lfl
$wP
r
jfflfea -POBieRnMiaDB.tifiJ,- aAanriajfe, heVembeb te, 1920
)4
i9
1 ,v ?
BMWjfmW'rn
r-s&IJHtOlUK IN
Few PTanf
TO ZiflOZP
If there Is anything
you want te knew
about a Canadian
l security's income
possibilities or the
marketability of
Canadian Corpora
tion, Municipal
or Government
Bends, write us.
M U our statistical De- V
su narrmnnr rtnan-e t
information en file, it
will get it for you with
out charge
We want you te use this
Department. It will
help us te establish a
friendly relationship
with you. Q3
!!
Reval Securities I
H 'corporation vk
tWi (iMinil
M LIMITED
ID3 crgauni uuw isrK
CLOSING
MARKET
Line of Demarcation Tightly
Drawn During Week Between
Rails and Industrials
NEW YORK STOCK EXCHANGE TRANSACTIONS
Tax Exempt in Penna.
BELL
TELEPHONE CO.
of
PENNA.
25-Year First and
Refunding Mortgage
7s
Particulars en Application
A. B. Leach & Ce., Inc.
Inveatment Securities
115 Seuth Fourth St.
reityntme, Lembard 2.17
i ,
Security
Salesmen
Here Is Your Big Opportunity
Tj real security salesmen we can
offer an underwriting that will be
very attractive In a financial way.
Racked up by an extensive mall
campaign the stock of a substantial
Industrial Is new ready for live live
wlre salesmen.
Attractive leads are ready for you
new
Write ImmedlntMv.
C 524, Ledger Office
START NOW
TO BUILD FOR THE FUTURE
Threuch the Investment of your savings
In high grnde dividend pnjlng securities,
und-r our 20 Payment l'lan. Send for
Booklet, nnd our JlarlMt Survey and
Market Opinion.
Jlnkr etir anTlng eirn the rlclit Income
Scott & Stump
Investment Securities
STOCK KXUIIANtiE 1IUII.D1X0
40 Exchange I'lace v,v Vnrb
CenfMlllc nml Chnmhrritliiiric. Pa.
samsssnTnTasrsmsigiM iwwwiaa '
Geerge K. Watsen & Ce.
Certified Public Accountants
Federal Tax Consultants
Real Estate Trust Bldg.
Philadelphia
An Excellent Connection
Is awaltlnc a forceful man of
wide acquaintance te assist In
the distribution of the Initial
stock of one of the melt prom prem
iilnir. profltabie and etrlcTly
clenn-cut cnterptlses known te
finance. Spotless character
enirBy, sincerity nnd earnestness
?n "jy0080 necessary ,,""
mentions than sellins nb llty
Answer In confidence-- """"'
Ad. Secretary, 508 Bulletin Bldr., PlJU.
BOND SALESMAN
i.eciibt mtm. en ms hteck e v
J. P. MAGILL & CO.
investment Bends
LAND TITLE BLDQ.
Phlla.
Spruce 7265
New Yerk, Nev. C The whole list
way in teuny's eiesns Bteck mnr.
oreu?dZ'1'lfr'bJn.',d.''r-''rcpfvl(:.
Unn a "-,'"" uu neavy iiquida
S' A surprising number of vufnira vufnira
WeiT.ts WeponceTCrcil In the Indu".
fri.i i.;. : '"i'0" "i .me enure market.
:"!cfe,. .fe movement con
been 0Z ""J'. ' !'" nvantaSn i,,,a
ilurli.; th. .L,V'LH .?,n1 ' 0ltM
oveTrfeTevcC.!Sfrdt,'merlS
ncTnnn?' ""' character te
nccetint for the semlcellnpsc of the
""iii i' ,nIiIlul!3' foreign exchunxe rates
fl F en ' T ?:ScJ!?.e" '
i-i it """u luiuiiiuuces. xecn
nlcnl rather tlmn nnt.i.in .ti.i
'r,vnreS1,0.n.slb, f0.r tlie B(,nnl shake-
;,-;" u.-wiunsui conuitien. At
the low point of the morning recessions
1 1 an from 1 te 2 points In both leading
, ml read ami Industrial shares, jrerc
7V. ,"IUU"'? ,w"0 ma'le ln Woxieen
rctreletim, which dropped 0 points, and
vnnnilluin Steel, which had a violent
slump of m points. Declines of j
points and ever were also sustained by
Pan -American Petroleum. VirKinIn VirKinIn
Carelina Chemical, Baldwin Locemo-
tlVO. Cern Prrwinpfe f.iiniKi c..i .
1111..1T" T W . " : """"- aici nuu
i iiiHuiirgii ueai and ethers.
all street and flic entire financial
realm were highly elated In the over
whelming sweeping victory of the Re
publican party in Tuesday's election,
but as a market factor It cut n mighty
'.mail figure. Election results and the
prophesied reiVirn of business and Indus
trial prosperity with the G. O. P. again
in the saddle were completely overshad
owed by n new fangled malady of a
hiehlv rnnrnfrtnnci nrnn11i.tftn in.inM .i.
non-dc-plume of "segregation." It is
a new slogan, but containing an Invigo
rating Influence especially from a im
aginative viewpoint. It siarted with
the official announcement of the pro
posed separation of the oil nnd rail
properties by the Southern Pacific Rail
road. This, together with the Reading
segregation mnenritner flrAfl thn ttnnt-
inai.eu of the ever nfert rumor monger
of Wall street te the widest extreme
As a matter of fact, it has suddenly
been discovered that nlmest every rail
road system in the country has some
sort of segtogaiien ln contemplation. It
proved te be a highly combustible fuel,
and made the speculative fires sheet out
in hlsh flames In the cleverest propa
ganda in the railroad securities wit
nessed in many years.
Frem n market viewpoint the out eut
"taudlng development.' of the week was
the line of demarcation which was
sharply drawn between the rail and in
dustrial divisions. While the rails,
especially the high-grade Investment
Minrcs, were Kept kiting skyward, the
industrials struck a sliding beard that
was se freely creased ilint It was hard
te held them. In consequence, rails
continually broke into new high ground,
.In e the industrials almost dally ic ic
erded new low levels. This resulted in
n phenomena net witnessed In ever seven
years, or since the starting of the world
war, that of the spectacle of the aver
age price of the twenty active rails
passing that of the twenty industrials.
It revealed a wonderful transformation
ru the I'empcr of speculative sentiment,
nnd the transition of a war te a peace
market.
The ipicstien uppermost ln the minds
of nil observers was whether the move meve
meut in the rails contained sufficient
nrennntli nml tnnirinnlSitii tr Antli 1
PtlUUmil HUH IIH'UILllLiltll r .UMJ IV
along In face of the muuy adverse con cen con
ilitiens confronting the speculative sidfi
of the market. It is obvious by reason
1)1 i m uuuiiLi'iium v in mi' i' unn iw (i-i
cent enll rate there can be no appreciable
lnit-is-ii'Miiiiiiif In mnnnv ninrl'iti' snru1l-
1MIJI1U (It b "iVIll,! ill'llll.k vntnn -
tiens during the balance of the current
ear, chpccially when one steps te ceu-
Mllur lliu lliuiiuiiet: uiuuuuh ui i.u aim uu-
ing sought from nil parts of the glebe
and reflected in every multiplying bend
and note issues. Then again, there Is
I'ae unsettled business situation with the
increasing mortality and recognition of
the fact thnt the price-cutting move
ment must still go en. As n result,
there are many who feel that possibly
much of the surface enthusiasm in the
rail movement is merely a camouflage te
conceal wholesale distribution e'f stocks,
cspeclully In the Industrial division. It
Is tee early te obtain a reliable reckon
ing from the speculative skies, as there
Is little in sight by which one can obtain
reliable guidance.
LOWER PRICES IN
THE LOCAL MARKET
JVeek's Bulge in Lehigh Navi
gation Disclosed Scant
Supply of Stock
Sales
100
109
100
101)9
309
69)
100
409
100
BIO
009
5001)
209
1000
100
0J
400
100
500
tee
100
109
7200
100
600
3.100
300
35)0
2000
210
809
1409
3100
409
99
1000
4013
300
0U0
30)0
300
400
3310
319
109
100
40)0
2nn
3fi0)9
3010
330
Dlr
In
Itlth
6 AdvnnnA tt,m1-. .. r,t
e AJax Hubber 3814
1H
IW
. 7n
33
7
7SJS
7
2 - '
I
Capable Executive
AUDITOR ACCOUNTANT
Can mak Inveatment If ncceaaary
llex O 103. I.e,lr Ofllce
Rebert M. Cavle A- r m
rf - "" s
r ninrr?
INSURANCE
""" "" ' Cliwe liiDluuutlDe
1
Lawrenre F Knum X, (V.
In'Jitli ni'TAJ1' TBUHT III.DH.
:,T;"x.'I? nn( aohiet nurtnrr.hlii and
ireen i"" "SKS'i- PrrpuTeT. H.
- - - . Iiruicin
I
i
GOVERNMENT BONDS
hi a
Pnam.1 f.nnA. ....
-is. T.iir. - - -. ...
. . ! 7.1
H i:"?ri"iitj
li niJnln is man
' H n,V ::".'"'" -: man.
L. s nV. "y'"lc'ci
i tim. ,-r.r".'.' ??
k .': vHiaierfii
ei L'elumtila n lis.
' lunii 10 u
3. lSO,.10t?I
'.1021....1MU
4". !nw..ie.niJ
1024.. U5
10 J
101
Wl
inj
HI
81
N.l
B.I
Nil
102
in.'
Hill
100
Bank of Bembaw ni... n...
"h?nwN7-. .1 r-JI'e rate of discount
' 8 Per nt tedayr W"a rn'8Cd from
uW.AT.h rate of dl.-
I'fcm 5 te (..iT1?1 was raised
- i-v, teui lenay,
rA a ! r-r.
.. i-.ll eiuvcrt
IflW at Mi2 ?f Bllyer as unchanged te-
07d .-.-rw "w 7u turner qx
rV)in vnf1inr vfnlnnf ciTin1rA1nti tit VT...
Yerk found partial reflection in the local
iiizum'i, uui iuu )riiiciiui 1'iiecc was te
produce a marked curtailment in the
vnlnniA r9 f rndlnn' rnf lint tfinn (nflnnnA.
Ins nnv hpHeus decline in prices. Lewer
n a. r ..,!... .. ...A.in fei ett . n...1 1... .... I B
the mere prominent stocks, but with one
or two exceptions the recessions wcre
confined te fractions.
Wider losses were sustained bv these
i-siies coming mere directly under the
Inlliiem'p of the New Yerk movement,
including Lehigh Vnl'ey nnd I.ehigh
Xnvigntlen. The latter yielded l'j.
points te 78, but the selling was com"
nnrntlvelr llsht. Klectric Storncre Unf.
tery drenped a point. In the ether lecnl
Miares losses were confined te small
f reel Ions.
The spectacular advance of Lehigh
Navigation te 80 was the pre-eminent
feature of the week's operations In the
local market. Regardless of the fanel
ful stories attending the remarkable
movement In the stock, the rapid eleva
tion nevertheless furnished a strikingly
exemplification of far-reaching Influence
nf the odd-let buyer in a declining mar
ket. In the steady nnd discouraging
descent of the stock In the early part of
the year from 71 te 157, there was quiet
but persistent buying of the stock by
the smaller investor and ethers at
tracted by the uncommonly large invest
ment return. It was pointed out by
Heme of the closer observers of the mar mar
het thiH buying was gradually cleaning
up the entire floating supply, the truth
of which was strikingly confirmed in
the week's movement when the stock in
n few days was run up from 0!) te 80.
The previous high was around 71, but
for several weeks the price hed varied
between 08 and 70, again reflecting the
scant supply available. While the
street Is without definite news te ac
count for the sudden revival of specu
lative Interest, there are a great many
who cling te the belief that some far
reaching development Is really behind
the movement.
Operations In the balance of the local
list were unproductive of essential
change In the position of most of the
prominent stocks. Trading remains un
der ie same handicap of tight money
and until the bars of restraint are
llftn.1 DlineA tvnillrl BA.m ii Iia llttl t.n..
I a,,, v. .vu w.m wvv.t. u UW ....Id UVU
of much of a change, lt the program '
jSUu..fttw' '& tlX-'ii
609
tee
70)0
SI
.199
13)9
09
100
230
210
SO)
S290
100
4310
300
1200
33)
1)
2010
100
109
490
409
3339
1S00
409
790
27V
100
100
700
SOU
490
710
100
419
3010
310
013
410
12)1
109
10019
100
2100 2
CJID
12)
190
7 ')
100
2D0
404)
7 V)
190
8)0
019
8)3
109
1299
210
31)9
019
209
2)0
13211
1.100
200
30 10
S090
200
13)9
100
2310
1090
DO
300
8)0
1030
1200
400
293
100
1100
400
600
1100
100
4209
100
0009
500
1200
900
290
14)0
1409
310 I
. . Alnalrn rinl.l anH..
Alaska Juneau O M..
Allied Chem & Dye..
i A!!!"S!ft!mer"
7 Allla-Chalmers pf....
Am ArtIe Chem
4 Am Bank Netn
8 Am Deet Siiirar 70 J4
ie Am Besch Magneto... 70
American Can 3014
.1 Am i78" nf 8n
" Am car A Pdy 133
7 Am Car & Fdy pf . , . 110
.A Am n Oil 24
80 Am Dim Syn "0
Am KxpreBg 1821.
Atn ,Ild' Leather.. n?i
Am Hide A Leather pf SK
Ani 'Ce lli
Am lee pf, ffg
J Am Internat Cern.... CSJ4
1 Am-La Prance Entr. . 10J.
Am Linseed bej
8 Am Locomotive 04J4
Am Safety Razor. ... 13
..Am Ship ft Cem 14
Am Smelt ft Itef 08
7 Am Smelt A Itef pf... 1)1(4
8 Am StOAl Pmindrlaa. . '!l3t
7 Am Sugar Itef if2VS
10 Am Sumtra Teb 2H
8 Am Tel ft Tel 100
13 Am Tobacco 125J4
12 Am Tobacco B 123
7 Am Woolen 67
7 Am Woolen pf 03
.. Am Wrltlnir Paper pf 45
4 Anaconda Copper .... 1(4
Asse Dry Goods 2S
0 Aese Oil iiaji
Atch Tep ft Santa Pa. 80
B Atch Tep ft S P pf. . . 77J4
.. Atlanta Blr ft Atlantle DJ4
.. Atlantle Prult 18J4
10 All Qulf ft W I S S.. 13214
.. Austin Nlchelna 1331
a.BO Baldwin Locomotive. Ill Ji
.. Bait ft Ohie 40 ii
"Hiumere Ohie nf.. inti
30
f
C3l
6834
- - "milium pt VlllO UJ,,
100 s.se Barnsdale Class A...
Bethlehem Mnlnn
B Beth. Steel
S Dp) hlnfiftm Ofr.ttl n
8 Btthlehem Steel 8j,'i)'fl04
.. Beeth Fisheries SH
. Brklyn Bapld Transit 14J4
10 Burns Bres 03
. . Butte Copper ft Zlne. . 094
.. Butte Superior Cep. teyx
.. Butterlck 13
.. Cadde Central O ft R. 18
0 California Packing" ... C0(4
7 California Petrel pf. . 60
10 Canadian Pacific ....12M
7 Case J I 1st pf 85$
.. Centrnl Leather 39
4 Crrre de Pasco Cep.. 30
10 Chandler Meters .... 77
4 Chesapeake ft Ohie... 68J4
. . Chi ft E 111 Eq T ctfs 8'i
.. Chi ft E 111 pf ctfs... 811
.. Chicago ft Gt West... UK
2 Chicago ft Gt West pf 37J4
.. Chicago Mil ft St P.. 43
.. Chicago Mil ft St P pf taA
8 Chi Pneumatic Teel.. )3
8 Chi & Northwestern.. f3
Chi n I & Pae 37
0 Chi n I ft Pnc 6 pf 71
7 CM R I ft Pae 7 pf 81J4
.. unne Copper
00 Chlne Copper
8 Cluett Peabody
.. Coca-Cela
8 Colerado Fuel ft Iren.
6 Columb Gas ft Elce. .
1 Cel Grnphopheno . . . .
7 Consolidated Cigar . .
7 Consolidated Gna ...
t Cen Interstate Cal M
3 Consolidated Textiles.
1 Continental Candv . . .
4 Cern Product Hr
7 Cern Product nf ntinnrs.
80 Cosden ft Ce S714
8 Crucible Steel 110
.. Cuban Cane Sugar... 34(4
7 Cuban Can Sugar pf . . :3
7 Cuban Amer Sugar. . . 3814
2.30 Debecrs Cens Min Ltd. 21 H
. . uenver et 1110 Grande.
.. Denver ft Rie G pf. .
1 Deme Mines
.. Elk Hern Coul
8 Eudlcott-Jehnson ...
Erie
.. Erie 1st pf
.. Erie 2d pf
8 Famous Players L. ..
8 Famous Players pf . . .
8 Flsk Rubber
. . Frcepnrt. Texas . . . .
2 Gen Am Tank Car...
8 General Electric
1 General Meters
0 Gen Chem pf
C Gen Meters deb 6..
0 Goedrich B F
7 Great Northern pf . . . .
BO Green Cananea Cerp.
4 Gt Ner Ore ctfs
.. Gulf States Steel....
4 HaBkell ft Barker Car
.. Housten en ,
7 Illinois Central
1.20 Indian Rcfg Ce
4 Inspiration Cen Cep.
.. Interb Cen CdVp....
. . Interb Cen Cerp pf . ,
.. Internat Agricul ....
7 Int Harvester new...
7 Int Harvester pf....
.. Int Mer Marine
a Int Mer Marine pf . . .
.. Internat Motertruck.
.. International Nickel .
Inter Nickel Pf
. . International Paper
0 Inter Paper pf stpd.
. . Invincible Oil Cerp. .
. . Iren Products
.. Island Oil
.. Kan City Southern..
. . Kansas City Seuth pf
4 Kelly-Sps Tlre
2 Kennecett Copper . .
20 Keystone T & R
14
2 V2
1
. 27JS
32
tm
cyx
88
7H
20(5
95i
70 V3
IK
3'
13
, 20J4
, 2
18(4
28
son
67
80
20
S0(4
C3
1?8
1CW
ten
07
47(4
CO
Z5(4
34(4
43
05
. 102
02
. 16
2H
. w
. 10JS
10(4
lfSJ',
100
17
C6K
30(4
17(4
. 83 ii
60(4
71
31(4
. 37 (i
Ji
24
48 J
47?;
22 H
13
Lew
714
38(5
IK
m
67(4
31H
75
73
47
69
68(4
20(4
80
132(4
110
23(4
0
132(4
OK
S5
44(4
68
07
10(4'
60
3
12(4
14(4
'7(4
01
C6U
101(4
fOH
100
124(4
120
65
03
44(4
60
27(4
112
r7Ji
77(5
0(4
15J4
128
13(4
100H
45(4
'3(4
30
3
63'
06(4
104
B
14
T2JS
0JJ
10K
13
17(4
G8?4
en
124 K
88(4
30
38
75J4
C7(4
8(4
8(4
10H
27(4
41H
C2(4
71(4
81(4
(64
71
81(4
13(4
25
80
27
32
7(4
16K
64
87(4
7(4
10
BM
78
mejj
JI3K
S3K
:3
37(4
21(4
1H
2Jj
!2
2'(4
00(4
18
17(4
:(4
fO
7015
19
10(4
01(4
s
H
'v
V
14
H
1(4
Today's Net
Clese Chge.
38(4
1H
1(4
7(4 31J
75 73
11
604- 1H
70 - (4
20(4- 1
86 (4
133 H
53(4- 1M
0 (4
132(4- 6(4
BK- 14
851
44(4- '.
682
67(4- 1
10(4
60(4
M -13
36M
.3 -
100(4
114(4-
121 K
05(4- 2(4
03 - (4
44 J- (4
MK- (4
27(4- (4
112 1
88 (4 --
77 Vi
9(4-
15-
131(4-
13(4-
IOOJ15
15i
(4
30
C3!4 314
C6J4 K
104 -6H-
14(4
13 6
1034
13
17(4- 1
r,8tt- (4
en (4
174(4- IK
85(4- (4
30K (4
38 1(4
77 - 14
(4
(4
(4
(4
M
(4
1
(4
(4
IK
(4
A
1(4
54
1H
1
Ulv.
Hales In I
J222 e Tnckawanna Steel .
800 ., Laclede Gas of St L
"" 00 i.chigh Valley
1400
800
100
1000
100
100
100
200
200
100
20090
400
61
65
fit.
t Liggett ft Myers pf.. 100(4
2 Locwe Ce 20(4
.. Left Cerp 12(4
.. Loese-Wlles Biscuit.. 37
12 LeTlllard Tobacco ...13S
7 Lerlllard Teb pf 100(4
4 Mackay Ce pf 57J4
10 Mannti Pugnr 87
7 Manhnttnn Elev g-uar. 61(4
2 Marlln-Pnrry 18(4
High Lew
MnYlVrtIf MnlAn
12 Mexican Petroleum
2 MIflmI Cdnnnp
7000 i.ae Mlddle States Cerp.
Tntnl sales, 852.000 shares, compared with
3. 201). 000.
I6W
tOK
07
40 K
88(4
25 (4
33(4
43
2?i
00
13
10
4214
SH
15(4
1(4
101K
100
10(4
66
30
ier8
83K
58
71
2934
37
5 34
24 Ks
48H
47
!2(4
13
045.400
6834
8(4 K
8(4 1(4
10K- V
27(4- n
4134- 1(4
f2(4- 34
71(4-2(4
82 - 1(4
30(5- Yi
71
81(4-
14
2SJ4
51'
27
32
67K-17(4-C4(4-87J4-
7(4-
20(4-
n?4 ..
78(4- IK
100 ..
37(4
115 -
34(4
:s
38
2114
1K
274 .
1234
20(4-
12
1H
(7
70J4-
19J5 ..
-(0(4- (4
01(4- 2(4
J3SJ4- t
16J4
tOK
67 -40
88(4
(4
(4
(4
94
74
'k
H
1
34
(4
K
(4
IK
(4
(4
Y
1(4
K
ITS
K
(4
(4
(4
(4
2200
600
100
100
290
400
13)0
700
609
109
200
100
1110
400
230
100)
100
309
100
400
40)0
2009
500
199
299
12219
2711
1000
20
100
16S09
140)
7.11
100
890
2210
500
110 J
310
13700
399
299
010
309
099
400
1410
3)0
1710
15J0
100.
1530
29193
490
890
190
2139
3000
400
3
187(4
10(4
1374
37K
18
Alldvale Steel ft Ord.
. . Minn & st Leu s. . ..
7 Minn at t jf. at a t us:
7 Minn St P ft S St M pf 05
. , Me Kansas ft Texas.. 4(4
.. Me Kansas ft Texas pf 8(4
.. Missouri Paclfle 2074
3
10
5
'i
5
7
7
40
ATtttanllrl Tnelfln nf
Montgomery Ward , . .
Mentana Power
Nat Clenk Suit
, . Nat A. & C. pf. ct
. . National Cen ft Cable
0 Jfat En am & Stamp. .
0 National Lead
. . Nat R R of Mcx 2d pf
1 Nivada Cen Copper..
, . N O Tet Met
New Yerk C & St L. .
New Yerk Air Brake.
New Yerk Central. . . .
New Yerk N It ft II..
New Yerk Ont ft W. .
Neva Kcntln KAfi...
Norfolk ft Western
Northern Paclfle . . . .
Okla Pred ft Ref . . . .
. n' S'e-l
. . Otis Steel pfd
4 Pacific Dcvcl Cerp . .
0 Pan Am P & T
fl Pan-Amer B
3 Pennsylvania R R...
, . Pcnn Seaboard Steel
. . Peeples Gas, Chicago.
1 . Pcre Marquctte ....
, . Pcre Marquctte Pf . . .
3 Philadelphia Ce ....
. . Phllllne Het
. . Plerce-Arrew Moter.. 28(4
, . Plercn Oil 114
Pierce Oil pf 85
Pitts Ceal (3K
Pitts Ceal pf 80
Pittsburgh ft W Va... S4
Pend Creek Ceal 15(5
Pressed Steel Car 06
Pullman HI
Pllntn. Alpfrre Stlcrnr f!AT
4 Pure Oil 3034
8 Railway Steel Spring. 03(4
1 Ray Cen Copper 14(4
4 Reading 100K
2 Reading 1st pf 8
2 Reading 2d pf 58K
. Remington Typewriter 44(4
. Rcple Steel 76
0 Republic Iren ft Steel 15(4
Republic Motertruck . 30(4
6034
21(4
C3
33
01
5(4
0
?3
7(4
1IK
50(4
0(4
04
62(4
32(5
S3(4
3SK
..101
.. 6274
. . 374
.. 20
. . 82
..
.. 80
.. 70(4
43K
14(4
42
25
48(4
39(4
30
4510 5.20 Revnl Dutch
1U0
1010
009
N Y.
25(4- 2(4
33K-
43
-02
10
42(4
15(4- 1(4
lej-a yA
U374
100 17
60 4
36(4 1074
8334
50(4
71
2034- 2(4
37-2
574 ..
24(4
B34 4734-22(4-13
-
faharcs
134
1(4
2
Yi
'4
(4
174
1
(4
34
K
34
7i
100
200
10)
109
24)0
3010
6499
1893
100
42030
2313
1019
20
409
2299
6099
10 fO
190
100
3193
13113
40)9
2190
100
100
5)3
lHia
230
310
030
30)1
7)0
20)9
413
31J
099
130
22)1
20)9
400
34 I.)
301
in
1 St Jeseph Lead 14 ij
.. St Leuis San Fran... 2034
.. St Leuis Southwest... .'5(4
.. St Leuis Southwest pf 45(4
.. Savage Arms 20(4
.. Saxen Moter 4 (4
.. Seaboard Air Line ... 0
8 Sears-Roebuck 104
.. Seneca Cep Cerp 2IK
.. Sinclair Oil 31(4
0 Sloss-Sheff 50(4
7 Sloss-Sheff pf 83
0 Southern Paclfle 114(4
.. Southern Rill 2074
0 Southern Rail pf C4
20 Standard Oil of N J.. 060
7 Stand Oil of N J pft05
4 Stromberg Carb 6494
7 Studebaker JO
. Submarine Beat Cerpn 1174
2 Sunerler Oil Cerp I774
4 Tcmter Cern & F "A" 30
.. Tenn Cep ft Chem... P(4
8 Texas Ce 40K
.. Texas ft Paclfle 24
25 Texas ft Pac C ft O. . . 20(4
.. Third Avenue 18(4
24 Times Square Supply,. 10
0 Tobacco Products ... 6134
.. Transcontinental Oil.. 12(4
5 Transue ft Wms Steel 42
8 Union Bag & Paper.. 0(4
...Union Oil 28
10 Union Pacific 127(4
12
United Allnv Steel.
United Fruit
Unit Ilwv Tnvest nf.
8 United Retail Stores.
. U S C I P & Fdy
0 U S C I P ft Fdy pf
0 U S Feed Products.
BUS Ind Alcohol
.US Realty ft Imp..,
BUS Rubber
0 U S Smelt & Ref
100 3. BO U S Smelt ft Ref pf.
(4
(4
(4
Jcuterdiy
35
205(5
28
71
1374
42
44
70
40
71(4
52(4
44
sew
100
80(4
12(4
80(4
3
107
12K
11
307J
J3J4-
270)0 BUS Steel
530 7 U S Steel pf
1833 0 Utah Copper
1)9 .. Utah See
14010 e Vanadium Cerp ...
1233 4 Va-Carellna Chem' .
100 0 Va Iren Ceal & Ceke
50) 2 Vlvadeu Inc
5 i3 . . Wabash
16J0 ., Wabash pf A
590 .. Western Mnpvlnnrt
5 J9 .. West Maryland 2il nf isai
1400 .. Western Paclfle 3754
393 4 WeBtingheuse E& M.. 4034
190 ,. Wheeling ft L E 1334
390 4 White Moter 43
13J0 .. White Oil Cerpn 13(5
100 . . Wick Spenc Steel Cerp 2574
00)0 1 Willys-Overland ..'... 034
500 7 Willys-Overland pf . . 50
109 e Wilsen & Ce 60(1
201 .. Wisconsin Central ... 43
230 8 Woolworth F W 109
100 a WorthinBten l'umj . . 1 3
100 7 Werth Pumu pf A. . . . 80(4
ivv a worm rump pf u... 60
60
81
'3(4
100(4
1074
12(4
37
13774
100(4
774
87
61
18
3
181K
10
13 K
37
1734
85
05
4(4
8
26(5
50
21K
63
33
01
5
65(4
7234
7
UK
50(4
00(4
S3
81(4
31K
(4
38K
1)0(4
81(4
374
1034
82
23
3(4
77
43(4
14(4
41
24(5
48
30(4
35(4
25
14(4
S3 34
0194
80
33
18(4
C4(4
111
04(4
39
03(4
1334
08(4
7
57
44(4
73
".334
30(4
1434
20
34
45(4
20(4
4(4
0
103
21(4
30K
50
83
11174
20(4'
61
660
105
C3
65(4
'1(4
1774
30
0(4
40
2174
20
18(4
10
64
13
42
SO
27(4
12534
34
204
27(4
:e
13(4
42
42
78(4
45(4
70(4
62(4
44
85(4
100
8(4
2(4
40(4
,0(4
107
12(4
0K
20(4
13(i
S3 (4
COM
4K
1334
4274
'.'3
2574
0(4
68
0(4
43
109
63
80(4
60
Tedays Net
Clese ChE.
61 - (4
51 1
4-34
100(4- 174
20(4 (4
13(4- Y
37-14
13774- m
100(4 ..
774
873
61 - (4
18(4- (4
18lK-'i(4
19(4- (4
13K- (4
37(4- K
1774- Ji
85-1
05
(4
(4
(4
K
H
Vz
1
y
y
(4
(4
(4
34
IK
(4
3i
134
K
34
4
8(4-
2074
00
21(4
ft ft
32 - 1(4
01
5
5(4-
7234
11K 59(4
03 174
81(4- 1
3134-
22(4-
38K
100(4
81(4
374 1934-
82
?!t
S3 54- 2(4
783
43(4 ..
14(4- (4
41(5- 74
24(4- 1
483
30(4- Yi
30
25(4- 334
)4(4- K
85 - 1(4
02(4- 1(4
80 - 34
33 14 ..
15(4-04(4-111
-05
30
03(4- 134
13?i V,
08(4- 1(4
7(4- 34
7
4414
74 -
74K
14
14 34
2034
r.4J4-
4fi(4-
20(4-
4(5-
103(4
2IK
-83
64
NEW YORK BOND SALES
Summary of Individual Transactions en New Yerk Exchange
(SALES in tioeo
A ArU'a 4(4iChlcace Tl laid
2 R2
Amer Hmelt's
and Tl'r Rs
1 7734
Am T T elt
2 77
2 77V4
Am Tel A T 0
1 00 Vi
1 80
1 RO
1 80U
I.....' 80t,
1 HO'i
Am Tel IT m
1 im,
10 oeu
5 ue;
Armour A Ce
n Est 4 Us
1 78
1 781,
Atch Topeka &
8 Fa 4s
5
10
0 77 10.
8 77V4 "
1 77 JS.
1 77 6.
1 77 34.
10 7JU 80.
1 77 City of Chris-
0 7IU4 tlanla 8a
1 77W 10 08'i
2 77y. 1 084
1 08
2.... 08
1 00
.1 nau
k'lly N Y 4V4s
NOV '07
1 04:
City Paris (Ik
2 OR'.i
0 fr.14
10 113 U
era cm cm
st L u 4s
1 73
Cole & S'n 4 s
2 Hi
Comeut'e Tab
& ltccer'fr Or
1 R.t
Cena'd Gas 7s
1 . tniuH
Dalt 4 Ohie ss I unan c cv
Atc.i TepfltH
ti Fe cv 4
1 08
AT48 F ajs
4 71U
At Coast I. cit
3 72
All Coast I. Is
1 78
Atl Coast 1 "s
1.... 102
1.... 102'.
a ir2;
Halt & Ohie cv
8 78V
1 73
Unit & O 3a
1 84
n niu
Ttal, Jb nhli Am'
"" "
B 73 U I
& Tac fd
C 08
1 08
1 68
1 DHH.
Chi St I, A N
O Ittl res Cs
1 . . Atli.
IChlcaKe Union
Bta et 0s
B.... 103U
Chi L V 1 4
a r.nu
Chile Cep'r Us
2 72M
IS 75U
Choctaw Okla
& a It II en
1 R-l
Cln Oas Bs
ni
Cuy Hern- ir
00
09
00
DO
09
en
0R
00
(4
1
(4
1
(4
660
101
63
6534
1174
1774
30
0(4
40(4-
23(4
V.
114
IK
(4
1
(4
K
K
1(4
(4
y
K
1
(4
(4
1
J4
1(4
V,
1
25
R 73
1 72
1 1
Halt A Ohie (Is
2 01
0 014
n & O 1' I, U
A W Va 4s
4 nn
Dal & O Tet 4s
1 67
Dell Tet 7 wl
B.,
1..
7.
1..
0..
10..
..
a..
5.
101
101',!,
1014
101
101
101
101 44
101
101
Ilethle'm Steel
Bs of '30
1 70
Brkyn II T Bs
1 30
a nn
Ilkn n T ct 7s
3 40
Bush Dld'K As
1 73U
Cn'l et Oa en
4 80
1 80
Ctl Leather Bs
2 00 fc
Ccnt'l Pac 1st
2 74
3 7414
Ch'k & O 4'i
77
Ct Gov 4s
8 7B
1 70
C'k & O cv Bs
0 no
Den & It U 4
8...,. 01 'J
D Can Bs '21
8 08
3 08
1 ns'4
D Can B :ji
1 DRU
D Canada "-'ii
3 01
1 00 v
D Canada '20
a 03
12 n.t
ID Canada 'St
1 OOU
10 Ili)
1 nnv.
L'rie Gen Lien
2 48 V.
Erie II It ex t)
2 E0'4
Gen'l Elec Ok
1 118
3 OR
Gove't French
Ilep rets
20(4- 1(4
18'yi
16 -64
12(4-
42
80
27(4-
12534 -34(4-
204 K
28 ;e
13(4
42 43
78K-15(4-71
2(5-
44
85(4-
100
60
124
63
1(4-
107 -
12(4-I0K-30
4634 .
1334 .
4274
:s 2574-
0(4-..
58 -?
A - y
109
3
80(4- i.
00 - K
14
K
1(4
(4
1
(4
K
IK
IK
1(4
1
IK
(4
1(4
K
34
(4
(4
1(4
(4
(4
(4
5
134
1
(4
K
(4
14
1(4
y
14
34
(4
34
174
1..
B..
6..
3..
88
88
88
88
88
88
8S
88
8S
2 RS'i
fi 88
Chi & Alten 3s
B 48
Chicago n'n 4
Qncy gm
1 70
1. ... 70
1 70
Chlcaae B'n A
Qncy Ii 3s
..2 7214
Chicago B'n A
Quulncy 4a
K Beg 6s '29
B.r... 02
K IJet'm 7i
1.... 100
6.... 101)
1.... 100
1 tneu
La A Ark As
1 72
1 71
Lnke Wiere M
B'n 4s '28
n sit
Lake Shere M
S'n 4s '31
b Raw
Lehlsh V'v ns
4 nTi
Leng- Isl It fd
1 71
Lerlllard r
1 R2W
Leu A Nash 4s
1 82
B R2V.
Leu A Nash 7m
1 101
Mich Ctl 8s
fi 72U
Itldv'e Steel A
Ordln Bs
1 70
1 77
Me K A T 4s
8 03
2 r.r.K
Me IC A T I ,
1 aria
Me Kan A Tex
2nd ct
4 40,
21 40
Me I'ne em 4s
B S7
1 B7
1 67
IB B7
Me 1'ac Bs '23
1 01
MO Pac Bs '05
2 83
Ment Cent'. Cs
3 09
Men 1'uwcr f.s
4 84
Jlentr'l Tram
ways Bs
B C0
New O Tex A
Mexico 4s
1 OS
iNew O Tex A
Mexico 0s
4 nam
Nfk A W d ts
1 77
II 77
IN Y C A It n
n n 8s
1 60
17 09
N Y C ft it n
R R en 4s
2 71
Lv Y C A II n
n n 4s
1 sn i
N Y C A 11 n
11 Bid Ct Is
10 84i
N V C II II
n n os
1....
17....
17.
1..
e
5"
4..
B..
8..
O
a'.'.
1..
1.
Thus far this week. 3.MM.100. Same period last week
14
4..
4..
1..
8 .
B..
4..
1..,
1..
1...
C A l:
4
004
... 00
.. new
.. nn
.. env4
.. 00
.. ei
.. 00
.. nu
.. 00
11 ct Is
87
FOREIGN EXCHANGE
Va.ri TLSf r rVTAs C Vl 4AbAJ- .
AirV ru. is,, 4-4u, . 1 IIC lUTClKn VX-
rhnnge market opened irresrularly wenk.
classes showing moderate rallies from
tltn aTtr.mn Intu nf TT'i'llnu .1,1, 11a nth.a
made new lows.
Quotations were:
Demand ntcrlinir 3.38 ' cables 3.30 ;
franc cables 0.0134, checks G.01 : lire
cables 3.53, checks 3.52; Swiss cables
10.44. checks IB. 48 ! cullder rnhlen sn in
checks 30.00; pesetas cables 13.42,
checks 13.40; Stockholm cables 19 00
checks 18.90; fhrlstlnnla entiles 13.30
checks 13.20; Copenhagen cables 13.35,
checks 13,25; Belgian cables 0.40, cheeks
e rn' mnrks I 23.
Shortly after the end of the first hrur,
tne market b.'gan te break, demand
sterling reached .1 36T'i and cables
3.37. Only two weeks age sterling
was quoted at 3.45, French exchange
made new lows en this movement nt
6.01- for cables, a xlecllne of G centimes
from the previous report, and checks at
5 08. Lire made a further decline of IC
nnliitn In 3.47 for LahUa nnd 3.46 fur
checks. Mnrks were at the lowest of
the morning at 1.22.
The pronounced weakness In the prin
cipal exchanges today distracted atten
tion 'rem the central Kurepean ex
changes nnd quotations were nominally
unchanged at the follewing: Czecho
slovakia, Ml;' Finland, 2 40; Grtece,
0 20; Juge-Slavin. .77; Poland, .31;
Rumania, 1.50; Serbia, 3,19, and Aus
tria, .31.
YKSTEnDAY'S FINAL QUOTATIONS
' Rterllnir Francs I.lr (lultiler.
Demand 8,30 O.OJ ant .10. (is
Cables 3.40 11.04 O.R3 30,15
TODAY'B OPENING QUOTATIONS
Hterllnr Francs I.trn (lullilem
n.n.n.i n.flHU H.ni s.n'j sn nn
Cables 8X0 0 01 3(1.1 30.10
CLOSING QUOTATIONS
Ktprltnir I.Vnnm f.lrn flilllri.rft
Demand 3-8i'4 B US 8,40 2'J nn
Cables a. as u.uu a.ei isu.vn
MONEY-LENDING RATES
riULADKI.PHIA Call. G per cent;
tlme, 0 per cent; commercial paper three
te six months, 6 per cent.
(Nete These are merely nominal quo que quo
tatlens, as the legal rate of Interest In
the stat of Pennsylvania Is fixe dat 6
per cent. Plus premiums and cemmls
slen, tlme money for thirty te ninety
uaytt. in iuuiicu hi e iu os irr CCIH
whllp commercial paper, from three te
six months, U being offered at I te 8(4
Commodity Markets
COTTON MARKET
New Yerlt, Nev. 0. A renewal of
southern nnd speculative selling broke
cotton prices L'O te f8 points at the
opening today. News was generally
bearish, including weakness in the stock
market nnd foreign exchange, line
weather ever the be't nml peer condi
tions in the textile trade.
Hrlef rallies rollewcd after the start,
but they were poorly sustained, owing
te henvy pressure, mainly from the
Seuth.
Following nu early rully en trade
buying and short covering the cotton
market turned weak under heavy cell
ing; spot linns were believed te repre
sent hedge-sales against cotton bought
in the Seuth en n favorable basis.
Texas mlvlccs stated that spot hold held
ers wcre beginning te hedge, and much
tne same sort ei information came from
the eastern belt.
Early in the second hour, prices again
rnl'Ied en the official predictions for un
settled, rainy weather ever the South
west. Previous
rliis" Open High Lew Cle.n
December. 10 he 11140 10 4H 111 in 10.IRO.in
JanumN 10.28 18.83 in. OS 1S.0O 1S.n.1(fr72
111,1.1 IN HO 111.00 IS.4,1 IS 4 H i 02
10.112 1N.S.1 18.00 18.87 1R.43JT43
1H.7S 1R a tK.70 lN.liO 18.20
18.80M8 25 18.40 18.20 lb.UO(305
Chlcaire Mil A
S 1' 38
2 01
Chicago till A
St Paul 4s
1 70
Chlcaire Mil A
StI cv 4s
1 74
1. ... 74
2 7.1
2 7.1
Chicago Mil A
St P cv Bs
1 73
Chlcaee A Nth
W tm Sta
B 70
Chlcaee A N
W'n ext 4s
1 R
Chicago A Nth
Wst'n 7s
2 104
I.... 104
R. . . . 101
Chlcnc-e Hall
ways Bs
1 07
2... . 07
5 07
102
102
102
101
101
102
101:
101
101 v.
101
10
O Swltz'd rets
B.... 101
1 10114
Great Nerth'n
Ilwy 1st
10 R3
Hud A Msn M
8 02
1 02
2 02
1 R1V-
Hud A Man In
1 23
1 24
3 sm'.
In I Central fd
4 70
111 Cent'l B
1 90
1 00.
Ind'a Steel n
1 0014
Interbore Met
ct 4s
1 21t
Intbore HI ti
.1..
1..
8..
fl .
10..
4..
10..
1..
7.
If,'
.10
B0
.10
.10
80
80
.10
B04
I M Marine Uh
1 80
Jap Oeve't 1st
1 .... 74
1 75
Jap Gev't 2nd
2 7.1
2 74
1 74
1 74.
Jap Oeve't 4
!0 67
B B7TI
Kan C Ft A I
M Ilwy 4 s
B (17
Kan C A S 8s
SO...
10...
IB...
1...
3...
1.
03
03
03
03
03
03
03
03
N Y C A 11 P.
II II rets 7s
2.... 103
1.... 103
New Yerk Ctl
L 9 3s
4 04
4 64
N Y Chi A St
Leuis 4s
2 ROK
N Y Chi A St
Leuis d 4 s
2 73
10 72U
New Y W C A
Bosten 4s
E 48
5 4R
N Y N II A II
4s et '83
1 BO
Nfk S'n It 5s
B no
N'n Pacific 4s
1 7SU
Oregon B L 4 s
S R2T4
ra nn gm 4 ,
83
3 na
fit I, A fl Fran
Series I)
B 70
B 70
St Leuis A Se
West'n Bs
1 ns
St Paul A K C
Short L 4s
1 nRM
St Leuis A Se
West'n 1st
0 C0
Feub'd A I, a)
4 42
Benb'd A 1, fu
1 44
4 41
f?n Ilell TV i Bs
2 82
1 82
S'n Pacific 4a
B .... 72
E'n Paclfle fJ
1 70
B 70
r. 7nw
S'n Pae cv 4s
1 78
1 78
1 78
B'n Pac cv Ba
20.... 114
10 .'.. 113
2.... lit
2 ... 113
8 ... 113
fi.... 113
2.... 118
r. ... na
2.... 112
111 ... 112
n.... ii3
10.... 113
1. .. 1121.
S'n IUIhv 4
J 62
1 nnv.
S'n Ilallw's Sa
1 00
IS'n niy Mobile
A O Ctfs 4a
n 01
Teledo St L A
WeWat'n 4s
1 B5
Union Pae cv
B 83
Union Pac 4s
S 81
4 Kl'l
Union Pac hs
3 HO
4 00
t nnu
U IC of G Ilrt
a ra iu2i
17.... 08 11
1 08
1 tlRli
U K of O llrt
a ra 1022
s.
30..,
10...
1...
r.. .
tee.. .
100...
2.
04
H4
OB
0.1
04
04
04
04
U K of a tin
A I'd 1020
1 98
1 R8
6 80
80 88
12 HSU
U K of fl Urt
A I'd 1037
B.
10..
4.,
0..
0..
87
87
87
87
87
87
RTli
tl H Mexlc.i Is
3 30
4 SO",
U B Mexloe Bs
10 47
1(1 471.
Ut'd Il'ds San
F unct 4s
3 38
1 82 4
U 8 llenlty A
Impv't Bs
1 83
U M Ilub'r .Is
1 7T
1 77
1 77
U B Rub 7.
08
08
08
08
98
08 U
08
1
7.
B.
2.
8.
8.
5.
I I'd H Steel ft
B nss.
2 03
30 03
B 03
1 03U
Vn Ilallw's Ar
2 8.1
B R.1
Westhse Elec
A Mfg 7a wl
05
IS ...
1....
7....
B....
23....
23....
23....
13
West'd
10....
0..
. nn
. 05
. mi
. no
. en
. no
. nn
. os
Mil 4 s
. BR
88
Wilsen Ce 1st
1 88
1 KN
2 88
eT!.n''. .10.380.000. cemnare,!
ea iZre""" ThU" fur this
666.
Period last
with 318,248,-
week. 570,007,-
Liberty ,'ls ..
Liberty LJ ds . ,
Liberty 1st 1VJ
Liberty l!d 4 Us
Liberty .'Id 4,s
Llbertv 4th 4).
Victory Xetn .'i.v. u en' .in
Victory Nete 4-y,s !J030
HiKh
1)5.00
8S.08
00.10
88..-1U
no.ne
88.00
Lew
01.1)0
88.08
80.70
88.00
00.40
88.44
OO.JIO
00.28
Clese
0.1.00
88.08
80.70
88.00
00.40
88.44
00.40
00.30
Philadelphia Steclts
Lew
(17
u
Clese chre.
07 V
-
. . High
30 Am Strs.. 54
15 Am (Jns. 40
nOOtAm Weel 07
ietn & e. . loe-
20 Ilrlll J . 58
20ntfl,l nt w 11 nr
eotcei nr'pi, ietf in? ie?Zi
e? if'" J " - -'"
tl50 Ken Cep 22 V, 22V,
100 Lake Sup 10-vf lOOi
J'T.1 I.CJI .nv. VIM. ,K
fl'i 5.1
41vj 411j
nv. 11
Vi
u.
1) -f-1
22 Vt V.
ZS. . ?M
)' IV
Jiy
3'G 3Vj 3 Y,
170 T.eh Vnl
42 Mineliill..
350tNcv Cen
200t.AInx Me
2d pf...
85 Pen Cent
Light pf 40
455 Pa R II, 43
81 Phil Elec 23
225 de prcf. 27 A
10 Phlla It T 184
100 1'hllnTrnn r.e
mnl1;".0.-,'11? "?'' I'm- V,
lOOfUnien Oil 28J
300 T'n Trnc. 30
015 U O I.. 37
8 de pref. 50
100tU S Stl. 85V,
enraj.int v sr
-"( uiys-u ij.iv
NEW YORK BANK STATENElfl!i
Deficit of $1,306,700 of Leeat Hi
erve Requlrement 8hewn
The actual condition of the New teti
Clearing Heuso Institutions for tjie week
showed n deficit of legal reserve require -
tncnts of $1,300,700. This resulted
largely because of the decrease' of $25, -
.102,000 In the reserve credit nt the
I cdcral Itcscrve Hank as liabilities xreia
l2B!.t)!LraWe 'w'ueed by the drop e
$78,323,000 in demand deposits. The
outcome was it decrease of $15,301,880
in excess reserve, which net only ex
tlngulshcd last week's surplus of $13,
00.1,000 but left the deficit of legal re
quirements as stated above. Despite the
week h Increase volume of trading en
the Stock Kxchange leans nnd discounts
showed u contrection of $54,255,000.
JJcteils follews:
AVEP.AGE
Excess reserve... YiV'.bTiO '.SSnTlM
a:g,'vv;"I0','M'M:w?;5SI
ancl member
banks 03,440.000 nSR.i4.naii
Ileserve In mem
ber banks nnd
reserve banks .
Iteserve In sta te
banks and trust
companies
Itenerve In state
banks nnd trust
company deposi
tories Net demnnd de
tmslt.
Time deposits...'.
circulation
united s t a t is
deposits deducted
Oil, 344,000 0.17,662,000
8.003,000
8 008,000
0.104.000 o.ige.ooo
,I.O";fl,Ort2.neO 4,121.880.000
l-SS.'-JSS 2HS, 180.0110
34,700,000 34,701 00
22,021,000
ACTUAL
This week
M.ann.Tnn
BS7.100.niie
48,214,000
Last week
tsio.ens.O'ji)
nn.ur.n.une
05.071.000 80.748,000
B18.O33.O0O E44, 313,000
DiaSrlt raaAr-
Aggresate rs'v.
lyianH, etc S.280.018!oeo B.S4s!"7!i!nn
cash ln vaults
ana member
banks
Reserve In mem
ber banks and
reserve banks..
Reserve In etntn
banks and trust
companies
Recerve In stute
hanks and trust
company depesl-
tnrlfH
Net rlemnnrt at.
nn.K. ., fm ma. ax
T me deposits .. 273,1108.000
(,-ircui.tiien 34,800.000
unitea .states
deposits de
ducted 1B.S8O.O00
tGxcess.
O.073.000
8,000.009
0.080,000 0.374.000
4.137,nR4.000
274, 007.000
34,781,000
20.040.000
eiv Yerk Curb
INDUSTBIAImS
nn, v,eai i,...
Aute Puel
Brltlsh-Amer Chem
Rmplre Tube
General Asphalt ...
iiercuies I'aper
2
cs
0
17
04
20
" """-" sas:T ttt
"yrene MfB ie
ti
Perfecten Tl-e" !!.'!!!!!! '. it
nepuDiie Tire Rub 1
10
3
INDKPENDENT OILS
Allen Oil ...j 1
Allied OH ;.. je
11U Heart s
uoene en 4
HtVM-lM Cn
Triangle Film".'!!.'."
Unlteri TtMtaU ranw
Wayne Ceal
Lwe
2
0.1
B
10
63
18
i4
i
in
3
Last
2
0.1
,?
63
20
10
1
1
40
43 U
23
27 i
1HV.
r.'t
1A
28 e,
30
30 V.
50
85 Vj
0
40 ..
3
23 Vi
27 V.
18 vT..
i
.2ft
30 ..
37 ..
50 -f- l
85Vi 1
0 "1
r&riU K.'?'. JSB. hJK."-.. "mpared with
18 ii .k.,.. e " jiius inr tn week.
840 shares m" Perlea '"" wec1"' '.
itNlcian,:.mid: by comparison with last
ale en New Yerk Stock Exchange.
Sates In
S1O00
nnvna
High Lew
Cleso
Net
chge.
1.
4....
8
1....
1
3
64
.14
84
84'.,
84
S 6s
74 ,
7.1
78
7B
78
Kan City Ter'l
Ilwy 4 a
2
It
8 ....
Knn C I
10
.1
7
4
Marrh
May ...
Julv .
Sept .
Hid.
SlWt.
4.V.S.U
GRAIN MARKET
Chicago, Nev. 0. Kresh lnnses oc
curred iu the whent market this morn
ing. The sel'lng wns led by a nreiulnent
enstern shipping concern, while buying
was scattered nnd unimportant.
Although yesterday's Inte expert
business nggreguted 1,000,000 huhels
of wheat, fully linlf of It wns Canadlnn,
There appeared llttle likelihood of much
further Interest ln American whent at
the moment, especially ns European
countries have already bought heavily
and will seen be getting offers of new
wheat from ether countries.
rhiNtmh.. nti.tiDil nt 41 ftfl trt 91 (K1i
r
n . . .. f
Jt-nfa A - .... ..... -, xj.Lyj is, .is
and dropped te $1.01. March started
nt SI. 02 te $1.01Vi, against SI.031.'.
at the end yesterday, nnd fell te Sl.OOi'l"
All commission houses had selling or
ders in corn nnd the market was weaker
with support lacking. Itccclpts were
small.
iJeeember started at 82"K e te 8"7i(
against !; at the end csterdny. and
lecclcd te S2V,e. May was quoted nt
hir'sC te hdec, iigainst 8Sc at the end
ester-day, and later sold at S(,.
July was quoted ut SSa'c te 8SV,e at
the outset, against 80c, yesterday's last
price, and Inter sold nt 88VsC
Trade in eats was quiet. Prices lest
ground under selling by lending com
mission houses. Buying was scattered
December opened at 52"4c te 52V,C'
ugnlnst 5.'!c ut the close jesterday Mnv
r4-0'1 nt. , . OSWc, against
7!"-i jvsici-tiuy s iusi quotation.
BUTTER, EGGS AND CHEESE
N' Vark. M.1,1. it Iitinnn
celpis. 8.i." lub, c7A'.,n.rV."l,lK?yih?ri
exiins, D4tii(l5c. fX(ru (j ,, W"
firsts (8S t (11 BCre) 4RW2c pneklnJ
stock, current make .s'e, it? ' r"CRIn
lCflflH strong. Rece nls, 13'sil case.
Fresh Bftihered cxtra nr; '. ,'7Nc JS
firsts. 7()W7.1c. state. lVnns uinla anj
"rr,J' western hennery white. Hrit te itlJ
nistviic: no. orewn. extras, 8OSrte je
Ktr-,"TntJOe.n nn" m"'1'" t'Ulr"' nr
CIIKIISU steady Receipts, 2702 boxes
,'SB'' w.hel-'"K lata held, socials .."5'
''.-s,c ,'!'.' vrae run, 242le . mat!?
whole milk flats, current mukc special" 24
SJS.lc: de average run. 22 S2.I0 siVtV
hele.mllk, twins, held. Tn?clr; 2u
27c. de, average run. 24 25c.
Bankers Plan Trading Corporation
New Orleans, I.n., Nev fl Southern
bunkers met here today te plan the or er or
imnlzatlen of n J12.000!000 foreign trad,
ng corporation which win "s nlilhh
banking, facilities te market the agri
cultural products of the Seuth in
ICurepe The meeting was called iJ
Itebert P. Madflex. president of the 7
lanta National Hank' and cnkl?man of a
specla committee appointed te invest I
tlen at the MMnt"!'?;
American Bankers' Ai.C"ff
nlntiH contemplate establishment of
Sffl fiXtf ff W5 P
104
101
104
1(11
104 j
Jul -s
101T4
Peeples Gas L
A C Ce Bs
1 nnu
Pere Marqt 6s
1 as it
Republic Cuba
5s of '04
4 70.
Reck Isld Ark
A La 4s
1 08
3 ns4
St L I'n Mt A
S'n Ry 4 s
8 73
1 731.
St L I'n Mt &
S'n Rly 6s
1. ...
1st Leuis
Fran aj
1
13... .
1st Leuis
Fran In
3
70
OS
OS
Oil
70
OS ..
OS ..
71V.2V.
5 5;J3-10AmGas&
Pennn It t( ri f.leC US.. 70
t llfll TCI IS.1U1J 101 101..
7 Klec & Pee
5 Key Tel 1st '
5s 0Si
3 Leh Vnl On. OS14
7 de gen 4s.. 71V,
5!i Lib Iiends
2d 4'i-... 8S.40 88.0 RS.40 .10
23V. 4th 4H. 88.00 8S.00 8R.00 "0
I Pn K It. ..105 105 105 ..
3 4-5 Philn Klec
12 Lnited Hwy
Invest 5s.. 00 CSVa CSV. IVj
Total. $10S.3SO. compared with M3R.05U
yesterday. Thus fnr this week, 1559 ise
Same period lust ueek. $1.0:,7 8.10.
88
A 3
07
08
A S
Reserve Banks' Discount Rates
Official rediscount rates at the tele Fed.
eral Rejere banks are as fellows.
Treas. Lib Pem'l nkr.
CtfS. IlendS, l'aner. Arrn,
1
1.. ..
K Ilelg
8...
64
54
64
84
64
64
64
84
84
00 St LAS Fran
Series A
2 03
74
744
74
4.
8 .
27.,
10.,
4..
1 .
4..
0 .
0s '21 18.
Rnsten ....
New Yerk
Philadelphia
Olevelnnd .
Atlanta ..
Chicago
Si Leuis
Minneapolis ..
Kansas City .
Dallas
San Francisce.
6
.. 6
..t
..til
..te
...1
.. .1
..til
til
te
(I
II
5
.1
.1
n
BVi
(I
(I
f.
e
ii
e
0
n
Si
r
n
e
5 pr cent en paper secured by 8 per
cent certlflcntes, and 8 per rent en paper
secured by 4 per cent and 3 per cent cer.
tlflentes.
miscount rnte corresponds with Interest
rate borne by certificates pledged as collat
eral, with minimum nf 5 per cent In the rase
nf Philadelphia. Atlanta Kansas City and
Pallna. and .1 per cent In th ease of Cleve
nd Richmond ChlcHge and an IVsp, .Pn
Dosten Wyoming'!!!!!!!! 1,
i.i.ni, m-nnicn,
CMtl R.,vlne 1. Vi
Cuahlng Pete
Denny Oil
Elk Ilasln Petrel
Federal Oil
Gilllland Oil
Hudsen Oil
Intl Petrel (new)
Lance Creek
Maracalbe Oil
Merrltt Oil
Producer A Refiners
Rey de France
SImma Petrel
bkelly Oil
Un Texas Oil
MINING
Alaska-Br Columbia
Arcadian
Iloeth
Hest A Ment
Caled Mln
Calumet A Jereme
Candelarla M
Cens Virginia
Certez Slher
Oressen Oeld
DIUde Ext
Eureka Helly
Oeld Cens
Geld Deel
GeI'lfleid Florence
Geld Kewuna
rlnM Mllvnr l.lu
Geld Zene !!!!!!!!
nr.nl llAn
Emma Sliver .!...!!!!!!
Hecla Mining
JumlM Extension
Knox Divide
tar.h ftn
Mether !ode !!!!!!!!!!!!
Aieiner i)de new
NcNth Star
Ophlr Silver
I'rlnce Cen
Ray Yerda
Hex Cens ,
Rochester Mines
S Silver I-sd
Tonennh f-n.h Itnw
Tone Divide !!!!!!
Tonopah Extension
Tone-Jim n
Tonenah Mlspah
Tonennh Mnnfnn.
Tonopah Rescue Euia!!!!
Lnited Eastern
IIONDS)
Rerlln 4s 12
Frankfort Ba 12
Hamburg 4s 12
Hamburg 4a 14
Alumlrwm 7a P7
Allied Parkers fla fi.1
Amer Tel ns. W22 03
Anucenda 7s, 1020 B0
Reth Steel 7s 05
Denmark Rs loe
IMnmend Match 7s ....100
Goedrich Tire 7s 01
Grand Trunk 7s 102
Merris Ce 7 s n7
Ohie Cities 7s, 1924 1)4
Seaboard fla r,n
Sears Roebuck 7s, pi . . nn
Sears Roebuck 7s, 1023 . . 08
Sinclair 7 a en;
Selay 8s 100
1.1;
33
1
0
2
31
17
10
13
0
4
11
0
1A
4
4
43
17
ii
8
04
1
20
If.
8
3
IS
J
1
3
4
0
a
10
S8
8
4
1
a
n
7
1A
is"
0
R
IB
2
18
7
2
1
13
38
1
2
31
17
10
13
8
4
0
H-
1A
4
4
42
17
S
c:
1
2.1
8
3
13
ii
18
1
u
0
II
10
88
5
4
J1
1
fl
7
flA
1
1 ii
10
0
8
15
2A
10 .
7J4
2U
13
35
,8
0
nit
10
18
b
4
0
4
4
42
17
.1
04
i
3
13
2
e
ID
1
3
4
0
0
ID
BR
STa
Ii
n
:
j
0
8
IB
2 A
12
12
12
II
07
(14
inn
100
00
102
07
04
80
nn
ns
111
100
12
12
12
11
07
fl4
06
n
04
100
100
01
102
H7
rift
n
OR
01
100
BANK CLEARINGS
Rank clearings today compared with same
day last two yeara:
lli'll miH vqis
N Y... 7sh.net.1n7
Haiti) , 15,2011070 lfl.M9.nbi !!
Renten . 8S.ll3fl.243 fin 40(1 407
$1,000,000
Province of Alberta, Canada
Improvement 6 Bends
Dated November 1, 1020. Due November 1. 1930 Prineiml m ...: , i
Se'CHn NeJ,Yerk' ;rre"?0' Mentreal: ad Ednion'ten "genei n SrioCei!
pen bends, which may be registered as te principal. u i.wu. -
Legal inveatment for Savings Banks and Trust Funds
in Connecticut and ether New England States
The Province of Alberta, with a present estimated population of 587 770
is one of the most important agricultural and stock raising sections en
this continent. " "
We recommend these bends for investment
Price 927a and Interest; yielding 7
Complete circular en reqnett
Harris, Ferbes & Ce
New Yerk
Hartferd
The National City Ce
New Yerk Hartferd
.iisMe ,. J.-r-wM. J-u-A ., U4Ai,. . ,.VL . .
E j.
IV
EsM;
m
IU
41
m
Ki"-1
!
: i
Ji
it
m
V(
Ii
u
v.
fil
)