The Sun and the New York herald. [volume], August 11, 1920, Page 10, Image 10

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

Image provided by: The New York Public Library, Astor, Lenox and Tilden Foundation

                
10
THE SUN AND NEW YORK HERALD, WEDNESDAY, AUGUST
1920.
Picked From Our
August Purchase Sheet
Claaa of IWurlty Yielding
Municipal O.W
aiinillilll Municipal !.S"i
industrial 7.M
I'uhllr I tlllty M
Itiiilruad H.f.'b
r'orriin fiovt 9.30
Bond" inferred to a'-ova have
our recommendation. They are
It : I" our Auguat circular,
whlrh will ha Mnt on request
for" KD-tU,
The National City
Company
Mala Office I National City Hank Bldg.
I' town Offlee: Fifth Aft, 43rd St
Offices n over 50 Cities.
FINANCIAL NEWS
AND COMMENT
OFFER NATIONAL CLOAK ISSUE.
Snjrnr Stocks nnd Minor Issues
Break in Market Generally
Quiet and Firm.
LITTLE LIFE IN TRACING
Net Losses and Net, Gains Are
About Evenly Distributed
in Active List.
Nrndlcare of Bankers la Floating
5,000,000 of Notes.
Lehman Rrothars and Ooldman, Sachs
Co. are nt the head of a syndicate
I which Is offering a new Issue of 85,000,
000 of National Cloak and Suit Com
pany ten-yoar 8 per cent convertible
sinking fund gold notes, due on Hop
Itember t, 1980, at 100 and Interest to
yield 8 per cent.
I The notes will be a direct obligation
1 of the company and will constitute Its
only funded debt. A sinking fund will
i be created to retlro 6 per cent of them
In 1921 nnd 1922 and 10 per cent an
nually thereafter. The company's net
I profits available for Interest on this Is
; sue from 1916 to 1919, both Inclusive,
i averaged $2,428,1 3d.
Convertible
' Mtge. Bond
Yielding
7.75r
Obligation of Thatcher
Manufacturing Company,
which produces of the
milk bottles made in the
United States. Bonds carry
common stock warrants and
are convertible into preferred
and common stock at attrac
tive figures.
Full information on request.
Bonbright & Company
Incorporated
25 Nassau Street, New York
Exempt from all Federal
Income Taxes
Charlotte, N.C.
Funding
Principal and irmf-onnual ii'in'
paitblr si Xa limal Bank of
Commerce. Sme York.
MATURING
lO.OOOFeb. I, 10M 09.6A
M0W Mb. l.lMS... se.43
16,000 Feb. I. IB94 w.'
16,000 Feb. 1, 1B9S 09.03
30,000 Fob. 1, me. . 90.84
30,000 Feb. 1, 10J7 09.67
34.000 Feb. 1, 1018 . BS.il
34.000 Feb. 1. 1039 WS.34
POPULATION
(1910) 34,014
(1920) 46.318
Bonit certified by UntUi Statu
Morttap 6r Trust Co.. Nnc York.
M J.MaHIU aoprmed bu Cheiter R
ImmjJuji. Sew York
Price to Yield 6 Basis
Lawrence Chamberlain & Co.
Incorporated
On Fifteen Broadway
New York City
Have You
Thought
of the many advantages
which the chain store
systems possess? Among
them are the following:
1 -They do business on
a cash basis.
2- -They have no bad
debts.
3 They avoid the ex
pense involved in
maintaining expen
sive credit and col
lection departments.
Send to-day for our
series of letters S-31,
which contain many Im
portant chain store facts
George H. Burr & Co.
Investment Securities
Equitable Building
New York
Our Office In lj Title Offer You
A National Yet A Personal Service
The first Indication that She primary
boar movement In stocka which, with
High,! Interruption, has been under way
since last November. Is approaching Its
end appeared yesterday when the volume
of trading approximated tiOO.OOO shares,
a small d'iy even for mldsunmier. Trad
ing lacked animation, but the market as
whole whs quiet and firm, except for a
break In sugar stocks and one or two mi
nor department It Is true that there is
only a small short Interest to art ns a
rujlnn In rise some unexpected de
velopment favorable to tlie hears occurs,
i.nd It Is also true that hanking Interests
arc In no position to finance any sustained
hull movement In securities, even If the
Stag Of the election aampSlgn warranted
Hiich a course. Nevertheless a period or
. u 1 1 end Innnlmnte markets would he
welcomed bv all concerned and there,
would ho an opportunity for railroad
storks to register the Improvement of
their status ar a result of the recent rate
dictation and th broad attitude taken by
tho Interstate Commerce Commission. It
Is too early to Mate definitely that stocks
at the Iowa Just established were drag
ging on bottom, but It must he noted that
In some sections of Wall Street It Is be
lieved that the primary bear market has
run Its course, and that belief will be
strengthened provided that the sort of
trading In evidence yesterday continues
for two or three weeks.
In the active list the net gains were
about equally divided with the net losses
and. generally speaking, fractions either
way represented the extent of the price
changes. Cuba American Sugar. Cuba
Cane Sugar and American Sugar lost
two points or so on the report that
actual sales of sugar were being made
4 cents a pound or so under the price
maintained by the refiners, and on the
downward trend, at leant temporarily,
In sugar prices. On the other hand, the
oil stocks rallied a point to three points
nnd the Ftetls were steady and firm,
t'hnnges In the rails were fractional.
The foreign developments were dls
i mls-d as a market factor and there
was no change In the fundamental
credit situation. The United States
Steel Corporation reported an Increase
of 139,6."il tons In unfilled tonnage, mak
ing It stand on August 1 at 11.118.46S
tons, but that showing reflected the
difficulties experienced In July In rrnk-
I inir deliveries as a result of the trnns-
portatlon Situation rather than because
Of I large amount of Incoming busi
ness. The news that $1,500,000 In gold would
arrive on the American liner New York
Just about offset the announcement that
the Federal Reserve Bank would with
draw to-morrow about J5. 000. 000 In
United States deposits. Call money re
rewed at 7 per cent, and declined to 5
per cent., owing to small demnnd anil
fair supply. Bids of 9 per cent, failed
to produce any offers of time money,
but several hundred thousand dollars
was loaned for ninety days at OH per
cent. The credit situation continues just
as tight as over, any amounts released
by transportation Improvement being
turned over to the Interior for the crop
harvesting movement. Domestically
the movement toward lower prices con
tinues In certain lines and new ones
crop up dally. The domestic readjust
ment now beginning to appear to Its full
extent, the opinion Is expressed In bank
ing circles that the stock market, through
Its recent liquidation, has discounted
tho unfavorable developments and that
whenever an Improvement In credit con
ditions Is manifested a major construc
tive development, added to the strong
position of railroads and steel compa
nies, might get uflder way. Tn that
connection the Intention of France to
send J5O.OO0.OOO In gold to this centre
should not be overlooked.
The foreign exchange market was
quiet, with sterling a firm feature and
at one time rising to 83.63 V4 for de
mand, up a cent. Francs rose from a
low on Monday of 7.12 cents to a high
yesterday of 7.22 cents on the news that
adequate arrangements are being made
tp meet the Anglo-French loan without
more than moderate recourse to the buy
ing of dollars In Paris. Both the cotton
and the grain markets were strong, the
latter's strength being due largely to
short covering, the report on the wheat
crop by the Government being below expectations
U. S. COAL EXPORTS INCREASE.
Is
Gain In Bllnmlnoae Shipment
0,000,000 Tone In Year.
Washington, Aug. 10. Exports of
bituminous coal from the United States
during the fiscal year Just ended ex
ceeded by more thun 6,000,000 tone
bituminous shipments during 1910 ac
cording to foreign trade figures Issued
to-day by the Department of Commerce.
I During the fiscal year 1920. 22,976,325
(tons of bituminous coal, worth 1132,299,-
J!, were exported, against 18,152,337
tons, valued at $75,826,696, a year ago.
In addition bunker coal laden on ves
sels engaged In foreign trade In 1920
amounted to 836,453 tons, at $7,233,478.
Canada took nearly half of the bltu
mlnouM coal exports of 1920, receiving
10.470.616 tons. Itnly, with a total of
2,862.773 tons, stood next as an export
market for American coal, and Cuba
With a total of 1,243.098 tons, was third
J. K. Rice, Jr. & Co. Buy & Sell
American Cltlra Pfd.
('ontioental Insurance
Oris.. Lack. S Western Coal
First Nat. Bank Stork
General Hsklng Com. & Ffd.
Howe Scale Pfd.
lhlgh Valley Coal Sales
Midland Securities
Rojal llakion render Com. fx Pfd.
J.K.Rice,Jr.&Co.
I'hones 4000 lo 4010 John. 3B Wall St., N. Y.
3,e6Vi
7.19
7.50
7.70
7.71
1fl.R0
1(1.63
.' on
n.oe
Tidewater Oil
Magnolia Petroleum
Imperial Oil, Ltd.
Douglas Fenwick & Co.
34 Wall St.. N. Y. Tel. John 340
Jones Bros.
Tea Co.
Merrill,
Lynch
& Co.
120 Broadway. N. Y.
Member, Neti York Stock Extiantt
Common
Stock
MONEY AND EXCHANGE.
CALL MONEY. -
Hlth 7 ! I.ast A
Low fl ' Renewals 7
Year's high 2n "Vear's low
CLEARING H'H'SK STATEMENT.
Clearing House exchanges, $8.12, 191, 146
balances, fl7, 037.07H : Bub-Treasury debit
balances, 44fl.RJl: Federal Reserve credit
balance, $r,rt.r02,o.i.i.
CANADIAN EXCHANC.K.
New York funds In Montreal. 1129.12 pre
mium per 11.000; Montreal funds In New
York, I113.S7 per $1,000.
SILVER MARKETS.
Official bar silver in New York: Domestic
99t4c. per ounce, unchanged: foreign 9niie
off He; London, SIMtd., off Ud. ; Mexican
dollars, 72Sc. off ic.
FOREION EXCHANOB.
CHEAT BRITAIN.
Parity. Tuesday. Mondav.
14 SW15 Dmand. sterling 18.03 $3 62
. auirn, niertinff .l.fl.1
Rankers, 00 days .ir,0
Rankers. 90 days.... 3.57
THE CONTINENT.
19.30 France, cents a frano
Demand 7.21
Cables 7.22
19.30 Beiti tm. cents a rrane
Demand 7.71
Cahlee 7.72
19 30 Switzerland, cents a franc
Demand lfl.flO
Cables 16.03
19.30 Italy, cents a lira
Demand 6.03
Cables 6.04
23.80 0rrnany, cants a mark
Demand 2.13
Cables 2.14
26.80 Sweden, cents a krone
Demand 20.66
Cables 20. 75
26.80 Norw ay, cants a krone
Demand 13.S3
Cables ? 13.38
26.80 1 eimark, cents a krone
Demand IS.33
Cables 1.H.38
19 30 ' cc. centa a drachma
Demand 11.70
Cablea 11.80
It JO Spain, cents a peaeia
Demand 13.03
Cablea 13.10
40.20 Holland, cents a florin
Demand 33.23
Cables 33.3754 33.25
20.30 Austria, cents a crown
Demand 64 .53
Cables 57 .64
20.28 Czecho-Slovakla, centa a krone
Demand 1.95 1.06
Caoles 2.no
FAR EAST.
108.32 Shanghai, centa a tael
Demand 112.00
Cablea 113.00
78.00 Honttkong, centa a dollar
Demand 80.00
Cables 80.30
32.44 nomhay, centa a ropa-
Demand 37.23
Cablea 37.60
49.84 Yokohama, centa a yen
Demafhd 51.25
Cables 51.60
SOUTH AMERICA.
44.42 Rio de Janeiro, cants a mllrats
Demand 20.90 21.15
Cablea 21.no
42.94 Buenoa Aires, cants a peso
Demand 38.15
Cables 38.30
103.43 Uruguay, cents a dollar
Demand 86.25 86.76
Cables ............. SS.St 86.00
MO
20.60
20.70
13.80
13.35
15.20
15.23
11.70
11.80
15.05
15.20
33.1 2V,
2.00
112.00
113.00
80.00
80.50
37.25
37.50
51.26
31.60
31.23
38.26
88 40
lleposlta Gain In Granite State.
Concoro, N. H., Aug. 10. An In
crease of nearly $12000,000 In savings
bank deposits in .Vew Hampshire for
the year ended on June 30 was dis
closed to-day In tho annual report of
the State Rank Commission Total de
posits are $142,294,910. The Increase
was the largest in the history of the
State. There was an increase of 20,000
In the number of depositors.
Boost Intrastate lint. In Pcnna.
Phii.apei.phia, Aug. 10. The Public
Service Commission In Harrlshurg
granted to-day the request of the rail
roads of the State for permission to
make Increases for Intrastate rates.
That action on an Intrastate Increase
Was made necessary py tho granting by
in interstate 1 ommerce commission of
Increased rntea, which become effective
on August 26.
UNFILLED ORDERS
OF U. S. STEEL GAIN
i
Corporation Had 11,118,468
Ton on July 31.
The United States Steel Corporation
monthly report of Its unfilled orders at
the close of last month was mado public
yesterday, and shows an aggregate of
11,118,468 tons, against 10,978,817 tons at
the close of June, or a gain of 139,651
tone. The flgurea for July were the
highest since June, 1917, when the ag
gregate tonnage of that character was
11,311,287, and Is little mon than a mill
ion tons less than tho high record of
12,183,083, established In April. 1917.
Wall Street was not surprised by Wie
Increase, because It has been known
that the railroad situation has been ho
bad that the Steel Corporation, like
other manufacturers, has had consid
erable difficulty in shipping Its products,
and Is therefore, held up In Ita opera
tions. For that reason Its plants have
not been able to function at their nor
mal rate and unfilled tonnage has
piled up.
Financial Interests see In the report
little reflection of any Important Im
provement In the steel business. It Is
maintained that new huslnoss taken
during the month was prohably much
below tho actual capacity of the cor
poration's plants, but. the Inability to
ship finished products and tho difficulty
In obtaining some raw materials, due
to railroad congestion, has caused a
back up of products at the planta,
which slowed down production and to
flecled Itself In the unfilled orders.
The following tahle shows the fluc
tuations In unfilled orders as reported
monthly by the corporation since Jan
uary, 1917:
1920. 1Ptl. 1918. 1917.
9,2X5, Ml tl.iW4.2rt1 0.477.853 11.474.034
0.502.081 0.010,7X7 0.288.433 11,5711,697
Jan...
Feb.,
Mar.
April.
May. .
June.
July.
Aug..
Sept.
Oct. .
Nov. .
Dec,.
lows: Open hearth Ingot.', 2,13,33
torts; Bessemer Ingots, 663,988 ; all other
steel, 13,297.
EXCHANGE MIDWEST SHARES.
Large Holders Reported In Trade
for S. O. of Indiana Ntuok.
According to rnporta from Denver,
large holdurs of the Midwest Refining
Company's stock have exchanged 100,
000 khares of their personal holdings
for 26,000 shares of Standard Oil of
Ii.dlana stock In the ratio of four shares
for one. Tho proposal to make tho ex
cluingo was made by the Indiana com
pany to largo Individual shareholders In
the Midwest company, but was not made
to the company direct, and therefore It
It not believed thut there will bo any
offer to all Midwest stockholders for an
exchange.
The deal will give Midwest the oppot
tunlty to take ndvantngo of the Stand
ard's marketing facilities and leaMi It
freo to go ahead with Its development
work in the Held. It also affords the
Indiana company a large and continuous
supply of gasolene and kernsen' . The
100,000 shares taken over represent
about It per cent, of the Midwest He
fining Company's outstanding stuck.
The detil explains the reason for the
Standard Oil of Indiana's recently In
creasing IN dividend rale to $32 a share
annually and placing It on the four for
me parity with Midwest's $8 nnnu;il
dividend.
BARNES TO ENTER BUSINESS.
Wheat Director will Head t'hntn
of Grain C'onrrrne.
Julius Ilnrnes, United States Wheat
Director, will retire shortly from tho
fJOVSrnmsnl service and head a chain
of grain concerns. The chain will con
sist of the Barnes, Ames A Co. of Mu
luth nnd New York, the Zenith Grain
Company. Ltd , of Winnipeg, the narnes-
9.8112.075 .-,430,572 P.n.v,,i04 11,711,044 1 Irwin Company of Philadelphia, the
Bnrnes-jHckson Company of Baltimore,
and the Smylhe-Itaine.x Company, Ltd.,
Of London. The last named merges the
interests of the Ross T. Smythe Com
pany of Great Hrltaln and the Humes.
Ames Company of this country for the
direct handling of Kuropean business.
All of those companies will conduct
their business separately anil In their
fields. All of them are organise!! for
tV export and cash wheat trade.
10,359,747 4,800,0X5 8,711 ,882 12,183,088
10.H4II, Hit; 4,2X2,310 8,377,633 II,HB6,5
10,978,817 4,802,866 8,918,Silfl 11,383,287
11,118,408 3,570,601 8,888,801 10,844,104
.... 8,100,108 fi.759,042 10,107,049
.... 6,284,038 8.297,903 9,88.1.477
.... fl,472,6 8,363,293 9,009,075
7,128.330 8,124.603 8,897,106
.... 8.263.360 7.379,152 9,:i81,718
The production of steel Ingots during
July totalled 2.802.818 tons against
3.980,690 In June and 2,508,176 In July
of last year, according to the American
Iron and Steel Institute's report, which
includes thirty companies producing
about 83 per cent of the country's total
output. In the first seven months of
1920 totul Ingot production has been
20,437.252 tons against 17,370.856 In
the corresponding period a year ago.
The July production was divided us fol-
Nnme 1 1iM Ralaln Price.
FRfsNO, Aug. 10. The California As
sociated Raisin Company has named
prices for tho 1920 raisin crop on a
basis of 15 cents to the grower. This Is
an Increase of 5 cents a pound over last
year.
MAXWELL'S AFFAIRS
LET TO COMMITTEE
Company Will Need Loan of
$3,000,000 at Once.
Announcement that tho uftalrs of the
Maxwell Motor Company In the way of
reorganisation, would be worked
out "through the medium of a manage
ment committee representing all Inter
ests" was made yesterday. The mem
bership Is composed of Walter P. Chrys
ler, former vice-president of the General
Motors Corporation ; J. R. Harbeck,
vice-president of tho American Can
Company ; George W. Davidson, presi
dent of the Central Union Trust Com
pany ; B. Pi Bverett of Detroit, a R.
Tinker of the Chaso National Bank,
Halph Van Vechten of the Continental
and Commercial National Rank of Chi
cago, fsmaS C, Brady and Leo Hutzell,
representing the First Old Detroit Na
tional Hank and other Detroit Interests,
ami Hugh Chalmers.
"The failure to promptly ratify the
negotiations." yesterday's announcement
said, "which have been pending for
some months between the Maxwell and
Chalmers Interests, has resulted In the
postponement of the company's definite
financial plans and this has horn re
sponsible for the serious condition rc-
ently confronting the company. As
surances are given that with the Join
ing of strong financial Interests tn the
nterprlse and the settlement of nego
tiations between the two corporate In-
rcuts there will be a speedy return to
irmsl operntlng conditions."
The company will need nn Immediate
loan of approximately $3,000,000 In
order to go ahead with its plans, nnd It
Is expected that tho Chaso National
Hunk, the Central Union Trust Com
pany nnd other Interests connected with
the company will supply that need soon
GOSSIP OF WALL STREET.
London Money Market.
iovoov, Aug 10. Bar silver, 59Sfcd
an ounce: bar gold, 113s. 8d. : money, 6
per cent Discount rates Short bills,
6 11-16 per cent.; three months' bills,
6 per cent, hold premiums at Lis
bon, 140.
Parle Bourse Trailing.
Pap.is, Aug. 10. Trading was quiet
and prices were firm on the Bourse to
day. Three per cent, rentes, 56 francs
20 centimes : exchange on London, 60
francs 59 centimes; 5 per cent. loan. 87
francs :.o centimes; the dollar. 13 francs
96 centimes.
NEW YORK STOCK EXCHANGE QUOTATIONS.
TUESDAY, AUGUST 10, 1920.
Pay's sales
r-Cloalng.-,il
1920.
493,224
1 Sales.
,Oien
I Ing.
"Tfish
I est.
1919.
70.138
1918.
380.820
Lowest.
1 ("-loa-" Net
tng. ; Change
Pf.
33 ;
27 U
581?
45 I
'6
33 !
28 ;
69 4
45 I
lVs
l'
29
76
33 I 33
9VS0o:
l
I Mi
28
76
424 424 424
76 76', 76
84 84 I 84
314 32, 1 31
133 11334 133
25 4' 25 4 24 N
94' 94! 94
128 12S ! 128
184 1 14 ! 134
74' 754 74 4
37 37 ! 37
68 4 89 41 6S4
94 I 944 924
ioo noo ;ioo
12V 134 12
28 '
68 41 UU
44 41
", zi
634' 53
884 88
72 72
334 33
llfi no
l
I4i
284'
7C
42 4 j
76 1
84
31
1334
244!
94
n
744
37
69
93 4!
109 I
204' 21
53 I 53
88 j 88
33 V
114 1.
33 4
lilt;
.;1074 1074J064 1064
J 79' 78 8, ' 744, 7S '
.1 81 ,81 I 81 ; 81
.1 I54 96 95 96 !
. 106 4 106 4 10SU 105
.1024 lOIUllOlU 1024'
., 89 4 : 89 4 8 9 4 ' 89 4.
' 74
424
11 g
SOU
80'
76
M
1354 133
4. 1 4
73
42i
11 4
3.1 1..
so;
84)
135
I
89 4'
72 i
4141
60 4 1
80 I
75 4!
I I
731,
42
11
BOH
80 4
84 4
133
I 4
70 704
7 7
10 10
4 84
6i 64
16 16
13 13
83! 34j
2341 24
66 ' 66
11441154
104: 104
S3
5 2
97
15
50c
100 Adams xprc.
600' Advance Humely
400'Advance Rurrely
looiAjax RUDDsr
900 Alaska Gold M
2100 Alaska Juneau G M
160o;ai:is Chalmers Mfg
100' Am Agrle Chem
lOOlAm Hank Note
1200 Am Beet Sugar
100 Am Bosch Magneto
2300 Am Can
tOOIAm Car Foundry
6O0 Am Cotton Oil
3300 Am Druggist Syndicate.
1 0 0 j A 111 Express
700'Am Hide & leather
900 : Am Hide & Leather pf.
3001 Am Ice
2100 Am Inl Corp
2200 Am Locomotive
100 Am Locomotive pf
1100 Am Safety Raxor
600 Am Ship Commerce. ..
1000 Am Smelt A Ref
SOO Am Smelt Ref pf
lOOlAm Smelt Sec A
1800iAm Steel Foundries ...
1200'Am Sugar Ref
300 Am Sugar Hef pf
3500 Am Sumatra Toh
100) Am Sume.tra Tob pf . . . .
7"0 Am Tel & Tel
600 Am Tobacco
100 Am Tobacco B
100 Am Wholesale pf
2600 Am Woolen
1600 Am Writing Paper pf...
900,Am Zinc, Lead Smelt.
2600. Anaconda Copper
1100 AtCh, Top A Sjnta Fe. . .
700 Atch, Top ft Santa Fe pf.
100 Atlantic Coast Line ...
1600!At, Gulf SWISS
100 Autoaalea
36400 Baldwin locomotive Wks 103 4 104 102 4 1101
400 Baldwin Locomo Wks pf. 97 I 97 98l 96
mu'.'i nainmore a: vnio
400 Barrett Co
300 Batopllas Ming
HO" Bethlehem Motors
100. Bethlehem Steel
,200' Bethlehem Steel 8 p c pf
11 lOO Bethlehem' Steel B
600'Booth Fisheries
600'Brooklyn Rapid Transit.
200 Bklyn R T ctfs of dep. .
900'Hutte Copper Zinc...
600lButte ft Superior Cop...
100 Caddo Cent. O & R
100 California Psck Co
700;Callfornla Petrol
400 California Petrol pf
1800!Canadlan Pacific
200Cae J I Plow Works. . .
lOOlCaee, J I. Thres M pf . . .
2000iCentral Leather
100!CentraI Leather pf
2100 Cerro de Pasco Cop
700 Chandler Motors
30O'Chesar)iku ft Ohio
600' Chic ft E 111 pf Eq Tr ctfs
40o cnicago it western pf . .
700lChlcago, Mil ft St Paul..
600,Cb!eago, Mil ft St P pf . .
1000 Chicago & Northwestern.
400ChieagO Pneumatic Tool.
4500;Chlcngo. R I ft Pacific. . .
lOOiChicago, R I ft P 7 p c pf .
2100 Chile Copper
1400!Chino Copper
200 Cluett. Peabody ft Co
izOOiCoca-Cola
300'Columbla O A Elec
4800Columbla Oraphophone . .
400 Coneolldated Gas
400lCon Interstate Cal Mln..
1200jConsolldated Textile
60fllContlnental Can
900 Continental Candy
2900 Corn Products Ref
100Cosden ft Co
9700Cruclble Steel Co
6 3 00 1 Cuban Am Sugar
60?o:Cuba Cane Sugar
400 Cuba Cane Sugar pf
200jDe Beers Mines
400 relaware ft Hudson
700;Del, Iack ft Western....
100 Denver ft Rio Grande....
309 Denver ft Rio Grande pf . .
300 Dome Mines
400 Erie
600 Erie 1st pf
500lFomous Players-Lasky . . .
lOOjFamous Players-L pf
200IFtsher Body Corp
1300 Flsk Rubber
800Freeport Texas
2000Gaston, W ft Wlgmore...
lOO.Gen Am Tank Corp
lOOIOeneral Chemical Co
300'Oeneral cigar Co
100'Oeneral Cigar Co deb pf.
10800!General Motor
lOOlOen Motors Corp deb...
13 00; Goodrich (B F)
800 Great Northern nf
lOOOIOrent Northern Ore ctfs.
100 'Greene Cananea Cop. . . .
lOOIGulf, Mobile A North pf. .
200iGulf States Steel I
zoo.Hcnaee Manuracturing . .
600'Haskel ft Barker Car...
lOOIHomestake Mining
600IHupp Motor
lOOjHupp Motor s 7 f
500 Houston Oil Co
1200lndlahcma Ref
1300;Insp1ratlon Con Copper.
700'lnterboro Con Corp
lOOJlnterboro Con Corp pf . .
400'Int Agrl Corp
600J Int Harvester Co new. .
ISOOllnt Mer Marine
2200 Int Mer Marine pf
600 Inter Motor Truck
lOOlInter Motor Truck 1st pf .
3700jlnternatlonal Nlekel ...
1210 international Paper . ...
7800Invlnclble Oil
SOO.Iron Products Corp...
1
J. V.
-
1
4
4
1
1
i
8
1
4
24
1
JOJ JS .1.1! JflS,
1 32 132 '1311, '1314'
154' 154i 14; 16
68 68 .68 I 68
1044 104411044 10441
4' 6914
H 7
10 10
641 4
84M 4M
16! 16'
13 I 13
634 63
23 23
65 63
1 1 A 1 11-11
I 1 1 1 1 .
104
92
50
97
35
82
54
4- 3
1
1
1 4
4
'
x
82 4
54 4
8V4'
22 I
32 I
60 I
68 4'
1 4 M
334
714
134
25
72 i
33;
51 I
20
81
27
104
62
97
364
824
544
9
22
33
60
69
77
33
714
13
25
72
354
51
21 1
81 I
104
274
76 j
86,
.12
1041
92
51
97
354
82 41
54
- 1
22
II
84
21
326;
49 49
OH 1 C d
SO
744
32
714
13
244
72
33
51
20
M
27
74
10
844
II
II
77 I
32 I
714
13
244'
72 I
33
51
21
80
10
27
76
10
8 5 1..
i 32
4
4
14
I
'
1
1
844
II
128 1314 1274 128
394' 39 364 37
s
1
1
i !
6500
100
100
100
Island Oil A Trans Corp.
Jewel Tea . . . ,
Kansas City Southern. .
Kelly spnngneia Tire.
1700 Kennecott Copper
3000. Keystone Tire A Rubber.
37 a 38 4 3.. 364:
774 774 77N 77 4
274 274 274 2741
954 98 934 98 I I
2384 J4S 23 4 245 8
44 4 44 44
10 10 94 94
104 10 104 10 -t- 4
1) 12 124 134 4
18 19 18 19 34
67 68 7 68 1
S4 84 84 84
102 102 100 100 . S
24l 26 264 26
2o 20 20 20
84! 4 741 8
69 I 69 69 69 4- 1
168!l68 168 168 6
60 j 60 ! 58 68 14
81 I 81 81 81 4-
204! 204 20 204 4
68l 68 68 88
504 51 604 61
724 724 724 72
31 .114 31 31 4-4
244 244 24
29 29 29 29 1
45 454 45 454 . 1
22 22 22 22 4. 4
88 68 67 17 4-4
60 50 50 50
13 13 13 13
134 13 134 134
86 87 86 87 1
8 6
45 45 44 44 .
3 8 3 I ..
9 9 9 II..
17 17 17 17
119 119 119 119 4. 1
21 224 21 234 1
72 734 72 72
42 43 42 43 ..
77 77 77 77 1
17 17 16 17 4.
71 71 72 71 ..
33 88 81 33 4- 4
40 40 40 40 ..
6U 6 6 54
84 8 84 8U
17 17 17 17 4.
74 74 74 74
32 21 224 11 O
15 18 15 154
Tear to date
Cloning
TO
1920.
.1 41,270.9074
1919.
186,739.156
1918.
84,106,179
BIO. Aak. In . Sales.
lOO Kresge Co S s! '
1 4001 Lackawanna steel Co..
170f) Loews Inc
1700'Loft Inc
lOpen
I Ing.
High- I Low
eat. ' eat. I
10
24 25
4141 42
.4-
5.20
!8 22
1120
1 63 4
I 204
!9tZ
100 Loose Wiles Biscuit 2d pf.iio:,
00" L.onnarn tr Ton 12j
ion ixmisvuie .Nashville.
100 Mackny Cos
800 Manatl Sugar
2on Manhattan Kiev guar.
4oo Maxwell Motor I
1500 Maxwell Motor 1st pf...l
IOO Maxwell Motor 1st nf .-tfs
SOOOlMtxIean Petroleum ....
tOOlMlarnl Copper
8200. Middle States Oil
1900 Mldvale Steel ft Ord.. .
900' Minneapolis ft St L new.
500 Missouri. Kan ft Tex . . . .
lOO Mlfsourl. Kan & Tex pf. .
49001 Missouri Pacific
2400 Missouri Pacific pf
lOOIMontana Power
1700 Mont Ward ft Co
200' National Acme Co
4800 National Aniline ft Chem.
200 Nat Aniline ft Chem pf . .
1O0 Nat Cloak ft Suit pf
700 Nat Conduit A Cable
1100 National En ft Stamp..
lOOlNat Lead Co
' 100 Nat H R of Mex 2d nf . .
200 Nevada Con Copper ! 10
100 New Orleans, Tex ft Mex. 37
300 New York Air Brake....1 90
2900 New York Central I 714
100 New York. Chi ft St L 1 32
200 N Y. Chi ft St L 2d pf 51
13400 New York. New H ft H..I 33
100 New York. Ont & West.: 17 4
300'Norfolk A Western i 88 4
200 North Am Co I r,o
1 300 Northern Pacific
500'Nova Scotia S ft C
2900 Oklahoma Prod ft Ref. ..
800,Otls Steel
200 Owens Bottle Co
200iPaclflc Development
400 Pacific Gas ft Electric.
12700'Pan Am Petrol AT
1700 Pan Am Petrol A T B. .
200Parrlsh ft Bingham
270O!pennsylvanla R R
1200!Penn Seaboard Steel
2200 'Pere Marquette
500 Philadelphia Co
100 Phillips Petroleum
4700'Plerce Arrow Motor
3-00Plerrc Oil Corp
30o;Plttsburg Coal of Pa...
100 Pittsburg Steel pf
11 00 Pittsburg ft West Va...
600 Pittsburg ft West Va pf.
600 Pond Creek Coal
3iitVPressed Steel Car
3300 Punta Allcgre Surar...
1600! Pure Oil 36 4
.... 11 ... . r. . .
oiiv'iuuiwsy meei npnng. .
1950 Ray Consol Cop
9800 Reading
1500! Remington Typewriter
4400 Replogle Steel
100 Republic Motor Truck.
5000'Republlc Iron ft Steel..
1 00 i Robert Rels
100 1 Robert Rels 1st pf
1300 Royal Dutch Co, N T. .
700 i St Louis A San Fran. . .
800 jSt Louis Swn
900!St Louis Swn pf
2001 Santa Cecilia Sugar
200Savage Arms Corp
400 'Saxon Motor
100Seaboard Air Line
100 Seaboard Ah- Line pf
200 1 Sears Roebuck Co
200,Shattuck Arlx Cop
200! Shell Trans ft Trad . . .
lOloojSinclalr Consol Oil
200 Sloes-Sheffield SAL.
300lSouth P R Sugar
2300'Southern Pacific
6300Southern Railway ...
300l9outhern Rnllway pf..
ll'Standard Oil of N J. . .
173i8tandard Oil of N J. .
2100'Standard Oil of N J pf. .11054
1300 Stewart Warner Sneert a
2500!Stromberg Carburetor. . . .
rs uuisiuaeDaker corp. ex dlv
zauu' ienn cop ft Chem
Cloa-Ing.
.et
Change.
120 (120 1120
64 1
20!
63 4' 63;
204 204'
lift 124 124!
10f.il05l05l
1 30 1 25 1 30 14.
JVa so 4: ft4i 96 'A
61 i 61 61 f 61
101 104 101 ; 1 01
404' 404, 4041 404
8; lOUl 741 107 X
lt' 11 t Iti I IS
15 I 15 : 15 I 11
152 154 161 '1334
18! 1' 1S4 184
12, 12 1141 12
as 88 4 1 37 a4
13 I 13 I 13
64
10
24 4
4-
- 4
34
14
4- 1
4
4- 4
10
4- J
4
534
1
Awalilnar News Prom Europe.
Although fluctuations In yesterday's
market were unimportant, Its gains
about balancing Its losses. Indications
pointed to the fact that tho pressure of
liquidation had been lifted, for tin time
bring at least. The undertone whs gen
erally firm, and many pr ifesslonkl op
erators who anticipated Hnl forecast the
Inauguration of a robust rally pointed
to tho fact that the very quietness of
the market was Its most hopeful sign 1
Ons reason for the quietness, of course,
was the lifk of news from the Russlsn
Pollsh frontier, or at least news Im
portant enough to provide u market
trend. Traders, who apparently hold
tho market In the hollows of their
hands, hesitate to act either way while
tho foreign situation Is In the balance.
The.ro was reported to be somo very good
buying for the account of large banking
Interests and itartlcullnrly In Unjtod
States Steel. In many quarters the pre
diction was made that Blocks have es
tablished the low prices for 1920. The
bear clique, however, 1 . big, strong,
powerful, well upholstered with cash,
Hushed with victory, Hnd Is not likely to
let go without a lively battle. An ex
ample of just how hard that clique will
tight was given yesterday In tho skir
mish of dollars around the Baldwin
post. Aided and abetted by some real
inside Information about the condition
of banking loans on some, Baldwin stock.
; piece of Information which It la claimed
the hears were not entitled to, the cllquo
rant aftor It With hammer and tongs.
The results were unimportant. From
an opening of 103 4 It sold down to
1624. but met sharp resistance nt that
point and OlOSSd at 103.
Time. Loans at OH Per Cent.
Several hundred thousand dollars put
out yesterday afternoon on time by a
Wall fitroot bank for ninety days at 9 4
per cent, established a new high record
for that class of accommodation. It
was the first money that had been of
fered on time for several weeks, and was
quickly snapped up, even at tho high
price. In addition to that loan several
renewals were made at rates ranging
from 9 to 0 Via per cent. Commission
he-uses are Scouring the district for time
money and will pay high rates for it A
few houses havo bid 10 per cent, un
successfully. One house was notified
that It could have that sort of an ac
commodation If a bonus were attached
to the offer. Thn proposal was rejected.
.Several brokerage houses are borrowers
from their customers, It is learned. In
a private deal." arranged early this week,
lha wealthy customer of one house lent
the tlrm J400.000 at 9 per cent, for
ninety days, with a five day option. Call
money changes continue unimportant.
The opening and renewal rate yesterday
was 7 per cent, and the rate later
dropped to 6 per cent., at which it loaned
lor tho balance of the day. The call
money demand Is relatively small. With
drawals by tho Government on Thurs
day of 14,500,000 from the banks of this
district may tend to stIlTen the rate.
Cochrane
Harper
&Co.
HI Broadway
NEW YORK
0 St.te St.
BOSTON
Invincible
Oil Corporation
LaUid circular on rtfwl
WEEKLY LETTER
aivlng currant near, dtTtlopmtl
INDEPENDENT
&
STANDARD OILS
Furnlahed upon ren.ni;
Gold Front France.
One Item of news tucked away In the
reports of the plans of France to dis
charge her share of the Anglo-French
Uan to this country did not receive the
attention in the market or In Wall
Stmet that it warranted. Tt to tho re
port that approximately $50,000,000 In
gold would be Shipped to the Fnlted
States this fall from France to aid In
paying the loan'. Coming at a time
when the strain on the banks prohably
will bo heaviest because of harvest and
crop moving demands, It should be a
welcome addition to the supply already
lodged In the Federal Reserve Rank
vaults. A suggestion that France as
well as England might ship gold to this
country was made several months ago
to bankers, but at that time they de
clared such n traffic well nigh Impossi
ble because of the Inflated condition of
France's currency. Small shipments of
gold continue to arrive from England,
most of It being metal purchased In the
open market by American bankers. Yes
terday's Imports of gold were valued at
$1,655,000.
Chain Stores
One of our largest retail
chain systems -181 stores
earned S'j millions in
1919. more than W :
times interest charges on
this issue.
We Offer
S. S. KRESGEC0.
7 Serial Gold Notes
Due Jan. 1, 1925
Price 96.28
To Yield
8
Aak for Folder 8. R. 27
Holiister.
White & Co.
Maseaaeaaate
02 Cedar St.. cor. Trinity PI.
Telephone Rector .1901
SKW YORK
StOSton Philadelphia
T
40 4 ' 40!
174! 174!
234 2341
304I 31 !
34 4 3 4 4!
36 3741
11 I 114'
65: 65'
85 85 !
26l 28
664 66
l4l 131
95 95
76
93 92 4
134,1 134
B-? a- gei'
87
94 4
S
86 4
'474.
I!"
1941 191
13 I IS
1304 U30'.
84 8t
1 l
25
2
5
4- 1
ft
4400
1300
3600
500
3100
Oil.
a
S24
101
49H
424
85 ;
105i
69
i$!
61
124!
23-4'
94I
13
26H
45V
51
15
4I4
824
103
504
434
86
107 !
69 4!
.74'
62
4
"94l
134!
274'
.rail
104
46
1
51
17
101
II
Texas Co
Texas Pao Coal
Texas & Pao
Times Square Auto
Tobacco Product .
3500TranscontlnentaI Oil...
1700 union Oil
2500TUnlon Pacific
300 Union Pacific pf
lOOiUnlted Drug Co 1st pf.
500 United Fruit Company.
400 United Ry Investment.
200)Unlted Rv Invest pf..
4800 Unlted Retail Stores...
00 U 8 C I Pipe A Fdy. . .
100 IT S Express
1600 U S Food Prod Corp...
900 it' S Ind Alcohol
1001U S Realty & Imp
500lU 8 Rubber
200'U S Rubber 1st pf
100'U S Smelting, RAM..
100 U 8 Smeltlnir. R M nf
51 41000IU S Steel
Ti 800'U 8 Steel pf
! 600 'Utah Copper
.1 100'Utah Sec Corp
6' 17600 Vanadium Corp
4 900 Va-Carollna Chem
10'10 Vlvaudou V
400!Wabash pf A
200' Western Maryland
10o! Western Maryland
2no Western Pacific
2300 Westlnghouse E A M.
700 Wheeling A Lake Erie
8600 1 White Motor
240o:willys Overland
SOOiWIlson A Co...
200 Wisconsin Central ...
500 Woolworth F W
200Worthlngton Pump ...
2'
2d pf!
4- 1
4- 1
4
1
t ! 72: 74 78
JH fig 6141 i
62 ! 62S. fi2
1341 IS 4 1 124
24 I 24 I 234
H! 94 94
1 3
264
45 6J
104
45
IS
52
25
105
674
II
j
1044
574
624
IS
2932
13
264
U 4
10
45
IS
Si
T74
.4
4- .
'i
- 4
4
M'nawrU Motor's IteorKanlzntlon.
W'alter P. Chrysler, formerly vice
president of the General Motors Com
pany, a recognized authority on motor
production, has been selected as the
Moses to lead the Maxwell Motor Com
pany out of the wilderness, and a group
of New York and Detroit bankers will
aid him In that task. Maxwell was ex
tremely soft at the market's opening
yesterday and reflected the unsettled
conditions of the reorganization. The
first sale was at 84. against Monday's
close of 11. The stock sold down to
74 before rallying back to . 10 and
closed with a fractional change from
Monday. In connection with the report
that an assessment would be made
against present stockholders, It is point
ed out that no personal liability at
taches to any holder of the security and
that the only way that such an assess
ment could be levied would be through
a receivership, which, of course, will be
avoided if possible by the bankers In
charge of the corporation's nffairs.
Pools Die the Death.
Around the first of July, when the tretr
ket nppeared to be headed for higher
levels and bullish operators were ham
mering out statements that the upward
wave had started, several pools were or
ganized In behalf of particular stocks.
One of them was in Raldwln, one In
Middle .States Oil. another In Southern
Rnllway, another In Reading and an
other In Pan-American Petroleum.
With the exception of the pools In tho
railroad stocks they have naturally
curled up and died and R. I. P. Is en
graved over their headstones. Prac
tically every one of them has lost money.
8ome of them fairly cleaned out a few
active participants. They were accumu
lating stock at about the highest point
In the last two months and have not had
a single opportunity to get ou with a
profit. As a result . pool operntlons are
very, very Infrequent on the tape these
days, with the possible exception of some
rail-pool trades. That is one reason
for the slowness of the market. In
many quarters the opinion that the clean
ing out of those Industrial pools will
have a good effect on the general inar
ket situation is expressed.
Acadia
Central Aguirrc
Cuba Company
Cupey
Fajardo
Francisco
Federal
Guantanamo
Holly
National
New Niquero
Savannah
Bought Sold Quoted
LambornfDi
Specialists j) Siitf trStoeJcS
Seven VaU&ftwU
MEMBERS
A'. Y. Stock Ei. K. Y. Product Er.
h.Y.CotUm Ez- Chic Bd. of Trait
A'. Y. Coffte and tiuaar Ex., 7;.
London Prod, t'.'eorinv Hoiua. hi.
W. F. Ladd & Co.
Investment
Securities
Ntw York
1
104U
Odd lota.
NOTB Odd lot transactions are not recorded tn separata Una unl.
were mode at price outside t the regular full lot range.
Crnclhle Steel.
The remarkable strength of Crucible
Steel during. the period when nil steel
stocks touched new low levels has occa
sioned some Interesting gossip as to the
reason for Its remarkable market support
One story going the rounds Is to the ef
fect thst the r xecutors of the estate of a
big trader who recently died have teen 1
purchasers of several thousand shares 1
in the market to cover short commitments. 1
At any rate, Crucible has given a re-;
markahle account of Itself, particularly,
In view of the market action of other
stocks of its grounp.
"The Oil Industry"
for August
Contains an interesting article on
"How to analyze an
Oil Investment"
Upon request we will mail Uii pub
lication without charge each month-
R.C. M EG A R G E L & Co.
27 Fine Street. New York
Dailij Market Letter on Request
Shonnand. Mills &Ca
Members J.y Stock Cxchatvje
120 BROADWAY-N Y
Telephone Rector 8080
Copper Production neollnes.
Production of the porphyry copper
companies In July was reducod greatly
In comparison with their production In
other months of this year. I.'tah pro
duced 8.500,000 pounds against 10,000.
000 In June ; Ray Consolidated 4.500,000
against 4,520,000 is June, Nevada Con
solidated 4.B50.0A0 against 4.650.000 In
June, while Chlno. the only one to es
tablish a gain, produced 4.360.932 against
4.010,089 In June. Orecne-Cananca pro
duced 8.500.000 pounds of copper, 130,
760 ounces of silver and 770 ounces of
gold in July, while United Verde Exten
sion produced 9,304,878 pounds of cop
per in July against 2,129,020 In June.
Calumet and ArUona produced 8,528,000
pounds of copper In July against 3,813.
600 In June,
Stark A. Noble
Theodore O, Cera
NOBLE & CORWIN
M Broad St. New Turk
Chase National Eastman K. Cm.
Nat"l Park Bk. Curtiss Aero Pfi
telephone 1111 Broad
Chevrolet Motor
McCLURE, JONES & REED
Mtmbtrs fVete York. Stock Erchanct
IIS Broadway Phone 831 B"-