F "'& ncuw ."t - lil.ll i.v-'ic i V s K K"J jf ' r kJj -4.. 20 s? YsffPfWifi ; a ' .Pirn t a ; 2d m it; HUri A K i e it ru e. VV IN j (, J' ' Lew Prices for Bends Bend prices are low. Ne one disputes it. That they wjll eventu ally reach higher levels is also true. It 'may take longer for prices te approach normal than some authorities believe, but a geed long-term .bend pur chased new is the best kind of investment for the average individual. Write for circular 2fe. D-9. Giiandlku Company mil Fr.nlclin Bank Btdg. Philadelphia New Turk lleten New II.Ten nnltlraer THE pPOUND i STER LING &S Leeking Forward We recommend the purchase of certain Sterling Securities for Safe, Profitable Investments RlAZ!EftACa DROAD AND SANSOM STS. PHILADELPHIA 83 BROADWAY, NEW YORK 19 SOUTH 8T., BALTIMORE 917 1&TH ST., WASHINGTON n We Recommend for Investment Gillette Safety Razor Stock The Company manufactures and sells the Gillette Safety Razor and blades, known the world ever. Its history 1 one of remorkcele progress and expansion. Frem the outset the merit of the Gillette Razor has been be proneuncod that Its sale and use have de pended almost entirely upon the ability of the organization te meet the demands of the market. Net earnings October. 1920. $870. 383. compared with $731,663 net in October, 1919, an Increase of 19. Ne bends, notes or preferred stock outstanding. Dlvldenda have been paid as fol fel fol eows: 1017.... 97.00 per share loin 0.80 " 1010 10.00 " " 110 lt.00 " " We believe this Company will be unaffected by any change In economic conditions. JosephW.Gres$&Co. 1421 Chestnut St, Correspondents Aldred ft Company J tn-l Important Industries Our current weekly Market Letter describe! the recent tllwtttna anil Industrial Kt development in a number of iteck muci, with im portant data concerning GENERAL MOTORS U. S. FOOD PRODUCTS fw iCe or Telephone for Free Copy SMITH, REDPATH & CO. Member rhllit. Hteek Kxthanie 1524 Walnut St. riiiLAnELriuv l'henel Npnice 650 X Let us submit for your consideration Investment Suggestions suitable for these who wish te have their money provide the best possible returns from geed se curities. Write for Our List Ne. L-8 A. B. Leach & Ce., Inc. Investment Securities 115 Seuth Fourth St Si American Ua 7s, 1928 Hershey uioceiaie y'jb, iikis Wt renn. I'ewer 5s, 1946 West Penn. iMwer 7, 1340 fOENNING, GARRISON & CO. gi nTuvn r.Ai .iciur. iii'ii.iu.-Mf LlMrtrt J'rlvulc ltMrinn (e f eru 5 jltrucxrs wia. mec exenance PRICE MOVEMENTS WERE FEVERISH Sales 700 .100 000 lzea 100 2300 100 00 200 400 tee 400 4300 100 3700 300 100 1600 100 800 1300 S00 100 1800 tee 100 S800' 100 3400 1300 3300 no 1300 100 1300 1300 1400 100 1800 8800 100 100 300 810J e 3800 400 000 300 300 2300 tee 33300 300 200 400 800 300 400 300 1100 400 800 300 100 7(0 100 100 2(0 810 400 700 Opening Bulge Ran Inte Ex tensive Selling for Profits. Seft Spots Uncovered New Yerk, Nev. 21. The extreme fevcrishncsH which developed lh to te dny's stock market was wholly In line with precedents. It was net becnutie of any particular adverse development or any chance for the worse In funda mental and economic conditions, but ditlens within the market itself, com monly known as the technique. Then! was a buoyant opening, recording fur ther substantial rallies from the recent protracted liquidating movement, which was te be looked for in view of the momentum gained by the recovery movement yesterday. The early pace was tee vigorous tn be long malntnlned, and extensive selling for profits, coupled with renewed drives en the part of the professionals, quickly canceled most of the early Improvement. The market, however, came back, regaining about two-thirds of the initial improvement, followed by the familiar becklng and filling by which the general list started nowhere nnd reached nowhere. While some of the sere spots may have been cut out, which facilitated the technical rally' yesterday und Sat urday, the day's movements demon strated conclusively there were still a geed many lame ducks left who having been helped ever the bumps last week were in no position te hang en much longer and were indisposed te slide out when the opportunity was offered te get out at reduced losses. In the two days it must be remembered the indus trials regained mere than one-third of decline suffered since election and much mere in the rails. Then again undoubt undeubt erly much of the Rteck bought during last Friday's aggressive session for support came out this morning. Fur thermore the conditions which were supposed te be responsible for the re cent violent market shakedown have net disappeared. Te the contrary, they were still very much in evidence, al though many are confident In the belief that the worst side of the general busi ness and economic situation has been already iliieunted. Frem the manner in which the mar ket started out there was every premise ofanethe r day of discomfort for the Dear camp, it was noticeable, however. 300 1000 100 100 100 1400 200 0700 100 moo 400 100 100 300 300 3800 100 300 300 100 300 300 300 4800 100 400 400 300 300 1300 800 100 00 1700 300 300 4800 400 800 4700 200 300 3300 700 1100 300 3600 8200 21700 300 000 1000 S 200 100 200 2S0O 300 100 100 600 100 2000 300 200 tee 100 400 300 1300 1700 4200 600 100 3100 1000 3400 300 ,0500 830 300 20 00 2(100 that most of the excitement centered in the highly speculative, specialties which had been unduly depressed while the mere representative issues nfter opening advance showed a tendency te hang fire. Such issues as General Meters, Crucible Steel, ether meters and peel specialties made opening gains any where from 1 te ever 3 points. The representative rails and industrials were also strong but they were over shadowed by the pyrotechnics in the in dustrial specialties. When the trend was reversed General Meters seen canceled Its advance en an enormous turnover and weakness sud denly developed in low-priced ruils. New Haven fell f points and Texas and Pacific 2a4, the reaction embracing St. Paul preferred, Iteck Island, New Yerk Central and Southern Pacific. Shippings were netx te yield, notably Atlantic Gulf, United Fruit and American In ternational. Crucible nnd Gencrnl Elec tric forfeited their advantage and oils began te sag, Koyal Dutch showing especial pressure. Although call money opened nt 0 per cent, the lowest Initial rate in many months, stocks made fur ther rece.-siens with the approach of neon. LOCALS INCLINED TO MARK TIME Financial Difficulties of Prom inent Commercial Concern Were Without Effect On a mere moderated scale the leeal market movements were much en the vamp lines ns these of New Yerk. Ir regularity characterized the fluctuations of most of the prominent local shares, but the variations except In two or three isstieh were renfined within fractional limits, thereby reflecting the nurrow nurrew ness of the current market. Electric Storage Hattery continued te held the limelight scoring an rurly ad vance te 100, from whirh it reacted later te 104 An idea seems te prevail en the street that with the transfer of the large General Moter holdings te Morgan-du I'ent Interests, there had been a similar withdrawal of liquidating pressure from thut stock. There is net much te be said concern ing the movements of the ether local necks, as none of the individuul trans action contained any special feature of interest. In all the opening prices were higher, but the profit-taking and lessened buying demand brought a prompt cancellation of the gains, butin' stead of being followed tip by renewed selling, the market became dull and narrow With the exception of I'nited Oas Improvement, which surrendered IS points of yesterday's rally in a decline te .'UV's. the utility group held their ground nurprislngly well. The rails fel. lowed close te the New Yerk parity. A point decline in Americnn Gas was the only feature of the miscellaneous list. The trading in this quarter being ex ceedingly light Announcement of the appointment of a creditors' committee for one of the prominent local mercantile houses ex erted no influence-whatever, an the ac tion had been generally anticipated in view of the fact that the condition of the firm was generally known in finan cial circles. LIVESTOCK QUOTATIONS Chlraxn. Nev 2a HOdH Kstlmated r r elpts. M GO hfuJ luft ever. 741)7 lifad. Very little Je!n- KVw sales around 73c lower than esierrl.i s average. 110, yfi pnlil TATTLE HatlniAtad receipts, lll.OOO HlinEP Eatlmittei receipts, IS, 000 head rlttebunh. l'a., Nev 2.1 HOOS Re. relptH. 7300 head Ixiwer. Heavies, 110'JeWlOSO heav and Iliht yerkers and pl. 1 75W10 i0 SHEK1 AND I.AM11S neeelpts. SOflO head Steady Tep sheep, fl 80, top lambs, HI ' CALVES Itecelptn 300 head. Steady Tep. 41 . Kiiat Kt. IuU. III.. Nev 23 CATTLE nerelpts, 4SII0 head Hulk steer III Mil ld.eO heef cows and heifers 23c hlsher, runners Hie te 23c hliiher, bulk IA 306 3 73 bulls, Htrer. bulk 3Wtl. eal ralvea top. SIS 23, bulk, ceed te choice vealera. (14 73 13. Blockers and feeders atrenx. IICKJS Receipts. IH.OIiO head Demeral. lied few sate at top, 110 33 vraduatlnx down le late sales at 10 73. generally. II tn II 23 lower than jesterday's average, hulk. Dec . Jan March May July . til NOflO 25. packer sews and piss. It te II 30 lower HIIEBr- -Receipts 2100 head Weak Umb ami nheep. 23c lower, ethers steadv ery few sales consummated l.arnbs. top, 110 78. bulk 110 1(1 30, ewes, top. 1130. bulk 14 4 23. Kat Buffalo. N. V.. Nev 23 CATTLE Receipts, 1100 head. Common. weak p,lv,. Receipts. 300 head. Geed, steady, llfttH J!UUC-"-lereili. wnw itrnu, ''." ....... n I...- lOrU l. tllnn. Twen- tv-rte cents te II lower Heavy, mued and jerkera IlilSOWIiiTa light yerkers 10 73 fll nigs II Iff 11 30. reugha. IIM II 23 stnu 17 WH Silt Kl' AM' I AMIIS Receipts 32nn head Ooed lunibs. 23c higher, cmnmen slew Lambs, I0O11.25. Others un. Ichauitd. NEW YORK STOCK EXCHANGE TRANSACTIONS Dlv. In I 1:30 I.Mt N.t Che. tilth Lew 10 M 3854 154 154 83 " 814 8 H 6H 8114 68K 54 Vt 3654 754 13454 107H 33 714 130 8 41 at 57 354 85 H 8654 8454 33 10 12 V 4394 8694 30 H 454 75 tt 11594 8t54 114 6V 43 8 3354 4054 23 8454 76J4 75'4 tl'A 105 100 7054 07 3854 50 35 115 115 354 101J4 555'4 4'A 13 94 8SK 5 1114 10J4 13H 64 30J4 118J4 3014 3394 77 6554 OH 3654 53 94 70 30 H 68 13 54 2114 88H 24 2J4 56J4 14H 73 57 83 94 754 20 H 62 694 73 9994 35J4 9054 8594 3454 26 08 235 54 94 17 58 1554 33 94 17 54 75 8254 149 17 454 S754 136J4 . . Advance Rumely . . . . M 8 Advance numely pf . . 80 0 Ajax Rubber 3414 . . Alaska Geld Mines... 1H .. Alaska Juneau G M.. 114 .. Allied Chem & Dye... 53 .. Allied Chem ft Dye.pf 80 ft 4 AltlB-Chalmcra 31H 8 Am Agrlc Chem 00 Ji 8 Am Airrle Chem pf... 82 14 10 Am Besch Magneto... MPi B Am fleet Sugar 84ft . . Am Can 28 7 Am Can pf lYt 12 Am Car & Pay 126J4 7 Am Car & Fdy pf...l08 .. Am Cotten Oil 23 80 Am Drug Syn 7J4 0 Am Express 120 .. Am Hide A Leather.. 8J 1 50 3S14 114 114 53 8914 ,3094 8J4 84 y4 3654 714 13414- 108 32 754 130 814 40 40 57 Am Hide A Leather pf 40 Am -Ice 40 Am Ice pf 37 Am Internal Cerp.... SW Am Linseed 8SK Am Linseed pf 88V5 4314- 55H 8614 a Am Locomotive AS Am Malt 33 85 -38 10 12H . . . Am Safety Razor 11 .. Am Ship A Cem 13 4 Am Smelt A Ref 47 7 Am Smelt A Ref pf . . . 88H 8 Am Steel Foundries.. 31 H 7 Am Sugar Ref 07 10 Am Sumatra Teb 7714 H Am Tel & Tel BH 12 Am Tobacco 120 6 Am Tobacco pf new,. OO'l Is Am Tobacco B 117H 7 Am Woolen .. Am Writing Paper pf 4j . . Am Zlne Lead A Smelt 8 0 Am Zlne Lead. A S pf 3.1 4 Anaconda Copper .... 42 Si 4 Asse Dry Goods 2314 0 Atch Tep A Santa Fe 86 B Atch Tep A S F pf.. 77Vi . Atlantic Blr A Atlantl. 7K 7 Atlantic Coast Line. . . 01 M 7 Atl Refining 7 pf,.103 10 Atl Gulf A WIS S.. 112J4 7 Austin Nicholas Ine pf 70 y2 1.80 Baldwin Locomotive.. 09H .. Bait A Ohie 41ft 4 Baltimore A Ohie pf . . 80 H . . Bamett Leather 25 8 Barrett 117 8 Barrett Ce ctfs of debll5y4 .. Bethlehem Meters ... 3J4 8 Bethlehem Steel 8 pfl02 e Bethlehem Steel B.... 88 .. Beeth Fisheries 4H .. Brklyn Rapid Transit 12 10 Burns Bres 8eW . . Butte Copper A Zinc. . 514 .. Butte A Superior Cep 12' .. Butterlck 10H . . Cadde Central OAR. 15J4 6 California Packing . . . 64J4 . . California Petroleum. 21 10 Canadian Pacific 118 J4 . . Central Leather 30J4 4 Ccrre de Pasco Cep.. 32M 10 Chandler Meters 7914 4 Chesapeake A Ohie... 85'4 . . Chicago A Gt West. . . 0J4 .. Chicago Mil A St P.. 3I4 . . Chicago Mil A St P pf 8434 0 Chicago Northwestern 70 . . Chi R I A Pae 32J4 0 Chi R I A Pae 6 pt 68 .. Chile Copper 12 1.80 Chlne Copper 21V4 7 Cluett Peabody pf . . . . 86$ . . Cocn-Cela 34 8 Colerado Fuel A Iren 30 8 Columb Gas A Klec. . . 58ft . 1 Cel Graphophene .... 15J4 7 Cel Graphophene pf . . 73 7 Consolidated Cigar .. 60 7 Consolidated Gas .... 83J4 2 Cen Interstate Ca.1 M. 7J4 3 Consolidated Textiles. 30$ Continental Can 63 1 Continental Candy ... 694 4 Cern PreductB Ref... 74JJ 7 Cern PreductB Ref pf 09 3.80 Cosden A Ce 35 4 8 Crucible Steel 100 3094 96. 75 99 11894- 9014 114 - fy 42 8 33 f 41J4 33 - 8414- 7614- 71-4 . 01V4 105 110 - 7054- 08 39 -80 25 115 115 v 314 101 554- 2 494 3 1294 8814 814 12 1094 15Jb 04 20 J4 118J4 39J4 6554 054 3614 53 - 114 79 3094- 08 1314-3114-8694-34 2954 6954 14J4 73 -00 8354 754- 2094 02 694 73 8994 3514 0914 8594- 3154 26 Crucible Steel pf H5JJ Cuban Amer Sugar. . . 3414 Cuban Cane Sugar. .. . 2754 Cuban Cane Sugar pf 6954 Del Lack A Western. .323 Denver A Rie Grande. 34 Denver A Rie O pf.. Ji Klk Hern Ceal 17 6014 225 94 94 17 58 1554- 2414 17 Hndlcott-Jehnson 58 H 10M 3454 17 5654 73 8454 Erie Erie 1st pf Erie 2d Df Famous Player L. . . Famous Players pf. Fisher Bedy s 8 10 3 54 75 8254 1514 17 414 6754 127 394 104 67 75 4294 nK llubber 1554 . Freeport Texas 17J4 . Gasten Wma A Wig. 454 0 General Cigar 5754 8 General Electrla 131 . General Electric rts .. 454 1 General Meters 17 J4 1 Gen Meters ctfs STc . 07 54 7 Gen Meters deb 7.. 75 0 Goedrich B F 44 7 Goedrich B F pf 80 . Granby Consel M A M 3154 Gray Davis 13 7 Great Northern pf.... 82J4 4 Gt Ner Ore ctfs 31 Ji . Gulf Meblne A Ner... 1154 . Gulf Mobile A Ner pf 3554 1 Haskell A Barker Car 01 . Hen dee ctfs 1754 . Housten Oil Ce 87J4 1 Hupn Moter Car 11 j; 7 Illinois Central 80 394 10J4 07 75 43 94 754 2154 13J4 8054 3154 1114 3554 58 V 17J4 - 83 ft 1114. 80 3494 'ri 1314 15 05 18 53W 3014 71 15 50 94 554 3394 554 3114 4514 44 V, 1M 7054- 3114 l'l 8814 3194 1114 2554 58' 17J4 W4- 1114 80 3494 5 1854- 15 03 16 4 Inspiration Cen Cep.. 3B54 mteru Cen Cerp . . . . Interb Cen Cerp pf. . Intermit Agricul . . 7 Intl Harvester new.. 5 13 54 15K 0054 . Int Mer Marine 1654 0 Int Mer Marine pf... aOJi 8394- 3194 71 internal Motertruck. 7 Int Met Truck 1st pf. . International Nickel . International Paper. . Invincible OH Cerp. . 31 71 is 53 264 15 50 94 2554- 3394- 554 2154- 4554- 44V4-1994- . Iren Products 33 . Island Oil 854 . Kan City Se .... 22Ji 4 Kansas City Se pf . . 46 Kelly-Springfield T rU 47 2 Kennecett Copper ... 20 H back. An eastern hhipper pressed De cember for sale. December started at 05Vic te C5c, nxalnst (Me at the end yesterday, and sagged te 4c. May opened at 71c te 715bc, ngninst 71c at the cIebc yes terday, nnd later sold at 70-c July opened at c higher, at 73c, and dropped te 72c, Oats opened firmer en covering bj shorts. December opened at 43 c te 43c, ugnlnst 4294c at the end yes terday, and declined te 42c. May was quoted at 48c te 48Vic lit the outset, ugainst 47'ic. nt the close yes terday, nnd Inter sold nt 47c. July stiirted c higher at 48V4c, but receded te 47c. Early estimates were for forty-five cars of wheat, sixty-five cars of corn and fifty cars of eats, Commodity Markets COTTON MARKET New Yerk, Nev. U3. Liverpool was u (feed Heller en the eiieninR of the rot ret rot ten market today. Spot houses und Wull street interest! took the cotton se thut first prices were generally 10 te 15 points net higher. Although nt one time Liverpool cables were much better than due, the I'ngllsh mnrket lest nearly ull the improvement under further liquidation. As tcxtLe news here continued bearish there was little te Induce outside support. At the end of the first fifteen mln uteit the local market was easier and about 0 te 7 point under last night's close. Previous Clese Open , 1H.8II 10,23 . H.10 lfl 13 10.03 111 10 . JB.OO 111 00 IB 7S 1ft 70 11 00 a. m. in ae 10 07 1(1 00 13. HH 16 I3 1! P. e Raw Sugar Mere Active New Yerk. Nev. 23. The raw sugar market developed greater uctlvlty at the close yesterday, but prices remained practically unchanged en the basis of B 76c, duty paid. Sales Included 10,000 baes Perte Itlcea for prompt shipment ut 5 76c, and 7000 hairs Cubns for prompt sh pment, price te be fixed the day of arrival, te a New Yerk refiner. Im Im Im Iiortatlens en Monday included 23,000 bags Cubas te Arbuckle Bres. ; 18 000 lings Cubaa nnd 6400 bags Penis te the Warner Ce.; 4180 bafrs Torte nices and 250 bajfs Venezuela te the National Ce., and 2600 bags Perte nices te the Fed tral Ce. The local refined market le un 10 24 13 114 13 NO 18.80 GRAIN MARKET Chicago, Nev. 23. Wheat sagged after a firmer opening this morning. December opened le higher and March ut nn advance of lc te 4c. March at one time was only 2VjC under Decern ber It was purchased principally by an eastern shipping concern. The gainh nt the outset were due te a better feel ing in Wnll street and firmnem in ster ii,,.. eTMimiire. On the udvnnce. com mission houses generally had selling orders. Weakness Tit -Winnipeg was n factor. December opened nt $1.01 te $1.01 li, against .$1.00 at the close yesterday, and declined te $1.50. March started nt $l.r.O te $l.r7V4, against $l.fi(J at the end jesterduy, mid receded te SI r.!i,j. Cern started firmer en general buy. lug, but the upturn brought out In-crcusi-d offerings and there was a act-. Increase In World's Wheat Crep Heme, Nev. 22 The wheat and rye crops of 1920 show a slight Increase ever last year's figures, says a bulletin Issued by the International Institute of Agriculture here today. The yield of luirley Is 7 per cent larjrer than last year's, eati 21 percent greatr, and sugar beets 36 per cent mere In Argentina, fiffcrs for the new wheat crop are being made at somewhat lower prices thun these prevailing In mid-October, the. bul bul letln asserts. IV. Int 1.10 Keystone TAR 8lei 180 109 40 400 200 1000 300 1700 1666 100 300 100 100 .100 390 20000 1800 6590 3700 300 100 6000 600 1300 200 700 1000 700 200 Kith Lew H t 6H 15 1714 49 94 103 1794 1914 19 169 V 68 56 94 75 194 16114 17 IS 3114 1454 79 2114 45 394 794 2014 614 39 2914 71 48J4 88 7114 814 94 58 .7594 53 94 20 1814 9954 64 87 3714 1314 414 2814 1814 60 1914 4894 3954 771'4 7194 4094 1094 3014 201-4 45 3114 3614 23 H 12 94 1 2894 14 8394 9314 10494 6194 35 86 21 11 8814 63 36 80 ,'v i:7" .. Laclede Gas of St L. 0 Lackawanna Steel , .. Lake Erie A West.. 9 Lee Rubber Tie 94 84' 1614 1714 50J4 14 54 V 14 14 H 14 3.80 Lehigh Valley 7 Liggett A Myers pf. .103 t Leewe Ce 1854 .. Left Cerp . 1014 .. Loese-Wiles Biscuit.. 80 7 Lerlllard Tobacco pf.,100V4 4 Mackay Ce pf 68 7 Manhattan Kiev guar. 6694 8 Maj Dept Werca 75 . Maxwell Moter !4 It Mexican Petroleum ..16414 2 Miami Copper 18 1.60 Middle. States Cerp... 1814 4 Mldvaln Steel A Ord.. 3414 .. Minn A St Louts IS 7 Minn St P A St 8 M.. 79 .. Missouri Paclfle 3394 . . Missouri Paclfle pf . . . 4594 . . Me Kansas A Texas. . t .. Me Kansas A Texas pf 794 .. Montgomery Ward ... 20 j4 . . Nat An A Ch pf ctfs. 58 0.80 National Acme SO . . National Cleak A Suit S014 7 Nat Cleak A Suit pf . . 71 6 Nat Enam A Stamp.. 4854 7 Nat Enam A Stamp pf 88 0 National Lead 1314 . . Nat R R of Mex 1st pf 854 1 Nevada Cen Copper. . 10 0 N O Tex A Mex 6814 8 New Yerk Central. . . . J754 154 94 1 9 1 114 194 94 2H 1H V4 1 J4 14 14 100 100 300 100 100 1300 300 3309 100 40000 800 700 700 6O1IO 100 280 400 200 409 700 100 300 100 7700 800 4690 3300 000 1500 100 1300 1200 5300 800 10 2106 100 300 100 400 1800 4100 114 T4 'j'4 14 .. New Yerk C ft St L.. S94 1 . . New Yerk N H A H. 1 New Yerk Ont A W. 7 Norfolk A Western.. 8 North American . . . 7 Northern Paclfle . , . 0 Neva Scotia SAC. 2.80 Ohie Bedy A Blewer . 3654 . te .1001-4 . 6414 . 8814 . 3754 14 114 14 14 14 1354 1 14 2'4 54 iy 1J4 Ontario Silver Mining 414 Orpheum Circuit 2 94 . Otis Steel 16 3 Owens Bottling Mach SO . . Paclfle Develop Cerp 1014 0 Paclfle Gaai A Elce. . . 41 1 Paclfle Mall 3054 6 Pan-Amer Petrel . ... 79J4 fl Pan-Amer B 74 8 Pennsylvania R n,. . . 41V4 .. Penn Seaboard Steel.. 1394 . . Peeples Gas Chicago. , 37 . . Pere Marquette 3134 . . Pcre Marquette pf . . . 46 .. Phillips Pet 32 H 3 Philadelphia Ce 3654 . . Plcrce-Arrew Moter . . 3814 .. Pierce Oil 12S 5 Pitta Ceal 61 .. Pittsburgh A W.Vt.... 3954 1 Pend Creek Ceal 14 8 Preesed Steel Car.... 8314 7 Pressed Steel Car pf . . 9114 8 Pullman ,101 3 Punta Alegre Sugar.. 5394 4 Pure Oil Ce 36 Railway Steel Spring. 8754 1.36 Rand Mln Am Shares 21 1 Ray Cen Copper 1154 4 Reading' 9954 2 Reading 1st pf 63 . . Remington Typewriter 38 . . Reple Steel 80 li 6 Republic Iren A Steel 6994 7 Republic Iren A Stl pf 8994 .. Republic Motertruck. 3894 5.20 Royal Dutch N Y. . . . 7394 1 St Jeseph Lead '. 14 .. St Leuis San Fran... 3894 .. St Louts Southwest... 31 .. St Leuis Southwest pf 4314 1 Santa Cecelia Sugar. , 554 ., Savage Arms 1694 .. Saxen Moter ........ 394 . . Seaboard Air Line pf . 1594 8 Sears-Roebuck 106 . . Seneca Cep Cerp .... 1854 74 Shell Transport 4594 .. Sinclair Oil 27J4 0 Stess-Sheff 6554 0 Southern Paclfle 116 .. Southern Rail 3654 0 Southern Rail pf 60 7 Stand Oil of N J pf J0594 4 Stewart-Warner Bpccd 39 4 Stromberg Carb 49V4 7 Studebaker 4814 ., Submarlne Beat Cerp 1114 2 Superior Oil Cerp.... 1454 , . Tenn Cep A Chem. . . . 854 3 Texas Ce 61 .. Texas A Paclfle 2154 1 TexaB & Pae C A O . . 2714 3.80 Times Square Supply. 13 6 Tobacco Products . . . 6654 . . Tel St L A West ctfs 11 ., Transcontinental Oil.. 994 8 Union Bag A Paper... 78 .. Union Oil 2394 10 Union Paclfle 123 4 Union Pacific pf 6414 4 United Alley Steel ... 3294 3.80 United Drug 1st pf... 45 12 United Fruit 20314 .. United Rwy Invest... 1094 .. Unit Rwy Invest Pf. 24 3 United Retail Stores.. 02 0 U S Feed Products... 34 8 U S Ind Alcohol 7394 ..US Realty A Imp.... 40 14 i 694 14 14 14 14 14 15 94 14 14 94 14 14 H 14 14 300 400 1900 16300 100 300 400 4000 100 100 8800 300 3100 1100 100 100 100 600 100 3500 1900 300 13700 100 33800 3300 400 400 BOO 1300 3700 2000 1100 700 13900 1700 690 200 2200 100 1200 100 2000 3470 100 eOO 100 1900 54 0794 8994 28 94 70', 1394 2514 30 V 4314 HT654 1094 31-4 594 104 1894 4514 2854 5514 11394 3594 60 105 2894 43 4694 1014 14 894 4994 20 27 13 8314 11 914 78 2354 12194 0454 3214 45 197 1094 2314 0014 3354 71 39 6514 10114 45 , 8294 106 -52 94 4714 40 99 1114 914 414 10 1 314 94 14 14 "94 14 14 1 4 H 14 4 14 14 54 1 14 114 394 s 114 1 14 114 1 214 14 14 "l4 14 94 14 14 1 194 114 100 800 3200 1400 6800 800 7600 300 200 45200 700 2700 4800 1000 400 1200 1000 1500 200 800 700 500 300 10 300 1700 1300 480 1100 2400 100 5000 300 3J0 100 600 14 14 114 U S Rubber 68 U 8 Rubber 1st pf IOI54 1 1 14 94 114 U S Smelt A Ref 45 U S Steel 8414 U S Steel pf 10614 Utah Copper 8314 3 6 Vanadium Cecp 4994 4 Va-Carellna Chem ... 43 a Va Iren Ceal A Ceke . 91 3 Vlvadeu Ine 12 . Wabash 994 , Wabash pf A 28 . Weber Ileljbrener 10 114 14 . Western Maryland ... 1194 11 . West Maryland 2d pf 20 19 . Western Pacific 35 3414 6 Western Paclllc pf .. 7454 7354 7 Western Union Tel... 88 80 7 Weetlnglieuse A Brake 93 92 4 Westlngheuse E A M. 44 . 4294 . Wheeling A L E 1194 11 . Wheeling A L E pf . . 21 30 4 White Moter 4494 3994 . White Oil Cerp 1994 1814 254 114 94 94 14 11-4 Y 94 14 94 94 Wilsen A Ce 4654 4614 Willys-Overland 894 8 Wlllys-Overland pf. . . 5054 50 Woolworth P W 108 10J94 Woolworth pf 100 100 Worthlngten Pump .. 4814 4flj4 Philadelphia 410 Am Strs.. no 150 Am Oas.. 81 lllflElecSter.lOOJi 0 I Ce N A 2DV4 iuu rvey icie. fl SOOtKcnn Cep 20 105 Lake Hup 10 35 Leh Nev. 74 84Leli Val 51 200tNev Cens 0 025 Pa It It.. 41V 25 I'hlle Ce. 37 12 I'hlla Klec 22 200 de pref.. 27 803 PhllaltT 17 lOOl'hilaTrac 51 lOOtlteading. 88 400 Tone Mln 150tTrans Oil 0 --'iU in Trac. ;) 1154 Ufil,, 32 tNet change made by comparison with last sale en New Yerk Stock Exchange. Yerk Stock ??ln IW8. Tv I lIKIt li'A Hell Tel 78.102 10 flty 4h 1013 88 10 Klec A Pee Tr 4s.... fi5 2 Key Tel 1st fi 08 2.1 Mb nemls H Vis 02.20 8. 2d IUh... 80.00 tfl .Id 4ViH... 80.00 20 7-10 4th 4b 87.10 8 3-10 Vic 4h. WI.08 1 I'hlla Ce con fi 70 14 1-10 I'hil Klec lNt r.s.... 80 BAR StL'VER Iiomwitle har Hllver wfe unchanged In New Yerk twluy at 99 Via; ferelKn was s9 I lower. Ii) 7c. 'In s 47 5d, off Oi ... W3JB CANDYSTOCKSLEAD J 1:80 Lt 94- 14 44 5354 IS 1714 KS 39 1001-4 v 114 1 1 14 114 114 94 14 V4 Activity -Induced by Drep Price of Sugar Asphalt In Supply 88 6694 75 114 V4 194 694 i 2 Net Chst.t TRADE ON THECURB New Yerlt, Nev. 231 Sweets Ce. of America was the chief, feature of trad ing en the Bread street curb today; be ing In geed demand all through the forenoon and moving up te 2. United Retail Candy, however, was featureless and remained unchanged In Its mar ket position. " aL General Asphalt shewerf strength at the opening, when It sold at 48 1 but was In supply from that time, becom ing heavy under free offering. Hlmms ranged from 8 te 8, and Interna tional" Petroleum dropped from 15 te 15. , , Lima Locomotive 'war traded In at flOV. te 00",. Hercules I'aner was 16114 17 - 19 14 114- 114 14J4 .J 7 - .!. U 194 794 ... 3054 51 SO 1914- 1 71 - V 4114 ea , , 7314 1W, 814- VA 994 Ys 88 7694- K 8894- H heavy', selling at'10-. New Yerk (Ship building sold at 34. . There was a lit tle business in Aetna nt (1 te 0. INDUSTRIALS Itlrd xvf p. m. tt ' 12 12 294 294 16 17 00-4 60V4 6 V4 0 0 BV4 BV4 34 04 414 4K 1 Ifi 2 . 2 2U 2 8V4 S9i 33 85 Acme Ceal IK Aetna Expleilvn OH 2114- J4 1814- 14 99J4 14 urn Am ted coup 1 Car Lltht 2H Farrtll Ceal ........... 17 General Aiphalt 484 5414 114 liercuiei raper . . Heyden Cbtm Lima Ixwemntlr . , Amer Writ Paper . Heck Valley Tred . Mercer Moter . . . . N.Y ShlDbulMini-.'. 88 -3714 194 "14 94 14 1214 414 2894 19 60 1954- 19 ', North Amer Paper 4' I'e rrecllen Tire 1 Radie Chem I.. 2 14 14 Radie Chem pref 2 ney ae nance .1 4 Stand Orb A Klec pref . . . 8.1 30J4 31 Streets Ce 2 1 78 U H Ulatrlbutlni z U 8 Steam 1 Unlteit Treflt Sharing .... 1 ZP 7114 1W 4094-IO94-3614 30V4 45 01 14 94 14 94 14 54 14 14 A 14 United Ret Candy warren Urei INDKPKNDKJfT OILS Allen Oil .IK Allied en Atlantic Pet ....'... Roene Oil nonten Wyoming . . Carlb Rynd Cltlea Serv "B" etfa Cosden & Ce Cushlna Pet ........ 29 141 8354 l 9314 V4 19494 94 Denny Oil 1' Dominion oil Klk Uailn ret Federal Oil Olenreck Oil , (lurTey Gillespie ...... Hudaen Oil Int Petrel Kay County Gas . ,.. Ine Ftar Qna Maracalbe OH Merrltt Oil Mount Pred North Amer Oil Omar Oil Producer ft Ileflnera. Red Rork OH ...."... Ryan Cens Salt Creek new .'. .... 5114- 114 3594 94 85 21 "J4 89 53 36 B0H 6814 8994 3894 7114 14 94 14 14 2 Vi 94 94 14 174 94 14 94 1 Hlmms Tet ..' 8 Skelly Oil 1 '. 8 I!n Texaa OH VtefnriA Oil new Woodburn 1 MINING Alaeka Br Columbia Ills law . Iloiten It Mentana 42 5J4I 14 1094 3W 1594 104 1854 4514 3714 . 60 105 29 46 4694- U14 14 814 V 'fc 14 94 14. 14 14 114 "l4 94 14 14 IS 94 14 Caledonia Minim 17 Calumet & Jereme 11 Canada Copper IN cons Virginia . Cortex Hllver . Divide Kxt ... Eureka- Creeaua Kureka Helly Geld Cens Geiddetd Florence Geld Zeik . Emma Miner ....... Heclu Mlnlnjr Jumhe Extension .... Khex DIMde MacNamaru MacNamarn Crescent Marsh Mlnlnc Mether 1-edu Mether Lede new Nl d In nir B On! phlr Silver A 14 114 294 I'rinee uen Ray Verde 1 A 4994 Ilex Cens e 30 stand silver Laa Tonopah nelment , Tonopah Cash Hey Tonepan Extension TnneDah.JIm Rutler 27 13 14 14 194 f314- 11 914 78 3394 13194- 6414 3354 45 193 1094- 23J4 Tonopah Rescue Eula . . Unity Geld United Eastern 4 West End Cen BONUS', Allied Packers 0a......... 00 Aluminum 7a 0094 Amer Tel fls. 1024 04 Anaconda fls 85 Anaconda 7a. 1020 9.1H Anile-Amer 714 a 00J Armour 7a OftN lleth 'Steel 7s. 1035 ViK Cena Textile 7 (IB J4 61 14 3354 14 71 -1 3914 114 0514- 394 10114 14 Diamond Match 7 Ha ....lOOU eint.a .mi n n.4L Goedrich Tire 7a . . Grand Trunk 7a . Helnx Ce (in Interb Had Tran 7a Kennecett Cenner 7a Merris C 7H". . . l'an-Amer Pet 7s Heara-Reebuck 7s . . Seara-llneliuak 7s. 1021. Sinclair 714 a Helvar Ns Swift Ce 7a Western Elee 7s 45 S314 10614 5114 94 14 94 194 94 "94 94 94 00 1114- 994 2454- 10 11 19 -3454-73 14 86 03 !4 11 20 3094-1854-4014-894 5014 10794- 106 4654 314 3 ' 3H WjiVMKW 3H 3V4 014 WsmW 2 2 2 -Jj is" 12s 12V. 82982K 8294 7 054 7 8 .1 $ 1 "S SH 8 I '.; 2 2 2H ::$ J5v4 .. SO 30 30 ..17 17 17 ,.. 1294 12 H 1214 ...14 13 1SH . . 2U 2W 2H .. 3W 2H 2S .. SH fttt GH I H K . . 14H 14H 14H '. .le 10 10 I I .i.-iti ' 94' ' 'A 4' 94 9. 4 40 41 10 16 li U 18 18 an art a : 04. 62 04 , 27 '27 '27 .04- 02 03 ' .... 1A- 1A 1A 8 6 i 6 .... 18 13 13 . .. 20 10 10 .... 4 3 4 .... 4)1 4K 494 .... 0 0 0 .... 11 11 11 ::: It vl .... 11 10 11 .... BO 60 CO 0: AK LK A sVi sv4 5 D ::::::. jX - iX- ix ::::: 14 it is A .A. JL 17 17 17 , If O-j Of "294 294 2S 2A 2A 2A 111 .no new 00H U09. U3tt 03V, HB 85 03tt D5H 0111 011 03M U5H 4 041 00 00 10OH 100 It weTi "VT9 irdT fS ses 102W lOSii 102U B4i 0491 lMi 70V4 70Vi 70i 024 02H 024 07J4 07Mi 0794 03V4 08V4 03V 03 05 OS 4 D7V4 0SV4 01 90 01 100V4 M0V4 10O94 07U 07 0794 00 00 09 fltali nU FOREIGN EXCHANGE New Yerk, Nev. 23. Opening foreign exchange figures today showed a de cllne of 1 cent from yesterday's finals te 3.61 for demand sterling and 3.62 V4 for cables. A feature was an advance of 60-points In francs. Lire gained 23 points. Quotations were: Krane cables 6.24, checks 6.23; ltre cables 3.92. checks 3.81; Chrlstlnnla cables 14.00, checks 13.90; Stockholm cables 19.70, checks 19.60; Copenhagen cables 19.70, checks 19.60; Swiss cables 16.82, checks 1S.S3; guilder cables 30, checks 30 ; pesetas cables 13,47, checks 13.46; Belgians gained 2 cents tn ilgr cables, checks 6.67 ; marks, 1,68, The premium en New Yerk exchange In Mentrenl today, which was down te 13per cent at the close yesterday, rose te 13 i. The discount en Canadian funds In New Yerk was practically unchanged at 10 per cent. YESTEnDAT'8 FINAL QUOTATIONS Sterling Francs I.I re n,il1,l... Steclts Demand ... . 8.4UW fl.82 3.87 Cable S.ftOH II. U J a.SU 1:15 Net lw P. m chse. 50 50 . . 31 81 1 104 104 TODAY'S OPENINQ QUOTATIONS Sterling Franca y.ir niM Demand 3.B14; fi la a. in Cables O.BSSi U.S4 3.02 20V4 b;:'a--i "QlT BANK CLEARINQ8 Ilnnk clearings today compared with cor responding day last two years: 1010 mm ion H .. 20 20 Vi 74 74 I 50 Vi C0V1 4i Fhlla. ...I83.S80.020 173 003,617 167,877.808 0 11.. MONEY-LENDING RATES NKW VenK Meney en call, both cletures of collateral opened today at 6 jier cent for lending and renewlngr. l'HII.AnEI.rillA CalU fi per cent: time, 6 per cent; commercial paper three te ulx months, 8 per cent. (Nete These are merely nominal quotation, an the legal rate of Interest In the Btate of PeniiBylvanlii In ned at 6 per cent. 1'Iuh premiums and cemmla. elen, time money for thirty te ninety dayn Is leaned at 8 te 8 Vi per cent, while commercial paper, from three te hIx months, Is being offered at 8 te 8 H per cent. r -- Reserve Banks' Discount Rates Official rediscount rates at the twelve Fed 4 40 41 'A 37 37 3V6 22V4 ',ai vS 27 27Vl" Vi 17 17V?-- fi rVA 51 U-- V. l4t 88U 88k ial 1 ! 1-14.. ' Vs 4- XL 31 U 31U 1 Exchange, 1:15 Net 1 ft iIW 101 VI 88 fifi 08 , m. chie, 101V4 88 55 .. 08 .. eral I..DGI TV WO.n.. .,, I, (. l.t)WS; Treas. Lib. (Vim! t.err ctrs. .tn ,t IlendB. I'nper Iinstnn New Yerk . Philadelphia OVi 0 20T4 30 8 a s n 7 7 2 i 1 A nw tl n 02.20 02.2l no 80.40 80fl0 Cleveland .Sflljllclimend tf) 80.00 80.00 4-. 10 Atlanta til 80.40 87.10. 02 00.08 00.084-. 28 70 70 83 83 Vj Chicago 8t. I-euls Minneapolis . . .t8 .SH :tS8 .tn .18 Kansas wuy . Tallaa Ban Francisce, 5W per cent en paper secured by fiU cent certificates, and S per rent en paper cureu ey i per cent and IS per rent catea. f Discount rate corresponds with rata lierne hy cert flralea r,l,..l,-. .. eral. with nilnlmum of a per tent In A Philadelphia, Atlanta. Kansas LrOIlden, the 'price pallas. a,nrt iri 'per rent In .;?yiJV-41"1. Webmone, Chlcaire a H'V""'' in aa nalyses k of Leading Rails W3 tiavoMreparod and have for dis tribution analyses a-lvlng- the salient features of the leading dividend and nendlvldend paying- railroad slecks, with particular reference te earning; possibilities under the Increased fn.lht and passenger rates. A copy will be gladly furnished en request. Carstairs & Ce. ' Member Philadelphia and New Yerk Stock Exchanges i 1419 Walnut Street, Phila. 71 Broadway, N. Y. EMPIRE GAS & FUEL CO. Uni SmitA, Qenvirtlbli SlnWnr rani tyc Netit, dui 1114 thSr.hTS,".'r 7e"tMEt ,AhSlle-.bte - Intertst Payable Monthly or Semi mnnally it Desired y Inveiter "Meriy'i Anartlt" RateiTkeie Ht"A" Yield Over 10 Particular en rejjuett 1:80 Martin & Ce, 1411 WalnutSt. MUladtlphla Washington County Pennsylvania Read 4 s Tax Fre in Panna. Exempt from Ml Federal Income 1 axes $ 5,000 due Oct. I, 1933 10,000 due Oct. I, 1934 5,000 due Oct. I, 1935 2,000 due Oct. I, 1936 Prices: Te Net 43A Biddle & Henry 104 SOUTH FIFTH ST. Cities Service Company Convertible Geld Debentures Series C, Seven Per Cent Helders of the above Debentures may cer. ert en December 1. 1020, or en the first day of any month thereafter, ten per centum 110) of the aggregate principal amount of Serlea C, Debenrureaewned by them respec tively en November 1, 1020. Conversion must be requested by such owners prier te December 1. 1U20, or prier te the first day tt any month thereafter, ami upon delivery by them en or before December 1. 1020, or en or before the first day of any month thereafter, of the Debentures go desired te be converted (properly Ipderied. If regis tered) te Henry L.. Dherty ti Company. Fiscal Auents, such Debentures will be con verted Inte Cities Service Company Pre ferred and Common steclts elr the basis set forth In said Debentures, certificates for which stocks will be Issued and trans, mltted te such owners In the amounts re spectively due. Henry L. Doherty & Company i isc ai AsruiB niea nervice company 00 Wall Street. New Yerk. Dated November 17. 1020. ' East St. Leuis & Suburban Ce. Convertible 7a, 1921 Chattanooga Railway & Light Ce. lit & Refunding Gi, 1938 &W.!arRe. n&NKK&S 321 Cheitnut St., Philadelphia U embers New Yerk and PMladsliMe BCecH Exchanau T Meedy's RATING BOOKS Are Known All Over They are the Standard (or Bankers and Investors. Ask your Bank or Banker, or write SO HO 30.70 De 73 D0.87 Meedy's Investors Service ' ' ' t .1 tstnte New Yerk trust IMdg., Phlln i'a. DoBten Chicago 'Equipments N. Y. Central 7s ' IllinelH Central 7h Pacific Fruit Exp. 7s Union Pacific 7s. dies. & Ohie (jVs 1926-1932 Price en Application Townsend Whclen & Ce. Jfemeer .V. 1. rf Phila. Steqk Exch 505 Chestnut St. MEXICO With improving internul con cen con ultien Mexican Government 10 Ye.ar Irens"-y 6 nends of 1913 offer a most nttractlve op portunity for large speculative profits. Information en Application Charles Fearen & Ce. . 333 Chestnut Street Til.. Accept. r.W, BS .11 r) H n 5 per Hecker & Ce. Bankers and Brokers Member of I'lillndeli.lil,, ,md Nfw YerU kt .- .. "'' Kxehanae. N. K. COR. OTH ANO CIIEhtNCT FITS. certlll. Interest ".'.. r,'.rV the enil. !lw and Clave- Ai 2094 1H 1H tttmsssmsmsW Mf rrancitce, - T'Btta I ... ?a2tVi 1 1 u LSX&4Q3V It SURPLUS (EARNED) tt II $2.000.000.00 ' II &$a6Binj ialaaaasa&i-SsfeSs49lSp YOUR ESTATE rrtay become a burdcn-J serhe care te any indi- -vidual you 'may appoint as your Executer. If may require tee much e his attention or it may depreciate in value unless managed by a trained organization. Appoint the Northern Trust Company as your Executer and Trustee and avoid the' dangers which arise from incempetency and indif ference, neglect, sickness and death. Your Estate ' with us is a sacred and confidential, k 'Urt V TRUST Specialists in OHIO MOTOR. RUBBER AND STEEL SECURITIES COMPLETE SERVICE In All Ferms of Invastmsnt Main Departments Investment, Brokerage- Acceptance. Liberty Bends Foreign Exchange Statistical, Ohie Securities Extensive Private Wire Connections Members of New Yerk and Other Principal Stock Exchanges OTIS& CO. Inrestreent Bankers CLEVELAND Hew Yerk Bosten Detroit Cincinnati Columbus Tolcte Akren Tounsstewn Denvr Colerado Springs Wl L THEYO COME BACK Midvale Steel Cel. Graphaphene Vanadium Steel Middle Sts. 00 Simms Pete U. S. Ship Read about I hem In this Issue of trig Review of the Market Jest ana, It rile for If-10. GUTHRIE & McGOVERN Members Phila. Stock Kxchang 1430 Seuth l'aen bq., I'hlla. Sprnce S41Q Bacelttf New Yerk St Bread Railroad Equipment Issues nheuld be among the first of the high-grade investment se curities te .benefit bu the ex pected lower money rates. Our list of the most attrac tive issued en the "Phila. Plan" may be had upon request. Reed A. Morgan & Ce. Members of the Phila. Stock Kich. West Knd Trust Ulda., Phila. Investment Bends Welsh Brethers 028 Chestnut Street Philadelphia Lembard 1843 Standard Oil Ce. of New Jersey 7 Cumulative Preferred Stock at market Price te yield about 7 Edward Lewber Stokes 20 S. 15th Street Icnst 344 Stock Representative Wanted A well established phorlerraph cor poration located In New Yerk anil Phila delphia Is about te syndicate Its stecK ami Is deslnaia of enraglnr a nigh-class eiperlenced stock representative te or er Kanlie and supervise sale force. Manufacturers Sales Agency f l Tyeet Ulh 8t. New Yerk citr , . l ' ' f te ...-ijl f4 , r ' itleV,i ii.. a. ... I w'l l j.'A ' x yyjtk -1 fS5&Bal i, I- i "'arex' Jl. '.M.-A .ai4..iiy; w KtSAfWni(! luftWii Jk" i,f' y.l A"- : e&,. WLW< rtk !is 'it.ir . ... i . r5T WtsmtssssssmtY'jr'y':- '.' '1
Significant historical Pennsylvania newspapers