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\ ...^vMnroHFiraqg!^^^.^ Phone, Rector SOOO Josephthal & Co. 120 Broadway, Mew York Members Keu> York Stock Kxchang* ConvertihSe ?~ Railroad Bonds Ash for Circular "T.R." Private Wires to Principal Cities Banking House of HENRY CLEWS & CO. Members of N'. X. stock Exchange. 11. 13, 15, 17 and 19 Broad St., N. Y. Interest alione?! on deposit account* Mibjcct to cheque. Stock, Bond and No!? Issues of Railroad and Industrial Com panics Bought and Sold for cash; also nservatlve term?. rORBTOX LETTERS OF CKED?T ISBTTIO LIBERTY BONDS Branch ) "'20 Fifth Ave., ftfV Union Peinar? Oftice?: ) irti Dunne St. 145 T:?*t 60th St, 1? Court St., Brooklyn. Itt Yaan et f?m.i,i.-..>l ?tun*? CSS?? CHATHAM & PHENIX ?/??ft NATIONAL BANK A?/. Capital * Sursis? Sl?.iUO ??? i\\^?q\*,1' ifes?aiv?s.Sl?t.M?,?^ ? BanK **' Broadway, Singar Bio* ?,.'./.-...?? And IS ItraBihu THE BANK OF AMERICA ESTABLISHED 1812 with which is merged Franklin Trust Company Wall and William Sts., New York. National City Bank Bankers Trust Co. N. Y., N. H. & Hart. Deb. 4s fcY.cCL.URE., JOPEES & REED ?iembrrt hew York Stack Mxchango President's Order Of Inquiry Starts Sharp Wheat Rise Oversold Condition of the Market Speeds Upturn as Shorts Cover; Part of the Advance Lost at the Close Reporta from Washington that President Wilson liad directed the Federal Trade Commission and the Department of Agriculrtice to invests gate the wheat situation to conform with the requests of Governor Allen of Kansas caused an active covering movement in the wheat market during yesterday's session and brought about a sharp advance in prices. The market was evidently in an oversold condition, however, and when the covering movement started stop loss orders were soon uncovered and values ran up rapidly, at one time showing gains of about 15 cents from the low of the morning and closing with net gains for the day of 9% to 10%c. ? Sentiment in tho market is by no means unanimously bearish and many believe that prices were perhaps un? duly depressed by the downward read? justment in other commodities. Fur? thermore, the statistical position presents some bullish features which some authorities feel confident will become effective at some time during tho present season. Others declare that there is enough wheat in the United States and Canada to supply Europe's needs until the crops in the . Southern hemisphere are obtainable and that financial conditions abroad will have a tendency to reduce con? sumption there. The export demand during the day was not active, hut sales were reported of about 350,001) bushels, principally to Belgium. In tho local cash market No. 2 red and No. 2 hard were quoted at $2.49 c.i.f. track New York. U. S. Corn Competing With Argentine Crop The American corn markets have de? clined to an export basis and are evi? dently competing successfully with Ar? gentina in Europe. It was' said that during the past week sales of Ameri? can com for export have amounted to ?bout 650,000 bushels and that a much better demand has developed, especially for white com, which" is evidently wanted for grinding purposes. This demand from abroad, as well as the late strength in wheat, caused a better demand from shorts as well as from commission houses, and the mar? ket during the day developed strength and closed with net gains of 2 to 8M?C. In tho local cash market No. 2 yel? low corn was quoted at $1.19% and No 2 mixed, $1.174 c. i. f. New York, ten clays' shipment. yesterday's Previous Year New York: close. close. neo. No. 2 yellow.$1.19H ?1.16V4 Chicago: October .92% .??9 _ Decembei .89 V* .86%_ Out? ? The oats market showed compara? tively little Individual feature, but after moving within a narrow range, prices de ?loped strength In sympathy with wheat and corn und Hual prices were I1? to H?c net higher. In the p.cal cash mark ? l white and No. 2 white were quoted I | 07 to 67HC1 No. 3 white. 86 fft Oij'??,,? No. * white, 65 to C&Mic; -fancy clipped vhlte? to to 71o; ordinary clipped whit.. ?6Vic;eall elevator. Yesterday's Previous Year New York: close. close. ago. N?. S white. 80.660.66% $0.66 0.66% - Chicago: December ? 57% .6? - May .61% .?OS - Kye?Market firm. yesterday's Previous Year New York: close. close. ago. No. 2 West.$2.06% f2.00 - Floor ami Meul?Quotations were: Yesterday's Previous Year Clone. close. aeo. Spring paient. fll.aS011.78 $11.26011.76 112.100 Cornm? ai. 3.600 3.70 8,600 8.70 3.800 ?R>? tSour. t.vo0 t.eo i.ooi? t.eo 7.25? 7.50 Bran. 46.000-- lO.eoOwr? 41.80042.00 > ?Stocks Rise Again ! As Anglo - French S Loan Becomes Due Realizing Sales Cause Reae tion Toward Close, When Call Money Rates Drop to 6 Per Cent In its perverse, contradictory movc | menta yesterday the stock market ro i vcaled several fundamental facts about ! the machinery of finance. Speculative ; securities continued to leap forward in i the morning in the face of high rates ; for money, and in the afternoon, when rates declined, the fluctuations, meas ; uring the market worth of stocks, tend? ed definitely lower. The rise was m ' anticipation of a relaxation in the credit mart, but when the expected loosening was realized the effect had : been discounted and operators sold se? curities to establish their profits. Another important exhibit was the facility with which the bankers paid off the largest loan American investors ever made to governments abroad. Al? though only slightly more than 40 per cent of the $500.000,000 of Anglo French bonds remained uutstr/i'l'iig be? tete 10 o'clock yesterday?the date of maturity-?even the $200,000,000 or : more awaiting redemption set a new high record. The coordination of '' bunking resources in the Reserve sys | tern made it possible to pass through the day without any sensational signs O? stringency. The renewal rate for call loans was 9 per cent, as on Thursday, but, instead ot climbing, as on the previous day, | the rental charge for money at the loan | desk on the floor of the exchange re ; ceded as the day advanced?first to 8 1 er cent, then to 7 and at the last half ; hcur to 0 per cent. The first easing, which ?ame at 1 o'clock, stimulated speculative buying, but later in the ses? sion reductions were accompanied by realizing sales. The appearance of 6 per cent money was partly due to tho I fact that, in its operations, which in? volved withdrawing funds from the local banks, paying off maturing certifi? cates of indebtedness and disbursing interest on the fourth 4%, the united States Treasury paid out an excess of $2?,000,000 over what it drew in, set? ting free new funds here, which will be taken from other districts. Besides, the Anglo-French payment involves a huge float, which, until checks drawn against, the maturity are cleared, tem? porarily left the banks with a surplus of funds available for Stock Exchange loans. In spite of reaction from the high levels attained earlier in the day the general list showed gains of from one to two points for the session. Reading first preferred and general mortgage 4s were conspicuously stron? and the high grade railroad stocks^gcnerally moved upward. According to The Tri? bune averages, rail stocks yesterday equalled the peak for the "y.-*r and railroad bonds attained a new high mark for 1920. Despite the prevailing strength at the railroad posts some rail stocks were off for the day, partic? ularly those of roads of poorer credit, and Texas Pacific stock was again con? spicuously weak. Among the indus? trials steadiness wasj general, with ex? ceptions among special stocks, such as American Sugar, American Woolen and Marine common. The apprehension which kept down the volume of trans? actions at the exchange all week diminished yesterday when the actual shifting of funds in the money market took place, and the market broadened. Although the walkout of the British coa? miners to-day affected yesterday's market little, if any, it was probably the cause of a break in rates on sterling exchange and quotations on British bonds, and no doubt contrib? uted to the weakness in the cotton market, which carried quotations to new low levels. The news that Presi? dent Wilson, following the suggestion of Governor Allen, had asked the Fed? eral Trade Commission and the Depart? ment of Agriculture to investigate the decline in wheat prices caused a stick? ing rally in quotations for this cereal. Quotations were up 15 cents from (he low prices of the morning, and net gains for the day varied between 9% and 10% cents. Money and Credit Call money opened yesterday at 9 per cent, but despite the heavy finan? cial operations connected with the ; meeting of the Anglo-French loan and ' Liberty Loan bond interest payments S declined in the afternoon to ('? per cent. i Bankers now predict comparatively i easy money for an indefinite period. Yester- Year day. ago. ? On mixed collateral.. 9 8 On industrial collateral 9 8 Time money (mixed collateral): Sixty days....'.8@8% 5%?6 Ninety days.8@8% B%@6 Four months.8@8Mi B%@6 Four to six months..8@8% 5%@6 Bank Clearings ? Bank clearings at New York yesterday were: Exchanges, $924,744,662; balances, $10-1,831,332. Silver London, 63%; New York, | domestic bar, 99%c; foreign, 83%c; .Mexican dollar, G27se. Snb-Treasury ? United States fund reserve credits balance, $74,903,702. Canadian Exchange?New York funds ir. Montreal, $100.88 premium per $1, 000; Montreal funds in New York, $96.55 discount per $1,000. The Dollar in Foreign Exchange The foreign exchange developed ' weakness yesterday, with rates on ? London leading the downward move [ ment. Demand sterling closed at $3.46 ^j which was a drop of more than 2 cents in the pound. Francs i losed easy at 0.50. (Quoted in dollars to the pound.1 Yester- Week day. ajro. Sterling, demand. $3.4650 $3.49875 Sterling, cables. 3.1720 3.50625 | Sterling, sixty days. . . 3.4250 3.45575 Sterling, ninety days., 3.4050 3.43875 (Quoted in cents to the unit.) Francs, checks. ii:50 0.67 Francs, cables. 6.53 6.68 Belgium, francs, checks 6.84 7.01 Belgium, francs, cables 6.85 7.05 Lire, checks. 3.91 3.90 Lire, cables. 3.92 3.91 Swiss, francs, checks. . 16.87 16.02 Swiss, francs, cables.. 15.90 16.05 Marks, checks . 1.43 1.00 Marks, cables. 1.41 L'iO ! Guilders, checks.30.80 30.97 Guilders, cables.30.90 S1.0625 ! Austrian crowns, chks.37.50 39.00 Austrian crowns, cbls..37.50 39.00 : Sweden, checks .19.58 19.85 Sweden, cables.19.68 19.95 j Denmark, checks.13.80 1".90 ; Denmark, cables.13.85 13.95 Norway, chucks.13.65 13.90 Norway, cablea.13.70 13.95 Pesetas, checks.14.36 14.64 'Pesetas, cables.14.89 14.68 Creece, checks. 9.70 10.28 Greece, cables. 9.80 10.35 ; Manila, checks.40.50 46.50 Manila, cables .40.75 47.00 India, rupees, checks . .80.00 30.00 India, rupees, cables. . .30.25 S0.25 Japan, yen, checks. .. .51.125 51.00 Japan, yen, cables.51.375 51.25 Argentina, checks. .... 82.125 82.575 Argentina, cables.82.375 82.625 Brazil, rio, checks.17.25 17.60 Brazil, rio, cables.17.375 17.375 Czeeho-Slovakia, checks 1.31 1.32 Czeeho-Slovakia, cables 1.31 1.32 -? Dayton Power & Light Earnings The financial statement of the Day- : ton Power & Light Company for the | month of September disclosed a net income of $34,183. compared with $21, 315 for the same month last year. Sur? plus showed $16,780, while net earning? totaled $78,501 compared with $69,407. Transactions Yesterday in Listed Stocks Summary of Stock Exchange Dealings (Copyright, 1920, New York Tribuno Inc.) Day Year Jannary 1 lo Hate. Yesterday. before. ago. 1920. 1919. 1913, Railroad storks . 341,000 209.C00 338,900 33,227,600 50,639,200 24,399,600 Other stocks . 407,500 328,100 997,200 139,964,300 188.222,300 81,966,300 All stocks . 749,300 537,700 1,336,100 173,191,900 233,861,500 106,365,900 Ye.itcrdny Day before. Year ago. 1920. 1919. U. S. government bonds. $9,787,000 $9,?99,000 $10,931,000 $2,299,163,000 $1,969,427,000 Railroad bonds . 2,214,000 2,024,000 1,116,000 328,226,000 291,773,000 Other bonds . 3,778.000 3,134,000 1,472,000 289,146,000 309,655,000 All bonds . 15,779,000 14,857,000 13,519,000 2,911,535,000 2,570,855,000 Record of Stock and Bond Averages ?pyrlirht, 1!)20, Now York Tribuno Inc.) (C ? Ytsttr dny. 20 Rallrnarl ntock* . 73.25 30 Industrial Mock* . 86.30 50 Stocks. 81.03 10 Railroad bonds . 76.73 10 IndtiHtrinl bonds . 84.13 5 Utility bond* . 73.33 25 liond? . 79.01 Stocks ?ay before 72.85 85.83 80.64 Year BED. 69.90 115.62 97.31 Bonds 76.28 79.00 84.16 93.23 73.22 79.90 78.82 84.85 Rnng-e thnn far 1920. ?lllfh. 73.25 110.30 92.05 76.58 91.45 74.53 81.71 Low. 53.60 82.53 74.46 66.73 82.92 67.64 73.94 Range fa? year 1919. Hl*h. Lo' 78.80 63.; 119.33 79.?' 99.54 75.? 82.80 72.J 95.70 90.! 87.75 71.1 87.91 80.: Hier.. 1920. 8834 238 3 53?8 96! 2 6238 10334 "283,4 60 613.4 '47% II6I/4 54% 15! 'a 30% 122 119! 2 95 995 a 109',4 107 17% 30% 72 83 v 11534 50 142% 10634 10034 238 210 9734 165'' 1051.2 61% 66' 2 6^4 125 90 82 123,4 104'/2 1761-2 20% 1481,2 "02% 493? 533,8 154', 2 111! a 1% 32' 2 102'/2 96% 17 131/4 62 15 120 11% 28!/4 2"! 4 28% 85% 4& 134 IO434 108% 61% 164% 68% 15 17/4 14' , 3338 44% 65 91'.'a 120% 111% 413-8 Low. Dir. 1920. Rate 38% 6 1 ? 1/4 ~ 28 84% 56 70% 68% 50 30% 124% 105% 22% 9 9% 56% 64I.J 61% 80 Bales. Ajnx Rubber . 100 41 41% 41 41 ? Alaska Gold Mines.. 2700 ( 1% 178 1% 1%? 'Alaska Juncou . 900 2% 2% 2 2 ? Allis-Chalmers . 1400 34"4 34% 34% 34' 'a+ Am Agr Chem pf. ... 100 87% 87% 87% 87%? Allied Chem . 5600 58% 59% 58% 59 ' Amer Beet Sugar. . . 400 74% 74% 74% 7434? Amer Bosch Ma? ... 2100 76 79 76 78% + Am Br Sh & Fdry.. . 600 51% 52% 51% 52%! Americnn Can . 1400 32% 34 32% 33% + Am Car & Kdy. 2900 135' 4 135% 134% 135%+ do pf. 200 110% 110% 110% 110%* % 135% 135% 951. 2 11% 1634 5234 74% 86 33% 99 74% 92% 104! 4 102 8514 70 91% 38 49% 2 85% 76 72 5 82 % 128% 18 100 95% 27% 40% 114 100% Amer Cotton Oil- 100 80 Am Drug Syndicate. 1200 Am Hide & Leather. 1200 do pf. 2100 Amer Int'l Corp - 3400 Amer Linseed . 3200 do pf. 200 Amer Locomotive . . . 12600 4 10 7 10 7 7 4 8 7 % ? 4% ? 67% 5 *3 8 91/4 ? 5% ? 48 ? 6% 84 6% - 16 ? 10 ? 10% ? 61 6 22% ? 110 10 3934 ? 943s 7 33% 4 74 10 47 4 4. ? 4% ? 7 ? 29% 2 30% ? 45% ? 67 5 98 7 74% 8 23% - do pf. 200 1003a 100% 100% 100%- 100' Amer Safetv Razor.. 1900 14% 15 14% 14%- 143 Amer Ship & Com.. 2600 17% 18 17% 17%- 173. Amer Smelting . 3600 60 60% 59', 2 59%+ % 59? Amer Smelt pf A... 200 77 77 77 77 - 77 Amer Snuff . 100 103 103 103 103 + % 102'/ Amer Steel Fdy .... 1400 38% 38% 38 38% f % 38 Amer Sugar . 400 104% 104% 103% 103'2? 1% 103' Amer Sumatra Tob.. 1600*90 90 88 88%4- I/4 883 Amer Teleg & Tel... 1200 99 1003g 99 100 + 1% 99? Amer Tobacco . 1500 135% 136% 135 do B. 900 131% 132 131% 132 ?? % do pf new. 400 90 90% 90 9034 f- 2% Amer Woolen . 3200 74% 75' 8 7334 7334? ' 4 do pf. 100 93% 93% 93% 93% 4- % Amer Writ Paper pf. 400 52% 53% 52% 53%4- % Anaconda . 4600*50 50% 49% 50%4- % Assets Real Co. 400 3% 3% 3% 3%? % Associated Oil . 100 96 96 96 96 + 1 Atch, Top>& San Fe. 3400 do pf. 200 Atl, Birra & Atl- 900 Atlantic Coast Line. 400 Atl, Gulf & W I.... 2100 Atlantic Fruit . 500 Baldwin Loco Co do pf. 300 98! 4 98!: Baltimore & Ohio... 22900 48 49*, do pf. 900 54 54 Barrett Co . 1400 130' 2 133'/ do pf. 100 102% 102' Batopilas Mining .... 400 % 3 Beth Motors . 2400 434 43; Beth Steel, Class B.. 14900 71% 72', Brooklyn Edison .... 100 90 90 Bklyn Rapid Tran... 700 1438 143, do ctfs. 300 9% 9' Brooklyn Union Gas. 1200 56 56' Booth Fisheries . 400 6% 6? Ri\T?3 Bros . 200 93% 99 Butte Cop & Zinc_ 600 6% 63 Butte & Sup Copper. 400 16% 16? Butterick Co. 400 15 15 + 42700 115' 2 116% 115 78% 1034 99% + 146 + 18%? 116%+ 98%+ 1% 48%+ % 53% + 131 + 102%? 1 Caddo Oil . 12700 843,4 62 21% 4414 4034 36% 65% 67 89 93% 20% 97% 14% 105! 4 107 46% 43% 273'. 2 1C6 60% 59% 85% 40 108 260% 9 16% 13 28 147 102 2138 30% 2234 48 36% 19% 192 100 75% 92 172 42 89% 85% 93 85% 9C34 41% 20% 35% 103 75% 38% 23% 116%. 97% 27 83 61% 6% 16% 61% 111% 170 84 934 91% 79% 26% 47% 7% 21% 44% 30 27% 52% 102% 1% 33% 48% 91% 46% 24% 40 38% 65% 36 28 112% 181 '/a 38% 35% 62% 63' , 30% 222 26 71% 52% ?1 9034 11 13 31% 55% 40 69% 64% 42 12% 24% 27% 20 18 50 55'/2 73% 9 73 10 76% 100 25 30 115% 92 36% 31% 75 32 83% 165 Calif Facking . . Calif Petroleum Canadian Pacific Central Leather do pf. Cerro De Pasco. Chandler Motors Ches & Ohio. 1900 67' Chi & East 111. 400 12! do pf. 200 13 Chi Great Western . . 600 12? do pf. 2400 29! Chi, Mil & St Paul.. 4700 42* do pf. 3900 63= Chi & Northwestern. 400 82: do pf.'. ... 200 110 Chi Pneu Tool. 1900 ?79 Chi, Rock Isl & Pac. 5300 39 do 6% pf. 200 69 do 7% pf. 4C0 83 C, C C & St. Louis. . 100 59 Chile Copper . 1900 13 2 Chino Cons Copper. . 1600 25 Coca-Cola . 2400 30 Colorado & Southern 100 33 Columbia Graph Columbus (ias & Elec Consol Ci;;ars . Consolidated Gas . . . Con int Cal'hn Min. . Continental Can . . . Continental Candy . . Corn Products . 2400 84% do pf. 200 101 Con Textile .'. . . 600 26/s 2 Col den . 600 36 Crucible Steel . 3600*131 400 63 63 60 61?2 900 26% 273-8 26% 27%+ 1'% 4600 126% 127% 126% 12634+ % 5400 41 ''4 43% 41% 43 + 1% 200 94% 94% 94% 94%? ' 8 1500 38% 38% 38 38'%+ % 7600 84% 87% 84 85%+ % % 2900 1200 200 2400 1400 400 16C0 2% ? 9% 18 ? 60 92 9% 17% 12% 19% 20 5% 146 87 58% 92 134 16% 72% 64% 76 48 65% 30 16 - 25% - 74% 50 21 '/a - 13 75 - 30% 13% ? 69 43 3 334 - 13 70'4 37 72 6% 62% - 70 15% 30% 5% 3% 7% 17% 13% 40 52 % 22 12% 61 35 8% 16 1834 39% 18% 11% 94 87 % 2% 2% 7 6% 17% 148 18% 10% 37% 9 63 3% 7 21 36 25% 69 do pf. Cuba-Amcr Sugar . Cuba Cane Sugar.. do pf. Davidson . Ocla & Hudson . . lie). Lack & West Denver & Rio Gr. . do pf. Dome Minen . I?lk Horn Coal. . ., Endicott-.iohnson do pf. Erie . % 130% 131 U 400 103% 200 247 200 2' a 900 4 400 11% 200 24 500 65% 100 94 3600 19% ?io st pf. 1900 do 2d pf. 700 FLsk Rubber Tire... 600 Freeport-Tcxas Oil... 300 Gaston, Wms & Wig. 300 (?en Chemical Co. do pf. General Cigar .... do pf. fien Electric Co. . ?.?encrai Motors . . . do pf. do 6% deb. do 7% deb . Goodrirh, it F. (it Northern pf. . . Gt North Ore subs. Culf Mob ?t North. do pf. Hartman Corp .... Husk & Bark Car.. Hendee Mfg . Hupp Motors . Houston Oil . Illinois Central . . . Int'l Agriculture do pf. Inspiration Copper Int-Cons Corp . 1900 478 do pf. 9C0 15% Int'l Harvester . 400 112 lnt Mer Marine. 2400 1S% 200 150 500 88 200 63% 20 92 200 140 22700 183a 100 73 200 66% 400 78 2100 51 1600 8734 400 34% 100 16 400 31% 400 74% 1400 69% 300 21% 900 *14"A 200 200 1200 3600 1400 39 100 73 403 8' 8 1900 751,2 100 100 200 72% 6 do pf. Int Motor Truck.. 7 do Isi pf. .60 Indiahoma . ? International Paper 6 do pf . 6 do pf stpd . ? International Nickel. 1200 ? Invincible Oil. 3100 ? Island Oil . 25C0 ? Jewel Tea . 400 ? do pf . 200 2 Jones Tea . 100 ? Kansas City South . . 2600 4 do pf . 900 4 Kelly Springfield ... 600 6 do rts . 5600 ?- Kennccott Copper . . 4900 1.20 Keystone Tire . 1700 6 Larkawanna Steel . . 2400 ? Laclede Gas . 400 ? Lake Eric & West . . 700 ? do pf . 100 2 Lee Rubber & Tire . . 400 3% Lehigh Valley . 1900 2 Loews, Inc . ? Loft Candy . 7 Louisv & Nashv 10 Manat? Sugar . . . ? Maxwell Motor Co ? do ctfs ? do 1st pr ctfs . ? do 1st pf . ?: 2 Martin Parry . 29C0 12 Mexican Petroleum 2 Miami Consol Cop 1.60 Middle States OH .. 17200 4 Midvale Steel . 1900 ? Minn & St Louis new 5000 7 M, St P & S S M. .. 200 ? Mo, Kan & Tex _ . 3600 ? do pf . 1400 ? Missouri Pacific .... 1900 ? do pf . 1100 ? Mont Wnrd . 400 3 Montana Power _ 400 1% 8 700 *207e 200 13 200 107 400 89 + 1 1900 200 200 2% 3% 3 3 7% 7% 7% 8 18 18 17900 187% 193 2400 18% 18% 14% 14% 38% 383., 19!a 20?? 38 88 6/4 6% 10 11'j 18714 191% 18% 18% 1% 3'? 34 ITieh. 1920. 40 125 116 86% 98 13 88% 93 % 110 8% 17'/a 60% 117 83! i 62% 731/4 70 48'/s 37' 4 277a 103'2 60 ?-4 92| 4 29^8 157 90 6% 9% 2R% 41% 65 7C 611-4 1!6% 111,% 44 3 61/4 441,-2 183/4 42 32 57'A 42! 2 44 827-8 1C8i/2 23>/8 98 721/4 50% 39! 4 113% ?120 10b% , 106 22% 1 C1>/4 56?-8 65 94 12434 1063-4 5534 9?>% 123% 21% 33% 40 457-a 11% 20% 253-4 2-13 13 901-4 48% 82 ',. 4 105% 331/4 661/2 160 850 Low. 1920. 32 105 103'4 44 83 6% 50 70'/8 100'a 4/4 10'4 31 89 64'4 2334 60 41' 4 20 23 '/i 16 85 48 6G34 18 107 80 3% 4% 261/2 19% 45% 253? 41/4 71? 673/?, 377a 16 33% 9 27 22 37 3014 34% 33 DIt. Rate. 3% 7 7 Salea. Open National Acme .... 1C0 33% Natioiinl BLsruit - 100 107 do i?f . 200 107', 4 National Aniline . , do pf . Nat Con & Cable Nut Knnmel & Hip. National Lead 1900 700 100 600 900 ,,f . 200 104 Nat RR Men 2d pf. . 400 6' Nevada Connol Cop. 1100 11 N O, Tex, & Me?. . . 1100 60 New York Air llrnke 200 97' New York Central .. 7600 f", N Y, Chi & Ht L... 9100 601 do 1st pf . 100 73'/ do 2d pf . 900 69 New York Dock ... 100 25!. N Y, N II <& H. 9600 31? '4 N Y, Ont & Went. . . Norfolk & Western.. Norlh American . . . Northern Pacific . . . 2 Ohio Rody . Otis Kiev . do pf . 40 Okla Prod & Ref ... Ontario Silver . Orphenm Circuit . . . Otis Steel . Owens Rot Mach . . . Pacific Develop .... Pacific (?as & Elec. Pan-American Pet . . do B . Pennsylvania Kail . . Pcnn Scab Steel . . . Phillips Pet . Peor?a & Kastern . . . Peoples Cas & Coke. P?re Marquette .... do pf . Philadelphia Co .... Pettibone Mnlliken . 900 Hl?h. l/ow. C?o??. 33?/4 331/4 33'/4 f 107 107 107 ? 1071,4 107% IO71/4 + 587b 5734 68% + 90% 891/4 89%? 7% 7% 7% + 58 68 58 + 757B 75 757b! 105 104 104 ? 6% 6% 6%+ 11 10% 103/4? 60 59% 59% + 97% 97% 97% + 83% 81% 82% f 62% 60 61% + 73% 73% 73% + 70 69 69%+ 25% 25% 25%? 35% 34% 34% + 25% 24% -25 + l'/a 400 100% 101% 100% 200 60 60 60 4800 90% 92 90% 100 18% 18% 18% 1C0 132 132 132 200 90 90 90 600 3% 37a 37b 200 5 6 5 200 27% 27% 27% 100 22 22 22 200 48 43 48 600 25% 25% 25% 400 54 54 54 10700 88% 91 88% 1400 82 83% 82 2900 43$4 4378 43% 1100 13'/2 187/8 18% 10$ 35% 35% 35% 200 16% 16% 16% 3400 39% 393,4 39% 1400 28% 29 28% 200 53% 54 53% 1600 39% 39% 39 . 200 36% 36% 36% 11 79 51% 36 21% 84 66 883^ 96 13% 64% 32% 33% 45 723/4 92% 25 34% 69% 4'/2 15% 11 20% 6 10 934 109 8 45% 23% 53 88% 18 50 120 600 ? Pierce Arrow . 2900 8 do pf . 400 ? Pierce Oil . 600 8 do pf . 100 5 Pittsburch Coal _ 500 4 Pure Oil . 900 ? Pitts & West Va . . . 1600 8 Pressed Steel Car .. 1100 8 Punta Alegre Suffar. 700 8 Railway Steel Spring 100 7 do pf . 1 Ray Consol Cop .... 4 Reading . 33600 997"8 2 do 1st pf . 4600 49 2 do 2d pf . 14100 57 ? Beminsrton Type . . . 400 53% 6 Rep Iron & Steel . . . 9600 *78% 7 do pf . 400 95 ? Rep Motor Truck . . 700 34 ? Keploffle Steel . 1400 81 5.50 Royal Dutch . 4900 76% ? Saxon Motors . 400 5 ? St Louis & San Fran 1900 32% ? St Louis Southw . . . 4600 36 ? do pf . 700 42% ? Seaboard Air Line. . 300 9% ? do pf . 400 1778 1 Santa Cecilia Sugar. 300 11 8 Sears Roebuck . 6100 115 ? Shottuck & Arizona 400 3 .74 Shell Trans & Tr . . 900 48% ? Sinclair Oil . 3600 31% 6 Sloss-Sheff St & Ir. . 2100 6634 '4 100 104% 104% 104% 104% 1100 14 14% 14 14 - 103% 110 78 + % 95 ? % 34 + 1 81%+ % 80 + 2% 5 32% 37%+ 1% 43 + 1 3% 112% 113% 113% 100% 51% 267? 118% 126% 91% 60 20% 1338 533/8 47 53% 19% 95% ?83/4 127? 50 53'/ 793a 41 1738 9 40 17 31 9% 57 9 73% 38 25% 129% 110 Southern Pacific .... 8600 100 Southern Rail . 16100 32% 32% 31% 31%? % 31% 32 do pf . 400 65% 65% 65% 65%+ % 65% 66 Stand Mill . 100 121 121 121 121 ?38% 120 140 Stand Oil . 50 628 640 628 640 +15 635 645 do pf . 1900 105% 1053a 105% 105%+ % 105% 105% Stewart Warner _ 400 31% 31% 31% 31%+ % 31% 32% Stromberff Carb _ 600 72% 72% 71 71 ? % 70% 71 Studcbakrr . 16400 7 Steel & Tube pf . . . 100 3 Superior Steel . 100 2 Superior Oil . 400 ? Tenn Cop & Chem . . 900 3 Texas Company .... 14900 ~- Texas & Pacific .... 10600 .25 Tex Pac Coal & Oil 3600 ? Third Ave Rail _ 200 6 Tobacro Products . . . 3800 ? Transcontinental Oil. 1200 8 Union Ras & Paper. . 400 ? Union Oil . 1900 s 69% 111 3 ? 244 14 293. 61'/ 1C0 176 13 12% 40 46 77% 59 74% 101 50 41% 837a 50 7834 116% 96% 143% 115' 2 76 47% 109 #JI5% 1C438 80% 56% 12% 97 80% 21 13 34% 23% 15% 26% 40 75 8914 82% 16 ?8 69' 2 32 93 48 951,4 32% 7 42 57 10% 7 20% 14 8% 11 20% 54', 2 80% 44', 2 46 S - 15 42% 10 58 23 55 24 Rubber. 1900 *77% 1st pf. 100*105% 105% Kefs. 8 Cnion Pacific. 4600 127' 2 128' do pf . 300 67% 67'/ Un Cicr Strs of Am pf 100 102 102 United Fruit . 900 206% 207' United Ry Invest.... 700 13% 13' do pf . 500 28*" 28' U S C I P & Fdy. . . 200 15 15 do pf .'. 100 41'2 41' U S Food Products.. 1600 49 51 t? S Ind Alcohol_ 10700 85 867 Cnlted Retail Stores 4600 73% 73'/ U S do U S Smelt & Kefn. . 400 52 ! do pf . 100 45 U S Steel. 28800 883^ do pf .'. 1100 1C8'/; Utah Copper . 6700 Utah Secur Corp.-.. Vanadium Steel ... 3900 Va-Car Chemical . . . 400 Vivaudou . 600 Wabash . 2400 do pf A. 3800 do pf B. 100 Western Maryland... 2900 do 2d pf . 1010O Western Pacific .... 400 do pf . 100 Western Union Tel.. 200 Westinehouse Mfg , . . 900 Wilson Co. 100 Wheel & Lake Erie... 1400 do pf . 900 White Motors . 700 Willys Overland .... 4G00 do pf . 200 Wisconsin Central. . . 600 Worth Pump & Mach 300 Wickwire. 500 127% 127% 67 67% 100% 104 206 207% 1/2 % \z *Ex dividend. /a 29%+ 2% Bid and Asked Bid. Asked Aflnm? Kxp. . 35% t>G> ? Adv Kumoly.. 2" 28% do pi ... 60% til Alb & Sus. ..120 140 Al Cllttlni pr. 7". ','i> Am Ag (Mi pr 87 00 Am link Note 40 47 do pr . .. 40 4", An: Beet S pr. - ? 82 AUS .t F pr 85 87% V-m Col OU pr 84 70 Am Expics? .I4;i ?47 Aim ?!..' Sec pr 58 Am La France 10 lOVi Am .Malt & Cl 20 27% Am Slllpbldg. - ? Km Am Snuff .. ..102% 103 do pr . 7!? 87 A St Fy pr. 84% 85% Am Sugar pr.105 110 A Sum T pr. 85 K0V4 Am Tel A: C, 47 Am Wli pr. . . 90 Am Wool pr. '.'2 93 Am Ziiio .... 11 Mi 12 do pr . 44 50 Ann Arbor . . 20 35 do pr . 30 33 Asso Dry (?. 27 30 .1 > 1st pr . . 59 en do 2d pr. . . 50 5(i Asso ?HI ... 95 115 Atlantic Ref 1070 1120 A?: i VV I pr 62 60 Auto Sales Co 5% 7 ?lo pr . 10 13 Barns,lall ... 40 41 do K . 37 Bamett l,ea.. 40 65 do pr . 80 90 Barrett Co pr.lul% ? Reth S 7: h pr 90 95 Brown Shoe. .. 60 65 do pr . 85 87 Ilurii? Urs pr M 115 Buff It & P. 60 83 <i > pr . . ,, 80 100 P.iitT & Sus. . 7514 do pr . 42 50 Bush Term. .. ? 85 ('ai & Arlz.i 55 56% Case .1 I pr.. M 89 C'en of N J..214 2.-.D 'Certalnteed ?. 4-( .".1 I'M & Alto%.,13% 15 do pr . 17 22\ ci & Pitts.. 57 ea C BrUH <> 70 72 ?lo pr . BO ;? C C C * S L .'.-1 59 do pr . 64 70 duett Peab... ? 72 do pr . 95 100*H Col &. S lal pr B2 54H d? ? ?*.. 46 51 Bid. Asked, loi Graph pr 77 81 omp Tab Ree it 45 ' '? '?' Ct(? u-s pr mi S3 /; ' Can pr . 1)8 1110 : "in Ins Co. 68% - - t>ex ( arpel. r>r> vi >'?? Steel pr. . 93 94 ';i Am Mi pr 92 99% ''n Cane Su pr 7 1 7;, "'l>" Co pr. . !W ,|t; 'av Chem... . 86 37 Det KdLion . 95 99 Det IT, RR,. _ 90 ?? ' Kodak..530 531 '?" Pr .lot) 193 >> S S & A. i! s pr Durham l?os. 38 ??9 do pr . . .. ni 93 Rlec st Bat..118 130 ? khorn C pr. 32% 37 ?'o I'.raj'.t ..11 15 do pr . _ 72 :?:?' .V Pitts. . 4,r. 55 1' ilrb.tnks ... 51 K 50 Fed M & S. !% 111.. da I r . 32 33 1 Liber. Body. .104 no do pr .. ..?mi 102 '?"!":? Tex 22? 2:< On Clg pr deb 52% 85 ?oodricli pr . S3 85% (?ranby At , , 32% .44 ?ray had.. . 1314 \; fulf St Si.-,! .-.,1 53 in M T 2,1 pr 60 63 Hit Paper pr 95 105 int Nickel pr 80 85 hit Salt .... 63 70% c\ayser J . so ?ii KCFS*JI pr.. 57 _ Kelly Spr pr. 79% 85 * do S pe pr. . ill 93 Kelscy Wheel. 48 (?3 ,.'!: pr .31% 93 !\cok ?St ? M. 7 10 do pr - no 47 Kreage s s . . 711 90 L.?S8 & M T. .142? 144 , do rr . 99 " Mi! 1. -Vi Biscuit, . 39 41 do Kt pr. . . 95 loi do 2d pr...lo:> lio I-"rllUr?l pr. . 99 105 Mackay (.'ne.. 6.1 64 .,*> t" . 58% 59* Manat? Su* pr 85 88% Manhat Beach % 2% Man Blec .?Jup 57 59 do pr .100 ? Mar Rockwell. ? 38 Mat Al W..-. 28 83 Mav De 8t pr 95 \ !00 M ex Bet pr. 90 100 Mich Central. 'JO 95 Bid. Asked MSI'&KKM pr. DO B5 do Isd lines. 55 58 Mont l?ow pr 93 tlti Morris & Ks. (10 Mullins Hv pr 75 ? Nasu A.- *-Jiiit. lor, 109 Nui Acme... . 32V4 33V4 N C & S pr. 79 82 S E ? .s pr B8 94 Mill M Ut pr 9 NYC'&SL 1st. "" N V Doek. .. ? 2V4 d.. pr 47 1, & W. 78 Norfolk So .. 15 Norf & \V pr 65 (lino Fuel .. 46 oils Kiev.132 nils Steel ... 21V] Owens Hot pr 83 101 Pacific UoMt.. 25 40 d.? 2d pr... ?5 Parlflr Mall. . ? Pao Tel & T. 41 Parish & Kin? 26 Penn .1 C pr. . 83 !Vr? M prl pr 83 Petti M 1st pr 92 Pitts Coal pr S4V, 85 P K W .V C. 11.1 120 Pitta Steel i>r ?."? 1' & \S' Va pr 78 Pr St Car pr.lOO P S C N .!. . ?1 Hy St Spr pr.l03V4 110 Hand Mines. '-'2 24 It 11 Sec _ 54 0!) Reis & C. 104 13 do pr . 70H 73 Bern T 1st pr 86 do 2d pr. .. 8? 135 60 1)5 t>0Vj 01 '? ?7 Bid. Asked, rtensselner ... ? 110 |8 USF pr 45% 47 H Seara Roe pr.lOtl IOS S A; I pr 83V4 87 Vi S 1' H Suitar.llj 120 do pr .lull ?O.I Stand Mil) pr 75 KO ??um Uros pr. S?Vi 06V4 studetiaker pr. N2 86V? Sup Steel . . 51 62 ?o pr . U7V4 9.SV4 Ti'intor . 38 Vi 4i T Ac 1? Id tr.285 325 ridewater on 215 220 rsL & W ctfs 12 17 do pr ctfs., 18 25 Trans & W S 4:i 45 ?wln City B T 36 39 do pr . 63V4 85 t'i.dcnvood T. 150 170 do pr .102 117 l'n Cl?tar St. .130 170 United Uru?. 105 109 do 1st pr. . 45V4 4iiV4 USCIP4 K pr 4P* 41V? !' S jKipress.. 0?4 7 I' SI Al pr 93 B5 I' ii HI & I 48% 50 L'SS & It pr 43 44 Va Car Ch pr.105 106% Va I C Ai (Mil 117 Wells Kargo.. 57 60 Wasi Pac pr. 74 "6 Weat'se A B.lOUVi 102 Wilson Co ... 52 54 Wls i t-.i pr 91 Central. onli . . . 108Vi 1"9^ <>1 do pr .106 |\VP & M pr A 7S do pr I?_ 62 107V? Paris Market Heavy PARIS, Oct. 15.?Prices were heavy on the Bourse to-day. Three per cent rentes, 54 francs 30 centimes; ex? change on London, 53 francs 27 cen? times; 5 per cent loan, 80 francs 25 centimes. The dollar was quoted at 15 francs 32Vi centimes. *_????? ?. Lo:idon,Monev Market LONDON, Oct. 15.?Bar ?ilver, 53%d per ounce; bar gold, 118s; money, 4Vi 5 3-8(? 5 5-8 per cent; three montns' bills 1 . ! .'ir,8 per cent; three months' bills, 6 11-16@6% per cent; gold premium ; at Lisbon, 140. _ Do not ?five up for lout that valuable keepsake. A Trlbunte. reader may have found It. Try ft Lost and Found ad In Tho I Tribune. Phono Beekman 3000.?Advt. In Wall Street Optimistic on the Market Byron W. Holt, of Goodbody & Co., takes an optimistic view of the long outlook for prime securities. "The one big fact that stands out to-day like n pike-staff in front, of investors." says Mr. Holt, "is the unprecedented decline in the prices of commodities. Under 'existing banking conditions this de? cline almost surely means substantial? ly lower rates for money in the near future. It is in expectation of these lower rates that the prices of good in? vestment bonds and stocks havp for some time, been advancing. We ex pect this advance to continue for sev? eral months. Except for brief inter? vals, we do not expect this advance to stop for several years, or until the prices of good securities are. back to where they were a decade ago. Units? the income tax should be reduced such an advance cannot occur until nest ol (he Eccuri'cies whose incomes --.re :.-ub ject to taxation are owned by mer of moderate means. Undoubtedly the shifting of b?jpds and preferred stocks from the very rich to ordinary investors has been proceeding rapidly for two years." Piajrnosing the Market The market rose buoyantly in the morning yesterday on prospects of easier money, but when the call rate declined in the afternoon to 6 per cent prices,eased off considerably. Ob? servers said that the reaction was probably due to selling by those who had bought stocks earlier in the week and who could not resist the urge of converting their paper profits into real money. Brokerage firms who recently turned bullish on the market did not change their attitude, and ?trgued that an upward movement would probably continue until the day after election. The following was typical of Stock Ex? change opinion: "In 1907 the fin?! de? cline started about September 20 and ran without interruption through to November 20. This year, however, we have a Presidential election, which al? ways sways sentiment to some extent; hence the election rally, which, how? ever, should not be expected to reach the tops of our previous highs of Sep? tember 20." The Reading Issues Active buying of the Reading pre? ferred issues and the general mortgage 4 per cent bonds was again in evidence yesterday, while the common stock at the close had lost ground slightly. The star performer .of the stock market session was the first preferred stock, which gained 7Vs points to 56, while the bonds were up 4% at 86. The sec cond preferred started off sensationally by going to a new high record price of 65, but at the close had reacted to 59, compared with Thursday's last sale of 57%. The pace set for this issue had apparently been too swift for the ?peculative contingent, who converted the big profits of the past few days into real profits. Steel Price Average Declines The average price of eight princpal iron and steel products" declined this week from $84.04 to $82.64 a gross ton. This is the largest decline the average has shown in the current movement, and the average is now at the lowest level since the latter part July. In October, 1919, the average price of the eight products stood at $63.06. The decline this week was due to the drop in the price of tin plate from $9 to $8.50 a 100-pound box. Silver Market Acrobatics Wide fluctuations are of almost daily occurrence in the market for foreign silver. Yesterday, for example, the New York quotation slumped 3V4 cents an ounce, following a decline in Lon? don, and closed at 82:is cents. The day before the market scored an advance of 4 cents an ounce. Domestic produced silver holds around $1 an ounce by rea? son of the Pittman act, which provides for steady purchases of the metal at that price to replace the metal melted down during the war from the Treas? ury's stock of silver dollars. To date the Treasury has bought some 15,000, 000 ounces of the 207.000,000 ounces which must be purchased from Ameri? can producers. The Treasury demand for silver at the fixed price has resulted in the establishment of two separate and distinct markets for silver, one for domestic production and one for for? eign production. It is the foreign sil? ver market that is doing acrobatics at the moment, and labor troubles in India are held responsible in a meas? ure for the sensational fluctuations in the price. The present price of around 82 cents compares with a quotation of $1.01 an ounce late in August. Japanese Business Conditions Business conditions in Japan are still unsatisfactory, and merchants in that country are facing a discouraging pros? pect, uccording to a cablegram received by the Irving National Bank yesterday from W. N. Enstrom, vice-president, who is now in Yokohama. "Conditions continue unfavorable," the cable read. "Depression is felt in all lines, and the outlook is not reassuring. Banks are extremely cautious in granting credits. They are keeping large cash reserves and making loans only on high-grade collateral." Sugar Production Estimates of the European beet sugar production for 1920-1921 place the total at 3,870,000 tons, compated with 2,676, 000 tons during the past year, but 3, 450,000 tons short of the 1913-1911 out? put. American and Cuban production has increased 2,500,000 tons over the pre-war figures, so that the estimated world production for 1920-1921 will be 1,250,000 tons less than in 1913-1911. Domestic sugar consumption requires 475,000 tons more than in 1913, as the American consumption for 1920 is esti? mated at 150,000 tons mote than the record of 4,067,671 tons in 1919. A fair estimate, then, of the world shortage for 1920-1921, according to Hornblower & Weeks, is 1,500.000 to 1,750.000 tons. "While the extremely high prices of the past year will probably not be re? peated," states this firm, "better prices than the current quotations appeal probable. The moratorium in Cuba, while not a??ecting the large companies, will doubtless restrict the crop for next year by checking the production of the small planters. In view of these conditions a price of 10 cents to 12 cents for raws seems probable, which would compare with an average of 11 cents to 12 cents received by most companies this last season." National City Statistics Statistics prepared by the National City Company indicate that by July 1, 1921, $1,500,000,000 of the government war issues wiil have been retired. Up to June 30, 1920, the government had redeemed, on account of the 5 per cent redemption fund, $1,224,000,000 war bonds, ail of which were undoubtedly purchased at a discount. "From July I, 1020, to August 81, 1920," says the City Company, "tho government re? deemed $10,178,250 additional bonds, purchases evidently being made for the 2Va per cent ?lnking fund which be? came operative on July 1 last, Under the terms and conditions of this fund the Secretary of the Treasury is authorized at his discretion to pur? chase annually 2% per cent of the amount of bonds outstanding, less the sums heretofore advanced to the Allied nations. According to the Treasury figuies it is estimated that the pu? ! chase for the present fiscal year under thi? fund will aggregate $250,000,000 of bonds." On The New York Stock Exchange A Comparison i as r?p ? ? - 000,000 norat Ion i : [ fl ' f I 1920, mated ? - ? ? ? : nil til" ? . , ' S-.V - A. A. Housman & Co. \ N ' - y V ' " ^ 20 Broad Street, New York Bra? M O file*? i 25 West Mil St.. N.? S..rl; City liberty Building. Philndel) si Why they slumped ?| Reason for d ? In A MARKET OPINION -A<-k f ?r It : !R.H.MAEfM3TEF.S&C0. .17. mbt rs Consolid?t, d SI 82-84 Broad St. New York Increased Volume In Curb Trading: Industrials Firm Higher Priced Storks A?ain Attract Attention as Sen? timent Improves; Oils Are in Better Demand Higher priced ii stockt again aura? ? curb market ye mint was i The volun than in many days. '? and Carib . with s Demand for these twi issues was said to be ble extensive develi which were expected value of the stocks. Carib Synd large scale and the pi ily upu ? 1 rofit-taking ar ' ?>? ever, caus? : Industrial issui - demand and sma day were Brass moved upai lumbia Emerald was gain of aboul 2 po no Tire, however, sold off to Bond dealing tendency, but price cl u sea were small. Industrials Shares teme i 100 ?A<l El P I 10 10 * A 10 ?Am 10 0 * A m l'a lO'Am i ' ? ? 25 Borden 100 ?Brit 250 *1 : 10 ?Clfleld - 1 10 ?Dupont Pow.221 5 *-!?> pn i i 100 <") ' ? 7500 *< '?< ... io *g . : ' 700 *1 : ' . . . - . ?Kay . * 2 ?Un Mo I : ? M f . . 4 ? -?do y r 40 I ?Pll !? i ' i ' 100 ?Hoot &. Vand 10 ?iioj I ] 40 l *R K T I" In y. . ? I 10 i ?Pi B ?? Mffi ' r.on ?stand Pts r -, R 00 ?do prof '' 40O *Un C? T'n V '- S 4 *U O & E mn ?,!,, . 1200 ?vn i; st r ?U S H Sp 1 ? ??;.... 121 - *\V, bcr .v Standard- Oils Shu'!??. T.art. mn ?Anglo Am O ' 100 ?Atl I. "0 "0 >> of N Y 10 ?Vulcan < 3i0 Other Oils Shan s. ' it ? ? ? - v. ?i - ' :. ? ?*? : i ?I I . i ' 1 -, i : . Am ? ? & R ' !'? - 'Red K I 17 1? II . . r ] - ? ? . i ? .-. i . jnoo ?in '!'? \ i ? .00 ?Victoria Oil.. 1*4 : i mo W rml sn x? '? 24 y i'. '-' ? M i oo ?Woodburn Oll 3 -.-'?> Mining Shares Ol 1000 Vask-Tir C V. ? ?Alv M & M.. 1! j ** 700 *Arl :on t Bllv. '. . . * :? T , 2 ? 800 ?tP< I l> I? P) 4'j i * . y,i Ex <a p) 6 1? !.? dge.... >?? '-a 4 ^ 2R00 ?tllooth ?'.- I>i : ; i*tc? . 1? : ? 00 * - ' ? 9 V 2.?? .7 200 Con A >\ l\ ?H <S ? ??in a a l ? 16700 Dlv Ex .? s) 29 El Ralv Silv. . 7? 1 1 4 i ? * 500 ?' -' ? , ? ? ? 1,\ 1? ?700 ?tOold Zone D 3S 5700 ?fOoldfleid C in - !i ? ? Continu J on n ; .i*f.> il