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New-York tribune. [volume] (New York [N.Y.]) 1866-1924, November 12, 1919, Image 16

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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

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