Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-11-07
FINANCIAL BRIEFS

The Dominion Oil Co. has called for
redemption the $400 900 par, value of
preferred stock rcdeemable at 40, and
will cancel all preferred stock issue au-
thorizrd and be upon a liability basis
hereafter of common stock only, with
no preferred stock, bonds, notes or
debts.
Sales of copper last month were
approximately 1870 900, 900 pounds. an
amount surprisingly large in view OF
the fact that the market has been de-
scribed by producers as quiet. In July
the sales We're 10, ,000. 900 pounds, but
August and September figures were sub
stantially below those reported for
October. This total is not by any means
as, large rs would be expected under
more favorable conditions, but it does
show that there has been steady pur-
chasing of copper on moderate scale
that has built itself up to large total.
At a meeting of the board Of directors
of the Promontorio Mines Co. held to-
day, Henry Rosenthal was elected a
member of the board. Mr.. Rosenthal is
a member of the firm of Joseph Roscn-
thai Sons, large metal dealers in this
city.
The average price of twenty active
industrials declined 0.7O per cent yes
terday to HIS. while twenty rail
roads advanced 0.43 per cent to S0.66.
Richard r. Norton. who has held the
important position as manager of the
bond department of Drexcl < Go. for
the last ten years, has resigned his
position to become on January n
partner of w. II. Ncwbold's Son &
Co. The position heretofore occupied
by Mr.. Norton has been filled by the
appointment of G. j. WadGell, who has
heretofore managed the Philadelphia
Office of Harris, Forbes & Co., who in
turn will he succeeded by John K
Starkwcather.
General banking opinion is that no
pronounced relaxation in rates can
occur this year. Gold is flowing out
of the country in a steady stream,
Securities, building and commerce are
absorbing funds and foreign loans are
increasing. All this augurs for slender
reserves and firm rates.
Net earnings of the American Safety
Razor Corp. for October amounted to
Sol 900. exclusive of the earnings of
the subsidiaries in England and Canada.
The new $40, 900, 900 French cities
fifteen year G per cent loan purchased
by Kuhn, Loeb & Co. bears no rela
tion to the S36. 900 900 French cite.
maturity of November 1, it was statet
officially yesterday.
Purchase of obligations of forcigr
governments by the United State
Treasury in October were $50 .154 ,927
the smallest of any month since thu
armistice, and comparing with $3.50.
100, 900 in October, 1918. High waite
mark since the armistice was S40o. COS,
Cos in April. 1919, while the previou
low this year was $54, ,2I5, ,945 il
August.
A special meeting of the stockholdcr
of the Chicago Pneumatic Tool Co. ha
| been called for December 3 to author
ize an increase in the capital stock fror
GA, ,4SS to 12S, ,976 shares, par valu
500. Stockholders are to be offered tn
privilege of subscribing to the ne,
stock on the basis of their presen
holdings.
Sales of War Savings and Thrift
stamps throughout the country in DC
tober We're ST,316.4 .467 the largest c
any month since April, when the tota
was @,572. .72S. In October, 1915
sales We're $50 9,0S4 .007. The low poin
of sales this year was touched in Jul
at $5,176,S65. For the first fou
months of the current fiscal year sale
aggregate $24 .S06,541 against $527,
16O,S22 for the corresponding perio
Of 1913.
Horton Williamson has become as
sociated with the bond department {
Carstairs & Co,
The stock list committee Of the Phila
delphia exchange today admitted I
the unlisted department of the OK
change, Land Title and Trust Co. war
rants.