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The New York herald. (New York, N.Y.) 1920-1924, November 12, 1920, Image 16

Image and text provided by Library of Congress, Washington, DC

Persistent link: https://chroniclingamerica.loc.gov/lccn/sn83045774/1920-11-12/ed-1/seq-16/

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11111
I
Information
Regarding
Conservative
Investments
If you haw in mind the purchase
of conservative investments,
but are in doubt as to
just what selections to make,
permit us to suggest that jou
send for our list of offerings
which return at present prices
from about
SV2%to
The list comprises Railroad,
Equipment, Hydro - Electric,
Public Utility, Industrial, Municipal
and Foreign Government
Bonds.
Write for Lint So. 1727
"Conservative Investments"
Spencer Trask&Co.
25 Broad Street, New York
AI.IIANY BOSTON CHICAGO
Members New York Stock Exchange
Members Clilcaao Stock Exchange
^_______ 1
e ;
?????????????
DIVERSIFIED
KINGDOM OF DENMARK
R% External Gold Bonds, Due 191"> '
to yield about 7.95%
ANACONDA COPPER MINING CO.
Sictired Gold Bonds, Serie, U
Duo 1929 ;
to >It-lcl about T5ft^', |
PENNSYLVANIA-OHIO POWER &
LIGHT COMPANY
<MC? OoW Honds?Due 1943 i
to jield about 7.8S%
II r recommend for invert men'..
Circulars upon request.
The National
Company
Main Oilico:
National t'ity Hauk Buildln'.;.
I'rtowti ? fi cc i filtli Ave. & 4.'Jrd 't
XKW ISSIT
$1,5CO,OCO
State of Oregon
Coupon Gold 4'/2s
Principal and interest
payable in New York City
Due serially S37.AOO April t and October
1, 1U20 to l'.?45, inclusive.
Prices in vield
5.25% to 4.80%
according to maturity
Circular on Requal
. ..
Estabrook & Co.
24 BroaJ St. 13 State St.
New York Bo ten
Protldence Springfield
rr^
gptfSi jl.i -1
LEE, HIGGINSON & CO
Kafablislied 1S45 I
I
i t
I
BOSTON NEW YORK CHICAGO
|!
HIGGINSON & CO.
London
; i
L=========================J
Mexican Government
and Railroad
Issues
FINANCIAL Recovery is today
the watchword in the
I Mexican Kepunnc, wirn inc i
awakening of its citizens to the
necessity for a period of recon- i
Istruction. Mines are again producing,
factories are once more
tin operation, and hanks are >
1 lending active assistance to the
' industries.
These are developments which
must be reflected in the prices
of Mexican Government and
Rgilroad Issues.
FOFEiCN DEPARTMENT
Hirsch, Lilienthal & Co.
I MentlxT.
Ne? York Ntoek Kirtianx"
^ 165 Broadway, New York
hhanchks
Ee now) iiriiw iium, i? v*? o ( nn m.
* Hotel Jtrf*lln. li'wajr & 20th fx.
:t iMt 44th ft.
*
i
Singer Mfg. Co.
STOCK
I.K.Rice, Jr. & Co.
horn* 40*10 ?n 4010 John. . : | *Y|vll (H . N. V j
i
I
pi'1'
FINANCIAL NEWS
AND COMMENT
Irregularity Continues to Feat
n itu rl' !? ?<] i i (** in sltitoL
Market.
M()NE\ SITl ATION EASIER
Marines, Motors, Coppers and
Several Specialties Succumb
to Attack.
The chief incident of importance in j
yesterday's stock market was a continuation
of the irregularity that .narkel
Y\ ednesday's session, which was due en
t'vely to drives on part of traders to
biing out stocks in the vulnerable spot-Those
tactics were repeated throughout
yesterday's trading with success In marines,
motors, coppers and specialties,
but no real Impression was made on th
speculative leaders, although It was dls-1
appointing to flnil so tittle response to
the lowering of money rates in the tln.il
period. The market was much too thin
tc have any significance on the future
tiend of prices, but it looked on the surface
as If the various drives and raid"
r/. stocks were being conducted by traders
solely for the purpose of giving the
gereral market an appearance of weakness
In order to facilitate covering of
short contracts In stocks in which the
denting supply has become very muc.i
reduced.
As is usual with the first appearance
of weakness following a decline of the
scope of that of the last week, thers
was? an Immediate revulsion of the hopeful
feeling. The rank and file of the
fli anctal district concluded that If till
market could not rally any more than
it has it was a very bad sign, indeed, bit'
actually the market did very well tj
hold its own in the face of the prel>c
rderance of bearish developments,
viilch included a resumption of the
downward movement In exchanges an 1
another very violent drop In the grain
markets. The stock market seemed to i
be about the only bright spot of the I
whole financial situation outside of the
cotton market, which had a further recovery.
There was no idea anywhere
I bet the stock market ought to branch
cut into a bull campaign because the
I.quidatlon had been checked, but it wae
(he consensus of opinion that for the
lime being at least stocks were due for
a breathing spell even should a substantial
rally fall to develop.
It was a further hopeful sign for Wall
Street to ilr.d that there were ready explanations
to account for such weakness
as did occur. Heretofore stocks have
gone down with no fresh explanation I
whatever. For example, the break in
Willys-Overland preferred was explained
by a report that the company was
planning new financing to the extent or'
$30,000,000. That report proved without
the slightest foundation, just as did the
hundred other rumors that were spread
throughout the financial district to depress
stocks yesterday, but It. had its j
< ffects nevertheless. As is usually the
case, there were also several stocks that
reflected belated liquidation, that is to
say liquidation on the part of people
whose accounts had become so weakened
In the declines this week that it was
necessary to dump over good stocks to
protect the bad ones. General Klectric
was an instance of this kind, making a
new low record. In the mnin. however,
the speculative leaders displayed very
stout resistance throughout, although no
less than four separate drives were conducted
against them.
Aa was foreshadowed on Wednesday,
by the dropping of the money rate to S per
jajnt. after the closing, the money,situation
displayed a much easier tendency
yesterday. After renewing at 9 per cent. ]
the rate finally dropped hack to 7 perl
cent. In the last hour, and it is tinder- j
stood that even at that figure several
millions went unloaned. This was taken
to mean that the renewal rate would be
lowered at the outset to-day, which. If
true, will mark the first time this month
that money has hern renewed below 9
per cent. Bankers have been expecting
some slight relaxation in money, but the
fact that It came yesterday surprised
most interests. The date for easier
money has been set for the first of next
week rather than this week. The rent-wed
decline was not taken in foreign I
exchange circles as Indicating necessarily
a new downward movement.
MONEY AND EXCHANGE.
CALL, MONET.
Jl*ll 1* l?A9t 7
-rt.w f? rt.rowalN 7 1
fear's high 25 Year's low ?
CLEARING HOUSE STATEMENT.
Clearing Houee exchanges, $871,516,528:
?alante?, $7.1.2.12,279 ; Sub-Trr anury debit
>alanri.i, $no3,4Ms. Federal Reserve credit
>a!anco?, $.",8,307,809.
SILVER MARKETS.
Official bar silver In New York: Domestic.
t?- per ounce, unchanged: foreign, 80%c.,
ft 1?fcc.: London. r.lV?rt.. off 1 'Ad.: Mexican
lollar, 01 %c.. off Hie.
CANADIAN EXCHANGE.
New York funds In Montreal. $120 premium
per $1,000. Montreal funds in New York,
H08.H per $1,000.
FOREIGN EXCHANGE.
GREAT KRITAIN.
Parity. Thursday. Wed.
14.808,7 Demand, sterling.... $11..'Id $3.3S\,
Cables, sterling 3.30\ 8.39'.
Hankers, 041 days 3.32!4 3.3104
Hankers, 90 days.... 3.3016 3.3314
THE CONTINENT.
19.30 France, cents a francDemand
5.701J 3.81
Cables 5.7114 5.82 j
19.30 Helglurn, cents a franc?
Demand 0.0814 8.18*4 j
Cables 0.0714 8.19'?
19.30 Switzerland, cents a franc?
Demand l.">.2."> 13.87
13.2$ 18.40
19.30 Italy, cents a lira?
Demand 3.40 3.44
Cables...., 3.41 3.45
23.80 Germany, cents a mark?
Itcinand 1.14 1.10
Cables 1.15 1.17
20.80 Sweden, rents a kroneDemand
18.73 18.85
Cables 18.80 18.90
20.80 Norway, cents a krone?
Demand 18.07 13.20
Cablet 13.12 13.25
20.80 Denmark, cents a krone?
Ttmand 13.10 13 20
Catties... 13.15 13.25
19.30 Greece, cents a drachma?
Demand 9.00 9.10
< "aides 9.05 9.15
19.50 Spain, cents a peseta?
Demand 12.22 12.40
Cables 12.25 12.53
40.20 Holland, cents a florin?
Demand 29 00 '.9.85
Cablet 29.70 20.95
51.4(1 Russia, cent! a ruble?
|i>0 rubles .80 .85
300 rubles 83 .70
20.3 Austria, cents a crownDemand
2784 .29'.',
Cables 2814 .2H?4
20.20 Ci'rlif,Slovakia, cents a crown?
Dunand.,,, 1.0$ 1 01
Cnb'es 1.04 1.05
19 30 Rumania, cen's a lei?
Demand 1.44 1 40
Cables 1.45 1.47
FAR EAST
109.32 Shanghai, cents a tnel?
Demand 92.00 92 00
Cables 93,00 93.00
78,00 llong Krfng, cents a dollar?
Demand 08."0 09.50
Cables 09.00 70 00
48.00 Ilombay, cen t a rupeeDemand
3"0O .10 23
.mar. .to.no
43.11 Yokohama, nis a yrn~
i >. !?<? n-i no.11214 no 7"
Cabin- 30.0714 51.00
Wot "HI feMRKICA.
32.44 ft In Of .In. . Iro, pent* n mllmlw?
I'l maml lii.no to 0714
' nl.lp* . .. . Ill Iis-Ij 17 no
42.4.1 Humor Al: ?, . ent* n pc*oripitiBini....,..
.t;i.5o 3714
Cabin* 33.021,i 31.30
103.42 tlrui.'OHv, cent* n dollar1
.rii(M 7n.f!2l,? 70 37t4
Cable* 75.071,4 7C.0214
.
THE In
NEW YC
Day's sales
<?Clot Ins. ? I UK. j
111.1 1 A -k. |In $ Sales. |
-4 26 .. 1001 Advance Ruraely
34 35 6 600;Ajax Rubber ...
1%; 1% .. 200'Alaska Gold M..
50% 56 j .. 400 Allen Chem & D:
91 ! 92 % 7 100 Allied Ch & Dye
SO It*; 31 , 4 2100 Ailis Chalmers 5
71% 76 71 100 Allis Chalmers >
73V* i "4% S; 500iAm Agrlc Chem
82 i 83 61 100;Am Agrlc Chem
63 64% 8 40O|Ain Beet Sugar.
05% 68 10 600 Am Bosch Magn<
26%; 27% 2100;Am Can
84% 87 7 200 Am Can pf
128 129% 12' 1300.Am Car & Foum
107 JlOO I 7; 200:Am Car & Found
24% 24% .. 700jAm Cotton Oil..
67% 75 ' 6| lOO Am Cotton Oil pf
8 8%!80c 1500|Am Druggist Syi
130 132 Sj 609 Am Kxpress ...
9 i 9%; .. 8001Am Hide & I.eat
55% 56 7! 200 Am Hide & Beat
39 42 j 4 400 Am Ice
01% 61% 6 9200 Am Internationa
64% 65 3 1000 Am Linseed Co.
90 90% 6 900 Am Locomotive
72 73 | 4 100 Am Radiator ...
11 11 % .. 1000 Am Safety Razor
13% 13%! .. 1600 Am Ship & Com:
54 55 I 4 2600! Am Smelt & Ref
90% 90% 7 4001 Am Smelt & Ref
77 80 6 100[Am Smelt Sec A
83% 33%; 3 1900!Am Steel Found
83 85% | 7 200IAm Steel Foundi
96% 97 7 0200'Am Sugar Ref..
105 108 7 lOO Am Sugar Ref p
77% 78%: 10! SOOIAm Sumatra To
99%! 99%I 81 lTOOlAm Tel & Tel...
118% 119% I 12! 1100| Am Tobacco
117 %1118 % i 12' 1200 f Am Tbacco B...
89% 90VfeI 61 100!Am Tobacco pf r
64%; 65 | ?| 9200iAm Woolen ....
91 ! 93 J 71 lOOlAm Woolen pf..
44 ! 44% ..I SOO'jAm Writing Pap
8 i 8%' 3001 Am Zinc, L & Sir
39 j 40 C! 100 Am Zinc. Ij & Sn
47%; 48% 4| -44001Anaconda Copper
24% 25 4 900'Associated Dry G
57% J 59 i 51 lOOjAsso Dry Goods
57%! 59 i 6' 30;'Asso Dry Goods
110 112 I 6' 100 Associated Oil Cc
86%I 37%! (>! 270olAtch, Top & Sant
77%' 78 1 f> 300jAteh, Top & Sant;
7%, 9 . ..! 200!Atlanta. Blrm &
95 '97 j 7! 200|Atlantic Coast l.i
118 j 118% i 10] 21100] At, Gulf & W I S
12 j 12%! .. 100.Austin Nichols .
105 j 105% ] 7' 38200 Baldwin Locomot
98 ! 99 7 1001Baldwin Loco W!
43% 43%' ..! 6600'Baltimore & Obic
128 130 i 8j 100 Barrett Co
.. | .. 1 7i 200 Barrett Co Ch cc
% I 1 % ] ..] 200 Batopilas Mining
3 3% .. 700 Bethlehem Motor
61% 63 1 5j 1200 Bethlehem Steel
62%! 62% 5.! 11200 Bethlehem Steel
5 | 5%; .2 200 Booth Fisheries ,
12%! 13% ..; 1000 Brooklyn Rapid
7%] 8% .. 100 Brooklyn R T ctf
88% 89 IO] 800 j Burns Bros
11 ! 12%' ..! 300|Butteriek Co ...
5%| 6 | ,.| 400|Butte Copper &
.. ! .. ? .. I 1100 Butte & Superior
16 ' 16% .. 300 Caddo Cent, O &
66%: 67 1 6 1400 California Pack C
21%i 23%! .. 200iCalifornia Petrol
121 121% 10! 7300:Cnnadlan Pacific
83% I 84%! 7' 200'Case. J I, Thres
39% | 39%; ..! lSOOjCentral Leather
89 92 | 7 100 Central Leather
36% 36%' 4 OOO Cerro de Pasco <
78 79 J 10 [ 2700[Chandler Motors
66%; 07 1 4| 1800'Chesapeake & Oil
9 10 . . j 100 Chic & E I pf Eel
9% 10 500 [Chicago Gt Wok
24 24Vb' 9001Chicago Gt West
39% 40 [ .. 2400 Chicago Mil & Si
59 60 I .. 2600'Chicago, Mil & SI
81 82 ! 5j 2700 Chicago & North
73 74 I 81 400;Chicago Pneuir.al
33% 34%: 7600(Chicago R 1 & P
67% 68%; 6 600 Chicago, R I & P
77% 79 j 7 1001 Chicago. R I & P
13 13%! ..I 2300|Chile Copper....
33% 34 1% 2000|Chino Copper ..
53 55 I 81 200|Cluett. Peabody
26 ! 26% ..I 900iCoca-Cola
30%[ 32 3| SOOiCol Fuel & Iron.
57%j 58 51 800'Columbia G & El
15% j 15% 11 3600|Columbia Grapho
70 75 71 100 Col Graphophone
60 ! 61 71 100[Consolidated Cigt
85%! 86 7> lOOO'Consolidated Gas
7 ' 7% 2 SOOlCon Interstate Ci
20% 21 3 800'Consolidated Tex
6S 69 7 400|ContInertal Can
7%| 8 ' 1 2000 Continental Cand
78%' 79 4i 9300 Corn Products H
100 ! 101 7 lOOiCorn Products It
35%; 36 ;2% 900.Cosden & Co....
110% 111 8 14400'Cruclble Steel C<
89 ! 93 7 300 j Cruel bje Steel Co
34 34Vi 7 lTOUtCuDan Am .-.ugai
28%' 28% .. 2700 Cuba Cano Suga
67 1 69 7 2000[Cuba Cane Sugai
20% 24 ..' lQOiDe Beers Mines
92% 04 7 100!*Deere & Co pf-103%
104% 0 500'Delaware & Hud
l%j 1% ..I lOOOjDenver & Hio Oi
2% 3 ..[ 0700 Denver & Hio Gri
12 '12%' 1 500[Dome Mines ....
19 19% .. 200|KIk Horn Coal I
60 61 f>'j 300 Endicott Johnsor
90 90% 7 200' Endtcott Johnson
16%! 16% ! 3600; Erie
25 26 I .. 1300 Erie 1st pf
G2%^ 63% 8| 1600iFanious Players78
j 80 8! 100! Famous Players27
32 7 20O Federal Min A Si
98 100 . 7 200[Fisher Body Cor
16V 17 31 1500 Fisk Rubber ...
18% 19 .. 1600 Freeport Texas
4 4% ..[ 400:Gaston, W & Wi
59 I 60 6 400 j General Cigar C
131%! 132 8j 2500iGeneral F.lectric
14%[ 15 j 1 10800'General Motors
67 69 ! 6 10O[General Motors ]
63% 64 6j 400 General Motors I
47 48 61 1300!Goodrich (B F).
24 26% .. lOOJGranby Consol M
86% 87 7' 57"o Great Northern ]
31% 32 4 500'Great Northern
11%[ 13 i .. 200iOulf. Mobile A N
26 28 .. 100 Gulf. Mobile A N
40%| 41% ..! lOOGulf States Steel
.60% 60% 4 600'IIaskW A Barker
48 53 | .. j 100 Horr.ostake Minli
12% 13 11 300 Hupp Motor ...
24 25 3 10o Hydraulic Steel
92% 92% i ..I 3000 Houston Oil Co.
90% 91%| 7[ 400|Illinois Central
7% 7% 60e | lOO Indtahoma Ref .
39 40 4 4001 Inspiration Con
5 5% . .' 1900 Interboro Con C
14% 15 300! Interboro Con C
16% 16% .. 100'lnt A gri Corp...
67% 71 5 400 Int Agrlc Corp j
98% 100 7j 2500 int Harvester Cc
101% 104% 7; 100 Int Harvester Co
15% 16 .. 1600 int Mer Marine.
58% 59% 6 4100 Int Mer Marine
35% 36 ,.| 400llnter Motor Tru
73 74 7 200'Inter Motor Tru<
60 62% 7 20<> Inter Motor Trut
16% 16% .. 2100iInternatona! Nle
57%' 58 .. 170<>'International Pa
29 i 29% .. 1500 Invincible Oil ..
38% 39%* .. 400|Iron Pro lucts C
5% 5%I .. 7600 Island Oil A Trni
22%! 22% .. 2100|Kansas City Sou
44% 45% 4 400'Kelly Springfield
TOT.F.Tlft FONT) OFFERING.
Issue of flHMon in Bring Placed
l>>' Iliinkern.
Field, Richards #. Co. are offering
$185,000 of City of Toledo. Ohio, 8 per
cent, public wharf coupon bonds, dated
September 1, 1920, dun on September 1,
1900. and optional on September 1, 1930.
' Interest on them Is payable on March
1 and September 1. The Issue Is of
$1,000 denomination and In a legal Investment
for Mew York and New England
savings banks and trust funds It
Is exempt from Federal Income taxes.
The bonds arc being offered for 107 87
and aorrued Internet to yield 0 per cent,
to their optional dale and 6 per cent,
thereafter The city has provided for
taxes sufficient to pay the Interest on
i them na It shall become due nnd retire
| them at their maturity.
!'BXMVI.VAM \ till, MARKET.
Ou, City. Nov. II.?Credit balances,
I $0 10. Runs, 28,201; average, 19,318.
Shipments, 21.782, average, 19,131.
<
\
iEW YUKK HEKALD,
IRK STOCK EX(
THURSDAY, NO
1920. 1919. 1918.
838.805 2,231.198 609,636
|Open- High- Low- Clo?- Net
| lag. est. est. log. Change.
25 25 25 25 + 1
35 35 34% 34% + %
1% 1% 1% 1%
ye w 1.. 55 55% 55 56% + %
pf w 1.. 92 192 92 92 ? %
Hi? 29 I 30% 29 30% + 2%
ltg pf . 71% 71% 71% 71% ? %
74 74 73% 73% ? %
pf 82% | 82% 82% 82% ? %
64 64 63% 64 + %
to 65% I 65% 65% 65% + %
27%! 27% 26% 27 ? %
85% 85% 85 85
dry '1294 1294 127% 129% ? 4
rv pf... 108 >108 :108 108
23 244! 23 244 + 14
ox dlv. 604) 604' 69% 694
ndlcate.. 84' 84i 8 ' 84 ? 4
132 132 |130 ,130 ? 6
her 9 i 9 1 8%i 9
her pf.. 55V, 554 ) 55 4 1 5541
40 | 40 I 39 ; 39 ?14
1 Corp.. 63 1 63V 6141 61% ? %
64 | 65% 64 I 65% -f 1%
I 90 ! 904 89 i 89% ? 1
73 ; 73 73 I 73
114 114 11 11 ? 4
merce... 14 : 14 134 13% ? 4
55 ) 55 I 544 55 + 4
l>f 90%1 90% i 90 4 904 ? %
(78 ! 78 ! 78 78 ? 2
rtes 344 3-14 3 3 4 334 ? 4
ies pf..! 83 83 83 83 ? 1
! 98 984 954! 964' ? 1%
,f 11054 1054 105% 1105 4 !
haoco...| 78% 79 774) 77 4) ? 4
99% | 99% 99% 99% I ? 4
'117 1184 1164 1174! 4- %
1154|ll7% ill54'H7% 4- 2%
ie\t 89%) 89%' 89%! 89% ? 4
64V 65 j 63% 65 +1
92% 92%1 92% 92% ? 4
er pf... 444 ! 4441 44 | 44 4-4
lelt 84, 8% 8% j 84 -- 4
lelt pf..! 40 I 40 i 40 40
I 4S4 484) 474 484 ? 4
oods....; 24 j 24% 24 24% -f %
1st pf... 58 58 58 58 ? 2
1st pf.. 57% 57% 57% 57%
, 110 110 110 110 4- 1
a Fe... 87% 87% 87 4 87% 4- %
a Fe pf. 774 77% 774 77% + 4
Atl I 8 8% 8 8% 4- %
nn ! 93% 95 934 95
S . 1254 125% 115% 1184 ? 4%
I 12 I 12 12 12 ? %
ive Wks! 105% 106% 1044 105 ? 1
ks pf. .. i 99 1 99 99 99 4-4
> 444i 444 434 43% ? %
125% 125%|l25% 12574. ? 14
_ !iO 01/ IOOU 10QU 1001Z fc\L
HI l l LS. . J60 7J AAU72 I6U72 14072 " 'S
ml 1% 1 1
s : 3% 3% 3H 3% ? %
! 001,4, 6014 r.9% fio ? %
B 62 62% 60% 61% ? %
5% 5% 6% 5% + %
Transit. 13% 13% 12% 12% ? %
s of dep. 8% 844 8% 8% + %
89 89 88% 88% ? %
11% 11% 11% 11% ? %
Zinc.... 6 8 5% 5% %
Cop... 13% 13% 12 12 ? 2
R 16 16 I 16 16
lo 66% 67 : 66% 66% + %
....... 21% 21%; 21% 21 % | ? %
121% 121%'l20 121% ? %
M pf...1 81 84% 84 84% ?. %
40 40 39 39%' ? %
pf 90% 90% 90% 90% ? %
lop 36%! 36%j 36% 36% -f %
79 ! 79%! 76% 77% ? 1%
ilo 67 67 i 66% 66% + %
Trette. 9 i 9 I 9 9 ?1
tern 10 ' 10 9% 9% -f %
:ern pf.. 24%! 24%' 24 24
: Paul... 40% 40%| 39% 39% ? %
tP pf... 5974! 60% I 58% 59 ? %
western.1 81 81% 80% 81% + %
:ic Tool.) 74% 74% 73 73 ? 2
at'illc... 1 3474 34% I 33% 33% ? 1
6 p c pf. 68% -68%! 67% 67% ? %
7 p c pf. 78 78 78 78 ? %
13% 13% 13 13 ? %
. 33% 24 23% 23% ? %
& Co... 55 55% 55 55% -j- 1%
26% 26%I 26 26% + %
30% 30% | 30% 30% -f %
e< 58% 58%; 57% 57% ? %
phone .. 16 16 j 15% 15% + %
pf 74 I 74 1 74 74
ir 60% 60%, 60% 60% + %
86 86%' 85% 85% -f %
il Mln.. 6%, 7 6% 6% ? %
tile 21%' 21% I 20 % 21 +1
68% | 69 68% 68% ? 3
ly ...... 8%, 8% 7% 7% ? 1%
Lof 78% 79% I 77%! 78% ? %
,ef pf...' 100% ' 100% 100% : 100% + %
36 | 36 35% 35% ? %
> 110% 112% 109 !ll0% ? 1%
pf 89%j 89%! 89%1 89% ? %
- 36 ,36 ! 34%! 34% ? %
r 29 I 29%! 28% 28% ? 1%
- pf ' 71% 71%' 69 [ 69 ? 3
A.m ' 21 21 21 ; 21 ? %
92% 92%' 92% 92%
son 104% 104% 104 104 | + 1
rande... 1%! 1%' 1%! 1%'+ %
ande pf. 3 3%; 2%, 3%| + %
12% 121 v 12 12 %
orpV18% 19% 18%! 19%' 4- 1%
i 61% 61%' 61%; 61% 4- %
i pf ! 90 f 90 I 90 90 ? 2
| 16%! 16% 16 j 16% 4- %
: 25% 25% 25%! 25% 4- %
I^asky . 63% 63%! 63 ! 63 ? 1%
L pf. ..j 78 78 78 78 ? 1
melt pf.' 30 30 30 30 +2
p 98% 98% 98% 98%
18%! 18% 17 17 ? 1%
18 19 18 19 4- 1%
gmore.. 4% I 4% 4 4 ? %
0 58%! 59% 58% 59% 4- %
Co 134% 134% 131 132 ? 3%
15%: 15%! 14%! 15 ? %
pf 67 : 67 ! 67 j 67 4- %
lorp deb 64% 64% 63% 63% ? %
I 47%; 47% I 46%; 47
1 & S...I 25 25 ! 25 ! 25
Pf ! 87% 87%. 85%: 86% 4- %
Ore ctfs 32 ' 32 ' 31% 31% %
orth.... 11%! 11% 4- %
orth pf. 27 1 27 27 ! 27 ! 4- 1
41%! 41% 41 % j 41%: 4- 1
Car 60% 60% 60 60% 4- 1%
iff 48%; 48%' 48% | 48% 4- %
12% 12% 12% 12% + %
24% 24% | 24% 24% ? %
98 -93% 90 92 + 1%
90%! 91% 90% 91% + %
7% 7^ 7^, 71^
Copper. 40 40 39% 39% ? i%
orp..... 4%! B%' 4% r.% 4- %
orp pf.. 14%; 14%: 14% 14% 4- %
: 16% 16% 16% | 16% + %
>f | 69 70%j 69 ! 70% 4- 2%
i new. ..100 101% 98% 98% ?2%
pf new. 1104 % 1104%' 104 %' 104%
I 16% i 16% 15%| 15% ? %
pf | 60% 61 ! 58 ' 58% ? 1%
ok 36% 36% 36 36 + %
k 1st pfj 73% 73% 73 73 ? 1
k 2d pf. 61 j 61 | 61 61 4- %
kel .... 16%! 16%; 16% 16% 4- %
per .... 58% i 58%1 57% 57% ? %
29 I 29 V*! 29 29% ? %
orp 86%i 40 j 86%) 40 I + 3%
is corp. r,\ 5% n* , ? ?/?|
thern... 23 j 23't 21%j 22% j ? %
Tire... 45 | 46 '44 | 44% i ? % j
CONSOLIDATED EXCHANGE.
?7
Resumption of ffquidatlon In motors
nil marines wan effective for material
declines In those groups during yesterday's
Consolidated Stock Exchange
trading. Some of those shares reached
new lows for this year. In the balance
of the list changes were Irregular. A
strong opening undertone In steels, oils
nnd specialties gave v.ny to general declines
at the end, based on advices of a
recessionary trend In foreign exchanges.
A decline of 8% points In Atlantic Gulf
to 117 and an advance of 7 In Replogle
to 79?4 were the day's features.
II*\K OK EMGL.A.TD STATU.ME1VT
Ix)NnoN, Nov. 11.?The weekly statement
of the Hank of England shows the
following changes: Total reserve Increased
?1)21,000, circulation decreased
! ffiDO.OOO. bullion Increased f.330.92X.
other securities rlccrcnserl ?647,000, public
deposits Increased ?1,673,000, other
deposits deeron rod 72.AAA.000, notes re rve
Increased ?662.000, Obvernmerit
se curities decreased ?1,272,000. Proportion
of ressrvc to liability, 10.64 per
cent.; last week, 9.87 per cent.
u
FK1DAY, NUVEMEttK 1Z,
:hange quota
V EMBER 11, 1920.
Year to date..I 185,1
<?Closing.?,|Div. I |
rid. | Agk. |In $ ! Sale*. I
50 55 I ..I 100'Keleey Wheel Co..
22 22%) 2- 8500' Kennecott Copper
11% 12% 1.20 13001 Keyttone Tire & R
58% 59 Cj 9001 Lackawanna Steel <
16 19 .. 100 Luke Erie Afe Weati
20 36 j .. J 2001 Lake Erie & Weste
oz I M4fe|a9h| uwiijenisn t biiuj ....
95 105 . 7! 1001 Liggett & Myers T(
19% I 19% 2 2100 Loews Inc
11 I 11% .. lOOOjl.oft Inc
32%! 35 .. 300 Loose Wiles Blscui
100 105 7 200 Lorillard (P) Tobai
104% 1107 7 200 Louisville A Nash\
1 58 4 400:Mackay Cos pf....
78 | 80 10 100 Manatl Sugar ....
59 01 7, 300 Manhattan Elev gi
17 18 1 2 100 Martin-Parry Corp
2%: 3 | ..| 300 M&xwtH Motor ...
i .. ! 100|Maxwell Motor stp<
168?4 '169 12! 324001Mexican Petroleum
18*4 18%' 2! 200,.Miami Copper ....
13% 131.60 5700'Mlddle States OIL.
35% 35% 4! 40001 Mid vale Steel & Or<
16% 16% ..! 900!Minneapolis & St L
53 56 | 4 200'M, St P & S S M L
4 4% 1200;Missouri, Kan & Tt
7% 8 ., 400|Missouri, Kan & Tt
25 25%I .. 2600 Missouri Pacific ..
47 47% .. 4400 Missouri Pacific pf
20%] 20% .. 700]Mont Ward & Co..
31 ] 32 3% 1400 National Acme Co.
54 I 54%! .. 300'National Ar.lllne & 1
.. .. lOOjNat Ani & Chem ct
.. ! 7 200|Nat Ani & Chem pi
31 33 } .. ^00;National Cloak & S
70 80 ] 7 300|National Cloak & S'
5 5%' .. 1001 National Conduit &
49 ! 49% 6 10001 National Knam & S
86 92 7 lOOiNational Enam & S
71 1 71% G[ 300'National Lead Co.
6%I 6%I ..| 700|Nat K R of Mex 2d
104.; 11 I, OOOlNevada Con Coppei
85 ] 87 | 101 900|New York Air Bra
80 80% 5! 4700!New York Central.
53 ] 54 " .. ] 300 New York, Chic & ?
22%' 25 2%' 100|New York Dock
44 46 2% I 100! New York Dock pf
29 ! 29% j ..] 4100 New York, N H & I
20% 22 1 1; 1200 New York, Ont & M
97 98%' 7j 900'Norfolk & Western
55 I 61 5 200|North American Co
90% i 91 V> 17600 Northern Pacific ..
I .. I 5j 300|Nova Scotia S & C.
3% I 3% 140c' 1900 Oklahoma Prod & T
414, | 5 j . . 400 jOntario Silver Mini
26! 25% 2] 200 Orpheum Circuit
123 1128 81 300!Otis Elevator
18 ! 19% 1 .. 2001Otis Steel
49%: 49%1 5| 1400!Pacific Gas & Elect
78% 1 78%; 61 14200|Pan Am Petrol & '1
71141 71%| <> 2400 Pan Am Petrol & T
22 22% 4; 100 Parrlsh & Binghan
41% 42 3 2000 i Pennsylvania R R
13% 14 .. 400 Penn Seaboard Ste
38% 39 .. 800|People's Gas, Chlca
22% 23% i .. 2800]Pere Marquette ..
57 63 5 100'Pere Marquette prl<
38 38% 3 900! Philadelphia Co ...
33% 34 .. 16001 Phillips Petroleum
25% 25% .. 5900;Pierce Arrow Moto
77 79 8 16001 Pierce Arrow Mot'oi
13 13% .. 200!Pierce Oil Corp....
83 84 8 2001 Pierce Oil Corp pf.
61 61% 5 1900! Pittsburg Coal of F
31% 31%! .. 6001 Pittsburg & West 1
14% 15 ' 1 600iPond Creek Coal...
91% 92 I 8 GOO{Pressed Steel Car.
107% 109 j 8j 800 Pullman Co
57 57% 8 2700lPunta Alegre Sugai
37% 38% 4 15501 Pure Oil
89 90% | 8 200. Railway Steel Sprli
103 104 | 7 500(Railway Steel Sprir
12% 13% 1 16001 Ray Consol Copper
96 96% 4 27700jReading
56% 57%I 2 300|Readlng 1st pf
56% 57 I 2 200(Reading 2d pf
38% I 40 ..( 500( Remington Typewrl
76%! 77%( .. 3700 Udplogle Steel
29 | 29% ..! 500 Republic Motor Tri
69% 70%! 6! 7200;Republlc Iron & St
73%] 73% 5.20 63001 Royal Dutch Co N
14% I 14% 1| 100(St Joseph Lead
26%j 27% .. 1900,St Louis & San Frc
31% 31% .. 1600i ?5t Louis Southwesl
43% 44% 1200 St Louis Southwest
7% 8 1 lOOjSanta Cecilia Sugai
18% I 19 .. lOOSavage Arms Corp
3%' 4 .. 600|Saxon Motor
R%! 8% .. 200]Seaboard Air Line.
105% 1106 8j 3900'Sears Roebuck Co.
22% I 23 8000iSeneca Copper ....
47 I 47% 74cj 1300[Shell Trans & Trad
28%| 28% ..I 5600 Sinclair Consol Oil
55%I 57 6l 1000 Sloss-Sheffield S &
103 112 12' lOO'South P R Sugar..
112% 112% 61107200 J Southern Pacific .
27%! 27% . .1 4800j Southern Railway
62 ! 63 51 200: Southern Railway ]
048 049 20 165(Standard Oil of X J
C18 1649 20) 10 Standard Oil of X J
105% ! 106 7! 850 j Standard Oil of N J
27%: 27% j 4! 1001Stewart Warner Sp
56%] 57%I 4; 900 Stromberg Carburet
50% 50% 71 15200'Studebaker Corp .
10%' 11%) 400 Submarinc Boat ..
16% I 16%' 2 300]Superior Oil
9% I 9%! ..j 1600 Ten n Cop & Chem.
47% | 48 ! 3! 10700 Texas Co
26% 26% | 1] 1900 Texas Pac Coal & C
23%! 23%: .. 1800,Texas & Pacific
16% 17 j ..i 400]Third Avenue ....
13 13%!2%] 400]Times Sq Auto Sui
60 60%) 6[ 26001 Tobacco Products .
85 87 7' 100.Tobacco Products p
..I 1500transcontinental Oi
42 ; 43 5! 200jTransue & Wms St
76%I 80 8] 300iUnton Bag & Papei
26 | 26% ( ..I 800 1'nion Oil
124% 124%) 10) 3800|Union Pacific
32%! 33 4| 300 United Alloy Steel.
103% 106 ! 8 100|United,Drug Co...
43% i 46 3% ] 2001United Drug Co Is
205 1208%' 81 1800]United Fruit Co...
11%i 12 j 600)United Railway In
25% 26 ..I 200lUnlted Railway Tnv
64%) 65 1 3 5300]United Retail Stor
38% j 38%! 6 4200jU S Food I Tod Cor
7 4% I 75 I 8 1300 IT S Ind Alcohol...
39 t 39%) .. 5001U S Realty & Imp.
67% 68 | 8 4600IU S Rubber
49%) 50 ] 6 400 U S Smelting. R &
83% I 8.3% I 5! 70000 U S Steel
105% 106 j 7 5001U S Steel pf
tift i R?1Z n' Ortrtfl TTt.?V? r'nru.nr
.... ."-J 7* ; v| "VVV . .... . wjrjrwa
48*t! 49% 1 8 142001 Vanadium Corp ...
45% 46% i 4) 2100| Va-Carollna Chem
97 1105 | 61 1001Va Iron, Coal & Cc
12% | 12% 2j 2300! Vlvaudou V
9%! 10 ..' 120oj Waha.?h
2 7 % j 28 .. 400| Wabash pf A
11 | 11% 2 200 W ber & Hcilbrom
11%S 12 .. 4200 Western Maryland
21 Vi 22 .. 1300 Western Maryland
35% 36 .. 600 Western Pacific ..
74% 77 6 300 Western Pacific pf
88 88% 7 700 Western Union Tel
91 100 7 100 Westlnghouse Air
45% 46 4] 900 Westlnghouse K &
11% j 12 .. | 1700 Wheeling & Lake 1
41% 42% 4| 700 White Motor
20% 21 .. 1200t White Oil
4| 700[WickwIre Spen Ste
7% 7% 1| 28200i Willys Overland ..
49% 49% 7 5300 Willys (tverland pf
48 49 5 200 Wilson & Co
49%' 60 6! 2800 Worthlngton Pump
Odd lots.
n-i.i * ?* .
.i vyuu iv?u uniifl.iriiuii.^ are IIU" 1
were made at prim outsldfl of the regula
OFFER AMSTERDAM BONDS. I
Rnkrra Heeelvtnic Subscriptions S
for laanr of Onteli City.
J. 8. Baehe A Co. are offering to
take subscriptions for bonds of the A
15,000,000 guilder Internal loan of the ot
City of Amsterdam. which Is being of- ai
frrcd simultaneously In this market and <'?
In Holland. st
The bonds are redeemable within d<
forty years by annual drawings of
375,000 guilders, beginning In March, el
1922. The offering la being made at fe
J315 a thousand guilders, to yield ap- ai
proximately 6.77 per cent at current hi
rates of exchange. ot
dl
ru n MnTnII mvi invu i *?tu a
Nprrial Drspofrh tn Tnr N?i? YoSK TIrkai.H.
SpRiNoriwr.n, Ohio, Nov. 11.?The Hnre
Motors Corporation of New York city
hart taken over the aclllmt of the output ni
of the Kelley truck plant hero. Hare "fii
officials have become officers In the af- t>|
filiation of the two big companies. The m
local plant will resume operations. m
iyzu.
TIONS.
:
1920. 1919. 1918.
1)85,6071-^ 274.683.948 124.388.622 '
lOpen- |High- | Low- I Clo?- HM
| Ing. j em. | eat. I lug- Change. |
50 I 50 I. 50 I 50 +1 | !
21% | 21V 21% 21% + % |
ubber. 12% 12%! 11%! 11% ? 1% I
Co.... 58% 58%| 68%! 58% + %!l
;rn.. . 16 16 i 16 j 16 ? 3% j
rn pf. 34 34 I 34 34 ? 1 1 1
52%; 62% 51%I 52 " . . I '
>b pf. 100 100 100 j 100 ? %,'
19% 19%! 19% 19% ? % I
11% 11%' 11 I 11 ? Y? 1
t 34 34 i 33%! 33%
sco pf 100% 100%|100% 100% + % 1
llle... 105 105 104% 1104 % + 1 '
56% 57 ! 56%; 57 ? % 1
! 80 80 1 SO ; 80 . . 1
jar... 59% 60 ! 69% 60 +1
17% 17% | 17% 17% + %
2% 2% 2% 2% ? %
1 2% 2% 2% 2% ? %
170% 172 '167% 168% ? 1%
18% 18%! 18% 18% ? % ,
13 13%' 12% 13% + % J
1 35% I 35%) 35% 35% + %
new. 17%! 17% 16% 16% % t
,L... 56 I 56 I 56 56 .. .
>x. ... 4 4% | 4 4 .. j.
'X pf. 7% | 7% 7% 7% ..
25% I 25%! 24% 25 4- % .
47%: 47%l 46% 47 ? 1
20% | 20% 20% 20% + K ,
32 32 ! 30 30 ? 2 1
Chem. 54% 55 : 54%! 55 4- 7/b *"
fs.... 53% 531/4 53Vi 58% + V* "
' otfs. 89%l 89% 89%i 89% ? %
ult. 33 | 32 32 32 ? 1 *
nit pf. "6 | 77 76 77 .. ,
Cable 5Mi 5% 6141 5% + '4
tamp. 52% 54 49% 49% ? 2% '
It pf.. 88 88 88 88 ? 2 a
71 Vg 71V4 71% 71% ? % f
I pf... 6% 6% 6% 6% + %
r 11 11 19% 10% ? %
ike. . . 85 86 84% 86 + %
80% 80% 79% 80% ? % t
St I,.. 51 53% 51 53% + 3% v
23 23 23 23
45 45 45 45 + 1 j
i 30 30 29 29% ? %? J,
/ est.. 21% 21% 20% 21 + % j
98 98 j 96% 97% ? % ,
55 55 | 55 55 ? % c
90%- 92%: 89% 91 + % <
38 38 ! 38 | 38 .. d
tef... 3%; 3% j 3%! 3%
ng... 4% 4%j 4% j 4% .. t
25% 25% 25 1.25 .. t
125 (125 '124 |124 ?2 |
I 18 | 18 1 18 I 18 | + % L
ric...I 50%| 50% 43 50 ? 1 j j
: I 79%! 79% 77% 78% + % '
1 B...I 73 ! 73% 71% 71% + 1
l 23 23 23 23
42 42% 41% 41% ? %
el 14 14 13% 13% ? %
igo...I 39% 40 38% 39 ? % i
23% 23% 22% 22% .. t
or pf.| 61 01 61 61 ? % *
I 38% 38% 38 38% ? % ?
34 34 33% 34 + % 1
T 26% 26% 24% 25% ? % <
r pr. . 82 82 74%! 77 ? t>
13% 13% 18 I 13 ? % ?
83% 83% 83%| 83% ? % r
"a 59 61% 58%! 61% + 2% c
a 32 32 31%] 82 + 1 '
15% 15% 15 J 15 ? % !
92% 92% 91 %| 91% ? % *
106% 107 % i 106% 1107% + %
r 58 59 ! 57 ! 57 ? 1
38 38% 37% 38 + %
ng.... 88% 88%;1 88%i 88% ? %
ig pf. 105 105 105 ] 105 + 1
13 13 12% 12% ? %
96% 97% 95% 96% + %
56% 56% 56 56%
57% 57%! 57 % 57% + %
iter .. 40 40 ! 38% 38% ? %
76% 80%! 75% 78 + 5%
Lick... 29 29% 29 29%
eel... 70% 70% 69% 70
69 69 ! 69 69 ? 1
Y.... 72% 73% 72%] 73% + 1%
14% 14% 14% 14%
in ] 27% 27% I 26% | 26% ? 1%
tern.. 31% 31% 31 31% + %
pf... 44 44 43% 43% ? %
r 7% 7%: 7%: 7% + %
...... A n | J ;? J17 ; 1I* .
3%[ 3% 3%' 3% + %
8% I 8%! 8% 8^i + V.
107% 108 jl03% 103% ? 2%
22%! 23% 22% 22% + %
inB... 48 48 | 47% 47% + %
1 28 I 28%; 27% 28% + %
I I 56% 56% 56% 56% + 1%
'110 110 '110 (110 4" 8%
114% 114% 111%; 112% ? 1%
| 28 j 28 ; 27 : 27% ? %
62% 62%! 82% j 62% + 1%
[650 16170 [646 [649 + 7
s 10.1645 1645 [645 645
pf. .. 105% 105% 105%'105% + %
oed... 27% 27%' 27% 27% ? %
or ... 57%' 58% 57 57
50 51%| 50 50% ? 1
11% 11% 10% 11 ? %
16% 16% 16% 16%
9 9% 9 ! 9% 4- %
48 48%' 47%' 47% I ? %
Ml I 27 j 27% 26 J 26 ? 1
22%' 23% 22%! 23%
16%, 16%i 16%! 16% .. r
iply. 14% 14% 13% 13% ? % f
60 j 60% 59 60 + % f
if..... 86 86 86 86 .. c
1 .... 10% 10% 10% 10% + % r
eel... 42%; 42% 42 42% 4- % 1
r 78 78 77 77 ? ik. r
f 26*41 26%! 25%j 26 f ..
123% 124% 123% 124% + %
32 32% 32 32% + %
104 104 104 104 ? 1
t pf.. 45 45 45 45 ? %
206% 209 204 204 ? 1%
vest.. 11% 12 11% 11% + %
est pf 26 26 25% 25%
es 65% 65% 64% 65 + %
p 39% 39% 38 38% ? %
74% 75 74% 74% ? %
39% 39% 38 38 ? 1%
.1 67%; 68%1 67% 67%I ? % I
M..f 50 50 | 49% 49%I ? % '
83% I 84%' 83% 83%- ? % '
1105% 105% 105% 105% ? % I
56% I 56% i 56 56
48% 50%t 47% 49 + 1
48%) 48%| 46% 46% ? 1%
>ke...| 97%: 97%! 97% 97% ? % ]
| U%; 12%) 11% 12%| + 1 ,
I 10 10 I 9% 9% I ? %
I 27% ( 27 % I 27%, 27% ' + % ,
r | 11 I ll 11 II I .. I
; 12% 12%; 11% 12 I + % 1
2d pf. 22 22 21 22 ! + % |
! 36 36% I 36 36 .. (
....... I 75 I 75 75 75 ' .. ,
1 88% 88% 88% 88%; _ % .
Brake 98%; 98% 98% 98%< ...
M.... 46 46 I 45 45 ? 1
Erie..I 11%; 11%; 11% 11% ? %
42% 42% 42 42 ? % I
21 | 2t 20% 20% ? %
el 22%, 23% 22 23% -t- 1% '
3% ?% 7 7% ? 1 1
' 66%; 56% 47 49% ? 7 '
48 I 48% 48 48% .. 1
49% 50% 49 | 50 + 1% '
recorded In separate lino unless sales 1
r full lot range.
NITJiD L'IGAR STORES REPORT.
rt of Klrst Klwht Month* of 102O
1* K?T?. 1? n Share.
The United Cigar Rtores Company of
merlca report* for eight month* ended
? August at net profits, after charges i
id taxes, of $2,965,721. or $9.13 a share
irned on Its outstamllng common
ock after deduction of^referrod dlvl?nd*.
The company's net profits for the
ght months were $2,MT>,72t and Its prorred
dividends $23%,MS, leaving a bailee
for the common of $2,72S,OM, which
pought the total surplus to $8,487,882.
it of which was charged $2,718,200 for
vldends on Its common stock, leaving |
final nrnllia nf ST. 771
Leivnon mowky market, '
i <
IjONPon, Nov, 11.?Bar sliver, 54?/fcd. >
i ounce. Hsr Rolrl, 121s. 4d. Money.'*
!4 per rent. Discount rates?Short
lis. fit>i a 113-16 per cent.; throe i t
onths bills. 6 % per cent. Uoltl pre- j '
lum at Llebon. HO. [?
TOPICS OF WALL STBEET. T
I'nsrttliiiK Faetura Removed.
Three Important unsettling factors
save been hanging over the market for
several days, and it became known yen- j
terday that those factors, all of consld- [
vrable market importance, had been re- |
noved. A company of international
? .. Via ,1 Keen
:lose to financial difficulty on account
if inability to liquidate its assets. The
tVillys-Overland Company. It was published,
bad been forced to negotiate >30,- j
100,000 of new financing. Its bank loans
Jo approach that figure, but the company's
financial requirements will be j
provided for without new financing, j
Ruinous liquidation in the retail trade
was in sight. A truce, which has been
irranged between bunkers and retailers,
prevents, however, drastic calls of loans
jefore January 1.
Humor Factory ut W ork.
There is no diminishing of the out- .
>ut or shortening of the hours of labor
n the Wall Street rumor factory. The
5treet Is fairly qlive with rumors and
ine hears In every bank and commission
louse whispered reports that this or j
hat company is about to cut its divllend,
shut down for the year, lay off
lalf of its men or do something else
vhich, if true, probably would bring
ower prices 'n the market for Its
itock. The National Biscuit Comolany
yesterday was put to the
lecessity of denying that it would do
ny new financing in connection with
Ls building programme. Officials of L=
lie Trnnsue and Williams Steel Forg- JJ|
ng Corporation, which shut down ten j ?I
itiys ujjinru Lite rcpui l umi inui ?
orporatlon would not reopen this year ^
nd announced that It had resumed In s
ull. =
New York Air Drake. [?
Another rumor going the rounds yeserday
was that New York Air Brake ~
zould cut Its dividend from $10 to $5. S
V director of the company stated E
esterday that Its regular dividend ?5
it the rate of $10 would be declared In s
ts meeting next Wednesday, and that no 2
lew financing was contemplated by the Z
ompany. as reported. The company, S
t is said, is earning well over Its ZZ
Ivldend requirements and It is undertood
that If Its earnings contlnuo at ~
heir present rate approximately double -2
he dividend will be earned in the cur- E
ent year. The director put a damper on
he story that a new air brnKe inven- s
:lon had cut Into the corporation's busl- =
less. 2
Overboard. ^
The drastic decline of the last few S
reeks, ended with the forced llquida- j?
ion on Tuesday and Wednesday, has 5
itarted about the commission houses ~
iome gossip of heavy losses which have S
>een sustained In the market this year, -j;
)ne of the typical morsels of gossip that ?
A'all Street is rolling about on its 3
ongue Is that an account which two ?
nonths ago amounted to $750,000 was 72
ileaned out Wednesday afternoon. Sev- 3
iral amounting to more than $100,000 ~
ess than two months ago are known to IT
lave gone overboard at the market. 3
Foreign Selling Aliont Over. jjj
The sale of stocks for foreign account, Jfn
vhlch has been an active factor this
ear. is down to the odd lots, and in the f
ipinlon of the heads of several internalonal
houses is practically completed.
V big International house received yoserday
4 90 orders to sell ten share lots
ind sold those 4,900 shares during the
nornlng. They represented small drips
if selling that had accumulated on the
ither side. In the opinion of the heads k
>f several International houses the fordgn
liquidation In such blocks as would
lave an effect on the market here la
:omplcted for the year.
Oil Production.
The oil field report for October, as
dmplled by the Oil City Derrick, shows
i decline In drilling operations comsared
with those of September. Competed
wells totalled 2,848 wells, a dedine
of 218 wells from the showing of
he preceding month. New production
imounted to 291,072 barrels a day,
igalnst 224,753 barrels in September,
rhe gulf coast showed the greatest
rain, a total of 37,710 barrels. Oklaloma
reported 9,482 barrels and North
fexas 8,210 barrels more than In Sepember.
At the close of the month 9.484 V
Igs and wells were drilling, a decrease "a
>f 326 from the number In last previous W
eport. About 64 per cent, of the new I*
production was obtained from the mid- I
ontinent field, which had approximate- I
y 61 per cent, of the new work under I
ray at the close of the month. II
Mystery in Sterling. B
The wide fluctuations In sterling, j I
ringing from $3.30 to $3.40, and no !m- , I
>ortant domestic transactions to account ^
or it, received yesterday the attention J
>f bankers, who recalled that a similar __
novement within that range occurred
ast spring, and subsequently came an
innouncement that the British Government
was to ship gold to this market
it that time mysterious forces were at
ivnrk Thi>rn wna nnthlnr In th?? Ho.
T.estlc exchange situation to account for
the movement then, and there is nothing
now to explain the present condition
of sterling exchange. The big dealers
are doing nothing in the market here
either way. content to maintain a position
of equilibrium until a definite trend
be established. The statement that Lionlon
intercuts not generally in the market
are active can be made. Wall Street
would like to know what, if anything, Is
behind the mystery In sterling. Francs
made a new low for all time yesterday.
Call Money Definitely Faster.
An easier turn In the call money mnrIcet,
In which the rate slid back to 7 per
cent, near the close of the day's se slon,
was accounted for In hanking circles by
the return of some $60,000,000 on textile
bills dated November 1 and payable In
len days. The return of those bills gave
tho banks, temporarily, a plethora of
Funds and they were hurried Into the
-all market for employment. Stocks
paid but little heed to the decline In the
rate.
Gold From Australia.
The first of the gold to be received
rrom Australia for the account of the
S'atlonal City Bank, which purchased It,,
irrlved yesterday In San Francisco. The
imount was less than H.OOO.O'iO. There
will be further arrivals at that port
luring this month and December. ?
EXCHANGE MARKET NERVOUS.!
ihovr* Thl? Country to tip World'*
*ot? Creditor Nation.
The foreign exchange market, as ox- 1
Messed hi terms of the American dol- (J
nr. w?i again extremely nervous yo>
trday and denoted in greater measure t*h
lie paramount position of this country
a the world's sole creditor nation.
Heavy offerings of grain and cotton ?
nils caused the British or sterling rati f~
o fall to $3.3r> %4 for demand hills
i.'alnst the prewaf quotation of $4.801s
Yesterday's low was 4 cents lc<-s thnr
he recent best but conslderab'y more !
Han the low record of last February, I
ihen sterling fell to $3.18.
New minimum rates were made hr 1
rrench, Belgian, Itnllnn, Kpanlsh nnu I
Ireek exchange. Further demorallsa __
Ion was reported In all the Central anf ~
If uth American markets. American
IcUars rdse sharply In Canada. """
Exchange on the Scandinavian counties
was heavy and hi some Instances
Italers declined to quote prices of hills
<> several new Eastern European war
nnllnti*
Frlvnto nil vicon from London woro to M
ho offoct thnt no Immodtnto rollof fro.i
xlntinK exchange conditions in I'Jngltitul >H
iiid Franco wero probable. ^ ?
1
The decline in commodity
prices is releasing funds from
use in business and increasing
the purchasing power of the
dollar.
. . i
As a result the demand tor
sound long term bonds commanding
a ready market has
greatly improve^.
Such bonds may still be obtained
at unusually attractive
levels to return from
5.50% to 8.05%
Upon request we shall be glad to
send a copy of our latest circular
describing various seasoned long term
bonds which we recommend for Investment.
Redmond at?o.
Members New York and IMttsburgii
Stock Exchanges
33 Pine St. New York
Union Arcade Bldg. Pittsburgh
IIIIIIIIIIIIIIHIIIIIHIIIIIItlllllHIIIIIIUI^
I 300% I
of the total funded debt =
of the 5
Virginian Railway EE
is the valuation accepted i=
by the Interstate Com- E
merce Commission for E
this system. =
We Own E
$100,000 E
First Mtge. 5% Bonds (1962)
=
which we offer at a price E
to yield E
about 6% E
September net earnings E
report over 5 times in- =
terest requirements on E
tiif* aliftVA Knnric
Details on request
Eastman, Dillon & Co. =
Members ?
New York Stock Exchange ?
INVESTMENT BANKERS |
71 Broadway =
New York IE
iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiimmiiiiiiiili
|
STANDARD !
OIL CO. I
* OF NEW JERSEY ^
Cumulative 7%
Non-Voting Preferred
Stock
PRICE AT MARKET
YIELDING '6.63%
COGGESHALLI
akd hicks ^
Members Sew York Stock Rxchvt}128
BPOADWAY
203 WEST 79 fH STREEV
NEW YORK
J
- - - - "
are prepared to
execute promptly
orders in listed or unlisted
securities for
cash or on a conservative
marginal basis.
Correspondence incited
Charles E. Brickley
& Co.
Membtrs Neie York Slotk Exchanf
61 Broadway - - New York
Ttltphont Bowllnf Gretn 8700
S3 Sta e Street Widener Bids.
BOSTON PHILADELPHIA
Direct Priccte Wires
i
I. J. Zinc "Rights'
.K.Rice, Jr.&Co.
ones 4000 to 4010 John. 3d Wall 8t., N. Y.
Merrill, Term
Lynch Notes
^ C<X List on request
I2A Broadwsy. N. Y.
A, rmb*tt Nam York Steet Exthanu
Bankers Trust Co.
Borden Co.
N. Y. N. H.&Hart. Deb.4s
cCLURE, JONES & REED
Member* \ew Yirrlt .Slnrt Esehnnge
Kronrtway I'hone Ml Rect?.
i
i

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