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The sun. (New York [N.Y.]) 1916-1920, November 21, 1919, Image 12

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f 12 Invest Your Money Conservatively not overlook the fact DO that railroad bonds hydro - electric bonds, electric light and power bonds, government and mu- nicipal bonds, industrial bonds and many investment preferred stocks are now obtainable at prices far below intrinsic value. Securi- ties of this character, selected with proper ' discrimination, offer unusual opportunities, not only as to enhancement . of value, but also as to the return on the invested capital. Send for Circular No. 1678. \Cotuervatlro Invtstmoata.\ Spencer Trask&Co. 25 Broad Street, New York ALBANY BOSTON C1IIOAGW Members New Yorlt Stock Exchange - Japanese Government Second 4s Due July 10, 1054 Foreign Stamped At Market To Yield About Circular on request for AD-26- 5 TheNationalGty Company Main Office: National City Bank Bids Up Ion OfSca: Fifth Are. & 43rd St. Comtmltt Olficti tn otcr M Cititi. Correspondence Invited We invite correspondence on Stocky Market commitments and all inteslment subject. fre-que- nt analytical reports issued' and mailed gratis. ucekly Cotton letter and Grain retieut upon request. E.W.Wagner&Co. Established 1887. Chicago Msmbm \ A\?\\ \CHANGE 2'\ MODUS EKJMNOe KEV ORLtAKJ COTTOt UOUX1 OKKO OOAUD OfTKADE ancAco stock excmanm CLEVELAND STOCK EXOUMC1 I IT IMM MUX HANTS EXOUJKE. 33 New Sired GST) Kew Ynk (NEatHthSl. Mai.At.&42iSL Brtnchts i 105 West 82 J St. I 26 Court St.. Brooklyn IpfID tCi xr L - pi v u rvua .ji., t ? cwari J Chase Nat'lBk.Stk.&Rts. State Bank , Merchants Nat' I Bank Bankers Trust & Rts. Chatham & Phenix Bank Continental Bank y National Bk. of Commerce Guaranty Trust Nat'l City Bank Franklin Fire Ins; Continental Ins. Home Insurance ChiiasCom. & Pfd. - Bank\ insurance and Truat Co. Stocks ,J.K.IRtce,Jr.&Co. 'hones 4000 to 4010 John. 2S Wall St.. N. T. W. F. Ladd & Co. SaeceMara L TllBy, Ladd C. Investment Securities New York We Deal in American La France Fire Engine Company Hallowell & Henry ft). John 3158. 27 line St.. y. T. Woodward Iron Common Merrill, Lynch & Co. 1 Tradlnx Department l j 120 Broadway, New York ' Thone Hector C070 Murk. A. Noble Theodore C. Com In NOBLE & CORWIN 15 llroad St. New York BarkersTr Ci Rlj. Cu tissAcrcPl Chase Natl. Rls. Pholpj Dodge Telrphone 1111 Broad. FINANCIAL NEWS AND COMMENT oi..i. ir l.- -i n T) 1. s.. I aiucK Jiiiihut Luiui'H mien in ohTIT Face of Bcjection of the Peace Treaty. Money , Bate Falls to 6 Per Cent, and Foreign Exchange Market Improves. j The stock market proved a verydls-- I agreeable surprise yesterday to those Jn- -I tcrests who thought that prices could only go one way, and. therefore, failed to observe the excellent absorption of stocks that has gone on for the last two weeks. It opened up very steady In the face of the rejection of the peace treaty, which everybody had expected would throw the sharo list Into convulsions. There was an entirely different note In the character of tho deallnga from the outset, and as the session progressed It became apparent that the short Interest had overstayed Its market. Tho buying which had come Into the market In the last two hours of Wednesday's session had absorbed the last of the scattered liquidation, and when the trading com- munity Vound yesterday morning that such an Important development as the rejection of the peace treaty made no Impression whatever on the market, the professionals at once saw that there was no further need to worry about money conditions, as was borne out later In the day, when the rates dropped back to normal. Tho professional fraternity was clear- ly taken aback at. the manner In which stocks came back. They had anticipated that they would have an easy tlmo of It for the next few weeks and, the more the market declined, the more convinced they became that It could only go one tvay, anu that way was down. But they failed to tak'o Into account In the first place, while the banks were holding money up .around 14 per cent, that nobody was borrowing ; that this money was piling up in the vaults of the banks, and that sooner or later the banks would get tired of having large amounts of Idle funds around. In th ponrf nlnr. they entirely misjudged the effect of the. rejection or me peace treaty upon the market They thought that this meant another six months of negotiations be- fore trade relations could be resumed on a normal basis: that in foreign exchange markets would go to pieces. But Instead It now appears that the Senate will declare peace immedi- ately upon the resumption of business next session so as -- to permit business oeiween tne Central Powers nd the Allies and this country, and that the peace treaty will come up afur lor reconsideration. This was even better than it would have been if the thing had all been settled during the last-sessi- on, but of course it was not reVeZ?.dJ prog' ;, \\, dui me real up- - SMT'U d't n0t come unl e dmnJ ,h0\rs- - when money rate ner rom t.' . Improvement net in in ..... change market Then the covering mnv.rn.nt ki.L . \\\I \ae\ io me steel and low priced Issues. SDread intn h hi,t,. I priced specialties, which had been the particular targets of the professional traders for the last two weeks. There was I nOery rlde recovery In General Motors. The tobacco stocks shon-rr- i Inriitinn. of coming back into their own under me leaaersnio or Amnriran Tnhi. , t Retail Stores. There was no thought ,ui jcuewai oi speculation on such a Scale as was experienced during the few weeks immediately preceding the last crash In prices, but the Stre.t , erally agreed that the worst of the selling was over ana mat irom now on a process I of stablllxatlon would set In. which eventually would lead to the resumption ui me upwara campaign some time after the turn of the new year. This money situation was very much easier. This was the key to the whole market It had been held up as long as the banks could afford to let tl, and when it appeared as though the speculation had been checked the powers that be dropped the rate back to normal. Tills came yesterday, and at once signal-lie- d an Improvement In the whole out- look. There Is understood to be plenty of money available, but at the same time It lj pretty generally understood that the banks will not permit a resumption of the upward movement on any such scale as was witnessed prior to the shakeout last week. Foreign exchange likewise reflected Improvement There was a very sharp break at the outset In to the rejection, of the peace treaty, which carried sterling down be- low 84 for the first time in history; but as soon as the real significance of the resolution for declaring peace without the ratification of the peace treaty was realized the market came back very strongly, improving all the way around. MONEY AND EXCHANGE CALL MONET. Mixed' Collateral. ) All Indotriali. nizli 19 iHlfh 10 Low Latt Renewila .... Vtar'a hilh., Year's low.., VlieJ Collateral sixtr dara U Ninety lay V. Four months. (H Fire monthi IH Six month. iH COMMERCIAL Prime Indorsed Bills! Receivable. Slaty dayi Ninety days 5teH ( Lait ( Renewals 10 :o LOANS. All Ninety dan montha month! .six PAPEK. (HfiSK to tlx IH8SK CLEARING HOUSE STATEMENT. Clearlnr House ex chHires, 132S.J17.513: bal- ance!. Va.VXfm: bal- ances. ; Federal credit balances. iy2.joo. DOMESTIC EXCHANGE. Chlcaxo. par; St. Louis, Francisco, par; Jlontrta). ner 11.000 Drtmium: Cincinnati, bMlnsespous, 10c premium. low Indaitrialf. Six SO lie. Ran, oart Bar silver In New York (actual) 11.91.11 unchanred (oBldal) Jl Ki4. up Uc; In London, up Sd.: Mexican dollar!, I1.0H4. r0REIQN EJCTIA'QE. Pr.-- r Sterlln- r- HUn. Demana... 01U Normal nt ot Exch. t.KU Sterllnr 5.1KJ Parta M.l Marks s.lill Be'.rlum .... China Low Tear', lurh Year's TIME Cables Siitj day. Tour Fire monthi month! Other AinuL Three montns credit reserve Boiton. par; 7tt4d.. Low. Llt. close. tl JI.024 ti oi'i tMV, 4.m 4.0H4 Testerdiy! Close Demand or checks. . lo:h . 9.71 2..1 , t.n l.M Sh.nihai 1 II U.W Oreec 17 W n.n Hoiund ari S.t India-Bom- bay 434 0.81 Jipsn Yokohama M 50.M Philippine Islands Manila 41 S.1M1 Itaty...\ UK it so Scandinavia Stockholm 2.) Chrlstlania :i.M Copenhacen 20. South America ii.ii Reo rm l.oui Arrentlaa (rold).. jr1, 4.11 Bnrnos Aires 41 M ii.Zt Sraln UfO 5.1x11 Bwliserland SSI S1.15 Rusila ICurrencyl Bid W) ruMes t.vi 100 ruble.. .. 4 m TIME BILLS ON LONDON CabVs. n 2.M 1.00 1.W4 l.!l4 n 41 II' n 12.IS 21.40 21. 20.20 27 42.15 !. i.a A.k. 4 U 4.S0 Bankers. I ( ommerdal. f day H7U!W diys K.nVi 90 dayi J.K'.ilM day J.S5U to 6SU 91 2754 62W 73W 63 39V4 86 41 42 62 i 62 52 62 79 91U 12 83 82 19S 99 46li 82 15H 13 32 31 132 hi 14 17 84 92 M 41 40 2194 72 ' 1C9 89 S5H 81 l'4H 61 84H 59 39 hi 63H 5S 90K 56 16 21U 131 113 63 103 24 70 75 3614 137 104 81 30 48?, 85 33 45 63 178 64 50 27 66 24 57 H 15 83 28 46 60 43 112 66 89 12 76 6 46 73 4 I NEW YORK STOCK PRICES. Day's sales... Year date.. 102VJ 587H S25U '7a 93 93 fi 12SH 93 53 62 hi 10 88 123 64 112 70 95 103 52 31 93 138 118 91 100 260 124 104 58 18 67 64 5 51 74 S3 79 9 95 166 71 106 39 51 94 12! 1 31 95 113 94 n \a 19 15 10 123 10 21 28 44 77 68 101 97 110 51 116 59 110 133 326 105 137 105 109 U15 39H 192 564 25H 116 112 Sltt 16H 116 134 32H 694 40V4 77'i 146 130 195 115 115 ohi 9 27 42 64 92 106 23 63 7t 65 21 39 90 41 42 63 63 94 63 80 92 13 33 90 12 85 83 193 100 46 83 104 183 16 13 33 32 16 18 86 93 42 41 22 75 170 92 86 81 104 63 85 40 40 64 60 91 36 5 19 22 131 114 54 25 71 76 38 86 31 60 86 35 45 71 64 60 27 40 63 25 60 67 16 86 12 28 47 61 41 66 89 119 13 77 82 7 46--- 116 73 46 DlT.I Int.l 80c 3 1.20 3 .12 10 101 2 6 12 7 7 10 8 8 7 4 4 1.20 4 161! 10 6 Thursday, November 20, 1919. 1919. 1918. flirt. , 1,235,738s 555,940 281,945,823 127.499,900 400Advanco Rumely. . 100 Advance Rumciy pf 4u Ajax Jiubber 1S00 Alaska Gold M 32300 Alaska Juneau O M 900 Ailis Chalmers Mfcr 1200 Allta Chalmers Mfs pf... lOOjAm Agrlo Chcm 4400 Am Beet Sugar 3800 Amer Boscn Magneto.. . , 100 Am Brake Shoo & Fdry.. 5700 Am Can 3500 Am Car 4 Foundry 900 Am Cotton Oil 300 Am Druggist Syndicate.. 100 Am Express 1400 Am Hide & Leather 2100 Am Hide & Leather pf.. 200 Am Ice 200 Am Icq pf 12500 Am International Corp.. 1900 Am Linseed Co 11500 Am Locomotive 100 Am Locomotive pf 100 Am Malt & Grain 38300 Am Ship & Commerce... 3500 Am Smelt & Ref.\ 2400 Am Steel Foundries 100 Am Steel Foundries pf.. 6500 Am Sugar Ref 100 Am Sugar' Ref pf 6900 Am Sumatra Tob - 1500 Am Tel & Tel 600Am Tobacco 9400, Am Woolen 600IAm Woolen pf..., 300(Am Writ Paper pf 400IAm Zinc, L & Smelt 100Am Zinc, L & Smelt pf.. 3900 Anaconda Copper 1900 Assets Realization 100 Associated Dry Goods... 300 Asso Dry Goods 1st pf . . . 2100 Atch, Top & Santa Fe... 800 Atch, Top & Santa Fo pf. 500 Atlanta, Blrm & Atl 300'AtIanUo Coast Line 4200 At, Gulf & W I S S 100'At, Gulf & W I S S pf... 200Auto Sales 60100'BaldwIn Loco Works.... HOOIBaltlmore & Ohio SOO, Baltimore & Ohio pf lOOiBamet Leather pf HOOiBarrett Co lOOjBatopllas Mining 6500'BcthIehcm Motors lOOlBethlehem Steel 300 Bethlehem Steel 8 p c pf. 20100IBethlehem Steel B 700IBooUv Fisheries OO'Brooklvn Rnnld Transit. lOOjBklyn Rap Tr ctfs of dep 100!Bruns Term R R SOOiBurns Bros 700'Butte Copper & Zinc... 1000Butte & Superior Cop... 500Caddo Cent O & R 1300,Callfornia Pack Co 1S00 California Petroleum... 100 California Petroleum pf. 400!Calumet & Arizona 1900 Canadian Pacific 38'Case, J I. Thres M pf... 6700 Central Leather 200 Central Leather pf 5100 Cerro de Pasco Cop 4100'ChandIer Motors 400!Chesapeako & Ohio 100,'C & E I pf Eri Tr ctfs... 200 Chicago Gt Western.... 500 Chicago Gt Western pf.. 3200lChlo, Mil & St Paul 2100!Chlc, Mil & St Paul pf.. 100'ChIe Northwestern 200lChIo Pneumatic Tool.... 1900 100 100 100 1900 1100 300 100 900 700 900 200 500 200 200 600 600 600 900 Chic, R I & Pacific Chic, R I & Pac 6 p c pf . Chic, R I & Pac 7 p c pf. Chic, St P, M & Omaha.. Chile Copper Chlno Copper 100'Cluett. Pcabody 4 Co 2100Coca Cola 300'CoI Fuel 4- - Iron 4100lColumb!a Gas 4 Elec....l 8300,'ColumbIa Graphophone. suuiuoi uropnopnone pr.... consolidated Cigar Consolidated Cigar pf. . Consolidated Gas Con Interstate Cal Mln. llOO'CoPsoUdatcd Textile ... lOOjContlnental Can 100 Continental Can pf llOOIContlnental Candy .... lOOjContlnental Insurance.. 11400 Corn Products Ref 27300 Cruclblo Steel Co 600 Crucible Steel Co pf.... 21600 Cuba Cane Sugar 1100 Cuba Cai.e Sugar pf.... 200'Delaware 4 Hudson...., 200;De!, I.ack 4 Western 500 200, 1200 4400 4900 7600 2100 29600 100 900! 3500 100 1400 4100 300 1800 100 2100 400! 21001 100 Denver 4 Rio Grande pf. Dome Mines Elk Horn Coal Corp.... Emerson Brant Endlcott Johnson Erie Erie 2d pf Fairbanks Co Famous Players-Lask- y. Fam Players-Lask- y rts., FlsK Rubber Freeport Texas Gaston, W 4 .Wlgmore. ., General Cigar Co, lOOjGeneral Electric Co. General Motor Corp Gflneral Motor Corp pf . . . General Motor Corp deb. Goodrich (B F) Goodrich (B F) pf Granby Consol M 4 S. . . . Great Northern pf Great Northern Ore ctfs. Greene Cananea Cop.... Gulf States Steel Haskell 4 Barker Car... Illinois Central Inspiration Con Copper. . Interboro Con Corp. 200llnterboro Con Corp pf. . SOO Int Agrl Corp SOO Int Harvester Co new. . 100 Int Harvest Co pf new. 12100 Int Mer Marine 5100 Int Mer Marine pf 5300 International Nickel 8900 International Paper 200 Int Paper pf stpd 100 Iron Products Corp...., 3600 Kelly Springfield Tire.., 100 Kelly Sp Tire 8 p c pf.., 300 Keisey Wheel Co. 1966jKennecott Copper 9100 5500 1300 2300 300 100 100 Keystono Tire 4 Rubber. Lackawanna Stce! Co.... Lee Rubber 4 Tire Lee Rubber 4 Tire rts... Lehigh Valley Loose Wiles Biscuit Lorillard. P. Tob Louisville 4 Nashville.. Mackay Cos pf 300 Manhattan Elev guar... 100 Martin-Parr- y Corp 2800 Maxwell Motor 600 Maxwell Motor ctfs 1100 Maxwell Motor latjjf.... 300 Maxwell Motorist pf ctfs 22200Mexican Petroleum 400'Mfaml Copper 4500'MIddlo States Oil ex dlv. 9900'lMldvale Steel 4 Ord 200jMInneapo!Is 4 St L new. lOOIMlnn, St P 4 8 S M TOO Missouri, Kan 4 Tex.... 2300 Missouri Pacific 500 Missouri Pacific pf 400lMontana Power 2U0'.MuIlIns Body 300!Nash, Chat 4 St Louts... 300Natlonal Acmo Co 2900 Nat Anllino 4 Chem 200 Nat AniHne 4 Chem pf . . lOOINat Biscuit Co 100Nat Biscuit Co pf 300Nat Conduit 4 Cable.... 400'Nat Enam 4 Stamp 1300Natlonal Lead Co lOOINat R R of Mex 2d pf . . 900 Nevada Con Copper lOO'Ncw Orlran?. Tex. 4 Mex 500 New 1 ork Air Brake 1100 New Tork Central. THE SUN, FRIDAY, NOVEMBER 21, 1919. EXCHANGE lOpto-- 1 Man-- 1 Low. Clot-- I Inf. est. I est. I lag. i 39 70 84 2 2 42 92 91 91 122 86 61 131 50 10 85 31 41 62 103 68 92 107 50 30 68 28 92 136 117 86 100 247 118 103 53 17 57 63 4 51 72 88 79 9 94 161 70 1 100!l07 50 93 119 lfj 27 90 113?, 91 13 18 14 8 122 20! 76 41 77 64 147 94 107 ' 60 108 53 9 9 26 42 62 10 27 63 74 64 20 39 84 40 41 60 5S 93 63 80 90 17 32 83 104 12 83 81 13.. 100 44 82 104 189 13 13 32 30 131 16 i' )a 84 oa fa 39 38 21 71 168 304 89 86 78 104 57 84 39 39 67 67 91 65 5 16 20 131 114 60 103 25 65 76 36 132 105 80 30 48 85 33 45 68 170 114 64 51 27 38 37 66 66 192 25 68 60 15 34 U 27 46 60 43 \2 35 63 83 115 112 i' 76 IMS 80 6 16 4SU 3 40 70 86 2 2 43 92 91 95 123 86 53 134 51 10 85' 32 122 62 112 70 94 107 50 82 69 40 92 133 117 92 100 124 103 5S 17 57 64 6 51 72 89 79 9 94 166 70 13 9 60 93 121 1 90 113 95 14 19 14 8' 123 21 8 23 43 77 63 93 59 53 9 9 26 43 63 92 27 63 74 64 20 39 84 41 42 62 63 93 63 80 91 17 33 83 104 83 83 199 100 46 83 104 190 16, 30 133 15 85 93 42 41 21 73 168 327 39 81 104. 60 84 40 40 64 57 91 66 6 16 21 132 114 53 106 25 71 76 36 137 105 83 30 87 35 45 68 175 114 64 61 27 40 66 66 201 25 60 51 15 84 11 28 60 44 112 36 66\ 115 112 77 82 6 16 115:il7 r. Clilc & St L 2d pf..l 43 43 Continued on Following Pact. 42 32! 13 32 12 46 S9 70 81 2' 2! 41 91 91 122 86 61 130 50 10 85 30 119 41 62 108 68 107 50 29 oo ra 3S 92 136 117 86 100 247 117 103 03 17 63 61 72 88 78 9 94 161 70 15 100 38! 49 93 115 1 27 90 113 13 1S 14 S 9 20 76 41 116I10S 100N 92! 61' 91k94 1144iI44 53 9 9 25 42 62 92 105 27 63 74 64 20 39 84 40 57 93 63 80 90 17 32 88 104 12 83 80 182 100 44 104 189 15 13 32 30 131 17 88 39 38 21 71 168 304 89 85 78 104 57 84 39 39 57 67 90 55 5 20 129 114 50 103 24 65 36 132 105 80 30 46 85 33 68 114 64 60 27 38 37 65, 66 192 25 53 60! 16 84 11 27 46 60 43 112 35 63 89 115 \2 12 76 80 6 46 113 it 576,281 185,562,913 40 70! 86 2 2: 43 92; 91 92 127 86 53 134 50 10 85' 32 122 62 11 69 107 60 31 69 40 92 133 117 iA 100 253 124 103 53 57 64 6 51 72 89 94 165 70 15 106 33 50 93 121 31 90 113 95 14 19 14 8H 123 21 28 77 43 64l 68 147 SS 97 '94 96 !iow 'ift77i man 105 12 13 86 60 40 89 91 122 23 60 82 15 84 16 \0 16 61 116 58 25 42 62 92 105 27 63 74 64 20 39 84 41 42 62 62 93 63 80 17 33 83 104 12 83 83 195 100 46 83 104 190 15 13 32 30 15 18 85 92 42 41 21 73 168 325 89 86 81 104 60 84 39 40 63 57 90 65 6 16 21 131 114 52 105 25 71 75 36 137 105 83 30 50 86 35 45 175 114 64 50 40 40 66 66 201 25 60 61 15 84 11 46 60 44 112 36 66 89 115 117 1917. 9 1 9 I ' 3 1 9 9 12 82 6 16 44 73 45 o;a 65 27 28 77 Nit Casaf. 1 2 1 4 4 1 2 1 1 1 4 8 3 'i 3 2 1 4 1 1 2 1 1 H- - \ 1 1 'i 2 il 18 ' \ 1 - 1 1 3 1 1 3 1 3 2 2 1 15 3 4 - 1 'i 3 1 3 1 1 1 6 2 2 7 1 1 2 2 2 2 3 2 2 3 2 tl 2 2 ' 1 l GOSSIP OF WALL STEEET. Market ltcoTtn. The market paid about as much vMterdnv tn the) rlet!on of the peace treaty ai It would to announce-- j Tear to date. jment that the Patagonlan financial sys- tem was being reorganized. Stocks sagged but slightly, and when they regained thVr equilibrium after the 'opening de- veloped a stronr tone, which continued intermittently all day and brought back Into use again last night the old' plus sign, which has been growing rusty for nwro than a week. Wall Street as a whole was more Interested In the mone) rate than In peace treaty news, and whan money renewed and loaned at 10 per cent It was the signal for the return of many timid spirits to the maricct and the covering of considerable short stock. Particularly waa this covering nottccitblo iln Crucible Steel and Goneral Motors. It amounted to almost a run-I- Later In the day the market lapsed Into dul- - 'ness, but revived at the close, when the call money rate went back to 6 per cent I for tho first time In almost two weens, Tho ahorts appear to be fighting for their advantage, and there were moments yes terday when the roar of financial battle could he heard a mile away. At other times the market sank to a whisper. Tho prediction that the market would remain a trading affair until nfter.tho first of the year, to be controlled largaly by profes- sionals and the money situation to bo ths principal factor, appears to be coming true. Technically tho market Is In a very strong position. It la fairly- - undcr- - I webbed with a Bhort Interest that Is stubborn, to say tho least On the other hand, stocks arc again tn strong hands, weak accounts have been liquidated, and tho present owners, wth bargains on tholr hands, will not be easily shaken oft. Crucible Steel. Crucible Steel and General Motors led In the recovery yesterday, the former with a gain of 18 points and the latter with an advance of 15. Crucible's rise was attributed to revived activity of the pool, which, according to gossip going the rounds of Wall Street, Is the owner In fee of a considerable block of Crucible which stands them at 23S. They were obliged to suspend operations twelve days ago, and are said to be still long of considerable Crucible and engaged u. averaging. This, howtver, is all puro market gossip. The Immediate news back of Crucible's spectacular cilmb yes- terday was the report from Washington that differences of former officials of the corporation with the Income tax collector have been settled. President Wilkinson sent large stockholders a wire fro\i Washington yesterday Baying that the matter was being adjusted amicably and that the values bacK ol the stock were not impaired. JJo present officials of the corporation are Involved In the difficulties with tho tax collector. GenrrAi Motors. General Motors, along with other mo- tor stocks, gained ground very easily yesterday, being aided by a short In- terest which has ignored the fact that Industries arc proceeding as usual de- spite' the stock market. The company officially announced its plan for tho ex- change of stocl; on the basis of 10 for 1 r.nd as It is known that the company Is planning to issue additional stock Its big gains were not surprising. It Is un- derstood that after General Motors has completed the readjustment plan now under way that it will offer holders' rlehts to subscribe for additional com mon stock at 35, which is the basis of J50 for tha present stock. This was not known, however, at the outset of yes- terday's market and. Inaemuch as the news did not get around the financial district until the late afternoon, the full significance of Mr. Durant's statement was not appreciated by tho market un til near the close. The stock sold yes terday over a remarkably wide area from a low of 304 to a high of 327. It closed the day at 325. Tobacco Shares. Along with Improvement In the motor stocks yesterday came Indications that the bears in tobacco securities also have overstayed their market. These shares. l.ke the. motors, have been attacnea. not because of any change In their intrinsic alue, but because of the fact that they have been' the most active in the recent upward movement. All the tobacco shares Improved under the leadership of American Tobacco and United States Retail Stores. In connection with Amer- ican Tobacco's Improvement it was learned that earnings for the last month have totalled approximately 12,500,000. This Includes earnings of all of the of American Tobacco. The earnings of the parent company wi-r- approximately $ 1,900,000 for the month. In connection with the move in the tobacco Bhares it Is learned that a div- idend Is likely to be declared soon on United States Retail Stores. Inasmuch aa United Cigar Stores recently In- creased Its dividend to a 12 per cent, basis, this company is now In a position where it can be placed easily on a div- idend basis. V. s The Smelting and Ileflnlnfr. silver stocks exhibited their strength in yesterday's market and dis- tinguished themselves again, as they have done, by the strength In the recent declines. Of these United States Smelt- ing and Refining was. the most promi- nent of the group, andllhe reason prob- ably Is the very excellent ahowing earn- ings are making. The October earnings from silver alone are understood to have beer. In the neighborhood of Jl.000,000 after taxes and depreciation. For the coal earnings for the same month the profits were about $165,000, and It Is estimated that profits on coal for the last five months will total approximately il.250,000. In November the company's earnings are estimated to be running at the rate of approximately 11,250,000 on silver, which it has recently sold In San Francisco as high as (1.34 an ounce. All of this Is exclusive of the profit the com- pany makes on lead, now showing a profit because of Its high price. At the rate of November earnings United States Smelting Is earning about 130 annually a share, but as the rates of the first six mor.ths of the year were not as good as the current rate it Is believed that the full year will average around 115 after all deductions. The company Is paying 6 per cent, and recently advanced from the 5 per cent, rate that Is paid during the period of depression. American Bosch Matameto. Directors of the American Bosch Mag- neto Corporation held a special meeting yesterday to decide on an additional stock issue which will mean the acqui- sition of valuable rights for present hold- ers. Heretofore It has been the belief In Wall Street that the next step In Bosch plans would be an Increase of the dividend to 10 per cent, but now It Is understood that Its directors have ap- proved or are considering approving the issuing of approximately 20,000 addi- tional shares of stock to holders at par. which would bring the total outstanding to 30,000 ahafes. This would give the present holders the right to subscribe for 3 ot a share ot new stock at par for a share ot old stock now held, sell- ing around 12V As regards the Increase In dividends. It is understood that the plan has not been abandoned but de- layed until the new Issue is out of the way and money provided for the in- creased output, which Is to accommo- date the Increased demand from truck and automobile manufacturers. BONDS IN NEW YORK STQCK EXCHANGE Thursday, November 20, Days sales.; 814,8i8,000 J9.756.00O Closing Sales (In Bid. Asknl. Yield. Sl.OOOs). 3,120,484,00\ 100.04 100.08 3.48 1,417 3s (1932-1- 7) ...... .100.02 94.20 94.50 92.40 92.46 94.50 94.60 92.90 02.92 100.96 101.00 94.34 94.36 92.92 99J4 99.26 Other Bond h s.. is. 31... 0... I.... .... 1.... 10.... 1.,.. 23.... I.... 32.... 10.... 14.... 18... . 10.... 3.... t.... 24.... . . dtr of Bor- deaux Li 1 S 02b CltyoITyons ta wtr or jjap 6t 4 9JJ 3 92lj otr or Paris 2 OSlj IMa lrci mi 113 9773 I VH IMs IK? rets 81 66l 2 t4 10 6I 3 97Sj 2... 2S 973j IS.. ..97 9 971j 10 1 S1S la 9lSi 1 Ble 2S... ... 3... ,o:j: 48... 3... 10, 92.94 99.28 99.30 and 13.... 13.... .SASa ...WHs ...U ...oo's ...P8U ...9l8 ...sa ...9S' ...ecij ...C6S ...caii ...0638 ...9CI? ...or-'- ...Sft'l ...si .9Ms ...961) ...Wit IKl 1111 ,C6l2 923a! selllca United Klnndm .97 SO, ,7j 973 IW 1117 0... 1... ,...91U ...01 ,...0IU ...Oils ....01 ,...907 ...PI ,...9034 ....91 ..'iOU Dom Canada !a lilt fi 9731 38 79 1 9IIJ 1111 1 951 3 9.T Rep of Cuba la ISC4 8 9J USof Mexico 5s 10 AraentineOr So 2 77 1 80 Ens std 3 bOS Japanee Mls Oeratd 9 SOJ H COlj 2 SI Japanese 4a a 661 SV at7 4(sn 2 97U Alaska 0 cv os Series A 1 20 a a. Alia A(f II I c.77l AmSmeltAH 1 tw, 1 wia All Chart U 7 87 1 785 7 78la dealt in fiat. Got.. Cuba series Cuba Note. 4S4 8 5 A Bk S Am Amer Coal. .. A Cot pf pf Amer ,. pf.. S Am do S Tob pf pf C Ann Arbor. Htt S pf.. L Df.,111 pch Crk.. do 4.36 4.62 4.60 4.76 4.97 4.84 4.96 3.89 II, 1... 1... 10... s... ran 1919. 1919. \IS- - 24 1st cv. (K3z-4i;- .. 493 2d (1927-4-2 92,46 179 cv. 4s (1932-4- 94.50 1,71a 2d cv. 4b (1927-4- 2) 82.33 .. .. 1.908 3d 4S (1928) 94.33 3.153 4th 4s 92.90 2.471 Vie. 4s (1932-23)- .. 9S.Z1 Vic. 3s United States, Foreifn Japaneselst4ii 6.......97I1 NVaty4s4 TSFftn4i AtnTiT H 13 09U 1 I l4 2 3 99 3 mTJtT clt t 3 S3 AmTJtT eft ts S 81 Armour 4 10 S3 I SSI) I 1 71 At OUaedtb 1 71lj 19 Tl Bait k Ohio ts 2 92Jj 8 92'4 3 92 3 icoii mi 5 6618 61 S 2 13 6fl'4 1 65lj CT ... 3... 1. O ..68J ..I' 4 ..66S ..68 ..6SS4 ..60 .631) Balt&O xold 4s 3 10 67U 1 67 BaltAOSWl' .77$ BaOPLE V4 13 66 12 S5 Eatb SU ta a ss Beth Stl Si 1121 1 87 Blcn Rap i I 0 imlflcatM 3 Buff K P4ijs 3 Si 77U Cent Pad tic m 1 7.II4 Cert Pae 5 Cent U XJ ts 1 IOII3 Chea & Ohio , 2 r319 O a O ll 1 4i8 2 81 2 S31& 1 771 J 7 77U 1 77U Cae0 4Xs 2 747 3 74J 1 7S 1 741 1 7S Chl&Alton iHi a 1 CBAQ Joint 4a 6 95 25 94 IS 94'4 1.... 94311 CbiBAQ I\ 4s 2 Chi West 4s It S3! CMcStP o it 6 72T 721 7 8 7U3 10 72 3 7H4 OU&fitPgm 4s fclBERTV (1933-38).- .. (1922-23)- .. ATftsrnMtts X IS.. 1 1 7 ChlMIMt 4s, 4Vit. Id t..-- u r. yr. were no Bid. s 100 M0 1M US ISO 115 1M 954 4s 4s 1st Tr S2lj sol) Ot M St 4Ki j 8 771 j 4 St 2 15 781 j Chi Sff 10 6 MAP ref 4t M 2 ,.667 3 25 S2I? Colo South 4i 1 82lj 4 83 Chi la 15,.,. ...59 s.113 S.. 5.. 10.. 2 27.. 84 ...,S3U ....fwU Cololo col 1 Con Oas as 1 99 99t? 20 99 99 4 99 Corn 8 IOOI3 Den ii 1 R3U 2 1 63U 10 C3I Det 4K 1 Detroit Vn 4 MS 70 7 8914 410 con 5 91 Erie, 1st 4s 10 Erie 4skt 1 41 2 401 J ser 70 Ella ten 9 43 Erie Penn Coal col 4 81 10 83 PtWrtR Or 1st 4 86 Gen Kite IK .71 Ot Palls Pwr Si 3 94U Crea' Nor 4l(s 3 81 Hat Elec By 1..S6...S4 Hock Val s Hud a la Series 1 8 Had Man arti 6 . .94 Illinois Ore 1 I 1 1.'....., 70...., 9...., 4...., 30...., 12...., , ....84 1 8 2 94 T rtf 13. 10 20., IHI QUOTATIONS. N. Y. STOCK EXCHANGE To the lollowlnr prices accrued Interest be BonJs in default deslsnated UNITED STATES BONDS. is. registered V iw.n 100 Is! registered JJ coupon Ss, Panama. ISM. mistered is, Panama, 133. coupon MVi 2s. Panama, 1J33. registered Jj Is. Panama. 1933, coupon Panama, reristertd. JJ 3s, Panama, coupon JJ Phil. land purchase 1934 Isl. public works 4s. 1313 S3 Isl. public woris 4s. 193 District of Columbia FOREIGN BONDS. 07 Anilo-Frenc- Extern. 6s. 1S3) M Anentine Intern. 5s . \...- - Canada, of. ts. Canada. Dominion of, Canada. Dominion of. 1111........... M Chinese Hu Kui Rr. Ss, lil. S.Vi F.xtern. 5s. 1944 93 riiha Extern. 5a, A, 1349 Extern. 4H. U4 \ Dominican Rep. 5s. 195J...\. City of Lyons 15 yr. Ca. 1931.... KS City of Marseilles yr. s. 1914.... at Bordeaux IS rr. ! N ,h Pari! CltT Ii. l:i- - 96 jr,inie Got. IHs. 1925. Japaneae Gov. US.. 11. sterl. loan. 1931. & T V cr ii 121a Bid: M K S0H Japaneae. Toklo City 5s V. K. G. B, ft 3 CHs, 19tt.... iVA V K O. B. ft I. 3 XT. 541. 1323.... 97H U K O ft I. 10 yr- - 6H. 1H9- -U K O S ft I. 30 yr. 54s. 1937... W, Extern, 5a of '93. 1943 . 43T, mS Extern, rold 4s of 1951.. it n.... nrieea stocks In there transactions yesterday; Ask. A A Ch 94 W4 Alb ft sum .; A Bk do pf...-- . 43 Am B pf. pf- IW Am Can rf.Ml C Fpf.lU O ti Am Lins 91 Ship. A Smelt 9J Am See A M snuff...\ nf M A 90 Am Tob 9S Am Tel ft S3 11 do pf 1 AEryOTpf AsMda Auto 39 Bald pf..lM nanictl V... W Barrett 4 Beth Steal. ru.. 100 ct 99J 997 99J S4 11 en A !4 R ct It 10 77 3U IS 78 72 ia to aa H - 47 SO 90 75 93 ti It JS 91 934 (0 11 IS m 32 95 114 U4 lo:4 j.DDB.iai.vw RANGE OF BONDS. 746 9178 66S3 4JS .6619 67lj fdc 451j BushTermnl I... IMs tl. C a P ct till Chi M P OJfcNWgmSs CtKWiali lls Chi ChlCn8tnlls CbiHOoppfts 1.. 2.., tr Is 73 cr 'l M Rio G DtstlllersSfe Si E con 57 cr B F.r!o D 45 4s tr 4s Ss Hi 7111 11 ran A s Interb 1, 75V as BID AND 4s. 3a. Isl. n Dominion IKl 91 19J6 !4V 15 I. '04. Bid. Bkn Edison 95 Ekn UnGM 81 Brown Sboe.105 do pf S74 Buf ft Sam as do pf S3 Burca B pi. 110 Butteries... K CalPack pl.lW Can South.. 43 Case J 1 91 Cent of NJ.173 Cen Found.. 13 do pf 30 C S A Tel. .111 Crt C 1 pf. 14 Chi ft Alt... i do pt 134 C E I ct pi, 34 CiNW P1...111 C Bt P ft O M do p! 91 CCCfcStL ... 41i do pf tl CleTeftPltts .. CI Peab Col ft 80... 1 do lit pt. S3 do 2d pf.. 15 Comp Tab.. SI ,.73lj ..73U ..73lj ..73 ..721 tr4a IS... ....67 OOSg ...S4U ....833J ..83 Prod eaij Tun 75\s S37S India naSteet 9413 Phil. sterl. loan. sterl. ...Wl ..Ml, ..MU ..801, .5113 ..601 ..50 ..St ..6OI3 added. Ask. Phil. CONSOLIDATED EXCHANGE. IWii KM 71 9TS 93 934 63- - 9:4 (9 :t 17 924 tn 9C4 s: ts 4 es 7 91 9SU 91 4Hi 434 of which 011.103 Wind aij series. pf.lOJ Ask. w U w IS 514 11s 4 r'a ill KO 35 4? 1174 M 11 154 S4 ia 5 1M 49 70 SO 107 31 51 s: Vigorous demand for active Issues ot all groups on the Consolidated Stock Exchange yesterday resulted In advances of 6 to IS points, closing quotations In most cases being at or near top figures. Cruclblo Steel was bid up 13 to 1 3 i i . Republic 5 to 103, Bethlehem Steel B 3 to S, United States Steel common 2K to 10374, Baldwin Locomo-- tire S to 105i and American tlve 3 to 94. Mexican Petroleum netted - fa gain of S lo 20J, of Paris Bourse Trading. iV) to 107Wi R0rsi Dutch New York of Paris, Nov. SO. Prices were firm on 3 to 102. Sinclair of 3 to SO and the Bourse y. Three per cent Transcontinental of 1 to 33?4. Studc-rcnte- s 61 francs 50 centimes for cash: taker rallied 5 to 115,, Pierre-Arro- exchange on London 29 francs 20 cen- - 5 to t57r;j and Bethlehom Motors V.'t times; 5 rr cent loan S9 francs 47 tn 32- - International Corporation centime. . The dollar was quoted at 3 moved up V.t to 1114, Atlantic Gulf 3 francs 71 centimes. 0 13, Marine preferred 2 to 105 '.4 3.... 3..,, 10..., 3., 15.. , ... 2..., 17..., Open. Low. ...60S ...8\1 ...80 ...M'l ...503, ...M'4 ...Mil ...so 1 50 Interboro. Mai rol trust 4Ha 14 20U 7 20 26 2018 4 20U 7 SOI3 certificates 6 30 1 r.tM Marine H 1 03 10 3 9434 3. 94 IcnraCentral 4s 1 413 1 :3 KCFtS b M 6s 1 101 KCFtS Mti 8 65 3 65 Kan City So 3s 6 561 KanCltyTer 41 2 731a Klnjrs ta in; 1 96l3 Lack Stl Is I9U 3 .OS'e Lack Stl (a UM 2 9313 LSJtMS 4a IMS 1.7..... 86V LSJtUS 4s 1131 6 831s 2 84V 3 841a LcbifbValai 3a... .100 1 IOOI4 5 IOOIj LV or Pa con 4s 3 70V Iireett k M 7s 1 1101a Lou ac Naati 4s 2.. 1.... 1...., .... 4.... 1.'.'.'.' High. CsPL&P ..S3 it ..S28 ..82 ..824 ..83 ..(4 ..S3s Uanhat Br 4s 1 W'l 2 57 stamped 1 9 7 38 1 5S1) Mldrala Stl is 2 S3 S 85 1 SSls MUw Oaa 1st 4s 2 87J Ulna & St L 4 2 337j Mo K k Tex 4s 6 62 Ho lac rm 41 1 63j 10 6l4 33 57 1 56V Mont Psrr is fi S73 NO Tex a M is 6 52 3 53U NY Air Br cv ts 1 0H8 J Y Can deb h 5 03 15 931a 1 9 S 9.11 3 93U 11. ...... 931a 1 S21j S Y Cen 4K 2 76 IS 7ft 10 75V so 7513 S Y Cen 1H 3 3 70 Bid. Con Gat B.. 93 Con Coal M .. Con Insur.. !3 CornPR pJ.W Cora Cola,. 41 Cub A Sur.33) do pf.. ..1074 Deeie pf ...100 Det Edison.'.lO Den & R G i DetftMack.. .. Det United. .. Dome Mln . 13 Dul S3 ft A l do pf I Elk H F pf 17 !ec S;or..ll3 Emir Br pf 914 Endic J p(..lW ErieftPitts.. .. Erie 1st pf. 35 Fed M ft S 174 do pf Faiibks pf. S4 Fisher Body.l!3 do pf Ill Gen Chem . IS!1 do pf 100 Gen Cltsf V5l - pi. pf.1044 Gulf 34 do p( 344 Gult Stl lpf 93 Hartmsnn.. 35 Homestike. 17 Int Air pf.. S3 Int Nick if W Int Pap pf. 95 Int Salt.... ii Iowa Cent... S Jewel Tea.. 30 do pt s: Jctws Tea.. 29 KCftFtS pf. 12 Nan C S.... 13 do pf.. .. 414 Kayeer lOi do 1st. nf .195 Kol Sp T pf 94 Kel Whl l:f 93 Keo ft D M Ifi do pf i; Kresre S 3.13) do pf 101 Kress S II.. Vt do ..MO Ladede Gas 45 Lake EftW. 9 do pf 174 Lirr ft M. :97 do pf 108 Lonl'rd pf.112 L-- 1st pf 91 do 2d pf..IC7 Mar. Beach, 'i .Man Shirt.. U4 Mackay 724 Max M 4f. 21 May DS pf.lM Mex Pet 1't.lte Mleh Cent.. .. MSPSM nf .. 95 M3PSMLL. S3 Mh'ftT pf... 14 McnPow pf 95 Mor ft Es.. 704 MulllnsBpt .. Nat C ft S.. 7T do pf IB NatEftS pt.m 94.40 92.45 94.64 93.00 94.46 92.96 99.30 99.32 94.30 92.30 94.50 92.34 94.30 92.86 99.24 99.26 s y sn 11 er ia 1... 1.....73l4 NYmiH4slJ 3 521. NYjm&ncr 10 ,.4814 NY S Bya 45s 1 so X Y Bya adj J 3 7l 10 7V 11 718 9.. 7 a 7 certificates 6 7t U Y To d b a 6 98 3 0814 6 9S KYTelftntMi 10 8414 NYWeatclwst'r Boston 4Hs' 17 42 Norfolk W4J 3 78 NorfftVT cr 4 0 1041 1 IDS NorfsW dlv 4s l...A.7M 3... ....78 Northern rac 4s 9 77'S 40 77U 8 771g NctthemPaels 4..t30..B3 Out Trans Sa 8 70 OreWaah RB4 NaT refill 3 714 Pac Td ft T Ss 3 8813 Fenna ta IW 3S 91 Finn go 4W A 1 831 3 82 Pensa 4)4 11 3 98 PennlHsser D 2 77 PmnaMon'4a 10 ..82 Pete Marq fa A 2 85 1 84 Pub Serr Corp or j it 3 691a 3 59U Readinx I \4 8 81V 2 8134 Read JC clt n 2 7V 8 7913 RepIAG ta IU0 2 941s RioOraadeW4s 5 64 RIArk&La 4Ks 3 6.1 10 6334 StL&IronM 4s 7 76U 8tL a- SanFran Series A 1 56I4 15 Mli 23 5634 8tL & SanFran Series B 13 674 1 67 1 6713 a 67 7 671 ML k sdjas 28 60 81 L ft SanFran Inc 33 4414 22 44 4 431j 3 44 1 441s 4 44 8 43 1 44U 431 FtLouliSW is 17 89l2 Ask. MI ii S3 US 414 400 101 1174 9 K 111 134 54 10 4! iyP V6 1X 70 K 11 20 133 IIS 200 vn vr. do deb 94 95 jJcodrlch 1044 MftN. 10 pf. A n 112 .4 95 Jfl 73 H 91 110 70 s 3 SI 21 63 144 SO 1 IIS MH l' I lis 109 ;5 112 cs 19 ti 2\0 110 113 IK US 24 34 SO 23 11) no 100 ieo ts i ici so its 1C3 1917. 34.720,000 914,837,000 Net Last. Chg. 100.08 .04 94.30 .10 92.46 .04 91.60 92,92 91.36 .02 92.94 .02 99.29 .02 99.32 .06 Governments, Railroad, Industrial ASKED QUOTATIONS. GOVERNMENT 8tLSY7 con a 3 B7 3 571j St PM M414 4 921 Seabd A I. adj A ......4413 8eabJ.Lrrf4j 1 ..45 Seabd AL ii stamped 5 63 EouthPaeref 4s 3 771J 8 77V SouthPac er to 1 10114 S inns 10 IOII3 3 1014 35..a3O.101l? 10 1013s S 101 11 103 S tithPaecT 4 B 8.s30...8Hi xa 4 l's 44 81 South Pac ti 3 70 Southern Ry 2 86. a 1 8613 4 86I4 South Ryx s 10 4W 80 Ry MftO 4s 3 01 Texas Co rr ts S 104 8 lOStj TexftPac 1st is 2 84V ThlrdAr adl Js a .as 1 2S34 6 3 ThlrdAv rtf 4s 8 49 3 92 UnPac lS-- y a 1 IO2I3 UnlonPadflc 4s 4 831 8 84V 11 84'1 rjoionPaeref 4s 14 77V 4 77U Un RR SF fdx Eq Trust ctfs 4 23 U S Enbbar 1 S3 11 831 D 8 Steel sf'ea 1 93 7 99 6 9$ 1 99 18 9S7 2..s30..9SU 4 98 6 99 S 981 Utah Power ss 4 S4 Va Caro Ch 20 9434 Virginian Rr is 3 S3 2 S414 Wabash tit 1 89T4 Wabaah 2d 1 79 West era Elec Js 3 9714 Wert Mdta 2.: 83 W NYAPalst 93 WNYAParm 4 801 WestPadflc lit 2 Slat 8 81 10 82 West Shore 41 2 7Z 2 7J13 3 73 WlUonlt'o lt 1 98V Wilson ft Co cr 16 98 8 96'a Bid. Nat Ld pf.lM N RyM lpf. 124 NYLatkAW 904 NYCftStL... 2S do 1st pf. (3 NY Dock pf :9 NorfftW if. 574 North Am.. 54 Owen B pf.ton Pac Coast.. 33 do 1st pf. 43 do 2d pf.. Pac Mall .. 27 PT&T pf. . . :oi Pan Am pf.KS Peoria ft E. 13 Pere M p p 64 Pet-M- 33 do pt 93 Pitts CI pf. SO PTWftCpf. .. Pitta Stl pf M PftWVapf. T7 Pub Serr Ry StSppf.1044 Ren Sar Read 1st rf. 34 do 2d pt.. 24 Rem 1st pf.100 Hem Ser S.Wl. Sears Roeb.211 Sloss-- pt.. 93 SLftSFpf... 2 S Porto 3.. 210 do pf 110 SUosLead.. 134 Stacd Mill.. 130 do pi (5 Stcdeb pf...i:i4 Sup Stl pf.106 TVx PacLT.30O Third Ats. II Tide W C...3W TStLAW ... 6 do pf.... do c...... do p c... Twin City. do Df... 16 , 11 13 23 S3Vi Underwood 17S do pf 110 Un BarlP.. S74 Un Qr Sts.liio do pf llo U Dyewood.179 do pf lif U Drnr 3pf.l U S Expr... 234 Un R In pf 17 USIn Al nMM USRub pM13i C pf.,112 ;u4 Vulcan D... do pf st Wab pf B.. II Wells Farro 52 West 1st pt SS West M 2pl 19 West Pac... 23 do pt 34 Wilson pf.. 7 WU Oxer pf 90 Wis Cent... 26 Wool'th pf.1114 Wlhitn pf A 93 ia pt H.. 7 Ex dlrldend. Ask. 110 :e 23 70 M 70 57 Ml :o KO 1 33 704 ICO IS 65 IS 101 93 134 M S 72 n in 35 23 102 10:4 23) 974 CO VJ 113 i4!4 140 W vi en is 275 12 23 12 25 29 111 112 115 93 U4 H) ISO 115 ltO 23 1S4 1 U14 Va-- 73 23 93 a a IS 21 35 S3 10O II 23 114 94 ;s and Ship and Commerce 2 to 32. Ameri- can Sumatra was advanced 6 to 92 and Tobacco Products 2 to 84. Offer Bergen County Bonds. Karris. Forbes & Co. are offerlnsr tn yield 4.60 per cent. 1685,000 of Bergen count-- , N. J., bridge- - and road S per cent bonds, due serially from 1921 to 1941. They are exempt from the Fed- eral Income tax and are tax free In New Jersey. They are also legal investments for savings banks and trust fund In New York and New Jersey. London Money Mnrkrt. London-- , Soy. 10 -- Bar stiver TU,.l. an ounce; money i per cent. ; discount rates, Short and Ur month? blllj, Js (;e iicr cent. Gold premiums at Lhbo.t HO. Chicago, ! Milwaukee&StPaull General Mortgage 4y2s due 1989 Secured by a direct first mortgage upon over thirty, nine hundred milej of the most important lines of the St. Paul system and ou- tstanding on mileage cov- ered by first mortgage at the low rate of $25326 per mile. Legal for Savings Banks-an- Trustees in New Yoik and Connecticut. Price to yield about 5.90 Members New Tork littibtuih 33 Pine St Union Arcade Bids. New York Plttsbnrsh Margay Oil Latest newt and recent develo- pments affecting\ this corpor- ation's stock covered in a specu! letter, ccpies of which may be had on request. ESTABLISHED 18.13 TS Broadway, New York United Alloy Steel furnishing special steel to the automobile industry and benefitting from the in- creased production analyzed in the current MARKET OPINION Other stocks discussed In details KEYSTONE TIRE & RUB. UNDERWOOD TYPEW'R AMER. SMELTING CO. ASSETS REALIZATION SWEETS CO. OF AMER. INTERNA. PETROLEUM . .'ml rratu on request (or C-- EH MacMasiers & Co. MEMBERS. CONSOUDATED STOCK EXCHANGcSEWWO G9 Wall St. New York GROUND FLOOR f hones: Danoccr &Jfi-7-5-- 3 AHGLO-AtKERIGA- H OIL Thu distributing subsidiary for the Standard Oil companiis hu laid plana to enter the refining end of the\\ petroleum indmtrjr. Large benefits to earnings will result. Speculative features of the shires at current level reviewed in cur- rent issue of the \FINANCIAL FORECAST.\ hich also treats the following: Invincible Oil Vanadium Steel Sweets Company Inrom'l Petroleum Producers & Refiners In requesting copies ask for No, 13 Srnf Without OhHistion. 'ESTABLISHED 1806 41 BROAD 8T,tf EranrTRK .Phone -- Bitxid 25 Investment Securities R.CMegargel &Co. 27 Pine Stieet-NoAf- rk National Sugar Fajardo Sugar Federal Sugar FREDERIC H. HATCH & CO. Established 1 Phone Hector 630. 71 tTw. VVua. I Wire Connections Bostoa. CMcaj-- J NOBLE & CORWiw U Broad St. rw ' . Chase Nat'l Bank STOCK & RIGHTS Telephone 1111 Hroad.

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