V u
iw
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w
' 7 M rvTrv. aww-wwp
"Si
,'
'?&
cs
.f,
A
, a
MH
V
-
klilL
V.
V
2
iH
.i 1
t?:
M
is I
X
l
Krt P
se . ..
l; , n PRICE MOVEMENT I
6 ISP HIGHLY CHURNED
blVERSIFIED
. KlHCDOta OF DENMARK
J6 External Celd Bend, Du 1945
te yield about 7.05
AKACONDA COPPER MINING CO.
Secured Celd Bend. Series B,
Due 1929
I In yield about 7H
rENNSTLVANIA-OHIO POWER &
LIGHT COMPANY
7H Celd Bends, Due 1940
te yield about 7.83
We recommend for investment
CIreulaxa upon request
1kJtaieniQt7
Company
nHadelpfala-1421 Chettnnt St.
AtUntlc City Chalfonte Bleck
1225 Boardwalk
)i'
A 20 -Year
7y2 Bend
Secured by direct 'first mortgage
en the property of The Penneyl Penneyl
vanla.Ohle Power & Light
Campany valued substantially
. In excess of total bended debt,
subject te $1,969,000 dlvtslenat
bend. Ue company ssrvee a
territory covering 600 square
mtlea midway between Pitts
burgh and Cleveland, Including
YaungCewn, O. The prosperity
of" this territory Is Indicated by
the 100 Increase In the electric
light and power business during
til paat five year.
Price te yield 7.85
Write for circular
Bonbright & Company
437 Chestnut Street
Philadelphia
New Yerk Chicago
Beaten
Detroit
Specialist in
OHIO MOTOR, RUBBER
AND STEEL SECURITIES
COMPLETE SERVICE
la All Ferma of Investment
Main Departments
Investment, Brokerage
"Acceptance, Liberty Bends
Foreign Exchange
Statistical. Ohie Securities
1 'Extensive Private Wire
Connections
Members of New Yerk and
Other Principal Stock
Exchanges
OTIS& CO.
Investment Banker
CLEVELAND
Kw Yerk Bosten Detroit
Cincinnati Columbus Teledo
Akren Youngstown Denver
Colerado Spring
l ffesvfrt'Vy i
:?i
.arecKsv
BONDS j
Rallying 'Round
the Rails
' la the present marketwlse ll-
Hy of the rails the fereruane
f smother old-time railroad
market?
Are we Justified In expecting tbe
present trend of the rails te b
long sustained? Prediction con
stitutes no part of our service.
Our special letter i"B," however,
describee the basle condition
underlying a eelected few of the
railroad Issue.
Marketable securities carried
upon a conservative mareinal
vtji. QdA lata a aeeeinltv.
... I Fblladtlphle Stk. Exeh.
Members tonsel. stk. hx, of It. V.
1622 Chestnut Street
Phenes: Bell. Spruce B17-iSM
Kerstene Rice 780
74 Breadwar A 40 Sth Ave,. N. T.
Rtamfnrd, Conn.
Sears, Roebuck &Ce.
1 Serial Bends
: 50,000 Due Oct 15, 1921
, 50,000 Due Oct 15, 1922
i 50,000 Due Oct. 15, 1923
i DueHpllui Circular en Jteavssl
HEWBURGER,
HENDERSON & LOEB
Members New Yerk and
Philadelphia Stock Exchangee
' 1410 Chestnut SU
ISWEEflNfr' f PtJBIOLEOaERJgmADlJJEPHlA, 'WBXD&t, NOVEMBER 5, '1920
r
Experienced
BOND MAN WANTED
by one of the largest invest
ment banking houses in the
country. Only these who hove
had t least five year' expert expert expert
(ortce heuld apply. A rather
unusual opportunity will be of
fered the right man.
Address Bex 6, Roem SIS,
44 Bread St., New Yerk
mmW Wilsen &
7 . . tl(.aaas 1 V ft . m
MK ACCOUHtaVMJ
Mgk.. ninijiiM
Plal aee'wjaaf
W
Trading Was a Confusing Mix-
ture of Strength and
Weakness
New Yerk, Ner., 5. Ctes currents
nncl cenfllctlnc operations en the part
of the professional traders kept today's
;" luuraci in a nigniy cnurned cendl
. i ir,? "lerement in consequence
" "iisuiar ana ac times Highly con cen
fuslnr, ilth great strength character-
mug some parts of the list and with
equal weakness in ethers. As in the
two preceding sessions the line of cleav
age was definitely drawn between tht
railroad and industrial divisions. The
""viis emus in tne termer were far out
numbered by the weak ones in the in-
Notwithstanding the apparent power
ful momentum of the upward swing tu
uie railroad shares, there was consid
erable doubt expressed during the mern-.i-g
as te whether the current movement
could be continued en bread lines in face
pf the growing weakness of the" Indus
trial quarter of th list. ii i.. -.
stant shifting of concentrated effort the.
t. V .7 "yiJicu vrus well SUSlBinCO.,
but It was evident that increasing real
Isfng of profits was being met at the
higher levels. Superficially the market
leek these offerings remarkably well,
but there was net the same degree of
animation in the upblddlng process.
Further extensive accumulation of
rails nnd eeunllv hinw nelllm nt .u..
pings nnd oils created highly irregular
conditions at the opening. Northern
Pacific was the most conspicuous feature
en an exchange of 4000 shares at 05 te
04, seen rallying te 95 Ui. an extreme
peln of IV! points. Advances of 1 te
1 Mi points were made by Great North
ern, Southern Pacific, Chicago North
western nnd ChcBepcnkc and Ohie. At
lantic Gulf opened at a three-point de
cline, and American International fell
two points. Mexican Petroleum, Royal
Dutch. Crucible Steel, Utah Copper
nnd Virginia-Carolina Chemical were
among the ether heavy te weak Issues.
Investment rails added te their Initial
gains In the first hour, but reacted 1
te 2 points later when shippings, oils,
moteri. steels, equipments and various
apecialtics developed increased weak
ness. Atlantic Gulf etended its lesb te
rVi point, Mexican Petroleum fell
' ,HalT;c.s,tcf 3 Virginia-Carolina
Chemical 3RJ, Crucible 8teel 2 and
American "Woolen 2. Irregular rallies
set in before neon en buying of Read
ing, Norfolk and Western, St. Paul
common and preferred, and Reck
Island, but -Texas and Pacific was
heavy.
LOCAL TRADING
WAS LISTLESS
Big Movement in Lehigh Navi
gation Sidetracked Few
Price Changes
..TV'th the big movement in Lehigh
Navigation "apparently side-tracked
et ernlght the trading in the local market
fell back into the old familiar narrow
rut. Lack of confirmation of some of the
fanciful terics attending the week's
remarkable elevation of Lehigh Navi Navi
gatien took most of the wind out of the
sails of the organizers of the move
ment. Officials of the company denied
the segregation stories, which, however,
was hardly necessary because even the
uninitiated could have plainly discerned
the manufactured type of the article
which has been handed out the last
few days.
The mere interesting question te be
answered is who were the real buyers.
There was a general supposition en the
street that most of the buying emanated
from New Yerk interests. Offsetting
this, the financial wrlrtrs in New Yerk
in describing the operations of the stock
en the curb market yesterday distribut
ed the principal buying te Philadelphia
Interests. Se there you are nnd take
your choice. Somebody nafurally is
wrong. In the meantime with the ur
gent demand curtailed and because of
eme profit-taking, the stock fell back
te 77, compared with yesterday's top
notch of 80. ,
There was lltle action in flje balance
of the local shares and price movement
was a matter of fraction scalping en
cither side of the ledger. The only ex
ceptions were supplied bv such Inactive
stocks ns Philadelphia Traction, which
en small odd lets fell $1.50 from the
previous sale te 52. Buffalo and Sus
quehanna pfd en the eiler made a gain
f $1 .50 reaching; 50.
Hlectria Storage Battery was off
fractionally en small sales. Lalje Su
perior fell back te 11M losing much of
jesterday's gain. Little interest was
shown in the utility group.
Philadelphia Stocks
40 Am Btrs.
,'S Am Gas.
lOOfBald Le
pref...,
50 Buffi &. S
t c pf,
Illsh
55
40
Ixw
55
40
J:1B
p m.
55
40
Net
chg.
os',4 esy;
CO
CO
50
08Vi i
CO 1
Till
5S Brill J G. 50
2rt Elec Ster.118?; 118V? 118Ji J4
20 I Ce N A 30 20Va 20 Va
60 Ker Tele
t c nf . . 201
115 Lake Sun 11
405 Leh Nav. 78
140 Leh Val.. 5
.103 Pa R R.. 43
20 Phila Ins
Wire...
15 Phila Ce
cum nf .
220 PbilaEiec 23
125 de pref.. 27i
225 Pbila RT 18
13 PhllaTrae 52
20tPittsCeal 64 Vi
nl ., -AM.
0UTJtca(iing.iuu,i
IK T'n Trni. 'jnti
575 II G I...
120tU8 Steel
t, 20 20 Va
i lli HVs
nf ntn!. TtiL 1 1
74 Vi 73 Ti
54 04ft 55 V,
43 43
51 51 61 Vs
32i 32i 824 H
234 23 8
27 li 27..
18 18
52 IVf
W
.
NEW YORK STOCK EXCHANGE TRANSACTIONS
52
64
10014 100
20T4 20
iif'i it I i Yi.
80 86 86 Vt.
tNtt chsn mad by comparison with last
sal en New Tork filcxk Exchansa,
Sales
109
109
400
400
300
100
0t
atoe
300
m
200
103
13)0
noe
300
300
100
400
1100
100
3(00
00
.600
'100
1100
3400
7J0
109
300
00
JO
400
300
300
300
4100
300
100
700
204
100
14300
790
.800
400
300
100
Dlv,
ln
.. Advance Itumelv ..
fl Advance Itumley pf.
0 AJrjc Rubber
. . Alaska Oelil Mine.
.. Alaska Juneau O M.
High
37
7ji
3
U4
VH
Allied' Chem & Dye... STK
1 Allls-Chalmers 33 J4
Am Agrle Chem 10JS
Am Agrle Chem pf. .. 84 J4
Am nect Sugar. j,.... 73 J4
10 Am Besch Magneto... 13
4 Am D Shoe Fdy new. Seft
.. American Can 3314
13 Am Car A Fdy 1334
7 Am Car & Fdy pf . . . 110J4
.. Am Cotten Oil 34H
0 Am Drug Syn j
.. Am Hide & Leather.. 10
1 Am Hide & Leather pf HH
4 Am Ice .,,.'... 44U
Am Intemat Cerp..,. 10K
3 Am Linseed , 0)4
0 Am Locomotive 6
1 Am Locomotive pf.,.103
.. Am Safety Raxer. ... 12
.. Am Ship a Cem ish
4 Am Smelt A Itef 8Mi
7 Am Smelt A Ret pf . . 8IH
3 Am Steel Foundries... 37 J5
7 Am Sugar Ref laj
10 Am Sumtra Teb fjSJ
8 Am Tel A Tel 100J
12 Am Tobacco '13034
e Am Tobacco pf new.. SO
12 Am Tobacco D 134
7 Am Woolen
.. Am Writing; Paper pf 4
.. Am Zlne Lead A Smlt ?i
4 Anaconda Copper .... 'Oft
Asse Dry Goods. ....... 2Yi
Aese Oil llft
6 Atch Tep A Santa Fe. 90 H
Atch Tep A S F pf. . . 774
. . Atlanta Blr A Atlantle SJ4
7 Atlantle Const Line. . . 9
10 AtrOulf A W 1 S S..136J5
7 Atl npflnlne- It. nf Iftrr
J22 a,se Ba'dwln Locomotive. .113 H
, 7 wamwm Loce pf 9814
W .. Bait A Ohie 4794
! 4 Baltimore A Ohie pf. . 3J4
300 7 Barrett pf 108H
300- g Barret pfclfaofDeb 105
100 2.80 Barnsdale Class B. . . . 30H
10 -.. Bethlehem .Meters ... Va
7100 a Bethlehem Steel B 0K
300 s Bethlehem Steel 8 pfWH
2300 ,. Brklyn Rapid Transit 18
300 . . Brklyn U t etfs of dep H
800 .. Brklyn Union Gaa.... 4Ji
200 ie Burns Bres ........ 3J4
100 .. Butterlck 13
70 .. Butte Superior Cep. 16
1700 6 California Packing ... 07'4
100 .. California Petroleum. 35
11300 ie Canadian Pacific . ...127V4
1800 .. Central Leather 3IH
100 4 Cerre de Pasco Cep.. 3
1300 ie Chandler Meters .... 7
18300 4 Chesapeake A Ohie... 70 H
800 .. Chi A E 111 Eq T ctfs 10
0 .. Chi A B 111 pf ctfs... 10
0 .. Chicago A Gt West... 11 Ji
100 I Chicago A Ot West pf 38
100 Chi Pneumatle Teel.. 74
13(30 .. Chicago Mil A St P.. '
800 . . Chicago Mil A St P pt 614
3800 s Chi & Northwestern.. 84 Vi
6300 .. Chi R I 4 Pae 38J4
100 6 Chi R I A Pae 6 pj 71
400 7 Chi R I A Pae 7 pf B3U
100 5 Chi St P Minn A O.. 71 ft
100 .. Chile Copper 13H
20O1.B0 Chlne Copper 2H
100 . . ciev Cln Chi A St L. . 7
1100 b Cluett Peabody 80 ft
70 .. Coca-Cela 38
100 .. Colerado A Southern.. 33J4
1400 5 Columb Gas A Elec. 50
260 i cel Qraphophene .... 18J4
100 7. Cel Graphophene pf.. 77
1200 f Consolidated Gas ... 8J4
100 Cen Interstate Cal M 7H
33)0 8 Consolidated Textiles. Jl'j
100 t Continental Can 3?i
40 l Continental Candy ... 10
8300 4 Cern Product Ret... 81 H
10 7 Cern Products Ref ptlK
800 s. 80 Cosden A Ce
8310
1100
800
10
700
800
(00
1600
27
300
3(00
2000
600
700
100
200
3)0
1200
2)0
400
6)0
11100
300
00
100
300
BOO
16000
100
JK 200
100
IKioe
100
1600
100
A. .200
100
500
700
100
1300
1700
300
5100
300
400
790
100
100
3700
300
1300
00
37J4
5 Crucible Steel 118V4
. . Cuban Cane Sugar. . . 35
7 Cuban Can Sugar pf.. 72 X
7 Cuban Amer Sugar. . . 3K
Delaware A Hudsen.. 100
. . Denver A Rie Grande. 2
.. Denver A Rie G pf.. 3
1 Deme Mine 13
10 Eastman Kodak 536
.. Elk Hern Ceal SO!
B Endlcott-Jehnson .... 61
.. Erie 1854
.. Erie 1st pf 28 H
.. Erie 2d pf 2(H
8 Famous Players L. .. 67H
8 Famous Players pf... 81
8 Fisk Rubber lJi
.. Frcepert. Texas .... 21 H
.. Gasten Wms A Wig.. 4J4
6 General Cigar 61 Y
8 General Electric 13914
1 General Meters 1054
7 Gen Meters deb 7.. 7J-t
Goedrich B F HTH
7 Goedrich B F pf 83
4 Gt Ner Ore ctfs 33 Ji
Guantanamo Sug Ce.. 1714
7 Great Northern pf.... ltt
.. Hendee etfs 21ft
.. Housten OH 104
1 Hupp Moter Car 18ft
.. Hydraulic Steel 25ft
7 Illinois Central "3ft
4 Inspiration Cen Cep.. 43
.. Interb Cen Cerp 5H
.. Interb Cen Cerp pf... 16K
.. Internat Agrlcul 17 ft
5 Int Agrlcul Cerp pf. . 714
1 Int Harvester new. . . . 104
Int Harvester pf 167
Int Mer Marine 17
Int Mer Marine pt.... 68
International Nickel . . 17ft
International Paper .. 6ft
Invincible OH Cerp. . . 32
Iren Products 3 i
Island Oil 6
Jewel Tea '
Jenes Bres Tea 17
Kan City Southern... 23J4
Kansas City Seuth pf 4ft
Kelly-Spg Tlre 8 ft
Kennecett Copper ... 28
100 1.30 Keystone T A R 13ft
1800 6 Lackawanna Steel ... 03
Lew
37
7ft
SU
1H
7H
32
73
84-
71 H
71M
60 ft
31 4
133 ft
110 ft
34 ft
ft
10
56
44ft
6ft
66
6
102
13ft
15
8ft
IH
37 ft
1C3
81ft
100
1364
8ft
123 ft
7ft
45
Oft
50 H
28 ft
114ft
ftBft
77 ft
OH
8 ft
134
107
lll(
08 ft
46ft
53 ft
105 ft
lOfft
35
4ft
6ft
10
14H
0ft
64 ft
t3ft
13
15ft
67
28
125ft
3
39
78
68
8
10
114
28
74
43
6234
83 i
37ft
71
83
71ft
13 H
25 ft
57
40
27H
334
58
18
77
88 H
7W
20
73
J1
80 H
100ft
37 ft
116ft
34 ft
7234
3(34
107
lft
lft
13
535
30ft
34
18ft
3734
20 H.
6734
80 ft
lft
21
4ft
61ft
13
16 ft
76 ft
46 H
83
33ft
17 ft
80ft
21
103 ft
13 ft
35ft
83ft
42 ft
SK
16 ft
17ft
70ft
103
107
10ft
6634
17ft
38 ft
31ft
'80
Bft
6
17
24 ft
40 ft
48ft
223s
13 ft
60ft
.l!0 ,Nt
Last Cnre.
37 - ft
87ft - ft
38ft- H
IH- ft
134 ..
37H
32 - ft
7334- 3ft
8t
71H-
73 -
50ft-
3134
13334 110ft
34ft-
ft-
10
6K-
44 ft-
6ft 3ft
(6
6
103
1334
15
88ft-
1H-37ft-
103 -
83ft- 134
100
13634-
80ft .
123 ft-67ft-45
-
ft
0ft 38ft-
114ft
ft
34
'ft
3ft
lft
ft
H
ft
lft
034 IH
77 ft
034-
B
134 -
107
11134-
8ft
46ft-
3ft
105 ft 234
105 lft
35ft-
4ft
eeft-1034-134
ft-
04ft
ft
ft
ft
5ft
in
"ft
lft
ft
ft
ft
'ft
lft
93ft- 3ft
13
16
67 ft
25
ft
ft
i;
ft
ift
?4
ft
ift
2ft
3ft
ft
ft
ft
1
1
127
39
30
78
70
8
10 -1134
3B
7 -3ft
03 lft
83ft ft
37 ft
71
82
71ft
1334-
25ft-
57
49 -
27H.
3334
8
18
77 -
8ft
734-
20
lft
ft
ft
lft
1
1
ft
ft
2ft
7374- lft
OH
81ft
100 ft
37 ft-
116ft-
35
7234
834-
108
2
2ft
1394
535
20 ft-
co
1834
38ft
2034 .
674
ft -
21
4ft ,
61ft .
139
83
33ft .
17ft
8134
31ft-
104
13ft
25ft 93ft
43
594
1094
17ft . .
70ft- 394
102 - 3
107
16ft- ft
67
I7ft ft
8ft- lft
31ft- H
39 - 2ft
6
5 - ft
17
2534
49ft
34
ft
ft
2ft
H
ft
ft
lft
"a
ft
2
ft
ft
4
IH
ft
lft
ft
ft
ft
ft
ft
ft
34
ft
ft
ft
ft
2ft
High
83
37
83ft
21
1 ft
89
03J4
ley
Mldvale Steel A Ord.. 38
.. Minn A St Leuis 19ft
. . Me Kansas A Texas.. 4H
. . Me Kansas A Texas pf 8H
. . MJsaeurl Pacific 37
. . Missouri Faclfle pf... Sift
. . Montgomery Ward . . . 33ft
s Mentana power Bi
Bale. ST
10J . Laclede Gas of St L.
tW . . Lake Erin & W.est pf
' J!!!3,80 Lehigh Valley
k 4000 2 Leewe Ce ,,
109 .. Malllnsen A Ce
90 , ie Manati Sugar ......
J 7 Manhattan Kiev guar
100 1.75 Manhattan Shirt
Marlln-iParry 18ft
IBB .. Math Alkali 32ft
;.. wen met l Pf a ct 8
-22 l Mexican Petroleum ..1(0
.52- s M,ttml CePPef 19ft
6600 1.60 Middle States Cerp... 14ft
600
7(0
100
14)0
1700
300
100
100
200
100
100
2)0
100
690
100
3(0
170)
300
ten
M)0
409
3300
1(00
tee
333 DA
500
230
290
300
33 00
090
5509
890
1000
390
800
100
14100
200
500
1800
1000
200
300
tee
100
790
100
390
31100
690
400
800
2300
100
100
100
Mulllns Bedy 30ft
7 Nat An A Chem pf . . 90
. . Nat A. A C. pf. ct ... 90 ft
7 National Biscuit .... ,106
7 National Biscuit pf. .,107
.. Nat Cleak A Suit.... 33ft
.. National Cen A Cable 8H
6 Nat Enam A Stamp.. 56ft
6 National Lead 74 ft
.. Nat R Ref Mex 2d pf 7ft
.. NO Tex A Mex , 61
10 New Yerk Air Brake. 04ft'
B New Y6rk Central 84 ft
.. New Yerk C A St L.. 61ft
. . New Yerk N H A H. 33H
7 Norfolk A Western... 102 31
4, Norfolk A Western pf 65 ft
7 Northern Paclfie 05ft
5 Neva Scotia SAC... 39
e flkla Pred A Ref 4
4 Pacific Ievel Cerp ... 22ft
B Pnelftc Gas A Elee... Mft
6 Pan Am PAT 88
a l'ar-Amer B 814
3 Pennsylvania R It.... 3ft
.. Pcnn Seaboard Steel. 15
.. Peeples Gaa Chicago.. 43ft
.. Pcre Marquette 25ft
3 Philadelphia Ce 4034
. . Phillips Pet 30
.. PIcrco-Arrew Moter.. 81ft
8 rierce-Arrew pf , , ,
.. Pierce Oil
0 Pitts coal
. . Pittsburgh A W Va,
Pend Creek Ceal...
Pressed Steel Car. . .
Pullman 111ft
Punta Alcgre Sugar. . 67
Pure Oil 40
Rand Min-Ani Shares 23
Ray Cen Copper 1 H
Reading 101H
Reading 1st pf !
Remington Typewriter 45ft
Reple steel 76ft
Republic Iren A Steel 16
Republic Iren A Stl pf S3
Republic Motertruck . 30 ft
R Rels A Ce 1st pf. . 70
1
8
8
6
4
1
4
2
88
14 ft
65
34 ft
lft
95 ft
700 5.30 Royal Dutch N Y.
700
1700
100
1000
600
200
100
3)0
1500
200
7100
300
200
6000
53700
4800
20e
100
800
300
300
1700
6600
1300
800
200
100
704
8700
14500
400
100
300
1200
100
1330
100
390
100
6209
700
600
800
100
300
210
. 300
x 400
3)i)
290
100
4200
300
17000
590
1390
290
600
1700
100
40)
810
800
200
330.
3)0
500
100
100
800
300
2390
16)0
100
43)0
100
100
800
100
100
100
1334
St Jeseph Lend 14 ft
.. St Leuis San Fran... 30
.. St Leuis San Fran pf 44
.. St Leuis Southwest... 36
.. St Leuis Southwest pf 7ft
.. Savage Arms 20 ft
. . Saxen Moter 4 34
.. Seaboard Air Line pf 17ft
8 Sears-Roebuck 104 ft
7 Scars-Roebuck pf....l03
.. Seneca Cep Cerp 2134
. . Shattuck 'Arizona ... 734
74 bhell Transport 48
.. Sinclair Oil 3134
' ff Southern Pacific 11634
.. Southern Rail 30 ft
B Southern Rail pt 65
20 Standard Oil of N J.. 603
7 Stand Oil of N J pftOS
7 Steel Tube Ce pf 85J4
4 Stewart Warner Sp.. 2034
4 Stromberg Carb 66 ft
7 Studebaker 87ft
., Submarine Beat Cerpn 12
2 Superior Oil Cerp 17ft
6 Superior Steel 47ft
4 Temter Cern A F "A" 38 ft
.. Tenn Cep & Chem... 9H
5 Texas Ce 51
.. Texan A Paclfie 25
25 Texas A Pac C A O. . . 32ft
. . Third Avenue IB
24 Times Square Supply. . 1534
6 Tobacco Products ... 65ft
.. Tel St L West ctfs.. 13 ft
.. Transcontinental Oil.. 13
5 Transue A Wms Steel 43
8 Union Bag A Paper. . 81ft
...Union Oil 28ft
10 Union Paclfie 128H
4 Union Pacific pf 67
4 United Alley Steel... 30H
12 United Fruit 208
.. United Rwy Invest... 14'
.. Unit Rwy Invest pf . . 29 ft
8 United Retail Stores.. 12
.. U S C I P A Fdy 14
B U S C I P A Fdy pf. 42ft
6 U S Feed Products.. 0ft
BUS Ind Alcohol 81ft
..US Realty A Imp. . . 47
BUS Rubber 71ft
0 U S Smelt A Ret 58H
BUS Steel 87
7 U S Steel pf 100 H
6 Utah Copper 60
.. Utah See 12ft
0 Vanadium Cerp 589s
4 Va-Carellna Chem ... 54
0 Va Iren Ceat A Coke. . 108
2 Vlvadeu Ine 12ft
.. Wabash 11H
.. Wabash pf A 31ft
.. Wells Farge Express, 66
, , Western Maryland . . . 1334
.. West Maryland 2d pf 24H
.. Western Pacific 8ft
4 Western Pacific pf . . . 76
7 Western Union Tel... 8834
4 Westlngheuse E A M.. 46ft
.. Wheeling ALE 14
4 White Moter 44
.. White Oil Cerpn 24
. . Wick Spenc Steel Cerp 20ft
1 Willys-Overland 10 ft
7 Willys-Overland pf .. 00
.. Wisconsin Central ... 42ft
8 Weel worth F W 109
0 Worthlngten Pump ..84ft
7 Werth PumD pf A. . . . 80ft
6 Werth Pump pf B... 6094
Lew
82
37
6434
20 H
15 ft
89
01ft
19ft
18 ft
32 ft
R
188
19ft
1
37H
18 ft
ft
8H
28ft
80 ft
2134
6
20ft
ft
90ft
ion
107v
33 ft
8ft
86 ft
73 ft
634
61
9ft
raft
60 ft
3234
110ft
esft
bH
38
3ft
22 ft
83ft
8ft
81
43 ft
16
42
25 ft
.3034
N30
2834
87
14 ft
f3ft
S3 34
lft
05 ft
"lft
67
30 ft
23
"ft
9034
56
45ft
75 ft
74 ft
rs
30 ft
70
13
1H
29ft
44
35 ft
47
20 H
434
17 ft
103 ft
103
21ft
794
4734
31ft
114 ft
29 ft
64 ft
680
105
85 ft
20 H
64 H
50
134
17 ft
47ft
36ft
9ft
toy,
2134
32
10
1534
14ft
lift
x)234
43
81
28 ft
127ft
66 ft
30 ft
206
14
20
71
14
42
453
81ft
47
10 H
83
86 H
100 ft
BOH
12 ft
87 ft
52
108
12ft
lift
30 ft
IK
13Ji
'.3H
38 ft
76
8S34
46ft
14
42 ft
13W
26ft
Oft
60
42ft
100
'3 ft
SOft
0094
1 80 Net
Last Chce.
531
37
5ft lft
20H- ft
15ft ft
89
02ft
10ft
18ft
32 ft ..
8 ..
188 - 294
19ft-
14ft- ft
37H ..
10ft
-50ft
20 ft
0H
90ft ..,
106
107
33ft- ft
5H ft
66ft ..
73ft- 194
7ft- ft
611
4ft 1- ft
C3H 34
ft
U
01ft lft 0.... 02
ft
lft
ft
ft
ft
ft
ft
"ft
H
ft
ft
1
2J4
3
.H
134
ft
ft
lft
ft
ft
IH
ft
lft
lft
lft
lft
lft
ft
ft
H
I
ft
ft
33H H
10234 134
6ft 3
034
83 ft
88 -81
-3H
15 -42
25 ft
40 36
2834
87
14ft-
0
3
111ft
07 3034
23 lft
101
5034
45ft
75 ft-
'0.
(13 -f
3034-70
78 -14ft
30 -41
Z3H-
47 -
20 H-
J4
17ft
lt4
103
' 2134
7H-
48
31ft-
U5H
085 13
105
85ft 3ft
29H- H
66 ft
86ft- 34
12
17ft- ft
47ft ft
36ft 1
Oft- ft
reft- 1
'-3 2
33
19
1534-
05
13ft
124-
3
81
28ft
128 ft
00ft -38
ft-
200
1
20
7134 .
1 -43
-4534-
81ft
7 -71H-63
-
86J4-
100 ft-
60
t2ft-
58 - lft
rn - 234
108 3
12ft- ft
11 ..
10ft ft
56 2
1334- ft
23H- IH
38ft- ft
70
88.J4
0ft-
1
334-'3?4-
20ft
10 60
42ft
100 f
13ft-
80ft 3ft
00H ft
ft
ft
ft
H
2
ft
ft
'ft
ft
ft
?4
lft
H
34
H
ft
ft
ft
ft
H
VA
lft
ft
ft
H
ft
234
-New Yerk Bends
.wi-nt tph.wwwt'
Amer Bmet'g'
A 'It's Bs
1 77
2 77 H
0 77
1 7TV4
2 77
Am T & T clt
1 78
Am Tel Xt T B9
1 son
Am Tel & T 0s
10 0T
1 07
Am Teb Ce 6s
7 60 W
Aitier Writing
Taper 7s
1 70tt
Atch Topeka A
B Fer 4s
B 77
2 7T
1 77H
1 7TH
Aten TOPtka
8 Te cv 4
1 08
Atch T 4 S '
cv 4tt '00
4 81)
Atch Teptka A
S Va ajs
0 71
4 71H
At Coast L clt
R 72
Atl Coast L 4s
2 78U
Atl Coast I. 7s
6.... 102
SALES IN 110601
Cltr Paris d
1 05 U
..-,. 954
City Teklo Bs
1 8114
Cens'd 0s 7s
20.... 101
1.... int
8.... 101K
Del & Hud Cv
10 83 T,
Dfn n II fd
1(1 Rl
Den ft II O 4s
2 07
31 004
01 00
1) Can rs '21
1 09
D Canada '20
1 01
D Canada '-f
4 03 U
Est Ten Va ft
Da d Es
1 90
tin n n-c b
2 44U
nn n r cv u
10 B0T4
10 00
Geve' t French
llep rets
Commodity Markets
Sales In
tinoe
Net
-1
BONDS lllB
Hlrh Ijew d m
7-10 Am Gas &
Elec 5s... 70 70 70
I Baldwin Le
1st Rs.... 01 0lft 01-lVi
27 Bell Tel 7s.l01 10l(i 101..
1 r.iec , ini ,
5tJ'j Oli
COTTON MARKET
New Yerk, Ner. C A severe break
occurred in cotton prices this morning
in sympathy with a drop of Liverpool,
supplemented by hne weather all ever
the belt and much heavier southern sell
ing than has been the case for some
time.
The National Glnners' Association
rnnerted ginning this season te No Ne
vember 1 estimated at 7.280,000 bales
Ind indicated a crop of 12,700,000 bales.
The government futures te same date
last year were 0.305,054 bales.
After the start the market ru ed
about steady, with declines active. Liv Liv
""peel and trade interests absorbing the
offerings.
PTev
Dfesmber
January .
Clese Open
20
cni- March
May
Tr 4k
3 Key Tel 1st
5s . ...
1 Lehigh Nv
cons 4s..
2 Leh Val 0s.
1 de gen 4s.
21-5 Lib Bends
3d 4is
0S 08
81
08
71H
84
08
71 U
Cl
0S
84..
08 ..
71 tf..
00 58 00.58 00.58 .18
12 4th 4U.. 88.86 88.84 88.84. 16
5 Vie N 4s. 06.20 00.20 06 20. 02
2 Pa It It ls.105 103 105
3U Phila Elec
1st Cs,... 84
84 84
GOVERNMENT BOND8
Panama coupon
Panama, coupon J. 1058.. .
Panama rtglstcrse
Panama coupon 3i
ranam?rertsr!
PhlllplJl3. JJ
PbtiiIlVVtJI
i I?) '
Did
101
101
101
1030
D.n.M. l.tarAri 2a 1DS0.
.. . ..iiiMn .? 1DSH....... I
Panama risterjd Js. 1958.., 101
Panama coupon 3a. 1961 JS
T.n.m-.rnTtr-d 8s. 1&41... If
Phtllplili4. 19. ..,...,.. TBj
!
Aak
10J
102
103
102
li.-
July
20.S5
SO 18
20 02
lft 11
19 85
5
111 7B
10 7B.
10 51
10 10
12 m
20 12
in SS
10 4
10 33
I
GRAIN MARKET
Chicago, Nev. 5. General selling of
wheat in a small way vvas resumed at
the start today and the market was
weaker. Sentiment was bearish. Buy
ing wai scattered but ?,
becember opened at $1.00 te $1.00.
.rr.inxt S2 01 at the close yesterdav
MKa ch std at $1.03 te S1.OTV4.
against $1.05 at the end yesterday.
Cern improved after an Irregular
start. Lecal operators sold at the out
set but commission heus.es picked up
December. May also received some sup sup
pert. Receipt were small.
December opened at 82'4 te 8394c.
acainst 82c at the end yesterday, and
f-'tVr -old Bt WV-c May started at 8Sc
f R7.v,c and later sold at n net gain
... ..-. ., .
n TIv nnnnrd iiC lower, ui ii'.
Oats were easier. May was under
pressure. There wa some buying of
December en resting orders after the
TDem'W'mWY
affS12Z'"
J
L
penlng, J,
against 53c at the end yesterday. May
started at 58c te OSc, against 50c
at the close yesterday.
Early estimates were for 10 cars et
wheat, 35 cars of corn and 80 cars of
eats.
NEW LOW MARK FOR LIRE
Cables Quoted at 3.55; Checks at
3.54 Entire Market Weak
New Yerlt, Ner. 5. The foreign ex
change market opened weak this morn
ing. There were declines In all ex
changes. Later, alight rallies from the
extreme lowest took place momentarily.
Quotations were :
Sterling, demand 3.41 4. tables 3.42;
franrs cables 0.03, checks 0.02; lire,
cables 3,55, checks 3.54 ; guilder, cables
30,25, checks 30.15; pesetas, cables
13.05, checks 13.03: Stockholm, cables
10.35, checks 10.05: Christiana,
cables 13.40, checks 13.80; Copenhagen,
cables 13.45, checks 33.33: Belgian,
cablca0.42, checks 0.41 ; marks, 1.23.
The prainlum en New Yerk exchanga
In Montreal today was sllirhtly firmer,
as of late, at 10 9-10 per cent The dls dls
ceuit en Canadian funds In New erk
wan 'i 9-1 'j per yjnt.
ThSTKnDA'f 'S riNAL QUOTATIONS
Sterling Francs Lire Qullders
Demand .1 41'. 0 10 J 30 20
Cables 8 42 B 12 3 00 30 30
TODAY'S OPENI.Nd QUOTATIONS
Sterling- Francs Lire Guilders
Dsmand 8 41(4 0 02 8 04 80 18
Cables ...... 3.43 6 08 3 65 80.25
Financial Briefs
The New Yerk Subtrcasury lest $220,
000 te th banks yesterday, making a
cash net less slnce Friday of 11,745,000.
The average price of twenty active
Industrial stocks declined 0.61 per cent
yesterday te 84 4E, while twenty rail
roads declined 0 38 per cent te 85.00.
F. Wilsen Prlchett. fermerlv n njrlnnr
of Frazler Ce , has opened an efllce for
the purpose of acting; as fiscal agent for
raiireau, jjueiic
companies and
stock und bend
Utility nnd Industrial
for underwriting their
Isiues
Meney in circulation November 1 wns
16,393,140,821, against 5,816,925,770 en
November 1, 1319 Pel capita circula
tion In the United States en November 1.
1920, was 369.48
LIVE8T0CK QUOTATIONS
Chlcase, Ne. N UOOS Estimated re
ejlpls, 17.00' huad. left ever. 6011 hrad
first salts lO&lBc hlgber than yesterday's
averaee tl4 40 paid.
CArjLE Estimated receipts. 7000 head
BHLEP l.nllmatfi receipts. 16 000 bead
Plttuburrh, Nev.
3000 head Ixiwer.
-Jlecelpts 'J2B head Hteady
BANK CLEARINGS.
Dank clearlns today cemparsd
respendlnr day last two years:
IV-
Phlla
Dalte
rlth cer.
n mm 1018
(IO.Rt8,2S8 B4,M0,814 177.657,881
U,DII,U.I ,,V1.1I-,M . ...
BAR 8ILVER
Domestle bar silver was unchanged in
sflfft -
New Yerk, today ai 99
decjine of ui ie
Ht II JMSSSSI
V
I
foreign, 82c. a
, me price jwas I j5ew
.- .
B HOOS Hecelpts
1 Is a VI AH riant w.A
ii. .u . A. ,. , -,a ..';n.:'.vj ""
" ." ,ci a nun ( n WKPIQ QI
.li5C,,n4-?D.h"uSr?5' 400 head
ml. VS. "..i"'. '""'OS, SM
' ' i
Te 118
Kast nuffiile, N, Ne 3 CATTLE
Receipts ,173 hud Hteadj. Calves r
celpts 1100 head Fifty cents wilier. 10
HOGS Ilecelpts 6800 heud Thl-.. !..
te iOe lower. Heavy, 113011 23 mi.irt
ueni yerKerana piss Jl.l3.vfi
llStlBBO. fltairn. iniTAli
aiiisra- Ami I.AMH3 Receipts g$oe
head Lambs KOq leueri ewes BOe hlcher
Lamb; J8 13 7Bi yearllnas, 1710; w2?h
IS T.97.60: ewes I37; mixed sheep.
8 BOW 7.
East St. Iiils, Nev 6 CATTLE lie
celpts S5O0 hfd Wteers loner Yearllnir
steers and helfurs steady csnner co.
V.ln lower at 18 2Stt'3 73, bulls mKler, rs)cs
steady, reed andtchelce ealrs, Hff 11 75.
feeder steers slew.
HOOS Hecelpts, 10,000 head Fifteen
cents te 25c hlsher- Tep. 114 7,1, bulk llcht
I1U IB,W.., T r, ,,, fAVtlljriY UU , PUk
yerkers lleh
16 40, reujhn
hiubi 114 25
SHEEP Bep
26e lower..) te
ITOtlMd, HtsadyKe
j'i p". i:
fUAMtW
'5"M?1
ST?
m&it
B.... 102
Palt ft Ohie QV
3 73i
3 74
1 73K
2 74
BlUAOhle 6s
10 73
llalt&Ohle As
1.
fl)H
01U
1 01V4
2 01U
i nm
0 01
II O 1' 1, 15
A W Va 4 s
1 07
10 07V,
4 07t4
B 07W
B ft O 9 Wn
nty 3H
1 78
IS 77
Unl ft O Tel 4s
1 R7
1 67'i
6 B7H
Pell Tel 7.S wl
B.... 101'A
1.... 101 Vi
1.... 101W
4.... 101V4
a.... loin
3.... 101H
mm
101 Mi
101i
101W
iem
101 i
It
Pftch Creli
n 4s
n 81
Pfthle'm Steel
Bs of '30
2 70H
Urk R Tr 4V4s
1 70V4
2 70'i
Drkin R T 5s
1 . .'. . . 30
1 30
Canada S'n 5s
3 89
Ctl Fdy Ce 6s
1 78
Ctl Leather 5s
12 004
10 00"i
1 004
Cent' I Pac 1st
12 74H
10 74tt
1 74?,
Ctl Pacific 8tt
2 70
1 70
Ch'k ft O 4 Vis
3 76
C ft O cv 4 Vis
1 7B4
23 76
C'k ft Ohie Bs
1 03U
Clt ft O cv Bs
13 .
IB..
0..
6..
10..
50 .
6.
21 .
4.1 .
10
10..
10..
10 .
1.1
4..
8..
10 .
87'
87 H
87H
88 Vi
88 Vi
88V4
Oresen 8 L 4s
1 82V,
1 82 Vi
Pae T A T 6s
1..... 80
1 85
ra lilt m 4 u,
! 83
Penna IX It 7s
4.
1....
1....
10,.. i
3....
1....
n....
10.
102
103
103
102
102
101
103
101
O Bwltz'd rets
1.
5..
8..
1..
3..
1..
103 4
103 S
103
101S
101
101
103H
103
60S
B0
60
60 ,
8SH
88
hO
SOU1
80
80 Vi
88 Vi
88
88
8S
88 Vi
Chlcuite H'n ft,
Qncy nm
1. ... 80V4
Chlcaxe It'n ft
Quulncy 4
20..
2 ..
5...
1...
1...
0...
Chi ft
4...
Chi ft Own 4s
3.. .. B7
12 87
Chicago Jill ft
St I'aul 4s
2 71
Chlcsse Mil
Stl cv 4 Vis
10.
10
1...
O
1..
76
75
76
74
74 H
74
Chlcatre Mil ft
Bt P cv Bs
1. ... 73i
0.. . 73
6 73
Chlcnce ft Nth
Wn ra
1... . 77,
ChlcaEe ft Nth
West'n 7s
4 ... 10T
4 ... 103
Chicaci Itall
naia 6s
B., .. 01H
2 .. 07i
ChlcuBO n laid
Pac fd
ie nas
10 . 61
Chi ft W I 4
2. , 62li
2 62
Chlle Cep'r 0t
ttud ft Man fd
1 02
2 C2
1 02
1 62
III Cen'l 4s B2
2 73
2..... 72U
1 72
III Cen'l 4s '63
2 71
111 Oen 1 6'
6 '00
lnlb'h M 4s
10...,. 23
10.... 2J
Intorbero Met
ct 4s
1 21
10 21
20 21
Intbore n T fd
10..
60..
4..
7..
67..
20..
3..
IB..
1..
1..
10..
10..
10..
I M Marin Q
10 80
1 80
Jap Oeve't 1st
8 74
25.. .. 74
Jbp Gev't 2nd
.1 74
10 74
3 74
Jap Oeve't 4
18 67
1 57
2 58
17.... 57'l,
8 67
Kan C Ft S 4
M Itwy 4 s
1 67
Kan C ft f It
1 64
Kan Ct81i
1 75
B 75'
K Bee 0s 2f
1 01
8 01
K Bes-m 7',
1.... 100
1.... 1001,
6.... 100
1.... 100
Lehigh V'y !
2 08
3 08
3 08
Lene Isl R fil
10 72
Leu ft Nash 4 s
8 82
Leu ft Nash 7s
8 .. 103
88 Mldv'e Steel ft
Ordln 6s
11 76
1 78
Min bt T ft S
Me M 4s
l.... 81
Me K ft T 4s
0 m
n as
Ment Cent' I '
1.... 103 U
Men Ten or Bs;
1 84
New O Tex ft
Mexico Bs
t 02
5 02
N Y Bkyn Man
Ilch Rly 6s
1 87
1 87
N Y C ft H n
It Hi8s
1 .... 00
NYC H II
R R 4s
2 80
2 .... 80
N Y C ft II It
II R en 4s
1 71
4 .... 71
N Y O ft JI R
R R 6s
3....
1...,
3ft.
1....
2. . .
a...,
s....
101
103
102
106
105
103
106
Peoria A E In
1 31
2 31
Pitts Cln Oil
ft St L a Bs
10 8B
SO 85
Resdlne Ry4s
4..... 80
2 80
8 80
Rie Grand ft
Wn clt 4s
4 65
neck Isld Ark
A La 4 V4
3 68
4 08
Ean Antenla ft
A P Ry 4s
1 07
St L l'n Mt A
S'n Ry 4s
10
3
1
1
St Leuis
Fran aj
1
73
73
78
73
ft S
67
08
68
ft S
84
64 Vi
54
3
St Leuis
Fran In
B
B
4
St L ft S Uran
Series A
8 62
,7 03
6 02
1 03
fit L A S Fran
Series D
3 70
1 70
St L & S Fran
Series C
3 88
St Leuis A Se
West'n 5s
3 63
St Paul A 1C C
Short L 4s
1 W
60 10 08
00 Bt P'l Minn ft
60 I Manlt'a Mnnt
60 B 61
60 Beab'd A L fd
60 l..i.. 44
67 S'n Bell Tel 6s
60 B.... 81
60 S'n TaclBc fd
00'
00
n
00
00
nn
00
00
II 4S
88
71
. 7t
7J
Berne 8s
... 00
.. 09
. no
00
... 00
en
City of Copen
hascn 6s
2.. 76
2 ... 75
1.
1
0.
City
13 .
3.
13.
, 0.
rt .
8
8...
17...
17...
8. .
17..,
17. ,
n
5',' ',
10...
V T
03
03
03 V
0J
niv
03
..01
03
03
ft ii n
11 R rets 7s
1..
1.
0.
1
1
101
103'
101"
101
101
101
70
1 76
3 70
S'n Paclfie 4s
1 f3
2 02
S'n Tae cv 4s
4 78
S'n Pac cv 6s
7...
1...
1...
26...
8...
1...
5...
18...
6...
4...
5...
4...
15...
10...
10...
10...
10...,
25...
10...,
12...,
6..
114
114
114
116
115
11B
iin
115
116
115
115
115
114V,
114
114
114
115
114
114
114
114
S'n Tac Ter'l
1 72
S'n Rallw's 4s
1 02
1 02
2 62
Third Ave nl
1 36
Third Ave 5s
1 78
Union Pae cv
1 81
1 83
Union Pac 4s
1 80
2 81
Union Pae fls
6 0
0 PC.
1 00
11 03
U K of O Brt
ft I'd 1021
8 08
10..., 08 11
10.... 08 11
1 08
U K et O Brt
ft I'd 1022
1 05
1 06
1 05
U K of G nrt
ft I'd 1020
2 80
U K of O Brt
A I'd 1D37
3 87
3 87
5 87
1 87
V S Mexico 4
10 88
16 30
U S Mexlei 1
18..
10..
1..
1..
10..
5..
3..
5..
15.
47
47
47
47
47
47
47
47
47
N Y Chi ft Ht
Leuis d 4s
5.. . 80
New Y N II ft
II 4s '66
1 . . . 60
New Y N H ft
Hart d 0s
1 70
New Y'k State
ltls 4s
1 . . 60
S'ew Y W C ft
Bosten 4s
1. ... 48
1 .. . 48
1 ... 48
N'k ft W'C 0
1 . . 101
1 101
4 ... 104
N'n Pacific 4s
5 .. 78
Oreir A Cal :,
1 . 88
1 . . 88
1 88
Ut'd R'ds Ban
F eqct 4s
10 84
6 34
10... .184
TJfd R'ds San
F unci 4s
3 ... 31
1 84
U S Rub'r 1
fl 77
2 77
U S Rub 7"
1 0B
2 . .. 08
1.. .. 08
1 08
U'd S Steel 6s
04
6.
30.
IB.
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Westid Mrt 4
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Wes'n Pai Isl
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IV Union 4m
5 .. 78,
Wheeling A I,
Erie 4s
20 61
Wis Cent'l 4s
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Liberty 1st 4s. ...
Liberty 2d 4
Liberty 1st 4'4s..
Liberty 2d 4 Us..
Liberty 3d 4'4s..
Liberty 4th 4V,s..
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Vic Notes 4,.. 00,20
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88,00
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lift
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Move te Acquire Q. R. &. , Railroad
Circulars setting forth the terms of the
offer te buy In the minority stock of the
Orand Ilaplds and Indiana Railway Ce
have been mailed te stockholders of Hint
corporation hy Henry Tatnall, vice presl.
dent In charge of finance, Pennsylvania
Ilallread ejstem This was done In
accordance wllh the action of the beirdi
of directors of the Pennsylvania Hall Hall
read Ce, and of the Pennsjlvanlu Ce
taken at their last meeting In Phllailel
plila en October 27. at which reselu.
ilens authorizing the acquisition of the
outstanding' minority stock of the
Grand Rapids and Indiana Hallway Ce.
were adopted- . ' ' J?
1'
y . . t ' "
t-jV
L
Guaranteed
Protection ,
for Wholesalers
of Merchandise
The American CreditIndemnity Company
is willing at this time te consider applications
for Credit Insurance Bends from a limited
number of high grade Manufacturers and
Wholesalers, whatever their sales volume.
Such wholesale houses must be conducting
their operations with care and caution ana
with due appreciation of present day econ
omic conditions.
The American's Unlimited Policy guaran
tees te prevent, else pay, bad debt losses
beyond the normal, whenever excessive
losses occur, and whatever the aggregate of
thcnet covered losses under the policy.
Inquiries from Manufacturers and Jobbers
will have prompt consideration.
Payments te Pctieyhela'ers about $10,000,000,00
AMERICAN CREDIT-INDEMNITY CO.
of NEW YORK E. M. TREAT, president
ISSUES STANDARD UNLIMITKO POUCH
W. J. Merphy, Manager
J. F. McFadden, General-Agent
Mutual Life of N. Y. Bldg.
Phene Filbert 6S03
Philadelphia, Pa.
lr
Under authority from the French Government
we are receiving eubecriptien for
Republic of France
6 National Lean of 1920
A 'direct obligation of the French Government
Dated December 16, 1920, and redeemable at par at
the option of the French Government after January lf
1931.
Subscriptions payable in dollars at the rate of exchange
fixed each day by the French Finance Commission.
Various earlier issues of French Government bends
will also be accepted in part payment upon officially
specified terms.
Price today $61.10 per 1000 Franc Bend
Further information upon rmqumtt
BROWN BROTHERS & CO.
Fourth & Chestnut SU., Philadelphia
De Yeu Check the Investment
Situation as this Invester Did?
A few weeks age, an inrester asked ns te
analyze his $50,000 lilt of securities and
submit our recommendations. " We adrised
Immediate sale of a majority of his holdings
and the purchase of Ions; term railroad bends.
Prompt action at the psychological moment
has since brought him profits equivalent te
a year's interest en his principal
Your list may also need checking with a view
te possible profits.
Timely recommendations will be submitted
promptly, without obligation, upon receipt of
your lift of holdings. When writing, ask for
Letter P-S2.
Geerge H. Burr &. Ce.
Invntmrnt SieurUitCtmmrrciel Peftr
421 Chestnut Street, Philadelphia
Oar Onleea la II Cities Offer Ten
K Nata'aaal Yet A Pthsi1 Strriu
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s
A Suggestion and
Recommendation
The improving conditions in the Public Utility situa
tion warrants investment in that class of bends, aa has
been the case .with Railroad Bends.
We have te offer a First Mortgage Bend of n power
company which has shown uninterrupted Improvement in
earnings even during the past dimcult period.
Price 91V4 yield 7. Maturing I960. Pennsyl
vania Stnte Tax refunded.
Details Sent Upen Request
West & Ce.
1417 CHESTNUT STREET
Members '
yew Yerk Bleck Exchange -
Philadelphia Stark Exchange
v Alway Have en Hand a Mat of Illth-Orade Bends
Gorrespenrtrnce Inrlled
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Itf
OPPORTUNITY
in the Bend Business
Wc have an opening for a
well-educated young man who
is desirous of starting in the
investment bend business with
a house of established reputa
tion and nation-wide facilities.
Ne experience necessary.
There will be every opportu
nity (or progress for the one
who proves acceptable.
Address Bex 6, Derejnus &
Company, U Bread St., N, Y.
KJ
Security
Salesmen
Here It Yewr Big Opportunity
Te real security salesmen we can
offer en underwriting that Trill c
ery ottractlve In a flnanelal way.
Hacked up by an extensive mall
campaign the stock et a substantial
Industrial Is new ready for llv
wire salesmen. .
Attractive leads are ready for you
new,
Write Immediately. V
C 524, ,Udgw Office
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