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The New York herald. (New York, N.Y.) 1920-1924, October 29, 1920, Image 14

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Persistent link: https://chroniclingamerica.loc.gov/lccn/sn83045774/1920-10-29/ed-1/seq-14/

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h
I 14 .
P || ?Railroad
Bonds
(38 Issues)
In our circular entitled "Factors
Favorable to the Railroad Bond
Market" we divide into , four
groups thirty-eight issues of railroad
bonds according to our judg!
meet of their investment merits,
' and indicate present prices and
yields, compared with the range t
of the past twenty years. A number
of the issues mentioned are
legal investments for trustees and
savings bonks in New York State.
Write for Circular 1723.
ISpencerT rask&Co.
25 Broad Street, New York
ALBANY BUNION tniCAGO
Member* Nrvr York Stock Exchange
j .aipdidcts ?. mrajfo ?wx"K r-xrnaigro |
*? i
i
V<fyy YO_S^^
State of J
California
4}^% Gold Bonds
I?u? July, U>42-?8 Incl.
W Legal Investments for
Savings Banks and Trust
Funds in New York, f\lass.,
Conn., Calif, and other
States. Eligible as security
fbr Postal Savings
Deposits.
Prices on application
I Send for Circular A D 318
TheNationalGty
Company
.Main Office:
. National City Bank Building.
I'ptutan ulllce: Kiflh Ave. A-4;ird St.
> 1
NE1V I.SSCK
$2,000,000
Portland, Oregqn
5% Coupon Gold Bonds
Principal and interest payable
in New York City
Maturities and Prices ^
1923-1930, 98 & Int.
1931-1935, 98'/2 & Int.
1936-1940, 99 & Int.
1941-1945, 99'/2 & Int.
1946-1950, 100 & Int.
Descriplke circular on request.
Estabrook & Co.
24 Broad St. ! 5 State St.
New York Boston
Providence N|>rini(AeWt
Brazil 5% Funding Loan
of 1898
Brazil 5% Loan
of 1903
Argentine 4% External
of 1897
Argentine 4% Rescission
Bonds
Japanese External Loans
4' c and 4'/2co
FOREIGN DEPARTMENT
Hirsch, Lilienthal & Co.
M i-rr ix-r.
New York ^iwii Crchan^?
165 Broadway, New York
BKAvrriKM
n?t>) llrtlrrlnirr. U'way Ac 77th Pf. i
flotel Urr.lin, B'way Ac 2<Hli *t
3 8mI 44th M.
^?gj^
I Standard Oil
| of Indiana
Bought, SolJ & Quoted
J C.C.Kerr&Co.
^ 2 Rector Si., N. Y. P'tort? 678!) Rector
vs.w.wv. MW
Mark A. NaWa Theodore c. Torwla
NOBLE & CORW1N
tS IIran <1 it. New Vark j
I Equitable Tr. Royal Bak.: Pfd. |
Guaranty Tr. Bklyn City R.RrT
Scoville Mfg.
Singer Mfg.
U. S. Worsted
FREDERIC H.HATCH &C0.
-Ct.]i'WSnIr> >oeeV- Tel Ret/or t&#
^ ^ u..?. ^oM^-rrT?iV/e
^ "WO* (-yjCHAl rHltAJ10NT*MI?ftTT90UtGM
THE
NEW YC
i
Day'a Bales
^-Cloning.?J Dlv. | "
Bid. | A?k. fin $.| Bale*.
j 35 %j 36 | 800 Adams Express
27 27%j .. 200 Advance Rumelj
I 58% 00 li 4001 Advance Rumelj
39 40 i 6; 200 AJax Rubber ..
1% 1% .. 400 Alaska Gold M..
1*4 2 .800 Alaska Juneau (
, 57*4 58% ..] 1200 Allied Chem & I
32% 33%| 4' 600 Allla Chalmers A
I 75% 76 j 7 200 Allls Chalmers 3
'j 81 81%' 8' 3100 Am Agric Chem
84 86 I 6 100 Am Agric Chem
j 74% 75% 8' 000 Am Beet Sugar,
j 75 80 6 j 100 Am Beet Sugar
*) 72 74 101 lOOOjAm Bosch Magi
! 48 I 49%' 4 100 Am Brake Shoe
32 I 32% .. 900 Am Can
133% {133% 12 2400 Am Car & Foun
110 illl 7 100 Am Car & Foun
24 j 25% .. 100 Am Cotton Oil..
67 j 70 6 100 Am Cotton OH ;
9 1 9%|80c 200 Am Druggist Sy
134 140 i 6: 100 Am Express ...
i 10 ill ] .. I 2(40 Am Hide & Eea
I 58 ! 58% 7 4000 Am Hide & I^eat
j 58 59 | 6 300'Am Ice pf
they word In steels and some specialties.
The motors, except General Motors, for
Instance, gave a better account of themselves
than did the general run of securities,
but on the other hand International
Paper was extremely heavy.
It was noticeable, furthermore, in the
afternoon that the steel shares did no.
j rally as easily as did other stocks. While
' slocks of the type of United Fruit were
j moving forward sharply. Steel common
I did not have strength enough to rally a
[ full point. Neither was there any spej
clal strength In Baldwin, although that
! stock did get well above its low of the
day.
There was no change during the day
1 In the money situation. The renewal
( rate was llxed again at f per cent, an'
i new loans were bid up to 10 per cent. In
1 the last hour, the same as on previous
days of this week. Them was much talk
during the afternoon, particularly following
fhe rally In stocks, that money
would turn easier for the rest of the
wef k. but that talk was not taken very
seriously In hanking quarters. In which
preparations were going on to meet th.:
usual monthly Interest nrtd dividend Sls1
bursements. If there was to be any re
luxation in money, it was declared, i:
would come only uftor those disbursements
should have been completed. I;
was declared, furthermore, that there
hardly could be an Improvement In the
money situation with IVall Street facing
arother bad set of bank statements this
, veek.
MONEY AND EXCHANGE.
CALL, MONET.
High lOT.ast 10
I^>w 0 Renewals "
Year's hlgli 25| Year's low 6
CLEARING HOUSE STATEMENT.
O-Ing House exchanges, *77.1.083,240:
balances, $77,2.111.007; Hub-Treasury credit
b?!snees, $03, OlM; Federal Reserve credit
balances, $'11.1111.II.".
H1T.VER MARKETS.
Official bar silver In New York: TV>msst|e.
1 02tic. per ounce, unchanged: foreign. 7074c..
dollar, flOV-. off
i 'ANA t'lAN F.XCHANGE.
New York funis In Montreal. $108 56 premium
per dl.OO): Montreal funds In New
Tork. $96 27 per 11.000.
FOREIGN EXCHANGE.
GREAT BRITAIN.
Tburs- Wednes|
Parliy. ) day. day.
$4.MiC3 Demand. sWllnf.... ,$3.40 93.4<P?
Cables. sterling .1.488* 3.47S
Bankers, 00 days.... 3.42 3.42'?
Bankers, 90 day*.... 3.40 3.407$
THE CONTINENT.
10.30 France, cents a frano?
Demand n.r.1 0 31
<"nbl"? ...? 0.33 <132
10 30 neiaium. cents a franc?
[' rnnntl 0.74 6.724
tables <1.70 <1 73'i
1P.N 3? itji rland, cants a frano?
Demand 17.>17 13.72
Cables 10.70 10.73
19.30 Italy, cents a liraDemand
3.7 .3.724
Cables 3.73 3.734
13 *0 Germany, rents a mark?
Iicmand 1.32 1.38
Cable 1.33 1.30
20 80 Swed m, rants a krone?
D-ma-id 10 30 10 43
cable* 10.17 10.-.0
20 80 Norway, cents a krone?
T'rman.l 13.43 13 83
Gable* 13.30 13.70
20 80 Denmark, cents a krone?
Demand 1.3.0O 13.70
Cables 13.63 13.73
19.30 Greece, cents a drachma?
Demand 0 63 O.nr,
Cables 0 70 0.70
10.30 npaln, cents a peseta?
L?mand 13.70 1.1.'>6
' ab>s 13.00 I i 70
40.20 Holland, cents a florin?
I 'emend .'W.33 > 35
Cablts 30.45 30.43
51.40 Russia, cents a ruble?
j j.j., i j.,
"no ruhio# j .o", j (,r,
S0.3 Austria. cent* a 'Town?
lu-mand 3J' 34
? ?'aW< ? 34 .38
.0..0 <'r.r<lin-Slovakia, canta n i rown?
luimnnd j.m j ;j
Fablna 1.22 J,jj
18.30 Rumania, emit a l?l?
I mm and 1 (V? ] r.o
Cablaa J ,CS l TO
FAR EAST.
108.33 Shanghai, r.nla a fa?1?
' 'rtnand M 00 83 no
.? 04.(Mi j?? rjo
if.OO llonirkong, <**ntj a dollar?
ivmand un.fiO ftp.V)
',al,1r' 70 00 To fM?
i 4s.GO l.omhny, fentu a mp#0'?
I'omatul 20.00 20 00
f'ahl** 29.2." 2W 2j
49.14 Yokohama, r??nt i n yan?
Jx-mand .V).?7t', 80 87%
* 81.12% r.I 12%
SOFT11 AMEntCA.
"2.44 Rio d? Janeiro. rent* a mllrrla?
J)?mani| j; -o |*
<nbl*a 17 ??% is -.n
43.48 Hurnoa Alraa, ranla a paao-T
Immand &.00 33.00
I'ablna , 38 12% 3512%
t 103.4" Uruguay, eaiAa a dollar?
Damand V,..,.. 80,d!% 8043%
cablaa to.87% 80.87*
FINANCIAL NEWS
AND COMMENT
After Early Decline Stock
Market Makes Unaccountable
Afternoon Rally.
STEELS ARE UNDER FIRE
Underlying" Conditions and
Money Situation Show
No Changes.
For tho first half of yesterday's session
of the stock market the decline
which began with tho publication of the
quarterly earnings statement of the
Steel Corporation was continued. The
leading Issues?that Is to say. stocks of
the type of Steel common and Baldwin?
lost ground rapidly under the flro of
the selling, with the averago price of
Industrials approaching tho lows of a
month or so ago. In the afternoon, however,
the market suffered a complete reversal
of form and stocks rallied al
ikvti ?a raru/ UIC/ I1JIU gun? UUWn
In the forenoon. There was nothing In
the news to account for the sudden
change, and it left many observers completely
puzzled. The only satisfactory
explanation offered was that stocks had
become oversold In the course of the
forenoon and that tho shorts had run
to cover on the first Indication of resistance.
but that explanation was not
taken seriously In conservative quarters
because of two considerations?first, because
there was real liquidation on the
decline and, second, because the market
had gained entirely too much momentum
to stop so suddenly.
Nevertheless tho change In the character
of the trading was very marked
and carried stocks up more than a
point on the average. As a matter of
! fact. In so far as the market averages
I were concerned, the market showed only
a fractional decllno at the finish, whereas
at midday the averages stood close to
their lows of last month. If the rally
had occurred In the face of real news
there would have been no doubt about U
at all. but Inasmuch as it came out of
a clear sky the average market observer
was Inclined to doubt whether
It was indicative of an important change
for the better. If there had been, for
Instance, some change In the underlying
situation the market would not have
been half so puzzling, but there was no
change whatever In fundamental conditions.
Those conditions remained Just
as they have all the way along, not only
In the ^aso of the iron and steel trade
but also in other commodities. Neither
was thero any change In the money situation.
That market remained Just as
tight as before In spite of the declining
stock market, which generally means a
lessening of tho demand for speculative
funds.
As was the case in previous sessions,
the most severe selling occurred In the
Hteel shares. Steel common Itself got
down within a fraction of Its low f<?~
the year and there was heavy liquidation
likewise In the Independents. Naturally
with the steel shares under Are It was
hardly to be expected that other stocks
would hold up hi the face of the selling.
They went down, but losses in that direction
were not nearly as marked as
<1%, 7244i t> 3800 Am Internationa
66 68 1 3! 200 i Am Linseed Co.
84 86 7 # 100' Am Linseed# Co ;
94\ 95 6 2900fAm Locomotive
1244 1344 2200lAm -Safety Razoi
1744 18 .. 12001 Am Ship & Com
57441 58 4 8900 Am Smelt & Rel
90 I 90*4 7! 600'Am Smelt & Re!
37 | 87 8' 24001 Am Steel Found
104V4 104*4 7 2700'Am Sutrar Ref.,
1AK ' 1A7LZ.I 71 AAA A tv. Qnmie \-tfx? r*
85%! 86 ' 10 POO'Am Sumatra Tol
99%jl00 ] 8 1300]Am Tel & Tdl
126 126% 12 2150(Am Tobacco ...
123%'121 I 12 22001 Am Tobacco 11..
69 %| 69%] 7 7700iAm Woolen ....
46% i 47 I .. 500 Am Writing Par
50 j 50%! 4! 57001 Anaconda Coppe
3%f 3% 100'Assets Real iza tic
r.9 I 60 6 lOOlAsso Dry C4oods
101 1104 6 100(Associated Oil C
88 88% 6 5000l Atch, Top & San
76% 77 5 500!At, Top & Santa
9% 9% .. 200!Atlanta, Birm &
95 " 97 71 SOOiAtlantlc Coast I
16% 19 .. 1001 Atlantic Fruit ..
142 1142 % i 10 5700l At, Gulf A W I
111% 112 7 36700] Baldwin Locomol
97%! 98% 7 200,Baldwin Loco W
44% I 44% .. 14400 j Baltimore & Ohk
53 I 53% 4 5001 Baltimore & Ohk
129 1130 8] 500 Barrett Co
4%t 4% ..I 400 Bethlehem Motoi
65 i 68 5i 100 Bethlehem Steel
104%!l05 8! 100 Bethlehem Steel
68%' 68% 5 12200 Bethlehem Steel
6 ] 6% I .. 400 Booth Fisheries
12%! 12% .. 800 Brooklyn Rapid
7% j 8% .. 200 Bklyn Rap Tr ct:
87% 90 7 100 Brown Shoe pf.
96% 97% 10 300 Burns Bros
13% 14 .. 100 Butterlck Co ...
6% 6% .. 600 Butte Copper &
15% 16 .. 300 Butte & Superioj
18% 19 .. 3000 Caddo Cent O &
63% 64 6 300 California Pack <
69 70 7 100 California Petrol
53 54 4 100 Calumet & Ariioi
124 124% 10 8500 Canadian Pacific
9 9% .. 200 Case (J I) Plow
40% 41 I .. 4800 Central leather
87 90 I 7 200jCentral Leather
37% 38 ) 4 400]Cerro de Pasco (
82% S3 j 10) 4600 Chandler Motors
65% I 65% I 4i 1900(Chesapeake & Ol
8 13%! ..I 800[Chicago & Alton.
10% 11 I .. 200.Chic & E 111 Eq 7
10% 11%! .. BOO'Chic & E T pf Eq
11% 12 f .. 2100'Chlcago Gt West
29 28% .. 1800lChicago Gt Wosti
42 42%! .. 8200'Chlcago, Mil * S
62% 62%! .. 6200;Chicago, Mil & SI
80% 81 j 6 1300jChlca*o & Nortln
76 77 ! 8' 200 Chicago Pneumat
35% 36 I .J 6800'Chicago, R I & P
69 ! 69%! 61 800.Chicago, RIAP
81 I 81%! 7' 800'Chicago, l: 1 & P
13%! 18%! ... 2500 Chile Copper
24%! 25 1%! 600 Chino Copper ...
59% j 64 ' 8' 200'CIuett. Peabody i
26";' 27%! 2300'Coca-Cola
33%' 33%; ..I 200'Colorado & Soutl
59 i 59%] 61 900jColumbia G & El
19%! 19%! 1! 8900 Columbia Grapho;
76 | 78 ! 7] 10ft!Col Grophophone
43 ! 45 ' 4 lOOjComp Tab Recor
73%! 74 I 7! 600 Consolidated Cigs
80 ! 81% | 71 100 J Consolidated Cig t
86% 87 | 7| lSOOjConsolldated Gas
7%] 77;] 2' 500]Con Interstate Ca
23%! 24% 3 1800'Consolidated Texl
9% j 974 ll 700]Contlnental Cand
82%' 827i' 4' 7250!Corn Products R
36%] 37 l2%! 600 Cosden & Co
123% 124 I 8 15400]Crucible Steel Co
85 | 92 ] 7! 100 Crucible Steel Co
la I ,1ft ! el XffOnim.V.ar. Am
34% 35%i ..I ISOOiCuba Cane Sugar
73%1 73%: 7 200lCuba Cane Sugar
103 '103I 0 000 lb-lawarp <fc Hud!
1 233 241 1 10' 400)Del. Lack * Wos
3%I 3-\: 500 Denver & lilo Hit
11% 11%' ll 300;Dome Mine*
21 "A1 23 I ..I 200'Klk Horn foal C
62%' 03 I 51 600'Endlcott Johnson
17%' 17^4! ..! 6600 Eri<>
2644| 27 .. 32O0:Erie 1st pf
18?4 1 19?4 700! Erie 2d pf
67% I 68 S 600 Famous Players-1
20 ! 21% 3 1000! FIsk Rubber
4%! 4% .. 400'Goston W & Wig
64 ! 65 2 100'Gen Am Tank Ci
61 ! 62 6; 400 General Cigar C?
137% 130 | 8 OOOlGeneral Electric
16% 17 I, 16400!Genoral Motors .
66% 67 I 6' 200'General Motor Cc
77 78 ! 7' 5 00'Gen M Corp deb j
60%I 50% 6 2200jGoodrleh (H F).
R5% 86% 7 4600 Great Nortlprn j
33% 1 33%I 4! 300'Great Northern t
26%I 27 21 200TJr?enn Cnnanoa
16% 17% 2 lOO Guanlanamo Hug;
13 1 15 ..! 200 Gulf. Mobile A N;
41%! 45 1000 Gulf States Steel
71 J 73 7' 200!Hartman Corp .
7t ! 73 7 100 Hartman Corp s
66 ' 67 4 1100 Haskel & Darker
13%' 13% 1 700 Hupp Motor ....
25 ! 26 3 100 Hydraulic Steel .
105%'106 .3800 Houston OH Co.
02 03% 7: 200 Illinois Central .
7% 7% 60c| SOOlIndinhornn Ref .
16 17% 1.20 1001 Indian Refining 1
I 42%-42% 4' 1100 Inspiration Con
)% 1%' .. 3200 Interboro Gr?n Co
13% 13\ 700 Interboro <|on Co
70 80 5 400 lilt Agri Corp pf.
105% 106 7 1000 Int narv'wter Co
107 100 7: 500 Int Harvester Co
18% 10 ! .. 1000 Int M< r Marine.
60% 70% 6 3200 Int M?r Marine |
17%l 17% .. 2100 International Nic
64%l 65% .. 120O0 International l'aj
33 33%l ..! 5400; Invincible f >il ...
40 4044 .. MOO Iron Product* C<
7.** f.7* .. 3500;T9land fill A Trar
4 44' 5 441 .. 200 Jewel Ten
12>4 13 , 100 Jewel T" i pf ?
17 17', 2 200 .tone* Pro- Ten. .
23 I 2344' 40?0 Kanna* Vity ftou
4s 4M-% 4' MOO Kan City South**!
77. | M0 V WO Kav*< r, Jullu* A
60% 51 l t?oo Kelly Sprlnir field
.. .. .. 4100 Kelly Springfield
2214 22*4 2; 27.0"*< nw-i <itt ' 'oppei
1344' 14 1.20 2227. Key a tone Tiro At 1
03 102 7 100 Krewre C!n h h pi
0344 ' WOO linckfivranna HP*
20 2 If .. 20Q lAkc Krlc A W<
AUSTRALIAN GOLD COMING.
National f'ltr "nnk Arr*n?n for
l'lr*t Mhlpntent*.
A new aouroe for gold accretion* to ,
the fTnlted State* wa* opened up yeater<lay,
when It was learned that the National
City Bank had conaummated the
purchaae of $5,000,000 of gold In Aua- ;
trnlla. That country ha* had a aurplu* ,
gold aupply for a long time, but the
aah-a of gold have not Vert made to |
hank'r* In the t'nlted State*. After a
u/rlee of m iy unaticoe- <ftil hid*, B. A.
Hula. vlce.prerldent of the National City
I'.itnk. In ehargr of foreign exchange,
wn* Inafnrmentai In putting through a
aticeeaaful hid for the irold to Australia
direct.
The amount thu* far purchased I* In .
th< neighborhood of $5,000,000, hut the >
path for aubaerjuent acrjutaltlona haa
been opened. Soma of the amid la on the
way to New Tortr All of It will bare i
. arrived by the early part of December. |
NEW YORK HERALI
)RK STOCK EX
THURSDAY, <
1920. 1919. 1918.
828.433 1.534.273 817.72
|Open- llllsh- I ?ow- Clo?- Net
| lug. | eat. I eat. tng^__ChaW
35% 3&HI 84% 34% ? 7
7 274 274! 27 27 ? lb
f pf 59 59 58% 59 + b
38% 384; 334 384 ? b
14 14 14 14 ? b
3 M 1% 1%I 1% 14
)ye w 1.. 384 584! CS 584 ? 1
If* 324 3274, 82 32 ? b
Itg pf... 764 764 76 76
80 SO I 74% 74% ? 5<J
pf 84 84 I 84 84 ? 2b
734! 73 4 72 4 73 ? b
pf....... 75 ! 75 | 75 75?6
nolo 75 4 75 4 71% 714 ? 4'
A Fdy... 49 1 49 49 49 ? 81
32%! 324! 324 824 ? "
dry 1344 134%'1324 1334 ? 1
dry pf... 110 110 ! 110 110
244 ! 244' 24 4 244 ? b
pf 694' 69 4 69 4 69 4 + 5}
ndicate.. 94: 94 94 ?4'
132 132 '132 132 I ? 6',
thi-r ! 9%' 1041 94 104) + *
' r.a I r.sti.' RfiU. r.Ri^' -t- J,
,3 .6 til * I '
I 59 59 59 59
A Corp..! 72 72 70%; 72 ..
68% 68% 67 67 ? 2\
pf 1 84% 84% 84% 84% ? 1
95% 95% 94 94% ? 1%
12% 18% 12% 13 ? \
merce... 17% 17% 17% 17% J
1 58% 58% 57% 58 ? \
r pf 90% 90% 90% 90% ? l*
ries 37%1 37% 36% 87% ? V
103%I104% 102% 104%
f 105% 105% 105% 105% ? 2V
) ?.. 86 i 86 84% 8o 1
99%! 99% 99% 99% ? h
125%;i27 122% 126% ? V
; 123% 125 122 123 ? 2
'71 71 68% 69% ? 1*
>??r pf...! 46 46 45% 46 71
r I 50% 50% 49% 50% ? M
n I 3% 3% 8% 3% ? K
1st pf. J 59% 59% 59% 59%
o 101 ! 101 101 101 ~ 4M
taFe... 88% 88% 87% 88% ? M
Fe pf.. 77% 77% 76% 76% + M
Atl 9%' 9% 9% 9% ? %
,ine 96% 96% 95 95 ? 3
17 17 17 17
S S 142 1142% 138 142 ? %
lve Wks'112% '112% 110% 111% ? 1%
orks pf. 98%I 98% 98% 98% 4- %
, ! 46%' 46% 43% 44% ? 1%
3 pf | 53%I 53% 53% 53% ? %
'130 130 1287* 129% ? 1%
I 4% J 4% 4% 4% ? %
67%' 67% 67% 67% ?2%
8 p c pf. 104%ll04%,L104%;104%
B ! C9%! 69% 67% 68% ? 1%
! 5% 6 5% 6 + */i
Transit. 12%j 13 12% 13 + %
fs of dep 7%| 8 7% 8 + %
87% 87% 87% 87%
97% 97% 96% 96% ? %
13 13 13 13
Zinc 6% 6% 6% 6% ? %
' Copper 16 16 15% 16 ? %
rt 18%. 19 16% 19 + %
64 64 63% 63% ? %
pf 69% 69% 69% 69%
na 53% 53% 53% 53% ? %
124% 125 123% 124 ? %
Works..I 9% 9% 9% 9% + %
' 39% 41 39% 41 + 1%
pf I 88 88. 88 88
loppor..! 37% 37% 37% 37% ? %
| 82% 83 81 83 ? %
lio 66%> 66'%! 65 65 ? 1%
1 18%! 13%! 13%! 13% ? %
rv ctfH..I io%] io%! io% 10% ? i%
Tr ctfs.! 11 | 11 ! 11 11 ? 1%
ern 11%' 11%! 10% 11
prn pf..l 28% I 28%! 26% 28 ? %
t Paul.. 41% 41%! 40 41% ? %
: P pf...l 62% 62%I 60% 61% ? 1
vestern. 81% 81% 80 80% ? %
ic Tool.! 76 I 76 I 76 76
nciflc...! 36%' 36%! 35% 3576! ? %
6 p c pf.1 69%. 69%| 69 69 I ? %
7 p c pf.J 81% 81%' 80% 80%' ? 1%
13%; 13% j 13%! 13%! ? %
eCo!.!j 62%' 62%! 62 "j 62 ! ? 1 4
26%' 27%] 26% 27%' + %
lcrn ! 33 83 *33 ! 33 I ? 2%
ec : oy oji i on to 09 | ? 's
phone..! 19% 19%I 18%! 19%' ? %
Pf '78% 73% 78% 78%; ? 14
il I 45 45 I 45 45 + %
ir 75% 75% 73 73 ? 2
ir pf... 81 81 81 I 81
87 87 85%) 80% ? 1%
il Mln.. 7% 7% 7%! 7% ? %
rile .... 24% 24%! 23% 24% ? %
y i 9% . 97*1 9% 9% ? %
ef" 81% | 82%' 80% 82% + %
30%: 36%! 36% 36% ? %
[125% 125% 1120% 1123% ? 2%
pf '90 '90 1 90 90 ? 2%
! 39% 39% 37% 39 ? 1
1 84%: 34 V 33%' 34 ? %
pf ' 73%1.73%' 73%' 73% ? %
on i 102% 108% 1102% 103%! 4- %
trrn 242 242 240 :240 ? 2
inde pf. 8% 3% 3%I- 3% + %
' 11%: 11%' n%! 11% + %
orp ' 22%! 22%! 22 22 ? %
' 63%| 63%{ 62% 62% ? 1%
18% 18%, 17 17% ? %
! 27 I 27% 26 26% ? %
19 ! 19 18 18 ? 2%
L.'isky . 67%' 67% 67% 67% ? %
20 | 20% 19% 20% ? %
more... 4%! 4% 4% 4% ? %
srp 65 I 05 65 65 ? %
62 I 62 1 61% 61% + %
Co '138 138% 197% 1188% + %
17 ! 17 i 16% 17
>rp dob. 67 ?67 ) 66% 66% ? %
if 7 p c. 77%! 77%| 77 77 ? %
49%] 50%! 48% 50% + %
if 86 *86% 81% 86% + %
ire rtfs. 33% I 33% 33% 33% ? %
Copper. 26%I 26%' 26% 26% ? %
ir I 16% I 1674 1 6% 10% ? >4
nrth.... 15 t 15 15 I 15
45 | 43 40 I 40 ? 8
71% I 72 71%' 72 + 1%
80 f 70% 70% 70% 70%
Car 66%' 66%| 66 I 66 '
j 13%' 13% 18% 18% ? %
! 25 I 25 I 25 1 25
'106% 107 1102% 105% ? 2
93% 93%! 93%! 93% ? %
7%' 7%l 7%! 7%| ? %
' 10%' 16%' 16%: 16%' 4- %
Popper. 42% 42%' 42%' 42%I ? %
rp 1 4-% 4%' 4% I 4%!
rp pf... 13%: 13% 13 '13 ? %
'78 : 78 i 75%| 75% ? 3%
new. ..[107 107 1105%1105% ?2%
pf new' 108 108 |107 107 ? 1%
I 18%| 18%' 18%' 18% ? %
r.f ! "0% 70%: 68% 68% ? 1%
kfl ....) 17%' 17%| 17%! 17% ? %
?r .... or. 6041 B2r,s r.r. ? l
I 34 ' 3 J | 82ft 334 ? 'i
>n> 1 40%; 40%; 40 404 ? 4
s Ojrp. .">4 r.%! 54 6* ? 4
' r?4 ">44 "'4 64 ? 4
12* 12%[ 124! 124 + 4
I 174 174 17 I 17 ? 1
Ihrm...! 24 I 24'J 2241 2241 ? 14
n pf...; 4s* 4s-ft 4S4 484] ? 4
Co 80 80 I SO I 80 I ? r>
Tiro.... 504 01 00%: 61 \ ? 4
T rts..' 4 . 4 4 ? 4
224 22 % 22 22 4
ItublHr. 13 V 1*4 H j 13 ?1
f ?."> 95 95 ; 95 + 2
I Co... B34 04% 63 , 04 ? 4
<torn... i 20 20 1 20 20 ? 4
me nms cumins in rtovrmmr, j nfC)
shipments nre the first of gold from
Australia to liny point outside of tho
Hrltlsh Kmplro and tho venture to expected
to be a profitable piece of business.
% "
HANK or rHAXCB STATEMENT.
Pints, Dot. 2*.- Tho weekly statement
of the Honk of France shows the followIn*
change*: Oeld In hand Increased
1,449 OOOf., silver In hand Increased
3?l,oonf. note* In circulation decreased
2or, L'oo.noof, Treasury deposits Increased
74.770.OOOf, yenero) deposits Increased
11 3,Sfl!?,n00f., bills discounted Increased
241,90e,0fl0f., advance dccerensed 40,937,OOOf,
PAltfS BOtHSR Till 1)1 X (>.
Pasts, Oct. 23.?Trading was dull on
the Hour so to-day. Three percent, rentes,
;,;,L 70c.; exchange on I^ondoe. R4f. ?>3o.;
r, per rent. loan. 9Sf. 4Bo.; the dollar,
l&f. 71 Via )
J.
3, FRIDAY, OCTOBER
CHANGE QUOT
X'TOBER 28. 1930.
4 Year to date
/?Cloning.?JDtv.l j
9. ? Bid. | Aak. [in $. Bales. I
a 36 38 .. 400 Lake Erie & W?
4 02% 53 344 4000 Lehigh Valley .
i 130 145 12 300 Liggett & Myen
4 1944 20 2 1300 Loews Ino
4 12%' 1344 .. 13 00 Loft Ino
12% 1344 .. 3 00 Loft Inc cash..
4 8544 38 .. 100 Loose Wiles Bi
4 141 143 12 1600 Lorlllard (P) T
105 106 7 500 Louisville & Na
4 6044 66 6 200lMaekay Cos ...
'a 90 91 10 400|Manati Sugar .
t 58 59 7 8001 Manhattan Eloi
* .18% 19% 19* 100 Manhattan Shir
.. .. 100 Maxwell Motor 1
8 . 100 Maxwell Motor
/. 78% 75 ^ 8 700 Mays Dept Stor
?, 78% 75 8 40 "Mays Dept Stc
95% 100 7 300 Mays Dept Stor
4 188% 188% 12 88500 Mexican Petrole
18% 18% 2 300 Miami Coppor .
14% 14% 1.60 9900|Middle States C
4 37% 37% 4 78001 Mldvalo Steel &
<, 18% 18% .. 1200 Minneapolis & 8
t, 80 .83 7 100 Minn, St P & S
" 90 97 7 100 Minn, St P A 8
, 4% 4% .. 800 Missouri Kan <8
8% 9 .. 400 Missouri, Kan *
26% 27 .. 4800 Missouri Pacific
50% 51 .. 4200 Missouri Pacific
63 64% 3 800 Montana Power
j, 23% 23%' .. 1100 Mont Ward & C
27 27% 4 100 Mullina Body ..
i 33 34 3% 200 .National Acme <
i 67% 58 .. 200 National Aniline
90% 90% 7 100 National Anl A <
83% 35 .. 100 National Cloak <
79 82 71 200 National Cloak i
> 6% 6 .500 National Condul
58% 59 6' 700'Natlonal Enain
73 74 I 6 ?300!National I .ead C
; 105% 106%[ 7! *100|Natlonul I*ea.l 0
6%) 6%) ..J 700]Nat R R of Mrx
, io% 10%' 1 300[Nevada Con C
63 64 .6001 New Orleans, Tc
' S0% 80% 61 6500(New York Centr
61% 62% ..I 200 New York, Chic
; 32 " 32% .. 6500 New York, N H
22% 22% 1' 1200 New York, Ont <
[ 98% 99% 7 1300 Norfolk & West
87 87% 7 7800 Northern Pacific
40 40% 5 500 Nova Scotia S &
4 41^ 400 1200 Oklahoma Prod
' 2fi 27 2 800 Orpheum Circull
k 123 130 8 lOO'Otis Elevator
J 20% 21% .. 400|Otls Steel
1 53 59% 3 300[Owens Bottle 0
k 22% 22% .. 200U*aciflc Developn
1 53 53% 5 500lPaclflc Gas & E
1 88% 88%! C 19600!Pan Am Petrol i
1 82 83% 6; 800[Pan Am Petrol'?
, 43% 43% 8 3000 Pennsylvnnia R
' 15% 15% .. 800!Penn Seaboard !
1 41% 42 .. 2100!People's Gas, CI
1 25 23% .. 3600|Pere Marquette
49 62 .. 200|Pere Marquette
61% 63 5 lOOlPere Marquette
1 39% 89% I 3 *0001 Philadelphia Co
35% 36% j .. 6001 Phillips Petrolen
' 34% 34%l .. 3700'Plerce Arrow Mi
88% 93 ' 8 lOOjPlerce Arrow Mi
1 14% 14%' .. I 700'Plerce Oil Corp.
83% 85 I 8 2001 Pierce Oil Corp ]
67% 68 I 5 3 900 Pittsburg Coal 0
34% 34%! ..! 5300! Pittsburg A Wei
15% 15%! ll 8001 Pond Creek <*<>?
95% 96 8l 300|Prossod Steel Ca
111 112% 8 eoOlPullman Co
67% 68 8 HOOlPunta Alcgro Si
39%I 39% 4j ISOOiPuro Oil
13%! 14 ll 100'Ray Consol Cop
96%i 95% 4' 17300: Reading
53%| 65 2| 3300Heading 1st pf.
G7 | 67% 21 400! Reading 2d pf..
49 ) 49^.1
89 8 1001 Remington Type
78 78*-4 1300'Replogle Steel .
31% 32 .. 100[Republic Motor '
75% 76% 6 8500)Ropublic Iron A
74% 75 5.20 19600! Royal Dutch Co
14 14% l! 200[St Joseph Lead.
29% 29% .. ll,700|St Louis & San I
43 45 .. 200jSt Louis & San
37% 37% ..I 3900;St Louis Southv
48 48%) ..| 2700!St Louis Southw
9% 10% 1[ 100'Santa Cecilia Su
20 21 I ..I 400'Savage Arms Cc
4% 4741 ..] 300 Saxon Motor ..
9 9% I .. 4001 Seaboard Air Li
16% 17 ! .. 3001Seaboard Air Li
108% 109%' 8 4000 Sears Roebuck <
49 49%:74c 300!Shell Trans & T
31% 81% .. 11000 Sinclair Consol C
18% 18% .. 4700lSeneca Copper .
64 63 6 800!sioss-?heffield S
83 88% 7 100 'Sloss-Sheffield S
... 12 100'South P R Sugai
99 99% 6 2220O Southern Pacific
29% 29% .. 14200|Southern Railwa
64% 65 6 300 Southern Railwa
675 690 *20 147 Standard Oil of 3
675 690 20 4l!*Standard Oil of
1047s J05%' 7 1250lStandard OiLof 3
.. | .. 1 7 1001 Steel & Tube pf
d0%' 31%! 4 40o'stewart Warner
67 1 67%' 41 700'.Stromberg Carbu
56%' 57 I 7 111001Studebaker Corp
1374 | 13% [ .. 3300 Submarine Ltuat
177s! 16 I 2 700iSuperior Oil ...
47%' 48 I 6' lOOlStiperlor Steel C
87 38 >J4! 300'Temtor Corn A I
' 9% 9% ..I 900:Tenn Cop A Che
51% 5174 3 20900'Texas Co
32% 33 1 1600)Texas Pac Coal
27% 27% .. 25800!Texas & Pacific.
15% 1574 llOOlThird Avenue ..
16% 17V* 2% 900 Times Sq Auto
65% 66% 6 1900|Tobacco Product
11% 11% .. C000 Transcontinental
39 13 2.50 lOOITwin Cltv R T..
78 1 78% 8! 1400 Union Bag & Pa
28%| 28%1 2500 Union Oil
123741125% 10! 8400 I'nion I'aclflc ..
6 6 74 ; 67% 41 780 ITnlon I*aclfic pi
101 103 7: 100 United Cigar St
45 j 48 3%' 100 United Drug Co
218 1218% 12 3500 I'nited Fruit Cc
13 14 "1 .. 1600 United Ry Tnvei
28 29 .. 3100 United Ry Invei
71% 71% 3 12300 United Retail 51
41% 48%! 6 200 11 S C I Pipe &
47% 47% fi 5900(4T S Food/Prod C
'81% I 8174 81 8900 U S Ind Alcoho
48% 49 I .. 400 U 8 Realty & Ii
75%! 76 ! s' 9400 IT S Rubber....
104%]10BV|4 8] 100 U S Rul)ber 1st
87% 87% B| 38600 U S Steel
106", 1077* 7 200 U 8 Steel pf....
r.s J 58% 6| 32001 Utah Coi>i>er ...
1274, 12% ..I 900 Utah Sec Corp.
62% 63'jf 6! 5800,Vanadium Corp
55 ! 55%' 4 1000'Va-Carolina Che
105 10774' 8 100 Va-Carolina Che
13% 13%' 2 29001 Vivaudou V....
107* 11 I . .| 3700 Wabash
30%i 30%I ..I 8800 Wabash pf A..
20 I 21 I --I mn'Wnho.h ?.f tl
5fi 57 .. 100 Wclln Fargo Ex:
13% 1314 .. 3D(>0| Western Marvin
23 23% .. 11001 Western Mnryla
34% 35 .. 1200 Western Pacific
73% 74 fi 100: Western Pnclflo
88 90 7 100 Western Union '
40*4 48% 4 2200 Wcstlnghousn E
13% 13% .. 2100 Whoirtlriir & Lai
24% 24% .. 100 Wheel * Lake J
44% 45 4 000 White Motor ..
21 % 24% .. 8800 White Oil
10 10% 1 11500 Willys Overland
67 60% 7' 100 Willys rtverland
40 42 .. I 000 Wisconsin Onlr
103 107 7 10" Woolworth f F V
53% 55% 0 1500; Wnrthlngton I'u
Odd lots.
NOTE?i Hid lot transactions are n<
were made at prtp* outside of the rt gr
GRAND RAPIDS & INDIANA PLAN
Pennsylvania Announces Details
of Acquisition Project.
PMtt-Anm.rntA, Oct 28.?The Penn!
sylvan la Railroad Compnny announced
i to-day details of Its plan to acquire the
i minority stockholdings of the Grand
Rapids and Indlnna Hallway Company
and lease Its railway properties. An
, official elreulnr coverinif that project
1 will ho Issued aoon.
The general bnsls for tho proposed
acquisition of the stock Is thnt tho Pennsylvania
company will uso the Grand
llaplds and Indiana second mortgage
4 per cent bonds, maturing In' 1036,
now owned by It, to purchase the mlnori
Ity holdings of Grand Rapids and Indiana
stock, par for par. That plan In|
volves no new lastio of securities as the
Pennsylvania holds ij|oaa bonds in lis j
29, 1920.
ATIONS.
1 4?rt 1Q1Q * 1914
. 175.B20.9T0H 356.995,111 117.02l|364
jOpon- |Hlgh- trfjw- Clos- Net
I lint. | est. est. Ing. Change.
JStern pf.l 86%I 36% 3*5 36 4
53% 53% 52 52% ? %
s Tob B.. 145% 145% 144 144
19% 20 19% 20 + %
...v 13 13% 13 13 ? %
13% 13% 13% 13%
"/ iite 97 11 91 97 U,
obacco... 140 140 137*1139% ? V,
shvllle... 197 107 105*4 105* ? lVi
63 63 62-%I 62*4 ? 2l?
90 90 90 90 ? 1
r guar... 68*4 fc8% 68*4 68* ? 1*4
t 19* 19* 19* 19* ? *
1st pf ctfa 8 8 8 8
2(1 pf.... 3*4 8*4 8*4 3*4
es 73* 78* 72% 73 ? 1
ires 74 74 74 74
es pf 96*4 96*4 96 90 ? 6
um ?191 192*4 186% 188*4 ? 4%
1874 18* 18* IS*
II 14* 14* 14 14* ? *4
Ord 88* 88* 37* 37* ? %
It L. new. 18% 18% 18*4 18* ? *
S M 83 83 83 83 ? 2
5 M pf... 90 90 90 90 ? 4
: Tex 4% 4% 4% 4* ? *4
r Tex pf.. 8* 8*1 8* 8* ? %
27*4 27*1 26* 26% ? %
pf 61 51 49*4 60* ? %
63*4 63*4 62% 62% ? *
23% 28% 23% 23% ? *
27* 27* 27* 27* ? *
33* 33* 33* 33* ? *
& Chem. 57% 57% 57% 57% ? 1*
7hem pf.. 90*4 90*4 90*4 90*4 + *
6 Suit... 34 34 84 34 ? *4
t Suit pf. 80 80* 80 80* ? *
t & Cable 5*4 5% 5*4 5% ? %
& Stamp. 59 59 57*4 68* ? 1*
0 73 73 73 73 ? *
'o pf 105* 105* 105* 105* ? 7s
: 2d pf... 6*4 6* 6% C*
per 11 11 10% 10* ? *
x A Mex 63 63% 62 63% 4- *4
al 80% 80* 79* 80* ? *
& St L.. 63 63 62 62 ? *
? H....I 32* 32* 81% 32 ? %
* West.. 23*4 23% 21* 22% ? %
em 98 98% 97* 98* + %
1 88 88 86 87* ? %
k C 40 40 40 40
& Ref... 4 4 4 4 ? *
t 26* 26% 26* 26* ? *
123 123 123 123 ? 7
20* 20* 20* 20* ? %
3 53* 54 53* 54 + 1*
lent 22* 22* 22* 22* ? 1
lectrlc... 53% 5374 63* 53* ? %
i T 90 90 87 88* ? 1*
&TB... 81 82% 80% 82% ? %
R 43* 43* 43% 43*
5teel 15% 15% 15* 15* ? %
licago... 13 43 41 42 ? 1%
26% 26% 24* 25 ? %
pf 51 51 51 51 ? 2
prior pf. 68 63 63 63
39* 3974 38% 39* ? *
m 35* 36 35* 36 ? *
otor " 34* 34% 33* 34% ? *
otor pf.. 90 90 90 90
14% 14% 14* 14* ? *
of 84* 84* 84 84 ? *
f Pa 67 67*1 67 67* ? 1%
(t Va.... 33 34% I 32% 31% I + 1
1 15 151& I 15 15 !
r I 96%! 96% 9G | 96 ? 1
111% lll%lll0% 110% ? 1%
J Bar I 67% 67% I 66% 67 ? 1%
89% 39% I 3874 39 ? %
per 13% 1374I 13% 1374 ? %
95% 96% 94% 95% ? 1
53% 54 52% 54 ? 1%
68 58 56%| 56% ? 1%
writer .. 49% 49% 49% 49% ? 1%
2dpf... 85 85 85 85 ?8
79 79 78 78 ? 1%
Truck... 31% 31% 31% 31%
Steel... 7614 76% 74% 76 >4
N Y 75% 75% 73% 74% ? 1%
14% 14% 14%04%
'"ran 30% 30% 28% 29% ? 1%
Fran pf. 46 46 44 44 ? 3%
,-estern.. 37 % 37% -36 37% + %
estpf... 4774 48 46% 48
Bar 974 974 9 % 974 ? %
>rp 19% 20 19 20
4% 474 4% 4% ? %
ne 9% 9% I 9 9% ? %
no pf... 16% 16% | 16% 16%
!o 109 ; 109 '107% 109
rading... 49%) 49%) 49 49 ? 1%
)il 32% 32% 31 31% ? 74
18% 18% 18% 18% ? %
& 1 64% 64% 62% 64% ? %
&Ipf.. 83% 83 % 83% 83% ?5%
r 112 112 112 112 ? 8
97% 99% 96% 99 + %
y 80% 80% 28% 29% ? %
y pf.... 63%; 64% 6374 64% ? %
M J 6801 680 665 680 ? 5
N J 1664 685 664 685
V J pf... 105 105 105 105
83 83 S3 83 .. ?>
Spe?d... 31 31 30% 30%j ? 1%
iretor ... 66% 67 65% .67 I ? %
57% 57%! 56% 5674 ? %
1374' 1} 13% 13%! ..
1774! 1774! 17% 17%! ? %
?rp 47% 47% 47% 47%l ? % !
YuitA.. 87% 37%' 37 37%! ? 1% ,
m 9% 9% 9% 9% ? %
51% 5174 4974 5174 + %
& Oil.... 33 33% 31 32% ? %
24% 27%[ 24% 27% + 2%
1574 1 574 1 5% 15% ? %
Supply.. 16% 17 16% 17 + %
a 65% 65% 6474 65%
Oil .... 11% 11% 11% 11% _ %
41 41 41 41 ? 1
per 79 79 77% 77% ? %
28% 2S% 27% 28%
125% 125% 123% 125 ? %
' I 67% I 67%! 66% 66% ? 1%
ores pf.. 101% 101% 101% 101% ? %
1st pf..| 46 46 I 46 46 +1
> 213 1219 1210% 218%l 4- 4
stmont... 14*41 14%! 13 "I 13"! ? %
it pf 23 1 23 | 27 I 28% ? 1
toros 72%| 72% 70%| 71% ? 1%
EMy pf.. 42 I 42 ' 41%! 41% ? %
%>rp 47%| 47%! 43% 47% ? %
1 82%! 82%! 80% 81% ? 1
np 48%| 43%! 48 48 ? 2
73%: 70 7414 "6 + %
pf 104% 104 V?.' 104*4 104% ? %
! 87%! 87%; 86%| 87% ? %
107 1107% 107 Il07% + %
57% j 58 I 56741 58 -f %
12% 12% 12% 12% ? 1%
63 I 63%, 61%! 63 ? 1
ni ">5%' 65% 53% I 63% ?2
m pf 107*4 107*4 107% 107*4' 4- %
......... 13%: 13%; 12%' 13% + %
11% 11 *41 10% 11 [ ? %
31 I 31 | 23%: jo ?1%
21 ' 21 '21 i 21 ? %
presH 56% 66%' 56%: 66%! ? %
nil 14%; 14%! 13% 13%! __ %
nil 2d pf. 24%| 24% I 22% 23% I ? 1%
35% 36% 34 34% ? 1%
Vt 73%I 73%! 73% 73%: _ %
TH 88%' 88% 88% 88%l ?3%
& M.... 46% 46%! 46 46% ?1%
:<? Krin.. 14 1 14 I 13% 13% ? %
Orie pf.. 24%' 24% 24% 24% ? %
41% 44% 44 44Vi ? %
24% 1 25 23% 24%.
1 10%: 10% 374! 10%
pf ! 57% I 57% I 57% 57% ? 1%
nl 40%1 40% I 40 40 ? %
V) pf.-... 101 lot 104 104 ? 3'
mp | 67%' 57%| 55% 65% ? 2
>t rocordod In noparnto lino unlo.** .valon
ilar full lot rniiRo.
treasury. The Interest on those bond*,
which were Issued In 1S06, has been
earned regularly by the Grand Itaplda
nnd Indiana.
The basis of the lease la that the
Pennavlvnnla will pay a rental equal
to fixed char gen at 4 per cent, dividend
on the Grand Jtnplds and Indiana rapt-'
| tal atoek.
Thorns arrangements are subject to
such npprovul of the regulatory authorities
a* may ho requisite, but first of
| all, the Grand Hap hie nnd Indiana
stockholders w ill bo reqtnated to consent
1 to exchnnge stock for the bonds, or In
' the case of those not consenting to the
i change, request will be made to approw
1 tlje proposed lease.
LO*DOK MntiKI M \ IIK FT.
fjONDox, Oct. 2R.- Bmt silver, ft 2d. an
| ounce; bar gold. 117*. lid.; money, 4V4
per cent. Discount rates; Short bills,
3 Vi ft f< '4 per cent.; three months' bills,
5% 1/5 11-10 per cent. Gold premium at
^ Lisbon, 140.
GOSSIP OF WALL STBEET. 17=
Stock* SwlnK Uottn and Then Up.
The gong which brought trading on the
Stock Rxchango to a closo at 3 o'clock
yesterday afjernoon left traders about as |
bewildered as they have been this year.
They had seen a wild downswing In
stocks, which carried the list in general j I
front 3 to 5 points off and in which the j
market had every appearance of going
lower. They had seen. In tho same session,
a sharp rally. In which the upswing FC
brought stocks back to within fractions
i of the point from which they had 1
started. They had seen some good old !
fashioned liquidation In the morning and
some good bid fashioned buying in the n
afternoon. And to top" It all off, there V\
was no particular news for either swing.
Wall Street Gropes for Reasons. \V
Tho reason for tho downswing in the ^
morning was most generally ascribed, in ,
tho Street, to tight money. The very CP
heavy Government withdrawals and the ?
approaching of. the November 1 maturi- W
ties were pointed to as placing a strain
on the stock market which would hamper
any material improvement in stocks. The
opening and renewal rate for money was ri
again 9 per cent., as it has been on most
of the trading? days this week. Yet in I
the last hour, when stocks were boom- | m
lng along at about tno aaya Dest prices, i
money advanced to 10 per :ent. and the
change did not make any appreciable | 9'
dent in the ^pswlng. In some quarters |
the unsettlement of the market and Its j Ur
dashing about hither and thither In j
search of an equilibrium Is attributed [
to the general readjustment of com- | rr
modlty prices. In which very few cor- ??11111
poratlons know exactly where they EE r?
stand. It is conceded, right and left, j ~
that the general public Is not buying i ?
stocks and is not In any great rush to ZZ
buy commodities. Shelves aro empty. J ,
but buyers do not materialize. Every- | EE
body appears to bo waiting for lower j S F
prices. "When we get to a point where ! S *
people will bolievo commodities are a i ~ ,
buy and will commence to stock up, that ~ I
will be the point at which the public | id
will believe stocks are a buy," declared I ?
one house yesterday. i ?
Ituylng Hack Slocks.
i One of the things which yesterday's ' S
market demonstrated pretty thoroughly J jj;
! is that there is not a very large short j s
Interest and that the shorts are anxious . ~
to get any sort of profits, no matter how a
small. Of course, inquiry for stocks by j ~
whatever short interest happened to be ; a
in the market at the time was one reason ' ST
for the turn In the tide. With covering a
started in Texas Oil, Mexican Petroleum S
and in one or two other favorite specu- EE
iatlve mediums, the infection spread to
tho list as a whole. With the maVket EE
turned squarely about and started the a
other way, professionals saw (he paper a
profits accumulated in the morning's d? - ~
cllne slipping away from them and hur- ;? J
ried to buy in stocks which they hail ~
sold. It amounted almost to a scramble ~
in tho last hour.
No Election Rally. ~
Tho absolute Indifference to the elec- : ~
tlon that the market is showing is one ~ _
of the things which has surprised a E" |||||
great many in Wall Street. They point ,
back, to many former Presidential years ^
and say that such a thing has rarely f
happened before. One reason given lor
tile absence of a robijst election rally?
and Wall Street has about made^ip its
mind that there wiP. be none?Is that the (
election of Senator Harding is assured [
and that his election was discounted at L
tho time of his. nomination. Vv
To IMscnsa I.ahor Problems. J
A general meeting of the member
roads, represented by tho Association of
Railroad Executives, will be held to-day Sul
In tho New Haven board room in the phi
Grand Central Station, and the problem
of the agreement between the roads and
tlis seventeen labor organizations prob- P?
ably will be threshed out in that meet- ?v<
lng. Railroad men express the opinion M<
that some definite policy in regard to to:
labor relations should bo agreed to by bej
railroads, and It Is known that several
tentative working plans will be presented
in to-day's meeting. '
September Itnll Earnings.
Investors In rail stocks do not know
much more about what the properties /y 4
aro earning after Inspecting the Sep- f| M
tenjber statements submitted to tho Tn- j %
torstate Commerce Commission than ||
thpy did before. The reason, of course. ^
is that September is not a representative
month : that many new tariffs were !
not in effect in that month, and that
transportation tieups anil labor difficulties j n
here and there still continue to reflect
themselves in earnings figures. Then,
too, some roads chose September as the N^.
month in which to charge off back pay
granted their labor. Consequently, although
In the main the figures as reported
by representative roads make a :
respectable showing, they do not mean ,
a great deal, and Wall Street was dis- j
posed to Ignore them yesterday. Tt la j
probnblo that It will not bo before the j
earnings for the full final quarter of the
vortr are In thnt anything like a j
definite Idea of how any particular road j
Is faring under Its recla-imcd management
ran be obtained.
Gnodyenr Tire nn?l Unliber Sales.
George M. Stndlemnn, vice-president of
the Goodyear Tire and Rubber Company,
declared yesterday. In discussing conditions
of the rubber Industry, that If
every car and^truck owner in the t'nlted
Sfntes would buy lo-day just one tire
there would be created an actual short;
age. "As to normal stocks," he de- ?
clared, "there Is no occasion to worry
| over the present supply long InterferI
big with sales or production." Mr.
! Stndlemnn said thnt the Goodyear Company
would close Its fiscal yenr on Oc- 1 ^
tabor 31 with the largest sales In Its 1 V
history. "While it Is impossible to state
| Just what our sales will amount to," he 1
I said, "I am assured that they will be in 1
excess of which, compared 1 w
with $167,1100,000 In tots* and *0,r.fio.000 ten ; ' "
years ago, should offer significant testl- 61
ninny as to the possibilities of the future. ?x
| Notwithstanding all the difficulties we
are having to confront, our present posi>
tlon in the trade makes my conviction
absolute that the situation In our particular
industry Is wholly temporary."
Little fttrnngrors. _IZZZ
Of the four stocks which graduated
yesterday from the curb to the big hoard f)*
only two wore tmfled In (luring the day Di:
nnd they declined fractionally In s.vm- '
pnthy with the general market. White
Oil. after selling down to 2?Aj? rallied to
211 -j. end Submarine Font, ntter touching I
14, sold down to 1"%, at which It cloned.
The abbreviation for Submarine Moat in
?tTn and WHP Is the abbreviation for U
White OH. The abbreviations for the jn
other two new stocks Introduced, which __ t
were not dealt In yesterday, are AKO
for Atlas Tack and ANR for Alliance' ,nR
Realty. appl
Holding for Profit.
When Maurleo O. Power of M. O. A
W. R. Power, Bl Exchange place, paid
approximately $90,000 for a sent on the
New Tork Stork Exchange In December,
1909, ho paid the highest figure that a mm
seat had ever been sold for and was the [VI
subject of tntich good natuml chaffing
on the floor of tin Kxchnngo for the 'hen '
high price lie hail paid for membership. !
Mr. Power saw the selling price of seat1
decline thereafter to during the
war. 1 terday lie sold Ids membership L__
for $100,009, on advance of approximately
$4,001) front the Inst sale of a seat on tvi
Change and within $r>,oo" of the highest
figure such seat has ever brought. Uni
I'HSSBTLV A AIA Oil, MARKRT.
On, CtTT, Oct. 2$.?Credit balances,
$6.10. Runs, 96,474 } average, 68,92,1. 50
Shipments, 03,749; average, 62,060.
I
.
Recent Bond
Issues
sound character have
een offered at prices to j
:tum
1% to 8%
L
It deal actively in these 1
onds and, upon request,
e shall be glad to send a
jpy of our latest circular
escribing briefly the more
nportant of the new issues.
Redmond &<t(L
embers New York and Pittsburgh
Stock Exchange*
3 Pine St. New York
lion Arcade Bldg. Pittsburgh
iiigiimini!ni;;iiiiiiniiiiiiiiiinrta
We Own and Offer
\ 5% Absolute |
7irst Mortgage |
Railroad Bond ?
Due 1962 ?
1. Earnings approx- =
imately2^times =
fixed charges. =
2. Listed on New =
York Stock Ex- =
change. -Price
to Yield
About 5.90% J
Details on Request 5
Eastman, Dillon & Co. =
It fember3
New York Stock Exchange ?
INVESTMENT BANKERS |
71 Broadway rr
New York ?;
iniiiiiiiiiiiminiiinniiiiiminni^
\S
$100,000
PENINSULAR
ELEPHONE CO
Tampa. Florida
First Mortgage
sinking Fund 6% Bonds
Due January 1, 1943
b-licenses of Southern Bell TeleDne
fit, Telegraph Co.
uted by First Mortgage
rnings for past several years
rr Three Times interest charges,
mthly Sinking Fund designed
retire total issue of bonds on or
ore maturity.
Price: 88% and Interest
To Yield 7%
Circular on Application j
A
.OGGESHALLI
ahd hicks
rritxrs Xrtr ?orc .socfe Hxchanji
128 BFOADWAY
!Q3 WES'* 7?TH STREET
NEW \ORK
jJ}
are prepared to
execute promptly
orders in listed or un- 1
listed securities for
cash or on a conservative
marginal basis.
Correspondence incited
?
harles E. Brickley
& Co. mktrs
NtW York Slock Exchang:
Broadway S3 Slate Street
mi vnotr imcTAw
,n ivn? uwu vn
Direct Pritait Win
gheart Producing
& Refining Co.
$10 Par Value Stock
ividenda $1.00 per share. Earnat
rate of $3.00 per share. Listed
Joston Stock Exchange and liston
New York Stock Exchange
ied for.
Price $9.00 Per Share
To Yield about 11%
Desertptire Circular
upon request.
f
cCIure, Jones & Reed
ml)":-* New Vork Stock Klctiango
? Broadway New York
Telephone Rector 7662
??
itional Casket
ited Gas & Elec. 2d Pfd.
LYON AND CO.
Pine St.. N. Y. Tel. John M4
"?L i

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