W'W
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"W
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W,
IS
EVENING PUBLIC LEDGEliPHILADELPlftA WESDAV.V NOVEMBER 1019
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Insure the
Element of
Safety to Your
Investments
rpHB preferred stocks of
large corporations of
established prestige 5n var
ious lines of business offer
attractive opportunities to
the cautious investor.
Many of these stocks
yield from GW'e to 8.
Write for Circular T-50
The stocks that we have
sold our clientele have
never defaulted in
dividend or interest.
NMJLTYf Company
Investment Bankers
Flanders Bulbing
walnut at ut1i street
PlULADSLFiat
FIRST STEP TAKEN TOWARD
CHECKING WAR INFLATION
Higher Discount Rale to Prevent Use of Loanable Funds for
Speculation Marled Effect Not Clear
The Foreign
Exchange Situation
offers American investors the op
portunity to make from 15 to
over 100 on the original invest
ment should exchange return to
normal.
British Government
5 Vntlnnal War J.oun
British Government
4 Victory Ilondl
Belgian Government
National Itestorutlon I.okii iif 1019
French Government
tt'e Victory l.onn
French Government
4 T.orii of ton
Italian Government
3 War Loan of 1018
Italian Government
S'c Three anil Flu Year
Trensury Notes
All of the above bonds are issued
in denominations which make it
possible for the small as well as
the large investor to take full ad
vantage of the remarkable situa
tion. For both patriotic and good
business reasons we recommend
investment in any one or all.
Send for our Ilooklet I.-50
A. B. Leach & Co., Inc.
115 South Fourth Street
Today bolng election day, a lrgnl hol
iday, all tlip nrlnelnnl stock rxrhnneps
and commodity markets with the ex
ception rc the Uhiengo Hoard of Trade
were closed. In the market world the
holiday M generally welcomed. The
tremendous volume of trading on the
dtoclt exchnnee iliiriue the Inst, month
virtually overwhelmed the Important
commission houses and the rlerlcnl forces
have been compelled to labor night and
day to catch tin with their work. The
suspension of business today, therefore,
will permit an opportunity of lighten
ing tne loan.
While the market community was
given a rest from the exciting game
of chasing quotations, the overnight
action of the Federal Iteserve Ifonrd
in raising the discount rates furnished
much food for thought. This is the
first stop ton aril bringing about a re
duction of banking credit created dur
ing the emergency period of war linanre.
The market effect is somewhat prob
lematical. In the interpretation of some
bankers it is a radical move toward
putting an effective check upon the ram
pant speculation prevailing throughout
the lengtn null breadth of t he land.
In the opinion f other hankers it is
simply a logical adjustment of the re
discount rates to bring these rates in
u more rntional alignment with the call
and time loan rates. Against a dis
count rate ranging from ! to T per cent,
according to the character of the paper
offered, call money has ranged nny
where from (1 to "0 per cent, with the
recent average around 8 per cent. It
is hardly probable that an advance of
half or 1 per cent in the maximum
i linage in the discount rate will have
any appreciable effect on the call money
market.
It is the call money market from
which the btoek market obtains its mo
tive power or fuel. As the rediscount
privileges of the Federal Ilescrve banks
apply exclusively to cnmniercial paper,
brokers' loans, accordingly, cut no ice
in the advance of the discount rate. The
only direct effect would be in the mat
ter of accommodations, which would
come from a curtailment of the member
banks' loajis with the Federal Iteserve
banks, through n reduction of their dis
counts on commercial paper. Or in n
few words, if the member banks adopted
tho policy of curtailing stock market
iiccomniodations. In order to broaden
commercial and industrial facilities, the
.stock market therefore would be de
prived of that much ground to work on.
As far as high money rates go, some
of the biggest and most exciting bull
movements on the stock exchange have
been enrried through successfully in the
face of dear money. At rates, too, far
morn prohibitive than those ruling with -
I in the last fortnight. As an official
of a prominent New York institution
remarked a few days ago, it is not a
rpiestion of rates with those responsible
I for the present market conditions, but
l simply n matter of accommodations.
They are willing to pay any rate u tliey
can only gel the funds they need.
Twenty per rent money is nothing to
them, when they make a turn of lfi' to
-0 points in a stock In a single day.
Looking a little deeper, however, into
the nctlon of the Federal Iteserve Hoard,
there Is to be found much significance.
It is nn earnest effort of the govern
ment officials not only to curtail spec
ulation In securities, but in real es
tate, commodities and, in fact, In most
everything into which the fever of in
flation has left its Imprints.
Tn the Federal Iteserve Hulletin for
November the board discusses hanking
conditions nt length, and declares that
the necessity for increasing tho redis
count rate is shown by tho constnnt
increases of re-discountlng by Ihe Fed
eral Iteserve banks and about 77o mem
ber banks. This has resulted, the
Bulletin says, In the reduction of the
reserve percentage to 47.1) per cent, on
October 31, the lowest point ever
reached,
"The disappearance of the treasury
from the long-term loan market and
the rapid reduction in its requirements
lor snort term aecommoilat loni." the
Hulletin continues, "foreshadows the
approach of the time when the financial
operations of tho government will cease
to be the important factor in shaping
Iteserve bank pollelci and rates. A re
view of all the conditions in the hanking
situation lias confirmed the board in the
view that in the application of its dis
count policy nn advance of rates should
no longer be deferred."
There has been a decrease in "war"
paper since June an, the Hulletin con
tinues; there also has been a continued
expansion of loans and investments of
member banks. On .Tunc 1!7, the Hulle
tin says, loans and investments of Fed
eral Hes'erve banks were $2,:i."i4. 1(17,000
and of 77." member banks $14.X"0,107,
0(H), while on October 21 the figures
were $2.7fit,7fi1.000 for Federal Ite
serve banks and SI.", 537.104,000 for
member bank-. The Hulletin contiu.
ues :
"The real character of the situation
depends upon the use that is being made
by member banks of the credit facilities
to be obtained at Federal Reserve batiks.
It is just here that the percent situ
ation must be regarded as unsatisfac
tory. The evidence which is currently
available seems to point to the fact that
member banks, under the influence of
strong privnte demand, are in not a
few cases greatly expanding their loans.
The reports Which come to the board
from the Federal Iteserve districts,
general results of which arc reviewed
in the summary of business conditions
for the current month, strongly sug
gest a marked advance in the growth of
speculative transactions. It must be
borne in mind thnt the growth of ac
tivity of this kind weakens the entire
banking situation.
The action of the New York Iteserve
Hank is expected to be followed by
similar action by the other eleven Ite
serve institutions.
Outside Stock Prices
(October 30. 1010.)
The followlnir table Known the lust re
corded sale prlcn ami dates of tranaactlonn
of bonk, Irunt company nnrt various local
alofka seldom, and In some canes never,
denlt'ln oi tho Philadelphia Stock Kxchnnuo.
Quotations complied by llarnes & Lofland:
Hanks
Date of
Last sate
American Dank 34',i
Hank of Commerce.. . .12.,
Hank of North Amer. .80.1
Itroad Street ........ nn
Centennial National . .875
Central National 115
Corn Kxchanfte Nat'l.ftsn'.a
Droxera & Merchants., flo
RlBhth National 4211
Klrnt National 210
Fourth tit. Nntlonal . .320U
Vox Chase ,...121
Kmnklln National :...,fn2U
Oermantoun 41T
fllrard National 402
Kensington National. , .US'
Manayiink National. . .330
Market Kt. Nntlonal ..1S7W
Middle City Hank nn
National Security 411!
.Ninth Natlo.ial 371
North Penn 123
Northern National . ..210
Northwestern National, 401",
niney llnnk n-,ij
Penn Nnllonal ....... !nn
Vhilidolphia National. t73
wuiKer .: national. .12.1
Second Natlonul ....31 711
Sixth National 207
SnuthlVArk National . 202
Southwestern National. 12,"i
Tenlh National 130
Textile National lllt'I
Third National 24. 1 J
Tradesmen National.. 230
Pnlnn National 210
West Philadelphia ... 43
May 20, mi;
Nov. 8, 11)10
Sept. 10, mill
Feb. 2(1, 101U
April 22, 1014
Nov, 14, 1017
Auk! 13, IBlli
Oct, 22, 10111
Dec. 24, llliS
July 28, llltll
Oct. 13. 11)10
Oct. ai, 1011
Feb. sn. 10111
.tuiv 2, mm
Sept. 17, 11119
Auir. 13, mm
Auir. 20, nun
.luno 4, mm
Sept. 24, 1IUR
July 31, mis
Auir. 13, mill
Mar. n, 1IH0
May 7, mm
fiec. 20, 1017
Jan. r, mm
auk. 20, mm
Oct. 22, mm
Sept. 24, lull)
Nov. 14, 1017
June 4. mm
June la, loll
July 2.1, mm
sept. 17, mm
Julv 31, 1013
July 0, mm
Dec. 24, 1019
Jan. n. mm
Mar 10. 1010
"" The Securities
: k You Own
$ Over 500 companies are
described in the Octo
. ber edition of our
? "White Book."
We will be glad to mail
K " you a copy if you are
desirous of securing
' ' the latest current sta-
.- tistics and financial
', records.
Upon request we will
' prepare a special report
j on any security you
y- may hold or contem-
R. f plate purchasing.
I 1 When writinc for the
W i "White Book" also ask
V j for our Monthly In-
'' ! i I stalment Plan Booklet.
; i I Both gratuitous.
t ' j I Afc for Booklet IS K
PPMIHIAM&(
nuejtment Stcuritiet.
;' i 43 Exchange Place New York
a 'L
ALLEGED SWINDLER TAKEN
Man Wanted In Fake $10,000 Stock
Deal Surrenders
Chicago, Nov. 4. John Henry
Strosnldcr, alleged leader of a band of
confidence men, recently implicated in
a $10,000 stock swindle and who had
his headquarters in Atlanta, Oa,, sur
rendered to Chicago city detectives yes
terday. Arthur Mitchell, a Chicago
broker, one of the victims, says he was
swindled out of ?10,000, the deftl being
arranged in Atlanta.
Strosnider's operations arc said tn
have netted him nearly half a million
dollars. He was recently paroled from
the .lolict, 111., penitentiary.
The Photo
Play World
OFFERS
20,000 Shares
Common Stock
Par Value $10 Per Share
Capitalization, $500,000 All
Common Stock Fully Paid
and Non-Assessable
CORN MARKET LACKS
AGGRESSIVE BUYING
Downward Swing in Prices
Based on Opinion That
Reaction Was Due
Trust Companies
Alrtlne Trust 1H0
llelmont Trut ...... a.-
Itrvn M, u-e Trust Ir
Ch'elten Trust 72
i emrai Trut & aav..ni
fnlonlal Trust 112
Columbia Ave. Trust. .20'i'i
Commercial Trut., . . . 203
Commonwealth Trust.. 233'i
t oniinemn!-i;quii Trust u.i
r.mplro Title ft Trust. 2H
Kxeelslor Trust iwi'4
1-Vderal Trust 12.
Fidelity Trust .inn
Fin Co of J'a 1st pref.104
Fin Co of J'a 2rt pref . .lot
Kranliford Trust 177
Franklin Trust ir.s1
(Jermantown Trust . . .217V,
OlraM Ave. T & T 7J1U
(llrard Trust son
Ruarantee Trust 123
Hartillnnlon Tltlo Tr.121
Hamilton Trust inn
nolmesliurp Trust ... 01H
Industrial Trust 1S0U
Integrity Trust 22.W
Jenklntown Trust Co..l.M".
Kenslnirton Trust .... no)
LriiiI Tille Trust. ..W
Liberty Title Trust. 103
f.ozan Trust 14a.
Manayunli Trust 04)4
Market Kt Title Tr.lnil
Merchants Union Tr.. fli
Media Title A Trust... "i
Mutual Trust 4S
Northern Trust 30"
North Phlla Trust IS.'.'i
Nnrthivesern Trust... 302
Pelhnm Trust 13n
rvnna Co for Ins. etc. (110
People's Trust 4.-
Phlla Co for CI MlES..14ni,
Philadelphia Trust. .. si'.
Provident Life Tr . .4"7'3
Ileal Tstate T I T..4H.1
lies I flstate Trust rnm. 3".
ueai h.siaie Trust pr. . a
itepumie 'l mat ....
lllttenhonse Trust . .
Tn eony K D T T . .
Tloca Trust
t'nlted See I, I ft T
Wnvno .Tunrtlnn . . .
West r.nd Trust . ...tnni.
West Phlla T & T. . 141
.lune
Jan.
Feb.
Hcpt.
Sept.
Oct.
July
on
A us.
Oil.
Ort
Oct
Sept
Sepl
Jan.
May
Oct
Julv
July
Juno
Dee.
July
ii"i;
.101
4. loin
17, 1H17
11, llltll
3, llllll
in. mm
22. inui
23, 1010
5. 11)11)
27. 11)10
IB, lllltl
i.i. inu
April 111, inin
.IU1V in. Ill) i
1... 111m
17. inin
17. tnni
23, 1II1R
21. inin
2, mis
no, min
in. inin
23, mm
is. mm
a. intT
June is, linn
Mav 21. mm
ivi. in. inm
June is, tnm
net m. mm
net 22, mm
Mav 13, mis
net. 22. mm
March 7. 11)17
Oct. s. mm
oet. s. inin
juiv n. mm
sept. in. mm
Auir. 13, inin
Auir. n, mm
June jr. inm
April n, mm
tune 2.1 mm
Sept. 24, mm
Juno is. inin
ivt. 22. mm
in. inin
1.-. mm
no. mm
21. mm
t. mm
a. mm
a. mi4
24. mm
23, mm
-. mm
s. mm
1. mm
Sent.
Oct.
Julv
Sept.
Feb
April
Sent.
Julv
Feb.
Oct.
Oct
T.Ife Insurance fnniimntrs
Olrard Life Ins R'$ Mar.
Philadelphia Life ... 10 Sept.
1'lre Insurance Conip.mles
23. mm
3. 10m
GOSSIP OF THE STREET
Alliance ,.. 22
Fire Association 320
independence 21 Ui
1ns Co of State, of Pa. sm.j
Lumbermen's loo
Mechanics' 7.1
People's National .... 17'
Reliance m
t'nlted Firemen's . . 12'i
Victory S.I
Sept.
I'assenirer KnllVv Slncl.s
Sept. 17, 11)11)
Oct. s. mm
June 2.1, 11)111
June 25. 1010
Sept. 11, mis
Nov. 13, mis
Oct. r. inm
Sept. in, mm
July 23. mm
10, 10111
. I I England faffim f
' t 1)11 Few people jl ifSlKSr 19
C llll manufactured SiOi05 1
I products in 05 II
capita, larger -Jo1
j I than in any other ection i
? If of thc country'
b I llll Preferrct "sues of New
Li i mi England industrial enterprises
I'''- 1 ' llll arc nvcJtmcnt3 f recognized B
fc merit. Q
Jill Ash for Our List IW.-351
J XlUUilWir JUlUft vjUt
''f. A till
:y. .5 JIM North American Bu,iri!nr- L
r I Boton rrovidcnro Sprlntrtfld
L f"1 It 1
THE rHOTO PLAT WORLD has
outgrown Its founder's hands. It
ha become - national maKatlnt and
Injth Its circulation and ndertlslnff
hnti shown an amazlriE" yet healthy
Krowth. Its Held Is us fertile hs tho
motion .picture Itnelf, which Is th
itmst populur of all amusements.
Increased opportunities enn onlv be
craeped by increased orffantzotlon
and facilities. The Vhoto Tlav World
nreds a new untl blg-trer home, It
tuTdH its oun prlntlnff plant, a
Inrjrer circulation itaff, a larger ad
vertising Ktaff and a more compre
hensive organization to earn for the
finanr.nl returns only waiting to bo
(,-riisped
The Photo riay World Is and has
been on a paying basts, showing a
reasonable, profit on Investment from
circulation alone Hut expansion
alls for increased capital. So this
stot'k is offered the public as an ln
estment not a speculation.
Make all checks ptijnble to
The Dawns Publishing Co.
Printers: Binders: Publishers
Hulletin Itulldlnc Philadelphia
Mrlllt Nntlrcw
ti2T
pBERTY BONDS
BOUGHT and SOLD
AnT Denominations
Samuel K. Phillips & Co.
Itanbor Millidelubla Stock Kxchuiz
Hecker & Co.
v Bankers and Brokers
,Watwr et PblUdelpnU and Ntw Tor
Stock Kxcbansea
TfAlt- COB. T1I AXP CHESTNUT HTH.
' ''ixwxtnce t. crown & to.
rrUTIFlED PUBLIC ACCOUNTANTS
UU SKAT. KSTATK THtlST 1II.DO.
nail hmjhi I'ui.uvrvuitr biw
; awonnu. lfo prpan v, n.
omrii or tiik iioakii of iti
VISION OK TAXKS
llnom 180. Cltv Hull
Milladellihla. November n, min.
Appealii from tlio adflesBmentM of Itral K
Uts In the neveral wariln for 10-U, and
applications for th correction of estlmHtri
anseaFmenta for taxablft pergonal property
for tho Rime ear. will be henrd by the
Hoard of Hevlslon of Taxes at their office
Hoom 1M, west side of City Hall, llroad and
Market nts., on the following days, between
s a. m. and 3 p. m. :
November 5. Wednesday 1st, -d, 3d and
(tli W'ardn.
November n. Thurday 3th. IJth. Uth. 12lh.
13th. ttth. ldth, 17tn and zntn wards.
November 7, Friday 18th, llllh and 31t
Varda.
November 1". Monday 25th, 33d and 43th
November" 11, Tuesday -'1st and 2Cd Wards.
November is, Wednesday 13th, i'Oth, 3'Jd
and 47th Wards.
November 18, Thursday 28th, 37th and
38th Wards.
November 14, Friday 42d snd 43d Wards
November 17, Monday 211th, 30th and 36th
November' 18, Tueaday 23d, 3Slh and 41it
Wards.
November 10. Wednesday 24th, 34th and
44th Wards.
November 2i. Thursday 27th, 40th and
40th Wards.
November 21. Friday 39th and 48th Wards.
November !I4, Monday 7th, 8th, Dth and
1ntl, WarrlM.
Unless such an appeal shall be fUvl on or
before December loth, IBiu. no cr-Jie win
be made la the assessment for 102V.
Br order of ths Hoard. L
JOHN N, HAlNE8,YfcMe Cleric.
Chicago, Nov. 4. Corn swung down
ward in price today as n result oC con
oral selling based on opinions that n re
action was due, after an advance o 10
cents within forty-right hours. Lack
of aggressive huying was n feature. No
real support for prices developed until
nfter the market underwent a decided
setback.
Opening quotations which ranged
from i.2c t VjC lower, with December
!51..,t.Vi1 to ?.:!7Vt nnd Jlay $1.20 to
ifl.mK'i, were followed by n slight fur
ther decline in some cases.
Oaks weakened with corn. After
opening isc off to u like advance, in
cluding December at 7I!!i!(C to "IHdc, the
marked sagged nil around.
Lower prices on hogs nnd grain car
ried provisions down grade." Meats were
relatively more affected than lard.
LIVESTOCK QUOTATIONS
IhlcaKO, Nov. 4. HOGS Itecelpts, 41,000
head slow, lower Hulk J14. 2.101.1; heavy,
S14.ri0SM4.D0; medium. 4.40l,v Unlit,
J14.r.015; light llehts, J13.73iiJH4.iin; heavy
packihlf sows, smooth. J13.S314.40; pacn
lnc sows, roush, J13.50ifl3.73- Bigs, S13.00
14. 23.
C'ATTIiE Receipts, 18,000 head. Steady.
Ileef steers m'dlurr and heavy, choice and
primp, J17.25 10.75; medium and ood,
J1O.5O017.& common. JS.23 10.30; light,
good and choice, JI3. 85 10.50; common and
medium. J7.25(8'1.1.7S; butcher cattle, heif
ers. J0.35SJ14; cows, JU.2512.7B: cannera
and cutters, $5,2.100.25: veal calves, J17.2.1
ff 18.2.1; feeder ateera. Jfl.73BH2.7B. atocker
iteers, J(l10, western rango steers, J7.50
13.25: cowb and heifers. J12.B0,
WIKKP Hecelpta, .10,1100 head. Flcm.
I.ambs, J12ll.s,1; culls and romtjion, J8.B0
C?11.7B- ewes, medium, good and tholce,
JO.7508: culls and common, j:t0.50: brecd
ine J0.75O12 50.
I'lttshlireh. Nov. 4. 1IOC1S Uccelptn.
1700 head. Market higher. Henvlea, J1.1
1.1.25; liavv ynrkers, JlnWH! 2.1; light
ycrkers. t1.1W15.50: piss. J14.3(l1.1.
BHREP AND I.AMHS Receipts. (100 head.
Market slead. Top sheep, J10, top lamba,
CAI.VKS Receipts, 100 head. Market
steady. Top. J10.
Kast ItufTnln. N. Y.. Nov. I. CATTLE -Receipts.
1400 head. Hlow. Calves, receipts,
ISO hend. Steady. J5in.
HOOS Receipts, 24011 head. Pigo tt
higher; others ,10n higher. Heavy, mixed,
ycrkers. light yorltcrs and pigs, till; few,
Jifl.lO: one deck, J10.25; rogha, 1313.50:
stigo t'lTMl.50.
RIIKKP AND UMHB- Receipts. 1000
head .steady: Jnchanged.t
liist M. Louis, Nov. 4 Receipts. 10,000
head Lower. Hulk. J14.(10lfi 14.115; mi
nium. l4.nol,i. il3ht. Jl 1.4D014.O.1: light
lights. tl4W14.50: hen-y packing sows,
smooth. J12.2.112.71: packing sows, romih,
Jll 2.1W12.2.1- Pigs. J13lfrl4.25.
CATTI.U Receipts. 7.10O head. Strong
Ief steers, medium und heavy, choice and
prime. 110.75 1H..10, medium and good.
IIII.73OKI.n0-. common, H.3010.75: light,
good and choice, tl4l(l2.1; common and
iredlum, elis'it- butener cattle, heirers. t7
flld; cows. td.Bllff 11.50; cannera nnd cut
ters J.I. 2.1 ft II. 50. veil calves, light and
l.ar.dy welsht. 114 50W1S.50; feeder steers,
Jlt.Slliff 11.50: stneker btfers, JP ,10910,
HHKKP Recelpta. 5500 hend. Lower,
l.umbs. J12..1015; culls nnd common, t'l
12: jearllns wether tin 12: ewes, medium
and choice, ta.ouir j..'iu- cms and common,
Camden it Suburban ,. 20i
Citizens' (10th it 11th).225'i
Continental no
F'm't Pk & Haddington 4.1
Frankfonl & Southw'k.2S3
nermanfn (4th & 8th). "i.i
Hestnnvltls M F 82VJ
Heatonvlllo M I' Pf . . . .11
flreen & Coate Sts... 00
Philadelphia City ....117
Philadelphia ft, Darby.. 301;,
Phlla & Grays Ferry.. 171
Rldgt Ave 200U
Second ft Third Sts ?ni
Thirteenth ft 1.1th Bts. 1 fl4
Union Passenger 150
West Philadelphia ....10.114
Itallroads
Camden ft Purl'ton Co. 2SU
CataNlNiia 1st pref.... 42
LamwBsa "i prer.... i-'i
Chestnut Hill 03
unaware -iMi
Del ft Round llrook,..18fl
Kant Jtahanoy SOU
Kast Pennvivanla ... 50-
Klmlra ft Williams ... 40
Rlmlra Willlnmi pf. 70 U
Hunting ft 11 Top com. (I
Hunting ft 11 Top pf... 101.4
i.enign voiiov prer ..l-'o
Little Schuvlklll 42
T.ken Vallev 14
Mlnehlll ft Sch Haven. 51
N'orth Pennsylvania . . 70
rnua ft Trenton ....mini
Phll.i fitn ft Norrl. ..11.1
Cnited fnq of N' J. ,.201
Western N T ft Pa.. .. 21
Miscellaneous
Amer Pine ft Con Co., 10V4
Hergner Engrl Drew. ,
IVrgner ft Knrel It pf. 25U
Do Long I look ft Eye. 22
Enterprise Mfjr Co.... 50V4
Keystone Watch Case, 70
Merchants' Warehouse, R"
Mulford H K Co 50
Northern Liberties Gas 82
Penn Trarrio 2'4
Penn Coal stornge ,.,13
Penna Warehousing ,.100
Phlla Rourse , 0
Phlla Rourse pref,..,,
Phlla Warehouse 112
Phlla Whs ft O S HI
Smith. Kline ft French. 0.1
Stetson, .T R 337
'tetson. J n pref ir.0
Westmoreland Coal ., 74
Mar.
Juno
June
Oct.
Sept.
Oct.
July
July
Oct.
July
Dec.
Mny
Nov.
.Tul-
AUB.
Dec.
April
July
Aug.
July
Jan.
Mar.
Juno
Aug.
Aug.
May
June
Feb.
Sept.
May
Oct.
July
Oct.
Aug.
Oct.
Oct.
Oct
Aug.
20, mm
1R, 10111
2.1. mm
3o. mm
3. 1010
1. 1010
s, mis
3o, mm
22. mm
io. mm
is. mis
14. mm
27, mis
so, mm
o. 1018
2. mis
2n. mm
31. 1018
20, mm
2:1. mm
12. 1010
.i. min
20. 1017
so. mis
20. mm
28. mm
n. mi7
4. mm
a. mm
17, 1010
22. mm
17. mm
1.1. mm
2.1. mm
is. mm
11. 1010
i.i. mm
2. 1917
Oct.
Oct.
Aug.
Feb.
May
April
July
Oct.
July
Juno
Mar.
Dec.
Oct.
Aug.
June
Sept.
April
Oct.
Oct
Oct.
NO LAGGING OF INTEREST
IN SECURITIES MARKET
Coal Strike Not Regarded Seriously and Predictions of Early
Settlement Arc Heard on Every Side
TIIKKK was thc usunl prc-hollday feeling in the financial district yes
terday, but with this difference, that brokers' offices continued to be
crowded up to the close. This wns said to bo on nccount of the wonderful
strength mid breadth of the stock mnrkct. There was llttlo evidence of
profit-taking.
Some brokers said that big steel men in the I'ittsburgh district were
biding heavily In thc equipment stocks. It was also said that there
is n very strong pool in Midvnle Steel, with a possibility of a continued
rise. As for Crucible Steel, no one seemed wljllng to predict how high It
will go. Conservative bouses arc again urging caution, saying that a re
cession in many of the stocks is imminent.
While no one in tho street would attempt n prediction as to the effect
of the coal strike on the opening tomorrow, there seemed to be a feeling that
a settlement is not far nway. However, as one broker remarked it ii
always the unexpected thnt happens nnd it is the best policy to be prepared
for thc worst. This broker snid he bad been advising bis speculative clients
to leave the market alone for a while nnd turn their attention to investment
securities, of which there arc many nt most attractive prices in the market
today.
Another broker said he believed that equipment stocks nrc the most
satisfactory "buy" in the market today. Railroad officials and officers of
equipment manufacturing concerns arc agreed that next yenr will see a
substantial demand for equipments, whether the roads arc returned by
the government or not.
Of course, he snid, if the government returns the roads at the end
of thc year thc buying of equipments will be heavier. Everything in the
way of rails, locomotives, air-brakes and freight enrs are badly needed,
he remarked, nnd such being Hie case naturally the stocks of these companies
will be attractive.
British Bonds Oversubscribed
It was stated yesterday that the. whole issue oC $U."0,)00,000 bonds of
the United Kingdom of Orent Dritain and Ireland had been oversubscribed.
Jinny financiers expressed their opinions on the report, almost in
variably saying they should have been oversubscribed long ago. One
of them said lie was-nfraid that in ninny instances, investors were solicited
on the basis that it was n duty they owed to our principal ally in the war,
instead of the much -stronger argument which shows on their face that
from it purely business standpoint they are a good purchase. No bond
house or bond salesmnn ever henrd thc bonds of the Pennsylvania llallrond
questioned from the standpoint of safety, he said, because thc Pennsylvania
Itnllroiid for over sixty years hns met every obligation on time. As a nation,
(Jreat llrltaiu hns never repudiated n debt, and its history goes back
for a good many sixty-yenr periods.
This gentleman continued to point out how, from now on, this country
will be called on, nnd properly, too, to subscribefor the bonds of some of
the other nllied countries. lie was pleased, he said, to find that a syndicate
of bankers and banking interests is being formed to take, up thc flotation of
these bonds in a business-like way. Kuropcau countries cannot nt once pay
ens-h for commodities, especially the raw materials needed to start their
industries going, and thi'y cannot pay their debts, no matter how much
they might want to, he said, till they turn these raw materials into salable
products.
AVc can only realize the condition in which European countries nrc
placed If in our minds we reverse the conditions nnd npply them to ourselves.
Supposing, he remnrked, it had been the United States that wns devastated
and impoverished, how could we possibly start up again without help from
the outside. Wo can find money enough, he remarked, to carry on specula
tion iu Mocks. Can we not find enough to help Europe?
Fechaii's Speech Finds Favor With Financiers
"I wonder how mauy Eeehnn's there arc all over the United States?"
said a banker who had just rend the short speech, every line bristling, us
this banker said with true Americanism, and delivered by Mr. Feehan
before the State Federation of Labor in Pittsburgh nn Sunday. It would
take the man who wrote the "Message to (inrcia," lie said, to do justice to
Mr. Feehan. It took tho stuff that heroes are made of to stand up before
such a convention of labor leaders, showing the temper they are in, and
intoxicated with a temporary eucccss and express one's self as Mr. Fcehnn
did, he remnrked.
This speech of Mr, Fcehan's should he printed in every language spoken
by miners in the United States nnd scattered broadcast, he said. And
then, he continued, every one, whether striker or not, must admire the manli
ness of the man, absolving his union from any responsibility for his remarks,
and personally assuming nil responsibility.
Here's what Mr. Feehan snid :
"I am opposed to the adoption of this resolution and wish to be so re
corded," said Mr. Feehan. "I protest against this convention taking action
against the United States Government. This resolution is n violation of the
federal court injunction against the coal strike nnd this body to violation of
the restraining order issued ngninst the strike. As a member of the United
Mine Workers, I have made many sacrifices in its behalf, as a coal miner
and as nn official, but I am opposed to the policy of the present officials of
the United Mine Workers of America and their defiance of the government.
As between the United Mine Workers and thc government, I stand with
the government." .,
This banker is not the only one in tho financial district who spoke in
favor of Mr. Feehan, and the wish was generally expressed that some of the
"higher up" labor leaders had the good judgment combined with the courage
of Sir. Feehan.
PIGEON-HOLED TANK PLANS
Australian Falls to Get Reward Be
cause of Official Laxity
Ijondon, Nov. 4. Corporal Uemole,
an Australian, submitted pinna for a
"tank" In 1012, which were essentially
similar to those used In the construction
of tanks nnd even better. This ndmls
slon was made yesterday by the crown
counsel nt a resumption of thc sitting
of the royal commission on awards
dealing with claims of eleven men seek
ing thc honor nnd bounties attached to
thc Invention of this instrument of war.
Corporal Demote, who testified today,
was Informed by thc ehnlrmnn of the
commission that his documents unfor
tunately were pigeonholed in the war
office nnd thnt the commission could
not recommend an award to him, al
though thc claimant deserved the great
est credit.
Phllomuslan Club Meets Today
The Phllomuslan Club will receive the
report of delegates to the Pennsylvania
State Federation convention nt its
regular monthly meeting this afternoon.
In the receiving line with Mrs. Walter
0. Hancock will be Mrs. A. Q. Cassel
berry, Mrs. Edwin H.' Cornell, Mrs. A.
E. Lehman. Mrs. Andrew ,T. Loeeher.
Sirs. Louis M. Sllancc, and Mrs. Wil
liam .1. ntecn. Ten will be served by
Mrs. Wesley P. Ilniley nnd Mrs. Wal
ter P. Sharp.
Court Upholds Union Meeting Ban
Pittsburgh, Nov. 4. Mnyor M. Vi,
Uabcoek and other I'ittsburgh city1 offl
fials were within their constitutional
rights in leftistng to permit a meeting
of a. lodge of the Amalgamated Asso
elation of Iron, Steel nnd Tin Workers
in the steel strike zone, nccordlng to n
decision handed down hero in Common
Pleas Court by Judge John D, Shafcr
nnd Judge Thomns J. Ford.
Stock Brokers
Young man, 3S, well known In Meek
nrokenigfi i-lrrlea, Mould like position
ii Mnnimer vtltli reputable Stock K
rhange Home, t'nn command rood
clientele,
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FINANCIAL BRIEFS
22. 1010
22. mm
18. 1010
10. 1010
14. mm
2. mm
23, mm
i.i. mm
23. mm
4, 1010
in. mm
12. mm
1, mm
2o. mm
ia. mm
24. mm
n. mm
22. mm
i.i, mm
22, 1(110
ORPHANS CLUB RABBITS
Annual Event of Chambersburg
Youngsters Nets 31, Meal for School
Cliaiiibershurg, Ph.. Nov. -1. At the
annual rabbit hunt of the Soldiers' Or
phans' Industrial School at Scotland
yesterday the boys killed thirty-one
rabbits, sufficient to make n meal for the
entire school.
No firearms are used in this hunt.
The boys form n cordon around a lnrge.
field of t(ie school nnd. contracting the
circle, trap the rabbits in the center and
kill them with clubs. The smallest boy
in the school killed the first bunnie.
Bubonic Plague in New Orleans
New Orleans, Nov. 4. Four cases of
Iniliniile nlairue. two of which resulted
In deaths, were reported l.ibt week in
New Orleans, according to announce
ment by Dr. Osrar Howling, presi
dent of the Louisiana Board of Health.
All thc principnl stock exchnuges were
elosed today on nccount qf the legal
holiday election day.
The election of Governor Coolidge of
Massachusetts seemed to bo about thc
only contest in which Wall street was
interested.
Some figure that the next big bull
card will be thc ratification of the peace
treaty,
Owens Ilottle Co, report for nine
months ended on September ."0 shows
net profits, after charges and federal
taxes, of $2,-l22;7SS.
The corporate income account of the
Toledo. St. Louis nnd Western Hallroad
Co. shows n deficit nfter charsei
for the year ended December 31, 101S,
of $40. -I."!. After charging out lap-over
items amounting to net debit balance
of n.'lT.lil'J for revenues and expenses
for the period prior to January 1, 11)18,
total deficit was .?..S7,0(i(l. which com
pares with .$100,1)01, or .$1.10 a share
earned on the preferred stock in 1017.
American Type Founders Co. reports
for the j ear ended on August SI show
net profits of .$51S,S3S. against .$440,
271 in the previous year.
Anaconda Copper Co. reports its Oc
tober production at 15,000,000 pounds,
against 2:t,4.-i0.000 in October, 1I11S,
a decrease of S,4r0,000 pounds.
The election of II. E. lirjun, federal
manager of the Chicago. Milwaukee and
St. Paul Itallrond, to the presidency of
the road wiih announced today. He will
be succeeded as federal manager of the
road by 11. It. Oecr, assistant to Hale
Jlnldeu, director of the central western
region of the federal railroad admin
istration.
KNOCK EYEGLASS TAX
Optometrists Want Penrose, to Help
Remove "Luxury" Burden
Senator Penrose, it was stated to
day, will take up the question of the
removal of the "luxury tax" on eye
glasses with the finance committee of
the Senate. j
His attention was called to the tax
on eyeglnsses by John J. McNnlly, sec
retary of the Pennsylvania College of
Optometrists. The tax is attacked ns
unjust because it makes the more seri
ous sufferers from falling sight bear u
heavier burden than those whose af
fliction is lighter.
igaa
jicps.
LABOR VICTORY COMPLETE
British Elections Show Great Gains
by Party of Workers
tandon, Nov. 1. tlty A. P.) -Further
reports on the results of the
municipal elections held throughout the
country Saturday emphasize the com
pleteness of the labor victory. In thc
Poplar district of London the labor
party raptured thirty-nine seats out. of
forty-two, Nine lnbor cundidatcs were
elected iu Chelsea. Even in fashion
able Kensington six laboritcs wero re
turned, The Times says the chief lesson to
be learned from the election Is the
proved existence of nn "election-winning
labor machine" nil over the
country.
"The people now have other ambi
tions than merely paying local taxes,"
is the comment of the, Daily News,
prgan pf former Premier As'qulth.
Builders, Save $500 on
Every House You Erect
by Initulllnir the rltkU Puwnee I'lpelrM
Kurnnre lunteml of u coitly liut-nulrr or
Mcum-lientlnc ytein. . No expeimlie pip,,
nr Alien It lientu the whole home comfort
ably from one reslnter. fn blsr labor bllla
It can be t UP o,ulcUly In any cellar. Hae
fuel and repair bills. IVrlte for booklet.
WrtifV,.
Immediate Deliveries
Jtjl
uCo.
rZJECKlJlZOS.
DISPLAY ROOMS
44 to 50 N. 5th St. 506 Arch St.
139-141 Federal SU Camden, N. J.
sS"--
yw
PENN
NATIONAL BANK
180th Oct. 28th, 1919
DIVIDEND
The Directors have this
day declared a semi-annual
dividend of eight per cent
(8), payable Nov. 4th, 1919
and have added Two Hun
dred Thousand Dollars to
the Surplus Fund,
Capital Stock $1,000,000
Surplus Fund 2,200,000
Undivided Profits
and Reserves 250,000
Resources $18,000,000
Market nt 7th
Rubber
Stocks?
How does the price of raw rubber af
fect tire stocks? Will the next swing
on Rubbers" be up or down?
Speculative Bulletin of October Mth
carries a messsReof vital importance
to every one Interested In Rubbers".
A few copies are available for distrlbu-
tion to Interested investors, gratis.
Report on Request
Write on your letterhead for cony of
this Special hulletin and booklet, "C.
ling the Moit from YourMonty" giv
ing full details of the system being em
ployed with remarkablesuccessbyover
f 000 of the country's ablest investors.
Ath for Bulletin 34-0
Itabson's Statistical Organisation
WslUslay Hills, Mas.
Lirzat OrsenUathn ef Its Character
in ihe Worti
U. S. Liberty Bonds
' All Issues
Bought and Sold
$50 $100 $500 $1000
Graham, Parsons 3cCo.
35 CHESTNUT STREET
Philadelphia
$500,000
Traylor Engineering
and Manufacturing Company
(Incorporated under the Laws, of Delaware)
Eight Per Cent. Cumulative Preferred Stock
Par Value $100 per share
Dividends payable quarterly, January, April, July and October 1st
Redeemable at the option of the Company in whole or part (but not
less than $62,500 par value) on any dividend date
at 10TA and accrued dividend
EARNINGS': Net profits (after all depreciation) applicable to Fed
eral taxes, dividends and surplus are nearly fifteen times the
maximum annual dividend requirements on this issue.
Price, 98J4 and accrued dividend, yielding about 8.12
Write for Circular
Nme3y Company
Investment Bankers
Flanders BurunNO
VZXLNTJT AT 15 1H STREET
PfsTfAlTrflffHlA.
5 y2
GanadianVictoryLoanorl919
Nov.
Npv.
0 Year Bonds due
10 i ear Joonds due
1
1924
1, 1934
These bonds are being offered in Canada at par.
Due to exchange conditions they can be purchased
by American investors at a substantial discount.
No accrued interest will be charged on payments
made before November 15. We recommend the
bonds for investment.
Write for Circular No. D-iS
Chandler & Company
(NC0RP0RATI9
Franklin National Bank Bldg., Philadelphia
New York Boston
jiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiniiiiiiiiiiiiiL'j
Make sure of
your income
. Have the satisfaction of knowing that your money is
safely and wisely invested that a definite amount of
money is sure to come to you at certain stated intervals.
Let us give you the benefit of our long experience. Let
us select for you Bonds and Preferred Stocks that will
nerfeetlv fill vour individual reauiremenls.
EST & GO.
1417 CHESTNUT STREET
Mrmbfrs
Nw York Hlock Kxchance
I'lilliidrlpliln Hlock Kxclinnte
We Always Have on Hand a List of Hlfh Grade Donds
Correspondence Invited
lMllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllfl
bRIfTLEiTGIRL GETS $159901
f AwlrA BinijM (a OiAHo onild In
land Br ru izl hi.
' A- (Wdlct'ol I1J.000 ,r .,
IIS Thtlma Ctiwr. n. , cmiii,
Vss, rtturnta. titlml lb. rid.im
ittuii company todty,
Toe awsfS wts ralrfur rlrll
JKIor. Jud. rinUHef m cammn
IFImi Court, No. X mUUke la Ihs
ortt ilwlrf ti.trfMlLt.,i a mw trul.
Toa slrlfM'tlnMnd Ut . kit,
rktn she fhtTp4a Into, m uscattrid
iwaur Mt a peranum en Uarkal
t, own4Tiy an tiuh et which the
Truat Conieany te ezacutor.
liar lalurlaa raaultd In hi 4tua
land eoV WW ke. a crliela (or lift.
We Insure Agairtst
This Hazard
The cost of a policy runs from
$3.30 a year up, according to
the size of the building.
i
Harris J. Latta
Pennsylvania Building Philulclnlu
Bate Ssa ,lxust ' '
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