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The sun. (New York [N.Y.]) 1916-1920, December 24, 1919, Image 12

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12 SB Grace Steamship Co. 6 Marine Equipment lit Mtge. Serial Gold Bonds Strongly secured. The stock of this company, excepting onlv directors' shares, is owned by V. R. Graces St uo., present net worm over '550,000,000, which agrees to pay sufficient charter hire to meet issue requirements. Due 1070 to 1031 At Prices to Yield 6 ys to 6 Circular on request tor A.D.-17- Z TheNationalGty' Company Main Office: Natiorul Citj tank Bids Uptown Office: Fifth Are. & 43rd St. Correspondent Osiers in ottr SO Cittei Inbome 1 The Prererrct! Stock of Cities tier-vic- Company Is an Invest- - mcnt of high standing. The- - Company controls and ' SI mihlln utllltV COr- - ' poratlons and 28 oil producing, transporiiiiKi i -- -i kctlnff companies. This diversity of activities and wldo geographical distribution of properties ara factors o great strength. After providing for all Interest Taxes, and other charges, ro- - . qulrcmcnts for tho Preferred dlvidfcnd are being: earned more- - - than four times over. Over $32,000,000 surplus Income has become avallablo for rein- - , vestment In subsidiary prop- erties. At present market price Cities Service Preferred ylcldg 8 Henry L. Doherty & Company Bond Department 60 Wall Street, few York INDUSTRIAL PREFERRED STOCKS Exempt Jrom the present normal Fed- eral incom: tax. In many cases hate first \ tall on net earnings. ' Return on Incestnunt in excess oj that on sound lands. Send jot Circular Merrill, Lyncfi & Co. Investments Commercial Paper 120 Broadway New York Memlers New York Stock Exchanje Weelcly Financial Review Our Weekly Financial Re- view summarizes current fac- tors, having' a bearing upon Slock Market fluctuations. Sent free upon request E. W. Wagner & Co. EstaUlshed JSS7, Chicago New York Stock Exchange Now York Cotton Exchange Chicago Board ol Trade 33NcwStreet(SW)NewYor( branchts H EasHithSt. Mad.Av.&iZdSt. 105 WesiazdSt. 26 Court St., Brooklyn. SWDroaiSl.,Neicark. m Texas Pacific Coal & Oil Co.'s Notable Operations in Petroleum f ' Circular on Request. J.K.Rice,Jr.&Co. Phone 4000 to 1010 John. 38 Wall St., N. T. STANDARD WEEKLY rl Wll.f. HE ' , 8UMM.UIV .MAILED .OX 1 TO STANDARD Oil, \ INVESTORS ISSUES J ON HE4JUEST CARLH.PFORZHEIMER&CQ. juionta 48C0-- I Bronit. 23 HroartSt..N. V. City Investing Stern Brothers Singer Manufacturing FREDERIC H, HATCH & CO. EataMIsliril lsst Phone ilfcctor 8.310. 71 IlVuy, New York. Ti lr Conntctlona Boaton. Chicago & Phil. MANCIEMF'\ AND COMMENT General List Holds Its Own All Through Session Shows Gains at Closo. TRADING IS PROFESSIONAL Strength of Steels and Rise of Coppers Feature Quiet Market. Again yesterday the stock market save a vory cood account of ltaelf In the face of circumstances that ordinarily would have meant lower prices. Its composuro was ovon moro remarkablo than hereto tore, Inasmuch as It not only had to com- bat tho usual tendency to- ward Inaction, but a rato for speculative monoy of 18 per cent, which was only 2 per cent, below tho highest flguro reached by the money market this year during the flurry In November. In the face of these conditions the share lint held Its own all through yesterday's trading, actually closing the session with some small net gain in the majority of nctivo speculative issues. The niarkot was still very professional, but at tho same time there was an underlying foci Ing of confldenco about tho trading, which undoubtdly would liave been al- lowed to manifest Itself If It had not been for the disquieting condition of tho money market. \With money around the high flguro of yesterday, however, It was imppsalblo to do anything In the market outsldo of the specialties, which domi- Thoro was no special change In the news developments to account for tho strength. Tho whole thing wns a mat' tor of technical conditions. Tho market had been sold to a standstill, and, as has been pointed out repeatedly, the only persons who aro really bearish on tho market at the present time are those, who sold It at much higher figures and therefore can afford to sit tight until tho market actually turns In an upward dl rectlon. It probably would be a much different Btory In the stock market If money conditions were favorable, but with no hope In sight for easier funds until some time after the turn of the year, conservative interests are still of tho opinion that not a great deal can be exnecteO.- marketwtso for tno next lew days, with the money situation finally out of the way, however, and with the chances In favor of an agreement on the peace treaty and favorable legislation on the railroads, opinion in nnanciai quar ters for tho new year Is becoming difl' tlnctly bullish. Both of the latter coh' slderatlons have been favorite orga ments of the bear fraternity for tho last' month and, with these out of the way also, It is generally agreed' that there would be nothing in tho way of a re sumption of hte upward campaign, which began in November wlih mo nurry in money. Trading was on a very quiet scale yesterday, as waa to be expected In view of the fact that is a holiday. The professionals bought and sold stocks all day. while the rest of the financial commun ty remained content to waicn the operations from the side lines. There was no special feature of trie transac tions exceut perhaps tho copper stocxs, in which the shorts experienced an un- - nleas;int half hour or so after tho an nouncement of the regular Anaconda dividend. Wall Street had been so sure that this dividend would be cut that It hud ceased to discuss tho matter. The announcement, of course, resulted In a flurry of the shorts, which finally spread to the rest of the list In the last nour, Another outstanding feature of tho day was tho strength of the steel stocks. mi ...UUI. Vtann Tin, I...)- - i inrsc issues. va;ii ..w....... ably strong during all of tho last week or so, stood out yesterday pcrnaps aDovo everything else. There was no surprise over the course of the money market Inasmuch as every' body had expect, ed that the preparations on tho part of the banks for January I settlements would bring about just such a condition as occurred on tho floor of the exchange yesterday afternoon. The market eased somewhat at the closing, but bankers do not expect any perma ncnt improvement until after the first of the year. If there Is any improvement it will be only because of the lack of In terest In stock market trading and. therefore, of the lack of demand for speculative money. The foreign ex- change market continued the Improve- ment which has been under TS.7 lately, Sterling and, as a matter of fact, all of tho allied rates, Improved materially. In this connection opinion in banking quarters still favors a further Improve' ment In foreign exchange rates. It Is not expocted that rates will go back anywhere near parity, but it Is generally agreed that tho lowest rates have been touched and that from now on Improve ment will continue gradually, depending upon the amount of credit granted In this country. MONEY AND EXCHANGE. CAM, MONET. Mixed- - Collateral. I All Industrials. High H. HUh is Low 101 Low to Last lit Last it Kcnewals 10 I Kf no wall 10 fear's hljh J ii ear's tilth.. :o Year's low 2 Year' low j TI11E LOANS. Mixed Collateral, Sixty .days CHI Ninety days 6H four monins en five months (H Six months H All m 7H nk rive Th Six m COMMERCIAL PAPBB. Prime Indorsed BUliI RecelvaDls Slitv days 5B5U Ninety days SVJ65H1 Ninety months months Six months six IUM11 CLEARING HOUSE STATEMENT. Clearinr exchanges, l,173,:u.923: bal- ances. WJ.6M.M7: debit S289.U9; Federal balances. as.oii.ia. DOMESTIC EXCHANGE. Boston, par; Chicago, par; St. Louis, M Kc discount; San Francisco, par; Montreal, t;6. per premium; Cincinnati, par: Minneapolis, 10c. premium. SILVER PRICES. Bar in New York, $l.avj, unchanged: m London. 7\!Jd. oil 4d.; Mexican dollars. H.OHi, ofl tic. UKC1U. J2CANOB. Sterling- - IllZh. Demand... 3.51'i Cables 3.SS j\rancs Demand... 10.32 Cables.. Normal rate of exeb. 13.9 10.30 4.8G63 Sterling S.1U3 Paris Marks 3.1S13 Jleltium China Honfhont Shanghai 11.30 Greece 40.) Holland 33.11 India' Bombay , Japan-Yokoh- ama Philippine S.1S13 Italy 10.30 10.43 49.84 S'J.OO 3S.S0 Scandinavia-Stockh- olm rhristlanla Copenhagen ,, South America 11.43 Rio i Argentina Culd).. 13 SI Buenos Alrrs ID 31 J.1S13 Switrcrland' 51 45 RU\ia Currency) Industrial!. Sixty diys days Four montns fUMtt Other Namu. Three to months iHousa reserve 11,000 silver Low. I1.S3 3.83U 1.0101 Last. S3.S3 3.835J 10.40 10.3S -T- eatemay'i Clo Deman6 or check. Cable. 33.83 10.40 ill 10.30 i.eo 15.30 37 43 49 13.97 21.(3 30.63 11.93 375; 94 !i 1J.::. tit XO rUDles 3.3i 1W nilile 3.73 TIME BILLS ON LO.VDQil mi close. 3.S1; 3.KM 10.S7 10.33 S3.MK 10 33 2.13 10.13 m l.X 13.30 i:!s U!4 ton 49VI 12.93 :i.5 30.75 19.03 27ii 9U 43U 19.35 5.53 2 3) 3.90 Bankers. I Comnerclal. i days J5.78!iitO day M.7 90 days 3.76UW day 3.U salkkkkkkkkkkkkkkkkkkkkkkkkkkk Day's sales ,. Year to date. Bid, Ass?. 31 40 70H 83 i 1 2 4W 91 93 12054 99V4 1S7H 47 11 ills' '464 111 70 92 97 103 27 63 95 79 10554 4454 117 9754 250 93 68 125 16 52 58 6 60 75 81 7854 89 171 1854 107 31 47 120 1 28 90 110 93 12 12 51 7 117 894 24 20 81 43 73 62 130 94 108 55 120 54 23 37 62 80 105 26 59 69 59 18 35 94 39 39 20 48 61 i8 54 62 82 18 30 12 83 107 210 99 50 83 100 96 6 12 12 25 39 134 103 13 19 14 87 9 26 121 34 17 185 70 93 331 88 86 48 77 37 68 94 57 86 52 10 18 129 43 107 21 74 87 10 38 26 15 44 135 75 97 28 43 84 7 37 41 25 178 108 65 64 39 20 C4 32 61 215 22 61 48 13 73 9 13 25 40 57 100 47 99 66 87 112 9 85 80 8 4 8 3 32 42 71 84 1 2 46 92 94 122 53 99 138 47 12 24 115 111 70 93 98 104 27 66 96 01 107 45 118 97 270 94 68 126 16 57 68 6 61 75 S3 79 89 173 20 109 32 47 122 1 28 91 111 93 12 13 9 54 7 119 9 25 20 82 44 73 64 131 94 111 65 5 8 23 37 53 86 106 26 60 70 60 18 35 97 39 40 21 52 62 58 67 64 83 18 30 12 83 107 211 100 50 - 74 100 96 13 13 26 92 135 103 13 20 15 88 11 28 125 40 35 17 200 71 100 90 87 79 49 IS 08 'A 69 95 67 87 63 8 11 18 131 60 108 21 7o 39 ,16 S9 26 16 46 137 80 99 28 43 85 12 37 43 25 183 111 68 64 42 81 25 n n 68 16 23 63 48 14 73 9 14 25 40 L68 47tt 103 49 99 36 37 66 89 114 9 86 80 7 3 1 In I. 80c 3 12 4 10 10 10 12 4 4 7 2 1.20 6 12 7 6 4 7 10 n f.20 4 BsIm. 500 100 200 900 18600 3500 1600 300 600 200 200, 7900 200 1400 300 700 1300 1700 100 12600 2400 100 22800 200 6000 5300 600 250 100 1000 60 4100 4200 100 300 5900 1200 1000 2600 12000 1300 300 100 6000 1000, 400 400 400 24900 6500 1000 600, 200 400 800 100 400 7000 110.0 2300 2700 600 400 300 100 1200 300 3900 1800 800 100 4300 3700 100 1600 300 1700 200 600 100 2800 3300 1200 300 900 700 600 100 2500 1600 500 400 400 300 300 400 10300 100 100 4000 300 1200 900 600 6600 600 130 891)0 300 3200 600 100 1400 200 700 900 200 100 100 300 1200 700 200 800 100 100 100 1600 5900 2400 152 400 100 7300 100 800 1600; 600 6800 1600 200: 100 900 900 6S00 2200 4100 100 500 6200 3700 4900 2600 400 300 600 600 600 600; 1400 100 100 11200 1900 1600 100 200 2400 1300 200 309 200 300 3700 300 1400 300 400 200 . 400 19200 1000 1900 6600 100 1100 400 3400 1300 700 100 300 100 100 600 500 100 1600 100 800' Adams Express Advance Itumcly Advance IUimely nf.... AJax Rubber Alaska Gold Mines Alaska Juneau G M.... Mfg ... Am Agrlcul . Am Beet Sugar Am Bosch Magneto. . . . Am Can Am Can pf Am Car & .... Am Cotton Oil Am Drug Syndicate ex rt Am Hldo A Leather .... Am Hldo & Leather pf.. Am loo Am Corp.. Am Linseed Co Am Linseed Co pt Am Locomotive Am Locomotive pf THE SUK, WEDNESDAY, DECEMBER 1919. NEW YORK STOCK EXCHANGE PRICES. International Am amp & commerce... Am Smelt & Kef ....... Am Smelt & Hot pf Am Smelt Sec A Am Snuff Am Steel Foundries .... Am Sugar Kef pf Am Sumatra Tobacco . Am Tel & xei Am Tobacco V Am Tobacco pf new. Am Tobacco Sec, . . . Am Woolen Am Zinc, Lead & Smelt. Am zinc, Lead & Sm p Anaconda Copper Assets Realization . . . Associated Dry Goods. Associated D G. 2d pf . . Atch, Top & Santa Fe. Atch, Top-- Santa Fo p Atlantic Coast Lino... At, Gulf SWISS... Autosalcs .' 24, Chemical Foundry Baldwin Loco Works.. Baltimore & Ohio Baltimore & Ohio pf . . . Barrett Co Batopllas Mining Bethlehem Motors .... Bethlehem Motors rts. Bethlehem Steel Bethlehem Steel B. . Booth Fisheries ... Brooklyn Union Gns. Bruns Term & IX It.. Burns Bros Butte Copper & Zinc. Butto & Superior Cop. Caddo Cent O & It.... California Pack Co... California Petrol . . . California Petrol pf.. . Calumet & Arizona. . . Canadian Pacific .... Central Leather Central Leather pf... Cerro do Pasco Cop.. iChandlcr Motors Chcsapeako & Ohio. . . Chicago Gt Western . . ;ChIcago Gt Western pf Chic, Mil & St Paul . . . Chic, Mil & St Paul pt. Chicago & Northwestern Chicago Pneumatic T Chic. Rock Ibl & PttC Chic, R I & Pac 6 p o pf cnic, it i & rac 7 p c pi Chic. St P, M & Omaha Chllo Copper Chino Copper jCluett, Peabody & Co. . . Coca-Col- a Colorado Fuel & Iron... Colorado & Southern . . . Colorado & South 1st pf, Columbia Gas & Elec... Columbia Graphophone Consolidated Cigar Consolidated Gas Con Interstate Cal Mln. Consolidated Textile . . . Consolidated Textile rts. Continental Candy Corn Products Ret Corn Products Ref pf. .. Cripple Creek Cent Crucible Steel Co Crucible Steel Co pf Cuba Cane Sugar Cuba Cane Sugar pf. ... Deere & Co pf Delaware & Hudson. . . . Denver & Rio Grande . . Dome Mines Elk Horn Coal Corp.... Emerson Brant pf Endicott Johnson Endlcott Johnson pf . . . Erie Erie lit pf Erie 2d pf Famous Plcyers-Lnsk- Federal Mln & Smelt... Federal Mln & Smelt pi Fisher Body Corp Flsk Rubber Freeport Texas .' Gaston, W A Wlgmore. General Chemical Co.. General Cigar Co. ....... General Cigar Co deb pf General Motor Corp.... General Motor Corp pf. Goodrich (B F) Granby Consol M A B Great Northern pf... Great Northern Ore ctfs Gulf States Steel Hart man Corp Haskell A Barker Car.. Illinois Central Interboro Con Corp.... Interboro Con Corp pf . . Int Agrl Corp Int Harvester Co new. . Int Mer Marine Int Mer Marino pf International Nickel .... International Paper Iron Products Corp Jewel Tea Jewel Tea pf Jones Bros Tea. Kansas City Southern ... Kansas City Southern pf, Kelly-Springfi- Tire . . . Kelsey Wheel Co Kelsey Wheel Co pf...... Kennecott' Copper Keystone Tiro A Rubber. Lackawanna Steel Co . . . Lake Erie A Western. . . . Lee Rubber A Tire Lehigh Valley Loft, Inc Lorillard, P, Tobacco Louisville A Nashville.... Mackay Cos Mackay Cos pf Manhat Elevated guar. . . Manhattan Shirt Martin-Parr- y Corp Maxwell Motor Maxwell Motor ctfs Maxwell Motor 1st pf . . . . Maxwell Motor 2d pf ctfs, Mexican Petroloum Miami Copper Middle States Oil Mldvalo Steel A Ord'. SOOfMInn A St L new. Minn, St P A S S M.... 'Missouri, Kuu A Tex.... Missouri, Kan A Tex pf.. Missouri Pacific Missouri Pacific pf Montana Power Montana Bower pf Multlns Body Mulllns Body pf National Acme Co Nat Aniline A Chem..., Nat Aniline A Chem pf . National Biscuit Co,..., Nat Conduit A Cable.... Nat Enam A Stamp National Lead Co 1919. 1018. 1017. 752,894 421,464 Holiday 306,199,248 189,625,593 176,737,117 Continued on FoUouHng Past, lOjicff-- 1 High- - Low Cloa. Nst ' Inc. I est. est. Inf. Chanr. .1 31l 31 31 81 . 41 41 ''41 41 . 71 71 71 71 , . 83 83 83 83 . 1 2 1 1 o o o '. 46 46 45 46 tt . 91 91 91 91 . 93 93 93 93 1 .121 121 120 120 , 6 6 6 6 , 63 63 62 63 , 99 99 99 99 . 138 138 137 137 . 47 47 47 47 s 11 11 11 11 .. . 24 24 24 24 . 115 116 116 115 . 47 47 47 47 . 110 112 109 111 1 . 67 71 67 70 2 . 92 92 92 92 . 96 98 96 97 1 . 103 103 103 103 . 27 27 27 27 . 67 67 65 66 . 95 95 95. 95 . 80 80 79 79 . 107 107 107 107 2 . 44 44 44 44 .118 118 118 118 . 96 98 96 96 . 97 97 97 97 . 270 270 270 270 4 . 94 94 93 93 . 68 68 67 68 . 125 125 125 125 1 . 16 16 16 16 . 64 55 63 54 57 68 66 58 . 0 0 C 5 . 60 61 60 60 . 75 75 75 75 . 83 83 82 82 . 78 79 78 79 . 89 89 89 89 4 . 171 172 171 172 . 19 19 19 19 . 108 110 107 109 . 32 32 31 32 . 47 47 46 46 . 121 121 120 120 1 . 1 L 1 1 . 28 28 2S 28 . .. . 90 90 90 90 1 . 111 112 111 111 1 . 93 94 92 93 . 12 13 12 12 . 13 13 12 12 . 9 9 9 9 . 53 53 51 51 1 . 7 7 7 7 .. . 117 117 117 117 2 . 8 8 8 8 .. . 25 25 24 25 . 20 20 20 20 . 80 82 80 82 1 . 43 43 41 43 1 . 73 73 73 73 . 62 62 62 62 . 1'31 131 130 131 . 94 95 93 94 . 108 108 108 108 . 55 55 55 C5 . 121 121 121 121 . 55 55, 54 54 t 4 4 4 4 . 8 8 8 8 . 23 23 23 23 . 38 38 37 37 . 63 53 62 53 1 . 87 87 86 86 1 . 104 104 104 104 . 25 26 26 26 . 59 69 59 69 . 70 70 69 69 2 ,. 59 59 69 59 . 18 18 18 18 . 35 33 33 35 ,. 93 97 95 97 2 . 39 39 .89 39 . 40 40 39 40 . 21 21 20 20 1 . 49 49 49 49 . 61 62 61 62 1 . 53 59 57 58 . 55 55 55 55 ,. 62 62 62 62 . 83 84 81 82 1 . IS 18 IS 18 ,. 31 31 30 30 i a . 12 12 12 12 . 84 84 S3 83 . 107 107 107 107- - .. 1 1 1 1 3 . 212 212 207 210 . 100 100 100 100 . 49 50 49 50 . 83 84 83 S4 . 100 100 100 100 .. 96 96 93 95 1 . 6 6 6 6 . 13 13 13 13 . 13 13 13 13 . 20 26 25 25 . 90 90 90 90 1 . 135 133 133 133 . . 103 103 103 103 . 13 13 13 13 . 20 20 19 19 . 14 14 14 14 . 88 88 87 87 1 . 10 10 10 10 27 27. 27 27 1 '. 121 121 121 121 2 . 41 41 40 40 . 35 35 34 35 . 18 18 17 17 . 185 186 185 186 . 70 71 70 71 . 94 94 94 94 1 . 328 332 325 331 3 . 89 89 89 89 1 . S6 87 86 87 . SO 80 79 79 . 49 49 48 48 1 . 78 78 77 73 . 38 38 38 38 . 63 68 63 6S 1 . 91 94 94 94 1 . 57 57 56 57 . 87 87 86 86 . 62 53 61 53 1 3 3 3 3 .. 12 12 10 10 -- 2 18 18 18 18 130 130 130 130 1 48 48 47 48 . 107 107 106 107 22 22 21 21 74 75 74 75 37 37 37 37 15 15 15 15 39 39 38 38 26 26 25 25 16 16 15 16 45 45 44 44 137 137 136 136 75 75 75 75 3 99 99 93 99 28 28 28 28 43 43 43 43 83 85 84 84 9 9 9 9 1 37 37 37 37 .. 43 43 42 42 25 25 25 25 180 180 178 178 3 111 111 110 110 1 66 66 65 65 1 64 64 64 64 39 41 37 41 2 31 32 31 32 24 24 23 24 33 33 32 32 1 33 33 32 32 1 63 62 62 62 30 30 30 30 216 217 213 216 22 22 22 22 61 62 61 62 49 49 48 48 14 14 13 13 72 72 72. 72 2 9 9 9 14 14 13 13 26 26 26 23 40 40 40 40 .. 68 68 67 57 100 100 100 100 47 47 47 47 99 99 99 99 36 36 36 36 66 66 65 66 4-- 1 89 39 8S 88 116 116 116 116 9 .9 9 9 85 83 85 85 i 80 80 80 80 .. 1 GOSSIP OF WALL STEEET. BUNDS IN 1NLW IUKIV DlUWa. ila.7mw Shorts Ilura I'oor Lack. Yesterday was ono of those days which demonstrate the old fashlonod belief t,hat oven ooven wise men cannot always tell what tho market will do. With no news of Importance on which to peg an ad vance, tho professional clement doad set against it and call money kiting irom 10 percent to 18 por cent, tho markot proccedod blithely to register somo small gains. They wero not large, It Is true, and soma of tho gains were offset by losses In stocks hero and' there; but taken all together, tho market gave a good account of Itself and displayed throughout a buoyant undertone that led many Wall etreot people to express the opinion that tho bottom Is being dragged, Announcement of the dividend on Anaconda and an extra of 12 on Cen- tral. Leather wero about tho only fea- tures which could bo construed as real aids to tho market. Somo heavy short soiling occurred at times, and nccordlng to a report from tho floor of tho Stock Exchange many brokers were soro tho general list did not yield as they thought It should. Tho attacks, however, did not bring much nourish- ment, and tho Uttlo burst of speed which the market developed Just before, iho closo may bo. attributed to (covering of some of these ditgustod shorts who found themselves unablo to do anything on that side. Money at IS 1'cr Cent. Money on call got within 2 per cent of tho year's high yesterday whon in tho late afternoon It ran up to 18 per cent, against 1919's high of 20. Money opened and renewed yesterday at 10 per cent; by 12 of lock It had advanced to 12, and touched 18 at 1 ;30. The c!oe was at lb per cent Half a dozen factors are to be responsible for the flurry, which strangely enough did not act as so much of a damper on tho stock market 'ns might bo supposed. One of theso Is the fact that tho banks are allocating funds for tho yearr ond settlements. 'Another Is the fact that It Is tho desire to keep banking and other funds liquid to handli largo foreign loans, which will u made after January 1. Another Is the fact that tlmo loans, which haVo been called and cancelled, have made Unnece- ssary for tho usual borrowers of time funds to bid for call money. Those In close touch with the sltuatloa say that the loan accouut has nothing whatever to do with present high call rates. Brokers' loans aro not expanding, It Is declared. On tho contrary they are said to bo on the decline, and nre reported to stand below tho $1,300,000,000 mark. rrofcMlonnl View nt the Flurry. Tho current flurry in call money Is not attracting nearly so much attention as did the last one for tho very good reason that tho condition which the last ono was designed to correct has dona Its work and enforced liquidation has been completed. A professional view of present money rates is that \for many years deficits In bank surplus have been followed by calling of loans to strengthen positions of Individual institutions and by money flurries. This always Improves' things and by degrees tho money situation Improves. The same thing will occur again. These money flurries should be accounted for and the trend Is now definitely upward. It will bo a good trading market and any llttlo setback should be availed of to buy tho best stocks. If we gc pcaco between the Allies and Germany before tho end of the week, as now seems possible, this will help sentiment ns will tho expected compromise on tho treaty by our Senate soon after the holidays. Congress shows a more conciliatory course toward tho railroads and on tho whole tho business outlook Is Improving.\ To Ktnbllh Losses. In commenting on heavy selling of securities to establish losses that they may be charged off under tho Income tax schedule, ono house says: \Selling of securities to establish losses for tax purposes has been practically completed. One point In connection with this selling seems likely immediately after Jan- uary 1 to provide considerable buying and It has not been generally appre- ciated. Wo refer, to the position of a largo number of persons who havo been selling as described, but who have been of the opinion that It would o wiser to wait until tho new calendar year before repurchasing. Possibly their view is not tho correct ono and tho position of tho seller who has bought back his holdings on tho same day may turn out to bo Just as strong ns that of the ono who will not act until the new year, but probably there are enough sellers who have taken this extra to provide considerable help for tho market Many Institutions are In this situation with respect to bonds they have sold for their clients.\ Explaining the Drop. Ergland has rocently boon struck by Just such a wavo of speculation as has been rampant here. As In American markets, tho oil shares havo been tho medium for much of this speculation and recently havo sustained a tremendous drop. Ono of the staid financial papers, taking cognizance of tho fact that every broker Is receiving pensive queries from fll3 customers asking why prlcei have gone down, has compiled this list J which the editor suggests be kept and used as a reference In answering queries French, American and Italian exchange, the weathor, coal apprehensions, every body overbought, profit taking, now Is sues, labor fears, nearness of Christmas and money fears. The suggestion con cludos with, \If from the abovo Ist stockbrokers cannot cvolvo a satlsfae tory answer to any letter which they may receive from clients asking why their shares havo gono down, all I ca,n asy Is that they had better tell tho real truth straightaway and write that there nre moro sellers than buyers. Patronlslnff the 811k Worm. The people of tho United States are buying silk manufactures nt tho rate of over a billion dollars a year, according to tho National City Bank. Never In the history of ur silk industry havo tho manufacturers been compcllod to pay as high prices for raw silk from abroad as they aro paying, but they havo brought Into the country in 1919 moro raw silk than they did In any preceding year. Tho value of the raw silk Im- ported Into tho United Statos in 1919 will, according to this estimate, prob ably exceed 1300,000,000, against $180,- - 000,000 In 1918, $156,000,000 in 1917 and $120,000,000 in the fiscal year lUlC. tho first year it crossed tho hundred million dollar line. These figures, It Is proper to add, rclato to \raw silk as reeled from tho cocoons\ and do not include wasto silk, which probably will add an other $12,000,000 to tho grand total, Tho silk Imported averaged $8.42 a pound In October, against an avcrago of $3.09 a pound In tho fiscal year 1915. Superior dtrel. A corporation which benefited consid erably In an Indirect ivay from the re- cent ateel strike was Superior Steel, whoso workmen wero not affected by the strike order. Corporations which were ablo to keep running at capacity had all of the work they could handle during this period anu superior was one of them. Its directors have recognized this with an extra dividend of 50 cents In addition to Its regular quarterly divi- dend of 75 cents on Its preferred of 32. This leaves Its common on a $3 basis. where It has been since It was reduced from $6 In June. E. W. Harrison, presi dent of the corporation, In Commenting on tho extra, yesterday tald that busi ness conditions were good and that Oc- tober was tho heaviest for tonnage In tho history of tho company. He said that the future was extremely bright and that tho extra dividend was Day's Bales 136,115,000 Year to date v 3.768,408,000 99.06 92.80 91.20 93.16 91.12 100.96 93.44 91.32 08.84 98.84 (a 3.. ..OS S OSIj 18 0fi3 1 05lj 4 0S3g 7 Wi 6 osa J o.Ma 13 9tH SO... .15 S3 058 M...10S 1 O.V la 038 B 05 45 031a as 6 023a flty of Paris 20 92&a e 02U 3 02V s 025a 3 Kitucdm (Hs 1931 35 01 10 05 3 ..BSIa 15 O&Sg \... 0518 2 0613 23 054 20 051 1 h OlV f) 1123 rets loo oaH 250 Oflli 38 008 1 05 o D47a 1 05 81 04'a Wsiin 13 875s 18 873 28 8778 21 878 SO 871 !8 87 0 8634 1 878 4 87 3 878 14 87U 1 873a 3 B71i 3 871a 20 87U 2.... 00..., 87..,, 5... 20..., 4..., S..., 1..., ..., 20. 99.08 93.00 91.30 93.30 91.16 93.48 Dom ts M21 io 07ij 1(31 5 sua l 013 2 01 1 48 4 70lj 3a 78 420 78 Eng td C 78 ' 5 781a a 79 Oer ltd 2 7fi 3 70 5 78 4i 1 71 ts 3 57 NY City 4K9 67 10 USJ8 NY City 1 03U NY Oty 4Kn 7 50 0013 2 9IU NY aty Is 1M9 4, 893i fi soia Exp 4s 3 50 3Hi 10 72 Am At deb 5j 2 98V 8 9834 3 981a 4 8419 10 844 110 8tla 3 85 cr s 1 087g 2 9831 3 987g 8 988 clt Sj 4.. 3.., 6... 0... 44.... dt 4 27, 1. 4. 21 1 A T& S F cv 4s 1 I960 1 is., 2... s... 3... a... \2... 91.36 ...87 ...87 ...80 ...87 ...87 Japan TdtVia 4K90 ...80 ..60 771. lstis 5134 6578 8SI3 7... 4... 9... 3... .77ia ..77 ..77 V ..7758 ..78 ..78 1 69 18 68 a ou M Df A Ch Susq .. do 4li Am II S A Shoe. 8611 1) C F Amer O pf. Amer Ice... do 6S 3.56 4.46 4.62 4.69 4.90 5,05 4.92 5.04 4.05 10 J 828 a 2 3 At O Oil 10 76J4 2 778 0 8 a 2 4 70 Halt & 30 2 4s O to U 23 a ol a 61 10 10 81 7 17 OU II O 4B. 08. 2. 20. 7. 6.. 13.. 0. 4 6, 1, a, a, 3... 1... a.. 3.. a, I... 10.., H... 20... 3... OF 635 3s 20 cv. 4s 243- - 2d 4s 88 cv. 4s 2d cv. 4a 3d 4b 4th ,M7 Vic. V,lc. 8178 8i3i 8iia si's Line 77U 773a 77U 771a Ohio 80l3 1WJ 69U Ha 6138 oua 01 60 6078 601a 60 ,eoia (H 50 68 SO 88 8ia ..68 ..60 6834 BSlj 19.. 00,. 59 6834 69 BDI4 6613 .69 n 68ia IB sola a ..5Bu 10 6013 JK BI14 8... O... 10... gold O 6... 3... 3... W 8 20 54 3 su ;ax it 4 87 to tut 6 iSO 6 85 to B 3 25 0la 11 Tr 7t 15 47 3 10 45 14 47 38 4la 25 46 6 44 45 50 43 Tr to 3341 7 Cn El lat 9 eu4 rl to 70 4s 79 So Ss 86 10 or to 2 93 to 3 90 1st 6 19 Cent i\ac 10 B B to 100 O ft O CT to 44 20 8.., 4... 10... . 1st .. 4s 4B 3s 6 1 eoia 88lj .. I S834 681a . ,5011 1 0 4 .658 .6413 ..6234 5413 2 .5418 3 ..541a r,3i3 1 8H4 1 JSU Cop 90V 4013 461a 1 4SI3 4 1 Rap 8 3313 Bkn 6OI31 1 60V 1 S 3 833b Cent Cert 4 7 J 753j 7513 a 8II3 Cent 3 4 781a 7814 1 781a 10... ..78 3l4i 10 311a 31 IS 3Us Chi A 3s 23 4534 O ft O Hii 2 74 29 73 31 731a 1 3 7313 2 74 10 , 01, n no Rid. Ask. 71 5S 91 1st ..6RI ..78i .78)1 Alton 737al Cke Ji 4ls 3 7234 B 723s 6 72 1 72 8 7 U 7 72 25 723a 6 721a join 4i 10 0134 12 947g 11 05, 4 9434 1 0178 inn 4s 10 79 Chi n & Q 111 4s 7 82 SKi 2S 7ai3 3 74 2 7334 2 731a O D ft' Q Neb 4s BIO 1U 10 V2 Chi lit 4s 12 6134 2 621 ,5 8134 3 83 1 62l3 2 621s 3 621a 8 64 is 1 6478 10 63 1 02 cv to 10 OS 20.. 6.. 10.. 8.. I. O Bt f cv 0434 11 041a 1 1 eiia 8.. 16.. I. . 12.. 1.. II. . a.. 3.. 20.. 6.. 4W1 13 74t3 2 761s O U ft Bt 1 Id 2. 0 0 2 8 2 4& 3.. 3 10., 1., 4., 10... .60)9 ...69 O 4S S 58 O&N 11 O6I3 97l8 Oft N 3 7778 77 7 771i ts 10 07 45 6034 4 66I3 6614 8 0l3 2 60s 33 661a tlfj 8II3 S 67 511 7s 10 20 1058 Chile 11 25 8Ha 8078 10 8OI3 Chile 7i 61V Colo 4i 10 83 833a 3 84U 80 nt 4Hi 3 73 5 734 Con Oaa cv to 21 to 10 83 ft B O to 4 65 0434 7 641a Tun 4Hi 34 7318 7378 Erl 1st con is 6 52V 521a 12 S234 S24 52V S2U cv is sw B a 3513 35 cv In ter 0 42 3778 20 .13 10 3778 3713 Frle cen la 113 43 4113 Erie Perm Coal col tr 4s 3 80 Orrat 4lu 18 82 7 8II3 3 81 Jf. Y. Bid. Ask. 2s, 100 WO'i is, coupon 100 1WH 4s, WoH 101,14 4s, 1034 10M4 1930. usvi won 2s, 1936, 3514 svii :s, 1933, 8514 3s, SSV4 3s, SS14 rhll. lsl. 4s, 1914 rhil. Isl. worus 44, 133J su Phil. Isl. public 4s. 1936 S2 ot 97 Es. 19M 95K 6s. 1913 72 of. 5s. 1921 OTVi of, 1926 93 Gov., Kug Ry. Us, 1931. 47't Cuba 5s, 1944 90!, Cuba 5s, series A. 1919 SI Cuba 1919 \3 Rep. fc, 1953 City of 13 yr. 6s. 1931 K City of 13 yr. 6s, 9!i 'City of 15 yr. 6s, 1331 92H Paris City 6s. 1921 9Jli Gov. 4'4s. sterl. loan, 15:3. 76 Gov, 4Hs, 2d 1923., 73 Gov. 4s. sterl. loan. 1931.. Toklo City 5s, 1952 C6U U. K. O. B..ft I. yr. 614s. 931; U. K. O. R. ft I. yr. &Va. K V K. G, B, I. W vr. Siji, 19\. , 91'J U. K. O. II. & I. 20 yr. 5H. S7i sterL of '99, 33 gold 4s ot '01, 1934.. of in Al Ch 91 A pf. OS'.i Alb & pf pf. Hr do pf Am Coal. A Cot MU 4G!i 80 00 cv 3. 8... 3... V4j 511j 112 ik-t- Bltn Rap 40 Bkn Ga Ccn NJ 10.. 23 cv 7378 93U 10) 4U 91 97 son 11514 73 W, 67 O West 12.. 11 04U 5.. 13.. IS.. 10.. 47 SOIj 091a Den Det Erie Erie Nor loi'i 193S, land 0! 443, 6a 1913. 474 Illd. Am M ft G. 41 Amer 91 A pf.. SI Am A Wool Am W P pf 51 Ann do pf 16 A Dry O lpt 71Vi At Blr St A 7J .0434 .641s .64 .631a .61 4K ...64 ...63 ...04 ...64 .04'! ,041a .63ia .04V .01 ia .644 .COI3 .S6I4 .em a .6714 .60 .612 .6018 1 1 1 Chi Vn Stn 1 Chift 2 Chllo 1 107 IOM3 8 1 South 1 Col cv 1 1 1 4 1 1 1 S 1 .1 Hu 6 6 3 .. .. .. 7 7 MVi 9014 W 96 9tl 93i 73S, 97 93i 93 43 W, 87 76 S7 92H S2'- - 92si 92H 78 7S?j 71 67 93H 9U 9. 874 41H 41! which there irore fS'4 pf.U3 Amer ..G04 7Avcn PaclOe works Lvnns 1937... Khlp. Snult Assort 1001i 10OU Ask. II 133 91 93 133 10314 66 12 21 73 119 8 75 Erie 1st con 7s 1 97'8 Hock Va 410 3 68IJ 3 6834 Dud ft M fdg to Series A 30 67 0 92ia 8 92 10 92U 10 178 3 uaia til Cen 4s JJ 4 7U 691a III Cen rf 4s U 2 77 Illlnol 8tl 414s 10 82lj 1 82V to 2 0.1U S 93 It T ret tolMt 10 5Ha 20 SIM 1 611) 2 SlU 13 51 20 SlU 2 518 1 5Ha 21 SlU 2 B1'4 D BHa 1 aiu e 6H3 21 SlU o 6H3 62.. SlV 20 62 4 S134 2 SlV 28 5113 a oj a.. 3.. a.. 7.. 23., 4.. 12... 3... 3... 1... 1... IB., 13., 10., 3., 2 10., 28., col 4K 11 2 17 13.... 3.... 10.... 7.... fi.... ' 7.... 6.... . 3.... 15. 5134 clia ,81V ,siia .....u.'O . .SlU ,511a . . ...62 trust 1678 10., S... 1634 I6(a 16' ...16 ...16 ...10 . . ,151a ...10 1534 10 IBI4 15 18 15 161a Int M sa 20 03 12 93U 5 931a a 14 10 9413 Iowa ts 6 3U ft M to 10 04 Kan O Sorer to 12 72l8 10 72U 2 72l8 7 72U Kan Qty So 3s 1 643i Kan City Tw- - 4j 8 71V lat 1 100 Lack SU to 1950 5 95 2 osia1 41833 10 84 LSft 118 31 20 8234 L S ft M S 3MV 3 CJ14 1 60 Val to 0 100 3 9078 LVof 6 701a Lex ft Ea.it to S S514 ft M 7s 1 IIOI3 & M to o ao Lou ft Naah 4s 4 81U Ht 4s 2 S 1 57 3 571 3 B 6734 3 571a 811 ii 8 82V 2 8213 IS 83 2 82l8 3 8214 11 82 M 49 2 801a o K a Tex 4a S 5834 9 30 Mo l'ac to 1030 3 SOU Mo l'ac gra 4s 4 67 1 57l8 5 67V 11. .67 2 678 3 57 15 50T4 llont Iwr to 5 81 Bid. Auto S pf.. 33 Bald L L.. 93 do pf 9314 pf..ll Beech Crk.. 2614 Both S 93 Bkn SS ,.e.l03 do pf 99 Hut ft Susa CC do pt 43 Buff R ft P .. do pf Burns B pf.110 Bush Term. S3 23 nf.117 Can 41 t'aw pf 9S Cent .. do pf .. CRR of O 8 A Tel. .113 Cert C3U do 1st pf. Sli; do 2d pf.. 71 Chi ft Att.. 7 do pf 10 Chi ft EI ct 4 pf.. 91 4.1 do pi C3 .. CI Peab pf. .. Col A- S 2pf 40 Col Grph pf 9114 Oon Clg pf.. 79 Con Gaa I. 93 Con Coal M .. Con !Ki Crex S5 Cub do pf 106 D L ft Det .. Det .. M.1I3 Dill 88 ft A 314 do S Elk H F pf JS',4 Elec Emer Bran. 23 .. Fed M ft 8. 914 pt SSVsa 1,977,173.000 Foreign Railroad, and Other AngloFrcnch utyofLyoni 3J....,..D-'- 4 -- ..02U United .,..0511 e.......059 iHJ9rCti ...873a ...SrVti ...8578 ...87l8 ...8711 Canada ChlncuOovtSs oselaUM Japanese Japanese Tokyo NYaty4ini Adams Alb&Susrj AmBmelt&RSs AnTfcT AmTAT fo... ...867s ...7934 ...798 ...793a AmT&T ....775a ....771a ....77 ....771a ....7714 AnnArbor AT&SFcenli ..77U ,.77ia ..773i ..77la ..77.14 ..7778 ATftSFadj4s stamped 14!\ LIBERTY (1332-4- (1932-47)- .. (1927-4- (1932-47- ) 5,304 (1927-4- 2) 6,356 (1928) 12,828 (1933-38).- .. (1922-23).- .. 1,854 (1922-23).- .. Armour AtOoutUnal AtOLIneclttJ C9J ..60381 ocrHi Balt&Ohio ..8138 ..8U4 ..8138 ..8U4 Dalt&O ....647a ....65 ....64 ....641a ....0434 ....6.H3 ....63 B&OP1LE& BrthStl Draden Bnayft rertlflcatw nartlBcatsj tamped BtunTerninl Canada Leather 32...., ..T8I3 ..7838 ..781a Chl&AIton 4....... CMftStl'gm ChlM'IftStl'to 2...;...6dV 1O....S.10JV CCC&StLgm4s DcnftUloOCs Minn 4 St L4S 1 3014 13 38 1 361a Elec 4s B aa 3 478 S S3 NY Oen deb is B 70 N Y Oen deb to a 001a 89 02 UU 31 90 60 8978 34 90 6 90U B 00V 3 eou B 901a 1 901s 25 90 10 SOU 25 0018 b eou 20 OU'8 N Y Oen 4J4t 1 70a 1 1 79V' 4 701a N Y Oen con to 8 60V N Y Cen 3Ki 1 6778 3 8 1 68I3 LS 8K1 1 6OI3 8 60 1 66V NY Oaa 7 81U ELt II ft Pis 1 eiia N Y N H ft II CT 61 8 66 2 661a 4 66U 3 2 6(1 ft II CV Jtf 0 47 W4s 1 60U N Y Rya ret 4s 10 SOI3 N Y Hya adl to 13 078 2 7 n 678 3 034 10 7U 2 7 25 634 NY Tel deb ti 7 95U NY Tel rm 4141 11 SOIs 9 SO 11 sola 3 7013 4 79V 15 793 7 70 5 7913 45 79 N ft 4133 1 36 a sola 2 103U 20 10378 B 10334 1 103V ft Wis IB 77 1 7678 15 76V 3 7678 4 77 2 767g 8 77 15 77l8 19 77 to 1 S4U 1 64 0 S4U 1 6418 Nor States Pwr lit to Ser A 1 83 4 821a Or ft Cal 1st to 2 to 3 70 to 6.... u. 991a Or Sh L fdg to 3 8278 Ore Wash RRft 11 691 8 6 70 Oaa to 4 811a 3 81 Pae Tel ft T to fi 831a Pens to 10U fi 9014 2 6018 5 90 120 90l8 fi 90U s soia 10 90 ;s sou I'enn gm 4M A 17, 6.. 2.. 12.. 6.. 0.. 10.. 6.. 2.. 23.. 40.. Penna 4)fe ltu 6 Phlla Co cv to 122 10 SOU Pere Marq to A 10 83 57 84 S P 7s S 103 BID QUOTATIONS. EXCHANGE QUOTATIONS. GOVERNMENT registered registered registered registered purchase District Columbia FOREIGN BONDS. Argentine Dominion Dominion Canada, CllJty ChlDQ CM&StH CopixT Drlftllud :.70V UNITED STATES coupon Panama. Panama, coupon registcrea Panama. coupon Panama, Panama, coupon public Extern. Intern. Canada. Canada, nonunion Eitern. Extern. Dominican Marseilles 1931.... Bordeaux Japanese Japanese series, Japanese Japanese, 1921.... 1922.... Mexico Extern, stocks transactions yesteraay: Expr, pf.. RANGE United JlushTermnl ChlD&QIU M&Stl'di-- OilKIftPref AStFdypf 8u?ar..l3l pf.MIli Arbor. Oil.117 AGAWIpf.. ..D4la ...64U ...044 ...65V ...otia ...60V Wimla Wpn4i WInlu Ctopper Copper STOCK BONDS. Panama, Chinese Extern. French. Extern. Mexico ...63a ...64ia Closlnr prices BONDS. BqbcI. States, CMPugrtS Anglo-Frenc- OentJHs S..B30. B.,.....82la IndlanaSteel 10.... 23.... 10.... 15.... 10.... 99.06 92.80 91.36 93.24 91.40 93.60 93.52 91.50 91.50 98.84 Illinois Interb 20.... ....6IO8 ....5134 ....61)3 ...5H4 ....Sill ,...5178 ...SlV ....5178 ....6134 ....sua Interboro-M- ...15V ...I6I4 ...1538 ...1534 ...15V ...1678 ...15V ...I6ia cvrtlflcaten Marine Central KCFtS Knox&Ohlo LR&MS Lehigh raconU Liggett Liggett Manhat ctamped Mldvalo MStPftSS MoKftTexrdg AND Harnett Barrett Ed'nn Bruwn Butterlck... t'alP.tck South). Fdy... NJ.173 Prod... Ci.VW pf...H7 CSIP40 COCAStL... Clcrc&PilM Can.... Carpet Sug.331 W...1M Edison.113 JletAMack.. United. Dum'nd Stor..,130 KrleAPitts.. ialiblu 1918. J18,039-,00- 99.08 92.80 91.36 93.28 91.48 98.90 98.90 98.90 pf.,101 Ask. 31 102 931, 95. 112 :7i; 93 93 103 103 63 EIU 62 300 115 300 2 434 10O S3 S3 205 120 55 90 ii is 5 118 i 43U 67 SO 100 43 9311 SO 101 33 n do pf 10314 ICS Con Insur.. SO A pf CO 415 113 193 117 $5 10a 10 45 140 30 70 11 99.00 92.80 91.18 93.18 91.12 NewOrlTer4sA NOTox&Mto 3.......90I8 797s NYCen NYCftStLdhto NYNH NYOntft rertlfleatm certUcata YWcatchertr NorfftWcvti Norfolk NorthernPacii! ...7634 NorthernPu; 931a OrRatl&Nav OrShortLlne Navrafii 1U Lorillard '414 siv 8H3 ..81 ..81 SOU 851a 1917. . Holiday 1,022,238,000 92.80 93.18 93.48 91.22 91.86 98.82 98.86 98.84 98.88 Gorernment, InduitrUl Nassau ..SOU ELtll ftPto NYGu ,.(513 Beaton Paclttc ..81U ..sua ..8IV ..sua ..81V ..8Ha ASKED 99.06 91.20 91.16 93.30 Pub Brrv Corp of N J M S B8I3 Reading gm 4s h 70 4 70U 8!!I\11'.78V 7 JOU fi 78V Repifta'ts' 140 3 04 RIArkftLalKas 10 601 B tLft Iron M 4i 8 74 1 74U St L ft Iron 1ft KRfrftOuirw a 8\b 2 69 BtLftSanFraa Istiea A 8 57 12 67U 03 57 30 87U 14 57 1 S7U 1 6678 3 B7U BtL ft PanFran Series B 3 9l8 4 691a a 69 BtLft fanFran adJSi 23 SO 4 ..581a 2 68V 1 88I3 0 80 ft SanFraa lnc 4s 10 431a 3 42 \10 42lj 3 4318 StLoulaSW 5s 1 BOlj 9 157 SdotoV&NElst W 3 75 Srnbd A L adj BO 35 Seabd AL ts stamped 15 01g SenbdALreTU 11 3813 Pwithl'ae cv l 10 70U 6 79 10 78V B.......7878 8....JV.79 3.. 7013 ftouthPac ref 4s 10 76U 0 7011 S 76V 45 70V e 76V 21 70V Southern Br l 1 8SV 3 85V South Ry gm 11 3 80 86 B0 78 37 60 J S07g TennCIftRR 5a 1 1 Texas Co cv to e 10334 TexftPao lat 5s 2 84 2 83V 18 83 ThlrdAv ref n B 43 S .49 3 4913 ThlrdAv adl Is IS 3713 12 27 12 271 TnlStLft W4S 10 44 UnPao rr 61 l..t...l03 CnlonPae cv 4s 71 85U UnlonFadflo 2 83V 7 83U 14 83I3 0 84 UnloaPaoref 4a 10 771a 8 77 2 77I3 3 77U U 8 Rubber M 1 86V 28 88 1 86U 10 86I3 4 86V '7 87 USSmeltlng 1 1 100 V H StaeJ ft Is 10., 38.. 1.. 1.. 1.. 25.. 6., ..97 Utah Power to 2 Virginian Ry to 2 83V 3 84 0 83U 1 83)3 Va Ry ft P to 1 70 Wabaah lat 11 89V WesternElne to 4 O6S4 West 10 48 18 471a 29 48 WestPaclflc 1st 1 81 Wert 4 4 72V registered 8 70 WrstDnlon 4U1 S fVllaon&Oo lat 6 07U 2 967s A Co cv fi 05U 1, 1 2 1, 6, Fisher II pf.ius Ch pf.. 97 (Vn Gigs pf 90 Goodrich pf.100 Oreeno C... 33V4 Gulf M ft N 714 do pf ;o Gulf Stl lpf 93U Jlarv pf in Ilomestaka. 71 Int Agri pf. 10 let Nick pf 90 Int ran pf. 90 do pf at.. 77 Int, Salt.... 70 Iowa 414 Kel Sp T pf 9314 do S 101 Ki'0 ft D M 4 do pf is Kresge S S.133 do Pf 103 Kress S II.. 77 do pf 100 Laclede Gaa 37 LE&Wpf... 13 Ltf ft M pf.100 Lorll'nl pf..llo Loose-W..- .. 63 do 1st pf. 99 do 2d pf.,104 Man Beach. \J Martin R... 61 Math Alk.. 31 May Dep S.119 do pf 10c, 2d pf 30'i Mrx Pet pf.KO' Mich Cent.. .. pf... si MSSMLL... 51 Mo Plow pf Mor ft E.. 70 N C ft StL.107 Nat BU pf.m N CllftS.... 73 do pf 101 N EftS pf...ni N Ry M 1 pf 5 NYLac4W .. NYCA8IL... 26 do 1st pf. 62 do 2d pf.. 4J NYCAVf.... Hi; Ohio Clt G 414 Otis Sli 3I'4 do pf 9314 Owens B p. 93 PAWVa pf. 75 Pub uv... 60 .22 .12 .06 .33 .08 StL Gen ..97l8 ..97U ..97U .97'8 Hdto Shore Wllaoa Cent.. Maxw MSSM ..98 .06 .18' .04 ..97 ..97 827g 8034 ..05U ..9SV' ..5U ..OS's Ask. 110 99 100 104 23U 814 31 97 11354 It 110 79 71 6H . joo '102 8 lii 109 R 112 33 37 109 111 70 100 115 254 71 40 122 110 32 1M 1CJ 91 CO 111 lit SO 101 101 II 94 27 70 43 17 45 335i 100 78 cochrane Harper lit Broadway NEW YORK Co. 60 BOSTON Invincible Oil Corporation Vpo-ia- tt Anatvsis of Com. pani Position and Prospects on Iteauest. WEEKLY LETTER Giving current newi and development of INDEPENDENT & STANDARD OILS Furnished upon request. For Investment An 8 Firat Preferred Stock at par. Authorlmd $500,000 GutaUndins $115,000 1h.lt Stock ha recently paid its 27th consecu- tive) dividend and li backed up in liquid assets to otot per share. Particular on request Hallowell & Henry Investment Securities 27 Pino Street, New York Telephone 356 , Investment Securities w V R.CMegargel&Co. 27Pine Street-NeMfc- iK I ' J \RIGHTS\ Chase National Equitable Trust Bankers Trust CLINTON GILBERT a Wall St., N. T. Tel. 4848 nectar For Sale American Light & Traction Common J.K.Rice,Jr.&Co. Phones 4000 to 4010 John. 36 Wall St., '. T. LIBERTY BONDS All denominations bought tor cash Ilased on the closing we pay, $19.07 fora40 3Vitt llond, S3 Coiijom 84S.3S for a 830 Ilonil, 1 Coupon 848.81 for a $30 3d 4r llond, 1 Coupon $45.14 for ft $30 4tli4yir. llond, 2 Coupons $48.98 for a WO 3th 4 \if llond, 7 Coupon! PDRDY & CO. Tel. John 7. 34 Pine St.. V, V. Mark A. Nobla Theodore C. Corwln NOBLE & CORWIN 24 Broad St. Guaranty Tr. Nat. City Bk. Pac Coast.. 33 1111 Broad Hid. Ask. do 1st pt. 60 do 2d pf.. 44 P T & T pf Pan Am pf.: Parish & II. 4J!4 Peoria 8c K. 11 Tero M pf. 4J Ii do pf J8 PlercoOU pf.104 Pitta CI pf.. SI PI'WAO pf.100 Kep SU pt.,105 Ben Sar Rom 1st pf.mi; Rein Sr S..100 do pf S3 Sav Arms., 73 Stur notb.ZXV, do Pf Hill Rloss-- pf... SO StLASW pf. 13 S Porto S...!J3 do pt II) Stand Mill. .115 do pf.--... IS 50 100 60 704 3 46!) II to ti ioi M IK my, 117 i\j 63H 74 : USTi 53 :oii : no 150 a State St $250 John 2d4V4Ci New Tork B'klynCityR.R. Hay t'n-A- Corp. Telephone Stndeb Df. loO W Sun SU nf..lOt Hid. Al'. Tex PacLT.ao Tide W O..C10 T St L A W 4 do pf li do c. H Twin City 31 do pf - Underwood 175 do Pf 1M TJn PajAP.. 50 Un Clar Sts.t:s do pf 11\ Un Drur....l41 do M pf..US4 URCI Pipe.. :i do pf US InAI rMW Va-- I CAC\ . 7 J West 1st pf l Wilson 7S'.i do pf rs Wool'th pf.U4 Willi in pf.V 55 lit dlTidend. t i :i h h w Hi '4 11' 111 - : i n fi ) lit

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