j* 14
Indications point to ?
; Lower Money Rates
t AACHEN money goes
down. Bonds go up.
When Bonds go up. Income
Yield goes down.
*"pO secure continuance
of the yields now procurable
from bonds, it is
our recommendation to
buy Long Term Bonds,
so as to enjoy the liberal
| yields for as ong a period
\ as possible.
Wt ha re prepared a special
list of carefully selected
Long Term Bonds which
We will gladly send on request.
Write tor List tl->
' Norton Laclieiibiiidi & Co.
41 BiVkuI Street, 'Ne^'VbriVj
<5uca90 DErrEorr Philadelphia Pittsburgh
- . 'j
? Securities
Ifor
Investment
BELL TELEPHONE
OF PENN.
7% '
AMERICAN LIGHT &
| TRACTION
6%
| REPUBLIC of FRANCE :
I 8%
K Information on request.
'
Private wires to Philadelphia
GEO. A. HBKn & SONS
F
y fServ Vork Stock Exchange 4
I'm -kara Phll.THI p; i: a Stork Exchange j
fMwnb*r?i ciilcac Stork Exchange 1
I Now Vork , Cot ton Exchange I
L 111 Broadway 1418 Walnut St. !
r "" - il
N?w York I-hiladelphia
r n
i STANDARD |
0 i
1 { (
L
ISSUES
I EXEMPT FROM XORMAL '
N- FEDERAL INCOME TAX
| We recommend (or inicstmcnt:
>
\ ATLANTIC REFINING CO.
I7'~0 Preferred
To Yield about 6.4.VC
STANDARD OIL CO. (N. J. ,
T'.'o Preferred
j To Yield about 6.671',
STANDARD OIL CO. (Oh o
7', Preferred
To Yield about 6.SS1,
1
Inquiries Incited
i ;arlh.pforzheimer&cc
fc>*alcr* In Standard Oil Sccurittcq 2
; Municipal Bond
Prices Are Advancing
i You will probably
jj never again have the
?|f opportunity which ex4
; ists today to secure
:
' 7% to 8%
J!
: return upon the obligations
5of Canadian Provinces and
'Cities which norma'ly yield
U% to 6'"r.
!. Offering ufmn routes! jor II-I
mDBELL
} Ground Floor, Singer Hn l'ltno
89 Liberty Street New York
T WE RECOMMEND
New York,
New Haven &
Hartford R. R.
I Debenture 4a |
l| |j Jhir April /, i\)t>
I Price 83 and interest
I to yield about 16'
B ittt it.'
I McClure, Jones & Reed
I t | klrmher-" Ke* 'Vork ?tnrk Kirlnrigo
I 115 Broidwav New York
I < J Telephone Rector 7K62
I ilLlBERTY NATIONAL
I \ BANK
I ! CLINTON GILBERT
1J W-lltSi , New York Tel. 4*4A Rector
^L.
; FINANCIAL NEWS
AND COMMENT
Public Absorption Is Heavier
and Improves Tone of
llond Trading.
FOKEiWN LOAN'S COM INT.
I >
Chances of Further Advance
of Stock Market After
Election ])av.
.
H> WILI.1AM JI'STl'S BOIES.
Among tho most suggestive developments
of our highly confused but extremely
interesting financial situation
have been the recent move of bankers to
organize heavily capitalized corporations
to market American produce abroad, the
flat refusal by Treasury officials and the
Reserve Hoard to grant special credits
: to specific industries, the growing number
of applications for large loans from
i foreign governments and municipalities,
broader buying of securities by genuine
investors and the significant move by
workers in Rhode Island textile mills
and other factories to scale down their
wages to enable great plants to continue
operations. Those- developments
Were given fresh interest by the discussions
of the bankers in session in Washington
concerning tho best means of relieving
the credit strain and making "individuals
and communities return to a
normal degree of self-help and self-reliance."
Extraordinary Bond Market.
With the broad buying of 8 iier cent
bonds, notes and preferred stocks, the
absorption of high grade securities by
genuine investors lias reached the largest
total demand since the world war
began. It Is real Investment buying of
the best sort, coming largely from small
Investors and representing every Rectlon
of the country. It is in many respects
the most encouraging bond market that
Wall Street has had for many years
because orders are not from institutions
but from individuals. It marks an Important
change because, in the largo
bond markets before the war. the banks
and trust companies in the United
.States figured heavily with orders for
their own Investment account. Furthermore,
present buying is by the rank and
file of small investors, who. after many
months of waiting, are showing their
confidence 1n the future by employing
their savings in good securities of tile
long term variety, which is the best investment
buying that the market provides.
Securities sold to that class of
buyers usually "stay sold." being held
i for income producing purposes. That
type of bond buyer represents some of
the country's shrewdest investors who
pay outright for whnt tifey buy and
- hold on like grim death after they have
placed the securities In their strong
boxes.
Important Foreign I.nans.
The list of foreign government loans
has been enlarged by the $25,000,000 offering
of the Danish Clovcrnment's S per
cent loan, to run twenty-five years and
carrying the usual handsome redemp
r tlon premium. There are Important
1 loans under discussion for South Arner'
lean countries, including a largo issue
, for nrazil. which will be offered for supporting
the exchange of that country.
The present decline In Argentine exchange
may make necessary a sfmilnr
- offering for that country In the near future.
Inasmuch as we have extensive
i trade relations with South America,
i those operations are largely In the nature
of foreign trade loans which must
be put through If we are to continue the
export of American material and mer:
rhandlse to that quarter. With total
credits comihandlng a premium, amounting
In some cases to the equivalent of a
23 per cent, export duty on American
merchandise. It Is obvious that something
must be done to lessen the cost of
doing business with the T'nlted States if
we are to retain our South American
trade.
Relieving llnnk Strain.
It Is probablo that loans for other
countries and municipalities will lie offered
here during the next few weeks, as
investment inquiry Is broad enough to
justify the hankers in underwriting more
issues of that kind. In addition to foreign
loans, note offerings by industrial
corporations of high credit command a.
ready market and serve the useful purpose
of transferring to the investing public
through the sale of five or ten year
obligations, the heavy floating fndebt-1
edness which has been carried for
months by commercial banks. In that
manner the banks aro being relieved of
a heavy burden and credit In released
for commercial borrowers, who are still
clamoring for all the accommodation
' they can obtain. Tliat movement Is highly
Important and. If continued, will make
deflation as painless as possible, because
the outstanding fact is that the whole
country and pretty nearly all Its Industries
will be affected by the nationwide
effort to readjust prices to a level at
which the public will buy In normal
fashion. This Is an extremely Important
process, berauso all business will be depressed
and the country will undergo a
serious industrial renctlon unless the
manufacturers and sellers of merchandise
can come to terms with each other.
I,l<luIdntIiik l.nbor,
The wage earners are beginning to
realize that condition because, notwithstanding
misdirected efforts to obtain a
t six hour working day In a few Indusi
tries, the rnnk and file of workers are
evincing greater enthusiasm for their
, Jobs, which means that American In.
dustry Is developing Increased efficiency
and that the knight of the dinner pall
J Is doing what he can to keep It fllle l.
rtailroads. mills arid great industrial
1 plants nrs finding It easy to obtain
what labor they need. Hundreds of men
have been laid off for no other reason
' than that there was no work for lntllfI
ferent or Incompetent hands to do.
j War forces are being demobilized on a
peace time bn?ls and slowly but surely
the elimination of the Inefficient worker |
I Is progressing. to the good of Industry
In genernt and work, rs In particular. It
Is an Interesting process and means
that business I b. mi? stabilised no-nln
1 not ort the pre-war basis, hut accord-:
intf to more enlightened post-war stani
dards, which really shows that labor
Ih being liquidated quietly without Workers
fully realizing what la taking place.
Through layoffs and by working four
1 days a week. Instead of six. mnnufae- I
lurors are readjusting their payrolls to
! meet, conditions Imposed by lower mrri
chandlse prices and a lessened public demand.
t.niclr (if tCvrnfs,
The logic of the situation, not the
(Treed of employers, la forcing Ihose
changes. If automobile makers, silk
mills and shoe factories, employing many
hundred thousand workers, arc confronted
hy a falling market and a greatly
reduced demand, It Is obvious that they
cannot continue w >r time production and
I pay which goes with tush wort, which
would be Impractical even In a S per
1 cent, money market, an.l l?a*t of all In a
season of credit at rain and lonn rentrlcj
tJons, and this Is why one manufacturing
icommunity has developed within a few
months 2U per cant. In, rwised prodtto
i
THE N1
_
tlon a unit of worker. It explains an|
other case lit which workers were dismissed
at 55 bents an hour only to be
reemployed at 35 cents an hour, und it
shows also why the industrial slacker is
fast being dropped from the payrolls.
1-u.rge employers, however, are Udng
everything possible to stabilize w ages, but
with the understanding that production
Is to bo increased and present wages
actually earned. Those are the stipulations
which th<> British coal miners declined
to make when I'remler David
Lloyd Qoot go offered them the wage tr.creaso
for which they struck. It is a
.condition, however, which the Intelligent
American worker readily agrees to when
afforded the chance of earning war
wages in peace times.
The railroads are making a splendid
TOTAL T R A N S >
j
Salos for week
Uango 19'JO t Div. jPIv.
High.| Low. |Yield.Jin Salon, i
46 I 25 j 771 71 100 Adams Exj
| 40% 25 ! .. . ,j 1500! Advance 11
72 57%|l0.26l 6| TOOlAdvance R
88%; 88% 114.72 j 6! 500 Ajax Rubbi
2% I 1 . ..! .. 15001 Alaska Gor
8 | l%! ..! ..j 1500;Alaska ,Iun
109%!10S | 6.71! 7 lOOiAll Amerie:
62%! 56 I ..| ..! 29001 Allied Club
01 j S9% 7.69 7) 400:Allied Oh &
53%! 28 [11.15 4 2500 Allis Chain:
92 70%i 9.21 7 600jAllis Chalm
I 101 ! 100 ! 8.00) 8j 200 Amal Suga:
i 95 1 75 ! S.SSj 8 2100!Am Agrlc (
96%' 84%: 9.25' 6 500,Am Agrio (
48% 39 ! 8.51 f 4 200' Am Hank :
103%: 70% 10.47 8! 1600!Am Beet S
128%' 68% 13.04; 10) 1800 Am Bosch
60 ! 50 1 7.66 4 600 Am Brake
90 i 8G ) 7.97! 7 100 Am Brake !
61% 1 30% ..' .. 32001 Am Can ..
101 ! 85%! 8.05' 7! 300!Am Can pf
147% 124% 8.87' 12 3800.Am Car & 1
116% 105% 6.36' 7 500 Ant Car & I
54% i 22% .. ..j 30001 Am Cotton
15%i 9 | 8.1lj 80e| 3500)Am Druggii
175 i 95 4.25 6; 800 Am Kxpre*
30% 5 V? ..I .; 1500; Am Hide &
122 ; 56% ! 11.971 7[ 5700' Am Hide &
68 53 ; 10.26' 6 200iAm Ice pf.
120% 64%! s.l4 6! 15000!Am Internn
14% 9%; 9.52! li 100'Am La Krai
95 61%: 4.29: 3 4300iAm Linseoci
99%j 80 j 8.29' 7 200 Am J.inseei
109%' 82 I 6.26'' 6 7200 Am l.ocoin<
107 i 95%! 7.00i 7i fiOO Am Eocomt
17%! 11%! .. . .! 1900 Am Safety
30>- 16%' ..I .. 1800)Am Ship A72
I 52%! 6.81! 4! 6700:Am Smelt i
100%' 88 7.62 7| 2200 Am Smelt 8
85 i 70%' 7.69 Cl 600 Am Smelt 1
115% 86 111.42! 12 200lAm Snuff
50 33%! 7.92' 3! 1500 Am Steel !
98% S5 ! 8.24 7i 400 Am Steel F
142%! 99 6.66 7' 5900;Am Sugar
118% 102 1 5.541 7j 1000'Am Sugar
106% 74% 11.76 10! 3600|Am Sumatr
100%! 92%' s.oo' 8! 10800 Am Tel & '
283 1104% I 9.021 12 1000 Am Tobacct
210 '102 I 9.20i 12 2200!Am Tobaco
97%! 85%! 6.61! 6 700 Am Tobacc.
1 16.5%I 69%[ S-79) 71 10800 Am Woolen
105% 91% 7.45 ' 100 Am Woolen
61%! 37 ! 6400^Am Writim
21%! 11 ! ..! 400'Ant Zinc, 15
66% 49% 7.95: 4 15600'Anaconda (
23 I 7 . . | .. I lOOlAnn Arbor
34 ! 20 100]Ann Arbor
6% 2 .. I . . | 2100| Assets Real
674*! 23 *4 *15.51' 4' 700iAssociated
125 I 8544' 0.71! 0- 2300!Associated <
!<0 76 6.78 6 11300|Atch, Top &
82 1 72 I 6.441 51 4800lAtch. Top ft
12** 5 I .. 2500' Atlanta, Rir
104*il 824* 7.23( 7 500:Atlantic Co
20 V* 18 .. . . i 1400'Atlantic I'>
.114 1103 6.54! 7 200!Atlantic He
17644 14842 6.86! 10{ 7800,At, Gulf & 1
24 j 14441 ..' ..' SOOtAufjJin Xicl
19*4I 4 .. .. SOOlAutosales .
20-% 10 30.0<h 31 100* Autosales pi
148*4 ' 106441 6.10; 7 86100 Baldwin I.o
1021/41 O'.Vi' 7.12* 7 lOOjBaldwln I.o
49%! 2 7r-h ' ..j .. 17000!Baltimorc .V
r>4 lOVi, 7.48' 4! 2000 Baltimore &
r>0V 35 6.25-2441 100 Barnsdall <
* 4344* 85 ! 3.3312441 200 Barnsdall C
154'4 111 ' 6.04! 8' 1620[Barrett Co
11114 10044 6.881 7 100"Barrett Co
1% 44: ..' ..[ 300 Rntopilas M
3244 44sl ..i ..' 2810 Bethlehem *
06 4*1 65 7.35: 5 100'Bethlehem i
114 1103 7.66 S 1020!Bethlehem !
10 2 44 ' 6744' 7.04' 5! 20000 Bethlehem 5
15 6 . .1 ..! 1600 [Booth Fish*
065* 83 8.30! 81 00 Brooklyn 16'
17 91 i* ..I ..! 16200!Brooklyn R;
1344 5 44* . I .4700 Bklyn Rap
65 4S ..' .. 29001 Brooklyn 1*
10444' 59 11.62* 7 100 Brown Shoe
8 44 ' 4'4' . .. 400!Burns Term
120 * 84 10.33' 10' 1200 Burns Bros
271* 10 .. .. | TOOjButterlck G
1144! 6 4* ..* .. 1400: Butte Coppf
2 9 44' 15% 1800 llutte St Sui
28*41 1044 . ..! 19000 Caddo Cent
8 5 44 6 0 9.66 6 1 300 California I
16 ! 221* .. .. 400|Callfornin I'
7544! 65 110.26 7 100 California T
09 52 ' 7.55 4 400'Cnlumet & .
134 !ll0 * 7.98 la 33700 Canadian J':
104*4 39*4' 8600'Central T.ea
10.3*4 93*4! 7.4' 7 300'Central T<en
220 175 3.65' 8 100:Central of ?
220 H75 ! .. 8 20 'Central of
61%; 33%. 10.22! 4 28no'C.rro <le I'a
164**' 74 44*12.68 1 0 7 6 00'Chnndler Mi
68*4; 47 5.97 4 6000 Chesapeake
176 I .. ' ..! 100 Chicago ft
15 4 400 Chic & Kill
17*i! 444' ! lSOOlChlo ft E I
1444' 7 .. ..I 6200 Chicago Ot
33%I 19%; ..' ..' 40201 Chicago Ot
44*4 8044! ..16100 Chicago. Mil
65. | 45%! ..! ..I 10900 Chicago, Mil
9144' 67 1 6.12, r.' 2700Chicago ft IS
120*4' 93 * 6.36 7 500 Chicago ft >
1117*1 74'*'10.24 8 300 Chicago I'm
41%i 2344 ..' ..: 19400,Chicago. R
7144' 54 8.63 61 2700'Chicago, R 1
94*, 6 4 44 8.56 7 ' 2400 Chicago, R I
72*4| 58 7.14' 5l 2000 Chic, St P.
21*,! 12%' ..' .. 4700 Chile Coppe
41%' 24 ' D.&lilVv 7300 Chlno Copp<
f,2 42 > . i . . 2!' ' lev, i< re
f,o J fis 7.jr. 5 ioo ciev, c, c *
40*'.! 27%|12.62l 4 13100'Cora-Cola .
44141 2S 1 8.70' 8' 200 Col Fuel A 1
36U,1 20 1 .. 1900IColoradn &
07 *| 50 I 8.44 5 4200'Columbia O
65VjJ 18 I 5.00; 1| 8000 Columbia til
92%' 77% 8.75' 7 200'Col (Iraphot
80 r>5%! 9.67j 7i 1100 Consolidated
SftTJ 76% 8.09 7 200 Consolidated
93% 75 Tj, 7.84' 7 16000,Consolidated
20% R-S,J23.801 21 4900 Con Interat
46% 21% '11.53: 3' 1700;(3on?olldated
97% 7.3 I 9.41 7 300'Continental
14% 10 I 9.091 1 8900iCnntinental
85 08 I 7.34' 5' 300 Continental
105% 79% 4.8*1 ' 29800 Corn I'rodu
1 107 100 7.00t 7 400'Corn ProdU'
43%' 30 6.Ofi 2% llOOjCoadcn <fc C
278%!ll5% 6.20 9 10200'Cruclble Sti
100 92%' 7.53 7 200 <'ruiclblo St.
60% *6%'17.28 7 3300 Cuban Am !
69%! 8i%! ,.! 10900 Cuba c.ane
85% 71% 9.4? 7 4000 Cuba Cane !
40 32 ' ..... 100 'Davidson CI
36% 23% .. 6001De Beere M
108 83% 8 62 9 1100 Delaware Ar
260%'165 ! 4.14 10[ 300 Del, Dr.ek &
o 'i 1 ' ..' 2000 Denver a It
1G%' 2T? ..! ..J 4100! Denver A K
13 9%l 3.67 1 600 Dome Mine?
23 IS .. j .. 600'Elk Horn C
147 60 7.63 f?l 400 Endleott Jo
104 1 92 7.4fv 7' 300'Endlmtt Jo'
21%I 9%! . 11900 Erie
30% 17% . ..I 6000 Brio 1?t pf
22% 12% ) COO Erie 2(1 pf
95 66%j 11.68 S lOOO'FHmmi* 1'ln
91% 80 1 9.651 8 400 Earnon* l'la
44% 26% 22.22 7 300 Federal Mln
135 99 9.c6i 10' 100 Flahcr Tlodi
48 19% 14.63 3' 8300'K|^k Riibtx
86% 20 .. .. 160<> IVeoport T.
19%' 6%| .. .. 1600'Oaston W t
192 1146 5.32 8 73n General Chf
100 ! 87 1 6.67; 6 oBOlOenernl Chf
100 | 87 I ..! ? ROuO?ner*l CI
75% 68%' 9.66 6 900'Genernl CI*
94%' 79% 8.24 7 100 General ria
i 172 ! 134 6.74 8 4900'General Kir
42 I 14% 5.63 1 40600 General Mo
89% 72 I 8.30! 61 700 General Mo
86% ?4%! 9.Oh ? 1600 General Mo
93 i 76 I 8.97! 71 snolOrn M Corj
?5T4.' 48 12.00 6 6600 Goodrich (f
102%! 81 I 8 46 7' 1700| Good rich (I
55% 29 .<"> Gwmhv Con
( ?0%| 66%, 7 98, 7 1060fl|Groat Ifortl
5W YORK HERALD, I
showing under private management
with increased dally mileage and greater
Irelght loadings. Equipment la befng
used more efficiently, material headwu>
l.as been made in returning freight cars
to roads which own them, and the whole
Industry?the second largest In the
country?is rendering hotter service to
the public whlcii It serves. Thus cont
nued buying of rall.oad securities with
the rise since February of ten points In
the average price of high grade railroad
bonds is accounted for. Investors nre
'aking seasoned railroad stocks hi largi
blocks, and total distribution Is much
broader than it was during the period
of war strain. It Is evident, therefore,
that the public will be willing to purchase
the securities which must be Issued
to finance the large scheme of Improve
ACTIONS IN TH
WEEK ENDED G<
1920. 1919. 1918.
2.408,769 9,996,650 4.878,027
I i ~ I N?t
| ITlph.) l.ow.1 Last, j Chic.
iress 86 ! 86 I 81) F ?? 2 'I
timely 82 1 27 j 28%' ? 7*
uniely pf 61 ' 58% 58%' ? 2
pr 41 40% 40% ? %
,i m i-v i% i%! ? %
pau G M 2 ! 1% 2
;l ("ablea 104 104 104 ? 2
l & Dye w I..) 59 %( 58 I 59 j ? %
Dye pf w i.J 91 J 90%I 91 4- %
iers Mffc I 35 34 } 35 1 + 1
et's Mfg pf...! 77 7G i 76
r 1st i>f IIOI ,100 '100 ..
'hern i 83 80%' 81 \ ? 114
_7hem l>f ! 87% 86% i 86%] ? 1
\*oto '47 f 47 ! 47 : + %
higar } 76%! 73 , 74%j -j- %
Magneto 1 78%, 76%| 76%] ? 1%
Shoe &. Fdy.. 52%, 50 j 52 %, *t 1%
6hop & Fdy pfl 87% i 87%: 87%j + 1%
f 33%: 33 ' 33 i ? %
1 1 87%' 87 I 87 4- %
foundry 135% (133% 1135 , 4- %
[foundry pf. ..'110% 109 110 ? %
Oil 1 26 24%: 25%! ? %
u Syndicate.. 9%, 9%' 9 %: + %
< 141% 140 141 1 ? 1%
Leather I 10%; 9%: 9% j ? %
Leather pf..' 61 : 57 58%: ? 1%
! 58%! 58 ; 58% 4- 1%
itlonal Corp..1 74%[ 71%' 73%: 4- %
nee Fire Eng.! 10% j 10% I 10%' 4- %
I Co 70% 69% 70 ] ..
) Co pf ! 84%! 84 81 % i 4- %
itlve 1 97% 95% 96% 4- %
llive pf 100%!l00%,100%1 + %
Razor 14% 14% ; 14% ? %
Commerce... 18% 17% 18%i 4- %
4 ltef...* 59% 58%! 58% ? 1
4 Rof pf 92% 91% 91% ? %
toe A 78 77%! 78 4-1
105 105 '105 4- 2
'oundries | 38%] 37%: 37% ? %
'oundries pf..! 85 85 85
Ret !IO7%;IO2%!IOG 4- 3
Rof pf 110 107% 107%: 4- 1
a Tob 1 88%! 86%j 88 ? %
Pel 100%' 99%i100% 4- %
, 1134 133%' 133 ? 1
0 B 130% 128 130% ? %
a pf new j 90% 90%' 90%' 4- %
1 ! 72% 69%] 71%! ? %
i pf , 91 94 94
Paper pf...l 52% 47%! 48%; ? 4%
* Smelt I 11%: 11%] 11% -- %
'opper ] 50%' 49% 50% ] 4- %
20 20 1 20 1 4- %
pf I 30 '30 ] 30 ' ? 4_
iznuon ?'* e v* * ? *
[)rv Goods....; 27 25%' 26% ? %
til Co 112 ' 97%: 105%! + 914
r Santa Fe...l 88%: 87%. 88%j 4- %
Santa Fe pf.| 78 %' 77 % 77% - - %
m & Atl i 10%l 9% 10 ? %
i?.?t Line 1 OS 07% 07%: ? 2%
uit ! 10%' 18% 10% -+- %
fining 5>f 107 107 107 + %
IV r S 8 147% 143 1457V + 1%
lols .., 15 [15 15 ? %
5% 5 5 14 %
f ( 10 I 10 | 10 ? 1
co Works.... 111 T? % 1312 % 1114 ^41 4" as
co Works pf. HSU 1 08%; 98%
Ohio 48% 46% I 47% ? %
Ohio pf 54 f>3% 53% ? %
'nrp A 40 '40 40 ? %
'orp I? 37 1 37 37 ? 1
133% 131 132% 4 %
pf...'.' 103% '103 % !103 % 4 1
Ining | ' ?! %j r"K' ? %
Motors 1 4%l 4%' 4%' ..
4'tcC'l ! 68 I 68 I 68 4 %
heel 8 p c pfjlOS 104 ! 105 4 1%
?teel B | 72*4 i 70 ! 71 ; 4 %
>ries 1 C7? 6 i 6% ? %
llson Co 1 06 ,06 I 96 I
ipld Transit..! 15%j 13%] 13%I 4 %
T ctfs of dep.! 10%' 9% 0%!? %
nion Gas... 65 '54 1 65 4 8%
60%; 60% I 60% 4 %
& R R. i 7%' 7 ' 7 !
I 997a 07 S 97 ? 2
i) | 15 : 14%' 14% ? %
r & Zinc. ... I 6% 6%! ?%| ~ %
terior Copper.I 17 ! 15%! 16 ? %
O * H ' 21 i 18%] 20%' 4 1%
'aok Co 63 61% 62% 4 1%
'otrol 27% 26% 27 ? %
otrol pf ] 68%I 68%! 68% 4 %
Arizona | 54%' 53 ' 58 ? 2
aciflc 127%'121%'125% ? 1%
ther ...: I 42% 40%! 40% ? 1%
t her T'f 94 93%' 93%' ? 1%
few Jersey. .. 219 210 210 [ ? 1
Ne w Jersey. !220 [220 L'20
sco Copper.. 39% 37% 39%! 4 1
atc.rs 85%I 83% 85%! 4 1%
& Ohio...-...! 68 66% 67 ? %
Alton 14% 14% 14 % j 4 %
Kq Tr ctfs.. 13 12% 12%'
Pf Kq Tr ctfs 14 12 12% 4 %
Western I 13 12 12 ? %
Western pf..' 30% 29% 29%! ? 1%
U. C? Kni.l I alii JIM J17Z.I 11/.
IV ri i (1114... 7T > * ' ?
pf... fi4 '62 ; 63 i ? 1%
rorthwestern. i 82%' SI ' 81%' ? %
forthwest pf.illO 110 1110
'umatlr Tool. 79%' 78% 78%! ? 2%
I A Pacific... 38%' 37%! 37%' ? 1*4
iFfipc pf. 70%' 69%! .69 %i ? 1%
& P 7 p o pf. 8.7-%' 81% 81 V ? 1%
M & Omaha. 71 Vi' TO ! 70 |
r 1 14 13%' 14 | + %
r I 23%' 24 I 25%! + %
St Loula....j 58 j 57 I 67 ! ? 2%
St L pf 1 69 '69 | 69 ! 4- %
(32 29%I 81%! 4- 1
ron 34%, 34%' 34%: + %
Southern 36%I 34% 36 I 4- 2%
.4 Kleo ! 60%' 58%' 69%; ? %
-.'iphophone .. 2019%! 20 ? Ms
ihono pf 80 1 77% 80 4- 2%
I Clear 72*4' 72 I 72% ? 1%
Cigar pf... 80% 80 ' 80% ?2%
I Gas 89%, 85 ' 89% 4- 3
uto Cal Mln. 9% 8- 8% ? %
I Textile .... 26% 2.-.% 26 ? %
Can 74% 74%! 74% 4- 1%
Candy 11 ! 10 10% I 4- %
Insurance .. 68% 68% j 68% 4- %
rts Rof 83% | 80% 82%' ? 1%
cts Kef pf... 101 100%:i00%; ? %
0 j 37% 37 37%'
v?l Co ' 130% 128 129 ! ? %
eel Co Pf 93 i 93 1 93 ! ? %
Sugar 42 ] 40%! 40%!
Sugar 36% I 32% 33 4 1%
Sugar pf 74%! 71%! 74 ? %
Oemical 36 I 36 30
lines 26 i 23% 26 i 4- 2
Hudson 1106%; 104 106% + %
Western 249%!241% 241% ? 6%
lo Grande....! 2%| 2%, 2%' ~ %
lo Grande pf.i 3% 3%' 3% ? %
1 i ii%; 11% n%; ? %
onl Corp ! 24 ' 22%I 22% ? 1%
hnson 66%' 65% I 65% ? %
hrison pf 94 94 I 94
18% 18% 18*4 ? %
28%I 27% 28 ? %
21 20%! 20% ? 1
v<?r?-Iya."?ky . 70% 07%! 08% .? 1%
y?rs-% pf..., 82%' 82 ' 82% ? %
A 8melt pf. 31%' 31 % 31% ? 1%
Corp 101 ! 10? ;i04 ? 1
r 20%; 20%! 20% ? %
rns 22%! 21%' 21% ? %
fc WlKinore... f.%! 0 f. ? %
Mnloal Co.... 132%! 147%! 130
ml.-nl Co pf. 00 88% On 4- 1%
if'tnlcnl Co pf| 92% 92%1 92%
nr Co 03 ' 02%| ?2V4 ? %
nr Co doll pf. 83 ' 85 I 85 I
Ctrlo Co 141% 137% 139 ? 1%
torn 1 18%: 17% 17% ? %
torn pf : 73 ; 72 72%! ? %
tor Corp Hob. I 07 00%' 00% %
) drb |-t 7 p o 78%, 78 78 I ? %
t F) r.0%1 48%' 50 I 4. %
4 F> pf 84 [81 | 82% ? 2%
mol MAS... 30 29 I 29%! ? 2%
?prn pf 88%[ ?7%| 87%| ? %
MONDAY, OCTOBER 25
rnent work and new construction outlays
which railroads will have to provide
for In Ehort order If they are to obtain
now rolling stock, equipment and facilities
needed by a constantly enlarging
traffic. The reduction of commodity:
prices Instead of reducing the volume of
jLusineas that the railroad will have to
; handle is likely to give them greater
traffic with a resultant gain in gross
' earnings, because a publiu which has
I i.oen awaiting lower pri s may be expected
to purchase lncrea - i quantities
of merchandise when prices have been
] stabilized at a lower level.
I The security markets are neaded toj
ward better things Sensational ad|
vances or runaway markets of the sort
I that were seen after Mr. Koosevclt's
E NEW YORK ST<
TTORER 23. 1920.
Year to date
"Range 11120 1'Iv. |Dlv.| j
High. I.mw. [Yield.|tn >. 8?lcs.(
41%| 30 111.431 4 1300'Great Xorti
38%' 23 1 7.401 2 :.00 Ireene Car
20% 16 111.43 2 600 Quant a nam
17% 7 : ..) .. 1200 Gulf. Mobile
35% 25% .. .. 800 G.ulf, Mobil.
Si"s! 41 | 400;C*ilf States
16 | 14%; ..j .. 100 Harbison Y
46% j 21 .'",0 Hendee Mai
78% 50 j 5.92 4 2CO0 Ilaskel & B
71 45 ..j 300 Homestako
23% 13 7.411 1 2900 Hupp Motm
S3 I 27 11.11; 8 100 Hydraulic i
llfiul 75 . . I -.1 149001Houston (?i
95%. 80% 7. ;.v 7 1400[Illinois Cen
9%, 6%| T.6:-' 60c: 2200 Indiahoma
20%| 16 ! 6.27 1.20; 100 Indl. n Refl
61% 42% y.2s; 4 6800'lnsp .-iition
6%! 3 ! ..I ..| 54800 Interboro C
17%' 8%' .. .. 15500 Interboro C
27 I 13%I ..( 300 Int Agri Cf
142% 106 C.41 [ 7 8300 Int Harvest
Uf. 101 6 41 7j 400 fnl Harvest
f.l % 17%' . . . .! 4800 int Mer Ma
111%: 69% S.42 6 6800' Int Mer Ma
179 37 I .. 1001 Inter Motor
84 ' 72 9.59' 7' 100,' Inter Motor
36% 15%I .. ..| 6300 lnternntioni
88 | 50 i 7.23 o; 1001 Inter nations
81% 62%' .. 2S000! Intel-nation;
79"4 70 8.29 0' 800 inter Paper
47% 28 I .. .. 29700 InvlbolHi <
51% 36% . .. 1480 Iron ProdlD
7%I 5%' ..] .. 80000:Island Oil #
21*4 , 8% 21 ' .Jewel Tea
44% 7% . .! ... 200 hovel Tea j
3o 17% 10.26: 2 100 I ones Bros
27%' 13%: ..] ..| 6200jK.in.sai/ Citj
52%| 40 8.00! 4 1200,Kansas City
152%! 51 % I 7.641 4; 4000 Kelly Sprin
1 %! %' .. . . 8411 j Kelly Sprini
105 I 91 ! 8.74 8j 100'Kelly Sp Ti
95 [ 50 i ..( ..( SOOiKelsey Win
33% | 22 I 8.791 2l 7100!Kenneoott (
48% I 12% 6.90 1.20 4500! Keystone T
102%: 93 ! 7.53! 7 100 Kresge Co S
91%: 6o 9.2S 6: 5100|Lack.iwann;
55 35 . . . .j 1100 Laclede Gas
24% | S% . . ..' 900 Bake Krie i
40% i 16 j ..! ... 2300 I. ake Erie i
38%! 1H?4 9.82j 2 lOOjLee Rubber
55% 39% i 6.36 3%' 3600 Lehigh Vail
110% 99 | 6.91! 7 5001Liggett & IV
36 18% 9.82: 2 5500 Loews I no
28 11% . ! 400' I jott Ino ..
70 35%' .. .. 12001Loose Wilei
100 ['93% 7.48 7 100 Loose Wile115%
102 4.91 5.25 300 Loos.. Wiles
183% 125 . 8 75' 12 900 Lorillard <1
110%! 98 : 6.81 71 200 Lorillard (I
112%' 94 6.66| 7! 600jLouisville .V
69%! 60 9.36; 6. 200:Maekay Co'
' .. 4! lOOiMackay Cos
151%, 87% 11.00 lo! lino Manati Sag
65% 38% 10.92 71 3600. Manhattan
1 33%' 20 | 7.45! 1%: 320!Manhattan
30V- 104 13.12 2 400; Martin-Part
33 ~ 1 ISVi .1 100!Mathleson
38 24 I 4400 Maxwell M<
3541 24 ..! .. 700Maxwell M<
034 74 r>00 .Maxwell M<
(its* 04 .. ..! BOO [Maxwell M<
30%! 34 .. ..) 400 .Maxwell M<
304 3% .. .. 100Maxwell Ml
13141 70 11.11 8| 1700'Mays Dopt
222 1148 8.3!) 12 136700! Mexican P<
20 184 10.811 2 3600lMiaini Copi
7!% 10Vi 11.43 1.60! BB600 Middle Stat
52% 37 10.40' 4i 8100'Mldvalo Ste
21 I 0 S^OOlMlnneapoUe
90%: 03 8.24! 7 11O0 Minn, St 1*
00 t B0 7.14 4' 100 M, St I* & S
11 3V .. . 80251 Missouri, K
18 | 7 ' 2900 Missouri, 1<
31%; 21 ' 9500!Missouri It
094' 30 .. ..! 6800'Missouri Pt
09'"i 59 4.47! 3 3000'Montana P(
100%1 95 1 7.31' 7' 3001 Montana P<
40 2341 .. .. 5700 Mont, Warr
51 ' 274'14.29' 4 lOOlMnllins Bod
40 32 10.41 34 400'National Ac
80% .44 ..I .. 2200.National At
97 1 S3 7.781 7 1000'X.at Aniline
125 103 0.54' 7 BOO'National Til
110 '1034 6.541 7 400 National lli
30 ' 304 1001 Nat tonal CI
10241 81 8.641 7 1 OOlNational C'l
13 04 .. ,. W00I National Co
934 704 8.111 6 8')0| National 1 s
110 100 4 O.tiCi 7 500!National U
16 I 54 ..i ..I 6800 Nat R R of
174! 104 9.09 1| 3000'Nevada Cor
04 31 ..! ..! 7700'New Orlean
117 89 110.52! 10 300!New York ,
834! 544! 6.09 5 2731 o|New York (
064 ! 23%1 .. .. 6000!New York.
73V41 50 6.851 5 200|N Y. C & 8
70 '414' 7.251 5 300 N V. C & Si
484 20 10.42' 24 200 New York
01 I 444 5.56 24 500'New Y<*k 1
374)2341 . .. 15500)Now York,
274116 ! 4.21| 1 2300|Ncw Y'ork,
1034 ' 85 I 7.00 7 8043'Norfolk & 1
60%! 48 8.20! 5 IDOOjNorth Ame
924 6054' 7.80! 7 12300'Northern P
7741 38 '12.50' 6 50ft'Nova Seottn
22% 124 3.75 50c' 800;Nunnally &
29%! 174 14.29) 24 | 900(Ohio Body i
654) 44 5.21 24' lOOlOhio Fuel
5% 3V10.00' 40' ' 4000dklahoma 1
9%| 4 1 .,| 400|0ntario Sil\
28% 204' 7.to 2 900 Orpheum C
157 t07 6.07 8 300 Otis Elevati
157 107 1 ..! 3j 50'*i>1 Is Kleva
417* 194 . .' ..! 600!fftis Steel ,
65 I 40 ' 5.13' 3) 2100 j Owens Bott
78 I 22%' ..I ..I 1800 Pad(le Dev.
614 j 414! 9.201 6] 3000)Pnclfln Oas
46 I 37 | . .L ..I 130o!Paclflc Tel
116%) 70%, 6.69| 0 4370ft)Pun Am Fe
111%. 67%. 7.84 0; 2100!Pan Am Pe
474! 234,13.33 4 200 Pnrrislr & 1
434' 874j 6.90' 3 95001 Pennxylvnnl
3041 16 .. .. 1800'Penn Seabr
44%' 27 .. .. 24000 Peoples ?a
18% 9 ..' ,. 1000 1'eoria A K
32 i 22 ..( .. 6900 Pere Marqu
574' 39 .... 200 Pere Mnrqi
68 t 60 8.06 i 5 100 I 'ere Marqn
424! 304 7.27 3' 26250!Philadelphia
444 334 .. .. 60O Phillips IVt
824' 33 .. .. 6200 Pierce Arrr
1084 ' 8841 8.94 8f 300 Pierce Arro
28V 11 : ..! .. 4860'Pierce Oil f
93 79 f 0.30' S! 6100!P!erre Oil <
09%! 51% 7.38 5 8000 Pittshura C
914 84 ; 6.90' 6 205 Plttsburff C
ia.v ! 119 I nr.! l\ . tan' Pitt l-ninr S
30V 21% .. .. 4500 I'lttaburx A
80%! 66% 7.60, 6 200 PittxbiirK *
2"%i 12% 8.6" 1 200l I'ond Crmk
113%! 84 1 8.22( 8j 1000 l'mxsod Str
104% 96 7.001 7 100'Prrssod Btc
68 I f.? 6.901 4 200j Public Serv
124 109 7.11 8' 1400!l9illman Co
120 ' 65% 11.89' K 103001 Punta Allof.
50% 36 10.19, 4 8600'Curo Oil ..
106% 88% 8.41 8 300 Hallway St<
106%I 9641 6.71 j 7! 100 Railway 8tr
22%' 13% 7.14! 1! 28001Tiny Conw.1
11,1141 64 %J 4.23! 4 62100] Reading ex
61 32% 3.5? 2 10400 j Heading tsl
66% I 33% 3.38' 2 11600 Rending 2d
94 '43 200 Remington
93% 34% . 4600 Heploglo HI
65% 2r, . . .. 1300 u^puMid m
121%! 72% 7.74' 6 248001 Republic Ir
106% 92%' 7.43 7 200jR"pubIlo lr
128% 69% 6.86 5.20 25300 Itoynl Ilutol
17% 13% 6.901 1 100:St. Joseph
33%! 15% .. 14600 Ht Louis *
48%, 23% .. .. 900 St. Ixuilx At
40 11 .. .. 26400 St Louis H<
49% i 20% .. .. 17400 St Louis 8
25% 9% 9.76 1 7('0 Santa Oclll
88% 21 |25.26t 6 1800|Savngo Am
21% 4% .. 1500 Snxon Mott
11% 8% .. .. 1M0 Smbnnrd A
20% 10 , ..I .. 400 S'enbonrd A
212 105% 7.21 8 24800'S'.-nrs Hoob'
110% 10r.%| 8.66 7 200|Hoarf. Roebi
12 v ... ..| JloojHhnttuck A
90 % j 45%; f.lE]74o.j Io00j8ht.ll Trans
, 1920.
election need not be expected. But It
looks as If It might bo dltlleult to retain
the enthusiasm of that lurge class
of Intelligent Americana who are likely
to bo highly gralltied by the results of
the contest. The campaign has been 1
devoid of excitement of the sort which
iisettles business and restricts production.
But the radical clement has been
held In check, constructive policies have
been promoted and the whole nation has
('one a good deal of the sober thinking
which prepares It to put forth greater
fftort for permanent upbuilding of
American Indus v. With the readjustment
of commodity prices the credit
strain Is being relieved and, as year end
payments are being jcovidt d for. there
is likely to bo a further broadening of
inquiry for safe Investments.
3CK EXCHANGE
1920. 1919. 191S.
1 7 1,393,79012 -.1,237,369 113.7G4.T17
I " i i Nrt
| Irish. Low. Lant. i ChRp.
horn Ore ? tfs.l 34% 34 34% % !
tunoa Copper, | 27% 27 27 ,?
0 Sugar 17% 17 17% 4- %
& North 16% 15% 16% + %
& North pf.' 34% 32% 32% + 1% '
Steel 50% 49 49% ? %
7alker Refact. 14% 14% 14% 4
nufacturing .. 21% 21 21 ? h
arker Car.... 68% 67 67% 1
Mining 47% 45 45 ? 2 ,
r I 13% 13% 13% ? 14
Steel <27 27 27 ? %
1 Co ! 109. 102% 107% + 2%
tral 93% 94 94 ? 1
Iter 8 7% 7% ? %
ntng 16% 16% 16% 4- %
Con Copper.. 44% 42% 43% 4- %
Ion Corp 6% 4% 5%, 4- %
on Corp pf... 17% 15 15% 4- %
>rp 20% 20 20 ? 1
er Co now... 109% 106 109%| 1 2
er Co pf new.1109 ] 10!) . 109 4- 1
rlne I 19% 18 19
rtne pf I 71% 6S?% 71% 4- 1 's
Truck j 40 40 4<1
Truck 1st pf.! 73 73 73 i
il Nickel ! 18%! 11% 1"% ? % i
il Nickel pf.. I 83 I 83 j 83 .. j
il Paper ....; 74% i 68% 71 4/a ]
pf stpd 1 72%! 71%| 71% ? 1 1
>il 34 ] 31 33% 4* lis
ts Corp 41 I 40 41 ..
: Trans Corp. <1% 6 6 ? %
6% 6 ! 6 ? % |
pf 13% 12% 12% ? %
Tea 19% 19% 19% 4- 1%
f Southern.... 25% 24% 25% ? %j
Southern pf. 50% 48% 50
gfield Tire... 53% 51% 52% ? %
?field Tiro rta. 1 i % %
re 8 p c pf... 91%! 91% 91% ? % |
>cl Co 48%) 47% 47% ? S% I
Copper 22% 22% 22% ? % j
ire A Rubber. 15% 14% 14% ? % I
3 S pf 93 | 93 93 ? % I
i Steel Co...! 65% [ 03% 64% ? %
i of St L 55 I 46%] 55 +8%
t Western.... 22 I 21 21 ? 2
t Western pf. 40%] 37%] 38% ?- %
& Tire 20%! 20% 20%' 4- %
ley 55 I 53 55 [ 4- 1%
lyers Tob pf.. 104%!l02 102 4 2
20% 20%' 20%< _ %
13% 13 ] 13 |
Biscuit 88^1 85%I 37 V& ? %
i Ills 1st pf... 95 1 95 ' 95 !
? Bis 2d pf... ;103%!l03% 103Vi [ 4- 3
') Tob 145 '140 i 145 4- 4% j
') Tob pf..*.. 103 103 <103 4- 6% <
Nashville... 107% 10C%]106% ? 3%
i I 65 04 I 64
< pf ] 58% I 58% 58% ? % :
ar 92% 89 91 ( + 2 j
Kiev guar... 65% 57 64 + 8 |
Shirt 20%' 20% 20%. ? 1% j
v Corp I 19%! 10% 16% ? 1%
All? Works...! 32 ; 32 32 ] + 3
.tor 3% 3 3%
.tor ctfs ! 3% 3 3%
.tor lstpf....' 9 % j 8 8% 4- Vst
tor 1st pf ctfs 8%j 8% 8%
itor 2d pf....! 4 3%; 4 + %
.tot 2d pf Ctfs 3%[ 3% 3%
Stores 74 I 72 j <2 4-1
troleum '193% 18s%'l92 4- 1%
.er 19 1 18%; 18% ? %
es oil 14%; 13%! 14% ? %
el & Ord 38%! 38 ' 38%I ? %
A St % new. 20%! 18% 20 j + %
A 8 8! M I 85 S5 I 85 i ? 2
! S M i>f 1 1. . 66 56 i 56 i
an A Tex.... I 5%| 4%] 5 I ? % j n
& Tex pf.] 9%' 8 % 8 % I ? 1 !:
irifle 28%' 27% 27% ? %
iciflc pf 52%' 51% 51%' ? 1 ,
>\ver 68 (63 67%! 4- 1% !
wer pf 96 96 96 I 4- 1
1 A- Co 25% 23%: 25%[ ? %
ly 28 '28 | 28 14- % ! i
me Co 33741 3274' 33 .. 1
lilino A Chem1 38% I 67741 3874 1
A Chem pf. .1 9074 ?9%1 90 t + 74
iJ-outt Co ! 107Vi ! 106% 107 ! .. '
souit Co pf. ..1107 107 1107 ? 74
oak A Stilt... 34 % I 34 I 3474
oak A Suit pf 81 J 81 81 j ? 174
>ndult A Cable 7 I G74 B74 ? 74
ad Co 74741 74 74 I ? 1
ad Co pf 106 [104 10G : + 74
Mex 2d pf... 7%' 0741 6* + :
1 Copper I 1174: 1074' 11 \ 4- % ! :
s. Tex k Mex. 61 : 58% 61 1+174
Air Hrnke 95% 9714 9714 ? 2%
Vntral K314 80% 82%| + %
Chle A St L.J 6674' C0% 64 I + 4
t L 1st pf.... 73 I 73 ' 73 !
L 2d pf 60 ' 69 ' 69 ? 74 1
Hook ?4 j 24 | 24 ? 174
Cook pf 4G 45 45 ? 1
N H A Hart. 3474! 32 74 1 33 ? 1
ont A west.. 2574 23041 237; ? lvt
iVestern 100 9 8 74! 90% ? 7,
rioan Co 61 39 j 61 +2
aclflc 91 89 | 80*4 ? %
l S A C 4074 40 40 ? 74
Co 1374 1 3 1 374 + %
Flower Co.. 17*41 1774 1774! ? 1
Supply 48 ' 48 48 +74
rod A Itef... 4 8% 4
or Mining.... 574 4 6 .. ,
irotilt 27 ! 26 74 ! 27 +74
>r 132\ 131 132 j
tor 13374 '13 3 74 j 13314'
21 74 20*4 20**1 ? 174 1
le CO 38*4 48*8 38% [ +10% 1
ilopment .... 2 3 74 2 2 % 2 6 74 + 74
A Klectrlc... 34% 32 5474 + 74 I
A Tel 46 42% 46 ' + 374 I ,
trol & T 90% 87%: 89%: 4- %
trol A T B... 83% 8l%! 81%! ~ % |
llnwh im 26 26 I 26 ? % ; ,
la It n 43% 41!%' 43%! _ %
>nrd Steel 18% 17 ! 17%! ? 1% ,
h, Chicago.... 44% 88% 44% 4- 4% '
.stern 17% 15% 15% ? 1
ictte 23% 27%I 27% ? 1
letto pf 68 63 J 53 ? 1
ietto prior pf. 62 62 ( 62 ? 2
i Co 41% 88% 41%; +2 I'
rolfiim ...... 85% 85 35 ? % ; .
iw Motor 36% 35 I 36 ..
w Motor pf. . 90% 89%' 89% ? % |
'orp 15 13% 14% + % ,
orp pf 86 80% 86 ; 4- 6
oal of I'a 69 66% 67% ? %
r>al of Pa pf. .87 87 87 4-2
tool pf 87 87 87 ? 8
West Va.... 87% 35% 85% ?2
West Va pf. 79 78 73 ? 1
Coal 15 15 15 ? %
*<1 Car 97% 96 9774 4- %
el Car pf.... 100% 100% 100% ? iM
Ire Corp. N J. 61 58 68 ? 7 1
113 11174 112% ? %
rro Sugar.... 70% 67% 69 4- 1%
89% 33% 39% ? %
>el Spring 97 95% 95% ? l
Ol Spring pf. 105 105 10.V 4- %
Cop 14% 13%' 1374 ? %
<11V 98% 957*: 96% ? %
pf 69% 55 66 ? 8%
pf 63% 66 59 ? 1%
Typewriter .. 60% 60 % 60% ? 274
or I 81% 75 81 4-4
otorTruek... 34% 31 31 ?8%
on A Steel... 7874 76 77% 4- %
on A Steel pf. 94 92% 94 ? 1
h Co NY 80% 77% 73% ? 1%
l/eart 14% 14% 14% 4" %
San Fran.... 82% 81 81% ? %
San Fran pf.. 47%, 46 46% 4. 1%
mthwestern.. 40 35% 38% 4- 1%
W pf 49% 42 48% + 874
la Sugar ex d.; 11% 10% 10% ? 1
11 a Corp 24% 23% 23% ? 1
u- 5% 4% 5% 4- %
Ir Un? 974 9% 0% ? %
Ir Una pf... 17% 17% 17% ? %
uek Co 113% 105% 111 4. 8%
urk Co pf.... 106 105% 106 ? %
rlx Copper... 8 7% 8 ,.
A Trading... 48*f 48% 48* 4- %
I
BROWN BROTHERS & CO.
Established 1813
Philadelphia NEW YORK Boston
Republic of France
6% National Loan of 1920 j
Prinrinnl a n r\ intr?r#?ct- nai'3 in frnnro 4 I
* v...... ... ......_., ..V.W
from all French taxes. Not redeemable prior
to January I, i931.
Price for October 25
$64.75 per 1000 franc bond
(Price varla with exchange)
BROWN, SHIPLEY & COMPANY
Establisbod 1810
Founders Court, Lofchbury Office for Traveler*
LONDON. IS. o. 123 1'all Mall. LONDON. 9. W.
1 Standard Bank of
South Africa, IP
B I
WE ARE at all times very glad to discuss H
South African and Australian trade
1 conditions with exporters and iniporters.
Established 58 Years
370 Branches and Agencies
Resources $350,778,055
"WTH. MACINTYRE, Agent
1 68 WALL STREET NEW YORK |
Municipal bonds
EXEMPT FROM ALE ' - *
rrrrorrrp -A t rkrr^OMT? T^YCC
A i*-/ W&'AW JLJ. JUVMM
"Niagara Falls, N. Y reg. 5#% 1946-50 4.80%
" Amsterdam, N. Y reg. 5>?% 1960 4.80%
"Newark, N. J cpn. 5K% 1950-59 4.80%
Newark, N. J cpn. 5 >4% 1940-49 4.85%
"Trenton, N. J cpn. 5>*% 1940-51 4.85%,
"Cincinnati, Ohio cpn. 6% 1925 5.375%
Warren, Ohio cpn. 5%c'0 1931 5.50%
Austin, Texas cpn. 4H% 1924-25 6%
I egnl liaeMmrnt for sating* bank* and trust funds lnXewTork State
Fieed, Richards &0o.
52 BROADWAY
Cleveland New York Cincinnati
Guaranty Trust Co. Merrill, 8% Investment
Bankers Trust Co. Lynch lOYearMaturity
Republic Ry. & Light o p Circular A-78 |
McCLURE, JONES & REED .joBroadwtv N
Members New Yi.rk .SUxX Kxchangs <4U tlroadway. N. Y.
11.1 Broadway Phono 3331 Itertor Members New York Stork Exchanft
. . i. I
"Range lliiiO I 1 iTv.Tniv.l i | ) i j Net
IIIkIi.I I,ow. (Yield.(In t. 8ales,.( f Hlgh.| Ixiw.j Last. | Chs<
41% 23%] ..I . 26000!Sinclair Consol Oil 32%y 31 8J%! + l*
17% 11% ! 25800|Seneca Copper 17% 14% 17%j -4- 3
Hoi 59 9.231 0 1800lSloss-Sheffleld S & 1 67% 65 65 j ? 1",
310 100 ' 10.00 12 200|South P H Sugar 120 120 120 , -f- 1
105% 88% 6.21 6 80500 Southern Pacific 100% 98% 99% ? N
33% 18 .1 .. 207001 Southern Hallway ; 31% 30% 31%j ? %
66% 50 7.74i 5 2900 Southern Hallway 64% 63% 64% ? %
160 120 6.40i 8' 1001.Standard Milling Co 125 j 125 125 4- 4
*5 | 78 : 7.641 6| 200 Standard Milling Co pf..l 78%, 78%; 78%' 4- 3
850 [601 8.15; 20 501|Standard Oil of X J |658 639 j639 ? 1
113%'l00% 6.71, 7l 19600iStandard Oil of N J pf.. 105% 105 j 105 ? %
51% 26% 12.40 41 1900iStewart Warner Speed.. 33 31%, 32% + %
118% CO 6.71 4j 1400 Stromberg Carburetor .. 71% 69 ; 70
176% 63% 11.97 7 80320 Studebaker Corp 68% 56%: 58% + %
20% 17% 10.961 2; 1500jSupcrlor Oil 18% 17% 18% 4- %
60 41 11.91 6 200 Superior Steel Corp...., 60% 49% 60% ? 1%
47 40 10.00 4 100 Temtor Corn ft Fruit A. 40 40 40 ? 1
13% 9 .... 2300 Tenn Copper ft Chem.... 9% 9% 9%
53 40% 5.85 3 42800 Texas Co 51% 49% 61% 4- 1
53% 31 3.03 1 1800 Texas Pac Coal ft Oil.... 34% 82% 33 ? %
i; 17 .. .. 13300 Texas A Pacific 22% 20 21% 4- *?
22% 9% .. .. 18800 Third Avenue 22% 19 I 19% ? %
228 1190 ~ 3.71 8 lOOITlde Water < 61 215 215 |215
34%; 16% 14.29' 2%! 5000 Times Srj Auto Supply... 19 36% 17% ? IN
95% 57 9.00| 61 8800 Tolmeco Products 66% 65% 66%; ? %
106 j 53% 8.07J 7 200!Tobaoco Products pf 86% 86% 86%, 4- %
38%I 9 j .. 8500(Transcontinental Oil ... 12% 11% 32 4- %
66% 40 33.361 6, 800 Tranaue & Williams Steel 44 43% 44 | ? 1
43 " 27% 5.95 2.501 SOOjTwln City R T.. > 43 39 42 + 3
127 73% 9.82j 8 1300|Cnlon Hag ft Paper 84% 80 80% ? 4%
38 25% .. ..I 5200 Union Oil 28% 26%j 27% 4- %
129% 110 7.87 10| 18300lt*nion Pacific 128%126%;127 [
69%I 61 5.8?; 41 1800 Union Paclflo pf 68% 67 , 68% 4- %
53 I 87 10.63 4: 1800 United Alloy Steel 39 37%' 37%; ? %
111 %! 102 6.58 7} 100 United Cigar Stores pf. . 103 103 1103 | 4- 1
53 44 7.78 3% 200, United Drug Co lat pf... | 45 45 45 I
124% 176 5.33 12' 20900 United Fruit Company... 224% 205 |224% 4-17%
15%l 7% 8100 United Hy Investment..! 15% 12%j 15% 4- 2%
82% 13 .. ..I lOSOOjUnlted Hy Invest pf 32% 28% 82% 4- 87*
78% 53% 4.081 31 189O0,Unlted Hetall Stores.... 74% 72 ( 73%( 4- %
25% 12% .. .. 800 U S C I Pipe & Fdy 14 13%, 14 ?1
55% 40 11.96 r. 200 U S C 1 Pipe ft Fdy pf.. 41% 41%l 41%; 4- %
78%I 46 12.is! 6 1600 U S Food Prod Corp 49% 49 49% ? %
IIO-'h 77% 9.611 8 5400 U S Ind Alcohol 85% 82% 83% ? 1%
103% 90 i 7.46' 7 200 U H Ind Alcohol pf 93% 93% 93% ? %
69% 40 i .. ..I 300 U H Healtjr ft Imp 51 50 j 60 ..
.. 71% 10 3 i 8 17* hi u i: iM> r 77% 78% 77% 4 %
110% 101 ' 7.67 8 250 IT H Rubber 1st pf...... 106% 105 ,106% ..
76 52 111.49 6 70o U S Smelting, H ft M..'.. 53 52%, 53% ? %
109 83%1 6.66' 61110200 U S Steel 89% 87% 88% 4- <
115% 104%I 6.51 7 3S0O U H Steel pf 109% 107% 108 ? %
0% 66% 10.33 6 105001Utah Copper 58 55% 68 4- % M
j2%' 7 j ..I ,.i 8200|lltah Pec Cofp 14 10% 14 4-#%
97 ! 42 1 9.36 6| 9800 j Vanadium Corp 65 62% 64
?0% 65 4 81001 Va-Carollna Chetn 69% 65 66% ? t *
II" 14 104 7.(IT 8 70o|Va-Parollna ("hem pf.... 107% 100 106% + %
P0 76 5.41! 6 lOO Va Iron, Coal A Coke.... Ill 111 111 ? J
21 11% 13.33 2 36900 [Vlvaudou V 15% 11% )5 + 6
13 7 7400 Walmsh 12% 11% 11% ? %
34% 20% 4800 Wnhaeh pf A 32% 81% 82% ? %
13% 14 .... 400 Wabash pf B 22 21% 21% ? %
7(5 4S .... lOOl Wells Fargo Express.... 59 59 59 ? 1%
15% 8% 10750 Western Maryland 15% 14% 14% ? %
.'714 14 .. .. 7800 Western Maryland 2d pf. 27% 2G% 26% ? %
50 20% .. . | 660" Western Pacific 37% 36 86% ? X
75% 64% ft 11 6 200" W< "tern Pacific pf 76% 74 74
92% 80% 7.69 7 840" Western Cnlon Tel 92% 86% 92% + 1%
119 99 6.91 7 300 Wostlnxhouse Air Brake. 102 100% 102 ? %
55 44% 8.42 4 810" WestlnKhotise E & M... 47% 46% 47%* A %
i(5 9 .. 8400iWheeling A I.ake Erie.. 15% 14% 14% %
03 15 .. .. 1800 Wheeling A Lake Erie pf. 27% 26 26% -s, *
69% 42% 8.79 4 fi00|Whlte Motor 46 45% 46% ? %
32% 24 13.971 41 400 Wlckwlre Spen Steel.... 28% 28 28% ? %
'52 10 9.09, 1. 265001 Willys Overland ex dlv.. 11% 10% 10f% ? %
93 63 11.48 7 8400 WlUjrs Overland pf 63% 68 61 ? 8% M
82% 46 9.80 5 1600!Wilson A Co 68 50 61 ? %
93% 86 ! 8.14 7 100'Wllson A Co pf 86 86 86 ? 2 H
m 25 .. 20" Wisconsin Central 45 45 46 ? % 1
?4| ion 7.44 8| 1600 Woolworth, F W 108 106% 108 + '? B
116% 103 6.64 7 600 Woolworth. F W pf..... 107% 106% 107% ? 1%
95% 66 10.52 6 60" Wortlilngton Pump .... 68 57 67 ? 3
9.3% 80 8.78 71 100;WorthIngton Pump pf A. 80 80 80 ? %
Yields calculated on last prices.
Odd lots. Note?Odd lot transactions are not recorded In ssperate line ?.
unless sales were mads al price outside of the regular range. '