ih . I i EVE2TC3STG PUBLIC LEDGER-PHILADELPHIA, THURSDAY, JANUARY !, 1020 16 ?r.E. .Pf. MIA V if n -m i IW. & yr TKt. UiT.'.i. SVr 'M H . v;. - GOSSIP OF THE STREET 1 ft) 919 A YEAR OF PROBLEMS L FOR THE FINANCIAL WORLD Summary of Fluctuations in Stocks on New York Exchange During 1919 f ."1" i, apse of the Highly Inflated Speculative Bubble Saved Country From a Serious Reckoning Hl- --,Vm?ETEEN NINETEEN will go ,? ? d&wn in tho nnnitlj of the financial World as the problem year. Never in ' th history of the country have so manv complicated problems cropped up with mtqh nlarmlnc multiplicity as during the twelve months period just closing problems solution of which have taxeil the minds of the nation's brainiest spe cialists In finance, industry, labor and" pther economic and social questions. Some were adjusted entirely satisfac torily with order brought out of condi- , tlons little short of chaotic. Others, possibly more intricate, arc still in process of solution, with every promise of the irritating wrinkles being soon ' 'Ironed out, so that the outlook for a complete realignment of financial ma- , chinery in the new year may be said to he encouraging. Becnusc of these ever multiplying problems the average banker. bt-ine min, and investor will have reasons never to forect 1!U9. Most everybody concerned has been living under a high tension, for the twelve months period was conspicuous'- in.ivked bv active speculation not only in securities and commodities, but in n'most every ftfrui of value. All were but a natural out prowth of the effects of the great European war as regards finance, in dustry and commerce, i Shlftim; Foreign Situation Constants r.hifting chanses in the forei"n situation made the task of res toration much more difficult, as t his was ever a source of mi'ett'cment. htlu, In point of foreien trade, we held the supremncv n'ready attained because the world-wide scarcitv brought increasing rather than decreasing demands for our products, enough indeed, to much more Adams Express Advance Rumely Advance. Rumely pf . . . . Ajax Rubber Alaska Gold Mines... . Alaska-Juneau All's-Chalmers Am Aerie Chem Am Banknote Am Beet Sugar Am Bosch Magneto Am Bosch Magneto rts. Am Can n Am Can pf 107 Am Car & Foundry 113 Am Car & Foundry pf 11!) Am Cotton Oil 67V4 Am Drug Syndicate 14 Am Express 103 m Hide & Leather 43 m Hide & Leather pf 143 High . (14 . 64 . IS .113 . 4 V, . 3V4 . 81 .118 . S3 .loiy, .143 . o money-losing'constltuency more than a passing thought. Greatest of null Markets Laying aside the motive, impulse, in fluence, condition and nnv other fac tor, the bull market of 1010 was the most stupenduous of Its character in the history of Wall street. It eclipsed all other previous upward swings for many reasons. Foremost of these, first was the pre-eminence given the high-priced m Ice Ifiu, lneustriai stocKs; spconn me numicr,,,m international Corp 132 Am Linseed 80 I Am Linseed pf 08-V, I Am Locomotive 117 . . . 109'Vi loo ,..63 ,.. 47 ... 80 . . . 100i ... 94 ...141 ...00 ...47 of ronspcutive mil'ion shnre markets : third, the lmmene public following and lastly in the large number of stocks dealt in. There is no telling how long the speculative orc.v mieht have kept up had it not been for the money market ; at ' i'usi, nir mi- riitlilill MCJI l.ll,-l ,i., Hit; V deral Reserve Board to correct the serious credit inflation which was rap i!lv becoming hnzardous. This action, it is only fair to state, did not come without warning. On the contrary on more than one ocension many weeks before the speculative bub ble collapsed, it forced the member banks to curtail loans to Wall streec orrowcrs and to fortify the bank po sition. It onlv rcouired a few hours by the board after visiting Wall street early Am Woolen in November to conclude that the un-i Am Woolen pf bridled speculation was endangering the Am Writing Taper pf whole financial situation, and a serious ! Am Zinc L & Smelt money panic was inevitable if the load I Am Zinc L & Smelt pf was not lightened. Anaconda Copper The board, however, five months be- Ann Arbor fore had queried the Federal Reserve i Ann Arbor pf banks nbout the use that was being made , Assets Reallzat'on . of rredits based upon rediscounts grant- Associated Dry Goods. . . . . . fd by them and the banks were openly i Associated Dry Goods 1st r - warned not to provide funds to support Associated Pry Goods 2d pf 0U -.. .. -!-: !.!.. i- : ' Associated Oil 1- Am Locomotive pf Am Malt & Grain Am Ship & Commerce Am Smelt & Ref Am Smelt & Ref pf Am Smelt & Ref Sec A Am Snuff Am Snuff pf Am Steel Foundry Am Steel Foundry uf Am Sugar Ref 148 111 Am Sugar Ref pf Am Sumatra Tobacco Am Tel & Cable Am Tel & Tel Am Tobacco Am Tobacco pf new Am Tobacco Sec .noyt . fl87 . 29 . 03 . 77Ts . 12 . 24 . 0 . .1 82 an unreasoning speculation in securi ties. When the Bubblo Uuist When the speculative debauch was runuius iu full force, however, comnar- than off'et what had been tosi in uiu- ativoly few were iu the humor of pay munition and war supplies. Tn this connection it is interesting tn nrt tlmt the National City Bank mof New York estimates that the exports Fof manufactures from this country iu f 1019 more than tripled thoe of the 4-. opening year Of the vnr, or at the rn e 7--i irfiwi nnn ,lnv Much of this expansion is represented by values, but t the compilation illustrates quite forci bly Europe's post-war difficulties in re trieving her own standard of manufac turing enterprises through a year of suspension of hostilities. Coming down to the stock exchange operations for the year, it is a question whether those interested were ever se riously concerned regarding the mul tiplying problems, or even considered , the economic side. Exoerience has re- pentedly shown that all great market ". swings are governed invariab.v from a sentimental viewpoint. Impulse is in control rather than fundamental or underlying conditions. At least tins neems applicable to the wild speculative orgy which ran rampant throughout the Wth and breadth of the land during the greater part of 1010. ; Wild Speculative Mania The manv consecutive mil'ion -share markets between April and December alone tell the story of the widespread speculative mania. When the move- - ment was at its height the whole coun- " trjf "was speculating, ana me mow, ex change during the great upward swing was forced to dec'are a series of ho i days so as to enable the clerical forces of the b-okerage offices to keep up with their orders. TJnlikc the wide market movements In the previous years of the European war period the outburst of speculative enthusiasm in 1010 is associated with totally different connections. The big bull market of 1015. commonly known as the "War Brides" market, was !- xrJ - tojcheo on uy me iiauj.ijuu - . ', i4'; of the 'country's largest industries from fe l! Pea" a war rroduclni; basis. The '?' SI ". o,,iiv -rinlpnt bu movement of 101G , hid its inception in the prospect and . realization of huge war profits by the same industries. The demoralizing downward swing of 1017 was influenced entirely bv the transition of the country from a peace to a war basis, as well as the effort to help the government finance the war. Burdensome war tax ation and government financing were the controlling influences of the sub dued market of 1018. By some observers the impetus for the unbridled bullish enthusiasm of 1010 was derived from the belief in a wide extension of the country's prosperity following the ratification of the peace treaty and return of the world ut large to peaceful pursuits. Drove Prices Up Recklessly This may have been an incentive and PMBlbly the nucleus for the big market Bamborce, but the furious trading In oil shares, automobile stocks and all other Industrial specialties had only a flimsy foundation. It was simply and purely a case of the people having more money than brains. It was bolely the handiwork of a number of reckless pools and cliques day after day from the middle of Alt ruist to the first part of November that drove prices of the industrial specula tive issues almost to the sky line. As the loftier levels were reached the creator grew the following. As a mat i.. i t there- ha3 never been such 1 a widespread growth of the speculative jenthusiasm, for the craze for oil stocks . unprecedented. So many of the Associated Oil Atchison Topeka & Santa Fe. . . Atchison Topeka & Santa Fe pf Atlanta Birm & Atl A'lantlc Coast Line Atlantic Gulf SWISS Auto Sales iug attention to caution signals or other Baldwin Locomotive forms of warning. It was simply a Baldwin Loco'votivc pf question of getting aboard at the psy- I Baltimore & Oh'o. nlintrtnTnnl ninmnnt , A a L,innt .i. EaltilTlOri & OtllO PI. ward by the onrushing mad current. I Barnet Leather pf So when the pyrotechnics in quotations ' Barrett Co suddenly and violently collapsed on I Barrett Co pf "J .xiveiiiutT -i- i"e uuii uuuin imn.ru iu 1, : ; , -r . ,, i iieinienem .uuiuia - Not Low Last Chge. 299ft SI 18 21 43 20 60 71 11 Ofl 847 1 l IU 1"4 S'.A 30 0 17 87 90 11 33 43 2 (U 94 30 84 12.154.. 5 0 .. 12 55 74 98 100 1 84 14046 113 118 39 50 11 10 12 .. 70 90 15 13 2815 7tVi,H9 47 37 40 5 62 110 50 44 77 30 8.1 9.1 0 6R 101 40 104 3 44 42 38 26 27.. fll 09 93 97 79 801)414 101 100 2 80 82 10 33 4.1 30 91 91 1 140 28 110 113 118 0 .120 73 07 .03 50 60 . . .105 90 90 3 .314 191 277 83 .ion os on s . 73 05 72.. .102 45 182 lHVi 94 103i-f Vi 27 50 28 11 40 84 1 16 1 17 fit 58 03 80 70 6 87 02 14 High International Nickel 33 International Paper 82 International Paper pf stpd 80 International Salt '70 Iron Products Corp 05 Jewel Tea 48 Jewel Tea pf 01 Jones Bros Tea 44 Kansas City Southern 25 Kansas City Southern pf 67 Kelly Springfield Tire 104 Low 20 60 03 63 34 10 88 24 13 40 08 Kelly Springfield 8 p c pf 110 101 103 Net List Chge, 24 7 748 70 10 70 .. 40 .. lfl 13 42 37 25.. 1B 8 468 143 74 Kelsey Wheel Co i. 114 Kelsey Wheel Co pf 100 Kennecott Copper 43 Keystone Tire & Rubber 120 Lackavanna Steel Co 107 Laclede Gas of St L 83 Lake Krle & Western 14 Lake Erie & Western pf 25 Lee Rubber & Tire 40 Lehigh Valley oo 34 80 27 39 02 33 7 13 21 41 107 2 40 04 Liggett & Myers Tob 250 195 2 iviggeti Ac Myers Tob pf us Loft Ino .,.,..'. 27 Loose-Wiles Biscuit at Loofi-Wlles Biscuit 1st pf 106 Lorlllard P Tob v.. 245 Lorlllard P Tob pf us Louisville & Nashville .'....,,. 122 Mackav Coh 70 Mackny Cos pf ns Manhattan Elevated 88 Manatl Sugar 137 Manhattan Shirt 38 Martin-Parry Co 31 Maxwell Motors 61 Maxwell Motors ctfs 42 Maxwell Motors 1st pf 84 Maxwell Motors 1st pf ctfs 69 Maxwell Motors 2d pf 40 Maxwell Motors 2d pf ctfs 35 May Dept Stores 128 .104 . 89 . 15 .107 .l!2i . 20 .ISOVi .If" . . 65 . 60 18 7 57 10 6 5 61 45 72 9 75 .. 11044 8S 0 77 10 81 00 0 178 71 19 ..264 .. 32 .. 71 . . 62 . . 24 . 08 ..109 .. 10 .. 25 . . 38 . . 5R 84 12 78 50 00 70 20 1 44 .. 88 21 S3 51 01 13 4 311 16 41 14 00 14 110 4 27 .. 07 11 90 2 147 170 24 107 110 5 100 0 06 4 64 .. 48 33 132 .. 33 3 30 .. 31 2 31.. 62 11 60.. 30 11 28.. 120 67 35 Bethlehem Motors rts. . Bethlehem Steel Bethlehem Steel 7 p 0 pf Bethlehem Steel 8 P c pf Bethlehem Steel B Booth Fisheries Brooklyn Edison 1 Brooklvn Rap d Transit ' Brooklii Rap Tran ctfs deb.. 1 Brooklyn Union Gas. 1 .107 .108 .110 .112 . 25 .102 . 33 . 28 . 02 "i 11. 28 38 01 103 110 26 85 00 Mexican Petroleum Miami Copper Middle States O'l Mldvale Steel & Ord Minn & St Louis new Minn & St P & S S M 63 2 Minn & St P & S S M pf. . . . 10 .. 1 .Missouri Kansas & Texas... 4. . ! Missouri Kansas & Texas pf. M'!otirl Pacific Missouri Pacific pf Montana Power Montana Power pf 108 MuIIIns Body ss Mulllns Body pf nn .Nash Chat & St TjouIs 110 111 N'atlonal Acme Co 4? 29 Nat Aniline & Chem 75 4.1 Vat Aniline ft chem pf 91 87 Nat Biscuit Co lao 107 Nat B'scult Co pf 121 112 Nat Cloak & Suit 02 70 Nt Ck & Suit pf 108 102 102 1 Nat Conduit & Cable 24 0 9 6 '-sat Enameling & Stamping 88- 107 6.1 63 37 132 28 23 28 31 80 00 10 28 60 102 214 21 32 40 0 70 90 4 8 37 54 100 40 09 Wabash Wabash pf A Wabash pf B Wolla-Fargo Express Western Maryland Western Maryland 2d pf.... Western Union Western Paclflo western Fjjcino pi Wcstlngh0U80 Airbrake Westlnghouse E & M Wcstlpghousa E & M 1st pf. . 134 . 38 . 26 . 70 . 14 . 30 . 92 . 20 . 61 .120 . 6914 . 70 84 V 23 8 18 V 88 2 10 Vt 17 8 87 24 5 00 1 04 in 2BW 40 68 13 61 68 .. IV 20 14 82 0 IS 82 17 82 tviio-llnir & Lake Erie Wheeling & Lake Erie pf.. White Motors White Motors rights Willys-Overland . . . . Wlllyg-Overianu pt Wilson Co Wlsconslh Central Woolworth P W Worthlrtgton Pump Worthlngton Pump pf B 4 . 18 7 . 28 17 . 80 45 . '3 1 . 30 23 . 08 87 .104 08 1 4114 30 .180 120 .117 SO . 81 00 H U 1854 ! 03 lBW 3.. 20V4 3 02 4W 80 26 7 " 1 82 88 "H 7 Philadelphia Stock Summary for 1919 10 38 41 04'i, 113 33 nm : 31 17 48 3; 01 Itlth Low Alliance Ins.... 25 17 Am Stores .... 48 20 Am Ship & Com 46 20 Am Gas 74 44 Am Milling.... 13 8 Am Rwys pf... 70 50 Bald Loc pf...lll 101 Bun & susq tc. 63 47 Brill J G 63 Cambria Iron.. 41 Con Trao N J. . 62 Elect Storage.. .118 Gen Asphalt... 101 do pref 241 Gt Pt Cement.. 6 do prer Z4 Hunt&B-T... 5 do pref 9 Ins Co of N A. 36 Keyst Tel Co... 18 Lake Sup Corp. 25 Lehigh Nav ... 73 Lehigh Valley. . 60 Lehigh Val Tr. 10 Little Schuyl... 45 Mldvale 62 North Penna.. 82 Penna. R R.... 48 24V. 2 Penna salt wrg 85 HQ12. I Til K tCOl i. au fi0T I. do pref 42 13 1 ,io cum pref. 37 72 18 Phlla Elec 20 Phlla Nat Bk.,478 P R T tr ctfs. 20 Phlla Traction. 71 Phlla Gtn &. N.110 Reading 93 do 2d pref.. 39 Tonopan oeimt. 4 Tonopah Mln.. . Un Traction... Utd Gas Imp.. Un Cos N J... U S Steel Welsbach Co... War Ir & S... W J & Sshore. IVestmld Coal.. York Rwy do pref Net Last chge. 350 30.. 20.. 19 12 1 1 3 35 41 20 81 ISO 80 37 1174-78 17S UO 40 8 68 102 no 86 30 92 13 n. 4 12 4 25 42 15 03 8 100 0 48 .. 09.. 112 . 37-) S 69.. 89 . . 123 15 114 1 78 10 77 6 16 4 8 28 8 17 88 40 10 41 40 70 40 70 27 30 25 31 24 47B 23 .89 115 34' 2 1 33 60 4 41 74 107 185 I1T 54 9 40 75 0 32 a .. 22 .. 4 . . 8 7 308 12 1H 20 3 62 0 41 13 10 .. 41 .. 40 0 80 . . 40 3 75 10 20 . . 308 2.1 5 32 24 478 .. 27 1 00 11 11.1 .. 76 0 34.. 2 20(i 34 4 54 16 185 6 88 107 12 40 82 .. 8 8 35 10 73 2 8 31 .. RICHARDSON AT P. RrT. POST New Director of Operations Assumes Duties Today G. A. Richardson took up his new duties as vice president in charge of operations for the Philadelphia Rapid Transit Co. today. He has been a mem ber of the executive staff since lost April, and has been enguged in practi cal work ever since he started in the business, eighteen: years ngo, as an electrician's helper. He is thirty-seven years old and is one of the youngest street railway executives in the coun try. 'Mr. Richardson was born in Boston In 18S2. and entered the service of the Boston Elevated Railway on being grad uated from the Mechanic Arts School in Boston. He acquired a first-hand knowledge of car equipment while en gaged in repair work, and served as motorman, and also spent some time In power stations before being iransicrreu to the electrical engineering depart ment. 1919 BUILDING HERE RECORD Permits In City Exceed Flgurrs of 1918 by $49,636,080 New structures for which building permits were issued during 1010 had an estimated cost of SG.I.OSS.ToO This was an increase of $40,036,030 over the total in 1018. and was SI 5.11)2.180 greater than the total in 1016, which wns n venr of creat building activity. The last year was the biggest year in the history oE the liureau 01 auna ing Inspection. NEW YOttK, rniLADELTOIA, LONDON AND FAItlS. December Blot, lois MR JUNIUS SPENCER MOROAN JUNIOR (eon of our Mr. MorranV Mn ELLIOT COWDIN DACON (son of ouj former partner, Mr. Robert Itseon)! MH OEORflE WHITNEY (nephew of our tn. mer partner, Mr, Edward P. Whitney), are this day admitted as partnara In our flrnu In New York. Philadelphia, London and Paris. J. P. MORGAN & CO.. New Tork. DREXEL & CO., Philadelphia. MORGAN. GRENTEIA & CO.. London, MORGAN, IIARJES & CO., Parle. 35 72 7 30 Annual Elections THE rOITRTH STREET NATIONAL IUNK Thllnrflnhla. December 30. 1910. The Annua' KlPCtlin inr Directors will be held at me. DanKinE ijoubc un lutMujiwMi narr 13, 1920, between the hours ot 12 m. and 1 P. m. R CUARK Ca8ntr- thin air I'rom November 12 until the latter part of December the h-avifst liquidat ing inovemeut of the war period pre vailed, with two days in which the fansn'-tious upproaehed the 3,000.000 shsre mark. Under this increasing weight of pressura prices were forced down as ranidlv. if not faster, than they had injudiciously been boosted prior to an- tirmvn Shoe 112 plying the brakes. Not only were a'l the , Bruns Term 13,1 adiances wiped out. but in many in-lnuffalo R & Pitt? fi0 stances quotations were swept dovn toiuuffalo & Susq ctfs 78 thn lmvpsf. lpvol nf the vear. with manv ruhib Tiros 180 of the high-grade investment issues ap- Burns Bris pf 1.1.1Jt X?n n.'rtnnMM'T iiinip IpvMs. ' Tin, t .ali-lc ... '""ji 10 For a time there was grave danger Butte Copper & Zinc 17 of the reversal movement reaching as Butter & Superior 3774 mniplpee rvtrpmes ns that of the in-IPnddo Cent O & R 54 A llation campaign. With the flood of ' California Pack 85 enforced liquidation there accompanied I California Pet extensive t-hort selling. Inconsequence, California Pet pf. .. by the mldd'e of December., the market , Calumet & Arizona, reached what is technically designated Canada Southern .. 60 81 80 48 131 20 111 3 1X, 31 . .. 04 33 05 lOlIC, 112 7 113 00Vi 2 12 VB 4-10 87 .. 12 4-1 7.. 52 30 106 38 7 194 SO .. 78.. 117 S3 110 .. 23 8 3 20 0 20.. 85 37 43 21 730 07 0 471 11 85 10 5 42 97 50 08 117 New York Air Brake 145 Nat Lead Co 04 -sat JLeaa Co pf 112 Nat R R 2d pf 14 I Nevada Con Copper 21 1 New Orleans & Texas so I New York Central 83 New York Ch' & St L, 33 New York Dock 70 New York Dock pf 75 IN Y N H & II 40 New York Ont & West 24 iSorfolK Southern 20 45 80 38 01 114 13 5 10 10 47 20 64 B0 42 '71. n 1in?1 "". .1.. Hcnouy "JSXlzii iras, insa Ing her. as an ovcrsom condition, cnorts 10 reduce thee overextended bear com mitments brought a violent rebound. Bv ieaon of its artmciai structure the recovery movement was not sustained and was followed By Canadian Pacific Case J I pf . . . rpntr.il Fdv nf. Cpntral Leather 116 long, Central Leather pf ' the erro cie rasco customarv backins ntid hlline process , Certalnteed Prod Vx usually witnessed durins adjustment Chandler Motors 'J' sptrabcriev?i briDSiDS the raarket t0 BtoS?trS;:::::::::::::: ?.'' stab.clevel. Chi & E 111 eq tr ctfs pf 17 Serious Trouble Averted chi & Qt West ls In light of what has happened since Chi &. Gt West pf . 30 the compulsory checkin2 of the wild, CM Mill & St Paul.. 62 -.-..." Is1" -.. f tho Sr.M.- ovpnnnirp f"hl Mill & St Paul pf 70 specumm : ". b . "' "" ". ,v-".r"VJ , 7 " vn,,hWPKrn 10: 170 120 132 17 101 01 09 6 74 27 40 10 30 100 4O 104 109 6 31 50-r10 30 88 20 04 102 4 13 28 06 23 10 44 5 10 0 05 66 47 77 46 35"', 43 8 5 128 31 40 100 70 59 29 i it is annarPut to every uiiuiuitu uuuv.ni . w.,... - air-minded person that the enforced' Chi & Northwestern pf s.l heav" Hquidation followins the bursting Chi Pneumatic Tool U3 of the speculative bubble saved the Ch R I & Pacific . . . . ... . . . . . . . . . VI n rmtnti mnrp spriniis . v-m n i k e.w... ,- - -- - country from reckoning later on. Thanks to the Federal Reserve sys tern the unsettiemcnr, ana punictiy wu rh R T & Pacific 7 P C Pf 84 Chi St P M & Omaha 82 Chile Copper sVi 56 31 58 60 73 01 63 75 80 ta '8 QmziM'r i 3. tp 5 ' nroperties made good as to finally at- tract nauou-iwuc ouj.-w . ., . W It "was only necessary to have sus picion of oil possessing to start any Ktnck a humming. It wa the tame with tK5 ftlie automobile stocks and their acces- V sories. So it was along mrougn me en iriii mi. ....i., i-hlnn Conner o! eXngem pulatoVs and did not: neve C c" ft St Louis 54 atoootenV case, prior jts C.Pody Co. ............ .103 e!s wn ch 'nroc eded in the even tenor Col Fuel & Iron r I vS iffected by tbc disturbaucCo!o I sSYsVpf: The sooner the average investor gets that fact impressed firmly upon his mind that much clearer will become his vision and the better his understanding of the real conditions underlying the general situation. , .... Wall street s present uncomfortable position is of its own doing. Collapsing of the stock market was not influenced because ot any adverse change in the general situation or impending catas trophe that would be likely to seriously affect the country's unchecked pros neritv. but because a wild speculative movement was inflated beyond all sense of reason. The Credit Inflation The all-absorbing closing chapter of Uje year's financial history was found in the monetary conditions, ihe 1-, 15 18 120 and 23 per cent call money rates and the 8 and 9 per cent rates for thirty and sixty days money are monu ments of the inflated credit situation. It must be borne in mind, however, that much of the credit inflation was due to ...i finnnpinz caused by the war. "C'"'"C,"WJ" "V.u" T7,lrnl Tjo.prvp jieinuei u".. -- -,:,--- uj Durham iicBiery .uiiib 7a "th system miring ''"'"" ',10 "Curhim Hosiery Mills pf 100 100 100 under rediscounts with the Federal Ke- Klkhorn Coal Corp 43 ss 20 . Columbia G & Elec Columbia Graphophonc Columbia Granhophone pf. Comp Tab Record Consolidated Cigar Consolidated Cigar pf Consolidated Gas 100 Con Interstate cai aim -a Consolidated Textile 37 Consolidated Textllo rts 1 Continental Can 103 Continental Candy 15 Pnrn Products Ref 09 Corn Products Ref pf 100 102 Oil 51 3 3 7 21 34 48 85 110 08 22 55 08 08 16 32 31 31 10 48 30 50 01 37 M 78 70 5 30 65 10 40 134 30 55 1 30 27 32 12 40 56 30 38 101 16 03 42 45 85 00 24 75 12 50 100 'V- '. JV- .VT tire industrial list. The railroad shares ... r,pcripptpH heeause the people were uncertain about the status of the in dustry and could not tell vhat provi sion tho government would make for the solvency of these great properties. Public's First Taste The question often was asked what A e& .'. W.n 'Tjt M41 ucd 'S.1 ,nt jig Bo-called public in the stock ttoutilS&jf during the flotation of the Liberty and airoughont the country who had never iaade such investments bought these eovernment iicupuca uu sui, iu wi taste. There is not a question of doubt but that the unprecedented public sup port of the big bull raarket of 1010 M the direct result of getting 17. 000.000 big and little investors of the country- to subscribe for the five war loaus put out by the United States. It is readily recognized that Wall street and its business secured an ad Tertlstment, practically free, of its wares it could never have paid for or even accomplished after tbo hardest tflnd of a campaigning. In alone petting one out of every u, n tit eniintrv's population to see (eWHMJ! ,wknt a ntcuritv Investment looked like I . 'it ereatly ptrenjthen the country's bond (W X!lW. reonle turn their eyes toward Wall Becoj SA. u"'-!!?? and it allurements, who perhaps jmani Hn t r riw iv that bmj moner-aWli.a iv?u Cripple Creek Cent zu Crex Carpet 79 Crucible Steel Co 281 Crucible Steel Co pf 103 Cuban Am Sugar 410 Cuban Cane Sugar so Cuban Cane Sugat pt 87 I Deere & Co pf 103 -Delaware & Hudson 116 Del Lack & Western 217 I Denver & Rio Grande 15 I Denver & Rio Grande pf 21 Dome Mines 16 Duluth S S & Atl 0 Duluth S S & Atl pf 11 Durham Hosiery Mills 01 """' .------. . . serve uanKs. ium vuc uj Rv.... ment war obligations to the extent of v?l.r,00?000.000 or 52,000,000.000 while all other bills did not exceed $2d0,000,- 's an official of one of the large western banking institutions in diagnos ing the credit situation says: "The ulti mate hope for a speedy return to more normal conditions depends on the ca pability of our people to produce more and save more, and thus gradually ab sorb the outstanding war obligations. The Federal Reserve Board can only assist such a movement; it cannot by its own power produce sudden and com plete change. Our country is possessed of enormous resources in all directions, and our people showed during the war that in the times of crisis they are able to make all sacrifices asked of them. It is not to be doubted we shall pass safely through the present crisis. There is en need of despairing and becoming im patient. The experience ot the Napo leonic wars and our own Civil War shows that it takes a long time for na tions to overcome the effects of great wars. The war through which we have just passed has been a ko much greater ci.taclysm than any other that has pre ceded it that we must not expect a com plete return to normal for several years," While 1020 has been left tbo heir loom of the solution of vexing problems from 1019, still the new year opens from a broad-gauge point of view with an outlook far more promising, far more indicative of happier and brighter things than the dawn of 1010. It is nlso significant that some of the shrewdest judges of industrial conditions take a JppMpHIv optimistic view of the future. Recozuizeu nnanciai exinris 100 arc inimoua in opinion mat me worst our worries we behind lis. 1 10 13 83 0 23 10 8 14 6 87.. 10 26 10 38 131t-38 91 105 12 30 43.. 33 35 . 15 18 12 163 188 10 08 100 . . 47 73 25 97 100 1 00 03.. 144 171 21 207 Emerson Brantlng 4 27 27.. Emerson Brantlng pf lot 88 01 .. Endlcott Johnson 150 80 "141.. Endlcott Jomuon pf 100 101 103.. Erie -V JS Erie 1st pf 33 Erie 2d pref . 23 Famous Players-Lasky 123 Federal Mln & Smelt 23 Federal Mln & Smelt pf 48 Fisher Body Corp 131 Fisher Body Corp pf J10 Flsk Rubber 53 Freeport Texas 64 Gaston W Wlemore 58 General Chemical Co 203 General Chemical Co pf 108 General Cigar 05 General Cigar pf 106 General Cigar Deb pf 101 Gpneral Electric 170 General Motors 406 118 339 General Motors Deb 91 82 si General Motors pf. 95 83 Goodrich B F 93 66 Goodrich B F pf 108 102 Grandly Consol M & S 80 47 Gray & Davis 53 46 Great Northern pf 100 75 Great Northern Ore ctfs 2 31 Greene Cananea Copper 47 32 Gulf Mobile & North 12 7 Gulf Mobile & North pf . . . .. 40 30 Gulf States Steel 89 40 Hartman Corp 100 54 Haskell & Barker' Car 71 40 Homesuke Mlntns J00 00 Illinois Central 104 86 Inspiration Con Coppr 68 48 'nterboro Con Corp 9 3 interboro Con Corp pf 31 10 Int Aerl Corp 37 10 Int Agrl Corp pf 91 48 nt Harvester Co new 149 110 Int Harvester Co new pt 120 111 113 3 nt Mer Marin 07 21 40 20 Int Mer Marino pf., .... 0t 109 2 Norfolk & Western 112 Norfolk & Western pf 76 North Amer Co 67 Northern Pacific -90 Nova Scotia S & C 97 Ohio Gas 61 Ohio Fuel Supply 55 Oklahoma Prod & Ref 13 Ontario Mining 11 Otis Elevator 14fl Otis Steel 39 Owens Bottling Machine 74 Pabst Brewing pf 100 Pacific Development 80 Paclftc Gas & Electric 75 Pacific Mall 42 Paclflo Tel & Tel S0 Pan-Amer Petroleum & L 140 Pan-Amer Petroleum & L rts 3 Pan-Amer Petroleum Class B 103 Par'sh & Bingham 47 Pennsylvania R R 48 Penn Seaboard Steel 38 Peoples Gas Chicago 67 Pere Marquette 81 ' Pere Marquette pf 64 s Pere Marquette prior pf 70 7.. Philadelphia Co 43 22 2 Plerce-Arrow HO 37 1 Plerce-Arrow pf Ill 53 19 pierce Oil 28 80 8 pierce Oil pf 105 117 14 Pitts C C & St Louis 72 103 . . Pitts Coal of Pa 74 20 1 pifts coal of Pa pf 98 50 7 puts steel pf 99 60 10 Pitts & West Va 44 67 10 Pitts & West Va pf 84 10 1 Pond Creek 31 38 5 Pressed Steel Car 100 52 17 Pressed Steel Car pf 106 00 103 30 Pullman Co 132 110 37 40i 3 Punta Alegre Sugar 98 61 42 6 Railway Steel Springs 107 22 1 Railway Steel Springs pf 112 49 Rav Cons Copper 21 04 21 Reading 93 01 .. Reading 1st pf 38 01.. Reading 2d pf 39 55 18 Remington Typewriter 105 62 .. Remington Typewriter 1st pf 103 78.. Replonle Steel 53 81 15 Republic Motortruck 51 18.. Republic Iron & Steel 145 31 .. Republic Iron & Steel rtH 2 .. Republic Iron & Steel pf 100 100 8R 10 Royal Dutch N Y 121 81 12.. St Joseph Lead 17 12 85 37 St Louis & San Francisco 27 10 109 8 St Louis & San Francisco pf 37 20 5.. St Louis & Southwest. 23 11 50 .. St Louis & Southwest lf 37 22 52 217 160 Savage Arms 04 53 1 974 Saxon Motors : 20 0 150 402 252 Seaboard Air Line 12 0 0 52 23 Seaboard Air Line pf 23 12 07 83 S Sears-Roebuck 230 168 230 33 im'hi ivY4-r snatiucK Arizona copper 10 01 930 Shell Trans & Trading 81 172 190 10 Sinclair Oil 69 3 0 2 Sloss-Shefflelrt I & Steel 80 13 7 South Porto Rica Sugar 257 13 1 Southern Pacific us Southrn Railway 33 Southern Railway pf (.. 72 Southern Railway M &. O Corp 50 Standard Milling 160 Standard Milling pf 04 Stromberg Carburetor 109 Studebaker Corp ll Studebaker Corp pf 101 btutz Motor 144 43 llfl 80 super or steel 54 32 Tennessee Cop & Client 17 9 Texas Co .'.345 188 Texas Co rights 70 58 Texas & Pacific 70 27 Third Avenue R R .' 25 11 Tobacco Products 115 72 Tobacco Products pf 120 08 Tol St L & W ctfs of dep 13 5 Tol St L & W pf ctfs of dep 25 lo Transcontinental Oil 03 35 Transue & Williams 74 37 Twin City Rapid Transit. . , 60 30 Underwood Typewriter 107 115 Union Bag & Paper 100 75 Union Oil 45 84 82 14 100 4 4 4 15 2 40 16 60 5 27 13 47 21 60 14 "(tn fll, 16 3 11 7 97 10 00 7 54 9 72 20 47-i- 3 60 6 0.. 0 1 138.. 37.. 63 13 100 .. 78.. 58 10 38 38 10 00 104 35 .. 02 102.. 42 44 . 40 4 32.. 34 14Vi Sl 18 52 6 6010 39 8 7036 106 4 19 3 93 ,. 54 3 02 15 01 0 02 1 2HK-. n 70 4 20 .. 101 39 101.. 11 4 05.. 08 22 100 21 1 76 6 33 4 34 2 80.. 101.. 50 .. 33.. 3 7 1812 1919 THE PENNSYLVANIA COMPANY for Insurances on Lives and Granting Annuities TRUST AND SAFE DEPOSIT COMPANY Capital and Surplus - $7,000,000 Member Federal Reserve System DKOAD STREET OFFICE Chestnt and Juniper Streets 517 Chestnut Street Philadelphia Y1H 5.00 5.75 5.75 6.25 We have for sale: Penna. Co. 4s, 1952 Gleve. Eleo. 6s, (939 Erie Ltg. 5s, 1967 West Pcnn. Rwy. 5s, 1931 Empire Gas & Fuel 6s, 1325 6.50 i aiutuioii on Kequett Garstairs & Go. Memhrr Philadelphia and New York fitock Exchanres 1419 Walnut Street 71 Broadway. N. Y. LIBERTY BONDS All Issues Bought and Sold $50 $100 $500 $1000 Graham, Parsons ScCo, 435 Chestnut Street Philadelphia West Pcnn Power 5 Year G Conv. Deb. 96 & Int., yielding 7 PAUL & CO. Membtra Thlln. Slock Exchange 1621 CHESTNUT STREET Fidelity Trust Company Member Federal Reserve System Capital $5,000,000 Surplus $16,000,000 Dnnntown Odlro; Ilro.irl Ktrwt (Met: S'5-331 Cht-itnut St. X. E. Cor. nf ! S rn'irth St nrnml ChrMnnt LIBERTY BONDS Bought, Sold and Quoted (all, Phone or Write Liberty Bond Department West & Cd. 1417 CHESTNUT STREET Bell. Svruce 250 New Tork Stock Exchanss We Always lime on Hand u List ot Mich Grade Bonds Correspondence Invited Keystone, Race S900 NATIONALTAXAUDITBUREAU Tax Experts and I'nhllo Aeeuuntanls Have Removed Their Offices to 708 Real Estate Trust Building Walnut 3386 Race 008 Lawrence E. Brown & Co. CERTIFIED PUBLIC ACCOUNTANTS 101S KEAI, ESTATE TRUST ULUO. Inebtlicuti nd adjust imrtuertimp mid corporation aicountf.. Also prepare U. S. t rme Tax Heturna. FINANCIAL 8V4 104 10 13 33 33 68 90 Vi 40 44 V4 71V4 1 1 i. 48 10 5 01 4tt 8 03 10!) 0 iaiyt zayt 14.. 18 B'4 22 2, 13 0 23 14 VI 17 1594 8 0 1 14 S 10 74 4 132 H 1 80.. 13 0'A 73 23 2)5 . . BlVa 102 1 20 22 7 S3Ts fiflVi 11 no so . . 124 140 85 80 30 70 415 100 02 09 20 S8 7 Messrs. W. H. Newbold's Son &. Co. 511 CHESTNUT STREET TAKE PLEASURE IN ANNOUNCING THAT Mr. Richard E. Norton HAS THIS DAY BEEN ADMITTED AS A GENERAL PARTNER IN THEIR FIRM Members Philadelphia N. Y, Stock Exohange January 1st, 1920 Phlla. Stock Exchango Philadelphia. Pa., January 1, 1020 WE AJiE PLEASED TO AXNOl'XCI! TIIAT FRANK D. IIBVHURN EDWARD EVANS GUY P. 13II1LB and MORRIS E. NEELEY all of whom have been associated with ui tor many years, havo th i day been admit ted as partners In our firm HORACE T. rOTTS A CO.. 310-18-20 N. 3d street. Founded 1819 Philadelphia Pa., January 1. 1920. Tho undersigned have this day formed a opartnershlp under the firm name of lloroM T. Totts ft Co.. to continue the business ol buy.n?. BelHn? and dealing: In Iron and steel, hlch has heretofore been carried on under the said firm name at 310-18-20 N, 3d street, , -hla aurcement to contlnuo until December 11. 1020 I Horace T. Poltn Charl Wm. Potts , Walter W Cook Frank D Heyburn ttarrleon I. Potts Edard Evans I nomas u. rous iiuy r. hidio Hnroc" Miles Pott Morris 15 N'eley II T pnTT.1 ft CO. 310 N 3d ttreet . 80 81 102 s: e 24 26 48.. 77 17 S8W 7 36 8 7 30 3 0 18H 09 4S 62 17 73 .. 86 10 00U 23 S 1 12 6 18 8 81 J3 131 16 48 13 10 3 220 41 00 43 4113 12 1 02 102 2 H 6 23 13 38.. 0 28 30 4 188 66 01 16 .138 119 124 s Union Pacific union Fa cmc pt 74 A3 novi 44 United Alloys Steel 88 37 82 Wyi United Drus Co 178 00 141 so United Drug' Co Ut pf 85 80 82 United Fruit Co 218 187 108 sj United Rwy Invest 18 7 11 3 United Rwy Invest pf 34 13 20 U United ReUdl Stores 119 80 83 .. V S Cast Iron Pipe & Fdy 38 14 23 8 U S Cast Iron Pipe & Fdy pf 74 47 sj 9 U S express '. 82 16 30 13 U S Food Products 91 40 78 . . U S Industrial Alcohol 167 87 112 10 U S Realty & Improve ."..... 60 17 42 26 U S Rubber 139 73 136 J6 U S Rubber 1st pf 118 109 114 4 U S Smelt & K ft M 77 43 78 20 U S Smelt & R & M pf 80 48 47 U S Steel 118 88 106 n U S Steel pt 117 111 118 h Utah Copper 97 68 76 2 Utah Securities Corp 21 8 10 2 Va-Caro Chemical 02 57 67 10 Va-Caro Chemical pf 115 110 113 Va Iron Coal & Coke 82 81 87 30 Vanadium Corpor ................ 63 61 68.. Messrs. E. W. Clark &. Co. TAKE PLEASURE IN ANNOUNCING THAT Mr. George L. Estabrook AND MR. Edward w. Clark, 3rd HAVE THIS DAY BEEN ADMITTED TO PARTNERSHIP IN THEIR FIRM Philadelphia, January lit, 1920. CHUNKY SALBS CORPORATION , Notice Is hereby Blven that, by a resol tton of the Hoard of Directors of tw Cheney Sales Comorntlon, action will H taken at the resular annual mectlnir of thi rompany. to be held on March 1, 19i0. l ? o'clock p. m., at tlr nff1c of the company. 1105 Chestnut et., Philadelphia, upon thi approv I or disapproval of a proposed In; crease In the capital Rtork of aald compan) from J25.000 to 200,00n. RUSSELL SPRUANCE. Secretary. II. EDGAR BARNES. Solicitor. 'i SIR. ROUERT C. CLAV HAS DEO admitted tn an Interest In our buslnl from this date. THOMAS ROBERTS CO. Philadelphia January 1, 1920, PARTNERSHIPS WE BEG TO ANNOUNCE THAT MB. RICHARD E. NORTON generil n.rtn.r In mir firm. XV. has this day been admitted as narmer in our nrm. II. NEH'UOLD'S SON CO. 611 Chestnut street Philadelphia. Fa. January 1. 1020 K3t. ANNOUNCEMENT ,. e13 Mr. Charles O. Ores has this d its d nairniB In frm nrm OreKtr. The business will ,M withdrawn M.r.a and continued under the same name bv Mr Hobert W. Meves and Mr. TranK w .ue. ROUERT XV. MEVE'S, CHARLES O. OREOO, FRANK W. MEVE3. 110 N. Front st Philadelphia. Decern!! 31, mm, , (3?fl KURTZ DR04., Dankfrs and Droktf, lt 1421 Chestnut street'. Phllad.lpbU. announce that William Fulton ICiirts. V this dav retired from their firm. The busi ness will be continued under the aboie arm name bv the remaining partners. HENRY K. KURTZ. WILFRED H CUNNINGHAM. HENRY K. KURTZ. JR.. W. WESLEY KURTZ, FJ"N 'JANUARY 1. 10SO. WIIAIllO W3 Slnkler will retire from the firm ol Slnkler Brothers The understated will " use ""' the flrn tlnun a renenl hanklnff and brokerage bust ness at tne above address name of Slnkler & nrock a S g We are plessed to announce that H . MR. WILLIAM W. BATTLES a end g ! MR. W I.N THROPH. BATTLES L3 have been admitted at general partners h BATTLES & CO. 1 j Investment Bankers W 1 independence square, east I I January 1st, 1020 fllpMilEiSWKipii I 8 DEAS SINKLEK. HENRY G. BROCK. 370 Bullitt Building, Jan. 1, 1"?0. - SI1VE ANNOUNCE WITH Ht""' Its? that Mr. Clinrlea H. Cheston h J tired from our firm as of this date. " J. Kent Wlllinr and Mr. Spencer D. WrlM Jr.. have been slven nfcrt l g, i 109 S. !") It. December 31. 1919. ; r3S MESSRS. LAWRENCE JOII.NSON 13- ( announce the withdrawal ol )' Morris W. Johnson. The i business l continued hy Laurence J. Morris. Roue J .", Johnson. Jr.. Lawrence Johnson. Jr.. the same style. ,,. Phllnlphl T)emlir 31. 1010. i'cbimr. TIIILIP S. MULLED WW have an from this day. Interest in our builn"' tittnuKa a. I?IY T.TTTt. lBit7 Walnut l IrisWlTU PLEASURE WB ANNOCNCjj ffc that on January 1, 10S0. Mr. AlfrJ E. Norrls. of rhllsdelnlils, becomes " partner In our Arm. Parrlih & Co . meraMn New TorW Stock Exchanss. PMUds'PW Rtocle isxcnauirei ioin " '?!""! Phils, i ill Brjodvvay. camcen, ji. Broadwsy. N. T.S i'1 ll J. 1.11' 19 bth ave., N. Tt lunmill Si CO. rVsiT ISWlTH l'LEASDRr" TIIATWJ Hf announce the admission lnt " K of Mr. CUsrJes 8. Oodnlclc as a senersl P" P,r It. P. BACHMAN A CO. Established 1H? ,vi rhlWelnhls. Jsn. i, 1J0.T Nw TotkV v 1 , ..L -J i j y ii" Mftiufsztt-J - IU !. if. 'TV LeJ a t? : ., sti, il..., saM- !ubiHEi. 'V " t . . to in imiTMhVfc
Significant historical Pennsylvania newspapers