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FRENCH CITIES 6% BONDS I Price : 92 t-2 and inf. To Yield 6.80% Circular M-48 mill be *?en( to inhesion upon request. Merrill, Lynch & Co. investnienls Commercial Pape? 120 Broadway, New York Members N. T. Stock Exchange MacQuoid & Coady i Members /Yen* York S(ocl( Exchange Listed Stocks Carried On Conservative Margin. Orders executed in Out? side and Unlisted Securi- | ties. Bankers Trust Bldg.,N.Y. 14 Wall St. Id. Rector 9970 Hartshorne, Fales & Co. Members New York, Slock. Exchange 71 Broadway Telephone 7610 Cowling Orten French Exchange The present generation In America haw never liad such unusual opportunities to obtain substantial prof its as are now afforded by French exchange rates. Based on present prices, a profit ranging from 4'.\c'c to L29% on an investment in the French Government 4% Loan of 1917 is quite possible. Send for Circular So. C-504, which gives further information re? garding the unusual possibili? ties afforded by y this Loan. BOD??LL & CO. Investment Securit' s 120 BROADWAY Providence Boston THB MARINE TRUST COMPANY BUFFALO. NY. EVENTIETH YEAR OF SERVIC1 CAPITAL ANO SURPLUS SEVENTEEN MILLION DOLLARS RESOURCES $100,000,000 HARR?MAN NATIONAL BANK Fifth Avenue & Forty-fourth St. New York BANKING WES FROM 8 A. M. TO 8 P.M. SAFE DEPOSIT VAULTS 8A. M. TO MIDNJGH7 Stocks Slump Again as Money Rates Advance Liquidation and Short Sell? ing Hit Market When De maud Loans Soar to 25 Per Cent With money for speculation lending and renewing at ?the highest rates in ? nearly twelve years, liquidation and ; short selling developed in large, vol | time yesterday and caused further re | cessions in Btock prices. Announce i ment that the coal strike had been ? called off was regarded in Wall Street ! as the most favorable event in weeks j and brought in enough buying to force ! prices substantially higher at the open ing. But the recovery was transient, : for even the strike news was over? shadowed by the acute money situa ! lion. Within a few minutes after the re? newal rate for demand loans had been ] fixed at 14 per cent most of the early gains had been wiped oui by a wave of selling. At this point some buying - -largely, it appeared, covering by shorts?came into the market and a brief recovery set in. But as money continued to soar, selling broke out afresh and practically the whole list dropped to new low levels for the I movement. Toward the close brokers were forced to pay 25 per cent for ac ? c?mmodation and as a result the de? cano gained in violence. Although there was a slight recovery the last i ,'ew minutes of trading, prices were j close to the bottom at the end. The. market was so congested with selling orders that the ticker continued to print quotations for seventeen minutes after the gong sounded the end of trading. , Throughout the session the Street ?'.? a led with r miors that the bank? ing authorities were planning .urther ? i.. v ....i...,? i., ruuueu speculative ? ? ng3. The ?.tie which received most attention was to the effect that another increase in the Federal Re? serve Bank's discount, rates would be announced thin week. The fact that Covcrnor Harding of the Federal Re? serve Board was ?n this city conferring bankers was regarded as high.;.' . jnificant. All that Mr. Harding wou d say was that no further action was . .?.iii?i..?,..i and tu... mo situation appeared to be well in hand. v?ell informed bantiers asserted, h wcver, that there was no possibility that the hunks would permit any ex? pansion of loans for speculative uses, ...,., mat m ail probability the amount outstanding, which is very large, would be deduced gradually. One banker, ? whose institution is among the largest lenders of call money, said the reduc? tion probably would be accomplished automatically by maintaining very nigh rates. This, he pointed out, would lead to liquidation and so cut : down the loan n< c junt. An ther ,; ? p in exchange rates to new low records emphasizes the seri isifess oi lia- ci eu Te situation. The banks must not only meet an unprece? dented demand for credit for commer? cial uses in this country, but they are called upon to provide substantial amounts for financing export trade. Obviously they cannot continue to pro- I !?? nds i'? r large-scale speculation i in stocks and commodities and take ' ^...t .. isbv.ibiai requirements as well. without overs, raining the credit posi i...i and causing further inila?on that; might prove disastrous in the end. \\hiie yesterday's decline was gen-| eral, it was noticeable that the stacks ! Which have been leaders in the buil | speculation were hardest, hit. Ameri? can Tobacco was oit lj -1 points, m?n? erai Motors 3i%, Mexican Petroleum 8 and American Linseed 7%. The decline : ,?i Linseed was attributed to disap? pointment over the action of the di- : rectors in declaring a quarterly divi- ? dend of only 7i par cent. At least ?wice this percentage had been com- ' monly expected, -. Money and Credit A shortage of call money existed all ray yesterday. Banks curtailed their iiierings sharply with the result thai .Stock Exchange borrowers had to pay .he highest rate for call money since he panic of 1907. Money got up to : 25 per cent in the afternoon and the ? renewal rate of 14 per cent was the highest since 1003. The ruling ratea for money yester- I day, compared with a year ago, were as follows: --Per cent?i I Yester- Year Call money: day. ago. i On mixed collateral*. 14 6 On industrial collateral.. . 14 6% Time money (mixed collateral; : Sixty days . 0 6 N inety days .6 6 Four months . '3 0 Four to six months. ?3 6 Bank Clearings? New York: Ex-? changes, $1,122,871,140; balances, $82, 505,477. Sub-Treasury ? United States Sub Treasury cred.t balance, $009,268; Fed? eral Reserve ?redit balance, $61,033, 529. : Silver London, 68%d; New York, $1.26%; Mexican dollars, 98%c(o $1.02: V The Dollar ?n Foreign Exchange Exchange rates on London, Paris, Rome and Berlin fell to new low record levels in this market yester? day. Offerings were generally larger, while the acute money situation ? added to the unsettlement of the ex? changes. (Quoted dollars to the pound) Yesterday Week ago Sterling, demand.... 4.11% 4.17S : Sterling, cables. 4.12% 4.18:!* Sterling, sixty days. 4.0o% 4.14% Sterling, ninety days 4.08% 4.12% (Quoted units to the dollar) Francs, checks. 9.-1-1 8,64 Francs, cables. 9.42 8.02 Belgium, "francs, chks 8.07 8.63 Belgium, fr, cables... 8.0'? 8.01 Lire, checks. 12.02 10.00 Lire, cables. 12.00 10.58 Swiss francs, checks 5.52 5.03 Swiss francs, cables. 5.50 5.61 (Quoted cents to the unit) Guilders, checks .... 37.75 37.87% Guilders, cables - 37.87% 38.00 Austrian, crowns, chk .95 .90 Austrian crowns, cbl .'.'". .92 Sweden, checks. 23.10 24.00 Sweden, cables. 23.20 24.25 Denmark, checks... 21.10 21.16 Denmark, cables... 21.20 21.30 Norway, checks .... 22.50 22.65 Norway, cables .... 22.60 22.SO Pesettis, cheeks. 19.00 19.14 Pi setas, cables. 19.70 19.22 Marks, checks. 2.77 3.28 Marks, cables. 2.7!? 3.30 . Greece, cheeks. IS.10 47.80 Greece, cables. 18.18 17.85 Manila, checks. 48.75 48.75 Manila, cables. 49.00 49.00 India, rupees, checks 4L'.?10 41.75 India, rupees, cables. 42.2."> 42N00 ?Japan, yen, cheeks.. 60.15 50.;,d Japan, yen, cables.. 50.87% 50.87% ?Argentina, checks.. M03.lt) 104.20 Argentina, cables.. .102.60 103.70 Brar.il. Rio, checks.. 25.37% 25.37% Brazil, Rio, cables.. 25.60 25.50 LCzecho-Slovakia, chks 2.8 2.s f -? ?a-..._-. London Money Market CONDON, Nov. 11. -M<-?ioy. 2% per cent. Discount rates?Short bills, 5% i per cent; thrie months' bills, ~>\ per i cent Gold premiums at Lisbon, 140.00. Transactions Yesterday in Listed Stocks Summary of Stock Exchange Dealings (Copyright, 1919. New Toik Tribun? Inc.) Yesterday. Railroads . 107.20O Other stocks . 1.781 500 AH stocks . 1,896,700 ti. S. forernment Railroad? . Other bonds Yesterday. ..$10,3? 000 .. 1.072.000 2 204.000 All bonds. 13,624,000 Stocks Day Year Jannary 1 to data before. ago. 1919. 1918. 1917. 173.200 161.900 32,916 000 17 481200 18.963 700 1,307.700 903.400 228,701,500 100 091,100 140.228 600 1,480,900 1>Q68,300 261,593,100 123,357,300 151,192,300 Bonds Dbt before. Yea $13,224 000 2,119.000 1,318.000 16,661,000 aro. $14 253.000 2 579.000 4 657.000 11,489,000 1919. $2,114.119,000 233 964.000 459,416,000 2,807,499,000 1918. $987.642.000 132.791.000 421,316,000 1,541,749,000 Record of Stock and Bond Averages Yester? day. 20 Railroads.- 68.50 30 Industrials . 109.33 50 Storks . 93.00 Stocks Day before. 68.85 112.50 95.0-1 Year ago. 78.60 85.90 82.90 Ranr* Jan. 1. 1919. High. Low. 78.30 66.30 119.33 79.20 99.54 75.92 Range fall year. 1918. High. Low. 79.15 66.12 88.83 73.37 84.C8 70.30 10 Railroads . 76.42 10 Industrials . 92.5*6 5 Utilities . 72.80 25 Bonds . 82.23 Hond? 76.62 86.17 9282 92.33 72.80 87.16 82.19 88.83 rXlgh. 1019. 54 76 113 41/4 31/4 61% 96% 55 113% 101*4 143% 63*8 107% 148% 119 67(/2 14% 103 43% 142' , 76% 76!-:; 132/4 89 II7I/4 109% 63 47' 3 82% 109% 140 47 96'2 Low. Dlv. 1019. Rate. 21 ? 56% 6 66 6 Open, nigh. 1 = 30 817a 33 87 62 84'2 42% 987a 84'? 113 39% 103o 76',2 13!-a 71/4 37' 2 5*34 52% 44I/8 58 100 503.2 35 62'8 977a 105 34'/4 54 Advance Rumely . . . 22'*0 43 Advance Rumely pr. 20"0 70% AJax Rubber . 700 91 Alaska Cold Mine... 800 2% Alaska Juneau . 7400 1% Allis-Chalmcrs . 6000 45% 7 Allls-t'hnlmers pr . . . 400 94 3 Am Bank Note. 700 48' 3 8 Am A<rr Chem. 2300 94% 8 Am Beet Supnr. 8609 94 8 Am Bosch Magneto.. 13100 134 American Can . 25100 60% 7 American Con pr.. 2 Am Car & Foundry 7 Am Car & Fdry pr.. 200 115% 115% 115% 115% 4 Am Cotton Oil. 500 56 56 53% 63% .80 Am Drug Syndicate. 700 10% 10% 10?4 103/4 6 American Express .. 2r0 81 81 81 81 - - Am Hide & Lea?h... 70C0 35% 35/2 34% 34% 7 Am Hde & Leath pr 560D 129% 129% 126% 126% - American Ice . 6"0 47 47 45% 45% 5 American Ice pr_ 600 66% 66% 66 66 - K8% 111 120' z K8% 314'2 149% 110% 69 29 66% 77% 534 60 82 80% 27 ! a 34% 142 104 89 192' 4 156! 4 55' 4 591-2 145 2/a 1073/4 112 45 116 102 33 % 28 ', 4 92% 25 95 II2/2 101 15% 17 37% 393-4 54% 84/4 66% 86% 170% 116' 2 114 -20 65! '2 67/a 14V a 68/2 12 52% 73 103 133 513% 32% 73 84 43% 54% 29% 50% 95% 56 69 75% 63% 153a I063a 23 103% 75 ?6% 99 109% 261 1C5 410 46% 87'2 116 217 15/2 24 16! 4 43 141% 2014 33 123 94 100! 4 55 64% 38% 203 95% 1 176 73 9634 191% 20 Am Int Corp. 30200 123 American Linseed Am Locomotive Am Locomotive Am Malt & (?rain Am Ship & Corn. pr. 35800 833^ 34000 103 200 106 500 52 15630 39/i Am Smelting . 4800 6P2 . Am Smelling pr American Snuff Amor Sterl F?ly Amcr Steel Fdy American Sugar pr. 400 100% 101 100' a 101 200 121% 121/4 121% I2I/4 34C0 42% 42% 40! 2 41% 2~0 93'2 93% 93% 93% 1300 138/2 139 131% 135 - 45% 943a 27% 11 40 56% 1 17% 61 58/4 15 29 68 ??' ? 8; a 92 64% 38% 4934 103 1% 55% 65% 26 101% 97 18% 13 57 16 91 71 97 8/2 5% 16% 16 29 48% 2038 64% 1473/4 56' a 1C4! 2 107 30 '-4 31 121 52/a Amer Sumatra . 20200 1003/4 101% Am Tel & Tel. 50C0 99% 99% Amer Tobacco . 2200 291 291 Amer Wool . 25100 134 135 Amor Wool pr. 200 104% Amer Writ Paper pr. 1800 64 Am Z2nc & Lead_ 3800 17 Am Zinc & Lead pr. 200 57 An-iconda . 7800 65' 4 Assets Real Co. 4600 4% Asso Dry Goods. 400 53'4 Asso Dry Gds 1st pr. 200 75% Asso Dry (ids 2d pr. 300 74% Auto Sales . 4300 1S34 Auto Sales pr. 2700 33 Asso Oil . 1320 135 Atchison . 19C0 90% Atchlson pr. 400 79% Atl. Unit & W ?. 10900 177% Baldwin Locomotive. 66SC0 1w1% Baltimore & Ohio_ 8900 39% Bait & Ohio pr. 1600 51 Barrett Co . 1100 128 Bafopilas Mining_ 1100 1% Bethlehem Steel. 600 100 Beth Steel, Class B.. 692CC 103 Both Motors . 5000 33% 129'%? 3% 129% 130 104% 104% 104%? 133 ? 2 132% 134 89%? % 83% 903-a 79%- % 79% 79% 1703-4? 4?/4 170 170% I2O/2? 8% I2O/2 120% 3834? % 38% 39% 505? + % 50% 51 128% 125% 125%? 1% 8 Beth Steel. 8th pr. . 5 Brooklyn E?.!i on_ ? Bklyn Rapid Tran. ? Bklyn Kap Tr clfa. . 6 Bklyn Un (?as. ? Booth Fisheries .. . 7 Bornet Leather pr. 7 Brow n Shoe . 7 Brown Shoe pr. . . . ? Brunswick . % Butte Cop & Zinc. ? Butte & Sup Coppci ? Butterick Co . 000 115 200 97! 1500 20 700 14' 400 57 25C0 16! 200 8900 1 100 600 1% 1%-i- !, 97 97 - 99% 100% 30 31%? 2'/. 114% 1143.4 Caddo Oil . 1000 5S0O 4100 400 83 7 117% 8 72 6 22% ? 55% 6 68' 2 7 41% ? 32 ? 17% ? 32% 3 6038 6 3434 3 39% 4 5034 ? 3734 4 10% ?? 87' a 7 5% ? 65% 7 54 ? 73 7 46 ? 1C2 ; 52 % 12 California Packing:. . California Petroleum, Calif Petroleum pr.. Canadian Pacific . . . Central Leather .... Central Leather pr.. Central & So Am Tel CVrtainteed Corp . . . Cetro de Pasco. Chandler Motors .... Ches & Ohio. Chic Gt West. Chic, M & St P_ Chic, M & St P pr.. Clilc & NVcst. Chic & N'wcst pr. . . Chic Pncu Tool. Chic, R I & Pac_ Chic, R I & P 6% pr Chic, R I & P 7% pr Coco Cola . C, C, C & 8t L. Chile Copper _\.. 1800 Chino Con Copper. . 900 Cluett Pcabody ....'. 200 Col Fuel & Iron_ 6600 Col Gas & Electric. 1300 Col Graph . 43400 1% 100 103 34 115 97/; 20 14(2 57 16/ 94 105 99 11 ic<h 24ft 30 31 30% 30%? 7934 77% 77%? 51% 46% 473,4? 80 79% 79%? 4400 149/4 149% 147% 147%? 14900 1023.4 103 100 100 ? 600 107% IO7/2 107% IO7/2? 200 113 115 115 115 ? 600 59% 5934 55% 55%? 86021 56% 57% f.534 56% + 74? S300 132% 123% 125% 125%? 6% 600 57% 08! 4 57% 57%? :>f 1600 9% 9% 9% 9%? '., 5000 42% 43% 42% 42%- \., ?00 63' 4 64' 4 63 63 - 6C00 90% 91/2 90% 90%+ ", 600 119 119 119 119 ? if 400 110% 110% 110% 110%? % ?600 28% 28% 27! 2 27'2? !, 64 64 63/2 63%? 1 75 75 75 75?1 42% 42% 41% 42 - 42% 42% 42 42?1 21% 21% 21 21%? 3, 41' 2 41/2 41 41 - 82 82 81 81 ? '-, 45% 45% 43 43 ? ?j 63! 4 63% 60 60 ? 2! 713a 71% 67% 67%? 2'. 600 220 3600 600 91 150 203a 69% 100 177% 3% 6% 10% 27 80 15% 23' 2 93 73 91 42% 42% 243 B 163% 47 144'/, 4C6% 118% 12 95 9434 93% 105% 80 100% 523* 47! 2 12% 40% 89% 71% 104 91% 68% 9' a 31% 149% 6734 '28% 82 80 33% ?5 48 44 25' 2 164 115 43% 12634 170 110 107% 14 25 (50% 82 56-^ 563-, 104'; 63 837 313; 38? 7 31' 49/ 40 90 48 42' 31 11' 110' 21'/ 92 3/ 30 62 24' 43 18 30 16' 63 34 29' 48' 106' ? 105 62/ 7 16% 45% Comp-Tab-Kec . Con Candy . Consol (?as . Consol In?. Calla Min font Can . Consol Cijrars . Consol Cijjars pr. . . . Corn Products . Corn Product;, pr. . . . Crucible Steel . 7 Crucible Steel pr.... 10 Cuba Amer Sugar... ? Cuba Cane Sugar. . . 7 Cuba Cane Sugar pr 9 Del & Hudson. 10 D, L & W. ? Denver & Rio G. ? Denv & Rio G pr. . . ? Dome Mines . 3 Flk Horn Coal. 7 Fr.dicott-Johnson ? Erie .!.. ? Krie 1st pr. 8 Famous Players .... ? Fairbanks . 7 Fisher Body pr. ? FLsk Tire . 4 1'reeport Texas . ? Caston, Wms & Wig. 8 Gen Chemical Co. . . . 6 General Cigar . 8 General Electric Co. . (?encrai Motora .... 6 (?eneral Motors pr. . . 6 Gen Motors 6% deb.. 4 (?oodrich, B F. 7 (?oodrich, B F, pr... ? Granby Mining . 7 (?t Northern pr .... 4 (?t North Ore subs. . ? ??recne-Cananea Cop. ? Gulf, Mob & North. . ? Gulf? Mob & Nor pr ? Gulf States Steel. . . . 4 Ha.;k & Burlier Car. . 7 Illinois Central .... 5 Int Agricul pr. 6 Inspiration Copper.. ? Int Cons Corp. ? Int Cons Corp pr. .. 6 Int Harvester Co. . . ? Int Mercan Marine. Int Merc Marine pr 4 ? Internat Paper . . . 6 Int Paper pr .stpd. 2 ? International Nickel ? Iron Prod . ? Jewel Tea . 2 Jones Tea Co. 4 ? Kansas City South. 4 Kelly Springfield . . ? Kelscy Wheel Co. . a 2 Kennecott Copper . 4 120 Keystone Tire .... a 5 Kresgc, S 8, Co_ 7 Kress & Co pr. 6 Lackawanna Steel ? Lnke Erie & West. Lake Erie & West pr 400 55 55 55 10900 14 14 133? 3830 93% 95 93/ 1900 1770 18% 17% 200 02 92 91 700 68 68 68 40} 81% 81% 81 44100 91 91% 873. IO0 107 107 107 13100 231 231 220/ 400 1C23a 1023H 102 200 355% 355% 355' , 14600 43 43 42% 42%+ 2000 83% 83% 83 83 ? 600 10134 102 101% 101% + 200 183% 183% 183% 183%+ 4300 IO434 10434 102/2 103 - 1 200 90 90 87' 2 87' 2? 2 200 106% 106% 106% 106'4? ?,< 8820 47% 47% 45'4 45%? r 1870 43% 43% 423/4 4234? J. 17C0 24% 2-:% 24% 24%? / 25 200 200 200 200 - 2330 79% 80 76% 76%? 2/ 800 170% 170% 168% 168%? 2 I2600 384 336 348% 348%?31/ 1100 91 91 9034 9034- " 1600 86% 86% 86% 86%? 3, 7600 135% 85% 8T 81%? 3' ' % 104', 1 I33/4 133%? 13.4 133 4 600 79 7600 26 1800 43 1300 24 300 30 400 18? 4870 156 200 100 1800 32" 14600 61! 200 145 200 110 60403 933 G00 10 200 1% 8 3% Lehigh Valley . 1200 f?teh. IM!). 40 205'.'? 1'/4 81% ln6% 245 115 107 122% 104% 60 63 88 47 38% 28 Low. Div. 101!?. in $ 21 -- 19934 12 1 ? 40>/8 ? 94% 7 147% 12 7 7 4 7 Salo, 0"?n. 1V"h. 24O0 35% 35% 600 205 205 400 1 1 ' A 2500 72!/8 72'/? 200 100 12 61' 291/2 ? 2634 ? 60% ? 19% ? 60 6 162% 10 21% 2 32 ? 40'/4 4 9'/8 ? 84% 7 4% ? 22 a, i ? 45% ? 45 29 % 45 87'/2 70 13'/s 45'/a 61 64 5'/8 15'/a 28% 91'/4 69'/4 441/4 25% 98', g 69 80% 31?>B 61 84% 46% 1313/i 264 32% 68 62 % 24'/a 97% '16% 387,., 50? i 53 % 43% 75 91% 92 243/4 88% 1C4 94% 14 21% 50 145% 833/i 75 40% 112% 76 67 99% 97 55 61% 13 % 11% 74 149 80 7 5'A 42' a, 140% 3'/a 48/a 58 20 57 26/4 49 67% 43/4 72 99 111 28 % 745? 99' 2 105% 1031/8 ? Lee Rubber & Tire. . Llg & Myers Tob Co Lee Kuh A Tire ri?. Loose-WIVs lili Co. . Loose-Wiles 1st pr.. Lnrillnril, Pierre ... I,orillare!, Pierre, pr Louisv A Nashville.. Markny Cos pr. 203 Manhattan Elcvnted. 1200 Manhattan Shirt . .. 2000 Marlin Rock . 200 Mar Parry . 1900 Maxwell Motor . 8600 Max Motor 1st pr. .. 600 Max Motor 2d pr. ;. . 1800 May Dep't Stores- 400 118 Mexiran Petroleum.. 451C0 237 Miami Con Copper.. . 400 26 Middle Slates Oil- 6600 Mldvalc Steel . 26900 Low Clo???. ch 3434 3434 203?/i 203% 4- 4 j. PM. 34% 204 1801 20m/2 200'Za 197 200 114 114 114 200 111 111 111 64 64 64 ea% 55/4 533 ?11 31 30', (?7 67 67 30 30 29', 46'/a 471/4 45'? 76% 75'/a 74 37/2 37'/a 36! Minn M. St & St L new.. P & S St M.. Mo, Kan & Texas. . Missouri Pacific . . . Missouri Pacific pr. ? Mulllns Body . 1400 47 84 46 43 35% 8 B'/a ~ 46 3 130 5 61 '/a 5 61'/i. ? 29% 1 67 6 1% - 421/2 3 "434 ? 39 ?? 12% 40 56 30 44 38% 101% 16 40 901/2 3 National Acme . National Aniline .... 7 Nat Aniline pr. 5 Nat Cloak & Suit_ Nat Con & Cable 6 Nat Enamel & Stpfc 7. Nat Enam & Stpg pr 5 National Lead .... - N R R of Mex 2d pr. 1'/2 Nevada Con Cop.... New Or, Tex & Mex. 0 N Y Air Brake - 5 New York Central... 5 NY Dock pr. N Y, N II A II _ 7 Norfolk & West 4 Norfolk & West pr. . 5 North American .... 7 Northern Pacific . . . 5 Nova Scotia Steel... 2% Ohio Fuel . 4 Ohio (Jas . Okla Prod & Refin. . Ontario Silver . Owens Bottling .... Otis Elevator . Pacific (?as & Klec. Pacific Development. Pacific Mail . Pan-Am Petroleum . Pan-Am Petrol rts. . Pennsylvania R R. Penn Seaboard Stoel Peoria & East. Peo Gas & Coke. . . . % 61% < 52% ! 200 16 2700 86% i 2400 12% ' 400 2838 : 1300 46/4 ' 47 800 373? : 6900 69 I 200 89% 89% 89% 89%-? 1900 81% 81% 81% 81%? 2300 13% 13% 13% 13%? 3400 80% 80% 78% 78%? 200 101 101 101 101 ? 76C0 86% 87 &2% 83%? 1800 7% 7% 7% 7%? 1400 16% 16% 16% 16%+ 300 46% 46% 46% 46%? 6600 127% 127% 121 121 ? 4800 73% 73% 72 72%? 200 63 63 63 63 ? 2600 33 33% 32%. 323/d? 1400 100% 100% 100% 100%? 200 67 67 67 67 ? 200 58% 58% 56 56 ? 500 85% 86 85% 85% f 800 79% 79% 77 77 ? 300 52% 52% 52% 52% f 25100 52% 53% 52 52 ? 15900 9% 9' a 9% 9%~ 3000 10 10% 10 10 - 700 66 66 65 65 ? 700 137/4 137% 133 133' ? 100 62 % 62% 62% 62% 2200 75 75% 75 75 ? 600 38 38 38 38 ? 18100 125 126 12600 2''s 2'/8 4850 42% 42% 8600 40% 403/4 100 14 14 500 40 40% 1% ? P?re Marquette . 15600 443.; 3 i '/ 1C9 106 30 % ? P?re Marquette pr.. Per? Marq prior pr. Philadelphia Co .... Pitts, C, C & St L. . Pierce Arrow . Pierce Arrow pr. . . . Pierce Oil . Pittsburgh Coal .... Pittsburgh Steel pr.. Pierce Oil pr. Pitts & West Va.... 900 109 109 1C5 105 - 800 20 20 19% 19% 2800 63% 64% 623.t 62=>4 - 200 94 94 94 94 400 103% 103% 103% 103% 400 31 31'/, 31 31 - 6% 12% 59 100 Tond Creek Coal. 2600 Pressed Steel Car. . . Pressed S'l Car pr. 132% 112% 8 Pullman Pal Car... Punta Alegre Sugar Rwiiy Steel Spring. Ray Con Copper.... Reading . Hem Typewriter. . . . Rep Iron & Steel. . . Itcp Ir & 3:1 pr.... Rep Motor Truck... fi.44 Roy Dtch, N Y sh.. 6 Savage Arms . ? Saxon Motors . 1100 97 107! a 27%, 93% ;o5% 145 106% 74% 121 94% 23% 17 27% 12 2334 225 19% 64% 89 115 257 33 72' 2 14 51 68% I9 747,, 68 71% 1C0 44% 84 53% 6% ? 13% 1 103,4 _ 7% ? 15% ? 168% 8 10 1 53% ? 46!. 2 6 92i4 6 132 35100 105 100 101 1000 120? : 4600 835.? 1300 100 500 22 6600 81', 2300 93i 86100 113 00 105' a 105% 105 87% 87 111% 113! 7'.-. 400 60 60 60800 104'4 104'/; 200 83'2 83'. 2C% 2C?V, 14'a4 141/2 19% 19/ 9 9 17 17 4C0 1500 1200 200 20 593 > a 161 1091? 101 104% 144% 54% 105 17% 70% 345 115 120 62% 74% 45'? 138% 74% 58% 175% 55% 119% 215 283/4 91 % 167 463/4 139% 77 50% '15% 117% 97% 213a 92' ?> 115% 13% 38 14% 26 126 59% 104% ; 1041-2 18% 28% 86 401/4 98% 136% 117 99% 86% 36*4 4534 92 42! 4 32 95/2 12% 27% 135 72% 99 42% 37% 5,9 ' , 119% 66' 2 32% 90' ,-. 50% 80% 157 14 49 97 % 34 73 43% 45 88% 113% 65% 12 51 110 7% 28'/., 9% 17 94% 40? ? 65% 96% St Joseph Lead. St Lou & San Fran. . Seaboard Air Line... Seaboard Air Line pr Sears-Roebuck & Co Shattuck Ariz . Sinclair Oil . 86100 Sloss-Shcff St Kx Ir. . 15100 Sou hern Pacific So Porto Rico Susr Sou.hern K H. Sou hern If R pr. . Standard Milling rts 500 9 Standard Milling pr. 100 90 Stewart-Warner .... 300 174 Strombcrp Car!? ... 6900 91'4 ? Stiidc-baker . 72100 134% Stuclebakcr pr. 1C0 103 Stutz Motors . 9600 114% Superior Sleel . 800 45% Superior Steel pr .. 200 100 Tenn Cop & Chem . . 500 12% Texas & Pacific _ 16900 51% Texas Company .... 6000 317 Tob Products . 6900 97 Tob Products pr ... 200 101/ Tran-scon Oil . 4500 61/ Trans ? Will Steel.. 500 64/ Union Oil . 29603 40-V 100 215% 215% 215% 215% a 5% 1000 13 13 13 13 - 66200 IO834 1091/4 1063/4 310 2:0 210 210 f.2: 101% 1001/2 100% 62-1 E8-i. 59 _ Union Pficifi (riion Pacifi. United Alloy United Drug . . In Drug 1 ; pr. In Retail Stores el. 19100 124' 100 6,'7 12C0 523 4C0 148 200 52 72100 107-1 I'nited fruit . 1300 197 U S Cast I P & Fa. 400 27' U S Food Products.. 25100 83 U S Ind Alcohol ... 278:0 114' II S Ind Alcohol rtn 5000 43 8 US Rubber . 79600 129 6 U S Smelt & Rcf. . . 1200 74% 3% U S Smelt & Ref pr 500 48% 5 US Sleel .2406C0 107% ?2 _ I , 103 ? 2% 135' 4?103/4 25%? % 30%? 2 112 + 38 42%-f- % 12334 124 % ? 17 45 4 23% 1 8/% 7 120 8 50 ? 88 7 U S Steel pr _ Utah Copper .... Utah Sec Corp . . Ya-Carolina (hem Va-Car Chem pr Wabash . Wabash pr A . 400 29; West Maryland .... 1300 12 West Pacific . 400 24" Westing Air Brake. 700 120 We-stinghiiu.se Mfg . . 4100 55 Wilson Co . 38.0 82 Wilson Co pr . ICO 95' Wheeling & I, E ... 25100 15 Wheeling & I. K pr. 4'JO 22 White .Motors . 25600 74 Willys Overland .... 28200 32 Wiliys Overland pr. 1900 92 Wooiworih . 100 126 W'nrih Pump & Mach 4900 97 Worth P & M pr A. 2?X) 96 1800 115 115 114% 114% 7C0 80% 80% 7934 79% 400 12% 12% 12 12 - 3000 75 75 72 72% 300 11334 113% 113% 113' , 100 100 Bid and Asked 12, 1. Asked .; . \ .. | A; i ?v. Sus., 1' 0 Kre ?? i Co.. du S5 A Bk Note [)r i." I ' l.ai : ???.-... i ? a Ax CU. pr. IRV? '-5 , ? ?. ? . i A IV, i ?i pr. ?I ; I. A. M I pr. Ill 113 A B S l-'dry. .92 ' ? L \V ?; . l i r.U'7 11 i do pr .166 200 Mackay Cos... 2 ' A Unseed pr 25 US Manhat Bench '? .:' Am Sh.pbldg. 1 I ..,. . Hi pr 100 110 Am Km pr A 79 SI ,\le.\ 1'et pr.,100 11 I Am S?.ml pr. ? 1O0 Ml. n Cei ?:.,.. lu!) Am Migar pr.118 118 MSl'&SS.U pr. 05V? IOC Am Tel ?c C. 53 60 : ?o Ud Unes. 55 A To pr new 99 lud Muillas By pr ? ??it's Ann Arbor .. 8*4 3 Munt t'uw pr.105 107 do pr . 1.2Va 25 .Vast* & Chat. 110 11 ? Ai Hir & A. '-I 10 , it I'.... pi. ..112 116 A Coast I... !>5 111 N C & S pr.101 -. ?: Af! Jt W 1 pr 69 71 I.Vat l>eail pr LOO? 11) Bald Loco pr.101 106 |.N kit ,\J 1st pr 1-V'j 16 Barrett ? o pr.lH 1 '? "?-? N Y ?' & t? l 2?? : ' B(?th S Cl B. Ifl'i 102HI ?o Ibl pr... ? 3 70 Hun s Bra pr. 110 111 ... : . pi 44 ?? : Bu r ?: ,'i 1\ . ? S' Y lj ? W U0V' iK> pr ... 1 '" s ' >...?,?-.' Buff .V Sus. . 51 54*4 cuvons lioi ? i lu! iln pr ... 69 73 !\. -.-. ? Bush Term. . ? ? I1"1 Cal Hack pr.120'4 ? . ? Can Southern 45 " I Pai Ile M ?? . . Case .1 1 pr. . 5'? '?? 0 V \\. >? pr '.' 10 22 S .(. .170 :-? f'i 1 Mull?.. . 53 15 Cent Fdrj ? ? ? ? 4 :> 1st pr.. 55 '.U5 ,l.i pr . 45 Ml P ,?? \V & C.l .era ! ' Chl ?5 Alton. : .1 Pitia St pr. 94 I ' ?") pr .... 19 13 :' .V 'A' ','n or !j ?? c ,?-? ?; m... o 7 P s c n .r.. ;:<. Cl & Plus.. 70 SO Ry St Spr pr.101 ?4 107 CSP M & ?> 65 70 JieaiU.ig 1st -.r 33Vi 3594 ,!??> pr . 07? 100 ...'?,- . ' 7 i >'????& S L pi 66 70 S 1 m S :?' pr 2(1 Cluott Pea pr.103 2 8%'s ?. Sw .il t.iu C ,v s 1st pr . ???Ti 56 Sears Boo p- : : do 2d pr ..46 r.O s B H ,? I pr S0 75 Co i! Ins ('?<. . S2 ? S P K Sus iO ? C - ?> Carp? i . .?'? ' ilo pr 105 I C Am Su pr : . la *:-.. 7 i '. i . Det i .:i on .1' ? lUH'T A I' 5 tr ;;00 51 i ;??? t'n KR ? 2 * ?! ? , ? ? .r .. . . D H S A A ' ?\ r I - 1, .v W 6 12 do rr ? ' ?' ? "i - '5 2"i l. ??? Si Bat..130 '. 15 do pr . - 12 horn C r ? V2 < . .??? ;,. is .:'. i i .1 it. !"'i IS Tu .-i ? 1 j l; 1 I ' ? i ed M k S. HVa l?i I ? ; I .... S? ' I do pr ..... 28 32 " derwi ??! T 17U IS: G n Chem pr I ????: I ?? do pr ..106 115 i3en Clgao pr 97V<? 105 t'n Cigar St..109 219 do leb . . :? 'Vi 96 ; .1 i pr . .110 1 hi loss 1st pr 8 . OS 1 Drug 2.1 pr. : 15 ? Hartman i\>it 90 92 L'n Hy lUTCSt, 10 12 . Int liar pr. .112 114\ do pr ... 21 52 i I 1'ap pr st.li'O 110 U S Express.. 23 26 Int Nickel pr 5'i'? 91 U S I A! pr.102% 106 I Int Salt .... 65 70 ? S 11 1st pr. 1U IIS luwa Centrai. 6 S IWabuh pr B. li'V 20 ! As!? Hid Ask. ?'? West 515 5.1 pr ?1 . i -. -\- ? !? pr. -?? .... .-a. i>r ?;> . i? We. ?.'?u M 1st. SU ivelli Spr pr H? MH'.W'ls Contra! .. liei .'y v> n |.r :? ? I In ,N .-??. rh pr a ll'i Keok & I) AI l'?? - WP ft M pr ?1 77 ? > : ..15 10 i Slock"? Ex Dividend N?v 12 American Cotton OIL. 1 Nov 12 do pf . :: iv 17 American Smelt & Kef pf... 1% Nov 15 American Tobacco. 1 Nov 20 Brooklyn Edison . 5 Nov 20 Urown Shoe . 1 \ Nov 15 Consolidated Gas of N V. ;'t Nov 15 Cripple Creek Central It It. . . . l Nov 15 Oeere & Co pf. 1 % Nov ;5 Del roil in: . Iwaj. 5 Nov 14 Fn port rexas . 1 Nov 20 Osr.eral Cnei . il . v Nov 1 7 Ms ? ' ? 51 . ? . t. b ici . .... " Nov I V .a,;. I ?? ? .?:?? mor.t s. . . ? "t? Nov 20 5!.., a ai mp ctfs. , . 10, ' Nov 17 .Molln? 1st p!. : a. Nov : 5 N -a luna \ . ?, No-, N :?,...? Utscuit . 1 u Nov 15 Or.io C111 ? ? . 1 . ,' 15 Pittsburgh r ? . i - ... '. \ Nov : 5 Pressi il ?Steel Oar,,. Nov IS Standard Mil!ins . 5 i United ? >ru? 2d p?.l\'s 5. S. Kreege Sales Sales of the S. S. Kresge Company for October amounted to $3,833,061, compared with $2,971,469 in the corre? sponding period of 101P, an increase of 29 per cent. Sales for the first ten months of 1910 were $32,015,853, against $27,522,682 in the ?'imt months of the preceding year. Sweet.?* Company Earnings October sales of the Sweets Company of America aggregated $270,567, corn Dared with $116,000 for October, 1918. Net earnings before taxes were $62, 000, or at the rate of over $700,000 a year. Saies for the ten month-; totaled $1,673,904, an increase of $586,904 oveB the same 1918 period. In Wall Street _ "What Do You Think of the Market' A member of the money crowd on ?the floor of the Stock Exchange: "I ! think the market will keep on going | down until the first of ?he year, by which time I believe tne money Situa? tion may have corrected itself. Stocks like Crucible Steel, American Interna tional, Republic Iron ?ft Steel, and others of the specialty class have been selling too high for weeks and they should all K?> lower. The banks have been drained of their source of credit I supply and have reached the point where they have no further funds to finance a bull market such as we have i been having." Street Afrog With Rumor? Wail Street was agog all day yester? day with rumors anent the money stringency. It was reported early in the day that Governor Harding, of the Federal Reserve Board, was in the financial district and this served to give rise to fresh rumors that were more or less disquieting to those who were long of stocks. Following the opening of the call money rate at 1 1 per cent, stories were h'-arri that the money committee might be revived as a remedia! measure, but this was later denied by bankers well informed re? garding the credit situation. It was said that if left alone the law govern? ing the supply and demand for money would right the stock market, which was interpreted in many quarters as meaning that there would be further liquidation before such a condition had been reached. A Banker's View A member of a private bank;;,: il stitution expressed the opinion yester ' day that the stock-market would cither ; have to quiet down or undergo a period of liqu'dition if Kuronc's. financial re ' ouirernent.s are to be met in oart by America. "So long as there is a big ? bull campaign on in stocks." said this ', banker, "the p'jb?c will not buy bonds. ! And why should they, when they have ' been able to purchase stock.-? that have shown them enormous profits, despite the hi"*h call money rates? The Amer? ican public has got to realize the se? riousness of a situation- which is: be? ing em-hasized every day by the fall? ing foreign exchanges. 1 think the real reason back of the check in mounting stock market price;- is the belief of those cognizant of world-wide condi? tions that this is one of the ways to bring about a rr-a'ization of how neces? sary it is to finance Europe." Equipment Financing Plan Bankers conversant with the plans for financing the government's pur? chases of railway equipment during the period of Federal control said yester? day they expected to see their scheme rut into operation around the first of the year. Under this plan about $250, 000,000 of equipment trust certificates will be offered by a nation-wide syndi? cate. Unless market conditions change material'y between now and January ! it is expected that the certificates will be offered at a price to yield approxi? mately ?J per cent. Pressed Steel Car Shows Gain The interest that ha*.*e been accumu? lating Pressed Steel Ca'** continued ?heir buying operations yesterday, despite the severe dec'ine in the genera! list. Whi'e other crstwhi'e pool favorites were having hard sledding the com? mon stocK mounted to 108%, and closed 3'!i points up on the day, at IOC;. Dispa'ches from Pittsburgh yes? terday denied that the Mellon inter? ests have secured control of the com pany. This was one of the reports thai h: e b?en current in local (manch I cir i les for some time past, and was given as a reason for the strength in the stock. An estimate of earnings for the current year places the surpluf available Tor the common stock at $16 a share alter taxes. American Locomotivo Order Announcement was made yesterday thftt the American Locomotive Com? pany had taken an order for fifteen 102-ton six-wheel switching engines from the Terminal Railroad Associa? tion of St. Louis. This is the first lo? comotive order p'aced directly by any railroad since the roads went under government control at the close of 1017. Ii is stated thai the engines will be the largest switchers ever buiit. A ineriean Linseed ?isrnet? $16,02 Per Share Last Year Net Income Amounted to $3,855,827; Intitial Divi? dend Is Declared; Stock? holder Quizzes President Xet income of $3,855,827, or he equ valent of $K3 02 a share on ?$16,750,000 common stock outstam after allowing for the regular 7 ? i cent dividends on the preferred stock was reported yesterday by the Ame - can Linseed Company. In the i ' fiscal period the company earned only $5.77 a share on the junior stoe? issue, (?ros.s earnings last year wen $11,025,776, an incicase of $6,640,439 over the preceding year. The annual report for the last 7 si a, year showed for the first time a coi 1 solidated statement of assets, Hal ties and earnings of the compi its subsidiaries. Robert li. Vdi president, told stockholders a1 th r.ual nie .ring in the Wool worth ing that it had been the poli company *iot to include the pr iits of subsidiary properties in pr? . ? - years because they were going thro formative period. The NTu< oa ( any, he said, was one of the : i contable of these companies and ? aa constantly adding to its plants ow ng to the great, demantl for its products. Analyzing the balance sheet as ' ptember 20, he cai,l that in t le p erty account item, totaling $34 019,958, were inCiUded subsidiaries which were 100 per cenl owned by the An -..can : nsced Company. Other subsidian? - ? mentioned in stock inves ments he tated, ??.?? ????? only 50 pei cent o i he in\ entory item ? i ? ording to 2i r. Ahum ?, was can ? I oi b . ?'. the present : arkel pi ice. 'a in.. ?' innual d ?? idei d of 3 per c? nt was declared by I i rectors f owing the annual meeting, pa; ?'?? qua rtei ly in *;. men is on D< ceinb? r ! '-. March 15, June 15 ?-.- : Se] t< iber 1 i 1920? Under questioning bv John ,L Fitz? gerald, ex-Mayor of Boston, Mr. Adams admitted at the annual meeting of stockholders that the con puny had been interested in certain stock tn ns actions for officials in 1917-1918 but hat tiiese in some instances had been closed out 'ast year. Mr. Fil declared that measuri to obtain an explanation o) tl any's activiti? n tocks. Paris Market Irregular PARIS, Nov. il. Trices we-e irreg lar on the Bourse to-day. Three p-r .cent rentes. tM) francs .''0 centimes for cash. Exchange on London, '.in franca T.'l centimes. Five pe- cent loan. ."?? | francs 73 centimes. The dollar was. ; quoted at 9 francs 32 centimes. (??????????????????????????????M PRICHITT ??CO. MBMftEK) O!? NEW YORK. 6TOCK- EXCHANGE L & CO : INVESTMENT SECURITIES SIXTY-BROADWAY NEW YORK CITY J S Money and the Stock Market Discussed in this week's issue of THE BACHE REVIEW The REVIEW ,s ...sued ueekiy and ; Copies may be had upon re?|?irjt J. S. Bache & Co. BANKERS E.~T.\nLIS;iKn ?<I5J j Members Sew York St<vk ExrHnngt 42 Broadway New York Branches arvJ C'TVf^xm^. throughout th? Carib Syndicate An outline of the value be- j I hind the subdivided shares given in the current issue of j the FINANCIAL FORE- j CAST. I Figures on production and j future plans a'so reviewed. j Commonwealth Petrc. i Panhandle Producing Loft, Incorporated Submarine Boat In requesting copl? Se : ? ?- ? ?W?&Ei&Ca ESTABLISHED IOCS 41 BROAD ST. NEWYDRK . Phone - Broad 2!> ?1 Stanwood Rubber ? Common Stock Bought ? Sold ? Quoted I Circular on rcqutit i Bolster & Company ??0 Wall Si., New Yorli j Telephon? .lohn 9 I'anKKnnwnaMaKnanMMnMnaHaBBuwu. -i-m-ti rriiiMwiwiii?^iwiiBiiiwiiniMiiii We Hill liny Aeolian-Weber PJa?o 8z Pianola ' ?orrmimi X Preferred J.K.Eice.. r.&Co. f'fttnt? 4?00 (? ??JO .T?rMi If VV.tl S> s r Odd Lots '?? r\U Dt .s ?o (?J S H O E.M & (w?APM AN '.<? mbert \ - Tark .. | kauft / ! Broadway N-v, Y . ?t C??J ' ? ? '?- ; ?"' - : St Kannevig & Co. I Vnnne Fioanrinf Marine Securi'.iet 139 Broadway. New York t- crn^n f > . hmt I ? i ? ? ?> H. Raphael & Co. Investment Si-cut a 74 Broadway, New York 'telephone 5333-4 Rector