Bt -- "
.'S"jv
lUW
vft'rH'
8$' VhIW W" lw"V
!5KH 'ira;
'S$sP7WJffI3P5j
VjVliy
--t, f-TgpTTt-
1
Wi ,.,C,
. ' '- I
t
'
K
mi-r.t -a
TM
Urfcl's
(i .
a? y
m-
i
m
J i
in
UWi'
w
Z7t
Liveliest
Discussion
of the Canadian
financial mar
kets is contained
In Investment
Items which we
publish each
month.
If you leek kindly
upon Canada as a
field for possible in
vestment, we will
gladly add your
namote our mailing
list. Address: 83
. acpncy or
Royal Securities
(CAMAftA)
LIMITED,
i..j.u .. v..i.
in.ivBHn i.vvt i.rn
'Wl
14ftI.VlMVtIlM.ff5
t!
( ,
I
The Investors'
Manual of Securities
1 an cxhaustlve work contain
ing nearly 300 pages of financial
facta and statistics covering
nearly 8000 actlve stocks una
bends traded in en the prin
cipal exchanges throughout the
country.
There 1b a limited edition for
free attribution and copies will
be sent prepaid. Write for F.-10.
:f
i
,. GUTHRIE & McGOVERN
r Members riilla. Stock Uxtnangs
14S0 Seuth renn 8q., Pbtla.
Ssric 6419 nsreSOSt
New Yerk S3 Broadway
Service and Stability
Ample
Facilities
AA'SAt
te meet our depositors
needs in a banking way,
are among the many
advantages we have te
offer our clients.
We particularly solicit
commercial accounts.
Integrity
Trust Company
Fourth and Green Streets
VH
Capital SSOO.000
Surplus and Profit . . .$1,770,000
45 Years'
Successful Business
That is the record behind
Philadelphia corporation whose
preferred stock we are offering
at a price te yteia the investor
ever 7Vsfc.
Fer particulars address
Scott & Stump
Investment Securities
STOCK rXCHAMii: HUILDCNa
PHIXADBLl'UIA
4 XxrbMK rUcc New Yerk
OeatfavUle, Cbnmhrnibnrs, Carlisle,
rennvylranta
Security
Salesmen
Here It Your Big Opportunity
Te real security salesmen we can
effer an underwriting that will be
very attractive In a financial way.
Backed up by an extensive mall
campaign the stock of a substantial
Industrial Is new ready for llvo llve
wlre salesmen
Attractive leads are ready for you
new
Write Immediately.
C 524, Ledger Office
Breeke, Stokes & Ce.
15th & Walnut Sts.
Philadelphia
Washington
Baltimore
. Tfl r" -"
$HANDLER&60MEANY
Franklin Bank BIdg.
Philadelphia
JKew Tork
American Tr. & Lt 6s, 2016
Counties uas k cicc as, iae:
Newark Pass. Ry. 5s, 1930
Penna. Water & Pr. 6s, 1040
Phila. Sub. Gas & Elec. 5s,
Lehigh Valley Gen. 4s, 2003
I0ENNINQ, GARRISON &
"!
Uessbsr runt, himh utihsss,
w '
I lit
hUfff C
e
i m w
ENT
Bles
900
3M
MO
1M
00
lit
30
100
300
300
1100
M
1300
200
100
tee
100
700
tee
310
0503
3.10
A)ft
100
00
1300
S10
300
900
800
900
490
100
700
1300
00
700
700
200
3tQ
100
tee
1300
0)0
loe
tlO.)
3)0
100
100
177J0
Premising Early Recevery Was
Checked by Familiar Mid
day Bearish Drives
New Yerk, Nev. 11. In many re
spects tlie operations in tedi'ft stock
market were almnfit a complete repro
duction of the confusing and conflicting
movements of yesterday. Thcre was the
fame feverish uncertain price move
ment as result of the constant shifting
of position en the part of the profes
sional traders who continued te have
comnleto ilomlnntlen. Once mere tech
nique rather than outside conditions
was the undcrljlntr Influence.
Net unnatural In view of their blc
Ruccms In the preceding session the bear
contingent were alert te take advantage
of every opening And hammer the list
upon the slightest provocation. Thin,
at least, wn (suggested In the renewed
vigorous drives directed against the list
I
en the rumored hitch In the Southern
i'aciuc segregation plan, enu uie. report
that the Willys-Overland Tsaa in the
market for peme big financing.
While the bearish operations were
pre-eminent during the session, lth
every relinble sign Indicating the great
est pressure tvsb emanating from that
source, yet there was mflkleiit evldeme
te show the li(uidattng movement "as
Rtlll uncompleted. Uesides this recur
ring enforced selling, there were rea
sons for supposing the market nlsu met
renewed liberal offerings for the foreign
account
Freh wenltnens In the grain mar
kets, renewed pressure In the foreign
exchange nnd the continued lltmniw of
the money market, with the call lean
rate still firnilv tlxed at it per cent, gave
the reactionary party a great denl of
j
100
91300
ma
9700
300
200
100
00
8)0
8000
10O
100
200
200
1)0
300
200
700
200
4000
200
SAO
noe
1300
730
600
1300
33)0
00)
2300
noe
30)0
the advantage, l'rices, however, did net
break with the same sharpness ns uetcd
In the three preceding days; rather te
the contrary, en the recessions of a
point or mere, a certain degree of un
derlying rcdlnnce was encountered,
which net enlj served te held the bear
crowd In check, but Influenced at differ
ent intervals desultory covering of
shorts.
Oils furnished the motive power at
the opening. The Mexican and Dutch
f reups averaged gains of a point each,
loukteu Oil rose 2 and Standard Oil
of New Jersey Jumped 8 points. Ship
pings also were strong and further im
provement was Shown by a majority
of the rails, especially cealers and
grangers. Steels, equipments nnd meters
were backward, Itethlehem and Crucible
losing 1 point ench and United Htntcs
Steel n frnctlen.
Leaders of the oil, shipping, steel
and equipment divisions increased their
gnlns in tlie first hour, but the entire
Hut gave wn before neon when At
lantic Oulf nnd Southern Pacific broke
sharply. The decline In Atlantic Gulf
extended te almost ! point, and South
ern Pacific's reaction of 2M points was
accompanied bv rumors of a hitch in
100
i.!
te
the proposed segregation plans. Meters
shares also weakened en henvy selling
of Willys-Overland common nnd pre
ferred, the latter losing 4 points. Hull
peels were active In tobaceeR and tex
tiles, but feed shares reflected jester
daj's cut In the American Sugar divi
dend.
TRADING BROADER
IN LOCAL SHARES
1300
PRIC
E MOVEM
AGAN FEVERISH
eoe
1400
100
tee
son
110J
8000
400
100
800
2800
1400
1100
200
12)0
1800
200
230
1100
11610
100
400
8)0
100
noe
100
2)0
100
100
400
100
100
100
200
100
300
200
100
t. tee
100
300
100
i 300
200
290
400
Lecal Business Interests Plan
te Fight Grewing Evil of
Cancellations
There was an appreciable breading
of the trading In the local market fol
lowing n conspicuously hesitating open
ing, but the impreement was short shert
lived The movement apparently was
largely influenced by the substantial
early recovery In the New Yerk market,
for when the big market did the about-
tnri trlrk ntrnin. Interest suddenly evnp-
orated and the general list drifted back
into the familiar narrow rut.
Price variations in most all parts of
the list were confined within small frac
tional limits. During the morning,
there wns a general advance, part of
which was retained and part lest In sub
teqmnt dullness The list was well
represented, reflecting a wide diversity
of interest. Gains of Vi point were
shown by American Hallways preferred,
Klcctrlc Storage Battery and Philadel
phia Ce. cumulative preferred. Gains
of ' te ' i at the same time were
scored by Lehigh Navigation. Lehigh
Velley. I nlted (ins Improvement. Lake
Superior nnd Vnlen Traction. On the
ether side of the ledger, recessions from
L te V' w'ere sustained by Oeneral
Ahphnlt Mine Hill. Philadelphia In
sulftted Wire and Philadelphia Electric.
In discussing the money situation an
. " I'll e nun of the lnrger Institutions
today asserted that while money was
net easy, money was easier at 8 per
rent That Is te say there was an
Increasing supply of funds nt that rate
nn high -grade collateral. All new leans
are only being mode for short maturl
i .. viV tew extending beend ninety
days. This Is due te a two-fold rea
ct 1'1'Mt tire desire of the lnnnlng
institution te keep funds as liquid as
I ii- -ibit- under i irciimstames; the ether,
II growing belief among borrowers tbat
r
much better terms will De nntainanie
ufter the turn of the year.
Just at the moment banking interests
are (ensiilersblv interested in the pro
posed formntien among manufacturers
and commission houses of a committee
In mi 1 1 tin' HMie of the llt'UV) cuiliellu cuiliellu
tieus which nre dully being reported in
nil lines of the trade The committee
will be of a protective tjpe, and it is
hoped wnjs and means will be devised
I)1. which the situation may be handled
with some protection against the grow
ing evil in business life.
GOVERNMENT BON08
,,h
A
Hid Aak
101 10J
101 102
tot mt
101 102
7S 81
78 SI
75 8A
75 8.8
73 85
10HI 102
lOUi 1(12
105'i 104
10V4 10S
Panama coupon 2 10
Panama rrltrl 2 1030
Panama coupon 2i, 1088 .
Panama rltrM 2, 1038
Panama coupon Si, 181 . .
Panama rettrd 3a 1001 .
Philippine Jt34 ....
Philippine 4.. 135 . .
IMilllPPlne HUB
U S Oevt coupon 2 1010
U H Oert rea1trcd 2a, 1P30
it a rinvl cnuDOn 4a 1026
year
December
January ..
ifarch ...
May .. ..
July
U B Oevt reglatrl 4. 1B25. !0Ha
Dili of Cclumlila 8-Qta. 1024 . 05
Ne Action en Mains Cent. Dividend
ii..inn. Knv. 11. Ne action was taken
this
en the declaration of the f 1 25 quarterly
dividend en the preferred stock At the
monthly meeting of directors of the
Maine Central, President McDonald ad
vised that operating conditions did net
warrant consineraiien ui uiviuauu in
present This Is the first time tn the
company's hletery that one hai het been
declared
Stock Dividend by U. 8. Gypsum
ChUMe, Nev. 11. 'The United Btatcs
nvn.um de. has dec ared all extra dlvl-
Doiten
I960
00.
' dnd of B per ceht In common stock,
ithyahle in common sieck ioemor a ie
tcck of record December IB. This
stock dividend amounts te U1B.J4J, Bar
value, and Increases the outstanding
stoek te I4.100.14B. The company
changed recently from a New Jersey te
sn Illinois eWratnMle par value
of common was reduced from 1100 te
BJO.
VEKINCJ: PUBDIO .IiEDGBIPHILAJOELPmA HUE&dIT, .NOyEMBBft ,11, 1020
i 1. 1. mi 1 1 I, f, i M... . ,i ........ , , . . . ... t ..,.. , r, 1 1 i i fi i'ii ' i f "" 'i
NEW YORK STOCK EXCHANGE TRANSACTIONS INDEPENDENT OILS
M0 Nt
l.aat Our.
84ft 14
1H ..
(S
2 - ft
ft
7lft- ft
13H- H
82 ft- H
27H- H
M
127H- 3K
108
23
61ft ..
8 - H
131ft- 4ft
8- ft
S ft
30 - 1ft
62ft H
diH H
81 - 1ft
73 ""
11H- K
13ft- H
83 ft
10ft- H
709
04
831
S7ft- ft
108 ft ..
78H
1B- ft
110 ft- ft
11SK ft
3H- K
02- ft
14ft 1
8 ft- ft
40
47ft- Tl
24ft ft
110 1
87ft 14
77H H
R
89ft- Ift
110 - 4
13 -
100
01 ft
4314- ?4
128ft 1ft
123ft- Sft
lft ft
3ft
80ft- H
69 -
ft ft
13H- K
8ft ft
88ft- ft
0
1J - 1
10
66ft 1ft
31ft- ft
120 - 1ft
84ft- ft
40 ft
36ft ft
77 - m
bOft ..
24
31H- ft
80 - H
h"n
6854 Vi
78 ' - ft
18 - H
23ft- ft
H a
20 ft 4- ft
30ft ft
7 ft
18ft- ft
74
6ft 1ft
7
2iH m
61 - 2ft
8ft- 1
70ft ft
354- ft
111ft- ft
21H- ft
70ft- m
34M ..
21 - ft
82ft- ft
104 1
Ut ft
3 ft
12 - ft
18ft ft
0114 H
16H ft
9ft ...
62H- 1H
8BI4 . .
17ft- 1
18ft 1H
4ft ..
H
133ft- 3ft
IS - ft
67 H
6ft ft
46H- ft
28
87H ft
32 ft
llft ft
37 1
41ft 1
60 1
48ft ft
48 9V
12H ft
10ft- H
7ft ..
31ft- 1ft
(
14ft- ft
16ft ft
60ft ft
36 ft
7Bft 1ft
01 H
16ft ..
8 - ft
ioek- H
Alas riiihhe ........ is
34 It
.. Alaska Oetd Mines... IS
. Allied Chem t Dye U
I Allied Cheni A Dye pf M
l Allls-Chalmtrs
Allli-Chalmers pf .... 7t
Am Agrle Chtm 7
Am Agrle Chem pf... eJ4
10 Am noeh Magneto... VVi
b Am Deet Bugnr
.. Am Can 37W
7 Am Cen pf M14
it Am Car Fdy 110J5
7 Am car ft Fdy pf....l8
. . Am Cotten Oil S3
Am Cotten Oil pf.... 6J4
se Am Drlif B 8J4
0 Am Kspress 131
. Am Hide ft leather..
7 Am Hide ft Leather Pf "U
4 Am lee 0
Am Internat Cerp.... M
Am United K
fl Am Locomotive fcO
. Am. lUdlater Ce. ... 73
.. Am Safety Ilaser.... 11 W
.. Am Ship A Cem 1
4 Am Smelt A Rt IS
7 Am Bmelt ft IUf pf . . . tOH
Am Smelt See A 78
3 Am Steel Foundries.. SH
7 Am Steel Fdys pf.... 83
7 Am Sugar lief 8?4
7 Am Sugar Itef pf..,.108J4
10 Am Sumatra Teb. .... 78
8 Am Tel ft Tel 8Ji
JO Am Tobacco 118
II Am Tobacco B HK
7 Am Woolen 8
7 Am Woolen pf 89H
.. Am Writing Paper pf Uj
.. Am zine Lead A smlt Hj.
0 Am Zlne Lead A S pf 40
4 Anaconda Copper .... 8V4
4 Asse Pry Ooeds 24ft
Asse Olt 110
Atch Tep A Santa fe 67M
ft Atch Tep A S P pf.. 77H
. . Atlanta Btr A Atlantle 8
7 Atlantic Coast Line.. C3JJ
10 Atl Qulf A WIS B... 12314
1H
S
19
71
73H
R3W
85
127K
10S
23
81 ft
8
131ft
si
)ft
84
81
73
lift
14
14 ft
10 ft
78
84
83
te
108
78
0
um
118ft
T3H
02 H
44
814
40
47ft
24
110
7J4
77ft
n
!3ft
118M
13
184 ft
80
3ft
128 ft
123 ft
1ft
3ft
lift
flOH
8ft
13H
8ft
88 ft
0
13
10
08 ft
21ft
120
84
40
3814
70ft
00ft
ft
24
81 ft
81
80 X
78U
34
8ft
78
13
23ft
58
20 ft
30 ft
.17 H
lift
7
SO
Oft
:oft
08ft
8ft
77K
35
100
20
'.Oft
C4H
21
W
101
1ft
9ft
19
18J4
81ft
10
28ft
02
08 ft
17ft
18
4ft
88 ft
139 ft
14 ft
07
04
46
98
87H
33
lift
27
Austin Nicholas it
3.00 Baldwin LOcometlva
100H
7 Baldwin Loce of.... (1
. Battlmofe ft Ohie.... tt
8 Barrett 15 ft
8 Barrett Ce ctfs of debits K
.. Butenltss Mlnlnc M
.. Bethlehem Meters ... nn
B Bethlehem Steel COM
0 Bethlehem Steel B.. 82 H
.. Beeth Fisheries Mt
.. Brklyn Bapld Transit 1314
. . Brklyn n t ctf i ef dep 8 K
10 Burns Bres 80
. . Butte Copper A Zlne. . C
.. Butte A Superior Cep 13 54
.. Cadde Central O A n 10
California Packing .. 07
. . California Pelroleum. 21J4
10 Cahfidlan Paclfie ....12154
7 case J 1 1st pf 841S
. . Central Leather .... 40
4 Ctrre de Pasco Cep.. 38V4
10 ChandleT Meters 71U
4 Chesapeake ft Ohie... 87
.. Chicago ft Ot West.. 10
2 Chlcace ft Ot West pf 34H
.. Chicago Mil A St P.. 4014
.. Chicago Mil A St P pf
8 Chlcace Northwestern 81
s Chi Pneumatic Teel.. 74 V4
.. Chin t a Pac 84H
e Chi Tt I ft Pae t Pf 08H
7 Chi R T A Pae 7 pf 78
tee
Chile Copper 18H
1810 1. BO Phlnn Cenner 24
2)0 s duett Peabody H
400 .. Coca-Cela 28J4
300 s Colerado Fuel A Iren. 30 VS
800 S Column Gas A dec . BS
3100 1 Cel Oraphaphene .... 18
100 7 Cel Oraphaphene pf . . 74
7)0 7 Consolidated Oas .... fl!4
300 2 Cen Interstate Cal M 7
400 8 Consolidated Textiles . 21 W
XIO 7 Continental Can 80
10)0 l Continental Candy ... rK
8)0 4 Cern Products Kef... 7S14
810 s. SO Cosden A Ce SO
7800 8 Crucible Steel HlVi
. . Cuban Cane Sugar... zeft
7 Cuban Cane Sugar pf. 71JJ
7 Cuban Amer Suicar. . . 30
SO Debeers Cen Mln Ltd 11
7 Deere A Ce pf 19J4
0 Delaware & Hudsen. .104ft
. . Denver A Ille Grande. IK
. . Denver A Rie Or pf.. 8V4
1 Deme Mines ........ 12ft
Elk Hern Ceal 1854
s Kndlcott-Jehnson .... 01 J4
.. Erie 18H
.. Brie let pf 9H
a Famous Players L. . . csJi
7 Fisher Bedy pf 18H
t Flsk Rubber 1814
. . Freeport Texas 11
.. Oasten Wms A Wis . 4ft
6 General Cigar 81
8 General Klectfle ICift
1 General Meters ISft
0 General Meters pf . . . . 87
e Oen Meters deb 8.. 94 ft
Goedrich B F. 47ft
. . Oranby Consel M ft M 28
7 Great Northern pf . . . . 87M
4 Great North Ore etfs. 39
.. Gulf Mobile A Ner., lift
.. Gulf Mobile A Ner pf 27
.. Gulf State Steel .... 4IM
4 Haskell A Birker C&r 0H
Homestake Mlhlnc .. 4BJ4
.. Housten Oil Ce tt
1 Hupp Moter Car 17K
7 Illinois Central 80 ft
0 Indlahema Itef ...... 7ft
4 Inspiration Cen Cep.. 40
.. Inter Cen Cem
41ft
60
48ft
13
12 K
8ft
7ft'
3tft
lift
60 ft
36
73M
61
lift
IS
100
. . Inter Cen Cerp pf . . .
,. Jnt Mer Marine
a tnt Mer Marine Of. . .
.. Internal Motertruck.. 80ft
7 Int Me Truck 1st pf.. 73ft
7 Int Me Truek 2d pf. . 01
.. International Nickel,, 18ft
. . International Paper . . 88
7 Intl Harvester new...l00H
week were estimated at 8,000,000
bushels.
December opened nt 701ic te 70T,fiC,
against 70c at the clese yesterday,
and sagged te 70V4c. Mny started at
84c te 4Vic, Ofiftlnst 82c at the end
yesterday, and later sold nt rWjc, July
opened c higher, nt 85Vic nnd de
clined te Slftc.
OaU receded after a steadier start.
December opened unchanged, nt
00 c, and declined Vi' May opened
at mie te nOVic, ngulust 50 Vic nt the
end yehterday, and later sold at 55c.
Early estimates were for 15 cars et
wheat, .15 cars of corn and M cars of
eats.
NEW YORK COFFEE MARKET
New Yerk, Nev 11, Coffee had u erj
quiet opening this morning; with the few
contracts en the call confined te May.
July and September. July waa 1 point
higher and ether months were 2 te I
points lower. The market wna without
fresh development of any kind anil the
Brazilian cables furnished no Incentive
te buy centrncta
Influenced by pressure from Hlo and
Victeria, firm offers nnd a lack of bu
Ing power here, prices continued te sag
after the call. March sold te 7.46, May
te 7.93 anl July te 8,32, or 1 te 6 points
net lower.
The offerings were absorbed by trade
firms covering In hedges and therts
taking profits en a ucale dewnwaid.
Commodity Markets
COTTON MARKET
New Verk, Ner. 11. The cotton
market opened firmer this morning at
advances of 20 te 83 points en firm
cables, Wall street buying, nnd a new
cold wave approaching the belt, which
premises some freeiing weather.
After the call, prices continued te rise
', ... .k.. an mint net hlsher.
Trading was net active, but thtre
was little hedge-selling nnd offerings
were net large. Hentlmrnt remained
mixed. Bwne of the demand was inliu
'"..J V- . Keiur ttmt nenrli all bear
factors have been discounted
private cable from Uverpoel said
the market there wan a eu.u.. .. ".-..
. lltTle trade fixing and some covering
b,rtehcelpU nt the ports for the day were
e.tVmaty.1 at 32.00Oble. against 3V
727 bales a week age, and Ul.lHU naiei a
age.
10 30
lb.Te
IS 00
15 10
16 S3
GRAIN MARKET
.... Wv. 11. Selling of wheat
Yeet. Today'"
10 0J t?'"
,. . is oe 1J50
IS 80 lH fl0
I'... 17.68 IH-3"
Bank of England Statement
Londen, Nev. II The weskly state
ment of the Hank of Kngland shows the
following chenices. Total reserve. In
creased 921,000; circulation, decreased
690,000; bullion, Increased 1330,928;
ether securities, decreased f 047, 000;
public deposits, Increased f 1,673, 000,
morning by an
lImnUrJi.,7ihlB. In the early
;rtek that British buyers
bad iollewed the upturn in i'"- "
JS.aS ntlment en the buying side
ether dapesltB,
notes reserve, increaucu lODa.uuu; Gov
ernment securities, decreaed 1,273 OOU
The proportion of the hank's resorve te
liability Is 10 01 per cent, last week It
wns 9 87.
Japan Suspends Silk Production
Telde, Nev. 10. Production of silk
has been suspended for three months by
the Silk Manufacturers' Union, There
has been a general depression in the
industry for some time, and the Yoko
hama Silk Exchange closed October 27,
when prices fell below the minimum
fixed by the buying syndicate.
W Shipments of wheat from Argentina
. .1 .ek wer estimated at 22,000
tUl)e'eember opened at S1.8T te 11.80,
.ii. i fldfe at th end yesterday.
Ja f.il te 11.84. March opene.1 nt
$lM "te ?180f glnst ll.MH at
the close yesterday, and receded te
'1?..- irreanilar In the earlv trad
i- ,.,iv. hiilneua llsht Ilectliits were
aJall. Expeitta from Argentina for the
niv vsn Net .. . J e .-.
Sls
100
800
3)1
100
900
tee
tee
oeo
Int Harvester Df .
. invinciDie Oil Cerp.. 21ft
. Iren Products 0t
. Island Oil ,,,, 6ft
. Kan City Southern... 8
4 Kelly-Springfield Tire, tt
. Kclsey Wheel 80
2 Kcnnt-cett Cenne .... 1144
st
sit
23 ,
48
80
19 H
8Sft
1
34
f9
UK
nn
84
100 ft
17ft
100 1.20 ICevntnns T jb It I0U
0 fl Lacknwnnna Steel ... 8M
10 .. Lake Rrle A Weit... 10
8M . . Lake Erie A West pf 34
200 1. 00 Lehigh Valley 81
90 a Leewo Ce lift
70 .. Left Cerp lift
ivw .. Lioese-w les Bteut.. si
200
7 Lerlllard Tobacco tf,.10t!i
t Mnrlln-Pnrry ........ 17ft
.. Maxell Moter ..... 9ft
It Mexican Petroleum ..179
3 Miami Cenner i. 18K
100
100
tioeo
100
is(
34ft
400 l.oe Middle States Cerp... 13
oeo Mldvale Steel ft Ord.. 8SH
100
200
400
. Minn A St Louts..... 17ft
8 M St P A S St M L L fl
, . Me Kansas A Text... 4ft
. Me Kansas A Texas pf 7M
. Missouri Paolfle 98ft
. Missouri PsclrtO pf... 47ft
17ft
00
4
7H
28 ft
47 4
90 ft
ni
70
11
71ft
Oft
10
64 ft
70 1
81
23
3
20 ft
00ft
88
80ft
38
aft
4?4
114
40
77 ft
73
23
13ft
41ft
38ft
29 ft
01
8334
38
14)4
734
13ft
83 ft
BRK
31ft
IS
01ft
106ft
68
37ft
88 ft
108
1274
OS ft
87 ft
40
78 ft
00 ft
31
79 ft
50ft
nt
43ft
7
3ft
XJ4
irsft
2214
47ft
27ft
66ft
111H
7
(43
106ft
7 ft
80 ft
10ft
1034
1
22ft
2
10ft
14
Blft
10ft
42ft
77
28)4
123 K
32
104
45
203
lift
20
Mft
88ft
74 ft
31
07ft
41ft
f8ft
1P8
B6
47ft
47
07ft
lift
OH
27ft
11
UH
21
T,
78
88ft
48
lift
42
20 ft
22
7ft
47
48
41
200
100
901
10)
Montgomery ward .. teft
10)0 . go National Acme
19
100 7 Nat Clenk A flUlt Bf 70
100 Nat Hnam A Btamp.. t
J0 6 National Lead 714
7)0 . . Nat R n of Mex Id pf Oft
3)) l Nevada Cen Copper... 11
00 ie New Yerk Air Brake. . 88
2100 s New Yerk Central.. 80ft
00 ,. New Yerk (1 A St L.. 81
100 2. be New Yerk Deck 23
9810
130)
New Yerk N H A II.. SO
1 New Yerk Ont A W.. 21ft
7 Norfolk A Western... 18
8 North American 88
7 Northern Pacifies .... 10 ft
8 Neva Scotia SAC... 3fl
40 Okla Pred A Ret 3K
.. Ontario Silver Mining H
8 Otis Rlevater 128
8 PAClfte Gas A nice... 80ft
6 Pan-American Petrel. 714
e Pan-American B 73H
4 Parish A Bingham... 23
.. Penn Seaboard Steel.. 14
8 Pennsylvania R R.... 42ft
.. Peeples Gas Chicago.. 40
.. Pere Marquette 28 ft
8 pere Marq prier pf . . . 01
.. Phillips Pet 34
8 Philadelphia Ce 3834
.. Plerce-Arrew Moter ., 26ft
8 Plerce-Arrew pf 82
.. Plerce Oil 13ft
8 Pierce Oil pf 83ft
8 Pitts Ceal SO
.. Plttsburch A W Va.. 33
1 Pend Cfeck Ceal 14ft
6 Pressed Steel Car 12 ,
8 Pullman 107ft
8 Punta Alci-re Sugar. . 81
4 Pure Oil Ce 38ft
6 Railway Steel Spring. 88ft
7 Ry Steel SBrlns pf..lOS
1 Ray Cen Copper la
4 Reading 08ft
2 Reading 2d pf 87ft
.. Remington Typewriter te
.. Reple Steel 80ft
6 Republla Iren A Steel 70J4
.. Republic Motertruck.. 20 ft
i.SO Reval Dutch N Y )3ft
.. Bt Leula San Fran... 37ft
.. St Leuis Southwest... 31ft
,. St Leuis Southwest pf 44ft
1 SanU Cecelia Sugar.. 7
.. Saxen Moter 3ft
.. Seaboard Air Line... 8)4
8 Sears-Rdebuek 108
.. Seneca. Cep Cerp 22ft
74 Shell Transport 48
.. Sinclair Oil 28ft
6 Mess-Short BOft
6 Southern PhcIHO 1154
.. Southern Rull 28
30 Standard' Oil Of N J.. 680
7 Stand Oil of N J pf . . .10 ft
4 Stromberg Carb 88ft
7 Studebaker Blft
.. Submar Beat Cerp.... lift
3 Superior Oil Cerp.... 10J4
,. Tenn Cep A Chem... ft
3 Texas Ce 48ft
.. Texas A Pacific 23K
5 Texas A Pac C A O.. 27ft
.. Third Avenue 10ft
7)0
300
8300
210
1)10
tee
2)0
6)0
7000
1400
tee
200
1800
7)0
1710
100
700
000
4300
1700
100
200
9)0
3)0
600
3)3
490
16)0
118)
200
3)0
13)0
16.7)0
101
2)0
ntoe
48)0
390
890
600
8)0
1200
130
600
100
U700
2030
000
430)
0)0
77.130
2500
105
fill
730
100)9
230
200
1700
6400
1000
1390
100
300 t.60 Times Square Supply 14ft
1290 6 Tohucce Products .... 60 ft
1400 .. Transcontinental Oil.. 10ft
230 8 Transue A Wms Steel 4tft
BOO 8 Union Bag A Paper.. 78
030 .. Union Oil 3tft
1830 10 Union Paolfle 174ft
310 4 United Alley Steel.... 89ft
100 7 United Drur 14
200 8. BO United Drug 1st pf... 4S
1330 12 United Frvitt 901
BOO .. United Rwy Invest... lift
100 .. United Rwy Invest pf 20
3100 3 United Retail Stores. . 0E 55
2100 6 U S Feed Products... 89ft
1090 8 U S Ind Alcohol 78
290 ..US Realty A Imp... 30ft
36)0 8 U 8 Rubber 68ft
400 4 U S Smelt A Ref 80
23600 BUS Steel.. B4
B00 7 U S Steel pf 10BK
1010 6 Utah Copper BOft
1049U 6 Vanadium Cerp BOft
700 4 Va-Carellna Cham ... 48ft
109 0 Va Iren Ceal A Coke. 87ft
1510 3 Vtvndeu Ina 12ft
600 . . Wabash 10
400 .. Wabash pf A 27!(
200 . . Weber A Hellbrener . 11
2c9 .. Western Maryland .. 13 ft
1300 .. West Maryland 2d pf 22
890 .. Western Paclfie 36ft
109 4 Western Paolfle pf . . . 78
giie 7 Western Union Tel... 88ft
1400 4 Westlngheuse DAM. 40
1090 .. Wheeling; ft L ID lift
890 White Moter 42)4
1000 .. White Oil Corporation 21
400 .. Wtck Spene Bteel Cerp 22ft
23809 1 Willys-Overland 8)4
400 7 wilivs-everland pf .. a oft
100 B Wilsen A Ce 48
2000 Worthlnsten Pump .. BOft
in i mh low ut cm!( rriTiinr iiti miiiii
Philadelphia Stocks
Hlh taw
2(H)Amnwys
pref.... 18
lOtllnld T.e
prcf.... 08V4
10 Ilrlll J O. fifl'4
lOOfCh M Stl' ail-74
83 rub'n-Ain
Sugar.. ,10
18V4
0A.
r.e4
:iei
no
271 niec.Ster.H41i 114
0.V) Hen Asph 80 00
220 I.ske Sup 10
u i.aau null i,'7?l
MLeh Nav. 77H
22 I.eh Val.. (12$
2H Minchlll.. f!2U
77 la It H.. 42U
10
70
51
0031-h Nav,
22
2H
nn
u, . a u la aa. l'.a
11 l'n Halt.. 00
17 I'hlla Ins
Wire... 01
n
ft
00
01
W J'hlla Ce
cum pf. 30
I i
170 l'ltllai:iec 23
100 de pref.. 27
000 INilla It T 18 lfi
luOTl'lerce-Ar 24 24
KiTKeaillng.. DO
or a-.... t,i t
lOOTone Mln l(5
i(t l'n rrac. HO
72 I O I... .IIUm
SOOtUVst Md 11!
JtOOtWIIIys-O. 7ft
fiOWarl&S H
100 West Jer
& H H.. as
8(1
Zt5
y uuyi, a
21172 no
tNet change made by comparison with last
ale en New Tork Stock Uichanse
decreased
it.
,600,000;
Halt; In
tioeo
neNUH
msn
lw
11-1$ Am (Ins &
Klec On. . 71
4 Held I.e lbt
71 Hi
Ds in y.
25Vj Hell Tel7s,101 101
1 Key Tel 1st
0s 087 08
80Vj I.lb Henda
d 4V4h.. 80.70 80.00
i 011 ,.. ni.nu ni.zn
V4 Vie N 4iH. 00.24 00.24
1 Pa R It 7s..l04 101
10 2-0 Phil Elcc
lit 0..... 85 Vi 84
,,4"
1-80 Net
irfist Ctitt
104ft- 134
91 - ft
87 H
H
r U
48 .
801
91M W
19H- W
88W ft
18 - 3ft
34 - 1
Market Adjusting Itself te New
Conditions Ryan Consoli
dated at New Lew
83
WH
IM -
31
100
1714
New Yerk, Nev. 11. Adjustment of
the market te new conditions was a,
feature of the trading en the IJread
street curb, an Instance being the con
tinued settling down in llynn Consoli
dated, which today fell from 10 te the
new low record of 1BW-
Heme of the Independent oil stocks
were strong, but, generally, movement
in the market were without Importance,
the only activity being Ih Oe'heral As
phalt which, after a fractional adtntice
te 0094, dropped one point and then
had a moderate rally.
TTnltiwI lUtnll flnndr which old dOWn
3ft
107, - 3
ibH
3814
n
I7K ft
SO
7 &
20ft ft
31 - t
yesterday te 8, moved up te OVii but
rcacted agnln te below tl. Hercules
Paner was llrm. helling ftt 20. Ameri
76
can Writing Paper was traded in at 0
84
lft
M
14
ft
ft
34
ft
INDUHTnlALN
10K-
cme Ceal ..
Ainer Writ' Psptr, .
llrlt-Amer Teb teiip
Cur Lltht ..... .
Chluase Nipple . .,.
Cmplre Tube
ilentrnl AMhalt ....
Hercules Paper
lteydcn Chmlcat ...
M
23
21ft- fi
20ft- tt
00H- aft
88 ft
80ft- H
I'arftoiten 'fire ,
iijime tern . ,
lladle , Cem pret , . , . .
lUpUbllq Tire Rubber
Blnnd da a lilectrlc
tj H I.lBht A Ileal ..,
U fl Hteamehlp
United Profit Bharin ,
t'piteil IteUll Cardy
Wayne Ceal
38
34
434
14
124 -
2
2
40 -78ft
73
'its
fiTANDAItD OILS
Standard Oil of Ind ... 748 740
indkpkndkNt elLrt
23
nH-
41ft-
38 ft
13 01
33)4
38
ft
ft
1
ft
54
Allied Oil ,
lluntun wvdttllnjr
earth Srti ..... . , t VV1
Cltlm Wrvlce II ctla .. . 3i
Dsnnv li
Klk iiacin ret . . .
Knilneers Petroleum.
lVdcral Oil
Uienreck Oil
Inter Petroleum . ..
Kuy County Uas ...
.Merrill Oil
!kfoxce 0 1
ilnikr Oil
'ennek Oil ... .
Ul llqek oil ..
Hysn (.'una
ft
?4M- 13
734 8ft
i3H y
C8H-
nr
18 -12
107 ft
84
37ft
88 ft-
105
1234-
1014
87 ft
40
H
'A
'ft
ft
H
'ft
34
1
'6
ft
Hey dh Krance 4
BUIl v-iri-K prea .
Hlmmu Petroleum
HkelU Oil
It 11 '1'n.itt Oil ...
Victeria Oil new .
MININO
Alatha-nrlt Columbia .. .
Alneflcun .Vllnta
Arcndlsn U C
nt
11811111
Is L.uda-0
lloeth
lloaten & .Mentana
Cufnl Mlnlnft
77ft 4)4
70 - 2ft
20ft .
)3ft lft
waiumei & jtreme
Canderarla M
20ft- 1
uena virtinn
Cortex Hllver
Craon (told
31
3ft-
7
3ft
8)4
K3ft-
ft
Dundee Arlxena
'.
H
434
bsima unver
Kuika Creeiius
KurrKa Helly . . ,
Ueld Cene,
Oejil , Development
(Jeidrield Klorence
Cleld Knwknka
"ft-47ft-27ft
H
ft
Oeid Silver l'tek
fnl.l 7nnu
ft
llrrla Mlnlns '!!'.!!!!!.'!! in
6ft lft
114ft ft
27 - 34
660 7
108ft ..
87ft ft
BOft- 1M
10ft- ft
16J4 ft
Oft ft
ft ft
2234 - ft
S6 - 1
10ft ..
1
BOft- ft
1094 ft
42ft ft
77
20
Iren ulotiiem v
Junibb Kxtenhlen fl
knex Divide T
lieulelana Ce U
MarNamari U
.inran jtuninr
Mether Ixide
Nlplaalng . . .
North star ..
Orhlr silver
I'rinre con
nay Verde
Ilex Cene
Itech'iter litncs ...
Han Tey
H Hllver Iead
Huccees Mlnlnir . . . .
Tennvali rirlment , .
Tonepan uaan Hey
ronepah Divide . . . .
Toneoah Bxtenelen
Tonepah'JIm lliitler
tonepan nunnif , .
loiiepnn aiiipan
Tonopah Mentana , .
Tonepali lleecue Uula
Wim End C ....
While Cap
Wllberl
82 ft
104
45
2CB -
lift
26
84 ft-38ft-78
81
68
lft-
Mft
108)4-
tJON'DS
Allied Tackers fit .
Amer Tel flu. 1P22
Atncenda Copper 6
Armour 7s
Ueth Steel 7 ... .
Columbia Uranh Se
01 H
1 8
90
7. 0IIV4
un1
04U
lenK
U3U
yi?f v
Ii4l (i)
lOOU ten
Vi)i fia
IIUU. pn
102a 10J
Diamond Match TAn
uaiena eisnai en
Ooedrloh Tire 7a
w I
Grand Trunk 7s
Inter IITti
Mltxett 4 Mers Ds ....
New Haven it
Nat Clealt a HUlt ,.
Scars Roebuck 7s. 1028.
Sinclair 7H
Melvsy 8k
Swift A Ce 7
Texan Ce 7s
Union Tsnk 7
Western i:iee ts
Denmnrk Be
Kamburc 4Hs
Norway ds
''"J uu
.iU
, 7U
IU ?y
0ft
"'4 10814
4 94
47ft- lft
07ft
VS 14
lft
0H
27 ft
11
tlH
2134 36
78
88ft
45
lltt ,
43
20)4-
.100V4 100 1U0V4
:io8e8 ieSH ,fe
FOREIGN EXCHANGE
New Yerk, Nev. 11. Opening figures
,ui .uicihii cAi-iiniiHe ivaay snoweu gen
el III declines from yesterday's fihal n
ft
ures remand sterling was oft i te
ui'l ana caeies s.ss. fTane cableawere
aewn 0 ceniimes, at 0.17, Checks 8.78.
Other Quotations wera:
Lire cAhlas 3.43, checks 3.41; Swiss
cabes IB 32. cheeks 16 36; guilders
cables 29,80. checks 29.70 ; pesetas cables
12,37. checks 12.85; Stockholm eablcs
IS 90, cheeks 1180; Chiistlnnla cables
IS 16, chucks 12 OS; Copenhagen cables
3J
7ft
a- lft
a- 7(4
40ft
48 ft
40J4 lft
10 ju, cneeiia u.uu; ueigian oaeics 0,02,
1 11 "' enii iniirnn a.ae.
New Yerk exchange in Montreal to
day was quoted at 12 per cent premium
Thn discount en Canadian funds In New-
Yerk wnli nominal at 10 per cent. 11m
market w.n reported very mixed. Hf
1 30
p m.
Net
clme
TEBTEHDAT'B FINAL. QUOTATIONS
Slerllne Francs Lire Clullilern
18Vj G
lerllne
a.40',4
Demand ... B SDH 3 M 344 Vn Sn
Cablrt . . . 6.4014 tl.MO 8 10 20 V0
TODAY'S OPENINO QUOTATION!)
08V4 14
B0H '4
3094
fltcrlln? Franca
Demand 8 37U S 78
Ur. Oulldiri
9 ii.ie
i'uuiim , . u nn a tt 3 4.' 20, fin
BANK CLEARINGS
Hank clearing' today compared with cer
respending1 day leal two yean
1020 lets fain
30 IV4
lVa '..
50 ia
10
70 t
nP I
42 ii
00J..
01 -'.4
I'hila
I8J.I
,070,024 08,84i,d0S I71,tl8j 841)
MONEY-LENDING RATES
M'.W YOllK Menoy en call, both
clashes of collateral, opened today at 9
pei cent for lending and renewing
riiiLADKi.riiiA Call, s per cent;
time, 6 per cent ; commercial paper three
te six months. 0 ner cent.
(Nete Thcse are merely nominal quo
tations, as the local rate of Interest In
the state of Pennsylvania Is fixed at 6
per cent Plus premiums and commis
sion, time money for thirty te ninety
days Is leaned at 8 te 8 Vi per cent while
commercial paper, from three te six
months, Is being offered nt 8 te 8H per
cent)
W.
24-l
i'A
DIVIDENDS DECLARED
30H4- i
T(J-i
fl (lypum Ce. .quarterly of 1 eer
:3!n?'
cent en. common
common and IV Der cent nn n,..
(erred, both payable December 80 Ie sleck
8
of record Decemlwr 18
North l'hlladelphla Truet Ce
of 4 Der cent. DAyabla Navemh.r
quarterly
tu etei-K
as
of record November 1.
Atlantic Kenning- Ce , quarterly of IS
(OH) en common paiable JJeceniber 19 te
eteili of record November 22
Otte Klannlehr A Dree , Inc.. quarterly nf
1 10 Wrl
P m chte.
as reglilered December 20
ni per rem en yrvivrrru iiayaeie January 1
newmaraei juanuia
114 n.r cent, payable
K.wmnktt Manufaclurliv Ce
74 1
......---.... .-.-. .--,.
quarterly
i. paraeie fievemuer 10 te alee
of record November 0
it
Pr.i ParDet Ce aemlnnnu.il ft ru ...i
wi
pa) able I)ecembr 15 te stock of record Ne
vembr 80
united uaa improvement Ce,, quarterly
li
1 per cent en preferred
03
80,00
payable Dncember
l, as reentered m
. AS rtslllered November 80,
.'evember 80) open December
Cumberland P se Line Ce
0. .Heeka cleae
N
K luln ...
24
iiy a enure, payaeia ui
payabla Dicember IB te (took
ni.jin ,1
00.21. 11
104 V.
.12
of record November 80.
Hlnclalr
Cotnelldated nil Cnn.iu
quarterly 82 en preferred, payable Decent.
ber 1 te stock of record November 18
He
SttS'T-
iter 10,
I'aeltlc. quarterly IVi
per cent.
Bi- ft
pan
snusry
B te stock of
rKerd Ne-
rem'
101 ti 10114 10H- 1H l-l-.l ll.NI lini I.IIKH
1 m C
...U,fft "lft"
".::: i3 i5 i 5
IS 11J4 18
::::m M Sen
s.. is 8..
? fi i
Mi MB M s
l l 1
il i & i
748
"H "h "'4
I M 1
3! ll I
. ST
lH ivl IH
a 154 2
uit iiti iek
ih ih 1 s
18 13 13 s
1 H 'k
i Is ( TiiiiiiiiiiiiiiiiiiiJ
iaU ikU isi. r
4 4 4
ll'A ltd 11U
R P SB
tt it
iM . 1"
444
1 i 1
4 4A ,fc
41 40 41
h'i "h ":.
.:::::: 18 H
, 62 01.
':::: : 1 iu it
!..!.!!." si no 01
ia IH t4
.8 8 3
.... IB IB 10
a i a
a 11 11
A 4IA M.
U
'3 '8
iu 10 10
S0 50 00
RH SH S4
4 4 4
H H S
... f, '4 A,
... til 1A tA
. . 8 8 0
... H N S
..a e 0
::: 3A 3A 3
,.: V' A" A
!ii , J $
j't JA IVi
... is s 8
... 18 18 18
.: 7 7 iH
...4 4 4
P4tt
HbH
J 5
mu in
07W 0
evv, e
no; ie
mi n
in
24
t iz. lit
iiiiiiiiiiiimiiiiiiiiiiiiiiiiiiiiimimiiiiiiiimiii iiiiiiiiiiiii!iiiiiiiinmimii
I In One Day
wc answered inquiries en the
standing of firms in
Corfu
Puerto Principe
Wanganui
Bauru
Tiflis
Chesham
Pert Leuis
Tandjeng Balei
Solothurn
Mogader
Real Foreign Trade
Information at the
CORN EXCHANGE NATIONAL 3ANK
PHILADELPHIA
Chestnut 0 Second
Under authority front the French Government
we are receiving subscriptlene for
Republic of France
6 National Lean of 1920
Price today $58.30 per 1000 Franc Bend
Subscriptions payable in dollars at the rate of
exchange fixed each, day by the French Finance
Commission or by making part payment in various
earlier issues of French Government Bends upon
officially specified termB.
These bends are redeemable at par at the option of
the French Government after January 1, 1981, and
are a direct obligation of the Republic of France.
Further information upon request
BROWN BROTHERS & CO.
Fourth and Chettnut Streets, Philadelphia
. ... rr-..r
' " -- -
Wc Offer
15,000
Mount Royal Tunnel & Terminal Ce., Ltd.
First Mortgage 5 Bends, Due April IS, 1970
Canadian National Railways System
Principal and interest payable in Londen In Sterling or in Terente,
Canada, at the fixed rate or $4.86 2-3 te the .
A f 600 bend at the fixed rata of exchange
et $4.86 2-3 has a par of 82480,33
PRICE $1630.33 PER 500 BOND
(Accrued Interest from Oot. 16, 1920 te be added)
Giving an inc,ema at the present rate for Canadian exchange of
about 6,79 and at the normal rate of exchange of about 7.50.
Descriptive Circular en Request
Parsly Bres. & Ce.
BANKERS
1421 Chestnut Street, Philadelphia
ilfem&ers Philadelphia Stock Exchange
VuJetJ0eMLm' 111 1 1 iTl) m1 3f
JOHN L. MERRILL, Pres.
Zeufai your messages
"Via All America,"
which words are trans
mitted free by all tele
graph companies.
TOTEKNATIONAL rr-i
FRElGtJlTINCL MM
r6lW'OHAT101
V RCOULAR SAILINO
Through Bills of Ladliiar 1.....J
PHILADELPHIA te RIVER PLATE PORTS
H. M. rJolnllen Iji Nev. is
H. 8. Celatl...
E52a2PPHIAKte JANEIRO & SANTOS
l,,T,l"en,' N0T'iseM Si :
u N. B
....-...-, in h m rAiai,, - -
PHILADELPHIA te FRENCH ATLANTIC PORTS
rl. H. Indeeendenre Hall N. Ik u ., -"'1 rul3
H. H. 1.IIV bt ITulrLiiv-
U. !....
Lata
ifayetta Building, Philadelphia'
Main 8415 Lembard 8888
.Aneuth African
s-Aiiv,iiivilItD
New Yerk Agency, 40 Ttresdwsy
23 Ilrancliea In rlnuth America
One Tlranch In Meslea
OOUes Jn Kurepe
TO nts'
ur HTJl
iHRitn nrCi n'
n rim rii.
I'H
tiv
aajgm i 1 it !.
URUGUAY
In 1010 Uruguay's experts te
the United States amounted
te 14,010,715. In 1019 her
expertB te the United States
amounted te 181,410,660, or
an Increase of approximate
ly 060.
ALL AMERICA CABLES
has been one of the factors
In the devolepmont of for
eign trade In the Western
Hemisphere.
m-Hf
.....Net. t
i rtrrvirn. ;,.. , "--". ""
'.''"Aii ' 'n
..Ner. tt
170 Broadway, Navr Yerk
Cortland 8888
BOND SALESMAN
nor
rfiffla-fflna
nvuwitr- wtvv.
vsisa.sxsu0n..s!i
ymatsW
-""l'i IUta.l)lIMU,
V
nj-
i
fi
i
v
r.
'","
.of-,
k.juWJxA A
Bte
imhfir )
ri
-
L ".. .- jx.iit
Ll