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EVENING PUBLIC IEDGER-PHILABELFHIA, WEDNESDAY,
NOVEMBER 19, 1919
ft.
1,1
u
fliVEWS OF FINANCIAL WORLDNEW YORK AND PHILADELPHIA STOCK QUOTATIONS-
STOCKS BREAK VIOLENTLY
3 Great French Cities
Offer You Thdr Bonds
The 15-year 6 Gold Bonds
of Lyons, Marseilles and Bor
deaux are Issued unaer (ha
control nnd supervision of tiio
French National Oovernment.
Alt three cities ire Important'
erowlntf centers of Industry,
commerco and population. Bonds
Issued In denominations of
$1000, J300 and J100 at
02 hi anil Accrued Intereat
To Yield About 6.80
7ircjlqr on request for PC'SH
MatioRalGty
Company
Cerrwaofttl OSicti M Owe tt
Cttlt)
rhJI.d.lphU M21 Ch.itnut St.
Atlantic tf-llyCbtilfonlo Week
la uoaruwaia
S
Passaic County, New Jersey
5 Road and Bridge
Improvement Bonds
Dated October 1, 1919.
Annual maturities from
October 1, 1920 to 1937.
Net debt about 23 of
1 of the assessed val
uation. Bonds arc ex
empt from Federal In
come Tax and free from
Municipal, County and
State Taxes in New
Jersey. Population of
the County-is estimated
at 250,000.
Prices to yield 4.50
Hemphill, Noycs & Co.
Members New York Stock Exchange
Franklin Bk. Bidg., Philadelphia
Wev ork
teoiloa
Standard Gas
and
Electric Company
Tio Convertible Sinking Fund
Secured Notes
Convertible at option of
holder Into either pre
ferred or common stock
Interest payablo seml-an-nually.
Dated Nov. 10,
10J9. Duo NoV. 10. 1021
Further particulars re
garding Collateral Secur
ity and Net Earnings on
request
Price 99 and Jnternt- to ,
Yield 754 ' -
Investment Securities
Real Estate Tru.t Bide-Philadelphia
UNDER HE A VY LIQUID A TION
ExJcnsivc Covering by Shorts and Easing in Call Money Rate
Brought Closing Rally
NEWYORK STOCK EXCHANGE TRANSACTIONS
New York, Jsov. 1U. Successive
waves of heavy liquidation kept today's
stock market lu an extremely nervous
condition ns each flood of selling tar
ried prices to still lower levels. The
character of thn selliog, while not ur
gent, suggested that many of lie pools
and cliques which had stood behind
many of the industrial issues through
out the recent sweeping reactions had
found it imperative to lei go anil throw
overboard u considerable part of these
holding.
The reactionary movement, while not
as violent ns some of the preceding
shakedown, was. howevr, of much mori
sweeping Character. It extended to nil
quarters of the list, indicating little
discrimination iu the liquidation oa the
one hand, and on the other hand sug
gested enforced selling of the more
seasoned Issues iu order to protect the
less marketable stocks.
In many respects the urgent-j of the
liquidation in many quarters of the in
dustrial division had all tbe promi
nent fingerprints of a rlranie calling
or scaling down of loans by the banking
interests. This was, ut least, strongly
in evidence In a number of the in
dustrial specialties which only recently
were being sent skyward under reck
less pool manipulation
In other words, it was apparent thut
t-imliar action on the part of the loan
ing institutions hud beon taken toward
n number of these issurs such as wus
instituted in the cae of Crucible Steel
yesterday. The decline of 111 points
and over in these pnrticular shares
would hardly have oei-urred unless Bomo
similar radical steps had been taken.
Vhilo a co aggressive Gelling for the
short account contributed to give ad
ditional momentum to the downward
movement, it was evident thut genuine
liquidation Was binc effected In the en
tire; industrial division, which later
spread to the railroads and other be.i
soned stocks.
There were multipljing events and
developments which could separately or
in concrete form be held responsible for
the. breckdown of the market, structure.
The more important of thes.e disturb
ing influences was the further collapse
of exchange on London . reports that
the Federal Reserve lizard sittiug at
Washington may rceoimui nd uddltional
unsettled market was to w found in the
money market conditions. The main
tenance of 12 per cent call loan rate
offered little encouragement of any es
sential Improvement in this direction.
Ah a matter of fact the conduct of
the market as the day progrcb&ed plain
ly reflected drastic measures were be
ing applied in order to re-establish the
equilibrium of the credit situation.
Two of the more notable weak periods
were, at the opening and around mid
day. The ruoro severe siuking spell
occurred at the latter period, when, for
u time, it looked us if the bottom of
the whole market had fullen out.
liquidation of the high-priced spe
cialties was promptly resumed at the
opening. Further losses of 2 to 10
points were sustained by the issues
wliieh led lust week's violent slump.
Crucible Steel, jesterday's sensatinuiil
weak feature, was again irccly offered
at an 8 point decline and General .Mo
tors forfeited 10 points. Other con
spicuously weak issues in luded Mexi
can Petroleum, Pan-Amencau Petro
leum. Studebaker. Chandler Motors,
Baldwin, (Jeneral Leather and several
of the more prominent shipping shurm
The renewed selling ut the outset was
again attributed in large part to heavy
liquidation from interior points, muiii
of the selling coming from commission
hout-es with western connii'tions.
Moderate rullies of brief duration fol
lowed, but renewed selling pressure and
feeble buying power t-oon forced the
eutire list riowuwurd. The liquidation
became more urgent as the decline pro
grossed by reason of the uncovering of
a multitude of "stop-loss" orders and
a Hood of "fcll-at-markct" orders.
The semih.vstcncdl character of the
selling movement uround the midday
session was uttcstcd in breaks of 2
points and over in such usually stable
issues us Heading, L'niou Pacific and
Southern Pacific, the latter being car
ried under par. The slump in more
speculative shares, of tours', was more
violent and extensive.
Still lower prices attended the fur
ther outpouring in early afternoon,
losses iu stock ncently favored by bull
pools ranging from fj to !3 points.
temporary ruiues oi in iw p'liuia j
followed the decision ot tne reaerai
Bales
200
00
(ton
soo
loos
'13160
1400
100
eon
lvo
100
309
.'WO
8409
too
!!b00
S00
100
MOO
100
2300
ilKOO
400
oo
Dlv.
In I t
. . Adams Exprers ....
. . Advance numely . . .
8 Advance Ituinnly pf . .
AJax Itubber
.. Alaska flold Mines.
.. Alaska Juneau O M.
. . Allls Cliitlmern life . .
7 Allls-Chalm Mf pf . ,
8 Am Agrld rhem . . . .
Am Agrlo Chem pf . .
3 Am Bank Note
f Am Bcot Hugar
8 Am Boson Mugiioto.
. Am Can
7 Am Can pf
1 Am Car & Fndry . . . .
1 Am Cotton Oil .
Am Cotton OH pf . . . ,
.80 Am, Druggist Syn ...,
0 Am Express
Am Hldo & Leather
Illzh
SJ
40
Tt
J
9VA
S 5.
05
40
03
ize
Ms;
101',
134l
33t8
83
inji
85i
H
1 Am Hldo & Loath pf. ATiH
Am ico
0 Am Ico pf
14400 4.80 Am Internat Corp
restrictive, market measures and the! Iteserve Hank not to iucrease the prcs- '
further evidence of the unset tied lu-,cnt rediscount rates.
dustrial conditions in the announcement ! Unities of 2 to tO points were made In j
of further curtailment of western train i the last hour, extensive short covering
service. , and call money s decline to 10 per tnt i
The real keynote, howcci of the uiding materially in the rebounds I
STOCKS TUMBLE
VALUES CRUMBLE
N WEAK MARKET
IN CURB MARKET
News Developments Gave Fr'osh Declines in Industrial Issues in
Impetus to the Wide Sell- I Which There Was Recent
ing Movement , Bull Activity
ALL RALLIES ARE rEEBLE
PRESSURE ON TOBACCOS'
We Offer for Sale
Pittsburgh, Cincinnati,
Ohieago and SI. L.Ry.Oo.
H'enuo. Baturoad Mystin '
Cons. Wlortgago 4 Bonds
Duo'May l, 1964
TAX FREE IN PENNSYLVANIA
Guaranteed Principal and Into rent
by Endorsement by
Penmylvania Company
(Linos of P. R. R. West of
Pittsburgh)
Yiiefte bonds mre a first raortvace on CSS
roUrfi of rouil (Includlnfi th inlleasB frum
Vlttfiburfb to olumsus and from Indian
apoUft to LoidivTltte) und br a runrlicuxe on
52 miles subj.vt (o out kl,4,s,o00 undcr
ljlnr bonds, that lo. a morta(e Ilea oa a
total of 1107 mlts of ro.id fnouirUinv that
rart of the 1. K K. tijstotn betMeen tbo
rltiM of rlttflbuvcli, Columbuf. C'hlcato,
InalasaooUii, Cincinnati and LaouiUIo.
v Clrctuar on lloaoost
Prlco: To Not Almost 5 Por
Cont.
Biddle & Henry
I,Q4 SOUTH FIFTH STREET
Investment
IN
Foreign Bonds
The opportunities afforded invest
ors to make a coneervativo 'as
well as a profitable investment in
tho internal obligations of
FRANCE
"ENGLAND
BELGIUM
- . .ITALY
ore fully- described in our booklet
together with a comparison . of
past and present foreign-exchange
rates.
Send for Booklet L-60
A. B. Leach & Co., Inc.
115 South Fourth Street
Nen- York, Nor. 10. Tho N'ew Tork
Evening Sun's closing linancial rciew
today says:
News developments of the day, -nith
n touch of rumor to aid them, were of
a nature amply to explain the selling
movement Ahieh gained considerable
momentum in today's stock market.
The hope of some sort of cotuprnmisc on
the peaco treaty nai weakened by the
President's le.ttcr to Senator Hitchcock
advising the Democratic following in
the Senate to v.otc asainst ratilication
of the treaty with the Lodge amend
ments and the reported acquiescence of
the Benators in question.
This situation was instrumental in
pushing the foreign exchanges further
down and the decline was no doubt ac
celerated by the failure of the Houo
to take up the Edge bill providing for
foreign trade financing beforo it ad
journed, thus preventing the measure
from coming up before the new sebsion
meets in DrCfmbcr.
Sterling bills dropjved to Ike hitherto
unknown lfrj-l of !J4 03's- At the
same time Willi Street heard that an
announcement of an im-rcase in the
Federal Itcservc rediscount rate would
be mudo following the rfgular weekl
meeting of tho loeal bank's board at
midday. i
Tho announcement was quite the con
trary, however, and this circumstance
caused some stiffening in Htock prices in
the first hour of the afternoon. The
rally from the previous renctions of
1 to 11 points or so was rather feeble
and was soon quite spent, although the
list was disposed to hold while trading
turned dull. -
Consciousness oE a crowinc short in
terest will be "u psychological factor not JUSiblt0'"irrevoiu!, ' .'
to be ignored Stipllld events prove less Submarine Uoit ...
(iihiuruiiig uiun me present ouuook
promise.
The gathering of the Federal Ueserve
governors in Washington attracted h
good deal of interest as a possible bear
ing on the money situation.
Since the copferenae is to go on for
three daysit isnot likely that anything
definite will develon immediately.
Meanwhl'e hesitation will very likely
help the short position. United States
Steel sold below 101! and this further
served to encourage the bears. All the
steels ana equipment snnres were re-. a o of n
nctionary Oruciblc suffering n loss of
11 points or more. General Motor was
erratic and the other speculative issues
'ikewise. The rail's were under pres
sure, but declines were less extensive in
that list.
New nrl(, Nov. 10. The trading on
tho Rroad street curb was influenced
to an eitent by the crumbling away
of values on the stock exchange. The
important changes consisted -f sub
stantial declines in the industrial is
sues, in which there, had been hcay
hull activities.
The tobacco group was naturully in
fluenced bv various reports in regard
to th combination which has been con
ducting the trailing operations in thos
stocks, and these issueb were pressed
for sale in large amounts. Amerieau
Tobicco Securities dropped from Hl-
to ,"!), and United Hetail Candv sold
down from lti,3 to 15", both new low
records. Allied Packing was unoUier
weal: feature, falling to 38. General
Asphalt showed the heaviest loss of the
I active stocks, ranging from 127 to 121
uunng tne tirst half of the day. (Jen
eral Motors was steady, with sale-, at
!!7 to ."ti. Amalgamated Tire Store
was one of the firm features, -selling ut
14;i4. United SUtes Steamship was
traded in on n large scale, declining
from JHg to 4BJ,
ISVVflTKLM,
Aetna I'xplneHos
Allied Packing
Am iftirconl
Atn Tob Se3
Amat Tiro Htores ....,
Am tidlrty Ituzor ......
Ilrlt Anier Tobacco coup
Cur I.lcht ... . .
Oonf rj.1 Asphalt
ITaydcn Ch-sm .
Hupp Molorti ..
Irene. Mfc ...
Lcwts inc . , ,.
Loft Inc '
AU-iro. Motors
Nor Am Paper
Perfection Uro
1'hll a Vr,rrln
High Lrtr - r
buotH Oi
Tob J'rod Kvp
V 3 Steam
t'nltivl Het Candy . . .
United I'roflt Wlmrlnt
I'nlted Pict Prod . . .
Vanadium Steel ....
V Vlvtadou Inc
Wiino Coal
O
01 'i
. . a".
...1ST
... 7v:
... i;
... 47.
... 81",
".'.'. !ifl
... 4'i
... u
... 0"-j
. , . r,s
. . . '
... U
:::$
... S'L.
... lttlf1
::: tV
... t:,
... S3.
... 5
0
ss
nn
j n.
19
i'5.
3Hi
121
7'i
3SS
4 ll
31
1M.
an
v.
li',
11U
:s
13S
.5s
oi
4
m
0
35
,
60
U'h
18
12avJ
!!!
44
31U
UU
S'l
4
1HU
11
IS I
44
18
a
8T.V1AED Otf.h
Anelo-Amsr Oil ., .-, , si.i
IlllnolD p l, 180
Ohio- Oil . , 30
I'rjlrle P L, vii
southweoi I'cnn lis
b u or uoi jus
a O of Ind 750
J' . 7S1
175
!!(
(is
7B0
717
180
3nO
Mil
IIS
i:un
750
71
IM)i:rK.NDIiT OILS
NEW YORK COFFtE MARKET
Vow Vnrlr. Vov. 1fl.Th rnffeo mr. ! !!?'WJv. Oil
ket opened steady, unchanged to a 6- oienrock on'!,
point advance. This, however, was a , '" y GtUtDple
disappointment to some operators, wboj i,,tp??rot . '.'.
expressed the opinion that tho mar-1 Invinelbio Oil
kef: Khnnlrt nave maae n netter snow, i ' V"
ing.
Prices (Stiffened up u little shortly
after the call, and- some of the local
traders were of opinion that the de
cline had virtually run Its course, and
that a sharp upward reuetion was about
doe.
Late In the morning December had
sold up. to 15.60, March to 15.00 and
May to 15.85 or 10 to 15 points above
the previous-close.
Tut. . Tooay'a ll:oo
elpa
AltUd Oil r l,t
Anial Iloyalty flj;
Uoerie, Oil oi;
lloston Vomlnu ... . S8
Hurknett Van Cleave... ;,
f'arlb f.ynd H'i
fltifu Serv U ctfa II
Cooden & Co In.
kik naain ret su
:::: ,'
13.J.
(ITtf
37
1
T.lvlnirstoi -t
icrf in uu Jl".
Metropolitan Pet n'J
OLD FOUNDATION COAL CO.
First Mtf. T'r Sisklni Fusil Bontjs
HumU, Hot ard Owtet ,
JrC.REEBCO.
'ANKERS
FhiMHM RMf , Phlla, Fa.
Dember
March
Mar
July
September
Bid.
A t
ia.5oe.i3
1B.7B!7
15.7880
l.7ntBi77
15.62(963
open
18.50
16.78
1R.S2
18.78
18.80
18.84
18.S1
Union Bag Increases Dividend
New Yorli, Xov, 10. The Union Han
and Paner Co. declared a Quarterly div
idend of 2 per cent, placing tho slock ori
an S.S baais annually. The company
has been paying lVj per cent quarterly
sinco December. 1010. -when the old
comoanj- 'wa"reqrgariize4.7"Dlvldend Js
pajflDle" December J5 to stock of record
Dectmber 0, " "
Mexican Pan
Mldwet iieflnlnr
Orient Oil
Pennok Oil
Phlllpps lvt . . .
Producer & IWflners
rtyan Oil .
Salt Creek Prod . .
hapulpii Rennlmr . .
Shell Trantport . . .
hkellj- Oil
Iiimms I'tt
Toxau Hanger . , . .
Texas Co w 1 ....
Tropical OH
victoria Oil now .
,1B
. .lil.l
.. h
:; W
::
. . 48
.I 70
. im
. f"
. 1SV
Vulcan Oil
White Oil
IU
ll
. . S1.
MININO STOCKM
Alaa-nr Col .. .,
Arizona Silver .....
Atlanta
Pelcher Plvtde
Belcher Divide Kit
IMff ZMlga
Pooth
Boat & Mont
Canrfelnria K
Cona Cop M
f'reacent McNamara
Rureki Croesus , .
49 Mining -......,
Golden Oats Kxp ..,
Gold Cons . ,,,.,
Gotdu Kewana, ,.,,
Oold Merirer -
I'Oold Stiver rick ...
a'1''
87
40
7"
7l
A
3.-i
s
1R
4
4
7
-id
it
si;
4-Jl
13',
104
6
i
188
Sn'i
3?
21 1?
19
S
7fJ
lh.
47
78y'
IIS
. 1HVv
r.7.
33U
1
IS'
Sit
80
,rV
t
70
j
s
J
1R
t
7 -
bh
lt-Vv
'57
37
S
3
ma
s
is'.
74
47
ii'5
4V
:.?
l Mi
11.
It
33Vj
(1300
too
ll una
700
:n i oo
ason
too
mo
3000
300
200
3704
1700
eoo
too
40l)
100
508
60)1
700
Ubfln
i0
3600
SON
too
3000
aoo
400
too
3109
300
303
300
735(10
1100
100
13000
300
309
l!)U
300
40300
00
.10
1400
:ioo
300
410
to
14)0
0
IIU
.101)
:' 1300
too
140Q
400
300
1U0
11910
too'
too
t:o o
loo
4100
1100
10S
00
300
3000
140U
i)90
too
not
:o
300
too
too
3300
00
470
100
800
tono
700
ton
100
11)0
13100
100
300-
300
00
1100
1300
3330
1000
19000
37000
300
11090
fiOO
oOO
ioo
3700
t0
600
100
3a 00
000
100
106)
6130
1100
100
300
3070S
aioo
13 1)0
10
0J0
3S0J0
300
8 JO
600
100
330
33 10
1600
300
130
1300
300
300
31)0
OK)
00
300
1600
11000
6000
o900
uooo
100
790
Am Linseed
7 Am Unseed pf
tl Am Iioconlot've ....
Am Malt & Gra'n .
. Am Ship Commerco
1 Am finelt & tiff . . . ,
7 Vm Hmelt & Itcf nf..
13 Am Snurf
3 Am Stool Foundries .
7 Am .tcol Fdrlcs pf .
7 Am Sugar Kef
10 Ail Sumatra Tobao. .
8 Am Tel i: Tel
3 Am Tobaeco
0 Am Tobacco pf new.
1 Am Woolen
Am Woolen pf
Am Writing Paper pf.
Am zmu Lad a Sra.
Am Zlno L & S pf. .
Anaconda Ooppr . . .
Ann Arbor
Aii tots Utilization . .
Asso Dry OkocIs ....
Abtoelatcfl OH ....
Atoli Top & Santa Fe.
Atch Top fr S F pf.
Atlanta Utrm St Atl .
Atlantic Coatt 7,lno
4.5
3U
. 1I3U
70
. 01
. D-i'i
50 V
33
70H
. 9S'4
.111
. 40
A3b
. S7
. loou
.349ti
- Ol'.ii
. 120'i
.103U
87
6o
11
81
.110
so
7U
0 3,
Dili,
10 Atl Gulf & W I S S.. 107
6 Atl Gulf 4. W I S S pf. r,0
Auto Saleo C tern ctfa. 1o
3 Auto S C torn ctfa pf. 30
U.ildw In Loco 104 5;
Rait more ? Ohio
4 Tiultinior & Ohio pf..
llarrott
7 liurreu pf . . . .
Hatopllao Mining
Ttlilohc.m Ifotors
' Itollilehem StcM .
H"tl Ir-lifin Steel H.
Ueilil"liciu Sil 8'
3i
8014
-131U
.lUU
30
93 &,
94!s
pf.lrt'o
Uootli VtclK-rti'a . . 14 H
. Ukun llapkl Trjiislt . 1
. ni.lyn It T ctfs of dep. ir
b llrookl-n L'nlon Gas 00
10 rums Bros . . ..13.7
. Bruno Term &. R R . . S',
SO Uutlo Cop & Zlno ... 1014
.. llutte & Sup Cop 2Ui
. Hutterlck Co 36!
Caddo Central O ts It 33
C.illforn'a l'aelting . . 7?
7 California racking pf. .130
. Californ .1 l'etrolnum . 44U
7 California 1'elrul p . 77
10 Canadian PaciHc 140',i
5 Ce;i Fnd pf ... 10
1 Contra! Leather . ... tJv.
7 rentr.il Leather pf ..10sU
3 Con of New Jersey liii
Cerro de I'Jtco Cop1., til
1 firta n-K-vd 1'rod, . . . 61
5 Chandlar Motoru .. . 11394
4 Chcsapn.ilio & Ohio . 6S?B
hi A. L I pf lil Tetfa !
Chicago Ut Western . 9,
1 Chi Gt ett pf ... . 3S
.. Cli M I & St Paul ... 13(a
. C'lil -Mil & St P pf . . . Ml
7 Chi A: (xoTliwebttu-ti 93'
Chi I'ueumatii) T00I..IOJ1;.
. 1 '111 Hock Ul & JVC. 59
Chi 11 I & I'au b pf C3
7 Chi V. I & l'ao T'o pf. 74-H
''hi Si f Minn & O 59'i
r), si r M & O pf n
. . Chile Copper '.0',
U ciiltiu I'opper 40 'c
6 Clov Cin Chi & St L. 47
.. Clo Cin Chl & St L pf. 68'
Cluett Peabody b
. Coca-Cola 40Ii
' J Colo Fuel & Iron ... 43
Colo & Southern . . S3'
4 Colo & South 1st pf . . 63
t Column Gaa Ulec . llj.
1 Col Graphophon .. C3'i
7 Col Graphophono pf.. 83
7 Consolidated Cigar . . (13
7 Con Cigar pf 78
7 Consolidated Gaa .... 91
. . Consol dated Textile . . ."4
7 Cont'nental Can 8
.. Continental Candy .. 135J
.. Con Interstate Cal M. 17'i
.. Corn Product-! lief .. I-3U
13 Cruc'blo Rtect Ib7'4
7 Crucible Steel pf . .101
. Cuba Cano Sugar . . J694
7 Cuba Cans Sugar pf. t-3
8 Dolawara & Hudson lC3a4
10 11 Lack & Western .iS'.Vt
. freer & R G pf ... 160,
Dome Mines 13?4
3 i:ilt Horn Coal 37
Umeroon-Branttnc ... 39'i
.60 Kndlcott-Johnton 134
.. Erie 16i;
.. Erie lot pf .-.. 34'i
Falrbonlta S3
8 Famous Playero-L ... 91
., Famous Playeru rts... "t
! Federal Mln & 6m, pf . 50
.. Fisher Ilody 130
.. Fitlc Rubber 43',
'J Freeport Texas 40'8
IS Gaatou Wins & W!g . 33
fl General Cigar 703i
R Ooncral lCloclrlc .... Id1)
13 General Motors .... J12
General Motors pf .. li
6 Goneral Motors dob... s9a
4 Goodrich Dl' 40 a,
7 Goodrich 11 1" pr 101
, Granby Consol M S. a. to
.7 Great Northern pf . . Hia,
Gt Norttirrn Oro ctfs. 39
. . Grceu Canonta. Cop . 40
. . Gulf States Steel .'
4 Haskell & Ba Iter Car. GS
llomeutaho Mlnlwr . 67
7 Illinois Central . . . . IM
6 Inspiration Con Cop . otiis
.. Interbor Con Corp ... '
. ' Inter Con Corp pf . . It a
6 Int Asrleul Corp pf . s:;i
6 Int H&rvcatcr 13.'
. lot Mor Marino 3
0 Int Mer Marino pf ..lint
International Nclrel . 36'4
International Paper . l
6 International Salt .. W.i
-. Iron Products Corp ...
Low
as
asii
70
SOU
.
3)4
o;i
93 h
9114
IS
40
91
130U
61
1011;
130
60
0
tU
8 J 14
31 U
16
13
63 '6
107'-4
M',4
04
89
80
39
f7l
OS3
lit
39
03&,
UI14
n;
leo
333
9714
113'4
103 U
6J,j
l.
53 'j
03 Js
11
5
JU
110
S8U
70
V
04'?
r,',
1414
30
99',
30 1
80'
130
114
1's
37
SHI j
Oil
U3t
II
ttu
1414
5S
134
s.'i
9'i
30',
3C's
3S
J4'4
130
41
76'4
H6U
4U
3'i
tns'4
1st
50
51
lOBJt
5
9.
!
35
43
h3
91
10514
Today's Net
i:iose cngo.
1.3
;as5
59'
99
30',
39 1 1
.5
'
83
3o;
in
13 ',
63
fo
di'4
03
61
7l
81J4
:m
m,
12!4
791,
17.1'i
101
44
19.'
1S7U
15'4
IS
3314
30 is
137 U
15
34 U
SJ
30 a4
135
30
39
034
f.O'a
100'j
398
b''
s,v,
78
101
57
8t
as 14
3914
67
l
67
01
85',
Vk
10
85
137l4
191-s
H3 !4
iJi
S5
115
31 U
31
3S?4-70(4-83
?
3
4
01 -1V014-
51?;
101 14-
130 -60
-
so- -10(4
85 H -31(4
-
ii -
43 -
63 W -110
-08'4-94
83?4-
60 -31
074
98 H J-
114 -39
-93i
136(4
87 169(4
340 -;
97(5-
113(4-
10314-
67K--17(4-63(4-
61 -11
80(4 4-
110
89 -
79 (i
9 -
91(4-
1.V4-b9U-14
!4
30 -
103H
39 U
69(4 I
130 -
114
l'i
3S'4 -93(4-
U3J,-
14(a-
18(4
u?--
58 -134
-
8'b-9-30s-36(4-3b
-75
-
0
1(4
IU
H
(I
'A
l
V2
1?;
3(4
IU
3(4 t
3(4 I
J
4!i
1
U4
U'
1?4
3U
1
U4
!4
4
1
Yk
114
U4
14
!5
3(i
7(4
Dlv.
Rat In
190 . . Kan City Southern . .
MOO t Kelly-Spa- Tiro
400 .. Kolbey Wheel
300 3 Kennecott Copper . . .
8300 l.so Knystons Tiro & Rub
IlltU Low
14
3(4
l
in
Yk
a
l
Yk
114
IK
3(4
m
7300
600
800
100
3800
too
600
1100
aoo
300
409
400 !
100
11.00
600
too
lot)
too
30700
500
8100 1
6500
300
300
300
1700
300
5300
1300
400
100
709
5S0U
600
300
700
J 800
0 Lnrkawanna Steel
.. LaltoUrle&West....
Leo Rubber & Tire .
Leo Rubber rto . .
.8(1 LflhUh Valley
7 Liggett & Ml era pf.
Loose-Wiles Hlocult
? Lorlllarn t- muauco
18
130
81
31 U
1 H
. 87
0?;
. St
a
.110
. 7(4
.151!.
7 Lou1bv1II& NashvlUo.llOH
i Mackay Cos pf
7 MiuitiJ-ttan Kiev guar,
V,
I
a ;
14
2i
4 1
1
3(i
7'j -
I(64
46
l(4
10KH :
IHl -
60'4-,
61 r
111(4-
53 -9'4-
'-
35
43 -63
0J -105'"-
1
!4
1(4
IU
ut
1
3
IU
fa -
73'5-51'-
-99
09 -39',
-47
-66(4
-,
S3 -39',
-4IH
-i.11
-53
ro?;-
59U
93 63(6
-!3!4-88
4
13 17'4
S3 -
IbO -
lot
103
I87'4-
1(i5, -
1'44
183(4 ,
1514-
34;-
83 -88
a; -(4
.
.to ; -1.
10 4-
0 -
39 -
701a -107
-
309 , -89(4
-85fi-5'J
-
IU4 -57
-
3.1 -39(A
59 -
8 -
67 r
01 -
Hi -
.I',.
Ill
fe.'l -1293-
tl(4-101(4-
5(B
(.8
65
35 (4 -
13
1
3(4
1
I-,
3M
1
I
l
!a
l!4
I
i'4
514
i
"
I
IU
7
1'4
'
' '4.
3?;
i
1
1
1
Hi
Hi
'Yk
5
3(4
I
'i
154
t
"'a
(4
1!4
IH
U
tl4
IU
1(4
1!4
IS
loo
608
3100
IOO
3300
200
980
300
399
600
13100
100
13000
1700
300
3300
into
10
109
100
S1 109
11890
3i09
609
300
24 DO
100
HO
500
20700
1700
1800
3400
1130
1100
3300
1100
4400
70t)
mo
100
uioo
ioo
100
aoo
32809
300
509
too
33600
too
1300
109
200
400
1500
31)0
490
309
9D0
1OS30O
13 00
208
634)0
too
27 10
1290
100
2800
159 K
1619
209
1400
8510
400
125 .0
100
6250
100
38700
1300
too
too
GJ)0
10609
600
2300
100
'300
200 ;
coo
200
37800
900
109
3600
11100
100
at 00
1700
115390
200
100 '
tuOO
1000
100
100
'900
4.00
200
708
4800
200
2 00
aoo
800
3400
5800
1500
8.100
300
' 00
4700
too
11)9
109
200
. Ct
3t(4
32
27(4
40
38(4
67
OS
115J4
198 Vt
25(4
08
81 H
16(4
86
. 65
16(4
l
2814
46'4
61(4
113(4
36
66
110
13?4
70
S3
1UU
.nbw ur Tex & Hex. 40!4
10 Xc,v York A r Brake. 116(4
5 Now York Central ... 73 JJ
J.50 Now Yorl; Dock t7(4
Now York N II & H. 33U
1 Now York Out & W. . IS'-t
.onoiK & western
5 North American . . .
7 Northern Paclfla . .
Nova Scotia. S & C
Ohio Cities Oaa ...
:.60 Ohio Fuel Supply .
80 O'tU Prod & Rcf .
Ontario Sller Mining, to;,
una uieator 136
Oils Steel 31(4
3 Owens Bottling Maoh.
5 raciflo Gas & Uleo ... 60
1 Pacllla Mall 36',
Pau'Hc Tel . Tel 86
Pan-Amor Petrol & T. 100(4
.75 Manhattan Shirt
. Martin Parry Corp. .. .
. Maxwell Motor
. Max Motors ctfs .
Maxwell Mot Ut pf .
Max Mot ltt Pf ctfs.
7Muy fept Stoma ....
10 Mexican Petroleum . ,
3 M ami Copper
.20 Middle States Corpn .
t Midvalo Steel & Ord ,
. Minn St L now
7 Minn St P & S St M.
M St P i S St M L L. .
MiEsourl ICan & Tex ,
Mo Kan & Tex pf . . .
Missouri Pacllle
Missouri Pacific pf . .
7 Montana Power
Nash Chat & St L...
National Acme
a Nat Anlllno & Chem,
7 National Biscuit ....
. Nat Conduit & Cable.
6 Nat Knarn & Stamp . .
a .utionul Lead
600 1,50 Neada Con Copper
.101
. 65
. 86(4
:o
, 60S,
, 60
8(4
. t3J
. 38
. 39
. 34 54
. 49
. Ct'4
. 33 '4
. 8714
105
19
61 H
. 31
. 33 U
.109
.123(o
. 3)4
, 21 H
96 J4
7 Pan Anier Pet rts
3 Pennsylvania R ll .
Venn Scabonrd Steel
Peoples Gas Chicago
. Puro Marquette
Peru Marquetto pf .
5 Pre Mara prior pf
3 Philadelphia Co
Pleree-Arrow Motor
8 Plcree-Arrow Mot pf
. i-icrco , uu t-orp
5 Pittsburgh Coal of To.
Pittsburgh & W Va
1 Pond Creek Coal . . .
a Presuert Steel Car
Pullman
5 Punta Alegre Susar ,
2 May Consol Cop
H Railway Steel Spring
Rwy Steel Snr'nir nf .108
4 Reading MI4
J Reading 1st pf 34
2 Reading 3d pf 37
. Remington Typewrit.. 8l;
Republic Iron Steel. 101
7 Rep Iron a ateel Pf..l0
4 Repub Motor Truck .. 61
Royal Dutch Amor . . . 104'j
70 Royal Dutch N Y ... 16314
1 St Joseph Lead I3J-,
St 14 oun l'Tau . . 18.
St L San Fran pf . . 37' 4
St 1, South',, eutpru, .. 15
6 tia.ago Anna Corp . SI
Saxon Motor 179,
seaboard Air Lino 8;
Seaboard Air Lino pf. 17 '4
8 Heara-Rocbuck 220
I Miatluek Ariz Cop ... 13
Sinclair Consol Oil... 19f4
6 Slots Sheff S & I.... s '-
7 Slors Shcflleld pf 01 14
6 Southern Paclflo 100
20 South P R Sugar . . 335
. Southern Railway ... its;
5 Southern Ra lwuy pf . 61 ,
13 Stewart Warner Sp . 135
1 Strombcrg Carb V314
7 Studebaker I134
6 Stut: Motor 103 '
3 Superior Stool 44H
Tcnn Cop & Chem .. 11
10 Texas Co 290
Texas Co rts
. . Texaa & Paclfio
Third Avenue
6 Tobacco Products . . .
7 Tobacco Products pf..
Transcontinental Oi! .
5 Transue & Wr.is Steel .
1 Twin City 11 T
8 I'nderw owl T pew nt . .
Union Oil
18 Union Vaulflo
t Union Puji do pf
United Alloy Steel ..
9 T'nitiMi cigar Storis .
7 United Drug
.60 United Drug 1st pf . '.
18 Uiilteu Fruit
Un Ry Investment .". .
. United Retail Stores .
U a C I P & Fdry..
U s Uxpreas
3 U S Food Prod
16 U a Ind Alcohol ....
U S Realty & Imp...
MIS Rubber
"US Smelt R & M . .
. 5 U S Steel
'US Sieol pf
Utah Sea
0 Utah t'oppvr
.t Va-C'iirollnu, Clui'n" '. ".
Va Iron Coal . Coke.
Vulcan DoiljiHlug ...
Wabauli
Wabush pt A . . , . .
Wabash pf B ,..'.'"
rt est nphouso A Br . .
66
40
15
fa?;
9119;
65(4
(.3
3 111 3
193;
38 '4
129 4
U7,
5'U
199
143
531-4
J89:14
8
88 S
32(4
26
70
ion?;
12
una;
7t;
loi'i
Ut'4
10 u
78(1
704
09
20
S
38 'a
20)4
116
westlngliouso 13 a M. 61
nt aiinu U &. .M lat pf. 05(4
. Western Sbrvinnii
. . Western Paclfio . .
7 Western Union Tel
. Wheeling & L Urlo
t Whlio Motor
5 Wilson . Co
1 WlllVH-ni.!..M.J
7 Willys-Overland pf '.'.' 81
iscoiisin Ctntral
. Wnrtluneton I'umy
6 Wor.th Pump pf B
I M'orth Pump pf ,
Woolworth 1' W
Mens Kart'o lin
12".
2114
88 y,
15
6t3s
79
30 J),
NEW YORK CURB (Continued)
Bx dIMUenf.
L'i rights
10
SO
80
811
135U
53 V
18
127 J4
80
50(4
47G,
83
eu
33 H
(A
ts
110
68 H
163
113'4
64
62
31(4
37
37(4
38
67
6U
115J4
189(4
35
6t(4
19(4
16
85
65
19(4
16H
27
45
61
113(4
33?,
6314
116
134
7t(4
79
16'4
IQH
115!.
73
t6(4
31 '4
18(4
98(4
64
81H
68(4
18(4
60
R'4
It)
133
3ta,
57
60
38',,
36
109 'i
H
43 '4
3J(a
38'4
3314
49
61'4
31
13',
105
18'4
f9'4
39
3's
5
131
78 74
31 H
8114
105
7.7.
31
37
7S
10OJ4
106
49 U
lt?4
86(4
13-,
17'4
37 (4
15
80
17
1!'6
216
1314
46
671,
91 ',4
oi;.
335
V4'
61
155
U
lUOC,
103
431,
11
384
63
43(5
15
'0(4
993;
80 i
10
!4
17934
125
0734
50
199
141
51 i
no
9
8.1
21(5
73(4
vo
43
11214
73)4
101
1I.H4
1
6Sii
60
38
9
39
19(4
113!.
624
65 4
1154
ltU
1(4
75 !;
30
8074
30
70
hO
90
125(4
63
Today's Nat
uioaa (;pg.
IS
133 J4
31 so K-
4ft -85(4-4-31
!5-
15(4-
110 -
66?;-
169(4-11!4-
bl
33 -
37 U-
38 -38
-07
-66
115 V -
15U -25
-Ct(4-51
15- -85-
-5
16(4-18?-37?,-tU
-81
-
112144
35 M -65
-
113 -135.
-75
-80
-1614-tOH-
llO'i-73(4-
to;-
33U-18'4-99',-61
-4914-60
-9'4-17u
13.1 1
35 ; -6S'5-60
-38)4-38
f
103 4
t2 43', -.14
'5 -t
38 !4 -34
J
49 -64(-31
-61W-106-
iat-
61(
30 -4-114-98
-12,1
-
'H T
2194-
95 -105
79 a, -
34
37 -
78 -1D3
-
100 f
51(4-
104 ;
101 '4 4
13 ', .
17 '4-31''-15
-
80
i(6 -814-pi3-
2 in -
12(4-U-
68
t)t'-
07 -
325 f 10
2H - H
til 4
156
14
!4
"h
14
14
U
1
t'4
10(4
374
U4
2
3J4
4
114
"il4
va
Yi
14
H
1
1
' '4
H
3
1
"3
4
14
3(4
34
3
(4
3?4
1
1
M
3i
'4
t
m
(4
t
194
LOCALS STOOD UP WELL IN
FACE OF NEW YORK SLUMP"
Apart From Few Uigh-Priccd Specialties Prices Were Strongly
Maintained Heydays for Banks '
(4
H
U
1
4
1
2U
1
H4
U
a
1
(4
3?4
4
IU
(4
'4
2(4
...Considering tho surrounding unset
tling influences the local stocks stood up
remarkably well Iu today's market.
Thero was not tho first sign of real
weakness to bo found in any part of
tho list. Several of tho high-priced
specialties declined rather sharply. This
was to bo expected in view of the re
cent remarkable elevation in these
shares, nnd emphasized the narrowness
of the market rather than reflecting any
great amount oi selling.
As matter of fuct the comparative
steadiness of these shares, particularly
the General Asphalt issues and Electric
Storage Battery, all through tho re
cent drastic cleaning out process ot
bank loans has been little Bhort of a
wonder to the street.
It would seem to indieato that the
buying of both is&ucs was of much more
substantial character than had been
Minnostd. If the movement in cither
had purely a speculative basis, the cop.
1-1 mes already taken in the
credit situation would have found re
hcction in a violent reversal in the
market price of these shares.
Oo relatively a small volumo of
transactions KIcetrle Storage Battery
was depressed $0 to 128, while General
Asphalt common yielded $7 to 123,
These prices, of course, are considerably
under the recent lofty ton prices, Elec
tric Storage Battery being 52o lower
and General Asphalt .V!S. If the re
cent purchases had been for murginul
accounts these declines, it would he
sufc to say, might have reached much I
more serious proportions, especially if
mnn,.,,A.I V... . l. .. aII. - it.. t.'.l.
iiivunuti-ij u,v wiu tuiunipi: in me UIK'1
priced specialties in the New York mar
ket. About the only other decline of im
portance wus 91 recession in American
Stores, which declined to l0,,i, can
celling with yesterday's reuetion most
ull the gain made curlier in the week
when the stock made a new high record
ut 131,.
In the other local shares prices were
cither stationary or changes were lira
itcd to small fractions. Among those
unchanged from jesterday's closing level
were: Pennsylvania Salt, Philadelphia
Electric, Philadelphia Itopld Transit,
Union Traction, Warwick Iron, Aracr- 1
lean Gas, Keystone Telephone and
Fnlted Gas Improvement. The latter
during the earlier dealings was a shade
higher. ,
Lake Superior Corporation was off
a4. Keystone Telephone was $1 down ,r
f om the previous sale nt 45. Pbiln- -dclphla
Co. lost 50 cents, vyhllo tha -I'ti'nulntlve
preferred was 70 cent ,
higher. J. G. Brill preferred sold at
00, or $2 under tho last sale. Thero ,,,
was continued good buying of Pennsyl
vania iiatiroaii.
While the acute monev market sit
uation is giving everybody else the
creeps and chills down tho backbone
the banking Institutions arc having .,
their heydays of prosperity. This is. J
strikingly indicated in tho earnings of
Federal Besorve Bank of Philadelphia, T
which it is estimated will show approx
imately 100 per cent on its paid-in cap-
ital for the current year. Such earn-
lngs were, miles nnd miles distant from
tho fondest hopes of stanchest friends
of the reserve system. In truth, in tho
early career of the local institution u
great number of bankers questioned its ,
ability to puy even the 0 per cent dlvi-
dend upon its stock to which the mora
her baults were entitled.
For the first six months of the calen
dar year the net profits of the Federal ' '
ue.serve uuulc ot Philadelphia were if;),
2.10.000, or equivalent to -12 per cent''.
dpon its paid-in capital, or nt tho an- .,
nual rate of 81 per ceut. As the earn
ings for the last half of the year will
he substantially in excess of the first .1
six months, tho institution, after pay- -.
ing the scmiuunual dividend, will be
able to transfer n ntat sum to the 1
uudlviilcd profits which at present stands
at $ri,yn,;i5. . '
EXCHANGE AT LOW LEVELS
Mark Drops to 2 2-5 Cents, Against
23 Cents Before the War
New York, Nov. 10. Foreign ex
change again dropped to new low levels
todaj. The English pound sterling
brought only $-1.03ni, which is :,'j of 11
cent lower thun the lowest rate reported
yesterday. Franc checks dropped to
0.70 for the dollar, one centime below
yesterday's quotation, the previous low
record.
Lire cables was quoted ut 12.10 lor
the dollar, !!.") centimes, below vcbler
day's clusiiig pi ices, and I he Germau
murk brni' l(t ouly 2 2-! cents', as com
pared with 2.1 ami 21 cents before the
war.
Other quotations were:
Demand sterling 4.03a4, cables I
4.04X. : franc cables O.tW, checks I). 70;
lire cables 12.40, checks 12.42; Swiss
cables 5. til, cheeks 5.oU; guilder cables
STs, cheeks UT'i; pesetus cables
20ii, checks 20; Stockholm cable.- 2.'!,
checks 22.S." ; Chrlstiuuiu cable 22.15, 1
checks 22 ; Copcuhugeu cables 20.30, 1
checks 2fl.:iri ; Belgian cables 8.00, 1
check)- 8.02.
At midduy the market, with: the
exception of marks, which were stead-
irr. hinui'i new ow rcords tor tne'
Philadelphia Stoclcs
iiinii
1020 Am Strs. -ttJ,
HO Am Gus. Oil
50 Brill, J G n.-i
1 1 do pref 00
HO Co'm Ctf .'!.".
1202 Elec Sir l:i
410 Gou Asp. 120
Ii'm Key Tel. 11
0 do prf. 45
810 Lk S Cor 21
10 Leh Kav 01
:i-2 Lch Vul. 40
100 tM & St
LRU l.V;&
121C Pa It Tt. 43
23 Pu Salt. fcO
3Pu G i.
N u it.itn
30 Phila Co. 32,
220 do c'm pf 33
110U Phil EIcc 25
700 P It T t c 27i
70 Phil Trac U2y.
140 flteuding S1V,
110 tdo 1st pf 34f4
000 Ton Bel. i!
1700 Ton Min. 2'J
185 I'n Trac. 3S
1S21 U G I.. 55V,
101j
r,n
55
00
35
12s
123
11
15
20'j
01
15
I'-'Os
42'T,
fcO
110
32',i
324
25
27
02 a
no
34 Uj
11
2'i
37 Lj
Net
Clone chct,
40U.-i
55 .
55 I
00 -rU
131
123
11
45 1
20 Vj
64
V 1
15-
so ..
If
7
110 ..
32l V,
2V, U
2.) ..
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125 -674
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199
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186 -9
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102 -12
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73!5-107'-.-
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7714 -
681?-
68 7-
38 -
9 -
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19!4-
113(4-
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77 -30
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93
u
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134
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5
3i
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394
114
1200 tU S Stl.103 102U 1038s
inwin-us sr.J: sr,i ur,' i
Iillied evchuuges. Murks- ruse to 2.1S. Not clianao maUo bv comparlaon wltli laet
Demand sterllug was 4.0.'1VI siud cables baIo on Now York Mock Deharge
1.04 and lire cables 12.52, chciks 12,51. I .rollll 9ac 1:1.404 Phareo comprctl with
The extreme low lecord for Italian ex- , 10,771 slmr'-a .atcrlny Ihus far thin
change. 12.80, was reached about tw o ',',, ".hl,?1"'-" Same period last viosk.
weeks ago. ' " "
1hIc In TIONDS Net
HOOO RlKh Low ClOio ehx,
MONEY-LENDING RATES 1 1-1(1 Am Gus
NF.W YOKK Money ou call b-l.' , ..,lTL S . Ki
.: 1 ..11..-..! .,.t .,11 :,J tiI.. -. u uoui
UilAITJ tlfllillllUI Uli' (-(.( 1J1J 1 tit, tu
collateral, opened today at 12 per cent
fur ending and renewing.
1st 5s ...100H lOO'j
63 .
100V
i
The time money market was nominal
today owing to the continued stringency
ol call n let,.
Quotations are: 71." bid for sisty and
ninety duys, and 8 per cent bid for four
to six months with little money avail
able. A nominal quotation is OV2 per
cent on mixed collateral, but there is no
busines?.
The other financial muikets show
little or no animation.
The minimum discount rate for prime
mercantile paper is 5'j per cent.
PHILADELPHIA Call. per (ont;
time, tl 1 er tcul ; ciirnnierclul paper,
three to si.s months, 5:!i ikt cent, and
six months, 5''ifjjC per cent.
LONDO.V--Money is quoted at 4vj
per cent. 'Discount rates, short bills,
0 per cent; three months' bill, 0 per
cent. ,
W"-i 099,-
1 Elec & Pco
TV Is ... 03 t!3ai 3at-r
1 Lk Sup ine 01 04 01
1 Leh V foul
us 00
; Lib Bonds
3 Vis. . .100.2(1 100.2(1 100.20. .
3 3d 4s.. 04.36 04.36 04.36..
1 1.10 4th 4Vis 02.91 02.00 02.00 .10
10 Pa Co cons
5s 81U 81 ', S1H..
0 Philu Elec
1st 5b ... 02,
I Iteud gen 4s SI4
02
81:i4
02 -81
-VA
Bond-. tu'-YJCO comp-ircd with 1W.00O
je-teril.tr lliu far tlila woek, 9107,300,
tame period lat eU, 32'J,4O0
BANK CLEARINGS
wHanl. elnirlnpa today compare!) With cor
re&poiidliiB dav lust t,vo yparu- -
101 i018 1017
Phila.. ,;sn,n49,7St J8C,70,273 Jft'0.Sfi2.38l
1lntnu. iS,:i7.1.1(S R7. 1115.160 48.S0U.871
N T. .. .919.0(1.1.887 017.810,127 672,139.3641
ft LouU 30,10fi,130 29.(103,885. , .. -i".
In
3A
3U
40
7A
'
6Vi
32
$
18
4
Orand Parlflo ..... 10
Hacla Mlnlr .'I'i
Knox llivtrto !.. 17
l,ojlal.ina C xt
MaN'amara 48
marsh .Mlnine 42
Npvnda Ophlr 20
NIplBKllIU" It'll
Ono.idaco . L"4
Hochoater iTijiv 21
Hope Group ft
San To 7(a
Steward Mln 2H
Succena iIln .... 3
Tonopah Dlmout 2
Tono OlMdn n'4
Tono-JIm U . 20
Tonopjh Ml'iway 18
Tonopali Mln 2'
Tonopih .Mlipah '7
Toriopuh Iteueuu Hula .... 16
United Eastern i
White Capa 13
Whits t-'apa U-t 2
Wllboit 0
Torrtnvlon .... . . 4
UO.SOH
Alll-il P-cliera 6a 8'S
A T T 7. 1922 87U
Copflnhaven 5Vso N4
I T 7b 17tt
0
41
29
114
6
6".
2n
18
2(5
1
IK
i3H
j
.
4
P7'i
84
'077i
LONDON STOCK MARKET
:u
17
47
12
21)
11
2ll
IS
Aigentlne Ralls and French 'Loans
Rally Gilt. Edged Section Hard
I 1udon, Nov. II). Freer discount
, Ing at the Bank of Eiigland, wliirh
i removed immcliate fears that its mini.
mum rule of discount would be in-
'reused-. led to a firmer tone in securities
I on the stock market, although trading.
las a rule, was quiet.
The gilt-edged section wus bard. Ar
gentine rails und French loans rallied.
Dealings in the oil group were broader
-."i 1. 1 ii-cs iu mm- uenariment. u-um
PAN-AMERICAN EXCHANGE
Uruguayan Section Ratlflea Proposed
International Gold Fund With
Modifications
Montevideo, Nov. IS. Subject to
lutiticutlon by the legUlnture the
Uruguayan taction of the inter
national high commission has up
proved in general of the convention pro
posed by tho central committee ut
Wubhlngton for an international gold
io.One of is generally adnvtted that the
the Best 6 Preferred Stock of the Elec-
j Y referred trie Bond & Share Company is
OtOCKS Qne Qr tjle s(rongesi ancJ bpst jn
vestment preferred stocks on tlie
market.
' For information about this secur-
! ity send for Circular No. 7347. x
Bonbright & Company
lORRIS YVISTAR STROUD, Jr., Alanagcr
437 Chestnut St. . Philadelphia
New York Boston Chicago Detroit
1 ; '
5"
ii
1
8S
07H
84
671.
ttrongcr- Shell Transport nnd Trndlni? 'UQJ t0 rcgulatn exchange between pan-
wasun-t). Rubber? and industrials l American counliies. Two modilica
were good in spots. . tkms are suggested. One re'utes to the
lorm ot tne agreement anil the other
Report on Cottonseed Products
LONDON METAL MARKET j
i : . "tk,..Nov- 19. Cabla advlcea .
"lied at th Ntw Tork melnl eichano thli
raornlnit quoted prle In London aa fol.
v.J'n11."-81""' SS!i 12" 6d. a decline ot
;J6d, futurea, 1282, a dron of 5i mrait,,
'.?- I2 ! a loa of 12a 6d. Halts Srot.
ions, ruturea, MO tons. Slncanore, 2Pr,:
S'l
V nMllllglotl. INOV, IU. inc census I ' sue tona. Utandard copper 8duL
bureau, in u report isgued today on cot-1 J... ,9,:,..v"u'i."' 199, a.drop or ci r.a for
iuuoi-cu uuu i'u(iounrt:u iirtiuciH, piaees I tona.
Halta Soot.
... . . . i.
i-.iciroivuc
f.O tona. futu-ei. 2nn
copper i)pot III: fui
Aicaa -opot, tat
the nroduetlnn nf llnters for tho thren ' tures. 11.1. i,ih ,inu,r, i
months ended October l lost at 102,. Boeii.tei VX ;" S?i '"Ul.YJP -s"' ei-
rstnuding bo reached
gold coin to bo do-
asks that an uu'derstnudin
as to the kind of
posited.
The Uruguayan section also passed
resolutions that the delcgutca should
propose at the forthcomlug nan-American
linancial congress in Washington
thut North Aroericuu linancial und
commercial procedure be adjusted to fit
European methods aud also approved
of an agreement making for uniformity
of procedure in North and South
America i . j
Do Your Christmas Shopping Early
Liberty Bonds
Bought, Sold and Quoted
Call, Plione or Write Liberty Bond Departmfint
West & Cd.
J417 CHESTNUT STREET
Bell, Spruce 2S0 JJw York Btw-kTiehanM Key tt one, Haca 2300
TMldlob titoclt Exclitnt-a
VT Alwfcra lift ori lln4 ll ut Ulgb lta4a lloco
I'
awl
J.
rv
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