mm ii n Bn ii ii. mmiJif Bi
EVENING mmTfc-VmLATmipmA ETUBSDAY, NOVEMBBB 2, 118
W
i
'
)
jBap -
sBsattP1 Me
95aS w- aWf?
mm '? Wt
bbsK, . IR,J 9w
9nKHS - hbk Bc
yfelffM'Jir ' -;' g H.
o
MM iL..i.U1ilwiyaiiwiifiMa.iiipHi,tl i Awysii ,, Mi. iw immIumi ! i "
DMHii.wfru iwi iJ- f I'tf1 i f ?i.A.ind.'i. .,!..... it- i.i if M" '' ' Win. .
LrFOM'ClAL N1WS
M.,
:.
ML
JPEICES OF STOCKS ALTERNATE
-
BETWEEN GAINS AND DECLINES
;; Spjority of IsBes4re'fit Lower Levels at the End of the
III
Day Qne Broker ;gells 66,000 Shares of
- Steel Common
.T-rrf vnrttr XT....' 9
jj nrtir iinni -...
c4The .matter of personal equation was a domlnatlnir Influence In detcrminingr
Mice movements In the IcadlnR Issues In ihe stock market for a Rood part
ofhe day. One broker sold 6G,t)00 shares of United States Steel common and
10,000 shares of Anaconda, which, accordlnjr to boardroom gossip, wns on orders
Jr0jn, Burton 8. Castles, one of the lamest operators In tho cotton markot.
yJWbHo this selling of Steel was In progress tho stock made a fractional advance
W above 125, but later many of tho scattcrod buyers, who bad taken tho stock
htht4, rally, turned to tho selling side! although they In turn mot a good demand,
ihtrodntinued offerings caused many In tho Strcot to look for somo other lncontlvo
'" fbriih'a pressure which, was In evidence at frequent Intervals during tho day.
5fTn somo quarters It was Insisted that tho Administration would have an
anjjounecment to make In regard to tho German diplomatic situation, and somo
ctTthoM who regarded these rumors with Importance looked for somo step to bo
token In reference) to our German relations.
;'flle marmot for a time wa3 sensltlvo to bearish Influence and although
ntoo'ks were In porslstont domand from Btronrj BOUrcoB, prlco movements nltematod
consta'nUy between advanced and declines, with tho majority of Issues Belling at
lower levels at the end of tho day..
, There wore many Independent movements, however, In tho markot which
j contained several strong spots. Corn Products was persistently bought, ndvanc
ing to abovo 28 and showing a gain of moro than 2 points, and an advance of 6
','ppfnts was mado In Atlantic, Gulf and West Indies early In tho day.
' - Tho railroad stocks woro heavy at times, with Heading docllnlng 1 point,
nd frnctlpnal losses woro sustained In a numbor of othor railroad Issuoh: Thoso
Vho Attempted to read tho markot conditions said that thoy based opinions of tho
Market strength on tho mannor In which It had takon selling in largo volumos
In nearly all tho leading stocks without showing substantial losses.
k i Average Steel Prices Up $1.10 a Ton
J NEW YORK, Nov. 23. Advances In pig Iron, steel bars and beams sent the
average of Btocl prices up $1.10 a gross ton for tho week to tho now high mark
t !88.38. This Is an advanco of J6.38 within tho last month and $32.03 as com
pared with tho avcrago of November last year.
' f piTTSBUIiaH, Nov. 23. Prices for Iron ore for 1917 wcro officially estab
lished today at an advanco of $10.60 over this year's prices,
i
,(t ' American International Declares First Dividend
ijr NEW YOflK, Nov. 23. Tho American International Corporation has de
Wared an Initial dividend of 75 cents a share on tho common stock, payable De
eefnber 30 to stock of record Dcccmbor 15.
-,i i .
NEW YORK STOCK SALES
ACma Tea
'AlMka GoldM
Alaska J' 06M M....
AM Chalmers Mfg..
ABJs-Ctiil U!i pf 00,4
Am At Obcmlcal 88
Last
clou.
07
12H
8
33
High. Low.
07H 07H
12W
8H
34
00
S3
12H
8
33
80H
83
Am Dert Srnar, .1054 105K 105
AmCn 03 03H 03
5cmCr4,Fdy 73S 74M 72!
Am Cotton OU 52 51K 51!
Ari Hlda & Leithtr 17J5 17) 10!
'Am Hide L pf 70M 78H 7fi
Am Ice'Socurltlej 28 28 27!
Am Llnsod 22K 22H 22
Am Unseed pf 63 53 53
Am LocomoUra 01W 01K 80!
Am Smelt A ReT 118 110,'f 117J
Hri Smelt 4 It pr 110 115)f 115)
Anj:SCtt! Foundries OSH 00)f 67)
Am urusoa...
Am Unseed pf,
Am' Smelt A Ref,
Anl-Raear neflnlnr,
JltaVTel 4 Tel
Am'TVooIen
AofWritlnePpf..
AnjIZlno L & Sm..
Aaacoada Cop M..
AtCttTopiSF...
AUCoattLtne
AtlOnlf WI...
AUtO 4 W Ipf...
StMtoco-Wta....
'Uethlencm Steel...,
TBctalehein Steel pf.
'Brooldrn RapTr..
Dujto Aupe'rior...
Col Petroleum
iDaoadlan Pacific.
72!f
51H
10H
Hi
22M
80)
110r 117K 117K
115U I15)f lluK
09)1 6ZH 07H
3.00
p.m.
07H
12K
8H
33
00
88
lOSJf
03
72!X
51H
10,
75)i
28
22W
53
80
.1114 118M 117 117
...128 128 127H 127U
... VUl C3 62H 53
... 68)i 07K MM 01M
... 01 01 60M 80)f
... 00 100W 08) 08Ji
...101M l&Ui 101U 1WM
...125 124)1 124H 124M
...121M 127 1215f 125
...71 72)1 72 72!f
,.. 84W 84)f 82M 82H
...600 000 000 009
...150 155 153 155
U. 83JJ 83J1 83)i 83Ji
... OSJf 03 07U 07Jf
.. 24!f 24 Jf 23J( 24
...171W 17IJf 171)f 171U
CUU' Leather ...113H 115)1 112H 112i-
Central Lcatnor pr 110)f 110 110 110
Chandler Motor 113 HUf 112 112
Che'Sb;flhlo 07H 07H 07 07
Cht Great West pf 44M 44 44 44
C&tllU ft St P,
Chllt 4'StPpf.
O0.O4.StLpt.
Cot.Cu 4 Elec...
t3hlR.T,4Pao...,
ChOs Copper
Chlbo Copper
Col Fuel 4 Iron..,
Compt T Roc Co.
'Coajollditod Qai.
Corn Prod Rel,
03)f 03 03 03
.125)f 125 125'125!f
. 83K 83H 83W- 83H
48
32
31
08
50M
40
48
32(
32)(
08M
60)f
40M
I30H 130
25K 28W
Cora Pro Ref pr 100)f 107)f 100 107'f
Oadblo Steel 80 J 87 805 f 87)f
40
32
30H
0
50
40M
135U 130
25H 27H
47
32
32
07K
50)
4014
Crucible Steel Bf.
Cuba Cane Suttar.,..
' Cuba Cane Sugar pf .
Delaware 4 Hudson.
Sen & Itto Orpf....
Dlrtlll. Bee ftrp'n....
Dam's Mines
3Crla4.4
TJtMitpf
General Electric ,
Goodrich D F ,
Granbr Conaol.
.122K 122H 121U 121H
. 71U 7Hi 70H 7UJ
08U 00U
.152H 162
. 45H 45K
. 42 42H
, 23M 23)i
. 37K 301(
. tai 52) i
.170M 180
70H 71
08 09)f
162 152
45 45.
42 42)(
23 23j
30H 30H
52 62M
1703i 180
70 70lf
.103M 100U 100M 10SU
Xlreat Northern pf 18H 117M U7)i 117M
44I(
02
167
160
70)f
17J
23H
62)
80
04K
O N cfi for ore prop... . 44)S
Creeno-Cananea 61
'Guir-SUtes Steel 153
rjuir States d 2d pf 105
Insp Con Cop 70
JnfCoriCor r tosh... lSJi
IntUsrlcUtural 23
IntiAEiieultural pf 63
IntHarv Corp-n 70)f
7at'Paptr (Mi
Int'Pawr pf...t 103)
latJNlck y t cfs 47
lot.M Me of dp....... 4fl
intUIl?pfeof dp.... 118
Jewel Tea SO
Kelly Spring Tire 77
Kennecott Copper 58
licltfa Ou lllie 112 112 112
Xadttwanna Steel 100)4 104K 100! f 102
Lao Prlfl& W pf...... 61 61 40)f 40)f
LeB-RubberTlre 30)f 30 38f 38if
Xehlgh Var 82 82 81lf. 8tJ
Jdackay Cos pf. , 6Si 05 e5 05
Maivell Motors 4 75)f 70H 75 75
Max Motors lit pf , 81M 82 82 82
Mar Motors 2d pf 60H 60 40t 40)f
Mei Petroleum 108 100 107, 107H
Miami Copper ,,..45)1 45)4 44U 45
Minn. A St L new 31M 31H 31)4 31M
44U
51
150
160
00
17K
20H
62
SO
02if
104H 103 1035f
40H 40 40 jl
47)( 45) 45)4
11751 110U 117
80H SO 80)4
77 77 77
68 6051 50
445f
52
157
160
00
17K
20M
52 3
80
03
,120;f 1204 UOJf 1105i
27
1014
1054
7K
17
100
31
08
SOX
180
20)4
10)4
10)4
7)4
16M
27
I0)f
10Ji
7H
10)4
MWn St P & B 8 M
MoPiowl 27
Mteaurl Pacific 10)f
ilctlto trefs. ..,..,,., 10)i
MolKan 4TMas,..,.,. 7
Mo'lfaaftTpf .., 1754
Montana Power......... 00
Kat Eoam 4 S Co...... 33)4
tfat LetdCo ,,.,. 68.4
ifsrCeaOop ,,, 29)4
New York Air Brak 177
Ifsrw Tprk Oeotral. . , . 107
Hew Twk Dock , 17
Kew York Dock pf 45
KYNll 4 11.,., .... 6814
NfOA'West 80
i.rr'. - . '. ' .... .. -.. .-.
ui a muura , iju uw iJ'J Jjyt
heraracjnc m, in jn ill
K JI2dpf. ... 7 5 6
JtoSUVerMlo 614 614 014
ySWksMall 2554 20 2514
fiS-im Pe 4 T Pf . . .100 BO 9554
IfapBaQioad M( 67 6854
Jiefte Gas CM aiOJ-f 110 110
JPMIaieJphl Co. . .,.,". -OH 43H 435
TfibCoalecfdp 41 JJ 4354 4114
FsaitedCar 354 83 8Ih
Bteel6r 6754 6814 565f
Sir Ota Copper 32H 321. 31)4
T.nat
close. Illan.
Union Bag 4 V pr. ..
Union Bag & P new.,
United Cigar Stores..
United Fruit.
a. 00
Loir. p.m.
SO 80 85 85
118'f lift 118 110
08H 0354 0854 OSH
101M 103 101 101
Union Pacific 147M 14754 14754 14754
USO 1 V 4 F 2054 20
USOIPAFpf 0054 00M
U B Ind Alcohol 13154 130
US Ind Alco pf.
United Rrs Inr
United Rys Inr pf. ..
US Rubber
V B om R 4 M
U S Stcol Corp'n
U S Steel Corp'n pf . .
Utah Copper
Utah Securities
Va-Caro Chemical....
Va Iron Coal 4 C...
Wabub
Wabash pr A
Wabash Pf B
West Union Tel
West E 4 M
Western Maryland...
Wheel 4 Lako Erie. . .
Whlto Motor
Willys Overland
Willys Overland pf...
Wisconsin Central....
Worth Pump pf B. ,.
105 IOI
. 12 1254
. 25 20
0054 0754
7834 7054
20 20
0054 0054
13154 13254
101 104
12 1254
20 20
0454 0454
7754 775-4
.12514 12534 121 12454
.12134 12154 12154 12134
.122)4 122)4 120 120
2054 2154 2U54 21H
40H 40 41)
02 02 02
15H 144 1454
67H 60J4 60J4
2034 2014 2954
10134 10114 10154
0-1)4 0334 03)4
. 4054
. 0354
. 1454
. 6754
. 20J4
.103
. 0434
. 20
. 254
. 61
. 38)4
. 0754
. 51
. 60
2054
254
6
40
OSH
60
5554
25)4
254
61
3834
OS34
48
55)4
25)4
2
51
3854
08)4
48
5554
WHEAT DROPS BADLY
AFTER GOOD START
Rumors of Pending Diplomatic
- Developments of Unfavorable
Character Cause Selling
CHICAOO, Nov. 23. Rumors of pending
diplomatic developments sof -an unfavorable
character In German-American relations and
fears of a spread of embargo sentiment
caused active liquidation In the wheat mar
ket today, under which prices broke sharply
after displaying strongth early.
Tho firmness was duo to an advance at
Llvorpool and unfavorable crop nnd ship
ping reports from Argentina, Australia and
India, but longs who had profits sold and
.shorts became aggressive ns offerings In
creased, Commission houses took May on tho
downward movement. There was consider
able pressure on December.
December sold as high as $1.81 U and as
low as $1.80?;, finishing at 1.81$1.80tt,
compared with $1.83 at tho end yester
day; May's high was S1.90U and low
$1.86U, closing at $1.87 $1.87, against
$1.83i. yesterday's final quotations; July
moved up to $1.69 H and receded to $1.5G
where It ended, against I1.58H at the
close yesterday.
It was believed that recent reports with
regard to export business had been exag
gerated and demand today was lacking,
Iidlnr futurei ranged ai follows
-Wheat-
Open. Utah
Dm... IiMU l.H
May.. l.BO
July,, . 1.&8
n. man
VI l.tUU
OH l.uoti
ov l.soH
tCorn (now delivery
uec... u?i
May.. 07
July,. 87W
DaH
Dec... B7
May.. 62U
Urd
Die,.. 1B.7S
Jan... 1.
May., tie.40
Ulba
J.n... 14.6S
May.. 14.80
Pork
DtO
Jan... 27.70
May.. S7.55
Bid. tAaked,
Low.
I, HO
l.SA
1.00
Close,
1.N1
1.87U
1.68
Tea.
cloie,
1.8SU
1,BSC
1,08!.
03!i
ea
03
ea
103
07
Vi gig :$ .82
lfl.85
1U.0O
10. -CI
14.70
14.80
27.72
27.07
16.75
111.40
10.87
H.63
14.75
27,60
27.45
tNomtnal,
tta.TT
110,45
16.37
tl4.7
114.77
$28 00
27.70
27.S0
10.07
16.33
16.80
14.65
14.77
$28.00
27.70
27.30
0034 100
3334 33J!
08 03
2854 28J4
175 175
10754 10034 10054
21 17)4 20
46 45 40
68 68 63
SO 30 30
lUftSiag .....10734 107J4 W8f.
btlolroa 8...,. 8S14 83
Air Luiepf.... 35 37(4
Art Cop 33 34
9 I, bO an
Plfls...,,,.. B9J4 09
Hy ,... 27 2714
ktr Co. .... . J2534 127J4
Bepper 38J4 34K
233. 2S4H
, -0 m,i
tletJ....... fl8v '
3Txft..7. Wt
mi
37)4
324
81
0934
2634
6
634
29
8J4
6654
110
4354
43
83
i
x
37M
3234
84
0954
26f
40
Oil TU
mil 125
M34 2154
m
BO
UK
LIVE STOCK QUOTATIONS
CHICAOO, Nov. 23 llOQS necalpta, 88.000
haad. Market ateady. Mind and butchira.
O.OBUIO: ooj neary, iu.idwiu; rousn neavy.
8.40Q,6; lltht. 18.4090.70; plga, $6,600
1,25; bulk. $8 0009,80.
UAri.13 uaceipia, iu.uuu nsaa. AiarKst
weak to lOe lowar. llaovca, 3.00O22i cowa and
hMfera, t7.85O8 05r atocktra and teadara, $5.83
7 85 Ttiana. 7.I508 00: calvel, llOtflS.
HHEEl' Hecelpta. 15,000 htad. Market
ateady, Native and weitern, $4.1505.15;
lambs. $8.40012.
NEW YORK BUTTEH AND EGGS
NEW YORK, Nov. 23. BUTTEH-
No change In quotation!.
Western fresh steady
a unsettled.
Raeelnta.
4600. Oenerally quieter tradlrur on lop gradta.
o enaoge in quotaiioni
Kfinn-RtolDta. 6602.
In h7trhr tfrajica 8toraa lower
Whit as. 63945o: brown. 60O56o: storage
firsts, 33V4. No change on other grades.
DIVIDENDS DECLARED
JUrrleon Brothers k Co., Inc.. regular quar
terly of.2 per cent on th common stock.
B a ruble December 15 to stock of record Decern
er 11.
DrviDiaroa
NOTICE OIT DIVIDEND
THE AJAX BVBOEB COMPANY
New York. Nov 21. 191S.
That out of line surplus earnings
me uirecipra aeciara a quar-
une nouar aoa , uuarver
per aaart. payaoie ifecemoar is, iw. to
ifders of record at the close of business
RESOLVED.
.1 (h 7!Amn,BV.
teriy aiviuenu oi
lv dividena ox uae itouar aoa us
1.25) per share, payable December 15, ISIS, to
ocknoiaers si !:
November 29, 1019.
HAKOLP W. STIMPSON. Treasurer.
Office sf Ilarrlsoo Brs. A romoapr, lac.
8500 Onr'i Ferry Boai.
Fbtladelphta.. Fa. November 22, 191A
rh nnird of LJIrectora hava this day declxi
the regular quajrtary dividend of J lit per
shara) e tha eutstasdlrur Common Capital stock
at Tfele MP-ny. payable DeeotuhrtvUtb, 1916,
, ; " Sicii. WlLZJAit fUCliXm, IxaaauiM,
NEW YORK "BOND SALES
High.
100 Adsmi Eirprca 4 .'.SJw
,j"w mir yigr.CT ne.,,. ,""ti
112200 Anglo-Fr B. . .?,,
.JSS2 A""' ' V fl...104ji
102000 Am rorrlrn flea .,93H
liSSS. Amer Sme t Bo OS...11B,.
eJooiS Amer Tel elt h ,24
6000 do crt 4Hs.,,,.,t.l07H
pwo Amr Th
Low. 8p.ro.
Threal 4s.,i,, 00
Wrlf tfiiiKl.i.. D0
3000 Ann Arbor 4 , 70H 70
8000 Armour Co 4 H ,i PH Ji
18000 Atchison Km 4 95,, girt
140O0 do adj s ., .gOU ,MU
40000 Oo ct 4s 105 105
.8000 Atch Trans 8 I. 4S.,.. 02Ji 2t
2B00Q Atlan Co I.lns clt 4s.. 874 87H
2B000 Ball Ohio ai..,..04 494H
12000 do e., loi 4 lot
12000 do 4 ., 05H 02.,
fgooo do ev 4W ..... . on.. 05
6000 do Bwn 8V4 02U 2
4000 Beth fllsel rid 5S....103U 102S
1000 Ilkiyn Map Tr 6 1918. lOOH 100i
8000 Ilklyn Vn Klv 1st 6S.101U 101U
12000 Can Ooy Bs 1021.... COM 0l4
42000 do 1020,.,.i.,......00W 05U
10000 do 1021,,, 100.. 100.,
8000 O C C gen 4a 80V4 80J4
22000 Cal Oss A Giro 5s... OOji W
1000 Cent Os cons 3 103H 102U
1000 Cent Pao 1st 4s .OOji 90S
.1000 Cent It 11 N J Bs 11734 117
118000 Chili Ccpper 7s .,,.. 142,, J4l
S000 Ches ft Ohio ev 4Hs.. 884 83H
11W0 do 4M 02H 02H
48000 do conv Bs OnH
10000 Chi A East III et 4s.. 82.,
2QQ0 Chi ft Nwn 8M .62K
7000 Chi Vn Htft H ....100K
18I00O C B A Q joint 4s 99
.8000 do.sen 4 , .... , ... 94,,
82000 Ch.Mn & Bt rcy.44s.100H
.19000 Chi It 1 A P rd 4s.. l&J,
825000 do 8S..1 t:S
176000 do On ci ono sta... Hi
18000O Ark 4Ua ........ 7Btt
13000 Chi ftwy Bs ........ 07,,
840OQ Col Indus Bs 7nti
lOOO Col A South 1st 4s... 03S
BOOO do 4H e .,.., 8.1.,
88000 City of Tarls Oe 9734
1000 Comp Tab Bao.Co Oa. 87i
10QO Cumberland Tel Bs . .10IU
29000 Del A Hud rfd 4s.... 99H
16000 Den A itlo Or 4 81K
BOO Den A II O rfd Bs .... 71
7000 DIs Beo Corp Bs 72
11)000 Krlo conv 4s Her A.. OS.,
4000 do Her D, 83'4
80000 do prior 4s ........ 84 !
BOOO Oranby Co sta 6s ,...110
61000 Hud A Man rfd.Bs.,.. 71.,
unroll in mrel ihd.ai,..,,w
inniana Btcei.os ...,iiiy
Intorh Met 4Ua Viji
Inlerb II T r Si l)9M
BR000 Inter Mer Mar 6s fl
2000 intsrnl Paper OS.....102
10000 Japanese new 4Ws... 88
8000 Kan City Oas Bs ..... OOH
02000 Lncka Hteel Bs 10B0..100.,
2000 Lnko .Shore gen aHs.. 8(1 U
2000 do res; IlHs 86 ,
1000 I.lg A M T Bs 102H
BOOO Lorlllard 7 126U
2000 Ixiuls A Nssh 4s D3H
3000 Minn A St I, Bs 00
0000 Mo Kan ft T 2d 4s.... BO ..
zaooo mo Pao w 1 4
1000 Mont Tower
snno Nat Tune
1UIUU
11000
46000 N Y q.t
numi an iv
w I 4a ORW 07 17i
owcr Bs on 00 JI on
bo B 1MU 102U 102U
ft Hud fls 114., 11394 113
l - nr.t! nKV. OKV
0000 N Y C A
or; ob1
86
102 Ji
O'iS
Oil
BO
Ht I, 1st 4s. 8 Hi flltt
loon n Y city 3H Nov B4 n.iVi nsvi
.in:
..102M
..110
111,17. .11"
' N 11 II 68. ...II25; 112K 112H
Ilwy adl Bs BOii BOU r,nj4
Tel gen 434s.... 0l OOJt (in(,
2000 do 4s lflftN
lSOOO iln 4s 1030.
1B00O do 4Us 1063
3000 do 4 Vis Nov
41)011 N T
12000 N Y
4nnn n y Tel aen
innnn Nnrf A wst 4s
46000 Nor Pao prior 4s.
2000 Nor Pao gen 8...
1000 Ontario Power Bs.
1000 Oro ft W n A N 4s
Annn Tm. cinn ns
moon Pnrinn Tel 3s 101
3000 Fenna tenet 4Mb ...102
2000 do en 4Hs innu
25000 do Bs 1900 06
126000 Reading gen 4s 3U
WJ1-.4
n
in i
nsW
ina
linii unf.
110 110
un4 wnjs "7
n4W It 1 V4 04S
67M m 67S
03U . onW 03U
HVA H!ll4 8Bt
03S 03H 93H
K inin loi",
inrju irin
lonu inovi
on on
05Vi 03H
High. Mow. 8 P.W.
10060 Itspub Cub tt 1014.. 93
s7
2000 Ilep If 8 Be.
,..10i
loRtStlAP.flPA'ttB
IfWM
?888
do ttn et 4 79
do 8er A vr I...... T1H
do Bsr II w l.wii. 89
iimM&flTRihtiiiti
2000 Beawiara a. u 11a 11.1,1
1000 South Belt Be..,. 1... 10
ooo Roulh nwr eon Bs ,..10214. 102
8000 Sparta ,4s .''i"',,S'
2000 Term Assn Bt Ii gw.04.,
3000 Texas A Pae 1st Bs ..JOOH
6000 Tetas Co cv 6s,.4.,..105
1 BOOO Third Avs ref 4s ... 81H
Trww. Tnbfn Re ...........a 70
Rnnno lr s 8 A II .Is, .......113
BOOO Utah powsr Bs .n..;;.
98000 U S Bteel s f Bs..,,.107
kia An m r res' ns.....,lU7
VV
7000 Union
2000U' ao
sinno do
. Jw.n ,, .
'"yy ." i.'"':.. ... ..
8000 Vs.Wijnim i"i """";.
lOOO Wabash 1st, Bs JOB
&XXA ,,.., vlttr Ii, Ra . .... .103
VXXx ,,,::. dL r im ... m 9
1000O do 4s ............. 92 Vi
BOOO West Onion 4V4 97 97
6000 do lis 102 102
4B000 WIS Cent gen 4s .... 88H 83
79 79
, 89W
m j?g
lit : Mg
i! : Mi
sti im
107M 107M
ML ::::::::: p
;wys f 4s .....87,, 87 .87
t &
91
92
07
Wm
BREAK IN COTTON;
LIQUIDATION HEAVY
Drops Moro Thnn $5 a Bale
From Tuesday's High as
Longs Unload
NEW Y011K, Nov. 23. Under tho weight
of sales of fully 400,000' bales of long; sUlff.
cotton today broko moro than $S a bale
from tho hitch rooorda 6f Tuesday, January
falling- to 19.88 nnd May to 20.41. Tho
drop was duo to ft sensational slump at
Liverpool, whe.ro losaca amounting to 00
American points In tho case, of January
nnd February deliveries wero recordod.
Tho excitement and confusion hero wera
ininnsA. riiusod by a Danlcky feeling and
heavy stop-losa selling In tho English mar-
ltct- . i ...
Pressure becamo less aggrcsslvo at tho
low level, while tho markot recotved sup
port from covering, westorn and local bull
ish sources which causod ralllca of 10 or
12 polnta,
Tho volume of buslnosa tapered off rapid
ly nnd trading becamo comparatively qulot.
Operators watched tho southern news for
any Indication of a chnngo In tho attltudo
of spot holders.
Yes. Close.
Deeombor ....20.34
Jnnuary 20.17
March 20.71
May 20.80
July 20.81
October 18.75
Spot 20.80
Open.
20.03
10.111
20.43
20.B7
20.67
18.63
High.
20.14
jd.no
20.B0
20.70
20.07
18.03
Ixiw.
111.80
10.90
20.18
20.36
20,34
18.23
alose.
10,80
20,00
20.22
20.40
20,30
18.28
20,10
KAILROAD EARNINGS
I.OUIBVILLB AND NASHVILLE (
1010. Increase.
Second week November 1,382.3B0 J193.020
From July 1 24,013,873 3,287,199
PHILADELPHIA MARKETS
GRAIN AND FLOUR
WHEAT Receipts, 20,930 bus. The market
declined lc under bearish speculation In tho West
and ruled oulet Quotations: ..Car lots. In export
elovator. No. 2 red. spot, l.S4l.Mi No. J
southern red. I1.H201.85; steamer No. 2 rod.
Il.800il.88; No. 3 red, 1 80W1.83: nojected
A. fl 761 79' rejected Bil.721.7B.
COItN Hecelpts. 2685 uo. Offerings were
light and the market was quiet and without
Importnnt change. Quotatlone: Cur lots for
local trade, ne to location. Old western. No. 2
yellow. tl.20Ol.Sli do. mB"liBJ
1,10: do' No. 3 yellow, 11.1BW1JU; do. No. 4
yellow, 11,1291.13.
OATS Hecelpts. 70.117 bus. The market
ruled steady under moderate offerings and o.
fair demand. Quotations: : No. 2 white. II3W W
64c! standard wlille. 6163M,o; No. 8 white. OJ
WflbWo: No 4 whits, COrtWolWc. sample oats.
7iiB8Hc.
FLOUIt Receipts. 4B0 bbls. and 230,350 lbs.
In sacks. rroae was quici uiw ,'"" "
laraely nominal. Quotations, por luu ids.
In
wood Winter, clear. 7,7B8; do. straight.
I8.25O8.B0; do. patenl,0f.7B. lianeas.
clear, cotton eacVs' 18.4(108.63! do. stralKht. cot
ton sacks. t0O0.2B; do. patent, cotton i cks,
I9.80O0.B0. Hprlng-, Hrst clear, I8.40W0! do.
patent. 10.280.7B! do. favorite brands, 10
10.23. City mflla and fancy patent. tluOlo.25;
city mills reaular grades winter, clear.
l7.758.1Bi do! straight, t8.238.B0i do. patent.
RYE n'.Oim sold slowly ot former rotes. Wo
quote 7.U0W8.rj0 per bbl,, as to quality.
PROVISIONS
The market ruled firm with a fair Jobbing
demand. Following are tho quotations: City
beef. In. sets, smoked and slr-drled. 34n;
western beet. In sets, smoked, 84c: city beef,
knuckles and tenders, smoked and alr-drled.33o
beef hams. I28W80, pork, fam ly. I30.5OW31;
hams. S. P. curea. loose. 10 lOVlc: do. skinned,
loose. 20O204c: do. do. smoked. 21W21Hc:
other hams, smoked, city cured, as to brand and
average. lOVic: hams, smoked, western cured.
20lio:da. boiled, boneless. 84o: picnic shoulders.
H. P. cured, loose. 14Mc: do, smoked. 16Mc: bel
llee. In pickle, according to average, looss.
17Vic: breakfast bacon, as to brand and aver
age, illy cured. 22c: breakfast bacon, western
cured, 22c; lard, western, refined, tcs. l8J4o: do.
do. do. tubs. IbHc: lard, pure city, kettle ren.
dered. In tea.. ISttc: lard, puro city, kettle
rendered. In tubs. 1814 c
REFINED SUGARS
The market was nulet without Important
change. Refiners' list lfrlces: Extra fine Kranu-
lated, 7.4arj7.ouc: powoerea. i,oJwi,iut
fectlonera- A. 7.35W7.0UO; sou graai
7.83c.
7.33O7.B0o; soft grades,
DAIRY PRODUCTS
6.704
HUTTER Fancy atock continued scarce and
firm but the undergradee were ?ult. Quota,
tions; Western, fresh, solid-packed, creamery
r,n anrolals. 4Sai extras. 43V44CI exirj
firsts. 41W4ic; firsts. S0O40Ci seconas oiw
37Ho: renovated. xt.,87p dp nrsis aoci op.
nai. ooci lauia-utH.r.cu, , .--...
87
second
stock. 8283oi nearby prints, fancy. 40c: aver
ase extra, 4445c: Hrots. 40W430: econds 88
yej special, jancr oranus u, ciiuih uuw. ....
EOOST-Cholce fresh eggs wsre scarce i
wanted at full prices. Quotations: Nea
extras. 48o per doxi nearby njsts 118.0
case: nearby current receipts. I12.B0 per ci
'5: . . t .
Nearby
per
pai.i
do. extra firsts.
112.90 per case; re
id Insurance paid to
caae; ao. nrsis,
selected candled fresh eggs were Jobbing
case; nearby current receipt
western extras, 43a per dc
113. 20 per case: do, tints.
frlrerator eggs, storage an
January 1. extra. 111.70
I
fane;
CHEE8B The market ruled firm under light
nerinaa anq a. iir ueiuauu, wuj.....-,,-
avwi new laik. m , u,u ...-, - -
",1- .-........ .. m f. . .n .rrw,,
special .iiaiior, uu, uw, ... ,v wv-
24)tc; do, part skims, isvzic.
Mr
ill 4(1 tier ease: doi seconds, 110.80 per rase;
cy seiegieu canui
K361o per dos.
mils
nrrplna
low: New York,
sis
tatlons rot
,oU
POULTRY,
LTV K There
slrabis
was a fair demand for de.
atock and values .were well .main
talned under moderate offerings. . Following
are the quotations: Kowis. as to quality.
nam., vnn-,-- Ato4c! sorlnir chickens.
cording 'to quality. 1818c Whits Ighorns
rnrdintr 10 Quality.
Ity. ld18c; turkeys,
1SQ14
1517e
ducks.
23o; gesse,
ivoucj uo,
5o nual-5V17c;
young, per
plgeonsL old, per Pair.
.., nnn,H,
bRGSSKDThere was a fair demand for da
alrable atock and tha markot rulsd firm under
light offerings. Quotations) Fresh.kllled, dry
KnMu inrbn. Tier I lh.-Fancv. nearby. 31
82c; turkeys, fancy, western. 20 30c: do,
fair to good, -av-so; ao, common,
280
do,
' ouc i ao,
1833a.
Fowls. 12 to box. dry-picked, fancy selected,
; ao. weis " w " v
weighing 4 lbs. apiece. 22o; d
lece, 22Hc: do.
weigning an
Voting Trusts
A brief discussion of the pur
poses and operation ot Voting
Trusts la included in our
November Circular
Tha circular also describe
many desirable bonds, offering
Investment Income
Ranging From 4J45& to
Over 6
Ce'i ciU ! unUsAsd on rsuw
Edward B.Smith & Co
ElTlVuiuio 1891,
BANKERS
Jfsmhers Ivsw .York aS
fMladtlthta ttoek Xeluigti
till Chisihct St., Pkiubxubu
to Hm Bnta Nrs You
lbs. aploce, 19 20c: do. weighing 8 lbs, aplcce.i
UOlRc. Fowls, In bbls.. Ice-packed, dry-picked.,
srolghlns 4M B lbs, and over apiece, 22c: do.,
weighing 4 Iba. apiece. 21c smaller sixes. 17W
10c: old roosters, dry-plcked. 17c: roasting chick
ens, western, dry-picked. In boxes, welghlnsr 8
lbs. per pnlr and over, 25c; roasting chickens,
western, wolghlng 7 lbs, per pair. 24c; roasting
chickens, westorn, lco-packed In bbls, welHhlng
8 lbs, and over. Per pair. 24o: do, weighing
7 lbs, per pair, 23c; broiling chickens, western.
In boxes, weighing fl4 lbs. per pair. 2927c:
chlckensi weighing B0 lbs. per pair, 21c: do,
mixed alzes, 2122c; broilers. Jersey, fanoy, ISO
32c; do, other nearby, weighing ltt 2 lbs.
apiece. 2880o: do, nearby, smaller sixes,1 26
27c: ducks, nearby, spring, 2224c; do west
ern 2023c; geese, western, 2022c; Squabs,
per das. White, weighing 11 to 12 lbs. per ddx
3.7oejifl; wnne, weigning u 10 iv ids. per unz..
teo.ou; wnue, weigning o ius. uer u,
83: white, weighing 7 lbs. per dox., 8.30
nn 7.1 white, weighing fl0tt lbs. per dox..
I2.752.00; dark, t2.B0O2.90j small and No. 2.
00ctl.25.
SB.7S06
i4.N53
t44.33
FRESH BRUITS
sir,
Ountntlons! Am
Urlmes Qotden,
There was
nnrl vnlitAH irAnerfl
.---- .--. i ---. ;--.;; ..., i--.c-
luoiatione: apples, per mi,, jonainan.
York
ualdwln.
I4.B0B:
B03! Hi
I2.R0O3.2S! Uroenlnir.
I.'.DUOT3.0U:
demand for desirable stock"
y ru ed nrm under moderate
nrferlngs. uuotatu
M.DUVDi unmci juiuan,
perlol, J304: lien Davis, t
i 13 Rhtfeit nn. tinsrsdeil.
Kn l. 14.DUOD co. unsraoeu.
Kings. No. 1. S4Bi do. ungraded. S2.S0O3.B0
atnrman, Nn. 1. 13.00W0; do, ungraded. 13.50
3 30; Wlnesap, No, 1, I4W5; do. ungraded.
t.B08.B0; apples, per bbl,. fair to good.
tl.B02 BO; do, northwestern, per box, 11,60
2.50; quinces, New York, per bush.. 7Botl.25;
lemons, per box, 4B; oranges, Florida, per
crate Drlght. I2.00O3: Rusaet. t2.232.75;
grapefruit. Florida, per crate. I2.B03.23: cran
berries. Cape Cod. per bbl.. t50,80: do.do.
per crate. t22.40; do. Jersey, dark, per crate.
$202.40: do do. light, per crate. tl.B02:
?ears. New York, per bush.-hamper Seckel,
2.30O8: Sheldon. $1.0002: pears, Kelfers. per
bbl . 12 8 grapes. New York, per 4-lb, basket
Concord, 12 17c; Niagara, 1217c; grapes.
New York, per 20-ID. basket Concord. 00003c:
Niagara. 00 05c.
VEGETABLES
vera In fair
Tweets of fine quality ruled nrm
request antl
wnn
Important chanire. Quotations: .White potr.toa,
TVhlte potatoes
rni1v. Vweeta o
trood demand Other vegetables were without
itr i
ablei
per bush. l'ennsyivanm, cnoice, ii.dqvi.7o;
New zorK. cnoice, i.oowi.oui wnue poiaioea,
rttf VnrV
.rtsrftMv. nap basket. 83CUI1
Kastern Bhore. per bbl. No.
No. -'. i.dups: mw
Xfnrvland. Der ham:
tnm .laraav. Tr haal
404JlOc; onions, per 100-lb,
4; No. , Jalv-.-o; cap
sweet potatoes.
. i.iattia.iiRi
sweet potatoes. Delaware and
per, llttpl.25; sweet pota-
ixei no. i 700 p i; no.
luu-iD, pair- j
cabbaup, Dai
.Me,
Janiah,
III No. 2.
1. I0.7DO
I60&A0: do. domestic, per ton. MUOpO
tuce. riorlda, per banket, I2O8.D0, do. yiri
ni hnnkftt. nuoiui zq: ao. norm tjarouna
basket. 40c $1; beans. Florida, .per basket
tuce. Florida, per bos.
per basket. RuoOl 25
ii euro
3; peppers, Florida,
quash, rioriaa. pe
Florida, per basket.
ton.
lt.
lrilnla.
per box.
basket,
2.2&
..?2r .Wul&Vtt
3.
Bond
Investments
Government
Municipal
Public Utility
Railroad
We are prepared to offer
for the consideration of
banks, bankers, trustees
and private investors
carefully selected issues
of the most dependable
kind of high-grade invest
ment bonds.
Inquiries aro requested
.W.iark;o.
BANKXR9
(Established 18371
321 Chestnut St., Philadelphia
-WIlkes.Barre
Chicago Jteadlnr
Pittsburgh
uosion
American Gas Co.
100-Year 6 Gold Bonds
At Market
Yielding about 6 ,
William P.Bonbright & Co.,Inc.
MORRIS (W8TAR STROUD, Jr,
Manager
437 Chestnut St., Philadelphia
New York BssUn Detnll
London Paris
Wo. P. Bonhrlght Co. Bonbrlght Co.
DiaECTOUY or ACCOUNTAKTU
BONDf TAKE LEAD
IN CURB TRADING
iisaArfllHI lirfissss.
Securities of French Cities Sell
' for First Time Russians
Also In Demand
NEW TOnK, Nov. 28. The most Impor
tant eattire on the Broad Street Curb to
dar vm the Rrowlnir nctlvlljr and Increased
Volume of trading; In the bond Issues.
ThU mornlnr: there was tradlnsr for the
flrst time In the French municipal bond of
ETordeaux, Lyons and Mareellles, which
were dealt In Under the title of French cltr
bonda to the extent of $800,000 at the subi
scrlptlon price of 98.
There was heavy trad Ins: also In the new
Russian BH", Ilusslan 8Ha and United
ivinguurn ana o year notes, oinciair oa
sold at 108 H and 107 and Cerrq de Pasco
Bs were traded In at 124 and 1J5.
There were Initial dealings In American
Telephone lights at 2 to 1 Tit
Copper rights sold at JU and 1, and the
Tennessee Copper rights were traded In at
Z3) to 24H A few stocks maintained a
strong tone, wlth-Bteel Alloys advancing
from 4U to 4M, rind Haskell and Barker,
after selling nt 48, advanced to 47ttt Mid
vale Bteel reflected unsettlement because of
conflicting war order reports nnd declined
from 70 ii to 68H.
INDUSTRIALS
, . . Did. Asked.
Aetna Eiptoelres 9 10
Am Ilrll iirg 12. 20
Am Marconi . ,i , 8)4 8K
American Writing Pavsr 8 8Vi
Canadian Car Co 40 BO
Can Car Fdr pref 70 80
Chevrolet Motors 178 188
Curtlss Aeroplane , 25 85
Bmerson Phonograph 12K 18K
Haskell A IJarker Car.... 41 47H
Itendee llfr 28 28
Kathodlon Itronss praf .., 8 9
Laurel Oil ft aas OU . ...
Mailm Munitions 8H 8K
Manhattan Trana 1.
Mldval ateel 00H C8H
Otis Blsrator 67 68
I'eerlees Motors 22 24
roots Knr 100 105,,
S 8 Kresgs w 1 12K 13U
Standard Motors 7M 8
Submarine 41 42
Triangle Film 8H Sit
United Alloy (tteel Bill MVi
United Motors 62i oaU
United Front Sharing 1., IH
U B U and JI com ii 2
do pret 3 0
World Film 1 Hi
ifaka (n PfiikdelpHia
II nainilmMisisejaieiliienMiiiL "
nAILTtOADS
nock I C . . .
do A pref
do u prer
38
88 ,
70U
STANDARD OIL STOCKS
Illinois 203
Ohio ' 803
I'rulrlo Plpo. 885
Standard Oil of California 870
Standard Oll'of New Jerser 080
Standard Oil of New York 202
OTHEP. OIL STOCKS
Cosden Oil JJK
Cosden A Co 7H
Inter Petroleum lltt
Houston Oil J
Midwest nerlnlng J2 ,
Sapulpa Iteflnlng UH
MININO STOCKS
Atlanta w."'
Ilutts Copper nnd Zlna
Ilutte N V
Corro de Pasco
Klrst National
Vlntxtntsa flfilflflllla . . .
Ooldneld Morger j
Ilecia aiming
Howe Sound
Jim llutler
Jumbo Extension
MoKlnler-Darragh
Magma Copper t"
Mines Co ot America
Nlplsslng
San Toy
Ht Joseph Load
West JCnil Consolidated
Whlto Oaks
DOND3
Corro do Pasco Os
Mldvalo Bs
Ilusslan )i
Ilusslan M
UKMI a.year
UKDttl
14.
N4
UK
i a 0-year , .
7 0
44 44$
20 23
a
1' n
7H 7
03 95
22 25
50 01
68 OR
8 11
18 20
21 22
0 71.,
4 4ii
124 125
O.HJi D8U
10UH lOOVi
4h
98H B8U
80S 09W
LOCAL MINING STOCKS
TONOPAII STOCKS
Bid.
Jim Butler
MacNamara JJJJ
Midway 22
Mlipah Est IV
Montana 23
North Star..... -AB
Ton Bel , 4H
Ton Bt B
Ton Mln J
Ilescue Uula , ., .27
West End '...,.i '..., .75
dOLTJFIELD STOCKS
Bid.
Atlanta
llluo Hull 02
Booth tV
Asked.
1,00
C O D...
Comb Frao,.
niamf B B..
Daisy
Klorenco . . .
Ooldf Con...
Ooldf Merg. .
Jumbo Ext..
Kowanas
Oro
Hand Ken...
Sliver Pick..
703
.110
.05
.04
.25
.54
.05
.27
.10
.03
.04 '
.20
MISCELLANEOUS
Arl United......
Nevada Hill ......
Nevada Wonder...
Tecopa Mln
Bid.
.4H
.22
2.40
.14
Asked.
.10
.03
.11
.04
.07
,oa
.03
.80
.DM
.00
.20
.11
.04
.05
Asked.
.52
.24
2.40
.18
Hleti. Low,
10 Alii Insur BO SO
80 Am a 8 101 101
to Am Itrs pf 67 07
100 Bald Wco 8Jtt tiYt
to do pref ..107 107
imtSUll 88 ,
20 do pref. 80 80
8400 Corn Prod 28H 28
H0 Cruo St 88 88
. 800 Chile Cop SW 82
80 Erie 87 87
100 a Asphalt. 21 81
80 do pref. 71 71T4
10 Ins Co N A 97 27
28 Ky- Sec... JO 20
SJ5 Kenne Cop. B8 87
8780 Is S C...4 7i 27H
840 Leh Nav... 80H 80
10 Leh Valley 8W 81H
80 Miami Cop 48 48
2 Mlnehllf.. B7H 87H
1048 Nev Cons. 20W 28fc
Bl North Cent 80 80
870 Penna It It 87 60
70 Pa Salt M 00 00
10 Phlta Co
cum pf. 41 41
1080 Phlta Elea 30 20
2038 PB.T lr Cfs 28 25
22 Phlla Trno 70 70
0288 Ton Bel.. .8 2-10 R
878 Ton Mln.. 0 a
10 Union Trno 47 47
180 Un O Imp. 01 01
7320 U S Steel. 128 124
8 do nref.121
10 West Md. 28 2B
40 War I A S 0 0
110 TV Jer & S 80 BO
20 Wostmor C 80 80
BOB Wm Cramp 02 01
BO York nwy 14 14
10 do pref. 37 27
Net
Close, ehse.
20
104 1
07
82 1
107
as 1
80 ...
27 1
88
88
87
81
71
27
SO 2
B7 2
27
80
81
48
67
20
80
B7
00
41
20
36
70
B
47
01
121 1
121 121
28
8i)4
SO
80
01
14
87
2
BONDS
III
llgh.
Low.
00
ioa
103
83
110
82
13000 AO AB Bs 00
2000 City 1948.. 103
BOO do 1944.103
7000 B&P tr 4s 82
8700 Ed Eloo Es.110
1000 Ky 1st Es. 82
10000 Loll Neons
4Hs ...102 102
10000 Lett V cons
4Mb '03.100 100
8000 Fa Co cons
4b ...100 100
1000 Pub S Cor. 02"i 02;
8000 Phlla Co
cons Es.. 02 01
8000 Ph Elco 4s 08 04
3200 do 5s... 100 105i)i
37000 Bead gn 4s 08 0B
1000 S II A W
2d 6s-.. 112 112
1000 Span-Ami
OS 102 102
8000 Stand GAL
Os 101 101
1000 Un Ryl Es 76 76
Closs,
08
103
103
82
110
82
102
Net
chge.
''
'
......
100
100
02
02
04
106
05
4
112
102
101
75
BAR SILVER
Commercial bar silver In New York was
quoted'nt 73Ho, an advance of Uc. In
London tha price was quoted today at
34 1E-I6d, an advanco of d.
RATES FOR MONEY
Call.
New York, ? 04
Philadelphia i..y."
Hoston 8J4 if .
I,l..m .......... HA &0t
Commorflnl spcr. thrr to six month;
delpnia. an wan per cent.
Time,
2 4M
4V4 eon
4 4?
is. Phlla.
V s
PUBLIC SERVICE
SECURITIES'
G, Dubuque Electric Company 5
1st Mortgage Gold Bonds.
C, These bonds, due m 9 years, are
an absolute 1st Mtge. on the entire
electric lighting, power and street rail--way
system or the City of Dubuque,
la., and vicinity.
G. Net earnings for past year in excess
of twice tke bond interest.
C, The Company, in so far as it law
fully may, agrees to pay the Normal
Federal Income Tax.
G, Legal Investment 'for Maine Sav
ings Banks.
C The replacement value of the prop
erties is estimated over $3,000.000, and
the equity is represented hy $1,350,
000 or preferred and common stock.
G Price 97 & Int. Yield 5.45
T0N0PAHBBLMDWV
MOST ACTIVB H$J
jrncu wucnnes iuter n t?.-u
tionnl GainCramp 18
Lower
. 1 i.aa .
torWn..h(,hBBafeatUIrlal,n && 1
stock, while not as active as vesterda. Cl
up falrjy well ns far as dealings .i'L"
zx ifdn rSS
ake Superior was the next most .,.'.
and tho price was unchanged I to , a fr!5 n
under. Philadelphia llapld Tra. '"
certificates were also a fractlKoV
Business throughout the whole llsi'd.,
Ing the morning was on as tarre a ?,'
as yesterday and price movement i?ft
they wero narrow, were, for the most mJ?'
to a slightly lower level. l ""
ltumors rrom Now York that the fr.--Shipbuilding
Company wa, ngurtng h v
new ship deal, Interesta In that city kS.!
after control, did npt help the nrlL J5! '
Instead It declined 2 Points durg 4.
morn ng. Philadelphia Electric 4s "liftctM '
attention because of their weakness in!;
touching n new top mark of 984. iheVi '
cllned to 96 and then to 94. TherjT
stock in tho meanwhllo held firm. '
Yarns Easier Jn Manchester
MANCHESTER, England, Nov ii '
cloths buyers art' ,Wt
Yhrns are easier,
holding off.
In
New York Curb
lar
interest
Smrw,
"eWli
Jl
It is no longer
a natter of
note when ths
New Vork Curb
has a "million
e h s r e " llaj.
Tha public has
come to spprs
clato what ban
kers and flnan
eleri hare
known for a long time, thai the Hew
Zork Curb ths second Iirtrtt stock
rosrket In the world performs Bices
mrj snd lraportint functions la Amer
ican Finance, that are accompllibtd ia
no other market.
Tho History of tho
New York Curb
Is the title of a pocket-site booklet de.
tailing how the New York Curb a4
sTaneed In fire jnri from s 117,000.000
to a 170,000, COO TOlnme of bnsloesa la
mlnlnir, oil snd Industrial senultlei.
It will bs sent you on request. Per
conrenlence use coupon.
JONES & BAKER
STOCK DIlOKEllS
Widener Bldg., Philadelphia
Hell, Walnut 1000-1.
Keystone, Rsca 2200.
Dlrfd Prtiafs Kires CosnreHsj
New YorJc Ilostnn
Clilengo I'lttsbargh
".Yof.fiia to Sell Biif Service"
iS'ams ........
Atirell
.....,.,.,
City ......... oisfff ....s
T it nia
Tax Exempt in Pennsylvania
Frno of Normal Federal
Income Tax
West Penn PowerCo.'
First Mortgag'e Gold
5s
Duo March 1, 1946
Net earnings of the company for the
current year aro equal to threo times
Interest requirements,
A. B. Leach & Co.
115 South Fourth Street
New York
Uoston
Chicago
London, ling.
Buffalo
Baltimore
n
A
ui
French Municipal Loans
$20,000,000 $20,000,000 $20,000,000
City of. Bordeaux City of Lyons City of Marseilles
Six Per Cent. Three-Year Gold Bonds
ttywmh Due November 1, 1919
INTEREST PAYABLE MAY 1 AND NOVEMBER 1
Principal and interest payable without deduction for any French governmental or municipal taxes or other
French taxes. v
Principal and interest payable in New York in United States gold coin, or, at the option of the holder (to
be exerciser! as to principal thirty days before the date of maturity) in France in Francs at the fixed rate of'
Francs 5.60 per Dollar.
Coupon bearer bonds in denominations of $1,000, $300 and $100 each.
The Government of the French Republic is to undertake to furnish and permit the exportation of gold, so
far as necessary, to permit the Cities to pay the Interest or principal amount of the loans in gold in the City of
New York.
We are informed that these loans are the only external loans of the above mentioned Cities and are to be
made to provide for expenditures for the alleviation of suffering caused by the war and for other municipal
purposes.,
We are advised that
BORDEAUX, one of the three leading French seaports, has, according to the last enumeration, a population
of 261,678 and a funded debt of Fes. 48,500,000 (approximately W.OOO.OOO).
L.YONS. next to Paris the leading trade center of France, has, according to t,he last enumeration, a popu-
' lation of 523,796 and a funded debt of Fes. 97,000,000 (approximately $18,000,000).
MARSEILLES, the foremost seaport of France, has, according to the last enumeration, a population of 550,619,
and a funded debt of Fes. 122,800,000 (approximately $23,000,000).
THE UNDERSIGNED WILL RECEIVE SUBSCRIPTIONS FOR THE ABOVE BONDS
AT 98 PER CENT. AND ACCRUED INTEREST, AT WHICH PRICE THE
BONDS YIELD ABOUT 6,75 PER CENT. ON THE INVESTMENT
Particular ;
of the bonds
rllvr, tha tirinetr
maturity bf the bonds the rate of exchange should be Fes. 5.18 (the normal rate before the war)
the principal sum payable In France would equal a redemption price in dollars of about 108.
Subscriptions will be apportioned among the three issues of bonds and allotments will be made on the
basis of equal amounts of each issue, in so far as feasible.
- The subscription will be, closed at three q'clock p, m. on Tuesday, November 28. 1910, or earlier, the right
being reserved to reject any applications and to award a smaller amount than applied for. The undersigned
reserve the right to dose the subscription at any time without notice.
A first payment of $50 per $1,000 bond subscribed for must accompany all subscriptions. The balance of
the amount due on bonds allotted upon subscriptions will be payable in New York funds, on December 6, 1910,
at the office of the undersigned, against delivery of temporary bonds exchangeable for engraved bonds when
prepared.
If no allotment be made, the first payment will be repaid in full, and if only a portion of the amount
applied for be. allotted, the balance pf the first payment will be applied towards the amount due on December o,
1916. No interest will be allowed on such first payment, If any further balance remains, such balance will be
repaid. Failure to pay the second installment, when due, will render thepreviou payment liable to forfeiture.
All allotments will be made subject to the necessary official action to complete the transaction and to ths
opinion of Counsel as to legality. .
KUHN, LOEB & CO.
New York, November 23, 1916. ullUSfJi
attention is called to the small per capita debt of these Cities, to the attractive yield
: and to the possibility of a very substantial profit- in exchange, in view of the option to
ml nnrl inrerpsr nf the bonds at the rate of Francs S.fifl npi- Dollar. Thus if at the
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