The evening world. Newspaper, November 29, 1921, Page 21

| i FEATURES OF THE TRADING, HOUR BY HOUR. 10 TO 11. Imvspite of the fact that the stock /imarket and the bond market have vhad an uninterrupted ‘advancs for /sabout two “the quotationd of more than two- “Rete issues up to new high marks ofer-the year, buying in both groups “of securities this morning was as igorous as at any previous time ince the rise got definitely under sayay, and further advances, running from fractions to more than 2 points, “Were registered. tis the unifgrm nature of the ad- ance, which is as impressive as the haters \ extent of the gains being scored. | ; ‘To-day strength was well distrib- uted between rails, copper, motors, olls, steels, tire and miscellaneous industrial shares. In fact, the, only weak stock of importance on the ligt’ Was Sears Roebuck. This issue “gold Yown to a new low for the year ‘om # cevival of reports that when »o@treotors meet next week the pre- ferred dividend, now at the rate of 7 per cent. annually, will be passed. Smple reason for the market's show- ing is found in the improved credit conditions, reduced money rates and } impvoved conditions found in nearly <fvery line of business. Prthe case of copper the stocks of sur- |.plus metal have been so reduced and the price of the motal has advanced sufficiently to make the reopening of ithe larger mines profitable. It is not } ‘improbable that new production will begin within the next four months. In the minds of many trade experts copper will then be selling nearer 15 cents a pound than 14 cents. To- t day all the leading coppers went to new high marks for the year. the railroad~group both Atchison and Union Pacific went to new high. for the year, advancing a poin Rwhile Canadian Pacific, North Pacific, Great Northern and other trangeontinentals rose from 1 to 2 ints. Impetus was supplied by the favorable showing being made by the October earnings satements and the virtual settlement of the rate id wage problems. foving of the equipments was as vie- Terine of on any day recently. The fmoreimportant ratiway systems are new “purchasing equipment on a large ‘scale, and the earnings out look of the railway equ'pment shares is better than it has been in fmany months. 117012, thove there was co: roft taking as the session pro- seo which was to b> expected | considering the extent of the recert Tise, the market refused to reced: more than fractionally, and in not 4 few instances new high points for the inv were touched. ited States Steel, selling exedivi- -J\\| }dend, rose fractionally and went i Ly within two points of the high of the fear. Independent steels went \g up from fractions :o about a ‘point. if was evident that the motor shares ‘lt’ Shad completely shaken off any un- }§ tavorable ‘sentimental influence the |\Preceivership of the Willys Corpora- j} tion had, for in this group rains of Roint or more were the rule. ‘Phe renewal rate for call money was | placed at 41-2 per cent. compared yA ‘with’5 per cent. yesterday. Time {money was freely offered at 5 per be market was callai upon to mect ‘a large measure of profit taking during the noon ‘our and alss a larger volume of aales for short ac- ‘cor The bear vlement derived from the evident tin 3 preferred and common § Bold at new low prises for the year. "The preferred broxs € points be- ‘tween sales and (ho common lost ‘about 4 points. rofit taking and short selling fines to cause more than fractional “ins in the market Icaders. It noticeable that strong buying leading rails, equipments, plesrners and tocks made its peresiance ¢ cime Uhese various Jd jose to the final Trading in ed down con- lower tendensy of ‘money rates ath acted ag a check y| Spainst @ decline in bond prices. —_—_ ed§ effort and profit takin® finally cfsed a recession in most indus- tials to below the final figures of l@Bt night, but in nearly every in- since net declines were limited to tions. fact that sugar prices are di ying a lower tendency resulted {a decline of more than’ two Gints in American Sugar common d corresponding weakness in er sugar shares, Sears Roobuck Hed to develop rallying power United States Steel turned Mere or less heavy, But the rails tinued strong, with several is- sips pushing up to new highs:for the day, and copper equipment d@bies were able to retain most of ir early gains. y was marked up to per cent, tly after 1 o'clock and before expiration of the fourth hour further advanced to 54-2 per ‘This was due in large part heavy Government withdrawals local institutions to-day and higher rate had no influence on k trading. Foreign exchange were firm, 2 2708. a. feeks, which has carried | Low. 48% 4 12% M 37% al eR e sere Hide & Leath 13% Hide & Le pf. +1 fe FEF KF FFE Ship & Com.. 0% Am Amit & Ref.. 43 Am Smit & Ref pf 86 Am Suuff ........ 108 Am 61] Foundry, Am Sagar .. Am Sugar pt .... Am Sumatra Tob . Am Am Am Am Am 324 56 ere STM 32% Preyer | ‘4 1%, Mw Thtli+++ + Ll Asso Dry Goods. Atchison Ry .... Atchigon Ry pt % %! Au Gulf & WI. Aa Gut & WI pt 23 Auto Sales Com.. 3% Atuantie Bruit 3 Baldwin Loco . Balt & Ohio Balt % | | % 1 ie ee ee ee Biya Union Gas .. Brown Shoe Burns Bros .. Buite Cap & Zine Bute & Superior. . %! Caddo Cent Gil. E 3 3 — % Cait Packing f nal Calif Petroleum wit Petro of Pacific. Hh * 42 | 119% o% % 2% % 't4+14 ceat RR ot N J. 195 ~ 4% Cerro De i’asco. F % Usandler Motors, . Chew & Oho. ‘Cue & Alton Ry. ch M & & PRR 23% M & StP RR pi 38% Chic Rol & Pac,, S4% CRI &Pbpept 6% URI &PT pe pt % Chi Great West... Chi Great West pf. Ch: & North Ry. 7m | ‘Chile Copper. 12% Chino Copper. +.-++ 1 Cle Oin Chi & StL Cluett_ & Peabody CoraLola ssrseeee d Col Fuel & Iron. A Col & Southern... 45% Col Gas & Electric GH Columbia Grapho.. % Me bal ™” 19% Con InterCal Min. Cooden Oil... Com Products Wall St. Goapliz Wall Street heard to-day that Comp- troler Craig intends to offer next week $30,000,000 New York City cor- porate stock and revenue notes which will run from four to six months. They wlll be offered at a discount. Weakness of Sears-Roebuck pre- ferred and common shares is due to reports that when directors meet next week the preferred dividend will be discontinued, This forenoon the com- mon sold at 57 1-4 off 35-8 points from the close of last night, while the pre- terred sold at 8, off 5 points. thy sold at new lows for the year. The preferred stock now pays 7 per cent. annual dividends and as there 4s $8,000,000 stock outstanding divi- 4 requirements amount to only 60,000 annually. Unless the finan- cial position and earnings of the com- pany are much poorer than any one has been supposed to believe it would seem that holders of the, preferred will have just cause for ‘complaint if their income from this issue is cut off. Dividends on the $105,000,000 common stock, which formerly paid 8 per cent, were discontinued last March, It is not difficult to find ample rea- | son why sugar shares have been un- | able to show market strength corre- spending with that of other indus- | trials, ‘There 4s loft in Cuba 1,600,000 tons of unsold sugar from the old crop, and sugar centrals have begun to grind the new. crop which amounts to 3,935,483 tons. Sugar prices as a result are again showing a weakening tendency and are very close to the lows of the year, The conspicuous strength of the bond market has been due in major part to the relaxation in the money Market as.evidenced by the lowered rediscount rates of the Federal Re- serve Bank and the reduction in the ‘Gen | Keystone Tire | New York Com Prodacts pf. Crucible Mtsel_ Del Lack & Went Cuba Cane Sugar. Cuba Cane Sugar yf 17% ‘Consol Distrivuters. 4 Ouba Cane Sug pf, 14% Davison Chem .... 4% +110 Dome Mines 191% Dull, So Shore & At Gen Rlectrie ... Motor . Motor pt Motor deb. Motor 6p ¢.. Goatricn (Granby Mining Northom if! \Great Nor Ore "Greene Canan Gulf Stas Hartman Corp... Hasvell & Barker Howton Oi. + 130% uw 12 sa TN Gen Gen Indiaboma Refining Inspiration Copper Inter Inter Inter Inter Inter Island OR . Jewel Tea Jewel 7 Kansas City So Kelly. Springtield Kelsey Wheel Kennecott Copper 42% cs) 23% 10% TAM 40% Kresge. 3: Laclede Gas Lackawanna Steet. Lake Erie & Went . Liz & Loew's Inc, Loft Ine . + | Leewe Wiles, Loniliand Lams & Nashville . Manati Sugar 113% (Mao Elevated Man Shirt Marin Pary Mathieson Atk May Dept Stores... Mexican Petroleum, Miamj Copper . Middle States Oil. Midvale Steet 18% 2058 90% 116 Mo I Mont Ward . Mullins Body .... Mino SP & 88M National Acme .... National Biscuit al Conduit ational Lead. Nevada Consol N Orleans T & M 61 Airbrake 60% New York Central. 75% New York Orpheam Circuit Otis Elevator... Otis Steal tHH+iteyp ed addi t+eeeee ted tl ett +Ltttd ++eeel e+ [es +! srecee se Ppt + Phtetgst FSP OeE itt weer eeR esse RE Rese » FERS FAS Koercecer sr Pan-Amer Pet, | Pan-Amer Pet B.. | Pittdburgh Goal. 21: Pitts & West Va... Pond Greek Goal. . Premed Steel Car. Pullman Comp. Punta Aleg Sug. Pure Oil...... Ray Copper... Reading . Republic Motor... Royal Dutch N Y.. Pierse O81 St Jomays StL & 8 Fran pf St L & Southwest. St L & Stwost pt Savage Arms ....4 Suaboand Air Téne. werocres Seaboord Air L pf Seary-Rosbuck Sinchir Of ’ Sloss Sheff Steel .. Southam Pacific Southern Ry ... Southern Ry pf... Stand Oil af N J. Stand Oi of N J pt Stromberg «+. Stxiebaker ... Submarine Boat... Superior Oil Superior Stee! Tex Gulf Su 1 Texan Co Texas & Ta & ‘Third Avo... ‘Tobacco Pred Tana Ol 2... ‘Transue & Wine... Union Bag & Pi Union O11 Union Pacific pt United Alloy United Drug. Tinlon Deng tot pt. United Fruit..... United Pood tn Ry Inv Co.. Un Ry Inv 1 J 3 Rubber. 3S Rab tet of. ‘Be gagh oe hee 8 ROB KENDALLVILLE, Fifteen thousand dollars bonds, War Savings Stamps rency Was taken from the Bank of Shipsewanna, it of here, escaped in Ind., tomob!! rotate eaten, 871,500, > NK OF §15,000 IN BONDS. in Liberty clghteen miles early to-day. Th it PF+h PL bi tedeeet ie ee cecrersceese e eecee Fe eee re a M 1% 1 See eect % 1 S Be is ” i ‘a ase rn eetSSi to e PPESTEESS PEPE E 8! +l+tti | vos KO Seeecerese owe 29. and cur- Farmers’ this country. For more than 300 years long before the landing of the Pilgrims, there have been organized exchanges. These markets have met a natural economic need. For nearly one hundred and thirty years, the people of the United States have invested and traded in securities representing the industries of The tremendous progress of American industry would have been impossible without the forma- tion of corporations and the development of the stock certificate to represent tangible values in negotiable form. And the stock certificate would have been use- less had not markets been established in the great centers of capital. About 1820, a group of traders in New York formed an outdoor exchange which, through naturel growth, has become America's second largest stock market. Today the New York Curb Market occupies its own building at 78 Trinity Place. | | FA al si2s93 aL z if 2 E2 if aH ff i Fi ] i 28tec¥ Hl ; legate Pe 325% it Se 1100 Int Prop . 100 Maawell 100 National Leather 42 rif nt 1009 Calumet & Jerome. 5400 Candelaria Bf 2500 Gold States. 100 Cons Cop M. 800 Cop Can 2500 Cortes Silver 3600 Cresson Gold 4000 Fi Salvador 14300 Kuroke Crowmus 1000 Gold Cons. 19200 Goldfield Morence 1000 Gold Zona 8000 Hard Shell 500 Philly Morris 1900 Radio com , 400 Radio yt 100 Reading Coal ri 100 R J Reynolds Biw. 100 Southern Coal & Leon. 10 Tobacco Products so USL aH. 000 *U § Bicam. deaes 200 United Profit, Sharing... 400 United Ret Candy. 200 Wayne Coal . 200 Weei End Chem. 90.0 Willys Corp .. 100 Hecla Mimnng 1060 Index Lead 2000 McNama 5000 MeNamare (hesonnt 000 Magma COD ...-+es 1000 Marsa Min 100 Motheriete Cit 6090 National ‘Tin 100 New Coshelia 4000 New Silver Hora . 600 Nipiasing 1000 Pitts MM. #1600 Rex Cons 100 So Am P 1000 Stewart Min ...... 100 ‘Tonopah Helmont 400 ‘Tonopah Min 400 *Tonopah Divide aK0 Tuolumne .... 300 United Masten . FOREIGN BONDS. 26 Argentine Ta i 21 Mo Grando DS Rusaan 6% 2100 Angio-Am Of 120 Buckeva ...... 900 Atlantic Loboa . 50 Geleus Bigual 1985 Imperial ; 10 Indiana Pipe . SN Y Trans. 4600 8 OU of I INDEPENDENT O118. 400 Alten OU ry 98000 Boone Ol . 1100 Boston Wroming . 500 Brit Am Qi Lad. 1400 Cartb Synd. 400 Cities Service 50 Citlen Service ol 200 Creole Syn. 100) Denny OU . 1000 Edmonds OU . 1900 Elk Basin Pet. 1550 Engineers Petroleum, 9.0 Predera) Ot 410 Gilliland On, 800 Gtenrock, O11 1000 Imperial OM 2100 Int Petro . 200 Keystone Ranger . 900 Livingston 500 Lecns Pete 400 Magna Ol 1€0 Maracatbo OU Allied Packer 66 ctf. 1 Aluminum Te 38. ow + 102%, + 100 101% + 100 06% + 101%, 04 + 100% 13% 102% BANKING AND FINANCIAL, BANKING AND FINANCIAL. w Issue Dated October 1, 1921. HE First Lien and Refunding Mortgage Bonds will be secured by pledge with the Trustee of Boe new issue of $30,000,000 First Mortgage comprising the entire funded debt) and over paiag fo of the stock'of The United Electric Light and Power Company. The Bonds will also be secured, in the opinion of counsel, by a direct mort- gage, subject to the prior liens of underlying mort- gages, on the entire property of The New York Edison Company. roperties of The New York Edison Company = United Electric Light and Power Com- pany, exclusive of working capital, represent an in- vestment of over $220,000,000, as against which Sere will be outstanding only $68,071,000 face value of bonds. Grose Earnings. Net Earnings Annual Interest Charge $30,000,000 new 634% Bonds... One of the features of the bond market to-day was Mexican Petro- leum 8 per cent. notes, which rose from 100 to 103. These notes re- gently sold at 90. Liberty isaven rose from 20 to more than 45 points and the Victory 43-48 again sold at, Di Hudson & Manhattan sold at a new high and Governmont of ‘Nor- way 8s sold at a new record high. ‘There was a somewhat smaller vol- ume of trading im railroad and in- dustrial bonds, but the tone was. * mistakably firm, profit taking being easily absorbed. EES oo 3 35 i ‘ol : me, "sees While persons close to the manage - ment of the Otis Blevator Company predict that earnings this year will amount to approximately 1€ per Gent. on the common stock, and while the recent strength of the. issue has ot to tations that the 8 cent. dividend will be increased a! the. i rectors’ meeting to be held within th: next fortnight, it is stated in formed quarters that the rate wil main unchanged. Althourh the October ror 19 ig sarnings Kd the Hei phewad crease gross 0) ei rnines. "inereased’ $2, of course, was an en hibit, but ‘the ‘statement for. ten months of the calendar year shows that while ero8e earnuass amounted to $96,317,000, the company was able. to Storling, demand, 3.981-2; cables,} save only $4,674,000 of this amount 3.90, up 3-8, French francs, de- for the payment of charges. "BANKING. Ano FINANCIAL. _ A | BANKING AND FINANCIAL. ei a ee oat ison & Co 7 LIBERTY BONDS. Liberty 3 1-28, opened 96.10, up .04 ist 41-45, 96.90, off .10; 24, 96.30, up 116; 8d, 97.26, off .08. 4th, 96.50. Victory, 4 8-48, 99.98, off .02. FORBIGN EXCHANGE OPENING. Sinclair Cons. Cosden & Co. Boston-Wyoming Gilliland Oil Internat’! Pet. Simms Pet. What the full tmport of the recent 100% advances in crude oil prices signifies to the above-named big independent producers is graphi- cally demonstrated in our special review now ready for distribution. Write fer 2-2 L. L. WINKELMAN & CO, | 62 BROAD STREET, NEW YORK Telephone Broad 6470 Branch OMees in Leading Citiep Disect Wires to Various Markete All of these Bonds having been sold, this advertisement appears as a matter of record only. $30,000,000 The New York Edison Company First Lien and Refunding Mortgage Gold Bonds Series A, 614% due 1941 Non-Redeemable for Fifteen Years Interest payable April 1 and October 1. Coupon Bonds in denominations $500 and $1,000, Fully registered Bonds in denominations of $1,000, $5,000 and $10,000. Redeemable at the option of the Company upon sixty days’ notice on October and any subsequent interest payment date prior to maturity at 105%, THE NATIONAL CITY BANK OF NEW YORK, TRUSTEE. Due Cctober 1, 1941. Application will be made to list these Bonds on the New York Stock Exchange. Issuance authorized by the Public Service Commission of the State of New York. olan of 3,000,000, the largest pete} Population of 300,00, the lara se hehe world. Additional First Lien and Refunding Bonds may be issued aa wale tar Gama restrictions of the new Mortgage. chises for opinion of for their “equiremente. CONSOLIDATED STATEMENT OF EARNINGS—TWELVE MONTHS ENDED - 2PTEMBER 30, 1921 $50,694,825.71 Operating Expenses, Maintenance, Renewals and Replacements, Taxes, ot.*, 1s on Bonded Debt with the Public, including interest on “Including $2,117,868.83 for Renewals and Replacement, Bonds are offered when, aa and if issued and received by us. It te expected that temporary Bonds exchangeable for definitive engraved Bonde when available, will be ready for delivery on or about December 15, 1981. Price 10414 and accrued interest, yielding 6.10% Complete circular upon request. rates demanded on time loans, that is, on-funds repayable in from thirty to sixty days. To-day much sig- nificance was placed on the fact that ban were willing to make small time loans at 4% per cent. Three weeks ago the rate was firm at 64 per cent. and more recently bankers have been unwilling to make loans undor 6 per cent. Another Indication of the improve- ment in investment demand is found in the reception given the issue of heat market was lower, the} $30,000,000 New York Edison first ber option closing at $1.11 3-4| mortgage 6% per cent. bonds, offered a loss of nearly 3 cents on|by the National City Company on a Its final quotgtion was, | basis to yield 6.10 per cent. It was fever, nearly 14 cents a Fusba estimated in bond circles to-day that the recent lo ‘The cotton | this issue was trom eight to ten times oversubscribed, Further details are given in “The Story of a World Market,” a booklet which we shall be glad to send upon request Jones & BAKER New York Curb Market Direct Private Wires Mew York Chienge Boston Philedeiphis Pittsburgh Detroit Baltimore Cleveland pal dealings the market had a two-sided appearance. Most nges in the industrial list were nward, but in only rare in- ces did net declines extend to fngre than a point. es in oils were about evenly Hded between gains and losses Mle coppers and the higher priced maintained a firm tone while lower. priced gave way Wre easily to profit taking sales. The National City Company Main Office: National City Bank Building Uptown Office: National City Building, (42nd St,.at Madison Ave.) Offices in more than 80 cities in the United States and Canada. New York Offices 605 Fifth Avenue Tel. Mus. Hill 7120 226 Fifth Avenue Tel. Mad. Sq. 1377 60 Broad Street Tel. Broad 7150