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Solvay & ?^ Seven Year 8% Secured Gold Bonds The largest manufacturer !n the world of soda nsh and It* derivatives ?products enter? ing Into almost every indus? try and In one form or an? other used in practically every household. , ? Price to yield about 7.95% Circular upon request for A K-3K4 TheNati-snalCity Company M-Un r>m.-e NstionsJ CttJ Hank Bnlldlng Uptown Office? Fifth A"* *? 43d St. cochrane Harper &Co 111 Broadway 60 Stsit? St. NEW YORK BOSTON Invincible Oil Corporation Latest circular on request WEEKLY LETTER ?tnns ?nuTWt ***?? acd <nii*i??l *tf INDEPENDENT STANDARD OILS FurnUhed upon request INCREASED RATES granted upon every appli? cation since 1917 provide a large and growing margin over all interest require? ments?net annual income now over $3,250,000. United Light & Railways Company Ten Year 8% Bond Secured Gold Notes Ask for Folder TE 11:' Iloi?ister, White cSrCoe .?????OB,rK 92 Cedar St., Cor. Trinity Pi. NEW YORK ?".ofiton I'hiladelph'n T_ -J H l.xrmpt ?rom all Federal Income Taxes. $100,000 City of Miami, Oklahoma, Water & Sewer 6', i Bonds Due April J. 1935 and 19-fO Principal and Interest Payable in New York City Price loo & Interest / till details upon request for (.'?radar B-5. Ground Floor, Singer limiting 89 Liberty Street New York ij. i ""'-' L ' "***"" ' *"*~^_ii^ 8% Gold Notes Yield 8.55% 1VT EW and well secured ls 1^1 sue of a ?en-ice com? pany with large and increas? ing earnings from electric light and power. Company owns and operates modern steam and hydro? electric planta serving pros? perous industrial and agricul? tural districts. Deooninstions $100, $500, 4'lOOv? A?k for desi-ripave circular XYT-ii H.M.Byllesby?Co. In?, orporote d III Broadway NewNork Chicsxgo - Providente Botton Corn Exchange Bank Guaranty Trust Co. Home Insurance Rights McCLURE, JONES A REED ?entiers New Ytrk Stock Exchange resell??y rhone 3.171 Rector Trade and Finance Developments of the Week | and Their Bearing on the Outlook Speculative builders in the last j week erected a dam which stopped the ! i fierce flow of liquidation of stocks. The j | check did not reverse the stream of ! ! prices. In fact, after the rally at the j beginning of the week, the tendency was toward a slightly lower level, yet ? the new barrier prevented a con ' tinuation of the precipitate fall of prices down the Niagaras of finance. _ , Actual liquidation of ? stocks and j short selling from Election Day until j a week ago Saturday brought quota? tions to a level where they, showed, strong resistance to further efforts to depress them. The rebound upward was short lived, for fundamental trade conditions still cause operators for the rise to move hesitantly and without confidence. Temporarily, the market has reached a period, where the force of the celling movement is notably im? paired, but where the impulses mak? ing for higher quotations are still too ' weak to dominate the course of fluctira tions. Dullness is the result, as the market place turns into a place of combat for floor traders in the Stock Exchange. The vigorous upturn on Monday, which was an expression of the ef ; feet of the removal into strong boxes of some .'1,000,000 shares of General Motors common that had been over? hanging the market, was great enough | to make the week's averages of se i curity prices show a net. gain, de- I , spite the reaction later from the peak ' attained on the first business day of ? the week. The average of thirty rep : resentative industrial stocks in the i week made a net gain, rising from j 72.77 to 74.63, compared with 76.27 on Monday. Twenty rails rose from 66.65 : to 67.85. Bond prices similarly tended to creep higher. The purchase of speculative holdings of William C. Du'rant, president of the General Motors ' Corporation, by J. P. Morgan & Co, ? acting with the du Pont interests, and the informal ac? tion of lending institutions in moving to take care of the assets of Allan A. Ryan, indicate that not only the small 'iperator suffers from adverse swings of prices in the security marts. Wall Street to-day is replete with tales about countless men of huge means whose fortune has shrunken rapidly in recent months. Just as the income tax reports for 1919 showed a decrease in the millionaire population of these j United States, so the statistics cover? ing the present day may be expected lo reveal a far more striking curtail? ment. It may seem strange to seek to deduce moral lessons from such evi? dences of deflation, yet they certain? ly must be disturbing to those cynical theorists who look upon Wall Street I as a complicated piece of speculative machinery, where rich men always grow richer and poor folk eventually ?uc the victims. Deflation adversely affected the stock market long before it began to sway ?he changing price level of commodi? ties, and it is not improbable that the downward movement will have spent tself in the securities mart before commodities have attained minimum ?irises. Last, week, although the stock market revealed greater defensive oower against thrusts of seekers after urther recessions, the quotations for otton, wheat and corn continued to explore new low levels. There is still i lack of confidence in the stability of current commodity quotations. This is the open season, however, for predicting that the bottom has been reached in the stuck market. In asses? sing the value of such prognostications hindsight is always better than fore? sight. In recent weeks the amazing thing has not been how often the law of chance converted expressions of opinion about the future into reality, but how unanimously wrong the prophets have been. Instead of follow? ing a bad example, the editor of The Standard Daily Trade Service expresses his belief that the worst of the selling movement seems to be about over, with? out trying to make public a schedule of when the various fluctuations will take place. It will be interesting to check up these observations in the light of subsequent events. "The decline in stock prices," Hay? ! this publication, "has Teached a point where the investor may buy good se? curities with the confident assurance that he will in time reap the rewards which always come to those who invest after a period of prolonged liquidation. Prices may go lower, but whether they do or not it is sure that they will go much higher than they are now before the next 'stage in the economic cycle is completed." What bankers of vision saw many /months ago as bound to come as a re? sult of the widespread liquidation in the business and industrial world is here. The greater ease in the general credit situation now patent was pre? dicted as long ago as last July by financial experts. It was scheduled to follow the fall in prices and the slowing down of commercial activity. Up until last week the effect of the deflation has been more npparent in the stock market money supply, where rates have fallen below 0 per cent for the first time since December, 1919. But now the commercial money market is be? ginning to reflect the same tendencies. Last week the open market rates on prime bankers' acceptances were shad-* ed, and a leading national bank an? nounced a reduction in its commercial rediscount rate from 7 to 0 per cent, explaining its action with a statement that "this is a proper and fair course to pursue in the interest of business in general, and, further, that it will con? vey to the public mind a justifiable re? assurance of the progress being made as a result of the policy of the Federal Reserve Bank." This immediately sug? gests the possibility of a reduction in the rediscount rates of the Federal Re? serve Bank, but the position generally taken in well informed financial circle? is that the time is not yet ripe for such a move. That, It is said, is not.likely to happen until next year. The leading foreign exchanges have experienced a natural recovery from the severe setback of a fortnight, ago, but fundamentally there has been no change in the international credit situ? ation. The stream of exports from this country continues to flow in large volume in terms of dollars. The Octo? ber foreign trade, figures show exports in exc?s? of $700,000,000. The sale of exchange against the exportation of this great mass of goods has pressed heavily upon the market, and it is not surprising tiiat foreign moneys should be at such a discount. Gold imports into the United States are heavy. This is one of the ways that American goods are being paid for. The British Treas? ury has begun a new movement of gold to the United States to meet current needs in the market, and shipments last week aggregated $10,000,000. It is to be expected that more gold will come in on this account. About the only drain upon American gold reserves is to Japan, which is drawing in excess of $15.000,000 out of the country this months -a IL S. to issue $1 Savings Stamp; $25 Certificate Secretary Houston Announces Peace-Time Basis of Popular ivovermnent Financing WASHINGTON, Nov. 28.?Two new Treasury savings securities, a $1 Treas? ury savings stamp and a $25 Treasury savings certificate, will be issued dur I ing the coming year, Secretary Houston ! announced to-day. They will complete ' i he line of government, savings securi I ties, he said, and place operations on a ! peace-time basis. The $1 savings stamp will be non interest bearing and will carry the por? trait of Alexander Hamilton, first Sec? retary of the Treasury. The $25 certifi? cate will be similar in design and terms to the $100 and $1,000 certificates, which also will be offered in 1921. to mature January' I. 1926. The new securities will supply a $1 unit for saving and a registered government security in the $25 denomination, which may be pur? chased through accumulation of $1 sav? ings stamps. * Secretary Houston said the demand for savings securities has continued ? strong in many parts of the country. ? Ivlpe Law Corporations Urged CHICAGO, Nov. 2S.-The^ formation j of corporations under the Edge law to finance foreign trade was advocatVd by the board of governors of the Farm i Mortgage Bankers' Association of America, which to-day concluded its ?meeting here. The board also went ?i: retard as favoring revival of the War Finance Corporation and advocat? ed the passage of short-time credit bills by Congress. Price Trend on the New York Stock Market The ut-api) shows the weekly fluctuations in the average price of ?twenty railroad stocks in one line and thirty industrial stocks in the. other since Sept. 1, 1919. Transactions Last Week in Listed Stocks Summary of Stock Exchange Dealings (Copyright, 1S2?, New fork Tribune Inc.) Stock? Last week. Railroad Mocks . 1,265,800 Other stock* . 2,594.700 All .stock*?. 3,860,500 Week before 2,383,800 3,737,100 6,120,900 Lait week, t'. S. government bonds.$43,385.000 Railroad bond* . 10.532,000 Other bonds . 11.890,000 All bonds . 65.807,000 Tear Jsntiary 1 to date. ago. 1920. 1919. 1918. 1.822,200 37,212.500 69.901,300 32,965.800 : 3,345.100 159.601.200 215 593.600 99.634,100 1 5,167,300 196,813,700 285,900 900 132,599,900 Bonds January 1 to date. Week hrfore. Tear ago. 1920. 1919. $52,958 C00 $88 215,000 $2,709 685,000 $2,342,577,000 | 13.785.000 7,820.000 307,149.000 347.601.000 1 15,504.000 12,460.000 353.227,000 368.129 000 1 82,247,000 108,495,000 3,370,061,000 3,058,307.000 | Date. Mar 31 Mar 29 Jan 12 Jan 5 Mar 24 Mar 31 Sept 17 Not 12 Jan 3 Jan 3 Jan 30 Jan 16 Apr 16 Jan 2 Jan Jan 147% Apr 116'4 Jan 54% Jan 3 2 9 5 Mar 26 Jan 14 Mar 31 Jan 2 Jan 3 Mar 19 Jan 2 Jan 22 Jan 5 Apr 7 Jan 27 Apr 8 Mar 9 Jan 2 ??Joy 11 17% June 15 30'/2 Jan 5 Jan 3 Jan 13 Mar 30 Jan 5 Mar 22 Jan 10 _?Apr 15 118% Jan 7 106% Mar 22 52 Jan 6 1003/4 >lar 18 283 Jan 5 97?-4 Jan 7 210 June 29 165 Jan 2 1051/2 Jan 29 61% Jan 3 2134 Jan 10 Jan 9 Apr 6 Apr 15 Jan 3 Jan 23 Jan 7 Jan 3 Not 5 Jan 3 Sept 27 Oet 5 20I/4 Au* 12 176! 2 Jon 7 Jan 7 Feb 27 2 Nov 1 May 27 June 16 Jon 18 tApr 9 102'2 Jan 5 49% Oct 15 54 Oct 15 93 Jan 6 50i/8 Mar 25 431/2 May 17 1541/2 June 19 111% Jan 6 131 Nov 1 1051/4 Not 5 1% Jan 321/2 Apr Low 1920. 25 18 50 31% 1 1% 46 88 28 69 65% 80% 51 63% 22% 77 118% 105% 20% 61 7% 95 7 44 37 53 9 38' 4 51 80 80% 95% 22 68 9% 111/2 42 86% 70% 86 26 82% ?'/? 100% 66% 45% 92% 104% 85% 102 60% 90% 3\3 6% 31 37 2 12% 55 48% 85% 76 72 5 82% 11% 99% 57! 2 103 19% 12 70 . 4 91% 95% 27% 40''a 25 35 35 102 100 102 1001 i 96% May 8 1021/2 Jan 3 102% Keb 24 114 Jan 5 Jon 10 Mar 15 Mar 15 _?Oct 23 8% Mar 26 129 Apr 7 11% Jan 9 29% Jan 12 27% Jan 5 28% Jan 5 15 17 13% 65 85% 46 75% 69 134 100 11% 104% Jan 28 Jan 3 Jan 6 Mar 26 Jan 3 Jan 3 Oct 5 Jan 5 108% Jan 61% Jan 62 164% Jan 7 Mar 29 703/B Not 5 17 Oct 7 Sept 27 Seyt 25 Oct 4 Oct 4 Oct 15 Oct 5 Mar 12 120% Jan 13 111% Apr 8 41% Keb 28 71% Oct 4 15 17% 14% 33% 44% 65 91% Dlv. Date, in $ Feb 11 ? Not 26 ? Not 23 6 Not 22 4 Au* 9 ? Not 19 ? Nov 19 ? Not 24 ? Aue 9 4 Nov 19 7 Not 26 8 Nov 24 6 Nov 19 8 Nov 19 10 Nov 19 ? Not 22 7 Not 19 12 July 7 7 Not 20 ? Aug 26 6 Not 15 Adam.? Eipre.w . Advance Rumely . . . 1500 do pf . 800 Ajax Rubber . 1800 Alaska Gold Mines. 1900 Alaska Juneau .... 1100 Allied Ch & Dye. . . 15000 do pf . 200 Allii Chambers .... 5800 do pf . 400 Amer Agri ?hem. . 84C0 do pf . 500 Amer Beet Sugar.. 2700 Am Bosch Magneto 200C Amer Can . 12000 do pf . 2500 Amer Car & Fdy. . . 13100 do pf . 300 Amer Cotton Oil... 3000 do pf . 100 80 Amer Drug Syn. . . 5200 Sale*. High. Lew. 200 29!2 29 20 18 53 50 34% 31'/ 1' 2 1' 2 Feb Not 6 8 18 ? 3 ,4 1 ? 2U 52'/. 51 90 100' 37 5% 48 4'/; 84 4' i 10'? 10 1C/4 60 15-H 63 45 110 80'/; 7 367, 88 30 40 72'i 47 6 4 7 197? 30'/4 452? 67 98 60 23' 54 Nov 20 Aug 10 Feb 13 Nov 16 Nov 13 Nov 22 Aug 3 7 Nov 18 6 May 27 7 Nov 17 ? Not 22 4 Not 18 ? Not 13 ? Not 18 4 Nov 26 7 Aug 23 6 Feb 13 12 Not 20 3 Not 19 7 Not 20 7 Not 20 7 Not 19 10 Sept 10 5 May 22 Aug 9 May 20 Aug 9 Nov 8 Nov 19 Nov 20 Nov 12 Nov 26 Nov 19 Aug 9 Nov 18 May 24 Nov 24 Aug 13 Feb 11 May 20 Apr 21 ? June 18 7 Nov 23 ? Not 26 10 Nov 19 b May 23 7 Nov 23 ? Nov 11 ? Nov 24 7 Aug 5 ? Nov 20 7 Aug 30 7 Feb 13 ? June 28 4 Not 19 ? Aug 18 2! June 4 2! Nov 20 8 Nor 20 7 Not 20 8 Not 27 7 Aug 20 ? Not 19 ? Nov 20 5 Not 19 5 Aug 3 7 Nov 20 8 Nov 26 ? Aug 27 ? ?Sept 14 ? Sept 24 ? Aug 26 ? Aug 9 10 Nov 20 ? Nov 12 ? Sept 23 ? Aug 3 ? Ort 15 6 Nov 20 ?? Nov 20 7 Not 22 4 3300 900 20C 200 34600 200 101'2 300 23 200 69 6000 11 11000 ^z 11600 47 900 88 1C00 7378 300 105 8600 31% 300 84% 12900 92% May 20 I0 Oct 1 7 Nov 18 ? Nov 18 ? Oct 26 7 Nov 20 4 May 20 4 Nov 19 10 Feb 13 4 Keb 16 ? Feb 17 ? Jan 10 ? Keb 13 ? May 20 ? Feb 6 ? Feb 13 ? June 14 5 July 1 7 Nov 27. 8 Feb 13 ? Keb 11 6 Amer Expresa . Am flide & Leather do pf . Amer Ice . do pf . Am-I,a Vm Fire K Amer Inter Corp. . . Amer Linseed . 6200 do pf . 600 Amer Loco . 14800 do pf . Amer Malt & Grain Amcr Radiator .... Amer Safety Razor. Amer Ship & Com. Amer Smelting . . . do pf . do pf A. Amer Snuff . Amer Steel Fdy. . . do pf . Amer Sugar .]_ do pf _'.. 2300 103 Amer-Sumat Tobacco 5000 77% 70% 72 Amer Tel * Cable. . 200 49 49 49 Amer Tel & Tel... 21500 99% 97H 98e Amer Tobacco . 4800 120 114% 116 do pf . 7C0 90'-4 89' a 90 do B . 4800 117% 110% 114 Amer Woolen . 49100 70% 64 70 do pf . 400 92 92 92 Anier Writ Paper pf 1100 42 40 40' Amer Zinc & Lead. 1000 8 7% 7' do pf . 1900 33 31 31! Anaconda . 28200 42% 38 40' Assets Realization . . 300 3 2% 3 Aaso Dry Goods_ 1590 23% 21 22' do 1st pf. 733 57% 56 56 do 2d pf. 160 48% 48% 48-" Asso Oil . 600 104% 104 104 At Top & Santa Fe 16500 86% 83% 84 do pf . 2200 78 76% 77' At] Birm & Atl. 1800 7% 7 7! Atlantic Coa-st Line 900 91% 3834 89' Atlan'ii- Frtiit . 1300 14 11% 14 Atl Gulf k W I S S 63200 112% 99% 104 do pf . 100 58 58 58 Atlantic Rfg pf.... 500 105'4 104 104 Atlas Tack . 100 19% 19% 19' Austin NichoLs ... 100 14 14 14 do pf .^-_ 600 71 70 70 Auto Sales Corp.... 300 41 4 4 4 Baldwin Loco .131300 99% 93% 95 do pf . 100 99 99 99 Balto & Ohio. 23600 41% 38 39? do pf . 2300 50% 49% 50 Barnet Leather _ 100 25 25 25 , Barnsdall A . 300 35 35 35 , do B . 100 36 36 36 Barrett Co . 2400 118 115 118 do pf . 300 101% 100 IOO: do ctfs . 45CQ 117 107 107 do pf ctfs. 800 101% 100% 100' Batopilas Mining . . . 100 % % Bethlehem Motors... 1300 3% 2% 2' Belhlehem Steel .... 700 55 52% 54' do Class B. 60800 53 53% 55! do 7% pf. 100 90 90 90 do 8-V?, pf. 1900 103 101 % 102 Booth Fisheries .... 4600 4% 3% 4' Bklyn Kap Transit. 2100 12% 11% 12 do ctfs . !2C0 8 7% 71 Bklyn Cnion (?as... 1 100 58 56% 58 Brunswick .'. . , 1300 5 5 6 Buras Bros . 1500 89% 86 87 Butte Cop & /.inc.. 4400 6 43.v 6 Butte & Sup Cop. . . 1300 12% 11 11 Butteriek . 800 10-^j 10% 10 Caddo Oil . 2000 15% 14% 15 Calif Packing . 3900 64% 62 62 Calif Petrol . 8600 21 18 20 do pf . -400 67 63' 4 67 Calumet & Arizona. 1300 46% 45 46 Canadian Pacific Case J I pf. Case Plow . Central Leather .... 1? do pf . Cerro de Pasco. ... ? Certainteed Corp . . . Chandler Motors ... < 1% ? 2 1% Che.sa Ohio. 24500 Chic & Alto. 200 Chic & East III.... 100 * Pf . 600 Chic Ct Western.. 2400 do pf . HOO Chic Mil & St Paul. 20100 do pf . 12GO0 Chic & No'western. 5400 79 77 do pf . 200 110% 110% 110% Chic ?'neu Tool... 900 70 60 70 - Chic Rock Isl & Pot- 33200 32% 30% 31% do 6% pf. 400 68 65:4 6G1 .-, Record of Stock and Bond Averages (Copyright 1fl2*)f Nyv York Tribune Inc.) Last week High. Low. 20 Railroads . 68.65 67.70 30 Industrials . 76.27 74.63 50 Stocks . 73.22 71.92 10 Railroads. 74.58 74.43 10 Industrial?. . 83.08 83.03 5 Utilities . 70.55 70.30 25 Bonds . 77.17 77.06 Stocks Year are Hi_i?. Range thm fsr 1920 Range fall Year 1919 68.10 106 77 .1.24 Lew. 64.65 101.00 86.46 Bonds 75.67 92.""8 74.20 82.10 74.11 92.03 73.34 81.14 High. 73.80 110.30 92.05 76.97 91.45 74.53 81.71 Low 5860 72.03 69.38 66.73 82 92 67.64 73.94 High. 78.80 119.33 99.54 82 80 95.70 87.75 87.91 Low. 53.25 79.20 75.92 72.83 90.56 71.80 80.21 High 1920. 8434 92 211/4 41S8 62 106 104 40% 441/4 67 36i% 65' _ 02 '4 56 80 89% 93% I 20% 46'/4 97% ; l4'/_ 85 10514 107 42% 278'. 100 no'? 106 ::*)?< ; 35/ 40 103 260' a 9 16% 13 28 29 147 104 21% 30'. 2 22-% 95 91% 44% I 135 48 361 _ 19% 77' 2 192 75% 100 94% 182 4'a 128 42 83% 85C4 93 35% 102-% 55% 4934 91% 41% 38's 20% 1734 35% 847a 78% 46% 71 116'2 231/4 33' 2 971/4 9% 61% 6% 17% 27 ?8 142! _ 115 51% 111% Date. Ort 4 Pet 5 .Tan 3 Jan 3 Hcpt 28 .Tan 2 Jan 8 .Tan Jan Jan Get Jan Jan Jan 7 16 20 14 21 24 13 34 71 26% 913/4 79% 47 ' 4 511/2 7% 213, 4-1' 4 30 2<" 4 52/2 57 1!8 152/2 91 95 33% ?to' a -"1% 57 Vz 24% 40' 4 33% 56'2 207 noj_ 155/4 36 28 7C 1 ?334 1 10' . 112% 69% 64'/4 ? 45 8C% 65% 33' 2 3O/2 38 131J 2 22'" 26 71% I 5234 21 90% ? 11 13 31% 55% 40 69! 2 ICOJ4 51 40 86""E 98 , 59 90/ 125 116 3 3 9 21 5 14 6 Aug -27 Aug 25 Mar 22 Jan 5 Apr 26 Aug 9 Apr 16 Jan 2 Apr 13 Jan 9 Apr 29 Apr Jan May Jan Apr Jan Sept 25 Oct 2 Sept 15 Jan 3 Feb Apr Jan 2 Jan 2 Jan 6 Jan 2 Sept 20 Oct 4 Sept 20 Jan 5 Apr 16 May 14 Feb 14 Jan 3 Jan 5 Jan 5 July 23 Mar 11 Jan 3 Jan 6 Jan 5 Jan Nov Nov 23 Mar 26 Jan 3 Jan 6 Mar 29 Jan 5 Jan Jan Jan Nov Mar Jan Aug 17 Oct 2 Oct 4 Jan 8 July 8 Apr 19 Jan 21 : Sept 20 Apr 9 . Sept 10 l Oct 8 Apr 6 1 Apr 7 , Oct 22 Not 4 Apr 14 Apr 15 Apr 13 Jan 24 Jan 3 Jan 5 Apr 7 Jan 19 Apr 9 Jan 7 Mar 18 Jan 3 July 15 Jan 27 July Jan Jan Jan Oct Oct Low 1920. 64% 80 . 12 19/4 42 49 86% 21% 28 50 20 11'2 65 37% 52% 76% 73 % 6/4 17% 59 5 66% 67 99/8 30 28% 92 23% 64% 30 83% 165 2 23 Jan Jan Apr Apr Apr Jnn Jan Oct Oct Oct Jan Nov Jan Jan Apr Apr Jan Jan Jan Jan Jan Jan Mar Mar 25 Apr 27 ' Oct 22 Jan 5 Jan 8 Apr 8 Apr 19 Jan 3 Jan Jan Jan Oct Oct I el) Feb Feb Oct 91 17! 12! 45 71 26% 80 13% 15% 3% 49 125 54 80% 73! 4 118 2% 128 127-8 64% 60% 70% 39% 79 19% 12 65% 29% 19% 15% 7 23% 30 50 ?17 ?45 75 10 23 80% 6% 31% 3 834 13'/_ 61 88 103 11% 44 29Ta 63 57 14% 45 70 22 32' ? 4?4 3% 77s 15' _ 13% 40 57 70 383; Div. Date, in $ Feb 13 7 July 30 7 Nov 24 ? Nov 20 Feb 6 ? Not 5 8 Nov 23 7 Nov 17 ? Mny 20 3 May 19 5 Feb 11 ? Nov 19 1 Nov 27 7 Nov 26 4 Nov 20 7 Jan 2 7 July 28 7 Nov 15 2 Nov 17 -Nov 2d Nov 20 Nov 26 Nov 19 Not 22 May 24 Nov 20 Nov 22 Nov 15 Oct 6 Nov 26 ? Nov 13 7 Nov 22 1 June 29 9 leb 10 10 Nov 22 ? Nov 22 ?? May 19 1 Not 13 ? Not 20 ? Not 18 5 Nov 26 7 Feb 13 ? May 19 ? Feb 9 ? Not 17 8 Nov 17 8 Jan 2 7 Nov 20 10 Nov 26 3 Nov 19 ? Oct 24 -? June 9 2 Nov 19 8 Nov 20 6 Aug 20 7 May 25 7 Not 19 8 Nov 22 ? Nov 23 ? Nov 19 1 Nov 18 6 Not 17 C Nov 16 7 Nov 19 6 Nov 27 7 Not 22 ? Nov 10 ? June 12 7 Nov 27 4 Nov 20 2 Nov 20 2 Jan 24 ? Nov 20 ? Nov 19 ? Aug 9 4 Nov 11 ? Oct 21 ? July 2 ? Nov 20 1 Nov 23 3 ,Feb 13 7 Aug 6 Nov 18 Aug 4 ? July 29 ? Feb 13 ? Nov 22 5 Nov 19 7 Nov 19 7 Nov 18 ? Nov 13 6 " Nov 19 ? Nov 13 7 Nov 19 7 Nov 18 ? Nov 26 ? Feb 16 6 Nov 27 ? Nov 20 ? Nov 16 ? Sept 29 ?r Sept 29 ? Nov 15 2 May 3 ? May 19 4 Nov 26 4 Nov 9 8 Nov 12 4 Nov 15 6 Nov 18 ? Nov 18 2 Net Sales. High. Low. Ciose. chge. do 7% pf. 500 Chic St P M & O pf 100 Chile Copper . 21900 1/2 Chino Con Cop. - C C C & St L... Cluett PraBody . do pf 16400 100 2700 200 Coca Cola . 18600 Col Fuel & Iron- 1400 Col Ga.< & Electric. 2100 Col & Southern. . . . 1400 Columbia Grapho. /51000 I?! 2 do pf . 300 73 romp Tab Record.. 400 38?, Consol Cigars . 1000 60 do pf . 200 77' Consol Gas . 67C0 82' Cons Inter Callahan 1100 8 Consol Textile . 7600 203 Continental Can . . . 5900 63' Continental Candy... 11300 6f Cont Insurance _ 200 66" Corn Products . 79930 74s do pf . 1200 100'" Cosden & Co. 4g00 35' Crucible Steel . 36200 100 do pf . 1300 86 Cuba-Amer Sugar do pf . Cuba Cane Sugar. 3400 100 14500 do pf . 4800 693. Davidson (hem ... 100 30 Dcla & Hudson. 100 103/ Del Lack & West.. 300 225 Den & Rio Grande.. 47?? 1 do pf . 77400 I1 Dome Mines ....... 900 111/ Elk Horn Coal. 700 17 Emerson Brant _ 600 8 Endicott Johnson ... 23C0 583 do pf. 1400 89 Erie . 17400 163 do 1st pf. 7800 . 24' do 2d pf. 3400' 173 Famous Players . . . 121C0 561 do pf . 4900 79'. Fed M:n & Smelt pf 400 31' Fisher Cody . 2-1C0 94' Fisk Rubber Tire... 10300 15' Freeport Texas .... 2-100 177 Gaston Williams . . . 3000 4i Gen Amer Tank.... 300 61 Gen Chemical .'..... 300 125 Gen Cigars . 2700 58 do pf. 25 92' do pf deb. 1500 88 Gen Electric . 18400 131 do rights . 283?0 4' do ctfs . 3C0 128 General Motors ...257400 17' % + 234 do pf *.. do 6-"o deb. do 7/ deb . , Goodrich B F. 7100 do pf . 500 Granby Mining .... Gray ?t Davis. Great Northern pf. . (?rent North Ore sub Greene Fan Copper. Guantanamo Sugar . Gulf Mob & North. . do pf . Gulf State Steel.... Hask & Bark Car. . . Hendee Mfg . Homestake Min .... - Houston Oil . 1010? 1 Hupp Motors . 1600 3 Hydraulic Steel . . ?00 7 Illinois Central .... 1500 .60 Indiahoma Rcf . . . 2800 4 Inspiration Copper . 8200 Intb Con Corp . 3400 do pf . 4500 100 1600 1300 2000 200 11000 7900 1300 500 400 500 3C0 8100 600 400 : Int Aprlculture .... 2000 153, do pf . 3200 64' ; Inter Harvester .... 4900 96/ do pf . 500 105 Int Mer Marine.... 12200 16/ do pf . 35100 56' Inter Motors . 3703 32' do 1st pf. 300 71 do 2d pf. 100 60 Inter N'ckel . 14300 15', Inter Paper . 2C200 53 do pf stpd. 300 72 Invincible Oil . 18400 26' Iron Product-? Corp. 800 35 Island Oil . 44000 5* 29 4 20 6 10 8 29 12 3 2 22 102'j 13 89' 2 1C2; 4 93% 15 8-4 1 I j 65% 17 84', 2 66% 4S% 61 37% 2738 I05! 2 61 95% 77% 22 % 29% 5% 9% ?3*4 ' 41% 65 78 61% Mar 25 Jan 7 Jan 6 Jan 5 Mar 19 July 9 June 28 Oct 26 Nov 1 J :> n 3 Jan Jnn Jan Apr Jan Jan Apr 12 Oct 4 Oct 4 Jan 5 Oct Jan Not Oct Jan Jan Sept 24 Oct 4 Nov 26 Oct 23 Not 5 Jan 5 Apr 17 June 10 Mar 9 Ja-i. 25 Sept 20 Jan 5 Jan 2 Jan 2 Jan 6 44 19 8% 47 35 8% 16 17 3934 127% 99 ?29% 17 9% 29% 125 93 94 59' 4 55 IO/2 52 38% 16 14% 2% 69% 143 16% 10! 4 30% 9 6.1 3'2 7 21 36 194 59 95 21 28' : 44 83 45'/a 86/ 933. 103! 29/ 7 " , 4'. 45 88 66/ Jewel Tea . 100 4% 4% 4/4-f % do pf . 200 11 10! 2 10' ? % Jones Bros Tea. 5C0 16% 16% 16%? % Kansas City South,. 6400 22% 20 21%+ 1 do pf . 3300 4fi 45'4 451/?-' '? Kan C Ft S & M pf. 100 I? 57 57 '_ Kayser, Julius . 400 70 70 70 _ 5 Kelly-Springfield ... 5800 47 41% 4!% ' do pf . 200 73%, 73% 72' . Kelsey Wheel . 600 49 -15 " 48 -| 3% Kennecott Copper .. 36800 20% 19 W/a_ i/_ Nov ?8 1.20 Keystone Tire . 9300 10% 8% 9 J- % Nov 19 6 Lackawanna Steel . 11900 54' 2 51 51% 3'p. Laclede Ga.; . 300 44 "" 40 44 ? 5% Lake Erie _ West.. 1100 17% 13 16'',. 2' , do pf . ... 500 33 30 31+1 Lee Rubber ,?t Tire.. 5C0 18 17% 13 + 1 I.rliigh Valley . 4700 50% 49 4934 i- 1 4 Liggett & Myers. do pf . do ? . 100 130% 130% 130%? Loews Co Inc. 13800 18% 17'% 18 + Loft Candy . 7C0O 10% 9' . 10 4 Aug 7 ? Feb 13 -? Feb 11 ? Nov 19 2 May 24 3? Nov 25 12 June 21 7 July 30 12 Nov 20 2 Nov 20 ? Nov 18 ? Aug 13 12 Aug 25 7 Aug 9 7 Nov 19 6 Nov 19 4 Nov 19 ? Aug 11 7 July 2 7 Nov 18 Nov 19 Nov 19 ? Nov 19 ? Au? 9 1; Nov 19 . Aug 5 Nov 20 Feb 13 ? Feb 13 7 May 22 ? May 24 ? Feb 11 ? Feb 11 ? Nov 20 ? May 19 3 May 3 7 Nov 20 4 Nov 26 3' 13 ? 13 20 16 7 29 3 5 21 3 3 4% 8 31 78 64% 233 4 18 40' . 2o " 16 85 43 6634 36% 12! 2 12!4 23 13' 2 46 18% 41% Feb Feb Nov Nov 25 Nov 10 July 13 Nov 27 Nov 1l Nov 17 ? Nov 19 6 Nov 11 7 Nov 18 6 Nov 23 ? leb 13 ? Nov 13 1 June 18 6 Nov 13 10 Feb 13 5 Feb 13 ? Nov 26 2' Nov 20 5 Nov 23 ? Feb 6 1 Jane 11 7 May 24 5 June 12 7 Nov 22 5 Cet 3 Nov 24 Nov 20 Nov 22 ? Nov 17 2 Nov 16 ? Aug 30 3 Not 17 ? May 20 5 Loose-Wiles Biscuit I.orillarri, Pierre . do pf . Louisville & Nash. Mackay Go* . do pf . Mallinson & Co. . . . do pf . 7 Manhattan F'leva'.ed 134 Manhattan Shirt 2 Martin Parry Corp Maxwell Motor .... 8 May Depl Stores 2 Mexican Petrol . 2 Miami Con Copper 1.60 Middle States Oil 4 Midvale Steel . 22870 Minn & St L new . 3200 7 Minn St P & S S M 5"*0 ? Mo Kansas &. Tetas 4100 ? do pf . 1200 ? Missouri 'Pacific . . . 17700 do pf . Mont Ward & Co M'tntana Power do pf Mullins Bod National Acme . . . National Aniline Ch do pf . do c'fs . . . ./_, do pf cifs.. National Biscuit . . . do pf . Nat Cloak & Suit, . ' do" pf . Nat Cond & Cable . Nat Enamel & Stpg. do pf . Nal ?onal Lead . Nat RR of Mx 1st pf do 2d pf. Novada Con Copper. New Or Tex _ Met New York Airbrake New York Central.. N Y Chi & St L _ New York Dock.... do pf . N Y N H & H.115200 N Y Ont <?_ West. . . 1800 500 30 29% 20 - 3200 136% 130'4 135'-4-IO/2 100% Il ?)-%? % 100' 593 57 11 5 North Ameriran 7 Northern Pacifie . 5 Nova Scotia Steel .50 Nunnally . 2' _., Ohio Body . .40 Ok la Prod & Re? g ? Ontario Silver 2 Orpheum Circuit . Otis Steel . 4800 Owens Bot Mach... 1400 Pacific Dere! Corp. 700 Pacifie Gas _ Fie* 1000 "orfolk & Western 22000 105% 900 167C0 5300 200 700 " 77C0 1100 1700 49% T 2% ((-*at1?ue?J *? safe ?lut?ia) KlDBER, PEABOOY & CO, 115 DeTonshire Si 8 Brtttf Jf BOSTON NEW YORK Government Bonds Investment Securities Foreign Exchange Letters of Credit Correspondents of taring Brothers &, Co,, Ltd, LONDON 30 Years in Export Banking TNTIMATE KNOWLEDGE A of the needs and habits of the people, acquired by years of experience and actual residence in the countries themselves, is es? sential when transacting; business abroad. 23 Branches in South America One Branch in Mexico 9 Offices in Europe Anglo-South amerjc** '"BANK JJ MITE** New York Agency ? 4? Broadw?** The present period of re? adjustment a-fiord* to the investor an opportunity to secure at unusually low price levels, sound Railroad, Public Utility and Indus? trial bor.ds yielding from 6% to 8<7 We shall he glad to --end upon request our latest list of ofrerin^s which we recommend for investment. Member? New York and Pltt(bor(h Stock I- K-iiaojce? 33 Pine St. New York Uaioa Arcad? Bide. rittsbargIt Sugar Securities ATTRACTIVE posi *"* tion of leading sugar producers, shown in our Stock Market Review. Write for S-28 Central Aguirre Central Holly Fajardo National Godchaux Savannah Cuba Cane Baby Bonds liotight?Sold?Quoted Lambom&Ca Speojltsts in Sugi?StocstS Seven Van ?tM? MEMBERS N. Y Stock El ?V v. rrodvc* Bz. ? of Trade .Y y Coffee and Sugar Er Inc. . prod Clearing House, XM J.K.Rice, Jr.&Co. Will Buy " 5M \>U.-r. Mir A, Con. IM> ''"*? l9':3 R BO ? lni.1- liest. " onimon :.-. i .?loi ario I uel Si Iron I'ld. .]<??) I., u. lili^h < ominon X(! International ->tli _.. '.') M.i<- Vnd'wM A i orbes Com. A Pfd. l(Ki Mohawk Valle} < o. -. ', V ?airara in?u um ?? Um \. Y. -lut?- Ki?. ? ?? > * FM. '.lull! Dominion -u-Hin-hip J.K.Rice Jr.&Co. Will ?Sell :-M yam? I Mir.-*- ?-- i''<? .. ?,. .-,!) \mi-r. I.lthonrraphlc (?,in. 4 Ft?. ;.n ? ,,, m I -., h n..-, ItinU 'K!*r!?'?" 50 i.?;>!>. Steel .V Iron torn. A. rid. 100 I \\ isiN^ Common 100 1 ouBilul ?on ( ?iiiiii.tny 100 International lnr i.i<-h I'M. 41-0 locomobile i o. ( am. 100 N". "i . State I-:.?-. < om. & PM. ion Pacific Coa ?*? < om. J.K.Riee Jr.&Co. Phene? 4000 to 40i9 John Si W*ll St.. N. T ?1 Il PRICHTIT&0Q MCTibm KY. ?Stixk Exchange ? SIXTY BROADWAY NEW VOR? ClTIf