ppW'rtsSfi WtfTT v m EVENING PUBLIC LEDGER PHILADELPHIA, WEDNESDAY, OCTOBER 29, 1919 i IS1 ':' f wy re '. K.. A Saving Fund Society and Insurance Co. investment Penna. Railroad System $25,000 Pittsburgh, Cincinnati, Chicago ad St. LRy. Co. Consolidated Mortgage AJs Duo Mf 1,196ft TAX FREE in PENNSYLVANIA pVEWS OF FINANCIAL WORLD NEW YORK AND PHILADELPHIA STOCK QUOTATIONS? Guaranteed Principal and Interest by Endorsement by Pennsylvania Company (Lines of P. R. R. West of Pittsburgh) These bond ore n flrsl mortgsse on f'.'5 mllM of road Including the mileage from I'itfsbnrgh to Columbus nnd from Indlan npoll to I.oiilvllle ami br a mortgage on 082 miles, suhlcct to only JI.17S.000 under Ijlng bonds, that Is. a tsortgare lien on a total of 1107 miles of rond comprising that part of the I, ft. It. rirstem between the cities of rlttshtirgh, Colnmbu. Chicago, Indianapolis, (.incbinatl nod Louisville. Clrcu.br oo Ttfiowt Price: To Not Almost 5 Per Cent. TRADING SPOTTY, MAKING PRICE MOVEMENTS ERRATIC Constant Shifting of Interest and Much Proftt'TaUing Tight Money Checks Pool Ojwralions New York. Oct. 20. Tradlnc was I tail the reckless skyrocketing; of thrlr rather "spotty" in today's stock imir-1 various favorites nnd for a general tlow ket, but the, undertone of the cenernl . lue down of the market uroEram, still if. 1 .tin . r. . . .. . -. ... NEW YORK STOCK EXCHANGE TRANSACTIONS list continued decldodlr strone. Con stant shiftluK of activity in the differ ent groups produced increasing irregu larity, nnd to some- extent made price movements errutlc. The familiar maneuver of the, spirited bidding up of n few share to cover liberal realizing Lclsewhere was strongly in evidence throughout the entire session. This. .however, rather than dampening the it is generally recognized as only a temporarv condition. It is reasonably certain November 1 settlement!!, maturities nnu interest pay ments are necessitating considerable preparations by tho linancial institu tions and the consequent shifting of funds. The November payments, while not as lurgo as nt other periods, still arc relatively heavy. In fact, require speculative appetite, tended to increase i consdcrnble curtailment of 'stock msr- tA..im I, J nVo .iVninnt .U. nf ' accommodations, which, in turn, I'ossibly the more significant slue ot . ,.,,ri m m.,L.i ..eHvitv im the dav's operations lay in the fact I ?"',","'' 5" "" rhfA. f ,' Tl',1' ,-,!. that nt nil time the least resistance-'r"l,,,"e '""'"" vrna piauwj ..-n u encountered was always on the upward tide. Frequent pauses occurred. At. in terrals distinct reactionary symptoms were apparent. On theso reversals, however, trading became dull, which, according to accepted market signs, is a true barometer ot technical strength. News developments, nt least that which the market world is most inler- ted in at" the moment. were ilistinctlv favorable. This included the United States Steel Corporation quarterly state ment which proved to be murn Hotter than ovpectcd. Supplementing this wns the indisputable testimony of the rapid disintegration of the steel strike. All advices, at the nunc time, from the headquarters of the hitumiuous labor union chieftains gave promiw of some. i sort ot an eieveutn nour nniiraiiio ad justment of this controversy. loilav'K market. Tho day started out with uual out burst of enthusiasm, with Hie steel shares the leaders of the processions. Leadership of this group was succeeded later in turn by the oils, motors, sugar and other miscellaneous industrial shares. The more extensive gains of the early trading included Crucible and Itcpublie Steel at 5 and (Mi points respectively, Mexican Petroleum 'l1. Amerieau Sugar Jl'.j. Cuban American Sugar, Hi" Bm Worthingtou Pump, 1". ItoI'ii taking caused the usunl reac tions of 1 to 3 points, (he setback in several issues exceediDg that range. , Trading became dull on the icversal, but quickened again when buying of high priced oils was resumed. Texas Com- ' panv advanced 11 points to a ucw high I r "on i ... ... . ., i . Hates lion 20 400 900 soo 1400 400 11800 noo 2200 2000 J00 .100 200 3200 3200 .100 too !V. in I Ono big obstacle, however, stood in1 of 320, nnd steels strengthened again. Biddle & Henry 104 SOUTH FIFTH STREET w offer, subject lo sale Newport Company First Mortgage 3-Year 6 Bonds, Due September 1,1922 Secured by First Mortgage on the propel tics of ono of the most important manufacturers of dyostuffs and wood-distillates in tho United States. Earnings avcrago V timc3 interest. Price to yield about GYilo Edward B. Smith & Co. BANKERS LSTADUSltrJD 1832 ilcmhvrs Ztw Vorfc and Philadelphia Block L'xchanaca rjtiL.nrxpiiiA Ull Chestnut St. MJVV ORIC NEH' I.OMJON 15ASTO.V AIAEXTOWN the way of the managers of the big bull movement, and that was the iiu nuptiomib1c lirming tip of money rates. The renewal rato this morning was fixed ut i) per cent, and according lo the reports from the board, which in dicated a demand for funds far in ex cess to the accommodations offered, there was every pmbiibilit) of nmrh higher rates being exacted before the dnv was over. The stiffening of the money market, while it may be an additional warning to the pool nnd clique managers to eur- Tradinc becumn iinnlhelir nt middnv. leaders hestitating, which was entirely the result of uncertnin money condi tions. Thero were several noteworth.v exceptions, however, Texas Co. nnd the sugar group making material addi tions to the gains of the morning. Bethlehem and United Stales Steel also reliected steady accumulation. Shippings hud a brisk advance in the last hour, but the general li-l suffered n tcmporar.v rcuction of 2 to 10 points, the break being eoincidenl with lull money's rise to 12 per reu' CROSS CURRENTS CURB PRICES IF WERE CONFUSING IN LATE TRADING Market Has Become Far Too Pronounced Strength at Start Big to Be Uniform in Followed by Reactions. j Movement Offerings Small CALL MONEY RATE UPJNEW CAR1B HITS 'HIGH Investing for the Sake of an Income It is an established fact that market quotations may be misleading. If more investors would give careful thought to the safety of their prin cipal and income rather than to the rise and fall of prices there would be fewer losses and greater financial independence. Wc shall be glad to sub mit a list of the most dependable securities the kind that have been bought for years by conservative i n s t i t u tions and investors. Hemphill, Noyes & Co. Members New York Stock Excliangt Franklin Bk. Bldg., Philadelphia New Torlc Boston Scran ton WE ARE PREPARED TO SELL "CALLS" ON FRANCS Checks on Paris. ITALIAN LIRE Checkt on Milan. GERMAN MARKS Clieckj on Berlin. Running three to alx months in the above rorclgn Exchanxo at prevailing lor rate Wrlta or raU or Particulars Newburger, Henderson & Loeb 1410 CHESTNUT ST. Uerobtra N. T. S. rblla. Stock Exchanita PAIGE-DETROIT MOTOR CAR CO. Vfo Cum. Sinking Fund First Preferred Stock. Free from Normal Federal Income Tax. Price VIVt and ace. dividend Members Philadelphia Stock Uxefeance Ie.M0 Land TitU BUg. Bw4U New Yorli, Oct. lift. The New York Kvening Sun's closing Cnnncial review 'od.iy says : Today's stock market was none too easy to anuljzc because of crovj cur rents and want of consistency in trend. The market has becom" far too big to be uniform in movement, even wher there may be some predominating inllu. "nee at work. Prices were higher from the begin ning and underlying conditions denoted Mrcnglh throughout, but this fact did not prevent reactionary intervals due to taking of profits in some cases, shoit selling in mot cases and neglect in many. Trading was in large volume, although it was not anj thing like evenly apportioned. The violent jump in call money rates yesterday and loans being renewed this morning at fl per cent constituted one of the factors which run counter to the I uiDiiuuLiy more optimistic leeliug with respect to the coal strike outlook. The I flurry in money would appear to have been caused not. so much bv auv real ""'V " iuuus as ny ictnporarv re moval of money to the interior" with tho drop last week to 1 and V:2 ter cent. ,J Doubtless the higher rates will cull ' ,-?cK hPeo(1I1r- Moreover, loaning institutions hern lenrnorl .'.. m i V. of a fortnight tigo that those who trade . iu trcutuie, marKet want money when they want it. and that the rato is in n sense a secondary consideration. Today hope grew that thero would bo no coal strike, but if there is to be one" cleaPrat.ehn7 fr0D1 Mhington made if clenr that tho cabinet was preparing to Ke'!P effi'- VU " ma,u which rom? ised cfhcieut operation of the mines. Hvesr ' '" "V; miuers "presenta f euimp,r, ?"'' ,0,h(,,r dwdopmcntH sug- -',r. ... ,JUDOr leailers wero r,'l",i''u """ir octcrmlnation to ad here to the order for a walkout neit uiuruuj. JJ1", crt:mcly favorable showing in tn ted States Steel quarterly report, n ,e r'Tdy .Iarfy discounted, was to be reckoned with association deal ings in steel shares. Hepublii- Iron tnd tteel vvus again tho lenrler . issue crossing 1L'5. Crucible was up at ono time 5 points, and Bethlehem B nearly 4 points United States Steel touched 110 early. These, like the rest ot tne industrial list, suffered frnn. .u unsettlcmcnt which was manifested from The motors npm p,lainiH .n throughout, nevertheless Gcucral Mo tors slightly bettered the top of Tues day, although its movement had n spread of some IS points. Numerous individual shares were bid up at inter vals with spirit, including United Fruit, International Paper. United States Smelting, Worthington Pump, Puntu Alegre Sugar nnd American Sugar Ke nning. Tho oils were in good form most of the time, with Texns Co. leading. That stock ran up to 340 early in tho ufter noon, a gain of moro than .10 points. The rails wero neglected. The erratic movement in call money carrying tho rnto to 14 per cent and then back to 11! per cent caused on ir regular reaction in the Into afternoon. It was obvious that sentiment was confused. New York. Oct. '-. Tho curb market early today showed pronounced strength at tho opening, with many issues making vigorous advances, but in the later trad ing a reactionary tendency developed qu small offerings. A feature was the trading in tho new Texas Pacific Coal and Oil stocks, which ranged fr0m 1S3 to 100. New Carib Syndicate slock sold at the new high record of uO. General Asphalt was traS-d in on u largo scale, ranging from 147 to 13I'.. Submarine Boat, which had been strong for some days past, sold off on small offerings from 20 to i8;.. Texas Co. new slock, when issued. sold nt C2'i to 1)3 and the rights were traded in at 71 to 71'j. Shell Trans port and Trading sold ut 82i,i to SI!. Otis Steel was fairly active, rangiug from 10 to -lOi. IMIUBTniAI) 3 Ts. Ask 10 Aetim Tlvpldelves . . Am-Brlt Mfe ... . American Marconi . American Watcty Jtaior.. 17i in American Wrlllne Taper. H'j lft Air Reduction St M A T Po Tih " Canadian I'ar Co 35 3S Can Car and Kdy lit 0" ion Carbon Steel lis 12S Carlh (newl 49' 3 Canven Tool 5 7 Chalmers Motor S ! Chevrolet Motors W Bon Coca Cola l U'j Cramp 200 ft CurtiBs Aeroplane Umereon Phonograpli . General Arphalt Flail blernal Hendee .Mf Co Ilupp Motorn lntl Products Inll Rubber IjAke Torpedo Boat . . . . Lehlh Coal Rales Llbby. StcN fc L,lbbT.. Lima Locomotive Loeus I .oft Ts: V RhfnhiilMinr Oil Elevator 1 Otm Hteel Peerle.j jrntor Perfection T s n.. . - Philip Morris Pool IZnx Retail Candy SaoId N 1 Saold Ohio - . Scrlpps Booth J" Shell Traupoit S-'i Btandard Motors j Bteel Alloya ; Pubmarlne ! Sweets ot America 1" Swift Int S" Tobacco Products in Todd shipbuilding IBS Trlannle Kllm ' united ioioro i Unlt'd Picture 51 fnlted Proflt-Mierlnj . 5' B U S steamship ' Vanadium SOU World Kllm .... .' VVrlilit-Martln Air . . R T,v'rAItr on, stocks i Illinois -12 jj; flhlr. aitin ,11.) rrslrle P1P ;"5 ;t5 H o Cl , $?J 2., H O N J 7S j;1' SONY 1 ' IDETEM)IT IIILS close (alo) 10 U IT 7'j H'i 131 IftT 7 n CO 61 i:i', 55 IIS ;o si' 3 V RS P5 30 3; 88 n.1 S'i 34s. 32 .12 h M HI 12ft 13.1 II) tll'a 47 4P ' 11 15 30 ftO 53'. 2:n, so I ft 13lj -'? 17S TO 521-1 S"0 -is NEW YORK COFFEE MARKET Allen Oil Allied oil ........ Boston VV'yo Oil . Cosden & Co . . Klk Dasln Inter Petrol Island Oil t T Olenrock Oil ... . Uoueton Oil . . Merrltt Oil . . Met Petrol Midwest Oil Ohio Fuel Omar Oil 6 Qae Sapulpa Ref 8equoah Sinclair Oulf Southwest Oil . . t-t-.s Po Coal i. Oil United OH VVh te Oil Woodburn Oil MLNINO STOCK'S :' i . 70 im. s . 3.l 7i . 3T. .145 . 2. . 2". .ie . 53 . 11 an is? i 0 Coal Lands Timber Lands Bought and Sold Tonnage Procured-Awr Sea in S. Arthur Eastburn 1119-1120 Liberty Dldg Phila. """Discharged Army Ofllcer ik apportuiiur, to router wun e- W W PWI.Wi TVBIWTfWW Goldfteld Mrr ureen Monster llecia Minins , Howe Hound . . Independence Lad 2 rtiir T.edra Butta New Tork New York, Oct. 29. At the outset t Bx I ""Von., today, the market for coffee futures was con Ariz .. 1 to 12 points lower owing to dlsap- iff" NarI?D,l pofnting cables from Kruzll. Trade SSiinSid Cconn". and commission houses were the nrlu. Qoidfleld riorenea cipal sellers. Qoidfleld K.nanaj Advices saying there vdll be a call ' established for Hio coffees and quota tions given on the Santos exchange, had little or no effect on local sentiment. It may be, as a considerable volume of speculation has evidently existed in Santos terminal markets, that the es tablishment of a cnll for Bio coffee is also designed to distribute speculative interest over both crops, instead of con centrating on tho comparatively small crop of Santos this season. Yesterday's 11 close Open a m. September .. .. in.770 H.J1 10.80 December 1.9tt3 M9.-'l isssf.;:..::;: raSIS si? " May ......,.... jP-su Us 20 in r,o I 1 '. 0?. 41 Jerome Verde Jim jiutier Jumbo Kxt.nslon . . McKlnley Dsrraeh Mairma Copper . . . Mother Lo I National Tlrt Nlplsslns: Itay IlercuUa Han Toy Tsaas Co . . . Tonopjb Extension United Verde , ,. West En'l Con . . , . White, Caps 24 8 fig 45 11 8 6l'i llj 73 U'l II Sll'a 7'i 4 IBS 170 28 114 S . St 25 ion . a!i 0U ii: 30 20 f.s r s 10 70 it Advanco Itumoly . . , , 0 Advance Ilumcly pt.. 8 Ajax Kubbcr ....... .. Alaska Gold Mines. .. Alaska Juneau O M. .. Allla-Chalmera Mfg.. 8 Am Agrlo Chem a Am Beet Sugar 8 Am Uoscli Magneto.. . . Am Can 13 Am Car & Foundry. 7 Am Car & Kdy pf . . . Am Cotton OH .SO Am Druggist Syndl.. . . Am Jlldo A Leallier. 7 Am Hlda & Loth pf. . . Am Ice G Am Ice pf . . . 12100 I .SO Am Jntcrnat Corp. 10(19 too 4200 noo 4 6100 8200 200 .10UO 11200 nOOO II Oil 2700 200 2.100 1000 800 200 2000 aoii 1100 noo r,oo 100 4 DUO 200 29100 1300 100 200 16009 300 4000 300 30100 100 200 400 100 200 100 100 100 "00 4400 2000 3200 8500 200 200 100 0400 1600 200 30JO 200 200 700 100 100 100 2100 000 700 100 100 100 300 8000 00 1200 1700 00 iooo 32J00 G00 100. 1800 600 1800 100 200 100' 400 100 200 1300 ; 1000 200 2500 too 5800 300 100 ;.oo 2100 800 1200 9300 400 100 I190O 1500 1C00 1100 300 100 2100 200 900 100 100 1100 300 2800 11000 3800 200 100 400 2600 400 100 Ain Linseed Co 7 Am Linseed Co pf. 8 Am Locomotive . . . . . Am Malt & Clra'n. . . Am Bhlp h Commerco 4 Am fhnolt & llet... 7 Am Smelt ,t ttcf nt. men . 43U . 73'. . 14 . .1 . 154 . 48' ,100 .100H, .124 A . H .13'. .115?, . JJ4 . HI. . 3J .130(4 . 44 . 07 .124? HITs OO,!. .110 46 67 !4 98 10 3 Am Steel Foundries.. 4S!4 7 Am Sugar Ucf 148H 10 Am Sumatra Tobacco,104Ts 8 Am Tel & Tel 09J4 20 Ant Tobjcco 309 Ji 0 Am Tobacco pf new.. 8JK: i Am Woolen 142 .. Am Wr'tlnu- Paper pt. 4?4 . Am Zinc Lead & Sin.. 20? 6 Am Zlno L & S pf . . M V's 4 Anaconda Copper C6H . Assets Heallzatlon ... UV4 3 Associated Oil Co. ..120& 0 Atoli Top & Snnlj l-'o. 00'', Atoll Top & S V pf.. 79U Atlanta Isirm &. At . . 09, AM Oult i W I S S.169 Auto Sales C lem etfu. ISTs Ualdvvlu Loco Wits. . .150U Ilaltlmoro & Ohio... 40 Uurnet Leather Co . . 97 Darnet Leather Co pf. 04 Darrett Co 12714 Rittopolla Mining ... 1J4 Betblohem Motora ... 38H Bethlehem SUcl . . . .1034 Bethlehem Sleel U...I09 Betlilelit-in Stl $ra pf. 11314 Booth 1'islierlea .... I?ls Brklyn ltaplil Transit. 20 Bltljn U'nlim Gas rt-". . 69U Brown Shoo Co 106 Brow 11 Shoo pf . . 99 Bruns Term .L It U lOi Burna Broj 139 Butta & Superior Cop. 24 Butto copper &. Zinc. lOfc Caddo Ctntral O S. It. 34 California Packing . . " CallfornU Petroleum . 6314 Cal fornla Petrol pf . 80 Canadian Pacific ..HO Caso J I Thresh M pf . 0914 Ccntrul Leather IOC Cerro do Pasco Cop . 38 Certain-tced Prod C. 47 Chandler Motorn 138 Chesapeake & Ohio .. S7!i C'hl A Cist Illinois . . 7 . Chi Mil A. St, Paul . . 43i . nil Mil & fet P pt.. C 7 thl & Northwestern . 91(4 8 Chlcago&N'orthw est pt.120 Chi Pneumatlo Tool.. 09 . X'hl IloeU Isl & Pae . . 28' . Clillu Copper 22 3 Chlno Copper 4'J Cluett Ptabody pf . .103 3 Colorado Fuel & Iron. 47's Colorado & Southern. '.'314 4 Coltlmb flas & Cleo.. 64 t Col (Jrapliophoiio . . . 2'4 7 Consolidated Gas . . . . 7 Continental Can . . . Continental Candy . . . Contln Candy 1 ti . Con Interstate Cd-1 M. Corn Products lief .. 2 Crucible Ste..l Co ...233 7 Crucible Steel pf 103 0 Cuban-Anicr Sugar ..374 Cuba cs.no Sugar .... 43? 7 Cuba Cane Sugar pf. 83?; 9 Delaware & Hudson .102V4 0 Del Lack & Western .183 . Denver & Wo Grande. 8 '4 . Den & Wo Uraudo pf. 16'4 . Pomo Mines i:ia.i ;l Kile Horn Coal Corp. 35 0 Kndlcott-Johnson ....139 . Er!o IS'4 Krlo 1st pf 2314 8 Famous Players-L ... 108 3 Federal Mln & Sin pf. 31 U . Flsk Uubbnr 62 H . Fisher Body Corp ...150'i 96 14 14 20 0894 FIsIht Body Corp pf.108 2 Freeport Tcxaa 16' . Gaston Wnis & Wig. . 23'4 6 Ociicral Clg.tr Co .. 83'i 8 General Electric Co .17214 12 General Motors Corp .3 on-! 4 C Gen Motors Corp pf. t!'4 i Gen Motors Corp deb. 8tla4 4 Goodrich B P 92, 7 Great Northern pf ... 8514 4 Gt Northern Ore ctfs. 44"2 . Gulf StateB Steel .... 79H 4 Haskell L Barker Car. 62'i 7 Illinois central 92 6 Inspiration Con Cop . 59(4 Interbor Con Corp .. 314 .. Inter Con Corp pf. .. . 1814 . . Int Agrlcul Corp 2714 5 Int Agrricul Corp pf . . 87 Int Harvester 14114 .. Int Mer Marine .."... 2H 6 int Mer Marino pt ..lis1 . . International Nlclccl . 2814 International Paper . 6714 ti Inter Paper l atpd. "G', . Jrwel Tea : '! Jones Bros Tea 3334 4 Kelly-Spring Tire ...10 9 Krlscy Wheel Co 1 10 7 Kelscy Wheel pf 9894 t.OT 4114 7.1 04'4 21b l' 46T4 9914 07 94 123 B3t4 133'4 11594 37 It 36 133 42 07 122 1 4 80 4 9694 108 f9'4 12', 65 H 98 4194 143'4 1112 H 99 3061,4 OS's 138'i 64 20 14 57 6614 314 11914 00 70 9 '4 18294 1514 143U 3014 07 0.1 121'. 19 30H 10214 10694 11514 17T4 20 69 '4 103 09 I0H 138 2414 10 32 '4 8014 6194 80 140 0914 10314 3714 47 13494 5714 7. 4214 C3 3114 150 00 28 2194 42 105 40 2314 Ij394 70 0394 01 1394 Is 100, 95 246 102 318 4214 83 10214 181 H 894 16 1394 36 9 138 154 2514 10714 3114 r.p, 1 50 '4 108 46'.. 25 82 l0 380'i 01 '4 son 90 i S3 4314 1 hi 92 68 M Toijay's Net uioso ino. I ?i 14 14 A 114 H 114 14 Va H 414 14 114 I 14 17H 2714 87 140 eo9, 11314 27(4 Wi 70?a 20 31' 4 157's 100 S9b 43 73 - 0414 214 114- 4014- 100 9794- 123 -6.V4 134 J4 194 11594 i 37 II 38(4- H 13214- 2)4 44 214 07 1-4 1234 3 80H M 0014 V 107T4- 94 39 '4 4 3 "- 294 661. -I s4 os 14 H'4 146 H alii 103 '4 V 9914 307 -9894- 1394 41414 H 204 57 14 6614 3'4-r 12014 90 '4 79'4 r 0'4- 18414 394 I39i H 143U 3994 97 -04 I 137 '4 1H 37 - I 1034 2'4 I 06 '4 1I5'4- 17', 1 20 CO '4 10a ' nt ! to3. - 13S - 24 'i -10 - 3.H, - S0H 54'4 -80 - 149 -99'i 103'4-67!.-17 135 57 'j -7 T 4 2 '.2 63 -91 '4 1 120 - 91 38 2194 42 -( 105 47H- 1 23 '4 J 63 34 -7t'4-, 9594 0334 1 3 1394 la .. 19J4 96 248 102 374 39 4314- 83 -10214 183 -894 16J4H 134 3394 -r ; 138 15(4- 2514- ; 10794 I30J4 108 -4094- 2514 82 HI 384 92)4 83 -4314 7714 62 -93 -r 58)4 - 314 1794- 2714 8 14094 61 14 11394 27(4 0314 7694- 26 - 33J -, 15794 100 -11 9854- 194 14 "J 14 1 t. .,.. S'l foday'sNet ...- . ' ClosCis. A-2 t JZ Icnneeoti Copper .... 3394 3314 JV4- !t .22 i,2 JJ'Wlono Tlroi Hub. 70U 7H 8 - 1 -.!?? Kress S II Co pf. 110 110 110 ai"0O Uckawnnna sirol asi! i?U UUJ. t4 ie ituntier & Tiro .. 37)4 3614 30)4- V 800 400 3.30 Ihlith Valley lilW 47 47 7 LlKett & Myers pf..llor 110 Ji 1I0J4 LOOSO-WIIen Tt'ni-iilf Ik -Si IX 4n -i.. . -'r - -" . - 4 j.Ariimra y Tobacco .223 7 Louisville & Nashville. 113 7 Manhattan Elov guar. 35 .'laiinattan snlrt ... . . Maxwell Motor .... .. Maxwell Mot 1st pf ' - J'axweli Mot Zd, pf 10 Mexican Petroloum . 3 Miami rVinrt.. ' 'J 1-'-' J'f(ldl0 States Corpn". 10400 4 Mldvalo Steel & o?d. 400 200 100 400 100 100O 100 100 20600 200 :oo 100 700 60O soo 700 100 400 1000 700 100 GOO. 2300 1300 200 1 200 200 400 Missouri Kan & Tex! Mo Kan & Tex pf, ,. Missouri Paclflo , ... M'ssourl Pni-lrtn e l."' st 1' & S St M. 87 94 n'Mulllns Body" iu 32 63 ?4 70 42 258 2014 6214 34)4 13 17f4 , 2894 48 4814 10 5 200 1400 200 10800 1000 4500 400 100 montana rower 6294 .Miuonai Acmo Co .., 38 . .Nat Anlllno& Chem. 03 7 -Nat Aniline & Ch pf.. 8014 7 .National Biscuit pf.. lis . Ji Sondult Cable . 14 94" 6 .nt Enam & Stamp .. 834 National Lead an . mi: 00 1.50 Nevada Con Copper . 17 .ow or Tex & Mex. 48 Jew Tork Air Brako.140 New York n-ntni t ., -'" V."w Tork Dck 35'4 ,1300 . Now Tori: N H &. U. 3394 . 1 iorrolU & Wrslrrn .ton". 3- North American Co . . 60 7 Northern Paclflo .... 86(4 6 Nova Pcvotla S & C. 81 3 4 Ohio Cities Gas 5514 60 Oklahoma Prod & Itef . 10 H . . Ontario Silver Mlntne 04 Otis Elevator Co ...13094 3 Owenn Bnttllnc Vf..l, HQ7L i22 3'50 p?oflo Development '. 7314 I'uciuo uas & Eleo . .04 9. Pnclllo Mall 40 Pan-Amcr Petrol & T 134 U FajiAmcrPetrts 314 I'ennsylvanla It It. . . . 4'4 Penn Seaboard Steel . 424 Peoples Gaa Chicago . 42 Pero Marauotte 24 Philadelphia Co :i3. Plorce-Arrow Motor . 92 Plcrco-Arrow Mot pf . .108(4 Plerco Oil Corp 21 Pierce. Oil Corp pf. .103(4 Pittsburgh coal of Pa. 64-i Pittsburgh & W Va. . . 32 '4 Pond Creek Coal .... 30 a Pressed Steel Car .... 10394 Pullman Co 127 Punta Alesro Sugar . 0094 Itay Consol Cop 32H Hallway Steel Spring .10114 Beading 8194 Remington Typewrit .103 94 uepuwic iron & steel. 125 53! 2 it 2 2 I - 214 1)4 100 600 7900 1000 1100 1200 300 1230 11,0 16700 too 700 300 1000 400 1090 7500 GOO 14103 1000 'soo 2600 2600 63500 200 28900 100 400 100 100 2200 600 100 ' 100 31800 11000 2100 220110 200 1103 500 100 800 2030O 300 000 100 1100 24000 3800 300 1200 3900 4500 7400 1400 80O 100 4300 800 900 8300 100 35000 300 1800 900 100 10600 100 6900 200 93000 600 400' 100 200 100 100 400 11600 303 100 200 300 100 6300 5490 700 100 7800 100 260 G 4. rtepub Motor Truck .70 noyal Dutch N V ...109R4 1 ht Joseph Lead 15 St L San Fran 19' 4 . St L Sau Fran pf . . . 26 St Louis Southwrn... 14 H G Savage rms Corp ... 11214 .. Saxon Motor 23?4 Seaboard Air Linn pf. 1714 I Sliatlut'k Ariz Cop ... 13 .Sinclair Consol Oil .. 61(4 . Sinclair Oil rts '-4 II SIosh Shelrield S I 76(4 n Southern Paolfla ....If 014"' 20 South P It Sugar ....233 Southern Ilallwav ... 23)4 3 Southern Hallway pf. 6314 8 Stewart Warner Sp ..167 4 Stromborg Carb ..... 97 4 Studebakcr Corp . ..143 5 Stutz Motor 131 3 Suporlor Steel Corp .-..4794 8 Superior Steel 1st pr. . 100 Teun Cop & chem .. 1294 10 Texas Co 340 .. Texas & Paclflo 5394 T'dewater Oil Co.... 250 0 Tobacco Products ... 103 . Transcontinental OH . 5714 5 Transuc & Wma Steel. 71 Union Oil 424 10 Union Paclflo 123J4 4 Union Pao'flo pt .... 6714 6 Union Bag & Paper . 95 4 UnlWd Alloy Steel ... 5414 7 United Drug Co 133 3 U S Food Prod Corp. 8014 10 United Fruit Co 2IOJ4 Un By Investment ... II .. United Uetall Stores .11814 . USUII'4 Kdry . . 30'i 16 U S Ind Alcohol ... .108 ..US lntl Alcohol rts . 37'4 ..US llealty &. Imp .. 4414 .. US Bubber 12S s t; S Buhbcr 1st pf ... 114 U S Smelting n & M. 7094 .50 U S Smelt H & M pf. 4095 5 U S Steel 100?. 7 U S Steel pf 11594 0 Utah Copper 81 14 Utah Sco Corp ' 1234 4 Va-Carolina Chem . . . 7894 0 Va Iron Coal & Coke. 80 . 'Wabash 9 34 Wabash pf A 30'. 4 Westlnghouse E & M. 5894 Western Maryland ... 12 Western Paclflo 2.1 7 Western Union Tel . . 8394 . Wheeling & 1, Er!o... 1494 Wheel & L Erlo pf . . 2214 4 Will to Motor 7814 1 AVItlyu-Overland .1514 3 Wilson & Co 83 . Wisconsin Central .. 3734 ... Worthlngton Pump 1. 11314 0 Worth Pump pt, B... 80 , . Wells Fargo Exp ... 68 220 113 6M 33 5114 70 43 262 2694 61 3394 13?4 1.T4 28 K 47!4 87 4794 6294 3794 5014 8894 115 1414 84 8!) 7!4 17 4S 139 7214 3514 33 100)4 39 8394 8114 6394 1014 8)4 136 6874 73 ci'4 ' 3894 132 3!', 43 (4 40 94 41 23 'A 359 8814 108"? 2094 103(4 64 :i2 3894 100 126(4 87 tii 101 son 10014 12014 53 107 15 18'4 2G 14S5 88 22 14 17(4 13 oo!4 14 74 10714 "23 V.'l 167 9514 141 127)4 47 160 12)4 310)4 62 246)4 103)4 56)4 6314 41(4 133H 6694 94 5214 130 80 193 II lit) 14 30 107 36 '4 4I"4 125 '$ 111 75 '4 49 IO83. 115(4 80 34 12'i 78 80 94 30 57 il?4 23 8694 1494 2314 7314 34 ?4 8314 3394 10294 80 6714 : ii !4 iV, 20 113 - 66 - 33 5114- 79 43 262 - 2694- 61 6394 13 Wt 28)4 -48 6294 37 -63 8894- 115 -1414 8414 4 9J -714 17 48 - 140 73 -r 55)4- 33 100)4 . 60 1 8594- (4 81 '4 394 5514 94 1014- 'i 8)4 r 94 138 8 c?4 ' 7314 J-4 6494- 14 30 14 132 - )4 3)4 . 43)4 134 194 14 "4 94 14 94 14 l)i )4 114 '4 1 " 114 )4 1 'A 194 U. G. L SHARED HONORS WITH GENERAL ASPHALT SHARES Apprehension Regarding Safely of Dividend Rate Dispelled.' Asphalts Break Into A'cio High Ground j; United Gas Improvement shared first honors with the General Asphalt shares in tho eorly operations of tho local market. The reassuring statement issued yesterday reviewing the, company's po sition and affairs, not only dispelled the growing apprehension induced by the protracted liquidating pressure against the stock, but also encouraged liberal buying of the stock. The opening disclosed an unusually heavy accumulation of buying orders overnight. The difficulty in executing theso orders whs indicated in the wide bids in the initial trading. The first transaction was made nt CO, or 75 cents above last nlght'B final Rale. The urgent inquiry, however, quickly carried the quotation up to 5"?i, 11 net overnight gain of 5'J.CO, nnd which wns ?l."5 abovo the low price touched in tho early selling movement yesterday. As the preseut dividend rate of S per cent apparently is reasonably safe for nt least another year, the market position of tho stock consequently has been materially improved. 'It Is al together possible within the next twelve months, that many of the Handicaps with which the public utility concerns of the country hnve been wrestling will be to n great extent overcome. Those stockholders who have both tho tenacity to holt, their stock through the recent,, discouraging downward movement, will unquestionably lind ample reward forJ( their unbroken confidence In the ability , siurerlty nnd honesty of tho manage- ment. , The rnpid recovery naturallr invited some little prollt-taking by those who' had the temerity to buy the stock dur-ti log the recent slump. This caused a"J reaction of WIVs. but as these offerings,, were readily obsorbed the demand sooni outweighed the supply and the price? quickly rallied nbov ii" again. .i Tho General Asphalt shares showed; their old-time form. Both the common, and preferred were in vigorous demand nt the outset. The floating supply conv;! tlniiA.l aufnelntitrrltr manlrer. in vipw Of. ii the dizzy altitude which both iMUCiftf,. novo readied. 1 Here was inn usual re, suit urgent upblddlng. This elevated, tho common $1" to 100. while tho pre-"1 ferred soared .$2.-. to 2-10. Both nevrj high records. I'art of tho gain wbm lost in the late trading. I In tho other local shares trading was n.WtiAHt nnr.i-inl featurn nt interest. ' Lake Superior about held Its own at Sai. Philadelphia Electric Improved"; 14. Lehigh Navigation rose CO cents toCO. Crnmps advanced ?j to small dealings. 15 Ohm SILVER STILL SOARING 94 3 'A V 194 14 1 1 'A "4 74 1 40 94 43 33(4 353 88(4- 108)4-2094- 105)4 61 33 -3914- 100 - 136T4 34 80 J4 3H 2114- 1 101 8194 1(4 1004 A 120)4 214 53 - 1 10814 194 13 19 H 20 - 3 1494- Ji 90' 114 2214- 15 17)4- 54 13 b0 94 !. 74 - 107 94 x 333 31 25 - 14 63 -- 14 1G7 -r 6 9314- 1(4 14l'4- 3'2 128 - 2 4794 194 too - 1 13)4 330 33 52 (4 230 103'. - 56J4 6314- 42 17314 67 -r 96 S3 . 150 -.4)2 86(4- 14 207 I3J4 II .. . 11614 t- 34 30 - (4 107 f Ji 37 '4 114 4114 14 125(4 - 14 114 14 7G14 3 40 94 94 108 - H 113)4 81(4 1394 . 7894 so 994- 30 37 94 11J4-' 23 - White Metal Makes Further Gains In Today's Transactions New York, Oct. 20. Another new high iccord was established here toduy when commercial bar silver sold nt $1.2:114 an ounce, a gain of 1-Ttc over jesterday's quotation. The price in Loudon was C0id, an advance of 1 'd aud a top rricc fot that market. GERMANY CONTRACTS v SPECULATIVE FEVER Banks So Overwhelmed With Business That Stock .Ex change Takes Holiday )2 94 3)4 94 14 Conditions Mixed in Sugar Market Now York, Oct. 2D. With prices, amount and origin ot raw crop buying 6omcwhat uncertain, due to present market conditions, considerable inter est has centered around a largo order for Cuba raws to Canadian refiners re ported for October 20. The price, as previously quoted, still stauds'at 7',tc f. o. b. for March to June loading, but the amouut varies in today's estimates anj where from 50.000 to 70,000 tons as compared with some 10.000 totiB re norted ou this sale yesterday. Prices for this crop continue to advance by qunrter points for nil positions. All January shipments seem to be in 11 position to command 8 cents f. o. b., while first half of January shipments aio reported to have some quotations at S"i cents. No sales wero announced by the United States Sugar Equaliza tion Board. Prices for old raws are unchanged at f) cents less 2 per cent for ash for line grnuulated and raws at f.2So for Of! degree centrifugals. BUTTER, EGGS AND CHEESE New VorU. Oct. 20 ItUTTKll caslfr. lle cilpts, 0072 lulu. Illsh ncorlnsr, OOSKOI.c. extras. 6!i!U"Oo. firsls. rtinilS'ac; scconda, M. "!!: utato dairy. fl49c. ECIOH lrtctriil.il lloclpts. 13.303 ras's Prcsh gathered extras. 0."iifnHe. extra firsts. "ivWORci firsts. t.ojiiHc, sor-ondt. MiirOOc: dlrtlc-4. No. 1. r.O0.12c; No 2. .434rie, thck. No. 1, 42C?iri. undergrade, I3(ft:i3c. -efrleerator. No. 1. SlSKc: No. 2. 320 IfiC qperlal marked, 32' ff(T3c; atute nnd ne-by hennery whites, n2(?0.M:: gathered vhltes. 'I.VdOOe: western whites. 70?OOc: raclflc coast, tdififle: western and southern path, ered whites, 65S.V. stats and nearhy hen ery browns. 74 U 70c- mixed colors, 70Q' 72p fnl" 10 nrlm. OSiftOfr, CHECSt: Arm Ilee.Mpts, 1 170 boxes. lrlat, ruruni mike, colnreii merapro run. iAffZ31e: fl.t, current make, white, aer neo run, 31 ijiMSl'.c. colored specials, 32'i & i-Mle: wlilto specials. 32r32'ir Berlin. Oct. 20. flty A. T.) The, Berlin stock market was closed yes, teidav, and, by order of the committee will be closed every Tuesday lu the' fu-, ttire to allow the bauks'to catch up witli transactioof, which the present staffs of the banks ure unable to handle. The original proposal was to close the exchange Saturdays, but the vol uminous business which results from the activities on Mondays caused the se lection of Tuesday. The stock eichange was eitremely llvelv today as on all recent days, one of the favorite speculations being in Gorman exchange. 1 LONDON METAL MARKET New York. Oct. 20. Cable advices n relved at tho New Yorlt metal exchanrs this niorrtlns quoted prices In Tendon today sa fr'leai Tin Snot. 278 15s. a rain of JI; futures. 277 IBs. antl sir!'". "70 IBs. both up 1.1s. SInirapore. 287 10s, un changed, hales, spot, 70 tons; futures, 43 tons, and Hlngaporc none. Standard copper Spot, UOO. an advance of 17s d; futures. -1 tlno IS, a ffiln of 1. Kales Spot. BO, tons, futurrs, 330 tons. Elejtroljtlc copp-r Spot. 114. futures. 118. unchanged Iadsnot, 30 lOr. a ealn of ! M: fu-J tures. 30 i2s M a loss of 2s Od SpelterJ Spot, tit 10 off 10s, futures, 44 lis 6d. a J drop of 7s 6dj fc " 1 "Pennsy'8" Foreign Stockholders In the eleven months since the armi-J slice foreign stockholders of the Penn-, svlvnuh Itnilroad Co. have reduced their holdings by only $1!0,000, par value.. In the four years of the war to October 111. 1018, foreign stockholders sold $04.- J R."0,000 of Pennsylvania shares. With!, the armistice foreign liquidation of this;, stock has virtually ceased, sales since Ji October fil. 1018, being at the rate of oulv $1ft.fl3(S. par value, a month. On July fil. lM-S, foreign holdings jj of Pennsylvania were $74,-10Q.000; ou,i October "'1. 1018. they had been re duced to $0,fri0.000, and ou September r, SO, 101 I, the amount was $0,400,000. ,, V. ,?! e3!4 33 4 . 10814 80 .. 5714 - 1 MONEY-LENDING RATES I NEW tOMf Money on call, both mixed collateral and all industrial col FOREIGN EXCHANGE New York, Oct. 20. The foreign ox- rial coi- ,, . ,. ,,.. . , ,, , lateral, opened today' at U per cent for ""u "ltt";" ' morning inuicatea lending and renewing. '" 'ower market for sterling and hcavi- The 0 per cent opening figure for call ness 111 francs, the formpr heinir minted money today was. taken W time .money , at .,.15, . demall,i nnfi .1.1(51; for cables and the latter at S.00 for cables anr. 8.71 for checks. Nominal quoin-' 3'. circles to foreshadow higher rates this uftcrnoon. Accordingly, the tone of the fixed datn market wns very firm. From 7 U 7Vs per cent was tirgeutly bid, with little or no new money avail able. Tho character of the call loan market obviously narrowed down busluess in prime bank acceptances. The last men tioned were very quiet nt unchauged rates. ' Tho roal loan figures on this class of 1 business was unchanged at 4 per cent. 1 There is nothing new lo report in , the mercantile discount market. OrTer- 1 ines were onlv moderate. tne mini tions for ruble currency nre 4.80G2 1 1'.GO for ."OU's uud l.GOfjj.S." for 100V, Other quotations were: Lire cables 10.00, checks 10.02; Swiss cables 5.50, cheeks ,".01; guilder Cables 37 15-10, checks .'!" lfi-lO; pesetas cables lO.Jl'J, cheeks 10.27; Stockholm cables 21.05. cheeks 2:1.00; Christian!:! cables 22.S0, checks- 22.05; Copenhagen cnbles 21.50, checks 2i,u5; ilelgiun cables 8.." Philadelphia Stoclcs Low Closo Net ches. ... r .1.- t... ... n ,.!, .rtl ,. c r.. . ..!. n lOVl 9Q mum discount ngure lor inv urat " '"" n.oi , niuiao u..jnw.ug, tcrial is 5i'a per cent. Around midduy sterling improved ,.. ,I7T r- 11 ra'n-p. ,e I slightly, while francs aud lire reacted eeW 1-wr- of the moWnt-In cial paper, three to six months, n'A I the case of lire the low record. Demand 5i per cent, and six months," 0 perl sterling wns 4.1S9i and -l.lOVs for ca cent. ' Ibles; franc cables went to 8,71 nnd , , ., ' (hecks to 8.73, and lire cables to 1.0.03 LONDdN Money is quoted at -Ts i and checks to 10.05. rinx rvanf Dtcrintint miotic fib Oft Ull 13, Tn I Un ttftnvnnnn ilonllnrm TrftrvMi Ar. JVI WUVt ukuut " ... . ., M llii; 4.. .IV4UVUU 141.UIIII60 H.lll.ll .- 4'is per cent; three niontus pills, -i".s change became weaker and Ilnllun ex- 4 111. per cent. Reserve Banks' Discount Rates Official discount rates at the twelve Federal Kescrve banks wero os follows: (The first column gives rates "for all periods up to nnd including a fifteen day muturity, tho second for a 'period of sixteen to ninety days. The third and fourth columns give the rates for discounts of collateral loans secured by ffnrerntnenl lttMwl nr notes. 1 Com'! paper Gov't PaP'r lnmnn 1 to 00 10 days nsvs ftosdsn Oil 6a Cosden 4tCo Doxns ......fl01 104 Roston New York .. Philadelphia Ttlchmdnd . Cleveland Atlanta .... Chicago ..... Minneapolis Bt. luia 4 .. 4 .. 4 .. 41. .. 4l ., 'X .'. 414 4- 4; 4, 4'J 44 4 dsvs 1S5 74 15 days H 4 ...1 4 4 change wns heavy ut the previous, low n-coiu. .vinrbs snovveu sieaillncss at tne early figures reported. Sterling held fairly st.eudy. Late quotations were; Demand sterling 4.10, cables 4.10917 franc rabies S.78Vi, checks 8.81 j lire cables 10.04, checks 10.05 ; mark ca bles ii.30, cheeks 3.2S. BANK CLEARINGS ?.nli.cl'alne', t'y compared with cor responding day last two years! . 1011) mis 1017 ! .7S,ln,nftJ 477.455,030 J3n.331.J72 Boston (14,064,570 08.240.174 60.828 SSI i S7a.lOH.S14 Rfm.isn.7in Ms nn n: ..... hha -:.i'ii- --. -... i.uto.oos .o.iio.wa ,,,,,- 10 u 01 145 20 147 220 :2?i , 22i 05 i 17 H'VS 84',i 2514 2S9S 05 .its 5(1 401ft ia 01 1 145 J', 20 150 231 33 11 10 1 M. lulB CHICAGO BUTTER AND EGGS so??1.!10' J 20. DUTTElt necelptl, f?i.:b Flrm- ?". 050! firsts. S8 O'iie; sscoiids. ooesae. "v" Ru.9-Hcalota. 2408 caseai Firm. Plrsta. 1aami oino .. vn nun HOAUia Ius. 23 105 Am Strs. 10 20 do pref. 01 070 121 Stor.,1101 10S Giant 1 Com ... 20 10S0 Gen Asp. 100 751 do prcf.210 00 I C X A. 33 015 Lk S Cor 22 770 Leli Nov. 00 02 I.eh Vol. 17' i nOMiuehlll. 50 oi 781 I'ft It II. WW. 20 Ta Salt. 81 " 40PhlIa Co ' cum pf. 31L. 1050 Thil Elec 259J 5 V R T tc 28 CO Ph Tract 05 100 Top Mln. 23 355 Un Trnc. 38 4588 U OI.. 573! 200 tU S Stl. 109 10S91 1081)1 lOOWnrl&S S-1, S-li 8J. 30 1" Coal. 74 74 74 1 10 W Cra'p.215 215 215 5 tNet Changs made by comparison With last alo on New Wl; Slock Exchange. ' Stocks.' 12.J17 shares, compared with 13,. 3.1,680 shares. Pame period last week. U7.. SOS sharuJ jeeterday Thus far this weok. Sales In !WM.- Net J10O0 . Hlh Low CIojo thge. 2 Bald Loco ' 1st 6s ...lOO'.b 100'j lOOVj,. 2 Lib Bonds 4th 4Vis. 03.34 03.34 03.31 .02 1 Vic 4?ii.. 00.58 00.58 00.58.. 3 Phila ' Elcc. 1st its ... 04 04 04 i. 1 l'B &tV4s 073a 07Bi 07., C Stand Gas & IJ 0s.. 01 0t 01 .. 43 Un By luv 0s ,..... 75 74 75 2 Why Preferred Stocks Are So Popular Many corporations arc financing their requirements through Pre ferred Stock issues rather than by Bonds and Notes because in this way they decrease their taxation. Twelve Preferred Stocks yielding from 5.90 to 8 which com pare favorably with Bonds are described in a new circular which we will send on request. Bonbright & Company MORRIS WISTAR STROUD, Jr., Manager 437 Chestnut St. Philadelphia New York Boston Chicago Detroit 00 47 .. ."-0 lVs 38 vf, 501.1M 4 . . orl4i. LOGO, compared -with $43, At an open meeting of Philadelphia Wholesale Coal Trade Association, held in the Chamber of Commerce on October 24, 1919, it was unanimously resolved, that, Whereas; there is a serious condition in the Bituminous Coal Trade, due to the threat of the miners to cease work on No vember 1st, and Whereas; this condition has created an . urgent demand for coal on the part of the consumers, who are bidding up prices in an effort to accumulate a reserve supply. Therefore, Be tt Resolved: That the Philadelphia Wholesale Coal Trade Asso ciation use every effort to insure an equit able distribution of the available coal at reasonable prices, and pledge ourselves to limit our commission to the normal rate, and to refrain from speculative buying or any other action that will have a tendenpy to create a runaway market, also to urge our customers' to aid us in this effort. tf. "! i f Vh rlrT ' sr m wcp m y "r ..j,i.i, '. f.i- 01 Mtt- isssrs rrw. n,3 'v.. '?- TJ. ?, Tiwi uwdm oreu;& San FrMMlYf- 1V f -t'.i'1 H.BBI. ,, r., T . I 1 s f, r, ' -.--.- -se r m Ti Hw .T'5 i jl trr.-i J(Hi-WtsJfcv.-"r sjasss r -,- - r m n. a,iir2r. & k' . ' t 1 . o J- -J; i W.K, luXi 8?u mlA&iffrW'ffi' u ' Jt.,
Significant historical Pennsylvania newspapers