti, president! W. M. Irish,
chairman ; John II. Btone, vice-president
; W. Frederick Suender, vice-president
and comptroller; Robert H. Colley,
treasurer, and B. J. Henry, secretary.
IRON PRODUCTS' EARNINGS.
Net for Six Montha Knded Jane flO
Is 1800,488,
The report of tho Iron Products Cor
poration for six months ended or June
30 shows net earnings after preferred
dividends, taxes and nil charges of
1110,41114, or, at tho annual rato of
$17.23 a share on 103,049 shares of its
common stock outstanding.
The company's gross earnings for the
first half year totalled ll.ltT.SIS.il.
I from which was deducted $465.099. (19 to
provide for taxes, depreciation, depletion
and Interest. The company's Balance
sheet shows accounts nnd bills receiv
able of $1,497,457.62, against accounts
payable of $691,426.11.
RAILWAY OWNERS
ELECT SECRETARY
Milton Harriton Chosen by
Service Corporation.
The trustees of the National Rail
way Service Corporation who nre ar
ranging details for the Issuo of the first
series of equipment notes of the cor
poration to tho extent of $30,000,000
met yesterday and elected Milton Har
rison, formerly executive manager of
the Savings Hank Association of the
State of New York, secretary and treas
urer of that corporation, which was
formed by the National Association of
Owners of Railway Securities to assist
railroads in financing needed equip
ment. At the romiuslon of the meeting yes
terday tho executive committee of the
National Association of Owners of Rail
way Securities, which elected Milton
Harrison Its executive secretary, iBsued
the following statement regarding the
recont advance In freight and passenger
rntes : "The Interstate Commerce Com
mission In Its decision takes a broad
view of tlie necessities of tho putillc and
tho railroads and places Itself in accord
with and firmly behlhd the transporta
tion act
"The decision means that upon In
vestigation should tho railroads grouped
In districts, with 'honest efficient and
economical management and reasonable
expenditures for maintenance of way,
structures and equipment,' not earn un
der the rates named the yield In the ag
gregate prescribed by Congress as es.
sentlal to produce an efficient transpor
tation service as a whole, the commis
sion will adjust the rates so as to yield
tho return required by the act
"Where railroads In any district may
feel they are entitled to grvjtter revenue
the question will automatically settle It
nelf after sufficient time has elnpsed for
lt to be demonstrated whether tho yield
Congress thought necessary and the
commission has acted upon has bevi
produced, If the rates do not yield the
mount prescribed by Congress it is clear
that the ill of the commission can be In.
VOKbd without delay.
"An erroneous Impression prevails In
sonic quarters that rates have been male
that will yield t per cent on the value
of the railroad property of each carrier.
A majority of the railroads of the coun
try undor the rates named will not earn
6 per cent either individually or on the
fair agrregtte value of their respective
properties; it will be less) than St per
cent This Ib on proporty value, not on
securities or dividends on stocks as Mr.
(j'ompers In a recent interview appa--ently
misinterpreted the act
'The new rates will not mean a large
net increase in living costs. The ques
tion that Congress had to decide and the
commission o carry out was whether
the public Is to be supplied with an ade
quate transportation system or not.
Nothing less than what was done bv
Congress and now put in effect by the
commission would sutllce. The big ques
tion Involved was whether or not the
American transportation systom was to
exist under private ownership and oper
ation or break down, the result of which
being Government ownership with uli
that meant to the people as a whole.
"It Is now up to the railroadu to do
lielr part. Congress and tho commission
have thus far done theirs."
FOUNDRIES' SURPLUS RISES.
American Steel Report. S2,!Hl,ril4
Snrplna for First Half of 1020.
The American Steel Fourulrlcs Issued
yesterday its Income account for tho
first six months of 1920, showing a sur
plus after nil charges. Federal taxes,
Ac, of $2,686,314, or $4.63 a share
enrned on its $33.33 par value common
stock after deduction of preferred divi
dends, which contrasts with $3 89 a
share earned m the first six months of
last year.
Its net earnings, the report shows,
were $4,002,645, ngnlnst $2,970,600 a
year ago, and depreciation charges ag
gregated $287,209, aitalnst $133,517.
Other Income was $219,631, against
$162,096. Charges were $223,253,
against $28,403, and Federal taxes to
talled $1,023,500, against $963, 000.
R. P. Lamont, president of tho com
pany, m milking public Its earnings for
the first half of 1920 said that "opera
tions for the second quarter were some
what Interfered with by transportation
and labor dlfllouUIes, but conditions are
Improving nnd prospects for the last
half of tho year are excellent"
ENDIC0TT-J0HNS0N REPORTS.
Show. Net ProBt of 4.T8
for First Half of 1030.
The Endtcott-Johnson Corporation Is
sued yesterday Its report covering op
erations from January 1 to July 8, show
Ing net profits, after Federal taxes and
charges. Including adjustment of Inven
tories, of $2,075,623, or $4.73 a bhiru
earned on the common stock after the
deduction of preferred dividends.
The company's net sales for the pe
riod were $3S,677,401 and expenses, de
preciation, &c, $32,17,419. Other Incomo
totalled $16,318 and Interest charges
were $433,1116., Federal taxes $111,307
and profit sharing chnrgcH $749,748. An
adjustment of inventories was mado and
through it $2,865,506 was written ofT
leaving a final net profit for the period
of $2,075,623. Preforrod dividends ag
gregated $525,000, and common disburse
ments $782,250, leaving a final surplus of
J 768,373.
SINCLAIR NET IS $15,542,678.
Income for Six Months of 1020 la
g4.1.t a Share.
The Sinclair Consolidated Oil Cor
poration reports for six months ended
on Juno 30 net Income, after charges
and Federal taxes, of $16,642,676, or
54.13 a share earned on its outstanding
capital stock of no par value.
The company's gross sales during the
six months aggregated $66,913,596,
against $76,970,058 for 1919, and miscel
laneous Income was $784,249. Expenses,
maintenance, Insurance and ordinary
taxes for the half year covered by the re
port amounted to $30,277,678, against
$54,300,060 in 1919, making not earnings
$17,420,167. Interest charges, discounts
and Federal taxes required $1,877,490,
leaving net Incomo available for sur
plus and reserve of $15,542,676, which
If at the annual rale of more than $31,
000,000 and contrasts with $19,601,235
In 1919.
GOSSIP OP WALL STREET.
London Money Market.
London, Aug. 6 Bar sliver. 584d.
un ounce. Money, 5 per cent. Discount
rates Short bills, 6 9-16 per cent. ; three
months bills. i to 6 11-16 per cent. Rar
gold, 114s. Gold premium at Lisbon, 140.
NEW YORK STOCK EXCHANGE QUOTATIONS.
THURSDAY, AUGUST 5, 1920.
Puy's sales
r-ClouIng
Did. I Ask.
I 35
37
46
1
I sgu
I 80
I 44
I V
1 83 i
! 34
133
1920.
1,001,472
1919.
1,707,41
1918.
158.581
Year to date.
Dlv.
in .
33i
25 a
44 V
I'S
Sltf
70
79
43
79
83
II U
132
24
10
130
iiu
7415
40
,3
Rales.
Open- iHIgh- ; Lrfiw- I
Ing. I est. 1 est. J
3-1
II
i' '3
1 1.
10 tOe
134 6
13t ..
41 '.
tin
7 3 '.j
91
30
11 Ji
20',
88
97
I4U
SOU
9.-.S4I
111
108
74SI
44
11
5u 51
lCLj
30
59
8M
93 M
35
13
21
89
102
3T,
M. j
94
110
1109
I 75 'i
4 3
12
30''.
61
Si
84 V 86
142li,;i45
i05
24N
9
10SJ4
34'J
12
3
10
20
6
lOl
I
t
31
71
T8?4
43
M,
80 U
Big
. 10
.1134
. I7
I0U
. 140
.1 14
74
. 411
, 60
. 7t
. ' GO",
S.'H j
38
I 26
7U
i
SSQ
I 71
78
43
n
k r, 1
35
134,
27 a,
11 i.j
Ml',
14
75 H
40
60
TIJ4
sett
S3'
9fi U I
Itl
13
lOti
6tt
45 4
12
51 U
1H
30
59
II
BStZ
147
I
MONEY AND EXCHANGE.
J.K.Rice,Jr.&Co.
We have orders in
Amer. Alliance Insurance
City of New York Ins.
Continental Insurance
Franklin Insurance
Glens Falls Insurance
Great Amer. Insurance
Home Insurance
Nat'l Liberty Insurance
Niagara Insurance
Inquiries respectfully incited
J.K.Rice,Jr.&Co.
Phones 4OO0 to 4010 John, "it Wnll St.. N. Y.
Dailij Market Letter on Request
Shonnard, Mills Cq
Members My. Stock Exchange
120 BROADWAY - N.Y.
Telephone -Rector 8080
CALL. MONKT.
Rltn 1 Last . 0
Low i Renewals
Year', high.. 18 I Year's low
CLEARING HOUSE STATEMENT.
Clearing House exchanges. 1718,314,441;
balances, $72,aon,O02; Suh-Trea'sury . debit
balances, $S3,."00: Federal Ilcscrvo credit
balance, 00,420,10fi.
CANADIAN EXCHANGE.
New York fumls In Montreal, $131.2.) pre
mium per $1,000; Montreul i .. : In New
York. $116.02 per $1,000.
SILVER MARKETS.
Official bar silver In New York: ronestlc,
OOijc. per ounce, unchanged; foreign, Mite.,
up lc. ; In London, fiS'iC, up l'jc ; Mex
ican dollars, 7Uic., up lc.
FOREK'.N EXCHANGE.
GREAT BRITAIN.
PnrPv. Thursday. Friday.
$4.8005 remand, sterling.... $.1.01 'i $.1.614
i anies, Hiemon ..I)--.,
Hankers, D iluys.... .1.57
Bankers, N days 3.55H
THE CONTINENT.
19.30 France, cents a franc
Demand 7.24
Cables 7.2.1
13 .10 Belgium, cents a franc
Demand 7 74
Cables 7.75
19 .10 Switzerland, cents u franc-
Demand 10. 58
C'alles ..i 18.61
19.30 Italy, cents n lira
Demand 0.00
Cables 0.10
S3. 80 Germany, cents a mark
Demand 2.18
Cables t 2.19
JS. 80 Sweden, cents a krone
Demand 20.60
Cables 20.70
20 80 Norway, cents a krone
, Demand 1.1.3.1
Cables 15.40
14.80 Denmark, cents a krone
Demand 1.1.30
Cables 13.35
19.30 Greece, cents a drachma
Demand 11.80
Cables 11.90
19.30 Sualn, rents a pesste
Demand 14.92
Cables 14.97
40.20 Holland, cents a florin
Demand 33.124
Cables 38.23
JO 3 Austria, cents a crown
Demand 58
Cables 5!)
3.63U
1.57
L5BN
7 .14
7 3.1
7. 0
18.57
HI 02
n
g os
2.18
2.19
2O.ri0
20.00
1.1.4.1
15.50
1.1.33
15.40
12.10
12.20
14.8.1
14.90
.13.00
33.12'i.
20.20 Czecho-Slovakla, cents a krone-
Bankers Trust Co.
McCLURE, JONES & REED
Membert Kew York Stock Exchange
118 Broadway Phone 33X1 Rector
Demand 1.98
Cables 2.00
FAR EAST.
108.52 Shanchal, cents a tal
Demand 112.00
Cahles 113.00
78 00 Honakong, cents a dollar
Demand 80.00
Cables 80.50
32.44 Rjjmliay. cents a rupee
Demand .17.2.1
Cables 37.50
49 84 Yokohama, cents a yen
Demand BUS
Cables 51.30
80TTTII AMERICA.
44.42 Rln de Janeiro, cents a mllrals
1.96
1.98
109.58
110.23
78.00
78.30
87.00
37.2.1
44 Vi 48 I
135 1137
l i 1M
10, 17 I
70 74
90 1 100 !
73 Vi 1 75
7 7U
10 104
T; 7 .
50 1 55
4 6 I
67 70 :
102 103 V
12', 13
7 V4 7H
18 19
12i 13
84 fi 65 M
23 23
66 67
llttVajil 17
U 11 Vi
87 90
49 50
TH, 40U
82 S2l.j
66 57
8 9
X 9
tt
22'-. 23
IIU 34
50V& 60
70 70 'a
"9 80
34 V. 33
73Uj 744
13-Y 13
261s 178
62 55 V
73 74
16 H 85
31 32 I
24 23 j
E2 63 1
21 n 114
45 I 46
63 I 84W
78 I 79
10
ISOOIAdams Express
200 Advance Ituimiy
llon AJax Itul'b-r
600 Alaska (Sold M
1500 Alaska Juneau (i M. . . .
liuoiAiiis Chalmers Mfg...
100 AIlls Chalmers Mtg pf. .
600 Am Agrlc Chem
ion Am Hank Note
2000Ani Beet Sugar
lino Am Hosch .Magneto...
I'l" Am Hrake Shoe & Fdy
7500! Am Can
WOO Am Car .V Foundry. . . .
3700, Am Cotton Oil
1500'Am Druggist Syndicate,
too Am Express
4011 Am Hide & Leather. . . .
1700 Am Hide Leather pf,
40U,Am Ice
2oti' Am lee pf
16700 Am Int Corp
22'ld Am Linseed Co
200 Am I.insi 1 d Co if
6400iAm Locomotive
100 Am Malt ft Grain
1800 Am Safely Rator r. ...
22011 Am Ship & Commerce. .
1400 Am Smelt & Ref
100 Am Smelt & Hot pf I 88 4
ion Am Snuff i 1 00
700'Am Steel Foundries ! 35
I600 Am Sumatra Tub 83
800 Am Tel & Ti l ' 96-i
400 Am Tobacco 109
800 Am Tobacco B ill
6600 Am Woolen
210(1 Am Writ Taper pf . . .
200 Am Zinc, t & Smelt . .
37(10 Anaconda Copper ..
lOOIAnn Arbor
500 Associated Dry Goods.
lOA'Asso Pry Goods 1st pf
6900,Ateh, Top A Santa Fe.
100 1 Atlantic Coast Line. . .
23001 At, Gulf & W IMS...
200 Autosales
393O0,H.ildw.n Locomotive IVks 108', 10SV,
10100 Baltimore & Ohio : .Li's,' 3".T
900'Baltlmore & Ohio-pf 43 V 45)4
9001 Barrett Co 137 Vi 137 '.j
lOOIBatopllaa Mining
1800 Bethlehem Motors ....
1200 Bethlehem Steel
100. Bethlehem Steel 7 p c pf
16900 Bethlehem Steel B
4O0Booth Fisheries
1300 Brooklvn Rapid Transit
100 Bklyn H T rifs of dep. .
500'Brooklvn I'nlon Gas...
800 Bruna Term & R R
200 Buffalo & Su?o,ue Otfs. .
200Burn Bros
200;Butterlck Co
300 Hutte Copper & Zinc. . .
000 Hutte & Superior Cop..
160IJ I'addo 'Cent, O & I. . . .
700 California Facie Co
2300 California Petrol
100 California Petrol pf . . .
3l00;Can:'.dlnn Paclfl
45
lr's
11
71
78
43
7814
8
,68)4 5v4
111 41
24 I
9 Til
131 '
13 Vi
74
40
59
644
63
S3'..
93 Vi
JO
13 12-Hl
20
5 I
88 U
100
34 Vj
M'i
"Uli !
56
88 Vi
100
35
83
1(14
IIOV4 M9
111 109
7 6 '
43'
12
51 '.j
10 '.j
30
69
82';
85Vi
148
1
1 S
75 VI
91 1
7
10J4
6'i
5
or,
16
75 S
91
10S
6's
50
5
67
7414
43
llr'
50 ti
16'i
30
59
SllLj
85
143
4
33
45
135
1
15 U
75
91
H
H
4814
5
66
(io-
Ing.
33
26
4 5
IV.
IH
12 V4
71
78
43
79'Vt
83
5814
334 i
131 Vi
n
134
18 Vi
74
40
8
63 I
II Vi
93',;
30
1394
20
65
100
34 4
81
96
lii9
109
75
44
1 1
61
16H
30
59
so 4
85 Vs
143
4
I05V4
14 Vi
46
135 1
1
16
73
91
74 I
74!
10
6l
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.Vat
Chans.
1
3
li
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8V4
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2
, . 103 101 lOltt
12
7.
18
12
65
12
7
)
12 V
65
11
5I.12'4
B1.1D
Demand 2t...
Cable. 21.7.1
42.84 Buenos Aires, cents a peso
Demand .1S.00
Cable 38.7.1
108.42 Uruguay, cents a dollar
Demand 8.1.73
Cables 80.00
21. 6S
Z1.T6
.18 90
.39.10
104
28
75 77'
10 11
85! 85
100 1103 I 7
3241 344124
127 jl28 1 8
92 95 7
40'i! 42
40
78 4
28
94
220 4
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20
75
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83
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72
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143
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77
70
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67
62
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834
47
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80
123
104
24
75
49
80
!
7
4
50c
100'Case J I Plow Works.
19 Case, j t Three M pf . . .
SOOOXentraJ Leather
800 Ccrro de Pasco Cop
1 Hun ( 'handler Motors
1500 Chesapeake & Ohio
410 Chl A E 111 Kq Tr ctfs
OOOjChl & K 111 pf Da Tr ctfs.
200 Chi at Western
100 Chl Gt Western pf
1500 CM, Mil & St Paul
350o'chl, Mil & St Paul pf
121'0'Chl & Nwn
3oo;Chl Pneumatic Tool
70110 Chicago, B I & Pae
600 Chi. R 1 & Pae 7 p c pf. .
1800 Chile Copper
lOOlChlnO Copper
100'(iev, C, C & St LOUIS
100 Cluett. Peabody ft Co
800.Coca-Cola
IOOICoI, Fuel ft Iroij
1000 Colorado & Southern. .. .
100 'Columbia (I ft K'ec
6000 Columbia Graph
100 Com p Tab Record
lOOlConsolidated cigar
4900 Consolidated Gas
600 Con Interstate Cal Ming. .
1800 Consolidated Textile
750 Continental Can
1100 Continental Candy
10000 Corn Products Ref
lOojCorn l'roduets Ref pf . . .
1300Cosden ft Co
8400iCruclble Steel Co
lOOlCruclblo Steel Co pf
6800, Cuban Am Sugar
6300Cuha Cane Sugar
600Cuba Cane Sugar pf
300 Le Beers Mines
300 Delaware ft Hudson
3500 Del. Lack ft Western...'.
300 Denver ft Rio Grande...
700 Denver ft Rio Grande pf . .
2000IDome Mines
700 Duluth S S ft All
lOtllElec Storage Battery rts.
600 Bill Horn Coal Corp
2300'Endlcott Johnson
3400 Erie
1900 Erie 1st pf
400 Erie 2d pf
600 Famous tiayers-Lasky . .
300 Famous liayers-L pf....
7900 rum Runner
I 67 ' 67
1184 ll
1 1
91
4 9
40
84
67 4
7
23
35
52 4
: 69
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74
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looo
200
200
100
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300
100
4600
300
100
3900
1500
Freeport Texas
Gaston W ft Wigmore...
Gen Am Tank Corp
General Cigar Co
General Electric Co
General Motor
General Motor pf
General Motor Corp deb,
Goodrich ( B F) ex dlv. .
Granby Consol M ft S. . .
Gray ft Davis
Great Northern pf
Great Northern Ore ctfs.
190lGreene Cananea Cop.
300 Gulf. Mobile ft North...
800 Gulf States Steel
200 Hendee Manufacturing .
2900 Haskell ft Barker Car. ..
100 Homestake Mining
600 Hupp Motor
2000 Houston Oil Co. .'.
300: Illinois Central
2800Insplration Con Copper. .
1200 Interboro Con Corp
600 Interboro Con Corp pf . . .
300 Int Agrl Corp
100 Int Agrl Corp pf
1100 Int Harvester Co. new.
500 Int Harvester Co pf. new..
3200 int Mer Marine
7100 Int Mer Marine pf
.too Int Motor Truck
00lnt Motor Truck 1st pf . .
3300, int Nickel
1 1
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r-Clmlng.-, iDlr.l
Bid. I A. In $.1
1920.
13S, 396,744 4
1919.
182,417,033
1918.
82,661,732
Riles.
74
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224
184
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73
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19 19
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105 4
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194 19
9
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83 4
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61
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83
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1074
6 2
soouint Paper 774
lOOint Paper pf stpd 734
2870Olnvlnelble Oil 41
400 Iron Products CVrp 42
15300 Island Oil ft Trans Corp. 6
100'Jewel Tea ! 10
100! Jones Bros Tea .' 20
.. 1900 Kansas City Southern. .1.1 IS'.j
4 100'Kansas City Southern pf.j 45 4
4 1500 Kelly Springfield Tire...! 75 4
2) 2600lKennecott Copper 24
1.20 390i.iKeystnne Tire ft Rubber.. 21
o; llOOILackowanna Bteel co...c 67
1"0 Laclede Gas of St 1 36
200 Lake Erie ft Western ! 12
100 Leo Rubber & Tire 22
34! lOOLehtgh Valley 41 44i 4313
ITOOILOeWS, Inc i 20 20 10 W
700 Loft, Inc i 13 13 'i 13
1100 Lorlllard, P. Tob 110 110 116
lOOjlulsvltlx & Nashville.. 98 98! 08
-oo Manan sugar :k'4 1104
100 Manhattan Elevated, guar. 42 42
100 Manhattan Elec Supply
20fl'Martln-I'arry forp . . .
200 Maxwell Motor
300 Maya Dept Stores
14400(Mexlcan Petroleum ...
lOO'Mlami Conner
1,60 111800 Middle states oil
4 1100 Mldvale Steel ft Ord. . .
I ..; 1000 Minneapolis ft St L new
7' 200. Minn. St P ft S S M . . .
I .. 1200 .Missouri, Kan ft Tex..
..I 370O .Missouri Pacific
. . I 4600 Missouri Pacific pf
! II 100, Montana Power
100 Montana Power pf
200 .Mont Ward Co ,
lOOIMulllns Bodv
1700,N'atlonnl Aniline ft Chem.
IOO! National Anl ft Chem pf.
sue '.National mscuit e:o. . . .
100 National Cloak ft Suit..
400 National Conduit ft Cable.
800 National Enam ft Stamp.
!800lNatlonal Load Co
700lNevada Con Chopper
100 NSW Orleans. Tex ft Mex.
300 New York Air Brake....
SOOOiNew York Central
1600New York, Chic ft St L.,
200New York Dock
3R30ii1.Vw York. N II ft H
900 New York, Ont ft West..
400 Norfolk ft Western
2700 Northern Pacific
6600 Oklahoma Prod ft Kef....
100 Ontario Silver Mln
100 Otis Steel
200 Pacific Development ....
5 200 .Pacific Gas ft Elcc
6' 2390O Pan Am Petrol ft T?
6! 6900, Pan Am Petrol ft T B. . .
31 3950 Pennsylvania R R
. . 1100 Penn Seaboard Steel !
. . 1000 . People's Gas. Chl
. . I 4200 Peru Marquette
5 100 Pere Marquette prior pf.
3 900;i'hiladelphia Co
. . 4200 Phlllllps Petroleum
" 1,11, I'iMC. Arrow Motor ... I
100 Pierce Arrow Motor pf...
29(10 Pierce Oil Corp
300 Pittsburg Coal of Pa...
2000 Pittsburg ft West Va
700 Pressed Steel Car
4O0JPullman Co
2200'Punta Allt'gre Sugar
4600 Pure Oil
100 Railway Steel Spring
lOOlRand Mines
700Ray Consol Cop
5200! Rending
4011 Remington Typewriter ..
4700!Replogle Steel
600 Republic Motor Truck...
TOOOlRepUbltC Iron ft Steel
lOOIRcpuhltc Iron ft Steel pf
5.20 1800 Royal Dutch Co N Y
II loo'st Joseph I-oad
. . 10900 St Louis ft San Fran. . .
200 1 St Louis ft San Fran pf.
600jSanta Cecilia
.. 3100 St Ijouls Southwestern..,
.. 2200 St Ixmis Southwest pf..
0 300!Savage Arms Corp
900iSnxon Motor
8 lOO Sears Roebuck Co
2100 Shell Trans ft Trading..
35300 Sinclair Consul Oil
1000 1 Sloss-Shef field S ft I
lOOiSouth P R Sugar
10700'Southern Pacific
14000 Southern Railway
700Southen Railway pf....
100, Standard Milling Co pf.
53 Standard Oil of N J
llOOIBtandard oil of N J pf.
1100'Stcwart Warner Speed..
5600.stromberg Carburetor . .
13600!Studebaker Corp
700 Superior Steel Corp
300 Termor Corn ft Fruit A.
900 Tenn Cop ft Chem
190O0 Texas Co
3200Texoii Pae Coal ft Oil. . .
3200 Texas ft Pacific
300 Third Avenue
74 I
73 41
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20
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66
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394
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89
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3 00 Times Snunre Auto.
lOOolTobacco Products . .
11300nTranscontlnent.il Oil
104)Transue ft Wms Steel
400l'nlon Bag ft Paper. .
8800 Union Oil
IfAAiUnian Pacific 11171111$
700ll7nited Fruit Co 1196 1196
200ll'nlted Uy Investment 1 8 8
.1110 i-nited Kv Investment of. I 18 18
2000iUnlted Retail Stores 64 65
200 1! S C I Pipe ft Fdy ' 14 14
agfTO'lT B Food Prod Corp.... 59 60
350011! S Ind Alcohol 82 824
nioni' s Ken tv & imp .)() &o
8200U! S Rubber , 85 4 85
300IU 8 Rubber 1st pf 102 1024
5001 17 S Smelting. R ft M I 53 53
56000 1! Steel I 87 87
300 IT S Steel pf 105 105
lOOOTtah Cooper sift 62 v
291 00! Vanadium Corp 70 70
300IVa-Carollna Chem 6.. 6n
200IVa-Carollna Chem Pf 107 107
900 Vlvaudou V 15 Lr"4
2800! Wabash 8 8 V4
1400Wabash pf A 25 25
SOOlWells Fargo Ex 60l 61 4
noOiWestern Maryland . 9l 10
300 Western Pacific 2641 28
lOOIWestern Un Tel 11 82
TOOiWestlnghouse F, ft M 47 4 1 47 4
6001 Wheeling ft Iake Eric 10 10
1 00 1 Wheel ft Lake Erie pf... 17! 17
700 White Motor i 47' 47
0900 Willys Overland ! 16! 17
YVi.-,.n a Co ! f.2'i IIU
11
394
13
71
64
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43
60
95
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33
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8
Middle States. Oil.
Some two months ago a pool In be
half of Middle States Oil was orTanln-d.
Pursued by misfortune and a declining
market, It started to lose at tho start.
Then It was culled for additional col
lateral for (ts large hank loan. Middle
Btates stock owned by the pool, some of
It bought In the 30s, was put Up as ad
ditional collateral. Another call was
sent by bnnks for additional ctilnteral
veaterdny morning. More Middle States
stock was offered. It was declined.
Membors of the pool wwre asked for the
cash. They could not put It up. As a
result the pool stock went overboard at
the market and a disastrous rrt.sh In
the stork which cut Its selling p'lce ex
actly In half was brought about. The
..1 'n u ft sold up to
J 1 1 1 1 1 , ,iiir " ..n " - I
S04. Within two hours the st ck had;
sold down to 10', and mo mow wmm
11 Sales were 219,900, the largest turn
over It has ever had. Officials of the
corporation declared that nothing was
wrong with Its finances and that It had
no outstanding Indebtedness outside of
its stock and that business wo.i good.
Middle States brought out last fall when
all oil stocks were on tho boom and were
being recklessly bought by the public,
sold up to 71 a share.
All Oil Shares Weak.
The crash In Middle States soon ex
tended to all oil group shares and be
fore the day was over they recorded
very severe losses. Tho report that Mid
dle States stock had been thrown out of
hank loans caused sympathetic weak
ness In practically every new oil stock
on tho list und they all declined to new
. .... 1 .,..1 the hn.l Sinclair OS-
lows. me. "- " . , B
clincd 2 points, Pan American A and H
54 each, Invincible 4 4. Houston 10 4.
Texas Pacific Coal and Oil 3 and Texas
1.
Itomors of War.
literally full of war
rumors yesterday, and to Ihcm was at
tributed much unseinemeiK wv
liouidatlon and a
d.cllne to approximately last week's low.
. . a 1 iilOfli.ru
News that KiiRiana nmn iwotw
Kill. Inn- hop IrtnV Jl Mfl MtVY DTOUSllt
mum 11111 ? w
a wave of selling, In which practically
every secuyity on the list snareu. .v
r,,riSri liiat nlaht that shorts were
heavy buyers of stock in the hitter part
of the day and that the short Interest
was very small. There was very little
borrowing demand In the loan crowd lati
night.
Steady Beruand for Bonds.
4.. i.....,..,i ,!.., ,1, 1 for standard
railroad bonds has been noticeable since
ik. , ,i,c.nri nnd the supply 01 high
grade securities of that description is
growing smaller day by aay. inn ie
cent Issues have been absorbed readily
and are quoted at or above tneir issue
flfiUJp. An illustration of the inquiry
for attractive securities was seen In the
.,...,r...it that the Union Tank Car
offering had been oversubscribed and
ttat allotments to do maue pruu.iuo
would be small. An Interesting com
parison Is to be found between the bond
nnd stock markets. The extreme weak
m ss of stocks has not extended to bonds
and every day finds them at fraction
ally higher levels.
17l 17
47 1 47
16! 16
32 32
101 i 1"74l1074ll074
6241 624! 59 I 60
1
1
2
1
2
1
4
4
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-li
That Minneapolis Letter.
One Important factor which proved
disquieting in yesterday's market was
the letter sent by the Minneapolis Fed
eral Reserve Bank to Its members, and
which was published In the financial dis
trict yesterday morning. The letter
warned the member banks of the Ninth
district that the "resources of member
banks should be sufficient to take care
of borrowing during the winter," and
added : "Unusual Inducements arc sure to
be offered all banks to grant accommo
dations to borrowers for loans of a capi
tal, speculative or Investment nature.
Nevertheless, while this strain and the
Inflated condition of credit continues. It
is unmistakably apparent that member
banks In the Ninth district should con
tinue their policy of confining their
loans to short time obligations and even
under this policy the credit extended
should umount only to that which Is
necessary to aid production, manu
fnctura and distribution of neces.
snrv a-oods and commodities." There
were those who were inclined to inter
pret this as an order to the member
banks to accept no paper axcepa that
ti hieh the reserve bank Its. If would re
discount and also as. nn Intimation that
the banks during the winter would be
compelled to rely entirely on their own
The fear that this might be
a new reserve board policy had Its offoct
on the stock market. Prominent naiiK
ers, however, pointed out that It was
verv likely nothing more than a local
ruling for the Ninth district, which is of
a very seasonal nature as rsarl its
fluctuations of loans, &c.
Consolidated Gas.
One of the few stocks which showed
persistent strength all through the ses
sion and which closed the day wllh a
i,.,nithv irnin Was .Consolidated Gas. Be
cause of new possibilities with reference
to earning power which have been opened
up by the federal coun aecision aumor
Islng $1.20 gas. Gas became a very popu
ior iivv rhrht from the start of vestcr-
day's session. Sales aggregating some
2,000 shares wero made and he stooK
got up at one time to 81. an advance of
5 1-2 points from its last previous fig
ure Some profit taking came Into the
market around those levels, however,
0t.h inoir In thp dav it eased off to 78.
nt-whlch it closed with a net advance of
2 1-2 points.
Long Term Bonds
of our strongest railroad com
panies provide unusual oppor
tunities for permanent inveit
ment. ,
The purchase of sound long
term bonds at this time enables
the investor to secure over a
long period of year? the high
interest rate now prevailing.
Upon request we shall be glad
to send a list of bonds nf the
above character, yielding from
6 to 8
Kedmond&Cik
Members New York and I'lUMmrrh
Htock lathame
33 Pine St. New York
Union Arcade Bldg. Pittsburgh
Columbia Graphophone
Manufacturing Co.
Five Year Sinking Fund
EightPerCent.GoldNotea
DUI AUGUST 1, 192.)
Ntt Tangible Assets will he over
4 1 ;( times this issue of Notts.
Net Current Assets will be more
""than 3).i times these Notes.
Semi-Annusl Sinking Fund it
'"designed to retire about one-half
this issue before maturity.
Each $1,000 Note carries privilege
to purchase Three Shares common
stock at $35 per share at any lime
after February I. 1921.
Price 100 and interest to
Yield 8
Circular on request
Coggeshall & Hicks
Members .VfU York Stock Ezchnnqt
128 Broadway, 203 West 79th St.
New York
W. F. Ladd & Co.
Investment
Securities
New York
is
Investment Bonds
Herrick & Bennett
Members Sew York Stock Exchanqt
66 Broadway, New York
Telephone Jiector uoou
Mississippi Valley Gas 5s, 1922
New York State Ry. 4'2s, 1962
Utica & Mohawk Vy. Ry. 4'2s, Ml
FREDERKH.HATCH &C0.
7Buay NV Hi'.'MR-.wn isHdr- Tel Rector US'
WlRI CONNLCTiONS '
BOSTON. CHICV. Ptllt-A.MOWTKHAL, PITTSBURGH
Merrill, S. S. Kresge
Lynch Pfd- & Com.
Circular A-75
VO. Sent upon requeit.
120Broadway, N. Y.
Members New York Stock Exchantt
Leather Stocks.
Hide and leather stocks, Which have
been under the pressure of liquidation 1
In the last few days, have been dam
aged further by an Incorrect Interpreta
tion of a despatch to the Department of
Commerce concerning the removal of the
ban on the exports of hides from Aus
tralia. As a matter of fact the removal
of that ban will mean nothing at all to
the local market, because any surplus
stock which can be spared by Australia
always Is shipped to Great Britain. The
biggest Imports of hides from Australia
in any year have been 50,000, against
the annual consumption In this country
of 15,000.000 to 18,000.000 hides. Con
sequently, as a factor in tho leather sit
uation any Imports from Australia are
considered a mere drop in the bucket.
'Wkly
Einanciml
Rtmltw"
Sent usssa
rrrw
igneriCo.
E.W.W1
IhsSn
ft, f sVrM) Mlffa
;r. r. amm
OUar bara sC
S3 New St., New York
HARTSHORNE,
FALES & CO.
Members JV. Y. Sfocfc Ejrchono
71 BROADWAY
Telephone 7610 Bowling Green
l
84 !
1'
lOOIWoolworth. F W
InOOlWorthlngton Pump 62tg 62' 59 f 60 I
Odd lots.
NOTE Odd lot transactions are not recorded In separate line unless sales
were made at price outside of the regular full lot range.
Rubber Issues.
All rubber ehares were under pressure
once more yesterday, but notwithstand
ing the violent declines In some other
parts of the list the. bear crowd was
unable to do very much with any of
them except United States Rubber,
which was sold down for a net decline
of 214 points, at 83ty. The probability
that the latter will not declare any more
stock dividends this year because of
many uncertainties in general business
conditions was used as an argument for
the sale of the stock, although Its earn
ings are still running far In excess of
its cash dividend requirements. The
story that rubber prices were due for a
sharp brenk was set at rest, at least so
far as the B. Jf. Goodrich Company waa
concerned, by a statement that the com
pany had guaranteed tho trade that
price schedules on all classes of Good
rich tires would not break before No
vember 1. "In the event of any unfore- I
seen condition arising which would en- I
able us to make a general reduction In
OUT present schedules prior to November 1
1." the company told the trade, "we erlll
Stand back of our guarantee by protect-!
Ing Goodrich dealers on all stocks on
hand uneold at the time of such reduc
tion which were purchased between the
present date and November 1."
National City
Bank
"RIGHTS"
CLINTON GILBERT
2 Wall St.. N. Y. Tel. 4848 Rector
Bonds for Investment
Harris, Forbes & Co.
Fus. Street. Corner iVulless
NBW YOHK
Cincinnati North. R-R
Hocking Valley Railway
Clinchfield Coal Com-
FREDERIC H. HATCH &J
7DwayN tuwsiilfiewh Tel Kec'"
("in ioNMtXTiOMi .. .oMtCJi
BOSTON, CHICAGO. PIIILA MONTRP.AU PI
.Mark A. Noble
r....lmr 1 Sf
NOBLE & CORWIN
M Broad St. N
Nat'l. City Rights Eastman K.Crn
Nat'l. Pk. Bk. Curtiss Aero Pfd
Telephone lilt Broait
1

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