Province of
SAlSKATCHEWAN
Canada
5V2% Gold Bonds
Due Nov. 18, 1846
principal end interest
payable in New York City.
Price 97 and Interest
yielding about 5.75%
Complete circular en request
Estabrook & Co.
24 Broad St. 15 State St.
New York Boston
HArtford New Bedford
Providence Sprit??--*)
Moody's Analysis of
Missouri Pacific
A complete statistical and
analytical exhibit clearly
showing the position of
$\ the company's securities.
To investors not familiar
with our Weekly Analysis,
fro? copy of Letter No.
217 will be sent upon re?
quest accompanied by 2c
for postage.
MOOOrS INVESTORS SERVICE
j ] JOHN MOODY. President
f 35 Na*?au Street, New York
Boston FnllaJetphl- Chlc-jo
To the holders of
Brooklyn Union
Elevated R. R. Co.
1st Mtge. 5s, 1950
"We have prepared a Summary on
the situation of the above bonds. A
copy will be sent free on request to
t>ona fide bondholder?.
We Invite you to confer with us on
any of the Underlying Bonds of the
New York City Traction Companies.
As specialists In these Issues we
can render a valuable Investment
service.
T?^ Carnegie Ewzn
Investment Securities
2 WALL ST.?WEW YORK
Telephone?Rector?3273-4
COTTON
A netc survey of the
situation, with a new
outlook for prices.
Circular ?pon request.
E.w.wagner& Co.
UtASUlNIi. 1807 - CHICAGO
<MSMSB*9
eWWRK STOCK BXCHANOI
NEW YORK COTTON KXCHAMGI
CM1CAOO BOARD Of T?ADS
33 New St- ?-SS? New Yoiut:
Local US' _NO:.|R.n, N.Y.
Bra-cue? .X cot bt si met b'??ljn
Chicsgo? ao_ South L? Salle St.
BANKING HOUSE OF
HENRY CLEWS &G&
Members N.Y. Stock and Cotton Exchange?.
II, 13. 15. 17 and 19 Broad St.. N. Y.
Interest allowed on demand deposit ac?
counts, orders executed for
STOCKS, BONDS AND COTTON
?OBK.GN I.3a5TT3EaW OF CREDIT lrtS3DI3i
er LIBERTY BONDS BOHR
SS??i?,?JE_*B .?,af?-ii
-8 Court St.. Brooklyn.
| Adams Express 4s, 1947
Conn. Light & Power 7s. 1951
Adirondack Elec. Power 5s, 1962
Omaha & C'ncil Bluffs St. Ry. 5s, '28
FREDERICH. H ATCH&CQ
____^m^mab<>-n^?'
taOSTUH CttlCASQ PmU.HOhTgl-AL PTn_-iUiUr-?
STAIsm?RD
Odd Lot? of G Bought and
Standard Oi! g Sold at tba
Stock? | Market
CARLH.PF0R2HEIMER &CO
Voona 4.60-1-2-3-4 Broad. .5 Bro.-xdRt.N...
National City Bank
Chase National Bank
fclrCUJRg, JONES AKEEiO
X-!*!.'.-*-? ttmm S**'* ?;?i?lis s#*tmm?a
? ?.?? t.r<M<t%*Mr ?h??? ?Ml |U?tAr
Stock Prices
Are Easier in
Quiet Market
Arms Parley Has No Effect
on Prices; Francs Rule
Steady on Briand's State?
ment; Changes Are Small
With the speculative mind again un?
certain regarding the immediate out?
look for securities, there was a do
I crease yesterday in activity at the
i marketplace. There was a churning
j of prices once more, but after five
i hours of give and take the effect on
final quotations was slight. The net
! change, however, was in the direction
j of a shade lower moan prices. The
: average of twenty representative rail
i road stocks declined from 65.45 to
165.35 and that of thirty industrials
from 71.75 to 71.42.
In individual stocks, ou the other
j hand, there were instances of gains to
! offset losses. Specialties such a? Na?
tional Enameling, People's Gas, Cali
; fornia Packing, American Radiator
' and Davidson Chemical were especially
firm, and toward the close United Re?
tail Stores and several of the other
tobacco shares were objectives of sell?
ing pressure, which was attributed to
; anxiety regarding future dividend
; policy. *?
The activities of tha Conference on
i the Limitation of Armament had no
' perceptible positive influence on the
l market yesterday. Premier Briand's
address was held responsible for the
slump in French foreign exchfittge, but
! there was a recovery late in the day.
The statement of policy was unfavor?
able to the position of France theoretl
' cally in that it indicated that military
expenditures would continue. But for
all practical purposes it was bullish
on francs in that it promises that
France would cut its army in half.
Fluctuations in the exchange market
were within narrow boundaries again.
The cable rate on London advanced
three-eighths of a cent to $3.99J/..
Continuing their upturn, cotton
prices gained 54 to 61 points on more
encouraging reports regarding the
status of the British textile industry
and a better demnnd for spot. Wheat
prices were steady and virtually un?
changed.
" .?? ??.? ?.
Money and Credit
Call loans renewed at 5 per cent
; yesterday. This was also the ruling
rate, although in the afternoon the
rate rose to 5 >*_ per cent. There was
no change in the time money rates.
Year
Yesterday ago
On industrial collateral 5 7
On mixed collateral.... 5 7
Time money ( mixed collateral) :
Sixty days. 5 ?5% 8(a8%
Ninety days. 5 (a?5Vi 8@8%
Four months. 6H@6% 8@8%
Four to six months.. 5?@5% 8@8^_
Bank Clearings?Bank clearings at
New York vesterday were: Exchanges,
$808,300,000; balances, $62,200,000.
Silver?London, 38d; New York, do?
mestic bar, 991/_c; foreign, 67%c; Mex?
ican dollars, 51 Mc.
. > ,. .
The Dollar in Foreign Exchange
Changes were again within a nar?
row range in yesterday's foreign ex?
change market, with final prices slight?
ly higher. Cable rates on London
scored a net advance of % of a cent
at $3.99%.
There were reactions in rates on
China, and changes in the South
American group were small and irreg?
ular.
ETKOPE
Yester- Previous Tear
day. day. ago.
GREAT BRITAIN (par $4.80 a sovereign)
D-mand . 3.98% 3.98% 3.63%
Cables . 3.98% 3.98% 3.54
60-<3 bills (buy'g) ?..95% 3.95 3.46%
90-cl bills (buy'K) 3.9 4 3.93% 3.44%
FRANCE] (par 19.3 cents a franc)
Demand . 7.12 >_ 7.09 6.24
Cables . 7.13 7.09% C.25
BELGIUM (par 19.3 cent? a tran.)
Demand . 6.89 6.85% 6.64
Cables . 6.89 % 6.86 6.06
SWITZERLAND (par 3 9.3 cents a franc)
Demand .3 8.80 IS.76 15.72
Cables .18.82 38.78 15.75
ITALY (par 19.3 cents a lira)
Demand . 4.13 4.13- 3.88
Cables . 4.13 % 4.13 % 3.89
HOLLAND (par 40.2 cents a florin)
D-mawl .85.31 35.28 30.65
Cables .35.36 36.28 30.75
GERMANY (par 23.8 cents a mark)
Demand .36',? .36V, 1.57',.
Cableo ."C\_ .36% 1.58
AUSTRIA (par 20.3 cents a crown)
Demand .03% .03% .33%
Cables.03% .08% .34
NORWAY (par 26.S cunta ? crowu)
Demand .14.05 14.15 13.60
Cablea .14.10 14.20 13.70
SWEDEN (par 28.8 cent? a crown)
Demand .23.32 23.35 19.42
Cable. .23.37 23.40 18.47
DENMARK (pnr 26.8 cents a crown)
Demand .18.40 18.46 13,66
Cablee .18.45 18.50 13.75
SPAIN (par 19.3 cents a peseta)
Demand .33.77 13.74 13.50
Cable? .13.78 18.75 18.52
PORTUGAL (par 108.05 cents an e-cudo)
Demand . 8.62% 8.76 18.75
Cablea . 8.62% 8.75 12.76
GREECH3 (par 19.8 cents a drachma)
Demand . 4.10 4.15 9.05
Cables . 4.15 4.20 9.10
POLAND (par 23.8 cent? a mavk)
Demand .03 ? .24
Cables.03 ? .25
CZECHOSLOVAKIA (par 20.8 cents ?
crown)
Demand . 1.08 1.08 1.33
Cables . 1.06 1.03 1.35
JUGO-SLAVIA (par 20.S cents a crown)
Demand .32% .29 .81
Cables.32% .29 .82
RUMANIA (par 1?.8 cents a lou)
Demand . * * 1.80
Cables . ? ? 1.61
FINLAND (par 19.8 cents a mark)
Demand . 1.94 2.04 ?.21
Cable?. 1.94 2.01 2.22
FAR EAST
CHINA (Shanghai par unsettled)
Demand .77 60 79.00 87.00
Cable? .78.00 79.60 87.60
ClIlaN'A (Hons Kon? par unsettled)
Demand .66.00 56.76 66.00
Cables .66.25 66.00 66.1?
JAPAN (par 49.8 oenta a yen)
Demand .48.00 48.00 60.3*rf
Cable? .48.25 48.25 60.50
INDIA (par 48.65 cent? a rupee)
Demand .,.S7.00 27.00 29.00
Cables .?7.26 27.25 29.25
STRAITS SETTLEMENTS (par 5S.8 cent?
a dollar)
Demand .48.26 48.28
Cablea.46.50 46.60 -
TUE AMERICA Si
ARGENTINA (par 42.44 cent? a paper
peso)
Demand .83.00 88.00 83.375
Cable? .83.00 88.12% 83.60
BRAZIL (par 33 45 cents a paper milrels)
Demand .12.62% 12.76 15>;25
CablOB .- 12.87% 15.75
PERU (par 84.86 a pound)
Checks . 3.46 3.47 8.93
ECUADOR (par 48.60 cent? a sucre)
Checks .26.00 25.30
CHILE (par 30.5 cents a peso)
Check? .10.76 10.75 13.75
Uruguay (par 103.42 cents a peso)
Chocks .67.50 67.37V. 76.00
VENEZUELA (par 39.3 cents a bol?var)
Checks.16,72 16.72 _
CiUuuUun Exchange?New York funds In
Montreal, 9}_ per cent premium; Montreal
-und? in New York, s% per vent discount,
'Unquoted.
London Market Inactive
LONDON, Nov. 22.?Trading was in?
active on the Stock Exchange to-day.
Bar gold was quoted at 103s 3d; money
was loaned at 3% per cent. Discount
rates were: Short bills, i(__i_4% pt?r]
cent; three-month .bills, 815--6@. per
cent.
Closing stock quotations:
Consols^ money. 49%iLoulsvlll?.1.3
Brit 6"i loan... 88 M KA- ?-. s
do 4 V.. 81% N Y Central_ 90%
Atchlsoii.10? Norf & \\>stn..l20
n & o. 4 5
Canadian Pac.,.144i
CAO. 73
Chi On Wat... 8
St Paul. 28
Ont & Wcstn., .
Pennsylvania... 43
Heading.87
Southn Ry .... 24%
5'juthn P.
Den _s Rio Grd. 1 IL?nioh Pao .164
??*> i ?..j. i?.JK ? 8i~?l.......?02
do let ft. 4?V.D* _S?b-<-., au
Grand Trunk.. 1 ?Z ? ?*-,_ 9&KI..vu 12
m* waitiiiu i ii m ? Mj__g 4
Transactions Yesterday in Listed Stocks
Railroad stocks
Other stock? ..
All Mock? . ..,
Summary of Stock Exchange Dealings
(Copyright, 1921, New Tork Tribune Inc.)
Slocks
Dfty Year tiuio.n t 1 In Wmtr.
Tester-ay. brtore. ago. nil. 19.0. 1019.
78,700 80,900 137,000 29,5?8,0OO 44.030,100 88,113,700
M7.500 600.700 070,800 110,588.800 152.678,100 108.541.000
674,200 750,600 1,113,700 140,120.800 100,017,200 28-1,655,600
Bonds
January i to d?t?.
ISnr boforr, 7enr n.?, 1021, 1920.
$7,447.000 $10,263,000 $1,764,SO 1,000 $2,163,646,000
3,401.000 2,249.000 621,336,000 511,180,000
4.753.000 3,172,000 (174,018.000 631,430.000
16,691.000 15,684,000 2,961,335,000 3,3-6,171.000
XettterAay.
IT. ?). go-ernm-nt bond?. .$10,631.000
Railroad bond? .,. 4,849,000
Other bond?. 5,904,000
All b-mda . 21,384,000
Record of Stock and Bond Averages
(Copyright, 1921, New York Tribun? Ine.)
St?fcks
ft? Wir ?.Tan. 1 Hange ?i?\\
tteiiit* Dnr Y.?r to dale. -rar 1920.
day. before, ajr?. High. I^iw. Wrb. Low.
SO Railroad ?took?.... 63.35 00.45 07.80 65.85 57.40 78.80 53.80
30 InduMrinl stocka. M.42 71.75 70.18 70.13 60.80 110.00 67.67
50 Stock? . 08.na 69,22 72,83 73.38 81.02 ?2.96 04.1*50
Bondi
10 Railroad bond?. 82,40 79.80 74,58 80.40 71.01 76.97 68.75
10 Industrial bond*. 86.11 ?5.63 83.08 86.11 80.45 91.45 81.30
D Utility bondM. 78.4/ 79.15 70.52 79.15 70.13 74.56 67.44
25 Bonds . 02.30 31.08 77.17 82.30 75.25 81.71 73,94
High, Low. Dlv.
1921. 1921. Rate.
803.1
19%
62
40
39%
1' .
55%
96%
301/4
84
65*/.
84
64%
61
65%
63
32%
90%
26% ?
11 ?
35 6
30 4
16!/8 ?
% -
% ?
34 4
83 7
28% 4
67'/. 7
26% ?
61 ?
46% 4
24% ?
29'.- ?
42 4
231/- _
76%
Adam? Express .
Advance Rumely ...
do _it .
Air Reduction .
Ajax Rubber .
Alaska Gold Mine?..
Sale*.
200
200
100
POO
4200
?100
Open, nig?
47% 47%
38! 4 +
39%?
16?%?
12
6
7
7
ISSH 115% 12
6% -~
157i ?
35% ?
?4/4 ?
8 ?
42 7
67 6
21 % ?
7% 1
17 ?
397/a 7
73 "/a 6
66% 4
31/2 ?
4% ?
29% ?
63% 7
63 6
95 12
18 3
47%
67% 7
29% ?
6494 7
48 5
95% 0
111 ?/_ 12
110
88
57
93
20%
6%
22?a
31%
20
1
24
45
76/4
75%
1/4
1/2
18
10
103%
8/a ?
50% 7
2% ?
10 ?
62/4 7
30% ?
47 4
24 ?
14% ?
41 Vz 5
933/4 8
6% ?
3/.
3 ?
33 ?
81' 4 10
334 ?
IO/4 ~
14% ?
734 -
53% C
29
244 4
67
8%
13%
73
71
53%
11%
62%
93
96
90
10
14
44%
851/4
85%
112/>
32
90
107/4
88
91
54
1191/2
129%
127%
95/a
82/4
103
39%
11/2
35
45%
25
3/a
42
72/4
87%
84%
7%
9
78
23%
113
13/4
70
4%
15
97%
42%
54
27
35
65
109 %
14%
10
6
44*%
116
6
17%
28
19%
74
49%
82
7/a
119%
10
43/4
96
34/a
86
65%
8%
12
63/4
10%
10%
9/a
20%
31
46%
71
70/4
35
82 /2
71
80/a
12%
27/4
62/a
40/a
32%
43
123/4
62/4
64
80
94
21%
66
90
109/a
44%
107/a
91
83/a
26
67%
63/a
249
25?4
76'/a
151/4
22%
15%
82%
90
10
34?/a
79/4
19%
20/a
6%
53
78%
117%
62'/
Alaska .luneau . BUCK)
Allied Chemien! _ 1200
do pf . 500
Allls-Chnlroers . 1100
do pf . 300
Amer Akt Chem ... 500
do pf . 200
Amer Hank Noto ... 200
Amer Bret Sugar ... ?100
Amer Bosch Mo? . . 800
Amer1 Rr Shoo ft l-'dy 300
Armortean Can .....'. 2400
do pf .
Amor Car ft Fdy . .
Amer Chlcl* .
Amer Cotton OH . .
do pf .
Amer Dnng Synd . ,.
Amer Hide ft Lenth
American Ico .
do pf.
Amer Inter Corp . .
Amer La Franco ...
Amer Linseed .
do pf .
Amer Locomotive
ti_ V 2 o?
31'..; 31
200 88 88
300 137'i 137
200 8 "a 6
600 21% 21
200 47 47
-.00 5/a ".
200 11% 11
4500 69-4 73
700 71 71
3400 37 37
200 8% ?
1300 33/4 33
200 5934 5?
600 93% o:
Amer Radiator . 2600
Amer Safety Razor. . 1200
Amer Ship ft Com.. 1200
Amer Smelting- _ 2700
do pf . 200
do pf A. 200
Amer Snuff .
Amer Steel Fdy ....
Amer Sugar .
do pf .
Amer Sumatra Tob .
do pf .
Amer Teig & Cabio.
Amer Tel & Tel_
Amer Tobacco .
do B . 200 121 121
do pf new. 1200 94/. 95
Amer Woolen . 2400 78% 78?a
do pf . 200 102% 102%
Amer Writ Paper pf 100 26 26
Amer Zinc . 1200 11/4 11/2
do pf . 700 35 36
Anoconda . S500 45'.4 45' 4
Ann Arbor pf . 600 22 22
Assets Realization Co 1200 1% 1%
Assoc Dry Good? ... 600 43/4 42/4
do 2d pf .
Atch, Top & Sun Ve.
do pf .
t+ 334
%
31 i 4
65
2'/?
500
1500
400
1200
200
290C
200
68 t'a 7
3% -
101 10
3/a ?
22/a ?
57/b ?
23
38/4 6
46 4
6 ?
9/a ?
I/4 ?
5 ?
5 ?
C% ?
14 ?
22 ?
32 ~
601/8 5
47 4
22% ?
683/4 7
66/2 6
70 7
9 ?
19% ?
361/4 ?
19 4
22 ?
27/4 ?
2% -~
9/4
62
60
77/a
12%
34%
59
96
22/a
49
77 7
10% -
5%-~
13/a ?
23 4
93 6
16 ?
62 6
11% ?
16%
11/2 ?
44% 8
74% 8
5/e ?
21 4
67 8
8% ?
9% ?
- Atl, Birir- ft At .
- Atlantic Fruit . ..
- Atl. Gulf & W I
2% Atlantic Petrol .
7 Atlantic Kefining pf 100 113
Austin Nichols . 200 103,,*,
7 do pf . 100 68/2
a\uto Sales Corp _ 700 3%
do pf . 200 12/4
Baldwin Loco Co . , , 5900 95%
Baltimore & Ohio ., 2400 37%
do pf . 200 52
Barnsdall A . 200 24
do pf . 1200 24
Beth Steel Class B. . 2900 55'/8
do 8% pf . 400 102
Brooklyn Rap Tran.. 2600 9/8
do ctfs . 4700 7%
Booth Fisheries . 700 5/8
Brown Shoe .'. 300 43
Burns Bros . 4900 116
Butte Cop & 7,ine_ 1200 5%
Butte & Sup Cop_ 1700 16%
Buttcric- Co. 200 23%
Caddo Oil . 200 14/c
California Packing... 5100 73
Calif Petroleum. 4900 43/a
do pf . 200 82
Call Lead & Zinc_ 13500 7/a
Canadian Pacific. 2400 116
Case Plow. 100 334 3-?/
Central Leather . 1600 31% 313/
do pf . 20O 60% 66!/
Cerro de Pasco. 3100 34% 34'/
Chandler Motors _ 1500 46 46
Chesapcak;? & Ohio... 500 58% 683;
Chicago & Alton- 2C0 6 G
do pf . 300 9/a 9','
Chic & East 111. 200 5 53
do pd . 4C0 10/3 10?/
do pf pd. 409 10% 10?r
Chic Gt Western. 1200 7% 7/
do pf . 2400 17% 181/
Chic, Mil & St Paul. 3300 23 23'/
do pf . 22CO 36/a 37?.:
Chic ft Northw'n_ 160O 68/2 69
Chic Pneum Tool.... 100 53 53
Chic, R I & Pac_ 1700 32% 333;
do 7% pf. 700 82% 82'/
do 6% pf. 500 71 71
Ch, St P. M ft O pf. . 1C0 80/a 80'/
Chile Copper . 19C0 12% 12?.
Chino Consol Copper. 1300 26% 263
Cluett-Peabody. 200 45 45
Coca-Cola. 2400 37% 377
Col Fuel & Iron. 200 24% 24?
Col 4 8outhcm. 200 42 42
Colum Graphophone.. 3600 4 4J/
do pf . 200 18 18
Col Gas & Electric.. . 600 63% 631>
Consol Cigars pf.... 200 62 62
Consolidated Gas _ 1200 91% 92
Consol Textile . 1600 15!/8 15'
Continental Can .... ?00 46 46'/
Corn Products . 800 83% 88'
do pf . 200 108% 1C8?
42
1/2 112/a H?'/
113?% II434+ 1% 114
5% 5%-f /4 53
Va 115%
1%
Va
6
7
4
7
2/a Corden ft Co.
4 Crucible Steel .
7 do pf .,
?? Cuban-Amer Sugar
Cuba Cane Sugar .
do pf .
700
10900
200
6C0
1700
2600
Davidson Chem . 11700 60
Del, Lack & West .. 200 111
Elk Horn Coal . 300 18%
Endicott-Johnson .,. 1000 75' 4
Erie . 700 12
do 1st pf . 300 18
do 2d pf. 100 12%
Famous Players _ 2600 66%
do pf . 300 83
Fed Mining ft Smelt 300 10
do pf . 200 34
Fisher Body Ohio pf 400 77'4
Flsk Rubber Tiro ... 2100 10
? reeport Texas . 200 15%
% ? Gaston Williams ... 200 '4
39% 6 General Amer Tank 1200 49
391/- _ General Asphalt ... 9600 63*f4
77' 6 do pf . 700 100
64 6 General Cigor . 1900 603,4
138% 109'/- 8 General Elec C? ..
16% 9% 1 General Motor? ...
6 do 6% deb .
7 do 7% pf .
? Goodrich, B F ....
7 do pf.
? Granby Mining .. .
? Gray Davis .
7 Gt Northern pf ...
4 Gt North Ore ?nbs.
? Greene-Can Copper
? (l'uantanamo Sugar
? Gulf States Steel . .
? Hablrshaw Electric
4 Hask & Bark Car Co 10900 7S3?
? Houston OU . 300 78
1 Hupp .Motors . 2400 11
7 Illinois Central _ 2C0 06%
.60 Indiohoma . 8900 3%
? Indian Refining .... 200 10
? Inspiration Copper... 1200 37%
Interb Cons Corp.... 1900 2
do pf . 2400 6
Inter Harvester . 1600 77/8
7 do pf . 2C0 103
2/a Inter Cement . 200 27%
- Inter Mer Marine. . . 600 12%
6 do pf . 2*100 56%
-- Inter Motor Truck... 200 27%
7 do 1st pf. 200 72
Inter Paper ....... 2800 57!4
do pf stpd... 200 73%
Inter Nickel . 1900 11%
Invincible OU . 296-30 11'4
Island Oit. 14800 3/4
.???*_!! To* ...,,.... ?700 I*!/*
*? a- a-..,,.-,-.-. ami .?.*
37%?
24%?
42 -f
4 ?
18 ?
631/3;?
62 ?
91%?
14%?
46/4?
87%?
108%?
33%?
64%? 1%
90 4- 2%
14%? %
8 ? %
17%? %
62% 4- 8/a
;
/a 108
% 33%
? :i
64%
87/2
14%
8
17%
52% 62%
109% lio;.
49
6234
99%
603/4
62 + 1
70/a
821/2
44%
85
28
16%
79%
33%
25'/2
16%
48/2
13%
80%
86
16%
98
7/a
153/4
38
5%
16
100%.
no
28
171/4
63%
42
70
7334
76%
17
26
4%
I'M.
60
69
26% -
62/a 7
15 ?
9/a ?
60 7
25% 4
I8/4 ?
6/2 ?
1 ?
60'/? 4
40/a ?
10/a 1
85/2 7
2
7/4 ~
29-Va ?
1/a ?
6 ?
67% 5
99*4 7
21
7'/
36 6
05% ?
63% 7
38-'y ?.
67 6
Il/a ~
6/2 ?
a -~
600 134/4 134% 1331/4 133/4? %
3700 11/a 11/a 11% 11%? 14
200 70% 70% 693/4 70 ? %
200 813/4 81% 81% 81%? %
900 31/a 3I/4 31 31/44- /4
300 81 81 81 81 -
400 27% 27% 26% 26%? 1%
400 10 10 10 10 -(- |4
2900 7314 73% 72% 73 ? </__
1300 3334 3334 33% 33%-f. %
500 2534 2534 24% 24%? 1
200 8 8 6 6 ? 114
10400 44 48 44 46%4- 33,4
200 2 2 2 2 4-1
18%
%
J?
nigh.
1921.
34%
2 8'"a
Lo.v. I)iv.
1921. Rate,
14%
10%
4 V..
32%
Sales, Open. Hi?h. Low.
Net
(rinse. elige. Bid. Ask
6 9
?-4%
m'a
174! _
B8/_
87%
29%
59%
1621/4
10')
7. I ', ?->
12%
11?
58
89?/_
20
32'4'
100%
7
41 ! .
a H
30%
15V_
93%
167%
94
25%
16%
;? ?.??-.
14%
7'",.L
10
8!m
130
32
40
17" ;
47' -
?I3f?'v
97'*
10
7%
97
50
21
11'/_
18
100
.tones Tea .
Kansas City Southern
Kansas & Gulf Co...
Kelly-Springfield ...
Kelsey Wheel Co....
Kennecolt Copper . . .
Keystone Tiro .
1500
2400
2000
900
200
1-100
600
3?-?
ru
27 ?
?Hi ?
12! a ?
8 ?
65'% 8
84!/-. 12
70 8
16%, 2
10
22
0%
63
Kresge, HS. 300 172
Lacknwaiinii Steel ... 1900 ?12
Lai-ledc (Ins . 200 17!
Lee Robber & Tire.. 200 27'
i.ebiivb Valley . iiOO 861
Liitgetl & Mvers Tob. 200 162'
do pf . ico inrt
Loew's Ine. 600 14-'
Loft (?tidy . 600 91
Louis fi Nashville,.. 200 100 =
Mackay Cos pf. 200 58
Manat? .Sugar . 400 28
Matliianti Alkali .... 545 14
Manhattan Shirt .... 3400 '111
do l>f . 100
Market Si H way,. . 200
do priof pf. 3600
do 2d pf. 100
Marian?! Oil . 1900
i- 1%
6}
23V
45?
95
25
30
123
120
-.V.
16
33'/?
WA
1-1%
121.
102
105
_-*s
65
82*14
103
6%
14
77%
89
74%
39
23%
23%
33
104r8
63
44%
411',
331/4
39
12%
30?_.
16
54%
19%
65??
171/4
471-3
79%
71 J.t
41*. 4
17
58%
23%
57'/_
63
35/2
37
3334
42/4
83
14
78
32
76%
96
27
7O/4
114/4
51 Vz
37
26%
15
89/4
55
57%
10
56
80
73%
2. : i '2
39/2
69%
5' x
2514
38'/2
30/2
41
6%
S8%
104
251/4
7/4
49
28%
65
101
24%
60
92%
179
113
82
46
93%
10%
I3/4
10%
47
27/2
36%
20%
25 6
67% 6
100 7
3/2 -r
9 ?
46 G
47 </;, -?
04% 5
20%
12%
16
14
62
32 %
31%
61%
20%
1% -
3!;. -
16% ,
8 -
_ : -/
8 ~
46%
8 -
27%
38%
34/a
32/4
6% -
33% -
15% -
34 -
50
26'/a
67
16
9/4
21
5'/4
30/?
Maxwell Motor? _ J. . . 700
May Dep't. Store.?- 300
Mexican I'etroleuin . . 36900
do pf . 2C0
M?erni Consol Cop . . 1400
120 Middle Slates Oil- 124C0
? Miilvalc Steel . 4.00
? Minn & St L new. . . 90?
7 M. SI F & 3 Ste M. . 300
Mo, Kan & Texas... 14600
~- do pf . 3400
? Missouri Pacific . 2900
? do pf . 127CO
7 Montana Tower pf. . . 200
? Montgomery Ward.. , 200
-- National Acme .... 1200
7 National Biscuit . .
7 do pf .
Nat Con ?. Cable. ..
6 Nat Knam & Slarap.
6 National Lead .
7 do pf .
N K 8 (if Merc 2d pf
Nevada Cen (.upper.. 1500
New Or, Tex _. Mex. 700
N Y Air Brake. !0O
5 New York Central... 13'0O
2</_ New York Dock. 200
? * N Y, N II & Uart. .. 2400
2 N Y, Ont & West_ 700
4 NY Shipbuilding.... 100
7 Norf _. Western. 1700
7. do pf . 100
3 North American .... 2100
3 do pf . 700
7 Northern Pacific. 3700
? Nora Scotia Steel.,.. 400
2 Nnnnally. 200
Ok!? Prod & Rt?f_ 000
Ontario Silver . 200
Orpheum Clrcalt .. . 400
Otis Steel . 1200
Owens Bott! Mach,., 200
Pac Development.... 200
Pac Gas & Elec .... 2.00
Pacific Mail . 100
Pacific Oil . 14600
Pan-Amer Petrol ... 13300
300 122% 122% 121" 4
200 113 113 112%
1S0O 1/4 '% 1
2700 41% 43 411-4
200 81 81 80%
200 103 103 108
200 4 4 4
107 ?, 2 109
?%
0!
do B .
Pennsylvania R R...
Ponn, Seab Steel.
People's Cos A Coke
P?re Marquette ....
do pf .,.
do prior pr .
Philadelphia Co _.
Phillips Jone? pf ..
70
48
20%
54
37%
24%
21/2
19
11
60%
36 ?/a
38%
6
40/o
47'%
41%
6/2
13
4O/2
1%
10%
19/a
27%
19%
28
2/8
59%
96
12%
4%
30%
16% ?
32% ?
67% 6
17% ?
42 ?
673?4 4
124% 6
105% 7
66 ?
25% ?
43% 7
3 ?
3% ?
6% ?
29 3
16% ?
15% 1
12% ?
45 6
5
3
7
? Phillips Petrol . 1500 33
? Pierce Arrow . 700 13'%
? do pf . 300 32%
? Pierce Oil . -12'iOO 14
8 do pf . 300 68%
? Pitts & West Va ... 700 25%
6 do pf . 30 73%
? Pressed Steel Car ... 300 63
? Prod & Kef . 500 26%
4 Pub Serv Corp N J. 200 61%
8 Pullman Co . 3900 107%
? Punta Alegre Sugar. 2700 30%
4 Pure Oil ......_ 2300 36%
3.41 Rand Mines. 300 22%
? Ruy Consol Cop _ 2400 14%
4 Reading- . 84C0 72%
2 do 1st pf . 300 *42%
2 do 2d pf . 100 42
? Reis &. Co . 100 10
7 do pf . 700 48%
7 Homing Type 1st pf. 100 56
Rep Iron A Steil . .. 1200 49%
? Rep Motor Truck .. 200 7%.
? Rep?cele Steel . 200 21%
S.20 Royal Ihilch . 34C0 45? 2
? Santa Cecilia Sugar 209 2
1 3t Joseph Lead _ 300 13%
? St Louis & San Fran 1200 21%
? do pf . 200 35%
? St Louts Southw'n.. 200 22
? do pf . 200 32
~ Saxon Motors . 1200 2%
? Sears Roebuck . 5600 66'%
7 do pf . 100 98
? Seneca Copper . 7200 25
? Shattuck Arizona . . . 1600 7
.74 Shell Trans & Trad. 400 35
? Sinclair Oil . 3400 23%
? Sloss-fihef St & Ir.. 200 39%
6 Southern Pacific . . . 3600 79%
? Soulhcrn Railroad . 1400 19%
do pf . 1200 48%
4 Stond Oil of Calif , . 70? 88? _
6 Stand Oil of N J . . . 800 170%
7 do pf _. 600 113
7 Steel & Tube pf_ 400 78%
? Stromberg Carb .... 1500 30%
7 Studebaker . 8700 74%
Submarine Boat
700
16
25%
13
44?/2
75
25%
124%
69%
104
106
207
19
50
27%
74%
58%
62%
79%
103%
35/2
86'/j
113% 105
59(_ 41?,
12% 81
41
42'/2
102%
9%
9
8
16
6
28
57
15%
111
62%
92
46
95%
11%
38 5
8% ?
38% -
41 Va ?
467/8 6
40?% ?
74 8
26 ?
70% 5
Superior Oil . 1900 8'%
Tenn Cop & Chem . . . 1200 10
Texas Company .... 5900 45%
Texas & Pacific. 12700 23%
Tex-Pnc Coal & Oil. 2100 29%
Third Ave Rway_ 2400 163/4
Tobacco Products . . . 1500 59%
Toi St L & W ctfs, . . 200 17
do pf ctfs.'.. 600 25%
Transcontinental OU. 109C0 10%
Transue Wm? Steel.. 200 32
Union Bag A Paper. . 400 72
Union Oil . 1700 21'%
Union Pacific. 2800 124%
do pf . 200 68'% 68% 68?/_
Union Tunk pf. 200 1033/4 104 1033/4
United Drug. 500 71'/'. 71% 71
78'%? 2
30%-(- %
74%? %
4%? /a
8%-i- %
9q3? %
45?/_~
23% + %
291,4? %
16%+ %
69%?
17
26%+ 1?%
10%? '%
32 ? %
72 + Vz
21%+
16?.
1
% 124% 124'%
8 United Fruit . 800 120% 121% 120% 121%
U S C 1 Pipe & Fdy. 2100
do pf.?.. 200
U S Food Prodnct... 500
U 8 Indust Alcohol.. 1200
U S Realty A Impvt. 200
United Retail Stores. 13400
U S Rubber. 1100
do 1st pf. 300
U S Smelt A Rcf_ 200
U S Steel. 7400
do pi'
400 112'
!5%
72
i1%
21
30%
94
49%
65
47
89%
11%
17%
44
10%
42
I26
55%
25%
20%
573,
5%
7
18
12%
49? 2
8%
141 z
17%
76
38%
56
27?. _
65
Utah Copper . 1700
Utah Secur Corp_ 200
Yonadium Corp . 1200
Ya-Car Chemical ... 1500
do pf . 800
Vivaudou. 500
Wabash . 1400
do pf A._ 1700
do pf B. 200
Wells Fargo Expr?s?. 200
Western Maryland .. 14?0
do 2d pf. 300
Western Poeifle . 6C0
Western Union Tel,. 600
Wcstinghouse Mir... 1600
do 1st pf. 200
Wilson Co. 300
do pf . 1200
Wheel & Lake Erie.. 500
White Oil . 3200
White Motors ..'._ 700
Willyg Overland _ 2900
do pf . 200
14%
4*7/2 47 47%+
12 115/i 11%?
40 39 39%?
56/_ 56*f_ 56%?
52% 49% 62 ?
48% 48'% 43%?
94% 94 94 ?
34'% 34/4 34% +
83% 82% 83 +
112% 1121/4 112/4?
58% 57% 57%?
10
30? %
31%
73%
10
30%
32%
10 -
30%- Vz
32%+ 1%
73%? 3%
7%? %
7%+ %
? Va
? 1
7 ?
29% 4
: 5?/4 ?
23 ?
105 8 Woolworth . 100 122% 122% 122% 1225?*? -|a8 122?/., 123
30% 4 Worth Pump & Mach 300 43% 43?,'_ 43 43%? % 43 43%
70% 7 do pf A. 200 80 80 80 80 - 7 74 80
6/2 .23 Wright Aero . 600 8% 8% 8% ? 8%+ % 8% 9
Ja _ir_4?a_U j
In Wall Street
Will C'ontinne Oldsmobil? Unit
Through a mechanical slip, the word
"not" ?**? omitted from a paragraph
which appeared in this column Sundny
regarding General Motors policy in
regard to the Old ?.mobile Division.
The 01d3inobile unit will be continued,
and, according to the company, the
prcaent models will be continued
through 1922 and 1923. Assurances t<>
this effect wer? given recently bj
Pierre S. du Pont, president of the
General Motors Corporation, In a cotn
munication to "The Wall Street Jour?
nal" n which h<> said :
"'The Wall Street Journal' may offi
daily f.tate that the Old-mobile D -
vision of our corporation is in a
healthy condition, v.-'i, its busness
stabilized and isalc3 increasing in the
face of the coming winter. Yon may
also state that the present line of
passenger and commercial cars, with
i gradual improvements, will be con
I tinuc-'l for tire 1922 and 1923 selling
seasons; thereafter new models a~
be required by the trade may be ii -
trodu.ed."
Banker? Meet on China
Representative banlcor? met
: Morgan offices yesterday arid ?/
i the Chinese financial situation
j particular reference to the rece
fault by the Peking gov<rrnnierrf .
? $.",000,000 Continental _>. Commercial
.'Trust & Pavings Rank loan whicl .-:
! duo on November 1 and was not : raid,
j l'r is understood'that the bankers
? discussed tiro prospects of a default
In the "16,000,000 Pacific Development
Corporation loan to China which
I due December 1. Strength in the
j Chinese Railway 5 per cent bonds at
? the exchange yesterday, which ad
| vanced from 44',_ to 48, was associated
by Wall Street bankern with reports
j that tiro Chinese delegation at the
i Washington conference on armament
I has forwarded a memorandum to ?he
! Peking government pointing out that
; the default on the S5,000,000 Continen?
tal & Commercial T3rust &. Savings
j Rank loan has created a*' extremely
I unfavorable impression itere as to
! China's good intentions, and express
j ing the hope that something ma;
: done to meet the situation,
Trading in "Katy" Securities
i "When iss3ied" securities of the Mis
i souri, Kansas & Texas Railway were
! admitted to trading on the Curb Mar?
ket Exchange yesterday following Dub
; lication of the main features of the re
! organization plan in the morning news
; papers. After the earlier fluctuations
I the now ter.-yer.r 6s settled down
! around 93; the forty-year 5s around
j 74; the fttrty-year 4s around 62, and
i the adjustment 5s around 42. Tire new
? common, after opening at 11, later re
| acted to 10%. The high price of the
| new 7 per cent preferred was 24, but
' selling carried the? quotation down to
22%. On the Stock Exchange the old
common opened at 2%, then moved irp
to 3% and closed at 2V_. The pre?
ferred dropped from a high of 5 to 4%,
showing a net loss of a quarter <,f a
point. At the quotations mentioned it
was calculated that holders of tho old
preferred stock are paying the equiva?
lent of S26.04 in new securities, against
I an assessment of $20 a share. Holders
j of the old common would receive $29.92
in new securities, against an assess
I ment of $25.
Bethlehem Steel Calls Note?
The Bethlehem Steel Corporation, ac?
cording to an announcement yester?
day, has called for redemption on Jan
uray 16 next $7,500,000 secured serial
7 per cent notes, Series D, at par and
interest. These wera to run until July
5, 1922. The right to convert the notes
into consolidated mortgage thirty-year
pinking fund 6 per cent bonds will ex- .
pire January 16,
Guaranty Trust Statement
The Guaranty Trust Company has
reduced its rediscounts of notes, bills
and acceptances at the Federal Re?
serve Bank of New York from $50,
250,462 to $17,925,000 since September
0 last, according to its statement of
condition as of November 15 issued
yesterday. It shows in this latest re?
turn capital, surnlus and undivided
profits of $41,552,791, against $41,131,
464 in the September 6 statement.
Total resources are given as $542,229,
313, compared with $610,810.336 in the
previous return.
C. & E. I. Plan Operative
The plan and agreement for the re?
organization of the Chicago &? Eastern
Illinois Railroad Company has beei3
declared operative by the reorganiza?
tion managers, Kuhn, Loeb _; Co. Hold?
ers of bonds dealt with under the plan
and which have not yet been deposited
are given until December 8 to deposit.
Holders of preferred and common stock
of tho old company who have not as?
sented to the plan, as well as the non
assenting holders of certificates of de?
posit, are still given an opportunity to
come in. Holders of the assenting cer?
tificates of deposit who have made the
initial payment of $5 a share assess
inent on the $25 assessment are called
upon to pay the balance by Decembers.
To List Goodyear Common
Application is expected to he made
shortly for listing on the Stock Ex?
change the common stock of the reor?
ganized Goodyear Tire and Rubber
Company. The shares are now traded
in on tho Curb Exchange and have en?
joyed an active market.
- ? ..
Paris Market Stronger
PARIS, Nov. 22.?Prices were strong?
er on the Bourse to-day. Three per
cent rentes, 54 francs 35 centimes; ex?
change on London, 56 francs 60 cen?
times; 5 per cent loan, 80 francs 20
centimes. The dollar was Quoted at 11
francs 20 centimes.
*
Equipment Bonds
(Quote, on fncom? percentage basis)
N*m?. Hats. Maturity. Bid. AaK
At, Top & S F?, 6 1952-25 6.00 BT0
Atl Coast Line. 6 3 922-36 ?1? g ge
?o. ?ty 1?22-S? 6.29 ?.a*
Bait & Ohio. .. 4V_ 192.-.7 6.26 6 ?O
Bethlem Steel. 7 .822-30 7.25 6 5?
Buf. Reh & Pit 4V.-5-? 1922 -36 6.00 (!s0
Canadian Pao. 4V.-6 19.? -3J S.25 E 7S
C R H of ?M J. ? 1922 -3ft 8.00 6 70
Che? & Ohio.. ??,_ iS2? ?::.-> 6.25 . jj
Ch, Burl * Qy ? 1922 -25 6.09 B 7?
Clric-NW... 4V. 1921-23 8.35 B.60
-0. ? 1922-36 f.l? II?
do . 6?* 1925 -28 ?.do S <?o
CRI ?s Pac. 4V.-J 1921-37 t*..50 6.00
C, St la & N O. 8 1921 -24 6.26 6.75 i
Cl, C, C & St la 6-6 1922 -29 6.26 6.75
Del & Hudson.. 4 Vi 1922 6.30 6.50
do . 9 1922-35 6.19 ..?t?
Erlo P. R.. 4 Vi-5-8 1921.-28 7.25 6.7!?
Gt North Ry.. 6 1922 -35 6.00 E 7?
Illinois Central 4V.-6 JP21 -27 6.20 5.75
?O. 6 1922-35 6.10 5 8?
do . 6'._-7 1925-36 <i.30 5.S0
Louis & Nashu. 5 1921 -2r* G.00 6 60
do. 9 3922 -85 6.10 6.80
do . 8V4 1923-36 s.10 6.80
Michigan Cent. 5-6 1922-36 b.ro
M. St P & S S M 4 V.-5 3921 -lis 6.60 6.0u
do. 6-6V4-7 1922 S? C.50 ?.(.ft
Ho. Kan t: Tex S 1921 -24 7.26 (.66
N T Central... 4V_-i 1921 -32 6.20 6.76
do. 8 1922-3. 6.25 5.80
do . 7 1921 -86 6.20 ?.80
N Y, N H & H 4V.-8-. 1981 -29 7.00 8.20
Norf A Went.. 4V_ 1921-24 6.28 6.7?
-o . 6 1922-35 8.00 6.Su
North -?-alflc.. 7 X821-30 fi 30 G.6u
Pac Fruit E3_p. 7 1925-36 6.16 6.73
Ponn-yl G P.. 4-4V. 1921-23 6.10 6.50
Penirsylvan!-.. S 1922-35 6.10 5 73
Pitts & la Brio 6Vi 1921 -86 6.20 5.)>0
Reading Co- 4V. 1921-27 6.20 S.75
S-iab Air Line. 4V.-S-B ?921 -37 7.50 6.00
?south Pacific. 4V. 1921-26 6.10 E.7&
?o . 7 H>24 -35 6.30 6.' ?
Southern Ry.. . 4V4-S 1321-26 6.50 6.76
Union Pacifie. 7 3924-35 6.15 5.'..
Un Tanlc Car. 1 ?030 6.75 6.60
Virginian Ry.. ? ?0.1-80 6.25 6.75
Dividends
Stock -
P?- Pay- holder?
Rata. rlod. able. of rec.
Stand 01! of Ky. .88.00 Q Jan 2 Pec is
Penn W? A Po...l*. % O Jan 1 Dec l?
N Y Dock Co.... 2 V. % S-A Feb IS Feb 6
fo Hi r-2V-.S _=_ jr.-!! fib i
Exempt from all
Fedrral Income. Taxes
$25,000
Taylor County, Fla.
5s
?ua Jan. I, 1937 to 1942
These bonds arc a full and
direct obligation o? the en?
tire County and a tax to pro
vide interest and a sinkin
'und to retire the bond?-, at
maturity has been levied.
Taylor County is a rich agri?
cultural County, 'vith excel?
lent railroad facilities, being
served by four railroads.
.pprovlnf opinion of AW?-?, DmSD,
3 liomi'in & Clay.
Price to Yield 5V8%
Spitzer, Rorick
& Company
Established 1871
EqoiUble Buiidinj. New York
Tol-do Grc-jo
$50,000
Minneapolis
and
St. Louis
1st Con. 5s 1934
Closed mortgage of
$5,282.000, being a first lien
on 246 miles of main line,
and a second lien on 130
miles subject to only
$1,100,000 first 7s due 1927.
$150,000 of the first mort?
gage 7s are guaranteed by
the Chicago, Rock Island
& Pacific, and the mileage
covered affords the Rock
Island its entrance into
Minneapolis.
76*/_ & Int.
To Net about 8.00o.
R.W. PRESSPRICH
i0 Woll St. J>_ fif) ''hone
New York *"?* W. v .
Municipal and ?allroad Bond?
Uninterrupted
dividends for
Nearly 20 Years
have been paid on
both preferred and
common stocks of a
railroad whose first
mortgage Bonds are
a legal investment in
New York, New Jer?
sey, Massachusetts,
Connecticut and other
States. The road is
controlled by the
Canadian Pacific Railway
We recommend these Bonds
and tfill furnish details on
request for Circular R-35.
J. G. White & Company
INCORP?RATE?
37 Wall Street New York
J.K.Rice, Jr,&?cu Will SeH
100 Babcoek _*? Wilror
20 liajik of New 3? ork
100 lilihs, ?C. \\ ., Common
100 Campbell Bakm? Com. anil Pfd.
50 Chatha-iuand Pilen!* I tank Stock
100 Cincinnati <ia* ami Klectric
10? Clncuuiatl Northern K. K.
50 Coal Sal?? Co.
50 Continental Insurance
1( 0 Del., I-nck. & West. Coal
.">u ?.jnituble Trout
100 Kmplre Steel * Iron Com. * Pfd.
60 Foundation Co. Common
lot.? <.<?<:. > il llakliiK torn, .tad Pfd.
tu GilUland Oil Pfd.
100 Crean Northern Paper
100 l.ehigh Valley Coul !?ales
CO McC_.ll Corp. Com. and lot pid.
25 Merck & Co. Pfd.
100 Midwmt & tiulf Oil Pfd.
50 National! tirag Mores Com,
?O National lue! (.?a?
J.K.Rice9Jr.&C0i
Phones 1000 tr? m\0 Jo-a. *5 w_.i St-, ?. I.
A NEW BOOKLET
FOR INVESTORS
^plains how any sum of money
from ?1Q0 to $100,008 and more may
be immediately Invested at a good raro
of interest tn our Guaranteed First
Mortgase Certificates. Ask for Book?
let B-8.
LAWYERS MORTGAGE SO.
I* Liberty St. 18* Montan?? et.. B'SUyn.
?_-?--J
Business Insurance
Income Insurance
XTrit* or whone fer parOeoiaft
William M. Taylor
.1 Court St., Brook 1-a
TEU MAIN ?49
Kelleii. Draviton&Co.
Hembers Newrbrk Stock ?xhsi^e
Loitis Court Building
40 ExchonjJePlace -Kew^ork?ty
Telephone Broad 6291
National
City Bank
CLINTON GILBERT
2 Wail Street. N. V. Tel. 4848 R.rtM
I
Brazilian Trade for September
Brazilian importa for September j
amounted to .01,?,53,000 milrers and as- \
ports to 182,902,000 milrers. accordin*
to a cable from Commercial Attac'M
W, L, Schurz ..