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Conservative Investments TO YIELD ABOUT 6 to 6 Special circular de- scribing numerous is- sues of well diversified investments, including practically all of the recent offerings of rail- road, equipment and corporation bonds, both long and short term. Write (or Circular No. 1711 \Conservative Investments.\ Spencer Trask& Co. 25 Broad Street, Now York ALU ANT IIOSTON CHICAGO Member! How York Stock Exchange Municipal Bonds A diversified list or State end Municipal Bonds, In- cluding Canadian Govern- ment, Provincial and Mu- nicipal Bonds, at prices to yield from 5.20 to 9.00 Silt oj rnuail for AD-33- TheNationalQty Company HalaOffleeiNaUenalClly DaakDI&f. Catena Offleti fifth At. ttrd Offices in over SO Cities. Augusta, Me. 4s Ann., 1014 To Yield 5.35 Dallas, Texas 5s 10'JJI to 1037 To Yield 6 to 5 accorilng to maturity, Massachusetts 3s 1033 to tf43 To Yield 5.10 Providence, R. I. 4s March. 1023 To Yield 5 Providence, R. I. 3&s May. 101b To Yield 5.30 Our complete Hit of Municipal bondi ulll U t ml to inttitert on rtcuest. Estabrook & Co. 24 Broad St. 15 State St. New York Boston Baltimore Providence Springfield E to Sugar Stocks As Investments Amer.Bett Sugar Central Auirre Amer.Sufir Fajardo Cuba-Ca- Federal Guantanaae Punts Alejrs Godchaux Msrwti National So. Porto Rico New Nicjuero United Fruit Savannah IT an prtpartd to fltrnWi information on rjuuL Specialists Jn SuffarStocKS Seven VaE aiM ' IsLEBcroi 63 10. MEMBERS YStoct Ex. N.YJProduc Ex. S Y.Cotton Ex. CMc Bd. of Trodt Y. Cofiii and Sutar Ex.. Inc. London Prod. Clearing House. Ltd. Phone Rector 7671 Far$on,Son&Co. 115 Broadway, New York Members New York Stock Exchange Foreign Government Bonds Send for descriptive Circular Tak advantage present low xcbanio rates. FINANCIAL HEWS AND COMMIT Afternoon Itolly in Stock Mar- ket Carries Values Well Above Opening Lovols. STEEL LEADS ADVANCE Lower Priced Italia Mako Good Showing Money Situation Is Improved. Tho stock market opened yesterday morning- under the Influence of tho very poor response which stocks had made to efforts to 'put them up In the last hour of Wednesday's trading. In that session the market. Instead of respond- ing to tho lowering of the money rato and the general feeling that stocks liad been oversold, had gono still lower, so that It was quite natural as prices opened yesterday to have expected a much lower range of quotations before tho day was over. But no Heavy a cams out cm the market at the outset, and after trading had quieted down and a definite trend had devel- oped It appeared as though the market had actually been oversold, as observers had said It had. Accordingly there was a rally In tho afternoon, and It lifted tho general run of stocks well above the opening, but It was accomplished mostly on short covering, and while encourag- ing It lacked convincing qualities. It was not aggressive enough, for one thing, to sujgest a general rout of the shorts or did It appear aa If the public was rushing In to buy. The principal consideration In the Im- provement was the general realisation that the market had been oversold, for It appeared aa though tho same traders, or rather group of traders, that had been responstblo for putting It down had been responsible also for marking prices upward In tho afternoon. Tho proximity of tho freight rato decision tended to Influence the shorts, as It was expected to\produco at least a rally in the rails, but bo far aa the Street aa a wholo was concerned there was no gen- eral feeling that the rally would hold for any length of time. Aa an Illustra- tion of the present frame of mind of tho financial community, the average com- mission house fdllower. Instead of fig- uring on how cheap prices were began to figure immediately at what level he could put out stocks profitably. That sort of talk appeared In all Important commission house circles, and for that reason there Is much doubt as to whether the rally that ia under way Is going to extend aa far aa people ex- pect It was not until Steel common had equalled Its previous low of the year that stocks showed any sign of rallying power. Aa on Wednesday, It might not have been anything more than a trick on the part of the traders to cover other stocks under the weakness of Steel, for It was notlcable that such Issues as Bald- win, Mexican Petroleum end others did not follow Steel In this particular Incident When the rally actually got under way It made good progress In some dlreo-tlon- s. There was a very sharp rally In Baldwin, Vanadium, Republic, the Mexi- can oils and motors, but at the same time It was apparent that traders were taking advantage of the spurt to put out fresh lines. The rails that Is to say the lower priced rails probably acted as well as any other particular group ol stocks, as might have been expected In view of the anticipated freight rate decision. There was a particulars sharp spurt at the closing In St Louis ana Southwestern. The money situation again ahowed dis tinct Improvement, with the rate as low as 7 per cent In the afternoon, because of lack of demands for funds and not because the supply was any more plenti- ful. The fact that money was easy, or rather comparatively easy, In tho face of Government withdrawals, nevertheless made a strong Impression on markets. followers, as dd the prospects for a good bank statement It Is ex pected that there will be a real Improve- ment In bank statement and that for the first time the money position will reflect an Improvement In the rail- road freight situation, which has been at the bottom of the whole money diff- iculties In this district Qov. Harding's statement was also taken to mean that the goneral statement of the reserve banks llkewlue would show an Important Improvement Certainly there should be a reduction In the loan account of the Clearing House statement In view of the liquidation that has taken place In the stock market this week. The foreign exehange market was weak, with sterling down again. In this connection foreign exchange brokers are still talking of lower prices, particularly for sterling. MONEY AND EXCHANGE. CALL MONET. High 8 Last T Low 7) Renewals 8 Year's hUrh 33 Year's low o CLEARING HOUSE STATEMENT. Clearing- - House exchanges. $720,638,202; balances, 1(10,661,042: debit balances, 170.411; Federal reserve credit balance, $58,201,332. CANADIAN EXCHANOH. New York funds In Montreal 1128.73 pre- mium per $1,000; Montreal funds In Nnr York, $114.08 per $1,000. SILVETl MARKETS. Official bar silver In New York, domestle, 09V4C. per ounce, unchansed; foreltn, 93Uc, off lo.; In London, SOHd.. unchanged; Mex- ican dollars, 71c, off Ho. FOREIGN EXCHANGE). GREAT BRITAIN. Parity. Yesterday. fi.sooa Demand, sterling.... ij.tz S3.70 uaoin, sterling- S.UV 8.78V Bankers, 00 days..., 3.88 8.71t Bankers, 60 days..., 8.001 8.89 THE CONTINENT. 19.30 France, cents a franc Demand 7.84 7.73 Gables 7.83 7.73 10.30 Belflum, cents a franc-Dem- and 8.13 8.24 Cabl 8.14 8.23 19.30 Rnltsarland, cents a franc Demand 17.00 17.10 Cable 17.00 17.13 19.30 Italy, eents a lira-De- SJ1 B.S9 Cables S.32 S.40 13.80 Germany, cents a mark Demand 2.29 2.40 Cables 2.30 2.41 38.80 Sweden, cents a krone-Dem- and 21.13 21.33 Cables 21.23 21.43 29 JO Norway, cents a krone-Dem- and 13.00 16.13 Cables 13.83 16.18 28.80 lnmark, cents a krofte Demand ,, 15.80 16.03 Cables , 18.83 16.08 19.30 Greece, cents a drachma Demand 12.43 12.80 Cable 12.33 12.80 19.30 Ppaln, cents a peseta-Dem- and 13.27 15.32 Cables 13.42 13.57 40.20 Holland, cents a florin-Dem- and 34.30 84.37H Cables 34.40 20.3 Austria, cents a crown-Dem- and A2 Cables 83 FATt EAST. 108.82 Shanthat, cents a tasl Demand 104.80 Cables 103.23 78.00 Hongkong, eents a dollar-Dem- and 77.00 Cables 77X0 82.44 Bombay, cents a rupee-Dem- and 37.23 87.23 Cables 87.30 37.30 49.84 Yokohama, cents a and 81.80 81.50 Cables 61.73 81.73 sotmi America. 44.42 Rio do Janeiro, cents a mtlrets Demand 31.60 21.63 Cables 21.70 42.84 Buenos Aires, cents a and 39.73 Cables 39.60 103.43 Uruguay, cents a dollar Demand ............ 88.80 Cables 83.73 21.73 39.00 33.23 THE SUN AND NEW ydftK HERALD, FRIDAY, JULY 80, 1920. WAST FREIGHT RATES BAKED. Canadian Railway Association to Ask Increase. Montreal, July it. An additional In- crease In freight rates will be sought by the Canadian Railway Association on behalf of all the roads In the Dominion to meet the cost of raising wages to the same level as those of railwaymen in the United States. Application for the freight rate In crease will be filed with the Dominion Railway Commission, which has a re quest from the association for permis- sion to Increase rates by SO per cent Tobonto, July 29. The transportation department of the Canadian Manufac- turers' Association, In conjunction with the boards of trade In various parts of tho country, la gathering data to oppose application or the Canadian railways for Increases In freight rates, amounting approximately to 30 per cent, or a total of 1(0,000,000 per year. RECEIVER FOR SILK MILLS. Creditor of Century File Procee- ding In Bankruptcy. Three creditors filed yesterday bank- ruptcy proceedings In the United States District Court against the Century Silk Mills, manufacturers of raw and finished silks, til Fourth avenue. Liabilities of 3900.000 and assets of $800,000 were set forth In the case. Judge John C Knox appointed George II. Williams receiver in bond of KO.OOO. The three petitioning creditors were Remy, Schmidt & Plelssner, C. A. Auff-mor- dt A Co., and Frederick Vletor A Achelts. Assets of the Century Silk Mills consist chiefly of merchandise and stock In other companies, the Detltlon said. Canada's Exports $1,270,311,043. Ottawa, July 29. A report Issued by tho Department of Trade and Commerce to-d- ay shows that during the year ended on June 30, Canada's total exports were 11,276,311,543 and her imports, 31,310,-204,33- 3. Imports from the United States amounted to $831,000,000, against 1610,-000,0- for the last previous twelve months, and exports to the United States were $489,000,000, against $440,000,000 In the last previous twelre months. Day's sales Did. Aak. Bales. 200 Adams Express 100 Advance Rumelv 1800 AJas Rubber 600 Alaska Juneau O M 300 Allls Chalmers Mfsr 400 Am Aa-ri- o fihem 200 Am Bank Note 1100 Am Beet Rurar 1100 Am Bosch Magneto 400 Am Brake 8hoe 4 200 Am Brake Shoe A 900 Am Can 1400 Am Car A Foundry 1600 Am Cotton Oil 400 Am Druggist 200 Am Express 100 Am Hide ft Leather 1400 Am Hide & Leather pf... 2000 Am Corp... 200 Am Linseed Co 100 Am Linseed Co nf 3400 Am Locomotive 700 Am Bafetv Razor 1700 Am Ship ft 1100 Am Smelt A Ref 100 Am Smelt A Ref pf 100 Am Snuff 1000 Am Steel Foundries 400 Am Sugar Ref 400 Am Sumatra Tob 800 Am Tel ft Tel 400Am Tobacco 300 Am Tobacco B 4100 Am Woolen 200 Am Woolen pf Writing Paper 100 100 . 100 Assets Realization 1000 Atch, Top Santa Atch. Ton A S Fe s 200 Atlantlo Coast Lino 100 Atlantic Refining 1700 At Gulf W I S 100 12600 Baldwin Locom 4400 Baltimore ft. Ohio Baltimore A Ohio pf 800 Barrett Co 16001 Bethlehem Motors 100 Beth ehem Steel 200 Beth ehem Steel 8 n ivtuo ueinienem Bieei - u 100 Brooklyn Edison Brooklyn Rapid Bkn Rap Tr ctfs of Zlno 10 Caddo Cent, California Pack California Petrol California Petrol Canadian Paclflo Chesaneake ft Ohio Chip. A Til nf Kn Chicago ut 1V4 Steel Co Cuban Am Sugar Cuban Am Sugar Cuba Cane Cuba Cane Sugar Deere Co nf Ry Dome aiines Btor Bat its Johnson Erie Erie 1st pf Federal General Motor General Motor M Corp Goodrich (B (B F) SOcf Cananea Gulf. Mobllo Gulf States Steel 'i FOUND CONDITIONS IN NEW YORK Syndicate.. International Commerce.... 384(137 EUROPE IMPROVING Banker Returns From Trip on trie comment. Fred Kent of the Bankers Trust Company, who has spent several months of the last year In Eu- rope studying problems, on his return yesterday that real Improvement Is be noted In condi- tions outside of Central Europe and that he does not anticipate much Improve ment In the situation In Central Europe until the German Indemnity has been fixed. \The European situation as a whole la gradually working Itself out and many signs exist y that were not In evidence last fall,\ said Mr, \This does mean that there 'are not serious difficulties which must be overcome before peaceful conditions can exist and the orderly upbuilding of trade and can be reestablished, but only that many Important steps toward peaceful conditions havo actually been taken. Is no question but that Great Britain, France, Belgium and Italy, the countries with which I have happened to be thrown In closest touch, fully recognize their financial respon sibilities, and are firmly determined work them out \The that has been made by these countries In certain directions Is amazing, even those who have al- ways had confidence In their Integrity of purpose. It la still too soon to expect much evidence of tho same development In Central In fact until the amount of the German Indemnity Is fixed It would seem very questionable a firm foundation for economlo reconstruction can be established in Cen tral Europe. There Is no doubt but that considerable progress has been made toward the fixation of the In demnlty, but until It an accomplished fact no satisfactory results can be ox pected. It Is that further prog' reas along these lines will be made at the meeting to be held soon In Geneva. \The food situation Is not at the mo ment the Important one In Europe, as at present and for some months to come this year aropa will take care of the people. The greatest difficulty lies in the lack of the steady receipt of needed sup plies of raw materials and to the Impossible condition of the of STOCK EX THURSDAY, 1919. 1918. 246.493 HiT Change. nf 3 Fdy... Fdy pf 74 1 Fe.. 1? 15... .... pf S .. Wks.... c nf. Co.... Trail... dep. R nt.... 4-- 2 TV rtfa 68 U 79 1? 858 t i it pr..... i pi t 2 1 LasKy.., of.... 4-- 1 Smelt pf. Corp deb. l pi i p o pf pf Ore ctfs. Cop.... J 2 2? 300 Am pf Am Zinc, L A Smelt Am Zinc, L ft Smelt pf !500 Anaconda Conner A A Autosales EOO North.... Bruns Term A R R Burns Bros Butte Copper ... Butte A Superior Cop... O A Central Leather Cerro de Pasco Cop..... Chandler Motors 13 western Chicago Gt Western pf... Chicago, Mil ft St Paul... Chlcairo. Mil ft St nf... Chicago A Northwestern.. Chicago Pneumatic Tool.. Chicago, R I A Paclflo. , Chicago, R I A 6 p o . Chile Copper Chi no Cooper Coca-Col- a Col Fuel ft Iron Colorado A Southern Columbia A Else Columbia Graphophone . Consolidated Cigar Consolidated Cigar pf, .. Consolidated Gas Con Interstate Cal Mm.. Consolidated Textile . Continental Can Continental Candy Com Ref Cosden A Co Crucible 45 Sugar A Delaware A Hudson Denver A Rio Grande. Denver A Rio Grande ox. Detroit United Duluth S S ft Atl 10 Eleo Endlcott Famous piayers - Famous Plavers-- L Ming a to not still to to also . . . . . . . . . . . . Flsk Rubber Freeport Texas Gaaton, W ft Wlgmore. Gen Am Tank Corp General Cigar Co General Motor Corp.... tn Gen aeD Fl Goodrich Groat Northern Great Northern Greene A fa I. financial de- clared hopeful Kent commerce There progress Europe. whether German la hopod systems 1.167.430 IVj .... Co ft P P pf G Products A Hartman Corp Hnskel A Barker Car.... Hupp Motor Houston Oil Co Illinois Central Interboro Con Corp Interboro Con Corp pf . . . . Int Agrl Corp Int Harvester Co Int Mer Marine ........ Int iter Marine pf Int Nickel Int Paper Int Paper pf stpd Invincible Oil Iron Products Corp Island Oil A Trans Corp. Kansas City Southern. , . Kelly Springfield Tire .. Kelly Sprlngd T 8 p c pf . Kennecott Copper Keystone Tire & Rub..,. Lackawanna Steel Co. . . . Lake Erie A Western... Lake Erie ft Western pf . Leer Rubber ft Tire transportation. Until there Is better co operation, however, Doiwoen iw capital manufacturing production will of n.AM.ftf ImnmvA verv slowly. Which may lead to another difficult winter. \As the Bolshevik menace musi do conquered before Europo can again be Mrf mallv MvilhlA to ShV ClOSS Of Cltl- - zens whatsoever, there would seem good reason to bo hopeful tnai soon intelli- gence will prevail and organised terror will lose Its force. \The International Chamoer or com- merce, which was Just founded in Paris, n,nt it it i. .invlntvd na Intended, be extremely helpful In reestablishing and developing tho currents of trade, which Is necessary before the foreign ex- changes can begin to work toward nor mal. If the attltudo or me international nt Cnmmeree. as shown resolutions passed by It, Is through . . the . ... . . , carried out constructive ana vaiuauio work may bo expected from It eoon.\ SPECIAL TAX TIME LIMIT UP W Collector Issues Remtndi $178,000,000 Expected. marks the last day for the payment of special taxes to tho Gov ernment according to a reminder issued by William It Edwards, Collector of In- ternal Revenue for Manhattan. Taxes listed as special Include tho capital stock tax, tax on narcotics, brokers' and pawnbrokers' taxes, ship brokers' tax, theatre, concert hall and museum tax, pool table tax, taxes on shooting galleries and riding academies, wholesale and retail liquor dealers, pleasure craft manufacturers of to- bacco, cheese manufacturers and manu- facturers and dealers In oleomargerlne. Absence from the city or sickness are the only legal excuses. It has been esti- mated that $175,000,000 will be derived from this source of revenue In Man- hattan. File Central Vermont Mortsraare. SrniNonixo, Mass., July 29. A mort- gage for $16,000,000 given by the Central Vermont Railway Company to the New York Trust Company, was filed here to- day. Tho mortgage covers a bond Issue, which will be used to refund Indebted- ness of $12,000,000 of the Central Ver- mont road, which Is controlled by the Grand Trunk Railway. JULY 29, 1920, Year to date Cloelnt. IUIt.I T Ak. la l.l Bales. I 43 8V) 100 21 Vi 2 4600 138 12 200 100 7 100 62 6 200 60 4 100 43 7 100 35 .. 200 15H .. 200 100 80 8 100 183H 10 14800 20 2 600 21 1.60 6100 40 4 2400 12 .. 600 70 7 190 6 .. 600 2&U .. 2200 42 U .. 900 61 3 200 31 1 600 36 Vi 4 100 36 ZVi 600 77 Vi .. 300 89 7 100 110 7 100 96 7 600 66 H 6 100 n l 6oo 38U .. 1400 100 10 100 68 14 t 1400 30Vi .. 100 28 ZVt 300 29 V4 .. 2900 17 1 100 24 .. 100 89 7 100 71 7 600 62 5 100 15 V, 60c 200 26H 2H 100 4H 40c 1600 6 .. 100 23 .. 1500 43 5 300 44 .. 300 97U 6 18100 92 6 1906 30 Vi 4 400 92 7 100 30 3 1800 89K 3 300 22 .. 600 31 .. 600 24ft .. 700 35 Vi 3 300 39 .. 200 46W .. 4200 13U .. 1800 82 U 8 100 69 tt 6 1300 90 7 100 29 .. 1100 16 W 1 100 99 8 700 115 8 400 89 6 800 394 4 4500 96 8 100 16V 1 600 85 V 4 21000 43 .2 100 45 2 100 78U .. 7600 47 .. 200 86 U 6 16200 74 6.20 900 16 1 100 24 Vi .. 8600 81 .. 100 194 7800 31 .. 2400 7K 1200 7Vi .. 600 13V4 .. 200 138 8 100 67 74c 700 27H .. 13300 66 6 100 91 6 7000 28 Vi .. 13000 10 6 800 644 20 80 844 20 8 1054 7 500 7 200 7 60 39 Vi 4 300 81 4 4100 67U 7 22100 50W 6 400 9H 2700 44$i 3 6300 43 .. 1800 37U .. 4500 10 U .. 100 30 V4 .. 600 64ft 6 200 13 .. 2800 48H 6 400 166 8 100 29U .. 600 115V4 10 400 43U 4 200 200 12 200 9 .. 100 21 .. 600 69V4 8 4700 17 .. 100 63U 6 6000 85ft 8 1100 54 .. 500 90 V4 8 5800 66 6 600 89 V4 6 58400 107 7 200 63 6 1900 774 6 17000 69 4 100 107 8 800 17 2 600 8Vi .. 200 13 V4 .. 1400 6lU .. 400 9 .. 1900 14 .. 100 27 .. 1400 66 , 6 300 824 7 100 113 7 200 48 4 1400 10 .. 600 60 V4 4 900 31 4 300 17 Vi 1 6800 84 7 1600 65 6 100 107 8 100 6b 6 400 67 6 100 Lehigh Valley uoews, ino Lorlllard, P, Tob Loulsvlllo A Nashv Maokav Cos Mackay Cos pf Mannatian Maxwell Maxwell Motor ctfs Mays Dept Stores Mexican Petroleum Miami Cooper Middle States Oil A A L Minn. A S 8 A Missouri Pacific nf Montana ft A A National Cloak A National A Nevada A New New Chic A St New York Dook York, N A York, Ont A Southern ft Pacific Nova Scotia S A C Nunally A Co A Blower Oklahoma A Otis ateel Pacific Gas A & Pan Petrol AT Pan Am Petrol ft T A Bingham Penney Co, J C, pf Pennsylvania R R Penn R R a 16 f Penn Seaboard Steel People's Gas. Chi Pere Marquette Philadelphia Co Phillips Petroleum Pierce Motor Pierce Oil Corp A Pullman Sugar Kay Reading Republlo Royal N at josepn A Seaboard Line Roebuck CU-- lt t. JL Dt.Oll WllUf consoi & Paclflo Southern Railway Standard or N Standard of N N waroer stuaenaker corn Superior Tenn cnem.... Coal A Paclflo. Third Tobacco Products Oil union uii Paclflo Alloy Rteel... Fruit United Investment Steel Steel Copper Corp chem Wabash Willys Wilson Woolworth, F. W Worthlngton NOTE Odd transactions made the regular HARVESTER'S FORCE CHANGE QUOTATIONS. TO GET STOCK BONUS Issues of $60,000,000 Will Be t m usea nan. Stockholders of the International Har vester Company In special meetings held yesterday In Hoboken the pro posal Increase the company's author ised preferred stock from $80,000,000 to $100,000,000 its authorised common from $80,000,000 to $130,000,000. The directors will meet to vote the use $10,000,000 of the new common stock to pay 12 per stock on the $80,000,000 outstanding common, to vote that $20,000,000 of the newly authorized common set to pay per cent eeml-annu- al dividends on the common and to vote that the of $20,000,000 of new common and $40,000,000 of new be used In an extraordinary employees' ownorahlp and com- pensation plan. plan, sold be one of the largest schemes benefit to employees In the history of States corporations, was described at time that the di- rectors announced the to In- crease the amount of authorized stock. Additional details show that the plan Is open to employoes In country and and that It becomes effective In January, 1921. The an- nual fund will be per cent, of tho company's net profits tn ex- cess of per cent on the capital In- vested. The group of employees holding executive positions wilt receive third of the fund, entirely In common stock. Those employees who not In execu or managerial capacities will re' celvo of tho fund, part In the company's per cent, cumulative pre f erred and part In cash. fund will be distributed In the proportion which the actual earnings of every employco for the year to the aggregate earn ings of other employees In the Tho employees must have been tn tho company's service during the year In which the extra compensation fund shall be earned and until it shall be distributed, which will be about May 1 of the following year: employees vol quitting the will forfeit their to participate. 1920. 1919. 134.131.267K 174.708.608 81.019.691 Suit Stomp.. 4- - 2' 8 . . . \B\. .... ivi 76 pf.... ievatea Mathieson Alk Works.... Motor Steel Ord Minneapolis St new.. St P M Missouri, Kan Missouri Paclflo Power ....... Mont Ward Co Mulllns Body National Acme Co National Anlllno Chem. National Anl Chem pf. National Biscuit Co Enam con copper New Orleans, Tex Mex. York Air Brake.... New York Central York. L. . New H H.... New West... Norfolk Norfolk Western Northern Ohio Body Co. Prod Ontario Sliver Mining. . . . Eloc Paclflo Tel Tel Am Parrish Arrow to-d- bear Ref. Pierce Oil Corp pf Pittsburg Coal of Pa.... Pittsburg Steel pf Pittsburg West Va.... Pond Creek Coal Pressed Steel Car Co Punta Allegro Pure Oil Co Railway Steel Spring,.,, consol cop Reading 1st pf Reading 3d pf Replogle Steel Motor Truck.... Remibllc Iron ft Steel.... Dutch Co Lead tit Louis A Ban Fran.... St Louis San Fran Df . . St Louis Southwestern... St Louis Southwestern pf. Saxon Motor Seaboard Air Line , . 1 . Air Sears Co ,11)11, n,.-l- n A , uinciair uii S Southern Railway Southern Oil Oil Standard Oil of ' Canada, calendar Stand Oil N J pf part pd.. Stan O of N J pf part pd. Btewan Stromberg Carburetor . Steel Corp cop st Texas Co Texas Pao A Toxas Avenue Tlmeo Sq Autos Transcontinental Co Ry aside stock stock 1918. Transue Wms Steel... Underwood Typewriter Union United United United Ry Investment pf. United Fdry.... Food Prod Corp.... Ind Alcohol Realty Imp Rubber Smelting, RAM.... pf Utah Vanadium cnem VIvaudou Wabash pf preferred J.... 1! separate sales Wells Express..., Maryland Western Maryland pf Western Paclflo Western pf... Western Tel Westing-hous- Westlnghouse Wheeling Lake Erie... White Motor Wlckwlre Steel Overland Willys Overland pf Co Worthlnrton Pump Pump lots. lot are not at price outside of in ratified to of a cent dividend be 2 stock balance to of United' tho proposal all 60 7 a are two-thir- 7 group, untarily service right Dt. 1U Y.... Mldvalo A . Retail Stores U S C I Pipe & U B U S U 8 A U 8 U U A . I. . . . ...... pf... nf. upeeo... 11 Oil. . . m !8 1 2 1 106 pr.... 12 1 1 pf B. ro corded In line unless full lot range. U 8 S 8 V Fargo Western ..... Id . Pao Union Air B B A M.... A A Odd were and The this tlve The Tex J... J GOSSIP OF WALL STREET. Stocks Ilally Sharply, W. P. Q. Harding, Governor of the Federal Reserve Board, has a record m banking circles for conservatism. lie says very little for publication on any subject. Ills statement In yesterday morning's newspapers that tho credit situation Is Improving and that he Is optlmlatlo on tho business situation was tho first note of hopefulness which has come from the Federal Reserve Board In a long time. On that statement traders started a rally In stocks at the outset yesterday. It continued most of tho day, and although demand was lim- ited almost entirely to stock which had been sold short the Inquiry was of suffi-alc- nt volume to establish an upward trend In most stocks. Galna averaged around two points In tho stocks which have been moat heavily slashed of late. 8entlment at the close of tho day yes- terday was much more hopeful than nt any other time this week, although tho belief was general that tho upturn was Uttlo more than a rally. Other Market Factors. There were other factors back of tho advnnce and they camo In for somo consideration. One of them was tho de- cline of the call money rate from 8 per oent to 7 per cent and tho announce- ment from tho floor of the Exchange that considerable money went unloaned at tho latter flguro. Another was the prospect of an early ending of the Illi- nois and Indiana coal strikes, and still another was the proximity of the Inter- state Commerce Commission decision In the rate case. In addition to all of them It is probably a fact that the short sldo had become a trifle overcrowded and the market oversold, as sentiment has been uniformly bearish. The action of the rail stocks, led fcy Reading, Frisco and Southern Railway, was considered of particular significance. Thooo three appeared to bo under the best sort of accumulation, and, m fact the entire roll list was Arm. Many people In Wall Street cling to tho theory that an active and constructive market In rail stocks Is not only posslblo but probable, Irrespec- tive of the action of the general Indus- trial list The Rate Decision.' Wall Street Is looking to the Inter- state Commorce Commission for a cuo as to the next move tn stocks, and It is freely stated about the Strcot that the current upturn Is attributed to covering Induced by the belief that tho decision will be announced very soon, and that It will bo very favorablo to the rails. Guesses In Wall Street In regard to tho freight rate advance range from 26 to 37 per cent, and tho Increase In passenger rates Is figured as 15 to 26 per cent On what day the decision will be announced Is, of course, problematical, but the ex- pectations In the Street are that It will bo published some time between Friday night and Monday afternoon. Japanese Liquidating Here. International bankers familiar with the Japanese sltuaUon declare that prl- - vate Interests In Japan, which under normal circumstances havo Investments amounting to many hundreds of millions tn the New York market, have liqui dated to the point at which the aggre gate Investment is between $60,000,000 and $70,000,000. Tho biggest selling re- cently for that account has been In Anglo-Frenc- h bonds, but the liquidation undoubtedly has spread to other high grade securities. The question puzzling the bankers at the moment Is how much further that liquidation will go and whether It will moan the Bhlpment of gold to Japan, as representing the large portion of balances now held .here. Thus far approximately $11,000,000 In gold has been shipped from San Francisco to Japan. Those figures are separate from the Investments of the Japanese Government, tho balances of which are to be held here and reinvested from time to time In United States Government securities. Sir Thomns LIpton tn Wall Street. Sir Thomas Ltpton took a drive down town to the financial district yesterday afternoon, and when his car had reached Wall Street, In which It was obliged to travel slowly because of congested traf Ac, his progress becamo a triumphal procession. Thousands of peoplo crowded about his cor to shake his hand. Sir Thomas visited the National City Bank and was taken for a trip of Inspection through that institution's building by its omcers. Labor Efficiency. Improvement In labor efficiency noted by the United States Steel Corporation. Willys-Overlan- d Company and other In- dustrial corporations, Is being mani- fested similarly. It was learned yester- day, on railroads, on which the labor situation Is showing steady betterment The output of shop labor Is Increasing and good progress Is being made tn the reduction of bad order cars and loco- motives. In the case of a railroad which had upward of 7,000 locomotives In bad order that number will be reduced to 160 In the early part of next month. Another railroad, the shop labor effi ciency of which had been 40 per cent less tnan normal, nnds Its shop labor only 20 per cent, less than normal, Rail- road men are assured now that an ade- quate supply of coal will be sent to the Northwost In time for the extreme de- mands of winter. Special efforts being made to Increase the coal carrying ca- pacity for all rail movement are begin- ning to bear fruit Tho Brown commit tee of the Association of Railway Ex- ecutives has arranged a loan of $400,000 to the Evansvlllo, Indianapolis and Terre Haute, which will enable that road to Increase Its coal carrying capacity by 1.000,000 tons, practically doubling Its snort haul all-m- il movement to the mid dle West and the Northwest A loan of $270,000 to the Chicago Great Western has been arranged to enable it to put 800 bad order gondola cars in commis sion by December 1. Goodrich Under Attack. Ever since the Cleveland Federal Re serve Bank In its monthly bulletin de clared that \Ohio warehouses were filled with unsold tires and tubes\ Goodrich has been under the pressure of crofes etonal attack. It was continued yester day in the face or the company's state- ment of Its six months' earnings, show. lng a net for the period, before taxes, of $7,600,000, against $7,700,000 for the corresponding period of last year. Traders hold the view that the report of the United States Rubber Company, showing a net for the first six months of this year of $13,500,000, as contrasted with $10,800,000 for the corresponding 1919 time, Is relatively a much better financial document It Is pointed out that the Akron company, loeated in the Interior, has had much more difficulty with Its Incoming and outgoing traffic than has the United States company, most of tho factories of which aro on the seaboard. Wall Street has had for sev- eral days a report that a cut In all tire and tube prices would bt announced during August but that rumor has not been confirmed. The Crop Ileports. Two statements to tie Issued early In August by the Agricultural Department are being anticipated with considerable Interest In the financial district because of their Importance to the country's bus- iness. They are the official Government rrnortfl on wheat nn rl mttnn n.i. n 'hay, which will show conditions on 'July 25. The report on cotton will be issued on August 2 and that on grains on Au gust b. reports issued In the last day or two exhibit a considerable fmnrnvATnent In nil f.rm nmiiAt. M pared with thoe of last month and Indl- - cbuuiis ok ajtjuw yiwos uian naa oeen entlorpatut Recent Bond Issues of the highest grade have been offered nt prices to return VA to 8 We deal actively in these bonds and, upon request, we shall be glnd to send n copy of our latest circular describing briefly the more important of the new issues. Redmond&CtL Memktrs New York and Pittsburgh Stock Exchanges 33 Pino St. New York Union Arcade Bldg. Pittsburgh mmmmmmimwmiimiiiiiiimm Pure Oil Company (Ohio Cities Gas Company) 7 ConctrUlU Serial Cold Notes I. Operations of the Com- pany cover every ph&ie of the petroleum industry, having refined 4,800,000 barrels of oil in past fiscal year. 3. Net earnings for past 3 years averaged gi 1,800,-00- 0, or over 100 of the principal value of entire Note issue. 3, Convertible into Com- mon Stock at prices from 45 to $49 per share ac- cording to conversion date. Stock now selling on New York Stock Ex- change at about $41 per share. Prlcts on all Maturities To Yield About 8 Eastman, Dillon & Co. .Wrmaeri Kev York .Stock Eictonci INVESTMENT BANKERS 71 Broadway Now York Columbia Graphophone Manufacturing Co. Five Year Sinking Fund EightPerCent.GoldNotes DUE AUGUST 1. 1035 Net Tangible Assets will be over 4Jj times this issue of Notes. Net Current Assets will be more than 3 times these Notes. Semi-Annu- al Sinking Fund is designed to retire about one-ha- lf this issue before maturity. Each $1,000 Note carries privi-'leg- e to purchase Three Shares cornrnon stock at $35 per share at any time after Febru- ary 1. 1921. Price; 100 and interest to Yield 8 Circular on request CoggeshaIl& Hicks Mtmotri .Veto York Stock Excana$ 128 Broadway, 203 West 79th St. New York Daily Market Letter on Request Shonnard, Mills &Ga Members My Stock Exchange 120 BROADWAY-N.- Y. . Telephone Rector 8080 J. K. Rice, Jr. &C o.Will Sell 170 Air Reduction 200 American Hawaiian 8. S. SO Eastern Steel com. 13 K. W. Bliss rom. A \Rights\ to It. W. Johns-ManTi- com. 100 Nat lee A Coal 1st pfd. 13 It. J. IteTnolds com. \B\ (old) 69 TaTlor-Wharto- n I. a 8. com. 100 United Theatre Eqalp. com. b pfd. 130 Ward Baklnr com. J.K.Rice.Jr.&Co. ma wv m vuiUaionn CO wu ni., n I BstallUhtd 1806 H.F.BACHMAN&CO. Members Rrw Totk Stock Brcfcano Philadelphia stock Bxchaar Hew Tork Cotton Exeoaax 1 BBOADWAX Investment Bonds Herrick Sl Bennett Jiem&ers JVew Ytrh Stock Exckanp 66 BROADWAY, NEW YORK TtUphm Rtoor 9060 Merrill, S. S. Kresge Lynch PW. & Com. Circular 5 VO. Sent upon request. 120 Broadway. N.Y. Members Not York Stock Eicfiant Mark A. Noble Theodore C. Conrtn NOBLE & CORWIN IS Broaa BU New Toru Nat'l. City Rights Eastman K.Cm. Nat'l. Pk. Bk. Curtiss Aero Pfd. Telephone lilt Bread
