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IV .'
w
RAILROAD STOCKS
NEW, YORK STOCK EXCHANGE TRANSACTIONS
I. a-.- .. , , ! . I. -..I I " !! I .. I I '"
'f, I f, .M. I'll "
TRADE LACKS SNAP
Censpicuous Cloavage In Week's
Kt "' Trading Between Rail and
. fw Industrial Divisions
ft Nmr TrU. fW. 2. Thp rmovnnpr of
tt railroad shares in today's closing
Stock market furnished a fUtltic ollmax
it the remarkable forward movement In
'that group during the Inst week.
Despite the material ndvance? already
cored, the demand for both the hich
.rrado and Junior issues was more ls-
M.a it.i. FT!-- ixntiAtimnt u(na
jwiuiin llltlll Wrf a ill." iiiip i-nii-ii
the more significant becauoe of
iL . - -ft a ll. -... -kb-! -t I -l
mi prominence 01 me bfubouimi um-
ifrnA rnivaH wMnh Ttairn hid tin with
nlrlt Under tho lead of the so-called
11111 nml Harrtmnn stocks. The unwnrd
, awing, however, extended to all classes
of the rails, resulting In further ad
ancea of 1 to 3 points. There was fur
ther irregularity and reactionary oymp-
- toms in tho Industrial list nt the outset.
ft vrlth pronounced weakness in scattering
I, quarters. The formidable character.
liowevcr, of the upward movement in
the rails naturally produced Increasing
imaaaine-H nmnnir the Shorts, null 1)0"
I I... !. ...1 e . Aat I,.,,, n ttnnprnl '
AU1" uie cull Ul ini: in.Tk ,.v,.. .......,
covering movement set In, giving tne ,
trading a buoynnt and broadening ns-
Mk. AnkAn-l. on.., .nflt .tnblno U-AQ
I JJCfc. III1UUI1 ruino ,.,.. ....- ""
4 met. the higher level of prices was well
ustained up to the closing.
The outstanding feature, of the week s
market was the conspicuous line of
cleavage drawn between the railroad
and industrial divisions, the former dls
Dlavlne persistent and consistent
S strength while the latter were distinctly
weak, declining to the lowest prices of
the year. From this one conclusion only
could be drawn, and that, despite al
ia,, Most a year of falling quotations, the
" inevitable business readjustment had not
- been fully measured by the yardstick
market valuations. From a high point
., of 119.02. reached on November 3 last
-a.yr.ar, the average price of twenty active
2 Industrial stocks this week dropped to
t low level of 82.05. On the other hand.
"' the twenty active rails which fell from
a high level of 82.48. last October, to a
low level of 00.05 on May 21 of this
! year, reached an average yesterday of
82.70.
These figures not only furnish n most
- Interesting comparison, but also a strik-
fct lng commentary of the shifting of sentl-
p ment anion the market community as
regards these two classes of securities.
... There is no doubt but that the improved
i stntUH of the railroad situation, produced
by the return of the carriers to their
owners, and the more generous attitude
l t Tf.t.utntn Pnmmpri'p ('cimtllls-
l slon, put an entirely different aspect i
on the market position of all the rail-1
road securities. The possibilities of dc-1
Telopment under the provisions of the
new railroad law nre almost immeuhur
Mr. Tlipn. niraiu. It was widely rccog-1
nfted many of these Issues had Deen
t aelllng far under their intrinsic value.
On the Industrial side, while quite
a Ullterent picture is paiiiiru, u.i im
tslfs In I
ion
100
211)
70o
310
1500
S100
400
109
1700
8 10
109
400
10
1Z00
1S0O
.101
1.91
300
100
3.100
100
300
100
100
1300
1.110
109
600
1000
300
MOO
400
800
700
890
Hllh
Advance Ttumcty '
6 Advance numoly pf . .
0 AJax nubber
, Alaska Junenu Q M.. V(
Alaska Oolrt Mines,,, Vi
7 Allied Chem & Dye... '
10 Am Bosch Magneto.., 7
,. Am Can 33U
7 Am Can , "'to
1 Am Car A Fdy 39H
0 Am Drug Syn
.. Am Hide ft Leather.. 10
7 Am IJIile ft Leather pf "4
0 Am Ihternat Corp.... 7'H
Am Locomotive '8
.. Am Safety nazor 1W
.. Am Ship A Com '8
Am Smelt ft Rof 00K
S Am Steel Foundries... 30
7 Am Stwl Fdyi pf.... 8
7 Am Suirar lief 'M4
7 Am Bugar net pf....tOSV4
10 Am Sumatra Tob 88
7 Am Sumatra Tob pf . . 88
10 Am Tobacco IIS
20 Am Tobacco n 133K
7 Am Woolen 73M
.. Am Zinc Load A Smlt 11
4 Anaconda Copper 63K
.. Assets neallxatlon... 4ft
4 Asso Dry Ooods MJ4
a Atch Top A Santa F B8H
8 Atch Top ft B F pf . . . 78
7 Atlantic Coast Line... 00H
.. Atlanta Dlr ft Atlantic Ji
10 Atl Gulf ft WISS...1H
iton of the wide spread of the price-cutting
movement, w hlch is likely to extend
to almost every branch of the country
. jtwintrlu tlir fart must not be over-
18800 1.80 nalrtwln Locomotive. .1 10 H
.. Baltimore ft Ohio.... &
4 nalttmoro ft Ohio pf . . &??
8 Uarrett 33
.. Ilatopllas Mining Ji
5 Bethlehem Steel 68
0 Bethlehem Steel B.... 70
8 Bethlehem Steel 8 pflM
.. Butte ft Superior Cop. 10 i
.. Brklj-n Uapld Transit. 13J4
. . Brklyn R T Ctfs of deo 6H
.. Caddo Central O ft U lJi
0 California Packing.... 03K
10 Canadian Puclflo 120 Jfc
.. Case J I OH
B Central Leather 4ft
4 Cerro de Tasco Cop.. 40H
10 Chandler Motors 78
4 Cliesnpenke ft Ohio... T8H
. . Chi ft n III Cq T ctfs 14H
.. Chi ft E 111 of ctfs.... 16!4
.. Chicago A Qt West.. 14H
8 Chicago ft Qt West pf 334
.. Chicago Mil ft St P... 41
.. Chicago Mil ft St P pf 3ft
5 Chicago Northwestern 81
.. Chi It I ft Pac 41
6 Chi R I ft Pao 8 pf 71(4
7 Chi It I ft Pac 7 Pf 4tf
BvChl St P Minn ft O. . 7?
.. Chllo Copper 14 Vi
1.B0 Chlno Copper "!J4
.. Clev Cln Chi ft St L.. CI
8 Cluott Peabody 68
4 Coca-Cola 3214
3 Colorado Fuel ft Iron. 32 Vi
.. Colorado & Southern.. 35
4 Col .i So 1st pf S3
5 Columb Cas & Flee.. 0
1 Col Graphophone. . . . SOU
7 Consolidated Cigar.. . 73tt
7 Consolidated Gas..... 8,l4
S Con Interstate Cal M. H
1 Continental Candy.... 10K
4 Corn Products Ref . . . lH
t.BO Cosdcn A Co 37J4
8 Crucible Steel 13114
.. Cuban Cane Sugar... 3Ji
7 Cuban Cano Sugar pf. 7614
7 Cuban Amer Sugar.. 3SH
9 Delaware & Hudson.. 108
.. Denver A Rio Grande. 2J4
. Denver ft Rio O-pf... 3J4
1 Dome Mines....: IU3
.. Duluth So S ft'Atl.... 8
&-
looked that a bear movement in a stock
or group of stocks, or may it be a dl
vision, is just as likely to go too low
as a bull market is to go too high. This
is suggested, at least. In the growint,
slxe of the short Interest as a result
.of the widening nggrcsslvcness of the
bearish operations in repeated drives
against the industrial division.
Although the downward revision of
commodity and other prices of commer-
r clal products was long since rcgaided us
inevitable, yet the suddenness of the
radical change of policy resnictlng the
automobile Industry and other indus
tries gnve professional Wall Ntrcet, which
is proverbially bearish, a powerful
leverage to depress the market values
of not long ago popular industrial
issues. Assuming that the transition
will be nccompu tiled by a general low
ering of prices and possible dividend
, reductions, there is a favorable side to
, be found, In that such a revision will
r induce benefits In clearing up the mud
'' died general situation, the economic
t and fundamental side producing dccld
"V cdly constructive urguments, which
j1nhould tend to strengthen, rather than
treaken, Investment values.
In the nrst pluco It Is almost equally .
certain to hasten the progress of credit
.dcllatiou, particularly the thawing out
of the so-called froxen credits. This, i
' in turn, means u material easing up
J of 'money market conditions, with ac- ,
companying cheaper money rates,
r- thereby increasing the purchasing
,f power oi tne American uouar, vthlcn,
Xfter all, is essential to the continua
lon of the country's prosperity.
After the ear of almost uninter
rupted liquidation, checked occasion -i-
ally by technical rallies, the weaker
apeculativc superstructure of the mar
ket miiBt surely have been eliminated.
' There are good reasons for supposing it
has been accomplished. Under these
circumstances there would seem to be
little room for any great umount of
pessimism, or reasons for bearishness
on the market. On the contrary the
market outlook is brighter and safer
than it has been in oer five years.
Grading broader
in local shares
5100
700
100
100
100
1700
100
100
500
000
2J
499
309
100
400
01
500
2030
10)
109
1010
5091
33)0
4009
2490
1.14 19
1810
209)
500
300
109
4(10
100
591
200
1010
100
3)9
2709
100
801
209
101
2101
100
1190
811
200
200
081
1010
2019
190
fl
1811
201
2110
2309
1109
209
511
310
109
110
17601
200
1200
100
100
7000
100
1000
1000
100
300
100
200
1000
200
700
100
100
1400
200
100
100
1400
100
700
500
500
2000
1400
600
032
400
200
109
400
200
300
. . Duluth So S A Atl pf 12 H
B Endlcott-Johnson .... (6
.. Erie 20K
.. Erie 1st pf 30 J5
.. Erie 2d pf 22 Ji
8 Famous Players L. ... coy,
5 Klsk Rubber XOJi
.. Freeport Texas 22'4
. . Gaston Wms ft Wig. . 0 Ji
8 General Electric HIJi
1 General Motors 18H
7 Gen Motors deb 7.. 78
6 Goodrich B F 50
7 Goodrich B F pf 85&
.. Gray Davis 15
2 Great Northern pf.... 8Ji
.. Guantanamo Sucar... 10J,;
.. Gulf Mobile A Nor... 17 M
.. Gulf Mobile ft Nor pt 35 Ji
1 Hupp Motor Car 13H
4 Haskell ft Barker Car 88 H
.. Hendee ctfs 23
.. Houston Oils Co 100
2 Illinois Central 9Sy
4 Inspiration Con Cop.. 45
,. Inter Con Corp ii
.. Inter Con Corp pf.... 14 H
.. Intermit Motortruck. S7K
.. International Nickel.. 1814
7 Intl Harvester new... 112
) i r i on. i Paper... 75J4
.. Invincible Oil Corp... 35
7 Iowa Central 12
.. Iron Products 42
.. Island Oil 0V
.. Jewel Tea 4
., Jewel Tea pf 8S
.. Kansas City Southern 2514
4 Kansas City So pf. .. 48H
4 Kelly-Spg T 555
.. Kelly-Spg T rtfl 1
7 Kelsey Wheel pf 82
3 Kennecott Copper 23a
.. Keokuk A Des Moines 0
8 Lackawanna Steel.... 61 Ji
.. Lake Erio A West.... 22 14
Lako Erie A West pf 35
Ix
20
80
30
3
IK
BH
73
at
86 J
132 J
10
60
73
tiV,
"It
17 H
60
35K
86
101
10514
86H '
88
135
U0H
73
H
".
2314
7714
07 K
11 K
mk
108ft
m
53
132
ft
88
18K
ir4
19J4
12
8
154.
C2J4
124
44J4
30 K
7714
,18
14J4
1614
13H
3214
40
62 V4
70J4
m
70
H
71
14(4
20 ft
CO
08
32
3214
?W
53
57
19K
73H
E3
KM
1014
-714
13014
:34
7014
38
irsji
2
2H
HVz
7K
12
1514
20
30
2
6814
2014
12
(IX
141JJ
18
7614
40K
85J4
15
81ft
tfi'.i
15
32H
1314
0714
23
104
o.i a
45
4K
14J4
37 H
17J4
111H
7414
34 ft
10
41
OK
4
814
24 Yt
4814
55 H
83
2314
0
00 1
22
3414
Today's Net
Clone Ch(.
291
6014
30
54 14
75 2J,
i J4
k U
V
- w
0M. W
15 1J4
lW
18 .. 14
eoj4- H
3t M
80
103 1
1054 ..
87 H
86
185
132H H
731
HK- W
1214 ..
4H 14
234- H
h8K 1H
7814
9M 314
iih y
14514 2J4
1I0H 2
8 H
83J4 14
132 114
68 2K
09K H
1C4 ..
194 14
13J4 H
8
15J4 ..
6814 14
135 1H
0J4 4
44J4 1
40
77M J4
C8ft 1
1414 ..
14
"W
33 l?i
41 J4
3J4 W
81 214
40J4 1J4
71 1J4
t4J4 24
73 J
1414 14
soft- H
011
68 1J4
MH J4
3314- H
351
633
8!4 yA
2014 14
73K H
84 J4
54 14
1014 ..
4H- 14
'714 14
31 H
ss H
7014- K.
3814 114
107 IK
Dlv.
Bales In I High Low
, i 3 l Rubbar Tlra..... 114
3100 s.50 Lehigh Valley..- 51 H
900 7 Liggett ft Myerapf. .10014
1900 a Loewe Co...., 20J4
190 it Lorlllard Tobacco 14014
300 7 Louisville ft Nashvlllel07H
400 .. LooseWlles Biscuit... 4014
39 10 Manott Sugar 93
W .. Maxwell Motor W
.. Maxwell Motor lit pf 10J4
3090 It Mexican PdralMim. . .188
0 t Miami rnonr..
"90 i.eo Middle States Corp...
24
8J4
1114-
7K
1294
f.0
20J4
3014
22 ..
on in
S015-
-2 14 y
on- i
141 H 54
8K X
78 1H
40JJ H
85J4- J4
15
80J4 t
1614 14
17J4 214
3534 3J4
13J4- 14
0714 W
2.1 - 1
loo 14
954 2
45
4- 14
lH
37K
1814-
111 H-
75
3414
12
41
"14
4
8J4
2JU
48
554
82
234 ..
0J4
01J4 1
32
3554
y
4
y
v
2J4
'l4
14
14
14
U
14
390
000
100
100
1800
1000
3590
500
000
soa
100
890
300
100
100
TOO
8300
400
800
300
8600
2300
5509
3899
0700
100
371)0
800
200
100
'100
48)0
300
7710
309
400
8500
390
200
590
mo
100
1109
100
3590
300
3100
300
301
103
5609
100
200
090
1891
200
100
5600
300
100
11890
15)1
4700
1.10)
200
039
1200
600
39)0
700
100
819
0419
409
17811
125 )')
1219
50
200
199
2719
3)0
111
111
11501
4419
100
800
10)9
100
1319
33)0
819
300
990
1390
5400
100
501
401
3899
100
9409
100
090
2100
1109
210
4309
7909
300
3100
18)1
899
190
100
503
18)0
400
300
7309
500
1890
100
1814
1514
4 Mldvale Steel A Ord.. 384
.. Minn ft St Louis 30M
7 Minn St P A S St M.. 85
7 Minn St P A S St M pf H
.. Mo Kansas ft Texas.. 7
. . Mo Kansas ft Texas pf 13
.. Missouri' Paolflo 3l
.. Missouri Paclflo pf... it 14
.. Montgomery Ward... 274
4 Mulllns Body 39
3.80 National Acme 33
.. Nat Aniline ft Chem.. 584
7 Nat An A Chem pf . . . 80
., National Con ft Cabla 7
6 Nat Enam A Stamp,. 58
7 National Lead pf 108
.. Nat R Rof Mex 2d pt 7
1 Nevada Con Copper. . 11J4
..NO Texas A Mexico. . 894
10 New York Air Brako. 93
8 Now York Central.... 79
.. New York C A St L.. 554
., New York N II A H.. SOU
1 New York Ont AW.. 26
7 Norfolk ft Wcstorn,..10S
B North American. ..... 574
7 Northern Pacific 914
40 Okla Prod ft Ref
.. Otis Steel 204
.. Orpheum Circuit 2734
8 Owens Bottling Mach. 47
6 Pan-Amer Petrol 90
6 Pan-Amer B 82
3 Pennsylvania R R. ... 314
.. Peoples Gas Chicago., 384
.. Peoria ft Eastern 174
.. Pero Marquette 80
.. Pere Marquette pf.... 55
B Pore Mara prior Pf . . 64
8 Philadelphia Co....
. . Plerce-Arrow Motor.
8 Plerce-Arrow pf . . . .
.. Pierce Oil
8 Pierce Oil pf
B Pitts Coal
7 Pittsburgh Steel pf.
.. Pittsburgh ft W Va.
1 Pond Creek Coal...
8 Pressed Steel Car. .
n Pullman
8 Punta Alegre Sugar. .
4 Pure Oil Co
8 Railway Steel Spring
1 Ray Con Copper
394
. 004
.. 3H
. 814
.. 70
,. 90
, 294
,. 17
,. 4
..11114
.. 67
0.114
14
4 Reading 964
2 Reading 1st pf 484
2 Reading 2d pf 494
5 Republic Iron ft Steel 17
.. Republic Motortruck.. 334
B.tO Roynl Dutch N Y.... h7
.. St Louis San Fran... . !34
.. St Louis San Fran pf 94
.. Ft Louis Southwest... SO
.. St Louis Southwest pf 4.1
1 Santa Cecelia Sugar. 11
. . Saxon Motor iSi
.. Seaboard Air Line. .. . 11
.. Seaboard Air Line pf. 1 14
8 Sears-Roebuclt 1 1 7
7 SearB-Rocbuck Df 1004
.. Shattuck Arizona 84
.74 Shell Transport f3
.. Sinclair Oil 324
6 Sloss-Sheft 3l4
0 Southern Paclflo 1004
.. Southern Rail 324
S Southern Rait pf C5
20 Standard Oil of N J..C25
7 Stand OH of N J pt..l0A4
4 Stromberg Carb 65
7 Studebakcr 0
2 Superior OH Corp.... 184
Superior Steel 50
.. Tenn Cop ft Chem.... 8
3 Texas Co 504
.. Texas ft Pacific 39
80 Texas ft Pacific C ft O 374
.. Third Avenue 10
0 Tobacco Products C84
.. Tot St L West ctfs.. 18
.. Transcontinental Oil.. 12
.. Union Oil 27
10 Union Paclflo 1274
4 United Alloy Stoel 374
.. United Rwy Invest... 18
.. Unl Rwv Invest pf... J814
( United Retail Stores.. 724
.. U 3 C I P A Fdy.... 13
8 U S Ind Alcohol F2'4
6 U S Food Products... 484
BUS Rubber 78
8 U S Rubber 1st pf... 10594
BUS Steel fcOH
7 U S Steel pf 107
0 Utah Copper.'. 6134
8 Vanadium Corp 6534
4 Va-Carollna Chem.... 50j
t VIvadou Inc 13
.. Wabash 124
.. Wabash pf A .'8
.. Wabash pf B 234
.. Western Maryland.... 15
.. West Maryland 3d pf S3
.. Western Pacific 304
4 Western Paclflo pf... 72
7 Western Union Tel... 83
4 Westlnghouse E ft M 48
.. Wheeling ft LB 154
.. Wheeling ft L E pf . . . 27
4 White Motor 444
1 Wlll)s-0crland 11
7 Willys-Overland pf... 63
.. Wisconsin Central... 48
8 Woolworth F W 1084
194
53
109
204
140
1954
884
88
10
156
194
UK
374
9
85
94
14
11 14
304
534
?
23
33
89 H
7
68
103
8
114
CO
93
78
62
f5K
28
100
574
864
4
204
27
-47
88
814
'-3 ft
T84
1714
2014
55
634
.'.9
:4
00J4
1314
814
094
90
ns
17
03
mw
00
384
834
1414
!4
454
494
744
24
87
:.24
404
:84
'2
104
H
tr
10
114
106
8J4
2
31
t24
I8J4
:2
314
121
11154
65
55
'8
50
0
40
:
374
10
074
18
H14
57
175
!74
13
58
714
13
MJ4
4714
104
105
84
107
614
65
57
13
13
'24
'214
14
21
:h
72
83
74
15
27
44
io4
61
401J
1084
14
"
14
fat
Tnday'sNet
Clone Chge.
184 H
4
190
204
140 1074
404
93
4
104
188
194
154
38
20
85
04
7
13
31
544
374
29
a2
584 W
89 ..
7
881
196
74 114
1114
04 2
93 M
78J4 Yt
55 34
.'64 14
764
103 3
874 V
014 H
204
27 8114
4314
30..
55 14
04
.19
."4 - H
90J4 2
!3
814 J4
094- H
90
504 114
17-14
14 14
"14 14
08
384 .
0.14
144
CO
464
494
75
:34 ..
87 2
.'34 r
484
:s4
43
11
4J4
11
194
N OUTSIDE MARKE
I
No Response to Activity Markr
lng Transactions On Stock
Exchange
54
y
'y
H
14
14
114
H
114
14
H
New York, Oct. 2. The market on'
tho Broad Street Curb wan quiet with
virtually no response to the activity on
the stock exchange. Odly a fow issues
were traded in to a substantial extent
and tho changes, even In these stocks,
wefo without much importance.
The feature was the initial dealings
In International Petroleum new, which
ranged from 10 to 10V4. General As
phalt was trnded in at GlVt to 51 and
White Oil sold at 22V, to 22.
Industrials moved within nnrrow
limits nnd were without important
change. Submarine Boat was in mod-
orato supply, with sales at liyj to n.
Indian Packing was traded in nt 4
to 4. North American Paper sold at
0 and D'j.
INDUSTRIALS
Acmo Coal
Umpire Tube
General Asphalt ....
Hercules Paper
Hetden Chem
Indian Packlnc
Inter Products
Nor Amer Paper....
Perfection Tire
llaillo Com ..,...,,.
Ilndlo Com pret
Hubmarlne Doat
Bweets Ca
Trlanxte Film
U a Hlsh Speed Tool... 80
U 8 Steam 1
L'nlted Profit Sharlns 1
United lift Candv 11
Wayne Coal a"i
STANDARD OILS
Aniclo-Amer Oil 21
INDni'KNDKXT OILS
TXTJ1
' l F. ' .i V ?V
-'- ' "'
:
UX
" i i wt r,, . -
rtcw!York BonJf
(8ALCB IN 310001
Amerl'n Fruit
Como 7a
l....'.'824
Amer tfmelt'K
ne'ir 8s ,
2 77 U
1..... 7TU
A Tel ft Tel t
3 SOU
1 SOU
A Tel 4 Tel ut
3 9BU
10 05
0 06
1 00U
Amerl'n Wr'j
Taper 7s
1 79
7 80
An-'renoh St
40 60
Armour A Co
11 Uat 4tte
1 70,K
Attn Topeka
8 Fa 4s
SOi.tW 48 I
Lne 11 H cv.D
1..,.. 63
10,,,,. B2U
10.1...1 S3
tilo Jly Co 4 1
1..,,. B8U
10 08U
Gene'l Hlee i
1 99ft
oove t Frencn
tup rota
High Low Last
. 2U au 3Jt
. 14J, 14 14t
. OH i Bl Bli
;:28: "U: a3
:: 9i 23H 3Sa
,. 04 BVi B
,. 8B 88 8S,,
::. 3g Sfr
t S0& 30 jj
jot 10H
8S 3
Allied Oil
Iloone OH
lioiton Wyomlnx
Cnrlb Syndicate
Cltloa Berv ! ctfa..
uuaninc 1'oto
Dominion Oil , 0
F.lk Uaaln Tet 8
ISnalneera Pet 1
Federal Oil 2
CllUlland Oil 2H
Ullllland Oil pref 03
'jinn uua vi, ...........
Inter Petrol (new)
Kay County Oaa
Omar Oil
Ited Rock Oil
Urnn nil Pnm ...
I Hoy de France
tiimrru i'et
Skelly Oil
Victoria OH (new)
White Oil
M1N1NO
Alaska-nrlt Columbia ...
Atlanta
UIk lrfJuo
Iiooth
11. Jioeton ft -Montana
l-lpd Mlnlnir
H I cuiumet ft jeromo
I Cundclarla .nn
y2 Cons Vlrxlnlu
W 1?4 Idnison Oold
100 1 Divide Ext
I Dundeo Arizona
I Ul Salvador
IKureka Holly
(loldfteld Cona
iioioneiii Florence
H
i
11
81
10U
IV,
3'.
18
iai
it H
IS
224
21
in
n
21
10
h
v
77
77 fi
77
77
7T
.77 H
8...
10
1
8
IlKll
1.....
Atch Topeka
8 Fe aja
1 72V4
Atl Coaat i'
rcta 7s
B.... 101
r. ... 101U
Bait A Ohio ev
4 70U
0 70
10 71
B 70K
4
a.,,
o...
a...
s...
o...
71
71H
71
71K
71
71tt
' ' .J ' .- ..j.. -.. -t ia
" i - i , -4"i ", v lf rrrr: - i
I II II II I'l II rl! I 111 If If V
m ll in i kid vvrun
ll1VUUM.ir.LU II Mill,
I mm. m aa.im "rkBITr-
KALuUNUP-liKAUt
r
rT; vr.P
SJT" "-
1
H
tom
101 H
101H
101 W
101U
101 u
101 u
1014
101 u
101 U
101 U
Dalt & Ohlfr Sa
10 70U
10 TOM,
0 73
Bait A Ohio B
3,.,.
0....
31....
2 t
4.,..
2.,..
10.,,.
10.'...
4....
10..,.
10....
Q Swts'd rcl.
8,... 10SH
4.... 10SH
2.... 103H
8... t- 10 J 11
Hav'a Kleo i
3 77
Hud A Man (a
3,,... 00
8 00
Hud A Man In
10 24
10 34
' 3 24
B 24
III Con 4s in
B 74
S 74
Ilia Cent AH
o em
111 Ctl St 1. ol
N O Jt Brta
10 83
lntboro M 44
2 20
, B..w. 20
B 20
Interboro Met
ct 4H
1 0 10
lntboro R T Cd
77 H
77
78
78
78
7SH
I 13
8J4 .
'3
3254
314
100 !4
625 3
108
S
48
18
30
374
10
7y4
18
2
.'7
127
X
lIUnldtleld Kewai u
14 ' Qoldtleld Silver Fl
Ifl.il.lrtalrf Vnmt
Uoldtleld Zonu
(treat llend
Kmmu Sller
ick
H
1
19
4
43
IS
;
BV.
08
1
211
1
ll
8
U
14
t
5
27
1
nine i' t
Ilicla Mlnlnnri tU
lrnn Illnsaom li
Jumbo Uxt 8
Knox Divide 7
Louisiana Co A
10
lift
Mother Lode (new) Mi
North Htar 0
Orhlr Silver K
Prince Cona S
nay Verde 1
Hex Cons ll
Rochester Mines 7
Rope Oroup A
San Toy ft
Silver Klnic Divide 3
Hlmon SI. 1
a Silver Iead Y.
14
4
1
7
HI
1A
lft
10
1A
10
12
20
7
14
lU iMuc.Namara
:? Manh Mln .
f? I Mother Ix5de
17y ii ISttward Mln
13 1H
1H
'.2 Vk
3-
2y 1
48J4 lt
78 1
105 -
h0yi n
107 H
UK- A
rs i
80JJ Jl
13 .. )
1254 'A
:3K ly,
23J4 1A
s y.
.2
:8 - l
72 - IK
SucceSH Mln
Tonopali Relmont . . . .
Tonopan cash uov .
ronopan uiviuo . . . .
Tononoh Kxt
Tonopah Jim llutler .
Tonopan .Miawav . . . ,
Tonopah Mining . . . .
Tonnpah Miznah ....
Tcnopah Montana ,
Tonopah Rescue Eula
U B Cont
Victory 8
Weat End Con 1A
White Caps 8
White Caca Ext 1
Wllbcrt 4
YerlnKton 3
BONDS
Allied Fack fls (10
Am Tel U of 1022 05
Ilrth Steel 7s of 1038 ... 04
U O C ASt I. 0 88
Onodrlch Tire 7s 00
Inter R T 7a 71
Morrlo Co 7a 08
28
V3
1
10
i
'
12
22
1
4
2
IS
it
4
01
J 6
1
IK
8
(I
14
4
27
1
4
4
8
7
A
A
10
88
B
s
A
1A
u
T
s
3
1
14
4
1
7
HI
1A
1ft
10
1A
10
12
20
l
1A
8
1
4
8
1..
12..
10..
2..
8..
0..
10..
1..
1..
0..
10..
B A
28
ua
n
10
3a
12
22
M
42
18
A
ft
03
1
20
l
8
0
14
2
0
27
1
4
l
8
7
A
A
10
08
.1
C
a;
4i.
1
0
7
8
a
l
H
14
4
1
7
111
1A
IB
10
1A
10
12
20
7
8
1A
8
1
4
8
80
80
80
80
00
00
110
00
00
00
D0
O P D B
A W Va 4s
1 07
2 07
B A O B Wnl
Rly 3s
1 OT
D A O Tot U
B 37
10 B7
8 B8
B 07
1 08
Bell Tel 7" l
10.
12..
SO.,
21..
2..
10..
10..
10..
1..
2..
12..
SB..
1..
7.
03
02
B2
83
Bl
B3
82
B2
B2
B3
B2
B2
83
63
4.1... B0
1 BO
ItTU A W CV fll
ll... ios
o,... 101
N'n Facllte .H
a SDH
N'n l'aclflo 4
B,.... 78
4 78
8i.... 77
4
10
10
10
a
7.....
Ores' A Cal Ai
3 60
Oregon B Ij 4s
4 82
Pao O A H 6a
IVi .... V
faq T A T Ba
1 81
Pa R cm 4s
3 81'4
.3 81
Pa R 4a '21
1 U11
Penna R R B
8 80
B 00
31 00
Itiioa It ft
10.... 103
10.... 103
1.... 104
10.... 104
3.,
8..
7..
B..
Peru Marul fta
1 84
publlo Servlca
C'n N J oa
2 05
3.,... 05
Realm "l I'
0 80
RendlnR Ry '
7
Rio O A W 44
B 00
8t I. Teorla A
Nthweit a
1 85
nt Lbuls A B
Fran ul
103
104
104
104
Markets of Various Tones
Within tho Big Markot Aro
Curious Dovolopment
L - --1 ' - '
r? ttttij5ffiLH?i,ss?
rteW (""o'fHiu,iri,urCW
1 --! I i
WHIUTJ-Recelpts. B7.782 biiahei. ..
!et nsaln Bo lower. Car Iota, new. i ,,'
lMft etevatof--No. h re,lntr. I2!s80,!,
K 3 red winter, taHlcky, illttQiJ
Other sradei quoted at (he 'followlnu ithU'
ute of discounts) Mixed wheit Re under rJ
winter, No, 3 wheat flc under No. 2. Ho H
wheat 7c under No. 2. No. 8 wheat lie una
no. . nnmpio nccorainv o quality '? M
CORN RncelDla. lion rta.k.l!"lV,..i.. . 'J
steady. Ave .quote, as to. quality anii VS 'I
tlon. ILSOWlift, the latter for 80. I ?,,
at former rntea. .Car lota a to laeML0
121 pounds in aacka. Dull and wcalr, $1-
,...,. Quotations, per 100 lbs., packed In TlJft.il'
MONEY STILL STRINQENTUiy d VrKrtf"'.
12.8BI aprln llrat! "eW
1. patent, $tl.3BlV (ts'J'i
,8912.8.1 fancy aprlnra'a
t, family brand iiiaW
10.2010.70. ' U,',e,9 .
I M Marine U
7 82
1 83
2 83
8 82
Jap Uovo't 1st
2...
1...
8...
2...
B...
1...
4...
18...
8...
1...
4...
2...
1...
13...
a...
8...
4...
00
oa
.00
05
00
on
00
iimii
110 I
07
on
07'
07
00
IWH
06
07
SB...
B...
8...
1...
100...
B...
8...
83...
2..
7B
70
7B
7B
70
7B
7S
7ftn
7Bi
Jap Oov't 2nd
0.
.'I..
1..
7..
20..
3..
10.
B
0
60
1
0
80
10
8
7 ....
12
8
a
St Louli
l'ran in
27
10
8,....
B
10
00
00
07
07
07
07
07
07
07
07
07
07
A U
76
7B
75
78
75
75
7S
Cm I of On W
3 80
Ctl Leather 5x
6 00
Cent I I'ar I.
3 74
B 7.1
C A O cv 4a
ii
83
48
IB
27
44
11
4-
1
"
ci
47J5-
108 Hi
Norway 8s 101
68
Total salee. 527 100 aharea. compared with 038,000 aharea xaterday. Thus far thla week. 0.202.400.
Philadelphia Stocks
Hlsh Ijw
1.-. Am Strn.. HO'j j0V4
5 Am Gas.. 38 32
23.' Elec Stor.120 125
10 I Co N A 28 28
200 Key Tele. 8 H
110 Lake Sup 11 11
185 U'h Nav. ft.' Vi
(Ml." Loh Vol.. 54Mi C.J
lOOtManita
Net
Cloae chre.
50
82 14
125Vj V4
28 ..
8 ..
to
Street Raihvay and Railroad,
Stocks Continued to Hold
' Foremost Attention !
Hticar . 80 80 h!) 1
710 Tall U.. M 42 43J)l
10 1'a Halt.. (15 0S 05
170 I'liiln Ini
Wire
40'1'hlla Co
52 52
I
The bullish enthusiasm evidently 1
vas of a rontnsloiiH churaoter, as It '
elso xtfn(led to the local market. Tho
tradinK In the brief session wn the
broadeHt and most active witnessed for
innny months. In .'ulditinn. while
price chanties were mostly frnetlonnl,
the tretid was illstinctl higher nnd
tnost of tho prominent stocks closed at
the top prices of the week. The rall
'xoad nnd street railway sharps coin
ttnanded the foremost attention and were
.'the most nctlve. 1'ennHjlvnnln rearliliiK
.2
n..af nm i fi1 ft
cum pf. i-Va y-n -'-yi 79
!. rw 20 20BA 20i l
452 do ret fp 2 25 K" ,.
vm ii,iiUT 1011 10 10 M
15 1'hlluTrac 10 41) 40
r.tlUndl.iK. 05 05 5
11 Un Trac. 28 U 28 28 U
1V( I. 85 34 :5?
2 do nref I'A -M
lOOtUKeel m 80 M
'A '4
t I -I
A 40 40.. ti
KlOtU K Steel
ti1 aalea 5130 eharea. compared with
11 BOS aharea ea erday Thu. far thu 1 week.
",8s aharea Same period last ek. 28,-
20O atiarca,
NEW YORK BANK STATEMENT
Deficit of $11,043,850 of Legal Re
quirements a Big Surprise
Today's New York bank statement
proved to be a very unpleasant eur
prise, rcveallnj a deficit of $11,043,850
nf Wal reqniicnuiits by the ('lrnriii?
House Institutions. This resulted largely
because of the decrease In -eserve credit
nf $35,002,000 at the Federal ltc
servc Hunk Liabilities were reduced
as a result of the contraction of ?8.
510,000 in demand deposits. The week's
heavy tradinc In the railroad stocks
wax reflected In the increase In $34,-
545,110 of loans nnd discounts, but
this with the falllnB off In deposits ps
nlso partly explained In the mnrketlm;
of the Norwegian and Hell Telephone
bond issues.
Details follow:
AVERAOE
Thla week
J12.3Rt.O0O
S03.1UT.MW
Uiat weelt
rn.20n.2-10
oni,ui.uui
5.413,718,000 5.303.202,000
80,708,000 03,710,000
B45.087.0OO 044,080,000
j.. ,i,.mi, mudo by comparison with laat
A AIM T.nhlffh Vnllev 541,. n,l T .hlJ, .ale on New York Stock Eicm
"?"' v. ":;,, .i.; .''.. ;
vt dividend
t a dollar
Vavtiratlon 113 Vi The tractions ennnliwl
M.AfA,1n 'h trin nrleea. Plilinlf,lnMn
Electric full paid receipts were the moThi'"
feature or tne utility croup, selllnc u, Am fios &
,,U to 2fl. Most of the other locals AnieP ?... 70
were " - - - ". . . . 1 i.eh v uoai
enns (!.... uu'i!
anse.
today 1'hlU. cum
BONDS
Hlah Voyi
Cloae
pref
Net
cbie.
Bzceaa reere
AitKrefate roa
Loana, etc
CuBh In vaults
and mem ImnHa.
Ilea, In mem
banka and ret.
bank ,.
Ilea In state
hnnka and truat
companies
Reserve In atate
bunks nnd trust
CO deooattarlaa. S. 807.000
X.I d,m ilvn 41SO.iao.000 4. 148.14A. 000
Time depoalta . J00.S03.00O 208,083,000
Clrculntlon 84,783,000 84,752.000
U a. deposits
Jwluctcd
FOREIGN EXCHANGE
New York, Oct. 2 Rates for tho
major exchanges were quoted lower nt
tho opening: of the foreign exchange
market this morning-, but with consid
erable Irregularity.
Danish and Norwegian quotations re
ceded sharply. Marks were unchanged.
Quotations were:
Demand sterling 3.49. cables 3.49 ;
franc cables 6.73, checks 6 72 ; lire cables
4.18, checks 4 16; marks 1.64 : Swiss
cables 18.08, checks 16.03 ; pesetas cables
14.72; Stockholm cables 20, checkS
19.95: Chrlstlanln cables uo't ?.,.!
13.90; Copenhagen cnbleB 13 95, checks
"' " vuies di a-iH, checks
further recessions In the principal ex
changes were developed In the first hour
of business Demand sterling was 3.48H.
cables 3.48; frano cables 6.70 checks
6.69! lira cable, 4 16, checks 1 f.ltT;
marko 1.83; Argentine at new low 122
TltSTERDAY'B FINAL QUOTATIONS
. S..(03 0,71 4.1S IHi
TODAT"8 OPENING QUOTATIONS '
s ii " t?c" WS Oulldera
. ... 3.40 0:73 5 10
CLOSING QUOTATIONS
8t aboard 6a
Tex Co 7a...
Un Tank 7a
0S
un
50 U
113
04
8SV
00
11 11
OH OS
101 101
58 58
0S 0S
OS 08
60 i
05
U4
1...
fi....
1....
5....
1....
4....
5....
10....
1....
55M
H :..
75
74
75
75
70
70
70
T0
70
77
77
77
77
C'k ft O ov 6a
1
2
5
10
25...,.
25
5
6
5
20
6....!
4....,
4.
87
87
87
87
87
87
87
87
87
87
87
87
87
Chi A Alton 8s
1 47
8 48
C & Alton 3
4 40
5 40
2 80
Chlcaao D'n
oulncy sm
0 82
Chlcaso R'n A
quincy
Commodity Markets
!2..
1..
5..
2..
20..
10..
4..
10.
05
05
00
03
00
06
05
05
Ditnand
Cublns
Demand
Cables .
Teat, close Open Illah Low
Oct... 28.10 23.00 2.1.10 2'.'.25
Deo.. 21.85 21.76 21.01 20 25
Jan.. 21.48 21.80 21,83 20 HH
March 21.10 21.00 21.80 20.I1H
May.. 20 SO 20 80 21.10 20 50
July . 20.25 S0.15 20.40 20 07
Knot. 24.25.
Did.
8,878,000
8.420,000
8.800,000
70
.
Ed . ' V CVnalriernblc eiii'niii niii'liirnt cnulil ln
1 M . .F..-. . -. --. ..-. ,
K JT derived from the rtj operations In 2 3-5 Mb Ilonds
m r ,
t,a lnrnl market TlicVe wuh u mod-
trate but appreciable hroudeniue of in
terest In m0Ht "' "u' n,org prominent
ir..1 MlinreH. while tho trnnHflrtlni.a (n
F bond reached the In'rcest proportions
E-VA. ifltnrsaed for a consldenible long time.
F ttU.'Xh f enttue of the latter us the re
ft. -ifiirtrtrd large over-the -.ponnter business.
l tludleotlnB iulte clearly, tn spite of all
r
' A "
70 1
00 M, 00 M,..
Ill 72 01.70 01.721.22
81) 70 80.70 80.70. 20
IVis 87 70 87.00 87,70 .00
Kh
A
'
ll
talk of mlit money conditions.
" ) ''.therr- Is stilt idle funds when suW-
Cleilliy ntirucvivu iiivuniHit-ww innuea uie
offered.
f Sept. Colnago Totaled 92,780,030
,V Mlilnl. Oct 2 United States
mints during September coned 780.000
lilrces of silver money for Cuba nnd
840.000 pieces of silver for Teru. Direc
tor of the Mint Ilaker announced today.
N6 B"ld coins were executed for th
United States during the month, but
i (mm nther metals amounted to
nlev production BUarantred.cmftyypemfwvo
1 et.6tS.000 pieces, aggregating 12,
W 710,380.
:m.
3 3d 4ih
r or. jfh 11
1 Vie 4T,s... 00.20 11(1.20 00.20. 30
UlW. rt"l0i 103 104 -
1-r,,,5..82 82 82 1
Total
terday.
UP 700. comimred with 4R1 200 yea
Thua far this week J887.3BO.
NEW YORK COFFEE MARKET
Teat
Oiien Hlah Low Clo;w cloe
u 7(1 . S I1H Will N a
Pent
Oct. .
Nov.
lire
Jan, .
Krb. .
Mih
prll
May
June
July
7 75 75
7 B5
8.'ll)'325
tl'l3IU
8,'l)t)O05
7 70 7 OK
H 21
8 15
8 20
8 30
S n5t(17
7.22 W25
7 444T
7 II7M O'l
7.h587
H.OOttOS
H 1II1H
8 23'J7
S .1ftfSH
8 15Q47
S 55W57
8.60 0 62
DeAcIt
AckT'itate res. .
Loans, etc .
Cash In vaulta
and member
banka
Reserve In mem
ber banka and
reserve banks .
Reserve In mem
brr banka and
truat companies
Reserve In statn
banks and trust
company deposi
tors .. . .
Net demand de
poalta . .
Time deposits .
( Irculatlun .
U. H deposits
deducted
IKx-reserve.
107.240,000 180,030,000
ACTUAL . . .
Thla Week Laat Wek
111.048,850 tt23,601,20D
630.387,000 573,086,000
5,424,770,000 0,400,011,000
83,628,000 88,881,000
021,000,000 657,001,000
8,220,000 8,414,000
81.12
31.20
Demand
Cables
Bterllnr Pranca
i.uu e nil
8.40 6.71
Lire Guilders
4.15 81 00
4 17 81.12
DANK CLEARINGS
Rank clearings today compared with cor
responding day last two years,
1020 1010 lain
aie'gW-ijiM? ,T2.'018'CT8 M."409
Boston .. 70.091.4HO 61,177.710 ..
Ilaltlm're 10,483.870 16,128,312
N. Y... 001, HOB, 704
0,018,000 ' 8,670,000
4,1411,140,000 4,140,801.000
283.Sai.000
84,000,000
283,844,00(1
04,731,000
150.780.000 175,114,000
7.
7.48
7 T.i
7.60
8.03
8 10
H.21I
8.80
6,48
H.57
8.02
LIVESTOCK QUOTATIONS
Chicago. Oct 2 CATTLE Rerelpta, 2000
head. Compared with week ago: Hteera and
yearlings selling upward at 117.50. about
steady; top for the week lis 35; fairly choice
steers and beat cows and helfera. 50c to 75c
lower) good ateera ond good to medium ahe
Block 76o to 11 lower, medium and common
atoera. tl to $1.80 off: cannery good bulla
and bulk of cnlves 60a lower; feedcra 85o
to II lower! stockera almoat unanlabie. .
HOGH Receipts 4000 head Light, steady
to 10c lowers others stcadyto 15o higher
ycftieruay a nvernaB. tup I10
niiu uuiiuc,,.. fii.uu li) UO
than
light
bulk
bulk
Approve D. and O. $2,000,000 Loan
WaalUngton. Oct. 2. Approval of a
toan of 12,000,000 to the Baltimore and
Ohio Railroad Co. to old the road In
maltlna: additions and bettersments to
I... pint., n( unv nnrl MtrUCtUrCS tO Dro-
1,0 ,,,. w- ,. rf ..r --.-",.. . .-. i hiik:iui' a.iu l.aiii
mote the movement of ireii-ni trains, i ... j tod sheep. 18; tap lambs. 118.50.
was announced today by tnt iniersia.10' cAt,VKH Receipts. 23 head. Steady.
Commerce commission.
packing aowa IM.aawi4.oo; nlga steady to
25o lower: hulk desirable kinds. U8.25W14.
SHEEP Receipts. 2000 head Compared
with week ago: I'at western lambs. OOo to
75o lower: feeders mostly 11 lower: fat
natives, 750 to 11 lower, fat and feeder
aneep ana yearmiss, .uo w w3 lower.
rlttaixirgh, Oct 2. HOaBRecelpta. 1800
Mad. Jllgher. , Ileavlsa fcnd hsavy yorkera,
I10.BOQ10 DOi light yorkera, 114.7B18.25
nla 114.50014 75.
BHET5P AND LAifnS Receipts, 800 head.
COTTON MARKET
New York, Oct. 2. Cotton opened
steady, unchanged to IB points lower.
Offerings were chiefly from tho Houth,
based on on absence of any severe frosts
In tho belt, while room traders bought
on a report by tho Times -1'icayune, of
New Orleans, maklnir the condition
G8.9, with nn indicated jleld of 11,. i
Prices advanced 10 to in points after
the start on this support, but the mar
ket continued to meet southern hedge
selling, which opcrntcd against the rally.
Reports of killing frost nt two or
three eastern belt points led to a flurry
of covering which carried December up
to -i.uic, or u points net higher, while
later months sold 10 to 20 points above,
last night's closing figures.
Closo
22 25
20.92021
20,OS70
20 ns70
20.51053
20.12
GRAIN MARKET
Chicago, Oct. 2, Professional opo
rators forced wheat off this morning
after the market had started htronger.
At first, offerings were limited and
commiislon houses wero on the buying
side. Further exports were reported of
87B.000 bushels to IJclgliim. It wns the
opinion that bullishness of the domestic
situation would he counteracted bv
competition from Canada. Receipts
were ii cars.
December onened nt S2.18 to S2.12W..
but declined Vi rent below yesterday's
final, to $2.11. Mnreh stntted nt
$2.00 to $2.08, ond Inter sold nt net
loss of Vi cent, nt $2.00'7i.
Shorts In corn covered, bringing
about nn upturn, after some Irreim.
larlty In the early trading. Dealings
were llgbt nnd mixed. Receipts wero
4B8 cars.
December opened nt iwc tn 02ytp,
against 02c at tho end yesterday, but
milled to OIHCc. Mfty onened. nn.
changed, at OBVic, nnd Inter sold ut a.
net advance ot MiC
December opened at B7c to B7
against B7c at the end yesterday.
May started at 0tc to 0lc,
against 01 c at t.he close jesterdny.
Open High Low
2.12U 2.18K 2 nn
,2.utm x.vv
Chlcauo Mil
1 04
Chicago Mil A
fltr 4a -x.1
IB 78
Chicago Mil
BtP ov 4'4B
8 74
4 74
Chicago Mil 4
BtP fd 4a
"R 04
10 04
1 64
8 64
3 04
Chicago Mil A
BtP cv oa
6..... "6
1.7... T5
2 73
Chicago ft Nth
Waat'n 7s
8.... 102
8.... 101
Chicago Rail
ways 5s
n 01
Chicago R I'd
A Pao to.
Jap Gove t 4
..1 68
Kan C Vt H A
M R It 4
10 08
K .11 '' .4 f 'n
10
Kn C ft
10
10
14
12
Kuii Oily 'ler'l
Rwy 4s
1 72
K Uelg 0s '21
1 02
10 03
K Ilolg'm 7s
5 08
1 08
1 08
14 08
Lack Steel '23
2 01
Lake E A W'n
R R 1st
1 07
Lake Shore M
S'n 4a '28
1 87
Lehigh V'y fir
6 08
1 08
Llc't A Myers
T Co 7a
1.... 100
Long Ial R fd
1 07
3 07
Lorlllard C 7e
1.... 100
L ft N rrt .
2.... 103
Manhat'n K'd
Ktatlon 4a
4 53
Mldv'o Steel A
Ordln 6a
10 77
Mln A Et L 4r
2 .... 45
1 .... 45
Mo K. A T lat
2...:. 42
M IC ft T 4s
K 02
10 02
23 03
21 02
Mo Pacific gm
10 60
Mo Pac gm 4s
3..
1..
0..
so!!
150. .
17..
45..
5..
10..
40..
0..
30..
1 .
6,.
10.
53
63
53
64
63
54
64
64
63
54
54
64
64
64
54
54
54
64
64
84
64
64
83
2 64
10 55
13 53
Bt 1. A H Ir'rnn
gm 6s
1 87
St I, 8 Kran
Series A
70 61
10 01
7 02
1 62
1 62
10 02
1 01
St U A S Fran
Serlea U
3 75
8 70
St Louts ft S
Wcat'n en
3 05
2 60
2 00
St Loula A d
West'n 6a
4 00
4 05
15 06
Sfb'U A L aj
22.
51..
25..
I!'.
50..
67..
10..
00..
0..
10.
1...
1...
4...
5...
6...
6.
40
30
40
40
40
40
40
S'n l'aclflo cv
10 70
S'n Paclflo fd
7 77
S'n Pao cv 4a
5 70
10 70
10 70
S'n Pao cv 5a
10..
1..
1..
3..
10..
10..
10..
1..
3..
80..
101
101
101
101
101
101
101
101
101
102
New York, Oct. 2. Tho New York
Herald's financial review of tho week
follows t
The securities market In the cur
rent week could with substantial nccu
rncy be described as one in which In
dustrial stocks wero weak and railroad
stocks were strong. Detailed exam
ination ,would Indeed reveal lights nnd
shades of qualification ', nevertheless It
was clear throughout that speculative
and Investment Interest nllke centered
in cnrrler shares nud Bonds. The rea
son for tills cleavage was not far to
seek. It would seem to bo a fact es
tablished that railroad dcscriptlono
were bo long neglected that tho process
of discounting the ndvnntages which
the rnllrond companies gnlned by tho
rate nnd fare Increases in the way of
greater revenue dlrict nnd by the wage
advance in the way of greater labor
ffflctnnov did not take nlacc.
It should be noted that he con
structive transportation act passed last
winter likewise wob permitted to be
presented nnd pnsscd .without being
utilized In a market speculative sense.
Now there hns come about what np
pears to be n definite price reducing
campaign In commodities which will en
hance the purchasing power of the
dollar, a circumstance which in turn
attracts nttentlon to prudently Bolccted
Investment media. . ,
Railroad share and bond prices arc
relatively lower than Industrial prices
and they have only recently been ex
ploited. A sufficient public fo'lowitiR
hns not as yet been drawn Into thu
market to serve as a ncutrallzer for
purely professional nnd speculative
sentiment, nnd given the numerous
bearish Influences which hnvo come
into being within tho past fortnight
the tradcts have virtually been in full
control of things. They have built tip
n large short Interest In the Industrial
list and hnvo Bought to create bullish
sentiment in the rallrond list. Hotn
activities have been attended with con
siderable success. In the one case be
cause outsiders were posing morels' as
obBcrvcrs and In tho other because there
...... ..,.) koutu nt InveMtmont Imvlne to
build on. However, such a two-sided
affair as that Is not nt nil logical and
ennnot have many qualities ot endur
ance. . , , ,i i
To hark back to first principles, it is
questionable If there can be a bull mar
ket while credit stringency continues.
Whatever special advantages may be
accruing to the carriers at this time,
apeculativc operations In their paper
nre and must be governed by money
conditions, beyond a certain point, lhnt
point Is well enough defined. It Is the
point at which investment Interest
censes to be ncute; in other words, tho
point at whlrh Investors cense to be al
lured by what seemed very large .deld
on the Investment. But It Is tlou(tful
If there Is or could bo any onp Inllu
,.nr... orrent that' of money stringency,
which would nffect the stock market ns
I, whnle. crown to bucIi enormous pro
portions ns It has In the last three
years or more. Expressions are heard
in Wall street quite ns often as nor,
bntTinfr tn dn with nn Industrial mnrket
or a railroad market, rather than tho
market. It Iior become more or less a
case of markets within a market.
Thus, In tho middle of tho week there
was the spectacle of industrial shnres
being benvily depressed nt the same tlmo
that railroad shares were being ad
vanced. The bears were engaged In wa
nting a large short Interest In the first
on the strength of commercial nnd In
dustrial readjustment, while, it was most
difficult to construe the same phenomena
as in any sense bearish on the rails in
view of the already existing heavy
traffic, the rote increnses, incrensed effi
f...nev nf emnloves and less talk of
strike activities, gradual attainment of
order out of the chaos of freight con
gestion, a more direct nnu pronounced
public interest In railroad bonds, the
readiness with which new bond offerings
have been taken and the potential abil
ity of the railroads themselves to strike
nt the root of most of tho existing
troubles, credit strain, by facilitating
the movement or gooas.
city mills patent
14.00; rye flour. I
ntwti-latriKju d,.... .... . .
ouotatlona; rteef, tn acta, smoked ana i.'
dried, 68o: beef knuckles and tindv1!'
amoked nnd alr-drled. Bio; pork7 famllv tl!'
hama, H. V. cured, looae, ,87ci do. aCfeiil' '
loose, 880! do, amoked. W: bame'lK
boenicaa, C3ci picnic shoulders, a, ft i7,i!,
looae, ate: do, amoked, 26oi belli.?"!;
jrfcklejoose. 2001 breakfaa? baSS"! ! 17$
UUTTKR julet but Arm. QuotatlM..'
BOIId-packed. 03K65O! .extra. 02c; .,,"," .
firsts, B001ci flrata. 6JCB70: eoMnd. 'll'i .
nicl aweet creamery, choice to fancy .S
chc.ee. vr I0' to
IXK1S Firmly held. The
jn irre ences, nenruv nrilJi
w'f lUUf76
;ion ion nicner; iikm to mrdlum YJ
. not Loxrhorn. via trtrht in ' .i.'1!
- wusiuanj
;2llJ?,r., "J""1' OB W04o: prints InbVlnJ J!
70j73o for fancy and 06 OOo for ES ii
nunioiu...
Iiv .flralM. rtl. "".,
dozen: nearby current receipts. 82c; neaKI
ordinary tn fair. 8HO50o! western ?,'
flratg. il363o: western nrata. 6002e7 .1!'
ond;. 0155c: Inferior lota lowiri
candled egga Jobbing at 74 076c: fair R
choice. 0(lJ78c. lf
CllliUSl.' Steady. Quotations! New Tori
whole milk, current make, fancy ...
Ilii"20.ics do. common to fair in
20c; do, Lonyhorns. , 20 O3(ioi do. .iS?
Daisies. 2n ?J80s; Jobbing sales of nSi
eooda. 82038c. l unc'
LIVE POO WRY The .Quotations folio.,
Fowls, not Iahorna, via eapress Fan-
wpiffninr n anx anti nvn amj.A tniz't
.--..-" r .-. -. . : .. v
excepi
tCSSc:
heavy.
low-aklnned. not Leghorns, walehlnir aoill
Ib apiece. SSMSHc; brolllnit chickens, fun
yellow-skinned, not Leghorns, mcdium-ilt?
V'iiaim brolltnir rhlrlt.n. VniUI" ",',?
.Itlnnu, ma, T-t... ...ll'.l ' .tU1.'"1
whlto tenhorna. 80O81ci old rooetem. i
'.'ile; ducks, old, 80W82fl; do. eprlnc $
DRKfiSKD POULTRY Kowls. fresh-klllrt.
dry-picked. In boxes, weluhlns; 4lB bt
and over nplece, 43c: weighing 4 iba . isf.
welphlnu 3 lbs 3738c: welahlnr i lit
813nc; fowls, frcth. killed, In bbUi, Si.
Picked. welRhlnir 4iR3 lbs. apiece, tin
wolghMK 3 Iba.. 80W36c: welghlnr 3 Ibi ,
and under, 80tr84cj broilers, western, in
picked, vtelshlnt; 1 Cr2 lbs. apiece, 41 ji
45c: do, weitern, amalltr sUeni 410;c.
roastlnir chickens, western, weighing ail'
lbs. nnd over nplece 40041c: friers, w.a7.
em, weighing 2 &B Iba. apiece, as0J3c'
broilers, nearby, weighing 1 2 iba
apiece; 4R4C4TO; broilers, nearby, emillir
alaea, 42ffl44c; old roosters, lry-piciiM
wcatorn. 2So; do. southern, 2027c; aorlrjt
ducks, L. I., 88c.
Today's Range In Liberty Bondi
IjOw
oi .no
Liberty 3V4s .
Liberty 2d 4k
Liberty 1st 4Vs..
Liberty 2d -lMs,.,
Liberty 3d 414s...
Liberty 4Ui -tVis. .
Vic Notes Syis...
Vic NoteB 4''J4H...
High
01.70
87.r0
88,70
87.08
80.80
87.78
00.00
00.14
87.50
88.70
87.no
80.50
87.52
00.00
00.00
Clow
01.50
87.50
SS.70
87.04
fiO.M
87.88,1
uo.w
00.00
DIVIDENDS DECLARED
Cltlea Service Co. Hankera ahari, it.
dend for October will be 41.50 cents a ahare.
payable November 1 to stock of record Oo
tobir 13.
T'hllln Morris ft Co.. Ltd.. dividend of ll
cnts a h.re. payable November 1 to stock
ot record October IB.
fj mrm-irorta jj
10...
110...
14...
7...
6...
10...
6...
Chi
6..
6..
15.
0..
6..
5..
6..
5.
50
f.0
50
60
60
51
80
60
60
00
00
50
60
60
60
60
62
60
S'n Rollwv 51
0 80
8'n Rallw'a 4a
60
. . 00
. 70
.. T0
. . 70
.. 71
. . 70
W I 4s
03
1.
4
1
24
10
1
01
01
01
01
01
02
02
03
02
Top, 119.50.
Wheat
December ,
March ....
Corn
December .
May
date
December ,
May
I'orh
October . . .
November .
Lurd
No ember .
January . .
Rlba
October . ,
January .,,
. 02
. 05
: m
.23,03 :
03
06
87
2.02
80 i
Closo
2.07
2.03
2
::;:1!
0.40
7.85
...16.25
. t . .
t):
23.35
10,60
17.45
16.85
t ...
65
00
23.03
10.23
17.13
15.25
2"
03
53tt
23.10
28.23
10.25
17.15
15.80
13.80
Chinese Gove't
H-K. nya n
1 48
City of Copen
hagen 6a
1 ... 77
Cty New York
4a '03
n 03
City I'ar'' "
'p.:::: 04
11 04
14 nH
" .... 04
1 .... 04
City Toklo 6a
8 o
rol ft S'n "'
1 70
CfinBll l" I
a 00
Cuban C H e?
:: S5"
pen & R Q "
a iB
a . . bj1
2 .... 63
1 54
V Can 5s '31
K HOW
57. ... 08
23
Can 5 '31
1 00
1 .... 00
1 Canada '26
1 . .. 00
2 00
D Canada '81
10 00
Erie dent Lien
1 48
10 48
1 48
2 48
1 48
Krl R R cv U
14 46
Nat'l Rivya of
Mexico 4 'is
5 27
5 27
New O Tex &
Mexico 5a
1 67
N T Hkyn M'n
rieach Rly 6a
2 80
N T c u n
R R 3a
3 60
N Y C 4 II R
R R en 4a
10 72
10 73
16 72
8 72
N Y C ft II R
R R 4a
25 78
N Y C ft II R
H 11 OS
Tex ft Pao let
2 83
Third Ave al
1 2T
4 27
1 26
5 27
6 27
20 27
Union Too fd
1 77
Union I'ao 4a
2 82
Union Pao Oa
4,... 100
1.... 100
U IC ot O Drll
ft I'd 1021
BUTTER, EGGS AND CHEESE
New York, Oct. 2. RUTTKR Firm. Re.
celpts. 7672 tubs. Creamery, higher than
extras. 02C62c: extra (02 erore). B1W
Clc: first (81 to 01 score). 51 00c; pack,
lng stock, current make. No 1, 40c.
i:CK8 Firm Receipts. 8134 cases. Freeh
gathered extra Oreta, 03005c; do, first.
5862c; atate, Pennsylvania and nearby
western hennery white, flrst to extra. S2W
62: do, brown, extra. 72B78c: do, gathered
brown and mixed colors, first to extra. 68
tf(17c
CHEBflE Irregular. Receipts. 1562
boxes. Htate. whole milk (lata, current make,
white und colored, miTlals, 28P20c; do,
average run, 27 WJSp. state, whole, milk
twins current muke, specials, 2802Sc
no, average run. .ivn w.nc.
w
30..
21..
30...
60...
5...
10...
02
02
02
02
02
02
s y o a 11
R R ct 7a
11.
12..
10..
4..
1 .
1.
1..
1
2.
10.
20...
5...
43...
10...
80..
32..
23...
0.
08
08
08
08
08
08
08
08
88
UKotQ Drlt
ft I'd 1022
10 08
V K of a llrlt
ft I'd 1020
1 80
1 80
5 89
1.. .. 80
6 00
20 .... 00
14 .... 00
TRUST COMPANY wiihe. young
v man of experience ambitious
and capable) an officer's place
will bo opon to right man.
A 810, Ledger Office.
Proposals
101
101
101
101
101
101
101
101
101
101
101
101
.. 101
Light 11
5..
10 ,
1..
N Y
& rwr 4s
6 03
New Y N It 4
Hart'd 0s
11.. .. 81
New York O
West'n 4s
7 03
New T Btat
Rhs 4s
1 62
N Y Tele 4s
0 77
N Y Tele's fl
2 88
New TWO
Roston 4a
8 60
Norf'k B'n 8s
83
U K of CI Drlt
ft I'd 1037
1 80
4 80
21 .... 86
5 80
U B Rub'r
... 70
U S Rub 7a
1 07
1 . .. 07
1. ... 07
1 07
U'd 8 dteel ,
4 05
5 03
8 .... 03
5 04
Virginia Ha 11
Rros Ctfa
60 . . 71
41 . , 73
Va Rallw'a 6
10 . . 82
Wabash R 2nd
2 .. . 81
1 83
Wftat'n Md 4 s
6, ... 60
5 66
1 68
Wllion Co in
10 87
Wilson Co cv
1 81
KHAIJ'-n l'ltOI'OHALH WILT, nit aim
eelved by tho undersigned until 12 o'clock
noon, .Monday, October 11 1020. and then
punuciy upuuru ,vi twvm .uj, tjuy nail. 11
printing, oinuing. oisiriButing and aelllng
approximately 10.000 coplta of the report of
tne rmiaunpnm war History committee.
Illdders must agree to do the work with.
out cost or expense to the city and to pay
to the city an amount which they will men.
tlon tn their bid to coer the coat of collect
ing and assembling copy and data for the
book.
Further Information may bo received from
tne unaerniKnru.
J. JARDUN aunNTHBR, Secretary.
oom nn. city Hall,
The
Liveliest
Discussion
of the Canadian
financial mar
kets is contained
in Investment
Items which we
publish each
month.
If you look kindly
upon Canada as a
field for possible in
vestment, we will
gladly add your
nameto our mailing
list. Address: 83
AGENCY. Of
Royal Securities
' CORPORATION
(CAHAM)
LIMITED
9 165 Broadway NawYork
- .... m. m w-ti
FINANCIAL
OirtAllU POINT STORAGE C05IPAKT
Sinking Fund Notice
Mealed propoaala for tha Bale to Flullif
Trust Company, trustee under the mortnrj
of the Glrnrd Point Storage Company, catij
April 1. 1800, of a sufficient number el
bonds Issued under enld mortgage to In'ta;
the sum ot 120.030.00. will be. recelvjd ;
the otTlce of said trustee. Nos. J2J
Chestnut street. Philadelphia, until Fr''
October 15. 1C20. at 12 o'clock noon. TM
right Is rservd to reiect any and aliwa
FIDELITY TRUST COMPANY. TruatM.
WM. P. OEST. President.
Philadelphia, September 30, 1020.
Dividends
DEPARTMENT OK I'DllI.IC WORKS
IIUKKAU OF WATER
Hentember 'J2, 1020.
Sealed proposals will U received and
opened at Room 210. City, Hall, until 13
o'clock noon on Wednesday, October 18, 1020.
for the following!
Contract No. 417 General Construction
at Queen Luna Pumping Station
Contract No 418 Piping Queen Lane
Pumping Station.
Contract No. 410 rivot Gates for Queen
Lane Kilters.
Contract No. 420 -Furnishing and Deity
erlng Sluice Gates for Queen I.nne Filters.
Inquire at Room 7K rity Jlall " '
FRANK ll. CAVEN.
Director.
Lawrence E. Drown & Co.
CERTIFIED PUBLIC ACCOUNTANTS
1050. REAL ESTATE TRUST 111,110.
Investigate and adluat partnership nnd
rorporutlnn aceonnta. Alio urroure C 8.
income Tax Returns.
-5
r0&J&i,7taMp
EDWIN J.SCH0mLEC
ptfHiBaxisM
OJ&NCiBTIIliTT. .SlPtaST
P"A'
Tho William Cramp & Son Ship &
Engine Building Co.
Philadelphia, V. H. A. I
The noard of Rlroctorj haa thla i W
declared a quarterly dividend, of ' 1 III
Sir iharej). payablo October' IS. lOJO-.tJ
stockholders of record at 8 p. m. on OctoW
1, 1020. The transfer booka of the eornwM
rr'oln"! ,C?cro,bheerP.U.rr02O.OunU,.'ld6'V.f,S:
October 10, 8g B TATM)n
Treaaunf.
September 80. 1020.
' OFFICE OF THE
United Gas Improvement Co.,1
N, W. Corner ItroiiU and Arcn Birejw
' Philadelphia, September. 8. .W,
-k- nlrrtnra have thla day declared
quarterly dividend of wo otr nt. (II J"' I
ahar") on tho Common Stock of thiapcmpii I
payable wet. IB, ivxu.io "?? "',"':
Stock of record at tha close of bujlMJJ
September 30 1020. Cheeks wIM be mill i:
D0W I W. MORRIS. Treasurer. .
WESTERN PbWER CORPORATION
The Hoard ot Directors have ."teclareM
quarterly dividend of one nnd one-
OVi'.l wr cent on th. Preferred Stock, yafj
able October 15. 1020. to sloekholdcra et
M-.,nfl ut lha enmtn nt hii-tlnPHB1 H-DtCiTlPCr "
l0'"' II. P. WILSON. Secretary
Annual Jleetlnie
THE JIUTOAL .AHUUffiiSS
FOR 1N-UUINU 110 UBW
IIV FIHK.
fi. Fourth St.. Phlladflnhla. Vu-j
CI va. T1- I
T ,".'
OFFICE OF
I OMPAhY
FROM LOSS RY FIRE
ill! fi. fnnrlli St.. I'l
A mi'KTIMI IIP TIIK MKMUEK
liniiial Atir nrn Cninninv fftl
Houses from Loss by Fira will be held I at'
onico. No. 240.8 Fourth .street, on MoUJJ
n"'ci "0;rw.,?.,A u"."V..",.ra.i.v"M" (.
tne annual election jvlll taka place airee'
ably to tne neon, or ueitieroenu
i OftK Hafn
' DAVID LEWIS. Trturr
I ANNUAL MF.ETINd OF BTOrKlinl.D
1 of the .liiitltiul C'n-operaUve Illdg. AfL'l
H I I lieui iuonuuy rirniog, iir, V iticl
at 2110 Houth St. New aerlra of ;tK
sud Action on proposed chongea
ltv.I.uwa. and auch nthar bualneas BV ni"
properly come hforo the meeting, .
JOSEPH F. HI'BY. ecrclri
MARKET STREET TITLE TRltHT. i&J
THE ANNUAL MErTINO OF NTI'i", '
1-oldera will bo held'at "outhwest cernej
B'.'d and Marltol atrceta on Mond..P.',IJ
11, 1010. at 3 V. M. Klrctlon for dlMHW
to be held.
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