V f
tf
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"V.,
.v
u
v.-r-f
EVENIK& PUBLIC ' 0GElb
.''
t
I! I
r
;r-. rOJ
xlrfj
r rjot-
'i
w
'iU
'I lm
American Stores
Company
We have prepared on
analysis of the security
position of this Com
pany, the third largest
chain store system in
the United States. Its
gross sales in 1919
were $76,401,889, an
increase of $18,
000,000 over the fig
ures for 19 17, at
which time we organ
ized the Company.
A copy of this analysis
will be mailed upon re
quest for Circular No.
E-89.
Chandler Company
SWSf sjttf
Franklin Bank Bldg.
Philadelphia
New Tork Boston
New Haven Baltimore
tf
Service and Stability
Personal
Attention
is given to the wants of
our depositors. Any mat
ter that is of impor
tance to them, is of in
terest to us.
We try to eliminate all
needless formality and
"red tape." If you have
a proposition to submit,
you have direct access
to our Officers, and are
assured of a prompt
and decisive answer.
,
Integrity
Trust Company
Fourth and Green Streets
Capital
Surplag and Profit. . ,
. $500,000
.$1,770,000
I n
j it
'
We Recommend for Investment
Penna. Water & Power Co.
Stock
One of the largest hydro
electric plants In the world.
Low operating costs. No
coal required and minimum
of labor. Furnishing Balti
more. Md and Lancaster,
Pa., with electric energy .
Dlldend Increased Oct.. 1918.
from 5i to 6. Dividend
Increased Oct., 1920, from
6 to 7Tr. Successfully
operated for more than 10
years. Iet us explain the
advantage of hydro-electric
securltle-
JosepKW.Gross &Co.
1421 Chestnut St.
Corrrspondenta
Aldrmd fi Company
We Offer
D. B. Martin Company
Jirat Sinking l'Miid Or
Due January, 1935
Free of State and 2
Normal Income Taxes
First mortgage on the
property of the Company
PRICE 91 and interest,
to yield 7
Elkins, Morris & Co.
Land Title Bldg., Phila.
m
IHIIIHIIIIMHIIUM.H . .JJ1III
RAILROAD BONDS
Yielding 6V2 to 10V2
Improvement of Income possible
with ?uo regard to safety of
principal.
Send for special reports and
recommendations
Fairman & Company
urexei uicig.,
IXuliIUIird
I'hita.
I-
IIIIIIIIIIIIIIIIMl
iiiiivrrf.
SECURITY
SALESMEN
Here Is Your Big
Opportunity
To real security salesman we can
offer un undTWiltlnp that will be
very attractive In a financial way
Backed up by an extensive csirn
palim the stock of a substantial
Industrial Is now rendy for live
wire salesmen.
Attractive leads are ready for
you now.
Write Immetlately
C 834, I.KDOEK OFFICE
n
w
fil
lANGLOSOUTH AMERICAN
urtirsumiir-u
New York Axrncr.. 40 Itroadwar
Z3 Branches in South America
One Branch in Mexico
8 Offices in Europe
Direct Connection With India
1 '
tltoh and Low Prices, Complete Data
THE INVESTOR'S POCKET MANUAL
Itt-TMt Booklet. leaned Monthly.
rurnianta mKC vy any luraairoMii
Liaraaar 10 any lavasior on appno-
00 ouiTjini copy wiu smv'jt'w,
MARKET YIELDED
El
E
Bale
SOS
180
101
no
SO
aoo
00
aoo
too
3290
xL loo
700
00
(00
2000
100
200
300
100
100
170
800
3810
400
2400
1310
890
3S&0
400
1JJ0
2210
10)0
6)0
20M
20)0
68J0
400
9809
Sf(0
300
200
00
100
S00
33400
200
14190
400
300
300
100
12400
100
290
800
100
100
300
S00
100
2490
310
7530
100
3)00
390
3500
1800
too
15 M
1800
7500
4100
1300
200
8800
010
700
2890
490
17'0
100
2H
319
3490
100
339
100
899
5)0
390
7W
83)0
15090
18)0
109
3100
490
200
41
100
200
400
84 h)
24)0
7
400
1300
330
100
4)0
899
135)9
200
800
12)0
3400
100
100
100
100
00
100
1100
1790
209
100
100
300
100
1093
8290
300
290
80 1
200
590
14'M
109
0100
3719
200
28)0
100
100
38'!3
100
190
2090
No Branch of List Was Exempt
From Active Selling
Movoment
New York, Oct. 28. Xo branch of
the list was exempt from the active
selling movement which developed in
today's stock market. The retrograde
movement was of a progressive charac
ter in that it steadily extended to the
various divisions of the market, disclos
ing quite a good deal of enforced
speculative liquidation which, in turn,
unquestionably was provoked by the
continued tension In the money market.
There is little doubt but that a con
iddornble part of the liquidation was
influenced to a large extent by the fail
ure of the predicted pre-election boom
to materialize. As n matter of fact the
atmosphere in market circles was de
cidedly gloomy, not only because of the
failure of the market to anticipate the
success of Senator Harding but also
because of the discouraging advices be
ing received dally concerning the busi
ness situation, coupled with the unex
pected renewed stringency in money
market conditions.
Thero was nothing particularly dis
concerting In the overnight develop
ments or morning news other than that
already known to account for the sud
den about-face turn in the market
trend. The relative stenillnesM In fare
of the multiplying disturbing influences
encountered during the week had en
couraged n very general belief the mar
ket would emerge from its apathetic
rut with a material Improvement In
rices just as soon ns money gave any
signs of working ensier. The breaking
up of the dull spell, therefore, with
ie general thakcdown served to inten
sify the disappointment already exist
ing. As a result of these conditions the
entire list in consequence proved to
be conspicuously sensitive to selling
pressure, and with the declining prices
the weakness became more widespread
bt-causo of the reaching and uncovering
of numerous stop-loss orders. While
certain portions of the industrial list,
especially among the shares of the con
cerns known to be combating with
high -price inventories, were most sus
ceptible to pressure, the selling move
ment reached out to almost every class
of security, embracing even the stand
ard rails, which reflected disappoint
ment over the showing made In Sep
tember statements of net earnings for a
number of roads which fall to record
any substantial benefits from the rate
advance which went into effect in Au
gust. In the meantime, the renewal rate for
call loans was again tlxcd at 0 per
cent, anil there was every evidence of
further loan calling by the banks, while
the supply of demand funds was again
extremely scant at the high renewal
rate. Cables received before noon an
nouncing the virtual termination of the
Knglish coal strike effected only slight
J
lecovcries and failed to stimulate ex
change rates on London.
During the morning the steel shares
dropped 3 points, with ns much for
the. oils. Motor and shipping shares
were lower by 1 to 2V6 points, and
chemical, food, paper and specialties
were lower, 1 to 3 points.
Substantial extensions to losses oc
curred during the intermediate session.
Oils, steels, equipments and shipping
were especially weak. Extreme declines
of 3 to 5 points marked the further
offerings of Mexican and I'an-Amcrlcan
1'etroleums, Houston Oil, Hoyal Dutch,
Crucible Steel, Ilaldwin Locomotive,
Atlantic Gulf and United Fruit.
MANY SOFT SPOTS
IN LOCAL MARKET
Heaviest Selling in Storage
Battery, but Entire List
Was Under Pressure
j Pronounced weakness also developed
i in the local market, with declines in
th i leading shares extending from frac
tious to :1 points. The selling move
ment appeared to be largely in sympa
thy with the shakedown in the other
' principal markets, intensified, of course,
bj the acute money market conditions.
It would have been difficult to pin the
direct disturbing element, but there was
manifested a distinct feeling of uneasi
ness, whether tl was warranted or not.
There was little discrimination in the
, selling; as a matter of fact, the charac
I ter of the movement suggested in some
instances the selling of the higher grade
of stocks in order to protect lets mar
ketable shares. With the declining price
there unn a marked expansion in the
volume of dealings, which ordinarily is
regarded as a very unfavorable omen.
' The more striking movements oc
' currcd in Electric Storage JSattery,
which was under constant prebsure from
I the outset, sustaining a further decline
of $2 to 115. making a net loss of the
week of nearly ten points. The re
newed heaviness of the utility group alo
(nine in fur I'lmsjrlHrubk' attention with
1000
1100
700
a 100
1011
4200
200
Philadelphia Rapid Transit declining to'
17 Vj. while a full point was clipped olT I
I'uion Tructlon at I'D. 1'nited Gas Im
provement at the Mine timo was offered
frcelj . dropping Hj poiuts to 30. while
i the preferred shaded under par to 49.
Several weak spots developed in the
miscellaneous list. American Stores
broke 2Vi points to G2Vi. 3. O. IJrill
I yielded .1 to 59 Vj. The Philadelphia
i Electric issues gave ground stubbornly
with only a slight Miading in the com-
1 mon to 23. the preferred holding at
27 H. The 3 point drop in Lehigh Vnl
lev featured the dealings in the rail
roads. FOREIGN EXCHANGE
New York, Oct 28. At the opcnlnpt of I
a fft..ti.n a w ..V. n .1 n. Mn.1.,1 ....linn k
shaded He, to 3.464 for demand and with
UNO
V
fn
urea. Lire and francs were
'ihXI ! weather
guilders lost 5 points and .Stockholm
was off 35 points I
Quotations ure
Kranc cables 6 34, checks 0.33; lire
cables 3.74. checkn 3.73 ; guilder cables
30.50, checks 30.40; Stockholm cables!
19 45, checks 19 36; Chrlatlanla cables I
13.65, checkB 13.55; peseta cableo 13,82,
checks 13 80; Copenhagen cables 13.70,1
checks 13 60; Belgian cables 6.72,
checks 8 71 . marks 1 36.
, Around noon sterling cables nhaded $
I to 3.46 and demand to 3 46H, francs
reactu to tne low 01 me morning, b..,.",
for cables and 6.32 for checks; lire
cables were 3 73, checks 3.72 ; marks
1.34 4 to 1.35.
The premium on New York exchange
in Montreal today was unchanged at
10"! per cent.
YESTEllDAY'S PINAL QUOTATIONS
Kttrllnr Franca Lire Oulldre
Demand 3 47 B..I2 J,72 30 40
Cublta 3 4sH 0.04 3,74 00.50
TODAY'S OPENINO QUOTATIONS
Hterllni- Franca Lire Oulldera
figures
3.47 i for cables, yesterday's final n. 1 Hi.llnHon and nrosnects for clearing
December
January
March ...
May
July ......
September
Demand 3 4tlft 6 A3 3,73 30.40
Cable S.47U
0.34
3.74
30 B0
Liverpool Cotton
Liverpool. Oct. 28. There waa a good
Inquiry for spot cotton today with prices
eaaltr on the basis of a decline of 48
points for middling at 16.71. Tho sales
were 7000 bales, Including 5000 balea
American, There were no receipts. Fu
tures were barely steauy in the early
drallngs. Spot prices were; American,
middling fair, ll.Mo j . jrood middling.
19.21; fully middling, 18.214 s middling,
16.71d low middling. M, Id 1' good or
tUoux, A.9J4. ad MrtuXprY. It id..
NEW YORK STOCK EXCHANGE TRANSACTIONS I CURB RECOVERS
B?
,3:0 Net
Hlth .JxwOfTtm)Ch..
Adams ICxprew IH 84H 4J4 H
. . Auvanco numelv .... J7V4 27 27 IK
37
Advance llumely pt. . 8M 58H 8X V
58H
384
14
. 1H
884
33
70
7
40
714
734
33
133
110
244
64
132
94
64
S
704
67
14
124
174
874
OH
117
1024
t44
OH
1224
123
84
484
4H
874
774
04
95
17
138
ItOK
884
434
834
I28H
4H
67 H
674
104 H
8H
124
794
874
964
64
13
164
63 H
1234
t)
394
374
81
65
134
104
24
40
604
80
76
354
60
80H
134
24 H
26
62 K
3
59
18K
784
.4
81
(54
734
544
!34
oh
120J
:3!4
3 54
374
ir.2 54
242
3e
11 j
22
62vi
7
H
18
074
10 H
4
65
614
1374
10K
66?
77
8
4J4
?3J4
20
18Ji
15
40
71J4
60
1024
134
25
03
1A
164
42
4
134
70
1054
107
184
08
174
024
324
404
534
12
174
224
48
504
V
13
03
20
364
52
144
Ajar Ttubber 38Vi
384- 4
14 ..
1H- K
84- Mi
93-14
7 ..
7 - m
4
714- W
734- n
33V4- H
113 -
110
244- M
04
133 - 4
on ..
564- Itt
89
704- 1M
87 - H
4 - a
134 ..
174- H
874- 1W
OH- 1
,7 Ml
1014-34
M4- 14
- H
134- 3
124 - 3.
684
484- 1H
9- H
874" 1J4
774 H
94- 14
953
139 -3Hi
110H- K
0S4 4
434-
534-. H
128J4- J4
4- 4
67H K
67- V
104 ..
Mr
124- y
7
874
994- Ml
04 4
13
16- 1
C3 4
1234- 14
0 4
424 H
374-
824 -r H
os - 14
134- 4
104- 1
274- 1
414- 14
60- 1H
80 - 14
78 - M
354- 14
60 -
80- 1
134- 4
24-
20-
62- 4
f3 - 1
89 -
19-1
78 - 4
.4 - 1
81
'54- 24
7-
244- 54
0- 4
'14-
12154- 4
34-
34-
374- 24
It 34-
" 35 '
uw ..
22 - 3
62- 1
n - ii
0-14
18 - 24
67-
10-
K- 4
05 - 4
014 54
1384 4
16- 4
06 -
77 -
95 4
844- 2
K3-
20 ..
16H- J4
15
40-8
71 14
00
1024- 8
134- 54
28
13 - 4
74- 4
164
43-
44 ..
134 ..
7C - 3
1084- 2
107- 1
184-
68- 1
174
2J'o- 34
32J4- 1
404- 54
3- 4
12 ..
174- 4
224- IK
48- 54
805-
J4 -
22 -
13 -,lm
63-14
30-54
34-
82 - 154
1444- 5
Alaska Gold Mines.. 1H
.. Alaska Juneau O M,.
Allied Chem & Dye..
1 Allls-Chalmera
7 Allla-Chalmers pf ....
Am AbtIo Chem
4 Am Bank Note
Am Beet Sugar
10 Am Bosch Magneto...
. . Am Can
1H
5854
32K
7V4
7
40
78(4
74 H
. 335
.134
is Am Car ft Fdy....
7 Am Car ft Fdy Df . .
.110
.. Am Cotton OH 2J4
0 Am Drug- Byn Oyi
Am Express 132
.. Am Hld ft Leather.. OH
7 Am Hide ft Leather pf 88
Am lc pf 80
0 Am Interaat Corp.... 72
S Am Linseed CSVs
Am Locomotive J5VS
.. Am Safety Itaxor. ... 13 Y
.. Am Ship ft Com 17H
4 Am Smelt ft Ref 884
7 Am Smelt ft Ref pf . . MTi
5 Am Steel Foundries.. 87Vi
7 Am Sugar Kef 13H
lo Am Sumatra Tob 8c
8 Am Tl ft Tel MK
20 Am Tobacco ttt
20 Am Tobacco B 128
7 Am Woolen 71
. . Am Wrltlnr Paper pf . 46
4 Anaconda Copper .... W
6 Atch Top ft SanU Fe. 88y
8 Atch Top ft S F pf.. 77V4
. . Atlanta Blr ft Atlantic 04
7 Atlantto Coast Line. . (
.. Atlantlo Fruit 17
10 AM Quf ft WI 8 S 1
3.80 Baldwin Locomotive.. 112H
7 Baldwtn Loco pf 68H
.. Bait ft Ohio... 40H
4 Baltimore ft Ohio pt.. "Vi
Barrett 130
.. Bethlehem Motors ... 44
8 Bethlehem Steel 67 H
5 Bethlehem Steel B.... (04
8 Bethlehem Stl 8 pt,104H
.. Booth Fisheries 5H
.. Brldyn Rapid Transit. 124
. . Brklyn R T ctfs of dep 7H
7 Brawn 8hoe pf 874
10 Burns Bros 074
. . Butte Copper ft Zlna. . 04
.. Butterlck 13
. . Caddo Centrat O & R. 184
6 California Packing ... 84
10 Canadian Paclflo ....125
.. Case J 1 0
S Central Leather 40;
4 Cerro de Pasco Cop. . . 374
10 Chandler Motors 82H
4 Chesapeake ft Ohio.. 6(14
.. Chicago & Alton..... 134
.. Chicago ft Ot West... 114
2 Chicago ft at Wert pf 284
. . Chicago Mil ft St P. . . 41K
.. Chicago Mil ft St P pf 24
8 Chicago Xorthvestero 814
Chi Pneumatic
Tool.
76
.. Chi R I ft Pae
a Chi R I ft Paa 6 pf.
7 Chi R I ft Pac 7 pf.
.. Chile Copper
364
0)4
814
13J4
25
LB0 Chlno Copper
Coca-Cola 20K
Cluett Peabody 62H
Col & Southern ?3
0
Column Gas ft Eleo... 50
1
Col Graphophone .... 19 H
Col Graphophone pf . . 78 K
7
7
7
Consolidated Cigar ..754
Consolidated Cigar pf. 81
7
1
Consolidated Gas .... b7
Con Intertsato Oil M. 7H
Consolidated Textiles. 244
1
Continental Candy. ... 04
Corn Products Ref.... H54
4
8
7
7
0
10
Crucible Steel 1254
Cuban Cane Sugar... 344
Cuban Cano Sugar pf. 3
Cuban Arafr Sugar... 304
Delaware ft Hudson. .11 1 jj
Del Lack ft Western.. 242
Denver ft Ulo Q pt... 34
Dome Mines 114
Elk Horn Coal 224
Kndlcott-Jolinson .... 63
Erie lb4
Erie 1st pf 27
Erie 2d pf 10
Famous Players L.... 67K
Flak Rubber 20
Gaston Wms ft Wig.. 44
Gen Am Tank Car. ... 85
General Cigar 62
a
6
8
General Electrlo 1384
1
General Motors 17
Gen Motors deb .. 67
Gen Motors deb 7.. 774
Goodrich B F 40K
Great Northern pf . . . . 80
Gt Nor Ore ctfs 33U
7
6
7
4
SO Green Cananea Cop, . . 28H
. . Guantanamo Sug Co. . 164
.. Gulf Mobllo ft Nor... 15
.. Gulf State Steel 45
7 Hartman Corn 71K
4 Haskell ft Barker Car 68H
. . Houston Oil Co 107
1 Hupp Motor Car 134
.. Hydraulic Steel Co... 25
7 Illinois Central (3
60 Indlahoma Ref 74
.. Indian Refg Co 164
4 Inspiration Con Cop.. I2?i
.. Inter Con Corp 45
.. Inter Con Corp pf.... 134
5 Int Agrlcul Corp pf . . 78
7 Intl Harvester new... 107
.. Internat Harv new pf.108
.. Int Mer Marine 184
6 Int Mer Marine pf... 704
.I International Nickel . 174
.. International Paper .. 05s
.. Invincible OH Corp... 34
. . Iron Products 40 4
.. Island Oil 54
.. Jewel Tea pf 12K
2 Jones Bros Tea 174
.. Kan City Southern... 24 j;
4 KansaB City So pf . . . . 4834
4 Kelly-Spg T i0i
.. Kclly-Spg T rts M
2 Kennecott Copper .... 22 H
1.20 Keystone T & R LID
8 Lackawanna Steel ... C4j
. . Lake Erie ft West 20
.. Lake Erie ft West pf. 304
8.80 Lehigh Valley S3M
12 Liggett & Myera 1454
agaiuBt $V.00Vi, the end yesterday, and
later sold at $2.04 Vj. Murch opened ot
$1.07 to $1.08, ogulnxt $2.0014 at the
close yesterday.
Corn was weaker under scattered sell
ing by commission Iioum-h and local op
erators. Itestlng orders on the Initial
decline took the surplus out of tho pit.
December opened at 81-Jc to SVAc,
ngulnst 81c at the end esterday. jfay
started 4c lower, at 87c, and later
sold at 87c. July opened at a decline
of jc, at 80V4c
Trade in oats wns light and the mar
ket was a shade easier. A local bear
house was the best seller.
Commodity Markets
COTTON MARKET
New Yorli, Oct. 28. The cotton mar
ket this mornlne appeared to be quite as
weak as It was strong yesterday, open
ing at a decline of 20 to 41 points.
The hitch In the British coal strike
proceedings caused weak cables, which,
the continued unsatisfactory textile
in the South, attracted general
and heavy selling in wnicn me ooutn,
Liverpool and Wall street participated.
Trices continued to drop after the
start and were about 05 points down
from last night's close.
IJuying on the settlement of the Brit
ish coal strike was stimulated by the
December started at !53c to 54c,
against 5-Jc at the end yesterday. May
was quoted at BO'ic to fiOVic at the out
set, against 00 e at the end yesterday,
and later bold at 00c.
Estimates were for twenty-five cars
of wheat, 120 cars of corn and ninety
five cars of oats,
closing htrength of l,lveriool and ex
pectations that the detailed weather re
ports would show frost in the belt.
Prices recovered nearly oil their early
losses, with January selling up to
20 60, or 00 points from the lowest and
within 8 points of last night's closing
Reserve
Interior
day. Hales at important polnta reported by
talesraph
Poaton
Chlcago ,
(N T.
11:30
a m.
JO 78
20 2H
20.14
20 03
time)
1.30
p. m.
21,00
20.00
20 4U
Yeat. Today's
close open
.. 21 IB 20,02
,. 20.73 20.30
.. 20 58 20.12
,. 20 30 20,00
,. 20.10 10,00
.. 20.10 IB. 78
Ofllclal rediscount rat'ea'at tha twelve Fed
eral Ileserve banka are aa follows:
Treaa. Lib, Com') Dkra.
ctra.
Poaton
New Tork .
Philadelphia
Cleveland . .
nlohmonj .,
Atlanta ....
Cblcaso ....
SI. Loula .
S
u
0
n
a
GRAIN MARKET
Chicago, Oct. 28. Under general sell
ing by commission houses in a email way
the wheat market declined sharply in
the' early trading today. Tho offerings
were based largely on the belief that
the fanners' holding movement will not
be a success, because of general eco
nomic conditions and a tendency of
other commodities to go down. On the
setback tbera was some covering by
tn
BW
(IlnneaDOlla
Kanaaa City
. V71
oo., t
pauaa ..
Ban Kranct
au
per cent on
cent certlcatea, and
" "l T
per cent
fUleAmlnt rata
rate borne by certlflcatea pledeed aa collat
eral, with mlnlmttm of B per .earn tn the
eaae of rhtladelphla, Atlanta. Kanaaa city
anji risilaa. arid BU nr nn im .. - -l
Clevelaot,,KI
..- -y "! ..,' L.;
December opeatd at J2.CO to 12,
alas.,nic(insna,
f; 4
V Li
By
Sales
70
100
1300
100
800
300
100
100
10
400
300
too
Utah
Ixw
S Loewe Co
1M
13 H
19
. . Loft Corp ,, , .
13
l4
37
154
2
8854
19
a 54
73
a
18
1H
14
37
184
83
4
84
an
aa
Sit
3354
7
94
80
4
884
73
154
a 54
11
3
T3J4
3
81
33
17
864
40
4
2
133
..it
234
43 !4
87
81
an
414
24
394
384
34
90
14
84
67
32
13
06
1.10
67
394
13 Vt
084
824
58
494
85
78
14
31
53
9
14
394
19
36
46
4Ji
04
164
1074
184
49
31
2
834
10
112
28
684
665
105
88
30
054
864
134
H
37
04
9H
24
31
154
164
644
114
41
774
J4
133
7
1014
46
2104
13
37
70
45
f0
48H
744
1044
865
167
8H
134
01
354
10754
134
UK
31 .
31
864
54
24
34
'3
46
14
34
"54
33
10
754
40
8T
13 Lorlllard Tob ....... 140
.. Looso-Wlles Biscuit.. 87
7 Louisville ft Nashvlll107
Mackay Cos 13
7 Manhattan Eler guar. 884
1.75 Manhattan Shirt .... 1H
.. Maxwell Motor Sd pf. 34
May Dept Stores.... 7J4
7 May Dtept Stores of.. 964
1 Mexican Petroleum ..193
109
.112 l,9 ,,,sdl9 BUt Corp... 1
wwvv miavAiA HtMi m, nft aeix
400
Minn ft St. Louis.. .. 18
100
190
299
3400
370
800
700
100
100
100
100
300
709
400
100
100
800
100
800
3(00
100
4209
00
40
440
390
800
10
100
100
30
100
100
7890
100
1100
200
1100
3800
3500
400
1000
100
800
200
1400
4100
600
200
890
800
00
100
8790
400
390
400
100
00
8300
100
11000
100
200
3300
300
1600
1100
200
200
100
1890
32)9
399
9201)
800
100
14001)
100
13200
200
121
400
100
200
000
0591
2590
210
tioo
00
15800
14000
1300
1100
600
1509
2800
100
800
10)0
0290
580
100
7 Minn hi P ft St 8 M. . 83
.. Mo Kansas ft Texas,. 4
. . Mo Kansas ft Texas pf 84
.. Missouri Paclflo 374
.. Missouri Paclflo pf... 51
a Montana Power 34
.. Montgomery Ward ... 23
4 Mulllns Body ....... , 374
.80 National Acm 83)4
.. Nat Aniline ft Chem.. 87
.. Nat Cloak ft Suit.... 84
7 Nat Cloak ft Suit pf.. 894
.. National Con ft Cable 8
a Nat Enam ft Btamp.. 5
a National Lead 7a
7 National Lead pf 1084
. . Nat R n of Mex 2d pf a4
1 Nevada Con Copper.. 11
..NO Tex A Mex 3
8 New Tork Central... 80
.. New Tork C ft St L.. 6
.. New Tork N H ft H.. 33
1 New Tork Ont AW.. 24
7 Norfolk ft Western... 98
Northern Paclflo 88
8 Isova Scotia S ft C... 4
40 Okla Prod ft Ref 4
.. Orpheum Circuit .... 2
uiis jsievator 133
Otis Steel
204
8 Owens Bottling-Mach.
Pacific Devel Corp. . . .
B Pacific Gas ft Elto. ..
a Pan-Amer Petrol ....
a Pan-Amer B
8 Pennsylvania R R....
Penn Seaboard Steel.
.. Peoples Gas Chicago,.
.. Pero Marquette
Philadelphia Co ...t.
.. Phillips Pet
. . Plerce-Arrow Motor . .
8 Z'erce-Arrow pf . . . k .
.. Verce Oil
a Pierce Oil Df
84
334
tH
81
43
18
43
34
394
38 i
34
10
14
F4J4
8 Pitta Coal 6w
. . Pittsburgh ft W Va. . . ?34
1 Pond Creek Coal 184
a Pressed Steel Car. . . . 064
8 Pullman 1114
8 Punta Alegro Sugar.. 674
4 Pure Oil Co 304
1 Ray Con Copper 14
4 Reading 084
2 Reading 1st pf 834
2 Reading 2d pf 88
.. Remington Typewriter 4o
7 Rem Typewriter 1st pf 85
. . Replo Steel 70
Republlo Iron ft Stl. 74
..itepuDiic Motortruck..
.20 Royal Dutch N T....
1 Santa Cecelia Sugar..
1 St Joseph Lead..'....
.. St Louis Snn Fran...
. . Savago Arms
. . St Louis Southwest..
31
:s
144
3
1054
374
.. St Louis Southwest nf 47 U
.. Saxon Motor 4J4
.. Seaboard Air Line... 94
.. Seaboard Air Line pf. 164
8 Sears-Roebuck 109
.. Seneca Cop Corp 18
74 Shell Transport 4954
.. Sinclair Oil
324
4
834
68
113
304
a Sloss-Sheff
7 Sloss-Sheff pf
0 Southern Pacific ....
20 South Porto Rico Sug
. . Southern Rail ,
B Southern Rail Df
434
20 Standard Oil of N J.. 680
7 standard Oil of N J pf 10.1
7 Steel Tube Co pf 83
4 Stcvvnrt Warner Sp... 31
4 Stromberg Carb 0054
7 Studebnker .74
. . Submarine Boat Corpn 14
2 Supcrlpr Oil Corp.. . 174
4 Temtor Corn ft F "A" 37
.. Tenn Cop ft Chem.... 9
3 Texas Co 514
.. TexaB & PncIRo 284
60 Tex&s ft Pac C ft O.. 3334
.. Third Ayenue 17
.. Times Square Supply. 18
6 Tobacco Products .... 08
.. Transcontinental Oil . 11
.80 Twin City P T 41
8 Union Bag ft Paper... 784
.. Union Oil 28
10 Union Paclflo .. 128 54
4 Union Paclflo pf 674
7 United Cigar Stores pf 1015
200 3.8O United Drug 1st pf. .. 46
1000
1310
12 United Fruit 213
.. United Rwy Invest... 144
.. Unl Rwy Invest pf . . 39
8 United Retail Stores.. 72
6 U S C I P ft Fdy pf . . 43
6 U S Food Products.. 474
8 U S Ind Alcohol E354
.. U S Realty ft Imp. .. . 49
8 U S Rubber "84
BUS Rubber 1st pf . . . . 1044
BUS Steel 674
7 U S Steel pf 107
0 Utah Copper 57 4
. . Utah Sec 12
6 Vanadium Corp C3
4 Va-Caroltna Chem ... 85
8 Va-Car Chem pf 1074
2 Vlvadou Ino 134
.. Wabaah 114
.. Wabash pf A 31
.. Wabash pf B 21
. . Wells Fargo Express. 564
.. Western Maryland ... 144
.. West Maryland 2d pf 24
.. Western Paclflo 354
4 Western Pacific pf . . . 73
4 Wcstlnghouse E ft M. 46
.. Wheeling ALB 14
.. Wheeling ft L E pf.. 24
4 White Motor 444
. . White Oil Corpn 25
1 Willys-Overland 104
7 Willys-Overland pf... 574
. . Wisconsin Central ... 404
0 Worthlngton Pump ..6754
2500
8700
200
5S00
3500
200
10600
100
32500
100
2390
800
4600
1000
100
300
800
100
200
100
200
200
600
100
400
20i
100
100
6000
lODO
100
500
200
Philadelphia Stoclta
315 Am Sirs., olv
-'iTAUls-CIm .Ti
Ofltn & O.. 45
SOOtHolil Lo
pref.... 0814
185 Drill .1 (I. 00
1008 Blec Stor.117
100 Hun 4 11
Top pf,. flu
lOOtlnt Wner 04(?
03 I Co N' A ao
100 Lake Sup 10T)
-oi t,en .av. ()i
151 T..I. T'-l Hi
mi,, uoYi,
lOt-Mldvale. 37
00 Nor Cent 07
372 Pa It II.. 4391
- U OOU..
171 Phila Ins
Wire...
40 Phila Co
cum nf.
.if. I. Cl. nr, "
03
IA)W
j 02 V,
3241
08M 08W..
50$ oo(J y.
115 noiJ-i
20i
j 10 10
h 50
OL'
21
07
08
Banks' Discount Rates
IflfV rntsasl MTmr tin oh a mr. tn
32 32Vj VJ
23 23 il
27H 27..
17 17
30 30 rl
30 80 1
417 PhllaKIen 93
334 do rets.. 27
700 Phila ItT ift
Call
Tl
I
u
0
0
0
7H
100 South Uy 20
100 Un Trae. 30
33UO;. 37'4
52 do pref. 50
U
Honda. Paper, Accept
II
a
J.N2 N.tw,Ymi;,1B,tkcs!T5r.rnV.'!
A
P
lit
Balea In IlONDel
n
H
l4ri
Tr 4s....
80 Lib Hondo
2d 4Vis..
4 3d 40ii .!
05 54
88.30 88.30
00.48 00.40
88.00 88.00
00.10 00.10
paper secured by SH
68 4th 48. .
0 per cent on paper
10 Vic N 4s
0 Phila Eiec
and 0 per cent certlfl
eftrrMMnrf.
with Intereat
1st 0s,,..
84
831,4
86
84
nd'r r
- 1. . TJI
j. united uwya
t c4a..,. 84
5 do Inr Sm. 00i
.". ".. .,w vaav ,!
v.(HCMo,and San Fran-
WM 111 IX,
;b"
COK
n
(Ultra) Chs-e.
137)4
37
1054- 1H
3- 34
Trade in Philadelphia Insulated
Wire Is Discon
tinued New York, Oct. 28. Tho, market on
the curb showed a heavy tone during
the first half ot tho day, when many
stocks were pressed for sale and gen-.
erally lower levels were established all
through the Hit,. After these declines
a steadier tone developed and In somo
cases the early losses wcro completely
recovered.
The heaviest trading was In Oarlb
Syndicate, which sold down from 1B
to 14Mj. General Asphalt was also
pressed on the market, falling more
than 2 points, to 54, but .both stocks
rallied after midday.
Trading in Philadelphia Insulated
Wire waa discontinued. Sweets ranged
from 2 to 1.
Standard Oil issues dropped from 2
to 10 points, but later recovered these
Inftspe. 1
794- 1H
aiH- ir?
ti - 1
87H- H
874- 1
49
4 - 14
2H-
123 -1 1
24
634 54
INDUSTRIALS
1:30
Low p. m.
Acme Coat
Aetna Ezpoilves .,
Ilrlt-Atn Tnh rntin
Empire Tube
uenerai Aipnalt
North Amir Ptn,p .....
Perfection Tire
naaio com
Radio Com pref
U 8 Rich Spied Tool . . .
United Pront flharln..
United Itet C&ndv
224-
58H-
87-
81 -
48
1-
43H-
28 -
9H
384-
34
14
"4
14
H
54
1
4
T4
54
14
4
"f
1
'8
54
14
Wayne Coal 8H
STANDARD OILS
8 Oil of Ind 784 775
780
INDEPENDENT OILS
Allied Oil 10
18
noiton-wromlnr
Carlo Syn
Dtnny
INITIAL LOSSES
"Jh
10K 10K lOJi
12H 12Vi 12H
1B& 1B 16H
SV4 ? )
3 n
24 2H 2i
24 2H 2V4
80 80, 80.,
2 14 1T4
10 10 10
as ok
. 1BK 14H
. JH
. loVi 10
. H OH
'. 3fc 21
:81h ,0f
. 18 17
. 14V4 144
.161 ISO
. S 8
. BH BK
. 17 17
'. 10k 10K
Dominion oil ..1
Klk lliln ret
Knglneen Petrol
Federal Oil
fluffey Ollleaple
Hudion Oil
Int Petrol
Merrltt Oil
Midwest Ttt
Omar Oil
Producers Refiners..
Hyan Cons
Hoy de France
Hlmms Pet
Bkellr Oil
tlpenrer Pet ,
Un Texas Oil
Victoria Oil new ....
34
0 14-
84 -874-334-15
06 -
110
7 -38H-13H-084-834-88
-9-
85 -78
-
i
150
3
B
10K
i
2
54
54
5
MINING
Alaaka-Ilr Columbia
lilt- Leds-o A
jioai juoni 10
uaied Min
Candelarla I ....
Cone Virginia ....
Cortex Silver ......
Creason Oold
Divide Ext
Dundee Arlx
Hureka Croexus ...
Eureka Holly ....
Uold Cons
18
(14
82
b1H
14- 2H
31
74 -
9
144 294
19 -
3 -
474-
H-04-184
108 -184-49
-
314-2-834-97-
113 -3-63H-
680 -
105
83
30-054-'"6-1354
17J4-37-94-404-3H
16
64 J4-
114
41 -
7754-"754-
124
67 -
1014-
34
54
i
1
154
54
54
4
i
1
14
34
854
8
1
8
ii
Oold Dave! 4
Ooldfleld Florence 13
Uold Zone 30
Emma Silver 4
Hecla Mining 8
Iron Dlomon hi
Marin Mln 10
Mother Lode 67
Mother UkIu now 514
New Arcadia 4
Nlplaalnc 8
Ophlr Silver .,,..
Prince Con -f,
nooheeter Mlnea 8
Hope Qroup -f,
San Toy s
St Croix 1
3
lonopan lieimoru .
Tono Divide
Tonoo&h Extenalon
Tono-Jim II 10
Tonopan Aim lft
Tonopah Mlxpah 10
Tonopan Ileecue Eula.... IT
United Eaatern 2t)
Weat End C 1H
White Cap 8
DOND8
Allied Pack 0a 0BU
Amn Tel a of 22 05H
Anaconda 7a of 2D 60J4
Armour 7a 97 V4
14
254
54
14
!4
14
154
1
14
n
54
1
354
1
1
1
Iloth Steel 7a of 85 V4H
Ooodrlch T 7a V0
Grand Trunk 7a 05ft
Now Haven 4a SO
Seara-Itocbuek 7a of 21 . . 80
Seaboard 0a 684
Hftre.Itoebuck 7s of 28... 88
Sinclair 7tta Sift
Soivay 8a lOOK
Swift 7a 07(4
Weatlnehouae 7a 06H
Weat Elo 7a 80
rerlln 4a IS.
Chrlatlanla 8a 8K
IVnmarks 8a 1O0H
French 5a of 20 03.,
Greater Uerlln 4a 12U
07U
loo2
54
1
48
210)4
8 374-714-41-484-8154-9-74-
1044-
eH-
4
i
1
154
1
LOCAL MINING STOCKS
TONOPAH STOCKS
Did
Aak
.07
.18
.00 K
.12
,0S
.12
.08
.05
.20
Cain Boy ..
Jim Dutler
MacNamara
MacNamara
Midway ...
Mlmah Ext
Montana . .
00
16
o) A
Creacent 10
1 00
10
, 00
North Star
04
Rescue Eula
l 18 .2
w:::::::::::: li
17
Tonopah Ett
5754-
West Ena
Weat Tonopah
1354
- 1
DIVIDE STOCKS
Allied Dlvld 02
Alto Divide 08
llelcher OS
Ilelcher Ex 07
Hen Itur Ot
Ilrough Dlvld 20
Divide mt 20
Divide Rynd 01
Divide Cona 02
Dividend 04
Eaat Divide 04
Harmlll 20
Hrsbrouck Divide 02
Hlsh Dlvld 01
Itevert Divide 04
Iteno Divide 01
Itoaetto 01
Rtlver Kins 02
Tonopah Dlvld HI
Tonopah Haabrouck 04
Victory Divide 08
Verde Divide 04
Zone S3
OOLDFIELD STOCKS
Atlanta 01
Illue Dull 01
61-
4'
3
54
54
54
54
54
4
54
1
54
4
54
54
A
.03
.07
.00
.08
.02
.22
.til
.02
.0.1
.OS
.OB
.23
.04
.03
.01
.02
.02
.OS
ltt
.un
.10
.05
.30
48)4-
107H
-31
-564-
241
38 -
73-48-
14 -
24
4 33
10 -874-40
-874-
.02
.02
.02
.Ot
.08
.05
.01
:?i
.10
.01
.03
.02
.07
.03
.07
.01
2.00
.07
,05
Ilooth 01
COD ...
Comb Fraction I . . .
.0OK
.02
.04
CrackerJack
Dlamondlleld Dlue Dull.
Dalay
Florence
00H
.00
.14
1:80 Net
P. m. Chen.
Ooldneld
Cona
.08
.00
:8
.00
.00
1.00
Ooldfleld Merfer
Ooldfleld Development
Oreat Uend ,
Jumbo Ext
Kewanaa .
Lone Star
Oroi
lied Hllle
Hllver Pick
02J4 2ft
ittS-- il
40
,00
Spearhead 04
MISCELLANEOUS
Jfc
Amparo 1.
Arizona United 1
.40
l.eo
.IB
Eden .., A
Mother Lode BU
Nevada Hllle i .01
10 Tl
22V
Vt'llbert ,..'... .04
Nevada Wonder 10
Tecopa Mlnlnv .12
.15
.14
.07
37- Vj
43
wnue capa ,, .uo
MONEV.LENDINQ RATES
NEW VOBK Money on call, both
classes of collateral, opened today at (
per cent for lending and renewing.
.03,
PHILADELPHIA- Call. 0 per cent;
time, 6 per cent ; commercial paper three
to six months, C per cent.
(Note These are merely nominal
quotations, aa the legal rate of interest
In the state of Pennsylvania Is fixed at
t per cent Plus premiums and com
mission, time money for thirty to ninety
days Is loaned at I to 8 H per cent, while
commercial paper, from, three to six
months. Is being offered at 8 to 8 H per
cent.)
DANK CLEARINQ8
w,,b ,Mt
1:30 Net
-
04
88.80 .34
00.4822
88.00 . 08
00.10 - . 12
nank clearing today, compared with cor
reapondlng day Hat two yea rat
1020
101U iota
Phtla.
81,014,83
852 174
4,177,179 171,001,450
Dividends
1020.
Tha
83..
80 ..
84 ..
de
IMF
dared
mitt alao an ait re dividend f
two nod eoe-
half IIMI.W eent,, payable. Nevrmbtr let.
100, tO
in aifXUffloldara it TArA m
tha
cloae oi
t.v,.... tiitv . r-jr "
a ni
"f'J'r wi.H.r tfo,1 lvv
00L 341
WI
oileaf !n. fSflxUbKRQKK, Csibltr.
tt 1
VliiUuM JoN MAtionAi mAnk
Philadelphia, October 28th. 10
Doard, of Dlrecjora hat thle day
a semiannual dividend nf flva iiei
A Question Leading
Banks Are Asking
One of .the largest and moot successful banb in the
United States has just written the President of The
American Credit-Indemnity Co., as follows:
"No doubt you will be interested to learn that we
have arranged to 'incorporate into the forms used
for securing financial statements this query:
Are your
insurance?
accounts covered by credit
"I submitted this matter to our officers the other
day, at a meeting, and favorable consideration
was immediately accorded it"
Bankers appreciate that it takes more skill to .do business
successfully when prices-arc falling as now, than when
prices were increasing. And they therefore endorse
precautions that prevent, else pay, bad ''debt losses
beyond the normal,
A manufacturer or wholesaler carrying the American
Company's Credit Insurance is completely fortified
against abnormal losseson his sales. If yeu are .not one
of our policy-holders, nw of all times, you should in
vestigate this broad, protective tenia. Write or phone.
PapnatU ti PtScy-beldm about $10,000,000.00
AMERICAN CREDIT-INDEMNITY CO
Of NEW YORK LM. TREAT, mi ii Dim
tSSUSS TAMDAto UNUMITtS KHJC4U
W. J. MORPHY, Manager
J. F. McFADDEN, Ganaral Agent
Mutual Life of N.w York Bldg.
Phone
-Filbert 6803 Phlladslphl
Doing Business
Personally
We welcome Personal Checking Ac
counts and treat them all with equal
courtesy.
Surely an agreeable arrangement can
be made that will prove mutually bene
ficial. Stop at the Bank and get acquainted.
National Bank J Commerce
in PKiladelpKia.
' 713 Chestnut Street
Jfsthan T.IbJyvrlJPs-02dmn
1812
THE
PENNSYLVANIA COMPANY
for Insurances on Lives and Granting Annuities)
TRUST AND SAFE DEPOSIT COMPANY
Capital and Surplng . $7,000,000
Member Federal Reserve System
"
broad street ovficb 517 Chestnut Street
cuu -a .ub. u- Philadelphia
Direct Cables to Cartagena
?wn
vu
joiin i MKituiM., rnr.s.
Route your messages
"Via All America,"
which wordti are trans
mitted free by all tele
graph companies.
TNTERNAHONAL
ii array - ,-
r"
frORPORAriON
V RCOULAR SAILINOS
Through Bills of Lading Issued
PHILADELPHIA to RIVER PLATE PORTS
Balratlon lau No. S 8. B, Osletl ""'
putt Ann PHI a . Rto tAiMFinn a, SANTOS
8. 8.
8. B. Balratlon Lim Nor. B 8. 8. OoUl NaT. J
KffrUerator
PHILADELPHIA to FRENCH ATLANTIC PORTS
8.
a u-mu. vA r a u n.iM nTi
Lafayette Buifding, Philadelphia
Main S41S Lombard 80IS
East St. Louis &
Suburban Co.
Convertible 7s, 1921
Chattanooga Railway &
Light Co.
1st 8c Refunding 5a, 1056
eeWeClarkftgo.
BANKERS
32 '.Chestnut St., Philadelphia
Maintrer Nno Yprk and illadflaMa
v V rv aBPT ! SF
i' i i i
jnnuiu
I I.0CU8T
a, Pa.
1920
THE new All-America Cable from
Colon to Cartagena now in opera
tion gives the first direct cable com.
munlcotlon between the United
States and the North Const of
Colombia.
ALL AMERICA CABLES
has contributed no small part to the
development of trade between the
Americas.
i
I
170 Broadwar. New York
CerUand StSt
BOND SALESMAN
WsiL-oft-ftB BT6CK
I CIIANOB nUII.TJINO. j
J.P.MAGILL&CO.
Investment Bonds
LAND TITLE BLDa
Phila.
Spruce 7265
,"V
T
L
M
& 5rt4'.'4Sj!M ."
kvCA i. i
i
fifejr?,i,
fp HI &,
,fl'jir4J!.i.
I t"V J..V..- $fj If"
jtftf.tf