8 J- t j . V ', m ,ir- HrkS TjSisit! Si Jll- . . IJLllU-- M'l""' "' ' " m-ii-i , i . mi ti i ) ---i ' ! r n r '-'til nmillflii' i- r f i mill Cin .1 "-' i fl-1SL J JiafriYi MWAShMU FINANCIAL NEWS SPECULATIVE INTEREST IN STOCKS v IS CONFINED TO THE SELLING SIDE 2 IX JsLW&ligtA -mm ' tr- WHf r - .11 II IIIIIUMHIM ' l jfeKSoifle Liquidation to Provide Funds for Christmas Stfend- '- JUiK xuvin,T uomes Almost wnonv lrrom Investment Class i ' BHW YUIUC, UCC. IS, WhfttOVCr BPOCulntlVO Interest Vim illntnv1 In Ihn ttitrU tnnrbat ,1nHm. tlm lay wna confined to the selling; side, Tho room traders found plenty ot Jnccnllvo wr nuiiing: out snort linos In tha predictions about the short time In which tho hostilities In Europe will end, made by some of tho dermali bankers. Some of thoaa who had sold stocks on a large acato during the last week asserted thot the liquidation then In progress hnd permitted heavy covering of ahofta nt pood profits and that the now week started In with tho practical cllmlna tlon of the short account and without support from that source. tfhoro was also liquidation to sAVo profits and balances In order to provide funds for Christmas spending, n factor thnt always Iioljia to mako the holiday period faVor tho bear side, Thero wan some buying of stocks nt the otxinlnK Bfiatnst commission house orders and for a time a strong tono was shown, hut Within a few mlnutea tho bear traders had control of price movements and losses woro sustained all through the list, ranging from 1 to lo points, with I)rlges Scabury sustaining tho heaviest loss, Industrial Alcohol was without support for a tlmo and fell from 116 to 107, United States Stool common dropped 2 points, with a lator recovery of more than 3 point, and similar recession and rallies woro noted In all tho other actlvo Issues. Tho buying camo almost wholly from tho Investment class, and tho action of tho mnrltct In the last halt of tho day Indicated that stocks oro again Hteadlly going out of tho Htrool, becauso of tho buying from those ablo to pay ror stocks In -cash and take them away, In tho last half of tho day tho bears were less confident becauso of tho nluto Stent which was made that tho answer of Lloyd Ocorgo will bo published tomorrow and may mako peace prospects seem moro distant. Thoro wns little feature In tho trading In bonds, prlcos generally moving within ft nnrrow range, and few Issues showed Important changes at tho end of the day. City of Paris fls moved up to 00 and Anglo-French 6s wero traded in at D3H to 03H. CURB SPECULATION HIT BY PEACE PLANS English Discussion of Proposals Thought to Bo Favorable. Midvalo Drops Far NEW YOllIC Dec IS. Speculation on tho Curb continued under restraint Imposed by tho Interest attached to tho consideration of the Gorman proposal. Discussion of tho document, which has been delivered at the English capital, was generally of a. char acter that Implied a belief In somo definite results from the consideration of pence propositions, and stocks of companies whoso business depends on war orders could, only bo sold at substantial concessions, Midvalo Steel wan ona ot tlio- weakest of the. Industrials, falling three points to DO 14 and Issues like WrtghUMartln, Aircraft, Subm vrlno and Iako Torpedo were ,ln sup ply nt materially lower figures. Many of tho mining stocks also sold at ' aubstnntlnl declines with United Verde down lu 30 to 38 and Magma falling from 42 to 40. Charcoal Iron was firm with sales at 8. Tho October statement of tho company In dicates .net earnings of 2,000,000 or at tho rate of 00 per pent na tho common ufter providing for the dividend on tho preferred stock. Oil stocks were Irregular, with Standard OH Issues active and strong while the In dependent stocks oold off. Jtoyal Dutch dccllnod from 0BW to 07 and Sinclair dropped from 69 to 00. Cudahy new Cs were traded In for the first tlmo, selling at .09. Condon & Co. are said to have sold 400.000 barrels Cusblng grade oil at $3,16 a barrol, highest price over paid for mid-continent oil. Official posted price for mid-continent oil Is f 1.20 a barrel, but big premiums havo been pall all along for tho Cushlng production. INDUSTKIALS I1M Aakffl Aetna Eiptoalve II Hit Amerloan-Hrltjah .life 13 So Amrrl.utj Marconi ,,....,..1,,... 3 !IH ran Oar Kdjr ,,,.... ,. 40 BO Can Car W Ja ..-. Tfl., flO Chareoat Iron .... ..J .,S Chevrolet Motors IiS 1&9 I'urttaa A'roplane ............... 33 in llmereon I'honoerapo. j . 10 Federal Tytuff ...... ....... I,, P5 .00 donera) Motors l lSJ 140, liaaxou iimiKnr uw ....... 3 jioniiro sup ...,. , KlthCHlloTi Jlronxe pfd j.url Oil a,OM .. tfsvlm Ititiltlona ... Manhattan Tranatt MMviilt fltwi ..,. Otis Elevator . .,. i-earieaa MOior .,..... Vnoto Intrlna ,,.,..... Btanitard .Motor .......... Hteal Alloya New York Bond Sales I00O Anier Asr ev (1 a"?!iSH ABlo.Krtnch C. ... JU0 Allifr Mid. 1, (1. . S.'.'i'ii' '" I'nrtlsn Heo t,., ViOOO Amir Hmelt Hen Um Iihh) Amur Tel clt in . . ,S0OO Amarlre .... .. 1ii!!! Arner Wr' 1'sP r'"- juoi; Aichlaon rn -la.. . BOOU 1I0 aUI a logo docv i 101V .. WOO Allan Co 1.1ns IMa . J (K) Atlan Co Unr U ta M'X u" ' Ohio .1H . !B.?,ML 4060 two i i,(VvV MlMlO lletn Hl.fl lat fta 1WM I,rool Itan Tr H . Biiuuii do Sa IMS IIHiiiii ran (lov na 1D2I . 1S0OO Can Clovt oa lusfl.. 4a. 1IIIIMI ilo ,iuui j;ent IU11 ltlRh. Ixiw. 3 p.m. KW I02W HI2V4 I Mil , lot IH14 Km 111 lOOU til IIS Milt nit limn 1011 III) v III) 1111 i.MH .104 . IIH .101 lit , OT , Ml " A1' , huh :iof : m iiii tot I IIKIU . 1 (III llll' II I.I li.H, lilt 0 H lux III 117 Hl HIS eft 1IHIU 0.1 11.11, lUlfS lift Mm ln:i'i nil Jini'.S ion tjiHfliAr ! r nil ll 1111 llNlllcl IT III! . II - A. n. 'tiiAlI In.'i nii..,i.. n..r.v--' --. --.-..'.'. i'.v. -..mi 1.11111 i.uii)vr in.,,, ,iank 127IIOO Chia A Ohio conv fia . U.1J 4IMI0 Ch )t Weat la ... 7aj 4UOO Chi lln HI. ill. l,,ii iinuii wni u o joint in n 41 011111) do ct .1 1110 Chi It fit ! zrn ....... iiO ....... .....J. liuhmarlno S0VI Trlanlo . nim ,,...... llnltml Alloy HtMl, ,...,...,. United l'roflt Hharitis ... J, ItnlUd Htataa Llsht and jtaat rom. llnltM Htatea I.Uht and Ileal prcf . "World l'llm , "Vrtht Jlartln Aircraft .......... ItAIIJlOADP -ere Aianiuviiq ..... Para Mamuetto prcf ItooK lalaiul common jloclc aland A ira( Itoete laland M prat . Vrlurn 1'aclno vr I ,,., S1V4 Weatern 1'aellla prcr ....,,....,, tT Wabaalt IMIUbursh Dili BTANPAJtD Oil, 8TOCKB SllnoU 233 IU4 ...... 1. ....,..,..,, ,94a ITslrla Pipe;. ...,.......,..,,... ,,144 Htani unl oil of California ,,,,,., aon giSSolfu 8ii 0te.::::::21o onenn OIL UTOCKH B2000 ilo cv 4Ha lull 1000 do sen 4H ,., . Hit 2II00II C It 1 I" 0a one (u 7ft 11001). do rfd 4 711 inuon do Sa 71)' noun o It 1 & v Ark 4W. 71 BOUO Chln rct Aa ... . 7t 20OO Col It Houth lat 4a... Ilfl1 11000 Col South Ilia .... MS 8 1 TOO City of Parti Oa...,. on' SHOO Comp Tab Iteo Co 0a H7' 400U pal a Hud conv (la. ..103 loco 1)1 a itud rfd 4 oh1 nuiio Den a Itio ilr 4 mi' 1511(111 Den k lllo Qr rdl tia.. mi1 OOUi) l)la Becur Corp Ba.,. 71 1000 i;rlo conv 4 8r A., mi1 11000 do conv 4a Her II.. (in1 2000 do eiinv 4a Hcr.D.. Kit1 lono flen Kl.c 8H 70 iuiju ur nnr lat oa. -uvu ur 1 ana 4a... DHU us HhVi ... .. tiaSi II1H HIS n 4a. . 112 U2ti H2li un;; H4K 1000 Hud Man In 0 2Sti UN... .. 11IUU Vast Oa.ljul 1 In Um. . -M 4uuu no rru oa ., . imji lpon 111 uttal deb 4.H a . vM 1000 Indiana filcol Sa. . ..lo.'U iuuu 111 uent ia auno. ., 111000 Intern (l T ref Ba... noooo Inter Mrr SIr Oa,.. 82000 Intern! Paper Sa,. .. lodlli) inter Asr Ba.. ...... BOO Japaneao 4Wa .,,.,, B(H)i) Kan City 8 1. 4Ha... MUM) Kan City 60 Ba, ., 11(100 Lucka aitil Ba 1D23. . ncnmi .in nm inivn ? V... Hv V " ... :lcdo Una rru Hk Kill lilt 70 711 Ji ?? 71 IUK HIS UAH H7U KI.-.U im'i R"H 11ns 711 OIiH 888 70 M Oil lilt U!5i 7000 icidio una rru oa, ,.igi; iiiit. ion. JOOO A)h Val ot N Y 4Ul,iof(4 10l(! lOiU inui) I.Ts M T Oa,.,... iolVi Kilt? invi 2000 3o 7 27j 127 127M BOnO IxirTlUrd Sa Iili4 1" 4 lot.S 2000 lunula & Kaah 4a.... UlU. 11(1 II lliUI 2000 Minn Ht u Ba 10000 M HI 1' 4 H H M nnnn Kin !.. Am nn 100000 sooon ICOOO IOUUII Minn A Mo. l'ac M St V 4 8 H M 4a. ac.et 4 no OiU do w I 4a 11 do vr 1 8a 1VSA. ,,. OH do sv ct ata Ba,... (1(1 do Ba 101? o ct 0 ata US1 if'itfi 84V4 Bo, 44H , 00 10 I B4. 0000 Mont Power Be 400(1 N O I ft M II It Sa f.OOO Nat Tuba JHOOd NtCSl itniiuii ao 11a 23001) do 4a 2,1000 do 4 tia ..... 1BO00 N Y City 4a IOflO 81)00 do 4a 1017 ., , Boon do 4a 10,18 .,. 20110 do 4a iuuu nvuu aa 4000. do 11000 do 3000 do 1UUO N X uoi ill, ,.ii"';4 '..'.'. o3h .... SA rest, lot . .HUH 101 soon 4 via iuuu lua 4 A a 10(13 Hit) 4 Via 1003 , 100 4?a Nov iOB7..tua (in a i- na. . . ,1 VII III! 0)11 OIU .1111? ITIlA' f "": v"y U 117 " II7S K IIHW llllW 4 not! no',! u omu, imvi I up(i uus BO Bl) 1IKH, Klll'i HB Bl 11114 IIS 02$ U2H on' on 101 101 r li 101 1,1. 101 1 101U 101U initi i ll)lk 101 S Ji 101U lllRli Y Ilwy ref 4a 1000 M Y T.l ran 4U a tnftrt NY V O ft II 4Ha. 2000 Norf ft BMO OnT 8hi r 11. -t c sen Ba BrlOO Ore Short Ij ref 4a. .41)0(1 i-ao Tel Da 10000 PaclAo Oaa Ba jjuihi i'anna ji, na en ....... 6a Peo ft tCaat la'4f ,, ii- 4U 110 7B u: hi .RSH "17 101U I'IBJi lo'ivi tnaw inuii inn i llarnett Oil uoaoei Ccadei ft Oaa n A Co l'etrot , uu Inlnr ffouaton lirrrui uu Mtdweat Itaf ltoyal Dutch fiapulpa Iter tllnclalr .... .. .... ...., ,...9... .,.,,it,,i,,, ...... .. ta.t ...., ........... MININO aTOCKB Atlanta liutt roi JlUbee Copper imn :opp( uuiut H v . (a. nroan T KHU J.IIW .... . ......1 1 tit ... t .. t. ...... ..,,,,,,t,,,,i., IM,1tt,,,, OolJrlild Ueraer .,.,. ...... .. &iuilnjf i,i,i,i,,,i,4,i, i,(,.i,.,i,i.t t ttt t it Cojto dePaaco 4-.tnoia v-'-i-' i Klorenea Qoldlteld llacla Mining stow oouiva ..-., I ndtMindanii Iad jlm Uutlor ..................... SO Jumbo Kitenaton ,.,..,.., 27 McKtnlay-Uarrash OS jimta tu 01 Auicria, ..,..,,.. 4 It'lplaalns Mlnte Co .,,,,,..,,..,, BU )ty llercutaa ....,....,,,,,... 41 Ban loy ... 1. .,... ...I, .... 14 St Joaeptl. tM ... ....... ....... 1 Tonopan ,.tcnort ....... ........ "Weat !nd .ConaolUttail , , .... 0 -wait oK BONDS Amur Tel Tel new St ...... Cerro d I'aaco 0 ,., , French Jlunlo Oa , ... UUtald atetl Sa ............. Ttuaalan, te . ..1. Iwnalaa Bha ,,.,..,.., ,4 .11 ..All - n iiniw racing uaa oa ,,.., vrt.. v liopo panna 4a ID IS nos BOOO da sen ct 4W. ...t.loag oo.enena .it.i...'"n ,100 . so 5"!H 8 4000 publlo tlarv N J Ba Biooo st U ft H V edt 4a,, do In 4a ........ ao ear a 2000 (1001 1 do Her II ji!j-".SnJ Rt P M ft M 4Ha..loa Htand Mil Sa Out! Htand Una Oa ......10IH ;:i3o' Haab A 1. adJ BOUO South Hell En... 1(1000 South lao cv 4a 1BU0O do ret t p sa, jnono do rfd 4 ,. 17BOO South Ilwv sen Hugo an con oa BOOO Npart 4 87 ..103 :: n ' -ji.. iu 11 i 'Ji la 200(10 Tol ft Ohio Can sen Ba SB iuuu Dialer at Ltti soon tin 2"00(l v 1000 JJ 14000 U 4DOO 00060 140OO Kutl Ot.. Ba ,,10(i .uu LIIU 101 ; 41)(! 00 7B OB . S uo'i a..3..H .BOH ?US 102 102U ioiiC jnnJ 7S 7.1 02H U2H Kill 1011 W - SUM BOH fluff 60W UD (J UU J lnili mi (4 07 III 14 lOOt, lortU H S7U S7U K 103S 11)33 3 m 7bp A3 S,1' H loovi Km,, 1111 in H tealty Ba ..At 117 07 8 Itubler oa ...,,joa,U 102U jllJU a Hteel a f Sa .,..10(1 innS lo.l j a f res Sa ,,.,.,lnsu Jninj iorty ilon Pao lat 4a ,,, 084 "8 "4 Bl4'a'l10 08t4 OHtl OsU .'.v.;v..6g Hit a? ,., ...JM lOMivJiulJ do Iinlon V Jnlon Pao rfd 4a.,,.. lit I 000 U K O J! 1 SVia '10 08 iSo'ioo do ID: 41000 do 6a ....4 BOOH tVabath lat Ba huh) no :iu 1 .. . BOOO Wab-I' T lat ct 4a. 68000 do lat ct t 4a weai rt 1 a 'n ie. union mtea m JOOn Waal hihii) wi union oa , BOOO Wlio Cant sen 4i vv& , 87 RO 97 ! U m so , oi on oa .101(4 jftlH 101U , 87 80 87 t FOnEIGN EXqOANGE N1BW YOItK. Osa M-Tbo feature of the tSoreltn exchange today WM a further sharp dfcllne In Teutonuj exchange. The market Benurally, with th exception of sterling and 3wis. was somewhat easier, but bust- was very limited. lUlchamark cables fell to T0 and caecks to 70. This U a rteollpe of 5o from thi recant alleged high agurst 0 iba rally. Vienna was also weak, with cabtea at 1S.05 and checks at IS, Iteacto eohapg waa a shade easier. Quotations follow: Dajnand stsrlln 4.1SH. cables t.191-19. tJUrty-day bills nominally e.tJ. 'Usatyay bills 4,81. J Rrona cable M1H, ehfrks B.84S. SJrs wblM f., eaeeka 6S. Swisa caWta, .. checks 6. SsiMsf mbUM ef.10. pbscka it 00, Jfaoar ekbitt .tS. check S9M, mttrn tot PUgfim MUta iSPaTim Cotton '9 : Financial Briefs Banks gained from the New York Sub treasury Saturday J5.ail.000, and slnco last Friday gained B.078.Qv- Qross business of General Motors Com pany for the first four months of the fiscal year from August to November, Inclusive, totaled ttT.S10.000. and uet earnings were, IM?6,Q00. The American lacomotlva Company has taken orders for ten ill engines for Wheel ing and Lake Erie, four switching engines fer the Philadelphia, Betujenero and New England, and f)v for the Tata Iron and Steel Company, ot Indiana. New York Stock Sates tti eloee, Itleh. Tw. P.M. 2IH S05f 28ti 09K COH nsh 1314 TO ATHornjIr....r.. 20 2IH 20)f AJu nnbbnf 7DJS 81K 80 AllU-Chalment M fg sgu SOH 2811 ArallfetBuMr lpotf notf arti AraO.n If( HVt COM Am rr a; Foundry CO), co OWf Am'IHflAIsther....' 13M 13H I3K Am Hide A tealhCf pf COW C9f . (WJf Art hooomotlie riu n ra Am Bmelt A Itef imi lrwt4 inn4 107 Am Bunt lleflnlu UJ 1UH 1I1H lll Am Bleel Poundfie (VU, (V, ai (VI AmTob pf ftew ..J08 108 108U ilWlf Am Wr I'iper pf 40 40 48M 47 AmZItAS, iott 47li -10 47 Am Tel A Tel 12.-.J. WM 1H5 I2M AnaconOM 87H RS R0I 87 Atch Top ft 8 V lOUf lOJ lOih 105 AUOnlfAWI 13, 120 2fl Ui nM Tocrf wit mt now rt7 Mil iieinicncm mi pr. ,,, ,40 ll nrjotirn mpid it 8.1 Barns Urol ,., 8D nit a o.iio . ... nulte A Sap ... 1 Csl Petroleum , Cil Petroleum pf CanmiUn I'sdilc , Crnltal leather , Central brother pf. ,.,,, 8- 23 Ct 83 OIJ, CO 25H fiOf 1C0H 108 UIM Ooh Hi 83 Wl 2S 6T. umt ins 11314 nt 145 83 8(1 8.1M r,2H VM WWf lit M4Ji IMH 1IIH Chindler Motor 10SK I03JJ lOJJi 10.1M 07 381, 2l!f nr.if 31 M CO .'trt'f r.us ChrjAOblo mii mu Cbl It I A r.ic....,,,. . .-)!)) 30)f Ctillt Copper 20)f Mi cum coppr , r,s &s)f Crorltilo Htecl OW Oa DUtlll Bee Corp'n UH .'W DfteM Braburr, .00 m Krle 37H 'MU Kris lit Pf r,lH fitu (IcdNil Elocttb.i 17214 172H 172 Oocdrich n P 07 001, 03H tirannr conioi u mn nrrat Northern pf 117 117 f 1 N cf j for ore prop 10), Wi (Ifrcne-Canocii 40 40 Imp Con Cop MM .V)U Intl'iper HJf 47 Intl'apertif 101 lttS Int Her MnilM 30)f :7M Int Mer Maflho pf 100 100W 103 IJ1TK otrei uo any lit Yj Ihluli Valley BOH HI' MjiwcII .Motort M KM Mux Moloni Int pf 7Mi 731i Max Motors 2d pf 43 43 Mox l'etrolourrt 00) lOOtf M liml Copper 40 40tf Missouri lMclde II) lUlf Mo Kan A Texas 12 13!f Nov Con Cop 20Jj 20JJ Oi 39 20Jf r.o 07 33f 60 37 1H 172 01 !H) UOIi 11 (K 117 30K 10 45i -I5I oh flS4 -MM lUt 3.r) 4' 107 35 io- 8S 81 00 71 ItHf Ncw York Air IlraV.ii New ork Central N Y N II A II . ,V Y O A Wot. . . Norfolk A Western. Northern l'acinc. . . Ohio Clllel (1 I'cnn llallrotd.... Iltti Coal c of tip . l'munl 8teet Car.., Ity Steel BpM Hay Con Cup .... Heading .... , . .. Hi'pulille Iron A 8., Bralxmil Air Line 10 Scaboanl Air l.lno pf . . . 4())f 81 7IM I2lf !)7J 100 .TJIi .!!)) 10K llllf 12 12 2.5! t 23 K .100 102 IA2 1G2 . 10t3Jf 10051 lOW 100 . 65 C!H G4J,- AS, . 32 32), 31f 32 137 137J 130)4 130K .110 IKIJi 110 11034 .103 101 I02M I03!f ,. wu, coij r.inj cox . 40K BIO . 45 . 75Jf 70H VMi 75f ,. C2 MH 53,'f 53)( . 28)1 28K 28M 2Slj .100H KKIJf 10)f 107K 87 BUf 78)i 80 10)f 18)f 11)5 40) ( Bears. Hoe A Cc 230tf 220 228)f Blou H(if B A I 00)f m 02 Southern Pacific 08)$ 08W 1)8)4 Southern Hy 3034 .'101f 35K Southern IIS pr 72 7.1)4 8t Louis A 8 F I .... 28 30)4 St Louis .Souths wt pf. . &l?f 57 Studi halcr Co Btutz Motor sti , St Louis SouttiAcat... Texas Co , Texas lMclflc 'Ihlnl Aveiiuo , Tobacco Products...., US 0 1 PA V UBOIl's Kpf..., U8 1ml Alcohol U 8 ilealty A Imp, .. , Unllitt Hyalnv U H Hulilwr USB It AM US Stivl Corp'n US Steel Corp'n pf... Uta.i Copper , Utah Securities Vo-Caro Chemical.... Wabash Walusn pf A Wabash pf II .., West i: AM Willys Overland Union Ilac A Paper... Union Han A P now. . United Clear Stores ., United Fruit Union Pacific U5H 115)4 1 28)4 55 11)4 I8l 40 28!i 00 118)4 3514 72)4 30)4 57 115 60 V4 28 605f 50)4 ,. 31 28 2H ..11)9)4 207 108)4 205 .. 21)4 21)f 2l)f 21)4 .. 50 511)4 -11134 -10)4 .. 51)4 674 MM 5 .. 22 23)4 2.1)4 23)4 .. 50)4 00 00 00 .135 115)4 107 100 ,. 304 31 30)4 31 . 12 14),' 12)4 13 . (15)4 00 01)4 00 ,. 08M 0S)f 05)4 00 ..114)4 11 US 112)4 113), ..110 HID. 11014 UOH ..10SI4 100)4 1004 107 GOTTOH stronger, BUT TRAblNG SMALL Oporatfons Arc Nearly All Con fined lo Commission Houoes. Selling FoIIowb Advance NBtV TOHK, Dec. 18-Trndlna; was small at the opening1 of tho, Cotton Ex cltanfco this mornlnR, but the tone was firm vrllh prices 6 lo 16 points higher. Opera' tlons were nearly all confined to commis sion houses, although some, uptown buy ing was noted and Liverpool sold March and purchased October. After the call tho higher prices Induced some selling, the bulk of It comlnrt from Liverpool, and prices by the end of the first ten minutes had reacted 4 16 0 points from the Initial levels. Temperatures were nearly normal, but It was snowing at somo points In Tennes see and North Carolina. Weat of the Mis sissippi clear1 conditions prevailed, but to the east of tho river the precipitation was general, Liverpool nt the time of tho start hero wss 13 to 14 points net lower or nbout 2 to 3 pofnts better than due. V prttnte rahto reported a llttln liquidation hut no liode-o selllntr, with tho mnrkct a small affair. Trado Interests wero Brood buyers dur ing: tho Intter pnrt of the forenoon. Tills was Accompanied by reports that spinners wero cnlllne; cotton on a ronsldcritblo scale, svhllo tho innrltet nlso fell the Influence of rt stronirer tt$tfylcnl position after tho liquidation of mturdny. Actlvo months sold about 20 to 3B points not higher during the middle of tho morn ing, but this liiilgo met Liverpool eclllnr. which was sold to bo partly agnlnst spot purebnson In the 8011th, nnd there rsern re actions of 6 or 7 points after II o'clock. Prlcos wero well maintained later In tho afternoon Tho dcrnnnd from spot firms, which probably represented price flxlngu by spinners, to a considerable extent absorbed tho compnrntlvoly modcrnto offerings from speculntlvo sources. flat, cloae. Open. JJeeemW ....1S.0I 17.00 18 no Sates In Philadelphia ' ' " nm 'l il " "' ew. itbm. Lose. B Am ttys pf 91 07 is Anao Cop. siw M I Cam Iron. 41",', 44i SO Kleo Stor. 00 54 i SO Ins Co N A It IT 40 Kenne Cop 4S 4 MIS LkSupCrp II 1 so Leh Nav.. SflH Sf)H II Leh Vnlley atU SIU 1 Mlnehlll .. nl; Sl"4 I4S Nev Cons SVi IW 410 I'enna It It M SO 10 Phlla Co pf IT It 100 do cum pf 41 41 111a i'n nieotp sty, " 4IST1 PUT tr cfs 80H IIH S3 Phlta Trac S1H SOH SO Reading... 10 lOIftj toil 80 Itwy ., IS", 9H Net dure. 8t H S1W -J4. 44 H H 9 ..... St tt.ti 49 11.11 lltfc J4 Vt H SH4 W STH 364 Din son H IT 1 41 St W 80?4 194i aiH V. 10TH H SOW W January IT DA March IS in May 1N..17 July IN in OctoVr m.M Hr-ot in. in Illnh. 18.02 1S.IR IS 411 lH.r.u IS III 10,711 Iiw. 1T.B0 17 7(1 ih.iii IM.'-'t I.-.'! 10.40 Cloae. m 1H lit lN.'JJ IH.a-V 111.411 18.10 Liverpool Cotton LIVKUl'OOL, Dec 18. Tliern wns only n moderate demand for spot cotton today and prices were 20 points lower on the Imsls of 10.80d for mld-uplandn. The sales ag gregated 19,000 bnlcs. Including 0000 bnles Amorlcan, The Imports woro 47,000 bales, Including .17,000 hates American. Tho mar ket for futures closed steady nt a net ad Mtnce of 7 points to n decline of 1 point Net :hat. ROOT Ilel . .. 4 1S.1H 4 ll'tfl 4U 78 Ton Mln.. U W y S-1 948 tin Trac. 4J4 4fl - 4BA S ISS Vn a Imp. IIH 00 l4 3X15 U H Hteel 114V4 1IH US 100 York Itwy, 14 14 14 4T do pref.. K 30 SS IJx-dlvldcnd. itnvna lllah. Low. Clone, e f.1000 A tIAKt Rs SOU 0H 00)4 Y. tooo City Itii 1031 reg on Or) OS ..... 1000 do '18 rcg.t03tyt 103 103 H tooo Uleo & Peo Tr 4s .. S3 S3 S3 oodo Int Itys 4a. 63 V4 SSH savii S7000 I.k Blip Inc Ss SO iV. 80 1 1000 IhN'cons 4Mb ...10.1 103 103 -f V, 0000 I'hlla Co cons 6s. 02 0 ot V. S00O Itend Itn 4s D&M 03 H 03)4 1000 Un Itwy Inv 8s IS 73 73 3 1000 Turk Itwy 1st Es . OSVi 03)', osu , WHEAT ENDS FIRMER; TRADING MODERATE Indications of Approaching Holi day Dullness Are Apparent. Exporters Indifferent BIG DECREASE IN LOANS of 23 .. 4!.)4 ,. 10 .. 67J4 . 31)4 . 55)4 . 37)4 .. 12 . 09 .. 07)4 .150 2314 15)4 10W 50)4 3J)f 55J4 37 12) i P0J4 08 157 15 1514 67)4 32)4 01H 30)4 12)4 00) i 08 157 23 45M 1(1) J 60'4 32)4 55 3 c 12) 00)4 08 157 .140)4 110)4 115!4 110 12x tllvlilorul American locomotive. 1VI per eent. Clenrral C)i-mlcal Company. 1H ptir cent; Irfiosa.'Wllea Klacult Compiiny, lat preferred, fit per cent! Mniihuttnn Hlilrt Company, preferred, 1 per (vntt Thelpa l)oilqo A Co.. SMi lur cent and 10 Kir cent oxlra, Dlatlllera ilacurltlea C'orpornllon, 1J4 Per cent. May Department Htorea Company, IS wr cont. Tobacco lrotlucta Corporation. t lr cent Manila Klectrlo Ttallroail nnd I.Uhtlnv C'ompiny, 1V4 par cant: Hloaa HhafDeHl Htevl and Iron Company, lb per rent; Chandler Motor Company, 3 par cent and 1 per cont extra! Kloctrlc Htorase llattary. 1 Ier cent. Local Institulionn .Report Dccllno .$7,403,000 fti Week Tho oiitotniidliig fentufo of tho Philadel phia bnnk statement this weok wns a do cllne of 37,403,000 In lonns. Last week thero wnB an Increnso of J5.200.000 In this Item. Deposits fell 31,778.000 and tho sur plus wns 31,332,000 smaller. Dlrfarenra prev. weftc. Decreaae, $7.411,000 ' 3.77H.000 xn, olio ff.sxs.nrto I.UOJ.IIOO lMr.4.0l)(l 0,177.00(1 l.HtO.OOl) 1,332,000 I.onna Drpoalte tlnd ) Circulation Due from hanke.... DepoMlts of tmnke.. Kx. Clearlntr Itouao, lteaervo fiald. .. . . Hraerve required... Hurplua Mncreaae Hurplua December cemner 'i. iuis Dec. 18, 1010. . .J344,4O),0n0 . . 4.1ll.0aA,000 V.IUI.UVU 8.1,4)111,111)1) ji.o.iv,uv" 23.Hm,lfKI 1111,177,000 78,41)3,00(1 11.084.000 11110. I0.II7H.0OO: beri-mtmr 111. 101'.'. I December 18. lull. 3. 11.14. 200. 0. mm. IM.ant.nflO: Dp. IIB.037.iD0i December 22, uu.uuu; GIrard IVust Has Good Year Tha annual report of tho Hlrrml TrUHt Company shows that tho net profits fdr tho enr ending November 29, 191G, were 31,284,131. Krom this umount tho follow ing pajmentH vera made: J300.000 to sharo holders In dividends during the year; 110, 000 as the usual contribution to the em ployes' pension fund, making the total umount contributed to that fund 370,000. As of dato November 29 tho undivided profit account was $1,013,001, compnred with 31,274,809 last year. Ileal cstutu con tinues to bo carried aa an asset as lees than its assessment for taxation, Owlnu to tho abundanoo of money In the country, tho average of Interest rates se cured on collateral loans waB 3,75 per cent, against 4,43 per cent last year. Two hundred and slxty-flvo new trust and ngoncy accounts were opening durlnrj the year, nnd after current settlement of es tates by completion of administration dur ing tho year tho total number of accounts In tho tni'Jt department Is now 2605, of a total npproxlmate valuo of $197,000,000, against 3180,000,000 last yenr, Tho num. bor of deposit accounts subject to check is now 15,181. The average balanco totaled approximately 347,000,000 during- tho yenr, against 1(2,000,000 last year. MONEY LENDING RATES Kinv YOItK Tho money market had a nominal appenrnnce today with business nt a minimum. Unnkcrs maintained a precautionary attltudo, and this Is likely to be continued until nftcr the first of tho year. The market, however, from the viewpoint of the Wall ttroot borrower. Is not stringent, reflecting tho clcanlng-up of last week. Loans on good mixed stock oxchnngo collateral were quoted nt 451 4 per cont for sixty days; 4 VIST 4. 4 per cont, ninety days, nnd 44'.4 per cont for four, five nnd six months on good mixed stock exchange collateral. On all Indus trial loans tho rnto la about G per cont for nil dates All of tho money markets aro susccptlbln to tho uncertainties rein tlvo to the war and peaco prospects. Call money ronowed at 4 per cent. Prlmo bank acceptances wero dull nt 3Vi2Ti por cont for ellglbles and SiO 354 por cent for tnollgtbles. IMtlLAIinLl'IlIA-Call. 5 per cent. Time, 4)4 5 per cent Commercial paper, three to six months, 44JG per cent. OIIIOAOO Call, 4 per cent; tlmo, VJ. B per cent, BOHTOK Call, i per cent; time, 4 4 ',4 'per cent. CHICAfJO, Dec. 18. Dealings In wheat woro rnodernto today, as compared with operations recently, bocause of n disposition to wait Premier Oeorgo's speech In the llouno of Commons tomorrow. Jloreovor, there wero Indications of npproachlng holi day dullness. After displaying n weaker tone, tha mnr kct closed firmer. Wheat that hnd been put on snlo early went Into strong hands, and shorts covered. Kxtrortcrs, however, were Indifferent. An ndvnnco of lOo nt Ilucnos Aires at tho outset did not hne much effect here. Clearances from the soaboitrd wero small, llecclptn nt Interior points wero less than half of thoso a year ngo. Tho market nt Liverpool was dull. Docember ended nt tho best, $1.5354, nfter hnvlnc been quoted nt Jl 5154, Sat urday's Iast'prlco; May nnlshcd nt J1.G4& OS1.54 54, or nt about tho top, nfter hav ing touchod 91.R1, or 2c below Saturday's close. Tho high on July wan J1.38H, and tho low $1.34 54. ending nt 1 38-B'Jl.38, compared with J 1.37, tho final ouotntlon of Saturday. Tho Government report on tho area sown to winter whont was bearish The state ment put It nt 40,090,000 ncrcB, tho great est evor planted, with tho exception of tho 40,453,000 acres seeded two years ago, and Is moro than 10 per cent greater than planted In any year to tho fall of 1011. This yenr's nrca shows an Incrcnso of 887, 000 ncrns ovor that Bown In tho fall of 1915, or 2.3 per cent. Tho condition on December 1 was 85.7, against 87.7 n year ngo ao.- iwo years ngo and a io-ycar nver ago of 90.2. Leading futures ranged aa follows: Rat'day'a Wheat Own. lllirh Ti,v flnam r-t... Jlay i.nsfi i.niS l.m i.mt July .,,.... I.3(l4 1.88K 1.34)4 1.88. corn tnew uallvnry)-- 1.01)4 l HI 1.3- l ?.. 17 U BANK CLEARINGS Dank clearlnia today compared with corre- ponainaT day mei iwu yearai Philadelphia. J5l.lM.aM $31,061,312 110,1011 Jl.lldWI i.oM.,112 2I.218.BS1 1014 121,017,1105 lr,b2V,2H2 BAR SILVER Tendon (Mnce) Nvr York (cents) ....,.., , TH' t lat SO",, HUH 70VJ 73 Sat. Decomber May .... July Oata Docember May July . ... A.aru Deramber January .May .... Hlba January Way Pork January .Mas- Hid, IM J4 B.lf, niu 035; l2( 03 dis oau UIS 02)4 Dili 82K .. 40H .. no), ... 01 .110.80 ,.10 0'J ...10.00 ...13,02 -.14.00 . .28 no 20.47 tAaked. 40J nil. in so ian 10 03 13.75 14,10 20. CO 20,33 40!S Sofe 10.47 111.02 13.V& 40i 03 J IVi oiU 02 uiK 40)1. 03 SI m.BO tfario 10.00 111.03 10.02 10.00 13.00 18 72 13 70 14.00 14.07 U4.07 211 00 20.43 20.110 20.00 20.30 120.03 Union Twist Extra Dividend BOSTON. Dec. IS, Union Twist Drill Company declared a cash dividend of 6 n sharo and n. stock dividend of 26 per cent on tho common stock, also regular quarterly dividend of J1.50 a sharo on the preferred stock. Tho cash dividend on both iBsues Is payable January 2 to stock of record December 20. Common stock dividend Is payable January 2 to stock of reoord Do cember 21. IS LiESflM DIVIDENDS DECLARED International Traction Company, rvnular vmr vui vn ua i per Lent PP,,cnt on Ua 4 prc(rreit slock, 1 urafdrrtM atuok a.m tock. alt payubta January auccemuer .u. Itluca Avenue Fsisepaer iwr rini psr cnt on common ' 3 ty atock uC recorj itauway Compajiy, r chare, cavubl clvea Uecembor lei reopen January January 1 as nt Uterad DaeemUor 15. llooka regular quarterly . of 13 per ahare. Cuba, llallrnail I'nmninv p.,iln -mlnMH..i of 3 uer.cent vn pretarrad atock, payabN i'tt,. ruary 1 tu jlnck of record December ni4,ura it ana ,-ower uc uavahla Jnnuir IK '--". -V.T'-' rT--i7"- -t --. -- vi ui rrmm fCLmoai terly of 2 a ahare. bla 30. Jlur Mine Hill and Schuy tiv. ZM iwr lbi. n.vth tered ITervmbar 22. Ilool pa lat raopan January 18. I'lilUdalphla. und fkflhla. resular quar. to m bold. Haven Railroad Com. payable January aa cioee u IS eceml aa ra r sj, Weatero nt 10 Quarterly ufiu per cent en tho preferred W1 atock. payable .uiM-ainUMr ou. Not a gratia steal Company, Hallway, resular II tbo urerHrrtftl to stock of record resular Quarterly payable janu. of 2 per cent on preferred atock. uary 10 to stock of record Deceinper 80. - . I , Ml !, ,,. II NEW YORK BUTTER AND EGGS oS'.lsw,.TO,u,.i- J0"- .lo-rrBUTTEIl llecelpta, 2904. . Market about, to din bor on top uradae, A SOOND IIVESTrai g rlae oa other auallllu. Very RAILROAD EARNINGS VIRGINIA RAlt.WAT AND FOWJSR Novembtr ctoaa ... Kat HunHua , Hn moniha' sreas Nat Burplua ldio I4K1.703 230,031 6S.UO1I 3 431. sea 1 Si led 4'JS.Oi Inc. 4IS.SM 11,073 S0.11O 11.78 Hr -- I VASJ-, KXVMS. Ue, BE : s Ullli ba -"- sift axt.Allvl!ctld ,of SU .; CANAPIAK HORTIIBRH Second week December tasa.tM TWIN qiTt lUPin TRANSIT ytrat wtek December-- U09-soa III J l-Tuai Juiun 1..,.. B. III. 7 12 :! 4 hVVMlp, BOCHKETJSR ANB riTOSUUJiaH ueeemejr . fM,T KM 1(18.000 i.ssij.aa') 1 fcmif... E"Jra 'reamefy. 41c, hUher acorlnr, 4ljl4f4Sc. rtrata. 3IH BlOai Stale dairy. 40e Imitation creamery uncnansed. r.uuo iieceipia, bi reaa esira scare and Wither .Slorasa usltr. Ustru, 03O3lc LIVE STOCK QUOTATIONS QliICAGO, Dee. lS.110aS Receipt. 63,00ft head. Uarket alaw sod atedy Mlied and buleir, IS 50010.15, Kuod heavy. 10.63 8 BO; rough, twavy, t9,O3Y.0T lUhl. 1500.03 pise, tr tsa. bulk, lo.ioeio 10. ' l CATTI-BUeeelpta. " 34.000 head. Market weak. lOe tower Oeevee, 10913 10, cowa and ,M.u. i -syrw IB. vp.iB. awu.4, 8U. celpte. sa.000 teail Market naiivn asu wuiern, isy 8EP y ta 10. lamba, ataitdy ta 10c lswrer. ID .OO'JS.IO, Sugar Futures Fairly Active NHW YOBK, Dec It. Thre was a fairly active osetUntr la iu:ur futures to day, wlt flrst prle4 Itol Wlnts totrer, wbteb lima a roAMtlMt vt tht eftslr toise l tlw wrW tm 'M,l QMtw raw suar. KNOXVILLE RAILWAY AND LIQHT CO. REFUNDINQ AND EXTEN8ION MORTGAGE Qe. DOND3. 8UDJECT TO ONLY WU.OOO FIRST MORTQAQE Es. TAX REFUND PENNA. FEDERAL INr COME TAX PAID. TrllB SECURITY HAS CONSERVATIVE RESTRICTIONS ON I8SUANCE OF AD. DITIONAL BONDS, ALSO A SINKING FUND. THE COMPANY'S NET EARNINGS ARE OVER TWICE ALL DOND INTEREST AND IT HAS AN AVERAGE DIVIDEND RECORD FOR 0 YEARS OF OVER 7. PRICE TO YIELD 5& FURTHER DETAILS ON REQUEST. BAKER, AVLIMG & YOUNG LAND TITLE BLDO. PHILADELPHIA BOSTON CHICAGO HKkERfCa BANKERS and BROKERS MM CHumreur f. N. E. Cor, Direct VVlre to New TorkT Countlo Oat & Eltetrlo Gen'Lgf, A. & P., 1953 REED A. MORGAN & CO. WEST END TBUSr DIOO., PUItA. Meabera ef lb VkiU, btotk Kirtumi nlBEOTOBV OTf ACCOUNT ANTS Certtlled 1'ublle AtcouauaU ysB?&Jh'mii ttfitw L Province of Ontario Canada 5 Gold Bonds Intrrett Jane 1, nd Dec. l. Dae Dec 1, 1020 The estimated population of this Province i 2.750.000, ap proximately one-third of the total population, of Canada. Price 100 and interest yielding 5 Deacrlptlva circular PE-B! en requeat The National City Company 1421 Chestnut St., Philadelphia New Yeii CUctta San Fraacliee lioitoa 1'llliburia $100 BONDS Union I'atMiutr Itallwar 4 a, 18(0 Vi LitiTe Geoneto'a Irfilneton Traelloo lit Bi, 1011 pa 5.13 ' MELLOR & PETP.V Member, N, Y. I'lilU. Stork Eithaaie, 8J4 C'OSHIKUL'IAI, TUUbT UUJLWIMI AXNCA1. MKCT1K08 -ks UNION NATIONAL HANK. l&f PMUdelpliia. JJeewuber 'lha Annual Ueatlns ot the Blockhc ttila pH t?r tha Bl.ctloa ot Ctnctere will te GelS 91 Va wUuW 1'HUW BU 4BVUi 111IL the Btoekbfllilare el Of nircplnrd will K S. at tbe tiatlklnA celUa OH Tuaaiiiir. Jstraan ntraa a isPKAiru'A ra? i mirimmm r IXECTION THK CKNTttAI. KATIOXAZ. UJJiH u rMiiuu.u'm4, I Bluttion ffcDWstun' l Uita MPID' 'rRANtofcRtPIFICATES MOST ACTIVE IN L0CAI EXCHANGE TRADfl Advance to Best Price Since 1909 Good Earnines r, as Reason Movements in Prices, While Narrow! Are Generally to Higher Levels i It It had not rieen for rhllmlelphla IlnpM Trnnslt trust certificates, tlierrt troutd have been III tl to dlncuen In tha dealing) on tho I'hlladelphln Stock Hxehnnit to ilAjr. They were fntr nnl nbore lh moat active, nnd held tho lead nil through tha day. From the opening of tha Kiehanim a. Rood demand Appeared, and before Ions tha price hnd been advanced to the highest alnca 1900, 10 Vi betng reached In the first hour, a gain of 1 na compnred with tho close of Saturday. From this point thero wns a small reaction, but tha decllno was not Inrjte. Largo blocks "nf tho certificates were turned over on "Inula transactions. The Street hunted around for a reason for tho activity nnd strength, but nothing definite wan forthcoming, It has been known for soma time that the earnings ot the Com pnny aro comparing very well with last year, nnd to tha fact that the Street under stood that the monthly earnlngn statement. to enmo out after the close, vony very good nhowlng, was ascribed la activity. It was nlso said u operating. I'rom n local ntandnotnt. lv.. e -Corporation atock BwBaitofe phla Itnpld Transit certlflcSL , activity. Bumlor got Up Jr?t Um company's t per eent IneonTt rosa n full polnl. denerallr 7C ments In prlcca through the liiiL1 row. nut. for the most patt, U,,i "iL3 higher lovel. s ""' w7 nurlnir the morning the mrtt nulla active, ns compared wllh2? but tha unseltlement In M.I TL? nbout ralhor quiet trading bee. .ii nflernoon. No one In tha striJ,.5''Ja no very much ror the Ttmnita.rm yenr. and when anything I, a' 'S .,uu,r mm ij men mat evtmhri" bo closed out by Iho end of thTS " rtiR LOCAL MINING STOCKS TONOPAll STOCKS eeNamara .... idwar Ijliah Rxtenalon cniana Nnrtharn lrarua . r.uia Yat una Atlanta 10 lilue ilull ., .11 J nooin ,,..............,, i.i uornuinaiio ....,,...,,....,... .yo Hlar .,......,....,,. .13 ula it ' I US GOLDrinLt) BTOCKS in ... ."J 1 .1 Inktlen rractlon .05 ondflatd II 11 04 eli) ' Uonao'lliiatVd ' I ! ! I i ! ! ! ! ! !o,i hM. Asked, im if? Diamond lie iialdAi KiwanRi Hnndi'tnrm 'Kendal! '!!.'!!!!! T !!! ! Bllver I'lck MlflCKI.t.ANKOUS Arliona United , ,00 aa Hill .211 i I TO .13 -2 .03 .30 Kevaa Nevada Wondar Tccopa Mining ..2. is- J. .12 A NEW YOItK COFFEE MARKET NnV TOniC, Dec. IS. Tho market for coffee futurcn today opened nctlvo. un changed to a dccllno or 3 points. On the call thero wns n good support noted for foreign account, with cotton exchanga houses and Wall street soiling freely. Saturday's December January , 1-i-hruary )i"h .. icrll ... .. .... Juno .... July .... AUXUBC .......... Septsmber October , . November Today-'a opening. '.' H.'.i6es.37 . N.I.I ,. ,H4IH (in aSOVB.03 ft.OUUB.Uf b'AtlOB.7' h'khds.do H.esus.iiii rlmir- H.'JHWH 80 H.37WB.01 M.JIIlfH 4T H.iUnn.pi H.jllOM 4T 8.02O8.03 S.T3WB.H1 H.SQWH K'J 8.8008.8? H.UIJh.jiJ It'.UiQD.o) Wheat Irrcnulnr In Liverpool LIVKIU'OOL, Dea 18. Spot wheat was Irregular today with No. 1 Chicago quoted nt 17s Sd, unchanged; No. 2 hard winter 16.1 lOd. off Id; No. 1 Northern Manitoba 18 and No. 3 Northern Mnnltoba 16s lOd, Y n ueuiino oi ia ; corn wan steady wltn American mixed 3d; higher at 13s lOd, while plato showed a gain of 1 nt 13a, Standard Screw Co. Pay8 Dts TV NKW YOIUC. nca 1.-The fiZ Scraw Company has declared th , semiannual dividend of 3 her nf J mon stock and extra of 30 percent. MJ January 3 to stock of record at tk. J of business today. Tha .tir..11?? : cUred the regular nemlannual Hi.il?:. 3 per cent on tho preferre.1 A st CmiM por cont on the proferrcd U stoc? toXm January 3 to stock of record nl th.J?"? bui mess today. """fi im J tToqoeattenatily, Kit batle - VA iallty ef thrift U tha feeal. 1', WA ty of pittlec aome portl StIK, ': ef ene'a earalnn la Um tok mWev'Tm' Wfc at reevUr latarrali. li Wf, Union Passenger Railway 4s Due March 31, 1960 Particular Upon Application A. B. Leach & Co. 115 South Fourth Street Sell Phone Lombard 137 New York Chlcat-o RufTalo Doaten London. Knc. Baltimore J Than tba next atep, ftaf a eertaln sect ha. Vera a. einalated. I, te ,Mk tsrart. meat ehannal, la Mt t rlaee the tavten. w u te enture th nulnan loeon, return, oentiiatiela wlU tta. bUlty of principal. Several ttmuand ptl4 hare foaml that thla It itii tly faelllUted by Ha ThoIj Pajmal Ra end Tnretoait Oppotttrra'' 1 Anyone who I, Utanetat U devaleU( the thrift UWt with the mlnlman ef en dearer thoeld set fall te rtgnlarty receive fnreetaiial OpforlmtHf aa It la Ime4 from fortalfht to fertal,t Q It will U sent wlthovt -UlUnr any ohlltitlaa wtt, vet, bejlnnlux with Ut ccr. riot luua, upon rveectt f,r 38-n, lulndlng hoeklet M. plaining Tie Itceiila JMyM Plan. fVJ ,lwrt1fTtcvf1rkv V ' (flrfa5!lieJ 1W3) OEichansePltce New York The War After The War This ia -the title o an article written by ir. Isaac r. Marcnon mhirfi nnnn1 .' 1ie 31 MUrtiy Even,'n Po.3t of November 11, 1916. Mr. Marcosson describes from personal observation! in Europe what is being; done to compete for thel world b trade after the close of the War. This article ? should interest everv Ameeiean m-inulifii.t. re tailer, jobber, importer, exporter, merchant, farmer, Banker or professional man. Wc were so impressed DL1" ! WC recevc permission of the Curtis Publtshintf Company to have it reprinted in booklet form, and we shall he pleased to send any one interested a copy. Mr The-First National Bank - of. Philadelphia 315 Cheatnut St. Safe Investmerit The Evening Ledger in an editorial of Wednesday, December 13, under the caption "SWINDLING," says: "Too much sympathy ihonld not be waited on the so-called dupea of fake jjroniotlou achemea and t-rlcti-julrk cen eerna. We) have laws Intended .to prateet the dope ueer from liliuxlf, and we muat enact law ta protect theea samblere , i from their otrn folly. Ouvernment and State supervltlon of all bond and stock laauea would go a. long way to accomplleb tW THE R. L. DOLLINGS COMPANY ia a corporation organised under the laws of Ohio, and is under that supervision of & Banking Department of Ohio, Just bo are the operations of the industries which this house finances under tho control and supef vision of pur SERVICE DEPARTMENT, Wc KNOW, and do not GUESS, what these industries are doing, and see to It that they are conducted efficiently and profitably. Only In this way can we safeguard the investor, Wc specialise In PREFERRED STOCK 1 of Industrial Enterprises " - Snd for BookUt S. K., which Im detcriplwe of our metheJt, THE R.L, DOLLINGS COMPANY 332-334 WIDSNER QUODING 4 PaflafieipWa Pittsburgh. Columbus Indlaaapa &vwm AMD mmvmji mtBMmMiML " "... s, lagjM, ai ayr Tami.jfi hit tiStWimm -1ms .JUS.TTT til tun mm ? w fW, H-WH trt J i4ijiyAjiri1iiiig'jflijiTayi,wMti j. tefSB Lmudasuuroiii ,u jiimijain rrnrui. f " 3 " A , J.-tr
Significant historical Pennsylvania newspapers