wrrw. T"T.i''iT'. : wnkMT' t"-" " -TrraBiiii, vv.li i k vmamniiivnmHMvwami
wip77? M'y 1'
7 tesrsv" .'f .asssrjtv m l r- evr . i T
.m smi. . ammmr at ...
f ,TW 1 ....Ml "' '
ftlfll i - REBOUND REVEALS
11 ' i . ife MARKET OVERSOLD
Ska; &!;. "4.
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&VEHINQ PUBLfe LBP&KRPHp,APELIAV MQpi - figy:
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In censlrterlnir the pound vis
ualize It In terma of the British
Empire rather than a piece of
money where exchange value
Ma fallen te 11.40. We have
Sterling Securities which are
recommended aa
Safe, Profitable
Investments
RlAZIERG'Gbt
BROAD AND 8AN80M 8TS.
PHILADELPHIA
65 DROAOWAV, NEW YORK
19 SOUTH BT., OALTIMORE
927 1STH ST.. WASHINQTON
Hasty Cevering of Shorts Sends
Prices Up One te Five
Points
tI7E are prepared te
"'execute promptly
orders in listed or un
listed securities for
cash or en a conserva
tive marginal basis.
Correspondence invited
'Charles E. Brickley
& Ce.-
Membcrs New Yerk Stock
Exchange
Widcner Bldg. - Philadelphia
Telephone, Spruce 7391
CI Brcdwav S3 State Street
NEW YORK BOSTON
Direct Private Wires
Leng Term
Railroad Bends
High grade long time rail
road issues can be pur
chased today te yield a
return higher tharrhaa been
obtainable in any previous
year for mere than a gen
eration. The enactment of
the Transportation Act of
1920. followed by the in
crease in rates granted by
the Interstate Commerce
Commission, has greatly
clarified and strengthened
the railroad situation.
lavcirmeat Circular en Rtqatit
Harris, Ferbes & Ce
Pine Street, Cerner William
NEW YORK
Philadelphia Office:
Widener Building
New Yerfc, Nev. 22. Confirmation
of the oversold condition was given In
today's stock market when the active
Issues rebounded from 1 te mere than
5 points above last week's closing level.
Technical conditions figured prominent
It In the reversal of tbe market trend,
and In many ports of the list the over
extended short interest experienced con
sidcrablc difficulty let covering out
standing commitments. Otherwise the
buying power continued extremely Urn
ited, which, however, was counter,
balanced by the absence of the urgent
liquidation observed during the greater
of last week.
The recovery started at the opening
when, for the first time in almost three
. weeks, the trading was active en the
constructive or buying side. This open
ing bulge encountered the familiar pref
!ttak!ng and the bears were disposed
te play for a further reaction, but it
was seen evident they bad lest their
I grip, and en the secondary rally prices
were carried above the opening level
by the mere urgent covering. tA the
higher levels the trading lest a geed deal
I of its snap, but the list held well.
Week-end developments were alto
gcther favorable te the recovery move meve
j went. In addition t- the; improvement
I in the bank statements and reassuring
I utterances of industrial leaders, fore
casting a material business betterment
after the turn of the yenr, there was
1 the further recovery In foreign exchnnge
' and relatively eanir conditions In the
I money market. The call lean renewal
I rates wens fixed at 7 per cent, com
pared with 0 ptr cent u week age and
8 per cent en Friday. An ennier tone
was also reported for time leans, but
this appeared te be mere superficial
than real, although there ua wild te
be a mere liberal offering of these funds.
While these favorable elements con
tributed te help the recovery movement,
the rebound was influenced mere by
conditions within the market itself. It
had been generally recognized by all
unbiased observers that the bear crowd
I had overchet the mark and a large
short interest bad been created. It
v. as a question, however, hew far the
downward swing would proceed before
the law of averages would effect an in
evitable turn in the market trend. Ne
doubt the extremely low level at which
the market closed last week attracted
.considerable buying orders out-of-town
i ever Sunday. It was the accumula
tion of these orders that furnished the
I nucleus for the recovery at the outset,
and wnlch, as stated, was accentuated
by the hasty retreat of the mere timid
shorts.
Shares of almost every variety par
ticipated in the rebound. The widest
rallies, however, were made in these
Industrial specialties which had been
under the greatest pressure during the
recent liquidating movement. The rails
also figured prominently, especially the
Investment Issues, although the real
leadership of this division centered be
tween Ileadlng and Southern Pacific,
although wider advances were made by
Lackawanna, Atlantic Coast Line and
Oreat Northern preferred.
iSfulS3jHrlrSr
jEittFiTOsanwj EMMmwiwaarjirKi
ESTABLISHED 18(5
BIOREN & CO.
BANKERS
410 Chastnut St, Philadelphia
Government,
Municipal, Railroad
and Corporation
Securities
UrmiTt -Nru) Yerk ed PMlaittHUa
fffecfc Jtxthang
SHARP REBOUND IN
STORAGE BATTERY
General Improvement in the
Lecal List Reflected Bet
ter Feeling
While there was general recovery in
the local market all ether movements
were overshadowed by the spirited re
bound of 7 -points In Klectrlc Storage
Mattery- te 104. The trading wnt un
commonly active for this issue and dls dls
clesed n ver scant supply of stork,
making It thertfere very uncomfortable
for these who had gene short in the
recent forced liquidation of speculative
accounts Only a part of the recovery
wns let. There wn also a striking
rallj in Lake Superior Corporation,
elevating thnt stock in II ugainst 7 en
Saturday.
The better feeling pervading market
circles, however, found reflection In a
general Improvement, net only In tone
of the market, but also in substantial
advance in prices. (Jains In the ether
local shares ranged from small frac
tions te ever a point.
American Stores and United Ous Im
provement were under some pressure at
I the outset en belated selling orders, but
deui regained most or die lest ground.
On the ether hand, there was u striking
recovery in the leading railroad shares
and some of the miscellaneous shares.
Philadelphia Traction featuretl the
utiltt) group in a jump of 1 91 points en
a few transactions.
Philadelphia Stocks
lmsxMWJbmmxwmExmmMa
Miss Alice Ewing
will jjprn nn Kihlhltlen of
I'AINTINCIH AND HOULPTrRK
at Newman's Picture Stare
1732 CHESTNUT STREET
I'ulntlncrs bri Adetpb Uerfe, Leepold
Hfjfffrt, CiuteI H. Trsen, Jr., Arthur
II CurlfM
Si-ulpture bri Charles; Ursfflr,
Allure K. Ijurtnle.
Exhibition Opens
November 15-Dec. 15
07 V,
m
L3
07
103
.10
Oev
rat'
Jen
-jghhn
',1 Wn
?trtl O
V"K.
Ill"
Iftchea r
Immy
liung -
Id Jee
Cemn
flh
' f
5f . .
R
i .i "
-fi AM
I JM
. 4BI
4 I , H aM
' 4 s'"
Beles cS-Westwoed
Members Phila.ieck. Exchange
INVESTMENT
SECURITIES
Lan&Title Mb Philadelphia
PHONE LOCUST 4721'
Standard Oil. N. J. 7 Pref.
H. J. Heinz 7b. 1930
Amer. Rwy. 7a, 1922
Nat. Leather 8a, 1925
7eatingheuse Elec. 7a, 1931
MECewn&Ca
Icu.t BIV1 Land Titlm Bldg.
Hete Yealf Tl. CennscKea, Canal 4
IIIh Iw
T Alii Insur ) 20
170 Am Rtrs.. 40 48Vj
10 de pref. Wt Nl
l.p Am (Jas.. WZ 32
20 Hrill J i. MVt MVi
20tChlnoCep 21 21
200r'ubati Ca
Sugar .. 23
100 tde pf... 07',
2310 KlecSter.104
200tOen Met
0 p c nf. 02 02 02
i.ijTurvot.Ner
On- .. 30
m I Ce N A 20 y4
2200 Leke Sup 0V
02 I.eh Nav. 73 Vi
W) Leh Vnl.. 40
llMIT.MIdvale .
200tPan-Am
Pet .. .
772 Pa Jl It..
20 Phlla C.t
cum nf.,
14fi Phlla niec 22yt
120 de pref.. 27
123 PhlleTrac 01K
lOtllcadliiR . 87 A
200 Tone Min 1
175 Un Trac. 30
070 U OI.. 31
10 de pref.. fiO
20 l'nl Ces
N J.. .170 170
40tWest'ghHf 11 11 4
Net
chite
1 IS
! m
A)
49 1
SO
32 ..
.131,
21 1
0V4
si y,
30
20 V,
73
10
.11
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1
0
73
401
31V4 Vj
75 V4
41V, 1
75 74
11 41
30 30 30 ..
22 22 V,
H 27 --
51 ni"H, l
e i w e i -f-
i i-
20i 20
31 31
50 50 .
NEW YORK STOCK EXCHANGE TRANSACTIONS
8al In High t Ixw
1M . Ariama ISxpresa . .
. . Advanee numely , . , It t
"JO a AJax Rubber 3l 8lU
Jj; .. Alaska Geld Mines... 1H 114
W .. Alaska Juneau O M.. t4 U4
Wfl . Allied Chem A Dye... tK4
ltM 4 AIllB-Chalmers J4 Ui
7 Allls-Chalmera pf.... 71 71
,!!5 Am Agrlc Chem 7
8M a Am Dtet Sugar 1
! 10 Am Hesch Magneto... W V4
.. Am Cui UK 2
300 7 Am On pf 7S 77
00 it Am Car A Wy,. ..mjt 1
.. Am Cotten Oil W14 "W
1100 e Am Drug fiyn 8 7J4
1M Am Rxpresa 118 118
. Am Hide A Leather. . 74 7W
10 7 Am Hide A Leather pf 4H J4
10 4 Am lea 38J4 3814
6 Am Internat Cerp. . . . 4 8W
00 s Am Llnteed 81 At
T00 Am Locomotive. 83i4 81M
R 7 Am Locomotive pf.... 101 54 10 1
100 Am Malt n it
700 . . Am Safety Razor 10 10
100 .. Am Ship A Cem U UM
100 Am Smelt A rtef 45j4
100 7 Am Smelt A Ref pf . . . 8IH R0J4
1700 g Am Steel Fbundrtea.. M4 '8J4
3100 7 Am Sugar Ref OS 9314
00 7 Am Sugar Ref pf 103 10M
1000 10 Am Sumatra Tub 71J4 70JS
1400 a Am Tel A Tel 08)4 00
700 11 Am Tobacco H8H 1MK
100 fl Am Tobacco pf new.. 8014 8014
400 It Am Tobacco D Ill 118J4
10 7 Am Woolen 88 84
8M . Am Writing Paper pf 40J4 40)5
800 Am Zlne Lend A Smelt 714 714
300 a Am Zinc Lend A S pf 33 33
4.100 4 Anaconda Copper .... 40H M
20b 4 Aim Dry Goods 21M 21W
100 Asse Dry Ooeds 1st pf 87)5 87)4
1800 a Atch Tep A Santa F MU 4)4
800 . Atlantic nlr A Atlnntl' 7H 1
400 7 Atlantic Coast Line-. . . 80 88
100 . . Atlantic eVut U 1
3200 10 Atl Oulf A W 1 S 8.. 110 108
100 . Aute Sites Cerp W '
13400 a, B0 Baldwin Locemottvo. . 08H 0
3400 .. natt A Qhle SY 38
100 j. se Bamsdale Class A.. . 33 33
200 4 Baltimore A Ohie pf . . 80)4 80);
800 g Barrett Ce ctfs of deb!07 107
100 .. BatepllaVMInlng . . Vs 7a
300 .. Bethlehem Meters ... 2 2K
300 Bethlehem Steel . . 81)4 4H
300 a Bethlehem Steel 8 pflOl 101)4
12300 a Bethlehem Steel B 88)4 83);
100 .. Brklyn Rapid Transit 12 UH
108 .. Brklj-n Union Oaa.... M 88
200 10 Bums Bres 88 88
700 .. Butte Copper A Zinc. . 4J4 41
100 . . Butte A Superior Cep It It
ten .. Butterlck 10)4 18)4
100 . Cadde Central OAR. 14H 14)4
780 a California Packing ... 81 83
100 .. California Petroleum. 18H 18
100 ie Canadian Pacific 118 lt)i
100 7 Caae J I 1st pf 83 83
800 . . Central Leather 38 38
300 7 Central Leather pf. .. 02 88H
800 4 Cerre de Pasco Cep.. 33 30)4
3800 10 Chandler Meters 78J4 4H
3S00 4 Chesapeake A Ohie... 83 83K
800 . Chicago A Ot West. . 8)4 8)4
200 3 Chicago A Ot West pf 33)4 2?K
2(00 . Chicago Mil A St P . 38)4 34)4
2400 . Chicago Mil ft 61 P pi CI 82)4
200 a Chicago Northwestern 77 77
3800 . CM n I A Pec 81K 30K
8200 . . Chile Copper 13M 13
3000 l.se Chlne Copper 11)4 10)4
100 7 Cluett Peabody pf 87 87
000 .. Coca-Cela 34 H
200 a Colerado Fuel A Iren 18)4 3H)4
300 s Columb Oaa A Elec. . . 53 44)4
7000 1 Cel Qraphophene 144 13)4
100 7 Consolidated Cigar ..83 A3
1800 7 Consolidated Oaa .... MM 80
200 a Consolidated Textiles. 10 11)4
100 7 Continental Can IB SO
200 1 Continental Candy ... 6 IS
8100 4 Cern Product Ref... 72 K 71
100 7 Cern Products Ref pf 80)4 00)4
100 S.SO Cosden A Ce 34 31)4
300 a Crucible Steel ! H.H
800 7 Crucible Steel pf , . . . 84 83
200 7 Cuban Amer Sugar. . 31K 31)4
2100 .. Cuban Cane Sugar.... IS 34H
800 7 Cuban Cane Sugar pf 87)4 87
100 .. Elk Hern Ceal 18)4 18)4
100 . Davisen Chemical Ce. 30 30
200 10 Del Lack A Western. .224 111
1200 . . Denver A Rie Grande. 1 )4
3800 .. Denver A Rie O pf.. 1 H
300 1 Deme Mines 11)4 ll'i
100 . . Emersen-Brantlng ... 8 8
800 S Endloett-Johnaon .... SO ft
300 .. Erie 14 H 18)4
3700 . Erie 1st pf 3394 21U
100 .. Erle 2d of 18)4 18)4
4AO0 a Famous Player L 84)4 SO
00 A Famous Players pf . . . 74)4 71
200 7 Federal Mln A Smlt pf 10 10
100 10 Fisher Bedy 83 80
400 3 Flak Rubber 14)4 14H
ZOO . Freeport Texas 18)4 10K
100 . Oasten Wms A Wig. 4 4
100 a General Chemical .... 113 IIS
800 0 General Cigar 354 84K
8400 a General Electrla ....'. 173 H ltlH
18300 . General Electrle rta ..3)4 9H
41800 1 General Meters 13)4 14)4
200 7 Gen Meters deb 7.. 70)4 70)4
2800 a Goedrich U F 42)4 41
1000 . Granby Consel M & M 21 INK
1000 7 Great Northern pf. .. . H0)4 78)5
1000 4 Gt Ner Ore ctfs 30 H 30)4
180 .. Oulf Meblne A Ner. . . 10)4 10)4
800 . . Oulf State Steel 38)4 34)4
100 Hendee ctfa 17)4 17)4
700 4 Haskell A Barker Car SG 50
100 0 Homestake Mining . . . 61 S3
1000 .. Housten Oil Ce 84 81)4
300 1 Hupp Moter Car.. .. 11 10)4
100 0 Indlahema Ref 04 OK
600 4 Inspiration Cen Cep.. 33)4 33)i
100 .. Interb Cen Cerp pf . . 13)4 13H
1408 Internat Agrlcul .... IS 14)4
300 S Int Agrlcul Cerp pf. . 84)4 81
200 7 Intl Harvester new... 03 03
800, 7 Internat Harvester pfl0i)i 103
1000 Int Mer Marine 1SH 15)4
SSO0 Int Mer Marine pf. . . 54 53)4
500 Intemat Motertruck. . 30)4 no
100 7 Int Met Truck 1st pf. . 08)4 88)4
1400 International Nickel . 14ft 14)4
1100 . . International Paper. . 40 47
2S00 .. Invincible Oil Cerp... 1S)4 2J)i
1500 . Island Oil 5)4 5
1030 Kan City Se . . . 33 11)4
300 4 Kansas City Se pf. . . 45?4 ii'A
100 8 Kayner A Ce 10 70
100 Kelly-Sprlngfield T rts 41)4 41)4
100 Kelsey Wheel .. .45 iS
1800 t Kennecett Copper 10)4 10 H
1 80 N4t
Lt Or-
18 H
II
IK- K
$i
48,4
SrS Vt
71
70 H
51)44- 1J4
87)4 t)4
3SH 1)4
77 t
121)4 H
20)4 H
7)4- H
118 4- J4
w ..
4814 iJ4
38)4 Y
48 11
51)4 M
83)4 1M
101)4 1(4
tl
1 14
lift
45)411)4
88)4- H
38 1)4
44
183 3)4
71J4
90 - Va
114H a
80)4- H
111 334
85 1
40)4 3H
7)4-14
.11 - 1
40 t
11JV 1
57)4 M
85H IK
7 - y,
813
It - V
110 4- 3
4)4- Y
4H IK
38)4 1)4
33-8
50)4 K
107 4
- V4
a 14
51)4- H
let 1H
50)4 3H
11K 14
58 4
88 t
4)4- 14
It 1)4
10)4 ..
14)4 4- V,
811
18K IK
118 1
83 4- 54
38 1)4
t r 114
311
78J4 1
85 1)4
14 K
2154 54
35)4 1)4
S3 t
77 - M
81J4 1)4
1254 ..
21)4 14
87 - H
24 4- 1S
28)4 H
55 4- 1)4
13)4 H
53-1
80K 1J4
201
8(
8 H
72K4- Y
tt)4 .
3354 14
15
84
31K 2)4
11 1
87H 54
13)4 54
30 - J
27 7
H- 54
K K
1114 14
8 J4
881
18K
23K- IK
18)4
64)44- 8)4
754 154
10-54
80 3J4
lK K
10K- 54
4
lis
55K
135K 3K
3H
15)4 1)4
7054- 154
42)4 1)4
211
80)4 3K
C0H K
10)4- 54
34)4- 14
1714 54
se - 54
32 3
,81 4-3)4
10)4 H
OK
33K4- K
13 544- J4
154 H
l - tn
31
10454 )4
15K K
64 2
30)44- 54
6854- 54
14)4 4 54
40 4 154
23)4 4- H
5
21 4- 1)4
45)4- 54
706
4154 54
45 4- A
1! ..
Dlv.
Sale In I Itlkh Lew
1800 l.le Keystone TAR 54
10 . . Laclede Oaa of St L, . 40 40
200 8 LackawAnna Steel . . 51 61
100 ., Lake Erie A West... 13 1)
100 1,50 Lehigh Valley 4
1(00 1 Leewe Ce 17K 1214
0 .. Left Cerp ., K K
t0 .. Loese-Wiles Biscuit.. 80 30
100 e Mackay Ces 00
100 4 Mnckay Ce pf 87 57
00 7 Manhattan Kiev guar. (3)4 51H
23000 It Mexican Petroleum ..150K 1854
400 3 Miami Copper 18K 1V4
2300 l. Middle States Cerp... ltK HV4
4800 4 Mtdvale Steel A Ord.. 11)4 tl)4
600 . . Minn A St Leuis It 14
600 . Me Kansas A Texas,. 8K tM
600 .. Me Kansas A Texas pf 7K
2400 . Missouri Paclfle H)4 1154
1300 .. Missouri PaclHe pf... 43 H 41)4
100 7 Mentana Power pf. ... I8K (8K
100 ,. Montgomery Ward .. . 10H UH
100 4 Mulllns Bedy 94 t
100 8.60 National Acme 30 30
100 .. Nat Anlllne A Chem.. 47H 47)4
100 7 Nat An A Chem pf, . . 87 87
1100 . Nat An A Ch pf ctfs. 48)4 46 K
100 7 National Biscuit 101)4 101)4
100 7 National Biscuit pf. . .15)4 106)4
100 7 Nat Cleak A Suit pf.. 7a54B 73)4
200 . . National Cen A Cable 4)4 H
200 a Nnt Enam A Stamp.. 48)4 48)4
300 6 National Lead 70 70
flet 1 Nevada Cen Copper. . 8J1 8K
! .. New Yerk C A St L. . 51)4 51)4
100 10 New Yerk Air Brake. 8K 8K
1500 8 New Yerk Central. ... 78)4 754
00 3.80 New Yerk Dteck 10)4 18
100 5 New Yerk Deck pf . . . 41 43
3808 . . New Yerk N II A H.. 16U 14 H
400 1 New Yerk Ont AW.. It It
1800 7 Norfolk A Western,.. .100 , 08
0400 7 Northern Pacirte . ...87)4 85)4
100 5 Neva Scotia SAC... 36)4 35)4
100 1.80 Ohie Bedy A Blewer ..UK UK
800 40 Okla Pred A Ref 3)4 3K
500 ., Ontario Sliver Mining 4 3)4
000 .. Orpheum Circuit..,.. 2H 24M
100 ..Otis Steel 15)4 16)4
100 . Paclfta Declep Cerp 20 20
100 5 Paclfle Gas A Elee. . . 48 48
6800 a Pan-Amer Petrel .... 76)4 74H
1700 a Pan-Amer D 70)4 61
100 4 Parish A Bingham..,. 20 10
1200 8 Pennsylvania H n,.,. 41 40)4
'400 . Penn Seaboard "Steel.. 11 J4 11)4
100 Peeples Oaa Chicago. . 35 36
2300 Pere Marquette 11)4 KM
100 .. Pere Marquette pf . . . 43)4 43)4
M0 a Philadelphia Ce 35 35
800 .. Phillips Pet 31 30)4
3800 , . Plerce-Arrew Moter . . 2354 tlH
400 .. Pierce Oil UH UH
100 A Pierce Oil pf 78H 78U
00 s Pitts Ceal 61)4 67 H
300 0 Pitta Ceal pf 86 88
400 .. Pittsburgh A W Vt... MJi 16)4
1608 1 Pend Creek Ceal 15 14)4
600 8 Pressed Steel Car. . . . 78)4 78
800 8 Pullman 101 101
300 S PuntA Alegre Sugar. , 63 51
4700 4 Pure Oil Ce 3K 33
10 R. R. S I. C. Stock Cfs 54 54
600 8 Railway Steel Spring. 84 ft?
100 1.3S Rand Mln Am Shares 10)4 20)4
2000 1 Ray Cen Copper 1154 )(
13500 4 Reading 6854 86)4
200 1 Reading 2d pf 64)4 54
300 . . Remington Typewriter 34 .14
3800 8 Republic Iren A Steal 07H 06V
100 7 Republic Iren A Stl pf 80 88
400 .. Republic MotertrucK. 18 17
100 .. Reple Steel .'... 7 78
3100 S.10 Reya) Dutch N Y....' It 07
2000 ,. St Leuis San Fran... 15)4 1454
1200 .. St Leuis Southwest... 31)4 30 H
300 ,. St Leuis Southwest p' 43 42 H
160 , , Savage Arms , . 18 18
600 .. Saxen Moter 354 354
3300 8 Sears-Roebuck 10354 101
700 .. Seneca Cep Cerp .... 17)4 17)4
407 74 Shell Transport 44 M 44H
13000 .. Sinclair Oil B6K HI 54
400 6 Sl03S-8herf 53 M 53
16000 0 Southern Pacific 111H HI
lOOjaa it Seuth Perte Rice Sugl00)4 100)4
4300 .. Southern Rail 1 15)4. 254
800 5 Southern nail pf 50 K 68)4
46 20 Standard Oil of N J82t 618
300 7 Stand Oil of N J pf JOS 54 105
300 4 Stewart-Warner Speed 37)4 37)4
1400 4 Slremberg Carb 4554 41
13500 7 Studebaker 4SH 43
700 ,. Submarine Beat Cerp 10 H 10
2700 2 Superior Otl Cerp 14)4 13)4
100 e Superior Steel 1 41
300 .. Term Cep A Chem.... 8 7)4
13400 8 Texas Ce 48)4
000 . Texas A Paciue UH 31)4
1400 1 Texas A Pae C A O . . 26 14)4
600 .. Third Avenue 16 15)4
100 2.80 Times Square Supply. 11 11
3300 8 Tobacco Products . . . 54)4 61
100 7 Tobacco Products pf 81 54 HI 54
300 . . Tel St L A West ctfs 11 11
4100 .. Transcontinental Oil.. 0)4 H
200 8 Trnnsue A Wms Steel 41 41
300 1.60 Twin City P T 41)4 42
100 A Union Bag A Paper... 75 75
3100 .. Union Oil 23 1254
3800 10 L'nlun Pacific ........11154 121
00 4 United Allev Steel ... 31)4 32
1200 it United Fruit 108 103
200 .. United Rwy Invest... OK K
0800 8 United Retail Stores.. 68;( 57
100 U 8 C I P A Fdy 11 11
400 5 U S C I P A Fdy pf . . 40 30H
4C00 0 U 8 Feed Products... 31K 20H
8500 A U S Ind Alcohol 704 6H
100 7 U 8 Ind Alcohol pf . . t.1 81
1100 . U S Realty A Imp. ... 38 36
5100 A U 8 Rubber.- 04 61
100 A U S Rubber 1st pf . . . . 101 101
700 6 U S Smelt A Ref 45)4 45
37000 aU S Steel HIM 81
700 7 U 8 Steel pf 106)4 100 H
1300 8 Utah Copper 5.1 51 54
300 ..Utah Sec 10J4 IO54
2600 6 Vanadium Cerp 47 K 4554
200 4 Va-Caretlna Chem ... 40 40
300 2 Vlvadeu Inc 1354 11)4
e ..Wabash t)4 8)4
1100 .. Wabash pf A 45 44)4
1000 . . Western Maryland . . . 10)4 10)4
800 West Maryland 2d pf ltK 18)4
1000 .. Western Pacific 3H 31
400 7 Westlnaheuse A Brake 81 61
1100 4 Westlngheuse E A M. lfi 4154
800 .. Wheeling A L E 1M 10)4
100 . Wheeling A L E pf . . 20 20
2400 . White Oil Cerp 1 17K
1600 4 White Moter 40 3854
300 . . . Wick Spena Steel Cerp 3254 22
100 8 Wilsen A Ce 47 45
14800 1 Willys-Overland 7K 7K
100 8 Woolworth F W .. ..10754 10754
100 7 Woolworth pf . .106)4 10554
325 6 Worthlngten Pump .. 44)4 3K
li0 Nt
Lt Che.
till
4 "iri
513
13 - 1
4 S14
17)4 W
V k
30
e y,
57
6314 SH
158K K
UK
U54 H
Aiiif t
1454
8H- H
7H- H
13K H
43H 9 :
8K tK
2H 1
2
30 1)4
47)4 114
87 ..
48)4 r
U314 114
106)4 54
7354- Yk
H
46)4 H
70 2H
8K 14
5154-K
8K IK
7654 114
2054 IK
41 114
18K 1W
U 14
100 3
87)4 3
Sri- H
UK- 14
354 14
14
34H H
1854 H
0 .1
48 H
76)4 354
70yi 3
20 K
41 54
UJ4 14
35 4- 1
20H 114
43)4- 14
35 54
30)4- 54
2354 8
UK- H
78J4 1
8154 1H
86 54
26)4- 54
15 1)4
78-1
102 4- 1
51 I
34M 114
84
81K K
254 14
1154 H
87)4 114
5454 1H
34 154
67)4 54
883
28 1)4
70
67 - )4
3554 IK
3154 3H
413
10
3)4 54
103)4 4- 2K
UJ4 K
44 H- 14
8654 4- K
63M IK
1U54 1H
100)4- 54
15)4 M
6H K
618 1
10554 H
2754 14
H 4)4
45 4- 1M
I0H4- H
1454 54
41
54
4H)4 354
HK Ji
26 54
16 t
11 1
54)4 4H
8254 14
111
0 54
1 K
42)44- 1)4
75
23)4 54
121 r IK
32 54 54
108 4- e
K 54
58K 3
11 H
30)4- 54
31H 1H
70M4- IK
03
36
64 4- 3K
101 4- 54
45544- 1
S3K4- 154
ioe)i 1
53)4
10)4-
7
40
1154
54
45
10K4-
U14 2K
34)5 254
02 4- 254
41K H
10 K r 14
20-54
18K H
30544- 154
22)4 H
473
7K 14
10754 K
105)4- IK
54
CURB FAVORITES
IN GODDDEMAND
Ryan Conaelidatod Bid, Up te
14 Asphalt Hits, 46,
Then Reacts
New Yerk, Nev. 22. A feature of
the trading en the Drend street curb
this morning was the aggressive demand
for Ryan Consolidated, which moved up
te 14 bid, during the forenoon, against
the ew of 0 made late last week.
General Asphalt was actively traded Id,
first advancing , te 40, then re
acting te 45.
There were heavy dealings in United
Retail Candy, which advanced from 8
te OV&t but reacted te 8 around' mid'
day.
Slmma Petroleum and Skelly Oil both
made fractional gains. International
Petroleum was in supply at 10 and re
acted te 14.
Aetna Explosives wan also heavy, the
sales being at OH te 0. North Amer
ican Pulp was unchanged et 4. Carlb
Syndicate ranged from 11 te UH.
INDCBTMALA
Acme Ceal
Aetna Eplelvs
Car LUhf
Bmolre Tuh
Oeneral Asphklt . . .
norm Am l'atxr . . .
Perfection Tire ....
flwfut Ce
U fl Stum
United Profit BhMlnr
uniiaa ni usnar
ctfs
Alllml Oil
Uoene Oil
Uotten Wyetnlrur ,
Carlb Synd
Cltlei Service "B"
Cushlnc Pit .....
Denny Oil
Dominion Oil . . .
Klk Duln Pet . .
Knrlntern Petrel ,
Federal Oil . ...
Ulrnreck Oil .....
(lunar Qllleiple .
uuasen uu . . . .
mi i-eirei 10
Kay County Oaa ...... 1
Maraealbe Oil m
Merrltt Oil 13
North Amir Oil 2V
Neble 1
Omar Oil 2
i'reauerr a Meaner .... 0V
n4 neck en 1
Ityarr Cem 12
8lmm Pet 8
Skelly Oil SV
Un Texas Oil r
Victeria Oil new I
M1.NINO
Alaska Or Columbia
Atlanta 1
Dls Ledge t
Doeth ,, 4
Deaten A Mentana 41
Caledonia Mining 17
Calumet h Jereme ... V
Candelarla Mlnlna .... i
Cem Vlrclnla 4
Corfu Oliver at
El Salvader V
Kureka Croesus 62
Eureka Helly lj
Geld Cens 7
OeM Dereleprntnt ... 2
OelcMeld Plercnc IS
Geld Kewama 2
Onld Silver Pick 0
Geld Zene 10
Oreat Urnd 1
Emma Silver 4
Itecla MlnJrur 4
Honduras fiyn f)V
Jumbo Extension fl
MacNamara V
MacNamara Crescent .. V
Marsh Mlnlns a
Mether Lnde 6T
Mether Ida naw M
N'lplssln A)
North Star 4
Ophlr Silver
Prince Cen V
Ray Verde 1,
Hex Cens n
Rochester Mints a
Hepe Greup 1.
Silver Kln Divide . . "2'
Start Silver Iad .. .. ,
Tonepan llelment 11
Tonopah Cash Bey .... 7
Toneoah Divide 1.
Tonopah Rxtenalen
1:10
Hlth Lew p rn.
I! ev v p
. 2H 2fi 24
.. 17K 17H 17K
.. 46 48. 40
:: & iH i4)t
: 4 C 4
. . 1H 1'4 1H
..014 8 0
.... 14 18 14
.. . 3 1U 2
11H 11)4 11H
S2U S2 82H
.! . 1H IK K
. . BH 0 0
. fi SJt
.... 2H 2 2
1NDKPKNDENT OILS
2 214
2SU 23H
14 14$
leu iav1
12 12
3 2U
2V4 24
BH 65?
It 12
8 8)4
,A 1A
4A 4H
83 40
"a "
a A
62 04
H H
49 00
7A 7A
2 2
15 13
2 2
6
IB IB
1 1
a 4
4
sv.
a
J
!
H
14
2
1H
H
H
1
H
Commodity Markets
170
11?
tNet change made by comparison with last
sale en Naw Yerk Meck Exchanci
COTTON MARKET
New Yerk, Nev. 22. After un ir
regular opening, the cotton market be
came active and quite strong this morp merp
lug There was u geed deal of local
covering, partly bused en strength in
necurlticM and foreign exchange, which
absorbed the earl) offerings.
Although bearish, the Cennus Uu
reau's ginning figures, of 6,020,770
bales, cut little figure in the earl) mar
ket. Spot houses bought Jnnuury con
tracts en the call; the Southwest and
New Orleans sold. Wall street traded
both ways.
First quotations were unchanged te
22 points lower en nearby months and
(I te 22 points higher en later positions
The cevcrinc. which developed after the
1 opening cull, advunced January te 10.25,
or 40 points ever Saturday's close.
Sat Today's 12.80
cletta open p lil
n.wmtwr lfl 2 IS 05
J.nuarr t ?8 18 78
March ... . 13 H3
May . 1JJ0
Jul . IB 65
V.
IS 76
IS 7.".
IS CO
IB r,u
10 00
1 15
p m
1(
Net
chart?
eivi..
55
bales In IHlNIW
II0II0 Hlsh Iw
2 Hell Tel 7s. 101 y, 101 Vi
2 Elec &, Pee
Tr 4s... (55 55
1 3 4.r. Lib Ilends
1 3d 4Vis. . 8.H.88 88.50 88.80 70
14 4th 4's. .. 80.40 85.00 80.10 40
,3. Vic N 4r4. 00.00 05.80 05 80 20
I fl Phlla Ce cons
r.s , . 70 78 Ml 78j Vt
DIVIDENDS DECLARED
Vlririnla Hallway arl Pewsr Ce , A par
cent en prsrarree, 10 ui pma in prererrM
I payable January -u as
per i. -
paid In preferred,
rMUtsrtA Die em-
GRAIN MARKET
Cliirage, Nev. 22. On falrl general
bii)lns hy commission houses, In a
small way, wheat opened stronger this
morning, with offerings lighter. On the
upturn, some local operators sold.
There was little In the news tliut
could be called constructively bullish en
the mark't, but there appeared te be
a hotter feeling In financial circles and
the technical position was thought te
liaxc been improved by the recent dras
tic Uquldutlen.
December eucned at $1.70 te tl.COW.
against $1.09 at the close Saturday,
and later sold at ai.ya'A. Marrj
htnrted at $1.02 te $1.01, and later
reu'dcd te Saturday's last price of,
$1.50.
Offerings of corn v.cre si'arcc in the
tarly trndlng and en a general rush of
bidding b commission houses the
undertone of the market was stronger.
At 71 rents and nbeve for May, com
mission concerns took the selling side.
December open ut 05c te OS'Jc,
against 01c at the end Saturda), und
later sold at 04 c. May started 70c
te 70 Vic, ugainst 00 c at the end Sat
urduy, and Inter sold at 70c. July
wuh quoted at 72Mic te 72 c at the
eutHct, against 70r, Saturday's last
price, and later sold at 7lc-,
Oats were firmer en mere active bid
ding and a decrease in offerings. De
cember started ut 44c te "JlVc, against
I3c at the end Saturday. May opened
ut 48c te 48iic, against 48c at the close
.Saturday. July opened Vic lower, ut
471ic.
Karly estimates were for 41 cars of
wheat, 50 cars of corn and 00 curB of
eats.
und sprlnxers. 1S04M2O Calves receipts.
117 II lewarj I4CI18 ' ,p
1KX18 lle:elpti. 10.200 hand Lewer
Heavy rolled, yerkers and nht du 111 ne:
SHEKP AND LAMJIS Jtecilpts 12,000
head Heavy slew. Ii360c lower, excapt
r"'1"". which were II, hlshir I.ambs
seen; ycarnnirs. ifl.sectfBO. unhr isei
0 SO, ewes, laOB, mixed sheei,
HTH
ISbB 60
Hest St. Ixjuls. Ill,, Nev. 22 CATTLE-i-Kecelpts.
(1500 head Steers steady te
..v,.B, win m i,w ,i-r, , guai ly common.
Ust price paid IIV 26. Hulk. ISfie- bee
ees and hslfsra, 2Bc Wither: cannars, 10c
te lSc hlshar; bulk. IS 25W.1 50, bulls
strenir: bulk. II.78WB 80. veal calves toil
IH7B. bulk. I14W14 50 iteckVrs and rJS:
HUGS tltfelnlm
Undertone weak, 70c te
17,000 head
80c below Ratur.
Slew.
iiir rrnir ion all. Ha; remmnn .1
r,1VbuJk',"00'n,:",i " classes aharilJ:
I Mhadecllne: quality ralrly reed, larse pr-centaa-e
etllthls and pigs, r
SIIKEP Hecelpts SoOe had Ne .nt.a
nresicts lower en lambs and she. p, blddlrir
Oo'iSJeds0" " tei Umb' "ln ever
S8K
Tonepah-JIm Duller 17
Tonepan Midway ie
Tnnemh Mlnlns . . 1A
Tonopah Mlzpah 10
'ronepan Mentana n
Tonopah Rescue Rula ... 82
V 0 Cent fl
TTplted Eastern 2H
Victory n
West End Cen ex dlt . . . 1
Wllbert 3
BONDS
Allied Packers Is re'-i
Anaconda 7s, 1029 (I.1U
Armour 7s O.'.Sl
Heth Steel 7s 1085.. . . 84H
Cens Textile 7s DKVi
Galena 7s 01 H
ueirz ue ys, ivuu. ,
Interb Itap Tr 7s . .
Kennecett 7s
Merris 74
New Haven 4s
Ohie ril-s 7s, 1025...
Sinclair 7Hs
Selvny Sa
Swirt Ce 7s
Denmark 8
French Bs. 1020
rtusalan AUi . ..
Nenvav 8s ioe
GAIN IN COTTON GINNINQS
Total Prier te November 14 Waa
8,920,770 Bales
It ushlnrten, Nev. 22 Cotten finned
prier te .November 14 amounted te 8,
920,776 running bales. Including 177,212
round hales 31.495 bales of American
Egyptian, and 977 bales of Sea, Island,
the census bureau announced tetUy.
lAst year, te Noember 14, glnnlngs
amounted te 7,604.320 bales, including
84,241 round balee, 19,009 bales of
Amerlcan-Ityptlan, and 4231 belca of
Sea Island.
Qlnnuigs by states te November
this year, were:
Alabama, SOS, 936 ; Artxena, 40,428;
Arkansas, 675,192; California, 25,096;
Flerida, 16.278; Georgia. 1,167,340;
Louisiana, 300.119; Mississippi 609,809;
Missouri, 35,634 : North Carolina, SOI,
158; Oklahoma, 614,626; Seuth Carolina,
1,097,797; Tennessee, 166,190; Tetfl-s,
2.1S6.773; Virginia, 6439; all ether
states, 3706.
14.
Demand
Cables
Bterllnc Prnnca
. . a 4H a 06
.. a 40H 0 07
LIVESTOCK QUOTATIONS
Chleaie. Nev. 22 HOOS Ktllmaud r
eclpts. 63,000 head, laftevar, 4170 head. Vary
little delnir, fully 80c lower than Saturday's
average, but a few sales that way. 111 40
paid
CATTU5 Estimated receipts. 81.000 head
SHEEP Estimated receipts. 41.000 head.
ritUbursh. Pa,, Nev. 22 CATTL.W He
celpts, 250V head Ixiwer. Steers 12 500
18; heifers. 17 00O0. cows. 1007, Calves
Itecalpte, 1000 head. Lewer. Tep, llfl
HOOS Ilacelpts 18,000 head Lewer.
Heavies heavy and llsht yerkers and pita.
Ill 50 1 1.75
SHEEP AND I.AM I! a Hecelpts. 7500
hrml lyewer Tep sharp, 0 60, lop lambs,
111.
Baei DulTale. N. Y., Nev. 22. CATTLE
JUeelptf. 0000 head Olow. swk! slsadyi
common xac te cue lower, prim steers ana
shtpplnaT steers. 113 60018,60: butchers.
iSiSS!: """":
techera na feedenr,
113 60018,60: butchers.
p, 118 600141 heifers.
1208 78: bulls. I308.78I
rt, IS 6096 60; fresh cewa
Raw Sugar Market Quiet
mlw. y01', Nev Jl The raw sugar
market la quiet and uncertuln ewlnir te
the threatened embargo en experts from
Cuba, There were no sales reported
Saturday. The market Is quoted nom nem
nally at 6.76 cent. -duty paid Irnp?.
tatlenB en Saturday Included 23.000 hairs
Cubaa te the National Ce ; 4000 bam
r... lce h Federal Ce.. and
61,47 bags Javns consigned te the trade.
The local refined market la unchanged.
WaahlnsTten. Nev. 22 The im.ni.i.
Commerce Commission today approved
??ni.?e.r .requ,rln 10 'amit In
United States money and prepayment of
charges en shipments between Canada
nnd the United States. The effect of the
action would be te require shippers te
prepay In American money charges for
Interstate transportation wholly within
the United States. American railroads
would thus be preteated agalns less by
reason of depreciation In Canadian
money. .
FOREIGN EXCHANGE
New xerk, Nev. 22. Foreign exchange
opened thlH morning at higher rntes for
sterling, francs, lira, and most of the
exchanges.
Quotations were,
Dvmand sterling 3 49H. cables 3 50 y ;
franc cables 6.16, checks 6.14 : llrv cables
3 85. checks 3.84; marks, 1.47; Swiss
cables 1S.74, checks 15,76; guilder cables
30. checks 30W ; pesetas cables 11.60,
chicks 13.60 ; Delglan cables 6 67, checks
6.56.
SATURDAY'S FINAL QUOTATIONS
Lire Qullders
8 78 10.25
3 78 S0..13
TODAY'S Ol'ENINO QUOTATIONS
Sterllnr Pranca Lire Oulldars
Demand 1 49H (1,14 8 84 80 BO
Cables . . 3.B0H 0.16 a. 83 30 (12
BANK CLEARINGS
ilank clearings today, compared with cer.
respendlns day last two years-
1020 1010 101S
Phlla a 001,150 171.070,001 I87.188.42S
1 MONEY-LENDING RATES
NEW YOHK Meney en call, both
cloraeo of collateral, opened today at 7
per cent for lending nnd renewing.
PIIILADKLPHIA Call. 6 per cent;
time, 6 per cent ; commercial paper,
three te six months, 6 per cent
(Nete These are merely nominal
quotntleni. as the legul rate of Interest
In the state of Pennsylvania Is fixed nt
6 per cent. Plus premiums and com
mission, time money for thirty te nlnet
days la leaned at 8 te 9b per cent, while
commercial paper, from three te nl
months, Is being offered at 8 te 8', J per
cent.
u
GOVERNMENT QOND8
Panama coupon 2s, 1998
isier
10R
e as, luei
ered 2s. 1W0
I'anama coupon Jr. lu
lanama ratlstertd 2s
Panama coupon 8s. 19
Panama reslsttred 8s 1961
Philippine 4s 1934
Philippine 4s. 1083
Philippine 4s. 19S6
U 8 nev coupon 2s 1980 .
U Q Oev restattred 2s, 1980
I Gevt coupon 4s, 1928
Tlld
101
101
int
101
78
78
75
75
76
ion;
101U
Ask
102
10 J
Ifll
1
81
83
83
10J
102
l?b
eYr,e.
LLLl" I "sssaai
v.. 't, v t"C4 '
X i ' t
A
Jrf
HPP: .
mTyfflfi VlJffKsx6xsxBHB4fart''1
Mi Vlt?!rs!M
rm
'Afjtv
f .x.s
The
Excess
Profits
Tax
"THHLE ExcessPrefitsTax,
1 as any thing mere than
a temporary war tax, is
essentially bad. As its
author I can assure you
that in framing it I nad
no conception of its .con-'
tinuing beyond the
period of the war."
REGINALD McKENNA
former Ciiancttler of the Exchequer
of the Britiih Empire
Commercial Trust
Company
Member of Federal Reserve System
City Hall Square West
A Bank With
Business Experience
Business men like a business bank.
They- will find it here. The actual
commercial experience of our officers
is always available te clients in solving
their problems and co-operating in the
building of their business. Let us
help you te grew.
National Bankf Commerce
in PKiladelpKia
713 Chestnut Street
JfmtJtmn T.FalvoJl.Jritleni
Under authority from the French Government
we are receiving eubteriptiem for
Republic of France
6 National Lean of 1920
Price today $61.00 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 vari
ous earlier issues et' French Government Bends
upon officially specified terms.
These bends are redeemable at par at the option
of the French Government after January 1, 1931,
and are a direct obligation of the Republic of
France.
Further information upon requett
BROWN BROTHERS & CO.
Fourth and Cheitnut SU, Philadelphia
Miscellaneous Securities Dept.
Quotation. Furni.hea en "Unlisted" Stock, d Bend, of All Market.
This Department buys, sells and quotes the foDewin
U. S. Metal Cap & Seal, Cem.
Oil
Hart Oil
H. F. Wilcox Oil & Gas
Pettyjohn Pure Feed
Osage Oil & Refining
Triple O Oil
U. S. Mortgage Unit
Met. 5c & 50c Stores, Cem.
&Pfd.
C
acaman s
Widener Building
Revere Meters Cerp.
Stevens-Duryea Unit
Turman Ofl
Templar Meters
Mid Texas Petroleum Cerp.
JONES & BAKER
lun.e. Ball, locust 180-.K.,,ten.. ILee I860
Philadelphia
v.,
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