EVENING LBB&BR-PHILADBLPHIA; TUESDAY, DECEMBER 10,
FINANCIAL NEWS
LLOYD GEORGE'S SPEECH MAKES STOCKS
V "GO UP IN WALL STREET, THEN DECLINE
First Inference Is That German Peace Proposals Are Un-
quaiifiedly Rejected, but Street Thinks Way It belt,
Open for Further Developments'
if.;
sv
a1 -
t
NBW YOI'.K, Ufa ID.
' -1 nHxtenslvo ntlvnnccn nnd decline. vti crowded Into loilny'n tmdlnK n tlio
Stock Exchange, with bull movement rtml lnr movementx covitIiir n wldn
.range nit ordinarily nro recorded In a. period of week. ocetitrliiK lit tlinwi In the
ippce of a few minutes, mndo Wall direct tmillnc foU'rlsh iind prlcea uiietllcd nil
cftirough tho tiny,
At tho lnrt Hio volumo of bmlnem wan nmnll, with it srncrnl dljiltlim to
buy slock" In anticipation of n ffivoralilo roatxmno u the npt'euh of i.loil (loome,
Wlilcli Wns known would be published this nftornnon.
CJ "When tho flrat flash of tlio tonor of tliln upeoclt bcoiune public, tlm Inferenrc
Wwa that tho Knglfli Premier had uwiun1indly (ejected the . (leitniiti pence,
propoaaln, and nctlntr on thin Inference there tvim a wild Hern ruble for "lui'lt on
Which dvnncen rniiRlnrr from fl to 7 'point were iimdc In iiurnerniin Ihbiios.
Slock wero Ii ncant supply nnd tho rdiort Interent, which bml icccntly Krmwi to
largo proportion!), mndo urgent efforts to cover.
.JUst when the bill lit aeomccl to be In nlmoluto control nf the nlttiiitlnn, detallcil
, rdporUi of tlio KiirIIkIi nnswer wcro construed na liiillc.itlnu thnt the pio-
'Ppsaln had received rorlmm counldor.i'.on, nnd tli.it the niu-ci'li left tin un. upon
for further development In tho way of condition nnd term that tho Central
Power mlRht find It wUo to offer.
yVJicn this view beenmo Rcilornl thero wan n. midden Htiiniprde iuiioiib tho
tarly buyers nnd nomo of thono who had walled for the iiiiiiihimcImk of the liu:
)I.Il position acted on tho imsumptlon that lielucen tho lliie it imihWK for pence
could ba read. Price quickly crumbled awny, nearly every one tryltiK to hpII ut
the aamo time, Jtist an only a short time bo fine all hnd hooii enllHted on tltr
buying side. ,
United States Steel common, nftcr iiilviuidnu to nliove llfi, ilioppcd In I09i,
Industrial Alcohol, which had sold at US',4. dropped tit 108. I.'tnli Copper, nfter
advancing to 109, dropped to 102. Marino !nHiien were aliiit"llm we.ikcst fenltire;
Atlantic, Gulf and West Indies dropped about 1(1 pnliilM, iIci'IImIiir a point ut n
time between sales. Murine preferred dropped from 107 14 to 100.
Tho rnllrond stocks wero well mnlntnlned, however, unci, nltbotiub they, wero
dragKed down slightly by the extreme heaviness In the Industrial)! rallies, were,
quickly In order, nnd somo of theso Issues ended the day with net ualtis.
Trading was small In volumo In tli.o bond uinrki't and pilro i'Iiiiiiki-h wero In
most cane confined to small fractions. Kurly In tho day Mine was n show of
strength In Chill Copper 7s, but the gain mile In thesi bondi wns quickly lost.
Anglo-French 8s wero traded In nt 03 to O.T.4. ljrliiwuiim Hleel I'm, after ad
vancing slightly, s.old off under small' offerings.
IRREGULARITY MARKS
TRADING ON THE CURB
Important Issues Rally Lnto in
Day, After Reaction Follows
Strength of Start
NEW Yortlv, Dec. 19. Speculation In
ths market for outside securities today de
veloped fair activity nt tho outset, with
considerable strength In tho moto Important
Issues, where, gains of from n small frac
tion to moro than a point wcro shown. He
foro midday, however, n reactionary tend
ency developed, which In many Instances
cnrrled values below Saturday's finals.
Later, however, better support was shown
and small rnllles followed.
Mldvale Stool, nftcr moving up nearly 11
point, broke about 2!s from tho heat. Hub
marine Uoat, nfter a gain of n point, cased
off IV4. Lima. I-oromntlvo was under good
support, advancing a full point.
United Alloy Bteel wns firm at an lm.
Jirovemept of fc. Haskell & Uarker Car
declined . Central Foundry common,
after nn advance of a point, ran off 2, while
tho preferred moved up a point, hut later
likewise lost tho gain,
Motor shares wero reactionary. United.
after a show of strength, reacted. Other
motor stocltn fluctuated within nanow lim
its to a small volumo of business.
OH shares woro generally strong, with
good Improvements in the Standard Oil
Issues, although offerings wero limited.
Mining shares moved Irregularly on a
Somewhat lighter volume of dealings.
ftlUUfclli.vin
Attn Eaplnelvas
im.rin.il Itrlllan
American Msrront
American Hritlah Msnufacturlni. .
lllil,
11
a
.1
r.,i4lan far 111.1 Foundry ..
,.-..... -.-. ---.. ,,--7, - - - .,
Canuiltri v.r una rounurj yri,.. o..
Chiircoai Iron ... . , f..i
Chevrolet Molnrs IS
Cramp Bhlpbulldlne SS
Curttu AfropUn 211
Kmuson I'hnnosrsph .."
Gnrl Motors 130
Bkll llnrker Car 4IU
na Ufa 'J.I
Ktthodlon Ilroni" pM
Alknl.
2(1
;
4A
7ft
H
1MI
XfJ
JT
II li
ins
42'4
i:ii
Lurt Oil Om
lalm llunlllona
North Amor Papr
im
4
10
tint Tork Hhlpbuildlns
Oil. ISUvator ,v.. JO
S.t
1
Pcrtt Motors
Pool Ens ......
B f Kr: v I
Htandard Motors
RtMl Alton .
Pubmarln ......
Traniu-Wl llama
"rrlanvl lltm
1." T.'..T .-.
Todd Uhlpyarda ,
United Alloy Ht
T H Htiamahlp
V H I. A H com
tin
s.
to
!.
An ormt
World Kllm t
wWsDt-Msrtln Aircraft ,.., 18
rr Marquttta
ncx-k Island torn
JlAIIJtOADS
nn
do a prtf ,.., i. l
do li prar .................. i
W'Mltrn .raclllo w I WVi
dit prer ,.... ... 47,.
Wabaaa-rlttaburib ....3... iJU
BTANOAItD OIL BTOCK8
'10
.JM
Htandard Oil of Ni
BtanOard Oil of N
mp..
i-rairia nrw ..,,.,......, uoi
BUndard Oil of California SiU
ew jaraar ";
w York - 37J
OTllEn OIL BTOCK8
tumatt Oil and Oaa ........
'OMll ...
Fadaral 01
inur It
IfnualAn
el?t"l.v'J., j"f
Miawcac iitnnim ,,
Hpb!p lUllqfns
Sinclair .,
MININO STOCKS
AUatiA Bttndard ......,,,..,..,, ;
& uippar la, proap;, . , . . ......
fc." Y'Vlr fc..w. ,, i,.., ......
-',.
att Oil and Oaa , 2U
in ................... ....... 14H
rat Oil tt
Jatrol 10.
too Oil -.............,. yl
I:;:
78
03
i C.moai
5a f t
rvrro.da Pa
Kunu Coawl
S-loranoa Ooiddakt
U4
Consolldatad ArUona ,....,
OIMUI
n alloc
OoUnalJ Marsar ..
Hocla. Mlnlnc
18
30
?.
v.tM. ....... Jn
;u
A
..M......
llawa Boand .. ,.....,. ........ a
iBdapaadanaa Laaul ............... 2t
Jim uuiiar ....--Jumbo.
UxtaDalsn Mn.n.
.tri:inlay.tiajrn .
tumu uoppr
S!QH.I.I
3!L
iV7
ha
2S
-At
Vinaa rn if IfnsrWl. -..
MlDlaalnar Mines Co .............. hi
Jiajr UrulM ,..........., n
84i Toy j.-i .- 1
Kt, Joaaiib,uad , . .,.......... .. JI
Tonopab. Eftanilori ...,.,,,.,... 4 V.
W,.l End CooaolldlUd ........... 0J
vnau Dale
1I0NP3
Vranch Mania e .,,! JH
M3?Ka Biaal ta J.,. M
eiocUbr Oil , ,,..,, l8
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DlggQTOBY OF ACCOWfTAttl
CaHia4 PiUa Aooauataala
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m&8mw
AWMfAI. MWSjmGM
k
X)KTH VBKH JMKK
or yiMiniPMt
, njf.imh.tnf1 Bill IBM?
New York Bond Sales
U'lKio Anirr Asr , r.n .
ituim iio ii-ii r, , .
IJ.V.iHi Anl.i-Fr,'iiih ,, . .
hisiii Ani-r Kur He, r,a
Jikhiii Amrr HiiipIi H i!b
.'oisi Amrr Writ I'.in ,'i
Ihiiiiii Arimiiir To IWn
anniHi Alrhaon uiti la ...
IIHHI ,1.) iuIJ In .
so'io .Minn Co I.ln tut l.
ti'iiil Unit Ohio :IV4
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B.-.IKI ilil U
7IHMI ,n rv 4'js .
4 II4U I" lilitWV la..
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400(1 Krl nnv In nrr II..
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87AOO iln 4a Bur A . . .
311111I do Hi irr II
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noon iln cv 4a
331UHI ilu ret f n 5a .
3000 tld rM 4a
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BIOOII iln r.in h tllli; 1
AOIMI T W V A I) 4Ua H A. Kill Inn
1(1110 V H flny 3a r-( litl, mil,
4000 II B lltalty Ba . USU URii
unon tr B 11ublr Ut l(i; III-.",
b.'iiihi 1; 0 nil 51 r na . 11111 l()3'
.loon Union Pac tat 4a ... DN'a ns-j
zihuio a
7IOi)0 l'n
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43000 do Mil llllu. lIH'i OK ORH
B.d.... ... Rl lll'll at. a ...a. n.l
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1000 Va ltvya A I'owar Aa MO no on
I.WWI IVali-I' T lat Cl f p 4 37 37 37
4000 Want Bhera it . 03s vi. U2H
1300 Waal Union 4Va oAH UilS OilS
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d.i rfil 4a 01, lilt! ui!
n ltwa H I'll . 3if, sis H
In Kt Qf (1 II A I Ba hl lihi, ukU
do Mil mio. tm'J ok nsi.
The Way Bonds
Are Bought
by reliable invest
ment houses assures
their customers of
every protection
that experience
and conservatism
can provide. Ef
ficient engineers,
accountants, statis
ticians, lawyers and
bankers examine
with care the rec
ords, present posi
tion and prospects t
oi the corppratipns
whose securities are
recommended for
investment.
William P.Bonbrighl & Conine,
MORRIS WISTAR STROUD, Jr.
437 Chestnut St., Philadelphia
. J era. twain ixual
raru
'i". BaaVMWACa.
k-
101G .
ilil mil svftJkdHA-4f
New York Stock Sales
Adr nnmlr . ..
Al ftnbb-r . .
AIIH-Chjl Mf pf.
Am fjivt fluf f . .
Am Cn . .
Am C'f A Founrtrj
Am lllili k Ualhff.
Am Itlds A l.lhf
Am lfomntlio . .
Am Smell A lief. . .
Am Stcl Foundries. .
Am Toll tif new... .
Am Tel A Tel
Am Wf Paper pf
Am 7. I, AS
Anicon DM
AtchTop A Up ...
All nulf A W t. ...
ttald lyrn Wk . . . .
Ilelhlehem Strcl . .
Ilullc A Hup . . .
('! Petroleum .
t'al Petroleum pf ....
Central fvilher ...
thes A Ohio
Chl It I A Pe
t;hllo Copper
Chlno Copptf..
Corn Prwliicta lief .
Crufllilo Hhvl . . . .
Illillll SiMCorp'n ..
Ktle
t:l lit pf
tlencr.il Kleelrlo
(lordrleh II F
(Irernn-Cananea . .. .
(lulf HUtei Hleel. . .
Inp Con Cop . . .
lnt Paper
lnt Paper pf
lnt Iter Marine..
lnt Mer Muring pf. ..
Lark. Steel Co
Uhlsh Valler
Mjtwell .Motnri
Mat Motors lit pf .
Mas Motor j '.M pf ..
Mei Petroleum
Mlml Copper
Mo Pe fr cN
Mo Kan A TcJae....
Nev Con Cop
New York Central. ..
.V V N II A II... .
N V O A West
Norfolk A Western
Northern Pacific
Ohio ritlei (I
Pfllll Itlllt04ll
P.lts Coal c of dp. . .
Prewil Ktorl Car. . . .
liny Con Cop
Iteadlnit
ltrpuullc Iron AS...
Beabo.ird Air I.lnc. . . ,
SloM-Hh-f H A I
t-oulhern Pacific
Koulhcrn llv
Koulhcrn UK pf
Kt IjiiiIi A H F w I .
Hludcbalrr Co,
Mull Motor Jh
St Lotlla irouthnut...
Texas Co
Tlilnl Arcnue
Toliarro Products
U 8 O 1 P A F
US I ml Alcohol
U K llraltjr A Imp. .
Union Hag A P new
United Fruit
Union Pacific
United Kys Inr
U H HuMier
II HHteel Corp'n
U 8 Steel Corp'n pf . .
Uta.i Copper
Utah Sccurltlei
Va-Caro Chemical....
Wabash
Watiasn pf A
Wabash pf II
We.it K A M
Western Marjland...
W A I, K w I
W A I, K pf w I
Willys Overland
Woolnorth F W
Worlhlnston Pump..
pf
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78
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157
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aiu
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soil
on II
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71
572
52' J
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00
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37'
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as
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32
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173
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40
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47
107
31
102
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72
II
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50' ,
42',
70',
27'
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.10
Financial Briefs
Thn riillndelphln. nnd Western rtnllwny'
continiiCK tn mnko fnvornblo cnrnlnira r
liortH. For Novcmbfr tho ktokb totaled
S 43.4D2. n Ruin of S2992 ner Nnvcmlirr,
1915. nnd tlio net Increased S121G tn 122
G12. (Irons for twrlxo months was 51 1,227.
nn Incrcosa of S&4.872 ner tlm previous
year, nnd tho net wns J2G7.105. n train of
30,C56.
Net cnrnlngs for the Tonopah Helrnont
Development Company for tho month of
November wero $121,000 nnd Jim Duller
.IllnliUJ Compajiy wcro 131,000.
Tho Tluaslan Oovernment has plnced
nrdorH for 3000 fifty-ton standard nil steel
frolRht cars. The order Is divided equally
between the American Car and Foundry
Compnny nnd Standard Steel Car Compnny.
At tho mcetlnrr yesterday of tho hoard of
KovernorH of the 1'hllndelphla Stock P.x
chaiiKe, Lewis M. Josephthal was elected a
member of tho KxchaiiRe.
Itanks lost to tho New Tork Suutrenstiry
yesterday Jl, 171,000, nnd since last Friday
Rained J 13,038,000.
RAILROAD EARNINGS
CIIESAPKAKR AND OHIO
101(1,
H.conil week Decemlwr, Sl,0.10,:os
From July 1 S2.U3,&77
Inrreaae
sni,N:io
1.531.033
ST0.S00
6I0.U7H
170.000
DBNVBft AND HIO OUANDR
Mri'ond week December. S.MR.HOO
Krom July 1 . ; 13.000.710
RT. LOUIS HOUTIIWKSTEn.V
Meroml week Deiemtier. S3SI1.000
i'a.iiaiiiais i-Auirii;
fffrond neak Derember. SS. 100.000 1.11. 000
From July 1 00.023,000 11413.000
MIHHOI'IU. KANHAS AND TEXAS
Thlnl weak Dei ember ISUI.L'HO IS0R,32
From July 1 18.820,h73 8.733.070
nilANn TIlUNK
Retoml week December Jl.203.8li". 1 HO. 4 33
PENNSYLVANIA
MUNICIPAL BDNDS
LEGAL INVESTMENT
ran tdiict riiMnc
Hit ArLICT(0N
Martin S Co.
Mil Walnut Street
Philadelphia
MOVEMENTS ERRATIC
ON COTTON EXCHANGE
Bunlncfls Is Active, With All
Months Except Janunry 16 to .
24 PoinU Net Lower
I'OTTON IIP.t.T wmTIIKIt rONDITIONrS
NKIV lOBK. Dee. I ,M,r.i."'tl,fI
prraalled In the aanthrrn part f lha .eollan
iM-lt thla mernlnt. lth '' I" Iwlalnr
Alnbaria. (leorcla and Moflda. ,.j,
The 'nUowlnr lemreratlirea Wttt"?1,
Sa.hallle. It KimiT He, lOl Aahetllle, It
fhaltanMiaa, li Atlanta. 1 si naiei a
Illrmlnaliam. Iti lann od f"i fimlili. Itl
MenUnmeo. Mefldlan. 'Hlmlnf',?i1,",l .
Ancaals, 18 , IJtllit nock. ,Jekn"''S
Th.m.,llle. an """J"'..?!', 'I'""".'!!
' Li'T.i- ... . anrt fl'httriinn
Chreteiwrl, . 4arkn l'e '" ''',
ii.i nln. Ill Stir llrleana anil Man
a 0 1
SSl
An
tnnln. Sill Abilene and Tampa, asi Larnn.
: llalteam
aa .01 Ir
,11 Ineh,
fit.
inr.ii, am "r""i ....i.ii.n.- .1
M;nnnr .IJ 'h.l.'VJ"'',i,81 '"h"1 SJ
harlealan na i)i'""K'" ; V",i, at
lialtanmicn and Na.htllle, .t Iprli "I
llalel.h. .JO Ineh al A'"": Si A nn'tb !
Aahetll If, ,3t Inrh at nn'',.Wi ,0' '"'" "
Tamos, 81 Inrh at JarknHle.
NIJW YOIUC. Dee. I Hitslness wsa ae
live nt the openlnR. but price movements
wero erratic, January helnit town 6 point,
wllh other months l to 21 points net lower.
Ths tone was rather weak.'
A prominent Wall street Interest, com
mission houses nnd New Orleans nold hut
tlm larReit supply rarno front tlm West.
Liverpool sold October, but purchased .May.
The demand wns scattered. helnR led t y
tho blddln by n. prominent spot lioure, with
room traders also buying-
After the call prices rre run up 3 tn i
points, from which level there wns n sharp
drop, nnd by tho end of the Ilrst fifteen tnln
lies nf trndliiR additional losses of 11 tn
;0 points hnd been recorded. Tho market
ronllnued cry ner.voua
The market showed IncrcnnlnK weakness
nnd excitement durln the middle of the
mornliiR. Ilravy Mvorpool selllnK strengtlt
ened thn Rloomy view "f pence prospects,
and further stop orders wero uncovered
while liquidation beramn more urcnt nnd
fresh sclllliR more iiRRresslve.
Karly In the second hour Janunry con
tract sold nl IT. IfV nnd Mny nt 17.50 or
81 to "I points net lower nnd 30 points
below the prnvlous low point reached, r'ttht
after the publication or thn tloiernnient s
crop estimate) n week oro yesterday. There
seemed lo lip an apprehension nrniinil the
rliiR that spot liquidation would follow
any ileflnllp elimination of pence neRotla
tlons and It was evidently believed that the
l.loyd f.'eoriio speech would Indicate a ery
determined attitude on the part of the
llrltlsh Oovernment. .
Yes rln. (ipen. lln m. 12m 2pm
lei-ember II mi 17 M ... .
January . 17 7"! 17 7II I7.fi J7 40 I7..11
Slarill . IS O.I 17 HI 17 12 17 110 17.111
Mali IH .. IMOll 17.00 17 8.1 17 SO
.llllv IS .'. 18 III . .
ilrlnbrr . I'll" 10 3D 10 2.1 111 18 IMI8
Hl-nt .. . 18.10
I1M.
Liverpool Cotton
I.IVlIltl'OOt.. Dec 19. Spot cotton to
day whh III more demand nnd price were
9 point lower, on thn basis of 10 71il for
mid. upland. The sales nRRreRated 10,000
hnlcn, Including 8000 linlea American The
Import wcro 18,000 hnles, Including 11.000
bale Ainerlcnn The market for futures
closed weak, nt n net decline of Ci21i50
points
No CliaitRC in Granulated Sugar
Ni:W VOItK, Pec. 19. Fine Rranulnted
suirnr continues tn bo quoted at 7.16c. The
last sain in spot Cuba raws wa at B. He,
n decline of 13 point from Monilny'n open-Inx
75 Cent
Silver
Diraoa in locreaaa la proflta anj poa
albly mora extra dlTtilenda for tba atock.
hol.ltra of
Tonopah
Extension
(Ths Larftit Silrer Mino in Tonopah)
Thla Company la gradually Inereaalox
Ita output for irhten It la reporlad to
recrlre half a cant par ounce mora than
ttia prfTtlllnj prlct.
M A D With oar drtillad report on
rm thla eooalilrnt producer
and dlildand paytr, "HI ba aeot a map
ahowlnc the entire Tonopab dlatrlct.
J US KB BAKBR.
Wiirntr Bid)., PMIaUlpkUi. Pa.
rieait arnd me a copy of your d.
felled report, Including nap o Ite Toao.
oA dlelrtcl. yja r.1.
fi'jme
AdtrtH
aty....
a )
fitel
JONES & BAIKER
stocic nnoicEiis
Widener Bldg.t Philadelphia
Iltll. Walnut ICSO-I.
Keyatooe, Itace S390.
Direct J'Hmle HTIrri Coaaeellae
Nptt York llnaton
Cblcnso l'lttabarsh
.Sothina to Sttl Hut birvice"
Tax Fr in Ptnna.
WE OWN AND OFFER
Lehigh Valley Coal
1st S. F. 5s
Due January, 1933
A. B. Leach & Co.
115 South Fourth Street
Hell Phone Lombard 237
Near Tork ' Chloato tlultata
Uoaton London. En. Baltimore
Edmonton (Al'tn) 6s, 1921
Edmonton (Al'ta) 5s, 1931
Southern Indiana Ut -Is, 1951
New Orleans Ter, 1st 4a, 1953
Prlca ana I'artlculare on 'Application
8td or circular
Morris Brothers Co.
lEatablUhed 180.11
1421 Chestnut Street
VICTORIA OIL
The one big independent Oil Company. Has
acquired and retired $500,000 of it. own stock
purchased or abjorbed twelve producing prop
ertiei in Wt Virginia entered the great Kantai
' Gelds with the acquisition of 13,000 acres j .
ALL IN THE, SPACE OF LESS THANT
ONE YEAR. ? 'f
Yc xptcial'ae in this Stock
J. S. MCCORD & CO.
301 Real Estate Trust Building
Telephone
BU H Walnut
PHUADELPHIA
V-
J'zA-'ll '
J'UIL J lh"1wi
Sales tn Philadelphia
Net
thae
t
II
St").
KT
ntm
n:i
A
431.
StH
s
M
i
M HW
H0?4 1
St"
"ii
1
-t- V,
-4-IW
!
!!lh. leTiT Cloae.
Its Am Mllllnir 9H U V4
IAS Am Ilwva. 1,1 it Ut
If) itn pref. 91 07 D7 ..
loo Bald I pf 100H 10014 100W 1
t It A H I e. "
sto KlfC fitor. B8 f.
fin Kenne fop 4V4 4V4 14
loo Key T Co l
nm l.l 8up v. J4
l lll .VilV..
II I.eh Vnlley l
J Mlnehlll .. 7l
4 N'ev Cnna It,4
Jiio l'enna It It SI'S
10 PlillA f'n 44
Ul Phlln Hire .Itn
aS I'll Itnp Tr 9Mi.
4I.1JJ iln Ir rfd 31.,
50 liny Con tn
3.1 Itenillnif.. 109!',
130 Ho Itwy.. 3Vi
1SJ Ton Itel . . ft
tRS Ton Mln. . Vi
J.1IH Union Trnc tVH
4t i: (I I . . H.
tnn It S Hteel 1 1. Mi,
70 Wnr Ir & K 0i
J.1 Wentmnr C
Two Hliarr nolil nt 30 'i
IHIMIH
HUM.
2ono Am (Iaa
Kleo Ba.
I anno t:ier Ten
Tr 4ii ..
2ono Hnr 11 tin.
A7000 l.k Hup I nc
fin .1.1
I looo l-li V conn
4t,'i 'f3. inn?
looo Lh V Tr
lat f.n... 9
,1.1000 Pa Co conn
IH" ...lnfl4 10(1 MlfK
ftono Itenil Rn In P.1V4 03H V3V4
4000 ilo Ter Ga.113 113 113
i4
tt
31i
31
.tt
t
IOJi.4 107 U "Mi
3 1 '4 3414 V
in t- v,
v.
41 1-.
90i 1J
111 114
Oil
1V4 1
l4
0(4
tn(4
noli
Hon
uii
I'.4
Dnt.4
a.l
103 '
I..IW.
9II,4
lt.1
L'loae.
90 V4
1
103V. in. Hi
MV. 3.1
loon innii
0? D2
Net
chee.
2
54
14
9.
NEW YORK COFFEE MARKET
SKW YOrtK. Per. 19. Tho market for
rnffep futnrea opened 2 point", hlftrier to
2 point" lower today. Trndlnjc on tho cnll
vim ipilet, nnlc lielnR ratlmnled nt nliotit
:ooo ii.trk.
Toilay'a Teeterilay'a
Derelnher
January ..
Vbrunry .
Mann ...
Aurll . ...
Mny . . . .
.tune
July
A must ...
hepie mbrr
tv-inher ..
November
lllil.
opening.
s.sri
AViieVV.Vi
h 4n(rn.-,o
ns
i!oii8 70
Vll'S.(l'u
R.h.l
.85
rloae
Rinjra.a?
N..ir.ft.io
m riH. ir.
a.niMra
n.Miifa.r7
H37 a M
a nra ;n
8 739.7I
.7,frl ,11
H.K'.'dK t
H H70.H9
I1AU SILVER
Today.
New Tork (rental .... 7I1"
l-cndon Ipencel 3(1",,
Tat.
70S
38",.
t.aat
Tuea.
7r,
3H
The Choice of
Investments
while naturally depending
upon the individual's re
quirements and preferences,
is frequently influenced
by recommendations of
bankers who have had long
experience in handling nil
types of conservative bonds.
We should be glad to give
suggestions regarding Gov
ernment, Municipal, Rail
road, Public Utility and
Industrial bonds.
e.O!.glarfc$go.
lUNKF.nS
(Katabllahed 1837)
321 Chestnut St., Philadelphia
rittaburgh
Uoaton
Chicago
Wllkea.narra
needing
RAPID TRANSIT CERTIFICATES REACH
ANOTHER NEW HIGH MARK SINCE I9091
Street Hears That Company Will Propose a Plan on New
System to the City at Meeting TomorrowMost
Active in Local Exchange Trading
Plillndelptiln llnpld Trnnalt trust certlfl
eaten wer III Mr thlnir In th trndlnir on
Ihe Philadelphia Stock Kxclmns-e twtny.
With tho atnrt nf trading nt 10 o'clock
theri wan n rcnewnl of the demand which
wnn In proureaa In the Intc nenslon yeater
dny. nnd the nrm tmnnactlon, which wnn
for 0l) nhnre. wan nt the new high mark
of 11. n gain of H oiernlght.
Following lhl 1000 flmrea nppenred on
the tape at 31. and then the price wna moved
up to 32U. the highest nl which the cer
tificate have wild alnce 190l, nnd nn ad
vance of 14. na compared with the close of
yesterday There was n decline from the
top on proflMnklng transactions, tint most
of the gain was held to tho close. The
company's nnassessed slock rose nearly 4
points, and t'nlon Traction roso more than
1 point.
Many trnders on the noor of tho hit
chnngo had orders to buy nt the opening
nnd the nioWng up nflhe price was easily
accomplished. The real renson for the
niKnnee In the certificates nnd the hlg de
mand was still n secret to the Street. It
Is true that thero were many rumors, some
of which had been heard before, and-oUier.
which were new, but there was turn!
definite.
The general understanding tn .
'quartern was that nt the. meeting-.,, ,,"
"i ' " " inn cuy orflchle
morrow the company will offer denmia
plans to the city with regard to th rSl2
lion of the new transit system, thi.??
who has bought very heavily Into thae-8
pany's certificates, said that he bajhMY
buying on two things. First. Iha SStii!
are running nt about S per cent, and m.j
the agreement between the city anSiik
company will go through. The KoranSI
cenrnlngs, which came out after the Stl!
yesterday, made a. very favorable lmniil!
slon on the Street. "nprt ,
Next to Transit certificates In Una
activity was Iako Superior CorrenliM
and nt one lime the price waa im i!.ri
fraction of 3 points for thn day, nii, ,.
E per cent Income bonds showed a .t. .1
R points. .When tho market In Xew Telv
turned reactionary In the afteraoon. miev.
In this city followed suit. DDna
!lif.H"lfWHl,lW.'W'i''HL41l'.l,l'l J ii uafl
Safeguarding Your Valuables
OUR Safe Deposit Vnultj nro of modern construction; fire
proof nnit burglar-proof, nnd protected by every device
necessary lo iniurc safety; indMdiinl saffca rent from $4 up;
charges for special deposit, such as silverware, are based on lie
value of the articles deposited
OIIGANIXKD in 18G9, this company has always made
particular effort to perfect its service to the individual,
nnd it is prepared lo relieve its clients of every detail connected
with the management of their financial affairs
Complete equipment at both office
Philadelphia Trust Company
415 Chestnut Street :: 1415 Chestnut Street
Philadelphia
snaiuiusaiuiii.uJuujisjKj
we-Miaeaf'ag.jn.j!!' mi'.ai-t .-.imi"i.mmi.
Foreign Loans in America
Thirty-clRiit issues of foreign securities now dealt In In
American markots nro briefly roviowcd in
Our December Investment List
The List also presents our current recommondations tu to
homo Investments, with incomo ranuinp; from
4.10 to over 7
Copies on request
Edward B.Smith &Co
Established 1802.
BANKERS
llembert New York and Philadelphia Stock Exchange
1411 Chestnut Stmxt Puiuuixrnu
SO Pine Street
New Yobx
Exempt fifom Federal Income Tax
$3,000,000
Marin Municipal Water District
(Located Opposite the City of San Francisco)
Marin County, California
Water Works 5 Gold Bonds
Dated October , 1915. Principal and semi-annual interal (April hi and October lit) payable al
the United Slates Mortgage & Trust Co., Ncr Yorlf City, or in San Rafael, California, at option of
holder. Denomination $1,000.
Due Serially October 1, 1926, to October 1, 1955
These bonds represent the only indebtedness of the district and
the Water Works for which they are issued is self-sustaining;.
Population -Population
-
(1910 census) 21,000
(1916 estimate) 25,000
In the opinion of counsel, these bonds constitute a direct obligation of the Marin
Municipal Water District, with an unlimited power of general taxation upon all taxable
property within the district for the payment of principal and interest of these bonds. In
addition thereto, the revenues derived from the water works system are pledged to the
lame purpose. The income of two private water companies, which served the district
until they w'ere recently purchased by itf amounted to $160,000 per annum, which amount
should be greatly increased when extensions and betterments are completed. The Board
of Directors of the District has estimated, bassd upon the report of its engineer, that the
earnings of the water district will be more than sufficient to' pay both principal and interest
of the bonds as they mature and all operating expenses, without increasing present water
rates and without levying any taxes. Since this is a gravity water system, no expensive
pumping operations will bo necessary and operating costs should be reduced to a minimum.
The District comprises 105.13 square miles of territory, including a number of suburbs
of San Francisco, and is a most attractive residential section.
Having sold practically all of these bonds, we offer the bal
ance of the few remaining maturities, subject to prior sale,
To Yield 4.70
Lecal opinion of the followlnr well-known attorney win ba furnished upon application :ilesr. flood
fellow. Bl!s. Moore & Orrlck, of San Francisco: Mesar. Caldwell & Masillch and Messrs. Dillon, Thomson A
hlar of New York ally, and Messrs. Storey, Thorndik. ('alrner at Dodge, of Boston. In addition thereto, the
Superior Court for Marin County has rendered a decision sustaining the legality of the issue.
Descriptive circular furnished on request
William R. Compton Company Spencer Trask 8c Company
14 Waif Street, New York
Bt, l-oole Cincinnati Clilcam
25 Broad Street, New York
Albany i Motion Chlcsta
Chas. C. Harrison, Jr., & Co.
at - - - mi il Ii IM In .Mil ii IIMI lilBI i ii I llll I III I in in b E.,! Mill ' ' . - , III I ' .j&.J-5Ef - . , . , r
Fifth and Chestnut Strc.U
Philadelphia
r
1
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