.(
v
EVENING PUBLIC LEDGER-PHILADELPHIA, MONDAy, DECEMBER h ' 1919.
u
I'll .
R
i
IS-'
9
.! -
to&tug&WNEWS OF FINANCIAL WORLD NEW YORK AND PHILADELPHIA STOCK QUOTATIONS,
Phila. 6c Sub. G. & E. 5s, I960 ...z.rrr r;r-1 T ,,.;"? .T. '. .
JbUL,lJL 1JK1UU MU VEMtimS
WERE CONSIDERABLY MIXED
Counties Ga, & Eicc 5s. MARKET VERY IRREGULAR
msKi im '"' AND HIGHLY PROFESSIONAL
WcsfPcnnP. 5s. 1946
Am. Stores & Acme Tea Stocks
Standard G. 6c E. Stocks 6c Bonds
MCwit&.
NEW YORK STOCK EXCHANGE TRANSACTIONS
locust BI94 Land Title BlJg. Hn4U
Vet' York Ttl Cnnnl 1(14(1
Members Philadelphia Slock V.tchmxot
Republic Oil
& Refinitig Co.
Dividend No. 7
Tho Hoard of Directors hae declared n
aitra dUldend of lift, pas able December 10
to all stockholders of record December 1.
IMP.
JAMES A. JONES, Jr., President
N'nvmbfr 2rt. 1010,
riN.ciAi.
Loan
. Tb accorrlnnro rflth . resolution ntinn.M
uommon rouncii or tn city or jtuji.
tfetphla, on Thursday, Novpmbflr 0, 1I19
a mu authorizing- th creation or a
ny loans In lh mm of fifteen million
000,000) tiollara Is hereby published (or pub
lic information.
WILLIAM II. FKI.TON,
Chief Clark,
AN ORDINANCE
T authorize ih creation of n, loan r inni
tn the sum of fifteen million (l.VOOO.oOO'
aouam. Deinir tho unissui ronton or
Free Covering of Shorts Counterbalanced by Liberal Liquida
tion Sharp Break in Delaivare and Hudson
Sew Vorli. Doc. I. Trading in to- tout accentuated by unofficial reports
day's Mock market continued of the tl'M tlic president in ,,'l "pssnn '"
, . , , , , , , ,,, Onngrrss tomorrow would tnkc n strong
Mime lualily professional color with ;"& in ,10 railroad situation. While
lirlce movements mixed nnd cxtreincl.i tlirMO shares came in for more nttcn
Irregular. Free cohering of shorts dnr- tj0n, the wider gains were scored in
ins kip ini-eimon imported tin appear- ,in n(iu,trni speeulnttve issurs.
The covering movement, However.
wnR general and extended to nl parts
of the list n the day progressed, but
the artificial character of the movement
was plainly stamped on nil transac
tions. At the same time It was recog
nlzed that with the uplifting of prices'
the technical position of the market
was correspondingly weaKc iiru.
The market showed n halting tcndcnc.i i
.(.. ...,iui nilrciinir thn mental con-
fusion of the trading contingent. Aside
from Anaconda Topper, which gained
mice of strength to the general Hit and
further substantial recoveries were
made from the extreme low level estab
lished last week.
It was technical rather than outside
conditions which Influenced the retreat
of the short interests. As a matter of
fact, news over the week-end was con
flicting, nnd Impending events. Includ
ing the convening of Congress, all tended
to promote further caution and dampen
speculative enthusiasm. There wns little
that could be regarded as encouraging
in either the .Mexican or the coal-strike i "'"" ,".'",,,. , Crucible Steel,
sltnoi!,,,, nr tl. ontinncl Kiirmieun almost J points, ami rVmP .PA ', '
At the same time careful analysis in
,Kit,.t fti.il Hi.i .iiiiillilit.iii,i nf till, i
,.,,., ...... .... .......... .- , ,.w...
nioliej market was far from restored. Shorts in (icnrrni .Motors mm
While Saturday's bank statement was ' eible were driven in before the end or
better tliini expected, it did not indicate ! the first hour when the former rose
nnj npprcciaiiio casing in immciimie my, points nun tne inner i vj i ivc ,
money rates. 'I he Imnrovement in re- Annnrent scarcity of several
Dlr,
Sal tn i
200
1300
200
1300
1700
l?0O
700
800
700
too
.1100
1.100
4190
too
1300
too
1600
1300
.1000
900
700
oo
Axlums Kxiirrs
Advancn Humely ... 3
6 Advance Ilumely pt .. 70ft
0 Ajnx llubbcr 8tK
Alakn flold Mines .. 2
. Alaska. Juneau (J M ,. 3H
. .Allls-Chnlmers Mfg .. 41
8 Am'Agrle Chom ...,,, 02
.1 Am-Hnnk Note UJ4
3 Am Hank N'nto pf ... 483
8 Am licet Sugar .... 9054,
8 Am Hosch Magneto . .121U
Am Can .. , olUt
Htsh ixiw
3214 .12 H
7 Am Can pf
12 Am Car & Kndry . . ,
7 Am Car & Kcly pf . . .
' 4 Am Cotton O.l . . . .
80 Am Druggist Syn . . .
Am Hldo & leather
7 Am Hldo & Lentil pt.
Am tco
e Am lco uf
600 4.80 Am Internnt Corp . ,
Jyjn llnnnclnl problem.
1 where a ft-polnt los was immediately
. ! recovered, clinnges In the initial
ttnnsiietions were limited to iraciions.
of the
jon in the sum of forty-two million four serve position of the Clearing House in- ; standard rails nnd industrials, notably
nonjred nnd titty thuuni1 wen hundred .!...... ,..., ...... .1,. ,i,, r.,..n,.-,M .. . ,,!, , i- u ,oi ...hlnl, I
-sven (42.450.797) dollars pro. -uuiimii-. Vc ihmii, ,uu- t i m biih rncinc ami i. . "'(
br n Ordinance approved th borrowings at the edernl Ileservc Hank .... , ., tlieir dividends, prompt
.Vm;'n,,,a'rV,,o1,,neVi,.d8rra!nanc. to the extent of about $71 .000.000 Vl.oi- short covering.
nd ninety-seven (42.450.797) dollar
viaea ror
Sfifh rtav
vrinv supplementary to me sniu uruiiwiito , , ., L , , , . ,!....
t Juna 29, iota, the ald fifteen mll'lon through the member banks discounting
iS'i'." bf. ""3 'nw'rd ',,.';tl"np bills secured b. governnient bonds to a
fnd construct on of the main bulldlmr ot , " . .,, , r, , ,. ,
ihe Free Llhrarv of rhllndetphlRi to par total of .iJ.Si.S.OdO, and ItNo (INcount
damacea for tho heretofore auihorlied :., (.ommercinl imner of about S18,-
ed fur-
epenlnc. widening and chntn of grade
i atreets, conatructlnn or aeweri
orainmnu ot parhs
ing
4H.00O.
toward the remova
This mokes the stronger cash
less fnvnr-
rks And other rurpo'es: position of the banks much less fa
aSoUdX'Tcd'.Mon able than the statement indicated.
: for property, erection The ratio of reserve on nveragi
BOUfh PhltadAlnhl
I and nm.Mil fne nmrrtv
and construction of sewiis- dl?poal plante
nd aewerare eyatem of Frankford creek
Motors as a group, also oils, equip
ments, shippings, copper and sugnrs
were substantially higher, with Amer
ican Woolen and Industrial Alcohol.
The weakness of Delaware and Hud
son was one of the few offsetting fea
tures, thnt stock declining W-t points.
Altliougn can money opened in i n-i
ge for
l.n tirnl.-n Iiiffln1.nl lAll(1.fll Itf.seiVO
..rr.U"? Tlr'J" X.,ZnV'Til.V.Z i.;..t. ,i,,,i,.7i n,n mnrv .M,t n Cut. m nmlnst Inst week's final rate
r lunniu Ilia HVMUiai iiiui nt, iiufr( t iiiiii.-s liiiiiiiiiwiiv hi- ......... ... ...,.-..., --r,-- , , 1111
and Improvement of the "nrkway: tn par . .. i..,,, rcooril nf .(,-., ", tier cent, of It, the market became heavy and dull
atrnwftKJatoSihW',A0,l.b,'! Gainst 10.!. ner cent last week. 47.1 I at midday. (General Motors, l'lerce At-
Mnatructlon of main sewers: construction ., .,,,. ti.(, ,)n.vc)us week and 40. S row, rucible Steel, Mexican I etroleuni
of main seweri In Venango, niiler and r .,.'.', , ,.,! f ,i Tcvns Co. reacted .1 to 10 points..
,.-,. I,". I.".. ...tl... V... .... - -,..--. ... ,, ",
Packer streets! construction of branch per ( cut, the pr
ewerai rnntftirtlAn nt hrlilea! irrnHlnff
treeta; Improvement of rpnntry roads
ravin Intersections; improvement of the
Boulevard: for the further Improvem-nr
5 tho South Urond Street Hou'evard.
Plaia, League Island Park and Govern.
Tnent avenue: toward the erection of a
Convention Halt: toward acquisition ot
lend, erection nnd construction and equip
ment of the Philadelphia General Ho-it.ltal
and Nuraes' Home, nnd other building
Under the supervision of the Department
of Publlo Health and Onarltles: toward
ln erection of nn Art Mutim.
section 1. The Select and Comma i Cnun
Jtla.of the City of Philadelphia do ordln.
That the Mayor. City HoJicltor pfd rity
controller, or ntiy two ut them, be and thty
re hereby authorized to borrow at such
timea and In such proportions ss In thlr
Jndrment the best Interests of the City rt-
Siand, from the htjtheb bidder or bidders.
y advertisement, nt t-t less than par, on
thy faith and credit ot the City ot Phila
delphia, a sum or atms which In tho ajrure
Jate stiall not eyceed fifteen million (ln.
000,000) dollars, being the unissued pn-tlni
f a loan of fo. t-two million four hundred
and fifty thousand seven hundred and
ninety-seven (42,400,787) dollars provided
for by an Ordinance approved the Iflth day
f June, IMG, this Ordinance supplementing
the said Ordinance of Jnn 2H, 1M6: the said
fifteen million (IS. 000, OHO) dollars tn be ex
pended art provided for In the second Buctton
of this Ordinance.
Sec 2. The mor.y raised hy the Imn o
loans authorized by the first a--tloi of lhl
Ordinance shall be ujed for th fnllnwlnff
rarposea. to wit: Toward the erection ant
jonstructlon of the mnln building of the
JTI
three weeks ngo
I! reason of the largely over ex -tended
short interest these adverse fae
tirx were ignored or treated with in
dllference Tim uneasiness of the tin-
u if lilt hear nccouut was in iiir -a
HE3HEB3i3EZKi;
other lenders, including rails, losing
1 to 2.
Rallies of 2 to 0 points among motor,
oil. rubber and leather issues in the firm I
hour accompanied a (lion in call loans
to ti per cent.
MARKET MERELY ' GAINS AND LOSSES
DIVIDED ON CURB
TRADERS' AFFAIR
Nearly Everything Bad on tho I Some Groups Under Pressure,
Horizon Has Been Dis- ' Others Reflect Absorption j
counted I at Advances
re LI bra rv nf PhllnHflnhln. twn m (11 Inn
four hundred and fifty thouiand (2.4IS0.O00I
SHORT INTEREST, LARGE) GENERAL ASPHALT STEADIER
dollars: to Day for damages fsr the here-
tofore authorized op-nlng, w denlng and
chancing of grade of streets, construction of
aewera. condemnation of vromrty for parks
and other purposes, thirty-four thousand (34.
000) dollars; toward tne removal nf grade
crossings tn South Philadelphia, aa per con
tract dated March 23. 1014. vn million
New Vorli. Dec. I. The New York
Evening Sun's closing financial review
today s;ivs :
Today's stock market wns n trader's
totrard acquisition of property; "erection '. I ll,""r ,n wm('n """ ";"".'""
construction of sewage dlsposnl plants and vnrvinir degrees of animation impnrted
ewerage system ot Krankford creek area, i , . . , . ,. .
one million four hundred and ihlrtv.eleht n r,t.reil ininp.nr.nnce to the lirtCC list.
tfhm.anl (1 Jflfl OOO, .IU... .n.n. .S I r,n ' .
pouiina .,iaD,uuvj anuars; inwara tne ' , , , ,, . . .. ,,
-aeunlsltlnn of and -payment for property The dominant note wns Unit ot strength.
but it wnN perfectly obvious that the
source nf strength wns to ue lounu in
the very large short interest of recent
weeks' accumulation which hns, in
truth, become so extensive that those
on that side nf the market are begin
ning to manifest some uneasiness as to
tlieir position.
Another wave of liquidation would
solve tho problem for many who, it
may be opined, have been passing some
wakeful nights, but at the moment it is
not readily discernible whence the im
pulse for further liquidation on a large
scale would come.
Nearly everything on the horizon has
tslien and tmnrnvemetit of tha Parltwav.
.fifteen thousand 15,000) dollars: to pay for
property nereioiore lasen ann to De taken
for Kalrmount and other porks, seventy
four thousand (74,000) dnllnrs; construction
f msln sewers, four hundred thousand
(400,000) dollars! construction of main
sewers In lUgler and Parker streets, four
hundred thousand (400.000) dollars, and In
Venango street, forty thousand (40.000) dol
lars! construction of branim sewers, thirty
thousand (30,000) dollars: construction of
bridges, five hundred thousand (1100,000) dol
Jsra: grading streets, twenty-four thnusind
(24,000) dollars; Improvement of country
roads, alxty-seven thousand (07,000) dollars:
paving Intersections, twenty-elsht thousand
128,000) dollars; Improvement of the fol-
I owing branches of tho Iloulevarcl: Bensalem,
lolme and Poquesslng avenuea, one hundred
and atstv thousand (ICO.000) dollars: for th
further Improvement of the South Uroad
Street Boulevard, Plaza. League Island Park
Vnrf flnvernment avenue, five hundred and
" . -".i--" "i ,-nA ...,..- . -..: -. -. : . ...... . .,
twenty tnousana io.u.ijuuj anuara: toward been prcttv well discounted, even tne
the construction of r Convention lian. sup- ,,..'.. ,,.. ,.f ,.inB, ,..:.!,
menting money oorrnwea unuer an uroi- """".' ................. ... .- . . --
New Ynrlt. Dec. 1 . The trading on
the ltrond Street Curb showed an ir
regular tone, with some groups of stocks
under pressure nt material declines,
while others reflected absorption at ad
vances, chiefly by inside interests.
(icuernl Asphalt wns steadier than
nt the end of lust week, a fair amount
of business being transacted at prices
ranging from 1IH to IDT- i lie re wns
large trading again in General Motors
I new), which sold nt ."..'(Vj to H4.
s,im nf the recent nromotions were
pressed on the market, I.oew selling ut ,
HO to 2Sy4 nnd Loft nt 22 to 21.
SiniriiK rptrolcnm whs notivp and
strung, ranging from "0 to 51. Houston
Oil was another strong fpaturo, mov-
lite un from l.fi to i.i. Internntionni k
IVf-roVum sold nt 51. r
ImUnii Tacking wu .ipnv., with1
snlos at 17j to 10VS. American To
bacco Securities fnl(. nt fil to fiO. Sub
marine Hont so'd at 10. Carib Syndicate
sold at l.i ,to -
iNDt'STRIALS
Hlffh
timntlnr moner
Anf BDDroveJ June ID. 11)11. twenty thmi.
nnd (20,000) dollars; toward the acquisition
of land, erection, construction and equip
ment of the Philadelphia General Hospital,'
Nurses Home and the "ther bulidlncs unrir
the supervision and direction of the De-
'panmeni 01 ruunc ikmih mm inariiien.
two nunarea tnousana iuu.utiu aoiiars
ward tne erection 01 nn An uusoum,
to-
oa
Miiiinn (1.000.000) dollars.
S tai.a.. AF K& .nM Id.. . .. 1
Ceu IH.CI vi.a ma dbiu ius ti h x. a. mil
Rot exceedlne four atia one-nair (4H) per
ditys :,.. ...!,! l i timl ii An v in t w t fn
it the month, of January' and July, at tF,. I41", ,1" "" "u" '
centum per annum anau do paia Dy the cit
"r Philadelphia half yearly, on the first day
Mexico over the Jenkins case. The
Intest note dispatched by the secretary
of state was not regarded as exactly
in the nature of nn ultimatum. It was
rather an argument that the man in
his capacity as Cnited States consular
agent was entitled to relcjtse without
bail and doubtless will be seen in that
light by the Mexican (lovernment when
herein mentioned la Payable In thirty production, although output is still for
rnfdnn?V.tthoenreSL'.daanhatrBthp'.yD.rb?. , below normal. The opening of the new
l.m4. lha flasnl atzvneir nt thn lMti a I TnnltifV
Philadelphia. Certificates of the said loan I At nv rnP the shorts discovered that
:.aVhlW..nd,,f,niaUyalr,,q0iI?. Tn 'S? aTmTo! .the ,s'n"r.1versy was not one which could
lane hundred (100) dollars and Its multiples n(, utilized verv satisfactorily as a bear
&2S!fft8!l&iS&vnt. There was improvement I... coal
loan tnerein
vears aftet '
in lawful money of the United Htnta. fr ' ctii.-ni.u wna n morp fnrmnlliv. nsi the
,rs?o.al4.U Whenever any loan shall b. houses' udjourned after orgindzing to
created by virtue of this Ordinance, there la. await the Presidents message tomor
&&Vt .fx'de'-naVrCo SSP'c.'nttS I '. , which, of course will be nntlci
m i the par value of uch certificate, so pate.l with the keenest interest on nu-
.Kat.do0.uPcahy itffi! wln-VhtfJye's.0 "'.",S. "T'. l"5r. ,T"i"!y,."Lln"t Inli0
mere is iiercujf .UHU.U7 wpprupnai.a la Ul. Ol tilt III "t.t wmi ..,,..... ,v -
sjommissioners 01 ine aniKing 4' una, out or
the taxes so collected, a sum sufficient to
pay lue inieresi nn saiu loan, aiao ine prin
cipal thereof, within thirty veara and as
the same becomes payable. The appropria
tion for the Interest to be paid semiannually,
tind fnr the filnklng Fund quarterly to the
ejald Commie. loners.
Acme Coal ....
Aetna I'xploslves
Amer Marconi .
Amer Tnbacror Sec
Amal Tiro Stores
Amer Safety Rnznr .. ..
Ilrltlsh-Amer fhemlcal
tirltlsh-Amcr Tob coup. .
Car I.lKht
Dnfoe Kustlce
(Icneral Asphalt
171,
S
n'i
ill
ir
in.
25Vi
SVi
11
.107
Ulvldenrts
TEXCALOKAN
DM, li C.AH CO.
Omdrnds nt the rate of 1 (one) per rent
per month (TWKI.YK ler cent Irnhl.) nre
llerlnred by tins (ntnimn. The DrNt of these
illrtdenus Is payable I)ecemler 3(ith to stock
.holders of record December 1.1th, Snh.e
quent monthly dUldends of 1 (one) per cent
'are pnynble the 30th of enrh month tn
Mterknnldera of record the tntli of Unit
month.
An rxtrn stock dlihleml of 1 (four) ner
rnt la declared, pilulile January 30, 111211,
to atockholders of record J.inuarv ., 10'jo,
V. I.. SAWYKH. Trens.
Independence. Knns,
It was, in' short, another waiting ses
sion. Opening prices were imiicercuuy
changed. In the first half-hour there
wns considerable buying, which wns
only mildly tempered by the more or
less lonttinioiis senilis i chiuuhbu
losses for the federnl tax returns.
This selling began earlier this year
than last, and has, in consequence, been
more evenlv distributed. The result, so
fnr today's market was concerned,
wits light offerings nnd narrow trnd
ing. There was a return to easier
innncv conditions, ns wns readily fore
cost when the week closed, the renewal
rate for call loans having been 7 per
cent, with later nccominodatiou nt (1
per rent-
nn. ....... rh.mtf.at n1
Hupp Motors la
Hondee Mfg r- )
Indian Packing Ji"
Uw8 Inc 2U
l-oft Inc 22
Mercer Motors JJ
Malliohm Motors 1811
North Amer Piper 4
Packard M Pfd !JH
Root Valdervort BJ
fnows Tountalns ll?s
Submarine Iloat 1"
U S Stenmhlp 8Jt
fnlted rtetall Candv 14.
United Profit Sharing .... 2J4
United Picture Prod . . . Wi
Vanadium Steel j;1).
Warren Pros 8
Wayne Coal 47
STANnAltn Oil. RTOPKS
Amrlo-Amer Oil 30Vi jlOVi
Ohio OH 87 ""7
PtiiSd oil of calif ao; 30ft
Standard Oil of Indlnna . .7M , 74B
Stand Oil of N 3 710 15
SlanH Oil of N T 42S 420
1NDKPKSWKNT OII.H
Alll.nr. iOVl iU
Allied OH
Amal noyaity
.VrllpT ou
Uarnrlt Oil O-is
lloone Oil
Ilostpn jicxico
Low
1
no
15
174
S',l
2i
3V4
11
104
'llti
13'J
2S'l
21
34
13'i
3
2SW
53
11.
in
,5"
2S
12 'A
r.i
05
414
CeTtimbia Graphophone Manufacturing Co
rilKfKllltriu UlVllJI'.ill no, 7.
' A, Quarterly Dividend (No. 7) of One and
pfThTee-quarters (1) Per Cent has ten
declared upon the Preferred Capital Stock of
the Columbia Graphophone Manufacturing
Company, payable January 2d, 1020, to
'Stockholders of record nt the close of busl- l
,esa December 10th, lull). Transfer Hooks
will not be closed.
C. W. WODDROP. Treasurer.
Wambla Graphophone Manufacturing Co. I
COMMON DIVIDEND NO. 7. I
A Quarterly Dividend (No. 7) of Twenty-1
five cents (25c) In cash and One-twentieth j
11-:!") of a share In Common Slock haa been
declared payable on January 2d. 1020, on
ach share of the outstanding Common
Htock of the Columbia Oraphophone Com
pany to Stockholders of record at the close!
'of business December 10th. 1010, Transfer
. IJooks will not be closed.
u. w. wuumtui'. treasurer,
. WANT 1'OIITI.ANI) C'UMKKT COMPANV
" l'mnsylvunlii Itullding
I'ldladelphla. 1'u.
. Tha Board of Directors have this day
tKovember 2th) declared a, dividend of
three and one-half per cent 3) on the
Preferred atock of the Company, payable
January 2d, 1020, to stockholders of record
at the close of businesa December 15th. 1010.
The stock transfer books will he closed from
December 10th. 1010, Jo January 2d. 1020.
both dates Inclusive. Checks will be mailed.
w V. J. J1C.OBNS. Treasurer.
Philadelphia Stocks
,r,i I,
l:onttm Wyoming
uraios on . .
1
SH
J
SS
2V,
45
42
e-.
7J?
4
3"
. Hi
.185
. 34
an
nr.rs
t
42
30 V
20
(Kl 1
2Vf,
H.I.. In IKINDS
tliiui) High Ixiw
2-r. City -Is ,'47 47
4 Kl & X'eo
Tr4s ... 0.1
10 Ft AVayne
& Wall 5s :tl
1 I,eh Val (Is. 100
1 I.eh V C fis 110'..
teKWB!ST Treasurer. V.l. lM.lla V.w
-. 3 -"- n.
.tnTVKRrilfir JSl "S ... iWl:
THB K.OUITAMI.K ll.l.UMINATINM flAH
JL1GHT COMPANY W PIIIIaXHEM-HIA
Philadelphia November 24. 101D.
Th Directors hay thl; day declared a
aemlannual dlvlrleml of tlire (3) per cent
,'M.0O a hare) on the Preferred Stock, pay
able Decsmher 13. 1010, to tockholders of
record at the clone of business 12 o'clock
Ims T Saturday. Dvcember 0. 1910. Checks
VIU b ma.lert.
Net
High Low Close chge.
24!. Am Sirs. 42 41 41 ..
105 Rle Stnr.140 lltfl 13(1 -f-li
280 Ius Co nt
No Am. 3d
llir. I.k S Cor IMHi
477 Leh Nov. 3Vi
27 Leh Vul. 42
100 I.eh V Tr
t.ref ... 20 20 20 2
.".0 Nor Cent 70 70 70
2211 l'n It It. 42U 41 41 4
15 Pa Salt. 7!t'i 7UV4 7I)'1 V
45 I'liila Co-
cum pf . 32 32 32 . .
.120 Phil Elee 24 21 24!)i
1225 P 11 T te2(l 20 20-f.
00 I'll Tract 02 02 02 . .
2115 Ton ltd. 2J', 2J1 2U -f
110 Ton Min. 24 '4h 2j H
115 Un Trac. 37 37 37 ..
1800 l'n Ons Im 54 511 5,t
10 ti' H Htl.101 101 101
Total Bales H17H shares, compared with
OflUll shares Saturday,
rees ituij -.f --.-f
ia Refining ,, 6J?
tnh Oil ,ft ,,Yf
Trnnsport TRJ4 77' J
0
!'..'V?.'':"l"4-V:.'-i. :: I .( n.,1, u r.u r.7
lrca WK HKfl Til APi.Mll 1 I nai Jill, - . w " . .,:
t3pT AKiHUiis HTUART PATTKltsoN h.s, 4 Head gen 4s Kl
v fugfennnFr i'r ,h'"mi, .
iri My ' "irrr. "'"i:r v; .i-iriVJV:. - i
liflrttttr Mk " Tn .v W V- rimuen ei i
r a,-
' -J -aJS Kw MeKADOEN BRO.
1 Head Ter 5s 1)0
47
03
31
100
00
01
57
mi 71
00
Close
47
Net
chge.
1
at
31 ..
100 ..
1)0
l'urknett Van Cleave .
Carib Syn
Commonwealth
t osuen fit l-o
Elk Uauln Pet
rederal Oil
Olenrock Oil
Gurtey Ulllesple
Houston Oil
Inter retroleum
Island Oil
Magma
Merrltl Oil .,
t .i.nP.nllinn Patrn11im
M..-.ut Tiadnlni ...... aluU
Omar OH ?
Pennok Oil J7W
Producer & Refiners 11
Panger OU M
WsnOII...... Sfr
sat urees i-rou -."f
bapulpi
Henuoy
rjk.ll I1,.,, n onnr.
e.'n :.,,"' .,fu.
Kelly uu .;z
imms i-eiruiuiii
Texas Ranger
Trlnuv "il
Victoria Oil new
White Oil
MINING
A'-.kn-nr Col
Atlanta
Helrher Divide ;;
llelcher Divide Ext 3H
Booth 5
Boston u Montana
Caledenlan Mining
Canada Copper
Candelarla Mln
Crescent McNamara . .
Eureka Croesus
411 Mining
Cold Kewana
Ooldfteld Merger . . .
(loldfleld Sliver Pick...
Ilecla Mining
Knox Divide
I.oulslana Co
MacNamara ,
Marsh Mining
Ntplsslng
Onondago ,-
Rochester Mines
Rope Group
San Toy . . ......
Tonopah Belmont . . .
Tonopah Cash JkV. .
Tonopah Divide
Tonopah Ext ,-
Tonopan Jim ituiier.
1
H
8',l
Sll
S2
45
IHi
Dj.
4j!
30
146
54
US
H
20S4
3V.
150
',
12
10S
5V.
w
OV.
novi,
15
"-ft
u
10HJ4
3
47
1714
30
21V4
34
lJVi
W
53
11?.
55H
65
4T4
aoy,
367
aofl
755
705
425
18'1
n
1
H
8S
art
Hb
20
2Vi
45
I1'4
J
100
3.100
9800
9300
100
:I300
1.100
100
too
200
200
1100
100
5100
3(10
1700
700
1200
8400
600
200
200
3200
COO
too
1200
3100
too
too
too
28SIW
4000
100
ton
.100
1300
23000
ton
2200
2850
.Tjon
500
500
300
1000
3700
100
2200
tooo
900
600
200
too
2900
500
300
2200
too
1390
500
200
1300
2500
4000
3700
100
100
3100
150
400
4000
3800
100
son
3900
r.no
3700
1200
10200
too
100
. 200
1000
200
1700
200
300
92)0
2 100
8100
200
22)0
700
4300
2900
400
1600
100
3 Am I.lnseed
0 Am Locomotive
.100
.134
.110
. 62
. "
. 30ft
.121
. 42K
. 07
.108
. 07
921-i
4 Am Smelt & Uef ....
7 Am Smelt & Uef pt. .
7 Am .Sugar Uef
10 Am Sumatra Tonne .
7 Am Sumatra Tob '.pf
3 Am Steel Foundries .
7 Am Steel Kdrlcs pf. .
Am Tel & Cable
8 Am Tel & Tel
20 Am Tobacco
7 Am Woolen . ....
7 Am Woolen pf
. . Am Writing Taper pf
Am Zlna Lend & Km.
Am Zinc I, & S pf . .,. .
4 Annconaa Copper . . .
Asso Dry floods
Assets Realization .
6 Associated Ol
C Atch on & Santa Ke.
5 Atch Top & S V pf.
Atlanta H'rm & Alt. .
Atlanta Const Lino
7
in au auif & w 1 s S..1BSK2
5 Atl ouir & w 1 s s nf. 'o
Auto Sales (' tent otfs. 10
3 Auto S C tern ctfs pf. 30
Haiti win ia,ci) 10? !
Haltlmoro & Ohio . . . 3
4 Haltlmoro & Ohio pf . . 44,4
8 Hnrrelt 1,s
Halopllns Mining .... I Vi
Hctlileliem oMtnrs . . . 33ft
." Bethlehem Steel H ... Otft
8 Hcthlchcm Ktl 8 pf.113?.
Booth Fisheries 1314
.. Hltlyn Rapid Transit. . 15ft
Uklyn H Tctfs of dop. lift
Bklyn Union Ons rts. . 51
Hruns Term & 11 U . . 7ft
10 Hums Bros 120
.50 Hutte Copper & Zinc. . 9H
. Hutto & Sup Cop 20
. Butterlck Co 25
. Oriddo Central O & It. 23ft
4 California. Packing ... 75
.. California Petroleum . 42ft
7 California Tetrol pf . ?
1 Calumet & Arizona . . 61V4
1 Case .T I Thresh M pf. 09
IOCnnadlan Pacific ....138J'
5 Central Leather 93ft
7 Central Leather pt ..108
Cerro do Pasco Cop . . 64 ft
Certnln-tced Prod ... 54
Chandler Motors ....116
Chesapeake & Ohio . . 5'i
Chicago fit Western . 8'
Chi Ot Western pt . . st
Cht 'Mil & St Paul ... 38
. Chi Mil & St Paul pf. 64
7 Chi & Northwestern . 90
8 Chi & Northwest pt .117 ft
6 Chi Pneumatic Tool ..103
.. Chi Uock Isl & Pac 2JJ4
(1 Chi U I & Pnc G pf . 0
7 Chi II I & Tac T pf . ?3ft
Chile Copper 11'2
3 Chino Copper 34ft
Cie Cln Chi & St li pf .
6 cluett Pcdbody S5H
Coca-Cola Mft
3 Colorado Fuel & Iron. 40ft
. Colo & Southern 39
4 Columb Oaa & Klec . 021.
1 Col Graphophone .... G9ft
7 Col Oraphophone pf . . 93
4 Comp-Tab Record ... 81 'A
7 Con Clgnr pf B0
7 Consolidated Oas , S
7 Continental Can 88
. Continental Candy ... 12ft
Con Interstate Cal M. 16ft
Consolidated Textlo . . 32Kb
.. Corn Products Ref .. 80 ft
7 Corn Products Ret pf. 100ft
12 Crucible Steel 202ft
7 Crucible Steel pf 100
. . Cuba Cane Sugar .... 40
7 Cuba Cano Sugar pt . 84
9 Delaware & Hudson .100
. . Denver & Rio G pt . . 13'.
Pome Mines 13ft
3 Klk Horn oCal 35 Vi
7 Emerson-Brantlng pf. 02 J4
155
.14
1511
10
12',i
ov,
3400 3.50 Endlcott-Johnson ....141
100 7 Endlcott-Johnson pf.. 105ft
.. Krie 3
.. Krlo 1st Pf
Krh. 2d pf 14
8 Famous Players-L, ... 87
2 Federal Mln & Sm pf . 25ft
7 Blsher Body pf 101
Flsk Rubber 41 'i
2 Freeport Texas 36 ft
1 Onalon Willi & Wig . 18
6 General Cigar 69
8 General Klectrlo . .
12 General Motors . . .
6 General oMtora pf . .
6 General oMtors deb. .
4 Goodrich B F
Granby Consol M & S
.. Gray & Davis
7 Great Northern pf . .
4 Ot Northern Ore ctfs
. . OreeneJJnnanea Cop
uun states oicci
TsH
it?, tilt
r.n nnu.
v. ijt i
1H itf 1W
1H IS 1
35H 35 35
2V. 3
34 30
35 35
II 0
Ud Ul IO
3H 38 38
in iv; iv;
33H 31U 31U
iti i 1H
5h itvt avt
8i XVi 3Vi
n n 0
3000
3500
300
3100
100
100
3400
900
6800
3800
1200
0100
200
1090
2300
900
200
8000
2800
500
600
100
800
000
4700
1700
2500
200
200
700
7300
2500
6800
100
3500
100
1200
100
.174
.337
. 03 ft
. 90H
. 19 ft
. 54
. 49
10
39
34 ft
0
39 ft
70
81
2
v,
40
90
4514
48
90
UH
80 ft
100
132ft
116
41
lift
29 ft
120 ft
42
64 ft
105ft
67
Oft
20
61ft
08 ft
130
81
92
39
lft
55
99ft
243ft
117
101
51
t-5
62
66 ft
53
5ft
106
84
78
7ft
00
164ft
in
IB
30
106
33
41
118
I ft
31ft
89
113
It
lift
10 ft
50 ft
6ft
117
Oft
19 ft
35
30
71
41ft
70
60
99
137ft
01 M
108
52
64
113
66
8
33 ft
36
62
88 ft
117 ft
103
24
69 ft
72 ft
16
33 ft
65
84 ft
37
40
10
in W
61ft
93
51ft
79 ft
84 ft
87 ft
12ft
10 ft
32
78
100ft
102
100
15ft
83
91 ft
12 ft
13 ft
24
92 ft
133
105 ft
13 ft
20
14
85 ft
25 ft
101
40
36
15
68 ft
Today's Net
Clone Chge,
3Jft4- ft
38 ft V4
10 - ft
81 1H
2ft
VA- M
41 ..
2 - '.
45ft- a
48 1
1
ft
ft
H
1ft
1H
90
118-
50ft
100 -132ft
116
47-
"ft ,,
29ft- n
120 ft ft
4?ft- ft
Ctft
I00ft
07
02 ft
ft
131 -87-92
-39-91
ft ,
ft
I DIV.
Sale. In . . High
2100 . . Kan City Southern . 14
. 2100 4 Kelly-Spg Tiro .. ..!
200 .. Kelsey Wheel 89 ft
1200 "4 Kennecott v Copper . . . 28ft
3300 1J.20 Keystone Tiro & Rub. 40
3200 o T.ncknwannn, Steel . . . 83ft
300 Lnko Krlo A West ... 8
100 . . I.co Rubber & Tiro . . 34
2100 3.0ft Lehigh Valley ., 42 J4
1200 12 Liggett & Myers Tob .200 . .
too 7 Liggett & Myers pf.U2
300 Loose-Wiles Biscuit . . 10ft
190 .. Loose-Wllcs H 2d pf.100
300 j Lorlllard P Tobacco .174
800 7 Louisville & Nashville, 110
300 1.16 Manhattan Shirt .... 30
' 400 7 Manhattan Kiev guar. 41
1300 .. Maxwell Motor 3Sft
0O .."Muxwoll Mot ctfe ., 36ft
31)0 . Mox Mot 1st pf ctfs.. 04
600 . . Maxwell Mot 1st pf
300 Maxwell Mot 2d pf
F 110 tlax Mot 2d pf ctfs, ,,
16)0 to Mexican Petroleum .
1500 3 Miami Copper ..J...
200 Minn & St L new ..
4300 1 .20 Middle States Corp
55 -
09
343ft
120
101
51 -15ft-
52 -65
ft
53 ft
6ft 1ft ,
107ft- 3
84ft ftL
78 "l V
7ft
91 - ft
108 4
70 4 I
3ft
1'. !
3ft
H
3
I ft
4400 4 Mldvalo Steel & Ord
1100 . Missouri Kan & Tex.
400 . . Mo Kan & Tex pf . .
0000 . Missouri Pnclfld
100 . Missouri Pacific pf .
6003 Mulilns Body ......
1000 a Nntlonnl Acme
3500 . Nat Anlllno & Chem.
100 1 Slit Anlllno & Ch pf .
100 1 Nntlonnl Biscuit . . .
100 i National Biscuit pf .
100 7 Nntlonnl Cloak nf . . .
600 Nat Conduit & Cable. 11
600 6 .Vat Knnm & Stamp. . 76ft
1000 5 National Lead 81 ft
' 500 Nat It R ot Mex 2d pf . 5
(100 1 .60 Nevada Con Copper . . 15ft
1100 New Or Tex & Mex.. 44
11700 10 New York Air Urako.114
C6ft
31
30
193
33 ft
J3,
85ft
40ft
10 ft'
13
25
41ft
44
30
85
'80 ft
115
114
03
tlO
- ,i
1
I
ft
1ft
1ft
1ft
ft
ft
1
3
1
I ft
106 ft 1ft
33 ft
44 - I
118
I ft .
32ft I
no
112 - Vi
11ft-
14 ft-
I0ft
81 -
0ft-
120 -
9ft
20 -
25
20 ft-
75
42 ft 1ft
16-1
r,o I- 1ft
99
138ft
02 ft
108
53 ft
61 112ft
56
8
32 ft
30 -83-
88ft- 2ft
117ft- ft
103
25
no -
73ft
17 -33
ft
05 81ft-37-40
-19-63ft
-51
ft -79
ft
85 87 ft
13 ft
16 ft
32 ft
107ft 100
45ft
84
91ft-12ft-13ft-
14
5500 B New York Central
300 2.50 New York Dock
1ft
1
ft
I
5000
1400
200
8no
5700
900
0500
7100
600
100
7no
1700
200
mo
20000
V300
300
I 1900
1 2700
3000
too
3300
100
2200
31000
, 100
8100
100
1300
200
2260
1)00
1290
1600
.1000
400
51(10
10300
7300
1500
(100
New York N IP& II .
t New York Ont ft Vf .
Norfolk & Southern .
H!s
48 ft
28 ft
17
12
00ft
81
75
4114
Oft
9
131)
!4
ft
ft
ft
H
ft
3
V
ft
ft
A
ft
3ft
ft
V4
9ft
A
.
S4
3
ft
2yS
4ft
3ft
ft
1J4
5 Hartman Corp 89 ft
4 Haskell & Barker Car, 56ft
7 Illinois Central 01
6 Inspiration Con Cop. . 18ft
. . Interbor Con Corp -3
.. Inter Con Corp pf ... 12 Ks
. . Int Agricul Corp 20ft
8 Int Agricul Corp pf . . 82ft
6 Int Harvester 120ft
. . Int Mer Marine 47
6 Int Mer Marine pf ...102
. . International Nickel . 32
6 Inter Nickel pf 03
, . International Paper . . 68
6 Inter Paper pf Btpd . . 10
. . Iron I'roducts Corp . . 31
7 Jewel Tea pt 6S
02ft-
130
105ft
13
20
14 -
80
25ft-
101 -
10ft
35
15 -
09 1
111, 114 3ft
324 ft 330 5ft
03ft 1ft
89 - tft
18ft- A
83ft ft
48ft ft
18- ft
39 ft
33 - t
(lift- tft
89ft ft
66
88ft- 3ft
42ft- 6
3ft- ft
lift ..
18ft- 1
82ft 2
126 ft- 2
44- 1ft
102
22 -'
93 ft
1.0ft ..
10 3
35-3
63 - 3ft
92
89
18 ft
53 ft
48ft
18
38 ft
33
CI ft
89 ft
55 ft
88 ft
42 ft
3ft
11
18 ft
82ft
125ft
14
101
22
93
65 ft
19
35
03
T Norfolk & Western
1 Northern Paclflo . ,
5 Nova Scotia S & C
4 Ohio Cities Gas . .
.00 Okla Prod & Ret .
.. 'Ontario Sliver Mling.
6 Otis Kle valor
. . Otis Steel 36ft
3 Owens Bottling Mach. 56
5 Pacific Gas & Kleo . . . 60ft
Pacific Tel & Tel ... 33
6 Pan-Amer Petrol & T.100
Pnn-Amer Pet rts ... ft
.. Parish & .Bingham 13ft
Penn Seaboard Steel. 34ft
3 Pennsylvania R R .. 42
Peoples Gas Chicago , 31ft
Peoria & Kastern .... 13
Peru Marquette 23
Pere Marriuetto pf ... 47
3 Philadelphia Co 3t
Plerce-Arrow Motor . . 18
8 Piercs-Arrow Mot pf .105
Pierce Oil 18ft
4 Pitt C C & St L 61ft
6 Pittsburgh Coal of Pa. 60
fl Pittsburgh Coal pf .. ?8ft
Pittsburgh & W "Va .. 20ft
I Pond Creek Coal ... 31
8 Pressed Steel Car .... 09ft
8 Pullman "
6 Punta. Alegre Sugar . 89 ft
8 Rallwny Steel Spring. 01 ft
3 Hay Consolidated Cop. 20
6 Republic Iron & Steel. 103
4 Heading 15ft
4 Republla Motor Corp. . 54
" . Remington Typewrit.. 81
.70 Royal Dutch N Y ....100
1 St Joseph Lead 13
St L San Francisco.. 16
. St L San Fran pf . . 20
3t I. Southwestern . . 13
.. St L Southwestern pt. 20
6 Savage Arms Corp .. 77
. .' SH'xon Motor 14ft
. . " Seaboard Air t.inti ... 8
. Seaboard Air Line pf. 15ft
8 Scars-Roebuck 215ft
7 Seara-Roebuck pf ...II?
1 Shattuck Ariz Cop ... 11
Sinclair Oil 46,
6 Sloss ShefT S & I .... 70
Southern Pacific 93
Southern Railway . . . 23
8 Southern Hallway pf. 01ft
7 Studebaker Ii4
. Studebaker rts 2ft
4 Stromberc; Carb 15
Stutz Motor 110
3 Superior Steel 13ft
Tcnn Cop & Chem-... 10ft
10 Texas Co 2?8
. Texas Co rts 60
Texas & Paclllo 40
Third Avenue 13
6 Tobacco Products .... 18 ft
7 Tobacc6 Products pf. 98
Transcontinental Oil.. 48ft
6 Transue & Wins Steel. (iOft
6 Union Bag & Paper . . 98
. . Union Oil 36
10 Union PaclHo 124ft
4 Union Paclflo pf 07
4 United Alloy Steel ... 80ft
7 United Drug 137
100 3.50 United Drug 1st pt .. 63
1300 10 United Fruit 203
1000 . . Un Ry Investment ... 8ft
000 . Un Ry Invest pf .... 20
18300 .. United Retail Stores.. 81
1100 . . C S C I P & Fdry. y20ft
2600 3 U S Food Prod 74
3400 16 U S Ind Alcohol 100
34700 8 U H Rubber 121&
300 8 U S Rubber 1st pf ..114
2400 0 U S Smelt It & M .. 73ft
100 3.50 U S Smelt II & M pf. 48
8U S Steel 103
U S Steel pf H3ft
Utah Copper 72
Utah Sea 10ft
Vn-Carollna Chem . . . 05ft
Virginia Midland . .. . 15
Va Iron Coal & Coko. . 07
WabuBh 8ft
Wabash pf A 24ft
Wabash pf B 10
Westinghouse is & ai. m
100
IBOd
100
100
400
200
600
60O
300
100
31)0
100
59500
1300
20000
2500
800
23000
6000
2300
700
300
4300
5400
000
9200
400
2300
100
37400
1500
100
4000
6900
200
1000
2()0
04500 8"
700 7
8000 0
800
1000 4
100 . .
100 t
1100
2100
1)00
4400 4
1 .00
100 4
1100 7
S2)0 4
1930
100
' 990 5
9300 1
100 7
3890
400
Kx dividend.
Western. Maryland
Western Pacific pf .
Western Union Tel ,
White 'Motor
Wheeling & I. Krie
Wheel & U Brie pf .
Wilson & Co
Willys-Overland . . .
Wlllys-Overlnnd pf
Worthlngton Pump
Wells Fargo Kxp , .
12 ft
85
t9ft
0
12
10
18
30
90
84
57
T.OW
13
127
80
21
45ft
81
1V4
33ft
42
195
112
10
109
114 ft
101ft
30
39 ft
30 ft
36 ft
04
f3ft
30 ft
30
180ft
21
13
S3 ft
49
9ft
13
33 ft
41
43
38 ft
01ft
89 ft
lis
114
103
,10ft
78
70
6ft
16
41
105
69 ft
42
28
IB ft
12
95
19 ft
12
40
9ft
9ft
130
35
55 ft
00
33
91
43ft
33
41ft
35
13
23 ft
4?'
30 ft
13
105
15 ft
67 ft
59
78 ft
25
19ft
05ft
113ft
85
03
19 ft
101
14 ft
63 ft
19
98 ft
13
16
20
13
20
78 ft
13ft
8
14
315ft
117
10
41
60
93
22 ft
59 ft
105
2ft
11
107 ft
43
0
372 ft
60 ft
38
12ft
77
98
40
CO
98
35
131
01
19
130ft
63
107 ft
8
18ft
85
30
73
91ft
116
.113
' 12 ft
48
101
113
69
10
62
15
67
?tf
2Cft
15ft
61
10
85
86 ft
06
12
10
75ft
29
00
79
SI. ft
Close Chge,
1
A
!4
ft
1
14
!4
A
2
2J4.
3
Today' Net
y
12'
80 ft 4-
28 -
40
81-
7ft-
33ft
42ft
195 -
112
70 -
1(10
I74ft 4ft
107ft- 0
30-3
39ft- ft
30 ft - ft
asti- ft
64 -
C0ft 1
30ft- 3
30 - 8ft
192 . 3
33 ft
13
8ft
49 ft
-24ft
4lft
44
30
02
S9ft
US -
114
103 -
10ft-
10 ft
8lft
5ft
15ft
4t-
101ft-
10
43 -28
ft
Strength and Heaviness Developed in Spots Excess Reserve
of Local Institutions al Low Mark
VA
14
90 ft
80ft
14
14
ft
Oft
ft
2
1ft
ft
ft
40-
9
9ft-
130 -
30
50
0ft
33 -
98 -
ft-
43ft 1ft
34
-13
-3214
41 -31
-16
105
.
59 4
1814
20 -19
ft
97 114ft
88 ft 3ft
94ft I
19 ft
101 ft
74 ft
S314 ?0'a
99J4
13ft
-13
-
20
17 1
14
8
14-
3ISft-
117
10 -4S
-70
93
'.2
Uft 1!',
107 1
2ft- ft
73 ft
107ft- 2ft
43ft 1ft
10 -
373ft
00
40
13 ft
19 98 -
41 -60ft-98
Price movements In the local market
were considerably mixed, In spots pro
nounced strength developed. In others
distinct Iienvinesti was perceptible. In
still others it was simply a rase of
innrklng time. TrndlnC retained the
same conspicuous professional coloring,
uiiiiougii m scattered parts ot the list
there was very good buying noted from
the Ro-called bargain hunter.
Much the same ns In the immediate,
preceding sessions the local contingent
took, their cue from the gyrations of the
New-York mnrket. When prices on
the big bonrd pointed upward there was
a disposition to follow' suit here on more
moderate linos. When the course was
reversed then nil the Ufe went out of tlip.
trading here.
The thrcei outstanding features of the
day m operations were the rjulok rebound
In Kleetric Storage llattery. the spirited
rally in t'nited Gnu Improvement nnd
the henvinesiijif Pennsylvania Itailrond.
U he first nnmed in the forenoon was
earned up $2.25 to 140. t'nlted (Ins
Improvement on renewed buying bv
small Investors was lifted 1 to 54, or
$2 nbove the low price touched on
Saturday.
On the other hand. Pennsvlvaniii
Railroad mnde 11 new low record for the
year at 41'... This is the lowest it, has
sold since the niemornble slump in
11)17 when the stock touched 40.
All the other "movements were with
out special feature of interest nnd an-
parently represented inrgely continued
adjustments of speculative accounts.
Philadelphia Klectric was noticeably
heavy nnd with the support withdrawn
yielded to 24. Philndelnhln Traction
and Pnipn Traction were again fed out
in moderate doses nt 02 nnd 37, the
year's low figures.
Lake Superior Corporation was
boosted up to 20 in the early denliugs,
but met fresh speculative liquidation,
causing the price to dip under 20 again.
The Tonopah shares were soft, . both
Tonopah .Mining and Tonopah Helmont
yiehling to 2 11-10, just a shade with
in the iow-wnter mnrk of the year,
American Stores made and lost 50e
between 42 and 41. Philadelphia
Rapid Transit wns a fraction higher at
2(1 Vi. Lehigh ValleyTrnnsit preferred
on a single transaction dropped $2 from
the previous sale to 20. Lehigh Naviga
tion on small dealings advanced SI to
ft (13, and Lehigh Valley wns 50c higher
2 at -";.
today furnished a most unpleasant re
minder of the stringent money mnrket
conditions. This showed n reduction 'In
the excess reserve of the member banks
of $3,570,000, leaving n surplus above,
legal requirements of only $52,000. TIiIkt
is the lowest reserve held by the local ,
Institutions since the inauguration of
the federal reserve system. .
It clearly foreshadowed further dras
tic steps to correct the inflated credit
situation, more especially, in view of
the expansion in loans nnd discounts
last week of $1,103,000. Individual
deposits increased $l,R8fJ,000, .-while
bank deposits fell off $3,404,000, the:
latter reflecting the active movement
of funds in the interior.
All of this clenrly 'spells continued
ligni money ior me nnuinrc 01 me year- v
and greatly curtailed loau accoinmodkntmn
lions.
MONEY-LENDING RATES
NEW TOKK Money on call, both
mixed collateral and all industrial col
lateral, opened today at 7 per cent or
lending and renewing.
Money brokers report thnt money can
be loaned nt. 8 per cent for sixty days
and 7 per cent for ninety days on
industrials. For thosepcriods 7 per
cent is bid on good mixed. The market
is very quiet and little pr no money In
sight.
Prime mercantile paper is moderately
active nnd unchanged at C per cent
minimum discount figure.
Hank acceptances 01 choice, quality
arc quiet at' unchanged quotations.
The call loan rate on acceptances
is uunltorcd nt 4 per cent.
1
14
3
ft
1
ft
ft
U4
'
14
'a
tft
5
114
'1
ft
ft
PHILADELPHIA Call, 0 per cent;
time, 0 per cent; commercial paper,
three to six months, 5 per cent, and
six months, 56?0 per cent.
LONDON Money is quoted at 3 per
cent. Discount rates, short bills, Q
fi?5:4 per cent; three-month bills, 51?
(itrrj'i per cent.
The weekly clearing house statement n.
BANK CLEARINGS
Hank clearings today compared with cor
responding day Inat two years: a
1019 1918 1917
Phlla. ..fS2.404.7R7 f 74,S71.14:! J7t,24S,42
Itosinn 111,,. 1, ini, .,tm,m J .i,,i.i,,u.o
Y. 111)8,251,314 347.472,554 570,240,300
35 -Bl
122 ft-
07
6014 ft
137 - 1
83
200 7
8 -I-
20 3ft
85- 1ft
2014 ft
73ft-
08 - ft
120 ft 3
114
72 - 1
48
102 ft
"3ft ft
70. - ft
10- ft
63ft ft
76
67 , ..
m- 1.
24 -
16
51- ft
12ft 1ft
65 .. .
S9ft 3ft
0021
13 ,.
19-1
?5ft ft
29
90 - ft
82ft 1ft
6 .ft
fa '' itiillStaj,-"
Capital and Surplus Increase
Capital $600,000' to $1,000,000
Surplus $800,000 to $1,200,000
Increased business has necessitated more capital and on
authorization of the Comptroller of Currency we have in
creased our capital from $600,000 to $1,000,000 and the
surplus fund from $800,000 to $1,200,000. '
Our convenient location, business-banking advice, co'mplele
banking facilities and courteousness are the reasons. Wg
invite business accounts' of individuals, firms and corpora
tions and offer accommodation to approved accounts. We
solicit your inquiry on any bankjng subject,
OI'FICEttS
Lewis It, Dick, I'res.
(i. Ilrinton Roberts, Vice res.
W. Clifford Wood,- Cn.lilrr
tV'ni. T. Tom'.inson. Ass't Cashier
Raymond R. Hosworth, Ass't Cusliler
Herbert S. White. Ass't Cashier
J. II. Mustln, Ass't Cashier
nmucToiis
9'riink I'. Croft Humbert IS. Powell
Lewis 11. Dick G. Hrlnton Roberta
lncnli S. Illusion Edgar 1), Stow
Samuel F. Houston V. LeMur Talbot
Joseph J, Mnrtln Louis M. Warner,
Hamilton Dlsston
Third National Bank
In the Center of Things
City Hall Square, West
Honda 988.900, compared with 162,
uraay.
01 ..
57 ..
80 . .
..
00
V3
,80i
Tonopah Midway
Tonopah atlninr .
Tonopah Mlzrwth
Ton Rescue Eula,
United eastern
West End Cons.
White Capa . . .
I White Capa Ext
oEM-ixitW..':
.,? -
8V4 Stt 814
16 15 IS
', H tt
63 50 no
311 3d an
12V, 12 12
aw 2 st.
24 24 24
A . ' .
R 8 R
2 -JH 2H
Ai 5Vi BW
2 A 2 A if.
2.1 23 2S
tn 10 10
a at; , stt
7 7 7
18 18 18
3 8 8T4
12 ,lft d
2 2 2
0
4 4 4
BANK LOANS INCREASED
Reserve Position the Lowest Since
Inauguration of Federal Reserve
System
The reserve position of the local in-
stltutionsfi acording to the weekly clear
ing House statement today, was mate
rially weakened last week. The state
ment showed an alarming reduet or. in
the excess reserve of $3,570,000, bring
ing the surplus above legal requirtinents
to $52,000. This is. the lowest reserve
held since the inauguration of the red
eral lleserve system, It. compared with
a surplus of $5,353,000 In the corre
sponding week last year.
Tho reserve in the Federal lleserve
Hank wns reduced $3,711,000, while nt
tho same time the liabilities were In
creased by nn expansion of $l,W(i,UO0
in individual dep.isits and expansion In
loans nnd discounts of $1,108,000. Ito
duction of $3,404.00(1 tn bnnk deposits
reflected the heavy withdrawal of funds
by the Interior banks.
' Details follow : ,
ALL MEMBERS
Mnri.oss.non ti.ios.ooo
28,047,000 1.494,(10(1
125.SJ7,(SS
Reserve required . . 4,530,1100 110,00(1
i.xcoss reserve pz.iiuu .l.ku.uuu
MEMBEnH RESERVE SYSTEM
.Reserve held $51,050.00(1 H.m.l.ono
rxcess reserve .... n'.ii.ueo j.hmj.uuu
TRUST COMPANIES NOT MEMIIERS
RESERVE SVHTEM
ncoerve hole IS.ROH.non J387,00.1
r.xress reserve .... tun, into 404.0"u
In addition to tho deposits abuve there
were this week 10. 042.000 eovernment de
twslto r.calnst which no reserve Is required.
Increase.
Leans ... . . .
Eichas. CI, House
Due frorr banks.,
llanlc deposits
Indlv. deposits . .
T.me deposits . . .
t... ...i.w t.' n n
lesal depositor c f-5i5J
Cash in vault .... J-'SSS'SOO
Total rnsrvt twld., 84,648,000
l41,T5.1.l'iA
645,0SS,non
8,071,000
ho7.onn
8,4(14,003
l.RKfl.OOO
49,000
3.711.000
80,000
8,086,009
German Bank Statement
Iterlln, via Ixinilon, Dec, I, The
statement of the Imperial Hank of Ger
many issued November 15, shows tho
following changes: Total coin and. bul
lion decrens'ed 820,000 marks; gold de
creased 1,103,000; treasury notes In
creased 0,001,000; notes of other-banks
Increased 1,230,000; hills discounted
Increased 1 ,803,570,000 j advances in
creased 1.020.000; Investments 'de
creased 1,481.000; other securities de
creased 10,003,000; notes in circulation
Increased 48,200,000 ; deposits Increased
1,047,514.000; other liabilities de
creased 104.042,000; total gold hold
ings 1,001,732,000 marks,
Cloverseed
Toledo. 0,, nee. 1 CI-OVERSEED-Prfme,
cash. JSO.SOi December, tao.OSi Jan
LONDON STOCK MARKET
Trading Brisk, With Undertone
Strong Sentiment Cheerful
Inidon, Dec, 1, Oil shures wpre
buoyunt again .on the stock exchange
todny. There was a fresh spurt in
Mexican Eagle to 15. Shell Transport
nnd Trndlng was 10.
Tho gilt-edged section moved upward,
following the distribution of 50,000,
000 In war loan interest nnd dividends
today.
Domestic railroad issues were dull and
C'nnndlotis lacked steadiness, but
Argentine rolls were purchased.
Generally, trading wns brisk with ah
undcrtoue of strength In spots and
sentiment wns cheerful.
tary, 180.40,- February, I30.R5
130.40. AiHiM.r crime cam.
180.40,- February, 30.n5i March,
AMUKK Prime, cash, 131.10, ne-
. $81,101 March, S80.M. TIMOTHr
cash, 1911, $8.45: cash. 1918. $5.45
101 in.fiV&i December, 8.nim
GOVERNMENT BONDS
nid
Tanama coupon 2s, 1930 ..,, oou
Panama registered 2s, 103(1 ., 99M
Panama coupon 2s, 1P8S .... sou
Panama registered 2s, 1038 .. l)W,
Panama coupon 9s. 1901 .... RS
Panama registered Ss, 1901 . . SS
Philippine 4s, 1931 ,.;,..,. na
Philippine 4s. 1035 ,...,,.. 92
Philippine 4s. 1930 , ,02
tt S Oov coupon 2, 1930 100
V 8 Oov registered 2s, 1930 100
V 3 Oov coupon 4, 1923 100
BAR SILVER
Commercial bar silver was "quoted in
few York today at $1,29$ nn ounce,
Ask
SI
91
90
90
Od
105
100
ff
Slffi rfTo '7o'"bctoeV!l6 flVlJ't Wfe-J' . ,5 London, 9 Pce.
March. $s,8tH April. H.8i May, $.871., was 78Hd, up d. .
Short Talks to Investors V.
Declining Bond Incomes
IN 1914 an investor whose capital was $300,000 had
this entire amount invested in underlying railroad
bonds giving him a net income of about iYi'fc, or
$13,500. He refused to-recognize or study fundamental
tendencies in the investment world and still has his
capital tied up in these bonds. Today his principal is
only $240,000 in market value and the purchasing
power of his income has been cut in half. Further
limn this, nearlv 100ft of his income is taken for war
taxes, ' ;
ANOTHER investor -whose capital was $300,000 in
1914, recognized the wisdom of employing expert
counsel in diversifying and shifting his investments in
harmony with changing conditions, and as a result his
principal sum is today entirely intact and his net in
. come is in excess of Q or about $18,500 per annum.
And his entire capital is today invested in better and ,
more promising securities than it was five years ago.
A man need not be a magician to accomplish this
result; but he must be alive, wideawake, have common
sense and be without undue prejudice. He need not
be an expert; but he must employ an expert.
WRITE to us for a further discussion of this matter,
Moody's Investors Service
JOHN MOODY, rmtinn:
35 Nassau Street
Sew York City
I
A
(,
m
4
J
... ,.(
jii 'j
U,
if'.