The New York herald. [volume] (New York, N.Y.) 1920-1924, March 19, 1922, Image 22

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The New York herald. [volume], March 19, 1922, Page 22, Image 22
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The New York herald. [volume] (New York, N.Y.), 19 March 1922. Chronicling America: Historic American Newspapers. Lib. of Congress. <https://chroniclingamerica.loc.gov/lccn/sn83045774/1922-03-19/ed-1/seq-22/>

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TRADE REVIEW AND
BUSINESS OUTLOOK
' *' -|
Primary Textile Markets Ball
and Retail Distribution
Generally Slow.
EASTERN TRADE DELAYED
More Uncertainty in Worsted
Situation?Silk Conditions
Better.
Business in last week's primary tex
tile markets was generally small in vol- i
ume. The wash goods business was
lair, but not as broad as merchants had
anticipated for this time of the year.
The gray goods market continued to
slump and was most Inactive in wide
print cloths. Sheeting lines remained
steady, but trading was confined to
lightweight construction for the bag
trade. The burlap market showed a de
cidedly bullish tone, trading being ac
tive and prices stronger. The silk sit
uation was still uncertain, with a hand ]
to mouth policy in full swing. Demand
for ginghams litis received a helping Im
petus and there is a steadier call for
percales for immediate shipment.
Bleached goods are in the doldrums.
"White goods were only moderately ac
tive last week and knit goods trades re
ported business as restricted to fill in
business. Production of worsteds con
tinued light and demand was curtailed.
The fur trade was featureless.
Retail distribution, with few excep
tions, is still faltering and made with
closest profit margins of a long time.
Normal spring buying has been delayed
nnd the nearness of Easter has done
little to awaken consumers' Interest.
Clearing House reviews say that mer- |
chandising activities in the South are j
Improving. The coast, which up to a j
frw weeks ago, reported business as bet
ter than normal, is doing less. The East j
was said to show an increase in pur- :
chasing by jobbers and merchants, but
the reports showed no marked activity
In public buying, with the result that
indebtedness increased.
More Plfcr Goods Uncertainty.
The piece poods market was more un
certain in the worsted situation. Indi
cations point to a continuation of day to
<5ay buying for a considerable time. The
airount ot worsted business done was
almost negligible and unless improve
ment comes in the next few weeks the
season will be the smallest in years, is
current opinion. The worsted market is
a buyers' market, and holders have done
little to alleviate their situation by
maintaining prices. The unsettled labor
conditions in the Chicago and Roches
ter markets, however, have depressed
the general situation, and sellers gen
erally agree that settlement of the labor
question will go' far toward placing
the woj-sted business on a better footing.
Although buying in the broad silk
market was limited, the week brought
forth better price stabilization, lack of
which has disgusted buyers in the mar
ket. Until prices be on terra flrma
again, buying will be restricted to im
mediate needs, which will result in re
tarding preparation of fall merchandise.
Dress and blouse manufacturers, milli
ners and underwear dealers are the
principal buyers at the momtrnt and few
Jobbers are In evidence.
The situation in gray goods was gen
erally easier and many hints that prices
might go slightly lower were given.
Sales In Kail River were estimate at j
70,000 pieces, a decrease of 30,000 pieces j
compared with those of the preceding
T.-'-'ek. Gingham production in January !
averaged 10,000,000 yards a week, rep- j
resenting the product of approximately '
65,000 looms. Deliveries wore reported j
as slow. The strike in thj mills has 1
resulted in a loss of gingliam output j
estimated as In excess of 14,000 cases
for the four weeks of the strike.
Jfrw Enaland Strike Results.
' A peculiar situation arising from
strikes In New England mills Is the fact
that prices for cloths have declined
while production has been curtailed. An
advantage that can be expected to
accrue from the labor trouble In the
mill centers Is that there will be a
b< tter understanding of the situation
that will make for stabilization.
Conditions In the knit goods market
showed little change In staple lines, but
novelties and sport wear articles were
said to be moving in fair volume.
Warm weather in the early part of the
week brought many buyers of silk
hosiery into the market. Slightly more
activity occurred in cotton hose lines.
Interest In which centered In the finer
grade of lisle. Buying of fall under
wear has stopped practically for the
time being and no further activity is
expected to develop until the public at
titude be more definitely established.
Strong demand for lightweight knitted
undergarments was noted, and manu
facturers anticipate a big season as
soon as weather conditions encourage
buyers to place actual needs. Knitted
sweaters, in blight sport colors and
novel patterns, maintain their hold on
?women purchasers.
The week Just ended has removed a
restriction on buying, and an obstacle
that has hampered attention to con
sumers' needs. Payments of Income
taxes hii.s lightened their bank ac
counts. In addition the next few weeks
will see, probably, spring weather and
buying Activities associated with replen
ishment of spring wardrobeti. and busi
ness is bound to gain thereby. Signs
of betterment, obscure but real, that
have been noted will be better appreci
ated. As the summer nears filling In
business that has paralyzed mill pro
duction will be displaced by advanced
order business because of depleted re
tall stocks.
LATE POPE HAILED
RAMPOLLA AS MASTER
More Incidents of Benedict
XV'a Last Hours.
Mnrch ,11^ Some incidents of
the ' ?*t t*i days of the Illness of the
1st" Pnp< H'>n diet XV. have Just be
come known. At Intervals he was de
lirious rh'I these were followed by
periods of Iim Idlty. He tslked to the
prelates, at his bedside about various
subjects so widely different, with so lit
tle pause between them, that they were
unnble always to discern whettur he
wss In fuil possession of his faculties or
not.
A few minutes after he had told Prof.
Battlstlnl, '*T would gladly give my life
for the peace of the world." he turned
to Cardinal Ossparrl and said: "One
of my greatest regrets upon leaving
Wfli earth Is that T shall not live to se>
the completion of the statue to Ram
polls, my (Treat master."
At another moment, evidently think-1
Ing of his nephew, Delia Chlesa. who
had Instated npon seeing the Pope in
spite of his nwn serious illness, he kept
repeating. "Poor boy, poor boy, who
knows whether he has enough money
to pay the cab to bring him here." The :
Tvlla Chlesas are considered to be
Calrly wall to do>
CLEARING HOUSE STATEMENT
Average Figures for Week Ended Saturday, March 18, 1922.
MEMBERS OF FEDERAL RESERVE SYSTEM.
Banks and Trust
Compaules.
Bank of N Y B. A . . .
Dank of Manhattan <'u
Mechanics & Meials Nat
Bank of America
National City
Chemical Nat
Atlantic Nat
Nat. Butchers & Drovers
Am. Exchange Nat .. .
Nat. Bank of Commerce.
Pacific
Chatham,V I'henix Nat..
Hanover Nat
Corn Exchange
Importers A Traders Nat
National 1'ark
East River Nat
First National
Irvine Nat
Continental
Chaso Xat
Fifth Avenue.
Commonwealth
Garfield Nat
Fifth National
8eal>oard National
Coal Iron Nat
L nion Exchange Nat....
Brooklyn Trust
Bankers Trust
U. S. Mt{r. A Trust
Guaranty Trust
Fidelity-Int. Trust
Columbia Tr> st
Peoples Trust
New ^ ork Trust
Lincoln Trust
Metropolitan Trust ....
Nassau Nat., Bklyn
Farmers Loan A Trust .
Columbia
Equitable Trust
Loans, Dlsc'ntj.
In vestments,
etc.
Average
$37,581,000
Utt.76U.000
1 18,855,000
.,3.3ou.<;oo
405.472,000
113.twt6.000
I5.S87.000
5.507,000
94.194,000
303,3/0.000
22.031.000
133,009,000
1 16, 110,000
170,570,000
34,458,000
163.W1.000
13,470,000
233.053,000
185,350,000
0.754,000
310,387,000
ii0.578.000
8,445,000
16^)13,000
14,127. OOO
60.1U5.000
14.021.000
15.153,000
33.700.000
251,4(14,000
53.428,000
350.322.000
10.200,000
76,004,000
38. OAS. 000
132,702.000
21.773,000
30,078,(KVi
16.376.000
119.U53.000
24.200.000
110.088.000
Cash
In vault
Average
$021,000
1,828,000
7,214.000
1,262,000
7,300,000
1,112.000
382,000
92,000
1.054,000
1.034.000
1.021.000
5.723,000
509.OOO
6,227.000
507,000
882,000
271.000
561.000
4.275,000
108.004)
6,153.000
001.000
487.OOO
462,OOO
202,000
927,000
542,004)
579,000
870,000
835,000
5SJ.OOO
1.344.000
338,000
708.000
1,150,000
426,000
452,000
401,000
363,000
438,000
011,000
1.480,000
Beaerve with
Le-tal
Depositories
Average
S3.841.000
13,038.000
19,404,000
7,348,000
62.705,000 (a)
14,305,000
1.992.000
580,0i)0
. 11.848.000
30.554.000
3.453.000
Hl6.232.000
14.213,000
23,440,000
3.526.000
17,590,000
1,437.000
24,354,000
26,284,000
909,000
45.808,000
2,787,000
1,209,000
2,290.000
1,809.000
0,817,000
1,587,000
2,408,000
4,555,000
32,070,000 (b)
6.506.000
41,173,000 (c)
2,427,000
9,700,OOO
3.774,000
17,270,000
3.110.000
3,492,000
1.280,000
12,899,000 (d)
3,320,000
22.222,000 (e)
Net
Demand
Deposits
Average
$27,757.000
99.685.000
141,409,000
62,136,000
637,967,000
103.649,000
14.980,000
3.860.000
S3.944,000
2UU.839.000
23,001.000
10S.225.000
103,211.000
100,070,000
20,576,000
135.7S1.000
12,074,000
171.989.000
188,590,000
0,007,000
304.204.000
20.023,OOO
8,910,000
14.972,000
13,704,000
47,107,000
12.036.0t0
10.789.000
30.547.000
230.005.000
49.730.000
409.076.000
18.234.000
72.288,000
37,190,000
123,049,000
20.965.000
26,791.000
12,650,OOO
94,128.000
25,517,000
179.496,000
Time
Deposit*
Average
$901,000
13,098.000
2,919,000
1,178.000
39,285.000
2.470,000
588.000
44,000
2,121.000
4,146,000
239,000
16,889.000
17.S70.OOO
26.000
2.410.000
1.477.000
17.48U.OOO
3.891.000
68.000
13.393.000
61.000
454.000
770.000
521.000
342.000
3.494.000
16.025.000
1,802,000
18.743,000
090,000
3.899.000
1,303,0'H)
2.215.000
737.000
1,216.000
312,000
17,777.000
920,OIK)
5,908,000
Total.
$4,201,232,000 $02,202,000 $530,518,000 $3,780,646,000 $216,787,000
State Bank* Not Member* of Federal Reserve System.
Greenwich Bank.
Bowery Bank.
State Bank
$17,999,000
5,482,000
79,105,000
$1,578,000
020,000
3,044,OOO
$1,750,000 $18,018,000
305,000 5,090.000
2.158.000 28.303.000
$50,000
47.719.000
Totals $102.616,000 $6,212,000 $4,219,000 $51,471,000 i
Trust Companies Not Members of Federal Reserve Sjstei
Title Guar. & Trust $46,999,000
Lawyers Title A Trust.. . 24,710.000
Totals $71,709,000
Grand total 4.376.587.000
Changes + 30,765,000
$1,327,000
830,000
$3,220,000
1.080,000
$2,163,000 $4,000,000
09,6 67,000 539,037,000
- 1.248.000 +25.273.000
$30,020,000
10.240,000
$40,200,000
3,878,383,000
?f 54,847,000
$930,000
292,OOO
$1,222,000
365,778.000
t- 2.599.000
Actual Condition on Friday.
Totals:
Members Fed. Kes. Hk $4,232,497,000
State banks, not mem
bers Fed. Kes. Bk 102.219,000
Trust companies, not
members Fed. Kes. Bk 71.897.000
$00,564,000 $551,848,000 $3,821,281,000 $2
5,353,000 4.380.000 51,398,000
2.126.000 5,050,000 46.576,000
19,737,000
47,805.000
1.093,000
Aggregate. 47 members $1,406,613,000 $08,043,000 $561,278,000 $3,919,265,000 $268,735,000
Actual Bank Condition.
Changes for Week Ended Saturday, March 18, 1922.
Excess reserve ' Inc.
Loans Inc.
Net demand deposits inc.
Net time deposits. inc.
Cash in vault. Federal Reserve members Dec.
Reserve of member banks in Reserve Bank Ine.
Reserve in own vaults, State banks, trust companies Dec.
Reserve in oth<* depositories, Htute banks, trust companies Inc.
Circulation Dec.
Aggregate reserv e, $568,757,000; reserve required. $519,596,080: excess reserve. $49,160,000.
Government deposits deducted: in averase statement, $88,576,000; in actual statement,
$93 249 000
Detailed reports In average statement Include deposits in foreign branches: (a) $111,787,000:
(b) $12,211,000; (c) $102,407,000; (d) $183,000; (e) $26,220,000.
Balances carried in foreign banks as reserve against such deposits: (a) $31,046,000; (l>)
$402,000; (C) $16,255,000; (d) $183,000; (e) $2,003,00 ).
$18,758,670
62,844,000
74.123.000
5,367,000
3,001,000
28,004,000
265,000
105,000
20,000
Additional Bank and Trust Company Reportk.
institutions Clearing Through Members?Av erage Figures.
For Week Ended March 18. 1922.
T ankh.
Battery I'ark Nat
Colonial
Grace & Co. tff.R.1.
Mutual
New Xetherland
YorkvHle
Washington Heights .
Ix>aus.
$9,801,800
17.796.000
4,748,029
10*715.000
7,262,000
18,282.000
3,980,000
Cash.
$154,200
2,260.000
22,11*2
255,000
171,000
422,000
511.000
Reserve
Deposits In
N. V. au'l
Elsewhere.
SI. 382,000
1.353,000
201,175
1,757,000
1.281,000
1,704,000
424,000
Deposits
with Banks
and Trust
Companies,
ft.373,200
1.607,471
31,000
Gross
Deposits.
$10,816,000
10,705,000
4.842,716
13,035,000
8,003,000
i?,n5i,o<H?
4.384.000
Institutions Not in Clearing House?National and State Bank*.
Bank of Europe
Bank of United Stato*
Broadway Central. ...
Bronx Borough
Bryant I'arlr
Chelsea Exchange. . ..
Cosmopolitan
Gotham Nat
Mercantile Nat
Harrlir.an Nat
TubllcNat
Twenty-third Wnrd...
$6,221
31.568.
2,013,
4.187,
2,166,
7,780,
3.156,
15.524.
11.403,
31,547,
73,101,
o,576.
01
600
81*)
416
400
OOO
IOO
000
100
000
000
100
$042
652,
403
214,
241
753,
150
353,
161,
742,
1.227,
401.
200
600
050
363
800
OOO
300
000
H00
ooo
000
700
$403,104
4,065,900
411,100
295,958
177 300
457.000
174.300
2.390.000
2,191.OOO
3.808,000
4.897,000
815,200
,584,000
5,000
268,000
33.000
588.500
816,000
1,403,000
25,000
Trust Companies?Average Figures.
American
Central I. nlon
Commercial
Empire
Fulton
Hudson
N. V. Life Ins. k Trust
United States,
$15,908,500
185.978.000
6,786. OOO
42,850.800
9,072,OOO
6,409,5(8)
25,905,9< JO
57.354.934
$608,694
24.744.000
609.000
2.841.200
1.342.800
461.300
1,851,800
4.006.666
$2,559,741
5.141,000
385,000
5,157.000
231.400
1,002.300
1.103,400
5,993,307
$4,475
1,736,000
38, OOO
2,180.500
$6,833,013
30.675.700
3,425,800
4,448.013
2,228,000
.266.000
3,363,700
14.955,000
18,754.100
33.939.IMM)
74,248,000
6,519,800
$16,067,874
189.582,000
7.407,000
48.263.900
9.447.300
0,713.000
26.725,100
49.708.404
$23,741,000;
Cash Includes deposits with Federal Reserve Bank: Central Union Trust Co.,
Empire Trust Co.. $1,711,000; Kulton Trust Co., $1,239,900.
Condensed Report by State Banking Department.
. Summary of State banks and trust companies In Greater New York not Included in Clearing
House statement:
I-oans. discounts. Investments, &r. $021,447,100
Gold 5.732,900
Currency and bank notes . ? . . ? ? 15.028,400
Deports with Federal Reserve Bank of New York 52.837,(MM)
Total deposits 651.410,200
Do?Eliminating amounts due from reserve depositaries and
from other hanks and trust companies in New } ork city and
United States deposits
HE SERVE.
State Banks. P. C.
Cash in vault #26,511,800 1603
Deposits In banks and trust companies 8,931.800 5.45
Inc. $9,305,400
Inc. 718.600
Dec. 1,413,300
InQ. 1.880,300
Inc. 12.830,800
603,844.300 . Inc. 10.880.600
Trust Cos.
$47,086,500
23.453.600
P. o.
13.07
6.96
Total $35,446,600 21.48 $70,540,100 20.93
Aggregate reserve on deposits $105,986,700 Inc $2,364,300
l*er cent, of legal went 21
MEXICO'S BIO SILVER YIELD.
Lradi U. S. With 37.6 Per Cent, of
Total Production.
Mexico Cjtt. March 18.?Mexico pro
duced 38.6 per cent, of the total world
production of silver In 1921, and the
United States In the same period pro
duced only 31 per cent, of the world
total of 161,000,000 ounces, says the
American Chamber of Commerce of
Mexico. The year 1921 was classed as
a bad year In silver mining, due to the
low market price of th^ metal, but de
spite this condition more than 62,000,000
ounces were taken from Mexican mines.
Due to the revival of mining activity
In Mexico during the closing months of
1921, and the reopening of mlne? In
parts of the country, the chamber ex
pects that the Mexican production of
1922 will greatly exceed that of last
year.
SMELT SEASON SUCCESSFUL.
X?w Rrnnavrlrk Kluhrrmrn Richer
by 91,000,000 In RIk Harvest,
Frbdericton, N. B., March 18.?New
Hruriswk-k fishermen are richer by more
than 11,000.000 through the sale of their
harvest during the smolt season Just i
closed. About three-fifths of the entire
ratch rame from the Miramlchl River
section of Northumberland county, and
the remainder from their fishing grounds
of OloueeMcr, Rcstlgouche, Kent and
Westmoreland counties.
Smelt were unusually plentiful along
the northern and eastern coasts of New
lirunswlck. They were marketed In Up
per Canada and the United States at an
average of about 7 cents a pound. Two
men are said to have received $600 for
one night's ?atch.
SHOET TERM NOTES.
Rata.
AlumCo ofAm.. .7
AlumCn ofAm... 7
AmCnt.tonOll... .8
AmTel&Tel 0
AmTel&Tel.... .8
AmThread 8
AmTobacco..... 7
AmTobacco 7
Anaconda' op 8
Anaconda* 'op... 7
AoRAmOll.Ltd.
Armour,Con v..
BAORRColl. .
BellTeloR'an .
DcthlefaemStl..
Du?. TMI. A*kel.
No*. 1925 103 102 H
Oct. 1933 102*4 103
Sept. 2.'24 95 95)4
Oct. 1033 100 7-18 100H
Feb. 1034 100 15-18 101 X
Dec. 1024 10094 I'll >4
Nov. 1922
Nov. 1023
Jan. 1929
Jan. 1629
.7)4 April 1925
.7 July 15/30
8 April 1924
. 7 April 1925
July 15.23 101
loo'/j ioi x
103 102X
WiX OH >4
102** 103 H
103H 103 ,
103 103)4
98)4 98*4
101 101)4
101 X
Can Northern Ry 5)4 Den. 1922 100 10O>4
t'?nNorthernKy.5)4 Dec. 1924 99K 100
CanPaciflcRy... .0 Mar. 2.'24 100 15-10 101 X
Feb. 192 7 93 03 X
D?r. 1.'22 101 X 101 S
Feb. 16.'23 102 102
Feb. 15,'24 102)4 103(4
Feb. 15. 25 104 104 X
July 16.23 100'j 101)4
Nov. 1924 99*4 100U
April 1925
July 1923
Feb. 1933
Dec. 1930
Mar. 1924
Cent Argentine.. .8
C'onnGasofNY.. .7
CopExpAmn. Inc.H
CopExpAw.n.lnc.8
('opKxpAmn.Inc.8
Cud*by Packing. 7
FederalSugKef... 8
TheBFUood.cn v. 7
OulfOllCorp 8
OulfOllCorp. .. .7
HJHein? 7
HocklngValley. .8
HuonbleO&R... .7
IRTconv 8
KanCltyTerRy. .8
KennecottCorp .7
I?clednOLI*ref 7
Philadelphia 8
I Yocter4c< lamble.. 7
K.I ReynoldaTob. 8
hearnRoebuck... 7
flearsRoebuck . .7
Solvay 8
HouthwatBellTel 7
SPl'nDepot*uar 8)4 Dec. 15.'23 103
FtandOIINY 7 Tan 1926-.". 1 lot
98 H ?H?i
100', iooh
103x 103 X
10414 104*4
99)4 99*4
Mar 15,'23 100 X 101 X
Sept. 1922 78 79
Nov. 15.'23 100M 100H
Feb. 1930 102'4 103 X
Jan. 1929
Feb. 1941
Mar. 1923
Aug. 1922
Oct
Oct.
Oct. 1927
April 1925
97 97 X
95*4 98
ioi x noix
100'i 101
15,'Zi 1(10(4 100 X
15,'23 9994 100
103X 104
102)j 102*4
100)4
108 H
HundOIINA OX May 1933 108)4 108)4
flwlft 7 Oct. 16.'25 101)4 101)4
Hwlfl 7 Aug. 16.'31 103*4 103
TheTexanCn 7 Mar. 1,'23 101)4 101)4
I'tahPecCorp.. . .8 Sept. 16.'23 99*f 99?j
VacuunnOil 7 April 1938 108*4 107
WeatKlecConv.. .7 April 1H25 108)4 108*4
WtaconsinKC ron8 May 1924 94)4 00)4
UNITED STATES TREASURY STATEMENT.
Special DUpatch to Thi Nmw Yoik flraum
New York tterald Unreal,, )
Wn?liln(fton, ?. C'., March 1(1. f
Revenue receipts and eipcndlturea at the close of business on March 10:
Thin
month
118.833,202
Corresponding
period
last year.
lia.773.24M
?Fiscal
ve ri r 101'I
1220,700,M?
Corresponding
period fiscal
year 1020.
t20ft,M0.7l3
Receipts ordinary:
Customs
Interrtal revenue:
rnrome nnd profits tai 102,330,001 322.427.M2 1.420.781,703 2,073.300.202
Mloccllaiwoua 40,373.701 07.303,281 !IO2,2ft2.024 1.000.4fxt.484
Miscellaneous revenue 20.4d7.MI 19.138,03*1 3I1.78S.I85 90ft.813.700
I'snama Canal ?o|ls- 528.108 071,384 8.482,128 8.030,424
Total ordinary I88,nr.r>,248 422,010.."03 2,870.070.303 3,830,027,01ft
BSaraaa of ordinary receipts over
ordinary disbursements 43,<07,108 207,071.332 47.'1,3,10,10.'? 30,1,780,837
Tolnl ordinary disbursement*,.... 143,174,030 214.042.151 2,300,834,310 8,402,237.787
lists nee to day, 1333,012,000
?Receipts and ulsliursrmonts for June tra chine the Treasury In July art Included.
Answer this Question
for Yourself
IF you are a purchaser of First Mort
gage Real Estate Securities, is there
any good reason why you should not
receive current interest rates on your
money ?
For many years it has been, and will
continue to be, the policy of this House
to obtain for conservative investors the
current interest rate on the First Mort
gage Real Estate Gold Bonds which
we sell.
We now offer for sale a bond issufe
which pays that rate of interest and
which it safeguarded in the same care
ful manner as all First Mortgage Real
Estate Bonds which we have offered
for sale over a long period of years.
We will forward you full information
about this, upon request if you
SEND FOR BOOKLET H-34
Company^
562 Fifth Ave.
Cor. 46th Sc.
New York City
Tel. Bryant 9600
Chicago Columbua Davenport Grand Rapids Rockford
BID AND ASKED QUOTATIONS
N. Y. .STOCK EXCHANGE QUOTATIONS.
To the following prices accrued interest
is to be added:
FOREIGN GOVERNMENT AND MUNICI
PAL BONDS.
Rid. Ask.
Argentina Intern. 5s, '45 83 84
Belgian 0 yr. 6s 103% 104
Belgian 7%s, '45 108
Belgian 8s, '45 107% 107%
Bergen 8s, '43 100',4
Bern Rs, '43..'..... Ill 112
Bordeaux 6s, '34 85 85%
Brazil 8a. '41 104% 104%
Canada 5s, '20 0!' 99%
Canada 5%s, '29 99%
Canada 5s, '31 08
cuiie 8s, '4i loan
Chile 8s. '20 101'
Chinese Gov. Hu Ktig Ry. 5s, '31. 54
98 U
u>8%
ft>i%
54%
Christiania 8s, '45 v.108% 109
Copenhagen 5%s, '44 90% 90%
Cuba Extern. 5s, '44 89 I 90
Cuba Extern. 5n ser. A. '14 83%
Cuba Extern. 4%s, '49 "8% 79' i
Denmark 8s, '43 109% 111)
Denmark 8s A, "4il 100 109%
Denmark 8s B. '48 109 109%
Denmark 6s. '42 9" 97',4
Dutch East Itjdles 6s, '47 94% 94%
Framerlcnn Industrial Develop.. 99% !i9%
France 7%s. '41 101% 102
France 8s. '45 105% 100%
88%
.. .lit
... 99*
.. .108',?
.. .101%
... 90
. ..102%
.. .100%
93%
74%
89%
89
85%
85%
Italy 5 yr. (I%s 93%
Japan 4s strip. loan, '31 74%
Japan 4%s "trig, loan, '25...
Japan 4%s 2d ser.. '23
Lyons 15 yr. 6s, '34
Marseilles 13 yr. (1*. 'S3
Mexico Exter. gold 4a, '54...
Mexico Exter. strip. 5s. '45.
Mexico Irrigation 4%s, '46..
Norway 8s, '40
Queensland Os, '47
Queensland 7s, '41
Rio de Janeiro 8s, '46
San Domingo 5s. '58
Kan Paulo 8s, '36
Sweden tis, '.'19
Switzerland 8s, '40 115* 115%
Toklo 5s 711?. 73
Uruguay 8s, '46 105% 106
Zurich 8s. '45 Ill 112
United Kingdom 54s, '22 104% 105%
United Kingdom 5%s, '29 105% 105%
United Kingdom 5%s, '37 99'3 99%
Netherlands 94 94%
Fan Pnuio 8s 101 101%
Paris Lyons Med. R. R. 6s 83 83%
UNITED STATES GOVERNMENT BONDS.
33% :
111%
99% ,
108%
102% I
91 I
103
lOOii
Hid. Ask.
2? 103% ..
2s C 103% ..
4s r 105%
4s c 103V* ..
2s P '36 r. 103% ..
2s P '36 c.103% ..
Bid. Ask.
2s P '36 r.103% ..
2s P '38 r.103%
2s P '38 0.103%
8s P r 83
3s P c 83
P I 4s '36 .. 80% ..
Closing prices of storks In which there
were no transactions yesterday:
Bid.
Adv R pf.. 45%
A A Cable. 107
Al Ch M pf 93%
AlltedC pf. 106%
Amal S 1st
A Bk Note. 60
do pf 52%
A Beet S pf ?9
Am Bk 8h. 58%
do pf 104
Am Can pf.101
Ant C F pf.tt7%
Am Ice pf. 80'4
Am Lin pf. 56%
A Loco pi.115%
AraRad pf.114
AmS Sec A 90
do pf B.. 85%
Ask. ;
46% 1
113 I
94 !
107%
68 ;
07
54 !
60
109%
102%
82
57%
117
Bid.
A BtFdy pf 93%
Am emiff.,125
do pf..,.. 94
A SumT pf 60
Am Tel AC. 64
AWWk 7%. 77
A Who! pf 90%
Am W P l>f 27
Ann Arbor 16%
do pf 44%
Art Metals 18%
A DfyG lpf 78%
do 2<f pf. 80
At Refln.. .920
Auto Hales 5%
Bald L pMOH
Barnet Lth 40
do pf.... 89
126%
100
68
68
79
92
28%
17
45%
19%
80%
82
950
?%
109
43
9(1
Bid.
BarnsdaUB 24%
Bay Bros.. 30
Beth Steel. 60
do 90
do 8??....108
Booth Fish 6%
Bk Edison. 102%
Brown S pf 88
Brunswick. 3%
lluf & Bus. 78%
do pf 4ii
But R & P 50
do pf 84
Br Emp Stl 8',4
Butterlck.. 3 m
Cat & Ariz 00'%
Can South. 52
Case pf.... 7(1
C Leath pf 73
CRRofNJ. 184
Cert P lpf 85
do 2d pf. ..
Gill Pneti T 05
C St l'lO 59%
do pf.... 83
CI Peabody 55%
do pf.... 92
Col Fuel pf 99
Col&So lpf. 58%
do 2d pf. 54
Con Clsar. 24
do pf 52
Con Insur.. 08
CornPr pf.114%
Cub A K pf 88
De Beers.. 17%
Deere pf.. 71
Det&Mack. 25
Det United 57%
Dul KSAA. 3%
do pf.... 6
Durham II ..
do pf.... RO
Elk H F pf 33
Eraer Bran 8%
do pf 31
Endlc J pf.108%
Fed MAS 9
Fairbanks. 20
FlslierR pf.101
G Asph pf. 93
G A Tank. 57
nilllland pf 71
Cray A D. 17%
Greene C.. 20%
C, MftNpf. 25%
Gulf Stl lpf 87
Hnriman.. 90%
Indian Ref 0%
do pf
Int Agr pf. 41%
Int Pap pf 75
Int fait... 50
Towa Cent. 6%
Kan C 8 pf 56
Kayaer .... 94
do 1st pf.115
KSpT0?-? pf 76
do 8?V_ . 97
Ken ? r? M 6%
do pf 20
KnreFS pf.105
Kress 8 H. 70
do pf....10O
LlgAM Pf..l12%
do B? 130
Lorlllard ..150%
do pf....in
Loose-W... 37
do 1st pf 98
do 2d pf.105
T,ouH * N.113%
Mackay .. 81
do pf.... 61
Malllson pf 71
M Shirt pf.101
Man Sue pf 78%
Mrkt SR pf 35i',
Math Alka 31%
MayDS pf.105
M M O ct. 1
do lpf ct. 5
do 2pf ct. 2
Ask.
25%
33%
00%
91
73% ,
194
78% !
60 <
01 I
90
56
69
116
91%
19%
87
37
10
40
109
11%
30
10:1
97
58
80
18
28
20
42
100
9
57
98
108
112
115
160
151%
39
103
110
114
82
A3
80
110%
80
39%
33
112
Bid.
Max Mot A 43
Mex Pet pf 83
Mich Cent. 120
MSPSSMpf ..
do 1 1.... 65
MKAT war 15%
do war pf 13
Mor & Es.. 70
Mont Ppf.100%
MullinsB pf ..
NO t StL.100%
Nut Blsc.,.132
do pf.... 119
Nat C&H pf 85
Nat E&S pf 85
Nat Leac*,. 89
do pf 110%
NYC*StL.. 63%
<lo 1st pf 74
do 2d pf. 67
NY Ship B 22
NYStateRy ..
Norfi VV pf 72%
Ohio Fuel. 48
Otis El pf. 93
Otis Stl pf. 40
Owens B pf 98
Pac Catlpf 30
do 2d pf. 20
Pac Mall.. ..
Pac TelAT. 56
Panhandle. 8
do pf 00
Penney pf.. 93
Phillips J. 84%
do pf.... 88%
Pitts Coal.. 60%
do pf.... 90%
PFWC pf..135
Pitts Stl pf 85
PtWVa pf. 79
Pond Crk.. 17
ProdiR pf. 34%
PureC8%pf 98%
Rand 23
Ry Steel Sp 95
do pf ion
Robt Rels.. 11%
do pf.... 51
Read 1st pf 43%
do 2d pf. 40%
Rein 1st pf 67
do 2d pf. 00
Rutland pf. 22
Scars-R pf.100
Rloss-Bli pf 63
RLASF Pf.. 49
Fhnttuck.... 8%
SPR Sue pf 88
Stnnd Mill.120
do pf.... 85
Stem Bros 98
Studeb pf.,105
Sup Rtl pf. ..
Temtor A.. 2%
Tob Prd pf 92
TLRW ct B 24%
Twin City.. 39%
do pf 75
TJnderwd ..129
do pf 105%
T'n RngAP. 61
T'nlonT nf.103%
Un Cle Sts.105
Un Drug.. 09%
do 1st pf 44
TT S Expr.. 6%
T'STnAlepf 94
T-RSmRpf 44
Va-C Pf. 7d
Vn T CAR.. 43
do pf. . 00
Weber A- II 12
West'se lpf 07
WestmMd. 9%
Vest Pac.. 1*
do pf. .. 55%
WALEpf.. 17%
Wilson .... 40
do pf. .78
Woolth pf.,110
Worth pf A 81%
Ask.
52
84
Hi
18
78%
96%
110
137
120-%
89
90
90%
113
63
80
71%
23%
33%
50
9(1
51
102
50
50
15
60
8%
78
87
90%
61
92%
90
99%
106%
10
59
03
24
105
70
30%
9 ' 1
99 I
125
90
99
108
95%
3
95
25%
45%
90
1 if.t;
03u
103%
J 50
71
45
90%
43
77%
40
07%
13
"0
9%
I8.14
r.?
17%
42
90
117%
85
PRODUCE.
APPI.ES-KIng, bbl.. 9'>.3O07.5O; Mann,
|707.fiO; Bpltzenberg, 97^7 r>0; Baldwin. 9*?
8; Wuniti 9307.r>O; Northern Spy, in1?!);
Stark, 99.6008; Ben r>avls, $4 r.fv$H; ordinary
ungraded, 94.SOOS.SO: Newtown Pippin,
Wwtfrn, bo*. 83.3608.98', Jonathan, British
Columbia. $2.40ft2.<t0: Mcintosh, t1fl4.Hl
Bpltzenberg. 92.23^4; Rome Beauty, 9203.73;
Dollrlou*. 92.3S04.73.
tIEANS?Marrow, choice domestic, 100 lbs.,
9*V7.": pea, $7; medium. 97; Kotenashl, nr.?
3.60; red kidney, 98.2." Imperial, 98.50; white
kidney. 910.
BETTER?Creamery, higher than extrai,
lb.. 40ti94lc.s extras, P" score. .W404OC.:
firsts. 37039HO.; seconds. 34030c.; lower
grades, 3103.1c.; centralized cars, 1*0 score,
nRV^SIc.: score, 37H938i'. ; S8 score,
3*H087e.; 8% to RT won, 3O088HC.; un
Nnlted, higher than extras. 42H'H'43c.: extra*.
#2 score. 41H?'42c.; firsts, 8704OUC,; sec
ond*, 34ff30c.; lower grades, 31083c.; held
or storage, extras, 33\403tle : firsts, 880330.;
second*. 28H031V4C.: State, dairy, tuba,
finest. 3?H03!"<'-.; cood to prime. 3.Vff37V4c.;
eommon to fair. 88084c.; ladles, currant
make, extra-", 27027tye.; first*, 24tt2."c.;
second*. 2I022V4C-; lower grades, 2O02IHC.;
peeking stoek, current make. No. I, 22?
22>4c.; NO. 2, 21021 Vic.; lower grade*, 170
20Hc.
rRBMK?New York Stat* flats, held ..pa
rial*. 24*f24M|C.; fresh specials. 2lfJ21Ko.;
average run. fre?h, 2O02Ot^c.; State twlna.
held special*, 23H024c.; fresli *perlal*. 21c.;
average run, 2O03OHc.; Wisconsin double
daisies, colored, fancy, 23^23'?e.; single
dalsln*. colored, fancy, 83038KC.! young
Amerl'-a*, 23'i023\c.
?HKM-PrNh gathered extra*, do*., 28c.;
extrn flr*t*. 28?27e.; first*, 24H023Hc.,
Stcondg. 2)MS4c.| dlrtle*. regular packed.
No. 1, 22H023c.; No. 3 and poorer, 21Htf
22r.; cheeks, fair to choice, dry. 3102%:.,
*torngo packed, extra flrvt*. S7Hc ; first*.
8flH03?C. I freah New Jersey < andled hennery
whiten, extra*, 39c.; nearby and nearby
Western hennerv white*, average extra*,
82088c.; extra first*. 80081c.; flr*t*. 270
2fle.; nearby gathered whites, flr?t* to extra
first*. 27ff30e.; under irrade*. 39030c,; pnl
let*, unassorted, 9602Ac.?; !'ae|f|e const
white*, extra*, 33c.: extra firsts. 31032c.;
firsts. 28H09Oc.. pullet*, una**ort"rt, 230
2flc,; other Western and Southern fathered j
white*. 23089c.: nearby nnd nearhy Western j
hennery brown*, extra, 2*'4c.; nesrliy brown !
and mixed enlor*. gathered extras. 28e.;
first* to extra firsts, 39037c.; duck eggs,
unchanged.
POTATOES Main*. 1W1 lbs., 88.fW04.1Ot
109 lb*., 93.2308.60; State, 190 lbs.. 9303.20;
State and Maine. 130 lbs., $3(93.25: Jersey,
1MI lbs.. |1.73?2.23; LonK Island. bbl., ?4vji
4.30; Virginia, second crop, |2.R3?3; Ber
muda, $fl'<13.90; Florida. $Rftf10; sweets,
Jersey, basket. $l?2.73; Delaware and Mary
land. i1.OT91.85: Virginia, bbl.. ?2.73?4:
yams, Virginia. bb1., SO; South Caro
lina. orate. 11.23: Oorgla, basket, |1?1.40.
Prtri.TRY. DHBSSEf>-< 'hlrkens: Frozen
broilers, 27?43c.: fryers. 27932c.; masters,
27?87c.; fresh stags, 20??27e.; fowls, fresh
Western, boars, 88?84?.; Mils., dry, 22?3.'tc.;
frozen, 22?33c.; old corks, fresh. 19926c. ;
frozen. 1R?24c.:, capon*. fresh Jersey, 344J)
40c.; Western, 32?44c.; frozen, Western, 33?
43c.; turkeys, fresh, best. 42?4Br.; frozen.
No. 1, 47<if3lc.; poor to good. 33?4&c.; old
toms, 40?44c.: old hens. 4399k>.; durks,
frozen. I^ong Island. 30932c.; Western. 20fy
2flc.: geese, frozen, Western. K>920o.; squabs,
fresh white, doz.. $3?12.
rOri.TRV, I.rVK-l'zpress Fow ls, 30?
Sir.; rhlckens, )9?32r.; broilers, ftOc.: ca
pons, 33?40c.; turkeys, 43c.: dueks, 3rtc.;
1/ona Island, spring. 42c.: Mnseovey, 17c.;
geese, 20"fif?2c.; swans, 10e.; pigeons, pair,
OOfT73c.; guineas, pair, B3?70e ; rabbits, lb.,
23921k-.
itvk stock wn mkat pricks.
Common to prime steers, 100 lbs. 3.23? 0.00
Common to eholce bulls, 100 lbs, 3.30? 3.00
Common to choice cows, 100 Iba. 1.30? 3,25
Common to prime veals, 100 lbs, R.OOiM.I 00
Common to prime ewes, 100 lbs. 4.00? ft.00
Common to prime lambs, 100 lbs. 14.00?lfl,23
T,lve hogs, 100 lbs 10.30911.30
Pressed beef, steer sides, lb 11<3i .|4'4
City dressed veals, lb lOi? .20
Pressed mutton, lb 12? .14
Pressed wethers, lb 1R? .20
Pressed lambs, city, lb 20? .32
FOREIGN INTERNAL BONDS.
Loans not Issued In American dollar values.
Hate. Pate. Pue. Bid. Ask.
Argentine (unllst). 3 Sept... 1045 "ft SO
Belgian (restor's). 3 Option 1034 Oft 74
British Victory.... 4 Issued WIO SOfl 370
Canada 3',4 Nov... 1024 95H ft(T*4
Canada March 1ft37 0"H ft"
("aimda 314 Nov.. 1034 0.TI4 ftfl"4
Colombia ?! Issued 1013 OR 71
Costa Rica 3 Option 1 ft"ft 59 00
Trench Victory... Option 1031 flfl\ 0714
French Loan 4 Option 1043 33% 3?V4
French Premium.. 3 RO'i R1
French Loan fi Option IBRI 7R^4 Rl
Italv War Loan.i.. 5 3ft',i 30
Pelotas (Brazil)... 3 Issued Iftll 30 67
Uruguay fl Issue! 1919 7H4 7214
Itui n Bda F A A f>V4 Feb... 1328 4 I
This is No. 2 of a series of discussions pre
pared by the Financial Department of THE
NEW YORK HERALD, dealing with the pur
chase and sale of bonds, stocks and other
securities and designed to repaint a few guide
posts for the layman, by which reliable security
brokers and genuine investments in general
may be identified.
Speculation
and
Investment
Importance of the Recognized
Securities Markets
There are exceptional cases wherein the marketability of a security
' is of no great moment to the Investor. But, without exception,
marketability is an indispensable quality which may not be overlooked
by the purchaser of securities for speculation.
t
In the first instance, the investor whose financial position demands no
consideration of exigencies (which might make desirable the quick sale pf invest
ment holdings) need not consider the marketability of some part of his invest
ments. Nevertheless, there are few, if any, large investors who do not require
that a considerable part of their holdings be represented by readily marketable
securities.
Jn the second instance, it is unfortunate that not all purchasers of specu
lative stocks realize the wisdom of limiting their purchases to those stocks which
are actually listed or actively "traded in" in recognized and responsible
markets.
The Securities Markets of the United States
The New York Stock Exchange is at once the largest and the most im
portant market-place for securities in the United States. There were 172,
054,636'/2 shares of stocks "traded in" and $3,583,280,000.00 of bonds sold on
the floor of this exchange during 1921. Among the other exchanges which afford
the only market for a particular group of securities may be mentioned the New
York Curb Market and the stock markets designated by the names of the cities
in which they are located, such as Chicago, Boston, Philadelphia, Pittsburgh,
San Francisco, Detroit, Denver and smaller centers. Aside from such organized
exchanges, there are well defined highly important and established securities
markets commonly called "unlisted" markets and "over-the-counter" markets.
In subsequent numbers of this series the major securities markets will be dis
cussed more fully.
The Broad Line Which Separates
Nondescript from Standard Market
Stocks
When stocks are considered from the standpoint of speculation, it bears
reiteration that unless they are actively "traded in" in a recognized market
they usually are not speculations, but gambles and generally poor or impossible
gambles.
There is a difference between buying standard stocks of speculative
promise through reputable brokers who transact their business through es
tablished markets, and purchasing stocks witlf promises of profit from
"stock brokers" whose sole business is selling the public chosen brands of
nondescript stock issues.
The principal difference is just this: In the first instance, the genuine
broker is not financially interested in the particular stocks his clients buy for
the reason that brokerage commissions are practically the same for the purchase
or sale of all standard market securities. He merely acts in the capacity of a
true commission broker whose business is the execution of customer's orders for
which he receives a standard commission.
In the second instance, the "stock broker" (or whatever he terms himself)
is interested in the very substantial profit which he makes as a promoter from 1
the sale of his own particular issues. Cases have been found where "brokers"
selling worthless paper have pocketed as much as 80% of the receipts as "com
missions" from their "stock" sales. In many instances these "stocks" are de- 1
scribed as "so good they do not have to be listed on an exchange" or "expected V
to be listed on a big exchange in the near future." * ^
It goes without saying that unsponsored "securities" rarely if ever ase listed v
on anykind of exchange or ever find any pretext of an open market?promises
notwithstanding.
If every one would exercise sufficient care in the choice of securities and
security brokers, hundreds of millions of dollars which now go annually into
worthless securities would be saved to the American people.
The fact is, if sufficient care is exercised by the purchaser
the likelihood of mistaking unsponsored "securities" for stand
ard securities is reduced to a minimum. All standard securi
ties whether listed on an exchange or not can be purchased
from or through any one of many KNOWN REPUTABLE finan
cial firms.
The financial advertising columns of THE NEW YORK HERALD
to-day serve as a careful guide to reputable Bond Firms and Stock Brokers.
Before admission to its financial advertising columns, THE NEW YORK.
HERALD satisfies itself as to the integrity and standing of each firm or broker
Read the Financial News and Adver
tisements on the Financial Pages of
The New York Herald every day.
THE NEW YORK HERALD
The Financial Pages of The Herald are considered by many good
judges to be the best Financial Pages published in New York

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About The New York herald. [volume] (New York, N.Y.) 1920-1924