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The Washington herald. [volume] (Washington, D.C.) 1906-1939, November 10, 1919, Image 6

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FINANCIAL NEWS AND GOSSIP OF THE WORLD
? _ ?
WALLSTREET
1 REVIEWED BY
HENRY CLEWS
?r HEXRY (LEWS.
Hew Tork. November ?.?While the
?ntstandlng events of the past week
Bava been in many res-pes-ts conrtlct
H and uncertain, they have, on the
Whole, been In ihe direction of re
'taewed soundness snd safety and have
tended to support conservative In
vestment. There hss been a renewal
of the prospect that action on the
peace treaty won 1.1 be obtained at
aproe reasonable date In the near fu
ture, public opin on having obviously
, -turned ?way from thoee who h?ve
shown s disposition to defer action
for purely factional reasons. It
tnust be admitted that authentic re
jjk>rts concerning the foieign eco
ftroraic sltustion are not reassurin**"
And that only alow procreas is being
;s*pade toward improvement.
XThe prospect of ?n early estsblish
***-tent of some kind of effective ma
dhinery for the control of the recon
.{-t?action process and the probability
that the 1'nited States will ce rep
resented by su**h bodies as may be
.?rested for that purpose, however,
tends to diminish the disappointment
that would otherwise be felt at tlie
Industrial snd financial i'emoralii.i
?J|on of Europe.
Degestir Oat leek.
S* At home the outlook for restora
?Uon of stable and sound conditiona
3? still uncertain. The threatened
nine strike, which some had be
lieved would be called off. because
of its disastrous possibilities and be
cause of the evident reaction in pub
lic opinion, was put Into operation
?On November 1. snd has undoubtedly
affected a large number of miners,
?gxaetly how many can be kept at
?Work Is still uncertain at this writ
tag, while the promises of s resort
go arbitration have not as yet ma
terialised. Nevertheless, the attitude
af public opinion on this whole ques
tion has been encouraging?progres
sively so as time has gone on. The
satisfaction felt by the community
St the growth of s disposition to
*1ew the strike problem from a sane
e tat of view hss been confirmed
the Election Day outcome, when
m distinct victory was scored in
Savor of orderly processes of dis
cussion.
Market Development?.
-?Market values have continued hii*h
jince last week, and although shrink
age occurred immtdiutely after the
development of the money situation.
already sketched, it was not serious.
On sever?! days the opcrationa in
pertain groups of shares have been
carried so fa*" ?s to create an ol
Vfeusly artificial situation. Indeed,
it can be sal.l of many groups of
shares that their quota: ions are i.nw
in excels of their investment values.
Their Incomes are not .-uch a* to
??> a return upon their price ami
there kr. many reasons for suppos
to*? their existing value may not be
-.enerally advanced above present
denies. Further ..feintions in many j
stocks should tha-refore be engaged !
in with cauti, .i as the sen-eral tend- ',
nicy ot money :n the near future ;
r?.?: cftu-se a dec..ice in th*" quoti d .
levels of ins-ny sisares. Pressoi j
methods of taxaricn are tending '
etsmSuxSj to reductions in net earnings.
On the other hand it should be al
**? mat torn,? ill lend that ihe present
tax conditions .-reate an artificial (
situation hy ? enderini* many holders ?
unwilling to sell and take ;iro*its, in- |
asmuch as by so doing they subject j
themselves tn excess profits tax**s
which otherwise tli.v would not have j
?o pay.
The Rail-read Outlook.
In notifying Congress that the j
railroads would have to be returned |
"o their owners December 31. Dl- j
-ector Hines has practically forced ^
:he railroad situation into a new ?
jhaso. There have been rumors for.
.ome time past thet government op- ?
.ration might be extended for a few I
nonths in order to afford time for ?
-ongress to legislate.
By Informing Congress that the
-osds will be returned Mr. Hines ?
.as made necessary prompt action
regarding the status of the line-*. ?
tad in so doing has practically de
ferred the discussion of the general ,
?ailrc.ad question until a later date, ?
It would now seem that Congress
would have to lay aside the Cum
ulas bill for the time being and
inset some temporary legislation
*alculated to provide for immediate
lecesstties. Just how this will af
'ect the prices of railroad shares
??maini to be seen, but Its first in
luence has been favorable rather
han otherwise. The railroad shares.
IS" is well known, have not partici
pated in the greet sdvance of prices
>n the exchange. -Favorable lenis
ation now may open the way to a
n?derate advance In values.
Prospects and Preeaattean.
While on the whole the week's ex
s-e*riences have tended decidedly to
-epssure those who had been fearful
aOBcernlng the future of conditions.
hey have by no means given ground
'?J? over-optimism. They have, on the
.Cher hand, emphasised the necessity
^moderation and avoidance of ex
ja> in speculation transactions and
Tisi .pointed clearly to the need of
?eltf-c-Di?rol and foresight in the
leaj-Hnga o/ the coming months. It
ntsf be possible to get through the
???sent critical situation without any
??Sloes reaction, but this favorable
lUteome will be attained only through
rtre use of conservatism and good
Sgment and th?? curtailment of nn
nde.l and oveitsisty "booming?? of!
ajucs in all parts of the country and ;
rc-all classes of transactions.
New Bex Factory.
Sparrows Point. Md., Nov. ?.?J. M.
Saison. Jr.. has been incorporated to
?stabllsh a tlOO.om factory here and
?onsu-me S.00O.000 feet of hardwood an
.Sally tn the j reduction of wooden ?
-Ojees for shipping the product of the |
Bethlehem Steel i_*on.pany*e tlnplate I
.???. The building for tbe box fac
"ory will be erected by the steel com- |
?any as a separate unit of its fin
tiate plant.
New Tinplate Mil! ia Okie.
Toronto. Ohio. Nov. ?.?The Fol- j
aasbee Bros. Company Is to erect I
? new sheet and tin plate mill to
ost tt.ODO.OOfl. This will be ? du
-tlcate of the company's plant at
Otlapsbee. W. Va.. An adjacent
?eel supply was a factor in the lo
atien of the new mill. The com
saar will construct leo homes for
vorksrs.
Auto Tool ? laat.
Weoeter. Ohio. Nov. 1?The P. R.
"ortune Tool and Manufacturing
'ompany has been Incorporated with
MSJMO capital and a plant is being
reeted here. F. R. Fortune recently
-en-chased the y. r. lacwie Tool Cotm
?ny. of Detroit snd is removing
?qslpment to Wooster. Automobile
oels win be made
$10,000 IN BANK STOCK
, NOW WORTH $3,146,425
Chicago, Nov. 9.?An investment of $10,000 for 100 shares '
il Illinois Trust and Savings Bank forty yean ago, ? when
John J. Mitchell became president, if held since 1880 and
?avantage taken of all the stock issues, woujd now be worth
(?146^25. The capital stock in 1880 was $100,000. It has been
expanded since to $5,000,000, the stock being issued to holders
at ?^?
? -stockholder wbo held his 100 shares bought at par in
1880 and took advant.\*c of all new issues up to September 30/
1919, would now have 5,000 shares. The market price Septem
ber 30 was $460 per share, equal to $?,300,000, leaving a profit
of $1.800,000. Dividends received amount to $1,909,800.
Total profit if sold at the present market value on an in
vestment of $300,000 and above 5 per cent intere??? thereon
would be $3,146^4250- On October 1 the Illinois Trust and
Savings Bank and the Merchants Loan and Trust Company
were consolidated and eventually will be the North American '
Trust Company. *
DR. CARREL TO
STUDY AMERICA
World War Scientist to Ex
pand Ideas Here,
Says Holland.
While John D. Rockefeller. Jr.. con
tinue? to Rive his interest to the rela
tion of those who work for wages to
those who pay the wages, his father
gives even greater consideration to a
question whose satisfactory answer
will be of almost inconceivable benertt
to mankind.
He ma.mains that the so-called la
bor question should be studied by both*
parties with the view of suppressing
the tendency toward raiiical sociall?
. tic supremacy.
On Ihe other hand. John D, Kocke
felltr, sr., while taking the interest of
the good citizen In nHt.onnl and' in
ternational affairs, nevertheless has
concentrated his attention ui*on not
only the preservation of health, but
also the prevent.on of disease.
Return *t Dr. Carrel.
Within a few hours after announce
ment was made that John D Rocke
feller, sr-, had made .in additional gift
of |10,ceo.OCO to the institute of Medical
Research, a cable dispatch from Paris
reported the speedy return of Ur.
Alexia Carr?f to the United States.
Dr. Carrel asserts that France is
stifling her great niinda by the for
mulas of another age. In other words,
precedent Is emphasized and main
tained. Dr. Carrel believes it is of
importance to proceed along new lines.
Important Diaeoverlea.
There arc excellent reason.? for sur
mising Ihat.Dr- Carrel again will be
associated with the Rockefeller Insti
tute of Medical Research. Some years
ago Mr. Rockefeller confc?-ed that it
was more diffi?'ult for him to learn
how lo distribute hi.? fortune than it
had been how to amasa it. He ha*
now discovered one way in which
?vorld-wide and permanent benefit can
be obtained, and that is hy making it
7??i5sible to continue re.-earch to the
uttermost point so that hereafter dis
ease mav be prevented or overcome
HOLLAND.
FINANCIAL ITEMS.
StoekhoMer? of the White Motor
Company will be called to a special
meeting on December 12 for the pur
pose of acting upon an increase in
capitalization from IBMflKMt to $25.
Oort.&O. If the increased capitalisation
plan Is adopted, the S5.OUj.000 new
stock will be offered to ?shareholder?
for subscription at par. $50, on a basis
of one ?hare of new ?tock for four
?hares of the old.
Ameri-can Graphophon<- Company ?
has called all outstanding first 6 per j
cent bonds, due June 1. 1930, payable ?
at the New York Trust Company. j
Interest on same ceases December 1, \
1919. (
Directors of the General Petroleum '
Corporation have called a meeting of !
stockholders on December 19 to con- -
sider an increase In common stock j
from ?$25.000.000 to J50.000.000.
Marcu-fc Loew has purchased the j
Ackerman & Harris circuit of the- ?
aters fn the West, including- twenty !
theaters, twelve of which are now
open and in operation? five in the
course of construction and two others
on which he will exercise an option
on Monday.
It is understood that the Am?rican
isa France Fire Engine Company.
Incorporated, manufacturers of motor
fighting Are apparatus, will .shortly
consider a plan to divide its common
stock into smaller units by giving In
exchange to each holder of one share
of a present par at $100 ten shares
of a par at ?110
The Standard Bank of South Africa.
I-td.. announces that it now has over
;:."i> branches and agencies throughout
South and East Africa and that Ua
total resources now amount to
$506,125.?.=..
GOVERNMENT BONDS.
Government bond? continued ac
tive last week with prices steadier.
Both bonds and stocks of the rail? ?
roads showed more strength on the
news from Washington that there
would be a return to private owner
ship on January 1. with Congress
planning; for a continuation of tho
government guarantee after that
date. No changes of any Import
ance occurred in industrial bonds. In
Industrial stocks there waa much
profit-takinK on high money and the
calling of loans by banks.
The decline which occurred prior
to thi? week in government bonds
was followed by laat week's action
of the Federal Reserve Bank in rais
ing it? discount rate?. jLecordlng to
the Federal Reaerve Board the ban a;,
at the close of the half year held
16.500.000.000 government honda as
collateral against Ioana. Many of
these Ioana were made by the bor
rowers in connection with stock
market ?peculation.
An offering waa made last week
of t45.O00.0OO 15-year S per cent
bonds of the cttie? of Lyon?, Mar
seilles ani] Bordeaux. The price waa
9Vrt a??} accrued Interest to yield
t?? per cent. Proceeds will be used
to pay off the $**w,000.0*o0 bonds of
these eitle? which matured Novem
ber 1. and to establish fresh credits,
?fo provisions were made for conver
sion Into new bonds.
Announcement was made early
last week that all of the ?.250.000.000
IK per cent three*and ten-year
bonds of Great Britain, offered a
?reek aro laat Friday, had been sold
?nd that the underwriting syndicate
ist jatea, cirsi?jl
DEMOUNTABLE SHIPS
FOR BRITISH EMPIRE
Seattle, Nov. t.?Announcement wag
made here today that the Furbear
Lumber Company, a New York con
cern controlled by Hrilish capital,
will this ?infer ?hip .",??,'??.???) feet of
Dougla? fir from Seattle to ports In
the British Empire In the form of
demountable ships.
About 5M.000 feet of timber will be
used in each hull. When the vessels
reach their destination? th? hulla will
be dismantled and delivered as lum
ber. The hulls and cargo of each
ship will represent about ...noo.iwo feet,
it was said.
Admiral Peary's famous old explor
ing ship, the Roosevelt, now owned
here. wiH tow the first of the de
mountable ship? to Australia.
MANY NEW BANKS
APPLY FOR CHARTERS
Applications to the Comptroller of
the Currency during the week end
ing Friday. November 7. 191?. for
authority to organise national
banka and to convert State hanks
Into national banks; charters 1s
'sued; charters extended and re
extended; increases and reduction?
of capital approved: ? hsnge.? of title
approved: consolidations of nation.11
banks approved, and national banks
placed In voluntary liquidation.
APPLICATIONS FOB i'H.M?TWt
******
l'or or?aiua*tirsi ot National Ranka:
The Pint National Bank of Hum?.
OU??. ?.???
. Correspcaident : J. F. Burnbun. Hanna
The Firal Nation?! Bank ?if minia, fai. S/W
CU*********! : tt. JI. Ccrlinbrm.
South tma r-rajK-iaro.
The farmers Nation?! Bank of Mahn.?
men. Min?. . ?astto
lomspoodrnt Beraard Pswlak. Man
manu.
The Commercial National Bank of Rork
(ord. Ill. TC?rm
CoattPBoArttl E. D. Rryuolde. Reek
ford.
Tlie l':i? Na?rmal Buk ot Ckwlsst?.
ow?. ?asot
t-oriwapondent: J. I. Murray. Coasratr.
The Farrr.rra and Men-haul? National
Bank of Ctrde. Kane. S.?0S
? 'orrespondrtit : W. L. Jmnea, Clyde.
The Flrat NatioBll Bank ot Roberta.
Idaho . 2.tre
1-orraapoDdrnt : Wesley ?T*1b?on. Roberts
The G mon National Bank of Tort An?e
?*?. Wuh. ?,oJ?
C'orrrM OTHi..n* : Thoma? H nuotili.
Port Angeles.
Th? Flrat National Bank of Torfctoww,
V? . air?
CorteapoDdsnt: 3. R. Curii?, Le? Hal
Va
The Flrat National Bank of Linden.
N. J. %*?
Correspondant: Fred M. Wood. Linden.
The American National Bank of Sash
?auk. Minn. -?on?
Correspondent: Ansi Mattila. Neu
apa*
Thr Rlchford National Bank. Bichfotd,
ft. Ufa*
Ccs-tespondeat: H. H Thomas. Rieti
ford.
Th? Flnrt Nation?! Bank of LeachrHtr.
Ark. TT\ioi
Cearespondent : J. F. Roderick. Leacn
?ille.
For conrerwen of Rute hank?:
The Farmer? X Merchant? National Bank
of Iranno?, Minn. 36l.ro
Cnn.aralon of The Lincoln tTeauity Stale
Bank of Iranhoe.
Caarrespondrnr : K. R. Kkx-any. iTenhoe.
The Flrat National Bulk of Deer Trail.
e-oto. *i.vn
Ceeirerainn of The Farmer? estate Bank
of Peer TralL
Ctjrreapondent : The Farmer? State
Bank of Deer Trail.
Toral . ?KtJ.OOO
I'HARTER.-. l.-jMfKI?
'irisinal orsuiaattone:
The Flrat National Bank of Eden. *?.
Dak. ?,??
President: J. H. Oreen. Cashier: O. Tt
?Me,
The Marcila Book Nation?! B*nk. Mar
en? Hot*. P?. . ?,??>
President: Alexander B. Hear?.
ConTen?ons of State hanka:
Th? Flrat National Bulk of Duboia.
Idaho . U.0U
(Onrervion of Tbe Security State Bank.
Dnhois
President: 8. K. Clark. Cashier: A. E?~
Young.
The Flrat Nation?? Bank of Oak Park.
Dl . HO.??
ConraTBlon of The Austin Avenue Truat
A Saline? Buk of Oak Park.
President: Henry 1? linier. Cuhier:
Philip C OrilSn.
Tbe Flrat National Rank of Limon.
Colo. . 26.00?)
ConTersion of The Fermera ?nd Mer
chant? Bank of Limon.
President: Frank Toropkine. Cashier:
A. C. SaneUir.
Total .?TS>.?no
INCREASES OF CAPITAL
AiDOunt
The Bethlehem National Buk, Bethle
hem. Pa
Cwiral increase from ?***?.0?? to f^nO.OOO ?100.???
The Old National Buk of Oahkoah, WU.
Capital increaaed from 1310,000 to ?TfaXV
m . ?.??
Amount.tSMm
FORD MOTOR STREET
CAR ENGINE IS LIGHT
Detroit. Nov. 9.?The new gaso
line engine developed by Henry
Ford and his experts for use In the
new Ford gasoline motor street car
weighs but half as much as the elec
tric motor of equal power. The
motor combines engine, air com
preaaor, electric generator ?nd treat
ing and lighting equipment. The
engine generate? electricity for
lighting; compressed a|r for brakes
Is developed by the same power that
operati-s the car, and a fan draws !
air through the housing of the en
gine where it is heated and then
sent through exhaust pipos .through
the car for heating.
This new. type gasol i ? e ?tract oar,
designed for u?c on standard elec
tric railway track? and dolila: away
with overhead wir?? and central
power plant, was recently given a
preliminary teat, which waa tenner
?uccesaiui by,rotA'X fjtfT1*"?at
?
SEAPORT 60 MILUS FROM GULF
Houston. Tex.?With Its municipal !
docks completed. Houston. Texas.
sixty miles from the Gulf of Mexico,
is ranked as a seaport. Channel
work begun in IMO is now complete, ?
at a cost of f 1?.?60.000 hslf raised I
by Houston.
THREE GREAT PROBLEMS MAY BE SETTLED
THIS WEEK TO THE RELIEF OF WALL STREET!
By BROADAN WALL
New Yotk. Nov. 9.?This
week promises to see final de
cisions in three problems that
have been worrying the stock
market The firsl is the peace
treaty; the second the labor
situation and the third the
money market. It is unfor
tunate that the stock market
has been torced to discount
the unfavorable factors in all
three of these things at once.
Any one of them would have
been enough to test tbe back
bone of the strongest bull on
the market that ever was de
veloped. It is no wonder that
the three combined have made
the bull campaigners a bit
swaybaeked.
The important thing is that
the market has not broken.
It has yielded, but it has al
ways conic back with a vigor
that meant an unimpaired con
stitution. The last week ended
with the most severe blow of
all and owners of securities
look anxiously to the opening
of the market Monday for evi
dence of continued vitality.
Any weakness exhibited Mon
day will invite heavy liquida
tion and gratify the apparent
desire of the Federal Reserve
Board for a good old-fashioned
smash-up.
There has been heavy liqui
dation of actual stock for the
account of big people and pro
fessional traders have put out
lines of short contracts. The
"right people" in Wall Street
had advance information and
are "set" for anything that
may happen. Only the plain
American citizens who believe
in their country and in the
stability ef its industrial insti
tutions are going to be in
jured. They'arc the same un
fortunates who are hit hard
est by the high cost of living.
It was from their ranks that
most of the boys came who
won the war in Europe. The
big people will not be hurt.
Wall Street is suffering a
gross injustice because most
of the speculation of the coun
try is outside of the stock mar
ket whereas all of the restric
tive measures adopted by the
Tederai Reserve Bank seen, to
be aimed at the stock market
only.
In the South there are mil
lions of bales of cotton specu
latively held away from the
NATIONAL BANK RESOURCES ARE
$700,000,000 OVER THE RECORD!
? The resource? of our nation."? banks
! at the time of the last call exceeded
! by K>*j0.O0O.0?n the total resources of
: all the banks of tbe country, includ
? ing national banks, State hanks.
? trust compsnies, savings banks and
j reporting private banks, as late as
? April a, 1909
The returns just compiled show that.
j on September 12, 191?, the resources
of the national hanks amounted to
1 ??,??G.,???.???. This is ?n increase of
: ?13.000.000 over the call of June ?0.
191?. ?nd an increase of ?,'.??.???,'*)
I ?? compared with August tt, ISIS.
This increase Is the greatest ever
: shown In any one year since the in
auguration of the national banking
? system.
The resources of the national beaks
j have shown a greater growth In the
, past six years since August. 1911.
! than was shown tn the entire 49 pre
J ceding years since the Civil war.
I Total deposits on September It.
?1919. were $16.?*?,000,000. sn increase
' of ITSC.OOO.OOO over June :?. 191?. ?ml
I an Increase of K.79?.OO0.O00 over Au
gust 31. 191*.
! Taoans and discounts .exclusive ot
: rediscounts) on September 11, 191?.
j were reported at ill.flrw.flfio.OOO. an in
i crease over June HO. 1919. of ?510,
W. R. Walls, of the torpedo shop,
enjoyed the week-end in Baltimore.
A. R. Grey, of the supply depart
ment, leaves today for a three-day
hunting trip in Charles County,
? Maryland.
M. C. Kelly, of the torpedo tube
shop, returns today from a two
weeks* vacation in Philadelphia. Pa.
?John Morrison, canvas worker of
the gunners' work shop, is taking a
few days' leave to hunt In the hllfs
of Virginia around Fredericksburg.
Henry Ball, of the broadside
mount shop, spent an enjoyable
week-end with a party of friends
In Richmond, Vs.
S. J. Sharp, of the east gun car
riage shop, is taking; a few days of
his annual leave.
A. T. Elliott, of the miscellaneous
shop, is .?pending his vacation in
Nashville, Temi., (with relatives.
A. K. William? of the torpedo
tube shop.? hss returned to work
after a few day?' UJ nessi. I
C B. Gates, of the sight skin?, is
preparing for a hunting trip IH the
Blue Ridge Mountains this week. '
? Mra Helena Dalrymple. of the jig
and gauge room, will resume her
duties today after sn extended
honeymoon.
Harvey Payne, of the psttern
shop, return? to work today ?1er a
three weeks* vacation at his grand
parent? in West Virginie.
?,. ?. Ross, of the coppersmith
shop, is leaving today for a three
days* trip, to New Tork. .
, George Cromwell, ssllrnsker of
the gunners' work shop, is spending
a tern dsys oq th? bay In his motor
boat. - -
Harry Da Veld, of the ?tin shop.
while motoring on the tack vili?
Pike vim struck by a oar and lost
aia Jatt troni *Jb_xi _ J
???,00', ?nd ?? Increase over August
31. 1918. of ?l.??I.OOf..0OS.
The increase fer tab* year In de- I
posits exceeded by" more than lit*?'. |
???.??? the ineresse in loans. Tile-pro
portion of loans to deposits on Septem- {
ber 12. 19W was ?45 per cent ns ?
compared with ?37 -w-r cei-4 on I
August 31. 191*.
Cash on hand and due from Kederul I
reserve banks (Including lawful re- I
serve ?nd items in process of colle.*- j
tion) on September 13. Ill?, amounted '
to t2.044.413.OM. the largest ever re- ;
ported, exceedtng by Ii33.674.imn the <
fl-tures of June ?0. 1?1?. and by HK.
f**s**,0O0 the amount of cash on hand an.1
due from Federai reserve usnks Au
gust 31. 191?.
1'nited States Government securities
held amounted, September 12. 191?. to ?
?,3?.?G*0.??>. an increase, of li34.ono.nis'
over June 30. TS1?. and an Increase ?
s? compared with' August 31. 1S18, of ,
B41.000.000.
Other bonds, securities, etc., held J
September 1?. 1??. amounted to II.? j
Ws5.000.000, an Increase over June 30. ]
1919. of l39.orn.fWi. and nn Increase
over August 31. IMS, of Sllt.aoo.ooo.
The emulation of nation?! banks
outstanding September 12. 1919. was
I ?SSl.6i9.000, an Increase over June 30.
j 1919. or ?4,437.000, and ?n increase over
I August 31. 191?. of r*s?8.flon.
U. S. GOVERNMENT BONDS.
???????????*
Virisi.
Halm, ?*? ???nt.
Liberty *S4a. ISO*. -Ras? J.?l
dtf 1st la, ?9t7. 7.1.1m 4.-? i
do ?? 4.. mi... a. ji?coo a.?'
de 1st 4V,a. UHI. Ti.iur , js .
do SI 41??. I?t!.'.?. as.?? ??? j
(i.i 3d VAX. |-K. l.*V:.<0U t.HS
do ?th Mm. IS?.3.1*?? tm]
victor. ?Vr.:...i,*o.em ' IMI
do .-..-V. 5?4.?r*e 1*
QUOTATIONS
? M
,Hi?h lanss Usi ?hi?
lJherly Jst*.I??? ion? mm -.?
d.. m ?a..mm tnm net *
do 3d 4a.?Sat KM <?.?*? -pi
do is* *%a..?te ten avis -
d? id ?a.. 5C? ?00 BOO -et
?? Jl l,>.? ?.? -?.?? -.Mr
.le 4th 4??.'.MM ?oo t?M ?
Vie-tota. ?V.50? tP.-B g? -tl
do 3-V. ts? ?a? ?.41 -
BID AND ? SKI?. QUOTATIONS
dosine tV?ifls
. , ?aturdaf. Prida?
Ut-rlv. KM. Aaltrd. BM. Asked.
Ai., m:.RMMM.IMPM
Ist 4? it?..*? o?? ? io HO-re-K.10;
at -. mi.nw suo MttpMm?
la? ?ia. ?9?.....l.tgMtnM? mem aya
M ?lis. 19*3..MtamtAM SS ?M ?101
Sd lita. KC3.:.....,.,at?jKjM? a?* ?it
?th ?Via. MU-.SxmA.Mm BUtaBIJ1
do s%s.aT-....MtatrMM sAttam.se
fre-am laaaat:
I. ret. ?!?)........ I? ?I?*? 1? ?alWVa
1*. reup. It?.?? #- ?? # -
s. rrg.it?..i? en m ?n
5, essa. UK?..-M i*. * ?f?
te. ?* 19?.???>? ?MHrS **M*
4? COUD 1???'. ?? ?* ? ? ??9a\. ' W??-? 1? &19ma)/At
?s vau.' c. tm..........?*#--* ??*?
? Van. t. IMS.S**" ?*?
1 IVn. c, ???-.?'?? Us*'?'?' '?He'
? r_... ?,.5??? ? ?*
S. ra?. coup -.-W ** ? ??
nui 4a. ?1.?~fi_? 2-?S:
-en ?.? ma..>.? *J ? ??
mil ?, la?;.....-.........? #* ? *??
g? mi a. ??...?..-..?.??T"??' ??'??
market in the hope of higher
prices. There arc millions of
pounds of copper so held.
Colton and woolen cloth have
been bought up by speculators
in carload lots. Shoes and
manufactured products of every
kind and even food has been
withheld from a free market
by speculators.
A Wall Street banker the
other day pointed to more
than $i.ooo.ooo.<x? thus tied up
in speculation that had no re
lation whatever to Wall Street.
All of these commodity specu
lators can get all the funds
they want and are treated as
favored customers of the
banks. But let some inno
cent clerk or doctor hoard
five or ten shares of stock
and he is immediately de
nounced as a speculator and
is robbed with a jo per cent
money club.
As a matter of fact the stock
market is the most conserva
tive business enterprise in
America today. Prices of
storks have advanced less
than the prices of anything
else in the country. If money
is to be let out to the puWir
?n proportion to the conserva
tism of its use the stock mar
ket should be the one favored
customer of the banks Thcrr
have been some wild move
ments on the stock exchange
of course, but the great body
of securities have remained
quiet. Th? great activity of
so-called specialties so much
talked about now would at
tract but little attention in a
real bull market. A lo-point
advance in I'nited Stales Steel
would amount to more than
all that has been done in fifty
specialties in the last six
months
THRIFT DRIVES TEACH
THOUSANDS TO INVEST
liiere is much eviden????? thai the!
education, accomplished by the lio-|
arty Iumiis and the drives to sell war
savings stamp?, has had a niark?"d
effect on Americans of moderate in
come. Many thousands of citizens
are continuing.to make regular de
poalts In savings banks throughout
the. country and to purchase not only
war savings stamps, but all type.?
of conservative Investments whieh
may be obtained by making small
regular payments.
PHILADELPHIA PRODUCE.
RATVal'AV?BCTTKU - ?-flirt. mm*u?***K
Snarl -packed ?reamer?, lane?, hlati acori n? ?noils,
tia,-?-; lb? latte? Mr tohr-n? sales; eatra Tra ;
eatr? ?.rta. *St?*c: lira'.?. ?*b?:e. a-rconda. SaST*!*:
third?. TTTaS+c, awart ?trainer?, choice to fane?.
TT*-a7?M-; fair tn ???od. **Ss-SBr; prints >?hh?n8 at
???TsV; for fane? and GwTV for fair In ????I.
????S?Firm. Quotati???: Free raaee nrarbr
SlwU. 311?: nrarbj fiim-nt oreiis*. I?.?**: fair I??
?raid. ISTasatS SO: Weearrti mira Arata. TV IS: firs'?
1?9??:?*>0: tirait?? sud We*t?-rr. arvnnd?. t??Aal?:
inferior lot? lower; fancj aelr**te?i resa s?bl>inc
at 7?a7?o per dor,m.
Utl l*orLTKY-r?.wla. Br-. weithin? ? Ins
?ad orre aisere. ??aStr: tneiitiin? ?iae. ?nod :
qusltlT. TTC?*???; poor. Xa*??-. I l.n-ken?. Sn?
quality. .'??.*? ; Inferir?, ???e Old roraSm?.
?laSc. Duels?. ?Ahita l'ekin. Trii.*4r. Indian
Itimner. *BaJ??-- Oeawe. SwJOr T?rke??. 3a?c
rureona. old. pair. *C*j6? ; >t?unc. pair. fSaJuv.
G??n????, Tonn?, pair. I Iba. u,l oaer ?rirre. Lai
IK; ItMlt lb? ?pirre. ISO?! Ct. lai'? It?
?l?ier? I lOal.30: oM. twlr. 1 ltnal ?B.
L'IIKSKED POtTLTBT - Turkrra. PTettm
?waring. ?*??*?: teala. frrsh-killed. dn-twckrd. in
ho???, weithin? ? Ina and orer apt?re. 3Sc; racer?
tional Iota hither: *1S Ita? alacre. T?*??*?*: wnallrr
??tae?. Salle: fresh killed tn obla. drr-rarkeU
??riah'n? ? lb? and ?t?G ?pieoe. ?Sr: S'a H*
Sla*?e; ?au 11 er ?irr?. raJOc: nsetera. .In-recicd. ,
?c; krallen. Jerwsj. lew-packed, ?o??*?; ?*>.
iKber neaj-b?, etatiee, iee-nacked. ???*?t; ord?- |
nury t? ?wod, **a*Bc: laroiler?, ?"?'r-lrm, 1er-1
packed, weawlos f**?*1 lb? ?plee?*. ?SaStc; maal j
IDS 4-tiiekeae. Western. ;ce-p*ck??i. weifhlral *
Ih? ?nel orer araece. .**a3V; rhlcker? WeXern.
iec-packed. VA lbs araeor. Mr: do. Vmti Iba
apieoc. -aa-Cc: Wralern. ari Ik ted. IS to bo?
? lb? and muter lw d.?ren. lb. AlmUr : ?? ?? ?
Ina t,. d?irrw. Ih. ?ThitTSr: ? to 30 Iba to ???*???.
lb. . Stdir: a I. ? IM ?? dnaea?. Ih. .?SaTOc:
-<7 to ?S Usa tr, doarn. Ih, ??.*??: ? to C. Ib?
?? daatrw. lb. llaJBr: ?J lbs ?nd .?rrr to dmrw.
II.. TTlaJ?r; aprii?? dii<whiit>. ??erb-c. aa to miai
Itr. Patte: ?luaha. doas?. ?hit?. weiaThin? I ?"
IS lbs ?Vwen. ?Tall at do. 1 ?? IS Iba per
dette?*. ??0.1 S?; I Ib? doren. ?OOaiSD ' *?
dnawp. ?.S???*??; tmf% n* dwsrn. ??wi?: dark.
??*?!??: ?mall al??l No t, l.SOaS??
BALHMORE PRODUCE.
?A,rT,??AT--BC*rTa?V-?Cre?Joerj, line) ie?
lb, nartte; ox -rJaaVo?. per lb. "*?*? ??
aural, per lb. ***te: do. Pri?t?, per It?, mm*.
do t-4o?-k?. par lb, S?al?c. ?adle?. i?r Ib. ?<??r:
Marrlaad and Penna.ltania rolla, per Ib. ?6?
sSc: CJhio roll., rrr lb. Ik?; W?*k ?'?**"
raO?, per lb ?Tle?Sc; ?toM^paeaed. per It?. ?T??5r.
llarrUwd. nnrlwi. aad Prae?rl?aaia dairr
priata. per lb, Uettc; proco? ?utter, p? ">?
%??*, ? M.rrlaird naaa-a-riaala aad nrarbj
(lraU,,p?r ?oara. Mr; We?????? Snata. taw doaen.
SlarMe; Wa* Vtrajal? ????, paar o?t*. Uettc;
r?W /
FEAR OF INCOME TAX
BOOSTS N. Y. STOCKS
PLAN ANNEX
? r
?ra Tark. ?ar. ???A Mil
li?? ttmajo matar? M ta ar
ball? ta the ?lew ? ?rk stari?
Ks.rh-.Bse It s.111 pratile* aa
estra -?leker.** The aaraaeat
???lehn-* Is ?aaaeNsa?? half aa
haaw hrhlad *.????. aad a asaa
ssk? tMaka he?? ha*, las a
???rk al ?9? ?the "?lelier
prirr- ?aaaell?r? paya PI??
?art ?aal price aa Ihe ???? at
Ihe sstaatr af ?nr.ks.ai.
?y rRKIllllll h M. hBMl.
New York. Nov. I.?The frantic ef
fort to keep Uncle 8am from getting
his income taxes is responsible for
the tremendous boom in stock?the
greatest in the history of the world
?In Wall street.
The present boom will go down
tn history as the most gjpantir stock
?peculation In history. And It's all
becsuse the big. rich speculators
don't dare sell out. when they hsve
"bulled" the merket tip to hign
levels!
For they have discovered that
every time they sell out and "take
their profite" on stock transactions.
Uncle tatiti'i gentlemanly tax collec
tors make a little note in their little
notebooks and at the end of tha
year a big slice of these profits must
go Into the treasury.
Further, ss the Income tax is
graduated.'the mere moiri > the spec
ulator pulls out of the merket, the
more proportionately he must pay to
Uncle Sam.
H?ldl?g Ptmch la ? a aid l'a s ? ?a Tax.
Wall Street doesn't like It. And It
Is trying to ?void paying by holding
onto It? stock, putting its rooney Into
non-dividend paying stock even, ?nd
thu? the market "holds up" and the
tremendous boom continues.
What will happen when the limit
Is re?ched. nobody likes to ?ay
MURDER FILMS HARM
U. S. TRADE IN SOUTH
Chicago. Nov. ?.?Unoensorcd motion
picture films depicting murder ?nd
scsndal hsve given South Americans
a bad opinion of the people of North
America. Miss Berth? Conde. ? fleld
secretary, declared todsy ?t an edu
cation conference of the National
Board of Young Women's Christian
Associations. She ?dvised againat
sending young women to South Amer
ica on business missions, for. she s?id.
South American women are far ahead
of their North American sisters in
business matter.-, although behind
them In customs.
WaC-MgtpB Stock Exchaofe.
RATXRDA? sAl.*a>
Captisi Trscts-u ia. *"**? at ? WM at ?
WasJir*>-rton Rsr- aad ****<*- pfd.. It at ?V.
Wa-hin-rtaxi <iaa. i at ?**. ? st S?". M at
?V. it at M",. 10 at a**a. I at tr-s. i? al ?
t at 5*
Atoe-nnan a?sm-itr and Truer, t a? "37
Real F?sia?? Tvl? Inaoi-am-r. ?a at aa
D .' rap*- Ml? Os. pf d . 1" at HE 1? at KC
After -?11
Vi'aa'-rgirr: Ca.. "SI at *r?. .* at M
Pl'BI.K" I'TH-in BONDS
H.' ?..-d
American T?l and T?*-*a la. st"? 1*1
A**i?ri?e-i Tel s-vt T?lta ?'s*. M*. SS
Ato. Trt. ant T?l ill. TV la . . VA tSA?
Am ?? ? ???? Tel. eint Ss *"*.'. '****?
Cheaai-eate and Petoaae Tel a... ? .'
farai al Tracimo R R Sa. a**? ? i
Cintiami Gaa lat (a. M ..._
M?1is--~>'.it.n K R ta. M .|
I'-st-iBD-sT H??*-ri? t.?*.t Ss . Si's St
Poto-**.? Electric ?un?, ts. 91 *-".
rotoau? Electric G?-as-r is. t?
l'oton: ?<? Elc-trlc Pr-srer il. M Ss. ?7 9*?
Wi_.iiina.rn Usa 5? '. *?'t 1?
AVashin-rt.-n R? - and Val'.' *t . ?'. C :
Waah li. and Bec <*. M ?? M'a
?minum mm.s.
Alken -an ..rsi+ raoee let ?... . 99*. ICS
D. t* raper Ufi. Ob ia. s?
?te. S-...as- and elafe I-?r??.. t. . Kl
PIBUC TTILITT STOCKS
A-oerean Tal and Tetga. ?
ra-.tat Tracttne . ?H **S
W.*in-nnsi Ga. . S? SS*.
Norfolk and Wast, Sta-sasboat. I? .
W.?!'. R?. aod Fier ran. ?*1, .
Was', R-r>. and Elee pfd. ? .
NATIONAL BANK STOCK**
American . It* 1*1
Clumb-a . 175
Comro-.---.al . J*S ISS
Hiarief . IT?
r.riee?*. and MeCianie?'. "t? VA
Federal . ?? >?
Lincoln . ?% .
National M?trt*r?.lil.n. ?? .
RlG*rs . ?? .
Seoid . 1ST t?a
Washington . ?? :***?
TRt'?T ????-??? STOCKS
Ameriran Security arsi Trust. **"7 .!
Continental Trust . 11- 13
National Satin?? aod Trost. ?? .
Clio*. Tnat . IH 1?
Wa-aiinctoM Loan and Trust. -40 .
SAVIM'S BANK STOCKS
Commerce and Sa.ing?. 13 _.
?aal mtmmxamaa . U .
IJbertt . Il? .
MerrSaats- .m. H? ?
Securitr Sann**? and Commercial.. JM .
6e.tt.LI, atra?. Iti .
t moti . fett U
U. S Satis?. Ut Ut
OTBF. ISSIP.ANCE.
Ariii-rLoo . VA .
C..n-c-r?n . PI ..._
Klremee'a . 1? _
(.?rm.-i American . a*_ .....
National G???? . C .
nTLE INSCRASCE.
Columbia . t t
Rasi !.??'? . ? Mt
MI<CU.LANEOlS
.?r.|.*i-*prione roe.. STA TV*
C.r-ushenbone I?. ?li m
Chaniniacka . W _
D C. Paper Mf? Co. ? .
D O faner Mfr Co pfd. 1? it_',
Merehanta' Tranrfer and Star. M .
M.nE??tiaaaJ--r LlIIOH|.? . |_*?| ||?^
O?d Dutch Market en?.. ait A
Old Dutch Mal-krt pfd. ? ?
l.tnstotl Mono..?- . M e y
Security Sus ape . lot .
Seesmty Sturar* and Safe Depnait 1*B . ...
W.shitsrtan Market . U _...
Mi*cell?B?roni 09
Bid. Ask
Atlantic Lotoa Od Co. pf. Ut Ili
do caaaaon. tt **i
do rtaBW. 75 77
Cnaden A Co. *?% 11
Elk Bat?n retrolemn Co. IS S\
Producer? * Ref ?orpo eoa. N% MV
Houston OM Co Ltd. Ut Mt
laiparial Oil Oo Ltd. UI 1?
?d-atneiia Pauel-ni-? Os.I? a?
MetTitt Oil Oorp?. S ?-\
MidsNBt Rriinlns Oo. Ml 1?
N.lional Fuel A Gaa Co.Ml Ml
North-aat Oil Co. ? ?
pT~??oan A Pal Oarrpn oaa. IP: MS
Sapalpa Bef C?. IS JS
Compas, fcVuild?
Wsupun, Wis . Nov. ?.?The Wan
pun Canning Company st Wsupun is
erecting a tim.f*M addition tn it?,
factory.
"1 wlah ta ?s?re., to the Aaaerl
raa Red Cr??? -aad lkr?aak It la the
?alili??? af Aarrlraa. ?t-h-MW ?eae
raalt-f ha? aaaae the Aaaerlr?? Red
Craas *-?ark- p???lhli. pay ?laeere
tka-sk. ?ad the deep gratitude ?f
aar pa ?pie far ?he great aad ??ble
???rk I? ha? matte tm (iree-ee. aad far
the ?pleadId aappart aad ?ypalhy
H haa aha ?a a ?ha ?irrek m spit.*?
tUXG AlaSXANDKR ?MT ?R-UCCB.
Chter half a billion ?hare? of et?>?rk
have actually keen ?old in Wall atreet
thia year to ?late.
The average dealing* on the ato*??
eschange thi? year have been t,W!M*
?hare? daily.
Thi? year to date private cO-rpora
' tion? have produced (UTS.Wi.'H? Irs
new securiii*-? Koir.ebody ha? ?rot to
pay dtvldeiKls on them?but Wall
? street doesn't oar?.
Never before hav? the trader? seep
?uch wild advance? In stocks Many
a day loading ?hare? hav? risen ?r*r?*-?fri
M) to jo point* from the closing quo
tation? Traders on the racha????
have reaped great profils
I wbrara-?f Pri?e? far "-nf ?ra??
The fact that a ?eat can the Ne ?
Tork ?? 'huir which ? year a??*??
could noi have brought t**,nu.
changed banda recently at
the highest price on reasord.
?how what trader? believe the ??
of making mon*? in cnmmimmtomm on '
the Boor of the < i? ham.* mean In tbe
year to come.
It ia Iselle-ved that the memOersh.p
I ptiviletr will he worth In the neigh
' borhood of n*?.??*? befor? the end of
; iw??
The moat ?enaatlonal rise tn thr
?treet during the year la that of Cani?
Syndicate stock, which represent? oil
and other contx-ssion? on Columba?
river In South Amene? The?, ?hate?
were aelllng at Ht* apiece eaiiy tfi
the year aad the other day ?h?ti.e'
hand? at t?OOO apiece and were hat ?I
to get at that price One bolder own?
S shares which he purchaaed av?rm
year? ago at S2? each, reprraemm?
an Investment of KS. Today hi? hold
ing? are worth I1S.OO0
Borne light Is thrown oo what the
Ainertcan consumer may have to pay
for sugar when the Sugar Eqaalir-i
! tion Board cea??? to function at th?
j end of thi? year, by tbe fact that th>rw
| haa been a rlae of SOC pointa tn O*?
j ban-American sugar ?tock in the l?st
? is weeks. Ourmii-Amerirst was ae?l
Ing a few mont ha ago at ft*?*) a shsre
| and haa riaen to 1410. The Amenrsn
I housewife la going to pay for it.
SIX BILLION DOLLARS
CAPITAL. ROAD'S NEED
O?*caco Nov. ?.-At le**t R-MMM.
?0? of nf* f? pita I mupt be tnveated
?n railroad faciliti?? within the n< xt
thr** v?ara if the roada ar* to h?*
come abK? aatiafactority to handle
the country'? c?mmwcf. ?amu*l O
Ihinn. *ditor of th* Railway Ac*. *a
ttmat*d in an addi-eaa toda? Any
leirlala?ion Involving th?? rail wat?
ahould tw d*r-1r*n*d ?it h that con
eld*!^, he aakl
Th* incre-aae in *nvr*tm*nt eine*
1?15. Mr Dunn mM, ha.* hern lea*
than fl.lvw.-AOft.mvi. ?ah 11* if th* p?rim
as* had b*rn a* lanr* in proportW??"
lo th* crowth of traffic an tt ????
?lurme th* pr*cedlnpr ten-year period
it -r-hould hav* vy-en t',.n{aH,<gm,ori> Sin ?
Ml f reicht traffic fncrcaa*d 5J prr
?~ont and pasaenu-er traffic ? r*r-r ********>
h* aaid. addine that the **p*t?c*ntajc*
in?T*ai*r in *ach VMM f of *yuip
m*nt durine that time ?ras 5 per gBAat
and noni
Thr railwav* durine the n**t thr*r
y*ara ahould buy at ' leajer \t\r.fx*\
fra i eh t cara. *>?,??? locomotive? and
I".'''? paea*ni;#?r far;?, h* a? id ?a
make up th*? ??>:?*--?*?? d**"flrt? nrv r*f
f-fjuipm*-nt to replu, e thai ?hici.
??hould he r*tiro?i and to provtd* f-or
hand!Ina additional buaineaa
"That numh**i? of ne? loosantotlx *a
fand rara at present prie*? would ?oat
feMMNjMl to ny nothine of what
?must be apent for n*w main track*.
' s*con?l and tikmrai trarka. yarda. ai-I
j inpa. -?????? an?! m* on" -contlnuM
I Mr. Dm
WASHINGTON PRODUCE.
iT*-* mmmmSSmS rr*i* ? pnrma S*t?*.???- vtr"
m*-tr*
G*?*'**? MMi frsW- ?*}. **ermgr tr^'irt?. *:
, ?*r*i'''fm tt
?-HLt>i: Nr? Y "k Stata lertnry. vb**
tri- JM-tt
RtTTKR Mandarti weaaftr. *1. teint. ??
| UVE ???! LTT.T--smeamteia. prr lb. .*? ? ??,??.
? be***. T**r ili, ?-fei-v riurks-np prr *h SSa?- .
j h?-na. p-r IK 1amMr: kiln, yrtimg. apt*. ?\*?*?
| PRE>REP r?il I.Te*f-PW?ti*ilV4 ?pt ? (
? rl...-k.*v ?-** Ih. MmM: betta, ?*t I*? * rama*
I tr? 1-- ?h. Sr; inAr-.?, prr Ih. 4U?Jr
POEK Swill aaa ueat. Si; *aiei:'m **? "*;
bsptm. V.
UVB SI^KTK-Cahea. T9r: laeit? IV *.*?*^t*
taf'
j l'Ri iTft- M-r4w. pre t*?l.. n*?. :tm*,**t*< **,*
.bat. lMa?S: ( ? t if orni a Irmo??? -vr t? ?? m*"*
' T ?>? i?i?rei-r-V?. per ?rat?, Sara/.*?? * * ?* .
OTTiner? Sf?aTM; -fraprfrnt. 4 ??***, t- cxan-M.
prr haakrt. Jbalxl. do. ? tacar?? ??.'??; Drl?*??:-.
I bmXr. ; btair*m.6)t*a*t prr <s?* ZJm\m\ '??*.. ? ?
, ? ?it?. 5*ef-V *t?rr ?jitart
? \ ??fH'AllUkS- PtTtat-?* l-rr -a.-. - ?
1 A?. So. ?, lJtaS.?*- mttrng ?- ? ?
SVh?i); MEM. t ?s?." '?' pre ? I
| lire Ay. |>rr onera). *aa*%tr ; tm-r'-ec* 1 mal ? ite
? bM : baets, *%+c ?*t Nm " ? *. w
| irr haatrt; Ni-ir York r-rlffv ?**.?*?'? -- cratr;
Icelrrj. prr dorrn. G?-nl nn - ? l??*??.^. ' bua
I ' S: arjiiaali, l'anal*? tw* nir-n*.
.?M.? i*er m ?????" <wi ??? '?? ?* "
ad, 4?0al50; Maat??* .' ? "?-?"?? ? **
?natr: *ae*M ?^???.--- * .amts
r
SAFEGUARDING
SAFEST INVESTMENT
It la a ?re-neraltj; rwcojrnlswr?
fact that first monarajre?? ar? th?
?afest ln?*?-?t merit in tha world.
We would Ilk? to ?a*nd rest our
new booklet ?ellln-t of ?he many
safeguards we lia?e piar??.??, around
m*R first mortala??? sii per cent
notes, whlcb wre ?>ell?ve. make
?ecurltv d??ubly secure and whtea.
constitute the chief reaaon? for
our record of fifty yaar? without
lo?? to an Investor.
Swartzell. Rheem
& Hensey Co?
T2T I Sila ?-ur-re? *. W.
??
Sullivan &
Company
Member* Consolidate?!
Stock Exckaiagc of
Hew YeA
PhoM* Mr?
1940, IMI, 1942
1421 G Street N.W.
I
Stock exefcaafe
trailed in for task m
carried on
^

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