W ft JM.l f ' wa. Jiy ; vi EVEimTg PUBETO XEI)0EIPHmi)ECTHli: TttDrOEMBEBtf23( IJtejj C . j r"J Ht W It. V fl -S. 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. TTr for circular Ne. D-91, handler Company MllllltAltrt Franklin Bank Bid. Philadelphia Nw Terk IleMan New Haree Baltimore Opening Bulge Ran Inte Ex tensive Selling for Profits. Seft Spots Uncovered THEJyPOUND STEMUNG Leeking Forward We recommend the purchase of certain Sterling Securities for Safe, Profitable Investments R&AZIEIttVCCk BROAD AND 6ANSOM PHILADELPHIA STS. 83 BROADWAY. NEW YORK 19 COUTH 8T., BALTIMORE 037 15TH ST.. WASHINGTON 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 In one of remorkc'elo progress and expansion. Frem the outset the merit of the Gillette Raxer has been se pronounced 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, 1870, 383. compared wlt,h (731,663 net In October, 1919, an Increase of 19. Ne bends, notes or preferred stock outstanding;. Dividends have been paid as fol fel fol eows: 1017.... 87.00 per share 1018 0.80 " 1010.... 10.00 " " 180 lt.00 " We believe this Company will be unaffected by any chanfte In economic conditions. JosepKW.Gres&Co. , 1421 Chestnut St. Correspondents Aldrmd ft Company New Yerk, Nev. St. The cstrcme fevcrlshness which developed in to te dfty's stock market was wholly In line with precedents. It was net beenune of any pnrtlcular adverse development or nny change for the worse In funda mental and economic conditions, but entirely because of these peculiar cen'' dlttenH within the market Itself, com monly known ns the trchniquu. There was n 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 te be long maintained, 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 backing and filling by which the general list started nowhere and reached nowhere. While some of the pore spots may have been cut out, which facilitated the technical ralljv yesterday und Hat unlay, the day's movements demon strated conclusively there were still n 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 Blnce election and much mere in the rolls. Then again undoubt undeubt erly much of the stock bought during last Friday's aggressive session for support came out this morning. Fur thermore the conditions which were ouppescd 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 dlieunted. Frem the manner in which the mar ket started out there was every premise ofanethe r duy of discomfort for the bear camp. It was noticeable, however, 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 heng Arc. 8uch 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 reverse.? Oenprnl ' Meters seen canceled Its advance en en enormous turnover nnd weakness sud denly developed in low-priced rails. , New Haven fell 6 points and Texas and Pacific 29i, the reaction embracing St. Paul preferred, Reck Island, New Yerk Central and Southern Pacific. Shippings were netx te yield, notably Atlantic Gulf, United Fruit and American In ternational. Crucible nnd General Klec trie forfeited their advantage and oils began te bag. Royal Dutch showing especial pressure. Although call menev opened at 0 per cent, the lowest initial rate in many mbnths, stocks made fur ther recessions with the approach of neon. LOCALS INCLINED TO MARK TIME Important Industries RWWft Our current .weekly Market Letter describes the recent activities and industrial development in a number of stock issues, with im portant data concerning GENERAL MOTORS U. S. FOOD PRODUCTS or Telephone Free Copy for SMITH, REDPATH & CO. Members rtillu. Bleck Hicham. 1524 Walnut St. rmi-ADF.i.riii.v Phenes Npnire 68S0 Let us submit for your consideration SjK 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 I A, B. Leach & Ce., Inc. fnveetment Securities 115 Seuth Fourth St American Gau 7s, 1928 2 Hershey Chocolate 7'jh, 1935 Wst 'enn. Tower 5s, 1946 West Penn. Power 7s, 1940 fOENNING, GARRISON & CO. St rvruiiv r;i iii-ieur. in ii.im.mi Lliireri i-rnme aririmin 10 ,en teru jitmtxr. yniin. niefK extnsnee Financial Difficulties of Prom inent Commercial Concern Were Without Effect On a mere moderated scale the local market meveirtVnts were much en the same lines as these of New Yerk. Ir regularity churecterized the fluctuations of most of the prominent local shares, but the variations except In two or three , issues were rentined within fractional , limits, thereby reflecting the narrow ness of the current market. Electric Storage Ilattery continued te held the limelight scoring an early ud vanre te lOG-, from which it rearted later te 104. An idea seems te prevail en the street that with the transfer of the large General Moter holdings te Morgan -du Pent interests, there had been a similar withdrawal of liquidating pressure from thut stecl:. There is net much te be said concern ing the movements of the ether local stocks, as none of the individual trans actions 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, butlir stend of being followed up by renewed selling, the market become dull and narrow. With the exception of United Oes Imptevernent, which suirendered lr,& point of yesterday's rally in a decline te ItlVs. the utility group held their ground surprisingly well. The ritila fel. lowed close te the New Yerk parity. A 'point decline in American Gns was the only feature of the miscellaneous list. The trading in this quarter being ex ceedingly light. i Announcement of the appointment of a creditors' 'emmittee for one uf the prominent local mercantile houses ex- erted no inlluencewhatever, as the ne- 1 turn bad been generally anticipated in view of the fact that the condition of the firm was generally known in finan- ' cial circles. I LIVESTOCK QUOTATIONS Chicago, Nev 23 IIOOH Estimated r I celpta, HB.ne head left eer. 7-11)7 head. Very little delna- Few kales around 7.1c lower than yesterday a average. IO.'.'5 paid. I c ATTI.E Estimated receipts. M.neu head HHKEP Estimated receipts. 18,000 head. I rlltKburilh, I'., Nev 5.1 HOOft Re ceipts. 7.100 head Iiwer. Heavies. 110 'JSirle SO heavy and l!ht yerkers and plan. 110 75W10 se SHEEP AND LAMPS Receipts. SOOO head Steady Tep sheep. J 50. top lambs, 111 ' f'AI.VES Receipt. 30e head. Steady Tep. 10. Kuat ft. Iul. III.. Nev 23 CATTLE Receipts. 45110 head Hulk steern. te SOW 10 BO heef cows and heifers 25c higher, cunnrrs 10c te 25c higher, bulk, J3 .106 3 75 hulls, ntrnr.v. hulk .WI eal calves, top. 115 25, bulk, Reed te choice vealcr 114. 7S ifj 15. stockers and feeders strong. IIOU8 Receipts, IS.Ooe had Demeral lied few sales at top, 110 35 uraduatlng down te late sale at 10 75, generally, 1 te 11 25 lower than jesterday's average; hulk J II SOW 10 25. packer tows and pUa, (1 i,, II 50 lower SIIEEI'--Receipts 2100 head IVe.ik UmbH and sheep, 2.1c lower, ethers strath wry few sales consummated Lambs, top, 110 75, bulk 3!0ell50, ewes, top, 14 50. hulk. $A9i 25. Kant ufrle. N. V.. Nev 23 CATTLE Receipts, 1100 head Common, weak falvea Receipts. 300 head. Geed, steady, ' MW1H. 1(008 Receipts. 6S0O head. BJew. Twen- ity-fhe cents te It lower Heavy, mixed ami serkera fill BOWIH 75 light yerkers 110 75 It 11 pts lllffll 50, rough. lftIP25 stags 17 ft 8 .SIIi.Kl' AMI I.AMI1S - Receipt. .VJimi head (loe.l luniba 23c higher, common Sales 700 .100 000 1200 100 2300 100 (100 400 400 100 400 4S0O 100 3700 300 100 1S00 100 800 1.100 S00 100 1800 (00 100 :oe' 100 2490 1300 3700 200 1100 (00 1300 1200 1100 100 1300 8800 100 100 300 810J 400 3800 400 800 300 200 2400 100 82300 3300 200 400 800 300 400 S00 1100 400 800 300 800 700 1(0 100 2(0 (0 4(0 7(0 300 1000 100 100 100 1400 200 0700 100 1300 400 100 100 200 200 3S00 100 200 300 100 200 ZOO 200 4(00 100 400 4(0 300 300 1200 800 100 400 1700 200 200 44(0 400 400 4700 200 300 3400 700 1100 200 3600 8200 21700 300 000 1000 C 200 tee 200 2800 300 100 100 600 100 2000 300 200 (00 100 400 300 1300 1700 1200 000 100 3100 1000 3100 300 ,0300 800 200 2000 2000 Dlv. In I High . . Advance Itumely . . . . M Advance Itumely pf . . JO 0 AJax Rubber 81T4 .. Alaska Geld Mines... 1H .. Alaska Juneau DM.. li .. Allied Chem & Dye... 88 .. Allied Chem & Dye.pf 8(J4. 4 Allls-ChalmcrB 31M Am Agrle Chem H Am Agrle Chem pf.. 82J4 10 Am llesch Mtwmete... 88H 8 Am Beet Sugar 84 Ji . . Am Can 28 7 Am Can pf 7(yi 18 Am Car & Fd'y 12(yJ 7 Am Car A Fdy pf..,108 .. Am Cotten Oil 22 80 Am Drug Syn 7J4 0 Am Express 12( .. Am Hide & leather.. 814 7 Am Hide & Leather pf 40 4 Am -Ice 40 6 Am Ice pf 87 6 Am Internat Cerp.... 4S 3 Am Linseed 88)4 7 Am Linseed pf 88VJ 8 Am Locomotive 88 .. Am Malt 23 .. Am Safety Razor 11 .. Am Ship & Cem 13 4 Am Smelt & Ref 47 7 Am Smelt & Ref pf . . . 88H 8 Am Steel Foundries.. 31H 7 Am Sugar Ref (7 10 Am Sumatra Teb iVA Am Tel & Tel H 12 Am Tobacco 120 6 Am Tobacco pf new.. 00J1 12 Am Tobacco B 117M 7 Am Woolen ( .. Am Writing; Paper pf 43 . . Am Zlne Lead ft Smelt 8 8 Am Zlne Lead, 4 S pf 33 4 Anaconda Copper .... 42Ji 4 Asse Dry QecMb 23yi 0 Atch Tep ft Santa Fe 88 8 Atch Tep & S F pf . . 77yi . Atlantic Ulr & Atlantic 7H 7 Atlantic Coast Line. . . 1H 7 Atl Rennlnr 7 pf.,103 10 Atl Gulf & W 1 S S. .112H 7 Austin Nicholas Inc pf 70 y2 8.80 Raldwln Locomotive., 09 H .. Dalt A Ohie lift 4 Baltimore & Ohie pf.. 40H . . Bamett Leather 24 8 Barrett 117 8 Barrett Ce ctfs of debl!4U Bethlehem Meters ... 3H 8 Bethlehem fltccl 8 pflOJ 0 Bethlehem Steel B.... 88 .. Beeth Fisheries 4H .. Brklyn Rapid Transit 12 10 Burns Bres 8nH . . Butte Copper & Zinc. . 855 .. Butte A Superior Cep 12' .. Butterlck iei . . Cadde Central OAR. lSJi 8 California Packing ... 4H .. California Petroleum. ?1 10 Canadian Pacific 118 Ji .. Central Leather 3H 4 Ccrre de Pasco Cep.. 32 H 10 Chandler Meters . ... 7(U 4 Chesapeake A Ohie... OSyS . . Chicago & Qt West. . . 8J4 .. Chicago Mil A St P.. 38J4 . . Chicago Mil A St P pf 8154 8 Chicago Northwestern 78 . . Chi R I & Pac 32& Chi R I A Pae 6 pf 88 .. Chile Copper 12J4 l.SO Chlne Copper 21H 7 Cluett Peabody pf.... 8S( . . Coca-Cela 21 a Colerado Fuel & Iren 30 8 Columb Gas A Klec. . . 48J4 . 1 Cel Graphophene .... 1SJ4 7 Cel Graphophene pf . . 73 7 Consolidated Cigar .. 80 7 Consolidated Gas .... 82 J4 2 Cen Interstate Cal M. 7yj 3 Consolidated Textiles. 20J4 87 Continental Can 82 1 Continental Candy ... a 4 Cern PreductB Ref... 74J 7 Cern Products Ref pf 0( 2 . SO Cosden A Ce OS J4 8 Crucible Steel 100 7 Crucible Steel pf 84JJ 7 Cuban Amer Sugar... 31ft .. Cuban Cane Sugar.... 27J4 7 Cuban Cane Sugar pf 8(J4 10 Del Lack A Western.. 224 . . Denver A Rie Grande. H .. Denier A Rie O pf.. J4 .. Elk Hern Ceal 17 8 Kndlcott-Jehnson .... 48 H .. Erie 10M . Erie 1st pf 2IJ5 .. Erie 2d Df 17M 8 Famous Player L 884 8 Famous Players pf . . . 74 10 Flshep Bedy 81J4 3 Flsk Rubber 14J4 . . Freeport Texas 17J, . . Gasten Wins & Wig. 154 0 General Cigar 47J4 8 General Electric 131 General Electric rts .. ly& 1 General Meters 17 H 1 Gen Meters ctfs 6 . 07 H 7 Gen Moteru deb 7.. 74 U Goedrich U F 11 7 Goedrich B F pf 80 .. Granby Consel M A M 21 Ji Gray Davis 13 7 Great Northern pf 823i 4 Gt Ner Ore ctfs 31JJ .. Gulf Meblne A Ner. . . 11 J& . . Gulf Mobile A Ner pf 24J4 I Haskell A Barker Car 01 .. Hendee ctfs 17JJ .. Housten Oil Ce 87J4 1 Hupp Moter Car 11 ji 7 Illinois Central . . . . 8( 1 Inspiration Cen Cep.. 38 J4 . Interb Cen Cerp .... 5 .. Interb Cen Cerp pf.. 13 Ji . . Internat Agricul . . . ts 7 Intl Harvester new... 00 J4 .. Int Mer Marine I6J4 0 Int Mrr Marine pf... 48JJ . Internat Motertruck.. 31 7 Int Met Truck 1st pf . . 71 . . International Nickel . 14H . . International Paper. . 43 .. Invincible Oil Cerp... 28J4 . . Iren Products 34 .. Island OH ajj . . Kan City Se .... 22( 1 Kansas City Se pf . 48 . Kelly-SprlnKtleltl T rta 47 2 Kennecett Copper ... 20 H 1:30 Net Ixiw 1-a.st Chgs. 10 1 se e a J8J4 314 M 1J4 W 1J4 VS . 82 - 83 J4 8J4 80J4 Ji 3M 30M V 8(H M H 81J4 81J4- Ji 8Ji 88J4 84V 84 y- Ji 28J4 H V4 7(J4 78J4 U4 mvi mn- H 1(7 108 1 22 23 7J4 IVk ; 120 120 2 8 8J4 1 4( 48 IK no 40 1H 37 47 H ISJi 43J4 3J4 ssk H H 88 J4 "ra 84J4 88 - J4 23 231 10 10 Ji 13V 12y .. 48H H- V 86H 88H W 30H 30H (4J4 7 1 75 75 Ji (8 (8 115H 118M- V 8(Ji (0J4 14 114 114 - 1 8V4 l'A K 42 42 114 8 8 .. 31J4 33 f J4 40JS 41J44- 14 23 23-54 81J4 8154- 1H 78 JJ 78 Ji- 14 7'A 7V . 8Iy4 01V4 '4 105 105 5'4 100 110 1V'4 7054 7054 154 07 08 38J4 381 50 88 54 25 25 115 115 S 115 115y 694 354 354 54 101 Ji 101J', !i 55U 55'4 2J4 V4 1H 3 12H H 8SJ4 88J4 Ji 4 8J454 HJi 12 54 10 J, 10X !4 15J4 15Ji H 81 01 Vi 20J4 20Ji Ji 118Ji 118 Ji a 30Ji 3(Ji 54 32H 32H- 54 77 77 6554 8554 X 0J4 0Ji Ji 3054 36J4 54 52H 53-154 70 7( 54 30M 30H-1 68 08 254 1254 1254- H 2154 2154- 5'4 86 X 86 Ji- 'A 24 21 2(54 2(54 K 4654 5654 54 HH 11H 54 73 73-1 07 004 82H 8254 Ji 754 754- 54 20H 20J 54 62 0254 6H JS 73 73 1 (( ((H 54 3554 3554 154 0054 9(54 3H 85M H5M V 3154 31J4 2 26 26 08 6954 154 225 225 1 K .. H H .. 17 17 54 68 68 154 1854 1554- 1 22H 21J4 254 17 17 J4 51 51 54 75 75 8254 8254 54 11W 1554 1 17 17 45; 454 54 S754 5754 H 126M 127 54 3H 3M 54 16J4 104 1 07 67 1 ' 75 154 H 42H 54 7954 7055- 54 2154 2154 1J4 12 Ji IS', 1 8054 80J4- 1 3154 31 54 1154 1154 H 2454 2454 154 8'4 48 '4 3 1754 17J4 .. 83H 8Ji IU lt4 1154 54 80 80 34 34 M- 54 e 54 1354 1354- 5i 14 IS 04 93 j; 16 is - 54 83M 83- 254 3054 31H 154 71 71 14 15 X 60M 50M H ?45S 2454 54 33H 33J4 in, 6U 454 Y 214 2154- H 4654 4554- 54 ll4 44V4 - M 1(?4 19N- ? Sale 18(8 100 4(6 4(0 208 1000 208 1706 1680 1(6 2(6 1(0 166 100 266 20006 1300 65(0 3706 300 100 80(6 808 1300 200 700 1006 706 200 100 100 200 1(0 100 1200 200 3206 166 40(06 806 706 200 COOO tee 2(6 406 200 406 7(6 100 200 100 7700 800 46(6 2200 000 1400 100 1200 1200 5300 800 10 2106 100 300 106 400 1800 4100 300 400 1(00 1(300 100 300 400 4000 100 100 8800 200 3100 1100 100 100 100 400 100 2500 1(00 300 13700 100 23800 2300 400 400 900 1300 3700 2000 1100 700 12(00 1700 6(6 200 2200 100 1200 100 2000 3410 100 sOO 100 1(00 100 600 3200 1400 6800 800 7400 300 200 44200 700 2700 4800 1600 400 1200 1000 1408 200 800 700 400 300 10 3(0 1700 1300 400 1100 2100 100 40U0 300 3J0 100 600 Dlv. In ( "High Lew 1.16 Keystone. T A R..,.. 1H K, .. Laclede Gas of St L.. 41 44 8 Lackawanna Steel , . 84 ' 58 Ji .. Lake Erie A West... 1854 18 8 Lee Rubber Tie 1754 1754 3.60 LeJilRh Valley 40 Ji 19 M 7 Llg-g-ett A Myers pf..K3 163 2 Leewe Ce 18J4 17H .. Left Cerp ,n 16J4 1654 .. Loese-Wlles Biscuit,. 80 8( 7 Lerlllard Tobacco pf..K6y4 1Y 4 Mackay Ce pf 88 88 7 Manhattan Kiev (ruar. 56K 8H 8 Maj Dept erefl 75 75 . Maxwell Moter 354 K 12 Mexican Petroleum ..16454 lelli 2 Miami Copper 1b 17 1.(0 Middle States Cerp.,, 1854 18 4 Mldvale Steel A Ord.. 8454 8354 . . Minn A St Leuis 15 14 Ti 7 Minn St P A St 8 M. . 78 7( .. Missouri Pacltle 28 Ji 2354 .. Missouri Pacific pf... 48 45 . . Me Kansas A Texas, . 4 3J4 . . Me Kansas A Texas pf 7J4 7Ji .. Montgomery Ward ... 20J4 26JI .. Nat An A Ch pf ctfs. 88 81 3.80 National Acme 80 3( . . National Cleak A Suit 3054 2(J4 7 Nat Cleak A Suit pf . . 71 78 6 Nat Enam A Btamp.. 4854 8J4 7 Nat Enam A Stamp pf 88 88 0 National Lead 73J4 7354 . . Nat R R of Mex 1st pf 854 854 1 Nevada Cen Copper.. 16 (Ji 6 N O Tex A Mex 6854 88 8 New Yerk Central. . . . "7754 .78J4 . . New Yerk C A St L. . 8sH MH . . New Yerk N H A H. . 264 26 1 New Yerk Ont A W. . 16 18J4 7 Norfolk A Western. . .100 V4 S(Ji s North American .... 5454 54 7 Northern Poclfle .... 8854 87 8 Neva Scotia S A C... 87 54 3754 2.80 Ohie Bedy A Blewer . 1354 1254 .. Ontario Silver Mining- J4 J4 .. Orpheum Circuit 2 H 854 .. Otis Steel t( 1554 3 Owens Betttlna; Mach 80 50 . . Pacino Develop Cerp 1(54 1(54 0 Pactne Gasi A Elee. . . 4( 18H 1 Pacific Mall 2(J4 2(J4 6 Pan-Amer Petrel'..., 7(Ji 77V4 8 Pan-Amer B 71 71 Jt 8 Pennsylvania R R .. 41V4 4(H .. Penn Seaboard Steel.. 12 Ji 10 Ji . . Peeples Gas Chlcag-e. . 37 3654 .. Pere Marquetta 213i 20'4 . . Pcre Marquette pf . . . 45 45 .. Phillips Pet 254 3154 3 Philadelphia Ce 3(54 3654 .. Plcrce-Arrew Moter . . 2554 23J4 .. Plorce Oil 12 Ji 12 Ji 8 Pitts Ceal 81 (1 .. Pittsburgh A W.Vt.... 29J4 28J4 1 Pend Creek Ceal 14 14 8 Pressed Steel Car.... 8354 83J4 7 Pressed Steel Car pf. . (354 (3J4 8 Pullman 108 104H 3 Punta Alegre Sugar.. 43 H 81Ji 4 Pure Oil Ce 36 35 8 Railway Steel Spring-. 8754 84 1.35 Rand Mln Am Shares 21 21 1 Ray Cen Copper 11 Ji 11 4 Reading 00 54 88J4 2 Readlnic 1st pf 53 53 . . Remington Typewriter 38 36 .. Rcple Steel 8054 80 0 Republic Iren A Stcel 09H 07 H 7 Republic Iren A Stl pf 89Ji 89Ji .. Republic MotertrucK. 28J4 28J4 B.20 Royal Dutch NY.... 72 Ji 70 4 1 St Jeseph Lead ". 14 13Ji .. St Leuis San Fran... 2(Ji 2554 .. St Leuis Southwest... 31 30 V .. St Leuis Southwest pf 4354 4354 1 Santa Cecelia Sugar. , 5Ji HTSJi .. Savage, Arms 10 Ji 16 Ji .. Saxen Moter 3H 354 . . Seaboard Air Line pf. 15Ji lSJi 8 Sears-Roebuck 166 104 .. Seneca Cep Cerp .... 18Ji 18 Ji 74 Shell Transport 44 Ji 4554 .. Sinclair OH 27Ji 2SJi (1 Stess-Sheff 5554 5654 0 Southern Pacific 116 112 Ji .. Southern Rail 28J4 25Ji 8 Southern Rail pf 60 00 7 Stand Oil of N J pf 105J4 105 4 Stewart-Wnrner Speed 2( 28Ji 4 StremberR Carb 1(54 18 7 Studcbakcr 4854 1K .. Submarlne Beat Cerp 1154 1654 2 Superior Oil Cerp.... 1154 11 . . Tenn Cep A Chem. ... 854 8J4 3 Texas Ce 51 1( Ji .. Texas A Pacific 3154 26 1 Texas A Pac C A O . . 2754 27 2.80 Times Square Supply. 13 13 0 Tobacco Products . . . 5654 63J4 .. Tel St L A West ctfs 11 11 .. Transcontinental Oil. . t (54 8 Union Bag-A Paper... 78 78 .. Union Oil 23 H 2354 10 Union Pacific 123 121Ji 1 Union Pacific pf 61J4 6154 4 United Alley Steel ... 32 Ji 32 54 3. SO United Drug 1st pf... 45 45 12 United Fruit 20354 1(7 .. United Rwy Invest... 10JS 10H . . Unit Rwy Invest Pf . 24 2354 3 United Retail Stores.. 62 CO54 0 U S Feed Products... 34 3354 8 U S Ind Alcohol 73J4 71 .. U S Realty A Imp.... 40 39 8 U S Rubber 08 6554 8 U 8 Rubber 1st pf,...10154 101 54 0 U S Smelt A Ref 45 45 BUS Steel 8454 , 82 Ji 7 U S Steel pf 104J4 ' 106 0 Utah Copper 4354 -52 Ji 6 Vanadium Cerp 19 H 1754 4 Va-Carellna Chem ... 43 40 0 Va Iren Ceal A Coke . (1 80 2 Vlvadeu Inc 12 1154 .. Wabash 6J4 B54 .. Wabash pf A 26 2454 . . Weber Hel)brener 10 10 .. Western Maryland ... llji 11 . . WeBt Maryland 2d pf 20 19 .. Western Pacific 35 3454 6 Western Pacific pf . . 7454 73 54 7 Western Union Tel... 88 80 7 Westlngheuse A Brake 03 02 4 Westlngheuse E A M. 14 . 42 H .. Wheeling A L E 11 Ji it .. Wheeling- A L E pf . . 21 20 4 White Moter 40 Ji 39 Ji .. White OH Cerp 19 H 18J4 8 Wilsen A Ce 46J4 4654 1 Willys-Overland 8Ji 8 7 Wlllys-Overland pf. . . 4054 '50 8 Woolworth F W 108 10jJi 7 Woolworth pf 100 106 C Worthlngten Pump .. 48JJ 46J4 14 J4 4M 3 2 54 lli 14 4 1 1H y m 1:30 Net Lt Ch. H- VS 44 Itt 83J4 J 181 1754 14 4(Ji- lli 163 114 1.7H- iy 3( 10(54 68 S6J4 74 254 16154 17 - IS 3354- 14JI 78 23J4- 48 3Ji 7H . 30Ji 63 SO 2(54- 78 48J4 88 7714 854- n K ft 88 H 78H- 1M 58H- H 2154- ri 18J4- V4 ((54 H 8454 88 3754 1254 154 25H 16 66 KJ4- 49 20J4 854 781 7854- 1V 46H- 16 Ji- Ji 3654 3154 3054 J3J4- 12J4 61 28 14 8354 (354 M4J4 85 21 11J4 89 . 83 - 38 80V4 6854 89Ji 28J4 7154 l3Ji- 2454- 3054- 4354 8J4 CANDYSTOCKSLEAD IHADE Activity -Induced by Drep Price of Sugar Asphalt In Supply In 16Ji 354 . 1SJ4 101 18J4 SJ4 2754 6554- 113 Ji -24Ji . 00 105 28 10 ' 16J4- 1154 11 -154 10H 154 A IK H H JS "l4 Ji 54 Ji 54 Ji 54 14 V J4 i 1 54 H 1V4 94 '"J4 H M 54 2 y H ,H V4 lJt Ji Ji Ji 1 14 V4 14 H H 54 54 114 '54 H 54 54 Ji Ji a 54 154 20 - 2Ji 54 54 1M Ji 27 13 r354- 11 e 54 78 23Ji 121Ji 6154 3254 16 1(2 . 61 J4 3SJ4 54 71 -T 3954 1V4 0454- 3Ji 10154 54 14 8354- 10654 454 4754- 40J4 00 1154- (H 2454- 16 11 18 3454- 73 54- 80 03 354 11 20 30Ji- 1854- 4054- 8H 8054 4654 54 Ji 1J4 Ji H 5i Commodity Markets .Inul t.tnibj. I ehaJAisd. I0C11.25. Others un COTTON MARKET New Yerk, Nev. i!3. Liverpool was u geed seller en the opening of the cot ton market today. .Spot houses and Wall street interests took the cotton se thut first prices were generally 10 te 15 points net higher. Although at one time Liverpool cables were much better than due, the English market lest nearly till the improvement under further liquidation. As textile news here continued bearish there was little te induce outside support. At the end of the first fifteen min uter the local market was easier und about 0 te 7 points under last night's close Previous 11 00 12 ae Clese Opn a m. p. m. nc 11.80 10 25 1(1 SO lrt 24 Jan I 10 115 J0.07 15 04 March 1".15 lrt. 10 10 00 15 1 May . ... JB0O ltl 00 10. 8H 13.80 July . .15 75 16 70 15 H3 .. . back. An eastern shipper pressed De cember for sale. December started at 05Vic te 05c, against 04c at the end yesterday, and sagged te (14c. May opened at 71 c te 715He, against 71c at the close yes terday, and later sold at 70c. July opened at Tic higher, ut 73c, and dropped te 72c. Oats opened firmer en covering bj shorts. December opened at 43 Vic te 43c, against 42'; c at the end yes terday, and declined te 42c. May wiih quoted at 48c te 48Vic et the outset, ugainxt 47-Hc at the close yes terday, and later sold at 47c. July started c higher at 48Vic, but receded te 47p. Karly estimates were for forty -five cars of wheat, Hixty-five cars of corn and fifty cars of eats. Philadelphia Stocks GRAIN MARKET Chicago, Nev. 23. Wheat sagged after a firmer opening this morning. December opened lc higher and March at nn advance of 1c te 4c. March at one time was only 2Vic under Decem ber It wuh purchased principally by an eastern shipping ceneern. The gains at the outset were due te a better feel ing In Wall street and firmness in ster ling exchunitc. On the advance, com- I mission houses generally had selling P..l ll'..1.n.uu . UNflntliBtf mac a UrilrTS. uinnce.1 w - ,u..i,i A r,an u factor. December opened at $1.01 te $1.01 Vi, agalnHt $1.00Va at the close yesterday, end declined te $l.G0Va March started at $l.fi0 te $l.f7Mi, against $l.r0 at the end yesterday, and receded te Sl.nriWj. Cern started tiripT en general buj -ing, but the upturn brought out In creased offerings and there was a net-. Raw Sugar Mere Active New Yerk, Nev, 23. The raw sugar market developed greater activity at the close yesterday, but prlceB remained practically unchanged en the basis of I 6 7Cc, duty paid. Kales Included 10,000 1 bags I'orte Itlces 'for premnt shipment at 5.76c, and 700O bags Culms for prompt sh pment, price te be fixed the day of arrival, te a New Yerk refiner. Im portations en Monday Included 23,000 bags Cuban te Arbuckle Urea j 18 000 hairs Cuhas und 6400 bairs Perils te the 'Warner Ce. j 1180 bars Perte Ulces and 250 nags Venezuelas te the National Ce., and 2600 bu3 I'orte Ulces te the Fed iral Ce. The local refined market Is un 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 larley Is 7 per cent larger than last year's, eati 21 percent greatr, and sugar bfets 36 per cent mere. In Argentina, iffers for the new wheat crop are being made at somewhat lower prices Omn these prevailing In mld-Ooteber, the bul letin asserts. 410 Am Strs.. no 150 Am Ons.. 81 1110 Klec Ster.100 lOOffit Ner pf 82(2 0 I Ce N A 21IV4 100 Key Tele. 8 SOOfKcnn Cep 20 105 Lake Sup 10 35 I.eh Nev. 74 84J,eh Vel.. r.l 200tNev Cens 0 025 Pa K It.. 41 25 1'hlla Ce. 37 12 1'hlluKlec 22 200 de pref.. l!7Vs SaiPhllallT 17 Vs 100 1'hilaTrec 51 V, lOOtlteadlng. 88 400 Tone Mln 1 ISOfTrans Oil 0 240 Vn Trac. 30 1104 U (1 I . . ' N".VAVC,"uV'f055y''i w" it . , .w.n uiuvn AAtlianKO 1:16 Net Uw p. m. che. no no . . 31 31 1 104 104 yj Vb 82 82(5 1 8 8 .. 20 20 Vi 0 0- 74 74 V2 COVi 50 V,-- 4i 40 41 Vi 37 37 3V 22Vi 2,ai. U 27Vs 27-- 1! 17 17V-- fil 51 Vs-- V? 88 88 1 0 0 21 30 3S 32 31 31-Hh Net chse, ??i ln ' IWNDS flOOO High I.ew lili. Ilnll H'.l T. liW, if?!,. 10 City 4s 1043 88 88 ju rii-i: w i'ee Tr 4s.... 55 55 2 Key Tel 1st 5s 08 08 25 Lib Bends Jit 02.20 02.20 02.20 .00 1:15 P. m. 101 Vi.. 88 55 08 New Yerk, Nev. 23: 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 nnd moving up te 2. united Retail Candy, however, was featureless and remained uncnangea' in its mar ket position. - Oenprnl Annhalt showed strength at the opening, when It sold at 48, but was ln supply irem met time, Decern ing heavy under free offering. Slmms ranged from 8 te 8, and Interna tional Petroleum dropped from 15 te IB. . , Lima Locomotive was traded in at COVi te 00. Hercules Paper was heavy', selling at10-. New Yerk Ship building sold at 34, . There wis a lit tle business in Aetna at OVi te 0. nrecfl-niiALs Acme Ceal Aetna Gxplealvea lint Am ted coup Car Mfht . ; Farrell Ceal .......... Oenerat Aaphalt Hercules Paper Keyden Chtm Lima Ixtcometlra Amer Writ Paper Heck VaUey Tred Mercer .Fetir ,,. N.Y Shipbuilding"-.".. ..V. North Amer Taper Perfection Tire . . ItAdla Chem I.. nadle Chem pref ney aa f ranee . t Stand Oas Klec pref... Bvrceta Ce 1 . . . V H Distributing .: U 8 Rteam Unlte Profit Sharlns .... United net Candy ., Warretr Drea JJU 3 ' 3 IN1)EPKNDK?(T OILS .'...'... 1M ' 14 .1 Allen Oil Allied oil . Atlantic Pet lioene uii 1 noaten Wyoming 41 Carlb flynd 134 CltleB 8erv "B" etfa .... 82. Cosden & Ce 7 Cuahtni Pet .v.' H Denny oil 1 Dominion Oil BvJ Klk Ilaaln Pet RH Federal Oil , SU Glenrock Oil ..', 2H' OufTcy aillesple ...,'..'.., -27 ' Hudaen Oil A Int Petrel . . 15K Kay County Uas ., IS tone Star Ons 30 Maracalbe OH 17 Merrltt Oil 12Vi Meurrt Pred 14 North Amer Oil -. . . . 2U Omar Oil 2S Producer h Reflnera SH Heel neck OH ....... ..;.. 1 nyan Cens 14Vi Rait Creek new .'. . ...'.. 10 Slmms Pet . .' H Hkelly Oil f '. 8H Vn Texas Oil A Victeria Oil new U Woodburn lit MINING Alaska llr Columbia ' Die Ledie Iloaten ft Mentana 42 Caledonia Mlnlnr 17 Calumet ft Jereme U Canada Copper 18 Cens Virginia: 3 Certez Sliver 04. Divide Kxt 27 - Eureka Croesus' B4. Kureka Hqlly 1A- Oekl Cens "fl OeldOeld Merenea .. . . IS (leld Zetre f. 20 Kmma SlUer . .., 4 Hecla Mlnlne 4(1 Jumbo Extension 0 Knox DUIde 11 MacNamara ty MacNamara Crescent ... H .Marsh Mlnlnr 11 Mether Ide 00 Mether Lede new Mi Nlplsslnir BV, Opnlr Sliver A' Prince Cen ' S Ray Verde 1 A nex Cens 5 stand Silver Lead A Tonopah Ilelment 1 A Tonopah Cash Hey 1 A Tonepalf Extemlen 1A Tonepuh-JIm Ilutler 17 Tonopah Rescue Gula ... 27 Unity Geld 2K United Eastern m 2A West End Cen w 1 neNDS, Allied Packej-s 0s....,, ... 00 Aluminum 7a 00K Amer Tel 0s. 1024 04 Anaconda 0s 8ft Anaconda 7s. 1020 9ttU Ansle-Amer 7Ua 00 Armour 7a 0.1 Ueth 'Stel 7a, 1033 04i Cens Textile 7a OR Diamond Match 7 Ha ...,10nU nalena Oil 7s 03 Ooedrlcb Tire 7a 8RK Grand Trunk 7a 102H Helnx Ce 0a 04 Interb Rap Tran 7a 10M Kennecett Copper 7a .. . 02& Merris Ce 74 a 07V4 I'an-Amer Pet 7 03H Hears-Roebuck 7s ns Sears-Iteebusk 7s. 1021.. 08 4 Sinclair 7Ha i Selvar Hs loett Swift Ce 7a i 07U Western Elec 7 oil Analyses of Leading Rails W3 liavoprepared and have for dis tribution analyses giving the salient features of the leading dividend and nondlvldend paying- railroad steclts, with particular reference te earning possibilities under the Increased frxlght and passenger rates. A copy will be gladly furnished en request. Carstairs & Ce. ' Members Philadelphia and New Yerk Stock Exchanges 1419 Walnut Street, Phila. 71 Broadway, N. Y. EMPIRE GAS & FUEL CO. tern. SketH Ceimrtlbni Slnklnr rani 1 Netit, dni 1124 Otms nlnrt ever 999M0.900. ApelWabW arniara ever IS times Interest charge. - Interest Piyable Monthly or Soml Seml nnuilty at Desired y Invester "MeetYs Anilyiir Rites Theie tetesMAn Yield Over 10 Particular en rfjatrt Martin & Ce, 1411 Walnut St. rhlledelphU ..S .no eai U3M RS 0K 011 03H UK oe loevi 03V4 1 102(i 04V 70VI 02H 07Vi 03V4 Oft 7W 00 ineH 07 oe ROM vev 03V, 8S 05H (10 100M1 8US 102S 1MH 7()Vi 02 U7V4 03V4 or. nsH 01 100H 07 09 FOREIGN EXCHANGE New Yerk, Nev. 23. Opening foreign exchange figures today showed a de de Plln,0,,ef "?' fren yesterday's finals te 3.61 for demand sterling and 3.62V 3.62V fer cables. A feature was en advance of 60-pelnts ln francs. Lire gained 23 points. Quotations were: Krane cables 6.24, checks 6.23 : lire cables 3.92, checks 3.91 ; Chrlstlanlu 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 16.83; guilder cables 30Ti 'Checks 30i ; pesetas cables 13,47, checks 13.46; Belgians gained 2 cents te 6.68 cables, checks 6.67 J marks, 1.68. The premium en New Yerk exchange In Montreal today, which wan down te 13 per cent at the close yesterday, rose te 13 Vi. The discount en Canadian funds In New Yerk was practically unchanged at 10 per cent TESTERDAT'S FINAL QUOTATIONS Bterltnc Francs Ure Guilders Demand 8.4IH4 0.02 3.87 no no Cable 8.60 0.01 3.89 80.70 TODAY'S OPENINO QUOTATIONS Sterling Franca Lire Oullder. Demand 3.61 0.28 3 01 het? Cables 0.82 tl.24 3.02 80.87 Washington County Pennsylvania Read 4V2 s Tax Freo in Panna. Exempt from Ml Federal Income laxes 5,000 due Oct. I, 1913 10,000 due Oct. I, I9M ' 5,000 due Oct. I, 1935 2,000 due Oct. I, I93S Prices: Te Net W Biddle & Henry 104 SOUTH FIFTH ST. Cities Service Company Convertible Geld Debentures Series C, Seven Per Cent Helders of the above Debentures may cor cer vert en December 1. 1020. or en the first da of any month thereafter, ten per centum (10) of the atrgresale principal amount of Serlea C. 'Debentures ewnrd by them resDec- tlvely en November 1. 1020. rnnv.r.iAn 'must be TequesteU by such owners prier te December 1. 11)20. or prier te the first day ui Hiiy iituiuii nirrrniiFr, him upon ueiivery ny mem en or Deiore .December 1, 1020 or en or before the first day of any month thereafter, of the Debentures se desired te be converted (properly (fjdersed. If regis tered) te Henry L. DiJherty & Company. Fiscal Auents, auch Debentures will be con cen erled Inte Cities Hervlc Company Pre ferred and Common stocks at the basis set forth in said debentures, certificates for wmcu Biuvnn win uw ibsupu ana irans. mltted te such owners ln the ameunfc re spectively due. Henry L. Doherty & Company Fiscal Agents Cities Serlce Company 00 Wall Street. New Yerk. Dated November 17. 1020. Y - seBMsH n i ,t : U SURPLUS (FARNED) U II $2.000.600.011 YOUR ESTATE may become a burden-J serfte care te any indU -vidiial you may appoint' as your Executer. It may require tee much of his attention or it may depreciate in value unless managed by a trained organization. Appoint the Northern Trust Company r as your Executer and Trustee and avoid the' dangers which arise from incempetency and indif ference, neglect, sickness and' death. Your Estate with us is a sacred and confidential, i;. ' TRUST Specialist in OHIO MOTOR, RUBBER AND STEEL SECURITIES COMPLETE SERVICE In All Ferma of Invaitment Main Departments Investment, Brokerage Acceptance, Liberty Bends Foreign Exchange Statistical, Ohie Securities Extensive Private Wire Connections Memhers of New Yerk and Other Principal Stock Exchanges OTIS& CO. Investment Banker CLEVELAND New Yerk Bosten Detroit Cincinnati Columbua Teledo Akren Tounfatewn .Denver Colerndo BprJnrs -u-a, i. ' East St. Leuis & Suburban Ce. Convertible 7$, 1921 Chattanooga Railway & Light Ce. Itt & Refunding Gt, 1930 &W.e.arke. dankkBs 321 Cheitnut St., Philadelphia lfnn6r Nty Yerlt and PMladtliMa Bleck Exchange BANK CUEARINQ8 Dank clearlnits tedav compared with cer. responding day last two years: 120 loin lain Phlla. ...183.380,020 l7S00S,fll7 $87,877,808 MONEY-LENDING RATES NKW VOIIK Meney "en call, both desses of collateral opened today at 6 per cent for lending and renewing-. 1'llII.ADKI.riIIA Call, 6 per cent' time, 6 per cent; commercial panr' three te six months, 6 per cnt ' (Nete These are merely nominal quotation, an the legal rate of Interest ln the state of Pennsylvania s 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 at 8 te 8 Vi per cent. i Reserve Bank' Discount Rate Official rediscount rates at the twelve Fed. eral Ileserve banks are an rollewa! ireaa. i.in. com' ctrs Dosten SH .10 .02 8.2(1 Witt... 80.00 nn.40 Rrt mt 2(5 .Id 4V4h... 80,00 80.00 80.00 20 7-10 4th 1b 87.10 80.40 87.10 8 3-10 Vic 4s. 00.0300.08 00.084-. 28 i i-iiuit je con Bs 70 70 14 1-10 Phil Klec 1st fts.... 80 83 New Yerk Philadelphia I Uleveiana .30 i nichmend 70 83- BAR 81CVER PemPJitlc bar silver whs unchanged In .S'ew Yerk teluy -at 39Vie; ferplgn was he lower, a; 7 He "In Londen, the 'price VV" n tn it t tn ta V Ilends, H 5? n n n 5 Atlanta Chicago . . . . Bt. iuis . . Minneapolis Kansas City Dallas t(l Ban Francisce,. te ?W ?f f?nt en PVr "ecured by SW per cent certificates, and A per cent en paper se. uui. P'r C"t n'1 8 "r ""tcertlfir tnisceunt rate corresriends with Interest '.. V.i,k ' .i.' ""?'.'" ""'K'n co lut Tlbr. I'nper Accep't. ' . 8 ii n BVi n ftVa Ieral. llh mln mum of a per cent in th .n. e hludelphla, Atlanta? KAnsa.Vltv 'and Dal as, and .114 per cent n Lh ,.. J ?n""0 V'ld. nicbmena, Cblcam and Ban VrinTlicS Meedy's RATING BOOKS Are Ktwwn All Over They are the Standard for Danker and Investors. Ak your Bank or Banker, or write Meedy's Investors Service II'. K-.1 L.tnt. New Yerk trust Uldg., Phila la. Bosten Chicago 'Equipments N. Y. Central 7s Illinois Central 7a Pacific Fruit Exp. 7a Union Pacific 7s, Ches. & Ohie eVis 1926-1932 Price en Application Townsend Whelen & Ce. ItembersX. Yd rhta. steqk tf fc 505 Chestnut St. MEXICO With Improving internal con dition Mexican Government 10 Yrf,a,r Jrea8ury 6 nends of 1913 offer a most nttractive op ep op pertunity for large speculative profits. Information en Application Charles Fearen & Ce. . 333 Cheitnut Street Hecker & Ce. Bankers and Brnlcr-.. Member. 'JJWijJU id New Varh 9TH AND ClIgBTNCT.BTg. N. k. con Wl 1 THEYO COME BACK Midvale Steel - Cel. Graphaphene Vanadium Steel Middle Sts. OU Simms Pete U. S. Ship nad about them In this Israe of tht Itevlew of the Market Just eat. ttrile for II-10. GUTHRIE & MeGOVERN Slembers Dills. Stock Kxeh.nf . 1430 SeutU l'.an rJq., ThUs. Sprace 0118 Bacelttt New Yerk It Breadwsf Railroad Equipment Issues should 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 Phlla. Stock Kxch. West Knd Trust lllile., Phlla. Investment Bends Welsh Brethers 028 Chestnut Stuebt Philadelphia Lembard 1543 Standard Oil Ce. of N.ew Jersey 7 Cumulative Preferred Stock at market Price te yield about 1 Edward Lewber Stokes 20 S. 15th Street Ixcnt 844 Stock Representative Wanted A well established phorterraph cor poration located In Nsw Yerk and Phila delphia Is about te syndicate Ita stock and la desirous of entaglnr a, hlih-clasi experienced stock representative te or. Kanlxe and aupervls. sales fore. Manufacturers Sales Agency , i fett Mtf 8t.f New Yerk City - Ji. . i 'tv v-y -. I SJ.Cl. r i I. Jk iiteir H-Pftf, fll .! H" fi3ra.raV'Kr... ,SJj( 5 . A SiifTaltU VUII HrrMH f My rfrx ,?A fS4W,; ia If- wS -' r vv-
Significant historical Pennsylvania newspapers