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Maury Rogers & Auchincloss Member N. Y. Stock Exchans N. Y. Cotton Exchange Chicago Board of TraU 25 Broad St. Weekly Financial Review Our Weekly Financial Re- view summarize! current fac-tor- s, hating a bearing upon Stock Market fluctuations. 'Sent free upon request E. W. Wagner & Co, UlablUhtd 1W. Chicago NewVork Stock Exchange Now York Cotton Exchango Poard ot Trado SSHewSlreetrNewYork Branches H East Wh St. Mad.Av.&itdSl. JOS ifestStdSI. ts Court St., Brooklyn, b 10 Broad St., Newark. Miller &6o. iembcra tfewfok Stock, Exchdne Securities Bought for Investment or Gar-rie- d on Conserva-- . tive Margin. 120BRQADWSr Btuncti Offices 212 FIFTH AYENUB a.v.co.S6'enirrr lONGACRKBUIIDINO k. rco 42ni sr. KtcAxntKt NEWYOHSt Aik. In t. Day's Year nu. 30 Stock Market Settles Down 42 71 Into Typical Week End 2 46 Trading Session. 93 J94 Stocks 97 HAS GENERAL STRENGTH 45 Bonds 94 ,. 119 64 - Cotton Local Bank Statement; Shows i3S Grain Deficit in Itosevvo of About 21 $12,000,000. 116 4C 109 08 Vi The stock market, having hart Its rally 95 on Friday, nettled down yesterday Into 103 n typical Saturday trading affair to 28 await tho possibility of developments (15 over the week end which would permit 06 it, vuiikiuiiiiuuii ui lliu liinvitru IllllVt\ i inn ment, Thin would ordinarily have 84 meant a great deal of Irregularity and 45 a corresponding decrease In tho volumo of business, but with tho chances In 136 117 favor of some word from tho President on tho railroad q'\stlon ntul u decision from tho Supremo Court on tho stock 50 98 dividend caso, neither tho Ions nor short Interests were witling to tako a very 270 part In tlto dealings. Tho result 68 was n quiet but otherwise generally 127 strong market, without much progress 34 In cither direction, except In special de- scriptions, 10 and with tho majority of 5S nctlvo speculative Issues showing frac- tional CO Improvements nt the finish over 71 tho closing prices of the preceding day's 74 session. Some profit taking went on nt 113 the outset, 'but It did not havo much SI effect on tho general list. Tho market, generally speaking, was i In precisely the same position as on 92 Thursday, when tho Impulse for the 171 upward, movement died out and trad- ing 18 dropped back Into a professional 33 affair, to bo revived on Friday again Hon by the prospect of a favorable, state 32 ment from the President on the rail- roads. 47 This having been discounted, 120 tho market yesterday took on a wait 29. ing attitude for tho announcement 6f either the actual statement on tho rail- roads SO or elso 'the stock dividend ense, 90 either one of which undoubtedly would 93 provide tho market with stimulus for 12 a further substantial rally. Altogether, 13 however, the jtnarket yesterday was as 0 satisfactory ns could be expected. It 41 did not go down, neither did It go up 7 very far, but the fact that tho bears 9 wero afraid to sell it showed very 26 clearly what may be expected In easel 21 anything favorable develops over tho 79 week end. There was very little In 43 terest In the day's new developments, sucli as they Were. \Tho weekly trade 132 132 publications continued to report im- provement In general business, but the 94 Street was not disposed to show any at- tention 108 56 to these, for tho reason tlrnt Wall Street Is already well acquainted 122 and perfect! satisfied with the present 55 Industrial situation.- - 4 The rails, as was tho case on Frl-la- y, 8 provided tho outstanding features 22 f the session. There was some 3S because tho President had 54 ot given out his message on tho rail-ad- s S7 at the closo of business on Kri- s', 26 but no one erlously expected that 59 i would .coma out with It much be-r- e 1S All of tho lower priced 35 Jla gained ground, somo considerable 46 ound. Among the higher priced spe- -' 94 titles and tobacco shares there was 39 so more than the usual amount of 40 reitgth, American Tobacco Securities 62 .ood out prominently for Its strength, 58 hllo Itepubllc, Crucible and General 83 'otors had a further run up. Other-i- s, 15 however, the maiket woe very 31 ulet and somewhat Irregular on of the usual week end evening 13 p and profit taking transactions by S5 raders, who make It a rule to clear ut their accounts at the end of each 215 eek because of the possibility of ad-er- 51 developments over the period of 84 aspended animation. 99 Tho bank statement disclosed a (led 6 clt In reserve of approximately $12,- - 13 000,000. This would havo bee\n slgnlfl 12 cant several years ago, but, is has 28 been pointed out frequently In this col 136 umn, tho bank statement has ceased to 103 havo any relation whatever to the stock 13 market. As one Important houso re 20 marked yesterday, the stock market re 14 cently has had $ very difficult time with 86 money with a large surplus reserve: it 26 may be that money will be very much 41 35 easier now that there Is no reserve at all. What ts taking place In. tho bank position and what accounts for the con 71 tlnued decrease In reserve Is the reduc 165i tion In borrowings that Is going on by 336 I member banks of tho reserve system. 88 86 This reduction yesterday amounted to 80 about $110,000,000, which probably Is 49 more Important from the stock market 48 point of view than would be an increase 78 of tho same amount In the excess reserve 37:1 Item under the present circumstances. 33?; Tho foreign exchange market was quiet 67 but strong, with sterling up from the 87 closing level of Friday, 52 3 MONEY AND EXCHANGE. 12 18 CALL MONEY, 131 High S IHiirh ., 112 Low S Low ... 8 43 Last 8 Last 8 108 Renewals Renewals 3 21 Year'? htffb... lean hlrh Jo Year's low 2 Year's low J 93 TIME LOANS. 74 Mliert Collateral. All Industrial. 38 Sixty days 6V4 Sixty days , 714 15 Ninety days 4 ty lays 7u 40 Four months 4 Fouf month. rtl Five month Mi Five months 74 25 Six month) BV4I Six months 711 15 COMMEUCIAT. PArEIl. 45 Prime Indorsed Bills' btx month 5'S5i 137\ Receivable Other Namee. 101 Klitv tlavs 5V1H5V4 Thru; to six 2S Ninety day. 5HGSV4 mbntlis 44 CLE Alt! NO HOUSE STATEMENT. SI Clearlnr Hoii'n exchange., $lU9,K7.s.r,G; bal- ances, 15 iMl.Ma.iS'li-Sub-Trcjsu- ry credit bal- ances. 37 fOll.JM; Federal reserve balances. 41 DOMESTIC EXCHANGE. 195 Boston, par: Chicago, par; St. Louis, aa 15c. discount: Shn Francisco, par: Montreal 60 JSI.E0 per $1,000. premium; Cincinnati, 108 10c, premium. 64 SILVER PH'CES. 40 Bar allver In New York, ,1.331,5, up He In 24 London, J74d . off M.; .Mexican dollars. 10 1 02 uncharged. FOREIGN EXCHANGE. ?rev. 30 Sterllni Hljli. Low. Last. clo. 120 Bemar.d. .si'.i $j.;5U K.S1?; U.75',i 221 Francs Cable.. 3. S3 3.5'J Z.S1V, 3.70 22 V.\ 10.117 low ' 11.02 03 Cables... 1 1.T3 10 Si 10SS 11.00 49 Marks-Dem- and. 13 2 13 2.10 Cables... z.n 2.0.1 2.1; 2.0s 9 Normal Yestcnlay'i ao's- o- 11 rate 26 of exch. or checks. Cables, 40 4.SGC3 Sterllnr .... J3.S1?; 5.11J 1'arls .! 58 71 Marks 1.10 2.12 95 5.1813 Jicltium .. 10.M 10.00 70 China 49 llonykonr S3 Shanghai l.co l.C0i 36 15.30 Oreece IS. 13.40 68 40.23 Holland . 37JJ 37?4 10 2.'. II bay S5 43 43H 49.34 Japan-Yokoh-ama 81 60 ton 14 50.M Philippine Island- s- 41 Manila 4) m 111 i.Mi Italy, u.s: 15.M . 51) .Scandinavia 69 Stockholm 2i.co :i.7o 23 l'!irttlHiilu W75 16 Conenhazen lS.b3 1S.73 98 South America 41.42 Jtio i :sj 51 1 011 Ar.'ditlua (toM.i . 'Ti SI IliiciuH Aires 41.03 43.11 72 1S?1) Spain 19.10 111.41 46 s.isu Kwltzcrland 5.51 3.53 S1.4S Itu.ala (Currency) 9 M0 rubles J.90 4.10 9 . .100 rubles 1.40 I.C0 135- - TIME BILLS ON .LONDON, 35: Bankers. I Commercial. c ant JJ.7SH 60 days SO days IS0 days :.7l2 Investment Securities R.C.Megargel&Co. llt7?inc Street-HetaA&- iK STANDARD OIL SHARES Are Not Only a Rich Man's i Dnvestment r Send for Circular 1 Nat. Oil of N.J.Pfd. J.K.Rice,Jr.&Co. rhones 400O to 4010 John. 38 Willi St., N. T. LIBERTY BONDS All denominations tmuitht for cash on the closing we pay. ! Zl -- Sz2'. , I,!w'd- - \ttpn 1 Coupon W.0Zforau0 61lny4-- ; liond. 7 Coupons PURHY & CO. . Jobs tl74-S-e-- ti fine B- t- V. T. FINANCIAL HEWS AND COMMENT THE SUN, SUNDAY, DECEMBER 21, 1919. NEW YORK STOCK EXCHANGE PRICES. Saturday, December 20, 1919. ' 1910. 1918. sales 4150,950 231,070 to dato 304,505,422 133,853,512 IDIt, Open- - Low-ta- t. Bales. inn. 31 200 Adams Express 31 31 30 44 100 Advanco Itumely 42 42 72 100 Advnnco Rumely pf. 71 71 71 2 700 Alaska Juneau G M 2 9 1 46 700 Mfg 46 46 46 95 100 Mte pt... 94 94 91. 94 200 Am Agrlcul Chemical ... 94 94 94 98 6 200 Am Agrlcul Chemical pf , 97 97 97 46 3 200 Am Hunk Note 47 47 47 91 : 300 Am lleot Sugxr 91 93 95 12 1 8 100 Am Iloscti Magneto 123 123 23 700 Am Cn 15 05 54 139 12 100 A:n Cat\ & Foundry JO 139 139 48 4 1000 Am Cottar- - Oil 47 48 47 12 SOc 100 Am P.'urfegtst 'Syndicate. . 11 H 11 25 WO Am Hldo A Lo .thrr 2V.j 24 117 00 L \) Hide ft Leather pf..4 116 irz 1K 4 Hi svv Am ice 47 47 47 10? 7000 Am International Corp.. 109 111 109 08 500 Am Lt.. et-- Co Ct 6S OS 95 2100 Am Looomotlvo 96 90 95 104 100 Am Locomotive pf 104 104 104 2S 4000 Am Ship ft Commerce... 28 29 28 63 200 Am Smolt ft net iS 08 0S 97 500 Am Smolt ft Itef pf 96 90 96 107 100 Am Snuff , 105 105 105 90 100 Am Snuff pf ...t 85 SG 85 45 1800 Am Steel Kounrfrlos .... 44 45 44 137 100 Am fine r Kef 137 137 137 118 300 Am Siifi.r Hcf pf U7?4 117 117 96 10 1700 Am Sumatra Tobacco 96 97 93 CO 300 Am Tel ft Cnblo 50 50 50 OS?. 1200 Am rl & Tol 98, 98 9S 271 20 100 Am Tobacco 274 274! 274 68 13S00 Am Tohnrco .Sec 61 csv; 66 12S 800 Am Woolen 12 12Sto 127 55 400 Am Wilting Paper pf . . 56 54 17 400 Am Zinc, Lead ft Smelt, 10 16 16 58 2600 An.'iconda Copper . . . I . . v 58 5S 58 60 900 Associated Dry Ooods 60 60 60 73 100 Assoclnt Dry Onods Istpf 72 72 72 75 100 Assoelnt Dry Goods 2d pf 74 74 74 119 400 Associated Oil. CO 118 119 1 1 81 2300 Ateli, Top ft Sinta Fo .. S4 S4 S3 78 1400 A'cli, Top ft Sntlta Fo pf 78 7S 78 7 700 Atlanta, Blrm ft Atl 7 7 7 94 300 Atlantic Coast Lino .... 90 92 90 174 10 100 Atl, Gulf ft W I S S.... 171 171 173 20 800 Autosa:es 20 20 19 34 400 Autosnles pf 31 34 33 110SI 3 .14100 Baldwin Locomotive Wks 110 111 109 32 4600IHaltlmore ft Ohio .... 32 32 31 47 SlOOlRaltlmore ft Ohio pf.. 44 4S 44 122 300Barrett Co 121 121 121 1300 Bethlehem Motors .... 29 29 29 1400 Bethlohem.Molors rts. 93 100 Bethlehem Steel 91 91 91 95 400 Bethlehem Steel 7 p 0 pf. 90 90 90 95 6300 Bethlehem Steel B 95 96 95 13 200 Booth Fisheries 13 13 13 13 1500 Brooklyn Itapld Transit. 13 13 13 10 700 Bklyn Rap Tr ctfs of dep 10 10 55 1100 Brooklyn Union Gas . 45 50, 45 791 100 Bruns Term ft It R... 7 TV 7 9 100 Butte Copper ft Zinc.. 9 9 9 26 300 Butte ft Superior Copper. 26 26 26 ?1 700 caiido central O ft It. . . 21 21 21 80 800 California Packing Co.., 79 so 79 43 100 California Petroleum ... 44 44 44 135 400 Canadian Pacific 133 133 132 133 700 Canadian Paclllc a 15 f. 132 132 132 800 Central Leather 93 95 84 10S? 100 Central Lo,atler pf 10S 103 108 o0 800 CCrro do Pasco Copper.. SO 50 55 123 500 Chandler Motors . 123 123 123 56 400IClio.s!ipfake X Ohio .... 55 66 53 0 200 Chi ft E 111 pf Kq Tr cfs.l 4 41.'. ,4 8 . iuu unicago ut western.. 7 7 7 22 200 Chlcao Gt West pf.. 22 22 22 38 4100iChlcngo, Mil ft St Paul. 3S 39 3S 51 6000 Chi, Mil ft St Paul pf 51 51 54 87 3.100 Chlcaco ft Northwestern, 87 S7 87 26 3900 Chicago', It I ft Faclflc..-- . 26 26 26 59 900 Chi, It I ft Pac 6 p 0 pf . . 58 59' 5S 18 1000 Chllo Copper 18 U 1S 36 3uv Clnno Copper 35 36 , 35 600 Clevc, C, C ft St Louis... 41 46 44 9.i 500 Cluett, Peabody ft Co.... 94 95 94 39 100 Coca-Col- a 39 39 39 40 200 vui 4 ui. nun. 41 \ 41 41 63 300 Pnlnmlil.i n X. Klcn ! 63 63 62 55 8300 Columbia Graphophone. 57 59 57 83 2000 Consolidated Gas 82 83 S2 19 200 Con Interstate Cal Mln.. 1S 19 1S 31 100: Consolidated Textile 31 31 31 700 Consolidated Textile rts.. 13 200 Continental Candy.-- . . . 13 13 13 85 2000 Corn I'roducts Itef... 86 86 S5 100 Cripple Cieel; Cent... 6 215 12 2800 Crucible Steel Co...,. 215 217 13 52 3100 Cuba Cnnq Sugar. ... . 51 51 51 84 200 Cuba Cane Sugar pf.. S4 84 84 99 100 Delaware ft Hudson 99 99 99 7 100'Denver ft Itlo Grande. 6 6 6 14 1000 Denver ft KIo Grande pf. 13 14 13 13 400 Dome Mines 13 13 13 29 100 Bmerscn Brantlnglatnp. . 23 23 136 200 Endicott Johnson .1133 136 135 103 200 Endicott Johnson pf.... 103 103 103 13 1900 Erie 13 13 13 20 2900 Erie 1st pf 19 20 19 14 500 Erie 2d pf 14 14 14 87 2500 Famous Playcrs-- L S6 87 86 28 200 Federal Mln ft Smelt pf 27 27 41 600 Flsk Rubber 41 41 41 36 1500 Freeport Texas......... 36 3i 36 18' 700 Gaston. W ft WIgmore. 1 18 18 72 100 General Cigar Co. ...... , 72 72 72 160 100 General Electric Co 166 166 166 337 3100 General Motor Corp.... 336 339 335 90 200 General Motor Corp pf. SSI SS 88 87 100 General Motor Corp deb. S6 86 86 S0 OOOIGoodrich. a F S0 S0 79 49 200jilratiby Consol M ft S... 49 49 49 49 100 Gray ft Davis 4S 43 4S 78 3400Great Northern pf 79 79 78 3S 900 Great Northern Ore ctfs. 37 37 37 33 Ts 200 Grceno Cananea Cop.... 33 33 69 20WGnlf States Steel 70 70 7i SS 600 Illinois Central 8S 68 SS 52 1600IInsplratlOn Con Copper.. 62 52 52 4 SftOUnttrboro Con Corp 3 4 3! 13 lOOilnterborb Con Corp pf... 12 12 12 .19 llOOUnt Agri Corp 19 19 19 134 200lnt Harvester Co new... 133 133 133 114 100 Int Harvester pf now.... 114 114 14 50 1100 Int Mer Marine 49 49 49 10S 2100 Int Mer Marino pf 108 108 107 21 6S00 International Nickel .... 21 21 20 95 100 International Nickel pf . . 93 93 93 75 600 International Paper 75 75 74 39 300 Iron Products Corp 39 39 39 16 600 Jewel Tea 15 15 15 42 500 Jewel Tea pf 41 41 40 200 Jones Bros Tea 26 26 25 16 600 Kansas City Southern 16 16 48 4 200 Kansas City Southern pf. 44 44 44 138 4 100 Tiro .. 136 136 136 103 8 100;ivcIly-.Sir- B Tire S p c pf 102 lOi 102 28 21 7100 Kennecott Copper 2S 28 44 1.20 2100'Keystone Tire ft Rubber. 44 41 44 S7 6 2000 Lackawanna Steel Co 87 87 IS 100 Lake Erie & Western pf 15 15 15 38 1700 Leo Rubber ft Tire 38 38 37 42 3 1100 Lehigh Valley 42 -- 12 42 201 12 200 Liggett ft Myers Tobacco 193 195 195 28 2400 Loft, Inc 26 26 26 73 100 Loose-Wil- Biscuit ... 70 70 70 112 600 Louisville ft Nashville.. . 109 111 109 100 Mnckay Cos pf , . . . 64 VJ 64 64 42 1100 JManhat Elevated guar.-- . 42 42 40 25 100 Martin-Parr- y Corp 25 25 25 63 200 Maxwell Motor 1st pf . . . 63 63 63 100 Maxwell Motor 1st pf ctfs 62 62 62 32 100 .Maxwell .Motor 2d pf ctfs 30 30 30 122 7 200 .May Department Stores.. 116 118 116 --- 1 10 133001 Mexican Petroleum .,, 223 223 219 23 2 200 Miami Copper 22 22 22 1.20 1700 Middle States Oil 63?: 63 03 49 4 2300 MIdva'.o Steel ft Ord... 49 49 49 13 400 Minneapolis ft St L new.. 1.1 13 13 9 2900 Missouri, Kan ft Tex ., 9 9 9 14 100 Missouri, Kan ft Tex pf.. II 14 14 26 3500 .Missouri Pacific 26 26 26 41 1300 Missouri Pacific pf..... 40 41 40 59 200 Montana Power 5S 59 5S 100 100 Montana Power pf..... 100 100 100 COpIorrls ft Essex 71 71 71 50 100 'MullIns Body 50 50 50 37 200 .National Acmo Co .. 36 36 36 69 700 National Aniline ft Chcm. 68 68 68 10 200 National Conduit ft Cable 10 10 10 S5 100 National Enam ft Stamp. 85 85 85 82 400 National Lead Co so 82 St 15 1500 Nevada Con Copper 14 15 14 43 lOOlNew Orleans, Tex ft Mex. 41 41 41 111 200INcw York Air Brake.... 111 111U 111 69 2600Ncw York Central 68 69 6S 26 4500!New York, N II & Hart. 27 27 27 17 SOOiNew York. Ont ft West. 16 16 93 600Norfolk ft Western 98 98 9S 52 300 North American Co r.i 52 51 81 2500iNorthern Pacific 81 81 81 74 !00 Nova Scotia S ft C....... 73 73 73 46 16900! Ohio Cities Gas 48 48 46 9 50c 400 Oklahoma Prod ft Ret.. U 9 9 9 100 Ontario Silver Mining,., .9 .9 9 140 300 Otis Elevator 136 136 135 35 1400! Otis Steel 35 35 35 Continued, on Columns 6 and 7. GOSSIP OF WALL STREET. Professional Opinion. Tho turn of the year, that imaginary COUP 1917. 170,589 lino across which tho marltot la about .832.9S0. tQ step , riven first consideration In , ear Cloa Net woek end loUers which went out of Wall lor. Cs,i. Stroet yestorday. Practically every one 30 of them was bullish, outlining things Bid. 42 that the markot has to look forward to 71 with particular stress on tho President's 99.00 2 attitude on railroads and the possibility 93.26 91.36 4G of n decision In tho stock dividend case, 94 J. S. Dacha ft Co. say: .\Short selling 93.30 91.44 94 by .traders and temporary eolllng by tax- payers 101.00 07 are offset partially by buying back 93.64 47 1 of securities after registering losses, but 91.50 93 a largo volumo of this may ba waiting 98.90 23 until after the first of the year.\ Wrenn 54 Bros. & Co. nay: \Liquidation In stocks 98.86 139 1 Is now held In chock partly by the coin- - 43 1 pleteness of tho liquidation Itself and United 11 partly by tho high yields of many U 8 4S 24 stocks.\ Palno. Webber & Co. say that 1 117 market conditions Indlcato trading move. 17 . M.nfa with Y.iaa0.llltliM, nf rit- - nrnflta rclrl 110 V . through purchaso of selected Issues dur- - SB 88 Inc recessions. Merrill, Lynch ft Co. fi 1 93 declare that tha short Interest Is consid- ered' I....OS 104 large, and a good many peoplo who City of 28 sold stocks to tako losses have not 08 bought them bnck. 11. W. Wagner & Co. 3 96 my that tho propelling force In the Ity 7 of 105 market Is to he seen In Its technical posl ID 85 4 tlon. A good trading market Is antici 2 45 pated by Block, Maloney & Co. allies United 137 1 pie, Meeds ft Co. antlclp.ito improving JHs 19 117 (conditions with tho new yenr. Andorson, 16 95 i Druns & Co, say well margined traders 50 1 have llttlo causo to worry. Mcciavo & 4 9S Co. say that they are strongly Inclined 1 274 14 to buy stocks for reasonable trading 2A fi 08 V 1 profit's whenever they react, using tho IS 127 precaution ot stop orders a llttlo below Hf1 54 recent low prices. 88 16 1 Ohio Cities fins. 2 -- S 2S GO Tho market greeted the announcement 23 72 of tho Ohio Cities Gas Corporation's In 0 74 creaso of Its authorized preferred stock Dam 119 1 from $10,000,000 to $90,000,000 with con 8 mi 84 \ sldcrable selling of tho common, sufficient 1131 78 to knock tho price down from the high of 2 7 48 to 46. It closed the day ot 46, 1 92 1 1 points not loss. Directors of tno ArscntincGv 1 173 t corporation have In mind a plan to Issue, Tokyo 19 additional stock at dividend rates which 7 33 \i the condition of the money market might 110 warrant at the times of Issuance. It Is AmSmclt&n 32 i reported that tho directors Intend to 10 47 3 set aside the. first $10,000,000 of pre am fi Tit 121 ferred for exchange, share for share, 29 for the present outstanding 5 per cent. 13 preferred. This Issue will bear a 0 per 3 91 cent, dividend rate, as tho management AmT&T 64 90 6 believes that tho original owners of pro 9 95 ferred, to whom much of tho company's AmTiT 13 development Is due, aro entitled to this 22 13 consideration. When this old stock Is SS 10 oxchanged It will be cancelled, leaving 50 0 tho authorized preferred Issue at $80, l 1H0 7 000,000. The company Is contemplates AT4 9 acquisition of sev'eral large properties, 8 26 but so far has declined to stato what 4.1 21 Vi properties aro lo bo taken over. At 33 C SO 8 44 The New Yenr. 132 1 S'l., 13 Wall Street approaches the new year 25.... 84 with a feeling of optimism and cheer- fulness 29.... f that It has not entertained at 5.... 108 Christmas time or many a long year, fi.... 55 123 u with a market, of which the technical 13.... S.... 55 1 condition la exceptionally strong and 0.... 4 general conditions much more favorable 3... . 7 than they havo been for a month, anil 7.... 22 with the knowledge that In the very 2 a'.'.'.'. near futuro there will bo political and 33 5... 54 economic developments of nationwide 7 87 I Importance. AVall Street expected the 14 President's message on the railroads yes I alt AO 26 terday, but as It did not come, lt remains W 59 9 18 In the .list of expected factors.\ There 10.. ..4. 35 Is nl\ pniilhlllty of a decision In the . .1 stock dividend case A com- promise 46 3 95 1 on tho peace treaty before or 39 Immediately after the turn of the year and a gradual betterment In the for 41 62 eign exchange situation sum up tho 4otal of Immediate expectations. A 58 llld. ra'th'er Important factor, on which many 83 2 brokers are relying to keep the mar 73 19 \ ket's undertone a firm one. Is the fa.ct 59 31 that many who have sold stocks during 33 this month to establish losses for the In 100 13 como lax tdatemcnts havo not repur 85 chased them. 102 D 46 215 Ilmikai ltediicp Thc-l- r HorrosvlncH 40 5K 33 84 Tho most significant feature of the 33 99 bank statements published yesterday, 6 from a stock market poiut of view, was 14 the reduction of $140,000,000 in member 13 ba'iik borrowings fiom the Federal Po- - 33 28 servo Rink, causing a rise In the He \7 136 ccrve bank's ratio of reserve from 41.6 19 103 to 44.6. While clearing house banks re 61 13 ported a deficit of $12,.120.S30 In their 28 20 reserves, It should be noted thnt the 74 14 cash in vaults, which does not count ns 26 ' S7 reserve, rose SZ,6S3,000 to a high record 100 23 point of $106,333,000: There was 113 41 moderate Increase of $46,301,000 .in sifl ti 36 loans, discounts and Investments, but 93 18 there was nothing to show any expan- sion '20 72 In credit for Stock Kxchanse pur 77 166 poses, the, evidence being that during tho 34 337 week a largo number ot time loans 87 88 which matured were not renewed and 100 36 tho amount of call loans showed little 54 80 tendency to riso. The deficit of $12,320,-S3- 0, 113 49 which lias been corrected without 99 48 difficulty was caused by\ the loss of 17' 78 $11,447,000 In cash rcservo of member 11 37 banks In the Federal Rcservo Bank, 24 33 It Is a small decrease, taken In con- - 14 70 Junction with retirement of bank bor- rowings 13 SS from tho Federal Reserve Bank, 226 52 - the Item of bills discounted secured by 77 3 la Government war obligations being $315,- - 44 12 03J.S33 nt the close of business on De 72 19 cemher 19, against $634,401,113 on Do 104 133 cember 12. United States deposits, as a 22 114 result of tax receipts, rose to $246 57 49 43S.000. 74 108 104 21 Itnljtlmore and Ohio. 112 93 In connection with the move in the 45 75 ralla both Baltlmoro and Ohio Issue\ 10 39 '. wero under nctlvo accumulation yes- terday. 229 15 Tho senior Issue registered a 40 1 3 points gain and tho Junior ono ot 43 25 a point. In a special letter on B. nnd O. 11 16 a largo Wall Street house has to say: 91 44 'Tho company made a surprisingly 102 136 1 good statement this week. Owing to 39 102 the low price to which tho preferred 62 2S had fallen It looked ns If the dividend 2.\ 44 would be passed nnd there was quito a ISO 86 . lot fit Investment selling on this uncer- tainty. 35 15 2 Now that the regular rate has 123 38- - been declared nnd earnings show n very 66 considerable surplus left over of about 50 195 V 43 '5 per cent, for tho common both Issues 139 26 14 look to bo attractive speculative Invest- - 10 70 menus ui uiu yrcseuv I clui u luw icvci. 25 111 i j I According to mo latest reports, tno tiai- - 01 6!V yf umuru unu umu uwna jieauing ?u,uoo,uuu 52 40 2 '4 jof first preferred, $14,265,000 of second 25 I preferred and $10,000,000 of common 105 and valuable holdings In other com- panies. 41 63 Tho nearest debt maturity of 123 62 30 the company Is February, 1922, and Its 104 113 amount is only ;j,uoo,uoo. 118 1 73 221 llaldivln Locomotive. 9 22 57 63 Samuel M. Vauclaln, president of the 66 49 Baldwin locomotive work?, will sail 109 13 for Havre on Tuesday on tho La Fay- ette S 9 and considerable Interest in Wall 23 14 Street lias been attached to the Journey 62 26 because It'is expected that Mr. Vauclaln 11 41 will return with a pocket full of orders 10 59 for tho Baldwin works. Ho does not 20 100 1 know when he will return, he declared 71 yesterday. It may bo thirty days and 55 50 lt may bo six months. Asked about S7 36 the company's present business he 114 said: \Wd have a production of about 53 68 $2,000,000 a week. Our domestic busi- ness 12 10 Is small at present and wo have a 1S 85 fair amount of foreign business. That 59 81 business Is what Is keeping us going 14 at tills time.\ 28 41 89 in American Interiialtoiuil. SI 69 112 I Trading In tho rights to subscribe to sr. 16 new Hlmms Petroleum shares to be 98 Issued 111 connection with tin- - pi il 52 1 purchnre of tho company by the Amer- ican for Its Sl International has started on the share 73 New York curb. These rights ranged with 46 1 yesterday between 6 and 6. Stock- holders International 9 of Slmms havo been notified of 9 \ a special meeting to be held on Decem- ber this 135 3 30 for voting on tho recapitaliza- tion now 35 of the company from 600,000 shares stories .without par value to 1,000,000 shires. International I Holders of old Slmms stock will havo stork, the right to subscribe at $47.50 a share i firmed. A BONDS IN NEW YORK STOCK EXCHANGE Saturday, December 20, 1919. 1910. 1J18' ..i.. tio ii7 nrtn ill.939.500 to dato 3,095,449,000 1,044,3ZS,OOU RANGE QF LIBERTY DONDS, Closing. Sales fin ' Asked. Tleld. $1.000s). Open. High. Low, 99.10 3.50 189 3s (1932-4- 99,10 99.10 99,00 93.40 4.43 30 1st cv. 4s (1032-47)- .. 93.30 93.30 93.26 91.44 4.61 418 2d 4s (1927-4- 91.34 91.38 91.32 93.50 4.66 90 1st cv. 4s (1932-47- ) 93.50 93.60 93.32 91.43 4.88 1,963 2d cv. 4a (1927-4- 91.52 91.54 91.42 .. 93.68 C.03 2,053 3d48 (1928) ...... 93.60 93.68 03.56 91.52 4.TU 3,112 4th 4s (1933-38)- .. 91.52 91.58 91.46 98,96 5.04 984 Vic. .lB. (1922-23).- .. 98.96 98.98 98.81 98.92 4.05 75 Vic. J8 (1922-23)- .. . 98.98 98.98' 98.S6 States, Foreign Government, Railroad\ Induitrial and DtOli IH1 0 Mam I' fd Interhoro-M- 12 f,8 414s col trust 4Xi fi (IS1V fi 8538 S 17 0 tow 2A SSI: 2 1714 8 Mlj H....1...6B 20 1614 1 AO OKA: Btl' drb 20 lO'B 7 68 4a 10 10?8 10 88I0 10 A7 12 16ia 10 to Chl Mil At St P rertincates I at A OtUnti OAtP WS 20 17 1A 84l3 3 98 , 10 167a i 8514 Chl 4 NW IMa s ieia PaltAO rotri 1. 0 671 il'iuoij centu NYC&StI.dh4.fltli& unl'ran 10313 7 COI N V Gas ELI II terrri A; I'M QbV 17 R2U fMj 1 83 SJJj N YO11 ELt II AcPts fi 6H4 ds N V N II k II 23(i CV ts Paris m 4 05la 02 7 eo'a 021 12., ..0134 Chl Itys 1st St 2 H8 N y Hys tdj H 0234 7., ...02 2 37g 2 9 lit rertiftcatoi Klnmkn 8., ...621 J Chl P. I r Ity 4s 111 Ccn rf 4s tl SO 1921 fi.. ...9J34 3 7iia 8 7S34 NY fl Rys K1 OMl 1.. ...B24 7 72 12 70 2 48?s OSl 10.. ...03 rhlltlAiPref i IllCcnCWcn M NYTflpmilJi Ofeimmj BethBU M 1H 40 601 4 81 fi FO'8 OH 8 Mla 10, 06ia Illinois 8tl 4K.1 4 SOU 9.Mg 10 841s 0 668 3 S3 4 IB 601a OA Bkn Rap Tr 71 S 007s lowaCentrai i 10 80 DJlg B 48 1 coia 11 3G1J 18 8014 05 certificate 1 5'a K.'f'PtH fr M i.l 10 81 1S37 stamped Chile Coprer 71 10 031a N Y VI cstcuntr 8734 17l9 431a fi IO.Mj Kan O So reft A tlcston 41M 8778 Bkn Cn El 1st CCCAStL 4K1 S 73 10 3478 S7la fi 0OI4 1 75 '3 2 7234 10 35, 87) ent of Ga d. Cumb-Tc- l ts 10 721 8 3478 871a 2 08 8 80 KanCitvTer 4V Norfolk A W 41 88 fi 0334 Den At Rio O 41 2 70I31 1 77'4 Canada la 2 931a 1 6418 2.:.. ...71 Korf&W dlv4s 8 91 4 04 Laclede Oas Ss 8 11 07 Ctn Pacificist Det Tun 4W 8 81 Northern PsHi 8 75 6 74 LH&MS4.193! 0 70ia' Olos CentKRNJM Erie. 1st con 2 8'. NortrieriI'n,?t 9114 4 100 1 S2U Lehigh Val as 8 834 lis 3 100U 2 S2S 1 100 Nor States lwr 7313 C A: O cv f 44 1 52 Lehigh Val 4Ws 1st ts A 6s 10 79 Erie cr 4s ser A 10 83 2 81 6778 t 78 7 36 Ueeett A M 7i I'oclllc Ga.1 ts. 1 7834 11 35 7 10078 B M'4 5s 10 771a Krle CT 4s see 11 Lou Ac Nash 4i 8 81's S4lg fl 7734 1 35la 1 807a I'enna ts 1W T ct 34 77U 8 39 Mldvale etl Si 10 8078 087s O At Oct 1 ..sou 2 82 S 00 o J 72 Frle ten 4s 1 8:13 8 8978 OVs 1 721? 10 41 S 83 18 00 99 0 2 723J io 40ia 4 02 I'ennim ) dt Js iu 'a 0 42 11 811 6 6OI4 SO Cbes It O 4Wa GrcenBayA: W 8 8213 79341 M'nn A St 1. 41 20.'.'.'.\.'.'!sOl4 J\ i. l deb ser clt 41 & 353 8 f07s 7708, Chl&Alton sti Mo K& Tex 2d 2 81 77 J4 6.. 30l4 Oreac Nor 4!f 10 29 10... ..MV 2 81 la Mn i 8.. . .8H4 ATASFCV4) CBAO loin 4 I'ac rm 38 95 C40.I30...80U 1 8658 25... ..81 8S 2 95ls H CUI3 9 U S... ..8H4 8Fgeni ChlB&C; tm i I sua 2 S68 IB... 77 B 7K8 2 82 14 87 2., .8134 77lg 78l4,nudAtMan ml 4 S038 renna 4 Ms 10 77 ChlA:EastIII H 10 ISli 19 8filj 7 89U Line, clt 4. 00 21 Int II Marine 4 87 Fere Maro Ss A C9'8 certlflcatM 10....... 027a NOTexA M is I 85 70 21 IS 02la 3 SI P LoriHard Ss ,..B7 ( hi Of West 4. 10 02?8 N Y Cen deh Hi 8 80 3 S17g Intern P. T re: 3 6OI4 Iranlnjr ini 4' ,..A7lj 1 52 ts IMS 52 01a 40 7S34 ...67 CV&Btl' cv as 2 B2U fl OOlj Ml A SanPra ...S71j 10 ..631; 17 nil? 0 90U .\er'es A ...BS'4 10 ,.c; 27 Bl 1 901s 10 87 ...BR 4 ,C3ia 12 Blla N Y Cen 4,i 8 Sftlj ,..B7tl t & at i- - cv 11 314 7 79 21 87 ..6SI4 4V 15 SH4 1 7834 75 56lj 43.... '...64 3... .611 2S 70 1 8634 ..8SI4 10 6314 ... .82 5 791! EtL A an Fran ..BSI9 fi 64 6... .82)8 N Y Cen deb 41 Series Ti ..SS4 CJilMlli.'Stl' a 2... .S2i2 10 78 1 flUs l.8St2 2... .82 4 78lj 10 691a 6SI8 IS 70 3... .821 4 B 78 30 09l2 I'M-- t C MASt Hirm 41... ,82 4 7813 ti A SanKrao V 41 'He S... .8218 5 78 adjfc B2 IS 7314 20... .52i2 6 79 8 8712 .S3 S 74 10. . .6314 8 701a S BS . - NEW YORK STOCK EXCHANGE PRICES. Continued from Columns 3 and 4. Closlnir.-- y Dlr.l lUpea- - Hlsti-- 1 Low- - Ask. In Sales. I az. I p.t I est. 300Pacillc Development 74 72' 60 100 Pacific Gas & Electric. . 59 59 59 36 100, Pacific Tel & Tel 36 36 36 107 S400iPan-Ame- r Petrol & T... 107 108 106 15000! Pun-A- m Petrol ci T rts.. 102 6200 Pnn-A- ni Petrol & T B... 103 104 102 46 400 Parrlsli & Bingham 46 46 40 40 1M00 Pennsylvania It II 40 10 10 34 400lPenn Senboard Steel 31 31 31 34 3100Peoples Oas, Chicago..., 33 35 33 28 10300iPere Marquette 27 28 27 00 lOOiPere Marquette pf 50 50 50 66 100 Per-- ; Marquette prior pf, 66 66 66 35 1S00 Philadelphia Co 35 35 33 77 5400 Pierce-Arro- w Motor. 'g 78 77 19 300 Elerce CM Corp 1 19 19 62 200inttsburg Coal of Pa.... 61 61 61 30 4000Pittsburg & West Va..., 26 28 26 75 100 Pittsburg & West Va pf 73 75 75 26 llOOjPond Creek Coal 25 26 25 101 400lPressed Steel Car 101 101 101 113 lOOIPullman Co 113 113 113 93 600 Punta Allegre Sugar.. 94 94 93 96 100 Railway Steel Spring.... 96 96 96 20-- s 900i Ray Consol Cop 20',! 20 20 77 44001 Rending 77 76 35 300! Reading 2d pf 34 34 'i 31 SS 200 Remington Typewriter. S7 87 87 103 1001 Remington Type 1st pf.. 101 101 101 55 500 Republic Motor Truck. 51 54 V 64 114 20700 Republic Iron Steel. 113'; 111 11.1 W7l 8.70 3600Royal Dutch Co N Y. . 99 99 98' 17?; 2100'St Louis & San Fran 17 17 ' 16 12 200ISt Louis Southwestern 12 12 12 23 100'St Louis Southwest pf. 23?i 23 23 14 OOOiSaxon Motor 14 14 14 13 700 Seaboard Air Lino pf.. 13 13 13 22S 200!Sears-Roebuc- k Co 227 227 227 I I ?4 600Shell Trans & Trading... 78 78 77 41 16100'Sinclair Consol Oil 44 44 43 7; SOOISloss-Shcffiel- d S & I.... 72 73 72 104 8300Southcrn Pacific 105!i io:. 103 22 3700 Southern Railway. 22 1' 22 57 lOOlSoutliern Railway pf.... 66 57 56 75' 200Strombcrg Carburetor.... 71 74 74 104 9200;Studebaker Corp 105 105 1 00 74 114 200 Stutz Motor 112 112 112 46 100 Superior Steel Corp.., 46 46 16 10 1200 Tenn Cop & Chcra.... 10 10 !',8 30 10 900 Texas Co 232 229 3400 Texas Co rts 61 61 60 43 1300!Texas & Pacific 43 43 43 12 300Third Avenue 12 12 12 92 1700'Tobacco IYoducts. . . .. 91 92 91 102 100Tobacco IYoducts pf.. 102il02 102 39 3S00'Transeontlncntal OIL. 39 39 39 63 inrtiTr.itistH. X- - Wms Steel f!ii 62 02 40 200lTwin Cit; It T 33 35 35 190 lOOIl'iiderwood Typewriter 1SS 1SS 1SS 36 1100 Tnlon Oil 36 36 33 124 5200 Union Pacific 124 124 123 66 1400 Union Pacific pf 66V. 66 66 51 100 United Alloy Steel 50 50 50 142 200 United Drug Co 142 142 142 11 400 United Ry Investment... 10 10 10 25 2100 United Ry Invest pf 25 25 21 91 3400 United Retail Stores 91 92 91 53 ' 100 U S C I Plpo & Fdry pf.. 53 53 53 100 1600 U S Ind Alcohol 106 100 105 43 200 U S Realty & Imp 40 40 10 125 5100 U S Rubber 126 12 24 101 11200 U S Steel 103 105 104 113 100 U S Steel pf 113 113 11.1 73 1400 Utah Copper 72 73 10 2000 Utah Sec Corp :. 10 10 9'. 5S 900 Vanadium Ccrp 58 57 C0 200IVnCarolIna Chem 07 1 66 112 100'Va-Carolin- a Chem pf.... 112 112 112 S 200: Wabash S S S 23 2500'Wabash pf A 23 23 22 53 2001 Wells Fargo F.xpre.ss... 62 52 52 11 200lWestern Maryland 11 11 11 IS 200! Western Mary 2d pf.... 17 17 17 21 1001 Western Pacific 20 20 20 66 lOOlWcstern Pacific pf 56 56 56 87 100 Weestern Union Tel.... 87 87 S7 115 500 Wcstlnghouso A Brake. 113 113 113 63 1100 Westlngliouse F. & M... 53 53 53 12 1000 Wheeling & Lako Erie.. 12 12 12 19 1200 Wheel & Lako Erie pf . . 18 1S IS 60 1900 Whlto Motor 09 60 59: 1800 Whlto Motors rts 2 2 2 2S 3700!Willys-Ovcrlan- d 2S 28 2S 200j Willys-Overlan- d pf 90 90 89 100 Wilson & Co Sl 81! Sl 114 400!Wootwortli, F W pf.... HSU 113 S7 SOOlWorthlngtctf Pump s:, S7 s.-- ,i now stpek on the basis of a new for two old shares. In connec- tion the deal. In which American buys Into Slmms Petrol- eum, Wall Street Is wondering whether payment will bo mado In cash or stock. There havo been some In circulation that American might Issue somo new but they havo never been con- - announce to Jan, 10, 1920. For Investment An 8 Firat Preferred Stock . at Par. Authorized Outstanding $115,000 This has recently paid its 27th consecu- tive dividend and is backed up in liquid assets to over $250 per share. ) Particulars on 1917. $3,005,000 1,017,398,000 Not Lnat. Chgi 99.00 .01 93.2G .02 91,30 .04, 93.60 91.44 .08 93.68 .08 91.62 .00 1)8,90 .0: 98,90 .08 Other Bonds Incti 0 42 FtLoulsSW 6 i 6033 COlt lt Hallowell & Henry 3 6OI1 StLSW ran 4i Investment Securities A 82 StPMAMWIlA 27 Pino Street, New York HlooxFallslst 1 (8 Telephone John 3456 Seabd A I. nll I .1534 2 SB's Seibd ALref 4 2 39 Fouthl'ae cv .ih CONVENIENTBRANCH OFF CIS is 10413 IN MIDTOWN SECTION OF S 105 10 109 New York f 10 nuthl'ac cv 70 li Stock) 17 7 7812 788 Exchange Firms fouthPae ret 4 1 70.. STOCKS AND DONDS 3 768 HOUdHT FOIt f'ASIl Oil ON fi 7Cla CONSUKVATIVI. .MAIIOl.N 1 705,, 8 8 761, 70U Wright, Slade & HarnicJll yriithcrn H CIRCLE BLDC, 1834 B'uag at tOA 30 845s Main Office, 71 Jlroaitcav fi 843j 2 2 83 8158 Nichols, Perry & Nichols South Ityrm i 6 EAST 4QTH ST. 8 807s 9 6OI3 Stand Gas Wasscrmann Bros. 1 877s 4 S 547 5TH A V., Cor. 45th. TenAPac 1st ts 240 4TH AV.. Bel. 18th & 19th Sb. 10 821; Main Office, I Hroadwal 2 .83 Third 12 At Vcf 401a 4. Post Brothers & Co. Third AT aril Si Hotel Breihn Hal), B'way & 86th 8 28 Main Office, Si Urondicav PnlonPaclHr 21 12 8234 S27H McClave & Co. 8 8 83 83M HOTEL ANS0NI4. B'tCay at 73i CnionPac cv 41 Main Offlie, 07 Eicliangs VI. 7 8S 8 847S Hcrrick, & Bennett 20 845a 8 85 51 E 421 14y2 VanJerliUAte. rnionl'acr'n Ralph Dunn. Mgr. 10 77I3 Main Office, CC liroadway I' f Hubb p l 11 87 Pearl & Co. 1 s Kteel f i. 32 97 HOTEL ST. ANDREW. B'way at 721 12 07U Main OD'.cr, 71 llroadvav 2 971b Utah 1 Power 0714 ts Louchheim, Minion & Co, 2 P3 HOTEL ASTOR. B'way at 44th Vlrirlnlan Hv5i 1 81 2C0 5TII AV. 2 S3 Matn Ofict, 71 llroatlirav WrKternKloc ts IS 9034 Sartoriaa, Smith & Locwi West Sho'O is 12 721a 500 5TH AVE., 63 W. I25THST. Ullson&Co 1st 14! BROADWAY, Brooklyn. 1 071s Main Office, TO Tlroad St vMlso Cn ct 5 5lg Crawford, Patton & Cannon HOTEL ST. ANDREW, Eu'ay at 721 Main Office, 61 Ilroadtcav Hirsch, Lilicnihal,& Co. 1123 BROADWAY 3 EAST 44TH ST. Miln Office. 61 ItroaJicav I Cloa- - I tt I Ing. I Chasys 74 2 Swurtu'out & Appenzcllar 59 1!, HOTEL McALPIN, B'way & Ulh 36 Main Office, IV Kroadicav 106 U A. A. Housman & Co. 102 1 . 25 WEST 33D ST. 4G Main OWc, io Krtnd S' 40 31 . 3.1 \ 2S 50 Owing to the 66 \ 357! Great Discount 77 19 ih 61 2S 75 1 Canadian Exchange 26 We Can Offer 101 113 7S (subject to prior sale) 93 96 1 Government Bonds 20 77 of the Dominion of 34 87 Canada 101 1 54 V 114 1 to more than 99 17 \ 7 12 1 23 1 31 Hirsch, 227 77 72 44 'i & Co. 104 22 Members 57 New York Stock Exchansa 74 Now York Cotton Lxchange 104 :? I 61 Froadway New York 112 1 40 ' Branches 10 K. 4IK. St. anil It?! Rroadway 229 \i GO 13 3 12 102 92 ' Rarilara Refining 39 02 Corporation 33 I 1SS 35 7 and Participating 123 10-ye- ar Gold Bonds 66 50 142 3 At 97K these bonds yit!! ap- proximately 10 7.18, without tak- ing 25 TS into consideration participat- ing 91 dividends. 53 1 106 1 Further Information on Rtjuut 40 1 125 104 113 \ HELLWIG & 8EUTTER 73 10 Meniere A'ew York, Stock Lxchj 67 l III Iirpatl Street, New Yor.t 67 j 'id. KroaU CM J 112 '\ Sl 23 1 52 I 17 11! ARKANSAS 20 1 56 113 87 NATURAL GAS 63 12 18 New Slock (When Issued) CO 28 89 2 Kiely & Morton Sli 1 40 Wall St.. N. Y. Fhonc John bilO 112 1 87 DOMINION OIL TEXAS CHIEF Middle States 4)11 Mihilill iriet Traded In on 4)utilde Market. Inormallort on lleautst WEED, EDWARDS & CO., Inc. 150 Itrondway . Tel. Cort. 8300 Irvlns- Trust Pnjs llnnnit. Directors of the Irving Trust 'Com- pany an extra payment of 23 per cent, of their ralarles to alt of Its officers and employees during tho year 1919. Tho payment of this additional compensation will be made on Jan. 15 thoso in the institutions employ on. $500,000 Stock request. yield
