New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-09-11


May, however, producers state that
the demand for the metal has slumped.
August was expected to be q big month,
with consumers stocking up for fall
ana winter requirements, but sales for
tnat month were reported to be the
smallest in over year.
d., L. & W. Segregation
The Street is still filled with rumors
OF segregation of the coal properties
OF the Delaware, Lackawanna & West
ern. The company's plans have pro-
crossed so far, according to statements
made in the financial district yester-
asy' that application will be made to
ene Interstate Commerce Commission
next week for its formal approval, If
the action of the commission il favor
able it is understood that the coal
properties will be incorporated in a
separate concern, the stock going to
present holders Of the railway com
pany's shares in the form Of a stock
dividend. The possibility Of an issue
Of bonds by the coal company to the
railroad company is also being dis
cussed.
Sterling Drops Further
Sterling exchange at fraction above
$3.50 to the pound yesterday was we'll
over SO cents below the quotation
reached on the recovery Of last April.
Sterling has been slipping lower grad
ually Tor several weeks and is now at
tne lowest level since March. The
common explanation for the movement
al th,s time IS that operations con-
nected intimately with the Anglo
rrench loan maturity next month are
forcing the decline. The French Treas
ury has provided through ita nressn+
loan operation and projected cola sh;n'
ments for s150,0o0,0o0 of the amoup+
needed to cover its half of the matur-
a aty. a large part of the remaining
*loo'ooo,ooo is being raised by the sale
OF exchange to obtain dollars. THU
insernatlonal bankers say, would cas-
ling. @A"esS IN sSef-
French So at 1o1
On the Curb yesterday about the
most active group was that COMPRISING
IN me brokers' handling deals in the new
french government 8s. The bonds. in
wh1ch the days turnover reached =.
par value of 100000. opened at 100a
reached 1eac high of 101, and closed at
loo b. Brokers in the outside market
sala 1he demand for the new issue was
pronounced, with orders coming in
ment houses in the Street Bets have
oeen Wagered in the financial district
that the bonds will continue to com
mand premium which, if money
market conditions permit, may run
INTO several points. The opinion il
widespread that the bankers Who ar
ranged the details of the loan could
not have done much better in the wav
OF trimming up a bond that would
appeal to investors of all classes.
Bankers Oppose Legislative Move
In connection with the legislative
program to meet the housing crisis in
New York some inauentisl bankers
expressed the opinion that the pro-
posal to pass q bill repeating the iaSs
act, which permits savings banks to
ouy bankers acceptances and thus
presumably force them to a greater
extent to buy On bond and mortgages
to help building, was unwise. 1t was
pointed out that the purchase Of &C
ceptances enabled savings banks to in
vest funds in temporary form which
they wanted for one reason or another
TO hold out of permanent Investment
Moreover, the dealing in acceptanceg
connects this savings banks. with the
Federal Reserve system, and ia the
only link between them. II faced bv
an emergency the savings banks now
have the privilege Of. immediately
being able to dispose Of their aeeepts
ances at the Reserve Bank, thus mai.
Ing their sescpsahcea Mausd anvest-
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