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EVENING LEDGER-PHILADELPHIA, MONDAY, DEOBMBIDR 20, 1015.
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FINANCIAL NEWS
ASIDE FROM SOME SPECIALTIES,
THE STOCK MARKET WAS STRONG
American Tobacco Weak, Being Affected by the Uncer
tainty of Next Dividend American Smelting
at Highest Since 1910
NliW YORK, Dec 20.
The most liiiiortiiiit inlotesls of the Ktrrt'I today onllcil trip tnnrkcl vriy
BtroriB. Thcro wore some miici'IiiHIcm wlitrh Wcm without support) like Amer
ica n Tobacco, which ilcollhctl icvolt liolnlB tillilcr small sales, srllliiR nt 10,
In tho llrit half of tho tlay. The tliviilemt on this stock I usually declared
in tho flrtt week of February, tt has pnld nl the rate of 20 per cent, n
cnr since 1910. with an extra dIMdeitd of IS per cent, In HMO. The next
dividend has been placed in it realm of uneertnlntj, because of statements
In regard to e.irnltiRsof the company (tilling the last halt of thecilnent fiscal enr.
Mid tho statement to be presented at the stockholders' meeting In the second
week of March will be piecedcd by u decrease In dividend distribution, It
was said.
Sonic slocks lefleeted profit Inking after early mUnnccs hut there weic
several groups in which (ibs-orptloti for special purposes were In evidence.
Tho oil ntocks were exceptionally stiong all through thf early forenoon, with
Texas Company advancing over sl points to 237 litul Mexican Petroleum
moving up over tlnee points and crossing !)!! at mlddny.
The buying of these stocks had a good Incentive with statements of the
morning papers In regard to the supply of giifoline being lest Hunt the esti
mated demand. The advances In prices of petroleum products and crude oil
nlso furnished n basis for hull operations In this group. The advances In
these stocks naturally induced realising by muiic of those who had accumu
lated speculative lines. Murine pieferred advanced to 71, followed by a reac
tion to 73, and lndustllal Alcohol, lifter moving up to ISG'.i. Jleldcd to 13IU.
Most of the Interest In the afternoon tiadlng wns centred In American
Smelting, which rot,o to 103-, again lifting Its high recoid since 1010. Khear
Bon H. ttnmlll sold 3S0D shares on this advance, but this supply was absorbed
without trouble. There was heavy buying nf fnlted States Ktcel common,
hut some nf the l.irgcr room trudein fought an advancing tendency In this
stock, one of them selling ."000 shales. There wis soon good buying of I2rle,
but gcncrnllv the miiiket began to show more of a holiday spit It, and busi
ness In the general list became quiet, with fluctuations so narrow as to
linrdl be worth tinting. American Tobacco, howrvel, found better support,
rallying live t nlntii to 202.
The fotelgn exchange matket piescnted many Interesting featutes. Exchange
on JL'.irl. vvnn .drong In lesponse to henvv htivlug of new Trench bonds liv local
trust companies, and there vvuh n speculative demand for exchange on Herlin,
cnusing n ii hsr.intkii to advance to 77 Vi. agaitiRt the low record of 75 13-lii
made a Tew das ago. Demand Htetllug was strong nt 72,4.
Although money brokota report n mnilset for time funds on collateral.
technically a silght i Itado llrmer In tone, rates lire int appreciably changed
and are not e:;pected to show much, 1f any alteration, tint'l early In .lanunry.
When that time -iimw the chances are, according to present Indications,
that rates will rule ct as low u level ns has been seen at any time this year:
that Is, the low record. Quotation!! nre nominally '.'Alti-'1, per cent, for fiO
days, 21i per cent, tr.idlng llgurc, 00 d iys. and 2!)itfi3 per cent, for four.
five, and six months. These figures aie nominally ',', percent, above the extreme
low of the enr.
Copic7"at"l0J4 Cents
N13W YOHK, Dec. 20. One of the largest caliper motnl agencies todav
wns Uotlng electrolytic copper at 20i centn, which in nn advance of ',.
Heavy sales were also reported at 20 cents, and the market was said to he
In a sold-out condition.
New York Stock Sales
WHEAT TURNED ON
GOOD BUYING
Many Factors Helped to Boost
Prices Outside Interest I
Much Broader
New York Bond Sales
CHIOAiiOi IJrc 2D t'mler the Inlluence
of good, new ImvliiK. belated short cover
ing, firm cable:; from Liverpool and bull
ish vvcckl.v foreign statistics, the wheat
market vv.m vorj shook toilny. Kxiiort
sales of in ally ." 1.000 lmhel. at the Gulf
sent local cash hou'cs Into the niaikct
at outside points and helped the under
tone. There was considerable foielRii
buying of ratines Iiere. and In the North
west sharp upturns weio noted. Local
bulls did ome prollt taking, which caused
reactions nt times.
Commission houses s.ild that the out
side interest was broader than In n long
time Wull street was on the having
side. Minneapolis repoiteil a better de
mand for the cash article The visible
supply in the I 'tilted States Is fi'.JlJ.Onn
bushels, an lucmise of ll,lW,a0 bushels
for the week The amount of wheat
afloat at HufT.ilo, which lin.1 not been in
cluded In the visible supply statement
previously vvns estimated at lH.OOn.tM
bushels meiican and 23.000,000 bushels
of Canudiau In bund.
It ban necn genct.iiiy known that
stocks there were heavy. conseMuentlv
this news had little effect on sentiment.
A cable fiom Ilucttos Abes to Clement.
Curtis & Co, s.ild that the rain In Ar
gentine li.ul stopped. It added that no
damage had been done and that teports
of such Injur, bad been exaggerated. The
International institute of Agriculture at
Rome estimates the production of wheat
In 131 la leporting countries of tho
northern hemisphere at 3"M,000,000 bush
els, or 1? I per tent, moie than In 191 1.
Corn made a telatlvely poor showing,
being easier generally, but It closed steady.
There was prolit-takiug b Ioiibs, as well
ns some short selling. The decline was
moderate, however, and having was fairly
good. The visible suppl In the United
States increased UIO.000 bushels for tlte
week, to 6.1 J 1.000 bushels.
Trade In oats was quiet and price
changes were small. The market closed
firmer The visible supply In the United
States increased 9DD.00O bushels for the
week, to .'1. .'08.000 bushels.
AVbeat at Liverpool showed fltmness on
steady cables fiom America and hecauso
the United Kingdom received only 3.3b3,
000 bushels of tho tutnl of 11.94S.ujO bushels
shipped from North America for the
week. Offers of Uiltlsh wheat wer& free,
but there was no betterment in tho facili
ties for molting it Harvesting is progress
ing In Australia, with the weather fine,
and the movement is iiuitu large About
U 000,000 bushels will be exported during
January and Febiuar. There 3 jreat
need of rain in India. The moisture situ
ation in that country is serious. Frnnce
repoits rain and snow. The receipts at
M nneapolls and Duluth today were 2016
cars, against 627 cara last year; at Win
nipeg, 2055 cars, against 171 cars; at Chi
cago, 178 cars, against 2D8 cars.
I-catllwr future ranged an follows.
VVI.vat Optn. Hleh.
rcreraber I lv. 1 -l
May 1.2MV. 1..2M4
July . Ll.fl. 1.1.1
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Adams Kiprrss
Am Juneati
AlvKn (fold M
Alih-ChUmeist Mfg
Allis-Chll Mfg pf
Am g C'hcm pf
Am licet Sugar
Am Can
win Car A Foundry
Am Cml ProilurM .
urn Cotton Oil ,,
Am ( mton Oil pf
Am Ice Securities .
m I.lnscel
ni Ixn'omotlie
Am Smelt Kef
Am Smelt A lief pf
m Smelter pf .
Am steel i'aundrles
Am suear Heflnlnz
Am Tel A Tel
iro Tolnrro
m Woolen I r
Anicondl Copper
Aorliteil Oil
Alrh T A s I"
lrli T A S I' pf
llildnln Ija'a
llaltlmore A Ohio
llatnpllas Mining
tlethlrhem steel ....
Ilrooklin lltp Tr
Uurn Bros
Unite A Superior
C.il Petroleum
l.il Petroleum pf
Canada Sciuih'rn
Catiidlin I'arlllc
Cent ltlher Co
( licMix-tke A Ohli
Chile Copper
Chlno Copivr
.'til tit Weit pr
CM Mil A St Paul
t M A St P pf
( hi A Nnrlhnot
till it I A tv
C C C A st 1, pf
Clili'tt Pel A Co
I olor.nlo I'tiel A I
( ol A siulhcrii
Col A So it nf
Cnnipiitlni; Tab Ilec
I Consolidated (las
'i. nnun'-niai lan pi
Cnrn Products IW
Corn Products llcf pf
Crurlplc Steel
( ruclhle Steel pf
Den A Itln (i pf
DldllleM Stfi'utlths
Dunn' Mil'ei
KrU
Krle 1st pf
Ted Mln A Smelt pf
(Jen Klectrlc
den Miilnri
(ien Mntors pf
(roohlch II P Co
(oodtich II V Co pf
(unln Coiivnl
(invnc-Caniili .
(Ireil Xnrlliern pf
(it N cN for ore pnip.
(itisci'iihclni Ihpln
Inl Eilcultttral pf .
Int Han N J
Inter Con Corpn
inter Con Cor pf
ltileriutlond I'apT .
Intetnitlonal I'ibt pf.
Inspiration Cupper
Int M M pf dp
Inl Vlcki'l
Kan City Soulti
Kansas City Co pf
Lark Strel
1-ikc Crle A Wejt pf
I.chlsh Vallei
Uccctt A .Mjers
Lat elose
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LoovAVIIi-s Illi 2d pf. Ill's
M.i Dept stores (11
MnxHill .Motors 7."W
Max Motors 1st pf 101
Max Mot'in 2d pf M'i
M St P A S S M pf lai.w
Mexican Petroleum . . ilil'f
Alex Patrolctim pf . 9")
Allnn A St luls 1,'i'j
.Mo Ivan A Tex 7
Mltmi Copper a.1',
Missouri Pactric . . ah
.Montana Pomit . . . 7.'l'j
Montana Pouer pf . 10s
X.it Knamel A S . 2S'4'
Nat I.ead . C.J'i
N'ev.iil.i Con Copper . l.'iW
N Y Air llraVe las
X Y X II A II 71'i
New York- Central IOV4
i X Y O A West . ail' 1
Xotfolk A Western 120'.
Xorfolk Sitithorn . 2i'
Xortli American . . . 72'.
Xortlicrn Pacific . ll.Vi
Ontario Sll M.... 10!
Pacific Mall ll!j
I Penn It it 3SW
riopiis lias ini tii'
I'ettllione-M 1st pf . . Oi'i
l'tiliadeliihl i (o .... .1.1','
rittiiiureh coil atiw
Plltsbursh Coal pf ...llll,
Pullman Co .. .10.')
Itav Con Copper . . 2IW
lieaillm; . .. 81-1
Kradlns 2d pf . ."
Itcp Iron A Steel . ,"il,'
itep Iron & Steel pf .110
Itcrk Hand Co . .
ilunilej M Co 2
Sealiaml Air I.lna pf
Sears Hoe A Co
HANK SURPLUS REDUCED
Local Financial Institutions Also Re
port Drop in Deposits
A decrease of moro than J3,O0O,O0O in
surplus reserves was reported by the
I Philadelphia banks today for the week
I just ended. Loans expanded $1, $92,000,
while liiillvlilu.il deposits were reduced
li'.'iTS.OiJLI Details follow:
I)c ill, '1., Incrpaac. J)ec .1. II
ilT.'.Tlli.iiiMi si.vr.Mirn J mI.iiIii.ih ll
li Close, ctoae.
1 1, 1 i'l tl III,
1 11114 sl.i-JV, j.iini
1 12 iJVl i.U'i
My
July . .
Out-.
December
M.y
Lard
Januanr Ji.ir
Kibe
ianuarr
lay
Pork.
J uiuar
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43
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ns
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Hay . .isi.70
0.7K
10.00
ODO
lo.it
1S.72
W.77
! l!S .-' !) 2
U03 10.W 0U3
0.S5
10 20
K5t lS
10S3 lO.'JII
I l.no 1S.7-.' tlMO
ISW is. 71 US.Itt
FOREIGN EXCHANGE STRONG
NEW YOHK. Dec. 20. The foreign ex
change market was strong. Demand
sterling. 4 72W and 1.7! for cables;
fran-s. cables 5.S2W and S.btts for checks;
ruark.3. rt and ", lire, cables, 6 5;
checks. 6. WW. Vienna, ll30 and J3.35.
Stockholm. 23 and 2M. pesutas, 1S.SS and
lii guilders, v and MVi. roubles, 32
and 32V m
The strenjth of French and Knglish ex-chnnv-o
vva in. part attributed to sales
of American securities, together with the
practical operation of the 1X1.000,000 bank
Won
RATES FOR MONEY
XlfW
Tor
riL "rime.
kl3 2',8:i
iuft-1 :n-;4
i y,fli
Ians
lunt's llml) .list.j.-, urn i' 1,7- mil)
1'iriul.itinn 1ii..'.11i.ijhI 17.IHH
dud ir IlkS l.'.siHI.IIIIII i.iis, on
l)ep of lkM lvu,7ii2iitN) it,.v.7.iiOii
Kx flcir. 11 21.not.tina .Vrfiti
llt-ai. held Ifl'.lHU ihh! M.L-.lil.llic)
Ilest reipl im,7.'il nfi -'i :,im
Hariilu . i".i Jol.ouo '.l.uM.ixo
tloorcaii
Surplim under olii form De. ember 21 Hil I
nan lM17"itl I)w ember i'.' lull. H.n70CHl
Dmember i't Itlli SI WLI.O.I.) Dcember 11.
Hill, .n: i'V). Uccember ju. 11)10. Jl 7yi.7.-4i.
.111.7111.000
li'.ll (KHI
."..'. lll."..(HI
I! .Hio.niu
1 1 OH uio
7.1. 1 -.7.1 tui
r,i,4iin.oon
K.II.-.7.0VO
NEW YORK CURB STEADY
.NKvV YOHK. Dec. iU The market for out
side securities was quiet but steaii.
4X1.1. ASKPU
Kennecott . ...
M Joe Leail . . ... .
Atlantic Oulf
Atlantic liult pret
MlTkale
Nli'lwlnu-
Sub lUtu . . .. ..
KathoJloii
Venn Marine
International Marine
IntttrnutloiMl Marine pre
Fruit KlKhu
Vk lurid Oil
I'oiiden Oil
irs uht . .
U S UKhl pref .
2 V.
lt'
11$
A
ti
llr
1
-'
'"l
Ci'l.
IV,
:iji,
47-?
I
7'.
4.11,
i-IHi
1)2
17V,
12-4
l,
NEW YORK COFFEE .MARKET
NEW YORK. Dee 20. V steadier tone pre
vailed In the market for coffee futures In the
mornlns session today Trad lux was fairly
active. Quotations follow
Today's
uwnms.
fJeeoiber
January
February
March .
Atirll
May ...
June . .
July ...
August
September
,$11.1.0
. ".cii
. i
. "470
i. nu-'auat
!f.' SaYobu Wis.'
BAR SILVER
Sat
Close
$d ulaH.ua
ii.tnfiti.ix
it ma u in
tl lJtflU.7l)
tl.7tCll.7-l
U.71dll.7t
ii.iiiait.TT
ItNlhilKS
tt.urni.Sti
ttucmtc
O.iHSU.lK!
LONDON. Pae. 20. The price for bar sliver
toJay as 201-10 peace pec ounce, ub 1-10
BSf . . ......
jrnw prica oi oar enter in isew iorK as d4.
CRHl.
Mexican dollars. 42 cents.
Gold From Abroad
NEW YOniC. Dec. 20 Approximately
1.000.000 in gold arrived today on the
St Paul, of the American Line, from
Liverpool
PliUtdsIphia Commem'al Markets Will Be Found on Page 9
in
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.out hern Ity pf
st.ir.iJan! Mllllne
Stuilebaker Co . . .
Muilebalcr Co pf
Tenn Copper ....
Tela Co
Tei Co sub rec I pJ
Thlnl Avenue
fnion has &. Paper
I'nlnn Has A. Pap pf
United Clear Stores. .
I'll Clsar Stores pf
I'nlteU Clsar Mfsrs
I'nion I'arlllc
Union Pacific pf
U s Ind Alcohol. .
I' S I' I P A P
ISt'lfi V pf
United Fruit
tniieu it)s inv . j't
United Rjs inv pf . . 1(1' i
U S Kubber .il'
U S KubU'r 1st pf -lOSli
U S Steel . M.jsi
U S Steel pf tlOlj
U S Kipresi -fs
Utah Copper 70
Va-C'aro Cheni 4(5'
Va-taro Chem pf U'JIj
Va Iron Coal & C . . IM'i
Wabash w 1 . 15!i
Wabash pf Awl . W,
Wabash pf H i '.'s,1;
Wells t-'areo Eipress..l'J7
Wostern Union Tel Ss'i
West K 4, M . OS).
Western Marj land. .Si
Willys Oierhnd 241
Willi s Overland pf --IWi
Woomorth F V Co lj!j
yuoted ex divlilenil.
171
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LONDON FEARS
MOBILIZATION
OF U. S. SHARES
Petition Asks Stock Ex
change to Use Regular
Trade Channels
BAb EFFECT ON MARKET
Sates in Philadelphia
r.-. I
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11SU
U.V FRANCIS W. HHtST
IMItnr "f Tlif Uronnnilst. London.
tprrial I'rlilr Ilupdlrh la Urnino l.riliitr
LONDON, Dec 0 -Hiolters rtiut Joh
lierit coneerueil with ileitlllirt In Atitcll
cm IioiuIr Mini shinet me illstnnyeil nt
the rnionls for innhlllzliiff cectitltles. A
tietttlott itdilreitKeil on Tnc!ilii to Die
committee of the Stock Kxcliulme stnteil:
"It vuii ilrireil to hrltiR to the notice
or the romtnlttee for iteneiitl purposes the
til Cent nerePRltv of tnklnR Ntepa to 111
iltti'P the ti ennui. v to nllovv tile Oov em
inent1!! nnpoeil niriitisenieiit for the tie
fiorit 01 fnle of Ainerlrtiu cctiilllea to he
ciillilnrteil thrnnsh the unlial ChnniielH "
Since then the illArtnuioii lins Itiet en.teil
The Atnerleiin tnnrket fe.tis Hull tho
imwht Fehenip will nniilhllnte ttenllnat
111 nil hilt 101 iiKimtlvelv few lov-nleeil
Anirrlenii shnres unlri.s the 'I'te-iRtiry ni
cinten tliro'iKh tlie imeiny of Hie mnrltet.
Hvpii tlipr. tlmj nitv. hiis'lnp.11 In AineN
ieiliM coon tvnilhl lie leilili'til to very nioil
csl proport'onii if Hip srlipnio Rnea well.
I'tirlhrrinni p. nt Ihe mil of the vmr tho
RoVeniiii-iil will lllul Itself left with Inrco
clti.iiitltlnf "f Ainerlrnn poenrltlpft for
whlrh thPie will he nn niU'itintP Vehicle (if
iiFRntlntlnn iiiiIphk Hip Atnellciii mnr
ket Is iiinlnliilnerl With no Hiieh market
In I.niiilon the limits nf neemltleH woillil
limp tn he itpRothitPil In Now Voik, mill
tho IJrillHh TiPitHiuy iniqht hp tit the
niPie.v or Wnll utrepl. Ho ititteh for the
nun hi t v lew
The iniprrpulnn, hnwpvei', In notv enr-
tcnt In Hip eltv thitt Hip 'l'iiKur.v inriini .
to netti.tlittP Itn Hi'hrmo lliinilRh the litltnl
rltnnntl, Hint l. the Stoek lltehntiRP
nun Itn: hut petitllnu some ueiinup nn
tintiiieeiiunt Attiellcnti Johhcrn ntnl lirok
ein heiP ore Ricttlly pveri'leil over the
ipipllon.
liiHtiiniii'p ntnl trunl niiiniiRPiH hope
thnl thp fvlietpp will he Inrely eotitinlleil
hv thimo who tire hitereMtpil nnil who
Ihoionclilv ttmli'iKtnnil IiiihIiipss einiill-
tionii. The intiiihlliiR eniiilltliiii of the 1
lletinnn -ehiiiiren eneotirinteK the city
View lll'll. UPKilie 1 iriin'i ii'ii ' iiintiuui'-
I'lO. It li II "IRII ll f lllHtl'PSK
The Kri-ni'li lenn stlhwiliitloii,'. hole,
nfter nil. iitionl fnllll nllRlnnl nntli'lpn
tlon.i. The llNchcipier liond lmie e.'ttne
tinepei'teill. th" Tieimny'M ohjeet he
Iiir 10 nvolil liitikhiR liiltiitlnn.
C0TT0. JIARKKT ItllKfillliAll j
ll.-TWO liTlillM! STAPTl
,11 ii.ii ,iii, ,..,' .,.
Sellers of tlie Januniy Option Were
Huycrs of October
NliW" YOHK. Dee. : -Infliiein'eil nt
lctst In pint hy tlie Hhntv nilvnneea in
I.lvi-rpool, Hip eottnti tnntket this morti
Im: opcneil stron:;. with prleen S to K
polntH hlKlier. Tlie ilemnnil wns Iiiiro
nnil Renerul, with Inst vveek'H sellettt tho
prliiilp.il huverit. 'Hip (pIIIiir wnii iicntco
lint 11 pilccs renehcil nliottt the highest
levels, when 11 llmlteil Mtipply eit-.to In
from si.itteieil sotnees
Later, hovvevei, tirfcrliiRs lieejime l'trRe,
especially from commissliin liniiao!,, Iip
llcvetl to hp pinllt-tnkiiiR. nnil teeesslons
of :: to 9 points were forced hefoto tho
end of the tltst 11 minutes The Census
Iluieati repoit, fhowhiR upptoxlmntely
MT.Dtt) holes ginned 111 the last fortniKht,
was wltliotit Inlltience, the llRtires beliiR
about up to Reneial cMieetntlons.
Tliete seemed to lie a feeling to ChatiRO
that 111, tin 1 I iiililiitliin in the .lanuniy
option 11.1s to ! iiritklpnled lietueen now
nnil the Issuance of nolltes next Monthly,
hut t.ellcrs of .ln.iu.'ii .1 weie htt.vhiR Octo
bet ami spot holmes weie crcdltul vvltli
tnkliiK the mar month aualnst sales of
Man li.
Liverpool was 9 to 10 points hlfiher ns
ntralnst nilvnneea of l'-i to Us points e
pectcl. Trlvate cables stated Hint the
market was steady and Hint olferlnfa-s ot
aettial totton were cxttemelv llKht.
Scatteted i.ilnfnll was reported in Hie
cotton belt; tempet attires weie lower.
i:poits for tlie tin iiSRiOKiiteil 2100
bales, all to (Ircot llrltnln. T.-cports on
this day a vcur into atnonnteil to 11,171
bales. C'lcaianees for the season aie 2,
12171 hales, compateil with 2.171.MH bales
for tho corieHiiondlnK peiiod lust scitbon
Spot cotton in.iikets-orflcinl repoits
fiom some of the leadhiK spot cotton
ninrkets mlddlltiR iiuoted as follows:
llnltiuioie, nominal, untliansed at 12c
no bales; AttRiista, Htend.v, 12 points up
nt 11.50c., sales SJ0 bales. M. Louis,
steady, unchaimeil at I2'i,c . no sales,
I.lttlo Hock, steady, 17 points up at 12.20c,
no sales.
Sat. cloe HlRh I.on Cloe.
in Anwr Clns N ..121 12ti 12I,S W
in Amer Ilnya nref ni .') 0" W
tall Huff A Sin t e. .TI .17 M'i M'4
.11.' do prer ... . T.SH M MH
312 do prer .. .".SH .VI .Vs r.'Uj
ID Itrlll J tl . .. . .10 SO 50 50
201.. Cambria Steel.. ,.Vi 7H t.", '.''t
10 fhi Si .. st t1 . nl tun w, out
210 Ilrle 114 I2ii 11 i,
l1 (Ien AM-ltllt M Jl't W 72 72
77 ln fa N Am. 2.1 SS 21 2.1
Ift Kev Tel To ... IIH tl'1 ll'i II1!
ins ijiko !iip corp, oi nn mi oh
11 l.elilali Nfli . . tS'i, 774 t'4 ?'.
IS LeliUH Vnllev.. N1H H -2 W
I.VI I.elt Vnl Tr pf.I ?AU SS lis US
.,11 Nflrlh Cent . . iS H VI vj
10 North I'eruti . . ir m in t
IHH tVtnisi II II . St So Rs Wt
n l'a Knit .Mfit ...ten PTiH ffil', ti'i'4
fi hlln fo .... 41 II 41 II
.1 On rum ntef. 11 W I) 11
llll I'lilla Ulce ... . 2Sj 2st4 2" 2sv4
720 1' ll T r riff . Ill' T0 Itl , 211
III Itnv lon 2I'4 2l'n 2P
CIS ltea.llne ... .MM. SD. !', SD,
.101 do 2.1 prpf.. . I2'4 4.1 11 l
In Po I'nrinv .... Intl4 ID1 10i
Mil rni Itrhnnnt . . 1 1 4. I. 4'
2 Ton Milium .... r., ; mi. r,H
112 fnion Trar .... IDl 4.M4 IDi IS
20 V Has Imp 80 Kl SI s'l
1120 f S Steel KiH Win KVi S.V
si do pref linn, nmi urn,
lin frump A Font.. Sin st -ni, t-o'ii
11 v..rit nwv nrtMNjun, ai- nl m
TVtnl MlrA 11,22.1 ElmRF, romcttrdil Willi
II 221 nhnrea last Molnl.iy.
ItONDfl.
Imtt prev.
sale. Hleh. t-nw. rtosc.
Mirn AlleBltfnv V 4. 07 nT nt h7
.1200 Am O & III r.i . snt W H hi
2ni (I llaMnn ,J A As 102 InS Hfi 1112
turn ni I' Tr 4. Rl Vl"! fl'i Ml",
1fl I5iutt III tl .V..ll ItO tOO till
..noil Key Tel lat .la Ml, nft tiSti n.V),
tirnii hell V 1 "on I n.ln.m IMV5 101' inv ,
2HH) Ih V T rf.i .la sn, , iiB tpij
lino tin tt Ill lit 01 01
into IVn I'.l.R I r 11 1.1 l '1 SI
Hill I'll tnna l',B. ..IDS'. lll.V, III.MH 1II.W.
I1110 I'll Mil Htl l'a. letl. llll Hit 101
21)' II I'hlln 111 Id . Ml, M II Rl
II I mi' iip-iiliim cun la ni, HI'- HI'- l'
J II Hliltlil llll" lis . 'II !"l UH IW
IP I'l rn llwt In, fi. 7.1'. 70i, rii. Till,
'I ntnl miliv vi2in, 1'iiiiipiiml ivlth $7l.i0
IHl .Mlltlllll.
! cittatd-D -DTQI7. TM SOFT fiO AT, PRTP.17.Q
AIDED BUFFALO AND SUSQUEHANNA
New High Record Established General Local Market
QuietBaldwin Locomotive Earnings, Though Large
Must Be Shared With Other Companies '
nnnncsi, although Its movement, .
lew violent than of late UtMh
of Cramps lifted tho price. IvZ. U!?B
points. T "
It has been estimated by rermu ...
should know that the RroVwai Vi
ness In which tho Haldwln LociJX'l
Works has been Interested thuJ ,"
amounts to about $15.1,000,000 hui 5Jr
prollts nre shnicd In n InrRe can 2.!
the IMdystono Alunittona fompanv . ,
the ItemlnBton Arms fompany, of ni
ware. The Kdilyslono company hi, V
$10,000,000 Brois order for sheila j,J
ilitpllrnto order Is helnB neRotlateil
The Itenilimton rllle eontracts ii..,
to approximately $10,000,000 gross w,
the heavy foreign orders for locBmoiir..
It la esttmntctl that altogether DaM.i!.'.
stand to make nt least $U0 n share on tk!
common stock, but a considerable pari m
this has alteady been o.pended on
hullillngs. tooli and alterations and lhi
1 a large addltlnnnl tnonlhly outlay f
power nnil light. The stock remained n
uctlvo on Change today In faci if.
tnai ket for this old Philadelphia ten,,
Ity linn graditnllv shifted to New Tort
whPte it is understood tho control In .
held. ' f'f
Local Bid and Asked
111) Ptticn.
.ll. cIofp. Opeii. II j m. 12 m, 2 p.m.
jumiri 11s' ll.t'ii ll.i'l ll.nl I'.i'-
llarcll . . .l-'l." 12.23 12.211 12.21 12.22
M.iy ... 12.11 I2.M 1211 12.17 12.11.
July . ..r-'..VS 12.1.7 12 St .... 12.111
Allltllbt . . . 'l-.tll . ... ....
oeinbcr . . .12 21) 12..I1 . 12.30 ....
IIIU.
Cotton Itcceipts
Ni:V YORK, Dec. JO -Cotton receipts
at the port today vveio estimated nt
cn.OW bales.
Liverpool Cotton
MVKHl'OOI,. Dee 20 -The fnllonlnsr tnlilo
elves the ranee or futures to lay compirt'il
with the -eviuu t'loe
12 in Previous
til en. i'.ji. t iob. rime.
. i t. I )Vl , .1
" 2,m. 7.11 1 7.VO
7'j:l 7 211 7.U
7 I.Vj 7 tilt, 7.H71',
li.1l li.M',5 II.7II.5
2 p. m. Sales, lnimi) Auicrlcui. 0100, futures
iinnil, .Innunrv.foliruiirv. T'ltl.d.. March.
April, 7..I0.1-. Aprll-llav. .211W.; Mav-June.
JUIIV-UI1I. ( .UH , ilUI)r,UfiU9ll
nuer, i.&.i'au.
.I.inunrv-ra')ru.iry. -"'
Murcli-Aprll ... . -7
.May-June . ..7 21
July-AUKUst .. . 7 111
October-Nov ember. U M
. 1..11.
7 lt'W . October Not emu
Coiton Ginning Figures
WASHINGTON. Dec 20. A. report by
tho rensus Iliireati of Hie Department of
Copimeice today shows 10,30.I,;S3 bales of
cotton, counting lound us lialf bales,
Klnned fiom the glow Hi of 1915 to De
cember 13, compateil with U,97-',229 for
19H and 12.927.I2S for 1913. Hound bales
included this ear, 1G0.91U, compared with
12,79il for 1911 and 91,BSii for I9IJ. St a
Island included S3.S10 for 1915, 71,101 for
1911 and 69.5JO for 19U.
MINING STOCK
TONOPAK
Jim Ilutler
MacNamara .
MUttar .
Mliiuh Eitenilon
Montana
Northern Star
Tonopab llelmont . . .
Tonooub Kxtenslon
Tonopab Minlnc
Itescue EuU
WMt aui cbubrmLn
Atlanta
illue Hull
llooth ..t
iiuliaot; . ,.
i o u ......
Combination I-ractlon
niamondtlel.l II 11
Daisy
Florence .... ..........
tiolJHelvl ConsollJateU ...
(iolunelil Memer
Jurobo Extension
Kewanaa
Oro
C in, I LTn .... ....
bilter 1'lck
QUOTATIONS
STOCKS.
Tmlnv. fiilu-ilnt
lllil AtKrl. llll. AlU.M.
iiiirr . -siik m'i t?'j a i
mi i.rtf . .. "". Mi .'
Itil.hun . . 117'. I1.7'') llll ll"'-
i'ipiMI Uteri . .. i tj ti1, i"
hltttrli' Ktnr.iitn iii'i, jiji, in ".'j
lletlenil AHPhltlt ill !. ill, ?S,
,,t, in J il ii. i.P
Km Telf 11 ll'j It !!'
no t ii ii'. ii tj;-
,in i.rtt ll'l'i 07't i!'li iliU
IjiUo Cup I'erp ll', in i"t I'll
lrh Nnv 7"i. ', 77 7si.
I.ili V'nll. t MJJ N2 SP, Mi
l.eh Vnl Tr if. I" i ti" I""',
ln pri.f I7' US'. .17' .'!;
l'i nun sin, sst, .vn5 :,li
I'll, III Hire '.t'r i"1 -Ms '
I'hll.t l'i II1, 11 1.1'. ll'j
nn .1 ir .'fill ...ci.. .1", Mil US 'HI
tin ll per Kill pief .. I . V2 I2'a II
I'hlln It T tl", 211 . IHt 211
il . t i Ill", 20 111'. 21)
Iteinllns Ill, s,lni Nl M'.
Tiiiiiiiiiiii li, Irniini . . I 7-IH l'a I". 4'.
Tiitmiiiili .Milium . . IP i ' i'.
rnton Tnu linn . . IU l I I'd -1
I mini (lni liuiirm. . vsj), ti hi mi,
I S Mi'il iv, s,i, va, s.1'.
Vntk ltv n IHj ti IP j
iId err ::. , :il'. ,1.1 ll'.
Win i riimp i . Wl s) .. s s7
Hecenl reports of the tine earnings nt
bituminous coal properties, tluo to tho
heavy Increase In demand, were given
concrete form today, when announcement
was nmilo that the price of soft coil at
the mine', for New Yoik delivery, had
been nilvanccd 2') rents, to $2 75, whllo for
New KliRlntid delivery the quotation was
raised to $121 The West Virginia product
has moved up close to $2 This in Itself
explains Hie tec cut line in Huffnlo and
Sttouehnntin shares to recoid llgurc.s To
dav new tops were again established In
so' far ns the ndvnncliig tendency In
bituminous coal Is concerned, well-ln-formeil
trade Interests oxpieH the npinloii
that the ciest of the rle has not .vet been
rem bed In addition lo Ihe nilinl pros
rnt demand there Is n considerable
amount nf storage taking p'nee because
nf fears of possible complications with the
miners over wage denianils to he made
this spilng. If an anthracite strike should
develop, ns many fenr, It Is felt that It
might cplcail to tho soft-con! "rltls.
nxcept for thn furthei rise In Utimtlo
olid Susuuehannn shares tlie local mar
ket todaj was devoid or Incident. Cum
in In Hteel continued to display mnrked
LONDON STOCK MARKET
Financial Briefs
t it special mccthiK of the directors
of the Denver and l'lo Grande, Indd In
Nv Voi'U i his iiftciuuun, Aithui 11.
Swiet. wiih tlei ted vlco ptesldent nnd
genera' malinger in chaise of operations,
lie will ttsstime tho duties of his new
ollke nn Jnininiy 1.
Addltionat shatcs of various companies
havo been placed on tho regular Hat of
tho I'hllailclphla .stock i:cliangti, as fol
lows. 517U.700 American Telephiuio and
Telegraph, SfllOO Ameilctin tlqs Company.
Tliute lins been hlrlcken from the icgular
list $D0.!)00 Welsbaeh Company 5 per cent,
bonds, 1930, pin chased for the sinking
mini.
Tlie'nniiual meeting of stockholders of
the Mldvnle Su-t.1 Company for the elec
tion of tliiectois and consideration of
proposed nmeinlmeutH to the by-laws will
he held January 10, 1910. N,eatly all tho
stock of tlie company is owned hy Hki
Midvnlo Steel nnd Ordnance Company.
i:. A. 'nppelen Smith has been elected a
director t tho Chill Copper Company nnil
of tho Chill Kxploratlon Com pan).
William A. Item! & Co. linvo sold $3.
SCO.nOO Dettolt United Hallways i percent,
collatetal trust gold notes, due .May B,
1910, nt liM and accrued Intciest. The
notes aie wdeemablc nt 101, and Interest
on SO.tlnrs notlco to rcbtuan 5. 1917. nnd
theicafter at 100V.. anil interest.
Uusincss on Smnll Scale French
Loan a Slnulo Lower
I.nNtin.V, Dec. in Mtlioilgli the tin
dei tone of Recuiltles nn tlie Hloek 12x
ehange was getiet-ally sleady today tho
nutiltets showed n tendency to hesitate.
Itusliiess was nn n small scale. Thcro
was light icalblnu of consols nnd tho
war loans Inveslois awaited Premier
Asitllth's stnteliunt In the 1 ionic of Com
mons tomnirow nn the irsult of Lord
Herb. mi'tnltliiK scheme, upon which
rolisnlptltili IminedlnleK depnuls.
Tho American department was Idle and
mimics. 1'i-esli piiichnses caused n te
hoiuid In rnnadlan Paclilc. Home railway
Mh'tien wire dull. Support was furnished
to Argentine tails, and Mexican rails liu
pinvnl on the repiuteil lllght of (Itnctnl
Villa.
Ilusslnn nnd .Japanese descilptlons wcio
lit iti. The irw Trench loan was a shndo
lielnw the best at M'I.
Kalllrs showed stiength In spots on,
dividend anniiuiiccincnts. In sympathy
Willi the slnple I'ubber shales were llrm.
Iiregul'irlty niniked the tindhiR In shlp-
pliig1 ttml land Issues.
-
-I '
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London N Y.
clnc. mull.
Vi.luon lll'i 1"'.'
lull R- Olllo .... .. Ill') I.U")
riniiilHn I'm 111 'in') L.1.'1)
i Urn . tilili. illi, ill.
'hluiun tlmtt Wivlcrti .... I., II',
flili nun MP iv. Kt Paul .. . n,", "-
lienier Itln ilrnnile 1 1, 1. 1
Kile I S !!,!
i Hr lit llil .'. ...ij,
llllnnin l'i mi ill ' l-?i l'i
I lilt Nmh IW j I2n
Mr Ken .V Trxim ;,vi i'i
V V i intml HI I0P,
Nnrli.lR li VVrnteril 12.4 llll'i
V V liitiirln II'? 2liv
l'i.iiiitt,inla '1" ",
lb inline S'1" .V '
Soiitlicra Ittvv, ,2 iv, 2Ji.i
Honthern I'm lib liP IMS
I nmn P.iiin lll'i. IS'j't
r H Hteel in s.,
in reuse. - I irt rt'ii.te.
RAtLltOAI) EARNINGS
CANADIAN NOItTilP.ltN
itn.-. Inc.
fiEl.7n) Si'ii.nrn
:I.2SI.I.I10 2.172,1)1(1
Hri-niiil week Decomlicr
I'ltim .lull I .. .
11IO (lltANI)i:
HKNVP.ll AND
Sci cml week Uteembcr
1'rnm July 1
ClIlCAtlU. INDIANAl'DI.IS
ii.i.i;.
Second week December 1 10 2ss
Troni July 1 il.IM.112
.SI .'1,1,1111
12 277.UHI
AND
1.I.-.H,
I.oi
".n.
:i2s,
,.",011
hud
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till
TO DISTIlinUTE SECURITIES
Trenton, Bristol & I'hilntlclprila Street
Railway Will Issue More Stock
Tho Protectlvo Committee for holJtn
of bonds of the Ti onion. Bristol nnd Phil.
ntlclphla Ktrcet ltnllwnv has dccldtj t
dlsltlhtite the securities of the companr
ntnong the Voider ot certlllcntes of it,
posh tepicsentliiR bonds of the prcdteti,
sor ronipany.
When the present company acquired ll,
propel ty It Issued JSIO.OOO of notes to tN
committee, to ho later refunded bytondi,
tin Match 1. 10171. an Issuo of K30.0M of
tit t mortgage bonds having hua ij.
thorlKcd, $100,000 of bonds were Issued la
temporary form to the committee to rt.
fund tho above-mentioned notes, togethtr
with $r,i!,000 of accrued Interest thereon tj
Januaiy 1. IP 11. The company further
Issued Its note for $4200 to refund the
Interest on the $3."0,00i) nf notes fren
Juniinry 1. 1913, to March 1, 1913. Staci
that date no Interest lias been paid ct
tho bonds or note, the earnings being;
requited for Imtuovcnicnts, and the In
.tciest has simply been carried on tht
company's books as a liability. It t
proponed nijw to cancel this liability, ex
change the $100,000 of temporary bond)
for peimiineiit engiavcil bonds, nnd Issue
JISOO of additional bonds to refund the
above-mentioned note nnd accrued In
terest to .March 1, 111 in This will girt
the lominlttee $II0,S00 of first mortpuji
bonils for dlstilhiitlnn ntnniig those who
ate holding Hie certificates ot deposit
The piofent stock Is 32",Onn p JMsharti
Nenily JOTOin nf cainingH has been spent
fni new tonal! tictiou nnd pet mnncnt Ira
pioiomenis. It In pioposed to Incrwe
tho niithoi lod stock to i'iOO.101 and tj
lsuo s",.S0O of ndilltloual stock Wapltil
Ire a like amount o:.pendeil fni permanent
inipiovcments This villi give tlie com
mittee Jlio.sno of stock for distribution
amoiiT the holders of certificates of de
posit. The new secinltics will be ex
changed fni the ceitltlciites of deposit on
this basis at the I'mim Tiust Company
of Murvlaiid. llaltlmore, Mil on andafttf
lleceinher 1")
.MIS?OPltI. KANSAH ANl TKX
.1,1 week December.. . $r.U17P! ll
Prom July 1 l.,l.'iS,Uil -i I'll
TUNAS AND P.M'IKIi .
2il itcelt Uccemlier tlin.iiil .!-,
Tioni July 1 s.ss!i.i.-,-, 2",il.
Toi.uwi. pi:i)iu v and vi:sTi:it.v
21 week Decmbtr .... fJl.sil $r,,
Prnm July 1 ill2.rss a,
JtlNNI.'Al'Ol.lS ANIi ST. I.Ofl"
Second week Dtt-cnibtr.. 21",21 1 H7,
Prom July I J Ii7l.iiin si,
VVAHAhll.
Semiiil week December.. Sifti.noo 1H7,
llecreaie.
2t7
His
in::
lino '
PURLIC UTILITIES
It l. uniltntitooil that ll. II Ilolllus .V
.Suns and Wlllh mi P. Ilonbrisht & Co.
have paichast- and will shoitly make
publle rffeiiui; of ll.500.0CO Cheat WcMim
Power Cuiupnny of Callfoinla 10-year 0
per cent, convertible debentures It is
said the offering price will be Sipj unit
interest, and that the debentuics ato to
bo convertible from November 1317, to
November, IW') into the 7 per cent, pie
ferred stock c tho compaii) at 03.
The Virginia Railway and Power Com
pany reported for November a, gross In
crease of 3S.WJ und a net guln of $.'7,09S.
The surplus was $100,010, an Increase of
$20,1S1 The surplus for Ave months was
JIsS.C.'l, an lneieas.0 of $20,118.
November gross earnings of the Ite
publlc Ilullnny and Light Company
showed an Inciease of $17,5:0. The net
increase was &S.I.321 and Hie balance after
prcfeirvd dividends was $17,590, an In
crease of $29, U1. For 11 mouths Hie bal
ance was $171,611, an increase of $.19,2Si.
Rise in liituniinous Coal Prices
Tho price of bituminous cout nt tho
mines for New York delivery lias been
advanced 25 cents to $2 75. The price for
New Ilngland tleliveiy has been nilvanccd
to $3.25 West Viiglula coats tire now
belling between $175 and $.'.
Falrv Altec
Klmbnly ,
Nemda IHH
M ISCHLL.V NEOUS.
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STOCKS." '
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.07
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.20
NEW YORK BUTTER AND EGGS
NEW YOHK. Dec. 20.-BI TTEK -Slarlcet
frin top cradc receipt!. II .s uaikaicj extra.
3i liutber acorlng. aittiTJ. btate Ualr,
3.'i tic , Tniltatlon croamerv S'tUlh
EOUS. Market ealc re.eibia f!it piicl,
taea lra flrata. 33a.1 flreta, .afiii,
urarcy noltea. 50811)- mixed ulor i,tc
i ifri.rior flrau, 2i21Hc. eearbf tsrairsj,
SS8c
LIVE STOCK QUOTATIONS
CHICAUO Dei 20-1 tOOH -Itfielpta OS 000 !
beau, market iimk MUiJ ami tmtihcra. tn.111
fill, mi, Kooa neavy, u tii'ut. imj. rullKli ODavy.
$U.luiI'!.' llKht. JJ.U.,iiOM. pl.-a, j(0.h.j,
bulk il.25SU.ii
CATTI.U -He.luts 21.000 bead market
siaa'li. Ileciea. H lOfjlli 5.1 mu, and belferd,
fl2'iiiS. I" HUHkcra anil fi.'iliTB n iMs.mi,
Texam tUSOfib '.'1. calves S5(MJ1U2J.
.SHUEP Itecolpta 17.011 hea.l. market
bteaily. Native aim VVetteru. $1067. lamba,
(il lo4u.SO
Raw Sugar Advanced
NBiV YORK, Dec. 20.-.n advance of
12 points occuried in the market for raw
sugar today The price asked was 1 69
cents per pound KeMneil was unchanged
from Saturday's quotations. Fine granu
lated was selling at 5.95 cents per pound
ANNUAL MEETINGS
IEeT
TUB CKNTH.ll. NATIONAL U.VNli
OP I'mi-VIJEI.ruiA
uecemDer 13. 1U10.
The Annual Election for Director ot Ibli
Bank will be held at the Banklnc Houae on
Tiietday. January 11, 1910. Letween 11 a. m.
and 1 p. in. WILLIAM POST.
Cashier.
plliKClOKY OPAfCLNTNTt
(Vrtlllrd Public Accountants
LAW HEX "E B I'ltOtt N i CO
1615 KEAI ESI ATE I J t ST I ' ILDINQ
BLKNS & SPEAKMAN
',11, )W,
No Iiiddcrs for Railroad
CLEVELAND. O. Pee. 20. No blddeis
appeared for Ihe Wheeling and hake
lirle Itailrnad, which was udveithsed to
be sold at auction here today, under fore
closute of the geneial mortgage of l'lflo,
as entcretl hy the t'nlted Ktates Court on
April 1. 1911, and amended on January 16,
1915. Consequently, it was postponed un
til January 20. Litigation in Hie Fcdeial
Cou U at Cincinnati is expected to be set
tled in the meantime.
A Pocket Book Security
Record
We have prepared a form for
the tabulation and appraisal of
security investments of con
venient size to fit un ordinary
Eocket book. Blank copies will
e sent on request, or on receipt
of lists of securities owned, we
will deliver the form properly
completed.
Eowaro B'.m.ith&.Gq
BANKERS
FiTtsMturt, 1S92
il il"'J Vc-" Yo-ls end Pltilad Ip'ila
S' "fc I rlii'taci
E5"t t (i'X'-tvit s-ti . Pnani
SO flkl bicvil MW Yojik
DIVIDENDS DECLARED
OoM imtl Stn.-k Tolrsuii'l) fnnn'ui, roul.ir
(luatterly !' icr rnr immiMo Junu.tn 1 to
Bto'-k oi ii'iorl lptrnbfr Jit.
nhlo Fr,t;. fiupplv ionip.tnv reKiil.tr nu-.r-trrl
J i)cr ii'iit . iM.t.iblf Juiiu.irv 1 to Mock
of tPtriiM IVrnnliir tl
Hh.il.tit Hurl Ilnnp tniniin. rofriiltir qu.ir
teil Hi (mt mil . lift v fililo Iicroml'pr 'JI.
Vircinl. Italhn .iml I'owir Cnintuiu ros
nliir fPiiilunniieil .t in'r rent, on iirffrrrcd in
hIi1 Jjnu.irv -O to sluili of ittu l Ucieni
hci "M.
I'.iPUl' Tulepliono Jind Tolewrnuli (ninp.in
ukuKii fiu.irttrlv P ncr ont on profrrrotl
iMjalilo Janniuv 1." Unnkti iln t Do i inbcr tl
tn( nn)11 n .lami.iry !
AmcrlL.111 INiwer mnl I.Uht t'ompHin. rcKut.u
Sunrterlv l'i Vvr iuit. on prcfirnM ' tv 1j1
animrv t to ttntl, ot rnord Iioitnl r 'JJ
('tillfortiia rL'tinlPUin L'miipnm niiattulv 1
in r (tnt on piirirrel p.iwiLik' J.mu.iri IJ,
llcou iln&e Ic (inner -
&. Pwer Company
Firs? & Refunding mortgage
5 Bonds, Due 1952
(.ros cirnliiKH limn tiirrciiril 40
.mil iu'( IiHittnr .'tO in pust two jrar.
Nrt Inriimr for 3 car mtllnir Sp
(emlicr :U), I!M.t, ulnmt Vj limm In
ten! (Iinrccs.
I'icici: to u:i.n imrr
Free of Pcnnn. State Tax
nix'itii in 1: fiiici i.k cs
iti.iii i:m
Marper & Turner
Investment Banltcrs
Ollllfsj Illllll-lOli
Mlltlv l.(llM,l lIlil.lll.M)
riil!:iilrlilil.i
Montgomery Harris
Fire, Life & General Insurance
InHpettlnn? tu ulo. rules ami full Infor
inatliin furnlnlieil in ronneitlon vtitli
Wuri.iiien'i. Coniiii'iisatioii Insurant r.
AVi mai.mt .sriti:i;r
Hell Telephones Lninli.ini 3SI2-3S13
Tax Free in Pennsylvania
Penna. R. R. Gen. 4's
111 1; .it m: 1. lut!-,
I'artli ulars nn iii)i)lltatlon
A. IL LEACH & CO.
115 South Fourth Street
(p?'
s
Mfe
'tm
i'. ' ',, 'C
Phila., Harrisbiirg &
Pitts. It. R.
1st .lortRage ."is
Due October. 1923
ijuai.tntpfil ) I'lilla &
lU.i.lmc It It
I'rlif mi ))llfi)tloii
Ii
THE FIRST
LOCAL COMPENSATION MUTUAL
chartered and licensetl to issue policies under the Workmen's
Compensation Act. a
OrRanized by representative Pennsylvania business men.
Under experienced insurance management.
Send for representative to explain plan of
INSURANCE AT COST
Mutual Compensation insurance Company
Ol' l'K.NS MANIA
Mu.liliigton liullillut,-, bUS Chestnut Mrect, l'lillatlcluhla
Bell Walnut 4018 Keyatone Main 1131
Si
lirrtiWTnsv
im..,T.inl.MTrf 1111.1'lnis.,,.,.,, l nam,
Important Statistical Circulars
On request we will send you any one or all of these im
portant circulars that we have prepared, stating the real facts
as to
Philadelphia Electric
T tiirvli Pnnl a-, rl Kfnll,ml(tMt Ir1
The United Gas Improverrfent Co.
REED A.MORCAN & C0.ffSS,2SdoSE?pwifttSfteh--r
iv
iawa
mtmi