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New-York tribune. [volume] (New York [N.Y.]) 1866-1924, November 19, 1920, Image 14

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The Pennsylvania-Ohio
Power & Light Co.
7 H % Twenty-Year Bonds
A long term bond, at a
high interest rate?of an
essential Electric company
supplying a most impor?
tant industrial section.
Price to Yield 7.85%
Circular glvlr.fr Interesting de?
tails of the business -will b?
furnished upon request for
AK-JB1.
eNatienalGty
Company
The]
-ompany
Main OBw: Na'.l?r.&? CltJ lUr.t Butldlni
Uptown Of.kH): Fifth Ato. 4 4id St.
JELKE,
Hood & Bolles
MtMttfS JM-V ?TOCK UHCHAtm
BONDS FOR INVESTMENT
40 WALL TREET
NEW YORK
?p A I L R O A D credit
?*?*? must be re-estab?
lished in order that the
railroads can render the
service required of them
by shippers throughout
the country.
f-pHE position of well
secured Railroad
Bonds is being improved
daily by the re-estab?
lishment of railroad
credit.
Sooseuelt & jtatt.
Founded 1797
Seasoned Investment;-.
30 Pine Street, New York
TO YIELD
8%%
An unusually attractive
and well - s c a s o n e d
Closed First Mortgage
Gold Note in denomina?
tions of $100., $500., and
$1,000., the Security of
which is over Seven
times the amount of the
issue. Earnings over
Six times the interest
requirements; two
shares of Bonus Com?
mon stock with each
$1,000 note.
Circula?- upon request
MARTIN & CO.
Established 1847
Members New York Stock Exrhang?
111 Broadway, New York
P Central Aguirre Sngar
Empire Steel & Iron
General Electric Rights
Home Insurance Stlc & Rts.
Chi. ft East. 11!. l?t St 1937
| Geodyear Tire it Rub. Com. ft Pf<L
New Jersey Zinc
General Baking Com. & Pfd.
Specialists in All
Dividend Scrips 4 Mights
IC. C. Kerr & Co.
j'J 2 Rector St, N. T. Pkoae 678? Rector
^MaWtfHlllllV'UjJ<i^^^S^^^^^^i
Robinson & Co.
laTettment Securittct
M Ksefauwo rUta *N?*r T?vfc
M ?mbi>re If mm Te>rk tft&ck Bwcktmf
'Bonds for Investment
Harris, Forbes & Ct
PliM Street, Corner Wlllteaa
NEW YORK
Passing of A. I. C.
Dividends Causes
Sharp Drop inStocks
Shipping Shares Main Tar?
gets of Liquidation as In?
dustrial Issues Fall to the
Lowest Level of the Year
A leading international banker re
j cently remarked that "finance is an
! old lady with shaken nerves," and the
| fluctuations of security prices yester
j day afternoon after the directors of
] the American International Corpora
i tion announced, that the quarterly divi
; dend on the common and preferred
: stocks would be omitted tended to
! validate the truth of the financier's
? metaphor.
The news of the retrenchment of this
! company reached the speculative pub
i lie at 1 o'clock, after there had been
evidence of steadiness in the stock
market. What followed in the subse?
quent quotations of the stock of the
American International Corporation
I and to shipping shares in which the
: A. I. C. is heavily interested is what
one might expect in response to the
emergence of a thunderbolt from the
: sky. Complete surprises of this nature
ordinarily would not effect severe
; damages on security values, yet the
'. truth ?3 that many Wall Street folk for
| days have been looking forward to yes
? tt-rday's A. I. C. meeting, anticipating
i a possible change in dividend policy.
I However, the elimination of all divi
j dends seemed to be more drastic than
speculators expected.
The net result of the new policy,
wnich spoKeMnen ivt the corporation
attribute to a desire to conserve cash
with which to carry foreign customers
of the trading companies owned by the
corporation, was a loss for the day of
! 10 points in A. I. C. common, a loss of
j b% points by Marine preferred and 2
by Marine common, and 8H points by
United Fruit, in both of which ship?
ping companies the American Interna?
tional holds stock.' United States Rub
! ber, another company in which A. I. C.
is believed to be heavily interested,
closed unchanged, but has been ex?
tremely weak in recent weeks. The
selling of the shipping shares, those
purporting to be able to speak au
i thoritatively said, did not represent
liquidation of its holdings by the Amer
1 ican International. Much of it, never
, theless was induced by the fear that
the A. I. C, in need of cash, would
dump its shares on the market. The
unfavorable announcement, coming in
.he midst of a major drive on security
prices by traders determined to make
profits out of other people's losses, un?
doubtedly brought about heavy short
selling of the three issues which broke
heavily, and the impulses originating
'rom professional sources were vigor?
ous enough to carry prices to the lev?
els where multitudes of stop-loss
orders came out to keep the downward
rush going at an accelerated pace.
The collapse of the prices of these
shares was enough to affect all stock
prices, and industria! shares again
tumbled to a new low level for the
year, proving again that what some
brokers previously called the bottom
was merely another lower step on tb?
ladder of declining quotations. The
overdoing of selling, however, on :;uch
events, as the omission of a dividend,
which is not an amazing thing in days
ol diminished sales and falling com?
modity prices will carry the downward
movement too far, in all likelihood.
That the setting was perhaps more
important than the immediate cause of
the fresh break in the stock market
was indicated by sharp declines in quo?
tations in the commodity markets,
where cotton and corn quotations fell
to the lowest levels of tne year and
wheat prices fell sharply. The foreign
exchanges moved lower.
Against the wave of bearishness
were set some very real opinions of
bankers regarding developments in the
money market, which should bring
about a freer supply of credit. More
time money is becoming available and
bankers said that liquidation has pro?
ceeded to such an extent in the in?
terior that a surplus of funds is ac?
cumulating in out-of-town banks, who
put out funds on time yesterday. The
renewal rate for call funds-?7 per cent
-was the lowest since October 22. It
closed at G per cent.
Money and Credit
Further ease developed in the stock
market money market yesterday with
further offerings of times funds. It
was said in some quarters that loans
available for this purpose are now in
the neighborhood of 550,000,000. The
call money rate renewal at 7 per cent,
the lowest since October 22. The clos?
ing rate was 6 per cent.
Year
Vesterday. ago.
On mixed collateral. 7 12
On industrial collateral. 7 12
Time money (mixed collateral):
Sixty days. [email protected]% S?iC?? 6
Ninety days. ?ra:B^ 6%<fl}6
? Four months. [email protected]% 5%@6
Four to six months [email protected]% 5%@6
Bank Clearings ? Bank clearings at
New York vesterday were: Exchanges,
$720,326,2-18; balances, $71,833,202.
Silver?London, ?O-'id; New York,
domestic bar, 99%c; foreign, 78c;
Mexican dollars, 69%c.
Sub-Treasury ? United States fund
reserve credit business, $59,912,533.
Canadian Exchange?New York funds
in Montreal, $121.25 premium per
$1,000; Montreal funds in New York,
$108.14 discount per $1,000.
The Dollar in Foreign Exchange
The foreign exchanges, in reaction
yesterday, lost a portion of the ground
I irained on the rally of Wednesday.
I Sterling dropped back, losing nearly 4
j cents in the pound. Francs, lire and
marks were also lower.
(Quoted in dollars to the pound.)
Yester- Week
day. Ago.
Sterling, demand. 3.4375 3.3'?
Sterling, cables. 3.4450 3.3(375
'Sterling, sixty days_ 3.4025 3.3250
Sterling, ninety days... 3.3850 3.3050
(Quoted in cents to the unit.)
?Francs, checks. 5.92 5.7050
?Francs, cables. 5.93 5.7150
? Belgium francs, checks, 6.27 6.0650
! Belgium francs, cables. 6.28 6.0750
! Lire, checks. 3.73 3.40
Lire, cables. 3.74 3.41
?Swiss francs, checks.... 15.57 15.25
: Swiss francs, cables.... 15.60 15.28
| Murks, checks. 1.37 1.14
| Marks, cables. 1.38 1.15
?Guilders, checks.'0.15 2'J.60
i Guilders, cables.30.25 29.70
1 Austrian crowns, checks.35.00 27.75
Austrian crowns, cables.35.50 28.25
Sweden, checks.19.05 18.75
Sweden, cables.19.10 18.80
Denmark, checks.13.30 13.10
Denmark, cables.13.35 13.15
Norway, checks.13,30 13.07
Norway, cables.13.35 13.12
Pesetas, checks.13.03 12.22
Pesetas, cables.13.07 12.25
Greece, checks. 9.00 9.00
Greece, cables.9.05 9.05
Manila, ciiecks.46.50 46.50
Manila, cables.46.75 46.75
India, rupees, checks.. 0.00 30 00
India, rupees, cables_30.25 30.25
Japan, yen. checks.50.50 50?625
Japan, yen cables.50.76 60.875
Argentina, checks.75.125 76.00
Argentina, cables.75.375 76.25
Brazil, Rio, checks.16.375 16.50
Hrp.zil, Kic, cables.16.50 16.625
Czeeho-Slovukia, cheeks. 1.22 1.03
Czocho-Slovakia, cables. 1.23 1.04
Transactions Yesterday in Listed Stocks
Summary of Stock Exchange Dealings
(Copyright, 1920. New York Tribune Inc.)
Dny Year January 1 to date.
Yesterday. before. ago. 1920. 1919. 1918.
Railroad stock? . 409.900 436,900 601.300 36,952 300 66.938 300 30,998 500
Other stocks . 714,400 660,200 678 800 155.501.800 211901800 97 361200
All stocks .1,124,300 1,097,100 1,180,100 192,454,100 278,840.100 128,359,700
Yesterday. Day before. Year ago. 1920. 1919,
U. 8. government bonds.$12 056.000 $8,595,000 $10,964,000 $2,640,318,000 $2,251,419,000
Railroad bonds . 2.901.000 2,311000 2,098,000 290514,000 331,514?C00 :
Other bonds . 3 842,000 2,557,000 1,841,000 339841.000 342,319.000!
All bonds . 18,799,000 13,463,000 14,903,000 3,270,673,000 2,925.252,00o1
Record of Stock and Bond Averages
iCopyrleht. 192?. Now Tork Tribuno Inc.)
Stocka Range thou Range foil
Yester- Day Year^ far 1920. year 1919.
day. before. ago. High. Low. "'??h. Low.
2C Railroad Btocka. ?6.25 66.85 68.60 73.80 58.60 78.80 53.25
30 Industrial stocks . 73.63 74.67 105.87 110.30 73.63 119.33 79.20
50 Stocks . 70.68 71.54 90.92 92.05 70.68 99.54 75.92
Bowels
10 Railroad bonds . 74.35 74.54 76.08 '76.97 66.73 82.80 72.83
10 Industrial bonds . 82.98 83.11 92.61 91.45 82.92 95.70 90.56
5 Utility bonds . 70.98 71.58 74.20 74.53 67.64 87.75 71.80
25 ?onda. 77.64 77.38 82.81 81.71 73.94 87.91 80.21
High. Low. D?t.
1920. 1920. Rate.
46*6 18% ?
53 6
31% 4
1 ?
ia? _
20 4
70! a 7
48 ?
89% ?
70% 8
55% 8
39 3
64 % 10
86 7
24% ?
83% 7
147% I2O/2 12
1161/, 105% 7
Net
Solei. Open. nigh. Low. Close, chge. Bid. Ask.
72
88%
2%
3
53%
92
62%
921-2
95
103%
48%
128%
90
61%
101
Adrance Rnmely
do pf.
Ajax Rubber .
Alaska Gold Mine?
Alaska Juneau . . . .
Allis-Chalmer? . . .
do pf.
600 18% 21
400 53 53
1200 33', a 33%
1200 1% 1%
400 1%
16CO 29'4
200 71
Allied Chem . 3200 51%
1%
30
71
51%
do pf. 200 90% 90'. 2
Amer Agri (.'horn . . .
Amer Beet Sugar . . .
Amer Bank Note . . .
Amer Bosch Mag . . .
Amer Bk S & Fdy pf
Amer Can.
do pf.
Amer Car & Fdy.
900 701/2
700 57%
100 45
600 68
300 83
3600 25
400 83%
72%
57%
45
68-' ?
88
25%
18'/2 21 ?!- 1
53 53 ? '/a
32 33 -
II/4 1'/4
1% 1%
28% 29 ? %
71 71 -
48%? 2%
90%?? 1
72%+ %
55%? 2%
45 ? 1
65%? 3%
87%? %
24%? %
48
90! 2
70| 2
551/2
45
651-4.
871/2
24%
83% 83% 83%? %
19
50
33
1%
1%
29
70
48
90
71 Vz
55
42%
65
85
24%
83%
21
53
34
1%
1'/a
29%
72
49
91
72
65%
44
65%
89
25
85
4600 1211/2 123% 120% 120%? 1% 120% 121
do pf. 200 107% 107% 107 107 ?
54\
15! s
175
30%
122
53%
68
95
109%
107
17%
30%
72
100%
115%
73
BO
21 ? Amer Cotton Oil
7% .80 Amer Drug Synd
95 8 Amer Express
Amer Hide &. Leath.
do pf.
Amer Ice Secur
do pf.
Amer Int'I Corp
Amer Linseed
1900 21% 22% 21%
107 108
21% 22%
7% 8%
119 ? 6"fl 110 120
7 ?
48 7
37 4
53 6
38! '4 ?
52 3
81% 6
95% 7
9% ?
11% ?
46% 4
86% 7
83 8
71% ~
?>$ .">.
83 7
?'4% 7
03%
1?%
118% 102 7
106% 71 10
102% 92% 8
233 104% 12
210 102 12
165% 60% 7
38 ?
6% ?
32 ?
39% 4
Amer Loco . 6700 82%
do pf.
Amer Safety Razor
Amer Ship & Com.
Amer Smelting
do pf. 400 87%
Amer Snuff
Amcr Radiator .
>i?tr Steel F4vy
do pt. 600 83
Amer Sugar . 5900 96%
do pf. 600 106
Amer Sum Tob. 1200 72
Amer Tel & Teleg. . . 700 99%
Amer Tobacco . 4600 108
do B . 800 106% 108
Amer Woolen . 2700 64% 65
61%
21%
59%
'66%
6%
67%
22%
125
90%
82
12%
2 ?
19% 4
19% ?
55% 6
76 6
72 5
5 ??
176% 106% 10
82 71% ?
114 103 7
141% 95% 7
49% 27% ?
54 40'g 4
105% 102% ?
153 110 8
131 108 7
1% % ?
Amer Writ Paper pf.
Amer Zinc .
do pf.
Anaconda .
Assets Real Co.
Assoc Dry Goods. .. .
Atlas Tack .
Associated Oil .
Atch, Top & San Fe.
do pf.
Atlanta, Birr.i & Ati.
Atl, Gulf & W I....
Austin Nicnolu pf. . .
At! Reiin pf.
Baldwin Loco Co....
600 41
700 8%
200 34%
19100 40%
300 3
1400 193/4
100 19%
400 103
8800 82% 83%
600 77% 77%
300 7% 7%
3700 110% 111
99% 99% 99%
110% 108 110 -!? 1
106% 107 ? 2
63 63%-:- %
41 41 -
8% 8%+ 1%
34% 34%+ 1
39% 39%? %
19% 20 -
19% 19%? %
1021/2 102%? %
82 82%? %
77 77
7 7
106% IO73
41
8%
34%
40%
3
20%
19%
103
32%
96%
102%
102! 4
114
17
13%
15
129
8%
11%
29%
27%
28'%
85! 2
46
134
11%
104%
100%
240
61%
164
70%
17
17%
14%
33%
44%
65
91%
120%
2%
56%
56!/,
90
103
8
200 72 72 72 72
100 105 105 105 105
32600 96% 98% 96 96
Haiti & Ohio. 8600 38% 39% 37% ?8?/E
do pf. . 400 501,2 50% 50% 50%
Barrett pf ctfs_ 100 103 103 103 103
Bap-ett Company ... 200 110 110% 100 110%? 1% 107
do ctfs . 200 111 111 108 109 ?4'.:
Batopilas Mining..., 1400 %
Beth Motors . 1900 2%
Bethlehem Steel. 400 56%
do Class B. 19100 57%
6% ?
5% ?
4% ?
84 10
4% ?
5 ?
10% ?
10 ?
10% ?
60 6
16% ?
110 10
7 ?
36% ?
83 .7
190 ?
32 4
72% 10
47 4
6 ?
4% ?
7 _
19% ?
30% ?
45% ?
67 5
98 8
3C0 90
600 103
600 12%
400
1600
600
300
1900
400
200
7%
4%
86
6%
5%
11%
11
14%
65%
19%
41% 23%
84% 64%
71%
62
21%
41%
106
40%
44%
36%.
45%
67
80
93%
20%
97%
14%
85
105%
46%
43%
278! 2
109
60%
56%
85%
108
54
42
12%
20
4ft
21%
28
20
12! a
50
55
73%
6%
60
5%
67%
72%
17%
30
99%
86 7
28% 4
24% ?
64 7
85% 9
260% 165 10
9 1% ?
16% 1% ?
101 85 8
535 515 10
900
1600
14600 116
200 7
4600 37%
100 89%
100 215
1900 33
2700 75%
8%
9
23
35%
534,
1400 70'-;
'00 110
14900 30!,
400 77
300 65
200 48
3600 12'/?
15'/
65',
193
do 7% pf.
do 8% pf.
Bklyn Rapid Tran. . .
do ctfs .
Booth Fisheries Co . .
Burns Bros .
Brunswick .
Butte Copper & Zinc
Butte & Superior Cop
Butterick Co .
Caddo Oil . 1500
California Packing
California Petrol .
Canadian Pacific . .
Case Plow .
Central Leather . . .
do pf.
Central of N J. . .
Cerro De Pasco....
Chandler Motors .
Ches & Ohio. 3600 61J
Chi *-. Alton. 300 8
Chi & E III pf. 200
Chi Great Western. . 900
do pf. 700
Chi, Mil S: St Paul.. 8400
do pf. 5300
Chi & Northwestern
do pf.
Chi, Hk Isl & Pac
do 7"? pf .
do 6% pf .
C, C C & St Louis
Chile Copper ....
% Chino Consol Cop .. 3900 21
Cluett-Peabody . 200 55^
Coca-Cola . 9900 22
Colo Fuel & Iron . . 400 29% 29%
Colo & South . 900 28 28"
Columbia Graph . . . 6900 13%
Columbus Gaa & Elec 700 54%
Consol Cigars . 600 55
Consol Gas . 4100
Con Int Calla Min.. 600
Contiinental Can . . . 400
Continental Candy . . 2700
1 Continental Ins Co. . 200
Corn Products . 19600
Con Textile . 900
b%
5%
12% 11%
11 10%
14
63
16%
116% 114% 115
7 7 7 -
38% 36% 36%?
89! 2 89% 89%+
215 215 215
33% 32% 321/2?
75% 72% 73%?
62% 61% 61%?
80%
7
60
5%
67%
74%
18%
2% CoBden & Co . 4600 34', 8 34%
8 Crucible Steel . 16100 101% 102%
do pf
Cnba-Amer Sugar .
Cuba Cane Sujnr .
do pf .
Delaware & Hudson
Del?, Lack & West
Den & Rio Grande .
100 86 86
4600 31% 31%
2700 ?7 28
600 68% 68%
1900 101! 2 101%
1C0 215
1700 13?
13
67%
102%
28
29
147
104
21%
30'. 2
22%
95%
95
91%
443i
135
48
36%
19%
75%
94 3<i
172
42
89%
85%
83
85%
55%
913,
41%
38%
17%
353,4
84%
23%
78%
116%
97%
27
88
61%
6%
17%
142%
51%
111%
70
84
91%
2634
88
9% 1
36 2
88 7
16% ?
9 ?
53% 5
E9 7
9% ?
17% ~
12% ?
45 ??
45 8
71 8
26' 4 7
92% 10
14% 3
16 ?
3%
36
79%
118%
13
64%
60'. 2
70%
40% 6
20 ?
6534 7
30 4
20
7 ?
25 _
34 ?
10% 1
50 4
75 ?
80% 7
13% ?
65 5
31% 4
3 ?
8% -
92
11%
44 6
30% ?
68 7
60% ?
14% ?
80 6
215 215 215 ?10
1% 1% 1%+ '
do pf . 3100 2 2 1% 1%? 1
Detroit Vnited RR.. 200 92'4 92% 92% 92%? 3
East Kodak . 15 515 515 515 515
Dome Mines ....
Durham Hosiery
do pf .
Elk Horn Coal
Emerson-Biant
Endicott-Johnson
do pf.
Erie .
do 1st pf. 1700
do 2d pf. 400
Fairbanks . 100
Famous Players. 9100
do pf.
Fed Min & Smlt pf
Fisher Hotly
Fisk Rubber Tire.
Freeport Texas
Gaston Williams
General Cigar. .
do pf drb
General Electric Co.
General Motors. 26900
13
11
14%
64%
17%
115%
6%
37%
90
215
33%
73%
61%
8
10
9%
23%
35%
52%
78
120
30
77%
65%
52
12%
20%
60
24
30
30
12%
63%
55
80
7%
63
6
67
73
19
35
99%
90
30%
25%
69
4 101% 102%
210
1%
1%
90
220
1':
47% 23%
9% 6' i
B-%
7%
31
30
98
27%
52' 2
152%
95
33%
48%
34% ? Iron Products . 700
4% ? Island Oil . 6700
3% ? Jewel Tea
15% 2 Jones Tea
70 8 J Kayser
12% ? Kansas City South
do pf
Kelly Springfield
KeUey Wheel Co
Kennecott .Copper
40
38%
44
19
8% 1.20Key?tone Tire .... 12700
do pf.
do 6"a deb
do" 7% pf
Goodrich, B F . 4600 40%
Granby Mining . . .
Gt Northern pf . .
(it North Ore subs
50 Greene Can Cop .
Gulf Mob A North
do pf .
Gulf States Steel .
Hupp Motors
Hask & Bar Car Co
Houston Oil . 6100
Illinois Central
Inter Agricui
do pf .
Inspiration Copper
Inter-Cons Corp
do pf .
Inter Harvester . .
Int Mer Marine . .
do pf
Int Motor Truck
do 1st pf . 400 69
Inter Paper . 4900 62'
Inter Nickel . 5900 15
do pf . 200 83
Invincible OU . 81OO
.60 Indiahoma . 200
High. Low. Dir. Nrt ?,. ..
1920. 1920. Rate. Sales. Open. Hi?h. Low. Clone. ch?e. Bid. A*K.
913/4 51% 8 Lackawanna Steel .. 8600 50 52 '49 60%? 2% 50% 61
57% 35 ? Laclede Gas . 100 45 45 45 45?5 40 43%
38% 17% 2 Lee Rubber ft Tire. . 600 17% 17% 17% 17'/a? % ]7% 18%
66% 39% 3% Lehiih Valley . 1400 49% 50 ?'/a 49%? % 4f J? 4^8
36 17?, 2 Locws, Inc . 6900 18 18% 17% 18 ? % 177s 18
28 9% ? Loft Candy . 600 10 10 10 10- 10 10%
70 29'/a ? Loose-Wiles Bis .... 200 29% 30 29'/2 30 - 29% 30
100 93% 7 do 1st pf. 200 96 96 95 95 - 95 101
1833/4 125 12 Lorillard, P . 200 125'/, 127 125% 127 +2 127 128
1101-, 98 7 do pf . 100 1003/4 10034 10034 1003/4- 100% 105
1121/2 94 7 Louiav ft Nashv .. . . 400 102 102 101 % 101%? % 100 10
693/4 59% 6 Mackay Cos . 200 59% 60 59% 60 - 59% 61
33% 16 1 % Manhattan Shirt ... . 200 16 16 16 16?1 16 16%
301/2 14% 2 Martin Parry . 900 14% 15% 143/4 15% + % 14% 15%
33 181-2 ? Matheson Alkali W. 200 28 28 28 28?1 25 30
38 2% ? ? Maxwell Motor Co.. 200 2% 2'/2 2% 2'/2- 2% 3
107 96% 7 May Dept Stores pf.. 200 99 99 99 99 ?? 96 ?
! 222 148 12 Mexican Petrol . ... 29600 16l'/2 1613/4 157'/4 158%? 1% 158% 158%
26 16% 2 Miami Con Cop. 600 16'/2 16% 16% 16%? % 16% 167*
713/4 10'/4 1.60 Middle State? Oil... 22100 12% 12% 12 12%+ % 12/4 12%
5234 33 4 Midvale Steel . 8600 34% 34% 33 33%? 1% 33% 34
21 9 ? Minn & St L new. . . 200 1414 14'/2 14 14% + % 1* 15
11 3'/3 ~- Mo Kans ft Texas... 3600 3% 4 3'/2 31/2? % N3% 3%
18 7 ? do pf . 400 7|/2 7% 7% 7%+ % 7% 8
31% 21 ? Missouri Pacific ... 8900 22% 23 22 22%? % 22 !4 22%
55J.2 36 ? do pf . 2400 43l/2 44 42 43 ? 1% 42 43
40 19!/2 ? Mont Ward . 200 20'/4 20% 19% 19%? % 19% 1934
51 241/2 4 Mullins Body . 200 24% 24% 24'/2 24%? Vz 24 27
40 29 3'/2 Nat Acme . 600 30% 30% 30'/B 30% + 1% 30 31
86% 44 ~ Nat Aniline . 600 49</8 49% 49 49%+ % 48 50
59 48 ? do ctfs . 300 49% 50 49 49?1 ? ?
: 80 30 ? Nat Cloak & Suit*... 700 31 31 30 30 - 30 31
; 13 414 ? Nat Con & Cable. . . 400 4'/2 4% 4% 4%+ % 4% 4^
I 39% 45% 6 Nat Enam & Stamp. 600 46!/4 463/4 46 46 + % 45% 46
! 97 83 7 do pf . 100 89 89 89 89-1-1 89 90
? 93% 66'/* 6 Nat Lead . 2400 68'/? 68% 66% 68 - 68 69',;
1110 100'/'? 7 do pf . 100 103!4 103'/? 10314 103!4? 2 104 104'<i
*y* 4'-4 ? Nat R R Mex 2d pf. 600 6% ? 57a 6 - 5% 6'/,
I 17'/2 9% 1 Nevada Con Corp... 810O 9[4 9% 8 914? % 8 8'/.
! 117 78 10 N Y Air Brake. 400 80'/2 82% 80% C1%? Vz 80% 81
! 84% 64% 5 NY Central. 12600 75% 76% 74 74%? 13^, 74% 75
! 66'/2 23% ? N Y Chic & St L. . . 400 52 52 62 52 - 50 53
! 61 43% 5 N Y Dock pf. 200 44 44 433,4 43%? 1% 43'/2 47
37!/4 23% ? N Y N H & H.... 6900 26 26% 25% 2534? % 25% 26
I 27% 16 1 N Y Ont & Western 700 19% 19% 19% 19%+ % 19 19'/
: 29 10 ?- Norfolk & Southern.. 200 14 14 14 14?1 13% 16
j 103?/2 85 7 Norfolk & Western.. 1900 95% 97 95% 96'/2+ 1 96% 97?
61 48 6 North American _ 400 51% 51% 61% 51%+ 34 61% 57'/
' 95% 66% 7 Northern Pacific ... 13600 86 '87% 85% 85%? % 85% 85|/
j 77% 36% 5 Nova Scotia Steel... 200 38% 38% 38 38 ? % 38 38'/
5% 3% .40 Okla Prod & Kef_ 3700 3% 3'/2 3% 3%- ' 3% 3'/
? 157 107 8 Otis Eleratoi . 200 122% 122% 122% 122%? % 122 130
2834 23 2 Orpheum Circuit ... 700 2334 233/4 23% 233/4? % 23% 24'/
41% 13% ? Otis Steel . 2200 15 15' 14% 14%? % 14 15
65 46 3 Owens Bottlin? Mach 600 50 50 49% 50 ?\ % 50 64
78 18% ? Pacific Development.. 600 18'/2 19% 18% 19 + |/2 18% 19?
61% 41% 5 Pac Gas & EleUric. 400 48% 48'/2 48'/2 48%? % 48% 49
116% 71% 6 Pan-Amer Petrol ... 26100 75% 76 73 74%? 1% 74% 74[
111% 67% 6 do B . 400 69% 69% 68% 68/2? '/2 68% 68^<
47% 20 4 Parish ft Bingham.. 200 20 20 20 20 ? % 19 20
44 37% 3 Pennsylvania R R. . . 2900 41 41% 40% 40%? % 40% 403
36% 11 ? Penn Seaboard Steel 100 11 11 11 11 - 11 ' 113
45 27 ? People's Gas & Coke...3600 36% 36% 36 36 ? 1 80 86''
32 20% ? P?re Marquette. 900 22 22 21 21 ? % 21 22
42% 30% 3 Philadelphia Co. 1900 36 36% 35% 35%? % 35% 36
44% 31 ? Phillips Pet.... 1200 31 31 3' 31 ? % 31 32
82% 21%? Pierce Arrow. 5900 21% 27% 21% 21%? % 21% 21?
I 23% 11 ? Pierce Oil. 1500 12 12% 12 12 ? % 12 12J
98 79 8 do pf. 700 79% 79% 79 79 ? % 79 80";
72% 51% 5 Pittsburgh Coal. 900 60 60% 59 59 ? 1% 59 61'
50% .3' 4 4 Pure Oil. 3600 34% 34% 33% 33%? % 33% 34
94% S3 7 Pittsburg-h Steel pf.. 200 87 87 87 87 - 87 90
39% 2114? Pitts & W Va. 3700 27 27% 26% 27%? 1% 27% 2/}
273/4 12% 1 Pond Creek Coal.... 700 14% 14% 14% 14%? % 14 15
113% 80% 8 Pressed Steel Car.. 3400 82% 82% 80% 81%+ % 81 82
105 97 7 do pf. 100 97 97 97 97?1 95 98
124 102% 8 Pullman Co. 700 103% 103% 102% 102%? %102 103
120 49 8 Punta Aleare Sugar. 3600 50% 52% 50% 51 + % 50% 51
106% 84 8 Railway Steel Spg. . 700 84% 86 84% ' 86 +2 85 86
107 96% 7 do pf. 200 104 104 1C4 104?1 103 104
22% 10 1 Ray Cons Copper_ 6700 11 11 10 11 ? % 10% 11
1C3 64% 4 Heading .44100 87% 88% 80 86'/2? % 86% 86^
94 33 ? KeminjTton Type _ 600 35 35 33 33%? 1% 33 34:
12434 6434 6 Rep Iron & Steel ... 9600 67 67 65 65 ? % 65 65
55% 25 ? Rep Motor Truck ... 2900 26' 2 27% 26% 27%+ 1 27% 28
93% 34%? Replojrle Steel . 1600 78 80 77% 77%+ 1 77% 78'
123% 67 5.50 Royal Dutch . 7600 68% 68% 67 68 ? 1% 68 68
25% 5% 1 Santa Cecilia Sur 4*00 6 6 6 6 - 534 6
83% 15%? Savage Arms . 600 16 16 157* 15%? 1% 16 17
31% 3 ? Saxon Motors . 200 33? 3% 3% 3%? % 3% 3
17% 13% 1 St Joseph Lead . 200 14 14 14 14 ?? 13% 14
33% 15% ? St Louis ft San Fran 9600 25 25% 24% 24%? 78 24% 24'
40 11 ? St Louis Southw .. 1400 29 2938 28% 29 + % 29 29
49% 20'4? do pf . 200 42'% 423-3 4238 42%-- 1% 41 42
11% 6 ? Seob Air Line . 200 8 8 8 8 - 7% 8
20% 10 ? do pf . 400 15% 15% 143.4 14%+ % 14% 15
243 103 8 Sears Roebuck . 9700 107 107 103 103%? 3% 104 105
13 5 ? Shattuck & Arizona. 400 5% 5% 5% 5%? % 5% 5
90% 44 ,74 Shell Trans ft Tr. . . 1200 46 46 45% 46 + 1 45% 46
23% 14% ? Seneca Copper . 2900 17% 17% 1678 17 ? % 17 17
<8% 23%? Sinclair Oil '.. 14900 25% 26 25 25%? % 25% 25
82% 54% 6 Sloss-Sheff St ft lr. . 700 54% 54% 54% 54%- 54% 55
118% 88% 6 Soulhern Pacific . .. 46700 109% 111% 109 109%+ % 109% 109
3.1!4 18 ? Soulhern Kailroad .. 3400 247* 25% 24% 24%? % 24% 24
66%. 50 r> ? do pf . 700 60 60 59 60 + % 60 61
9334 79% 7 Sfjrel & Tube pf . . . 200 83 83 83 83 - 79% 85
870 600 20 St.-ind Oil . 20 623 624 623 624 + 2 625 630
1133-8 1C0% 7 ?0 pf . 500 105 105% 105 105%- 105 106
51% 26 4 Stewart Warner_ 900 26% 27% 26% 27 + 1 26% 27
118% 40 4 Stromberg: Carb _ 2700 40 43 40 42%? 3% 42 43
126% 4534 7 Studebakcr .14100 46% 47% 46 46?1 45% 4e
102 83% 7 do pf. 200 83% 83% 83% 83%? 1% 83 85
14 10 ? Submarine Boat - 2900 10 10% 10 10 - 10% 10
60 41 6 Superior Steel . 200 43% 43% 43 43?1 42 43
20% 15% 2 Superior Oil . 1400 16% 16% 15% 16 - 15% 16
13% 8% ? Tenn Cop ft Chem .. 7100 8% 8% 8 8 ? '4 8 ?
53% 40 3 Texas Company _ 17600 47% 47% 46% 46%? 1 46% 4t
47 17 ? Texas & Pacific - 3100 21% 22% 21% 22%+ ?4 22 22
53% 25 1 Tex Pac Coal & Oil. 1900 26% 26% 25% 25%? % 25% 2?
22% 9% ? Third Ave RR . 2100 14% 15% 147* 15%? % 15 1?
34% 11 2% Times Sq Auto . 400 11 11 11 11 ? 3 10% 1?
95% 52 6 Tobacco Products ... 4600 54 54% 52 52%? 1% 52 5:
38% 9 ? Transom Oil . 6700 9% 10 9% 93/4? % 9% ?
66% 40 5 Transue W Steel ... 400 41 41% 41 41%? % 40 4
43 27% 2% Twin City Rapid Tr. 300 40 41 40 41 + % 40 4?
47 30 4 Temtor Corn A. 200 30 31 30 31 - 30 3
127 73% 8 Union Hag ft Paper. 700 77 77 74% 74%? 2% 74% 71
33 23%? T'nion Oil.... 1900 24% 24% 23% 23%? % 23% 2:
129% 110 10 Union Pa??ic. 10900 120% 120% 118% 118%? % 118% 111
69% 61% 4 do pf. 2C0 64% 64% 64% 64%? % 64 6!
53 32 4 United Alloy . 700 32% 32% 32% 32%+ % 32% 3!
148 100 8 United Drujr. 200 100 100 100 100 - 100% 10
224% 175 12 United Fruit. 570C 200 200% 188 191%? 8% 191 19:
15% 7% ? United Ry Invest .. 600 10% 10% 10% 10%- 10 1:
32% 13 ? do pf . 400 21% 22 21 21%+ % 21 2
25% 10% ?? rj 8 Cast Iron P & F 400 10% 10% 10% 10%? % 10% 1
54 397? 5 do pf . 700 40 40 40 "" 40 + % 39% 4'
37% 6 ? U S Express. 200 6% 6% 6% 6%? % 6%
7834 29 6 U S Food Prod. 6800 32 32 29 29?1 29 2
11638 70% 8 U S Ind Alcohol_ 4700 71 72% 70% 71 + % 70% 7
69% 37% ? US Realty & Impvt 600 38% 39% 38% 39 + % 38% 3
96% 51 3 United Retail Stores 16100 56 57% 55% 56%? % 56% 5
143% 58% 8 U S Rubber. 18900 60% 61% 58% 59%- 59 5
115% 100 8 do 1st pf. 200 100 100 100 100 - 100 10
76 44! 2 6 U S Smelt & Ref. 700 45 45 44% 44%? % 43% 4
47% 41 3% do pf. 200 42 42 41 41?2 40% 4
109 80% ii U S Steel. 56700 81% 82% 80% S0%? 1 80% 8
1153/4 104% 7 do pf . 700 106% 105% 105% 105%- 105% 10
8C% 49% ? Utah Copper . 4600 50% 51% 49% 50%+ % 50% 5
97 42 6 Vanadium flee) _ 4900 48 48% 46% 47%+ 1% 47 4
80% 41% 4 Va-Car Chemical ... 2400 43% 43% 43 43 ? % 42% 4
120% 75 6 Va Iron Coal ft Coke 200 91% 92 91 91 ? 4 90 9
21 10% 2 Vivaudou . 2100 1174 11% 11% 11%? % 11% 1
13 7 ? Wabash . 2700 9% 9% 9 9 - 9
34% 20%? do pf A. 2100 25 25% 24% 24%? % 24% 2
76 47 ? Wells Farjo Exp_ 100 47 47 47 47 - 47 6
15% 8% ? Western Maryland... 19CO 10% 10% 10% 10%+ % 10% 1
27% 11 ? do 2d pf . 600 19% 19% 19 19 ? % 18' 1
40 20%? Western Pacific - 700 34% 34% 32% 32%? % 32 3
78 54% 6 ? do pf . 200 74% 74% 73% 73%? % 72 7
92% 80% 7 Western Union Tel.. 1200 85% 8534 84% 84%? 1% 84 ?
119 95% 7 West?n?rhou.se A B... 900 94% 94% 92 92%? 3% 92 S
55% 41% 4 We.stinghouse Mfg... 2700 41% 42 41% 41%? % 41% A
25% 17%? White Oil . 3600 18% 18% 17 18 ? % 18% 1
32% 20 ? Wickwire . 200 20 21 20 21 ? ' 4 20 ?
82% 46 5 Wilson Co . 600 47 47% 47 47 ? % 4634 *
98% 84% 7 do pf . 100 84% 84% 8434 84%-t- % 84% {
16 9 ? Wheeling- ft L Erie. 1400 10% 10% 10% 10%+ % 10% 1
23 15 ? do pf . 700 19 19 19 19 _- 19' ?
69% 30% 4 White Motors. 4900 39% 40 36% 38 ? 1% 38
32 7 Willys Overland - 9600 734 734 7% 7%+ % 7%
93 47 7 d0 Pf . 100 48% 48% 48% 48%? % 48% i
145 100 8 Woolworth . 200 106 106 106 106?1 1C5 1(
95% 43% 6 Worth Pump ft M. . 1700 45% 45% 43% 4314?2% 43 t
11 10% ? Weber ft HeUbroner. 200 10% 10% 10 10 ? % 10
*Ex dividend. .
Dividends
Extra
Cumbria Ste*I Company.? An extra divi?
dend of !, per cent a share has been de
dared in addition to the regular quar'ei'y
dividend or IV4 per cent, both payable De?
cember 15 to stockholder* of record No?
vember 30. " "?
Regular Declarations
Rate and Ho)d,re
Period Payab> of Re*
Am. Stores Co.. ?1 Q Jan. l Dec. 21
do pf.194% >-.! Jan. I Dec 21
fio 2d pf.1%% Q Jan. 1 Dec 21
Bosch Magneto..12.5') <j Jan. 2 Dec 15
J. I. Case stock - ? Deo. 16 N'ov! 28
Fairba-rks-M. pMV?% Q Dee. l Nov' IT
Hart. S. & M. pf.1%% y Dec. 31 D?c. 20
Hocking V. Ry. . . 2% S-A Dec. 31 Dec. 10 j
National Lead...lVa% Q Dec. 31 Dec. 10
Remington 1st pf.l*;% Q Jan. 2 Dec. 10
do 2d pf. 2C? Q Jan. 2 Dec. 10
W. Pa Rys pf. . .1H% W Dec. 16 l^.-c. 1
Wm. Carter pf..lVj% Q Dec. 15 Dec. 10 1
U. ii. lad. Alcohol ?% u Dec. 10 Nov. 30 !
Paris Market Steady
PARIS, Nov. 18.?Prices were barely
steady on the Bourse to-day. Three
per cent rentes, 55 francs 10 centimes.
Exchange on Londpn, 56 francs 85 cen?
times. Five per cJVit loan, 85 francs 20
centimes. The dollar was quoted Ht 16
francs 21% centimes.
In Wall Street
_ '
The Short Interest
Opinions diffor greatly as to the
! amount of the short interest in th?
market at the present time. Some ob?
servers think that it is not nearly so
large as might be expected, in view of
| the heavy selling which has taken place
the last few weeks. In these quarters
it is argued that the shflrt interest is
hard to determine because of the con
stant shifting of their position by pro
fessional traders. J. S. Bache & Co,
? however, believe that the short interest
in the market to-day can be conserva?
tively placed at between 1,500,000 and
2,000,000 shares, which is declared to
be as large as at any time in the last
four or five years.
Marine Preferred
International Mercantile Marine pre?
ferred stock figured prominently in the
rumors afloat yesterday. The weakness
of this former speculative high-flyer
apparently was in sympathy with the
fall in American International Corpo?
ration. Some of the selling was based
on reports that the American Interna?
tional dividend hau been passed in ex- ;
pectations that the disbursement on j
Marine preferred, of which A. I. C. owns !
S large block, would be changed at the j
next meeting of directors. Hopes of ;
payment of the remaining 42 per cent'
i in back dividends on Marine preferred
?have been greatly dimmed by recent;
; developments. At its low price of 41
j yesterday Marine preferred was selling
only 2 points above the value of the
I accumulation of unpaid dividends. On
i the crest of the war-time speculation
j the stock sold at 128V?.
Maxwell-Chalmers Reorganization
The committee representing the ,
I Maxwell-Chalmers motor companies ;
I stated yesterday that the plan for re
organizing and merging the two will I
in all probability be declared opera- |
tive. More than 83 per cent of the j
outstanding shares and more than 95 ?
per cent of the unsecured notes and \
accounts ai merchandise creditors have i
leen deposited under the plan, which, I
by averting forced liquidation and pro
viding a substantial amount of new
money, will make it possible, in the
opinion of the committee, to place the j
combined properties in a position of j
sound financial strength. The com- i
mittee gave notice of an extension of ?
the time during whicn further deposits !
will be received under the plan until j
the close of business on November 27.
Time Money Offered
Offerings of fairly large amounts of I
call money in the local market at 6 I
per cent were interesting develop- ?
ments, but by no means the most
striking. What bankers viewed as most !
significant of the trend of the times J
was the change in the policy of lending i
institutions with regard to collateral I
time loans. Three large Wall Street j
tankers were lenders yesterday of
money on time for stock market pur?
poses. The amount did not exceed
55,000,000 in the aggregate. But at
that it was the largest amount placed
out on time in\ months, and this was j
considered of special significance.
Brokers "Back Off"
Practically all of the time money
loaned yesterday was for 8 per cent
r.nd for a period of three months.
Curiously enough the banks did not
find Stock Exchange borrowers particu- j
larly keen to accept time loans on the j
terms offered. Stil!, this was not hard i
to explain when it is considered that j
most brokers, as welj as bankers, look i
for lower money rates before a great j
many weeks. An 8 per cent time loan i
might Iook; good for the moment, but j
three or four months from now money j
might be so much easier that the ;
broker who borrowed the money on !
this basis would not find his commit- !
ment so attractive. This was the way !
the brokers looked at it, and it ex- j
plained their tendency to back away
from the tenders made.
Money Accumulating in Interior
Bankers who have been studying the
situation closely were not surprised !
at the appearance of larger amounts of
time money. They had been expecting \
it. The liquidation of commodities and !
the general lot-down in business has i
caused an easing up in the interior.
Bankers who have been in town from:
Chicago, Cleveland and other Western
points, as well as from New England,
have been telling their correspondents
here for several days that conditions
were improving and money was begin- !
hing to accumulate in their banks. [
Much of the time money placed here
yesterday was for the account of in?
terior institutions. "New YorR banks,''
observed a commercial banker yester- i
day. "would like to lend money for six
to nine months at 8 per cent if they
had the available funds and if they
could find the borrowers. Three
months or more from now a bank j
which had made large time loans at 8 !
per cent would likely have reason for I
congratulating itself. But local insti- ;
tutions are not liquid enough yet to I
permit of heavy offerings. Besides, j
borrowers are getting wise to the trend I
of interest rates."
Active Acceptance Market
Active buying of bankers' acceptances
by local banks was an interesting fea?
ture of the money market yesterday.
Boston also was a heavy buyer here.
The drop in call loan rates to 6 per cent
caused many institutions to shift to
acceptances, which were quoted at 64
per cent. Wire trouble caused a fur?
ther delay in getting through orders
for acceptances from interior banks.
An indication of the trend in the money
market was the purchase this week by
a bank in the interior of a large block
of prime commercial paper on a 7-4
per cent basis. The open market rate
on the general run of paper is 8 to 8%
per cent.
Wide Spreads
The extent to which the market has
been demoralized by the continued
liquidation was indicated yesterday in
a measure in the wide spreads between
the "bid" and asked" prices quoted on
many stocks at the close. A difference
of several points between the price
bid for certain issues and the price
asked by the holder was common in
the list. The most striking spread,
however, was that in Fisher Body.
Sales were made of this stock at 92V?
as the gong sounded the closing of
trading. The "bid" and "asked" price
for the stock came out on the tape
afterward at 45^4?90.
How Rumors Grow
Wail Street is a place full of rumors
in times like these. Some particu!ar!y
vicious, in fact most distu:bir.g, stories
have been going the rounds for sev?
eral days; and they havegpersisted de?
spite denial. One such report has had
a large and well known concern on the
verge of financial collapse. The ori- i
gin of this report, which is branded
as' absolutely without foundation, has
been traced to a South American coun- ;
try. A newspaper there published a ,
story of how the firm in question had
lost upward of $5,0,000,000 through the ,
fall in exchange. On being informed ?
of the falsity of the report the paper
retracted and made a most profuse i
apology. But that did not stop the I
spreading of the story, which went j
broadcast to all parts of the world.
The Proposed /Etna Sale
J. S. Bache & Co. announced yester?
day the terms under which it is pro- ?
posed to effect a sale of 80 per cent of
the outstanding stock of the .?Etna Ex?
plosives Company to the Hercules
Powder Company. Under the plan the
-?Etna stockholders would receive $10
in cash and $4 in 7 per cent preferred
stock of the Hercules company, sub?
ject to ''certain conditions set forth in
the plan requesting the deposit of the
stock." Bache & Co. are asking for de?
posits of the .?Etna common stock for
the purpose of completing the plan.
16 days @ $3.74
75,000 patients who could
pay nothing were treated
last year in 57 hospitals of
Greater New York.
Thi? Work Cannot Stop!
UNITED
HOSPITAL FUND
mast raise $1,500,000 be?
tween Nov. 13 and Nov. 29
Send Check? to
Albert H. Wiggin, Treasurer
57 Broadway, New York
This Bpace .'n!t*<s
Hospital Fund by Rhoades t
? New York.
WE are prepared to
execute promotly
orders in listed or
unlisted securities for
cash or on a conserva?
tive marginal v>a<i.-:.
Corre.':
Charles ?. Brickley
?& Co.=
Memhers .Ve?> York StoxJ( Exchange
61 Broadway, New York
Tel. Bowling Green 8700
53 State St. Widener B!rjr.
BOSTON PHILADELPHIA
Direct Private U ires
Bonds of a
Company Showing
Excellent Earnings
We offer for in?
vestment an 8*0 .
10-year bond yield- :
in? approximate^
8.20% at current
prices.
Earning? of the
company for the
three year period
1917 - 19!8 - 1919
averaged over five
times and at pr?s- !
ent are equivalent !
to over ten times [
the interest require? I
ments on the bonds >
outstanding.
( ' ?? ? ? -, ,'n
. .' .\ o i ' ISO. !
Potter Brothers
and company
Members A. Y.St k Exchange \
Five Nassau Street
New York
Telephone Rector 6540
J.K.Rice .'r.&Co. Will Buy
1100 Aeolian Weber P. A: P. cora. j
100 Air Reduction !
20 Amer. Alliance fna.
100 American ( hide pfd.
50 American ( i, ar pfd.
KM) Am. Cyanamid com. & pfd.
KM) American Meter Co.
25 At Ins Portland Cement pfd.
KM) Car. Clinch?, I.I A Olli.? Ry. pfd.
lOOCIiiichnelil ? ..ill com. & pfd.
?(M) (oui Sales Co.
25 Colorado Fuel & In.n pfd.
100 E. W. Bliss common
100 Empire Steel A 1. com. & pfd.
25 Franklin Insurance
KM) (?enerul Baking common
25 (?lens Kails Insurance
25 Hanover Insurance
20 Hanover Nat. Hank st.wU
KM) Hocking Valley lt\.
K) Home Ins. "rights"
KM) Int. Pnip com. A pfd.
25 International Elevaiing
50 Lawyers Title A I rust
50 Lehigh Valley Coal >ales
10 Ixli. & Wilkes-Barre < oal
loo Lima Locomotive pfd.
50 Midland Secui ities
100 Mohawk Valley io.
50 National Liberty Ins.
KM) Nlles-Bement-Pond com.
KM) N. V. Male Rys. rom. A pfd.
50 Old Dominion Steamship
K,0 r? nn. Coal A Coke
50 Pocabontas Puel rummog
50 Rolls-Royce pfd.
50 It. J. Reynolds Toi?, com. \
:;. Royal Baking Powder pfd.
25 s.ini;er Manufacturing
25 Victor Talking Machine
KM) Ward Baking com. A. pfd.
50 Weber Piano pfd.
J.K.Riee.Jr.&Co.
I'honetf 4000 to 4'
N. T
Send for our List of
Safe 7% Securities
Glidden, Davidge & Co.
Hembers New York Stock Bichan??
20 Broad St., New York.
Mark A. Noble ? heo.1ore ?. C'orwl?
?MOBLE & CORWIN
M Bru? lt. K?w T*r*
Guaranty Trust ?rner. Chicle Pr.
Equitable Trust Bklyn. City R-R
Telephone 1111 Uroad
Merrill, Chain Store
Lynch Sal*s G<f
r? ^-> Circular M-84
CX V^O. Sent on Reque?t
120 Broadway, N. Y.
Members .Yen? Yorlr Sloclr Exciunge
Bankers Trust Co.
Guaranty Trust Co.
N. Y., N. H. & Hart. Deb. 4?i
IWcCLURE, JONES &RE??
Members Sew York Stock ?x^ha^a*
Hi Brcadway !*boaa 3321 W?

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