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The New York herald. [volume] (New York, N.Y.) 1920-1924, March 30, 1921, Image 12

Image and text provided by Library of Congress, Washington, DC

Persistent link: https://chroniclingamerica.loc.gov/lccn/sn83045774/1921-03-30/ed-1/seq-12/

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A High Grade
Electric Light
& Power Bond
Yielding 7.10%
25 year &% Sinking Fund
Gold Bonds. Due 1945
In $1,000 and $S00 denomi
nation*. Tlis Sinking Fund
payments, an agreed to In tha
contract for th!? loan, ara
?ufflclent to redaem the entlra
loan at or before maturity.
Price to yield about
8.10%
Ctreular on re^vtst for .\DSS0
The National City Company
Main Office: National City Bank Btdg.
Uptown Of flea: Fifth Ave. * 43rd St.
Kingdom of
Denmark
Northern States Power
First & Refunding
6s (/V4I)
Complete description on rtqmut
Bonbright & Company
Incorporated
28 Nanau Street, New York
Free from Federal Income
Tax
Rockingham
County, N. C.
Road & Bridge
6s
MATURING
March 1st, 1923-42
Price to yield 5%%
to 6% Basis.
Newberry, S. C.
Improvement
5>4s
MATURING
January 1st, 1931-51
Price to Yield 6% Basis
Descriptive circulars
on application.
Lawrence Chamberlain & Co.
Incorporated
One Fifteen Broadway
New York City
' j 'HE course of etents
* in the itorld of
fma nee and business is
prompting investors to
study with especial tart
the inirinsit talue of their
securities.
Our stati:iical depart
ment has fads and figures
totering practically efery
security with a market in
the United Slates.
H'rite to Department A
for Suftestirms.
Merrill,
Lynch
& Co.
Investment!
Commercial Paper
120 Broadway
New York
Members Neu Yor^ Stock Exchange
Amal. Leather
?Celluloid Rts.
Eastman Kodak
E. W. Bliss
Foundation Co.
|Gt. Atlantic & Pac. Tea Pf.
Kaufmann Dept. Strs.
N. Y. Motion Picture
Singer Manufacturing
Thompson-Starr ett
W. Virginia Pulp 65 Paper
Stone,Prosser& Doty
52 William St., N. Y. H.ro*?r 7733
FOR. SALE
100 Spieer Mfg. Pfd.
200 Court & Remxen Realty Co.
100 Inland Cryatal Salt Pfd.
WANTED
50 Public National Bank Rights
100 General Baking Com. & Pfd.
200 Conley Tin Foil
Dawson, Lyon & Co.
M Pin* St. N. T. Tel. Jotm 0*54
FINANCIAL HEWS
AND COMMENT
Stocks Advance on News of A
T. and T. Dividend?Rails
Are Strong.
Stocks advanced yesterday Just as
easily as they had declined on Monday,
aided by several constructive develop
ments of Importance In respect to the
speculative outlook. The decision of the
American Telephone and Telegraph Com
pany's directors to Increase Its dividend
from 8 to 9 per cent annually was en
tirely unexpected. The financial com
munity also was agreeably surprised to
learn that the Administration was tak
ing up the railroad problem with an
earnestness that indicated rapid consid
eration of present contentions of em
ployer and employee. Th? Washington j
despatches underscored the significant
point that high freight rates are found
to be undermining: business in industrial
sections, which was interpreted as lndi
eating that the task of reducing costa,
preliminary to lowering carrying charges,
would be aimed at in the coming confer
ences between Government officials on "he
railroad question. The upturn of stocks,
which presumably was again chiefly at
the expense of the short account, was
also furthered by the appearance of tlx?
able amounts of call money at 5% and
even 6 per oent The rate for loans on
the New York Stock Exchange, however,
continued tha regular performance of
opening at 6H per cent, and later -et
tlng down to 6 per cent.
Outside of the exceptional advance of
8^ points by American Telephone and
Telegraph there was little to distinguish
the strength of industrial and public
utility issues from the strength of the
rails. The sensitive charactor of the
market was amply emphasized through
the fact that prior to the development of
the upward swing there was In the
morning a renewal of bearish effort to
get prices down. Tills met with con
siderable success for a time and clearly
made more forcoful the recovery once It
had got under way. In the final ar
ray of prices gains of 1*6 to more than
2 points were recorded by Baldwin, Bal
timore and Ohio, Chicago and Northwest
ern, Crucible Steel, MoxJcan Petroleum,
Reading, Union Pacific and a number of
others. Realizing sales In the lost half
hour had slight effect on the price tone,
which was strong to the end.
The rise of the telephone company's
dividend is certain to come in for at
tack in some quarters, but the purpose
of its directors' action cannot help bus
receive support in financial circles. That
the company could have paid mort, than
8 per cent, has been evident for several
years; Instead of a higher rats going to
shareholders, however, the management
elected to return many millions to new
property. In the last ten years the
company, after providing for upkeep and
depreciation, has set aside nearly $76,
000,000 for surplus and contingencies,
funds which might have been applied,
fn part at least, to dividends. The con
tention of the management that a high
return to share owners Is necessary in
order to keep attracting through stock
sales new money for the extension of the
business is sound, but it might be con
sidered rather unfortunate that the in
crease should have been decided on at
a time when applications for rate in
creases for subsidiary companies were
being pressed.
The closing down of the Anaconda
Copper Mining Company's mines, as well
as those of such important producers as
Utah Copper and the other porphyry
concerns, might have had a depressing
effect on the stock market had there
not been other offsetting factors. But
the slate of the copper market and the
size of accumulated supplies had fore
cast some such decision by copper pro
ducers and the cessation of operations
was received with apathy. Even the
copper shares failed to respond with a
decline.
The foreign exchanges were firm,
though rather inactive throughout the
day. Wheat gained a little ground but
cotton fell back, led by a severe reaction
Liverpool Fear of a coal mine strike
in England was back of the fall of pricts
over there.
FOREIGN EXCHANGE
TUBS DAT, MARCH ?. 1921.
OKRAT BRITAIN.
Parity. Tuea- Mon
$4-80H Btarlln*. rtay. day. Mar. 23.
Demand ?3 93* *.1.91# *n.908i
Cabin* 3.94 3.92 3.91'i
Bankera, ?0 d'a 3.88# 3.*6# 8.87#
Banker*. !*) d'a 3.M# 3.84# 8.85#
Tim CONTINENT.
19.30 Franre, oanta a franc:
Demand 6 OTV, 6.92 f. tl
Cables 6.W1# ?93 f\.VS
19.80 iteljlum, cants a franc:
Demand 7.23 7.26 7.21
Cables 7.29 7.27 7.27
19.34 Switzerland, oanta a frarv- ?
Demand >7.31 17 26 17.06
Cablai 17.11 1* 28 17.06
19.80 Italy, rents a lira:
Demand 4.13# 4.oo# K.85
Cables 4.14 4.01 8 80
28.80 Oermany, rents a mark:
Demand. 1.58 I.St# 1.61
Cabins. 1.59 1.&0# 1.6114
26.80 Sweden, rents a krone'
Demand 2.1.35 ? 2f> 2.1.32
r-.able* 2.1.40 2.1.10 2.1.3T
26.80 Norway, centa a krone
Demand 16.1.1 16 10 10.10
Cable* 16 19 16.15 16.15
26.80 Denmark, cants a kron?:
Demand 17.70 17.43 17.88
fables 17.75 17 48 17.40
19.30 Clreere, cents s drachma -
Demand 7.78 7.68 7.r4?
cables 7.80 7.70 7.<tt
19.30 Spain, rents a peseta:
Demand 14."0 14.00 14.00
Cables 14.01 14.01 14.02
40.20 Holland, oanta s florin
Demand 34.!W> .14.48 84.48
< ab|r-? 84 A3 81.V) 84.47
B1.46 Tlussta. rents a ruble:
100 rubles IV7 .57 .52
,*.00 n.blaa 5K .55 .10
20.26 Austria* csnta a rr.iwn:
Demand 25?, .25H ,yi?
Cables :n# ,;n# ..10
23.80 T'oland, rent* a mark:
Demand 14 .14 .14#
?'aM"s 15 .10 .15#
20.30 Hungary, cents a crown:
Demand 80 .38# .37
Cable* 31 .3414 .38
20.lavia, cantn a crown
Demand...,.,. .70 .71 .70
Cables 71 .71 .71
23.83 f'ltiiartd. cents a mark:
Demand f.50 C.flO 2.60
Cables 2.55 2 00 1.65
20.26 Crerhrolovakla, cents a rr->wn:
Demand 1.81 1.81 1.86
Cables 1.82 1.82 1.87
19.30 Tlnmanli, oanta s leu:
l>err.and 1.86 1.84 1.88
Cables 1.87 1.33 1..T9
FAR ICAflT.
106.32 Rlianc' al, cants n 'ael
I^mand 66 00 6S.O0 65.00
Cables 63.02'J 65.62# 65.62#
78 00 Hntmke-nf, eante a dollar
T'-maHi .......46 ? 18 00 48 00
< ablaa. _ *a- Q 40.M 4* VI
NEW YORK STOCK EXCHANGE QUOTATIONS.
TUESDAY. MARCH 39. 1921.
Day's sales ....
1921.
654,822
1930.
668,129
, 19S1 J ,-Clostng.-, JDiv.l
With.| Low. I BU:. | A-.l;. In|.
1919.
>67,460
Open- | Hiih
lllf. ! eat.
low
est.
Clo?-1 Js'et
lng. lOh'nge.
19*; 16%; 17*j
39%! 25*, 31 1 33
55* 28* 48 ) 43*|
88% 87*. 87* 89 ;
88*j 29%j 87*; 87*'
05*1 45* 49% 50 j
84 72% | 74 74*|
51 ! 89 , 41*; 42 j
63 j 49*| 60*1 61*1
32%j 25 I 29%| 80
88 ! 77*; S4 ! 85*
127*1120 [123 1124
114 no 1110% ..
29 ; 21 I 23* 26
23 va 19* 20% 21
8* 6*| 6* 6*
63* 40% 46 ! 45*
63* 42 | 51 I 53
62 57 ; 62 , 64
49%| 38*' 44%i 45
10%, 8*] 8* 9*
88%j 81*! 86
107* 100
20%
73*
10
14
44*
83
31%
96
88
19
66%
5*
6%
35
73
29
88
100
20
70
6*
8*
87
106*
35
71
6%
8*
lOOfAdv Humbly..! 17*1 17*1 17*1 It*|
lOOjAJax Rubber.. 82*1 32%, 82* 82*
3200 Allied C & D..! 42* 43%: 42*] 48*
100|A1 C & D pf..j 89
2200 Allls Chalmers! 37*
200;Am Ag Chem.j 50
100!Am Ag Ch pf. 74
1100:Am Beet Sug.l 41*
400 Am Bosch M..j 60
10001 Am Can 29*
100j.Vm Can pf...
200'Ani Car & F..
36* 87*
73 74 I 7]
30 30*1 3|
93* 94*! 71
73%! 80 | 80*i 10:
108* 95%|108%<108*j 9!
123% 112% 114* 115 I 1
120* 1110 112*113*1
75*! 57 1 73 I 73*|
39*! 29% 32 I 83*
40*
3%
85
63%
84%
79%
7*
86*
9
76
44*
13*
94%
37%
64
4%
63*
5%
14%
59*
91*
18%
45*
7*
119*
8*
43*
96
32*
83%
63*
6%
9
20%
31
46%
71
70*
28%
64
12%
23*
62*
25
37%
63
12%
61
83*
12
21%
66
5
76*
32%
107*
91
33*
26
102
2%
4%
72
16*
690
65%
14%
21%
15%
75*
88
9
ie%
20*
6%
71%i
85
13S*
16*
70%
82
44*f
25
16*
79*
32*
9%
86*
19*
60%
16*
83%
91
15%
37*
5%
16
13%
67
100*
33*
2%
24
55%
77*
75*
2*
80
6*
30*
29
9%
82*
30%
47
2*
64*
4
10%
51
81*
11%
25
4%
110%
5*
35*
80
23
64
55%
1%
7*
15%
23
36
60*
58 U
22*
56%
9
36*
2%
33
61*
81*
78*
3%
80*
5*
40*
30
10*
89*
34
49
2%
68*
4*
13
56
85*
15
43
6
113*
5%
39%
81*
25*
81
60*
2
8
17%
26
38%
64*
63
26%
60*
9*
19% 19%
43*! 44
19 22
27*1 34
56*1 60*
6*
41*
77*
7%
17%
56*
1
63
25%
83*
25
20%
98*
%
1*
70
10*
640
62
11%
17
12
48
76*
5%
11*
13%
1*
40*
80*
120*
12*
63
69%
84*
18*
?*
69%
28%
7*
28*
14*
64
11*
36*
3
33%
64
81%
79
4
81
6*
40%
34
10*
89%
34*
60
8
68%
5
18*
60
87
16%
43*
5*
114
6
40
81%
25%
81*
60%
2*
8*
18
26*
39
65
64
26%
60%
10*
20
45*
22*
35
60%
7
100
300
100
400
900
100
100
800
100
700
200
100
100
400
100
2000
200
600
400
1300
19400
joo
500
8300
200
100
400
100
1600
200
700
100
100
41800
200
Am C & F pf.
Am Chicle ...
Am Cot Oil...
Am Drug Syn.
;\mH4L pf.
Am Ice
Am Ice pf....
Am Int Corp..
Am La F F E.
Am Loco
86
12S
111
22*
20*
6*
44%
52
63
44%
9
86*
29*
85
89
37*
50
74%
42
61
30
85
123% [123
111 jlll
24 : 22*
20*! 20*
6%, 6*
45 ;
62
63
45% j
9
87
89 | 89
36% ST* +
60 ; 50 +
74 : 74 +
40% j 41* ?
60 f 61
%
l*i
"*
*
*
%
29% +
85 1 .
123%| +
Ill ! ,
23 1 +
so*:
44*
52 j
63 '
44 ;
9 '
85*'
6*
44%
52
63
44%
9
86*
Am Loco pf. ..105%,106 Il05%jl06
? IXUU74, * w
Am Malt & G. 20 ! 20
Am Radiator.. 70%! 70*
Am Saf Razor. 6% 6%
Am Ship & C.. 8%| 8%
Am Stn & Ref. 36* j 37*
Am S & R pf. 73 i 73
Am Steel F. .. 30%; 30%
Am .Sugar .... 93 ! 98*
Am Sum Tob.' 79*! SO*
Am Tel & T. ..100 !l08*|100
Am Tobacco.. 115 ! 115 1115
Am Tob B.... 112 * J113 1112*
20
70
6%
8%
36*
73
30*
93
79*
Am Woolen
Am Writ P pf!
2500 Anaconda
Assets Real...
Asso Dry G...
As D G 1st pf.'
Atch, T & S F.
A. T & S F pf.
At, Blrm & Atl
Atlantic C L..
Atlantic Fruit.;
A, Gulf & W I
A. C, & W I pf
1001 Austin Nichols
7200!Baldwin Loco.
8400[Balt & Ohio..
700;Balt & O pf...
400 Beth Motors..
4600 Beth Steel B..
200iBooth Fish ...
2001 Brooklyn R T.
100;Brook U Gas..
100 Burns Bros ..
400|Caddo CO&R.
3900|Cal Petrol ....
1400 Callahan Z&L
1800'Canadian Pac.
100
3400
700
500
5100
1800
800i
400
1000
2200
2300
2800
6%.
47 * 48
82*' 82%'
8*
18%
57%
1
74%
28*
89*
83
8%'2*
19 ..
59 ! 7
l*j ??
75 1 4
28% 2*
89%
87*
Case (JI) P W
Cen Leather..
Cen Loath pf.
Cerro do Pas..
Chandler Mot.
Ches & Ohio..
C&EI eq tretfs
Chi Gt West..
Chi Gt W pr..
Chi, M & St P.
C, M & -fit P pf
Chi & N W...
60f:;chi Pneu Tool.
4100 Chi. R I & P..
300 C.RI&P 6pc pf
4000lChtle Copper..
900 Chino Copper.
700JCluett, P & Co
lOOOiCoca-Cola ....
100:Col & South...
1200!Colum G & E.
3100'Colum Graph.
600: Consol Cigar..
3400lConsol Gas ...
800'Con Distrib4D.
3400 Consol Textile.
100 Oont Can
8%
10*
7*
42%
?1*
110 103
17*1 12*
655
62
12%
18%
13
74
87*
6
15%
16
1*
62*
81*
137
13%
66
76
37%
18*
16*
74
30
8*
32*
18
58
14*
69*1 77
85%! 8?*.
8%, 8%
29% 81*
27*? 27%
23 I 23%
99 1102
% 1
1% 1*
65 I 70
1C* 16%
80
72
64% 43*
26 | 16*
40
4%
32*
2%
11%; 4
29*| *1%
6
14%
8*
47
92* 92%
106 107
660
G2*
12%
19*!
13%
75 i
88 '
9 :
15% j
16*
1%
62%
85
138
13%
66*
78
38
30
16
74*
30*
10
32%
18*
69
15
78
88
9
81*
5*
14%
8*
47*
13*
34*
73
59*
20%
32
4*
10*
28%
14
36
75
59*
20%
36
4%
10%
29%
500
2500
500
8400
100
600
400
200
2600
6300
200
1400
10
1700
Cont Candy ..
Com Prod R..
Cosden & Co..
Cruciblc Steel.
Crucible St pf.!
Cub Am Sugar
Cuba Cane S..j 23
71%
32
35%
3
33%
62*
81
78%
3%
80%
5*
39
34
10*
87%
32%
49
2%
57%
4%
13%
58
86
15*
42%
5
112%
5%
39%
82*
25*
81
69*
2
7%
17%
25
37%
63
64
26*
59%
10*
19%
45%
21%
34
60*
6%
47
81*
9
18*
58
1*
74%
28
S6%
88
26%
74
32
36%
3
33*
62*
81*
78%
4
80*
5*
41%
34
10%
89%
31%
49*
2%
68%
4%
13%
58
86
15%
43*
20
70
6%
8%
37*
73
30%
93%
80
108*
115
113
73
32
35%| 36*
3 ! 3
33% 1 33*
62* 62*
81 1 81*
78%' 78%
3*1 4
71%!
32
80%l
5*i
38%
34 !
10%
87%
32*
49
2%
67%
4%
13%
58
86
15*
41%
5
114% |112%
Del & Hudson
Den & Rio Gr.
D & Rio Or pf
Detroit T7n Ry
Dome Mines..
East Kodak...
End Johnson..
500 Erie
HOOJErie 1st pf...
300 Erie 2d pf
8400 Fam Play-Las
600 Fam P-L pf..
100 Fed Mln & Sm
3700 Fisk Rubber...
100 Freeport Tex.
300[Gas, W & W..
84700!Gen Asphalt..
lOOjGen Cigar d pf
1100[Gen Electric..
76001Gen Motors...
300iGen Mot deb..
200|G M d pf 7 pc.
1800 Goodrich
300 Granby CM&S.
100 Gray & Davis.
4100 Great Nor pf.
600 'Great Nor ore
100 Gulf, M & N..
100 Gulf States St
100 Hondee Mfg..'
lOOjHask & Bark.
1000 Hupp Motor ..
2400'Houston Oil ..
400 Illinois Cent..
200|Indlan Ref ...
1400 Inspiration C.
700|Interboro C...
300|lnter C pf....
500 Int Agri Corp.
200 Int Agrl C pf..
8200!Int Harv Co..
200 Int Harv pf..
1001 Int Mer Mar..
500lint Motor Tr..
aoojlnt Mot Tr pf.
2300'lnt Paper ....
1000' Invincible 0*1.
1001 Iron Products.
4000!Island Oil A T.
1800 Jeiwel Tea ....
1000!Jewel Tea pf..
100*
1
1%
70
16%
655
62*
12%
18*
12%
75
87*
6%
15*
16%
1*
59%
81*
136*
13*
66%
75*
86%
18%
15*
72%
29%
8%
32%
18*
57*
14*
77
86%
<?
31%
5
14%
9
46
5%
38%
81
25*
80*
59%
1%
7%
17*
25
37%
62*
63%
26
59%
9%
19%
44%
21
34
60*
6%
46%
80%
8*
17%
58
1%
73%
28
86*
88
26%
23
101%'100*
1* 1
1* 1*
70 70
16* 16%
655 >655
5%
40
82%
25%
81%
60%
o
8*
17%
20%
39
65
64
26%
60*
10*
20*
45%
22
34
60*
47
83*
9
19%
58
J*
28*
90
88
28
23%
62%
12%
19
13
75*
87%
6%
16*
16%
1*
63%
81*
137%
13%
66%
75*
37%
18%
15*
74%
30
S*
32%
18*
58
15
79
87
9
31*
5*
14%
9
47
95*1 95*
80*
5*
40%
84*
10*
89%
?4%
49%
2%
58*
4%
13%
58
86
15*
43
5
113%
5%
40
81
25*
81%
60%
1%
8%
17%
26%
39
64%
63%
26%
60*
10*
20
45
22
34
60%
6%
46*
82%
8%
18%
58
1*
74%
28*
89*
88
27*
23
101*
1
1*
70
16*
655
62
12%
19
13
74
+
2%
*
%
*
'*
%
*
*
*
%
1%
%
%
%
8*
%
*
*
*%
*
*
1*
*
%
+ *
1%
1
%
1%
1%
%
+ 8
*
*
%
%
%
1*
*
%
1%
%
%
*
1%
1%
1%
%
%
*
%
*
*
%
*
1%
1*
1
6%;?
15% | +
16* ?
1*
61*
12*
18*
12%
73*
87
6*
15*
16%
1%
69*
81*
136
13*
66
75*
3G*
18%
15*
72%
29%
8*
32%
18* t 18*
57*| 58
+
? %
? 2
+ %
+
62%
81%
137
13%
66%
75%
37%!
18% ?
15%
74%
30
8*
32%
15
77*
87 1 +
9 | +
31* +
6* +
14%'?
8%
107
14
85
7*
67
20*
32
4*
10%
27
107
14
35
74*
69*
21%
32
1%
10%
29*
14*
76%
86%
9
31
5
14%
8%. -
46 47
91% 92%
107 1107
14 ! 14
85 1 35
74 i 74
57 I 59*
20% 20%
32 1 32 I?
4*! 4%:
10% 10%! +
27 I 29%! +
%
%
i
l
2%
%
2*
1%
*
1%
*
*
3
%
*
%
2%
*
*
*
%
1%
3*
1
*
*
'a*
%
i
"*
2% I
89.44 Bombay. centa a nip*?: _
Demand 2R.OO 26.00 Adft
Cabftt* 28.23 28.30 20.30
49.*4 Yokohama, i*nt* a yon:
Demand 48.23 48.23 4^.23
Cable* 40.30 48. AO 48.30
SOUTH AMERICA.
88.44 TOo de Janeiro. cent* a mllrels:
remand J4.87H 18.00 14.B7H
Cable* 15.00 1B.62S 13.00
46.49 Buenos Alrsa, rant* a rwm:
Demand S3.?7Vi 84.00 84.00
Cables 34.00 34.12H 34.12*
109.42 Uruguay, cent* a 'lollar:
Pom and 72.02'* 73.00 73.73
CaBle 73.:3 74.00
CANADA.
New Tork funds In Montreal, *I30.62V4 pre
mium per 11,000. Montreal funds In Now
Tork. $113.33 discount per 11.000.
MONEY MARKET.
?TOKSDAY, MARCH 29.
CALL lOAMI.
Renewals 8HlLa*t 8
High ...... #Hl Vear'e high 9
Low 0 |Year's low 0
time loans.
Mired collateral. 00 to 90 days...... ?'+|(17
Mixed collateral, 4 to 8 months fltt4T7
Industrials, 00 to 90 dnys 7
Industrials, 4 to 8 month* ?
COMMERCIAL TAPKR.
Best names, 3 to ? month* 7'",If*
Other name*. 3 to 8 month*
niWOlTUT PATES. RESERVE BANK.
r*ommervlal pnp?r. 13 days, 7; 18 to 00
days, T. Llb?rty 1>onds and Victory notes,
13 da./*, 8. 18 to ("0 days, 0. Banker*' ac
ceptances, 13 to l>0 days, 8.
niTCN MARKET RATES.
Prime ellelblo acceptance*, on call 8; re
dl*crmntabl? at H?s*r?e Bank. 00 to 90 day*,
? non-member* and private banker*,
eligible, 00 to 90 day*. fiVOT'i ; non -eligible,
80 to 90 days, 8?7H.
CI.KARIMO noilffl RTATFMIIJfT.
Clearing Hons* e*c?ange?, 1*84,931,198;
I balance, *f.e,10l.S89; Federal Res^rvo credit
' balance. ?41.fl72,749
Sn.VKIl MARKETS.
! Official bar stiver In ffoiv Tork, domestic,
!J9'4c. an ounce, unchanged; foreign, B7Uc.,
| unchanged; London, 33S4d., up Hd.; Mexli-an
I dollar, 4.JHc., unchanged.
Tb" range of sllser |>rW* thla rearr
TTlgheet. T fltmt,
i London 4t1frd. .Tan. 3 8n*id. March B
|K?e Tor? .... *?%<!. Jan.* &?%??. Marcb f.
EX DIVIDEND TABLE,
March 80- .
IHtnoli Belt Telephone.. $2.io i
March ni?
Canada Cement ?............... It.50
Detroit Edison #2.00
Domn Minos 25c
In. Agriculture Corp. pf $1.25
Midwest "11 "a
I Sttdweet Oil pf 2e
I Midwest Oil ex 1c
Oil* BInilor 12.00 ,
, Otli> 15>vator pf ?1.50'
Prairie Oil ?nd Oae
Prairie Oil ami Clae e* $3.00 ;
t Prairie T'lpw Mnr 13.00
Paclflo Can and Rlec 81.25 1
? Sinclair Com. Oil stock 2%
Victor TelMug Machine $10.00
Victor Talking: Machine pf 11.75 !
V. estln*liou*e Air Brake SI.75
i WeitlnglMMae B. and M 12 no
Westtnghnuaq E. and M. pf.... |2 iti
< Warner Co. of Del,,, W?o
Warner Co. of Del. let pf. $1.75
Wan.er Co. of JL>el. 2<J pf $1.70
April 1?
C. C. C. * R?. Louie pf ti.2ti
Greet Northern Ry ?1.75
Manchester Tr. It. A T $2 00
April 4?
Com Products Rfg $1.f*?
Corn Products Rfg. o* Mo
Corn Product* Rfg. pf. 11.75
April 8?
V. 8. Smelting..... 87Hc
April
Am. Typ*f"'tnd?re 11.00
Anv Typ? founders, pf 11.7B
United Peperboard pf 11.50
April 10
t>u Pont da X. Powder >1.50
DIVIDENDS.
ttock of
Record.
Ani?d Ci?. * o.. Inl., a. II. Apr. in
Alliance Realty, q, $1.60 Apr. 7
r>nm?d?11 Corp A., q. O-'-jc. .Apr. 7
Hum dull Corr> Tt n. 12''c \pr. 7
I Reyuk Urns. let pf. <i, U%....VIar. 31
Ber-tk Bros. ?d pf, rj, 2*...M?r. 31
Leonard, M.. A Co. pr, q,24.Mar. 31
Penri. Pelt Mfg. Co., q, |1.2.VWar. 81
Phil. A Cam. >. Co., q. 4'i. Mar. 39
Puget Pnd P. A pt. q, TSc. Mer. if
VWtuf* Con* Oil, q, Mc... Ape. 1B
Pay
able.
May 2
Apr. ir>
Apr. 30
Apr. SO
Apr. 15
Apr. IT.
Apr. 1
Apr. 1*
Apr. 11
A or. 18
Mtiv S
Tear to date.,
1921.
40,407,765
1920.
69,583,147
1919.
45.757,897
Clo?- Net
lng. Ch'jigo.
r?19Zi. ,| r-Cloalng.-, |Dlv.!
Hl*h.| Low. I B1<1. | Akk. |ln>., Sale*.
Open- Hlfth- Low
ing. est. eat.
26%
26%
61 >4
49%
7(5
21
IT*
140
39%
14%
294
21%
12%
42
103%
17%
19%
"%
14%
18%
46%
35 %
76
16
8%
130
43%
10
17%
15
9%
81
97%
10
9
2%
65%
167i* 137V4
19% 15%
11%
29
15%
88%
13
73
20%
41%
110
36%
5%
65
12
77%
74%
25%
23% 14%
19%! 18
104% 93
88%; 75%
39% 31
22%
25%
60
37%
76%
17%
16%
137
53%
11%
27%
20
10
35%
99%. 100
13 I 16%
8% i 10
6%| 6%
86 ; 88
145%!l45%
23%
26
51%
38%
77
17%
15%
145
54
12
27%
20%
10%
38
17%
18%
29%
10%
18
13%
30
10%
16
33%
102
25%
2*8
49%
9%
60
66
20%'
67% 07%
18% i 18%
38
108
8%
3%
24%
12%
11%
4fi%; 48
11
4
29
16
19%
4S%
41%: 27%
45%' 88%
79%: 84%
71% 68%
41%! 34%
17 ' 8%
48%l 83%
19%! 15%
57 1 51
35%! 82
37%
107
31
2%
61
9%
68%
70%
24
17
17
96
79
38
8
lOOiJone* Bros T.
14500|Kan City So..
10001Kan C So pf..
70001 Kelly Spr Tire
8001 Kelly Spr T pf
7 001 Kennecott ...
6200|Koy Tire & R.
200!Kreage SB...
200 Lack Steel . ..
S00|Lake E A W..
500 Lee Rub & T..
34400]Loews Inc
300 Loft Inc ,
100 j Loose Wiles B
100 Louis & Nash
lOOjMaUison & Co.
2001 Marl in Rock..
200'Maxwell M...
700rMays Dept St.
32
2%
62
9%
69
71
25
17%
17%
96%
79%
39
?%i 11
3%i 3%
25%;
13%
12%
25%
13%
13%
49%
31%
35 %
11%
78
62%
32
14%
104
51%
36%
89%
25%
14%
89%
55
87%
23%
19%
10
72%
56%
24%
12%
93%
43%
31
83
21%
11
65
37%
25%
39%' 23
24%: 14%
73% 60%
10
69%
13
24%
30%
41
5%
7%
98%
20%
6%
25%
56
101
24%
60
110
82
37
42%
80
48 |
25%!
9%
45 I S8
43%: 38
36%) 21
24%! 16%
230 '210
20%! 18
57%i 45
91
20
12%
44
24%
56%
11%
19%
23%
35
8%
6
65%
12%
4%
36%: 36%
45
70 ,
63 1
35%
12
43%
18%
51
83
25
33%
10%
71
61%
27
13%
93
46
33%
87%
21%
11%
70%
40
30%
26
18%
67%
7%
63%
11%
,21%
29
37
3%
5%
69%
15
5%
19% 24
41%J 42%
0%
19
53 %
105%
77
27
27%
43%
36%
12
7
9
19 f
6% I
36%
17%
75%
21%
55%
107 %
78%
31
sr%
"7%,
44
12 I
7%
41%
28%
22%
200
18%
46%
78
18%
46%
70%
64
35%
12%
43%
18%
59
83%
26
83%
10%
72
61%
27%
13%
96
47
33%
88%
24
12
70%
40%
82%
27%
19
68%
9
64
12%
22%
29%
38%
4
6 I
69%
15%!
5%
34%
44 I
76
21%
57
107%
78
81%
38
77%
45
13%
1.35
5.20
1
42
28%
22%
220
19
47
84
20
9% 10
39%! 41%
19%
122 !113% 119
207
26
58%
18%
50
27%
72
74%
103% 101
35%| 28%
85 I 77%
112 Il07
39% [ 46%
12%
41
8%
97%
19%
48%
11%
39%
19
64%
62%
1
119%
103%H04
24%! 25%
49%' 50
10
8!
17%
48
22%
66%
18
50
23
66%
8%
23%
72
11%
19%
29%
88%
49%
11
19
42%
17%
p
40
8%
26
5%
7
18
49%
9%
15
23%
84
42%
8%
69% I 69%
101% 102
27%I 29%
81% I 81%
110 111%
47 I 47%
11 ' 11%
30% 30%
6%' 6%
7%'
0%'
12 82100 iMex'Petrol
2| 900 Miami Copper.
1.60 20001 Mid States Oil
2' 600'Midvale 8 & O
..| 300|M A St L new.
5001 M,S P& SSM
2000iMo Pacific ...
1600 Mo Pacific pf.
100 Nat Biscuit ..
loo:Nat Clo & Suit
800 Nat C A Cable
100 Nat En & St..
600 Nevada Con C.
800 N O. Tex A M.
1200 N Y Central..
100 N Y Dock
4900 N Y, N H A H
300 N Y. Ont & W
2400jNorf & West..
56001Northern Pac.
300 i Nova S S & C.
1001 Ohio B & B Co
300 Okla P & Ref.
600j0rph Circuit..
5001Otis Steel ....
2001Pac Devel....
600! Pac Gas & El.
13600(Pacific Oil ...!
600 Pac Tel & T..
4700'Pan Am P & T
4001 Pan A P ifc TB
15400 Penn R R
2600! Penn Seab St.
2000lPeople's Gas..
3800 Pere Marq ...
100 Pere M pr pf.
1100 Phlla Co
100 Phillips Petrol
9600 Pierce Arrow.
400 i Pierce OH
200iPierce Oil pf..
4500lPitts Coal of P
8001 Pitts & W Va.
lpolPond Cr Coal.
100'Press Steel Co
900 Punta All Sug
700'Pure Oil
200|Ry Steel Spr.
2001 Rand Mines...
200jRay Con Cop.
18100 Reading
200j Reading 1st pf
200'Rem Type
lOOjReplogle Sieel.
100; Rep Mot Tr
1100[Rep Iron & St
1001 Robert Reis ..
20001 Royal D N Y..
lOOISt Jos Lead..
4600 St L & San F
1100 St Louis S W.
400 St LSWpf..
200 San Cec Susrar
200]Seab Air Line
16900;Sears Roebuck
200'Seneca Cop...
200jShattuck Ariz.
9600 Sinclair Cons.
100jSIOHS-Sh S & I
20%
55%
6000 Southern Pac.
4600 Southern Ry..
300 South Ry pf..
400 St Oil N J r>f.
lOOlSteel & T pf..
4001 Stew Warn Sp
1700!Stromberg Car
84300!Studebaker ...
6001 Superior St...
100'Tern C & F A.
100'Tenn Cop & C.
1900'Texas Co ....
400!Texas war....
13400]Tex P C & O..
4800iTexa* & Pac..
12!Tex Pac L T..
100'Thlrd Ave
1300iTobacco Prod.
300|Tob Prod pf..
100 T.SL&W cofdf 19%! 19% 19%
3300:Tnnscon Oil.. 10 | 10 I 8*i
-3 %
34%
49%
87%
76
17%
15%
110
53
11%
27%
21%
10
85%
100
15%
8
6%
85%
143%
17%
13%
80
10
67
17%
85%
110
82
61%
9%
67
69%
23%
16
17%
95%
78
88%
9%
3%
25%
13%
13
47%
36%
42
69%
62%
35%
11%
42%
18
54%
83
25%
34
10%
72%
60%
26
13%
93%
46
33%
88%
22%
12
68%
40
30%
26%
18%
66%
9
63%
12
21
28%
35
3%
r.%
67%
14%
5%
28%
26%
61%
38
76
17%
15%
140
58
12
27%
21%
10%
85%
23%
24%
49
86%
76
17%
14%
140
63
11%
27%
19%
10
36%
23%
25%
61%
38
76
17%
15%:? %
140 + 3
+ 1%
+ 2%
? %
+ ?
100 jioo
15% I 15%
8 8
6%| 6%
86 85
146%
17%
13%
80
10%
67%
18%
38
110
82
2%
61%
9%
69%
71
23%
17%
17%
96%
79%
39
9%
3%
25%
13%
13
48%
87%
45%
71
63%
35%
12%
43%
18%
64%
33%
25%
34%
10%
72%
61%
27%
13%
93%
47%
33%
88%
22%
12
70%
40
30%
26%
18%
68%
9
64
12
22%
29%
38%
3%
5%
69%
15
142%
17%
13%
29%
10
67
17%
33%
110
32
2%
61%
9%
67
69%
23%
15%
17%
95%
77%
38%
9%
3%
24%
13%
13
47%
36%
42
69%
62%
35
11%
42%
18
54%
32%
23%
33
10%
72%
60%
26
18%
93%j| 93%
46
33%
88
22%
11%
68
40
30%
26%
18%
66%
9
63%
12
21
28%
38
3%
5%
66%
14%
5%
53
12
27%
20
10%
35%
100
16%
8
6%
85
145%
17%
13%
29%
10%
67%
18%
37%
110
32
2%
61%
9%
69%
71
23%
17%
17%
96%
79
39
9%
3%
25%
13%
13
48
36%
45%
70%
63%
35%
12%
43%
18%
54%
33%
25%
33%
10%
72%
61%
27%
13%
1%
%
%
i%
+'2%
? %
+ %
4- %
+ 1
+ 1%
? 1
+ %
- *
_ 1
+
+
%
%
%
%
'%
%
+ 4%
+ %
+ I*
+ %
+ %
+ ^6
+ 1%
+ 1
+
%
%
"%
1%
%
%
%
+ %
46%
t83%
88 +2
22 %|? %
11%:? %
70%[ + 1%
40
+ %
? 1%
%
23%i 24
44 I 44
4%
23%! 24
44 i 44
75 I 76%;
20% I 21%
55% 56
107% 107%|107%
78% I 78% I 78%
3i ;
38 1
78 !
44% !
12 1
7%
42 !
41%;
29%|
22%
230
18%
47%
79
80%
26%
18%
67%
9
63%
12
21%
29
38%1-f 1%
3%? %
6% + %
69% + 1%
15 ! ..
5% +
? %
+ "%
%
31
37%
76%
42%
12
7%
41%
41%
27%
21%
230
18%
46%
79
30%
36%
76
42%
12
7%
41%
41%
27
21%
230
18%
46
79
%
%
2
%
1%
+
73% +
21% +
56 I + %
107% I? %
78%! ..
30%'? %
37%:+ %
77%? %
44 1+ 4%
13 I? 1
7%!? %
42 1+ %
41%+ %
28%!+ 1
22% + 1%
230 I ..
18%! ..
47 + %
79 I? 1
19%!? %
10 ? %
200!Trans & W St.
400lUnlon Oil ....
2900jTXnlon Pacific.
13001United Fruit..1103%
lOOlUn Rv Tnv pf.l 24%
700!Un Retail St..
300 U 8CIP4P
100! USCIP & F pf
SOOiU S Food Pr..
7700 iU S Ind Alco.
20700!U S Rubber.
38%
20
49%
17%
48
22%
61%
68%
+ 2%
39 39 | 38%
19%! 20 | 19%
117% !119% Ill6%lll9%
104 1103% 1104
24%! 24% I 24%
49%l 49% I 49%J+ %
17 % | 17% | 17% + %
48 I 48 f 48 ? 2
22%j 22%! 22%' ..
66% 64%I 66%!+ 2%
69%! 67%! 69%1+ %
1110
47
11%
30%
6%
7%
21
60%
10%
18%
. 2lV*
! 87%
49%
8%
16
' 110
! 46%:
I 11 I
' 30%!
! 6% j
7%
41 4 41
14 : 15
8% I 8
8%
3.1%
50%
20%! 21
60 . 60%'?
10 ! 10%!+
17%) 18%) +
27%: 28
86
48%!
8%l
15 I
40%1
14
8%!
32% j
49%!
87%!+ 1%
49% + %
8% + %
16 ? %
40%? %
14% + %
8%'+ %
83%l ..
50%| +
+ 1%
+ '%
+ %
+ %
? 1%
? 1%
400IU S Rub 1 pf.tl01%]l01% 101%!101%;? %
3001 IT S e, R & Ml 28 I 28 ! 27%: 28 j? 1
100001U S Steel t 81%! 82%j S0%j 81%i+ Vl
|110 !
47
11% + %
30% 1%
6%!+ %
%:+ %
200iU S Steel pf.. 110
4! ssoo'utah Copper.. 47
... 500 Utah Soe 11
.. 1100'Vanadium .... 30%
lOOrrivaudou 6%
7% .. 500'Wabasli 7%
21 ! .. 13001Wabash pf A. 20%
60 ' 65 ' .. 700!Wells Fargo.. 60
10%! 10%I .. lOOOlWest Md 10%
18 ) 1S%J .. 1900!West M'l ?d pf 17%
27%' 28%! .. 22001West Pacific.. 28%
87 I 87% 7! 500'West U Tel... 86
49%] 49% 4! 2800West E A M.. 48%
8%I 8% ..I 100iWheel & L E. 8%
14%) 16 I 16% .. 800 Wh .ft L B pf-l 15
33%! 40%! 41 4' M0[White Motor..
12%! 14%[ .. .. 2900'White Oil
I 5% 8%! 8% .. sr.OO'Willys Over ..
j 30 33 ! 33% ..) 300iWillys Ov pf..! 32%!
52%| 43 50%! 51 I 6 700|Worth Pump..| 49%
?Ex dhrklend. fEx rights.
NOTE?Odd lot transactions are not recorded In separate lTne mfless sales
were made at prtco outside of the Tegular full lot range.
%
EQUIPMENT TRUSTS.
(Quoted on ? percent*** baei?.)
Nam*. Maturity. Hate. Bid. Ask.
Atlantic C T* 1022-30 OH 7.00 6,3(1
Baltimore A Olilo. .1021-27 4H 7.50 8.75
Bethlehem Steel....1021-30 7 7.50 7 00
Buffalo. Roeh A P. 1021-33 4H-fWJ 7.00 0.17
Canadian Pacific...1P21-32 4'4-? 7.25 0 40
Ch?*apeake * O...1024-35 OH 0*5 0.40
Chicago A N VT 1021-23 4H 7.10 6.50
Chicago, R. I. A P. 1021-27 4H-5 7.75 7.00
Chi. St I. ft N O.. 1021-24 5 7.12 0 50
C, O. C A fit L 1*21-2# 5-6 7.00 0.40
Delaware * Hud...1022 4H 7.25 6.50
Erie Ball road 1021-27 4H-5 "00 7.fM?
Grace Steamship.. .lP21-::4 6 8.00 7.23
llllnotn Central 1021-57 4'i-3 7.10 6U
1111 noli Central 1025-35 7 0.00 040
Inter Trod 8 S 1021-26 7 6 50 7 HO
T/oulsvtlle A N'anh. .1021-23 5 7.10 6.50
I.oiiievlll* A. Naeh.. 1OT2-.W fli, 7,on n 40
Michigan Central.. .1021 -32 r,-A 6,75 ? no
Minn A St trfjul*. . .1021-27 5-0 6 00 7 00
Mo, Kati A Tcxa*. .1021 2.t 5 6 00 7.00
New York Central.. 1021-32 4<t-5 7.25 6 50
New York Central..1021-55 7 7.12 0 40
Norfolk A Weat...1021-24 4H 7.00 0 40
Northern Pacific... 1021-30 7 7 00 6 50
N T. N IT A H 1021 2P 4H_fWI 6.00 7.00
Pacific Fruit R* ..1025-35 7 6.65 6 40
Petm Gen Freight..1021-23 4--4H 7.00 6 40
Pittsburgh A I. E. .1921-35 6H 7 00 6 40
Beading Co 1021-27 4H 7.00 6.50
Seaboard Air l.lne..1021-27 4H-R-6 7.65 7 On
Sinclair Refining.. .1021 0 6.50 7,00
Southern Pacific.. .1021-25 4H 7.12 f,!r,o
Southern Pacific.. .1024-35 7 0.6r, e.35
Southern Railway.. 1021-26 4H-5 7 r.O 0 75
Union Pacific 1024-35 7 6.75 ? .to
Virginian Railway. .1021-30 0 jjr, a'50
White OH 1021-23 6 8.75 750
TREASURY CERTIFICATES.
rHie Yield
11*21. P.O. Bid. Ask. appmx.
April 15.. 6H 100 lOOfc 4 25
10 5% 100 iofv? n.10
V! 8"" 100H MS
?June IB U 100,1, joo^ 5.15
J/"r '???? r.ij 100 100S 5.25
August 16 0 I(*i,V 1'K?A P 45
?September 15.... r>H 100 ion;, 5 an
?S?-ntc?nb?r 15... 6 10Of, i<*y
October 16....... 6;* 1(? tot",, n.-vn
1 * ,0?* 10?A B5?
?March" U 5* too 100* B.67
?Acceptable In payment ef fates nn
date i,t matviiiy
ACCEPTANCE BANK TO OPEN. !
April tiS Scl im Call for Stock Snto
acrlptlon la tanned.
Subscriptions to stock of th? Interna- j
tlonal Acceptance "Runic, Inc.. of which
Paul M. Warburg la chairman and one
o? tho largest subucrlbers, will be called
for payment thin week. The new bank .
I plana to open on April 12 at 31 Pine
| street This bank baa a fully subscribed
esp'tal of $10,000,000 common etork.
NUbficrlbed surplus of $5,000,000 and
$;so,ooo special Stock.
Tho new bnnk will deal mainly In ac
ceptances and will not lsuue debentures, j
Many Important foreign bank* have sub- I
scribed to stock In the bank, which la ;
organised to promote foreign trade. The !
complete prospectus and plans for the i
Institution were printer) several weeks I
ago.
CONSOLIDATED EXCHANGE.
Announcement that the American
Telephone and Telegraph Company's
stock would (fo on a 9 per ccnt. basla
during the ensuing quarter was the sig
nal for heavy demand In all groups dur
ing the final half period of yesterday's
Consolidated Stock Kxch&nge. On that
buying active Industrials w?-re marked
up two to more than eight points, A.
T. A T.'s gain of i Vi to 108 being Its
outstanding feature. Tn rails were aver
age mill's of one to two points more
than their early low murks.
SUBSCRIPTION RIGHTS.
Mon
Rlshts Yesterday's dsv's
rtolr*. BM. AsV. KM
(.'?llulotii Co J?r. ;?1 ?;* '? %
CVM?b'h Mf*. CDM?r. ill ... 'A ...
Loco. Sup'heater.. .April 5 ... 'j ...
Ptiblle Nat. Bank..April 1 M 02 W
Hashing Oo .... 14 1!? 13*4
W?ah'd Nat. W*
T?ia? Company . .Msy 27 2 2Vi 5
TOPICS OF WALL STREET.
President Hurdlnc and the Roadi.
The best news that the railroads have
had for many a day came out of Wash
ington yesterday In the news tha,t Presi
dent Harding had called the chairman
of the United States Railroad I?abor
Board and the chairman of the Inter
state Commerce Commission to Wash
ington for a conference on the railroad
situation. That the roads and their
present plight will receive the close at
tention of the President and his Cabinet
In the near future is the general opinion
in the financial district and that nam*' j
way to aid them out of the slough of i
despond will be found appears to be the j
general belief.
Bnylnc Rail Storks.
Wall Street, after neglecting the rail
stocks for weeks, took a decided Inter
est in them yesterday following that
announcement and in some cases the
Inquiry for rail stocks became so press
ing that advances of a point or more
were scored. The average advance, fig
ured on twenty representative rails, was
1.-63. It is pointed out in several quar
ters that rail stooks, marketwlse, have
lagged miserably behind industrials and !
that, like the industrials, they are en- j
titled to a seasonable rise. February !
reports show a decided improvement in !
dollars and cents compared with those
of January, and prelimlanry reports for
March show that while traffic is slow
and uncertain expenses have been cut
to a point where they are commencing :
to make a show in the monthly reports. '
Kansas City Southern.
The somewhat remarkable rise of
Kansas City Southern through 26 is
reported to be a realization that that
road, despite difficult conditions, has
come through 1920 with a good profit
and that its prospects are excellent. Its
standard of efficiency during the year
is reported to have been far above the
levels of most of the roads of its size. ;
h. P. Loree, the chairman of KSTJ's i
board. Is on a trip of Inspection over
the line and is reported to be exceedingly
optimistic about its 1921 prospects.
Money at B Per Cent.
While call money in the New Tork
Stock Exchange renewed at 6 Vb per
cent and subsequently loaned at fi per
cent., the law of supply and demand had
its full effect in the outside market. In
which an excess supply and of minimum
demand caiiwd rates to drop to 5 per
cent. No Government withdrawals are
scheduled for this week.
Reading's Upturn.
The sharp upturn in railroad stocks
yesterday was particularly noticeable in
Reading common, the movo in which
was accompanied by reports that agree
ment to give more favorable treatment
to the common In the plan of Reading
dissolution alonp the linos of the brief
prepared by the Prosser committee had
been reached. The matter, however, la
In the hands of Federal Judges, who
may direct that the plan as submitted
be amended to meet the objections of
the Prosser committee. There Is no di
rect evidence, of course, as to what the
Judges may do in the matter, but it is
significant that the Prosser committee
has heard no protest from any holder of.
Reading preferred. The reports regard
ing more favorable treatment for the
common came from such sotircos that
they could not he ignored, and Impartial
lawyers who have studied the Reading
plan and Its amendments suggested by
the Prosser committee hold the ouinion
that the court can rule equitably <5Tily
along the lines of amendment of the
plan, and Wall Street looks for action
In the near future.
The Telephone Dividend.
Onty on rare occasions has the finan
cial district been taken so completely off
its guard aa it was yesterday, when H.
B. Thayer, president of the American
Telephone and Telegraph Company, an
nounced that Its dividend rate would be
increased from 8 per cent, to 9 per cent,
in July. For several minutes after the
announcement was flashed the district
was astounded, and many traders were
unwilling to believe the report. For
that mason It was several minutes after
thn first announcement reached Wall
Street that the price of the stock beiian 1
to reficctvthn new policy. Once under j
way, howSver, the buying occasioned by I
the surprise carried the stock by rapid :
leaps from 100 to 10S^, where it closed.
A deeidfd division of opinion as to the
wisdom of the company's action, espe
cially in view of the fact that an appli
cation for a very substantial Increase In
rates whs pending, was heard In the
Street. Many were of the opinion that
the increase in the dividend rate fore
shadowed a new Issue of stock, but In,
the annual meeting it was definitely as- :
serted that no such action was In- ;
tended.
S? Antosale* Dividend Action.
Tim directors of the Autosales Cor
poration in their meeting; yesterday took
no action on the regular quarterly divi
dend of per cent, on Its preferred '
siock due at this time. No statement I
was forthcoming: to Indicate what might |
be expected in the way of taking: care i
of that dividend.
Copper Prl?e Adrtncn.
Following the announcement that five
of the Important copper producing com
panies had suspended operations com
pletely, the price 'or copper metal rose
yesterday to 12<Vi And 13 c?nts a pound,
an advance of *4 cent to % cent more
than Monday's quotations for It. There
was no business of consequence from
domestic buyers, however, and little of
the .metal Is changing hands. Export
business In copper is running along at
about the rate that it has maintained
for many weeks.
Sinclair** Report To-day.
The annual report of the Sinclair Oil
Corporation for 1020 will be made pub
lic this afternoon and, according to
irosslp In the Street, will surprise a i
rreat many people, particularly as to
its liquid assets at the end of the year, j
The volume of Its business transacted 1
during 1920 was the largest In Its his
tory.
?iqneeslnnr Maracalho Short*.
tt very rarely happens that the short
Interest Is given anything like a severe
trimming on the curb, but the group
which has been operating In Maracalho
Oil shares has found an opportunity to
give the bears In that stock a severe
beating. TVhcn the stock was brought
out many months ago, It hung above 25
for a time and then slumped to below
$10 a share. Thfcn came a lull, during
which nobody apparently paid any at
tention to Mnracalbo. Its price stif
fened. It crept upward, slowly at first
flome of the shorts bejtan to take notice.
Then It shot ahead, and yesterday, on
a very large turnover. It was sent above
32, the highest for which the stock ever
sold and about 2il points more than Its
low of a few week!* ago.
Hsrlnii Time and Money.
Extraordinary efforts to save In nil
directions are being made by railrorul
corporations In all parts of the country.
One of them Is by a systematic study
of the freight schedules to elimlnato
breaking up trains midway In their Jour
neys. Another Is a plan. Inaugurated
by the Illinois Central, of putting a tank
car filled with water directly back of
the engine In every freight trnin to
eltminate stops and switching delays
Incident to tsklnr on water.
PE^NXrLTAlVlA OH, MABKKT.
On, Crrr, March 2?.?Credit balances.
M. f?nn?. 107.tM; a vera*#. ?iO.UT.
ghipmunta, 58.37 4; average, 3?,7?9.
1 ' <
Tax Free
Legal Investments
Cities, Counties and Towns
in New York State
Municipality Rat* Maturity
Nassau Co. Rc?. 4.50% 1033
I tome t'pn. a.34% 1931-41
-\?H llochelle ltfi. S.00% 1036-41)
Jainrstown C'pn. 4.50% lm-U
Oepew Cpn. 11.00% 1023-2
Woodbury ( pn. 5.50% 1028-3"
Tup per I.ake C'pn. 0.00% 1023-33
Dickinson C'pn. 6.00% 1023-25
Prlco on Application
Descriptive offering on above act!
other Tax Exempt Municipal Bond
Issues yielding from 4.85% to 0.00%
sent on request for Circular H-j(0.
FED
'ECfAUSTS INl iUHICIFW. BONDS
PHOKt 07S7 ItrCTOR
135 BROADWAY NEW "YORK
Thousands of
Investors
have profitably studied
the booklet published
by S. W.Straus & Co.
showing how you can
invest your money with
out risk of loss.
This booklet is issued by the
House with the record of 39
years without loss to any
investor.
A few copies are still left.
They will be sent in the
order of requests re
ceived. Write today for
BOOKLET C-452
SrW STRAUS & Cd
INCORPORATED ? ESTABLISHED i tit
150 Broadway, New York
Telephone Co?Tlandt 8064
39 years without loss
to any investor
Ccp> ligl-t 191: ,lj S. W. Straus & Co.
Consolidated
Gas
Improved position
of the company,
based on new de
velopments.
Special Letter H-30
Sent on Request.
Lamborn&Di
Speculbts in SuaarStoaktr
TeLKnnc?. osicx
UEMBERS
N.Y. fitock Ex. A.Y. Product Ea.
K.Y.Cotton Ez. Chic.Bd. of Trod*
N. V. Coffee and Sugar Ex., Inc.
London Prod.Clearing Hotttl, Ltd,
Am. Cyanamid, Common
Amer. Light & Traction
Amer. Tobacco Div. Scrip
Babcock & Wilcox
Borden's Co., Com. & Pfd.
Brooklyn City R. R.
Geo. P. Ide, Com. & Pfd.
Illinois Trac., Com. & Pfd.
Royal Bak. Pwd., Com. & Pfd.
Taylor-Wharton I. & S.. Com.
United Cig. Strs. of Can.C. & P.
Bought?Sold?Quoted
Prlvata Wire* to [fj
TIARTPORD MONTRKAI. J
CHICAGO TORONTO (j
i N T STOCK CXCHAMM
y. COTTON BXCHANOE.
J. K. Rice, Jr. & Co. Will Buy
100 Anierlriin l-ltho|ir*phlc Com,
3.1 American A unmlimn
2!V ltnnker* Truat Stock
100 City A Suburban Home*
1(HI (1tto. A Ka*t III. t om. A FM. w. i.
20 tidHlty-Pheni*
100 General linking Conimon
800 New Mexico A Arlinn* Ijind
jO North lllver lii*araace
AO National Fuel (.??
1!)0 I'ennn. Coal & ( ok*
ritlRojul Baking I'mt ilw Com.
Ml llm'lie?ler Itjf. li l.t. 5% Pftl.
M Singer Manufacturing
100 Went V?. Pulp A Paper
100 Virginian Railway
J.K.Rice, Jr.& Co.
Phone* 4000 to 4010 John. 3(1 Wall St., N. Y.
Grahah. Parsons S Co
INVESTMENT SECURITIES
435 Chtftnut St. 30 Pm? St
Philadelphia New Yerk
John S737-30
Mark A. Nalila Theo'lore C. ('MWl*
NOBLE & CORWIN
V? Proud St. N** York
BANK, TRUST, INSURANCE
AND INDUSTRIAL STOCKS
BOIdllT AMI MOI.lt.
lalcplioii* 1111 Uroatl.
Guaranty Trust Co.
Bankers Trust Co.
Westchester Fire Insurance
McCLURE, JONES & REED
JMember* N'eio York Stork Etchano*
IIS Broadway Phona M>1 Heetaf
*

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