Three Attractive Groups of Securities A booklet we have just prepared analyzes the effect of present in¬ dustrial conditions upon three important groups of securities. This booklet also contains im¬ portant statistical data and esti¬ mates of future earnings, which should prove of interest to in¬ vestors. , ftnnklet .1 G-3 on request Miller. & 60. Ke-jYbri- Si-_><-_k Fxchanp^s 120 BROADWAY " Branch Offices 212 FIFTH AVENUE' :.\v COR 26'STH.ZIT LONGACRE BUILDING HC CCt ^-^ 7"* *" BROAD-AY NEWÏ0RK, $550 Invested in 6% Gold Bonds With Bonus of Profil Sharing Certificates Returns $55 Yearly Banking Loan Company op-rating under Stale licenses and supervision. Business growing rapidly.in 1919 increased 73 rc over 1918 and was over JO times volume transacted in 1914. Bondholders have received 1! % for last four years and are permitted to .hare in profits in addition to 6% bond interest. We recommend this security for dis¬ criminating investor». May we send fui! description? Ask for Circular B. CLARENCE H0DS0N & CO. Established 1893. /n-f.trmm. Securities 505 Fifth Ave., Dept. H. phons I anderMU Í6-S/ Branches in Principal C'ltte«. Follow the Rails Great Northern Pfd. Northern Pacific Atchison Southern Pacific r'oi.ihern Railway New Haven St. Paul ;Vabcsh A .'. special summary of the rail- ¦;.:.' situation as it is progressing otlay, and its influence upon the i!« ariment of the Stock Mar- .:¦:, will lie sent free upon request. booklet, describing: our plan of sy-temuti« sa.in.i_ :m an aid to building mi independent income, based mi high-grade, seasoned -«i <:- n turning H to 11%, aLso mailed free. Scott __ Stump SPECIALISTS IN* ODD LOTS Siock Exchsr.re Bldg., Philadelphia, Pa. .Ne» Vork (»flirr. 40 .7\eliun_,e Tl. J-K.Ricc Jr.&Co.Buy&Scll Acker, Merrall * Condit Deb. 6s, 1923 Amer. Eagle Invest. Co. Deb. 6«, 1965 Araer. (.u. ( o. Del». 6s, 2016 Child.. Real Estate Ser. A, 6s, 1929 General Baking Co. 6s, 1930 Havana Tobáceo 1st 5s, 1922 Internalional Salt Co. 5s, 1951 New ,lrr>te.\ Steamboat Co. 5«, 1921 Turk & Tilford Deb. 0s, 1036 I'nited lead Deb. 5s, 1943 Inquiries Invited on ull Unlisted Bond» J.K.Rice.Jr.&Co. Phones 400. to 4<!i« John. 36 Wall St., N. T. "¦VhAÍ/ nmmmaiml Kasans" LW.WigicrAC«. ami neassi 33 New St., N«w Y«*rk __5__?j1 "The Oü Industry" ^^^-.¿n¿3^-_tr?'T" L - Fro« on it«q_i___ RCMEGAROEL'&tÄ 27 Pine Steet-'NearT&rk. ^_fi___5__U ^ater - front properties, Factories & Factory Sites Floyd S. Corbin, Specialist 11 'Ml ttector. 10 Wall St.. New York. India's Need oí Grain Elevator.«! A^ further emphasizing the.-need of ;)0rt facilities at Karachi for the ha.ul- ''"6 of wheat, Consul Richardson 'Uo*es the opinions of experts as re- ^n«y expressed before the Indian sec- lion of the Royal Society of Arts. It is >«te<l that 2,000,000 tons of wheat were 'Ported from Karachi during one war _oar on a completely antiouated sy»- ,'.''"¦ though this is not the normal ^M'ort, India's wheat production and "-P.rt may in. Xpecte_ to increase, .^i.t!le introduction of elevators »nouid properly begin with the cstab- '.'.""'ent of such facilities at the port 01 Wachi. equipment for Paper Mill ihe nn\v _...ii .-_ o.J.,> _e. Rail Shares Show Greater Strength In Stock Market ¡ Seasoned Dividend Payers Join More Speculative Issues in Upward Move¬ ment; Shorts Are Nervous _ Railway shares, which have been [ steadily growing in popular favor for a fortnight or more, comprised yester- day the Btrongest and most interesting group in the stock market. Under the stimulating influence of steady and well sustained buying the rails moved forward in a display of pronounced strength which made" them easily the feature of the Saturday half session. Gains in the leading rails.seasoned dividend paying issues as well as the lower-priced more speculative stocks joined in the movement.ranged from a fraction to 3 points and more and in most cases were well maintained. The rise in the rails carried the majority of issues to new high prices for the year. Among the rails which were most prominent Great Northern preferred jumped r.Va points to OO'á on dealings of 15,000 shares, Northern Pacific was up 4-1* points net, Norfolk & Western 3. New York, Chicago __ St. Louis 3*_ and Iowa Central 2%. The improvement that has taken place in the railway shares during the last week is not surprising, in view of the favorable discussion of railroad prospects and the backward tendencies displayed by the industrial share list. There is no doubt but what the slump in industrial issues and the uncertain¬ ty around this class of securities has caused many speculators to shift into the rails. At the same time a good deal of speculative investment buying has appeared. The rails h*ve re¬ sponded easily to this buying since the olferings have been small and the floating supply has been doubtless re¬ duced by the steady absorption that has been going on for several months. With the rails giving such a good account of themselves iff was not sur¬ prising to y#û the short interest in the industrial end of the market grow a bit nervous. The. result was that tho industrials joined'in the recovery, al¬ though tho movement here was not so pronounced 83 in the case of the rails. Among the especially strong spots in tr|- industrial group were Baldwin Locomotive, in which the short interest is supposed to bo of large proportions; Vanadium and Pressed Steel Car. The weekly bank statement dis¬ closed some striking changes, and in the case of the Federal Reserve Bank of New York a loss of approximately $46,000,000 was reported as a result of the week's transactions. The bank actually gained $11,000,000 in gold and gold certificates held '.i its own vaults, but it lost nearly $60,000,000 to other reserve banks through the gold settle- ment fund. The bank also extended discount accommodations to other re- serve banks to the extent of $19,- 000,000. Loss in gold was largely re¬ sponsible for-the reduction in the ratio of total reserves to deposit and Fed- erel Reserve note liabilities, which dropped to 41.1 per cent, compared with 43.7 per cent the preceding week. The Clearing House banks in the combined statement reported a deficit in reserves of $11,043,850, while loans and discounts expanded $24,765,000. The Dollar in Foreign Exchange Erratic movements have been the rule in the market for foreign ex¬ change during the last week. This was particularly true of sterling. Bills on London dropped sharply for a time, then rallied well and closed the week in a fairly firm position. International exchange bankers said toward the end of the week that the French Treasury had about completed its operations in sterling in connec¬ tion with the Anglo-French maturity and for that reason looked for im¬ provement in sterling rates. The mar¬ ket last week was very thin, and offer¬ ings were extremely light. The Federal Reserve Bank of New York, in discussing the foreign ex¬ change situation in its monthly bulle¬ tin, talks of the establishment of a new parity for the exchanges, fluctu¬ ating in accordance with the buying power of the currencies of the nations in relation to our own. "The operation of trade under this new parity," the bank pointa out, "is simple and depends in the main upon the common rules of commerce. Whether a British merchant, for in¬ stance, will continue to buy in the New York market when sterling has de¬ clined 30 per cent from its old parity depends mainly upon his chances of profit--that is, whether he can pay for! New York goods in sterling converted into dollars and secure in his own market a price in sterling above thai paid, plus the costs of transportation and handling. "An examination of the progress of the foreign trade of the United States since 1880 suggests that while exports and imports varied greatly from nor¬ mal during the war period, neverthe¬ less they are now reverting to the nor¬ mal line of increase carried through th-j forty years." If you calculated the cost of the dollar in terms of foreign money of] current exchange values.that is, if you were buying a dollar with pounds, marks or franca, its value at the close of last week, as compared with a year ago, follows: Yesterday In English money.$1.36 In French money. 2.63 I In Dutch money. 1.20 j In Swiss money. 1.1.3 In Italian money.4.Il' in Swedish money ..... 1.25 In Spanish money. 1.3u (Quoted in dollars to the pound.) Yester- Week day. Sterling, demand. /. 3.4875 Sterling, cables. 3.4-50 Sterling, sixty days... 3.4475 Sterling, ninety days. . 3.4275 Year ago. $1.13 1.64 1.05 1.03 1.90 1.03 1.00 Ago. 3.4775 3.4850 3.4375 3.4175 (Quoted in cents to the unit.) Francs, checks. 6.71 Francs, cables. 0.72 Belgium, francs, checks 7.07 Belgium, francs, cables. 7.08 Lire, checks. 4.16 Lire, cables. 4.1. Swiss, francs, checks. . . 16.07 Swiss, francs, cables. 16.10 Marks, checks. L64 Marks, cables. 1.64 Guilders, checks. 81.00_ Guilders, cables. 31.125 Austrian, crowns, checks .48o0 Austrian, crowns, cables .4350 Sweden, checks... 19.87u Sweden, cables. 19.98 Denmark, checks. 13.80 Denmark, cables. 13.85 Norway, checks. ¡¿-«o Norway, cables. J»«»» Pesetas, checks. 14.81 l'esetns, cables. 14.65 Greece, checks. !"..?- Greece, cable.,. 10.40 Manila, checks. 46.50 Manila, cables ..... 47.00 India, rupees, checks.. 32.5» India, rupees, cables.. 88.00 Japan, yen, checks..-. 51.L«* Japan, yen, cables .... 51.3ÍO Argentina, checks. '¿'"*-.'- Argentina, cables. 36.375 Brazil, rio, checks- ÏL'ZÎ0 Bra/.il, rio, cables...- ll-'o Ci-echo-Slovakia, checks l.do Czecho-Slovakia, cables 1.3- «¡.69 6.7Ü 7.07 7.08 4.15 4.16 16.07 16.10 1.56 1.66 30.875 31.00 .45 .45 20.00 20.10 13.70* 13.75 13.65 13.70 14.68 14.7;; 10.50 1 0.60 46.50 47.00 33.25 33.50 51.25 51.50 37.50 37.625 17.625 17.75 1.33 1.83 Silver domestic bar _. .1.11... Silver >Tarkel London. 58%dj New York, 99Vi; foreign, 9lc; Transactions Yesterday in Listed Stocks Summary of Stock Exchange Dealings (Copyright, 1!)20, New York Tribune Ino.) Day Year Janaarr 1 te data. Yesterday, before. «r«. 1920. 1919. 1911 Railroad Mock, . 306,900 428,700 111,900 31,998,300 46.749,100 22,999.700 Vii . . . 211,500 493,900 410,900 136,749,100 176,609,600 76,519 400. Ail stofks . 518,400 922,600 522,800 163.747,400 223,358,700 99,519^100 Ywterday. Day befare. Year age. .1920. 1919. JJ.S. government bend». $5,141,000 $11,547,000 $4,119,000 $2,198,649,000 $1,875,469 000 "»woa* bond». 1,998,000 2.946,000 996,000 301,822,000 281,029'ooo ami!" . 2,183,000 2,536,000 1,234,000 276,141,000 285,991 000 Ail bond« . 9,322,000 17,029,000 6,349,000 2.776,612,000 2.442,489 000 High. Lew. Di». 1920. 1920. Rate. 25 . 5717» 6 38% 6 1 V/a . 571/4 . 68% 10 30% . S7 1241/, 9 10 53! .', 37 6412 82 11% 163.; 46% 72 88% 2% 3 62% 12834 6 I 3-4 101 147% 15% 30% 122 53 % 119' 2 IO91.4 17% 30% 72 50 93! 2 142% 118"/a 102 10634 74( 105 283 210 1651 ;-. 2134 C6' 2 6'.4 671 4 88% 62 121/4 993/4 82' 1761/2 1281 143' 7, 100 485«, 27% . 527, 40!/, 4 1541", 114 8 1% 523j 33!, 35 90 4 3 7 7 7 10 80 7 104% 12 102 I2 70 7 11 . 49' 2 4 2 23'/2 4 76 G 72 5 4 . 82'', 7 10 7 »Advance Rumely do pf. 200 Ajax Robber . Alankn Gold Mine».. Alaska .Tunean. Allied Chemical. Amer Bosch May .... Amer Can . do pf. Amer Car- & Foundry 80 Am Drue Syndicate. Amer Hide & Leather do pf. Amer Ice Securities.. Amer Internation'l Cp Amor Locomotive. Amor Safety Razor. Amer Ship & Com.. Amer Smelting. Amer Steel Foundry do Pf. gates. Open. Rich. Low. 200 29 29 29 Associated Dry Goods Atch, Top & San Fe do pf. Atlanta, Blrm & Atl Atlantic Coast Line Atlantic, Gnlf * W I 1300 700 200 900 300 300 Amer Sugar . 2100 102 102% 101 do pf. 100 IO5/4 105!,4 1051/4 106' 4- Amer Sumatra Tob.. 3100 863, 88 86% 88 do pf. 100 86 86 86 86 Amer Tobacco. 400 135 135 135 13 do B. 1300 130'/2 132% 130</2 132% Amer, Woolen . 1500 733.i 73% 73 73 Amer Zinc . 200 Anaconda . 1500 Assets Realization Co 700 100 4900 200 1200 300 1400 143/2 146 Baldwin Locomotive. 24900 109' -, 110-% 108% 110%-¡- 2 110! 2 11°% 96 IO21/2 17 13% 8/2 H/z 29!« 2 283« 85! 2 134 10% 1043/4 64' 2 164% 68% 15 17% 14% 33 42/a 63! 2 91% 41% 84% 7I/4 72 62 211/4 44% 106 40% 44% 35 53 65/2 67 ®3¡ ', 93% 203¿ 97% 105!/4 43% 276% eo% 593, 857, 105% 9 16 13 8 123 147 213. 30'/ 22? 95 48 36'/ 172 42 93 65 5 67'/a 5 9% - 5! 2 . 4% . 6% 16 ... 101/4 . 61 6 110 10 8 4314 . 33% 4 741/4 10 47 4 6% . 4 . 7 . 19% 2 30% . 45% . 67 5 23/s . 64% 7 54 6 68 5 42 . 12 . 5200 48 100 52 200 132 100 % 300 68 3200 6£% Baltimore &. Ohio. do pf. Barrett Co . Bb top i las Mining ... Beth Steel . do Class B. Brooklyn Rapid Tran do ctfs . Brunswick . Butte Copper & Zinc. Butte A Superior Cop Caddo Oil . California Packing. Canadian Pacific .... Case Plov,- . Central Leather. 1500 Corro De Prsco. Chandler Motors .... Chesapeake & Ohio. Chic & Eastern III.. . do pf. Chic Great Western.. do pf. Chic, Mil «r St. Paul do pf. 3200 Chic &. Northwestern 900 Chic, R I & Pacific 6700 39! do 7% pf. 1700 823 do 6% pf., 1400 70 Chi. St. P, MtO,. 1000 71 C. C C & St. Louis. . 100 60 Chile Copper . 1200 48 + % 48 48% 52% 4- '.j 62/4 53 132 -j- 1/2 130 132 24% 1% Chino Con Copper. 68 8 Cluett-Peabody . 4 Coca Cola . 3 Colorado Fuel & Iron Colorado & Southern. 4 do 1st pf . 1 Columbia Craph .... 5 Columbus (.us & Flee 7 Consol Cigars . 7 Consolidated Gas . 2 Con lnt Cal'hn Min.. 7 Continental Can 4 Corn Products ¦2! 30% 28 20 46 18 50 73% 73% 9 73 76% 30 II5/2 36/2 32% 75/2 33! 4 1/2 Cosd<n & Co. 1000 Crucible Steel. 200 130% 131% 130% 131 Cuba-American Sugar Cuba Cane Sugar... do pf. 200 76% 76% 76% 76% 'a 7«* 2% . 9% 1 3 . 7 60 5 9/2 U/2 . 12% 05% 8 20.% 3 ¿0 . 134 S 16/, 1 7G 7 48 6 84 7 15 . 67% 7 30 4 16 . 7 . 25% 21% 50 4 75 13 807', 7 43% 6 3 8% - 142% 1113/4 6 85% 4934 903/4 41% 20/2 17% 35% 46% 77% 116% 231/4 95%. 61% 4?4 16ft«. 51% 179 71 »Hi 26% 47% 12 51% 7% 2134 44% 25! 4 50 152% 1/a 98' ? 33% 9 9134 ¦S% 37 . 60 7 62% . 15% -- 30% 4 . 36% .. 6/4 3% - 8 13% 40 4 52 4 60 H Delaware & Hudson. Denver & Rio Grande do pf. Dome Mines . Dnl, So Shore & Atl do pf. 1700 Endicott-Johnson Erie . 4900 do 1st pf. do 2d pf. Famous Players. Fisk Rubber Tire. Freepurt Texas. . General Electric Co General Motors. 11900 do 7% deb. 300 Goodrich, B P. 1300 do pf. Gray Davis. (ircat Northern pf. Gt North Oreg subs (iunntanamo Sugar. Gulf Mobile & North do pf. Hendce Mfg . Hask & Bark Car Co Houston Oil . Hupp Motors Illinois Central Inspiration Copper Interbor-Cons Corp do pf . Internat Harvester lnt Mer Marine lnt Motor Truck.. do 2d pf. Inter'l Paper . 1600 Jnfl Nickel . 600 Invincible Oil . 1500 Iowa Central . 1100 Iron Products . 300 Island Oil & Tr. 2300 Jewel Tea . do pf . Kansas City South do pf. Kelly Springfield do rights 7 Kelsey %'heel pf 2 Kennecott Copper Keok & I)e.s M 6 Lackawanna Steel Bid and Asked Kid. Asked, Bid Ail i,i> A Sus...120 140 CM A Aiun, 15 16% />_ Chiilni pr. 7" 76.« do fi . U ::* Arn Ag Ch pr 85 9U CA .\' W jr.100 11" Atn liuk Note 47. 47 Chi l'r.-u lool 77 '. 7.SU do Lir 4P. 4". CSP.M & i) ,,r nu'-. !...'" A Ucvt S r. hi: ;«'cpv S I. pr t!0 US A 11 s & l'y. DO _;.''. Cluetl l>a>. pr :-o ] .,i\ do pr 877 87% C & H 1st pr .¦..« A (' I' pr.110 115 do -ti pr. 4,1 A Cot Oil pr. ü_ 70 Col Graph j>r 77 M Am Express.. .140 146 V.v, Cigars pi 80 Am lew s.-.' pr 55 (id '.¦. C*_m pr., 95 10] Am I.-i l'raiice .' 7. » C rn Prod pr.ll'l 101'- A Unseed pr. i- 8J (P'X Carpet... P 6o Am !>..<> pr.100 101% Cru Kteel pr.. 92 8 Am Malt _«¦ «I 777 Cu Am Su pr 92 !-_ Am NUpbldg. 123 D 1, A W...23S _4'_ Aru Smelt pr _>" M lJo Jkrrs "8 :;:¦ ', do pr A_ .:;% 75% Det Edison... 93% 98 Am Snuff !'S M4 Oct. Un Jtn 92 do pr 78 67 !7a-t Kodak. '._." . A ¡Sum T pr 83% '.'" do W .100 7.,. Am Tel -Í <". 47 .'. DSS & A pi A To pr new 90% 01% lu;r Uns pr. 91 .. Am Wool pr. 83%, 95 Eleo 81 Uat..ll.j Am Zlue pr.. 4'. 50 Elkhorn C pr. 32% A;;H Arbor 21% "5 Kui Braj.- 7.7 do pr 30 38 do pr A D G 2d pr P. Endl John pr 92 m, A--." Hi! 89 82 "-7rif & Pitta 47. Atlantic ltrMl-0 11S3 Fed M s i% ] do pr .IOS 110 do pr p u. AH A W 1 pr 62 06 Fisher Body..100 104 AUto Hales l. o 5% 7 do pr .. .100 10 do pr 11 15 !t>n Chom l.s y. Austin Nichols ¡7'j lg do pi ... do pr 74 7S |Ge:i Cigar fil Ci Bald l/>*o pr 96% !'8 >!¦> Pr .... S8 9, llftmsdall 41 43 do pr deb ¦ do "1 . 35 40 M'en Motors pr 74 Bumet Ix>a.. 4.", CO Qoodrleh pr.. _; s7% do pr 80 90 Granby M .::, Rarretr Oo pr IOtPj ¡07, Hartman Corp 74'j :.'.., Il__h S 7th pr 90 95 llouii-.lMk.< ... 47. 4« llku Edison... S3 ;.0 lut Aíric-l.. la 20 Bkn lu Cas. 4'.' 53 vlo pr ;¦; gj lircm-u Shoe... 58 03 Int Bar pr...l07 ,io pr 80 SO tn U T 1st pr 7:1 p, Bure... Urs pr !"> IP- l»:| Paper pr. 95 105 Buff R & I'.. H" R5 'lo Pr stpvt.. ,p ;i do pr SO 100 fnl Nickel pr 82.j S llulT & Sus.. 777 77, l«¡t Salt .... ,.;. do pr . 4_ .",4V. .'".es Tea ... ¡8 19»_ Buttericlï Co. 10% 11._ KCFSAM pr.. 77 l'ai Pet pr... 68 69% Kelly Spr pr. 77"-. So ..an Southern. ."6 :¦... Ivelaej Wheel.. 50 Case J 1 l>r.. 81 85 J» pr »2 88 Crit I^a pr. ?1 i>7 K*»>k A I) M." «i 3 14* i-".. Asked. lire." A Co.. 80% 92 I-aclede Gas. js-V «o LI« &. M T. .IS lo l! .ti Í--.V B 1st pr 93% 101 -o '-'.! pr. ..104 110 .. .:Pr.r\i pr. :'9 105 Unoka. «'.«... 62% .,4 Mannt. Su r s', Ss> Maltha! II ¦,. Paclf! Mi Mi Sup Mai It ., Martin p. Il-' AI v. May I), p| s u pi Mex Pel M (Vi M.Sl'iSSM M.T.t I'tfl_ do ;. ,. ;-. Mi rris ,_ >p ., M Ins B pr 97 N ish a Chat. -,.t Nat n¡- -ult, ..10 107 nr .¡Oil 109 Nn' ci í s. :: .. -, 60-% Pac Tel J_ T 4! Pei n .1 «' pr. 74 Petti Mulll. 30 <lo Pr pr. 95 Phil ..rtic. 17 lo si Pit's ( -»I v.r. 85 p r w i. ci la P A W \'u pr 7..% Pr .-' Car pr 99 l!\ st Spr pr.103% ¡j;£!...l Mines.. r. It I & S pr. 93 Suiage Arn s. ..: Sears P.«ie 7'»:% S S S 4 I ¡s- -.r. S P K Su pr.102 Stanua-.l Mtll.110 '.-. pr . 73 sin lebaker pr, 85 Sup Steel pr 97% Temtor . 4u%. T A r ld tr. .s. S 5s' >.¦ i-;: .7' 77," N i CfcSL it. .... 70 do 2,1 n ,.i .;.¦ N Y Dook pr 47 50 N Y I. W 78 85 's .-.' Ik So 19 Nnrf ._ W pr o7 69 N rth in ;.;% :.y No Scot la st 40% 42 Ohio Fuel ..46 49 N'unnally ...'.. p, «):it Sllrer ". 'Pis Eler ...123 124 do pr . 90 O" Is Steel pr. 101 Owens B..'. M. 47 4s do pr .... 88 100 Paeiiic Coast.. _'.". 40 do 2d pr. 4"i Su 86% 98% TUlon-ale 011.200 [Toll Pr «1 pr. s.'.' TSJ_ .. W 1' 18 Twin Cl'.. B T 36 do pr i.i' | l'ml_rwoo_i T.152 lo pr .101 Un lUg & P. 85 li. Cigar 8t. 148 pr Culte,! Drug. ,10 flo 1 it pr. 45 r S 1 Al pr. 91 U S S A ft 53 do pr *:.. Ital: S«- Corp. LP Va Car (Ml pr. 10" ,Va I C _. C.l'r. Wells Faifto.. P» W. Te KM 107 118 .¡0% Woo'vrorth pr.!«" : ,¡ W!' a M p.- A RO S5 do pr II .... T4» Mauufarture Motor Cars Aktiebolaget Thulinwerken has riis- cotitinued the manufacture of aero¬ planes and will bejjin to turn out auto¬ mobiles and motorcycles. It. is re¬ ported that the sample machines made and exhibited by this factory have re- Record of Stock and Bond Averages (Copyright, 1920, New York Tribune Inc.) Stock» Range thus Range foil "i eater- Day Year f,r 1920. year 1919. 20 Railroad .tocks^. ,3.25 71.60 70.25 73.25 58.60 78.80 63.35 l°n Indwtrlal »lock*. 84.47 84.27 110.43 110.30 82.53 119.33 79.20 50 stocks . 79.98 79.20 94.36 92.05 74.46 99.54 75.92 Bond» "«:. Railroad bonds. 76.11 76.87 77.50 76.28 66.73 82.80 72.83 10 Industrial bonds. 84.37 84.41 93.62 91.45 82.92 95 70 90 56 C Ctillty bond». 70.27 70.20 79.25 74.53 67.64 87.75 71.80 *t*° Uond?*. 78-24 78.15 84.29 81.71 73.94 87.91 80 21 High. Low. Dir. 1920. 1920. Rate. fi% . 13 18% 39% 3% 99 7 16% 2 39% 125 12 94 7 88 10 3% . 8% - 4% - 148 12 18% 2 10% 37 S3 38 38TÍ 54% 110' ; 38 70 183«^ 112' - 151/ 38 303,4 222 23 71% 523/4 20% 85 94 1", 18 313-4 54% 40 51 40 86% 98 13 89% 110 7% 17% 59% 117 79 55/j 36% 263j 103 69% 91% 5% 41% 28J4 73 61 % 116% 11134 43 % 13% 42 32 533/4 65 "2% 44 827, 108! '?. 23' , 98 72% 94% 39! 4 273,4 1'3% 50% 124 120 106% 22% 96% 47% 50 124% 55X4 123% 21% 33% 48% 40 45% 11 19% 25% 243 119% 13 90% 43% 82''4 105% 32% 6b 85C 80% 3% 7 21 36 25% 27% 32 44 83 C'2 50 100% 4/4. 10% 31 89 Ô<1% 2334 23% 16 83 48 663/4 3% 19% 26% 28 41% 71% 6734 37% 9 27 22 39 56 30!-i Lake Erie & Western do pf . Lee Rubb.r & Tire.. Lehigh Valley . Lig & Myers Tob pf Loews, Ine . Loose-Wiles Biscuit Lorillard, Pierre Louisville & Nash. . Manatí Sugar . Maxwell Motor Co. .. do 1st pf. do 2d pf. 2 Mexican Petroleum.. 2 Miami Cons Copper.. 1.60 Middle States Oil .... 4 Midvale Steel . Minn & St L new... 7 M, St P & 8 Ste M.. 7 do pf. Mo, Kan & Texas.. . do pf. Missouri Pacific .... do pf. . Mont Ward & Co_ 4 Mullins Body . 3% National Acme . National Aniline . 7 do pf . Nat Con & Cable. 6 Nat Enamel & Stpg. 7 Nationa. Lead pf. Nat Itli oí Mex 2d pf 1 Nevada Con Copper. . New Orl, Tex & Mex 300 100% 100% 100 3300 20% 207 g 20% 107/2-i- 1% 107% 107% % 6300 900 1500 300 100 2900 700 7200 900 1100 100 200 600 100 200 100 300 6900 600 700 % 9% N Y Air Brake. 1000 New York Central... N Y, Chi & St L.. N Y, N H & H. N Y, Ont & Western Norfolk & Western. North American .. Northern Pacifie ... .40 Okla Prod & Ref. 33 88/4 8 11 79 8 51 % 5 83 7 21% 12! 2 1 S4 a 36 1083-4 8 651 Otis Steel . Orpheum Circuit .. . Pacifie Development. Pacifie Gas & Elec. Pan-Amer Petroleum. do B . 1300 Pennsylvanie R R... 8700 Peoría & Eastern .... 400 Peo Gas & Coke. 1200 Père Marquette ..... 2700 do pf. 1400 do prior pf. 400 Philadelphia Co . 1500 Pettibone Mulliken .. 100 Pierce Arrow . 1200 do pf . 200 Pierce Oil . 700 do pf. 200 Pittsburgh Coal . 2300 8200 73% 79 3900 52 55' 8900 36 36' 4200 253/4 26-1 6400 1C0% 103 200 57% 67', 12900 86% 91! 1500 4 4 600 20/4 20! 200 27% 27= 200 28 28 200 47% 473 6400 90 90 200 4200 800 900 .100 13/4 643* 32% 331,7 '-V4 72% 25 69% 4% . 15% . 23/2 . 11 20% . 6 . 10 . 9% 1 114 8 IO51/2 7 8% . 459.^ 23' '. 59 13 50 600 1l33.g 100' 118% 120% 20% 60 13% 53% 47 53% 17% 95% 19% 38% 38 127% 53 13% £93-4 25% 78% 1163^ 96% 143% 115! 2 109 11534 803 4 97 80% 21 12% 33% 23% 15' 2 223, 40 74 89% 55% ;534 273, 69% 32 93 48 145 50 53! í 17?i 41 40! 25 . 35 9% . 57 6 10% 9 . 25% . 11C 10 37 4 7' s 13 12! s 4G% 6 77% 8 59 3 74% 8 101 8 83% 5 1041, 7 56' , 6 42 6 57 4 115-a 2 20% . 14 8% . 11 .'0i 2 54% 4 80! a 7 44! 2 4 Pitt« Steel pf. Pitts & West Va. Pond Creek Coal. Pressed Steel Car Pure Oil . Pullman Co . 500 111% Punta Alegre Sugar. 400 67 Rway Steel Spring.. 100 93% Ray Con Copper. 800 14% Reading . 19900 95 do 1st pf. 100 45% do 2d pf. 200 49% Rep Iron &. Steel... 6500 74% - Rep Motor Truck... 1200 33% 5.50 Royal Dutch . 1000 87 Saxon Motors . 900 4% St L & San Fran.. 18100 32% do pf . 1700 46% St Louis Southwest.. 6400 38% do pf . 1900 42% Seaboard Air Line.. 500 1034 4do pf . 1400 19% Santa Cecilia Sugar. 400 10% Sears Roebuck . 3800 117% do pf . 400 100% Shattuck Arizona ... 600 8«*B .74 Shell Trans & Tr. 1700 52% Sinclair Oil . 5300 32 3 Sloss-Shef Stl & Iron 1300 62/«: 5 Southern Pacific _ 20300 99! 4 Southern Railroad... 8700 32' 'B do pf. 1000 63!-4 Stand Oil of N J_ 30 622 do pf. COO 105«; 4 Stromberg Carb .... 300 655$ Studebaker . 3400 65 Superior Oil . 900 18'% Superior Steel . 300 50 Tenn Cop & Ghent... 300 9% Texas Company . 16200 50 Texas & Pacific. 4300 38^ Tex & Pac C & Oil.. 900 37/ Third Ave H R. 700 16 Tobacco Product, 1900 67/ To), St L & W ctfs. 100 18 Transcon Oil . 2400 11/ Union Oil . 200 27 Union Pacific . 4900 1253, % 111% 112 1% 10 105% 105s a 105%- 15 427 10 58 23 100 United Alloy . 100 37% United Ry Invest,.. 1300 13% do pf . 700 27' '8 U S C I Pipe & Fo 100 13% U S Food Products.. 900 47% U S Ind Alcohol_ 1G00 81% United Retail Stores. 5400 71 % U S Rubber. 5300 77 do 1st pf. 200 105% United States Steel. 15300 86% 8634 86% 86% do pf . 200 107 107 107 107 Utah Copper . 1500 61% 6I34 61% 61% Vanadium Steel .... 3100 65 6aa4 65 65% Vir-Carolina Chem. 2200 59 59% 57 597s Vivaudou . 1200 13 13 13 13 Wnbash . 5400 12% 12% 12-% 12% do pf A. 3900 32/2 333a 32% 33'/a do pf B. 200 23% 23% 22% 23/ Western Maryland 4100 14% 15 143, 14% do 2d pf. 200 21% 22 21% 21% Western Pacific .... 1500 39 39% 38 38 do pf . 100 72% 72% 7234 72*.; Western Union Teleg 200 R3 83 H3 83 Westinghouse Mfg 400 47' ¿ 48 47'2 48 Wheel & Lake Erie. 4300 15 1534 15 15 do pf . 200 27 27 27 27 White Motors . 300 44 44% 44 44 Willys-Overland 14300 10% 11 10% 11 do pf . 800 61 63 61 61-^i Wisconsin Central 5900 46% 48 46% 47/ Woolworth . 200 108% 105' ¿ 108! 2 108!. % 108% 110 crowns. To «late the only automobile produced ¡n Sweden is the Scania- Vabis car, made "by the company of the same name. (_oI<l for Reserve Bank The $0,500,000 in .jold arriving here on the Baltic on Fr.'daj representa the first shipment of gold eurmarked with the Bank of üngland for the account of the Federal Reserve banks. The gold has been delivered to the United States Assay Office for the account of the twelve Federal Reserve banks, which share in it proportionately. Poor Year for Dye Industry The annual report of the Swedish dve industry for 1919 shows a loss .>>;' Í9_5,- ORT. As a result the company has given up all plain of large scale production" T4) Open New* Branch The William Street branch of the Fidelity International Trust Company| will be opened to-morrow at 110 Wil¬ liam Street, corner of .John Street. Vice-President Charles E. Blackford jr. will be in charge and Assistant Secre¬ tary Kenneth I». Hull will manage the new business department. The new branch is on the' exact site of the his¬ toric Battle of Golden Hill, Januarv 18, !TT'.. Dividends KeKular I)es_duru.ionit Rate and IP.- Holders period able. : Anil-d llch O..HÍ5. '. Oct 7 7. Sept 30 Cities Serv H .S.ll'.c M Nov Oct 13 I'hil Morris & Co. lu.: «_ Nov 7 >. * !.. Prod ... Ret Cor. . 1 Vi«"! P No. Pet ¡1 do pi. l*_% '.. No.v Oct 7 1 Sha£ >' <¦ It. : ¡j.' %'» -3 '..-t _'. Sept SO New York Clearing House Banks The actual condition of the member banks, including the first report of the Equitable Trust Company, shown by the Clearing House yesterday, with ill changes from the preceding week, follows: Oct. 2 $5,-!24,77(3,000 Inc. Loans, discounts, investments, etc. Cash in vault of Federal Reserve mem¬ bers. 83,628,000 Dec. Reserve in Federal Reserve Bank. 521,999,000 Dec. Reserve in own vaults: State banks a tul trust companies . ¡_.:_20,000 Dec. Reserve in depositaries; State banks and trust companies . .»,018,000 [nc 'Net demand deposits. 4,149,146,000 Dec Time deposits. _.8::¡,83-l,000 Dec Circulation . 34,906,000 fnc Aggregate reserve. 530,237,000 Dec. Dericit. in reserve . 11,043 350 'United State« deposits deducted. $ 159.786,000a. In Wall Street -;- The High Priced Rails While the bulk of the advance in the railroad shares since the enactment of the new transportation act and the pro¬ mulgation of higher rates has been in tho low-priced issues buying activity within the last few days has been cen¬ tered in the higher priced stocks. Pur¬ chases yesterday were on a larger scale than for several months and brokers on the flo«r of the exchange reported that they were "hard to buy." New highs for the year were made by Atchison, At¬ lantic Coast Line, Great Northern, New York Central, Norfolk _t Western, Northern Pacific and T'nion Pacific. The largest individual (rain was made by Great Northern, with an advance of ó?, points. Reading at 96*4 was within an eighth of the year's high. Expect Sears, Roebuck Fnaneing The next important piece of industrial financing to be floated is expected to he an issue of notes by Sears, Roebuck Co. The amount mentioned in local banking circles is $40,000,000. Chicago bankers will probably participate in any underwriting arrangement that may be made. Note financing by the big mail order house will he unique, as the company at present has no funded debt. Of the authorized $10.000,000 preferred stock $8,000,000 is oustanding. The common stock was increased from $75,- 000,000 to $105,000,000 on .Tune 1 to pro¬ vide for the declaration of a 40 per cent stock dividend. Tteports have also been current in financial circles that Mont- gomery W'ard &. Co. are contemplating new note financing, but thi3 w*as denied by the management yesterday in Chi- cago dispatches. The Sinclair Note Issue The unsold portion of the 50,000,0«.0, Sinclair Consolidated five-year 7*-. per cent notes that was taken over by a group of banks at the expiration of the syndicate agreement on August ¡4 were all disposed of by the ciose of last week. An estimate made last August of the amount of the notes that remained unsold, made at the expiration of the syndicate was $.',- 000,000. it is understood that this total, however, was «slightly above the actual figure. Maxwell-Chalmers Prospects J. R. Harbeek, vice-chairman of the readjustment committee of the Max¬ well-Chalmers companies, states that after giving effect to the reorganiza¬ tion plan these concerns will be placed in an extremely fortunate posi¬ tion to face the reductions in prices which they have announced. "The re¬ ceipt of $15,000,000 of new money by the Maxwell-Chalmers companies and the funding of $15,294.000 indebted¬ ness over three years," he says, "per¬ mits the company to show a current asset position superior to many of the substantial companies in the indus¬ try. Current assets, as compared with current liabilities, are in the ratio oí 5V_ to 1. Current assets, after creation of additional reserves umounting to $5,000,000. amount to $56,663,000, while current liabilities amount to $10,226,- 000. The companies' receivables and inventories are believed to be more than adequate to liquidate the entire de¬ ferred obligations. Substantial liqui¬ dation approximating $7,000,00«) m amount has already been accomplished, while the new prices should stimu¬ late further liquidation of stocks of cars on hand." Goodyear Financing Near Information received in the financial district yesterday indicates that prog¬ ress is being made in the negotiations between the Goodyear Tire and Rubber Company and Chicago bankers for new financing. Chicago advices intimated that the tire company would obtain a loan of $25,000,000 in the form of three- year 7 per cent notes, the issue to be underwritten by the syndicate of Chi¬ cago bankers. It was known here sev- eral days ago that tho company was holding discussions with the bankers relative to financing. Canada Favors Tariff Canadian commercial and industrial interests strongly favor the mainte¬ nance of a protective tariff, and their case has been presented in a series of hearings held in various parts of the Dominion by the Tariff Commission. Summed up briefly, the Canadian Man- ufaeturers' Association has made it plain that it feels that while a tariff revision is iong overdue, it must still have protection from foreign industry, and is reaffirming its advocacy to a policy of adequate protection for Canadian industry. The objects of the protective system, which it inMS7s' upon, are to diminish as far as possible the importation of goods from foreign markets which could 1;.- iroduced at home; to facilitate the i ortation of] r.nv materials for manuf: .rinc: proc¬ esses; t(* encourage the i lortation of Canadian goods, and to make Canada self-contained by developing and en¬ couraging, within her boundaries, all legitimate activities which will give employment to her citizens. The Cana¬ dian farmers are asking for a revenue- producing tariff. Here and There Reports of a possible reduction in the price of crude petroleum ami re¬ fined products have been hailed with delight by the automobile users of the country, who have chafed at the high prices for gas ever since the quotation trtkerage and Investment Service UPTOWN BRANCHES JV. Y. Stock Exchange Firm» BRUMLEY, QiAMBERLIN &CO. Members Sen: York Stock r.xchangs 15 Broad Street, New York BRANCH OFFICE 503 Fifth Ave. (Cor 42d St.) D'.r-rt vire tn Stock Frch'intjs BOSTON OFFICE 21 Congress Street went above 30 cents a gallo;1. But if the price is considered high here what would they think of England? Guso- line consumers of the British Isles have just had to meet another upward re¬ vision in gasoline prices, and the pres¬ ent cost of the best quality of gap known a«, aviation spirit, is $1.17 .. gal¬ lon in American currency, according to the Oil City Derrick. For first grade gas the English are paying $1.11' a gal¬ lon, for the second grade $1 and for bensol 98 cents. These prices repre¬ sent an increase of 6 to 17 cents over the n id-summer prices. In 18.16 gaso¬ line sold in England a* the equivalent of IS cents a gallon. Ten years later it had risen to .". cents had gone to 53 c ¦¦ The Public UHHtie.. The la«', week has witnessed for the first time since the war a definite r« vision of speculative interest in public utility securities. These issues n.<? being helped by the wave of price-cut¬ ting sweeping the country, as it will afford the owning companies an oppor¬ tunity to purchase their supplies at a lower cost. Then again tho campaign conducted in many cities for higher fares is bearing fruit. At a luncheon in the rooms of the Midday Club last week John H. Pardee, president of the ¡American Railway Electric Association,* told a special committee studying the public utility situation that approxi- mately 500 Cities of the country now have higher than a 5-cent fare. Of ¡this number eighty-one cities have a 10-cent fare and between 200 and 300 cities have 7 and S cent fares. Car Building Revives The latest report of the United States Bureau of Labor Statisl employment in selected industries shows a promising advance in activity on the part of the car building and car repairing establishments in August last, as compared with the correspond¬ ing month a year back. For forty establishments an increase of 22.4 per cent is shown in the number on the payrolls and of 71.S per cent in the amount of the payrolls. The compari¬ son between August, 1920, and the pre¬ ceding month shows an increase in the number on tho payrolls of 3.5 pçr cent and 21.3 r"*r cent in the amount of the pay; oil. Baldwin's Rumanian Or;ler The Baldwin Locomotive Company completed its half of the fifty locomo- tives ordered by the Rumanian govern- ment last sprine; as long apo s \ugust 22. ;t became known yesterday. The other half of the order, which was iJ- signed to the American Lottmrtive Company, is now being completed at its Montr-:" plant, it will be recalled that the builders agreed to accept oil in payment for the equipment. Five of the engines in the shipment were equipped with oil-burning apparatus the exclu ¡ve use of oil as this bcir.7, the iirst instance ol :_m< rican ,. ;tcm .¦ oil-burning loco¬ motives on the railways of Southeast¬ ern Europe. The remainder of the lo- comotiv* will b( equipped for burning c combination of native 'ignite a;id oil. This is not an unusual practice on Rumanian locomotives. London Money Market LONDON, Oct. 2. Bht ilver, 58%A. per ounce. Bar gold, 118s. Id. Money, 5p per cent. Discount rates Short bills. «7 ...7P percent; three months' b,i:s. «P.; G :. per cení Gold ... eniium a. Lisbon, ! 10. Stocks Kx ÍJiv-drml Oc _. ( la ' -. ; ici. Tti I'rd. '.s l.ef-ii - i i .' Oc 13 r. mi l.sky Orí .. lien Mol 1-40 .. pi , iC| Pet. : Ocl -llarbl ,n-\V Itfn <-'r¡ pi i »cl S i..i iri Oct. a let. « .- ., Rcpub] \c i rinn Aum S c'n Inc, ict. an ¦.. P' Con . »el I! Va (' .¦ hem . Federal Reserve Bank ©f New York RESOURCES Oct. ept 24 G»!d coin and certificates. $110,896,839 $99,397,166 Gold settlement fund.F. R. Beard. 42,727,700 100,041,948 Gold with foreign agencies. 40,905,644 ',905,094 Total geld held by bank. $194,530,234 $240 Gold with F. R. agent. 266,519,430 267,48 Gold redemption fund. 35,981,700 35,984,700 Total gold reserve. $497,031,365 $643,819,140 Legal tender netes, »ilver, etc. 127,993,344 128,314,260 Total reserves. $625,024,709 $672,133,400 Bills discounted: Secured by government war obligations For members . S i7-J.17.ï,r,2l $492,209,617 For other Federal Reserve Banks.. 14,502,575 All other: For members. 378,953,T)82 352,848,675 For other Federal Reserve Banks. 4,500 ..¦*- Bills bought in open market. 96,465,158 94,783,458 Total bills onjiand . . 970,594,437 941,841,751 U. S. govern ment bonds. 1,462,347 '. ,40...: 17 U. S. Victory note» . 50,00(1 U.S. certificates of indebtedness. .. 69,613,000 67,394,500 Total earning asset». $1,041,619,785 $1,010,748,599 Bank premises..,. 4,026,40"! 3,962,283 yr rédemption fund against F. R. Bank notes. 2,480 2.418 Deductions from gross deposit .« d transit or custody in foreign countries, un- collccted items and other deduction. 175.194,484 170463733 All other resource». 767*803 L009.892 Total resource» . $1,849,113,940 $1 LIABILITIES CapiUl paid in. $25,272,000 $25,357,500 Surplus ._. 51,307,134 5007,634 Cavern ment deposits. 16,081 608 10 "^.r> L80 Due to member«*- -reserve account .... . 6S5 654 347 7)"04f*'"t"i Deferred liability it ma..."..'..".'." 16,299 llh26o!Í37 Ah other deposit».. 16,744,610 17,215,704 Total gross deposits. .... . _;, .¦»..- $*;,l,ri26,400 * . g- "ote,s in *ctua! Circulation. ÎG6,OS1,020 865.700445 I R. Bank notes in circulation.net ' SO,J19,ÜOO 40,986,00-0 86,897,519 ^6,058,485 «il^lvH rûkiliiw " 10,219,000 40,986.00ft Al! otner liabilities. ,.~ -tf, ,.':..'.., $1,849,118,940 $1,860,736,364 Totil liabilities ., Ratio of total reserves to deposit» and F. R. note liabilities combined. 41.1e* 43 7 Ratio of reserves to net deposits èfteViie " ' ducting 407« geld re.erve oli F. R. not« * in circulation . Contingent liability on bills purchased for foreign correspondents . 42.6-S 48.4% $Ç 076,861 $6,073,631
