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EVENING PUBLIC Eb(BIPHlEIBrai; . MONDAY, Cfcjoif k 1920
18
1
i m
I
xvm
u
fiwatt?'
The Advancing
Bond Market
In th latter part of May of the
present yar, many railroad
and utility bonds, ns well aa
Liberty bonds reached the low
est prices In their history. At
about the xnmo time It becnnie
quite Apparent that consumers
were heel n nine to curtail their
purchases and consumption of
commodities Since that time
prices of good of almost all
kinds have fallen rapidly, at
tended by equally rapid ad
vances In prices of securities
benrinje a fixed rate of Interest
We have prepared a booklet
which dlscusea the recent de
cline In commodity prices with
the aecompanylns advance In
bond prices, copies of which we
shall be Kind to send to Invest
ors upon request.
We iuret jrou (ilk for booklet
'The Advancing Dond Market"
Harris, Forbes & Co
rino Stroat, Corner William
NEW YORK
Philadelphia Office:
Widener Building
MARKET CH
E
CKED
BY TIGHT MONEY
NEW YORK STOCK EXCHANGE TRANSACTIONS
Intorost Contored In Specula
tive Issues, While Representa
tive Shares Hung Fire
Selecting
Yoisr SSanker
To pet results in bank
ing you naturally look to
nn institution where serv
ice dominates. Such serv
ice will embody courteous
ness, business counsel, ac
commodation on approved
accounts, and many othor
details involved in the
proper direction of a bank
ing house.
liccji in Mind lh-
Iraird
National Bask
Oppoiite Broad Street Station
STANDARD OIL
COMPANY
OF NEW JERSEY
7 Preferred Stock
Mkt. to yie!d about 6.67
MOORE
LEONARD
& LYNCH
CUSHMAN NEWHALL
manager
1429 WALNUT STREET
Loncacre Hide.
lfew York
Broadway
rittMbnrxh
Frlck
Hulldlnc
members
NBW YORK. PHILADELPHIA AND
riTTSBl'IiGII STOCK EXCHANGES
New York, Ot. 25. Neither the
1 chnrnrter of the trailing nor price move
ments in todny's stock market differed
much from thop witnessed In the inimc
dlntclr precrdlnu sessions. In other
words, the new week opened without any
essential chnngci lu the general chnrac
terNtlcs of the market. Special move
ments were mnde here nnd there through
the lit. but most of the representative
storks of notli the industrial anil rnu- i
road division", showed the same con
spicuous tendency to mnrk time. Trad- I
ing continued of the same restricted .
character and was virtually contlncl al- ,
most exclusively to the professional .
traders lu and out of the stock ex
change. Tight money conditions was the nrln- j
cipal retarding inlltienee, wiucn, now
ever, was not altogether unexpected, In
view of the unpleasant showing mnde
on Saturday by the charing house In
stitutions disclosing the largest Im
pairment of i (-serves of the year. A
gieat many loans were cnlrd during
the morning, nnd the renewal call loan
rate was fixed at S per rnt. compared
with the 10 per cent closing rate on
Friday nnd n recent average renewal
rate of 7 per cent. The supply of de
mand funds at S per cent rate was
rather scunt, which naturally promoter)
fenrs of a recurrence of Frldn s flurry.
The unfavorable bank statements,
however, from n sentimental viewpoint,
were to a large extent eounterbalanccd
b the more favorable advices from
London, regarding HritMi lnhor condi
tions, which were confirmed by the
sharp rise In sterling exchange. As the
market continued still largely governed !
by technlcnl condition1!, these outside
eiindltlons virtually onlv had nn nca- I
deinic intluenee. Altogether the market
dWplnvtd n much better tone, hut with1
the exception of the strength nnd uctlv- I
ity of 1'nited States Steel, which wns
iii'islio,! nn nn revived renorts of an i"S- !
trn dividend nt the meeting of the di
rectors tomorrow, the leadership was
poor, in that interest ran more to the
speculative issues.
OIIk. rails ami utilities were the
stronger issues at the outset. Addi
tions to early gains were made In the
first hour, especially by Mexican Te
troleum. I'nn-American Petroleum,
Shell Trading, f'nllforuin Petroleum nnd
Houston OIL These issues gained 2 to
almost ." points over Inst week's final
prices. Halls were dull, but utilities
and tobaccos strengthened with noine
of the minor specialties. The market
icacted in the second hour, when 1'nited
Fruit fell 5 points and Coca Cola .Vj,
the latter losiug ground on adverse
dividend rumors. Irp'gulor recoveries
set in before noon, when steels devel
oped activity, especially heavy buying
being noted In V. S. Steel nnd Beth
Miein. Independent steels, particularly
Lackawanna and Reploglc. scored fur
ther gain- at midday. Coppers were
strong, despite the weakness of the
metal market, with buying of Utah.
American Smeltiug and L'nited States
Smelting. The only railway issue to
chow any marked change was New Or
leans. Texas and Mexico, which rote 4
points.
TRADING QUIET
IN LOCAL STOCKS
Only Important Price Changes
Were Made in Usually
Inactive Shares
Dtv.
Sates la t ituh
l0 o Alax Itubbcr 0H
1100 ,. Alaska Gold Mines.. 11
COO .. Alaska Juneau O M.. 3
1000 7 Allied Chem & Dye. litVi
00 7 Allied Chem A Dye pf 03
100 i Allls-Chnlmcrs 03 U
100 s Am Agrlo Chem M
0 g Am Doet Sugar 78 Vi
300 io Am Hosch Magneto... 77ft
ooo .. Am Can 3H
"0 7 Am CAn tif 87W
700 is Am Car & Fdy 13V4
300 .. Am Cotton Oil aK
200 go Am Drutr Syn 0&
8700 7 Am Hide & Leather pf 00
looo o Am Internnt Corp.... 7J4
oo 1 Am-La Franco Kntr. . . 10
loo a Am Linseed 0034
000 o Am Locomotive 97
100 7 Am Locomotlvo pf... 10014
oo .. Am Safety Razor 1H
700 .. Am Ship A Com 18U
00 4 Am Smelt A nef 00
100 s Am Steel Foundries.. 31
000 7 Am Sufrar Itof 107
000 io Am Sumntrn, Tob H9
1200 8 Am Tel A Tel 1CU&
300 20 Am Tobacco B 130
700 7 Am Woolen 7lJi
3M .. Am Writing Paper pf. 0
1700 4 Anaconda Copper .... CI
100 .. Assets Realization... . 'i
300 4 Asso Dry Goods InM
700 o Atch Top A Santa Fo. 89'4
200 B Atch Top A S F pf. 77!
1800 10 Atl Out AW I S S....UR
101 .. Austin Nicholas UH
W
J
H
V
M
1
1.
Yi
1
IS
&000 8.50 Baldwin Liocomotlvc. .11&Ii
;iKiii!mi;!aiiH!afli:a2LiiKi';ii!ii,i!iraiK3,ii;mKra
ESTABLISHED 1865 I
BIGREN & CO. rj
BANKERS 1
AlOChcstnutSt., Philadelphia
Government,
Municipal, Railroad
and Corporation
Securities
Members Xeo York and
Philadelphia Stock Exchanges
I
OTOTiMiiniiKm
SenXo?ai
Sfactlities
?
Rallying 'Round
the Rails
Ik the present niurkctHl.p activ
ity of the tbIIs tho forrmnntr
of anntlirr old-time railroad
imirkrt?
Are ue Justldrd In expecting the
prekent trend of the mils to lie
Innr lintnlnecl? I'redlrtlon eon
Htilutea nn part of uur aerxlre.
Our i-perlol letter "II," tiowerer,
ilrirrllies the banlc rnndltlnns
unilerlyliiK a nelected few of the
rallruad liauri,
ifarfcetable xrmritlea carried
upon a conAervatlv mnrfllal
lasts. Odd lots a specialty.
. . 1 rhlladflphlu ftlt. Kich.
MrmhrmJ (,0, mi,, i., uf Ni y
1622 Chestnut Street
I'honrat Hell, hpriire 60 17-1300
Kesmnne Itnro 'l!i'J
74 IlrotidtiRr It 4S9 th Air . N. V.
Stnmforil Conn.
Kxcept In n few of the inactive issues
nrlce change in today's local market
were unimportant. The dealings, while
tiot large, were again well distributed
with most all the local stocks given n
good representation. There was no
sneeinl news over the week -end effecting
the ptirelv local shares one wny or on
other and this irfluenred a d'snosltlon
more or lees to hold off until the gen
eral outlook became more legible.
The wider price movements were
registered in such usually obscure issues
as Iliiffalo and Susquehanna preferred,
which on a few transactions advanced
1 -i points from the previous sale to
,"0. On the other hand. .1. O. Ilrill com
mon htock. which was rushed up with
such vigor last week, droped back 1
to 01l'n, but General Asphalt preferred
scored a further advance of 3 points,
reaching 08. American Gas on very
light offerings ran off 1 to -10.
In the regular active shares it was a
case of fraction chipping on cither side.
Philadelphia Rapid Transit was again
freelv offered but all of it was taken at
10. I'nion Traction remained pegged nt
HO, while United Gas Improvement was
; point better at 374 . the preferred
ruling firm nt par. Philadelphia Elec
tric issues continued well supported.
Railroad shares continued firm on
very quiet trading, Pennsylvania hold
ing most of the day nt -14. Lehigh
Valley was well bought nt !5, and Le
high Navigation was ',a point higher on
u small odd-lot purchases nt OO'-j,
1500
100
200
2000
200
900
200
100
.100
2200
too
sxno
401
:ioi
280.)
100
soo
900
4100
.Ml
S00
010
100
3000
300
300
310
1101
700
000
12100
100
1500
1200
200
100
1S00
100
2?
100
1500
100
200
1100
100
000
200
100
500
200
100
100
310
300
100
310
200
500
400
100
403
3 M0
100
500
100
1200
100
100
200
100
100
4S0O
10.1
300
100
809
7000
1200
300
100
200
100
200
W)0
500
2100
200
2310
100
200
100
100
000
1700
2G0O
Bait A Ohio 47'4
8 Barrett 132 JS
S.Bethlehem Stl 8 pf lOiTi
B Bethlehem Steel B 72 H
.. Booth Fisheries M
. . Brklyn Ilapld Transit 1
. . Brklyn n T ctfs of dop
.. Butto Copper A Zinc. . OH
.. Butto A Superior Cop. 10Vi
.. Caddo Centrnl OAR 20 M
n California Pocking . . (!!$
10 Canadian Pncfto . . . 20JJ
.. California retrolrum. 2715
7 California Petrol pf. 6BU
8 Central Leather 40J
7 Central Leather pf . . . 0215
4 Ccrro do Pasco Cop. . . 30 14
10 Chandler Motor S5J4
4 Chepapenko A Ohio . 0J
.. Chi A E III Ei Tctfo. ll?i
.. Chi A K 111 pf ctfs.. 12H
. . Chlcasro A Ot West. . . 12
2 Chicago A Ct Wen pf 294
.. Chicago Mil A St P. . 1Yj
. . Chicago Mil A St P pf 02M
5 Chicago North vestem 81 &
7 Cht A Northwest pf..Ut
. . C lit It I A Pac 38
Chllo Copper 1M
1.50 Chlno Copper !.U
4 Coca-Cola 30U
. Col A Southern 35 U
n Polumb Gas A Eleo. . . GOVS
1 Col Graphophone .... Z0V
4 Comp Tab Records . . 441
7 Consolidated Cigar . . 72W
7 Consolidated Gnn .. . Hl
2 Con Intertsate C'al M. SV
3 Consolidated Textiles'. 25$j
1 Continental Candy.... 10
4 Corn Products Ref KM
7 Corn Products Hef pf.inon
2.80 Cosden A Co 37
8 Crucible Ste-1 13lii
7 Crucible Steel pf T3
.. Cuban Cano Sugar.. 3St,4
1 Cuban Cano Sugar pf. 7W
7 Cuban Amer Sugar... 1
.. Denver A Itlo Grande. 'I't
. Denver A Ulo G pf. ... 3fi
1 Dome Mlnea itH
8 Endlcott-Johnson .... 05
.. Trie 14
Erie 1st pf 28''
.. Krlo 2d pf 20J
8 Famous Players L. . . . GS'i
3 Flsk Rubber 20j
.. Freeport Texas 2115
Gnston Wms A Wig.. 0
0 General Cigar 02
8 General Electric 139!$
1 General Motors .... 1814
6 Gen Motors deb fi'o.. 07i
8 Goodrich It F HO'X
7 Goodrich B F pf 72!-i
7 Great Northern pf . . . . 8716
4 Gt Nor Ore ctfs 34 &
50 Gi'cn Cananea Cop.. 27
. . Gulf State Steel . . . . 40
4 Haskell A Barker Car 08
.. Hcndce ctfs 21
.. Houston Oil Co 111
1 Hupp Motor car 13K
7 Illinois Central 054
60 Indlahoma Rf 7J?
4 Inspiration Con Cop.. 433$
.. Inter Con Corp SU
.. Inter Con Corp pf. .. . 15-
7 Intl Hnrvesttr new... 10812
7 Int Harvester pf 109
.. Int Mer Marine 18J
e Int Mer Marine pf... 7' A
. . Intcrnat Motortruck . 40
.. International Nickel . I7;
.. International Paper .. 7Hj
.. Invlnclhlo OH Corp... 31 U
Iron Products 41
2:30 Net
Low (NYtm) Chge
4M 40H- Vs
11H K
iw- y
M14. VS
821
33K- $4
821
7SW 1H
77J4 IK
K M
874 V
l' 14
214- 14
14
'4 1
73 U
10 -89H-07
loo K-"W-
1814
on 3S
105 J4 -89
99ft-
130H
71 K
50
51
4H U4
28J4-T- 3H
88K- H
7714 Vt
148 214
14 a-
1IH 114
47'4 ..
132 J5 ..
104J4- IK
72fc 1H
H 14
13H-
R?-
04
10VS
2014
03 n
20 H
27H
C3H
40 1J-
8214-
30 -
85J4-
C8J-
113-
12
2
2095-
4114-
2
8151 110
11
1
834
B114
3334
83
714
7714
33 H
8714
13514
25 V,
14
50
73
10
093;
9CJ4
100 K
114
1834
59
38
105 JA.
88
00ft
130J4
7114
50
5054
'
27
8814
7754
145
iJ4
1174
0W
13254
104 ft
7154
54
13 U
8Ji
OK
10
20 U
83 ft
25 54
27
8M
40
0254
30
851,
GBH
11M
12
1134
29 H
4154
2 K
8154
no
H
14
54
54
54
134
Vt
Vs
1
14
1
14
54
Vt
K
34
14
H
H
Island Oil 0
Jewel Tea pf I2ft
Kan City Southern... 2534
Kansas City 80 pf 4 9 ',4
Kayser A Co 85
Kelly-SPK T '-j
Kelly-Sps T rts ft
Kcnnecott Copper 23
101 1.20 Keystone T A R 14
1000 0 Lackawanna Steel ... 0054
100 . . Laclede Gas of St L.. 5755
400 8.60 LohlBh Valley S5j;
37
1414
24 ft
27
35 54
00
20
441;
72 J4
37 Ik
814
2554
10
83
100 U
30?
120 Vi
S3
34 34
7
41
25i
3K
11 3i
r,5'
1855
2SK
2054
08
20 ft
2154
0
02
1.-.8M
17ft
0754
4034
72 U
87
3ft
27
40
08
21
10854
M4
04 U
734
43
1ft
1454
108 W
100
1834
7154
40
17'i
7055
.13 '4
4154
Sft
12ft
25
4054
85
53
34
22 ft
134
05
50
55 ft
3734 54
14 54 54
25'l ..
2754- !5
3n- 34
005',
2054
4414
7234
2H
10 -
3 55
1001,-
3oy, -
I30ft 1ft
m
334
7 54
41
214
33s
1134 05 ft
J854
281,
20 54
OS -20ft
21ft-
0
ft
54
4ft
54
Sates
100
100
100
100
18000
200
fnl
Hlfh
3 Loewo Co 20ft
0 Mnckay Cos CSft
7 Manhattan Kiev guar. 04
.. Maxwell Mptor 354
12 Mexican Petroleum ..19154
Miami nn.- o-
-- - - . ...1 vIV. ... JOJ
i. go Aiiouie states Corp... lift
209
100
100
COO
501
40)
700
100
400
100
200
300
200
800
200
2100
200
1800
100
100
200
400
2100
100
100
3. 80 Nt
Low (NYtm) Ch.
8254
0415
3334
21
OS
9954
4 Mldvale Steel A Ord.. 3834
. . Minn A St. Louis 20ft
.. Mo KansaB A Texas,. 5
. . Mo Kansas A Texas pf 0
. . Missouri Pacific . , , . 1 28
.. Missouri 1'acinc pf. .. 1M
3 Montana Power 87ft
. . Montgomery Ward . , . 23ft
.. Nat Anlllno A Chem.. 5834
7 Nat An A Chem pf... 90ft
7 National Biscuit 107
.. National Con A Cabl.j 055
0 Nat Enam A Stamp.. 9ft
0 National Lead 7354
. . Nat It R of Mex 2d Pf 7
1 Nevada Con Conner. . 11
0 New York Central..
.. New York C A St L.
.. New York N II A II.
1 New York Ont A W.
.. N O Tex A Mex..,.
7 Norfolk A WeBlern..
8 North American 0154
7 Northern Pnclflc 80ft
3 Nova Scotia SAC... 1
80 Nunnlly Co 13
100 2.30 Ohio Body A Blower.. 17 54
1700 40 Okla Prod A Rcf 414
0 Otis Elevator pf 85
. Otis Steel 2154
3 Owena Bottllnjr Maoh 58ft
Pacific Do vol Corp.
S Pacific Gas A Elec
.. Pacific Tel A Tel..
0 Pan-Amor Petrol .
0 Pan-Amcr B
3 Pennsylvania R R.
.. Penn Seaboard Steel. 18ft
. . Peoples Gas Chicago. . 45
. . Pere Marquette . . .
3 Philadelphia Co . . .
. . Plercc-Arrow Motor
8 Plercc-Arrow Pf ...
. . Pierce Oil
8 Plerco Oil pf
5 Pitts Coal
. . Pittsburgh A W Va.
8 Pressed Steel Car. .
8 Pullman 11234
Punta Alegre Sue rts 095
100
100
100
100
800
300
8000
700
1000
1301
4700
000
0900
1700
2,10
2800
100
030
2800
200
103
100
101
200
5500
800
730
2400
200
0100
2534
55 ft
40ft
0154
3ft
43 ft
27 ft
lft
303
89
is 54
8534
08 W
35 ft
08
4 Pure Oil Co.
1 Ray Con Copper
4 Rending
2 Reading 1st pf
5 Reading 2d pf
. . Replo Steel
..Republic Motortruck.
0 Republic Iron A Steel
5500 fl.20 Royal Dutch N Y,
13834 -1755
07 '5
50
754-875a-34
55 .
27
40 -08
21
10334 -s-13?',
f-
04 54
734 4334
4ft-154-
108ft
100 1834-
7154 .
40
17ft
7155
33 ft
lft C
12ft
25ft
40ft-
83
a
ft
154
ft
ft
' ft
54
134
fti
100
500
1800
1200
100
700
200
400
0500
1101
4710
700
3200
1300
100
270
701
200
200
5300
300
201
200
10300
3200
1800
2101
100
700
200')
100
000
400
39 ft
14
9734
SO
59
8234
31
7054
7034
14ft
31ft
3854
1 St Joseph Lead
.. St Louis San Fran..
. . St Louis Southwest.
,. St Louis Southwest pf 0ft
. . Saxon Motor 5
.. Seaboard Air Lino... 10
.. Seaboard Air Lino pf. 17
8 Sears-Roebuck 112
.. Seneca Cop Corp 1854
74 Shell Transport 5154
. Sinclair Oil 323o
8 Sloss-Sheff 67
0 Southern Pncitlc 00ft
.. Southern Rnll 313i
5 Southern Rait pf 0434
20 Stnnrtirrt OH of N T 090
7 Standard Oil of N J pfl0554
4 Stewart Warner Sp... 32
4 Strombcrg Carb 71
7 Studebakcr 59
2 Superior Oil Corp.. . 1814
4 Temtor Corn A F "A" 30ft
.. Tenn Cop A Chem... . H
a Toxns Co 513j
.. Texas A Pacific 2255
00 Texas A Pac C A O.. 35ft
. Third Avenue 10ft
8 Tidewater Oil 216
Times Square Supply,
0 Tobacco Products
. . Tol St L West ctfs.,
. Transcontinental Oil ,
r Transue & Wms Steel,
100 2.ao Twin City P T
1734
6734
13
1254
45
2'4
62 - ft ,
ft ft 1
223i . I
14 3i- ft
0054 2
57ft 2ft
C5ft ft
501 . . Union Oil 27ft
1200 10 Union Pacific 12754
500 4 Union Pacific Df CBtJ!
200 7 United Cigar Stores pf!02
2100 12 United Fruit 224ft
300 .. United Rwy Invest... 1534
2301 .. Unl Rwy Invest pf . . 3234
4000 3 United Retail Stores.. 75
201 5 U S C I P A Fdy pf . . 41ft
1700 BUS Food Products.. 4855
800 8 U 3, Ind Alcohol 8434
200 ..US Realty A Imp. ... 50
10t0 8 V S Rubber 7734
100 H U S Rubber 1st pf . ... 105
301 0 U S Smelt A Ret 55
32000 BUS Steel H9ft
500 7 U S Steel pf 108
000 0 Utah Copper 58ft
400 .. Utah See 1334
430o 0 Vanadium Corp CSft
1000 2 Vlvadou Ino 15
300 . Wabaah lift
SOO Wabash pf A 323$
000 .. Western Maryland ... 14ft
100 West Maryland 2d pf 2555
400 .. Western Pacific 30ft
100 4 Wfbtern Pacific pf... 74
700 7 Western Union Tel.. 02
100 7 Westlnghouse A Brake 102
300 t Westlnghouso E A M. 4755
300 . Wheeling A L K 14 ft
300 .. Wheeling ALE pf . . 20ft
500 1 Whlto Motor 45
000 .. Wick sponc Steel Corp 20 ft
1000 1 Willys-Overland 11
200 7 Willys-Overland pf... 01
Ex-dhldcnd. t Ex-rlKhts.
2054
0 54
04
354
10354
18ft
134
3854
10J4
5
0
28
Sift
67
234
684
00
107
Oft
6834
7354
OH
11
82
654
33
24
05
99
61ft
88ft
41
13
1754
4
85
21ft
5854
2534
84 ft
4534
80 ft
83
4334
18
41ft
2754
41
36
89
lift
8534
8ft
314
97ft
11234
69 ft
3954
13 ft
9034
55
674
81
31
76ft
78
14ft
3134
3754
4834
6
Oft
10ft
11155
1734
50
31ft
OS
0051
3114
64 34
647
105
32
71
58 ft
1834
39 ft
Oft
6154
2154
34
17ft
215
17
0634
13
lift
45
42 54
2754
126ft
08
100
220
Hvi"
31 !4
74
lft
47
8
50
77 ft
105
53 ft
8854
10734
cs
13 ft
0354
14 54
1134
32 ft
lift
2554
3555
74
82
102
4754
1455
2555
44 ft
29
1034
01
ft
ft
94
ft
54
it
ft
114
"ft
ft
203
6554 154
64
3ft- 54
1954 aft
18ft ft
134 ft
38ft 54
1094- H
5
9
28
5134
6754-234-
5834
90
107 - 54
6ft
59 J4 1W
73ft- 34
7 54
11
87 -04ft
3334
24
05
09 -
6194
88 ft
1 13 -1754
4
85 r
2154 58 ft
2534 54 ft
0154 194
8354 2
4334 14
18 Ji
4454-
2754
41ft
30ft
80 -?
1554
8594
0894
354-
07ft
11294
00ft
30ft ..
13ft ..
06J4 14
66
59
81
31
79ft 2
78-34
154
31J6
38ft
4834
5 , -0ft
10ft
112 1794-
C0 134
32 54
0854 lft
9954 54
3155- ft
0134 ft
605 25
105
32 - ft
711
5855 ,
1834
39 ft
3i 5134
2254
3194 134
1734- 1
215
li 54
0754 94
13 - lft
12
45 1
254 ft
2734 ft
12754 ft
6854 ..
100 3
220 - 4ft
14-3134-7454
155-
48 -84ft
60
77J4
105 -
65
8054 154
10734 - ft
58
13 ft- ft
94
ft
94
ft
134
1
"34
154
294
GOSSIP OF
THE STREET
Explanation for tho unexpected
flurry in tho call money rates on Friday
afternoon was easily to be found in tho
weekly statement of tho New York
Clearing House institutions on Satur
day. Tho cniiR$ war clearly shown in
the $23,070,180 deficit of legal rcscrvo
requirements.
The market had closed when this un
pleasant bit of news enmo out, and
which not only put a crimp in the hopes
of easier money market conditions but
nlso suggested the probability of somo
further loan calling by the banks in
order to rectify tho impaired reserve po
sition. The statement was rcmarkablo
for tho unusually large changes shown
in the principal items, but which, after
all, were undoubtedly the aftermath of
the recent tremendous financial opera
tions incidental to the cnormotm Oc
tober payments and largo bond flota
tions. Loans and discounts showed n con
traction of $00,845,000. while demand
deposits showed the astonishing shrink
age of $112,035,000. This, of course,
meant n material reduction in the lia
bilities of the Clearing House Institu
tions, but which was offset by tho loss
In rcscrvc'crcdlt nt the federal Institu
tion of $03,454,000. The result was a
cut in excess reserve of $50,235,200,
leaving the deficit ns stated above.
This showing would apparently Indi
cate tho continuation of stringent
money market conditions for some time.
Of course, this is about the season when
the heaviest strain of tho crop move
ment falls upon the hanks, but with the
Federal Reserve svstem the, burden has
been cnunllv distributed nmong the
twelve rerlnnnl hnnklne districts, and
tho burden naturally would not fall so
heavily on the New York district, as In
former years. Then again, the Federal
Reserve authorities have stated nr
rancementn for Hip eron movement had
some time ago been completed. It might,
therefore, be naturally assumed that
despite the shifting operations In the
redlscountlng the loaning insuiuiions
were not making the progress expected
ir. tlie credit deflation.
As a matter of fact.- according to the.
teotlmnnv nt lenitlnc li.inldne interests.
the readjustment of the over-extended
credit situation must still be handled
with kid gloves. The widespread char
acter of tho price-cutting movement,
rather than facilitating tne crcuii de
flation and the thawing out of frozen
credits has apparently proved n stum-
bllne block, In that to nppiy urnsuc
measures might result in serious busi
ness disturbance.
In all events, the chnracter of Sat
urday's bank statement quite plainly,
if not forcibly, demonstrated the futil-
Itv nt ernpetlnir nnv wide extension of
speculative activities for some time to
come. In other words, the period ot
easier money conditions, for which the
speculative community 11ns long occn
waiting, seems from all indications to
be as far off ns It was several months
ago. Caution would still seem to be the
safer policy to follow.
Cuban Situation
The Latin-American Division of the
Rurenu of Foreign nnd Domestic Com
mcrcc states that it would appear lu
SIININO
Alanka-Brlt Columbia ...
Arliona Silver A
Atlanta 1
DlK Ledco H
advisable for exporters to send ship- I uoatim & "Montana" '. '. '.'.'. 43
OILS AGAIN CENTER
BAR-SILVER
ltodDa?atW62rftT d'hiBhe' know
OF CURB INTEREST
Standard Issues Strong lnd
pendent Group Active In
dustrials Quiet
New York, Oct. 25. Nearly nil in
terest in the outside market was con
centrated in the oil group, partly be
cause of the strength shown in the
Standard Oil issues following the lead
ot Standard Oil of Indiana. Reports
were current of coming stock dividends
on several of theso issues.
Independent oil stocks wcro active
and strong, Midwest Refining moying
up 4 points, to 102, nnd there was vig
orous buying of many of tho low priced
shares, including Mcrritt Oil nnd Siriims
Petroleum. General Asphalt' was again
active nnd strong, moving up more than
1 point.
Tho industrials generally were quiet,
Submarino Boat making a moderate
gain, selling nt 14. There was a fair
amount of business in United Profit
Sharing nt 2V4 nnd 2. United Re
tall Candy wns unchanged at 10a4.
Sweets Co. sold nt 2 to 2ft.
INDUSTRIALS
IUh
Coal r 2U
Kxplotlvta 104
jIr Kmcrald ...... OH
Acme Coal
SAetna IC
columhi
Kmplro Tuba IsH
Ocn Aaphalt OtVJ
uooarear lire prei To
Harcutea Paper 22
i-eneciion 'lire, ,......,. I
JtBrtlo Com 2
Itadlo Com oref 2
Muomanne uoat 14
Hweetn Co 24
U fl Stem iI
United Front Sharlruc.... 2U
United Itctall Candy ... 101
STANDARD OILS
Standard Oil of Indiana.. 785 772
INDEPENDENT OILS
Allied Oil
Arkansas Nat Ga ,.
Hone Oil
Uoston Wyomlne
Carlb Syndlcato ....
Cushlnc Pete
Elk Ilanln Pet
Knslneera Petrol . . . .
Federal Oil
Olcnrock Oil .,;
Iludton Oil
Inter Petroleum (new)
Maracalbo oil
Merrltt Oil
.Midwest llftr
Mountain Prod
Omar Oil
l'ennok Oil
Producer & Refiners ..
lied Itock Oil
Itynn Cons
Hoy do Franco
Halt Creek Trod
Halt Creek (new) ....
Hlmm Petroloum ....
Skellv Oil
United Texas Oil
victoria Oil (new)
Whelan Oil
Whlto Oil
1:30
Low p. m.
1 4
is!: n
OOtt 60H
70 7S
',: 22U 22U
ty 1H 1H
H 2H 2K
14 14
'8
: 2X,
log 10
783
...20 10 10
. .. 10 10 10
'.'.'. i i
... lb 17k 18
... Oil oil o2
... ljV 1 1A
... SK SH 2
...2 lii 2
.. IS'A IBS 1BU
... 22Vi 22 U 22W
... 14 14g H
...102 101 102
... li)i 10 ; 10
... 3 2't 3
... OK OH (Hi
... OH CH 8H
I'.'. 17H 17$ 17$
... BH SH b
... 211 2ft 20
. .. 10; 1QV iQt;
:::J 8
::: $ ,
... i K v
... 23i 23T4. 23J
I
Creseon Oold
Divide Ext
Dundee Arliona ....
Kureka Cro-isus . . . .
Eureka Holly
OoldOeld Cons
Ooldfleld Development
Goldfli'lil Florence . .
GoldOeld Sliver Pick
Golilnclcl Zone
(Ireat Hend 1
Kmma Silver 3H
Hecla Mining 41k
18
U
.5
-
82
lit
48
1A
o
4
14
(I
30
tnanfa tn fill,,, uninau nnhlnrl Inut ritpt fnnl Cllled Mlnlnir
from the consignee have been received, cindeiaria Min ..
Of course, contracts must not be rcpu- cons Virginia ....
,1 n ted. hut the wishes of the importer , t" "ver
should be consulted.
The congestion of tho Ilnbnnn liorbor
continues unabated. Although tho
treasury department of the Cuban Gov
ernment has recently begun to put Into
cfTect the ordinance permitting the gov
ernment to remove from the docks all
merchandise remaining nfter the stn
tntorv nerlod. the wharves arc still con-
gesded. The moratorium recently declared 'iron Blossom u
bv tho Cuban Government pronimts tne i,.u"nr;Jl- o
withdrawal until December 1 of more Vi"?r Mining ".'.'. i"
than 10 per cent of the checking deposits Mother l-ode bs
In the hnutr. This has made It exceed- !n!?" Lode (nuw) 5
ingly diliicult for firms to secure reudy ooiii" silver" ..'
ensh to meet their payrolls. It .is Prince 1 Cons .. ..
stated on reliable authority that 1000 J c"
men wuo were riiK'iyt" i i'ii"k i"
relieve the hnrbor congestion hnve
ceased work because they were not paid.
The moratorium also makes it dif-
e,t, f. (mrvn,,!ni nnnnnpnn tn LPOIIfA TonODStl Divide
(...,1. . w.V M,lltln, nnrtnlnlm. n'Tn0I"l!1 xt U- . .!'
iiiuur, w ,v,-w vu......... ,., . v......n v i-ionopan Jim iiuiicr IT
the importation ot siiipraents. uonsc-.Tonopnn Miaway ....
quently many of tht-n can not accept , Tgnopjh snninjf . ....
tmnila unnn nrrirnl. For this ronsnn 'Tt,nr,Ah fAnnHn
alone exporters should be careful in 1 Tononah Itescue Euia
Rochester Mines ...
Han Toy
Success Mlnlnir
TonoDnh Uelmont
, Tonopah Cash Iloy
S
l
8
r
11
on
HI
ns 4. tu ordering shipment to go forward. I
IMS'
11
32ta
.
74
02 -102
71j
W -UK-20Kx
10 a -01
Vt
United Eastern
victory
The situation Is beluK itiven very ' Knd
serious cons'derntion by various private white cans
and governmental bodies. In the mean
time individual merchants must guard
their own interests carefully.
Clmnder Rros & Co.: "There is
senrcity of hurdles nnd bunkers in nn.v
attempted bullish progress in the stock
market, nnd yet It is cciunlly correct
to say that, excepting in spots, tin
bears make slender advantage townrd
lower levels. I here has been enough
it
in
in
s
is
2
n
1H
s
054
11)22 W
7s 110H
117.
07
114
in,
I bearish dope nnd benrish selling of the
1 steels to have knocked them to much
Commodity Markets
.iir Vew Orleans was a leauinK
In the mipe-!lnneouH list I,akt Supe- scPr 0n the rise,
nor fell back to 11. Philadelphia In- i tho end of the first twenty min
utes, offerings had increased materially
nnd the mnrkct was off about 15 to JO
points from the highest levels of the
Initial call. .,.. , .
The market sold off about 20 points
from the high level on the government
ginning report, which showed the largest
ginning for nnv period since the 10,7.10,
000 boles crop of 1014. The recession
was preceded by considerable strength,
based on the circulation of bullish news
regarding the Urltisn lUDor buuiiuoii
FOREIGN EXCHANGE
New York, Oct. 26. Sterling opened
on a sharp rally In the market for for
-i Av. ...v.lln A..-l .,
COTTON lYiMorvii 1 Irregular. Mnrks were up 1 point, francs
Voir Yorlt Oct. 2o. The opening ot I on" 2 points and Chrlstlanla and cruiiders
the cotton market was rather firm to-' up 10 polnta
d'iy at' l -b. & ' gftt0".?.-. . cables 3.47 ;
mainly on good Llvcrpoo bujing, w tilth franc cahCH 6 44i r.cit!, 6 43 .
was taken to be n reflection ot improved Pahle.H 3,77, cheekH 3.76 li . mnrltB 144;
prospect of a ("cttlcment of the strike Swiss cables 16 8P. check 15 80; Ilel-
of the Uritish coal miners. I kUu cables 6 86, checks C 84 , pesetu
local short covering nlso was on 11 1 cables 14 16, checks 14 13, Stockholm
liberal scale and there was considerable 1 cables 19.70. clucks 19 85; Chrlstlanla
l,,;.oLm t.lnn hoiise buvine on heavy 1 nhles 13.86, checks 13 80; Copenhagen
new ro.mm lon house Duying, on mi y , cftb B5 checl3 13 w b,
rales in the central and western belts 30 80 cnecks 30.70
siilated Wire was unchanged at u3.
I'enusylvania Salt was held nt 08 and
small sales of Pennsylvania Central
Light preferred were made nt 40. Amer
ican .Stores was fractionally higher at
Philadelphia StocJcs
ion Am Stra
100 Am Can.
20 Huff & S
pref
ltllth
nr.vi
10
50
1 :30 Net
Iw p. m. ciize,
r,r, B5Va
10 -10 li
no no
4-1 Vj
."0 Ilrill J CI. (12j 01 OPh 1
140 Rlee Stor.l2.'J 121 l 123 Vi
'M0 (Jen Alms
pref 08
5 1iike Sup. 11
r l.eh .Nav. !ii.
Wisconsin Elec. Pr. 72s. 1945
Scars, Roebuck 7s. 1921-22-23
Anaconda Copper 7s, 1929
Erie & Jersey 6s, 1955
Gcnnessee River 6s, 1957
AlCown&Cct
locust filOl Land TitU Bldg. Race "
itio York Til Connection. Canal 85
To the Holders of
American Light &
Traction Company
Fivc-Year 0 Gold Notes
The Temporary Notes will be ex
chanvtablo for the Definitive Notes on
and after October 22d. 1020, at the
oRlce of Emerson MrMllIln & Co., 120
Broadway, New Vork,
AMERICAN LIGHT & TRACTION CO.
New York. October 1. 1t0.
23 l.eh Val
t.10 Mldvain. M
10 Pa Cen h
pref 40
2 10 Pa It It.. 44
23 Pa Salt.. 08
21 Phila Ins
Wire... C3j
400 Phila Co
cum pf. 33
103 PhllaRlec 23 4
213 do rets.. 27 Vt
425 Phila It T II)
43 PhilaTrao OtVJ
170TonoMln 1
173 Vn Trae. 30
130 U G I... 3704
10 do pref. 30
(10 I' S Steel. 80Vi
07 07V22V)
11 11 Vi
00 Va OOVs..
33 Vi
38 -
n,
38
40
08
03 Vj
33
23M,
27 Vi
in
04
30
30
89 Vi
40 ..
43- M
03 Vs..
33Vi- Y
23 Vi..
27V1 Vi
.i
37 vj
30 4- vs
80Val
tNet change made by comparison with last
lalo on New Tork Utock Eichanse.
Sale In DONDH 10 Net
1100O lllvh lyvr p. in. chca.
2tl Hell Tel 7s.100Vb 100 100. .
1 2-0 Lib Ilond
4th 4Vts.. 88.84 88.84 88.84 .48
3 Phila Elec
IstOs.... 83 83 83
8 United Rwy
Invest Cs.. CO CO 60
December
January .
March .
May
July
fiat.
c!o
sn ni
20 4.1
20 51)
20 IS
20 00
Open
20.TO
20 70
20 75
20 00
20 48
tlroel
1 1 .30
a. m.
21 Os
20 77
20 73
20 47
20 39
GRAIN MARKET
Cbicaso, Oct. 25. More favorable re
ports regarding the coal miners' strlko
In Kngland caused active buying of
wheat this morning and rallied the mar
ket after a weaker start. The trade,
however, continued to take a bearish
view of industrial conditions In general
and there was little to indicate any im
provement in the demand from In-
December opened at SI. 09 to $2, nnd
after moving up to Saturday's final
price of $2. receded slightly. March
started at $1.0-1 to $1.03 nnd later sold
at a net advance of lc, at $1.04.
There was good buying of corn and
the market rallied after an Irregular
start. It was helped by the Ilritlsh coal
news. Trade was comparatively light.
December opened at 80Vic to 80c
and later sold at a net gain of c, at
81c. May was quoted at 80Jc to 87c
at the outset, against 80)4c at the close
Saturday, and later sold at 87c July
opened at nn ndvnnce of c, at 88V6c,
and moved up to 88c.
Oats were quiet but steadier on scat
tered covering. December opened at
G5c to 52c, against 33V.C at the
close yesterday. May started Vic higher,
At 58-ic
GAIN IN COTTON GINNINGS
Tho market Generally wan sleadv In
the first hour of bu&lntsH with sterling
tluctuatlnc within a narrow range. De
mand Bterllng was ?. 16 '-j cables 3 471'. ;
frnnc cables C 44, checks C 43 ; lire cables
3 77, checks 3.7CH ; marks 1.4S, Argen
tine 127 20.
BATUIlfoAY'H FINAL QUOTATION'S
Sterling Trunin Urn Guilder
Demand S 4.1'i 1 4 "S 3 73 SiMIrt
Cables . . . 3 41) (I 17 3 75 30.79
TOUAY'S OI'KNIVtl Qt'OTATIONH
Sterling Franc Lire Guilders
Demand 3 in U43 a 7il4 30 70
Cubits 3 4ilti n 14 8 77 80.80
MONEY-LENDING RATES
MiW YORK Money on call, both
classes of collateral, opened today at 8
per cent for lending anl renewing.
In the time money market today tho
usual dullness prevailed and rntes were
nominal at 8 per cent. Call money was
In good demand nnd In very limited sup
ply 'at the 8 per cent renewal figure and
higher rntes were expected Leading
bankers expressed tha opinion that con
ditions In the light of last Saturday's
actual hank statement. Indicated con
tinued firmness Dankera still continue
to urge Bales of commodities and a
liquidation of Inventories In certain lines
nsj far a Is practicable without unset
tling the markets.
Prime mercantllo paper Is dull at a
nominal minimum of 8 per cent.
The Armor tone of tho call money
market reduces the volume of dealings
In prime bank acceptances. This mar
ket has not yet shown repurchases by
the larger banking Interests. Ilates aro
unchanged.
PHILAniU.l'lllA Call, 0 por centj
time. 6 per cent , commercial paper throe
to six monthB. 0 per cent.
(Note These are merely nominal
quotations, as the legal rate of Interest
in tha state of Pennsylvania Is fixed at
6 per cent. Plus premiums and com
mission, tlfhe money for thirty to ninety
days is loaned at s to ft per cent,
while commercial paper, from three to
six months, la being offered at 8 to 8V
per cent.
BANK CLEARINGS
Bank clearlnis today, cotnparid with cor
mpondlt d.y2a.t twoani ,
Boston.. $i7.T.0H 45.87(,84 l2.M8,6
lower IovcIk than they have thus far
reached. There Is much persistency of
statement thnt there lies directly ahead
of us the closiug of mnny mills, fac
tories, refineries nnd other plants with
the consequent unemployment of labor
. . , . , . ..... thnt casts shadows upon tno tuttire.
Total Prior to October 18 Was ijjcr Is against this the perhaps well-
5,712,057 Running Bales l grounded hope that such readjustment
WoehJncton Oct "E The covern-' ,ua-v be effected, because of the large
u aaiungton, uct. .(,. ino govern ( w thout any or
monfs . cotton ginning report today I J ,.,,,,,.,.,, fnurcH. That labor
showed a total of 5.712,057 bales ginned -vin hc Vequlred to make sacrifices from
prior to October 18, and Indicated that ' the level of their very largely inflated
tho sporadic attempts through tho cotton vrnges Is conidered certnln, and actually
belt to keep gins closed until the prlco ()f Having necessity to both r.mitnl nnd
, ?,,.?,n T",1Ki10 higher loels had tll0 country. Their re-employment to
had llttlo effect. The glnnlnga this yenr .-. nfrr.uh nnd convlnelunlv the wheels
aggregate 782,953 baleH more than tho b,,"iSim.v ,, ,,, r. Z , n ,! ,j
ciunntlty ginned to October 13 last year "' IndnMiy nust he on n lower nnd
Jieuilllll I utlirt j, iifiiiiiui i,uilliui,tiu in
to be reached. But it is equally cer
tain that at the same time, nnd to sim
ilar extent, footMufts, coal nnd wear
when tho crop was 794,000 bales smaller
man mai rorccast ror this year.
On the government's forecast of a
cron of 12.123.000 hales this year, tho
g nnings to October 18 appeared to be, ing nppnrel, from the chapenu down to
about 17 1 per cnt of tho total. Thl Is the sabot, must also decline. The days
a higher percentugo than was glnr.od cf heventy-ccut to eighty-cent beef.
X&t?u?&J-Mr?!z:.vm. Iamb nnd hums, of STf! to $100
last eighteen years
Glnnlnga prior to October 18 Includ
ed 138,564 round bahs, 14,312 bales of
Amcrlcan-I;gyptlan and 340 balea of Sea
Island, the Census Bureau announced
today. Glnnlnga hist year to October 18
amounted to 4,&20,104 running bales,
Including 55,555 round bales. 85'J0 balea
of American-Egyptian and 171)2 balea of
Sea Island.
Glnnlnga this year to October 18, by
states, were: Alabama 281,753; Ari
zona 10,678: Arknnsns 347.439: Call-
fornla 13,614; I'lorlda 9614; Qeorgla
248,197; MI'Xurl 13.573: North Cnro
Una 191, 26: Oklahoma 367.010; South
Carolina 504, 161 . Tennessee 63,519;
Texas, 2,596,147; Virginia 1081; all
other 1210.
suits of ordinary clothes, of .!15 to $20
footwenr are numbered."
Jones & Halter: "Thnt ull previous
oil export records will be surpassed In
1020 is indicated by lntest futures. For
the first seven mouths of 1020 exports
of petroleum products nre reported to
have been at the rate of $.100,000,000
per annum, an increase of about 00 per
cent over 1010. Added to the record
consumption of petroleum products in
this country, it Is readily npparent why
1020 will make oil history and why
709,404; LoulsVna 204.096; MIbsIbb ppl lending producers are expected to cstub-
llsn new earuinc rerorus huh year.
llrcker & Co. In these times of in
dustrial iinsettlement nnd uncertnin
foreign conditions, it is encouraging to
note that bankers are not a bit gloomy.
While admitting there are btill lots
of bumps to go over on the road to
prosperity, they believe wo will pass
them safely. There is very llttlo outside
interest. Trading being mostly by pro
fessionals. TH 13 TRADKIt.
LIVESTOCK qUOTATION8
Chlcaao. Oct. M.HOQb Estimated re
eelpta, JS.OOo html; l-ft oer, SUM head,
Very little dolnc; 10c to 13c lower than Sat
urday's average; 113. 25 paid.
CATTLE Estimated receipts, 28.000 head.
8HBKF Estimated receipts. 81.000 heaj.
l'lttsburih. Pa., Oct. 28. CATTLE He.
relpts. 2400 head Hteady. ' Hteers, 114,70
f IS, heifers JU r.Ofl 11 , cows. IKiru. Calves
Ilecelpts, DOu head Lower. Top, till.
IIOOB Ueielpts, 78UO head. ),ower.
Heavl-s and ht-avy orker I13.2BO13.B0:
light yorkurs and pics. SlS-SOf; 13 78.
HHUEl' AND I.A.MHS Jtecelpts, 2800
head. Steady Top sheep, 17; top iambs.
113; higher.
Liverpool Cotton
Liverpool, Oct. 25. There was a fair
request for spot cotton today with prices
firm on the basis of an ndvance of 99
points for middling at 16.72d, The salou
were 7000 bales. The receipts were 9000
bales, Including 8600 bales American.
Kutures were steady In the early deal.
Ings. Spot prices were: American,
middling fair, 22.63d; good middling
19,47d; fully middling 18.22d; middling
l.72d; low middling lS.OJd; good or
dinary 9,f7d and ordinary 8.97d,
Suspend Lumber Rates In West
Wmhlngtcm. Oct. 25. Proposed In
creases ranging from 214c to oc per 100
pounds on lumber nnd other forest pro
ducts, from Missouri river crossings to
destination In Illinois, Iowa. Minnesota,
Missouri, Bomn wiiKoin ana Wisconsin,
were suspended today by tho Interstato
ComroHrco Commission until February
22, 1921.
Berne Seeks Loan of $6,000,000
Uerne, Hwltierland, Oct. 25. Tho
city of Uerne hns received nn offer from
a New York banking firm of a loan of
$6,000,000 at 8 per cent. The prion of
emission would bo 92.5 and the loan
would be amortlzable within twenty-five
years, at 107. The offer appears to have
been received favorably. The city coun
cil will decide on acceptance or rejection
of the offer tonight.
Yukon Oold
Wllbcrt
BONDS
Ailed Tackers fls
American To 0s. 1
Anaconda Copper 7s
Annlo-Amer oil 7s
Armour S. Co 7s . .
KethSteel 7s. 1U3S.
Chrlsilanla S ....
DerCTiark Hs
(;r.ml Trunk 7s . ..
Inter It T 7s
New Ilavon 4s . ...
Norwny rs
Ohio Cities 7. 1023
Ohio Cities 7. 1921
I'an Am Pet 7s
Scars Roebuck 7s . .
Sears Roebuck 7.1
Sears Roebuck 7s, 1023... DKh
ninnair ma u.
,
.
42
"
02
1
31
IK
37
0
4
14
I)
37
1
S
1
0
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08
Ms
8
8
8
k
1
17H
n
10
8
18
211
S
1A
8
J'1
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42
18
'4
.
e5
03
r!
oA
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h
n
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$
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l
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lit
in
8
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LONDON STOCK MARKET
Improvement In Labor Situation
Helps Operations In Securities
London, Oct. 25. Operations In se
curities on the stock exchange were
more brisk today and tho feeling was
cheerful as tho result of an Improvement
'n tho labor bltuatlon.
The oil group was buoyant and ani
mated. Shell Transport and Trading
wns 7 7-16 nnd Mexican Kagln 12,i.
Gllt-cdgcd Investment Issues were hard
er nnd homo rails and Industrials nlso
moved upward. Argentine rails, too,
wero strong.
Dollar descriptions wero weaker In
vinputny with New York exchange and
Japan bondu lost ground. Itubbers wero
harder; knfflrs wero slow.
French loans were well maintained.
Sears, Roebucks Co.
7 Serial Bonds
50,000 Due Oct IS, 1921
50,000 Due Oct 15, 1922
50,000 Duo Oct 15, 1923
DiierlsHv Circular on Rtquut
HEWBURGER,
HENDERSON & LOEE
Members Ncto York and
Philadelphia Stock Exchanges
1410 Chestnut St.
EMPIRE GAS & FUEL CO.
Secured, Convertible Sinking Fund
1 Notes, due 1924
Company'! net earnlnsi over serrn thsM
11 Interest chartes
"Moody's Analyses" Rates Theso Nolos'W
Price to Yield 10
Particular on request
Martin & Go:
1411 Walnut St.
I'hlladelpbU
IB
We ivish to buy
Georgia fly. & Power Co.
Second Preferred
nnd Common Stocks.
HARBISON & CO.
nANKKKS
106 SOUTH FOURTH ST.
I'HILAUEI.riHA
Members Kcw York and
Philadelphia Stock Fxchanges
Lehigh Power
Securities Corp.
BoughtSold Quoted
R. E. WOODWARD & CO.
Af embers N. Y. Curb Market Ass'n
2 Rector St., New York
We Offer Subject to Sale
Lehigh Valley R.R.
Gen. Consol. Mtg. 4
Registered $1000 Bonds
at $710 & Interest
Tax Exempt in Penna.
Reed A. Morgan & Co.
West End Trust nidi)., Phila.
Members of tho Phila. Stock I2ch.
Robert M.Coyle&Co.WMJqi
INSURANCE
Hend for 80 Clause Kxplannllon.
bonds for Investment
The Nationa' Htv Company
rorre .nnn itest Qttne in Orrr l Ctrtt
Philadelphia 14M Chealnul Bt.
Attaatt CUT IMS Deardwatk
I'rooosaU
DKI'AUTMK.NT OF I'l'IIMO MOllKS,
UtllUrU! OF WATim
OctobT 'JB. 1020 .
Staled proposals will be recelvefl. n:;
openeil Hi lloom zni. Liiy 11a
until U
o'clock noon on Tuesday, NoirnilrfT U, I WD.
foi1 tho followlnu: .
Contract No. 4S0 Laying 0 '. 8". 1 anl
12" natr Pipe. . . ,, .
Contract No. 430 Furnlnhliiii nnd (Icinir
Inir 0", S", 10" und 11!" water pipe.
Contract No. 4H1 I.aslnf -IS" water rlf
In West rhl'nUelplil.i.
Contract No. 431.' Chlorine apparatus.
Contract Nn, 483 Hpeclal (.astlnKs for
Queen Uine Pumplrit Hlatlun.
Contract No. 431 Kte.im fl.ivy meters.
Contract No, 43.1 Puperheatere.
Contract No. I3B Holler feed pumps.
Contract No, 437 Klectrlc ccnerutor.
For full Information nnd particulars npp.r
, noom 788. City la.KncAVnN.
1)1 ettor
Neighborly
Co-operation
Constantly endeavoring to carry on our business
in the most friendly way has built up a relationship
that is beneficial to each depositor.
There are many phases of our banking service you
will be interested in.
Call and talk it over.
National Bankjf Commerce
in PKiladelp'Kia
213 Chestnut street
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