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THE SUN AND NEW YORKHERALD, MONDAY, SEPTEMBER 20920. 14 Securities for Investment LUli on Rtquttt, Unlisted Securities Department rrivnto Wires to Philadelphia. GEO. A. HDHN & SONS fWtw York Stock Richtni .. k...J milantlphla ftlxk Kirlianft Mtrosrt Chicago fllotk r.schant. INsv vorK goutn Kicnanct 111 Brdvf7 Now York 1418 Walnut St. Philadelphia FINANCIAL NEWS AND COMMENT "Wall Street Explosion, Its Ef fect on Sentiment nml Its Lessons, MONEY SLIGHTLY EASIER ennvaaaeil earafulljr by aiecutlvea of commanding; ability, Immsnie Investment ere belnir mado Inbulbllna undertakings In the prlnclpnl cltlM. Tho ahortaga a to great m to call for enormoua awei-ato Investments and In varloua communllHa tno problem li bln aolv1 by community building projecta, conducted by heavily capl tallied corporation, headed by public eplrlttd bualneaa men and capltalliti. lleports from the large cltl show some fains during August, although tho total movement waa hampered by money mar let condition! and difficulty of enjnglng labdr, It la Apparent, however, that In vestments of that typo will rtqulre much capital formerly In railroad and In duatrUJ aecurlllea. That situation la very Interesting and meant that tho country la going to have a heavy In create In bulldlng.loans to provlda for, with varlouii efforts to Interett email Investors. The significance of that movemont It that tho need l virtually natlonwldo and thut local capital In varlout communltlea la likely to bo called on to tupport realty operatlont on an unprecedented Kale, Notwithstanding public obtorptton of railroad securities and much broader demund for certain Issuo, the uvurege price of twenty railroad bond lent week waa only 170.94, aialnet I00.lt n month ago and 171.10 a yeurr ago, Hhortly be foro tho outbreak of the wnr tha aver age quotation for thoeo bonda "woe 1 TC. A compaiiaon of railroad haro prices dlecloret about the tamo condi tion!, the preient average ot twenty popular atookt allowing IT7.BJ, against I73.lt n month ago, tTMl'a year a so. and 10l,it In 1913, Thwo comparisons Indicate plainly that the teaioned rail road sliaros atlll are telling much be- inirelt. notwlthttand- Ing benenta accruing to road, from the transportation act of 1!0 largely Increased earnlnga wh'ch will result from higher freight nnd paaten ger -rati . Thero It, therefore, abundant reason for broader publlo Interest In railroad tecurltlea In gura nnd 'for certain Issues In particular, Tho In vetting publlo ncaicely hat begun to rtallto henefitt awmlng to roads from legislation enaote4 b the last Congress and which made possible the h ghly con Mructlve action taken b the Jntentaio Commerce Commission. Piihlic Absorption of Issues of High (Irndo and Probnblo Ilcncfitfl From It. NEW DESCRIPTIVE BOOKLET 18th Edition Revised to Date STANDARD 0 I L ISSUES Mailed Free Upon Ucqucst Tali booklet contain! all the 1919 financial rtatementi of the Standard Oil companies itiued to date, to gether with other Important in formation and a comprehensive re view of the general oil situation. CARL H.PFORZHEIM ER&'COfl Dealer in Standard Oil Securities 25 Droid St. Phones Braid 4K0-1. TOTAL, TRANSACTIONS tN THE NEW YORK STOCK EXCHANGE WEEK ENDED HElTKJIHEIt J, 1920. li:0. flalea for week 3,111, 50 JUrti.lCiOi Listed and Unlisted Securities Youi Inquiry Inrtttd oa suir securWti f. Caracas Central Afjulrr Fnjnrdo Federal Godchauz Hofly National New Niquero Bavannah OCCUT OLD QUOTRD. LimborafOi TeLEDOt. 31V ' UBMBMM It. X. fracfc Br. S. t. Prate. A. ft.T. Cclto Km. ChU. Bo. 7i N. f. CofM and JW Jta,, Im 14oh Pni. CleoTMj Ilo$. Lit. W.F.Ladd&Co. Investment 4 , Securities 'New York Liberty Bonds Bought Sold Quoted John Muir& 0. iimito New York Jr Est&c 1 Brot.dwoy Now York llllh. Ti ll 10V a J61 K RJ.ReynoldsTob. Com. Cla3s "A" & "B" JK.Rke9Jr.&Co. riionn 4000 to 1010 John. 31 Wall fit., JC. T. li r vii.t,usf jcstuii uoins, Tliero wat marked expansion of pub Ho Interett In the tccurlty market last week up to the time that the com munity wa horrified by Thurtnlay'a daatardly bomb outrage. It cnuaed great confusion and emphasised aa nothing else hat (he dangrra of loom thinking, violent apeecli nnd constant appeali to class prejudice, flearcely 1M feet from the spot where the explosion occurred radial agitator of the aonp box variety for yearn past hare ad dressed largo audUncet at noon on the ovlla of thrt prnrnt order of thlngt. They h.ivo bern laughfd nt and hooted, but thn tlradcd liuvo been kept up day aftitr day, not only at Wall and Ilroad atreett, but at thirty or forty other location on Manhattan laland. The pollco havi not Interfered, The city nu thorltlea have Itaued permit for the alreet mrctltk'" and the apottlea of anarchy "liavo dona everything ponalblo to atlr up atrlfo and Inflame tho popu lace. Another .Nnllunnl Nritlerl. It It another Inttanre of our national neglect nnd easy toleration of tne enemy within our gates, The Khastly tragedy may nroure u to tho necetslty of combating such propaganda work by educating tho nlleim nnd trachltiK thm what Americanism really mean. It Is too early to estlmato the ultimate ef fect ot the OlstresNlng occurrence on sentiment or discuss the conseguenco on tlio Invettmtnt markets. It will nnke ut take note, however, of tome evlla growing out of the war and cnuae so ciety to purso It'elf of those elonu-nta which, If not restricted, will toon mnko tho United States Into another Jttusla. Tho nntlon Is nrouned to that dnnger and there can be no iioum mat our toleration of tho parlor llolshevltta nnd tho ladylike treatment of nnarchlsla will bo abandoned. Tlio country la mak lnc good progress, the Constitution lint not been dynamited and recent event have made the people gtvo mot terloua thought to the trcroendoua lusues at ttako In thlt Presidential campalcn. Inveatmeut Ileenvcry. Tha nuloundlng eucceiw of the French Oovernment't 1100.000.000 loan, which was distributed among 30.000 Inventor, the cavs with which the binkt financed tha heavy engagement! of tho Clov ernmnt tax settlement on Thurnilay nnd tho heavy aubtcrlpllona for ttm nw Iwuea or Treasury ccriuuaun ol inwm- ,3l. nnt oilier larcn naymentn hav f... mnda for Increased optimism In financing 45 clrclcn. Tlio broad demand for tho ntw,i:9 French bonds rellected a bona tidi ex- panslon of Investment Interest and the wllllnRnefs of shrewd buyers to takn on long term londs nt proeent price. That attitude contranta sharply with the In difference of tho last month ami. em phasUft the change that It taking placo In tho attitude of tho public toward tho security market In general. The greater Interest shown la prompted no doubt by recognition that tho uninvested dollar it more coatly'than over In theae day) of a 7 or S per cent. Income return. Such an Investment yield la abnormal nnd cannot bo continued Indefinitely with basic con ditions Improving nnd tho money market developing greater eaae. A (o Kmler atunry. Iteally easy money cannot bo looked for before the turn of tho year or until the lienvy January mnturlttcn have been provided for. Hut tlio one thing certain la that tho Federal rea-rvo system Is functioning strungly, that the heavy do mnndt of tha autumn money market ro being provided for, and that fully 11,000, 000,000 which a year ago waa tUtd up In Wall Street loans la being used to flnanco production. Tho crop movement is proceeding sat Itfactorlly, thanks to the asslManco fur nished by the reserve banks of Boston and Ovelnnd, which have mad large advances to other reserve bankn In the East nnd West, nnd which means thnt tlio credit released by thn shutting down of textile plants In New England nnd elsowhere Is being shifted to sections In which business U active nnd harvesting Is In full swing, which denotes financial team work of a high order nnd shows skilful management of the roscrvo board In apportioning credit where It will do tho most good In promoting buHlneu, cutting down llllng costs and mnklm; transacting business loss burdensome. Financing llecorrry. In illectirc In? this phnso of tho money ituatlon, W. I". O. Harding, Governor of lOvr, J 5 .oiM .1 M HJ is 3 KB S7 HIV. Yield 9,21 IMt T7Tv7 in i nalra.l 1U. -1.843,853 i Kt"" llllh.l liw.l Uit. I Chte, 1919, 8,867,401 to 90 101 im; ink 116W 105 It 15H 17J uou 144 61 06 S3 'J? C1U su S2 95H UK lf. it 70 U 70U 33 N SOOIAdnma Express 000 Advance Hurnily ., 600 Advanco ltumely pf ex d, 100 Aiax nubbtr (00 Alaska Oolil M too Alaska Juneau O M 100 All America Cablet ,. ::00Allled Chem A Dye w I,. mu Aiuru 1. 11 em k uo jh... liOQIAUIs Chalmert Mfg lOOiAllla Chalmert Mfg pf,,, oo Am Agrio Chem.. ....... lOOlAm Agrlo chem pf 200IAm Hink Note.,,, IdOO Am Hect Buear. 1200,Am Ilotch Jlsgneto lOOjAm Iirnke Khoa & Kdy.., 400iAm llrako Hhoe & Kdy pf. HOOlAm Can nf ex dlv ' 2 62001Am Car ft Kdy cx dlv 130U. , 100, Am Car & foundry pf.,.. 109H , 1 ., Duu.in 1 ouon un...,, -u'j 0.M lOOJAm Cotton Oil pf 3 i WW. ,vv t.lHHII., WJI.UttMtH,. .V 700.Am i:xnres ,140 HOOlAm Hide A Jntlu-r 1 13U 6700Am Hide A leather pf. 7,9 11.43 9.23 .3I 4.92 1,61 .:s 10.63 7.40 7,01! 1:..! V 7 4 71 C 4 ( 1" 4 7 1! C.3! 7 7.60 4,36 9.7 10.62 10.00 79 10.00 4.2C S.Oi 0.2. (,1 10914 107 m; son 72 1 100 IS hi 60 112'.: 10T 74itll.ll' 106 10 1 K.24I I00l! 91.' K.flili 31 'lOHi :io 110: e.2& 7.63 .: s.06 0.22 lOOO'Am Ic I 38 .1. -i 0 '.4 1 114 1 I02W 11. 17 300. Am Irs nf JJCOOiAni Inter Corp ex dlv..., 1 200jAm Ln FranoM Fire Eng. 3 400(Am Unseed Co 7 100Am Linseed Co pf... J.,. 1000 Am ljcomotlve ex dlv,,, 7 100 Am liOcomotlve pf . .! 2:000Am Hafcty llaior . . 4100. Am Hhlp A Commerce.... 4 19300 Am rlmelt A Ilef 7 300lAm Kmelt ft Ilef pf...... 100 Am Kmelt Hec A fl CO Am Hmll Sm A 3l SlvO'Am Steel Fnundrle S1K 71 tCO'JiAm Sugar Hef...., 12 l 300'Am Sugar Ilef pf I07M 10 olOOIAm Sumatra Tobacoo....' 9ui ' 1 00 (A in Sumatra Tobacco pf .,1 t." s f,;oo Am Tf 1 a Tel .... loot. 1. .o-v ,1111 ivuarco 121 9450 Am Tobacco II 0 lOOIAm Tobacco pf new 7 1(200 Am Woolen X dlv 7 lOOIAm Woolen pf ..! 3100iAm Writ Paper pf .. :oo Am Zinc, 1. Hmvlt C ino Am .lnc, I, A Smelt pf... 4 1 113A0'Anicondn Copper . ! 300,Ann Arbor . ., 1100, Assets Iteulltatlon 4. 100AsocHted Dry (loods.... 1 100 Astit Dry Hoods 1st pf... ! SOtl AKKoelnted Oil Co....... Ul 7700' Ateh. Ton A KanlA !.'... lOOO'Atch. Top U 8 Ke nf C60Q Atlanta1, Illrm A AH.. 100 69H 86 . 79V 10 0.14 4.96' 7.56. 0.41 110.44 8.93j :. 9 3 1 C.90 S.20 7.94' 9.41' 7.41 3.71 9.12 7.84 10.53 0.08 19'1 7.14 lOOlAtlnntle 1'o.ki I.ln.i 400AtlaitlC Fruit 200 Atlantic llennlng pf... 15200Mt, Oulf A V I 8 8.... -OO AUttln .Nichols KSbt S4 79 I C4 Vj Si tho Fodernl Itcservo Board, told the Cleveland Chamber of Commerco lust weok thnt It "would be folly to Inflict serious Injury upon agriculture, com merco and Industry mcrply for the sake of maintaining an nrbltrhry minimum reserve, but It would bo still more con summate folly to treat a low reserve po sition, brought about by an emergency, ns a normal base from which future emergencies are to bo met." That Is tound reasoning from a high qunrter.md shows that credit supplies must lie ap portioned carefully until this high money year hns passed and gone. It menus also that In the ludgmen cf tho .board thero Is no. Immediate likelihood of general trade reacting sufficiently to release any jreat proportion of tho linmouse fund rf credit sngsg&l In business undertak ings, which la fortunato becau.-o should the deflationary process be speeded too fast our general trade position might li Imperilled, Increased railroad effi ciency, however, Is assisting tho bank poeltlon by enabling manufacturers nnd producers to ray off loans1 that had mmmmmmmmmmmmmmmmimmmmmmimm been lelt Standing during the long In- M! rtt... D fvTI .terval when railroad sidings and NQX I lty DanlC KlghtS switches wer congettod with thousands . x - t 1 n si ' rreignt curs wnicn could not be moved XrollLaCilCllDIflClL&Cal'in'll terminal yards had been elenrod. in tnnt manner nn immense volume ot 42 Bxtotul Street. 'KewTSwlJj ariixao trrrorr miLunisvit prrrsQUEoa Prtrolf Iflrct rnnn.rdiq 0(rr- credit, sorely noetled olsewhere, had been frozen fast to tho dctilmcrit of commer cial borrowers In all sections. Y Investment Suggestions . Gliddeh, Davidge & Co. .Members New Yorlt Block Cxclianxt. 20 Erotd St., New Yoik. UK ?95V1 1V7 III 56U. 73'? 8S 21 H 74 v; 10U 74 100 i.imi in 27S!4ill5W inn I ntej 49 84 Snatnlned ZmprOTetnent. The country It getting back to tha normal order of things, nnd -although 1 thero Is an excessive demand for credit I I accommodations most of the large In-1 1141 dustrlal corporations aro well fortified 93' 1 financially to meet, whatever tests nre 9 nhead. Large banking Interests are co operating with Important business lead- J, ors to, form hea.vlly capitalized trading gr companies to compete effectively for for- 27 I olgn trade. It Is rocognlzcd on all sides that this country must havo a larger ? 1 foreign trado to keep active the Immense Jji jproductlvo capacity added during the mi war. The probability Is that most of. 170' 1 inoso laciiuies win do t,eoaea oerore 1 'i I many months elapse. Important develop- 'J J . ments In that connection mar bo an- Mmibtrt Net York Stock Eztlianu 1 nounced any day, asjurrangements arol ?g? UI Druiwj rbBt 3321 BecUi In strong hands aiidoko field bos beta 1 71 Chevrolet Motor American Piano Com. National City Bank Rights ' McCLURE, JONES &REED .r,2! 4.71' 9.42' 7.C8 11.43 11.43 8.31 ft.06 4.21 s.r.i 9.21 8.41 20.00 7.0(1 9.64 S.78 9,09 4.S0 4.91 4.2 1 4.24 7.49 1S.6S 9.21 7.S4 8.70 4.00 , 1VM 114200'lialdwln Locomotive Wks!ll4 du,iuuiii.iiumoro umo, ; 41 y, 2600'Halltmor.i A Ohio pf ; 61 100'llarnadall Corp "A" 1 41 100 Harnsdall Corp "H" I 38 4200!llarrntt Co !lIR 400'Harrett Co pf I104H 3400.11ethlchem Motors 6 lOOlnethlehem Steel 1 72 8 300'Itcth chem Slt-ol S n e nf. 107 6, 60700'Ilethlfhtm Stfel It ex dlvj ... iTUOiiiootn KUheries .. 4700 Hrooklyn llapld Transit. .. 9300 llklyn It T ctfs of dep. .. 300llrooklyn t.'nlon Uns.,.. 4 200jlluffulg A 8uw pf Ctfri . 10' 1900 DuriiN Itros ..! lOOIIlutterlek Co tflOilluttf Copptr A Zinc... 300Hlutte ft Superior Cop... .. 10300'fnddo Cent. OA It 0; lOOIfallfornla 1'ack Co .. 4400Tnllforula Tetrol 71 nooiCnllfornln I'etrol pf 41 lOOfCnlumet A Arizona 10 177S0i('Hnadlan Pacific 7 200ir.iie, J I, Thres JI pf !.' maun ccnirni lA-auifr .. 7. coo Central Leatner pf 1 8' 50'Ctntrnl of New Jerrcy... 4 6100-Cerro dti Pnsco Cop 4 300 (Vrtaln-tred I' Corp ex dlvl 111; 4:,nui(-nan(iier Motors ... 4 30670'Ches.ipeake A Ohio.. 400IChlciiC3 L Alton.... . ' 100 Chicago & Alton nf IS lOO Chli. A E III Eq Tr clU.. l ..1 400 Chic A E 111 Pf Eo. T ctfs, 1 13 ..' 800 Chicago Ot Western ' 10S 2' nSt'OiCh'cago (It Western pf..1 IS ..: 18400'Chlcngo, Mil A St IUl...' 34 .. 19700lChlc. .Mil A St I'.tul pf...' RSi't 61 3400'Chlrago ft Northwester...' 7GI3 7 flOOiChlo A Northwestern pf..'10" Kl UOOK'hlcago Pneumatic Tool..' K ..' 21700IChlcngo, It I A Pacific. . 3S 6; MiOIChlc, It I A Pae 4 p 0 pf. esvj 71 1500 Chic. H I A Pac 7 p c pf. 79 6' 200'chlp. St P M A Omaha.. C4 4400IChlle Cooper 13'1 3000 Chlno Copper ex dlv 2100 Clov, C, C A St Imlo.. .. lOCIClev, C. C A Pt Luls pf.. Year f 1920 to Plato 166.741.173t; nfifio lYl'UiVn I.I Bale 1. 1119. 213,961.114 "1 61 i 93,487.61 TWt" fllUti.l .1123 V. Rgt! U'alher I 61 4 95 H r.'.i l US' 122 SS1J 8Mi 60S S2 94'. M 214 eov 464 3,i 1- 10 S.40 8.11 7.04 to.srs 9.37 0.O0 9.99 11.32 .1,03 5?1B 9.23 7.78 8.04 R.14I 4.05 8.0 S 41 8.76 10.48 S.06 8,84 11.74 1 72 10.53 9.23 1U B.6E 4.48 9.46 7.80 10.71 7.44 8.20 4.10 C.19 6.06 7.64 11.0' 5.81 345 9.33 iOOICIuctt. Poabody A Co 2300Coca-Cola 1200 Col Fuel A Iron 1850 Colorado A Southern... 2 J?0 Columbia O A Elec... 16300lColumbla Orsphophono 100(Comp Tab ltecord 4200ICnnrolldnted Cigar .... ltOOIConsolld.itFd Oas 3300 Con Interstate Cal M ox d ivi; Lun 1.11HI ui .itu...... 3900 Consolidated Textile : 600 Continental Cm , soo Continental Candy ... 13300 Corn Products Itef. .. 900 Corn Products Ilef pf. 10200 Cosden A Co 17100 Cruclbto Steel V 5rf ll! Co.. (jTUClblo Steel co pr. i.uri ubnn Am Sugar. Cuba Cane Sugar Cuba Can R pf ex dlv... Davidson Chemical . . . . . Dcaro & Co pf Delaware A Hudson Del, Lack A Western Denver AtTllo Orande.... "7000 Denver A nio Ornndo pf.. SOO Detroit United Ry ISOOlDonie Mines 100 Duluth, 8 S ft Atl 1000 Elk Horn Coal Corp 400 Kile Horn Conl Corp pf... 100 Emerson Brantlng 200 Endlcott Johnson 82S00IErlo 24900 Erlo 1st pf 8200 Erie 2d pf 200 Fairbanks Co 6400 Fam Players-L ex dlv... 1100 Famous Players-L pf.... 200 Federal. Mln A Smelt.... 1000 Federnl Mln ft Smelt pf.. 100 Fisher Rody Corp 8600 Flsk rtubher ex dlv 3600 Freeport Texsn 1200 Oaston W A Wlgmore... 100 Oen Am Tank Corp 464 Oencrnl Chemical Co.... 800 General Cigar Co 200 fienral Cigar Co pf 80n Oenernl Cigar Co deb pf . . 1900 Oenerftl Elpctrle Co 5S80O ricncral Motor 1O0 Oenernl Motor of 1200 flfnrnl Mnlnr Cnrn rl.h. . 600'O Motor Corp deb pf 7 p c ai'oiioonrien (11 p ) SOOinoodrlch (Ti F) pf...... 200IOranbv Consol MAS.... lioolflrny ft Davis saooirireat Northern nf 6300 Orent Northern Ore ctft.. 4200 fJrecne Canansa Cop SflfllrJi-nntonamo Suscar inolOult, Moblto A North..., 100 Oulf, Mobile A North pf.. JOOtflulf States Steel 1400iHablrfhsw Elc C iron 6600 1800 2500 lOSOOlHnuston Oil Co. lion 800 100 Hendoe Manufacturing .. Haskell A Barker Car. . . . Hupp Motor 1 Hydraulic Steel ex dlv... Illinois Cantrnl ird nhoma nt Indian Refining 4400llnsplratlon Con Copper.. 9900Interboro Con Corp 6800 intorboro Con Corp pf..i 70oiInt Aarl Corp 40OTnt Agrl Corn pf loomirt Harves Co new x-dlv 22 V, 66 V SOO 10800 6600 1600 300 7300 7800 300 700 100 Int Harvester Co pf new ini .Mrr .in: , 'nt Mr Marino of Inter Meter Truck Inter Motor Truck 2d pf.. In'ernnllonnl Nickel .... International Paper International Paper pf... Inter Timer of stnd International Bait i' it. 8,4 6,21 7.66 8,70 4.09 8,70 6,81 7.18 8,18 8,21 9,30 8.82 6.S2 9,48 6,72 9.91 16.47 11,11 8 10 7Oti;10.67 97 1 6,91 148 6,10 1 IJjllO.20 10t, 8,33 37V,'H, 00 Invincible Oil iron I'roducu corp..... Island Oil A Truns Corp Jewel Tea ,,,..,,.,.. ICana.ia CMv Southern... Knnsns City Southern pf, neiiy gpnngntiu riro,,, Kclsey Whsol Co Kcnnrcott Copper ox dlv. Keystone Tire A II ex dlv., Krrsgfl Cn 8 8,.... Lnchnwanmi Steel Co,,,, Ijvclcdn Oas of St L like Erie A Western... liVn I'!rlA A UV.tfern flf . . auoiue uuuuer a uro 107O0iI.olillfh Valley 1000 Liggett A Myers Tob,... 6iio;Liggvtt A Myers Tob pf II 14300II.oews lnc I 8100 Loft Ine 600lLooso Wiles Illscult ouu i.oriimni 11 ; 1011 " i 400iulvlllo ft Naahvlllo.,.!l03H 3V10U 900 1700b 3100 8200 1300 4600 100 1800 6S00 100 48001 100 600; 1900 400!Macltny Cos 100 Mackny Cos pr 200 Mnnitl Sugir 400l.Minhuinn Elev guar..., 700!Martln-lMrry Corp 3400iMaxwoll Motor 1300) Maxwell Motor ctfs KOOiMnxwidl Motor lit pf.... s' bun Mays uept Mores 7 50 Biys Dept Stores pf l2'iiotoui.Mpirnn reiroieum 21 2300. Miami Conner 1.60!ll6200 Mildle States Oil... 8.91 7.54! 12.4R '10,92. 1 I 7.84 0.61 3,43 14000Mldvnlo Stenl A Ord... 1700lMlnnon)iolls A St L new 3 V 'I 36 a; 21 S 291, 100 i 1 69 K I SI'f, 29 65 ii 5 '4 28 ti 137 4it; 65 78 61 1; U6S 47 1! t'4 I 431.4 36i 42 14 32 61 42W 44U 42Ti IOS'4 23 ft SO 27 V. U3'4 84 1131 81 124 1109 120 I CO CO't 36 4 I 49 7.31 10.00 8, 12.50 5.21 7.50 7.0S 6,34 19? 46 6.25i SOU 12.21 41 10.84' "li1), I 6.36. f.- 6.8 8 1 23 13.79 S.00 "I 106 Vjt SSi: 8.51 104SJI U.J S.J ' C.91 22S!l 131', S'fi M, 4615 60 94 I.Vl 106 ti 84 123S 2S 6.62 C,iK 4,231 4.32 4.00 32t4 33U 45 1.': 36 U L' I -dl'l , li 43 92 KB 14', S.1U 10U 1." 41 4Z 213 90 Vi 4K a; S2U losai 8S4 30 I IN 50 1601 lnKUoflU 105 I10OT4 51 H 20 'fr U8! 60 126 r,sy, lOlU' 92 20 1S CD 13 U 63 53,i 17U 34 034 106 110 127 35 125A 63" 224 ist; 29"4 78i 25H 55 U 78 si 1105; 14Si 110 H 10 47i 109 its; 12T 97 SOU 112 119 21 10 31 7C 12S 20Vi 32i 67 89 119 65 14 T4 300, Minn. St PASS M. JOrtlMlmi, St P ft S S M pf... 7800Mlssourl Knn A Tex 2100'Mlssourl, Kan A Tex pf.. 12100 MIWOWI Paclflo 860" Missouri PjcIIIo pf 1700 Mont, Ward A Co ICOOiMuUlns ll'dy 2700 National Acm Co 14400 National Anlllno A Chem. 230o:Nnt Anlllnu A Ch ex dlv. lOO'.Vntlnnnl Illscult Co pf... 3560iNntfoiinl Cloak A Suit.... lOOiNntlcnnl Clonk A Suit pf. 700l.'atlonal Conduit A Cable 6. lOOOINntlonal Enam A Stamp. 71 100'Nat Ennm A Stamp pf... 61 1100 Nnt'onnl Ixad Co 7j 100 National I-ad Co pf .1 ,, iviii .ni n u 01 .11 in.. 6.00 1 3200'NVvndn Con Cop ex-dlv. . 6000 New Or cans. Tex ft MCX. 0,54 ;y 17400N'(nv York Central 6500 New York. Ch a A St L... 4.88 2t 400 N Y. C A St I. 2d pf 9.90 2 SOOt.NVw York Dock . . . . 17300 New York, New II A Hart 4.55 1 BlOO'NVw York. Ontario A W 100 New York Statu Itys 600,Ncrfolk ft Wmtern 800'North American Co ex d. C600!Northrn Pncldo 200IOhlo nody A Plowcr Co.. OOOiOhlo Ful Supply 9100iOklahrma Prod A It ex d. 100'Ontnrlo Silver Mining,... 1800,'Orpheum Circuit cx dlv.. 20olot's Elevator 15Q0IOU Steel tflOIOwcns Dottl- Co KOOiPnclflc Development .... 900 Pnclllo Oas ft Electric.... S4400il'nruAm Petrol ft T ex d. 14700 Pan Am P & T 11 ex dlv.. itoo'i'flrrish a iimgnnm 100! Penney Co .1 C pf HflOOitVnns.vlvanln It II 3600' Penn Seaboard Steel..... 1000 People's Oas, Chicago.... 3001 Peoria A Eastern 126001 Pern Morouetto 300 1'ero Mnniuetto pf 91O0 Philadelphia Co, UOOlPhllllpa Petroledm 19100Pltrco Arrow Motor 200, Pierce Arrow Motor pf... 4200'Plcrco Oil Corp 60011'lerro Oil Corp pf 20200 1 Pittsburg Coal of Pa.... 1200lPlthurg Coal of Pa pf.. 8200i Pittsburg A West Va 200, Pittsburg A West Va pf.. lOOlPnnd Creek Conl S' 2200iPrrsefl Steel Cur 7! 300'Prersed Steel Car pf 81 UOOipullman Co 6' 7r.00 Fui.ta Allegro Sugar 4 4h00.Purc Oil 4 S8'U It Sec III Cent ctft.... S' 200rtaliwny Steel Rp tx dlv.. 7' SOOlltallway Steel Spring pf.. 1' 2000 Hay Consol Copper .... 1 llCIOu'lteactlnz 21 SHOO, Rending 1st pf 140o:itodlng 2d pf liMOiRemlncton Tynewrltor .. 9600 Replog'o Steel C1400:nemibile Motor Truck.. 6! 52500 Tlnpubllc Iron ft Sleel.. 7) 400'HcpubIlP Iron A Steel pf ..I 44iflobcrt Rnls 71 221 Robert Rcls pf cx dlv.. 20 22500' Hoyal Duteh Co N Y.. 1! 700 St .Toeosh Lend 15C00 St Ixiuls ft San Fran .. KOOlSt Louis ft San Fran pfl 2GG00'Kt lAmn t-outnwestem... lOOOOiSt I)uls Southwestern pf. 400'Santn Cecilia Sugar inoisavngo Arms corp 02 69 ID J 43 22 9 9 19 7S 102 1S8 I J 71 40', in 781 9"(i s.56 9.70 7.491 7.06j .1.16! 5.S0I S.33 7 12 7.03! 6.29' 10.0! .40 9.93 6.68 6.25 7.14 15.79 6.71 1.S6 11.94 6.35 10.78 7.78 10.13 11.06 6,68 2.35 10.57 7.14 7.061 0.30 s.ii 6.0s 10.16 5.76 4.30 3 12.60 9.S8 9.35 8.96 7.44 10.0 8.14 5.4 6.46 9.23 8.44 6.86 7.44 6.08 14.29 74c. 1400 400 1200 404 r.70fl 68300 Sinclair Consol Oil 4700 n.ixon .uuut Scnboard Air Line Seaboard Air Lino pf.... Ke.irn Roebuck Co Shell Trans A Trading... Sloss-Sheffleld S A 1... 4T200iSouthcrn P.icltlo 36900!Southcrn Railway 2100'Southern Railway pf. . ., 231IStandard Oil of N J Standard Oil of N J pf... Stand Oil of N J nart td. Stewart Warner Speed... Klromncrg carnurctor . . . Studcbaker Corp Studebakcr Com nf 2 17100Pupcrlor Oil 1300 superior steal corp 4200 Tcnn Cop A Chem SOlOOITexan Co ox dlv SSOOJToxna Pac Coal A OIL. 9400ITexaB A Pacific 2900 Third Avenue 3400 Times So Auto Supply... 8100 Tobacco Products 100 Tobacco Products pf 100 Tol. Ft L A W ctfs of dep 200 T. St L ft W pf ctfs of d. . 38800 Transcontinental Oil .... lOpiTrnnaue A Williams Stl.. 100 Twin City R T 100 t.'nderwood Typo pf 200 Union Rag A Papor 16400 Union Oil 18400 Union Paclflo 1500 Union Paclflo pf 1400 United Alloy Steel 4600 United Fruit Company... 7900 United Ry Investment . . 9000 United Ry Investment pfl zibuu united Ke1n.11 stores .... 100 U S CI Pipe A Fdy .. 700 U S C I Plpo ft Fdy pf . . 8300 U H Food Prod Corp.... 9100 U S Ind Alcohol .100 U 8 Realty A Imp 18612 U 8 Rubber 700 U S Rubber 1st pf 4300 II s Smelting R ft M.... 100 T S Smeltlna- 11 A M nf . . 144700IU S Steel 3100 II S Stcol pf 7400lUtnh Copper cx-dlv .... 200'Utah Soo Corp 84200IVanndlum Corp lOOIVa-Cnrollna Chem SOOlVn-Carollna Chem pf . . SOOIVa Iron Coal A Coke.... lOOOIVlvsudou V cx-dlv lsooiwaoasn IZ't 27i 49U 32 K 32 U. 34 Ji 81 S9 lus 3 1 "I I'll 60 92 76 102 6 15 25 ti 34 22, :aii 95?j 52 S0', 48 6 28 U nci ? 4S 32 46 95'i 8S 29 86 43 22 33S; 121i 38 39J 89 16 82 64 32 73W 174 97 99 114 79 40 64 91 192 15'i J6 ;,ii 60 5! 94 10 70H 89N t 30 78 92 6U 12 27"J 89 108 37 82 136 V, - ? 1 :" t1; 2 8 1 4- 4.. i3?i BROWN BROTHERS & CO. I Philadelphia ruutiLUj ins NEW VORK Boston Railroad Securities Lonrj Term Mortgages Short Term Notei Convertible Bonds Equipment Issues BROWN, SHIPLEY & COMPANY fonndrrt Court, lotbbury KtUblbhol IS 10 nffln tot TraTtlcn l fall Mali LONDON, fl, W 1 " 6 ? ti an S8ti 4. 69 15 82 U. 66 85 32 Pi ' H! 7100 Wabash pf A 800 Wabaah pf n 1400lWells Fargo Expres 2400Western Maryland .. 3200 Western Maryland 2d pf; 14200 Western Paclflo 6 00 Western Pacific pf cx-dlv boo western ur.lon Tel 200IWestlnEhous Air Tirnko. 8700WeatlnRhousa E & M. . 49 48 49 4.'il4 2400 Wheeling A Lake Erie.. 13 12 12T4 I .... 1 q.uu ,vn n .MmnF 13.11 4 2600Wlckwlro Spen Steel ... .. 1 12809 Willys Overland 9.26 6 1600Kvilson A Co ... .. SOO Wls-oneln Central 7.32 8 1200lWoolworth F W 9.23 6 4000 Worthlneton Pnmn ... 0.36 6 200Worthlngton Pump nf D Yields calculated on last prices. Odd lots. Note Odd lot transactions ,ro not recorded In m.irai iin unless tales were made nt prlco outside of tha regular lot range. 72: 97 2 63 659 105a; 105 34ft 77 .65 90 2oa .54 ioa; 53 430; .18 12 4S: 30 15 a1 109 a! 66 77 25 78W 93 10 70 Vi S6K 16J 42 31 Standard Bank of South Africa,! X T E ARE nt qll times very glnd to discuss South African nnd Australian trail e conditions avith exporters nnd Importers. Established 58 years 370 Branches and Agencies Resources $350,778,055 n WH. MACINTYRE, Agent 68 WALL STREET NEW YORK Stone & Webster 147 Milk Straat BOSTON INCOItrO RATED 120 Broadway NEW YORK 2 8 So. Dearborn St. CHICAGO EXAMINATIONS AND STUDIES dlndmirial and Public Service Propertlet REPORTS on Valuation and Operating Efllcienci T3 30 123 65; 1 mm mm JOHN L. MERRILL, Proa. Main Cable Orflce. 89 Broad 8trtt Telephone llroail 740 BRAZIL In 1919 vessels with a net ton nage of 952,989 cleared United States ports for Brazil and vessels with a net tonnage of 460,773 entered American porta from Brazil. ALL AMERICA CABLES havo afforded means of com munication that aids In the development of trade between the Americas. 400 cov- Want to know tho main facts? This book helps Condensed facts on about representative companies cring the salient feature! market records, dividends, finances, earnings, capitaliza tion, officers, companv history, etc. 272 pages, revised monthly. INVESTORS' POCKET MANUAL September issue now ready. Cr eli's en rtuutfer C-JJ7 R.H.MacMASTERS&GO. Mn&ff ConsoHialut Stetk Exch., ft. V. 82-84 Broad St. New York rbXU.MZ"1 tm f(rl Flvr CHICAGO MILWAUKEK Tide Water Oil Imperial Oil. Ltd. J5, ! Central Petroleum X 6h ! Magnolia Petroleum Mexican Seaboard Oil j. 1 1 hi Douglas Fenwick & Co. 34 W .11 St.. N. Y. Tel. John 3t0 Mark A. Nobis TticMor c. Cornln NOBLE & CORWIN S3 vioaa St. New York Nat. City Bank Stock & Rights Tcleiiliono lilt Uruad TOBEY & KIRK Hembcra N. y. RTOCK ItXCUANOB Unlisted Securities Merrill, Spicer Mfg. Co. Lynch 8 pfd. stock &C0. Circular A-Si 120 Broadway. N. Y. M(mttr) Nta York Stoci Exehrtit ii SINCLAIR CONS. The strides mndc by this organl tation in the past year has not been fully appreciated. SINCLAIR is now branching out as a world wide organization. Its growth and plans are fully de scribed In the current issue of the "FINM'CIAL FORECAST' which also reviews Vanadium Steel General Asphalt Araer. Inlcr'l Corp. Denver & Rio Grando United Railway Invest. In requeuing copits Aikfor circular No. U7 MS'WOLFESlCti , ESTABLISHED IS06 41 BROAD ST.. NEWTOIZK, Phone Utfeid S3 National City Bank STOCK RIGHTS CLINTON GILBERT 2wallSt,N.Y. TeL o Rscttr 11 Babcock & Wilcox American Book Singer Manufacturing FREDERIC H. HATCH & CO, 71 B'war, N.T. r.n. !! Tel. IleetorMW WIUB OONNKCTIONa , . Doston. Chicago. PhJa.. Moatroil. TOfWirt? fiends for livestneoi Harris, Forbes & Ci. flat Stmt, Cror WtHlaat JTEVf TORS Beau Site Pfd. Conley Tin Foil . LYON AND CO. 50 P'ne St, N. Y. Tel.JnSW of e. To n "It or rr an. bu, me of r