The Sun and the New York herald. [volume], August 20, 1920, Page 10, Image 10

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

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10
THE SUN AND NEW YORK HERALD, FRIDAY, AttOUST 20, 1920.
1'
a1
1
I
Improved Outlook
For the Railroads
We shall be pleased to
send you a copy of our
special circular in
which we discuss the
probable effect of the
recent increase in rail
road rates on the rail
road bond market. Wc
mention in this circular
several railroad bonds
of companies which ap
pear to ub as likely to
profit materially from
the increase in rates.
Write for circular 1715
Spencer Trask&Co.
25 Broad St.. New York
u ii m BOMTON HM'AOO
Meroli.'rs Ntw York Work Ksrhang
M'liiher Chicago Stock BwlWWt
FINANCIAL NEWS
AND
During Final Hour of Trading
Stocks Generally Rally a
Point to Three Points.
Vain?"'" m obd
Province of
MANITOBA
Gold 6 Bonds
Due 1925
Price 92 i & Interest
Yielding about 7.90
(Payment in U. S. F.unds)
Circular on requrtt lor AT)
TheNationalCity
Company
Main Office:
National ity Rank Building
I ptown One! 1 If 111 Mr. tt 43d St.
Offices In 01 rr ,W titles.
Augusta, Me. 4s
Au(. 10.14
To Yield 5.35
Jersey City, N. J. 6s
1981 ta in:.-,
To Yield 5.85 to 5.60
Jersey City, N. J. 5s
IMS ta 1956
To Yield 5.40 to 5.25
Massachusetts (3s
34 to 1943
To Yield 5.20
South Bend, Ind. 6s
IMS to ma
To Yield 5.50 to 5.30
Our rnmpJete list nf Municipal bonds
cill be tent to investors on request.
Estabrook & Co.
24 Broad St. IS State St.
New York Bottbn
Haltlmorn ProTldrnce NprlnxflrM
ii
Listed and
Unlisted
Securitiec
Fajardo
New Niquero
Central Aguirre
Savannah
Bought Sold Q noted
Lambornfcta
Specialists Ja Sugar Stocks
Seven Van
MEMBERS.
K. f. Stick Ex. X. V. Product Ex.
S.Y. Cotton Ex. Chic. Bd. of Trad
K, Y. Coffer and Sugar Ex., Ina.
London Prod. Clearing House, Ltd.
Willi :i dwindling volume of transac
tion, ths stock market In yeaterdny'
final hour o( trading recorded a mtly of
one point to thro point, spanking gen
erally, anil demonstrated throuirhnut the
day an oversold position of considerable
Importance. TIip odd lot huylnir, ao no
ticeable m Wednesday, continued, but
the purchase did not follow stocks up
to the complete extent of the day's rise.
Outside buying was very small and the
Impetus to price movements came en
tirely from covering by shorts, who
started tho prOOBM of evening thalr com
mitments before the weak end drew near.
The fart that there waa no preaaure of
offering waa taken aa of little alrnlll
ennce beyond the psychology of the bears
who provided nearly all of the pressure
exercised enrller In the week. The atrong
technical position, which the earlier aalea
had created, wa a cuahlon against nb
rupt declined and the net result of yes
terday's business, which did not much
exceed 300,000 shares, was a weakening
of the, technical situation.
Equipments, steals, olla, motors and
tobaccos participated In the rnlly which
started late In the session and lasted to
the end of trading. Bugar nnd shipping
stocks did not do an well and Interest In
the rails WSS infinitesimal. Except Beth
lehem Motors, which had a fractional net
loss, the motor stocks snapped back with
vigor under the leadership of Chandler
Motor, which continued Its quarterly divi
dend at the rate of 10 per cent, per an
num, F. C. Chandler. Its president, say
ing that the automobile business gen
erally was In a healthy condition, with a
good outlook for fall business. The
Street accepted the atatements aa an In
dication that the slump In the automobile
bualness had been more than discounted
and the shorta In that clasa of atocks
found offerings acarce when they began
to cover. The augar companies must ad
Just their Inventories to a still lower
basis as a result of price tendencies of
raw and refined sugars and the reduc
tions In shipping rates were not favor
able to a covering movement In marines.
Equipments such ns Baldwin nnd Car
and Foundry, oils such ns Mexican Pe
troleum and Royal Dutch and all the
steels responded briskly to short cover
ing. Call money loaned at 7 per cent, all
day and again time money quotations
were purely nominal. Those who pin
their faith on an Immediate relaxation
of the tight credit situation will be dis
appointed by the views of the National
liank of Commerce In New York, whose
president is a director of the Federal
Reserve Rank of New York. Theae ex
pressions of opinion which follow coin
cide with Information, obtained from
other Important Wall Street banks:
'The gradual improvement of transpor
tation which has been effected during
recent weeks has permitted a somewhat
more rapid movement of grain than had
been anticipated. Conseouently the
holdover from the preceding year has In
good measure been cared for and the
j new crop moving season has begun on
EKjcouuie ana L.nuer mere lavoraoie con
ditions than seemed possible a month
go. It Is reported from some sections
of the middle West that hank loans to
finance the actual harvesting of crops
are being- reduced on an earlier date
than Is usually the case. While the
credit requirements of the new move
ment will not reach maximum volume
for some time to come, and while easier
credit cannot be expected until the pcan
of the movement has passed, the situa
tion has Improved sufficiently to make
reasonably clear that the autumn agri
cultural demands for credit will not bf
In excess of the ability of the hanks to
supply."
The question, therefore, before Wall
Street Is : "When will the peak of credit
requirements be passed?" The "earliest
date set by experts is about October 15.
but all of them agree that by November
1 the tide of rredlt will have turned
completely about. Although the Im
provement In transportation has pro
duced a comfortable feeling In hanking
circles regarding the outlook there Is
little evidence of fundamental change In
the credit situation, the releases In one
quarter being handed over to another to
meet Its Increasing requirements. Nev
ertheless bankers were quick to note
yesterday an improved demand for com
mercial paper, much bualness moving at
S per cent-
EFFECtl OF LOW STEELING.
' enia Uneconomical flaying; few
British, Say Banker.
K. It. Acheaon Khortla. vice-president
of the Guaranty Trust Company, In a
statement Issued yesterday, declared that
the prevailing discount on sterling ex
change offered to the United States an
"unexampled opportunity for the pur
chase of foreign aecurltlea.'. He did not
look on the present state of the pound
sterling aa an unmixed evil from the
rtritlsh point of view Inasmuch as It waa
an effective check on uneconomical buy
ing by the British.
I "Were shipments of great quantities of
gold possible, even If It were desirable,"
Mr. Hhortl said, "the decline In sterling
exchange would be arrested immediately,
but although lireat Krtttaln la not In a
position to liquidate her Indebtedness to
America In gold, ahe holds abundant
tangible asset, which America could
have to-day, as good In Intrinsic value as
the American securities which the Brit
leh people have already sold back."
85
61
50
88
J.K. Rice, Jr. &Co. Will Sell
1 00 Amer. Ha waiian S.S 71
25 Amer. Alliance Ins. . 285
50 Alliance Realty (5 86
50 Amer. Meter 87
100 Armstrong Cork.... 110
1 00 Child (Rest.) Pfd ...(g) 92'2
WLhilds (Kest.) Com ()
50 City Investing Com.
50E.W.BIiss Com.Rts
lOOMW.BIiss Pfd. Rts..
50 Franklin Ins
25 Fulton Trust 277
100 Goodyear T.R. Com. 1 1 1
100 Int. Cigar Machinery 35
100 Lehigh V.Coal Sales 83',
25 Nat. City Bk. Stock 369
25 Niagara Insurance . 1 29
100 Old Dominion S.S. M 110
; 1 00 Rolls-Royce Pfd.. . 75
I 50CitvofN.Y.Ins.BidWantrrl
50 East. Steel Com. Bid Wanted
50 East. Stl.lst Pf. Bid Wanted
25 N.Y.PlateGlass Ins.Bid Wd.
J.K.Rice, Jr. & Co,
w to 4010 John. M Wall fit., N, Y.
MONEY AND EXCHANGE.
CAM, MONRY.
Open 7 I I.ow 7
tllKli I Last 1
Year's hlsh 2S ! Year's low 0
CLEARINC, HOUSE STATEMENT.
Clearing House exchanges. ST01.5.M,1T9;
balances. T7.rjl.S07: ftuh-Traeaury rredlt
balances, ISW.147: Federal Reserve credit
balanee,$HT.2iKi.H4S.
CANADIAN EXCHANGE.
New York funis In Montreal, SI3S pre
mium per St.'XK); Montreal funds in New
York. 1 18.04 per 11,000.
SILVER MARKETS.
Official bar silver in New York: Domestic,
nfi':.c. per ounce, unchanged; foreign, Astyc.,
up He.: London, fld.a up Hd.; Mexican dol
lars, 75c., unchanged.
FOREIGN EXCHANGE.
GREAT BRITAIN. .
Yas-
Parlty. To-day. terday.
14 SODS Demand, sterling $S.M IsVNV
Cables, sterling VA
Ranker, so daya :
Rankers. M dart 3.5S 3.344
THE CONTINENT.
1B.30 France, cents a franc
IVmand 7.03 7.14
Cables 7.07 7.15
10.30 Belgium, cents a franc
Iietnnnd 7..19 7.07
Cables ., 7.00 7.68
19.30 Hwltierland, cents a franc
Demand 18.37 13.30
Cables 16.02 18.63
10.30 Italy, cents a lira
Demand 4.62 4.73
Cables 4.33 4.74
S3. 80 (lei many, centa a mark
Demand 1.97 2.07
Cables 1.98 2.08
26. km Sweden, centa a krone
Demand 20.35 20.5C
Cablea 20.43 SO.60
26.80 Norway, centa a Krone
Demand 14.73 14 90
Cablea 14.80 14.93
26.80 Denmark, centa a krone
Demand 14.75 14.90
Cables 14.80 14.93
19.30 c.reece, cents a drachma
Demand 11.23 11.40)
Cahl. i 11.33 11.60
19.30 Spain, centa a peseta
Demand 13.08 15.0T
Cables 13.10 15.12
40.20 Holland, cents a florin
Demand 32.62H 33.00
Cables . 32.73 33.12H
51.46 Russia, centa a ruble
100 rubles 1.30 1.48
510 rubles 1.40 1.6S
20.3 Austria, centa a crown
Demand 50 .54
Cablea 50 .30
20.26 Czecho-Slovakia. centa a krone
Demand 1.82 1.80
Cables 1.82 1.80
FAR EAST.
108.32 Shanghai, cents a tkel
D. mand 114.00 114.00
Cables H5.00 113.00
78.00 Hongkong, cents a dollar
Demand 81.50 81.30
Cable H2.00 82.00
82.41 Bombay, centa a rupee
Demand 38 50 36.50
Calit" 38.75 30.75
49.84 Yokohama, cents a yen
Demand 51.30 51 JM
Cables 51.73 51.73
SOtTTH AMERICA.
44 42 Rln de Janlero, Cents a mllrela
Demand 30.25 30.50
Cablea - S7'4 30.60
42.81 Buenoa Aires, ounts a peso
Demand 38.S3 38.35
Cablos 38.37H 38.S7M
103.42 ITruguay, centa a dollar
Demand 87.50 86.75
aj .waiinlW tim
TEUNK LINES INCUR DEFICIT.
Report Shortage of 1 .5.(1 1 ,:taM la
Jane Operation.
Wabhinoton, Aug. 19 Trunk line
railroad, of the United State Incurred
a deficit of $15,616,328 In their Juno
operations, according- to a preliminary
report Issued to-day by the Interstate
Crynmerce Commission. For six months
of 1920, Including .Tune, the Tepoprt fixed
net railway operating Income at 113,
664.120. against $134. 9.10. 90S In the cor
responding period at 1919.
Increased wag-e charges which the
ronds have been obligated to pay under
the recent decision of the Wage Hoard
were Included In a part nf the mileage
reported on, the Commlxslon said ; but
it had not been ascertained for all lines
A full report on the earnings deficit will
be made after all of the b irk payments
shall have been allowed for.
COLORADO FUEL REPORTS.
fthoTTa t Earning; of I ,r Kt.HMl
In Second 1S20 Quarter.
The report of the Colorado Fuel and
Iron Company for the Quarter ended on
June 30. made public yesterday, shows
net earning, after nil charges and taxes.
of $1,546,881, or $4.40 earned on Its com
mon stock, which contrasts with a sur
plus of $C27,1!4 earned In tho corre
sponding quarter of last year.
The gross receipts of the company for
the quarter ended on June 30 were $14.
2S9,3 against $10,529,414 and operat
ing expenses $12,109,074 against $9,
385,099, leaving net earnings from op
erations of $2,110,272 against $1.1 14, 315.
Its other Income totalled $128,120 and
deductions for Interest, taxep, sinking
fund, &c. $711,602.
CONSOLIDATED EXCHANGE.
More reasonable funds and continu
ance of reassuring advices from the
Polish front were chief Influences for
materially improved quotations during
veaf crda v'n trniUnc In the ftaauil Ma tttA
Stock Exchange. Their trend was defi- !
nitely upward from gong to goivg except j
for a brief midday drive against some
sugars. Gains In active Industrials
ranged from 2 to 5 points and in rails
averaged more than 1 per cent. Flna.
quotations were the best of the session.
SYNDICATE OFFERS
N. Y. CENTRAL BONDS
Morgan Group Underwrites
$28,000,000 Issue.
The New York Central Railroad Com
pany hits gold to a syndicate of bankers
composed of J. P. Morgan A Co., the
First National Bank, the National City
Company, tho Guaranty Trust Com
pany, the Bankers Trust Company and
Harris, Forbes c Co. an lasue of
$25,000,000 of ten year 7 per cent- col
lateral trust gold bonds, which are
being offered for sutMcrrptlon at 100 and
Interest, to yield 7 per cant The Under
writing price ts understood to have
been $7.
The bonds are secured by the deposit
of $25,000,000 of New York Central re
funding ami Improvement mortgage 6
per cent bnds, $3,750,000 par value of
Reading Company first preferred stock
and $6,500,000 par value of Reading
Company second, preferred stock. They
are redeemable at tho option of the
company In whole or In part at 105 and
Interest. The proceeds of the bonds are
to be used to retire $15,000,000 of one
year 6 per cent collateral trust notes
which n nn. i on September 15 and
$8,000,000 of hank loans. The balance
of the proceeds will be available for the
company's capital purposes.
Albert H. Harris, vice-president of
the New Tork Central. In a letter to the
bunkers, estimates that for 1921 the
company will receive not less than
$80,000,000 net Income as contrasted
with Its present fixed charges of less
than $48,000,000, Including Interest and
charges on this new Issue. During the
last four years, Mr. Harris said, the com
pany hud hail an annual balance for sur
plus, after all charges. Including rental,
Interest ore., an follows: 1916, $45,659,
217; 1917, $25,599,220; 1918, $24,464,
345. and 1919, $23,113,620.
"During 1918 and 1919." he added,
"tho railroad was operated by tho Fed
eral Railroad Administration, and the
above figures of Income avallablo for
charges for those two years represent
the compensation payable by the Gov
ernment for the use of the property,
together with the company's outside In
come. Although the net revenue derived
by the Government from the operation
of the New Tork Central Is not of direct
interest to Its security holders, never
theless It may be stated that sr.ch rev
enue, togethor with the company's out
Blde Income, exceeded tho company's
total rental and Interest charges by
$15,575,000 during 1919, at a time when
tho general showing of railroad rev
enues due to the Increases In wages and
general costs nA then compensated by
Increased rates was considerably less
favorable.
"The Interstate Commerce Commis
sion has Just granted substantial in
creases In rates, the so-called Eastern
roads, of which the New York Central
Is one being entitled to Increases run
ning at high as 40 per cent on freight
rates and as high as 20 per cent on
passenger rates. The factors Involved
are suhject to such varlatl m that It Is
Impossible to make an accurate estimate
of the results of the Increases of rates
on the New York Central earnings j but
it may be stated that on the basis of
the 1919 volume of traffic and after
allowing for Increases in wages and in
tbe cost of materials and supplies, such
rates are estimated to produce for the
year 1821 not leas than $80,000,000 net
Income (Including th. company's other
Income) aa contrasted with present
fixed charges of leas than $18,000,000,
Including Interest charges on this issue
of bonds."
1
COFFEE MARKET.
The coffee futures market was featured
yesterday by wild and wide fluctuations,
prices opening with a decline of 8 points
to an advanos of 2 points, then shooting
upward 40 to 65 points and then declin
ing as quickly to their last previous low,
which left sentiment very nervous and
unsettled.
The first sharp upward turn started
when December ndvaneod to 8.25, at
which stop loss orders were uncovered,
and before the advance had been checked
that delivery aold to 8.50, March to 9.05
and May to 9.20. Then trade Interests
started a selling movement which car
ried all active months off to the morn
InaT's low, that selling being due to pri
vate advices of a break In tho Santos
futures market and later by a special
official cable reporting a dccllno In San
tos of 125 to 275 rels.
The early morning cable reported a
decline In Rio of 550 rels, and although
probably it was discounted In Wednes
day's late trading It causey tired longs
to unload again yesterday morning.
I .ate In the day the market steadied a
little on good trade buying and Invest
ment demand on the theory that It had
been pretty well sold out and that all
weak longs had llquldnted. Final prices
were 4 to 13 points net higher.
Firm offers In the coat and freight
market were low, but no buslnes was
done.
The local spot demand continues quiet
qOKFKE MARKET.
Range of prleea VtTednei-
open. High, jnvi. Close, day.
7 :17-38 7.S8
. 7. SO 7.20 7. SO 7 37-38 7.38
7.58-59 7.53
7.70-KO 7.75
. 7.95 K M 7.95 8.10-11 7.98
. 8.16 I 10 8.16 H.2H-38 8.14
8.42-44 8.30
. 8.43 9.038.45 8.57-00 N.47
8.63-115 8.52
. 8.00 9.30 8.54 H.7U-71 8 .57
8.75-76 8.02
July 0.37 9.37 0.37 8.80-82 8.0a
COFFEE CABLES.
Rio uaa 550 rels lower for 7s, at 7$150.
Dollar rate 40 higher, at 4840. Exchange
Hd lower, at 13 17-32J. Receipts, 10,000
bags, and stock, 383,000 bags. Santos spots
not quoted. Futures unchanged to 335 reis
lower. Receipts, 47,000 bags, and stock,
1,801,000 bags.
Receipts at the porta were 57.000 bags,
against 36,000 last year and 31.000 two year
ago. Sao Paulo had 53,000, aralnat 29,000
and 33,000, and Jundiahy 3.1000, against
S3.000 and 26,000 bags, respectively.
Klne weather was reported In all districts
of Sao Paulo, with temperatures ranging
from 30 to 84 degrees.
Cleared frmn Santos. 37.500 bags for Ne
Yerk and from Victoria ti.OUO bags for New
Orleans.
liruztllan coffee statistics
Yester- Last
dav. Week.
9.570 7.043
1,179
10,749
083,883
105,917
848.800
1181. li
Visible upply....l.W2,000 1,354.531.1,498.700
lst year s viaioie. a, an, zx3 i.i;i,...- i,isv,ui
I Impress of Canada Launched.
Montreal, Que, Aug. 19. Tho Em
press of Canada, a twin screw passen
ger liner built for the Canadian Pacific
Ocean Services, Limited, which was
launched at the yards of the Kalrtleld
Shipbuilding and Engineering Company,
Limited. Govan. Scotland, on Tuesday,
will make a tour of the world on her
maiden voyage. She will start from
Liverpool on March 15.
August . .
September
October
November
i amber
January .
February
March ..
April ....
May
June
New York del Iv. ..
New Orleans dellv.
Total deliveries. . .
New York stock. .
N. Orleans stock..
Hiork at all ports.
Atleat
7.044
14.089
091,213
185.5.88
876.9.11 l.OOf
073.8OO 40
Last
M ' 1
10.875
35,570
30,445
6!I7.01
30.1.448
1 1
00
NEGOTIATIONS FOR
FRENCH LOAN BEGIN
Parmentier Discusses Plan
With Bankers.
Negotiations for a loan to tha French
Government of between $100,000,000 and
$160,000,000, th proceed! of which will
be used by the French to .usurt In tak
ing care of their half of the $500,000,000
Anglo-French loan rhlch maturea In
October, have been started with Amerl
ioii bankers by Jean V. Parmentier, Di
rector of the French Ministry of Finance.
Although those negotiations have not
gono very far. It was learned yester
day thut the French representative has
called on several bankers In New York
and has discussed with them the possi
bility of raisin a loan of that amount
Ic Is known that the French desire to
borrow the larger amount, if the Ameri
can bankera believe that so much can be
floated at thia time.
A credit of $40,000,000 has been pro
v't'cd by the French in this country, some
of It In exchange which that Government
has purchased and some of it In bonds
which It has bought In tho open mar
ket. If the bankers finally agree to ex
tend a loan of $160,000,000 to the French,
thus $190,000,000 will have been ar
ranged for, leaving a balance of $60.
000,000 to be provided. A portion of
that amount at least estimated at from
120 000,000 to $40,000,000, will be
shipped here In gold, from the Bank of
Prance. Consequently a small balance
to be provided for by the purchase of
additional exchange will remain.
As soon as the French emissary here
has received cable Instructions, which he
la daily expecting from his lovni
ment. negotiations ns to details of the
loan will be started. To date It has
been discussed only In a broad manner,
because Parmentier Is unable to maka
or receive any definite propositi until he
-vn thnu advices. That tho loan
will be between $100,000,000 and $150,
000,000 probably nearer the latter fig
urehowever, practically is assured.
The rate of Interest life of the bonds,
special features, such as exchange privi
leges, c. will be decided on after a defi
nite plan shall have been arranged
by Parmentier and the American group.
The bonds will be floated by a syndicate
headed by J. P. Morgan Co.. who were
at the head of the syndicate which han
dled the maturing Anglo-French loan.
FRANCE'S TRADE INCREASES.
Import and Kxport Show Gatna
for Seven Month of 1020.
Farib, Aug. 19. An official list of im-
. ., ,t ..vn..rt for the period from
January 1 to July II, "20. published
here to-day, shows increases oi ,,
S02.000 francs In Imports and 7,230,228.
000 francs In exports, compared with
those of the corresponding period of last
year.
imnnrti for the two periods, re
spectively, were 21.760,742,000 francs and
19 022.240,000, tne exporcs wem ij
spectlvely 12,006,630,000 and 4,776,402,-
000 francs.
GOSSIP OF WAIL STREET.
Kxporta From New York.
i.-ronrts from New Tork yesterday:
Wheat, 120.025 bushels; beef. 170 bar
rels ; lard, 2,050.440 pounds ; grease, ov,
000 pounds: flour, 12,396 sacks: bacon,
2 008.200 pounds; tallow, 80.000 pounds;
butter, 7,860 pounds; lubricating on,
34,000 gallons.
NEW YORK STOCK EXCHANGE QUOTATIONS.
THrnSDAY. AUGUST 19, 1320.
Day's sales
,-"lolnir..:Dlv.
Bid. I Ask. ;in 3.
1920.
$09,598
1919.
1,223.402
.T
Opn-7MlKh-(
'og. est.
17Wi
ISS'sllZ.,
24H
72,
3;a
lOOIAd Vance Humely
100 AJax Rubber
SOOjAllis Chalmers Mfg
400 Am Agrlc Chem
IIOOlAm Meet Sugar
200 1. m Bosch Magneto
1310!Am Can
lOOIAm Can pf
lOOOlAm Uar & Fdrv
100Am Cotton Oil
600.Am Druggist Syndicate . .
100 Am Kxpress
900 Am Hide A Leather
300!Am Hide & Leather pf...
100 Am lee
1200 Am International Corp...
IIOOlAm Linseed Co
900:Am Locomotive
100 Am Safety Raxor
lOOOiAm Ship & Commerce
200 Am Smelt & Ref
elOolAm Smelt & Ref pf
200Am Steel Foundries
1400 Am Sugar Ref
1300IAm Sumatra Tob
200 Am Tel 4 Tel
100 Am Tobacco
1110 Am Tobacco "B"
800 Am Woolen
100Am Woolen pf
4U0Am Writ 1'aper pf
4i0iAnaoonda Copper
700'Atch, Top & Santa Fe
2oO!Atch. Top & Santa Fe pf.
100 Atlantic fruit
ISOOiAtl. Gulf & W I S 8
30100 Baldwin Locomotive Wks.
100' Baldwin Locom Works pf
foioo H It Ohio
200 Baltimore & Ohio pf...
100 Farnsdall Corp "B"....
200' Barrett Co
50C0IBethlehem Motors
6000!Hethlehem Steel B
!0o Booth Fisheries
300 Butte Copper Zinc...
eOOjCaddo Cent 0 & K
lOt California Pack Co
lOOICallfornia Kitrol
1200;Canadlan Pacific
5O0Ccntral Leather
lOO.Cerro de Pasco Copper.
4600 Chandler Motors
lOOlChicago Great Western.
400 Chicago. Mil & St Paul.
600 Chicago, Mil ft 8t Paul pf
ICOiChlcago & Northw'n pr...
700!Chlcago, R I ft Pacific.
SlOlChi, R I ft Pac 6 p o pf. .
100 Chi, R I ft Pac 7 pi 0 pf . .
lOOlChilo Copper
100'Chino Copper
140oiCoa-Cola
600IColumbla One ft Electric
1800!Columbla Graiihophone ..
100 Columbia Graphophone pfi
zooiComp Tab Kecoro.
200Consolldatcd Gas
100 Con Interstate Cal Mln..
1600!Consolidated Textile
S500jCorn Products Ref
lOOlCorn Products Ref pf . . . .
100Cosden ft Co
2600Cruclble Steel Co
2300'Cuban Amer Sugar
lOOjCuban Amer Sugar pf
2200 1 Cuba Cane Sugar
600'Cuba Cane Sugar pf
ion uei, Lack western
Denver ft Rio Grande pf.
Dome Mines
Eastman Kodak
Endlcott Johnson .......
Erie
800
400
5
200
500
2400iErle let nf
200IFamous Players-Lasky . .
200Famous Players-L pf....
300Fisk Rubber
300lFreeport Texas
200Oaston. W ft Wlgmore. . . .
10flOeneral Cigar Co
loo. General Cigar Co db pf . .
700 General Electric Co....'.
4400lGeneral Motor
lOOIGcneral Motor Corp deb. .
1200Ooodrlch (B F)
800 Great Northern pf
700 Great Northern Ore ctfs..
200 Green Cananea Cop
lOOIOnlf, Mobile ft North....
JOOjGulf, Mobile ft North pf . .
100 Gulf States Steel
700 Guantanamo Sugar
100'Hendee Mfg
SOOlHaskel ft Barker Car....
600Houeton Oil Co
200!llllnols Cent
800 Inspiration Con Copper...
100!lnterboro Con Corp
200jlnterboro Con Corp pf. ...
lOollnt Agrl Corp
lOollnt Harvester Co, new....
1000 Int Mer Marine
ISOO Int Mer Marine pf
400;Internat'l Motor Truck...
1500 International Nlokel
2ri00 Internatlon.il Paper
100 Internat'1 Paper pf stpd...
S500'lnvlnclb1e Oil
9 Island Oil & Trans Corp..
OOjKaniM City Southern.
92H
12
li (J
"4
.fi
1918.
179,821
-""srt
Change.
i i
2
"
4- Iti
M
H
w
lVi
Jj
214
8
2H
4
?
3
M
4
2
K
4- IS
14
'i
4-
Vt
4
M
Year to date .
-Clnsini;.--Dlv.
rid. I Auk. In 3.
4.:
1920.
144.016.983'4
106
74
23
16
121 M
65
$0H
129
04
19 Yt
70
155 4
1
118
39
6
24
43
2X14
73 4
6
554
71
104
35
93
71
32
49
738
44
14 4
3,
21 4
4T.
-
45
115
76
23
17
125
67
SOU
134
ily
21
736;
158Vi
19
12
39
64
43
29
744
i, .,
56
73
104
39
95
714
33
50
73U
44H,
16
1.20
u
1.60
4
3 '4 1404
it
t$
S2
Vq
40
19
28
3
36
394
12
60
26
16
93 4
111
68
38
93
14T4
R7'a
734
40
81
93
81
164
24
21
31
13
7
7
140
48
264
125
914
2714
660
660
105
33
70
9
48 4
39
34
61
104
274
1174
85
115
0
186
15
5,4
514
1 87
1107
60
63
65
154
$i
27
664
824
10$
47
17
II
7
5.20
1
S
174c
10
6
io
8
4
4
7
I
lOOIKanaaj City Southern pf..
lOOlKayaer CI) & Co 1st pf...
600 'Kelly Springfield Tire
600'Kennecott Copper
1000'Kcyrtone Tire ft Rubber. .
lOOiKresge Co (S S)
100Lackawanna Steel Co....
8400 Loews, Inc
100 Lorillard (P) Tobacco...
2(10! Maxwell Motor
100'Maxwell Motor 1st pf . . . .
lOOIJIays Dept Stores
TIOQlHexlcan Petroleum
lOOIMtami Copper
4100 Middle States Oil
2600;Mldvale Steel ft Ord
200 Missouri, Kan ft Tex....
600lMlssouri Pacific
1200 Missouri Pacific pf
aooiMont. Ward ft Co
1100 Nat Aniline ft Chem
200 1 Nat Conduit A Cable
100 Nat Enam ft Stamp
200'NatlonaI Lead Co
400 Nevada Con Copper
200lNew Orl, Tex ft Mex
200lNew York Air Brake
16O0INew York Central
3800New Tork. New H 4 H.. .
100 North Am Co
r.ooiNorthem Paclfio
100 Nova Scotia S as C
200 Nunnally ft Co
900IOk!r.homa Prod ft Ref
200 1 Otis Steal .
300 Owens Bottle Co
88001 Pan Am Petrol ft T.
lO.liVPan Am Petrol 4TB
65jPan Am Petrol 4TB...
SOOIPennsylvanla R R
800lPenn Seaboard Steel
200!People-s Gas, Chicago....
3001 Pere Marquette
200Phlladelphia Co
600 1 Phillips Petroleum
40001 fierce Arrow Motor
50flPierco Oil Corp
1500Pitt.-burg Coal of Pa
40011'ittsburg ft West Va
100 Pond Creek Coal
100!Pressed Stee! Car
200! Pullman Co
6100iPunta Allegre Sugar.....
400! Pure Oil
lOOIRallwav Steel Spring
100 1 Ray Consol Copper
4400!Readlng
1800Reploglo Steel
100 Republic Motor Truck
1500 Republic Iron ft Steel
100 Republic Iron ft Steel pf.
9100'Royal Dutch Co, NT...
500ISt Joseph Lead
400 St Louis ft San Fran
200 St Louis Swn
800 St Louis Swn pf
800ISanta Cecilia Sugar
1000Saxon Motor
lOOISeaboard Air Line
SOO'Se.ars Roebuck Co
2600'Shell Trans ft Trading..
8500'S!nclalr Consol Oil
400lS!ois-Sheffleld S 4 I
900iSouth P R Sugar
1900lSouthern Pacific
ISOO.Southern Railway
11 Standard Oil of N J
7 'Standard Oil of N J
200lStandard Oil of N J pf . .
lOOStewart Warner Speed..
SSOO'Stromberg Carburetor....
7500lStudehaker Corp
lOOlTenn Cop ft Chem
11700 Texas Co
1200!Texas Pac Coal 4 Oil
eOOlTexas ft Pacific
1700ITobacco Products
1200ITranscontlnental OH ....
900!Unlon Oil
1600lUnlon Pacific
1001 Union Pacific pf
lOOIUnlted Drug Co
200TJnlted Dvewood
700:Unlted Fruit Company...
lOOIUnlted Ry Investment pf.
0600! United Retail Stores
1600IU S Food Prod Corp
1100IU S Ind Alcohol
8200 U S Rubber
7O0IU S Smelting. R 4 M. ...
16800!IT 8 Steel
600IU 8 Steel pf
300! Utah Copper
JlOO Vanadlum Corp
lOOIVa-Carollna Chem
400'Vlvaudou V
400! Wabash
400IWabash pf A
200!Westrn Pacific
lOO'Western Pacific pf
600Westem Union Tel
lOOiWestlnghouse Air Brake. .
900 Westlnghouse E ft M
lOlWest'house E 4 M 1st pf.
10!Whlte Motor
200Wlckwlre Spen SteeL
600Wlllys Overland
800Wilson 4 Co
(Opening.
814
92 4
484
26
62qu
125
40
17 4
274
23
33
35
39
12
60 4
2"
14 4
if a
1104
67
11
92
14
73
384
81
90
81
18
24
204
$04
11
6
158
48
26
62
118
91
27 ,
647
647
1054
32
70
62
9
46
38
334
61
10
27
117
64
106
56
186
15
574
82
84
61
F7H
106 4
It
67
634
15
7
234
254
65
824
103
46
46
27
141 1
63 j 634
Odd lots.
NOTE Odd lot transactions are not recorded in separata Una
wf aaada at price outside of th regular fan lot range.
1919.
193.717.730 85
Blah- I Vow-1 Clos- 1
est, j est. I tng.
4441 434 434
112
74
23
17
122
66 4
204
130
114
20 4
704
156i
18
12
39
6Vi
25
434
28
75
6
564
724
104
86
93
714
33
60
734
43
15
774
76
1918.
.774.116
.Net
Change.
647
1054
S3
704
624
9
40
89
84
61
10
27
1174
64
1094J109 1109
: ft
185 , !l864
6441 644
16
5 3 4
ft
16
53
4- 8?i
4- g
4-
H
Y
4- 4
4- $
4-"
'"
4- i
4-
4- 2
4-'i'4
4- 1
'i
4-1
Stock. Rally Sharply.
A sharp upturn In practically the en
tire list of stocka yeaterday suddenly
changed the movement from downward
to upward and prices gathered momen
tum aa they went along. At the mar
ket's oloso galas of fractions to 4 points
or ao were recorded all along the line.
Buslneaa continued much restricted and
the general belief waa that short cover
ing had been responsible for the upturn.
Stocks which have been hit the heaviest
in recant declines quickly responded to
the Invigorating touch of buying orders,
and In several cases so small wus the
floating supply which prospective pur
chasers encountured that they were
obliged to bid for them. The week end
bank statement and the response to It
of the market on Monday aro being an
ticipated with particular Interest by the
Street aa the answer to tho question as
to whether yesterday's turn waa entirely
on short covering or whether the do
ollna had run its course.
alias aalea
Chandler Motor.
F. C. Chandler, president of the
Chandler Motor Car Company. Issued
yesterday an optimistic statement In
connection with the declaration of the
regular quarterly dividend of $2.60 per
share on Its stock. Mr. Chandler ex
pressed the opinion that the $10 rate,
now applicable to tho increased amount
of stock, could be maintained. "Our
July earnings were $1,198,000," he said,
"and our seven months' earnings fboth
figures before taxes) were $6,414,000,
which compares with $5,621,000 for the
entire year 1919. We have on hand
cash and Government securities of
$4,500,000 and have no banking or other
Indebtedness except current bills ren
dered since August 1. We should earn
this year In excess of $10,000,000, which
Is $36 a share on our capital stock. The
automobile bualness generally Is In a
very healthy condition. Up to very re
cently sales have been largely In excess
of production, but there Is, of course,
less money belns spent for automobiles,
Just the same as for practically every
i ther line of merchandise. I believe that
we arc Kolng to have a very good fall busi
ness, for there are a lot of poople who
might have bought cara In the last
couple of months that have not done so,
and a great many will undoubtedly buy
during the next three or four months.
Chandler will complete Its shipping
schedule as planned at the first of the
year and ehlp a total of around 29,000
to 30,000 cars, as against 18,476 lost
year."
Motor Stocka.
So much unfavorable news ha been
printed about the motor Industry, much
of It bear propaganda, within the last
few months that friends of the motor
stocks seised the opportunity presented
by the favorable Chandler statement to
give the stocks of this class an upward
whirl yesterday. The bearish clique
found an exceptionally small floating
supply, and in climbing for stocks of
which they were short naturally bid the
nrlee nr. on themselves. Chandler 11(1-
anced 4 4 points, Studebaker 34 Points,
while others or the group went torwara
fractionally. Incidentally, tho action of
llethlehem Motors, bv its very weakness,
attracted attention to It. That stock
whleh touched a hiaih of 32U, this year.
has had Its selling prlcu more than
halved in recent declines. It is quoted
at $11 a share, and displayed no firmness
j a tarda? when other stocks ot rts group
were strong.
Existing low prices for
sound railroad bonds do
not reflect upon their securi
ty, but are mainly due to
present high interest rates.
As interest rates decline
bond prices should advance.
We1 therefore recommend
the purchase of long term
bonds in order that prevail
ing high returns may be
obtained over a long period.
Suggestion! upon Refuett.
Members New Tork and Flttiburih
Stock KxchangM
33 Pine St. New York
Union Arcade Bid - Pittsburgh
JIIIIIIIMIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIU:
Our New Booklet
entitled
The
SPARK
in the
TRANSPORTATION
PROBLEM
will be sent upon
request
Eastman.DUIon & Co.
fmter
A'w York Stock Exchange
INVESTMENT BANKERS
71 Broadway
New York
noyal Dutch Bnya Monitor.
The main drawback that Royal Dutch
has encountered In the Venezuela .oil
fields has been lack of tonnage to trans
port oil. When the British Government
recently offered for sale several monitors
used In the war officials of the Royal
Dutch Company looked them over, do
elded that they could be used for tank
ships after minor changes and purchased
the lot. Sir Marcus Samuel, chairman
of the Shell Transport and Trading Com
pany, the transportation subsidiary of
the Royal Dutch group, made this
statement in connection with the ven
ture: "We have purchased from the
British Government a number of moni
tors, and under the skilful handling of
our marine superintendent these useful
ships of lUtht draft have been converted
Into tankers and will be used to convey
Oil from Maracalbo to the refinery at
Curacao. It is anticipated that we shall
on delivery of the whole of the craft
purchased enable Venezuela to take its
place among tho large oil producing
areas of the world, and I believe It will
prove a prolific field.
a 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 f 1 1 1 1 1 1 ( 1 1 1 1 1 1 M 1 1 1 1 1 1 i 1 1'
Chicago View of Credit.
This wire was received yesterday by
a large wire house from F. W. Thomas
Of A. O. Slaughter & Co. of Chicago,
snu probably represents the consensus
of banking opinion in that city: "There
Is a feeling here among bankers that the
peak of credit expansion has been
leached and predictions art freely made
that by November 1 money will be de
cidedly easier. The country banks In
the middle West are buying considera
ble commercial paper, and no distinction
is made as to maturity. Four and six
months dates are taken freely ; in fact,
the longer dates seem to be preferred."
Telephone Financing; Pendlnsr.
Wall Street ts beginning to hear again
persistent rumors that the American
Telephone and Telegraph Company Is
flannlng to do some very big financing
In the near future. The company has,
to the story goes, an exceedingly large
floating debt which It will seek to fund,
and some estimates of the amount of
financing which it will have to do run
as high as $75,000,000. The stock's ac
tion In the stock market Is no evidence
of what may or may not be doing along
those lines, because It has been one of
the most consistent performers of the
year, moving slowly and quietly within
a narrow range. The company does
yearly some financing In the autumn,
in some quarters It Is Insisted that this
year's borrowing will be far In excess
of what is done every fall.
General
Baking Co.
Common
Bough t Sold Quoted
Coggeshall & Hicks
Memoeri New York Slock Exchange
128 Broadway, 203 West 79th St.
New York
Increased Commission Approved. '
Members of the New Tork Stock Ex
chage by a vote of 245 to 5 have ap
proved the Increase In bond commls
pon3 proposed by Its governors. Under
the new schedule the commission on
purchases and sales of railroad, public
utility and Industrial bonds will be In
creased from $12.50 a $10,000 of par valuo
to $15 and the commission on Cnltcd
States Government securities ts estab
lished at $6.25 a $10,000 of par value. At
present no commission Is charged for j
executing orders In Government issues, i
When May
"Normal Money
Rates'
be Anticipated?
The fiexibffhy of our banking
system may be relied upon to
preserve an adequate supply of
money except under unusual con
ditions such as now exist.
Current news indicates a nation
wide cessation of the period of
extravagance and high prices
which should result in healthy
readjustment.
Seasoned long term bonds,
always safe, are believed to be on
the threshold of an upward
swing.
Send for our recommenda
tion ot conservative lasue
which we belleie should
show prom for their pur
chasers during th. next f.w
yean.
BLODOETT
HART S'CQ!fi
US Broadway. New York
134 So. La Salle St. OS Devonshire St
Chicago . Boston
74 Elllrott Sq. 246 Oeneses St.
Buffalo Utlca
Direct Private Wire
1
t'nltcd Pnperboard.
Directors of the United Pnperboard
Company will recommend to its stock
holders in their r.xt annual meeting
tV retirement of $1,000,000 of Its pre
fer! ed stock, cancelling the stock that
has been purchased under sinking fund
requirements. Retirement of the total
of $1,000,000 would leave $1,500,000 of the
Issue outstanding. The company's di
rectors declared yesterday a dividend
of 2 per cent, on Its common stock.
Its earnings for the year ended on May
29 are placed at $4o,633, against $94,61$
during the last preceding corresponding
period. The company's surplus, after
dividends, Is placed at $561,741, against
$1,684 for the last previous correspond
ing period. The sum of $500,000 was sat
aside for depreciation, against a reser
vation of $300,000 for that charge In the
last preceding corresponding period.
Manhattan Llec. Sup.PW.
Borden Co. Common
Westchester Fire Ins.
McCLURE, JONES & REED
Membere Neva York Sloefc Exchange
11S Broadwaj. Phone .1331 Rertf
8 Pfd". Stock
Pries Par and
accrued dividends
Merrill,
Lynch
& Co. Cwnaw A rt
120 Broadway. N.Y.
Vemitn Net York Stock Exdanft
Castom Report.
Receipt for duties at the Custom House
yesterday were $S50,390.2. of which
$151,627.86 was for merchandise with
drawn from bonded warehouses and
$698,763.4$ for recent Importations.
Mark A. Noble
Theodora C. Coral"
NOBLE & CORWIN
ts Bread St. Jfew rera
Chase National Babcock & Wilcox
Nat'lParkBk. Intem'ISilverPfd
Taleslne 1111 Broad